/raid1/www/Hosts/bankrupt/TCR_Public/180813.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, August 13, 2018, Vol. 22, No. 224

                            Headlines

315 FRANKLIN: Seeks to Hire Eccleston and Wolf as Special Counsel
AC I NEPTUNE: Case Summary & 6 Unsecured Creditors
ACADEMY SPORTS: Bank Debt Trades at 17% Off
ACI WORLDWIDE: Moody's Hikes Rating on Sr. Notes Due 2026 to B1
ACQUAFREDDA ENTERPRISES: Case Summary & 13 Unsecured Creditors

ADAMIS PHARMACEUTICALS: Reports Q2 Results and Business Update
ADVANTAGE SALES: $1.8BB Bank Debt Trades at 6% Off
ADVANTAGE SALES: $225MM Bank Debt Trades at 6% Off
ADVANTAGE SALES: $350MM Bank Debt Trades at 6% Off
AGT FOOD: DBRS Puts BB(low) Rating on Sr. Unsec. Notes on Review

AIR METHODS: Bank Debt Trades at 8% Off
ALION SCIENCE: S&P Alters Outlook to Positive & Affirms 'B-' ICR
ALL TERRAIN: Sept. 13 Plan Confirmation Hearing
ALLEN MEDIA: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
AMERICAN SEAFOODS: Moody's Affirms B2 CFR, Outlook Stable

ARALEZ PHARMACEUTICALS: Case Summary & 30 Top Unsecured Creditors
ARETEC GROUP: Moody's Assigns B3 CFR, Outlook Stable
ASCENA RETAIL: Bank Debt Trades at 9% Off
AVOLON HOLDINGS: Fitch Affirms 'BB' LT IDR & Alters Outlook to Pos.
AVOLON HOLDINGS: Moody's Puts Ba2 CFR Under Review for Upgrade

AYTU BIOSCIENCE: 1-for-20 Reverse Stock Split Takes Effect
BAMC DEVELOPMENT: Case Summary & 16 Unsecured Creditors
BELL FOODS: Seeks to Hire Congeni Law as Bankruptcy Counsel
BLACK BOX: FMR LLC Ceases to be a Shareholder
BLINK CHARGING: Grant Fitz Joins Board of Directors

BRACKET INTERMEDIATE: Moody's Assigns B3 CFR, Outlook Stable
BROOKSTONE HOLDINGS: Aug. 14 Meeting Set to Form Creditors' Panel
BULLDOG PURCHASER: Moody's Assigns B3 CFR, Outlook Stable
CARE NEW: Fitch Assigns 'BB' Issuer Default Rating
CBAK ENERGY: Receives Noncompliance Notice from Nasdaq

CENGAGE: Bank Debt Trades at 7% Off
CMEISELS 1252: Seeks to Hire Solomon Rosengarten as Attorney
COCRYSTAL PHARMA: Shareholders Elected Six Directors
COLORADO WICH: Hires We Sell Restaurant as Business Broker
CT TECHNOLOGIES: Bank Debt Trades at 5% Off

CYPRESS COVE: Fitch Rates Series 2014 & 2012 Bonds 'BB+'
DELMAC LLC: Unsecureds to Get At Least 5% Dividend in 36 Months
DIEBOLD NIXDORF: S&P Cuts B Issuer Credit Rating, Outlook Negative
DIFFUSION PHARMACEUTICALS: Incurs $2.8 Million Q2 Net Loss
DIFFUSION PHARMACEUTICALS: Registers 580,785 Shares Under 2015 EIP

DORIAN LPG: Incurs $20.6 Million Net Loss in First Quarter
DULUTH ISD 709: Moody's Affirms Ba1 Rating on GOULT Bonds
DUN & BRADSTREET: S&P Places 'BB+' ICR on CreditWatch Negative
ELANCO ANIMAL: Fitch Assigns 'BB+(EXP)' IDR, Outlook Postive
ELANCO ANIMAL: S&P Assigns 'BB+' ICR, Outlook Positive

EPW LLC: Case Summary & 20 Largest Unsecured Creditors
FLINT GROUP: $31MM Bank Debt Trades at 6% Off
FLINT GROUP: $794MM Bank Debt Trades at 6% Off
GALMOR'S/G&G STEAM: Hires Hartzog Conger as Special Counsel
GETTY IMAGES: Bank Debt Trades at 3% Off

GIBSON BRANDS: Litigation Trust Funding Amount Increased to $1.5MM
GIBSON BRANDS: Seeks to Hire CBRE, Inc. as Real Estate Broker
GOGO INC: AMR LLC Lowers Stake to 1.68% Stake
HAPPY JUMP: Seeks to Hire Sowlati & Associates as Accountant
HARLAND CLARKE: Bank Debt Trades at 4% Off

HCA INC: Moody's Rates New $2BB Unsec. Notes 'Ba2', Outlook Stable
HCA INC: S&P Assigns 'BB-' Rating on New Senior Unsecured Notes
HELIOS AND MATHESON: Giri Devanur Buys 335,000 Common Shares
HELIOS AND MATHESON: Morgan Stanley Lowers Stake to 1.8%
HH & JR: Court Denies Approval of Disclosure Statement

HORIZON GLOBAL: S&P Raises ICR to 'CCC+', Outlook Stable
HUMANIGEN INC: Reports $2.66 Million Second Quarter Net Loss
INFORMATION DOCK: Case Summary & 7 Unsecured Creditors
INPIXON: Reports Second Quarter 2018 Financial Results
JANE STREET: S&P Rates $210MM Secured Term Loan Due 2022 'BB-'

JONES ENERGY: Fir Tree Capital Holds 5.8% of Class A Shares
KADMON HOLDINGS: Posts $21.5 Million Net Income in Second Quarter
KC CULINARTE: Moody's Assigns First-Time B2 CFR, Outlook Stable
KC CULINARTE: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
KMC TRUCKING: Seeks to Hire Cooper Law as Attorney

KONA GRILL: Incurs $1 Million Net Loss in Second Quarter
KONA GRILL: Jim Kuhn Promoted to President and CEO
LA DEE DA CORP.: Hires Conforti & Waller as Special Counsel
MARRIOTT OWNERSHIP: S&P Rates New $750MM Sr. Unsec. Notes 'BB-'
MCCLATCHY CO: Reports $20.4 Million Net Loss in Second Quarter

MELBOURNE BEACH: CRO Taps Development Specialists as Professional
MELINTA THERAPEUTICS: Incurs $55.8 Million Net Loss in 2nd Quarter
MELINTA THERAPEUTICS: Reports Second Quarter Financial Results
MONITRONICS INTERNATIONAL: Bank Debt Trades at 6% Off
MONUMENT ACADEMY: S&P Cuts Rating on 2008A/2014 Revenue Bonds

MONUMENT SECURITY: Reduces Estimated Secured Claim Amount
NATIONAL STORES: August 16 Meeting Set to Form Creditors' Panel
NEIGHBORS LEGACY: Taps Kurtzman Carson as Claims & Noticing Agent
NEONODE INC: Incurs $964K Million Net Loss in Second Quarter
NEW HOPE: Sept. 5 Disclosure Statement Hearing

NEXT LISTING: Unsecureds to Get 50% of Net Profit for 5 Yr
NORTHERN OIL: Incurs $96.5 Million Net Loss in Second Quarter
OMEROS CORP: Reports $33.7 Million Net Loss for Second Quarter
PEN INC: PEN Brands Renews Loan Agreement with MBank
PEPPERTREE PARK: Contributing Partners & Land Proceeds to Fund Plan

PLASTIC INDUSTRIES: Hires Robinson & Associates as Attorney
PON GROUP: Case Summary & 8 Unsecured Creditors
PRECIPIO INC: Elects Board Member to Replace Departing Director
PURADYN FILTER: Posts $9,000 Net Income in Second Quarter
QEP RESOURCES: S&P Cuts Issuer Credit Rating to 'BB', Outlook Neg.

QUALITY UPHOLSTERY: Hires Reel Investment as Sales Broker
QUANTUM CORP: Delays Form 10-Q Amid Audit Investigation
R&A PROPERTIES: Amends Discharge Provisions Under Plan
RENTPATH INCORPORATED: Bank Debt Trades at 11% Off
RESOLUTE ENERGY: KEMC Fund Has 8.6% Stake as of Aug. 7

RITE AID: Moody's Reviews B2 CFR on Review for Downgrade
ROCKDALE HOSPITALITY: Hires Estes & Gandhi as Tax Protest Agent
SAFE HAVEN: Case Summary & 20 Largest Unsecured Creditors
SARAR US: Seeks to Hire Perkins Coie as Counsel
SEMLER SCIENTIFIC: Green Park Lowers Stake to 2.2%

SERTA SIMMONS: Bank Debt Trades at 16% Off
SHARING ECONOMY: Incurs $6 Million Net Loss in Second Quarter
SIW HOLDING: Seeks to Hire CohnReznick as Tax Advisor
SIW HOLDING: Seeks to Hire Potter Anderson as Counsel
SKILLSOFT CORP: $185MM Bank Debt Trades at 12% Off

SKILLSOFT CORPORATION: $465MM Bank Debt Trades at 4% Off
SM ENERGY: Fitch Assigns First-Time 'B+' LT IDRs, Outlook Stable
SOLAR CAPITAL: S&P Withdraws 'BB+' Issuer Credit Rating
SPA 810 LLC: Seeks to Hire Kezos & Dunlavy as Accountant
SS&C TECHNOLOGIES: S&P Gives BB Issuer Credit Rating, Outlook Neg.

STARWOOD PROPERTY: S&P Affirms 'BB' ICR, Outlook Stable
T. FIORE DEMOLITION: Hires PRE Real Estate as Real Estate Broker
T. FIORE DEMOLITION: Hires Rabinowitz Lubetkin as Attorney
TELESCOPE MANAGEMENT: Case Summary & 20 Top Unsecured Creditors
UNITI GROUP: S&P Cuts Issuer Credit Rating to 'CCC+', Outlook Dev.

VERITAS SOFTWARE: Bank Debt Trades at 8% Off
VISTRA OPERATIONS: Fitch Rates New $800MM Sr. Unsec. Notes 'BB'
WEATHERFORD INT'L: Capital World Reports 4.1% Stake as of July 31
WEATHERFORD INTERNATIONAL: Files Form 10-Q Reporting $264M Q2 Loss
WESTERN ENERGY: DBRS Confirms B(low) Issuer Rating, Stable Trend

WINDSTREAM HOLDINGS: S&P Raises ICR to 'CCC+', Outlook Developing
XENETIC BIOSCIENCES: Incurs $2.02 Million Net Loss in 2nd Quarte
XEROX CORP: Fitch Lowers LongTerm Issuer Default Rating to BB+
[*] Discounted Tickets for 2018 Distressed Investing Conference!
[^] BOND PRICING: For the Week from August 6 to 10, 2018


                            *********

315 FRANKLIN: Seeks to Hire Eccleston and Wolf as Special Counsel
-----------------------------------------------------------------
315 Franklin, LLC, seeks authority from the U.S. Bankruptcy Court
for the District of Columbia to employ Eccleston and Wolf, P.C., as
special litigation counsel to the Debtor.

315 Franklin requires Eccleston and Wolf to represent the Debtor in
a pending case captioned as District of Columbia v. Sanford
Capital, LLC et al., Case No. 2018 CA 000844-B, pending with the
D.C. Superior Court.

Eccleston and Wolf will be paid at these hourly rates:

         Attorneys           $160 to $175
         Paralegals              $75

Eccleston and Wolf will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Justin M. Flint, principal of Eccleston and Wolf, 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.

Eccleston and Wolf can be reached at:

     Justin M. Flint, Esq.
     ECCLESTON AND WOLF, P.C.
     1629 K Street, NW
     Washington, DC 20006
     Tel: (202) 857-1696
     Fax: (202) 857-0762

                      About 315 Franklin

315 Franklin, LLC, based in Bethesda, Maryland, along with its
affiliates, filed a Chapter 11 petition (Bankr. D. D.C. Lead Case
No. 17-00512) on Sept. 13, 2017. The Debtors estimated 1 million to
10 million in assets and liabilities. Carter A. Nowell, manager,
signed the petitions. The Hon. Martin S. Teel, Jr., presides over
the cases. Stephen E. Leach, Esq., at Hirschler Fleischer P.C.,
serves as the Debtor's bankruptcy counsel.  Eccleston and Wolf,
P.C., is the special litigation counsel.


AC I NEPTUNE: Case Summary & 6 Unsecured Creditors
--------------------------------------------------
Debtor: AC I Neptune LLC
        307 West 38th Street, 20th Floor
        New York, NY 10018

Business Description: AC I Neptune LLC is a real estate company
                      whose principal assets are located at
                      3501 Route 66 Neptune, NJ 07753-2602.

Chapter 11 Petition Date: August 9, 2018

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

Case No.: 18-12420

Judge: Stuart M. Bernstein

Debtor's Counsel: Joel Shafferman, Esq.
                  SHAFFERMAN & FELDMAN, LLP
                  137 Fifth Avenue, 9th Floor
                  New York, NY 10010
                  Tel: (212) 509-1802
                  Fax: 212 509-1831
                  E-mail: joel@shafeldlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Benjamin Ringel, member of RK Neptune
LLC, sole member of Debtor.

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

           http://bankrupt.com/misc/nysb18-12420.pdf


ACADEMY SPORTS: Bank Debt Trades at 17% Off
-------------------------------------------
Participations in a syndicated loan under which Academy Sports &
Outdoors is a borrower traded in the secondary market at 82.59
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.36 percentage points from the
previous week. Academy Sports pays 400 basis points above LIBOR to
borrow under the $1.825 billion facility. The bank loan matures on
June 15, 2022. Moody's rates the loan 'B3' and Standard & Poor's
gave a 'CCC+' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
July 27.


ACI WORLDWIDE: Moody's Hikes Rating on Sr. Notes Due 2026 to B1
---------------------------------------------------------------
Moody's Investors Service upgraded ACI Worldwide, Inc.'s Senior
Notes due 2026 to B1 from B2 and affirmed ACI's Ba3 Corporate
Family Rating, Ba3-PD Probability of Default Rating, and SGL-2
Speculative Grade Liquidity rating. The outlook remains stable.
Following repayment of the existing 6.375% senior unsecured notes
due August 2020, Moody's will withdraw the ratings of the Existing
Notes.

Upgrades:

ACI Worldwide, Inc.

Senior Unsecured Notes, Upgraded to B1 (LGD5) from B2 (LGD5)

Ratings Affirmed:

ACI Worldwide, Inc.

Corporate Family Rating, Affirmed at Ba3

Probability of Default Rating, Affirmed at Ba3-PD

Speculative Grade Liquidity Rating, Affirmed at SGL-2

Outlook Actions:

Outlook, Remains Stable

ACI intends to use the proceeds of the 2026 Notes to fund the
redemption of all of the outstanding Existing Notes (including
accrued unpaid interest), to repay a portion of the senior secured
term loan, and for general corporate purposes.

The ratings upgrade follows the upsizing of the 2026 Notes offering
to $400 million, from the $300 million initially marketed on August
6, and the company's stated intention to use some of the $100
million of increased proceeds to repay a portion of the senior
secured term loan, which is effectively senior to the 2026 Notes
due to the collateral backing the senior secured debt. The upsizing
of the 2026 Notes and resulting reduced share of secured debt in
the debt capital structure likewise reduces the level of effective
subordination of the 2026 Notes to the senior secured debt. The
expected default recovery on the 2026 Notes is thus increased,
which results in an improved rating notching for the 2026 Notes
relative to the Ba3 CFR, raising the 2026 Notes rating to B1 from
B2.

RATINGS RATIONALE

ACI's Ba3 CFR reflects ACI's predictable revenue stream, driven by
a base of recurring revenues, long term software licensing
contracts with renewal rates exceeding 95%, and a large backlog,
which accounts for over 75% of annual revenue. The stability of
revenues is also supported by ACI's strong market position in
payments software. Given the predictable revenues and
profitability, and the modest capital expenditure requirements, ACI
generates consistently positive free cash flow ("FCF"). Moreover,
Moody's expects leverage to be in-line with similarly rated peers,
as Moody's expects FCF to debt (Moody's adjusted) to exceed ten
percent and debt to EBITDA (Moody's adjusted) approaching 3x over
the next year. Nevertheless, ACI has meaningful product
concentration, with the Base24 payment processing software platform
accounting for over 20% of revenues. As well, the competitive
environment is significant, as ACI is competing against large,
well-capitalized players such as FIS. ACI has a history of making
debt-funded acquisitions, presenting integration risks.

The stable outlook reflects its expectation that ACI's revenues
will grow organically in the low single digits, which is in-line
with its expectation of growth in global payment revenues. Moody's
expects that the debt to EBITDA (Moody's adjusted) will slowly
improve toward 3x, reflecting EBITDA growth and scheduled debt
repayment.

The rating could be upgraded if Moody's sees clear evidence that
ACI's strategy is producing improved market position, as evidenced
by a revenue growth rate exceeding the industry and an expansion of
the EBITDA margin (Moody's adjusted) into the upper twenties
percent. For an upgrade, Moody's would also expect that ACI would
demonstrate a commitment to balancing the interests of shareholders
and creditors by reducing leverage through both EBITDA growth and
absolute debt reduction such that debt to EBITDA (Moody's adjusted)
is sustained below 2.5x and FCF to debt (Moody's adjusted) is
sustained above twenty percent.

The rating could be downgraded if ACI's revenue growth trails the
industry or if Moody's believes that the EBITDA margin (Moody's
adjusted) will be sustained below 20%, both of which would indicate
that ACI is losing market pricing power. Moody's may also downgrade
the rating if ACI engages in debt-financed acquisitions that fail
to produce near term financial benefits, such that Moody's believes
that FCF to debt (Moody's adjusted) will be sustained in the single
digits percent or debt to EBITDA (Moody's adjusted) will remain
above 4x.

ACI's SGL-2 speculative grade liquidity rating reflects its
expectation of good liquidity over the next year. ACI had cash of
$59 million as of June 30, 2018 and about $497 million of
availability on its $500 million revolver, which matures in
February 2022. Moody's also expects free cash flow of at least $100
million over the next year. The SGL-2 also incorporates its
expectation that ACI will maintain a cushion of at least 25% on its
covenant metrics.

The principal methodology used in these ratings was Software
Industry published in August 2018.

ACI Worldwide, Inc., based in Naples, Florida, develops and
implements a broad line of software to financial institutions,
retailers, and payment processors to facilitate the processing of
electronic transactions such as wire transfers and credit and debit
card transactions.


ACQUAFREDDA ENTERPRISES: Case Summary & 13 Unsecured Creditors
--------------------------------------------------------------
Debtor: Acquafredda Enterprises, LLC
        3098 Dare Place
        Bronx, NY 10465

Business Description: Acquafredda Enterprises, LLC is a privately
                      held company that provides business support
                      services.  The Company filed for bankruptcy
                      protection on Feb. 11, 2013 (Bankr. S.D.N.Y.
                      Case No. 13-10269).

Chapter 11 Petition Date: August 9, 2018

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

Case No.: 18-12419

Judge: Hon. Sean H. Lane

Debtor's Counsel: Gabriel Del Virginia, Esq.
                  LAW OFFICES OF GABRIEL DEL VIRGINIA
                  30 Wall Street, 12th Floor
                  New York, NY 10005
                  Tel: (212) 371-5478
                  Fax: (212) 371-0460
                  E-mail: gabriel.delvirginia@verizon.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Susan Acquafredda, managing member.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 13 unsecured creditors is available for free
at:

                     http://bankrupt.com/misc/nysb18-12419.pdf


ADAMIS PHARMACEUTICALS: Reports Q2 Results and Business Update
--------------------------------------------------------------
Adamis Pharmaceuticals Corporation announced financial results for
the second quarter ended June 30, 2018 and a business update.

Dr. Dennis J. Carlo, president and chief executive officer of
Adamis Pharmaceuticals, stated, "Recently, we have announced
several significant achievements for our company.  The Sandoz
partnership for the commercialization and distribution of Symjepi
TM in the U.S. will likely prove to be the most transformative for
the Company.  Under the agreement, Sandoz will take responsibility
for sales and marketing.  We believe the financial terms of the
agreement could provide for a meaningful recurring revenue to
Adamis.  We have also expanded our pipeline with our sublingual
tadalafil (Cialis) product candidate, which is in development."

Dr. Carlo added, "The successful underwritten public offering of
common stock has provided the necessary resources to advance our
pipeline.  We were fortunate to have had multiple fundamental
health care funds lead that offering.  These recent advancements
have put Adamis in a strong position for growth."

Company Highlights and Product Updates

Some of the company's product updates and accomplishments since the
beginning of the second quarter of 2018 include the following:

    * Symjepi (epinephrine) Injection 0.30mg - The company entered

      into a commercialization and distribution agreement with
      Sandoz, a division of Novartis, to market and sell Symjepi
      in the U.S. Key terms include: Sandoz to pay a supply price
      to Adamis for product, Adamis 50% profit split and Sandoz
      right of first negotiation for territories outside the U.S.;

    * APC-8000 (sublingual tadalafil) - The company is developing
      a new fast-dissolving sublingual tablet containing tadalafil
     (Cialis) and intends to submit an Investigational New Drug
     (IND) application to the U.S. Food and Drug Administration
     (FDA) with the goal of filing a New Drug Application (NDA)
      before year-end;

    * APC-6000 (naloxone) - The Company continues to advance its
      naloxone product candidate for opioid overdose, and plan to
      file an NDA with the FDA before year-end.  This is the
      Company's second product using its FDA-approved injection
      device;

   * APC-1000 (beclomethasone) - The FDA cleared Adamis to begin
     Phase 3 pivotal studies with its beclomethasone metered dose
     inhaler and the Company is planning to begin patient
     recruitment in Q4;

   * APC-4000 (fluticasone) - Fluticasone will be the Company's
     first product candidate using its patented dry powder inhaler
     device platform purchased from 3M.  The Company continues to
     work on proof of concept studies with the objective of
     demonstrating proper dosing of the steroid;

   * Balance sheet - The Company strengthened its cash position
     with an underwritten equity offering that raised net proceeds
     of approximately $37.6 million.

Second Quarter Financial Results

Revenues were approximately $3.9 million and $3.8 million for the
three months ended June 30, 2018 and 2017, respectively.  The
increase in revenues for the three months ended June 30, 2018
compared to the comparable period of 2017 reflected an increase in
sales of USC's compounded and non-compounded pharmaceutical
formulations resulting in part from price increases and marketing
personnel efforts.

Net loss from operations for the three months ending June 30, 2018
and 2017, respectively, was approximately $9.7 million and $4.9
million.  The increase in net loss primarily resulted from an
increase in both selling, general and administrative expenses and
research and development expenses.

SG&A expenses for the three months ended June 30, 2018 and 2017
were approximately $6.4 million and $5.7 million, respectively. The
increase was primarily due to adding personnel, increases in
compensation and benefits expense, as well as, increases in the
cost of maintaining licenses, registrations and intellectual
property.

R&D expenses were approximately $4.8 million and $1.2 million for
the three months ended June 30, 2018 and 2017, respectively.  The
increase was the result of the expense of advancing several
late-stage candidates in the Company's product pipeline.

At June 30, 2018, the Company had cash and cash equivalents of $4.4
million.  On Aug. 6, 2018, the Company announced the closing of an
underwritten public offering resulting in net proceeds of
approximately $37.6 million.

Future Milestones for 2018

   * Commercial launch of Symjepi (epinephrine) Injection 0.3mg in

     the U.S. - timing of launch and commercial strategy will be
     at Sandoz's sole discretion;

   * FDA approval of lower dose Symjepi (epinephrine) Injection
     0.15mg;

    * Announcement of ex-U.S. strategy for Symjepi;

    * Filing an NDA for naloxone injection;

    * Filing an NDA for the sublingual tadalafil (Cialis) tablet;

    * Commencement of Phase 3 studies for beclomethasone in
     asthmatics;

   * Growing net revenue of outsourcing facility (U.S.
     Compounding) by 30% over 2017.

                          About Adamis

San Diego, Calif.-based Adamis Pharmaceuticals Corporation
(OTCQB:ADMP) -- http://www.adamispharmaceuticals.com/-- is a
specialty biopharmaceutical company focused on developing and
commercializing products in the therapeutic areas of respiratory
disease and allergy.  The company's first product, Symjepi
(epinephrine) Injection 0.3mg, was approved for use in the
emergency treatment of acute allergic reactions, including
anaphylaxis.  Adamis' product pipeline includes HFA metered dose
inhaler and dry powder inhaler products for the treatment of
bronchospasm and asthma.

Adamis incurred a net loss of $25.53 million in 2017 compared to a
net loss of $19.43 million in 2016.  As of June 30, 2018, Adamis
had $39.35 million in total assets, $13.95 million in total
liabilities and $25.39 million in total stockholders' equity.

The report from the Company's independent accounting firm Mayer
Hoffman McCann P.C., in San Diego, California, on the consolidated
financial statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the Company has incurred
recurring losses from operations, and is dependent on additional
financing to fund operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


ADVANTAGE SALES: $1.8BB Bank Debt Trades at 6% Off
--------------------------------------------------
Participations in a syndicated loan under which Advantage Sales &
Marketing is a borrower traded in the secondary market at 93.90
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.63 percentage points from the
previous week. Advantage Sales pays 325 basis points above LIBOR to
borrow under the $1.8 billion facility. The bank loan matures on
July 25, 2021. Moody's rates the loan 'B1' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
July 27.


ADVANTAGE SALES: $225MM Bank Debt Trades at 6% Off
--------------------------------------------------
Participations in a syndicated loan under which Advantage Sales &
Marketing is a borrower traded in the secondary market at 93.90
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.63 percentage points from the
previous week. Advantage Sales pays 325 basis points above LIBOR to
borrow under the $225 million facility. The bank loan matures on
July 25, 2021. Moody's rates the loan 'B1' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
July 27.


ADVANTAGE SALES: $350MM Bank Debt Trades at 6% Off
--------------------------------------------------
Participations in a syndicated loan under which Advantage Sales &
Marketing is a borrower traded in the secondary market at 93.90
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.63 percentage points from the
previous week. Advantage Sales pays 325 basis points above LIBOR to
borrow under the $350 million facility. The bank loan matures on
July 25, 2021. Moody's rates the loan 'B1' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
July 27.


AGT FOOD: DBRS Puts BB(low) Rating on Sr. Unsec. Notes on Review
----------------------------------------------------------------
DBRS Limited placed AGT Food and Ingredients Inc.'s Issuer Rating
of B (high) and Senior Unsecured Notes rating of BB (low), with a
recovery rating of RR3, Under Review with Developing Implications.
The rating actions follow the announcement by AGT on July 26, 2018,
that the Company received a non-binding proposal from a group
comprised of certain members of its management group, led by
President and Chief Executive Officer, Murad Al-Katib (the
Management Group), to privatize AGT (the Proposed Transaction).

Under the Proposed Transaction, the Management Group would acquire
all issued and outstanding common shares of AGT other than those
held by management and certain other significant shareholders
(including Fairfax Financial Holdings Limited (rated BBB (high)
with a Stable trend by DBRS) and Point North Capital Inc.) for
consideration of $18 per share. The Proposed Transaction is subject
to legal and compliance conditions and would be completed by way of
a plan of arrangement after approval at a special meeting of
shareholders of the Company. AGT's board of directors will
establish a committee of independent directors to consider and
respond to the Proposed Transaction. DBRS notes that AGT has stated
there is no set timetable with respect to the review of the
independent committee.

The Under Review with Developing Implications status reflects the
uncertainty over the likelihood that a transaction would move
forward and, if it does, the ultimate consideration paid, the
method of financing and future strategic and financial management
intentions.

DBRS notes that although the offer to take AGT private is for AGT's
common shares, any such transaction is likely to trigger
change-of-control provisions in AGT's Senior Unsecured Notes, which
would require that an offer be made to repurchase at a price equal
to 101% of the outstanding Senior Unsecured Notes of the Company.

On March 29, 2018, the trend on AGT's Issuer Rating of B (high) and
Senior Unsecured Notes rating of BB (low), with a recovery rating
of RR3, was changed to Negative from Stable. The Negative trend
reflected significantly weaker-than-anticipated earnings in 2017
(H2 2017 in particular) and the related use of incremental debt to
fund the shortfall in cash for capital investments and working
capital. The Company's earnings were negatively affected by
volatility in pulse markets caused by oversupply, which was driven
by strong production, including in traditional import markets. This
strong production in traditional import markets resulted in
declining domestic prices in India and the imposition of tariff and
non-tariff trade barriers by India to help support local pulse
prices.

AGT's ratings are based on its niche position in staple foods;
favorable underlying industry trends and demographics; solid
geographic, supplier and customer diversification; and the benefits
of vertical integration. The ratings also reflect the volatility in
input costs and sensitivity to the impact of weather, the low
margin and capital-intensive nature of the legacy business,
competition and the commodity-nature of most products and risks
associated with the Company's ambitions for growth.


AIR METHODS: Bank Debt Trades at 8% Off
---------------------------------------
Participations in a syndicated loan under which Air Methods
Corporation is a borrower traded in the secondary market at 92.00
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.47 percentage points from the
previous week. Air Methods pays 350 basis points above LIBOR to
borrow under the $1.25 billion facility. The bank loan matures on
April 21, 2024. Moody's rates the loan 'B1' and Standard & Poor's
gave a 'B+' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
July 27.


ALION SCIENCE: S&P Alters Outlook to Positive & Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings revised the rating outlook on Alion Science and
Technology Corp. to positive from stable and affirmed the 'B-'
issuer credit rating.

S&P said, "We also raised the issue-level rating on the company's
enlarged first-lien term loan to 'B' from 'B-'. We revised the
recovery rating to '2' from '3' indicating our expectation of
substantial recovery (70%-90%; rounded estimate: 70%) in a default
scenario. We affirmed the 'B+' issue-level rating on the company's
$40 million revolving credit facility. The '1' recovery rating is
unchanged, indicating our expectation of a very high recovery
(90%-100%; rounded estimate: 95%) in a default scenario.

"The outlook revision reflects our expectations that credit ratios
should improve in fiscal 2019 (ending Sept. 30) due to the
deleveraging impact of the MacAulay-Brown Inc. (not rated)
acquisition resulting from the large equity component of the
financing and a return to revenue and earnings growth at the legacy
operations. Although the purchase price has not been disclosed,
Alion plans to finance the acquisition with the proceeds from a
$124.2 million add-on to the existing term loan, a $43.2 million
add-on to the existing mezzanine notes (not rated), a significant
equity infusion from its sponsor, Veritas Capital, and cash on
hand. Although pro forma debt to EBITDA (assuming the acquisition
occurred at the beginning of the year) will likely spike to above
9x in fiscal 2018, this is due largely to one-time transaction
expenses, and we expect the ratio to decline to 5.5x-6.5x in fiscal
2019. This compares with our previous expectations for fiscal 2019
of 6.5x-7.0x. The acquisition will also modestly improve the
company's competitive position.

"The positive outlook reflects our expectation that the company's
credit ratios will improve in fiscal 2019 due to the deleveraging
impact of the proposed acquisition and a return to revenue and
earnings growth in the legacy operations. Although pro forma debt
to EBITDA will spike to over 9x in fiscal 2018, due largely to
one-time transaction expenses, we expect it to decline to 5.5x-6.5x
in fiscal 2019.

"We could raise our ratings on Alion if debt to EBITDA falls below
7x in the 12 months after the acquisition and we believe it will
stay there for a sustained period. This could occur if the company
is able to successfully integrate MacB, while the legacy business
continues to win new contracts and maintain at least stable
margins.

"We could return our outlook to stable in the next 12 months if
debt to EBITDA remains above 7x and we do not expect it to improve.
This could be due to lower-than-expected earnings resulting from
integration issues, the loss of a major contract, the failure to
win new business, or if the company is not able to successfully
ramp up new and existing contracts. Although less likely, leverage
could also stay high if the company pursues further debt-financed
acquisitions or dividends."



ALL TERRAIN: Sept. 13 Plan Confirmation Hearing
-----------------------------------------------
Judge Joseph M. Meier of the U.S. Bankruptcy Court for the District
of Idaho issued an order approving the first amended disclosure
statement explaining All Terrain LLC's plan.

August 31, 2018, is fixed as the last date for filing written
objections to the confirmation of the Plan, and September 13, at
9:00 A.M., is fixed as the date of hearing of confirmation of the
Plan.

                        About All Terrain

Headquartered in Saint Anthony, Idaho, All Terrain LLC provides
home moving services.  The company's moving services include crane
and rigging, historic preservation, residential moving, doublewide
moving, and commercial moving.  It is affiliated with Hathaway
Homes Group LLC, a dealer of recreational vehicle and manufactured
homes in South East Idaho.  Hathaway Homes sought bankruptcy
protection (Bankr. D. Id. Case No. 17-40992) on Nov. 10, 2017.

All Terrain sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Idaho Case No. 17-40999) on Nov. 13, 2017.  In the
petition signed by Paul J. Hathaway, member and manager, the Debtor
estimated assets of less than $50,000 and liabilities of $1 million
to $10 million.  Judge Jim D. Pappas presides over the case.
Kohler Law Office is the Debtor's bankruptcy counsel.


ALLEN MEDIA: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
U.S.-based Allen Media LLC. The rating outlook is stable.

S&P said, "At the same time, we assigned our 'B' issue-level and
'3' recovery ratings to the company's $500 million senior secured
first-lien term loan. The '3' recovery rating indicates our
expectation of meaningful (50%-70%; rounded estimate: 65%) recovery
of principal in the event of a payment default.

"We based our issuer credit rating on our assessment of the
company's ownership of the Weather Channel, which has good brand
recognition and wide distribution with multiyear carriage
agreements with the majority of its distributors. These positive
credit factors are offset by declining subscribers and increased
audience fragmentation facing cable networks, including the Weather
Channel. Additionally, Allen Media has limited geographic revenue
diversification and limited scale because the Weather Channel is
its only fully distributed cable network. Our assessment of the
rating is also affected by the limited corporate governance
structures in place.

"The outlook reflects our expectation that Allen Media will reduce
leverage to below 4.5x in 2019 and maintain leverage below that on
a sustained basis while generating free operating cash flow in
excess of $30 million. We also expect the Weather Channel's current
multiyear carriage agreements to provide some revenue stability
despite secular pressure the cable industry is currently facing.

"Given the dependence on the Weather Channel's EBITDA and cash
flows, we could lower our rating if operating performance
deteriorates such that we expect adjusted leverage to increase and
remain above the mid-4x area on a sustained basis. This could occur
if declines in subscribers accelerate beyond our base-case
assumptions of 4% annually, which would in turn reduce affiliate
fee revenues and advertising revenues. Additionally, we could lower
the rating if the Weather Channel experiences substantial
management turnover, which would negatively affect our assessment
of the company's future operating prospects.

"In our view, an upgrade is unlikely over the next one to two
years. An upgrade would entail the company demonstrating revenue
and EBITDA stability in the Weather Channel and considerable growth
at Entertainment Studios stemming from significant subscriber
growth for its cable networks resulting in leverage falling below
4x on a sustained basis. Additionally, we would want to see a more
robust governance structure implemented at the company and a longer
track record of operational success."


AMERICAN SEAFOODS: Moody's Affirms B2 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service affirmed certain of its ratings for
American Seafoods Group LLC, including the company's B2 Corporate
Family Rating and B2-PD Probability of Default Rating. At the same
time, Moody's downgraded its ratings for ASG's existing first-lien
senior secured credit facilities, to B2 from B1. The ratings
outlook is stable.

The rating actions follow the announcement that ASG will issue an
incremental $62.5 million of first-lien debt, which along with cash
on hand will be used to repay the remaining $87.5 million
outstanding balance of second-lien debt. As part of the
transaction, the company will also reduce pricing on its revolving
credit facility by roughly 50 basis points. The refinancing is
beneficial because it will modestly reduce financial leverage, to
approximately 6.0x (from 6.2x) on a Moody's-adjusted basis, and
provide interest cost savings of approximately $6 million annually.


The downgrades of the first lien senior secured facility ratings to
B2 reflect the elimination of a layer of loss absorption below the
senior secured first lien credit facilities, resulting from the
repayment of the second lien term loan in its entirety. The current
Caa1 rating for the senior secured second-lien term loan will be
withdrawn upon closing of the transaction and concurrent repayment
of the associated debt.

Following is a summary of Moody's rating actions:

American Seafoods Group LLC

Ratings Affirmed:

Corporate Family Rating, B2

Probability of Default Rating, B2-PD

Ratings Downgraded:

Senior secured first lien revolving credit facility due 2022, to B2
(LGD3) from B1 (LGD3)

Senior secured first lien term loan due 2023, to B2 (LGD3) from B1
(LGD3)

Outlook Actions:

Outlook, remains stable

RATINGS RATIONALE

American Seafoods Group LLC's ("ASG") B2 Corporate Family Rating
broadly reflects the company's high debt leverage, moderate
interest coverage, and potentially volatile earnings and cash
flows. Operating performance is susceptible to a number of factors,
many of which are beyond the control of management, including the
maximum annual US Bering Sea Pollock fishery total allowable catch
(TAC), market pricing of fish products, peak season fishing
conditions, fuel price movements and foreign currency exposure.
These risk factors are offset in part by the company's relatively
high operating margins, protected market position and high barriers
to entry. ASG's market position and high barriers to entry have
been established by the American Fisheries Act (AFA) and the
resulting cooperative agreements, which provide ASG's
catcher-processor (CP) vessels an annual allocation of the US
Bering Sea Pollock fishery TAC and also prevents the entry of
additional vessels, which could lead to overfishing and subsequent
degradation of the fishery's sustainability. Although ASG's
leverage is high, some of the associated financial risk is
mitigated by the high value of the company's fleet, its exclusive
fishing rights, and the currently favorable regulatory environment.
ASG's liquidity will be adequate over the next twelve months,
supported by Moody's expectation of positive free cash flow
generation and access to a $60 million revolving credit facility,
but somewhat offset by limited cash balances and a high degree of
cash flow seasonality.

The stable ratings outlook reflects Moody's expectation that ASG
will grow its revenue and EBITDA moderately over the next 12-18
months, despite inherent market price volatility for the company's
products, and that it will use much of its free cash flow for debt
repayment.

The ratings for ASG could be upgraded if debt leverage as measured
by Moody's-adjusted debt-to-EBITDA improves and is sustained below
4.5 times, and interest coverage as measured by Moody's-adjusted
EBITA-to-interest improves and is sustained above 2.0 times. Also,
the company will be expected to maintain an improved liquidity
profile, with reduced revolver reliance prior to upward rating
consideration. Alternatively, the ratings could be downgraded if
debt leverage increases and is sustained above 6.5 times, and
interest coverage weakens and falls below 1.0 time. Also, if the
company's liquidity deteriorates, or if it pursues leveraged
acquisitions or shareholder returns, the ratings could be
downgraded.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in June 2017.

ASG Consolidated LLC (Consolidated), together with American
Seafoods Group LLC (Group) and its subsidiaries (ASG), is one of
the largest harvesters of fish for human consumption in the US in
terms of volume. The company harvests and processes a variety of
fish species aboard sophisticated catcher-processor vessels. ASG is
believed to be the largest harvester and at-sea processor of
Pollock and Pacific whiting (Hake) in the US. All of the company's
debt was recapitalized in August 2015 by an affiliate of PE firm
Bregal Partners and other co-investors. ASG generated revenues for
the twelve months ended March 31, 2018 of approximately $408
million.


ARALEZ PHARMACEUTICALS: Case Summary & 30 Top Unsecured Creditors
-----------------------------------------------------------------
Affiliated companies that have filed voluntary petitions seeking
relief under Chapter 11 of the Bankruptcy Code:

      Debtor                                       Case No.
      ------                                       --------
      Aralez Pharmaceuticals US Inc. (Lead Case)   18-12425
      400 Alexander Park Drive
      Princeton, NJ 08540

      Aralez Pharmaceuticals Holdings Limited      18-12426
      Aralez Pharmaceuticals Management Inc.       18-12427
      Aralez Pharmaceuticals R&D Inc.              18-12428
      Aralez Pharmaceuticals Trading DAC           18-12429
      Halton Laboratories LLC                      18-12430
      POZEN Inc.                                   18-12431

Business Description: Aralez Pharmaceuticals Inc. --
                      http://www.aralez.com-- is a global
                      specialty pharmaceutical company focused on
                      acquiring, developing and commercializing
                      products primarily in cardiovascular and
                      other specialty areas.  The direct customers
                      for the Debtors' products are wholesale
                      pharmaceutical distributors in the United
                      States.  As of the Petition Date, the
                      Debtors have 22 full-time employees in the
                      United States, three full-time independent
                      contractors in the United States, and six
                      full-time employees in Ireland.  Aralez's
                      global headquarters is in Ontario, Canada,
                      the US headquarters is in Princeton, NJ and
                      the Ireland headquarters is in Dublin,
                      Ireland.

Chapter 11 Petition Date: August 10, 2018

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

Judge: Hon. Martin Glenn

Debtors' Counsel: Paul V. Shalhoub, Esq.
                  Robin Spigel, Esq.
                  Debra C. McElligott, Esq.
                  WILLKIE FARR & GALLAGHER LLP
                  787 Seventh Avenue
                  New York, New York 10019
                  Tel: (212) 728-8000
                  Fax: (212) 728-8111
                  Email: pshalhoub@willkie.com
                         rspigel@willkie.com
                         dmcelligott@willkie.com

Debtors'
Restructuring &
Financial
Advisors:         ALVAREZ & MARSAL HEALTHCARE INDUSTRY GROUP, LLC
                  600 Madison Avenue, 8th Floor, New York,
                  New York 10022

Debtors'
Investment
Banker:           MOELIS & COMPANY
                  399 Park Avenue, 5th Floor, New York,
                  New York 10022

Debtors'
Tax
Advisor:          RSM US LLP
                  379 Thornall Street, 2nd Floor
                  Edison, New Jersey 08837

Debtors'
Claims,
Noticing &
Solicitation
Agent:            PRIME CLERK LLC
                  830 Third Avenue, 9 th Floor, New York
                  New York 10022  
                  Website: https://cases.primeclerk.com/aralez/
                
Estimated Assets: $100 million to $500 million

Estimated Liabilities: $100 million to $500 million

The petition was signed by Michael Kaseta, chief financial
officer.

A full-text copy of Aralez Pharmaceuticals' petition is available
for free at:

            http://bankrupt.com/misc/nysb18-12425.pdf

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
AstraZeneca AB                      Trade Payable     $14,000,000
Forskargatan 18
SE-151 85 Sodertalje
Sweden, 151 85 Sweden
William Mongan
VP, Product Development
EMAIL: william.mongan@astrazeneca.com
Mariam Koohdary
Deputy General Counsel
EMAIL: mariam.koohdary@astrazeneca.com

GHG Summit LLC                        Trade Payable       $486,529
PO Box 783346
Philadelphia, PA
19178-3346
United States
Jessica Schaffer
Tel: 973-352-1022
Email: jessica.schaffer@ogilvy.com

Healix Inc.                            Trade Payable      $111,662
Email: Kristina.Meissner@interpublic.com

MSD Ireland Brinny                     Trade Payable      $338,893
Maureen Butler
Email: maureen.butler@merck.com

Employee 1 Severance                     Severance        $310,879

Patheon Pharmaceuticals Inc.           Trade Payable      $303,720
2110 E. Galbraith Rd.
Cincinnati, OH 45237
United States
Michael Thompson
Tel: 919-226-3119
Email: Michael.Thompson@Patheon.com

EMKAY                                  Trade Payable      $231,225
Email: JJewell@emkay.com

Ernst & Young US LLP                   Trade Payable      $160,000
Email: Anthony.Szymelewicz@ey.com

Almac Pharma Services                  Trade Payable      $151,851
Email: mary.booth@almacgroup.com

Source Healthcare Analytics, LLC       Trade Payable      $129,855
Email: accounts.receivable@symphonyhealth.com

Eagle Pharmacy LLC                     Trade Payable      $125,000
Email: kjordan@eaglepharmacy.com

Frontida BioPharm Inc                  Trade Payable      $116,071
Email: Amy.Bathurst@frontidabiopharm.com

Employee 3 Severance                     Severance        $112,784

Employee 4 Severance                     Severance        $104,554

QPharma, Inc.                          Trade Payable      $103,128

Email: reno.amadori@qpharmacorp.com

Employee 5 Severance                     Severance        $103,076

Employee 6 Severance                     Severance        $102,022

Employee 7 Severance                     Severance         $99,266

Employee 8 Severance                     Severance         $90,213

Employee 9 Severance                     Severance         $88,556

Employee 10  Severance                   Severance         $88,556

Employee 11 Severance                    Severance         $79,873

Employee 12 Severance                    Severance         $78,887

Employee 13 Severance                    Severance         $77,563

Employee 14 Severance                    Severance         $68,130

Employee 15 Severance                    Severance         $67,082

Employee 16 Severance                    Severance         $65,143

Employee 17 Severance                    Severance         $64,985

Phoenix Marketing Solutions            Trade Payable       $64,359
Email: asavage@phoenixgrp.net

Employee 18 Severance                    Severance         $62,889


ARETEC GROUP: Moody's Assigns B3 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating to
Aretec Group, Inc., the holding company for Cetera Financial Group
after the announced sale of the company to Genstar Capital.
Concurrently, Moody's assigned a B2 rating to Aretec's proposed
first lien senior secured credit facility and a Caa2 rating to its
proposed second lien senior secured term loan. The rating outlook
is stable.

The rating assignments follow the company's plan to raise $1,015
million of new senior secured debt -- a $100 million senior secured
first lien revolving credit facility, a $775 million senior secured
first lien term loan and a $240 million senior secured second lien
term loan -- supported by new sponsor equity to fund the
acquisition of Cetera. Moody's expects the revolver to be undrawn
upon closing.

Moody's assigned the following ratings to Aretec Group, Inc.

Corporate Family Rating, assigned at B3

$100 million first lien senior secured revolving credit facility,
assigned at B2

$775 million first lien senior secured term loan, assigned at B2

$240 million second lien senior secured term loan, assigned at Caa2


Rating outlook stable

RATINGS RATIONALE

The B3 Corporate Family Rating reflects Aretec's high debt/EBITDA
of around 7.5x pro forma the acquisition (including Moody's
standard adjustments), a stabilizing financial advisor base,
favorable macroeconomic and market environment and growing client
asset levels.

Aretec's retention of advisors has been stronger than expected,
which will allow the firm to regain its revenue growth targets at a
faster pace. The firm's increase in debt following the acquisition
pressures the firm's financial flexibility and limits its room for
additional debt at the existing rating level.

Aretec's revenues stand to benefit from macroeconomic tailwinds,
including a rising interest rate environment as well as
strengthening levels of client assets driven by the overall
favorable equity markets, but also stronger growth in net new
assets. Moody's ratings also reflect a difficult operating and
regulatory environment for independent broker-dealers requiring
them to constantly invest in systems and processes to maintain
their compliance.

The rating outlook is stable, reflecting a stabilizing financial
advisor base and client assets under administration. Moody's
expects net revenues and EBITDA to slowly increase driven by
macroeconomic factors, allowing the firm to slowly deleverage from
its level following the acquisition.

Factors that could lead to an upgrade:

Improving debt leverage to a level below 5.5x (including Moody's
standard adjustments) on a sustained basis

Strong advisor recruitment, and advisor retention rates, leading to
growth in client assets and improving profitability

Factors that could lead to a downgrade:

Sustained leverage level above 7.5x (including Moody's standard
adjustments)

Significant decline in number of financial advisors or a
deterioration in retention levels

Operating results experiencing a decline in revenues not met with a
decrease in variable costs

The principal methodology used in these ratings was Securities
Industry Service Providers published in June 2018.


ASCENA RETAIL: Bank Debt Trades at 9% Off
-----------------------------------------
Participations in a syndicated loan under which Ascena Retail Group
Incorporated is a borrower traded in the secondary market at 90.53
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.61 percentage points from the
previous week. Ascena Retail pays 450 basis points above LIBOR to
borrow under the $1.8 billion facility. The bank loan matures on
August 21, 2022. Moody's rates the loan 'Ba3' and Standard & Poor's
gave a 'B+' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
July 27.


AVOLON HOLDINGS: Fitch Affirms 'BB' LT IDR & Alters Outlook to Pos.
-------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) for Avolon Holdings Limited at 'BB'. Fitch has also affirmed
the Long-Term IDRs and senior unsecured debt ratings of
subsidiaries Avolon Holdings Funding Limited and Park Aerospace
Holdings Limited at 'BB'. The Rating Outlook has been revised to
Positive from Stable.

