text: TCR_Public/160803.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, August 3, 2016, Vol. 20, No. 216 Headlines05-020 VACAVILLE II: Hires Thomas as Chapter 11 Counsel06-019 VACAVILLE III: Hires Thomas as Counsel38 STUDIOS: No Criminal Charges in CollapseADIENT GLOBAL: Moody's Assigns Ba2 CFR, Outlook StableALBAUGH LLC: Moody's Retains B1 CFR on $75MM 1st-Lien Term LoanALPHA NATURAL: Cancels Securities Registration After Ch.11 ExitAMSCO STEEL: Court to Take Up Liquidating Plan on Sept. 15ANTHONY ARNOLD: Plan Outline Ok'd, Confirmation Hearing on Sept. 8ARCH COAL: DIP Financing Facility Extended to Sept. 30ARNOLD LAND COMPANY: Disclosures Okayed, Plan Hearing on Sept. 8ATINUM MIDCON: Wells Fargo Consents to Use of Cash CollateralATLAS RESOURCE: Hires Epiq as Claims and Notice AgentATLAS RESOURCE: Seeks Joint Administration of Ch. 11 CasesBTB CORP: Court to Take Up Exit Plan on September 27C & D PROPERTIES: Court to Take Up Exit Plan on Sept. 27CAESARS ENTERTAINMENT: Judge Won't Enforce Subpoena v. ApolloCAPITAL INVESTMENTS: Stafford County Property Sale ApprovedCASTLE PINES: Case Summary & Unsecured CreditorCHAPARRAL ENERGY: Proposes De Minimis Assets Sale ProceduresCHARLES LEONARD: Court Says Sweetwater is Good Faith BuyerCNO FINANCIAL: S&P Puts 'BB+' ICR on CreditWatch NegativeCOOK COUNTY SD: S&P Lowers Rating on GO Debt to BB+, Outlook Neg.DEJEAN AUTOMOTIVE: Case Summary & 4 Unsecured CreditorsDELL INC: Case Summary & 12 Unsecured CreditorsDEWEY & LEBOEUF: Former Exec DiCarmine Wants Evidence ExcludedDEX MEDIA: Amended Prepack Plan Declared EffectiveDUPONT YARD: Case Summary & 5 Unsecured CreditorsEMERALD OIL: Directed to Use Dakota Midstream's FacilityENERGEN CORP: Moody's Raises CFR to Ba3, Outlook StableENERGY FUTURE: Inks $4.09 Billion Merger Deal with NextEraENTERGY MISSISSIPPI: Moody's Affirms Ba1 Rating on Preferred StockESS AUTOMOTIVE: Selling Assets to CEETUS for $40KEZ MAILING: Accounts Sale to North Mill ApprovedFIRST ENERGY: Moody's Lowers Sr. Unsecured Rating to Ba2FIRST KOREAN: South Bay Church Buying Property for $6.65MFIRSTENERGY SOLUTIONS: S&P Lowers CCR to BB-, Off CreditWatchFOUNTAINS OF BOYNTON: Needs Until Nov. 1 to Solicit Plan AcceptanceGAWKER MEDIA: CEO Denton Files for Chapter 11GNC HOLDINGS: S&P Lowers CCR to 'BB' on Weak Results, CEO ExitGOSPEL TABERNACLE: Case Summary & 5 Unsecured CreditorsGULFMARK OFFSHORE: Incurs $47.6 Million Net Loss in Second QuarterHCA INC: Fitch Rates Secured Bank Term Loan 'BB+/RR1'HCA INC: S&P Retains 'BB' Corporate Credit RatingHOVNANIAN ENTERPRISES: Fitch Affirms 'CCC' Issuer Default RatingINTEGER HOLDINGS: S&P Lowers CCR to 'B', Outlook StableINTERNATIONAL SHIPHOLDING: Approval of $16M DIP Financing SoughtINTERNATIONAL SHIPHOLDING: Files for Chapter 11 to RestructureINTERNATIONAL SHIPHOLDING: Hires Prime Clerk as Claims AgentINTERNATIONAL SHIPHOLDING: Seeks More Time to SchedulesJAMES ALVIN JOSEPH: Disclosure Statement Hearing on Aug. 30KEY ENERGY: Common Stock Ceased Trading on NYSELAGRANGE VENTURES: Interest Should be Calculated at Default DateLEGACY TRADITIONAL: S&P Lowers 2013 Debt Rating to 'BB-'LINDA WINDHAM: Sale of FNC Stock Held by FNB Oxford ApprovedLINN ENERGY: Asks Court to Extend Plan Filing Date to March 2017LOUISIANA PELLETS: Court Denies E.ON's Bid for Relief From StayMAINE STATE: Chubb's Bid for Summary Judgment Partly GrantedMARYLAND ECONOMIC: S&P Affirms 'BB' Rating on 2015 Revenue BondsMEDAK TRUCKING: Case Summary & 20 Largest Unsecured CreditorsMGIC INVESTMENT: S&P Assigns 'BB' Rating on $350MM Sr. NotesMILLENNIUM SUPER STOP: Hires Jochens as CounselMORGAN DREXEN: Law Firms' Bid for Relief From Penalty RejectedMSCI INC: S&P Affirms 'BB+' CCR & Rates 10-Yr. Unsec. Notes 'BB+'NET DATA: Asks Court to Extend Plan Filing Date to Aug. 23OCALA FUNDING: USAmeriBank Settles Trustee Claim for $350,000OCTAVIA HOMES: Voluntary Chapter 11 Case SummaryOMNOVA SOLUTIONS: S&P Affirms 'B' CCR & Revises Outlook to Pos.PACIFIC SUNWEAR: Ernie Sibal Steps Down as VP and CFOPALOSKI SALON: Hires Hodgson Russ as CounselPATELKA DENTAL: Hires Calzaretto & Company as AccountantsPICO HOLDINGS: UCP Changes Exec Stock Rules With No DisclosurePORTER BANCORP: Reports 2nd Quarter 2016 Net Income of $979,000PRECISION INDUSTRIAL: Disclosures Okayed; Plan Hearing Aug. 17QUANTUM CORP: Amends Fiscal 2016 2016 Annual ReportQUANTUM CORP: Reports Fiscal First Quarter 2017 ResultsROCKDALE RESOURCES: Has $301-K Net Loss in March 31 QuarterSALADO SMILES: Selling East West Bank Collateral to Dr. LufburrowSANDPOINT CATTLE: Awarded Over $1.8MM in Legal Malpractice SuitSBA COMMUNICATIONS: S&P Rates Proposed $800MM Sr. Notes 'B'SETAI 3509: Hires Hoffman Larin as CounselSHINGLE SPRINGS: S&P Affirms 'B+' ICR, Outlook Remains StableSHRI NATHJI: Case Summary & Unsecured CreditorSKAGIT GARDENS: Hires Moss Adams as Tax ConsultantSONDIAL PROPERTIES: Case Summary & 14 Unsecured CreditorsSTAGE PRESENCE: Court Narrows Claims in "Music Mix Mobile" SuitSYNCARDIA SYSTEMS: Mulls Private Asset Sale, May Cancel AuctionTANNING BED: Hires John H. Ring III as Special CounselTESLA MOTORS: S&P Puts 'B-' CCR on CreditWatch NegativeTJB AIR: Exclusive Period to File Plan Extended to Nov. 25TREND COMPANIES: Wants Plan Filing Date Extended to Sept. 1TRIANGLE USA: Duane, Tarlow Representing Mineral Interest HoldersTRIANGLE USA: Plan Support Agreement RejectedTRINITY 83 DEVELOPMENT: Case Summary & 10 Unsecured CreditorsTX HOLDINGS: Needs More Capital to Implement Business PlanUCI INTERNATIONAL: Selling Fairfield Facility Assets to AffiliateUNIVERSAL WELL: Hires Kruse Energy as AuctioneerUPD GLOBAL: Court Affirms Order Dismissing Suit vs. ContinentalWARNER MUSIC: Satisfies Conditions to Term Loan Credit AgreementWARNER MUSIC: Unit Sold $300 Million Senior Notes Due 2023WARREN RESOURCES: Plan Gives Unsecured Creditors 2.78% RecoveryWEST ALLIS-WEST: Moody's Lowers Long-Term GO Rating to Ba1WRWM PARTNERSHIP: Selling Pennsylvania Property for $150KZERGA PHIN-KER: Has Until Sept. 16 to Obtain Plan ConfirmationZERGA PHIN-KER: Recovery for $22.8M Unsec. Claims Still Unknown[*] Cosgrave Joins K&L Gates' London Finance Practice *********05-020 VACAVILLE II: Hires Thomas as Chapter 11 Counsel-------------------------------------------------------05-020 Vacaville II Business Trust seeks authority from the U.S.Bankruptcy Court for the District of Nevada to employ the LawOffice of Timothy Thomas, LLC as counsel to the Debtor.05-020 Vacaville II requires Thomas to: - advise the Debtor of their rights and obligations and performance of duties as a debtor in possession during the administration of the bankruptcy case; - counsel and represent the Debtor in all proceedings before the bankruptcy court or before other courts with jurisdiction over the cases; - assist the Debtor in evaluating their legal positions and strategy and assistance in performing their duties set forth in 11 U.S.C. Sec. 1107;Thomas will be paid in the amount of $15,000 as non-refundablepre-petition retainer for the purpose of preparing and filing thecase on behalf of the Debtor, and negotiations with creditors.Thomas will also be reimbursed for reasonable out-of-pocketexpenses incurred.Timothy P. Thomas, member of the Law Office of Timothy Thomas, LLCassured the Court that the firm is a "disinterested person" as theterm is defined in Section 101(14) of the Bankruptcy Code and doesnot represent any interest adverse to the Debtors and theirestates.Thomas can be reached at: Timothy P. Thomas, Esq. LAW OFFICES OF TIMOTHY P. THOMAS, LLC 1771 E. Flamingo Rd, Ste B-212 Las Vegas, NV 89119 Tel: (702) 227-0011 Fax: (702) 227-0334 E-mail: email@example.com About 05-020 Vacaville II05-020 Vacaville II Business Trust, based in Las Vegas, NV, filed aChapter 11 petition (Bankr. D. Nev. Case No. 16-12928) on May 27,2016. The Hon. Bruce T. Beesley presides over the case. Timothy P.Thomas, Esq., at the Law Office of Timothy Thomas, LLC, asbankruptcy counsel. In its petition, the Debtor listed $969,900 inassets and $152,742 in liabilities. The petition was signed byPeter Becker, manager of trustee.06-019 VACAVILLE III: Hires Thomas as Counsel---------------------------------------------06-019 Vacaville III Business Trust seeks authority from the U.S.Bankruptcy Court for the District of Nevada to employ the LawOffice of Timothy Thomas, LLC as counsel to the Debtor.06-019 Vacaville III requires Thomas to: - advise the Debtor of their rights and obligations and performance of duties as a debtor in possession during the administration of the bankruptcy case; - counsel and represent the Debtor in all proceedings before the bankruptcy court or before other courts with jurisdiction over the cases; - assist the Debtor in evaluating their legal positions and strategy and assistance in performing their duties set forth in 11 U.S.C. Sec. 1107;Thomas will be paid in the amount of $10,000 as non-refundablepre-petition retainer for the purpose of preparing and filing thecase on behalf of the Debtor, and negotiations with creditors.Thomas will also be reimbursed for reasonable out-of-pocketexpenses incurred.Timothy P. Thomas, member of the Law Office of Timothy Thomas, LLCassured the Court that the firm is a "disinterested person" as theterm is defined in Section 101(14) of the Bankruptcy Code and doesnot represent any interest adverse to the Debtors and theirestates.Thomas can be reached at: Timothy P. Thomas, Esq. LAW OFFICES OF TIMOTHY P. THOMAS, LLC 1771 E. Flamingo Rd, Ste B-212 Las Vegas, NV 89119 Tel: (702) 227-0011 Fax: (702) 227-0334 E-mail: firstname.lastname@example.com About 06-019 Vacaville III06-019 Vacaville III Business Trust, based in Las Vegas, NV, fileda Chapter 11 petition (Bankr. D. Nev. Case No. 16-12929) on May 27,2016. The Hon. Mike K. Nakagawa presides over the case. Timothy P.Thomas, Esq., at the Law Office of Timothy Thomas, LLC, asbankruptcy counsel.In its petition, the Debtor listed $1.81 million in assets and$1.04 million in liabilities. The petition was signed by PeterBecker, manager of trustee.38 STUDIOS: No Criminal Charges in Collapse-------------------------------------------The American Bankruptcy Institute, citing Deirdre Fernandes of TheBoston Globe, reported that after a four-year investigation, RhodeIsland authorities concluded that the $75 million financing packageused by the state in 2010 to lure Curt Schilling's video gamecompany from Massachusetts is a flawed deal but not a crime."A bad deal doesn't always equate to an indictment," Steven G.O'Donnell, superintendent of the Rhode Island State Police, toldthe news agency.According to the report, O'Donnell and Rhode Island AttorneyGeneral Peter F. Kilmartin said their probe, which includedinterviews with more than 140 people and a review of hundreds ofdocuments, found problems with the deal but no criminal violations. Kilmartin said the case would remain open in case new evidencearises out of a civil lawsuit and a fraud case that the Securitiesand xchange Commission is pursuing over allegations that a stateeconomic development agency and Wells Fargo Securities misledinvestors over the municipal bonds issued to finance the project,the report related.38 Studios LLC, a video-game developer founded by former Boston RedSox pitcher Curt Schilling, filed for liquidation on June 8, 2012,without attempting to reorganize. Although based in Providence,Rhode Island, the company filed the Chapter 7 petition in Delaware(Case No. 12-11743).ADIENT GLOBAL: Moody's Assigns Ba2 CFR, Outlook Stable------------------------------------------------------Moody's Investors Service assigned initial ratings to Adient GlobalHoldings Ltd - Corporate Family and Probability of Default Ratingsat Ba2, and Ba2-PD, respectively. In a related action Moody'sassigned a Baa3 rating to Adient's new senior secured creditfacilities, and a Ba3 rating to the new senior unsecured notes. The Speculative Grade Liquidity Rating is SGL-2. The ratingoutlook is stable.Johnson Controls, Inc. (JCI, Baa2, positive outlook) plans to spinoff its automotive seating and interiors businesses into astandalone public company named Adient plc. Adient will be anintermediate holding company subsidiary of Adient plc. Thespin-off is expected to occur on October 31, 2016 following thecompletion of JCI's merger with Tyco International plc (TycoInternational Finance, A3, under review for downgrade), targetedfor Sept. 2, 2016.These ratings were assigned:Adient Global Holdings Ltd: Corporate Family Rating, Ba2; Probability of Default, Ba2-PD; Baa3 (LGD2), for the $1.5 billion senior secured revolving credit facility due 2021; (Note: Adient US LLC, a subsidiary borrower, will be added following the spin-off.) Baa3 (LGD2), for the $1.5 billion senior secured term loan facility due 2021; Ba3 (LGD5), for the U.S. dollar guaranteed senior unsecured notes due 2026; Ba3 (LGD5), for the Euro dollar guaranteed senior unsecured notes due 2024, (US$ equivalent of $2 billion for the combined amount of the notes); SGL-2, Speculative Grade Liquidity Rating. Stable Rating Outlook RATINGS RATIONALEAdient's Ba2 Corporate Family Rating reflects the company'scompetitive position as the world's leading supplier of automotiveseating, with strong regional and customer diversification. Thisposition supported new business wins accelerating to $4.3 billionthrough the third quarter of fiscal 2016 versus the full yearfiscal 2015 of $3.6 billion. Additional restructuring actions alsoare expected to support improving EBITA margins over the near-term,the EBITA margin averaged about 3% in fiscal 2014 and 2015. Moody's forecasts softening of automotive demand in 2017, after2016 growth in the U.S. at about 1%, Europe at 4.7%, and China at6.5%.About 50% of the company's 2015 revenues were generated in NorthAmerica and 39% in Europe/Africa. However, when includingunconsolidated joint-venture operations, combined revenues in 2015were about $29.5 billion adding considerably more exposure to theAsian/Pacific markets at about 37% of revenue (North America 35%,Europe -28%). Adient's customer base also reflects significantdiversity with the top two customers in 2015 representing onlyabout 24% of consolidated revenues in 2015.Yet, these positive considerations are balanced by anticipation ofdebt to EBITDA of around 3.4x (inclusive of Moody's StandardAdjustments) at the time of the spin-off, inclusive of Moody'sStandard Adjustments and consideration for dividend income receivedfrom unconsolidated