text: TCR_Public/150730.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, July 30, 2015, Vol. 19, No. 211 Headlines99 CENTS: Bank Debt Trades at 5% OffADVANCED MICRO: Moody's Lowers CFR to Caa1, Outlook NegativeALLIED NEVADA: Equity Committee Balks at Plan Filing ExtensionALLIED SYSTEMS: Plan Confirmation Hearing Set for Sept. 9ALLIED SYSTEMS: Settlement Appeal to Proceed; Mediation NixedALPHA NATURAL: Bank Debt Trades at 31% OffAMERICAN POWER: Appoints Matt Van Steenwyk as New Board MemberAMPAL-AMERICAN: Chapter 7 Trustee Trumps Disqualification BidATLANTIC & PACIFIC: Court Restricts Trading of SecuritiesAZIZ CONVENIENCE: Has Nod to Sell Assets to Susser for $41.6MBAHA MAR: CSCEC Prepared to Invest $100M, CCA Bahamas SaysBERNARD L. MADOFF: Judge Approves Settlement with Plaza InvestmentsBRAND ENERGY: Bank Debt Trades at 3% OffBRIAN J. COOK: Court Denies Motion to Reject Executory ContractC & O ENTERPRISES: Case Summary & 11 Largest Unsecured CreditorsCAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 7% OffCAESARS ENTERTAINMENT: Not Allowed to Make Fast Appeal of RulingCAL DIVE: Gets Approval to Sell Vessel to Arendal for $3.5-Mil.CAL DIVE: Waveny Master Fund Resigns from Creditors CommitteeCAPELLA HEALTHCARE: Moody's Retains B2 CFR on Announced SaleCAPELLA HEALTHCARE: S&P Puts 'B' CCR on CreditWatch PositiveCICERO INC: Privet Fund Reports 50.9% Stake as of July 15COATES INTERNATIONAL: Issues $62,500 Conv. Note to Vis ViresCOCRYSTAL PHARMA: Appoints Walt Linscott as General CounselCOMMUNITY HEALTH: To File Plan Outline By End of JulyCORNERSTONE HOMES: Can Use Cash Collateral Until July 31CPI HOLDINGS: Moody's Assigns B1 Corp. Family RatingCPI HOLDINGS: S&P Assigns 'BB-' CCR & Rates $435MM Loan 'BB-'CTI BIOPHARMA: Bruce Seeley Is New EVP Chief Commercial OfficerDELIAS INC: GECC Given $7.3-Mil. Allowed Secured ClaimDTZ: S&P Affirms 'B+' ICR & Removes from CreditWatch DevelopingEMDEON INC: Moody's Confirms B2 CFR, Outlook StableEMDEON INC: S&P Affirms 'B' CCR & Rates $395MM Sr. Loan 'B+'ERF WIRELESS: Issues 4 Million Preferred Shares to Angus CapitalFJK PROPERTIES: Meeting of Creditors Set for August 14FORTESCUE METALS: Bank Debt Trades at 18% OffFRAC TECH: Bank Debt Trades at 30% OffFREESCALE SEMICONDUCTOR: S&P Keeps 'B' CCR on CreditWatch PositiveFUWEI FILMS: Regains Compliance with NASDAQ Minimum Bid Price RuleGELTECH SOLUTIONS: Issues $200,000 Convertible Note to RegerGENERAL STEEL: Appoints New Chief Executive OfficerGLOBAL HEALTHCARE: Moody's Assigns B2 CFR, Outlook StableGRATON ECONOMIC: Moody's Assigns B2 Rating on $225MM Sr. Sec. LoanGRATON ECONOMIC: S&P Assigns 'B+' Rating on Proposed $225MM LoanGREEN EARTH: Greg Adams Quits as CFO, COO and SecretaryGREEN MOUNTAIN: Court Approves $117K Bonus Pay for Non-ExecutivesGREEN MOUNTAIN: Court Denies Bid for Ch. 11 AppointmentGREEN MOUNTAIN: Seeks to Have GMA, Dan Cowart Held in ContemptGROVE ESTATES: Bank Objects to Propose Sale of 8 Parcels of LandGT ADVANCED: Closes on $95-Mil. DIP Term Loan FacilityGTA REALTY: Wants Third Extension of ExclusivityGYMBOREE CORP: Bank Debt Trades at 26% OffHEALTH DIAGNOSTIC: Bankruptcy Stays Boston Heart SuitHERCULES OFFSHORE: S&P Lowers CCR to 'D', Off Watch NegativeICON HEALTH: Moody's Raises CFR to B2 & Rates $160MM Loan B2ICON HEALTH: S&P Affirms 'B-' CCR & Revises Outlook to PositiveIMH FINANCIAL: Stockholders Elect Four DirectorsISTAR FINANCIAL: Files 4th Amendment to Tender Offer StatementJ. CREW: Debt Trades at 14% OffJANUS CAPITAL: Moody's Assigns Ba1 Rating on Prospective Sub. DebtJARDEN CORP: S&P Lowers Rating on $1.9BB Sr. Sub. Notes to 'B+'JOHNS-MANVILLE CORP: Ch. 11 Ruling Relieves Marsh from PI LiabilityJUSTIN DAVIS ENTERPRISES: Case Summary & 20 Top Unsec. CreditorsKC MERGERSUB: Moody's Assigns B3 Corp. Family RatingKEMET CORP: Stockholders Elect Three DirectorsMD AMERICA: S&P Affirms 'B-' Corp. Credit Rating, Outlook StableMEDIACOM COMMUNICATIONS: S&P Hikes Rating on Sec. Debt to 'BB+'MEDICAL PROPERTIES: S&P Affirms 'BB+' CCR, Outlook StableMEG ENERGY: Bank Debt Trades at 3% OffMILLENNIUM HEALTH: At Increased Default RiskMILLENNIUM HEALTH: Moody's Cuts CFR to Caa2, Ratings on ReviewMISSISSIPPI PHOSPHATES: Accused of Violating Clean Water ActMOLYCORP INC: US Trustee Appoints One More Committee MemberMONTREAL MAINE: Civil Proceedings Stayed Pending Plan ApprovalMONTREAL MAINE: Suit v. World Fuel, CPR Remains in Bankr. CourtMULTIPLAN INC: Bank Debt Trades at 0.36% OffNAVISTAR INTERNATIONAL: MHR Reports 18.4% Stake as of July 24NEPHROS INC: Enters Into Purchase Agreement with Lincoln ParkOCEAN RIG: Bank Debt Trades at 17% OffORLANDO GATEWAY: Asks to Consolidate Ch. 11 Case with Nilhan'sORLANDO GATEWAY: U.S. Trustee Seeks To Disqualify Wolff HillPACIFIC DRILLING: Bank Debt Trades at 19% OffPARALLEL HOTELS: Case Summary & 20 Largest Unsecured CreditorsPARTY CITY: Moody's Raises CFR to 'B1', Outlook PositivePATRIOT COAL: Final DIP Order Challenge Deadline Moved to Aug. 3PATRIOT COAL: Retiree Committee Taps Stahl Cowen as CounselPLUG POWER: To Acquire Full Control of 'HyPulsion' for $11.5MMPODS LLC: S&P Retains 'B+' 1st Lien Loan Rating After Add-OnQUALITY DISTRIBUTION: Provides Preliminary 2nd Quarter ResultsREBECCA ENGLE: Distribution of Remaining Funds in "Buckley" OkayedRELATIVITY MEDIA: Lays Off Staff as Financial Picture DarkensRELATIVITY MEDIA: Plans to Lay Off Up to 90 WorkersSALIX PHARMACEUTICALS: S&P Raises CCR to 'BB-', Outlook StableSEADRILL LTD: 2021 Bank Debt Trades at 25% OffSPIRIT AIRLINES: S&P Affirms 'BB-' Corporate Credit RatingSTANDARD REGISTER: Sale to Taylor Corp to Close on July 31SUN BANCORP: Names Grace Torres to Board of DirectorsTERVITA CORP: Bank Debt Trades at 9% OffTREETOPS ACQUISITION: Exits Chapter 11 BankruptcyTRUMP ENTERTAINMENT: Bid to Stay Union Activities DeniedTWC INC: Case Summary & 20 Largest Unsecured CreditorsUS TELEPACIFIC: S&P Raises CCR to 'B', Outlook StableVARIANT HOLDING: Asks Court to Extend Plan Filing Date to Dec. 23VARIANT HOLDING: Needs Until Nov. 23 to Remove ActionsWALTER ENERGY: Not Permitted to Pay Obligations Prior to July 15WALTER ENERGY: Won't Pay Royalty Payments to Dominion ResourcesWEST COAST: Can Use Cash Collateral Until August 15[*] Chilmark, Burford Launch Bankruptcy Litigation Joint Venture[^] Recent Small-Dollar & Individual Chapter 11 Filings *********99 CENTS: Bank Debt Trades at 5% Off------------------------------------Participations in a syndicated loan under which 99 cents is aborrower traded in the secondary market at 95.23cents-on-the-dollar during the week ended Friday, July 24, 2015,according to data compiled by LSTA/Thomson Reuters MTM Pricing andreported in the July 28, 2015, edition of The Wall Street Journal. This represents an increase of 0.90 percentage points from theprevious week, The Journal relates. 99 cents pays 350 basis pointsabove LIBOR to borrow under the facility. The bank loan matures onJan. 31, 2019. Moody's rates the loan 'B2' and Standard & Poor'sgave a B rating to the loan. The loan is one of the biggestgainers and losers among 253 widely quoted syndicated loans withfive or more bids in secondary trading for the week ended July 24.ADVANCED MICRO: Moody's Lowers CFR to Caa1, Outlook Negative------------------------------------------------------------Moody's Investors Service lowered Advanced Micro Devices, Inc's("AMD") corporate family rating to Caa1 from B3, and the ratings onthe senior unsecured notes to Caa2 from Caa1. The speculativegrade liquidity rating was lowered to SGL-3 from SGL-2. Theoutlook is negative.The downgrade of the corporate family rating to Caa1 reflects AMD'sprospects for ongoing operating losses over the next year andnegative free cash flow. Moody's performance outlook for AMD isdriven by ongoing revenue declines and operating losses in itsPC-related business (microprocessors and graphics chips) that willmore than offset the expected profitability (albeit lower than lastyear) in the company's embedded and semi-custom chip business,which makes up 60% of revenue. "Weaker than expected demandconditions in the personal computer space, particularly in thedesktop and lower end segments, will persist over the next fewquarters", said Moody's Richard Lane. Combined with efforts toreduce channel inventory ahead of Microsoft's launch of the Windows10 operating system this summer, Moody's expects "AMD will continueto lose money in this shrinking part of the business", said Lane.RATINGS RATIONALEThe Caa1 corporate family rating reflects AMD's prospects forcontinued weak operating performance, very high financial leverage,and the likelihood for operating losses and negative cash flowgeneration over the next year. Revenue declines (we estimate 30%to 40% year over year declines through 2015) and ongoing operatinglosses in the company's microprocessor business as well as marketshare losses in its graphics business will result in segmentoperating losses throughout 2015, and in Moody's view,significantly diminished prospects for profitability going forwardgiven its declining scale and share loss. Moody's expects AMD'sembedded and semi-custom chip business will remain profitable, butinsufficiently to offset losses in the rest of its business. WhileAMD has reported design wins, including two large (unnamed) wins inlate 2014 that could have combined revenue in excess of $1 billion,the company recently noted that revenue is not likely to builduntil the second half of 2016.As a result of projected operating losses, credit metrics will bevery weak, with negative EBITDA relative to $2.5 billion ofadjusted debt, and negative free cash flow.AMD reported $829 million of cash and marketable securities as ofJune 2015 (the vast majority of which is domestic), down from $1.04billion at December 2014. The company is now targeting to maintaincash and marketable securities of between $600 million and $1billion, down from previous targets of around $1 billion. AMDmaintains a $500 million asset based revolving credit facility(ABL) under which $230 million was drawn as of June 2015. Withcash balances, access to the ABL, and no material debt maturitiesuntil May 2019, near term liquidity is currently adequate. However,we expect AMD will consume $100 million in the third quarter of2015. Depending on fourth quarter cash consumption, we expectAMD's 2015 year-end cash balances to approximate $650 million to$750 million. Combined with slower seasonality of the firstquarter, in addition to approximately $70 million of cash interestpayments, cash balances in the early part of 2016 could fall below$600 million.Ratings downgraded: Corporate family rating to Caa1 from B3 Probability of default rating to Caa1-PD from B3-PD $600 million senior unsecured notes due 2019 to Caa2 (LGD4) fromCaa1 (LGD4) $450 million senior unsecured notes due 2020 to Caa2 (LGD4) fromCaa1 (LGD4) $475 million senior unsecured notes due 2022 to Caa2 (LGD4) fromCaa1 (LGD4) $500 million senior unsecured notes due 2024 to Caa2 (LGD4) fromCaa1 (LGD4) Speculative grade liquidity rating to SGL-3 from SGL-2The negative outlook considers the execution challenges facing AMD,the likelihood of ongoing losses, and, while currently adequate,prospects for a weakening liquidity profile, although there are nodebt maturities until 2019.What Could Change the Rating - DownThe rating could be lowered if AMD's cash and liquid investmentsare likely to drop below $600 million (without raising additionaldebt) or if the company is unlikely to achieve breakeven operatingprofit over the next year and sustain modest profitability andpositive free cash flow over the intermediate term.What Could Change the Rating - UpThe rating is not likely to be raised over the near term. Longerterm, the rating could be raised if AMD is able to achieve andsustain revenue growth with Moody's adjusted EBITDA margins above8%, while maintaining cash and liquid investments in excess of $1billion and achieving adjusted debt to EBITDA below 4 times.The principal methodology used in these ratings was GlobalSemiconductor Industry Methodology published in December 2012.Other methodologies used include Loss Given Default forSpeculative-Grade Non-Financial Companies in the U.S., Canada andEMEA published in June 2009.ALLIED NEVADA: Equity Committee Balks at Plan Filing Extension--------------------------------------------------------------The Official Committee of Equity Security Holders of Allied NevadaGold Corp. and its debtor-affiliates objected to the Debtors'request to extend the exclusive periods to file a Chapter 11 planand solicit acceptances of that plan.According to the Equity Committee, the Debtors engaged innegotiations with the Equity Committee's prior representatives withrespect to the plan. However, negotiations concerning the planhave now ceased and Debtors are in the process of formulating arevised plan and disclosure statement. Since beginning the processof developing a revised plan and disclosure statement, the Debtorshave not made any effort to negotiate the terms of a revised planand disclosure statement with the Equity Committee. Indeed, theonly negotiations between the Equity Committee and the Debtors hasbeen in connection with certain discovery served by the EquityCommittee. The Debtors' lack of interest in engaging insubstantive negotiations with the Equity Committee demonstratesthat an extension of the Exclusive Periods to enable the Debtors tonegotiate a revised plan is unnecessary.The Equity Committee pointed out that the necessity of an extensionof exclusivity to permit the Debtors to negotiate a plan andprepare adequate information fails to establish cause for anextension of the exclusive periods.The hearing to approve the request for extension of time to file aplan has been adjourned to Aug. 20, 2015, at 11:30 p.m.As reported in the Troubled Company Reporter on June 26, 2015, theDebtors asked the Delaware Bankruptcy Court to further extend theperiod during which they have the exclusive right to file a planthrough and including Nov. 5, 2015, and the period during whichthey have the exclusive right to solicit acceptances of the planthrough and including Jan. 4, 2016.According to the Debtors, they are currently in the process ofrevising their projections and related valuation analyses that werefiled with the Disclosure Statement explaining their Joint Chapter11 Plan of Reorganization to reflect their current financial andoperating performance and are in discussions with their primarycreditor constituencies regarding modifications to the Plan. TheDebtors said they expect to file a revised plan and disclosurestatement in the near term.The Debtors are represented by Stanley B. Tarr, Esq., Bonnie GlantzFatell, Esq., and Michael D. DeBaecke, Esq., at Blank Rome LLP, inWilmington, Delaware; and Ira S. Dizengoff, Esq., Philip C. Dublin,Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & FeldLLP, in New York. About Allied NevadaAllied Nevada Gold Corp. ("ANVGQ"), a Delaware corporation, is apublicly traded U.S.-based gold and silver producer engaged inmining, developing and exploring properties in the State ofNevada.ANV was spun off from Vista Gold Corp. in 2006 and began operationsin May 2007. Nevada-based mining properties acquired from Vistainclude the Hycroft Mine, an open-pit heap leach operation located54 miles west of Winnemucca, Nevada. ANV controls 75 explorationproperties throughout Nevada as of Dec. 31, 2014.On March 10, 2015, ANV and 13 affiliated debtors each filed avoluntary petition for relief under Chapter 11 of the U.S.Bankruptcy Code in the United States Bankruptcy Court for theDistrict of Delaware. The Debtors have requested that their casesbe jointly administered under Case No. 15-10503. The cases areassigned to Judge Mary F. Walrath.The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer& Feld LLP as attorneys; FTI Consulting Inc. as financial advisor;Moelis & Company as financial advisor; and Prime Clerk LLC asclaims and noticing agent.ANV disclosed $941 million in total assets and $664 million intotal debt as of Dec. 31, 2014. * * *Allied Nevada Gold Corp., et al.'s plan of reorganizationincorporates the terms of the prepetition plan support agreementreached by the Debtors with holders of at least 67% of theaggregate outstanding principal amount of the Notes and 100% of theHolders of Secured ABL Claims and Secured Swap Claims.Pursuant to the plan support agreement, each Holder of an AllowedSecured ABL Claim will receive (i) its Pro Rata share of theSecured ABL/Swap Cash Payments not made prior to the Effective Dateand (ii) an amount of New First Lien Term Loans in an aggregateprincipal amount equal to (A) the amount of allowed claims pursuantto Section 2.7(b) of the Plan minus (B) the amount paid in cash inrespect of the Secured ABL Claims pursuant to clause (i) of Section2.7(c) of the Plan. In addition, for the avoidance of doubt, anyunpaid amounts owed to the holders of Secured ABL Claims pursuantto Section 11 of the DIP Facility Order will be due and payable incash on the Effective Date.A full-text copy of the Disclosure Statement dated April 24, 2015,is available at http://bankrupt.com/misc/ALLIEDds0424.pdf ALLIED SYSTEMS: Plan Confirmation Hearing Set for Sept. 9---------------------------------------------------------The Delaware Bankruptcy Court will hold a hearing to considerconfirmation of the Joint Chapter 11 Plan of ReorganizationProposed by ASHINC Corporation (f/k/a Allied Systems Holdings,Inc.), and its affiliated debtors; the Official Committee ofUnsecured Creditors; and Black Diamond Commercial Finance, L.L.C.,as first lien agent, on September 9, 2015 at 9:30 a.m. (ET) beforethe Hon. Christopher S. Sontchi.The deadline for filing objections to the confirmation of the Planis August 17, 2015 at 4:00 p.m. (prevailing Eastern Time).The Bankruptcy Court on July 8 approved the Disclosure Statementexplaining the Plan.As reported by the Troubled Company Reporter on Oct. 10, 2014,Bankruptcy Judge Christopher S. Sontchi declined to considerapproval of the settlement between Allied Systems Holdings Inc.'sunsecured creditors and private equity owners The Yucaipa Cos. LLC. Judge Sontchi rejected a request by Allied's independent directorsto schedule a hearing on the settlement, which would resolve a $57million adversary suit brought by the official committee ofunsecured creditors against Yucaipa and the debtor's directors.The Debtors are represented by: Mark D. Collins, Esq. Marisa A. Terranova, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 - and - Jeffrey W. Kelley, Esq. Ezra H. Cohen, Esq. Matthew R. Brooks, Esq. Benjamin R. Carlsen, Esq. TROUTMAN SANDERS LLP Bank of America Plaza 600 Peachtree Street, Suite 5200 Atlanta, GA 30308-2216 Telephone: (404) 885-3000 Facsimile: (404) 885-3900 Email: firstname.lastname@example.com firstname.lastname@example.com About Allied Systems HoldingsBDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, andBlack Diamond CLO 2005-1 Adviser L.L.C., filed involuntarypetitions for Allied Systems Holdings Inc. and Allied Systems Ltd.(Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012. The signatories of the involuntary petitions assert claims of atleast $52.8 million for loan defaults by the two companies.Allied Systems, through its subsidiaries, provides logistics,distribution, and transportation services for the automotiveindustry in North America.Allied Holdings Inc. first filed for chapter 11 protection (Bankr.N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005.Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented theDebtors in the 2005 case. Allied won confirmation of areorganization plan and emerged from bankruptcy in May 2007 with$265 million in first-lien debt and $50 million in second-liendebt.The petitioning creditors said Allied defaulted on payments of$57.4 million on the first lien debt and $9.6 million on thesecond. They hold $47.9 million, or about 20% of the first-liendebt, and about $5 million, or 17%, of the second-lien obligation. They are represented by Adam G. Landis, Esq., and Kerri K. Mumford,Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., andRobert J. Ward, Esq., at Schulte Roth & Zabel LLP.Allied Systems Holdings Inc. formally put itself and 18subsidiaries into bankruptcy reorganization June 10, 2012,following the filing of the involuntary Chapter 11 petition.The Company is being advised by Mark D. Collins, Esq., atRichards, Layton & Finger, P.A., and Jeffrey W. Kelley, Esq., atTroutman Sanders, Gowling Lafleur Henderson.The bankruptcy court process does not include captive insurancecompany Haul Insurance Limited or any of the Company's Mexican orBermudan subsidiaries. The Company also announced that it intendsto seek foreign recognition of its Chapter 11 cases in Canada.An official committee of unsecured creditors has been appointed inthe case. The Committee consists of Pension Benefit GuarantyCorporation, Central States Pension Fund, Teamsters NationalAutomobile Transporters Industry Negotiating Committee, and GeneralMotors LLC. The Committee is represented by Sidley Austin LLP.In January 2014, the U.S. Trustee for Region 3 appointed a three-member Official Committee of Retirees.Yucaipa Cos. has 55% of the senior debt and took the position ithad the right to control actions the indenture trustee would takeon behalf of debt holders. The state court ruled in March 2013that the loan documents didn't allow Yucaipa to vote.In March 2013, the bankruptcy court gave the official creditors'committee authority to sue Yucaipa. The suit includes claims thatthe debt held by Yucaipa should be treated as equity orsubordinated so everyone else is paid before the Los Angeles-basedowner. The judge allowed Black Diamond to participate in thelawsuit against Yucaipa and Allied directors.Yucaipa American Alliance Fund I, L.P., Yucaipa American Alliance(Parallel) Fund I, L.P., Yucaipa American Alliance Fund II, L.P.,Yucaipa American Alliance (Parallel) Fund II, L.P., represented byMichael R. Nestor, Esq., and Edmund L. Morton, Esq., at YoungConaway Stargatt & Taylor, LLP; and Robert A. Klyman, Esq., atGibson, Dunn & Crutcher LLP.First Lien Agent, Black Diamond Commercial Finance, L.L.C.,represented by Adam G. Landis, Esq., and Kerri K. Mumford, Esq., atLandis Rath & Cobb LLP; and Adam C. Harris, Esq., Robert J. Ward,Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP.Allied Systems Holdings, Inc., has changed its name to ASHINCCorporation. * * *ASHINC Corporation, f/k/a Allied Systems Holdings, Inc., and itsdebtor affiliates filed with the U.S. Bankruptcy Court for theDistrict of Delaware a joint Chapter 11 plan of reorganization,co-proposed by the Committee and the first lien agents.The Plan provides that certain of the Debtors' assets, theLitigation Trust Assets, will vest in the Allied Litigation Trust,and the remainder of the Debtors' assets, including the proceedsfrom the sale of substantially all of the Debtors' assets, willeither revest in the Reorganized Debtors or be distributed to theDebtors' creditors.ALLIED SYSTEMS: Settlement Appeal to Proceed; Mediation Nixed-------------------------------------------------------------Chief Magistrate Judge Mary Pat Thynge recommended that the case,GENDREGSKE, et al. Appellants, v. BLACK DIAMOND COMMERCIAL FINANCELLC, et al., Appellees, Civ. No. 14-1415-SLR (D. Del.), bewithdrawn from the mandatory referral for mediation and proceedthrough the district court's appellate process.Delaware District Judge Sue L. Robinson accepted thatrecommendation and set this briefing schedule: 1. Appellants' brief in support of the appeal due on or beforeJuly 9, 2015. 2. Appellees' brief in opposition to the appeal is due on orbefore August 10, 2015. 3. Appellants' reply brief is due on or before August 24,2015.A copy of the Court's Order is available at http://is.gd/ht5GZvfrom Leagle.com.The issues presented on appeal:"Whether the Bankruptcy Court erred by denying the SettlementMotion where the Bankruptcy Court (a) refused Appellants' requestto conduct an evidentiary hearing that would have providedAppellants and other proponents of the Settlement Motion theopportunity to submit evidence demonstrating that the settlementwas in the best interests of the Debtors' estates, despite suchsettlement having been negotiated with the guidance of a sittingBankruptcy Judge appointed by the Bankruptcy Court to mediate thismatter, (b) and erred in its interpretation of the settlementagreement, including an interpretation purportedly permitting oneparty to unilaterally opt out of the agreement, despite its expressobligation to support and abide by the agreement."As reported by the Troubled Company Reporter on Oct. 10, 2014,Bankruptcy Judge Christopher S. Sontchi declined to considerapproval of the settlement between Allied Systems Holdings Inc.'sunsecured creditors and private equity owners The Yucaipa Cos. LLC. Judge Sontchi rejected a request by Allied's independent directorsto schedule a hearing on the settlement, which would resolve a $57million adversary suit brought by the official committee ofunsecured creditors against Yucaipa and the debtor's directors.Appellants Mark Gendregske and Brian Cullen, represented by: Derek C. Abbott, Esq. William M. Alleman, Jr., Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor P.O. Box 1347 Wilmington, DE 19899-1347 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: firstname.lastname@example.com email@example.com - and - John C. Massaro, Esq. Ian S. Hoffman, Esq. ARNOLD & PORTER LLP 555 Twelfth Street, NW Washington, D.C. 20004-1206 Telephone: 202-942-5000 Facsimile: 202-942-5999 Email: firstname.lastname@example.com firstname.lastname@example.com Appellees The Official Committee of Unsecured Creditors,represented by: Michal G. Burke, Esq. Nicholas K. Lagemann, Esq. SIDLEY AUSTIN LLP 787 Seventh Avenue New York, NY 10019 Telephone: (212) 839-5300 Facsimile: (212) 839-5599 Email: email@example.com firstname.lastname@example.com - and - William D. Sullivan, Esq. William A. Hazeltine, Esq. SULLIVAN HAZELTINE ALLINSON LLC 901 N. Market Street Wilmington, DE 19801 Telephone: (302) 428-8191 Facsimile: (302) 428-8195 Email: firstname.lastname@example.com email@example.com Yucaipa American Alliance Fund I, L.P., Yucaipa AmericanAlliance (Parallel) Fund I, L.P., Yucaipa American Alliance FundII, L.P., Yucaipa American Alliance (Parallel) Fund II, L.P.,represented by: Michael R. Nestor, Esq. Edmund L. Morton, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 N. King St. Wilmington, DE 19801 Telephone: (302) 571-6600 Email: firstname.lastname@example.com email@example.com - and - Robert A. Klyman, Esq. GIBSON, DUNN & CRUTCHER LLP 333 S. Grand Ave. Los Angeles, CA 90071 Telephone: (213) 229-7000 Email: email@example.com First Lien Agent, Black Diamond Commercial Finance,L.L.C., represented by: Adam G. Landis, Esq. Kerri K. Mumford, Esq. LANDIS RATH & COBB LLP 919 N. Market St. Wilmington, DE 19801 Telephone: (302) 467-4400 Facsimile: (302) 467-4450 - and - Adam C. Harris, Esq. Robert J. Ward, Esq. David M. Hillman, Esq. SCHULTE ROTH & ZABEL LLP 919 Third Ave. New York, NY 10022 Telephone: (212) 756-2000The Debtors are represented by: Mark D. Collins, Esq. Christopher M. Samis, Esq. Marisa A. Terranova, Esq RICHARDS, LAYTON & FINGER, P.A. 920 N. King St. Wilmington, DE 9801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: firstname.lastname@example.com - and - Jeffrey W. Kelley, Esq. Ezra H. Cohen, Esq. TROUTMAN SANDERS LLP 600 Peachtree St. Atlanta, GA 30308 Telephone: (404) 885-3000 Facsimile: (404) 885-3900 Email: email@example.com email@example.com About Allied Systems HoldingsBDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, andBlack Diamond CLO 2005-1 Adviser L.L.C., filed involuntarypetitions for Allied Systems Holdings Inc. and Allied Systems Ltd.(Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012. The signatories of the involuntary petitions assert claims of atleast $52.8 million for loan defaults by the two companies.Allied Systems, through its subsidiaries, provides logistics,distribution, and transportation services for the automotiveindustry in North America.Allied Holdings Inc. first filed for chapter 11 protection (Bankr.N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005.Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented theDebtors in the 2005 case. Allied won confirmation of areorganization plan and emerged from bankruptcy in May 2007 with$265 million in first-lien debt and $50 million in second-liendebt.The petitioning creditors said Allied defaulted on payments of$57.4 million on the first lien debt and $9.6 million on thesecond. They hold $47.9 million, or about 20% of the first-liendebt, and about $5 million, or 17%, of the second-lien obligation. They are represented by Adam G. Landis, Esq., and Kerri K. Mumford,Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., andRobert J. Ward, Esq., at Schulte Roth & Zabel LLP.Allied Systems Holdings Inc. formally put itself and 18subsidiaries into bankruptcy reorganization June 10, 2012,following the filing of the involuntary Chapter 11 petition.The Company is being advised by Mark D. Collins, Esq., atRichards, Layton & Finger, P.A., and Jeffrey W. Kelley, Esq., atTroutman Sanders, Gowling Lafleur Henderson.The bankruptcy court process does not include captive insurancecompany Haul Insurance Limited or any of the Company's Mexican orBermudan subsidiaries. The Company also announced that it intendsto seek foreign recognition of its Chapter 11 cases in Canada.An official committee of unsecured creditors has been appointed inthe case. The Committee consists of Pension Benefit GuarantyCorporation, Central States Pension Fund, Teamsters NationalAutomobile Transporters Industry Negotiating Committee, and GeneralMotors LLC. The Committee is represented by Sidley Austin LLP.In January 2014, the U.S. Trustee for Region 3 appointed a three-member Official Committee of Retirees.Yucaipa Cos. has 55% of the senior debt and took the position ithad the right to control actions the indenture trustee would takeon behalf of debt holders. The state court ruled in March 2013that the loan documents didn't allow Yucaipa to vote.In March 2013, the bankruptcy court gave the official creditors'committee authority to sue Yucaipa. The suit includes claims thatthe debt held by Yucaipa should be treated as equity orsubordinated so everyone else is paid before the Los Angeles-basedowner. The judge allowed Black Diamond to participate in thelawsuit against Yucaipa and Allied directors.Allied Systems Holdings, Inc., changed its name to ASHINCCorporation. * * *ASHINC Corporation, f/k/a Allied Systems Holdings, Inc., and itsdebtor affiliates filed with the U.S. Bankruptcy Court for theDistrict of Delaware a joint Chapter 11 plan of reorganization,co-proposed by the Committee and the first lien agents.The Plan provides that certain of the Debtors' assets, theLitigation Trust Assets, will vest in the Allied Litigation Trust,and the remainder of the Debtors' assets, including the proceedsfrom the sale of substantially all of the Debtors' assets, willeither revest in the Reorganized Debtors or be distributed to theDebtors' creditors.ALPHA NATURAL: Bank Debt Trades at 31% Off------------------------------------------Participations in a syndicated loan under which Alpha NaturalResources is a borrower traded in the secondary market at 69.30cents-on-the-dollar during the week ended Friday, July 24, 2015,according to data compiled by LSTA/Thomson Reuters MTM Pricing andreported in the July 28, 2015, edition of The Wall Street Journal.This represents an increase of 0.33 percentage points from theprevious week, The Journal relates. Alpha Natural Resources pays275 basis points above LIBOR to borrow under the facility. Thebank loan matures on May 31, 2020. Moody's rates the loan 'B3' andStandard & Poor's gave a BB- rating to the loan. The loan is oneof the biggest gainers and losers among 253 widely quotedsyndicated loans with five or more bids in secondary trading forthe week ended July 24.AMERICAN POWER: Appoints Matt Van Steenwyk as New Board Member--------------------------------------------------------------American Power Group Corporation announced that Matt Van Steenwyk has joined the Company's Board of Directors, effective July 21,2015.Matt Van Steenwyk has been managing director of Longbow TechnologyVentures, a technology investment fund located in Las Vegas, NVsince 2010 and is a director and partner at Northern Cross Partners, a Los Angeles based merchant bank offering financial andoperation advisory services to companies in the small and middlemarket since 2012.Mr. Van Steenwyk has over twenty-five years of investing andoperating experience across multiple industries with a strong focuson energy related industries. After graduating from the United States Air Force Academy, Mr. Van Steenwyk flew jet fightersduring the Cold War and later went on to oversee a six billion dollar procurement/fighter replacement project for theAir Force. In 1986, he left the Air Force to join a small firm inthe energy services sector. There, he was part of the executiveteam that built the company into what is now global firm with over1,400 employees and operations in Canada, Europe, the Middle East,Asia Pacific, Latin America and the United States.Mr. Van Steenwyk directly owns and/or has a beneficial interestthrough several investment vehicles he controls approximately 12.7million shares of American Power Group Corporation's common stock.Maury Needham, American Power Group's chairman of the Board of Directors, stated, "We are extremely pleased that in addition tohis substantial financial investment in American Power GroupMatt has agreed to join the Company's Board. Matt brings a wealthof expertise and experience in the global energy and energyservices sectors with particular focus in the areas of oil and gasexploration and production. Matt will provide valuable industryinsight as we accelerate our Fueled By Flare initiatives for both vehicular and stationary applications in the Bakken region of North Dakota as well as other regions of theUnited States." About American Power GroupAmerican Power Group's alternative energy subsidiary, AmericanPower Group, Inc., provides a cost-effective patented TurbochargedNatural Gas conversion technology for vehicular, stationary andoff-road mobile diesel engines. American Power Group's dual fueltechnology is a unique non-invasive energy enhancement system thatconverts existing diesel engines into more efficient andenvironmentally friendly engines that have the flexibility to runon: (1) diesel fuel and liquefied natural gas; (2) diesel fuel andcompressed natural gas; (3) diesel fuel and pipeline or well-headgas; and (4) diesel fuel and bio-methane, with the flexibility toreturn to 100 percent diesel fuel operation at any time. Theproprietary technology seamlessly displaces up to 80% of thenormal diesel fuel consumption with the average displacementranging from 40 percent to 65 percent. The energized fuel balanceis maintained with a proprietary read-only electronic controllersystem ensuring the engines operate at original equipmentmanufacturers' specified temperatures and pressures. Installationon a wide variety of engine models and end-market applicationsrequire no engine modifications unlike the more expensive invasivefuel-injected systems in the market. Additional information athttp://www.americanpowergroupinc.com/ American Power reported a net loss available to common stockholdersof $2.92 million on $7.01 million of net sales for the year endedSept. 30, 2013.As of March 31, 2015, the Company had $7.76 million in totalassets, $5.37 million in total liabilities and $2.39 million totalstockholders' equity.AMPAL-AMERICAN: Chapter 7 Trustee Trumps Disqualification Bid-------------------------------------------------------------Alex Spizz, the chapter 7 trustee of Ampal-American IsraelCorporation, is not going anywhere, according to a ruling byBankruptcy Judge Stuart M. Bernstein.Judge Bernstein turned down calls by Yosef A. Maiman, the chairmanand former chief executive officer and president of Ampal togetherwith entities under his ownership or control, to disqualify Mr.Spizz.Judge Bernstein also tossed the Controlling Shareholders' objectionto Mr. Spizz's request to retain the law firm of Tarter Krinsky &Drogin LLP as substitute general bankruptcy counsel under 11 U.S.C.Sec. 327(a). The Chapter 7 Trustee recently joined Tarter as a partner togetherwith four other lawyers and one paralegal after his previous firm,Spizz Cohen & Serchuk, P.C., which dissolved and closed. The Controlling Shareholders objected to Tarter's retention basedon its prior representation of certain parties-in-interest in othermatters in Ampal's bankruptcy case. They also wanted the Trusteedisqualified based primarily on his affiliation with Tarter. IritEluz, a former officer of Ampal, joined in the objection and thecross-motion. A copy of Judge Bernstein's July 27 Findings of Fact andConclusions of Law is available at http://is.gd/RMKJpCfrom Leagle.com.Tarter Krinsky & Drogin LLP's Arthur Goldstein, Esq., and JillMakower, Esq. -- firstname.lastname@example.com firstname.lastname@example.com -- argue for the Chapter 7 Trustee.Yosef A. Maiman and Merhav (M.N.F.) Limited are represented byKasowitz, Benson, Torres & Friedman LLP's David M. Friedman, Esq.,Daniel A. Fliman, Esq., and Nii-Amar Amamoo, Esq. --firstname.lastname@example.com and email@example.com Schotz, P.C.'s Michael D. Sirota, Esq., and Steven L. Klepper,Esq. -- firstname.lastname@example.com -- represent Irit Eluz. About Ampal-AmericanAmpal-American Israel Corporation -- http://www.ampal.com/-- acquired interests primarily in businesses located in Israel orthat are Israel-related. Ampal-American filed a Chapter 11petition (Bankr. S.D.N.Y. Case No. 12-13689) on Aug. 29, 2012, torestructure the Company's Series A, Series B and Series Cdebentures. Bankruptcy Judge Stuart M. Bernstein presides overthe case. Ampal-American sought bankruptcy protection in the U.S.because bankruptcy laws in Israel would lead to the Company'sliquidation.Michelle McMahon, Esq., at Bryan Cave LLP, serves as the Debtor'scounsel. Houlihan Lokey serves as investment banker.The petition was signed by Irit Eluz, chief financial officer,senior vice president. The Company scheduled $290,664,095 intotal assets and $349,413,858 in total liabilities.A three-member official committee of unsecured creditors isrepresented by Brown Rudnick as counsel.In May 2013, the Bankruptcy Court converted Ampal's Chapter 11bankruptcy to a Chapter 7 liquidation after determining that theenergy investment holding company does not have sufficient cash toexecute a reorganization plan.ATLANTIC & PACIFIC: Court Restricts Trading of Securities---------------------------------------------------------In the Chapter 11 cases of Montvale-Para Holdings Inc., and certainof its affiliates, including The Great Atlantic & Pacific TeaCompany, the U.S. Bankruptcy Court for the Southern District of NewYork entered an interim order temporarily establishing proceduresthat, in certain circumstances, restrict transactions by, anyperson or group of persons that is or, as a result of such atransaction, would become a substantial securityholder of either(a) the common stock; or (b) the 14% senior secured convertiblenotes due March 13, 2018, in each case issued by Montvale.For purposes of the procedures, a substantial securityholder is anyperson or entity that beneficially owns, directly or indirectly, atleast 38,000 shares of such common stock.A hearing to consider entry of an order approving the procedures ona final basis will be held on Aug. 10, 2015, at 10:00 a.m.(prevailing Eastern Time). About Atlantic & PacificBased in Montvale, New Jersey, The Great Atlantic & Pacific TeaCompany, Inc., and its affiliates are one of the nation's oldestleading supermarket and food retailers, operating approximately 300supermarkets, beer, wine, and liquor stores, combination food anddrug stores, and limited assortment food stores across sixNortheastern states. The primary retail operations consist ofsupermarkets operated under a variety of well known trade names, or"banners," including A&P, Waldbaum's, SuperFresh, Pathmark, FoodBasics, The Food Emporium, Best Cellars, and A&P Liquors. TheCompany employs approximately 28,500 employees, over 90% of whomare members of one of twelve local unions whose members areemployed by the Debtors under the authority of 35 separatecollective bargaining agreements.Then with 429 stores, A&P and its affiliates filed Chapter 11petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, andin 2012 emerged from Chapter 11 bankruptcy as a privately heldcompany with 320 supermarkets.On July 19, 2015, with 300 stores, A&P and 20 affiliated debtorseach filed a Chapter 11 petition (Bankr. S.D.N.Y.) after reachingdeals for the going concern sales of 120 stores. The Debtors areseeking joint administration under Case No. 15-23007.As of Feb. 28, 2015, the Debtors reported total assets of $1.6billion and liabilities of $2.3 billion.The Debtors tapped Weil, Gotshal & Manges LLP as counsel, EvercoreGroup L.L.C., as investment banker, FTI Consulting, Inc., asfinancial advisor, Hilco Real Estate, LLC, as real estate advisor,and Prime Clerk LLC, as claims and noticing agent.AZIZ CONVENIENCE: Has Nod to Sell Assets to Susser for $41.6M-------------------------------------------------------------The U.S. Bankruptcy Court for the Southern District of Texasapproved on July 28, 2015, the sale of Aziz Convenience Stores LLCand its assets to Susser Petroleum Property Co. LLC for $41.6million, Greg Lindenberg at CSP Daily News reports, citing HaroldJ. Bordwin, principal and managing director of Keen-Summit CapitalPartners LLC.As reported by the Troubled Company Reporter on July 9, 2015, theCourt entered an order approving the sale and bid procedures inconnection with the sale of substantially all of the Company'sassets. The Debtor had sought court authorization for the sale ofits assets to Susser Petroleum, subject to better and higheroffers. Susser Petroleum proposed to acquire the Debtor's assetsfor $28 million plus an "inventory payment." CSP Daily quoted Mr. Bordwin as saying, "We had three bidders. Circle K [Stores Inc.] was the backup bidder, submitting the nexthighest bid" at $41.5 million. Citing a source with knowledge of the deal, CSP Daily relates thatthe third bidder was TravelCenters of America. About Aziz ConvenienceAziz Convenience Stores, L.L.C., owner of convenience stores withgas pumps in Texas, filed a Chapter 11 bankruptcy petition (Bankr.S.D. Tex. Case No. 14-70427) in its hometown in McAllen, Texas, onAug. 