The Positive Outlook follows Avolon's announcement that Global
Aviation Leasing Co., Ltd., a subsidiary of Avolon's owner, Bohai
Capital Holding Co., Ltd. (Bohai Capital), has agreed to sell 30%
of Avolon shares to a minority interest shareholder, ORIX Aviation
Systems Limited, a subsidiary of ORIX Corporation (ORIX; Long-Term
IDR A-/Stable), for approximately $2.2 billion. The transaction is
expected to close in the fourth quarter of 2018. ORIX's ratings and
Rating Outlook are unaffected by the announcement.

KEY RATING DRIVERS - IDRs and Senior Debt

The Positive Rating Outlook reflects the improved credit quality of
Avolon's owners and the enhanced governance framework set forth
under the shareholder agreement, which further protects Avolon's
creditors by supplementing the pre-existing mandatory redemption
covenant. Specifically, the revised board composition reduces Bohai
Capital's ability to extract capital from Avolon. The Positive
Rating Outlook is further supported by Fitch's expectation for
continued deleveraging and funding profile improvement by Avolon
over the Outlook horizon.

ORIX is involved in a wide range of businesses, including leasing,
banking, life insurance, asset management, principal investments,
real estate, and environment and energy-related services. ORIX's
aviation platform should expand Avolon's commercial aircraft
distribution capabilities and broaden its access to Japanese
funding sources. On the other hand, the ORIX minority investment
adds to Avolon's already significant organizational complexity.

In Fitch's opinion, Avolon's ability to execute on its business
objectives over the past year has been constrained by the highly
speculative credit risk profiles of Bohai Capital and its majority
owner, HNA Group Co., Ltd. (HNA). Developments with respect to
certain HNA subsidiaries over the past year, such as intercompany
loan activity and delays in aircraft lease payments by certain
HNA-owned airlines, have indicated constraints on the overall
organization. While HNA has reportedly sold certain international
holdings in recent months, the firm does not publicly disclose its
financial results, making it challenging to draw definitive
conclusions about its current liquidity position. That being said,
Avolon has indicated that HNA-affiliated airlines are now current
on all lease payments to the company.

ORIX and Bohai Capital have agreed that the existing intercompany
loan between Avolon and Hong Kong Bohai Leasing Asset Management
Corp., Ltd., an intermediate holding company of Bohai Capital, will
be repaid prior to the closing of the minority interest sale.
Avolon is expected to upstream a $237.5 million dividend to Bohai
Capital, which will be used to pay down the $237.5 million
intercompany loan. Fitch views the elimination of this material
related party transaction favorably.

Fitch anticipates that with the $2.2 billion of proceeds from the
minority interest sale, Bohai Capital will meaningfully reduce
debt. The resultant reduction in double leverage is viewed
positively.

The agreed upon enhancements to Avolon's corporate governance
should benefit its creditors. ORIX will have Board representation,
thereby establishing a more balanced framework under which Avolon
will deploy capital. Avolon has announced that the Board will be
comprised of seven directors, including three HNA/Bohai Capital
representatives, two ORIX representatives, Avolon's CEO, and one
independent director.

Pursuant to the shareholder agreement, a majority of Board members
would be required to approve Board Reserved Matters (e.g.,
acquisitions, disposals, joint ventures, financings, litigation
matters over certain thresholds), supporting separateness between
Bohai Capital and Avolon. While the joint ownership dynamics and
the associated policies will need to be assessed over time, in
general, they are viewed as enhancing the mandatory redemption
covenant.

The existing covenant limits payments to Bohai Capital to a general
basket of $800 million and a net income builder basket representing
50% of consolidated net income from January 1, 2018. Avolon is
permitted to make unlimited shareholder payments, which include
dividends, shareholder loans and share repurchases, if consolidated
total indebtedness (net debt to equity) is less than 2.5x. This
ratio was 2.1x at June 30, 2018. Nevertheless, the distribution
policy agreed upon by Bohai Capital and ORIX will target a dividend
of a minimum of 28% to a maximum of 50% of net income, subject to
Board approval. Fitch views this policy, combined with the revised
board composition, as important mitigants to the risk of outsized
capital extraction by Bohai Capital.

The rating affirmation reflects Avolon's high quality commercial
aircraft portfolio, scale and franchise strength as one of the
world's largest aircraft leasing companies, strong profitability,
robust risk controls and strong management track record. The
ratings are constrained by Avolon's predominantly secured funding
profile, aggressive growth via its order book and stated
acquisition appetite and qualitative considerations surrounding
Avolon's evolving ownership structure.

Rating constraints applicable to the aircraft leasing industry more
broadly include the monoline nature of the business, vulnerability
to exogenous shocks, potential exposure to residual value risk,
sensitivity to oil prices, reliance on wholesale funding sources
and increased competition.

At June 30, 2018, Avolon was the third largest aircraft lessor in
the world, with 890 owned, managed and committed aircraft leased to
156 customers. The largest exposures included Airbus A320 CEO
family aircraft (32% of carrying value at June 30, 2018), Boeing
737 NG family (23%), Airbus A330 family (16%), Boeing 787 family
(11%) and Airbus A320 NEO family (6%).

The secured debt ratings are one notch above Avolon's Long-Term IDR
and reflect the aircraft collateral backing these obligations,
which suggest good recovery prospects.

The equalization of the unsecured debt rating with Avolon's IDR
reflects modest unsecured debt as a portion of total debt, as well
as an available pool of unencumbered assets, which suggest average
recovery prospects for unsecured debtholders.

RATING SENSITIVITIES - IDRs and Senior Debt

An upgrade of the ratings to 'BB+' could be driven by Avolon's
unsecured debt to total debt approaching 35%, gross debt to
tangible common equity approaching 3.0x, and demonstrated adherence
to the enhanced governance framework and mandatory redemption
covenant. At June 30, 2018, unsecured debt-to-total debt and gross
debt-to-tangible common equity were 27.1% and 3.4x, respectively.

Although not currently envisioned by Fitch, increased ownership of
Avolon by ORIX could result in the ratings benefiting from
institutional support uplift, provided that Fitch believed ORIX had
the willingness and ability to extend credit or liquidity support
to Avolon.

A sustained increase in gross debt to tangible common equity above
4.0x, as a result of an increased risk appetite or asset
underperformance by Avolon's owners, may result in negative rating
momentum. Additionally, a perceived material weakening of the
credit risk profiles of Bohai Capital and/or HNA, which serves to
impact Avolon's funding access, franchise or other aspects of its
business activities, higher-than-expected aircraft repossession
activity, sustained deterioration in financial performance or
operating cash flows and/or material weakening of liquidity
relative to financing needs, may result in negative pressure on the
ratings.

The secured debt and unsecured debt ratings are primarily sensitive
to changes in Avolon's IDR and secondarily to the relative recovery
prospects of the instruments.

Fitch has affirmed the following ratings:

Avolon Holdings Limited

  -- Long-Term IDR at 'BB';

  -- Senior secured debt at 'BB+'.

Avolon Holdings Funding Limited

  -- Long-Term IDR at 'BB';

  -- Senior unsecured notes at 'BB'.

Avolon TLB Borrower 1 (Luxembourg) S.a.r.l.

  -- Long-Term IDR at 'BB';

  -- Senior secured debt at 'BB+'.

Avolon TLB Borrower 1 (US) LLC

  -- Long-Term IDR at 'BB';

  -- Senior secured debt at 'BB+'.

CIT Aerospace International

  -- Senior secured debt at 'BB+'.

CIT Aerospace LLC

  -- Senior secured debt at 'BB+'.

CIT Aviation Finance III Limited

  -- Senior secured debt at 'BB+'.

CIT Group Finance (Ireland)

  -- Senior secured debt at 'BB+'.

Park Aerospace Holdings Limited

  -- Long-Term IDR at 'BB';

  -- Senior unsecured notes at 'BB'.

The Rating Outlook is Positive.


AVOLON HOLDINGS: Moody's Puts Ba2 CFR Under Review for Upgrade
--------------------------------------------------------------
Moody's Investors Service is reviewing for upgrade the Ba2
corporate family rating of Avolon Holdings Limited and the Ba3
senior unsecured ratings of its subsidiaries Avolon Holdings
Funding Limited and Park Aerospace Holdings Limited. This follows
the announcement by Avolon's parent Bohai Capital Holding Co., Ltd.
that it has agreed to sell a 30% interest in Avolon to ORIX
Corporation (A3 stable) for $2.2 billion, subject to closing
adjustments.

On Review for Upgrade:

Issuer: Avolon Holdings Funding Limited

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Upgrade, currently Ba3

Issuer: Avolon Holdings Limited

Corporate Family Rating, Placed on Review for Upgrade, currently
Ba2

Issuer: Avolon TLB Borrower 1 (US) LLC

Senior Secured Bank Credit Facilities, Placed on Review for
Upgrade, currently Ba1

Issuer: Park Aerospace Holdings Limited

Senior Unsecured Regular Bond/Debentures, Placed on Review for
Upgrade, currently Ba3

Outlook Actions:

Issuer: Avolon Holdings Funding Limited

Outlook, Changed To Rating Under Review From Stable

Issuer: Avolon Holdings Limited

Outlook, Changed To Rating Under Review From Stable

Issuer: Avolon TLB Borrower 1 (US) LLC

Outlook, Changed To Rating Under Review From Stable

Issuer: Park Aerospace Holdings Limited

Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

Moody's review of Avolon's ratings is based on the significant
investment commitment by ORIX, a strategic investor with a strong
credit profile, as well an expected reduction in Avolon's
governance risks relating to financially weaker parent Bohai
Capital and its controlling shareholder HNA Group (NR), as ORIX
exerts influence on Avolon's strategy and operations through its
appointed directors on Avolon's board. Additionally, Moody's
expects that ORIX's investment will lead to business and funding
synergies, based on ORIX's established strength in aircraft finance
through operating subsidiary ORIX Aviation and its relationships
with investors and airlines. The ratings review is also supported
by Avolon's franchise strength as the third largest company in the
commercial aircraft leasing sector, as well as its solid
profitability, effective liquidity management and capital strength.


The Avolon minority interest sale will result in a reconstitution
of Avolon's board of directors to include representation by ORIX,
which Moody's believes provides an effective counterbalance to the
influence of Bohai and HNA over matters of concern to Avolon's
creditors. ORIX will name two directors to Avolon's new seven
member board, while Bohai will name three directors; Avolon's chief
executive Domhnal Slattery will serve as executive director and the
shareholders will agree on the appointment of an independent
director. Voting will be categorized into board reserved matters,
requiring a simple majority vote, and shareholder reserved matters,
requiring unanimous consent of shareholder directors regarding
items including budget and business plan, financial transactions
and expenditures above certain limits, and related party
transactions.

Moody's also expects that the transaction will improve Bohai's
financial condition, further reducing risks to Avolon's financial
stability. Moody's expects that Bohai will use proceeds from the
transaction to repay debt issued by intermediate holding companies
that constitutes double leverage. Moody's also expects Bohai to
continue to pursue other initiatives to improve its funding
structure and reduce leverage.

ORIX's established operating expertise in aircraft finance and
strength of relationships with airlines and investors globally is
expected to provide Avolon with new leasing opportunities and
enhanced access to capital in the Japanese financial markets. ORIX
oversees a portfolio of $10 billion of leases on 200 aircraft,
approximately 75% of which are managed on behalf of others. ORIX
maintains customer relationships with airlines that have above
average credit quality, reflecting its investors' low credit risk
orientation. Importantly, Moody's believes that ORIX is strongly
committed to Avolon achieving an investment grade financial
profile.

Moody's could upgrade Avolon's ratings if Bohai closes the sale of
shares to ORIX, which is expected to occur by the end of 2018.
While not likely, Moody's could downgrade Avolon's ratings if 1)
the company's ratio of debt to tangible net worth increases to more
than 3x, 2) liquidity runway weakens materially, 3) profitability
measures weaken materially below strong peers, and 4) parent
related risks increase as a result of a deterioration in credit
profile.

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


AYTU BIOSCIENCE: 1-for-20 Reverse Stock Split Takes Effect
----------------------------------------------------------
Aytu BioScience, Inc. reported that the company has effected a
1-for-20 reverse split of its issued and outstanding shares of
common stock.  The reverse stock split became effective Aug. 10,
2018 at 4:30 p.m. EDT.  Shares of the company's common stock will
trade on a split-adjusted basis beginning Monday, Aug. 13, 2018.

The reverse stock split is being effected as part of the company's
plan to regain compliance with the $1.00 minimum bid price
continued listing requirement of the NASDAQ Capital Market.  The
reverse stock split was approved by the Aytu BioScience
stockholders at the company's annual meeting of stockholders held
on June 27, 2018.

The 1-for-20 reverse stock split will automatically convert twenty
shares of Aytu BioScience's common stock into one new share of
common stock.  No fractional shares will be issued, and no cash or
other consideration will be paid.  Instead, the company will issue
one whole share of the post-split common stock to any stockholder
of record who otherwise would have received a fractional share as a
result of the reverse stock split.  The reverse stock split will
reduce the number of shares of outstanding common stock from
approximately 35.9 million shares to approximately 1.8 million
shares.  As a result of the reverse stock split, proportional
adjustments will be made to the company's outstanding warrants and
options.

Aytu BioScience has retained its transfer agent, V Stock Transfer,
LLC, to act as its exchange agent for the reverse stock split.
Stockholders who are holding their shares in electronic form at
their brokerage firms do not have to take any action as the effects
of the reverse stock split will automatically be reflected in their
brokerage accounts.  Stockholders holding paper certificates
representing pre-split holdings can contact V Stock Transfer, LLC
for the procedure to exchange existing stock certificates for new
stock certificates or book-entry shares.  Certificates representing
pre-split holdings will be deemed to represent the stockholder's
past split holdings until the stockholder presents the certificate
to the transfer agent.

                     About Aytu BioScience

Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) --
http://www.aytubio.com/-- is a commercial-stage specialty
healthcare company concentrating on developing and commercializing
products with an initial focus on urological diseases and
conditions.  Aytu is currently focused on addressing significant
medical needs in the areas of urological cancers, hypogonadism,
urinary tract infections, male infertility, and sexual
dysfunction.

Aytu BioScience reported a net loss of $22.50 million for the year
ended June 30, 2017, a net loss of $28.18 million for the year
ended June 30, 2016, and a net loss of $7.72 million for the year
ended June 30, 2015.  As of March 31, 2018, the Company had $23.37
million in total assets, $10.62 million in total liabilities and
$12.75 million in total stockholders' equity.

Aytu BioScience received on April 9, 2018 a letter from The Nasdaq
Stock Market LLC indicating that the Company has failed to comply
with the minimum bid price requirement of Nasdaq Listing Rule
5550(a)(2).  Nasdaq Listing Rule 5550(a)(2) requires that companies
listed on the Nasdaq Capital Market maintain a minimum closing bid
price of at least $1.00 per share.

                        Going Concern

For the quarter ended March 31, 2018, and for the most recent four
quarters ended March 31, 2018, the Company used an average of $3.8
million of cash per quarter for operating activities.  Looking
forward, the Company expects cash used in operating activities to
be in the range of historical usage rates, and the Company expects
its revenue to increase.  Therefore, it is uncertain as to whether
the Company is sufficiently capitalized.  The Company said that
because it may not have a large enough cash balance as of  March
31, 2018, Accounting Standards Update 2014-15, Presentation of
Financial Statements -- Going Concern (Subtopic 205-40) requires
the Company to report that there is an indication that substantial
doubt about the Company's ability to continue as a going concern
exists.

"The ability of the Company to continue its operations is dependent
on management's plans, which include continuing to build on the
historical growth trajectory of Natesto, seeking to acquire cash
generating assets and if needed, accessing the capital markets
through the sale of our securities.  Based on our ability to raise
capital in the past as well as our continued growth, the Company
believes additional financing will be available and will continue
to be available to support the current level of operations for at
least the next 12 months from the date of this report.  There can
be no assurance, however, that such financing will be available on
terms which are favorable to the Company, or at all.  While Company
management believes that its plan to fund ongoing operations will
be successful, there is uncertainty due to the Company's limited
operating history and therefore no assurance that its plan will be
successfully realized," the Company stated in its Quarterly Report
for the period ended March 31, 2018.


BAMC DEVELOPMENT: Case Summary & 16 Unsecured Creditors
-------------------------------------------------------
Debtor: BAMC Development Holding, LLC
        303 S Melville Ave
        Tampa, FL 33606-1734

Business Description: BAMC Development Holding, LLC is a privately
                      held company in Tampa, Florida engaged in
                      activities related to real estate.  BAMC
                      Development is the fee simple owner of a
                      property located at 201 S. Howard Ave #205
                      205, Tampa, FL 33606-1726 valued by the
                      Company at $1.1 million.  The Company
                      previously sought bankruptcy protection on
                      June 30, 2016 (Bankr. M.D. Fla. Case No. 16-
                      05643).

Chapter 11 Petition Date: August 9, 2018

Case No.: 18-06643

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Debtor's Counsel: Leon A. Williamson, Jr., Esq.
                  LAW OFFICE OF LEON A. WILLIAMSON, JR., P.A.
                  306 S. Plant Avenue, Ste. B
                  Tampa, FL 33606
                  Tel: 813-253-3109
                  Fax: 813-253-3215
                  E-mail: leon@lwilliamsonlaw.com

Total Assets: $1,135,645

Total Liabilities: $26,507,460

The petition was signed by Thomas Ortiz, managing member.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 16 unsecured creditors is available for free
at:

          http://bankrupt.com/misc/flmb18-06643.pdf


BELL FOODS: Seeks to Hire Congeni Law as Bankruptcy Counsel
-----------------------------------------------------------
Bell Foods, L.L.C., and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the Eastern District of Louisiana to
employ Congeni Law Firm, LLC, as bankruptcy counsel to the
Debtors.

Bell Foods requires Congeni Law to:

   a. advise and consult with the Debtor concerning question
      arising in the conduct of the administration of the estate,
      concerning the Debtor's rights and remedies with regard to
      the estate's assets and the claims of secured, priority and
      unsecured creditors and other parties in interest;

   b. appear for, prosecute, defend and represent the Debtor's
      interests in suits arising in or related to the case;

   c. investigate and prosecute preference and other actions
      arising under the Debtor in Possession's avoiding powers;

   d. assist in the preparation of such pleadings, motions,
      notices and orders as are required for the orderly
      administration of the case; and

   e. consult with and advise the Debtor in connection with the
      operation of its business.

Congeni Law will be paid at these hourly rates:

     Attorneys              $250
     Paralegals              $85

Congeni Law will be paid a retainer in the amount of $7,500.

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

Leo D. Congeni, a partner at Congeni Law Firm, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Congeni Law can be reached at:

         Leo D. Congeni, Esq.
         CONGENI LAW FIRM, LLC
         424 Gravier Street
         New Orleans, LA 70130
         Tel: (504) 522-4848
         Fax: (504) 581-4962
         E-mail: leo@congenilawfirm.com

                       About Bell Foods

Bell Foods, L.L.C., is a full line food-service distributor and
delivery service company.  It offers an assortment of custom meat
and seafood products along with a variety of other categories.  The
Company has a virtual warehouse containing over 112,000 products
from over 800 manufacturers. Located in Louisiana, the Company
services the southeast quadrant of the United States.

Bell Foods, L.L.C., based in Harahan, LA, and its debtor-affiliates
sought Chapter 11 protection (Bankr. E.D. La. Lead Case No.
18-11988) on July 31, 2018.  In the petition signed by John
Bellini, III, president, the Debtors estimated up to $50,000 in
assets and $1 million to $10 million in liabilities.  The Hon.
Jerry A. Brown presides over the case.  Leo D. Congeni, Esq., at
Congeni Law Firm, LLC, serves as bankruptcy counsel to the Debtors.


BLACK BOX: FMR LLC Ceases to be a Shareholder
---------------------------------------------
FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G/A filed
with the Securities and Exchange Commission that at July 31, 2018,
they no longer beneficially own shares of common stock of Black Box
Corporation.

Ms. Johnson is a director, the chairman and the chief executive
officer of FMR LLC.  Members of the Johnson family, including Ms.
Johnson, are the predominant owners, directly or through trusts, of
Series B voting common shares of FMR LLC, representing 49% of the
voting power of FMR LLC.  The Johnson family group and all other
Series B shareholders have entered into a shareholders' voting
agreement under which all Series B voting common shares will be
voted in accordance with the majority vote of Series B voting
common shares.  Accordingly, through their ownership of voting
common shares and the execution of the shareholders' voting
agreement, members of the Johnson family may be deemed, under the
Investment Company Act of 1940, to form a controlling group with
respect to FMR LLC.

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

                      https://is.gd/XSfdPT

                         About Black Box

Black Box Corporation -- http://www.blackbox.com/-- is a digital
solutions provider dedicated to helping customers design, build,
manage, and secure their IT infrastructure.  The Services platform
is comprised of engineering and design, network operations centers,
technical certifications, national and international sales teams,
remote monitoring, on-site service teams and technology partner
centers of excellence which includes dedicated sales and
engineering resources.

Black Box reported a net loss of $100.09 million for the year ended
March 31, 2018, compared to a net loss of $7.05 million for the
year ended March 31, 2017.  As of March 31, 2018, Black Box had
$376.33 million in total assets, $325.99 million in total
liabilities and $50.34 million in total stockholders' equity.

The audit opinion included in the company's Annual Report on Form
10-K for the year ended March 31, 2018 contains a going concern
explanatory paragraph expressing substantial doubt about the
Company's ability to continue as a going concern.  BDO USA, LLP,
the Company's auditor since 2005, noted that the Company has
suffered recurring losses from operations, has negative operating
cash flow and is dependent upon raising additional capital or
refinancing its debt agreement to fund operations that raise
substantial doubt about its ability to continue as a going concern.


BLINK CHARGING: Grant Fitz Joins Board of Directors
---------------------------------------------------
Blink Charging Co.'s Board of Directors has elected Grant E. Fitz
to become a member of the Board of Directors effective Aug. 6,
2018.  Mr. Fitz fills a current vacancy on the Blink Board and has
been nominated for election at the upcoming Annual Meeting of
Stockholders to serve for another year.  Mr. Fitz is an independent
director under Nasdaq listing rules and will also serve on the
Blink Board's Audit Committee.

Since June 2016, Mr. Fitz has been the chief financial officer of
Valassis, a digital and print media delivery company, which is
owned by Harland Clarke Holdings whose parent company is MacAndrews
& Forbes Holdings Inc.  Mr. Fitz oversees the financial operations
for Valassis and supports the development of its business
strategies and internal controls.  In 2017, Mr. Fitz was also named
president of NCH Marketing Services, a leading coupon redemption
company and Valassis subsidiary.

Mr. Fitz has many years of experience in finance for technology
companies including his roles as corporate vice president and CFO
of Xerox Corporation's technology business, president of Xerox
Financial Services, and a range of executive roles at General
Motors (GM), such as global finance director, chief risk officer
and executive director of risk management, CFO of GM Powertrain
Europe, and general director of GM Audit Services.

"Mr. Fitz is a significant addition to the Blink leadership team
and represents an enormous step forward as we propel Blink into the
global arena," stated Blink's founder and executive chairman
Michael D. Farkas.  "The extensive experience Mr. Fitz brings to
the table cannot be understated, particularly his work as an
executive for one of the world's most prominent automotive
companies.  His insights will help enable Blink to further our
global expansion as we continue to align with car companies as they
transition past the EV technology tipping point."

"I am eager to join the board at this exciting time as Blink drives
forward into a phase of widespread expansion," said Mr. Fitz,
continuing "Blink is positioned perfectly to capitalize on the mass
market adoption of electric vehicles on the global stage and is
moving forward to meet the inevitable widespread demand.  I look
forward to contributing my expertise to the management team and the
Board as Blink navigates the global marketplace, identifying and
managing risks while continuing a successful growth trajectory."

                        About Blink Charging

Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID),
formerly known as Car Charging Group, Inc. --
http://www.CarCharging.com/,http://www.BlinkNetwork.com/and
http://www.BlinkHQ.com/-- is a provider of public electric vehicle
(EV) charging equipment and services, enabling EV drivers to easily
charge at locations throughout the United States. Headquartered in
Florida with offices in Arizona and California, Blink Charging's
business is designed to accelerate EV adoption.

Blink Charging reported a net loss attributable to common
shareholders of $79.63 million for the year ended Dec. 31, 2017,
compared to a net loss attributable to common shareholders of $9.16
million for the year ended Dec. 31, 2016.  As of March 31, 2018,
Blink Charging had $11.70 million in total assets, $9.04 million in
total liabilities and $2.65 million in total stockholders' equity.

As of March 31, 2018, the Company had cash, working capital and an
accumulated deficit of $9.94 million, $2.21 million and $154.23
million, respectively.  During the three months ended March
31,2018, the Company generated net income of $2.20 million, but a
loss from operations of $3.80 million.  The Company has not yet
achieved profitability from operations.

"The Company believes its current cash on hand is sufficient to
meet its operating and capital requirements for at least twelve
months from the issuance date of these financial statements.
Thereafter, the Company will need to raise further capital through
the sale of additional equity or debt securities or other debt
instruments to support its future operations.  The Company's
operating needs include the planned costs to operate its business,
including amounts required to fund working capital and capital
expenditures.  The Company's future capital requirements and the
adequacy of its available funds will depend on many factors,
including the Company's ability to successfully commercialize its
products and services, competing technological and market
developments, and the need to enter into collaborations with other
companies or acquire other companies or technologies to enhance or
complement its product and service offerings," as stated in the
Company's Quarterly Report for the period ended March 31, 2018.


BRACKET INTERMEDIATE: Moody's Assigns B3 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service assigned new ratings for Bracket
Intermediate Holding Corp., including a B3 Corporate Family Rating
(CFR) and a B3-PD Probability of Default Rating. Moody's also
assigned B2 ratings to the company's proposed $545 million senior
secured first lien term loan and $40 million revolver. The ratings
outlook is stable.

Net proceeds will be used to partially finance the acquisition of
CRF Health Group Limited, a provider of electronic clinical outcome
assessment solutions for the life sciences industry, as well as to
refinance the company's existing debt capital. This is the first
time that Moody's has rated Bracket Intermediate Holding Corp.

"Bracket is a relatively small player in the nascent and fragmented
medical research services segment, even after its pending
acquisition of CRF Health and notwithstanding its high EBITDA
margins and good free cash flow generation," said Vladimir Ronin,
Moody's lead analyst for the company. "We estimate that initial
leverage (measured as Moody's-adjusted debt-to-EBITDA) will also be
very high, at about 7.4 times," added Ronin.

All ratings are subject to review of final documentation.

The following ratings were assigned for Bracket Intermediate
Holding Corp.:

Corporate Family Rating, B3

Probability of Default Rating, B3-PD

Gtd Senior Secured First Lien Revolver due 2023, B2 (LGD3)

Gtd Senior Secured First Lien Term Loan due 2025, B2 (LGD3)

Rating outlook: stable

RATINGS RATIONALE

The B3 Corporate Family Rating broadly reflects Bracket's small
absolute size based on its revenue and EBITDA, as well as the
company's high pro forma leverage which is approximately 7.4 times
(on Moody's adjusted basis) for the LTM period ended May 31, 2018.
The rating considers Bracket's presence in a niche market segment,
as well as integration risk associated with its pending acquisition
of CRF Health. In addition, the company has a narrow focus on
providing clinical trial technology and specialty services to its
customers, comprised mainly of large pharmaceutical firms and, to a
lesser extent, contract research organizations. The company's
ratings are supported by favorable market trends within the
clinical outcome assessment segment, as well as strong EBITDA
margins. Furthermore, positive ratings consideration is given to
the favorable free cash flow characteristics of the company's
asset-light business model.

The stable ratings outlook reflects Moody's view that Bracket will
remain small and highly concentrated in a niche service segment.
The outlook also reflects Moody's expectation that the company will
reduce debt-to-EBITDA via improved profitability.

The ratings could be downgraded if the company faces top-line and
earnings pressure such that operating margins, cash flow or
liquidity deteriorate. In addition, the ratings could be lowered if
the company is adversely impacted by regulatory changes, faces
challenges in integrating CRF Health, or if it engages in material
debt-financed shareholder initiatives.

The ratings could be upgraded if the company can effectively manage
its growth and achieving better than expected revenue and earnings
growth such that leverage can be sustained below 6.0 times, while
increasing its size. An upgrade would also have to be supported by
a successful integration of CRF Health and maintenance of a strong
liquidity profile.

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

Headquartered in Wayne, Pennsylvania, Bracket Intermediate Holding
Corp. is a provider of medical research support services. The
company offers data collection and storage, manages clinical
trials, and provides training and certification services to
pharmaceutical and healthcare organizations sponsoring or involved
in the clinical trial of drugs. Bracket generated pro forma net
revenues of approximately $303 million for the twelve months ended
May 31, 2018. Bracket is owned by private equity firm Genstar.


BROOKSTONE HOLDINGS: Aug. 14 Meeting Set to Form Creditors' Panel
-----------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on August 14, 2018, at 10:00 a.m. in the
bankruptcy case of Brookstone Holdings Corp.

The meeting will be held at:

         The Doubletree Hotel
         700 King Street
         Wilmington, DE 19801

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.

                About Brookstone Holdings Corp.

Founded in 1965, Brookstone Holdings Corp. is a U.S.-based product
developer and retailer of wellness, entertainment, and travel
products that are fun to discover, smart to use and beautiful in
design.  Brookstone products are available at its 35 retail
locations in airports throughout the U.S., online at Brookstone.com
and through select premium retailers worldwide.

Brookstone Holdings and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
18-11780) on August 2, 2018.

In the petitions signed by Stephen A. Gould, secretary, the Debtors
estimated assets of $50 million to $100 million and liabilities of
$100 million to $500 million.  

Judge Brendan Linehan Shannon presides over the cases.

The Debtors tapped Gibson, Dunn & Crutcher LLP as their bankruptcy
counsel; Young Conaway Stargatt & Taylor, LLP as Delaware counsel;
Berkeley Research Group, LLC as financial advisor; and GLC Advisors
& Co. as investment banker.



BULLDOG PURCHASER: Moody's Assigns B3 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service assigned new ratings for Bulldog
Purchaser Inc., including a B3 Corporate Family Rating and a B3-PD
Probability of Default Rating. Concurrently, Moody's assigned B2
ratings to the proposed senior secured first lien bank credit
facilities and Caa2 ratings to the proposed second lien term loans.
The ratings outlook is stable.

Bulldog Purchaser Inc. is a new legal entity that has been
established as part of a transaction whereby funds affiliated with
KKR are acquiring a majority stake in Bay Club from York Capital
Management. The purchase will be partly financed with a proposed
$340 million first lien term loan and a proposed $125 million
second lien term loan.

At the same time, Bay Club is also seeking to raise a proposed $185
million unfunded delayed draw first lien term loan and a $65
million unfunded delayed draw second lien term loan (rated B2 and
Caa2, respectively) which will be used to finance near-term
strategic acquisitions.

The following ratings have been assigned for Bulldog Purchaser
Inc.:

Corporate Family Rating, B3

Probability of Default Rating, B3-PD

$50 million Gtd senior secured first lien revolving credit
facility, B2 (LGD3)

$340 million Gtd senior secured first lien term loan, B2 (LGD3)

$185 million Gtd senior secured first lien delayed draw term loan,
B2 (LGD3)

$125 million Gtd senior secured second lien term loan, Caa2 (LGD5)


$65 million Gtd senior secured second lien delayed draw term loan,
Caa2 (LGD5)

Outlook, Stable

The ratings assigned are subject to Moody's receipt and review of
final documentation upon the close of the proposed transaction.

The following ratings for BC Equity Ventures LLC remain unchanged
and will be withdrawn upon the close of the proposed transaction
and the repayment in full of the existing bank credit facilities:

Corporate Family Rating, B3

Probability of Default Rating, B3-PD

$20 million Gtd senior secured revolving credit facility, Ba3
(LGD1)

$410 million Gtd senior secured first lien term loan, B3 (LGD4)
Outlook, Stable

RATINGS RATIONALE

Bay Club's B3 CFR broadly reflects its small size, with revenues of
$218 million, and high geographic concentration, with all of its
clubs located in coastal California. It also reflects the elevated
financial risk associated with its private equity ownership, the
potential for material and primarily debt-financed acquisitions in
the near term, and its high Moody's-adjusted debt-to-EBITDA of 6.3
times for the LTM period ending April 2018. Moody's notes that
should the delayed draw term loans be fully utilized, it will
result in a more than 50% increase in Bay Club's funded debt level.
This could potentially result in an increase in Moody's-adjusted
debt-to-EBITDA to 6.75x-7.0x over the next twenty four months,
depending on the timing of the potential acquisitions. The B3 CFR
also acknowledges the higher level of integration risk associated
with the potential acquisition targets given their estimated size
relative to Bay Club's existing scale. Bay Club's B3 CFR is also
constrained by Moody's expectation for a weakening of interest
coverage given rising interest rates, and that capital investment
projects are estimated to use almost all of Bay Club's operating
cash flow in 2018.

However, Bay Club's credit profile benefits from its solid EBITA
margins that exceed median levels for other rated health clubs. Bay
Club's credit profile also benefits from its affluent customer
base, its industry leading membership attrition rates, and its
track record of stable operating performance through economic
downturns.

The stable ratings outlook reflects Moody's expectation that Bay
Club will be able to maintain Moody's-adjusted debt-to-EBITDA below
7.0x following any potential drawings under the delayed draw term
loan. It also reflects Moody's expectation that Bay Club will
modestly grow revenue and earnings while maintaining the ability to
cover debt service obligations and an adequate liquidity profile.

Ratings could be downgraded should Bay Club's comparable club
revenue growth turn negative, should it experience a material
decline in membership count, or should the integration of any of
the potential acquisitions result in operational disruption(s).
Ratings would also be downgraded should Moody's-adjusted
debt-to-EBITDA be sustained above 7.0 times, EBITA-to-interest
expense decline to 1.25 times, or should liquidity weaken.

An upgrade would require an increase in the company's scale,
greater geographic diversity outside of coastal California and
evidence of successful integration of prospective acquisitions. An
upgrade would also require operating performance and financial
policies which support debt-to-EBITDA approaching 4.5 times,
EBITA-to-Interest above 2.0x, and maintenance of a good liquidity
profile.

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

Headquartered in San Francisco, California, Bay Club is a
membership based hospitality company that operates 22 clubs over 7
campuses in the San Francisco, San Jose, Los Angeles and San Diego
areas of California. The company's clubs offer amenities that
combine the elements of fitness, sports, hospitality and family.
Bay Club is currently pending sale to affiliates of KKR & Co. from
York Capital Management. Revenues were approximately $218 million
for the twelve months ended April 30, 2018.


CARE NEW: Fitch Assigns 'BB' Issuer Default Rating
--------------------------------------------------
Fitch Ratings has removed the rating for Care New England (CNE)
from Rating Watch Evolving. In addition, Fitch has affirmed the
'BB' rating on the following bonds issued by or on behalf of Care
New England (CNE):

  -- $138,250,000 Rhode Island Health and Educational Building
Corporation hospital financing revenue bonds series 2016B (Care New
England);

  -- $20,300,000 Care New England series 2016C.

Fitch has also assigned CNE a 'BB' IDR. The Rating Outlook is
Positive.

SECURITY

Pledge of gross revenues, a mortgage interest in certain hospital
facilities, and debt service reserve fund.

ANALYTICAL CONCLUSION

The rating actions and removal of the rating watching evolving,
reflect the material stabilization in CNE's credit profile. At the
time of Fitch's review last year, CNE was posting a third straight
year of sizable operating losses and would lose $42 million on
operations in FY17. There was additional uncertainty regarding the
fate of Memorial Hospital (Memorial), which CNE was trying to sell
or close, and the progress of a potential merger between CNE and
Partners Health System, which was in the due diligence phase. The
situation at CNE has improved since the last review. A new CEO
started in December 2017 and other major changes were made at the
senior management level. The new CEO initiated a series of action
plans to improve performance, and losses have been narrowing
quarter after quarter through the current fiscal year.

After the potential sale of Memorial fell through, CNE worked
rapidly with the state of Rhode Island to close the hospital, which
happened in late 2017. Memorial was removed from the obligated
group (OG) after it was closed. Since then, the OG has produced a
positive operating performance, led by operational turnarounds at
Kent and Women & Infants (W&I) Hospital, with both posting positive
operating margins after posting losses in FY17. The Partners merger
also progressed past the due diligence phase, with regulatory
approval the next step. The Positive Outlook reflects the
trajectory of the progress at CNE and the potential for further
improvement if the merger with Partners is completed.

CNE's unrestricted liquidity remains challenged, with operating
losses leading to a drop in cash and unrestricted investments in
FY17. Fitch's adjusted leverage metrics reflect this weaker
liquidity position, with cash to adjusted debt at 62% and net
adjusted debt to adjusted EBITDA at an elevated 3.4x, which are
adequate for the 'BB' rating level. The weaker adjusted leverage
metrics coupled with a recent period of deferred capital spending
constrain some of the positive rating momentum; however, the
situation has stabilized and Fitch expects the adjusted leverage
metrics to improve through the cycle. Fitch's forward looking
analysis shows CNE being able to maintain adjusted leverage metrics
consistent with the 'BB' rating through the stress scenario, even
while capital spending increases modestly to levels closer to
depreciation.

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'; Second Largest Market Share in Stable
Market

The midrange assessment reflects the market strength of W&I GYN/OB
services, of which CNE has approximately 80% of the market, and
CNE's overall market share of 31%, which is the second leading
market share behind Lifespan at approximately 48%, in a relatively
stable greater Providence area.

Operating Risk: 'bb'; Operations Beginning to Turnaround

The weak operating risk assessment reflects the recent improvement
in CNE's operational performance, with significant year over year
improvements at Kent and W&I, after three years of sizable
operating losses. CNE's operating EBITDA margins are expected to
improve to approximately 5%, and improved cash flow is expected to
allow for increased levels of capital spending.

Financial Profile: 'bb'; Stability Through a Stress Scenario

CNE operating performance shows the capacity to handle a moderate
stress and sustain adjusted leverage metrics in the 'BB' category.

Asymmetric Additional Risk Considerations

No asymmetric risks were factored into the rating assessment.

RATING SENSITIVITIES

Continued Operational Progress: CNE's operations are expected to
improve. Over the longer term should CNE post operating EBITDA
margins above 5% and grow its unrestricted cash and investments,
there could be positive movement in the rating. A return to sizable
operating losses, not expected, would likely lead to a downgrade.

Resolution of Partners Merger: Fitch expects a resolution to the
Partners merger within the next year. The effect of the merger on
CNE's rating will be determined by the terms of the merger
agreement and the treatment of CNE's debt at that time.

CREDIT PROFILE

Headquartered in Providence, RI, CNE consists of the 247-licensed
bed Women's & Infants Hospital, Butler Hospital(psychiatric
hospital, 143 beds), Kent Hospital (359 beds), The Providence
Center (outpatient behavioral health) and Visiting Nurses
Association (VNA). In 2017, Memorial Hospital (294 beds) was closed
except for a small ambulatory clinic and removed from the OG. In
FY17, CNE reported total operating revenues of $1.1 billion.
Fitch's analysis and financial ratios are based on consolidated
financial statements.

Revenue Defensibility

CNE has approximately 30% of its gross payor mix composed of
Medicaid and self-pay patients, and another 32% from Medicare.
However, included in the Medicaid payor mix is a material amount of
pediatric and neo-natal services, as the largest hospital in the
CNE system is W&I. CNE has 80 Neonatal Intensive Care Unit beds,
136 bassinets, and deliveries 9,000 to 10,000 babies a year, with
approximately a quarter of these high risk pregnancies. Neo-natal
specialty services are reimbursed at a higher rate by Medicaid than
general adult services.

CNE has a 31% market share in its primary service area, which is
the greater Providence region. Lifespan has the leading inpatient
market share at 48%. However, CNE has dominant market share in
GYN/OB services, of which CNE has approximately 80% of the market
through W&I Hospital. CNE's market share has been relatively stable
and supported by approximately 300 employed physicians. After a few
years of steady decline in utilization, volumes are stronger in
FY18. CNE's accountable care organization and physician network
have begun to show positive growth and performance. Moving forward,
Fitch expects CNE's market share to remain stable.

The primary service area consists of the city of Providence and
five other local communities surrounding the hospital. Population
growth in the PSA and the state has been weak compared to national
levels over the past five years. Unemployment in the state of Rhode
Island rose to a high 11.2% following the recession, but has
improved since to 5.2% in 2016. Fitch expects the service area to
continue to have population growth that lags national levels with
unemployment and median household levels that are generally in line
with the U.S. overall.

There were no additional considerations.

Operating Risk

In FY17, CNE produced a third consecutive year of sizable operating
losses. CNE lost $47 million in FY17, $43 million in FY16 and $33
million in FY15. The losses are lower if one-time expenses related
to restructuring and other costs are excluded, but operations
remained negative through those years. Operations have shown
improvement in FY18. The effort has been led by a new CEO, who
started in December 2017 and initiated an action plan that includes
initiatives focused on revenue growth in key service lines such as
cardiology and surgery, revenue cycle improvement, and productivity
and efficiency gains. Through June 2018, 80% of the $36 million
forecasted improvement has been achieved. Other parts of the action
plan will be implemented in 2019. Also helping performance has been
the closure of Memorial in November 2017.

Memorial had been losing $15 to $20 million a year. The operating
performance of Memorial and one-time costs related to its closing
is affecting the consolidated performance in FY18. However,
Memorial was removed from the obligated group in December 2017, and
CNE management reports the OG has produced slight positive margins
in recent months. That improvement also reflects the turnaround in
performance at W&I and Kent Hospital. On a consolidated basis, FY19
is expected to be a better year of operating results as the action
plan continues to be implemented, and Memorial's losses will
reduced to about $3 million as CNE looks to divest of it. Fitch
expects CNE's performance to continue to improve with operating
EBITDA margins reaching the 5% range over the next few years.

CNE's age of plant is slightly elevated at 14.2 years and its
capital spending over the last four fiscal years has averaged below
depreciation at approximately 75%. CNE completed a large renovation
of W&I leading up to the purchase of Memorial in 2013 and before
the recent operating challenges. Spending on capital has lowered
since then and is a concern. Fitch expects capital spending to
modestly increase as cash flow improves.

There were no additional considerations.

Financial Profile

In FY17, CNE's adjusted debt metrics were weak, with cash to
adjusted debt of 62% and net adjusted debt to adjusted EBITDA at
3.4x. Fitch's forward looking rating case shows CNE handling a
moderate stress at the current rating level. CNE's adjusted
leverage metrics show mixed results, with net adjusted debt to
adjusted EBITDA improving through a cycle, but cash to adjusted
debt weakening. However, the adjusted leverage metrics remain
consistent with a 'BB' category financial profile, given Fitch's
midrange revenue defensibility and weak operating risk
assessments.

Fitch's base case scenario represents Fitch's expectations of CNE's
improved performance, with operating EBITDA margins in the 5% to 6%
range. The base case uses modest revenue and expense growth
figures, consistent with the stable healthcare market in
Providence. Capital spending figures keep spending close to
depreciation. Fitch's adjusted debt equivalents factors in
operating leases of $63.1 million, which takes the $12.6 million of
operating leases in FY17 and applies a 5x lease expense multiplier.
There is no defined benefit plan liability in the adjusted debt
metrics as CNE's plan is funded above 80%, Fitch's threshold for
pension funding.

Fitch used its standard stress in the rating case. The 9.6% drop in
CNE's unrestricted cash and investments in a moderate downturn
reflect asset allocation mix of 32% cash, 23% fixed income, 41%
equities and 4% hedge fund/alternatives/other. Fitch assumes that
CNE would reduce capital spending in a downturn. As such, years
three and four have slightly reduced levels of capital spending.

There were no additional considerations.

Asymmetric Additional Risk Considerations
No asymmetric risks were factored into the rating assessment. All
of CNE's $178 million of long-term debt is fixed rate. CNE has no
swaps.


CBAK ENERGY: Receives Noncompliance Notice from Nasdaq
------------------------------------------------------
CBAK Energy Technology, Inc. received on Aug. 9, 2018, a notice
from the Listing Qualifications Department of The NASDAQ Stock
Market indicating that, for the last 30 consecutive business days,
the bid price for the Company's common stock had closed below the
minimum $1.00 per share and as a result, the Company is no longer
in compliance with the NASDAQ Listing Rule 5450(a)(1).  The
notification letter states that the Company will be afforded 180
calendar days, or until Feb. 5, 2019, to regain compliance with the
minimum bid price requirement.  In order to regain compliance,
shares of the Company's common stock must maintain a minimum
closing bid price of at least $1.00 per share for a minimum of ten
consecutive business days.  In the event the Company does not
regain compliance with the minimum closing bid price requirement by
Feb. 5, 2019, Nasdaq may provide the Company an additional 180-day
period to regain compliance, subject to the Company, at that time,
transferring its securities to The Nasdaq Capital Market and
satisfying certain other requirements.  However, if Nasdaq
determines that the Company will not be able to cure the
deficiency, or should the Company determine not to submit a
transfer application or make the required representation, Nasdaq
will notify the Company that its securities will be subject to
delisting.

The Company said it intends to actively monitor the bid price for
its common stock between now and Feb. 5, 2019, and will consider
all available options to resolve the deficiency and regain
compliance with the NASDAQ minimum bid price requirement.

                      About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery,  Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of US$21.46 million in 2017
compared to a net loss of US$12.65 million for the year ended Sept.
30, 2016.  The Company reported a net loss of US$2.19 million for
the three months ended Dec. 31, 2016.  As of Dec. 31, 2017, CBAK
Energy had US$153.13 million in total assets, US$150.93 million in
total liabilities and US$2.19 million in total shareholders'
equity.

As of March 31, 2018, CBAK Energy had US$148.80 million in total
assets, US$148.95 million in total liabilities, and a total
shareholders' deficit of US$152,826.

Centurion ZD CPA Limited, in Hong Kong, China, the Company's
auditor since 2016, issued a "going concern" opinion in its report
on the consolidated financial statements for the year ended Dec.
31, 2017 stating that the Company has a working capital deficiency,
accumulated deficit from recurring net losses and significant
short-term debt obligations maturing in less than one year as of
Dec. 31, 2017.  All these factors raise substantial doubt about its
ability to continue as a going concern.


CENGAGE: Bank Debt Trades at 7% Off
-----------------------------------
Participations in a syndicated loan under which Cengage (fka
Thomson Learning) is a borrower traded in the secondary market at
93.20 cents-on-the-dollar during the week ended Friday, July 27,
2018, according to data compiled by LSTA/Thomson Reuters MTM
Pricing. This represents an increase of 0.42 percentage points from
the previous week. Cengage pays 425 basis points above LIBOR to
borrow under the $1.71 billion facility. The bank loan matures on
June 7, 2023. Moody's rates the loan 'B2' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
July 27.


CMEISELS 1252: Seeks to Hire Solomon Rosengarten as Attorney
------------------------------------------------------------
CMEISELS 1252 Inc., seeks authority from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Solomon Rosengarten,
as attorney to the Debtor.

CMEISELS 1252 requires Solomon Rosengarten to:

   a. give advice to the Debtor with respect to its powers and
      duties as a debtor-in-possession in the continued
      management of its property;

   b. negotiate with creditors of the Debtor in working out a
      plan of reorganization, and to take necessary legal steps
      in order to confirm said plan of reorganization;

   c. prepare on behalf of the Debtor, as debtor-in-possession,
      necessary legal papers and operating reports;

   d. appear before the bankruptcy judge and to protect the
      interests of the debtor-in-possession before the bankruptcy
      judge, and to represent the Debtor in all matters pending
      in the chapter 11 proceeding; and

   e. perform all other legal services for Applicant, as debtor-
      in-possession, which may be necessary herein.

Solomon Rosengarten will be paid based upon its normal and usual
hourly billing rates.

Solomon Rosengarten received a retainer in the amount of $3,500,
from Cheskel Meisels, the Debtor's principal.

Solomon Rosengarten will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Solomon Rosengarten, Esq., 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.

Solomon Rosengarten can be reached at:

     Solomon Rosengarten, Esq.
     1704 Avenue M.
     Brooklyn, NY 11230
     Tel: (718) 627-4460
     E-mail: VOKMA@aol.com

                   About CMEISELS 1252 Inc.

CMEISELS 1252 INC., filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 18-41444) on March 15, 2018, disclosing under $1
million in both assets and liabilities.  The Debtor is represented
by Solomon Rosengarten, Esq.