affiliates consistent with Adient's trackrecord. While leverage compares favorably to other companies alsoat the Ba2 category, this leverage is moderate compared to otherauto parts companies given the highly cyclical nature of theindustry, the likely late stage of the industry cycle and thecompany's low profit margins. Costs related to the separation ofAdient's operations from JCI are estimated in to be in the range of$400 - $600 million. These costs are expected to be largelyexpensed and funded by the time of the spin-off.At the time of the spin-off from JCI, Adient's proposed debtcapital structure will be about $3.5 billion, including a $1.5billion senior secured term loan facility and $2 billion ofunsecured notes. There will also be a $1.5 billion securedrevolver. Upon the date of the spinoff Adient US LLC will be addedas a subsidiary borrower to the revolving credit facility. Adientwill be the issuer of the unsecured notes. Until the spin off, JCIand/or Tyco International plc (Tyco) will guarantee the secureddebt. Although the JCI debt is higher rated, the ratings on thesecured and unsecured debt look through to the time of the spinoff, so are not rated the same as JCI's other senior unsecureddebt. On the date of the spin-off, Adient plc, and certain of itswholly owned U.S. and English subsidiaries will guarantee thesecured facilities and the guarantees of JCI and Tyco willautomatically be released. On the date of the spin-off, it isexpected that the term loan and revolving credit facilities will besecured by a security interest in substantially all of the assetsof Adient, Adient US LLC, and the guarantors, subject to certainexceptions.The SGL-2 Speculative Grade Liquidity Rating anticipates that thecompany will maintain a good liquidity profile supported by astrong cash balance, availability under its revolving creditfacility, and our expectation of moderately positive free cash flowgeneration. Free cash flow is expected to be in the high singledigit range as a percentage of debt over the initial 12 months. Adient is expected to have about $500 million of cash on hand whilethe $1.5 billion revolving credit facility is expected to beunfunded. The financial covenant under the senior securedfacilities is expected to include a net leverage ratio test forwhich the company is expected to maintain ample covenant cushionover the near-term.Adient's stable rating outlook anticipates the company's strongcompetitive strengths will be maintained over the intermediate-termand planned restructuring actions will benefit the cost structureand improve margins to be more in line with the competitors.The ratings could be upgraded if Moody's expects Adient to sustainEBITA margins above 6%, inclusive of restructuring charges, withDebt/EBITDA approaching 2.0x, supported by positive free cash flowgeneration solidly in the high-teens as percentage of debt annuallyand balanced financial policies, while maintaining a good liquidityprofile.The ratings could be downgraded with the expectation of materialdeterioration of automotive demand or loss of a major customer, ifEBITA margins are anticipated to be sustained below 5%, orDebt/EBITDA above 4.0x, or a deterioration in liquidity. Debtfunded acquisitions or large shareholder return actions could alsoresult a lower outlook or rating.The principal methodology used in these ratings was GlobalAutomotive Supplier Industry published in June 2016.Adient plc will be the world's largest automotive seating supplierwith leading market position in the Americas, Europe and China, andhas longstanding relationships with the largest global originalequipment manufacturers (OEMs) in the automotive space. Adient'sautomotive seating solutions including complete seating systems,frames, mechanisms, foam, head restraints, armrests, trim coversand fabrics. Adient also participates in the automotive interiorsmarket primarily through its joint venture in China, Yanfeng GlobalAutomotive Interior Systems Co., Ltd., or YFAI. Revenues for fiscal2015 were approximately $20 billion.ALBAUGH LLC: Moody's Retains B1 CFR on $75MM 1st-Lien Term Loan---------------------------------------------------------------Moody's Investors Service said Albaugh, LLC's (B1 stable) proposed$75 million incremental first lien term loan will be used forgeneral corporate purposes, including capital expenditures andworking capital. The proposed $75 million incremental term loandue May 2021 will be incorporated into the existing $300 millionsenior secured term loan B rated B1 (LGD3), which was originallyrated in April 2014. Albaugh also has a $100 million seniorsecured revolving credit facility due May 2019. The incrementaldebt has no impact on Albaugh's corporate family rating of B1, itsterm loan rating of B1, revolver rating of B1, or stable outlook.Headquartered in Iowa, US, Albaugh, LLC is a privately-held globalmanufacturer and seller of generic herbicides, fungicides,insecticides, and seed treatments. (In May 5, 2015, Albaugh, Inc.converted to Albaugh, LLC.) Historically, agrochemicals,predominantly in the form of herbicides, generate over 80% of thecompany's sales. Albaugh has operations in the US and Canada (41%of sales), Argentina (39%), Brazil (9%), Mexico (7%) and Europe(4%). Recent events include: the September 2015 acquisition ofConsagro, a Brazilian subsidiary of FMC Corporation, which providesproduct registrations and enhances Albaugh's fungicides andinsecticides portfolio in Brazil; as well as the sale of a 20%interest in Albaugh to Huapont-Nutrichem Co. Ltd for $220 millionin proceeds which were used to fund distributions, capitalexpenditures, and liquidity to support seasonal working capital.For the LTM June 30, 2016, the company generated revenue of $1.1 billion and EBITDA of $111 million.ALPHA NATURAL: Cancels Securities Registration After Ch.11 Exit---------------------------------------------------------------Following confirmation of its Chapter 11 plan and emergence frombankruptcy protection, Alpha Natural Resources, Inc. filed with theSecurities and Exchange Commission a Form 15 document to cancel theregistration of these securities: Common Stock, $0.01 par value -- none 4.875% Convertible Senior Notes Due 2020 -- none 3.75% Convertible Senior Notes Due 2017 -- none 9.75% Senior Notes Due 2018 -- none 6% Senior Notes Due 2019 -- none 6.25% Senior Notes Due 2021 -- noneOn July 26, 2016, the United States Bankruptcy Court for theEastern District of Virginia entered an order confirming the SecondAmended Joint Plan of Reorganization of the Debtors and Debtors inPossession covering Alpha Natural Resources and certain of itssubsidiaries. Upon effectiveness of the Plan, all previously issuedequity securities of Alpha Natural Resources, Inc., including thesecurities listed in the Form 15, were cancelled and extinguished.The Debtors on March 7, 2016, filed with the Bankruptcy Court (1) aproposed plan of reorganization, as amended, modified andsupplemented, for the resolution of certain claims pursuant tosection 1121(a) of the Bankruptcy Code and (2) a related proposeddisclosure statement. On May 26, 2016, the Bankruptcy Courtentered an order approving the Disclosure Statement. The Plan contemplates that the reorganization of the Debtors willinclude two major components: 1. In light of the unprecedented market challenges in the coalindustry, the Debtors will sell certain self-sustaining assets --Reserve Price Assets -- to a newly formed entity, Contura Energy,Inc., pursuant to the stalking horse credit bid of the Debtors'senior secured lenders. 2. The Debtors will reorganize as new entities that operate 18mines and eight preparation plants. In addition to operating thesefacilities, a significant focus of the Reorganized Debtors will befulfilling certain reclamation, mitigation and water treatmentobligations relating to their retained assets.The Plan incorporates a number of settlements with key creditorconstituencies that resolve significant disputes and provide forthe successful restructuring of the Debtors by, among other things,(1) resolving certain valuation and intercreditor issues criticalto the sale of the Reserve Price Assets, (2) providing for certainfunding for reclamation, mitigation and water treatment obligationsand exit funding for the Reorganized Debtors, (3) providing forcertain recoveries for unsecured creditor classes and (4)establishing procedures to govern the administration of certainclaims and the management of the Reorganized Debtors after theeffective date of the Plan.The settlements include, among others, (1) the Global Settlement,(2) the First Lien Lender Settlement (which incorporates theDiminution Claim Allowance Settlement and the Unencumbered AssetsSettlement that were conditionally approved by the Bankruptcy Courtby an order entered on May 17, 2016), (3) the Second LienNoteholder Settlement, (4) the Resolution of ReclamationObligations, (5) the Retiree Committee Settlement, (6) theEnvironmental Groups Settlement and (7) the settlement embodied inthe UMWA Funds Settlement Term Sheet.The Bankruptcy Court confirmed the Plan and approved the sale ofthe Reserve Price Assets on July 7, 2016. The Bankruptcy Courtentered an order confirming the Plan on July 12, 2016. TheConfirmation Order includes: (1) as Appendix I thereto, a copy ofthe Plan in the form distributed for solicitation on May 27, 2016;(2) as Appendix II thereto, a blackline document showingmodifications to the solicitation version of the Plan; and (3) asAppendix III thereto, a notice of confirmation of the Plan and itseffective date. As of July 26, 2016, all conditions to the occurrence of theeffective date set forth in the Plan and the Confirmation Orderwere satisfied or waived in accordance therewith and the effectivedate of the Plan occurred. On the same date, the Company filed aNotice of Effective Date of the Plan with the Bankruptcy Court. Acopy of the Notice of Effectiveness is available at: https://is.gd/vLrxLaOn March 11, 2016, the Bankruptcy Court entered an orderestablishing certain bid and auction procedures for the sale of theReserve Price Assets and approving the Stalking Horse Bid as thelead bid with respect to the NewCo Asset Sale. The Stalking HorseBid did not include any bid protections (such as break up fees orexpense reimbursement) and therefore merely set a floor to beginbidding at no cost to the Debtors' estates. Despite an extensivemarketing and sale process, however, the Board of Directors of theCompany did not qualify any competing bids for the Reserve PriceAssets (other than with respect to the PLR Assets, as definedbelow) because all of the alternative proposals that the Debtorsreceived, as applicable: (1) provided no additional value to theDebtors' estates; (2) were not economically viable, in the Debtors'business judgment; (3) contained speculative financing or othercontingencies; and/or (4) represented a material increase in riskrelated to completing the Debtors' restructuring. Therefore, on May13, 2016, the Debtors filed a notice designating the Stalking HorseBid as the successful bid for the Reserve Price Assets.Pursuant to the Stalking Horse APA, the Debtors will transfer orassign to the Purchaser, an entity formed by the First LienLenders: (1) all assets (including, but not limited to, all mineralrights, fixed and mobile equipment and logistics assets) used orheld for use primarily in connection with (a) the Alpha Coal Westmine complexes in Wyoming, (b) the McClure and Toms Creek minecomplexes in Virginia and (c) the Nicholas mine complex in WestVirginia; (2) all coal operations and substantially all reserveslocated in Pennsylvania, including the Cumberland mine complex, theEmerald mine complex, the Freeport reserves, the Sewickley reservesand all assets used or held for use primarily in connectiontherewith, including all logistics related assets; (3) the Debtors'interest in Dominion Terminal Associates, a coal export terminal inNewport News, Virginia in which the Debtors own a 41% interest; (4)certain other designated assets, including certain working capital;and (5) certain unexpired leases and executory contracts.The Bankruptcy Court approved the NewCo Asset Sale on July 12,2016, and the NewCo Asset Sale closed on the Effective Date of thePlan.Certain natural gas assets in southwestern Pennsylvania owned byDebtor Pennsylvania Land Resources, LLC were initially included inthe Reserve Price Assets but, upon acceptance of a separate $200million stalking horse bid for such assets, were removed from theReserve Price Assets. Upon removal of the PLR Assets from theReserve Price Assets, the Purchaser's Stalking Horse Bid for theremaining Reserve Price Assets was reduced by $175 million. TheBankruptcy Court approved the separate stalking horse bid for thePLR Assets, including certain bid protections, in an order enteredon April 26, 2016. The PLR Assets were sold at an auction held onMay 16, 2016 to Vantage Energy Appalachia II, LLC for $339.5million in cash. The PLR Asset Sale and the assignment of certaincontracts pursuant to such sale were approved by an order of theBankruptcy Court entered on May 26, 2016, and the PLR Asset Saleclosed on June 2, 2016.A copy of the Asset Purchase Agreement with Contura Energy, Inc.,is available at: https://is.gd/rgsjUJOn June 22, 2016, the Debtors filed with the Bankruptcy Courtsyndication procedures pursuant to which certain holders of theCompany's second lien notes were afforded the opportunity tosubscribe to provide financing as lenders under the NewCo ABLFacility. The expiration time for the opportunity to subscribe to providefinancing as lenders under the NewCo ABL Facility was 5:00 P.M.,New York City time, on July 28, 2016. The opportunity to subscribeto the NewCo ABL Facility was only available to holders of theCompany's second lien notes who are beneficial owners of the secondlien notes as of the earlier of the Expiration Time and theeffective date of the Debtors' plan of reorganization. For additional information regarding the NewCo ABL Facilitysyndication process, holders of second lien notes should contactKurtzman Carson Consultants LLC: ANR NewCo ABL Facility Syndication c/o KCC 1290 Avenue of the Americas, 9th Floor New York, NY 10104 Telephone: (877) 833-4150 E-mail: email@example.com About Alpha Natural ResourcesHeadquartered in Bristol, Virginia, Alpha Natural --http://www.alphanr.com/-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers as measured by2014 consolidated revenues of $4.3 billion. As of August 2015,Alpha had 8,000 full time employees across many different states,with UMWA representing 1,000 of the employees. Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)and its affiliates filed separate Chapter 11 bankruptcy petitionson Aug. 3, 2015, listing $9.9 billion in total assets as of June 30, 2015, and $7.3 billion in total liabilities as of June30,2015. The petitions were signed by Richard H. Verheij, executive vicepresident, general counsel and corporate secretary. Judge Kevin R. Huennekens presides over the cases. David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson,Esq., at Jones Day serve as the Debtors' general counsel. TylerP.Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III, Esq.,andJustin F. Paget, Esq., serve as the Debtors' local counsel. Rothschild Group is the Debtors' financial advisor. Alvarez &Marshal Holdings, LLC, is the Debtors' investment banker. KurtzmanCarson Consultants, LLC, is the Debtors' claims and noticingagent.The U.S. Trustee for Region 4 appointed seven creditors of AlphaNatural Resources Inc. to serve on the official committee ofunsecured creditors. Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP;and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M. Terry, Jr., Esq. at Sands Anderson PC, represent the Committee. * * * Alpha Natural Resources, Inc. on March 8, 2016, disclosed that ithas filed a proposed Chapter 11 Plan of Reorganization and arelated Disclosure Statement with the United States BankruptcyCourt for the Eastern District of Virginia. Together with themotion seeking approval of a marketing process for Alpha's coreoperating assets, these filings provide for the sale of Alpha'sassets, detail a path toward the resolution of all creditorclaims,and anticipate the emergence of a streamlined and sustainablereorganized company able to satisfy its environmental obligationson an ongoing basis. By selling certain assets as a going concern and restructuring thecompany's remaining assets into a reorganized Alpha, the companyisable to provide maximum recovery to its creditors, whilepreservingjobs and putting itself in the best position to meet itsreclamation obligations.AMSCO STEEL: Court to Take Up Liquidating Plan on Sept. 15----------------------------------------------------------A U.S. bankruptcy judge will consider approval of the Chapter 11plan of liquidation of AMSCO Steel Company, LLC and Pyndus Steel &Aluminum Co., Inc., at a hearing on September 15.Judge Russell Nelms of the U.S. Bankruptcy Court for the NorthernDistrict of Texas will hold the hearing at 1:30 p.m. (Central Time)at the U.S. Courthouse, Courtroom 204, Second Floor, 501 West TenthStreet, Fort Worth, Texas. The bankruptcy judge will also consider at the Sept. 15 hearing thefinal approval of the companies' disclosure statement, which heconditionally approved on July 15.Judge Nelms gave conditional approval to the disclosure statementto allow the companies to solicit votes from creditors. The deadline for creditors to cast their votes is August 22, whichis also the last day for filing objections to the liquidatingplan.As previously reported by The Troubled Company Reporter, theDebtors filed with the U.S. Bankruptcy Court for the NorthernDistrict of Texas, Fort Worth Division, a first amended jointChapter 11 plan of liquidation and accompanying disclosurestatement following the sale of substantially all of their assetsto DFW Steel, LLC.The Debtors and DFW Steel closed the sale on October 30, 2015. Asa result of the sale, $2,173,983 in proceeds were paid toMeridian,leaving an alleged deficiency of less than $60,000 allegedly owedto Meridian Bank Texas. Marquette received $268,245 in proceeds. The remaining net sale proceeds of $43,477 were deposited in theIOLTA Trust account of Forshey & Prostok in accordance with thesale order.The Plan, which is co-proposed by the Official Committee ofUnsecured Creditors, intends to pay general unsecured creditorstheir pro rata share of the proceeds deposited into thepost-confirmation trust, subordinate to all payments required tobemade to holders of allowed administrative and priority claims. Theestimated amount of general unsecured claims is $6,280,000. About AMSCO SteelBefore ceasing operations, AMSCO Steel Company, LLC, and PyndusSteel & Aluminum Co., Inc., were suppliers and processors of steelproducts for a wide variety of customers throughout the UnitedStates and Mexico. AMSCO was formed in 1952 and was located inFort Worth, Texas. AMSCO and Pyndus ceased operations on Oct. 30,2015 and terminated all employees.AMSCO Steel and Pyndus Steel & Aluminum Co., Inc., soughtprotection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.Tex. Lead Case No. 15-43239) on Aug. 10, 2015. The cases areassigned to Judge Russell F. Nelms.In September 2015, the Debtor filed its schedules, disclosing$3,758,449 in assets and $8,663,523 in debt.The Debtors won approval to hire Forshey & Prostok, LLP, in ForthWorth, Texas, as counsel; SSG Advisors, LLC and Chiron FinancialGroup as investment bankers; Bourland, Wall & Wenzel, P.C., asspecial litigation counsel; and Mark M. Jones & Associates, P.C.,as outside accountants.The Creditors Committee won approval to hire David Grant Crooks ofFox Rotschild LLP, as counsel; and Calderone Advisory Group, LLC,as financial advisor.ANTHONY ARNOLD: Plan Outline Ok'd, Confirmation Hearing on Sept. 8------------------------------------------------------------------The U.S. Bankruptcy Court for the Eastern District of Arkansas isset to hold a hearing on Sept. 8 to consider approval of theChapter 11 plan of reorganization filed by Anthony Arnold.Creditors have until August 12 to file their objections to theproposed restructuring plan.The bankruptcy court had earlier issued an order approving Mr.Arnold's disclosure statement, allowing him to start solicitingvotes from creditors. The July 15 order set an August 12 deadlinefor creditors to cast their votes on the plan. About Anthony ArnoldAnthony Arnold sought protection under Chapter 11 of the BankruptcyCode (Bankr. E. D. Ark. Case No. 14-15365). The case is assignedto Judge Phyllis M. Jones. The Debtor is represented by JeannetteA. Robertson, Esq., at Robertson Law Firm.ARCH COAL: DIP Financing Facility Extended to Sept. 30------------------------------------------------------Arch Coal, Inc., entered into an amendment to the DIP CreditAgreement, dated as of July 20, 2016, which extended theavailability period to borrow under the DIP Facility from July 21,2016 to the earlier to occur of (i) Sept. 30, 2016 and (ii) thetermination of the DIP Facility -- which the Company currentlyexpects to occur concurrently with its emergence from bankruptcy --with a corresponding extension to the period during which the 5%per annum unused commitment fee is applicable.On Jan. 21, 2016, the Superpriority Secured Debtor-in-PossessionCredit Agreement -- as amended on March 4, 2016, March 28, 2016,April 26, 2016, June 10, 2016 and June 23, 2016 -- was entered intoby and among the Company, as borrower, certain of the Debtors, asguarantors, the lenders from time to time party thereto andWilmington Trust, National Association, as administrative agent andcollateral agent for the DIP Lenders. About Arch CoalFounded in 1969, Arch Coal, Inc. is a producer and marketer ofcoalin the United States, with operations and coal reserves in each ofthe major coal-producing regions of the Country. As ofJanuary 2016, it was the second-largest holder of coal reserves inthe United States, owning or controlling over five billion tons ofproven and probable reserves. As of the Petition Date, Archemployed approximately 4,600 full and part-time employees.Arch Coal, Inc., and 71 of its affiliates filed Chapter 11bankruptcy petitions (Bankr. E.D. Mo. Case Nos. 16-40120 to16-40191) on Jan. 11, 2016. The petition was signed by Robert G.Jones as senior vice president-law, general counsel and secretary.The Debtors disclosed total assets of $5.84 billion and total debtof $6.45 billion. Judge Charles E. Rendlen III has been assignedthe case.The Debtors have engaged Davis Polk & Wardwell LLP as counsel,Bryan Cave LLP as local counsel, FTI Consulting, Inc. asrestructuring advisor, PJT Partners as investment banker, andPrimeClerk LLC as notice, claims and solicitation agent.An Official Committee of Unsecured Creditors has been appointed inthe case. The Committee has retained Kramer Levin Naftalis &Frankel LLP as counsel; Spencer Fane LLP as local counsel;BerkeleyResearch Group, LLC as financial advisor; Jefferies LLC asinvestment banker; and Blackacre LLC as coal consultant.ARNOLD LAND COMPANY: Disclosures Okayed, Plan Hearing on Sept. 8----------------------------------------------------------------The U.S. Bankruptcy Court for the Eastern District of Arkansas isset to hold a hearing on Sept. 8 to consider approval of theChapter 11 plan of reorganization of Arnold Land Company LLC.Creditors have until August 12 to file their objections to theproposed restructuring plan.The bankruptcy court had earlier issued an order approving ArnoldLand's disclosure statement, allowing the company to startsoliciting votes from creditors. The July 15 order set an August12 deadline for creditors to cast their votes on the plan. About Arnold Land CompanyArnold Land Company, LLC sought protection under Chapter 11 of theBankruptcy Code (Bankr. E.D. Ark. Case No. 15-11896). The case isassigned to Judge Phyllis M. Jones. The Debtor is represented byJeannette A. Robertson, Esq., at Robertson Law Firm.ATINUM MIDCON: Wells Fargo Consents to Use of Cash Collateral-------------------------------------------------------------Atinum Midcon I, LLC, filed with the Bankruptcy Court a motionseeking authority to use cash collateral, in accordance with aproposed budget, of its prepetition first lien lenders. The Debtorwill use the Cash Collateral to fund its operations and expensesthat will be incurred in marketing and the selling its assets.The Debtor disclosed that as of the Petition Date it hasapproximately $850,000 in cash and may receive additional cashreceipts during the case, all of which constitutes the collateralof the Prepetition First Lien Lenders. Wells Fargo Bank N.A., as agent for the Prepetition First LienLenders, supports the use of Cash Collateral.As of the Petition Date, the Debtor had long-term bank debt ofapproximately $365 million: (A) On Aug. 29, 2012, the Debtor entered into a First Lien CreditAgreement with certain lenders party thereto and Wells Fargo Bank,as Administrative Agent and as Issuing Lender that provides for afour-year, $300 million term loan facility which matures on Aug.29, 2016. The Debtor's repayment obligations are secured bymortgages and security interests in substantially all the Debtor'sassets, including its Oil and Gas Interests. The Debtor used theproceeds from this loan primarily to fund its joint developmentobligations to SandRidge. As of the Petition Date, the Debtor hadapproximately $265 million outstanding under the Prepetition FirstLien Credit Agreement inclusive of accrued and unpaid interest andmake-whole amounts. (B) On Aug. 29, 2012, the Debtor also entered into a Second LienCredit Agreement with a facility of up to $150 million among theDebtor, Wells Fargo Energy Capital, Inc., as administrative agent,and the lenders party thereto. The Debtor's repayment obligationsare secured by second-priority mortgages and security interests insubstantially all of the Debtor's Oil and Gas Interests. As of thePetition Date, the Debtor had approximately $100 millionoutstanding under the Prepetition Second Lien Credit Agreementinclusive of accrued and unpaid interest and make-whole amounts.Due to the current oil and gas pricing environment, the value ofthe Debtor's Oil and Gas Interests has dropped significantly. Accordingly, the Debtor believes that the claims under thePrepetition First Lien Credit Agreement are undersecured and theclaims under the Prepetition Second Lien Credit Agreement arecompletely unsecured.To account for any diminution in value, the Debtor proposes toprovide adequate protection to the Prepetition First Lien Lenderswhich will include: (i) replacement liens and a superpriorityadministrative expense under Sections 503 and 507 of the BankruptcyCode solely to the extent of any diminution in value of thePrepetition First Lien Lenders' collateral; and (ii) monthlypayment of the fees and expenses of the professionals of the Agentfor the Prepetition First Lien Lenders.As to the Prepetition Second Lien Lenders, the Debtor believes thatthe Prepetition First Lien Lenders are undersecured, rendering theclaims of the Prepetition Second Lien Lenders and any otherpurported secured creditors fully unsecured. As such, the Debtormaintains that adequate protection does not need to be provided tothe Prepetition Second Lien Lenders. About Atinum MidconHeadquartered in Houston, Texas, Atinum Midcon I, LLC, was formedon July 28, 2011, for the purpose of acquiring non-operated workinginterests from SandRidge.On July 22, 2016, the Debtor filed a voluntary petition for reliefunder Chapter 11 of the Bankruptcy Code in the United StatesBankruptcy Court for the Southern District of Texas afterunsuccessful efforts to secure refinancing or equity investment. The case is assigned to Judge Marvin Isgur. The Debtor estimates assets and liabilities in the range of $100million to $500 million.Andrews Kurth LLP serves as the Debtor's counsel. Claro Group LLCis the Debtor's financial advisor. Pls. Inc. serves as sales agentto the Debtor. ATLAS RESOURCE: Hires Epiq as Claims and Notice Agent-----------------------------------------------------Atlas Resource Partners, L.P., and certain of its affiliates filedan application with the Bankruptcy Court seeking authority toemploy Epiq Bankruptcy Solutions, LLC, as their notice and claimsagent to relieve the Clerk's Office of the administrative burdensgiven the number of creditors and other parties-in-interestinvolved in their Chapter 11 cases.Epiq's standard claim administration rates are as follows: Title Rate/Hour ----- --------- Clerical/Administrative Support $25-$45 Case Managers $70-$165 IT/Programming $65-$85 Consultants/Directors $160-$190 Executive Vice President/Solicitation $215 Solicitation Consultant $190The Debtors also seek to reimburse Epiq for all reasonable andnecessary expenses it may incur, upon the presentation ofappropriate documentation, without