text: TCR_Public/160310.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, March 10, 2016, Vol. 20, No. 70 HeadlinesABERCROMBIE & FITCH: S&P Affirms 'BB-' CCR, Outlook StableASPECT SOFTWARE: Case Summary & 50 Largest Unsecured CreditorsASPECT SOFTWARE: Files Ch. 11 With Deal to Reduce $795M DebtAZIZ CONVENIENCE: Final Decree Entered, Chapter 11 Case ClosedBUDD COMPANY: March 11 Hearing on 5th Amended DisclosuresBUFFETS LLC: Requests Joint Administration of CasesBUFFETS LLC: Seeks Nod for Consolidated List of Top Unsec CreditorsBUILDERS FIRSTSOURCE: Raging Capital Has 5.4% Stake as of March 4CANAL ASPHALT: Files Liquidation Plan; Auction Set for April 21CANAL ASPHALT: SSG Capital to Assist in Sale of Asphalt PlantCENVEO INC: Moody's Lowers CFR to Caa2 & Changes Outlook to Neg.CHINA BAK: Xiangqian Li Resigns as Chairman, CEO & PresidentCIPHERLOC CORP: Reports $230,000 Net Income for Dec. 2015 QuarterCLEAREDGE POWER: Court Confirms Debtors' 2nd Amended PlanCONGREGATION BIRCHOS: Sale Free of Yeshiva's Interests, Bank SaysCTI BIOPHARMA: Dr. Mary Mundinger Won't Seek Re-ElectionDETROIT PUBLIC SCHOOLS: Taps Judge Rhodes as Transition ManagerDF SERVICING: AFS CPA Group Approved as AuditorDF SERVICING: Hires Salichs Pou as Special CounselEAST ORANGE GENERAL: Expands PwC Role to Include ValuationEXTREME PLASTICS: PACCAR Seeks Adequate ProtectionEXTREME PLASTICS: Taps Epiq as Administrative AdvisorEXTREME PLASTICS: Taps Epiq as Claims, Noticing AgentFC WINDENERGY: German Case Recognized as "Foreign Main Proceeding"FELD LIMITED: Taps Jon Anderson to Handle Tenant/Landlord SuitsFJK PROPERTIES: Full-Payment Plan Confirmed After $21.5M SaleFJK PROPERTIES: Says Creditors Paid, Wants Case ClosedFOREST PARK SOUTHLAKE: Court Set to Hear Tax Consultant HiringFOREST PARK: Needs Time to Close Sale Before Ending FPMC DealGINGER OIL: Has Access to Cash Collateral Until April 27GUIDED THERAPEUTICS: Inks Amendment #8 to 2014 Promissory NotesHAGGEN HOLDINGS: Wants Plan Filing Exclusivity Until June 6HEMCON MEDICAL: Goldstein & McClintock Okayed as Committee CounselHEMCON MEDICAL: Healthios Approved as Panel's Investment BankerHEMCON MEDICAL: Taps Miller Nash Over Intellectual Property IssuesHEMCON MEDICAL: Zupancic Okayed as Committee's Oregon CounselHORSEHEAD HOLDING: Wants April 17 as General Claims Bar DateICONIX BRAND: S&P Affirms 'B' CCR & Rates $300MM Sec. Loan 'B'ICTS INTERNATIONAL: Atzmon Has 18.6% OwnershipIDERA PHARMACEUTICALS: Files Investor Presentation with SECIHEARTCOMMUNICATIONS INC: Moody's Affirms Caa2 Corp. Family RatingIHEARTMEDIA INC: S&P Puts 'CCC' CCR on CreditWatch NegativeJOYCE LESLIE: Clear Thinking Approved as Financial AdvisorJOYCE LESLIE: Court Approves Oberon as Investment BankerJOYCE LESLIE: Goldberg Weprin Approved as Bankr. CounselLATTICE INC: Obtains $375,000 Loan From Cantone AssetLEVEL 3 FINANCING: Fitch Gives BB Rating on Unsec. Notes Due 2026LEVEL 3 FINANCING: Moody's Assigns B1 Rating on New $500MM NotesLEVEL 3 FINANCING: S&P Assigns 'B' Rating on $500MM Sr. NotesLIQUIDMETAL TECHNOLOGIES: Incurs $7.31 Million Net Loss in 2015MARVELL TECHNOLOGY: Seeks Extension of Nasdaq Listing ComplianceMETROPOLITAN AUTOMOTIVE: Files Schedules of Assets & LiabilitiesMETROPOLITAN AUTOMOTIVE: Gets Court OK to Retain Pachulski as CROMETROPOLITAN AUTOMOTIVE: Hires Winthrop Couchot as Gen. CounselMETROPOLITAN AUTOMOTIVE: Stipulates With UST Over Winthrop FeesMID-STATES SUPPLY: Required by Lender to Complete Sale by April 15MISSISSIPPI PHOSPHATES: UCC Bid for Standing Unopposed, ApprovedNCR CORP: $250MM Share Repurchase No Impact on Moody's Ba3 CFRNEW LOUISIANA: March 15 Hearing to Estimate Tort ClaimsNEW LOUISIANA: March 15 Hearing to Extend Plan Filing DateNEW YORK LIGHT: Amended Order on Premium Financing Deals EnteredNEW YORK LIGHT: Has Access to Cash Collateral Until JuneO.W. BUNKER: Liquidation Plans Declared EffectiveOMINTO INC: Posts $2 Million Net Loss During Dec. 2015 QuarterPARC ENGLAND: Case Summary & 20 Largest Unsecured CreditorsPETROLEUM PRODUCTS: Wants Extension of Schedules Filing DeadlinePREMIER PAIN: U.S. Trustee Unable to Appoint CommitteePRESSURE BIOSCIENCES: Gets Add'l $550,000 From Private OfferingPRIMA BIOMED: Receives NASDAQ Bid Price Deficiency NoticePRIME GLOBAL: Gets Approval for Revised Development Land OrderPRIME GLOBAL: Sek Fong Wong Resigns as SecretaryPROSPECT HOLDING: S&P Lowers ICR to 'SD' on Finalized Tender OfferQUICKSILVER RESOURCES: Canada Unit COO Gets $89,000 BonusQUICKSILVER RESOURCES: Canada Unit Sells Oil & Gas Biz for $79MREALOGY HOLDINGS: Jessica Bibliowicz Quits as DirectorREEVES DEVELOPMENT: Ordered to File 4th Amended Plan & DisclosuresREHOBOTH MCKINLEY: Fitch Keeps $5.6MM 2007 Bonds on Watch NegativeRESEARCH SOLUTIONS: 12 West Has 9.3% Stake as of Feb. 26RESOLUTE ENERGY: S&P Lowers CCR to 'CCC-', Outlook NegativeREXFORD PROPERTIES: Taps Sherwood Partners as Finc'l. AdvisorsRWL INVESTMENTS: Case Summary & 9 Unsecured CreditorsRWL INVESTMENTS: Files Schedules of Assets and LiabilitiesSEMGROUP CORP: Moody's Lowers CFR to 'B2', Outlook StableSIBLING GROUP: Posts $1.19 Million Net Loss in Dec. 2015 QuarterSPIG INDUSTRY: Judge Set to Confirm Plan Over Grundy ObjectionsST MICHAEL'S: Has Until June 5 to Remove Pending ActionsSUNTECH AMERICA: IRS Objects to Plan ReleasesSUNTECH AMERICA: Plan Confirmation Hearing DeferredSURGICAL CARE: Moody's Raises CFR to B1, Outlook StableT-REX OIL: Posts $1.5 Million Net Loss in Dec. 2015 QuarterTANDOORI AT TRANSIT: Case Summary & 20 Top Unsecured CreditorsTASC INC: Moody's Affirms B2 CFR & Changes Outlook to NegativeTHERAPEUTICSMD INC: Presents Data From Phase 3 Rejoice TrialTOWN SPORTS: S&P Lowers CCR to 'SD' on Debt RepurchaseTRAC INTERMODAL: Moody's Assigns Caa1 Rating on $485MM Sr. NotesULTRA PETROLEUM: In Default; E&Y Raises Going Concern DoubtUNIFIEDONLINE INC: Has Going Concern Doubt Amid IWEB Loan DefaultUS FOODS: S&P Raises Rating on $2.1BB Secured Loan to 'B'US SILICA: Moody's Lowers CFR to B2, Outlook Remains NegativeUSA DISCOUNTERS: Committee's Challenge Period Extended to March 29VARIANT HOLDING: Disclosure Statement Hearing Set for March 30VERMILION ENERGY: S&P Affirms 'BB-' CCR Then Withdraws RatingVULCAN MATERIALS: S&P Raises Rating on Unsecured Notes From 'BB+'WASHINGTON MUTUAL: Steering Committee Members Enter Into Mediation[*] Fitch Lowers Ratings on 24 Bonds in 10 CMBS Deals to 'D'[*] Fitch Says Personal Bankruptcies Set for Sixth Straight Drop[*] Global Speculative-Grade Default Continues to Rise, Moody's Say[^] Recent Small-Dollar & Individual Chapter 11 Filings *********ABERCROMBIE & FITCH: S&P Affirms 'BB-' CCR, Outlook Stable----------------------------------------------------------Standard & Poor's Ratings Services revised its rating outlook onOhio-based Abercrombie & Fitch Co. to stable from negative. At thesame time, S&P affirmed its 'BB-' corporate credit rating on thecompany.S&P is also affirming the 'BB+' issue-level rating on theasset-based lending (ABL) revolver. The '1' recovery rating isunchanged and reflects S&P's expectations for very high recovery(90% to 100%) in the event of default. S&P also affirmed its 'BB-'issue-level rating on the term loan. The '3' recovery rating isunchanged and reflects S&P's expectations for meaningful recoveryat the high end of the 50% to 70% range."The outlook revision reflects our expectation for a modestimprovement in operating trends over the next 12 months, and forcredit metrics to remain around the current levels. The recentimprovement in operating performance indicates the company'sinitiatives to right-size the store base and improve merchandiseassortments are beginning to pay dividends, and we expect operatingperformance to stabilize further in fiscal 2016," said creditanalyst Andrew Bove. "Despite our expectations that the company'sEBITDA base will continue to decline over the next 12 to 24 monthsas a result of 30 to 40 net store closures per year, we believethese store closures are a necessary step to reduce the company'scost structure and compete more effectively in a specialty apparelsegment where e-commerce has increasingly become the preferredchannel for consumers."The stable outlook reflects S&P's expectation for sequential,modest improvement in operating performance over the next 12 to 24months, driven by continued closure of underperforming stores andimproved merchandise assortments. Although S&P expects thecompany's EBITDA base to shrink further over that time frame as aresult of the store closures and neutral- to slightly-negativesame-store sales, S&P forecasts leverage to remain in the mid- tohigh-4.0x area, and FFO to debt to remain in the 13% range at theend of fiscal 2016.S&P could take a negative rating action if the company fails todrive traffic through stores and e-commerce as a result ofineffective merchandising and lower consumer spending ondiscretionary items. This would result in mid-single-digitsame-store sales declines, coupled with a 100-basis-point declinein gross margin because of increase promotional activity. Underthis scenario, debt to EBITDA would weaken to the low-5.0x on asustained basis. Continued underperformance and unfavorabletraffic trends could also cause S&P to revise down its assessmentof the business, resulting in a lower rating.Although unlikely in the near term, S&P could take a positiverating action if the company can meaningfully improve operatingperformance and credit metrics over the next 12 months by improvingtraffic trends and further decrease in promotional activity. Underthis scenario, revenue would grow in the low-single digits(compared with S&P's forecast of negative mid-single digits) andgross margin would expand by 200 bps, resulting in sustained debtto EBITDA under 4.0x.ASPECT SOFTWARE: Case Summary & 50 Largest Unsecured Creditors--------------------------------------------------------------Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Aspect Software Parent, Inc. 16-10597 aka Aspect International LLC aka Aspect Software Intermediate Holdings LLC 2325 E. Camelback Road, Suite 700 Phoenix, AZ 85016 Aspect Software, Inc. 16-10598 VoiceObjects Holdings Inc. 16-10599 Voxeo Plaza Ten, LLC 16-10600 Davox International Holdings, LLC 16-10601 Type of Business: Technology and Communication CompaniesChapter 11 Petition Date: March 9, 2016Court: United States Bankruptcy Court District of Delaware (Delaware)Judge: Hon. Mary F. WalrathDebtors' Joshua A. Sussberg, P.C.General Aparna Yenamandra, Esq.Bankruptcy KIRKLAND & ELLIS LLP (NEW YORK)Counsel: 601 Lexington Avenue New York, NY 10022 Tel: 212.446.4800 Fax: 212.446.4900 Email: firstname.lastname@example.com email@example.com - and - James H.M. Sprayregen, P.C. William A. Guerrieri, Esq. KIRKLAND & ELLIS LLP (CHICAGO) 300 North LaSalle Chicago, IL 60654 Tel: 312.862.2000 Fax: 312.862.2200 Email: email@example.com email@example.com' Domenic E. Pacitti, Esq.Co-Bankruptcy Michael W. Yurkewicz, Esq.Counsel: KLEHR HARRISON HARVEY BRANZBURG LLP (DELAWARE) 919 Market Street, Suite 1000 Wilmington, DE 19801 Tel: 302-552-5511 Fax: 302-426-9193 Email: firstname.lastname@example.com firstname.lastname@example.com - and - Morton Branzburg, Esq. KLEHR HARRISON HARVEY BRANZBURG LLP (PHILADELPHIA) 1835 Market Street, Suite 1400 Philadelphia, PA 19103 Tel: 215.569.2700 Fax: 215.568.6603 Email: firstname.lastname@example.com' ALIX PARTNERS, LLPFinancialAdvisor:Debtors' JEFFERIES LLCInvestmentBanker andFinancialAdvisor:Debtors' PRIME CLERK LLCClaims, Notice andBallotingAgent:Total Assets: $940 millionTotal Debts: $1 billionThe petition was signed by Robert Krakauer, executive vicepresident and chief financial officer.List of Debtor's 50 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------U.S. Bank National Association Notes Deficiency Undetermined Two Liberty Place Claim50 S. 16th Street, Suite 1950Philadelphia, PA 19102Attn: Berthan McCleanTel: 215-761-9322Email: email@example.com Gate Capital Trade Payable $4,833,3331 Embradradero 39rd FlrSan Fancisco, CA 94111Microsoft Licensing Trade Payable $1,528,221Dept 551 Volume Licensing6100 Neil Rod Suite 210Reno, NV 89511-1137Ernst & Young LLP Trade Payable $1,156,063PNC Bank c/o Ernst & Young US LLP3712 Solutions CenterChicago, IL 60677-3007Attn: Eric S. LewisEmail: firstname.lastname@example.com States Advanced Trade Payable $624,654Network, Inc.3080 Northwoods CircleNorcross, GA 30071Attn: Michell ClendenenTel: 770-453-6034Fax: 770-729-8589Email: Michelle@firstname.lastname@example.com Systems Inc. Trade Payable $435,748330 South Service RdMelville, NY 11747Tel: 631-962-9446Fax: 631-962-9300Arrow Electronics Trade Payable $409,4427459 S. Lima StreetEnglewood, CO 80111Attn: Ket SeedroffTel: 303-566-7035Fax: 303-790-4945Email: email@example.com International Inc. Trade Payable $397,614634 2nd St.San Francisco, CA 94107Attn: Denise GoodrumTel: 615-523-5450Email: email@example.com Communications Trade Payable $349,057PO Box 2561Carol Stream, IL 60132-2561Attn: Janice BuckTel: 781-565-5197Fax: 1 781-565-5197Email: email@example.com Trade Payable $342,541PO Box 660206Dallas, TX 75266-0206Dell Marketing LP Trade Payable $274,173PO Box 802816 Chicago, IL 60680-2816Attn: Nagaraj G KTel: 1800-571-3355Fax: 512-283-9092Email: firstname.lastname@example.com Corporation Trade Payable $249,199Attn: Lockbock 8490451950 N Stemmons FWYSuite 5010Dallas, TX 75207Attn: Romelds Irish GadutTel: (425) 897-3623Fax: 425-708-6859Email: email@example.com Inc. Trade Payable $241,049Email: firstname.lastname@example.com Direct LLC Trade Payable $234,756Email: firstname.lastname@example.com America Inc. Trade Payable $229,065Email: firstname.lastname@example.com SA Trade Payable $205,833Email: email@example.com Limited Trade Payable $198,408Email: firstname.lastname@example.com Business Trade Payable $186,987Email: firstname.lastname@example.com Hosting Trade Payable $186,384Octasic Semiconductor Trade Payable $176,880Email: firstname.lastname@example.com Web Services LLC Trade Payable $165,199Email: email@example.com Licensing Trade Payable $164,279Email: email@example.com Google, Inc. Trade Payable $160,364Email: firstname.lastname@example.com Inc. Trade Payable $155,369Email: firstname.lastname@example.com Express TRS Trade Payable $150,001AGC Networks Inc. Trade Payable $138,000Email: email@example.com Trade Payable $137,605Adage Technologies Inc. Trade Payable $125,041Xactly Corporation Trade Payable $116,501Willpowers Corp. Trade Payable $116,280Business Objects Software Ltd. Trade Payable $115,748Email: email@example.com Electronics Corp. Trade Payable $102,580Email: firstname.lastname@example.com, Inc. Trade Payable $102,573Email: email@example.com Corporation Trade Payable $101,392Global Crossing Telecommunications Trade Payable $99,937Email: firstname.lastname@example.com Sourcing, LLC Trade Payable $99,620Email: firstname.lastname@example.com LLC Trade Payable $93,089Email: email@example.com Electronics Trade Payable $89,350Email: firstname.lastname@example.com Business Solutions Inc. Trade Payable $84,060Email: email@example.com&T Trade Payable $83,690SRI International Inc. Trade Payable $82,705Email: email@example.com USA LLC Trade Payable $79,770Email: firstname.lastname@example.com Solutionos PLC Trade Payable $74,245Email: firstname.lastname@example.com Software, Inc. Trade Payable $73,000Email: firstname.lastname@example.com, Inc. Trade Payable $67,531Crossrealms Inc. Trade Payable $66,873Baker and McKenzie Trade Payable $63,404Email: firstname.lastname@example.com Systems India PVT Ltd Trade Payable $59,644Email: email@example.com Communications Trade Payable $59,589Email: email@example.com Inc. Trade Payable $54,938Email: email@example.com SOFTWARE: Files Ch. 11 With Deal to Reduce $795M Debt------------------------------------------------------------Aspect Software Parent, Inc., commenced a case under Chapter 11 ofthe Bankruptcy Code with a pre-arranged agreement with certainunaffiliated holders of its debt obligations to eliminateapproximately $320 million of second lien debt, equitize $60million of first lien claims, and provide Aspect with access to $60million through a rights offering. The Company expects to completethe restructuring within 105 days from the Petition Date."This transaction marks a major milestone in the multi-yeartransformation of Aspect's business, through which we have evolvedfrom a legacy technology company that sold a limited set ofon-premises contact center software, to a contemporary andcomprehensive provider of contact center and workforce optimizationsolutions in the cloud," said Stew Bloom, Aspect's Chairman andCEO. "By resetting our capital structure and dramaticallyimproving our balance sheet, we will be well-positioned to competeover the long-term while continuing to accelerate investments inour product and service capabilities."Court documents show that as of Dec. 31, 2015, Aspect hadapproximately $940 million in book value in assets and $1 billionin total liabilities. As of Dec. 31, 2015, Aspect's significantfunded debt obligations include: (a) approximately $29 million ofprincipal amount and $1 million of issued letters of creditobligations under the First Lien Revolving Credit Facility; (b)approximately $445 million of principal amount of obligations underthe First Lien Term Loan; and (c) approximately $320 million inprincipal amount of Second Lien Secured Notes.The bankruptcy filing came amid the current and impendingmaturities of its $475 million first lien secured debt (therevolver matured on March 8, 2016 and the term loans mature on May7, 2016). The Company realized that a refinancing of the firstlien secured obligations did not seem feasible and the magnitude ofits cash interest payment obligations -- approximately $34 millionannually -- was unsustainable.Stewart M. Bloom, chairman and chief executive officer of Aspect,said: "Like most technology and communication companies worldwide,Aspect has consistently strived to stay competitive with its peersby developing new product lines and business initiatives, all ofwhich require significant research and development investments aswell as capital expenditures." He continued, "At the same time,Aspect has had to mitigate the effects of competition,technological change, and the delayed realization of profits fromthese new product lines."According to Mr. Bloom, Contact Centers have evolved from liveagents to multichannel that combine automated and live-agentoptions along with a host of available platforms such as SMStexting, mobile applications, e-mails, web interaction, messagingcapabilities, and social media. Cloud-based, on-demand technologythat allows parties to share information over the Internet hasincreasingly become the norm, with a focus on minimal managementeffort, reduced infrastructure costs, and ability to be utilized onpreviously unable platforms such as tablets and smartphones. Aspect also faces significant competition from, among others,Avaya, Genesys Laboratories, Cisco, Interactive Intelligence, NiceSystems, and Verint."The state of transformation in Aspect's primary product lines andthe need for capital that is required to be on the cutting-edge ofsoftware solutions has been especially challenging given Aspect'shighly-leveraged capital structure," Mr. Bloom said.Starting May 2015, Aspect had commenced a formal process to addressits capital structure. In light of the potential that thirdquarter 2015 results would likely reflect a decline in keyfinancial metrics, Aspect began exploring sale options. However, Aspect said no party has submitted a superior proposal. Plan Support AgreementAfter a year of planning, discussions, and negotiations, Aspect hasreached an agreement with a group of approximately 60% of the FirstLien Term Loan lenders and an ad hoc group of holders of certainclaims against the debtors (holding, in some instances, interestsin the First Lien Term Loan as well), reflecting those creditors'support of a proposed plan of reorganization.The transaction is supported by 33.3% of holders of First LienRevolver Claims, 94% of First Lien Term Loan Claims, and 42% ofholders of Second Lien Note Claims, all of whom have executed aplan support agreement with Aspect.Among other things, the Term Sheet generally contemplates that: (a) holders of $60 million of first lien claims will equitize such $60 million of first lien claims and receive 100% of the equity in reorganized Aspect; (b) holders of first lien revolver claims that are not equitized as part of the aforementioned $60 million and who agree to participate on a dollar-for-dollar basis in the new first lien revolver will have their prepetition first lien revolver claims paid in full in cash; (c) all other first lien claims will receive their pro rata share of (i) an amended and restated senior secured first lien term loan in the principal amount of $386 million, (ii) cash in an amount equal to the amount of first lien revolving claims that are being equitized, and (iii) cash in an amount equal to the amount of first lien revolver claims for which the holders thereof do not agree to participate in the new first lien revolver; (d) holders of second lien note claims will receive the right to participate in a $60 million new money investment for new HoldCo PIK securities that will convert into 25% of the equity in reorganized Aspect in certain circumstances, which new money investment will be backstopped by the Backstop Parties and potentially certain holders of first lien revolver claims; (e) holders of general unsecured claims will be paid in full in cash; and (f) holders of existing equity in Aspect will not receive any recovery."Backstop Parties" means certain funds or accounts managed,advised, or sub-advised by GSO Capital Partners LP, certain fundsand accounts managed and advised by MidOcean Credit FundManagement, LP, and certain funds or accounts managed, advised, orsub-advised by Guggenheim Partners Investment Management, LLC orits affiliates.The Term Sheet also details the key terms regarding adebtor-in-possession facility in the amount of $30 million beingprovided by certain holders of First Lien Claims.The pre-arranged agreement is principally led by certain affiliatesand funds of GSO Capital, a unit of The Blackstone Group,Guggenheim Partners Investment Management, LLC, LLC and MidOceanCredit Partners. GSO Capital Partners LP is the global creditinvestment platform of Blackstone, one of the world's leadinginvestment firms with $330B in assets under management. GuggenheimPartners Investment Management, LLC is an affiliate of GuggenheimPartners, a global investment and advisory firm. MidOcean CreditPartners is a multi-billion alternative credit manager and isaffiliated with MidOcean Partners, a New York based private equityfirm. First Day MotionsTo minimize the adverse effects on its business, Aspect has filedmotions and pleadings seeking various types of "first day" reliefseeking authority to, among other things, pay employee obligations,utilize existing cash management system, pay prepetition claims ofcritical vendors, and prohibit utility providers from discontinuingservices.A copy of the declaration in support of the First Day Motions isavailable for free at: http://bankrupt.com/misc/4_ASPECT_Affidavit.pdf About Aspect SoftwareHeadquartered in Phoenix, Arizona, with 38 offices located in 19countries, Aspect Software serves as a global provider of softwaresystems and equipment for contact centers that service the needs ofcustomers across various industries. Aspect delivers solutions tomore than 2,200 Contact Centers in more than 70 countries, and itsproducts currently support approximately 1.5 million contact centeragent seats, managing over 100 million enterprise customerinteractions daily.Aspect Software Parent, Inc., Aspect Software, Inc., VoiceObjectsHoldings Inc., Voxeo Plaza Ten, LLC and Davox InternationalHoldings, LLC filed Chapter 11 bankruptcy petitions (Bankr. D. Del.Proposed Lead Case No. 16-10597) on March 9, 2016. Robert Krakauersigned the petitions as executive vice president and chieffinancial officer. The Debtors have hired Kirkland & Ellis LLP as general bankruptcycounsel, Klehr Harrison Harvey Branzburg LLP as co-bankruptcycounsel, Alix Partners, LLP as financial advisor, Jefferies LLC asinvestment banker and Prime Clerk LLC as claims, notice, andballoting agent.AZIZ CONVENIENCE: Final Decree Entered, Chapter 11 Case Closed--------------------------------------------------------------The Hon. Eduardo V. Rodriguez of the U.S. Bankruptcy Court for theSouthern District of Texas entered a final decree closing theChapter 11 case of Aziz Convenience Stores, L.L.C.The Court found that the estate has been fully administered andthat the plan is fully consummated. The Debtor has sold substantially all of its assets and distributedthe proceeds. The Debtor said closing the case would avoid theadditional expense of maintaining the case.As reported in the Troubled Company Reporter on Dec. 31, 2015, theDebtor has paid off its primary secured creditors from various saletransactions, and believes that it has enough funds to pay offremaining creditors in full under its confirmed plan ofreorganization.On April 14, 2015, the Bankruptcy Court entered an order approvingthe sale of the 200-acre property in Hidalgo County, Texas, to Mr.Taek Kim for a total purchase price of $4,500,000. Pursuant to thesale order, the secured claim of Greenwich Investors XLV Trust2013-1 was paid in full from the sale proceeds. After closingcosts, broker's fees and payment of the Greenwich Secured Claim,the Debtor received $379,405.35 from the sale. Most of these saleproceeds were paid to the Comptroller as partial payment of itsclaim against the Estate.On July 28, 2015, the Bankruptcy Court approved the sale of thebulk of the Debtor's assets to Susser Petroleum Property CompanyLLC, following a marketing process of approximately six months. Susser, the stalking horse buyer, submitted an offer of $28 millionplus inventory. At the July 14, 2015 bid deadline, the Debtorreceived two qualifying overbids. At an auction held July 20,Susser emerged as the winning bidder with a $41,600,000 offer for27 of the 28 Stores, plus the purchase of the Debtor's inventory. Circle K Stores Inc. submitted a $41,500,000 backup bid. The saleto Susser closed on Aug. 10, 2015.As a result of the due diligence conducted by Susser certainpotential environmental issues related to the Stores werediscovered. Thus, in connection with the Susser Transaction, theDebtor funded an escrow reserve of $519,000 to cover potentialremediation and monitoring expenses. All rights to any remainder ofthis escrow fund shall transfer to Newco as part of the ResidualEstate. Further, Susser opted to exclude Store #2 from the SusserTransaction. As a result, on the Effective Date, Store #2 will betransferred to Newco as part of the Residual Estate.Pursuant to a settlement approved by the bankruptcy court on June23, 2015, Plains Capital Bank's secured claim was capped at$27,601,798, and secured claim was paid from the cash proceeds fromthe Susser Transaction.In addition, on Aug. 8, 2015, the Bankruptcy Court entered an orderapproving a compromise by and between the Debtor and theComptroller of Public Accounts for the State of Texas. The termsof the settlement provided for full and final satisfaction of theSales & Excise Tax Claim and full and final payment of theComptroller's claim for franchise taxes due in 2015. On September2, 2015, the Debtor paid the amounts due to the Comptroller underthe Comptroller Settlement thereby satisfying the Sales & ExciseClaim in full.As a result of the 200 Acres Sale and the Susser Transaction -- inconnection with the PCB Settlement and the Comptroller Settlement-- the largest Secured Claims against the Debtor have been fullysatisfied. Further, the Debtor does not anticipate significantNon-tax Priority Claims. As a result, the Debtor anticipates thaton the Effective Date there will exist sufficient Available Cash topay Allowed Administrative Claims in full and to pay AllowedGeneral Unsecured Claims the full amount of their prepetition claimamounts. The remainder, or the Residual Estate, shall betransferred to Newco for the benefit of Equity Interest Holders.Allowed Administrative Claims and Allowed Priority Tax Claimsagainst the Debtor will be paid in cash and in full from the Debtoron the later of (i) the Effective Date, (ii) the date on which suchClaim becomes an Allowed Claim; or (iii) such date as the PlanAgent and the holder of the Allowed Administrative or AllowedPriority Tax Claim shall agree. Allowed Administrative Claims andPriority Tax Claims are not entitled to post-petition interest.The Plan designates only two classes: * Class 1 - General Unsecured Claims. Class 1 is comprised of all Allowed General Unsecured Claims against the Debtor. * Class 2 - Equity Interests. Class 2 is comprised of all Allowed Equity Interests in the Debtor.Holders of Allowed General Unsecured Claims will receive a Pro Ratashare of Distributions from Available Cash up to the Allowed Amountof the Class 1 Claim without payment of postpetition interest. Onthe Effective Date, the Residual Estate will be transferred toNewco for the benefit of Allowed Equity Interests. Once the PlanAgent has paid all Allowed Administrative Claims, Allowed PriorityTax Claims, and Allowed General Unsecured Claims and satisfied allcosts of administering the Plan, all remaining funds in the PlanReserve will be paid to Newco. In addition, any remaining Causesof action not resolved by the Plan Agent shall be assigned toNewco.A copy of the Plan of Reorganization and Related DisclosureStatement dated Sept. 23, 2015, is available for free at: http://bankrupt.com/misc/Aziz_C_366_Plan_DS.pdf The Debtor is represented by: Matthew S. Okin, Esq. George Nino, Esq. David L. Curry, Jr. OKIN & ADAMS LLP 1113 Vine St. Suite 201 Houston, TX 77002 Tel: (713) 228-4100 Fax: (888) 865-2118 E-mails: firstname.lastname@example.com firstname.lastname@example.com firstname.lastname@example.com About Aziz ConvenienceAziz Convenience Stores, L.L.C., owned 28 convenience stores withgas pumps in Texas. Aziz also claimed to be the beneficial ownerof a 205.888 acre real property in Hidalgo County, Texas, which waspurchased by its principal, Dagoberto G. Trevino, using Aziz'sfunds.Aziz Convenience Stores filed a Chapter 11 bankruptcy petition(Bankr. S.D. Tex. Case No. 14-70427) in its hometown in McAllen,Texas, on Aug. 4, 2014.The Debtor tapped Okin & Adams LLP as general bankruptcy counseland Douglas J. Brickley and The Claro Group, LLC as ChiefRestructuring Officer and financial advisors. The Debtor alsoengaged Keen as its investment banker to market the Debtor's assetsfor sale or refinancing. Additionally, the Debtor hired WickPhillips Gould & Martin, LLP and Munsch Hardt Kopf & Harr, P.C., asspecial counsel.BUDD COMPANY: March 11 Hearing on 5th Amended Disclosures---------------------------------------------------------Bankruptcy Judge Jack. B. Schmetterrer scheduled a hearing forMarch 11, 2016, at 1:30 p.m. to consider approval of the disclosurestatement explaining former automotive parts supplier The BuddCompany, Inc.'s Fifth Amended Plan.Objections to the Fifth Amended Disclosure Statement are due March9.The Debtor on March 1, 2016, filed a Fifth Amended DisclosureStatement, a copy of which is available for free at: http://bankrupt.com/misc/Budd_Co_1627_DS_5th_Am_Plan.pdfThe International Union, United Automobile, Aerospace andAgricultural Implement Workers of America (UAW), filed objectionsto the prior iterations of the Disclosure Statement.The UAW, which received an advance copy of the Fifth AmendedDisclosure Statement, said, "As the Court is aware, the UAW hastwice objected to earlier iterations of the Debtor's disclosurestatement. While some of these objections have been remedied, manyhave not. Notwithstanding the Debtor's fifth attempt to adequatelydisclose information regarding its proposed plan, the February 22Fifth Amended DS Draft still fails to provide basic and criticalinformation, and remains materially misleading in many respects."The UAW is represented by Cleary Gottlieb Steen & Hamilton LLP andCrane, Heyman, Simon, Welch & Clar. Terms of PlanThe Budd Company's Chapter 11 plan is premised on a settlementwithparent ThyssenKrupp North America, Inc. To monetize the Debtor'slargest causes of action, the Plan seeks approval of the TKNASettlement Agreement, which provides for, among other things,that: 1. TKNA will pay on behalf of the Debtor directly to the UAW VEBA for the benefit of the UAW Retirees $285 million Cash, over a period of eight years, starting on October 3, 2016, subject to adjustment. 2. If the Confirmation Order includes the Waupaca Claims Release, then TKNA will pay on behalf of the Debtor directly to the UAW VEBA for the benefit of the UAW Retirees an additional $35 million cash, over a period of eight years starting on Oct. 3, 2016, subject to adjustment. If the Confirmation Order does not include the Waupaca Claims Release, then the Independent Fiduciary will have authority to prosecute claims against KPS for the sole benefit of the UAW Retirees. 3. TKNA will pay on behalf of the Debtor directly to the E&A VEBA for the benefit of the E&A Retirees $15 million Cash, subject to upward adjustment. 4. The Cash contributed by TKNA, as well as what is projected to be more than $200 million of the Debtor's Effective Date Cash, will fund the Debtor's Retiree Benefits obligations as modified. 5. TKNA will issue the Letter of Credit in an amount not less than $35 million, which Letter of Credit will secure TKNA's payment obligations to the UAW VEBA. 6. TKNA will assume the Pension Plans (which means that the ERISA Pension Plans and the SERP would remain in effect without change). This assumption will have the effect of eliminating the claims filed by the PBGC, asserting liability well over $100 million. 7. TKNA affirms that it is solely responsible for the Debtor's Workers Compensation Claims. 8. TKNA will assume financial responsibility for Claim number 521 Filed by Waupaca Foundry, Inc. in the Chapter 11 Case. 9. TKNA will continue to provide administrative services to the Debtor under the terms of the Amended Services Agreement (which is attached to the TKNA Settlement Agreement). 10. TKNA and the other Affiliates will waive and release all of their respective Claims and potential Claims against the Debtor, which Claims TKNA asserts may be worth hundreds of millions of dollars, if not more, subject to TKNA's reserved setoff rights. 11. TKNA will continue to own the Equity Interests of the Debtor. 12. TKNA will appoint an Independent Fiduciary acceptable to the UAW, who will be responsible for enforcing the TKNA Settlement Agreement and will oversee contributions to the Retiree VEBAs pursuant to the Plan. 13. The UAW VEBA and the E&A VEBA are third party beneficiaries of the TKNA Settlement Agreement and have authority to enforce the TKNA Settlement Agreement.In exchange for the benefits to be received by the Debtor and itscreditors, the Debtor would release TKNA, other affiliatesincluding TKAG, Clark Hill, BAML, KPS, Perella Weinberg, and theofficers, directors, and other agents of the foregoing from allpotential claims and causes of action.According to the Disclosure Statement explaining the Fifth AmendedPlan, holders of non-priority tax claims (Class 1) and securedclaims (Class 2) are expected to have a 100% recovery. Insatisfaction of the 4,000 UAW retiree benefit claims (Class 3),which are now scheduled as unliquidated, the UAW VEBA will beestablished and funded for the benefit of the UAW Retirees. Insatisfaction of the 1,000 E&A retiree benefit claims (Class 4),which are now scheduled as unliquidated, the E&A retirees willreceive retiree benefits through the E&A VEBA. As to asbestosclaims (Class 5), allowed insured asbestos claims will have anestimated recovery of 100% from the proceeds of asbestos insurancepolicies and holders of uninsured asbestos claims will have arecovery of 66%, from the asbestos claim fund. Holders of 11general unsecured claims totaling $7.5 million (Class 6) willreceive cash equal to the amount of 66% of the allowed amount oftheir claims. The 78 holders of claims assumed by TKNA in theaggregate amount of $228 million (Class 7) will have a 100 percentrecovery. As for the equity interests (Class 8), TKNA will retain100% of the equity interests in the Debtor in accordance with theTKNA Settlement Agreement.Presently, the Debtor estimates that it will be holdingapproximately $254 million of cash as of July 1, 2016. 1114 ApplicationOn Jan. 6, 2016, The Budd Company, Inc., filed an applicationpursuant to section 1114 of chapter 11 of title 11 of the UnitedStates Code, seeking an order authorizing the Debtor to modifycertain retirement benefits owed to its retirees who were membersof the UAW. The Court conducted an evidentiary hearing on the 1114Application on January 21, 22, 28, and 29, 2016, and February 1, 4and 5, 2016. The Debtor's response to UAW's post-trial proposedfindings of fact and conclusions of law regarding the Debtors'application is available for free at: http://bankrupt.com/misc/Budd_Co_1623_1114_App_Brief.pdf About The Budd CompanyThe Budd Company, Inc., a former supplier to the automotiveindustry, filed for chapter 11 bankruptcy protection (Bankr. N.D.Ill. Case No. 14-11873) on March 31, 2014, with a deal to settlepotential claims against its parent, ThyssenKrupp AG.The company -- which ceased manufacturing operations in 2006 anddoes not have any current employees, facilities or customers --has obligations consisting largely of medical and other benefitsto approximately 10,000 former employees.Liabilities amount to approximately $1 billion with assets ofapproximately $400 million. Most of the debt consists largely ofmedical and other benefits to approximately 10,000 formeremployees.The Debtor disclosed $387,555,681 in assets and $1,107,350,034 inliabilities as of the Chapter 11 filing.The Hon. Jack B. Schmetterer oversees the case. The Debtor hastapped Proskauer Rose LLP as Chapter 11 counsel, Dickinson WrightPLLC as special counsel, Epiq Bankruptcy Solutions, LLC asnoticing, claims and balloting agent, and Conway MacKenzieManagement Services, LLC's Charles M. Moore as CRO.The U.S. Trustee appointed five individuals to serve on theCommittee of Executive & Administrative Retirees. The SegalCompany (Eastern States), Inc. serves as the Committee's actuarialconsultant. The Committee retained Solic Capital Advisors, LLC asits financial advisor.Reed Heiligman, Esq., at FrankGecker LLP, in Chicago, Illinois,represents the ad hoc committee of asbestos personal injuryclaimants.BUFFETS LLC: Requests Joint Administration of Cases---------------------------------------------------Buffets, LLC, et al., ask the Bankruptcy Court to direct the jointadministration of their Chapter 11 cases for procedural purposesunder the Lead Case No. 16-50557.The Debtors also request that the Clerk of the Court maintain onefile and one docket for their Chapter 11 cases, which file anddocket will be the file and docket for Buffets, LLC.According to the Debtors, joint administration will: (a) ease the administrative burden on the Court and all parties-in-interest; (b) permit the Clerk of the Court to utilize a single docket for all the Chapter 11 cases and to combine notices to creditors and other parties-in-interest; (c) significantly reduce the volume of paper that otherwise would be filed with the Clerk of the Court, render the completion of various administrative tasks less costly and minimize the number of unnecessary delays; and (d) simplify supervision of the administrative aspects of these Chapter 11 cases by the Office of the United States Trustee. About Buffets LLCBuffets LLC, et al., are one of the largest operators ofbuffet-style restaurants in the U.S. The buffet restaurants,located in 25 states, principally operate under the names OldCountry Buffet(R), Country Buffet(R), HomeTown(R) Buffet, Ryan's(R)and Fire Mountain(R). These locations primarily offer self-servicebuffets with entrees, sides, and desserts for an all-inclusiveprice. In addition, Buffets owns and operates an 10-unit fullservice, casual dining chain under the name Tahoe Joe's FamousSteakhouse(R).Buffets Holdings, Inc., filed for Chapter 11 relief in January 2008and won confirmation of a reorganization plan in April 2009. InJanuary 2012, Buffets again sought Chapter 11 protection andemerged from bankruptcy in July 2012.In Aug. 19, 2015, Alamo Ovation, LLC acquired Buffets RestaurantsHoldings, Inc., and as a result of the merger, Buffetsoperated over 300 restaurants in 35 states.Down to 150 restaurants in 25 states after closing unprofitablelocations, Buffets LLC and its affiliated entities sought Chapter11 protection (Bankr. W.D. Tex. Case No. Lead Case No. 16-50557) inSan Antonio, Texas, on March 7, 2016. The cases are assigned toJudge Ronald B. King.The Debtors have tapped Akerman, LLP as counsel, BridgepointConsulting, LLC as financial advisor and Donlin, Recano & Companyas claims and noticing agent.BUFFETS LLC: Seeks Nod for Consolidated List of Top Unsec Creditors-------------------------------------------------------------------Buffets, LLC, et al., seek the Bankruptcy Court's approval of thefiling of a consolidated list of 30 largest general unsecuredcreditors in lieu of submitting separate creditor lists for eachDebtor. The Debtors also redacted certain personal identificationinformation for individual creditors.The Debtors assert that the Top 30 List will help alleviateadministrative burdens, costs, and the possibility of duplicativeservice. Although they reserve the right to do so in the future,the Debtors are not requesting authority to file consolidatedschedules of assets and liabilities and statements of financialaffairs at this time.The Debtors aver that cause exists to authorize them to redact theaddress information of individual creditors -- many of whom aretheir employees -- from the Creditor Matrix because suchinformation could be used to perpetrate identity theft. TheDebtors propose to provide an un-redacted version of the CreditorMatrix to the Court, the Office of the United States Trustee forthe Western District of Texas, and any official committee ofunsecured creditors appointed in these Chapter 11 cases.Through Donlin, Recano & Company, the Debtors' noticing and claimsagent, the Debtors propose to serve the Notice of Commencement onall parties to advise them of the meeting of creditors underSection 341 of the Bankruptcy Code. The Debtors said the serviceof the single Notice of Commencement will not only avoid confusionamong creditors, but will prevent them from incurring unnecessarycosts associated with serving multiple notices to the partieslisted on their voluminous creditor matrix.The list of the Debtors' 30 Largest General Unsecured Creditors wasfiled contemporaneously with the bankruptcy petitions. About Buffets LLCBuffets LLC, et al., are one of the largest operators ofbuffet-style restaurants in the U.S. The buffet restaurants,located in 25 states, principally operate under the names OldCountry Buffet(R), Country Buffet(R), HomeTown(R) Buffet, Ryan's(R)and Fire Mountain(R). These locations primarily offer self-servicebuffets with entrees, sides, and desserts for an all-inclusiveprice. In addition, Buffets owns and operates an 10-unit fullservice, casual dining chain under the name Tahoe Joe's FamousSteakhouse(R).Buffets Holdings, Inc., filed for Chapter 11 relief in January 2008and won confirmation of a reorganization plan in April 2009. InJanuary 2012, Buffets again sought Chapter 11 protection andemerged from bankruptcy in July 2012.In Aug. 19, 2015, Alamo Ovation, LLC acquired Buffets RestaurantsHoldings, Inc., and as a result of the merger, Buffets operatedover 300 restaurants in 35 states.Down to 150 restaurants in 25 states after closing unprofitablelocations, Buffets LLC and its affiliated entities sought Chapter11 protection (Bankr. W.D. Tex. Case No. Lead Case No. 16-50557) inSan Antonio, Texas, on March 7, 2016. The cases are assigned toJudge Ronald B. King.The Debtors have tapped Akerman, LLP as counsel, BridgepointConsulting, LLC as financial advisor and Donlin, Recano & Companyas claims and noticing agent.BUILDERS FIRSTSOURCE: Raging Capital Has 5.4% Stake as of March 4-----------------------------------------------------------------In a Schedule 13G filed with the Securities and ExchangeCommission, Raging Capital Management, LLC and William C. Martindisclosed that as of March 4, 2016, they beneficially own 5,903,096shares of common stock of Builders FirstSource, Inc., representing5.4 percent (based upon 109,267,948 Shares outstanding, which isthe total number of Shares outstanding as of Nov. 18, 2015, asreported in the Issuer's Prospectus Supplement to Prospectus filedwith the Securities and Exchange Commission on Nov. 23, 2015). Acopy of the regulatory filing is available for free athttp://is.gd/u6ARII About Builders FirstSourceHeadquartered in Dallas, Texas, Builders FirstSource --http://www.bldr.com/-- is a supplier and manufacturer of structural and related building products for residential newconstruction. The Company operates 56 distribution centers and 56manufacturing facilities in nine states, principally in thesouthern and eastern United States. Manufacturing facilitiesinclude plants that manufacture roof and floor trusses, wallpanels, stairs, aluminum and vinyl windows, custom millwork andpre-hung doors. Builders FirstSource also distributes windows,interior and exterior doors, dimensional lumber and lumber sheetgoods, millwork and other building products.Builders FirstSource reported a net loss of $22.8 million on$3.56 billion of sales for the year ended Dec. 31, 2015, comparedto net income of $18.2 million on $1.60 billion of sales for theyear ended Dec. 31, 2014.As of Dec. 31, 2015, the Company had $2.88 billion in total assets,$2.73 billion in total liabilities and $149 million in totalstockholders' equity. * * *As reported by the TCR on July 15, 2015, Standard & Poor's RatingsServices said it raised its corporate credit rating on BuildersFirstSource Inc. to 'B+' from 'B'. "The stable outlook reflects our view that Builders FirstSourcewill continue to increase sales and EBITDA as U.S. residentialconstruction continues to recover from an historic downturn and thecompany realizes significant synergies from the merger. As aresult, we expect some improvement in the company's leveragemeasures over the next 12 to 24 months while it maintains