COCRYSTAL PHARMA: Shareholders Elected Six Directors
----------------------------------------------------
Cocrystal Pharma, Inc., held its 2018 annual meeting of
shareholders on Aug. 6, 2018, at which the shareholders:

   (i) elected Raymond Schinazi, Gary Wilcox, David Block,
       Phillip Frost, Jane Hsiao and Steven Rubin as directors;

  (ii) approved an amendment to the Company's Certificate of
       Incorporation to reduce the number of shares of common
       stock, par value $0.001 per share the Company is authorized
       to issue from 800,000,000 to 100,000,000;

(iii) approved, on an advisory basis, the Company's named
       executive officer compensation; and

  (iv) ratified the appointment of BDO USA, LLP as the Company's
       independent registered public accounting firm for the
       fiscal year ending Dec. 31, 2018.

                    About Cocrystal Pharma

Cocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals,
Inc., is a clinical stage biotechnology company discovering and
developing novel antiviral therapeutics that target the replication
machinery of hepatitis viruses, influenza viruses, and noroviruses.
The company is headquartered in Tucker, Georgia.
  
Cocrystal Pharma reported a net loss of $613,000 on $0 of grant
revenues for the year ended Dec. 31, 2017, compared to a net loss
of $74.87 million on $0 of grant revenues for the year ended Dec.
31, 2016.  As of June 30, 2018, Cocrystal had $126.32 million in
total assets, $13.67 million in total liabilities and $112.64
million in total stockholders' equity.

The Company's auditors issued an audit opinion for the year ended
Dec. 31, 2017 which contained what is referred to as a "going
concern" opinion.  BDO USA, LLP, in Seattle, Washington, noted that
the Company has suffered recurring losses from operations and has
an accumulated deficit that raise substantial doubt about its
ability to continue as a going concern.


COLORADO WICH: Hires We Sell Restaurant as Business Broker
----------------------------------------------------------
Colorado Wich LLC, and its debtor-affiliates, seek authority from
the U.S. Bankruptcy Court for the District of Colorado to employ We
Sell Restaurant, Inc., as business broker to the Debtors.

Colorado Wich requires We Sell Restaurant to market and sell seven
of the Debtors' franchise called Which Wich Superior Sandwich
Shops, located in Denver metro area and along the Front Range in
the State of Colorado.

We Sell Restaurant will be paid a commission of 12% of the sales
price.

Eric Gagnon, member of We Sell Restaurant, Inc., assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

We Sell Restaurant can be reached at:

     Eric Gagnon
     WE SELL RESTAURANT, INC.
     2561 Moody Blvd.
     Flager Beach, FA, 32136
     Tel: (888) 814-8226
     Fax: (888) 668-8624

                   About c LLC

Colorado Wich LLC is a privately-held company in Highlands Ranch,
Colorado engaged in the business of selling sandwiches.  Colorado
Wich Inc. is merely a holding company for Colorado Wich LLC, which
is the actual operating Debtor entity.

Colorado Wich LLC and Colorado Wich Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No.
18-13443) on April 24, 2018.

In the petitions signed by Jeffrey A. Gordan, member, Colorado Wich
LLC disclosed $500,095 in assets and $2,150,648 in liabilities, and
Colorado Wich Inc. disclosed $92 in assets and $22,364 in
liabilities.


CT TECHNOLOGIES: Bank Debt Trades at 5% Off
-------------------------------------------
Participations in a syndicated loan under which CT Technologies
Intermediate Holdings Incorporated is a borrower traded in the
secondary market at 94.92 cents-on-the-dollar during the week ended
Friday, July 27, 2018, according to data compiled by LSTA/Thomson
Reuters MTM Pricing. This represents an increase of 0.53 percentage
points from the previous week. CT Technologies pays 425 basis
points above LIBOR to borrow under the $155 million facility. The
bank loan matures on December 1, 2021. Moody's rates the loan 'B2'
and Standard & Poor's gave a 'B-' rating to the loan. The loan is
one of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday, July 27.


CYPRESS COVE: Fitch Rates Series 2014 & 2012 Bonds 'BB+'
--------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on the following bonds
issued by Lee County Florida Industrial Development Authority (IDA)
on behalf of Cypress Cove at HealthPark Florida, Inc. (Cypress
Cove):

  -- $18.9 million series 2014;

  -- $61.9 million series 2012.

The Rating Outlook has been revised to Stable from Negative.

SECURITY

The bonds are secured by a pledge of gross revenues, an assignment
of the obligor's interest in a ground lease on land on which the
community is located, and debt service reserve funds.

KEY RATING DRIVERS

OUTLOOK REVISION TO STABLE: Revision of the Outlook to Stable from
Negative reflects Cypress Cove's successful completion of the
independent living unit (ILU) villa expansion, assisted living unit
(ALU) and skilled nursing facility (SNF) renovation projects,
anticipated villa fill up, expected retirement of the temporary
villa debt during fiscal 2018 with $7 million in villa entrance
fees that have already been collected, and maintenance of solid
occupancy levels.

MODERATING LONG-TERM LIABILITY PROFILE: Debt-to-net available of
7.3x for fiscal year (September) 2017 is favorable to Fitch's below
investment grade (BIG) median of 8.8x. Fitch expects Cypress Cove's
long-term liability profile to continue to moderate based on net
revenues from additional units and the expected retirement of its
temporary debt during the fourth quarter of fiscal 2018 with $7
million of entrance fees from villa units. Cypress Cove's long-term
liability profile is also affected by an operating lease for its
land and a related deferred ground lease payable. Cypress Cove
projections reflect amortization of the deferred ground lease
obligation. There are no additional near term debt issuance plans.


SOLID OPERATING PROFILE: Cypress Cove occupancy has remained solid
through recent project development activities. Cypress Cove has a
track record of managing to expectations as indicated by strong SNF
and ALU occupancy and achievement of occupancy stabilization
targets within a moderately competitive service area.

IMPROVING FINANCIAL PROFILE: Cypress Cove generated a solid $8.2
million in net entrance fee receipts through the nine-month interim
period (ended June 30, 2018). However, unrestricted cash and
investments of $27 million at June 30, 2018, equating to 29.3%
cash-to-debt, remained light in relation to the 'BIG' median of
34.2%. Cash growth has been suppressed by several years of heavy
capital spending. Cypress Cove projects stable liquidity over the
next several years, followed by a period of liquidity growth,
consistent with Fitch's expectations based on historical
performance.

RATING SENSITIVITIES

STRONG OCCUPANCY; IMPROVED LIQUIDITY: The current rating is
sensitive to maintenance of strong occupancy that supports
consistent cash flow and improved liquidity levels subsequent to
project completion. Upward rating momentum is limited until the
financial profile strengthens and is more in line with investment
grade credits.

CREDIT PROFILE

Cypress Cove is a type-A continuing care retirement community
(CCRC) located in Fort Myers, FL. The community consists of 333 ILU
apartments, 44 ILU villas (30 existing; 14 new), 44 ALU apartments,
44 ALU Memory Care apartments, and a 64-bed SNF. Cypress Cove
opened in 1999 and is situated on a 48-acre parcel of land that is
part of 402-acre master development called HealthPark Florida,
which also features the HealthPark Medical Center (a 368-bed acute
care hospital), part of Lee Memorial Health System (LMHS). Cypress
Cove offers fully-amortizing, 75% refundable, and 100% refundable
entrance fee plans, with a majority of residents selecting
fully-amortizing plans. In fiscal 2017, Cypress Cove generated
total revenues of $38 million.

Lee Healthcare Resources (LHR) is the sole corporate member of
Cypress Cove. LHR is a support organization for both Cypress Cove
and LMHS, a four-hospital system located in Lee County, FL. While
Cypress Cove is not part of LMHS, the two organizations mutually
benefit from their close working relationship. Cypress Cove is
located on land owned by LHR for which it has a ground lease
obligation subordinate to its revenue bond and bank debt.


Cypress Cove operates in a competitive service territory and is
located within seven miles of Shell Point Retirement Communities, a
1,200+ unit CCRC. Shell Point represents Cypress Cove's largest
competitor, but does not offer a distinct memory care facility.

LONG-TERM LIABILITY PROFILE

Cypress Cove's debt consists of its fixed rate series 2012 and 2014
bonds and bank loans ($7.5 million ALU/SNF renovation bank loan and
$7.5 million villas temporary bank loan). The ALU/SNF renovation
loan amortizes through maturity in 2027. The construction villa
loan amortizes through 2020, but Cypress Cove expects to retire it
during the fourth quarter of 2018 with entrance fees already
collected from the villas project fill-up. Cypress Cove does not
have exposure to derivative instruments or swaps.

Maximum annual debt service (MADS) on all permanent debt of $6.7
million represents 17% of annualized revenues through the interim,
just below Fitch's BIG median of 17.1%. Pursuant to its master
trust indenture (MTI), Cypress Cove calculated its fiscal 2017
coverage using a MADS of $4.5 million.

According to Fitch's standard coverage calculations which uses the
$6.7 million MADS figure, Cypress Cove's MADS debt service coverage
is 1.9x through the interim period. Cypress Cove's MTI-based MADS
coverage is 2.4x through the interim period. The annual ground
lease expense has been added back to net available for debt service
under the MTI, as ground lease payments are subordinate to debt
service on the bonds. The lease payment deferral has provided
operating flexibility. The ground lease liability was $6.3 million
at June 30, 2018, but excluded from Fitch's debt calculations and
ratios. Cypress Cove expects to begin pay down of its ground lease
liability beginning in fiscal 2019. The ground lease cannot be
terminated as long as Cypress Cove's debt is outstanding.

LIGHT LIQUIDITY

Cypress Cove's $27 million in unrestricted cash and investments at
June 30, 2018 produced light liquidity metrics when compared to BIG
category peers. Despite the healthy cash flows, Cypress Cove's high
debt burden and heavy capital spending has challenged liquidity
growth. However, management projects liquidity to stabilize and
strengthen over the next several to five years as operations remain
healthy and occupancy grows. Fitch believes this is a generally
reasonable assumption based on expected volume growth and an
expected decline in capital spending.

SOLID CASH FLOWS AND OCCUPANCY

Solid net entrance fee receipts over the past several fiscal years
mirror strong ILU demand and a healthy real estate market. Cypress
Cove has generated $8.2 million in net entrance fee receipts
through the nine-month interim period, with an occupancy average of
92% fiscal year-to-date. Twelve of the new fourteen villas are
occupied, with the remaining two expected to be filled in the near
term. Cypress Cove maintains an active waiting list, which
currently consists of 102 prospective residents that should help
the community retain strong occupancy over the medium term.

Solid ALU occupancy of 91% for the interim period, incorporating
the new 44 unit memory care units, is consistent with historical
trends. SNF occupancy has averaged a strong 92% over the past three
years, with somewhat lower occupancy of 83% during the interim
period reflecting the SNF renovation as units were taken out of
service on a staggered basis. Medicare payors represent about 40%
of net SNF revenues. The future of Medicare revenues is less
certain with the introduction bundled payment programs and other
payment reforms; however, Fitch believes this concern is somewhat
mitigated by Cypress Cove's affiliation with LMHS. SNF revenues
make up approximately 22% of total fiscal 2017 resident revenues.

MIXED PROFITABILITY

Cypress Cove's fiscal 2017 operating ratio of 109.7% and 2.6% net
operating margin (NOM) compare unfavorably to BIG category medians.
The operating ratio and NOM reflect the cost impact associated with
Cypress Cove's fully amortizing lifecare contracts, ground lease
and management fee expenses. Cypress Cove's operating ratio
(113.1%) and NOM (1.5%) weakened a bit through the first nine
months of fiscal 2018, but remain adequate for the rating.

Cypress Cove's fiscal 2017 NOM-adjusted of 26.8% is favorable in
relation to the BIG category median of 19.8%, reflecting strong net
entrance fee receipts. For the nine-month interim period ending
June 30, 2018, NOM-adjusted stayed robust at 27.5%.


DELMAC LLC: Unsecureds to Get At Least 5% Dividend in 36 Months
---------------------------------------------------------------
Delmac, LLC, filed with the U.S. Bankruptcy Court for the District
of Connecticut a disclosure statement explaining its Chapter 11
plan.

The Disclosure Statement, dated August 1, 2018, provides the
following classification and treatment of claims:

     * Class 1: Allowed Secured Claims of Griswold LLC.  Griswold
LLC comprises the Class 2 of allowed secured claims totaling
$1,851,735.84 and will be paid upon the sale of the 134 Preston
Road Property as a secured claim of $950,000. The remaining balance
of Griswold LLC’s proven and allowed mortgage debt of $901,735.84
shall be treated as undersecured and therefore unsecured.  Said
undersecured balance shall be treated and paid as an unsecured
claim.  This class is deemed impaired under the Plan.

     * Class 2: Mortgage Claim of Lee Daily and Al Zabbo.  This
claim consists of the second mortgage claim of Lee Daily and Al
Zabbo on 134 Preston Road in the approximate amount of $27,000 plus
accrued interest.  Any proven and allowed claim of Lee Daily and Al
Zabbo is undersecured and therefore unsecured and shall be treated
and paid as an unsecured claim.  This class is impaired.

     * Class 3: Mortgage Claim of Hitesh Patel.  This claim
consists of the third mortgage claim of Hitesh Patel in the
approximate amount of $55,000 plus accrued interest on 134 Preston
Road.  Any proven and allowed claim of Hitesh Patel is undersecured
and therefore unsecured and shall be treated and paid as an
unsecured claim.  This class is impaired.

     * Class 4: Judgment Lien Claim of Stadia Engineering
Associates, Inc. This claim consists of a Judgment Lien in the
approximate amount of $37,000 placed upon 134 Preston Road.  Any
proven and allowed claim of Stadia Engineering Associates, Inc. is
undersecured and therefore unsecured and shall be treated and paid
as an unsecured claim.  This class is impaired.

     * Class 5: Attachment Claim of Homeowner’s Finance Co.  This
claim consists of an Attachment by Homeowner’s Finance Co. on 134
Preston Road in the approximate amount of $170,000.  Any proven and
allowed claim of Homeowner’s Finance Co. is undersecured and
therefore unsecured and shall be treated and paid as an unsecured
claim.  This class is impaired.

     * Class 6: First Mortgage Claim of Homeowner’s Finance Co.
This claim consists of a First Mortgage to Homeowner’s Finance
Co. on the Debtor’s Real Property known as 166 Preston Road in
the approximate amount of $357,974. Said claim is secured in the
approximate amount of $170,000 (or as determined by the Court
pursuant to Sec. 506 of the Bankruptcy Code).  The balance of this
mortgage claim, as determined by the Court shall be undersecured
and therefore unsecured.  Any undersecured balance shall be treated
and paid as an unsecured claim.  This class is impaired.

     * Class 7: Second Mortgage Claim of Homeowner’s Finance Co.
on 166 Preston Road.  This claim consists of a second mortgage
claim to Homeowner’s Finance Co. on 166 Preston Road in the
approximate amount of $197,194 plus accrued interest.  Any proven
and allowed claim of Homeowner’s Finance Co. as to the second
mortgage on 166 Preston Road is undersecured and therefore
unsecured and shall be treated and paid as an unsecured claim.
This class is impaired.

     * Class 8: Unsecured Creditors.  This class is impaired and
consists of general unsecured claims totaling $3,597,553.98 and the
undersecured claims of Griswold LLC; Lee Daily and Al Zabbo; Hatish
Patel; Stadia Engineering Associates, Inc.; and Homeowner’s
Finance Co. on both 134 Preston Road and 166 Preston Road,
Griswold, CT.  The aggregate amount of all unsecured claims is
$4,882,457.82.

     Proven and allowed unsecured claims shall receive a dividend
of not less than 5% without interest within 36 months of
confirmation of the Plan payable from the future construction
contracts to be performed by the Debtor.  This class is impaired.

     * Class 9: Insiders.  Gregory Mackin is the only insider of
the Debtor. Mr. Mackin will retain his interest in the Debtor in
exchange for providing management services to the Debtor in order
to implement and pay dividends to creditors as set forth in the
Plan.  Mr. Mackin’s claim will be subordinated to the claims of
Class 8 Unsecured Creditors.

The Debtor will fund the plan through operating revenue generated
by site work it has contracted to perform for the development of,
inter alia, the 134 Preston Road Property and the 166 Preston Road
Property.  The Debtor intends to sell the 134 Preston Road Property
to Titan Development Company, LLC, for the sum of $950,000.

Subsequent to the sale, Titan plans to build a 110 Unit Assisted
Living Facility and restaurant on the Property.  This will be the
first phase of the development project.  Titan, and its principal,
Brian Byrnes, has extensive experience in completing similar
projects.  Mr. Byrnes has over 30 years in the commercial and
development construction industry and has been involved in over
$2.5 Billion of deals, with over $280,000,000 in the CRE Senior
Housing/Healthcare asset class.  Titan has represented itself to be
a ready, willing, and able buyer that has secured the required
financing for the proposed projects on the Property.  The Debtor
has already received the development contracts for the Assisted
Living Facility and for the restaurant.

The Phase I project consists of a four-story, 95,000 square foot
Assisted Living/Memory Care facility, and a single story 4,000
square foot restaurant.  The site work to be performed by the
Debtor on this phase of the development plan will include digging
for foundations, grading of the property, installation of drainage,
required utilities, including installation of water and sewer,
construction of curbs, installation of asphalt paving for parking
spaces, asphalt paving for entrance drive aisle, sidewalks and
walking paths and construction of retaining walls.  The site work
contract for the Assisted Living Facility is in the amount of
$785,000, and the site work contract for the restaurant is in the
amount of $323,000.  It is anticipated that the site work to be
performed by the Debtor will commence shortly after a closing on
the Property and will last approximately 10 months.

The Debtor also intends to sell its real property at 166 Preston
Road, Griswold, CT to Titan, upon further application to the Court,
for the Second Phase of the Project.

The Debtor has also been awarded the development rights for the
Second Phase of the Project.  The Phase II plan consists of the
development of 115,000 square feet of retail and services space
started over a 12 acre site requiring 525 parking spaces.  Phase II
will be anchored by a grocery store, and will include a pharmacy,
medical office suites, along with support services, including a
cleaners, nail salon, and niche stores.

The Phase II development contract between Titan and the Debtor will
be in the amount of $1,570,000.  The site work to be performed by
the Debtor consists of 12 acres of undeveloped land, and includes
demolition of three residential houses, creating new site entrances
on Preston Road and Barber Road, grading of the site, installation
of all required utilities, constructing curbs and gutters,
landscaping, asphalt paving, and constructing retail building pads
for each of the four buildings.  The timing of the Phase II work is
scheduled to commence upon completion of the site work of the Phase
I project.  

Phase II will also contemplate the sale of the Debtor’s property
located at 166 Preston Road, Griswold, Connecticut.  Prior to the
completion of Phase I, the Debtor intends to file a Motion to
Determine Secured Status with respect to the secured interest of
Homeowners Finance Co., which holds a first and send mortgage on
this property.  It is estimated that the site work for the Phase II
project will occur in the summer of 2019.

It is through the three development contracts, which total
$2,678,800, in which the Debtor will generate income to fund its
Chapter 11 Plan and provide a dividend to its unsecured creditors.
The Debtor has a 20% profit line item in each of the development
contracts, of which approximately 15% will be allocated to
administrative and unsecured creditors.  The Debtor proposes to
retain approximately 5% of the profit margin to cover overhead such
as insurance, salaries, maintenance and miscellaneous expenses.

A copy of the Disclosure Statement from PacerMonitor.com is
available at https://tinyurl.com/ya7hosmv at no charge.

                       About Delmac LLC

Based in Jewett City, Connecticut, Delmac, LLC, specializes in
non-residential building construction business.  Delmac sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn.
Case No. 17-21848) on Dec. 4, 2017.  In the petition signed by
Gregory T. Mackin, its managing member, the Debtor estimated assets
of less than $1 million and liabilities of $1 million to $10
million.  The Law Offices of Ronald I. Chorches LLC is the Debtor's
legal counsel.


DIEBOLD NIXDORF: S&P Cuts B Issuer Credit Rating, Outlook Negative
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on North
Canton, Ohio-based Diebold Nixdorf Inc. to 'B' from 'BB-'. The
outlook is negative.

S&P said, "At the same time, we lowered our first-lien issue level
rating to 'B'. The recovery rating remains '3', reflecting our
expectation of meaningful (50%-70%; rounded estimate: 60%) recovery
in the event of a payment default. We also lowered our senior
unsecured issue level rating to 'B-' from 'B+'. The recovery rating
remains '5', reflecting our expectation of modest (10%-30%; rounded
estimate: 15%) recovery in the event of a payment default.

"Our downgrade reflects the company's underperformance and leverage
in the mid-6x area as of June 30, 2018. With the expenses to
achieve the new planned cost savings, we expect leverage to rise to
the 8x area by the end of 2018 before the company deleverages in
2019. Further weakening its near-term performance is the company's
newly announced DN Now multi-year business improvement and savings
plan (which requires high costs in 2018), which comes after
previous unsuccessful tries and at a time when the company is
operating at its lowest liquidity level since the transformative
acquisition of Wincor Nixdorf AG in 2016.

"The negative outlook reflects our expectation of Diebold Nixdorf's
high leverage at over 8x in 2018 from an elevated cost base and
meaningful risks to achieve its new business improvement and cost
savings plan which will weigh down free cash flow generation.

"We could lower the rating if we expect leverage will stay above
6.5x for multiple quarters. This could occur if the DN Now plan
does not demonstrate a clear path to EBITDA margin improvement. We
could also lower the rating if the company's liquidity weakens
further such that negative free operating cash flow persists beyond
2018 or if failure to meet financial covenants restricts access to
revolver.

"We could stabilize the outlook if the company demonstrates
progress in achieving cost savings such that adjusted EBITDA
margins approach 8% and leverage improves to below 6.5x. This would
likely result in free cash flow of at least $40 million in 2019."



DIFFUSION PHARMACEUTICALS: Incurs $2.8 Million Q2 Net Loss
----------------------------------------------------------
Diffusion Pharmaceuticals Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss attributable to common stockholders of $2.76 million for
the three months ended June 30, 2018, compared to net income
attributable to common stockholders of $19.90 million for the three
months ended June 30, 2017.

For the six months ended June 30, 2018, the Company reported a net
loss attributable to common stockholders of $14.33 million compared
to a net loss attributable to common stockholders of $8.79 million
for the same period last year.

As of June 30, 2018, Diffusion had $29.94 million in total assets,
$2.64 million in total liabilities and $27.30 million in total
stockholders' equity.

The Company has not generated any revenues from product sales and
has funded operations primarily from the proceeds of public
offerings, convertible debt and convertible preferred stock.
Substantial additional financing will be required by the Company to
continue to fund its research and development activities.  The
Company gives no assurance that any such financing will be
available when needed or that the Company's research and
development efforts will be successful.

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

                     https://is.gd/X1qryB

                 About Diffusion Pharmaceuticals

Based in Charlottesville, Virginia, Diffusion Pharmaceuticals Inc.
-- http://www.diffusionpharma.com-- is a clinical-stage
biotechnology company focused on extending the life expectancy of
cancer patients by improving the effectiveness of current
standard-of-care treatments including radiation therapy and
chemotherapy.  Diffusion is developing its lead product candidate,
trans sodium crocetinate (TSC), for use in the many cancers where
tumor hypoxia (oxygen deprivation) is known to diminish the
effectiveness of SOC treatments.  TSC targets the cancer's hypoxic
micro-environment, re-oxygenating treatment-resistant tissue and
making the cancer cells more vulnerable to the therapeutic effects
of SOC treatments without the apparent occurrence of any serious
side effects.

Diffusion incurred a net loss attributable to common stockholders
of $2.61 million in 2017 compared to a net loss attributable to
common stockholders of $18.03 million in 2016.  

Diffusion received on March 2, 2018, a written notice from the
staff of the Listing Qualifications Department of The Nasdaq Stock
Market, LLC indicating that the Company was not in compliance with
Nasdaq Listing Rule 5550(a)(2) because the bid price for the
Company's common stock had closed below $1.00 per share for the
previous 30 consecutive business days.  In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has 180 calendar days from
the date of that notice, or until Aug. 29, 2018, to regain
compliance with the minimum bid price requirement.


DIFFUSION PHARMACEUTICALS: Registers 580,785 Shares Under 2015 EIP
------------------------------------------------------------------
Diffusion Pharmaceuticals Inc. has filed with the Securities and
Exchange Commission a Form S-8 registration statement to register
580,785 shares of common stock that are reserved for issuance under
the Company's 2015 Equity Incentive Plan, as amended.  A full-text
copy of the prospectus is available for free at:

                      https://is.gd/MazNx7

                 About Diffusion Pharmaceuticals

Based in Charlottesville, Virginia, Diffusion Pharmaceuticals Inc.
-- http://www.diffusionpharma.com/-- is a clinical-stage
biotechnology company focused on extending the life expectancy of
cancer patients by improving the effectiveness of current
standard-of-care treatments including radiation therapy and
chemotherapy.  Diffusion is developing its lead product candidate,
trans sodium crocetinate (TSC), for use in the many cancers where
tumor hypoxia (oxygen deprivation) is known to diminish the
effectiveness of SOC treatments.  TSC targets the cancer's hypoxic
micro-environment, re-oxygenating treatment-resistant tissue and
making the cancer cells more vulnerable to the therapeutic effects
of SOC treatments without the apparent occurrence of any serious
side effects.

Diffusion incurred a net loss attributable to common stockholders
of $2.61 million in 2017 compared to a net loss attributable to
common stockholders of $18.03 million in 2016.  As of June 30,
2018, Diffusion had $29.94 million in total assets, $2.64 million
in total liabilities and $27.30 million in total stockholders'
equity.

Diffusion received on March 2, 2018, a written notice from the
staff of the Listing Qualifications Department of The Nasdaq Stock
Market, LLC, indicating that the Company was not in compliance with
Nasdaq Listing Rule 5550(a)(2) because the bid price for the
Company's common stock had closed below $1.00 per share for the
previous 30 consecutive business days.  In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has 180 calendar days from
the date of that notice, or until Aug. 29, 2018, to regain
compliance with the minimum bid price requirement.


DORIAN LPG: Incurs $20.6 Million Net Loss in First Quarter
----------------------------------------------------------
Dorian LPG Ltd. reported a net loss of US$20.59 million on US$27.64
million of total revenues for the three months ended
June 30, 2018, compared to a net loss of US$6.68 million on
US$41.02 million of total revenues for the same period during the
prior year.

As of June 30, 2018, Dorian LPG had US$1.70 billion in total
assets, US$761.83 million in total liabilities and US$939.31
million in total shareholders' equity.

Net cash used in operating activities for the three months ended
June 30, 2018 was $10.6 million, compared with net cash provided by
operating activities of $12.4 million for the three months ended
June 30, 2017.  The decrease of $23.0 million is primarily related
to an increased operating loss and the timing of changes in working
capital mainly from amounts due from the Helios Pool.

Net cash used in investing activities was $0.1 million for the
three months ended June 30, 2018 compared with net cash used in
investing activities of $0.3 million for the three months ended
June 30, 2017.

Net cash used in financing activities was $17.7 million for the
three months ended June 30, 2018, compared with $26.6 million for
the three months ended June 30, 2017.

John C. Hadjipateras, chairman, president and chief executive
officer of the Company, commented, "Following a series of
transactions finalized during our first fiscal quarter, we have
completed our refinancing plan with no debt refinancing
requirements until 2022 and limited interest rate exposure.  Our
consistent focus on low cash break-evens enables us to execute our
strategy in all market conditions.  With the recent increase in
freight rates, our modern fleet of ECO VLGCs should continue to
earn a demonstrable premium, which we believe may become more
pronounced following the implementation of new regulations to
reduce sulphur emissions.  With a de-risked balance sheet and a
modern, fuel-efficient fleet, we feel well-positioned for any rate
environment and the new world of International Maritime
Organization regulations beginning in 2020."

                    Market Outlook Update  

Seaborne LPG trade rebounded in the second calendar quarter of 2018
thanks to heavy lifting schedules in the Middle East and the United
States, as well as an improvement in arbitrage economics towards
the end of the three-month period.  After a lackluster first
calendar quarter of 2018, exports from the United States peaked at
approximately 2.7 million metric tons in May 2018, and total U.S.
exports for the first half of 2018 were 4% higher as compared to
the same period in 2017.

Appetite for LPG in the East remained strong throughout the second
calendar quarter of 2018 due to robust consumption within both the
retail and petrochemical markets.  China is estimated to have
increased its first half of calendar year imports by about 6%, due
to healthy propane dehydrogenation margins and limited domestic
supply.  According to India's Petroleum Planning & Analysis Cell,
LPG demand in India increased by 10% in the second calendar quarter
of 2018.

In northwest Europe, the petrochemical sector continued to drive
increased demand for LPG as cracking margins for LPG remained
healthy relative to other feedstocks.  Propane's spread to naphtha
favored propane by $126 per metric ton in the second calendar
quarter of 2018 versus $74 per metric ton in the second calendar
quarter of 2017.

For the remainder of the year, further supply growth is expected as
new production in the United States finds its way to the export
market.  Exports from the Mariner East 2 project on the U.S. East
Coast are also anticipated to start in the fourth calendar quarter
of 2018 following a series of setbacks during the pipeline
construction phase.  East of the Suez Canal, additional LPG export
supply is scheduled from Australia towards the end of the year as
the Ichthys and Prelude projects exit their respective
commissioning phases, adding a total of 2 million tons once at full
capacity.

In shipping, freight rates initially fell to 2018 lows in April
before recovering towards the end of the quarter off the back of
higher exports and tighter vessel availability.  The Baltic LPG
Index averaged over $30 per metric ton in June and averaged $39 per
metric ton in July.  The Baltic Index exceeded $40 per metric ton
during July for the first time since February 2016.  

The VLGC orderbook stands at around 13% of the current fleet, with
another two ships scheduled for delivery this year.  A further 33
VLGCs, equivalent to around 2.7 million cbm of carrying capacity,
will be added to the global fleet by year-end 2020, at which time
supply and demand fundamentals are forecast to rebalance.  The
average age of the global fleet is now 9 years.

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

                    https://is.gd/WFZ9iW

                       About Dorian LPG

Stamford, Connecticut-based Dorian LPG Ltd. --
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 US$20.40 million on US$159.33
million of total revenues for the year ended March 31, 2018,
compared to a net loss of US$1.44 million on US$167.45 million of
total revenues for the year ended March 31, 2017.  As of March 31,
2018, Dorian LPG had US$1.73 billion in total assets, US$776.69
million in total liabilities and US$959.41 million in total
shareholders' equity.


DULUTH ISD 709: Moody's Affirms Ba1 Rating on GOULT Bonds
---------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 underlying rating on
Duluth Independent School District No. 709, MN's general obligation
unlimited tax (GOULT) bonds, the Ba1 rating on the district's full
term certificates of participation (COP) rating, and Ba2 rating on
the district's annual appropriation COPs. The district has $47
million in general obligation (GO) bonds, $139 million in full term
COPs, and $32 million in annual appropriation COPs. The outlook on
the underlying ratings remains negative.

RATINGS RATIONALE

The Ba1 general obligation (GO) rating reflects the history of
declining enrollment, which coupled with charter school
competition, has weakened the district's financial operations.
Negative budget variances and the use of reserves for capital
projects has entirely depleted operating liquidity. The rating also
incorporates fluctuations in cash levels throughout the year and an
elevated debt burden. These challenges are balanced against a
strong tax base that serves as a regional economic center.

The Ba1 rating on the full term COPs are rated on parity with the
underlying GO rating because they are secured by a statutorily
authorized dedicated levy, the obligation of the district to make
rental payments is absolute and unconditional and it is not subject
to annual appropriation.

The Ba2 rating on the annual appropriation COPs are rated one notch
below the underlying GO rating due to the risk of non-appropriation
and the more essential nature of the financed project (school
facilities).

RATING OUTLOOK

The negative outlook on the underlying ratings reflects the
district's depleted reserve position and lack of near-term plans to
improve its financial position. Based on fiscal 2019 projections,
the district will need to either issue cash flow notes or delay the
timing of certain expenditures to ensure the cash position is
sufficient to meet other operating expenses, including certain debt
service payments. An agreement with a liquidity provider has not
yet been arranged. The outlook also reflects a long-term trend of
declining enrollment, which despite a recent increase in fiscal
2018, is expected to continue to pressure the district's operating
position.

FACTORS THAT COULD LEAD TO AN UPGRADE

  - Material and sustained improvement to operating reserves and
liquidity

FACTORS THAT COULD LEAD TO A DOWNGRADE

  - Inability to either secure cash flow borrowing or maintain a
cash position sufficient to meet expenditures in fiscal 2019

  - Failure to rebuild operating reserves and liquidity

  - Continued enrollment declines that further pressure operating
revenue

  - Increased leverage or fixed costs

LEGAL SECURITY

The GO bonds are secured by the district's pledge to levy a
dedicated property tax unlimited as to rate and amount. The
security benefits from a statutory lien, but there is no lockbox
structure.

The full term COPs do not carry the district's full faith and
credit pledge but are secured by a separate, dedicated levy. The
obligation of the district to make rental payments is absolute and
unconditional and it is not subject to annual appropriation.

The annual appropriation COPs are secured by lease payments which
are subject to annual appropriation. The pledged assets are school
facilities, which Moody's deems to be a more essential asset.

PROFILE

Duluth ISD 709 provides pre-kindergarten through twelfth grade
education to residents of the City of Duluth as well as all or
portions of five surrounding townships. The district serves a
resident population of approximately 93,000 and reports a fiscal
2018 enrollment of 8,738.

METHODOLOGY

The principal methodology used in the general obligation ratings
was US Local Government General Obligation Debt published in
December 2016. The principal methodology used in the lease ratings
was Lease, Appropriation, Moral Obligation and Comparable Debt of
US State and Local Governments published in July 2018.


DUN & BRADSTREET: S&P Places 'BB+' ICR on CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings placed its 'BB+' issuer credit and issue-level
ratings on Millburn, N.J.-based The Dun & Bradstreet Corp. (D&B) on
CreditWatch with negative implications.

The CreditWatch placement follows the announcement that D&B has
entered into a definitive merger agreement to be acquired by an
investor group led by CC Capital, Cannae Holdings, and funds
affiliated with Thomas H. Lee Partners L.P. and including a group
of other investors for $6.9 billion including the assumption of
$1.5 billion of D&B's net debt and net pension obligations.

S&P said, "We aim to update our CreditWatch placement within 90
days as more information regarding the acquisition financing,
shareholder and regulatory approvals, proposed operating model, and
alternative bidders becomes available. However, we expect our
ratings to remain on CreditWatch until the transaction closes in
the first quarter of 2019.

"Very high expected leverage would likely result in a downgrade to
the mid- to low 'B' category under the current financing agreement.
If the sale transaction does not materialize, we could affirm the
rating."


ELANCO ANIMAL: Fitch Assigns 'BB+(EXP)' IDR, Outlook Postive
------------------------------------------------------------
Fitch Ratings has assigned a 'BB+(EXP)' Issuer Default Rating (IDR)
to Elanco Animal Health Incorporated (ELAN), the animal health
segment of Eli Lilly and Company (A/Stable). Upon completion of the
spin-off and debt issuance, stand-alone ELAN's 'BB+' IDR will
reflect its competitive position in the animal health business and
financial policies consistent with an investment-grade profile. The
Positive Rating Outlook reflects Fitch's view that, should it
execute on its revenue growth and margin expansion initiatives, it
will be able to reduce leverage within a reasonable time frame.

KEY RATING DRIVERS

Competitive Position in Animal Health: ELAN is one of the largest
companies in the animal health industry with a global footprint and
portfolio that spans the feed animal and companion animal segments.
Fitch expects the animal health category will benefit from
long-term demand growth with the feed animal segment supported by
population growth and increasing global protein consumption and the
companion animal segment supported by growing consumer
expenditures. Further, Fitch expects revenues to be fairly durable
relative to broader corporate industrial companies given the
products benefit from some level of differentiation and patent
exclusivity and durable relative to pharmaceutical companies given
the more fragmented, and notably, private pay customer base.

Fitch views ELAN's scale and portfolio reach as a competitive
advantage allowing it to serve a global customer base with its
intellectual property and to buffer against the consolidation of
its end customers (e.g. roll-ups of protein producers and
veterinary practices and growth of group purchasing organizations).


Antibiotics Stagnating Revenues: Fitch expects ELAN's revenue
growth may continue to face material headwinds from regulatory
interventions and end-consumer preferences away from the use of
antibiotics in feed animals. ELAN's revenues have plateaued at $2.9
billion over the past three years with growth in companion animal
products and future protein masking declines in the ruminant and
swine segment. Fitch expects that regulatory pressures could
stabilize and thus the rate at which grocery and restaurant supply
chains realign around consumer preferences will determine the
extent to which the largest segment weighs on top-line growth.
Fitch also notes the risk that the Trump administration's tariffs
could incur retaliatory efforts that reduce foreign demand for
ELAN's products and/or its protein producer customers. Should this
occur, ELAN's positive momentum could stall.

Ambitious Margin Expansion Plans: ELAN's plan to materially expand
EBITDA margins over the next few years is ambitious but achievable,
in Fitch's view. The margin improvement targets underway are
largely within the company's control and include rationalizing its
manufacturing footprint, laying off redundant employees and
improving procurement. Management attributes these inefficiencies
to three sizable acquisitions in 2014, 2015 and 2017 totalling more
than $6.8 billion.

Long-Term IG Capitalization; Execution Key to Timing: ELAN's
capitalization and long-term financial policies are consistent with
investment-grade ratings. ELAN intends to borrow on an unsecured
basis and maintain leverage between 2.5x-2.75x (gross debt/EBITDA).
However, the extent to which it executes on its revenue growth and
margin expansion plans and the amount of debt that it raises in the
inaugural bond issuance will determine when it'll achieve its
financial policies.

DERIVATION SUMMARY

ELAN's 'BB+(EXP)' IDR is largely a function of its initial
capitalization and the execution risk surrounding its revenue
growth and margin expansion. If achieved, the business profile,
financial profile and unsecured borrowing strategy are consistent
with a 'BBB-' IDR. ELAN has a competitive position within the
global animal health segment with a large, global footprint and
scale that affords it competitive advantages relating to
procurement, manufacturing, research and development, distribution
and to buffer against the effects of customer consolidation. The
Positive Outlook reflects that there is positive momentum in the
credit based on 1H18 that, if it continues, should result in ELAN
delevering to the 2.5x-3x range within two years. However, the
Positive Outlook rather than 'BBB-' rating reflects the wider
confidence interval around the projections.

Compared to pharmaceutical peers that focus on humans, ELAN's
portfolio benefits from no reimbursement risk. However, its
antibiotic segment (35%-40% of revenues) continues to face material
headwinds from regulatory interventions and end-consumer
preferences. ELAN's closest peer is Zoetis, Inc. (NR) which has a
broader portfolio and has already achieved its debt reduction and
margin expansion goals.

Fitch has not linked ELAN's ratings to Eli Lilly and Company's as
the debt proceeds will only be temporarily escrowed until the IPO
and ELAN will not benefit from strong legal, operational or
strategic ties thereafter. Moreover, the spin-off indicates that
ELAN is not of enough strategic importance to warrant linkage.

KEY ASSUMPTIONS

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

  -- ELAN generates top-line revenue growth of 4%-5% in 2018, an
improvement from prior years but assumes a deceleration from 1H18
performance. ELAN's revenue growth decelerates to 0%-2% thereafter
assuming headwinds in the core feed animal products erode much of
the other segments' gains.

  -- ELAN is largely successful in executing its efficiency
initiatives with margins expanding by approximately 500bps over the
next four years.

  -- Fitch assumes that all debt proceeds and 2018 FCF prior to the
separation will effectively remain with or be distributed to LLY
such that there is $300 million of readily available cash at the
end of 2018. Fitch has further assumed that the term loan will be
repaid in 2019 and 2020.

  -- Fitch has not assumed any M&A nor share repurchases but has
assumed a $90 million initial common dividend (growing with
revenues thereafter) based on the issuer's guidance.

  -- Fitch does not employ a waterfall recovery analysis for
issuers rated 'BB+'. The further up the speculative-grade continuum
a rating moves, the more compressed the notching between the
specific classes of issuances becomes. The 'RR4' ratings for the
unsecured bank credit facility, term loan(s) and senior unsecured
notes reflect Fitch's expectation for average recovery prospects in
the event of default and that the debt would be pari passu.

RATING SENSITIVITIES

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

  -- Successful execution of growth and productivity initiatives
manifesting in meaningful revenue growth and margin expansion;

  -- Some combination of the portfolio being less reliant on
antibiotics and/or Fitch having greater confidence that demand for
the category is stabilizing;

  -- Fitch's expectation of leverage sustaining below 3x.

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

  -- Fitch's expectation of leverage sustaining above 3.5x;

  -- Continued erosion in antibiotic demand without sufficient
offsets.

LIQUIDITY

Strong Liquidity: Fitch has assumed that independent Elanco will
have access to an unsecured revolving credit facility and about
$300 million in readily available cash. Additionally, Fitch has
forecasted approximately $500 million of cash flow from operations
per year. This liquidity is sufficient relative to the company's
maturities under the assumed capital structure.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following ratings:

Elanco Animal Health Incorporated

  -- Long-term Issuer Default Rating (IDR) 'BB+(EXP)';

  -- Senior unsecured revolving credit facility 'BB+(EXP)'/'RR4';

  -- Senior unsecured term loan 'BB+(EXP)'/'RR4';

  -- Senior unsecured bonds 'BB+(EXP)'/'RR4'.

The Rating Outlook is Positive.


ELANCO ANIMAL: S&P Assigns 'BB+' ICR, Outlook Positive
------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issuer credit rating to
Elanco Animal Health Inc. The outlook is positive.

S&P said, "At the same time, we assigned our 'BB+' issue-level
rating and '3' recovery rating to the company's proposed senior
unsecured debt. The '3' recovery indicates our expectation for
meaningful (50%-70%; rounded estimate: 60%) recovery for the
debtholders in the event of default.

"Our rating on Elanco reflects the company's solid market position
as one of the largest animal pharmaceutical companies, its diverse
product portfolio, strategic focus on fast-growing end markets, and
its established relationships with a large customer base, which
includes farmers and veterinarians. These strengths are partially
offset by the company's relatively low profitability compared with
peers (we project Elanco's 2019-2020 EBITDA margins will be in the
low-20% range compared to the high-30% range for Zoetis Inc.) and
the company's business concentration in the competitive animal
health industry, which has been exposed to significant regulatory
scrutiny over the past several years.

"The positive outlook reflects our belief that Elanco could reduce
leverage below 3x in 2020 as the company launches new higher-margin
products, makes progress with its manufacturing footprint
optimization and cost reduction initiatives, and starts nearing the
completion of its separation process from Eli Lilly. At the same
time, we note some risk to this trajectory, given the magnitude of
the projected improvement, the operational risks associated with
the separation process, and the competitive pressures in the
company's livestock segment."


EPW LLC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: EPW, LLC
        1500 W Hively Avenue
        Elkhart, IN 46517

Business Description: EPW, LLC is a privately held company engaged

                      in the business of manufacutirng electric
                      lighting equipment.

Chapter 11 Petition Date: August 10, 2018

Case No.: 18-31460

Court: United States Bankruptcy Court
       Northern District of Indiana (South Bend Division)

Judge: Hon. Harry C. Dees, Jr.

Debtor's Counsel: William R. Jonas, Jr., Esq.
                  HAMMERSCHMIDTt, AMARAL & JONAS
                  137 N. Michigan Steet
                  South Bend, IN 46601
                  Tel: 574-282-1231
                  Fax: 574-282-1234
                  Email: lindaplata@hajlaw.com
                         rwj@hajlaw.com

Total Assets: $838,157

Total Liabilities: $1,302,073

The petition was signed by Douglas L. Lammon, 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/innb18-31460.pdf


FLINT GROUP: $31MM Bank Debt Trades at 6% Off
---------------------------------------------
Participations in a syndicated loan under which Flint Group SA is a
borrower traded in the secondary market at 94.00
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.53 percentage points from the
previous week. Flint Group pays 300 basis points above LIBOR to
borrow under the $31 million facility. The bank loan matures on
September 7, 2021. Moody's rates the loan 'B3' and Standard &
Poor's gave a 'B-' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, July 27.


FLINT GROUP: $794MM Bank Debt Trades at 6% Off
----------------------------------------------
Participations in a syndicated loan under which Flint Group SA is a
borrower traded in the secondary market at 94.00
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.53 percentage points from the
previous week. Flint Group pays 300 basis points above LIBOR to
borrow under the $794 million facility. The bank loan matures on
May 19, 2021. Moody's rates the loan 'B3' and Standard & Poor's
gave no rating to the loan. The loan is one of the biggest gainers
and losers among 247 widely quoted syndicated loans with five or
more bids in secondary trading for the week ended Friday, July 27.


GALMOR'S/G&G STEAM: Hires Hartzog Conger as Special Counsel
-----------------------------------------------------------
Galmor's/G&G Steam Service, Inc., seeks authority from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
Hartzog Conger Cason & Neville, as special counsel to the Debtor.

Galmor's/G&G Steam requires Hartzog Conger to represent the Debtor
in a prepetition collection lawsuit in Tulsa County, Oklahoma
involving Advantage Energy Services, LCC, in which the Debtor is
pursuing Advantage Energy for sales tax liabilities.

Hartzog Conger will be paid based upon its normal and usual hourly
billing rates.  The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Jesse Chapel, a partner at Hartzog Conger Cason & Neville, 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.

Hartzog Conger can be reached at:

         Jesse Chapel, Esq.
         HARTZOG CONGER CASON & NEVILLE
         201 Robert S. Kerr Avenue, Suite 1600
         Oklahoma City, OK 73102
         Tel: (405) 235-7000

                About Galmor's/G&G Steam Service

Galmor's/G&G Steam Service, Inc., based in Shamrock, TX, filed a
Chapter 11 petition (Bankr. N.D. Tex. Case No. 18-20210) on June
19, 2018.  In the petition signed by Michael Stephen Galmor,
president, the Debtor estimated $1 million to $10 million in assets
and liabilities.  The Hon. Robert L. Jones presides over the case.
Max R. Tarbox, Esq., at Tarbox Law, P.C., serves as bankruptcy
counsel and Hartzog Conger Cason & Neville, as special counsel.


GETTY IMAGES: Bank Debt Trades at 3% Off
----------------------------------------
Participations in a syndicated loan under which Getty Images
Incorporated is a borrower traded in the secondary market at 97.00
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.62 percentage points from the
previous week. Getty Images pays 350 basis points above LIBOR to
borrow under the $1.9 billion facility. The bank loan matures on
October 3, 2019. Moody's rates the loan 'B3' and Standard & Poor's
gave a 'CCC' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
July 27.


GIBSON BRANDS: Litigation Trust Funding Amount Increased to $1.5MM
------------------------------------------------------------------
Gibson Brands, Inc., et al., filed with the U.S. Bankruptcy Court
for the District of Delaware a blackline version of the disclosure
statement dated August 1, 2018, explaining their third amended
joint Chapter 11 plan. Specifically, the blackline is intended to
compare the Third Amended Disclosure Statement against the Second
Amended Disclosure Statement.

The blackline version of  the Third Amended Disclosure Statement
contains the following salient points:

   * In the opinion of the Debtors and the Committee, the Plan is
preferable to the alternatives described in this Disclosure
Statement because it provides for a larger distribution to the
Debtors’ creditors than would otherwise result from a liquidation
under Chapter 7 of the Bankruptcy Code and will allow the
Reorganized Debtors to emerge from these Chapter 11 cases as a
sustainable and recapitalized business positioned for future
success.  Accordingly, the Debtors and the Committee recommend that
all Holders of Impaired Claims support confirmation of the Plan and
vote to accept the Plan and not to opt out of the third party
releases provided under Article X of the Plan.

   * The Plan is supported by the Debtors, Supporting Noteholders
representing approximately 99% of the principal amount of the
allowed prepretition Secured Notes Claims, the Committee, and the
Supporting Principals.

   * The Voting Deadline is set on September 14, 2018, at 5:00 p.m.
Prevailing Eastern Time.  The Court has scheduled the Confirmation
Hearing to commence on September 27, 2018.  

   * Pursuant to the Restructuring Support Agreement and the
settlement that has been reached among the Debtors, the Ad Hoc
Committee of Secured Notes, and the Committee, the Plan provides
for the payment in full of administrative Claims and secured
Claims, payment of unsecured Claims in accordance with law, and the
cancellation of Equity Interests of Gibson.

   * In addition, to minimize potential claims against these
estates and against D&O Liability Insurance Policies, upon the
Effective Date, Reorganized Gibson shall undertake (or shall
establish a task force to undertake) to respond to inquiries
relating to the foreign liquidation proceedings for Gibson
Innovations Limited and its direct and indirect Non-Debtor
Subsidiaries, including from the liquidators, receivers, trustees,
local directors and officers, and secured creditors for such
entities.  The details of such undertaking and funding requirements
therefor shall be agreed between the Debtors and the Ad Hoc
Committee of Secured Noteholders and filed with the Plan
Supplement.