the need for Epiq to file feeapplications, monthly statements, or otherwise seek Court approvalfor the compensation of its services and reimbursement of itsexpenses. Prior to the Petition Date, the Debtors provided Epiq a retainer inthe amount of $10,000. Epiq may apply its retainer to allprepetition invoices, which retainer will be replenished to theoriginal retainer amount, and thereafter, Epiq may hold itsretainer under the Engagement Letter during the Chapter 11 case assecurity for the payment of fees and expenses incurred under theEngagement Letter.Under the terms of the Engagement Letter, the Debtors have agreedto indemnify, defend, and hold Epiq, its affiliates, parent, andeach such entity's officers, members, directors, agents,representatives, managers, consultants, and employees harmlessunder certain circumstances specified in the Engagement Letter,except in circumstances resulting solely from Epiq's grossnegligence or willful misconduct.Epiq represents to the Court that it is a "disinterested person" asthat term is defined in Section 101(14) of the Bankruptcy Code. About Atlas ResourceAtlas Resource Partners, L.P., a publicly-traded master-limitedpartnership, is an independent oil and natural gas company engagedin the exploration, development, and production of oil and naturalgas properties with operations in basins across the United States. Atlas Resource Partners, L.P. and 23 of its subsidiaries each fileda voluntary petition under Chapter 11 of the Bankruptcy Code(Bankr. S.D.N.Y. Lead Case No. 16-12149) on July 27, 2016. Thepetitions were signed by Jeffrey M. Slotterback as chieffinancial officer.In the petition, the Debtors list total assets of $1.32 billion andtotal debts of $1.53 billion as of July 20, 2016.The Debtors have hired Skadden, Arps, Slate, Meagher & Flom LLP ascounsel; Perella Weinberg Partners LP as investment banker; andEpiq Bankruptcy Solutions, LLC as claims and noticing agent.ATLAS RESOURCE: Seeks Joint Administration of Ch. 11 Cases----------------------------------------------------------Atlas Resource Partners, L.P., et al., ask the Bankruptcy Court toconsolidate their Chapter 11 cases for procedural purposes only. The Debtors request that the Court maintain one file and one docketfor all of the jointly-administered cases under the case of AtlasResource Partners, L.P., Case No. 16-12149.The Debtors anticipate that numerous notices, applications,motions, other pleadings, hearings, and orders in these Chapter 11cases will affect all of them.David M. Turetsky, Esq., at Skadden, Arps, Slate, Meagher & FlomLLP, one of the Debtors' attorneys, said that joint administrationwill ease the burden on the United States Trustee in supervisingthese bankruptcy cases. He maintained that joint administrationwill also save time and money and avoid duplicative and potentiallyconfusing filings. According to the Debtors, the relief sought is solely proceduraland is not intended to affect substantive rights. Each creditorand other party-in- interest will maintain whatever rights it hasagainst the particular estate in which it allegedly has a claim orright. About Atlas ResourceAtlas Resource Partners, L.P., a publicly-traded master-limitedpartnership, is an independent oil and natural gas company engagedin the exploration, development, and production of oil and naturalgas properties with operations in basins across the United States. Atlas Resource Partners, L.P. and 23 of its subsidiaries each fileda voluntary petition under Chapter 11 of the Bankruptcy Code(Bankr. S.D.N.Y. Lead Case No. 16-12149) on July 27, 2016. Thepetitions were signed by Jeffrey M. Slotterback as chief financialofficer.In the petition, the Debtors list total assets of $1.32 billion andtotal debt of $1.53 billion as of July 20, 2016.The Debtors have hired Skadden, Arps, Slate, Meagher & Flom LLP ascounsel; Perella Weinberg Partners LP as investment banker; andEpiq Bankruptcy Solutions, LLC as claims and noticing agent.BTB CORP: Court to Take Up Exit Plan on September 27----------------------------------------------------The U.S. Bankruptcy Court for the District of Puerto Rico is set tohold a hearing on September 27, at 09:00 a.m., to consider approvalof the plan proposed by BTB Corp. to exit Chapter 11 protection. The bankruptcy court had earlier issued an order approving BTBCorp.'s disclosure statement, allowing the company to startsoliciting votes from creditors. The court order dated July 15 required creditors to submit theirballots and file their objections to the restructuring plan before14 days prior to the Sept. 27 hearing. About BTB CorporationBTB Corporation was organized in 2003 to be engaged in bitumensupply activities and the rendering of any other services which maybe complementary to such activities. Debtor initiated operationsfrom a leased terminal and storage facility located in Penuelas,Puerto Rico.In 2007, BTB acquired 100% of the stock of The Placco Company ofPuerto Rico, Inc., ("PLACCO"), a corporation organized under thelaws of Puerto Rico on May 10, 1988 primarily to manufacture,produce, process and sell bitumen and other related or similarproducts. PLACCO became a wholly owned subsidiary of BTB, and isthe owner of the bitumen terminal leased by BTB from where BTBoperates its business in Guaynabo, Puerto Rico.In 2012, the current majority shareholders acquired BTB from IOTCAsphalt, LLC, retaining Mr. Juan Vazquez as President of theCompany.BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. CaseNo. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015. Samuel Lizardi signed the petition as interim president. TheDebtor disclosed total assets of $16.5 million and totalliabilities of $13.2 million.BTB said it sought bankruptcy protection as it is unable to meetobligations as they mature, and creditors are threatening suit andhave threatened to undertake steps to obtain possession of itsassets.The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes LawOffices, LLC, as its counsel.C & D PROPERTIES: Court to Take Up Exit Plan on Sept. 27--------------------------------------------------------A U.S. bankruptcy judge will consider approval of the Chapter 11plan of reorganization of C & D Properties of Missouri LLC at ahearing on September 27.Judge Cynthia Norton of the U.S. Bankruptcy Court for the WesternDistrict of Missouri will hold the hearing at 2:00 p.m., at theU.S. Courthouse, Courtroom 6A, 400 East Ninth Street, Kansas City,Missouri.The bankruptcy judge will also consider at the hearing the finalapproval of the company's disclosure statement, which sheconditionally approved on July 15.The deadline for voting creditors to submit their ballots isSeptember 2, which is also the last day for filing objections tothe plan.The restructuring plan proposes to pay the claims of MidwestRegional Bank, Jackson County Collector and the Internal RevenueService. Under the plan, a monthly payment of $2,608 will be made to Midweston account of its secured claim in the amount of $340,000. IRS'unsecured priority claim in the amount of $500 will be paid off inthe first year of the plan, with quarterly payments of $125.Meanwhile, Jackson County Collector's $20,497 secured priorityclaim will be paid over the 60 months of the plan, with a monthlyamount of $300. Any balance remaining by the 58th month of theplan will be paid in full. About C & D PropertiesC & D Properties of Missouri LLC sought protection under Chapter 11of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 16-40525) on March2, 2016. The case is assigned to Judge Cynthia A. Norton. The Debtor isrepresented by George J. Thomas, Esq., at Phillips & Thomas LLC.CAESARS ENTERTAINMENT: Judge Won't Enforce Subpoena v. Apollo-------------------------------------------------------------Jessica Corso, writing for Bankruptcy Law360, reported that U.S.Bankruptcy Judge A. Benjamin Goldgar on Aug. 1 said that it wasn'twithin his power to sanction private equity firm Apollo for missingtwo deposition deadlines in the Caesars bankruptcy case, tellingthe creditors committee that requested the punishment that itshould seek remedy in New York City, instead. Judge Goldgar toldthe second-lien noteholders committee of Caesars EntertainmentOperating Co. that he was prohibited by the bankruptcy code fromenforcing a subpoena against Apollo Global Management LLC partnersDavid Sambur and Mark Rowan.Jacqueline Palank, writing for The Wall Street Journal ProBankruptcy, reported that holdout bondholders in the $18 billionrestructuring of Caesars Entertainment Corp.'s operating unit haveasked a bankruptcy judge to slap sanctions on Apollo GlobalManagement after an Apollo official allegedly failed to show for adeposition.The junior bondholders, the lone major creditor group that hasn'tbacked the restructuring of Caesars's main casino operating unit,are seeking to question Messrs. Sambur and Rowan in connectionwithdeals that preceded the Caesars unit's chapter 11 filing inJanuary2015, the report further related. The bondholders claim the dealsessentially looted the struggling Caesars unit of valuable assetsfor the benefit of Caesars and its private-equity owners, Apolloand TPG, which Caesars and its owners dispute, the report added. About Caesars EntertainmentCaesars Entertainment Corp., formerly Harrah's Entertainment Inc.,is one of the world's largest casino companies. Caesars casinoresorts operate under the Caesars, Bally's, Flamingo, GrandCasinos, Hilton and Paris brand names. The Company has itscorporate headquarters in Las Vegas. Harrah's announced itsre-branding to Caesar's in mid-November 2010.In January 2015, Caesars Entertainment and subsidiary CaesarsEntertainment Operating Company, Inc., announced that holders ofmore than 60% of claims in respect of CEOC's 11.25% senior securednotes due 2017, CEOC's 8.5% senior secured notes due 2020 andCEOC's 9% senior secured notes due 2020 have signed the Amended andRestated Restructuring Support and Forbearance Agreement, dated asof Dec. 31, 2014, among Caesars Entertainment, CEOC and theConsenting Creditors. As a result, The RSA became effectivepursuant to its terms as of Jan. 9, 2015.Appaloosa Investment Limited, et al., owed $41 million on accountof 10% second lien notes in the company, filed an involuntaryChapter 11 bankruptcy petition against CEOC (Bankr. D. Del. CaseNo. 15-10047) on Jan. 12, 2015. The bondholders are representedby Robert S. Brady, Esq., at Young, Conaway, Stargatt & TaylorLLP.CEOC and 172 other affiliates -- operators of 38 gaming and resortproperties in 14 U.S. states and 5 countries -- filed Chapter 11bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) onJan. 15, 2015. CEOC disclosed total assets of $12.3 billion andtotal debt of $19.8 billion as of Sept. 30, 2014.Delaware Bankruptcy Judge Kevin Gross entered a ruling that thebankruptcy proceedings will proceed in the U.S. Bankruptcy Courtfor the Northern District of Illinois.Kirkland & Ellis serves as the Debtors' counsel. AlixPartners isthe Debtors' restructuring advisors. Prime Clerk LLC acts as theDebtors' notice and claims agent. Judge Benjamin Goldgar presidesover the cases.The U.S. Trustee has appointed seven noteholders to serve in theOfficial Committee of Second Priority Noteholders and nine membersto serve in the Official Unsecured Creditors' Committee.The U.S. Trustee appointed Richard S. Davis as Chapter 11examiner. * * *The U.S. Bankruptcy Court for the Northern District of Illinoisapproved the adequacy of the disclosure statement explaining thesecond amended joint Chapter 11 plan of reorganization of CaesarsEntertainment Operating Company Inc. and its debtor-affiliates.The Court set Oct. 31, 2016, at 4:00 p.m. (prevailing Central Time)as last day for any holder of a claim entitle to vote to accept orreject the Debtors' plan. A hearing is set for Jan. 17, 2017, at 10:30 a.m. (prevailingCentral Time) in Courtroom No. 642 in the Everett McKinley DirksenUnited States Courthouse, 219 South Dearborn Street, Chicago,Illinois, to confirm the Debtors' plan. Objections toconfirmation, if any, are due Oct. 31, 2016, at 4:00 p.m.(prevailing Central Time).CAPITAL INVESTMENTS: Stafford County Property Sale Approved-----------------------------------------------------------Judge Brian F. Kenney of the U.S. Bankruptcy Court for the EasternDistrict of Virginia authorized Capital Investments, LLC, to sellthe property located at 506 Clubhouse Rd., Fredericksburg, StaffordCounty, Virginia to John J. West and Wilmer L. Fields, Jr. for$155,000.Judge Kenney also authorized the settlement agent for thetransaction to disburse at closing the proceeds of the sale of theProperty to pay the following: a. all seller closing costs; b. all unpaid real estate taxes; c. a sum of equal to 1.5% of the purchase price to G.W.Investments, Inc.; d. the estate carve out (a carved-out of $1,500, all legal feesincurred by the Debtor, any fees for management services providedby Analytic Financial Group, LLC, and the Pro Rata Quarterly Fees);and e. all remaining net proceeds to John Marshall Bank. About Capital InvestmentsCapital Investments, LLC, sought Chapter 11 protection (Bankr. E.D.Va. Case No. 15-13600) on Oct. 15, 2015. The Hon Judge Robert G.Mayer is assigned to the case. The Debtor estimated assets of $1million to $10 million and $1 million to $10 million in debt. Thepetition was signed by Abbas Ghassemi, manager.CASTLE PINES: Case Summary & Unsecured Creditor-----------------------------------------------Debtor: Castle Pines Group, LLC 256 Paper Lane Clarkesville, GA 30523Case No.: 16-21508Nature of Business: Single Asset Real EstateChapter 11 Petition Date: August 1, 2016Court: United States Bankruptcy Court Northern District of Georgia (Gainesville)Debtor's Counsel: Bradley J. Patten, Esq. SMITH, GILLIAM, WILLIAMS AND MILES, P.A. P.O. Box 1098 Gainesville, GA 30503 Tel: 770-536-3381 E-mail: email@example.com Total Assets: $1.7 millionTotal Liabilities: $1.65 millionThe petition was signed by Vernon Mintz, managing member.The Debtor lists American Microloan, LLC, as an unsecured creditorholding a claim of $100,000.A full-text copy of the petition is available for free at: http://bankrupt.com/misc/ganb16-21508.pdfCHAPARRAL ENERGY: Proposes De Minimis Assets Sale Procedures------------------------------------------------------------Chaparral Energy, Inc., and its affiliates ask the U.S. BankruptcyCourt for the District of Delaware to authorize the implementationof the asset sale procedures and the asset abandonment proceduresfor the sale and transfer, or abandonment of certain de minimisassets.A hearing for the Motion is set for Aug. 17, 2016 at 3:00 p.m.