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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, June 28, 2018, Vol. 22, No. 178

                            Headlines

461 7TH AVENUE: Hires Andrew M. Park as Substitute Accountant
803-805 EAST 182: Case Summary & 2 Unsecured Creditors
A TASTE OF MAO: Hires Morrison Tenenbaum PLLC as Counsel
ABERCROMBIE & FITCH: S&P Affirms 'BB-' CCR, Outlook Stable
ABG INTERMEDIATE: S&P Affirms B Rating on 1st Lien Debt Amid Add-on

ABILITY MOVING: Seeks to Hire L. Laramie Henry as Counsel
AIRCASTLE LIMITED: Moody's Puts Ba1 CFR on Review for Upgrade
ALBANY MOLECULAR: S&P Alters Outlook to Negative & Affirms 'B' CCR
AMWINS GROUP: Moody's Affirms B2 CFR & Alters Outlook to Positive
AMWINS GROUP: S&P Affirms 'B+' Corp Credit Rating, Outlook Stable

AMYRIS INC: Maxwell Lowers Stake to 5.7% as of June 25
ARALEZ PHARMACEUTICALS: Gets Noncompliance Notice from Nasdaq
AVERY LAND: Aug. 1 Plan Confirmation Hearing
BETHUNE-COOKMAN UNIVERSITY: Fitch Cuts Series $19.2MM Bonds to BB+
BRIGHTER CHOICE: Fitch Affirms B Rating on 2007A Revenue Bonds

CAMBER ENERGY: Richard Azar Quits as Director
CAMBER ENERGY: Signs LOI Relating to Asset Disposition
CAPITOL STATION 65: Hires Keen-Summit & Colliers as Estate Advisors
CARTER FINANCIAL: Has Final Authorization to Use Cash Collateral
CHS/COMMUNITY HEALTH: Moody's Cuts CFR to Caa2, Outlook Stable

CLAIRE'S STORES: Reports Fiscal 2018 First Quarter Results
CONCORDIA INTERNATIONAL: Court OK's Recapitalization Transaction
DORIAN LPG: Secures $65.1 Million in Funding
ENDURO RESOURCE: Plan Confirmation Hearing Set for July 30
ENSTAR GROUP: Fitch Rates Series D Preference Shares 'BB+'

ENSTAR GROUP: S&P Rates New Series D Preferred Shares 'BB+'
ENTERPRISE DEVELOPMENT: Moody's Assigns B3 Corp. Family Rating
EQT MIDSTREAM: Moody's Rates New Sr. Notes 'Ba1', Outlook Stable
FARWEST PUMP: Unsecureds to Recoup 25%-100% Under Latest Plan
FOCUS FINANCIAL: S&P Puts 'B+' ICR on CreditWatch Positive

FU KONG: Case Summary & 20 Largest Unsecured Creditors
G-III APPAREL: S&P Alters Outlook to Positive & Affirms 'BB-' CCR
GARDNER DENVER: S&P Hikes Corp Credit Rating to BB, Outlook Stable
GC EOS: Moody's Assigns B3 CFR & Rates Proposed 1st Lien Loan B3
GC EOS: S&P Assigns 'B-' Corporate Credit Rating, Outlook Stable

GEOKINETICS INC: Files for Chapter 11 to Sell to SAExploration
GUY AMERICA: MLF3 Amends Plan to Incorporate Settlement
HARLAND CLARKE: S&P Cuts Corp. Credit Rating to 'B', Outlook Stable
HELIOS AND MATHESON: Closes Sale of $164M Convertible Notes
HELIOS AND MATHESON: Falls Short of Nasdaq's Min. Bid Price Rule

HUNAN HOUSE: Hires Morrison Tenenbaum PLLC as Counsel
INTOWN COMPANIES: New Plan Removes PAL Unsecured Deficiency Claim
JOLIVETTE HAULING: July 18 Disclosure Statement Hearing
KANZLER LANDSCAPE: Midwest Bank to be Paid $20K Monthly
KOSTAS ROUSTAS: $3M Sale of Mount Laurel Properties Approved

L & J QUICK STOP: Bethel Property Up for Auction Aug. 2
LG LISBON: Voluntary Chapter 11 Case Summary
LGI HOMES: Moody's Assigns B1 CFR & Rates $400MM Unsec. Notes B1
LIQUIDNET HOLDINGS: Moody's Hikes CFR & Sec. Credit Ratings to Ba3
LOPEZ TIRES: Unsecured Creditors to Get 51% Over 60 Months

MAHIPAL RAVIPATI: $60K Sale of Medical Practice to Dr. Freeman OK'd
MARKPOL DISTRIBUTORS: Affiliates Hire Freeborn & Peters as Counsel
MCCLATCHY CO: Chatham Asset Acquires 11.7% of Class A Common Stock
MID-SOUTH GEOTHERMAL: $160K Sale of 2001 Schramm Rotodrill Rig OK'd
MIDCOAST OPERATING: Fitch Assigns 'BB-' LT IDR, Outlook Stable

MISSIONARY ASSEMBLY: Trustee Taps MichaelJames as Broker
MRC CRESTVIEW: Fitch Affirms BB+ on $49MM Series 2016 Revenue Bonds
MYLA JOYCE ASSISTED: Seeks to Hire Hoff Law as Special Counsel
NATELCO CORPORATION: Case Summary & 20 Largest Unsecured Creditors
NATIONAL EVENTS: Needs to Continue Probe & Plan Talks

NEW ENGLAND CONFECTIONERY: Trustee Deadline Moved Amid Probe
NEXION HEALTH: Full Payment for Unsecs. in 30 Monthly Installments
NIELSEN FINANCE: Moody's Rates New $1.975-Bil. Secured Loans 'Ba1'
NORTHERN OIL: Reaches Deal on $10 Million Notes Exchange
OECONNECTION LLC: S&P Affirms 'B-' Rating on 1st Lien Debt

PRO-CARE INJURY: Hires Mitchell Law Firm LP as Counsel
PROFESSIONAL FLOOR: Case Summary & 7 Unsecured Creditors
RESIDENTIAL CAPITAL: Trust Declares Ninth Cash Distribution
RIVERA FAMILY: Seeks to Hire TAP Consulting as Accountant
ROBERT L. DAWSON: Poyner Spruill Represents BB&T, Alliance One

ROBERT L. DAWSON: Ward and Smith Represents John Deere, 3 Others
SCOTTSBURG HOSPITALITY: Taps Fultz Maddox Dickens PLC as Counsel
SEVEN GENERATIONS: S&P Raises CCR to 'BB', Outlook Stable
SMITH FARMS: Sale Stonelink Township Property for $339K Approved
SOUTHERN TAN: $55K Sale of Tanning Equipment to California Approved

SYNCHRONOSS TECHNOLOGIES: Receives Delisting Notice on Delayed 10-Q
TINTRI INC: Reports Fiscal 2019 Results, In Breach of Covenants
TINTRI INC: Terminating 200 Employees Amid Cash Woes
VANITY SHOP: Agreed with Committee on Plan Administrator
VASARI LLC: Creditors' Committee Hires ASK LLP as Special Counsel

VENTURE INVESTMENTS: Case Summary & 20 Largest Unsecured Creditors
WELLNESS ANALYSIS: Quilling Represents Rosenburg, QA Group
WINDLEY KEY: Case Summary & 4 Unsecured Creditors
[*] Beard Group 25th Annual Distressed Investing Conference Nov. 26
[*] Judge John Copenhaver to Receive American Inns of Court Award

[*] Moody's Assigns CRRs to Subsidiaries of 60 US Banking Groups
[] Facciano Joins Bankruptcy Management Solutions as Director
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

461 7TH AVENUE: Hires Andrew M. Park as Substitute Accountant
-------------------------------------------------------------
461 7th Avenue Market, Inc., seeks authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Andrew M. Park, CPA, P.C., as substitute accountant to the Debtor.

461 7th Avenue requires Andrew M. Park to:

   a. reconcile bank statements;

   b. prepare financial statements and tax returns for the
      current periods;

   c. assist the Debtor in the preparation of monthly operating
      and cash flow statements as required by the rules of the
      Court;

   d. assist the Debtor in cash projections and its plan of
      reorganization and disclosure statement;

   e. perform other services the Debtor may deem necessary in the
      Chapter 11 Case.

Andrew M. Park will be paid at these hourly rates:

     Andrew M. Park                  $300
     Associates                      $100-$275

Andrew M. Park will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Andrew M. Park, partner of Andrew M. Park, CPA, P.C., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Andrew M. Park can be reached at:

     Andrew M. Park
     ANDREW M. PARK, CPA, P.C.
     20 West 36th Street, 10th Floor
     New York, NY 10018
     Tel: (212) 804-6277

                  About 461 7th Avenue Market

461 7th Avenue Market, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 18-22671) on May 3, 2018.  The Debtor
hired Kurtzman Matera, P.C., as counsel; and Kimm Law Firm, as
special counsel.


803-805 EAST 182: Case Summary & 2 Unsecured Creditors
------------------------------------------------------
Debtor: 803-805 East 182 Street Housing Development Fund        
        Corporation (HDFC)
          aka 803-805 East 182 Street HDFC
        803-805 East 182 Street, Suite 1A
        Bronx, NY 10460

Business Description: 803-805 East 182 Street HDFC, a lessor of
                      real estate, owns in fee simple a property
                      located at 803-805 East 182 Street, Bronx,
                      New York, having a revenue-based valuation
                      of $7.25 million.

Chapter 11 Petition Date: June 26, 2018

Case No.: 18-11931

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Debtor's Counsel: Carlos J. Cuevas, Esq.
                  CARLOS J. CUEVAS, ESQ.
                  1250 Central Park Avenue
                  Yonkers, NY 10704
                  Tel: (914) 964-7060
                  Fax: (914) 964-7064
                  Email: ccuevas576@aol.com

Total Assets: $7.36 million

Total Liabilities: $1.84 million

The petition was signed by Juan Figueroa, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at:

                       http://bankrupt.com/misc/nysb18-11931.pdf


A TASTE OF MAO: Hires Morrison Tenenbaum PLLC as Counsel
--------------------------------------------------------
A Taste of Mao Inc., doing business as China Xiang, seeks authority
from the United States District Court for the Eastern District of
New York to hire Morrison Tenenbaum, PLLC as its counsel, effective
as of May 11, 2018.

Professional services that MT Law will render are:  

      a. advise the Debtor with respect to its powers and duties as
debtor-in-possession in the management of its estate;

      b. assist in any amendments of Schedules and other financial
disclosures and in the preparation/review/amendment of a disclosure
statement and plan of reorganization;

      c. negotiate with the Debtor's creditors and taking the
necessary legal steps to confirm and consummate a plan of
reorganization;

      d. prepare on behalf of the Debtor all necessary motions,
applications, answers, proposed orders, reports and other papers to
be filed by the Debtor in this case;

      e. appear before the Bankruptcy Court to represent and
protect the interests of the Debtor and its estate; and

      f. perform all other legal services for the Debtor that may
be necessary and proper for an effective reorganization.

MT Law's hourly billing rates are:

     Lawrence F. Morrison    $525
     Associates              $380
     Paraprofessionals       $175

Lawrence F. Morrison, Esq., name partner at the firm of Morrison
Tenenbaum, attests that MT Law is a "disinterested person" within
the meaning of Sec. 101(14) of the Bankruptcy Code.

The counsel can be reached through:

     Lawrence F. Morrison, Esq.
     Brian J. Hufnagel, Esq.
     MORRISON TENENBAUM PLLC
     87 Walker Street, Floor 2
     New York, NY 10013
     Email: lmorrison@m-t-law.com
            bjhufnagel@m-t-law.com

                    About A Taste of Mao nc.

A Taste of Mao Inc. operates a restaurant under the name China
Xiang located at 36 W. 42nd St., New York.  A Taste of Mao Inc.
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 18-42750) on May 11,
2018, listing under $1 million in both assets and liabilities.
Morrison Tenenbaum, PLLC, is the Debtor's counsel.


ABERCROMBIE & FITCH: S&P Affirms 'BB-' CCR, Outlook Stable
----------------------------------------------------------
U.S. specialty retailer Abercrombie & Fitch Co. has maintained a
solid cash balance (about $600 million as of May 2018) and good
cash flow generation, benefiting from improved operating
performance. As a result, S&P is revising its liquidity assessment
to strong from adequate.

S&P Global Ratings affirmed its ratings, including its 'BB-'
corporate credit rating, on Ohio-based U.S. specialty apparel
retailer Abercrombie & Fitch Co. The outlook remains stable.

S&P said, "Our ratings on Abercrombie & Fitch Co. reflect our
expectation that the company's operating performance will remain
positive over the next 12 months, driven by good performance at
both Hollister and Abercrombie & Fitch. We believe that the company
will maintain a large cash balance in excess of balance sheet debt,
and will continue to have ample availability on its revolving
credit facility. We also expect the company to generate good free
operating cash flow in the mid-$100 million area."


ABG INTERMEDIATE: S&P Affirms B Rating on 1st Lien Debt Amid Add-on
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issue-level rating on Authentic
Brands Group LLC's (ABG) first-lien debt following the company's
announcement that it is issuing a $70 million add-on to its term
loan due in 2024, increasing the facility to $1,131 million
outstanding from $1,063 million outstanding. The recovery rating
remains '3', indicating S&P's expectation for meaningful (50%-70%;
rounded estimate: 60%) recovery in the event of a payment default.


In addition, S&P affirmed its 'CCC+' issue-level rating on the
company's second-lien term loan due in 2025 following its proposed
$30 million add-on, increasing the facility to $385 million from
$355 million. The recovery rating remains '6', indicating that
lenders could expect negligible recovery (0%-10%; rounded estimate:
0%) in the event of payment default.

The company will use the proceeds to fund the incremental purchase
price consideration of Nine West and Bandolino. The total purchase
price for the two brands will be $264 million, up from the expected
$149 million. The offering will increase the company's pro forma
debt to EBITDA slightly to 6.1x from 6x, as S&P projected some
incremental EBITDA for the two brands from a combination of higher
royalty commitments from March Fisher and Signal Brands and
additional international licenses. Total reported debt will
increase to around $1.5 billion from $1.4 billion.

S&P believes the company is a good brand operator and has shown its
ability to revitalize tired brands by strategically moving them
into different distribution channels, and the recent acquisitions
should benefit from the company's already established distribution
channels and marketing capabilities.   

The 'B' corporate credit rating on the company is unchanged. S&P
expects the company to maintain leverage below 7x for the current
ratings.

ABG has an aggressive acquisition growth strategy and significant
debt burden. We expect the company's financial policy will remain
aggressive with debt-funded acquisitions such that debt to EBITDA
will remain elevated above 5x. The company benefits from its
capital-lite brand management operation model, which generates
healthy operating cash flow to service its significant debt
burden.

ABG manages a portfolio of more than 30 brands across the apparel
and entertainment spectrum, with well-known names that require
revitalization such as Juicy Couture, Aeropostale, and Jones New
York. With the addition of Nautica, the company's brands will
generate over $6 billion of annual retail sales. Still, the company
is a relatively small player in the industry and lacks geographic
diversity. In addition, it participates in the highly fragmented
and competitive retail industry that is susceptible to fashion risk
and exposed to the decline in the brick–and-mortar retail
landscape via its licensing partners.  

ISSUE RATINGS--RECOVERY ANALYSIS

Key Analytical Factors:

S&P said, "Our simulated default scenario contemplates a default in
2021 stemming from an unexpected failure of one of its major
customers or termination of one of its key licensing contracts that
drives the company's EBITDA and cash flow significantly lower,
straining liquidity and capital resources to the point that it
cannot continue to operate without an equity infusion or bankruptcy
filing. Given the company's diverse brand portfolio and its ability
to market and upkeep the brands, S&P values the group as a going
concern and believes it would reorganize in the event of a
default.

S&P said, "Our recovery analysis assumes a reorganization value for
the company of about $842 million, reflecting emergence EBITDA of
about $153 million and a 5.5x multiple. We have netted out 4% from
the net enterprise value to reflect the amount of the nonguarantor
subsidiary values that are not otherwise pledged to ABG's credit
facility because they are not owned by ABG."

Simulated Default Assumptions:

-- Stimulated year of default: 2021
-- Debt service assumptions: $138.2 million (assumed default year
interest plus amortization)
-- Minimum capital expenditures (capex) assumptions: $1 million
-- Operational adjustment: 10% EBITDA at emergence: $153 million
-- EBITDA multiple: 5.5x
-- Gross enterprise value: $842 million

Simplified Waterfall:

-- Net enterprise value (after 5% administrative costs): $800
million
-- Less 4% value not available to ABG creditors: $31 million
-- Collateral value available to secured creditors: $769 million
-- Secured first-lien debt: $1,208 million
    --Recovery expectations: 50%-70% (rounded estimate: 60%)
-- Secured second-lien debt: $404 million
    --Recovery expectations: 0%-10% (rounded estimate: 0%)

  RATINGS LIST

  Authentic Brands Group LLC
   Corporate Credit Rating          B/Stable/--

  Ratings Affirmed; Recovery Ratings Unchanged

  ABG Intermediate Holdings 2 LLC
   Senior Secured                   B
    Recovery Rating                 3(60%)
   Senior Secured                   CCC+
    Recovery Rating                 6(0%)



ABILITY MOVING: Seeks to Hire L. Laramie Henry as Counsel
---------------------------------------------------------
Ability Moving and Storage, LLC, seeks authority from the U.S.
Bankruptcy Court for the Western District of Louisiana to employ L.
Laramie Henry, as attorney to the Debtor.

Ability Moving requires L. Laramie Henry to:

   -- give the Debtor legal advice with respect to the Debtor's
      business and management to the Debtor's property; and

   -- perform all legal services for the debtor-in-possession
      which may be necessary herein.

L. Laramie Henry will be paid at these hourly rates:

        Attorneys        $250
        Paralegals        $75

L. Laramie Henry will also be reimbursed for reasonable
out-of-pocket expenses incurred.

L. Laramie Henry, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.

L. Laramie Henry can be reached at:

     L. Laramie Henry, Esq.
     P.O. Box 8536
     Alexandria, LA 71306
     Tel: (318) 445-6000
     E-mail: laramie@henry-law.com

                About Ability Moving and Storage

Ability Moving and Storage, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. W.D. La. Case No. 18-80498) on May 21, 2018,
estimating under $1 million in both assets and liabilities.  The
Debtor is represented by L. Laramie Henry, Esq.


AIRCASTLE LIMITED: Moody's Puts Ba1 CFR on Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service placed the Ba1 corporate family and Ba1
senior unsecured ratings of Aircastle Limited (Aircastle) on review
for upgrade.

On Review for Upgrade:

Issuer: Aircastle Limited

Corporate Family Rating, Placed on Review for Upgrade, currently
Ba1, stable

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Upgrade, currently Ba1, stable

Outlook Actions:

Issuer: Aircastle Limited

Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

Moody's is reviewing Aircastle's ratings for upgrade based on the
company's strong business execution prospects combined with its
conservative capital profile and effective liquidity management.

Aircastle has improved its franchise positioning by growing its
fleet, which at March 31 totaled 222 owned aircraft. The company
employs a mid-life aircraft investment strategy and has
demonstrated access to growth capital. Other elements of
Aircastle's franchise strength include its operational and
financial flexibility and durable business proposition to airlines.
Favorable global economic conditions and growing disposable incomes
are supporting strong air travel growth and airlines' demand for
aircraft with the combination of operating characteristics and
capital costs that align with Aircastle's mid-life investment
strategy. Additionally, Japan-based Marubeni Corporation's
ownership in Aircastle of about 28% supports the company's capital
base and strengthens funding and transaction opportunities.

In recent years, Aircastle has updated its fleet by selling older
aircraft and investing in younger, in-demand models lowering its
exposure to out-of-production aircraft and freighters. As of Q1
2018, current generation narrow-body aircraft accounted for 66% of
the company's fleet net book value, up significantly from 33% in Q1
2013. While the proportion of wide-body models remained essentially
unchanged at about 30%, the net book value of the company's
freighter aircraft have declined to a modest 5% of the total fleet
from 37% over the same time horizon, and remaining freighters are
on stable long-term leases. Moody's expects the improved risk
profile of Aircastle's fleet to lead to less volatile earnings
going forward.

Aircastle's liquidity profile is strong, supported by low reliance
on secured financing, providing the company financial and
operational flexibility. Over the last five years, the company's
reliance on secured funding steadily declined and accounted for
only 12% of tangible assets at March 31, 2018 compared to 33% at
March 31, 2013, increasing unencumbered aircraft to almost 80% of
its total fleet at Q1 2018, up materially from 44% at Q1 2013. As a
result, Aircastle's asset coverage of senior unsecured obligations
has significantly improved.

Aircastle has a conservative capital profile. The company's
effective leverage ratio (debt / tangible common equity, including
Moody's standard adjustments) of 2.3x in Q1 2018 was lower than
most rated peers. Moody's expects that Aircastle's leverage will
moderately increase but continue to compare favorably with peers.

During the ratings review, Moody's will assess Aircastle's
prospects for sustaining its franchise positioning, including
generating profitable operating results and accretive fleet
investments given the competitive environment for new leasing
transactions, in connection with Moody's expectations for higher
leverage.

Moody's could upgrade Aircastle's ratings if it determines that the
company has strong prospects for profitable operations, effective
risk concentration management, and is likely to maintain
conservative capital and liquidity profiles.

Moody's could stabilize or downgrade ratings if Aircastle's
profitability prospects weaken, leverage is likely to increase
above peer average, or if the company's liquidity runway weakens.

The principal methodology used in these ratings was Finance
Companies published in December 2016.


ALBANY MOLECULAR: S&P Alters Outlook to Negative & Affirms 'B' CCR
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on Albany Molecular Research Inc. and revised the outlook to
negative from stable.

S&P said, "We also affirmed the 'B' issue-level rating on the
company's first-lien debt. The recovery rating on the first-lien
debt is '3', indicating our expectation for meaningful (50%-70%;
rounded estimate: 65%) recovery in the event of payment default.

"In addition, we affirmed the 'B-' issue-level rating on the
company's second-lien debt. The recovery rating on second-lien debt
is '5', indicating our expectation for modest (10%-30%; rounded
estimate: 15%) recovery in the event of payment default.

"The outlook revision reflects risk to our base case scenario that
AMRI will be able to lower leverage to the 7x area or below and
produce free cash flow in the $15 million area in 2019.

"Supported by positive pharmaceutical outsourcing trends, we expect
AMRI to have contract sales of about $780 million in 2018 and $835
million in 2019, but we believe it is possible that expenditures
will outpace our expectations, leading to minimal cash flow
generation and leverage in the 8x-9x range. We have raised our
expectations for capital expenditures for the year because the
company is investing in greater sterile injectable capacity, and we
believe it is possible that capital expenditures will remain higher
than expected in future years as the company invests in the next
growth opportunity. AMRI is also spending on quality,
restructuring, and efficiency projects, which we believe will
mostly be finished by the end of 2018, but there is a risk these
expenses will exceed our expectations over the next 18 months.

"Our negative rating outlook on AMRI reflects higher-than-expected
expenses and capital investments and the heightened risk that
higher-than-expected spending is required to expand the business,
leading to persistent cash flow deficits and leverage above our
expectation of about 7x. We expect revenue growth of about 12% in
2018 and 6%-7% in 2019 and adjusted EBITDA margins of 13%-14% in
2018 and 15% in 2019. We believe the company will generate free
cash flow in the $15 million area starting in 2019. We also expect
AMRI to be acquisitive and the negative outlook includes the risk
that an acquisition will sustain leverage above 7x."


AMWINS GROUP: Moody's Affirms B2 CFR & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and B2-PD probability of default rating of AmWINS Group,
Inc. (AmWINS) following the company's announcement that it will
borrow an incremental $290 million under its senior secured
first-lien term loan. The rating agency also affirmed AmWINS'
first-lien credit facility ratings at B1 and its second-lien term
loan rating at Caa1. AmWINS expects to use proceeds from the
incremental term loan along with a proposed $300 million senior
unsecured note issuance (to be launched at a later date) to repay
its revolving credit borrowings and second-lien term loan, pay a
$330 million distribution to shareholders, and pay related fees and
expenses.

Moody's has changed the rating outlook for AmWINS to positive from
stable based on the company's healthy profitability and cash flows
and the expectation that the company will reduce its financial
leverage after completing the proposed transactions.

RATINGS RATIONALE

While Moody's considers the issuance of debt to fund a
shareholders' dividend as credit negative, AmWINS has a track
record of reducing financial leverage through earnings and free
cash flow. Based on Moody's estimates (which incorporate standard
accounting adjustments), the pending transactions will increase
AmWINS' debt-to-EBITDA ratio by nearly a turn to around 6x, with
(EBITDA - capex) interest coverage remaining above 2.5x and
free-cash-flow-to-debt remaining in the mid-single digits.

AmWINS' ratings reflect its market position as the largest US
property & casualty (P&C) wholesale broker; its diversification
across clients, retail producers, insurance carriers and product
lines; and its healthy EBITDA margins. The company has achieved
solid organic growth and consistent profitability supported by
effective technology investments, high employee retention and an
opportunistic acquisition strategy. These strengths are offset by
the company's significant debt burden, integration risk associated
with acquisitions, and potential liabilities arising from errors
and omissions, a risk inherent in professional services.

Factors that could lead to an upgrade of AmWINS' ratings include:
(i) debt-to-EBITDA ratio below 6x, (ii) (EBITDA - capex) coverage
of interest exceeding 2.5x, and (iii) free-cash-flow-to-debt ratio
exceeding 5%.

Factors that could lead to a stable outlook include: (i)
debt-to-EBITDA ratio exceeding 6x, (ii) (EBITDA - capex) coverage
of interest below 2.5x, or (iii) free-cash-flow-to-debt ratio below
5%.

Moody's has affirmed the following ratings (and revised the loss
given default (LGD) assessments) for AmWINS Group, Inc.

Corporate family rating at B2;

Probability of default rating at B2-PD;

$125 million ($50 million drawn at 31 March 2018) first-lien
revolving credit facility maturing January 2022 at B1 (LGD3);

$1.3 billion (including pending $290 million increase) first-lien
term loan maturing January 2024 at B1 (LGD3);

$200 million second-lien term loan maturing January 2025 at Caa1
(LGD6).

The rating outlook for AmWINS is positive.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in September 2017.

Headquartered in Charlotte, North Carolina, AmWINS is a leading
wholesale distributor of specialty insurance products and services.
In 2017, the company generated revenues of $931 million.


AMWINS GROUP: S&P Affirms 'B+' Corp Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said it affirmed its 'B+' corporate credit
ratings on AmWINS Group Inc.The outlook is stable. S&P said, "At
the same time, we affirmed our 'B+' senior secured debt rating on
the company's $1.33 billion senior secured first-lien term loan,
which includes the add-on of $290 million and a $125 million
revolving credit facility. The '3' recovery rating indicates our
expectation of a meaningful (50%-70%) recovery in the event of a
payment default."

S&P said, "At the same time, we assigned our 'B-' senior secured
debt rating to the company's proposed $300 million senior unsecured
notes with a '6' recovery rating. The '6' recovery rating, on the
notes indicates our expectation of negligible (0%-10%) recovery of
principal in the event of a payment default.
The rating affirmation reflects our expectation that while the
proposed capital structure changes will result in leverage somewhat
on the higher end of our stated thresholds for the rating, the
company's continued favorable performance fundamentals combined
with a somewhat more conservative financial policy posture relative
to peers, will result in de-levering over the next one to two
years.

"The stable outlook reflects our expectation that AmWINS will
continue to demonstrate favorable performance fundaments with
strong organic growth in the mid-single digits, accretive
acquisitions, and steady margins in the 27%-29% range.   We expect
this will enable the company to exhibit modest delivering, with
debt to EBITDA of 5.5x-6.0x and EBITDA coverage of 2.8x-3.2x. We
also expect AmWINS to maintain its dominant wholesale broker
position in the U.S.

"We could lower our ratings on AmWINS in the next 12 months if
earnings or debt levels consistently result in a debt to EBITDA
above 6.0x – 6.5x or coverage falls below 2.5x. This could occur
if earnings deteriorate due to negative growth or compressed
margins, or if the company adopts a more-aggressive financial
policy."

Upside scenario

S&P said, "Although unlikely, we could raise our ratings in the
next 12 months if AmWINS continues to expand its footprint
profitability, and we believe it will maintain debt to EBITDA near
4.0x and coverage above 3.5x through a less-aggressive financial
policy."

Rating Summary Snapshot

-- Issuer credit rating: B+/Stable/--
-- Business risk: Fair
-- Country risk: Very low
-- Industry risk: Intermediate
-- Competitive position: Fair
-- Financial risk: Highly leveraged
-- Cash flow/Leverage: Highly leveraged
-- Anchor: B

Modifiers:

-- Diversification/Portfolio effect: Neutral (No impact)
-- Capital structure: Neutral (No impact)
-- Financial policy: FS-6 (No additional impact)
-- Liquidity: Adequate (No impact)
-- Management and governance: Satisfactory (No impact)
-- Comparative rating analysis: Favorable (Plus one notch)

Recovery Analysis

Key analytical factors

-- S&P has reviewed its recovery ratings on AmWINS; its 'B+'
senior secured debt rating on its $1.33 billion senior secured
first-lien term loan with a '3' recovery rating remains unchanged.

-- S&P has maintained its '3' first-lien recovery rating
(meaningful; 50%- to 70%; in the lower half of the range) to the
company's first-lien debt and assigned its '6' recovery rating
(negligible; 0%-10%) to its new unsecured notes.

-- S&P has valued AmWINS as a going concern using a 6.0x multiple
of its projected emergence EBITDA.

-- S&P's simulated default scenario contemplates a default in 2022
stemming from intense competition in the brokerage marketplace
leading to significantly lower commission and margins.

-- S&P believes lenders would achieve greater recovery value
through reorganization rather than liquidation of the business.

Simulated default assumptions

-- Year of default: 2022
-- EBITDA at emergence: $131.2 million
-- Implied enterprise value (EV) multiple of 6.0x

Simplified waterfall

-- Net EV (after 5% administrative costs): $747.7 million
-- Valuation split (% obligors/nonobligors): 85/15
-- Collateral value available to secured creditors: $708.5
million
-- Total first-lien debt: $1.43 billion
-- Recovery expectations: 50%-70% (Rounded estimate: 50%)
-- Total value available to unsecured loans: $39.3 million
-- Total senior unsecured debt: $318 million
-- Pari passu secured (deficiency) claims: 712.4 million
-- Total unsecured claims: $1.03 billion
-- Recovery expectations: 0%-10% (Rounded estimate: 0%)


AMYRIS INC: Maxwell Lowers Stake to 5.7% as of June 25
------------------------------------------------------
Temasek Holdings (Private) Limited, Fullerton Management Pte Ltd,
Cairnhill Investments (Mauritius) Pte Ltd, and Maxwell (Mauritius)
Pte Ltd disclosed in a Schedule 13D/A filed with the Securities and
Exchange Commission that they beneficially own 2,951,218 shares of
common stock of Amyris, Inc., which represents 5.7 percent of the
shares outstanding.

The percentage is based on 52,227,817 shares of Common Stock
outstanding as of June 25, 2018, which is the sum of the (a)
50,337,831 shares of Common Stock outstanding as of June 21, 2018,
as set forth in the Issuer's Annual Report on Form 10-K/A filed
with the SEC on June 25, 2018 and (b) 1,889,986 shares of Common
Stock issuable upon exercise of the Funding Warrant.

For the period from June 20 through June 25, 2018, Maxwell disposed
of a total of 885,079.

As of June 25, 2018, Maxwell is the direct beneficial owner of
1,061,232 shares of Common Stock.  Maxwell is deemed under Rule
13d-3(d)(1) to have beneficial ownership of the 1,889,986 shares of
Common Stock issuable upon exercise of the Funding Warrant.
As of June 25, 2018, Maxwell is the direct beneficial owner and
deemed beneficial owner of 2,951,218 shares of Common Stock.

Cairnhill, through its ownership of Maxwell, may be deemed to share
voting and dispositive power over the 2,951,218 shares of Common
Stock beneficially owned or deemed to be beneficially owned by
Maxwell.

FMPL, through its ownership of Cairnhill, may be deemed to share
voting and dispositive power over the 2,951,218 shares of Common
Stock beneficially owned or deemed to be beneficially owned by
Cairnhill and Maxwell.

Temasek, through its ownership of FMPL, may be deemed to share
voting and dispositive power over the 2,951,218 shares of Common
Stock beneficially owned or deemed to be beneficially owned by
FMPL, Cairnhill and Maxwell.

A full-text copy of the regulatory filing is available at:

                    https://is.gd/vJYxIo

                      About Amyris, Inc.

Amyris, Inc., Emeryville, California, is an industrial
biotechnology company that applies its technology platform to
engineer, manufacture and sell natural, sustainably sourced
products into the Health & Wellness, Clean Skincare, and Flavors &
Fragrances markets.  The Company's proven technology platform
enables the Company to rapidly engineer microbes and use them as
catalysts to metabolize renewable, plant-sourced sugars into large
volume, high-value ingredients.  The Company's biotechnology
platform and industrial fermentation process replace existing
complex and expensive manufacturing processes.  The Company has
successfully used its technology to develop and produce five
distinct molecules at commercial volumes.

The report from the Company's independent accounting firm KPMG LLP,
the Company's auditor since 2017, on the consolidated financial
statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the Company has suffered
recurring losses from operations and has current debt service
requirements that raise substantial doubt about its ability to
continue as a going concern.

Amyris incurred net losses of $72.32 million in 2017, $97.33
million in 2016 and $217.95 million in 2016.  As of March 31, 2018,
Amyris had $118.2 million in total assets, $404.4 million in total
liabilities, $5 million in contingently redeemable common stock and
a total stockholders' deficit of $291.2 million.


ARALEZ PHARMACEUTICALS: Gets Noncompliance Notice from Nasdaq
-------------------------------------------------------------
Aralez Pharmaceuticals Inc. received a letter from the Nasdaq
Listing Qualifications department of The Nasdaq Stock Market LLC on
June 21, 2018, notifying the Company that it was not in compliance
with the requirement of Nasdaq Marketplace Rule 5550(a)(2) for
continued inclusion on The Nasdaq Capital Market as a result of the
closing bid price for the Company's common shares being below $1.00
for 30 consecutive business days.  This notification has no effect
on the listing of the Company's common shares at this time.

The notification letter stated that the Company would be afforded
180 calendar days (until Dec. 18, 2018) to regain compliance with
the minimum bid price requirement.  In order to regain compliance,
the bid price for the Company's common shares must close at $1.00
per share or more for a minimum of ten consecutive business days.
The notification letter also states that in the event the Company
does not regain compliance within the 180 day period, the Company
may be eligible for additional time to regain compliance.

                  About Aralez Pharmaceuticals

Aralez Pharmaceuticals Inc. -- http://www.aralez.com/-- is a
Canadian specialty pharmaceutical company focused on delivering
meaningful products to improve patients' lives while creating
shareholder value by acquiring, developing and commercializing
products in various specialty areas.  The Company currently
commercializes a number of cardiovascular products in the United
States as well as products for cardiovascular, pain management,
dermatological allergy and certain other indications in Canada.  In
addition, the Company outlicenses certain products in exchange for
royalties and/or other payments.  Aralez's global headquarters is
in Mississauga, Ontario, Canada and the Irish Headquarters is in
Dublin, Ireland.

Aralez incurred net losses of $125.2 million in 2017, $102.97
million in 2016 and $37.78 million in 2015.  As of March 31, 2018,
Aralez had $481.2 million in total assets, $487.8 million in total
liabilities and a total shareholders' deficit of $6.57 million.

On May 8, 2018, the Company announced that, based on its continuing
exploration and evaluation of numerous opportunities to streamline
the business, reduce costs, and improve its capital structure and
liquidity, it has determined that a new strategic direction is in
the best interests of the Company and its stakeholders.  This
strategic direction will involve (i) a focus on the Company's
strong Canadian business, supported by the Toprol-XL Franchise, as
well as Vimovo royalties, and (ii) the discontinuation of the
remaining U.S. commercial business.  Decisive actions are being
taken to wind down the Company's U.S. commercial business
immediately and ultimately close the U.S. operations.  This new
strategic direction is expected to significantly reduce the
Company's cost structure.  In addition, the Company continues to
explore and evaluate a range of strategic business opportunities to
enhance liquidity, including (i) active discussions for the
continued commercialization of Zontivity with a focus on divesting
or out-licensing the U.S. rights, (ii) active discussions to divest
the U.S. rights to Yosprala, Fibricor and Bezalip SR, and (iii)
broader strategic and refinancing alternatives for its business.

"Based on recent events, the Company has determined that there is a
reasonable possibility that the Company will not have sufficient
liquidity to fund its current and planned operations through the
next 12 months, which raises substantial doubt about the Company's
ability to continue as a going concern," the Company stated in its
Quarterly Report on Form 10-Q for the period ended March 31, 2018.


AVERY LAND: Aug. 1 Plan Confirmation Hearing
--------------------------------------------
Judge August B. Landis of the U.S. Bankruptcy Court for the
District of Nevada issued an order approving the the disclosure
statement explaining Avery Land Group, LLC's plan of
reorganization.

July 18, 2018 at is fixed as the deadline to file and serve
objections to the confirmation of the plan, and August 1, 2018 at
1:30 p.m., is fixed as the date of hearing to confirm the plan.

               About Avery Land Group

Avery Land Group, LLC, has been in business since 2013 in the
development of agricultural land and planned residential
communities.

Kingman Farms parent company Avery Land Group, LLC, based in Las
Vegas, NV, filed a Chapter 11 petition (Bankr. D. Nev. Case No.
16-14995) on Sept. 9, 2016.  In the petition signed by Manager
James M. Rhodes, the Debtor estimated assets at $500,000 to $1
million and liabilities at $1 million to $10 million.