   * Regarding other prepetition obligations, the Debtors have
approximately $5 million in capital lease obligations but have no
other material secured debt other than funded debt described.

   * The Debtors plan to reject Gibson’s contract with Starguitar
LLC in the near term.

   * The Debtors plan to file a motion with the Bankruptcy Court in
the near term to establish bidding procedures with respect to a
sale, subject to the approval of the Required Supporting
Noteholders in their sole and absolute discretion, of the Church
Street Property under the Plan free and clear of all claims, liens
and encumbrances pursuant to Sections 105, 363 and 1123 of the
Bankruptcy Code.  The Debtors submit and the Plan provides that,
pursuant to Section 1146(a) of the Bankruptcy Code, the sale of the
Church Street Property pursuant to the Plan shall not be subject to
any Stamp or Similar Tax or governmental assessment in the United
States.  The net proceeds of any sale of the Church Street Property
shall, as determined by the Required Supporting Noteholders in
their sole and absolute discretion, be used to repay any
obligations then due and owing under the New Exit ABL Facility at
the time of the closing of such sale or shall be retained by
Reorganized Gibson for working capital purposes.

   * The Committee, the Ad Hoc Committee of Secured Notes and the
Debtors engaged in good faith, arms’ length negotiations and have
reached a settlement as reflected in modifications to the Plan, as
originally proposed.  The Plan modifications and other terms
negotiated as part of the Settlement include the following:

     -- The Committee’s agreement to (i) support the Plan, (ii)
include a letter indicating the Committee’s support for the Plan
in the solicitation package for the Plan, including recommending to
creditors to vote in favor of the Plan and to not opt out of the
releases, (iii) to withdraw with prejudice its objection to the
approval of the Disclosure Statement and all discovery sought by
the Committee from the Debtors and the Ad Hoc Committee of Senior
Secured Notes pursuant to the Committee 2004 Motion, and (iv)
withdraw with prejudice other discovery the Committee has
propounded upon the Debtors, the Prepetition Secured Noteholders
and the Prepetition Indenture Trustee;

     -- Fixing the Allowed Unsecured Prepetition Notes Deficiency
Claim at $133,000,000 for all purposes under the Plan;

     -- Increasing recoveries for Allowed Class 6 General Unsecured
Claims and Allowed Class 8 Convenience Class Claims.  As modified,
the Plan now provides that: (A) Holders of Convenience Class Claims
will receive a distribution of up to 50% if the claimant qualifies
for treatment as a Convenience Class Claim up to a $1,000,000
aggregate Convenience Class Cap; and (B) Holders of Class 6 General
Unsecured Claims (which excludes Convenience Class Claims and
Claims against Gibson Holdings) will receive a Pro Rata share of
(i) $2,750,000 in Cash (in which Cash the Allowed Unsecured
Prepetition Notes Deficiency Claim will not share), and (ii) the
proceeds of a Litigation Trust to which the Litigation Trust Claims
will be transferred;

     -- Increasing the Litigation Trust Funding Amount from
$500,000 to at least $1,500,000, but providing that 50% of the
Litigation Trust Funding Amount be returned to the Reorganized
Debtors prior to the Litigation Trust making distributions to
Litigation Trust Beneficiaries on account of their interests in the
Litigation Trust (but for the avoidance of doubt, not on account of
their Pro Rata share of the $2,750,000 in Cash described above);

     -- Adding D&O Claims against the Specified Persons to the
Causes of Action being contributed to the Litigation Trust,
provided, however, that such D&O Claims shall be non-recourse to
the Specified Persons (who are being fully indemnified by the
Reorganized Debtors for any costs and expenses incurred in
defending such claims) with any recovery on such claims being
satisfied solely from D&O Liability Insurance Policies;

     -- Waiving all Avoidance Actions except for Avoidance Actions
against GSO that are being contributed to the Litigation Trust
along with (i) other Causes of Action against GSO and (ii) D&O
Claims against the Specified Persons;

     -- Creating a Creditors’ Oversight Committee comprised of
three members of the Committee, which shall have certain
information rights with respect to the Reorganized Debtors;

     -- Providing that 50% of Allowed Administrative Claims arising
under Section 503(b)(9) of the Bankruptcy Code shall be paid within
three Business Days of entry of the Settlement Order;

     -- Providing that the Settlement Order shall authorize the DIP
Lenders to exercise the Purchase Option (as defined in the Final
DIP Order) free and clear of any successor or other associated
liability and that the Committee stipulates to the validity of the
Prepetition Secured Noteholders’ and Prepetition Indenture
Trustee’s Liens and Claims and agrees not to pursue any Challenge
(as defined in the Final DIP Order) against the Prepetition
Secured Noteholders or the Prepetition Indenture Trustee; and

     -- Providing for a protocol for the Committee receiving
information regarding the Debtors' discussions with third parties
regarding potential Alternative Transactions (as defined in the
Restructuring Support Agreement), subject to consent rights for Ad
Hoc Committee of Secured Notes with respect to the information
being provided to such third parties in connection with their due
diligence (with such consent not to be unreasonably withheld).

A blacklined version of the Third Amended Disclosure Statement is
available at:

        http://bankrupt.com/misc/deb18-11025-519.pdf

                      About Gibson Brands

Founded in 1894 and headquartered in Nashville, Tennessee, Gibson
Brands, Inc. -- http://www.gibson.com/-- and its subsidiaries
design and manufacture guitars and other fretted instruments.
Gibson's brands include the Les Paul, SG, Flying V, Explorer, J-45,
Hummingbird, and ES-335, among others.

Gibson Brands, Inc. and 11 affiliates commenced Chapter 11 cases
(Bankr. D. Del. Lead Case No. 18-11025) on May 1, 2018.  In its
petition, Gibson Brands estimated $100 million to $500 million in
assets and liabilities.  The petition was signed by Henry E.
Juszkiewicz, chief executive officer.

The Hon. Christopher S. Sontchi presides over the cases.  The
Debtors tapped Goodwin Procter LLP as their lead counsel; Pepper
Hamilton LLP as Delaware and conflicts counsel; Alvarez & Marsal
North America, LLC as restructuring advisor; Brian J. Fox, managing
director of Alvarez & Marsal North America LLC, as chief
restructuring officer; Jefferies LLC as investment banker; and
Prime Clerk LLC as claims and noticing agent.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is providing legal
counsel, and PJT Partners is the financial advisor, to the ad hoc
group of unaffiliated noteholders that is supporting the Debtors'
restructuring.

The Office of the U.S. Trustee for Region 3 appointed an official
committee of unsecured creditors on May 9, 2018.  The Committee
tapped Lowenstein Sandler LLP as its legal counsel; and FTI
Consulting serves as financial advisor.


GIBSON BRANDS: Seeks to Hire CBRE, Inc. as Real Estate Broker
-------------------------------------------------------------
Gibson Brands, Inc., and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
CBRE, Inc., as real estate broker to the Debtors.

Gibson Brands requires CBRE, Inc., to market and sell the Debtor's
real property located at 1117 Church Street, Nashville, Davidson
County, Tennessee.

CBRE, Inc. will be paid a commission of 6% of the sales price.

Stephen Kulinski, managing director of CBRE, Inc., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

CBRE, Inc. can be reached at:

     Stephen Kulinski
     CBRE, INC.
     222 2nd Avenue S., Suite 1800
     Nashville, TN 37201
     Tel: (615) 248-3500

                     About Gibson Brands

Founded in 1894 and headquartered in Nashville, Tennessee, Gibson
Brands, Inc. -- http://www.gibson.com/-- and its subsidiaries
design and manufacture guitars and other fretted instruments.
Gibson's brands include the Les Paul, SG, Flying V, Explorer, J-45,
Hummingbird, and ES-335, among others.

Gibson Brands, Inc. and 11 affiliates commenced Chapter 11 cases
(Bankr. D. Del. Lead Case No. 18-11025) on May 1, 2018.
In the petition signed by CEO Henry E. Juszkiewicz, Gibson Brands
estimated $100 million to $500 million in assets and liabilities.

The Hon. Christopher S. Sontchi presides over the cases.

The Debtors tapped Goodwin Procter LLP as their lead counsel;
Pepper Hamilton LLP as Delaware and conflicts counsel; Alvarez &
Marsal North America, LLC as restructuring advisor; Brian J. Fox,
managing director of Alvarez & Marsal North America LLC, as chief
restructuring officer; Jefferies LLC as investment banker; and
Prime Clerk LLC as claims and noticing agent.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is providing legal
counsel, and PJT Partners is the financial advisor, to the ad hoc
group of unaffiliated noteholders that is supporting the Debtors'
restructuring.

The Office of the U.S. Trustee for Region 3 appointed an official
committee of unsecured creditors on May 9, 2018.  The Committee
tapped Lowenstein Sandler LLP as its legal counsel; and FTI
Consulting serves as financial advisor.


GOGO INC: AMR LLC Lowers Stake to 1.68% Stake
---------------------------------------------
FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G/A filed
with the Securities and Exchange Commission on Aug. 9, 2018, that
they beneficially own 1,468,348 shares of common stock of Gogo,
Inc., which constitutes 1.682 percent of the shares outstanding.

Ms. Johnson is a director, the chairman and the chief executive
officer of FMR LLC.  Members of the Johnson family, including Ms.
Johnson, are the predominant owners, directly or through trusts, of
Series B voting common shares of FMR LLC, representing 49% of the
voting power of FMR LLC.  The Johnson family group and all other
Series B shareholders have entered into a shareholders' voting
agreement under which all Series B voting common shares will be
voted in accordance with the majority vote of Series B voting
common shares.  Accordingly, through their ownership of voting
common shares and the execution of the shareholders' voting
agreement, members of the Johnson family may be deemed, under the
Investment Company Act of 1940, to form a controlling group with
respect to FMR LLC.

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

                       https://is.gd/jGEKGD

                             About Gogo

Gogo Inc. -- http://www.gogoair.com/-- is a global provider of
broadband connectivity products and services for aviation.  The
company designs and sources innovative network solutions that
connect aircraft to the Internet, and  evelop software and
platforms that enable customizable solutions for and by its
aviation partners.  Gogo's products and services can be found on
thousands of aircraft operated by the leading global commercial
airlines and thousands of private aircraft, including those of the
largest fractional ownership operators.  Gogo is headquartered in
Chicago, Illinois with additional facilities in Broomfield, CO and
locations across the globe.   

Gogo incurred net loss of $171.99 million in 2017, $124.50 million
in 2016 and $107.61 million in 2015.  As of June 30, 2018, Gogo
Inc. had $1.30 billion in total assets, $1.53 billion in total
liabilities and a total stockholders' deficit of $228.21 million.

                          *     *     *

In May 2018, Moody's Investors Service downgraded Gogo Inc.'s
(Gogo) corporate family rating (CFR) to 'Caa1' from 'B3'.
According to Moody's, Gogo's 'Caa1' CFR reflects its small scale,
competitive operating environment, low margins, high leverage
(12.9x Moody's adjusted at year end 2017), and the expectation of
negative free cash flow into at least 2019 as the company heavily
invests in the rollout of in-flight connectivity technology to
additional carriers outside the North American market, where it
currently benefits from critical mass in the commercial aviation
segment and a dominant position in business aviation.

As reported by the TCR on May 8, 2018, S&P Global Ratings lowered
its corporate credit rating on Chicago-based Gogo Inc. to 'CCC+'
from 'B-'.  "The downgrade reflects our expectation that previously
announced equipment issues will weigh on operating and financial
performance in 2018, which we expect will have a carry-over effect
on the company's growth in 2019.  As a result, we believe there
could be a liquidity shortfall in the second half of 2019 absent
improvements in operating performance and planned cost saving
initiatives," S&P said.


HAPPY JUMP: Seeks to Hire Sowlati & Associates as Accountant
------------------------------------------------------------
Happy Jump, Inc., seeks authority from the U.S. Bankruptcy Court
for the Central District of California to employ Sowlati &
Associates, as accountant to the Debtor.

Happy Jump requires Sowlati & Associates to:

   a. evaluate tax issues related to the Debtor and the Debtor's
      estate;

   b. prepare tax returns; and

   c. provide accounting and consulting services requested by the
      Debtor, its estate and its counsel.

Sowlati & Associates will be paid at the hourly rate of $200.

Sowlati & Associates received prepetition fee of $1,100 from the
Debtor on July 5, 2018.

Sowlati & Associates will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Ken K. Sowalti, partner at Sowlati & Associates, 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.

Sowlati & Associates can be reached at:

     Ken K. Sowalti
     SOWLATI & ASSOCIATES
     26932 Highwood Circle
     Laguna Hills, CA 92653
     Tel: (949) 360-1518
     Fax: (949) 360-1591

                        About Happy Jump

Happy Jump, Inc. -- https://www.happyjump.com -- is a manufacturer
of outdoor inflatables, bounce houses, and interactive games.
Happy Jump has created hundreds of custom designed bouncers,
advertising inflatables, balloons, space walks, and inflatable
slides for clients all over the world.  The company was founded in
1999 and is headquartered in Northridge, California.

Happy Jump, Inc., based in Northridge, CA, filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 18-11544) on June 19, 2018.  In
the petition signed by CEO Roubik Amirian, the Debtor estimated
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities.  The Hon. Maureen Tighe presides over the case.  Mark
T. Young, Esq., at Donahoe & Young LLP, serves as bankruptcy
counsel to the Debtor.



HARLAND CLARKE: Bank Debt Trades at 4% Off
------------------------------------------
Participations in a syndicated loan under which Harland Clarke
Holdings Corporation is a borrower traded in the secondary market
at 96.50 cents-on-the-dollar during the week ended Friday, July 27,
2018, according to data compiled by LSTA/Thomson Reuters MTM
Pricing. This represents a decrease of 0.86 percentage points from
the previous week. Harland Clarke pays 475 basis points above LIBOR
to borrow under the $1.78 billion facility. The bank loan matures
on November 3, 2023. Moody's rates the loan 'B1' and Standard &
Poor's gave a 'B+' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, July 27.


HCA INC: Moody's Rates New $2BB Unsec. Notes 'Ba2', Outlook Stable
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to HCA Inc.'s
proposed $2.0 billion senior unsecured notes offering. Moody's
understands that net proceeds from the new notes will be used to
pre-fund certain of the company's 2019 maturities and to provide
additional cash for general corporate purposes, including
acquisitions.

HCA Inc. is a wholly owned subsidiary of HCA Healthcare, Inc. All
of HCA's existing ratings, including the company's Ba1 Corporate
Family Rating and Ba1-PD Probability of Default Rating remain
unchanged. The rating outlook is stable.

The following ratings have been assigned:

HCA Inc.

$2 billion senior unsecured notes, at Ba2 (LGD5)

RATINGS RATIONALE

HCA's Ba1 Corporate Family Rating reflects the company's
significant scale and strong competitive positions in growing urban
and suburban markets. HCA also has industry leading profit margins
and makes significant investments in its key markets in order to
drive future organic growth. HCA has a long track record of stable
operating performance and strong cash flow. The ratings are
constrained by HCA's geographic concentration in Florida and Texas
and its track record of shareholder friendly policies. The ratings
are also constrained by Moody's expectation that adjusted debt to
EBITDA will remain moderately high.

The stable outlook reflects Moody's view that adjusted debt/EBITDA
will generally be maintained in the 4.0-4.5x range, including
Moody's adjustments. HCA's scale and ability to invest in its
markets will help it grow revenue and earnings despite on-going
industry headwinds. The outlook also reflects Moody's view that HCA
will face a relatively stable regulatory and reimbursement
environment over the next 12-18 months.

The Speculative Grade Liquidity Rating of SGL-1 reflects Moody's
expectation of very good liquidity over the next 12-18 months. HCA
had over $850 million of cash at June 30, 2018 and will generate
approximately $1.5 billion of free cash flow over the next 12
months after dividends. Liquidity is also supported by ample
availability under its $2 billion revolving credit facility and
ample cushion under its financial maintenance covenants.

Moody's could upgrade the ratings if HCA demonstrates a commitment
to more conservative financial policies. Specifically, if Moody's
expects HCA to sustain adjusted debt to EBITDA around 3.5 times or
below, the ratings could be upgraded. An upgrade would also be
supported by increased geographic diversity, continued stable
volume and operating trends at HCA as well as the expectation of a
relatively stable hospital reimbursement and regulatory
environment.

The ratings could be downgraded if Moody's expects adjusted debt to
EBITDA to be sustained above 4.5 times, or if the company's
liquidity or cash flow weakens. Material debt financed dividends,
share repurchase, or acquisitions or significant industry-wide
reimbursement or regulatory challenges could also pressure the
ratings.

HCA is the largest for-profit acute care hospital operator in the
US as measured by revenues. In addition, the company operates
psychiatric facilities, a rehabilitation hospital, ambulatory
surgery centers, and cancer treatment and outpatient rehab centers
located in 20 states in the U.S. and in England. HCA is
headquartered in Nashville, Tennessee and generates net revenue of
approximately $40 billion.

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


HCA INC: S&P Assigns 'BB-' Rating on New Senior Unsecured Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '6'
recovery rating to Nashville-based HCA Inc.'s proposed senior
unsecured notes. S&P said, "The '6' recovery rating indicates our
expectation for negligible (0%-10%; rounded estimate: 0%) recovery
for lenders in the event of a payment default. The company is
issuing the notes to refinance $1.5 billion of the outstanding
principal on its 3.75% senior secured notes due 2019 and for other
general corporate purposes. The 'BB-' issue-level rating is the
same as our rating on the company's existing senior unsecured
debt."

S&P said, "Our 'BB+' issuer credit rating on the parent company,
HCA Healthcare Inc. continues to reflect the company's substantial
scale, diversified business mix, and market presence, which
favorably distinguish it from other investor-owned health care
services companies. The rating also reflects our belief that HCA
will likely maintain leverage of comfortably below 4.5x, though it
will use the majority of its internally generated free cash flow
and some debt capacity for share repurchases and acquisitions
rather than for permanent debt reduction."

  RATINGS LIST

  HCA Inc.
   Issuer Credit Rating       BB+/Stable/--

  New Rating

  HCA Inc.
   Senior Unsecured Notes     BB-
    Recovery Rating           6(0%)



HELIOS AND MATHESON: Giri Devanur Buys 335,000 Common Shares
------------------------------------------------------------
Giri Devanur reported in a Schedule 13D filed with the Securities
and Exchange Commission that as of Aug. 2, 2018, he beneficially
owned 335,000 shares of common stock of Helios and Matheson
Analytics Inc.  Mr. Devanur is serving as the chief executive
officer of Runs.com.  On Aug. 2, 2018, Mr. Devanur purchased
335,000 Shares at $0.110009.  A full-text copy of the regulatory
filing is available at: https://is.gd/z09QIl

                  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, business
intelligence, and consumer-centric technology.  More recently, to
provide greater value to stockholders, the Company has sought to
expand its business primarily through acquisitions that leverage
its capabilities and expertise.  The Company is headquartered in
New York City, has an office in Miami Florida and has an office in
Bangalore India.  The Company's common stock is 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: Morgan Stanley Lowers Stake to 1.8%
--------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchange
Commission, Morgan Stanley disclosed that as of July 31, 2018, it
beneficially owned 122,779 shares of common stock of Helios &
Matheson Analytics Inc., which constitutes 1.8 percent of the
shares outstanding.  Morgan Stanley Capital Services LLC also
reported beneficial ownership of 102,404 common shares.  A
full-text copy of the regulatory filing is available for free at:

                    https://is.gd/gtX3qW

                 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, business
intelligence, and consumer-centric technology.  More recently, to
provide greater value to stockholders, the Company has sought to
expand its business primarily through acquisitions that leverage
its capabilities and expertise.  The Company is headquartered in
New York City, has an office in Miami Florida and has an office in
Bangalore India.  The Company's common stock is 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.


HH & JR: Court Denies Approval of Disclosure Statement
------------------------------------------------------
Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern
District of Florida, West Palm Beach Division, held a hearing on
July 31, 2018, and denied approval of the disclosure statement
explaining HH & JR Inc.'s Plan.  The Debtor is doing-business-as
One Stop.

The motion to deny approval of the Disclosure Statement was filed
by the U.S. Trustee.  The Debtor is directed to serve Judge
Mora’s order on appropriate parties.

                    About HH & JR, Inc.

Headquartered in Lake Worth, Florida, HH & JR Inc., dba One Stop,
filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case
No. 17-19473) on July 27, 2017, estimating its assets and
liabilities at $100,001 and $500,000 each.  Chad T. Van Horn, Esq.,
at Van Horn Law Group, P.A.

An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Lakeshore Properties of HH & JR
Inc., as of Nov. 16, according to a court docket.


HORIZON GLOBAL: S&P Raises ICR to 'CCC+', Outlook Stable
--------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Horizon
Global Corp. to 'CCC+' from 'CCC' and removed all of its ratings on
the company from CreditWatch, where S&P placed them with developing
implications on June 26, 2018. The outlook is stable.

S&P said, "At the same time, we raised our issue-level rating on
the company's first-lien debt to 'CCC+' from 'CCC'. The '3'
recovery rating remains unchanged, indicating our expectation for
meaningful (50%-70%; rounded estimate: 55%) recovery in the event
of a payment default.

"Additionally, we raised our issue-level rating on Horizon's
convertible notes to 'CCC' from 'CCC-'. The '5' recovery rating
remains unchanged, indicating our expectation for modest (10%-30%;
rounded estimate: 15%) recovery in the event of a payment default.

"The upgrade reflects our belief that Horizon has improved its
liquidity position for the next 12 months. The company issued a $50
million term loan add-on to pay down the borrowings under its ABL
revolver. This commitment, along with our expectation for increased
cash flow from operations in the back half of 2018 as the company's
Kansas City, Mo. distribution center ramps up, has reduced the risk
that Horizon will enter into a distressed exchange over the next 12
months. The company also amended its covenants and we expect that
it will remain in compliance with the amended net leverage
covenant, albeit with a limited cushion under the amended leverage
ratios, which step down in 2019.

"The stable outlook on Horizon reflects our expectation that its
operating performance will improve because its main U.S.
distribution center is now operating closer to normal levels. The
company's EBITDA margins should also increase over the next 12
months. In addition, we believe that Horizon has sufficient
liquidity to meet its near-term financial commitments.

"We could lower our ratings on Horizon if the company's free
operating cash flow (FOCF) remains sufficiently negative such that
we believe it could face another liquidity crisis or violate its
newly amended financial covenants. This could be caused by further
operating issues at its distribution centers or an inability to
successfully increase its prices to offset higher raw material and
freight costs.

"We could raise our ratings on Horizon if the company increases its
EBITDA margins to near their historical levels (8%-9%), which
should allow it to sustain positive free cash flow, reduce its
leverage, and maintain an adequate cushion (over 15% of EBITDA
headroom) under its covenants. This could occur if the company
increases the utilization of its Kansas City distribution center,
reduces its costs in Europe, and reduces its selling, general, and
administrative (SG&A) costs across the business. For an upgrade, we
would also expect Horizon to steadily increase its revenue and
demonstrate an ability to raise its prices to offset elevated raw
material costs."


HUMANIGEN INC: Reports $2.66 Million Second Quarter Net Loss
------------------------------------------------------------
Humanigen, Inc. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $2.66 million for the three months ended June 30, 2018, compared
to a net loss of $6.15 million for the same period last year.

The Company reported a net loss of $7.75 million for the six months
ended June 30, 2018, compared to a net loss of $11.70 million for
the six months endedJune 30, 2017.

As of June 30, 2018, Humanigen had $1 million in total assets,
$8.07 million in total liabilities and a total stockholders'
deficit of $7.06 million.

The Company has incurred significant losses since its inception in
March 2000 and had an accumulated deficit of $270.4 million as of
June 30, 2018.  At June 30, 2018, the Company had a working capital
deficit of $7.1 million.  On Feb. 27, 2018, the Company issued
91,815,517 shares of common stock in exchange for the
extinguishment of all term loans, related fees and accrued interest
and received $1.5 million in cash proceeds.  On March 12, 2018 the
Company issued 2,445,557 shares of common stock for proceeds of
$1.1 million to accredited investors.  On June 4, 2018, the Company
issued 400,000 shares of common stock for proceeds of $0.2 million
to an accredited investor.  On June 29, 2018 the Company received
aggregate proceeds of $0.4 million from advances made to the
Company by Dr. Cameron Durrant, the Company's chairman and chief
executive officer; Cheval Holdings, Ltd., an affiliate of Black
Horse Capital, L.P., the Company's controlling stockholder; and
Ronald Barliant, a director of the Company.  To date, none of the
Company's product candidates has been approved for sale and
therefore the Company has not generated any revenue from product
sales.  

"Management expects operating losses to continue for the
foreseeable future.  The Company will require additional financing
in order to meet its anticipated cash flow needs during the next
twelve months.  As a result, the Company will continue to require
additional capital through equity offerings, debt financing and/or
payments under new or existing licensing or collaboration
agreements.  If sufficient funds are not available on acceptable
terms when needed, the Company could be required to significantly
reduce its operating expenses and delay, reduce the scope of, or
eliminate one or more of its development programs.  The Company's
ability to access capital when needed is not assured and, if not
achieved on a timely basis, could materially harm its business,
financial condition and results of operations.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern," the Company stated in the Quarterly Report.

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

                      https://is.gd/Ri4S9M

                        About Humanigen

Formerly known as KaloBios Pharmaceuticals, Inc., Humanigen, Inc.
(OTCQB: HGEN), -- http://www.humanigen.com/-- is a
biopharmaceutical company pursuing cutting-edge science to develop
its proprietary monoclonal antibodies for immunotherapy and
oncology treatments.  Derived from the company's Humaneered
platform, lenzilumab and ifabotuzumab are lead compounds in the
portfolio of monoclonal antibodies with first-in-class mechanisms.
Lenzilumab, which targets granulocyte-macrophage colony-stimulating
factor (GM-CSF), is in development as a potential medicine to make
chimeric antigen receptor T-cell (CAR-T) therapy safer and more
effective, as well as a potential treatment for rare hematologic
cancers such as chronic myelomonocytic leukemia (CMML) and juvenile
myelomonocytic leukemia (JMML).  Ifabotuzumab, which targets Ephrin
type-A receptor 3 (EphA3), is being explored as a potential
treatment for glioblastoma multiforme (GBM) and other deadly
cancers, as well as a platform for creation of CAR-T and bispecific
antibodies.  Humanigen is based in Brisbane, California.

Humanigen incurred a net loss of $21.98 million for the year ended
Dec. 31, 2017, compared to a net loss of $27.02 million for the
year ended Dec. 31, 2016.  As of Dec. 31, 2017, Humanigen had $1.67
million in total assets, $26 million in total liabilities and a
total stockholders' deficit of $24.33 million.

The report from the Company's independent accounting firm Horne
LLP, in Ridgeland, Mississippi, 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 its total liabilities exceed
its total assets.  This raises substantial doubt about the
Company's ability to continue as a going concern.


INFORMATION DOCK: Case Summary & 7 Unsecured Creditors
------------------------------------------------------
Debtor: Information Dock Analytics LLC
        7209 Lancaster Pike
        Suite 4-1129
        Hockessin, Delaware

Business Description: Information Dock Analytics LLC is a
                      privated held company based in
                      Hockessin, Delaware.

Chapter 11 Petition Date: August 10, 2018

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Case No.: 18-11849

Judge: Hon. Brendan Linehan Shannon

Debtor's Counsel: Adam Hiller, Esq.
                  HILLER LAW, LLC
                  1500 North French Street, 2nd Floor
                  Wilmington, DE 19801
                  Tel: (302) 442-7677
                  E-mail: ahiller@hillerarban.com
                          ahiller@adamhillerlaw.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $50,000 to $100,000

The petition was signed by Jonathon Luckett, managing member.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at:

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

             http://bankrupt.com/misc/deb18-11849.pdf

List of Debtor's Seven Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Collins, George M.                  Money Loaned          $33,000
Email: george@pjcollins.com

Barr & Company, LLP                 Money Loaned          $25,303
Email: barrcpa@cableone.net

Gallegos, Robert V.                 Money Loaned          $25,000
Email: gallegos@nmia.com

Lucius, Lex                         Money Loaned          $20,000
Email: lexlucius@gmail.com

The Williams Law Firm                Trade Debt            $3,767
Email: john@trustwilliams.com

Martin, Robert Elliott             Money Loaned            $3,500
Email: roberto.martin3030@gmail.com

Gibbs, Riley                       Money Loaned            $2,000
Email: rgibbbs@gmail.com


INPIXON: Reports Second Quarter 2018 Financial Results
------------------------------------------------------
Inpixon reported financial results for the second quarter ended
June 30, 2018 and provided an update on corporate developments.

"While we did realize lower revenues from the VAR business during
the second quarter of 2018 as compared to the same period for prior
years, we have been able to continue to strengthen our balance
sheet by significantly reducing our liabilities and increasing
stockholders' equity, allowing us to be able to regain compliance
with Nasdaq's stockholders' equity requirement.  We continue to
work on repairing and rebuilding our vendor and supplier
relationships and anticipate that the VAR business will have
improved results during the third and fourth quarters of 2018,
following the federal government's busy season in September and
October.  The IPA business did see an increase in revenue as
compared to prior quarters for the same period and we expect this
trend to continue in the second half of the year," said Nadir Ali,
CEO of Inpixon.

"During the second quarter, we also announced plans to spin-off our
VAR business and initiated steps in connection with this
transaction by filing a Form 10 Registration Statement and
announcing the execution of a Separation & Distribution Agreement
with Sysorex, Inc. in connection with the spin-off of the VAR
business, which we believe will allow both companies to focus their
resources and energies on their core business plans," Mr. Ali
concluded.  Following the spin-off, anticipated to be completed on
or about Aug. 31, 2018, Inpixon will focus its efforts on the
continued growth of its Indoor Positioning Analytics business that
is based on proprietary, patented technology with high gross
margins.  Sysorex will continue to focus on rebuilding its
value-added reseller and integration business with federal
government and commercial customers.

             Second Quarter 2018 Financial Results

Revenue: Net revenues were $1.8 million for the three months ended
June 30, 2018 compared to $15.1 million for the comparable period
in the prior year.  This $13.3 million decrease, or approximately
88%, is primarily associated with the decline in revenues earned by
the Infrastructure Segment as a result of supplier credit issues
and a $1.6 million decrease in revenue resulting from an adjustment
in the recognition of revenues following the adoption of the new
ASC 606 revenue recognition policy beginning in January 2018.  For
the three months ended June 30, 2018, Indoor Positioning Analytics
revenue was $1,274,000 compared to $1,156,000 for the prior year
period.  Infrastructure revenue was $554,000 for the three months
ended June 30, 2018, and $13.9 million for the prior year period.
The Company anticipates the Infrastructure Segment revenue (which
will be retained by Sysorex, Inc. in connection with the spin-off)
will start to recover in Q3 2018 and Q4 2018 as it rebuilds its
supplier relationships and head into the federal government busy
season.

Gross Profit: Gross profit for the three months ended June 2018 was
$1 million versus $3.4 million for the same period in 2017. The
gross profit margin for the three months ended June 30, 2018 was
55% compared to 22% during the three months ended June 30, 2017.
This increase in gross margin is primarily due to the decrease in
lower margin storage and maintenance sales. Indoor Positioning
Analytics gross margins for the three months ended June 30, 2018
and 2017 were 71% and 67%, respectively.  Gross margins for the
Infrastructure segment for the three months ended June 30, 2018 and
2017 was 19%.

GAAP Net Loss: GAAP Net loss attributable to common stockholders of
Inpixon for the three months ended June 30, 2018 was $5.9 million
compared to $6.4 million for the prior year period.  This decrease
in loss of $500,000 was attributable to the changes described for
the various reporting captions.  GAAP net loss per share for the
quarter ended June 30, 2018 was ($1.08), compared to a net loss per
share of ($81.26) for the comparable period in 2017.

Second Quarter 2018 Business Highlights and Recent Developments

   * Inpixon consummates $10 million public offering

   * Inpixon regains compliance with NASDAQ's Stockholders' Equity

     requirement

   * Inpixon announces plans to spin-off value-added reseller
     segment and recently executed a Separation and Distribution
     Agreement in anticipation of spin-off

   * Inpixon recently provided a technology update on blockchain,
     voice-user Interface, artificial intelligence, and Amazon Web

     Services.

   * Inpixon continues to expand its international presence with a

     wave of new channel partnerships in Africa, Central America,
     North America, United Kingdom, and Portugal.

   * Inpixion recently reported new customers and shipments both
     within the U.S. and abroad.

   * Inpixon partnered with wireless integration expert Genwave
     Technologies to provide commercial, industrial, and federal
     customers with bigger, richer data stores.

   * Inpixon announces the IPA Pod

                         About Inpixon

Headquartered in Palo Alto, California, Inpixon is a technology
company that helps to secure, digitize and optimize any premises
with Indoor Positioning Analytics (IPA) for businesses and
governments in the connected world.  Inpixon Indoor Positioning
Analytics is based on new sensor technology that finds all
accessible cellular, Wi-Fi, Bluetooth and RFID signals anonymously.
Paired with a high-performance, data analytics platform, this
technology delivers visibility, security and business intelligence
on any commercial or government premises world-wide.  Inpixon's
products, infrastructure solutions and professional services group
help customers take advantage of mobile, big data, analytics and
the Internet of Things (IoT).

Inpixon reported a net loss of $35.03 million on $45.13 million of
total revenues for the year ended Dec. 31, 2017, compared to a net
loss of $27.50 million on $53.16 million of total revenues for the
year ended Dec. 31, 2016.  As of March 31, 2018, Inpixon had $25.15
million in total assets, $26.26 million in total liabilities and a
total stockholders' deficit of $1.11 million.

Marcum LLP, in New York, the Company's auditor since 2012, issued a
"going concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2017, citing that the
Company has a significant working capital deficiency, has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


JANE STREET: S&P Rates $210MM Secured Term Loan Due 2022 'BB-'
--------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB-' issue-level
rating on Jane Street Group LLC's new $210 million senior secured
term loan B due 2022. This debt issue is incremental to the firm's
existing $800 million term loan B, which will remain outstanding.

S&P said, "The incremental debt provides additional stable funding,
and we expect the company to use the proceeds to expand trading
capital and support liquidity. While we expect that this will
increase trading book market risk, it has no affect on our issuer
credit rating on Jane Street. The firm's capitalization has
improved substantially over the last year, particularly from the
retention of very strong earnings in the first half of 2018. We
believe that it is sufficient to offset the expected increase in
trading book risk and maintain an S&P Global Ratings risk-adjusted
capital ratio in line with current ratings."  

  RATINGS LIST

  Jane Street Group LLC
   Issuer Credit Rating               BB-/Stable/--

  New Rating

  Jane Street Group LLC
   Senior Secured   
    $210 mil term loan B due 2022     BB-



JONES ENERGY: Fir Tree Capital Holds 5.8% of Class A Shares
-----------------------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, Fir Tree Capital Management LP disclosed that as of
Aug. 9, 2018, it beneficially owns 5,683,623 shares of Class A
common stock of Jones Energy, Inc., which constitutes 5.8 percent
of the shares outstanding.

The percentage was calculated based upon 98,039,826 shares of Class
A Common Stock issued and outstanding as of July 27, 2018, as
reported in the Issuer's Quarterly Report on Form 10-Q for the
quarterly period ended June 30, 2018, filed with the SEC on Aug. 8,
2018.  

Fir Tree Capital used a total of $17,310,572 to acquire the Class A
Common Stock reported in the Schedule 13D.  The source of the funds
used to acquire the shares of Class A Common Stock reported is the
working capital of the Fir Tree Funds.

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

                      https://is.gd/APEnUl

                       About Jones Energy

Austin, Texas-based Jones Energy, Inc. --
http://www.jonesenergy.com/-- is an independent oil and natural
gas company engaged in the development and acquisition of oil and
natural gas properties in the Anadarko basin of Oklahoma and Texas.
The Company's Chairman, Jonny Jones, founded its predecessor
company in 1988 in continuation of his family's long history in the
oil and gas business, which dates back to the 1920s.

Jones Energy reported a net loss attributable to common
shareholders of $109.41 million in 2017, a net loss attributable to
common shareholders of $45.22 million in 2016, and a net loss
attributable to common shareholders of $2.38 million in 2015.   As
of June 30, 2018, Jones Energy had $1.85 billion in total assets,
$1.26 billion in total liabilities, $91.53 million in series A
preferred stock, and $504.93 million in total stockholders'
equity.

                         NYSE Noncompliance

On March 23, 2018, the New York Stock Exchange notified the Company
that it was non-compliant with certain continued listing standards
because the price of the Company's Class A common stock over a
period of 30 consecutive trading days had fallen below $1.00 per
share, which is the minimum average closing price per share
required to maintain a listing on the NYSE.  The Company now has a
six-month cure period to regain compliance.  Within the cure
period, the Company may regain compliance if the closing price per
share is $1.00 or higher on the last trading day of a given month,
or at the end of the cure period.  Additionally, the 30-day average
closing price per share must also be $1.00 or higher.  The Company
previously received a similar notice on Dec. 26, 2017, but regained
compliance on Feb. 1, 2018.


KADMON HOLDINGS: Posts $21.5 Million Net Income in Second Quarter
-----------------------------------------------------------------
Kadmon Holdings, Inc. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting net income
of $21.50 million on $359,000 of total revenue for the three months
ended June 30, 2018, compared to a net loss of $22.31 million on
$2.95 million of total revenue for the three months ended June 30,
2017.

For the six months ended June 30, 2018, the Company reported net
income of $1.06 million on $792,000 of total revenue compared to a
net loss of $39.88 million on $8.52 million of total revenue for
the same period during the prior year.

As of June 30, 2018, Kadmon Holdings had $187.02 million in total
assets, $48.17 million in total liabilities and $138.84 million in
total stockholders' equity.

"Kadmon continues to build momentum in 2018 toward additional key
milestones, including the planned initiation of our pivotal trial
in cGVHD in September 2018," said Harlan W. Waksal, M.D., president
and CEO at Kadmon.  "Our recent financing, led by top-tier
institutional investors, supports our continued clinical
development of KD025 as well as the advancement of our ROCK
inhibitor platform to treat fibrotic and inflammatory diseases."

Loss from operations for the three and six months ended June 30,
2018 was $18.8 million and $36.8 million, respectively, compared to
$17.6 million and $31.6 million for the respective periods in
2017.

The Company does not rely on the revenue generated from its
commercial operations; however, the Company leverages its
commercial infrastructure to support the development of its
clinical-stage product candidates by providing quality assurance,
compliance, regulatory and pharmacovigilance capabilities, among
others.

Research and development expenses were $10.2 million and $20.0
million for the three and six months ended June 30, 2018,  compared
to $10.1 million and $18.5 million for the respective periods in
2017.

Selling, general and administrative expenses were $8.8 million and
$17.1 million for the three and six months ended June 30, 2018,
compared to $9.9 million and $20.0 million for the respective
periods in 2017.  The decrease in SG&A expenses is primarily
related to a decrease in share-based compensation of $1.4 million
and $2.8 million, respectively.

The Company recorded an unrealized gain of $40.5 million for the
three and six months ended June 30, 2018 related to the fair value
of the Company's common stock ownership of MeiraGTx Holdings plc.
On June 12, 2018, MeiraGTx completed its initial public offering
and upon completion of the IPO, the Company maintained a 13.0%
ownership in MeiraGTx common stock.  As the Company's investment in
MeiraGTx now has a readily determinable market value, the
investment is recorded at fair value.

As of June 30, 2018, Kadmon's cash and cash equivalents totaled
$131.5 million, compared to $67.5 million as of Dec. 31, 2017.  

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

                     https://is.gd/cMLyPK

                     About Kadmon Holdings

Based in New York, Kadmon Holdings, Inc. -- http://www.kadmon.com/
-- is a biopharmaceutical company engaged in the discovery,
development and commercialization of small molecules and biologics
within autoimmune and fibrotic diseases, oncology and genetic
diseases.

Kadmon Holdings reported a net loss attributable to common
stockholders of $81.69 million in 2017, a net loss attributable to
common stockholders of $230.5 million in 2016, and a net loss
attributable to common stockholders of $147.1 million in 2015.  As
of March 31, 2018, Kadmon Holdings had $63.78 million in total
assets, $55.85 million in total liabilities and $7.93 million in
total stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
in its report on the consolidated financial statements for the year
ended Dec. 31, 2017, noting that the Company has suffered recurring
losses from operations and expects losses to continue in the future
that raise substantial doubt about its ability to continue as a
going concern.


KC CULINARTE: Moody's Assigns First-Time B2 CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to KC
Culinarte Intermediate, LLC including a B2 Corporate Family Rating
and B2--PD Probability of Default Rating. Moody's also has assigned
a B1 rating to the company's proposed first-lien senior secured
credit facilities comprised of a five-year $50 million revolving
credit facility and a seven-year $240 million first lien term loan.
The company also plans to issue a $69 million second lien term loan
that will not be rated by Moody's. The rating outlook is stable.

RATINGS RATIONALE

Kettle Cuisine's B2 Corporate Family Rating reflects its small
scale, high product concentration and high financial leverage,
balanced against stable sales growth, attractive EBITDA margins in
the high teens, and solid cash flow. Additionally, the company's
business profile is supported by favorable consumer demand trends
toward fresh, high quality foods and by its long relationships with
a diversified core customer base. Integration risk is low to
moderate.

Kettle Cuisine is being formed through the merger of Kettle Cuisine
LLC and Bonewerks Culinarte ("Bonewerks"), both owned by affiliates
of Kainos Capital ("Kainos"). Kettle Cuisine plans to issue the
proposed secured debt instruments to fund a recapitalization of the
combined companies. The resulting capital structure of Kettle
Cuisine will consist of $290 million of first-lien debt
instruments, $69 million of second-lien debt instruments and $323
million of a combination of new equity and rollover equity from
Kainos. At closing, expected by around September 2018, debt/EBITDA
will be just over 6.0x.

The following ratings were assigned:

KC Culinarte Intermediate, LLC:

Corporate Family Rating at B2;

Probability of Default Rating at B2-PD;

$50 million first lien revolving credit expiring 2023 at B1 (LGD3);


$240 million first lien term loan due 2025 at B1 (LGD3).
Rating outlook: stable

The B1 ratings assigned to the $290 million of first lien credit
facilities are one notch higher than the B2 CFR, reflecting their
senior position relative to the $69 million second lien term loan.


The stable rating outlook reflects Moody's expectation that Kettle
Cuisine will continue to generate moderate organic operating profit
growth and that debt/EBITDA will decline steadily—at least by a
half-turn per year — through a combination of earnings growth and
debt repayment.

Ratings could be downgraded if Kettle Cuisine experiences
significantly deteriorating operating performance or liquidity, or
is unlikely to reduce debt/EBITDA to below 6.0x by fiscal year end
September 2019. Because of its small scale, Kettle Cuisine is not
likely to be upgraded for the foreseeable future. However, if the
company is able to significantly increase its scale and product
diversification while sustaining debt/EBITDA below five times, an
upgrade would be possible.

Headquartered in Lynn, Massachusetts, Kettle Cuisine is a leading
fresh prepared foods company specializing in high quality soups,
sauces, and side dishes sold throughout North America. With the
recent addition of Bonewerks, Kettle has expanded its offerings to
all natural, high quality sauce foundations, and sous vide
entrées. Kettle Cuisine supplies an array of retailers, national
restaurant chains, and food service establishments such as
independent restaurants and cafés, hotels, banquet halls,
convention centers, cruise ships, stadiums, and meal kit companies.
Kettle cuisine is owned by affiliates of Kainos Capital, a private
equity investment firm exclusively focused on the food and consumer
sector. Pro-forma annual revenues are approximately $265 million.

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


KC CULINARTE: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
on U.S.-based KC Culinarte Holdings LP and KC Culinarte
Intermediate, LLC. In assigning S&P's ratings, it views the parent
KC Culinarte Holdings LP and its subsidiaries as a group. The
outlook is stable.

S&P said, "At the same time, we assigned our 'B' issue rating to
the company's proposed $50 million revolving credit facility due
2023 and $240 million first-lien term loan maturing in 2025. We
also assigned a '3' recovery rating on the debt facilities,
indicating our expectation for meaningful recovery (50%-70%; 60%
rounded estimate) in the event of a payment default.

"We estimate the company will have $309 million of outstanding
reported debt at the close of the transaction."

All ratings are based on preliminary terms and are subject to
review upon receipt of final documentation.

The ratings on KC Culinarte (KC) reflect the company's small scale
and narrow product focus in the private-label, refrigerated and
frozen soup category, and its high leverage above 6x at the close
of the transaction.

S&P said, "The stable outlook reflects our expectation for a smooth
integration process leading to continued revenue growth in the mid
to high single digits and positive cash flow of at least $15
million over the next 12 months following the close of the
transaction. It also incorporates our expectation for leverage to
be managed between 5x-6x as the company and its financial sponsor
owners execute on its acquisitive growth strategy.

"We could lower the rating if the company poorly integrates the two
companies or experiences material manufacturing or production
issues, or the economy weakens with a sustained downturn, leading
to declining profitability and negative free operating cash flow.
We could also lower the rating if the company adopts a more
aggressive financial policy through additional debt-financed
acquisitions or dividends that lead to debt-to-EBITDA ratio
sustained above 7.0x.

"Although we are unlikely to raise the ratings during the next
year, we may do so if the company materially increases its scale by
expanding its product portfolio and customer base and demonstrates
a more conservative financial policy by reducing its debt-to-EBITDA
ratio below 5x sustainably."


KMC TRUCKING: Seeks to Hire Cooper Law as Attorney
--------------------------------------------------
KMC Trucking, LLC, seeks authority from the U.S. Bankruptcy Court
for the District of South Carolina to employ The Cooper Law Firm,
as attorney to the Debtor.

KMC Trucking requires Cooper Law to:

   a. provide the Debtor-in-Possession with legal advice with
      respect to its powers and duties as Debtor-in-Possession in
      the continued management and control of its assets, and its
      responsibilities regarding its liabilities to its
      creditors;

   b. provide legal advice to the Debtor-in-Possession regarding
      its responsibility to provide insurance and bank account
      information, file monthly operating reports with the
      Bankruptcy Court, pay quarterly fees to the U.S. Trustee's
      Office, seek and receive through their attorney consent of
      the Bankruptcy Court to incur debt or sell property, file a
      Plan of Reorganization and Disclosure Statement within 180
      days of the filing of the petition, and file a Final
      Report, Accounting and Request for Final Decree as soon
      after Confirmation of the Plan as is feasible, but no later
      than 120 days after Confirmation of the Plan; and

   c. prepare the Petition, Schedules, Statement of Financial
      Affairs, Plan of Reorganization, Disclosure Statement,
      Final Report, Final Accounting, Final Decree, as well as
      any other necessary applications, answers, orders, reports,
      or legal documents relative to the Chapter 11 case.

Cooper Law will be paid at these hourly rates:

         Partners            $295
         Associates          $195
         Paralegals           $95

The Debtor paid $7,500 as retainer and $1,717 filing fee on July 5,
2018.

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

Robert H. Cooper, partner of The Cooper Law Firm, 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.

Cooper Law can be reached at:

     Robert H. Cooper, Esq.
     THE COOPER LAW FIRM
     150 Milestone Way, Suite B
     Greenville, SC 29615
     Tel: (864) 271-9911
     Fax: (864) 232-5236

                     About KMC Trucking

KMC Trucking LLC, based in Travelers Rest, SC, filed a Chapter 11
petition (Bankr. D.S.C. Case No. 18-03574) on July 14, 2018.  In
the petition signed by Mary Clark, managing member, the Debtor
disclosed $1,217,173 in assets and $1,226,913 in liabilities.  The
Hon. Helen E. Burris presides over the case.  Robert H. Cooper,
Esq., at The Cooper Law Firm, serves as bankruptcy counsel to the
Debtor.


KONA GRILL: Incurs $1 Million Net Loss in Second Quarter
--------------------------------------------------------
Kona Grill, Inc. reported a net loss of $1 million on $42.34
million of revenue for the three months ended June 30, 2018,
compared to a net loss of $4.32 million on $46.97 million of
revenue for the three months ended June 30, 2017.

For the six months ended June 30, 2018, the Company reported a net
loss of $3.46 million on $84.36 million of revenue compared to a
net loss of $7.70 million on $92.20 million of revenue for the same
period during the prior year.

As of June 30, 2018, Kona Grill had $85.02 million in total assets,
$77.17 million in total liabilities and $7.85 million in ttoal
stockholders' equity.