adequateliquidity," said Standard & Poor's credit analyst Pablo Garces.In the May 13, 2014, edition of the TCR, Moody's Investors Serviceupgraded Builders FirstSource's Corporate Family Rating to 'B3'from 'Caa1'. The upgrade reflects Moody's expectation that BLDR'soperating performance will continue to benefit from improvedhousing construction, repair and remodeling.CANAL ASPHALT: Files Liquidation Plan; Auction Set for April 21---------------------------------------------------------------Canal Asphalt Inc. on March 1, 2016, filed a plan of liquidationand accompanying disclosure statement in the Bankruptcy Court.Bloomberg.com says the Plan proposes to pay these claims in full,in cash: -- Administrative Claims, -- US Trustee Fees, -- Priority Non-Tax Unsecured Claims of $0.16 million, -- Priority Tax Claims of $0.07 million, -- Allowed Secured Mortgage Claims of Signature Bank of $5.24 million, -- Allowed Secured Mortgage Claim of C.L. of $1.1 million, -- Allowed Secured Mortgage Claim of New Flow of $0.5 million, -- Allowed Secured Claim of Putnam of $0.1 million, -- Other Secured Claims, and -- Allowed General Unsecured Claims of $4.82 millionEquity Interests will be cancelled and will receive cash paymentafter paying all other claim holders, Bloomberg.com says. PCI Industries Corp. has made an offer to acquire for the totalprice of $10.8 million the Debtor's asphalt plant at 800 CanalStreet, in Mount Vernon, New York. The Debtor said in courtfilings that PCI's offer would result in the full satisfaction ofall secured debt, including that of Peckham Industries, Inc., plusa significant distribution to the holders of allowed generalunsecured claims. Peckham has responded with a bid of its own. Peckham is offeringto acquire the Plant for a cash payment of $11.0 million. Peckham'sbid will also result in the full satisfaction of all securedclaims, including Peckham's, plus a significant distribution to theholders of allowed general unsecured claims, according to theDebtor.After the Debtor communicated Peckham's higher offer to PCI, PCIincreased its offer to $13.3 million. The competing bids were brought before the Court at a hearing heldon January 25, 2016. At the hearing, the Bankruptcy Courtauthorized the Debtor to proceed with PCI's letter of intent, to beeffectuated through a plan of reorganization, subject to higher andbetter offers. According to Bloomberg.com, the Bankruptcy Court on February 9,2016, approved revised bidding procedures for the Plant sale. Toqualify as a qualified bidder, interested parties should submittheir bids by April 14, 2016. Minimum opening bid should be of $11million or $13.85 million on the same or better payment terms whichincludes break-up fee and expense reimbursement. Bidders mustprovide a good-faith deposit of $0.10 million.The auction is set for April 21. At the auction, the subsequentbids would be in increments of $0.1 million. Bloomberg.com says the stalking-horse bidder shall be entitled tothe break-up fee of up to 3% of the purchase price and expensereimbursement of up to $0.05 million. About Canal AsphaltCanal Asphalt Inc. filed a Chapter 11 bankruptcy petition (Bankr.S.D.N.Y. Case No. 15-23094) on July 31, 2015. The petition wassigned by August Nigro III as president. The Debtor disclosedtotal assets of $20.3 million and total liabilities of $23 million. Goetz Fitzpatrick LLP serves as the Debtor's counsel. CohnReznickLLP serves as financial advisor. SSG Capital Advisors, LLC servesas its exclusive investment banker, with respect to the sale of itsasphalt plant at 800 Canal Street, in Mount Vernon, New York. Hon.Robert D. Drain presides over the case.CANAL ASPHALT: SSG Capital to Assist in Sale of Asphalt Plant-------------------------------------------------------------Canal Asphalt, Inc., sought and obtained approval from theBankruptcy Court to employ SSG Capital Advisors, LLC as itsexclusive investment banker, to assist it in getting the highestand best offer for the sale of its asphalt plant at 800 CanalStreet, in Mount Vernon, New York.On December 8, 2015, the Bankruptcy Court approved an auction ofthe Canal Plant and various bidding procedures associatedtherewith. In late December 2015, PCI Industries Corp. made anoffer to acquire the Canal Plant and related assets for the totalprice of $10.8 million, which offer was memorialized in a letter ofintent dated January 5, 2016,PCI's offer would result in the full satisfaction of all secureddebt, including that of Peckham Industries, Inc., plus asignificant distribution to the holders of allowed generalunsecured claims. The Debtor filed the LOI with the BankruptcyCourt on January 8, 2016. Following the submission of the LOI to the Court, Peckham respondedwith a bid for the acquisition of the Canal Plant for a cashpayment of $11.0 million. Peckham's bid will also result in thefull satisfaction of all secured claims, including Peckham's, plusa significant distribution to the holders of allowed generalunsecured claims. After the Debtor communicated Peckham's higheroffer to PCI, PCI increased its offer to $13.3 million. The competing bids were brought before the Court at a hearing heldon January 25, 2016. At the hearing, the Bankruptcy Courtauthorized the Debtor to proceed with PCI's LOI, to be effectuatedthrough a plan of reorganization, subject to higher and betteroffers. J. Scott Victor, managing director at SSG, says the firm hasagreed, with the consent of the Debtor's secured creditors, to bepaid according to this structure: (A) Upon the consummation of a sale or sales of the Canal Plant, SSG shall be paid a flat fee in an amount equal to (i) $125,000, plus reasonable out-of-pocket expenses incurred. (B) In the event that the sale price for the Canal Plant exceeds $13.3 million, SSG shall receive an additional fee in the amount of: (x) 4.0% of the amount of the sale price in excess of $13.3 million if PCI or Peckham is the highest bidder; or (y) 8.0%) of the amount of the sale price in excess of $13.3 million in the event that anyone other than PCI or Peckham is the highest bidder. The payment of SSG's Flat Fee shall be shared equally between the Debtor and its secured creditors -- Peckham, C.L. Consulting & Management Corp., and New Flow, LLC -- with the secured creditors' 50% of the Flat Fee being prorated amongst the secured creditors. The Sale Fee, if any, will be paid entirely by the Debtor from the sale proceeds or the assets of the estate. The Debtor also has agreed to indemnify SSG.The firm may be reached at: J. Scott Victor Managing Director SSG Capital Advisors, LLC Five Tower Bridge, Suite 420 300 Barr Harbor Drive Tel: (610) 940-5802 E-mail: firstname.lastname@example.com About Canal AsphaltCanal Asphalt Inc. filed a Chapter 11 bankruptcy petition (Bankr.S.D.N.Y. Case No. 15-23094) on July 31, 2015. The petition wassigned by August Nigro III as president. The Debtor disclosedtotal assets of $20.3 million and total liabilities of $23 million. Goetz Fitzpatrick LLP serves as the Debtor's counsel. CohnReznickLLP serves as financial advisor. SSG Capital Advisors, LLC servesas its exclusive investment banker, with respect to the sale of itsasphalt plant at 800 Canal Street, in Mount Vernon, New York. Hon.Robert D. Drain presides over the case.CENVEO INC: Moody's Lowers CFR to Caa2 & Changes Outlook to Neg.----------------------------------------------------------------Moody's Investors Service downgraded Cenveo Inc.'s corporate familyrating and probability of default ratings, respectively, to Caa2from Caa1 and Caa2-PD from Caa1-PD, and changed the ratings outlookto negative from stable. Debt instrument ratings at CenveoCorporation, a wholly-owned subsidiary whose debts are guaranteedby Cenveo were downgraded or affirmed as follows: senior securedfirst lien notes, downgraded to Caa1 from B3; senior secured secondlien notes, downgraded to Caa3 from Caa2; senior unsecured notes,affirmed at Caa3. Cenveo's speculative grade liquidity rating waslowered to SGL-4 from SGL-3, indicating poor liquidity.The actions result from Moody's opinion that Cenveo's May 2017maturities are not refinance-able at par and need to bereconfigured ($190 million of Caa3-rated unsecured debt due and $49million of exchangeable notes). With Debt/EBITDA in the 8x range(Moody's adjusted, forecast for 2016), and with it being unlikelythat material de-levering can occur over the next year, Moody'sbelieves that Cenveo's capital structure and liquidity arrangementsare unsustainable and need to be substantially revised.This summarizes Moody's ratings and the rating actions for Cenveo:Actions for Cenveo Inc. Corporate Family Rating, Downgraded to Caa2 from Caa1 Probability of Default Rating, Downgraded to Caa2-PD from Caa1- PD Speculative Grade Liquidity Rating, Lowered to SGL-4 from SGL-3 Outlook, Changed to Negative from StableActions for Cenveo Corporation Senior Secured First Lien Notes, Downgraded to Caa1 (LGD3) from B3 (LGD3) Senior Secured Second Lien Notes, Downgraded to Caa3 (LGD4) from Caa2 (LGD4) Senior Unsecured Notes, Affirmed at Caa3 (LGD5) RATINGS RATIONALECenveo's Caa2 CFR reflects Moody's opinion that the company's debtstructure is not sustainable, a matter stemming from ongoingrevenue and EBITDA declines which, given the company's aggressivedebt load, are expected to cause leverage of Debt/EBITDA to be inthe around 8x during 2016/2017. Cenveo is in the latter stages ofa protracted business restructuring that has seen operationstransitioned into envelope converting, significantly reducingexposure to commercial printing. However, while the operationalrepositioning is credit positive, EBITDA has been declining,something that Moody's expects will continue, and Cenveo has notrestructured its debts to align with its operational restructuring. With aggressive leverage, and with debts in the junior-most offour strata due in May 2017, Moody's believes that they are notrefinance-able at par.This matter flows directly into Cenveo's speculative gradeliquidity rating, which is assessed at SGL-4 (poor) because of 2017refinance risks. While the maturities are slightly outside ofMoody's usual rolling forward four quarters perspective, theimportance of refinance matters caused Moody's to revise itsliquidity rating. Absent refinance issues, Moody's expects Cenveoto generate $30 million to $40 million of free cash flow, and thecompany has a $240 million ABL facility with about $124 million ofunused capacity. However, the ABL facility is also due in 2017unless the senior unsecured notes have been previously refinanced,a matter that would extend its maturity date to 2018.Rating OutlookThe negative outlook anticipates the potential of additionalfurther adverse ratings activity that would result from Cenveore-sizing its debts.What Could Change the Rating - Up Expectations of cash flow self-sustainability and an absence of refinance risks Together with --- Solid liquidity --- Clarity on business asset portfolio planningWhat Could Change the Rating - DownExpectations of an imminent default including a distressed debtexchange or buy-back which Moody's may consider as a limiteddefault depending on the terms of the exchange or buyback.The principal methodology used in these ratings was GlobalPublishing Industry published in December 2011.Cenveo Inc. is a publicly-traded holding company, headquartered inStamford Connecticut. Cenveo owns Cenveo Corporation (Corp), whichhas about $1.7 billion of revenue from envelope converting (52%),commercial printing (29%) and label/packaging (19%).While all debt instruments are issued by Corp, Cenveo guaranteesall of Corp's debt and financial statements are issued only byCenveo. Moody's maintains corporate-level ratings and theassociated outlook at Cenveo.CHINA BAK: Xiangqian Li Resigns as Chairman, CEO & President------------------------------------------------------------Mr. Xiangqian Li resigned as chairman, director, chief executiveofficer, president and secretary of China Bak Battery, Inc.,effective March 1, 2016, according to a Form 8-K report filed withthe Securities and Exchange Commission. According to the filing,Mr. Li's resignation was due to personal reasons and not because ofany disagreement with the Company on any matter relating to theCompany's operations, policies or practices.On the same date, the Board of Directors of the Company appointedMr. Yunfei Li as chairman, chief executive officer, president andsecretary of the Company.Mr. Yunfei Li, 49, has more than 20 years management experience inindustries of real estate development, battery and new energy.Since May 2014, he has been vice president of the Company'ssubsidiary, Dalian BAK Power Battery Co., Ltd in charge of thecompany's construction of manufacturing facilities, governmentrelationship and development of new customers. From May 2010 toMay 2014, Mr. Yunfei Li held management positions of various newenergy development and real estate development companies in China.Prior to that, he was director of Construction Department, Directorof Comprehensive Management Department and Assistant to Presidentof Shenzhen BAK Battery Co., Ltd., a former subsidiary of theCompany, from March 2003 to May 2010. Mr. Yunfei Li holds aBachelor's degree in Civil Engineering from Liao Yuan VocationalTechnical College.Mr. Yunfei Li is entitled to receive an annual salary of RMB144,000 (approximately $22,086) from the Company. About China BAKChina BAK Battery conducted business through BAK InternationalLimited and its subsidiaries that produced prismatic cells,cylindrical cells, lithium polymer cells and high power lithiumbatters. The BAK International business was foreclosed onJune 30, 2014. Consequently, China BAK is looking to develop,manufacture and sell energy high power lithium batteries primarilyfor electric vehicles when its Dalian, China manufacturingfacilities start to operate in the first quarter of 2015.China BAK reported net profit of US$15.87 million for the yearended Sept. 30, 2015, compared to net profit of US$37.77 millionfor the year ended Sept. 30, 2014.As of Dec. 31, 2015, the Company had US$64.28 million in totalassets, US$44.85 million in total liabilities and US$19.42 millionin total shareholders' equity.Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a"going concern" qualification on the consolidated financialstatements for the year ended Sept. 30, 2015, citing that theCompany has a working capital deficiency, accumulated deficit fromrecurring net losses and significant short-term debt obligationsmaturing in less than one year as of Sept. 30, 2015. All thesefactors raise substantial doubt about its ability to continue as agoing concern.CIPHERLOC CORP: Reports $230,000 Net Income for Dec. 2015 Quarter-----------------------------------------------------------------Cipherloc Corporation, formerly National Scientific Corporation,swung to a net income of $230,071 for the quarterly period endedDecember 31, 2015, from a net loss of $263,133 for the samethree-month period in 2014. Cipherloc reported revenues of$433,594 during the December 2015 quarter and none during the sameperiod in 2014.At Dec. 31, 2015, the Company had total assets of $1,391,655against total liabilities of $1,098,408.The Company noted that it has incurred losses from operations, hasan accumulated deficit at Dec. 31, 2015 of $42,908,755 and needsadditional cash to maintain its operations. "These factors raisesubstantial doubt about the Company's ability to continue as agoing concern. . . . The Company's continued existence is dependentupon management's ability to develop profitable operations,continued contributions from the Company's executive officers tofinance its operations and the ability to obtain additional fundingsources to explore potential strategic relationships and to providecapital and other resources for the further development andmarketing of the Company's products and business," it said.A copy of the Company's Form 10-Q report is available athttp://is.gd/W55pDICipherloc Corporation, formerly National Scientific Corporation,isa technology and services based solutions company, headquarteredinHenderson, Nevada. The company has introduced a new type ofencryption technology with five international patents and two USpatents pending and is believed to be the industry's first"Polymorphic Cipher Engine", called CipherLoc(R). MaloneBailey, LLP, in a report addressed to the board of directorsand stockholders of Cipherloc Corporation on February 4, 2016,expressed substantial doubt about the company's ability to continueas a going concern. MaloneBailey noted that the company has aworking capital deficit and has incurred recurring losses, whichraises substantial doubt about its ability to continue as a goingconcern. CLEAREDGE POWER: Court Confirms Debtors' 2nd Amended Plan---------------------------------------------------------Judge Charles Novack on March 3, 2016, entered an order confirmingthe Second Amended Chapter 11 Plan proposed by CEP Reorganization,Inc., formerly known as ClearEdge Power, Inc., et al., and theirOfficial Committee of Unsecured Creditors.According to the balloting report, holders of general unsecuredclaims in Classes 5(a), 5(b) and 5(c) voted to accept the Plan. Only two objections to Confirmation of the Plan were filed: theprecautionary objection filed by Washington County, Oregon, and (2)the limited objection filed by Verizon Sourcing LLC. TheWashington County Objection and the Verizon Objection are withdrawnor otherwise overruled, according to Judge Novack.On the effective date, Peter S. Kravitz will be appointed as theliquidating trustee and remaining assets will be vested in theLiquidation Trust. On the Effective Date, the Oversight Committeeshall be created and consist of the following three (3) members:(a) Peter Wojciechowski, or other designee appointed by thePlaintiff class in the adversary proceeding entitled Wojciechowskiet al. v. ClearEdge Power, Inc., Case No. 14-05043 (Bankr. N.D.Cal.); (b) the Claims Recovery Group; and (c) MichelleHilderbrand.A copy of the Plan Confirmation Order is available for free at: http://bankrupt.com/misc/CEP_R_1032_Plan_Conf_Ord.pdf Terms of PlanAs previously reported in the TCR, the Debtors and the Committee'sproposed Chapter 11 Plan provides for: -- the reorganization of CEP Reorganization, Inc., formerly known as ClearEdge Power, Inc. ("CEP"), -- the liquidation of CEP Reorganization LLC ("CEP LLC"), and CEP Service Reorganization, LLC ("CEPIS"), and -- the formation of a liquidation trust pursuant to a Liquidation Trust Agreement to be executed by the Debtors and the liquidation trustee (and approved by the Committee) as of the Plan effective date.The Liquidation Trust will be managed by a liquidation trustee aswell as by an oversight committee selected by the Committee and theDebtors, and its primary purpose will be to administer andliquidate the liquidation trust assets (including potentialavoidance actions and other affirmative causes of action, if any)and resolve disputed claims. The Liquidation Trust will beresponsible for making distributions to holders of allowed claimsand allowed interests, if applicable, as well as for managing alladministrative tasks necessary for ultimate resolution of theseBankruptcy Cases pursuant to the terms of the Plan and theLiquidation Trust Agreement.On the Plan effective date, CEP will emerge as "Reorganized CEP"and continue to exist as a separate corporation permitted toconduct its business without supervision by the Bankruptcy Court.By retaining and continuing the corporate structure of CEP, thePlan augments the amount included in the assets to be liquidatedbythe Liquidation Trust and provides a mechanism for additionalamounts to be contributed during the bankruptcy cases.Specifically, under the Plan, (a) holders of CEP stock may electtobe sponsors of the Plan who will pay the aggregate amount of, atminimum, $200,000 to the Liquidation Trust on or before the dateonwhich the Court enters its order confirming the Plan; and (b)Reorganized CEP will, on an annual basis, calculate, report on,and, if required, periodically pay contributions to theLiquidationTrust, equal to 20% of all amounts, if any, realized from taxattributes retained by Reorganized CEP under the Plan and carriedforward or carried backward.The Plan provides that: -- Holders of secured claims will have a 100% recovery in the form of (i) 100% of net proceeds from the sale of the collateral, or (ii) the return of the collateral. -- Holders of unsecured claims each in the amount of not more than $3,000, which are classified as administrative convenience claims, will recover 100% on the Effective Date. -- Holders of general unsecured claims will have a 3% to 6.6% recovery. They will receive a pro rata share of Liquidation Trust interests. If Reorganized CEP Contributions are realized, Liquidation Trust Assets will be increased, and distributions to general unsecured creditors could increase up to the approximate range of between 19% and 22% -- Holders of allowed interests in CEP who elect to be Plan Sponsors will have left unaltered the legal, equitable and contractual rights to which each such holder is entitled on account of such interest. All stock Interests of Plan Non-Sponsors will be cancelled as of the Effective Date. -- In the unlikely event that a surplus of available cash remains after creditors are paid in full, holders of CEP interests will receive one or more distributions of available cash.A copy of the Second Amended Disclosure Statement filed Jan. 8,2016, is available for free at: http://bankrupt.com/misc/ClearEdge_951_2nd_Am_DS.pdfAttorneys for the Debtors: Stephen T. O'Neill, Esq. Robert A. Franklin, Esq. Thomas T. Hwang, Esq. DORSEY & WHITNEY LLP 305 Lytton Avenue Palo Alto, CA 94301 Telephone: (650) 857-1717 Facsimile: (650) 857-1288 E-mail: firstname.lastname@example.com email@example.com firstname.lastname@example.com for the Official Committee of Unsecured Creditors: Cathrine M. Castaldi, Esq. Howard L. Siegel, Esq. R. Benjamin Chapman, Esq. BROWN RUDNICK LLP 2211 Michelson Drive, Seventh Floor Irvine, CA 92612 Telephone: (949) 752-7100 Facsimile: (949) 252-1514 E-mail: email@example.com firstname.lastname@example.com firstname.lastname@example.com About ClearEdge PowerSunnyvale, California-based ClearEdge Power Inc. and two otheraffiliates filed for Chapter 11 bankruptcy protection (Bankr. N.D.Cal. Lead Case No. 14-51955) on May 1, 2014, in San Jose. Affiliates ClearEdge Power, LLC, and ClearEdge Power InternationalService, LLC, are based in South Windsor, Connecticut, where themanufacturing operations are located. Privately held ClearEdge designs, manufactures, sells and servicesdistributed generation fuel cell systems for commercial,industrial, utility and residential applications. ClearEdge boughtUnited Technologies Corp.'s UTC Power division in late 2012. ClearEdge sought bankruptcy protection just a week after shuttingoperations. The petitions were signed by David B. Wright, chief executiveofficer.ClearEdge Power disclosed $31.3 million in assets and $67.4 millionin liabilities as of the Chapter 11 filing. The Debtors have employed these professionals to assist in theirreorganization efforts: (i) Dorsey & Whitney LLP, as generalbankruptcy counsel; (ii) Davis Polk & Wardwell LLP, as specialcorporate counsel; (iii) McNutt Law Group LLP, as specialconflictscounsel; (iv) Leonard Law Group LLP as special counsel to manageall matters related to a certain receivership proceeding in theCircuit Court for the State of Oregon, County of Clackamas; (v)Kieckhafer, Schiffer & Company LLP, as 401(k) auditors; (vi) BDOUSA, LLP as accountants; (vii) KPMG, LLP as tax professionals, and(viii) TGI Financial, Inc. dba Gerbsman Partners as financialadvisor. In addition, the Court appointed Insolvency ServicesGroup, Inc., serves as noticing and claims agent. On May 22, 2014, the U.S. Trustee for Region 17 appointed fivecreditors to serve in the Committee. The Committee retained BrownRudnick as Counsel and Teneo Securities as financial advisors. * * *The U.S. Bankruptcy Court in San Jose, California, on July 18,2014, approved the sale of substantially all of the assets of theDebtors to Doosan Corporation, a unit of Doosan Co. Ltd., of SouthKorea. The consideration included cash, the assumption of certainliabilities and the assumption of certain executory contracts andunexpired leases, and resulted in an estimated $32,397,000 to theEstates, $20,000,000 of which were reserved for the payment of curecosts associated with assumption but which will be released to theEstates to the extent of any reserved funds remaining following thepayment of all cure costs.The Debtors changed their names to CEP Reorganization, Inc., etal., following the sale to Dooasan.The Debtors estimate that the total value of their remaining assetsas of Sept. 30, 2015, approximates $13,585,000, includingunrestricted cash equivalents of $9,821,000 and restricted cashequivalents comprised of amounts held in trust for payments to bemade in connection with the sale of $2,834,000. The Debtorsestimate that, in addition to administrative claims, theirliabilities through Sept. 30, 2015, approximate $82,000,000,comprised of $5,420,000 asserted as Secured Claims, $4,605,000asserted as Priority Claims, $1,070,000 asserted as Tax Claims,$70,935,000 asserted as General Unsecured Claims.CONGREGATION BIRCHOS: Sale Free of Yeshiva's Interests, Bank Says-----------------------------------------------------------------TD Bank, N.A., which is proposing a sale-based Chapter 11 plan fordebtor Congregation Birchos Yosef, responded to Yeshiva Ohr Torah'sobjection to the proposed sale and Chapter 11 plan. Yeshiva, atenant at the Debtor's property located at 201 Route 306, Monsey,New York, claims that a Court order approving the sale cannotextinguish the Yeshiva's leasehold interests in the Property. TDBank noted that in December 2014, it had obtained from the SupremeCourt of the State of New York, Rockland County, a Judgment ofForeclosure and Sale, which adjudicated that TD Bank's interests inthe Property were and are superior to the Yeshiva's interests. TDBank thus asserts that the Property can be sold free and clear ofthe Yeshiva's tenancy interests. While the objection seeks to haveTD Bank amend the Plan to preserve the Yeshiva's interests in theProperty as provided in the Dec. 1, 2015 arbitration decision by aRabbinical Court, TD Bank said it will amend the Plan so to allowthe Property to be sold under state law, as provided under theForeclosure Judgment (entered December 2014). The Chapter 11 PlanAs reported in the Jan. 14, 2016 edition of the TCR, the hearing onthe confirmation of the Chapter 11 plan proposed by TD Bank N.A.for Congregation Birchos Yosef is scheduled for March 16, 2016. The deadline for filing objections to the plan is March 9.The proposed plan calls for the swift sale of Congregation Birchos'real property. Proceeds from the sale will be used to paycreditors in full.Under the plan, TD Bank's $9.2 million secured claim will be paidfrom the sale proceeds. In case the net proceeds are less than theamount of the secured claim, the deficiency portion will be treatedas an unsecured claim. General unsecured claims estimated at $1million will be paid in full from the available cash or thelitigation proceeds. Meanwhile, mechanic's lien claims), ifallowed, will be paid from the net proceeds from the sale of the201 Route 306 property, according to court filings. About Congregation Birchos YosefCongregation Birchos Yosef is a religious corporation which wasformed on Jan. 16, 1985 for the purposes of creating andmaintaining a "House of Worship" in accordance with the traditionsof the Hebrew faith and to serve and advance the affairs of thesurrounding community under the leadership of the Grand Rebbe ofNikolsburg. Its principal office is located at 201 Route 306,Monsey, New York. It has real properties located in Spring Valleyand Monsey, New York.Congregation Birchos Yosef sought bankruptcy protection (Bankr.S.D.N.Y. Case No. 15-22254) in White Plains, New York, on Feb. 26,2015. Breindy Lebovits, the vice-president, signed the petition.The Debtor estimated assets and debt of $10 million to $50million.On May 4, 2015, the Debtor won approval to hire (i) Pick & ZabickiLLP as its counsel, (ii) Frances M. Caruso as its bookkeeper and(iii) Montalbano, Condon & Frank, P.C. as special counsel for realproperty tax-related matters. On May 18, the Court authorized theDebtor's retention of Levine & Associates, PC as speciallitigationcounsel. On Sept. 11, 2015, the Court approved the retention ofThe Law Offices of David Carlebach, Esq. as the Debtor'ssubstituted bankruptcy counsel. On Nov. 11, 2015, the Debtorfileda stipulation of substitution of counsel, reflecting that The LawOffices of Allen A. Kolber, Esq. will serve as the Debtor'ssubstituted bankruptcy counsel * * *The Debtor's "exclusivity period" under Section 1121 of theBankruptcy Code expired June 26, 2015.On Aug. 24, 2015, the Court entered a memorandum of decision insupport of its order granting the Debtor's motion to enforce theautomatic stay against Bais Chinuch L'Bonois, Inc. and certainindividuals. This order is being appealed.CTI BIOPHARMA: Dr. Mary Mundinger Won't Seek Re-Election--------------------------------------------------------Mary O. Mundinger, DrPH, notified the Board of Directors of CTIBioPharma Corp. that she will not seek re-election as a director atthe Company's 2016 Annual Meeting of Shareholders, as disclosed ina Form 8-K report filed with the Securities and ExchangeCommission. Dr. Mundinger will continue to serve as a director until the AnnualMeeting. The decision of Dr. Mundinger not to seek re-election atthe Annual Meeting was not the result of any disagreement with theCompany on any matter relating to the Company's operations,policies or practices, the Company said in the filing. 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 $122.62 million on $16.11 million of total revenuesfor the year ended Dec. 31, 2015, compared to a net lossattributable to common shareholders of $95.99 million on $60.07million of total revenues for the year ended Dec. 31, 2014.As of Dec. 31, 2015, the Company had $144.33 million in totalassets, $96.91 million in total liabilities and $47.41 million intotal shareholders' equity.The Company's independent registered public accounting firmincluded an explanatory paragraph in its reports on itsconsolidated financial statements for each of the years endedDec. 31, 2007, through Dec. 31, 2011, and for the year endedDec. 31, 2014, regarding their substantial doubt as to theCompany's ability to continue as a going concern. The Company saidthat although its independent registered public accounting firmremoved this going concern explanatory paragraph in its report onour Dec. 31, 2015, consolidated financial statements, the Companyexpects to continue to need to raise additional financing to fundits operations and satisfy obligations as they become due. According to the Company, the inclusion of a going concernexplanatory paragraph in future years may negatively impact thetrading price of its common stock and make it more difficult, timeconsuming or expensive to obtain necessary financing, and theCompany cannot guarantee that it will not receive such anexplanatory paragraph in the future.DETROIT PUBLIC SCHOOLS: Taps Judge Rhodes as Transition Manager---------------------------------------------------------------Reuters reported that the federal judge who oversaw Detroit'shistoric bankruptcy case will now tackle the financial problems ofthe city's financially struggling public schools, Michigan GovernorRick Snyder announced on Feb. 29, 2016. Steven Rhodes, who retiredfrom the U.S. District Court last year, will become transitionmanager of Detroit Public Schools (DPS) while state lawmakers workon bills to improve the district's academics and finances, theRepublican governor said in a statement.According to Reuters, Detroit exited the biggest-ever municipalbankruptcy in December 2014 after Judge Rhodes approved a planallowing the city to shed about $7 billion of its $18 billion ofdebt and obligations.The school system, which has 97 schools and about 47,000 students,is drowning under $3.5 billion of debt, including $1.7 billion ofbonds backed by property taxes, and is suffering from decliningenrollment. Despite being under state oversight since 2009, theschool district has a $515 million operating deficit and is ontrack to run out of money this spring.Gov. Snyder this month announced the departure of the schoolsystem's state-appointed emergency manager, Darnell Earley, whopreviously was the emergency manager of Flint, which is currentlydealing with a lead-tainted water crisis.Bills pending in Michigan's legislature would create two entities-- the Detroit Community District to run the schools and thecurrent DPS to retire debt. S nyder is seeking $72 million annuallyover 10 years to fund the plan, using money from Michigan's shareof a nationwide settlement with U.S. tobacco companies. He hasalso asked lawmakers for an immediate $50 million to enable DPS to continue to pay employees andvendors.Unlike the city of Detroit's bankruptcy, the state would be on thehook in the event of a bankruptcy filing to cover $1.45 billionover 11 years to pay off bonds issued for DPS through Michigan'sschool bond loan fund.DF SERVICING: AFS CPA Group Approved as Auditor-----------------------------------------------The Bankruptcy Court in Puerto Rico has authorized DF Servicing,LLC, to employ AFS CPA Group, LLC, as auditor.The Debtor is in need of an external auditor to assist it in thepreparation of its external audit and related statements of incomeand retained earnings, cash flows, preparation of corporate incometax returns, volume of business tax return, personal property taxreturn and annual corporation report. In selecting AFS CPA Group,LLC, the Debtor has made careful and diligent inquiry into itsqualifications and connections and has found AFS and its members tobe duly qualified to assist the Debtor by reason of their ability,integrity and professional experience. The duties of AFS will include the preparation of the Debtor'sannual tax returns in order to meet governmental deadlines andavoid interest and penalties, and providing auditing services forthe year ended on December 31, 2015, including the completion ofplanning and evaluation, field work procedures, preparation ofreports and performance of tests and reviews of the Debtor'saccounting procedures to assure that the Debtor is operating in anefficient manner.AFS's fee is estimated to be: $1,900.00 for the preparation of corporate income tax return, volume of business tax return, personal property tax return and annual corporation report; $7,500.00 for the external audit (Parent Only) and $1,800.00 (Consolidated), plus out of pocket expenses which customarily range from 5% to 10% of the total fees; Supplementary schedules will be billed separately and the estimatedfee will range between $750 and $2,000.AFS's personnel hourly rates are $125.00 for certified publicaccountants and partners, and $75.00 for assistants and staff. AFS attests that its members do not represent or hold any interestadverse to the Debtor or its estate, and that the firm and itsmembers are disinterested persons as defined in 11 U.S.C. Sec.101(14). About DF ServicingEngaged in the business of purchase and sale of constructionprojects, DF Servicing, LLC, DF Tier I, LLC, DF Investments, LLC,and DF Holdings LLC filed Chapter 11 bankruptcy petitions (Bankr.D.P.R. Case Nos. 15-10253 to 15-10256) on Dec. 24, 2015. Thepetitions were signed by Mark Mashburn, the president. Charles ACuprill, PSC Law Office, serves as counsel to the Debtors. AFS CPAGroup, LLC, serves as auditor.DF SERVICING: Hires Salichs Pou as Special Counsel--------------------------------------------------DF Servicing, LLC, may employ Salichs Pou & Associates, PSC, asspecial counsel, according to the bankruptcy court in Puerto Rico.DF Servicing engaged the firm prior to the bankruptcy filing dateas its counsel in the cases: (a) DF Servicing, LLC v. Terrazas De Borinquen, Inc., Civil Case No. E CD2011-1071(402), wherein judgment was entered, non-litigation real estate matters remaining to be disposed of; and (b) DF Servicing, LLC v. Hillview Condominium Corp.; Builders Group & Development, Corp.; El Cordoves Limited Partnership - Sociedad Especial; Jorge Alberto Rios Pulpeiro, Civil Case No. F CD2010-1378, wherein litigation is pending -- currently in discovery phase. The Debtor wants the firm to continue representing it in thosecases.The firm charges $180 per hour for members and senior counsels,$135.00 per hour for associates; and $85 per hour for paralegals,plus costs and expenses.The firm may be reached at: Juan C. Salichs, Esq. SALICHS POU & ASSOCIATES, PSC Popular Center 208 Ponce de Leon Avenue, 14th Floor, Suite 1434 San Juan, PR 00918 Tel: (787) 449-6000 Fax: (787) 474-3892Mr. Salichs attests that his firm, its partners and associates, donot represent or hold any interest adverse to the Debtor or to itsestate in respect to the matters on which the firm is to beemployed; and that the firm and its members are disinterestedpersons as defined in 11 U.S.C. Sec. 101(14), and within themeaning of 11 U.S.C. Sec. 327(a).The Debtor owes the firm $792 representing fees and expensesincurred in litigation of certain Puerto Rico State Court cases,but the firm waives the rights to collect those fees in order toqualify as disinterested persons. About DF ServicingEngaged in the business of purchase and sale of constructionprojects, DF Servicing, LLC, DF Tier I, LLC, DF Investments, LLC,and DF Holdings LLC filed Chapter 11 bankruptcy petitions (Bankr.D.P.R. Case Nos. 15-10253 to 15-10256) on Dec. 24, 2015. Thepetitions were signed by Mark Mashburn, the president. Charles ACuprill, PSC Law Office, serves as counsel to the Debtors. AFS CPAGroup, LLC, serves as auditor.EAST ORANGE GENERAL: Expands PwC Role to Include Valuation----------------------------------------------------------East Orange General Hospital, Inc., and its debtor-affiliatessought and obtained approval from the New Jersey Bankruptcy Courtto expand the role of PricewaterhouseCoopers LLP, their financialadvisors, to provide services for valuation of real estate andother assets.PwC's Perry Mandarino -- email@example.com -- atteststhat: (i) PwC has no connection with the Debtors, their creditors,or any other party in interest, respective attorneys orprofessionals, the United States Trustee or any person employed inthe Office of the United States Trustee, and does not have anyadverse interest to the Debtors in connection with the Debtors'Chapter 11 Case; (ii) PwC is a "disinterested person" as that phrase is definedin Sec. 101(14) of the Bankruptcy Code; (iii) neither PwC nor its professionals have any connectionwith the Debtors, their creditors or any other party in interest;and (iv) expansion of PwC's employment to include valuationservices is necessary and in the best interest of the Debtors.The Hon. Vincent F. Papalia previously authorized East OrangeGeneral Hospital, Inc., et al., to employ PwC as financial advisoreffective as of the Petition Date. PwC's tasks include: -- assist, advice and analyze cash flow forecasting, budgets,cash management, feasibility studies, vendor payable management,preparation of form the Court, preparation of presentations andresponding to discovery requests; -- advice and assist regarding the Debtors' identification andimplementation of both short-term and long-term liquiditygenerating initiatives; -- advice and assist with the Debtors' development of cash flowprojections and business restructuring plans; -- advice and perform analysis relating to any proposed assetsales and other proposed transactions in which the Debtors seekCourt approval; -- advise the Debtors in connection with their negotiations withlenders regarding debtor-in-possession and exit financingfacilities and key vendors regarding postpetition critical vendorpayments and assistance in preparation thereof; -- perform financial analysis of facts relating to prepetitionasset transfers and transfers and transactions; -- testify as a "fact or percipient witness" in the Debtors'bankruptcy court proceedings based on PwC's direct knowledge of theestates arising from or relating to the services performed; and -- if requested by the Debtors, provide advice and assistance tothe debtors in connection with the Debtors' accumulation of dataand preparation of various schedules, account, analyses, andreconciliations.Perry Mandarino, a partner at PwC, told the Court that, prior tothe Petition, the Debtors paid PwC three separate retainerpayments, each totaling $25,0000, for a total aggregate sum of$75,000 for financial advisory services in contemplation of and inconnection with the cases.PwC's standard hourly rates: Personnel Hourly Billing Rate --------- ------------------- Partner $860 Director $651 Manager $506 Senior Associate $420 Associate $360 Secretarial 110The Debtors will reimburse PwC for the reasonable out-of pocketexpensesThe Debtor is represented by: Kenneth A. Rosen, Esq. Gerald C. Bender, Esq. Michael Savetsky, Esq. Anthony D. Leo, Esq. LOWENSTEIN SANDLER LLP 65 Livingston Avenue Roseland, NJ 07068 Tel: (973) 597-2500 Fax: (973) 597-2400 About East Orange GeneralLocated in East Orange, New Jersey, East Orange General Hospital isa 211-bed hospital that claims to be the only independent, fullyaccredited, acute-care hospital in Essex County and is a recognizedleader in behavioral health services, renal dialysis, wound care,diagnostic services, emergency services, and family health care.East Orange General Hospital, Inc. and parent Essex ValleyHealthcare, Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.N.J. Case Nos. 15-31232 and 15-31233, respectively) on Nov. 10,2015. Martin A. Bieber, the interim president and chief executiveofficer, signed the petitions. The Debtors estimated both assetsand liabilities in the range of $100 million to $500 million.The Debtors have engaged Lowenstein Sandler LLP as counsel,PricewaterhouseCoopers LLP as financial advisor, McCarter &English, LLP as special transactional counsel, and Prime Clerk LLCas claims, noticing and balloting agent.Judge Vincent F. Papalia has been assigned the case.The Debtors employ approximately 860 individuals.The Office of the U.S. Trustee appointed seven creditors to theofficial committee of unsecured creditors. The committee isrepresented by Arent Fox LLP and Trenk, DiPasquale, Della Fera &Sodono, P.C.Laura L. Katz was appointed the Patient Care Ombudsman on Nov. 23,2015. Ms. Katz is a member of the law firm of Saul Ewing, LLP,which also serves as her counsel in the Ch. 11 case.EXTREME PLASTICS: PACCAR Seeks Adequate Protection--------------------------------------------------PACCAR Financial Corp., a first lien holder registered owner of anequipment sold to Extreme Plastics Plus, Inc., in exchange formonthly payments of $2,842 for 60 months, says Sec. 363(c)(2) ofthe Bankruptcy Code allows a debtor to use cash collateral so longas the debtor provides its secured creditors with adequateprotection. The Debtors have not included PFC in the budget andPFC requests that it be included in the budget at this time. PFCdoes not consent to the granting of a superpriority or other lienin favor of any other party with respect to its equipment. PFCsays it did not receive a notice of the Debtors' bankruptcy filing,so it did not known the deadlines to object to the Debtors' cashcollateral motion. Judge Christopher Sontchi will convene a final hearing on March 11,2016, on the Debtors' motion to use cash collateral.Judge Sontchi has issued interim orders authorizing ExtremePlastics Plus, Inc., et al., to use cash collateral securing theirindebtedness from Citizens Bank of Pennsylvania as agent for aconsortium of lenders. About Extreme PlasticsFounded in 2007, privately-held Extreme Plastics Plus, Inc.,operates an environmental containment business specializing inproviding environmental lining, above ground storage tanks,composite rig mats, secondary steel wall containment systems, andclosed loop solids control services, primarily for the oil and gasindustry. Extreme Plastics has six facilities in Fairmont, WestVirginia, Tunkhannock, Pennsylvania, St. Clairsville, Ohio, Moore,Texas, Odessa, Texas, and Oklahoma City, Oklahoma.The stock of Extreme Plastics is held entirely by EPP IntermediateHoldings, Inc. The stock of EPP Intermediate is held entirely byEPP Holding Company, LLC, a non-debtor.Extreme Plastics, and affiliate EPP Intermediate Holdings, Inc.,sought Chapter 11 protection (Bankr. D. Del. Lead Case No.16-10221) on Jan. 31, 2016, as the ongoing decline in the price ofoil and natural gas negatively impacted demand of the Debtors'services.Extreme Plastics estimated $10 million to $50 million in assetsand $50 million to $100 million in debt. EPP Intermediateestimated $1 million to $10 million in assets and $50 million to$100 million in debt.As of the Petition Date, Extreme Plastics owes $49.5 million undera secured facility provided by lenders led by Citizens Bank ofPennsylvania, as agent. The facility is secured by a lien insubstantially all of the Debtors' assets, as well as a pledge of100% of the equity in Extreme Plastics and EPP Intermediate.The Debtors tapped Sullivan Hazeltine Allinson LLC as attorneysand Epiq Bankruptcy Solutions, LLC, as claims and noticing agent.The U.S. Trustee has appointed five members to the OfficialCommittee of Unsecured Creditors. The Committee selected ReedSmith LLP as counsel.EXTREME PLASTICS: Taps Epiq as Administrative Advisor-----------------------------------------------------Extreme Plastics Plus, Inc., et al., ask the U.S. Bankruptcy Courtfor the District of Delaware for permission to employ EpiqBankruptcy Solutions, LLC, as administrative advisor nunc pro tuncto the Petition Date.As administrative advisor, Epiq will: 1. assist with, among other things, Solicitation, balloting,tabulation, and calculation of votes, well as preparing anyappropriate reports, as required in furtherance of confirmation ofany Chapter 11 plan; 2. generate an official ballot certification and testifying, ifnecessary, in support of the ballot tabulations for any chapter 11plan in the case; 3. provide a confidential data room; 4. provide assistance with the preparation of the Debtors'schedules of assets and liabilities and statements of financialaffairs; 5. generate, provide and assist with claims objections,exhibits, claims reconciliation and related matters; 6. manage any distributions pursuant to the confirmed chapter 11plan in the case; and 7. provide such other claims processing, noticing, solicitation,balloting and administrative services described in the servicesagreement but not included in the Section 156(c) application, asmay be requested by the Debtors from time to time.On Feb. 4, 2016, the Debtors provided Epiq a retainer of $25,000. Epiq seeks to hold the retainer and use it per terms of theservices agreement during the Chapter 11 cases.To the best of the Debtors' knowledge, Epiq is a "disinterestedperson" as that term is defined in Section 101(14) of theBankruptcy Code. About Extreme PlasticsFounded in 2007, privately-held Extreme Plastics Plus, Inc.,operates an environmental containment business specializing inproviding environmental lining, above ground storage tanks,composite rig mats, secondary steel wall containment systems, andclosed loop solids control services, primarily for the oil and gasindustry. Extreme Plastics has six facilities in Fairmont, WestVirginia, Tunkhannock, Pennsylvania, St. Clairsville, Ohio, Moore,Texas, Odessa, Texas, and Oklahoma City, Oklahoma.The stock of Extreme Plastics is held entirely by EPP IntermediateHoldings, Inc. The stock of EPP Intermediate is held entirely byEPP Holding Company, LLC, a non-debtor.Extreme Plastics, and affiliate EPP Intermediate Holdings, Inc.,sought Chapter 11 protection (Bankr. D. Del. Lead Case No.16-10221) on Jan. 31, 2016, as the ongoing decline in the price ofoil and natural gas negatively impacted demand of the Debtors'services.Extreme Plastics estimated $10 million to $50 million in assetsand $50 million to $100 million in debt. EPP Intermediateestimated $1 million to $10 million in assets and $50 million to$100 million in debt.As of the Petition Date, Extreme Plastics owes $49.5 million undera secured facility provided by lenders led by Citizens Bank ofPennsylvania, as agent. The facility is secured by a lien insubstantially all of the Debtors' assets, as well as a pledge of100% of the equity in Extreme Plastics and EPP Intermediate.The Debtors tapped Sullivan Hazeltine Allinson LLC as attorneysand Epiq Bankruptcy Solutions, LLC, as claims and noticing agent.The U.S. Trustee has appointed five members to the OfficialCommittee of Unsecured Creditors.EXTREME PLASTICS: Taps Epiq as Claims, Noticing Agent-----------------------------------------------------Extreme Plastics Plus, Inc., et al., ask the U.S. Bankruptcy Courtfor the District of Delaware for permission to employ EpiqBankruptcy Solutions, LLC, as claims and noticing agent nunc protunc to the Petition Date.As claims and noticing agent, Epiq will perform these tasks in itsrole as claims agent, well as quality control relating thereto: 1. prepare and serve required notices and documents in theChapter 11 cases in accordance with the Bankruptcy Code and theBankruptcy Rules in the form and manner directed by the Debtor andthe Court; 2. maintain an official copy of the Debtors' schedules ofassets and liabilities and statement of financial affairs, listingthe Debtors known creditors and the amount owned thereto; 3. maintain (i) a list of all potential creditors, equityholders and other parties-in-interest, and 9ii) a core mailing listconsisting of all parties described in Bankruptcy Rule 2002(i),(j)and (k), and those parties that have filed a notice of appearancepursuant to Bankruptcy Rule 9010, and update and make said listavailable upon request by a party-in-interest or the clerk; 4. furnish a notice to all potential creditors of the last datefor filing proofs of claim and a form for filing a proof of claim,after the notice and form are approved by the Court and notify saidpotential creditors of the existence, amount and classification oftheir respective claims as set forth in the schedules; 5. maintain a post office box or address for the purpose ofreceiving claims and returned mail, and process all mail received; 6. for all notices, motions, order or other pleadings ordocuments served, prepare and file or cause to be filed with theclerk an affidavit or certificate of service within seven businessdays of service; 7. process all proofs of claims register for the Debtors onbehalf of the clerk; 8. maintain the official claims register for the Debtors; 9. implement necessary security measures to ensure thecompleteness and integrity of the claim register and safekeeping ofthe original claims; 10. record all transfers of claims and provide any notices ofthe transfers as required by Bankruptcy Rule 3001(e); 11. relocate, by messenger or overnight delivery, all of thecourt-filed proofs of claim to the offices of Epiq, not less thanweekly; 12. upon completion of the docketing process for all claimreceived to date for each case, turn over to the clerk copies ofthe claims register for the Clerk's review (upon the Clerk'srequest); 13. monitor the Court's docket for all notices of appearance,address changes, and claims-related pleading and orders filed andmake necessary notations on or changes to the claims register andany service or mailing lists; 14. assist in the dissemination of information to the public andrespond to request for administrative information regarding theChapter 11 cases; 15. if the Chapter 11 cases are converted to cases under Chapter7 of the Bankruptcy Code, contact the Clerk withing three days ofnotice; 16. 