The Hon. August B. Landis is the case judge.  

The Debtor tapped Brett A. Axelrod, Esq., at Fox Rothschild, LLP,
as bankruptcy counsel, and The Bach Law Firm, LLC, as conflicts
counsel.

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


BETHUNE-COOKMAN UNIVERSITY: Fitch Cuts Series $19.2MM Bonds to BB+
------------------------------------------------------------------
Fitch Ratings has downgraded the ratings on $19.2 million of Higher
Educational Facilities Financing Authority, educational facilities
revenue bonds, series 2010, issued on behalf of Bethune-Cookman
University (BCU), to 'BB+' from 'BBB-'.

Fitch has also maintained its Rating Watch Negative.

SECURITY

The bonds are an unsecured general obligation of BCU.

KEY RATING DRIVERS

NON-INVESTMENT GRADE RISK FACTORS: The downgrade to 'BB+' reflects
Fitch's view that mounting pressures, including recent placement of
BCU on probation by its primary accreditor, ongoing litigation, and
still weak though improving financial performance, are not in
aggregate consistent with an investment-grade rating.

RATING WATCH NEGATIVE: The maintenance of the Rating Watch Negative
reflects heightened risk from uncertainty regarding pending
litigation, accreditor probation and resulting possibility of
disruption around fundraising, enrollment or in other areas of
operation. Fitch is principally concerned about BCU's ability to
continue on its recently established path of financial improvement
given these headwinds.

UNDERLYING IMPROVEMENTS AND ADEQUATE RESERVES: The rating is
currently supported by underlying operational improvements
including solid demand, growing enrollment and strengthening though
still negative operating margins. In addition, the university
maintains adequate reserve levels for the rating level that provide
financial cushion.

RATING SENSITIVITIES

RATING WATCH NEGATIVE: Fitch expects to resolve the Watch in the
near term after analyzing the details of the accreditor probation
and discussing any corrective action plans with BCU leadership.
Developments in any litigation resolution may also affect the
rating and will be evaluated when knowable. A negative outcome on
either issue, or high related costs that strain reserves, could
lower the rating further. A positive accreditation outcome would be
neutral to the rating, and a favorable resolution of legal
challenges would likely be neutral in the near term but could
support rating improvement over time.

CONTINUED OPERATING IMPROVEMENTS: The rating assumes that BCU will
maintain its recent solid demand and enrollment trends and will
continue to strengthen financial performance. Reversal of these
improvements could likely cause further negative rating action.

CREDIT PROFILE

BCU was founded in Daytona Beach, FL in 1904 by Mary McLeod
Bethune, a civil and human rights activist. The school was
originally founded as an all-girls school for African-Americans.
Subsequently, the school merged with Cookman Institute of
Jacksonville, FL and later became affiliated with the United
Methodist Church. BCU is a co-educational institution and is one of
the federally-designated historically black colleges and
universities in the United States. As of fall 2017, the private
university serves over 4,000 students at its main campus, several
satellite locations and online.

BCU has experienced significant management turnover in recent
years, most recently with the early retirement of its prior
president at the end of the 2016-2017 academic year. Fitch believes
management instability from 2015 through part of 2017 contributed
to financial deterioration over that period. BCU has appointed a
new president and has had a largely new leadership team in place
since 2017, but further leadership turnover or instability during
the accreditation review would be a credit negative.

ACCREDITATION PROBATION HEIGHTENS RISK

On June 14, 2018, BCU's primary accreditor, the Southern
Association of Colleges and Schools Commission on Colleges
(SACSCOC) placed the university on probation status, the more
serious of its levels of sanction. BCU's accreditation was last
renewed in 2010 for a ten-year period.

Based on information from BCU management, SACSCOC began an inquiry
prompted by a third-party complaint in summer 2017. BCU submitted a
response in October 2017, which apparently informed the SACSCOC
decision. BCU believes the concerns identified in the probation
action, which are related to governance and financial management as
opposed to academics, precede the current administration. BCU plans
to address the issues identified in the action. SACSCOC will
collect additional information and reconsider BCU's accreditation
status in June 2019. While loss of accreditation is unusual, Fitch
views the probation as a negative credit development given that
accreditation loss would materially impair the university.

LEGAL CHALLENGES REMAIN; NO MATERIAL DEVELOPMENTS

Three pending legal challenges remain, as detailed in Fitch's press
release 'Fitch Places Bethune-Cookman University (FL) Revs on
Rating Watch Negative' dated April 24, 2018; to date there have
been no material developments. Fitch still believes potential
negative outcomes for BCU might include payments, additional
obligations related to any case or high costs from protracted
litigation. An outcome that preserves the status quo would likely
not in itself result in a negative rating change, assuming BCU
maintains sound demand and continues underlying operating
improvement from its fiscal 2016 low point. However, costs of
protracted litigation remain a financial risk depending on how the
issues are resolved. A successful dormitory lease restructuring and
overall reduction in leverage would be credit-positive, but would
likely not drive immediate upward rating movement. The university
continues to withhold payments under the dormitory lease but is
maintaining these funds in a separate account.

UNDERLYING OPERATING IMRPROVEMENT CONTINUES

BCU's enrollment trends remain healthy based on solid demonstrated
student demand. Total headcount grew to 4,143 in fall 2017 from a
recent low of 3,831 in fall 2015 after two years of record incoming
freshman classes. To date, deposits for fall 2018 that are well
ahead of the prior year suggest continued enrollment growth is
likely. While pricing flexibility is somewhat limited, Fitch
expects BCU's good student demand should support the university's
higher enrollment targets and incremental net student revenue
growth over time. The recent probationary status may alter this
currently favorable demand position; however, the results will not
be apparent at least until the fall 2018 semester begins.

BCU improved financial performance significantly in 2017 and
expects further material progress in 2018. After a very large $17
million (22%) full-accrual loss in 2016, the university improved
its bottom line materially, but to a still negative $10 million
(12%) full accrual loss. Operating cash flow in 2017 was not
sufficient to pay full debt service including the lease, but was
sufficient to pay series 2010 debt service. Based on enrollment
growth and continued efforts to cut costs, BCU expects to make
further significant progress toward a breakeven full accrual margin
in fiscal 2018.

The university maintains adequate balance sheet resources for the
rating level. However, reserves have declined in recent years due
to a period of negative cash flow through 2016 and part of 2017 and
due to paydown of some small notes and loans in 2017. However,
available funds of $38.5 million as of June 20, 2017 still equaled
40% of operating expenses and 35% of debt. BCU has no additional
new money debt plans at this time and does not have additional debt
capacity at the current rating level.


BRIGHTER CHOICE: Fitch Affirms B Rating on 2007A Revenue Bonds
--------------------------------------------------------------
Fitch Ratings has affirmed the rating on the following bonds issued
by the Albany Industrial Development Agency (NY) on behalf of the
Brighter Choice Elementary Charter Schools (BCCS or the schools):

  -- $15.2 million outstanding civic facilities revenue bonds,
series 2007A at 'B'.

The Rating Outlook is Stable.

SECURITY

The bonds are a general obligation of BCCS and are payable from
gross revenues, primarily state-mandated school district per-pupil
aid payments. In addition, bonds are payable from a cash-funded
reserve equal to maximum annual debt service (MADS) and other
reserve funds under the indenture. Bondholders also benefit from a
first mortgage lien on the two school facilities.

KEY RATING DRIVERS

HIGHLY SPECULATIVE CREDIT CHARACTERISTICS: The 'B' rating reflects
material risk associated with a short three-year charter term that
was renewed this year through June 30, 2021, a historical trend of
volatile operating performance, and minimal financial cushion.
Offsetting factors that provide a margin of safety include recently
improving financial results, adequate academic performance, solid
enrollment trends, and stabilized management.

FINANCIAL OPERATIONS IMPROVING: Operating results for fiscal 2016
and 2017 reflect surplus operations, debt service coverage above
the 1.1x covenant calculated per the bond documents, and continued
improvement in cash levels. Preliminary fiscal 2018 interim
projections show another operating surplus. These results follow
two fiscal years of below 1x debt service coverage in fiscal 2014
and 2015 and three years of negative operating margins from fiscal
2013 through fiscal 2015.

MINIMAL RESERVES: The schools have minimal balance sheet cushion to
offset weak operating performance or absorb unexpected pressures.
Available funds at June 30, 2017 accounted for an improved but
still low 13.5% of operating expenses and 7.5% of debt. The school
did have approximately 50 days of cash on hand, higher than its
liquidity covenant of 20 days.

CHARTER RENEWAL: The New York State Board of Regents renewed the
schools' charter in 2019, which is a positive, although mitigated
by the relatively short three year term.

RATING SENSITIVITIES

SUFFICIENT DEBT SERVICE COVERAGE: Continued demonstration by
Brighter Choice Elementary Charter Schools of debt service coverage
exceeding covenant levels as well as a sustained increase in
unrestricted cash, could lead to a positive rating action.

CHARTER SCHOOL SECTOR RISKS: Substantial reliance on
enrollment-driven, per-pupil funding, and charter renewal risk are
credit concerns common among all charter school transactions which,
if pressured, would negatively affect the rating.

CREDIT PROFILE

BCCS for girls and boys opened in 2002 with a mission to provide a
single-gender public school alternative for students from
economically disadvantaged families. The schools were launched with
the support of the Brighter Choice Foundation, which developed the
facilities. The 2007A bond proceeds funded the schools' purchase of
the facilities from the foundation and certain enhancements.

The schools are authorized by the New York State Board of Regents
and have received four charter renewals since inception. In
February 2018, the authorizer granted a three-year renewal through
June 30, 2021, short of the full five-year term requested by BCCS,
due to financial and management concerns. A short-term renewal is a
speculative-grade characteristic. The elementary schools are
legally separate from and have no obligations related to the
Brighter Choice Charter Middle Schools, which lost their charters
and were closed at the end of the 2014-2015 academic year.

BCCS obtained authorizer permission in fiscal 2016 to expand into
fifth grade and did so for the 2016-2017 school year. The boys and
girls school had enrollment of 317 students in each school as of
April 23, 2018. Fifth grade students accounted for 32 and 33
students, respectively. Construction costs to accommodate the
expansion were manageable, and enrollment is helping support
operating results.

Academic results are generally equal to or stronger than those of
the Albany City School District, the public school district in
which BCCS is located, but weaker than statewide results.

IMPROVEMENT IN FINANCIAL RESULTS FOR FISCAL 2017

Operations improved in fiscal 2017 with a positive operating margin
of 13.5% due primarily to increases in per-pupil funding and the
addition of the fifth grade. Fiscal 2017 debt service coverage by
net available revenues was approximately 2.1x, up from 0.9x, 0.8x,
and 2.0x in fiscals 2014, 2015, and 2016, respectively.

FISCAL 2018 PROJECTIONS POSITIVE

Fiscal 2018 financial projections reflect improved and positive
operations. The improvement largely reflects higher state per-pupil
funding. Management projects improved fiscal year end results,
growth in cash levels and compliance with bond covenants.

MINIMAL FINANCIAL CUSHION

The schools have minimal balance sheet cushion to offset weak
operating performance or absorb unexpected pressures. Available
funds of $1.2 million at June 30, 2017 are low relative to
operating expenses (13.5%) and debt (7.5%), providing a nominal
cushion to cover operating losses or unanticipated variances to
budget. A debt service reserve cash-funded to MADS is not included
in Fitch's available funds calculation but provides a small margin
of safety.


CAMBER ENERGY: Richard Azar Quits as Director
---------------------------------------------
Richard N. Azar II, has resigned as a member of the Board of
Directors of Camber Energy, Inc., effective on June 21, 2018.  The
resignation was not due to a disagreement with the Company or in
connection with any matter relating to the Company's operations,
policies or practices, according to a Form 8-K filed with the
Securities and Exchange Commission.

                       About Camber Energy

Based in San Antonio, Texas, Camber Energy, Inc. (NYSE American:
CEI) -- http://www.camber.energy/-- is an independent oil and gas
company engaged in the development of crude oil, natural gas and
natural gas liquids in the Hunton formation in Central Oklahoma in
addition to anticipated project development in the Texas
Panhandle.

Camber reported a net loss of $89.12 million on $5.30 million of
total net operating revenues for the year ended March 31, 2017,
compared to a net loss of $25.44 million on $968,146 of total net
operating revenues for the year ended March 31, 2016.  As of Dec.
31, 2017, Camber Energy had $18.18 million in total assets, $41.80
million in total liabilities and a total stockholders'
deficit of $23.61 million.

GBH CPAs, PC -- http://www.gbhcpas.com/-- in Houston, Texas,
issued a "going concern" opinion in its report on the consolidated
financial statements for the year ended March 31, 2017, citing that
the Company has incurred significant losses from operations and had
a working capital deficit at March 31, 2017.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


CAMBER ENERGY: Signs LOI Relating to Asset Disposition
------------------------------------------------------
Camber Energy, Inc., has executed a non-binding letter of intent on
June 25, 2018, in connection with the disposition of a substantial
portion of its assets in exchange for the buyer's assumption of all
of Camber's debt with its bank, International Bank of Commerce.
The proposed buyer pursuant to the letter of intent is a party
affiliated with Richard N. Azar II, Camber's former chief executive
officer and former director who resigned on June 21, 2018, and
Donnie B. Seay, its current director.

The closing of the transaction is subject to customary closing
conditions including negotiation of definitive closing documents,
approval of IBC and shareholder approval, among others.

In the event the parties enter into definitive documents, the
transaction is approved by the Company's shareholders and closes,
the Company will retain its assets in Glasscock County and
Hutchinson Counties, Texas and will also retain a 12.5% production
payment and a 3% overriding royalty interest in its existing
Okfuskee County, Oklahoma asset.  Camber is also evaluating
additional acquisition opportunities which will further enhance the
Company's growth plans, funding permitting.

Additionally, if the Closing occurs, it will extinguish all of the
Company's existing bank debt, which should significantly enhance
the Company's balance sheet.

The Interim CEO of Camber, Louis G. Schott, noted that "This
transaction will position the Company to improve its balance sheet
by substantially reducing or eliminating its long-term liabilities.
Once this occurs, the Company plans to pursue growth in its
remaining assets as well as additional acquisition opportunities."

Mr. Schott continued, "This should also help the Company to regain
compliance with the continued listing standards of the NYSE
American."
   
                       About Camber Energy

Based in San Antonio, Texas, Camber Energy, Inc. (NYSE American:
CEI) -- http://www.camber.energy/-- is an independent oil and gas
company engaged in the development of crude oil, natural gas and
natural gas liquids in the Hunton formation in Central Oklahoma in
addition to anticipated project development in the Texas
Panhandle.

Camber reported a net loss of $89.12 million on $5.30 million of
total net operating revenues for the year ended March 31, 2017,
compared to a net loss of $25.44 million on $968,146 of total net
operating revenues for the year ended March 31, 2016.  As of Dec.
31, 2017, Camber Energy had $18.18 million in total assets, $41.80
million in total liabilities and a total stockholders'
deficit of $23.61 million.

GBH CPAs, PC -- http://www.gbhcpas.com/-- in Houston, Texas,
issued a "going concern" opinion in its report on the consolidated
financial statements for the year ended March 31, 2017, citing that
the Company has incurred significant losses from operations and had
a working capital deficit at March 31, 2017.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


CAPITOL STATION 65: Hires Keen-Summit & Colliers as Estate Advisors
-------------------------------------------------------------------
Capitol Station 65, LLC, and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Eastern District of
California, Sacramento Division, to hire Keen-Summit Capital
Partners LLC and Colliers International CA, Inc. to serve jointly
as the Debtors' real estate advisors and brokers.

Services by Keen and Colliers will render are:

     1. review pertinent documents and consult with the Debtors'
counsel, as appropriate;

     2. coordinate with and assist the Debtors in connection with
the development of due diligence materials;

     3. develop, subject to the Debtors review and approval, a
comprehensive marketing plan and implement each facet of the
marketing plan;

     4. communicate regularly with prospects and maintain records
of communications;

     5. solicit offers for a transaction involving the sale of
available parcels constituting Township Nine;

     6. assist the Debtors in evaluating, structuring, negotiating
and implementing the terms and conditions of a proposed
transaction;

     7. run an auction or overbid process in accordance with bid
procedures, if required;

     8. communicate regularly with the Debtors and their
professional advisors in connection with the status of its efforts;
and

     9. work with the Debtors' attorneys responsible for the
implementation of the proposed transactions, reviewing documents,
negotiating and assisting in resolving problems which may arise.

Mathew Bordwin, principal and managing director for Keen-Summit
Capital Partners, and Randy Dixon, managing director of Colliers
International, attest that both Keen and Colliers are
"disinterested persons" within the meaning of section 101(14) of
the Bankruptcy Code, as required by Section 327(a) of the
Bankruptcy Code; do not hold or represent an interest materially
adverse to the Debtors' estates with respect to the matter on which
Keen and Colliers will be employed; and have no connection to the
Debtors, their creditors, or other parties in interest in these
cases.

Fees Keen and Colliers will be compensated for their services are:

     (a) Advisory Fee of $80,000 earned and payable at $20,000 per
month, to be fully set off against Transaction Fees;

     (b) Transaction Fees of 4.0% of gross proceeds on a bulk sale
or 5.0% on a non-bulk sale;

     (c) Reasonable and actual out-of-pocket costs and expenses;
and

     (d) Marketing Budget not to exceed $40,000.

The brokers can be reached through:

     Harold Bordwin
     Keen-Summit Capital Partners LLC
     555 Madison Avenue, 5th Floor
     New York, NY 10022
     Phone: (646) 381-9201
     E-mail: hbordwin@keen-summit.com

           -- and --

     Randy Dixon
     Managing Director
     Colliers International CA, Inc.
     301 University Avenue, Suite 100
     Sacramento, CA

                    About Capitol Station 65

Capitol Station 65 LLC, Capitol Station Holdings LLC, Capitol
Station Member LLC, and Township Nine Owners LLC sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case Nos.
17-23627 to 17-23630) on May 30, 2017.  In the petitions signed by
CEO Suneet Singal, the Debtors estimated their assets at $50
million to $100 million and debt at $10 million to $50 million.

Judge Christopher D. Jaime presides over the cases.  

Nuti Hart LLP is the Debtors' legal counsel.

On July 20, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The Committee hired
Felderstein Fitzgerald Willoughby & Pascuzzi LLP, as counsel.

On Aug. 28, 2017, the Debtors filed a disclosure statement and a
joint Chapter 11 plan of reorganization.


CARTER FINANCIAL: Has Final Authorization to Use Cash Collateral
----------------------------------------------------------------
The Hon. Laurel M. Isicoff of the U.S. Bankruptcy Court for the
Southern District of Florida has signed a final order authorizing
debtor Carter Financial Group, LLC, to use cash collateral to pay
all expenses set forth in Debtor's Budget.

The Debtor owns The Shopping Center -- a multi-unit shopping center
owned by Debtor and located at 6500 Pines Boulevard in Pembroke
Pines, Florida.

The Court was advised at the preliminary hearing that secured
creditor 6500 Pines Holdings, LLC, did not object to the Debtor's
Cash Collateral Motion or its proposed budget.

During the pendency of the Debtor's Chapter 11 case or until
modified by further Order of the Court, the Debtor will provide
adequate protection for 6500 Pines as follows:

     (i) The Debtor will grant 6500 Pines a running replacement
lien on all revenue generated from the Shopping Center, including
rents, from and after the Petition Date;

    (ii) The Debtor will escrow 1/12 of all real estate taxes on a
going forward basis, which escrow will be available to pay
post-petition real estate taxes when due;

   (iii) The Debtor will maintain comprehensive property and
liability insurance on the Shopping Center, as well as flood
insurance coverage at the required levels;

    (iv) The Debtor will continue to pay sales taxes and payroll
taxes as and when due;

     (v) The Debtor will file its DIP Monthly Operating Reports on
a timely basis;

    (vi) The Debtor will abide by the Budget, subject to a variance
of up to 10% increase per item per month;

   (vii) The Debtor will notify 6500 Pines, in writing, prior to:
(1) entering any new lease agreements at the Shopping Center; or
(2) modifying the terms of any existing lease agreements at the
Shopping Center;

  (viii) 6500 Pines may review the Debtor's books and records
during normal business hours and so as not to disrupt normal
business operations;

    (ix) 6500 Pines may inspect the business operations of the
Debtor, but only in a manner so as not to disrupt normal business
operations; and

     (x) In the event that there is any alleged default under this
adequate protection arrangement, 6500 Pines will provide the Debtor
and its counsel with written notice of default and allow the Debtor
a reasonable time to cure such default.

The parties are not in agreement as to the value of the Property
and the extent to which 6500 Pines may be under-secured. However,
in addition to the adequate protection of 6500 Pines' interests,
the Debtor has determined to make the following adequate protection
payments to 6500 Pines, to be applied to the outstanding principal
balance of the debt:

     (i) Monthly payments of $2,500, to be paid to 6500 Pines on or
by the last day of each month, commencing after the entry of the
Final Order approving the Debtor's use of Cash Collateral;

    (ii) In any given month, if Debtor's rental income from the
Shopping Center is insufficient to make the full Monthly Payment,
then the salary of Craig Carter, the son of Debtor’s Managing
Directors and a member of Debtor, will be reduced by the amount
necessary to make the full Monthly Payment to 6500 Pines;

   (iii) In addition to the Monthly Payments, the Debtor will pay
to 6500 Pines the net income remaining each month, if any, after
all budgeted expenses have been paid; commencing after the entry of
the Final Order approving the Debtor's use of Cash Collateral.

Any creditor with a security interest in Cash Collateral (including
6500 Pines) will have a perfected post-petition lien against cash
collateral to the same extent and with the same validity and
priority as the prepetition lien, without the need to file or
execute any document as may otherwise be required under applicable
non-bankruptcy law.

A full-text copy of the Final Cash Collateral Order is available
at

           http://bankrupt.com/misc/flsb18-14454-61.pdf

                   About Carter Financial Group

Established in 2001, Carter Financial Group, LLC, is a privately
held company in Bay Harbor Islands, Florida that provides financial
advisory services.

Carter Financial Group filed a Chapter 11 petition (Bankr. S.D.
Fla. Case No. 18-14454) on April 16, 2018, listing $1 million to
$10 million in both assets and liabilities.  The petition was
signed by Dr. Arnold P. Carter, managing director. The Hon. Laurel
M Isicoff presides over the case.

Tamara D McKeown, Esq. at Aaronson Schantz Beiley P.A., is the
Debtor's counsel; and Gidney & Company, P.A., CPAs, is the
accountant.


CHS/COMMUNITY HEALTH: Moody's Cuts CFR to Caa2, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of CHS/Community
Health Systems, Inc. (Community), including the Corporate Family
Rating (CFR) to Caa2 from Caa1 and the Probability of Default
Rating (PDR) to Caa2-PD/LD from Caa1-PD. Community, on June 20,
2018, announced the final results of its debt exchange, in which
holders exchanged a portion of the unsecured notes due 2019, 2020
and 2022 for new junior lien notes due 2023 and 2024. Moody's
considers this transaction to be a distressed exchange, which is a
default under Moody's definition. Moody's appended the PDR with an
"/LD" designation indicating a limited default, which will be
removed after three business days. The rating outlook is stable.

The exchange of the notes largely addresses Community's 2019 and
2020 notes maturities. Moody's anticipates Community will seek to
amend/extend the maturity of its Term Loan G (due December 2019) in
the coming weeks. Assuming a successful extension of the Term Loan
G, the next significant debt maturity will be January 2021.

Despite the progress in extending maturities, the downgrade of the
CFR and PDR ratings reflects Moody's expectation for weakening
interest coverage, cash flow and liquidity. Moody's estimates an
incremental $70-$80 million of cash interest expense in the first
year following Community's refinancing transactions. As a result,
Moody's forecasts negative free cash flow over the next 12-18
months and interest coverage (EBITDA-capex/interest) remaining
below 1.0x. Moody's also expects declining headroom under the first
lien net leverage covenant due to covenant step-downs and the
inclusion of borrowings under the new asset based lending (ABL)
facility in the calculation. Further, Community continues to report
declining same-facility adjusted admissions, highlighting continued
fundamental operating challenges. Absent stabilization in core
patient volumes and meaningful improvement in profit margins,
Moody's believes there is a material likelihood of another default
event over the next 2-3 years.

Moody's also assigned a Caa3 to the new secured junior lien notes
due 2023 and 2024. Moody's downgraded the ratings on the remaining
unsecured notes due 2019, 2020 and 2022 to Ca from Caa2 partly
reflecting the subordination to the new junior lien debt.
Concurrently Moody's downgraded the rating on the first lien
secured debt to B3 from B2. Moody's also affirmed the Speculative
Grade Liquidity Rating of SGL-3.

Ratings downgraded:

Corporate Family Rating, to Caa2 from Caa1

Probability of Default Rating, to Caa2-PD/LD from Caa1-PD (LD
appended)

Senior secured bank credit facilities, to B3 (LGD2) from B2
(LGD2)

Senior secured notes, to B3 (LGD2) from B2 (LGD2)

Senior unsecured notes, to Ca (LGD5) from Caa2 (LGD5)

Ratings assigned:

Secured Junior lien notes due 2023, at Caa3 (LGD5)

Secured Junior lien notes due 2024, at Caa3 (LGD5)

Ratings affirmed:

Speculative Grade Liquidity Rating at SGL-3

The rating outlook is stable.

RATINGS RATIONALE

Community's Caa2 Corporate Family Rating reflects Moody's
expectation that the company will continue to operate with very
high financial leverage of over 8.0x. The rating is also
constrained by Moody's expectation for negative free cash flow over
the next 12-18 months as a result of Community's high interest
costs and significant capital requirements of the business. The
ratings are constrained by industry-wide operating headwinds which
will limit operational improvement despite Community's turnaround
initiatives. Supporting the rating is Community's large scale,
geographic diversity and divestiture plans. Proceeds of
divestitures are expected to be used to repay debt.

The Speculative Grade Liquidity rating of SGL-3 reflects Moody's
expectation for adequate liquidity over the next 12 months. Moody's
anticipates negative free cash flow over the next 12 months after
all capital expenditures, minority interest distributions and other
investments (including physician recruiting, software, etc.)
Constraining liquidity is the potential for a litigation payout
related to former Health Management Associates, Inc. hospitals
acquired in 2014 (currently about $259 million is accrued for) and
the maturity of the $155 million stub of the 2019 unsecured notes
(due November 2019).

Moody's could downgrade the ratings if there is any further
deterioration in Community's earnings, if liquidity weakens or if,
for any other reason, the probability of default rises or credit
recovery prospects weaken.

Moody's could upgrade the ratings if operational initiatives result
in improved volume growth and margin expansion. If leverage
declines or free cash flow improves materially, such that the
company's ability to refinance future debt maturities and sustain
the current capital structure becomes more assured, the ratings
could be upgraded. An upgrade would also require improved liquidity
including greater covenant cushion, and greater certainty
surrounding litigation payouts.

CHS/Community Health Services, Inc., headquartered in Franklin,
Tennessee, is an operator of general acute care hospitals in
non-urban and mid-sized markets throughout the US. Revenues in 2017
were approximately $16 billion.



CLAIRE'S STORES: Reports Fiscal 2018 First Quarter Results
----------------------------------------------------------
Claire's Stores, Inc., one of the world's leading specialty
retailers of fashionable jewelry and accessories for young women,
teens, tweens, and kids, on June 13 reported its financial results
for the fiscal 2018 first quarter, which ended May 5, 2018.

The Company reported net sales of $311.0 million for the fiscal
2018 first quarter, an increase of $11.4 million, or 3.8% compared
to the fiscal 2017 first quarter.  Net sales were affected by a
favorable foreign currency translation effect of our non-U.S. net
sales, an increase in new concession and company-operated store
sales and increased franchisee sales, partially offset by the
effect of store closures and a decrease in same store sales.  Net
sales would have decreased 1.0% excluding the impact of foreign
currency exchange rate changes.

Consolidated same store sales decreased 0.4%, with North America
same store sales increasing 5.4% and Europe same store sales
decreasing 9.9%.  The Company computes same store sales on a local
currency basis, which eliminates any impact from changes in foreign
currency exchange rates.  For the fiscal 2018 second
quarter-to-date period, consolidated same store sales have
increased approximately 1.0%, with North America outperforming
Europe.

Gross profit percentage increased 70 basis points to 50.0% during
the fiscal 2018 first quarter versus 49.3% for the prior year
quarter.  This increase in gross profit percentage consisted of a
100 basis point decrease in occupancy costs, partially offset by a
20 basis point increase in buying and buying-related costs and by a
10 basis point decrease in merchandise margin.  The decrease in
occupancy costs, as a percentage of net sales, resulted primarily
from the leveraging effect of an increase in total net sales.      


Selling, general and administrative expenses increased $15.3
million, or 13.8%, compared to the fiscal 2017 first quarter.  As a
percentage of net sales, selling, general and administrative
expenses increased 350 basis points compared to the three months
ended April 29, 2017.  Excluding an unfavorable $6.0 million
foreign currency translation effect and non-recurring pre-Chapter
11 consulting expense of $8.6 million, selling, general, and
administrative expenses would have increased by $0.7 million.
Excluding the foreign currency translation effect and non-recurring
pre-Chapter 11 consulting expense of $8.6 million, the increase was
primarily due to increased compensation-related expense, including
store incentive compensation, and concession store commission
expense.

Adjusted EBITDA in the fiscal 2018 first quarter was $41.9 million
compared to $41.8 million last year.  Adjusted EBITDA would have
been $41.0 million excluding the foreign currency translation
effect in the first quarter of 2018.  The Company defines Adjusted
EBITDA as earnings before income taxes, net interest expense,
depreciation and amortization, loss (gain) on early debt
extinguishments, asset impairments, and reorganization items.
Adjusted EBITDA excludes management fees, severance, the impact of
transaction-related costs and certain other items.  A
reconciliation of net loss to Adjusted EBITDA is attached.

As of May 5, 2018, cash and cash equivalents were $56.1 million.
The Company had an additional $65.6 million of borrowing
availability under its debtor-in-possession credit facility as of
May 5, 2018, net of applicable reserves.  The fiscal 2018 first
quarter cash balance increase of $13.7 million consisted of
proceeds from the issuance of our $60.0 million
debtor-in-possession term loan, positive impacts of $41.9 million
of Adjusted EBITDA, partially offset by $31.0 million from net
repayments under our former ABL Credit Facility, $20.0 million from
seasonal working capital uses, $8.6 million of pre-Chapter 11
consulting fees, $8.5 million of cash interest payments, $5.2
million of capital expenditures, $4.0 million for payment of
reorganization items, $4.0 million in debtor-in-possession
financing costs, $3.0 million for payment of current portion of
long-term debt, $2.3 million for other items and $1.6 million for
tax payments.

                      About Claire's Stores

Claire's Stores, Inc. -- http://www.clairestores.com/-- is a
specialty retailer of jewelry, accessories, and beauty products for
young women, teens, "tweens," and kids.  Through the Claire's
brand, the Claire's Group has a presence in 45 nations worldwide,
through a total combination of over 7,500 Company-owned stores,
concessions locations, and franchised stores.  Headquartered in
Hoffman Estates, Illinois, the Company began as a wig retailer by
the name of "Fashion Tress Industries" founded by Rowland Schaefer
in 1961.  In 1973, Fashion Tress Industries acquired the
Chicago-based Claire's Boutiques, a 25-store jewelry chain that
catered to women and teenage girls.  Following that acquisition,
Fashion Tress Industries changed its name to "Claire's Stores,
Inc." and shifted its focus to a full line of fashion jewelry and
accessories.

In 2007, the Company was taken private and acquired by investment
funds affiliated with, and co-investment vehicles managed by,
Apollo Management VI, L.P. Claire's Group employs approximately
17,000 people globally.

Claire's Stores, Inc., and 7 affiliates sought Chapter 11
protection (Bankr. D. Del. Case No. 18-10584) on March 19, 2018,
after reaching terms of a balance sheet restructuring with their
first lien lenders and sponsor Apollo Global Management, LLC.

As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in
total assets against $2.53 billion in total liabilities.

The Debtors tapped Weil, Gotshal & Manges LLP as their bankruptcy
counsel; Richards, Layton & Finger, P.A. as local counsel; FTI
Consulting as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; Hilco Real Estate, LLC as real estate advisor;
and Prime Clerk as claims agent and administrative advisor.  Grant
Thornton, LLP has been tapped as auditor and Deloitte Tax LLP as
tax service provider.

Andrew R. Vara, Acting U.S. Trustee for Region 3, on March 27,
2018, appointed seven creditors to serve on the official committee
of unsecured creditors in the Chapter 11 case of Claire's Stores
Inc. and its affiliates.  Cooley LLP serves as lead counsel to the
Committee, Bayard, P.A., as co-counsel, and Province, Inc., as
financial advisor.

The Ad Hoc First Lien Group tapped Morris, Nichols, Arsht & Tunnell
LLP, and Willkie Farr & Gallagher LLP, as counsel.

Oaktree Capital Management tapped White & Case LLP, led by Thomas E
Lauria, and J. Christopher Shore, as counsel; Fox Rothschild LLP as
local counsel; and Houlihan Lokey as investment banker.


CONCORDIA INTERNATIONAL: Court OK's Recapitalization Transaction
----------------------------------------------------------------
In connection with the previously announced recapitalization
transaction described in Concordia International Corp.'s management
information circular dated May 15, 2018, the Company has obtained a
final court order from the Ontario Superior Court of Justice
(Commercial List) approving the plan of arrangement under the
Canada Business Corporations Act pursuant to which the
Recapitalization Transaction is being implemented.

The Plan of Arrangement was approved by secured and unsecured
debtholders and shareholders of the Company at the debtholders' and
shareholders' meetings held on June 19, 2018, in Toronto, Canada.

It is expected that the Recapitalization Transaction will be
completed on or about July 31, 2018, subject to the satisfaction or
waiver of all other conditions to the Plan of Arrangement.

Leadership Changes

Concordia also announced the following leadership changes, which
the Company believes will more effectively support its focus on
becoming a leader in European specialty, off-patent medicines, and
will create a truly unified executive leadership team:

   * Graeme Duncan has been named Concordia's permanent chief
     executive officer after assuming the role of interim chief
     executive officer on May 2, 2018.

   * Adeel Ahmad has been appointed chief financial officer of
     Concordia.  Mr. Ahmad was previously the chief financial
     officer of Concordiaps International segment.  Mr. Ahmad will
     take on this role immediately and will replace David Price.
     Mr. Price will continue to support the recapitalization
     process that he has led, through to conclusion and will leave
     the organization on July 31, 2018, to pursue other
     opportunities.

   * Karl Belk, previously senior vice president, global
     pharmaceutical operations, has been promoted to chief
     operations officer of Concordia.

   * Simon Tucker has been promoted to president of Concordia's
     International segment and will oversee the management of
     Concordia's North America segment and its rest-of-
     world territories.  The Company's commercial efforts around
     Photodynamic Therapy with Photofrin for the treatment of
     certain types of cancer, will continue to be managed
     separately.  Sanjeeth Pai, who has been president of
     Concordia North America, will step down from the position on
     Aug. 31, 2018, to pursue other opportunities.

   * Paul Burden has been promoted to president of Concordia's UK
     and Ireland division.  Mr. Burden was previously managing
     director UK and Ireland.

"We are grateful to all of our stakeholders for supporting our
recapitalization transaction and we are working diligently to
complete the transaction, which will be a major milestone in the
Company's history," said Graeme Duncan, chief executive officer of
Concordia.

Mr. Duncan continued, "On behalf of our Board, we thank all of our
employees, including those who are moving on from Concordia, for
their unwavering commitment and effort through this process.
Looking forward, we are excited about our new leadership structure,
which consists of a talented and experienced team that is now well
placed to capitalize on the opportunities ahead of us."

                        About Concordia

Based in Ontario, Canada, Concordia -- http://www.concordiarx.com/
-- is an international specialty pharmaceutical company with a
diversified portfolio of more than 200 patented and off-patent
products, and sales in more than 90 countries.  Going forward, the
Company is focused on becoming a leader in European specialty,
off-patent medicines.  Concordia operates out of facilities in
Oakville, Ontario and, through its subsidiaries, operates out
facilities in Oakville, Ontario and, through its subsidiaries,
operates out of facilities in Bridgetown, Barbados; London, England
and Mumbai, India.

Concordia reported a net loss of US$1.59 billion for the year ended
Dec. 31, 2017, compared to a net loss of US$1.31 billion for the
year ended Dec. 31, 2016.  As of March 31, 2018, Concordia had
US$2.32 billion in total assets, US$4.30 billion in total
liabilities and a total shareholders' deficit of US$1.97 billion.

                           *    *    *

Moody's Investors Service downgraded the Corporate Family Rating of
Concordia to 'Ca' from 'Caa3'.  "Concordia's Ca Corporate Family
Rating reflects its very high financial leverage, ongoing operating
headwinds, and imminent risk of a debt restructuring.  Moody's
estimates adjusted debt/EBITDA will exceed 9.0x over the next 12
months as earnings decline on a year over year basis," as reported
by the TCR on Oct. 27, 2017.

Also in October 2017, S&P Global Ratings lowered its corporate
credit rating on Concordia to 'SD' from 'CCC-' and removed the
rating from CreditWatch, where it was placed with negative
implications on Sept. 18, 2017.  "The downgrade follows Concordia
International's announcement that it failed to make the Oct. 16,
2016, interest payment on the 7% senior unsecured notes due 2023.
Given our view of the company's debt level as unsustainable, and
ongoing restructuring discussions, we do not expect the company to
make a payment within the grace period," S&P said.