(ET). The objection deadline is on Aug. 10, 2016 at 4:00 p.m.(ET).In connection with their ongoing operations, the Debtors routinelysell, transfer or abandon assets that are obsolete, burdensome, orof little or no usable value to the Debtors' estates, including,among others, oil, gas, and mineral leases, real property,machinery, equipment, supplies, tools, fixtures, office furniture,and other miscellaneous assets ("De Minimis Assets").Continuing to sell, transfer, or abandon De Minimis Assets duringthe Chapter 11 cases will eliminate the cost of maintainingnonessential property and will generate additional cash to fundongoing operations, including the purchase or construction ofreplacement assets.The proposed procedures provide that with regard to the sale ortransfer of De Minimis Assets in any individual transaction orseries of related transactions to a single buyer or group ofrelated buyers with a sale price less than or equal to $400,000, the Debtors are authorized to consummate such transactions withoutfurther order of the Court or notice to any party.With regard to the sale or transfer of De Minimis Assets in anyindividual transaction or series of related transactions to asingle buyer or group of related buyers with a sale price greaterthan $400,000 and less than or equal to $4 million, at least 10days prior to such transaction, the Debtors are required to givewritten notice of such sale or transfer to notice parties and mayproceed with the transaction absent an objection. The noticeparties are: (1) the United States Trustee; (2) counsel to the administrative agent for the Debtors'prepetition secured financing; (3) counsel to the indenture trustee under the Debtors' 9.875%senior notes due 2020; (4) counsel to the indenture trustee under the Debtors' 8.25%senior notes due 2021; (5) counsel to the indenture trustee under the Debtors' 7.625%senior notes due 2022; (6) counsel to the ad hoc committee of the holders of theDebtors' prepetition unsecured notes; (7) counsel to any creditor asserting a lien on the relevantassets; (8) any interested or affected governmental or regulatoryentity; (9) those parties requesting notice pursuant to Bankruptcy Rule2002; and (10) all parties entitled to notice pursuant to Local Rule9013-1(m).To the extent the Debtors are unable to sell De Minimis Assets, theDebtors propose to abandon De Minimis Assets with a book value asrecorded in the Debtors' books and records of $4 million or lessby, among other things, providing at least 10 calendar days'written notice.Commencing on Sept. 1, 2016, and every month thereafter, theDebtors will file a report with the Court listing all assetsabandoned pursuant to the Asset Abandonment Procedures for thepreceding month.Counsel for the Debtors: Brendan J. Schlauch Mark D. Collins John H. Knight Joseph C. Barsalona II RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King St. Wilmington, Delaware 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 E-mail: firstname.lastname@example.com email@example.com firstname.lastname@example.com firstname.lastname@example.com - and - Richard A. Levy Keith A. Simon David F. McElhoe LATHAM & WATKINS LLP 885 Third Avenue New York, New York 10022-4834 Telephone: (212) 906-1200 Facsimile: (212) 751-4864 E-mail: firstname.lastname@example.com email@example.com email@example.com About Chaparral EnergyFounded in 1988, Chaparral Energy, Inc., is a Delaware corporationheadquartered in Oklahoma City and a pure play Mid-Continentindependent oil and natural gas exploration and productioncompany.At March 31, 2016, the Company had total assets of $1,229,373,000,total current liabilities of $1,940,742,000 and total stockholders'deficit of $759,546,000.Chaparral Energy, Inc., and its 10 affiliates sought protectionunder Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead CaseNo. 16-11144) on May 9, 2016. The petition was signed by Mark A.Fischer, chief executive officer. The Debtors are represented by Richard Levy, Esq., Keith Simon,Esq., David McElhoe, Esq., and Marc Zelina, Esq., at Latham &Watkins LLP; and Mark D. Collins, Esq., at Richards, Layton &Finger, P.A., as counsel. Kurtzman Carson Consultants LLC servesas administrative advisor.The Debtors continue to manage and operate their businesses asdebtors in possession pursuant to Sections 1107 and 1108 of theBankruptcy Code. No trustee or examiner has been requested in theChapter 11 Cases and no committees have yet been appointed. CHARLES LEONARD: Court Says Sweetwater is Good Faith Buyer----------------------------------------------------------Judge Thomas L. Saladino of the United States Bankruptcy Court forthe District of Nebraska ruled on the parties' cross-motions forsummary judgment in the adversary proceeding captioned SWEETWATERCATTLE COMPANY, L.L.C., and FARM CREDIT SERVICES OF AMERICA, PCA,Plaintiffs, v. LEIGH MURPHY d/b/a MURPHY CATTLE COMPANY, Defendant,No. A16-8002 (Bankr. D. Neb.). The judge granted the motion filedby Sweetwater Cattle Company, L.L.C. and Farm Credit Services ofAmerica, PCA. The amended motion for summary judgment filed byLeigh Murphy doing business as Murphy Cattle Company was denied.Judge Saladino found that the bill of sale sent by Murphy with thecattle when they were delivered to Charles Leonard and shipped toSweetwater's feedlot was valid among the parties, giving Leonardownership of the cattle, which he then transferred to Sweetwaterand Farm Credit as collateral for a loan. Thus, the judge heldthat Sweetwater and Farm Credit, as good faith purchasers forvalue, hold superior rights to the proceeds of the sale of thecattle.The bankruptcy case is IN THE MATTER OF: CHARLES DONALD LEONARD andMARGARET ROSE LEONARD, Chapter 11, Debtor(s), Case No. BK15-82016(Bankr. D. Neb.).A full-text copy of Judge Saladino's July 22, 2016 order isavailable at https://is.gd/WwSxvu from Leagle.com.Sweetwater Cattle Company, L.L.C. is represented by: David W. Pederson, Esq. PEDERSON LAW OFFICE 315 N Dewey St North Platte, NE 69101 Tel: (308)532-9744Farm Credit Services Of America, PCA is represented by: Jim R. Titus, Esq. MORRIS & TITUS LAW FIRM, PC, LLO 4645 Normal Blvd., Ste. 272 Lincoln, NE 68506 Email: email@example.com Leigh Murphy d/b/a Murphy Cattle Company is represented by: Robert M. Gonderinger, Esq. David J. Skalka, Esq. CROKER, HUCK LAW FIRM 2120 S. 72nd Street, Suite 1200 Omaha, NE 68124 Tel: (402)391-6777 Fax: (402)390-9221CNO FINANCIAL: S&P Puts 'BB+' ICR on CreditWatch Negative---------------------------------------------------------S&P Global Ratings said that it placed its 'BB+' issuer creditrating on CNO Financial Group Inc. and its 'BBB+' counterpartycredit and financial strength ratings on CNO Financial's operatingsubsidiaries (Bankers Life, Colonial Penn, and Washington National)on CreditWatch with negative implications. S&P will resolve theCreditWatch placement after reviewing CNO Financial's audit and anyadditional information S&P may has surrounding a potential statusquo relationship with Beechwood Re or a recapture of its reinsuredbusiness and a prospective review of the company's capitalizationmetrics and enhanced enterprise risk management as a result of thisseries of events.S&P placed the ratings on CreditWatch negative to reflect thelimited amount information available on the potential repercussionsof the federal probe into Platinum Partners and Platinum's ties toBeechwood Re. This probe could result in many different outcomessurrounding CNO Financial's reinsured long-term care blocks ofbusiness from a status quo relationship with enhanced oversightwith Beechwood Re to a partial or full recapture of the reinsuredliabilities and assets from Beechwood Re. Furthermore, S&P wouldneed to have further discussions with the company surrounding itsoverall risk controls and, more specifically, its counterpartycredit risk measures.To resolve the CreditWatch placement, S&P will need to have betterinsight into Beechwood Re's ties with Platinum as well as animproved understanding of CNO Financial's plans regarding thesereinsured blocks of business. Should CNO Financial's managementbring those assets and liabilities onto its primary operatingsubsidiaries' balance sheets--by choice or because it was requiredto--the consolidated enterprise will face additional statutorycapital strain as per S&P's risk-based model. This--coupled withthe company's relatively aggressive capital-management strategies--cause us to question the prospective capital adequacyas per S&P's risk-based capital model of the consolidated group.If CNO Financial were to recapture the reinsured business toBeechwood Re either voluntarily or involuntarily, the company'sprospective capital adequacy as measured per S&P's risk-basedcapital model, barring us having knowledge of any prospectivemanagement plans, will not be consistent with S&P's current creditmetrics. As such, S&P would consider lowering the ratings oraffirming them and assigning a negative outlook.If CNO Financial were to recapture the reinsured business toBeechwood Re either voluntarily or involuntarily along with havinga prospective plan to ready its operations for these liabilitiesthrough increased capital metrics in the neighborhood of 500%pre-recapture, S&P would likely affirm the ratings and assign apositive outlook. Understanding there are still many unknownssurrounding this and the varying outcomes associated with thisunique situation, it would be very difficult to provide precisedetails surrounding its potential return to a positive outlook,barring the presence of enhanced risk controls with Beechwood Reand heightened oversight by CNO Financial into Beechwood'soperations.If S&P believes that CNO Financial's capitalization could withstandsuch an action, S&P would likely affirm the ratings and assign astable outlook. Evidence of this could include decreases individend capabilities and share repurchases.COOK COUNTY SD: S&P Lowers Rating on GO Debt to BB+, Outlook Neg.-----------------------------------------------------------------S&P Global Ratings lowered its long-term rating on Cook CountySchool District No. 169 (Ford Heights), Ill. GO debt to 'BB+' from'BBB'. The outlook is negative.At the same time, S&P assigned its 'BB+' long-term rating to thedistrict's series 2016 taxable general obligation (GO) school bonds(alternate revenue source). The lowered rating reflects the district's increasing debt burdenon a per-capita and a percentage-of-market-value basis, coupledwith elevated carrying charges. The lowered rating also reflectsS&P's opinion that the debt service on the bonds will not match thetime period that the district intends to use bond proceeds. S&Pbelieves the district will continue to face uncertainties tobusiness, financial and economic conditions. However, S&P believesthe district currently has the capacity to meet its financialcommitments given its very strong level of reserves."The negative outlook reflects the district's continued reliance onmarket access to issue bonds, which support general fund operationsand the lack of progress on returning to balanced operations," saidS&P Global Ratings credit analyst Andrew Truckenmiller. "Weunderstand that there is no specific timeframe for the district toreturn to balanced operations without the use of school fundingbonds or transfers from other funds."DEJEAN AUTOMOTIVE: Case Summary & 4 Unsecured Creditors-------------------------------------------------------Debtor: DeJean Automotive, Inc. 5213 Twin City Hwy. Port Arthur, TX 77642Case No.: 16-10372Chapter 11 Petition Date: August 1, 2016Court: United States Bankruptcy Court Eastern District of Texas (Beaumont)Debtor's Counsel: Frank J. Maida, Esq. MAIDA LAW FIRM, P.C. 4320 Calder Avenue Beaumont, TX 77706-4631 Tel: (409) 898-8200 Fax: (409)898-8400 E-mail: firstname.lastname@example.com firstname.lastname@example.com Assets: $1.05 millionTotal Liabilities: $798,239The petition was signed by Christopher DeJean, president.A copy of the Debtor's list of four unsecured creditors isavailable for free at http://bankrupt.com/misc/txeb16-10372.pdfDELL INC: Case Summary & 12 Unsecured Creditors-----------------------------------------------Debtor: Dell, Inc. dba Quality RV 3801 West Chelsea Road Monticello, MN 55362Case No.: 16-42287Chapter 11 Petition Date: August 1, 2016Court: United States Bankruptcy Court District of Minnesota (Minneapolis)Judge: Hon. William J Fisher Debtor's Counsel: Steven B Nosek, Esq. STEVEN NOSEK, P.A. 2855 Anthony Ln S, Ste 201 St Anthony, MN 55418 Tel: 612-335-9171 E-mail: firstname.lastname@example.com Assets: $0 to $50,000Estimated Liabilities: $1 million to $10 millionThe petition was signed by Todd D. Olson, chief executive officer.A copy of the Debtor's list of 12 unsecured creditors is availablefor free at http://bankrupt.com/misc/mnb16-42287.pdfDEWEY & LEBOEUF: Former Exec DiCarmine Wants Evidence Excluded--------------------------------------------------------------Brandon Lowrey, writing for Bankruptcy Law360, reported that formerDewey & LeBoeuf Executive Director Stephen DiCarmine on Aug. 1exchanged fire with prosecutors over which evidence will bepermitted in his coming New York state retrial over charges that heand others defrauded lenders and investors prior to the mega-firm'scollapse. Mr. Stephen DiCarmine accused prosecutors of trying todownplay the earlier jury's decision to acquit him of 21 counts offalsifying business records, and evidence relating to that shouldbe excluded, he said. As reported by the Troubled Company Reporter on May 31, 2016,Matthew Goldstein of The New York Times' DealBook, said the retrialof two former Dewey & LeBoeuf executives for fraud will go aheadwithout one of the defendants representing himself, which was underconsideration a few weeks ago. Instead, Stephen DiCarmine, theformer executive director at Dewey, has retained a new lawyer todefend him at the coming trial, which is now scheduled to beginearly next year in New York State Supreme Court in Manhattan,according to the report. His new lawyer is Rita Glavin, Esq. --email@example.com -- a partner at Seward & Kissel and a formerfederal prosecutor, the report added. About Dewey & LeBoeufDewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.Case No. 12-12321) to complete the wind-down of its