4, 2014, without stating a reason.The Debtor owns properties in Mission, San Juan, Pharr, McAllen,Sullivan City, Edinburg, La Joya, Donna, Alamo, Alton, Edinburg,all in Texas. It appears that none of the Debtor's conveniencestores are on leased property as the schedule of unexpired leasesonly shows the contract with Valero LP.The Debtor is represented by William A Csabi, Esq., from Harlingen,Texas. For his legal services, Mr. Csabi agreed to accept $65,000from the Debtor, with the $12,500 already paid prepetition.BAHA MAR: CSCEC Prepared to Invest $100M, CCA Bahamas Says----------------------------------------------------------CCA Bahamas Ltd., a wholly owned indirect subsidiary of China StateConstruction Engineering Corporation Limited (CSCEC) and theconstruction manager/general contractor for the $3.5 billion BahaMar resort project, said in a statement on July 27, 2015, that itsparent company is prepared to invest an additional $100 million inBaha Mar Ltd. and provide a guarantee of $175 million to China EximBank in connection with new loan facility.CCA Bahamas said that it has "continued to make every effort towork diligently and constructively with the Bahamian government,China Exim Bank, and Baha Mar Ltd., to reach a swift resolutionthat will enable work to restart on the Baha Mar project."CCA Bahamas presented these key facts about legacy businessinterests in the Baha Mar resort project and its continuedinitiatives to reach a successful resolution:1. CCA Bahamas never had any development responsibilities withrespect to Baha Mar. CCA Bahamas' role has been -- and willcontinue to be -- limited to that of a construction contractor. Inan effort to resurrect Baha Mar, CCA Bahamas went above and beyondthe obligations of a traditional construction contractor and made aminority equity investment of $150 million (preferred shares) inBaha Mar Ltd. (BML) which was indispensable to the funding of theproject.2. CCA Bahamas has a firm, binding contract in place with BML toserve as the construction manager/general contractor for the BahaMar project. BML has failed to pay CCA Bahamas the normal monthlyconstruction progress payments of approximately $72 million for thefirst five months of 2015 and has not honored CCA Bahamas' requestsfor additional payments of approximately $70 million foroutstanding construction change orders.3. BML is bankrupt because it repeatedly made mistakes in thedevelopment of Baha Mar. Their attempts to place blame on CCABahamas are self-serving explanations to deflect attention fromtheir own negligence and mismanagement of the resort's development. However, despite their serial missteps and purposeful avoidance ofits contractual payment obligations, CCA Bahamas are once againoffering to provide financial assistance to help save Baha Mar andcreate thousands of jobs for the Bahamian people.4. Completing Baha Mar is a major priority for CCA Bahamas. It isthe largest project of its kind in the history of the Caribbean anda national priority for the people and government of The Bahamas. To demonstrate our strong confidence in the project and furtherreinforce CCA Bahamas' continued commitment to completing Baha Mar,CCA Bahamas haS offered to invest an additional $100 million in BMLand provide a guarantee of $175 million to China Exim Bank inconnection with China Exim Bank's new $200 million loan facility toBML.5. To satisfy China Exim Bank's clear requirements for a guaranteeof the new loan facility, CCA Bahamas haS asked BML to provide asimilar guarantee. Mr. Izmirlian has categorically rejected CCABahamas' reasonable request for a counter guarantee -- one whichwould put the Baha Mar resort project back on track forcompletion.6. BML has counterproductively demanded that CCA Bahamas reduce thevalue of CCA Bahamas' existing equity investment ($150 million ofpreferred shares) in BML, to $75 million -- a 50% write-down ($75million) of CCA Bahamas' equity investment in BML and has alsorequested that the interest rate on CCA Bahamas' investment in BMLbe reduced to zero.CCA Bahamas' expertise and historical oversight of the Baha Marproject is essential to successfully completing the resort asquickly as possible, and putting Bahamians back to work. While BMLcontinues to be unwilling to reach a mutually beneficial agreement,CCA Bahamas said that its commitment to supporting the Bahamiangovernment and the people of the Bahamas has not waned. "We willcontinue to work closely with any and all appropriate parties toreach a viable plan in order to expeditiously open this landmarkresort," CCA Bahamas said.About China State Construction Engineering Corporation & CCABahamas Ltd.Established in 1985, China Construction America (CCA) is the NorthAmerican and South American subsidiary of CSCEC. CSCEC is a publiccompany listed on the Shanghai Stock Exchange with a total marketcapitalization of $48 billion as of June 2015. Ranked 37th amongFortune Global 500 companies in 2015 and no. 1 on the ENR GlobalContractors list in 2014, CSCEC is unrivaled by any otherconstruction company in the world.CCA Bahamas is a wholly owned subsidiary of CCA with foundingprinciples of integrity and innovation with quality assurance andvalue creation. With revenue of approximately $2 billion in 2014,CCA is the no. 32 ranked contractor in the US. In accordance withits core values, CCA is committed to creating value for allstakeholders and building a better Bahamas and a better world. About Baha MarOrlando, Florida-based Northshore Mainland Services Inc., Baha MarEnterprises Ltd., and their affiliates sought protection underChapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,Case No. 15-11402). Baha Mar owns, and is in the final stages ofdeveloping, a 3.3 million square foot resort complex located inCable Beach, Nassau, The Bahamas.The case is assigned to Judge Kevin J. Carey.The Debtors are represented by Paul S. Aronzon, Esq., and MarkShinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in LosAngeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloyLLP, in New York. The Debtors' Delaware counsel are Laura DavisJones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., andPeter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, inWilmington, Delaware. The Debtors' Bahamian counsel is GlintonSweeting O'Brien. The Debtors' special litigation counsel isKobre & Kim LLP. The Debtors' construction counsel is Glaser WeilFink Howard Avchen & Shapiro LLP. The Debtors' investment banker and financial advisor is MoelisCompany LLC. The Debtors' claims and noticing agent is PrimeClerk LLC.BERNARD L. MADOFF: Judge Approves Settlement with Plaza Investments-------------------------------------------------------------------Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,reported that Judge Stuart M. Bernstein of the U.S. BankruptcyCourt in Manhattan approved a settlement among Irving H. Picard,Securities Investor Protection Act (SIPA) Trustee for theliquidation of Bernard L. Madoff Investment Securities LLC (BLMIS),and Plaza Investments International Limited and Notz, StuckiManagement (Bermuda) Limited.As previously reported by The Troubled Company Reporter, under theterms of the agreement, the settlement with Plaza will immediatelybenefit the BLMIS Customer Fund by $140 million. This payment byPlaza represents approximately 60 percent of the amount transferredfrom BLMIS to Plaza during the six-year period prior to the BLMISliquidation filing and also includes 100 percent of the preferenceand transfers from BLMIS to the Plaza defendants that occurredwithin two years of the BLMIS liquidation filing.As of the approval of the settlement, Plaza will be entitled to anallowed claim of approximately $405 million and entitled to receivecatch-up payments of approximately $198 million based on the fivepro rata interim distributions made in the SIPA liquidation ofBLMIS to date, plus the $500,000 SIPC advance. Plaza will use thefirst $140 million of the catch-up payments to pay the amount itowes to the BLMIS Customer Fund. Plaza will now be entitled tofurther pro rata interim distributions along with all other BLMIScustomers with allowed claims not yet fully satisfied. About Bernard L. MadoffBernard L. Madoff Investment Securities LLC and Bernard L. Madofforchestrated the largest Ponzi scheme in history, with lossestopping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.Stanton of the U.S. District Court for the Southern District ofNewYork granted the application of the Securities Investor ProtectionCorporation for a decree adjudicating that the customers of BLMISare in need of the protection afforded by the Securities InvestorProtection Act of 1970. The District Court's Protective Order (i)appointed Irving H. Picard, Esq., as trustee for the liquidationofBLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and(iii) removed the SIPA Liquidation proceeding to the BankruptcyCourt (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr.Picard has retained AlixPartners LLP as claims agent.On April 13, 2009, former BLMIS clients filed an involuntaryChapter 7 bankruptcy petition against Bernard Madoff (Bankr.S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal &Associates Florida General Partnership, Martin RappaportCharitableRemainder Unitrust, Martin Rappaport, Marc Cherno, and StevenMorganstern -- assert US$64 million in claims against Mr. Madoffbased on the balances contained in the last statements they gotfrom BLMIS.On April 14, 2009, Grant Thornton UK LLP as receiver placed MadoffSecurities International Limited in London under bankruptcyprotection pursuant to Chapter 15 of the U.S. Bankruptcy Code(Bankr. S.D. Fla. 09-16751).The Chapter 15 case was later transferred to Manhattan. In June2009, Judge Lifland approved the consolidation of the Madoff SIPAproceedings and the bankruptcy case.Judge Denny Chin of the U.S. District Court for the SouthernDistrict of New York on June 29, 2009, sentenced Mr. Madoff to 150years of life imprisonment for defrauding investors in UnitedStates v. Madoff, No. 09-CR-213 (S.D.N.Y.).From recoveries in lawsuits coupled with money advanced by SIPC,Mr. Picard has commenced distributions to victims. As of the endof May 2015, the SIPA Trustee has recovered more than $10.699billion and has distributed approximately $7.576 billion. Whenadditional settlements awaiting distribution are taken intoaccount, the recovery in the Madoff liquidation proceeding totals$10.734 billion.BRAND ENERGY: Bank Debt Trades at 3% Off----------------------------------------Participations in a syndicated loan under which Brand Energy &Infrastructure Services is a borrower traded in the secondarymarket at 96.72 cents-on-the-dollar during the week ended Friday,July 24, 2015, according to data compiled by LSTA/Thomson ReutersMTM Pricing and reported in the July 28, 2015, edition of The WallStreet Journal. This represents an increase of 0.48 percentagepoints from the previous week, The Journal relates. Brand Energypays 375 basis points above LIBOR to borrow under the facility. Thebank loan matures on Nov. 12, 2020, and carries Moody's B1 ratingand Standard & Poor's B rating. The loan is one of the biggestgainers and losers among 253 widely quoted syndicated loans withfive or more bids in secondary trading for the week ended Friday,July 24.BRIAN J. COOK: Court Denies Motion to Reject Executory Contract---------------------------------------------------------------Bankruptcy Judge Robert Kwan in Los Angeles, California, denied themotion of debtors Brian and Victoria Cook to reject a contract asexecutory between Mr. Cook and creditor Edward Franowicz.Judge Kwan noted that the "sparse and conclusory nature of theevidentiary showing by debtors in the moving papers has led thecourt to determine that the court cannot rule upon the motionwithout sufficient factual development because the record isinsufficient at this time for the court to rule in favor of debtorson this motion. That is, the evidentiary record is insufficient forthe court to find that the contract is executory, that creditor isnot a purchaser-in-possession entitled to the protections of 11U.S.C. [Sec.]365(i), or that the rejection of the contract is areasonable exercise of the business judgment of debtors inpossession.""Debtors' evidentiary showing in support of their motion consistsof scanty (or "bare bones" as described by creditor) and conclusorystatements by debtor Brian Cook that the contract is executory,that rejection of the contract is a reasonable exercise of debtors'business judgment and that creditor is not entitled to protectionas a purchaser-in-possession under 11 U.S.C. [Sec.]365(i), to whichstatements creditor has interposed evidentiary objections, whichthe court now sustains because the statements are conclusory andlacking in foundation."The court denies the motion without prejudice. That is, debtorsmay file an amended motion that remedies the deficiencies in proofdescribed in this order."The court determined that oral argument on the matter was notnecessary, and vacated a scheduled hearing for June 9, 2015.A copy of Judge Kwan's order is available at http://is.gd/Cdz5eafrom Leagle.com.Brian J. Cook and Victoria Velasquez Cook filed a Chapter 11petition (Bankr. C.D. Cal. Case No. 15-10768) on January 21, 2015.C & O ENTERPRISES: Case Summary & 11 Largest Unsecured Creditors----------------------------------------------------------------Debtor: C & O Enterprises, LLC c/o Kanetha Chau, Managing Member 1548 Cutty Sark Cove Slidell, LA 70461Case No.: 15-11892Chapter 11 Petition Date: July 28, 2015Court: United states Bankruptcy Court Eastern District of Louisiana (New Orleans)Judge: Hon. Elizabeth W. MagnerDebtor's Counsel: Phillip K. Wallace, Esq. PHILLIP K. WALLACE, PLC 4040 Florida Street, Suite 203 Mandeville, LA 70448 Tel: (985) 624-2824 Fax: (985) 624-2823 Email: firstname.lastname@example.com Assets: $1 million to $10 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by Kanetha Chau, managing member.A list of the Debtor's 11 largest unsecured creditors is availablefor free at http://bankrupt.com/misc/laeb15-11892.pdfCAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 7% Off------------------------------------------------------Participations in a syndicated loan under which CaesarsEntertainment Inc. is a borrower traded in the secondary market at93.15 cents-on-the- dollar during the week ended Friday, July 24,2015, according to data compiled by LSTA/Thomson Reuters MTMPricing and reported in the July 28, 2015, edition of The WallStreet Journal. This represents a decrease of 0.63 percentagepoints from the previous week, The Journal relates. CaesarsEntertainment Inc. pays 600 basis points above LIBOR to borrowunder the facility. The bank loan matures on September 24, 2020,and carries Moody's B2 rating and Standard & Poor's CCC+ rating.The loan is one of the biggest gainers and losers among 253 widelyquoted syndicated loans with five or more bids in secondary tradingfor the week ended Friday, July 24.CAESARS ENTERTAINMENT: Not Allowed to Make Fast Appeal of Ruling----------------------------------------------------------------Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,reported that Caesars Entertainment Operating Co. can't quicklyappeal a ruling that allows creditors' lawsuits against its parentto proceed, a bankruptcy judge ruled.According to the report, Judge A. Benjamin Goldgar of the U.S.Bankruptcy Court in Chicago said CEOC may not bypass the districtcourt to take its challenge of his ruling straight to the SeventhU.S. Circuit Court of Appeals, a victory for the creditors suingparent Caesars Entertainment Corp. over asset transfers between thetwo companies before CEOC's bankruptcy filing. About Caesars EntertainmentCaesars Entertainment Corp., formerly Harrah's Entertainment Inc.,is one of the world's largest casino companies. Caesars casinoresorts operate under the Caesars, Bally's, Flamingo, GrandCasinos, Hilton and Paris brand names. The Company has itscorporate headquarters in Las Vegas. Harrah's announced itsre-branding to Caesar's in mid-November 2010.In January 2015, Caesars Entertainment and subsidiary CaesarsEntertainment Operating Company, Inc., announced that holders ofmore than 60% of claims in respect of CEOC's 11.25% senior securednotes due 2017, CEOC's 8.5% senior secured notes due 2020 andCEOC's 9% senior secured notes due 2020 have signed the AmendedandRestated Restructuring Support and Forbearance Agreement, dated asof Dec. 31, 2014, among Caesars Entertainment, CEOC and theConsenting Creditors. As a result, The RSA became effectivepursuant to its terms as of Jan. 9, 2015.Appaloosa Investment Limited, et al., owed $41 million on accountof 10% second lien notes in the company, filed an involuntaryChapter 11 bankruptcy petition against CEOC (Bankr. D. Del. CaseNo. 15-10047) on Jan. 12, 2015. The bondholders are representedbyRobert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP.CEOC and 172 other affiliates -- operators of 38 gaming and resortproperties in 14 U.S. states and 5 countries -- filed Chapter 11bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) onJan. 15, 2015. CEOC disclosed total assets of $12.3 billion andtotal debt of $19.8 billion as of Sept. 30, 2014.Delaware Bankruptcy Judge Kevin Gross entered a ruling that thebankruptcy proceedings will proceed in the U.S. Bankruptcy Courtfor the Northern District of Illinois.Kirkland & Ellis serves as the Debtors' counsel. AlixPartners isthe Debtors' restructuring advisors. Prime Clerk LLC acts as theDebtors' notice and claims agent. Judge Benjamin Goldgar presidesover the cases.The U.S. Trustee has appointed seven noteholders to serve in theOfficial Committee of Second Priority Noteholders and nine membersto serve in the Official Unsecured Creditors' Committee.The U.S. Trustee appointed Richard S. Davis as Chapter 11examiner. * * *The Troubled Company Reporter, on April 27, 2015, reported thatFitch Ratings has affirmed and withdrawn the Issuer DefaultRatings(IDR) and issue ratings of Caesars Entertainment Operating Company(CEOC). These actions follow CEOC's Chapter 11 filing on Jan. 15,2015. Accordingly, Fitch will no longer provide ratings oranalytical coverage for CEOC.In addition, Fitch has affirmed the IDR and issue rating ofChesterDowns and Marina LLC (Chester Downs) and the ratings have beensimultaneously withdrawn for business reasons.CAL DIVE: Gets Approval to Sell Vessel to Arendal for $3.5-Mil.---------------------------------------------------------------An affiliate of Cal Dive International Inc. won court approval tosell a vessel to Arendal, S. de R.L. de C.V. for $3.5 million.U.S. Bankruptcy Judge Christopher Sontchi on July 24 allowed CalDive Offshore Contractors Inc. to sell a Vanuatu-flagged vesselcalled Texas and other assets to the Mexican company.Arendal emerged as the winning bidder for the assets at abankruptcy auction on July 22, beating out rival bidder ShelfSubsea Services Pte., which offered $1.4 million.The assets will be sold to Shelf Subsea, the court-approved"back-up bidder," in case Cal Dive's sale transaction with theMexican company falls through.Cal Dive's sale agreement with Arendal is just one of the manytransactions entered into by the company since it received thebankruptcy judge's approval to solicit offers for its assets.In June this year, Judge Sontchi approved a bidding process despiteopposition from Cal Dive's secured creditor Sabine Pass IndependentSchool District and other groups that claim to have maritime lienson vessels owned by the company.In its objection, Sabine Pass expressed concern its tax lien wasn't"adequately" protected. Sabine Pass dropped its objection lastweek. About Cal DiveHouston, Texas-based marine contractor Cal Dive International,Inc., provides manned diving, pipelay and pipe burial, platforminstallation and salvage, and light well intervention services tothe offshore oil and natural gas industry on the Gulf of MexicoOCS, Northeastern U.S., Latin America, Southeast Asia, China,Australia, West Africa, the Middle East, and Europe. Cal Dive andits U.S. subsidiaries filed simultaneous voluntary petitions(Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.Through the Chapter 11 process, the Company intends to sell non-core assets and intends to reorganize or sell as a going concernits core subsea contracting business.Cal Dive disclosed total assets of $571 million and total debt of$411 million as of Sept. 30, 2015.The Debtors tapped Richards, Layton & Finger, P.A., as counsel,O'Melveny & Myers LLP, as co-counsel; Jones Walker Jones WalkerLLP as corporate counsel; and Kurtzman Carson Consultants, LLC, asclaims and noticing agent. The Debtors also tapped Carl MarksAdvisory Group LLC as crisis managers and appoint F. DuffieldMeyercord as chief restructuring officer.On March 17, 2015, the U.S. Trustee for Region 3 formed afive-member committee of unsecured creditors in the case. TheCommittee retained Akin Gump Strauss Hauer & Feld LLP and PepperHamilton LLP as co-counsel; and Guggenheim Securities, LLC asexclusive investment banker.Cal Dive Offshore Contractors, Inc., disclosed total assets of$233,273,806 and $311,339,932 in liabilities as of the Chapter 11filing.CAL DIVE: Waveny Master Fund Resigns from Creditors Committee-------------------------------------------------------------The U.S. Trustee for Region 3 announced that Waveny Master Fund LPresigned from Cal Dive International Inc.'s official committee ofunsecured creditors effective July 27. The remaining members of the committee are: (1) The Bank of New York Mellon Trust Company, N.A. Attn: Dennis Roemlein 601 Travis, 16th Floor Houston, TX 77002 Phone: (713) 483-6531 Fax: (713) 483-6979 (2) AQR Funds–AQR Diversified Arbitrage Fund Attn: Melinda Franek 2 Greenwich Plaza, Third Floor Greenwich, CT 06830 Phone: (203) 742-3007 Fax: (203) 742-3077 (3) Cashman Equipment Corp. Attn: Kim Marie Shaughnessy 41 Brooks Drive Suite 1005 Braintree, MA 02184 Phone: (617) 908-1982 Fax: (781) 535-6220 (4) Smith Marine Towing Corp. Attn: Kirk Smith P.O. Box 2120 Morgan City, LA 70381 Phone: (985) 631-9420 Fax: (985) 631-6655 About Cal DiveHouston, Texas-based marine contractor Cal Dive International,Inc., provides manned diving, pipelay and pipe burial, platforminstallation and salvage, and light well intervention services tothe offshore oil and natural gas industry on the Gulf of MexicoOCS, Northeastern U.S., Latin America, Southeast Asia, China,Australia, West Africa, the Middle East, and Europe. Cal Dive andits U.S. subsidiaries filed simultaneous voluntary petitions(Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.Through the Chapter 11 process, the Company intends to sell non-core assets and intends to reorganize or sell as a going concernits core subsea contracting business.Cal Dive disclosed total assets of $571 million and total debt of$411 million as of Sept. 30, 2015.The Debtors tapped Richards, Layton & Finger, P.A., as counsel,O'Melveny & Myers LLP, as co-counsel; Jones Walker Jones WalkerLLP as corporate counsel; and Kurtzman Carson Consultants, LLC, asclaims and noticing agent. The Debtors also tapped Carl MarksAdvisory Group LLC as crisis managers and appoint F. DuffieldMeyercord as chief restructuring officer.On March 17, 2015, the U.S. Trustee for Region 3 formed afive-member committee of unsecured creditors in the case. TheCommittee retained Akin Gump Strauss Hauer & Feld LLP and PepperHamilton LLP as co-counsel; and Guggenheim Securities, LLC asexclusive investment banker.Cal Dive Offshore Contractors, Inc., disclosed total assets of$233,273,806 and $311,339,932 in liabilities as of the Chapter 11filing.CAPELLA HEALTHCARE: Moody's Retains B2 CFR on Announced Sale------------------------------------------------------------Moody's Investors Service said that the announced sale of CapellaHealthcare, Inc. to Medical Properties Trust, Inc. ("MPT" Ba1,stable) has no immediate impact on Capella's ratings, including thecompany's B2 Corporate Family Rating and stable outlook.Headquartered in Franklin, Tennessee, Capella Healthcare, Inc. isan owner and operator of non-urban hospitals. Capella generatedrevenue of approximately $751 million for the last twelve monthperiod ended March 31, 2015. Capella is majority owned by GTCRGolder Rauner, LLC.CAPELLA HEALTHCARE: S&P Puts 'B' CCR on CreditWatch Positive------------------------------------------------------------Standard & Poor's Ratings Services placed all of its ratings,including the 'B' corporate credit rating, on Capella HealthcareInc. on CreditWatch with positive implications.The CreditWatch placement follows MPT's announcement that itintends to acquire Capella for $900 million. Under the terms ofthe transaction, operations of Capella's seven hospitals will bejointly managed by both the REIT and Capella's existing seniormanagement.Earlier, S&P affirmed its 'BB+' rating on MPT on news of theacquisition.S&P will resolve its CreditWatch listing on Capella when theacquisition closes, pending additional information on MPT'sacquisition integration plans and on the ultimate capital structureof the combined entity.CICERO INC: Privet Fund Reports 50.9% Stake as of July 15---------------------------------------------------------In a Schedule 13D filed with the Securities and ExchangeCommission, Privet Fund LP, Privet Fund Management LLC and RyanLevenson disclosed that as of July 15, 2015, they beneficiallyowned 168,102,778 shares of common stock of Cicero, Inc., whichrepresents 50.9 percent of the shares outstanding.Mr. Levenson is the sole managing member of Privet Fund ManagementLLC, which is the general partner and investment manager of PrivetFund LP.On July 15, 2015, Privet entered into a Stock and Warrant PurchaseAgreement with the other investors named therein, including John L.Steffens and the Issuer, pursuant to which the Purchasers severallypurchased, in the aggregate, 25,000,000 shares of Common Stock andwarrants to purchase up to an aggregate of 205,277,778 shares ofCommon Stock for an aggregate consideration of $1,000,000.Privet acquired the following Warrants: (i) Warrants to purchase upto 63,875,000 shares of the Common Stock at a price of $0.04 pershare; (ii) Warrants to purchase up to 56,777,778 shares of theCommon Stock at a price of $0.045 per share; and (iii) Warrants topurchase up to 29,200,000 shares of the Common Stock areexercisable at a price of $0.05 per share. Because the Issuer doesnot have a sufficient number of authorized shares at this time topermit it to issue the shares upon exercise of the Warrants, theexercise of the Warrants is also subject to the Issuer obtainingauthorization of the shareholders and filing an amendment to thecertificate of incorporation to increase the number of authorizedshares of the Issuer's common stock within 60 days after theclosing of the transaction.In connection with the execution of the Purchase Agreement, Privetand Mr. Steffens entered into an Investor Rights Agreement with theIssuer, which granted the Investors the right to require the Issuerto file with the Securities and Exchange Commission up to fourrequested registration statements to register for resale theInvestors' shares of common stock purchased under the PurchaseAgreement and purchased upon exercise of any of the Warrants. TheInvestors also are granted unlimited "piggy-back" registrationrights with respect to the Registrable Securities. The obligationto register the Registrable Securities continues until thosesecurities have been sold or transferred.A copy of the regulatory filing is available at: http://is.gd/dq1spO About Cicero Inc.Cary, N.C.-based Cicero, Inc., provides business integrationsoftware solutions and also provides technical support, trainingand consulting services as part of its commitment to providingcustomers with industry-leading solutions.The Company focuses on the customer experience management marketwith emphasis on desktop integration and business processautomation with its Cicero XM(TM) products. Cicero XM enables theflow of data between different applications, regardless of thetype and source of the application, eliminating redundant entryand costly mistakes.The Company has extended the maturity dates of several debtobligations that were due in 2011 to 2012, to assist withliquidity and may attempt to extend these maturities again ifnecessary. Despite the recent additions of several new clients,the Company continues to struggle to gain additional sources ofliquidity on terms that are acceptable to the Company.Cicero reported a net loss applicable to common stockholders of$4.05 million on $1.9 million of total operating revenue for theyear ended Dec. 31, 2014, compared to a net loss applicable tocommon stockholders of $3.33 million on $2.19 million of totaloperating revenue in 2013.As of March 31, 2015, the Company had $2.70 million in totalassets, $16.2 million in total liabilities and a $13.5 milliontotal stockholders' deficit.Cherry Bekaert LLP, in Raleigh, North Carolina, issued a "goingconcern" in its report on the consolidated financial statements forthe year ended Dec. 31, 2014, citing that the Company has sufferedrecurring losses from operations and has a working capitaldeficiency as of Dec. 31, 2014. These conditions raise substantialdoubt about the Company's ability to continue as a going concern.COATES INTERNATIONAL: Issues $62,500 Conv. Note to Vis Vires------------------------------------------------------------Coates International, Ltd. on July 24, 2015, received the netproceeds of a securities purchase agreement and related convertiblepromissory note, dated July 21, 2015, in the face amount of $62,500issued to Vis Vires Group, Inc. The Promissory Note matures in March 2016 and provides for interestat the rate of 8 percent per annum. The Note may be converted intounregistered shares of the Company's common stock, par value$0.0001 per share, at the Conversion Price, in whole, or in part,at any time beginning 180 days after the date of the Note, at theoption of the Holder. All outstanding principal and unpaid accruedinterest is due at maturity, if not converted prior thereto. TheCompany incurred expenses amounting to $2,500 in connection withthis transaction. The Conversion Price will be equal to 61% multiplied by the MarketPrice. The Market Price will be equal to the average of the threelowest closing bid prices of the Company's common stock on theOTCQB during the 10 trading-day period ending one trading day priorto the date of conversion by the Holder. The Conversion Price issubject to adjustment for changes in the capital structure such asstock dividends, stock splits or rights offerings. The number ofshares of common stock to be issued upon conversion will be equalto the aggregate amount of principal, interest and penalties, ifany divided by the Conversion Price. The Holder anticipates thatupon any conversion, the shares of stock it receives from theRegistrant will be freely tradable in compliance with Rule 144 ofthe U.S. Securities and Exchange Commission.The Conversion Price is subject to adjustment in the event of anyof the following: 1. During the period when a Major Announcement by the Company relating to a merger, consolidation, sale of the Company or substantially all of its assets or tender offer is in effect. 2. A merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event being consummated.The Company is not permitted to pay dividends or make otherdistributions of capital or repurchase or otherwise acquire anyshares of its capital stock without the Holder's consent and issubject to certain restrictions on new borrowings, while there is aremaining outstanding balance related to the convertible promissorynote. These notes may be prepaid during the first six months the notesare outstanding by paying a prepayment penalty equal to 30% duringthe first 60 days, increasing in 5% increments each monththereafter, to a maximum of 50%. The Company has reserved135,000,000 shares of its unissued common stock for potentialconversion of the convertible note.The Company has substantially reduced its reliance on the use ofconvertible promissory notes to provide working capital since theend of 2014. At Dec. 31, 2014, the principal amount of outstandingconvertible notes was approximately $696,000. As of July 27, 2015,the balance of all outstanding convertible promissory notes hadbeen reduced to approximately $271,000. About CoatesBased in Wall Township, N.J., Coates International, Ltd.(OTC BB: COTE) -- http://www.coatesengine.com/-- was incorporated on August 31, 1988, for the purpose of researching,patenting and manufacturing technology associated with a sphericalrotary valve system for internal combustion engines. Thistechnology was developed over a period of 15 years by Mr. GeorgeJ. Coates, who is the President and Chairman of the Board of theCompany.The Coates Spherical Rotary Valve System (CSRV) represents arevolutionary departure from the conventional poppet valve. Itchanges the means of delivering the air and fuel mixture to thefiring chamber of an internal combustion engine and of expellingthe exhaust produced when the mixture ignites.As of March 31, 2015, the Company had $2.36 million in totalassets, $7.88 million in total liabilities and a $5.52 milliontotal stockholders' deficiency.In its report on the consolidated financial statements for the yearended Dec. 31, 2014, Cowan, Gunteski & Co., P.A., expressedsubstantial doubt about the Company's ability to continue as agoing concern, citing that the Company continues to have negativecash flows from operations, recurring losses from operations, and astockholders' deficiency.COCRYSTAL PHARMA: Appoints Walt Linscott as General Counsel-----------------------------------------------------------The Board of Directors of Cocrystal Pharma, Inc., appointed WaltLinscott, Esq., to serve as general counsel and corporate secretaryof the Company, effective July 15, 2015.From Jan. 1, 2015, through July 14, 2015, Mr. Linscott, 54, servedas global strategic legal advisor for Thompson Hine, LLP.Previously, from Jan. 1, 2011, through Dec. 31, 2014, Mr. Linscottserved as general counsel of Carestream Health, Inc. and itscorporate secretary through Oct. 1, 2014. From Jan. 1, 2005,through Dec. 31, 2010, Mr. Linscott served as office managingpartner and Chair of the Life Sciences practice of Thompson Hine,LLP. In connection with his appointment, the Company entered into anemployment agreement with Mr. Linscott pursuant to which theCompany agreed to provide Mr. Linscott an annual base salary of$225,000 and a discretionary annual bonus, to be determined by theCompany's Compensation Committee, equal to up to 35% of Mr.Linscott's annual base salary. In addition, the Company grantedMr. Linscott 1,200,000 ten-year stock options, vesting in fourequal annual increments with the first vesting date being one yearfrom grant date, subject to continued employment and acceleratedvesting under certain conditions. About Cocrystal PharmaCocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals,Inc., is a pharmaceutical company with a mission to discover novelantiviral therapeutics as treatments for serious and/or chronicviral diseases. Cocrystal Pharma employs unique technologies andNobel Prize winning expertise to create first- and best-in-classantiviral drugs. These technologies and the Company's market-focused approach to drug discovery are designed to efficientlydeliver small molecule therapeutics that are safe, effective andconvenient to administer.The Company's primary business going forward is to develop novelmedicines for use in the treatment of human viral diseases.Cocrystal has been developing novel technologies and approaches tocreate first-in-class and best-in-class antiviral drug candidatessince its initial funding in 2008. Subsequent funding wasprovided to Cocrystal Discovery, Inc., by Teva PharmaceuticalsIndustries, Ltd., or Teva, in 2011. The Company's focus is topursue the development and commercialization of broad-spectrumantiviral drug candidates that will transform the treatment andprophylaxis of viral diseases in humans. By concentrating theCompany's research and development efforts on viral replicationinhibitors, the Company plans to leverage its infrastructure andexpertise in these areas.Cocrystal Pharma reported a net loss of $99,000 in 2014 following anet loss of $3.8 million in 2013.As of March 31, 2015, the Company had $269 million in total assets,$79.9 million in total liabilities, and $189 million in totalstockholders' equity.COMMUNITY HEALTH: To File Plan Outline By End of July-----------------------------------------------------Community Health Systems of Wisconsin is preparing a disclosurestatement for its creditors to be filed by the end of the month,while the finalized plan should be put into place in October 2015,Whitney Helm, writing for Beloitdailynews.com, reports, citingJames Sweet, Esq., at the Sweet DeMarb law firm, and Interim CEOJulie Sprecher.According to Beloitdailynews.com, the Company is making plans topay back all its creditors fully in a five-year period while addingservices.The report quoted Mr. Sweet as saying, "The entire purpose of thatfiling was to give us a little breathing room to figure out how wewant to make the business look at the end of the process. Whatpeople did we want? What services did we want to provide? . . . Wealso had to figure out what the company owed to whom and forwhat?"Beloitdailynews.com, citing Mr. Sweet, relates that the accountingrecords were well maintained for the most part, but there arequestions pertaining to the federal government and Medicaid. Thereport says that Beloit Area Community Health Center's budget isabout $11 million per year and receives a grant from U.S. HealthReview and Services Administration (HRSA) for about $1.2 million. Mr. Sweet said that the accounting records of the HRSA grant arestill being looked at, the report states.Ms. Sprecher said that there will be no more closures inJanesville, Beloit or Darlington, Beloitdailynews.com reports. Thereport recalls that the Company closed its Racine clinic earlierthis year. About Community Health Systems Headquartered in Beloit, Wisconsin, Community Health Systems ofWisconsin is the operator of the Beloit Area Community HealthCenter. It is the health care provider for uninsured andunderinsured clients.Community Health Systems, Inc., filed for Chapter 11 bankruptcyprotection (Bankr. W.D. Wis. Case No. 14-11319) on March 31, 2014,estimating its assets and liabilities at between $1 million and $10million each. The petition was signed by Richard A. Perry, chiefexecutiveofficer. Judge Robert D. Martin presides over the case.Rebecca R. DeMarb, Esq., at Kerkman Dunn Sweet Demarb serves as theCompany's bankruptcy counsel.CORNERSTONE HOMES: Can Use Cash Collateral Until July 31--------------------------------------------------------Judge Paul R. Warren of the United States Bankruptcy Court forWestern District of New York entered an interim order authorizingMichael H. Arnold, the Chapter 11 Trustee for Cornerstone Homes,Inc., to use the cash collateral until July 31, 2015.The Trustee must deliver to Lyons National Bank, which asserts aninterest in the cash collateral, on or before the tenth day of eachmonth, adequate protection payments in the amount of $16,403. TheTrustee is also required to, among others, manage the real propertyin which the Lyons asserts an interest and insure the LyonsProperty for the benefit of Lyons and the Chapter 11 estate to theextent of its full market value.The Trustee and the Official Committee of Unsecured Creditors, inresponse to First Citizens National Bank, which objected to theCash Collateral Motion, maintained that certain cash is not cashcollateral of the Prepetition Lenders. The Unencumbered Cash isnot cash collateral of the Prepetition Lenders because they cannotmeet their initial burden of proof with respect to the validity,priority, and extent of their purported interests in Debtor'sproperty, the Trustee argued.Although the Unencumbered Cash is not cash collateral of thePrepetition Lenders, the Trustee has proposed to use theUnencumbered Cash to pay past due real estate taxes on thePrepetition Lenders' purported real property collateral, theTrustee said. Although acknowledging that the perfection of itsperfected security interest in land contract revenue is a"colorable" issue, First Citizens does not cite any statute or caseto support its position that it is entitled to adequate protectionwith respect to the land contract revenue, the Trustee pointedout.The Official Committee of Unsecured Creditors is represented by: Gregory J. Mascitti, Esq. Michael J. Crosniker, Esq. LeClairRyan, a Professional Corporation 70 Linden Oaks, Suite 210 Rochester, New York 14625 Tel.: 585 270-2100 Fax: 585 270-2179 Email: firstname.lastname@example.com firstname.lastname@example.com National Bank is represented by: Paul S. Groschadl, Esq. Woods Oviatt Gilman, LLP 700 Crossroads Bldg. 2 State Street Rochester, New York 14614 Tel.: 585 987-2800 Fax: 585 454-3968 Email: email@example.com About Cornerstone HomesCornerstone Homes Inc. is based in Corning, New York and is engagedin the business of buying, selling and leasing single family homesin the State of New York, with such properties primarily located inthe South Central and South Western portions of the State.Cornerstone Homes Inc., filed a Chapter 11 petition (Bankr.W.D.N.Y. Case No. 13-21103) on July 15, 2013, in Rochesteralongside a reorganization plan already accepted by 96 percent ofunsecured creditors' claims.The Debtor disclosed