"Profitability significantly improved compared to the prior year
quarter as cost-savings initiatives implemented earlier this year
are taking hold.  Four-wall margins improved 340 basis points to
14.3% as a percentage of revenue, our highest level in two years.
For the first half of 2018, our adjusted EBITDA more than doubled
compared to the same period last year.  The higher profitability is
a result of our continued focus on driving earnings as this is the
key factor to meeting our bank covenants and the ultimate success
of Kona Grill.  In order to achieve higher profits, we
strategically made adjustments to reduce the amount of
promotionality within our restaurants," said Jim Kuhn, president
and CEO of Kona Grill.

"Given the changes we have made to both our happy hour and closing
hours, we expect to see improved profitability on a lower overall
sales base on a year-over-year basis.  As we lap these changes in
2019, we expect to build same-store sales and further improve the
profitability of the brand," he continued.

"With cost-savings measures in place and sustainable, the focus for
the remainder of 2018 is on execution and driving guests into our
restaurants.  We recently revamped our menu with a new design and
layout, including the addition of 30 new menu items, and have
recently implemented our new Konavore points-based loyalty program
to drive guest frequency.  These initiatives are framed around our
mission to make every experience exceptional for our guests," he
concluded.

"We are also continuing to evaluate our underperforming restaurants
and engage in discussions with our landlords regarding rent
abatement, closing certain locations or strategic alternatives.  As
a result, we recently closed one of our underperforming
restaurants. Our success in addressing these opportunities and
issues will put us in a better long-term financial position," said
Berke Bakay, executive chairman of Kona Grill.

"We continue to engage in discussions with potential partners for
franchising the Kona Grill brand, both domestically and
internationally.  We believe that a dual-strategy of both
company-owned and franchised restaurants provides us with the best
opportunity to grow the brand in the U.S. and we are working to
solidify some deals in the second half of the year," he concluded.

A full-text copy of the Quarterly Report as filed with the
Securities and Exchange Commission is available for free at:

                       https://is.gd/2NnF9q

                         About Kona Grill

Kona Grill, Inc., headquartered in Scottsdale, Arizona, Kona Grill,
Inc. -- http://www.konagrill.com/-- currently owns and operates 45
restaurants in 22 states and Puerto Rico. Additionally, Kona Grill
has two restaurants that operate under a franchise agreement in
Dubai, United Arab Emirates, and Vaughan, Canada.

Kona Grill incurred a net loss of $23.43 million in 2017 and a net
loss of $21.62 million in 2016.  As of March 31, 2018, Kona Grill
had $87.01 million in total assets, $83.84 million in total
liabilities and $3.16 million in total stockholders' equity.

The Company has incurred losses resulting in an accumulated deficit
of $79.7 million, has a net working capital deficit of $7.6 million
and outstanding debt of $37.8 million as of Dec. 31, 2017.  The
Company said in its 2017 Annual Report that these conditions
together with recent debt covenant violations and subsequent debt
covenant waivers and debt amendments, raise substantial doubt about
its ability to continue as a going concern.


KONA GRILL: Jim Kuhn Promoted to President and CEO
--------------------------------------------------
Kona Grill, Inc.'s Board of Directors has appointed Jim Kuhn to
succeed Berke Bakay as president and chief executive officer.  Mr.
Bakay was appointed as executive chairman of the Board of Directors
and will remain with the Company in a strategic role.

"Leading Kona Grill over the past six years has been a tremendous
honor.  We've doubled the number of restaurants, started
franchising internationally and domestically and have positioned
ourselves as a truly unique brand serving global cuisine in a
contemporary ambiance," said Bakay.

"Jim has done a remarkable job during his tenure with us at
improving the profitability of our restaurants and I'm confident
that Kona will thrive under his leadership.  The executive chairman
role will allow me to focus on strategic relationships with our
franchise partners, landlords, investors and lenders while Jim will
continue to focus on operations and lead the Company towards future
success," he concluded.

"I would like to thank James Jundt for his eight years of service
as Chairman of the Board of Directors.  James has served as a
valuable mentor and friend over the years and we wish him well in
his retirement," said Bakay.

                       About Kona Grill

Kona Grill, Inc., headquartered in Scottsdale, Arizona, Kona Grill,
Inc. -- http://www.konagrill.com/-- currently owns and operates 45
restaurants in 22 states and Puerto Rico.  Additionally, Kona Grill
has two restaurants that operate under a franchise agreement in
Dubai, United Arab Emirates, and Vaughan, Canada.

Kona Grill incurred a net loss of $23.43 million in 2017 and a net
loss of $21.62 million in 2016.  As of June 30, 2018, Kona Grill
had $85.02 million in total assets, $77.17 million in total
liabilities and $7.85 million in ttoal stockholders' equity.

The Company has incurred losses resulting in an accumulated deficit
of $79.7 million, has a net working capital deficit of $7.6 million
and outstanding debt of $37.8 million as of Dec. 31, 2017.  The
Company said in its 2017 Annual Report that these conditions
together with recent debt covenant violations and subsequent debt
covenant waivers and debt amendments, raise substantial doubt about
its ability to continue as a going concern.


LA DEE DA CORP.: Hires Conforti & Waller as Special Counsel
-----------------------------------------------------------
La Dee Da Corp., seeks authority from the U.S. Bankruptcy Court for
the Eastern District of New York to employ the Law Firm of Conforti
& Waller, LLP, as special real estate and appeal counsel to the
Debtor.

La Dee Da Corp. requires Conforti & Waller to represent the Debtor
in the appeal before the New York Supreme Court Appellate Division,
Second Department, involving judgment of foreclosure by the Suffolk
County Supreme Court, Index No. 610468/2016.

Conforti & Waller will be paid at the hourly rate of $400.

Conforti & Waller will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Anthony T. Conforti, a partner at the Law Firm of Conforti &
Waller, 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.

Conforti & Waller can be reached at:

     Anthony T. Conforti, Esq.
     LAW FIRM OF CONFORTI & WALLER, LLP
     250 North Sea Road
     Southampton, NY 11968
     Tel: (631) 232-1111

                    About La Dee Da Corp.

La Dee Da Corp. is a real estate company that owns in fee simple a
single family residence located at 26 Parrish Pond Lane,
Southampton, New York 11968 valued by the company at $5.29
million.

La Dee Da Corp. filed a Chapter 11 petition (Bankr. E.D.N.Y. Case
No. 18-73453) on May 21, 2018.  In the petition signed by Ronald
Buchter, vice president, the Debtor estimated $5.29 million in
assets and $2.19 million in liabilities.  The Hon. Robert E.
Grossman presides over the case.  Stephen P. Gelfand, Esq., at
Stephen P. Gelfand, P.C., serves as bankruptcy counsel to the
Debtor.  The Law Firm of Conforti & Waller, LLP, is the special
real estate and appeal counsel.


MARRIOTT OWNERSHIP: S&P Rates New $750MM Sr. Unsec. Notes 'BB-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level and '5' recovery
ratings to Marriott Ownership Resorts Inc.'s (MORI's) proposed $750
million senior unsecured notes due in 2026. The rating is on
CreditWatch with positive implications. S&P also placed its 'BB-'
issue-level rating on the company's proposed unsecured exchange
notes due in 2023 on CreditWatch with positive implications.

S&P said, "At the same time, we placed our 'BBB-' issue-level
rating on the company's proposed senior secured debt (including a
proposed $600 million revolving credit facility and proposed $900
million term loan) on CreditWatch with negative implications.
We also revised the CreditWatch implications on our 'BB-'
issue-level rating on ILG's existing $350 million senior unsecured
notes (issued by ILG subsidiary Interval Acquisition Corp) to
developing from negative.

"The 'BB-' issue-level and '5' recovery ratings on MORI's proposed
$750 million senior unsecured notes  (the MORI notes) reflect our
expectation for modest recovery (10%-30%; rounded estimate: 15%)
for lenders in a default scenario. The CreditWatch positive
placement on this debt reflects the possibility that recovery
prospects for MORI noteholders could improve if Marriott Vacations
Worldwide Corp. (MVW) does not successfully exchange its recently
issued exchange notes for at least 50% of the $350 million of
outstanding senior unsecured notes at ILG (the ILG notes).
Accordingly, the CreditWatch negative placement for the rating on
the secured debt reflects our view that recovery prospects for
secured lenders may be modestly impaired in the event that the
exchange is unsuccessful.   

"We will resolve the CreditWatch once we have certainty about the
pro forma capital structure, including the amount of the ILG notes
that will remain outstanding, if any, and whether the liens test
covenant on the ILG notes will remain in place."   


MCCLATCHY CO: Reports $20.4 Million Net Loss in Second Quarter
--------------------------------------------------------------
The McClatchy Company reported a net loss of $20.36 million on
$204.34 million of net revenues for the quarter ended July 1, 2018,
compared to a net loss of $37.44 million on $225.12 million of net
revenues for the quarter ended June 25, 2017.

For the six months ended July 1, 2018, the Company reported a net
loss of $59.30 million on $403.20 million of net revenues compared
to a net loss of $133.02 million on $446.33 million of net revenues
for the six months ended June 25, 2017.

As of July 1, 2018, the Company had $1.36 billion in total assets,
$1.61 billion in total liabilities and a total stockholders'
deficit of $254.51 million.

The Company's cash and cash equivalents were $20.1 million as of
July 1, 2018, compared to $8.4 million and $99.4 million as of June
25, 2017, and Dec. 31, 2017, respectively.

For the foreseeable future, McClatchy expects that most of its cash
and cash equivalents, and its cash generated from operations will
be used to (i) repay debt, (ii) pay income taxes, (iii) fund its
capital expenditures, (iv) invest in new revenue initiatives,
digital investments and enterprise-wide operating systems, (v) make
required contributions to the Pension Plan, and (vi) for other
corporate uses as determined by management and our Board of
Directors.  As of July 1, 2018, the Company had approximately
$709.5 million in total aggregate principal amount of debt
outstanding, consisting of $344.1 million of its 2022 Notes and
$365.4 million of its 2027 Debentures and 2029 Debentures.  

"We expect to continue to opportunistically repurchase or
restructure our debt from time to time if market conditions are
favorable, whether through privately negotiated repurchases of debt
using cash from operations, or other types of tender offers or
exchange offers or other means.  We may refinance or restructure a
significant portion of this debt prior to the scheduled maturity of
such debt.  However, we may not be able to do so on terms favorable
to us or at all.  We believe that our cash from operations is
sufficient to satisfy our liquidity needs over the next 12 months,
while maintaining adequate cash and cash equivalents to fund our
operations," the Company stated in the Quarterly Report.
  
A full-text copy of the Form 10-Q as filed with the Securities and
Exchange Commission is available for free at:

                     https://is.gd/IOvzLu

                        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 April 1, 2018, McClatchy had $1.38 billion in
total assets, $1.62 billion in total liabilities and a
stockholders' deficit of $239.95 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 unsustainable 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.



MELBOURNE BEACH: CRO Taps Development Specialists as Professional
-----------------------------------------------------------------
Daniel J. Stermer, the CRO of Melbourne Beach, LLC, seeks authority
from the U.S. Bankruptcy Court for the Middle District of Florida
to employ Development Specialists, Inc., as accounting and finance
professionals to the CRO.

Mr. Stermer requires Development Specialists to:

   (a) assist the CRO in his assessment and review of the
       Debtor's past and present business operations, budgets,
       reporting and other related financial information;

   (b) assist the CRO and his counsel in the review, assessment
       and viability of any claims and causes of action available
       to the Debtor, including but not limited to avoidance
       of preferential and fraudulent transfers;

   (c) provide services related to sale of the Debtor's real
       estate assets; and

   (d) perform such other tasks as may be agreed to by firm and
       the CRO in connection with the bankruptcy case.

Development Specialists will be paid based upon its normal and
usual hourly billing rates. The firm will also be reimbursed for
reasonable out-of-pocket expenses incurred.

Daniel J. Stermer, managing director of Development Specialists,
Inc., assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtor and its
estates.

Development Specialists can be reached at:

      Daniel J. Stermer
      DEVELOPMENT SPECIALISTS, INC.
      500 West Cypress Creek Road, Suite 400
      Fort Lauderdale, FL 33309
      Tel: (305) 374-2717

                    About Melbourne Beach

Established in 1998, Melbourne Beach, LLC, is a privately held
company that leases real properties.  Melbourne Beach is the owner
of Ocean Spring Plaza, located at 981 E. Eau, Gallie Boulevard,
Melbourne, Florida, valued by the company at $15.30 million.  The
company's gross revenue amounted to $997,732 in 2016 and $924,000
in 2015.

Melbourne Beach filed a Chapter 11 petition (Bankr. M.D. Fla. Case
No. 17-07975) on Dec. 26, 2017.  In the petition signed by Brian
West, its managing member, the Debtor disclosed $15.35 million in
assets and $2.82 million in liabilities.

James W. Elliott, Esq., at McIntyre Thanasides Bringgold Elliott
Grimaldi Guito & Mathews, P.A., serves as bankruptcy counsel to the
Debtor.  Marcus & Millichap is the Debtor's real estate broker.

No official committee of unsecured creditors has been appointed in
the Chapter 11 case.


MELINTA THERAPEUTICS: Incurs $55.8 Million Net Loss in 2nd Quarter
------------------------------------------------------------------
Melinta Therapeutics, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $55.78 million on $12.02 million of total revenue for
the three months ended June 30, 2018, compared to a net loss of
$20.42 million on $3.97 million of total revenue for the three
months ended June 30, 2017.

For the six months ended June 30, 2018, the Company reported a net
loss of $85.21 million on $26.86 million of total revenue compared
to a net loss of $20.49 million on $26.44 million of total revenue
for the same period last year.

As of June 30, 2018, Melinta had $514.6 million in total assets,
$253.7 million in total liabilities and $260.97 million in total
shareholders' equity.

"We have incurred losses from operations since our inception and
had an accumulated deficit of $647.9 million as of June 30, 2018,
and we expect to incur substantial expenses and further losses in
the short term for the research, development and commercialization
of our product candidates and approved products.  Our future cash
flows are dependent on key variables such as level of sales
achievement, our success with out-licensing products in our
portfolio and our ability to access additional debt capital under
our Deerfield Facility or the working capital revolver allowed
under the Deerfield Facility," the Company stated in the regulatory
filing.

Net cash used in operating activities for the six months ended June
30, 2018 and 2017, was $105.7 million and $14.4 million,
respectively.  In 2018, the primary use of cash was related to
supporting the Company's commercial activities, in addition to
development and discovery research activities for its product
candidates and support for its general and administrative
functions.  The Company used $91.3 million more in operations
during 2018 due primarily to higher operating expenses, excluding
non-cash and debt extinguishment expenses, of $70.3 million, driven
by the IDB acquisition and launch of Baxdela during the year.  The
increase in cash used in operations year-over-year was driven
higher by changes in working capital accounts totaling $21.0
million.

Net cash used in investing activities for the six months ended June
30, 2018, of $169.3 million was related principally to the purchase
of the IDB assets of $166.4 million, as well as a $2.0 million
installment payment for intellectual property and $0.9 million for
purchases of equipment.  Net cash used in investing activities for
the six months ended June 30, 2017, related to the purchases of
equipment.

Net cash provided by financing activities of $28.9 million for the
six months ended June 30, 2017, consisted principally of proceeds
from the issuance of notes payable of $30.0 million, proceeds from
the issuance of convertible notes payable of $24.5 million and
proceeds from stock option exercises of $0.1 million, partially
offset by principal payments on the Company's notes payable of
$24.5 million and debt extinguishment costs of $1.2 million.

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

                       https://is.gd/1krNU4

                    About Melinta Therapeutics

New Haven, Connecticut-based Melinta Therapeutics, Inc. --
http://www.melinta.com/-- is a commercial-stage pharmaceutical
company focused on discovering, developing and commercializing
differentiated anti-infectives for the hospital and select
non-hospital, or community, settings that address the need for
effective treatments for infections due to resistant gram-negative
and gram-positive bacteria.  The Company currently market four
antibiotics to treat a variety of infections caused by these
resistant bacteria.

Deloitte & Touche LLP, in Chicago, Illinois, the Company's auditor
since 2014, issued a "going concern" opinion in its report on the
consolidated financial statements for the year ended Dec. 31, 2017,
stating that the Company's recurring losses from operations and its
need to obtain additional capital raise substantial doubt about its
ability to continue as a going concern.

Melinta reported a net loss available to common shareholders of
$78.17 million in 2017, a net loss available to common shareholders
of $95.04 million in 2016, and a net loss available to common
shareholders of $94.92 million in 2015.  As of March 31, 2018,
Melinta had $448.7 million in total assets, $248.9 million in total
liabilities and $199.8 million in total shareholders' equity.


MELINTA THERAPEUTICS: Reports Second Quarter Financial Results
--------------------------------------------------------------
Melinta Therapeutics, Inc., reported financial results and provided
an update on commercial activities for the quarter ended June 30,
2018.  Melinta continued to make progress this quarter in its
mission to save lives threatened by the global public health crisis
of bacterial infections through the development and
commercialization of novel antibiotics that provide new therapeutic
solutions.

Q2 2018 and Recent Business Highlights

   * Completed the hiring of 71 additional field sales personnel
     bringing total sales representatives to 170

   * Completed realignment and cross-training of experienced anti-
     infective sales force across all four products, including
     Baxdela (delafloxacin), Vabomere (meropenem and vaborbactam),
     Orbactiv (oritavancin) and Minocin (minocycline) for
     Injection

   * Made strong progress on hospital approval process of new
     launches, Vabomere and Baxdela

   * Vabomere granted New Technology Add-On Payment (NTAP) by
     Centers for Medicare & Medicaid Services (CMS), effective
     Oct. 1, 2018

   * Continued growth in retail market for Baxdela, driven by
     specialty retail focus of our sales force

   * Completed enrollment ahead of schedule for Baxdela Phase III
     trial for treatment of adults with community acquired
     bacterial pneumonia

   * Entered into partnership with CARB-X, receiving up to
     approximately $6 million to help advance pre-clinical and
     clinical development of a novel antibiotic class

   * Launched new antibiotic stewardship program designed to
     address the growing threat of antimicrobial resistance

   * Completed follow-on public offering of shares of common
     stock, raising approximately $115 million in net proceeds

   * Demonstrated breadth of commercial and clinical programs with

     20 presentations at the American Society of Microbiology's
     ASM Microbe 2018 meeting

"Melinta took important steps forward during the second quarter,
with solid sales performance from our new launches of Baxdela and
Vabomere and the completion of a public follow-on offering of
common shares that significantly strengthened our long-term
financial position," said Dan Wechsler, president and CEO of
Melinta.  "Product sales remained steady during the quarter and we
continued to make excellent progress on our recent launches.  We
expect our sales trajectory to increase in the second half of the
year, powered by our significantly increased presence in the
marketplace and our expanded and now fully cross-trained sales
force of 170 highly experienced sales representatives, with average
hospital expertise of 15 years."

"We also continued to make advancements within our pipeline during
the quarter.  Our Phase III trial of Baxdela for the treatment of
adults with CABP completed enrollment ahead of schedule and is on
track for top-line data by the end of 2018.  Our discovery
organization also continued to advance their important work
following the announcement of our agreement with CARB-X that will
provide us funding to advance the development of a novel
antimicrobial from our ESKAPE pathogen program."

"With the completion of our public offering, we are now in a strong
financial position to support our continued growth."

2018 Upcoming Potential Catalysts

   * Pivotal Phase 3 data for Baxdela in CABP

   * Vabomere EMA regulatory approval decision

   * Vabomere Medicare NTAP status effective Oct. 1, 2018

   * Additional ex-U.S. submissions for Baxdela in Central and
     South America

   * Ex-U.S. partnership opportunities for Vabomere, Orbactiv and
     Minocin for Injection

   * Additional data and publications at ID Week

   * IND-enabling studies for the lead ESKAPE compound

Q2 2018 Financial Results

Melinta reported revenue of $12.0 million for the quarter ended
June 30, 2018.  In addition, the company earned $2.1 million in
funding from the Biomedical Advanced Research and Development
Authority (BARDA), which it recorded as other income.

During the quarter, as part of the final stages of the integration
of the Infectious Disease business acquired from The Medicines
Company, Melinta implemented a new, direct-to-wholesaler
distribution process that will shorten the Company's overall supply
chain cycle, reduce inventory levels at wholesalers and save fees
paid to wholesalers.  The change resulted in a one-time negative
impact on second quarter revenues of $2.7 million, primarily
impacting Orbactiv.

Second quarter of 2018 total net revenue of $12.0 million compares
to total net revenue of $4.0 million for the same period in 2017,
prior to the acquisition of The Medicines Company ID business and
the launch of Baxdela.  In the second quarters of 2018 and 2017,
the Company recognized contract research revenue totaling $2.8
million and $4.0 million, respectively.  In the second quarter of
2018, net product sales were $9.2 million.  The net product sales
reflect solid performance of new launches and include the impact
described above of the implementation of the new,
direct-to-wholesaler distribution process, which occurred during
the quarter and resulted in a one-time negative impact of $2.7
million, primarily impacting Orbactiv.

Cost of goods sold was $11.0 million for the quarter ended June 30,
2018, of which $6.7 million was comprised of non-cash amortization
of intangible assets and the step-up basis in inventory acquired
from The Medicines Company in January 2018. Cost of goods sold also
included charges of $2.4 million for Baxdela and Vabomere inventory
that is approaching shelf life. Adjusted COGS was $2.0 million,
excluding these non-cash charges, resulting in an Adjusted Gross
Margin of 84% for the second quarter.  There were no product sales
and therefore no costs of goods sold in the prior year period.

Research and development expenses were $15.8 million for the
quarter ended June 30, 2018, compared to $14.1 million for the same
period in 2017.  The increase was driven by additional headcount
and development activities resulting from the acquisition of the
infectious disease business from The Medicines Company and the
recent merger with Cempra.  Adjusted R&D expenses were $15.6
million, which reflects the adjustment for non-cash expenses of
$0.2 million.

Selling, general and administrative expenses were $34.9 million for
the quarter ended June 30, 2018, compared to $7.7 million for the
same period in 2017.  The increase was driven by additional
expenses associated with being a larger, public, commercial
organization, including the operational impact of both the
acquisition of the infectious disease business from The Medicines
Company and the Cempra merger, consisting of additional headcount,
facilities and commercial infrastructure.  Approximately $1.7
million of SG&A expenses were a result of acquisition-related costs
and lease exit costs, resulting in Adjusted SG&A expenses of $32.7
million.

Net loss was $55.8 million, or $1.38 per share, for the quarter
ended June 30, 2018 compared to a net loss of $20.4 million for the
same period in 2017.  Net loss per share is impacted by changes in
the Company's share count as a result of the Cempra merger and
financing related to the acquisition of the infectious disease
business from The Medicines Company.

On May 29, 2018, Melinta completed a follow-on public offering of
21.9 million shares of its common stock.  The underwriters of the
public offering also exercised in full their option to purchase an
additional 2.6 million shares of Melinta's common stock.  Net
proceeds from the offering were approximately $115.1 million after
deducting underwriting discounts and commissions and expenses paid.
As of June 30, 2018, Melinta had cash and cash equivalents of
$150.1 million.

                  About Melinta Therapeutics

New Haven, Connecticut-based Melinta Therapeutics, Inc. --
http://www.melinta.com/-- is a commercial-stage pharmaceutical
company focused on discovering, developing and commercializing
differentiated anti-infectives for the hospital and select
non-hospital, or community, settings that address the need for
effective treatments for infections due to resistant gram-negative
and gram-positive bacteria.  The Company currently market four
antibiotics to treat a variety of infections caused by these
resistant bacteria.

Deloitte & Touche LLP, in Chicago, Illinois, the Company's auditor
since 2014, issued a "going concern" opinion in its report on the
consolidated financial statements for the year ended Dec. 31, 2017,
stating that the Company's recurring losses from operations and its
need to obtain additional capital raise substantial doubt about its
ability to continue as a going concern.

Melinta reported a net loss available to common shareholders of
$78.17 million in 2017, a net loss available to common shareholders
of $95.04 million in 2016, and a net loss available to common
shareholders of $94.92 million in 2015.  As of March 31, 2018,
Melinta had $448.7 million in total assets, $248.9 million in total
liabilities and $199.8 million in total shareholders' equity.


MONITRONICS INTERNATIONAL: Bank Debt Trades at 6% Off
-----------------------------------------------------
Participations in a syndicated loan under which Monitronics
International Inc. is a borrower traded in the secondary market at
93.60 cents-on-the-dollar during the week ended Friday, July 27,
2018, according to data compiled by LSTA/Thomson Reuters MTM
Pricing. This represents a decrease of 1.47 percentage points from
the previous week. Monitronics International pays 550 basis points
above LIBOR to borrow under the $1.1 billion facility. The bank
loan matures on September 30, 2022. Moody's rates the loan 'Caa1'
and Standard & Poor's gave a 'B-' rating to the loan. The loan is
one of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday, July 27.


MONUMENT ACADEMY: S&P Cuts Rating on 2008A/2014 Revenue Bonds
-------------------------------------------------------------
S&P Global Ratings lowered its underlying rating on Colorado
Educational & Cultural Facilities Authority's (CECFA) series 2008A
and 2014 revenue bonds, issued for Monument Academy, to 'BB+' from
'BBB-'. The outlook is stable.

"The lower rating reflects our view of the weakening financial
metrics that are no longer in line with the 'BBB-' rating medians
and peers as well as additional debt plans related to the
construction of the high school that are expected within the next
one to three years," said S&P Global Ratings credit analyst Wang.
"We believe that the school will have greater flexibility at the
lower rating as financial metrics may decline as a result of the
debt."  

The 'A+' long-term rating is based on the academy's inclusion in
the Colorado Charter School Moral Obligation Program. This report
and rating action reflect only the underlying characteristics of
the charter school, and do not assess the enhancement program or
the school's qualification under that program.

S&P said, "The stable outlook reflects our view that in the
one-year outlook, the school will maintain stable enrollment and
positive operations with relatively steady MADS coverage, and that
it will preserve its cash position. Although we anticipate some
uncertainty with the high school expansion and potential pressure
to the financials, we believe there is some flexibility at this
rating."


MONUMENT SECURITY: Reduces Estimated Secured Claim Amount
---------------------------------------------------------
Monument Security, Inc., filed a second amended disclosure
statement, dated July 31, 2018, explaining its Chapter 11 plan of
reorganization.

The Second Amended Disclosure Statement provides the following
classification and treatment of claims:

     * Class 2.1: Primary Secured Claim of Citibank, National
Association.  Class 2.1 consists of the Secured Claim of Citibank,
National Association on the Primary Loan.  The estimated balance as
of July 25, 2018 is approximately $60,318.  The claimant will
retain its existing Lien, and will be paid in accordance with its
original contractual terms without modification.  This includes
payment of $11,701.19 per month through August 2019.  This claim is
considered not impaired under the Plan.

     * Class 2.2: Secured Claim of Citibank, National Association.
Class 2.2 consists of the asserted Secured Claim of Citibank,
National Association on the personal property of the Debtor.  The
estimated balance as of July 25, 2018 is approximately $124,938.
The claimant will retain its existing Lien, and will be paid in
accordance with its original contractual terms without
modification.  This includes payment of $11,701.19 per month
through August 2019.  This claim is considered not impaired under
the Plan.

     * Class 2.3: Secured Claim of Everest National Insurance
Company.  This class consists of the Allowed Secured Claim of
Everest National Insurance Company on the personal property of the
Debtor in the amount of $387,887.30.  The amount of total Claim
Filed by Everest National Insurance Company was $744,108.84.
However some of that was anticipated Priority Claim, and part of it
was secured by a deposit in the amount of $387,887.30.  The
claimant will retain its security interest.  The portion of the
Claim secured by the deposit provided to it by the Debtor in the
amount of $387,887.30 will be applied by Everest National Insurance
Company pursuant to the terms of Policy No. 5300002746-171 and
applicable non-bankruptcy law.  The remainder of the Claim that is
not treated as an Allowed Administrative Claim as provided in the
Plan will be treated as a General Unsecured Claim and provided for
in Class 3.2.  This class is deemed impaired.

     * Class 2.4: Secured Claim of Internal Revenue Service.  This
class consists of the Secured Claim of Internal Revenue Service.
The amount of the asserted claim was $661,861.76, the estimated
balance as of July 25, 2018 is approximately $453,502.  The
claimant will retain its existing Lien.  The claim will be paid in
full plus interest at the annual rate of Prime plus 1% based on the
most recently published rate by the Federal Reserve prior to the
order confirming the Plan.  Payments shall be made as follows
monthly 30 days after confirmation at the rate of $12,500 per month
for the first 11 months; $25,000 per month for the next four
months; $100,000 per month for the next two months; and a final
payment of $114,500, or such lesser amount needed to have paid it
in full.  This class is deemed impaired.

     * Class 2.5: Secured Claim of TD Auto Finance LLC.  This class
consists of the Secured Claim of TD Auto Finance LLC.  The amount
of the asserted claim is $74,731.33.  The claimant has obtained
relief from the automatic stay which order is not altered by the
Plan.  It will retain its existing Lien.  The Debtor formally
surrenders any potential interest in the Collateral.  Scott
Mcdonald is paying this claim, not the Debtor.  The remaining
portion of the Claim that is not secured will be treated as a
Secured Claim General Unsecured Claim and provided for in Class
3.2.  This class is considered impaired.  

     * Class 2.6: Secured Claims of Toyota Financial Services.
Class 2.6 consists of the secured Claims of Toyota Financial
Services.  The amount of the Asserted Claims were $170,349.52.  The
claimant will retain its existing Liens.  Each claim will be paid
in accordance with the terms of the agreements without
modification.  The aggregate of these payments through January 2019
is $3,902.74.  Thereafter the aggregate monthly payment on these
Claims will be $3,342.34 through March 2019.  Thereafter the
aggregate monthly payment will reduce to $2,781.94 through October
2019.  Thereafter the aggregate monthly payment will reduce to
$2,436.45.  This Class is deemed not impaired under the Plan.

     * Class 2.7: Secured Claim of Former Landlords with Deposits.
This class consists of the Secured Claim of MP Holdings, LLC in the
total amount of $239,904.81, of which was secured by a deposit of
$6,000.  The portion of the Claim secured by the deposit provided
to it by the Debtor will be treated as secured with the deposit
applied towards the Claim.  The remaining portion of the Claim will
be treated as a General Unsecured Claim and provided for in Class
3.2.  This Class is impaired.

     * Class 2.8: Secured Claims of Pre-petition Landlords with a
Deposit and in which the Debtor still occupies the Unit.  This
class consists of the Secured Claims of landlords of premises that
continue to be occupied by the Debtor, and in which deposits had
been paid by the Debtor pre-petition.  This class consists of
Samson Equities ($500 deposit) and Starpoint Commercial Management
f.b.o. Zepol Road LLC ($600).  Each claimant will retain its
existing Lien.  Each claimant will be paid in accordance with their
lease agreements without modification.  The Debtor’s lease with
Samson Equities calls for monthly payments of $420.  The Debtor’s
lease with Starpoint Commercial Management f.b.o. Zepol Road LLC
calls for monthly payment of $811.47.  This Class is deemed not
impaired.        

     * Class 2.9: Secured Claims of US Bank, N.A.  This class
consists of the Secured Claim of U.S. Bank, N.A., for a copy
machine lease.  The amount of the asserted Claim is $66,918.51.
Each claimant will retain its existing Lien.  Each claimant will be
paid in accordance with the terms of their lease agreements without
modification.  The Debtor will pay $1,610.29 per month through June
2020 on this Claim.  This Class is deemed not impaired under the
Plan.  

     * Class 3.1: Priority Unsecured Claims.  This class consists
of the following who have filed Unsecured Claims: (a) Advanced
Protection Services, LLC (Claim No. 2) $1,040; (b) Internal Revenue
Service (Claim No. 1) $100; (c) Everest National Insurance Company
(Claim No. 37) $609,488.84; (d) Evette Barrette (Claim No. 39)
$92,270,000; and (e) MP Holdings (Claim No. 41) $984.73.  The
allowed Unsecured Priority Claims will be paid in full upon
confirmation of the Plan.  The Debtor believes that the Claims of
Advanced Protection Services, LLC; Everest National Insurance
Company; and Evette Barrette were not properly filed as Priority
Claims, but rather should be classified as unsecured creditors.
The Debtor will be objecting to the classification of those as
Priority Claims, and to the amount of the claims as well.  These
three Claims are impaired under the Plan.

     * Class 3.2: General Unsecured Claims.  This class consists of
non-Insider General Unsecured Claims allowed under Section 502 of
the Bankruptcy Code.  The Debtor estimates the total amount of
filed general unsecured claims to be $97,015,324.24.  The Debtor
will pay to the claimants as to the whole Class the sum of
$1,190,000 in monthly payments beginning on January 1, 2020 as
follows: $40,000 for the first six months; $50,000 for the next 13
months; and $75,000 for the next four months.  If the Claim
disputes have not been concluded by the date of Distribution, the
funds shall be placed into an FDIC insured interest bearing account
until such time as the Claim disputes are resolved.  Upon the later
of the resolution of the Claim disputes or the payment dates above,
the Allowed Claims shall be paid pro-rata.  This Class is deemed
impaired under the Plan and consequently is entitled to vote on the
Plan.

     * Class 4: Insider Unsecured Claims.  This class consists of
Insider General Unsecured Claim allowed under Section 502 of the
Bankruptcy Code.  The Debtor estimates the total amount of
Unsecured Claim to be made  is approximately $0.  The claims under
this Class will not be paid.  Class 4 is presumed to have rejected
the Plan.

     * Class 5: Equity Security Interests.  The Equity Security
Interests of all the equity Holders shall be retained.  This class
is deemed not impaired under the Plan.

The Second Amended Disclosure Statement further provides that the
Debtor will continue to operate the business, will make ongoing
lease and loan payments as they come due, and will pay the arrears
and Unsecured Claims in full over time.

A copy of the Second Amended Disclosure Statement from
PacerMonitor.com is available at https://tinyurl.com/yc6d4xlj at no
charge.

                 About Monument Security

Monument Security, Inc., was formed in 1995, and operates a
security services business in California, Nevada, Arizona,
Colorado, Georgia, Florida, Indiana, Louisiana, Maryland, Missouri,
New Jersey, New York, Ohio, Oregon, Texas, Utah, Washington, and
Wyoming.  It also subcontracts work to other security providers in
Alaska, Arizona, New Mexico and North Carolina.  The business had
been successfully run by Scott McDonald for many years and
regularly employs more than 1000 employees.

Monument Security filed a Chapter 11 petition (Bankr. E.D. Cal. No.
17-20689) on Feb. 1, 2017. Michael Bivians, CEO, signed the
petition. At the time of filing, the Debtor disclosed total assets
of $2.82 million and total liabilities of $3.11 million.

The case is assigned to Judge Robert S. Bardwil.

The Debtor is represented by Matthew R. Eason, Esq., and Kyle K.
Tambornini, Esq., at Eason & Tambornini.


NATIONAL STORES: August 16 Meeting Set to Form Creditors' Panel
---------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on August 16, 2018, at 10:00 a.m. in the
bankruptcy case of Debtor J & M Sales, Inc.

The meeting will be held at:

         The Doubletree Hotel
         700 King Street
         Wilmington, DE 19801

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.

                   About National Stores

National Stores is a 344-store chain in 22 U.S. states and Puerto
Rico.  National Stores currently does business as Fallas, Fallas
Paredes, Fallas Discount Stores, Factory 2-U, Anna's Linen's by
Fallas, and Falas (spelled with single "l" in Puerto Rico).
Fallas, which emplolys 9,800 people, is a discount retailer
offering value-priced merchandise, including apparel, bedding and
household supplies.  The brands of National Stores are located in
retail plazas, specialty centers, and downtown areas to serve the
communities its customers and staff members call home.

National Stores, Inc., and its affiliates sought Chapter 11
protection and Aug. 6, 2018, and announced that Hilco Merchant
Resources, LLC, is conducting going-out-of-business sales for 74
stores.  The lead case is In re J & M Sales Inc. (Bankr. D. Del.
Lead Case No. 18-11801).

J & M Sales estimated assets and debt of $100 million to $500
million as of the bankruptcy filing.

The Hon. Laurie Selber Silverstein is the case judge.

The Debtors tapped Katten Muchin Rosenman LLP as general bankruptcy
counsel, Pachulski Stang Ziel & Jones LLP as bankruptcy co-counsel,
Retail Consulting Services, Inc., as real estate advisor, Imperial
Capital LLC, as investment banker, and Prime Clerk LLC as the
claims and noticing agent. SierraConstellation Partners LLC is
providing personnel to serve as chief restructuring officer and
support staff.



NEIGHBORS LEGACY: Taps Kurtzman Carson as Claims & Noticing Agent
-----------------------------------------------------------------
Neighbors Legacy Holdings, Inc. and its affiliated debtors seek
permission from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Kurtzman Carson Consultants LLC as their claims,
noticing and solicitation agent.

The Debtors need KCC to perform these services:

     a) assist the Debtors with the preparation and
        distribution of all required notices in these Chapter 11
        Cases including all notices, orders, pleadings,
        publications, and other documents as the Debtors may
        deem necessary or appropriate for an orderly appropriate
        administration of these cases;

     b) assist the Debtors with the preparation of each of the
        Debtor's Schedules of Assets and Liabilities and
        Statements of Financial Affairs;

     c) assist the Debtors with plan solicitation services,
        including:

             i. preparing balloting and solicitation materials,

            ii. tabulating and calculating Plan votes,

           iii. determining with respect to each ballot cast,
                its timeliness and its compliance with the
                Bankruptcy Code,

            iv. preparing an official ballot certification and
                testifying, if necessary, in support of the
                ballot tabulation results, and

             v. process requests for documents from parties-
                in-interest, including, if applicable, brokerage
                firms, bank back-offices, and institutional
                holders;

     d) maintain a list of all potential creditors, equity
        holders, and other parties in interest. Also a "core"
        mailing list consisting of all parties described in
        Bankruptcy Rule 2002 and those parties that have files
        a notice of appearance pursuant to Bankruptcy Rule 9010;

     e) maintain a post office box or address for the purpose
        of receiving correspondence, proof of claims, ballots,
        and returned mail, and process all mail received;

     f) for all notices, motions, orders or other pleadings or
        documents served, prepare and file or cause to be filed
        with the Clerk an affidavit or certificate of service
        no more frequently than every seven days that includes:

             i. either a copy of each notice served for the
                proceeding seven days or the docket number(s)
                and title(s) of the pleading(s) served during
                such period,

            ii. a list of persons to whom it was mailed (in
                alphabetical order) with their addresses,

           iii. the manner of service, and

            iv. the date served;

     g) receive and process all proofs of claim received,
        unclosing those received by the Clerk, check the
        processing for accuracy, and maintain any original
        proofs of claim received in a secure area; if a
        proof of claim is filed with the Clerk, KCC will
        cause any proof of claim to be copies into the
        Claims Register;

     h) provide an electronic interface for filing proofs
        of claims;

     i) if a claims bar date is established, maintain an
        official claims register fully accessible via KCC's
        website, which register shall include all claims filed
        either with the Clerk or otherwise with KCC, and specify
        therein the following information for each claim
        docketed:

             i. any claim number assigned,

            ii. the date received,

           iii. the name and address of the claimant and agent,
                if applicable, who filed the claim,

            iv. the address for payment, if different from the
                notice address;

             v. the amount asserted,

            vi. the asserted classification(s) of the claim
                (e.g., secured, unsecured, priority, etc.),

           vii. any disposition of the claim;

     j) implement necessary security measure to ensure the
        completeness and integrity of the Claims Register and
        the safekeeping of any original claims;

     k) record all transfers of claims and provide any notices
        of the transfers as required by Bankruptcy Rule 3001(e);

     l) upon completion of the docketing process for all claims
        received to date for each case, turn over to the Clerk
        copies of the Claims Registers for the Clerk's review
        (upon the Clerk's request);

     m) monitor the Court's docket for all notices of appearance,
        address changes and claims-related pleasdings and orders
        files and make necessary notations on and/or changes to
        the claims register and any service or mailing lists,
        including to identify and eliminate duplicative names
        and addresses from such lists;

     n) assist in the dissemination of information to the public
        and respond to requests for administrative information
        regarding the cases, as directed by the Debtors and/or
        the Court, including through the use of a case website
        and/or call center;

     o) comply with all applicable federal, state, municipal,
        and local statutes, ordinances, rules, regulations,
        orders and other requirements;

     p) if these chapter 11 cases are converted to cases under
        chapter 7 of the Bankruptcy Code, contact the Clerk's
        office within three days of notice to KCC of entry of
        the order converting the cases;

     q) 30 days prior to the close of these chapter 11 cases,
        to the extent practicable, request that the Debtors
        submit to the Court a proposed order dismissing KCC as
        Claims and Noticing Agent and terminating its services
        in such capacity upon completion of its duties and
        responsibilities and upon the closing of these
        chapter 11 cases;

     r) within seven days of notice to KCC of entry of an
        order closing these chapter 11 cases, provide to the
        Court the final version of the Claims Register as of
        the date immediately before the close of these
        chapter 11 cases;

     s) at the close of these chapter 11 cases:

             i. box and transport all original documents, in
                proper format, as provided by the Clerk's
                office, to (A) the Philadelphia Federal
                Records Center, 14700 Townsend Road,
                Philadelphia, PA 19154 or (B) any other
                location requested by the Clerk's office; and

            ii. docket a completed SF-135 Form indicating the
                accession and location numbers of the archived
                claims;

     t) provide a confidential data room if requested; and

     u) provide other processing, solicitation, balloting,
        and other administrative services described in the
        KCC Agreement that may be requested from time to
        time by the Debtors, the Court or the Clerk's office.

KCC will be provided a retainer in the amount of $25,000.

KCC attests that the firm is a "disinterested person" as that term
is defined in Bankruptcy Code Section 101(14) with respect to the
matters upon which it is to be engaged.

KCC will supplement its disclosure to the Court if any facts or
circumstances are discovered that would require additional
disclosure.

KCC can be reached at:

     Drake D. Foster
     Kurtzman Carson Consultants LLC
     2335 Alaska Ave.
     El Segundo, CA 90245
     Tel: (310) 823-9000
     Fax: (310) 823-9133
     E-mail: dfoster@kccllc.com

                About Neighbors Legacy Holdings

Neighbors Legacy Holdings -- http://www.neighborshealth.com/-- and
its subsidiaries currently operate 22 freestanding emergency
centers throughout the State of Texas, including in the greater
Houston area, South Texas, El Paso, the Golden Triangle, the
Panhandle, and the Permian Basin. The Emergency Centers are
designed to offer an attractive alternative to traditional hospital
emergency rooms by reducing wait times, providing better working
conditions for physicians and staff, and giving patient care the
highest possible priority. The Debtors were founded in Houston in
2008 by nine emergency room physicians.

EDMG, LLC, Neighbors Legacy Holdings and several affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 18-33836) on July 12, 2018.  In the petition
signed by Chad J. Shandler, its chief restructuring officer, the
Debtor disclosed less than $50,000 in assets and less than $50,000
in liabilities.  Shandler is with CohnReznick LLP.

Judge Marvin Isgur presides over the cases.  John F Higgins, IV,
Esq., at Porter Hedges LLP, serves as counsel to the Debtors.  They
hired Houlihan Lokey Capital, Inc., as investment bankers.

The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on July 23, 2018.  The committee has hired Cole
Schotz P.C. as its legal counsel.


NEONODE INC: Incurs $964K Million Net Loss in Second Quarter
------------------------------------------------------------
Neonode Inc. has filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting a net loss attributable
to the Company of $964,000 for the three months ended June 30,
2018, compared to a net loss attributable to the Company of
$998,000 for the three months ended June 30, 2017.

For the six months ended June 30, 2018, the Company reported a net
loss attributable to the Company of $1.65 million on $4.25 million
of total revenues compared to a net loss attributable to the
Company of $1.87 million on $4.66 million of total revenues for the
same period last year.

As of June 30, 2018, Neonode had $11.18 million in total assets,
$4.21 million in total liabilities and $6.97 million in total
stockholders' equity.

"My first quarter with Neonode has been very encouraging.  Over the
quarter, I met with several of our largest customers and it is
clear to me that our technology platforms are very much in demand.
Our zForce AIR was launched in Q4 2017 and I am therefore pleased
to report that we have made progress with customers in new industry
segments and are engaged in several ongoing projects using our
sensor modules.  This gives me confidence that our strategic plan
of adding B2B sensor module sales to our licensing business can be
achieved," said Hakan Persson, CEO of Neonode.

"Our licensing business continues to be an important source of
revenue and we are actively engaged with customers who are
developing new products under our license agreements.  We are
re-engaging with all our current and new license fee customers and
believe this together with the new release of zForce CORE will
allow us to grow our licensing business in the global market,"
concluded Mr. Persson.

Net revenue for the three and six months ended June 30, 2018 was
$1.9 million and $4.3 million compared to $2.3 million and $4.7
million for the same periods last year.  The 2018 net revenues are
primarily comprised of license fees while the net revenues for the
comparable quarter last year includes $2.0 million of license fees
plus $0.2 million from AirBar sales.  The decrease of 19% in total
net revenues for the three-month period in 2018 as compared to the
same period in 2017 is primarily related to a reduction of
automotive license fees, due to decisions the Company made in early
2016 to shift from selling license agreements to focus on selling
sensor modules.  As a result, two Chinese Tier 1 customers chose
alternative designs for revisions for their infotainment systems in
car models that previously used Neonode's technology. The strategic
decision has since then been reversed, and the Company believes
that re-engaging with all current and new license fee customers,
together with the new release of zForce CORE, will support future
growth of license fee revenues.

The decrease in revenue from the sales of sensor modules to
approximately $0.1 million from $0.2 million for the three months
ended June 30, 2018 compared to the same period in 2017 is due to
the Company shifting sales focus from the Company's AirBar consumer
products to B2B embedded product customers.

The decrease of 9% in total net revenues for the six-month period
in 2018 as compared to the same period in 2017 is due to a decrease
of 68% in sensor modules revenues and 80% decrease in non-recurring
engineering fees.

Operational cash used was $1.4 million for the six months ended
June 30, 2018, reduced significantly compared to $3.0 million for
the same period last year.  Cash was $3.7 million and accounts
receivable was $1.8 million as of June 30, 2018.  There are 58.6
million shares of common stock, 1.2 million employee stock options
and 11.2 million common stock purchase warrants outstanding at June
30, 2018.

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

                     https://is.gd/A1d3b0

                        About Neonode

Neonode Inc. (NASDAQ:NEON) -- http://www.neonode.com/-- develops,
manufactures and sells advanced sensor modules based on the
company's proprietary zForce AIR technology.  Neonode zForce AIR
Sensor Modules enable touch interaction, mid-air interaction and
object sensing and are ideal for integration in a wide range of
applications within the automotive, consumer electronics, medical,
robotics and other markets.  The company also develops and licenses
user interfaces and optical interactive touch solutions based on
its patented zForce CORE technology.  To date, Neonode's technology
have been deployed in more than 59 million products, including 3
million cars and 56 million consumer devices.  The company is
headquartered in Stockholm, Sweden and was established in 2001.

Neonode Inc. reported a net loss attributable to the Company of
$4.70 million in 2017, a net loss attributable to the Company of
$5.29 million in 2016 and a net loss attributable to the Company of
$7.82 million in 2015.  As of March 31, 2018, Neonode had $12.96
million in total assets, $4.49 million in total liabilities, and
$8.46 million in total stockholders' equity.


NEW HOPE: Sept. 5 Disclosure Statement Hearing
----------------------------------------------
Judge Brenda K. Martin sets the hearing to consider the approval of
the disclosure statement explaining New Hope Behavioral Health
Center, Inc.'s Chapter 11 plan will be held on September 5, 2018,
at 11:00 A.M.

As previously reported by The Troubled Company Reporter, Class 6
under the plan consists of the Allowed Unsecured Claims of
Creditors of New Hope. New Hope will pay the Class 6 Claims by
making monthly payments over a period of 52 months until paid in
full. Class 6 Claimants will receive payment of 100% of their
Allowed Claims. This class is impaired.

The Debtor will retain control of its assets and use its income and
contributions to make the payments.

New Hope has operated profitably while in bankruptcy and continues
to be engaged in the business of providing behavioral health
services to the greater Mesa community. The profit and loss
statement shows that after paying all necessary business expenses
-- including certain administrative expenses related to attorneys'
fees and quarterly trustee's fees which will conclude shortly after
confirmation of the Plan -- New Hope has had a net profit of
approximately $272,603.38 over the past year. This amounts to
monthly net income of $22,716.95. New Hope anticipates that future
years will result in significantly higher net income because New
Hope will not incur attorneys' fees and quarterly trustee's fees
through the bankruptcy. Based on its profit and loss statement for
June 2017 through May 2018 and its 2018-2023 projections, New Hope
anticipates that on a monthly basis it will generate more than
enough to meet its payment obligations over the course of the Plan
and pay 100% of all claims.