operations.The firm had struggled with high debt and partner defections.Dewey disclosed debt of $245 million and assets of $193 million inits chapter 11 filing late evening on May 29, 2012.Dewey & LeBoeuf LLP operated as a prestigious, New York City-based, law firm that traced its roots to the 2007 merger of DeweyBallantine LLP -- originally founded in 1909 as Root, Clark & Bird-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in1929. In recent years, more than 1,400 lawyers worked at the firmin numerous domestic and foreign offices.At its peak, Dewey employed about 2,000 people with 1,300 lawyersin 25 offices across the globe. When it filed for bankruptcy,only 150 employees were left to complete the wind-down of thebusiness.Dewey's offices in Hong Kong and Beijing are being wound down.The partners of the separate partnership in England are in processof winding down the business in London and Paris, andadministration proceedings in England were commenced May 28. Alllawyers in the Madrid and Brussels offices have departed. Nearlyall of the lawyers and staff of the Frankfurt office havedeparted, and the remaining personnel are preparing for theclosure. The firm's office in Sao Paulo, Brazil, is beingprepared for closure and the liquidation of the firm's localaffiliate. The partners of the firm in the Johannesburg office,South Africa, are planning to wind down the practice.The firm's ownership interest in its practice in Warsaw, Poland,was sold to the firm of Greenberg Traurig PA on May 11 for$6 million. The Pension Benefit Guaranty Corp. took $2 million ofthe proceeds as part of a settlement.Judge Martin Glenn oversees the case. Albert Togut, Esq., atTogut, Segal & Segal LLP, represents the Debtor. Epiq BankruptcySolutions LLC serves as claims and notice agent. The petition wassigned by Jonathan A. Mitchell, chief restructuring officer.JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of thelenders under the Revolver Agreement, hired Kramer Levin Naftalis& Frankel LLP. JPMorgan, as Collateral Agent for the RevolverLenders and the Noteholders, hired FTI Consulting and GulfAtlantic Capital, as financial advisors. The Noteholders hiredBingham McCutchen LLP as counsel.The U.S. Trustee formed two committees -- one to representunsecured creditors and the second to represent former Deweypartners. The creditors committee hired Brown Rudnick LLP led byEdward S. Weisfelner, Esq., as counsel. The Former Partners hiredTracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &Winters, LLP, as counsel.FTI Consulting, Inc. was appointed secured lender trustee for theSecured Lender Trust. Alan Jacobs of AMJ Advisors LLC, was namedDewey's liquidation trustee. Scott E. Ratner, Esq., Frank A.Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., atTogut, Segal & Segal LLP, serve as counsel to the LiquidationTrustee.Dewey's liquidating Chapter 11 plan was approved by the bankruptcycourt in February 2013 and implemented in March. The plan createda trust to collect and distribute remaining assets. The firmestimated that midpoint recoveries for secured and unsecuredcreditors under the plan would be 58.4 percent and 9.1 percent,respectively.DEX MEDIA: Amended Prepack Plan Declared Effective--------------------------------------------------The Hon. Kevin Gross on July 15, 2016, entered an order approvingthe Disclosure Statement for, and confirming, the Amended JointPrepackaged Chapter 11 Plan of Dex Media, Inc., and itsdebtor-affiliates.The Effective Date of the Plan occurred on July 29, 2016.The Notice of Plan Effective provides any objection to theassumption of an Executory Contract or Unexpired Lease under thePlan must be filed with the Bankruptcy Court on or before 30 daysafter the Effective Date. Any objection will be scheduled to beheard by the Bankruptcy Court at the Debtors' or ReorganizedDebtors', as applicable, first scheduled omnibus hearing for whichsuch objection is timely filed. Any counterparty to an ExecutoryContract or Unexpired Lease that fails to timely object to theproposed assumption of any Executory Contract or Unexpired Leasewill be deemed to have consented to such assumption.As reported by the Troubled Company Reporter on July 18, 2016, DexMedia said confirmation of the Plan represents the final legal stepbefore Dex Media can emerge from Chapter 11 within the next fewweeks with $1.8 billion less total debt and significantly increasedfinancial flexibility.Material terms of the confirmed Plan include: -- Dex Media's total debt will be reduced from $2.4 billion to$600 million. -- Dex Media's senior secured lenders will exchange theircurrent $2.12 billion of claims for a new $600 million first-lienterm loan; 100% of the equity of the reorganized Dex Media,subjectto dilution from a management incentive plan; and a cashdistribution upon emergence from bankruptcy. -- Dex Media's unsecured noteholders will receive a $5 millioncash payment and warrants to purchase up to 10% of thepost-reorganized equity in exchange for their approximately $300million in claims. -- All allowed trade vendor claims will be paid in full. -- Dex Media will emerge from Chapter 11 as a privately heldcompany. All of Dex Media's current outstanding shares of commonstock will be canceled with no distribution to the existingholders.Dex Media's legal advisor in connection with the restructuring isKirkland & Ellis LLP. Alvarez & Marsal North America, LLC servesas its restructuring advisor, and Andrew Hede from Alvarez &Marsalserves as Chief Restructuring Officer. Moelis & Company LLC is theCompany's investment banker for the restructuring. The steeringcommittee of the ad hoc group of Dex Media's senior securedlendersis represented by Milbank, Tweed, Hadley & McCloy LLP as legaladvisor and Houlihan Lokey as financial advisor in connection withthe restructuring. JPMorgan Chase Bank, N.A. and Deutsche BankTrust Company Americas, as agents under certain of the seniorsecured credit agreements, are represented by Simpson Thacher &Bartlett LLP as legal advisor to the agents. About Dex MediaDFW Airport, Texas-based Dex Media, Inc. -- aka Newdex, Inc., DexOne Corporation, R.H. Donnelley Corporation -- provides marketingsolutions to more than 400,000 business clients across the U.S.Dex Media filed for Chapter 11 bankruptcy protection (Bankr. D.Del. Case No. 16-11200) on May 16, 2016.Affiliates Dex Media East, Inc. (Bankr. D. Del. Case No.16-11201),Dex Media Holdings, Inc. (Bankr. D. Del. Case No. 16-11202), DexMedia Service LLC (Bankr. D. Del. Case No. 16-11203), Dex MediaWest, Inc. (Bankr. D. Del. Case No. 16-11204), Dex One Digital,Inc. (Bankr. D. Del. Case No. 16-11205), Dex One Service, Inc.(Bankr. D. Del. Case No. 16-11206), R.H. Donnelley APIL, Inc.(Bankr. D. Del. Case No. 16-11207), R.H. Donnelley Corporation(Bankr. D. Del. Case No. 16-11208), R.H. Donnelley Inc. (Bankr. D.Del. Case No. 16-11209), SuperMedia Inc. (Bankr. D. Del. Case No.16-11210), SuperMedia LLC (Bankr. D. Del. Case No. 16-11211), andSuperMedia Sales Inc. (Bankr. D. Del. Case No. 16-11212) filed forChapter 11 bankruptcy protection on the same day.The petitions were signed by Andrew Hede, chief restructuringofficer.James H.M. Sprayregen, P.C, Marc Kieselstein, P.C., Adam Paul,Esq., and Bradley Thomas Giordano, Esq., at Kirkland & Ellis LLPand Kirkland & Ellis International LLP serve as the Debtors'general bankruptcy counsel.Patrick A. Jackson, Esq., and Pauline K. Morgan, Esq., at YoungConaway Stargatt & Taylor, LLP, serve as the Debtors' co-counsel. Moelis & Company LLC is the Debtors' investment banker. KPMG LLPis the Debtors' tax advisor. Ernst & Young LLP is the Debtor'sauditor. Epiq Bankruptcy Solutions is the Debtors' notice, claims& administrative agent.The Debtors listed $1.26 billion in total assets as of Dec. 31,2015, and $2.65 billion in total debts as of Dec. 31, 2015.The Office of the U.S. Trustee disclosed in a court filing that noofficial committee of unsecured creditors has been appointed intheChapter 11 case of Dex Media, Inc.DUPONT YARD: Case Summary & 5 Unsecured Creditors-------------------------------------------------Debtor: Dupont Yard, Inc. Post Office Box 208 Homerville, GA 31634Case No.: 16-70808Chapter 11 Petition Date: August 1, 2016Court: United States Bankruptcy Court Middle District of Georgia (Valdosta)Debtor's Counsel: Thomas D. Lovett, Esq. KELLEY, LOVETT, & BLAKEY, P.C. P.O. Box 1164 2912-B North Oak Street Valdosta, GA 31603-1164 Tel: 229-242-8838 E-mail: firstname.lastname@example.com Assets: $1 million to $10 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by Steve Conner, CEO.A copy of the Debtor's list of five unsecured creditors isavailable for free at http://bankrupt.com/misc/gamb16-70808.pdfEMERALD OIL: Directed to Use Dakota Midstream's Facility--------------------------------------------------------Bankruptcy Judge Kevin Gross on Aug. 1. 2016, granted an oralmotion filed by Dakota Midstream, LLC, for a temporary restrainingorder to prohibit Emerald Oil, Inc., from transporting oil andwater by truck and to cease flaring excess oil.Judge Gross directed the Debtors to utilize Dakota's facility.The Court made those decisions to maintain the status quo, findingthat Dakota would be irreparably harmed, and balancing thehardships favored Dakota. The Court also said Dakota stood thelikelihood of prevailing on the merits of the parties' adversaryproceeding in which the Debtors seek a ruling from the Court thatthe dedication agreements do not run with the land. The Debtors requested -- and the Court granted -- several days forthe Debtors to cease their trucking operations.The adversary case is Emerald Oil, Inc., et al., Plaintiffs, v.Dakota Midstream, LLC, et al., Adv. Proc. No. 16-50998 (Bankr. D.Del.). About Emerald OilEmerald is a Denver-based independent exploration and productioncompany that is focused on acquiring acreage and developing wellsin the Williston Basin of North Dakota.Emerald Oil, Inc., Emerald DB, LLC, Emerald NWB, LLC, Emerald WBLLC and EOX Marketing, LLC filed separate Chapter 11 bankruptcypetitions (Bankr. D. Del. Case Nos. 16-10704 to 16-10708) on March22, 2016. Ryan Smith signed the petitions as chief financialofficer.The Debtors have hired Kirkland & Ellis LLP and Kirkland & EllisInternational LLP as general bankruptcy counsel, Pachulski StangZiehl & Jones LLP as local counsel, Intrepid Financial Partners,LLC as investment banker, Opportune LLP as restructuring advisorand Donlin Recano & Company, Inc., as claims and noticing agent.Judge Kevin Gross has been assigned the cases.Andrew Vara, acting U.S. trustee for Region 3, appointed sevencreditors of Emerald Oil, Inc., to serve on the official committeeof unsecured creditors. The Committee retains Whiteford, Taylor &Preston LLC as Delaware counsel, and Akin Gump Strauss Hauer & FeldLLP as co-counsel.ENERGEN CORP: Moody's Raises CFR to Ba3, Outlook Stable-------------------------------------------------------Moody's Investors Service upgraded Energen Corporation's CorporateFamily Rating to Ba3 from B1, its Probability of Default Rating toBa3-PD from B1-PD, and senior unsecured notes ratings to B2 fromB3. The Speculative Grade Liquidity (SGL) Rating was raised toSGL-1. The outlook was changed to stable from negative."Energen's upgrade to Ba3 is driven by the substantial progressmade by the company in mitigating its future covenant compliancerisk, reducing its debt and improving its liquidity. Proceeds fromequity issuance and asset sales have greatly improved Energen'sforecasted credit metrics for 2017 and the cash balances will allowthe company to pursue production growth at reasonable returns" saidSreedhar Kona, Moody's Senior Analyst.A list of ratings actions is:Upgrades:Issuer: Energen Corporation Corporate Family Rating, Upgraded to Ba3 from B1 Probability of Default Rating, Upgraded to Ba3-PD from B1-PD Senior Unsecured Notes Ratings, Upgraded to B2 (LGD 5) from B3 (LGD5) Senior Unsec. Shelf, Upgraded to (P) B2 from (P) B3 Senior Unsecured Medium-Term Note Program, Upgraded to (P) B2 from (P) B3RaisedIssuer: Energen Corporation Speculative Grade Liquidity Rating, Raised to SGL-1 from SGL-3Outlook ActionsIssuer: Energen Corporation Changed to Stable from Negative RATINGS RATIONALEEnergen's issuance of equity in the first quarter of 2016, assetsales completed through mid-July 2016 and asset sales expected tobe completed by the end of August 2016 will have raised combinedproceeds totaling approximately $930 million. This has resulted inmeaningful debt reduction and bolstered the company's liquidityposition significantly. The future covenant compliance risk hasbeen well mitigated and the debt reduction combined with themarginal improvement in the commodity price environment havesubstantially improved Energen's forecasted credit metrics comparedto Moody's expectations earlier this year. Moody's projectsEnergen's retained cash flow to debt ratio to be around 28% at theend of 2016.The Ba3 Corporate Family Rating (CFR) considers Energen's very lowleverage metrics, very good liquidity and ability to grow itsproduction at reasonable returns even in a low commodity priceenvironment. The strengths are offset by its relatively smallreserves and production scale and basin concentration. The scaleof Energen's E&P business (post its 2016 asset sales), withproduction of approximately 53,000 Boe per day and projected proveddeveloped reserves of approximately 200 million Boe at the end of2016, is relatively small for its rating category.The B2 rating on Energen's senior unsecured notes reflects theirsubordination to the $1.05 billion senior secured revolving creditfacility, which has a priority claim on the company's assets. WhileMoody's Loss Given Default methodology would suggest a B1 rating onthe unsecured notes, Moody's views the B2 rating as moreappropriate since a slight increase in the borrowing base or higherthan anticipated utilization of the revolver for capital spendingor acquisitions would result in the unsecured notes being rated twonotches below the CFR.Moody's anticipates that Energen will maintain a very goodliquidity profile through the first half of 2017 as reflected byits SGL-1 rating. The company significantly bolstered itsliquidity in recent months through an equity offering that raisedapproximately $381 million in net proceeds and various firm assetsale agreements for gross proceeds totaling approximately $550 million, with most of these sales already completed and