assets of $18.6 million and liabilities of$36.2 million. Four secured lenders with $21.8 million in claimsare to be paid in full under the plan. Unsecured creditors --chiefly noteholders with $14.5 million in claims -- will have a 7percent recovery.Judge Paul R. Warren presides over the case. Curtiss AlanJohnson,Esq., and David L. Rasmussen, Esq., at Davidson Fink, LLP,in Rochester, N.Y., serve as the Debtor's counsel. The Debtor hastapped GAR Associates to appraise a selection of its properties tosupport the Debtor's liquidation analysis.The Official Committee of Unsecured Creditors is represented byGregory J. Mascitti, Esq., at LeClairRyan PC. The Committeeretained Getzler Henrich & Associates LLC as financial advisor.Cornerstone Homes Inc. delivered to the Bankruptcy Court a FirstAmended Plan of Reorganization and explanatory Disclosure Statementon Jan. 3, 2014. The Amended Plan supersedes the Plan Cornerstoneprepared prior to filing for bankruptcy. The Debtor intends toliquidate properties over a period of time, so as to achievemaximum recovery for the creditors while avoiding a deleteriousaffect on the housing market. The Plan provides for a distributionof $1 million as an Unsecured Distribution Amount. Owner David Fleet will pledge up to $1 million to funddistributions under the Plan. It also provides for thedistribution of the stock in the Reorganized Debtor to holders ofAllowed Unsecured Noteholder Claims under Class 5. The Class 5Claimants are expected to receive 7% plus distribution of stock onthe Distribution Date. The Claimants are impaired and entitled tovote on the Plan.No hearing was slated to consider the Amended Plan documents. Instead, the Court accepted the request of the Committee to appointa Chapter 11 trustee to replace management. The Court approved theappointment of Michael H. Arnold, Esq., as Chapter 11 trustee. Heis represented by his law firm, Place and Arnold as his counsel.CPI HOLDINGS: Moody's Assigns B1 Corp. Family Rating----------------------------------------------------Moody's Investors Service assigned a first time B1 corporate familyrating and a B1-PD probability of default rating to CPI Holdings,Inc.. Moody's also assigned B1 ratings to the proposed $435million senior secured term loan and $40 million senior securedrevolver of CPI Acquisition, Inc., the debt issuing subsidiary ofCPI. The rating outlook is stable.The proceeds from the term loan will be used to refinance CPI'sexisting term loan and redeem preferred stock.RATINGS RATIONALEThe B1 CFR is supported by CPI's leading position as a U.S.provider of financial payment cards and services in an industrywith steady, recurring demand characteristics. The rating alsobenefits from favorable industry dynamics with an increased focuson secure payment transactions and the ongoing conversion to EMVchip cards by card-issuing banks. Effective October 1, 2015, U.S.banks and merchants will be subject to the card networks' liabilityshift in the U.S. for domestic and cross-border counterfeittransactions, whereby the party that doesn't support the use ofchip-on-chip credit or debit cards will assume liability forcard-present counterfeit card fraud losses.Moody's expects CPI to generate over double digit revenue growthwith operating margins of around 20% over the next several years asthe company capitalizes on the conversion to EMV cards frommagnetic stripe cards in the US. United States is the remainingG-20 country which has not adopted EMV chip technology as thestandard in financial payment cards. The replacement chip cardswill generate more revenue and profits per card than thetraditional magnetic cards. Although the conversion is alreadyunderway, there is some uncertainty in the pace of adoption, andfull adoption could take three or more years to complete.The ratings also consider CPI's modest size (Moody's projects over$400 million in sales in FY 2016), and relatively high customer andgeographic concentration. CPI competes primarily in the US withits top 10 customers (mainly large card issuing banks and merchantacquirers) accounting for just over half of its revenue stream. CPI's largest bank customers source from multiple payment cardvendors to foster competition and lower their costs, a trend whichcould pressure pricing and profit margins over the long term.The stable rating outlook reflects Moody's expectation that CPI'sleverage will improve to near 4x by the end of 2016 through acombination of debt pay down and profit growth. Moody's expectsmargin expansion to be driven by high revenue growth and operatingleverage from investments already incurred in preparation for theconversion to EMV cards. Moody's also expects CPI to maintain goodliquidity over the next year, with minimal projected cash balancesoffset by solid free cash flow of at least $40 million.The ratings could be upgraded if CPI were to generate organicrevenue growth of over 15% with EBITDA margins over 25%, reduceadjusted debt to EBITDA to the low 3x, and produce strong cashflows such that FCF to gross debt is maintained above 10%. Theratings could be downgraded if revenue growth does not materialize,or the company experiences market share loss or operationalmissteps. Ratings could also be downgraded if margins erode (e.g.,EBITDA margins below 15%) as a result of pricing pressures orhigher operating costs. Inability to reduce financial leverage tonear 4 times or a reduction in free cash flow to debt to mid-singledigits would also pressure ratings.Rating Assignments:Issuer: CPI Holdings I, Inc. Corporate Family Rating, Assigned B1 Probability of Default Rating, Assigned B1-PDIssuer: CPI Acquisition, Inc. Senior Secured Term Loan due 2022 Assigned B1 (LGD3) Senior Secured Revolving Credit Facility due 2020 Assigned B1 (LGD3)Outlook Actions:Issuer(s): CPI Holdings I, Inc./CPI Acquisition, Inc. Outlook, Assigned as StableCPI is a provider of financial payment cards and card services toU.S. card issuing banks and prepaid debit card program managers.The principal methodology used in these ratings was Business andConsumer Service Industry published in December 2014. Othermethodologies used include Loss Given Default for Speculative-GradeNon-Financial Companies in the U.S., Canada and EMEA published inJune 2009.CPI HOLDINGS: S&P Assigns 'BB-' CCR & Rates $435MM Loan 'BB-'-------------------------------------------------------------Standard & Poor's Ratings Services said that it assigned its 'BB-'corporate credit rating to Littleton, Colo.-based CPI Holdings IInc. The rating outlook is stable.At the same time, S&P assigned its 'BB-' issue-level and '3'recovery ratings to the company's planned $435 million seniorsecured term loan due 2022 and $40 million revolver bank loan due2020. The '3' recovery rating indicates S&P's expectation formeaningful recovery (50%-70%; upper half of the range) of principalfor lenders in the event of a payment default. The borrower of thedebt is CPI Acquisition Inc.The company plans to change its legal name to CPI Card Group Inc.in August 2015.S&P's corporate credit rating on CPI reflects S&P's assessment ofthe company's leading position in the growing U.S. credit, debit,and prepaid financial payment card market; the industry'stransition to higher-value contact EMV standard embeddedmicroprocessor payment cards ("chip card") from the lower-valuemagnetic stripe cards; and the company's relatively narrow productfocus and limited geographic diversity. The rating also reflectsS&P's expectation that the company's credit measures willstrengthen significantly over the next 12-18 months due to industrytailwinds causing leverage to approach 4x by the end of 2016. "The stable rating outlook is based on our expectations that CPI'soperating performance will improve with the industry shift to moreprofitable EMV chip cards from magnetic stripe cards," Standard &Poor's credit analyst Thomas Hartman. "We also expect thatleverage will continue to improve to the low-4x area by the end of2016."S&P could lower the rating if CPI's operating performance does notcontinue to improve through 2016 with the industry shift to EMVchip cards, causing S&P's leverage expectations to increase to the5x area or above on a sustained basis. This could occur if theaverage selling price of EMV cards declines faster than S&P expectsor if CPI loses market share within the financial payment cardmarket. S&P could also lower the rating if it views the company'sfinancial policy as more aggressive due to debt-financed dividendsor acquisitions that result in leverage in the 5x area or higherover the next 18 months.S&P views an upgrade as unlikely over the next two years. S&Pcould raise the rating if CPI is able to meaningfully diversify itsbusiness while meeting or exceeding S&P's operating performanceexpectations. This would likely include the company supplyingcontact EMV chip cards internationally. S&P would also consider anupgrade if the company's financial sponsor's ownership percentagedeclines to less than 40% and leverage declines to well below 4x ona sustained basis.CTI BIOPHARMA: Bruce Seeley Is New EVP Chief Commercial Officer---------------------------------------------------------------Bruce J. Seeley became CTI Biopharma Corp.'s executive vicepresident and chief commercial officer on July 27, 2015, accordingto a Form 8-K document filed with the Securities and ExchangeCommission. In this capacity, Mr. Seeley will oversee theCompany's commercial organization worldwide, including sales,marketing, commercial operations, medical affairs and supplychain.In connection with the transition of medical affairs to the newchief commercial officer, effective July 27, 2015, Dr. Jack Singerassumes the position of chief scientific officer and will continueto serve as executive vice president, interim chief medical officerand Global Head of Translational Medicine. He will also continueto serve on the Company's Board of Directors. About CTI BioPharmaCTI BioPharma Corp. (NASDAQ and MTA: CTIC) --http://www.ctibiopharma.com/-- formerly known as Cell Therapeutics, Inc., is a biopharmaceutical company focused onthe acquisition, development and commercialization of noveltargeted therapies covering a spectrum of blood-related cancersthat offer a unique benefit to patients and healthcare providers.The Company has a commercial presence in Europe and a late-stagedevelopment pipeline, including pacritinib, CTI's lead productcandidate that is currently being studied in a Phase 3 program forthe treatment of patients with myelofibrosis. CTI BioPharma isheadquartered in Seattle, Washington, with offices in London andMilan under the name CTI Life Sciences Limited.CTI Biopharma reported a net loss attributable to commonshareholders of $96 million in 2014, compared with a net lossattributable to common shareholders of $49.6 million in 2013.As of March 31, 2015, the Company had $63.1 million in totalassets, $48.7 million in total liabilities, $240,000 in commonstock purchase warrants, $14.1 million in total shareholders'equity.DELIAS INC: GECC Given $7.3-Mil. Allowed Secured Claim------------------------------------------------------Judge Robert D. Drain of the United States Bankruptcy Court forSouthern District of New York approved a stipulation entered intoby Delia*s Inc and General Electric Capital Corporation setting theterms and conditions for the return of cash collateral held byGECC.The parties agreed that the GECC Capital will have an allowedsecured claim in the Chapter 11 cases in the amount of $7,360,458,and GE Capital will be entitled to retain all of the funds receivedby GE Capital on account of that claim. In no event will any ofthe funds received by GE Capital on account of that claim besubject to disgorgement, return or refund to the Debtor releasingparties or otherwise. The parties further agreed that the LCAgreement is terminated in accordance with its terms. Immediatelyafter the entry by the Court of the Stipulated Order, GE Capitalwill remit the Cash Collateral Balance to the Debtors by wiretransfer.Delias Inc. is represented by: Gregg M. Galardi, Esq. Dienna Corrado, Esq. Arkady A. Goldinstein, Esq. DLA PIPER LLP (US) 1251 Avenue of the Americas New York, NY 10020 Tel.: 212 335-4500 Fax: 212 335-4501 Email: email@example.com firstname.lastname@example.com firstname.lastname@example.com Electric Capital Corporation is represented by: Brian I. Swett, Esq. MCGUIREWOODS LLP 77 West Wacker Drive Chicago, Illinois 60601 Tel.: 312 849-8100 Fax: 312 849-3690 Email: firstname.lastname@example.com About DELIAS INC.Launched in 1993, dELiA*s Inc., is a retailer which sells apparel,accessories, footwear, and cosmetics marketed primarily to teenagegirls and young women. The dELiAs brand products are sold throughthe Company's mall-based retail stores, direct mail catalogs ande-commerce Web sites.On Dec. 7, 2014, dELiAs and eight of its subsidiaries each filed avoluntary petition for relief under Chapter 11 of the United StatesBankruptcy Code (Bankr. S.D.N.Y.). The Debtors have requested thattheir cases be jointly administered under Case No. 14-23678.As of the bankruptcy filing, dELiA owns and operates 92 stores in29 states.The Debtors have tapped Piper LLP (US) as counsel, Clear ThinkingGroup LLC, as restructuring advisor, Janney Montgomery Scott LLC,asinvestment banker, and Prime Clerk LLC as claims agent.As of the Petition Date, the Debtors had $47.0 million in totalassets and $50.5 million in liabilities.The Debtors have sought court approval of a deal for GordonBrothers Retail Partners, LLC and Hilco Merchant Resources, LLC, tolaunch going-out-of-business sales.DTZ: S&P Affirms 'B+' ICR & Removes from CreditWatch Developing---------------------------------------------------------------Standard & Poor's Ratings Services said it affirmed its 'B+' issuercredit rating on DTZ and removed the rating from CreditWatch, whereS&P had placed it with developing implications on May 11, 2015. The outlook is stable."Our affirmation of the 'B+' credit rating reflects our assumptionthat DTZ's acquisition of Cushman & Wakefield, once successfullyintegrated, will likely enhance the firm's current productofferings by adding to the current leasing, valuation, and advisorycapabilities," said Standard & Poor's credit analyst Richard Zell. "We also expect that the limited geographic overlap of the twofirms, specifically as it relates to APAC and EMEA, will result ingreater geographic capabilities that will help DTZ service largemultinational firms."S&P also believes that in the U.S., DTZ's largest market, the C&Wbrand is more widely recognized, which is likely to benefit DTZ.However, in the near term, S&P believes that an integration of thismagnitude carries significant integration, execution, and financialreporting risks, which limits S&P's assessment of DTZ's businessrisk to "fair." For example, S&P is not expecting to receiveaudited financial statements for the period ended Dec. 31, 2014, asthe company transitions to a December year-end, from the previousJune 30 practice until the spring of 2016. S&P believes this isreflective of the operational and integration challenges thatmanagement is currently facing and limits the audited dataavailable for our analysis. S&P has based its analysis, in part,on company-prepared financial statements.DTZ's announcement in early May that it would acquire C&W, thefourth-largest global commercial real estate services company,followed the company's December 2014 purchase of U.S.-focusedCassidy Turley and the November lift-out of DTZ from Australianparent UGL Ltd. Pro forma for the C&W acquisition, global revenueis likely to exceed $5 billion, more than double the annualizedMarch 31, 2015, quarter."We expect that pro forma, the revenue mix of the firm will shiftconsiderably but remain largely recurring and stable. Currently,DTZ earns approximately 60% of the firm's total revenue fromproperty/facility management (PM/FM). We expect this contributionto decline to approximately 45% because C&W has more of a focus onleasing, which we expect will represent nearly 33% of the firm'scombined revenues. We view PM/FM revenue as extremely stable andlargely recurring. Traditionally, more than 90% of these contractsare renewed with the current service provider. Although theleasing business is somewhat less stable than PM/FM, it alsocontributes a fair amount to recurring revenues. Based uponhistorical industry performance, our expectation is that currentservice providers recapture approximately 75% of leasing revenues.DTZ currently has limited exposure to the more volatile capitalmarket revenue. We expect that pro forma, less than 10% of totalrevenues will be earned via capital markets activity. Theadvantage to the pro forma revenue mix is likely to be increasedEBITDA margins, but we expect that EBITDA margins will remain below15%, or "below average"," S&P added.The proposed acquisition of C&W is likely to balance DTZ's non-U.S.business more evenly between APAC and EMEA. The U.S. will stilldominate the global revenues of the firm, 68% pro forma versus 66%as of March 31, 2015. However, DTZ will increase its presence inEMEA, where the firm currently earns only 12% of global revenues. S&P expects that following the close of the acquisition, EMEA andAPAC will each represent approximately 16% of total revenue. Inaddition to the incremental increase in revenue diversification,the expanded footprint in EMEA and South America will give DTZadditional geographic capabilities, which S&P believes is moreattractive to the type of multinational firms that DTZ is lookingto attract. Additionally, S&P believes that the C&W brand is morewidely accepted globally, with China and Australia being possibleexceptions, thus giving the company a huge lift in name recognitionwith the adoption of the brand.S&P expects that the successful integration of these three, untilrecently stand-alone, companies, two of which are global, is likelyto be a difficult task. It is likely that during this time oforganizational disruption the firm's more stable competitors willattempt to attract top-performing employees, profitable clients, orboth. S&P will continue to monitor the integration for signs ofprogress.The stable outlook reflects S&P's expectation that DTZ will befocused on the integration of Cassidy Turley and C&W during theremainder of 2015 and a meaningful portion of 2016. S&P expectslimited revenue attrition and stabilization of the firm's long-termbusiness strategy, though S&P also expects DTZ to remain highlyleveraged.S&P could lower the rating on DTZ if integration issues endangerthe firm's reputation in its primary geographic markets and,ultimately, its earnings. If S&P anticipates that leverage willincrease meaningfully, and if it believes the company will maintainthis degree of leverage, S&P would also likely lower the rating. Additionally, if operational or financial reporting challengesarise S&P may consider lowering the rating.If DTZ sustainably reduces leverage to less than 5x debt to EBITDA,particularly with an increase in steady recurring revenue sources,S&P would consider raising the rating. Additionally, if there issignificant evidence that the integration of CT and C&W has beensuccessfully implemented, thus making the company a more stablecompetitor to CBRE and JLL, S&P may consider raising the rating. However, given the limited operating history of the new entity andS&P's projection for the firm's leverage profile, it views anear-term upgrade as unlikely.EMDEON INC: Moody's Confirms B2 CFR, Outlook Stable---------------------------------------------------Moody's Investors Service confirmed the ratings of Emdeon Inc.,including the company's B2 Corporate Family Rating and B2-PDProbability of Default Rating. Concurrently, Moody's confirmed theBa3 rating on the company's senior secured revolver and term loans(to be upsized by $395 million), and the Caa1 rating on thecompany's senior notes due 2019. Moody's assigned a Caa1 rating tothe company's proposed $250 million of senior notes and aSpeculative Grade Liquidity Rating ('SGL") of SGL-2. The ratingoutlook is stable. This concludes the review initiated on July 7,2015 when Emdeon announced that it would acquire Altegra Health for$910 million.Proceeds from the $395 million incremental term loan B and the $250million proposed senior unsecured notes, along with new equitytotaling $160 million, cash on hand and revolver borrowings, willbe used to finance the previously announced acquisition, plus payfees and expenses. The acquisition is expected to close by the endof the third quarter of 2015.The confirmation of the B2 rating reflects Moody's expectation thateven as debt to EBITDA will increase to the high 6 times level on apro-forma basis as a result of the debt financed acquisition,credit metrics will improve over the next twelve months. Growth inboth Emdeon's base business and Altegra, aided by synergies, costsavings, and performance from previous acquisitions will facilitatereducing debt to EBITDA back to the mid 6 times level.The Speculative Grade Liquidity Rating of SGL-2 reflects Moody'sexpectation for the maintenance of a good liquidity profile overthe next twelve months. Emdeon's liquidity profile ischaracterized by modest capital expenditure needs that willcontribute to robust free cash flow generation and allow forrepayment of the revolver draw used to fund a portion of theacquisition.Moody's has taken these rating actions on Emdeon Inc. (subject toreceipt and review of final documentation):Ratings confirmed: Corporate Family Rating at B2 Probability of Default Rating at B2-PD Senior secured revolving credit facility due 2016 at Ba3 (LGD3) Senior secured term loan B2 due 2018 at Ba3 (LGD3) Senior secured term loan B3 due 2018 at Ba3 (LGD3) 11% senior unsecured notes due 2019 at Caa1 (LGD5)Ratings assigned: $250 million Senior unsecured notes at Caa1 (LGD5) Speculative Grade Liquidity Rating at SGL-2The rating outlook is stable.RATINGS RATIONALEThe B2 Corporate Family Rating continues to reflect Emdeon's highdebt leverage and exposure to competition in the healthcaretechnology industry that could cause pricing and margin pressure.The company has prioritized cash and cash flow for growthinitiatives and has made debt financed acquisitions which havebolstered Emdeon's product offering and growth instead of utilizingfunds for material debt reduction. The rating is supported byEmdeon's high recurring revenue base, its position as one of theleading providers of revenue and payment cycle management services,high product switching costs, and opportunities to cross-sell itsservices. Further supporting the rating is anticipated growth inutilization of healthcare services because of the Affordable CareAct ("ACA"), which will provide increased opportunity for growththrough additional transaction volume. Additionally, Emdeon willbenefit from greater focus by the healthcare industry onoperational efficiencies in order to manage higher costs and copewith lower reimbursement rates.The stable outlook reflects Emdeon's good liquidity position,recurring revenue base, as well as Moody's expectation for adecline in leverage to the mid 6 times level.The rating could be downgraded if the company's adjusted debtleverage is sustained above 6.5 times and EBITA/interest expensedeclines below 1.5 times on a sustained basis. This could occur ifEmdeon faces substantial pricing pressures and/or if the companybegins to experience declines in its customer base. The ratingscould also be downgraded if the company pursues debt fundedacquisitions that do not result in an improvement in pro formacredit metrics or engages in shareholder friendly initiatives. Finally, the ratings could be downgraded if the company's liquidityprofile deteriorates.The ratings could be upgraded if the company meaningfully reducesdebt leverage resulting in a sustainable improvement of key creditmetrics including adjusted debt-to-EBITDA below 4.5 times.The principal methodology used in these ratings was Business andConsumer Service Industry published in December 2014. Othermethodologies used include Loss Given Default for Speculative-GradeNon-Financial Companies in the U.S., Canada and EMEA published inJune 2009.Emdeon Inc. is a provider of software and analytics, networksolutions and technology-enabled services that optimizecommunications, payments and actionable insights by leveraging itsintelligent healthcare platform, which includes one of the largestfinancial and administrative networks in the United Stateshealthcare system. Emdeon's platform and solutions integrate andautomate key functions of its payer, provider and pharmacycustomers throughout the patient encounter, from consumerengagement and pre-care eligibility and enrollment through payment. Emdeon generated approximately $1.4 billion in revenue for thelast twelve month period ended June 30, 2015. Emdeon is owned byBlackstone and Hellman & Friedman.EMDEON INC: S&P Affirms 'B' CCR & Rates $395MM Sr. Loan 'B+'------------------------------------------------------------Standard & Poor's Ratings Services affirmed its 'B' corporatecredit rating on Nashville, Tenn.-based Emdeon Inc. (Emdeon). Theoutlook is stable.At the same time, S&P is assigning a 'B+' issue-level rating toEmdeon's $395 million incremental senior secured term loan due 2018while maintaining the 'B+' issue-level rating on the existing $125million revolving credit facility and $1.46 billion secured termloan. The '2' recovery rating on these instruments indicates S&P'sexpectation for substantial (70% to 90%, at the higher end of therange) recovery in the event of payment default. In addition, S&P is assigning its 'CCC+' issue-level rating to theproposed $250 million senior unsecured notes while affirming S&P's'CCC+' issue-level rating on the company's $375 million seniorunsecured notes due 2019 and $375 million senior unsecured notesdue 2020. The '6' recovery rating on the notes remains unchangedand indicates S&P's expectation for negligible (0% to 10%) recoveryof principle in the event of payment default."The ratings reflect our view of Emdeon's 'highly leveraged'financial risk profile, with Standard & Poor's adjusted leverage ofaround 7x pro forma for the Altegra Health acquisition, decliningto about the mid-6x area by fiscal year-end 2016, based oncontributions from Altegra Health as well as organic growth atEmdeon," said Standard & Poor's credit analyst Minesh Shilotri."The ratings also reflect our view of the company's 'fair' businessrisk profile, characterized by the company's acquisitive growthstrategy and highly competitive landscape, offset by high recurringrevenue, a diverse customer base, and growth prospects in Emdeon'sancillary, value-added products." The stable outlook reflects S&P's anticipation that operatingtrends will remain positive as a result of Emdeon's highlyrecurring revenue and broad customer base and that the company willmaintain leverage near or below current levels.ERF WIRELESS: Issues 4 Million Preferred Shares to Angus Capital----------------------------------------------------------------From July 6 through July 27, 2015, ERF Wireless, Inc. issued4,000,000 shares of Series B Preferred Stock in exchange for$4,000,000 of debt under the Line of Credit Agreement with AngusCapital Partners. The Company received no additional compensation at the time of theexchange. The shares were issued at an average of $1.00 per share. The issuance of the shares constitutes 40% of the authorizedSeries B Preferred Stock and 100% of the issued and outstandingSeries B Preferred Stock. About ERF WirelessBased in League City, Texas, ERF Wireless, Inc., provides secure,high-capacity wireless products and services to a broad spectrum ofcustomers in primarily underserved, rural and suburban parts of theUnited States.ERF Wireless reported a net loss attributable to the company of$7.26 million in 2013, a net loss of $4.81 million in 2012, and anet loss of $3.37 million in 2011.As of Sept. 30, 2014, the Company had $3.59 million in totalassets, $10.4 million in liabilities, and a $6.84 millionshareholders' deficit.FJK PROPERTIES: Meeting of Creditors Set for August 14------------------------------------------------------The meeting of creditors of FJK Properties Inc. is set to be heldon August 14, 2015, at 11:30 a.m., according to a filing with theU.S. Bankruptcy Court for the Southern District of Florida.The meeting will be held at Flagler Waterview Building, Room 870,1515 N. Flagler Drive, in West Palm Beach, Florida.The court overseeing the bankruptcy case of a company schedules themeeting of creditors usually about 30 days after the bankruptcypetition is filed. The meeting is called the "341 meeting" afterthe section of the Bankruptcy Code that requires it.A representative of the company is required to appear at themeeting and answer questions under oath. The meeting is presidedover by the U.S. trustee, the Justice Department's bankruptcywatchdog. About FJK PropertiesFJK Properties Inc. filed a Chapter 11 bankruptcy petition (Bankr.S.D. Fla. Case No. 15-19494) on May 26, 2015. The Debtor tappedRobert C. Furr and the law firm Furr and Cohen, P.A., as itscounsel. Hon. Paul G. Hyman, Jr., is assigned to the case.FORTESCUE METALS: Bank Debt Trades at 18% Off---------------------------------------------Participations in a syndicated loan under which Fortescue MetalsGroup Corp. is a borrower traded in the secondary market at 81.97cents-on-the- dollar during the week ended Friday, July 24, 2015,according to data compiled by LSTA/Thomson Reuters MTM Pricing andreported in the July 28, 2015, edition of The Wall Street Journal.This represents a decrease of 1.56 percentage points from theprevious week, The Journal relates. Fortescue Metals Group Corp.pays 275 basis points above LIBOR to borrow under the facility. Thebank loan matures on June 13, 2019, and carries Moody's Ba1 ratingand Standard & Poor's BB+ rating. The loan is one of the biggestgainers and losers among 253 widely quoted syndicated loans withfive or more bids in secondary trading for the week ended July 24.FRAC TECH: Bank Debt Trades at 30% Off--------------------------------------Participations in a syndicated loan under which Frac Tech ServicesLtd is a borrower traded in the secondary market at 70.50cents-on-the- dollar during the week ended Friday, July 24, 2015,according to data compiled by LSTA/Thomson Reuters MTM Pricing andreported in the July 28, 2015, edition of The Wall Street Journal.This represents a decrease of 3.92 percentage points from theprevious week, The Journal relates. Frac Tech Services Ltd. pays475 basis points above LIBOR to borrow under the facility. Thebank loan matures on April 3, 2021, and carries Moody's B2 ratingand Standard & Poor's B rating. The loan is one of the biggestgainers and losers among 253 widely quoted syndicated loans withfive or more bids in secondary trading for the week ended Friday,July 24.FREESCALE SEMICONDUCTOR: S&P Keeps 'B' CCR on CreditWatch Positive------------------------------------------------------------------Standard & Poor's Ratings Services said it kept its 'B' corporatecredit rating on Austin, Texas-based semiconductor manufacturerFreescale Semiconductor Inc. on CreditWatch with positiveimplications.S&P also kept the ratings on the company's senior secured creditfacilities and senior unsecured notes on CreditWatch with positiveimplications."The original CreditWatch placement followed Freescale'sannouncement that it will merge with NXP," said Standard & Poor'scredit analyst David Tsui. The merger will result in a combined entity with combined revenueof greater than $10 billion. The combined entity will be one ofthe market leaders in auto semiconductor solutions and generalpurpose microcontrollers.S&P will resolve the CreditWatch once the merger transactionbetween Freescale and NXP is closed. Shareholders of Freescale andNXP independently approved the proposed merger. The transaction isexpected to close by the end of 2015, pending regulatory approvals. At that time, S&P will determine the issue-level ratings on theoutstanding debt based on notching from S&P's corporate creditrating on the combined entity.FUWEI FILMS: Regains Compliance with NASDAQ Minimum Bid Price Rule------------------------------------------------------------------Fuwei Films (Holdings) Co., Ltd., a manufacturer and distributor ofhigh-quality BOPET plastic films in China, on July 28 disclosedthat the Company received a letter from the Nasdaq Stock Market onJuly 23, 2015 notifying the Company that it has regained compliancewith the $1.00 per share minimum closing bid price requirement forcontinued listing on the NASDAQ Capital Market, pursuant to theNASDAQ Listing Rule 5550(a)(2).As previously reported, on December 8, 2014, NASDAQ notified theCompany that its ordinary shares failed to maintain a minimum bidprice of $1.00 over the previous thirty consecutive business daysas required by the Listing Rules of The Nasdaq Stock Market. Additionally, on June 9, 2015, Nasdaq notified the Company thatwhile the Company had not regained compliance with the Bid PriceRule, it was eligible for an additional 180-day grace period, untilDecember 7, 2015, to regain compliance with the Bid Price Rule.Since then, NASDAQ has determined that for the last ten consecutivebusiness days, from July 9, to July 22, 2015, the closing bid priceof the Company's ordinary shares has been at $1.00 per share orgreater. Accordingly, the Company has regained compliance with theBid Price Rule and this matter is now closed. About Fuwei FilmsFuwei Films conducts its business through its wholly ownedsubsidiary, Fuwei Films (Shandong) Co., Ltd. Fuwei Shandongdevelops, manufactures and distributes high-quality plastic filmsusing the biaxial oriented stretch technique, otherwise known asBOPET film (biaxially oriented polyethylene terephthalate). FuweiFilms' BOPET film is widely used to package food, medicine,cosmetics, tobacco, and alcohol, as well as in the imaging,electronics, and magnetic products industries.GELTECH SOLUTIONS: Issues $200,000 Convertible Note to Reger------------------------------------------------------------GelTech Solutions, Inc. issued Mr. Reger, on July 23, 2015, a$200,000 7.5% secured convertible note in consideration for a$200,000 loan, according to a document filed with the Securitiesand Exchange Commission. The note is convertible at $0.74 per share and matures on Dec. 31,2020. Repayment of the note is secured by all of the Company'sassets including its intellectual property and inventory inaccordance with a secured line of credit agreement between theCompany and Mr. Reger. Additionally, the Company issued Mr. Reger135,136 two-year warrants exercisable at $2.00 per share. Additionally, the Company issued Mr. Reger 101,352 shares of commonstock in lieu of a cash payment for interest due to Mr. Reger underhis $1,000,000 convertible note. About GelTech Jupiter, Fla.-based GelTech Solutions. Inc., is a Delawarecorporation organized in 2006. The Company markets four products:(1) FireIce(R), a water soluble fire retardant used to protectfirefighters, structures and wildlands; (2) Soil2O(R) 'DustControl', its new application which is used for dust mitigation inthe aggregate, road construction, mining, as well as, otherindustries that deal with daily dust control issues; (3)Soil2O(R), a product which reduces the use of water and isprimarily marketed to golf courses, commercial landscapers and theagriculture market; and (4) FireIce(R) Home Defense Unit, a systemfor applying FireIce(R) to structures to protect them fromwildfires.GelTech incurred a net loss of $7.1 million for the year ended June30, 2014, compared to a net loss of $5.2 million for the year endedJune 30, 2013.As of March 31, 2015, the Company had $1.47 million in totalassets, $3.93 million in total liabilities, and a $2.46 milliontotal stockholders' deficit.Salberg & Company, P.A., in Boca Raton, Florida, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended June 30, 2014, citing that the Company has a netloss and net cash used in operating activities in 2014 of$7,111,945 and $5,132,019 respectively and has an accumulateddeficit and stockholders' deficit of $35,133,578 and $1,898,315,respectively, at June 30, 2014. These matters raise substantialdoubt about the Company's ability to continue as a going concern.GENERAL STEEL: Appoints New Chief Executive Officer---------------------------------------------------General Steel Holdings, Inc. announced the appointment of Ms.Yunshan Li as its chief executive officer effective July 23, 2015.Ms. Li succeeds Mr. Henry Yu, the Company's former chief executiveofficer, who will remain to serve as the Chairman of the Board ofDirectors of the Company, and continue to work closely with Ms. Lito ensure a seamless transition. Mr. Yu's resignation was forpersonal reasons and not due to any disagreements with the Companyor any of its operations, policies or practices.Ms. Li brings considerable experience in the chemical and cleanenergy industries. Prior to General Steel, Ms. Li was theco-founder and chief executive officer of Catalon ChemicalCorporation, a manufacturer of De-NOx honeycomb catalysts that arewidely applied at coal-fired power plants and steel mills in Chinato reduce polluting emissions. Previously, Ms. Li served as theChief Representative for the University of Southern CaliforniaViterbi School of Engineering in China. With her stronginter-cultural and technical background, Ms. Li had also helpedseveral US-based clean energy companies to successfully launchtheir operations in China. She received two Master Degrees inIndustrial Engineering and Petroleum Engineering, both fromUniversity of Southern California."We are thrilled to have Ms. Li join the executive team and lookforward to her stewardship in our continued strategictransformation from an integrated steel producer into acomprehensive service and product provider in other alternativebusinesses," said Henry Yu, Chairman of General Steel. "The Boardand I are confident that Ms. Li's inter-cultural leadershipqualities, deep experience in chemical and clean technologies, andproven ability to pioneer breakthrough products into new marketsmake her the ideal choice as General Steel's new Chief ExecutiveOfficer." Ms. Li commented, "I am honored to have the opportunity to joinGeneral Steel and help transform the Company into new markets andbusiness models. I hope to inject fresh perspectives to not onlyimprove the Company's existing operations and objectives but alsouse the Company's considerable resources to springboard into otherbusinesses and acquire new strategic opportunities. I look forwardto working with Henry, the Board and the rest of the leadershipteam in guiding General Steel into a new era." About General Steel HoldingsGeneral Steel Holdings, Inc., headquartered in Beijing, China,produces a variety of steel products including rebar, high-speedwire and spiral-weld pipe. General Steel --http://www.gshi-steel.com/-- has operations in China's Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjinmunicipality with seven million metric tons of crude steelproduction capacity under management.General Steel reported a net loss of $78.3 million on $1.9 billionof sales for the year ended Dec. 31, 2014, compared with a net lossof $42.6 million on $2 billion of sales for the year ended Dec. 31,2013.As of March 31, 2015, the Company had $2.5 billion in total assets,$3.14 billion in total liabilities and a $637 million totaldeficiency.Friedman LLP, in New York, issued a "going concern" qualificationon the consolidated financial statements for the year endedDec. 