30 days prior to the close of the cases, request that theDebtors submit to the Court a proposed order dismissing Epiq asclaims agent and terminating its services; 17. within seven days of notice to Epiq of entry of an orderclosing the Chapter 11 cases, provide the Court the final versionof the claims register as of the date immediately before the closeof the Chapter 11 cases; and 18. at the close of the cases, box and transport all originaldocuments to (i) the Federal Archives; or (ii) any other locatedrequested by the Clerk.Epiq received a retainer of $25,000. Epiq seek to apply theretainer to all prepetition invoices and to retain any unappliedportion as retainer through the pendency of the cases.To the best of the Debtors' knowledge, Epiq is a "disinterestedperson" as that term is defined in Section 101(14) of theBankruptcy Code. About Extreme PlasticsFounded in 2007, privately-held Extreme Plastics Plus, Inc.,operates an environmental containment business specializing inproviding environmental lining, above ground storage tanks,composite rig mats, secondary steel wall containment systems, andclosed loop solids control services, primarily for the oil and gasindustry. Extreme Plastics has six facilities in Fairmont, WestVirginia, Tunkhannock, Pennsylvania, St. Clairsville, Ohio, Moore,Texas, Odessa, Texas, and Oklahoma City, Oklahoma.The stock of Extreme Plastics is held entirely by EPP IntermediateHoldings, Inc. The stock of EPP Intermediate is held entirely byEPP Holding Company, LLC, a non-debtor.Extreme Plastics, and affiliate EPP Intermediate Holdings, Inc.,sought Chapter 11 protection (Bankr. D. Del. Lead Case No.16-10221) on Jan. 31, 2016, as the ongoing decline in the price ofoil and natural gas negatively impacted demand of the Debtors'services.Extreme Plastics estimated $10 million to $50 million in assetsand $50 million to $100 million in debt. EPP Intermediateestimated $1 million to $10 million in assets and $50 million to$100 million in debt.As of the Petition Date, Extreme Plastics owes $49.5 million undera secured facility provided by lenders led by Citizens Bank ofPennsylvania, as agent. The facility is secured by a lien insubstantially all of the Debtors' assets, as well as a pledge of100% of the equity in Extreme Plastics and EPP Intermediate.The Debtors tapped Sullivan Hazeltine Allinson LLC as attorneysand Epiq Bankruptcy Solutions, LLC, as claims and noticing agent.The U.S. Trustee has appointed five members to the OfficialCommittee of Unsecured Creditors.FC WINDENERGY: German Case Recognized as "Foreign Main Proceeding"------------------------------------------------------------------Judge Mary F. Walrath of the U.S. Bankruptcy Court for the Districtof Delaware on Feb. 4, 2016, issued an order recognizing FCWindenergy GMBH's proceeding pending in the Local Court -Insolvency Court - of Esslingen, Germany, Case No. 5 IN 398/13, asa "foreign main proceeding" pursuant to Section 1517 of theBankruptcy Code.All persons and entities are stayed and enjoined from, among otherthings, commencing or continuing any legal proceeding or actionagainst the Debtor, its assets located in the United States, or theproceeds of its assets. Subject to the right of any party to filea notice of removal to an appropriate federal district court, thestay applies to the case styled Natenco, LLC v. FC Windenergy GmbH,et al., Case No. 2015-CP-40-03481, pending in the Court of CommonPleas for Richland County, South Carolina.The Debtor was formerly a member of Natenco, which was formerlyengaged in the development and construction of wind energy farms inthe United States and Canada. The extent and nature of theDebtor's interest in Natenco is an issue pending in the SouthCarolina Litigation, which issues relate to the Debtor's assetswithin the territorial jurisdiction of the United States. Natencofiled a response to the Debtor's request for recognition, statingthat it does not oppose the Debtor's recognition petition butobjects to any attempt by the Debtor to obtain relief with respectto Natenco that is not available to the Debtor under the DelawareLimited Liability Company as an insolvent former member ofNatenco.Natenco is represented by: Jeffrey C. Wisler, Esq. CONNOLLY GALLAGHER LLP 1000 N. West Street, Suite 1400 Wilmington, DE 19801 Tel: (302) 757-7300 Fax: (302) 658-0380 Email: email@example.com -- and -- Stanley H. McGuffin, Esq. Hamilton Osborne, Jr., Esq. HAYNSWORTH SINKLER BOYD, P.A. 1201 Main Street, 22nd Floor Columbia, SC 29201 Tel: (803) 779-3080 Email: email@example.com email@example.com Blumle, in his capacity as the duly appointed GermanInsolvency Administrator, filed a Chapter 11 petition for FCWindenergy GmbH (Bankr. D. Del., Case No. 16-10056) on January 11,2016. The Debtor develops, constructs (as general contractor),operates, buys and sells wind energy plants, and manages andrepresents other companies. The case is assigned to Judge Mary F.Walrath.The Chapter 15 Petitioner is represented by Adam Hiller, Esq., atHiller & Arban, LLC, in Wilmington, Delaware.FELD LIMITED: Taps Jon Anderson to Handle Tenant/Landlord Suits---------------------------------------------------------------Feld Limited Partnership filed a supplemental application seekingpermission from the U.S. Bankruptcy Court for the Eastern Districtof Wisconsin to employ Jon Anderson as attorney to represent theDebtor in landlord/tenant eviction and collection actions relatedto past due rent owed it.The Debtor relates that at this time, there is a current tenant insubstantial arrears, which will require immediate civil action toresolve. The Debtor foresees that there will be at least one moresimilar instance of this type moving forward, for which applicant'sservices will be required.The hourly rate for Mr. Anderson will be $200 per hour. Allprofessionals employed by the Debtor understand and agree to keepdetailed records of all time spent on the matters.Attorney Anderson will not rely on any associates or paralegals.The total fees for Attorney Anderson's services will not exceed$7,500 without further order of the Court. It is anticipated thatapplicant will move the Court for approval of fees related to eachcivil action as it concludes. If he expects that his total accruedfees may surpass $7,500, he will move the Court to raise the $7,500fee cap.To the best of the Debtor's knowledge, Attorney Anderson is a"disinterested person" as that term is defined in Section 101(14)of the Bankruptcy Code.In its original motion dated Feb. 17, 2016, Mr. Anderson, owner ofthe Law Office of Jon D. Anderson, LLC with business office locatedat 414 E. Walnut St. No. 201, Green Bay, WI 54301, Tel No. (920)431-0790, told the Court that the Debtor owes the firm $8,000 inprepetition fees.The Debtor is represented by: Nicholas Hahn Paul G. Swanson, Esq. STEINHILBER, SWANSON, MARES, MARONE & McDERMOTT 107 Church Ave. P.O. Box 617 Oshkosh, WI 54903-0617 Tel: (920) 235-6690 Fax: (920) 426-5530 E-mails: firstname.lastname@example.com firstname.lastname@example.com About Feld Limited PartnershipFeld Limited Partnership, engaged in the business of leasing andmanaging real properties in the Madison and Green Bay areas, fileda Chapter 11 bankruptcy petition (Bank. E.D. Wisc. Case No.16-20826) on Feb. 3, 2016. Dennis J. Feld signed the petition asgeneral partner. The Debtor disclosed total assets of $15.17million and total debts of $7.50 million. Steinhilber, Swanson,Mares, Marone & McDermott serves as the Debtor's counsel.FJK PROPERTIES: Full-Payment Plan Confirmed After $21.5M Sale-------------------------------------------------------------Judge Paul G. Hyman, Jr., on Jan. 26, 2016, entered an order (i)confirming the Joint Plan of Liquidation of FJK Properties, Inc.and FJK III Properties, Inc., and (ii) granting final approval tothe Amended Disclosure Statement.The Plan will be funded by the sale proceeds received from the saleof the Debtors' real property and any cash held by the Debtors asof the date of the confirmation hearing. The net sale proceeds tobe paid pursuant to the Plan will be sufficient to pay the allowednon-insider unsecured claims in full. Robert C. Furr, Esquire of Furr and Cohen, P.A., is named asdisbursing agent without additional compensation.After the Effective Date of the order confirming the Plan, theDebtors will cease operations. Frederick J. Keitel, III, willserve as corporate representative of the Liquidated Debtor for thepurpose of making final distributions to all Classes and windingdown the affairs of the Liquidated Debtors, including preparing anyfinal tax returns and filings with the State of Florida and PalmBeach County Tax Collector.The Debtor does not intend to pursue preference, fraudulentconveyance, or other avoidance actions.The Debtor on Dec. 18, 2015, filed the Joint Plan of Liquidationand a Disclosure Statement. On Dec. 23, 2015, it filed an AmendedDisclosure Statement. A copy of the Amended Disclosure Statementis available free of charge at: http://bankrupt.com/misc/FJK_P_76_Am_DS.pdfThe Court on Dec. 23 entered a preliminary order approving theAmended Disclosure Statement and set a Jan. 25 hearing to considerconfirmation of the Plan and final approval of the DisclosureStatement.A copy of the Plan Confirmation Order is available for free at: http://bankrupt.com/misc/FJK_P_113_M_Final_Decree.pdf Sale of PropertiesThe Debtor on Dec. 18, 2015, filed a motion to sell the propertiesat 230 and 240 Royal Palm Way, Palm Beach, Florida 33480 Royal PalmOwner, LLC and JHD Associates, LLC, for the purchase price of$21,450,000, including all improvement, fixtures, equipment,appliances, furnishings, the Debtors' interest in all leases or anyrental license, concession or other agreement or arrangement foroccupancy, all refundable security deposits, prepaid rents,governmental permits, warranties, licenses, development rights,certificate of occupancy or approvals in connection with the RoyalPalm Properties, services agreements, as is, where is and with allfaults and defects.The Broker's Listing Agreement with realtor Holiday FenoglioFowler, LP, provides that Realtor shall receive a success fee of2.5% of the total gross purchase price, plus an incentive fee equalto 3% of any portion of the gross purchase price in excess of$22,000,000. Also, the Realtor will receive reimbursable expensesup to $10,000 for out-of-pocket costs, expenses reasonably incurredin the marketing of the Properties.The Court approved the sale of the properties on Jan. 13, 2016. About FJK PropertiesFJK Properties Inc. is a Florida profit corporation located in PalmBeach, Florida and was formed on November 17, 1995 to purchase andoperate an office building located at 230 Royal Palm Way, PalmBeach, Florida.FJK III Properties, Inc., is a Florida profit corporation locatedin Palm Beach, Florida and was formed on June 27, 1997 to purchaseand operate an office building located at 240 Royal Palm Way, PalmBeach, Florida.FJK Properties Inc. filed a Chapter 11 bankruptcy petition (Bankr.S.D. Fla. Case No. 15-19494) on May 26, 2015. FJK III also filed aChapter 11 petition (Case No. 15-19496). Hon. Paul G. Hyman, Jr.,is assigned to the cases.The Debtors tapped Robert C. Furr and the law firm Furr and Cohen,P.A., as counsel. The Debtors also won approval to hire David J.Thomas, CPA and the firm of Holyfield & Thomas LLC ("Accountants")as financial advisor and accountants. The Debtors also engaged (i)Manuel de Zaraga, Real Estate Broker and the firm of HolidayFenoglio Fowler, LP as exclusive agent to sell the debtors' realproperty, and (ii) Jessica T. Lifshitz, Esq. and the law firm ofMcDonald Hopkins as special real estate counsel. * * *The Court in July 2015 entered order dismissing the Chapter 11cases due to failure to timely file schedules. In August, theCourt vacated the dismissal orders after the Debtors file theirinitial schedules and statements of financial affairs on July 14.The Meeting of Creditors was held and concluded on August 14, 2015. The U.S. Trustee did not appoint a Creditors' Committee. The Claims Bar Date expired on Nov. 12, 2015.FJK PROPERTIES: Says Creditors Paid, Wants Case Closed------------------------------------------------------FJK Properties Inc., through its attorneys, filed a final reportand a motion for a final decree closing its Chapter 11 case.The Debtor disclosed that: 1. The plan of reorganization was confirmed on January 26, 2016. The plan provided for a 100% dividend to unsecured creditors. 2. The deposit required by the plan has been distributed and allmatters to be completed upon the effective date of the confirmedplan have been fulfilled or completed. 3. There are no longer any pending adversary proceedings orcontested matters which would affect the substantial consummationof this case and the debtor, if an individual, has filed the localform "Notice of Deadline to Object to Debtor's Statement Re: 11U.S.C. Sec. 522(q)(1) Applicability, Payment of Domestic SupportObligations, and (for Chapter 11 Cases Only) Applicability ofFinancial Management Course and Statement Regarding Eligibility toReceive Discharge". 4. All administrative claims and expenses have been paid infull, or appropriate arrangements have been made for the fullpayment thereof. The fees and expenses paid are: Fee for Attorney for Debtor $116,343 U.S. Trustee Fees $23,575 Clerk of Court $2,099 Other Professionals $27,686 -------- ALL expenses, including Trustee's $169,703 5. Distributions have been made to creditors of FJK IIIProperties, Inc. Case No. 15-19496-PGH and FJK Properties, Inc.Case No. 15-19494-PGH.A copy of the Final Report and Motion for Final Decree, whichincludes a list of the all the creditors paid by the Debtor: http://bankrupt.com/misc/FJK_P_113_M_Final_Decree.pdfBased upon the Debtor's Final Report, the U.S. Trustee has noobjection to the Court granting the Debtor's Motion for FinalDecree. The Debtor will remain liable for United States Trusteequarterly fees for each calendar quarter (or portion thereof)through the date the Final Decree is entered in this case. TheUnited States Trustee reserves the right to seek to have the FinalDecree vacated should any United States Trustee Quarterly Feesremain unpaid through date of closing by the court. About FJK PropertiesFJK Properties Inc. is a Florida profit corporation located in PalmBeach, Florida and was formed on November 17, 1995 to purchase andoperate an office building located at 230 Royal Palm Way, PalmBeach, Florida.FJK III Properties, Inc., is a Florida profit corporation locatedin Palm Beach, Florida and was formed on June 27, 1997 to purchaseand operate an office building located at 240 Royal Palm Way, PalmBeach, Florida.FJK Properties Inc. filed a Chapter 11 bankruptcy petition (Bankr.S.D. Fla. Case No. 15-19494) on May 26, 2015. FJK III also filed aChapter 11 petition (Case No. 15-19496). Hon. Paul G. Hyman, Jr.,is assigned to the cases.The Debtors tapped Robert C. Furr and the law firm Furr and Cohen,P.A., as counsel. The Debtors also won approval to hire David J.Thomas, CPA and the firm of Holyfield & Thomas LLC ("Accountants")as financial advisor and accountants. The Debtors also engaged (i)Manuel de Zaraga, Real Estate Broker and the firm of HolidayFenoglio Fowler, LP as exclusive agent to sell the debtors' realproperty, and (ii) Jessica T. Lifshitz, Esq. and the law firm ofMcDonald Hopkins as special real estate counsel. * * *The Court in July 2015 entered order dismissing the Chapter 11cases due to failure to timely file schedules. In August, theCourt vacated the dismissal orders after the Debtors file theirinitial schedules and statements of financial affairs on July 14.The Meeting of Creditors was held and concluded on August 14, 2015. The U.S. Trustee's did not appoint a Creditors' Committee.The Claims Bar Date expired on Nov. 12, 2015.FOREST PARK SOUTHLAKE: Court Set to Hear Tax Consultant Hiring--------------------------------------------------------------A U.S. bankruptcy court is set to hear the applications filed byForest Park Medical Center at Southlake LLC to hire taxconsultants.The U.S. Bankruptcy Court for the Northern District of Texas willtake up the applications at a hearing on March 21.The company on Feb. 18 filed two separate applications to hire TaxAdvisors Group Inc. and Tax Advisors Group Sales and Use Tax LLC.FPMC tapped Tax Advisors Group Inc. to be its business personalproperty tax consultant. The firm will also assist the company inlitigation proceedings. The company proposed to pay the firm a contingent fee. TaxAdvisors Group Inc.'s current contingent fee rate is 25% of the taxsavings, according to court filings.Meanwhile, the other firm will serve as FPMC's sales and use taxconsultant. Among the services to be provided by the firm is thepreparation of documents necessary to effect a refund from thestate government.FPMC also proposed to pay the firm a contingent fee whose currentcontingent fee rate is 33% of the tax savings, according to courtfilings.William Blankenship, a principal of both firms, disclosed in courtfilings that the firms do not represent any interest adverse toFPMC. Early last month, FPMC received court approval to hire FTIConsulting Inc. The order, issued by Judge Russell Nelms, also allowed the companyto designate J. Robert Medlin as its chief restructuring officer,and Walt Brown as restructuring officer.The bankruptcy judge approved the hiring despite opposition fromVibrant Healthcare Southlake LLC and FPMC Services LLC. Bothcompanies criticized FPMC for not explaining how the hiring ofrestructuring officers will affect the management of its hospitalin Fort Worth, Texas. About Forest Park Medical CenterForest Park Medical Center at Southlake, LLC, owns and operates a54 private bed state-of-the-art medical facility, including 10family suites and 6 intensive care beds, located at 421 East Texas114 Frontage Road, Southlake, Texas, and commonly known as ForestPark Medical Center at Southlake. The Hospital is a licensed, fullservice, acute-care medical facility with an emergency room, fullservice imaging and lab, twelve operating rooms and two procedurerooms. The Hospital provides all manner of in-patient andout-patient services and treatments, including primarily electivescheduled out-patient surgery. The Hospital was opened in June of2013, and since that time has performed over 15,000 surgeries andprovided non-surgical procedures, x-rays, lab work, ER, and relatedservices to numerous other patients.Forest Park Medical Center at Southlake, LLC, filed a Chapter 11bankruptcy petition (Bankr. N.D. Tex. Case No. 16-40273) on Jan.19, 2016. Charles Nasem, the CEO, signed the petition. JudgeRussell F. Nelms has been assigned the case.The Debtor estimated assets and liabilities in the range of $10million to $50 million.Haynes and Boone, LLP, serves as counsel to the Debtor.FOREST PARK: Needs Time to Close Sale Before Ending FPMC Deal-------------------------------------------------------------Forest Park Medical Center at Frisco, LLC, asks the BankruptcyCourt for time to close the sale of substantially all of its assetsbefore it can file a motion seeking to reject the managementagreement with FPMC Services, LLC.Vibrant Healthcare Frisco, LLC, and FPMC filed a motion to compelthe Debtor to decide whether to assume or reject the managementagreement. In response, the Debtor said the sale is anticipated toclose by March 31, 2016. The Court, on Feb. 18, 2016, approved thesale of substantially all of the Debtor's assets to ColumbiaMedical Center of Plano Subsidiary, L.P. The Debtor stated thatonce the sale has closed it would no longer need the services beingprovided by FPMC under the management agreement. Therefore, theDebtor intends to file a motion to reject the management agreementonce the sale has closed.However, prior to the closing of the sale, the Debtor continues toneed the services of FPMC Services including but not limited toproviding the hospital with employees and certain other back officeservices. Based on these, the Debtor said it is not opposed to therelief sought under the motion to compel but asked the Court toallow it the time needed until the close of the sale to file themotion to reject the management agreement.The Debtor is represented by: William L. Medford, Esq. Vickie L. Driver, Esq. Christina W. Stephenson, Esq. LEWIS BRISBOIS BISGAARD & SMITH, LLP 2100 Ross Avenue, Suite 2000 Dallas, TX 75201 Tel: (214) 722-7100 Fax: (214) 722-7111 E-mails: firstname.lastname@example.com firstname.lastname@example.com firstname.lastname@example.com About Forest Park MedicalForest Park Medical Center at Frisco, LLC, filed Chapter 11bankruptcy petition (Bankr. E.D. Tex. Case No. 15-41684) on Sept.22, 2015. The petition was signed by Michael Miller, the CRO. In its schedules filed in November 2015, the Debtor listed$21,904,586.97 in total assets (all personal property) and$32,507,044.12 in total liabilities, including $11,973,088.60 ingeneral unsecured claims and $19,993,998.76 in secured claims.The Debtor is a doctor-owned Texas limited liability company thatowns and operates a 54-bed state-of-the-art medical facility,including 30 private rooms, 14 family suites, and 10 intensivecare rooms in Frisco, Texas.Hon. Brenda T. Rhoades is assigned to the case.William L. Medford, Esq., and Vickie Driver, Esq., at LewisBrisbois Bisgaard & Smith, LLP serve as counsel to the Debtor. Houlihan Lokey, led by Adam Dunayer, the firm's managing director,serves as the Debtor's investment banker. Donlin, Recano &Company, Inc., serves as claims, noticing and solicitation agent. The Debtor also has hired Michael Silhol, Esq., at Silhol Law,PLLC, a Dallas-based law firm that exclusively representshealthcare providers. Bell Nunnally & Martin, LLP, led by itspartner, R. Barrett Richards, Esq., serves as special counsel toevaluate the estate's health law, corporate law, and taxobligations. Wm. Blankenship and Tax Advisors Group, Inc. servesas the Debtor's property tax consultant.The Official Committee of Unsecured Creditors is represented byEric A. Liepins, Esq., as local counsel, and Arent Fox LLP's RobertM. Hirsh, Esq., and George P. Angelich, Esq., as lead counsel. TheCommittee retained CohnReznick LLP, led by partner Clifford Zucker,as financial advisors.The U.S. Trustee appointed, and the Court approved, Susan N.Goodman as the patient care ombudsman in the case. Columbia Medical Center of Plano Subsidiary, L.P. and HCA Inc.,which are buying the Debtor's assets, are represented by Brian R.Browder, Esq., at Waller Lansden Dortch & Davis, LLP.GINGER OIL: Has Access to Cash Collateral Until April 27--------------------------------------------------------As of March 3, 2016, Judge Marvin Isgur has already entered twointerim orders authorizing Ginger Oil Company's limited use of cashcollateral.The Debtor filed its cash collateral motion on Feb. 4. On Feb. 11,the Court entered its first interim order. Pursuant to anagreement between the Debtor and Independent Bank, the Court hasgranted a second interim order, which authorizes the Debtor to useIBTX's cash collateral until the continued final hearing, which isscheduled for April 27, 2016, at 3:30 p.m. (prevailing CentralTime). IBTX does not consent to the Debtor's use of cash collateral exceptin strict accordance with the budget and the Second Interim Order. Access to cash collateral will terminate on the earlier of: (a) thedate of IBTX's provision of written notice of the occurrence of anEvent of Default; or (b) April 27. As adequate protection for itsinterests, IBTX will receive replacement liens, superpriorityadministrative expense claims, and payment by the Debtor of allfees and expenses, including attorney's fees of the Lender. A copy of the Second Interim Order is available for free at: http://bankrupt.com/misc/Ginger_Oil_30_2nd_Int_Cash_Ord.pdf About Ginger OilGinger Oil Company, engaged in the business of oil and gasexploration and development in Arkansas, Louisiana and Texas, fileda Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No.16-30678) on Feb. 4, 2016. The petition was signed by William D.Neville as president/director. Judge Marvin Isgur handles the case. The Debtor disclosed total assets of $29.27 million and totaldebts of $6.47 million. Cooper & Scully, PC, serves as counsel to the Debtor. Proofs of claim are due by June 6, 2016. For governmental units,the bar date is Aug. 2, 2016.GUIDED THERAPEUTICS: Inks Amendment #8 to 2014 Promissory Notes---------------------------------------------------------------Guided Therapeutics, Inc., entered into an amendment agreement withthe holders of its secured promissory notes, originally issuedSept. 10, 2014 ("Amendment #8"), in order to eliminate the volumelimitations on sales of common stock issued or issuable uponconversion of the secured promissory notes, according to a Form 8-K report filed with the Securities and Exchange Commission.The Amendment #8 was entered into as of March 7, 2016, by and amongGPB Debt Holdings II LLC and Aquarius Opportunity Fund (the"Lenders") and the Company. About Guided TherapeuticsGuided Therapeutics, Inc. (OTC BB and OTC QB: GTHP)-- http://www.guidedinc.com/-- is developing a rapid and painless test for the early detection of disease that leads to cervicalcancer. The technology is designed to provide an objective resultat the point of care, thereby improving the management of cervicaldisease. Unlike Pap and HPV tests, the device does not require apainful tissue sample and results are known immediately. GT hasalso entered into a partnership with Konica Minolta Opto todevelop a non-invasive test for Barrett's Esophagus using theLightTouch technology platform.For the year ended Dec. 31, 2014, the Company reported a net lossattributable to common stockholders of $10.03 million on $65,000 ofcontract and grant revenue compared to a net loss attributable tocommon stockholders of $10.39 million on $820,000 of contract andgrant revenue in 2013.As of Sept. 30, 2015, the Company had $2.76 million in totalassets, $6.25 million in total liabilities and a totalstockholders' deficit of $3.48 million.HAGGEN HOLDINGS: Wants Plan Filing Exclusivity Until June 6-----------------------------------------------------------Haggen Holdings, LLC, et al., ask the U.S. Bankruptcy Court for theDistrict of Delaware to further extend until June 6, 2016, theperiod by which they have exclusive rights to file a plan and untilAugust 4, 2016, the period by which they have exclusive rights tosolicit acceptance of the plan.The Debtors have been operating under the protections of chapter 11for just under six months. During this time, the Debtors'management and professionals have made significant progress instabilizing their business operations, ensuring a smooth transitioninto Chapter 11, and preserving and maximizing the value of theDebtors' estates for the benefit of all stakeholders.Since the filing of the First Exclusivity Motion, the Debtors have,among other things: (i) continued to pursue the sale of certaincore stores; (ii) conducted an additional GOB Sale with respect tothe Debtors' store located at 11012 Canyon Rd., East in Puyallup,WA; (iii) conducted a Pharmacy Sale for the Puyallup Store; and(iv) began reconciling claims.In addition, the Debtors entered into a settlement agreement withAlbertson's LLC and Albertsons Companies, LLC, among others,resolving the significant, outstanding litigation between theDebtors and Albertson's; and negotiated at arms'-length with theirpostpetition secured lenders to obtain extensions of certainmilestones and the maturity date under the postpetition creditagreement.According to Ian J. Bambrick, Esq., at Young Conaway Stargatt &Taylor, LLP, in Wilmington, Delaware, accomplishing these taskswithin a mere six months has been a labor-intensive process, fullyoccupying the Debtors' representatives and professionals. In lightof these circumstances, including, without limitation, the on-goingmarketing and sale process with respect to the Debtors' corestores, the Debtors submit that the requested extensions are bothappropriate and necessary to afford them with sufficient time toadequately prepare a viable chapter 11 plan and relateddisclosure statement.At this stage, an extension of the Exclusive Periods will allow theDebtors to negotiate a chapter 11 plan, while continuing to devotethe necessary resources towards maximizing the value of theirestates through the Court-approved sale process, among otherthings, Mr. Bambrick tells the Court. The Debtors' currentprogress towards resolving the issues facing their estates andsuccessfully negotiating and consummating the sales in thesechapter 11 cases justify the requested extension of the ExclusivePeriods, Mr. Bambrick asserts.The Debtors are also represented by Matthew B. Lunn, Esq., RobertF. Poppiti, Jr., Esq., and Ashley E. Jacobs, Esq., at Young ConawayStargatt & Taylor, LLP, in Wilmington, Delaware; and Frank A.Merola, Esq., Sayan Bhattacharyya, Esq., and Elizabeth Taveras,Esq., at Stroock & Stroock & Lavan LLP, in New York. About Haggen HoldingsHeadquartered in Bellingham, Washington, Haggen was founded in 1933as a single grocery store. From 1933 to 2014, Haggen grew into a30 store family-run grocery chain, with stores located in thenorthwestern United States. From 2011 to 2014, Haggen reduced itsstore base to 18, including a stand-alone pharmacy location. Haggen rapidly expanded in 2014 and 2015, and, as of the PetitionDate, Haggen owned and operated 164 stores through three operatingcompanies: Haggen, Inc., Haggen Opco North, LLC and Haggen OpcoSouth, LLC.Haggen Holdings, LLC, and its affiliates filed Chapter 11bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11874 to15-11879) on Sept. 8, 2015, with the intention of reorganizing, orselling as a going concern, their stores for the benefit of theircreditors.The petitions were signed by Blake Barnett, the chief financialofficer.The Debtors estimated assets of $50 million to $100 million andestimated liabilities of $10 million to $50 million.Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors'local counsel. Stroock & Stroock & Lavan LLP serves as theDebtors' general counsel. Alvarez & Marsal North America, LLC,acts as the Debtors' financial advisor. Kurtzman CarsonConsultants LLC serves as the Debtors' claims and noticing agent.In September 2015, T. Patrick Tinker, assistant U.S. trustee forRegion 3, appointed seven creditors to the official committee ofunsecured creditors. The Creditors Committee tapped PachulskiStang Ziehl & Jones LLP as counsel.HEMCON MEDICAL: Goldstein & McClintock Okayed as Committee Counsel------------------------------------------------------------------The Official Committee of Unsecured Creditors appointed in thebankruptcy case of HemCon Medical Technologies, Inc., won Courtapproval to retain Goldstein & McClintock LLLP as its lead counsel,nunc pro tunc to Jan. 22, 2016. The firm will provide the full range of services required torepresent the Committee, including: (a) advising the Committee on all legal issues as they arise; (b) representing and advising the Committee regarding theterms of any sales of assets or plans of reorganization orliquidation, and assisting the Committee in negotiations with theDebtor and other parties; (c) investigating the Debtor's assets and pre-bankruptcyconduct; (d) preparing, on behalf of the Committee, all necessarypleadings, reports, and other papers; (e) representing and advising the Committee in all proceedingsin these cases; (f) assisting and advising the Committee in itsadministration; and (g) providing other services as are customarily provided bycounsel to a creditors' committee in cases of this kind.Goldstein & McClintock will charge for its legal services on anhourly basis. Goldstein & McClintock's billing rates for attorneysfor the 2016 calendar year range from approximately $195.00 perhour for associates to $725.00 per hour for senior partners, thoughno attorney with a billing rate in excess of $435.00 per hour isexpected to spend substantial time on the case. Time devoted bylegal assistants for the 2016 calendar year range fromapproximately $135.00 to $255.00 per hour. The Goldstein & McClintock professionals expected to be primarilyresponsible for providing services to the Committee include: Thomas R. Fawkes – partner ($435/hour), Matthew E. McClintock – partner ($435/hour), and Sean Williams – associate ($285/hour)Matthew E. McClintock, Esq., attests that his firm does not haveany connection with the Debtor, any other creditor of the sameclass as the Committee, or other parties in interest or theirrespective attorneys, and that the firm is a "disinterested person"as that term is defined in section 101(14) of the Bankruptcy Code.Tricol International Group Limited objected to the Committee'srequest to retain Goldstein & McClintock LLLP and Zupancic RathboneLaw Group, P.C. Allowing the panel to hire both Chicago and localcounsel would create a substantial duplication of efforts resultingin excessive fees, Tricol said.Tricol has provided interim DIP financing to the Debtor and isserving as stalking horse bidder. "As the Stalking Horse Bidder under the Sale Motion, Tricol has aheightened interest in assuring that only reasonable and necessaryadministrative expenses are incurred and approved by the court,"Tricol said in court papers. It added that the approval ofunnecessary administrative expenses could also discourage biddingsince part of the purchase price includes unpaid administrativeexpenses.The Committee defended its applications, saying "there is nothingunusual about this arrangement. It happens routinely in casesacross the country, including in many committee representations inOregon." The Committee also noted that it chose to retainGoldstein & McClintock to substantively represent it in thisbankruptcy case. Because Goldstein & McClintock has no Oregonoffice, the Committee said Rule 83-3 of the Local Rules of CivilProcedure requires Goldstein & McClintock to associate with localcounsel. Hence, the Committee filed an application to retainZupancic, and more specifically an associate at Zupancic whosebilling rate is $285 per hour, to associate with Goldstein &McClintock and assist the Committee as its Oregon counsel.Tricol is represented by: Tara J. Schleicher, Esq. Margot D. Seitz, Esq. FARLEIGH WADA WITT 121 SW Morrison Street, Suite 600 Portland, OR 97204-3136 Telephone: (503) 228-6044 Facsimile: (503) 228-1741 E-mail: email@example.com email@example.com & McClintock may be reached at: GOLDSTEIN & MCCLINTOCK LLLP 208 South LaSalle Street, Suite 1750 Chicago, IL 60604 Matthew E. McClintock, Esq. Direct Dial: (312) 219-6732 Facsimile: (312) 277.2305 E-mail: firstname.lastname@example.com Thomas R. Fawkes, Esq. Direct Dial: (312) 219-6702 Facsimile: (312) 216-0734 E-mail: firstname.lastname@example.com HemCon Medical Technologies, Inc.HemCon Medical Technologies, Inc. filed Chapter 11 bankruptcypetition (Bankr. D. Ore. Case No. 16-30119) on Jan. 15, 2016.The petition was signed by Michael Wax as president and CEO. TheDebtor estimated both assets and liabilities in the range of $10million to $50 million. Tonkon Torp LLP represents the Debtor ascounsel.On Jan. 22, 2016, the Office of the United States Trustee appointedan official committee to represent the interests of unsecuredcreditors. The Committee selected Goldstein & McClintock LLLP asits lead counsel, and Zupancic Rathbone Law Group, P.C. as itsOregon counsel. Healthios Capital Markets, LLC serves as itsinvestment banker.HemCon began operations in 2001 and today brings advanced woundcare technologies to the worldwide healthcare market.The Debtor previously filed a Chapter 11 bankruptcy on April 10,2012, in the District of Oregon (Case No. 12-32652-elp11). TheDebtor's Fifth Amended Plan of Reorganization was confirmed on May 6, 2013, and the Final Decree was entered and the case wasclosed on Nov. 20, 2013.HEMCON MEDICAL: Healthios Approved as Panel's Investment Banker---------------------------------------------------------------The Official Committee of Unsecured Creditors appointed in thebankruptcy case of HemCon Medical Technologies, Inc., sought andobtained Court approval to retain Healthios Capital Markets, LLC,as its investment banker.On Feb. 12, 2016, the Committee selected Healthios as itsinvestment banker to market and sell the Debtor's assets. According to the Committee, in addition to the fact that Healthioshas substantial experience marketing and selling companies in themedical device industry, Healthios was retained by the Debtorpre-petition. Although Healthios had identified numerousinterested parties, it struggled to find a buyer outside ofbankruptcy in light of the Debtor's debt obligations and the SECinvestigation involving its parent company. Those issues are nowresolved with the bankruptcy -- the assets can be sold "free andclear" -- and given its prior work and connections, as well as theexpedited sale timeframe, the Committee determined that retainingHealthios presents the best opportunity to maximize value.Given the importance of a robust sales process and competitiveauction, the Debtor, Sussex Associates, L.P. (the only creditorlisted as having a security interest in the Debtor's schedules),and the Committee are all in favor of the Committee retainingHealthios. The Committee circulated the Application, a Rule 2014Verified Statement, and proposed order to the Debtor, SussexAssociates, and the U.S. Trustee. No parties opposed theapplication, according to the Committee.Healthios will be paid according to this structure: Percentage of Incremental Aggregate Consideration Advisor's Aggregate payable as Maximum Consideration Success Fee Success Fee ------------- -------------- ----------- $1 - 4 million 0% $0 Above $4 million - $5 million 2% $20,000.00 Above $5 million - $6 million 10% $120,000.00 Above $6 million - $7 million 10% $220,000.00 Above $7 million - $8 million 15% $370,000.00 Above $8 million - $9 million 15% $520,000.00 Above $9 million - $10 million 15% $770,000.00 Above $10 million - $11 million 15% $820,000.00 Above $11 million - $20 million 5% $1,000,000.00 Above $20 million 0% $1,000,000.00 The Committee said it has negotiated a contingency fee structurewhereby Healthios will only be paid a Success Fee in the event thatthe Debtor's assets are sold for more than $4 million (i.e., morethan the stalking horse bid). In fact, unless Healthios is able tohelp the Debtor drive the price of the assets above $5 million --i.e., over a million dollars more than the current bid -- Healthioswould at most earn $20,000. The structure is designed toincentivize Healthios to truly maximize value, and to fairly rewardHealthios if it is successful at doing so.Healthios attests that it does not have any connection with theDebtor, any other creditor of the same class as the Committee, orother parties in interest or their respective attorneys, and is a"disinterested person" as that term is defined in section 101(14)of the Bankruptcy Code.The firm may be reached at: W. Gregory Shearer Managing Director Healthios Capital Markets, LLC Tel: (847) 400-5000 E-mail: email@example.com HemCon Medical Technologies, Inc.HemCon Medical Technologies, Inc. filed Chapter 11 bankruptcypetition (Bankr. D. Ore. Case No. 16-30119) on Jan. 15, 2016.The petition was signed by Michael Wax as president and CEO. TheDebtor estimated both assets and liabilities in the range of $10million to $50 million. Tonkon Torp LLP represents the Debtor ascounsel.On Jan. 22, 2016, the Office of the United States Trustee appointedan official committee to represent the interests of unsecuredcreditors. The Committee selected Goldstein & McClintock LLLP asits lead counsel, and Zupancic Rathbone Law Group, P.C. as itsOregon counsel. Healthios Capital Markets, LLC serves as itsinvestment banker.HemCon began operations in 2001 and today brings advanced woundcare technologies to the worldwide healthcare market.The Debtor previously filed a Chapter 11 bankruptcy on April 10,2012, in the District of Oregon (Case No. 12-32652-elp11). TheDebtor's Fifth Amended Plan of Reorganization was confirmed on May 6, 2013, and the Final Decree was entered and the case wasclosed on Nov. 20, 2013.HEMCON MEDICAL: Taps Miller Nash Over Intellectual Property Issues------------------------------------------------------------------HemCon Medical Technologies, Inc. asks the Bankruptcy Court forauthority to employ Miller Nash Graham & Dunn LLP as specialcounsel to assist the Debtor in intellectual property matters.The Debtor also asks the Court to approve procedures authorizing itto retain, employ and compensate certain patent professionalsutilized in the ordinary course of business in connection with patent matters in foreignjurisdictions.The Debtor said Miller Nash will represent it in connection withintellectual property matters, primarily in maintaining itsexisting patent portfolio and providing patent counseling andclosing of a sale to a prospective purchaser. Patent maintenanceincludes the tracking of and ensuring timely response to patentoffice actions and payment of ongoing patent-related fees, as wellas providing instructions to various attorneys and similar serviceproviders in foreign jurisdictions