therest expected to be completed by the end of August 2016. Pro formafor these asset sales, the cash balance as of March 31, 2016 wouldbe approximately $588 million. The cash raised through thesetransactions positions the company to fund Moody's forecastedoutspend of cash flow of around $250 - $300 million in each of 2016and 2017 as the company increases capital spending to grow itsproduction. The company also has an undrawn $1.05 billionrevolving credit facility that matures in 2019 which furtherstrengthens its liquidity position. Moody's anticipates thatEnergen will be in compliance with the two financial covenantsunder this facility looking out through the first half of 2017. Covenants include a maximum net debt/EBITDAX of 4x and a minimumcurrent ratio of 1x.The stable outlook reflects Energen's very good liquidity andprojected production growth through 2017.Although a ratings upgrade is challenging in the current commodityprice environment, in order for Energen to be considered for anupgrade, the company's production would have to exceed 100,000 boeper day while maintaining low leverage and a Leveraged Full CycleRatio (LFCR) approaching 1.5x.The rating could be downgraded if Energen's RCF to debt declines tobelow 20% on a sustained basis.Energen, headquartered in Birmingham, Alabama, is engaged in theexploration and production of crude oil and natural gas withoperations in the Permian Basin in Texas.The principal methodology used in these ratings was GlobalIndependent Exploration and Production Industry published inDecember 2011.ENERGY FUTURE: Inks $4.09 Billion Merger Deal with NextEra----------------------------------------------------------Energy Future Holdings Corp. and its debtor-affiliates and NextEraEnergy, Inc., on July 29, 2016, entered into a Plan SupportAgreement to effect an agreed upon restructuring of the EFH Debtorspursuant to an Amended Plan of Reorganization. EFH Corp. and EFIHalso entered into an Agreement and Plan of Merger with NEE and EFHMerger Co., LLC, a wholly-owned subsidiary of NEE. Pursuant to the Merger deal, NextEra Energy will contribute$4,096,000,000 -- Merger Sub Cash Amount -- subject to adjustments. On the Closing Date, $250,000,000 of the Merger Sub Cash Amountshall be set aside and used solely to satisfy asbestos claims andrelated costs.The parties anticipate the Merger to close by January 1, 2017. Under the terms of the Amended Plan, among other things and subjectto certain conditions and required regulatory approvals: * TCEH will execute a transaction that will result in a partial step-up in the tax basis of certain TCEH assets; * the spin-off of reorganized TCEH and certain of its direct and indirect subsidiaries (the "Reorganized TCEH Spin-Off") will occur (such first two bullets, the "TCEH Transactions"); and * NEE will acquire reorganized EFH Corp. ("Reorganized EFH") pursuant to a Merger Agreement.The TCEH Transactions are not dependent on the consummation of thetransactions contemplated by the Plan Support Agreement or theMerger Agreement and may occur separately from those transactions.The EFH Debtors will seek Bankruptcy Court approval of the PlanSupport Agreement.Pursuant to the Merger Agreement, at the effective time of theAmended Plan with respect to the EFH Debtors, EFH Corp. will mergewith and into Merger Sub with Merger Sub surviving as a whollyowned subsidiary of NEE. The consideration payable by NEE pursuantto the Merger Agreement consists primarily of cash. A portion ofthe consideration to be distributed to certain holders of allowedclaims and interests in EFH Corp. and EFIH as set forth in theAmended Plan will consist of common stock of NEE.The Merger Agreement contains representations and warranties andinterim operating covenants that are customary for an agreement ofthis nature. The Merger Agreement also includes various conditionsprecedent to consummation of the transactions contemplated thereby,including, among others, a condition that certain approvals andrulings be obtained, including from, among others, the PublicUtility Commission of Texas (the "PUCT") and the Internal RevenueService ("IRS") and a condition that the TCEH Transactions haveoccurred. NEE will not be required to consummate the Merger if,among other items, the PUCT approval is obtained but withconditions, commitments or requirements that impose a BurdensomeCondition (as defined in the Merger Agreement). NEE's and MergerSub's obligations under the Merger Agreement are not subject to anyfinancing condition. Prior to approval of the Merger Agreement bythe Bankruptcy Court, EFH and EFIH may continue to solicitacquisition proposals with respect to Reorganized EFH. In addition, following approval of the Merger Agreement by theBankruptcy Court and until confirmation of the Amended Plan by theBankruptcy Court, EFH and EFIH may continue or have discussions ornegotiations with respect to acquisition proposals for ReorganizedEFH (x) with persons that were in active negotiation at the time ofapproval of the Merger Agreement by the Bankruptcy Court and (y)with persons that submit an unsolicited acquisition proposal thatis, or is reasonably likely to lead to, a Superior Proposal.The Merger Agreement may be terminated upon certain events,including, among other things: * by either party, if the Merger is not consummated by March 26, 2017, subject to a 90 day extension under certain conditions; or * by EFH Corp. or EFIH, until the entry of the confirmation order of the Amended Plan with respect to the EFH Debtors, if their respective board of directors or managers determines after consultation with its independent financial advisors and outside legal counsel, and based on advice of such counsel, that the failure to terminate the Merger Agreement is inconsistent with its fiduciary duties; provided that a material breach of EFH Corp.'s or EFIH's obligations under certain provisions of the Merger Agreement has not provided the basis for such determination.Following approval of the Merger Agreement by the Bankruptcy Court,if the Merger Agreement is terminated for certain reasons set forththerein and an alternative transaction is consummated by EFH orEFIH in which neither NEE nor any of its affiliates obtains director indirect ownership of approximately 80% of Oncor, then EFH andEFIH will pay a termination fee of $275,000,000 to NEE.EFH Corp.'s and EFIH's respective obligations under the MergerAgreement are subject in all respects to the prior approval of theBankruptcy Court. Under the terms of the Plan Support Agreement,the EFH Debtors will seek Bankruptcy Court approval of the MergerAgreement. Private Letter RulingEnergy Future Holdings Corp. in June 2014, filed a request with theIRS for a private letter ruling, which request has beensupplemented from time to time in response to requests from the IRSfor information or as required by changes in the contemplatedtransactions.On July 28, 2016, EFH Corp. received the Private Letter Ruling. Itprovides, among other things, for certain rulings regarding thequalification of (i) the transfer of certain assets and ordinarycourse operating liabilities to reorganized TCEH and (ii) thedistribution of the equity of reorganized TCEH, the cash proceedsfrom reorganized TCEH debt, if any, the cash proceeds from the saleof preferred stock in a newly-formed entity, and the right toreceive payments under a tax receivables agreement (if any), toholders of TCEH first lien claims, as a reorganization qualifyingfor tax-free treatment to the extent of the reorganized TCEH stockreceived.A copy of the Plan Support Agreement is available athttps://is.gd/sCsmybA copy of the Merger Agreement is available athttps://is.gd/brH01bNextEra Energy, Inc. is represented by: Howard Siefe, Esq. David LeMay, Esq. William Greason, Esq. Chadbourne & Parke LLP 1301 Avenue of the Americas New York, NY 10019 E-mail: firstname.lastname@example.com email@example.com firstname.lastname@example.com About Energy FutureEnergy Future Holdings Corp., formerly known as TXU Corp., is aprivately held diversified energy holding company with a Portfolioof competitive and regulated energy businesses in Texas.Oncor, an 80 percent-owned entity within the EFH group, is thelargest regulated transmission and distribution utility in Texas.The Company delivers electricity to roughly three million deliverypoints in and around Dallas-Fort Worth. EFH Corp. was created inOctober 2007 in a $45 billion leverage buyout of Texas powercompany TXU in a deal led by private-equity companies KohlbergKravis Roberts & Co. and TPG Inc.On April 29, 2014, Energy Future Holdings and 70 affiliatedcompanies sought Chapter 11 bankruptcy protection (Bankr. D. Del.Lead Case No. 14-10979) after reaching a deal with some keyfinancial stakeholders to keep its businesses operating whilereducing its roughly $40 billion in debt.The Debtors' cases have been assigned to Judge Christopher S.Sontchi (CSS). The Debtors are seeking to have their cases jointlyadministered for procedural purposes.As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion inbook value and liabilities of $49.7 billion. The Debtors have $42billion of funded indebtedness.EFH's legal advisor for the Chapter 11 proceedings is Kirkland &Ellis LLP, its financial advisor is Evercore Partners and itsrestructuring advisor is Alvarez & Marsal. The TCEH first lienlenders supporting the restructuring agreement are represented byPaul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,and Millstein & Co., LLC, as financial advisor.The EFIH unsecured creditors supporting the restructuringagreementare represented by Akin Gump Strauss Hauer & Feld LLP, as legaladvisor, and Centerview Partners, as financial advisor. The EFHequity holders supporting the restructuring agreement arerepresented by Wachtell, Lipton, Rosen & Katz, as legal advisor,and Blackstone Advisory Partners LP, as financial advisor. EpiqSystems is the claims agent.Wilmington Savings Fund Society, FSB, the successor trustee forthesecond-lien noteholders owed about $1.6 billion, is represented byAshby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A.Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq.,Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey,Esq., and Howard L. Siegel, Esq. An Official Committee ofUnsecuredCreditors has been appointed in the case. The Committee representsthe interests of the unsecured creditors of only of Energy FutureCompetitive Holdings Company LLC; EFCH's direct subsidiary, TexasCompetitive Electric Holdings Company LLC; and EFH CorporateServices Company, and of no other debtors. The Committee hasselected Morrison & Foerster LLP and Polsinelli PC forrepresentation in this high-profile energy restructuring. Thelawyers working on the case are James M. Peck, Esq., Brett H.Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & FoersterLLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq.,ShantiM. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC. * * *In December 2015, the Bankruptcy Court confirmed the Debtors'SixthAmended Joint Plan of Reorganization. In May 2016, certain firstlien creditors of TCEH delivered a Plan Support Termination Noticeto the Debtors and the other parties to the Plan SupportAgreement,notifying the parties of the occurrence of a Plan SupportTermination Event. The delivery of the Plan Support TerminationNotice caused the Confirmed Plan to become null and void.Following the occurrence of the Plan Support Termination Event aswell as the termination of a roughly $20 billion deal to sell theDebtors' stake in Oncor Electric Delivery Co., the Debtors filedthe Plan of Reorganization and the Disclosure Statement with theBankruptcy Court on May 1, 2016. On May 11, they filed an amendedjoint plan of reorganization and a related disclosure statement.In June 2016, Judge Sontchi approved the disclosure statementexplaining Energy Future Holdings Corp., et al.'s second amendedjoint plan of reorganization of the TCEH Debtors and the EFHSharedServices Debtors, and scheduled the hearing to confirm the Plan tostart at 10:00 a.m. (prevailing Eastern Time) on August 17, 2016.ENTERGY MISSISSIPPI: Moody's Affirms Ba1 Rating on Preferred Stock------------------------------------------------------------------Moody's Investors Service affirmed the ratings of EntergyMississippi Inc. (EMI, A3 senior secured and first mortgage bonds;Baa2 issuer rating, Ba1 preferred stock) and System EnergyResources, Inc. (SERI; Baa1 first mortgage bonds). The ratingoutlook for EMI was changed to positive from stable. The ratingoutlook for SERI remains stable.Outlook Actions:Issuer: Entergy Mississippi, Inc. Outlook, Changed To Positive From StableIssuer: System Energy Resources, Inc. Outlook, Remains StableAffirmations:Issuer: Claiborne (County of) MS Senior Unsecured Revenue Bonds, Affirmed Baa3Issuer: Entergy Mississippi, Inc. Issuer Rating, Affirmed Baa2 Pref. Stock Preferred Stock, Affirmed Ba1 Senior Secured First Mortgage Bonds, Affirmed A3Issuer: Independence (County of) AR Senior Secured Revenue Bonds, Affirmed A3 Underlying Senior Secured Revenue Bonds, Affirmed A3Issuer: Mississippi Business Finance Corporation Senior Secured Revenue Bonds, Affirmed A3 Underlying Senior Secured Revenue Bonds, Affirmed A3 Senior Unsecured Revenue Bonds, Affirmed Baa3Issuer: System Energy Resources, Inc. Senior Secured First Mortgage Bonds, Affirmed Baa1 RATINGS RATIONALE"Entergy Mississippi is benefiting from the successfulimplementation of forward-looking cost adjustments within itsformula rate plan" said Vice President Ryan Wobbrock. "Theseadjustments should improve EMI's margins going forward and resultin sustained cash flow to debt metrics around 20%."Last month, the Mississippi Public Service Commission (MPSC)approved a rate stipulation settlement, between EMI and theMississippi Public Utilities Staff, resulting in a $19.4 millionbase rate increase as well as the inclusion of several ridermechanisms to recover other costs on an annual basis. Importantly,the formula rate plan (FRP) order also incorporated, for the firsttime, adjustments to true-up the known and measurable costsincurred subsequent to EMI's filed, historical, test year. Theseadjustments improve the timeliness of cost recovery and boost cashflow beyond what EMI has already been achieving through the FRP.Moody's views the FRP as a significant credit positive since itprovides a dependable and clear framework for timely operating costrecovery. This