31, 2014, citing that the Company has an accumulated deficit,has incurred a gross loss from operations, and has a workingcapital deficiency at Dec. 31, 2014. These conditions raisesubstantial doubt about the Company's ability to continue as agoing concern.GLOBAL HEALTHCARE: Moody's Assigns B2 CFR, Outlook Stable---------------------------------------------------------Moody's Investors Service has assigned a B2 corporate family ratingand a B3-PD probability of default rating to Global HealthcareExchange, LLC ("GHX"). Moody's also assigned B2 ratings to GHX'sproposed $25 million senior secured revolving credit facility("Revolver") and $375 million senior secured term loan B creditfacility ("TLB"). The rating outlook is stable.The proceeds from the proposed TLB and approximately $16.7 millionof cash from GHX's balance sheet will be used to refinance existingdebt at GHX. The Revolver is expected to be undrawn at closing.RATINGS RATIONALEThe B2 CFR reflects GHX's market leading position in North Americaproviding SaaS based supply chain automation solutions to thehealthcare industry, facilitating B2B transactions betweensuppliers, care providers and distributors. It also reflects i) ahighly visible recurring revenue stream supported by multi-yearcontractual payments; ii) the strategic importance of the company'sexchange services to its healthcare supplier and providercustomers; and iii) strong healthcare industry fundamentals. Theratings are constrained by the company's small scale, limitedrevenue base and elevated leverage of about 6.5x (on a Moody'sadjusted basis and pro forma for certain one-time expenses) at LTMJune 30, 2015. Over the next 12 to 18 months Moody's expects GHX'sleverage to decline to below 6.0x.Moody's views GHX's liquidity as good. Over the next 12 monthsMoody's expects GHX to have cash and cash equivalents of at least$5 million and to generate free cash flow of around $25 million,factoring in capital expenditures of about $20 million during thisperiod. Over the next 12 months, Moody's also anticipatessignificant availability under GHX's proposed Revolver, withadequate cushion under the financial covenants of the Revolver andTLB. The TLB is anticipated to amortize approximately 1% perannum, with a bullet due at maturity about 7 years from closing.The stable rating outlook reflects high recurring revenues, withrevenues expected to grow in the low to mid-single digits, good tostrong adjusted EBITDA margins (Moody's adjusted basis) and freecashflow of at least $20 million (including the tax shield providedby prior net operating losses) over the next 12 months.GHX's rating could be upgraded if it demonstrates sustainedmaterial growth in revenues, profitability and market share, suchthat FCF to debt is sustained above 8% and Debt to adjusted EBITDA(Moody's adjusted basis) declines to under 4.5x.GHX's rating could be downgraded if leverage is sustained at 6x orabove, or FCF to debt is sustained below 3% or less. GHX's ratingcould also be downgraded if they experience a materialdeterioration in liquidity or have aggressive financial policies.These ratings were assigned:Issuer - Global Healthcare Exchange, LLC Corporate Family Rating -- B2 Probability of Default Rating -- B3-PD Senior Secured Revolving Credit Facility: - B2 (LGD 3) Senior Secured Term Loan B Credit Facility -- B2 (LGD 3) Outlook - StableThe principal methodology used in these ratings was Business andConsumer Service Industry published in December 2014. Othermethodologies used include Loss Given Default for Speculative-GradeNon-Financial Companies in the U.S., Canada and EMEA published inJune 2009.Global Healthcare Exchange, LLC ("GHX"), headquartered inLouisville, CO, is a leading North American provider of SaaS basedsupply chain automation solutions to the healthcare industry,facilitating B2B transactions between suppliers, providers anddistributors. GHX had approximately $165 million in revenues forLTM June 30, 2015.GRATON ECONOMIC: Moody's Assigns B2 Rating on $225MM Sr. Sec. Loan------------------------------------------------------------------Moody's Investors Service assigned a B2 rating to Graton EconomicDevelopment Authority's proposed $225 million senior secured termloan B due 2022. At the same time, Moody's affirmed the company'sB2 Corporate Family Rating, B2-PD Probability of Default Rating andthe B2 rating on its $450 million senior secured notes due 2019. The rating outlook is stable. Ratings are subject to final reviewof documentation.The proposed $225 million senior secured term loan B -- along witha proposed $200 million add-on to its $309 million senior securedterm loan A (unrated), a $25 million draw on its $125 millioncommitted senior secured revolver due 2019 (unrated) and $45million of cash on hand -- will be used to refinance the company's$450 million senior secured notes. The rating on the seniorsecured notes will be withdrawn when the transaction closes.The transaction is credit positive in that it reduces Graton'sannual interest expense from about $71 million for the last 12month period ended March 31, 2015 to about $32 million annually. Asa result, Graton's pro forma EBIT/interest improves from 2.2x toabove 4.0x (assuming a full year at the lower interest rate). Thetransaction is leverage neutral, so debt/EBITDA of 4.2x for the LTMperiod ended March 31, 2015 remains unchanged.Ratings affirmed:Corporate Family Rating at B2Probability of Default Rating at B2-PD$450 million 9.625% senior secured notes due 2019 at B2 (LGD4)Ratings assigned:$225 million senior secured term loan B at B2 (LGD4)RATINGS RATIONALEGraton's B2 Corporate Family Rating (CFR) reflects the Authority'ssmall size in terms of revenue and single asset profile whichsubjects it to greater risks than a multi-facility and moregeographically diversified gaming company. Graton's lack ofdiversification makes it more vulnerable to economic swingsspecifically in its primary market area of San Francisco andCalifornia in general, market conditions, promotional activity, andearnings compression. The rating also takes into considerationGraton's ability to construct a 200-room hotel at its casino usingfree cash flow. The company's credit agreement allows for theconstruction of a hotel at a cost of up to $200 million, but notuntil after Sept. 1, 2015. If Graton goes forward with the hotel,concerns include using its free cash flow over the next 12 to 18months to build the hotel, management distraction from casinooperations during construction, the potential for the constructionto disrupt casino customer visits (although this is mitigated inpart by the location of the planned hotel in regards to thecasino). Also considered in the ratings is competition fromseveral large casinos already operating in Graton's primary marketarea although the casino's advantageous location (about 43 milesfrom San Francisco) helps to partially mitigate this risk. Otherrating constraints include credit risks that are common to NativeAmerican gaming issuers, including uncertainty as to enforceabilityof lender's claims in bankruptcy or liquidation.Positive ratings consideration is given to the casino's strong proforma interest coverage, modest leverage metrics, and highprofitability compared to other rated peers. Also considered isthe casino's strategic location as the closest class III gamingfacility to the San Francisco Bay area.The B2 rating on Graton's senior secured term loan B is the same asthe CFR. The senior secured term loan B shares a first prioritysecurity interest in all gaming assets, revenues, and FF&E(excluding real property and other exclusions), pari passu with thesame security interest that secures senior secured revolver andterm loan A. The revolver, term loan A and term loan B make up thepreponderance of debt in the capital structure.The stable rating outlook reflects Moody's expectations that Gratonwill continue to profitably ramp-up its gaming operations despitethe potential for construction of a hotel to start as early asSeptember 2015.Graton's ratings could be lowered if debt/EBITDA increases to above5.75 times or if liquidity deteriorates for any reason. Theratings could also be lowered if it appears that the proposed hotelproject was going to be over budget, thereby reducing the company'sfree cash flow further, or causing the company to draw under itsrevolver. Graton's ratings could go up if it appears that thecompany can achieve and maintain debt/EBITDA below 3.75 times andEBIT/interest above 3.0 times. Any upgrade would require Gratonmaintain good liquidity.The Graton Economic Development Authority is a wholly owned,unincorporated governmental instrumentality of the FederatedIndians of Graton Rancheria (the Tribe), a federally recognizedIndian tribe. The Authority was formed in July 2012 to develop andoperate a casino and entertainment facility located in SonomaCounty, approximately 43 miles north of San Francisco, California,known as the Graton Resort & Casino. As of March 31, 2015, theGraton Resort & Casino featured about 2,900 slot machines, 131table games including blackjack, a 20-table poker room and othervarious entertainment and dining offerings. For the last 12 monthperiod ended March 31, 2015, net revenue was approximately $366 million.The casino is managed by wholly owned subsidiaries of StationCasinos LLC (B2 stable), a Nevada limited liability company thatowns and operates casinos in Las Vegas, Nevada and whosesubsidiaries also develop and manage tribal gaming facilities.The principal methodology used in these ratings was Global GamingIndustry published in June 2014. Other methodologies used includeLoss Given Default for Speculative-Grade Non-Financial Companies inthe U.S., Canada and EMEA published in June 2009.GRATON ECONOMIC: S&P Assigns 'B+' Rating on Proposed $225MM Loan----------------------------------------------------------------Standard & Poor's Ratings Services said that it assigned its 'B+'issue-level rating to Rohnert Park, Calif.-based Graton EconomicDevelopment Authority's (the Authority's) proposed $225 millionterm loan B due 2022. The issue-rating is the same as S&P's 'B+'issuer credit rating.S&P's other ratings on the Authority, including the 'B+' issuercredit rating and the upsized $525 million term loan A facility(after including the $200 million add-on), and stable ratingoutlook are unchanged.The Authority plans to use the proceeds from the incremental creditfacility along with balance sheet cash and a modest draw on itsrevolver to repay the outstanding balance on its existing $450million 9.625% senior secured notes due 2019 and to pay breakagecosts, transaction fees, and expenses. S&P plans to withdraw itsrating on the existing 9.625% notes once they are redeemed in full.The Authority is a wholly owned unincorporated instrumentality ofthe Federated Indians of Graton Rancheria (the Tribe). S&P do notassign recovery ratings to Native American debt issues becausethere are significant uncertainties surrounding the exercise ofcreditor rights against a sovereign nation, including whether theBankruptcy Code would apply, whether a U.S. court would ultimatelybe the appropriate venue to settle such a matter, and to whatextent a creditor would be able to enforce any judgment against a sovereign nation.The 'B+' issuer credit rating reflects S&P's assessment of theAuthority's business risk profile as "weak" and its financial riskprofile as "aggressive.""The stable rating outlook reflects our expectation that theAuthority will continue to generate good cash flow that it coulduse to fund the construction of a potential hotel and meet tribaldistribution needs," said Standard & Poor's credit analyst StephenPagano. "We expect that the Authority will maintain adjusted debtto EBITDA in the low-4x area and FFO to debt in the mid-tohigh-teens percentage area through 2016."S&P could lower its rating on the Authority if its operatingperformance is materially worse than it had expected, such thatdebt to EBITDA is above 5x, FFO to debt is below 12%, or EBITDAcoverage of interest declines to or below 2x. This could resultfrom increased competitive pressures or a larger-than-anticipatedimpact from disruptions related to hotel construction.S&P would consider raising its rating if the casino outperforms itsexpectations or if the Authority repays debt faster than S&P hadexpected, such that debt to EBITDA is sustained below 4x, FFO todebt is above 20%, and EBITDA coverage of interest remains above3x. S&P views an upgrade as unlikely over the next two years,given its expectation that the Authority will prioritize free cashflow to fund a potential hotel development rather than to repaydebt.GREEN EARTH: Greg Adams Quits as CFO, COO and Secretary-------------------------------------------------------Greg D. Adams resigned from his positions as chief financialofficer, chief operating officer and secretary of the Green EarthTechnologies, Inc., effective on July 26, 2015, according to a Form8-K document filed with the Securities and Exchange Commission.The Company is actively engaged in pursuing opportunities in theGreen Well Service industry. Several opportunities using theCompany's Well Stimulation and Oil Refinery products have beensuccessfully tested and the Company is hopeful that it will lead tothe receipt of purchase orders for these products in the nearfuture. About Green Earth TechnologiesWhite Plains, N.Y.-based Green Earth Technologies, Inc. (OTC QB:GETG) -- http://www.getg.com/-- markets, sells and distributes bio-degradable performance and cleaning products. The Company'sproduct line crosses multiple industries including the automotiveaftermarket, marine and outdoor power equipment markets.Green Earth incurred a net loss of $6.84 million for the yearended June 30, 2014, compared to a net loss of $6.59 millionfor the year ended June 30, 2013.As of March 31, 2015, the Company had $14.9 million in totalassets, $29.5 million in total liabilities, and a $14.7 milliontotal stockholders' deficit.Friedman LLP, in East Hanover, New Jersey, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended June 30, 2014. The independent auditors notedthat the Company's losses, negative cash flows from operations,working capital deficit, related party note in default payableupon demand and its ability to pay its outstanding liabilitiesthrough fiscal 2014 raise substantial doubt about its ability tocontinue as a going concern.GREEN MOUNTAIN: Court Approves $117K Bonus Pay for Non-Executives-----------------------------------------------------------------Green Mountain Management, LLC, and Georgia Flattop Partners, LLCsought and obtained from Judge Barbara Ellis-Monro of the U.S.Bankruptcy Court for the Northern District of Georgia, AtlantaDivision, approval of a transaction incentive plan ("TIP") fornon-executive employees.The Debtors have identified 34 non-insider, non-executive,non-officer, key employees, which include the Debtors' mechanics,scales operators, rock truck drivers, and other individuals, withspecific expertise with respect to the Landfill's operations whoseinstitutional knowledge and skill are essential to maximizing thevalue of the Debtors' estates during their bankruptcy cases.The proposed payments under the Incentive Plan would be equal toapproximately 8% of the TIP Participants' current annualcompensation and those payments will range from approximately$1,200 to $8,000. The cash payments under the Incentive Plan wouldbe made in a single payment to each TIP Participant following theclosing of a transaction to refinance or sell substantially all ofthe Debtors' assets. A TIP Participant must be employed by theDebtors at the time of closing to be eligible to participate in theTIP. The total payments to TIP Participants under the TIP willequal approximately $97,677, plus employment taxes of approximately20% ($19,535), making the total cost of the Incentive Plan$117,212.Sage M. Sigler, Esq., at Alston & Bird, LLP, in Atlanta, Georgia,told the Court that it is imperative that the TIP Participantscontinue their employment with the Debtors through the consummationof a transaction to refinance the Debtors' secured debt or sellsubstantially all of the Debtors' assets. Green Mountain Management, LLC and Georgia Flattop Partners LLC arerepresented by: Dennis J. Connolly, Esq. David A. Wender, Esq. Sage M. Sigler, Esq. Kevin M. Hembree, Esq. ALSTON & BIRD LLP 1201 West Peachtree Street Atlanta, GA 30309 Telephone: (404)881-7000 Facsimile: (404)881-7777 Email: firstname.lastname@example.com firstname.lastname@example.com firstname.lastname@example.com firstname.lastname@example.com About Green MountainGreen Mountain Management, LLC, filed a Chapter 11 bankruptcypetition (Bankr. N.D. Ga. Case No. 14-64287) on July 25, 2014. Thepetition was signed by Daniel B. Cowart, sole member of GeorgiaFlattop Partners, LLC, and chairman of Green Mountain Management,LLC. The Debtor estimated $10 million to $50 million in assetsanddebt. Georgia Flattop Partners, LLC is the managing member andholders of 93% of the stock.The case is assigned to Judge Barbara Ellis-Monro.No official committee of unsecured creditors has been appointed,and UMB Bank, n.a.'s request for the appointment of a trustee wasresolved consensually pursuant to this Court's order entered onNov. 20, 2014. On May 29, 2015, the Debtor filed an application to employ NelsonMullins Riley & Scarborough LLP as its bankruptcy counsel. The filing came after the Debtor notified Alston & Bird LLP thatGreen Mountain Aggregates LLC, Dan Cowart, Dan Cowart Inc. and theDebtor intended to pursue claims against the law firm.Alston & Bird was hired by the Debtor in 2014 to be its bankruptcycounsel. On June 1, 2015, the firm withdrew as its counsel. OnJune 2, 2015, Judge Ellis-Monro authorized the Debtor to hireAtlanta-based Nelson Mullins to be its new bankruptcy counsel.GREEN MOUNTAIN: Court Denies Bid for Ch. 11 Appointment-------------------------------------------------------The U.S. Bankruptcy Court for the Northern District of Georgia,Atlanta Division, denies the request filed by Daniel B. Cowart, theDan Cowart Companies, and Green Mountain Aggregates, LLC, for theappointment of a Chapter 11 trustee for Green Mountain Management,LLC, and to terminate the employment of Lee Katz of GlassRatnerAdvisory & Capital Group LLC.The Cowart Parties' counsel, Frank W. DeBorde, Esq., at Morris,Manning & Martin, LLP, in Altanta, Georgia, told the Court that theDebtors' business is deteriorating under the control of Mr. Katz,who was appointed Chief Restructuring Officer. Mr. DeBorde pointedout that none of the pleadings filed show that Mr. Katz or any ofthe additional personnel have any expertise in managing andoperating a waste facility like the Debtors. He asserts that it isnecessary for the Debtors to have its experienced management teamin place to conduct the day-to-day operations of the wastefacility. He relates that David Hendricks, the general manager,and Shannon Humphrey, an on-site account manager for U.S. Steel,Debtors' single largest customer, have threatened to resign as aresult of the mismanagement and interference from Mr. Katz.UMB Bank, National Association, as Bond Trustee, objected to theCowart Parties' motion, complaining that the Motion falls far shortof demonstrating cause for the appointment of a Chapter 11 trusteeon the basis of Mr. Katz's role or performance as the GMM Manager. UMB Bank said there is no evidence of mismanagement as alleged byCowart.The Debtor Georgia Flattop Partners LLC also objected to themotion, arguing that the Court had previously considered theappointment of a trustee in the case and ruled that Mr. Katz beappointed as GMM Manager instead. The Debtor asserted that the lawof the case doctrine prevents the Cowart Parties from re-litigatingthe question of whether Mr. Katz should be employed as GMM Managerin lieu of appointing a trustee. * * *The Cowart Parties appeal from the Court's denial of theirrequest.Daniel B. Cowart, Dan Cowart Companies, and Green MountainAggregates, LLC, are represented by: Frank W. DeBorde, Esq. Lisa Wolgast, Esq. Sameer K. Kapoor, Esq. MORRIS, MANNING & MARTIN, LLP 3343 Peachtree Road, N.E. Suite 1600 Atlanta, GA 30326 Telephone: (404)233-7000 Email: email@example.com email@example.com email@example.com Bank, N.A. is represented by: Kevin J. Walsh, Esq. Colleen A. Murphy, Esq. MINTZ, LEVIN, COHN, FERRIS, GLOVSKY & POPEO, P.C. One Financial Center Boston, MA 02111 Email: firstname.lastname@example.com firstname.lastname@example.com -- and -- Eric W. Anderson, Esq. PARKER, HUDSON, RAINER & DOBBS LLP 285 Peachtree Center Ave. Suite 1500 Atlanta, Georgia 30303 Telephone: (404)523-5300 Facsimile: (404)522-8409 Email: email@example.com Mountain Management, LLC and Georgia Flattop Partners LLC arerepresented by: Richard B. Herzog, Jr., Esq. Gregory M. Taube, Esq. NELSON MULLINS RILEY & SCARBOROUGH LLP 201 17th Street, N.W., Suite 1700 Atlanta, GA 30363 Telephone: (404)322-6000 Facsimile: (404)322-6050 Email: firstname.lastname@example.com email@example.com About Green MountainGreen Mountain Management, LLC, filed a Chapter 11 bankruptcypetition (Bankr. N.D. Ga. Case No. 14-64287) on July 25, 2014. Thepetition was signed by Daniel B. Cowart, sole member of GeorgiaFlattop Partners, LLC, and chairman of Green Mountain Management,LLC. The Debtor estimated $10 million to $50 million in assetsanddebt. Georgia Flattop Partners, LLC is the managing member andholders of 93% of the stock.The case is assigned to Judge Barbara Ellis-Monro.No official committee of unsecured creditors has been appointed,and UMB Bank, n.a.'s request for the appointment of a trustee wasresolved consensually pursuant to this Court's order entered onNov. 20, 2014. On May 29, 2015, the Debtor filed an application to employ NelsonMullins Riley & Scarborough LLP as its bankruptcy counsel. The filing came after the Debtor notified Alston & Bird LLP thatGreen Mountain Aggregates LLC, Dan Cowart, Dan Cowart Inc. and theDebtor intended to pursue claims against the law firm.Alston & Bird was hired by the Debtor in 2014 to be its bankruptcycounsel. On June 1, 2015, the firm withdrew as its counsel. OnJune 2, 2015, Judge Ellis-Monro authorized the Debtor to hireAtlanta-based Nelson Mullins to be its new bankruptcy counsel.GREEN MOUNTAIN: Seeks to Have GMA, Dan Cowart Held in Contempt--------------------------------------------------------------Green Mountain Management, LLC, asks the U.S. Bankruptcy Court forthe Northern District of Georgia, Atlanta Division, to hold GreenMountain Aggregates, LLC, and Dan Cowart in contempt.Richard B. Herzog, Jr., Esq., at Nelson Mullins Riley & ScarboroughLLP, in Atlanta Georgia, asserts that the Court has the power tohold Cowart and GMA in contempt for violating the TrusteeResolution Order. He tells the Court that GMA is proposing a saleof its assets under Section 363, which is expected to close byAugust 17, 2015.Mr. Herzog asserts that that Cowart and GMA are disrupting thesales process by refusing to abide by the Trustee Resolution Order,which required GMA to give assurance satisfactory to GMM and theIndenture Trustee of the following: (a) GMM is entitled to mine anduse rock and dirt consistent with the Permit for Rock Removal,dated August 1, 2013, between Walter Minerals, Inc. and GMA, asneeded by GMM for its day to day operations including, dirt tocover landfill, aggregate to create new cells, and rock for salesconsistent with the cash collateral budget; (b) All related revenueand expenses in connection with these activities will remain assetsand liabilities of GMM; and (c) This would be a perpetual right forthe life of the Rock Permit and run to GMM's successors andassigns.Mr. Herzog further asserts that the Court has the power to sanctionCowart and GMA because sanctioning Cowart is necessary to (1)compensate GMM for losses and expenses it incurred because ofCowart and GMA's contemptuous acts, and (2) coerce Cowart and GMAinto complying with the Trustee Resolution Order.Green Mountain Management, LLC and Georgia Flattop Partners LLC arerepresented by: Richard B. Herzog, Jr., Esq. Gregory M. Taube, Esq. NELSON MULLINS RILEY & SCARBOROUGH LLP 201 17th Street, N.W., Suite 1700 Atlanta, GA 30363 Telephone: (404)322-6000 Facsimile: (404)322-6050 Email: firstname.lastname@example.com firstname.lastname@example.com About Green MountainGreen Mountain Management, LLC, filed a Chapter 11 bankruptcypetition (Bankr. N.D. Ga. Case No. 14-64287) on July 25, 2014. Thepetition was signed by Daniel B. Cowart, sole member of GeorgiaFlattop Partners, LLC, and chairman of Green Mountain Management,LLC. The Debtor estimated $10 million to $50 million in assetsanddebt. Georgia Flattop Partners, LLC is the managing member andholders of 93% of the stock.The case is assigned to Judge Barbara Ellis-Monro.No official committee of unsecured creditors has been appointed,and UMB Bank, n.a.'s request for the appointment of a trustee wasresolved consensually pursuant to this Court's order entered onNov. 20, 2014. On May 29, 2015, the Debtor filed an application to employ NelsonMullins Riley & Scarborough LLP as its bankruptcy counsel. The filing came after the Debtor notified Alston & Bird LLP thatGreen Mountain Aggregates LLC, Dan Cowart, Dan Cowart Inc. and theDebtor intended to pursue claims against the law firm.Alston & Bird was hired by the Debtor in 2014 to be its bankruptcycounsel. On June 1, 2015, the firm withdrew as its counsel. OnJune 2, 2015, Judge Ellis-Monro authorized the Debtor to hireAtlanta-based Nelson Mullins to be its new bankruptcy counsel.GROVE ESTATES: Bank Objects to Propose Sale of 8 Parcels of Land----------------------------------------------------------------Manufacturers and Traders Trust Company objects to Grove Estates,LP's motion to sell certain real property numbered as 305, 315,325, 330, 335, 340, 345, and 360 Darleen Street, York Township, inthe County of York, Pennsylvania, to NADU Construction for $375,000.M&T Bank asserts that its claims, totaling more than $3.5 million,are secured by mortgages against the Real Estate. M&T says itcannot consent to the sale of the Real Estate and the distributionof the sale proceeds proposed in Debtor's motion as the Debtorproposes to distribute the remaining proceeds from the sale toDebtor's Counsel, in trust, rather than being paid directly to M&TBank.Grove Estates, LP is represented by: Robert L. Knupp, Esq. Smigel, Anderson & Sacks, LLP 4431 North Front Street Harrisburg, PA 17110 Tel: 717 234-2401 Fax: 800 822-9757 Email: email@example.com and Traders Trust Company is represented by: William F. Colby, Jr., Esq. Barley Snyder 50 N. 5th Street 2nd Floor P.O. Box 942 Reading, Pennsylvania 19603 Tel.: 610 898-7161 Fax: 610 376-5243 Email: email@example.com About Grove EstatesGrove Estates, LP, an operator of land development business inYork, Pennsylvania, sought protection under Chapter 11 of theBankruptcy Code (Bankr. M.D. Pa. Case No. 14-04368) on Sept. 23,2014. The case is assigned to Judge Robert N Opel II.The Debtor's counsel is Robert L Knupp, Esq., at Smigel, Anderson &Sacks, LLP, in Harrisburg, Pennsylvania. The Debtor's accountantis Francis C. Musso, CPA, MPA, P.C.Following a hearing on June 3, 2015, Judge Robert N. Opel, II,entered an order confirming Grove Estates, L.P.'s Chapter 11 plan,as filed on Nov. 3, 2014, and modified on April 27, 2015. JudgeOpel ruled that the Amended Plan has satisfied the requirements ofconfirmation set forth in 11 U.S.C. Sec. 1129(a).Secured creditors Susquehanna Bank and M&T Bank (Class 2) voted toaccept the Plan. Unsecured claims and equity interests areunimpaired under the Plan.GT ADVANCED: Closes on $95-Mil. DIP Term Loan Facility------------------------------------------------------GT Advanced Technologies Inc. on July 28 disclosed that it has ithas closed on its $95 million debtor-in-possession term loanfacility. The lenders include certain holders of GT's convertiblenotes. The loan has a one year term and will be secured by allassets of the company on a super-priority basis.The Company will use the proceeds of the DIP Loan Facility to fundworking capital requirements and pay other costs and expenses withrespect to the administration of GT's and certain of itssubsidiaries' Chapter 11 cases."This is an important milestone in our plan to emerge from Chapter11, and we are pleased that our court-approved DIP financing loanhas closed," said Tom Gutierrez, GT's president and CEO. "The DIPloan gives us access to needed capital to continue to operate thecompany as we pursue near-term revenue opportunities and meet theobligations required as part of our Chapter 11 filing. I also wantto take this opportunity to thank our customers for their continuedloyalty, and our dedicated employees who have shown tremendouscommitment to GT during some very difficult times."GT is working with some of the leading legal and financialorganizations to guide it through the Chapter 11 process. Paul Hastings LLP is serving as bankruptcy counsel and RothschildInc. is the financial advisor. About GT AdvancedHeadquartered in Merrimack, New Hampshire, GT Advanced TechnologiesInc. -- http://www.gtat.com/-- produces materials and equipment for the electronics industry. On Nov. 4, 2013, GTAT announced amultiyear supply deal with Apple Inc. to produce sapphire glassmaterial for use in consumer electronics products.Under the deal, Apple would provide GTAT with a prepayment ofapproximately $578 million paid in four installments and, startingin 2015, GTAT would reimburse Apple for the prepayment over afive-year period.GT is a publicly held corporation whose stock was traded on NASDAQunder the ticker symbol "GTAT." GTAT was de-listed from the NASDAQstock exchange in October 2014.As of June 28, 2014, the GTAT Group's unaudited and consolidatedfinancial statements reflected assets totaling $1.5 billion andliabilities totaling $1.3 billion. As of Sept. 29, 2014, GTAT had$85 million in cash, $84 million of which is unencumbered.On Oct. 6, 2014, GT Advanced Technologies and eight affiliatesfiled voluntary petitions for relief under Chapter 11 of the UnitedStates Bankruptcy Code (Bankr. D.N.H. Lead Case No. 14-11916). GTsays that it has sought bankruptcy protection due to a severeliquidity crisis brought about by its issues with Apple.The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP asattorneys and Kurtzman Carson Consultants LLC as claims andnoticing agent.The U.S. Trustee has named seven members to the Official Committeeof Unsecured Creditors. The Committee' professionals are KelleyDrye as its bankruptcy counsel; Devine, Millimet & Branch,Professional Association as local counsel; EisnerAmper LLP asfinancial advisors; and Houlihan Lokey Capital, Inc. as investmentbanker.GTAT has reached a settlement with Apple. The settlement givesApple an approved claim for $439 million secured by more than 2,000sapphire furnaces that GT Advanced owns and has four years to sell,with proceeds going to Apple. In addition, Apple getsroyalty-free, non-exclusive licenses for GTAT's technology.The bankruptcy case is assigned to Judge Henry J. Boroff.GTA REALTY: Wants Third Extension of Exclusivity------------------------------------------------GTA Realty II, LLC, filed third motion asking the United StatesBankruptcy Court for Southern District of New York extend its120-day exclusive period to file a plan of reorganization and its180-day period to solicit acceptances to a plan of reorganization.The Debtor seeks to extend that time to avoid competing plans whileproceeding to confirmation.The Official Committee of Unsecured Creditors objects to Debtor'sextension motion, arguing it does not oppose another extension ofthe exclusivity periods to obtain and propose a means to a 100%plan. However, the Committee said a shorter time should beallowed. If the Debtor's efforts are to succeed, let them do sowith due haste; if the Debtor is without a concrete transaction andwithout the ability to propose a definitive and feasible plan thatis likely to be consummated and pay claims in full, the Courtshould end the period of delay and allow other options to beproposed and negotiated, the Committee asserted.Rialto Capital Advisors, LLC, also objects to the extension motion,contending that further extension of the Debtor's Exclusive Periodsis unnecessary and, in any event, any extension should be limitedto a period of no more than 30 days. The Debtor has, since beforethe filing of its bankruptcy case, consistently exhibited aninability or unwillingness to consummate a transaction, Rialto toldthe Court.GTA Realty II, LLC is represented by: Mark A. Frankel, Esq. BACKENROTH FRANKEL & KRINSKY, LLP 800 Third Avenue New York, New York 10022 Tel: 212 593-1100 Fax: 212 644-0544 Email: firstname.lastname@example.com Capital Advisors, LLC is represented by: William Hao, Esq. Alston & Bird LLP 90 Park Ave. New York, New York 10016 Tel:: 212 210-9400 Fax: 212 210-9444 Email: email@example.com -- and -- David A. Wender, Esq. One Atlantic Center 1201 West Peachtree Street Atlanta, Georgia 30309-3424 Tel: 404 881-7000 Fax: 404 253-8563 Email: email@example.com Committee of Unsecured Creditors is represented by: Allen G. Kadish, Esq. Diconza Traurig Kadish LLP 630 Third Avenue New York, New York 10017 Tel: 212 682-4940 Fax: 212 682-4942 Email: email@example.com About GTA Realty IIGTA Realty II, LLC, sought bankruptcy protection (Bankr. S.D.N.Y.Case No. 14-12840) in Manhattan on Oct. 8, 2014.In its schedules of assets and liabilities, the Debtor disclosed$18 million in total assets and $7.26 million in liabilities. TheDebtor owns real property at 184 Prince Street, New York, valued at$6 million and a property at 287 Bleeker Street, New York, valuedat $12 million. U.S. Bank National Association, owed $5.3million, holds a first mortgage on the property.The case is assigned to Judge Robert E. Gerber.The Debtor is represented by Mark A. Frankel, Esq., at BackenrothFrankel & Krinsky, LLP, in New York.The Debtor has tapped Backenroth Frankel & Krinsky, LLP ascounsel.The U.S. Trustee for Region 2 appointed three creditors to serve onthe official committee of unsecured creditors.GYMBOREE CORP: Bank Debt Trades at 26% Off------------------------------------------Participations in a syndicated loan under which Gymboree Corp. is aborrower traded in the secondary market at 73.91cents-on-the-dollar during the week ended Friday, July 24, 2015,according to data compiled by LSTA/Thomson Reuters MTM Pricing andreported in the July 28, 2015, edition of The Wall Street Journal. This represents a decrease of 0.26 percentage points from theprevious week, The Journal relates. Gymboree Corp. pays 350 basispoints above LIBOR to borrow under the facility. The bank loanmatures on February 23, 2018, and carries Moody's B3 rating andStandard & Poor's CCC+ rating. The loan is one of the biggestgainers and losers among 253 widely quoted syndicated loans withfive or more bids in secondary trading for the week ended July 24.HEALTH DIAGNOSTIC: Bankruptcy Stays Boston Heart Suit-----------------------------------------------------BOSTON HEART DIAGNOSTICS CORPORATION, Plaintiff, v. HEALTHDIAGNOSTICS LABORATORY, INC., Defendant, Civil Acrion No.13-cv-13111-IT (D. Mass.), has been stayed in view of HDL Inc.'sChapter 11 bankruptcy filing, according to an order by DistrictJudge Indira Talwani, available at http://is.gd/zvXZCefrom Leagle.com. Boston Heart is represented in the case by Wayne F. Dennison, Esq.,Edward J. Naughton, Esq., and Rebecca MacDowell Lecaroz, Esq., atBrown Rudnick LLP.The debtor is represented by Alissa K. Lipton, Esq., Christopher S.Schultz, Esq., Lillian M. Robinson, Esq., and Sanya Sukduang, Esq.,at Finnegan, Henderson, Farabow, Garrett & Dunner,LLP. About Health DiagnosticHealth Diagnostic Laboratory, Inc., Central Medical Laboratory,LLC, and Integrated Health Leaders, LLC, are health care businessesbased in Richmond, Virginia. HDL is a blood testing company.Health Diagnostic Laboratory, Inc. (Bankr. E.D. Va. Case No.15-32919) and affiliates Central Medical Laboratory, LLC (Bankr.E.D. Va. Case No. 15-32920) and Integrated Health Leaders, LLC(Bankr. E.D. Va. Case No. 15-32921) filed separate Chapter 11bankruptcy petitions on June 7, 2015, estimating their assets atbetween $100 million and $500 million and their debts at between$100 million and $500 million. The petitions were signed by MartinMcGahan, chief restructuring officer.Justin F. Paget, Esq., Tyler P. Brown, Esq., Jason W. Harbour,Esq., and Henry P. (Toby) Long, III, Esq. At Hunton & Williams LLPserve as the Debtors' bankruptcy counsel. Alvarez & Marsal is theDebtors' financial advisor. Robert S. Westermann, Esq., atHirshler Fleisher, P.C., serve as the Debtors' conflicts counsel. American Legal Claims Services, LLC, is the Debtors' claims,noticing and balloting agent. * * *Health Diagnostic Laboratory Inc. will hold a Sept. 10 auction tosell the Virginia lab's operations. In a court order signed on July15, Judge Kevin Huennekens set a Sept. 4 bid deadline for potentialbuyers.HERCULES OFFSHORE: S&P Lowers CCR to 'D', Off Watch Negative------------------------------------------------------------Standard & Poor's Ratings Services lowered its corporate creditrating on Houston-based Hercules Offshore Inc. to 'D' from 'CC'.S&P also lowered the issue-level rating on the company's seniorunsecured notes to 'D' from 'CC'. At the same time, S&P removedall ratings from CreditWatch where it placed them with negativeimplications on June 18, 2015.The recovery rating on the senior unsecured notes remains '4',reflecting S&P's expectation of average (lower end of the 30% to50% range) recovery for lenders in the event of a payment default."The downgrade follows Hercules Offshore's missed interest paymenton its 8.75% senior unsecured notes," said Standard & Poor's creditanalyst Stephen Scovotti. The company has recently entered into a restructuring supportagreement with the steering group of senior noteholders, whichwould convert Hercules' outstanding debt of about $1.2 billion into96.9% of equity. Additionally, the proposed plan of reorganizationwill include $450 million of new debt financing, $200 million ofwhich will be earmarked for the final delivery of the Highlanderjack-up. On July 13, 2015, the company commenced the solicitationof votes for the prepackaged plan of reorganization. Thesolicitation period ends on Aug. 12, 2015.Standard & Poor's will re-evaluate Hercules's corporate creditrating and proposed $450 million notes issue level rating under itsnew capital structure.ICON HEALTH: Moody's Raises CFR to B2 & Rates $160MM Loan B2------------------------------------------------------------Moody's Investors Service upgraded ICON Health & Fitness' CorporateFamily Rating to B2 from B3 due to its improved operatingperformance and enhanced liquidity profile. The proposed $160million first lien term loan was rated B2 and the $60 millionsecond lien term loan was rated B3. The proceeds will be used torefinance the existing 11.875% senior secured notes. The Caa1rating on the notes will be withdrawn at close. The rating outlookis stable."The upgrade reflects our view that the company's strategy ofstreamlining its manufacturing footprint and expanding itsdistribution network will continue to improve its operatingperformance and credit metrics," said Kevin Cassidy, Senior CreditOfficer at Moody's Investors Service.The B2 rating on the first lien term loan reflects its second lienposition with respect to the collateral securing the $175 millionABL revolving credit facility (unrated), its first lien position incertain other assets and its upstream guarantees from operatingsubsidiaries. The ABL facility is secured by a first lien on cash,accounts receivable and inventory and a second lien on otherassets. The B3 rating on the second lien term reflects its thirdlien on the ABL collateral, its second lien position to non-ABLcollateral and its upstream guarantees from operatingsubsidiaries.Ratings upgraded:Corporate Family Rating to B2 from B3;Probability of Default Rating to B2-PD from B3-PD;Ratings assigned:$160 million First Lien Term Loan due 2021 at B2 (LGD3);$60 million Second Lien Term Loan due 2022 at B3 (LGD4)RATINGS RATIONALEICON's B2 Corporate Family Rating (CFR) reflects its moderateleverage and operating margins, narrow business focus on homefitness equipment and limited free cash flow. Having limitedoperations outside of North America also constrains the rating asdoes its significant customer concentration. The rating is furtherlimited by the company's susceptibility to discretionary consumerspending. Moody's expects ICON to maintain better than typicalcredit metrics for a given rating category because of thediscretionary nature of its business. The rating benefits from thecompany's strong market position in fitness equipment and itswell-known brands such as NordicTrack. ICON's efforts to diversifyits retail channels and focus on the direct to consumer channelwill help balance its customer concentration. The continuing focuson health and fitness among consumers should help drive demand asthe economy improves.The stable outlook reflects Moody's view that the company'soperating performance and credit metrics will modestly improve overthe next couple of years.An upgrade is possible if ICON can sustain debt/EBITDA below 4times and maintain EBIT margins around 10%. The consistentgeneration of sufficient free cash flow is also needed for anupgrade to be considered.A downgrade could occur if ICON operating performance deterioratesfor any reason resulting in debt/EBITDA sustained over 6 times andlow single digit EBIT margins.The principal methodology used in these ratings was ConsumerDurables Industry published in Sept. 2014. Other methodologiesused include Loss Given Default for Speculative-Grade Non-FinancialCompanies in the U.S., Canada and EMEA published in June 2009.Headquartered in Logan, Utah, ICON manufactures, markets anddistributes a broad line of products in the home fitness equipmentmarket including cardiovascular equipment (79% of fiscal 2014revenue), strength training equipment (18%) and equipment serviceproducts (3%). Products/services are offered under brands such asNordicTrack, Pro Forms, Health Rider, Weslo, and iFit as well aslicenses with Gold's Gym, Jilian Michaels, Weider and Reebok. ICONgenerated approximately $810 million of revenue in the 12 monthsended February 2015.ICON HEALTH: S&P Affirms 'B-' CCR & Revises Outlook to Positive---------------------------------------------------------------Standard & Poor's Ratings Services said it affirmed its 'B-'corporate credit rating on Logan, Utah-based ICON Health & FitnessInc. and revised the rating outlook to positive from stable."At the same time, we assigned the company's $160 millionfirst-lien term loan due 2021 our 'B-' issue-level rating and '4'recovery rating, indicating our expectation for average (30%-50%;lower half of the range) recovery for lenders in the event of apayment default. We also assigned the company's $60 millionsecond-lien term loan due 2022 our 'CCC' issue-level rating and '6'recovery rating, indicating our expectation for negligible (0%-10%)recovery for lenders in the event of a payment default.Additionally, we assigned the company's new $175 millionasset-based revolver due 2020 our 'B+' issue-level rating and '1'recovery rating, indicating our expectation for very high(90%-100%) recovery for lenders in the event of a payment default,"S&P said."We also revised our financial policy assessment on ICON to"neutral" from "FS-6" as a result of management's and individualdirectors' recent buyout of equity interests that were previouslyheld by a unit of Credit Suisse, which we considered a financialsponsor," S&P added."The outlook revision to positive from stable reflects ourexpectation that ICON could improve EBITDA coverage of interestexpense to the high-2x area in fiscal year ending May 31, 2016 andto the high-3x area in fiscal 2017 as a result of substantiallylower interest costs from the proposed transaction, and sustain anadequate liquidity position over this period," said Standard &Poor's credit analyst Shivani Sood. The rating reflects S&P's assessment of ICON's business risk as"vulnerable" and our assessment of its financial risk as "highlyleveraged," as defined in S&P's criteria.The positive outlook reflects S&P's expectation that liquidity willbe adequate, EBITDA coverage of interest expense will improve tothe high-2x area in fiscal 2016 and to the high-3x area in fiscal2017, and ICON could sustain total adjusted debt to EBITDA below5x, levels that could be aligned with a one-notch higher rating onICON. S&P also believes ICON will be able to improve EBITDA marginover this period, although S&P recognizes that there are executionrisks associated with the transition of its remaining manufacturingplatform to existing Chinese facilities.S&P could revise the outlook to stable or lower the ratings ifthere is a sufficient deterioration in operating performance orworking capital management such that the company's "adequate"liquidity profile becomes strained. This could occur if themanufacturing transition has significant cost overruns or resultsin significant working capital fluctuations.S&P could raise the rating by one notch once it is confident ICONhas successfully completed its manufacturing transition and ismanaging inventory levels such that EBITDA and cash flowfluctuations are lessened (even though they will not be eliminated)as risk factors, and S&P believes ICON can sustain adjusted debt toEBITDA below 5x and EBITDA coverage of interest expense above the2x area.IMH FINANCIAL: Stockholders Elect Four Directors------------------------------------------------At the 2015 annual meeting of stockholders of IMH FinancialCorporation held on July 21, 2015, the Company's stockholders: (a) elected Lawrence D. Bain, Leigh Feuerstein, Dr. Andrew Fishleder and Michael M. Racy as directors; (b) ratified the appointment of BDO USA, LLP as the Company's independent registered public accounting firm for the fiscal year ending Dec. 31, 2015; (c) approved, on an advisory basis, the Company's executive compensation; (d) approved the holding of future advisory vote on executive compenstion every three years; (e) approved the Company's First Amended and Restated Employee Stock Incentive Plan; and (f) approved the Company's Non-Employee Director Compensation Plan. About IMH FinancialScottsdale, Ariz.