in relation to the maintenanceof foreign applications and patents on the Debtor's behalf.The Debtor said Miller Nash has substantial experience in legalmatters related to the United States Patent & Trademark Office,including registration to practice before the Office. Furthermore,Miller Nash has represented Debtor for many years as itsintellectual property counsel, and is intimately familiar with theDebtor's extensive patent portfolio. The Miller Nash professionals who will be primarily responsible forproviding these services, their status and their current billingrates are: Professional Status Hourly Rate ------------ ------ ----------- Chandra Eidt Partner $450 Erich Merrill Partner $570 Elizabeth Miller Paralegal $240 Hillary Pratt Administrative $95 Assistant Prior to the Petition Date, Miller Nash provided legal services tothe Debtor. As of the Petition Date, Miller Nash's unpaid billingsto the Debtor are $97,754.19 and Miller Nash holds an unappliedprepetition retainer of $13,060.50, as stated in the accompanyingRule 2014 Verified Statement of Chandra Eidt. Within the 90 daysprepetition Miller Nash received payments toward invoices and toits trust account of $17,250.00. Miller Nash attests that it does not represent or hold any interestadverse to the Debtor or to the estate with respect to the matteron which Miller Nash is to be employed. The Debtor estimates the fees and expenses for Miller Nash(including Foreign Patent Professionals) as intellectual propertycounsel will total $25,700 through closing of the proposed sale, ifthe sale is closed by April 8, 2016, or $33,700 if the sale doesnot close until April 29, 2016. Miller Nash provides instructions to the Foreign PatentProfessionals in connection the maintenance of the Debtor's patentsin foreign jurisdictions. The Foreign Patent Professionals willnot be involved in the administration of this Chapter 11 case. Consequently, the Debtor does not believe the Foreign PatentProfessionals are "professionals" as that term is used in Section327 of the Bankruptcy Code, whose retention must be approved bythis Court. Nevertheless, the Debtor makes this request out of anabundance of caution. Specifically, the Debtor seeks entry of anorder authorizing it to (a) retain and employ Foreign PatentProfessionals on an "as needed" basis without the submission ofseparate, formal retention applications for each Foreign PatentProfessional; and (b) establish procedures to compensate theForeign Patent Professionals.The firm may be reached at: Chandra Eidt Miller Nash Graham & Dunn LLP as 2801 Alaskan Way, Suite 300 Seattle, WA 98121 Tel: 206.777.7513 E-mail: email@example.com HemCon Medical Technologies, Inc.HemCon Medical Technologies, Inc. filed Chapter 11 bankruptcypetition (Bankr. D. Ore. Case No. 16-30119) on Jan. 15, 2016.The petition was signed by Michael Wax as president and CEO. TheDebtor estimated both assets and liabilities in the range of $10million to $50 million. Tonkon Torp LLP represents the Debtor ascounsel.On Jan. 22, 2016, the Office of the United States Trustee appointedan official committee to represent the interests of unsecuredcreditors. The Committee selected Goldstein & McClintock LLLP asits lead counsel, and Zupancic Rathbone Law Group, P.C. as itsOregon counsel. Healthios Capital Markets, LLC serves as itsinvestment banker.HemCon began operations in 2001 and today brings advanced woundcare technologies to the worldwide healthcare market.The Debtor previously filed a Chapter 11 bankruptcy on April 10,2012, in the District of Oregon (Case No. 12-32652-elp11). TheDebtor's Fifth Amended Plan of Reorganization was confirmed on May 6, 2013, and the Final Decree was entered and the case wasclosed on Nov. 20, 2013.HEMCON MEDICAL: Zupancic Okayed as Committee's Oregon Counsel-------------------------------------------------------------The Official Committee of Unsecured Creditors appointed in thebankruptcy case of HemCon Medical Technologies, Inc., won Courtapproval to retain Zupancic Rathbone Law Group, P.C. as Oregoncounsel to the Committee, nunc pro tunc to Jan. 22, 2016. Although Goldstein & McClintock LLLP, will be serving as theCommittee's lead counsel, where more efficient, Zupancic willprovide a range of services including: (a) advising the Committee on legal issues as they arise,including compliance with local rules and procedure; (b) attending hearings on behalf of the Committee; (c) representing and advising the Committee regarding theterms of any sales of assets or plans of reorganization orliquidation, and assisting the Committee in negotiations with theDebtor and other parties; (d) investigating the Debtor's assets and pre-bankruptcyconduct; (e) preparing, on behalf of the Committee, necessarypleadings, reports, and other papers; (f) representing and advising the Committee in proceedings inthese cases; (g) assisting and advising the Committee in itsadministration; and (h) providing such other services as are customarily providedby counsel to a creditors' committee in cases of this kind.Zupancic will charge for its legal services on an hourly basis. Its billing rates for attorneys for the 2016 calendar year rangefrom approximately $235.00 per hour for associates to $465.00 perhour for senior partners, though no attorney with a billing rate inexcess of $285.00 per hour is expected to spend substantial time onthe case. Time devoted by paralegals for the 2016 calendar year isbilled at $175.00 per hour. The attorney expected to be primarily responsible for providingservices to the Committee is Marjorie A. Elken - associate($285/hour). From time to time, it may be necessary for otherZupancic professionals to provide services to the Committee.Tricol International Group Limited objected to the Committee'srequest to retain Goldstein & McClintock LLLP and Zupancic RathboneLaw Group, P.C. Allowing the panel to hire both Chicago and localcounsel would create a substantial duplication of efforts resultingin excessive fees, Tricol said.Tricol has provided interim DIP financing to the Debtor and isserving as stalking horse bidder. "As the Stalking Horse Bidder under the Sale Motion, Tricol has aheightened interest in assuring that only reasonable and necessaryadministrative expenses are incurred and approved by the court,"Tricol said in court papers. It added that the approval ofunnecessary administrative expenses could also discourage biddingsince part of the purchase price includes unpaid administrativeexpenses.The Committee defended its applications, saying "there is nothingunusual about this arrangement. It happens routinely in casesacross the country, including in many committee representations inOregon." The Committee also noted that it chose to retainGoldstein & McClintock to substantively represent it in thisbankruptcy case. Because Goldstein & McClintock has no Oregonoffice, the Committee said Rule 83-3 of the Local Rules of CivilProcedure requires Goldstein & McClintock to associate with localcounsel. Hence, the Committee filed an application to retainZupancic, and more specifically an associate at Zupancic whosebilling rate is $285 per hour, to associate with Goldstein &McClintock and assist the Committee as its Oregon counsel.Tricol is represented by: Tara J. Schleicher, Esq. Margot D. Seitz, Esq. FARLEIGH WADA WITT 121 SW Morrison Street, Suite 600 Portland, OR 97204-3136 Telephone: (503) 228-6044 Facsimile: (503) 228-1741 E-mail: firstname.lastname@example.com firstname.lastname@example.com may be reached at: Marjorie A. Elken, Esq. ZUPANCIC RATHBONE LAW GROUP, P.C. 4949 Meadows Road, Suite 600 Lake Oswego, OR 97035 Direct Dial: (503) 210-2242 Facsimile: (503) 968-8017 E-mail: email@example.com HemCon Medical Technologies, Inc.HemCon Medical Technologies, Inc. filed Chapter 11 bankruptcypetition (Bankr. D. Ore. Case No. 16-30119) on Jan. 15, 2016.The petition was signed by Michael Wax as president and CEO. TheDebtor estimated both assets and liabilities in the range of $10million to $50 million. Tonkon Torp LLP represents the Debtor ascounsel.On Jan. 22, 2016, the Office of the United States Trustee appointedan official committee to represent the interests of unsecuredcreditors. The Committee selected Goldstein & McClintock LLLP asits lead counsel, and Zupancic Rathbone Law Group, P.C. as itsOregon counsel. Healthios Capital Markets, LLC serves as itsinvestment banker.HemCon began operations in 2001 and today brings advanced woundcare technologies to the worldwide healthcare market.The Debtor previously filed a Chapter 11 bankruptcy on April 10,2012, in the District of Oregon (Case No. 12-32652-elp11). TheDebtor's Fifth Amended Plan of Reorganization was confirmed on May 6, 2013, and the Final Decree was entered and the case wasclosed on Nov. 20, 2013.HORSEHEAD HOLDING: Wants April 17 as General Claims Bar Date------------------------------------------------------------Horsehead Holding Corp., et al., ask the U.S. Bankruptcy Court forthe District of Delaware to establish: a. April 17, 2016, at 5:00 p.m., as the last date and time forany individual or entity to file proofs of claim against anyDebtor; b. Aug. 1, 2016, at 5:00 p.m., as deadline solely as togovernmental units to file Proofs of Claim against any Debtor; and c. establish April 17, at 5:00 p.m., as the administrativeclaims bar date for all parties asserting a request for payment ofadministrative claims arising between the Petition Date and April1, 2016, excluding claims for fees and expenses of professionalsretained in the proceedings and claims asserting priority pursuantto Section 503(b)(9) of the Bankruptcy Code;Each proof of claim must be filed, including supportingdocumentation, by U.S. Mail or other hand delivery system, so as tobe actually received by the claims and noticing agent at theseaddresses:If by first-class mail, send to: Horsehead Holding Corp., Claims Processing Center c/o Epiq Bankruptcy Solutions, LLC P.O. Box 4421 Beaverton, OR 97076-4421If by hand delivery or overnight mail, send to: Horsehead Holding Corp., Claims Processing Center c/o Epiq Bankruptcy Solutions, LLC 10300 SW Allen Blvd. Beaverton, OR 97005 About Horsehead HoldingHorsehead Holding Corp., Horsehead Corporation, Horsehead MetalProducts, LLC, The International Metals Reclamation Company, LLC,and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016. The petitionwas signed by Robert D. Scherich as vice president and chieffinancial officer. Judge Christopher S. Sontchi is assigned to thecase.The Debtors have engaged Kirkland & Ellis LLP as general counsel,Pachulski Stang Ziehl & Jones LLP as local counsel, RAS ManagementAdvisors, LLC as financial advisor, Lazard Middle Market LLC asinvestment banker, Epiq Bankruptcy Solutions, LLC as claims andnoticing agent and Aird & Berlis LLP as Canadian counsel.The Debtors currently employ approximately 730 full-timeindividuals.The Debtors disclosed total assets of $1 billion and totalliabilities of $544.6 million. As of the Petition Date, theDebtors' consolidated long-term debt obligations totaledapproximately $420.7 million.ICONIX BRAND: S&P Affirms 'B' CCR & Rates $300MM Sec. Loan 'B'--------------------------------------------------------------Standard & Poor's Ratings Services affirmed its 'B' corporatecredit rating on New York City-based Iconix Brand Group Inc. Atthe same time, S&P assigned a 'B' issue-level rating to Iconix's$300 million secured term loan due 2021, with a recovery rating of'3'. The '3' recovery rating indicates S&P's expectation formeaningful recovery in the event of a payment default, at the lowerend of the range 50% to 70% range. S&P based the issue-level andrecovery ratings on preliminary terms and are subject to finalreview upon receipt of final documentation. Pro forma for the new term loan facility issued to refinance thematurity convertible notes, S&P estimates Iconix's debt level willremain around $1.4 billion for 2016."Our rating affirmation incorporates our expectations that Iconix'scredit profile can sustain the $40 million increased annual cashinterest cost and required principal amortization from the new termloan," said credit analyst Suyun Qu. "We expect the company'soperating result to be generally in line with previous expectationand adjusted financial leverage will remain just around 6x as thecompany continues to grow via acquisitions." The stable outlook reflects S&P's view that the newly hired CEO,the conclusion of the SEC comment letter process, and therefinancing of the near term maturity, should enable to company tofocus on executing the new management's strategy to support stableprofits and cash flows, with debt leverage remaining between 5x and6x as the company reinvests into the business via acquisitions. S&P also assumes any repercussions from the ongoing SECinvestigation are limited and contained, and does not jeopardizeIconix's business. S&P could lower the rating over the next year if the new managementteam fails to execute its strategies and cannot generate expectedlevels of royalty income, which could lead to weaker-than-expectedcredit metrics. S&P could also lower the rating if decliningoperating performance with EBITDA declining 30%, such that freeoperating cash flow decreases to below $100 million, leaving onlymarginal positive free cash flow after required debt amortization.Additionally, S&P could lower the rating if it believesreputational, legal, or regulatory developments related to theongoing SEC investigation are likely to imperil the company'sability to generate sufficient levels of contract renewal and cashflow, or if it leads to reputational damages. While highly unlikely over the next year, considering Iconix'sacquisitive nature and governance issues, S&P could upgrade thecompany if it believes it is sustaining leverage at below 5x. S&Pestimates this could occur if, for example, the company directsfree cash flow toward reducing debt. S&P calculates that more than$280 million of debt reduction from S&P's projected debt and EBITDAlevels at end of 2016 would cause debt leverage to decline to below5x. In addition, S&P would need to see its management andgovernance risks, including a successful conclusion of the SECinvestigation, having subsided.ICTS INTERNATIONAL: Atzmon Has 18.6% Ownership----------------------------------------------In a Schedule 13D filed with the Securities and ExchangeCommission, Menachem Atzmon, a director of ICTS International N.V.,reported that as of Dec. 24, 2015, he beneficially owns 1,500,000shares of common stock of ICTS representing 18.6 percent based on8,061,698 shares of Common Stock outstanding as of June 30, 2015,as reported in the Issuer's Report on FORM 6-K submitted on Dec.22, 2015. A copy of the regulatory filing is available for free athttp://is.gd/9JeQb7 About ICTS InternationalICTS International N.V. is a public limited liability companyorganized under the laws of The Netherlands in 1992.ICTS specializes in the provision of aviation security and otheraviation services. Following the taking of its aviation securitybusiness in the United States by the TSA in 2002, ICTS, throughits subsidiary Huntleigh U.S.A. Corporation, engages primarily innon-security related activities in the USA.ICTS, through I-SEC International Security B.V., supplies aviationsecurity services at airports in Europe and the Far East.In addition, I-SEC Technologies B.V. including its subsidiariesdevelops technological systems and solutions for aviation and non?aviation security.ICTS International reported a net loss of $4.25 million on$85.0 million of revenue for the six months ended June 30, 2015,compared with a net loss of $2.55 million on $82.5 million ofrevenue for the same period during the prior year. As of June 30,2015, the Company had $37.2 million in total assets, $80.7 millionin total liabilities and a total shareholders' deficit of $43.5million.Mayer Hoffman McCann CPAs, in New York, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014, citing that the Company has a history oflosses from continuing operations, negative cash flows fromoperations and a working capital and shareholders' deficit.Collectively, these conditions raise substantial doubt about theCompany's ability to continue as a going concern.IDERA PHARMACEUTICALS: Files Investor Presentation with SEC-----------------------------------------------------------Idera Pharmaceuticals, Inc. uploaded a presentation to its website,www.iderapharma.com, discussing the state of the Company. A copyof the presentation is available for free at: http://is.gd/VBBD7s About IderaCambridge, Massachusetts-based Idera Pharmaceuticals, Inc., is aclinical stage biotechnology company engaged in the discovery anddevelopment of novel synthetic DNA- and RNA-based drug candidatesthat are designed to modulate immune responses mediated throughToll-like Receptors, or TLRs. The Company has two drugcandidates, IMO-3100, a TLR7 and TLR9 antagonist, and IMO-8400, aTLR7, TLR8, and TLR9 antagonist, in clinical development for thetreatment of autoimmune and inflammatory diseases.Idera Pharmaceuticals reported a net loss attributable to commonstockholders of $39.2 million in 2014, a net loss applicable tocommon stockholders of $21.09 million in 2013 and a net lossapplicable to common stockholders of $22.5 million in 2012.As of Sept. 30, 2015, the Company had $99.08 million in totalassets, $6.42 million in total liabilities and $92.7 million intotal stockholders' equity.IHEARTCOMMUNICATIONS INC: Moody's Affirms Caa2 Corp. Family Rating------------------------------------------------------------------Moody's Investors Service says iHeartCommunications, Inc.'s receiptof a Notice of Default on March 7, 2016, from holders of at least25% of the outstanding principal amount of four of the company'sPriority Guarantee Notes will not change the existing ratingsincluding the Caa2 CFR and Caa1 PGN rating.However, if the debt were to be accelerated, Moody's would considerit as a default. Moody's expects the company to look for ways toreduce leverage and extend its debt maturities in the near term. Arestructuring plan that led to a bankruptcy filing would beconsidered as a default. An exchange of debt for another securityis possible and would likely be considered a distressed exchangeand categorized as a Limited Default by Moody's. Buying back thecompany's debt at a discount may also be considered a distressedexchange, although we view this option as less likely given thelimited improvement offered to the balance sheet.iHeartCommunications, Inc. (iHeart) (fka Clear ChannelCommunications, Inc.) with its headquarters in San Antonio, Texas,is a global media and entertainment company specializing in mobileand on-demand entertainment and information services for localcommunities and advertisers. The company's businesses includedigital music, radio broadcasting and outdoor displays (via thecompany's 90% ownership of Clear Channel Outdoor Holdings Inc.("CCOH")). iHeart's consolidated revenue for the LTM period endingQ4 2015 was approximately $6.2 billion.IHEARTMEDIA INC: S&P Puts 'CCC' CCR on CreditWatch Negative-----------------------------------------------------------Standard & Poor's Ratings Services said that it placed its ratings,including the 'CCC' corporate credit ratings, on San Antonio,Texas-based radio broadcaster and outdoor advertising companyiHeartMedia Inc. and its subsidiary iHeartCommunications Inc. onCreditWatch with negative implications. At the same time, S&P placed its issue-level ratings on CCU EscrowCorp.'s debt on CreditWatch negative. CCU Escrow was merged intoiHeartCommunications in 2014."The CreditWatch placement reflects our view that, barring aresolution of the alleged covenant violations within the next 60days, iHeartCommunications will default," said Standard & Poor'scredit analyst Jeanne L Shoesmith. "If iHeartCommunications debtis accelerated, we do not believe the company has the financialresources to pay these obligations. In the event of default, wewould lower our ratings on iHeartMedia and iHeartCommunications to'D'."The alleged notices of default stem from iHeartCommunications'contribution of 100 million Clear Channel Outdoor Holdings Inc.shares, currently worth about $440 million, to an unrestrictedsubsidiary.iHeartMedia faces significant debt maturities starting in 2018 anda total debt load of more than $20 billion, including $905 milliondue in 2018 and $8.3 billion due in 2019. As of Dec. 31, 2015, thecompany had $772.7 million of cash. The company depends onfavorable business, financial, and economic conditions to meet itsfinancial commitments, which appear to be unsustainable, barringmeaningful growth and cash generation over the next three years.iHeartCommunications' debt is trading at steep discount to par, andS&P believes the company may repurchase debt at discounted levels,which it would view as tantamount to default, based on S&P'scriteria. Resolution of the CreditWatch depends on iHeartCommunications'ability to resolve the covenant violations before the 60-day noticeexpires. S&P could lower its corporate credit rating oniHeartMedia if S&P views a default as inevitable within the nextsix months, absent any significantly favorable changes in thecompany's circumstances.JOYCE LESLIE: Clear Thinking Approved as Financial Advisor----------------------------------------------------------Joyce Leslie, Inc., may employ Clear Thinking Group LLC as itsfinancial advisor, the Bankruptcy Court has ruled.Clear Thinking's involvement with the Debtor began in or aboutJanuary 2014 when the firm was retained to assist the Debtor inconnection with comprehensive negotiations with various factoringcompanies on the terms of a forbearance agreement. Since thattime, Clear Thinking's input has been looked upon very favorably bythe factoring and vendor community, and the firm assisted theDebtor in procuring an Asset Based Lender, improved the Company'sfinancial reporting and recommended various programs to reduceexpenses and better maximize store operations. Thus, following completion of the forbearance agreement, ClearThinking remained as the Debtor's financial consultants performingin a variety of capacities, most recently pursuant to a certainengagement agreement effective as of October 1, 2015. TheEngagement Agreement coincided with the appointment of Lee Diercksas the Debtor's Chief Restructuring Officer and the hiring of a newCEO.The Debtor seeks to continue Clear Thinking engagement's as itsfinancial advisor.Before the Chapter 11 filing, Clear Thinking also began a marketingprocess for the Debtor's assets and negotiated a proposed stalkinghorse Agency Agreement with SB Capital and its joint venturepartners.Clear Thinking will: a. assist in the evaluation of the Debtor's options and saleprospects; b. assist the Debtor in preparing financial materials inconjunction with the sale of the Company either as a going concernor under a liquidation scenario; c. assist in the development of financial data andpresentations to landlords, various creditors, the Court and otherthird parties; d. assist with the preparation of necessary schedules, budgetsand court related reporting; e. analyze various liquidation scenarios and potential impactof these scenarios on the recoveries for creditors; f. participate in negotiation among the Debtor and itsvarious, suppliers, landlords; and g. provide other advisory services as customarily provided inconnection with a retail Chapter 11 proceeding. Mr. Diercks attests that (a) Clear Thinking is a "disinterestedperson" within the meaning of section 101(14) of the BankruptcyCode and as required by section 327(a) of the Bankruptcy Code and referenced by section 328 of theBankruptcy Code, and holds no interest materially adverse to theDebtor, its creditors, and shareholders for the matters for whichClear Thinking is to be employed; and (b) Clear Thinking has noother connection to the Debtor, its creditors, equity holders orrelated parties.The Debtor and Clear Thinking agreed to these terms ofcompensation: Retainer: $75,000.00 Hourly Fees: Partner $350.00 Managing Director $300.00 Manager / Consultant $250.00 Consultant $200.00 Cash Expenses: The Debtor will reimburse Clear Thinking forall reasonable out- of-pocket expenses incurred in connection withthe engagement. Of the $75,000 retainer paid to Clear Thinking, $30,000 wasutilized for pre-petition services and approximately $45,000 isavailable for post-petition services. The Debtor does not owe ClearThinking any amount for services performed or expenses incurredprior to the Petition Date. Accordingly, Clear Thinking is not aprepetition creditor of the Debtor. The firm may be reached at: Lee A. Diercks Clear Thinking Group, LLC 401 Towne Center Drive Hillsborough, N.J. 08844. Tel: (908) 431-2122 E-mail: firstname.lastname@example.com About Joyce LeslieJoyce Leslie, Inc., operates a chain of 47 women's retail clothingstores located throughout New York, New Jersey, Pennsylvania andConnecticut. It filed a Chapter 11 bankruptcy petition (Bankr.S.D.N.Y. Case No. 16-22035) on Jan. 9, 2016. The petition wassigned by Lee Diercks as chief restructuring officer. The Debtordisclosed total assets of $7 million and total debts of $9million.Judge Robert D. Drain has been assigned the case.The Debtor has engaged Goldberg Weprin Finkel Goldstein LLP ascounsel, Clear Thinking Group as financial advisor, OberonSecurities, LLC, as investment advisor, SB Capital Group LLC,TigerCapital Group, LLC, and 360 Merchant Solutions, LLC, asliquidationagents and Rust Consulting/Omni Bankruptcy as claims and noticingagent.An official commitee of unsecured creditors has been appointed inthe case.JOYCE LESLIE: Court Approves Oberon as Investment Banker--------------------------------------------------------Joyce Leslie, Inc., sought and obtained Court approval to employOberon Securities, LLC and Lynx Capital, LLC as as its investmentbanker.Oberon will provide advising and investment banking relatedservices to the Debtor, including the pursuit of a going concernbuyer for the company, or buyers for select assets and store leases. Oberon's involvement with the Debtor began in or about October 2014when Oberon was first retained to assist the Debtor with attemptingto locate a potential going concern buyer. Since that time,Oberon has contacted dozens of potential purchasers and maintainedan active list of contacts and an electronic "data room," whereinterested parties can view information about the Debtor. AlthoughOberon did not successfully locate a going concern buyerpre-petition, the Debtor decided to continue utilizing Oberon'sservices post-petition on a restructured and reduced basis, so asto pursue all possible sale options. Oberon is a New York-based investment banking firm, founded in2004, that provides a wide range of investment advisory services,including (i) strategic advisory services; (ii) general financialadvice; and (iii) facilitating mergers, acquisitions anddivestitures, to middle-market companies. In April 2014, Oberon wasretained as investment banker and financial advisor by NewKoosharem Corporation (a.k.a. Select Staffing) with respect to itsapproximately $700 million Chapter 11 prepackaged bankruptcyfiling. Oberon's founders and senior professionals, many of whomcome from bulge bracket firms, have extensive transactionalexperience across a broad range of industries, including ConsumerProducts and Retail. Oberon attests that it is a "disinterested person" within themeaning of section 101(14) of the Bankruptcy Code and as requiredby section 327(a) of the Bankruptcy Code and referenced by section328 of the Bankruptcy Code, and holds no interest materiallyadverse to the Debtor, its creditors, and shareholders for thematters for which Oberon is to be employed.The Debtor and Oberon agreed that Oberon's compensation would bebased upon a $50,000 work fee and a sliding-scale percentage ofproceeds only due and payable upon the closing of a Going Concern transaction, for the entire company orsubstantially all of its assets, or for the sale of select realestate leases or other assets on a going concern.For a Going Concern Transaction, Oberon would receive a fee thatvaries depending upon the size of the transaction: (i) $50,000 plus 5.0% of the gross proceeds of a Going ConcernTransaction if the gross proceeds are below $2.0 million; or (ii) 75,000 plus 6.0% of the gross proceeds of a Going ConcernTransaction if the gross proceeds are from $2.0 million to $3.5million; or (iii) 100,000 plus 7.0% of the gross proceeds of a Going ConcernTransaction if the gross proceeds are above $3.5 million. For a Real Estate Sale transaction, Oberon would receive an amountequal to 5.0% of the total value of the specific assets sold if thevalue of the assets is less than or equal to $1.0 million, or 6.5%if the value of the assets exceeds $1.0 million. The Debtor also agreed to reimburse Oberon for its reasonableout-of-pocket expenses. The work fee of $50,000 which was paidpre-petition is a credit against any fees that may be earned byOberon pursuant to the new Engagement Agreement. Nicole Schmidt, a key registered representative and a foundingpartner of Oberon Securities, LLC, said Oberon has been retained byJoyce Leslie to act as an investment banker and advisor since October 2014 for the purpose ofseeking a buyer for the company. "Our initial engagement waspredicated upon a success fee between 5% and 8% depending upon thesize of the transaction, plus a work fee of $50,000," she said. "In anticipation of a Chapter 11 filing, the Debtor requested thatOberon restructure its engagement and terminate the prioragreement. Oberon agreed to that request after much discussion andthe prior agreement is no longer in force and effect and has beensuperseded by a new engagement agreement for the post-petitionbankruptcy periods."Ms. Schmidt said her firm is a "disinterested person" as that termis defined in section 101(14) of the Bankruptcy Code, as modifiedby section 1107(b) of the Bankruptcy Code.She may be reached at: Nicole Schmidt, Esq. Oberon Securities, LLC 1412 Broadway, Suite 2304 New York, NY 10018 Tel: (212) 386-7080 Fax: (212) 386-7078Joyce Greenberg, a key registered representative of Lynx Capital,LLC and CEO of CAP Greenberg LLC, a boutique investment firm doingbusiness in the New York City metropolitan area, said her firm hasbeen retained by the Debtor to act as an investment banker andadvisor since October 2014 for the purpose of seeking a buyer forthe company. "Our initial engagement was predicated upon a successfee between 5% and 8% depending upon the size of the transaction,plus a retainer of $50,000," she said. "In anticipation of aChapter 11 filing, the Debtor requested that Lynx restructure itsengagement and terminate the prior agreement. Lynx agreed to thatrequest after much discussion and the prior agreement is no longerin force and effect and has been superseded by a new engagementagreement for the post-petition bankruptcy periods."She said Lynx is a "disinterested person" as that term is definedin section 101(14) of the Bankruptcy Code, as modified by section1107(b) of the Bankruptcy Code.She may be reached atL Joyce Greenberg CAP Greenberg LLC 750 LEXINGTON AVENUE SUITE 1501 NEW YORK, NY, 10022 Tel: 212-287-6192 About Joyce LeslieJoyce Leslie, Inc., operates a chain of 47 women's retail clothingstores located throughout New York, New Jersey, Pennsylvania andConnecticut. It filed a Chapter 11 bankruptcy petition (Bankr.S.D.N.Y. Case No. 16-22035) on Jan. 9, 2016. The petition wassigned by Lee Diercks as chief restructuring officer. The Debtordisclosed total assets of $7 million and total debts of $9million.Judge Robert D. Drain has been assigned the case.The Debtor has engaged Goldberg Weprin Finkel Goldstein LLP ascounsel, Clear Thinking Group as financial advisor, OberonSecurities, LLC, as investment advisor, SB Capital Group LLC,TigerCapital Group, LLC, and 360 Merchant Solutions, LLC, asliquidationagents and Rust Consulting/Omni Bankruptcy as claims and noticingagent.An official commitee of unsecured creditors has been appointed inthe case.JOYCE LESLIE: Goldberg Weprin Approved as Bankr. Counsel--------------------------------------------------------Joyce Leslie, Inc. sought and obtained authority from theBankruptcy Court to employ Goldberg Weprin Finkel Goldstein LLP asits Chapter 11 counsel.The Debtor said Goldberg Weprin (together with its predecessorfirms) has continuously served as the Debtor's corporate counselsince a prior Chapter 11 reorganization in or about 1975. Mostrecently, in 2014, Goldberg Weprin represented the Debtor inconnection with a successfully concluded forbearance agreemententered into by the Debtor with its lead factoring creditors.Following the forbearance, Goldberg Weprin has also worked with theDebtor's financial consultants on strategies to restructure thecompany as a prelude to the Chapter 11 filing and ensuingnegotiations with liquidators and other prospective leasepurchasers. Kevin J. Nash, member of Goldberg Weprin, disclosed that his firmreceived a pre-petition retainer of $100,000 in advance of theChapter 11 filing. Of this amount, $53,000 was expended forprepetition services and expenses. The balance of the retainerwill be applied to any interim or final compensation that may beawarded by the Court.The firm's current billing rates are: $495.00 for bankruptcy partner time, $250.00 - $425.00 for associate time, and $90.00 - $120.00 for paralegal time. Mr. Nash attests that his firm is a "disinterested person" withinthe meaning of Bankruptcy Code section 101(14), as modified byBankruptcy Code section 1107(b).The firm may be reached at: Kevin J. Nash, Esq. Evan M. Lazerowitz, Esq. Goldberg Weprin Finkel Goldstein LLP 1501 Broadway, 22nd Floor New York, NY 10036 Telephone: (212) 221-5700 Facsimile: (212) 221-6532 About Joyce LeslieJoyce Leslie, Inc., operates a chain of 47 women's retail clothingstores located throughout New York, New Jersey, Pennsylvania andConnecticut. It filed a Chapter 11 bankruptcy petition (Bankr.S.D.N.Y. Case No. 16-22035) on Jan. 9, 2016. The petition wassigned by Lee Diercks as chief restructuring officer. The Debtordisclosed total assets of $7 million and total debts of $9million.Judge Robert D. Drain has been assigned the case.The Debtor has engaged Goldberg Weprin Finkel Goldstein LLP ascounsel, Clear Thinking Group as financial advisor, OberonSecurities, LLC, as investment advisor, SB Capital Group LLC,TigerCapital Group, LLC, and 360 Merchant Solutions, LLC, asliquidationagents and Rust Consulting/Omni Bankruptcy as claims and noticingagent.An official commitee of unsecured creditors has been appointed inthe case.LATTICE INC: Obtains $375,000 Loan From Cantone Asset-----------------------------------------------------Lattice Incorporated disclosed in a Form 8-K filed with theSecurities and Exchange Commission it entered into a Loan andSecurity Agreement with Cantone Asset Management LLC, a third partylender, pursuant to which the Company issued a promissory note inthe aggregate principal amount $375,000 and received $356,250 ingross proceeds (equivalent to a 5% original issue discount). TheCompany is also obligated to issue 600,000 shares of its commonstock to Cantone pursuant to the Loan Agreement, and paid Cantoneadditional fees of approximately $3,000. The Loan is secured by afirst priority security interest in certain of the Company'scomponents and work-in progress. In connection with the Loan Agreement, the Company issued apromissory note dated Feb. 26, 2016, bearing an interest rate of14% per year. The Note matures on the earlier of Aug. 26, 2016,and the date that the Company receives payment from its customerfor the equipment purchased with the proceeds of the Note. TheNote provides for customary events of default, including thefailure to pay any amount due under the Note on the applicable duedate (subject to a cure period), any default on any otherindebtedness by the Company, the Company becoming insolvent, or thecompany filing for voluntary bankruptcy. In the event of adefault, the interest rate on the Note would increase to 18% peryear and $37,500 would be added to the to the principal as apenalty. If the Company fails to make a payment within 10 days ofthe due date, the Company would be obligated to pay a late chargeof 5% of the amount due. About Lattice Inc.Pennsauken, New Jersey-based Lattice Incorporated providestelecommunications services to correctional facilities andspecialized telecommunication service providers in the UnitedStates.Lattice Inc. reported a net loss of $1.8 million on $8.94 millionof revenue for the year ended Dec. 31, 2014, compared to a net lossof $1 million on $8.26 million of revenue in 2013.As of Sept. 30, 2015, the Company had $4.88 million in totalassets, $8.84 million in total liabilities and a totalshareholders' deficit of $3.96 million.Rosenberg Rich Baker Berman & Company, in Somerset, New Jersey,issued a "going concern" qualification on the consolidatedfinancial statements for the year ended Dec. 31, 2014, noting thatthe Company has a working capital deficit and requires additionalworking capital to meet its current liabilities. The auditors saidthese factors raise substantial doubt about the Company's abilityto continue as a going concern.LEVEL 3 FINANCING: Fitch Gives BB Rating on Unsec. Notes Due 2026-----------------------------------------------------------------Fitch Ratings has assigned a 'BB/RR2' issue rating to Level 3Financing, Inc.'s (Level 3 Financing) issuance of senior unsecurednotes due 2026. Level 3 Financing is a wholly owned subsidiary ofLevel 3 Communications, Inc. (LVLT). The Issuer Default Rating(IDR) for both LVLT and Level 3 Financing is 'BB-' with a StableRating Outlook. LVLT had approximately $11 billion of consolidateddebt outstanding on Dec. 31, 2015. Proceeds from the senior note offering are expected to be used toredeem $775 million outstanding aggregate principal amount of Level3 Financing's 7% senior notes due 2020. The notes currently have$775 million aggregate principal amount outstanding. The new noteswill rank pari passu with Level 3 Financing's existing seniorunsecured indebtedness. Outside of the extension of the company'smaturity profile and an expected reduction of interest expenserelated to this transaction, LVLT's credit profile has notsubstantially changed. KEY RATING DRIVERSLeverage on Target: LVLT remains committed to deleveraging to thelow end of its target of between 3x to 4x net leverage. Theenhanced scale and ability to generate meaningful free cash flow(FCF) resulting from TWTC reinforces Fitch's expectation forfurther strengthening of LVLT's credit profile. The company'sleverage was 4.2x as of the latest 12 month (LTM) period ended Dec.31, 2015 as the company is clearly operating within its netleverage target. Fitch foresees LVLT leverage will furtherstrengthen during 2016 with leverage approximating 3.8x by year-end2016. Strengthening Credit Profile: LVLT's credit profile continues toimprove in line with Fitch's expectations as the companycapitalizes on its on-going revenue mix transformation, growinghigh-margin core network services revenues, and the cost andrevenue benefits associated with the TWTC acquisition. Fitchanticipates LVLT's credit profile will continue to strengthen overthe ratings horizon as the company benefits from anticipated EBITDAgrowth, strong FCF generation and modest debt reduction.Synergies Fuel Margin Expansion: The integration of TWTC is LVLT'shighest priority as an organization and the key integration andsynergy assumptions the company disclosed when the transaction wasannounced remain unchanged. The company has realized cost synergiesfaster than Fitch's expectations. Since the transaction closed,Level 3 has achieved approximately $216 million of annualized runrate EBITDA synergies through the end of 2015, which exceeds itstarget of $140 million by the end of the first quarter of 2016(1Q16) and $200 million total. FCF Enhances Credit Profile: LVLT is poised to generate sustainablelevels of FCF (defined as cash flow from operations less capitalexpenditures and dividends). Fitch believes the company's abilityto grow high-margin core network services (CNS) revenues coupledwith the strong operating leverage inherent in its operatingprofile position the company to generate consistent levels of FCF.Fitch anticipates LVLT FCF generation will exceed 11% ofconsolidated revenues by year-end 2016 on a pro forma basis. Revenue Mix Transformation Proceeding: LVLT's operating strategiesare aimed at shifting its revenue and customer focus to become apredominantly enterprise-focused entity. The company's networkcapabilities, in particular its strong metropolitan network alongwith a broad product and service portfolio emphasizing IP-basedinfrastructure and managed services, provide the company with asolid base to grow its enterprise segment revenues. Strong Operating Leverage: The products and services LVLT sellscombined with its strategy to sell services 'on net' enable thecompany to generate significant operating leverage. At scale, theservices sold within this business segment generate 60% incrementalEBITDA margins. From Fitch's perspective, the company must besuccessful in growing the CNS revenue base to improve its creditprofile and generate FCF.Overall, Fitch's ratings incorporate LVLT's improving competitiveposition while acknowledging its smaller market share and lack ofscale relative to larger and better capitalized marketparticipants. The ratings for LVLT reflect the company's strongmetropolitan network facilities position relative to alternativecarriers, as well as the diversity of its customer base and serviceoffering, and a relatively stable pricing environment for asignificant portion of its service portfolio.Outside of material change to its financial strategy, ratingsconcerns center on event-driven merger and acquisition activity andthe resultant increase in integration risks, and the sensitivity ofthe company's operating profile to the effects of a weaker economicoutlook or a more competitive operating and pricing environment.Fitch expects that M&A activity will remain a key component ofLVLT's overall growth strategy. M&A is expected to focus onbuilding incremental network and product capabilities and buildingscale in Europe and Latin America.Leverage and Financial PolicyThe focus of LVLT's capital structure strategy is to strengthen thecompany's overall credit profile and efficiently manage itsmaturity profile. LVLT remains committed to deleveraging to the lowend of its target of between 3x and 4x on a net debt basis. Thepace of further deleveraging will largely depend on the company'sability to leverage cost synergies and capitalize on incrementalEBITDA growth stemming from the positive operating momentum withinLVLT's CNS segment.Total debt outstanding as of Dec. 31 2015 was approximately $11billion, reflecting a modest 3% decline relative to the $11.4billion of debt outstanding as of Dec. 31, 2014. LVLT's outstandingdebt materially increased during 2014 to facilitate the tw telecomacquisition. Leverage as of the LTM period ended Dec. 31, 2015 was4.2x and is expected to decrease to 3.8 by year-end 2016.KEY ASSUMPTIONSFitch's key assumptions within its rating case include: -- LVLT continues to optimize network expenses and leverage the cost synergies related to its acquisition of tw telecom. -- CNS revenue growth ranging between 2% and 3% driven by continued strong growth within the company's North American Enterprise segment. -- LVLT's network access margin (gross margin) growing to over 67% by year-end 2017. -- Capital expenditures will approximate 15% of consolidated revenues. -- FCF generation exceeding 10% and 12% during years ended 2016 and 2017, respectively. -- Debt levels are expected to remain relatively consistent and Fitch anticipates that LVLT will repay the floating-rate notes due 2018 ($300 million outstanding Dec. 31, 2015) with available cash on hand."RATING SENSITIVITIESWhat Could Lead to a Positive Rating Action:Positive rating action would likely coincide with the expectationthat Level 3 will maintain leverage at 3.5x or lower whileconsistently generating positive FCF with FCF/adjusted debt of 8%or greater. Additionally the company will need to demonstratepositive operating momentum characterized by consistent corenetwork services revenue growth, gross margin expansion, nomaterial delays in achieving anticipated cost synergies, and lackof a material erosion of revenue churn.What Could Lead to a Negative Rating Action: Negative rating actions are more likely to coincide with aperceived weakening of LVLT's operating profile, as signaled bydeteriorating margins and revenue erosion brought on by difficulteconomic conditions or competitive pressure. Additionally, negativerating actions could result from discretionary management decisionsincluding, but not limited to, execution of merger and acquisitionactivity that increases leverage beyond 5x in the absence of acredible deleveraging plan.LIQUIDITYLVLT reported $626 million of FCF generation during the LTM endedDec. 