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

     http://bankrupt.com/misc/azb2-13-14261-332.pdf

                      About New Hope

New Hope Behavioral Health Center, Inc., filed for Chapter 11
bankruptcy protection (Bankr. D. Ariz. Case No. 13-14261) on Aug.
19, 2013, estimating its assets at up to $50,000 and its
liabilities at between $500,001 and $1 million.  James M. McGuire,
Esq., at Davis Miles McGuire Gardner, PLLC, serves as the Debtor's
bankruptcy counsel.


NEXT LISTING: Unsecureds to Get 50% of Net Profit for 5 Yr
----------------------------------------------------------
Next Listing, LLC, and Robert Allen Alcozer and Mitzy Dianne
Alcozer filed with the U.S. Bankruptcy Court for Southern District
of Texas, Houston Division, a disclosure statement explaining their
Chapter 11 plan of reorganization.

The Disclosure Statement contains the following salient points
regarding the classification and treatment of claims:

   * Administrative Expenses.  These are the Debtors' estimated
administrative expenses, and their proposed treatment under the
Plan: (a) Margaret M. McClure -- Ms. McClure holds a retainer
balance in the amount of $11,275 and estimates fees and expenses in
the amount of $25,000; and (b) U.S. Trustee -- fees are current and
will stay current until this case is closed.

   * Priority Unsecured Tax Claims.  Mr. and Mrs. Alcozer owe the
IRS $25,673.83 for priority income taxes.  This creditor will be
paid in full, plus 4% interest in 60 monthly payments of $473 per
month with the first monthly payment being due and payable on the
15th day of the first calendar month following 60 days after the
effective date of the Plan.

   * Secured Claims.  Allowed Secured Claims are claims secured by
property of the Debtors’ bankruptcy estate (or that are subject
to set-off) to the extent allowed as secured claims under Section
506 of the Bankruptcy Code.  If the value of the collateral or
setoffs securing the creditor’s claim is less than the amount of
the creditor’s allowed claim the deficiency will be classified as
a general unsecured claim.  These claims are impaired under the
Plan.  

   The following chart lists all classes containing Debtors’
secured pre-petition claims and their proposed treatment under the
Plan:

   AmeriCredit Financial Services, Inc. -- This creditor is owed
for a vehicle loan on a 2017 Chevrolet Suburban.  The Alcozers
assume the loan and will continue to make their regular monthly
payments to this creditor until the vehicle loan is paid in full.
At the time the vehicle loan is paid in full, this creditor will
release its lien against the vehicle.

   ACAR Leasing -- This creditor is owed for a vehicle lease on a
2016 Chevrolet Camero.  The Alcozers assume this lease and will
continue to make their regular monthly payments to this creditor
until the lease is completed.

   International Bank of Commerce -- This creditor is owed on a
home equity loan. The Alcozers will continue to make their monthly
mortgage payment to this creditor.

   PNC Bank, National Association -- This creditor is owed on a
home mortgage. The Alcozers will continue to make their monthly
mortgage payments to this creditor.  The proof of claim shows that
there is a pre-petition arrears amount of $3,525.62.  If there is a
balance of the pre-petition arrears still due and owing, this
amount, or the balance of this amount, will be paid in full in 6
monthly payments.  The first monthly payment will be due on the
15th day of the 1st calendar month following 60 days after the
Effective Date of the Plan.  The payment amount to be made each
month during the 6-month period of time is $588, if the balance due
on the pre-petition arrears is still $3,525.62.  No interest will
be added to the balance of the pre-petition arrears.

   Fort Bend County, et al. -- This creditor is owed $7,755.01 for
ad valorem taxes.  It will be paid in full pursuant to the
requirements of the Bankruptcy Code or in 60 months if this
creditor agrees, with the first monthly payment being due and
payable on the 15th day of the 1st calendar month following 60 days
after the Effective Date of the Plan.  It will be paid the
applicable non-bankruptcy rate of interest as provided under 11
U.S.C. 511.  The monthly payment will be approximately $143.  This
creditor shall retain all liens it currently holds, whether for
pre-petition tax years or for the current tax year, on any real
property of the Alcozers until it receives payment in full of all
taxes and interest owed to it under the provisions of the Plan, and
its lien position shall not be diminished or primed by any Exit
Financing approved by the Court in conjunction with the
confirmation of the Plan.

   Fort Bend County M.U.D. #185 -- This creditor is owed $4,211.17
for ad valorem taxes.  It will be paid in full pursuant to the
requirements of the Bankruptcy Code or in 60 months if this
creditor agrees, with the first monthly payment being due and
payable on the 15th day of the 1st calendar month following 60 days
after the Effective Date of the Plan.  It will be paid the
applicable non-bankruptcy rate of interest as provided under 11
U.S.C. 511.  The monthly payment will be approximately $111.  This
creditor shall retain all liens it currently holds, whether for
pre-petition tax years or for the current tax year, on any real
property of the Alcozers until it receives payment in full of all
taxes and interest owed to it under the provisions of the Plan, and
its lien position shall not be diminished or primed by any Exit
Financing approved by the Court in conjunction with the
confirmation of the Plan.

   Wells Fargo Bank, N.A. (Gallery Furniture) -- This creditor is
owed $2,989.04 for a furniture purchase by the Alcozers.  It will
be paid in full in 60 monthly payments with the first monthly
payment being due and payable on the 15th day of the 1st calendar
month following 60 days after the Effective Date of the Plan.  It
will be paid principal plus -0-% interest as set out in its proof
of claim.  The monthly payment will be $50.

   King Lakes Homeowners Association -- This creditor is owed
$950.50 in homeowners association dues.  Any balance remaining due
and owing on the Effective Date of the Plan will be paid in 60
monthly payments, with the first monthly payment being due and
payable on the 15th day of the 1st calendar month following 60 days
after the Effective Date of the Plan.  It will be paid statutory
interest.

   * General Unsecured Claims.  The allowed general unsecured
creditors will be mailed Next Listing, LLC's previous year's
financial statement each year for five years, during the term of
the five-year Plan, on or about May 1st each year, beginning on May
1, 2019, and thereafter on or about May 1, 2020, May 1, 2021, May
1, 2022, and May 1, 2023.  Each year, if the Reorganized Debtor
made a profit, after income taxes, and after making all Plan
payments and normal overhead payments, the Reorganized Debtors will
pay to the allowed
unsecured creditors their pro-rata share of 50% of the net profit
for the previous year, in 12 monthly payments beginning on
September 15th of the year in which the financial statement is
mailed to these creditors.  Each year, during the term of the
five-year Plan, the Reorganized Debtor will repeat the 12-month
payment plan to the allowed unsecured creditors if the Reorganized
Debtor made a net profit the previous year as reflected in the
previous year’s financial statement.  This payout will not exceed
five years, and at the end of the five-year Plan term, the
remaining balance owed, if any, to the allowed unsecured creditors
will be discharged.

   * Insider Claims.  Insiders will not be paid any pre-petition
claims during the term of the Plan and their claims will be
discharged upon confirmation of the Plan.

   * Equity Interest Holders.  Equity interest holders are parties
who hold an ownership interest (i.e., equity interest) in Next
Listing, LLC.  Mr. and Mrs. Alcozer are the equity interest owners
in Next Listing, LLC.

The Disclosure Statement further provides that the Plan will be
funded by the Reorganized Debtors through future business income of
Next Listing, LLC.  The current management, Mr. and Mrs. Alcozer
will remain in control.  Mr. and Mrs. Alcozer will continue to
receive their salaries totaling $6,000 to $9,000 each monthly
during the term of the Plan.

A copy of the Plan from PacerMonitor.com is available at
https://tinyurl.com/yd2eak5b at no charge.

                       About Next Listing

A real estate marketing company, Next Listing, LLC, filed a Chapter
11 petition (Bankr. S.D. Tex. Case No. 17-36042) on Oct. 31, 2017,
estimating under $1 million in assets and liabilities.  The
petition was signed by Robert A. Alcozer, managing member.
Margaret M. McClure, Attorney at Law, serves as counsel to the
Debtor.


NORTHERN OIL: Incurs $96.5 Million Net Loss in Second Quarter
-------------------------------------------------------------
Northern Oil and Gas, Inc., has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $96.54 million on $66.84 million of total revenues for
the three months ended June 30, 2018, compared to net income of
$13.80 million on $64.90 million of total revenues for the three
months ended June 30, 2017.

For the six months ended June 30, 2018, the Company reported a net
loss of $93.58 million on $133.45 million of total revenues
compared to net income of $30.74 million on $130.71 million of
total revenues for the same period last year.

As of June 30, 2018, Northern Oil had $883.08 million in total
assets, $1.03 billion in total liabilities and a total
stockholders' deficit of $147.82 million.

At June 30, 2018, Northern had available liquidity of approximately
$240.9 million, comprised of $200.9 million in cash on hand and
$40.0 million of capacity on its first lien term loan facility.

"We are only half way through 2018; however, production has
materially exceeded our expectations, cash costs are lower and our
success executing on acquisitions has surpassed even our lofty
internal goals," commented Northern's Chief Executive Officer,
Brandon Elliott.  "We plan to close our Pivotal Petroleum and W
Energy acquisitions at the end of the third quarter, upon which
Northern will have reached our goals of substantially growing
EBITDA and improving our debt metrics, significantly ahead of plan.
We are still not satisfied and continue to aggressively look at
all avenues to drive increased growth and returns to our
shareholders."

Guidance

Northern is raising its 2018 production guidance as a result of
increased activity as well as the recently announced Pivotal
Petroleum and W Energy acquisitions that are expected to close at
the end of the third quarter.  Northern expects to add
approximately 25 - 27 organic net wells to production for the year
with a drilling and completion budget of between $200 and $216
million, resulting in a total capital expenditure budget, including
acreage, workover and other capitalized costs but excluding
announced acquisitions, of between $215 and $230 million.

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

                     https://is.gd/bVn8Fn

                      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.


OMEROS CORP: Reports $33.7 Million Net Loss for Second Quarter
--------------------------------------------------------------
Omeros Corporation has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $33.69 million on $1.65 million of revenue for the three months
ended June 30, 2018, compared to a net loss of $14.35 million on
$17.15 million of revenue for the three months ended June 30,
2017.

For the six months ended June 30, 2018, the Company recorded a net
loss of $63.75 million on $3.24 million of revenue compared to a
net loss of $29.44 million on $29.40 million of revenue for the
same period last year.

The decrease in revenue from the comparable quarter in 2017 was due
to the significantly reduced usage of OMIDRIA by ASCs and hospitals
during the period (Jan. 1, 2018 through Sept. 30, 2018) in which
transitional pass-through reimbursement for OMIDRIA is unavailable.
On a sequential quarter-over-quarter basis, OMIDRIA revenues
increased by $0.1 million from the $1.6 million achieved in the
first quarter of 2018. Pass-through status for OMIDRIA will
reinitiate on Oct. 1, 2018 and is scheduled to remain in effect
through Sept. 30, 2020.

Total costs and expenses for the three months ended June 30, 2018
were $32.3 million compared to $29.1 million for the same period in
2017.  The increase in the current year quarter was primarily due
to higher manufacturing scale-up costs for the OMS721 programs and
to incremental costs associated with initiating the OMS721 IgA
nephropathy Phase 3 clinical trial.  These increases were partially
offset by decreased OMIDRIA patent litigation costs.

As of June 30, 2018, Omeros had $106.34 million in total assets,
$24.44 million in total current liabilities, $129.75 million in
notes payable and lease financing obligations, $8.45 million in
deferred rent and a total shareholders' deficit of $56.29 million.

As of June 30, 2018, the company had $88.4 million of cash, cash
equivalents and short-term investments available for operations and
another $5.8 million in restricted investments.  This includes the
remaining $45.0 million available under the company's existing
credit facility, which was drawn down in May 2018.

"During the last quarter, we made significant strides across
multiple fronts," said Gregory A. Demopulos, M.D., chairman and
chief executive officer of Omeros.  "For OMS721, our MASP-2
inhibitor, Phase 3 clinical trials are advancing in both IgA
nephropathy and aHUS, and our stem-cell TMA program is moving
toward regulatory filings for marketing approval in both the U.S.
and Europe.  Our PDE7 inhibitor OMS527 is demonstrating good drug
behavior in its Phase 1 clinical trial.  We are also excited about
our MASP-3 inhibitor OMS906, our MASP-2 small molecules for oral
administration and our multiple GPCR cancer therapeutic programs,
all of which look promising and are slated to begin entering the
clinic as early as late 2019.  And to help fund our pipeline's
continuing progress, OMIDRIA is rapidly approaching its return to
pass-through status on October 1.  All of the pieces appear to be
coming together, and we look forward to realizing the near- and
long-term prospects for Omeros."

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

                         https://is.gd/zxt2N9

                       About Omeros Corporation

Omeros Corporation -- http://www.omeros.com/-- is a
commercial-stage biopharmaceutical company committed to
discovering, developing and commercializing small-molecule and
protein therapeutics for large-market as well as orphan indications
targeting inflammation, complement-mediated diseases and disorders
of the central nervous system.  The Company's drug product OMIDRIA
(phenylephrine and ketorolac intraocular solution) 1% / 0.3% is
marketed for use during cataract surgery or intraocular lens (IOL)
replacement to maintain pupil size by preventing intraoperative
miosis (pupil constriction) and to reduce postoperative ocular
pain.  In the European Union, the European Commission has approved
OMIDRIA for use in cataract surgery and other IOL replacement
procedures to maintain mydriasis (pupil dilation), prevent miosis
(pupil constriction), and to reduce postoperative eye pain.  Omeros
has multiple Phase 3 and Phase 2 clinical-stage development
programs focused on: complement-associated thrombotic
microangiopathies; complement-mediated glomerulonephropathies;
Huntington's disease and cognitive impairment; and addictive and
compulsive disorders.  In addition, Omeros has a diverse group of
preclinical programs and a proprietary G protein-coupled receptor
(GPCR) platform through which it controls 54 new GPCR drug targets
and corresponding compounds, a number of which are in pre-clinical
development.  The company also exclusively possesses a novel
antibody-generating platform.  The Company is headquartered in
Seattle, Washington.

OMEROS incurred a net loss of $53.48 million for the year ended
Dec. 31, 2017, compared to a net loss of $66.74 million for the
year ended Dec. 31, 2016.  As of March 31, 2018, Omeros had $89.03
million in total assets, $118.3 million in total liabilities and a
total shareholders' deficit of $29.21 million.

Ernst & Young LLP, in Seattle, Washington, issued a "going concern"
opinion in its report on the consolidated financial statements for
the year ended Dec. 31, 2017, stating that the Company has suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.



PEN INC: PEN Brands Renews Loan Agreement with MBank
----------------------------------------------------
PEN Inc.'s wholly-owned subsidiary PEN Brands LLC has entered into
the fifth amendment to its Loan and Security Agreement with MBank.
The amendment renews the agreement through July 3, 2018 and
provides for an automatic one-year renewal at that time unless
either party elects not to renew.  The fifth amendment also limits
the amounts that PEN Brands LLC can advance to its parent, and
provides that advances based on eligible inventory will reduce
monthly by $7,500 per month starting Nov. 1, 2018.  Other terms are
substantially the same.

                          About PEN Inc.

Headquartered in Miami, Florida, PEN develops, commercializes and
markets consumer and industrial products enabled by nanotechnology
that solve everyday problems for customers in the optical,
transportation, military, sports and safety industries.  The
Company's primary business is the formulation, marketing and sale
of products enabled by nanotechnology including the ULTRA CLARITY
brand eyeglass cleaner, CLARITY DEFOGIT brand defogging products
and CLARITY ULTRASEAL nanocoating products for glass and ceramics.
The Company also sells an environmentally friendly surface
protector, fortifier, and cleaner.  The Company's design center
conducts product development services for government and private
customers and develops and sells printable inks and pastes, thermal
management materials, and graphene foils and windows.

PEN was formed in 2014, and is the successor to Applied Nanotech
Holdings Inc. that had been formed in 1989.  In the combination
that created PEN, Nanofilm, Ltd. acquired Applied Nanotech
Holdings, Inc.  The Company's principal operating segments coincide
with its different business activities and types of products sold.
This is consistent with the Company's internal reporting
structure.

As of Dec. 31, 2017, Pen Inc. had $2.18 million in total assets,
$3.27 million in total liabilities and a total stockholders'
deficit of $1.09 million.  PEN Inc. incurred a net loss of $687,068
in 2017, compared to a net loss of $556,001 in 2016.

The report from the Company's independent accounting fir Salberg &
Company, P.A., the Company's auditor since 2013, on the
consolidated financial statements for the year ended Dec. 31, 2017,
includes an explanatory paragraph stating that the Company has a
net loss and cash provided by operating activities of $687,068 and
$438,558, respectively, in 2017 and has a working capital deficit,
stockholders' deficit and accumulated deficit of $1,345,095,
$1,096,005 and $6,587,235, respectively, at Dec. 31, 2017.  These
matters raise substantial doubt about the Company's ability to
continue as a going concern.


PEPPERTREE PARK: Contributing Partners & Land Proceeds to Fund Plan
-------------------------------------------------------------------
Peppertree Park Villages 9&10, LLC, Peppertree Land Company, Duane
S. Urquhart, and Northern Capital, Inc., filed a disclosure
statement explaining their third amended joint Chapter 11 plan of
reorganization.

Under the Third Amended Disclosure Statement, the Plan provides for
the payment in full of all Allowed Claims.  This payment will be
accomplished primarily from two sources: (i) an equity investment
of $275,000 by the Contributing Partners, and (ii) proceeds from
either the sale of the Property or a transaction expected to occur
in mid-2019, which is referred to as a "Land Transaction" in the
Disclosure Statement and in the Plan.  Contributions in the amount
of $70,000 have already been made by the Contributing Partners.
The Land Transaction must occur within two years of the Effective
Date (or as otherwise ordered by the Bankruptcy Court) or else the
Debtors will be in default under the Plan.

As set forth in the Plan, the applicable Reorganized Debtors will
continue to make payments on the Other Secured Claims and the
Student Loan Claim beginning on the Effective Date in accordance
with the underlying Loan Agreements.  Unless otherwise agreed in
writing, each Loan Agreement underlying the Allowed Other Secured
Claims will be reinstated as of the
Effective Date and all promises and obligations, including all
liens and security interest and the maturity of such Loan
Agreement, will be unaltered with such promises and obligations
transferred to the applicable Reorganized Debtor other than in the
case of Mr. Urquhart.  

Each Reorganized Debtor will pay amounts owed due to monetary
defaults incurred during these Chapter 11 Cases in full on or
before the Effective Date or as otherwise agreed by a holder of an
Other Secured Claim.  Each Reorganized Debtor will pay, without
penalty (including any default interest, late charges, or other
similar charges or penalties), the balance of the Allowed Other
Secured Claims in accordance with the terms set forth in the
applicable Loan Agreement.  The Pre-Petition Loan Claim will be
paid in full on or before the new maturity date of April 1, 2019,
subject to two options each to extend such date by six months.

On May 11, 2018, the Court entered an order finding that Meritage
has no real property secured claim with respect to PLC and NCI, and
that PLC and NCI shall treat Meritage as an unsecured creditor for
all purposes regarding confirmation.  On July 13, 2018, the Court
entered an order in the avoidance action granting Peppertree Park
and Mr. Urquhart’s motion for summary judgment, thereby avoiding
the Transfer as to Peppertree Park and Mr. Urquhart. Additionally,
the order (1) set aside the Transfer as null and void as to
Peppertree Park and Mr. Urquhart, (2) released all liens obtained
by Meritage as a result of the Transfer, and (3) ordered Meritage
to file all necessary documents required to expunge the Abstract of
Judgment and release all liens in Mr. Urquhart and Peppertree
Park’s property that it obtained as a result of the Transfer
within 30 days of entry of the order.  Accordingly, Meritage no
longer holds any secured claims against the Debtors.    

Since March 2018, the Peppertree project has made significant
progress in the entitlement process, including confirmation of the
legal lot status by the County of San Diego Planning and
Development Services and the submission of required applications,
including the general plan amendment, major use permit
modification, site plan, traffic impact analysis, and the
biological report, among others.  Peppertree has also initiated the
public hearing process by sending out public notice package to
Fallbrook residents. Additionally, Peppertree Park has attended
various Fallbrook Planning Committee Meetings and made
presentations to the Peppertree Park homeowners association.  In
June of 2018, Peppertree received a determination
from the Federal Aviation Administration of no hazard.

With respect to the classification and treatment of claims, the
Third Amended Disclosure Statement provides the following changes:

   * Class 3: Pre-Petition Loan Claim.  The Pre-Petition Loan Claim
shall be paid from the proceeds of the Effective Date Loan on the
Effective Date. The amount paid shall be the outstanding principal
and interest without penalty (including default interest, late
charges or other similar charges or penalties).  It is considered
unimpaired under the Plan.

   * Class 5: General Unsecured Claims.  This class shall consist
of the following subclasses of General Unsecured Claims other than
claims in Class 6 (each of which shall be treated as a separate
subclass for voting and distribution purposes): a. Subclass 5A
shall consist of every General Unsecured Claim asserted against Mr.
Urquhart; b. Subclass 5B shall consist of every General Unsecured
Claim asserted against NCI; c. Subclass 5C shall consist of every
General Unsecured Claim asserted against Peppertree Park; and d.
Subclass 5D shall consist of every General Unsecured Claim asserted
against PLC.

   On the Effective Date or as soon thereafter as is practicable,
each holder of an Allowed General Unsecured Claim shall receive the
following:

   a. a Class 6 Promissory Note or interest in such Note, under
which the applicable Reorganized Debtor shall be obligated to pay
the following:

     (i) if the Land Transaction occurs by way of sale of the
Property where all proceeds for the sale are paid at the closing of
the Land Transaction, Cash in the full amount of the Allowed Known
Disputed Unsecured Claim upon the Initial Disbursement Date, except
if the Allowed amount of the Known Disputed Unsecured Claim has not
been determined, then Cash in the full Amount of the Known Disputed
Claim shall be paid into escrow pending a determination of the
Allowed amount of such Known Disputed Unsecured Claim;

     (ii) if the Land Transaction occurs by a transaction not
described in paragraph 5.6(a)(i), Cash in an amount equal to 60% of
the Known Disputed Claim on the Initial Disbursement Date; and Cash
in an amount equal to the outstanding balance of the Allowed
General Unsecured Claim within one year of the Initial Disbursement
Date and quarterly interest payments in Cash at the rate of 3.5%
per annum, the first of which shall be due on the last day of the
first full quarter after the Effective Date and continuing
quarterly until such Allowed General Unsecured Claim has been paid
in full.

   b. A person designated by the relevant Debtor and approved by
the Bankruptcy Court shall act on behalf of Class 5 as a note agent
in connection with
collecting and enforcing the Class 5 Promissory Note, in accordance
with the Class 5 Note Agent Agreement.

   * Class 6: Known Disputed Unsecured Claims.  Consists of four
subclasses, each of which consists of all Known Disputed Unsecured
Claims against one of the four Debtors.  

   On the Effective Date or as soon thereafter as is practicable,
each holder of a Known Disputed Unsecured Claim shall receive a
Class 6 Promissory Note or interest in such Note, under which the
applicable Reorganized Debtor shall be obligated to pay the
following:

     (i) if the Land Transaction occurs by way of sale of the
Property where all proceeds for the sale are paid at the closing of
the Land Transaction, Cash in the full amount of the Allowed Known
Disputed Unsecured Claim upon the Initial Disbursement Date, except
if the Allowed amount of the Known Disputed Unsecured Claim has not
been determined, then Cash in the full Amount of the Known Disputed
Claim shall be paid into escrow pending a determination of the
Allowed amount of such Known Disputed Unsecured Claim;

     (ii) if the Land Transaction occurs by a transaction not
described in paragraph 5.6(a)(i), Cash in an amount equal to 60% of
the Known Disputed Unsecured Claim and cash in an amount equal to
the outstanding balance of the Known Disputed Unsecured Claim
within one year of the later of the Initial Disbursement Date or
the allowance of the Known Disputed Unsecured Claim, and quarterly
interest payments in Cash at the rate of 3.5% per annum, the first
of which shall be due on the last day of the first full quarter
after the Effective Date and continuing quarterly until such Known
Disputed Unsecured Claim has been paid in full.  The interest
payable pursuant to this paragraph during the period of time prior
to the Allowance, if any, of a Known Disputed Unsecured Claim shall
be calculated using the Asserted Claim Amount and paid into escrow
along with all other payments under this subparagraph 5.6(a)(ii),
pending a determination of the Allowed Amount of the Known Disputed
Unsecured claim.  In the event a Known Disputed Claim is Allowed at
an amount lesser than the Asserted Claim Amount or becomes a
Disallowed Claim, the relevant Reorganized Debtor shall be entitled
either to an offset or a refund in the amount of the difference
between the amount paid to escrow by the Reorganized Debtor to date
based on the Asserted Claim Amount and the amount the Reorganized
Debtor would have paid if such payments had been calculated based
on the Allowed amount of such Known Disputed Unsecured Claim or, in
the case of a Disallowed Claim, $0.

All payments under the Plan which are due on or around the
Effective Date will be funded from available Cash, the Effective
Date Loan, and/or proceeds of the New Equity Investment.

Class 5 Note Agent.  On the Effective Date, a person designated by
the relevant Debtor and approved by the Court shall act on behalf
of Class 5 in connection with collecting and enforcing the Class 5
Promissory Note in accordance with the Class 5 Note Agent
Agreement.

Class 6 Note Agent.  On the Effective Date, a person designated by
the relevant Debtor and approved by the Bankruptcy Court shall act
on behalf of Class 6 in connection with collecting and enforcing
the Class 6 Promissory Note in accordance with the Class 6 Note
Agent Agreement.

The Effective Date Loan has been provided to the Reorganized
Debtors in the net amount of no less than $2.6 million.

As of the Effective Date, each holder of an unsecured claim against
PLC (except a convenience claim) shall be enjoined from asserting
any cause of action or enforcing any judgment arising from the same
operative facts underlying such holder’s claim or judgment
against any contributing partner of PLC as set forth in this
paragraph.  The temporary injunction shall be effective as to any
enjoined creditor until the earliest of the following, at which
point the temporary injunction will no longer be effective: (I) as
to any enjoined creditors, default by any Reorganized Debtor of any
payment obligations set forth in Sections 5.5 and 5.6 of the Plan
owed to such enjoined creditor; (II) two years after the Effective
Date if a land transaction does not occur within such time; and
(III) a finding by the Bankruptcy Court that there has been a
default under the Plan.  Any act taken in violation of the
temporary injunction shall be null and void.

A copy of the Third Amended Disclosure Statement from
PacerMonitor.com is available at https://tinyurl.com/y7swzvf8 at no
charge.

                  About Peppertree Park Villages

Headquartered in Bonsall, California, Peppertree Park Villages 9
and 10, LLC, listed its business as a single asset real estate (as
defined in 11 U.S.C. Section 101(51B)), whose principal assets are
located at 1654 S. Mission Rd, Fallbrook, California.  Peppertree
Park is an affiliate of Northern Capital, Inc., which sought
bankruptcy protection on Aug. 13, 2017 (Bankr. S.D. Cal. Case No.
17-04845).

Peppertree Park Villages 9&10, LLC (Bankr. S.D. Cal. Case No.
17-05137) and affiliate Peppertree Land Company (Bankr. S.D. Cal.
Case No. 17-05135) each filed for Chapter 11 bankruptcy protection
on Aug. 28, 2017.  The petitions were signed by Duane Urquhart as
managing general partner, who also sought bankruptcy protection on
Aug. 13, 2017 (Bankr. S.D. Cal. Case No. 17-04846).

Peppertree Land and Peppertree Park each estimated their assets and
liabilities at between $1 million and $10 million.

Marwill Hogan, Esq., at Foley & Lardner, LLP, serves as the
Debtors' bankruptcy counsel.


PLASTIC INDUSTRIES: Hires Robinson & Associates as Attorney
-----------------------------------------------------------
Plastic Industries, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Idaho to employ Robinson & Associates,
Attorneys At Law, as attorney to the Debtor.

Plastic Industries requires Robinson & Associates to:

   a. assist the Debtor in possession in preparing a Disclosure
      Statement and Chapter 11 Plan for Reorganization;

   b. assist in all other activities necessary to carry out its
      duties and responsibilities as Debtor in possession in a
      Chapter 11 bankruptcy; and

   c. provide legal counsel and representation in all matters
      pertaining to its Chapter 11 proceeding.

Robinson & Associates will be paid at the hourly rate of $175 to
$225.

The Debtor paid Robinson & Associates the amount of $20,000 as
retainer, on Feb. 22, 2018, and paid an additional $10,000 on July
6, 2018, which sums were deposited in the trust account of Robinson
& Associates.  Of that amount $6,717 was withdrawn from trust
prepetition and applied to fees and costs incurred for additional
services rendered in prepetition litigation matters.  On July 30.
2018, an additional $5,000 was withdrawn from trust and applied to
fees and costs incurred in the preparation and filing of the
bankruptcy case.  The balance of $20,000 is being held in the
firm's trust account.

Robinson & Associates will also be reimbursed for reasonable
out-of-pocket expenses incurred.

W. Reed Cotten, partner of Robinson & Associates, Attorneys At Law,
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.

Robinson & Associates can be reached at:

     W. Reed Cotten, Esq.
     Brent T. Robinson, Esq.
     ROBINSON & ASSOCIATES
     P.O. Box 396
     Rupert, ID 83350-0396
     Telephone No. (208) 436-4717
     Facsimile No. (208) 436-6804
     E-mail: wrc@idlawfirm.com
             btr@idlawfirm.com

                    About Plastic Industries

Plastic Industries, Inc. -- http://www.pipipe.com/-- is a
manufacturer of high density polyethylene pipe that is used by a
variety of markets including: telecommunications, utilities, oil,
mining and irrigation/stockwatering industries. Plastic Industries'
plant is located in the state of Idaho in the city of Preston at
1234 Industrial Park Road.  The Company was founded by Rex Pitcher
in 1980.

Plastic Industries, based in Preston, Idaho, filed a Chapter 11
petition (Bankr. D. Idaho Case No. 18-40672) on Aug. 1, 2018.  In
the petition signed by Rex Pitcher, director, the Debtor disclosed
$2,399,893 in assets and $5,974,850 in liabilities.  The Hon.
Joseph M. Meier presides over the case.  W. Reed Cotten, Esq., at
Robinson & Associates, Attorneys At Law, serves as bankruptcy
counsel.


PON GROUP: Case Summary & 8 Unsecured Creditors
-----------------------------------------------
Debtor: Pon Group, LLC
        951-961 W. Thorndale Ave.
        Bensenville, IL 60106

Business Description: Pon Group, LLC is a lessor of real estate
                      based in Bensenville, Illinois.

Chapter 11 Petition Date: August 9, 2018

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Case No.: 18-22505

Judge: Hon. Benjamin A. Goldgar

Debtor's Counsel: Paul M. Bauch, Esq.
                  BAUCH & MICHAELS, LLC
                  53 West Jackson Boulevard Ste 1115
                  Chicago, IL 60604
                  Tel: 312 588-5000
                  Fax: 312 427-5709
                  E-mail: pbauch@bauch-michaels.com

                    - and -

                  Kenneth A. Michaels, Jr., Esq.
                  BAUCH & MICHAELS, LLC
                  53 West Jackson Blvd., Suite 1115
                  Chicago, IL 60604
                  Tel: 312 588-5000
                  Fax: 312 427-5709
                  E-mail: kmichaels@bauch-michaels.com

                    - and -

                  Carolina Y. Sales, Esq.
                  BAUCH & MICHAELS, LLC
                  53 W Jackson Blvd, Suite 1115
                  Chicago, IL 60604
                  Tel: (312) 588-5000
                  Fax: (312) 427-5709
                  E-mail: csales@bauch-michaels.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ketty Pon, member/manager.

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

     http://bankrupt.com/misc/ilnb18-22505_creditors.pdf    

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

          http://bankrupt.com/misc/ilnb18-22505.pdf


PRECIPIO INC: Elects Board Member to Replace Departing Director
---------------------------------------------------------------
Precipio, Inc., has appointed veteran life sciences venture
capitalist and executive Kathleen LaPorte to its board of directors
as an independent member.

Ms. LaPorte will replace Dr. Michael Allen Luther who served on
Transgenomic's board since 2014 and remained as member of
Precipio's board since the merger in June 2017.

Ms. LaPorte is an executive and VC with 30 years experience
building innovative life sciences companies.  She served as general
partner with Sprout Group from 1993-2004 and was one of the
founders of New Leaf Venture Partners.  She is a co-founder of
Health Tech Capital, a group of healthcare technology focused
private and corporate investors.

Ms. LaPorte served as chief business officer and later as CEO of
Nodality, an immuno-oncology diagnostics company.  She has served
on numerous private and public company boards with roles on audit,
compensation, and nominating committees.

Ms. LaPorte has a B.S. in biology from Yale University and an MBA
from Stanford University Graduate School of Business.

"Precipio's platform of potentially disruptive cancer diagnostics
products and services is at a stage of growth that is a sweet spot
for me," commented Ms. LaPorte.  "I'm excited about the potential
to contribute to expediting the growth of the business."

"Kathy's experience is an ideal complement to the diverse expertise
of our board and we are enthusiastic about the enhanced business
potential derived from her uniquely relevant skills and network,"
commented Ilan Danieli, Precipio CEO.  "Furthermore, we are
grateful to Mike for his years of service and guidance during the
merger with Transgenomic, and the successful integration of the
businesses during the past year."

                        About Precipio

Omaha, Nebraska-based Precipio, formerly known as Transgenomic,
Inc. -- http://www.precipiodx.com/-- is a cancer diagnostics
company providing diagnostic products and services to the oncology
market.  The Company has developed a platform designed to eradicate
misdiagnoses by harnessing the intellect, expertise and technology
developed within academic institutions and delivering quality
diagnostic information to physicians and their patients worldwide.
Precipio operates a cancer diagnostic laboratory located in New
Haven, Connecticut and has partnered with the Yale School of
Medicine.  

The audit opinion included in the company's Annual Report on Form
10-K for the year ended Dec. 31, 2017 contains a going concern
explanatory paragraph.  Marcum LLP, the Company's auditor since
2016, stated that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

Precipio reported a net loss available to common stockholders of
$33.21 million in 2017 and a net loss available to common
stockholders of $4.08 million in 2016.  As of March 31, 2018,
Precipio had $26.09 million in total assets, $12.68 million in
total liabilities and $13.40 million in total stockholders'
equity.

                     Nasdaq Delisting Notice

On March 26, 2018, Precipio received written notice from The Nasdaq
Stock Market LLC indicating that, based on the closing bid price of
the Company's common stock for the preceding 30 consecutive
business days, the Company is not in compliance with the $1.00
minimum bid price requirement for continued listing on the Nasdaq
Capital Market.  The Notice has no immediate effect on the listing
of Precipio's common stock, and its common stock will continue to
trade on the Nasdaq Capital Market under the symbol "PRPO" at this
time.  In accordance with Nasdaq Listing Rule 5810(c)(3)(A),
Precipio has a period of 180 calendar days, or until Sept. 24, 2018
to regain compliance with the Minimum Bid Price Requirement.


PURADYN FILTER: Posts $9,000 Net Income in Second Quarter
---------------------------------------------------------
Puradyn Filter Technologies Incorporated has filed with the
Securities and Exchange Commission its Quarterly Report on Form
10-Q reporting net income of $8,872 on $1.15 million of net sales
for the three months ended June 30, 2018, compared to a net loss of
$383,025 on $575,170 of net sales for the three months ended June
30, 2017.

For the six months ended June 30, 2018, the Company reported a net
loss of $27,871 on $2.03 million of net sales compared to a net
loss of $558,569 on $1.26 million of net sales for the six months
ended June 30, 2017.

As of June 30, 2018, Puradyn Filter had $2.02 million in total
assets, $10.92 million in total liabilities and a total
stockholders' deficit of $8.89 million.

The Company had cash on hand of $184,607 and a working capital
deficit of $1,518,306 at June 30, 2018 as compared to cash on hand
of $54,438 and a working capital deficit of $9,470,970 at Dec. 31,
2017.  The Company's current ratio (current assets to current
liabilities) was .48 to 1 at June 30, 2018 as compared to .08 to 1
at Dec. 31, 2017.  The decrease in negative working capital is
primarily attributable to the Company's Executive Chairman
extending the maturity date of his working capital loans to Dec.
31, 2019, thereby reclassifying these amounts from current
liabilities to long-term liabilities, together with increases in
inventory and accounts receivable which were offset by decreases in
deferred compensation and sales incentives which were offset by
decrease in cash and increase in accounts payable.  The Company
does not currently have any commitments for capital expenditures.

"Historically, we have been materially reliant on working capital
advances from our Executive Chairman to address our liquidity and
working capital issues through the utilization of the borrowing
agreement with him.  In 2018 we have borrowed an additional
$325,000 from him under short term demand notes, and at June 30,
2018 we owed him an aggregate of $8,314,622.  We do not have the
funds necessary to satisfy these obligations.  While he has
continued to fund our working capital needs and extend the due date
of the obligation, he is under no contractual obligation to do so.
During 2017 he advised us he does not expect to continue to provide
working capital advances to us at historic amounts.  If we are
unable to meet our obligation to Mr. Vittoria prior to maturity, he
has advised us that he may forgive all, or substantially all, of
this obligation.  However, he is under no obligation to do so," the
Company stated in the Quarterly Report.

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

                      https://is.gd/UVIEXw

                      About Puradyn Filter

Boynton Beach, Fla.-based Puradyn Filter Technologies Incorporated
(OTC BB: PFTI) -- http://www.puradyn.com/-- designs, manufactures,
markets and distributes worldwide the Puradyn bypass oil filtration
system for use with substantially all internal combustion engines
and hydraulic equipment that use lubricating oil.

Puradyn Filter incurred a net loss of $1.23 million in 2017
compared to a net loss of $1.44 million in 2016.

The report from the Company's independent accounting firm Liggett &
Webb, P.A. on the consolidated financial statements for the year
ended Dec. 31, 2017, includes an explanatory paragraph stating that
the Company has experienced net losses since inception and negative
cash flows from operations and has relied on loans from related
parties to fund its operations.  These factors raise substantial
doubt about the Company's ability to continue as a going concern.


QEP RESOURCES: S&P Cuts Issuer Credit Rating to 'BB', Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
oil and gas exploration production (E&P) company QEP Resources Inc.
to 'BB' from 'BB+'. The outlook is negative.

S&P also lowered the issue-level rating on the company's unsecured
debt to 'BB' from 'BB+'. The recovery rating remains '3',
indicating its expectation of meaningful (50%-70%; rounded
estimate: 65%) recovery in the event of a payment default.

All ratings were removed from CreditWatch, where they were placed
on March 1, 2018.

S&P said, "The downgrade and negative outlook reflects our
expectation that following the agreement to divest its Uinta
assets, the company will continue to pursue its strategy over the
next 12 months to become a pure-play Permian basin producer.
Although QEP did not reach an agreement to divest its Williston
assets in the second-quarter of 2018, we expect the company to
continue to focus the majority of its capital program on the
Permian basin. Additionally, QEP will continue to market its
Williston and eventually its Haynesville assets to raise capital to
reduce debt, develop its Permian acreage, and potentially fund its
share buyback program. We expect the company to operate with four
rigs in the Permian and release rigs in Haynesville and Williston
for the remainder of 2018. This will likely decrease production
significantly in Haynesville and the Williston, but that will be
partially offset by production growth in the Permian basin.

"The negative outlook reflects our view that the company will
continue to focus the majority of its capital program in the
Permian basin over the next 12 months as it continues to market its
Bakken and Haynesville assets. As a result, the company's scale,
scope, and geographic diversity could materially decrease over the
next 12 months.

"We could lower the rating on QEP if it continues to divest assets
or concentrate its capital program solely within the Permian basin.
This would likely increase in the company's geographic
concentration significantly, which we believe would add volatility
to its cash flow and leverage. We could also lower the rating if
FFO-to-debt approaches 20% and debt-to-EBITDA of 4x on a sustained
basis. This could occur if production doesn't materialize as
expected, while still outspending cash flows to develop reserves,
if cost inflation occurs higher than expected, or if commodity
prices decrease significantly.

"A revision to stable is predicated on the company demonstrating a
willingness to maintain its geographic diversity in its production
and reserve bases while maintaining debt-to-EBITDA below 4x and
FFO-to-debt well above 20%. We would expect for production and
reserve growth to materially offset possible declines in the
Haynesville and the Bakken. This would likely occur if the company
decided to maintain assets outside the Permian while investing in
production growth in those areas."



QUALITY UPHOLSTERY: Hires Reel Investment as Sales Broker
---------------------------------------------------------
Quality Upholstery, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Nevada to employ Reel Investment Group,
as marketing agent and sales broker to the Debtor.

Quality Upholstery requires Reel Investment to represent and assist
the Debtor in marketing and sale of its real property located at
112 W. Wyoming Avenue, Las Vegas, Nevada 89102.

Reel Investment will be paid a commission of 6% of the total
consideration.

Robert L. Reel, partner of Reel Investment Group, 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.

                      About Quality Upholstery

Quality Upholstery Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 17-12359) on May 3, 2017.
At the time of the filing, the Debtor estimated assets and
liabilities of less than $1 million.  The case is assigned to Judge
August B. Landis.  Matthew L. Johnson, Esq., Russell G. Gubler,
Esq., and Ashveen S. Dhillon, Esq., at Johnson & Gubler, P.C., in
Las Vegas, Nevada, serve as counsel to the Debtor.



QUANTUM CORP: Delays Form 10-Q Amid Audit Investigation
-------------------------------------------------------
Quantum Corporation notified the Securities and Exchange Commission
via a Form 12b-25 that the filing of its Quarterly Report on Form
10-Q for the period ended June 30, 2018 will be delayed.

As previously announced in the Form 8-K filed by the Company with
the SEC on Feb. 8, 2018, on Jan. 11, 2018, Quantum received a
subpoena from the SEC regarding its accounting practices and
internal controls related to revenue recognition for transactions
commencing April 1, 2016, which was subsequently revised in
discussions with the SEC to include transactions commencing Jan. 1,
2016.  Following receipt of the SEC subpoena, the Company's Audit
Committee began an independent investigation with the assistance of
independent advisors, which is ongoing.  In response to the
subpoena, the Company has produced certain documents and provided
certain information to the Staff of the SEC.

In connection with the Audit Committee's investigation, the Company
and its advisors are performing additional work related to the Form
10-Q, which might result in adjustments to the financial statements
included therein, as well as internal controls and disclosures.

As a result of these developments, the Company has been unable to
complete its preparation and review of its Form 10-Q in time to
file within the prescribed time period without unreasonable effort
or expense.  While the Company continues to work expeditiously to
conclude this review and file the Form 10-Q as soon as practicable,
the Company does not anticipate filing such Quarterly Report on
Form 10-Q within the five day extension provided by Rule 12b-25(b).
The Company said it will continue to devote the resources
necessary to complete the Form 10-Q, the Annual Report on Form 10-K
for the fiscal year ended March 31, 2018, including management's
assessment of internal control over financial reporting, and the
Form 10-Q for the fiscal quarter ended Dec. 31, 2017, as soon as
practicable.

                       About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a scale-out tiered storage, archive
and data protection company, providing solutions for capturing,
sharing, managing and preserving digital assets over the entire
data lifecycle.  From small businesses to major enterprises, more
than 100,000 customers have trusted Quantum to address their most
demanding data workflow challenges.  Quantum's end-to-end, tiered
storage foundation enables customers to maximize the value of their
data by making it accessible whenever and wherever needed,
retaining it indefinitely and reducing total cost and complexity.

As of Sept. 30, 2017, Quantum Corp had $211.2 million in total
assets, $335.5 million in total liabilities and a total
stockholders' deficit of $124.3 million.   

On Jan. 11, 2018, Quantum received a subpoena from the SEC
regarding its accounting practices and internal controls related to
revenue recognition for transactions commencing April 1, 2016.
Following receipt of the SEC subpoena, the Company's audit
committee began an independent investigation with the assistance of
independent advisors, which is currently in process.

On Feb. 15, 2018, the New York Stock Exchange notified Quantum that
it is not in compliance with the NYSE's continued listing standard
because the company has not timely filed Form 10-Q for its fiscal
third quarter 2018 ended Dec. 31, 2017.


R&A PROPERTIES: Amends Discharge Provisions Under Plan
------------------------------------------------------
R&A Properties, Inc., filed an amended disclosure statement, dated
July 25, 2018, explaining its Chapter 11 plan of liquidation.  

The Amended Disclosure Statement is identical to the initial
Disclosure Statement filed with the U.S. Bankruptcy Court for the
Southern District of Iowa on July 17, 2018, except that the Amended
Disclosure Statement revises Paragraph 6 regarding "Discharge" to
provide that no discharge will be entered for the Debtor pursuant
to the Plan in accordance with Section 1141(d)(3)(A)-(C) of the
Bankruptcy Code.  In all other respects the Amended Disclosure
Statement mirrors the initial Disclosure Statement.

A copy of the First Amended Disclosure Statement from
PacerMonitor.com is available at https://tinyurl.com/y76mel6v at no
charge.

                      About R&A Properties

Based in Urbandale, Iowa, R & A Properties Inc. listed its business
as a single-asset real estate. The Company has a fee simple
interest in certain properties in Des Moines.

R & A Properties sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Iowa Case No. 17-01000) on May 22,
2017.  In the petition signed by Robert J. Colosimo, its treasurer
and director, the Debtor disclosed $192,307 in assets and $2.54
million in liabilities.

Wandro & Associates, P.C., serves as counsel to the Debtor.  NAI
Optimum is the Debtor's real estate broker.


RENTPATH INCORPORATED: Bank Debt Trades at 11% Off
--------------------------------------------------
Participations in a syndicated loan under which RentPath Inc.
[ex-Primedia Inc.] is a borrower traded in the secondary market at
88.69 cents-on-the-dollar during the week ended Friday, July 27,
2018, according to data compiled by LSTA/Thomson Reuters MTM
Pricing. This represents a decrease of 1.55 percentage points from
the previous week. RentPath Incorporated pays 475 basis points
above LIBOR to borrow under the $492 million facility. The bank
loan matures on December 11, 2021. Moody's rates the loan 'B2' and
Standard & Poor's gave a 'B+' rating to the loan. The loan is one
of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday, July 27.


RESOLUTE ENERGY: KEMC Fund Has 8.6% Stake as of Aug. 7
------------------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, KEMC Fund IV GP, LLC disclosed that as of Aug. 7, 2018,
it beneficially owns 2,000,206 shares of common stock of Resolute
Energy Corporation, which constitutes 8.6 percent of the shares
outstanding.  The 2,000,206 shares of Common Stock beneficially
owned by KEMC Fund were purchased by the Kimmeridge Funds using the
working capital of the Kimmeridge Funds.  The total purchase price
for the Shares reported herein was approximately $58,722,249.  A
full-text copy of the regulatory filing is available for free at
https://is.gd/v43fwY

                     About Resolute Energy

Based in Denver, Colorado, Resolute Energy Corp. (NYSE:REN) --
http://www.resoluteenergy.com/-- is an independent oil and gas
company focused on the acquisition and development of
unconventional oil and gas properties in the Delaware Basin portion
of the Permian Basin of west Texas.

Resolute incurred a net loss available to common shareholders of
$7.70 million in 2017 following a net loss available to common
shareholders of $161.7 million in 2016.  As of June 30, 2018,
Resolute Energy had $826.6 million in total assets, $909.40 million
in total liabilities and a total stockholders' deficit of $82.77
million.


RITE AID: Moody's Reviews B2 CFR on Review for Downgrade
--------------------------------------------------------
Moody's Investors Service placed the ratings of Rite Aid
Corporation on review for downgrade including its Corporate Family
Rating of B2 and its Probability of Default Rating of B2-PD. The
review for downgrade is prompted by Rite-Aid's announcement that it
has terminated its merger agreement with Albertsons Companies, Inc.