-based IMH Financial Corporation was formed fromthe conversion of IMH Secured Loan Fund, LLC, or the Fund, aDelaware limited liability company, on June 18, 2010. Theconversion was effected following a consent solicitation processpursuant to which approval was obtained from a majority of themembers of the Fund to effect the Conversion Transactions andinvolved (i) the conversion of the Fund from a Delaware limitedliability company into a Delaware corporation named IMH FinancialCorporation, and (ii) the acquisition by the Company of all of theoutstanding shares of the manager of the Fund Investors MortgageHoldings Inc., or the Manager, as well as all of the outstandingmembership interests of a related entity, IMH Holdings LLC, orHoldings on June 18, 2010.IMH Financial reported a net loss attributable to commonshareholders of $39.5 million in 2014, a net loss attributable tocommon shareholders of $26.2 million in 2013 and a net lossattributable to common shareholders of $32.2 million in 2012.As of March 31, 2015, the Company had $197 million in totalassets, $109 million in total liabilities, $27.9 million inredeemable convertible preferred stock and $60.4 million in totalstockholders' equity.ISTAR FINANCIAL: Files 4th Amendment to Tender Offer Statement--------------------------------------------------------------iStar Financial Inc. has filed an amendment no. 4 to its tenderoffer statement on Schedule TO relating to the offering to holdersof up to 4,937.5 shares of High Performance Common Stock-Series 1,5,000 shares of Company's High Performance Common Stock-Series 2and 4,950 shares of High Performance Common Stock-Series 3 issuedand outstanding as of June 11, 2015, the opportunity to exchangethose HPU Shares for the Cash Consideration or the StockConsideration. The "Stock Consideration" is the number of shares of the Company'scommon stock, par value $0.001 per share, equal to the product of:(i) the aggregate number of Common Stock Equivalents that areattributable to the HPU Shares tendered in the Offer by a holder ofHPU Shares, multiplied by (ii) 0.565371, which represents $8.00 ofShares based on the last reported sale price for the Shares on theNew York Stock Exchange on June 11, 2015 (which was $14.15)."Cash Consideration" is the amount of cash equal to the product of:(i) the aggregate number of Common Stock Equivalents that areattributable to the HPU Shares that you tender in the Offer,multiplied by (ii) $8.00.The Company has extended the expiration date of its tender offeruntil 5:00 p.m. Eastern Time on Friday, July 31, 2015, unlessfurther extended. The Offer had been previously scheduled to expire at 9:00 a.m.Eastern Time on July 27, 2015. As of July 24, 2015, 1,736 HPUShares representing approximately 349,480 Common Stock Equivalentshave been tendered. On or about July 24, 2015, the Company advised the holders of HPUShares of the extension of the Offer by email communication. About iStar FinancialNew York-based iStar Financial Inc. (NYSE: SFI) provides custom-tailored investment capital to high-end private and corporateowners of real estate, including senior and mezzanine real estatedebt, senior and mezzanine corporate capital, as well as corporatenet lease financing and equity. The Company, which is taxed as areal estate investment trust, provides innovative and value addedfinancing solutions to its customers.iStar Financial reported a net loss allocable to commonshareholders of $33.72 million in 2014, a net loss allocable tocommon shareholders of $155.76 million in 2013 and a net lossallocable to common shareholders of $272.99 million in 2012.As of March 31, 2015, the Company had $5.65 billion in totalassets, $4.41 billion in total liabilities, $13.2 million inredeemable noncontrolling interests, and $1.21 billion in totalequity. * * *As reported by the TCR on June 26, 2014, Fitch Ratings hadaffirmed the Issuer Default Rating (IDR) of iStar Financialat 'B'. The 'B' IDR is driven by improvements in the company'sleverage, continued demonstrated access to the capital markets andnew sources of growth capital and material reductions in non-performing loans (NPLs).As reported by the TCR on Oct. 5, 2012, Standard & Poor's RatingsServices affirmed its 'B+' long-term issuer credit rating on iStarFinancial.In October 2012, Moody's Investors Service upgraded the corporatefamily rating to 'B2' from 'B3'. The current rating reflects theREIT's success in extending near term debt maturities andimproving fundamentals in commercial real estate. The ratings onthe October 2012 senior secured credit facility takes into accountthe asset coverage, the size and quality of the collateral pool,and the term of facility.J. CREW: Debt Trades at 14% Off-------------------------------Participations in a syndicated loan under which J. Crew is aborrower traded in the secondary market at 86.21 cents-on-the-dollar during the week ended Friday, July 24, 2015, according todata compiled by LSTA/Thomson Reuters MTM Pricing and reported inthe July 28, 2015 edition of The Wall Street Journal. Thisrepresents an increase of 0.25 percentage points from the previousweek, The Journal relates. J. Crew pays 300 basis points aboveLIBOR to borrow under the facility. The bank loan matures onFebruary 27, 2021, and carries Moody's B2 rating and Standard &Poor's B- rating. The loan is one of the biggest gainers andlosers among 253 widely quoted syndicated loans with five or morebids in secondary trading for the week ended July 24.JANUS CAPITAL: Moody's Assigns Ba1 Rating on Prospective Sub. Debt------------------------------------------------------------------Moody's Investors Service has assigned a Baa3 rating with a stableoutlook to Janus Capital Group's new $300 million senior notes due2025, to be offered July 28, 2015 off its US multiple seniorityshelf registration, pursuant to a prospectus supplement filed withthe Securities Exchange Commission. Moody's also assignedprovisional ratings to the multiple seniority shelf registration,which Janus registered on March 14, 2013.Net proceeds from the 2025 Notes along with cash on hand, will beused to redeem $345 million of 6.70% notes due 2017, and for a cash"make whole" payment to investors tendering the 2017 Notes.Concurrent with these actions, Moody's affirmed the Baa3 rating forJanus's senior unsecured debt with a stable outlook.RATINGS RATIONALEJanus is a mid-sized provider of investment funds and services toretail and institutional investors, predominantly in the UnitedStates, although with a growing international presence. It derivesits credit strength from the size and diversity of its $197 billionof assets under management (AUM, as of 1 July 2015), $1 billion ofrevenue, an established reputation in growth equity products, valueand mathematical equity offerings (through its Perkins and INTECHsubsidiaries), and its expanding fixed-income capabilities, whichnow approach 22% of AUM. Janus's asset base is growing moreinternational with 20% of AUM sourced overseas.In affirming Janus Capital Group Inc.'s Baa3 senior debt ratingMoody's concluded that recent improvements in the company'sperformance and its initiatives to broaden its product anddistribution capabilities are in their early stages. Janus'sfinancial metrics have been stable and the company is experiencinga reversal in two trends that hurt its fundamental performance inrecent years. Net fund flows have been positive for the companyfor the past three quarters, after six years of outflows, andnegative mutual fund performance or "fulcrum" fees have abated,lessening their drag on management fee revenue. However, negativeorganic growth has persisted in some key products.The company has stabilized itself through a number of actions,including applying a more rigorous framework of risk controls tofund management, expanding its fixed income capability, investingin non-US distribution, managing expenses, and proactively reducingdebt and building liquidity.The company is undertaking efforts to diversify its traditionalproduct set with acquisitions and new hires. These have includedthe acquisition of Kapstream, an Australian fixed income macro fundmanager, and VelocityShares, a developer of exchange-tradedproducts, and the hiring of prominent industry figures Bill Grossand Myron Scholes. With these hires, Janus is expanding itsactivities into non-traditional product areas, such as assetallocation and macro fixed income. Moody's views thesedevelopments with interest, however they remain too new tomaterially alter our view of Janus's core business strengths.Moody's regards the sale of the 2025 Notes and refinancing of the2017 Notes as credit positive for Janus. Benefits include theextension of $300 million in the company's maturity schedule byeight years at favorable borrowing rates, and a reduction incurrent interest payments of approximately $10 million, offset bythe make whole payment.RATINGS DRIVERSMoody's said factors that could cause upward pressure on Janus'sratings include 1) continuing improvement of fundamental equityinvestment performance and the reversal of negative performancefees, 2) the reestablishment of sustained positive net flows acrossthe company's equity business lines, 3) increased scale of Janus'sfixed income business lines and improved asset classdiversification, and 4) sustained Debt/EBITDA (as defined byMoody's) under 1.25 times. Moody's said factors that could causedownward pressure on Janus's ratings include 1) a reduction ofrevenues, net of distribution costs, to below $500 million, 2) thepersistence of negative performance fees at the lower limit oftheir range, and 3) Debt/EBITDA (as defined by Moody's) at over 3.0times.LIST OF RATING ACTIONSThe rating was affirmed, with stable outlook:Janus Capital Group, Inc. - Senior Unsecured Debt: Baa3The following ratings were assigned, with stable outlook:Janus Capital Group, Inc. - $300 million Notes due 2025: Baa3Janus Capital Group Inc. - US$ Multiple Seniority Shelf: -- Prospective Debt Rating Senior Unsecured (P)Baa3 -- Prospective Debt Rating Subordinate (P)Ba1 -- Prospective Junior Subordinated Debentures (P)Ba2The principal methodology used in these ratings was Asset Managers:Traditional and Alternative published in February 2014. Janus Capital Group Inc. is a US holding company for threeinvestment advisors -Janus Capital Management LLC, INTECHInvestment Management LLC, and Perkins Investment Management LLC.While Janus serves primarily US investors, the company continues toincrease its international operations, which accounted for 20% ofits $197 billion of AUM following the July 1, 2015 acquisition of amajority interest in Kapstream Capital, headquartered in Sydney,Australia.JARDEN CORP: S&P Lowers Rating on $1.9BB Sr. Sub. Notes to 'B+'---------------------------------------------------------------Standard & Poor's Ratings Services lowered its issue-level ratingon Florida-based Jarden Corp.'s $1.9 billion senior subordinatednotes to 'B+' from 'BB-' following Jarden's announcement that it isupsizing its new senior secured term loan B-2 to $600 million from$300 million. S&P also revised the recovery rating on the seniorsubordinated notes to '6' from '5', reflecting a higher amount ofsenior secured debt in the company's capital structure. The '6'recovery rating indicates S&P's expectation for negligible recovery(0%-10%), in the event of a payment default. The company is nowraising a total of $900 million in senior secured bank debt inconjunction with its acquisition of the Waddington Group Inc.,which S&P expects will close in the third quarter. This includesthe $600 million senior secured term loan B-2 and $300 millionadd-on to the company's senior secured term loan B-1.All of S&P's other ratings on the company, including the 'BB'corporate credit rating, are unchanged by this proposedtransaction. The outlook is stable. Pro forma for the proposedfinancing, total debt outstanding is approximately $5.9 billion.The ratings are subject to change, and assume the transactioncloses on substantially the same terms presented to S&P.The ratings reflect Jarden's strong position across a diverseportfolio of niche consumer products, small appliances, householdproducts, outdoor products, and sports equipment. The company haswell-recognized brands, including Yankee Candle, Rawlings, Coleman,Sunbeam, K2, and Mr. Coffee, and S&P believes the company is acategory captain with many of its products and is an importantstrategic supplier to leading retailers such as Wal-Mart andTarget. The company also has an extensive global distributionnetwork and derives more than 35% of its sales from outside theU.S., which S&P believes will increase in the coming years. S&P's ratings also reflect Jarden's high debt levels and activeacquisition and share repurchase strategy. The company has raiseda significant amount of equity to fund the acquisition ofWaddington Group, resulting in very modest credit ratiodeterioration. S&P believes the company will maintain leveragebetween 4.0x to 4.5x and funds from operations to debt in themid-teens.RATINGS LISTJarden Corp. Corporate credit rating BB/Stable/--Issue Rating Lowered; Recovery Rating Revised To From Subordinated $1.9 bil. notes B+ BB- Recovery rating 6 5LJOHNS-MANVILLE CORP: Ch. 11 Ruling Relieves Marsh from PI Liability-------------------------------------------------------------------Marsh USA, Inc., asked the United States Bankruptcy Court for theSouthern District of New York to enforce orders entered inconnection with the Chapter 11 cases of Johns-Manville Corporationand its related entities.Marsh is one of several defendants in a lawsuit brought by SalvadorParra, Jr., who developed asbestosis and other conditions after hewas exposed to asbestos while working as an insulator during the1960s and '70s. Parra filed suit in 2009, claiming that Marsh hadconspired with other asbestos producers, distributors, and insurersto withhold information from the public regarding the dangers ofasbestos inhalation. In response, Marsh filed the Motion, arguingthat it was relieved of any liability for those claims by therelease and channeling injunction contained in the order approvingManville's Chapter 11 plan and an accompanying order approvingsettlement agreements between Manville and certain of itsinsurers.In a memorandum decision dated July 27, 2015, U.S. Bankruptcy JudgeCecelia G. Morris agrees with Marsh that Parra's claims are barredby the plain language of the applicable release and injunction. Accordingly, Judge Morris granted Marsh's motion.In re: JOHNS-MANVILLE CORPORATION, Chapter 11, et al., Debtors,CASE NO. 82-11656 (CGM)(Bankr. S.D.N.Y.). A full-text copy ofJudge Morris's Decision is available at http://is.gd/NcuQkjfrom Leagle.com.WILLKIE FARR & GALLAGHER LLP, By Brian E. O'Connor, Esq. --firstname.lastname@example.com -- Emma J. James, Esq. -- firstname.lastname@example.com-- New York, New York, Attorneys for Marsh USA, Inc.THE BOGDAN LAW FIRM, By: Eric Bogdan, Esq. , Stafford, Texas,Attorneys for Salvador Parra, Jr.STUTZMAN BROMBERG ESSERMAN & PLIFKA, By: Sander L. Esserman, Esq.-- firstname.lastname@example.com -- Peter D'Apice, Esq. --firstname.lastname@example.com -- Cliff I. Taylor, Esq. --firstname.lastname@example.com -- Dallas, Texas, Attorneys for The Bogdan LawFirm, as Counsel for Salvador Parra, Jr.SIMPSON THACHER & BARTLETT LLP, By: Barry R. Ostrager, Esq. --firstname.lastname@example.com -- Myer O. Sigal, Jr., Esq., Andrew T.Frankel, Esq. -- firstname.lastname@example.com -- New York, New York,Attorneys for The Travelers Indemnity Company and TravelersCasualty and Surety Company. About Johns-ManvilleJohns-Manville Corp. was, by most sources, the largestmanufacturer of asbestos-containing products and the largestsupplier of raw asbestos in the United States from the 1920s untilthe 1970s. Manville sold raw asbestos to manufacturers ofasbestos-based products in 58 countries and distributed its ownasbestos-based products "across the entire spectrum of industriesand employment categories subject to asbestos exposure."As a result of studies linking asbestos with respiratory disease,Manville became the target of a growing number of productsliability lawsuits in the 1960s and 1970s. Buckling under theweight of its asbestos liability, Manville filed for Chapter 11protection on August 26, 1982, before Judge Lifland.To avoid the uncertainty of insurance litigation and to fund itsplan of reorganization, Manville sought to settle its insuranceclaims. Manville obtained in excess of $850,000,000 fromsettlements with its insurers. The U.S. Bankruptcy Court for theSouthern District of New York entered an order confirming theDebtors' Second Amended and Restated Plan of Reorganization onDec. 22, 1986.JUSTIN DAVIS ENTERPRISES: Case Summary & 20 Top Unsec. Creditors----------------------------------------------------------------Debtor: Justin Davis Enterprises, Inc. 378 E. Base St., #216 Madison, FL 32340 Case No.: 15-07698Chapter 11 Petition Date: July 28, 2015Court: United States Bankruptcy Court Middle District of Florida (Tampa)Judge: Hon. Michael G. WilliamsonDebtor's Counsel: Daniel R Fogarty, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 Email: firstname.lastname@example.com Assets: $1 million to $10 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by James B. Davis, IV, president.A list of the Debtor's 20 largest unsecured creditors is availablefor free at http://bankrupt.com/misc/flmb15-07698.pdfKC MERGERSUB: Moody's Assigns B3 Corp. Family Rating----------------------------------------------------Moody's Investors Service assigned a B3 corporate family rating anda B3-PD probability of default rating to KC Mergersub, Inc.("Knowledge Universe"), a B1 rating to the company's proposed firstlien senior secured credit facilities, consisting of $645 millionterm loan due 2022 and $80 million revolving credit facility due2020, and a Caa1 rating to proposed $200 million second lien seniorsecured term loan due 2023. The rating outlook is stable.Knowledge Universe has entered into a definitive agreement wherebyPartners Group will acquire the company. The acquisition will befunded with the proceeds of the proposed first lien and second lienterm loans and equity contributions from the sponsor and themanagement.According to Moody's analyst Natalia Gluschuk, "While the LBOfinancing increases Knowledge Universe's debt levels dramatically,pro forma credit metrics and ensuing liquidity support the B3rating."These rating actions were taken:Issuer: KC Mergersub, Inc. Corporate family rating, assigned a B3; Probability of default rating, assigned a B3-PD; Proposed $80 million first lien senior secured revolving credit facility due 2020, assigned a B1, LGD3; Proposed $645 million first lien senior secured term loan due 2022, assigned a B1, LGD3; Proposed $200 million second lien senior secured term loan due 2023, assigned a Caa1, LGD5;The rating outlook is stable.Issuer: Knowledge Universe Education LLC:All of the company's existing ratings remain unchanged, and will bewithdrawn upon closing of the transaction.All ratings are subject to the execution of the transaction ascurrently proposed and Moody's review of final documentation. Theinstrument ratings are subject to change if the proposed capitalstructure is modified.RATINGS RATIONALEThe B3 Corporate Family Rating (CFR) reflects Knowledge Universe'sthin operating margins and modest free cash flow generation, alongwith the substantial increase in debt associated with the purchaseof the company by Partners Group. Total debt will increase by $550million, to $845 million, as a result of this transaction,resulting in pro forma debt to revenues of 56% and pro formadebt-to-EBITDA of approximately 5.1x (inclusive of Moody's standardadjustment for operating leases). While this level of leverage issolid for the rating category, the company's EBITA margin,estimated at approximately 9%, results in only modest free cashflow after a material level of capital spending, while interestcoverage (EBITDA less capex to interest) of approximately 1.1x ismore typical of B3-rated companies. The rating also reflects thevolatile and cyclical nature of the child-care and educationindustry, which is dependent on macro-economic factors such asemployment and demographic trends, the highly fragmented andcompetitive nature of the industry, and susceptibility toreductions in federal and state funding support. Furthermore, thecompany's rating is constrained by longer-term risks associatedwith potential shareholder enhancement activities given the privateequity ownership. However, the rating is supported by thecompany's large scale within the child-care and education industry,broad geographical diversity within the U.S., and the value of itsbrands. Additionally, the rating considers improving generaleconomic conditions and employment trends, modest growth in thecompany's same center sales and occupancy rates, and its on-goingcost structure rationalization and real estate portfoliooptimization initiatives that Moody's expects to continue drivingprofitability improvements. Also supportive of the rating arefavorable long term demographic fundamentals, including populationgrowth and increasing percentage of dual income families.The stable outlook reflects Moody's view that favorablemacro-economic trends, combined with modest growth in same centersales/occupancy rates and cost rationalization initiatives, willresult in gradual improvement in the company's operatingperformance and credit metrics.Knowledge Universe has an adequate liquidity profile, supported bythe flexibility under springing maximum first lien net leveragecovenant and an extended debt maturity profile. However, Moody'sexpects that the company will only generate moderate levels of freecash flow given high level of capital expenditures, which is a keyconstraint in our liquidity assessment. Moody's also viewsavailability under the new $80 million revolver, estimated atapproximately $30 million after letter of credit utilization, asonly modest for a company of this size.The B1 rating on the first lien credit facilities benefits from thefirst priority interest in substantially all assets of the companyand the guarantors, and the Caa1 rating on the second lien termloan reflects the loss absorption provided by this instrument inthe capital structure.The ratings could be upgraded if the company demonstrates samecenter revenue growth and improves operating margins such thatEBITDA less capex to interest coverage exceeds 1.5x, free cash flowto debt is in the mid single-digit range, and adjusteddebt-to-EBITDA is sustained below 5.0x. In addition, for a higherrating consideration, the company would need to demonstrate asubstantial improvement in liquidity, characterized by strong andconsistent free cash flow generation and a significant increase inrevolver availability.The ratings could be downgraded if the company experiences adeterioration in its operating performance or increase in leverage,possibly due to declines in same center sales, acquisitions orshareholder distributions. Debt-to-EBITDA sustained above 6.5x ora material weakening in the company's liquidity profile could alsopressure ratings.The principal methodology used in these ratings was Business andConsumer Service Industry published in December 2014. Othermethodologies used include Loss Given Default for Speculative-GradeNon-Financial Companies in the U.S., Canada and EMEA published inJune 2009.Knowledge Universe, based in Portland, Oregon, is a large scalefor-profit provider of child-care and education services in theU.S. As of April 4, 2015, the company had a licensed capacity toserve 197,916 children from 6 weeks to 12 years of age in 39 statesand the District of Columbia. The company operates approximately1,393 community-based centers, about 415 school-partnership sitesand over 94 employer-partnership centers under a number ofrecognized brands, including "KinderCare", "CCLC" and "Champions."Knowledge Universe is being acquired by Partners Group. In thelast twelve months ending April 4, 2015, the company generatedapproximately $1.5 billion in revenues.KEMET CORP: Stockholders Elect Three Directors----------------------------------------------KEMET Corporation held its annual meeting of stockholders on July 24, 2015, at which the stockholders: (a) elected Dr. Wilfried Backes, Gurminder S. Bedi and Per-Olof Loof as directors to serve three-year terms to expire in 2018; (b) ratified the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2016; and (c) approved, on an advisory basis, the compensation paid to the Company's named executive officers. About KEMETKEMET, based in Greenville, South Carolina, is a manufacturer andsupplier of passive electronic components, specializing intantalum, multilayer ceramic, film, solid aluminum, electrolytic,and paper capacitors. KEMET's common stock is listed on the NYSEunder the symbol "KEM."As of March 31, 2015, the Company had $753 million in total assets,$588 million in total liabilities, and $165 million in totalstockholders' equity. * * *As reported by the TCR on March 26, 2013, Moody's InvestorsService downgraded KEMET Corp.'s Corporate Family Rating to 'Caa1'from 'B2' and the Probability of Default Rating to 'Caa1-PD' from'B2- PD' based on Moody's expectation that KEMET's liquidity willbe pressured by maturing liabilities and negative free cash flowdue to the interest burden and continued operating losses at theFilm and Electrolytic segment.As reported by the TCR on Aug. 9, 2013, Standard & Poor's RatingsServices lowered its corporate credit rating on KEMET to 'B-' from'B+'. "The downgrade is based on continued top-line and marginpressures and lagging results from the restructuring of the Film &Electrolytic [F&E] business, which combined with cyclical weakend-market demand, has resulted in sustained, elevated leveragewell in excess of 5x, persistent negative FOCF, and diminishingliquidity," said Standard & Poor's credit analyst AlfredBonfantini.The TCR reported in August 2014 that S&P revised its outlook onKEMET to 'stable' from 'negative'. S&P affirmed the ratings,including the 'B-' corporate credit rating.MD AMERICA: S&P Affirms 'B-' Corp. Credit Rating, Outlook Stable----------------------------------------------------------------Standard & Poor's Ratings Services affirmed its 'B-' corporatecredit rating on Texas-based exploration and production company MDAmerica Energy LLC. The outlook is stable. At the same time, S&Praised its issue-level rating on the company's $525 million securedterm loan to 'B-' from 'CCC+' (the same as the corporate creditrating). S&P simultaneously revised the recovery rating on thisloan to '4' from '5', indicating S&P's expectation of average (30%to 50%, higher end of the range) recovery in the event of a paymentdefault. "The stable outlook reflects our expectation that MDAE willmaintain adequate liquidity, FFO to debt of about 20%, and debtleverage below 5x on average over the next three years, whilegrowing its reserve and production base," said Standard & Poor'scredit analyst Christine Besset. MD America is a wholly owned subsidiary of Meidu Holding Co. Ltd.,a public real estate and energy entity traded on the Shanghai StockExchange. Since Acquiring MDAE in December 2013, Meidu hascontributed $567 million of common equity to support MDAE's growth. In addition, MDAE expects to receive an additional equity infusionfrom Meidu totaling $987 million in the second half of 2015. Meiduraised $1.3 billion on the Shanghai Stock Exchange in January 2015;however, the regulatory steps necessary to make the funds availabletake several months. S&P considers MDAE "moderately strategic" toMeidu, reflecting Meidu's publicly stated long-term strategy ofexpanding its U.S. oil E&P investments, combined with S&P'sexpectation that Meidu would provide support to MDAE during periodsof stress. The ratings of MDAE reflect S&P's assessment of the company's"vulnerable" business risk, "highly leveraged" financial risk, and"adequate" liquidity. S&P could lower the rating if liquidity falls to below $50 million. Such an event could occur if the company's production failed tomeet S&P's current expectations, capital spending materiallyexceeds S&P's current projections, or the company loses access toits revolving credit facility due to a breach of covenant. S&P considers an upgrade unlikely over the next 12 months, giventhe company's size and scale of production and reserves. However,S&P could raise the rating if the company can significantlyincrease it scale, while maintaining adequate liquidity, and FFO todebt above 30%.MEDIACOM COMMUNICATIONS: S&P Hikes Rating on Sec. Debt to 'BB+'---------------------------------------------------------------Standard & Poor's Ratings Services raised its issue-level rating onMediacom Broadband Group's and Mediacom LLC Group's senior securedcredit facilities to 'BB+' from 'BB' and revised S&P's recoveryrating on the debt to '1' from '2'. The '1' recovery ratingindicates S&P's expectation of very high (90% to 100%) recovery forlenders in the event of a payment default. The revision of S&P'srecovery ratings reflects the company's voluntary pay-down ofsenior secured bank debt at both entities over the last 12 months,and S&P's expectation of continued debt repayment over theintermediate term. Borrowers under the credit facilities aresubsidiaries of Mediacom Broadband LLC and Mediacom LLC, which areboth subsidiaries of Mediacom Park, N.Y.–based cable-TV operatorMediacom Communications Corp. All other ratings on Mediacom, including the 'BB-' corporate creditrating on parent Mediacom Communications Corp., are unaffected. RATINGS LISTMediacom Communications Corp. Corporate Credit Rating BB-/Stable/--Upgraded; Recovery Rating RevisedMediacom Broadband GroupMediacom LLC Group To From Senior Secured BB+ BB Recovery Rating 1 2MEDICAL PROPERTIES: S&P Affirms 'BB+' CCR, Outlook Stable---------------------------------------------------------Standard & Poor's Ratings Services affirmed its 'BB+' corporatecredit rating on Medical Properties Trust Inc. and its operatingpartnerships, MPT Operating Partnership L.P. and MPT Finance Corp.(collectively, MPW). The outlook is stable.At the same time, S&P affirmed its 'BBB-' issue-level rating onMPW's senior unsecured notes. S&P's recovery rating on this debtremains '2', indicating its expectation for a substantial recoveryin the event of payment default in the upper half of the 70% to 90%range."MPW's $900 million acquisition of Capella Healthcare consists of a$600 million investment in Capella's real estate (seven acute carehospitals) and a $300 million investment in Capella's operatingentities, which we expect MPW and former Capella management tojointly own," said credit analyst Michael Souers. "We expect thecompany will finance this acquisition in a leverage-neutral manner,but MPW has secured a $1 billion bridge loan in the event it needstemporary financing. Moreover, we believe this transaction reducesconcentration risk, although the company's top three tenants stillcomprise nearly half of total investments."The stable outlook on MPW reflects S&P's expectation that thecompany will continue to diversify its portfolio and maintainstable to improving cash flow as a result of solid rent coverageand low lease rollover. In addition, S&P expects the company willcontinue to finance acquisitions in a manner that supports itsassessment of an "intermediate" financial risk profile. Consideration for an upgrade remains unlikely at this time giventhe still-high tenant concentration and specialty purpose nature ofits assets, which carry notable government reimbursement risk.However, S&P would consider an upgrade if the company significantlyincreases its scale from current levels in a leverage neutralfashion, while further diversifying its tenant mix. S&P would alsoconsider an upgrade if financial metrics improve to levelscommensurate with a "modest" financial risk profile, with debt toEBITDA in the 2.5x to 4.5x range, FCC in the 3.1x to 3.7x area, anddebt to undepreciated capital in the 30% to 40% range. Although also unlikely in the near term, S&P would considerlowering the ratings if MPW aggressively pursues debt-financedacquisitions or faces material tenant challenges such that creditmetrics deteriorate. Credit measure thresholds include FCC of 2.1xor below, debt to EBITDA above 7.5x, and debt to undepreciatedcapital exceeding 55%. Deterioration in credit metrics to theaforementioned levels could cause us to revise the financial riskprofile to "significant" from "intermediate".MEG ENERGY: Bank Debt Trades at 3% Off--------------------------------------Participations in a syndicated loan under which MEG Energy Corp isa borrower traded in the secondary market at 97.52 cents-on-the-dollar during the week ended Friday, July 24, 2015, according todata compiled by LSTA/Thomson Reuters MTM Pricing and reported inthe July 28, 2015 edition of The Wall Street Journal. Thisrepresents a decrease of 0.98 percentage points from the previousweek, The Journal relates. MEG Energy Corp pays 275 basis pointsabove LIBOR to borrow under the facility. The bank loan matures onMarch 16, 2020, and carries Moody's Ba1 rating and Standard &Poor's BB+ rating. The loan is one of the biggest gainers andlosers among 253 widely quoted syndicated loans with five or morebids in secondary trading for the week ended July 24.MILLENNIUM HEALTH: At Increased Default Risk--------------------------------------------Stephanie Gleason, writing for Dow Jones' Daily Bankruptcy Review,reported that facing changing reimbursement rates, a huge debt loadand potential settlement costs over a U.S. Department of Justiceinvestigation, health care testing company Millennium Health LLChas an increased risk for default or distressed exchange.Millennium Healthcare Inc. is a medical device and healthcaresupport and services company based in Garden City, New York. TheCompany purchases, supplies and distributes medical devices andequipment focused on preventative care through early detection. * * *The Troubled Company Reporter, on July 23, 2015, reported thatStandard & Poor's Ratings Services placed all of its ratings,including its 'B' corporate credit rating, on San Diego-basedclinical toxicology laboratory services provider Millennium HealthLLC on CreditWatch with negative implications. "The CreditWatch listing reflects our view that there isconsiderable uncertainty regarding Millennium's ability to serviceits debt over the long term, given the ongoing, rapid deteriorationin the reimbursement rates that the company receives for urine drugtesting as well as the company's need to fund its pendingsettlement regarding Medicare overbilling allegations," said creditanalyst Shannan Murphy. "While the amount and timing of anysettlement has not yet been disclosed, we believe the amount willlikely significantly exceed the approximately $60 million in cashthe company held at March 31, 2015. Further, we believe thecompany's financial covenants and falling EBITDA would preclude itfrom accessing the revolver to fund any settlement. As such, webelieve a lump-sum payment requirement could result in a liquidityevent."MILLENNIUM HEALTH: Moody's Cuts CFR to Caa2, Ratings on Review--------------------------------------------------------------Moody's Investors Service downgraded Millennium Health, LLC'sCorporate Family Rating to Caa2 from B2 and Probability of DefaultRating to Caa2-PD from B2-PD. Additionally, Moody's downgraded theratings on the company's senior secured credit facilities to Caa2(LGD 4) from B2 (LGD 4). The ratings remain under review forfurther downgrade.The downgrade reflects Moody's view that a confluence of events ishaving a material, negative impact on Millennium's credit profile."We have growing concerns related to the sustainability of thecompany's capital structure, given its significant debt load, thepossibility of a large settlement, and the risk that earnings willcontinue to fall because of lower government reimbursements" saidChedly Louis, Vice President and Senior Analyst at Moody's. "As aresult, there is increasing probability that Millennium will pursuea transaction with its lenders that Moody's considers a distressedexchange, and hence a default," Louis added.Millennium could be negatively impacted by a reduction in Medicarebilling rates for diagnostic testing as early as 2016, potentiallyconstraining the company's liquidity position and deleveragingabilities. The anticipated reimbursement reduction relates to TheCenters for Medicare and Medicaid Services ("CMS") changing themethod in which it reimburses for drug tests, with the impact beinga net reimbursement reduction. In addition, Moody's highlightsMillennium's weak first quarter performance, which will furtheradversely impact the company's credit profile should operatingperformance not improve.Millennium's cash flow and debt will also be impacted if thecompany is required to make a sizable payment to the Department ofJustice ("DOJ") as it finalizes its agreement with the governmentin part related to allegations that the company billed Medicare forunnecessary drug tests. Management does not expect the payment toexceed $250 million, but this amount would be very material giventhe company's other challenges.Moody's review of the ratings will focus on the amount and terms ofthe final settlement with the Justice Department, as well asMoody's expectations regarding Millennium's profitability,liquidity and financial flexibility. Moody's will also focus onthe company's debt load and its ability to delever going forward.These ratings were downgraded and remain under review for furtherdowngrade:Millennium Health, LLC Corporate Family Rating to Caa2 from B2 Probability of Default Rating to Caa2-PD from B2-PD $50 million senior secured revolving credit facility expiring in 2019 to Caa2 (LGD 4) from B2 (LGD 4) $1,775 million senior secured term loan due in 2021 to Caa2 (LGD 4) from B2 (LGD 4)RATINGS RATIONALEMillennium's Caa2 Corporate Family Rating reflects the growinguncertainty related to the company's credit profile given thegovernment's high scrutiny on reimbursement rates for the company'sservices, the risks associated with the Justice Department'scontinued investigation, the company's high financial leverage, itsrelatively small scale, and its revenue concentration in coretoxicology testing services. These factors raise the probabilitythat Millennium will pursue a transaction which Moody's considers adistressed exchange, and hence a default. The company could facedifficulty mitigating declines to revenues and EBITDA, which wouldimpact Millennium's credit metrics, constrain its ability to repaydebt and pressure the company's liquidity position. Moody'santicipates that the company will continue to operate withconsiderable financial leverage, with debt/EBITDA sustained above6.0x. Millennium's EBITDA will contract as the company absorbsreductions in reimbursement from Medicare that will begin in early2016, causing debt/EBITDA (of 5.6 times at March 31, 2015) toincrease.Should Millennium's liquidity weaken, or for any reason the risk ofa debt restructuring or distressed exchange increase, the company'sratings could be downgraded. An upgrade is unlikely at this time,but would be contingent on a material improvement in the company'sliquidity, and Moody's gaining greater comfort with thesustainability of Millennium's capital structure.The principal methodology used in these ratings was Business andConsumer Service Industry published in December 2014. Othermethodologies used include Loss Given Default for Speculative-GradeNon-Financial Companies in the U.S., Canada and EMEA published inJune 2009.Millennium, headquartered in San Diego, CA, provides health careprofessionals with medication monitoring and drug detectionservices, pharmacogenic testing, and clinical tools, scientificdata and education usedMISSISSIPPI PHOSPHATES: Accused of Violating Clean Water Act------------------------------------------------------------Robin Fitzgerald at SunHerald reports that the U.S. Attorney'sOffice has charged Mississippi Phosphates Corporation in Pascagoulawith violating the Clean Water Act by discharging pollutants thathave killed thousands of fish and destroyed marshy areas over thepast decade.SunHerald says that breaching the Clean Water Act carries a maximumfine of $500,000 or twice the amount of harm done or twice thecompany's gain, whichever is the greater. Citing U.S. Attorney'sOffice spokesperson Sheila Wilbanks, the report states thatrestitution, probation and additional obligations could beordered.According to SunHerald, a bill of information was filed on July 27,2015, accusing the Company of: (i) illegal wastewater dischargesand of failing to rectify the problems even after receivinghundreds of notices; and (ii) releasing hazardous air pollutantsthat endangered its employees and those at a neighboring plant.Citing records, SunHerald reports that U.S. Bankruptcy JudgeKatharine Samson has authorized the sale of the Company's business,settlement terms that resolve environmental issues and details of aplea agreement on the criminal charge. According to the courtorder, the Company plans to give 320 acres of land near the plantto the Mississippi Department of Marine Resources to become part ofthe Grand Bay National Estuarine Research Reserve. About Mississippi PhosphatesMississippi Phosphates Corporation is a major United Statesproducer and marketer of diammonium phosphate ("DAP"), one of themost common types of phosphate fertilizer. MPC, which is aDelaware corporation formed in October 1990, owns a DAP facility inPascagoula, Mississippi, which was acquired from Nu-South, Inc., inits 1990 bankruptcy. Phosphate rock, the primary raw material usedin the production of DAP, is being supplied by OCP S.A., acorporation owned by the Kingdom of Morocco.The parent, Phosphate Holdings, Inc., was formed in December 2004in connection with the bankruptcy reorganization of MPC and itsthen-parent Mississippi Chemical Corporation, the first fertilizercooperative in the United States.As of Oct. 27, 2014, MPC had a work force of 250 employees, brokeninto 224 regular employees and 26 "nested" third-party contractemployees.MPC and its subsidiaries, namely Ammonia Tank Subsidiary, Inc., andSulfuric Acid Tanks Subsidiary, Inc., sought Chapter 11 bankruptcyprotection (Bankr. S.D. Miss. Lead Case No. 14-51667) on Oct. 27,2014. Judge Katharine M. Samson is assigned to the cases.Mississippi Phosphates disclosed $98.8 million in assets and $141million plus an unknown amount in liabilities. Affiliates AmmoniaTank and Sulfuric Acid Tanks each estimated $1 million to $10million in both assets and liabilities.Jonathan J. Nash -- email@example.com -- is the CRO andRobert P. Kerley --firstname.lastname@example.com -- is the CFO ofthe Debtors.The Debtors have tapped Butler Snow LLP as counsel and SandlerO'Neill + Partners, L.P., as investment banker. The officialcommittee of unsecured creditors tapped Burr & Forman LLP as itscounsel and Capstone/BRG as financial advisor. The lender partiestapped Haynes and Boone, LLP, and Byrd & Wiser, as attorneys.MOLYCORP INC: US Trustee Appoints One More Committee Member-----------------------------------------------------------The U.S. Trustee for Region 3 appointed United Steelworkers toMolycorp Inc.'s official committee of unsecured creditors. The unsecured creditors' committee is now composed of: (1) Wilmington Savings Fund Society, FSB Attn: Patrick Healy 500 Delaware Ave. Wilmington, DE 19801 Phone: 302-888-7420 Fax: 302-421-9137 (2) MP Environmental Services, Inc. Attn: Richard Turner 3400 Manor St. Bakersfield, CA 93308 Phone: 661-393-1151 Fax: 661-392-1726 (3) Computershare Trust Company of Canada Attn: Shelley Bloomberg 100 University Ave., 11th Floor Toronto, Ontario, M5J 2Y1 Phone: 212-238-3148 (4) Veolia Water North America Operating Services LLC Attn: Van A. Cates 14055 Riveredge Dr., Ste. 240 Tampa, FL 33637 Phone: 813-983-2804 Fax: 813-983-2821 (5) Delaware Trust Company, as Indenture Trustee Attn: Sandra E. Horwitz 2711 Centerville Rd. Wilmington, DE 19808 Phone: 877-374-6010 x 62412 Fax: 302-636-8666 (6) Wazee Street Capital Management Attn: Michael Collins 7900 E. Union Ave., Ste. 1100 Denver, CO 80237 Phone: 303-217-4506 Fax: 303-843-9111 (7) Plymouth Lane Partners (Master) LP Attn: Mark Kronfeld 717 5th Ave., 11th Floor New York, NY 10022 Phone: 212-235-2275 (8) United Steelworkers Attn. David Jury Associate General Counsel 60 Boulevard of the Allies, Room 807 Pittsburgh, PA 15222 Phone: (412) 562-2545 Fax: (412) 562-2574The U.S. trustee appointed the seven other members of the unsecuredcreditors' committee earlier this month. About MolycorpMolycorp Inc. -- http://www.molycorp.com/-- is a global rare earths and rare metals producer. Molycorp owns several prominentrare earth processing facilities around the world. It has aworkforce of 2,530 employees at locations on three continents. Molycorp's Mountain Pass Rare Earth Facility in San BernadinoCounty, California, is home to one of the world's largest andrichest deposits of rare earths.Molycorp has corporate offices in the United States, Canada andChina. CEO Geoffrey R. Bedford, and other senior managementmembers are located in Molycorp's corporate offices in Toronto,Canada. Other senior manageemnt members are located at its U.S.corporate headquarters in Greendwood Village, Colorado.Molycorp reported a net loss of $623 million in 2014, a net loss of$377 million in 2013 and a net loss of $475 million in 2012.As of March 31, 2015, the Company had $2.49 billion in totalassets, $1.78 billion in total liabilities and $709 million intotal stockholders' equity.Molycorp and its North American subsidiaries, together with certainof its non-operating subsidiaries outside of North America, filedChapter 11 voluntary petitions in Delaware (Bankr. D. Del. LeadCase No. 15-11357) on June 25, 2015, after reaching agreement witha group of lenders on a financial restructuring. The Chapter 11cases of Molycorp and 20 affiliated debts are pending before JudgeChristopher S. Sontchi.The agreement provides for a financial restructuring of theCompany's $1.7 billion in debt and provides up to $225 million ingross proceeds in new financing to support operations while theCompany completes negotiations with creditors.The Company's operations outside of North America, with theexception of non-operating companies in Luxembourg and Barbados,are excluded from the filings. Molycorp Rare Metals (Oklahoma),LLC, with operations in Quapaw, Oklahoma, also is excluded from thefilings as it is not 100% owned by the Company.Molycorp is being advised by the investment banking firm of MillerBuckfire & Co. and is receiving financial advice from AlixPartners,LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act aslegal counsel to the Company in this process. Prime Clerk servesas claims and noticing agent.On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case ofMolycorp Inc. appointed seven creditors of the company to serve onthe official committee of unsecured creditors.MONTREAL MAINE: Civil Proceedings Stayed Pending Plan Approval--------------------------------------------------------------Magistrate Judge John C. Nivison of the District of Maine gave hisstamp of approval on a stipulation staying certain civil actionsagainst Montreal Maine & Atlantic Railway, Ltd.The civil actions subject to the stay are pending before the Mainedistrict court with docket numbers 1:14-cv-00071, 1:14-cv-00113-NTand 1:13-cv-00184-NT.The stay also covers the civil actions that plaintiffs allege havebeen dismissed without prejudice but as to which some defendantsmaintain have not been dismissed, with these assigned docketnumbers:1:14-cv-00122-NT 1:14-cv-00114-NT 1:14-cv-00123-NT 1:14-cv-00115-NT1:14-cv-00124-NT 1:14-cv-00116-NT 1:14-cv-00125-NT 1:14-cv-00117-NT1:14-cv-00126-NT 1:14-cv-00118-NT 1:14-cv-00127-NT 1:14-cv-00119-NT1:14-cv-00128-NT 1:14-cv-00120-NT 1:14-cv-00129-NT 1:14-cv-00121-NT1:14-cv-00130-NTBy agreement with the plaintiff in Grimard v. Western PetroleumCompany (which case was transferred pursuant to the Section157(b)(5) Transfer Order, although the physical file has not beentransferred by the Clerk of the Circuit Court of Cook County(Illinois)), that case is also subject to the stay.The stay will terminate on the earlier of (i) the Effective Date ofthe Plan proposed in the Chapter 11 Case and the ImplementationDate of the Plan proposed in the Canadian Case or (ii) September30, 2015. However, if the order confirming (or denyingconfirmation of) the Plan proposed in the Chapter 11 Case has notbeen entered by the Bankruptcy Court and/or has not become finaland nonappealable prior to September 30, then the stay will remainin place until the order confirming the plan has been finallyadjudicated, including by the exhaustion of all appeals from theconfirmation order, or the Chapter 11 Case has been dismissed.The Stipulation was reached after Annick Roy (O/B/O Jean-GuyVeilleux), Marie-Josee Grimard (O/B/O Henriette Latulippe); andRobert J. Keach, the chapter 11 trustee of Montreal Maine &Atlantic Railway, Ltd., filed a joint motion to modify a consentorder staying proceedings related to the train derailment pendingappeal. The Official Committee of Victims appointed in the MMAchapter 11 case also filed a motion partially opposing thetermination of the stay.The parties to the stipulation are: * DEVLAR ENERGY MARKETING LLC, LARIO OIL & GAS COMPANY andDEVO TRADING & CONSULTING COMPANY, represented by: Steven E. Cope, Esq. COPE LAW FIRM One William Street P.O. Box 1398 Portland, ME 04104 Tel: (207) 772-7491 * OASIS PETROLEUM INC., AND OASIS PETROLEUM LLC, representedby: Kelley Friedman, Esq. Randy L. Fairless, Esq. JOHANSON & FAIRLESS, L.L.P. 1456 First Colony Blvd. Sugar Land, TX 77479 Tel: (281) 313-5000 * INLAND OIL & GAS CORPORATION, WHITING PETROLEUM CORPORATION,ENERPLUS RESOURCES (USA) CORPORATION, HALCÓN RESOURCESCORPORATION, TRACKER RESOURCES, KODIAK OIL & GAS CORP. (N/K/AWHITING CANADIAN HOLDING COMPANY, ULC), AND GOLDEN EYE RESOURCESLLC, represented by: Kelley Friedman, Esq. Randy L. Fairless, Esq. JOHANSON & FAIRLESS, L.L.P. 1456 First Colony Blvd. Sugar Land, TX 77479 Tel: (281) 313-5000 * ARROW MIDSTREAM HOLDINGS CCC, represented by: Mark W. Zimmerman, Esq. Elizabeth T. Jozefowicz, Esq. CLAUSEN MILLER P.C. 10 South LaSalle Chicago, IL 60603 Tel: (312) 855-1010 * MARATHON OIL COMPANY, represented by: Tracie J. Renfroe, Esq. Sarah R. Borders, Esq. KING & SPALDING LLP 1100 Louisiana Street Suite 400 Houston, TX 77003 Tel: (713) 751-3214 * QEP RESOURCES, INC., represented by: Jeremy R. Fischer, Esq. DRUMMOND WOODSUM 84 Marginal Way, Suite 600 Portland, Maine 04101 Tel: (207) 772-1941 * SLAWSON EXPLORATION COMPANY, INC., represented by: Steven E. Cope, Esq. COPE LAW FIRM One William Street P.O. Box 1398 Portland, ME 04104 Tel: (207) 772-7491 - and - * EDWARD A. BURKHARDT, LARRY PARSONS, STEVEN J. LEE, STEPHENARCHER, ROBERT C. GRINDROD, JOSEPH C. MCGONIGLE, GAYNOR RYAN,DONALD GARDNER, JR., IN THEIR CAPACITY AS DIRECTORS AND OFFICERS OFMMA AND MMAC, MONTREAL, MAINE & ATLANTIC CORPORATION and/or LMSACQUISITION CORPORATION, represented by: Patrick C. Maxcy, Esq. DENTONS US LLP 233 South Wacker Drive Suite 5900 Chicago, IL 60606 Tel: (312) 876-2810 * HARTFORD CASUALTY INSURANCE COMPANY, represented by: William D. Goddard, Esq. DAY PITNEY LLP 242 Trumbull Street Hartford, CT 06103 Tel: (860) 275-0117 * RAIL WORLD HOLDINGS LLC, RAIL WORLD, INC., RAIL WORLDLOCOMOTIVE LEASING LLC, THE SAN LUIS CENTRAL R.R. CO., PEA VINECORPORATION, LMS ACQUISITION CORPORATION, MMA CORPORATION, andEARLSTON ASSOCIATES L.P., represented by: Patrick C. Maxcy, Esq. DENTONS US LLP 233 South Wacker Drive Suite 5900 Chicago, IL 60606 Tel: (312) 876-2810 * GENERAL ELECTRIC RAILCAR SERVICES CORPORATION, GENERALELECTRIC COMPANY, represented by: Jeffrey C. Steen, Esq. SIDLEY AUSTIN LLP One South Dearborn Chicago, IL 60603 Tel: (312) 853-7824 * TRINITY INDUSTRIES, INC., TRINITY INDUSTRIES LEASINGCOMPANY, TRINITY TANK CAR, INC., TRINITY RAIL GROUP LLC, RIV 2013RAIL HOLDINGS LLC, and TRINITY RAIL LEASING WAREHOUSE TRUST,represented by: Jennifer A. Kenedy, Esq. LOCKE LORD LLP 111 South Wacker Drive Chicago, IL 60606 Tel: (312) 443-0377 * TRINITY RAIL LEASING 2012 LLC, represented by: D. Ferguson McNiel, Esq. VINSON & ELKINS LLP 1001 Fannin Street Suite 2500 Houston, TX 77002 Tel: (713) 758-3882 * UNION TANK CAR COMPANY, THE UTLX INTERNATIONAL DIVISION OFUTCC, THE MARMON GROUP LLC, and PROCOR LIMITED, represented by: James K Robertson, Jr., Esq. CARMODY TORRANCE SANDAK & HENNESSEY 50 Leavenworth Street Waterbury, CT 06721 Tel: (203) 575-2636 * FIRST UNION RAIL CORPORATION, represented by: Robert C. Bowers, Esq. MOORE & VAN ALLEN PLLC 100 North Tryon Street Suite 4700 Charlotte, NC 28202 Tel: (704) 331-3560 * CIT GROUP, INC., represented by: Debra A. Dandeneau, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, NY 10153 Tel: (212) 310-8541 * CONOCOPHILLIPS COMPANY, represented by: Julie Hardin, Esq. REED SMITH LLP 811 Main Street, Suite 1700 Houston, TX 77002 Tel: (713) 469-3813 * SHELL OIL COMPANY, AND SHELL TRADING (US) COMPANY,represented by: William K. Kroger, Esq. Omar J. Alaniz, Esq. BAKER BOTTS LLP 2910 Louisiana Street Houston, TX 77002 Tel: (713) 229-1378 * INCORR ENERGY GROUP LLC, represented by: Tomothy A. Davidson II, Esq. ANDREWS KURTH LLP 600 Travis, Suite 4200 Houston, TX 77002 Tel: (713) 220-4200 * ENSERCO ENERGY, LLC, represented by: Julie Hardin, Esq. REED SMITH LLP 811 Main Street, Suite 1700 Houston, TX 77002 Tel: (713) 469-3813 * WORLD FUEL SERVICES CORPORATION, WORLD FUEL SERVICES, INC.,WORLD FUEL SERVICES CANADA, INC., PETROLEUM TRANSPORT SOLUTIONS,LLC, WESTERN PETROLEUM COMPANY, STROBEL STAROSTKA TRANSFER LLC,DAKOTA PLAINS MARKETING LLC, DAKOTA PLAINS HOLDINGS, INC., DPTSMARKETING INC., DAKOTA PLAINS TRANSLOADING LLC, and DAKOTAPETROLEUM TRANSPORT SOLUTIONS LLC, represented by: Leslie M. Smith, Esq. Adam Paul, Esq. KIRKLAND & ELLIS LLP 300 North LaSalle Chicago, IL 60654 Tel: (312) 862-2000 * SMBC RAIL SERVICES, LLC f/k/a FLAGSHIP RAIL SERVICES, LLC,represented by: Susan Gummow, Esq. FORAN GLENNON 222 North LaSalle Street, Suite 1400 Chicago, IL 60601 Tel: (312) 863-5055A copy of the Stipulated Order is available at http://is.gd/xHRFdOfrom Leagle.com. About Montreal MaineMontreal, Maine & Atlantic Railway Ltd., operated the train thatderailed and exploded in July 2013, killing 47 people anddestroying part of Lac-Megantic, Quebec. The Company sought bankruptcy protection (Bankr. D. Maine Case No.13-10670) on Aug. 7, 2013, with the aim of selling its business. Its Canadian counterpart, Montreal, Maine & Atlantic Canada Co.,meanwhile, filed for protection from creditors in Superior Courtof Quebec in Montreal.Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,P.A., serves as Chapter 11 trustee. Michael A. Fagone, Esq., andD. Sam Anderson, Esq. serves as his counsel. DevelopmentSpecialists, Inc., serves as his financial advisor; and GordianGroup, LLC, serves as his investment banker.Bankruptcy Judge Louis H. Kornreich presides over the U.S. case.The law firm of Verrill Dana represents the Debtor in itsrestructuring effort.Justice Martin Castonguay oversees the case in Canada. AndrewAdessky at Richter Consulting was named CCAA monitor. The CCAAMonitor is represented by Sylvain Vauclair at Woods LLP. MM&ACanada is represented by Patrice Benoit, Esq., at Gowling LaFleurHenderson LLP.The U.S. Trustee appointed a four-member official committee ofderailment victims. The Official Committee is represented byRichard P. Olson, Esq., at Perkins Olson; and Luc A. Despins,Esq., at Paul Hastings LLP.The unofficial committee of wrongful death claimants isrepresented by George W. Kurr, Jr., Esq., at Gross, Minsky & Mogul,P.A.;Daniel C. Cohn, Esq., at Murtha Cullina LLP; Peter J. Flowers,Esq., at Meyers & Flowers, LLC; Jason C. Webster, Esq., at TheWebster Law Firm; and Mitchell A. Toups, Esq., at Weller, GreenToups & Terrell LLP.On Jan. 29, 2014, an ad hoc group of wrongful-death claimantssubmitted a plan, which would give 75% of the $25 million inavailable insurance to the families of those who died after anunattended train derailed in Lac-Megantic, Quebec, in July.Montreal, Maine & Atlantic Canada Co. ("MMA Canada"), the Canadianunit of Chapter 11 debtor Montreal, Maine & Atlantic Railway Ltd.("MMA"), on July 20, 2015, filed a Chapter 15 bankruptcy petition(Bankr. D. Maine Case No. 15-20518) in Portland, Maine, to seekrecognition and enforcement in the U.S. of the order by the QuebecCourt approving MMA Canada's plan to pay off victims of the July2013 derailment. * * *Robert J. Keach, Esq., Chapter 11 trustee of Montreal Maine &Atlantic Railway Ltd., and the monitor expect that the MaineBankruptcy Court will convene a hearing on Aug. 20, 2015, at 9:00a.m. (ET) to consider the petition for recognition as foreignproceeding and related relief, and the monitor's motion for entryof an order recognizing and enforcing the plan sanction order ofthe Quebec Superior Court. The Hon. Peter G. Cary of the U.S. Bankruptcy Court for theDistrict of Maine scheduled a hearing on Sept. 24, 2015, to confirmthe plan of liquidation dated July 7, 2015, filed by the Chapter 11trustee. The Chapter 11 plan will distribute C$275 million (US$220million) to creditors, including families of the 48 people who diedduring the 2013 trail derailment accident.MONTREAL MAINE: Suit v. World Fuel, CPR Remains in Bankr. Court---------------------------------------------------------------ROBERT KEACH, solely in his capacity as the chapter 11 trustee forMONTREAL MAINE & ATLANTIC RAILWAY, LTD., Plaintiff, v. WORLD FUELSERVICES CORP., WORLD FUEL SERVICES, INC., WESTERN PETROLEUM CO.,WORLD FUEL SERVICES, CANADA, INC., PETROLEUM TRANSPORT SOLUTIONS,LLC, CANADIAN PACIFIC RAILWAY CO., and IRVING OIL LTD., DefendantsAdv. Proc. No. 14-1001 (Bankr. D. Maine) will continue to be heardby the Maine bankruptcy court, Chief District Judge Nancy Torresenhas said.Judge Torresen denied a request by Canadian Pacific Railway Co.,one of the defendants, for the District Court to withdraw thereference of the adversary proceeding that was automaticallyreferred to the Bankruptcy Court. "The proceeding at issue is just a small piece in a sprawling,ten-figure bankruptcy case with many, many moving parts. TheBankruptcy Court has been ably presiding over the bankruptcy casefor more than a year and a half and is familiar with the divergentinterests at stake. Denying the motion for immediate withdrawal ofthe reference would discourage parties from forum shopping andencourage them to expend their legal energy on the merits of theirclaims. It would also allow the Bankruptcy Court to oversee theearly stages of this adversary proceeding in concert with the restof the bankruptcy case and allow both this Court and the parties totake advantage of the Bankruptcy Court's broad expertise inbankruptcy law and complex case management," the judge explained.A copy of Judge Torresen's June 8, 2015 Order is available athttp://is.gd/HEumOKfrom Leagle.com. About Montreal MaineMontreal, Maine & Atlantic Railway Ltd., operated the train thatderailed and exploded in July 2013, killing 47 people anddestroying part of Lac-Megantic, Quebec. The Company sought bankruptcy protection (Bankr. D. Maine Case No.13-10670) on Aug. 7, 2013, with the aim of selling its business. Its Canadian counterpart, Montreal, Maine & Atlantic Canada Co.,meanwhile, filed for protection from creditors in Superior Court ofQuebec in Montreal.Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,P.A., serves as Chapter 11 trustee. Michael A. Fagone, Esq., andD. Sam Anderson, Esq. serves as his counsel. DevelopmentSpecialists, Inc., serves as his financial advisor; and GordianGroup, LLC, serves as his investment banker.Bankruptcy Judge Louis H. Kornreich presides over the U.S. case.The law firm of Verrill Dana represents the Debtor in itsrestructuring effort.Justice Martin Castonguay oversees the case in Canada. AndrewAdessky at Richter Consulting was named CCAA monitor. The CCAAMonitor is represented by Sylvain Vauclair at Woods LLP. MM&ACanada is represented by Patrice Benoit, Esq., at Gowling LaFleurHenderson LLP.The U.S. Trustee appointed a four-member official committee ofderailment victims. The Official Committee is represented byRichard P. Olson, Esq., at Perkins Olson; and Luc A. Despins,Esq., at Paul Hastings LLP.The unofficial committee of wrongful death claimants isrepresented by George W. Kurr, Jr., Esq., at Gross, Minsky & Mogul,P.A.; Daniel C. Cohn, Esq., at Murtha Cullina LLP; Peter J.Flowers, Esq., at Meyers & Flowers, LLC; Jason C. Webster, Esq., atThe Webster Law Firm; and Mitchell A. Toups, Esq., at Weller, GreenToups & Terrell LLP.On Jan. 29, 2014, an ad hoc group of wrongful-death claimantssubmitted a plan, which would give 75% of the $25 million inavailable insurance to the families of those who died after anunattended train derailed in Lac-Megantic, Quebec, in July.Montreal, Maine & Atlantic Canada Co. ("MMA Canada"), the Canadianunit of Chapter 11 debtor Montreal, Maine & Atlantic Railway Ltd.("MMA"), on July 20, 2015, filed a Chapter 15 bankruptcy petition(Bankr. D. Maine Case No. 15-20518) in Portland, Maine, to seekrecognition and enforcement in the U.S. of the order by the QuebecCourt approving MMA Canada's plan to pay off victims of the July2013 derailment. * * *Robert J. Keach, Esq., Chapter 11 trustee of Montreal Maine &Atlantic Railway Ltd., and the monitor expect that the MaineBankruptcy Court will convene a hearing on Aug. 20, 2015, at 9:00a.m. (ET) to consider the petition for recognition as foreignproceeding and related relief, and the monitor's motion for entryof an order recognizing and enforcing the plan sanction order ofthe Quebec Superior Court. The Hon. Peter G. Cary of the U.S. Bankruptcy Court for theDistrict of Maine scheduled a hearing on Sept. 24, 2015, to confirmthe plan of liquidation dated July 7, 2015, filed by the Chapter 11trustee. The Chapter 11 plan will distribute C$275 million (US$220million) to creditors, including families of the 48 people who diedduring the 2013 trail derailment accident.MULTIPLAN INC: Bank Debt Trades at 0.36% Off--------------------------------------------Participations in a syndicated loan under which MultiPlan Inc. is aborrower traded in the secondary market at 99.64cents-on-the-dollar during the week ended Friday, July 24, 2015,according to data compiled by LSTA/Thomson Reuters MTM Pricing andreported in the July 28, 2015 edition of The Wall Street Journal. This represents an increase of 0.18 percentage points from theprevious week, The Journal relates. The Company pays 300 basispoints above LIBOR to borrow under the facility. The bank loanmatures on March 14, 2021, and carries Moody's B1 rating andStandard & Poor's B rating. The loan is one of the biggest gainersand losers among 253 widely quoted syndicated loans with five ormore bids in secondary trading for the week ended July 24.NAVISTAR INTERNATIONAL: MHR Reports 18.4% Stake as of July 24-------------------------------------------------------------In an amended Schedule 13D filed with the Securities and ExchangeCommission, MHR Institutional Partners III LP disclosed that as ofJuly 24, 2015, it beneficially owned 14,980,528 shares of commonstock of Navistar International Corporation, which represents 18.4percent of the shares outstanding based on 81,500,808 shares ofCommon Stock outstanding as of May 31, 2015.On July 22 through July 24, 2015, Institutional Partners IIIacquired an aggregate of 800,000 shares of Common Stock in openmarket purchases for aggregate consideration (excludingcommissions) of approximately $14,823,822. Mark H. Rachesky, M.D. may be deemed to be the beneficial owner of16,247,942 shares of Common Stock (approximately 19.9% of the totalnumber of shares of Common Stock outstanding.A copy of the regulatory filing is available at: http://is.gd/gCSzeb About Navistar InternationalNavistar International Corporation (NYSE: NAV) --http://www.navistar.com/-- is a holding company whose subsidiaries and affiliates subsidiaries produce International(R)brand commercial and military trucks, MaxxForce(R) brand dieselengines, IC Bus(TM) brand school and commercial buses, Monaco RVbrands of recreational vehicles, and Workhorse(R) brand chassisfor motor homes and step vans. It also is a private-labeldesigner and manufacturer of diesel engines for the pickup truck,van and SUV markets. The Company also provides truck and dieselengine parts and service. Another affiliate offers financingservices.Navistar International reported a net loss attributable to theCompany of $619 million for the year ended Oct. 31, 2014, comparedto a net loss attributable to the Company of $898 million for theyear ended Oct. 31, 2013. * * *In the Oct. 9, 2013, edition of the TCR, Moody's Investors Serviceaffirmed the ratings of Navistar International Corp., including the'B3' corporate family rating. The ratings reflect Moody'sexpectation that Navistar's successful incorporation of Cumminsengines throughout its product line up will enable the company toregain lost market share, and that progress in addressing componentfailures in 2010 vintage-engines will significantly reduce warrantyexpenses.As reported by the TCR on Oct. 9, 2013, Standard & Poor's RatingsServices lowered its long-term corporate credit rating on NavistarInternational to 'CCC+' from 'B-'. "The rating downgrades reflectour increased skepticism regarding NAV's prospects for achievingthe market shares it needs for a successful business turnaround,"said credit analyst Sol Samson.In January 2013, Fitch Ratings affirmed the issuer default ratingsfor Navistar International at 'CCC' and removed the negativeoutlook on the ratings. The removal reflects Fitch's view thatimmediate concerns about liquidity have lessened, althoughliquidity remains an important rating consideration as NAVimplements its selective catalytic reduction engine strategy.NEPHROS INC: Enters Into Purchase Agreement with Lincoln Park-------------------------------------------------------------Nephros, Inc., announced that it has entered into a purchaseagreement with Lincoln Park Capital Fund, LLC, a Chicago-basedinstitutional investor. Under the terms of the purchase agreement,over a 36-month term, Nephros will have the right and the solediscretion to sell to LPC up to $10 million worth of shares ofNephros common stock in amounts as set forth in the agreement. Nephros will control the timing and amount of any future investmentand LPC will be obligated to make purchases in accordance with theagreement. "We are pleased to enter into this purchase agreement with LPC, anexisting investor in Nephros," commented Daron Evans, CEO ofNephros. "This commitment provides us with a vehicle for accessingcapital as we target profitability through growth in our filterbusiness. Additionally, we will be able to continue to work withour strategic partners to treat patients with our HDF system,growing our experience in the commercial setting." There are no upper limits to the price LPC may pay to purchasecommon stock from Nephros and the purchase price of the sharesrelated to any future investments will be based on the prevailingmarket prices of the Company's shares immediately preceding thenotice of sale to LPC. LPC has agreed not to cause or engage inany manner whatsoever, any direct or indirect short selling orhedging of the Company's shares of common stock. In considerationfor entering into the agreement, Nephros has issued shares ofcommon stock to LPC as a commitment fee. The agreement may beterminated by Nephros at any time, at its sole discretion, withoutany monetary cost.Under the terms of the purchase agreement and related registrationrights agreement, Nephros has agreed to file a registrationstatement with the U.S. Securities and Exchange Commission coveringthe sale of the shares that may be issued to LPC.A copy of the purchase agreement is available at: http://is.gd/dgXkxH About NephrosRiver Edge, N.J.-based Nephros, Inc., is a commercial stagemedical device company that develops and sells high performanceliquid purification filters. Its filters, which it callsultrafilters, are primarily used in dialysis centers andhealthcare facilities for the production of ultrapure water andbicarbonate.Nephros reported a net loss of $7.37 million on $1.74 million oftotal net revenues for the year ended Dec. 31, 2014, compared tonet income of $1.32 million on $1.74 million of total net revenuesfor the year ended Dec. 31, 2013.As of March 31, 2015, the Company had $2.62 million in totalassets, $8.03 million in total liabilities and a $5.41 milliontotal stockholders' deficit.Withum Smith+Brown PC, in Morristown, New Jersey, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended Dec. 31, 2014, citing that the Company has incurrednegative cash flow from operations and recurring net losses sinceinception. These conditions, among others, raise substantial doubtabout its ability to continue as a going concern.OCEAN RIG: Bank Debt Trades at 17% Off--------------------------------------Participations in a syndicated loan under which Ocean Rig is aborrower traded in the secondary market at 82.80 cents-on-the-dollar during the week ended Friday, July 24, 2015, according todata compiled by LSTA/Thomson Reuters MTM Pricing and reported inthe July 28, 2015 edition of The Wall Street Journal. Thisrepresents a decrease of 0.64 percentage points from the previousweek, The Journal relates. Ocean Rig pays 450 basis points aboveLIBOR to borrow under the facility. The bank loan matures on July17, 2021, and carries Moody's withdrawn rating and Standard &Poor's B+ rating. The loan is one of the biggest gainers andlosers among 253 widely quoted syndicated loans with five or morebids in secondary trading for the week ended July 24.ORLANDO GATEWAY: Asks to Consolidate Ch. 11 Case with Nilhan's--------------------------------------------------------------Nilhan Hospitality, LLC, and Orlando Gateway Partners, LLC, ask theU.S. Bankruptcy Court for the Middle District of Florida, OrlandoDivision, to consolidate their Chapter 11 cases and estates.Kenneth D. Herron, Jr., Esq., at Wolff, Hill, McFarlin & Herron,P.A., in Orlando, Florida, tells the Court that there issubstantial identity between the entities to be consolidated andthat consolidation is necessary to avoid some harm or to realizesome benefit. Mr. Herron alleges that Debtors OGP and Hospitalityare limited liability companies organized under the laws of theState of Florida and are managed by Chittranjan Thakkar, who signedthe petitions commencing the Chapter 11 cases. He further tellsthe Court that the members of OGP and Hospitality are related to orcontrolled by Thakkar and that the creditors of OGP and Hospitalityare substantially the same.Mr. Herron notes that many of the debts are owed jointly or havebeen guaranteed by one of the Debtors for the other. He assertsthat the only major distinctions between creditors are securedcreditors that have mortgage liens on specific parcels of propertyowned either by OGP or Hospitality.Mr. Herron tells the Court that the assets of the Debtors areintertwined, which gave rise to inter-Debtor liabilities. Hefurther tells the Court that consolidation will be a benefit to theDebtors and all creditors because it would avoid the costsassociated with the task of trying to sort out the assets andliabilities of the respective estates.Acting United States Trustee for Region 21, Guy G. Gebhardt,objected to the Debtors' motion, arguing that the Court must firstrule on the U.S. Trustee's Motion to Dismiss and the Motion toAppoint Trustee because if dismissal, conversion, or appointment ofa Chapter 11 trustee occurs, the Debtors' motion would be moot.Timothy S. Laffredi, Esq., at the Office of the U.S. Trustee, inOrlando Florida, tells the Court that the Debtors' motion shouldnot be heard until the issues concerning Wolf, Hill, McFarlin &Herron, P.A.'s retention of the Debtors is resolved in the U.S.Trustee's Motion to Disqualify WHMH for reasons, which includeconflicts of interest in representing the two Debtors. Mr.Laffredi alleges that the Debtors failed to establish the existenceof substantial identity and that their conclusory statements thatsubstantial identity exists contain virtually no analysis orapplication of the facts to the law.Nilhan Hospitality, LLC and Orlando Gateway Partners, LLC arerepresented by: Kenneth D. Herron, Jr., Esq. WOLFF, HILL, MCFARLIN & HERRON, P.A. 1851 W. Colonial Dr. Orlando, FL 32804 Telephone: (407)648-0058 Facsimile: (407)648-0681 Email: firstname.lastname@example.com Acting United States Trustee for Region 21, Guy G. Gebhardt isrepresented by: Timothy S. Laffredi, Esq. OFFICE OF THE UNITED STATES TRUSTEE U.S. Department of Justice George C. Young Federal Building 400 West Washington Street, Suite 1100 Orlando, FL 32801 Telephone: (407)648-6301, Ext. 10 Facsimile: (407)648-6323 Email: email@example.com About Orlando GatewayNilhan Hospitality, LLC, and Orlando Gateway Partners, LLCcommenced Chapter 11 bankruptcy cases (Bankr. M.D. Fla. Case No.15-03447 and 15-03448, respectively) on April 20, 2015.Chittranjan Thakkar, the manager, signed the petitions. Orlando Gateway, Orlando Sentinel states, is a $500 million retailand residential complex -- which includes two restaurants, aBonefish Grill and Carraba's, and plans for additional commercialand residential build out -- near Orlando International Airport. Nilhan estimated $1 million to $10 million in assets and $10 million to $50 million in debt while Orlando Gateway estimated atleast $10 million in assets and debt. The Debtors are represented by Kenneth D Herron, Jr., Esq., atWolff, Hill, McFarlin & Herron, P.A.According to the docket, the Debtors' Chapter 11 plan anddisclosure statement are due Aug. 18, 2015.The initial meeting of creditors was held and concluded on July 6,2015, court filings show. The court overseeing the bankruptcy case of a company schedulesthemeeting of creditors usually about 30 days after the bankruptcypetition is filed. The meeting is called the "341 meeting" afterthe section of the Bankruptcy Code that requires it. Arepresentative of the company is required to appear at the meetingand answer questions under oath.ORLANDO GATEWAY: U.S. Trustee Seeks To Disqualify Wolff Hill------------------------------------------------------------Guy G. Gebhardt, Acting United States Trustee for Region 21, asksthe U.S. Bankruptcy Court for the Middle District of Florida,Orlando Division, to disqualify Kenneth D. Herron, Jr., Esq., andWolff, Hill, McFarlin & Herron, P.A. as counsel for NilhanHospitality, LLC, and Orlando Gateway Partners, LLC.Timothy S. Laffredi, Esq., at the Office of the United StatesTrustee, in Orlando, Florida, tells the Court that (a) Nilhan andOGP are creditors and debtors of each other; (b) they areco-debtors on many obligations; (c) Mr. Thakkar, who paid WHMH'sretainer and who guaranteed future payment of fees and expenses, isa creditor himself; (d) Mr. Thakkar is the principal of creditorsof these Debtors, including a secured creditor of one Debtor andcreditors who are currently in their own chapter 11 cases in theNorthern District of Georgia; and (e) Mr. Thakkar is also aco-debtor on various obligations of these Debtors.Mr. Laffredi asserts that given the various relationships amongNilhan, OGP, Mr. Thakkar, and the Thakkar-related entities, thereis substantial risk that the simultaneous representation of bothDebtors will be materially limited by WHMH's individualresponsibilities to each of Nilhan, OGP, and Mr. Thakkar. He tellsthe Court that WHMH and Mr. Herron, by representing both Debtors,are in a position of having "to serve too many masters."The Acting United States Trustee for Region 21, Guy G. Gebhardt isrepresented by: Timothy S. Laffredi, Esq. OFFICE OF THE UNITED STATES TRUSTEE U.S. Department of Justice George C. Young Federal Building 400 West Washington Street, Suite 1100 Orlando, FL 32801 Telephone: (407)648-6301, Ext. 10 Facsimile: (407)648-6323 Email: email@example.com About Orlando GatewayNilhan Hospitality, LLC, and Orlando Gateway Partners, LLCcommenced Chapter 11 bankruptcy cases (Bankr. M.D. Fla. Case No.15-03447 and 15-03448, respectively) on April 20, 2015.Chittranjan Thakkar, the manager, signed the petitions. Orlando Gateway, Orlando Sentinel states, is a $500 million retailand residential complex -- which includes two restaurants, aBonefish Grill and Carraba's, and plans for additional commercialand residential build out -- near Orlando International Airport. Nilhan estimated $1 million to $10 million in assets and $10 million to $50 million in debt while Orlando Gateway estimated atleast $10 million in assets and debt. The Debtors are represented by Kenneth D Herron, Jr., Esq., atWolff, Hill, McFarlin & Herron, P.A.According to the docket, the Debtors' Chapter 11 plan anddisclosure statement are due Aug. 18, 2015.The initial meeting of creditors was held and concluded on July 6,2015, court filings show. The court overseeing the bankruptcy case of a company schedulesthemeeting of creditors usually about 30 days after the bankruptcypetition is filed. The meeting is called the "341 meeting" afterthe section of the Bankruptcy Code that requires it. Arepresentative of the company is required to appear at the meetingand answer questions under oath.PACIFIC DRILLING: Bank Debt Trades at 19% Off---------------------------------------------Participations in a syndicated loan under which Pacific DrillingLtd. is a borrower traded in the secondary market at 80.60cents-on-the- dollar during the week ended Friday, July 24, 2015,according to data compiled by LSTA/Thomson Reuters MTM Pricing andreported in the July 28, 2015 edition of The Wall Street Journal.This represents a decrease of 0.73 percentage points from theprevious week, The Journal relates. Pacific Drilling Ltd. pays 350basis points above LIBOR to borrow under the facility. The bankloan matures on May 15, 2018, and carries Moody's B1 rating andStandard & Poor's B+ rating. The loan is one of the biggestgainers and losers among 256 widely quoted syndicated loans withfive or more bids in secondary trading for the week ended July 24.PARALLEL HOTELS: Case Summary & 20 Largest Unsecured Creditors--------------------------------------------------------------Debtor: Parallel Hotels Inc. d/b/a/ Quality Inn and Suites 2020 Apalachee Pkwy Tallahassee, FL 32301 Case No.: 15-40407Chapter 11 Petition Date: July 28, 2015Court: United States Bankruptcy Court Northern District of Florida (Tallahassee)Judge: Hon. Karen K. SpecieDebtor's Counsel: Robert C. Bruner, Esq. 261 Pinewood Drive Tallahassee, FL 32303 Tel: 850-385-0342 Fax: 850-270-2441 Email: email@example.com Assets: $3.7 millionTotal Liabilities: $5.4 millionThe petition was signed by Rakesh Patel, president.A list of the Debtor's 20 largest unsecured creditors is availablefor free at http://bankrupt.com/misc/flnb15-40407.pdfPARTY CITY: Moody's Raises CFR to 'B1', Outlook Positive--------------------------------------------------------Moody's Investors Service upgraded Party City Holdings Inc.'s debtratings, including its Corporate Family Rating to B1 from B2 andProbability of Default Rating to B1-PD from B2-PD. The ratingaction concludes the review for upgrade initiated on June 16, 2015. Concurrently, Moody's assigned a B1 rating to the company'sproposed $1.34 billion secured term loan, and a SGL-2 SpeculativeGrade Liquidity rating. The ratings outlook is positive.Proceeds from the proposed term loan and drawings under a new $540million asset-based revolving credit facility (with a seasonalincrease to $640 million during a certain period of each calendaryear) will be used to refinance the existing $1.094 billion termloan due 2019 and to redeem $350 million of the company's $700million senior unsecured notes due 2020. The assigned ratings aresubject to review of final documentation. The transaction is acredit positive for Party City as it is expected to reduce interestcosts and lengthen the company's debt maturity profile."The upgrade reflects the reduction in adjusted debt due to changesin Moody's approach for capitalizing operating leases," saidMoody's Analyst, Mike Zuccaro. The updated approach for standardadjustments for operating leases is explained in the cross-sectorrating methodology Financial Statement Adjustments in the Analysisof Non-Financial Corporations, published on June 15, 2015. As aresult of this change, pro forma for the repayment of the $350million PC Nextco Holdings, LLC ("PC Nextco") notes in April 2015,Party City's lease-adjusted leverage for the latest twelve monthperiod ended March 31, 2015 improved to 5.4x from 6.5x under theprior methodology. Zuccaro added, "The positive outlook considersthe company's consistent profitable growth and successful trackrecord of integrating acquisitions, and our expectation that thiswill continue over the intermediate term. When coupled withanticipated debt reduction, the company's credit metrics areexpected to continue to improve over the intermediate term."These ratings were upgraded:Party City Holdings Inc.: -- Corporate Family Rating to B1 from B2; -- Probability of Default Rating to B1-PD from B2-PD -- Senior secured term loan due 2019 to Ba3 (LGD3) from B1 (LGD3) (*); -- Guaranteed senior unsecured notes due 2020 to B3 (LGD 5) from Caa1 (LGD 5) (*) ratings expected to be withdrawn upon completion of the proposed refinancing.These ratings were assigned:Party City Holdings Inc.: -- Senior secured term loan due 2022, B1 (LGD4); -- Speculative Grade Liquidity Rating of SGL-2.Outlook revised to positive from rating on review.RATINGS RATIONALEParty City's B1 Corporate Family Rating reflects the company'snarrow business focus on party goods and accessories and it's highfinancial leverage, as measured by pro-forma lease-adjusteddebt/EBITDA, of 5.4x. The rating also reflects that Party Cityremains a 'controlled company' as defined by the SEC withaffiliates of Thomas H. Lee Partners, L.P. and Advent InternationalCorporation, who have a history of funding sizable debt financeddividends, still holding over 70% of the outstanding shares in thecompany. The rating is supported by Party City's strong marketpresence in both retail and wholesale, growing geographicdiversification, relative demand stability