DORIAN LPG: Secures $65.1 Million in Funding
--------------------------------------------
Dorian LPG Ltd. has completed three financing agreements resulting
in aggregate proceeds of $65.1 million.  The proceeds from the
Financings were used to repay all remaining outstanding amounts due
under the Bridge Loan Facility with DNB Capital LLC.  The
Financings have a fixed interest rate of 6% with tenors of 6 to 7
years.

John Hadjipateras, chairman and chief executive officer of Dorian
LPG, commented, "We are pleased to have completed these financing
transactions and to have fully repaid the DNB Bridge Loan Facility.
Dorian LPG is well positioned to perform through the cycle,
including upcoming environmental regulations, with a
well-capitalized balance sheet and a fleet of modern fuel efficient
VLGCs that have delivered premium returns.

In addition, in response to the letter sent by BW LPG Ltd.
restating its unsolicited and conditional proposal to combine with
Dorian in a stock-for-stock transaction, Mr. Hadjipateras
commented, "We have received today's letter restating BW LPG's
proposal that has already been rejected by our board.  Our board
has been and will remain responsive to the views of our
shareholders.  Of note, to date, we have received letters from
shareholders (other than the BW Group) representing less than 5% of
our outstanding shares showing openness to a combination, including
from a shareholder that has a long-term position in BW LPG.  In
contrast, our board, whose members are beneficial owners of more
than 25% of our outstanding shares, has unanimously concluded that
BW LPG's proposal undervalues Dorian and is not in the best
interests of Dorian and its shareholders.  To cite a few key
financial metrics, the proposed transaction would be dilutive to
Dorian's shareholders' earnings in 2018, would create a more
leveraged enterprise from Dorian's perspective and fails to
recognize that Dorian's equity contribution to the combined
enterprise would exceed 50% of the total, based on 2018 relative
EBITDA and existing debt levels."

"Also contrary to BW LPG's assertion, we have not declined to
engage with BW LPG.  Rather, we have offered to meet with BW LPG to
discuss an acquisition of BW LPG's ECO-ships, to no avail.  Our
board is always open to opportunities that would enhance value for
our shareholders and we are in regular communication with them.  BW
LPG's wish to have Dorian's shareholders subsidize its fleet
renewal is not a reason compelling enough to divert us from our
strategy to serve our own shareholders," Mr. Hadjipateras
concluded.

                         About Dorian LPG

Dorian LPG -- http://www.dorianlpg.com/-- is a liquefied petroleum
gas shipping company and an owner and operator of modern very large
gas carriers ("VLGCs").  Dorian LPG's fleet currently consists of
twenty-two modern VLGCs.  Dorian LPG has offices in Stamford,
Connecticut, USA, London, United Kingdom and Athens, Greece.   

Dorian LPG reported a net loss of $1.44 million for the year ended
March 31, 2017, compared with net income of $129.7 million for the
year ended March 31, 2016.  As of Dec. 31, 2017, Dorian LPG had
$1.70 billion in total assets, $744.2 million in total liabilities
and $961.95 million in total shareholders' equity.

As of Dec. 31, 2017, the Company's current liabilities exceeded its
current assets by $50.4 million, mainly as a result of the 2017
Bridge Loan, of which $66.9 million of principal is due on Dec. 31,
2018, and for which the Company has not yet secured refinancing.
"As we have not yet implemented a refinancing of the remaining
portion of the 2017 Bridge Loan, we are required under U.S. GAAP to
state that the absence of such refinancing raises substantial doubt
about the Company's ability to continue as a going concern, before
consideration of our plans," the Company stated in its Quarterly
Report on Form 10-Q for the quarter ended Dec. 31, 2017.


ENDURO RESOURCE: Plan Confirmation Hearing Set for July 30
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will hold a
hearing on July 30, 2018, at 10:00 a.m. (prevailing Easter Time) to
confirm the joint Chapter 11 plan of liquidation of Enduro Resource
Partners LLC and its debtor-affiliates.  Objections to the Debtors'
plan, if any, must be filed no later than 5:00 p.m. on July 23,
2018 (prevailing Eastern Time).

Deadline for voting to accept or reject the Debtors' plan is on
July 23, 2018, at 5:00 p.m.

On June 18, 2018, the Court approved the adequacy of the Debtors'
Chapter 11 liquidation plan.

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

       http://bankrupt.com/misc/deb18-11174-203.pdf

                      About Enduro Resource

Enduro Resource Partners LLC and its subsidiaries are independent
oil and natural gas companies engaged in the acquisition,
exploration, exploitation, development, and operation of oil and
gas properties.  They have operated and non-operated oil and gas
assets in Texas, Louisiana, New Mexico, North Dakota, and Wyoming,
as well as royalty interests in certain properties in Montana.

Enduro Resource Partners LLC and five affiliates filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Lead Case No. 18-11174) on
May 15, 2018.  Enduro Royalty Trust, a publicly-traded Delaware
statutory trust formed on May 3, 2011, has not filed a chapter 11
petition and will also continue to operate in the normal course.

In the petition signed by Kimberly A. Weimer, vice president and
CFO, the Debtors estimated $100 million to $500 million in assets
and liabilities.  

The Hon. Kevin Gross presides over the case.  

Michael R. Nestor, Esq., and Kara Hammond Coyle, Esq., at Young
Conaway Stargatt & Taylor, LLP; and George A. Davis, Esq., Caroline
A. Reckler, Esq., Matthew L. Warren, Esq., and Jason B. Gott, Esq.,
at Latham & Watkins LLP, serve as counsel to the Debtors.  Evercore
Group, L.L.C. serves as the Debtors' financial advisor; and Alvarez
& Marsal North America, LLC, as the Debtors' restructuring advisor.
Kurtzman Carson Consultants LLC serves as the Debtors' claims and
noticing agent.


ENSTAR GROUP: Fitch Rates Series D Preference Shares 'BB+'
----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Enstar Group Limited's
(Enstar) new issuance of up to $400 million fixed-to-floating rate
perpetual non-cumulative preference shares, series D. Proceeds from
this new issue will be used to repay a portion of the company's
revolving credit facility and term loan facility, with any
remaining net proceeds used for general corporate purposes.

KEY RATING DRIVERS

Under Fitch's rating methodology, the new non-cumulative perpetual
preference shares receive 100% equity credit in evaluating
financial leverage. Fitch considers the preference shares to have
'minimal' non-performance risk with notching set two below the
Issuer Default Rating (IDR) based on 'Poor' recovery expectations,
with no additional notching for non-performance. If Fitch were to
view Bermuda as becoming more controlling in its supervision of
(re)insurers, an additional notch would be added for
non-performance risk.

Enstar's financial leverage ratio (FLR) was a reasonable 21.7% at
March 31, 2018, and declines to approximately 11.6% pro forma for a
$400 million preference share issuance. This decrease is due to
100% equity credit securities replacing existing debt. Enstar's
debt at March 31, 2018 includes $439.7 million outstanding
borrowings under a revolving credit facility, $73.1 million under a
term loan facility and $350 million of senior notes issued in 2017.
Pro-forma debt plus preferred equity to total capital remains
unchanged at 21.7% at March 31, 2018.

Enstar's operating earnings-based, fixed-charge coverage was very
strong, averaging a favorable 12.8x from 2013 to 2017, with 13.8x
in first-quarter 2018. Fitch expects annual fixed-charge coverage
to be maintained near a very strong 10x following the preferred
share issuance and debt repayment.

The new securities are expected to receive 100% credit in Fitch's
capital adequacy ratio as Tier 2 qualifying regulatory capital by
the Bermuda Monetary Authority.

On June 12, 2018, Fitch affirmed Enstar's ratings and revised the
Rating Outlook to Positive. The Positive Outlook reflects the
company's continued expansion of its leading market position in
acquiring and managing non-life runoff companies, consistently
strong profitability driven by favorable reserve development, and
very strong and growing capitalization.

Enstar recently announced that in light of recent rising valuations
paid for (re)insurance companies, it has retained advisors to
consider potential bids for its active underwriting operations,
StarStone Insurance Bermuda Limited (purchased in 2014) and Atrium
Underwriting Group Limited (purchased in 2013). Fitch considers
non-life runoff as Enstar's core business, with active underwriting
viewed to be more opportunistic, having generated limited net
earnings thus far. As such, the absence of the more recently added
active operations would not be viewed as a detriment to Enstar's
credit quality. Fitch will assess any ratings impact to Enstar from
the disposal of its active businesses by taking into consideration
the amount and expected use of the sale proceeds.

RATING SENSITIVITIES

Key rating sensitivities that could lead to an upgrade include
maintaining a FLR at or below 20%, fixed-charge coverage of at
least 10.0x, sustained risk-adjusted capital growth with a
capitalization score under Fitch's Prism factor-based model of at
least 'Very Strong' and a net leverage ratio at or below 2.5x.

Any potential future upgrade would likely be limited to one notch,
however, due to the nature of the company's business model in
acquiring large blocks of runoff business, which can materially
alter the company's balance sheet. While this risk has been managed
well to date, it adds potential capital, earnings and
business/exposure mix variability at levels greater than
experienced by most insurance companies operating under more
traditional business models.

Key rating sensitivities that could result in a downgrade include
failure to generate continued material levels of favorable non-life
runoff reserve development; additional capital needs to support the
current runoff business; significant new transaction(s) that Fitch
views as materially increasing the overall risk profile; net
leverage ratio above 3.5x; declines in the financial strength of
the active business due to sizable underwriting losses or other
factors; FLR approaching 30%; and operating earnings-based interest
coverage below 5.0x.

Enstar's preference share ratings could also be lowered by one
notch to reflect non-performance risk should Fitch view Bermuda's
regulatory environment as becoming more controlling in its
supervision of (re)insurers.

FULL LIST OF RATING ACTIONS

Fitch assigns the following rating:

Enstar Group Limited

  -- Fixed-to-floating rate preference shares, series D 'BB+'.

Fitch currently rates Enstar as follows:

Enstar Group Limited

  -- Long-term Issuer Default Rating 'BBB'; Rating Outlook:
Positive;

  -- $350 million 4.5% senior unsecured notes due 2022 'BBB-';

  -- Senior shelf registration 'BBB-'.


ENSTAR GROUP: S&P Rates New Series D Preferred Shares 'BB+'
-----------------------------------------------------------
S&P Global Ratings said it assigned its 'BB+' issue-level rating to
Enstar Group Ltd.'s (BBB/Stable/--) fixed to floating rate series D
non-cumulative perpetual preferred shares.

The rating on the preferred shares is linked to the issuer credit
rating on Enstar but is two notches lower to reflect the issue's
subordination and the dividend-deferral features. The company
anticipates using the net proceeds from this offering to repay a
portion of its revolving credit facility and term loan facility.
Therefore, on a pro forma basis, we expect this issuance to have a
minimal impact on the financial metrics, with financial leverage
expected to remain less than 25% and fixed-charge coverage above 8x
over the next 24 months.

Enstar can redeem the preferred shares after 10 years, subject to
certain conditions. In addition, it may call for an early
redemption before the first call date under some tax, corporate, or
regulatory/legal events. However, we consider the preference shares
issue to be a permanent part of Enstar's capital structure. Because
the preference shares are non-cumulative, Enstar has no obligation
to pay deferred dividends. The preference shares are subordinated
to existing and new senior notes as well as to the policyholders'
claims of its insurance subsidiaries. Accordingly, we anticipate
that this issuance will receive Tier 2 capital credit under the
relevant rules of the Bermuda Monetary Authority. We thus expect to
classify the preferred shares as having intermediate equity content
under our hybrid capital criteria.

  RATINGS LIST
  Enstar Group Ltd.
  Issuer credit rating                         BBB/Stable/--

  Rating Assigned
  Series D
    non-cumulative perpetual preferred shares  BB+


ENTERPRISE DEVELOPMENT: Moody's Assigns B3 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating and
B3-PD Probability of Default Rating to The Enterprise Development
Authority ("EDA"). A B3 rating was assigned to EDA's proposed $440
million 5-year senior secured notes reflecting the construction and
ramp-up risk as well as the single asset profile fo EDA. The rating
outlook is stable.

Proceeds from the new notes along with an undrawn $10 million
revolving credit facility (not rated) will be used to develop a
Class III tribal gaming facility and hotel called the Hard Rock
Sacramento on 40 acres of gaming eligible trust land located within
a 900-acre Sports and Entertainment Zone in Yuba County, CA, about
35 miles from Sacramento. Hard Rock Sacramento FM, LLC, a
wholly-owned subsidiary of Seminole Hard Rock Entertainment, Inc.
(B1 stable), will be the developer and manager of the Hard Rock
Sacramento. Hard Rock Sacramento is expected to open in October
2019.

Assignments:

Issuer: The Enterprise Development Authority

Probability of Default Rating, Assigned B3-PD

Corporate Family Rating, Assigned B3

Senior Secured Regular Bond/Debenture, Assigned B3 (LGD4)

Outlook Actions:

Issuer: The Enterprise Development Authority

Outlook, Assigned Stable

RATINGS RATIONALE

EDA's B3 Corporate Family Rating considers that a significant
amount of casino supply already exists in and near EDA's primary
market area. Hard Rock Sacramento will be competing for customers
with other established casinos in close proximity to Sacramento. As
a result, EDA's success relies on not only growing the gaming
market in in the Sacramento area, but attracting players from the
existing competitors. Moody's estimate of EDA's first full year of
operations supporting the B3 Corporate Family Rating include net
revenue of about $200 million, EBITDA net of priority distributions
and management fees of about $90 million, and of debt/EBITDA of
around 5.0 times, which includes existing subordinated debt. Other
credit risks include EDA's relatively small and single asset
profile along with the risks common to Native American gaming
issuers, including the uncertainty as to enforceability of lender's
claims in bankruptcy or liquidation.

Positive consideration is given to EDA's affiliation with the
highly successful and recognizable Hard Rock brand. The Hard Rock
brand is owned by Seminole Hard Rock Entertainment (B1 stable),
which in turn is owned by the Seminole Tribe of Florida (Baa2
stable), a well-known and highly successful tribal and commercial
casino developer and operator. Also considered is Hard Rock
Sacramento's heavily-populated primary market and very favorable
location. Hard Rock Sacramento will be located adjacent to the
18,500-person capacity Toyota Amphitheatre and within an area that
is zoned to allow for additional sports and entertainment
development. Other favorable credit attributes include the
limitations on priority tribal distributions to $3.0 million per
year and that discretionary tribal distributions and any repayment
of subordinated debt will be subject to and governed by a
restricted payments provision. Additionally, unlike neighboring
casinos, EDA is not required to make state revenue sharing payments
to California during the first seven years of operations. This is a
meaningful benefit to EDA's cash flow and ramp-up efforts.

The B3 rating assigned to EDA's $440 million senior secured notes
reflects that fact that this debt will comprise almost all of EDA's
pro forma capital structure.

The stable rating outlook is based on Moody's expectation that EDA
will have sufficient funds to complete construction, including an
additional reserve that extends three months beyond the
construction period and the appropriate level of contingencies
reserves typically provided for this type of development project.
Additionally, the stable outlook considers that additional support
will be available in the form of a promissory note from Hard Rock
Seminole that will make funds available to EDA yo pay interest for
the nine month period after the initial funded interest reserve is
used, if necessary.

Ratings improvement is not expected during the construction period.
However, once construction is complete, EDA's ratings can improve
shortly after it opens if early results suggest that it can achieve
and maintain debt/EBITDA in its first full year of operation in the
range of 4.0 to 4.5 times. Ratings could be downgraded if EDA's
casino project experiences significant cost over-runs or
construction delays. Beyond the construction period, ratings could
be downgraded if the ramp-up performance of Hard Rock Sacramento is
materially below Moody's stated expectations.

EDA is an unincorporated governmental instrumentality of the Estom
Yumeka Maidu Tribe of the Enterprise Rancheria (Tribe). The Tribe
is a federally recognized Indian tribe who occupy the lands of the
Middle Fork Feather River Watershed Northern California. The Tribe
is governed in accordance with its Constitution adopted in 2003,
most recently revised and ratified on June 4, 2016, and has over
1,000 members.


EQT MIDSTREAM: Moody's Rates New Sr. Notes 'Ba1', Outlook Stable
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to EQT Midstream
Partners, LP's (EQM) proposed offering of senior notes. All
existing ratings of EQM, including the Ba1 Corporate Family Rating
(CFR), and the stable rating outlook are unchanged.

Net proceeds from the offering will be used to repay EQM's 364-day
term loan facility. In addition, if the proposed merger between EQM
and Rice Midstream Partners (RMP, unrated) is consummated, EQM
intends to repay outstanding borrowings under RMP's revolving
credit facility.

"EQM is coming to market to fund a portion of its acquisition costs
and funding needs while taking advantage of relatively low interest
rates," stated Amol Joshi, Moody's Vice President. "EQM's proposed
debt issuance will increase debt balances, but boosts EQM's
liquidity while it funds the Mountain Valley Pipeline project."

Assignments:

Issuer: EQT Midstream Partners, LP

Senior Unsecured Notes, Assigned Ba1 (LGD4)

RATINGS RATIONALE

The new senior notes have been rated Ba1, the same as the CFR,
consistent with the ratings of EQM's existing senior notes. EQM has
a $1 billion revolving credit facility due 2022 and $1 billion of
senior notes as of March 31, 2018, while it subsequently entered
into a term loan facility. The new notes are unsecured and pari
passu with EQM's unsecured revolver, term loan and existing senior
notes.

EQM's Ba1 CFR is supported by its close proximity to rising
production volumes in the Marcellus Shale and the critical nature
of its pipelines for moving natural gas within the region to long
haul pipelines. EQT Corporation's (Baa3 stable) planned spin-off of
EQM by the end of the third quarter of 2018 will create an
independent entity that can add third party revenues building upon
a stable cash flow base, The transactions, including an EQT asset
dropdown and the EQM/RMP merger, significantly increases EQM's size
and scale. At the same time, EQM's leverage will significantly
increase, likely exceeding 4.5x in 2018 as it funds its share of
the Mountain Valley Pipeline project, but should improve in 2019 to
a range of 4x-4.5x with an increase in EBITDA. EQM's rating is
supported by the fee-based nature of its revenues and long-term
contracts that mitigate volume risk. EQM is restrained by its basin
concentration and the large scale and inherent execution risk of
its Mountain Valley Pipeline joint venture, a project to construct
a new interstate natural gas pipeline, where EQM serves as the
operator and largest equity owner.

EQM should have adequate liquidity into 2019, as reflected in its
SGL-3 rating. At March 31, 2018, the company had $9 million of cash
and $317 million drawn under its $1 billion committed revolving
credit facility maturing in July 2022. EQM's 2018 capital spending
will include capital contributions dedicated to its Mountain Valley
Pipeline project. Moody's expects EQM to opportunistically access
the equity and debt capital markets to fund acquisitions and
organic growth capital spending on a long-term basis. There is one
financial covenant governing the credit facility -- a maximum
consolidated Debt/EBITDA ratio of 5.0x, stepping up to 5.5x during
an acquisition period. EQM was in compliance with all debt
provisions and covenants at March 31.

On April 25, 2018, EQM entered into a $2.5 billion unsecured
multi-draw 364-day term loan facility. Unused commitments under the
term loan facility will terminate automatically on December 31,
2018. The term loan facility matures on April 24, 2019 and includes
mandatory prepayment and commitment reduction requirements related
to the receipt by EQM of net cash proceeds from certain debt
transactions, equity issuances, asset sales and joint venture
distributions.

EQM's stable outlook is based on Moody's expectation that the
company will continue to maintain adequate liquidity while growing
its asset base and earnings.

The rating may be upgraded if Debt/EBITDA is sustained below 4x,
distribution coverage is greater than 1.2x and EQM improves its
basin and customer diversification. The ratings can be downgraded
if Debt/EBITDA is sustained above 5x or distribution coverage falls
below 1x.

The principal methodology used in these ratings was Midstream
Energy published in May 2017.

EQT Midstream Partners, LP is a master limited partnership (MLP)
currently controlled by EQT Corporation that owns and operates
interstate pipelines and gathering lines primarily serving
Marcellus Shale production. On February 21, 2018, EQT announced
that it will separate its upstream and midstream businesses through
a tax-free spin-off to EQT shareholders, which is expected to be
completed by the end of third quarter 2018.


FARWEST PUMP: Unsecureds to Recoup 25%-100% Under Latest Plan
-------------------------------------------------------------
Farwest Pump Company filed with the U.S. Bankruptcy Court for the
District of Arizona a disclosure statement regarding its second
amended plan of reorganization dated June 12, 2018.

Class 8 under the second amended plan consists of all unsecured
claims allowed under section 502 of the Code that are not otherwise
classified under this Plan. Holders of allowed Class 7 claims will
be paid a pro rata share of the annual distributions from the
Unsecured Claim Fund each April 15th until the earlier of (1) the
date all unsecured creditors are paid in full, or (2) April 15,
2022. The Plan requires the Debtor to make the following
contributions to the Unsecured Claims Fund:

   1) Not later than the last business day of March 2019, the
Reorganized Debtor must deposit the greater of $100,000 or Net
Distributable Profits in Calendar Year 2018.

   2) Not later than the last business day of March 2020, the
Reorganized Debtor must deposit the greater of $75,000 or Net
Distributable Profits in Calendar Year 2019.

   3) Not later than the last business day of March 2021, the
Reorganized Debtor must deposit the greater of $75,000 or Net
Distributable Profits in Calendar Year 2020.

   4) Not later than the last business day of March 2022, the
Reorganized Debtor must deposit the greater of $75,000 or Net
Distributable Profits in Calendar Year 2021.

   5) Not later than the last business day of March 2023, the
Reorganized Debtor must deposit the greater of $75,000 or Net
Distributable Profits in Calendar Year 2022.

The Plan defines Net Distributable Profits as net profit after tax
plus net proceeds from the sale of any assets, plus net proceeds
from any litigation, plus net proceeds from any insurance claims,
less funds reserved for taxes and working capital sufficient to pay
3 months operating expenses. Assuming minimum distributions,
unsecured creditors should expect to receive between 25 cents and
30 cents on the dollar. Based on operating projections, the Debtor
expects unsecured creditors to receive 68 cents on the dollar. If
the Debtor is successful in monetizing its crime insurance and
insurance bad faith claims, the Debtor expect to pay creditors 100
cents on the dollar.

The Debtor will be filing motions proposing the sale of certain
assets using different means in order to maximize value to the
estate. Subject to Court approval, the Debtor intends to sell
certain assets currently located at the Willcox Property for which
transportation cost would materially reduce the proceeds of the
sale at a regularly conducted auction in Willcox. The Debtor,
subject to court approval, also intends to retain Sierra Auctions
to conduct an auction in Tucson to sell certain assets from Tucson
and Willcox.

A full-text copy of the Disclosure Statement dated June 12, 2018 is
available at:

     http://bankrupt.com/misc/azb4-17-11112-224.pdf

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

     http://bankrupt.com/misc/azb4-17-11112-223.pdf

               About Farwest Pump Company

Based in Tucson, Arizona, Farwest Pump Company --
http://farwestwell.com/-- is a small organization that provides
well drilling services to all of the southwest United States.
Farwest also offers a wide variety of related services including
sonar jet, municipal water systems, electrical control systems,
complete machine shop, and environmental and geothermal services.

Founded in 1982, Farwest is a licensed, bonded, and insured company
with locations in Tucson, Willcox and Las Cruces.  It is owned and
operated by Clark and Channa Vaught.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ariz. Case No. 17-11112) on September 20, 2017.
Channa Vaught, its president, signed the petition.  At the time of
the filing, the Debtor disclosed $2.51 million in assets and $1.85
million in liabilities.

Judge Brenda Moody Whinery presides over the case.


FOCUS FINANCIAL: S&P Puts 'B+' ICR on CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings said it placed its 'B+' issuer credit rating on
Focus Financial Partners LLC on CreditWatch with positive
implications. S&P said, "In addition, we placed our 'B+' issue
rating on the company's first-lien facility and 'B-' issue rating
on the second-lien term loan on CreditWatch positive. Currently,
the recovery rating on the company's first-lien facility is '4',
indicating our expectation for average recovery (45%), and the
recovery rating for the second-lien term loan is '6', indicating
our expectation for negligible recovery (0%)."

The CreditWatch placements follow the company's projected partial
repayment of outstanding debt with proceeds from an IPO and
subsequent refinancing of the first-lien term loan.

S&P said, "We expect that, following the debt repayment, Focus will
operate with leverage between 4x and 4.5x during the next 12 months
and potentially below 4x during the following 12 months. In our
calculation of leverage, we include the company's $150 million
delayed-draw term loan included in the proposed refinancing deal
(although we recognize the delayed-draw term loan is subject to a
secured leverage incurrence test of 4.25x under the credit
agreement definition of EBITDA) and we do not net surplus cash
given the financial-sponsor ownership.

"We anticipate that Focus will continue to deploy a significant
amount of capital during the next 12 to 24 months. In line with
previous years, we expect the company to close on 10-20
transactions per year and exhibit downside protection as a result
of the cumulative preferred position retained from the earnings
generated at the affiliate level."

CreditWatch

S&P expects to resolve the CreditWatch placement once the company
completes the IPO issuance, repays a portion of its outstanding
debt, and refinances the remaining balance.

If Focus successfully completes the projected debt repayment and
reduces leverage to below 5x, S&P could raise its issuer credit and
issue ratings on the company by one notch.


FU KONG: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: Fu Kong Inc.
        2455 Lee Ave.
        South El Monte, CA 91733

Business Description: Fu Kong Inc. -- https://www.shu-shu.com --
                      designs and sells women's apparel under a
                      variety of labels to high end retailers such
                      as Nordstrom, Saks, and Fine Specialty
                      Stores nationwide.  LuLu is the premier
                      label of founder Lillian Hsu.  The company's
                      corporate office is located in South El
                      Monte, California.

Chapter 11 Petition Date: June 26, 2018

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Case No.: 18-17345

Judge: Hon. Ernest M. Robles

Debtor's Counsel: Michael Y. Lo, Esq.
                  LO & LO LLP
                  506 N Garfield Ave #280
                  Alhambra, CA 91801
                  Tel: 626-289-8838
                  E-mail: bklolaw@gmail.com
                          contact@lolollp.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Lillian Yu-Li Shu, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:

                    http://bankrupt.com/misc/cacb18-17345.pdf


G-III APPAREL: S&P Alters Outlook to Positive & Affirms 'BB-' CCR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on New York-based G-III
Apparel Group Ltd. to positive from stable and affirmed its 'BB-'
corporate credit rating on the company.

S&P said, "At the same time, we affirmed our 'BB' issue-level
rating on the company's $350 million first-lien term loan ($300
million outstanding). The '2' recovery rating remains unchanged,
indicating our expectation that investors will receive substantial
(70%-90%; rounded estimate: 80%) recovery in the event of a payment
default."

The company has approximately $448 million of funded debt
outstanding including borrowing under its ABL at the end of April
30, 2018.

S&P said, "The positive outlook reflects that we could raise our
rating on G-III if it sustains its recent operational improvement
and reduces its leverage to the low-2x area in the next 12 months,
which represents a significant improvement from our previous
expectation for around 3x. G-III outperformed our expectations on
strong growth in its wholesale segment, which was led by
double-digit percent revenue increases from the Calvin Klein and
Tommy Hilfiger brands. The company also reduced its outstanding
revolver balance to $12 million as of the end of fiscal year 2018
from $90 million as of the end of fiscal year 2017, effectively
paying down the borrowings it used to acquire DKI. The initial
debut of DKNY and Donna Karen under the stewardship of G-III has
shown positive results. In addition, with its exclusive DKNY
collection at Macy's, we now expect the DKI business to become
profitable in 2019.

"The positive outlook on G-III reflects our expectation that the
company will improve its credit measures by continuing to solidly
execute on its existing wholesale licensing segment, especially for
the Calvin Klein, Tommy Hilfiger, and Karl Lagerfeld brands. The
company should also benefit from increased profits in its DKI
business and cost rationalizations in its retail segment. As such,
we project that G-III's leverage will improve to the low-2x area in
the next 12 months.

"We could revise our outlook on G-III to stable if its credit
measures weaken, including leverage increasing from current levels
to more than 3x. This could occur if the company is unable to
turnaround DKI or makes fashion missteps that hurt its sales. The
company's margins could also decline if it faces an unexpected
increase in input costs that it cannot pass through to its
consumers (such as the China tariff), if one of its licensing
partners chooses to cancel or not renew a key licensing agreement,
or if it faces intensifying competition amid a highly promotional
environment. We could also revise our outlook to stable if G-III's
financial policy becomes more aggressive, causing its leverage to
increases above 3x for an acquisition or shareholder return. We
estimate that this could occur if the company's EBITDA declines by
20% from current levels or its debt increases by approximately $200
million while its EBITDA remains unchanged.

"We could raise our ratings on G-III if it is able to continue to
grow in the wholesale channel while expanding the profitability of
its DKI business such that it is able to sustain leverage of less
than 3x. We would also need to be comfortable that the company's
financial policy will not become more aggressive. For example, we
would expect management to commit to avoid undertaking large
debt-funded acquisitions or share buybacks that could cause the
company to sustain leverage of more than 4x."


GARDNER DENVER: S&P Hikes Corp Credit Rating to BB, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its corporate credit rating on Gardner
Denver Inc. to 'BB' from 'B+'. The outlook is stable.

S&P said, "At the same time, we raised our issue-level rating on
Gardner Denver's senior secured credit facilities to 'BB' from
'B+'. The recovery rating remains '3', indicating our expectation
for meaningful recovery (50%-70%; rounded estimate: 55%) in the
event of a payment default.

"The upgrade reflects that Gardner Denver has significantly
improved performance, surpassing our base-case forecast over the
past 12 months with double-digit percent revenue growth, EBITDA
expansion of 350 basis points (bps), and increased free cash flow.
This has enabled the company to sustain stronger credit ratios than
we expected, including 4.1x as of March 31, 2018, versus about 5.5x
a year earlier.

"The stable outlook reflects our expectation that improving
industry trends in many of the company's end markets and a leaner
cost structure should bolster Gardner Denver's operating results.
The outlook also incorporates our belief that financial sponsor KKR
will continue to reduce its investment and influence on Gardner
Denver. We believe this supports the company's ability to maintain
credit protection metrics near current levels, including debt to
EBITDA in the mid-3x area.

"We could raise our ratings on Gardner Denver if KKR further
reduces it ownership in Gardner Denver, and the company
demonstrates a willingness and ability to sustain adjusted debt
leverage at less than 3x.

"We could lower our rating on Gardner Denver, if we expect adjusted
debt leverage to increase and be sustained at more than 5x. This
could occur if the company pursues acquisitions or shareholder
returns that substantially increase debt and impair credit metrics.
This may also happen, although less likely, if a business downturn
or heightened competition significantly erodes profitability."


GC EOS: Moody's Assigns B3 CFR & Rates Proposed 1st Lien Loan B3
----------------------------------------------------------------
Moody's Investors Service assigned new ratings for GC EOS Buyer,
Inc. (d/b/a BBB Industries), including a B3 Corporate Family Rating
(CFR) and a B3-PD Probability of Default Rating. Concurrently,
Moody's assigned a B3 rating to the company's proposed senior
secured first lien term loan, and a Caa2 rating to its proposed
second lien term loan. All existing ratings for the pre-LBO entity
(BBB Industries U.S. Holdings, Inc.) will be withdrawn upon closing
of the proposed transaction and concurrent repayment of the
underlying debt obligations. The rating outlook is stable.

"BBB Industries' very high leverage," (Moody's expects adjusted
debt/EBITDA of 6.8x at the end of 2018) "coupled with limited
projected free cash flow, constrains the ratings," said Inna
Bodeck, lead analyst with Moody's. "However, strong organic growth
prospects, good margins and the relatively non-discretionary nature
of its products provide the company with opportunities to grow
earnings and subsequently reduce leverage," added Bodeck.

The following ratings have been assigned for GC EOS Buyer, Inc.:

Corporate Family Rating, assigned B3

Probability of Default Rating, assigned B3-PD

$620 Million Senior Secured First Lien Term Loan due 2025, assigned
B3 (LGD3)

$180 Million Senior Secured Second Lien Term Loan due 2026,
assigned Caa2 (LGD5)

Outlook, assigned Stable

The following ratings for BBB Industries U.S. Holdings, Inc. are
unchanged and will be withdrawn upon closing of the proposed
transaction and concurrent repayment in full of the existing bank
credit facilities:

Corporate Family Rating, B2

Probability of Default Rating, B2-PD

$70 Million Senior Secured First Lien Revolving Credit Facility due
2019, B2 (LGD3)

$445 Million Senior Secured First Lien Term Loan due 2021, B2
(LGD3)

Outlook, Stable

RATINGS RATIONALE

The B3 Corporate Family Rating for GC EOS Buyer, Inc. (d/b/a BBB
Industries) broadly reflects the company's elevated financial risk
profile. This is partially evidenced by its very high initial
leverage approximating 7.7x on a Moody's-adjusted debt-to-EBITDA
basis, albeit with expected improvement to 6.5x over the coming
year as earnings grow in conjunction with robust sales growth
following the company's displacement of a competitor with a key
customer. The rating also reflects the cyclical nature of the auto
parts market, substantial customer concentration (two customers
represent approximately 47% of revenues) and limited projected free
cash flow generation. Mitigating these risks are the company's good
market position, the relative stability provided by significant
revenue contribution from aftermarket products, and an adequate
liquidity profile supported primarily by existing cash balances and
sizable unused capacity under a new (unrated) $100 million
asset-based revolving credit facility.

The stable outlook reflects Moody's expectation that the company
will continue to see robust revenue growth and improving operating
margins over the next 12-18 months, primarily resulting from the
aforementioned dislocation of its competitor. Moody's also expects
the company to maintain adequate liquidity over the near term.

Developments that could lead to an upgrade include an improvement
in operating performance supporting the company's ability to
maintain EBITA-to-interest expense over 2.0 times and
debt-to-EBITDA under 5.5 times.

A downgrade could occur if deteriorating operating results,
customer loss(es), debt-financed acquisitions or shareholder
dividends result in the debt-to-EBITDA leverage ratio remaining
above 6.5x, EBITA-to-interest expense sustained below 1.5x, or
weaker than expected free cash flow generation. A significant
reduction in borrowing availability, or liquidity provisions, more
broadly, could also result in a downgrade.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

GC EOS Buyer, Inc. is a new legal entity that has been established
as part of a transaction whereby an affiliate of Genstar Capital is
acquiring BBB Industries LLC from Pamplona Capital Management. The
current management team will continue to own a minority stake in
the firm. GC EOS Buyer, Inc., a holding company of BBB Industries
LLC, will be the borrower under the credit facilities.

Headquartered in Daphne, Alabama, GC EOS Buyer, Inc. (d/b/a BBB
Industries) is a supplier of primarily remanufactured automotive
replacement parts to the North America automotive and light truck
OEMs and aftermarket. The company's products include alternators,
starters, brake calipers, power steering components and
turbochargers. Upon closing of the transaction, BBB will be
majority-owned by affiliates of Genstar Capital. For the
twelve-month period ended March 31, 2018, the company generated
approximately $512 million of net revenue.


GC EOS: S&P Assigns 'B-' Corporate Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' corporate credit rating to
Alabama-based auto supplier GC EOS Buyer Inc. The outlook is
stable.

S&P said, "At the same time, we assigned our 'B-' issue-level
rating and '4' recovery rating to the company's proposed $620
million first-lien term loan due 2025. The '4' recovery rating
indicates our expectation that debtholders would realize average
(30%-50%; rounded estimate: 45%) recovery in the event of a payment
default.

"Additionally, we assigned our 'CCC' issue-level rating and '6'
recovery rating to the company's proposed $180 million second-lien
term loan due 2026. The '6' recovery rating indicates our
expectation that debtholders would realize negligible (0%-10%;
rounded estimate: 0%) recovery in the event of a payment default.

"The ratings on GC EOS Buyer Inc. (BBB Industries) reflect our view
of the company's highly leveraged capital structure and its
relatively small position in the intensely competitive auto
aftermarket. BBB Industries sells remanufactured parts in North
America, with starters and alternators comprising the majority of
revenues. The company has taken steps to diversify its revenues
away from rotating electrical products and now generates more than
40% of its sales in hydraulic steering and brake calipers and a
small amount from its new turbocharger division.  

"The stable outlook reflects our expectation that the company will
continue to maintain EBITDA margins around 20%, allowing it to
generate free cash flow. We expect the company will maintain its
market share in its remanufactured products lines, while using
acquisitions to grow new product areas.  

"We could raise the ratings if BBB Industries' leverage falls below
6.5x and if the company generates a ratio of free operating cash
flow of more than 3% on a sustained basis. We would also have to be
confident its private-equity sponsor did not want to increase
leverage higher with acquisitions or dividends.  

"We could lower our ratings on BBB Industries if EBITDA margins
fall below 15% or sales fall significantly, causing its FOCF to
become negative for multiple quarters such that it affects
liquidity, or if it causes debt leverage to worsen from current
levels such that we view it as unsustainable. This could occur
because of operational issues in its Reynosa facilities. It could
also be caused by the loss of a major customer as a result of
quality issues or increased competition."  


GEOKINETICS INC: Files for Chapter 11 to Sell to SAExploration
--------------------------------------------------------------
Geokinetics Inc. has returned to Chapter 11 bankruptcy, this time
with plans to sell substantially all assets to rival SAExploration,
Inc., for $20 million, absent higher and better offers.

"GOK has been exploring strategic alternatives for several months.
Throughout the process, it became clear that the most efficient way
to preserve value was to conduct a sale of substantially all assets
in conjunction with a chapter 11 proceeding.  Therefore, GOK
commenced chapter 11 proceedings and intends to proceed with a sale
of its assets to SAE Exploration, Inc.  This provides a quicker,
and cleaner transaction to ensure that we have a successful path to
the future," the Company said in a letter to suppliers.