31, 2015. Based on public guidance, the company expects togenerate FCF ranging between $1.0 billion and $1.1 billion during2016, which is in line with Fitch's expectations. Looking forward,FCF generation should accelerate as integration costs diminish andcost synergies materialize. Fitch anticipates LVLT FCF generationwill exceed 12% of consolidated revenues by year-end 2017. Inaddition to LVLT's positive operating momentum driving EBITDAgrowth, additional factors such as interest expense savings derivedfrom capital market activities and on-going operating costoptimization efforts position the company to grow FCF during theratings horizon.Fitch believes that LVLT's liquidity position is adequate given therating and that overall financial flexibility is enhanced withpositive FCF generation. The company's liquidity position wasprimarily supported by cash carried on its balance sheet, which asof Dec. 31, 2015 totaled approximately $854 million and expectedFCF generation. Importantly, there are no restrictions on thecompany's ability to repatriate foreign cash (other than theconversion and repatriation restrictions existing in Venezuela andArgentina) to fund domestic operations including debt service. Thecompany does not maintain a revolver, which limits its financialflexibility in Fitch's opinion.LVLT's maturity profile is manageable within the context of FCFgeneration expectations and access to capital markets. The companydoes not have material scheduled maturities during the remainder of2016, and the next scheduled maturity is not until 2018 whenapproximately $300 million of debt is scheduled to mature.FULL LIST OF RATING ACTIONSFitch currently rates LVLT as follows:LVLT -- IDR 'BB-'; -- Senior unsecured notes 'B+/RR5'. Level 3 Financing, Inc. -- IDR 'BB-'; -- Senior secured term loan 'BB+/RR1'; -- Senior unsecured notes 'BB/RR2'.The Rating Outlook is Stable.LEVEL 3 FINANCING: Moody's Assigns B1 Rating on New $500MM Notes----------------------------------------------------------------Moody's Investors Service assigned a B1 rating to Level 3Financing, Inc.'s new $500 million senior unsecured notes issue andchanged Level 3 Communications, Inc.'s outlook to positive fromstable. Financing is a wholly-owned subsidiary of Level 3Communications, Inc., a publicly traded holding company thatguarantees Financing's notes, and, as the senior most company inthe Level 3 corporate family, is the entity at which Moody'smaintains corporate level ratings. Level 3's Ba3 corporate familyrating and Ba3-PD probability of default rating (PDR) were affirmedas was the company's SGL-2 speculative grade liquidity rating(indicating good liquidity). All existing debt instrument ratingswere affirmed at their existing ratings (refer to the ratingslisting below).Proceeds from the new issue will be used to repay a like amount ofthe Financing's $775 million B1-rated senior unsecured 7% noteswhich mature in June 2020. While the refinancing transaction iscredit positive because it extends the maturity to 2026 and reducesinterest expense, the transaction is ratings neutral because theamount and structure of Level 3's debt remains unchanged. Accordingly, the new notes are rated at the same B1 rating level asthe notes they replace.The ratings outlook was changed to positive from stable becauseMoody's expects that leverage of Debt/EBITDA will trend towards3.75x through 2017 (4.5x at 31Dec15; Moody's adjusted grossleverage). "With both leverage and free cash generation continuingto improve, there is the potential that within the next year or so,we will be able to confidently anticipate Level 3's financialprofile justifying an upgrade," said Bill Wolfe, a Moody's seniorvice president. Moody's had previously signaled that it wouldconsider positive ratings activity were it to expect Level 3'sleverage of Debt/EBITDA being sustained below 3.5x with Free CashFlow/Debt approaching 10%. While year-end 2015 measures were 4.5xand 5%, respectively, and it may be 2018 before the company reachesthe 3.5x and 10%, Wolfe indicated that "Momentum is solidlypositive as Level 3's strong performance continues subsequent tothe tw telecom acquisition".This summarizes the rating actions and Level 3's ratings:Issuer: Level 3 Communications, Inc. Corporate Family Rating, Affirmed at Ba3 Probability of Default Rating, Affirmed at Ba3-PD Speculative Grade Liquidity Rating, Affirmed at SGL-2 Outlook, Changed to Positive from Stable Senior Unsecured Regular Bond/Debenture, Affirmed at B2 (LGD6)Issuer: Level 3 Financing, Inc. Senior Secured Bank Credit Facility, Affirmed at Ba1 (LGD2) Senior Unsecured Regular Bond/Debenture, Rated B1 (LGD5) Senior Unsecured Regular Bond/Debenture, Affirmed at B1 (LGD5) Outlook, Changed to Positive from StableIssuer: Level 3 Escrow II, Inc. (assumed by Level 3 Financing,Inc.) Senior Unsecured Regular Bond/Debenture, Affirmed at B1 (LGD5) RATINGS RATIONALELevel 3's Ba3 CFR is based on the company's solidifying businessand financial profiles as it integrates the former tw telecom,inc., with Moody's anticipating continued margin improvement assynergies are realized, and as higher margin InternetProtocol-based services replace legacy services. With the marginimprovement, Moody's anticipates leverage of Debt-to-EBITDAapproaching 3.75x in 2017, with Free Cash Flow-to-Debt approaching9%. The rating is constrained by a lack of forwards earningsvisibility, off-market liquidity arrangements, and expectationsthat the company's growth strategy will continue to featureacquisitions and their attendant execution risks. With the companyshowing improved free cash generation, there is also the potentialof a dividend being initiated.Level 3's liquidity is assessed as good, SGL-2, based onexpectations of free cash flow of about $1 billion over the nextyear and the company having a December 31, 2015 cash balance of$854 million. Moody's expects a telecommunications company ofLevel 3's stature to maintain liquidity of between 10% and 15% ofits revenues, indicating that Moody's views the entirety of thecompany's cash position as being integral to its liquidity. Thatsaid, with no debt maturities until 2018 and with no financialcovenants to comply with, the combination of the cash on hand andcash to be generated over the next year provide good liquidity.Rating OutlookThe outlook is positive based on expectations leverage ofDebt/EBITDA trending towards 3.75x through 2017 (4.5x at Dec. 31,2015).What Could Change the Rating -- Up Continued solid operating performance and margin expansion Solid liquidity arrangements Leverage of Debt/EBITDA approaching 3.5x on a sustainable basis (4.5x at 31Dec15) Free Cash Flow/Debt approaching 10% on a sustainable basis (4.9% at Dec. 31, 2015)What Could Change the Rating -- Down Debt/EBITDA sustained above 4.5x (4.5x at Dec. 31, 2015) Free Cash Flow/Debt sustained below 5% (4.9% at Dec. 31, 2015) Deteriorating business performance including elevated churn and integration set-backs Weaker liquidity arrangementsThe principal methodology used in these ratings was GlobalTelecommunications Industry published in December 2010. Corporate ProfileHeadquartered in Broomfield, Colorado, Level 3 Communications, Inc.(Level 3) is a publicly traded international communications companywith one of the world's largest long-haul communications andoptical Internet backbones. Level 3's 2016 revenue is expected tobe approximately $8.9 billion and annual (Moody's adjusted) EBITDAto be $3.2 billion.LEVEL 3 FINANCING: S&P Assigns 'B' Rating on $500MM Sr. Notes-------------------------------------------------------------Standard & Poor's Ratings Services assigned its 'B' issue-levelrating and '6' recovery rating to Broomfield, Colo.-basedtelecommunications provider Level 3 Communications Inc.'s proposed$500 million senior unsecured notes due 2026. The '6' recoveryrating reflects S&P's expectation for negligible (0%-10%) recoveryin the event of a payment default. Wholly-owned subsidiary Level 3Financing Inc. will issues the notes, and the company will useproceeds to redeem a portion of its existing 7% senior notes due2020.S&P's 'BB-' corporate credit rating and positive outlook on Level 3remain unchanged. S&P do not expect the proposed notes to have animpact on key credit measures, including adjusted leverage, whichS&P expects to be around the mid- to high-3x area, and funds fromoperations to debt, which S&P expects to be 18%-20%. S&P alsoexpects the company to generate solid free operating cash flowduring the year, approaching 10% of total operating lease adjusteddebt.RATINGS LISTLevel 3 Communications Inc. Corporate Credit Rating BB-/Positive/--New RatingLevel 3 Financing Inc. $500 mil. notes due 2026 Senior Unsecured B Recovery Rating 6LIQUIDMETAL TECHNOLOGIES: Incurs $7.31 Million Net Loss in 2015---------------------------------------------------------------Liquidmetal Technologies, Inc., filed with the Securities andExchange Commission its annual report on Form 10-K disclosing a netloss and comprehensive loss of $7.31 million on $125,000 of totalrevenue for the year ended Dec. 31, 2015, compared to a net lossand comprehensive loss of $6.55 million on $603,000 of totalrevenue for the year ended Dec. 31, 2014.As of Dec. 31, 2015, the Company had $7.27 million in total assets,$2.88 million in total liabilities and $4.38 million in totalshareholders' equity.SingerLewak LLP, in Los Angeles, California, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended Dec. 31, 2015, stating that the Company has sufferedrecurring losses from operations, has negative cash flows fromoperations and has an accumulated deficit. This raises substantialdoubt about the Company's ability to continue as a going concern.As of Dec. 31, 2015, the Company's cash and restricted cash balancewas $4.78 million which consisted of $2.77 million of cash and $2million of short-term restricted cash. The Company said it willneed to raise funds during 2016 to be able to continue itsoperations beyond 2016.A full-text copy of the Form 10-K is available for free at: http://is.gd/yFazuj About Liquidmetal TechnologiesBased in Rancho Santa Margarita, Cal., Liquidmetal Technologies,Inc., and its subsidiaries are in the business of developing,manufacturing, and marketing products made from amorphous alloys.Liquidmetal Technologies markets and sells Liquidmetal(R) alloyindustrial coatings and also manufactures, markets and sellsproducts and components from bulk Liquidmetal alloys that can beincorporated into the finished goods of its customers across avariety of industries. The Company also partners with third-party licensees and distributors to develop and commercializeLiquidmetal alloy products.MARVELL TECHNOLOGY: Seeks Extension of Nasdaq Listing Compliance----------------------------------------------------------------Marvell Technology Group Ltd. on March 8 disclosed that, as aresult of the previously announced delayed filings of its Forms10-Q for the second and third quarters of fiscal 2016, Marvellreceived notice that the Listing Qualifications Staff of The NASDAQStock Market LLC ("Nasdaq") had determined that Marvell will notmeet the terms of the previously granted extension, which expireson March 8, 2016, and by which date Marvell was required toevidence compliance with Nasdaq Listing Rule 5250(c)(1), whichrequires the timely filing of all required periodic reports withthe SEC.Marvell intends to request a hearing before the Nasdaq HearingsPanel (the "Panel") on or before March 11, 2016 to request afurther extension. The Panel has the authority to grant Marvell anextension of up to 360 days from the due date of the first missedperiodic report, or September 5, 2016. Such request willautomatically stay any suspension or delisting action until March28, 2016, and the Company will request a further stay of anysuspension or delisting action pending the issuance of the Paneldecision following the hearing. The Panel will notify Marvell nolater than March 28, 2016 whether its request for a stay ofsuspension or delisting action pending the hearing has beengranted. Marvell is working diligently to complete and file theForms 10-Q as soon as possible. About MarvellMarvell (NASDAQ: MRVL) -- http://www.Marvell.com-- is a global provider of complete silicon solutions and Kinoma software enablingthe "Smart Life and Smart Lifestyle." From storage to Internet ofThings (IoT), cloud infrastructure, digital entertainment andin-home content delivery, Marvell's diverse product portfolioaligns complete platform designs with industry-leading performance,security, reliability and efficiency. METROPOLITAN AUTOMOTIVE: Files Schedules of Assets & Liabilities----------------------------------------------------------------Metropolitan Automotive Warehouse, Inc., filed with the U.S.Bankruptcy Court for Central District of California its schedulesof assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $154,423 B. Personal Property $40,971,033 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $3,287,726 E. Creditors Holding Unsecured Priority Claims $691,217 F. Creditors Holding Unsecured Non-Priority Claims $78,401,972 ----------- ----------- Total $41,125,456 $82,380,916 A copy of the Schedules is available for free at: http://bankrupt.com/misc/MetropolitanAutoSAL.pdf About Metropolitan AutomotiveMetropolitan Automotive Warehouse, Inc. filed a Chapter 11bankruptcy petition (Bankr. C.D. Cal. Case No. 16-10096) on Jan. 6,2016. The petition was signed by Ron Turner, the president.The Debtor has estimated assets in the range $10 million to $50million and estimated liabilities of $50 million to $100 million.Winthrop Couchot Professional Corporation serves as the Debtor'scounsel. Judge Wayne E. Johnson has been assigned the case.Metropolitan Automotive Warehouse, Inc. is a family-owned SouthernCalifornia-based business, distributing automotive aftermarketparts for the last 60 years, with operations in Southern Californiaand Central California. The Debtor distributes aftermarketautomotive parts to retail stores and also sells to and fulfillsorders for various e-commerce customers. Star Auto Parts, Inc., a wholly-owned subsidiary of the Debtor, isa Southern California based retailer of aftermarket parts. Starsells aftermarket automotive parts directly to repair facilitiesalso known as the "Do-it-for-Me" channel, end users, also known asthe "Do-it-Yourself" channel, and businesses, which own and operatevehicle fleets. The Debtors employ approximately 1,000 persons.METROPOLITAN AUTOMOTIVE: Gets Court OK to Retain Pachulski as CRO-----------------------------------------------------------------Judge Wayne Johnson has granted Metropolitan Automotive Warehouse,Inc.'s motion to retain Richard Pachulski as its chiefrestructuring officer nunc pro tunc to the Petition Date.Before the ruling was entered, the Debtor was able to addressobjections and concerns to the CRO Motion, specifically from theU.S. Trustee and the Official Committee of Unsecured Creditors.In mid-January 2016, the Debtor filed a supplement to the CROMotion, which points to the addition of a "termination provision"to the revised Engagement Contract. Under the terminationprovision, (i) Mr. Pachulski as CRO may only be terminated by theDebtor for cause pursuant to a Court order; (ii) Mr. Pachulski'sservices may be terminated by him, at will, effective on no lessthan 30 days following filing of a written notice in the cases; and(iii) The Engagement Contract shall be terminated on (a) theconversion of the bankruptcy case to case under Chapter 7 or (b)the appointment of a trustee. Subsequently, Peter C. Anderson, the U.S. Trustee for Region 16,filed an objection to the CRO Motion, asserting that there is noevidence in the record that Mr. Pachulski, much less otheremployees at his law firm, Pachulski, Stang, Ziehl & Jones LLP,have specialized knowledge pertaining to auto part businesses. TheU.S. Trustee also objected to the termination provision.In late January 2016, subsidiary to the Debtor, Star Auto Parts,Inc. filed in its own bankruptcy case a Second Supplement to theCRO Motion. A redlined copy of the revised Engagement Contract wasattached to the Second Supplement. Among other things, theredlined document noted that: -- Teddy Kapur of PSZJ was named as whose services may be tapped to assist Mr. Pachulski as CRO. Mr. Kapur's hourly rate is $595. -- The Creditors Committee will be consulted on a real-time basis regarding significant developments and issues in connection with the services of the CRO. -- The Creditors Committee will be afforded time to review and object to each monthly statement provided by Pachulski.Furthermore, under the Second Supplement, a noticed motionestablishing cause to terminate the CRO services is no longerrequired. Rather, the Debtors may terminate Mr. Pachulski on threedays' written notice, without the need for a motion. Satisfied with the Revised CRO Contract, the Creditors Committeefiled a Joinder supporting approval of the CRO Motion. TheCommittee said it has negotiated in good faith its concerns of theCRO Retention, and the Revised CRO Contract is the result of thosenegotiations.For its part, the Debtor filed a reply, maintaining that the U.S.Trustee's objections largely arise from a misunderstanding of theterms of the engagement, and/or misplaced. Mr. Pachulski will notbe drafting a plan nor performing legal services, rather, he as CROwill be involved in the business and strategic aspects of planformulation, the Debtors clarify.Subsequently, the U.S. Trustee filed another statement saying thathe will not oppose the CRO Motion based on the Debtor'srepresentation that it will revise the Amended Engagement Contractto eliminate the ability of Mr. Pachulski to delegate theperformance of any CRO duties to any professionals employed byPSZJ.Garrick A. Hollander, Esq., and Peter W. Lianides, Esq. of WinthropCouchot, represent the Debtor.Jeffrey E. Bjork, Esq., Christina M. Craige, Esq. and Helena G.Tseregounis, Esq., of Sidley Austin LLP, in Los Angeles,California, represent the Creditors Committee. About Metropolitan AutomotiveMetropolitan Automotive Warehouse, Inc. filed a Chapter 11bankruptcy petition (Bankr. C.D. Cal. Case No. 16-10096) on Jan. 6,2016. The petition was signed by Ron Turner, the president.The Debtor has estimated assets in the range $10 million to $50million and estimated liabilities of $50 million to $100 million.Winthrop Couchot Professional Corporation serves as the Debtor'scounsel. Judge Wayne E. Johnson has been assigned the case.Metropolitan Automotive Warehouse, Inc. is a family-owned SouthernCalifornia-based business, distributing automotive aftermarketparts for the last 60 years, with operations in Southern Californiaand Central California. The Debtor distributes aftermarketautomotive parts to retail stores and also sells to and fulfillsorders for various e-commerce customers. Star Auto Parts, Inc., a wholly-owned subsidiary of the Debtor, isa Southern California based retailer of aftermarket parts. Starsells aftermarket automotive parts directly to repair facilitiesalso known as the "Do-it-for-Me" channel, end users, also known asthe "Do-it-Yourself" channel, and businesses, which own and operatevehicle fleets. The Debtors employ approximately 1,000 persons.METROPOLITAN AUTOMOTIVE: Hires Winthrop Couchot as Gen. Counsel---------------------------------------------------------------Judge Wayne Johnson of the California Bankruptcy Court grantedMetropolitan Automotive Warehouse, Inc.'s request to hire WinthropCouchot P.C. as its general insolvency counsel effective as of Jan.6, 2016.As general insolvency counsel, the Firm will, among other things: 1. advise and assist the Debtors with respect to compliance with the requirements of the Office of the U.S. Trustee; 2. advise the Debtors regarding matters of bankruptcy law; 3. represent the Debtors in Court hearings; 4. conduct examination of witnesses, claimants, or adverse parties, and prepare and assist the Debtors in the preparation of reports, accounts and pleadings; 5. review claims filed in the Debtors' cases; and 6. assist the Debtors in the negotiation, formulation, confirmation and implementation of a joint Chapter 11 plan.The Firm will render services to the Debtors at its regular hourlyrates, which are: Attorneys Hourly Rates --------- ------------ Marc J. Winthrop $750 Robert E. Opera 750 Sean A. O'Keefe, Of Counsel 750 Paul J. Couchot 750 Richard H. Golubow 595 Peter W. Lianides 595 Garrick A. Hollander 595 Andrew Levin 395 Jeannie Kim 375 Legal Assistants ---------------- P.J. Marksbury 270 Legal Assistant Associates 150The Firm is authorized for six months from the Petition Date to bepaid on a monthly basis in an amount equal to 80% of its fees and100% of its costs, pursuant to the monthly payment procedures setforth in the Employment Application. Thereafter, the Firm may seekan order from the Court extending the six-month period by which theFirm may be paid monthly fees and costs.The monthly payment procedures have these terms: 1. The Retainer will be held in the Firm's client trust account. No disbursements will be made from the Retainer, except on theFirm's compliance with the procedures set. 2. The Firm will file a copy of its montly billing statementsitemizing fees and costs it incurred on behalf of the Debtorsduring the preceeding month; and will serve copies to the Debtors,the U.S. Trustee and the notice parties. 3. If no objection is filed within 10 days after service of theProfessional Fee Statement, the Firm will withdraw from its trustaccount the amount of fees and costs indicated in the FeeStatement. If the Retainer has been exhausted, the Debtors may paythe Firm the fees and costs. If a written objection is filed, theFirm will refrain from withdrawing the amount until the objectionis resolved. The Firm however may be paid any undisputed amount offees and costs indicated in the Fee Statement. 4. No fees or costs of the Firm will be deemed to be allowed,except only pursuant to an order of the Court with respect to a feeapplication filed by the Firm after notice and a hearing.The Firm has conducted a conflicts check on the Debtors' creditors.Accordingly, the Firm maintains that it does not hold or representany interest adverse to the Debtors or their Chapter 11 cases andis thus "disinterested" pursuant to Section 101(14) of theBankruptcy Code.The Firm can be contacted at: WINTHROP COUCHOT PROFESSIONAL CORPORATION Garrick A. Hollander, Esq. Richard H. Golubow, Esq. Jeannie Kim, Esq. 660 Newport Center Drive, Fourth Floor Newport Beach, CA 92660 Telephone: (949) 720-4100 Facsimile: (949) 720-4111 E-mail: firstname.lastname@example.com firstname.lastname@example.com firstname.lastname@example.com About Metropolitan AutomotiveMetropolitan Automotive Warehouse, Inc. filed a Chapter 11bankruptcy petition (Bankr. C.D. Cal. Case No. 16-10096) on Jan. 6,2016. The petition was signed by Ron Turner, the president.The Debtor has estimated assets in the range $10 million to $50million and estimated liabilities of $50 million to $100 million.Winthrop Couchot Professional Corporation serves as the Debtor'scounsel. Judge Wayne E. Johnson has been assigned the case.Metropolitan Automotive Warehouse, Inc. is a family-owned SouthernCalifornia-based business, distributing automotive aftermarketparts for the last 60 years, with operations in Southern Californiaand Central California. The Debtor distributes aftermarketautomotive parts to retail stores and also sells to and fulfillsorders for various e-commerce customers. METROPOLITAN AUTOMOTIVE: Stipulates With UST Over Winthrop Fees---------------------------------------------------------------Metropolitan Automotive Inc. entered into a stipulation with itssubsidiary, Star Auto Parts, Inc., and Peter C. Anderson, the U.S.Trustee for Region 16, regarding the employment of Winthrop Couchotas general insolvency counsel.The U.S. Trustee has advised Winthrop that it believes that a"holdback" of 20% of the Firm's accrued fees is appropriate untilsuch time as Winthrop applies to and obtains authorization from theCourt for approval of interim and/or final compensation.The U.S. Trustee has also advised Winthrop that the U.S. Trusteeinitially believes that the Debtors' bankruptcy cases are subjectto specialized U.S. Trustee Guidelines for the review of FeeApplications in Chapter 11 cases with $50 million or more in assetsand $50 million or more in liabilities (Appendix B Guidelines). To resolve any dispute and litigation relating to the Winthropemployment, the parties stipulate that: 1. Until and unless Winthrop applies to and obtains Court authorization for payment of its fees and costs, in using the monthly payment procedures described in the Winthrop Employment Application, Winthrop will be entitled to 80% of its fees and 100% of its costs; and 2. Winthrop agrees to comply with the Appendix B Guidelines. About Metropolitan AutomotiveMetropolitan Automotive Warehouse, Inc. filed a Chapter 11bankruptcy petition (Bankr. C.D. Cal. Case No. 16-10096) on Jan. 6,2016. The petition was signed by Ron Turner, the president.The Debtor has estimated assets in the range $10 million to $50million and estimated liabilities of $50 million to $100 million.Winthrop Couchot Professional Corporation serves as the Debtor'scounsel. Judge Wayne E. Johnson has been assigned the case.Metropolitan Automotive Warehouse, Inc. is a family-owned SouthernCalifornia-based business, distributing automotive aftermarketparts for the last 60 years, with operations in Southern Californiaand Central California. The Debtor distributes aftermarketautomotive parts to retail stores and also sells to and fulfillsorders for various e-commerce customers. Star Auto Parts, Inc., a wholly-owned subsidiary of the Debtor, isa Southern California based retailer of aftermarket parts. Starsells aftermarket automotive parts directly to repair facilitiesalso known as the "Do-it-for-Me" channel, end users, also known asthe "Do-it-Yourself" channel, and businesses, which own and operatevehicle fleets. The Debtors employ approximately 1,000 persons.MID-STATES SUPPLY: Required by Lender to Complete Sale by April 15------------------------------------------------------------------Judge Cynthia A Norton on Feb. 26, 2016, entered a second interimorder approving Mid-States Supply Company, Inc.'s proposed $20million DIP financing from existing lender Wells Fargo Bank,National Association. The final hearing to approve the DIPfacility is scheduled for March 14, 2016, at 9:30 a.m. (Centraltime). Objections to entry of a Final Order are due March 11.The Second Interim Order provides that the revolving advances madeand the letters of credit issued under the DIP Facility willterminate on the earliest of: (i) April 24, 2016, (ii) the closing of a sale of all or substantially all of the assets of the Debtor pursuant to a sale under section 363 of the Bankruptcy Code, (iii) the date on which the Debtor's plan of reorganization becomes effective, or (iv) the occurrence of an Event of Default (as such term is defined in the Credit Agreement). The Events of Default contained in the Credit Agreement include,but are not limited to the Debtor's failure to satisfy thefollowing milestones in the Case: (a) By no later than Feb. 16, 2016, the Debtor shall file a motion with the Bankruptcy Court seeking authorization to sell substantially all of its assets and seeking approval of bidding and sale procedures therefor (which motion will be in form and substance satisfactory to Lender); (b) By no later than March 14, 2016, a bid procedures Order (in form and substance satisfactory to Lender) shall be entered by the Bankruptcy Court; (c) By no later than March 11, 2016, the Debtor shall have entered into a definitive asset purchase agreement with a prospective purchaser in form and substance satisfactory Lender; (d) By no later than April 11, 2016, a sale hearing shall be held and a sale order entered by the Bankruptcy Court approving such sale under Section 363 of the Bankruptcy Code (in form and substance acceptable to Lender); and (e) By no later than April 15, 2016, the sale of substantially all of Debtor's assets shall be consummated.A copy of the Second Interim Order is available for free at: http://bankrupt.com/misc/Mid_States_S_135_2nd_Int_DIP_Order.pdf About Mid-States Supply CompanyFounded and headquartered in Kansas City, Missouri, Mid-StatesSupply Company, Inc., is a supplier of pipes, valves and fittingsto ethanol, pipeline and power industries in the United States.Mid-States Supply Company filed a Chapter 11 bankruptcy petition(Bankr. W.D. Mo. Case No. 16-40271) on Feb. 7, 2016, to pursue asale of substantially all assets. The petition was signed byStuart Noyes, the chief restructuring officer. The Debtor estimated both assets and liabilities in the range of$50 million to $100 million.The Debtor has engaged Spencer Fane LLP as counsel; Winter HarborLLC as financial advisor; Tarsus CFO Services, LLC as chieffinancial officer services provider; and Epiq BankruptcySolutions,LLC as claims and noticing agent. The Debtor also tapped SSGAdvisors, LLC and Frontier Investment Banc Corporation asinvestment bankers,On Feb. 12, 2016, the Office of the United States Trusteeappointedan Official Committee of Unsecured Creditors to represent theinterests of all unsecured creditors in this Case pursuant toSection 1102 of the Bankruptcy Code. The Committee tapped GardereWynne Sewell LLP as counsel.MISSISSIPPI PHOSPHATES: UCC Bid for Standing Unopposed, Approved----------------------------------------------------------------The Official Committee of Unsecured Creditors of MississippiPhosphates Corporation, et al., received approval of its unopposedmotion for standing on behalf of the estate related to any disputethe Debtor has regarding the Mississippi Public Service Commissionand Mississippi Power Company. The motion was approved by JudgeKatharine M. Samson on Feb. 29, 2016.On June 11, 2015, the Supreme Court of Mississippi issued itsopinion in Miss. Power Co., Inc. v. Miss. Pub. Serv. Comm'n andThomas A. Blanton. 168 So. 3d 905 (Miss. 2015). The case involveda challenge to rate increases, designated Construction Work InProgress assessments, which were approved by the Commission forMississippi Power. The relief granted by the Court in Miss. Pub.Serv. Comm'n took the form of class relief. Given its status as aratepayer, the Debtor is entitled to a refund of moniesattributable to the rate increases allowed by the March 5, 2013order.Following the Mississippi Supreme Court entering its opinion inMiss. Pub. Serv. Comm'n, the MPC Liquidation Trust brought anadversary proceeding against the Debtor and Mississippi Power. MPCLiquidation Trust v. Miss. Phosphates Corp., Adv. Pro. No.:16-6001-KMS. In the Adversary Proceeding, the MPC LiquidationTrust asserts that approximately $1.9 million dollars was paid toMississippi Power as a result of improper rate increases andordered the Commission to immediately order Mississippi Power torefund all previously collected Kemper-related rate payments toMississippi Power's Customers, including MPC.The Committee sought the Debtor's consent to pursue the funds atissue on behalf of the Debtor's estate, and the Debtor stated thatit had no objection to the Committee's request to take any and allactions to recover the funds at issue for the Debtor's estate. TheDebtor further agreed that as counsel for the Committee prosecutingfor the Debtor's estate, the Committee will have authority to bindthe Debtor's estate.The Official Committee of Unsecured Creditors is represented by: Bess M. Parrish Creswell, Esq. Kasee Sparks Heisterhagen, Esq. BURR & FORMAN, LLP RSA Tower, Suite 22200 11 North Water Street Mobile, AL 36602 Telephone: (251) 344-5151 Facsimile: (251) 344-9696 E-mail: firstname.lastname@example.com firstname.lastname@example.com - and - Derek M. Meek, Esq. Marc P. Solomon, Esq. BURR & FORMAN, LLP 420 North 20th Street Birmingham, AL 35203 Telephone: (205) 251-3000 Facsimile: (205) 458-5100 E-mail: firstname.lastname@example.com email@example.com 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 was formedas a Delaware corporation in October 1990, owns a DAP facility inPascagoula, Mississippi, which was acquired from Nu-South, Inc. inits 1990 bankruptcy. Phosphate rock, the primary raw materialusedin 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 has 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 in its amended schedules, assetsof $98,949,677 and liabilities of $140,941,276 plus unknownamounts. Affiliates Ammonia Tank and Sulfuric Acid Tanks eachestimated $1 million to $10 million in both assets andliabilities.The Debtors have tapped Stephen W. Rosenblatt, Esq., at ButlerSnowLLP as counsel.The U.S. Trustee for Region 5 appointed seven creditors ofMississippi Phosphates Corp. to serve on the official committee ofunsecured creditors. The Committee tapped to retain Burr & FormanLLP as its counsel.NCR CORP: $250MM Share Repurchase No Impact on Moody's Ba3 CFR--------------------------------------------------------------Moody's Investors Service says that NCR Corporation's announced$250 million additional share repurchase does not impact its Ba3CFR rating or stable outlook. Although Moody's expects that theshare repurchase will increase leverage modestly, NCR's ratingalready considers its willingness to take on incremental creditrisk to finance shareholder returns as the company undergoes abusiness transformation amid a rapidly shifting landscape forlegacy hardware products. Significantly larger shareholderfriendly activities may endanger the rating and/or the outlook,especially if operating performance does not improve asanticipated, the company loses market share in key businesssegments, or there is a deterioration in NCR's competitiveposition.NEW LOUISIANA: March 15 Hearing to Estimate Tort Claims-------------------------------------------------------A U.S. bankruptcy court is set to hear a motion filed by NewLouisiana Holdings LLC to approve a memorandum of understanding toestimate tort claims.The U.S. Bankruptcy Court for the Western District of Louisianawill take up the motion at a hearing on March 15.CHG Legacy Group LLC, an affiliate of New Louisiana, entered into amemorandum of understanding with a group of creditors to estimatetheir tort claims solely for the purpose of voting on a bankruptcyplan, which is yet to be filed by the holdings company.The creditors filed claims for damages they allegedly sustainedwhile they were residents at various skilled nursing facilitiesoperated by New Louisiana and its affiliates. The creditors,together, assert $500 million, according to court filings. Pursuant to the MOU, an entity to be formed by insiders of thecompanies will pay the creditors to settle their tort claims inreturn for an assignment of those claims. The settlement is expected to facilitate a plan, which NewLouisiana has been negotiating with the official committee ofunsecured creditors, according to court filings.The tort claimants, represented by Wilkes & McHugh P.A., hadearlier defended the settlement against criticism from theunsecured creditors' committee that the tort claims will not beextinguished by the settlement."The [committee's] concerns are not properly raised as an objectionto a settlement of non-debtor claims using strictly non-debtorfunds," the Florida-based law firm said in a court filing.According to Wilkes, the committee should raise its concerns duringa court hearing to consider approval of a bankruptcy plan. About New Louisiana HoldingsNew Louisiana Holdings LLC, sought protection under Chapter 11 ofthe Bankruptcy Code (Bankr. W.D. La. Case No. 14-50756), on June25, 2014.Ten affiliates of New Louisiana -- Acadian 4005 Tenant, LLC (CaseNo. 14-50850), Atrium 6555 Tenant, LLC, dba The Atrium atLafreniere Assisted Living (Case No. 14-50851), Citiscape 5010Tenant, LLC, dba Citiscape Apartments (Case No. 14-50853), LakewoodQuarters Assisted 8585 Tenant, LLC (Case No. 14-50854), LakewoodQuarters Rehab 8225 Tenant, LLC (Case No. 14-50855), Panola 501Partners, LP (Case No. 14-50862), Regency 14333 Tenant, LLC (CaseNo. 14-50861), Retirement Center 14686 Tenant, LLC (Case No.14-50856), Sherwood 2828 Tenant, LLC (Case No. 14-50857), St.Charles 1539 Tenant, LLC (Case No. 14-50858) and Woodland Village5301 Tenant, LLC (Case No. 14-50859) filed Chapter 11 bankruptcypetitions on July 16, 2014.Fifteen additional affiliates of New Louisiana -- SA-PG Ocala LLC(Case No. 14-50909), SA-PG Operator Holdings LLC (Case No.14-50912), SA-PG Clearwater LLC (Case No. 14-50913), SA-PGGainesville LLC (Case No. 14-50914), SA-PG Jacksonville LLC (CaseNo. 14-50915), SA-PG Largo LLC (Case No. 14-50916), SA-PG NorthMiami LLC (Case No. 14-50917), SA-PG Orlando LLC (Case No.14-50918), SA-PG Pinellas LLC (Case No. 14-50919), SA-PG Port St.Lucie LLC (Case No. 14-50920), SA-PG Sun City Center LLC (Case No.14-50921), SA-PG Tampa LLC (Case No. 14-50922), SA-PG Vero BeachLLC (Case No. 14-50923), SA-PG West Palm Beach LLC (Case No.14-50924) and SA-PG Winterhaven LLC (Case No. 14-50925) filedseparate Chapter 11 bankruptcy petitions on July 28, 2014.Four more affiliates of New Louisiana -- CHC-CLP Operator HoldingLLC (Case No. 14-51104), SA-St. Petersburg LLC (Case No. 14-51101),SA-Clewiston LLC (Case No. 14-51102) and SA-Lakeland LLC (Case No.14-51103) -- that operate skilled nursing facilities located inLakeland, Clewiston and St. Peterburg, Florida, sought protectionunder Chapter 11 of the Bankruptcy Code on Sept. 3, 2014.The Chapter 11 cases are jointly consolidated with New Louisiana'sChapter 11 case at Case No. 14-50756 before Judge Robert Summerhaysof the United States Bankruptcy Court for the Western District ofLouisiana (Lafayette).The Debtors are represented by Patrick J. Neligan, Jr., Esq., atNeligan Foley LLP, in Dallas, Texas. Jan M. Hayden and BakerDonelson Bearman Caldwell & Berkowitz, P.C. serves as localcounsel.The U.S. Trustee for Region 5 on Oct. 3, 2014, appointed threecreditors of New Louisiana Holdings, LLC, to serve on the officialcommittee of unsecured creditors. Pepper Hamilton LLP andMcGlinchey Stafford PLLC serve as counsel to the Committee.NEW LOUISIANA: March 15 Hearing to Extend Plan Filing Date----------------------------------------------------------A U.S. bankruptcy court is set to hear a motion filed by NewLouisiana Holdings LLC to further extend its exclusive right topropose a bankruptcy plan.The U.S. Bankruptcy Court for the Western District of Louisianawill take up the motion at a hearing on March 15.Early last month, the court issued an order that extended thecompany's exclusive right to file a bankruptcy plan to March 15,and to solicit votes from creditors to June 15. The extension, if approved, would prevent others from filing rivalplans in court and maintain New Louisiana's control over itsbankruptcy case. About New Louisiana HoldingsNew Louisiana Holdings LLC, sought protection under Chapter 11 ofthe Bankruptcy Code (Bankr. W.D. La. Case No. 14-50756), on June25, 2014.Ten affiliates of New Louisiana -- Acadian 4005 Tenant, LLC (CaseNo. 14-50850), Atrium 6555 Tenant, LLC, dba The Atrium atLafreniere Assisted Living (Case No. 14-50851), Citiscape 5010Tenant, LLC, dba Citiscape Apartments (Case No. 14-50853), LakewoodQuarters Assisted 8585 Tenant, LLC (Case No. 14-50854), LakewoodQuarters Rehab 8225 Tenant, LLC (Case No. 14-50855), Panola 501Partners, LP (Case No. 14-50862), Regency 14333 Tenant, LLC (CaseNo. 14-50861), Retirement Center 14686 Tenant, LLC (Case No.14-50856), Sherwood 2828 Tenant, LLC (Case No. 14-50857), St.Charles 1539 Tenant, LLC (Case No. 14-50858) and Woodland Village5301 Tenant, LLC (Case No. 14-50859) filed Chapter 11 bankruptcypetitions on July 16, 2014.Fifteen additional affiliates of New Louisiana -- SA-PG Ocala LLC(Case No. 14-50909), SA-PG Operator Holdings LLC (Case No.14-50912), SA-PG Clearwater LLC (Case No. 14-50913), SA-PGGainesville LLC (Case No. 14-50914), SA-PG Jacksonville LLC (CaseNo. 14-50915), SA-PG Largo LLC (Case No. 14-50916), SA-PG NorthMiami LLC (Case No. 14-50917), SA-PG Orlando LLC (Case No.14-50918), SA-PG Pinellas LLC (Case No. 14-50919), SA-PG Port St.Lucie LLC (Case No. 14-50920), SA-PG Sun City Center LLC (Case No.14-50921), SA-PG Tampa LLC (Case No. 14-50922), SA-PG Vero BeachLLC (Case No. 14-50923), SA-PG West Palm Beach LLC (Case No.14-50924) and SA-PG Winterhaven LLC (Case No. 14-50925) filedseparate Chapter 11 bankruptcy petitions on July 28, 2014.Four more affiliates of New Louisiana -- CHC-CLP Operator HoldingLLC (Case No. 14-51104), SA-St. Petersburg LLC (Case No. 14-51101),SA-Clewiston LLC (Case No. 14-51102) and SA-Lakeland LLC (Case No.14-51103) -- that operate skilled nursing facilities located inLakeland, Clewiston and St. Peterburg, Florida, sought protectionunder Chapter 11 of the Bankruptcy Code on Sept. 3, 2014.The Chapter 11 cases are jointly consolidated with New Louisiana'sChapter 11 case at Case No. 14-50756 before Judge Robert Summerhaysof the United States Bankruptcy Court for the Western District ofLouisiana (Lafayette).The Debtors are represented by Patrick J. Neligan, Jr., Esq., atNeligan Foley LLP, in Dallas, Texas. Jan M. Hayden and BakerDonelson Bearman Caldwell & Berkowitz, P.C. serves as localcounsel.The U.S. Trustee for Region 5 on Oct. 3, 2014, appointed threecreditors of New Louisiana Holdings, LLC, to serve on the officialcommittee of unsecured creditors. Pepper Hamilton LLP andMcGlinchey Stafford PLLC serve as counsel to the Committee.NEW YORK LIGHT: Amended Order on Premium Financing Deals Entered----------------------------------------------------------------The Hon. Robert E. Littlefield, Jr., of the U.S. Bankruptcy Courtfor the Northern District of New York entered an amended finalorder in connection with New York Light Energy, LLC, et al.'smotion to honor their prepetition insurance premium financingagreements, and enter into new premium financing agreements in theordinary course of business. The Court on May 28, 2015, entered aninterim order and on June 10, 2015, a final order granting theMotion. At the behest of the Debtors, the Court on Feb. 26, 2016,entered an amended final order to specify that: a. Pursuant to Bankruptcy Code section 364(c), the Debtors areauthorized to grant to IPFS and any other applicable premiuminsurance financing company a first priority security interest inits Policies including, to the extent permitted by applicable law:(i) all money that is or may become due under its current or futureAgreements because of a loss under the Policies that reducesunearned premiums (subject to the interest of any applicablemortgagee or loss payee); (ii) any return of premiums or unearnedpremiums under the Policies; and (iii) any dividends that maybecome due the Debtors in connection with the Policies; and b. In the event that any of the Debtors defaults under the termsof the current or future Agreements, IPFS may, in accordance withthe terms of the Agreement, and without further order of the Court,cancel the Policies listed in the Agreement or agreement theretoand receive and apply the unearned or return premiums to theaccount of the Debtor; and c. Notwithstanding anything to the contrary contained in anyOrder approving secured financing in these cases, security interestin the Policies granted under the Agreements shall be senior to anysecurity interests and/or liens granted to any other securedcreditors in the Debtor's case. About New York Light EnergyFounded in 2009 and based in Latham, New York, New York LightEnergy, LLC, designs and installs medium-scale solar arrays in NewYork State and Massachusetts. The Company has installed solararrays on more than 180 industrial, commercial, municipal, andresidential sites, with a total of over 15 megawatts of capacityto date.NYLE and its affiliates commenced Chapter 11 bankruptcy cases(Bankr. N.D.N.Y. Lead Case No. 15-11121) in Albany, New York, onMay 27, 2015. Judge Robert E. Littlefield Jr. is assigned to thecases.The Debtors tapped Bond, Schoeneck & King, PLLC, as counsel. The U.S. Trustee for Region 2, appointed three creditors to servein an Official Committee of Unsecured Creditors in the Chapter 11cases of New York Light Energy, LLC, et al. The Committee retainsHodgson Russ LLP as its attorneys and Emerald Capital AdvisorsCorp. as financial advisor.NEW YORK LIGHT: Has Access to Cash Collateral Until June--------------------------------------------------------Judge Robert E. Littlefield, Jr., entered a final order approving astipulation between New York Light Energy, LLC, and Light EnergyInstallers, LLC -- Debtor Guarantors -- and lender Manufacturersand Traders Trust Company that authorizes the Debtor Guarantors touse the Lender's cash collateral. The Debtor Guarantors areauthorized to incur postpetition indebtedness to the limited extentthat advances made by the Lender to Light Energy Fund, III. LP,(including the Bridge Loan Term Note in the principal amount of$8,030,000) will be secured, covered, and included within the scopeof repayment of the Debtor Guaranties, the Debtor SecurityAgreements, and the Postpetition Energy Lien. If a plan ofreorganization has not been confirmed, a hearing will commence atthe term of the Court to be held on June 22, 2016, at 10:30 a.m.,at which the Court will consider its approval of any furtherstipulation or agreement which might be executed by and betweenDebtor Guarantors and the Lender to which the Expiration Date orany other provisions would be amended or modified. If a RenewalStipulation is executed between the Debtor and the Lender, it mustbe filed with the Court on or before June 1, 2016. Objections to aRenewal Stipulation are due June 15, 2016. A copy of the FinalCash Order is available for free at: http://bankrupt.com/misc/NY_Light_296_Final_Cash_Ord.pdf About New York Light EnergyFounded in 2009 and based in Latham, New York, New York LightEnergy, LLC, designs and installs medium-scale solar arrays in NewYork State and Massachusetts. The Company has installed solararrays on more than 180 industrial, commercial, municipal, andresidential sites, with a total of over 15 megawatts of capacityto date.NYLE and its affiliates commenced Chapter 11 bankruptcy cases(Bankr. N.D.N.Y. Lead Case No. 15-11121) in Albany, New York, onMay 27, 2015. Judge Robert E. Littlefield Jr. is assigned to thecases.The Debtors tapped Bond, Schoeneck & King, PLLC, as counsel. The U.S. Trustee for Region 2, appointed three creditors to servein an Official Committee of Unsecured Creditors in the Chapter 11cases of New York Light Energy, LLC, et al. The Committee retainsHodgson Russ LLP as its attorneys and Emerald Capital AdvisorsCorp. as financial advisor.O.W. BUNKER: Liquidation Plans Declared Effective-------------------------------------------------O.W. Bunker Holding North America Inc., and its debtor-affiliatesannounced that their First Modified Liquidation Plans becameeffective on Jan. 4, 2016. The Court approved the DisclosureStatement in October and confirmed the First Modified Plan inDecember 2015. The U.S. Trustee's objections to the releases ofclaims and causes of action were overruled. The Plan sets up twotrusts to liquidate the assets of the North American businesses andrepay part of the nearly $100 million creditors are owed. A copyof the Confirmation Order is available for free at: http://bankrupt.com/misc/OW_Bunker_1279_Plan_Conf_Ord.pdf About O.W. BunkerOW Bunker AS is a global marine fuel (bunker) company founded inDenmark. The company declared bankruptcy on Nov. 7, 2014,following its admission that it had lost US$275 million through acombination of fraud committed by senior executives at itsSingaporean unit.The Danish company placed its U.S. subsidiaries -- O.W. BunkerHolding North America Inc., O.W. Bunker North America Inc. andO.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn.Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13,2014.The U.S. cases are assigned to Judge Alan H.W. Shiff. The U.S.Debtors have tapped Patrick M. Birney, Esq., and Michael R.Enright, Esq., at Robinson & Cole LLP, as counsel. McCracken,Walker & Rhoads LLP is serving as co-counsel. Alvarez & Marsal isthe financial advisor.ne fuel (bunker) company founded inDenmark. The company declared bankruptcy on Nov. 7, 2014,following its admission that it had lost US$275 million through acombination of fraud committed by senior executives at itsSingaporean unit.The Danish company placed its U.S. subsidiaries -- O.W. BunkerHolding North America Inc., O.W. Bunker North America Inc. andO.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn.Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13,2014.The U.S. cases are assigned to Judge Alan H.W. Shiff. The U.S.Debtors have tapped Patrick M. Birney, Esq., and Michael R.Enright, Esq., at Robinson & Cole LLP, as counsel. McCracken,Walker & Rhoads LLP is serving as co-counsel. Alvarez & Marsal isthe financial advisor. * * *The Debtors' Liquidation Plan was confirmed on Dec. 15, 2015, andwas declared effective Jan. 4, 2016. Final fee applications weredue 45 days after the Effective Date, and rejection damages claimswere due 30 days after entry of the Confirmation Order.OMINTO INC: Posts $2 Million Net Loss During Dec. 2015 Quarter--------------------------------------------------------------Bellevue, Wash.-based Ominto, Inc., reported revenues of $5,432,229for the fiscal first quarter ended December 31, 2015, from$4,746,129 in revenues during the same period in 2014.The Company said net loss spiked up to $2,003,765 during thequarter from $1,143,902 during the same period in 2014.At Dec. 31, 2015, the Company had total assets of $9,879,619against total liabilities of $14,996,622, and stockholders' deficitof $5,117,003."We have incurred substantial losses through December 31, 2015. Weexperienced negative net cash flows from our operating activitiesof approximately $2.4 million and $5.2 million for the three monthsended December 31, 2015 and the fiscal year ended September 30,2015, respectively. We will require additional financing to meetour working capital and capital expenditures requirements. We canprovide no assurance that such additional financing will beavailable in an amount or on terms acceptable to us. If we areunable to obtain additional funds when they are needed or if suchfunds cannot be obtained on terms acceptable to us, we will beunable to execute upon our business plan and fund operations, whichcould have a material, adverse effect on our business, financialcondition and results of operations," the Company said."Our financial statements for the fiscal year ended September 30,2015 were prepared assuming that we will continue as a goingconcern. We have incurred losses since our inception. We do nothave sufficient cash to fund normal operations and meet debtobligations for the next twelve months without deferring payment oncertain current liabilities and raising additional funds. For thefiscal year ended September 30, 2015 we incurred a loss fromcontinuing operations of $12.2 million and had negative cash flowsfrom continuing operations of $5.2 million. We had an accumulateddeficit for the period from our inception through September 30,2015 of approximately $49.3 million. As a result, we had a workingcapital deficit of approximately $10.7 million as of September 30,2015. These factors raise substantial doubt about our ability tocontinue as a going concern."Ominto explained that its ability to continue as a going concern isdependent on its ability to raise capital to fund future operationsand working capital requirements, and its ability to profitablyexecute its business plan."Our plans for the long-term return to and continuation as a goingconcern include financing our future operations through sales ofour common stock and/or debt and the eventual profitable operationof our business. The consolidated financial statements do notinclude any adjustments that might be necessary should the Companybe unable to continue as a going concern," it said."We continue to update our product offerings, which placesadditional demands on future cash flows and may decrease liquidity.Our future liquidity and capital requirements will depend onnumerous factors including market acceptance of our futureproducts, revenues generated from our operations, the impact ofcompetitive product offerings, and whether we are successful inacquiring additional customers on a large scale basis throughpartners. We also intend to increase our efforts to recruit BAswhich we expect will improve sales of our e-commerce products.These efforts will place additional demands on our cash flows andliquidity. We cannot offer any assurance that we will be successfulin generating revenues from operations, adequately dealing withcompetitive pressures, acquiring complementary products,technologies, or businesses, or increase our marketing efforts."Because of constraints on its sources of capital and liquidityneeds, the Company disclosed it has continued to borrow fromMichael Hansen, its founder, a director, and its current ExecutiveVice President of Development, to fund operations. As of December31, 2015, it owed Mr. Hansen a total of approximately $0.4 millionin advances. On January 8, 2016, the Company paid Mr. Hansen theremaining balance of outstanding advances. Subsequent to December 31, 2015, the Company sold 26,533 shares ofcommon stock at $8.00 per share for total cash consideration of$0.2 million to a private investor. The Company did not identifythe investor. "Beginning in January 2016, we implemented a series of changes tostreamline our organization and reduce monthly operating expenses.Our efforts focused on reducing staffing costs, transferringcertain functions to lower cost locations, consolidating ouroperations to fewer locations, and reducing our efforts onactivities not related to our core operations. These changes weredesigned to conserve our resources and allow for continuedinvestment in the completion and launch of our new Ominto.com andits related DubLi.com technology platform. We expect the launch ofthis platform will provide an opportunity for the Company to growits revenue and improve the profit potential of its operations,"the Company said.Bellevue, Wash.-based Ominto, Inc., is a global e-commerce cashback and network marketing company which operates a worldwideshopping portal. It markets membership subscriptions directly toconsumers and through partner programs and its network marketingsubsidiary.PARC ENGLAND: Case Summary & 20 Largest Unsecured Creditors-----------------------------------------------------------Debtor: Parc England Holding, LLC d/b/a Parc England Hotel and d/b/a Bistro on the Bayou 1321 Chappie James Avenue Alexandria, LA 71303 Case No.: 16-80255Chapter 11 Petition Date: March 8, 2016Court: United States Bankruptcy Court Western District of Louisiana (Alexandria)Judge: Hon. John W. KolweDebtor's Counsel: Thomas R. Willson, Esq. THOMAS R. WILLSON P. O. Drawer 1630 Alexandria, LA 71309-1630 Tel: (318) 442-8658 Fax: 318-442-9637 E-mail: email@example.com Assets: $0Total Liabilities: $5.87 millionThe petition was signed by Fred Rosenfeld, managing member.A list of the Debtor's 20 largest unsecured creditors is availablefor free at http://bankrupt.com/misc/lawb16-80255.pdfPETROLEUM PRODUCTS: Wants Extension of Schedules Filing Deadline----------------------------------------------------------------Petroleum Products & Services, Inc., asks the Bankruptcy Court toextend its deadline to file its schedules of assets and liabilitiesand statement of financial affairs through April 15, 2016.The Debtor said that due to reduced workforce, it has not yet hadsufficient time to collect and assemble all of the requisitefinancial data and other relevant information required to completeall of the Schedules and Statement."The Meeting of creditors has not yet been scheduled and is likelynot to be scheduled prior to the requested deadline, so theextension should not unfairly prejudice creditors," according toJosh Judd, Esq., at Hoover Slovacek LLP, attorney for the Debtor.The current deadline for filing the schedules and statements isMarch 18, 2016. About Petroleum ProductsPetroleum Products & Services, Inc.(d/b/a Wellhead DistributorsInt'l and dba WDi) distributes API-6A wellhead equipment and valvesused in the petroleum and natural gas industries.The Company filed a Chapter 11 bankruptcy petition (Bankr. S.D.Tex. Case No. 16-31201) on March 4, 2016. Alejandro Kiss signedthe petition as president. The Debtor estimated assets in therange of $10 million to $50 million and liabilities of at least $10million.The Debtor has engaged Hoover Slovacek, LLP as counsel and HirschWestheimer, P.C. as special litigation counsel.PREMIER PAIN: U.S. Trustee Unable to Appoint Committee------------------------------------------------------The Office of the U.S. Trustee disclosed in a filing with the U.S.Bankruptcy Court for the District of Arizona that no officialcommittee of unsecured creditors has been appointed in the Chapter11 case of Premier Pain Surgery Center LLC.Premier Pain Surgery Center LLC sought protection under Chapter 11of the Bankruptcy Code in the U.S. Bankruptcy Court for theDistrict of Arizona (Phoenix) (Bankr. D. Ariz., Case No. 15-16327),on December 31, 2015. The petition was signed by Sky Moore,member.The Debtor is represented by Richard A. Drake, Esq., at Drake LawFirm Plc. The case is assigned to Judge Madeleine C. Wanslee.The Debtor estimated both assets and liabilities in the range of $1million to $10 million.PRESSURE BIOSCIENCES: Gets Add'l $550,000 From Private Offering---------------------------------------------------------------Pressure BioSciences, Inc., announced it has closed the firsttranche of the over-subscription amount of its $5 million PrivatePlacement following the receipt of $550,000 in gross proceeds fromthe sixth overall closing of the Offering. This closing increasedthe total amount raised in the Offering to $5,560,000.The initial terms of the Offering limited the amount that could beraised in the Offering to $6.25 million ($5 million plus a $1.25million over-subscription amount). The Company recently approvedan increase in the over-subscription amount to $2.5 million, whichincreased the capacity of the Offering to a maximum of $7.5million. Following the sixth closing, $1,940,000 remains availablein the Offering.Pursuant to the terms of the Offering, the Company will issue tothe investors, senior secured convertible debentures with a fixedconversion price of $0.28 per restricted common share, and commonstock purchase warrants exercisable into shares of restrictedcommon stock at an exercise price of $0.40 per share. The Companyis under no obligation to file a registration statement to registerthe shares underlying the Debentures and Warrants.Mr. Richard T. Schumacher, president and CEO of PBI, commented: "Inmid-January 2016, SCIEX, a global leader in life science analyticaltechnologies and a wholly-owned subsidiary of the DanaherCorporation, announced an exclusive co-marketing agreement withPBI. Under the agreement, the companies will jointly promote PBI'sPCT-based sample preparation systems and SCIEX's mass spectrometryequipment, with a focus on improved sample preparation, a crucialstep performed by tens of thousands of research scientistsworldwide."Mr. Schumacher continued: "We believe the combination of PBI andSCIEX technologies could result in superior biological insights anddiscoveries in the life sciences industry, and in rapid andsustainable revenue growth for PBI. It is therefore important todo everything possible to strongly support the PBI-SCIEXco-marketing agreement. Consequently, we decided to increase theover-subscription amount to help ensure that we fulfill ourobligations under the co-marketing agreement, and to enable us totake full advantage of the opportunities that the co-marketingagreement and new working relationship with SCIEX will mostcertainly offer." About Pressure BiosciencesPressure BioSciences, Inc., headquartered in South Easton,Massachusetts, holds 14 United States and 10 foreign patentscovering multiple applications of pressure cycling technology inthe life sciences field.Pressure Biosciences reported a net loss applicable to commonshareholders of $6.25 million on $1.37 million of revenue for theyear ended Dec. 31, 2014, compared to a net loss applicable tocommon shareholders of $5.24 million on $1.5 million of totalrevenue for the year ended Dec. 31, 2013.As of Sept. 30, 2015, the Company had $2.21 million in totalassets, $6.70 million in total liabilities and a totalstockholders' deficit of $4.49 million.Marcum LLP, in Boston, Massachusetts, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014, noting that the Company has had recurring netlosses and continues to experience negative cash flows fromoperations. These conditions raise substantial doubt about theCompany's ability to continue as a going concern, the auditorssaid.PRIMA BIOMED: Receives NASDAQ Bid Price Deficiency Notice---------------------------------------------------------Prima BioMed Ltd. has received notification from the ListingQualifications Department of The NASDAQ Stock Market (the "Staff")indicating that, for the period from January 13, 2016 throughFebruary 26, 2016, the closing bid price of the Company's AmericanDepositary Shares, or ADS, had not been maintained at the minimumrequired closing bid price of at least US$1.00 per share asrequired for continued listing on The NASDAQ Global Market pursuantto NASDAQ Listing Rule 5450(a)(1) (the "Minimum Bid Price Rule").Prima has a period of 180-calendar days, or until August 29, 2016,to regain compliance with the Minimum Bid Price Rule. If withinany time during the 180-day period the minimum closing bid priceper share of the ADSs closes at or above US$1.00 for a minimum often consecutive business days, the Staff will provide writtennotification to the Company that it complies with the Minimum BidPrice Rule and the matter will be closed. Prima's management islooking into various options available to the Company in order toregain compliance and maintain its continued listing on The NASDAQGlobal Market.Prima's ADSs will continue to trade uninterrupted on The NASDAQGlobal Market under the symbol "PBMD." The Company's ordinaryshares which are traded on the Australian Stock Exchange ("ASX")under the symbol "PRR" are in full compliance with ASX listingrequirements and are completely independent of the NASDAQ listing.In the event that Prima does not regain compliance within the abovementioned period, the Company may be eligible to receive anadditional 180-day compliance period; such additional complianceperiod would be available provided that the Company meets thecontinued listing requirement for market value of publicly heldshares and all other initial listing standards for The NASDAQCapital Market, with the exception of the minimum bid pricerequirement, based on the Company's most recent public filings andprovides written notice of its intention to cure the minimum bidprice deficiency. If it appears to the Staff that the Company willnot be able to cure the deficiency, or if the Company is nototherwise eligible for the additional compliance period, the Staffwould provide written notification to the Company that its ADSs aresubject to delisting. About Prima BioMedPrima BioMed -- http://www.primabiomed.com.au-- is an Australia-based biotechnology company. The Company is engaged inresearch, development and commercialization of licensed medicalbiotechnology. It is listed on the Australian Stock Exchange andon the NASDAQ in the US.PRIME GLOBAL: Gets Approval for Revised Development Land Order--------------------------------------------------------------Prime Global Capital Incorporated disclosed in a Form 8-K filedwith the Securities and Exchange Commission that it submitted arequest to convert some of its planned semi-detached and bungalowhome parcels into cluster semi-detached homes to improve themarketability of the Company's proposed development on land locatedin Puncak Alam. On March 4, 2016, the Company received notification from the KualaSelangor District Council that its revised Development Orderrelating to the Puncak Alam land was approved on Feb. 24, 2016. About Prime GlobalKuala Lumpur, Malaysia-based Prime Global Capital Group operated inthe following three business segments during fiscal year 2014: (i)software business (the provision of IT consulting, programming andwebsite development services); (ii) plantation business (includingoilseeds and castor seeds business); and (iii) its real estatebusiness. In the fourth quarter of fiscal 2014, the Companydiscontinued its castor seeds business in China, and in December2014 it discontinued the software business (the provision of ITconsulting, programming and website services) in Malaysia. As aresult, the Company no longer conduct business operations in Chinaand anticipate winding down or otherwise selling its interests inthe following entities: Power Green Investments Limited; Max TrendInternational Limited and Shenzhen Max Trend Green Energy Co Ltd. Prime Global Capital reported a net loss of US$1.33 million for theyear ended Dec. 31, 2014, compared to a net loss of US$2.09 millionfor the year ended Dec. 31, 2013.B F Borgers CPA PC, in Lakewood, CO, issued a "going concernqualification in its report on the consolidated financialstatements for the year ended Dec. 31, 2014, citing that theCompany's capital commitments in comparison to available cashbalances raise substantial doubt about its ability to continue as agoing concern.PRIME GLOBAL: Sek Fong Wong Resigns as Secretary------------------------------------------------Sek Fong Wong resigned from her position as the secretary of PrimeGlobal Capital Incorporated, effective March 7, 2016, according toa regulatory filing with the Securities and Exchange Commission.Ms. Wong's departure was for personal reasons and not due to anydisagreement with the Company on any matter related to theCompany's operations, policies or practices, the filing stated. In connection with Ms. Wong's resignation from her position, theBoard appointed Liong Tat Teh, the Company's chief financialofficer, to serve as the Company's secretary. About Prime GlobalKuala Lumpur, Malaysia-based Prime Global Capital Group operated inthe following three business segments during fiscal year 2014: (i)software business (the provision of IT consulting, programming andwebsite development services); (ii) plantation business (includingoilseeds and castor seeds business); and (iii) its real estatebusiness. In the fourth quarter of fiscal 2014, the Companydiscontinued its castor seeds business in China, and in December2014 it discontinued the software business (the provision of ITconsulting, programming and website services) in Malaysia. As aresult, the Company no longer conduct business operations in Chinaand anticipate winding down or otherwise selling its interests inthe following entities: Power Green Investments Limited; Max TrendInternational Limited and Shenzhen Max Trend Green Energy Co Ltd. Prime Global Capital reported a net loss of US$1.33 million for theyear ended Dec. 31, 2014, compared to a net loss of US$2.09 millionfor the year ended Dec. 31, 2013.B F Borgers CPA PC, in Lakewood, CO, issued a "going concernqualification in its report on the consolidated financialstatements for the year ended Dec. 31, 2014, citing that theCompany's capital commitments in comparison to available cashbalances raise substantial doubt about its ability to continue as agoing concern.PROSPECT HOLDING: S&P Lowers ICR to 'SD' on Finalized Tender Offer------------------------------------------------------------------Standard & Poor's Ratings Services said it lowered its long-termissuer credit rating on Prospect Holding Co. LLC to 'SD' from 'CC'and the rating on the senior notes to 'D' from 'CC'. The rating actions follow Prospect's finalization of its previouslyannounced tender offer for its senior notes. The company paid $53million to redeem and retire notes with a notional value of about$88 million. The $53 million in capital largely came from thecompany's recent sale of its mortgage servicing rights portfolio. Following the tender offer, the company will have about $41.5million of senior notes remaining."We will look to raise the issuer credit rating from 'SD' in assoon as one business day. However, we expect to leave theremaining senior notes at 'D' since the company could makeadditional purchases on the secondary market at distressed prices,"said Standard & Poor's credit analyst Stephen Lynch.QUICKSILVER RESOURCES: Canada Unit COO Gets $89,000 Bonus---------------------------------------------------------Quicksilver Resources Canada Inc., on March 2, 2016, granted a cashbonus award of $89,280 (converted to U.S. dollars using an exchangerate of 0.7518 U.S. dollars per 1 Canadian dollar) to J. DavidRushford, Senior Vice President - Chief Operating Officer of QRCI.The bonus is payable upon the completed transition of all of theassets of QRCI. If Mr. Rushford's employment is terminated by QRCIwithout cause prior to the Payment Date, he will remain eligible toreceive the bonus payment. If Mr. Rushford terminates his ownemployment at any time prior to the Payment Date, he will not beeligible to receive the bonus payment. About Quicksilver ResourcesQuicksilver Resources Inc. (OTCQB: KWKA) is an exploration andproduction company engaged in the development and production oflong-lived natural gas and oil properties onshore North America. Based in Fort Worth, Texas, the company claims to be a leader inthe development and production from unconventional reservoirsincluding shale gas, and coal bed methane. Following more than 30years of operating as a private company, Quicksilver became publicin 1999.The Company has U.S. offices in Fort Worth, Texas; Glen Rose,Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,Montana. The Company's Canadian subsidiary, Quicksilver ResourcesCanada Inc. is headquartered in Calgary, Alberta.On March 17, 2015, Quicksilver Resources Inc. and certain of itsaffiliates filed voluntary petitions for relief under Chapter 11 ofthe Bankruptcy Code in Delaware. Quicksilver's Canadiansubsidiaries were not included in the chapter 11 filing.The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLPin the U.S. and Bennett Jones in Canada. Richards Layton & Finger,P.A., is legal co-counsel in the Chapter 11 cases. Houlihan LokeyCapital, Inc., is serving as financial advisor. Garden City GroupInc. is the claims and noticing agent. The Company's balance sheet at Dec. 31, 2014, showed $1.21 billionin total assets, $2.35 billion in total liabilities and totalstockholders' deficit of $1.14 billion.The U.S. Trustee for Region 3 appointed five creditors ofQuicksilver Resources Inc. to serve on the official committee ofunsecured creditors. * * *Quicksilver Resources Inc. and its U.S. subsidiaries on January 22,2016, entered into an Asset Purchase Agreement with BlueStoneNatural Resources II, LLC pursuant to which the Buyer agreed topurchase substantially all of the Sellers' U.S. oil and gas assetsfor a cash purchase price of $245.0 million. The consummation of the transactions contemplated by the PurchaseAgreement is subject to customary closing conditions, and suchtransactions are expected to close on or before March 31, 2016.QUICKSILVER RESOURCES: Canada Unit Sells Oil & Gas Biz for $79M---------------------------------------------------------------Quicksilver Resources Canada Inc., a wholly owned subsidiary ofQuicksilver Resources Inc., on March 1, 2016, entered into an AssetPurchase Agreement with CPC Resources ULC pursuant to which theBuyer agreed to purchase certain of QRCI's oil and gas assetsprimarily located in the Horseshoe Canyon area of Alberta, Canada,for a cash purchase price of approximately US$79 million, subjectto customary adjustments. QRCI and the Buyer have made customaryrepresentations, warranties and covenants in the PurchaseAgreement.Pursuant to the Purchase Agreement, the Buyer made a deposit ofapproximately US$8 million. If the Purchase Agreement isterminated by QRCI as a result of a breach by the Buyer that is notcured within a specified cure period, then the deposit plus anyaccrued interest will be forfeited to QRCI as liquidated damages. The consummation of the transactions contemplated by the PurchaseAgreement is subject to various closing conditions, and suchtransactions are expected to close on or before April 29, 2016. About Quicksilver ResourcesQuicksilver Resources Inc. (OTCQB: KWKA) is an exploration andproduction company engaged in the development and production oflong-lived natural gas and oil properties onshore North America. Based in Fort Worth, Texas, the company claims to be a leader inthe development and production from unconventional reservoirsincluding shale gas, and coal bed methane. Following more than 30years of operating as a private company, Quicksilver became publicin 1999.The Company has U.S. offices in Fort Worth, Texas; Glen Rose,Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,Montana. The Company's Canadian subsidiary, Quicksilver ResourcesCanada Inc. is headquartered in Calgary, Alberta.On March 17, 2015, Quicksilver Resources Inc. and certain of itsaffiliates filed voluntary petitions for relief under Chapter 11 ofthe Bankruptcy Code in Delaware. Quicksilver's Canadiansubsidiaries were not included in the chapter 11 filing.The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLPin the U.S. and Bennett Jones in Canada. Richards Layton & Finger,P.A., is legal co-counsel in the Chapter 11 cases. Houlihan LokeyCapital, Inc., is serving as financial advisor. Garden City GroupInc. is the claims and noticing agent. The Company's balance sheet at Dec. 31, 2014, showed $1.21 billionin total assets, $2.35 billion in total liabilities and totalstockholders' deficit of $1.14 billion.The U.S. Trustee for Region 3 appointed five creditors ofQuicksilver Resources Inc. to serve on the official committee ofunsecured creditors. * * *Quicksilver Resources Inc. and its U.S. subsidiaries on January 22,2016, entered into an Asset Purchase Agreement with BlueStoneNatural Resources II, LLC pursuant to which the Buyer agreed topurchase substantially all of the Sellers' U.S. oil and gas assetsfor a cash purchase price of $245.0 million. The consummation of the transactions contemplated by the PurchaseAgreement is subject to customary closing conditions, and suchtransactions are expected to close on or before March 31, 2016.REALOGY HOLDINGS: Jessica Bibliowicz Quits as Director------------------------------------------------------Realogy Holdings Corp. disclosed in a Form 8-K report filed withthe Securities and Exchange Commission that Jessica M. Bibliowicz,notified the Company of her decision to resign as a member of theBoard of Directors, effective as of the Realogy Holdings Corp. 2016Annual Meeting of Stockholders to be held on May 4, 2016. The Company said Ms. Bibliowicz's decision to resign is basedsolely on her recent increased time commitments with other forprofit and non-profit affiliations. Ms. Bibliowicz currentlyserves as a member of the Board's Audit Committee. About Realogy Holdings Corp.Realogy Holdings Corp. (NYSE: RLGY) is a global leader inresidential real estate franchising with company-owned real estatebrokerage operations doing business under its franchise systems aswell as relocation and title services. Realogy's brands andbusiness units include Better Homes and Gardens(R) Real Estate,CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R),The Corcoran Group(R), ERA(R), Sotheby's International Realty(R),NRT LLC, Cartus and Title Resource Group. Collectively, Realogy'sfranchise system members operate approximately 13,500 offices with251,000 independent sales associates doing business in 104countries around the world. Realogy is headquartered in Madison,N.J.Realogy Holdings reported net income attributable to the Company of$143 million on $5.32 billion of net revenues for the year endedDec. 31, 2014, compared to net income attributable to the Companyof $438 million on $5.28 billion of net revenues during the prioryear.As of Sept. 30, 2015, the Company had $8.02 billion in totalassets, $5.63 billion in total liabilities and $2.39 billion intotal equity. * * *In the Aug. 1, 2013, edition of the TCR, Moody's Investors Serviceupgraded the corporate family rating of Realogy Group to to B2from B3. The upgrade to B2 CFR is driven by expectations forongoing strong financial performance, supported by Realogy'srecently-concluded debt and equity financing activities and acontinuing recovery in the US existing home sale market.As reported by the TCR on Feb. 18, 2013, Standard & Poor's RatingsServices raised its corporate credit rating on Realogy Corp. to'B+' from 'B'."The one notch upgrade in the corporate credit rating to 'B+'reflects an increase in our expectation for operating performanceat Realogy in 2013, and S&P's expectation that total leaseadjusted debt to EBITDA will improve to the low-6x area and fundsfrom operations (FFO) to total adjusted debt will be improve tothe high-single-digits percentage area in 2013, mostly due toEBITDA growth in the low- to mid-teens percentage area in 2013,"S&P said.REEVES DEVELOPMENT: Ordered to File 4th Amended Plan & Disclosures------------------------------------------------------------------Reeves Development Company, LLC, on Jan. 21, 2016, filed a ThirdAmended Chapter 11 Plan of Reorganization and a Third AmendedDisclosure Statement, and a hearing on the Disclosure Statement washeld Feb. 18. According to a minute entry, Judge Robert R.Summerhays ruled, "The Debtor shall file an amended plan anddisclosure statement within 20 days and notice for hearing on April14, 2016."According to the Third Amended Disclosure Statement, the Plancontemplates payment of all Allowed Claims against the Debtor basedupon the cash flow created through the Debtor's business operationsand the sale of property developed by the Debtor and affiliatedcompanies. The holders of equity interests will not receive anydistribution unless the Debtor is current on all payments tocreditors under this plan, and only to the extent that suchdistributions are for an amount equal to, or less than, the taxliability created by the Debtor and passed through to the equityinterests. Under the Plan, the holder of the secured claim of Iberia Bnak willreceive principal reduction payments as set forth in the SettlementAgreement. Holders of secured vendor claims totaling $77,200 willreceive, beginning 180 days after the Effective Date, quarterlyinterest payments equal to 1% per annum, plus an amount equal to$750 per acre for each acre of land sold by the Debtor. Holders ofgeneral unsecured claims owed $153,000 will receive payment of 10%of the balance in year 1, 15% in year 2, 25% in year 3, 25% in year4 and 25% in year five. Any payments to Equity holders allowedhereunder shall be limited to an amount equal to the tax liabilitypassed through to the equity holders by the Debtor.A copy of the Third Amended Disclosure Statement is available at: http://bankrupt.com/misc/Reeves_354_3rd_Am_DS.pdf About Reeves DevelopmentReeves Development Company, LLC, a commercial and residentialreal estate developer, filed a Chapter 11 petition (Bankr. W.D.La.Case No. 12-21008) in Lake Charles, Louisiana, on Oct. 30,2012. The closely held developer was founded in 1998 by CharlesReeves Jr., its sole owner. Reeves Development has about 80employees and generates about $40 million in annual revenue,according to its Web site.Bankruptcy Judge Robert Summerhays oversees the case. ArthurA. Vingiello, Esq., at Steffes, Vingiello & McKenzie, LLC, inBaton Rogue, Louisiana, represents the Debtor as counsel.Reeves Development scheduled assets of $15,454,626 andliabilities of $20,156,597 as of the Petition Date. Affiliate Reeves Commercial Properties, LLC (Bankr. W.D. La.Case No. 12-21009) also sought court protection.REHOBOTH MCKINLEY: Fitch Keeps $5.6MM 2007 Bonds on Watch Negative------------------------------------------------------------------Fitch Ratings maintains its Rating Watch Negative on the followingrevenue bonds issued by the New Mexico Hospital Equipment LoanCouncil on behalf of Rehoboth McKinley Christian Health CareServices, Inc. (Rehoboth), which are currently rated 'B'. -- $5.6 million hospital facility improvement and refunding revenue bonds, series 2007A. SECURITY The bonds are secured by a pledge of revenues and equipment and adebt service reserve fund. KEY RATING DRIVERS OUTSTANDING EVENT OF DEFAULT: Maintenance of the Rating WatchNegative reflects the lack of resolution to Rehoboth's violation ofits rate covenant in fiscal 2014, which triggered an Event ofDefault under the Master Trust Indenture. Management, through theTrustee, is working to secure a Forbearance Agreement withbondholders. At this time, Rehoboth is current with all loan andlease payments and has not drawn on the debt service reserve fund.IMPROVED 2015 RESULTS: Twelve month unaudited results for the yearended Dec. 31, 2015, shows much stronger operating performance andprofitability. Excluding approximately $2.5 million of tax revenuesthat are not available for debt service, RRMCHS generated a 1.3%operating margin and a 5.7% operating EBITDA margin. Debt servicecoverage by EBITDA through the interim period is a solid 3.7x. SMALL REVENUE BASE: Fitch believes RMCHS's small revenue baseremains a key credit concern as the hospital has limitedflexibility to handle adverse events.RATING SENSITIVITIESEXECUTION OF A FOREBEARANCE AGREEMENT: The maintenance of theNegative Watch reflects the uncertainty surrounding successfulnegotiation by Rehoboth McKinley Christian Health System of aforbearance agreement with its bondholders. While the improvedinterim results would indicate a favorable outcome with noacceleration of the outstanding debt, future rating action,including the removal from Rating Watch, is contingent onnegotiations between Rehoboth and bondholders.CREDIT PROFILE Rehoboth McKinley Health Care Services, Inc. is a 69-bed generalacute care hospital located in Gallup, NM (138 miles west ofAlbuquerque, NM and 180 miles east of Flagstaff, AZ). Totaloperating revenue in fiscal 2014 was $48.2 million.DISCLOSURE Rehoboth covenants to provide annual financial statements within 30days after the approval of the report by the state auditor, whichhas usually resulted in fairly late receipt of audits. Rehoboth hasalso been posting monthly financial statements on EMMA.RESEARCH SOLUTIONS: 12 West Has 9.3% Stake as of Feb. 26--------------------------------------------------------(Jhonas SEC March 9 2)- coverage offIn a Schedule 13G filed with the Securities and ExchangeCommission, 12 West Capital Management LP reported that as of Feb. 26, 2016, it beneficially owns 1,721,000 common shares ofResearch Solutions, Inc., representing 9.3 percent of the sharesoutstanding. A copy of the regulatory filing is available for freeat http://is.gd/4GvMRO About Research SolutionsResearch Solutions, Inc. provides research information servicesand software to research-intensive industries in the Life Sciencesand other fields. The Encino, California-based Company deliverscopyrighted copies of published content, including articles frompublished journals, to content users in hard copy or electronicform.As of June 30, 2015, the Company had $6.7 million in total assets,$5.6 million in total liabilities and $1.1 million in totalstockholders' equity. * * *This concludes the Troubled Company Reporter's coverage of ResearchSolutions, Inc. until facts and circumstances, if any, emerge thatdemonstrate financial or operational strain or difficulty at alevel sufficient to warrant renewed coverage.RESOLUTE ENERGY: S&P Lowers CCR to 'CCC-', Outlook Negative-----------------------------------------------------------Standard & Poor's Ratings Services lowered its corporate creditrating on Denver-based Resolute Energy Corp. to 'CCC-' from 'CCC'.The outlook is negative.At the same time, S&P lowered the rating on the company'ssecond-lien term loan to 'CC' from 'CCC' and removed it fromCreditWatch where S&P placed it with negative implications Feb. 9,2016. S&P also revised the recovery rating on this loan to '5'from '3'. The '5' recovery rating indicates S&P's expectation ofmodest (the higher end of the 10%-30% range) recovery in the eventof a payment default. S&P also lowered the rating on the company'ssenior unsecured notes to 'C' from 'CC'. The recovery rating onthese notes remains '6', indicating S&P's expectation fornegligible (0%-10%) recovery in the event of a payment default.The downgrade follows Resolute's announcement that it could pursuea debt restructuring and the likelihood S&P would consider any suchrestructuring as a selective default ('SD'), particularly giventhat the senior notes currently trade substantially below parvalue. S&P also revised its recovery rating on the second-lienterm loan to '5' from '3', reflecting the application of Resolute'sDec. 31, 2015, PV-10 to S&P's recovery analysis. Althoughoutstanding debt on the company's credit facility and term loanhave decreased during 2015, the combination of asset sales and theimpact of lower crude oil and natural gas prices on the company'sreserve valuation offsets the lower debt level."The ratings on Resolute reflect our view of the company'svulnerable business risk and highly leveraged financial riskprofiles, and our assessment of liquidity as adequate," saidStandard & Poor's credit analyst Paul Harvey. The negative outlook reflects the potential for a downgrade if thecompany announced a debt exchange that S&P views as distressed, orif it violated covenants under its revolving credit facility. S&P could lower the rating if the company announced a distressedexchange of its debt or if they violated covenants under theirrevolving credit facility. S&P could consider a positive rating action if it no longerbelieved the company would consider a distressed exchange.REXFORD PROPERTIES: Taps Sherwood Partners as Finc'l. Advisors--------------------------------------------------------------Rexford Properties LLC seek Bankruptcy Court approval to employSherwood Partners, Inc., as financial advisor, effective as ofJanuary 28, 2016.The Debtor relates that it is in final stages of drafting a plan ofreorganization and related disclosure statement, and thus need afinancial advisor in connection with its Plan confirmationefforts.The Debtor needs Sherwood Partners in: (a) The review and analysis of any valuations of the Debtor's assets prepared to support the Plan; (b) The preparation of a liquidation analysis and a feasibility analysis; (c) The preparation of financial information, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, and analysis of asset and liability accounts; (d) The analysis of creditor claims; (e) The interpretation and analysis of financial materials, including accounting, tax, statistical, financial and economic data, regarding the Debtor; (f) The preparation of information and analysis necessary for the development and confirmation of a chapter 11 plan; and (g) The provisions of such other business consulting or such other assistance as the Debtor or counsel may deem necessary which are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this Bankruptcy Case.Sherwood professionals most likely to render services in theDebtor's case and their hourly rates are: Andrew De Camara, senior managing director $525 David Johnson, managing director $450If other Sherwood personnel assist in the matter, they will becharged at the individuals' applicable hourly rates, not to exceed$450 per hour.Sherwood's billing statements will also include charges forreasonable and necessary third party and staff services employed inthe court of its work for the Debtor.Andrew De Camara, a Sherwood professional, assures the Court thathis Firm has no interest materially adverse to the interest of theDebtor's estate and thus, is a disinterested person within themeaning of Section 101(14) of the Bankruptcy Code.The Firm can be reached at: SHERWOOD PARTNERS LLC Andrew De Camara David Johnson 1100 La Avenida Street Building A Mountain View, CA 94043 Tel No: 650-454-8001 Fax No: 650-454-8040 firstname.lastname@example.com About Rexford PropertiesValley Village, California-based Rexford Properties LLC filed forChapter 11 protection (Bank. C.D. Calif. Case No. 15-12116) on June16, 2015. The petition was signed by Lisa Ehrlich, managingmember.Bankruptcy Judge Martin R. Barash presides over the case. MichaelM. Lauter, Esq., at Sheppard Mullin Richter & Hampton LLPrepresents the Debtor in its restructuring effort.The Debtor disclosed total assets of $1,107,620 plus a unknownamount and total liabilities of $12,883,441.RWL INVESTMENTS: Case Summary & 9 Unsecured Creditors-----------------------------------------------------Debtor: RWL Investments, LLC 1321 Scott Street Little Rock, AR 72202 Case No.: 16-11251Chapter 11 Petition Date: March 8, 2016Court: United States Bankruptcy Court Eastern District of Arkansas (Little Rock)Debtor's Counsel: Seth Daniel Hyder, Esq. KEECH LAW FIRM, P.A. 2011 S. Broadway Little Rock, AR 72206 Tel: 501-221-3200 Fax: 501-221-3201 Email: email@example.com - and - Kevin P. Keech, Esq. KEECH LAW FIRM, P.A. 2011 S. Broadway St. Little Rock, AR 72206 Tel: (501)221-3200 Fax: (501)221-3201 E-mail: email@example.com Assets: $11.1 millionTotal Debts: $8.57 millionThe petition was signed by Ryan Lazenby, manager.List of 20 Largest Unsecured Creditors only contains nine entries: Entity Nature of Claim Claim Amount ------ --------------- ------------Arkansas Dept of Fin & Admin $0Arkansas Dept of Workforce $0Centennial Bank Credit $199,637Centerpoint Energy $0Central Arkansas Water $0Entergy $0Internal Revenue Service $0North Little Rock Electric $0Utility Billing Services $0RWL INVESTMENTS: Files Schedules of Assets and Liabilities----------------------------------------------------------RWL Investments, LLC, filed with the U.S. Bankruptcy Court for theEastern District of Arkansas its schedules of assets andliabilities, disclosing: Schedule A/B: Assets-Real and Personal Property 1a. Real property: $11,113,015 1b. Total personal property: $0 ----------------- 1c. Total of all property: $11,113,015 Summary of Liabilities Schedule D: Creditors Who Have Claims Secured by Property $8,379,758 Schedule E/F: Creditors Who Have Unsecured Claims 3a. Total claim amounts of priority unsecured claims $0 3b. Total amount of claims of nonpriority amount of unsecured claims $199,637 ----------------- Total liabilities $8,579,395A full-text copy of the Schedules is available for free at: http://bankrupt.com/misc/areb16-11251.pdf About RWL InvestmentsRWL Investments, LLC filed a Chapter 11 bankruptcy petition (Bankr.E.D. Ark. Case No. 16-11251) on March 8, 2016. The petition wassigned by Ryan Lazenby as manager. Keech Law Firm, P.A.,represents the Debtor as counsel.SEMGROUP CORP: Moody's Lowers CFR to 'B2', Outlook Stable---------------------------------------------------------Moody's Investors Service downgraded SemGroup Corporation'sCorporate Family Rating to B2 from B1, its Probability of DefaultRating (PDR) to B2-PD from B1-PD, and its senior unsecured notesrating to Caa1 from B3. Moody's affirmed SemGroup Corporation'sSpeculative Grade Liquidity Rating SGL -- 3. The rating outlook isnegative. At the same time, Moody's downgraded Rose RockMidstream, L.P.'s CFR to B1 from Ba3, its PDR to B1-PD from Ba3-PD,and its senior unsecured notes rating to B2 from B1. Moody'saffirmed Rose Rock's SGL-3 rating. The outlook is stable."The downgrades reflect management's increasingly aggressivedistribution and dividend policy at the MLP and corporate levels,as well as a need to debt finance essentially all of 2016'sapproximately $400 million of growth capital spending on SemGroup'srevolving credit facility," said John Thieroff, Moody's VicePresident. "Both SemGroup and Rose Rock face downward pressure onthroughput volumes related to precipitous declines in upstreamspending and heightened counterparty risk, while Rose Rock's WhiteCliffs pipeline faces intensified competition that will likelymaterially erode margins."Issuer: Rose Rock Midstream, L.P.Downgrades: Probability of Default Rating, Downgraded to B1-PD from Ba3-PD Corporate Family Rating, Downgraded to B1 from Ba3 Senior Unsecured Regular Bond/Debentures, Downgraded to B2 (LGD 5) from B1 (LGD 4)Affirmations: Speculative Grade Liquidity Rating, Affirmed SGL-3Outlook Actions: Outlook, Remains StableDowngrades:Issuer: SemGroup CorporationDowngrades: Probability of Default Rating, Downgraded to B2-PD from B1-PD Corporate Family Rating, Downgraded to B2 from B1 Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD 5) from B3 (LGD 5)Affirmations: Speculative Grade Liquidity Rating, Affirmed SGL-3Outlook Actions: Outlook, Changed To Negative From Stable RATINGS RATIONALESemGroup's B2 Corporate Family Rating (CFR) reflects the company'slimited scale, large growth capital expenditures, increasingleverage, significant exposure to weak natural gas prices, and theevolving, complex corporate structure associated with its MLPsubsidiary, Rose Rock. SemGroup seeks to develop organic growthprojects that it drops down to Rose Rock, post-completion. In2016, Moody's expects that SemGroup will fully debt finance theremaining $326 million to construct the Maurepas pipeline, apipeline network connecting Motiva Enterprises LLC (A2 rating underreview for downgrade) refineries on the Gulf Coast, causing asignificant increase in leverage at SemGroup prior to the eventualdropdown.The rating is further constrained by the company's exposure tovolumetric risk in its SemGas business as the corporation has notake-or-pay contracts in this business segment. Additionally, thecreditworthiness of several of the corporation's upstreamcounterparties in this business continues to deteriorate andMoody's expects that several of these companies will halt drillingoperations in 2016 as crude oil prices remain weak. SemGroupemploys leverage within its capital structure at both the holdingcompany and at Rose Rock, creating structural subordinationconcerns for debt holders at SemGroup since the core cashgenerating crude assets and much of the consolidated company'sfuture growth will eventually rest at Rose Rock. The rating issupported by the increasing proportion of fee-based cash flowswithin strong growth areas and its diversified operations and assetportfolio across several key North American oil and gas basins.Rose Rock's B1 Corporate Family Rating (CFR) reflects thepartnership's limited size and scale and the risks inherent in thebusiness model for growth-oriented MLPs, including an aggressivedistribution policy that results in distribution coverage under 1xby the fourth quarter of 2016 and continuing through 2017. Therating is further constrained by our expectation that leveragerises to or slightly exceeds 5x, when including Moody'sadjustments. Additionally, increased competition facing WhiteCliffs Pipeline beginning in mid-2016 is likely to pressuremargins. The rating is supported by the high percentage offee-based services and fixed-margin transactions, over half ofwhich are take-or-pay contracts, within strong growth areas thatmitigate commodity price volatility and provide for stable, visiblecash flow growth potential. The rating also incorporates thestrategic nature of its assets and its relationship with SemGroup.SemGroup's SGL-3 Speculative Grade Liquidity Rating reflectsadequate liquidity through early-2017. Moody's expects thecompany's dividends and maintenance capital to slightly outpacecash from operations, likely causing the company to fund itsapproximately $400 million of 2016 growth spending entirely underits $500 million revolving credit facility. The company is notexpected to need to access the capital markets in 2016; however indoing so and maintaining its dividend at current levels, availableliquidity is anticipated to be less than $100 million by the end ofthe first quarter of 2017. The revolver agreement has financialcovenants requiring total leverage not exceed 5.5x, senior securedleverage not to exceed 3.5x and interest coverage not to fall below2.5x. Moody's expects the company to remain in compliance withthese covenants.Rose Rock's SGL-3 Speculative Grade Liquidity Rating reflectsadequate liquidity through early-2017. At Dec. 31, 2015, Rose Rockhad $550 available under its $585 million senior secured revolveralong with $9 million of cash. Given that the majority of growthcapital in 2016 will be funded at the SemGroup level, we believethat the partnership's liquidity profile will remain adequatethrough early-2017 and that revolver usage will be moderate. Thecredit facility expires in September 2018 and is subject to a totalleverage covenant of no more than 5.5x, a senior secured leveragecovenant of no more than 3.5x and EBITDA / interest coveragecovenant of no less than 2.5x. Moody's expects Rose Rock willremain in compliance with its financial covenant ratios throughearly-2017.SemGroup's negative outlook reflects the corporation's heightenedrisk as its upstream counterparties in its SemGas business slowdown or halt drilling activity in 2016. In addition, Moody'sexpects that SemGroup will utilize most of its revolver capacity byearly 2017 to fund capital spending, which could pose liquidityconstraints for the company in 2017 and will elevate consolidatedleverage to slightly above 5x. Ratings could be downgraded if debtto EBITDA appears likely to materially exceed 5x and noremediation, such as asset sales or a cut to the dividend, occurs.A significant reliance on Rose Rock's distributions relative to itsown cash flow could lead to a widening of the notching between thetwo companies; a deterioration of Rose Rock's credit profile wouldalso negatively impact SemGroup.While unlikely in 2016 due to weakness at several of itssubsidiaries, SemGroup's ratings could be considered for an upgradeif the company were to restore leverage to its historical range of3.5x to 4x. Moody's would also consider an upgrade if SemGroupsignificantly increased its size and built additional scale withouta deterioration in business risk profile or leverage metrics. Anupgrade of Rose Rock could also lead to an upgrade of SemGroup.Rose Rock's stable outlook reflects the partnership's highproportion of fee-based cash flows. An upgrade is unlikely in 2016given significantly reduced drilling budgets of its upstreamcounterparties and the throughput uncertainty at White Cliffs thatwill be caused by Saddlehorn pipeline when it comes onstream. Anupgrade would likely depend on a deleveraging event, such as thedropdown of a stable cash flow producing asset funded in a balancedmanner. An upgrade further depends on Rose Rock achieving andmaintaining a minimum distribution coverage of 1.1x. The ratingscould be downgraded if Rose Rock's financial leverage increases dueto debt funded acquisitions or elevated capital expenditures. Morespecifically, if leverage appears to be approaching 5.5x on asustained basis and distribution coverage remains under 1x into2017, a ratings downgrade could result.The principal methodology used in these ratings was GlobalMidstream Energy published in December 2010.SIBLING GROUP: Posts $1.19 Million Net Loss in Dec. 2015 Quarter----------------------------------------------------------------Sibling Group Holdings, Inc., reported a net loss of $1,194,802 forthe fiscal second quarter ended Dec. 31, 2015, slightly up from the$1,091,707 net loss during the same period in 2014. Revenues were$494,544 during the December 2015 quarter, down from $570,374during the same period in 2014.During the six months ended December 31, 2015, the Company had anet loss of $2,391,456 and negative cash flow from operations of$3,863,920. These conditions, according to the Company, raisesubstantial doubt about its ability to continue as a going concern."The ability of the Company to continue as a going concern isdependent on generating future profitable operations and raisingadditional capital needed until the Company generates profits.There can be no assurance that the Company will be able to raisethe necessary funds when needed to finance its ongoing costs," itsaid."We had working capital of $284,725 and $1,009,792 in cash as ofDecember 31, 2015, compared to working capital of $2,896,154 and$5,415,744 in cash as of June 30, 2015," the Company added. "Management believes that the Company's current cash and cashequivalents will not be sufficient to meet working capital andcapital expenditure requirements for the next 12 months. As aresult, the ability of the Company to continue as a going concernis dependent on generating future profitable operations and raisingadditional capital needed until the Company generates profits.Management is therefore seeking to raise additional debt and/orequity capital. There can be no assurance that the Company will beable to raise the necessary funds when needed to finance itsongoing working capital requirements."At Dec. 31, 2015, the Company had total assets of $3,080,625against total liabilities, all current, of $1,329,000. Totalstockholders' equity was $1,751,625.A copy of the Company's Form 10-Q report for the quarterly periodended December 31, 2015, is available at http://is.gd/O2nITq Orlando, Fla.