On Review for Downgrade:

Issuer: Rite Aid Corporation

Probability of Default Rating, Placed on Review for Downgrade,
currently B2-PD

Corporate Family Rating, Placed on Review for Downgrade, currently
B2

Senior Secured Bank Credit Facility, Placed on Review for
Downgrade, currently Ba2 (LGD2)

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Caa1 (LGD6)

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently B3 (LGD5)

Outlook Actions:

Issuer: Rite Aid Corporation

Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

The review for downgrade is based upon Moody's view that the merger
termination leaves Rite-Aid in a weaker position as it lacks the
scale or the balance sheet to compete in the changing pharmacy
landscape with much larger and well capitalized competitors like
CVS Health and Walgreens Boots Alliance, Inc. Scale has become
increasingly more important in the competitive environment within
the pharmacy sector. The termination of the merger also negates the
opportunity for Rite-Aid to gain scale and reduce its reliance on
purely drug sales which have been under reimbursement pressure
thereby negatively impacting margins. The combination of Albertsons
and Rite-Aid would have resulted in an enhanced pharmacy network
for Rite-Aid on the west coast and northeast which could have
helped Rite-Aid owned PBM, Envision Rx in contract negotiations.
Moody's current view of the company's liquidity is good and is
supported by ample availability under its $2.7 billion revolving
credit facility maturing in 2020.

Moody's review of Rite-Aid will primarily consider: (1)
management's strategic plan to remain competitive and improve
operating performance of the company; and (2) financial policies.

The principal methodology used in these ratings was Retail Industry
published in May 2018.

Rite Aid Corporation operates 2,569 drug stores in 19 states. It
also operates a full-service pharmacy benefit management company
(Envision Rx). Revenues of Rite Aid are about $22 billion.


ROCKDALE HOSPITALITY: Hires Estes & Gandhi as Tax Protest Agent
---------------------------------------------------------------
Rockdale Hospitality, LLC, seeks authority from the U.S. Bankruptcy
Court for the Western District of Texas to employ Estes & Gandhi,
P.C., as tax protest agent to the Debtor.

Rockdale Hospitality requires Estes & Gandhi to assist the Debtor
in its tax protest during the normal course of its business.

Estes & Gandhi will be paid $1,666 for the services rendered.

Estes & Gandhi will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Niral R. Gandhi, partner of Estes & Gandhi, 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.

Estes & Gandhi can be reached at:

     Niral R. Gandhi
     ESTES & GANDHI, P.C.
     1700 Pacific Avenue, Suite 4610
     Dallas, TX 75201
     Tel: (214) 272-8030
     E-mail: ngandhi@estesgandhi.com

                  About Rockdale Hospitality

Rockdale Hospitality, LLC, a small business debtor as defined in 11
U.S.C. Section 101(51D), is in the traveler accommodation
business.

Rockdale Hospitality, doing business as Days Inn, filed a Chapter
11 petition (Bankr. W.D. Tex. Case No. 18-60100) on Feb. 13, 2018.
In the petition signed by Kamlesh Patel, manager, the Debtor
estimated assets and liabilities at $1 million to $10 million. The
case is assigned to Judge Ronald B. King. Joyce W. Lindauer
Attorney, PLLC, is the Debtor's counsel. The Debtor tapped Aaron
Hungerford as accountant.


SAFE HAVEN: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Safe Haven Health Care, Inc.
           dba Magic Valley Manor
           fdba Carefix Management and Consulting, Inc.
           dba Safe Haven Care Center of Pocatello
           dba Safe Haven Hospital of Pocatello
           dba Safe Haven of Kuna
           dba Safe Haven Hospital of Treasure Valley
           dba Safe Haven Homes of Bellevue
           dba Bell Mountain Village and Care Center
           dba Safe Haven of Monticello, Mount Vernon
           dba Safe Haven Living Center of Pocatello
       8050 West Northview
       Boise, ID 83704

Business Description: Safe Haven Health Care, Inc. --
                      http://www.safehavenhealthcare.org--
                      provides both in-patient and out-patient
                      psychiatric, skilled nursing and assisted
                      living services.  The Company has facilities
                      throughout southwestern, central and eastern
                      Idaho.  Safe Haven is a division of CareFix,
                      Inc.

Chapter 11 Petition Date: August 10, 2018

Case No.: 18-01044

Court: United States Bankruptcy Court
       District of Idaho (Boise)

Judge: Hon. Jim D. Pappas

Debtor's Counsel: Matthew Todd Christensen, Esq.
                  ANGSTMAN JOHNSON
                  3649 N. Lakeharbor Lane
                  Boise, ID 83703
                  Tel: 208-384-8588
                  Fax: 208-853-0117
                  E-mail: mtc@angstman.com
                          info@angstman.com

Total Assets: $10,234,818

Total Liabilities: $17,313,444

The petition was signed by Scott Burpee, president.

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

            http://bankrupt.com/misc/idb18-01044.pdf

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
AACO A-1 Health Care Serv              Vendor            $100,918

AAMCO Medical LLC                      Vendor             $63,198

Blaine County                          Vendor             $34,193

Colonial Funding Network               Vendor             $34,167

Evolution Capital                     Creditor            $34,167

Hansen Hunter and Company              Vendor             $42,355

Holland and Hart                       Vendor             $65,252

ID Dept of Health and Welfare         Medicaid           $638,013
                                     Overpayment

ID Dept of Health and Welfare          Medicaid           $233,025
                                     Overpayment

Independence Rehab                     Vendor             $30,192

Internal Revenue Service                Taxes            $142,330

McKesson Medical-Surgical              Vendor             $28,756

Medsource Incorporated                 Vendor             $26,324

Noridian Healthcare                   Medicare            $91,488
                                     Overpayment   

Omega Healthcare Investors         Lease Agreement     $7,028,024
200 International Circle                Terms
Suite 300
Hunt Valley, MD
2103-1331

Omega Mental Health                    Vendor             $41,307

Parker Public Affairs                  Vendor             $24,000

Sage Health Care PLLC                  Vendor             $30,660

State of Idaho Medicaid                Vendor             $22,244

Strategies 360 Inc.                    Vendor             $38,575


SARAR US: Seeks to Hire Perkins Coie as Counsel
-----------------------------------------------
Sarar USA, Inc., seeks authority from the U.S. Bankruptcy Court for
the District of New Jersey to employ Perkins Coie LLP, as counsel
to the Debtor.

Sarar USA requires Perkins Coie to:

   (a) advise the Debtor with respect to its powers and duties as
       debtor-in-possession in the continued management and
       operation of its business and property;

   (b) attend meetings and negotiate with representatives of
       creditors and other parties in interest;

   (c) take all necessary actions to protect and preserve the
       Debtor's estate, including prosecuting actions on the
       Debtor's behalf, defending any action commenced against
       the Debtor, and represent the Debtor's interests in
       negotiations concerning litigation in which the Debtor is
       or becomes involved, including objections to claims filed
       against the Debtor's estate;

   (d) prepare all motions, applications, answers, orders,
       reports and papers necessary to the administration of the
       Debtor's estate;

   (e) take any necessary action on behalf of the Debtor to
       obtain approval of a disclosure statement and confirmation
       of a chapter 11 plan;

   (f) represent the Debtor in connection with cash collateral
       and post-petition financing matters;

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

   (h) appear before the Bankruptcy Court, any appellate courts
       and the U.S. Trustee, and protect the interests of the
       Debtor's estate before those courts and the U.S. Trustee;

   (i) consult with the Debtor regarding tax matters;

   (j) represent the Debtor in connection with any interactions
       with any federal, state and local governmental agencies;
       and

   (k) perform all other necessary legal services and provide all
       other necessary legal advice to the Debtor in connection
       with its Chapter 11 Case.

Perkins Coie will be paid at these hourly rates:

      Partners                   $605–$1,240
      Counsel                    $500–$1,085
      Associates                 $235–$835
      Paraprofessionals          $140–$465

Perkins Coie received a $20,000 retainer from the Debtor on May 17,
2018. As of the Petition Date, $11,751.25 of the retainer remained
unallocated.

Perkins Coie also received prepetition payments, as compensation
for services rendered on behalf of the Debtor prior to Petition
Date. Specifically, the Firm received payments in the amounts of
$96,361 on June 19, 2018; $75,687 on July 9, 2018; $48,729 on July
13, 2018; $62,170 on July 18, 2018; and $90,000 on July 20, 2018.

Perkins Coie will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Schuyler G. Carroll, partner of Perkins Coie LLP, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Perkins Coie can be reached at:

      Schuyler G. Carroll, Esq.
      Jeffrey D. Vanacore, Esq.
      PERKINS COIE LLP
      30 Rockefeller Plaza, 22nd Floor
      New York, NY 10112-0085
      Tel: (212) 262-6900
      E-mail: scarroll@perkinscoie.com
              jvanacore@perkinscoie.com

                   About Sarar USA, Inc.

Sarar USA, Inc. -- https://www.sararonline.com/ -- is a retailer of
high-end men's apparel selling suits, tuxedos, shirts, jackets,
trousers, shoes, polo shirts, outerwear, knitwear and accessories.
The company is an affiliate of a company based in EskiSehir,
Turkey.  Sarar USA was founded in 2001 and is headquartered in
Little Falls, New Jersey.

Sarar USA, Inc., d/b/a Sarar USA, sought Chapter 11 protection
(Bankr. D.N.J. Lead Case No. 18-24538) on July 20, 2018.
Hon. John K. Sherwood is the case judge.  In the petition signed by
CEO Emre Duru, Sarar USA estimated assets of $1 million to $10
million and liabilities of $10 million to $50 million.  The Debtor
tapped Schuyler G. Carroll, Esq. and Jeffrey Vanacore, Esq. of
Perkins Coie LLP as counsel.  Prime Clerk LLC acts is the Debtor's
claims agent.



SEMLER SCIENTIFIC: Green Park Lowers Stake to 2.2%
--------------------------------------------------
As disclosed in a Schedule 13D/A filed with the Securities and
Exchange Commission, each of Green Park & Golf Ventures, LLC, Green
Park & Golf Ventures II, LLC, GPG SSF Investment, LLC, GPG RM
Investment, LLC, Clay M. Heighten, M.D., Carl D. Soderstrom, and
Gilbert G. Garcia II ceased to be the beneficial owner of more than
five percent of the outstandingshares of common stock of Semler
Scientific, Inc. on Aug. 3, 2018.  Between June 6, 2018 and Aug. 3,
2018, GPG sold an aggregate of 200,473 shares of the Issuer's
common stock.

GPG may be deemed to beneficially own, in the aggregate, 131,173
shares of the Issuer's common stock, representing approximately
2.2% of the Issuer's 6,035,496 shares stated to be outstanding as
of July 31, 2018.  Heighten and Soderstrom may each be deemed to
beneficially own, in the aggregate, 200,473 shares of the Issuer's
common stock, representing approximately 3.3% of the Issuer's
outstanding as of July 31, 2018.

GPG SSF directly beneficially owns 131,173 shares of the Issuer's
common stock.  GPG II and Garcia may each be deemed to beneficially
own, in the aggregate, 69,300 shares of the Issuer's common stock.
GPG RM directly beneficially owns 69,300 shares of the Issuer's
common stock.  

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

                        https://is.gd/NFz8VV

                     About Semler Scientific

Semler Scientific, Inc. -- http://www.semlercientific.com/-- is an
emerging growth company that provides technology solutions to
improve the clinical effectiveness and efficiency of healthcare
providers.  Semler Scientific's mission is to develop, manufacture
and market innovative proprietary products and services that assist
its customers in evaluating and treating chronic diseases.  The
company is headquartered in San Jose, California.

Semler Scientific incurred a net loss of $1.51 million in 2017 and
a net loss of $2.55 million in 2016.  As of June 30, 2018, Semler
Scientific had $5.31 million in total assets, $5.07 million in
total current liabilities, $18,000 in total long-term liabilities
and $216,000 in total stockholders' equity.

The Company's independent registered public accountants' report for
the year ended Dec. 31, 2017 includes an explanatory paragraph that
expresses substantial doubt about its ability to continue as a
"going concern."  BDO USA, LLP, in New York, stated that the
Company has negative working capital, a stockholders' deficit, and
recurring losses from operations that raise substantial doubt about
its ability to continue as a going concern.


SERTA SIMMONS: Bank Debt Trades at 16% Off
------------------------------------------
Participations in a syndicated loan under which Serta Simmons
Bedding LLC is a borrower traded in the secondary market at 84.02
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.46 percentage points from the
previous week. Serta Simmons pays 350 basis points above LIBOR to
borrow under the $1.95 billion facility. The bank loan matures on
November 8, 2023. Moody's rates the loan 'B3' and Standard & Poor's
gave a 'B-' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
July 27.


SHARING ECONOMY: Incurs $6 Million Net Loss in Second Quarter
-------------------------------------------------------------
Sharing Economy International Inc. has filed with the Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net loss of $6.02 million on $2.56 million of revenues for the
three months ended June 30, 2018, compared to a net loss of
$521,422 on $3.71 million of revenues for the three months ended
June 30, 2017.

For the six months ended June 30, 2018, the Company reported a net
loss of $10.88 million on $5.13 million of revenues compared to a
netloss of $667,906 on $8.36 million of revenues for the same
period a year ago.

As of June 30, 2018, Sharing Economy had $74.97 million in total
assets, $9.83 million in total liabilities and $65.13 million in
total stockholders' equity.

Net cash flow used in investing activities was $71,000 for the six
months ended June 30, 2018 as compared to net cash flow provided by
investing activities of $2,081,000 for the six months ended June
30, 2017.  For the six months ended June 30, 2018, net cash flow
used in purchase of property and equipment of $73,000, offset by
cash received from the purchase subsidiary operations of
approximately $2,000.  For the six months ended June 30, 2017, net
cash flow provided by investing activities of $2,081,000, which
reflects the purchase of property and equipment of $14,000 and
proceeds received from sale of subsidiary in cash of $2,095,000.

Net cash flow provided by financing activities was $1,561,000 for
the six months ended June 30, 2018 as compared to net cash flow
used in financing activities of $11,000 for the six months ended
June 30, 2017.  During the six months ended June 30, 2018, the
Company received proceeds from convertible note of $900,000 and
deducted offering costs paid by $195,000, the Company also received
proceeds form bank loan of $706,000, advanced from related party of
$874,000 and received proceeds from sale of common stock of
$256,000, offset by repayments for bank loan of $706,000 and
payments for the decrease in bank acceptance notes payable of
$275,000.  During the six months ended June 30, 2017, the Company
received proceeds from sale of common stock of $860,000 and
proceeds from related party advances of $132,000, offset by
repayment of bank loans of $727,000.

"We have historically funded our capital expenditures through cash
flow provided by operations and bank loans.  We intend to fund the
cost with cash flow from our operations and by obtaining financing
mainly from local banking institutions with which we have done
business in the past.  We believe that the relationships with local
banks are in good standing and we have not encountered difficulties
in obtaining needed borrowings from local banks," the Company
stated in the Quarterly Report.  

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

                       https://is.gd/1u5mqS

                       About Sharing Economy

Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- through its
affiliated companies, designs, manufactures and distributes a line
of proprietary high and low temperature dyeing and finishing
machinery to the textile industry.  The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and rental
business partnerships that will drive the global development of
sharing through economical rental business models.  Moreover, the
Company will actively pursue blockchain technology in its existing
and to-be-acquired business, enabling the general public to realize
the beauty of resource sharing.

RBSM LLP's audit opinion included in the company's Annual Report on
Form 10-K for the year ended Dec. 31, 2017 contains a going concern
explanatory paragraph stating that the Company had a loss from
continuing operations for the year ended Dec. 31, 2017 and expects
continuing future losses, and has stated that substantial doubt
exists about the Company's ability to continue as a going concern.
RBSM has served as the Company's auditor since 2012.

Sharing Economy incurred a net loss of $12.92 million in 2017 and a
net loss of $11.67 million in 2016.


SIW HOLDING: Seeks to Hire CohnReznick as Tax Advisor
-----------------------------------------------------
SIW Holding Company, Inc., and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ CohnReznick, LLP, as tax advisor to the Debtors.

Siw Holding requires CohnReznick to:

   a. advise the Debtors' personnel in developing an
      understanding of the tax issues and options related to the
      Debtors' Chapter 11 filing, taking into account the
      Debtors' specific facts and circumstances, for US federal
      and state tax purposes;

   b. advise the Debtors on the federal, international, state and
      local income tax consequences of proposed plans of
      reorganization, including, if necessary, assisting in the
      preparation of IRS ruling requests regarding the tax
      consequences of alternative reorganization structures and
      tax opinions;

   c. prepare calculations and apply the appropriate federal,
      international, and state and local tax law to determine the
      amount of tax attribute reduction related to debt
      cancellation income and modeling of tax consequences of
      such reduction;

   d. update the draft tax basis balance sheets and draft
      computations of stock basis as of certain relevant dates
      for purposes of analyzing the tax consequences of
      alternative reorganization structures;

   e. analyze federal, state and local tax treatment of the costs
      and fees incurred by the Debtors in connection with the
      bankruptcy proceedings, including tax return disclosure and
      presentation;

   f. analyze federal, state and local tax treatment of interest
      and financing costs related to debt subject to automatic
      stay, and new debt incurred as the Debtors emerge from
      bankruptcy, including tax return disclosure and
      presentation;

   g. advise the Debtors with tax advisory services regarding tax
      aspects of the bankruptcy process;

   h. analyze federal, international, state and local tax
      consequences of restructuring and rationalization of inter-
      company accounts, and upon written request, we will analyze
      impacts of transfer pricing and related cash management;

   i. analyze federal, international, state and local tax
      consequences of restructuring in the U.S. or
      internationally during bankruptcy, including tax return
      disclosure and presentation;

   j. analyze federal, international, state and local tax
      consequences of potential bad debt and worthless stock
      deductions, including tax return disclosure and
      presentation;

   k. analyze federal, international, state and local tax
      consequences of employee benefit plans;

   l. assist with various tax issues arising in the ordinary
      course of business while in bankruptcy, including but not
      limited to IRS and/or state and local tax examinations,
      sales and use tax issues, state and local income/franchise
      tax issues, and employment tax issues;

   m. advise and assist, as permissible, on the validity and
      amount of bankruptcy tax claims or assessments, including
      but not limited to the following types of taxes; income
      taxes, franchise taxes, sales taxes, use taxes, employment
      taxes and property taxes;

   n. assist and advise on securing tax refunds, including but
      not limited to the following types of taxes; income taxes,
      franchise taxes, sales taxes, use taxes, employment taxes
      and property taxes;

   o. assist the Debtors with various property tax matters,
      including assisting with the evaluation and estimation, for
      property tax purposes, of the fair market values of assets,
      review of property tax assessments and claims assigned by
      the taxing authorities, and assisting with the evaluation
      of any assessments presented to you by the taxing
      authorities; and

   p. provide documentation, as appropriate or necessary, of tax
      matters, of tax analysis, opinions, recommendations,
      conclusions and correspondence for any proposed
      restructuring alternative, bankruptcy tax issue, or other
      tax matter described above. The Debtors will be responsible
      for all accounting and management decisions.

CohnReznick will be paid at these hourly rates:

     Partner                               $610 to $815
     Manager/Senior Manager/Director       $450 to $675
     Other Professional Staff              $300 to $450
     Paraprofessional                          $225

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

Joel D. Boff, a partner at CohnReznick, LLP, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

CohnReznick can be reached at:

     Joel D. Boff
     COHNREZNICK, LLP
     1301 Avenue of the Americas
     New York, NY 10019
     Tel: (212) 297-0400

                  About SIW Holding Company

SIW Holding Company, Inc. f/k/a WIS Holding Company and its
subsidiaries were in the business of providing outsourced inventory
verification services and retail merchandising services throughout
the United States and internationally. They provided physical
inventory verification for retail customers in order to manage and
deter inventory shrinkage and to comply with annual GAAP audit
requirements necessitating physical verification. They historically
provided those services to a diverse customer base, including large
retailers such as Walmart. As of Jan. 1, 2017, the Debtors operated
out of 189 offices in 42 U.S. States and nine Canadian provinces.
The Debtors closed the sale of substantially all of their assets to
Retail Services WIS, Corporation on June 8, 2017.

On July 2, 2018, WIS Holding Company, Inc. and certain of its
affiliates filed voluntary petitions for relief under Chapter 11 of
the United States Bankruptcy Code.  The Debtors' bankruptcy cases
are jointly administered under Bankr. D. Del. Case No. 18-11579 and
are pending before the Honorable Christopher S. Sontchi.

The Debtors tapped POTTER ANDERSON & CORROON LLP as counsel; and
JND CORPORATE RESTRUCTURING as claims agent. COHNREZNICK, LLP, is
the tax advisor.



SIW HOLDING: Seeks to Hire Potter Anderson as Counsel
-----------------------------------------------------
SIW Holding Company, Inc., and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Potter Anderson & Corroon LLP as counsel to the Debtors.

Siw Holding requires Potter Anderson to:

   (a) take all necessary action to protect and preserve the
       estates of the Debtors, including the prosecution of
       actions on the Debtors' behalf, the defense of any actions
       commenced against the Debtors, the negotiation of disputes
       in which the Debtors are involved, and the preparation of
       objections to claims filed against the Debtors' estates;

   (b) provide legal advice with respect to the Debtors' powers
       and duties as debtors in possession as the Debtors move
       forward with the Chapter 11 Cases;

   (c) negotiate, prepare, and pursue a plan and disclosure
       statement and the approval of the same;

   (d) prepare, on behalf of the Debtors, as debtors in
       possession, necessary motions, applications, answers,
       orders, pleadings, reports, and other legal papers in
       connection with the continued administration of the
       Debtors' estates;

   (e) appear in Court on behalf of the Debtors;

   (f) assist with any disposition of the Debtors' assets, by
       sale or otherwise; and

   (g) perform all other legal services in connection with the
       Chapter 11 Cases as may reasonably be required.

Potter Anderson will be paid at these hourly rates:

      Partners                   $460 to $1,185
      Associates                 $325 to $585
      Paralegals                 $195 to $325
      Administrative Staff       $105 to $225

In November 2016, Potter Anderson received a retainer in the amount
of $40,000 in connection with legal services related to the Debtors
initial restructuring efforts.  On Dec. 29, 2017, the retainer was
replenished and increased to a total of $151,072.32, to account for
fees expected to be incurred in connection with the planning and
preparation of initial documents and Potter Anderson's proposed
postpetition representation of the Debtors.  On the Petition Date,
the Debtors transferred an additional $75,000 to Potter Anderson to
replenish and further increase the Retainer.  Potter Anderson used
a portion of the Retainer to pay the filing fees associated with
filing of the seven petitions.  After application of prepetition
fees and expenses, along with the filing fees, the amount of
$93,380 as remaining balance held in the firm's trust account.

Potter Anderson will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Jeremy W. Ryan, a partner at Potter Anderson & Corroon LLP, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Potter Anderson can be reached at:

      Jeremy W. Ryan, Esq.
      POTTER ANDERSON & CORROON LLP
      1313 N. Market Street, 6th Floor
      Wilmington, Delaware 19801
      Tel: (302) 984-6000

                   About SIW Holding Company

SIW Holding Company, Inc., f/k/a WIS Holding Company, and its
subsidiaries were in the business of providing outsourced inventory
verification services and retail merchandising services throughout
the United States and internationally. They provided physical
inventory verification for retail customers in order to manage and
deter inventory shrinkage and to comply with annual GAAP audit
requirements necessitating physical verification. They historically
provided those services to a diverse customer base, including large
retailers such as Walmart. As of Jan. 1, 2017, the Debtors operated
out of 189 offices in 42 U.S. States and nine Canadian provinces.
The Debtors closed the sale of substantially all of their assets to
Retail Services WIS, Corporation on June 8, 2017.

On July 2, 2018, WIS Holding Company, Inc. and certain of its
affiliates filed voluntary petitions for relief under Chapter 11 of
the United States Bankruptcy Code.  The Debtors' bankruptcy cases
are jointly administered under Bankr. D. Del. Case No. 18-11579 and
are pending before the Honorable Christopher S. Sontchi.

The Debtors tapped POTTER ANDERSON & CORROON LLP as counsel; and
JND CORPORATE RESTRUCTURING, as claims agent. COHNREZNICK, LLP, is
the tax advisor.


SKILLSOFT CORP: $185MM Bank Debt Trades at 12% Off
--------------------------------------------------
Participations in a syndicated loan under which Skillsoft
Corporation is a borrower traded in the secondary market at 88.13
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 3.68 percentage points from the
previous week. Skillsoft Corporation pays 825 basis points above
LIBOR to borrow under the $185 million facility. The bank loan
matures on April 28, 2022. Moody's rates the loan 'Caa3' and
Standard & Poor's gave a 'CCC' rating to the loan. The loan is one
of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday, July 27.


SKILLSOFT CORPORATION: $465MM Bank Debt Trades at 4% Off
--------------------------------------------------------
Participations in a syndicated loan under which Skillsoft
Corporation is a borrower traded in the secondary market at 96.08
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1.25 percentage points from the
previous week. Skillsoft Corporation pays 475 basis points above
LIBOR to borrow under the $465 million facility. The bank loan
matures on April 28, 2021. Moody's rates the loan 'B3' and Standard
& Poor's gave a 'B-' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, July 27.


SM ENERGY: Fitch Assigns First-Time 'B+' LT IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'B+' to SM Energy Co. (NYSE: SM). The Rating
Outlook is Stable. Fitch has also assigned a 'BB+'/'RR1' rating to
the company's senior secured credit facility and a 'BB-'/'RR3'
rating to its senior unsecured notes.

Proceeds from the senior unsecured notes issuance and recently
completed asset sale will be used to fund the redemption of and the
tender offers on outstanding senior notes.

SM's IDR reflects the company's size (second quarter 2018
production of 115 mmboe/d), oil-focused Permian basin position,
sound hedging policy, strong liquidity profile and focus on
improving leverage metrics via operational efficiency gains,
production growth, and gross debt reductions. These considerations
are offset by execution risk in developing its Howard County
acreage, the company's aggressive capital spending leading to free
cash flow deficits, and a production profile weighted more to
natural gas than growth-oriented Permian peers.

KEY RATING DRIVERS

Initial RockStar Development Favorable: SM acquired its RockStar
assets in the Permian Basin (Howard County) in 2016, which includes
65,000 acres of its total 85,000 acres in the Permian basin. In
2017, the company focused on delineating and developing the
acreage. The last 24 wells that have reached their 30-day peak
initial production (IP) include 15 Wolfcamp A, which averaged 1,320
Boe/d (89% oil), 8 Wolfcamp B, which averaged 1,385 Boe/d (85%
oil), and 1 Lower Spraberry well, which produced approximately
1,080 Boe/d (85% oil). All wells averaged 10,180-foot laterals. All
seven of the rigs operating in the Permian are located on the
RockStar assets.

The initial development program has exceeded initial expectations
on the quality of these assets. The type curves on the latest 24
wells are outperforming earlier SM and peer type curves of 1 mmboe.
SM is pursuing tighter than peer well spacing, which could
negatively impact initial production and estimated ultimate
recovery (EURs). Fitch believes continued success could increase
Wolfcamp A and Lower Spraberry type curves and drilling inventory.

Production Profile Tilted Towards Gas: The company's Eagle Ford
acreage primarily produces natural gas and natural gas liquids
(NGLs). Fitch believes the Eagle Ford assets provide optionality
given its location and NGL content. The company is currently
running two rigs and one frac fleet and is using a joint venture to
drill the majority of the wells on its less developed North Area
acreage. The Eagle Ford program is focused on up-spacing and
optimizing completions to improve returns and assessing new
intervals to expand the resource base. Although the majority of
capital expenditures over the next three years will be spent on the
oil-heavy Midland acreage, the current production profile is not
expected to change significantly over the next three years.

Production Defensively Hedged: SM currently has 80% of expected
remaining 2018 production hedged (80% oil, 70% gas) and 45% of 2019
production hedged. In addition, basis hedges cover 70% of its
remaining 2018 expected Permian oil production. At current leverage
ratios, management prefers to hedge at least 75% of its production.
However, as leverage ratios improve, management anticipates
reducing hedges.

FCF neutral in 2H19: Given the focus on the development of the
RockStar assets, Fitch expects SM to run a free cash flow deficit
in 2018 and during the first half of 2019. At $60 for oil and $3
for natural gas price and an approximate 20% increase in
production, management anticipates turning free cash flow neutral
during the second half of 2019. In the meantime, the free cash flow
deficit is anticipated to be funded out of cash ($616 million as of
2Q 18), recently completed asset sales and, if necessary, the $1
billion undrawn revolver.

Credit Metrics Should Improve: Fitch expects SM's credit metrics to
improve over the next three years. Debt/EBITDA was 4.5x at year-end
2017 and is expected to decline to the low-2x range from a
combination of increasing production and asset sales. Debt/1P of
$6.0/boe is at the high end of peers and debt/flowing of $24,963 is
in line with 'B' category growth-oriented peers. However, both
metrics are expected to improve as production is ramped up. SM's
pre-tax PV-10 of $5.8 billion implies strong asset coverage of the
debt.

Netbacks Below Peers: Because of SM's large exposure to natural
gas, its unhedged cash netback of $19.90 is well below its Permian
peers and more in line with other similarly rated companies that
have more diversified basin exposure or production mix, such as QEP
and Extraction Oil and Gas. The company is investing $70 million in
water infrastructure for its RockStar assets, which should reduce
production costs on that acreage.

DERIVATION SUMMARY

SM is larger than Extraction Oil and Gas (B+ /Stable) in terms of
2018 production guidance (119-123 mmboe/d vs 87-93 mmboe/d) and
proved reserves (468 mmboe vs 292.7 mmboe as of YE 2017). However,
it has a lower proportion of liquids (42% vs 49%) and a slightly
lower netback ($19.9 vs $22.0 as of 1Q 2018). Compared with QEP,
SM's proportion of liquids is higher (59% vs 46%) and its netback
is higher ($19.9 vs $17.2 as of 1Q 2018). However, QEP is larger in
terms of reserves (684.6 mmboe vs 468 mmboe) and debt/flowing is
lower ($19,064 vs $24,963).

SM's leverage at 4.3x as of 1Q 2018 is higher than both QEP (3.3x)
and Extraction (3.0x) as well as Debt/1P reserves ($/boe) $6.0
compared with QEP ($3.5) and Extraction ($4.9). Nevertheless, Fitch
estimates that SM's leverage will decline to the levels of QEP and
Extractions by YE 2018 through production growth.

KEY ASSUMPTIONS

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

  -- WTI Oil price of $58.54 in 2018, $55.00 in 2019-2021; Henry
Hub price of $2.84 in 2018, $3.00 in 2019-2021;

  -- Production increasing by 42% from 2018 to 2021;

  -- Capex of $1.26 billion in 2018, $1 billion in 2019-2021;

  -- Debt issuance of $500 million in third-quarter 2018 to reduce
2022 and 2023 notes;

  -- Elected commitment amount of $1.0 billion throughout the
forecast period;

  -- Minimal shareholder returns and no material acquisitions or
divestitures.


Fitch's recovery analysis for SM used both an asset value based
approach on observed transactions of like assets and a
going-concern (GC) approach, with the following assumptions:

Transactional and asset based valuation, such as recent
transactions for the Permian basin on a $/acre and $/drilling
location basis as well as SEC PV-10 estimates, were used to
determine a reasonable sales price for the company's asset. The
total acreage value comes out to $2.9 billion, in line with other
valuations like the SEC PV-10 of $3.0 billion, a production based
valuation of $3.1 billion and a drilling location valuation of $2.7
billion.

Assumptions for the going-concern approach include:

  -- Fitch assumed a bankruptcy scenario exit EBITDA of $580
million. The EBITDA estimate takes into account a prolonged
commodity price downturn ($40/WTI and $2/mcf gas in 2018 and 2019
moving towards $45/WTI and $2.50mcf gas in 2020) causing lower than
expected production and potential liquidity constrained as the
borrowing base is re-determined downwards.

  -- GC enterprise value (EV) multiple of 5.3x versus a historical
energy sector multiple of 6.3x. The multiple is reflective of SM's
rapid development in the Permian, execution risk of its development
program, and the company's material exposure to natural gas and
NGLs.

The recovery is based on the enterprise value of the company at
$3.045 billion. After administrative claims of 10%, there is $2.741
billion available to creditors. The senior secured revolver is
expected to be fully drawn in a bankruptcy scenario but is
forecasted to recovery fully of a Recovery Rating of 'RR1'. The
senior unsecured notes receive the remaining value and recovery at
an 'RR3' level.

RATING SENSITIVITIES

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

  -- Production increases driven by successful development of the
RockStar acreage.

  -- Debt/EBITDA is maintained in the low-3x range;

  -- Maintenance of an adequate hedging program to facilitate
drilling & completion activity;

  -- Successful renegotiation of the revolving credit facility that
extends the maturity.

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

  -- Expectation of mid-cycle debt/EBITDA above 4.0x;

  -- Inability to meet stated production growth from Midland Basin
acreage;

  -- Deterioration of the liquidity profile or an inability to
access capital to fund growth;

  -- A change in financial policy that would prevent company from
meeting stated leverage goals.

LIQUIDITY

As of June 30, 2018, SM's liquidity consisted of $616 million in
cash on the balance sheet and full availability on its $1 billion
revolving credit facility. SM credit facility allows for a
borrowing base of $1.27 billion and committed amounts of $1
billion. The next regularly scheduled semi-annual borrowing base
redetermination will be Ocy. 1, 2018.

The next debt maturities are in 2021, which includes a $172.5
million convertible note. Management intends to use proceeds from a
pending asset sale and new senior note issuance to call and tender
for a portion of its near maturity unsecured senior notes.

The revolver matures in 2019 and Fitch believes that the
transaction will facilitate renegotiations for a new revolving
credit facility.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following ratings:

SM EnergyCo.

  -- Long-Term IDR 'B+';

  -- Senior Secured Revolver 'BB+'/'RR1';

  -- Senior Unsecured Debt 'BB-'/'RR3';

The Rating Outlook is Stable.


SOLAR CAPITAL: S&P Withdraws 'BB+' Issuer Credit Rating
-------------------------------------------------------
S&P Global Ratings said it withdrew its 'BB+' issuer credit rating
on Solar Capital Ltd. at the company's request. At the time of the
withdrawal, the outlook was stable.

The withdrawal follows S&P Global Ratings' downgrade of Solar
Capital Ltd. to 'BB+' on Aug. 7, 2018. Recently, the company's
board of directors approved the application of the modified asset
coverage requirement allowed by the Small Business Credit
Availability Act. As a result, the company will be subject to a
150% asset coverage requirement, as opposed to the current 200%
asset coverage requirement, one year from the date of approval. At
the time of the downgrade, S&P revised its anchor, or starting
point, for its rating on Solar Capital Ltd. to 'bb+', in line with
other companies that either received board or shareholder approval
to adopt the new regulation.


SPA 810 LLC: Seeks to Hire Kezos & Dunlavy as Accountant
--------------------------------------------------------
SPA 810, LLC, seeks authority from the U.S. Bankruptcy Court for
the District of Arizona to employ Kezos & Dunlavy, LLC, as
accountants to the Debtor.

SPA 810, LLC requires Kezos & Dunlavy to:

   a. audit the consolidated financial statements, balance
      sheets, related statements of income, retained earnings,
      and cash flows for the twelve-month period ending December
      31, 2017;

   b. express an opinion as to whether the financial statements
      are fairly presented, in all material respects, in
      conformity with U.S. generally accepted accounting
      principles; and

   c. prepare an audit report to be included in the Debtor's
      Franchise Disclosure Document.

Kezos & Dunlavy will be paid the amount of $8,500.

Kezos & Dunlavy will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Patrick Dunlavy, partner of Kezos & Dunlavy, 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.

Kezos & Dunlavy can be reached at:

     Patrick Dunlavy
     KEZOS & DUNLAVY, LLC
     1240 East 100 South, Suite 3
     St. George, UT 84790
     Tel: (435) 656-0360
     Fax: (435) 656-1850

                         About SPA 810

SPA 810, LLC -- https://www.spa810.com/ -- owns and operates spas.
It is headquartered in Scottsdale, Arizona, with locations in
Texas, Arkansas, Florida, Iowa, Minnesota, Georgia, Oklahoma,
Colorado, and Kentucky.

SPA 810 and affiliate Phoenix Global Consulting Services sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz.
Case Nos. 18-06718 and 18-06719) on June 11, 2018.

At the time of the filing, SPA 810 estimated assets of less than
$500,000 and liabilities of less than $1 million to $10 million;
and Phoenix Global estimated less than $50,000 in assets and less
than $1 million in liabilities.

The Debtors tapped Dickinson Wright PLLC as their legal counsel.

On June 22, 2018, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors in the Debtors' cases.
The committee retained Tiffany & Bosco, P.A., as its legal
counsel.



SS&C TECHNOLOGIES: S&P Gives BB Issuer Credit Rating, Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issuer credit rating to
Windsor, Conn.-based SS&C Technologies Holdings Inc. The outlook is
negative.

S&P said, "Our 'BB' issue-level rating and '3' recovery rating on
SS&C Technologies Inc.'s upsized senior secured debt remain
unchanged. The '3' recovery rating indicates our expectation for
meaningful (50%-70%; rounded estimate: 50%) recovery in the event
of a default."

Pro forma for the acquisition of Eze Software, SS&C's leverage will
be in the low-5x area, which is similar to the company's metrics
following its acquisition of DST Systems earlier this year. The
company is executing well on its integration of DST, having taken
action on an estimated $130 million of cost savings from the
transaction in the second quarter of 2018, and is performing in
line with our prior forecast for 2019. While DST essentially
doubled the scale of SS&C, there does not appear to be any visible
signs of disruption from the integration process. S&P views the
integration of Eze as significantly less complex given the size and
planned cost savings, though we do recognize that SS&C will be
integrating two companies at the same time, which is inherently
more risky. The negative outlook reflects that the company will
have limited headroom for operating shortfalls following the
acquisition of Eze.

S&P said, "The negative outlook on SS&C reflects our view of the
company's continued high leverage, which will remain in excess of
5x following the close of its acquisition of Eze Software. The
outlook also reflects the risks associated with integrating Eze at
the same time as it integrates DST Systems, which could potentially
cause its leverage to remain above 5x if its operations are
disrupted. While we expect SS&C to reduce its leverage below 5x in
the 12 months following the close of the transaction, the company's
current leverage provides limited headroom for operating
shortfalls.

"We could lower our rating on SS&C if the frequency and scale of
its recent debt-funded acquisitions continue such that its leverage
significantly exceeds 5x irrespective of our expectation that pro
forma leverage will decline below 5x over the following 12-month
period. We could lower the rating through a revision to our
assessment of the company's financial policy, as the company has
shown its continued willingness to lever up over 5x.

"We could revise our outlook on SS&C to stable if the company
successfully integrates DST Systems and Eze Software and uses its
excess FOCF to repay its debt such that its leverage declines below
5x on a sustained basis."



STARWOOD PROPERTY: S&P Affirms 'BB' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings said it affirmed its 'BB' issuer credit and
senior secured debt ratings and 'BB-' senior unsecured debt ratings
on Starwood Property Trust Inc. The outlook remains stable.

The rating affirmation follows Starwood's announcement of a
definitive agreement to acquire GE Capital's Energy Financial
Services' Project Finance Debt Business and loan portfolio for
$2.56 billion, including $400 million of unfunded loan commitments.
The acquisition is expected to close in the third quarter of 2018.

S&P said, "We expect debt to adjusted total equity (ATE) to
increase to about 2.30x pro forma for the acquisition and
redemptions related to its 2019 convertible notes. Debt to ATE was
1.99x as of March 30, 2018, and we had expected leverage to be
1.75x–2.50x. We now expect leverage will be 2.25x–2.75x, which
suggests that the cushion at the current rating level is somewhat
reduced.

"We believe the credit quality of the 51 project finance loans
Starwood acquired are of similar credit quality as its existing
commercial real estate portfolio. The portfolio is 100% senior
secured with 95% fully or partially contracted revenue. The gross
asset yield is about 5.50% with borrower debt service coverage of
1.6x. That said, we will continue to monitor the performance of the
energy project finance portfolio closely as it becomes integrated
into Starwood's investment portfolio.

"Although the energy project finance portfolio is nontraditional
for commercial real estate finance companies, we believe that
Starwood will successfully leverage the experience of its
affiliate, Starwood Energy Group, which specializes in comparable
energy infrastructure investments." The acquisition includes an
established platform, which has 21 full-time employees.

The stable outlook reflects S&P Global Ratings' expectation that
Starwood's profitability and performance of its loan and investment
portfolios will remain strong over the next 12 months and that
leverage will be 2.25x-2.75x debt to ATE. S&P expects the credit
performance of the energy project finance portfolio and subsequent
originations to be consistent with Starwood's existing commercial
real estate portfolio.

Downside scenario

S&P said, "We could lower the ratings if the company increases
leverage above 2.75x, if declining commercial real estate property
valuations and weakening loan performance strain liquidity, or if
the company takes large impairments in its investment portfolio.
Upside scenario

"We are not likely to raise the ratings in the near term, until
Starwood demonstrates that the energy project finance business does
not increase the risk of its investment portfolio. Longer term, we
could raise the ratings on Starwood if it reduces its use of
repurchase funding while smoothing unsecured debt maturities, or
reduces leverage below 1.5x debt to ATE."



T. FIORE DEMOLITION: Hires PRE Real Estate as Real Estate Broker
----------------------------------------------------------------
T. Fiore Demolition, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of New Jersey to employ PRE Real Estate
Services, as real estate broker to the Debtor.

T. Fiore Demolition requires PRE Real Estate to market and sell the
Debtor's real property located at 411 Wilson Avenue, Newark, New
Jersey.

PRE Real Estate will be paid a commission of 3% of the net sales
price upon closing of title, or 6% of the base rent payable
monthly.

PRE Real Estate will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Jason Marzano, a partner at PRE Real Estate Services, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

PRE Real Estate can be reached at:

     Jason Marzano
     PRE REAL ESTATE SERVICES
     217 Chestnut St.
     Netwark, NJ 07105
     Tel: (973) 690-5663
     Fax: (973) 465-6707

                   About T. Fiore Demolition

T. Fiore Demolition Inc., based in Newark, NJ 07105, filed a
Chapter 11 petition (Bankr. D.N.J. Case No. 18-25432) on August 1,
2018.  In the petition signed by Theodore F. Fiore, Sr., president
and sole member, the Debtor estimated $10 million to $50 million in
assets and $1 million to $10 million in liabilities.  The Hon.
Stacey L. Meisel presides over the case.  Jay L. Lubetkin, Esq., at
Rabinowitz Lubetkin & Tully, LLC, serves as bankruptcy counsel to
the Debtor.


T. FIORE DEMOLITION: Hires Rabinowitz Lubetkin as Attorney
----------------------------------------------------------
T. Fiore Demolition, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of New Jersey to employ Rabinowitz Lubetkin
& Tully, LLC, as attorney to the Debtor.

T. Fiore Demolition requires Rabinowitz Lubetkin to provide legal
services including necessary court appearances, research,
preparation and drafting of pleadings and other legal documents,
hearing preparation and related work, negotiations and advise with
respect to the Debtor's Chapter 11 proceeding.

Rabinowitz Lubetkin will be paid at these hourly rates:

         Partners             $325 to $550
         Associates           $195 to $325
         Paralegals               $150

Rabinowitz Lubetkin will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Jay L. Lubetkin, a partner at Rabinowitz Lubetkin, 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.

Rabinowitz Lubetkin can be reached at:

         Jay L. Lubetkin, Esq.
         RABINOWITZ LUBETKIN & TULLY, LLC,
         293 Eisenhower Parkway, Suite 100
         Livingston, NJ 07039
         Tel: (973) 597-9100

                  About T. Fiore Demolition

T. Fiore Demolition Inc., based in Newark, NJ 07105, filed a
Chapter 11 petition (Bankr. D.N.J. Case No. 18-25432) on Aug. 1,
2018.  In the petition signed by Theodore F. Fiore, Sr., president
and sole member, the Debtor estimated $10 million to $50 million in
assets and $1 million to $10 million in liabilities.  The Hon.
Stacey L. Meisel presides over the case.  Jay L. Lubetkin, Esq., at
Rabinowitz Lubetkin & Tully, LLC, serves as bankruptcy counsel to
the Debtor.


TELESCOPE MANAGEMENT: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Telescope Management Group, LLC
           dba Bevello
         201 Kitty Hawk Drive Suite 95
        Morrisville, NC 27560

Business Description: Telescope Management Group, LLC is privately
                      held company in  Morrisville, North
                      Carolina, in the management services
                      business.

Chapter 11 Petition Date: August 10, 2018

Case No.: 18-04012

Court: United States Bankruptcy Court
       Eastern District of North Carolina
       (Raleigh Division)

Judge: Hon. David M. Warren

Debtor's Counsel: William P. Janvier, Esq.
                  JANVIER LAW FIRM, PLLC
                  311 E Edenton Street
                  Raleigh, NC 27601
                  Tel: 919 582-2323
                  Fax: 866 809-2379
                  E-mail: bill@janvierlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Chan Namgong, 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/nceb18-04012.pdf


UNITI GROUP: S&P Cuts Issuer Credit Rating to 'CCC+', Outlook Dev.
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Little Rock,
Ark.-based Uniti Group Inc. to 'CCC+' from 'B-'. The outlook is
developing.

At the same time, S&P lowered the rating on Uniti's senior secured
debt to 'B-' from 'B'. The recovery rating remains '2', which
indicates S&P's expectation of substantial (70%-90%; rounded
estimate: 80%) recovery in the event of payment default.

S&P said, "In addition, we lowered the rating on Uniti's senior
unsecured debt to 'CCC-' from 'CCC'. The recovery rating remains
'6', which indicates our expectation of negligible (0%-10%; rounded
estimate: 0%) recovery in the event of payment default."

The lower rating follows the downgrade of Uniti's principal leasing
tenant, Windstream, which accounts for a majority of Uniti's
revenue and cash flow. Furthermore, the downgrade reflects the risk
associated with Windstream's ability to address upcoming debt
maturities given its ongoing weak operating and financial
performance due to secular industry declines and aggressive
competition from incumbent cable providers and other telecom
operators.

The developing outlook reflects the tight linkage of Uniti's credit
profile to that of Windstream, which continues to suffer from weak
operating and financial performance because of secular industry
declines and aggressive competition. S&P could lower or raise the
rating based on Windstream's ability to address its near-term debt
maturities because of these factors.

S&P said, "We could downgrade Uniti if we lowered the rating on
Windstream because we had less confidence in its ability to
refinance or extend its near-term debt maturities. However, we
would not necessarily lower the rating on Uniti if Windstream
engaged in additional distressed transactions. We could also lower
the rating if Windstream pressured Uniti into renegotiating the
terms of its lease with Windstream, such that leasing revenue was
materially reduced.

"We could upgrade Uniti if we raised the rating on Windstream due
to a successful refinancing or extension of its near-term debt
maturities--such that existing lenders were not disadvantaged
relative to the debt's original terms--and we had more confidence
in the company's ability to address maturities as they come due. We
could also raise the rating if the company diversified and improved
the quality of its tenant and asset bases through acquisitions that
support an improved view of the overall business profile, without a
corresponding increase in leverage."



VERITAS SOFTWARE: Bank Debt Trades at 8% Off
--------------------------------------------
Participations in a syndicated loan under which Veritas Software is
a borrower traded in the secondary market at 92.21
cents-on-the-dollar during the week ended Friday, July 27, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 2.22 percentage points from the
previous week. Veritas Software pays 450 basis points above LIBOR
to borrow under the $1.933 billion facility. The bank loan matures
on January 27, 2023. Moody's rates the loan 'B2' and Standard &
Poor's gave a 'B' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, July 27.


VISTRA OPERATIONS: Fitch Rates New $800MM Sr. Unsec. Notes 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB'/'RR4' rating to Vistra Operations
Company LLC's (Vistra Operations) proposed $800 million senior
unsecured notes due 2026. The 'RR4' denotes average recovery in the
event of default. Fitch has also affirmed Vistra Operations'
Long-term Issuer Default Rating (IDR) and that of its parent
company, Vistra Energy Corp. (Vistra) at 'BB'. The Rating Outlook
is Stable.

Vistra launched a tender offer to purchase, in cash, its
outstanding 7.375% senior notes due 2022, 7.625% senior notes due
2024, 8.034% senior notes due 2024, 8.000% senior notes due 2025
and 8.125% senior notes due 2026, all part of the legacy Dynegy
Inc. debt, for an aggregate purchase price not to exceed $1.5
billion. The tender offer and the associated transaction costs will
be funded by the proceeds from the new notes at Vistra Operations
along with cash on hand and proceeds from a planned $300 million
Accounts Receivable Securitization. This transaction is part of
management's efforts to simplify the capital structure post the
acquisition of Dynegy and consolidate the debt issuances at Vistra
Operations. The transaction provides added benefits of reducing
interest expense, extending the debt maturity profile and modest
deleveraging via reduction in gross debt.