Unless outbid in an auction that's proposed for mid-July 2018,
SAExploration will purchase the Debtors' assets for the purchase
price of $20 million, less cure costs not to exceed $1 million and
subject to a purchase price adjustment for assets that cannot be
located or delivered as set forth in the Stalking Horse Agreement.

GOK has obtained an agreement for DIP financing that will allow for
it to meet post-petition obligations in the normal course of
business.  GOK will pay suppliers in the normal course of business
for goods and services delivered on or after the filing.  Certain
vendors -- i.e. essential suppliers and counterparties -- will
receive payment of their prepetition claims.

The proposed $15 million postpetition financing facility is being
provided by funds managed by Whitebox Advisors LLC and Highbridge
Capital Management, LLC, which are stakeholders in SAE but do not
hold any existing interest in the Debtors.

As of December 31, 2017, the Debtors reported total assets of
approximately $117,070,000 on their audited balance sheets, of
which $49,772,000 were current assets.  The remaining $67,298,000
in reported assets related primarily to property costs. The Debtors
reported a consolidated net loss of approximately $53,482,000 for
the year ended Dec. 31, 2017.

                         Capital Structure

The Debtors are parties to two prepetition secured financing
facilities:

   * The Debtors have a $23,374,590 total balance on account of
term loans, and bridge loans due under a Loan and Security
Agreement (as amended, supplemented or modified, the "Pre-Petition
First Priority Secured Credit Agreement"), dated May 10, 2013, as
modified, with the lenders and issuing bank from time to time party
thereto and Wells Fargo Bank, National Association as
administrative agent and collateral agent.  On April 6, 2018, each
of Wells Fargo and Barclays Bank PLC, as the sole lenders under the
Pre-Petition First Priority Secured Credit Agreement, assigned its
respective loan and commitments under the Pre-Petition First
Priority Secured Credit Agreement to Ascribe II Investments, LLC,
pursuant to assignment and acceptances.

    * $15,676,750.29 plus accrued interest due for term loans
provided under a Term Loan and Security Agreement (the
"Pre-Petition Second Priority Secured Credit Agreement") dated June
30, 2016, with the lenders from time to time party thereto and
Wilmington Trust as administrative agent.

                         Return to Chapter 11

On March 10, 2013, GOK and certain affiliated subsidiaries
confirmed a prepackaged chapter 11 plan of reorganization in the
District of Delaware. Pursuant to the Plan, GOK equitized over $300
million of debt and paid off its revolving credit facility.  On May
10, 2013, GOK and certain affiliated subsidiaries emerged from
chapter 11.

David Crowley, President and Chief Executive Officer of GOK,
explains in court filings that historically, demand for seismic
acquisition services has been sensitive to the level of exploration
spending by oil and gas companies.  A sustained period of low
drilling and production activity, largely driven by the prolonged
decline of commodity prices beginning in the latter half of 2014,
adversely affected operating results.  A "Lower for Longer"
expectation around future commodity prices resulted in a more
limited than expected increase in the exploration budgets of
clients.  As a capital-intensive business with high levels of fixed
costs and narrowing operational margins, GOK's deteriorating
financial position was exacerbated throughout the market downturn.

GOK has also experienced unforeseen operational difficulties. In
2016, an acquisition project for Great Bear Petroleum Operating,
LLC in Alaska resulted in an uncollectable receivable with the
client of approximately $13,000,000.  The receivable was converted
into an overriding royalty interest of an equivalent, although
unsecured, value which has seen its prospects for realization
lessen over the course of 2018.  Subsequently, an acquisition
project for Rosneft Oil Company in Brazil was adversely impacted by
weather- and labor-related issues, leading to substantial cost
overruns.

In the first half of 2017, GOK engaged an investment bank to obtain
a new secured loan facility to refinance the Revolving Loan, make
current past due payables, and provide working capital for future
acquisition projects.  Upon review by the Board of Directors and
existing lenders, the term sheets received as part of this
marketing effort were deemed unsatisfactory and the Board
recommended that GOK retain Moelis & Company in July 2017 to pursue
additional strategic alternatives. Upon the retention of Moelis,
GOK enacted plans to begin a broader refinancing process leveraging
additional analysis to market the opportunity to a broader group of
prospective investors.

Following the decision to pursue alternative sources of financing,
Wells Fargo expressed their desire to reduce exposure to GOK
through permanent paydowns of the existing facility and
supplemental capital injections from Ascribe.  A condition of this
amendment was to retain FTI Consulting, Inc., as financial advisor
to GOK in order to supplement cash management and forecasting
efforts, as well as support potential strategic alternatives.

During the second half of 2017, the Debtors, with the assistance of
Moelis, attempted to raise debt and equity capital but were
unsuccessful.  These efforts included investor marketing of a debt
capital opportunity and, together with the assistance of outside
counsel—Fried, Frank, Harris, Shriver & Jacobson, the
confidential filing of a Form S-1, as allowed pursuant to the JOBS
Act of 2017.

In November 2017, the Debtors instructed Moelis to undertake a
marketing process for the sale of the Debtors' Multi-Client Library
assets. This effort culminated with the receipt of four offers, of
which the bid of $30,000,000 from Fairfield Industries Incorporate
was accepted. This sum included both cash and non-cash
considerations, allowing GOK the opportunity to obtain ownership of
previously leased assets, eliminate past-due payables, and repay
certain outstanding debt obligations. The parties executed the
transaction on April 6, 2018.

Following the initiation of the Multi-Client Library process, the
Debtors also instructed Moelis to approach parties who had
previously expressed interest in this asset regarding their
potential interest in a merger or sale of substantially all of the
Debtors' assets.  A total of eight strategic parties were
approached and one additional party made an unsolicited inquiry to
Moelis.  Throughout the process, SAExploration Holdings, Inc., the
Stalking Horse Bidder, was the only party to express continued
interest. Although initial terms were discussed between GOK and SAE
through May 2018, the parties were ultimately unable to agree upon
terms under which a merger could be explored going forward.

Furthermore, as merger discussions with SAE continued, GOK's
liquidity position continued to deteriorate. Forecasted activity in
North America did not materialize as expected, resulting in lower
cash flows anticipated for use as working capital on future
projects and limiting the Debtors' ability to fund past-due
payables. GOK was also unable to provide working capital required
for several international acquisition projects and attempts to
arrange local financing faced headwinds.  A similar attempt to
organize a replacement revolving credit facility secured by
receivables in the United States was unsuccessful.  Subsequently,
Ascribe was required to fund losses to continue operations in the
hopes of a turnaround.

In June 2018, facing a bleak liquidity situation over the remainder
of the year, Ascribe informed the Debtors they would be unwilling
to continue to fund losses and preparations were undertaken to file
for bankruptcy protection under chapter 11 of the Bankruptcy Code.
To provide the resources required to prepare for filing, negotiate
a stalking horse bid from SAE, and arrange for Debtor-In-Possession
financing, Ascribe agreed to provide funds under a bridge loan
agreement.  As a result of the Bridge Financing, the Debtors were
able to negotiate the debtor-in-possession financing and the asset
purchase agreement discussed in detail below prior to filing these
cases.

The proposed DIP Facility is being provided by funds managed by
Whitebox Advisors LLC and Highbridge Capital Management, LLC, which
are stakeholders in the Debtors' proposed stalking horse bidder,
but do not hold any existing interest in the Debtors.

"It is my understanding that two existing stakeholders in SAE are
providing the DIP and a representative of one of the DIP lenders
sits on the board of SAE," according to Crowley.

The DIP is being provided to allow Geokinetics to have a smooth
entry into chapter 11, continue operations and allow a sale process
in which SAE will serve as the stalking horse bidder.

The DIP loan is repayable out of either proceeds of the sale or SAE
take-back paper, in the DIP lenders discretion.

The DIP provides liquidity which is unavailable from any other
source and allows the company to transition into bankruptcy while
trying to continue to market its assets.  The DIP Facility will be
drawn to pay ordinary operating expenses, employee(s), critical
vendor claims and administrative expenses in accordance with the
DIP Budget.  The DIP facility will be used to repay the Bridge
Financing, which was incurred in the week prior to the Petition
Date in order to allow the company to prepare to file its Chapter
11 proceedings in a more orderly fashion.  The DIP Facility also
enables the company to pursue a stalking horse bid that will keep a
portion of the business intact and will, among other things, assume
certain executory contracts.  Importantly, the stalking horse bid
is subject to higher or better bids, thus enabling a value
maximizing sales process.  It is important to note that the DIP
loan facility does not, in any way, obstruct the M&A process or the
Debtors' ability to find another higher or better bidder.

                        About Geokinetiks Inc.

Geokinetics Inc. -- http://www.geokinetics.com/-- is an
independent land and seafloor geophysical company.  Headquartered
in Houston, Texas, Geokinetics specializes in acquiring and
processing seismic data in challenging environments worldwide.
Geokinetics' Multi-Client team has developed more than 7,000 square
miles of 3D library data.

On June 25, 2018, Geokinetics Inc. and 8 affiliated debtors each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
18-33410).

The cases are pending before the Honorable David R. Jones.

GOK estimated assets of $10 million to $50 million and liabilities
of $10 million to $50 million as of the bankruptcy filing.

The Debtors tapped Porter Hedges LLP as counsel; FTI Consulting,
Inc., as financial advisor; and Prime Clerk LLC as claims and
notice agent.


GUY AMERICA: MLF3 Amends Plan to Incorporate Settlement
-------------------------------------------------------
MLF3 Pitkin LLC, as a secured creditor of Guy America Development
Enterprises, Corp., filed with the U.S. Bankruptcy Court for the
Eastern District of New York a second amended plan of
reorganization on June 15, 2018, in order to reflect the terms of a
consensual settlement and resolution of the case between MLF3, the
Debtor, Flushing Savings Bank and the Receiver as was placed on the
record at a hearing before the Bankruptcy Court on June 8.

Prior to the Auction in connection with the sale of the property
located at 2540-2542 Pitkin Avenue, Brooklyn, New York -- Block:
4023, Lots 17 & 18 (the "First Property"); and the property located
at 2481 Pitkin Avenue a/k/a 417 Shepherd Avenue, Brooklyn, New York
-- Block 4005, Lot 35 (the "Second Property"), the Auction may be
cancelled at the option of the Debtor if MLF3 and Flushing have, at
the time that the Debtor exercises such option, already been paid
in full (including interest) on account of its Secured Claim. The
Proponent will be authorized to file a notice of the results of
each auction, together with any additional pleadings and exhibits
as may be required, in order to obtain an order from the Bankruptcy
Court approving such Sale and finding the good faith and
non-collusive behavior of the Successful Bidder pursuant to Section
363(m) and (n) of the Bankruptcy Code, on seven days' notice.

Funding of the Plan will be made by Disbursing Agent in accordance
with the terms of the Plan from Available Cash. In the event that
the Available Cash on the Effective Date is insufficient to fund
the Plan distributions required to be made on the Effective Date
fully: (a) any shortfall will be funded by the Proponent on or
before the Effective Date, with any such shortfall funding
constituting an administrative claim against the Debtor’s estate
payable from Available Cash after the Effective Date (such
shortfall shall be funded either by reducing the distribution to be
made on the MLF3 Secured Claim in Class 2 or through Cash provided
by the Proponent); or (b) the Proponent will withdraw its request
for Confirmation of the Plan.

A full-text copy of the Second Amended Plan of Reorganization is
available at:

http://bankrupt.com/misc/nyeb18-4398-1221.pdf

               About Guy America Development

Based in Brooklyn, New York, Guy America Development Enterprises
Corp. filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y.
Case No. 17-43984) on July 31, 2017, with estimated assets at $1
million to $10 million and estimated liabilities at $1 million to
$10 million. The petition was signed by Vishnu Bandhu, president.

The Debtor is represented by Nnenna Okike Onua, Esq., of McKinley
Onua & Associates, PPLC.


HARLAND CLARKE: S&P Cuts Corp. Credit Rating to 'B', Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on
U.S.-based payment solutions and marketing services provider
Harland Clarke Holdings Corp (HCHC) to 'B' from 'B+'. The rating
outlook is stable.

S&P said, "At the same time, we lowered our issue-level rating on
the company's senior secured first-lien debt to 'B+' from 'BB-'.
The recovery rating remains '2', indicating our expectation for
substantial (70%-90%; rounded estimate: 75%) recovery for lenders
in the event of a payment default. We also lowered our issue-level
rating on the company's senior unsecured notes to 'CCC+' from 'B-'.
The recovery rating remains '6', indicating our expectation for
negligible (0%-10%; rounded estimate: 0%) recovery for lenders in
the event of a payment default.

"The downgrade reflects our expectations for leverage to be higher
than previously expected and remain above our 5x downgrade
threshold in 2018. For the last 12 months ending March 31, 2018,
HCHC's leverage was 5.6x pro forma for RetailMeNot and MaxPoint
acquisitions and we expect leverage to decline to the low-5x area
over the next 12 to 18 months. Additionally, operating performance
has been weaker than we expected, particularly in its Valassis
segment, because of volume declines in the shared mail and FSI
products as well as rate and mix changes. HCHC is a wholly owned
subsidiary of MacAndrews and Forbes, a family-controlled fund.
Although we believe the owners have a longer investment horizon and
lower financial risk tolerance than many financial sponsors, the
company has established a track record of maintaining leverage in
the high-4x to mid-5x range over the last 3 years and our rating
downgrade also reflects our expectation that leverage will remain
in that range.

"The stable outlook reflects our expectation that adjusted leverage
will decline to the low- to mid-5x range and adjusted FOCF to debt
remains above 5.0% over the next 12 months. Despite structural
headwinds, we expect increased digital revenues to drive organic
revenue and EBITDA growth in the low-single digit area. We also
expect the company will refinance or extend upcoming debt
maturities at similar interest rates at least 12 months before
maturity.

"We could lower our ratings if cash flow and liquidity deteriorates
because of higher-than-expected check volume declines, and
declining cash flow at Valassis. In this scenario, we would expect
leverage to rise above 6x and adjusted FOCF to debt to decline
below 5% on a sustained basis. We could also lower the rating if
the company struggles to refinance its debt well before maturity or
makes a debt-financed dividend shareholder distribution or an
acquisition that results in weaker credit measures.

"An upgrade would require stronger operating performance and lower
leverage. In this scenario, we would expect EBITDA margins to
improve as a result of better operating leverage and organic
revenue growth. We would also forecast that adjusted will decline
and remains comfortably below 5x on a sustained basis."


HELIOS AND MATHESON: Closes Sale of $164M Convertible Notes
-----------------------------------------------------------
Pursuant to the Securities Purchase Agreement, dated as of June 21,
2018, by and between Helios and Matheson Analytics Inc., and the
institutional investors party to the SPA, Helios and Matheson
completed the sale and issuance of 20,500 shares of Series A
Preferred Stock of the Company and Series B-2 senior convertible
notes in the aggregate principal amount of $164,000,000 (which
includes an approximate 15.0% original issue discount), for total
consideration consisting of an aggregate cash payment to the
Company of $20,500,000 and secured promissory notes payable by the
Buyers to the Company in the aggregate principal amount of
$139,400,000.  Unless earlier converted or redeemed, the
Convertible Notes will mature on June 26, 2020.  The maturity date
of the Investor Note is June 26, 2060.  On the Closing Date, in
connection with the closing of the Financing:

   * the Company issued the Convertible Notes and the Preferred
     Stock to the Buyers in consideration of the Investor Notes
     and $20,500,000 in cash;

   * the Company entered into separate Note Purchase Agreements
     with each of the Buyers, pursuant to which the Buyers issued
     the Investor Notes;

   * the Company entered into separate Master Netting Agreements
     with each of the Buyers;

   * MoviePass, Inc. entered into separate Guaranty Agreements in
     favor of each Buyer;

   * Theodore Farnsworth, the chief executive officer and chairman
     of the Board of the Company, and Helios & Matheson
     Information Technology Ltd, of which Muralikrishna Gadiyaram,
     a director of the Company, is the chief executive officer,
     and its wholly-owned subsidiary, Helios & Matheson Inc., who
     collectively own approximately 1.5% of the Company's issued
     and outstanding common stock as of the Closing Date, entered
     into the Voting and Lockup Agreements with the Company; and
       
   * the Company entered into separate Buyer Voting Agreements
     with each of the Buyers.

Canaccord Genuity, Inc. acted as placement agent for the Financing.
Canaccord is entitled to (1) a cash fee equal to three percent of
gross proceeds with respect to the sale of the Convertible Notes
and Preferred Stock to Hudson Bay Master Fund Ltd. and (2) a cash
fee equal to seven percent of gross proceeds received by the
Company with respect to the sale of the Convertible Notes and
Preferred Stock to other investors.

In addition, Palladium Capital Advisors, LLC is entitled to (1)
five percent of the gross cash proceeds actually received by the
Company from Hudson Bay in connection with the sale of Convertible
Notes and the Preferred Stock, as and when received; plus (2) a
warrant to purchase eight percent of the number of shares of common
stock determined by dividing the aggregate purchase price of the
Preferred Stock purchased by Hudson Bay by the Conversion Price in
effect as of the Subscription Date and eight percent of the number
of shares of common stock into which any Unrestricted Principal of
the Note purchased by Hudson Bay is initially convertible at the
Conversion Price in effect as of the Subscription Date, at an
exercise price equal to the Conversion Price of the Note in effect
as of the Subscription Date, without regard to any adjustment of
the Conversion Price resulting from the anti-dilution provision of
the Note, other than proportionate adjustments to the Conversion
Price resulting from stock splits or combinations or similar
proportionately applied changes to the Company's outstanding common
stock.

                   About Helios and Matheson

Helios and Matheson Analytics Inc. -- http://www.hmny.com/-- is a
provider of information technology services and solutions, offering
a range of technology platforms focusing on big data, artificial
intelligence, business intelligence, social listening, and
consumer-centric technology.  HMNY owns approximately 92% of the
outstanding shares (excluding options and warrants) of MoviePass
Inc., a movie-theater subscription service.  HMNY's holdings
include RedZone Map, a safety and navigation app for iOS and
Android users, and a community-based ecosystem that features a
socially empowered safety map app that enhances mobile GPS
navigation using advanced proprietary technology.  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 $150.8 million for the
year ended Dec. 31, 2017, compared to a net loss of $7.38 million
for the year ended Dec. 31, 2016.  As of March 31, 2018, the
Company had $177.1 million in total assets, $179.9 million in total
liabilities and a total stockholders' deficit of $2.76 million.

The report from the Company's independent accounting firm Rosenberg
Rich Baker Berman, P.A., in Somerset, New Jersey, on the
consolidated financial statements for the year ended Dec. 31, 2017,
includes an explanatory paragraph stating that the Company has
suffered recurring losses from operations and negative cash flows
from operating activities.  This raises substantial doubt about the
Company's ability to continue as a going concern.


HELIOS AND MATHESON: Falls Short of Nasdaq's Min. Bid Price Rule
----------------------------------------------------------------
Helios and Matheson Analytics Inc. received on June 21, 2018 a
deficiency letter from the Nasdaq Listing Qualifications Department
of the Nasdaq Stock Market LLC notifying the Company that, for the
last 30 consecutive business days, the closing bid price for the
Company's common stock has closed below a minimum $1.00 per share
required for continued listing on The Nasdaq Capital Market
pursuant to Nasdaq Listing Rule 5550(a)(2).  The Nasdaq deficiency
letter has no immediate effect on the listing of the Company's
common stock, and its common stock will continue to trade on the
Nasdaq under the symbol "HMNY" at this time.

In accordance with Nasdaq Listing Rule 5810(b), the Company has
been given 180 calendar days, or until Dec. 18, 2018 to regain
compliance with Rule 5550(a)(2).  If the Company chooses to
implement a reverse stock split, it must complete the split no
later than ten business days prior to Dec. 18, 2018 to regain
compliance.  If at any time before Dec. 18, 2018, the bid price of
the Company's common stock closes at $1.00 per share or more for a
minimum of 10 consecutive business days, the Staff will provide
written confirmation that the Company has achieved compliance with
Rule 5550(a)(2).

If the Company does not regain compliance with Rule 5550(a)(2) by
Dec. 18, 2018, the Company may be afforded a second 180 calendar
day period to regain compliance.  To qualify, the Company would be
required to meet the continued listing requirement for market value
of publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, except for the minimum bid price
requirement.  In addition, the Company would be required to notify
Nasdaq of its intent to cure the deficiency during the second
compliance period, which may include, if necessary, implementing a
reverse stock split.

If the Company does not regain compliance with Rule 5550(a)(2) by
Dec. 18, 2018, and is not eligible for an additional compliance
period at that time, the Staff will provide notice to the Company
that its securities will be subject to delisting.  At that time,
the Company may appeal the Staff's delisting determination to a
Nasdaq Listing Qualifications Panel.  The Company would remain
listed pending the Panel's decision.

To regain compliance with Rule 5550(a)(2), the Company has filed
with the Securities and Exchange Commission a preliminary proxy
statement for a special meeting of stockholders, which includes a
proposal to approve an amendment to the Company's Certificate of
Incorporation to effect a one-time reverse stock split of common
stock at a ratio of 1 share-for-2 shares up to a ratio of 1
share-for-250 shares, which ratio will be selected by the Company's
Board of Directors.  There can be no assurance that the Company's
stockholders will approve the Reverse Split Proposal or that the
Reverse Split will result in a sustained increase in the per share
market price for the common stock for the minimum period necessary
to permit the Company to regain compliance with Rule 5550(a)(2).

                    About Helios and Matheson

Helios and Matheson Analytics Inc. -- http://www.hmny.com/-- is a
provider of information technology services and solutions, offering
a range of technology platforms focusing on big data, artificial
intelligence, business intelligence, social listening, and
consumer-centric technology.  HMNY owns approximately 92% of the
outstanding shares (excluding options and warrants) of MoviePass
Inc., a movie-theater subscription service.  HMNY's holdings
include RedZone Map, a safety and navigation app for iOS and
Android users, and a community-based ecosystem that features a
socially empowered safety map app that enhances mobile GPS
navigation using advanced proprietary technology.  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 $150.8 million for the
year ended Dec. 31, 2017, compared to a net loss of $7.38 million
for the year ended Dec. 31, 2016.  As of March 31, 2018, the
Company had $177.1 million in total assets, $179.9 million in total
liabilities and a total stockholders' deficit of $2.76 million.

The report from the Company's independent accounting firm Rosenberg
Rich Baker Berman, P.A., in Somerset, New Jersey, on the
consolidated financial statements for the year ended Dec. 31, 2017,
includes an explanatory paragraph stating that the Company has
suffered recurring losses from operations and negative cash flows
from operating activities.  This raises substantial doubt about the
Company's ability to continue as a going concern.


HUNAN HOUSE: Hires Morrison Tenenbaum PLLC as Counsel
-----------------------------------------------------
Hunan House Inc. seeks authority from the U.S. Bankruptcy Court for
the Eastern District of New York to hire Morrison Tenenbaum, PLLC,
as its counsel.

Professional services that MT Law will render are:

      a. advise the Debtor with respect to its powers and duties as
debtor-in-possession in the management of its estate;

      b. assist in any amendments of Schedules and other financial
disclosures and in the preparation/review/amendment of a disclosure
statement and plan of reorganization;

      c. negotiate with the Debtor's creditors and taking the
necessary legal steps to confirm and consummate a plan of
reorganization;

     d. prepare on behalf of the Debtor all necessary motions,
applications, answers, proposed orders, reports and other papers to
be filed by the Debtor in this case;

     e. appear before the Bankruptcy Court to represent and protect
the interests of the Debtor and its estate; and

     f. perform all other legal services for the Debtor that may be
necessary and proper for an effective reorganization.

MT Law's hourly rates are:

     Lawrence F. Morrison      $525
     Associates                $380
     Paraprofessionals         $175

Lawrence F. Morrison, Esq., a partner at the firm of Morrison
Tenenbaum, attests that MT Law is a "disinterested person" within
the meaning of Sec. 101(14) of Title 11, United States Code.

The counsel can be reached through:

     Lawrence F. Morrison, Esq.
     Brian J. Hufnagel, Esq.
     MORRISON TENENBAUM PLLC
     87 Walker Street, Floor 2
     New York, NY 10013
     Phone: +1 212-620-0938
     E-mail: lmorrison@m-t-law.com
             bjhufnagel@m-t-law.com

                         About Hunan House

Hunan House Inc. operates a restaurant under the name Hunan House
located at 40 W. 56th Street, New York, New York 10019.

Hunan House Inc. filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
18-42752) on May 11, 2018, estimating under $1 million in both
assets and liabilities.  Lawrence Morrison, Esq., at Morrison
Tenenbaum, PLLC, is the Debtor's counsel.


INTOWN COMPANIES: New Plan Removes PAL Unsecured Deficiency Claim
-----------------------------------------------------------------
The Intown Companies, Inc. filed with the U.S. Bankruptcy Court for
the Northern District of Georgia an amended disclosure statement
with regard to its amended chapter plan dated June 15, 2018.

The latest plan removed the unsecured deficiency claim of Panama
Assets, LLC which was estimated to be between $2.2 million and $2.6
million.

The plan also provides for a new additional source of income for
the funding of the plan. VL Greenville, Inc., a business in which
Mr. Harrell is President, has pledged that it will infuse the
necessary money to cover any shortfall for years 2 through 7.

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

     http://bankrupt.com/misc/ganb18-53046-47.pdf

              About The Intown Companies

After filing for bankruptcy in 2014 (Bankr. N.D. Fla. Case No.
14-50374), the Intown Companies, Inc., again sought protection
under Chapter 11 of the Bankruptcy Code on Feb. 23, 2018 (Bankr.
N.D. Ga. Case No. 18-53046).  Judge James R. Sacca presides over
the case.  Wiggam & Geer, LLC, is the Debtor's counsel.


JOLIVETTE HAULING: July 18 Disclosure Statement Hearing
-------------------------------------------------------
Jolivette Hauling, Inc., filed with the U.S. Bankruptcy Court for
the Western District of Wisconsin a disclosure statement in support
of the Debtor's Chapter 11 liquidating plan.

July 18, 2018 at 10:30 a.m. is fixed as the date of hearing on the
disclosure statement, and July 16, 2018 is fixed as the date to
file written objection of the disclosure statement.

The Plan will be funded from the proceeds derived from the Sale
Motion, any remaining case in the Debotir in Possession Bank
Account and any cash held in trust account of Attorney Joshua
Christianson for collectionof accounts receivable. Cash available
for distribution of the Debtor is over $570,000.00.

Once the provisions of the Plan are satisfied, the Debtor entity
will be formally dissolved.

A full-text copy of the disclosure statement dated June 18, 2018,
is available at:

          http://bankrupt.com/misc/wiwb18-1100-1730.pdf

                     About Jolivette Hauling

Jolivette Hauling Inc. is a licensed and bonded freight shipping
and trucking company running freight hauling business from Taylor,
Wisconsin.  On Aug. 31, 2017, the Company ceased its business
operations.

On March 27, 2017, Jolivette Hauling filed a voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wisc. Case No.
17-11005).  In the petition signed by James Jolivette, registered
agent, the Debtor estimated $1 million to $10 million in assets and
liabilities.

The Debtor's counsel is Evan M. Swenson, Esq., at Swenson Law Group
LLC.

The Debtor hired Barry Hansen of Hansen & Young, Inc., as
auctioneer for the sale of business equipment.


KANZLER LANDSCAPE: Midwest Bank to be Paid $20K Monthly
-------------------------------------------------------
Kanzler Landscape Contractor, Inc., and James J. Kanzler filed with
the U.S. Bankruptcy Court for the Northern District of Illinois
their first amended joint disclosure statement in conjunction with
their amended plan of reorganization.

The new plan provides that the allowed Class 1 secured claim of
First Midwest Bank will be paid $20,000 per month. The previous
plan version of the plan provided no amount for the Bank's monthly
payment.

The Class 2 secured claim of the Internal Revenue Service will now
be paid over a 60-month period in equal monthly installments
instead of the 96-month period provided in the previous plan.

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

     http://bankrupt.com/misc/ilnb-37355-92.pdf

                  About Kanzler Landscape

Kanzler Landscape Contractor, Inc., is a small business debtor that
primarily operates in the landscape contractors industry.  The
company's gross revenue amounted to $1.48 million in 2016 and $3
million in 2015.  Kanzler Landscape is a private company located in
Round Lake, Illinois.

Kanzler Landscape Contractor filed a Chapter 11 petition (Bankr.
E.D. Ill. Case No. 17-37355) on Dec. 18, 2017.  In the petition
signed by James Kanzler, its president and owner, the Debtor
disclosed $3.26 million in assets and $2.69 million in
liabilities.

The case is assigned to Judge LaShonda A. Hunt.  

Lester A Ottenheimer, III, Esq. at Ottenheimer Law Group, LLC, is
the Debtor's bankruptcy attorney.  DeWald Law Group, is the special
litigation counsel.


KOSTAS ROUSTAS: $3M Sale of Mount Laurel Properties Approved
------------------------------------------------------------
Judge Jerrold N. Poslusny, Jr. of the U.S. Bankruptcy Court for the
District of New Jersey authorized Kostas Roustas and Stella Roustas
to sell the real property located at (i) 1170 Route 73, Mount
Laurel, New Jersey, Block 1306.01, Lots 15, 16-19 and 28-32; (ii)
1148 Route 73, Mount Laurel, New Jersey, Block 1306.01, Lots 14, to
1170 ROUTE 73, LLC for $2,950,000.

The sale is free and clear of liens and encumbrances.

The Debtors will pay from the proceeds of sale the funds necessary
to satisfy the Estate's share of all necessary and customary
closing costs with respect to the sale.   

The Debtors will pay these liens and expenses at closing:

     a. All outstanding real estate taxes, water and sewer bills
due and owing to the Township of Mount Laurel, New Jersey.

     b. Tax Sale Certificate held by US Bank Customer for PC 4 &
Creditors

     c. Tax Sale Certificate held by MTAG Customer FIG CAP INV
NJ13.

     d. The mortgage held The First National Bank of Elmer.

     e. The mortgage held by Republic Bank.

     f. The balance of the proceeds from the sale of the property
will be placed in the trust account of the Debtor's attorney Dino
S. Mantzas, Esq., and will be held in escrow pending further
negotiation with the United States Small Business Administration
and further Order of the Court.

The Court will continue to have jurisdiction to hear and resolve
any and all disputes arising under the sale and the consummation
thereof.

Kostas Roustas and Stella Roustas sought Chapter 11 protection
(Bankr. D.N.J. Case No. 17-22778) on June 22, 2017.  The Debtor
tapped Dino S. Mantzas, Esq., at Law Office of Dino S. Mantzas, as
counsel.


L & J QUICK STOP: Bethel Property Up for Auction Aug. 2
-------------------------------------------------------
The property of L & J Quick Stop, LLC located at 658 Ptarmigan
Street, Bethel, AK 99559, is on the auction block after the company
was declared in default under a deed of trust.

Fidelity Title Agency of Alaska, as substitute trustee for First
American Title Insurance Company, gave notice of the default under
the deed of trust executed by L & J Quick Stop and Thae Ho Jeoun,
Trustors, in favor of First National Bank Alaska, as Beneficiary.

The property is at Lot 18, Block 1, at the Martina Oscar
Subdivision.

According to the default notice, L&J and Jeoun as Trustors are in
default as payment of the secured note is one month or more past
due, and late charges are also past due in the amount of
$1,165.18.

The amount due and owing by the Trustors to the Beneficiary as of
May 2, 2018, is $231,672.79, which includes $226,877.56 in
principal, $1,216.73 in interest from February 14, 2018, $1,165.18
in late charges, $75.32 fee balance; $30.00 UCC fixture filing;
$90.00 recording costs, $1,008.00 for a Trustee’s Sale Guarantee
and $1,210.00 attorney fees.  This balance will continue to accrue
interest after May 2, 2018 at a rate in accordance with the
Promissory Note until the time of sale.  Other charges, as allowed
under the loan documents, may also accrue until the time of sale.

The auction sale will be held August 2, 2018, at 101 Lacey Street,
Fairbanks, Alaska.  The sale may be held with other sales as the
Trustee may conduct which shall begin at 10:00 a.m. and continue
until complete.

To determine the current amount required to be paid to cure the
default and reinstate the payment terms of the Promissory Note,
interested parties may call Leslie Plikat at Fidelity Title Agency
of Alaska at 777-3447 or send an e-mail to dsteger@fnbalaska.com


LG LISBON: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: LG Lisbon, LLC
        2316 N. Wahsatch Ave. #631
        Colorado Springs, CO 80907

Business Description: LG Lisbon, LLC, a real estate company, owns
                      in fee simple a property located at 1440
                      Lisbon Lane, Pebble Beach, CA 93953 valued
                      by the company at $2.6 million.

Chapter 11 Petition Date: June 26, 2018

Case No.: 18-51429

Court: United States Bankruptcy Court
       Northern District of California (San Jose)

Judge: Hon. Stephen L. Johnson

Debtor's Counsel: Charles B. Greene, Esq.
                  LAW OFFICES OF CHARLES B. GREENE
                  84 W. Santa Clara St. #800
                  San Jose, CA 95113
                  Tel: (408) 279-3518
                  E-mail: cbgattyecf@aol.com
                          cbgreeneatty@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Randy King, managing member.

The Debtor failed to incorporate in the petition a list of its 20
largest unsecured creditors.

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

          http://bankrupt.com/misc/canb18-51429.pdf


LGI HOMES: Moody's Assigns B1 CFR & Rates $400MM Unsec. Notes B1
----------------------------------------------------------------
Moody's Investors Service assigned a B1 Corporate Family Rating
("CFR") and a B1 rating on the proposed $400 million of eight-year
senior unsecured notes of LGI Homes, Inc. ("LGI"). In the same
rating action, Moody's assigned a Probability of Default of B1-PD
and a Speculative Grade Liquidity rating of SGL- 2. The outlook is
stable. This is the first time Moody's has rated LGI.

Proceeds will be used to pay down the company's revolver.

Assignments:

Issuer: LGI Homes, Inc.

Probability of Default Rating, Assigned B1-PD

Speculative Grade Liquidity Rating, Assigned SGL-2

Corporate Family Rating, Assigned B1

$400 million Senior Unsecured Notes, Assigned B1 (LGD4)

Outlook Actions:

Issuer: LGI Homes, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

The B1 CFR reflects 1) LGI's rapid organic growth rate funded by a
conservative mix of debt and equity, 2) gross margins that are
frequently the highest among the 'pure' homebuilders, 3) interest
coverage that maps to a Baa rating, 4) a unique business model that
seems especially suited for today's homebuilding environment, 5)
its consistent bottom line profitability, even during the downturn,
and 6) the company's assertion that it has never taken an
impairment charge.

At the same time, however, the ratings also acknowledge that 1) the
company is still relatively small, having only just crossed the $1
billion revenue mark and $500 million tangible net worth threshold
that Moody's uses to help differentiate between a B2 and a B3
homebuilder, 2) LGI is not really recession-tested, having come
through the homebuilding recession of 2007 -- 2011 in only a few
communities in Texas, which was the best performing state, 3) it is
still relatively new in its current configuration, having only
begun building its size and scale since 2013, and 4) its all spec
construction can lead to many unsold homes in inventory during a
sudden and sharp downturn.

The stable outlook is based on Moody's expectation that the company
will continue growing both its top and bottom lines while keeping
debt leverage in check and maintaining an adequate liquidity
profile.

An upgrade is not likely in the near term, given the company's
relatively small size. Longer term, an upgrade could be considered
if revenues exceeded $3 billion, debt leverage was maintained below
50%, interest coverage and gross margins remained strong, and
liquidity was strengthened.

A downgrade could occur if debt leverage exceeded 60%, interest
coverage dipped below 3x, gross margins slipped into the teens,
and/or liquidity became impaired.

LGI's SGL-2 Spec Grade Liquidity rating indicates Moody's
expectation of a good liquidity position over the next 12 to 18
months. With an unrestricted cash and equivalents balance of $52
million at March 31, 2018 and Moody's projection of negative cash
flow from operations for the next two years, internal liquidity is
somewhat lacking but is balanced by a new $750 million unsecured
revolver maturing on May 31, 2021, covenants that LGI should be
able to maintain with cushions, and an all unsecured debt structure
that could permit the company to sell some unneeded assets with
ease if needed. The credit agreement has a springing lien if LGI
were to breach covenants that are somewhat tighter than the
maintenance covenants. If the proposed $400 million note offering
is successful, LGI intends to downsize the $750 million revolver to
$450 million and try to modestly relax the revolver's covenants.

The notes are rated at the same level as the CFR because of the all
unsecured debt capital structure.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Established in 2003 and headquartered in Houston, LGI builds
largely starter, single-family homes, operating in 79 communities
in 25 markets across 16 states. Revenues and net income for the
trailing 12 month period ended March 31, 2018 were approximately
$1.3 billion and $129 million, respectively.


LIQUIDNET HOLDINGS: Moody's Hikes CFR & Sec. Credit Ratings to Ba3
------------------------------------------------------------------
Moody's Investors Service upgraded Liquidnet Holdings, Inc.'s
corporate family and senior secured bank credit facility ratings to
Ba3 from B1. Moody's said Liquidnet's outlook was changed to stable
from positive. Moody's has decided to withdraw the outlooks on
Liquidnet's corporate family and senior secured bank credit
facility ratings for its own business reasons.

Moody's has taken the following rating actions:

  - Corporate family rating, upgraded to Ba3 from B1

  - Senior secured bank credit facility rating, upgraded to Ba3
from B1

Outlook Actions:

  - Outlook, changed to stable from positive

RATINGS RATIONALE

Moody's said Liquidnet's upgrade to Ba3 from B1 reflects its
continued trend of strong business performance, which has resulted
in sustainably improved financial metrics. Liquidnet has been
successful in enhancing its member services, and this, together
with a stable member base, has resulted in improved revenue,
profitability and cash flows, said Moody's. Liquidnet's
institutional trading network provides around 900 of the world's
largest asset managers with the valuable ability to negotiate and
execute large trades in a controlled and confidential off-exchange
environment, said Moody's. Liquidnet has demonstrated a strong
growth profile in Europe and Asia, outside of its historically core
US market, and is capitalizing on opportunities presented by an
evolving regulatory landscape, especially in Europe, said Moody's.