-based Sibling Group Holdings, Inc., d/b/a GlobalPersonalized Academics, provides virtual and classroom learning tohelp students across the globe transform the way they learn. GPAaims to take online learning to the next level with the latesttechnologies and education practices to help students reach theirfull potential. The Company has gone under different names. It was incorporatedunder the laws of the State of Texas on December 28, 1988, as"Houston Produce Corporation". On June 24, 1997, the Companychanged its name to "Net Masters Consultants, Inc." On November 27,2002, the Company changed its name to "Sona DevelopmentCorporation" in an effort to restructure the business image toattract prospective business opportunities. The Company namechanged on May 14, 2007 to "Sibling Entertainment Group Holdings,Inc." and on August 15, 2012, the Company name was changed to"Sibling Group Holdings, Inc." On July 20, 2015, the Companyissued a press release announcing its intent to do business underthe name of Global Personalized Academics. The Company intends toformally change its name to GPA, and has taken steps towards thisachieving this objective.SPIG INDUSTRY: Judge Set to Confirm Plan Over Grundy Objections---------------------------------------------------------------Judge Paul M. Black on March 3, 2016, convened a hearing on SpigIndustry, LLC's Chapter 11 plan of reorganization and is expectedto sign an order confirming the Plan."Plan confirmed with stipulation that it provide for 28 days toobject, default of which entry becomes final. Order to includelanguage resolving motion for cramdown. Order to be Tendered byCopeland with endorsements of parties Due by 3/14/2016," accordingto the docket entry for the March 3 hearing.The Debtor filed a Disclosure Statement and Plan on Nov. 6, 2015. On or about Dec. 23, 2015, the Debtor, Grundy National Bank andothers entered into a detailed, ten page Settlement Agreement. TheSettlement Agreement required the Debtor to file an Amended Plan. The Settlement Agreement sets out a repayment plan to the Bank.The Court, by order entered Dec. 30, 2015 directed the Debtor tofile an amended disclosure statement to resolve certain issuesidentified by the court at the hearing. The Debtor filed anAmended Disclosure Statement as directed on Dec. 31, 2015, whichwas approved by the Court by order entered Jan. 20, 2016.Thereafter, the Debtor caused ballots to be mailed to allcreditors, as evidenced by the certificate of service of same datedJan. 27, 2016.Ballots have been received and tabulated from three of the classesof claims in the case, and Classes 3 and 4 have accepted theChapter 11 plan as amended. Jones Day with $6.93 million claim inClass 3; and Feralloy Corp ($2 million claim) and Spig IndustryTulsa ($159,000) in Class 4 all voted to accept the Plan. Noballot has been received from any Class 5 creditor. The Class 2creditor, Grundy National Bank (with a $2.77 million claim), hasfiled a ballot rejecting the Plan. On Feb. 25, 2016, the Debtor filed a document titled Non MaterialModifications to the Plan, a copy of which is available at: http://bankrupt.com/misc/Spig_I_93_Modif_Plan.pdfOn March 1, 2016, the Debtor filed a motion seeking an orderconfirming the Chapter 11 plan over the objection and rejection ofthe treatment of Grundy. Even though Class 2 has rejected thePlan, the Debtor moves that the plan be confirmed pursuant to theprovisions of 11 U.S.C. 1129 (b) on the following grounds: a. The Plan complies with all the provisions of 11 U.S.C.1129(a), except subparagraph 8. b. The Plan does not unfairly discriminate against GrundyNational Bank, as it is in a class by itself and no othersimilarly-situated creditor is treated in a more favorable mannerthan Grundy National Bank. c. The Plan is fair and equitable as to Grundy National Bankbecause it incorporates the settlement agreement reached betweenthe debtor, the guarantors, and the bank, and the debt, along withthe liens of the bank, pass through the Chapter 11 and are notimpaired by the Chapter 11 plan, except to the extent to which thebank has agreed in the settlement agreement between the parties.The Court held a hearing on the latest iteration of the Plan aswell as the objections by Grundy on March 3. Grundy Objection and RejectionAside from submitting a ballot rejecting the Plan, Grundy NationalBank submitted an objection to confirmation of the Plan. It notedthat the Amended Plan filed Dec. 31, 2015 did not incorporate thesettlement reached by the parties on Dec. 23. The Amended Planonly included the Settlement as an exhibit."Confirmation of the Plan would not make sense. The Plan does notprovide for payment of Grundy National Bank's allowed, securedclaims; it violates the terms of the Settlement Agreement; and, itis too vague to be implemented," the Bank argued in itsconfirmation objection.After the Debtor filed a "Non Material Modifications to Plan ofDebtor" ("Modified Plan") on Feb. 25, Grundy filed an objectionsaying the Modified Plan violates the Settlement Agreement theDebtor entered into with GNB, the Bankruptcy Code, the national andlocal Bankruptcy Rules, and the due process of law required by the14th Amendment to the U.S. Constitution. The Modified Plan wasfiled after voting creditors submitted their ballots, and only fourworking days before the confirmation hearing.According to Grundy: * The Debtor's Modified Plan attempts to correct some of thedeficiencies described in GNB's Objection to Confirmation of thePlan but fails. * The Debtor failed to file the required certificate of servicerequired by Federal Rules of Bankruptcy Procedure 9014(b) and7005(d) and Local Rule 2002-1 (A)(1). * Federal Rule of Bankruptcy Procedure 3019 (a) allows forpre-confirmation modification of a Chapter 11 plan in limitedcircumstances, which do not apply here, but even then proper noticeand hearing are required. * The Debtor has not filed nor obtained approval of a newDisclosure Statement as required by 11 U.S.C. Sec. 1127 (c) and1125. * The Debtor has not given the 28 day notice of a hearing on therequired new Disclosure Statement. * The Debtor has not given the required 28 day notice of ahearing to consider the Modified Plan (see Federal Rules ofBankruptcy Procedure 3019(a) and 2002 (b)(2) and Local Rule 2002-1(A)(2)) and cannot do so until it gets a new Disclosure Statementapproved. * The creditors and other parties-in-interest have not beengiven adequate information as required by 11 U.S.C. Sec. 1125 (b)to allow them to understand the Modified Plan.Attorney for the Debtor: Robert T. Copeland, Esq. COPELAND LAW FIRM, P.C. Post Office Box 1296 Abingdon, VA 24212NOTICE Tel: (276) 628-9525 E-mail: firstname.lastname@example.com National Bank's attorneys: Michael L. Shortridge, Esq. SHORTRIDGE AND SHORTRIDGE, P.C. 329 W. Main St. Abingdon, VA 24210 Tel: 276-628-5001 Fax: 276-628-4009 E-mail: email@example.com About Spig IndustrySpig Industry, LLC is a Bristol, Virginia-based manufacturer ofguard rails and other safety products. The business began in 2007when it was formed by two brothers, Josh and Chris Harman. The business grew rapidly, and in the year 2009 the company decidedto manufacture its own designed head end, because it felt that thepatents covering the unit were no longer valid. Trinity believedits patents were still valid and filed a lawsuit against Spig. Thelitigation was expensive, costing Spig $12 million.Spig Industry, LLC filed a Chapter 11 bankruptcy petition (Bankr.W.D. Va. 15-70310) in Roanoke, Virginia, on March 16, 2015, with$21.0 million in assets against $11.7 million in debt.The case is assigned to Judge Paul M. Black. The Debtor tappedRobert Tayloe Copeland, Esq., at Copeland Law Firm, P.C., inAbingdon, Virginia, serves as counsel.The U.S. Trustee has named an Official Committee of UnsecuredCreditors in the case. The Committee retained Spilman Thomas &Battle, PLLC as counsel. * * *Spig Industry has proposed a reorganization plan that letsunsecured creditors choose to (i) receive payment in full if theywait up to four years, or (i) receive 15 cents on the dollar ifthey want payment immediately after the plan is confirmed. A copyof the Amended Disclosure Statement filed Dec. 31, 2015, isavailable for free at: http://bankrupt.com/misc/Spig_Industry_86_Am_DS.pdfST MICHAEL'S: Has Until June 5 to Remove Pending Actions--------------------------------------------------------The Hon Vincent F. Papalia of the U.S. Bankruptcy Court for theDistrict of New Jersey extended until June 5, 2016, Saint Michael'sMedical Center, Inc., et al.'s time for the Debtors to file noticesof removal of the pending actions pursuant to 28 U.S.C. Section1452 and Fed. R. Bankr. P. 9006 and 9027.The Debtors are represented by: Michael D. Sirota, Esq. Gerald H. Gline, Esq. Ryan T. Jareck, Esq. COLE SCHOTZ P.C. Court Plaza North 25 Main Street P.O. Box 800 Hackensack, NJ 07602-0800 Tel: (201) 489-3000 Fax: (201) 489-1536 About Saint Michael's Medical CenterSaint Michael's Medical Center, Inc., was incorporated in 2008 toacquire St. Michael's Medical Center and 2 other now defuncthospitals (Saint James Hospital and Columbus Hospital) wasacquired from Cathedral Healthcare System Inc., a New Jerseynonprofit.SMMC is a second tier subsidiary of Trinity Health Corporation.The immediate sole corporate member of SMMC is Maxis Health System,a Pennsylvania not-for-profit corporation.Established by the Franciscan Sisters of the Poor in 1867, St.Michael's Medical Center is a 357- bed licensed regionaltertiary-care, teaching, and research center in the heart ofNewark, New Jersey's business and educational district and isaccredited by The Joint Commission.On Aug. 10, 2015, SMMC Inc. and three affiliated debtors eachfiled a voluntary petition for relief under Chapter 11 of the U.S.Bankruptcy Code in the U.S. Bankruptcy Court for the District ofNew Jersey. The cases are pending before the Honorable Vincent F.Papalia, and the Debtors have requested that their cases bejointly administered under Case No. 15-24999.The Debtors tapped Cole Schotz P.C. as bankruptcy counsel;EisnerAmper LLP as financial advisor; and Prime Clerk LLC asclaims and noticing agent.SMMC estimated $100 million to $500 million in assets and debt.United States Trustee Region 3, notified the United StatesBankruptcy Court for the District of New Jersey of the appointmentof Susan N. Goodman, RN JD, as patient care ombudsman in theChapter 11 case of Saint Michael's Medical Center, Inc., and itsdebtor affiliates.U.S. trustee for Region 3, appointed seven creditors of SaintMichael's Medical Center Inc. and its affiliates to serve on theofficial committee of unsecured creditors. Andrew H. Sherman,Esq., Boris I. Mankovetskiy, Esq., and Lucas F. Hammonds, Esq., atSills Cummis & Gross PC, represent the Committee.SUNTECH AMERICA: IRS Objects to Plan Releases---------------------------------------------The United States, on behalf of the Internal Revenue Service, filedan objection to Suntech America, Inc.'s Combined DisclosureStatement and Chapter 11 Plan of Liquidation. IRS, which assertsan unsecured priority and general unsecured claim for $4,354, saysit objects to the third party non-debtor limitation of liability,injunction and release provisions set forth in Article AXII of thePlan. The Plan provides that creditors who vote may opt out ofthird party release provisions in the Plan but most of the IRSclaims are not in a voting class. The IRS also objects to the Planto the extent that it (i) fails to preserve the setoff andrecoupment rights of the United States and (ii) provides for theretention of exclusive jurisdiction over matters involving theIRS.The United States is represented by: Charles M. Oberly, III United States Attorney Ellen W. Slights Assistant U.S. Attorney 1007 Orange Street, Suite 700 P.O. Box 2046 Wilmington, DE About Suntech AmericaHeadquartered in San Francisco, California, Suntech America, Inc.,aka Suntech Power, an affiliate of Wuxi, China-based Suntech PowerHoldings Corp., was the main operating subsidiary of the SuntechGroup in the Americas and its primary business purpose was actingas an intermediary for marketing, selling and distributing SuntechGroup manufactured products.Suntech America, Inc., and Suntech Arizona, Inc. filed for Chapter11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-10054 and15-10056) on Jan. 12, 2015. Judge Christopher S. Sontchi presidesover the cases.Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &Finger, P.A., serve as the Debtors' bankruptcy counsel. UpshotServices LLC is the Debtors' claims and noticing agent.The Debtors estimated their assets at between $100 million and$500million, and their debts at between $100 million and $500 million.SUNTECH AMERICA: Plan Confirmation Hearing Deferred---------------------------------------------------Suntech America, Inc., and its affiliated debtors scheduled a Feb.25 hearing for confirmation of their proposed plan of liquidation. The Debtors later announced that the hearing has been adjourned,and that they have not yet secured a hearing date for the plan.On Nov. 17, 2015, the Debtors, with the support of the Committee,filed the Debtors' Combined Disclosure Statement and Chapter 11Plan of Liquidation.On Jan. 14, 2016, the Court entered an order approving theSolicitation Procedures Motion and authorizing the Debtors tosolicit votes on the Combined Plan and Disclosure Statement. TheCourt set a Feb. 16 deadline for ballots and objections, and a Feb.25 hearing to consider confirmation of the Plan.On Feb. 5, 2016, the Debtors notified parties that the confirmationhearing scheduled for Feb. 25 has been adjourned for 14 days to adate and time to be scheduled at the Bankruptcy Court'sconvenience. The Debtors also stated that the voting deadline andplan objection deadline have been extended to March 1, 2016. TheDebtors said they will send a subsequent notice of the date andtime of the confirmation hearing once a date and time for theadjourned confirmation hearing are secured. According to thedocket and the Web site of the claims agent, the confirmationhearing date is still to be determined.On Feb. 19, 2016, the Debtors filed an omnibus objection todisputed warranty-related claims solely for purposes of voting toaccept or reject the Plan. The Debtors explained that they havereceived claims on account of warranties provided by formeraffiliate Wuxi Suntech Power Co., Ltd., to customers ofphotovoltaic (PV) modules. According to the Debtors, Wuxi hasagreed to honor the warranties with the same force, effect andvalidity as such warranties existed prior to the sale of Wuxi toJiangsu Sunfeng Photovoltaic Technology Co., Ltd. in April 2014. The Debtors have examined the disputed warranty claims and havedetermined that such Claims seek recovery for amounts for which theDebtors have no liability.On March 4, Wuxi Suntech Power Co. Ltd., responded to the OmnibusObjection, acknowledging that "Wuxi has agreed to reconfirm itsobligation to honor Old Wuxi's standard warranties in effect on theday Wuxi purchased Old Wuxi's assets in the PRC with the sameforce, effect and validity as such warranties existed against OldWuxi." However, Wuxi objects to the Debtors' characterization thatthe Disputed Warranty Claims "all relate to claims that ariseunder, or are otherwise covered by, the Warranties."As of March 9, the Court has not yet ruled on the OmnibusObjection.Counsel for Wuxi Suntech Power Co. Ltd. BUCHANAN INGERSOLL & ROONEY PC Peter J. Duhig 919 North Market Street, Suite 1500 Tel: (302) 552-4249 Fax: (302) 552-4295 E-mail: firstname.lastname@example.com - and - Louis T. DeLucia SCHIFF HARDIN LLP 666 Fifth Ave., 17th Floor New York, NY 10103 Tel: (212) 753-5000 Fax: (212) 753-5044 E-mail: firstname.lastname@example.com * * *Judge Christopher Sontchi on Feb. 17, 2016 entered an orderscheduling an omnibus hearing date of April 11, 2016. On Feb. 26,2016, the Debtors announced that the omnibus hearing scheduled onApril 11 has been rescheduled at the direction of the Court toApril 27, 2016 at 1:00 p.m. The Chapter 11 PlanSuntech America, Inc., et al., filed with the U.S. Bankruptcy Courtfor the District of Delaware a combined disclosure statement andChapter 11 plan of liquidation, which serve as the culmination ofextensive negotiations between the Debtors, the Official Committeeof Unsecured Creditors, The Solyndra Residual Trust and WuxiSuntech Power Co., Ltd./Suntech Power Asia Pacific.Majority of the Debtors' assets have already been liquidated tocash. The Debtor has $16.3 million in cash and cash equivalents.A plan settlement provides for the resolution of two significantdisputed claims against the Debtors (The Solyndra Residual Trust's$1.5 billion Claim and Wuxi Suntech Power Co.'s approximate $145million Claim). The general unsecured claims of Solyndra and Wuxiare allowed at $360,441,916 and these claimants have agreed to apayment of $10,312,500 plus 60% of the total value of anyadditional assets, for a 2.86% recovery. Holders of other generalunsecured claims totaling $6 million are slated to recover 30%. Holders of equity interests will receive the remaining cash afterdistribution to holders of allowed claims have been made.A black-lined version of the Combined Plan filed Jan. 14, 2016, isavailable for free at http://bankrupt.com/misc/SUNTECHplan0114.pdf About Suntech AmericaHeadquartered in San Francisco, California, Suntech America, Inc.,aka Suntech Power, an affiliate of Wuxi, China-based Suntech PowerHoldings Corp., was the main operating subsidiary of the SuntechGroup in the Americas and its primary business purpose was actingas an intermediary for marketing, selling and distributing SuntechGroup manufactured products.Suntech America, Inc., and Suntech Arizona, Inc. filed for Chapter11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-10054 and15-10056) on Jan. 12, 2015. Judge Christopher S. Sontchi presidesover the cases.Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &Finger, P.A., serve as the Debtors' bankruptcy counsel. UpshotServices LLC is the Debtors' claims and noticing agent.The Debtors estimated their assets at between $100 million and$500million, and their debts at between $100 million and $500 million.SURGICAL CARE: Moody's Raises CFR to B1, Outlook Stable-------------------------------------------------------Moody's Investors Service upgraded the Corporate Family Rating ofSurgical Care Affiliates, LLC's to B1 from B2. SCA's Probabilityof Default Rating was also upgraded to B1-PD from B2-PD.Concurrently, Moody's upgraded the senior secured credit facilitiesto Ba3 from B1 and senior unsecured notes to B3 from Caa1. TheSpeculative Grade Liquidity Rating is affirmed at SGL-2. Theoutlook is stable.The ratings upgrade primarily reflects Moody's expectation thatrevenue and EBITDA growth at the company's existing and newlyacquired ambulatory surgical centers will contribute to earningsgrowth and improved credit metrics. Moody's expects SCA to sustaindebt to EBITDA below 5.0 times over the next 12 to 18 months.These ratings were upgraded:Surgical Care Affiliates, LLC: Corporate Family Rating to B1 from B2 Probability of Default Rating to B1-PD from B2-PD Senior secured revolver expiring 2020 to Ba3 (LGD 3) from B1 (LGD 3) Senior secured term loan B due 2022 to Ba3 (LGD 3) from B1 (LGD 3) Senior unsecured notes due 2023 to B3 (LGD 5) from Caa1 (LGD 5)Rating affirmed: Speculative Grade Liquidity Rating at SGL-2 RATING RATIONALESCA's B1 Corporate Family Rating reflects the company's moderatefinancial leverage, adequate interest coverage and good free cashflow. Moody's anticipates that SCA will remain acquisitive inorder to gain scale and diversify product line services. As such,Moody's expects that free cash flow will be used primarily forgrowth expansion and not debt repayment over the next 18 to 24months.The rating reflects favorable industry fundamentals over the longerterm. Moody's expects insurance payers, including Medicare, tocontinue driving patients to less expensive points of care, such asASCs. The rating also benefits from the company's strong marketposition and good case mix.The stable outlook reflects Moody's expectation that SCA'sfinancial leverage will remain moderately high, but will benefitfrom near-term acquisitions that will be funded primarily withinternally generated cash. Moody's also expects that SCA willmaintain good liquidity.Given SCA's relatively small size and service line concentration,Moody's does not anticipate an upgrade of the ratings in thenear-term. However, over the longer term, the ratings could beupgraded if the company can significantly increase scale andenhance revenue and earnings diversification. Further, the ratingscould be upgraded if SCA maintains debt to EBITDA below 4.0 timesand sustains a measured approach towards debt-funded acquisitionsor shareholder initiatives.The ratings could be downgraded if operational or reimbursementchallenges cause a significant deterioration in financial metricsor the company undertakes a material debt-funded acquisition orshareholder distribution. More specifically, ratings could bedowngraded if Moody's expects debt to EBITDA to be sustained above5.0 times or if liquidity weakens.The principal methodology used in these ratings was Business andConsumer Service Industry published in December 2014.Surgical Care Affiliates, LLC, headquartered in Deerfield,Illinois, operates one of the largest networks of surgicalfacilities in the US, comprised of 193 surgical facilities,including ambulatory surgery centers and seven surgical hospitalsas of Dec. 31, 2015.T-REX OIL: Posts $1.5 Million Net Loss in Dec. 2015 Quarter-----------------------------------------------------------T-Rex Oil, Inc. reported a net loss of $1,504,405 for the quarterlyperiod ended December 31, 2015, from a net loss of $229,318 for thesame period in 2014. The Company reported revenues of $102,612 forthe December 2015 quarter and none during the same period in 2014.The Company posted a net loss of $2,995,105 for the nine monthsended December 31, 2015 and an accumulated deficit of $14,052,077at December 31, 2015. At December 31, 2015, the Company had aworking capital deficit of $947,830.A copy of the Company's Form 10-Q Report is available athttp://is.gd/nlh0j6T-Rex Oil said its future success is dependent on its ability toattract additional capital and ultimately, upon its ability todevelop future profitable operations. There can be no assurancethat the Company will be successful in obtaining such financing, orthat it will attain positive cash flow from operations. Managementbelieves that actions presently being taken to revise the Company'soperating and financial requirements provide the opportunity forthe Company to continue as a going concern.B F Borgers CPA PC, in Denver, Colo., the Company's independentregistered public accounting firm, which audited the Company'sfinancial statements as of March 31, 2015, and for each of theyears in the two-year period then ended, raised substantial doubtabout the Company's ability to continue as a going concern in aJuly 14, 2015 letter to the Company's board of directors andstockholders. The letter was filed with the Securities andExchange Commission together with the Company's revised AnnualReport on Form 10-K delivered to the Commission in December.B F Borgers said the Company's significant operating losses raisesubstantial doubt about its ability to continue as a going concern. The Company's fiscal year ends March 31.At Dec. 31, 2015, the Company had total assets of $14,829,253against total liabilities of $1,735,552 and stockholders' equity of$13,093,701.T-Rex Oil, Inc., fka Rancher Energy Corp., is an energy company,focused on the acquisition, exploration, development and productionof oil and natural gas.TANDOORI AT TRANSIT: Case Summary & 20 Top Unsecured Creditors--------------------------------------------------------------Debtor: Tandoori at Transit, Inc. dba "Tandoori's Royal Indian Cuisine" dba "The Palms Banquets" 7740 Transit Road Williamsville, NY 14221Case No.: 16-10413Chapter 11 Petition Date: March 7, 2016Court: United States Bankruptcy Court Western District of New York (Buffalo)Debtor's Counsel: Daniel F. Brown, Esq. ANDREOZZI, BLUESTEIN, WEBER, BROWN, LLP 9145 Main Street Clarence, NY 14031 Tel: 716-633-3200 Fax: 716-633-0301 E-mail: email@example.com Assets: $50,000 to $100,000Estimated Liabilities: $1 million to $10 millionThe petition was signed by Ravi Sabharwal, vice president.A list of the Debtor's 20 largest unsecured creditors is availablefor free at http://bankrupt.com/misc/nywb16-10413.pdfTASC INC: Moody's Affirms B2 CFR & Changes Outlook to Negative--------------------------------------------------------------Moody's Investors Service affirmed the ratings of TASC, Inc.("TASC" which reports financial statements at its ultimate parent,Engility Holdings, Inc.), including the Corporate Family Rating ofB2, and changed the rating outlook to Negative from Stable. Therating outlook revision follows performance weakness since theFebruary 2015 business combination between TASC and Engility.Affirmations:Issuer: TASC, Inc. Corporate Family Rating, Affirmed B2 Probability of Default Rating, Affirmed B2-PD Speculative Grade Liquidity Rating, Affirmed SGL-3 Senior Secured 1st lien Bank Credit Facility, Affirmed Ba3 LGD2 Senior Secured 2nd lien Bank Credit Facility, Affirmed Caa1 LGD5Outlook Actions:Issuer: TASC, Inc. Outlook, changed to Negative from Stable RATINGS RATIONALEThe rating outlook has been changed to Negative as lower organicrevenues (down 8% to 10%) and EBITDA margin (to around 9% reportedfrom 10%) are expected this year after having already contractedduring 2015. In addition, the CEO's unanticipated departure oflast week could disrupt the company's effort to fix its performanceissues. The revenue decline contrasts with other defense servicescontractors who should report gradually rising sales in 2016 onhigher US defense spending. TASC plans to limit its market shareloss by enhancing its new business development effort with staffingadditions and practice revisions. Higher indirect costs in 2016will likely result. As well, a greater portion of TASC's revenuesthis year will stem from cost-plus rather than (typically moreprofitable) fixed price-based contracts.The B2 CFR has been affirmed because TASC should generatesufficient free cash flow to reduce debt by about $75 million in2016, the US defense services industry has become more favorablewith increased budget level/visibility, and the incoming CEO, whohas been a member of TASC's and subsequently Engility's Board ofDirectors, is a seasoned executive with a strong defensecontracting background. Further, while TASC's revenues have beensoft, contract performance has not been a problem. No significantcontract re-compete or new contract wins are necessary to achievethe envisioned $2.1 billion in 2016 revenues. Low scheduled debtamortization until term loans begin to mature in 2020 provides TASCfinancial flexibility to pursue marketing improvement.Credit metrics, while weaker than we had expected at this pointfollowing the merger, should remain supportive if better revenueand margin traction take hold by early 2017. A reasonably goodconversion rate of the existing bid pipeline will be critical torevenue stability by 2017. For 2016 Moody's anticipatesdebt/EBITDA at mid 5x, EBITDA/interest of 1.8x and FCF/debt in thehigh single digit percentage range.The rating could be downgraded with a softer revenue view, EBITDAmargin below mid 10%, annual free cash flow of less than $80million, low covenant headroom or liquidity weakness otherwise.Stabilization of the rating outlook would likely depend onexpectation of at least flat revenues, with funds from operationabove $100 million (CFFO before the change in net working capitaland net long term assets) and an adequate liquidity profile.Upward rating momentum would depend on rising backlog, revenuesapproaching $2.5 billion, funds from operation closer to $150million, debt/EBITDA at mid 4x level and good liquidity.Engility Holdings, Inc., headquartered in Chantilly, Virginia isthe ultimate parent of TASC, Inc. Engility provides integratedsolutions and services for the U.S. government, supportingcustomers throughout defense, intelligence, space, federal civilianand international communities. Engility is majority-owned byentities of General Atlantic and Kohlberg Kravis Roberts. Revenuein 2015, pro forma for the February 2015 business combination withTASC, was about $2.25 billion.The principal methodology used in these ratings was GlobalAerospace and Defense Industry published in April 2014.THERAPEUTICSMD INC: Presents Data From Phase 3 Rejoice Trial------------------------------------------------------------TherapeuticsMD, Inc. presented detailed results from the phase 3Rejoice Trial for its TX-004HR product candidate at separateupcoming investor and medical conferences. TX-004HR is anapplicator-free vaginal estradiol softgel drug candidate for thetreatment of moderate to severe vaginal pain during sexualintercourse (dyspareunia), a symptom of vulvar and vaginal atrophy(VVA) due to menopause. According to the presentation, TX-004HR at 4, 10 and 25 mcgdemonstrated a positive benefit/risk profile for the proposedindication of "treatement of moderate to severe dyspareunia, asymptom of vulvar and vaginal atrophy due to menopause."Sebastian Mirkin, M.D., chief medical officer of TherapeuticsMD ledthe presentation.Copy of the Presentation can be accessed for free at: http://is.gd/dN2NHK About TherapeuticsMDBoca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is awomen's healthcare product company focused on creating andcommercializing products targeted exclusively for women. TheCompany currently manufactures and distributes branded and genericprescription prenatal vitamins as well as over-the-countervitamins and cosmetics. The Company is currently focused onconducting the clinical trials necessary for regulatory approvaland commercialization of advanced hormone therapy pharmaceuticalproducts designed to alleviate the symptoms of and reduce thehealth risks resulting from menopause-related hormonedeficiencies.For the year ended Dec. 31, 2015, the Company reported a net lossof $85.07 million on $20.1 million of net revenues compared to anet loss of $54.2 million on $15.0 million of net revenues for theyear ended Dec. 31, 2014.As of Dec. 31, 2015, the Company had $73.7 million in total assets,$10.7 million in total liabilities, all current, and $63.1 millionin total stockholders' equity.TOWN SPORTS: S&P Lowers CCR to 'SD' on Debt Repurchase------------------------------------------------------Standard & Poor's Ratings Services said it lowered its corporatecredit rating on Town Sports International Holdings Inc. to 'SD'from 'B-'. S&P also lowered its issue-level rating on subsidiaryTown Sports International LLC's term loan due 2020 to 'D' toreflect the distressed restructuring that S&P views as tantamountto default. S&P expects that the issue-level rating on the termloan will remain at 'D' given the term loan will remain subject todistressed repurchases under an amendment to the company's creditfacility that allows them."The downgrade reflects our conclusion that Town Sports' debtrepurchase is equivalent to a distressed restructuring andtantamount to default," said Standard & Poor's credit analyst EmileCourtney. The company repurchased an aggregate $30 million in face value ofits term loan under an amendment to its credit facility that allowsthe repurchases, at an average price of 37% of par, for about $11million. S&P views this purchase as a distressed restructuring ofthe company's debt for the following reasons: The price at whichTown Sports repurchased its loan is far below par at an averageprice of 37% of par; the company's operations are troubled andundergoing a turnaround transition; the company is experiencingnegative free cash flow, the current market capitalization of thecompany is significantly below the level of reported cash on thebalance sheet (approximately $30 million market cap as of March 7,2016, compared to $76 million in cash at December 2015); and theissuer credit rating was very low at 'B-' with a negative outlook.S&P plans to raise the corporate credit rating from 'SD' as soon aspractical, likely within a few days, to a level that will reflectthe ongoing risk of a conventional default.TRAC INTERMODAL: Moody's Assigns Caa1 Rating on $485MM Sr. Notes----------------------------------------------------------------Moody's Investors Service assigned a Caa1 rating to TRAC IntermodalLLC's planned $485 million senior secured second lien notes due2021. The Second Lien Notes are being issued to fund a $325million dividend and redeem TRAC's $150 million 11% Senior SecuredNotes due 2019. Should the transaction proceed as planned, Moody'sexpects to downgrade TRAC's corporate family rating (CFR) to B2from B1 and withdraw the ratings on TRAC's existing $150 millionsenior secured second lien notes. Moody's has also assigned anSGL-3 rating to TRAC. The outlook is stable. RATINGS RATIONALEThe Caa1 rating on the Second Lien Notes reflects TRAC's highfinancial leverage and less predictability in the cash flow goingforward. Pro forma for the increased debt, Moody's anticipatesthat TRAC's leverage will be about 7.0 times debt to EBITDA.The chassis leasing industry has changed in the last several yearsto a potentially more volatile model of shared pools by multipleusers at a daily rate, rather than the more stable model that hadrelied on long term leases. The new model has yet to be testedthrough a downcycle, wherein TRAC would experience capacity andpricing pressure, in Moody's view. In addition, Moody's believesthe liquidation value of the company's fleet in a stressed scenariowould be insufficient to make lenders whole.The stable outlook anticipates that TRAC, as the largestindependent North American lessor of chassis, will efficientlymanage its fleet during the current period of moderating freightvolumes to support margin and cash flows. As such, the cash flowwe expect TRAC to generate will enable the company to lower debt toEBITDA through calendar year 2017.The ratings could be downgraded if Moody's expects EBIT margins tofall to 15%, or debt to EBITDA is not lowered below 5.0 times on asustained basis, EBIT to Interest of less than 1.3 times orpersistently negative free cash flow and a deterioration inliquidity could also result in a ratings downgrade.The ratings could be upgraded if the company were to repay asubstantial portion of its debt, while improving operating marginsand maintaining an appropriate balance of fleet size to underlyingdemand, such that debt to EBITDA declines below 4.5 times, EBIT toInterest approaches 2.0 times, and Retained Cash Flow to Debt wouldexceeds 15%.Moody's assigned these ratings:Issuer: TRAC Intermodal LLC: Proposed 5-year Second Lien Senior Secured Notes, Caa1 (LGD5) Speculative Grade Liquidity Rating, SGL-3TRAC Intermodal LLC, headquartered in Princeton, NJ, is a leadingprovider of intermodal container chassis to the transportationindustry in North America.The principal methodology used in these ratings was Global SurfaceTransportation and Logistics Companies published in April 2013.ULTRA PETROLEUM: In Default; E&Y Raises Going Concern Doubt-----------------------------------------------------------Yukon, Canada-based Ultra Petroleum Corp., said in a regulatoryfiling that it expects to be in default under its credit agreementon March 15, 2016, when it deliver its financial statements to thelenders. Ernst & Young LLP in Houston, Texas, the Company's independentregistered public accounting firm, said in a letter dated February29, 2016, to the Company's board of directors and shareholders thatthe Company's maturing credit agreement and debt covenant violationraise substantial doubt about its ability to continue as a goingconcern. Ernst & Young audited the Company's consolidated balancesheets, as of December 31, 2015 and 2014, and the relatedconsolidated statements of operations, shareholders' equity andcash flows for each of the three years in the period ended December31, 2015. Ultra Petroleum said in its Annual Report on Form 10-K filed withthe Securities and Exchange Commission that continued low oil andnatural gas prices during 2015 have had a significant adverseimpact on its business, and as a result of its financial condition,substantial doubt exists that it will be able to continue as agoing concern.As of February 29, 2016, the total outstanding principal amount ofthe Company's debt obligations was $3.76 billion, consisting of: $450.0 million of 2018 Notes; $850.0 million of 2024 Notes; $999.0 million under the Credit Agreement; and $1.46 billion of Senior Notes."We recently borrowed $266.0 million under the Credit Agreement,which represented substantially all of the remaining undrawn amountunder the Credit Agreement. As a result, no material furtherextensions of credit are available under the Credit Agreement. Asof February 29, 2016, the Company's cash on hand exceeds the amountrecently borrowed under the Credit Agreement. These funds areintended to be used for general corporate purposes," the Companysaid.The Company's Credit Agreement contains covenants, including: aconsolidated leverage covenant pursuant to which Ultra Resourcesmust maintain a maximum ratio of its total funded consolidated debtto its trailing four fiscal quarters' EBITDAX of 3.5 to 1.0; a PV-9covenant pursuant to which Ultra Resources is required to maintaina minimum ratio of the discounted net present value of its oil andgas properties to its total funded consolidated debt of 1.5 to 1.0;and a covenant requiring the Company to deliver annual, audited,consolidated financial statements of the Company without a "goingconcern" or like qualification or exception. The Master NotePurchase Agreement governing the Company's Senior Notes contains aconsolidated leverage ratio covenant similar to the consolidatedleverage ratio covenant in the Credit Agreement. The indenturesgoverning the Company's 2018 Notes and 2024 Notes contain aninterest charge coverage ratio pursuant to which the Company isrequired to maintain a minimum ratio of its trailing four fiscalquarters' consolidated EBITDA to total interest expense of no lessthan 2.25 to 1.00 as a precondition to its incurring additionalindebtedness."Based on our EBITDAX for the trailing four fiscal quarters endedDecember 31, 2015, we were in compliance with the consolidatedleverage ratio covenant in the Credit Agreement and the Master NotePurchase Agreement at December 31, 2015 (the ratio was 3.37 to 1.00at December 31, 2015). However, based on our estimates of forwardcommodity prices and our most recent production forecasts, weexpect to breach the consolidated leverage covenant for thetrailing four fiscal quarters ended March 31, 2016. A violation ofthis covenant can become an event of default under our debtagreements and result in the acceleration of all of ourindebtedness," the Company said."Based on the net present value of Ultra Resources' oil and gasproperties and Ultra Resources' total funded consolidated debt atDecember 31, 2015, we expect to breach the PV-9 ratio in the CreditAgreement when we report whether or not we are in compliance withthe covenant on April 1, 2016. A violation of this covenant canbecome an event of default under our debt agreements and result inthe acceleration of all of our indebtedness.""A violation of this covenant can become an event of default underour debt agreements and result in the acceleration of all of ourindebtedness," the Company said."Based on our EBITDA for the trailing four fiscal quarters endedDecember 31, 2015, we were in compliance with the interest chargecoverage ratio in the indentures governing our 2018 Notes and our2024 Notes at December 31, 2015," the Company said. "However, ifcommodity prices stay at or decline from recent levels or if wefail to develop new properties and operate our existing propertiesprofitably or if our interest expense increases due to changes inthe agreements governing our indebtedness or due to breaches of thecovenants in the agreements governing our indebtedness, we may notbe able to continue to comply with this covenant during the nexttwelve months. If we breach this covenant, our ability to incuradditional indebtedness will be limited, or we may not be able toincur additional indebtedness at all.""We cannot provide any assurances that we will be able to complywith the covenants or to make satisfactory alternative arrangementsin the event we cannot do so. If we are unable to cure any suchdefault, or obtain a forbearance, a waiver or replacementfinancing, and those lenders, or other parties entitled to do so,accelerate the payment of such indebtedness or obligations, we mayconsider or pursue various forms of negotiated restructurings ofour debt obligations and/or asset sales under court supervisionpursuant to a voluntary bankruptcy filing under Chapter 11 of theU.S. Bankruptcy Code or the Canadian Bankruptcy and Insolvency Act,which would have a material adverse effect on our business,financial condition, results of operations and cash flows. Undercertain circumstances, it is also possible that our creditors mayfile an involuntary petition for bankruptcy against us."UNIFIEDONLINE INC: Has Going Concern Doubt Amid IWEB Loan Default-----------------------------------------------------------------UnifiedOnline, Inc., reported a net loss of $879,022 for the secondfiscal quarter ended Dec. 31, 2015, from a net loss of $459,661 forthe same period in 2014. Sales were $215,020 during thethree-months ended Dec. 31, 2015, compared to $223,631 during thesame period in 2014.Total assets were $5,207,983 against total liabilities of$11,138,620 at Dec. 31, 2015. Shareholders' deficit was$5,930,637.UnifiedOnline said, "The Company had net losses and net cash usedin operating activities of $1,349,251 and $127,113, respectively,for the six months ended December 31, 2015. The Company also hadan accumulated deficit and stockholder's deficit of $56,046,142 and$5,390,637 respectively at December 31, 2015. These matters raisesubstantial doubt about the Company's ability to continue as agoing concern."The Company said it is currently in default on the loans to IWEBGrowth Fund, and there is no guarantee that IWEB Growth Fund willnot enter a judgment against the Company. On November 2, 2012 the Company entered into a Loan Agreement withIWEB Growth Fund, a Virginia limited liability company establishedby the Company's former independent directors. Under the terms ofthe Loan Agreement, IWEB Growth Fund agreed to make one or moreloans up to the total principal amount of $1.5 million. The lendingof any amounts under the Loan Agreement is conditioned upon thenegotiation of notes and related loan documents which contain termsand conditions that are acceptable to the lender to be determinedat the time of the loans. The Company agreed to grant IWEB GrowthFund a security interest in its assets as collateral for theseloans. Between November 9, 2012 and July 11, 2013, IWEB Growth Fund lentan aggregate of $186,000 under the terms of 9 separate Confessionof Judgment Promissory Notes. In Fiscal 2015, $1,000 was paid onone of the notes. These notes, which are identical in their termsother than the dates and principal amounts, are for a one year termand bear interest at 12% per annum payable at maturity. Embodied ineach of the notes is a confession of judgment which means thatshould the Company default upon the payment of the note, theCompany has agreed to permit IWEB Growth Fund to enter a judgmentagainst it in the appropriate court in Virginia before filing suitagainst the Company for collection of the amounts. Pursuant to theterms of the Loan Agreement, the Company paid IWEB Growth Fund'sexpenses of $1,500 for the preparation of the Loan Agreement andrelated documents. The Company used the net proceeds from theseinitial loans for general working capital.In October 2015, a forbearance agreement was reached between theCompany and UO! IP of NC, LLC which forbore its enforcement ofrights under the capital lease due to the existing defaults andamended the payment terms of the lease. A new section was added tothe lease pursuant to which the company agrees to pay an initialForbearance Fee of $60,000 payable in full on the final paymentdate and a monthly Forbearance Fee equal to 1% of the principalbalance of the lease, calculated on the first day each month. TheMonthly Forbearance Fee will accrue monthly and become due andpayable in full on the final payment date or the earlier prepaymentof the entire principal and accrued interest due under the lease.The forbearance fee balance was $101,990 and $0 at December 31,2015 and June 30, 2015, respectively.According to the Company, management has established plans intendedto increase the sales of its products and services. Managementintends to seek new capital from new equity securities offerings toprovide funds needed to increase liquidity, fund growth, andimplement its business plan. The Company, however, cautioned thatthere is no assurances that it will be able to raise any additionalfunds.A copy of the Company's Form 10-Q for the quarterly period endedDecember 31, 2015, is available at http://is.gd/Bn68mbFairfax, Va.