Vistra's 'BB' Long-Term IDR reflects its size and scale as the
largest independent power producer in the U.S., fuel and geographic
diversity amassed through the recently completed acquisition of
Dynegy, a high margin retail electricity business in Texas and
strategic priority to grow its retail business outside of Texas,
strong free cash flow generation and commitment to conservatively
manage balance sheet with a goal to attain net debt to EBITDA of
2.5x (or gross debt/EBITDA of 3.0x or less) by year-end 2019. On
May 1, Vistra repaid $850 million of Dynegy senior unsecured notes
due 2019. Fitch believes the debt reduction target is achievable
given the strong free cash flow generation and the ability to call
approximately $3.7 billion of Dynegy's senior notes in 2018 and
2019.

KEY RATING DRIVERS

Transaction Simplifies Capital Structure: The issuance of senior
unsecured notes at Vistra Operations and the concurrent tender
offer of a portion of the legacy Dynegy debt, continues
management's efforts to simplify the capital structure. In May, all
secured credit facilities were moved to Vistra Operations and the
legacy Dynegy term loan and revolver were eliminated. Substantially
all of the legacy Dynegy operations were moved under Vistra
Operations. Guarantors of the secured credit facilities guarantee
the new notes and the legacy Dynegy senior notes. The new notes do
not receive the intermediate holding parent guarantee unlike the
senior secured credit facilities and legacy Dynegy senior notes.

Dynegy Acquisition Adds Scale and Diversity: Fitch favorably views
Vistra's acquisition of Dynegy in an all stock deal that has
created the largest independent power producer in the U.S. with
approximately 41 GW of installed capacity. The acquisition
diversifies Vistra's fleet away from Texas, which, while exhibiting
a favorable demand supply dynamic, lacks the additional revenue
support that capacity markets provide in other regions such as PJM
and New England. The addition of Dynegy's combined cycle gas
turbine fleet boosts the combined entity's natural gas share of
generation to 52% from 36%, lowering the overall fleet's
sensitivity to natural gas prices. Vistra expects to realize
material synergy savings from its combination with Dynegy, which
will result in EBITDA uplift from synergies and operational
improvements of $500 million. Vistra also expects to realize $260
million of run rate free cash flow benefits from deleveraging and
capital structure efficiencies and projects a substantial decline
in federal cash taxes and Tax Receivable Agreement payments over
2018 - 2022 due to the ability to utilize Dynegy's net operating
losses. As a partial offset, the combination with Dynegy
significantly increases Vistra's long generation position, and, in
this regard, Fitch views favorably management's strategic goal to
grow its retail presence outside Texas.

Demonstrated Stability of the Texas Retail Business: TXU Energy,
Vistra's retail electricity business in Texas, is a high margin
business that offers an effective sales channel and a partial hedge
for its wholesale generation. Retail margins in the commercial and
industrial segment have generally remained range-bound during
commodity cycles and residential retail margins are usually
counter-cyclical given the length and stickiness of the customer
contracts. Strong brand recognition, tailored customer offerings
and effective customer service are driving high customer retention,
and TXU Energy has seen its attrition rates decline over the years.
Residential customer count in the Electric Reliability Council of
Texas (ERCOT) has remained largely stable at 1.5 million since
2015. Vistra's integrated model (wholesale plus retail) in Texas
has resulted in relatively stable level of EBITDA over 2012 - 2017.
The ERCOT retail business grew its customer count by approximately
1% in the second quarter of 2018 demonstrating its ability to win
market share in periods of volatile commodity movements.

Favorably Positioned Tightening Texas Market: Vistra's decision to
retire 4.2 GW of coal plants in Texas (Monticello, Big Brown and
Sandow 4-5) has contributed to a tightened power market and the
reserve margins are expected to fall to below ERCOT's 13.75%
threshold for the years 2019 - 2023 based upon ERCOT's May 2018
Capacity, Demand and Reserves report. Forward power prices for 2018
and 2019 jumped up following the retirement announcements,
providing Vistra opportunity to opportunistically hedge. Even
though forward power curves are backwardated due to limited
long-term hedging by retail electricity providers, tight reserve
margins and extreme weather events can lead to a sharp run-up in
current and forward year prices providing opportunities for Vistra
to hedge. ERCOT continues to witness strong growth in electricity
demand unlike other competitive markets, which could keep power
prices elevated over the medium term.

Long-Term Headwinds to Margin Growth: The competitive markets
continue to face structural imbalances brought on by the onslaught
of renewables and the growth in supply of efficient natural
gas-fired plants in certain markets due to extremely low natural
gas prices even as power demand growth remains flat to down in most
markets excluding ERCOT. State intervention to save struggling
nuclear plants via subsidies has a potential to skew market price
setting mechanisms. In addition, rapid advancements in battery
storage technologies have the potential to accelerate the
generation mix shift away from fossil fuel power plants leading to
long-term uncertainty for merchant generation business models.
Given the uncertain long-term backdrop, management's strategic
initiatives to grow its retail presence, rationalize generation
capacity in certain markets such as the Midwest and California and
start to focus on renewables and battery storage are positive, in
Fitch's view.

Strong Cash Flow Generation Supports Deleveraging: Fitch believes
the company should be able to deliver adjusted EBITDA within
management's guidance ranges of $2,700 million - $2,900 million in
2018 and $3,200 million - $3,500 million in 2019. Realization of
synergy benefits and O&M cost control should offset the drag from
declining capacity revenues in 2020, in Fitch's view. Management
expressed confidence in its ability to generate approximately $3
billion in adjusted EBITDA in any commodity environment. Fitch
expects Vistra to generate free cash flow of more than $1.5 billion
in 2018 and upwards of $2.0 billion in 2019 and beyond, prior to
return of capital to shareholders. In June, Vistra's Board
authorized a $500 million share repurchase program to be executed
over 18 months. Initiation of a dividend remains under
consideration. Capex is largely attributable to maintenance items
for the generation assets and is projected to be within the $450
million - $500 million range through 2020. The retail business
generates a substantial amount of free cash flow since capex
requirements are modest. The strong free cash flow generation
affords management ample financial flexibility to execute its
leverage reduction goals as well as reinvest and/or return capital
to shareholders. Fitch believes management's 2.5x net debt/EBITDA
target by year-end 2019 is achievable given the FCF profile and
ability to call $3.7 billion of legacy Dynegy notes in 2018 and
2019.

DERIVATION SUMMARY

Vistra is well positioned relative to Calpine Corporation
(B+/Stable), Exelon Generation (ExGen, BBB/Stable) and PSEG Power
(BBB+/Negative) in terms of size, scale and geographic and fuel
diversity. Vistra is the largest independent power producer in the
country with approximately 41 GW of generation capacity compared to
Calpine's 26 GW, ExGen's 33 GW and PSEG Power's 12 GW. Vistra's
generation capacity is well diversified by fuel compared to
Calpine's natural gas heavy and ExGen's nuclear heavy portfolio.
Similarly, Vistra's portfolio is well diversified geographically as
compared to the Northeast dominant portfolio of ExGen and PSEG
Power. Both Vistra and ExGen benefit from their ownership of large
retail electricity businesses, which are typically countercyclical
to wholesale generation given the length and stickiness of customer
contracts. Vistra has a dominant position in the mass retail market
in Texas, which has generated stable EBITDA over 2012 - 2017
despite power price volatility.

A key benefit of acquiring Dynegy has been the drop in sensitivity
of Vistra's EBITDA to changes in natural gas prices and heat rates.
Vistra's gross debt/EBITDA (pro forma for Dynegy's acquisition) of
3.7x and the target to reach 3.0x or less by 2019 compares
favorably to Calpine's 6.2x gross leverage at the end of 2017 and
projected 5.2x in 2019. Exgen's gross debt/EBITDA was approximately
4.0x in 2017 and is projected to trend down to 3.0x or below over
the next few years. For PSEG Power, debt/EBITDA is expected to
remain in the 2.4x - 2.8x range through 2019. The ratings of both
ExGen and PSEG Power benefit considerably from their ownership by a
utility holding company.

KEY ASSUMPTIONS

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

  -- Nine months of Dynegy incorporated in 2018 projections;

  -- Estimated generation of 196 TWHs in 2018 and 198 TWHs in
2019;

  -- Hedged generation in 2018 and 2019 per management's guidance;

  -- Retail load of approximately 65-70 TWHs;

  -- Power price assumption based on Fitch's base deck for natural
gas prices of $2.75/MMBtu in 2018 and $3.0/MMBtu 2019 onwards and
current market heat rates;

  -- Capacity revenues per past auction results and no material
upside in future auctions;

  -- $150 million of synergies realized in 2018, $400 million in
2019 and $500 million in 2020;

  -- Maintenance capex of approximately $400 million in 2018 and
$500 million p.a. in subsequent years;

  -- Deleveraging in 2018 - 2019 to reach 3.0x gross debt/EBITDA
target;

  -- No new generation contemplated after the 180 MW Upton solar
plant is complete;

  -- Approximately $1.4 billion of legacy Dynegy notes called,
funded with $400 million of cash, proceeds from the $800 million
unsecured notes issuance and $300 million accounts receivable
securitization.

RATING SENSITIVITIES

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

  -- Execution of deleveraging as per management's stated goal such
that gross debt to EBITDA is below 3.0x on a sustainable basis;

  -- Track record of stable EBITDA generation;

  -- Measured approach to growth;

  -- Balanced allocation of free cash flow that maintains balance
sheet flexibility while maintaining leverage within stated goal.

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

  -- Weaker power demand and/or higher-than-expected supply
depressing wholesale power prices and capacity auction outcomes in
its core regions;

  -- Unfavorable changes in regulatory construct/rules in the
markets that Vistra operates in;

  -- Rapid technological advancements and cost improvements in
battery and renewable technologies that accelerate the shift in
generation mix away from fossil fuels;

  -- An aggressive growth strategy that diverts a significant
proportion of free cash flow toward merchant generation assets
and/or overpriced retail acquisitions;

  -- Gross debt/EBITDA above 3.5x on a sustainable basis.

LIQUIDITY

Fitch views Vistra's liquidity as adequate. Vistra Operations
currently has a $2.5 billion revolving credit facility and as of
June 30, 2018 had $757 million of unrestricted cash on hand. Vistra
plans to use $400 million of cash as part of the refinancing
transaction. Fitch expects Vistra to generate a sizeable amount of
free cash flow annually and maintain a minimum of $400 million of
cash on its balance sheet for working capital purposes.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following ratings with a Stable Outlook:

Vistra Operations Company LLC

  -- Senior unsecured guaranteed notes 'BB'/'RR4'.

Fitch has affirmed the following ratings with a Stable Outlook:

Vistra Energy Corp.

  -- Long-Term IDR at 'BB';

  -- Senior unsecured guaranteed notes at 'BB'/'RR4'.

Vistra Operations Company LLC

  -- Long-Term IDR at 'BB';

  -- First lien secured revolving credit facility at 'BBB-'/'RR1';

  -- First lien secured term loan at 'BBB-'/'RR1'.


WEATHERFORD INT'L: Capital World Reports 4.1% Stake as of July 31
-----------------------------------------------------------------
Capital World Investors, a division of Capital Research and
Management Company, disclosed in a Schedule 13G/A filed with the
Securities and Exchange Commission that as of July 31, 2018, it
beneficially owns 40,940,000 shares of common stock of Weatherford
International plc, which constitutes 4.1 percent of the shares
outstanding.

Capital World Investors divisions of CRMC and Capital International
Limited collectively provide investment management services under
the name Capital World Investors.  Capital World Investors is
deemed to be the beneficial owner of 40,940,000 shares or 4.1% of
the 996,749,190 shares believed to be outstanding.

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

                       https://is.gd/Tzwyuv

                        About Weatherford

Weatherford (NYSE: WFT), an Irish public limited company and Swiss
tax resident -- http://www.weatherford.com/-- is a multinational
oilfield service company providing innovative solutions, technology
and services to the oil and gas industry.  The Company operates in
over 90 countries and has a network of approximately 780 locations,
including manufacturing, service, research and development, and
training facilities and employs approximately 28,700 people.

Weatherford reported a net loss attributable to the Company of
$2.81 billion in 2017, a net loss attributable to the Company of
$3.39 billion in 2016, and a net loss attributable to the Company
of $1.98 billion in 2015.  As of June 30, 2018, Weatherford had
$8.97 billion in total assets, $10.29 billion in total liabilities
and a shareholders' deficiency of $1.31 billion.

                          *     *     *

As reported by the TCR on May 10, 2018, Fitch Ratings affirmed and
withdrew its ratings on Weatherford International, including the
Long-term Issuer Default Rating (IDR) at 'CCC'.  Fitch withdrew
Weatherford's ratings for commercial reasons.  Fitch reserves the
right in its sole discretion to withdraw or maintain any rating at
any time for any reason it deems sufficient.


WEATHERFORD INTERNATIONAL: Files Form 10-Q Reporting $264M Q2 Loss
------------------------------------------------------------------
Weatherford International public limited company has filed with the
Securities and Exchange Commission its Quarterly Report on Form
10-Q reporting a net loss attributable to the Company of $264
million on $1.44 billion of total revenues for the three months
ended June 30, 2018, compared to a net loss attributable to the
Company of $171 million on $1.36 billion of total revenues for the
same period last year.

For the six months ended June 30, 2018, the Company reported a net
loss attributable to the Company of $509 million on $2.87 billion
of total revenues compared to a net loss attributable to the
Company of $619 million on $2.74 billion of total revenues for the
six months ended June 30, 2017.

As of June 30, 2018, Weatherford International had $8.97 billion in
total assets, $10.29 billion in total liabilities and a total
shareholders' deficiency of $1.31 billion.

At June 30, 2018, the Company had cash and cash equivalents of $415
million compared to $613 million at Dec. 31, 2017.

In the first six months of 2018, cash used in operating activities
was $315 million compared to cash used of $241 million in the first
six months of 2017.  Cash used in operating activities in 2018 was
driven by working capital needs, cash payments for debt interest
and cash severance and restructuring costs.

The Company's cash used in investing activities was $14 million
during the first six months of 2018 compared to cash used of $315
million in the first six months of 2017.  In the first six months
of 2018, the primary drivers of investing activities were capital
expenditures of $86 million for property, plant and equipment and
assets held for sale, which was partially offset by net proceeds
from dispositions of $75 million.

In February 2018, the Company issued $600 million in aggregate
principal amount of its 9.875% senior notes due 2025 for net
proceeds of $588 million.  The Company used part of the proceeds
from its debt offering to repay in full its 6.00% senior notes due
March 2018 and to fund a concurrent tender offer to purchase for
cash any and all of its 9.625% senior notes due 2019.

"Our sources of available liquidity include cash and cash
equivalent balances, cash generated by our operations, accounts
receivable factoring, dispositions, and availability under
committed lines of credit.  We also historically have accessed
banks for short-term loans from uncommitted borrowing arrangements
and have accessed the capital markets with debt and equity
offerings.  From time to time we may and have entered into
transactions to dispose of businesses or capital assets that no
longer fit our long-term strategy," the Company stated in the
filing.

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

                      https://is.gd/Yb8mAd

                       About Weatherford

Weatherford (NYSE: WFT), an Irish public limited company and Swiss
tax resident -- http://www.weatherford.com/-- is a multinational
oilfield service company providing innovative solutions, technology
and services to the oil and gas industry.  The Company operates in
over 90 countries and has a network of approximately 780 locations,
including manufacturing, service, research and development, and
training facilities and employs approximately 28,700 people.

Weatherford reported a net loss attributable to the Company of
$2.81 billion in 2017, a net loss attributable to the Company of
$3.39 billion in 2016, and a net loss attributable to the Company
of $1.98 billion in 2015.

                          *     *     *

As reported by the TCR on May 10, 2018, Fitch Ratings affirmed and
withdrew its ratings on Weatherford International Plc, including
the Long-term Issuer Default Rating (IDR) at 'CCC'.  Fitch withdrew
Weatherford's ratings for commercial reasons.  Fitch reserves the
right in its sole discretion to withdraw or maintain any rating at
any time for any reason it deems sufficient.


WESTERN ENERGY: DBRS Confirms B(low) Issuer Rating, Stable Trend
----------------------------------------------------------------
DBRS Limited confirmed the Issuer Rating of Western Energy Services
Corp. at B (low) with a Stable trend. The rating confirmation is
underpinned by Western's (1) modern and capable drilling fleet, (2)
variable operating and flexible capital costs and (3) adequate
liquidity position with full availability under its credit
facilities of $80 million that mature in December 2020. The rating
remains constrained by the Company's weak financial metrics and
limited geographic diversification with the majority of its
business concentrated in Western Canada. The Stable trend reflects
the improving operating environment with higher crude oil prices
relative to 2017, steady improvement in pricing and DBRS's
expectation that under the base case price assumptions, the
Company's financial performance will continue to improve over the
next two years.

Western's equipment utilization levels and pricing have both
improved over the last 18 months as higher crude oil prices have
led to an increase in activity levels. Western's contract drilling
fleet consists of newer and capable rigs that have enabled the
Company to consistently achieve higher utilization rates relative
to the industry and gain market share through the downturn.
However, the improvement in pricing has lagged the improvement in
equipment utilization and Western will likely require further price
increases to improve its financial performance. The Company has
continued to reduce operating costs and it retains the flexibility
to adapt its capital expenditure program in line with the
prevailing commodity price environment.

Western also took significant steps in 2018 to strengthen its
balance sheet by redeeming its Senior Unsecured Notes (Senior
Notes) by using its existing cash balance and proceeds from a
second lien senior secured term loan facility (the Term Loan)
availed from Alberta Investment Management Corporation (AIMCo)
(please refer to DBRS's Press Release, "DBRS Comments on Western
Energy Services Corp. Announcement of Debt Financing, Private
Placement and Bought Deal Financing" dated September 27, 2017). The
Company's total debt as at June 30, 2018, has reduced by $53
million compared to year-end 2017. The actions taken have (1)
improved the Company's debt maturity profile as the Term Loan
matures in January 2023; (2) reduced its interest expense as the
interest rate on the Term Loan is lower than the interest rate on
the Senior Notes; and (3) provided Western with a strong strategic
investor in AIMCo with a possibility of additional equity
injections in the medium term.

While improving, Western's lease-adjusted debt-to-cash flow and
lease-adjusted earnings before interest and taxes (EBIT) interest
coverage ratios continue to remain below the threshold for the
current rating category. Although crude oil prices and pricing have
both increased in the first half of 2018 (H1 2018) compared to H1
2017, activity levels in Western Canada have declined marginally
due to low natural gas prices and market access issues. As a
result, the Company's earnings and cash flow have not seen a
material improvement over the same period and the Company will
require further strengthening in pricing for the key credit metrics
to improve.

Based on an assumption of a modest increase in oil and gas prices,
DBRS expects that by the end of 2019, the Company's lease-adjusted
debt-to-cash flow and lease-adjusted EBIT interest coverage ratios
will be consistent with the current range because of (1) continued
trend of a steady increase in pricing; (2) the benefits of a lower
operating and financing costs; and (3) no material increase in
debt, as the Company primarily operates within cash flow. DBRS also
expects the Company to maintain satisfactory levels of liquidity
through the period. However, DBRS notes that the need for a
favorable commodity price environment for the key credit metrics to
improve lowers the threshold for the Company's rating to withstand
a sustained reduction in crude oil prices. While a positive rating
action is unlikely until the key credit metrics improve on a
sustainable basis, DBRS may consider a negative rating action in
the unlikely event that crude oil prices decline materially and the
expected improvement in the ratios does not materialize.


WINDSTREAM HOLDINGS: S&P Raises ICR to 'CCC+', Outlook Developing
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Little Rock,
Ark.-based Windstream Holdings Inc. (Windstream) to 'CCC+' from
'SD'. The outlook is developing.

S&P said, "We also raised the issue-level ratings on the company's
7.75% senior notes due in 2021, 7.5% senior notes due in 2022, 7.5%
senior notes due in 2023, 6.375% senior notes due 2023, and 8.75%
senior notes due in 2024 to 'CCC-' from 'D'. The recovery rating on
these notes remains '6', indicating our expectation of negligible
(0%-10%; rounded estimate: 0%) recovery in the event of payment
default.

"At the same time, we lowered the rating on the company's 7.75%
senior notes due in 2020 to 'CCC-' from 'CCC'. The recovery rating
on these notes remains '6', indicating our expectation of
negligible (0%-10%; rounded estimate: 0%) recovery in the event of
payment default.

"We also lowered the issue-level ratings on subsidiaries Windstream
Services LLC's and Windstream Holding of the Midwest Inc.'s
first-lien debt to 'B' from 'B+' and removed the rating from
CreditWatch, where we placed it with negative implications on Aug.
3, 2018. The recovery rating on first-lien debt remains '1',
indicating our expectation of very high (90%-100%; rounded
estimate: 0%) recovery in the event of payment default.

"In addition, we assigned our 'CCC' issue-level rating and '5'
recovery ratings to Windstream Holdings Inc. subsidiaries
Windstream Services LLC's and Windstream Finance Corp.'s $415
million of 10.5% second-lien notes due in 2024 and $802 million of
9.0% second-lien notes due in 2025. The '5' recovery rating
indicates our expectation for modest (10%-30%; rounded estimate:
10%) recovery of principal and interest for second-lien lenders in
the event of payment default.

"The upgrade follows our review of Windstream's credit profile
subsequent to its exchange of about $1 billion in face value of
senior notes maturing in 2021 through 2024 at a discount to par. We
viewed the completed exchange as tantamount to default since
lenders received less than the face value of the obligations and
the company's long-term business prospects remain weak. While the
exchange extended $1.4 billion of unsecured debt maturities beyond
2023, the company still needs to refinance about $1 billion
outstanding under its revolving credit facility due in 2020 and
$1.2 billion term loan due in 2021. Given the company's weak
operating performance and longer-term business prospects, we
believe Windstream could face difficulty refinancing these
obligations as they come due and may pursue maturity extensions as
an alternative. We would view any maturity extension on these
facilities without adequate compensation for existing lenders as a
distressed transaction.

"The outlook is developing and reflects the possibility that we
could lower or raise the rating depending on actions Windstream
might take to address its 2020 and 2021 debt maturities.
We could lower the rating if we had less confidence in Windstream's
ability to refinance or extend its 2020 and 2021 debt maturities.
Even if the company were able to extend these maturities, we could
still lower the rating if it was done without adequate compensation
for existing lenders or if we expected Windstream to engage in
additional distressed exchanges on its unsecured obligations over
the next 12 months.

"We could raise the rating if Windstream successfully refinanced or
extended its 2020 and 2021 debt maturities--such that existing
lenders were not disadvantaged relative to the debt's original
terms--and the company had sufficient runway to improve its
operating performance and position itself to address its maturities
as they came due. Further, an upgrade would require our confidence
that the company would not engage in distressed exchange
transactions on its unsecured obligations over the next few years
and that its capital structure would be sustainable based on our
expectations for longer-term operating and financial performance."



XENETIC BIOSCIENCES: Incurs $2.02 Million Net Loss in 2nd Quarte
----------------------------------------------------------------
Xenetic Biosciences, Inc., has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $2.02 million for the three months ended June 30, 2018,
compared to a net loss of $2.91 million for the three months ended
June 30, 2017.

For the six months ended June 30, 2018, the Company reported a net
loss of $3.84 million compared to a net loss of $5.78 million for
the same period last year.

As of June 30, 2018, the Company had $17.25 million in total
assets, $4.47 million in total liabilities, and $12.78 million in
total stockholders' equity.

The Company had an accumulated deficit of approximately $149.8
million at June 30, 2018, as compared to an accumulated deficit of
approximately $145.9 million at Dec. 31, 2017.  Working capital was
approximately $2.4 million and $3.9 million at June 30, 2018 and
Dec. 31, 2017, respectively.  During the six months ended June 30,
2018, the Company's working capital decreased by $1.5 million
primarily due to outflows for general operating costs and costs
related to its XBIO-101 phase 2 clinical trial.  These cash
outflows were partially offset by approximately $1.5 million of
proceeds received from the exercise of warrants during the six
months ended June 30, 2018.  The Company expects to continue
incurring losses for the foreseeable future and will need to raise
additional capital or pursue other strategic alternatives in the
very near term in order to continue the pursuit of its business
plan and continue as a going concern.

The Company's principal source of liquidity consists of cash.  At
June 30, 2018, the Company had approximately $3.3 million in cash
and $1.5 million in accounts payable and accrued expenses.  At Dec.
31, 2017, the Company had approximately $5.5 million in cash and
$1.9 million in accounts payable and accrued expenses.

"We have historically relied upon sales of our equity securities to
fund our operations.  Since 2005, we have raised approximately
$60.0 million in proceeds from offerings of our common and
preferred stock, including net proceeds of approximately $9.0
million from our underwritten public offering in November 2016.  We
have also received approximately $20.0 million from revenue
producing activities from 2005 through June 30, 2018, including a
cash payment from Shire of a $3.0 million clinical milestone in
January 2017 and a $7.5 million cash payment for a sublicense from
Baxalta Incorporated, Baxalta US Inc., and Baxalta GmbH,
wholly-owned subsidiaries of Shire, in November 2017.  More than
90% of the milestone and sublicense revenue received to date has
been from a single collaborator, Shire.  We expect the majority of
our funding through equity or equity-linked instruments, debt
financings and/or licensing agreements to continue as a trend for
the foreseeable future.

"We estimate that our existing resources will only be able to fund
our planned operations, existing obligations and contractual
commitments into the fourth quarter of 2018.  This projection is
based on our current expectations regarding projected staffing
expenses, working capital requirements, capital expenditure plans
and anticipated revenues.  Given our current working capital
constraints, we have attempted to minimize cash commitments and
expenditures for external research and development and general and
administrative services to the greatest extent practicable.  We
will need to raise additional working capital in the very near term
in order to fund our future operations.

"We have no committed sources of additional capital.  Our
management believes that we have access to capital resources
through possible public or private equity offerings, debt
financings, corporate collaborations, related party funding or
other means; however, we have not secured any commitment for
additional financing at this time.  The terms, timing and extent of
any future financing will depend upon several factors including the
achievement of progress in our clinical development programs, our
ability to identify and enter into licensing or other strategic
arrangements and factors related to financial, economic and market
conditions, many of which are beyond our control.

"Our management evaluates whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about our
ability to continue as a going concern within one year after the
date that the financial statements are issued.  We have incurred
substantial losses since our inception and we expect to continue to
incur operating losses in the near-term.  These factors raise
substantial doubt about our ability to continue as a going concern.
As a result, our independent registered public accounting firm
included an explanatory paragraph in its report on our audited
financial statements for the year ended December 31, 2017
expressing doubt as to our ability to continue as a going concern.
We will need to raise additional capital in order to sustain our
operations.  If we are unable to secure additional funds on a
timely basis or on acceptable terms, we may be required to defer,
reduce or eliminate significant planned expenditures, restructure,
curtail or eliminate some or all of our development programs or
other operations, reduce general and administrative expenses, and
delay or cease the purchase of clinical research services, dispose
of technology or assets, pursue an acquisition of our company by
another party at a price that may result in a loss on investment
for our stockholders, enter into arrangements that may require us
to relinquish rights to certain of our drug candidates,
technologies or potential markets, file for bankruptcy or cease
operations altogether.

"We continue to seek appropriate out-license arrangements for our
PolyXen and ErepoXen technologies, among others, but are currently
unable to reliably predict whether or when we may enter into an
agreement.  Due to the uncertainties inherent in the clinical
research process and unknown future market conditions, there can be
no assurance any of our technologies will lead to any future
income," the Company said in the Quarterly Report.

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

                     https://is.gd/m4pMja

                   About Xenetic Biosciences

Lexington, Massachusetts-based Xenetic Biosciences, Inc., is a
clinical-stage biopharmaceutical company focused on the discovery,
research and development of next-generation biologic drugs and
novel orphan oncology therapeutics.  Xenetic's lead investigational
product candidate is oncology therapeutic XBIO-101 (sodium
cridanimod) for the treatment of progesterone resistant endometrial
cancer.  Xenetic's proprietary drug development platforms include
PolyXen, which enables next-generation biologic drugs by improving
their half-life and other pharmacological properties.

Xenetic incurred a net loss of $3.59 million in 2017 compared to a
net loss of $54.21 million in 2016.  The Company's balance sheet at
Dec. 31, 2017, showed total assets of $19.16 million, total
liabilities of $4.86 million, and total stockholders' equity of
$14.30 million.

The report from the Company's independent accounting firm Marcum
LLP, the Company's auditor since 2015, on the consolidated
financial statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the Company has had recurring
net losses and continues to experience negative cash flows from
operations.  These conditions raise substantial doubt about its
ability to continue as a going concern.


XEROX CORP: Fitch Lowers LongTerm Issuer Default Rating to BB+
--------------------------------------------------------------
Fitch Ratings has downgraded Xerox's Long- and Short-term ratings
by one notch each to 'BB+' and 'B', respectively. The Rating
Outlook is Stable.

The downgrade reflects Fitch's view that the company's execution
issues and declining market share coupled with ongoing secular
challenges makes it increasingly unlikely Xerox will be able to
achieve growth in 2019, a marker set out by Fitch in January 2017
when it revised Xerox's Rating Outlook to Negative. While Fitch
formalized a 2019 date certain with its 2017 affirmation, the basis
for tying Xerox's 'BBB-' rating to its growth prospects extends
back to February 2016 when Fitch downgraded Xerox's ratings one
notch while maintaining the Rating Watch Negative (in place since
October 2015). At that time, Fitch said it could resolve the Watch
Negative if Fitch believed investments in the then Document
Technology segment could yield legitimate prospects for the
resumption of top line growth in the intermediate term. Fitch
ultimately revised Xerox's Outlook to Negative in 2017.

Xerox's most credible plan for achieving growth (largely in
Asia-Pacific) as proposed earlier this year via combination with
its Fuji-Xerox JV has now been terminated. Subsequently, Xerox's
largest shareholders succeeded in installing a new CEO effective in
mid-May. However, in Fitch's opinion the new CEO has yet to
articulate a substantive assessment of Xerox's core business and
operational issues nor a strategy to move the company forward in a
way that is different than his predecessors, as evidenced by the
discussion in the 2Q earnings call. While clearly early on in the
new management team's tenure, waiting for the articulation of such
a strategy, should one be successfully devised, until the end of
2018 or early 2019 at a promised analyst day would effectively mean
a period of at least three years (but likely longer with an
implementation period) having elapsed beyond Fitch's first explicit
requirement that Xerox's operating profile demonstrate a clear path
to growth.

Additionally, Xerox has stated it does not intend to renew the
Technology Agreement it has with Fuji-Xerox and potentially move
away from it as its main manufacturing supplier. While there may be
merit in these moves, the risk of unintended consequences and
supply chain inefficiencies remain high. Fitch identified the risks
of management turnover when it affirmed Xerox (while maintaining
the Negative Outlook) following the JV deal in January of this
year, particularly in terms of the momentum around ongoing cost
restructuring and importantly, the company's largest product launch
in its history (begun in 2017). Since then, equipment revenue
declines turned negative once again in the first quarter after
having posted a constant currency increase in the fourth quarter,
the first such quarterly increase since at least 2015.

Fitch acknowledges the debt reduction the company has achieved
since the spinoff of Conduent. However, Fitch expects Xerox's
credit protection metrics to degrade over time with its FCF margin
expected to decline to below 4% and its leverage to approach 2x
(both adjusted for debt attributable to the leasing business using
a 3:1 debt to equity ratio). This is about in line with the average
projected leverage of 2x and average projected FCF margin of 4% in
Fitch's 'BBB-' technology universe. However, Fitch's revenue growth
expectation of -2% on average over each of the next three years is
a significant departure from the average 6%, 2%, and 3% revenue
growth expectation over the next three years, respectively for this
subset of general technology peers. Xerox has been an outlier among
investment grade peers given its multiple years of sustained
revenue declines.

Top line declines and the potential for margin compression with
lost scale and associated absorption suggest Xerox's cash flow
generating power is weakening relative to the lower end of Fitch's
investment grade technology universe. With Xerox's apparent shift
to shareholder return, as evidenced by the board's authorization of
a $1 billion share repurchase authorization and Xerox's stated
commitment to repurchase up to $500 million in 2018, Xerox's
liquidity and financial flexibility are likely to weaken further.
While the uncertainty over Xerox's business and financial prospects
remain high, Fitch believes the new rating category can accommodate
Fitch's base case expectations. A negative rating action could be
warranted should Xerox's performance weaken materially or if the
company takes further steps towards an even more aggressive
financial policy.

KEY RATING DRIVERS

Growth Trajectory: Recent results confirm Fitch's view that Xerox
is struggling to maintain its relative competitive positon and is
unlikely to achieve positive revenue growth by 2019. Fitch has
consistently said Xerox must demonstrate growth in its core
business in order to maintain its investment grade rating, which
now looks unattainable in 2019 and possibly over the ratings
horizon. Second quarter post-sale revenue declined 5% in constant
currency (CC) accelerating from a 4.1% decline in 1Q'18. Equipment
sales declined 0.6% after declining 6.4% in the first quarter.
Equipment sales have averaged -3.9% quarterly CC since 3Q'17, the
point at which the entire new product line was mostly launched.
While the trend in equipment sales appears to be improving since
Xerox's launched its largest product refresh ever in 2017, gains do
not appear to be accelerating fast enough to turn around post sale
revenue, which accounted for 78% of total sales in 2Q'18.
Management confirmed this view on the earnings call stating, "We're
not seeing the degree of turnaround in revenue that we believe
should follow our recent significant product launches. We need our
market share to recover over multiple quarters to drive increases
in machines in the field and improve trends in post-sale."

Fitch estimates Xerox would have to post double digit, quarterly CC
increases in entry and mid-range equipment revenue, with sequential
acceleration, over the next six quarters, in order to attenuate the
rate of decline in post-sale revenue enough to achieve non-zero CC
growth in 2019. Under a more likely, but still uncertain scenario
of more modest improvement in equipment and post-sale revenue,
Fitch expects Xerox to post low single digit CC revenue declines in
2019 and continuing, if improving somewhat, to remain negative,
through at least 2021. Prior management saw standalone growth
remaining negative through 2022, according to documents filed in
conjunction with Fuji-Xerox litigation. Fitch takes Xerox's
suspension of guidance for the remainder of the year by the current
management team as an indication that its growth outlook is at best
uncertain.

Long Term Strategy: When Fitch affirmed Xerox in January following
the announcement of the now terminated Fuji-Xerox transaction, it
noted management turnover could be problematic both from the
perspective of ongoing cost restructuring efforts carrying forward
the product launch of 2017. The new CEO in his first public
assessment of the key issues affecting Xerox's business prospects
did not communicate a cohesive strategy that would in Fitch's
estimation depart materially from previous managers. Attempts to
improve Xerox's go-to-market strategy, reduce operational
complexity, and harness technology within the organization are well
worn topics at the company. Moreover, they do not address the
pressing challenges of growing share in a secularly challenged
market.

Financial Policy: Xerox announced that the board had authorized a
$1 billion share repurchase program and that the company will
opportunistically repurchase up to $500 million in 2018. This step,
in Fitch's view, represents a meaningful departure from the
company's implementation of a conservative financial policy given
the secular challenges facing the business, another tenant of its
prior investment grade rating. Indeed, Xerox did not repurchase
shares in 2016 or 2017. Additionally, the disposition of its
leasing business, the maintenance of which is one of the key
reasons for Xerox to maintain its investment grade rating, remains
in question.

Fuji-Xerox Relationship: Fujifilm's lawsuit remains unresolved.
Additionally, Xerox has publically stated it will not necessarily
renew its TA agreement with Fuji Xerox and is openly considering
utilizing different suppliers. While there potentially is merit in
seeking a more competitive supply chain partner, as evidenced by
the magnitude of restructuring potential at Fuji Xerox, upending
the relationship may have unintended consequences and does not
appear to address the fundamental growth or other operational
challenges Xerox faces.

DERIVATION SUMMARY

Xerox's core business has been in decline for several years and its
recent product launches do not appear to be successfully turning
around mid-single digit declines in its post-sale business, which
represents more than three quarters of revenue. Fitch expects Xerox
to continue to experience negative revenue growth over the ratings
horizon with only modest improvement, confirmed in part by recent
results. Additionally, Xerox has signalled a retreat from
implementation of conservative financial policies by announcing a
$1 billion share repurchase program with the intent to repurchase
$500 million in 2018. Xerox also has not formally ruled out the
sale of its leasing business, a strategic component of its go to
market strategy and a significant reason for maintaining an
investment grade rating. Xerox's proposed combination with
Fuji-Xerox, its JV partner appears to be all but over, and there
may be irreparable harm to the relationship with its main
manufacturing provider. Xerox's new CEO has not articulated a
credible turnaround strategy. While Xerox's liquidity position at
present is adequate and the company previously took steps to
improve its balance sheet, a continued deterioration in Xerox's
market position associated with lack of a turnaround in its core
business bears significant risk to the company's operational
position and prospective financial position as a result over the
rating horizon.

Fitch has allocated a portion of Xerox's debt based upon applying a
debt to equity ratio of 3:1 to combined financing receivables
(leasing arrangements extended to customers). Fitch determined the
asset quality of the businesses to be Average (bbb) based upon
average impaired receivables to gross receivables between 3% to 6%
and an Operating Environment of 'aa' and above. Fitch determined
the Funding and Liquidity to be Less Stable (bb) capped at Xerox's
rating category.

KEY ASSUMPTIONS

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

  - Low single-digit negative constant currency organic revenue
declines annually over the rating horizon.

  - Approximately 70 bps of margin compression reflecting revenue
declines and supply chain inefficiencies.

  - Approximately $3 billion in capital allocation to shareholder
return and M&A through 2021.

RATING SENSITIVITIES

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

  - Sustained organic, constant currency growth.

  - Core leverage (excluding finance debt) sustained below 1.5x.

  - FCF adjusted for the change in financing assets sustained above
5% of revenue

  - Recommitment to a conservative financial policy

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

  - Organic, constant currency declines greater than low single
digits.

  - Core leverage sustained above 2x.

  - FCF adjusted for the change in financing assets sustained below
low single digit as a % of revenue.

  - Negative fallout from Fujifilm lawsuit or operational
relationship deterioration.

  - Leveraged share repurchases or special dividends; sale of the
leasing business.

LIQUIDITY

Liquidity: Xerox had approximately $1.3 billion in cash at June 30,
2018. Xerox has access to a $1.8 billion revolver which was undrawn
at June 30, 2018. Liquidity will also be supported by Fitch's
expectation for approximately $575 million of FCF in 2018 (adjusted
for the change in financing assets) declining to about $350 million
by 2021).

Debt Structure: Xerox faces approximately $3 billion in maturities
over 2019-2021 with approximately $400 million due in March of 2019
and approximately $550 million due in December of 2019. Fitch
assumes Xerox will refinance its maturities.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following ratings:

Xerox Corporation

  - Long-Term IDR to 'BB+' from 'BBB-';

  - Short-Term IDR to 'B' from 'F3';

  - Senior unsecured revolving credit facility to 'BB+/RR4' from
'BBB-';

  - Senior unsecured notes to 'BB+/RR4' from 'BBB-';

  - Senior unsecured commercial paper to 'B' from 'F3';

The Rating Outlook is Stable.


[*] Discounted Tickets for 2018 Distressed Investing Conference!
----------------------------------------------------------------
Discounted tickets for Beard Group, Inc.'s Annual Distressed
Investing 2018 Conference are available if you register by August
31.  Your cost will be $695, a $200 savings.

Visit https://www.distressedinvestingconference.com/ for
registration details and information about this year's conference
agenda as well as highlights from past conferences.

Now on its 25th year, Beard Group's annual Distressed Investing
conference is the oldest and most established New York
restructuring conference.  The day-long program will be held
Monday, November 26, 2018, at The Harmonie Club, 4 E. 60th St. in
Midtown Manhattan.

For a quarter century, the focus of the conference 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
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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.

This year's 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.)

     * Evening awards dinner recognizing the 12 Outstanding
       Restructuring Lawyers

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

Beard Group, Inc., publishes Turnarounds & Workouts, Troubled
Company Reporter, and Troubled Company Prospector.  Visit
http://bankrupt.com/freetrial/for a free trial subscription to one
or more of Beard Group's corporate restructuring publications.


[^] BOND PRICING: For the Week from August 6 to 10, 2018
--------------------------------------------------------

  Company                   Ticker   Coupon Bid Price   Maturity
  -------                   ------   ------ ---------   --------
Aegerion
  Pharmaceuticals Inc       AEGR      2.000    72.250  8/15/2019
Alpha Appalachia
  Holdings LLC              ANR       3.250     2.048   8/1/2015
American Tire
  Distributors Inc          ATD      10.250    35.625   3/1/2022
American Tire
  Distributors Inc          ATD      10.250    35.898   3/1/2022
Appvion Inc                 APPPAP    9.000     1.125   6/1/2020
Appvion Inc                 APPPAP    9.000     1.049   6/1/2020
Avaya Inc                   AVYA      7.000    78.659   4/1/2019
Avaya Inc                   AVYA     10.500     4.282   3/1/2021
Avaya Inc                   AVYA      9.000    78.176   4/1/2019
BPZ Resources Inc           BPZR      6.500     3.017   3/1/2015
BPZ Resources Inc           BPZR      6.500     3.017   3/1/2049
Boeing Capital Corp         BA        2.900    99.896  8/15/2018
Bon-Ton Department
  Stores Inc/The            BONT      8.000    17.250  6/15/2021
Brookstone Holdings Corp    BKST     10.000     8.000   7/7/2021
Cenveo Corp                 CVO       6.000    36.875   8/1/2019
Cenveo Corp                 CVO       8.500     1.500  9/15/2022
Cenveo Corp                 CVO       6.000     1.310  5/15/2024
Cenveo Corp                 CVO       6.000    37.250   8/1/2019
Cenveo Corp                 CVO       8.500     1.125  9/15/2022
Chukchansi Economic
  Development Authority     CHUKCH    9.750    67.250  5/30/2020
Chukchansi Economic
  Development Authority     CHUKCH   10.250    67.000  5/30/2020
Claire's Stores Inc         CLE       9.000    64.375  3/15/2019
Claire's Stores Inc         CLE       7.750     6.230   6/1/2020
Claire's Stores Inc         CLE       6.125    63.564  3/15/2020
Claire's Stores Inc         CLE       9.000    62.000  3/15/2019
Claire's Stores Inc         CLE       7.750     6.230   6/1/2020
Claire's Stores Inc         CLE       9.000    63.864  3/15/2019
Claire's Stores Inc         CLE       6.125    63.564  3/15/2020
Columbia Financial
  Capital Trust I           COLFIN    8.000    99.500  8/15/2034
Community Choice
  Financial Inc             CCFI     10.750    80.979   5/1/2019
DBP Holding Corp            DBPHLD    7.750    45.500 10/15/2020
DBP Holding Corp            DBPHLD    7.750    46.228 10/15/2020
EXCO Resources Inc          XCOO      8.500    16.000  4/15/2022
Egalet Corp                 EGLT      5.500    35.170   4/1/2020
Emergent Capital Inc        EMGC      8.500    76.065  2/15/2019
Energy Conversion
  Devices Inc               ENER      3.000     7.875  6/15/2013
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc          TXU       9.750    37.375 10/15/2019
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc          TXU      11.250    37.430  12/1/2018
Federal Home Loan Banks     FHLB      2.000    94.000 11/10/2026
Federal Home Loan Banks     FHLB      0.800    99.394  8/15/2018
Federal Home Loan Banks     FHLB      1.000    99.398  8/17/2018
Federal Home Loan
  Mortgage Corp             FHLMC     1.000    99.401  8/15/2018
Fleetwood Enterprises Inc   FLTW     14.000     3.557 12/15/2011
GenOn Energy Inc            GENONE    9.500    64.000 10/15/2018
GenOn Energy Inc            GENONE    9.500    62.159 10/15/2018
GenOn Energy Inc            GENONE    9.500    62.159 10/15/2018
Homer City Generation LP    HOMCTY    8.137    38.750  10/1/2019
Indiana Michigan Power Co   AEP       3.850   100.641  5/15/2028
Las Vegas Monorail Co       LASVMC    5.500     4.037  7/15/2019
Lehman Brothers
  Holdings Inc              LEH       1.600     3.326  11/5/2011
Lehman Brothers
  Holdings Inc              LEH       2.070     3.326  6/15/2009
Lehman Brothers
  Holdings Inc              LEH       4.000     3.326  4/30/2009
Lehman Brothers
  Holdings Inc              LEH       5.000     3.326   2/7/2009
Lehman Brothers
  Holdings Inc              LEH       2.000     3.326   3/3/2009
Lehman Brothers
  Holdings Inc              LEH       1.383     3.326  6/15/2009
Lehman Brothers
  Holdings Inc              LEH       1.500     3.326  3/29/2013
Lehman Brothers Inc         LEH       7.500     1.226   8/1/2026
MModal Inc                  MODL     10.750     6.125  8/15/2020
Mashantucket Western
  Pequot Tribe              MASHTU    7.350    17.202   7/1/2026
MetLife Inc                 MET       7.717   102.891  2/15/2019
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO      10.750     0.925  10/1/2020
Nine West Holdings Inc      JNY       8.250    27.250  3/15/2019
Nine West Holdings Inc      JNY       6.875    25.750  3/15/2019
Nine West Holdings Inc      JNY       8.250    27.000  3/15/2019
OMX Timber Finance
  Investments II LLC        OMX       5.540     5.021  1/29/2020
Orexigen Therapeutics Inc   OREXQ     2.750     5.125  12/1/2020
Orexigen Therapeutics Inc   OREXQ     2.750     5.125  12/1/2020
PaperWorks Industries Inc   PAPWRK    9.500    54.665  8/15/2019
PaperWorks Industries Inc   PAPWRK    9.500    54.665  8/15/2019
Pernix Therapeutics
  Holdings Inc              PTX       4.250    43.321   4/1/2021
Pernix Therapeutics
  Holdings Inc              PTX       4.250    43.321   4/1/2021
PetroQuest Energy Inc       PQUE     10.000    46.500  2/15/2021
PetroQuest Energy Inc       PQUE     10.000    46.125  2/15/2021
Powerwave Technologies Inc  PWAV      2.750     0.133  7/15/2041
Powerwave Technologies Inc  PWAV      1.875     0.133 11/15/2024
Powerwave Technologies Inc  PWAV      1.875     0.133 11/15/2024
Prospect Holding Co LLC /
  Prospect Holding
  Finance Co                PRSPCT   10.250    48.250  10/1/2018
Renco Metals Inc            RENCO    11.500    29.000   7/1/2003
Rex Energy Corp             REXX      8.000    11.750  10/1/2020
Rex Energy Corp             REXX      8.875     2.064  12/1/2020
Rex Energy Corp             REXX      6.250     1.542   8/1/2022
Rex Energy Corp             REXX      8.000    18.755  10/1/2020
Rolta LLC                   RLTAIN   10.750    19.899  5/16/2018
SL Green Realty Corp        SLG       5.000    99.694  8/15/2018
Sears Holdings Corp         SHLD      6.625    93.331 10/15/2018
Sears Holdings Corp         SHLD      8.000    46.073 12/15/2019
Sears Holdings Corp         SHLD      6.625    92.575 10/15/2018
Sears Holdings Corp         SHLD      6.625    92.575 10/15/2018
Sempra Texas
  Holdings Corp             TXU       5.550    11.067 11/15/2014
SiTV LLC / SiTV
  Finance Inc               NUVOTV   10.375    57.891   7/1/2019
SiTV LLC / SiTV
  Finance Inc               NUVOTV   10.375    64.750   7/1/2019
TerraVia Holdings Inc       TVIA      5.000     4.644  10/1/2019
TerraVia Holdings Inc       TVIA      6.000     4.644   2/1/2018
Toys R Us - Delaware Inc    TOY       8.750     5.058   9/1/2021
Transworld Systems Inc      TSIACQ    9.500    26.000  8/15/2021
Transworld Systems Inc      TSIACQ    9.500    26.000  8/15/2021
Walter Energy Inc           WLTG      9.875     0.834 12/15/2020
Walter Energy Inc           WLTG      8.500     0.834  4/15/2021
Walter Energy Inc           WLTG      9.875     0.834 12/15/2020
Walter Energy Inc           WLTG      9.875     0.834 12/15/2020
Web.com Group Inc           WEB       1.000    99.950  8/15/2018
Westmoreland Coal Co        WLBA      8.750    26.158   1/1/2022
Westmoreland Coal Co        WLBA      8.750    26.158   1/1/2022
iHeartCommunications Inc    IHRT     14.000    13.500   2/1/2021
iHeartCommunications Inc    IHRT     14.000    13.164   2/1/2021
iHeartCommunications Inc    IHRT     14.000    13.164   2/1/2021


                            *********

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 ***