Liquidnet's stable outlook reflects Moody's expectation that the
company will sustain its improved financial metrics and continue to
benefit from a broadening and strengthening of its member services,
and that it will maintain its restrained appetite for debt and
shareholder distributions, and its solid liquidity profile.

Moody's has decided to withdraw the outlooks on Liquidnet's
corporate family and senior secured bank credit facility ratings
for its own business reasons.

FACTORS THAT COULD LEAD TO AN UPGRADE

Moody's said Liquidnet's ratings could be upgraded should its scale
and profitability significantly improve, and it maintains its
restrained appetite for debt and shareholder distributions, and its
solid liquidity profile.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Moody's said downward rating pressure could result from reduced
transaction revenue, via a reduction in member trading volumes,
reduced trade prices, or loss of members. A material operational
failure, substantial reduction in liquidity or an adverse change in
financial policy towards increased appetite for leverage or
shareholder distributions could also result in a downgrade, said
Moody's.


LOPEZ TIRES: Unsecured Creditors to Get 51% Over 60 Months
----------------------------------------------------------
Lopez Tires, Wheels, & Accessories, LLC, filed with the U.S.
Bankruptcy Court for the Southern District of Texas a combined
disclosure statement and plan of reorganization.

Under the Plan, Class 4 is comprised of the unsecured priority
sales tax claim of the Texas Comptroller in the amount of $584.
The Debtor will pay these taxes by remitting payments of $48.93
monthly for twelve (12) months with interest on the unpaid balance
accruing at 5% per annum. Payments will begin on the Effective Date
and shall be due on the 15th of each month, thereafter.

Class 5 is the secured claim of Greater State Bank in the amount of
$466,665.09 secured by the commercial property described as LOT ONE
(1), LOPEZ WHEELS SUBDIVISION, and addition to the City of McAllen,
Hidalgo County, Texas; more commonly known as 801 North 23rd
Street, McAllen, Texas.  The Debtor will continue remitting monthly
payments of $3,174.01, as required by the Note, to Greater State
Bank until the Promissory Note matures on March 22, 2023, when
Debtor will remit the entire unpaid principal balance and any
accrued but unpaid interest to Greater State Bank.  The Debtor
projects that the final installment will total approximately
$377,783.00, upon maturity.

Class 12 is comprised of unsecured non-priority claims.  This class
will get 51% dividend (more or less) of their allowed claim, in
equal monthly installments of $3,023.00 at 0% interest beginning on
the 15th day of the first month following ninety (90) days from the
Effective Date and continuing each month until paid for a total of
60 months.

A full-text copy of the disclosure statement dated June 18, 2018,
is available at:

       http://bankrupt.com/misc/txsb18-7040-1781.pdf

       About Lopez Tires, Wheels, & Accessories, LLC

Headquartered in Mcallen, Texas, Lopez Tires, Wheels, &
Accessories, LLC, formerly doing business as Lopez Tires & Wheels,
L.L.C., is a privately held company that owns a shop that sells
automobile parts, accessories, and tires. The Company has a fee
simple interest in a real property located at Lot 1, Lopez Wheels
Subdivision, an addition to the City of McAllen, Hidalgo County,
Texas, valued at $471,766. Lopez Tires reported gross revenue of
$353,288 in 2016 and gross revenue of $974,494 in 2015.

Lopez Tires, Wheels, & Accessories filed for Chapter 11 bankruptcy
protection (Bankr. S.D. Tex. Case No. 17-70402) on Oct. 18, 2017,
listing $727,057 in total assets and $1.22 million in total
liabilities. The petition was signed by Castulo de Jesus Lopez,
president.

Judge Eduardo V. Rodriguez presides over the case.

Marcos Demetrio Oliva, Esq., at Marcos D. Oliva, PC, serves as the
Debtor's bankruptcy counsel.


MAHIPAL RAVIPATI: $60K Sale of Medical Practice to Dr. Freeman OK'd
-------------------------------------------------------------------
Judge Clifton R. Jessup, Jr. of the U.S. Bankruptcy Court for the
Northern District of Alabama authorized Mahipal Ravipati's sale of
medical practice to Dr. William Freeman for $60,000.

A hearing on the Motion was held on June 4, 2018.

The sale is free and clear of liens.

Should he receive any higher or better offers for the assets sold
before close of business on June 6, 2018, the Debtor will conduct
an auction for the assets, as proposed in its Motion, and return to
the Court for approval of the final sale.

Mahipal Ravipati sought Chapter 11 protection (Bankr. N.D. Ala.
Case No. 17-82502) on Aug. 24, 2017.  Judge Clifton R. Jessup, Jr.,
is the case judge.  The Debtor tapped Kevin M. Morris, Esq., and
Tazewell T. Shepard, IV, Esq., at SPARKMAN, SHEPARD & MORRIS, P.C.,
in Huntsville, Alabama, as counsel.



MARKPOL DISTRIBUTORS: Affiliates Hire Freeborn & Peters as Counsel
------------------------------------------------------------------
Vistula Development, Incorporated and Kozyra Holdings, LLC – 955
Lively, LLC, affiliated debtor of Markpol Distributors, Inc., seek
authority from the U.S. Bankruptcy Court for the Northern District
of Illinois to employ Freeborn & Peters LLP as counsel for the
affiliated debtors, effective as of May 30, 2018.

Legal services that Freeborn will render to the Affiliated Debtors
are:

     a. advise the Affiliated Debtors on all legal issues as they
arise;

     b. advise the Affiliated Debtors on all motions and pleadings
filed by and parties-in-interest and responding to the same;

     c. represent and advise the Affiliated Debtors regarding the
terms of any sale of assets or plan of reorganization or
liquidation and assisting the Affiliated Debtors in negotiations
with its secured lender and other parties;

     d. analyze the perfection and priority of the liens of the
Affiliated Debtors' secured creditor;

     e. prepare, on behalf of the Affiliated Debtors, all necessary
motions, applications, pleadings, reports, responses, objections,
and other papers;

     f. represent and advise the Affiliated Debtors in all
proceedings in these cases;

     g. assist and advise the Affiliated Debtors in their
administration; and

     h. provide such other services as are customarily provided by
counsel to debtors-in-possession in cases of this kind.

Freeborn's hourly rates are:

     Attorneys                            $325 to $440
     Paralegal                               $220
    
     Shelly A. DeRousse                      $440
     Elizabeth L. Janczak                    $325
     Jacqueline E. Hazdra (paralegal)        $220

Shelly A. DeRousse, partner in the law firm, attests that Freeborn
is a "disinterested person" within the meaning of Section 101(14)
of the Bankruptcy Code.

The counsel can be reached through:

     Shelly A. DeRousse, Esq.
     Elizabeth L. Janczak, Esq.
     FREEBORN & PETERS LLP
     311 South Wacker Drive, Suite 3000
     Chicago, IL 60606
     Tel: 312-360-6000
     Fax: 312-360-6520
     E-mail: sderousse@freeborn.com
             ejanczak@freeborn.com

                    About Markpol Distributors

Markpol Distributors, Inc. -- http://markpoldistributors.com/-- is
a food distributor specializing in European grocery merchandise
imported from European exporters.  The Company's customers may
select an offering of 4 to 24 feet selection of assorted grocery
merchandise appealing to the American and European consumer.
Markpol is headquartered in Wood Dale, Illinois.

Markpol Distributors filed a Chapter 11 petition (Bankr. N.D. Ill.
Case No. 18-06105) on March 2, 2018.  In the petition signed by CEO
Mark Kozyra, the Debtor estimated assets and liabilities at $1
million to $10 million.  Judge Benjamin A. Goldgar is the case
judge.  

Shelly A. DeRousse, Esq., at Freeborn & Peters LLP, is the Debtor's
counsel.  Rally Capital Services, LLC, is the financial advisor.

Patrick S. Layng, U.S. Trustee for the Northern District of
Illinois, on March 15, 2018, appointed five creditors to serve on
an official committee of unsecured creditors.  The Committee
retained Goldstein & McClintock LLLP as counsel.


MCCLATCHY CO: Chatham Asset Acquires 11.7% of Class A Common Stock
------------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Chatham Asset High Yield Master Fund, Ltd. disclosed
that as of June 25, 2018, it held 625,475 shares of Class A common
stock of McClatchy Co. or 11.7% based upon 5,328,547 shares of
Common Stock outstanding, and the other affiliated funds held an
aggregate of 422,151 shares of Common Stock of the Issuer.  As a
result of the foregoing, Anthony Melchiorre and Chatham Asset
Management, LLC may be deemed to beneficially own the 1,047,626
shares of Common Stock of the Company held in the aggregate by the
Chatham Funds, or approximately 19.7% of the shares of Common Stock
of the Issuer deemed to be issued and outstanding as of
June 25, 2018.

The principal business of Mr. Melchiorre is to act as the managing
member of CAM, an investment management firm that serves as
investment manager of pooled investment vehicles.  The principal
business of CAM is to serve as investment manager to pooled
investment vehicles.  The principal business of Chatham Master Fund
is investing in securities.

The Reporting Persons purchased the shares of Common Stock based on
the Reporting Persons' belief that the Chatham Shares, when
purchased, were undervalued and represented an attractive
investment opportunity.  The acquisitions of the Chatham Shares
were made in the ordinary course of the Reporting Persons'
investment activities and the Chatham Shares are currently held for
investment purposes.

The Reporting Persons are supportive of management's efforts to
refinance its indebtedness and intend to engage in future
discussions with the Issuer on proposed deleveraging transactions,
including a proposed exchange of 2029 Notes into equity of the
Issuer (and in connection with those discussions, proposed
representation on the Issuer's Board of Directors).

A full-text copy of the regulatory filing is available at:

                     https://is.gd/RJ2XqG

                       About McClatchy

The McClatchy Company operates 30 media companies in 14 states,
providing each of its communities with news and advertising
services in a wide array of digital and print formats.  McClatchy
is a publisher of iconic brands such as the Miami Herald, The
Kansas City Star, The Sacramento Bee, The Charlotte Observer, The
(Raleigh) News & Observer, and the (Fort Worth) Star-Telegram.
McClatchy is headquartered in Sacramento, Calif., and listed on the
New York Stock Exchange American under the symbol MNI.

McClatchy incurred a net loss of $332.4 million for the year ended
Dec. 31, 2017, following a net loss of $34.19 for the year ended
Dec. 25, 2016.  As of Dec. 31, 2017, McClatchy had $1.50 billion in
total assets, $1.71 billion in total liabilities and a
stockholders' deficit of $204.3 million.

                           *    *    *

In March 2018, S&P Global Ratings lowered its corporate credit
rating on The McClatchy Co. to 'CCC+' from 'B-'.  The rating
outlook is stable.  "The downgrade reflects our view that
McClatchy's capital structure is nsustainable at current leverage
and discretionary cash flow (DCF) levels.  Still, we don't expect a
default to occur during the next 12 months.  McClatchy has no
imminent liquidity concerns, full availability on its $65 million
revolving credit facility due 2019, low capital expenditures, and
it generates positive DCF.

McClatchy continues to hold Moody's Investors Service's "Caa1"
corporate family rating.  In December 2015, Moody's affirmed the
"Caa1" corporate family rating rating and changed the rating
outlook to stable from positive due to continued weakness in the
print advertising market and the ongoing pressure on the company's
operating cash-flow.  McClatchy's "Caa1" Corporate Family Rating
reflects persistent revenue pressure on the company's newspaper and
print operations, reliance on cyclical advertising spending, and
its high leverage including a large underfunded pension.


MID-SOUTH GEOTHERMAL: $160K Sale of 2001 Schramm Rotodrill Rig OK'd
-------------------------------------------------------------------
Judge David S. Kennedy of the U.S. Bankruptcy Court for the Western
District of Tennessee authorized Mid-South Geothermal, LLC's sale
of a 2001 Schramm T45OWS 900/350 Rotodrill Rig to Wayne Megaha Ezel
for $160,000.

The sale is free and clear of liens, claims, interests, and
encumbrances.

The automatic stay is modified to allow the parties to execute the
necessary documents to facilitate the transfer.

                   About Mid-South Geothermal

Mid-South Geothermal, LLC, installs geothermal heating and cooling
systems for large commercial projects.  Its principal place of
business is located at 28 Superior Lane Gray, Kentucky.

Mid-South Geothermal filed for Chapter 11 bankruptcy protection
(Bankr. W.D. Tenn. Case No. 18-21498) on Feb. 20, 2018, listing
$2.04 million in total assets and $2.14 million in total
liabilities.  The petition was signed by Scott W. Triplett,
president.  Judge David S. Kennedy presides over the case.  Steven
N. Douglass, Esq., at Harris Shelton Hanover Walsh, PLLC, serves as
the Debtor's bankruptcy counsel.


MIDCOAST OPERATING: Fitch Assigns 'BB-' LT IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned a first time long-term Issuer Default
Rating (IDR) of 'BB-' to Midcoast Operating, L.P. (Midcoast). Fitch
has also assigned a 'BB/RR2' rating for Midcoast's proposed Term
Loan B. The use of proceeds of the Term Loan B relates to ArcLight
Capital Partners, LLC's acquisition of the Midcoast assets. Fitch
has reviewed preliminary documentation for the loan offering; the
assigned ratings assume there will be no material variation from
the draft previously provided. The Rating Outlook is Stable.

Midcoast's business may be characterized as having medium-scale in
the midstream sector context, some diversification, a moderate
exposure to commodity-price risk, and gathering territories
overlying relatively mature hydraulically-fractured formations
where the E&P industry is trying to rebound from multi-year volume
declines. The Haynesville, Granite Wash, and Barnett are the
important formations in Midcoast's three gathering territories
(formations adjacent to the Haynesville are also targeted by
customers). Midcoast is a 35% owner in the Texas Express Pipeline,
LLC (Texas Express Pipeline). Texas Express Pipeline is capable of
delivering 230,000 barrel per day (bpd) of NGLs on a 20-inch
diameter pipeline that runs from a pipeline hub in Skellytown,
Texas, and terminates in Mont Belvieu, Texas.

The 'RR2' recovery rating for the Term Loan B reflects Fitch's
expectation of recovery in the range of 71%-90%. The 'RR2' rating
takes into account certain obligations Midcoast has under
take-or-pay contracts with service providers.

KEY RATING DRIVERS

Asset Type and Region Diversity: The company supplements its gas
gathering and processing operations with an investment in the
long-distance natural gas liquids pipeline company, Texas Express
Pipeline. MIdcoast has three gas gathering regions (Haynesville,
Granite Wash and Barnett), which should diversify away some
geological risk. Further, in the very long term, if production
growth is strong in the Niobrara shale region, Texas Express
Pipeline should be able to replace its long-term contracts at
expiration with similarly remunerative long-term take-or-pay
contracts.

Strength from Equity Layer, and Minimum Volume Commitments:
Midcoast will be capitalized with a thick layer of equity; 40% at
closing. The company has received predictable distributions from
its 35% interest in Texas Express Pipeline. Accordingly, the
company starts with low leverage, and Texas Express Pipeline serves
to balance out the historically volatile G&P territories that
Midcoast operates. In the 2020-2022 (inclusive) time frame, Fitch
expects Midcoast to benefit from third parties with undertakings
that relate to Texas Express Pipeline for an amount of 200,000
barrels per day (bpd) (there are ramp-ups and ramp-downs on either
side of these years). These commitments are largely backed by
minimum volume commitments (MVCs) from highly credit-worthy
entities. Fitch expects 2018-2019 leverage at Midcoast to be in an
approximate range of 3.5x-3.8x.

Credit-Worthy Customers: Texas Express Pipeline mainly has
customers with creditworthiness that can support long-term MVC
obligations. Except for one small third-party customer that is
below investment grade, the third-party customers have IDRs of
'BBB' (heavy-user-shipper E&P company Anadarko Petroleum, Inc.) or
higher. During short-duration natural gas price shocks that can be
caused by warm winters or unsettled financial markets,
investment-grade E&P companies tend to adhere to their drilling
plans more than those that are below investment grade. On this
perspective, Midcoast should benefit in its gathering operations
from the fact that its only revenue concentrations (of 10% or more)
have generally been with subsidiaries of BP plc (A/Stable) and
Exxon Mobil Corporation.

Volume Risk: The three shale formations in which Midcoast gathers
and processes are relatively mature, in the context of the era of
hydraulic fracturing. As such, these three territories have seen
periods of volume decline (partly triggered by some warm winters
and weakness in liquids prices). At the current time, Midcoast's
Haynesville formation is again showing strong growth, while the
other two regions are approximately level against trailing
quarters. Volume risk is heightened for Midcoast as a result of a
portfolio of take or pay contracts, most of which relate to
transporting Midcoast's NGLs from both the Barnett and Granite Wash
to Mont Belvieu. These contracts at the current time, on a net
basis, are "in the money" for Midcoast, i.e., Midcoast is
delivering volumes against its payments. At extreme volume
downsides, these contracts create a large loss drag on Midcoast.

Commodity Price Risk: At current NGL prices, Midcoast's gross
margin (adjusted to include pro rata share of revenues from the
JVs) is approximately 35% commodity-price-based. Midcoast's results
show a high sensitivity to NGL prices, while the effect of natural
gas prices is somewhat mild. At the current time, some of the more
important components of the NGL barrel, and for which there is
price-transparency, are in backwardation. Fitch assumes that the
overall NGL barrel will, indeed, fetch a lower price in 2019 than
in 2018. Fitch expects Midcoast's debt to adjusted EBITDA in 2019
to be up or level over 2018, as lower commodity prices about
outweigh G&P volume growth and Texas Express Pipeline contract
ramp-ups.

DERIVATION SUMMARY

Midcoast is a relatively small NGL-focused midstream company.
Compared with G&P companies with similar dollar amounts of
indebtedness, Midcoast is distinguished with a gas-gathering
presence in three producing basins. Most other small G&P companies
in Fitch's coverage are in only one producing basin.

Fitch typically views the credit profiles of small scale (less than
$500 million in EBITDA), stand-alone, single-basin gathering and
processing service providers as generally being more consistent
with a 'B' range IDR. This view is based on the competitiveness and
cash flow volatility of the gathering and processing (G&P)
business, with volatility that has been historically exhibited
through drilling-activity cycles and commodity price cycles. In
some cases, single-basin companies can have IDR's higher than 'B+'.
One such case is Lucid Energy Group Borrower, LLC, which garnered
its 'BB-' IDR (Stable Outlook) from the favorable production
economics of the Delaware basin of the Permian region.

Most of Fitch's Midstream coverage universe features a
predominantly fee-based revenue profile. DCP Midstream (DCP; BB+;
Senior Unsecured: BB+/RR4) is somewhat unique in its Midstream
coverage as it has a sizable sensitivity to hydrocarbon prices,
particularly NGL prices. Midcoast shares this feature with DCP. At
current NGL prices, Midcoast's gross margin (adjusted to include
pro rata share of revenues from the JVs) is approximately
two-thirds fee-based. For DCP, excluding hedges (most of which are
short-dated), the percentage of gross margin that is fee-based is
around 60%; Enable Midstream's (ENBL; IDR BBB-), the figure is
around 90%. By contrast, Lucid Energy is almost entirely
fee-based.

The forecast for 2018 for DCP adjusted debt to EBITDA leverage is a
range of 5.0x to 5.5x. Midcoast's 2018-2019 leverage is expected to
be in the area of 3.5x-3.8x. DCP is four times the size, giving it
better access to capital from the securities markets than Midcoast
(as supplemented by the supportive ownership of Phillips 66 and
Enbridge; Phillips 66 has in recent years shown instances of
support for DCP). Additionally, in Fitch's view, the outlook for
DCP's strongest basin, the Permian, is better than Midcoast's best
G&P region, the Texas portion of the Haynesville shale formation.
Were leverage the same, Midcoast would be rated, for its IDR, three
notches or more below DCP, yet because of its approximately 1.5
turns of leverage superiority to DCP, Midcoast is rated two notches
below DCP, at 'BB-'.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

  -- Fitch price deck Henry Hub Natural Gas price of $3.00/Mcf in
2019 and after;

  -- 2018 natural gas liquids price gallon price of approximately
75 cents, compared with recent prices of approximately 80 cents
(based on a convention for the components of a standard Mont
Belvieu gallon). Thereafter, the NGL price is assumed to show the
backwardation that is evident on NYMEX in the forward curve for
propane;

  -- Gas gathering volumes trends consistent with late 2017/early
2018 performance;

  -- Texas Express Pipeline, LLC is expanded, as anchored by one
certain contract;

  -- Growth investments (capital expenditures and investments in
joint ventures) and maintenance capital expenditures of
approximately $150 million in 2018;

  -- A follow-on ABL credit facility is put in place in the near
future;

  -- Midcoast does not hedge its physical and contractual commodity
exposures (except for small storage-bolstered hedging that is meant
to capture seasonal time-spreads).

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- Positive rating action is not anticipated in the medium-term,
yet an increase in basin diversification financed in a balanced
manner could lead to a positive rating action.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- A significant reduction in the rig count in the shale
formation regions where Midcoast gathers gas from the wellhead;

  -- A mismatch between the liquidity available to Midcoast's
Logistics & Marketing division, and that division's strategies for
enhancing commodity price realizations;

  -- Debt to adjusted EBITDA expected above 4.5x on a sustained
basis.

LIQUIDITY

Adequate Liquidity: Midcoast at the time of closing of the Term
Loan B is planned to have a $100 million Super Priority Secured
Revolving Credit Facility that matures in five years. The Term Loan
B has 1% per annum scheduled amortizations. Midcoast plans to,
shortly after the closing of the Term Loan B, obtain a standard
asset-backed loan facility. This asset-backed loan facility will
support management's plan to optimize price realizations in the
context of a lighter hedging program compared with the program of
the former owner of Midcoast. In its first full calendar year of
operations, Fitch expects Midcoast to be FCF positive.

FULL LIST OF RATING ACTIONS

Fitch rates Midcoast Operating, L.P. as follows:

  -- Long-term IDR 'BB-';

  -- Senior secured term loan 'BB'/'RR2'.


MISSIONARY ASSEMBLY: Trustee Taps MichaelJames as Broker
--------------------------------------------------------
David M. Nickless, the Chapter 11 Trustee of Missionary Assembly of
God of Marlborough, seeks authority from the U.S. Bankruptcy Court
for the District of Massachusetts to employ MichaelJames, LLC, as
real estate broker to the Trustee.

The Trustee requires MichaelJames to market and sell the Debtor's
real property located at 273-283 Lincoln Street, Marlborough,
Massachusetts.

MichaelJames will be paid a commission of 5%.

Michael A. Ivas, a partner at MichaelJames, LLC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

MichaelJames can be reached at:

     Michael A. Ivas, Esq.
     MICHAELJAMES, LLC
  
              About Missionary Assembly of God
                        of Marlborough

Missionary Assembly of God of Marlborough Inc. is a religious
corporation as defined by Massachusetts law, and a Sec. 501(c)(3)
charitable organization that operates as church for Christian
fellowship. Its financial problems stem in part from a decline in
attendance, but mostly from the fact that the mortgage on the
property was a short-term, balloon mortgage which came due.

Missionary Assembly of God filed a Chapter 11 bankruptcy petition
(Bankr. D. Mass. Case No. 17-41182) on June 28, 2017, estimating
under $50,000 in both assets and liabilities. The petition was
signed by Andre Bouzada Ornelas, Vice President.

The Hon. Elizabeth D. Katz presides over the case.

The Debtor hired David G. Baker, Esq., at the Law Office of David
G. Baker, as counsel; and Income Tax Plus as its accountant.

David M. Nickless, Esq., was later appointed Chapter 11 trustee for
the Debtor.
Mr. Nickless tapped his own firm, Nickless, Phillips and O'Connor,
as counsel in the Chapter 11 case.



MRC CRESTVIEW: Fitch Affirms BB+ on $49MM Series 2016 Revenue Bonds
-------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on the following bonds
issued by New Hope Cultural Education Facilities Finance
Corporation Retirement Facility on behalf of MRC Crestview
(Crestview):

  -- $49 million series 2016 revenue bonds.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a lien on and security interest in certain
mortgaged properties, a gross revenue pledge, and a debt service
reserve fund (DSRF).

KEY RATING DRIVERS

STRONG OPERATING PROFILE: Solid occupancy, cost management and a
good payor mix contribute to strong net operating margins, a key
mitigant to Crestview's elevated debt and exposure to obligations
associated with its Type A, refundable entrance fee contract and
life care future service obligations. Crestview's strong reputation
in the growing Bryan-College Station region has supported high
occupancy levels.

ELEVATED LONG-TERM LIABILITY PROFILE: Crestview's 2012 replacement
and renovation project positioned it competitively in the market,
but resulted in elevated leverage. Maximum annual debt service
(MADS) is high at 21.4% of fiscal 2017 revenues. Fiscal 2017 debt
to net available is also elevated at 9.2x.

WEAKER LIQUIDITY RELATIVE TO LEVERAGE: Unrestricted cash and
investments of $18.1 million as of March 31, 2018 provide a strong
536 days of cash on hand. However, cash to debt of 34.6% reflects
weaker liquidity in relation to leverage.

RATING SENSITIVITIES

OPERATING PROFITABILITY: The 'BB+' rating incorporates Fitch's
expectations for consistent operating performance and ample
liquidity to mitigate Crestview's elevated leverage and exposure to
obligations associated with its Type-A, refundable entrance fee
contract and life care future service obligations. Although not
anticipated, adverse operating performance, or lower liquidity and
coverage trends could pressure the current rating.

MODERATING DEBT BURDEN: Moderation of Crestview's debt burden could
lead to positive rating action over the medium term.

CREDIT PROFILE

Crestview Retirement Community is a Type-A, lifecare, community
located in Bryan, TX, about 100 miles equidistant from Houston and
Austin. The flagship campus of the Texas A&M University System in
College Station (2017 record enrollment of 68,625) has historically
driven much of the local economy. More recently, oil and gas
production and exploration in the nearby Eagle Ford Shale and a
growing medical and health services presence have bolstered local
economic growth.

Crestview's sole corporate member and manager is Methodist
Retirement Communities (MRC). In addition to Crestview, the MRC
affiliated ministries include five continuing care retirement
communities (CCRCs) and several affordable senior housing
communities. The MRC affiliation provides Crestview with resources
and expertise that are not typically available to single-site
communities. MRC is not obligated on any of Crestview's debt.

Crestview undertook a full replacement and repositioning project in
2012, providing additional ILUs and a new Health Center including
ALUs, ALU Memory Care units, and SNF beds. Current operations
include 91 ILUs, 48 ALUs, 18 Memory Care units, and 48 SNF beds.
The vast majority of ILUs are contracts with a 90% refundable
contract, under which 90% of the total entrance fee, without
interest, is refundable upon termination of the life care agreement
and after receipt of proceeds to fully fund the refund from the
next resale and occupancy of any like-kind ILU.

Crestview represented about 22% of MRC's existing operating entity
portfolio assets at Dec. 31, 2017. MRC's newest CCRC based in
College Station is scheduled to open during the summer of 2018. The
Langford will consist of 72 ILUs (without a Life Care option), 24
ALUs and 18 memory support units and has been well-received in the
market. Residents at The Langford will have priority access to the
SNF at Crestview, providing another revenue source for the
community. There has been no history of transfers to MRC or its
other affiliates. Crestview fiscal 2017 revenues totaled $14.0
million.

IMPROVING OPERATING PROFILE

Crestview's operating performance has improved over the past five
years, as evidenced by a fiscal 2017 operating ratio of 87.5%
compared with 109.0% in fiscal 2013. Net operating margin has grown
to 24.8% from 21.9% over the same period.

Healthy occupancy (averaging 96.6% in fiscal 2017), operating cost
stability, and a strong SNF payor mix have supported Crestview's
history of profitability. Strong demand through the first quarter
ending March 31, 2018 of 94.7% reflects strong ILU occupancy of
98.2% (98.6% in fiscal 2017), ALU occupancy of 91% (94.2% in fiscal
2017), and SNF occupancy of 90.4% (94.2% in fiscal 2017).
Variability in SNF demand reflects industry trends toward shorter
lengths of stay (LOS), reduced admissions and regional competition.
Crestview's fiscal 2018 budget includes planned staffing growth to
enhance service delivery and its competitive profile.

Medicare payors comprised 63.8% of fiscal 2017 skilled nursing net
revenues, followed by private payors (27.2%), Lifecare (4.0%) and
Medicaid (5%) payors. Crestview maintains affiliations with several
local hospitals and providers and maintains a strong readmission
rate approximating 12%, favorable compared with industry averages.
Crestview's hospital affiliations and favorable quality outcomes
represent competitive advantages within the short-stay Medicare and
emerging bundled payment programs.

Crestview's obligation to provide future services and use of
facilities to current lifecare residents improved to $5.3 million
for the fiscal year ending 2017 from $6.0 million in the prior
year. The proportion of lifecare payors is likely to increase as
residents move through the continuum of care, exposing Crestview to
potential pressure on its margins. Ongoing cost management and
disciplined rate increases will continue to help Crestview address
its future lifecare service obligation. ILU resident turnover also
provides the benefit of incremental entrance fee growth.

ELEVATED LONG-TERM LIABILITY PROFILE

Outstanding debt consists solely of Crestview's series 2016 fixed
rate revenue refunding bonds, structured with level debt service
through fiscal 2046. Crestview's MADS of $3.1 million represents a
high 21.4% of fiscal 2017 revenues. Debt to net available was 9.2x
for the same period and is consistent with Fitch's
below-investment-grade (BIG) medians of 8.8x.

Crestview's fiscal 2012 renovation and replacement project, while
elevating leverage, positions it well in the market with a 5.2-year
average age of plant as of March 31, 2018. Crestview reports
limited near-term capital plans and no immediate debt issuance
plans.

WEAKER LIQUIDITY RELATIVE TO LEVERAGE

Crestview's $18.1 million in unrestricted cash and investments at
March 31, 2018 equates to 536 DCOH, a 5.8x cushion ratio and 34.6%
cash-to-debt, significantly improved from the recent past. These
measures are consistent with Fitch's BIG medians of 283 DCOH, 4.4x
cushion ratio, and 34.2% cash-to-debt. Fitch expects Crestview's
cash-do-debt to further improve over the medium term as debt
continues to amortize.


MYLA JOYCE ASSISTED: Seeks to Hire Hoff Law as Special Counsel
--------------------------------------------------------------
Myla Joyce Assisted seeks authority from the U.S. Bankruptcy Court
for the Southern District of Texas to employ Hoff Law Offices,
P.C., as special counsel to the Debtor.

Myla Joyce Assisted requires Hoff Law to represent the Debtor's
majority shareholder in a Chapter 13 case, Case No. 18-31340.

Hoff Law will be paid at the hourly rate of $300.

Hoff Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Jessica L. Hoff, a partner at Hoff Law Offices, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Hoff Law can be reached at:

     Jessica L. Hoff, Esq.
     HOFF LAW OFFICES, P.C.
     14 Inverness Drive East, Suite H-236
     Englewood, CO 80112
     Tel: (303) 803-4438
     Fax: (303) 648-4478
     E-mail: jhoff@hofflawoffices.com

                    About Myla Joyce Assisted

Myla Joyce Assisted Living Homes, LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
18-32152) on April 27, 2018.  In the petition signed by Belinda
Cohen, owner, the Debtor estimated assets and liabilities of less
than $500,000.


NATELCO CORPORATION: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: NATELCO Corporation
        140 West Hampton Avenue
        Capitol Heights, MD 20743

Business Description: NATELCO Corporation --
                      http://natelcoelectric.com-- provides turn-
                      key electrical contracting services in the
                      Maryland, Washington, DC and Virginia areas.
                      The company installs, services, and
                      maintains fire alarms, security systems,
                      computer cabling, networking, data and
                      phone, emergency power and uninterruptible
                      power systems.  The company serves office,
                      retail, commercial or industrial clients.
                      NATELCO was founded in 1993 and led by CEO
                      Donna LaScola.

Chapter 11 Petition Date: June 26, 2018

Case No.: 18-18507

Court: United States Bankruptcy Court
       District of Maryland (Greenbelt)

Judge: Hon. Wendelin I. Lipp

Debtor's Counsel: Joseph Michael Selba, Esq.
                  TYDINGS & ROSENBERG LLP
                  1 East Pratt Street, Suite 901
                  Baltimore, MD 21202
                  Tel: 410-752-9753
                  Fax: 410-727-5460
                  E-mail: JSelba@tydingslaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Donna M. LaScola, CEO.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:

                    http://bankrupt.com/misc/mdb18-18507.pdf


NATIONAL EVENTS: Needs to Continue Probe & Plan Talks
-----------------------------------------------------
National Events of America Inc. and New World Events Group, Inc.,
ask the U.S. Bankruptcy Court for the Southern District of New York
to further extend (a) the exclusive period during which the
Corporate Debtors may file plans for an additional 120 days, from
June 22, 2018, to Oct. 22, 2018; and (b) the exclusive period
during which the Corporate Debtors may solicit acceptances to plans
for an additional 120 days, from Aug. 22, 2018, to Dec. 20, 2018,
to permit the Corporate Debtors to continue their investigation and
efforts to negotiate a consensual plan or other disposition of
these cases with their creditors and parties in interest.

A hearing on the Debtors' request is set for June 28, 2018, at
10:00 a.m.  Objections to the request must be filed by June 21,
2018.

This is the Corporate Debtors' third request for an extension of
the Exclusive Periods.  On Nov. 29, 2017, the Court entered an
order extending the Corporate Debtors' exclusive period during
which they can propose a Chapter 11 plan to Feb. 23, 2018, and the
exclusive period during which they can solicit acceptances to a
plan until April 24, 2018, and on Feb. 15, 2018, the Court entered
an order further extending those periods of time to June 22, 2018,
and Aug. 22, 2018.

As reported by the Troubled Company Reporter on Feb. 6, 2018, the
Debtors asked for the extension of the exclusive periods for the
Debtors to file a plan and solicit acceptances of the plan through
and including June 22, 2018, and Aug. 22, 2018, respectively.

The Corporate Debtors, at the direction of the Estate Fiduciary,
are investigating their prepetition business affairs and
relationships.  Through his investigation, the Estate Fiduciary,
his counsel and his accountants (EisnerAmper), have obtained
thousands of pages of documents relating to the Corporate Debtors'
operations and businesses, with particular focus on banking
records.  Many of those documents were obtained as a result of Rule
2004 discovery, the first phase of which has been completed and the
second phase of which (with a different target focus) is now
underway.  These documents have enabled EisnerAmper to conduct a
detailed forensic analysis of the Corporate Debtors.

A bar date of Jan. 19, 2018, was set for the filing of claims.  The
Estate Fiduciary is also reviewing the claims that were filed, and
is reviewing the documents and other information provided with
those claims.

The Estate Fiduciary, with the support of his counsel and
EisnerAmper, has identified a number of specific targets for
avoidance actions and discovery.  The Estate Fiduciary is in active
discussions with counsel to the trustee overseeing the LLC Debtors'
cases regarding the forensic analyses prepared by EisnerAmper and
the LLC Debtors' financial advisor, Kroll, and the coordinated
pursuit of claims and discovery, as well as other administrative
and substantive matters relating to the manner in which the various
estates have interacted in the past and might interact on a
going-forward basis.

While the Estate Fiduciary's investigation continues and the
accountants of the Corporate Debtors' and LLC Debtors' estates
continue their work, through this request, the Corporate Debtors
seek this third extension of the exclusive periods of time during
which they can propose a plan and solicit acceptances thereof in
order to preserve the status quo.

The first few months of the Corporate Debtors' cases were in large
part focused on procedural matters and a forensic analysis of the
Corporate Debtors' electronic files and data.

The Estate Fiduciary had EisnerAmper perform a forensic analysis
and review of the Corporate Debtors’ electronic files.  The work
undertaken included retrieving electronic data not only from the
Corporate Debtors' hard-drive storage, but also from third party
sources.  Once that data was retrieved, EisnerAmper recovered data
and information from password protected accounts and files,
including the recovery and review of email files.

The procedural matters that were the focus of much time spent
before the Court in the first few months of these cases ultimately
were resolved by entry of a stipulation and order (I) acknowledging
Edward J. LoBello, Esq., as Estate Fiduciary; and (II) authorizing
the appointment of an Examiner for a Limited purpose, approved on
Sept. 21, 2017, establishing the Estate Fiduciary's role and
responsibilities, and putting in place an Examiner for the specific
and limited purposes described therein.  Thereafter, the Estate
Fiduciary finalized financing arrangements for these Chapter 11
cases, and caused an Order Granting Corporate Debtors' request for
entry of a final order (a) authoring Corporate Debtors to obtain
postpetition financing and (b) granting liens, security interests,
and superpriority claims to be entered on Oct. 13, 2017, approving
same.  The order also provided for the Estate Fiduciary to review
the positions of the Corporate Debtors' DIP Lenders (Taly USA
Holdings Inc.; SLL USA Holdings; and Hutton Ventures LLC and assert
any challenges or claims relating thereto on a shortened
timeframe.

Pursuant to the Sept. 21, 2017 court order, the Examiner's Report
was scheduled to be filed by Dec. 4, 2017.  In connection with the
Examiner's duties, the Estate Fiduciary and his professionals met
with the Examiner and provided documents and information in
furtherance thereof.  Pursuant to a Stipulation and Order dated
Dec. 11, 2017, the Examiner obtained an extension of time to Jan.
4, 2018 to file his Report, and the Challenge Period was extended
through Jan. 18, 2018.  On Jan. 4, 2018, the Examiner completed his
investigation and filed his report.  In the exercise of his
fiduciary duties, the Estate Fiduciary is considering the
Examiner’s Report. Substantive discussions have been had with
counsel for Taly and SLL regarding potential Challenges and
possible settlement with respect thereto.  Those discussions are
ongoing, as is the Estate Fiduciary’s related investigation and
preparation for the possibility of litigation in the event that a
settlement is not achieved.