of party goods andaccessories, and track record of integrating acquisitions andachieving cost savings, all of which should enable continued futuresteady growth and metric improvement. Liquidity is good, as cashflow and revolver availability are expected to be more thansufficient to cover cash flow needs over the next 12-18 months.The positive outlook reflects Moody's expectation for steadyimprovement in debt protection metrics due to the relatively stabledemand characteristics of party goods and accessories, andcontinued successful integration of potential future bolt-onacquisitions.Ratings could be upgraded through sustained growth in revenue andprofitability leading to improved credit metrics. Clarity aroundfuture financial policies, such as demonstrating the willingnessand ability to sustainably reduce debt and improve credit metrics,and reduced private equity ownership could also support a ratingsupgrade. Specific metrics include lease-adjusted debt to EBITDAsustained below 5.0x and EBITA /interest expense is sustained above2.5x.Ratings could be downgraded if the company's operating performancewere to sustainably weaken due to declines in consumerdiscretionary spending, heightened competition or integrationissues, more aggressive financial policies or a material erosion inliquidity. Metrics include debt/EBITDA sustained above 6.0x or ifEBITA/interest below 1.75x.Party City Holdings Inc. is a designer, manufacturer, distributorand retailer of party goods and related accessories. The company'sretail brands principally include Party City and Halloween City.Total revenue exceeded $2.3 billion for the twelve month periodended March 31, 2015. Following its IPO in April 2015, the companyremains majority owned by Thomas H. Lee Partners, L.P. ("THL").The principal methodology used in these ratings was Global RetailIndustry published in June 2011. Other methodologies used includeLoss Given Default for Speculative-Grade Non-Financial Companies inthe U.S., Canada and EMEA published in June 2009.PATRIOT COAL: Final DIP Order Challenge Deadline Moved to Aug. 3----------------------------------------------------------------The deadline established in the final debtor-in-possessionfinancing order for the Official Committee of Unsecured Creditorsof Patriot Coal Corporation, et al., to commence a challenge underthe final DIP order is extended to Aug. 3, 2015, provided that theperiod may be further extended (i) upon agreement of the subjectprepetition secured parties, as applicable, and each in their solediscretion or (ii) as has been ordered by the U.S. Bankruptcy Courtfor the Eastern District of Virginia.The Debtors entered into a second stipulation and consent orderwith the Committee, Deutsche Bank AG New York Branch, it itscapacity as administrative agent for the prepetition ABL lendersand collateral agent under the prepetition ABL facility, BarclaysBank PLC, in its capacity as L/C administrative agent under theprepetition LC/term loan agreement, Cortland Capital MarketServices LLC, in its capacity as successor term administrativeagent under the prepetition LC/term loan agreement, holders of amajority of the Debtors' outstanding loans under the prepetitionterm loan facility and prepetition notes, and U.S. Bank NationalAssociation in its capacity as trustee under the prepetitionindenture, extending the challenge deadline in the final orderauthorizing the Debtors to obtain postpetition financing and use ofcash collateral.The Court entered on June 4, 2015, a final order authorizing theDebtors to obtain postpetition financing and authorizing the use ofcash collateral. A copy of the final court order is available forfree at http://is.gd/Teaf6K. As reported by the Troubled Company Reporter on May 26, 2015, the Court gave the Debtors interimauthority to obtain up to an aggregate principal amount not toexceed $30.0 million from the $100 million debtor-in-possessionfacility committed by certain of their prepetition lenders.The final DIP order contemplated that the Committee will commence challenge, if any, no later than 45 days after the appointment ofthe Committee, subject to extensions. On July 6, 2015, the Courtentered the stipulation and consent order extending to July 27,2015, the deadline established by the final DIP order for theCommittee to commence a challenge.The DIP financing met objection from the Committee, which said in afiling dated June 1, 2015, that the proposed DIP financing (i) isinsufficient to fund the Debtors' needs through these cases, (ii)contains overly aggressive case milestones that limit the Debtors'ability to explore value maximizing reorganization alternatives,(iii) burdens the Debtors' estates with excessive costs, and (iv)encumbers assets that are presently available for general unsecuredcreditors. Leon Szlezinger, managing direcotr and joint globalhead of restructuring and recapitalization at Jefferies LLC, theCommittee's appointed investment banker and financial advisor, saidthat given the overall annualized costs of the DIP Facility, itwould be more fair and consistent with market if the 3.0% exit feewas eliminated.Limited objections to the DIP financing were filed by CortlandCapital, Barclays Bank, and Travelers Casualty and Surety Companyof America, US Specialty Insurance, and Westchester Fire InsuranceCompany. On June 2, 2015, The Patriot Non-Union Retiree VEBA Trust objectedto material terms -- the undisclosed milestones -- of the proposedDIP financing which were never disclosed to this Court orother interested parties by Debtors (but instead were located in aJune 1, 2015 Committee filing). The Patriot Coal Non-Union Retiree VEBA is represented by: Schnader Harrison Segal & Lewis LLP Gordon S. Woodward, Esq. 750 9th Street, NW, Suite 550 Washington, DC 20001-4534 Tel: (202) 419-4215 Fax: (202) 419-4253 E-mail:firstname.lastname@example.com and Stahl Cowen Crowley Addis LLC Jon D. Cohen, Esq., Esq. (Pro Hac Vice pending) 55 West Monroe Street, Suite 1200 Chicago, Illinois 60603 Phone: (312) 641-0060 Fax: (312) 641-6959 E-mail:email@example.com Casualty is represented by: Stites & Harbison PLLC Michael K. Kim, Esq. 1199 N. Fairfax Street, Suite 900 Alexandria, VA 22314 Tel: (703) 837-3931 Fax: (703) 518-2951 E-mail: email@example.com and Stites & Harbison, PLLC William T. Gorton III, Esq. W. Blaine Early, III, Esq. Elizabeth Lee Thompson, Esq. 250 West Main Street Suite 2300 Lexington, KY 40507 Tel: (859) 226-2300 Fax: (859) 253-9144The Committee is represented by: Morrison & Foerster LLP Lorenzo Marinuzzi, Esq. (admitted pro hac vice) Jennifer L. Marines, Esq. (admitted pro hac vice) Jordan A. Wishnew, Esq. (admitted pro hac vice) 250 West 55th Street New York, New York 10019-9601 Tel: (212) 468-8000 Fax: (212) 468-7900 and Tavenner & Beran, PLC Lynn L. Tavenner, Esq. Paula Beran, Esq. 20 North Eighth Street Richmond, Virginia 23219 Tel: (804) 783-8300 Fax: (804) 783-0178The Administrative Agent under the Prepetition ABL Facility isrepresented by: Hunton & Williams LLP Tyler P. Brown, Esq. Henry P. (Toby) Long, III, Esq. Justin F. Paget, Esq. Riverfront Plaza, East Tower 951 East Byrd Street Richmond, VA 23219 Tel: (804) 788-8200 Fax: (804) 788-8218 and Simpson Thacher & Bartlett LLP Sandeep Qusba, Esq. (admitted pro hac vice) Wiliam T. Russell, Jr., Esq. (admitted pro hac vice) Nicholas Baker, Esq. (admitted pro hac vice) 425 Lexington Avenue New York, NY 10017 Tel: (212) 455-2000 Fax: (212) 455-2502Barclays Bank is represented by: Hunton & Williams LLP Tyler P. Brown, Esq. Henry P. (Toby) Long, III, Esq. Justin F. Paget, Esq. Riverfront Plaza, East Tower 951 East Byrd Street Richmond, VA 23219 Tel: (804) 788-8200 Fax: (804) 788-8218 and Skadden, Arps, Slate, Meagher & Flom LLP Kenneth S. Ziman, Esq. (admitted pro hac vice) Shana A. Elberg, Esq. (admitted pro hac vice) 4 Times Square New York, NY 10036 Tel: (212) 735-3000 Fax: (212) 735-2000 and Skadden, Arps, Slate, Meagher & Flom LLP Albert L. Hogan III, Esq. (admitted pro hac vice) 155 N. Wacker Drive Chicago, IL 60606 Tel: (312) 407-0700 Fax: (312) 407-0411The Majority Term/Notes Secured Parties are represented by: McGuirewoods LLP Dion W. Hayes, Esq. Sarah B. Boehm, Esq. One James Center 901 East Cary Street Richmond, VA 23219 Tel: (804) 775-1000 Fax: (804) 698-2255 and Kramer Levin Naftalis & Frankel LLP Thomas M. Mayer, Esq. (admitted pro hac vice) Gregory G. Plotko, Esq. (admitted pro hac vice) Stephen M. Blank, Esq. (admitted pro hac vice) 1177 Avenue of the Americas New York, New York 10036 Tel: (212) 715-9169 Fax: (212) 715-8000Cortland Capital is represented by: Williams, Mullen William H. Schwarzschild, III, Esq. W. Alexander Burnett, Esq. Post Office Box 1320 Richmond, VA 23218 Tel: (804) 420-6489 Fax: (804) 420-6507 and Brown Rudnick LLP Jeffrey L. Jonas, Esq. (admitted pro hac vice) Jonathan D. Marshall, Esq. (admitted pro hac vice) One Financial Center Boston, MA 02111 Tel: (617) 856-8200 Fax: (617) 856-8201U.S. Bank is represented by: Dorsey & Whitney LLP Eric Lopez Schnabel, Esq. Alessandra Glorioso, Esq. 51 W. 52nd Street New York, NY 10019 Tel: (212) 415-9200 Fax: (212) 953-7201 and Dorsey & Whitney LLP Steven J. Heim, Esq. Darryn C. Beckstrom, Esq. 50 South Sixth Street, Suite 1500 Minneapolis, MN 55402 Tel: (612) 340-8792 Fax: (612) 340-2643 About Patriot CoalPatriot Coal Corporation is a producer and marketer of coal in theUnited States. Patriot and its subsidiaries control 1.4 billiontons of proven and probable coal reserves -- including owned andleased assets in the Central Appalachia basin (in West Virginiaand Ohio) and Southern Illinois basin (in Kentucky and Illinois)and their operations consist of eight active mining complexes inWest Virginia.Patriot Coal first sought Chapter 11 protection on July 9, 2012,and, on Dec. 18, 2013, won approval of its bankruptcy-exit planfrom the U.S. Bankruptcy Court for the Eastern District ofMissouri. The plan turned over most of the ownership of thecompany to bondholders that include New York hedge fund KnightheadCapital Management LLC. The linchpins of the plan were a globalsettlement among the Debtors, the United Mine Workers of America,and two third parties -- Peabody Energy Corporation and Arch Coal,Inc. -- and a commitment by a consortium of creditors, led byKnighthead, to backstop two rights offerings that funded the plan.Patriot Coal Corporation and its subsidiaries commenced newChapter 11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) inRichmond, Virginia, on May 12, 2015. The cases are assigned toJudge Keith L. Phillips.The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak RockL.L.P., as co-counsel; Centerview Partners LLC as investmentbankers; Alvarez & Marsal North America, LLC, as restructuringadvisors; and Prime Clerk LLC, as claims and administrative agent.The U.S. trustee overseeing the Chapter 11 case of Patriot CoalCorp. appointed seven creditors of the company to serve on theofficial committee of unsecured creditors.Patriot Coal estimated more than $1 billion in assets and debt.PATRIOT COAL: Retiree Committee Taps Stahl Cowen as Counsel-----------------------------------------------------------The Official Retiree Committee in the Chapter 11 cases of PatriotCoal Corporation asks the Court Eastern District of Virginia forpermission to retain the law firm of Stahl Cowen Crowley Addis LLC,as its counsel for all matters.Stahl Cowen will, among other things: a. counsel the Retiree Committee with respect to the generalduties of a committee formed, advise the Retiree Committee memberswith respect to their fiduciary duties, and its duty to communicatewith the retiree constituents; b. investigate the assets, liabilities and financial conditionof the Debtors and the Debtors non-debtor affiliates (if any),reviewing post-bankruptcy transactions involving the Debtors andthe various orders entered by the Court; and c. investigate the claims or asserted priorities of otherparties with respect to the assets of Debtors and related efforts.The hourly rates of SCCA's personnel are: Name Title Hourly Rate ---- ----- -----------Jon D. Cohen partner (1991) $560Jeremy Kreger partner (2003) $425John Burnett partner (2005) $415Kevin Hunt partner (2004) $400Eric Malnar associate (2005) $375Melissa Lettiere associate (2007) $350Stephanie Stinton associate (2007) $350Paralegals $150To the best of the Committee's knowledge, SCCA is a"disinterested" person as that term is defined in Section 101(14)of the Bankruptcy Code.The firm can be reached at: Jon D. Cohen, Esq. STAHL COWEN CROWLEY ADDIS LLC 55 West Monroe Street, Suite 1200 Chicago, IL 60603 Tel: (312) 377-4565 Fax: (312) 423-8156 E-mail: firstname.lastname@example.com Retiree Committee's proposed local counsel can be reached at: Gordon S. Woodward, Esq. SCHNADER HARRISON SEGAL & LEWIS LLP 750 9th Street, NW, Suite 550 Washington, DC 20001-4534 Tel: (202) 419-4215 Fax: (202) 419-4253 E-mail: email@example.com About Patriot CoalPatriot Coal Corporation is a producer and marketer of coal in theUnited States. Patriot and its subsidiaries control 1.4 billiontons of proven and probable coal reserves -- including owned andleased assets in the Central Appalachia basin (in West Virginiaand Ohio) and Southern Illinois basin (in Kentucky and Illinois)and their operations consist of eight active mining complexes inWest Virginia.Patriot Coal first sought Chapter 11 protection on July 9, 2012,and, on Dec. 18, 2013, won approval of its bankruptcy-exit planfrom the U.S. Bankruptcy Court for the Eastern District ofMissouri. The plan turned over most of the ownership of thecompany to bondholders that include New York hedge fund KnightheadCapital Management LLC. The linchpins of the plan were a globalsettlement among the Debtors, the United Mine Workers of America,and two third parties -- Peabody Energy Corporation and Arch Coal,Inc. -- and a commitment by a consortium of creditors, led byKnighthead, to backstop two rights offerings that funded the plan.Patriot Coal Corporation and its subsidiaries commenced newChapter 11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) inRichmond, Virginia, on May 12, 2015. The cases are assigned toJudge Keith L. Phillips.The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak RockL.L.P., as co-counsel; Centerview Partners LLC as investmentbankers; Alvarez & Marsal North America, LLC, as restructuringadvisors; and Prime Clerk LLC, as claims and administrative agent.The U.S. trustee overseeing the Chapter 11 case of Patriot CoalCorp. appointed seven creditors of the company to serve on theofficial committee of unsecured creditors.Patriot Coal estimated more than $1 billion in assets and debt.PLUG POWER: To Acquire Full Control of 'HyPulsion' for $11.5MM--------------------------------------------------------------Plug Power Inc. entered into a definitive agreement with Axane,S.A., a subsidiary of Air Liquide S.A. to acquire the remaining 80percent that it doesn't own of HyPulsion, its European jointventure, for $11.47 million in Plug Power common stock, subject tocertain post-closing adjustments. The transaction is subject tothe satisfaction of certain customary closing conditions and isexpected to close no later than August 2015.Plug Power and Air Liquide founded HyPulsion in 2012 to jump-startthe hydrogen and fuel cell market in Europe. To date the companyhas achieved key milestones in product development, customerengagement and strong OEM relationships. The original agreementintended for Plug Power to ultimately assume control of HyPulsion,though this was accelerated given Plug Power's success in the NorthAmerican market. Both Plug Power and Air Liquide agree that Plug Power is the rightentity to drive growth in commercializing the European hydrogen andfuel cell market. "Plug Power has displayed leadership in buildingan industry in North America, delivering record growth in revenue,bookings and shipments," said Xavier Pontone, managing director AirLiquide Advanced Business. "We look forward to a continuedpartnership with Plug Power in the coming years." Air Liquide remains a critical partner for Plug Power and itsgrowth strategy within Europe. Air Liquide will support HyPulsionas a hydrogen supplier to Plug Power's material handling customers. Additionally, Air Liquide will retain its seat on Plug Power'sboard of directors, a position held since 2012."A larger stake for Plug Power in Europe follows in line with thestrategic path we've established to grow to a $500 million revenuecompany," said Andy Marsh, CEO of Plug Power. "The appropriatesales and engineering staff are in place, and we will now movebullishly to broaden our presence in the European material handlingmarket. I'd like to thank Air Liquide for its years of partnershipand am pleased that our work together will continue as we developthe hydrogen economy in Europe." Today, Plug Power primarily sells its products into materialhandling applications, an addressable market that doubles in sizewhen including both North America and Europe. Plug Power has morethan 7,000 fuel cell products deployed in North American materialhandling operations. These fuel cells have accumulated more than100 million hours of operational time. About Plug PowerPlug Power Inc. is a provider of alternative energy technologyfocused on the design, development, commercialization andmanufacture of fuel cell systems for the industrial off-road(forklift or material handling) market.Plug Power reported a net loss attributable to common shareholdersof $88.6 million on $64.2 million of total revenue for the yearended Dec. 31, 2014, compared to a net loss attributable to commonshareholders of $62.8 million on $26.6 million of total revenue forthe year ended Dec. 31, 2013.As of March 31, 2015, the Company had $189 million in total assets,$39.1 million in total liabilities, $1.15 million in series Cconvertible redeemable preferred stock and $149 million in totalstockholders' equity. Bankruptcy Warning"Our cash requirements relate primarily to working capital neededto operate and grow our business, including funding operatingexpenses, growth in inventory to support both shipments of newunits and servicing the installed base, and continued developmentand expansion of our products. Our ability to achieveprofitability and meet future liquidity needs and capitalrequirements will depend upon numerous factors, including thetiming and quantity of product orders and shipments; the timing andamount of our operating expenses; the timing and costs of workingcapital needs; the timing and costs of building a sales base; thetiming and costs of developing marketing and distribution channels;the timing and costs of product service requirements; the timingand costs of hiring and training product staff; the extent to whichour products gain market acceptance; the timing and costs ofproduct development and introductions; the extent of our ongoingand any new research and development programs; and changes in ourstrategy or our planned activities. We expect that we may requiresignificant additional capital to fund and expand our futureoperations. In particular, in the event that our operatingexpenses are higher than anticipated or the gross margins andshipments of our products are lower than we expect, we may need toimplement contingency plans to conserve our liquidity or raiseadditional capital to meet our operating needs. Such plans mayinclude: a reduction in discretionary expenses, funding fromlicensing the use of our technologies, debt and equity financingalternatives, government programs, and/or a potential businesscombination, strategic alliance or sale of a portion or all of theCompany. If we are unable to fund our operations and thereforecannot sustain future operations, we may be required to delay,reduce and/or cease our operations and/or seek bankruptcyprotection," the Company said in its 2014 annual report.PODS LLC: S&P Retains 'B+' 1st Lien Loan Rating After Add-On------------------------------------------------------------Standard & Poor's Ratings Services said that its 'B+' issue-levelrating and '2' recovery rating on PODS LLC's first-lien term loandue 2022 and its 'CCC+' issue-level rating and '6' recovery ratingon the company's second-lien term loan due 2023 are unchangedfollowing PODS' announcement of a $50 million add-on to, andrepricing of, its first-lien term loan. The '2' recovery rating onthe first-lien term loan indicates S&P's expectation of substantial(70%-90%; lower half of the range) recovery in the event of adefault. The '6' recovery rating on the second-lien term loanindicates S&P's expectation of negligible (0%-10%) recovery in theevent of a default. S&P's 'B' corporate credit rating and stableoutlook on PODS LLC remain unchanged.The company will use the proceeds from this add-on to repay theborrowings from its revolver and add cash to its balance sheet.S&P assesses the company's business risk profile as "weak,"reflecting its position as a leading provider of portable storageunits, its fairly good and improving operating efficiency, itslimited end-market diversity, and the narrow scope of itsoperations.S&P assesses PODS' financial risk profile as "aggressive," based onthe company's debt leverage, steady cash flow, and aggressivefinancial policy.RECOVERY ANALYSISKey analytical factors -- S&P's '2' recovery rating on the company's $50 million senior secured revolver and upsized $459 million first-lien term loan remain unchanged. -- S&P's '6' recovery rating on the company's $150 million second-lien term loan is also unchanged. -- S&P has valued the company on a going-concern basis using a 5.0x multiple of S&P's projected emergence EBITDA of $380 million. S&P estimates that, for the company to default, its EBITDA would need to decline significantly, representing material deterioration from the current state of its business.Simulated default assumptions -- Simulated year of default: 2018 -- EBITDA at emergence: $80.0 million -- EBITDA multiple: 5.0xSimplified waterfall -- Net enterprise value: $380 million -- Valuation split (obligors/nonobligors): 100%/0% -- Priority claims: $1 million -- Value available to first-lien debt (collateral/noncollateral): $379 million/$0 -- Secured first-lien debt claims: $497 million -- Recovery expectations: 70%-90% (lower half of the range) -- Secured second-lien debt claims: $158 million -- Recovery expectations: 0%-10%Note: All debt amounts include six months of prepetition interest.Collateral value equals asset pledge from obligors after priorityclaims plus equity pledge from nonobligors after nonobligor debt.RATINGS LISTRatings UnchangedPODS LLC Corporate Credit Rating B/Stable/-- First-lien Term Loan Due 2022 B+ Recovery Rating 2L Second-Lien Term Loan Due 2023 CCC+ Recovery Rating 6 QUALITY DISTRIBUTION: Provides Preliminary 2nd Quarter Results--------------------------------------------------------------Quality Distribution, Inc., announced the following estimatedpreliminary second quarter 2015 results: * For the three-month period ended June 30, 2015, Quality expects total revenue excluding fuel surcharges to be within the range of $200 million to $205 million and Adjusted EBITDA to be within the range of $21.6 million to $22.4 million; * Estimated Adjusted EBITDA for the three-month period ended June 30, 2015, excludes cash and non-cash pre-tax reorganization costs within the Energy Logistics business, costs associated with the Company's previously announced merger with Gruden Acquisition, Inc., as well as other costs not considered part of normal operating activities; and * Total debt net of cash at June 30, 2015, was approximately $325 million.Quality has provided these estimated results in connection with thedebt financing being arranged to consummate the pending merger withGruden. Quality does not generally release preliminary resultsand, following the completion of the pending merger with Gruden,Quality does not expect to provide similar information on a goingforward basis. About Quality DistributionQuality Distribution, LLC, and its parent holding company, QualityDistribution, Inc., are headquartered in Tampa, Florida. Thecompany is a transporter of bulk liquid and dry bulk chemicals.The company's 2010 revenues are approximately $686 million.Apollo Management, L.P., owns roughly 30 percent of the commonstock of Quality Distribution, Inc.As of March 31, 2015, the Company had $418 million in total assets,$445 million in total liabilities and a $26.9 million totalshareholders' deficit. Bankruptcy Warning"We have substantial indebtedness and may not be able to makerequired payments on our indebtedness.We had consolidated indebtedness and capital lease obligations,including current maturities of $351.3 million, as of December 31,2014. We must make regular payments under the ABL Facility,including the Term Loan, thereunder, and our capital leases andsemi-annual interest payments under our 2018 Notes.The ABL will mature at the earlier of November 2019 and the datethat is 91 days prior to the maturity of the Company's currentlyoutstanding 2018 Notes or any replacement notes if the outstandingamount of such debt is above a certain threshold. The Term Loanmatures on November 3, 2017 but we are subject to mandatoryprepayment of the principal amount of the Term Loan in equalquarterly payments beginning as early as November 2015. Thematurity date of the ABL Facility, including the Term Loan, may beaccelerated if we default on our obligations. If the maturity ofthe ABL Facility and/or such other debt is accelerated, we may nothave sufficient cash on hand to repay the ABL Facility and/or suchother debt or be able to refinance the ABL Facility and/or suchother debt on acceptable terms, or at all. The failure to repayor refinance the ABL Facility and/or such other debt at maturitywould have a material adverse effect on our business and financialcondition, would cause substantial liquidity problems and mayresult in the bankruptcy of us and/or our subsidiaries. Any actualor potential bankruptcy or liquidity crisis may materially harm ourrelationships with our customers, suppliers and independentaffiliates," the Company states in its 2014 annual report. * * *As reported in the TCR on June 28, 2013, Moody's Investors Serviceupgraded Quality Distribution, LLC's Corporate Family Rating to'B2' from 'B3' and Probability of Default Rating to 'B2-PD' from'B3-PD'.The upgrade of Quality's CFR to 'B2' was largely driven by theexpectation that credit metrics will improve over the next twelveto eighteen months, through a combination of EBITDA growth anddebt paydowns, to levels consistent with the 'B2' rating level.The company is in the process of integrating the bolt-onacquisitions made in its Energy Logistics business sector since2011.As reported by the TCR on July 17, 2015, Standard & Poor's RatingsServices said that it has lowered its corporate credit rating onTampa-based transportation and logistics provider QualityDistribution Inc. to 'B-' from 'B' and removed the ratings fromCreditWatch, where S&P had placed them with negative implicationson May 8, 2015. "The downgrade reflects Quality Distribution'shigher debt-leverage pro forma for its acquisition by ApaxPartners," said Standard & Poor's credit analyst Michael Durand.REBECCA ENGLE: Distribution of Remaining Funds in "Buckley" Okayed------------------------------------------------------------------DAVID BUCKLEY, on behalf of himself, the Robert L. McKissickIrrevocable Trust and the Brenda L. Buckley Revocable Trust, REXWELDON, on behalf of Nancy Weldon, Robert Clark Weldon and theRobert Clark Weldon and Nancy Weldon Trust, JILL SCHUNEMAN, onbehalf of herself and the Jill Schuneman Living Trust, and LYLEBREHM, on behalf of Willard F. Brehm, Gladys M. Brehm, the WillardF. Brehm Revocable Trust and the Gladys M. Brehm Revocable Trust,collectively on behalf of themselves and all others similarlysituated, Plaintiffs, v. REBECCA ENGLE, BRIAN SCHUSTER, ENGLE &SCHUSTER FINANCIAL, Inc.; AMERICAN CAPITAL CORP., ROYAL PALMCAPITAL GROUP, Inc.; GERALD PARKER; and LIANA DOBARGANESHARRINGTON, in her capacity as sole heir or putative personalrepresentative of the estate of Patrick Harrington, deceased;Defendants, NO. 8:07CV254, (D. Neb.) is before the court on theplaintiff's motion to approve distribution of remaining classaction settlement funds.The court earlier approved attorneys' fees in the amount ofone-third of the settlement proceeds in connection with partialsettlements with other defendants. For the reasons stated in thoseorders, the court finds an additional award of fees isappropriate.Lead plaintiffs also seek reimbursement of expenses in the amountof $5292.85, plus an additional $200.00 for mailings, for a totalof $5,492.85. They have submitted a summary of expenses and costs.The court has reviewed the submissions and finds that the costs andexpenses incurred, including PACER fees, postage, mileage, documentreproduction, accounting fees, and other expenses, are fair andreasonable and were necessary to prosecute the claims on behalf ofthe class.Accordingly, Senior District Judge Joseph F. Bataillon ordered thatAttorneys' fees in the amount of $5,293.24 and costs and expensesin the amount of $5,492.85 are approved and awarded.Co-lead counsel may withdraw attorneys' fees in the amount of$5,293.24 and costs and expenses in the amount of $5,492.85 fromthe settlement proceeds maintained in Mattson Ricketts' trustaccount. Co-lead counsel must distribute the remaining SettlementFunds to Class members whose Proofs of Claims have been accepted ona pro rata basis, in accordance with this court's earlier orders.The court retains jurisdiction to enforce the orders and judgmentsentered in this action."This action is dismissed," Judge Bataillon wrote in his memorandumand order dated June 12, 2015, a copy of which is available athttp://bit.ly/1C00ooJfrom Leagle.com. David Buckley, Plaintiff, represented by David M. Gaba --firstname.lastname@example.com -- COMPASS LAW GROUP, David A. Yudelson-- firstname.lastname@example.com -- KOLEY, JESSEN LAW FIRM,Gregory C. Scaglione -- email@example.com -- KOLEY,JESSEN LAW FIRM, J.Daniel Weidner -- email@example.com-- KOLEY, JESSEN LAW FIRM & John L. Spray --firstname.lastname@example.com -- MATTSON, RICKETTS LAW FIRM.Rex Weldon, Plaintiff, represented by David M. Gaba, COMPASS LAWGROUP, David A. Yudelson, KOLEY, JESSEN LAW FIRM, Gregory C.Scaglione, KOLEY, JESSEN LAW FIRM, J.Daniel Weidner, KOLEY, JESSENLAW FIRM & John L. Spray, MATTSON, RICKETTS LAW FIRM.Jill Schuneman, Plaintiff, represented by David M. Gaba, COMPASSLAW GROUP, David A. Yudelson, KOLEY, JESSEN LAW FIRM, Gregory C.Scaglione, KOLEY, JESSEN LAW FIRM, J.Daniel Weidner, KOLEY, JESSENLAW FIRM & John L. Spray, MATTSON, RICKETTS LAW FIRM.Lyle Brehm, Plaintiff, represented by David A. Yudelson, KOLEY,JESSEN LAW FIRM, Gregory C. Scaglione, KOLEY, JESSEN LAW FIRM,J.Daniel Weidner, KOLEY, JESSEN LAW FIRM & John L. Spray, MATTSON,RICKETTS LAW FIRM.Rebecca Engle, Defendant, represented by Matthew D. Karnas --firstname.lastname@example.com -- BELLOVIN, KARNAS LAW FIRM.Brian Schuster, Defendant, Pro Se.Gerald Parker, Defendant, Pro Se.Liana Dobarganes Harrington, deceased, Defendant, Pro Se.Bonnie Post, Movant, represented by David M. Gaba, COMPASS LAWGROUP & John L. Spray, MATTSON, RICKETTS LAW FIRM.William Sheldon, Movant, represented by David M. Gaba, COMPASS LAWGROUP & John L. Spray, MATTSON, RICKETTS LAW FIRM.Rebecca Engle, a former Nebraska City broker, who is accused ofimproperly selling risky investments in several interrelatedFlorida companies filed for Chapter 11 bankruptcy protectionbefore the U.S. Bankruptcy for the District of Arizona on May 30,2008. Ms. Engle disclosed assets between $500,000 and $1 million,and estimated debts between $10 million and $50 million.RELATIVITY MEDIA: Lays Off Staff as Financial Picture Darkens-------------------------------------------------------------Erich Schwartzel and Patrick Fitzgerald, writing for Dow Jones'Daily Bankruptcy Review, reported that Relativity Media LLC, thebeleaguered independent film and television studio behind suchrecent releases as "The Lazarus Effect" and hits like MTV's"Catfish," laid off one-fifth of its workforce on July 29 as thecompany struggles under a heavy debt load and a spate of recentbox-office flops.The Troubled Company Reporter, on July 28, 2015, citing TheWrap,reports that Relativity Media is considering filing for Chapter 11bankruptcy as the Company has been seeking new funding for weeks torespond to demands of its lenders. Citing insiders, TheWraprelates that Mr. Kavanaugh is seeking a one-year extension on his$30 million in debt as well as new equity investment. Relativity Media is an indie film distributor founded in 2004 byRyan Kavanaugh. It is one of Hollywood's mini-major film studios,which produces, acquires and distributes films, and has divisionsin television, sports, music and fashion.RELATIVITY MEDIA: Plans to Lay Off Up to 90 Workers---------------------------------------------------Relativity Media is expected to file for Chapter 11 bankruptcy thisweek, Matt Donnelly and Sharon Waxman at TheWrap report, citing twoindividials familliar with the studio plans.TheWrap, citing an insider, relates that the Company has started amajor round of layoffs, targeting about 90 people out of a staffof 350, while Ryan Faughnder at Los Angeles Times reports thatpeople knowledgeable of the matter said that the Company is lettinggo of roughly 50 workers.According to TheWrap, the downsizing started on Tuesday. Thereport adds that one of the sources said that Ryan Kavanaugh wouldremain CEO and chairperson to help the Company emerge with acleaner capitalization structure.Relativity Media is an indie film distributor founded in 2004 byRyan Kavanaugh. It is one of Hollywood's mini-major film studios,which produces, acquires and distributes films, and has divisionsin television, sports, music and fashion.As reported by the Troubled Company Reporter on July 28, 2015,Sharon Waxman, writing for TheWrap, reported that the Company isconsidering filing for Chapter 11 bankruptcy. According toTheWrap, the Company has been seeking new funding for weeks torespond to demands of its lenders.SALIX PHARMACEUTICALS: S&P Raises CCR to 'BB-', Outlook Stable--------------------------------------------------------------Standard & Poor's Ratings Services raised its corporate creditrating on Salix Pharmaceuticals Ltd. to 'BB-' from 'B'. Theoutlook is stable.S&P is subsequently withdrawing all ratings, including allissue-level ratings, on Salix.The rating actions follow the completion of Valeant's acquisitionof Salix for $14.5 billion, and the retirement of all rated Salixdebt.SEADRILL LTD: 2021 Bank Debt Trades at 25% Off----------------------------------------------Participations in a syndicated loan under which Seadrill Ltd. is aborrower traded in the secondary market at 74.68 cents-on-the-dollar during the week ended Friday, July 24, 2015, according todata compiled by LSTA/Thomson Reuters MTM Pricing and reported inthe July 28, 2015, edition of The Wall Street Journal. Thisrepresents a decrease of 0.33 percentage points from the previousweek, The Journal relates. Seadrill Ltd. pays 300 basis pointsabove LIBOR to borrow under the facility. The bank loan matures onFebruary 17, 2021, and carries Moody's Ba3 rating and Standard &Poor's BB- rating. The loan is one of the biggest gainers andlosers among 253 widely quoted syndicated loans with five or morebids in secondary trading for the week ended July 24.SPIRIT AIRLINES: S&P Affirms 'BB-' Corporate Credit Rating----------------------------------------------------------Standard & Poor's Ratings Services assigned its preliminary 'A (sf)' issue-level rating on Spirit Airlines Inc.'s $455.622million 2015-1 Class A pass-through certificates, with an expectedmaturity of April 1, 2028.At the same time, S&P assigned its preliminary 'BBB- (sf)'issue-level rating on the company's $120.959 million Class Bpass-through certificates, with an expected maturity of April 1,2024. The final legal maturity dates for the certificates will be18 months after their expected maturity dates. S&P will assignfinal ratings upon the completion of its legal and structuralreview.S&P bases its preliminary ratings on the certificates on Spirit'scredit quality, the substantial collateral coverage by good qualityaircraft, and on the legal and structural protections available tothe pass-through certificates. The company will use the proceedsfrom these offerings to finance the purchase of 12 Airbus A321-200aircraft and three Airbus A320-200 aircraft to be delivered fromOctober 2015 through December 2016. Each aircraft's secured notesare cross-collateralized and cross-defaulted, a provision that S&Pbelieves increases the likelihood that Spirit would affirm thenotes (and thus continue to pay on the certificates) inbankruptcy.The pass-through certificates are a form of enhanced equipmenttrust certificates (EETC) and benefit from legal protectionsafforded under Section 1110 of the U.S. Bankruptcy Code and from aliquidity facility provided by Natixis S.A., through its New Yorkbranch (A/Negative/A-1). The liquidity facility is intended tocover up to three semiannual interest payments, a period duringwhich the collateral could be repossessed and remarketed by thecertificateholders following any default by the airline, or tomaintain the continuity of interest payments as thecertificateholders negotiate with Spirit in bankruptcy.The ratings apply to a unit consisting of certificates representingthe trust property and escrow receipts, initially representinginterests in deposits (the proceeds of the offerings). Adepositary bank, also Natixis S.A. through its New York branch,holds the escrow deposits until the existing debt on the planes ispaid off (which should be accomplished by December 2016). Theamounts deposited under the escrow agreements are not the propertyof Spirit and are not entitled to the benefits of Section 1110 ofthe U.S. Bankruptcy Code, and any default arising under anindenture solely by reason of the cross-default in such indenturemay not be of a type required to be cured under Section 1110. Anycash collateral held as a result of the cross-collateralization ofthe equipment notes also would not be entitled to the benefits ofSection 1110. Neither the certificates nor the escrow receipts maybe separately assigned or transferred.S&P believes that Spirit views these planes as important and would,given the cross-collateralization and cross-default provisions,likely affirm the aircraft notes in a bankruptcy scenario. Incontrast to most EETCs issued before 2009, the cross-default wouldtake effect immediately in a bankruptcy if Spirit rejected any ofthe aircraft notes. This should prevent Spirit from selectivelyaffirming some aircraft notes and rejecting others(cherry-picking), which often harms the interests of certificateholders in a bankruptcy.S&P considers the collateral pool of A321-200s and A320-200s to beof good quality. The largest proportion of aircraft securing thecertificates are A321-200s, which are the largest of the three mainmodels in Airbus' narrowbody product line. Introduced in 1996, theA321-200 did not initially sell as well as the A320-200, but is hassince gained in popularity, with cumulative deliveries and ordersof more than 1,600 planes. The success is due to commercialairlines' increasing preference for larger narrowbody models andbecause of the successive incremental improvements made to theA321-200 since its introduction. Airbus will introduce a neo (newengine option) version of the A321, which is projected to enterservice in 2017. S&P do not expect this new version to putpronounced downward pressure on the value of the A321-200s, but theintroduction of the neo version could raise the risk of increasedvolatility late in the decade.The second-largest proportion of aircraft securing the certificatesare A320-200s, a midsize narrowbody jet that was first introducedin 1989. It continues to be one of the most widely used andmarketable aircraft, with close to 5,000 cumulative orders anddeliveries over its lifetime. Airbus plans to introduce a neoversion of this plane later this year, but replacing all of thecurrent A320s will take many years. There has also recently beensome concern among leasing companies and investors inaircraft-backed debt that Airbus' plans to increase productionrates of the current version of the A320s will hurt resale values. S&P sees these developments as moderate threats to the value of theairplanes and incorporate them into its collateral evaluation.The initial loan-to-value ratio of the Class A certificates is54.0% and the initial loan-to-value ratio of the Class Bcertificates is 66.7%, using the appraised base values anddepreciation assumptions in the offering memorandum. However, S&Pfocused on the more conservative maintenance-adjusted appraisedvalues (not disclosed in the offering memorandum). S&P also usesmore conservative depreciation assumptions for all of the planesthan those in the prospectus. S&P assumed that, absent cyclicalfluctuations, the values of the A321-200s would decline by 6.5% andthe values of the A320-200s would decline by 6%, respectively, peryear. Using these values and assumptions, the initialloan-to-value ratio of the Class A certificates is higher, at57.6%, and rises to around 60% at its highest point, beforedeclining gradually. The initial loan-to-value ratio of the ClassB certificates, using S&P's assumptions, is about 72.8%, and peaksat around 76% before declining. S&P's analysis also consideredthat a fully drawn liquidity facility, plus the interest on thosedraws, represents a claim senior to the certificates. This amountis in line (as a percent of asset value) with the EETCs that otherU.S. airlines have issued over the last few years. Initially, afull draw with interest is equivalent to about 5.5% of asset value,using S&P's assumptions. S&P notes that the transaction isstructured so that Spirit could later issue one or more classes ofadditional pass-through certificates. In the past, airlines havestructured follow-on certificates of this kind in such a way as tonot affect the rating on their outstanding senior certificates.S&P's ratings on Miramar, Fla.