-based UnifiedOnline, Inc., fka IceWEB, Inc., has threewholly owned operating subsidiaries, Computers & Telecom, Inc. andKCNAP, LLC -- collectively "CTC" -- and IceWEB Storage Corporation(formerly known as Inline Corporation). CTC provides wireless andfiber broadband service, co-location space and related services andoperates a Network Access Point where customers directlyinterconnect with a network ecosystem of partners and customers. This access to Internet routes provides CTC customers improvedreliability and streamlined connectivity while significantlyreducing costs by reaching a critical mass of networks within acentralized physical location. Through IceWEB Storage, the Companydelivers on-line cloud computing application services, othermanaged services such as Disaster Recovery, Archive Storage,Redundant File Storage, Redundant Broadband Services and BusinessContinuity Services.US FOODS: S&P Raises Rating on $2.1BB Secured Loan to 'B'---------------------------------------------------------Standard & Poor's Ratings Services affirmed its 'B' corporatecredit rating on Rosemont-Ill. based US Foods Inc. (USF). Theoutlook is stable."At the same time, we raised our issue-level rating on thecompany's $2.1 billion senior secured term loan B to 'B' from 'B-'and affirmed our 'BB-' and 'CCC+' issue-level ratings on thecompany's $1.3 billion asset-backed revolving facility (ABL) and$1.35 billion senior unsecured notes, respectively. We revised therecovery rating on the $2.1 billion senior secured term loan B to'3', indicating our view that lenders could expect meaningful (50%to 70%, at the lower half of the range) recovery in the event of apayment default, from '5'. We maintained our '1' recovery ratingon the company's $1.3 billion senior secured ABL (indicating ourview that lenders could expect 90%-100% recovery) and '6' recoveryrating on its $1.35 billion senior unsecured notes (indicating ourview that lenders could expect 0-10% recovery)," S&P said.The rating affirmation reflects Standard & Poor's view of USF'srenewed focus after the Sysco merger termination, which S&Pbelieves includes cost savings initiatives that will result inimproved profitability. "Despite losing a number of customers andsales representatives during the failed merger process, and ourexpectations for deflationary food cost headwinds, we believe thecompany will navigate the intensely competitive environment withthe cost savings initiatives and modest case volume growth withindependent street operators, which are generally more profitablethan chain customers," said Standard & Poor's credit analystBrennan Clark. Standard & Poor's ratings also assume USF's financial sponsorownership will result in continued weak credit metrics, includingdebt to EBITDA well above 5x. Notwithstanding USF's recentdisclosure that it could pursue an initial public offering, S&Pcontinues to assume its financial policy will favor shareholderreturns over meaningful permanent debt reduction, keeping debt toEBITDA high, despite anticipated modest EBITDA growth. S&P'sratings do not presently factor in the potential for an IPO sincevolatile capital markets may preclude a highly leveraged companysuch as USF from successfully completing a transaction. Inaddition, should an IPO occur, the size, timing, and use ofproceeds are not clear. S&P's stable outlook reflects its expectation that USF willmaintain steady operating performance in an intensely competitiveenvironment and improve credit ratios modestly, including leveragein the high-6x area. S&P believes the company will modestlyimprove profitability through increased case volumes with highermargin independent street operators, and from cost savingsinitiatives.US SILICA: Moody's Lowers CFR to B2, Outlook Remains Negative-------------------------------------------------------------Moody's Investors Service downgraded US Silica Company, Inc.'sCorporate Family Rating to B2 from Ba3, its senior secured creditfacility to B2 from Ba3, and its Probability of Default Rating toB3-PD from B1-PD. The Speculative Grade Liquidity rating wasaffirmed at SGL-2. The rating outlook remains negative.These actions were taken: Corporate Family Rating, downgraded to B2 from Ba3; $510 million senior secured 1st lien term loan B, downgraded to B2 (LGD3) from Ba3 (LGD2); $50 million senior secured revolving credit facility, downgraded to B2 (LGD3) from Ba3 (LGD2); Probability of Default Rating, downgraded to B3-PD from B1-PD; Speculative Grade Liquidity rating, affirmed at SGL-2.The rating outlook is negative. RATINGS RATIONALEU.S. Silica's B2 Corporate Family Rating and negative outlookreflect the significant deterioration in key credit metrics and ourexpectation of further deterioration in 2016 as a result of thepersistent challenges in the energy markets. U.S. Silica'sadjusted EBITDA declined 45% in the year ended 2015 from 2014.Adjusted debt-to-EBITDA increased to 6.0x from 2.7x, adjusted EBITto interest coverage declined to 1.1x from 6.4x for the sameperiods, and adjusted operating margin also declined to 8.2% from21.2% for the same periods. In 2016, Moody's foresees materialreductions in E&P capital spending. Oversupply continues in theglobal oil markets, demand growth remains tepid, and the timing ofan oil price recovery is uncertain.The company's CFR rating reflects its limited size, reliance on asingle commodity product, exposure to cyclical end markets andreliance on the hydraulic fracturing industry for the majority ofits revenue and operating income. Customer credit is becoming alarger concern. Customer credit is deteriorating and any extendedpayments by customers could pressure U.S. Silica's cash flow.The rating is supported by its strong market position in thefrac-sand industry and its good liquidity. U.S. Silica has a largecash balance and no near-term debt maturities. The rating alsoconsiders the contribution from U.S. Silica's Industrial andSpecialty Products segment which represented 33% of total revenuefor the year ended 2015, its large and flexible mining operation,and its ability to capture market share from the smaller sandproducers. The company's credit profile benefits from its positionas one of the largest producers of industrial silica in the UnitedStates, its extensive proven and probable reserves, strategicallylocated quarries and production facilities, developed logisticalnetwork and long-standing customer relationships.US Silica's SGL-2 reflects the company's good liquidity positionover the next 12 months. At year-end 2015, the company's liquiditywas supported by approximately $277 million of cash, $22 million ofshort-term investments and a $50 million senior secured revolvingcredit facility which expires in July 2018. The facility had noborrowings and $3.3 million allocated for letters of credit as ofDecember 31, 2015, leaving $46.7 million available. The companyhas no near term debt maturities. The $510 million Term LoanFacility matures July 2020. The company has generated negativefree cash flow over the past several years due to shareholderdividends and capital investments in raw sand plants, resin coatedproduct facilities and transloading terminals. For year ended Dec.31, 2015, the company generated, as reported, $61.5 million of cashfrom operations, but used $27 million to pay dividends and $53.6million for growth and maintenance capital expenditures. In 2016,Moody's expects U.S. Silica to preserve cash by using cash only formaintenance cap ex and cost improvement initiatives. Moody's stillexpects the company to pay a quarterly dividend. Moody's liquidityscenario does not account for any potential acquisitions which U.S.Silica might pursue. The company's revolving credit facility isgoverned by a total net leverage covenant of no more than 3.75xwhenever usage of the revolving credit facility exceeds 25% of therevolver commitment, excluding certain undrawn letters of credit. Moody's do not expect the company to be subject to this springingfinancial covenant over the next 12 months.Moody's indicated the rating outlook could be returned to stable ifthe oil and natural gas end markets stabilize such that drillingactivity increases and operating performance improves. Inaddition, adjusted operating margin above 7.5%, adjusted EBIT tointerest expense sustained above 1.5x and positive free cash flowgeneration would also support a stable rating outlook.The ratings could be downgraded if operating results deterioratesuch that adjusted debt-to-EBITDA increases beyond 8.0x, withoutnear-term visibility to improvement, most likely due to persistentweakness in the oil and natural gas end market. Should the companyaggressively pursue growth through leveraged acquisitions, engagein shareholder friendly activity that would negatively impactliquidity, especially during this period of weakness in the oil andnatural gas end markets, the ratings would be downgraded. Finally,if the company's cash cushion declines materially, the ratingswould be downgraded.The principal methodology used in these ratings was BuildingMaterials Industry published in September 2014.Based in Frederick, Maryland, U.S. Silica operates 17 silica miningand processing facilities and is one of the largest producers ofindustrial silica sand in North America. The company holdsapproximately 400 million metric tons of reserves, including 222million tons of API spec frac sand. The company is organized intotwo segments: (1) Oil & Gas Proppants (Oil & Gas), which serves theoil & gas industry, and (2) Industrial & Specialty Products (ISP),which serves the foundry, automotive, building products, sports andrecreation, glassmaking and filtration industries. Oil & Gasgenerated 67% of 2015 revenue and ISP generated 33%. For the yearended Dec. 31, 2015, the company generated approximately $643million of revenue.USA DISCOUNTERS: Committee's Challenge Period Extended to March 29------------------------------------------------------------------The Official Committee of Unsecured Creditors in USA Discounters'Chapter 11 case has so far negotiated three extensions of its"challenge period" set forth in the Court's final order authorizingthe Debtor to use the cash collateral of prepetition securedlenders, which are led by Wells Fargo Bank, N.A., as prepetitionagent. The Debtors have stipulated that they owe lenders $60million as of Petition Date. The Final Cash Collateral Order gavethe Committee until Nov. 2, 2015, to challenge the amount owed bythe company to its pre-bankruptcy lenders or the validity of liensheld by those lenders. The Committee later signed a stipulationwith the Debtors and Wells Fargo to extend the challenge period toNov. 30, then another stipulation for an extension until Jan. 29,2016, and a third stipulation extending the deadline to March 29. The stipulations were entered by the parties as part of theirdesire to save costs and expenses of addressing issues throughlitigation or otherwise.In connection with the investigation of the secured parties' liensand security interests, the Committee disputes the perfection ofcertain liens of the secured parties with respect to these assets: 1. USAD's right and interest in commercial tort claims againstparties other than the Prepetition Agent and Secured Parties. 2. USAD's right, title and interest in intellectual property. 3. USAD's right, title and interest in real propertyleaseholds; 4. USAD's right, title and interest in motor vehicles; 5. All right, title and interest in to any real or personalproperty of USA Discounters Holding Company, Inc., filed at CA15-11753 and USA Discounters Credit LLC filed at CA No. 15-11754;pand 6. USAD's right, title and interest in and to amounts on depositon the Petition Date at all banking institutions other than WellsFargo.According to the Third Stipulation, the Challenge Period is furtherextended solely with respect to a challenge with respect to theDisputed Assets and the Disputed Asset Liens through and includingMarch 29, 2016.Counsel to Wells Fargo Bank BLANK ROME LLP Regina Stango Kelbon Alan M. Root 1201 Market Street, Suite 800 Wilmington, DE 19801 Tel: (302) 425-6400 Fax: (302) 425-6464 E-mail: email@example.com firstname.lastname@example.com to the Creditors Committee: KLEHR HARRISON HARVEY BRANZBURG LLP Domenic E. Pacitti, Esq. 919 Market Street, Suite 1000 Wilmington, DE 19801 Tel: (302) 426-1189 Fax: (302) 426-9193 E-mail: firstname.lastname@example.com - and - KELLEY DRYE & WARREN LLP Eric R. Wilson, Esq. Jason R. Adams, Esq. 101 Park Avenue New York, NY Tel: (212) 808-7800 Fax: (212) 808-7897 E-mail: email@example.com email@example.com About USA DiscountersUSA Discounters was founded in May 1991. in the City of Norfolk,Virginia, under the name USA Furniture Discounters, Ltd. It soldgoods through two groups of stores -- one group of specialtyretailstores operating under the "USA Living" brand, typically instandalone locations, and seven additional retail stores operatingunder the "Fletcher's Jewelers" brand, typically in major shoppingmalls.USA Discounters, Ltd., and two affiliates sought Chapter 11bankruptcy protection (Bankr. D. Del. Lead Case No. 15-11755) onAug. 24, 2015, to wind down the business.The Debtors tapped Pachulski Stang Ziehl & Jones LLP and Klee,Tuchin, Bogdanoff & Stern LLP as attorneys, and Kurtzman CarsonConsultants, LLC, as claims and noticing agent.USA Discounters Ltd. disclosed total assets of $97,490,455 plus anundetermined amount and total liabilities of $63,011,206 plus anundetermined amount.The Official Committee of Unsecured Creditors is represented byKelly Drye & Warren LLP as lead counsel, Khler Harrison HarveyBranzburg LLP as its Delaware co-counsel. FTI Consulting, Inc.,serves as its financial advisor.VARIANT HOLDING: Disclosure Statement Hearing Set for March 30--------------------------------------------------------------Judge Brendan L. Shannon will convene a hearing on March 30, 2016,at 10:30 a.m., ET, to consider Variant Holding Company, LLC, etal.'s motion for approval of the disclosure statement explainingtheir Chapter 11 plan of liquidation and the proposed solicitationprocedures. Objections and responses to the Solicitation Motionare due March 23, 2016 at 4:00 p.m. ET;As reported in the March 2, 2016 edition of the TCR, VariantHolding and its subsidiary debtors have filed a Chapter 11 plan ofliquidation and accompanying disclosure statement, which, amongother things, (a) contemplate a sale of the Debtors' principal realestate assets and distribution of the proceeds consistent with thepriority scheme under the Bankruptcy Code and the Beach PointSettlement Agreement, and (b) provides for a Plan Administrator toliquidate or otherwise dispose of the Estates' remaining assets.Certain of the Debtors have entered into the Beach Point PurchaseAgreement, which contemplates a purchase price of $195,000,000 forcertain assets, subject to higher and better bids. The Planincorporates the terms of the sale.Under the Plan, holders of Class 5 - General Unsecured ClaimsAgainst the Property-Owning Debtors will recover 100% of theirtotal allowed claims, while holders of Class 6 - General UnsecuredClaims Against Variant and the Intermediate Debtors will recover3%-8% of their allowed claims, assuming all claimants opt intovoluntary settlement distribution, and 0%, absent settlementdistribution.A full-text copy of the Disclosure Statement dated Feb. 28, 2016,is available at http://bankrupt.com/misc/VARIANTds0228.pdfThe Debtors request that the Confirmation Hearing be held duringthe week of May 9, 2016.The Plan was filed by Richard M. Pachulski, Esq., Maxim B. Litvak,Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & JonesLLP, in Wilmington, Delaware, on behalf of the Debtors. About Variant HoldingTucson, Arizona-based Variant Holding Company, LLC, and its directand indirect subsidiaries are a commercial real estate businesswith direct and indirect ownership interests in 23 real propertyinterests in various states.Variant Holding commenced bankruptcy proceedings under Chapter 11of the U.S. Bankruptcy Code in Delaware (Case No. 14-12021) onAug.28, 2014. Variant Holding estimated $100 million to $500 millioninassets and less than $100 million in debt.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's subsidiaries filed voluntary Chapter 11 petitions onJan.12, 2016. Variant's property-owning subsidiaries, which own 23apartment complexes, and which are debtors are: (1) BroadmoorApartments, LLC, Chesapeake Apartments, LLC, Holly RidgeApartments, LLC, Holly Tree Apartments, LLC, Preston ValleyApartments, LLC, Ravenwood Hills Apartments, LLC, River RoadTerrace Apartments, LLC, and Sandridge Apartments, LLC(collectively, the "FX3 Portfolio Debtors"); (2) 10400 SandpiperApartments, LLC, 10301 Vista Apartments, LLC, Pines of Westbury,Ltd., 201 Ashton Oaks Apartments, LLC, 13875 Cranbook ForestApartments, LLC, 5900 Crystal Springs Apartments, LLC, 7107 LasPalmas Apartments, LLC, 11911 Park Texas Apartments, LLC, 1201Oaksof Brittany Apartments LLC, 3504 Mesa Ridge Apartments, LLC, 667Maxey Village Apartments, LLC, 17103 Pine Forest Apartments, LLC,7600 Royal Oaks Apartments, LLC, and 4101 Pointe Apartments, LLC(collectively, the "H14 Portfolio Debtors"); and (3) The Oaks ofStonecrest Apartments, LLC ("Oaks at Stonecrest")(the FX3PortfolioDebtors, the H14 Portfolio Debtors and Oaks at Stonecrest arecollectively referred as the "Property-Owning Debtors").The FX3 Portfolio Debtors own 8 apartment projects in Texas,Maryland, Virginia, and South Carolina, which properties total1,850 housing units. The H14 Portfolio Debtors own 14 apartmentprojects in Texas, which consist of a total of 5,050 housingunits.Oaks at Stonecrest owns a single apartment project in Lithonia,Georgia, which has 280 housing units.The Debtors have tapped Pachulski Stang Ziehl & Jones LLP, ascounsel and UpShot Services LLC as claims and noticing agent.VERMILION ENERGY: S&P Affirms 'BB-' CCR Then Withdraws Rating-------------------------------------------------------------Standard & Poor's Rating Services said it affirmed its 'BB-'long-term corporate credit rating on Calgary, Alta.-based VermilionEnergy Inc. Standard & Poor's then withdrew the rating at thecompany's request."The affirmation reflects our view of Vermilion's weak businessrisk profile, which is unchanged from our previous assessment, andsignificant financial risk profile," said Standard & Poor's creditanalyst Michelle Dathorne. The company's cash flow and leveragemetrics have improved due to the relative stability of the pricesfor its European production, as well as the depreciating Canadiandollar. Standard & Poor's had previously rated Vermilion's C$225million senior unsecured debt, which the company repaid Feb. 11,2016.The rating on Vermilion reflects Standard & Poor's view of thecompany's small, albeit broadly diversified, international oil andgas upstream operations; Vermilion's high unit production andfull-cycle costs; and its weakened cash flow adequacy and leverageprofile. S&P believes the company's strong profitability metrics,which benefit from Brent benchmark based pricing for its liquidsand gas production outside North America; its adequate liquidityposition; and improved cash flow and leverage metrics somewhatoffset these weaknesses.Vermilion is an exploration and production company with extensiveinternational operations. The company operates in seven countries:Australia, Canada, France, Ireland, Germany, the Netherlands, andthe U.S. It produces light and medium oil, natural gas, and naturalgas liquids.VULCAN MATERIALS: S&P Raises Rating on Unsecured Notes From 'BB+'-----------------------------------------------------------------Standard & Poor's Ratings Services said it raised its rating onBirmingham, Ala.-based aggregates producer Vulcan Materials Co. to'BBB' from 'BB+'. The outlook is stable.In addition, S&P raised its issue-level ratings on the company'ssenior unsecured notes to 'BBB' (the same as the corporate creditrating) from 'BB+'."The stable outlook reflects our expectation that Vulcan willcontinue to improve operating performance over the course of 2016,resulting in leverage and FFO to debt of 2x-2.5x and approximately30%, respectively," said Standard & Poor's credit analyst PabloGarces. "The stable outlook further reflects our view that many ofVulcans end markets, including infrastructure, residential, andnonresidential construction will experience moderate growth in thenext 24 months."An upgrade could occur if Vulcan is able to achieve and maintaindebt-to-EBITDA leverage of less than 2x, as well as reach andsustain FFO to debt of more than 45%, levels in line with a modestfinancial risk profile. S&P views such events as unlikely givenour belief that the company would engage in shareholder friendlypolicies (increased dividends, share repurchases) or acceleratedebt-funded acquisitions if its leverage were to improve to such apoint. While unlikely, S&P could lower its rating on Vulcan if itsignificantly underperforms in 2016 or 2017, to the extent thatEBITDA declines cause leverage to increase to 4x. S&P believes arecessionary environment would be required to lead to such events;specifically, a drastic drop in revenues by 30% and concurrenterosion of margins by 300 basis points would be necessary in orderto envision such a scenario.WASHINGTON MUTUAL: Steering Committee Members Enter Into Mediation------------------------------------------------------------------Between July and October 2015, a mediation (the "First Mediation")took place between the members of the Steering Committee ("SteeringCommittee") of the Ad Hoc Committee of Washington Mutual Bank("WMB") Senior Note Holders and certain holders ("InstitutionalInvestors") of residential mortgage-backed securities ("RMBS")sponsored by WMB. Among other terms, the last proposal made by theSteering Committee to the Institutional Investors, reflected in aproposed memorandum of understanding, included an allowed unsecuredclaim against the WMB Receivership in the amount of approximately$2.28 billion on behalf of the WMB RMBS trusts for which DeutscheBank National Trust Co. ("Deutsche Bank") serves as trustee (notincluding trusts with mortgage repurchase liability claims forwhich Washington Mutual Mortgage Securities Corporation isobligor). Other terms and conditions of the last proposalincluded, but were not limited to, provisions regarding thepossible reduction of Deutsche Bank's claims against the WMBReceivership in the event of a successful appeal in the WMBLitigation, the payment of counsel fees, and various proceduraldetails. It was contemplated that the terms would be reflected inan executed memorandum of understanding, and then would be fullydocumented in settlement agreements that would include DeutscheBank and the FDIC. The Steering Committee and the InstitutionalInvestors have not executed the memorandum of understanding or anysettlement agreement. An agreement between the parties to theFirst Mediation was meant to be a step towards a global settlementof the claims asserted by Deutsche Bank on behalf of certain WMBRMBS trusts in the action Deutsche Bank Nat'l Trust Co. v. FDIC,et al., No. 09-1656 (D.D.C.), and of the indemnity claims assertedagainst the WMB Receivership by JPMorgan Chase Bank N. A.("JPMorgan") (collectively, the "WMB Litigation"). The members ofthe Steering Committee understand that a mediation among the namedparties to the WMB Litigation (the "Second Mediation") commenced inDecember 2015. The members of the Steering Committee furtherunderstand that the legal and financial advisors to the Ad HocCommittee may have information regarding the Second Mediation, butno information regarding that mediation has been shared withmembers of the Steering Committee. About Washington MutualBased in Seattle, Washington, Washington Mutual Inc. --http://www.wamu.com/-- was the holding company for Washington Mutual Bank as well as numerous non-bank subsidiaries.Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.government regulators. The next day, WaMu and its affiliate, WMIInvestment Corp., filed separate petitions for Chapter 11 relief(Bankr. D. Del. 08-12229 and 08-12228, respectively). WaMu owns100% of the equity in WMI Investment.[*] Fitch Lowers Ratings on 24 Bonds in 10 CMBS Deals to 'D'------------------------------------------------------------Fitch Ratings, on March 8, 2016, took various rating actions onalready distressed U.S. commercial mortgage-backed securities(CMBS) bonds. Fitch downgraded 24 bonds in 10 transactions to 'D',as the bonds have incurred a principal write-down. The bonds wereall previously rated 'CC' or 'C', which indicates that losses wereconsidered probable or inevitable. Fitch has also withdrawn the ratings on three classes in onetransaction as a result of realized losses. The trust balances havebeen reduced to $0 or have experienced non-recoverable realizedlosses and are no longer considered by Fitch to be relevant to theagency's coverage.KEY RATING DRIVERSThe downgrades are limited to just the bonds with write-downs. Anyremaining bonds in these transactions have not been analyzed aspart of this review. In cases where the last rated tranches of atransaction are in default and rated 'D', the defaulted ratingswill be automatically withdrawn within 11 months of the date of theprevious rating action.A spreadsheet detailing Fitch's rating actions on the affectedtransactions is available at 'www.fitchratings.com' by performing atitle search for: 'Fitch Downgrades or Withdraws Ratings onDistressed Classes in 11 U.S. CMBS Transactions'.RATING SENSITIVITIESWhile the bonds that have defaulted are not expected to recover anymaterial amount of lost principal in the future, there is a limitedpossibility this may happen. In this unlikely scenario, Fitch wouldfurther review the affected classes.DUE DILIGENCE USAGE No third party due diligence was provided or reviewed in relationto this rating action.[*] Fitch Says Personal Bankruptcies Set for Sixth Straight Drop----------------------------------------------------------------Reuters reported that total 2016 U.S. personal bankruptcy filingsare positioned to fall for a sixth consecutive year, according toFitch Ratings in a special report. Fitch projects personalbankruptcies to decline by roughly 6% to 8%, with stableunemployment levels, sustained consumer discipline and continuedprice growth in the housing sector driving the decline. 'The labormarket remains steady, consumer confidence is up and gas pricesfigure to stay low for the foreseeable future, which should helpkeep personal bankruptcy filings trending lower,' said DirectorHerman Poon.[*] Global Speculative-Grade Default Continues to Rise, Moody's Say-------------------------------------------------------------------Moody's Investors Service forecasts that the globalspeculative-grade default rate will rise to 4.7% in one year fromthe current 3.7%, a sign that the corporate default cycle hasturned.Moody's also forecasts that the global speculative-grade defaultrate will reach 4.3% in July 2016, surpassing its long-term averagefor the first time since August 2010.Low commodity prices continue to fuel defaults, with the Oil & Gasand Metals & Mining sectors fueling the rise in the default rate."Of the 18 defaults since the start of the year, half have been incommodity sectors," said Sharon Ou, a Moody's Vice President andSenior Credit Officer. "There were only 11 defaults during thesame period in 2015, with only one in commodity sectors."Moody's expects the default rates in these sectors to remain highamong Moody's-rated issuers in the US, to 14.0% for Metals & Miningsector and 9.1% for the Oil & Gas sector over the next 12 months. Although Moody's forecasts lower default rates in Europe, thosesectors will continue to drive the default rate, according to thereport "Global speculative-grade default rate to surpass itslong-term average in five months.""Two of the 10 defaults in February were of sizable amounts," saidOu. "Pacific Exploration and Production Corp defaulted on $3.7billion in debt, and Paragon Offshore plc defaulted on $2.3billion."The rise in defaults has also led to an increase in the trailing12-month global speculative-grade default rate, which rose to 3.7%in February from 3.5% in January and 2.1% a year ago. The overalldefault rate also increased year over year in the US and Europe.Three out of the five leveraged loan defaults in February were inthe US, pushing the issuer-weighted US loan default rate to 2.4% inFebruary from 2.2% in January.[^] Recent Small-Dollar & Individual Chapter 11 Filings-------------------------------------------------------In re Lexington Business Centers Inc. Bankr. C.D. Cal. Case No. 15-29547 Chapter 11 Petition filed December 31, 2015 See http://bankrupt.com/misc/cacb15-29547.pdf represented by: Gerald Lewis Price, Esq. E-mail: email@example.com re S and L Holdings NW LLC Bankr. W.D. Wash. Case No. 15-17559 Chapter 11 Petition filed December 31, 2015 See http://bankrupt.com/misc/wawb15-17559.pdf represented by: Jacob D DeGraaff, Esq. HENRY DEGRAAFF & MCCORMICK PS E-mail: firstname.lastname@example.com re AC I Toms River LLC Bankr. S.D.N.Y. Case No. 16-22023 Chapter 11 Petition filed January 8, 2016 See http://bankrupt.com/misc/nysb16-22023.pdf represented by: Arnold Mitchell Greene, Esq. ROBINSON BROG LEINWAND GREENE GENOVESE & GLUCK, PC E-mail: email@example.com re Robert Marshall Bankr. C.D. Cal. Case No. 16-10486 Chapter 11 Petition filed February 19, 2016 Represented by: M Jonathan Hayes, Esq. SIMON RESNIK HAYES LLP E-mail: email@example.com re Felahy Law Group, APC Bankr. C.D. Cal. Case No. 16-12068 Chapter 11 Petition filed February 19, 2016 See http://bankrupt.com/misc/cacb16-12068.pdf represented by: Todd B Becker, Esq. LAW OFFICES OF TODD B BECKER E-mail: firstname.lastname@example.com re 129 Arrowhead Circle, LLC Bankr. S.D. Fla. Case No. 16-12303 Chapter 11 Petition filed February 19, 2016 See http://bankrupt.com/misc/flsb16-12303.pdf represented by: David L. Merrill, Esq. MERRILL PA E-mail: firstname.lastname@example.com re Ashley T Wallace and Sara J Wallace Bankr. E.D.N.C. Case No. 16-00859 Chapter 11 Petition filed February 19, 2016 represented by: Jonathan E. Friesen, Esq. GILLESPIE & MURPHY, PA E-mail: firstname.lastname@example.com re Alpha Diner Corp. Bankr. E.D.N.Y. Case No. 16-40648 Chapter 11 Petition filed February 19, 2016 See http://bankrupt.com/misc/nyeb16-40648.pdf represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM, PLLC E-mail: firstname.lastname@example.com re Italian & French Pastry Shop, Inc. Bankr. E.D. Penn. Case No. 16-11085 Chapter 11 Petition filed February 19, 2016 See http://bankrupt.com/misc/paeb16-11085.pdf represented by: John A. Digiamberardino, Esq. CASE & DIGIAMBERARDINO, PC E-mail: email@example.com re T.D. Iron Works Corp. Bankr. D.P>R. Case No. 16-01192 Chapter 11 Petition filed February 19, 2016 See http://bankrupt.com/misc/prb16-01192.pdf represented by: Rosana Moreno Rodriguez, Esq. MORENO & SOLTERO LAW OFFICE, LLC E-mail: firstname.lastname@example.com re Sandwich D' Light Rincon PR, LLC Bankr. D.P.R. Case No. 16-01213 Chapter 11 Petition filed February 19, 2016 See http://bankrupt.com/misc/prb16-01213.pdf represented by: Enrique M Almeida Bernal, Esq. ALMEIDA & DAVILA PSC E-mail: email@example.com re Euroderm Spa, Corp. Bankr. D.P.R. Case No. 16-01223 Chapter 11 Petition filed February 19, 2016 See http://bankrupt.com/misc/prb16-01223.pdf represented by: Luis E Correa Gutierrez, Esq. CORREA BUSINESS CONSULTING GROUP, LLC E-mail: firstname.lastname@example.com re Folicure, Inc. Bankr. N.D. Tex. Case No. 16-30703 Chapter 11 Petition filed February 19, 2016 See http://bankrupt.com/misc/txnb16-30703.pdf represented by: Robert Thomas DeMarco, Esq. DEMARCO-MITCHELL, PLLC E-mail: firstname.lastname@example.com re Arends Inspection LLC Bankr. S.D. Tex. Case No. 16-30847 Chapter 11 Petition filed February 19, 2016 See http://bankrupt.com/misc/txsb16-30847.pdf represented by: David J Sadegh, Esq. LAW OFFICES OF DAVID J. SADEGH E-mail: firstname.lastname@example.com re Compressor Products, Inc Bankr. S.D. Tex. Case No. 16-30851 Chapter 11 Petition filed February 19, 2016 Filed Pro SeIn re DEI Transportation, LLC Bankr. S.D. Tex. Case No. 16-70078 Chapter 11 Petition filed February 19, 2016 See http://bankrupt.com/misc/txsb16-70078.pdf represented by: Antonio Villeda, Esq. VILLEDA LAW GROUP E-mail: firstname.lastname@example.com re Fernando Jesus Paonessa Lopez Bankr. D.P.R. Case No. 16-01234 Chapter 11 Petition filed February 20, 2016In re Michael A. Gral Bankr. E.D Wis. Case No. 16-21329 Chapter 11 Petition filed February 20, 2016In re Gral Holdings Key Biscayne, LLC Bankr. E.D. Wis. Case No. 16-21330 Chapter 11 Petition filed February 20, 2016 See http://bankrupt.com/misc/wieb16-21330.pdf represented by: Jonathan V. Goodman, Esq. LAW OFFICES OF JONATHAN V. GOODMAN E-mail: firstname.lastname@example.com re Roy J Klebowicz and Norene Klebowicz Bankr. D.N.J. Case No. 16-13046 Chapter 11 Petition filed February 21, 2016In re Arjang K. Miremadi and Hamideh Miremadi Bankr. S.D. Cal. Case No. 16-00846 Chapter 11 Petition filed February 22, 2016 Represented by: Ahren Tiller, Esq. BANKRUPTCY LAW CENTER E-mail: firstname.lastname@example.com re New World Condominium Apartments IV Condominium AssociationInc. Bankr. S.D. Fla. Case No. 16-12401 Chapter 11 Petition filed February 22, 2016 See http://bankrupt.com/misc/flsb16-12401.pdf represented by: Jay M Gamberg, Esq. GAMBERG & ABRAMS E-mail: email@example.com re Z3 Sports Academy LLC Bankr. D. Haw. Case No. 16-00171 Chapter 11 Petition filed February 22, 2016 See http://bankrupt.com/misc/hib16-00171.pdf represented by: Chuck C. Choi, Esq. WAGNER CHOI & VERBRUGGE E-mail: email@example.com re Burst Sound & Lighting Systems LLC Bankr. E.D. Mich. Case No. 16-42293 Chapter 11 Petition filed February 22, 2016 See http://bankrupt.com/misc/mieb16-42293.pdf represented by: Joseph L. Grima, Esq. JOSEPH L. GRIMA & ASSOC. PC E-mail: email@example.com re Alpine Mountain Resort Inc. Bankr. M.D. Penn. Case No. 16-00651 Chapter 11 Petition filed February 22, 2016 See http://bankrupt.com/misc/pamb16-00651.pdf represented by: Philip W. Stock, Esq. LAW OFFICE OF PHILIP W. STOCK E-mail: email@example.com re Carnegie EMS, Inc. Bankr. W.D. Penn. Case No. 16-20593 Chapter 11 Petition filed February 22, 2016 See http://bankrupt.com/misc/pawb16-20593.pdf represented by: Robert S. Bernstein, Esq. BERNSTEIN-BURKLEY, PC E-mail: firstname.lastname@example.com re La Casa Del Maestro Y El Estudiante, Inc. Bankr. D.P.R. Case No. 16-01241 Chapter 11 Petition filed February 22, 2016 See http://bankrupt.com/misc/prb16-01241.pdf represented by: Wigberto Mercado Barbosa, Esq. MERCADO & CONAWAY LAW OFFICE E-mail: email@example.com re Luis F Jimenez Acevedo and Maria Del C Sanchez-Mieles Bankr. D.P.R. Case No. 16-01259 Chapter 11 Petition filed February 22, 2016In re Allan Andrew Copeland and Valerie Jean Copeland Bankr. C.D. Cal. Case No. 16-12183 Chapter 11 Petition filed February 23, 2016 represented by: Michael Avanesian, Esq. AVANESIAN LAW FIRM E-mail: email@example.com re Robert Joel Roxberry and Clarissa Barbara Roxberry Bankr. S.D, Fla. Case No. 16-12454 Chapter 11 Petition filed February 23, 2016In re Butterfly Daycare, Inc. Bankr. D. Md. Case No. 16-12131 Chapter 11 Petition filed February 23, 2016 See http://bankrupt.com/misc/mdb16-12131.pdf represented by: Kim D. Parker, Esq. LAW OFFICES OF KIM PARKER, PA E-mail: firstname.lastname@example.com re Ocean Parkway Management Realty LLC Bankr. E.D.N.Y. Case No. 16-40673 Chapter 11 Petition filed February 23, 2016 Filed Pro SeIn re James Schecher Bankr. E.D.N.Y. Case No. 16-70675 Chapter 11 Petition filed February 23, 2016In re Kenneth Baker Bankr. S.D.N.Y. Case No. 16-10401 Chapter 11 Petition filed February 23, 2016In re SC Concretera Corp. Bankr. D.P.R. Case No. 16-01313 Chapter 11 Petition filed February 23, 2016 See http://bankrupt.com/misc/prb16-01313.pdf represented by: , Esq. In re Eddie Ortiz-Zayas Bankr. D.P.R. Case No. 16-01323 Chapter 11 Petition filed February 23, 2016 In re Pacific WebWorks, Inc. Bankr.D. Utah Case No. 16-21223 Chapter 11 Petition filed February 23, 2016 See http://bankrupt.com/misc/utb16-21223.pdf represented by: George B. Hofmann, Esq. COHNE KINGHORN PC E-mail: email@example.com re Teresa A. Reed Bankr. W.D. Tex. Case No. 16-30254 Chapter 11 Petition filed February 23, 2016In re A-Frame Awards, Inc. Bankr. E.D. Mich. Case No. 16-30391 Chapter 11 Petition filed February 24, 2016 See http://bankrupt.com/misc/mieb16-30391.pdf represented by: Peter T. Mooney, Esq. SIMEN, FIGURA & PARKER E-mail: firstname.lastname@example.com re Peninsula Holdings, LLC Bankr. D. Colo. Case No. 16-11466 Chapter 11 Petition filed February 23, 2016 See http://bankrupt.com/misc/cob16-11466.pdf filed Pro SeIn re The Austin House Property, LLC Bankr. M.D. Fla. Case No. 16-01443 Chapter 11 Petition filed February 24, 2016 See http://bankrupt.com/misc/flmb16-01443.pdf represented by: Buddy D. Ford, Esq. BUDDY D. FORD, PA E-mail: firstname.lastname@example.com re Manuel F Rodriguez, Jr. Bankr. M.D. Fla. Case No. 16-01444 Chapter 11 Petition filed February 24, 2016In re William Charles McDaniel, III and Crystal Gail McDaniel Bankr. N.D. Fla. Case No. 16-50050 Chapter 11 Petition filed February 24, 2016In re Paul Cashman Murphy, Jr. Bankr. S.D. Fla. Case No. 16-12574 Chapter 11 Petition filed February 24, 2016In re John T. McMahan Bankr. N.D. Ill. Case No. 16-06137 Chapter 11 Petition filed February 24, 2016In re Dilcia M. Mendez Bankr. D.N.J. Case No. 16-13306 Chapter 11 Petition filed February 24, 2016In re Watts Perfections, Inc. Bankr. W.D.N.C. Case No. 16-40057 Chapter 11 Petition filed February 24, 2016 See http://bankrupt.com/misc/ncwb16-40057.pdf represented by: Kerry L. Balentine, Esq. MAXGARDNERLAW PLLC E-mail: firstname.lastname@example.com re DiMarino P Daniel Bankr. S.D.N.Y. Case No. 16-22231 Chapter 11 Petition filed February 24, 2016In re Leslie Joe Wenninger and Cheryl Lynn Wenninger Bankr. W.D. Okla. Case No. 16-10560 Chapter 11 Petition filed February 24, 2016In re A&J Farm Stand LLC A&J Farm Stand LLC Bankr. D. Conn. Case No. 16-50266 Chapter 11 Petition filed February 25, 2016 See http://bankrupt.com/misc/ctb16-50266.pdf represented by: Paul S. Nakian, Esq. PAUL S. NAKIAN LLC E-mail: email@example.com re Wealth Mortgage Strategies, LLC Bankr. S.D. Fla. Case No. 16-12576 Chapter 11 Petition filed February 25, 2016 See http://bankrupt.com/misc/flsb16-12576.pdf represented by: Brett A Elam, Esq. FARBER + ELAM, LLC E-mail: email@example.com re RCL, LLC Bankr. D. Haw. Case No. 16-00183 Chapter 11 Petition filed February 25, 2016 See http://bankrupt.com/misc/hib16-00183.pdf represented by: Jeffery S. Flores, Esq. O'CONNOR PLAYDON & GUBEN LLP E-mail: firstname.lastname@example.com re James Samuel Dickey Bankr. D. Mass Case No. 16-40283 Chapter 11 Petition filed February 25, 2016In re St. Louis Metal and Recycling Company, Inc. Bankr. E.D. Mo Case No. 16-41211 Chapter 11 Petition filed February 25, 2016 See http://bankrupt.com/misc/moeb16-41211.pdf represented by: Richard J. Magee, Esq. ECKENRODE-MAUPIN, ATTORNEYS AT LAW E-mail: email@example.com re St. Louis Metal and Recycling Company Inc Bankr. E.D. Mo. Case No. 16-41215 Chapter 11 Petition filed February 25, 2016 See http://bankrupt.com/misc/moeb16-41215.pdf represented by: Richard J. Magee, Esq. ECKENRODE-MAUPIN, ATTORNEYS AT LAW E-mail: firstname.lastname@example.com re Live Wire Electric Company, LLC Bankr. E.D.N.C. Case No. 16-00965 Chapter 11 Petition filed February 25, 2016 See http://bankrupt.com/misc/nceb16-00965.pdf represented by: Clayton W. Cheek, Esq. THE LAW OFFICES OF OLIVER & CHEEK, PLLC E-mail: firstname.lastname@example.com re Kee-Ledbetter, Inc. Bankr. W.D.N.C. Case No. 16-40063 Chapter 11 Petition filed February 25, 2016 See http://bankrupt.com/misc/ncwb16-40063.pdf represented by: Kerry L. Balentine, Esq. MAXGARDNERLAW PLLC E-mail: firstname.lastname@example.com re Michael Dean Gatten Bankr. D.N.M. Case No. 16-10402 Chapter 11 Petition filed February 25, 2016In re Royal One, Inc. Bankr. W.D. Penn. Case No. 16-20630 Chapter 11 Petition filed February 25, 2016 See http://bankrupt.com/misc/pawb16-20630.pdf represented by: Francis E. Corbett, Esq. E-mail: email@example.com re Lura Dee Kirkland Bankr. W.D. Tex. Case No. 16-70027 Chapter 11 Petition filed February 25, 2016In re Stacey Anne Anstead Bankr. N.D. Cal. Case No. 26-50530 Chapter 11 Petition filed February 25, 2016 Filed Pro SeIn re Julio L Jimenez Bankr. D. Nev. Case No. 26-10892 Chapter 11 Petition filed February 25, 2016 represented by: Michael J. Harker, Esq. E-mail: firstname.lastname@example.com re Larry K Heggerness Bankr. W.D. Wash. Case No. 26-10964 Chapter 11 Petition filed February 25, 2016 represented by: David Carl Hill, Esq. LAW OFFICE OF DAVID CARL HILL E-mail: email@example.com *********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 2016. 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 ***