While the Examiner's investigation was being undertaken and
continuing through the Spring of 2018, the Estate Fiduciary
analyzed and reviewed the Corporate Debtors' records relating to
claims asserted by Hutton and the Corporate Debtors' prepetition
dealings with Hutton.  The Corporate Debtors also analyzed and
reviewed the proof of claim documents and information provided by
Hutton through those filings.  The Estate Fiduciary and his
professionals met with Hutton and its counsel on several occasions,
and requested additional documents and information from Hutton in
connection with the Estate Fiduciary's consideration of whether any
Challenges exist as against Hutton.  With respect to all but one
narrow category of potential Challenges vis-a-vis Hutton, the
Challenge Period has expired; with respect to that one category,
potential claims (and defenses thereto) have been preserved and are
the subject of continued discussions among the parties.

While the Examiner's investigation was pending and continuing
through the present, the Estate Fiduciary continued his
investigation into the Corporate Debtors’ business affairs and
books and records more generally.  During November 2017, Rule 2004
subpoenas were sought and issued to a number of banking
institutions known or believed to have maintained accounts in the
name of the Corporate Debtors in the prepetition period. Thousands
of pages of documents, including bank records for a number of
different bank accounts from a number of different banking
institutions, have been obtained, and are being reviewed by the
Estate Fiduciary and his professionals.

The Estate Fiduciary and his professionals have interviewed the
Corporate Debtors' principal, Jason Nissen, on several occasions.
At the same time, the Estate Fiduciary and his professionals have
been reviewing the Corporate Debtors' banking records and analyzing
inflows and outflows of funds, the potential bases of or reasons
for such in/outflows of funds, and the flow of funds among and
between the Corporate Debtors and LLC Debtors.  As part of this
process, the second phase of Rule 2004 discovery has recently
begun, with the Estate Fiduciary seeking and obtaining Rule 2004
discovery Orders regarding numerous discovery parties, in addition
to the Corporate Debtors' banks.

Throughout this process, the Estate Fiduciary has continued his
investigation of claims by, and potential claims against, the
Corporate Debtors.

A copy of the Debtors' request is available at:

          http://bankrupt.com/misc/nysb17-11798-198.pdf

                 About National Events Holdings

National Events Holdings, LLC, et al., operate together a ticket
broker and wholesale distributor of tickets for sporting and
theatrical events that was formed in 2006.  They provide ticketing
services for all concert, theater and sporting event tickets, as
well as various V.I.P. hospitality packages that deliver exclusive
access to big name events, including hotels, celebrity meet and
greets and exclusive parties.

National Events Holdings, et al., filed for Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 17-11556) on June 5,
2017.

The Debtors' attorneys are Stephen B. Selbst, Esq., and Hanh V.
Huynh, Esq., at Herrick, Feinstein LLP, in New York.  Timothy
Puopolo of RAS Management Advisors, LLC, is the Debtors' chief
restructuring officer.


NEW ENGLAND CONFECTIONERY: Trustee Deadline Moved Amid Probe
------------------------------------------------------------
Harold B. Murphy, the Chapter 11 Trustee of New England
Confectionery Company, Inc., won approval of a 90-day extension,
until Aug. 31, 2018, of the time to file a report pursuant to 11
U.S.C. Sec. 1106(a).

NECCO is a Delaware corporation formally incorporated in 1901 and a
wholly-owned subsidiary of NECCO Holdings, Inc.  It manufactures
and distributes a wide array of sugar and chocolate candy varieties
at its principal place of business and corporate headquarters in
Revere, Massachusetts.

All of NECCO Holdings' stock is owned by ACAS, LLC -- as lender --
which also asserts, among other things, to be owed $107,000,000 by
the Debtor under two loan facilities and to hold a first-priority
lien on substantially all of the Debtor's assets to secure the
Debtor's obligations to it.

On April 3, 2018, certain creditors of NECCO filed an involuntary
petition for relief under Chapter 7 of 11 U.S.C. Sec. 101, et seq.
in the United States Bankruptcy Court for the District of
Massachusetts.

On April 17, 2018, NECCO filed a motion to convert its case to a
case under Chapter 11 of the Bankruptcy Code together with, among
other things, a motion to authorize use of cash collateral and
post-petition borrowing from the Lender and a motion to sell
substantially all of NECCO's assets to CI-N Acquisition LLC, an
entity related to Gordon Brothers Commercial & Industrial LLC.

On April 19, 2018, the Court held a hearing on NECCO's various
first-day motions.  The Court granted the Motion to Convert and,
upon oral motion of the United States Trustee, ordered the
appointment of a Chapter 11 trustee.

On April 20, 2018, the Chapter Trustee was appointed.  The order of
appointment required, among other things, that the Chapter 11
Trustee file the 1106 Report on or before May 31, 2018.

The Chapter 11 Trustee has retained Murphy & King, Professional
Corporation to act as his counsel in this matter, and Verdolino &
Lowey, P.C. to serve as his accounts and financial advisor in this
matter.  Among other things since his appointment, the Chapter 11
Trustee negotiated an agreement with the proposed purchaser of
substantially all of the Debtor's assets, CI-N Acquisition, LLC to
act as a stalking horse bidder in the proposed sale under the Sale
Motion.  The Chapter 11 Trustee and his professionals subsequently
marketed the Debtor's assets and solicited counteroffers.  Multiple
counteroffers were received and an auction for the Debtor's assets
was held on May 23, 2018 before the Bankruptcy Court.  On May 29,
2018, the Court entered an order approving the Chapter 11 Trustee's
sale of substantially all of the assets to Round Hill Investments,
LLC, for a purchase price of $17,330,000.

The Chapter 11 Trustee has  closed that sale and received the
purchase price in accordance  with the Sale Order.

In order to maintain the Debtor's operations in connection with the
sale, the Chapter 11 Trustee negotiated an agreement with the
Lender regarding the use of cash collateral and postpetition
financing which was approved by the Court on May 3, 2018.  

Pursuant to the terms of the Financing Order and among other
things, the Chapter 11 Trustee has until August 17, 2018 to,
through the filing of appropriate pleadings, seek to disallow,
subordinate, recharacterize or otherwise contest the liens or
claims of Lender or commence or prosecute any other claims or
causes of action in any way related to the Debtor against Lender
and its Affiliates (as defined in the Financing Order and
including, without limitation, among others, directors, officers,
representatives, employees, attorneys or advisors of the Lender and
American Capital Financial Services, Inc.).

In furtherance of his duties under Section 1106 of the Bankruptcy
Code and consistent with the Financing Order, the Chapter 11
Trustee has, with the assistance of M&K and V&L, commenced an
investigation of the acts, conduct, assets, liabilities, and the
financial condition of the debtor, the operation if its business
including potential claims against the Lender, and has taken steps
to identify potential claims of the estate related thereto.  In
connection therewith, the Chapter 11 Trustee has reviewed and
analyzed public records including, without limitation, Delaware
corporate records, Delaware and Massachusetts UCC filings, land
registry records, and documents relating to certain prepetition
litigation involving the Debtor.  The Chapter 11 Trustee has
visited the Debtor's facility on several occasions, has interviewed
and conferenced with the Debtor's management, has obtained and
reviewed many of the Debtor's internal documents, and has secured
substantially all of the Debtor's electronic records with the
assistance of V&L.   The Chapter 11 Trustee, M&K, and V&L are in
the process of cataloging and reviewing the gathered information.

In connection with the Trustee's investigation of these matters,
M&K has prepared and filed applications pursuant to Federal Rule of
Bankruptcy Procedure 2004 for the production of documents and oral
examination of the following individuals and entities:

  a. The Lender;
  b. Ares Capital Corporation;
  c. David Eaton;
  d. Myung Yi;
  e. Daniel Katz; and
  f. Stephen Chehi.

On May 31, 2018, the Chapter 11 Trustee's Rule 2004 applications
were allowed.  Thereafter M&K will conduct the examinations in
accordance therewith.

Based upon the foregoing, the Chapter 11 Trustee requested
additional time to complete his investigation and take appropriate
action prior to the expiration of the Challenge Period and to
thereafter file his 1106 Report.

               About Necco Holdings and New England
                     Confectionery Company

NECCO Holdings, Inc. and New England Confectionery Company, Inc.
http://www.necco.com/-- are producers and suppliers of candy
products.

Creditors Americraft Carton, Inc., of Prairie Village, Kansas,
Ungermans Packaging Solutions of Fairfield, Iowa, and Genpro, Inc.
of Rutherford, New Jersey, filed an involuntary Chapter 7 petition
against New England Confectionery Company, Inc. (Bankr. D. Mass.
Case No. 18-11217) on April 3, 2018.  The case was converted to a
voluntary Chapter 11 bankruptcy petition on April 17, 2018.

The three petitioning creditors claimed they were owed more than
$1.6 million.  Americraft Carton is represented by Sheehan Phinney
Bass + Green PA.  Ungermans Packaging Solutions is represented by
Cohn & Dussi, LLC.  Genpro is represented by Riker, Danzig, Sherer,
Hyland & Perretti.

In the petition signed by Necco President Michael McGee, Necco
estimated $10 million to $50 million in assets and $100 million to
$500 million in liabilities.

Judge Melvin S. Hoffman presides over the case.

Necco hired Burns & Levinson LLP as its bankruptcy counsel.

The Court appointed Harry B. Murphy, Esq., at Murphy & King, as
Necco's Chapter 11 trustee.  The Trustee hired his own firm as
legal counsel; Verdolino & Lowey, P.C. as financial advisor; and
Threadstone Advisors, LLC as investment banker.

On May 10, 2018, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The Committee tapped
Sheehan Phinney Bass & Green PA as its legal counsel.


NEXION HEALTH: Full Payment for Unsecs. in 30 Monthly Installments
------------------------------------------------------------------
Nexion Health at Lancaster, Inc., Nexion Health at Garland, Inc.,
Nexion Health at McKinney, Inc. and Nexion Health at Bogata, Inc.,
filed with the U.S. Bankruptcy Court for the Northern District of
Texas an amended disclosure statement in support of their amended
joint plan of reorganization dated June 15, 2018.

The Debtors' proposed Plan consists of four individual plans; one
for each of the Debtors. The Plan seeks to successfully reorganize
the Lancaster, Garland, and McKinney Debtors, while winding up the
Bogata Debtor following the conclusion of the Bogata Transition and
Bogata Claims Resolution Process. The Debtors' successful
operations have generated sufficient cash to implement the proposed
Plan. Even so, the Plan Guarantors have agreed to guaranty the
payment of all distributions due and owing under the Lancaster,
Garland, and McKinney Debtors' Plans. By doing so, the Plan
Guarantors provide additional financial security to
already-feasible Plans. As detailed in the Plan, aside from the
Bogata Debtor, the remaining Debtors will maintain operations,
assume pertinent executory contracts, and pay substantially all
pre-petition debts.

The Plan is built around the following key elements:

   a. Reorganized Lancaster, Reorganized Garland, and Reorganized
McKinney will each continue to operate its respective business,
retain its operating assets and causes of action, and assume all
executory contracts necessary for the continued operation of the
respective Debtor businesses. Through Cash on hand and Cash
generated by operations, Reorganized Lancaster, Reorganized
Garland, and Reorganized McKinney will issue distributions due and
owing under the terms of the Plan.

   b. Reorganized Bogata will complete the Bogata Transition and
Bogata Claims Resolution Process, will wind up operations, and
issue distributions due and owing under the terms of the Plan.

   c. The Reorganized Debtors will retain all officers and
directors currently serving in that capacity on behalf of the
Debtors. Their compensation will remain consistent.

   d. The Plan Guarantors will guaranty all distributions due and
owing under the terms of the Plan applicable to Reorganized
Lancaster, Reorganized Garland, and Reorganized McKinney.

   e. Allowed Administrative Expenses will be paid at or before the
Effective Date unless otherwise detailed in the Plan.

   f. General Unsecured Creditors will be paid in full in 30 equal
monthly installments beginning after the later of (i) the Effective
Date, and (ii) the date on which the Claim becomes an Allowed
Claim.

   g. After the Effective Date, all Employee Benefit Plans of the
Reorganized Lancaster, Reorganized Garland, and Reorganized
McKinney shall remain in full force and effect without change of
any kind or character. Reorganized Bogata's Employment Benefit Plan
shall terminate for all purposes on the Effective Date or otherwise
as part of the Bogata Transition.

   h. The Reorganized Debtors will retain all claims and causes of
action but, given the substantial distributions to Class 4 General
Unsecured Creditors, do not intend to pursue causes of action
arising under Chapter 5 of the Bankruptcy Code.

The Bogata Debtor's Plan will be funded through the Bogata Debtor's
Available Cash, which should be supplemented by the continued
collection of accounts receivable that accrued prior to May 1, 2018
but which have not yet been received. In addition, the Bogata
Debtor is an "LC Party" to a certain Letter of Credit Agreement
dated Jan. 2, 2002 and amended from time to time. As a result, the
Bogata Debtor retains certain rights, title, and interest to a
certain security deposit, which may be used to satisfy outstanding
obligations owed by Bogata to the Landlord under the Plan.

In addition, the Debtors believe that the tax escrow obligations
that they have paid under their respective Leases have
significantly exceeded the actual tax liabilities satisfied by the
Landlords from the tax escrow. If the Debtors are unable to reach a
mutual agreement with the Landlords for the disgorgement of any
such over-payments, they may initiate a turnover proceeding to
obtain the surplus funds in order to use those funds to make
payments due and owing under the Plan.

A copy of the Amended Disclosure Statement is available at:

     http://bankrupt.com/misc/txnb17-34025-11-245.pdf

                   About Nexion Health

Nexion Health operates skilled nursing & rehabilitation facilities
in Colorado, Louisiana, and Texas dedicated to providing quality
and compassionate nursing care.  It also offers comprehensive
rehabilitation services.

Nexion Health at Lancaster, Inc. and its debtor-affiliates filed
separate Chapter 11 bankruptcy petitions: Nexion Health at
Lancaster, Inc. (Bankr. N.D. Tex. Case No. 17-34025); Nexion Health
at Garland, Inc. (Bankr. N.D. Tex. Case No. 17-34028); Nexion
Health at McKinney, Inc. (Bankr. N.D. Tex. Case No. 17-34031); and
Nexion Health at Bogata, Inc. (Bankr. N.D. Tex. Case No. 17-34034)
on October 30, 2017. The petition was signed by Francis P. Kirley,
president and chief executive officer.

The Hon. Harlin DeWayne Hale presides over the case. Joseph M.
Coleman, Esq. at Kane Russell Coleman Logan PC represents the
Debtor as counsel.

At the time of filing, the Debtors estimate $500,000 to $1 million
in assets and $1 million to $10 million in liabilities.


NIELSEN FINANCE: Moody's Rates New $1.975-Bil. Secured Loans 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has assigned Ba1 ratings to the proposed
senior secured credit facilities, consisting of an $850 million
senior secured revolving credit facility and $1.125 billion senior
secured term loan A with extended maturities, to be issued by
Nielsen Finance LLC, an indirect subsidiary of Nielsen Holdings
plc. Nielsen also plans to upsize the US dollar and euro tranches
of its existing term loan B by $275 million in aggregate and
possibly extend the maturity of the euro tranche. Proceeds from the
debt raise will be used to refinance the company's existing credit
facilities consisting of the $575 million revolver due 2019 and
$1.4 billion outstanding term loan A due 2019. The rating outlook
is stable.

Ratings Assigned:

Issuer: Nielsen Finance LLC

$850 Million Senior Secured Revolving Credit Facility due 2023 --
Ba1 (LGD2)

$1,125 Million Senior Secured Term Loan A due 2023 -- Ba1 (LGD2)

The contemplated transaction will be executed via an amendment to
the existing credit agreement. Assigned ratings are subject to
review of final documentation and no material change in the size,
terms and conditions of the transaction as advised to Moody's. Upon
repayment and extinguishment of the existing credit facilities,
Moody's will withdraw the ratings.

RATINGS RATIONALE

The proposed transaction is ratings neutral because outstanding
debt will remain unchanged. Moody's views the refinancing favorably
due to the extension of Nielsen's debt maturity structure.

Nielsen's Ba3 Corporate Family Rating (CFR) reflects Moody's view
that the company will maintain its leading international positions
as a provider of measurement and analysis of consumer purchasing
behavior as well as viewership and listenership data given the
relatively high entry barriers. Revenue is supported by
long-standing contractual relationships with consumer product
companies, media enterprises and advertisers, and benefits from
Nielsen's status as a source of independent benchmark information.
The rating also considers the solid revenue growth and EBITDA
margin expansion in the "Watch" segment, despite a more competitive
landscape amid the rapid shift to digital advertising and video
consumption. Moody's expects the company will maintain its track
record of delivering low-to-mid single digit percentage revenue and
EBITDA growth on a constant currency basis.

Ratings incorporate the challenging operating environment in
Nielsen's "Buy" segment over the past few years arising from
cyclical and secular spending shifts among certain North American
clients. Risks include the proliferation of new technologies that
alter consumer buying habits and advertising/marketing delivery
channels. Despite this, Moody's believes Nielsen is positioning
itself to respond to the new media and e-commerce environments by
broadening its product and service offerings to facilitate data
capture and viewer measurement across multiple screens, devices and
platforms.

Debt ratings reflect the company's moderately high financial
leverage (4.6x total debt to EBITDA as of March 31, 2018, including
Moody's adjustments) and likely increases in the dividend payout.
It also captures a capital allocation strategy that historically
favored shareholders over creditors via sizable share repurchases
(albeit lower in recent periods) and quarterly dividends that
consumed cash, which could otherwise have been used to reduce debt
or fund EBITDA accretive acquisitions.

While the financial maintenance covenant in the new credit
facilities will mirror the existing credit facilities (i.e.,
maximum total net leverage of 5.5x), the leverage ratio to
determine the investments basket limitation will be relaxed from
4.25x to 4.75x. Additionally, the required annual amortization on
the new term loan A will be 2.5% in years 1 and 2, 5% in years 3
and 4 and 10% in year 5; compared to the existing amortization of
5% in years 1 and 2, 7.5% in year 3, 10% in year 4 and 15% in year
5.

Rating Outlook

The stable rating outlook reflects Moody's expectation that
financial leverage will remain in a range of 4.25x-4.75x total debt
to EBITDA (Moody's adjusted) over the rating horizon and share
repurchases will continue to remain below 2015 peak levels. It also
captures Moody's view that Nielsen will deliver core revenue growth
over the coming year in the 3-4% range and core adjusted EBITDA
margin in the 30% area. The rating outlook assumes the US and
global economies continue to expand modestly in the low-single
digit range.

What Could Change the Rating -- Up

An upgrade would require steady and growing earnings performance
paired with deleveraging such that total debt to EBITDA approaches
4x (Moody's adjusted) and free cash flow generation is meaningful
on a sustained basis. Moody's would also need to be comfortable
that Nielsen has the willingness and capacity to consistently
improve credit metrics after incorporating potential acquisitions
or share repurchases. Nielsen would also need to maintain at least
good liquidity.

What Could Change the Rating -- Down

Ratings could be downgraded if total debt to EBITDA were to exceed
5x (Moody's adjusted) or free cash flow generation were to weaken
due to deterioration in operating performance, acquisitions with
weaker credit metrics or rising shareholder distributions. Ratings
pressure could occur if Nielsen adopts more aggressive financial
policies (e.g., debt-financed distributions, share repurchases or
acquisitions) that result in higher leverage or delayed future
deleveraging. Deterioration in liquidity could also create downward
ratings pressure.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Nielsen Holdings plc, founded in 1923 and headquartered in Oxford,
England and New York, NY, is a global provider of consumer
information and measurement that operates in more than 100
countries. Nielsen's "Buy" segment provides retail measurement and
consumer panel measurement services as well as consumer
intelligence and analytical services for clients. The "Watch"
segment provides viewership and listenership data and analytics
across television, radio, online and mobile devices for the media
and advertising industries. Nielsen is a publicly listed enterprise
with net revenue totaling approximately $6.7 billion for the twelve
months ended March 31, 2018.


NORTHERN OIL: Reaches Deal on $10 Million Notes Exchange
--------------------------------------------------------
Northern Oil and Gas, Inc., has entered into an exchange agreement
with a holder of the Company's 8.00% senior notes due 2020.

Pursuant to the exchange agreement, the Company agreed to issue
3,338,020 shares of the Company's common stock, par value $0.001
per share, in exchange for $10,000,000 aggregate principal amount
of the Notes.  Subject to certain exceptions, the holder agreed to
lock-up restrictions on these shares for approximately nine months.
If at the end of the lock-up period the average closing price of
the Common Stock during a specified period is below a certain
price, the Company will be required to issue additional shares of
Common Stock to the holder.  The initial shares of Common Stock are
expected to be issued on June 26, 2018.

The issuance of the shares of Common Stock in exchange for the
Notes is being made in reliance on the exemption from registration
provided in Section 3(a)(9) of the Securities Act of 1933, as
amended.

                       About Northern Oil    

Minnetonka, Minnesota-based Northern Oil and Gas, Inc. --
http://www.NorthernOil.com/-- is an independent energy company
engaged in the acquisition, exploration, development and production
of oil and natural gas properties, primarily in the Bakken and
Three Forks formations within the Williston Basin in North Dakota
and Montana.  

Northern Oil reported a net loss of $9.19 million in 2017, a net
loss of $293.5 million in 2016, and a net loss of $975.4 million in
2015.  As of March 31, 2018, Northern Oil had $664.5 million in
total assets, $1.15 billion in total liabilities and a total
stockholders' deficit of $488.8 million.

                          *     *     *

In May 2018, Moody's Investors Service upgraded Northern Oil and
Gas, Inc.'s (NOG) Corporate Family Rating (CFR) to 'Caa1' from
'Caa2' and Probability of Default Rating (PDR) to 'Caa1-PD/LD' from
'Caa2-PD'.  The upgrade of NOG's CFR to Caa1 reflects its improved
leverage profile, reduced refinancing risk associated with the
remaining $203 million of notes due June 2020, and Moody's
expectation that the company will grow production and operating
cash flows.


OECONNECTION LLC: S&P Affirms 'B-' Rating on 1st Lien Debt
----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' first-lien issue rating and
'CCC' second-lien issue rating on Richfield, Ohio–based auto
parts-related software-as-a-service (SAAS) solutions company
OEConnection LLC's senior secured debt after the company completed
a debt-neutral transaction. The company increased its first-lien
term loan by $25 million and reduced its second-lien term loan by
the same amount. The '3' recovery rating on the company's
first-lien term loan reflects our expectation for meaningful
(50%-70%; rounded estimate: 55%) recovery of principal in the event
of a payment default. The '6' recovery rating on the company's
second-lien term loan reflects our expectation for negligible
(0%-10%; rounded estimate: 5%) recovery of principal in the event
of a payment default. The 'B-' corporate credit rating and stable
outlook on OEConnection remain unchanged.

S&P said, "Based on the company's favorable first-quarter
performance, we increased our revenue growth rate expectation for
2018 to the 10%-12% range year over year on an organic basis from
the mid-single-digit growth we had expected previously. The company
has expanded its customer base over the last year and is winning
new work with existing customers, which supports our revenue growth
assumptions.

"Our ratings reflect our expectation that the firm's EBITDA will
improve over the coming year, reducing leverage to the high-7x area
by the end of the year from 9x at transaction close last year.

"The stable outlook reflects our expectation that OEConnection will
be able to support its debt burden with continued organic growth
above U.S. GDP growth, EBITDA margin expansion and full integration
of the Clifford Thames acquisition over the next year.

"While we believe the company will prioritize investments in
product development, acquisitions and shareholder returns over debt
repayment, we expect the company to delever to the high-7x area by
the end of 2018 through EBITDA growth.

"We could lower the ratings if a deterioration in operating
performance leads to negative free operating cash flow on a
sustained basis (including revolver availability) below $20 million
or if leverage increases to the point that we consider the capital
structure to be unsustainable. This would likely occur if the
company experienced significantly higher attrition among clients.

"We could raise the rating if the company continues its revenue
growth and EBITDA margin improvement and reduces leverage below 7x
on a sustained basis."

  RATINGS LIST

  OEConnection LLC
   Corporate Credit Rating                 B-/Stable/--

  Ratings Affirmed; Recovery Expectations Revised
                                           To             From
  OEConnection LLC
    First-lien Credit Facility             B-             B-
     Recovery Rating                       3 (55%)        3(60%)

  Ratings Affirmed; Recovery Rating Unchanged
  OEConnection LLC
    Second-lien Term Loan                  CCC
     Recovery Rating                       6 (5%)


PRO-CARE INJURY: Hires Mitchell Law Firm LP as Counsel
------------------------------------------------------
Pro-Care Injury & Rehab Centers, Inc., seeks authority from the
United States Bankruptcy Court for the Northern District of Texas,
Dallas Division, to hire Gregory W. Mitchell and The Mitchell Law
Firm, L.P., as counsel.

The Debtor also seeks to employ The Mitchell Law Firm to pursue any
causes of action that the Debtor may have by way of adversary
proceedings that would benefit the bankruptcy estate.  It may also
be necessary for counsel to make appearances in state court matters
that affect the bankruptcy estate.

Mitchell's hourly billing rates are:

     Partners                            $375
     Associates                          $225
     Paralegals and legal assistants  $75 to $95

Gregory W. Mitchell of The Mitchell Law Firm, L.P., attests that
neither he nor any regular associate presently holds or represents
any interest adverse to the interests of the Debtor or its estate
and is disinterested within the meaning of 11 U.S.C. Sec. 101(14).

The counsel can be reached through:

     Gregory W. Mitchell, Esq.
     THE MITCHELL LAW FIRM, L.P.
     12720 Hillcrest Road, Suite 625
     Dallas, TX 75230
     Phone: (972)463-8417
     Fax: (972)432-7540
     E-mail: greg@mitchellps.com

              About Pro-Care Injury & Rehab Centers

Pro-Care Injury & Rehab Centers, Inc., is a medical clinic in
Dallas, Texas.  Pro-Care Injury & Rehab Centers filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex.
Case No. 18-31984) on June 12, 2018, estimating under $1 million in
assets and liabilities.  Gregory Wayne Mitchell, Esq., at The
Mitchell Law Firm, L.P., serves as the Debtor's counsel.


PROFESSIONAL FLOOR: Case Summary & 7 Unsecured Creditors
--------------------------------------------------------
Debtor: Professional Floor Covering and Cleaning, Incorporated
           dba Professional Floor Covering and Cleaning
           dba TMS Property Solutions
        PO Box 2323
        Huntersville, NC 28070

Business Description: Professional Floor Covering and Cleaning
                      operates a flooring store in Mooresville,
                      North Carolina.

Chapter 11 Petition Date: June 26, 2018

Case No.: 18-50405

Court: United States Bankruptcy Court
       Western District of North Carolina (Statesville)

Judge: Hon. Laura T. Beyer

Debtor's Counsel: Richard S. Wright, Esq.
                  MOON WRIGHT & HOUSTON, PLLC
                  121 W. Trade Street, Suite 1950
                  Charlotte, NC 28202
                  Tel: (704) 944-6564
                  Fax: (704) 944-0380
                  E-mail: rwright@mwhattorneys.com
                          smyers@mwhattorneys.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Thomas M. Stoudenmier II, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at:

                 http://bankrupt.com/misc/ncwb18-50405.pdf


RESIDENTIAL CAPITAL: Trust Declares Ninth Cash Distribution
-----------------------------------------------------------
The ResCap Liquidating Trust on June 18, 2018, disclosed that its
Board of Trustees has declared a cash distribution of $3.5403 per
unit to holders of units of beneficial interest in the Trust,
totaling $350 million.  The distribution will be paid on July 13,
2018 to unitholders of record as of the close of business on June
28, 2018.

The entire distribution of $3.5403 per unit will consist of Trust
income that the Trust believes is U.S. source income subject to
U.S. federal withholding tax to the extent allocable to unitholders
that are not U.S persons (or in certain circumstances do not
otherwise establish their status as U.S. persons under applicable
rules).  Because the Trust does not have the necessary information
concerning the identity and tax status of its unitholders, the
Trust will distribute the gross amount of the distribution to
brokers (through DTC) and anticipates that the required tax
withholding will be effected by U.S. brokers (or other nominees),
who should treat the entire distribution of $3.5403 per unit as
U.S. source income subject to federal withholding.  As a result,
the Trust anticipates that unitholders subject to withholding will
receive a distribution net of the required withholding.

Unitholders should consult their tax advisors with respect to the
tax treatment of the distribution.

                   About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.  Neither Ally
Financial nor Ally Bank is included in the bankruptcy filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.7 billion in assets and $15.3 billion in
liabilities at March 31, 2012.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap.  Morrison & Foerster LLP is acting as legal
adviser to ResCap.  Curtis, Mallet-Prevost, Colt & Mosle LLP is the
conflicts counsel.  Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.

The Bankruptcy Court in November 2012 approved ResCap's sale of its
mortgage servicing and origination platform assets to Ocwen Loan
Servicing, LLC, and Walter Investment Management Corporation for $3
billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.

Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11
Plan co-proposed by Residential Capital and the Official Committee
of Unsecured Creditors.

                          *     *     *

The ResCap Liquidating Trust was established in December 2013 under
the Second Amended Joint Chapter 11 Plan of Residential Capital,
LLC, et al., to liquidate and distribute assets of the debtors in
the ResCap bankruptcy case.  The Trust maintains a website --
http://www.rescapliquidatingtrust.com/-- which Unitholders are
urged to consult, where Unitholders may obtain information
concerning the Trust, including current developments.


RIVERA FAMILY: Seeks to Hire TAP Consulting as Accountant
---------------------------------------------------------
Rivera Family Holdings, LLC, seeks authority from the U.S.
Bankruptcy Court for the Western District of Wisconsin to employ
TAP Consulting, LLC, as accountant to the Debtor.

Rivera Family requires TAP Consulting to represent the Debtor in
the feasibility phase of the Chapter 11 before the Bankruptcy Court
for the purpose of confirming the Chapter 11 Plan.

TAP Consulting will be paid at the hourly rate of $150.

TAP Consulting will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Sali L. Sheafor, a partner of TAP Consulting, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

TAP Consulting can be reached at:

     Sali L. Sheafor
     TAP Consulting, LLC
     1285 Rudy St., Suite 105
     Onalaska, WI 54650
     Tel: (608) 519-3072

                 About Rivera Family Holdings

Rivera Family Holdings, LLC, a privately-held company in Onalaska,
Wisconsin, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Wis. Case No. 18-11448) on April 30, 2018.  In
the petition signed by Lynnae Rivera, authorized representative,
the Debtor estimated assets of $1 million to $10 million and
liabilities of $1 million to $10 million.  Judge Brett H. Ludwig
presides over the case.  Pittman & Pittman Law Offices, LLC, is the
Debtor's legal counsel.


ROBERT L. DAWSON: Poyner Spruill Represents BB&T, Alliance One
--------------------------------------------------------------
In the Chapter 11 case of Robert L. Dawson Farms, LLC, Poyner
Spruill LLP field a verified statement pursuant to F.R.B.P. Rule
2019 to disclose that it represents these entities:

    Name & Address of Creditor         Nature of Claim
    --------------------------         ----------------
    Branch Banking & Trust Company     Secured Creditor

    Alliance One International, Inc.   Party subject to a Motion
                                       for 2004 Production of
                                       Documents

Poyner Spruill is a professional limited liability partnership
headquartered in Raleigh, North Carolina with additional office
located in Charlotte, Rocky Mount, and Southern Pines, North
Carolina.

Poyner Spruill has been engaged for the representation of these
parties in the Debtor's bankruptcy case.  Disclosure and waivers,
as necessary, have been obtained.

Poyner Spruill has considered and evaluated all potential conflicts
of interest in accordance with the Rules of Professional conduct.
Poyner Spruill has determined that the representations are
permissible and has obtained the proper consents from its clients.


Poyner Spruill holds no claim against or interest in the Debtor.

The firm can be reached at:

         POYNER SPRUILL LLP
         Jill C. Walters
         James S. Livermon, III
         Post Office Box 1801
         Raleigh, NC 27602
         Telephone: (919) 783-6400
         Facsimile: (919) 783-1075

                   About Robert L. Dawson Farms

Robert L. Dawson Farms, LLC is a privately held company in
Stantonsburg, North Carolina, engaged in the business of crop
farming.  Robert L. Dawson Farms, LLC, doing business as William
Earl Dawson Farms, L.L.C., sought Chapter 11 protection (Bankr.
E.D.N.C. Case No. 18-02433) on May 14, 2018.  The Debtor disclosed
total assets of $2.93 million and total liabilities of $5.77
million as of the bankruptcy filing.  The Hon. David M. Warren is
the case judge.  The Debtor tapped STUBBS & PERDUE, P.A., in
Raleigh, North Carolina, as counsel.


ROBERT L. DAWSON: Ward and Smith Represents John Deere, 3 Others
----------------------------------------------------------------
In the Chapter 11 case of Robert L. Dawson Farms, LLC, the law firm
of Ward and Smith, P.A., submitted a verified statement, as amended
June 19, 2018, to comply with Rule 2019 of the Federal Rules of
Bankruptcy Procedure.

Ward and Smith represents these creditors in the bankruptcy case:

  (1) Southern Bank and Trust Company.  
      P.O. Box 729
      116 East Main Street
      Mount Olive, NC 28365.  

      Southern Bank asserts approximately $2,719,139 in claims.

  (2) Meherrin Agricultural & Chemical Company.  
      413 Main Street
      Severn, NC 27877.

      Meherrin asserts approximately $813,114.61 in claims.
Meherrin alleges that William Earl Dawson Farms, LLC transferred to
the Debtor -- without Meherrin's knowledge or consent, and subject
to Meherrin's perfected security interest -- certain personal
property of William Earl Dawson Farms.  Upon information and
belief, the Debtor is in possession of Meherrin's collateral.

  (3) Deere & Company
      6400 NW 86th Street
      Johnston, IA 50131-6600.

      Ward and Smith, P.A. has been retained to represent Deere in
connection with this bankruptcy case and regularly represents Deere
in creditors' rights and related legal matters since 2007.

  (4) John Deere Financial, f.s.b.
      f/k/a FPC Financial, f.s.b.  
      8402 Excelsior Drive
      Madison, WI 53717-1923

      Ward and Smith has been retained to represent JDF, a federal
savings bank affiliated with Deere, in connection with this
bankruptcy case and regularly represents Deere in creditors' rights
and related legal matters since 2008.

Ward and Smith, P.A. has considered and evaluated all potential
conflicts of interest in accordance with the North Carolina Rules
of Professional Conduct and has determined that the representations
are permissible and has obtained proper consents from its clients
where required.

The firm can be reached at:

         Ward and Smith, P.A.
         J. Michael Fields
         Post Office Box 8088
         Greenville, NC 27835-8088
         Telephone: 252-215-4000
         Facsimile: 252-215-4077
         E-mail: jmf@wardandsmith.com

                   About Robert L. Dawson Farms

Robert L. Dawson Farms, LLC is a privately held company in
Stantonsburg, North Carolina, engaged in the business of crop
farming.  Robert L. Dawson Farms, LLC, doing business as William
Earl Dawson Farms, L.L.C., sought Chapter 11 protection (Bankr.
E.D.N.C. Case No. 18-02433) on May 14, 2018.  The Debtor disclosed
total assets of $2.93 million and total liabilities of $5.77
million as of the bankruptcy filing.  The Hon. David M. Warren is
the case judge.  The Debtor tapped STUBBS & PERDUE, P.A., in
Raleigh, North Carolina, as counsel.


SCOTTSBURG HOSPITALITY: Taps Fultz Maddox Dickens PLC as Counsel
----------------------------------------------------------------
Scottsburg Hospitality, LLC, seeks authority from the United States
Bankruptcy Court for the Southern District of Indiana (New Albany)
to hire Fultz Maddox Dickens PLC, as counsel for the Debtor.

Services to be rendered by FMD are:

     (a) advise the Debtor with respect to its powers and duties as
Debtor and Debtor-In-Possession in the continued management and
operation of its businesses and property;

     (b) attend meetings and negotiate with representatives of
creditors and other parties-in-interest and advising and consulting
on the conduct of the case, including all of the legal and
administrative requirements of operating in Chapter 11;

     (c) advise and represent the Debtor in connection with
obtaining authority to utilize cash collateral and/or obtain
post-petition financing;

     (d) advise the Debtor on matters relating to the evaluation of
the assumption, rejection or assignment of unexpired leases and
executory contracts;

     (e) provide advice to the Debtor with respect to legal issues
arising and/or relating to the Debtor’s ordinary course of
business, including attendance at certain meetings with the
Debtor’s financial and turnaround advisors, and advice on
banking, insurance, corporate, finance, business operation,
contracts, leases and other ongoing matters;

     (f) take all necessary action to protect and preserve the
Debtor's bankruptcy estate, including the prosecution of actions on
its behalf, the defense of any actions commenced against the
Estate, negotiations concerning all litigation in which the Debtor
may be involved and objections to claims filed against the Estate;

     (g) prepare on behalf of the Debtor, all motions,
applications, answers, orders, reports and papers necessary to the
administration of the Estate;

     (h) negotiate and prepare on the Debtor's behalf, a plan of
reorganization, disclosure statement and all related agreements
and/or documents, and take any necessary action on behalf of the
Debtor to obtain confirmation of such plan;

     (i) attend meetings with third parties and participating in
negotiations with respect to the above matters;

     (j) advise the Debtor in connection with any potential sale of
assets;

     (k) appear before this Court, any appellate courts, and the
Office of the U.S. Trustee, and protect the interests of the
Debtor's Estate before such court and the Office of the U.S.
Trustee;

     (l) advise the Debtor regarding the maximization of value of
the Estate for its creditors and interest holders;

     (m) consult with the Debtor regarding tax matters and
representing the Debtor in negotiations with taxing authorities;
and

     (n) perform all other necessary legal services and providing
all other necessary legal advice to the Debtor in connection with
this chapter 11 case.