-based Spirit Airlines Inc. reflectits participation in the high-risk U.S. airline industry, itsrelatively small position in that industry, and its strongoperating performance and credit metrics. S&P characterizes thecompany's business profile as "weak", its financial profile as"significant", and its liquidity as "adequate" under S&P'scriteria.S&P's stable outlook on the company reflects S&P's expectation thatSpirit's credit metrics will remain relatively consistent through2016, with a funds from operations (FFO)-to-debt ratio remainingaround 30%, based on S&P's expectation that increased earnings andcash flow will offset incremental debt to finance the acquisitionof 26 aircraft over that period. Although unlikely, S&P couldraise its rating on Spirit if its earnings and cash flow improvebecause of lower-than-expected fuel prices or higher-than-expecteddemand and pricing, causing the company's FFO-to-debt ratio toincrease above 40% on a sustained basis. Alternatively, S&P couldlower its rating on the company if its earnings and cash flow areweaker than S&P anticipated because of higher-than-expected fuelprices or lower-than-expected demand and pricing, causing itsFFO-to-debt ratio to fall to 12% or below on a sustained basis.RATINGS LISTSpirit Airlines Inc. Corporate Credit Rating BB-/Stable/--New Ratings AssignedSpirit Airlines Inc. Series 2015-1 Class A A (prelim.) (sf)pass-through certificates Series 2015-1 Class B BBB- (prelim.) (sf)pass-through certificatesSTANDARD REGISTER: Sale to Taylor Corp to Close on July 31----------------------------------------------------------Standard Register Co. said in court documents filed with the U.S.Bankruptcy Court for the District of Delaware on July 28, 2015,that the sale of its assets to Taylor Corp. is expected to close byFriday.The Company filed on Tuesday a motion with to change its corporateand business names, as required under the asset purchase agreementbetween Standard Register and Taylor Corp., to become SRCLiquidation Co.According to Dave Larsen at Dayton Daily News, a hearing on thename change is set for Aug. 18, 2015.Dayton Daily relates that the Court extended, at the behest of theCompany, the 120-day period for the Company to file a plan by anadditional 90 days to Oct. 8, 2015, from the July 10, 2015. Thereport adds that the Court extended Company's period to solicitacceptance of the plan to Dec. 7, 2015, from Sept. 8, 2015. About Standard RegisterStandard Register provides market-specific insights and acompelling portfolio of workflow, content and analytics solutionsto address the changing business landscape in healthcare, financialservices, manufacturing and retail markets. The Company hasoperations in all U.S. states and Puerto Rico, and currentlyemploys 3,500 full-time employees and 16 part-time employees.The Standard Register Company and 10 affiliated debtors soughtChapter 11 protection in Delaware on March 12, 2015, with plans tolaunch a sale process where its largest secured lender would serveas stalking horse bidder in an auction.The cases are pending before the Honorable Judge Brendan L.Shannon and are jointly administered under Case No. 15-10541.The Debtors have tapped Gibson, Dunn & Crutcher LLP and YoungConaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &Transformation Services U.S., LLC, as restructuring advisors; andPrime Clerk LLC as claims agent.The Official Committee of Unsecured Creditors tapped LowensteinSandler LLP as its counsel and Jefferies LLC as its exclusiveinvestment banker.SUN BANCORP: Names Grace Torres to Board of Directors-----------------------------------------------------Sun Bancorp, Inc., the holding company for Sun National Bank,appointed Grace C. Torres to the Board of Directors of the Company. Ms. Torres will also serve as a director of the Bank and as amember of the Audit and Risk Committees of the Company's and Bank'sBoards of Directors. Ms. Torres has been appointed to serve for aterm to expire at the next annual meeting of shareholders of theCompany and until her successor has been duly elected andqualified.Torres currently serves as a director and trustee of the PrudentialRetail Mutual Funds complex, comprised of more than 60 mutualfunds, with aggregate assets of $78 billion, encompassing amultitude of diverse asset classes. She also serves as a member ofthe Prudential Retail Mutual Funds Investment Committee. Previously, Torres held leadership roles at Prudential InvestmentsLLC, Prudential Annuities Advisory Services, Inc., and ASTInvestment Services, Inc. Most recently, she served as principalfinancial officer, principal accounting officer, treasurer andsenior vice president of Prudential Investments LLC. Torres alsoheld progressive management roles at Bankers Trust and Ernst &Young in New York City."Grace is a results-oriented global financial executive with morethan 30 years of experience," said Thomas M. O'Brien, president &CEO. "We are delighted to welcome Grace to Sun. With a distinguished track record at Fortune 500 corporations includingexecutive level roles in managing finance, treasury, operations,public company reporting and regulatory matters, Grace will be avaluable addition to our Board."A Certified Public Accountant, Torres is a graduate of New YorkUniversity, and has been recognized as one of top 50 Hispanicbusiness executives by both Hispanic Business and Latina Stylemagazines. About Sun Bancorp. Inc.Sun Bancorp, Inc. is a bank holding company headquartered in MountLaurel, New Jersey. Its primary subsidiary is Sun National Bank, acommunity bank serving customers throughout New Jersey. SunNational Bank -- http://www.sunnationalbank.com/-- is an Equal Housing Lender and its deposits are insured up to the legal maximumby the Federal Deposit Insurance Corporation (FDIC).On April 15, 2010, Sun National Bank entered into a writtenagreement with the OCC which contained requirements to develop andimplement a profitability and capital plan which provides for themaintenance of adequate capital to support the Bank's risk profilein the current economic environment.Sun Bancorp reported a net loss available to common shareholders of$29.8 million in 2014, a net loss available to common shareholdersof $9.94 million in 2013, and a net loss available to commonshareholders of $50.49 million in 2012.As of March 31, 2015, the Company had $2.43 billion in totalassets, $2.18 billion in total liabilities and $249 million intotal shareholders' equity.TERVITA CORP: Bank Debt Trades at 9% Off----------------------------------------Participations in a syndicated loan under which Tervita Corp is aborrower traded in the secondary market at 91.20 cents-on-the-dollar during the week ended Friday, July 24, 2015, according todata compiled by LSTA/Thomson Reuters MTM Pricing and reported inthe July 28, 2015, edition of The Wall Street Journal. Thisrepresents a decrease of 1.55 percentage points from the previousweek, The Journal relates. Tervita Corp pays 500 basis points aboveLIBOR to borrow under the facility. The bank loan matures onJanuary 24, 2018, and carries Moody's B3 rating and Standard &Poor's B- rating. The loan is one of the biggest gainers andlosers among 256 widely quoted syndicated loans with five or morebids in secondary trading for the week ended July 24.TREETOPS ACQUISITION: Exits Chapter 11 Bankruptcy-------------------------------------------------UpNorthLive.com reports that Treetops Resort said on July 27, 2015,that they have completed the voluntarily reorganization processunder Chapter 11 of the U.S. Bankruptcy code, giving the resort'sownership time to shed legacy debt and position itself financiallyfor further improvements. About Treetops AcquisitionHeadquartered in Gaylord, Michigan, Treetops Acquisition Company,LLC -- dba Treetops Land Company, LLC; Treetops Enterprises, LLC;Treetops; Treetops South Village Property Management; Association,INc.; Treetops Sylvan Resort; Treetops Jones Estates PropertyOwners Association, Inc.; Treetops Resort; Treetops HoldingCompany; Treetops Realty, Inc.; Treetops Land Development Company,LLC; Treetops Tradition Condominium Association, Inc.; TreetopsNorth Estates Condominium Association, Inc.; and Sylvan Resort --owns Treetops Resort and Spa, a northern Michigan golf and skidestination, and features prominent auto industry investors.Treetops Acquisition filed for Chapter 11 bankruptcy protection(Bankr. E.D. Mich. Case No. 14-22602) on Nov. 25, 2014,estimating its assets at $1 million to $10 million and itsliabilities at $10 million to $50 million. The petition wassigned by Richard B. Owens, general manager.Jason W. Bank, Esq., at Kerr, Russell And Weber, PLC, serves asthe Debtor's bankruptcy counsel.TRUMP ENTERTAINMENT: Bid to Stay Union Activities Denied--------------------------------------------------------Judge Kevin Gross of the United States Bankruptcy Court for theDistrict of Delaware denied Trump Entertainment Resorts, Inc., andcertain of its affiliates' motion seeking enforcement of theautomatic stay against UNITE HERE Local 54.Beginning on or about September 26, 2014, the Union begancontacting potential customers of the Debtors to discuss itsongoing dispute with the Debtors concerning their CollectiveBargaining Agreement. The Union encouraged the customers toboycott the Trump Taj Mahal Hotel Casino which the Debtors ownedand operated. On October 8, 2014, Trump Entertainment filed the Stay Motion,arguing that the Union's communications with potential Taj Mahalcustomers violate the automatic stay contained in Section 362 ofthe Bankruptcy Code.The Union objected to the Stay Motion, arguing that itscommunications with potential Taj Mahal customers do not violatethe automatic stay or are otherwise protected by federal labor law,specifically the Norris-LaGuardia Act (the "NLA") and the FirstAmendment.Judge Gross determined that the automatic stay does not apply tothe Union's conduct. The judge found that, based on the Union'ssuperior competing legal interest, as embodied by the NLA and itspolicy against court interference with labor relations, the Unionhas not acted to obtain possession or exercise control overproperty of Trump Entertainment's bankruptcy estate. Thus, Section362(a)(3) of the Bankruptcy Code is inapplicable to the Union'sconduct. The judge also found that Section 362(a)(6) isinapplicable to the Union's forward-looking labor activities. The case is In re: TRUMP ENTERTAINMENT RESORTS, INC., et al.,Chapter 11, Debtors, CASE NO. 14-12103 (KG) (Bankr. D. Del.).A full-text copy of Judge Gross' July 21, 2015 opinion is availableat http://is.gd/YsbSMiat Leagle.com. About Trump EntertainmentTrump Entertainment Resorts Inc., owner of the Atlantic CityBoardwalk casinos that bear the name of Donald Trump, returned toChapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on Sept.9, 2014, with plans to shutter its casinos.TER and its affiliated debtors own and operate two casino hotelslocated in Atlantic City, New Jersey. TER said it will close theTrump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent unionconcessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.The Debtors have sought an order authorizing the jointadministration of their Chapter 11 cases and the consolidationthereof for procedural purposes only. Judge Kevin Gross presidesover the Chapter 11 cases.The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, ascounsel; Stroock & Stroock & Lavan LLP, as co-counsel; HoulihanLokey Capital, Inc., as financial advisor; and Prime Clerk LLC, asnoticing and claims agent.TER estimated $100 million to $500 million in assets as of thebankruptcy filing.The Debtors as of Sept. 9, 2014, owe $285.6 million in principalplus accrued but unpaid interest of $6.6 million under a first liendebt issued under their 2010 bankruptcy-exit plan. The Debtorsalso have trade debt in the amount of $13.5 million. * * *Judge Kevin Gross of the U.S. Bankruptcy Court for the District ofDelaware on March 12, 2015, confirmed Trump Entertainment Resorts,Inc., et al.'s Third Amended Joint Plan of Reorganization andDisclosure Statement pursuant to Section 1129 of the BankruptcyCode.The Debtors filed on January 5, 2015, the Plan and accompanyingDisclosure Statement to, among other things, provide that holdersof General Unsecured Claims will receive Distribution TrustInterests, which will include $1 million in cash and the proceeds,if any, of certain avoidance actions. Under the revised plan,holders of general unsecured claims are estimated to recover 0.47%to 0.43% of their total allowed claim amount. The Amended Planalso includes language reflecting the recently-approved $20 millionloan from Carl Icahn.TWC INC: Case Summary & 20 Largest Unsecured Creditors------------------------------------------------------Debtor: TWC, Inc. PO Box 1180 Shelby, NC 28151Case No.: 15-40311Chapter 11 Petition Date: July 28, 2015Court: United States Bankruptcy Court Western District of North Carolina (Shelby)Judge: Hon. Craig WhitleyDebtor's Counsel: Richard S. Wright, Esq. MOON WRIGHT & HOUSTON, PLLC 227 W. Trade Street, Suite 1800 Charlotte, NC 28202 Tel: (704) 944-6564 Fax: (704) 944-0380 Email: firstname.lastname@example.com Assets: $500,000 to $1 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by Bryson A. Westbrook, president.A list of the Debtor's 20 largest unsecured creditors is availablefor free at http://bankrupt.com/misc/ncwb15-40311.pdfUS TELEPACIFIC: S&P Raises CCR to 'B', Outlook Stable-----------------------------------------------------Standard & Poor's Ratings Services said it raised its corporatecredit rating on Los Angeles-based U.S. TelePacific Holdings Corp.to 'B' from 'B-'. The outlook is stable.S&P also raised the issue-level rating on the company's seniorsecured revolver and term loan to 'B' from 'B-' and revised therecovery rating on the debt to '3' from '4'. The '3' recoveryrating indicates S&P's expectation for meaningful (50%-70%; at thelower half of the range) recovery in the event of a paymentdefault."The upgrade reflects our improved view of the business as thecompany has diversified away from declining basic voice andlow-bandwidth Internet services by successfully targeting larger,multi-location business accounts, and capitalizing on sellinghigh-margin, value-added products and services to its customers,"said Standard & Poor's credit analyst Scott Tan. Through a series of acquisitions over the past several years,TelePacific has increased its capabilities to service higheraverage revenue per account (ARPA) business customers," he added. S&P views this strategy favorably as the cable providers increasetheir presence in the small and midsize business (SMB) market.The stable rating outlook reflects S&P's expectation that revenueswill increase modestly over the next year as the company reducesits exposure to smaller business accounts and increases its marketpenetration among larger business customers while maintaining lowchurn, resulting in a relatively stable EBITDA margin in thelow-20% area.S&P could lower the rating if increased competitive pressures fromthe incumbents or weaker economic conditions result inhigher-than-expected revenue churn and lower levels of EBITDA suchthat the company records ongoing free operating cash flow deficits,leverage rises above 7x, liquidity is pressured, or S&P believesthere is the potential for covenant headroom to tighten. S&P could raise the rating following a favorable revision of thebusiness risk to "weak" from "vulnerable" as result of increasedrevenue per SMB customers with double-digit-percent revenue growthor if the company is able to reduce adjusted leverage to the low-4xarea. However, even under that scenario, an upgrade is unlikelyunless TelePacific's private-equity owners clearly articulate acredible financial policy that would allow leverage to remain inthe low-4x area over the longer term.VARIANT HOLDING: Asks Court to Extend Plan Filing Date to Dec. 23-----------------------------------------------------------------Variant Holding Company, LLC, and its debtor affiliates ask theU.S. Bankruptcy Court for the District of Delaware to extend theirexclusive period to file a plan of reorganization through andincluding December 23, 2015, and their exclusive period to obtainacceptances of that plan through and including February 23, 2016.The Debtors tell the Court that they merely require additional timeto maximize the value of their estate, consistent with thetimetable and protocols incorporated into the settlement with theBeach Point Funds. The Debtor is represented by: Richard M. Pachulski, Esq. Maxim B. Litvak, Esq. Peter J. Keane, Esq. PACHULSKI STANG ZIEHL & JONES 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19899-8705 Tel: (302) 652-4100 Fax: (302) 652-4400 Email: firstname.lastname@example.com firstname.lastname@example.com pkeane@pszj law.com About Variant HoldingVariant Holding Company, LLC, commenced bankruptcy proceedingsunder Chapter 11 of the U.S. Bankruptcy Code in Delaware (Case No.14-12021) on Aug. 28, 2014, without stating a reason.Tucson, Arizona-based Variant Holding estimated $100 million to$500 million in assets and less than $100 million in debt.The Debtor has tapped Peter J. Keane, Esq., at Pachulski StangZiehl & Jones LLP, as counsel.Members holding the majority of the interests in the company,namely Conix WH Holdings, LLC, Conix Inc., Numeric HoldingCompany,LLC, Walkers Dream Trust, and Variant Royalty Group, LP, signedtheresolution authorizing the bankruptcy filing.VARIANT HOLDING: Needs Until Nov. 23 to Remove Actions------------------------------------------------------Variant Holding Company, LLC, and its debtor affiliates ask theU.S. Bankruptcy Court for the District of Delaware to extend thetime within which they may remove actions pursuant to 28 U.S.C.Section 1452 and Rule 9027 of the Federal Rules of BankruptcyProcedure through and including November 23, 2015.The Debtors tell the Court that they have been focused onaddressing (a) their settlement with IMH Financial Corporation, (b)sale of their subsidiaries' real property assets to a third-partybuyer, (c) first and second amendments to theirdebtor-in-possession financing with the Beach Point Funds, (d)litigating their opposition to a motion by Courtland Gettel andcertain of his affiliates for payment of asserted property-levelclaims, (e) their supplemental sale motion for the sale of theirsubsidiary's Texas/East Coast Portfolio to the third party buyer,and (f) review filed proofs of claims and investigate causes ofaction and prepetition transactions. These critical matters hasbeen unable to fully analyze the existence of and extent of anyActions and make appropriate determinations concerning removal, theDebtors say.The Debtor believes the extension requested will provide the Debtorwith sufficient time to make well-informed decisions concerning theremoval of any Actions and will ensure that the Debtor's rightsprovided by Section 1452 can be exercised in an appropriatemanner.The Debtor is represented by: Richard M. Pachulski, Esq. Maxim B. Litvak, Esq. Peter J. Keane, Esq. PACHULSKI STANG ZIEHL & JONES 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19899-8705 Tel: (302) 652-4100 Fax: (302) 652-4400 Email: email@example.com firstname.lastname@example.com pkeane@pszj law.com About Variant HoldingVariant Holding Company, LLC, commenced bankruptcy proceedingsunder Chapter 11 of the U.S. Bankruptcy Code in Delaware (Case No.14-12021) on Aug. 28, 2014, without stating a reason.Tucson, Arizona-based Variant Holding estimated $100 million to$500 million in assets and less than $100 million in debt.The Debtor has tapped Peter J. Keane, Esq., at Pachulski StangZiehl & Jones LLP, as counsel.Members holding the majority of the interests in the company,namely Conix WH Holdings, LLC, Conix Inc., Numeric HoldingCompany,LLC, Walkers Dream Trust, and Variant Royalty Group, LP, signedtheresolution authorizing the bankruptcy filing.WALTER ENERGY: Not Permitted to Pay Obligations Prior to July 15----------------------------------------------------------------Walter Energy, Inc., has advised Dominion Resources Black WarriorTrust that it is not permitted to pay obligations that arose priorto July 15, 2015, including royalty payments. Specifically, theTrustee was informed by Walter Energy that it will not be payingthe distribution to the Trust, which would normally be paid by Aug.14, and normally would include royalty payments for the productionmonths of April, May and June 2015, as well as the portion of anyfuture quarterly distributions relating to production attributableto periods prior to July 15, 2015.The Trustee has engaged counsel and will take appropriate action toprotect the royalty payments and assets of the Dominion ResourcesBlack Warrior Trust. About Walter EnergyWalter Energy -- http://www.walterenergy.com/-- is a publicly traded "pure-play" metallurgical coal producer for the global steelindustry with strategic access to steel producers in Europe, Asiaand South America. The Company also produces thermal coal,anthracite, metallurgical coke and coal bed methane gas. WalterEnergy employs approximately 2,700 employees, with operations inthe United States, Canada and the United Kingdom.Walter Energy, Inc., aka Walter Industries, Inc. (Bankr. N.D. Ala.Case No. 15-02741) and affiliates Jim Walter Resources, Inc.(Bankr. N.D. Ala. Case No. 15-02743), Walter Coke, Inc. (Bankr.N.D. Ala. Case No. 15-02744), SP Machine, Inc. (Bankr. N.D. Ala.Case No. 15-02746), Atlantic Development & Capital, LLC (Bankr.N.D. Ala. Case No. 15-02747), Blue Creek Coal Sales, Inc. (Bankr.N.D. Ala. Case No. 15-02750), Taft Coal Sales & Associates, Inc.(Bankr. N.D. Ala. Case No. 15-02751), Blue Creek Energy, Inc.(Bankr. N.D. Ala. Case No. 15-02752), Tuscaloosa Resources, Inc.(Bankr. N.D. Ala. Case No. 15-02753), V Manufacturing Company(Bankr. N.D. Ala. Case No. 15-02754), J.W. Walter, Inc. (Bankr.N.D. Ala. Case No. 15-02755), Walter Black Warrior Basin, LLC(Bankr. N.D. Ala. Case No. 15-02756), Walter Exploration &Production LLC (Bankr. N.D. Ala. Case No. 15-02757), Walter EnergyHoldings, LLC (Bankr. N.D. Ala. Case No. 15-02758), JeffersonWarrior Railroad Company Inc. (Bankr. N.D. Ala. Case No. 15-02759),Walter Home Improvement, Inc. (Bankr. N.D. Ala. Case No. 15-02760),Walter Land Company (Bankr. N.D. Ala. Case No. 15-02761), JimWalter Homes, LLC (Bankr. N.D. Ala. Case No. 15-02762), WalterMinerals, Inc. (Bankr. N.D. Ala. Case No. 15-02763), Maple CoalCo., LLC (Bankr. N.D. Ala. Case No. 15-02764), Walter Natural Gas,LLC (Bankr. N.D. Ala. Case No. 15-02765), Sloss-Sheffield Steel &Iron Company (Bankr. N.D. Ala. Case No. 15-02766), and AtlanticLeaseco, LLC (Bankr. N.D. Ala. Case No. 15-02773) filed separateChapter 11 bankruptcy petitions on July 15, 2015.Judge Tamara O Mitchell presides over the case.Stephen J. Shimshak, Esq., Kelley A. Cornish, Esq., Claudia R.Tobler, Esq., Ann K. Young, Esq., and Michael S. Rudnick, Esq., atPaul, Weiss, Rifkind, Wharton & Garrison serve as the Debtors'bankruptcy counsel. Patrick Darby, Esq., Jay Bender, Esq., Cathleen Moore, Esq., JamesBailey, Esq., and Bradley Arant Boult Cummings LLP serve as theDebtors' co-counsel.Ogletree Deakins LLP is the Debtors' labor & employment counsel.Maynard, Cooper & Gale, P.C., is the Debtors' special counsel.Blackstone Advisory Services, L.P., is the Debtors' investmentbanker.Alixpartners, LLP, is the Debtors' financial advisor.Kurtzman Carson Consultants LLC serves as the Debtors' claims,notice & balloting agent.Ira Dizengoff, Esq., Kristine Manoukian, Esq., and James Savin,Esq., at Akin Gump Strauss Hauer & Feld LLP serve as the SteeringCommittee's legal advisor. Lazard Freres & Co. LLP is the steeringcommittee's financial advisor.The Debtors listed total assets of $5.2 billion as of March 31,2015, and total debts of $5 billion as of March 31, 2015.The petition was signed by William Harvey, executive vice presidentand chief financial officer.For the year ended Dec. 31, 2014, the Company reported a net lossof $471 million following a net loss of $359 million in 2013. Asof Dec. 31, 2014, Walter Energy had $5.38 billion in total assets,$5.10 billion in total liabilities, and $282 million instockholders' equity.WALTER ENERGY: Won't Pay Royalty Payments to Dominion Resources---------------------------------------------------------------Dominion Resources Black Warrior Trust on July 28 disclosed that itreceived a letter from Walter Energy, Inc., stating that it filed apetition for relief under Chapter 11 of the U.S. Bankruptcy Code onJuly 15, 2015 and that is has an agreement with lenders regarding apre-negotiated restructuring plan. In the letter, Walter advisedthe Trust that it is not permitted to pay obligations that aroseprior to July 15, 2015, ("pre-petition obligations") includingroyalty payments. Specifically, the Trustee was informed by WalterEnergy, Inc. that it will not be paying the distribution to theTrust, which would normally be paid by August 14, and normallywould include royalty payments for the production months of April,May and June 2015, as well as the portion of any future quarterlydistributions relating to production attributable to periods priorto July 15, 2015.The Trustee has engaged counsel and will take appropriate action toprotect the royalty payments and assets of the Dominion ResourcesBlack Warrior Trust. About Walter EnergyWalter Energy -- http://www.walterenergy.com/-- is a publicly traded "pure-play" metallurgical coal producer for the global steelindustry with strategic access to steel producers in Europe, Asiaand South America. The Company also produces thermal coal,anthracite, metallurgical coke and coal bed methane gas. WalterEnergy employs approximately 2,700 employees, with operations inthe United States, Canada and the United Kingdom.For the year ended Dec. 31, 2014, the Company reported a net lossof $471 million following a net loss of $359 million in 2013. Walter Energy, Inc., and its affiliates sought Chapter 11protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham,Alabama on July 15, 2015.The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison ascounsel; Bradley Arant Boult Cummings LLP, as co-counsel; OgletreeDeakins LLP, as labor and employment counsel; Maynard, Cooper &Gale, P.C., as special counsel; Blackstone Advisory Services, L.P.,as investment banker; AlixPartners, LLP, as financialadvisor, and Kurtzman Carson Consultants LLC, as claims andnoticing agent.Walter Energy disclosed total assets of $5.2 billion and total debtof $5 billion as of March 31, 2015.WEST COAST: Can Use Cash Collateral Until August 15---------------------------------------------------The Hon. W. Richard Lee of the U.S. Bankruptcy Court for theEastern District of California approved a stipulation allowing WestCoast Growers, Inc., to use cash collateral until August 15, 2015.The stipulation, entered into by and between the Debtor, CentralValley Community Bank and the Growers, provides that the Debtor'scosts of operation, not including professional fees and costs,claims entitled to priority under 11 U.S.C. Section 503 (b)(9)claims and quarterly fees owed to the United States Trustee, do notexceed $0.235/lb. per processed pound.The Court prohibited the Debtor from paying George Salwasser -- aninsider from the Debtor's payroll -- any compensation, nor providehim with any other employee-related benefits, unless subsequentlyapproved by the Court.The parties believe that by continuing to process raisins throughJuly the Debtor will be able to generate approximately $600,000more for the Growers versus shutting down all operations at the endof current budget period expiring July 4, 2015.West Coast Growers, Inc. is represented by: Hagop T. Bedoyan, Esq. Jacob L. Eaton, Esq. Lisa A. Holder, Esq. KLEIN, DENATALE, GOLDNER, COOPER, ROSENLIEB & KIMBALL, LLP 5260 N. Palm Avenue, Suite 201 Fresno, California 93704 Tel.: 559 438-4374 Fax: 559 432-1847 Email: firstname.lastname@example.com email@example.com firstname.lastname@example.com About West Coast GrowersWest Coast Growers, Inc., a Kerman, California-based processor anddistributor of California raisins, sought Chapter 11 bankruptcyprotection (Bankr. E.D. Cal. Case No. 15-11079) on March 20, 2015,in Fresno, California. The case is assigned to Judge W. RichardLee. Related entity Salwasser, Inc. (the 100% shareholder of WCG)also sought bankruptcy protection on March 20, 2015 (Case No.15-11080). Charlotte Ellen Salwasser filed a Chapter 11 petition(Case No. 15-10705) on Feb. 26, 2015. Ms. Salwasser an husbandGeorge Salwasser are the principals and 50% shareholders ofSalwasser, Inc. Mr. Salwasser is the president of WCG, and Ms.Salwasser is the vice president and secretary of WCG.West Coast Growers disclosed total assets of $10.1 million andtotal liabilities of $59.6 million.Hagop T. Bedoyan, Esq., Jacob L. Eaton, Esq., at Lisa A. Holder,Esq., at Klein, Denatale, Goldner, Cooper, Rosenlieb & Kimball,LLP, serve as West Coast Growers' attorneys. Peter L. Fear, Esq.,at Fear Law Group, P.C., represents Salwasser as counsel.[*] Chilmark, Burford Launch Bankruptcy Litigation Joint Venture----------------------------------------------------------------Chilmark Partners, an bankruptcy and restructuring firm, andBurford Capital, a global finance and professional services firmfocused on law, on July 28 announced the launch of a new jointventure to provide financing and advisory services for claimsbrought in connection with US bankruptcies.The venture, Bankruptcy Litigation Funding LLC, will providefinancing to enable trustees, debtors, trusts and bankruptcyestates to pursue litigation claims that might otherwise beresource constrained. The new venture is also available to act asthe trustee itself, or as the administrator or manager of pools ofsuch claims.During the last several years two conflicting trends have emergedin the bankruptcy world: more litigation and pressure for speedierresolution. One solution has been to assign to post-confirmationtrusts legal claims that do not need to be litigated prior to theeffective date of the title 11 Plan. The fundamental goal of theventure is to improve the efficiency of these trusts and to betteralign creditor interests with trust administration.Burford and Chilmark have significant financial resources availableto devote to this new venture. Burford, publicly traded on theLondon Stock Exchange, has committed more than $500 million tolitigation financing over the past five years, and Chilmark hasinvested more than $1 billion in distressed private equity and hasalso advised on almost $100 billion of restructurings andfinancings. Together these firms bring unique and seasonedexperience and perspective on the nuances of litigation in theinsolvency landscape.The venture will be co-chaired by David Schulte, Chilmark'sManaging General Partner, and Jonathan Molot, Burford's ChiefInvestment Officer.David Schulte commented: "Many times at the end of bankruptcy casesI have seen major creditors stay interested through confirmationand kick important unresolved disputes down the road. The systemwill work better if creditor interests are more closely alignedwith the conduct of post-confirmation litigation. We intend tofill that void by bringing capital and quality management to theprocess. We have been in the bankruptcy world for more than 30years and Burford is the first name in litigation finance."Jonathan Molot commented: "Burford has ample experience insuccessfully financing insolvency matters, but collaborating withChilmark means we will raise our game to a whole new level. Welook forward to transforming this market -- just as we havetransformed other areas of litigation." About Chilmark PartnersChilmark Partners -- http://www.chilmarkpartners.com-- works closely with clients to solve their most complex financial issues-- restructuring, M&A, financing, and resolving litigation. Since1984 Chilmark has provided companies, creditors and investors withtruly independent advice. The firm has also invested capital ininsolvency situations and has operated numerous companies. ChilmarkPartners is based in Chicago. About Burford CapitalBurford -- http://www.burfordcapital.com-- is a global finance and professional services firm focused on law. Burford's businessesinclude litigation finance, insurance and risk transfer, law firmlending, corporate intelligence and judgment enforcement, advisoryand professional services and a wide range of investmentactivities. Burford's equity and debt securities are publiclytraded on the London Stock Exchange, and it works with lawyers andclients around the world from its principal offices in New York andLondon.[^] Recent Small-Dollar & Individual Chapter 11 Filings-------------------------------------------------------In re Palatial Investment Corp. Bankr. D. Ariz. Case No. 15-08730 Chapter 11 Petition filed July 14, 2015 Filed as Pro SeIn re Suzanne Jack Bankr. N.D. Cal. Case No. 15-30905 Chapter 11 Petition filed July 14, 2015In re Donald J. Pellicer, Sr. Bankr. M.D. Fla. Case No. 15-03157 Chapter 11 Petition filed July 14, 2015In re Janus Medical Group, Inc. Bankr. E.D. La. Case No. 15-11750 Chapter 11 Petition filed July 14, 2015 See http://bankrupt.com/misc/laeb15-11750.pdf represented by: Edwin M. Shorty, Jr., Esq. EDWIN M. SHORTY, JR. & ASSOCIATES E-mail: firstname.lastname@example.com re Corey Jude Delahoussaye Bankr. M.D. La. Case No. 15-10816 Chapter 11 Petition filed July 14, 2015In re L&L Bakeries, Inc. Bankr. D. Md. Case No. 15-19851 Chapter 11 Petition filed July 14, 2015 See http://bankrupt.com/misc/mdb15-19851.pdf represented by: Richard H. Gins, Esq. THE LAW OFFICE OF RICHARD H. GINS, LLC E-mail: email@example.com re Randal Irvin Voltin Bankr. D. Md. Case No. 15-19852 Chapter 11 Petition filed July 14, 2015In re Francisco Javier Sanchez and Maria Elena Sanchez Bankr. D. Nev. Case No. 15-14039 Chapter 11 Petition filed July 14, 2015In re 262 Broad Street Corp. Bankr. D.N.J. Case No. 15-23139 Chapter 11 Petition filed July 14, 2015 See http://bankrupt.com/misc/njb15-23139.pdf represented by: Steven D. Pertuz, Esq. LAW OFFICES OF STEVEN D. PERTUZ, LLC E-mail: email@example.com re Canoventures, Corp. Bankr. E.D.N.Y. Case No. 15-43218 Chapter 11 Petition filed July 14, 2015 See http://bankrupt.com/misc/mab15-43218.pdf represented by: Nigel E. Blackman, Esq. BLACKMAN & MELVILLE, P.C. E-mail: firstname.lastname@example.com re 3211 Transit Rd., Inc. Bankr. W.D.N.Y. Case No. 15-11488 Chapter 11 Petition filed July 14, 2015 See http://bankrupt.com/misc/nywb15-11488.pdf represented by: Arthur G. Baumeister, Jr., Esq. AMIGONE, SANCHEZ, ET AL. E-mail: email@example.com re Gary D. Robbins Bankr. W.D. Pa. Case No. 15-22552 Chapter 11 Petition filed July 14, 2015In re Peter O. Ozoh and Ngozi Frances Ozoh Bankr. E.D. Va. Case No. 15-72398 Chapter 11 Petition filed July 14, 2015In re Leonel Ramos Bankr. C.D. Cal. Case No. 15-21179 Chapter 11 Petition filed July 15, 2015In re Gert Sommer Jensen and Lauralee Sundbloom Jensen Bankr. E.D. Cal. Case No. 15-25626 Chapter 11 Petition filed July 15, 2015In re 9006 Soquel Drive, Aptos, LLC Bankr. N.D. Cal. Case No. 15-52325 Chapter 11 Petition filed July 15, 2015 See http://bankrupt.com/misc/canb15-52325.pdf represented by: Henry B. Niles, III, Esq. LAW OFFICES OF HENRY B. NILES III E-mail: email@example.com re Judith Winick, Inc. Bankr. D. Colo Case No. 15-17906 Chapter 11 Petition filed July 15, 2015 filed Pro SeIn re 5037 Meads ST, LLC Bankr. D.D.C. Case No. 15-00369 Chapter 11 Petition filed July 15, 2015 See http://bankrupt.com/misc/dcb15-00369.pdf represented by: Richard H. Gins, Esq. THE LAW OFFICE OF RICHARD H. GINS LLC E-mail: email@example.com re Joe's Properties, LLC Bankr. M.D. Fla. Case No. 15-03177 Chapter 11 Petition filed July 15, 2015 See http://bankrupt.com/misc/flmb15-03177.pdf represented by: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER E-mail: email@example.com re George D Chatelain Bankr. E.D.N.Y. Case No. 15-43220 Chapter 11 Petition filed July 15, 2015In re Tin Ming Cheng Bankr. E.D.N.Y. Case No. 15-43231 Chapter 11 Petition filed July 15, 2015In re Biz as Usual, LLC Bankr. E.D. Pa. Case No. 15-15040 Chapter 11 Petition filed July 15, 2015 See http://bankrupt.com/misc/paeb15-15040.pdf represented by: Sherri Dicks, Esq. LAW OFFICES OF SHERRI R. DICKS, P.C. E-mail: email@example.com re Ream Properties, LLC Bankr. M.D. Pa. Case No. 15-02980 Chapter 11 Petition filed July 15, 2015 See http://bankrupt.com/misc/pamb15-02980.pdf filed Pro SeIn re German Ruiz Feneque and Teodocia Nieves Acevedo Bankr. D.P.R. Case No. 15-05393 Chapter 11 Petition filed July 15, 2015In re James Wendell Norris Bankr. E.D.Tex. Case No. 15-41267 Chapter 11 Petition filed July 15, 2015In re E.O. Wood Co., Inc. Bankr. N.D. Tex. Case No. 15-42830 Chapter 11 Petition filed July 15, 2015 See http://bankrupt.com/misc/txnb15-42830.pdf represented by: Behrooz P. Vida, Esq. THE VIDA LAW FIRM, PLLC E-mail: firstname.lastname@example.com re Tom Baures Excavating, LLC Bankr. W.D. Wis. Case No. 15-12571 Chapter 11 Petition filed July 15, 2015 See http://bankrupt.com/misc/wiwb15-12571.pdf represented by: Greg P. Pittman, Esq. PITTMAN & PITTMAN LAW OFFICES, LLC E-mail: email@example.com re Herlinda Ornelas Bankr. C.D. Cal. Case No. 15-12424 Chapter 11 Petition filed July 16, 2015In re Mayra Lourdes Crespo Bankr. C.D. Cal. Case No. 15-21248 Chapter 11 Petition filed July 16, 2015In re Executive Title, Inc. Bankr. N.D. Ill. Case No. 15-24212 Chapter 11 Petition filed July 16, 2015 See http://bankrupt.com/misc/ilnb15-24212.pdf represented by: James J. Burns, Jr., Esq. THE BURNS LAW FIRM P.C. E-mail: firstname.lastname@example.com re Robert S Farnik Bankr. N.D. Ill. Case No. 15-24241 Chapter 11 Petition filed July 16, 2015In re Nelson E Clemmens Bankr. W.D. Ky. Case No. 15-32294 Chapter 11 Petition filed July 16, 2015In re Prabhat, LLC Bankr. D. Nev. Case No. 15-14106 Chapter 11 Petition filed July 16, 2015 See http://bankrupt.com/misc/nvb15-14106.pdf represented by: David A Riggi, Esq. E-mail: email@example.com re Bnois Spinka Bankr. E.D.N.Y. Case No. 15-43251 Chapter 11 Petition filed July 16, 2015In re Steve LaCroix Ramos, Sr. Bankr. E.D.N.C. Case No. 15-03906 Chapter 11 Petition filed July 16, 2015In re Matthew Alvalee Dorris and Tanya Marie Dorris Bankr. W.D. Ark. Case No. 15-71853 Chapter 11 Petition filed July 20, 2015In re B & M Industries, Inc. Bankr. M.D. Fla. Case No. 15-07432 Chapter 11 Petition filed July 20, 2015 See http://bankrupt.com/misc/flmb15-07432.pdf represented by: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. E-mail: firstname.lastname@example.com re Urban Properties Group, Inc., Debtor Bankr. S.D. Fla. Case No. 15-22938 Chapter 11 Petition filed July 20, 2015 See http://bankrupt.com/misc/flsb15-22938.pdf represented by: Owei Z Belleh, Esq. BROWN & BELLEH, PLLC E-mail: firstname.lastname@example.com re Keith Irvin Payne Bankr. S.D. Ind. Case No. 15-06152 Chapter 11 Petition filed July 20, 2015In re Creative Vistas, Inc. Bankr. N.D. Ill. Case No. 15-24637 Chapter 11 Petition filed July 20, 2015 See http://bankrupt.com/misc/ilnb15-24637.pdf represented by: David P. Lloyd, Esq. DAVID P. LLOYD, LTD. E-mail: email@example.com re Mijona Simonovic Bankr. N.D. Ill. Case No. 15-24667 Chapter 11 Petition filed July 20, 2015In re 336 Barretto Street, LLC Bankr. S.D.N.Y. Case No. 15-11885 Chapter 11 Petition filed July 20, 2015 filed Pro SeIn re Arnold C Hansen Bankr. W.D. Wash Case No. 15-14368 Chapter 11 Petition filed July 20, 2015 *********Monday's edition of the TCR delivers a list of indicative pricesfor bond issues that reportedly trade well below par. Prices areobtained by TCR editors from a variety of outside sources duringthe prior week we think are reliable. Those sources may not,however, be complete or accurate. The Monday Bond Pricing tableis compiled on the Friday prior to publication. Prices reportedare not intended to reflect actual trades. Prices for actualtrades are probably different. Our objective is to shareinformation, not make markets in publicly traded securities.Nothing in the TCR constitutes an offer or solicitation to buy orsell any security of any kind. It is likely that some entityaffiliated with a TCR editor holds some position in the issuerspublic debt and equity securities about which we report.Each Tuesday edition of the TCR contains a list of companies withinsolvent balance sheets whose shares trade higher than $3 pershare in public markets. At first glance, this list may look likethe definitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.On Thursdays, the TCR delivers a list of recently filedChapter 11 cases involving less than $1,000,000 in assets andliabilities delivered to nation's bankruptcy courts. The listincludes links to freely downloadable images of these small-dollarpetitions in Acrobat PDF format.Each Friday's edition of the TCR includes a review about a book ofinterest to troubled company professionals. All titles areavailable at your local bookstore or through Amazon.com. Go tohttp://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday editionof the TCR.The Sunday TCR delivers securitization rating news from the weekthen-ending. *********S U B S C R I P T I O N I N F O R M A T I O NTroubled Company Reporter is a daily newsletter co-publishedby Bankruptcy Creditors Service, Inc., Fairless Hills,Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel ElaineTumanda, 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, CarloFernandez, Christopher G. Patalinghug, and Peter A. Chapman,Editors.Copyright 2015. All rights reserved. ISSN: 1520-9474.This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers. Information containedherein is obtained from sources believed to be reliable, but isnot guaranteed.The TCR subscription rate is $975 for 6 months delivered viae-mail. Additional e-mail subscriptions for members of the samefirm for the term of the initial subscription or balance thereofare $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***