Wendy D. Brewer, attorney with the law firm of Fultz Maddox Dickens
PLC, attests that FMD is a "disinterested person" as that term is
defined in Sec. 101(14) of the Bankruptcy Code; and FMD does not
hold or represent any interest adverse to the Debtor's Estate.

FMD's standard hourly rates are:

         Wendy Brewer          $375
         Laura Brymer          $275
         Paraprofessionals     $150

FMD has agreed to discount the hourly rates charged for Wendy
Brewer's work on this case to $350 per hour.

The counsel can be reached through:

     Wendy D. Brewer, Esq.
     FULTZ MADDOX DICKENS PLC
     333 N. Alabama Street, Suite 350
     Indianapolis, IN 46204
     Tel: (317) 215-6220
     E-mail: wbrewer@fmdlegal.com

                 About Scottsburg Hospitality

Scottsburg Hospitality, LLC, is a privately held company that
operates in the traveler accommodation industry.  Scottsburg
Hospitality, LLC, filed a voluntary petition for reorganization
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind.
Case No. 18-90833) on June 11, 2018.  In the petition signed by
Michael A. Dora, president, the Debtor estimated $1 million to $10
million in both assets and liabilities.  Wendy D. Brewer, Esq. and
Laura MinSun Brymer, Esq. at Fultz Maddox Dickens, PLC, is the
Debtor's counsel.


SEVEN GENERATIONS: S&P Raises CCR to 'BB', Outlook Stable
---------------------------------------------------------
S&P Global Ratings said it raised its long-term corporate credit
rating on Calgary, Alta.-based Seven Generations Energy Ltd. to
'BB' from 'BB-'. The outlook is stable.

S&P said, "At the same time, S&P Global Ratings raised its
issue-level rating on Seven Generations' senior unsecured notes to
'BB' from 'B+' and revised its recovery rating on the debt to '4'
from '5', which reflects our view that the company's senior
unsecured noteholders can expect average (30%-50%; rounded estimate
30%) recovery in our default scenario."

The upgrade reflects the company's improving credit metrics driven
by an increased production profile, high realized prices for
condensates, and a competitive cost structure resulting in funds
from operations (FFO)-to-debt consistently above 60% in the next
three years. In addition, S&P believes Seven Generations' cost
profile compares favorably with that of peers due to the company's
strong track record of project execution with profitability that
has consistently ranked in the top quartile of the global
exploration and production (E&P) peers rank.

The improved recovery prospects was driven by the significant
capital expenditures in 2017 that bolstered Seven Generations'
proved reserves resulting in a higher recovery value for the senior
unsecured noteholders.

S&P said, "We believe the company's growth plan, along with strong
realized prices for condensate in Canada, stable oil prices, and
decreasing unit cash costs, will result in enhanced credit metrics.
This will support our improved assessment of Seven Generations'
financial risk profile to intermediate from significant. We expect
capital spending to remain high in sustaining the company's growth
plan, resulting in negative free operating cash flow (FOCF) during
the next three years. In addition, we assume the company will use
its cash on hands and existing revolving credit facility to bridge
any gap between its FFO generation and capital expenditures during
this period.

"The stable outlook reflects our expectation that Seven Generations
will increase its average daily production to about 200,000 boe/d
in 2018, maintain its competitive costs structure resulting in
FFO-to-debt consistently above 60%, and have sufficient funds to
finance its capital spending plan with strong liquidity.

"We would take a negative rating action if the company's
performance is significantly weaker than our base-case scenario,
either due to lower oil and gas prices, a delay in production, or a
weaker operating cost profile, resulting in FFO-to-debt
consistently below 45%. We could also take a negative rating action
if liquidity deteriorates during the next 12 months, with sources
over uses of liquidity dropping below 1.2x due to lower
availability under Seven Generations' revolving credit facility or
weaker-than-expected cash flow generations.

"We believe that rating improvement is unlikely without a material
improvement in the company's PD ratio and PD RLI. We could take a
positive rating action if Seven Generations increases its PD ratio
above 50% of proved reserves and PD RLI above five years."


SMITH FARMS: Sale Stonelink Township Property for $339K Approved
----------------------------------------------------------------
Judge Jeffery P. Hopkins of the U.S. Bankruptcy Court for the
Eastern District Of Washington authorized Smith Farm of Clermont,
LLC's sale of approximately 80 acres of real estate located in
Stonelink Township, Clermont County, Ohio, consisting of two
parcels, namely (i) a 59.0878 acre parcel (P.I.D.N. 30-29-15H-027)
and primarily being farm land ("Parcel One"); and (ii) northern
half of an adjacent 20.0 acre parcel (P.I.D.N. 30-29-15H-032)
having approximately 10 acres of farm land with the remainder being
improved by a farm house, various small and old outbuildings, and a
small pond ("Northern Half of Parcel Two"), to William Martin and
Kathleen Sue Martin for $339,086.

The sale is free and clear of all liens, claims and encumbrances.
All Claims in or against the Property will attach to the net
proceeds of the sale of the Property.

The Order is final and enforceable upon entry.  To the extent
necessary under Rules 5003, 9014, 9021, and 9022, the Court
expressly finds that there is no just reason for delay in the
implementation of this Order and expressly directs entry of
judgment as set forth herein.  In addition as no objections to the
Motion were filed, the 14-day automatic stay imposed by Bankr. R.
6004(h) is inapplicable.

                  About Smith Farm of Clermont

Smith Farm of Clermont, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Ohio Case No. 17-12903) on Aug. 8,
2017.  In the petition signed by Debra L. Henneke, member, the
Debtor estimated assets and liabilities of less than $500,000.


SOUTHERN TAN: $55K Sale of Tanning Equipment to California Approved
-------------------------------------------------------------------
Judge Robert D. Berger of the U.S. Bankruptcy Court for the
District of Kansas authorized Southern Tan, Inc.'s sale of the
following property located at 6501 W. 119th Street, Overland Park,
Kansas: (i) Sundash 332 6 at $5,000 each; (ii) five Ergoline 40/3
at $1,200 each; (iii) two Ergoline 770 at $8,000 each; (iv) two
Ergoline 1050 at $12,000 each; (v) one Sundash 252 at $1,200 each;
(vi) four Versaspas at $1,000 each; (vii) one Matrix L22 at $300;
and (viii) washer, dryer, safe, computer, monitor, printer, cash
drawer receipt printer for $500 to California Tanning Supply.

The sale is free and clear of any and all mortgages, liens,
pledges, hypothecations, security interests, charges, encumbrances,
claims and interests, except as limited in the Order.

All proceeds of the sale of said assets will be held in the DIP
bank account pending further Order of the Court.

                       About Southern Tan

Southern Tan, Inc., operator of three tanning salons within the
Kansas City area, filed a chapter 11 petition (Bankr. D. Kan. Case
No. 16-22397) on Dec. 6, 2016.  David Henshaw, president, signed
the petition.  The Debtor estimated assets and liabilities at
$500,001 to $1 million.  The Debtor is represented by Colin N.
Gotham, Esq., at Evans & Mullinix, P.A.


SYNCHRONOSS TECHNOLOGIES: Receives Delisting Notice on Delayed 10-Q
-------------------------------------------------------------------
Synchronoss Technologies, Inc., a global leader and innovator of
cloud, messaging, digital and IoT products, on June 8, 2018,
disclosed that it has received an anticipated letter from the
Listing Qualifications Department of The Nasdaq Stock Market
notifying the Company that its failure to file its Quarterly Report
on Form 10-Q for the period ended March 31, 2018 would serve as a
basis for potentially delisting the Company's securities from The
Nasdaq Stock Market.

A previously disclosed, the Company's common stock was suspended
from trading on Nasdaq on May 14, 2018.  The Company has appealed
the decision to the Nasdaq Listing and Hearing Review Council.
During the appeal period, trading in the Company's common stock on
Nasdaq will remain suspended and Nasdaq will not effect a delisting
of the Company's common stock.  Once the Company has regained
compliance with its SEC reporting obligations, the Company intends
to request Nasdaq lift the suspension and allow the Company's
common stock to recommence trading on Nasdaq.  As previously
disclosed, the Company anticipates regaining compliance with its
SEC reporting obligations no later than June 30, 2018.

                       About Synchronoss

Synchronoss (NASDAQ:SNCR) -- http://www.synchronoss.com/--
transforms the way companies create new revenue, reduce costs and
delight their subscribers with cloud, messaging, digital and IoT
products, supporting hundreds of millions of subscribers across the
globe.  Synchronoss' secure, scalable and groundbreaking new
technologies, trusted partnerships and talented people change the
way Technology-Media-Telecommunications customers grow their
business.


TINTRI INC: Reports Fiscal 2019 Results, In Breach of Covenants
---------------------------------------------------------------
Tintri, Inc., a provider of enterprise cloud platforms, on June 15
reported its preliminary results for its first quarter fiscal 2019
which ended on April 30, 2018, and provided a liquidity and
business update.  These preliminary financial results are based on
current information and are subject to revision upon finalization
of the company's accounting and financial reporting procedures and
completion of the quarterly review.

Preliminary First Quarter Fiscal 2019 Financial Results; Liquidity
and Business Update

   -- The company is currently in breach of certain covenants under
its credit facilities and likely does not have sufficient liquidity
to continue its operations beyond June 30, 2018.

   -- The company continues to evaluate its strategic options,
including a sale of the company.

   -- Q1 revenue is expected to be approximately $22 million and
GAAP net loss per share is expected to be approximately ($1.14).
These financial results are preliminary and the company's
independent registered public accounting firm has not completed its
review of these preliminary financial results.

As of April 30, 2018, and May 31, 2018, Tintri held aggregate cash
and cash equivalents of $30.9 million and $11.5 million,
respectively.  Based on the company's current cash projections, and
regardless of whether its lenders were to choose to accelerate the
repayment of the company's indebtedness under its credit
facilities, the company likely does not have sufficient liquidity
to continue its operations beyond June 30, 2018.  The company
continues to evaluate its strategic options, including a sale of
the company.  Even if the company is able to secure a strategic
transaction, there is a significant possibility that the company
may file for bankruptcy protection, which could result in a
complete loss of shareholders' investment.

As of April 30, 2018, the company had $15.4 million of principal
indebtedness outstanding under its line of credit with Silicon
Valley Bank, or SVB, and $50.0 million under its credit facility
with TriplePoint Capital, or TriplePoint.  The company does not
currently have any borrowing capacity available under either credit
facility.  Since May 31, 2018, the company has not been in
compliance with certain financial and other covenants under these
credit facilities, and SVB or TriplePoint may declare an event of
default at any time.  If either lender were to declare an event of
default, the debt outstanding under the relevant facility would
become immediately due and payable.  The company does not at
present, and may not in the future, have sufficient liquidity to
repay amounts outstanding under its debt facilities should they
become immediately due and payable.  The company also has $25.0
million in principal amount of subordinated indebtedness
outstanding in addition to other liabilities.

The company's financial condition exposes its business to a number
of risks.  Existing and potential customers and suppliers have
expressed concerns regarding the company's financial condition,
which may negatively impact the company's ability to sell and ship
products and services.  In addition, the company's financial
condition may adversely affect its ability to continue to attract
and retain key personnel and other employees.  Tintri expects its
bookings and revenues to be significantly impacted in the second
quarter by its liquidity constraints and overall financial
condition.

The closing bid price of the company's common stock on the Nasdaq
Stock Market has been less than $1.00 per share since May 22, 2018.
In accordance with Nasdaq rules, if the company's closing bid
price is less than $1.00 per share for 30 consecutive business
days, then the company's shares may eventually be delisted from and
cease to trade on the Nasdaq Stock Market.  Following such a
delisting, Tintri's common stock may trade only on the
over-the-counter market, or not at all.

Quarterly Report on Form 10-Q for Q1 2019

On June 15, 2018, Tintri filed a Notice of Late Filing with regards
to its Quarterly Report on Form 10-Q for its first quarter of
fiscal 2019 with the Securities and Exchange Commission (SEC). The
company's evaluation of its strategic options has required a
considerable amount of time from the company's management and other
personnel that would otherwise be dedicated to the preparation of
this Quarterly Report.  The company has also experienced recent
losses of employees whose job functions related to the preparation
of the Quarterly Report.  As a result of these and related factors,
the company requires additional time to complete the preparation
and review of the Quarterly Report and the financial statements
contained therein.  The company anticipates filing this Quarterly
Report with the SEC in June 2018, although after the due date
prescribed by SEC rules.

First Quarter Fiscal 2019 Final Financial Results

The financial results for the fiscal quarter ended April 30, 2018,
discussed herein are presented on a preliminary basis.  Final
financial results for this period will be included in the company's
Quarterly Report on Form 10-Q for the period ended April 30, 2018.

Second Quarter Financial Outlook and First Quarter Conference Call

Tintri is not providing guidance for its second quarter of fiscal
2019 and the company will not be holding a conference call for its
first quarter fiscal 2019 financial results.

                          About Tintri

Founded in 2008 and headquartered in Mountain View, California,
Tintri, Inc. (NASDAQ:TNTR) -- http://www.tintri.com/-- develops
and markets an enterprise cloud platform combining cloud management
software technology and a range of all-flash and hybrid storage
systems, for virtualized and cloud environments.

The report from the Company's independent accounting firm KPMG LLP,
the Company's auditor since 2014, on the Company's consolidated
financial statements for the year ended Jan. 31, 2018, contains an
explanatory paragraph stating that the Company has incurred
negative cash flows from operations, is required to maintain
compliance with certain financial covenants and, regardless of the
financial covenants, the Company likely does not have sufficient
cash to meet its obligations associated with its operating
activities beyond June 30, 2018.  Together, these factors raise
substantial doubt about the Company's ability to continue as a
going concern.

Tintri incurred net losses of $157.7 million for the year ended
Jan. 31, 2018, $105.80 million for the year ended Jan. 31, 2017,
and $100.96 million for the year ended Jan. 31, 2016.  As of Jan.
31, 2018, Tintri had $76.24 million in total assets, $167.95
million in total liabilities, and a total stockholders' deficit of
$91.71 million.


TINTRI INC: Terminating 200 Employees Amid Cash Woes
----------------------------------------------------
The board of directors of Tintri, Inc., has approved a reduction in
force of approximately 200 employees.  The reduction in force is
ongoing and the Company expects to complete it shortly.  Following
this reduction in force, the Company expects to have between 40 and
50 employees.

The Company has not yet determined the amount of cash expenditures,
substantially all of which consist of payroll-related costs, or the
total expense that will be incurred in connection with the
reduction in force.  The Company is undertaking this reduction in
force as part of an effort to preserve its cash resources.  The
Company has very limited cash resources remaining and currently
does not expect to have sufficient liquidity to continue its
operations beyond June 30, 2018.

As previously announced, the Company has received notice of
noncompliance from the Nasdaq Stock Market, which may result in the
Company's securities being delisted from Nasdaq.  Following such a
delisting, the Company's common stock may trade only on the
over-the-counter market, or not at all.

The Company cautions that the trading price of the Company's
securities is volatile, highly uncertain and subject to substantial
risks.  Trading prices for the Company's securities may bear little
or no relationship to future stockholder returns, and the Company
currently does not anticipate that stockholders will receive any
return on their shares.

In connection with the reduction in force, the Company terminated
the employment of Tom Cashman, who was serving as executive vice
president, Worldwide Sales and Alliances, effective as of June 25,
2018.

                        About Tintri

Founded in 2008 and headquartered in Mountain View, California,
Tintri, Inc. -- http://www.tintri.com/-- offers an enterprise
cloud infrastructure built on a public-cloud like web services
architecture and RESTful APIs.  Organizations use Tintri all-flash
storage with scale-out and automation as a foundation for their own
clouds -- to build agile development environments for cloud native
applications and to run mission-critical enterprise applications.

The report from the Company's independent accounting firm KPMG LLP,
the Company's auditor since 2014, on the Company's consolidated
financial statements for the year ended Jan. 31, 2018, contains an
explanatory paragraph stating that the Company has incurred
negative cash flows from operations, is required to maintain
compliance with certain financial covenants and, regardless of the
financial covenants, the Company likely does not have sufficient
cash to meet its obligations associated with its operating
activities beyond June 30, 2018.  Together, these factors raise
substantial doubt about the Company's ability to continue as a
going concern.

Tintri incurred net losses of $157.7 million for the year ended
Jan. 31, 2018, $105.8 million for the year ended Jan. 31, 2017, and
$100.96 million for the year ended Jan. 31, 2016.  As of Jan. 31,
2018, Tintri had $76.24 million in total assets, $167.95 million in
total liabilities, and a total stockholders' deficit of $91.71
million.


VANITY SHOP: Agreed with Committee on Plan Administrator
--------------------------------------------------------
Vanity Shop of Grand Forks, Inc., filed with the U.S. Bankruptcy
Court for the District of North Dakota a Third Plan of Liquidation
following the Court's denial of confirmation of the Debtor's Second
Plan of Liquidation in May.

The Court stated at the May hearing that the Debtor is granted
until June 22, 2108, to file a third modified plan.  The matter was
referred for Mediation.  The day prior to mediation, the Debtor
filed its Third Amended Chapter 11 Plan dated June 18, 2018.
Mediation was held on Tuesday, June 19, 2018, and the
parties to the mediation reached a settlement which was read into
the record.

The Debtor requests that the June 22, 2018, deadline for filing the
a modified Third Plan be extended to Friday, June 29, 2018, for the
following reasons:

   1. The written settlement agreement is at present being
circulated for review and approval of the parties, and has not yet
been signed by the involved parties;

   2. The Debtor intends to withdraw its Third Plan dated June 18,
2018 and file a modification of the same in consultation with the
Unsecured Creditors Committee.  The Committee has not yet had an
opportunity to review the proposed revisions by Debtor.

   3. At mediation, Debtor and the Committee agreed on a Plan
Administrator; the new proposed Plan Administrator has not yet had
an opportunity to fully review and clear any potential conflicts.

   4. The Committee has advised that it supports Debtor’s request
for a one-week extension.

Under the Third Plan, Class 3 will consist of unsecured Allowed
Claims not entitled to priority where the total of the unsecured
Allowed Claim does not exceed $1,500.00. Any unsecured creditor
whose claim exceeds $1,500.00 may elect by voting on the Plan to be
treated as a Class 3 Convenience Class creditor by electing to
reduce their Claim to $1,500.00. The holders of Class 3 Allowed
Claims will be paid a total of 50% of their Allowed Claims as soon
as reasonably practicable after the Effective Date. Such payments
shall be in full satisfaction of each Class 3 Allowed Claim. The
Debtor estimates there are approximately $105,000 in Allowed Claims
in Class 3.

Class 4 general unsecured claims will receive its Pro Rata share of
the First Interim Distribution (if the Claim is deemed Allowed as
of the Record Date) and Subsequent Interim Distributions after
payment in full of (or reserve for) Plan Administration Expenses,
all Allowed Administrative Claims (includingProfessional Fee
Claims, Administrative Tax Claims, and Priority Tax Claims),
Allowed Claims in Class 2, and Allowed Claims in Class 3, and the
Claims Reserve. Subsequent Interim Distributions and the final
Distribution on Class 4 Allowed Claims shall be made as soon as
reasonably practicable after the Effective Date and after the
reconciliation of all Class 4 Claims. Such Distributions shall be
in full satisfaction of each Class 4 Allowed Claim with the
effective date of the satisfaction being the Final Distribution
Date. The holders of Allowed Claims in Class 4 shall be paid Pro
Rata based on the aggregate Face Amount of all Allowed Class 4 -
General Unsecured Claims.

The Plan will be implemented by the establishment of the Plan
Administrator.

A full-text copy of the Third Plan of Liquidation dated June 18,
2018, is available at:

           http://bankrupt.com/misc/ndb18-3011-1361.pdf

               About Vanity Shop of Grand Forks

Women's wear retailer Vanity Shop of Grand Forks, Inc., filed a
Chapter 11 petition (Bankr. D.N.D. Case No. 17-30112) on March 1,
2017, after announcing plans to close all of its 137 Vanity stores
in 27 states.  James Bennett, chairman of the Board of Directors,
signed the petition.  The Debtor estimated assets of less than
$100,000 and liabilities of $10 million to $50 million.

Judge Shon Hastings presides over the case.

Caren Stanley, Esq., at Vogel Law Firm, serves as the Debtor's
bankruptcy counsel.  The Debtor hired Eide Bailly, LLP as auditor;
Bell Bank as trustee for the ERISA Plan; and Jill Motschenbacher as
accountant.

On March 10, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The Committee retained
Fox Rothschild LLP as bankruptcy counsel, BGA Management, LLC, as
financial advisor, and Brady Martz & Associates PC, as accountant.

On June 16, 2017, Hilco IP Services, LLC d/b/a Hilco Streambank,
was appointed as the Debtor's Intellectual Property Disposition
Consultant, nunc pro tunc to May 12, 2017.

On Aug. 2, 2017, Diamond B Technology Services, LLC, was appointed
as IT Consultant.


VASARI LLC: Creditors' Committee Hires ASK LLP as Special Counsel
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Vasari, LLC, seeks
authorization from the U.S. Bankruptcy Court for the Northern
District of Texas to retain ASK LLP, as special counsel to the
Committee.

The Committee requires ASK LLP to assist the Committee in the
investigation, prosecution, recovery and, if appropriate,
settlement of avoidance actions under sections 544 through 550 of
the Bankruptcy Code.

ASK LLP will be paid at as follows:

   a. Pre Suit. ASK LLP will earn legal fees on a contingency
      basis of 20% of the cash value of any recoveries and the
      cash equivalent value to the estate of any claim waiver
      obtained from a potential defendant of an Avoidance Action
      after ASK LLP issues a demand letter but prior to
      initiating an Avoidance Action proceeding against such
      defendant.

   b. Post Suit. ASK LLP will earn legal fees on a contingency
      basis of 25% of the cash value of any recoveries and the
      cash equivalent value of any claim waiver obtained in
      connection with the settlement of any Avoidance Action
      after ASK LLP initiates such Avoidance Action proceeding
      but prior to obtaining a judgment in connection therewith.

   c. Post Judgment. ASK will earn legal fees on a contingency
      basis of 30% of the cash value of any recoveries and the
      cash equivalent value to the estate of any claim waiver
      obtained from an Avoidance Action defendant after ASK LLP
      obtains a judgment against such defendant.

ASK LLP will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Edward E. Neiger, co-managing principal of ASK LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtor; (b)
has not been, within two years before the date of the filing of the
Debtor's chapter 11 petition, directors, officers or employees of
the Debtor; and (c) does not have an interest materially adverse to
the interest of the estate or of any class of creditors or equity
security holders, by reason of any direct or indirect relationship
to, connection with, or interest in, the Debtor, or for any other
reason.

ASK LLP can be reached at:

     Edward E. Neiger, Esq.
     ASK LLP
     151 West 46th Street, 4th Floor
     New York, NY 10036
     Tel: (212) 267-73342
     Fax: (212) 918-3427

                       About Vasari, LLC

Fort Worth, Texas-based Vasari, LLC -- http://www.vasarillc.com/--
is a franchisee of the Dairy Queen restaurant with 70 locations in
Texas, Oklahoma, and New Mexico.  The Dairy Queen restaurants serve
a normal fast-food menu featuring burgers, French fries, salads and
grilled and crispy chicken in addition to frozen treats and hot
dogs.

Roundtable Corporation, Food Service Holdings, Ltd. ("FSH"), and
Concert Management, Ltd., Vasari's predecessors-in-interest to
several of the DQ locations, sought bankruptcy protection (Bankr.
E.D. Tex. Lead Case NO. 12-40510) in March 2012.  On June 28, 2012,
Vasari -- at the time owned by other individuals and entities
unrelated to the current owner -- acquired the assets of
Roundtable, et al., including 71 DQ franchises, in exchange for
$10,500,000. After operating Vasari for approximately 18 months,
EMP Vasari Holding, LLC entered into a Membership Interests
Purchase Agreement dated December 2015, purchasing 100% of the
equity of Vasari from the prior owners. Since that date, Vasari
sold 4, closed 5, relocated 1, and opened 6 DQ stores.

Vasari, LLC, sought Chapter 11 protection (Bankr. N.D. Tex. Case
No. 17-44346) on Oct. 30, 2017, with plans to close 29 locations.
The Debtor estimated assets and debt of $10 million to $50
million.

The Hon. Mark X. Mullin is the case judge.

Husch Blackwell LLP is the Debtor's counsel.  The Advantage Group
Enterprise, Inc., is the auctioneer.  Donlin, Recano & Company,
Inc., is the claims agent. Mastodon Ventures, Inc., is the
financial advisor and investment banker.

On Nov. 9, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The Committee tapped
Gray Reed & McGraw LLP as its legal counsel, ASK LLP, as special
counsel, and Emerald Capital Advisors Corp. as its financial
advisor.


VENTURE INVESTMENTS: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Venture Investments Group, Inc.
           dba Burton's Total Pet
        3080 McIntyre Square
        Pittsburgh, PA 15237

Business Description: Venture Investments Group, Inc. dba Burton's
                      Total Pet -- totalpetstores.com -- is a
                      provider of pet care, pet information and
                      pet supplies serving the Pittsburgh areas
                      since 1993.  Total Pet provides VIP petcare
                      community veterinary clinics, self-service
                      dog wash and bed & breakfast boarding.

Chapter 11 Petition Date: June 26, 2018

Case No.: 18-22561

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Pittsburgh)

Debtor's Counsel: Christopher M. Frye, Esq.
                  STEIDL & STEINBERG
                  28th Floor - Gulf Tower
                  707 Grant Street
                  Pittsburgh, PA 15219-1908
                  Tel: 412-391-8000
                  Fax: 412-391-0221
                  E-mail: chris.frye@steidl-steinberg.com
                          kenny.steinberg@steidl-steinberg.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Burton Patrick, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:

                  http://bankrupt.com/misc/pawb18-22561.pdf


WELLNESS ANALYSIS: Quilling Represents Rosenburg, QA Group
----------------------------------------------------------
In the bankruptcy case of Wellness Analysis, LLC, the law firm of
Quilling, Selander, Lownds, Winslett & Moser, P.C. submitted a
verified statement pursuant to Rule 2019 of the Federal Rules of
Bankruptcy Procedure.

The Firm represents the interests of the following claimants:

      1. Wade Rosenburg
         4841 Keller Springs
         Addison, TX 75001

      2. QA Group dba Quantum Analytics
         1283 College Park Dr.
         Dover, DE 19904

The Firm was retained by the Claimants to represent their
respective interests in the bankruptcy case.

The Firm can be reached at:

         John Paul Stanford, Esq.
         Eric A. Zukoski, Esq.
         QUILLING, SELANDER, CUMMISKEY & LOWNDS, P.C.
         2001 Bryan Street, Suite 1800
         Dallas, TX 75201
         Tel: (214) 871-2100
         Fax: (214) 871-2111

                   About Wellness Analysis

Wellness Analysis LLC operates a clinical medical laboratory in
Farmer Branch, Texas.  The laboratory conducts tests on clinical
specimens to get specific information about the health of a patient
to help in diagnosing, treating and preventing diseases.

Wellness Analysis filed its voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No.
18-41066) on May 24, 2018.  In the petition signed by Mustopha
Oulad Chikh, sole member, the Debtor estimated $1 million to $10
million in both assets and liabilities.  Eric A. Liepins and the
law firm of Eric A. Liepins, P.C., serve as the Debtor's counsel.


WINDLEY KEY: Case Summary & 4 Unsecured Creditors
-------------------------------------------------
Debtor: Windley Key One, L.L.C.
        c/o Joel Tabas, trustee (Brenda Nestor)
        25 SE 2nd Avenue, Suite 248
        Miami, FL 33131
        Tel: 305.375.8171

Business Description: Windley Key One, L.L.C. is a real estate
                      company that owns approximately 9 acres
                      of vacant land in Windley Key, Monroe
                      County, Florida with an appraised value of
                      $4.10 million.

Chapter 11 Petition Date: June 26, 2018

Case No.: 18-17608

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Hon. Jay A. Cristol

Debtor's Counsel: Drew M. Dillworth, Esq.
                  STEARNS WEAVER MILLER WEISSLER ALHADEFF &
                  SITTERSON, P.A.
                  Museum Tower, Suite 2200
                  150 West Flagler Street
                  Miami, FL 33130
                  Tel: (305) 789-3598
                  Fax: (305) 789-3395
                  E-mail: ddillworth@stearnsweaver.com

Total Assets: $4.10 million

Total Liabilities: $2 million

The petition was signed by Joel Tabas, trustee.

A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at:

                http://bankrupt.com/misc/flsb18-17608.pdf


[*] Beard Group 25th Annual Distressed Investing Conference Nov. 26
-------------------------------------------------------------------
Conway MacKenzie is the latest sponsor for Beard Group's 2018
Distressed Investing (DI) Conference on Nov. 26, 2018.

Conway, a global management consulting and financial advisory firm,
joins law firm Foley & Lardner, DSI (Development Specialist Inc.),
provider of management consulting and financial advisory services,
and Longford Capital, a private investment company, in partnering
with the DI Conference, as it marks its Silver (25th) Anniversary
this year. This milestone denotes the event as the oldest,
influential DI conference in U.S. The day-long program will be held
at The Harmonie Club in New York City.  All four firms have been
supporting the DI Conference in past.

For a quarter of a century, the DI Conference's focus has been on
"Maximizing Profits in the Distressed Debt Market."  The event also
serves as a forum for leaders in corporate restructuring, lending
and debt and equity investments to gather and discuss the latest
topics and trends in the distressed investing industry, as well as
exchange ideas about high-profile chapter 11 bankruptcy proceedings
and out-of-court restructurings. These are distinguished
professionals who place their resources and reputations at risk to
produce stellar results by preserving jobs, rebuilding broken
businesses, and efficiently redeploying underutilized assets in the
marketplace.

The conference will also feature:

     * a luncheon presentation of the Harvey K. Miller Award to
       Edward I. Altman, Professor of Finance, Emeritus, New York
       University's Stern School of Business.  The award will be
       presented by last year's winner billionaire Marc Lasry,
       Altman's  former student.

     * an evening awards dinner recognizing the 2018 Turnarounds
       & Workouts Outstanding Young Restructuring Lawyers.

To register for the one-day conference visit:

          https://www.distressedinvestingconference.com/
     Discounted early registration tickets are now available.

To learn how you can be a sponsor and participate in shaping the
day-long program, contact:

            Bernard Tolliver at bernard@beardgroup.com
                   or Tel: (240) 629-3300 x-149

To learn about media sponsorship opportunities to bring your outlet
into the view of leaders in corporate restructuring, lending and
debt and equity investments, and

To expand your network of news sources, contact:

                 Jeff Baxt at jeff@beardgroup.com
                    or (240) 629-3300, ext 150


[*] Judge John Copenhaver to Receive American Inns of Court Award
-----------------------------------------------------------------
Judge John T. Copenhaver, Jr., has been selected to receive the
prestigious 2018 American Inns of Court Professionalism Award for
the Fourth Circuit.  He will be presented with the award by Chief
Judge Roger L. Gregory at the Fourth Circuit Annual Judicial
Conference in June at The Greenbrier Resort.

Judge Copenhaver is a U.S. District Judge for the Southern District
of West Virginia, who has served on the bench for 60 years,
entering hundreds of opinions there and by designation on the U.S.
Court of Appeals for the Fourth Circuit.  He also presided for more
than 30 years over naturalization ceremonies in the district.  He
has been a prominent national expert on bankruptcy law and was a
driving force behind the modernization of the American insolvency
system.  He was a member of the National Bankruptcy Conference,
which studies bankruptcy laws and generates reform proposals,
serving as a consultant to Congress.

While serving as president of the National Conference of Bankruptcy
Judges from 1975 to 1976, Judge Copenhaver played an instrumental
role in the events leading to passage of the Bankruptcy Reform Act
of 1978, including testifying before the Subcommittee on
Bankruptcy.  In a question-and-answer interview published in People
magazine in March 1976, he explained the bankruptcy system to the
general public.  Judge Copenhaver also served on the U.S. Judicial
Conference Advisory Committee on Bankruptcy Rules from 1978 to
1982.

Judge Copenhaver earned his JD from West Virginia University School
of Law, where he taught a course in creditor's rights for six years
while on the bench, earning the school's Gavel Award in 1971.  An
endowed chair in his name was established in 2003 by the Sarah and
Pauline Maier Foundation.

Committed to providing affordable housing for all West Virginians,
Judge Copenhaver served on and chaired the West Virginia Housing
Development Fund and served as president of the Municipal Planning
Commission of the City of Charleston, WV.  He received Medal of
Merit from the local American Legion Post in 2008.  He is an
Emeritus member of the Judge John A. Field, Jr. American Inn of
Court.

The American Inns of Court, headquartered in Alexandria, Virginia,
fosters excellence in professionalism, ethics, civility, and legal
skills.  The organization's membership includes more than 31,000
federal, state, and local judges; lawyers; law professors; and law
students in nearly 380 chapters nationwide and more than 100,000
alumni members.


[*] Moody's Assigns CRRs to Subsidiaries of 60 US Banking Groups
----------------------------------------------------------------
Moody's Investors Service has assigned local currency and foreign
currency Counterparty Risk Ratings to the rated bank subsidiaries
of 60 US banking groups.

Moody's Counterparty Risk Ratings (CRRs) are opinions of the
ability of entities to honor the uncollateralized portion of
non-debt counterparty financial liabilities (CRR liabilities) and
also reflect the expected financial losses in the event such
liabilities are not honored. CRR liabilities typically relate to
transactions with unrelated parties. Examples of CRR liabilities
include the uncollateralized portion of payables arising from
derivatives transactions and the uncollateralized portion of
liabilities under sale and repurchase agreements. CRRs are not
applicable to funding commitments or other obligations associated
with covered bonds, letters of credit, guarantees, servicer and
trustee obligations, and other similar obligations that arise from
a bank performing its essential operating functions.

The following ratings were assigned:

Issuer: Amarillo National Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: American Express National Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Associated Bank, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: BMO Harris Bank National Association

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: BMW Bank of North America

Local currency and foreign currency Long-term Counterparty Risk
Rating of A1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: BOKF, NA

Local currency and foreign currency Long-term Counterparty Risk
Rating of A2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Banco Popular de Puerto Rico

Local currency and foreign currency Long-term Counterparty Risk
Rating of B1

Local currency and foreign currency Short-term Counterparty Risk
Rating of NP

Issuer: Banco Santander Puerto Rico

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: BankUnited, National Association

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-3

Issuer: Bank of Hawaii

Local currency and foreign currency Long-term Counterparty Risk
Rating of A1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Bank of the West

Local currency and foreign currency Long-term Counterparty Risk
Rating of A2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Branch Banking and Trust Company

Local currency and foreign currency Long-term Counterparty Risk
Rating of A1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: CIBC Bank USA

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: CIT Bank, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of Ba1

Local currency and foreign currency Short-term Counterparty Risk
Rating of NP

Issuer: Capital One, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Capital One Bank (USA), N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: City National Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Citizens Bank, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Citizens Bank of Pennsylvania

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Comerica Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Commerce Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Compass Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Deutsche Bank National Trust Company

Long-term Local and Foreign Currency Counterparty Risk Rating,
Assigned Baa1

Short-term Local and Foreign Currency Counterparty Risk Rating,
Assigned P-2

Issuer: Deutsche Bank Trust Company Americas

Long-term Local and Foreign Currency Counterparty Risk Rating,
Assigned Baa1

Short-term Local and Foreign Currency Counterparty Risk Rating,
Assigned P-2

Issuer: Deutsche Bank Trust Company Delaware

Long-term Local and Foreign Currency Counterparty Risk Rating,
Assigned Baa1

Short-term Local and Foreign Currency Counterparty Risk Rating,
Assigned P-2

Issuer: Discover Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-3

Issuer: E*TRADE Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Fifth Third Bank, Ohio

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: FirstBank Puerto Rico

Local currency and foreign currency Long-term Counterparty Risk
Rating of B3

Local currency and foreign currency Short-term Counterparty Risk
Rating of NP

Issuer: First-Citizens Bank & Trust Company

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: First Hawaiian Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: First Midwest Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: First National Bank of Omaha

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: First National Bank of Pennsylvania

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: First Republic Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: First Tennessee Bank, National Association

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Frost Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Fulton Bank, National Association

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: HSBC Bank USA, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of Aa3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Hancock Whitney Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Huntington National Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: INTRUST Bank, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: KeyBank National Association

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: MB Financial Bank, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa3, on review for upgrade

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-3, on review for upgrade

Issuer: MUFG Union Bank, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of A1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Manufacturers and Traders Trust Company

Local currency and foreign currency Long-term Counterparty Risk
Rating of A2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: New York Community Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Northern Trust Company

Local currency and foreign currency Long-term Counterparty Risk
Rating of A1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Old National Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: People's United Bank, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: PNC Bank, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of A2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Regions Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Sallie Mae Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of Ba1

Local currency and foreign currency Short-term Counterparty Risk
Rating of NP

Issuer: Santander Bank, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Silicon Valley Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: SunTrust Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Synovus Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-3

Issuer: TCF National Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: TD Bank, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of A1

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: Texas Capital Bank, National Association

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: U.S. Bank National Association

Local currency and foreign currency Long-term Counterparty Risk
Rating of Aa3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: United Bank

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Webster Bank N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of A3

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

Issuer: Wilmington Trust, National Association

Local currency and foreign currency Long-term Counterparty Risk
Rating of A2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1

Issuer: ZB, N.A.

Local currency and foreign currency Long-term Counterparty Risk
Rating of Baa2

Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2

The following ratings were upgraded:

Issuer: HSBC Bank USA, N.A.

Long-term Counterparty Risk Assessment, upgraded to Aa3(cr)

RATINGS RATIONALE

Moody's expects the banks subject to this rating action will be
resolved through an Operational Resolution Regime (ORR) in the
event of failure, but are likely to be wound-down and liquidated
through FDIC receivership and Title I of the Dodd-Frank Act rather
than being resolved as going-concerns under Title II of the
Dodd-Frank Act.

In Moody's view, secured counterparties to banks typically benefit
from greater protections under insolvency laws and bank resolution
regimes than do senior unsecured creditors, and that this benefit
is likely to extend to the unsecured portion of such secured
transactions in most bank resolution regimes. Moody's believes that
in many cases regulators will use their discretion to allow a bank
in resolution to continue to honor its CRR liabilities or to
transfer those liabilities to another party who will honor them.
However in the US, the FDIC has a narrower mandate of effecting a
resolution at the lowest cost. As such, Moody's believes that the
FDIC, in fulfilling this mandate, will consider the extent to which
honoring the failed bank's operating obligations supports the value
of the franchise in receivership (and the amount a potential
acquirer is willing to pay), thus reducing the cost to the FDIC and
increasing the loss severity on CRR obligations.

Therefore, the CRRs for rated bank subsidiaries of 59 of the US
banking groups covered in this action are equal to each bank's
adjusted baseline credit assessment (BCA) and one notch below the
level of each bank's counterparty risk assessment (CRA). This
reflects Moody's general expectation that CRR liabilities face high
loss severity in default, because Moody's expects the volume of
this tranche of liabilities for such banks to be very small as
failure or default approaches and the amount of more junior ranking
liabilities would also be more limited.

Moody's has also upgraded the Counterparty Risk Assessment (CRA)
for HSBC Bank USA, N.A. to Aa3(cr) from A1(cr). While Moody's
expects HBSC Bank USA will be subject to full FDIC receivership
similar to the other US banks covered by this action, the rating
agency noted that HSBC Bank USA has a more significant volume of
counterparty exposures and a more significant amount of debt
outstanding at the bank and its immediate parent holding company
than is the case at the other US banks covered by this action. The
rating agency believes those considerations, together with the
bank's importance to the operations of the global HSBC group,
increases the likelihood that the US FDIC will not pursue an
outright liquidation of the bank but will instead, in cooperation
with foreign resolution authorities, seek to sustain in resolution
for a period of time those operations of the bank which are most
important for the preservation of the group as a going concern.

Moody's believes such a strategy would still be consistent with the
FDIC's mandate to pursue a least cost resolution under the Federal
Deposit Insurance Act since a more rapid wind-down and the
imposition of losses on client counterparties would cause a more
severe erosion of enterprise value at the bank as well as at the
group as a whole. At Aa3(cr) the bank's CRA is two notches above
its adjusted BCA, reflecting a lower probability of default for the
bank's operational liabilities based on the expected resolution
strategy as well as the significant amount of debt outstanding that
is junior to the bank's CRR obligations.

The Aa3 CRR assigned to HSBC Bank USA N.A. is in line with the
bank's CRA of Aa3(cr) and is two notches above the bank's a2
adjusted BCA. The rating agency believes the significant amount of
debt outstanding provides greater loss protection for the bank's
CRR obligations which should lower the severity of loss on such
obligations relative to the other banks covered by this action. As
a result, the assigned CRR is in line with the bank's CRA rather
than being one notch below the CRA.

Rating pressure on the CRRs for the rated bank subsidiaries of all
of the US banking groups covered by this action will come from
rating pressure on the banks' BCAs.

What Could Change the Rating Up/Down

Amarillo National Bank

Upward rating pressure would emerge if the bank improved its
geographical diversification without increasing its risk profile,
which Moody's see as unlikely. Downward movement in the BCA could
emerge if Moody's believe the bank's underwriting standards are
weakening, possibly evidenced by above-average loan growth. An
extended period of lower oil prices beyond Moody's expectations
could also be credit negative, particularly if credit costs in the
energy or non-energy portfolio are expected to be significant.

American Express National Bank

Moody's does not see upward rating movement on the standalone BCA
from the current level given the company's funding structure and
potential exposure to changes in interchange rates from competitive
and/or regulatory initiatives. Downward pressure on the standalone
BCA would occur if there was significant erosion in the firm's
liquidity position, material decline in profitability such that
return on average assets dropped below 3.0% or material
deterioration in Amex's credit performance or capital levels.

Associated Bank, N.A.

For upward rating pressure to emerge, Associated would need to show
material improvement in its capital ratios as well as sustained
improvement in core profitability. Downward movement in the BCA
could occur if there is a decline in asset quality or
capitalization.

BMO Harris Bank National Association

Upward rating pressure would emerge if BMO's U.S. profitability and
efficiency profile materially improve. Downward movement in the BCA
could emerge if the bank's asset quality deteriorates.

BMW Bank of North America

BMW Bank could be upgraded if its ultimate parent BMW AG is
upgraded, provided the bank maintains a solid financial profile and
parental support remains intact. The most likely source of positive
pressure on BMW Bank's BCA would be a strengthened liquidity
profile. A downgrade of ultimate parent BMW AG or deterioration of
parental support would result in a downgrade of BMW Bank's ratings.
Deterioration in asset quality beyond expectations and sustained
weakening in profitability, liquidity and capital adequacy in
relation to peers could result in negative pressure on the bank's
BCA.

BOKF, NA

Upward movement in the bank's BCA would depend on substantial and
sustained improvement in profitability, capital, or asset quality.
A meaningful reduction in the bank's energy concentration would
also be credit positive because the energy sector has proven to be
somewhat volatile. Downward movement in the BCA could emerge if the
bank reduced its capital position and increased its market funding
reliance.

Banco Popular de Puerto Rico

The destruction from Hurricane Maria eliminates the likelihood of
upward movement in Popular's standalone BCA in the near term. In
the long term, it could be upgraded if Moody's observes sustained
improvement in the bank's problem loan levels and profitability,
and the bank maintains strong capitalization and liquidity.
Popular's standalone BCA could be downgraded if Moody's believes
that the recovery after Hurricane Maria will not materialize as
anticipated.

Banco Santander Puerto Rico

BSPR's standalone BCA could be upgraded if Moody's observes
sustained improvement in the bank's problem loan levels and
profitability, coupled with maintenance of strong capital and
liquidity. BSPR's standalone BCA could be downgraded if Moody's
believes there will be a sharp increase in problem loans as a
consequence of Puerto Rico's economic or fiscal challenges. Any
deterioration in funding could also create negative rating
pressure.

BankUnited, National Association

Upward rating movement in the standalone BCA could emerge as
BankUnited's loan portfolio matures and its growth rate continues
to moderate. Sustained improvement in its core funding profile
would also be positive. A significant weakening of BankUnited's
asset quality profile would result in negative rating pressure.

Bank of Hawaii

Given the negative outlook, there is limited upward rating pressure
at this time. To return the outlook to stable, BOH's risk weighted
capital and liquidity metrics would need to stabilize. A
continuation of the declining trend in BOH's risk weighted capital
metrics and/or liquid resources would lead to downward rating
pressure. Downward movement in the BCA could also result from
expansion initiatives which do not complement BOH's island-based
regional banking franchise and which could in turn result in a
worsening of asset quality.

Bank of the West

Upward rating pressure at BW is constrained by its ownership by
BNPP, which has a standalone BCA that is currently two notches
lower. BW would also need to achieve higher levels of profitability
and core deposit funding relative to a2 peers to be considered for
an upgrade. Absent the influence of rating movement at BNPP, the
most likely source of negative pressure on the ratings of BW would
be a reversal of recent positive trends in asset quality or
profitability.

Branch Banking and Trust Company Positive rating movement on BB&T's
BCA is not likely given how highly it is rated. For upward rating
pressure to emerge, BB&T's capital metrics and profitability would
have to improve substantially without a related increase in its
risk appetite. Downward rating pressure on BB&T's BCA would emerge
if Moody's sensed any erosion in its risk discipline, if its
capital position declined or if it became more aggressive in the
pursuit of acquisitions, or if its profitability fell below an ROAA
of 1.0%.

CIBC Bank USA

Factors that could lead to an upgrade with respect to CIBC Bank
USA's standalone BCA include a funding base that was more reliant
on core retail deposits would be viewed favorably, as would more
robust capital. Moderated loan growth and reduced concentration
risk could also generate positive rating pressure. Factors that
could lead to a downgrade with respect to CIBC Bank USA's
standalone BCA include more aggressive loan growth that increased
concentration risk, or more reliance on wholesale funding.

CIT Bank, N.A.

Moody's could upgrade CIT's ratings if: 1) net profitability
stabilizes based on a decrease in business transition related
expenses, effective management of credit and cyclical business
challenges, and achieving targeted reductions in operating costs;
2) the stability and quality of deposits continues to positively
evolve; and 3) if capital strength remains adequate given the
composition of business risks. Moody's could downgrade CIT's
ratings if the bank's net finance margin weakens materially, asset
quality declines materially, and consolidated capital position
declines to less than 10% TCE/RWA.

Capital One, N.A. and Capital One Bank (USA), N.A.

Given the increase in charge-offs and reduced profitability over
the last several years, an upgrade in Capital One's BCA is
unlikely. Capital One's BCA and ratings could move down in response
to aggressive underwriting, rising charge-offs, and an inability to
generate above average profitability given the risk profile of its
loan portfolio. Weakening capital ratios could also lead to
negative rating pressure.

Citizens Bank, N.A. and Citizens Bank of Pennsylvania

Sustained improvement in capital, profitability and risk profile
would be necessary to create positive rating pressure. The
standalone BCA could be downgraded if efforts to improve
profitability change Citizens' risk profile, such as aggressive
loan growth with weakening of underwriting, or if Citizens' strong
liquidity profile weakened.

City National Bank

Upward pressure to the standalone BCA could result if City National
meaningfully improved its profitability metrics while maintaining
its strong asset quality record through the cycle. Downward
pressure to the standalone BCA could occur if City National's
strategic actions as part of RBC were inconsistent with its
historically conservative business risk profile.

Comerica Bank

Upward pressure would emerge if the bank demonstrated a sustained
improvement in capital and a more resilient earnings profile while
maintaining its asset quality and liquidity profile. Downward
rating pressure would emerge if Moody's views a negative change in
posture towards capital management, credit appetite or liquidity.

Commerce Bank

Upward rating pressure could occur with stronger capitalization and
profitability. Downward pressure on Commerce's BCA could occur if
rapid expansion of its loan portfolio increases the bank's risk
profile, or if its capital weakens significantly.

Compass Bank

Upward rating pressure would emerge if BBVA Compass' demonstrates
conservative underwriting through modest loan growth and good asset
quality performance as well as improved profitability and reduced
brokered deposits. Downward rating pressure would emerge if the
bank embarked on a growth strategy that materially leveraged BBVA
Compass' balance sheet adding asset risk and decreasing capital
metrics and liquid resources.

Discover Bank

Diversification through prudent, measured growth of non-card asset
classes and continued growth of deposit would put upward rating
pressure. Downward rating pressure would emerge if Moody's expect a
material weakening of key liquidity, capital metrics and/or
underwriting standards.

Deutsche Bank Trust Corporation (DBTC)

The negative issuer outlooks on DBTC and those of its three rated
trust company subsidiaries indicate that there is no imminent
upward pressure on the ratings. Downward pressure could develop on
DBTC and its subsidiaries if their own solvency or liquidity
profiles were to deteriorate or if its parent, Deutsche Bank AG, is
downgraded.

E*TRADE Bank

Upward rating pressure could emerge from the development of
profitable new revenue streams to complement E*TRADE's existing
transaction and spread-based activities, diversifying cash
generating capabilities without adding significant credit risk,
improved earnings generation derived from strong organic growth,
and disciplined cost management. Downward rating pressure could
emerge from a shift in strategy to tolerate a significant increase
in debt leverage driven by debt-funded shareholder distributions or
M&A activity, especially if debt/EBITDA worsened to about 2.0x, and
absent a clear and cohesive plan to return leverage to its
preexisting level in the near-term. Increased tolerance for asset
risk at E*TRADE Bank could also result in a downgrade because it
could lead to greater risk of unexpected losses and capital
depletion. Downward rating pressure could also result from a
significant deterioration in franchise value, via a security breach
of client accounts, a sustained service outage, or a significant
legal or compliance issue resulting in reputational damage, loss of
customers, and litigation costs pressuring profit margins.

Fifth Third Bank, Ohio

Fifth Third's standalone BCA could move up if it raised its capital
ratios. Meaningful deterioration in capitalization or asset quality
could result in negative rating pressure.

FirstBank Puerto Rico

The destruction from Hurricane Maria eliminates the likelihood of
upward movement in FirstBank's standalone BCA in the near term. In
the long term, it could be upgraded if Moody's observes sustained
improvement in the bank's problem loan levels and profitability,
the bank maintains strong capitalization and liquidity and/or
Puerto Rico's economic outlook stabilizes or improves. FirstBank's
standalone BCA could be downgraded if Moody's believes that the
recovery after Hurricane Maria does not materialize as
anticipated.

First-Citizens Bank & Trust Company

Upward rating pressure would emerge from sustainable material
improvement in First Citizens' core profitability, without a
corresponding increase in its risk profile. An aggressive asset
risk posture evidenced by above-average organic loan growth or
weakened underwriting standards, combined with a deterioration in
First Citizens' capital ratios, could result in negative rating
pressure.

First Hawaiian Bank

If FHB eventually becomes an independent company and is no longer a
BNPP subsidiary that shares ownership with BW, FHB could be
upgraded provided it maintains its strong financial metrics and low
risk profile. Ownership by an entity with a higher standalone BCA
could also lead to an upgrade. If FHB was acquired by a lower rated
entity, FHB's ratings could be downgraded. Any change in strategy
or financial management which could increase the risk profile of
FHB would also be negative.

First Midwest Bank

An upgrade of the BCA could occur if First Midwest improves its
capital ratios and reduces its CRE concentrations. Downward
pressure on the BCA could emerge if Moody's believes that First
Midwest loan growth either organically or through acquisitions,
weakens its credit profile.

First National Bank of Omaha

For upward movement on First National's standalone baseline credit
assessment to emerge, a more diversified business mix and earnings
stream are required. Downward movement on First National's
standalone bank-level baseline credit assessment would result if
Moody's believes that the bank's asset risk or capital ratios will
materially weaken.

First National Bank of Pennsylvania

FNB's ratings could be upgraded if Moody's views a more predictable
acquisition strategy and continued good asset quality. Sustained
improvement in capital and liquidity metrics would also create
upward rating pressure. A materially lower capital position or
weakening in asset quality in either FNB's originated or acquired
loan portfolios could result in downward rating movement.

First Republic Bank

If First Republic's loan growth slows, upward rating pressure could
emerge provided its other financial metrics are maintained and core
deposit funding growth provides a greater cushion in excess of its
loans. Signals that suggests First Republic has loosened its
underwriting standards or expansion into new lending products or
geographies could cause a negative rating action. Weakening core
deposit funding of its loans could be another source of downward
rating pressure.

First Tennessee Bank, National Association

Positive rating pressure could emerge from a sustained improvement
in First Horizon's capital ratios while maintaining good asset
quality performance. Negative rating pressure could emerge from
further weakening in First Horizon's capital metrics and/or a
deterioration in asset quality in either First Horizon's originated
portfolio or acquired portfolio.

Frost Bank

Upward rating pressure would emerge if Cullen/Frost improved its
geographical diversification without increasing its risk profile. A
meaningful reduction in the bank's energy concentration would also
be credit positive because the energy sector has proven to be
somewhat volatile. Downward movement in the BCA could emerge if
Moody's views a change in credit appetite, possibly evidenced by
above-average loan growth.

Fulton Bank, National Association

Fulton would need to reduce its CRE concentration further and
strengthen its capital to create upward pressure on its standalone
BCA. Moody's does not expect these changes to occur in the
medium-term. The most likely source of downward pressure on its
standalone BCA would be an aggressive capital management posture
that would compromise the bank's current capital position. Moody's
expectation of significant deterioration in asset quality would
also create downward pressure.

HSBC Bank USA, N.A.

HSBC USA's BCA and ratings could be upgraded if the company were to
significantly improve its profitability without compromising its
good asset quality, capital or liquidity metrics. However, Moody's
does not expect significant improvement in the next two years. HSBC
USA's ratings could be downgraded for any of the following reasons:
1) a lowering of the BCA of HSBC Holdings plc, 2) a reduction in
Moody's expectation of parental support from HSBC Holdings for HSBC
USA; and/or 3) a downgrade of HSBC USA's BCA. The biggest risk to
the BCA is the failure to address past regulatory issues, as well
as the emergence of any new internal control issues. Downward BCA
pressure could also arise from lack of sustainable improvement in
profitability or a deterioration in commercial loan credit quality
as a result of the rapid loan growth in prior years.

Hancock Whitney Bank

Upward pressure would emerge if capital ratios improved and/or the
bank reduced its energy exposure, particularly to the relatively
riskier oilfield service sector. Downward movement in the BCA could
emerge if Moody's views a negative change in the bank's posture
towards capital management or credit appetite.

Huntington National Bank

A prerequisite for a higher rating is materially stronger capital
ratios. Downward pressure on the BCA could emerge if Moody's
believes that Huntington's above-average loan growth in certain
portfolios, such as auto loans, is characterized by weaker
underwriting, thereby making asset quality more susceptible to
deterioration.

INTRUST Bank, N.A.

Upward movement in the standalone BCA could occur if its capital
ratios markedly improved, which Moody's views as unlikely to occur
in the medium term. Downward movement in the standalone BCA could
occur if capital declined. A downgrade could also occur if Moody's
views that INTRUST's risk appetite has increased, for example
because of above average loan growth or a further noticeable
increase in its CRE concentration.

KeyBank National Association

Upward movement of Key's BCA would hinge on higher tangible capital
ratios and sustained improvement in profitability. Downward
pressure on the BCA could emerge if Key's capital or asset quality
deteriorates significantly.

MB Financial Bank, N.A.

MB Financial's ratings could be upgraded to the same level as Fifth
Third upon closing of the transaction assuming that it would be
absorbed into Fifth Third. Slower loan growth from current
double-digit levels and/or higher capital ratios. A termination of
the planned transaction, with no material change to MB Financial's
current financial profile would most likely result in an
affirmation of MB Financial's current ratings with a stable
outlook. Meaningful deterioration in capitalization or asset
quality could result in negative rating pressure.

MUFG Union Bank, N.A.

An increase in MUAH's profitability would drive upward pressure on
the standalone BCA. Moody's believes that improvements in
non-interest income and a more efficient operating profile are
necessary for MUAH to achieve meaningfully higher profitability. A
reduction of wholesale funding would also be positive. MUAH is
likely to be a platform for its parent company to expand in the US.
Downward movement of the standalone BCA could occur if MUAH's
growth initiatives were perceived as aggressive with potential to
increase its risk profile. Signals of this would be a large
acquisition, above-average organic growth, and/or increased
leverage. A weakening of MUAH's underwriting discipline would also
be negative given that this is a key support to the current
above-average BCA. Upward or downward changes in the adjusted BCA
could result from changes in Moody's assumption of parental support
or change in the credit profile of MUFG or MUFG Bank, Ltd.

Manufacturers and Traders Trust Company and Wilmington Trust,
National Association

M&T's standalone BCA could move up if it reduced its large CRE
concentration or increased its capital ratios. A downward movement
to M&T's standalone BCA could develop if its capital ratios
declined significantly or Moody's perceives that M&T's asset
quality performance will weaken relative to same-rated peers. A
sustained increase in market funding or decline in liquid assets
would also be negative.

New York Community Bank

For NYCB's standalone BCA to get upgraded, it would need to 1)
successfully diversify so as to reduce its commercial real estate
exposure without significantly increasing its asset risk and 2)
improve its core funding to levels comparable with peers. Future
downward rating pressure on NYCB's standalone BCA would emerge if
there are signals that NYCB's underwriting standards are slipping,
either because of looser internal practices or in response to a
more competitive market. Rapid growth, whether through acquisition
or organic, would also be negative, particularly if it weakens the
bank's capital position.

Northern Trust Company

Given Northern Trust's comparatively high positioning on Moody's
rating scale, upward movement on its BCA would require
significantly stronger profitability and capital in the current
environment, without an increase in its risk profile. Downward
movement on Northern Trust's BCA is not likely absent material
erosion of its core franchise, or from sizable deterioration in its
credit quality, which Moody's does not anticipate.

Old National Bank

Given the negative outlook, there is limited upward rating pressure
on Old National's standalone BCA until it improves its capital
ratios and its liquidity metrics. Downward movement of the BCA
could occur if the bank's capital or liquidity fails to return to
prior levels or maintain a positive trend. Additional sizeable
acquisitions would also be negative.

PNC Bank, N.A.

Upward movement on PNC's standalone BCA will not materialize absent
a significant increase in earnings and/or capital, all without an
increase in its risk profile. Downward pressure on PNC's standalone
BCA is likely if Moody's believes its asset quality will
deteriorate noticeably or if its profitability suffers a material
downturn.

People's United Bank, N.A.

An improvement in People's capital levels, and a reduction in its
CRE concentration, would add positive rating pressure. Significant
deterioration in asset quality, pressuring profitability and
capital, would add negative rating pressure.

Regions Bank

Improvements in asset quality and profitability could lead to
higher ratings, provided a conservative risk profile is maintained.
Higher capital ratios would also support a higher rating. Signs of
weakening in underwriting discipline or rebuilding of asset
concentrations, such as commercial real estate, could lead to
negative rating actions.

Sallie Mae Bank

SLM's ratings could be upgraded if its funding and liquidity
profile strengthens as a result of slower balance sheet growth and
a stronger deposit franchise such as by reducing its reliance on
brokered deposits, while maintaining solid and stable financial
performance. In addition, successfully accessing the unsecured debt
market, continued stability in accessing the securitization market,
along with diversifying into non-student loan asset classes would
be viewed positively. SLM's ratings could be downgraded if its
financial performance or asset quality materially deteriorates.
Negative ratings pressure would also result from potential
regulatory actions in the student lending sector.

Santander Bank, N.A.

SHUSA's successful remediation of its current regulatory
deficiencies and a sustained period without further process or
control issues would be positive. A significant deterioration in
Santander Bank's capital ratios, which are currently a key credit
strength, could lead to downward movement on the bank's BCA and
deposit and debt ratings. A downgrade of the ultimate parent's BCA
could also lead to a downgrade of Santander Bank's adjusted BCA and
debt and deposit ratings. The holding company's debt ratings could
be downgraded if 1) growth at Santander Consumer dilutes SHUSA's
overall credit profile by becoming a much larger contributor of
assets or earnings, and/or 2) Santander Consumer's credit profile
deteriorates, restricting the finance company's access to
funding/liquidity.

Silicon Valley Bank

Meaningfully slower loan growth and reduced sector and borrower
concentrations could lead to upward pressure on the standalone BCA
provided other financial metrics were maintained. Downward rating
pressure would emerge if SVB's liquidity profile weakened by either
a higher reliance on market funding or noticeable reduction it its
holdings of liquid assets. Downward rating pressure would also
emerge if Moody's believed SVB's underwriting standard weakened.

SunTrust Bank

For upward movement on SunTrust's standalone BCA to emerge, it will
need to improve its comparatively low capital ratios, which
management has not signaled any intent to do. Downward movement on
SunTrust's standalone BCA would result from a significant downturn
in asset quality or from a material reversal of recent
profitability gains, both of which Moody's sees as unlikely.

Synovus Bank

A reduction of the CRE concentration could lead to an upgrade
provided that growth in other lending areas is conservatively
underwritten. Synovus also needs to sustain its asset quality,
capital and profitability metrics. A downgrade could occur if
Moody's believes Synovus' loan growth is liable to reverse the
improvement in asset quality metrics or if its commercial real
estate concentration increases significantly. Deterioration in core
deposit funding of the loan portfolio would also be negative.

TCF National Bank

TCF's standalone BCA could move up if the high growth in its
national lending portfolios subsides, its asset quality improves
further, or if its capital increases. A greater proportion of
liquid assets would also be positive. Downward movement on the
standalone BCA could result from deterioration in TCF's asset
quality beyond Moody's expectations, particularly in its national
lending portfolios, given their rapid growth or a decrease in its
capital ratios.

TD Bank, N.A.

There is little little upward pressure on its standalone BCA absent
a combination of much more robust profitability and continued
strong credit quality through the next cycle. Any future downward
movement on TD US standalone bank-level BCA would be based on
significant weakening of its financial fundamentals from their
current levels. Heightened risk appetite at TD Securities (USA)
would also increase negative rating pressure at the TD GUS level. A
lower rating at parent Toronto-Dominion would also have negative
implications for TD US debt and deposit ratings.

Texas Capital Bank, National Association

Upward pressure would emerge if capital ratios improved
significantly and growth aspirations lowered, which Moody's does
not expect in the medium-term. Downward movement in the BCA could
emerge if there was evidence of a relaxation in controls over the
bank's commercial real estate and/or national lending businesses.

U.S. Bank National Association

Given USB's high position on Moody's ratings scale, upward pressure
on the BCA is unlikely. This would require sustained and
significantly better performance relative to peers on capital
ratios, asset quality metrics and profitability over the long term.
Downward pressure on the BCA would materialize if Moody's perceives
a weakening in USB's risk profile, for example, an increase in
concentration risk or evidence of another control failure. A
sustained weakening in capital, asset quality, or profitability
metrics would also be negative.

United Bank

An upgrade of the banks' Baseline Credit Assessments (BCA) could
occur if United reduces its CRE concentration and/or raises its
capital ratios. Downward pressure on the BCA could emerge if
Moody's believes United's asset quality would deteriorate
noticeably.

Webster Bank N.A.

Upward pressure could emerge if the bank demonstrated a sustained
improvement in capital and an above-average asset quality
performance. Aggressive capital actions and a reduction in liquid
banking assets could result in a downward movement in its
standalone BCA.

ZB, N.A.

Ratings could be upgraded if Moody's views that Zions' risk
management has been sufficiently enhanced and integrated within its
strategic decision-making to sustain the improvements in its
financial performance including limiting asset concentrations,
balancing loan growth and underwriting standards, and avoiding
earnings volatility. A downgrade of the BCA is possible if there is
a rebuilding of asset concentrations, a significant decline in
capital, or Moody's opinion that there will be a meaningful
reversal of improvements in asset quality.

The principal methodology used in these ratings was Banks published
in June 2018.


[] Facciano Joins Bankruptcy Management Solutions as Director
-------------------------------------------------------------
Bankruptcy Management Solutions, Inc. (BMS), a case- administration
software and depository-services provider serving the corporate
restructuring and bankruptcy industries, on June 26 disclosed that
Anthony Facciano is joining the company as a director.  In this
role, Mr. Facciano is responsible for managing the needs of
bankruptcy trustees and other fiduciaries while supporting the
growth, onboarding, and account management of new client
engagements.

"We're thrilled to have Anthony joining the team," comments Brian
Soper, vice president of corporate restructuring.  "His skill set
and industry experience will be invaluable as he collaborates with
our client services, technology and banking teams to identify ways
BMS can help clients increase operational efficiency."

Mr. Facciano has a proven track record, leveraging his significant
expertise in both the consumer bankruptcy and corporate
restructuring arena.  Previously, he served as director of trustee
and fiduciary services at Epiq Systems Inc. where he was
responsible for market share growth.  Prior to that, he held
various roles across a wide range of industries, focusing on
national client services and account management.

Actively involved in the bankruptcy community, Mr. Facciano is a
member of the American Bankruptcy Institute (ABI), the National
Association of Bankruptcy Trustees (NABT), the National Association
of Federal Equity Receivers (NAFER), and the Turnaround Management
Association (TMA).

"I'm looking forward to joining BMS and collaborating with its
leadership team on identifying ways in which we can provide greater
value to clients," Mr. Facciano comments.  "It's an exciting time
as the company positions itself for new growth opportunities."

                           About BMS

BMS -- http://www.BMSAdvantage.com/-- is a provider of specialized
solutions for fiduciaries including bankruptcy trustees, corporate
restructuring and real estate professionals, and litigation
attorneys.  BMS has a long history of strategically partnering with
global and domestic financial institutions to offer depository
services for restructuring and bankruptcy engagements, escrow
management, qualified settlement fund administration and other
support services.  For nearly 30 years, clients have relied on BMS
for tailored client service combined with an advanced suite of case
administration software resulting in greater productivity, along
with increased time and cost efficiencies.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Nathaniel Spencer Ruden
   Bankr. S.D. Iowa Case No. 18-01326
      Chapter 11 Petition filed June 11, 2018
         Filed Pro Se

In re Rayna Hewitt
   Bankr. S.D.N.Y. Case No. 18-11805
      Chapter 11 Petition filed June 15, 2018
         represented by: Matthew M. Cabrera, Esq.
                         M. CABRERA & ASSOCIATES, P.C.
                         E-mail: mcabecf@mcablaw.com

In re Arletta Subocz
   Bankr. S.D.N.Y. Case No. 18-22926
      Chapter 11 Petition filed June 15, 2018
         represented by: Todd S. Cushner, Esq.
                         CUSHNER & ASSOCIATES, P.C.
                         E-mail: todd@cushnerlegal.com

In re Tsung Yu Chien
   Bankr. C.D. Cal. Case No. 18-12190
      Chapter 11 Petition filed June 15, 2018
         represented by: Michael R. Totaro, Esq.
                         TOTARO & SHANAHAN
                         E-mail: Ocbkatty@aol.com

In re Joy Lee Revels
   Bankr. N.D. Fla. Case No. 18-10159
      Chapter 11 Petition filed June 15, 2018
         represented by: Lisa Caryl Cohen, Esq.
                         RUFF & COHEN, P.A.
                         E-mail: LisaCohen@bellsouth.net

In re Carlos Saenz and Ana Saenz
   Bankr. D. Mass. Case No. 18-12264
      Chapter 11 Petition filed June 15, 2018
         represented by: David C. Crossley, Esq.
                         CROSSLEY LAW OFFICES, LLC
                         E-mail: dcrossley@crossley-law.com

In re Michael Anthony Greiner
   Bankr. E.D. Mich. Case No. 18-48602
      Chapter 11 Petition filed June 15, 2018
         represented by: Michael A. Greiner, Esq.
                         FINANCIAL LAW GROUP, P.C.
                         E-mail: greine48093@gmail.com

In re Timothy Omar Hankins, Sr.
   Bankr. E.D.N.C. Case No. 18-03044
      Chapter 11 Petition filed June 15, 2018
         Filed Pro Se

In re Ignacio Preciado and Irma Mora De Preciado
   Bankr. D. Nev. Case No. 18-13517
      Chapter 11 Petition filed June 15, 2018
         represented by: Corey B. Beck, Esq.
                         E-mail: becksbk@yahoo.com

In re Brett C. Corbett and Denise S. Corbett
   Bankr. D. Or. Case No. 18-32116
      Chapter 11 Petition filed June 15, 2018
         represented by: Theodore J. Piteo, Esq.
                         MICHAEL D. O'BRIEN & ASSOCIATES
                         E-mail: ted@pdxlegal.com

In re Bioflex Limited Partnership
   Bankr. N.D. Tex. Case No. 18-32005
      Chapter 11 Petition filed June 15, 2018
         See http://bankrupt.com/misc/txnb18-32005.pdf
         represented by: Kevin S. Wiley, Sr., Esq.
                         THE WILEY LAW GROUP, PLLC
                         E-mail: kevin.wileysr@tx.rr.com

In re Claton Reeves
   Bankr. M.D. Ala. Case No. 18-31691
      Chapter 11 Petition filed June 18, 2018
         represented by: Michael A. Fritz, Sr., Esq.
                         E-mail: bankruptcy@fritzlawalabama.com

In re Robert Jeffrey Hyman and Nancy Pat Hyman
   Bankr. S.D. Fla. Case No. 18-17305
      Chapter 11 Petition filed June 18, 2018
         represented by: Ronald Lewis, Esq.
                         E-mail: ron@lewisthomaslaw.com

In re Jonathan Giles
   Bankr. E.D. Mich. Case No. 18-48745
      Chapter 11 Petition filed June 18, 2018
         represented by: Donald C. Darnell, Esq.
                         E-mail: dondarnell@darnell-law.com

In re Nereid 2028 Corp.
   Bankr. E.D.N.Y. Case No. 18-43507
      Chapter 11 Petition filed June 18, 2018
         See http://bankrupt.com/misc/nyeb18-43507.pdf
         Filed Pro Se

In re Mikhail Shtotland and Rita Reyzina
   Bankr. E.D.N.Y. Case No. 18-43518
      Chapter 11 Petition filed June 18, 2018
         represented by: Alla Kachan, Esq.
                         LAW OFFICES OF ALLA KACHAN, P.C.
                         E-mail: alla@kachanlaw.com

In re Jill S. Fadlon
   Bankr. E.D.N.Y. Case No. 18-74137
      Chapter 11 Petition filed June 18, 2018
         represented by: Ronald D. Weiss, Esq.
                         E-mail: weiss@ny-bankruptcy.com


In re Jorge Velazquez
   Bankr. C.D. cal. Case No. 18-10978
      Chapter 11 Petition filed June 19, 2018
         represented by: Reed H. Olmstead, Esq.
                         LAW OFFICES OF REED H. OLMSTEAD
                         E-mail: reed@olmstead.law

In re Javier Valle
   Bankr. C.D. Cal. Case No. 18-17080
      Chapter 11 Petition filed June 19, 2018
         represented by: Kevin Tang, Esq.
                         TANG & ASSOCIATES
                         E-mail: tangkevin911@gmail.com

In re Big Rock Trust
   Bankr. S.D. Fla. Case No. 18-17315
      Chapter 11 Petition filed June 19, 2018
         See http://bankrupt.com/misc/flsb18-17315.pdf
         represented by: Thomas G. Neusom, Esq.
                         LAW OFFICE OF THOMAS G. NEUSOM
                         E-mail: tgnoffice34@gmail.com

In re Boss Pools, Inc.
   Bankr. S.D. Fla. Case No. 18-17346
      Chapter 11 Petition filed June 19, 2018
         See http://bankrupt.com/misc/flsb18-17346.pdf
         represented by: Julio C. Marrero, Esq.
                         MARRERO, CHAMIZO, MARCER LAW, LP          
               E-mail: Bankruptcy@marrerolawfirm.com

In re Edward J. Zawilla
   Bankr. N.D. Ill. Case No. 18-17408
      Chapter 11 Petition filed June 19, 2018
         represented by: Richard G. Larsen, Esq.
                         SPRINGER BROWN, LLC
                         E-mail: rlarsen@springerbrown.com

In re Waldemar Ogloza
   Bankr. N.D. Ill. Case No. 18-17412
      Chapter 11 Petition filed June 19, 2018
         represented by: Penelope N Bach, Esq.
                         BACH LAW OFFICES
                         E-mail: pnbach@bachoffices.com

In re John J. Thibodeaux
   Bankr. W.D. La. Case No. 18-50751
      Chapter 11 Petition filed June 19, 2018
         represented by: Rodd C. Richoux, Esq.
                         RICHOUX LAW FIRM, LLC
                         E-mail: ecf@richouxlawfirm.com

In re Battambang LLC
   Bankr. D. Mass. Case No. 18-12327
      Chapter 11 Petition filed June 19, 2018
         See http://bankrupt.com/misc/mab18-12327.pdf
         represented by: Gregory D. Oberhauser, Esq.
                         LAW OFFICE OF GREGORY D. OBERHAUSER
                         E-mail: gregory@oberhauserlaw.com

In re Starline Flight, LLC
   Bankr. D. Mont. Case No. 18-60592
      Chapter 11 Petition filed June 19, 2018
         See http://bankrupt.com/misc/mtb18-60592.pdf
         represented by: Harold V. Dye, Esq.
                         DYE & MOE, P.L.L.P
                         E-mail: hdye@dyemoelaw.com

In re Brian Abbey and Danielle Abbey
   Bankr. D.N.J. Case No. 18-22328
      Chapter 11 Petition filed June 19, 2018
         represented by: Danielle Abbey, Esq.
                         LAW OFFICE OF EUGENE D. ROTH
                         E-mail: erothesq@gmail.com

In re Lakewood Houses I, LLC
   Bankr. D.N.J. Case No. 18-22332
      Chapter 11 Petition filed June 19, 2018
         See http://bankrupt.com/misc/njb18-22332.pdf
         represented by: Timothy P. Neumann, Esq.
                         BROEGE, NEUMANN, FISCHER & SHAVER
                         E-mail: timothy.neumann25@gmail.com

In re Owen & Fred Corp.
   Bankr. E.D.N.Y. Case No. 18-43534
      Chapter 11 Petition filed June 19, 2018
         See http://bankrupt.com/misc/nyeb18-43534.pdf
         represented by: Dawn Kirby, Esq.
                         DELBELLO DONNELLAN WEINGARTEN WISE ET AL
                         E-mail: dkirby@ddw-law.com

In re Michael Stephen Galmor
   Bankr. N.D. Tex. Case No. 18-20209
      Chapter 11 Petition filed June 19, 2018
         represented by: Max Ralph Tarbox, Esq.
                         TARBOX LAW, P.C.
                         E-mail: jessica@tarboxlaw.com

In re Michael R. Judge
   Bankr. W.D.N.Y. Case No. 18-11206
      Chapter 11 Petition filed June 20, 2018
         represented by: James M. Joyce, Esq.
                         E-mail: jmjoyce@lawyer.com


                            *********

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.

                   *** End of Transmission ***