translates into a high degree of visibility andpredictability into EMI's future operating margin, cash flow anddebt service. As a result, EMI has shown some of the mostconsistent and predictable financial margins among verticallyintegrated peers over the last five years. In addition to beingvery stable, EMI's margins should now increase due toforward-looking adjustments, which should also improve cash flow todebt ratios.EMI's cash flow from operations (CFO) to debt was well above 20%over the last two years, supported by a 7.96% target return on ratebase and an annual re-set of costs in rates. Entergy's corporatetax policies could result in EMI having some CFO volatility attimes, due to fluctuations in deferred taxes, but Moody's believesthat the ongoing intrinsic cash flow generation of EMI willcontinue to produce cash flow to debt in the high teens, at aminimum.The Baa1 first mortgage bond rating and stable outlook for SERIreflects the strong contractual support for the revenuesunderpinning its sole asset -- Grand Gulf 1, a 1,400 megawatt (90%of which is owned by SERI) nuclear plant in Claiborne County, MS.The Baa1 first mortgage bond rating and stable outlook considersthe improving credit profile of SERI's utility affiliateoff-takers, who paid roughly $54 per MWh (i.e., $632 million ofrevenue / 11.7 TWh production) for SERI's nuclear generation in2015. SERI's rating is constrained by its single assetconcentration risk and increasing cost structure vis-a-viscompeting renewable and natural gas generation. Fitch also seesthe potential for SERI's financial metrics to decline in comingyears, due to around $345 million of uncertain tax positions thathave benefitted historical cash flow. Excluding this full amountfrom CFO would change SERI's cash flow to debt metrics from nearly59%, as of 2015, to around 31%.Rating OutlookEMI's positive rating outlook reflects the improved cost recoveryprovisions in its formula rate plan, a supportive regulatoryenvironment in Mississippi and cash flow to debt metrics thatshould be in the 20% range over the next twelve to eighteenmonths.What Could Change the Rating -- UpEMI could be upgraded if financial metrics improved to a levelwhere cash flow to debt is sustainable (i.e., without one-time cashflow benefits or engineering of tax policies) at around 20%, whilemaintaining its current level of regulatory support.What Could Change the Rating -- DownA downgrade for EMI could result from a less supportive regulatoryenvironment in Mississippi or sustained cash flow to debt metricsin the low-teens.The principal methodology used in these ratings was RegulatedElectric and Gas Utilities published in December 2013.ESS AUTOMOTIVE: Selling Assets to CEETUS for $40K-------------------------------------------------ESS Automotive, Inc., asks the U.S. Bankruptcy Court for NorthernDistrict of Ohio to authorize the sale of all or substantially allits assets to CEETUS, Ltd., for approximately $40,000, subject tothe receipt of higher or better offers.The Debtor, an automotive service and repair business and a retailseller of tires located in Mentor, Ohio, has incurred and continuesto incur significant losses and is unable to generate sufficientpositive cash flow to sustain its ongoing operations. For the period ending Dec. 30, 2015, the Debtor had on an unauditedbasis, combined net sales of $663,000. As of the Petition Date,the Debtor was obligated on $300,000 in tax debt. The Debtor'scurrent unsecured debt is approximately $230,000.In light of these circumstances, the Debtor is unable to refinanceits outstanding secured and tax debt and has determined that itsonly viable option is to sell its assets as a going concernpursuant to Section 363 of the Bankruptcy Code.The significant terms of the Asset Purchase Agreement dated July,22, 2016 are: a. General Terms: The Proposed Purchaser will purchasesubstantially all of the assets of the Debtors relating to theDebtor's operations, consisting of certain tangible and intangibleassets as more specifically provided for in the Agreement, andsubject and pursuant to the terms and conditions of the Agreement. b. Purchase Price: In consideration for the transfer of theAssets, CEETUS will pay to the Debtor approximately $40,000. c. As Is Sale: The sale is "as is", "where is" and "with all faults", subject to those representations and warranties as arespecifically provided for in the Agreement. d. Employment: The Proposed Purchaser will not assume any of theDebtor's employment responsibilities or liabilities with respect toany of the employees, other than the employee vacation liability,and the Debtor will otherwise be responsible for making allpayments or accruals of benefits as may be appropriate forliabilities for such employees. e. Bankruptcy Court Approval: The provisions of the Agreementrelating to the payment of expense reimbursement to the ProposedPurchaser will not be binding unless the Bankruptcy Court approvessuch provisions in the Procedures Order.The Agreement provides that the sale is subject to Bankruptcy Courtapproval. Therefore the Agreement may be terminated if a higher orbetter offer is received pursuant to the sale procedures ("SaleProcedures"). The Debtor believes that implementation of the SaleProcedures is most likely to maximize value of the TransferredAssets for the benefit of the Debtor's estate, creditors, and otherinterested parties.According to the proposed Sale Procedures, a sale hearing will beheld on Sept. 13, 2016, at 11:00 a.m. If multiple bids arereceived, an auction will be conducted three business days beforethe hearing. Initial bids will be due three business days prior tothe auction.The Debtor says that absent a prompt sale of its assets as agoing-concern, it will be forced to cease operations and liquidateits assets.A copy of the Motion is available for free at: http://bankrupt.com/misc/Ess_Automotive_Sales.pdfESS Automotive is represented by: Glenn E. Forbes, Esq. FORBES LAW, LLC 166 Main Street Painesville, OH 44077 Telephone: (440) 357-6211 Facsimile: (440) 357-1634 E-mail: firstname.lastname@example.com About ESS AutomotiveFounded in 2003, ESS Automotive, Inc., is an automotive service andrepair business and a retail seller of tires in Mentor, Ohio.ESS Automotive filed a chapter 11 petition (Bankr. N.D. Ohio CaseNo. 13-14658) on June 29, 2013. The Debtor is represented by GlennE. Forbes, Esq., at Forbes Law LLC. The case is assigned toJudge Harris.The Debtor continues to operate its business and manage its affairsas a debtor-in-possession.An official committee of unsecured creditors has not yet beenappointed in the case.EZ MAILING: Accounts Sale to North Mill Approved------------------------------------------------Judge Stacey L. Meisel of the U.S. Bankruptcy Court for theDistrict of New Jersey entered a final order granting finalapproval of E Z Mailing Services, Inc. and United FreightForwarders, LLC, entering into, executing and delivering to NorthMill Capital LLC and performing the obligations required under theDIP Accounts Receivable Agreement, dated as of July 6, 2016.The Debtors are authorized to sell all their rights, title, andinterest in and to all accounts ("Accounts") to North Mill outsideof the ordinary course of business in an amount not to exceed the$3,000,000 maximum client account limit.The sale is free and clear of any interests.An interim hearing on the Motion was held on June 30, 2016 and thefinal hearing was held on July 26, 2016.Judge Meisel ordered that all obligations incurred in accordancewith the terms of the Accounts Receivable Agreement ("DIPAgreement") dated as of July 6, 2016, the Interim Order, and theFinal Order will be fully earned and payable in accordance with theterms of the DIP Agreement, Interim Order, and the Final Order,will represent valid and binding obligations of the Debtorsenforceable against the Debtors, their estates and any successors,including without limitation, any trustee or other estaterepresentative appointed in the case or any case under Chapter 7 ofthe Bankruptcy Code upon the conversion of the case or eithercase.The lien and the superpriority lien granted, authorized andapproved pursuant to the Interim Order are granted finalauthorization and approval subject to the terms set forth in theInterim Order.The allowed superpriority administrative expense claim granted,authorized and approved pursuant to the Interim Order is grantedfinal authorization and approval subject to the terms set forth inthe Interim Order.The Debtors will use the proceeds from purchaser's purchase ofAccounts only for the purposes specifically set forth in the DIPAgreement, Interim Order, the Final Order and in compliance withthe budget ("Budget").A copy of the Budget attached to the Order is available for freeat: http://bankrupt.com/misc/EZ_Mailing_552_Order.pdfThe automatic stay imposed under Section 362(a) of the BankruptcyCode will be and is modified as necessary to effectuate all of theterms and provisions of the Final Order, the Interim Order and theDIP Agreement, including, without limitation, to (a) permit theDebtors to grant the lien against the collateral and superprioritylien against the superpriority collateral and permit purchaser totake all steps it deems necessary to perfect such lien andsuperpriority lien, (b) authorize the Debtors to pay, and purchaserto retain and apply payments made in accordance with the FinalOrder, the Interim Order and the DIP Agreement, and (c) authorizepurchaser to exercise its rights with respect to the collateral andsuperpriority collateral in accordance with the DIP Agreement. About E Z MailingE Z Mailing Services Inc. and United Business Freight Forwardersare transportation logistics companies whose customers includeMacy's, Walmart, JC Penny and Forever 21.After primary lender PNC Bank declared a default and demandedimmediate payment of $4.2 million, which resulted to a customerfreezing payment, E Z Mailing and UBFF filed Chapter 11 bankruptcypetitions (Bankr. D.N.J. Case Nos. 16-10615 and 16-10616,respectively) on Jan. 13, 2016. Ajay Aggarwal, the president,signed the petitions. The Debtors each estimated assets andliabilities in the range of $10 million to $50 million. JudgeStacey L. Meisel presides over the cases.Porzio, Bromberg & Newman, PC, serves as counsel to the Debtors.Bederson LLP's Edward Bond is serving as CRO and crisis manager ofthe Debtors.FIRST ENERGY: Moody's Lowers Sr. Unsecured Rating to Ba2--------------------------------------------------------Moody's Investors Service downgraded the senior unsecured ratingfor First Energy Solutions Corp (FES) to Ba2 from Baa3 and forAllegheny Energy Supply Company, LLC (AES) to Ba1 from Baa3. TheBaa2 senior secured revenue bond rating for FES and the Baa3 seniorunsecured rating for Allegheny Generating Company (AGC) wereaffirmed. The rating outlooks for FES and AES remain negative. The rating outlook for AGC was changed to stable from negative.Moody's also assigned a Ba2 Corporate Family Rating (CFR) andBa2-PD Probability of Default Rating (PDR) to FES and a Ba1 CFR andBa1-PD to AES. The Baa3 Issuer rating for FES was withdrawn.Moody's also assigned an SGL-2 speculative grade liquidity ratingfor both FES and AES.The Baa3 issuer rating and negative rating outlook for FirstEnergyCorp (FirstEnergy) remain unchanged."The lower ratings at FES and AES reflect Moody's decision todelink the ratings on these companies from that of parentFirstEnergy following its decision to eventually exit the merchantbusiness and transition to a purely regulated utility holdingcompany", said Swami Venkataraman, Vice President -- Senior CreditOfficer. "The downgrade also reflects the weak merchant marketconditions and incorporates our expectations that any assistanceprovided to FirstEnergy by the state of Ohio will likely not belinked to the generation business."Downgrades:Issuer: Allegheny Energy Supply Company, LLC Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1 (LGD4) from Baa3Issuer: Beaver (County of) PA, Industrial Devel Auth Senior Unsecured Revenue Bonds, Downgraded to Ba2 (LGD4) from Baa3Issuer: Bruce Mansfield Unit 1 Senior Secured Pass-Through, Downgraded to Ba2 (LGD4) from Baa3Issuer: FirstEnergy Solutions Corp. Senior Unsecured Bank Credit Facility, Downgraded to Ba2 from Baa3 Backed Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD4) from Baa3Issuer: Ohio Air Quality Development Authority Backed Senior Unsecured Revenue Bonds, Downgraded to Ba2 (LGD4) from Baa3Issuer: Ohio Water Development Authority Backed Senior Unsecured Revenue Bonds, Downgraded to Ba2 (LGD4) from Baa3Issuer: Pennsylvania Economic Dev. Fin. Auth. Backed Senior Unsecured Revenue Bonds, Downgraded to Ba2 (LGD4) from Baa3Issuer: Pleasants (County of) WV, County Commission Backed Senior Unsecured Revenue Bonds, Downgraded to Ba1 (LGD4) from Baa3Assignments:Issuer: FirstEnergy Solutions Corp. Corporate Family Rating, Assigned Ba2 Probability of Default Rating, Assigned Ba2-PD Speculative Grade Liquidity Rating, Assigned SGL-2Issuer: Allegheny Energy Supply Company, LLC Corporate Family Rating, Assigned Ba1 Probability of Default Rating, Assigned Ba1-PD Speculative Grade Liquidity Rating, Assigned SGL-2Affirmations:Issuer: Ohio Air Quality Development Authority Backed Senior Secured Revenue Bonds, Affirmed Baa2Issuer: Ohio Water Development Authority Backed Senior Secured Revenue Bonds, Affirmed Baa2Issuer: Allegheny Generating Company Senior Unsecured Regular Bond/Debenture, Affirmed Baa3Outlook Actions:Issuer: Allegheny Energy Supply Company, LLC Outlook, Remains NegativeIssuer: Bruce Mansfield Unit 1 Outlook, Remains NegativeIssuer: FirstEnergy Solutions Corp. Outlook, Remains NegativeIssuer: Allegheny Generating Company Outlook, Changed To Stable From NegativeWithdrawals:Issuer: FirstEnergy Solutions Corp. Issuer Rating, Withdrawn , previously rated Baa3 RATINGS RATIONALEMoody's historically rated FES and AES at the same level asFirstEnergy because of the importance of the merchant operations tothe company's over-all corporate strategy. FirstEnergy has alsoprovided extraordinary financial assistance to FES in the past,such as the 2013 transfer of $1.5 billion of debt from FES toFirstEnergy. In 2015, FirstEnergy's management substantiallyreduced the size and focus of the merchant segment and also statedthat it would not infuse any more capital into the business.However, we maintained the rating link between FE and FES becauseFirstEnergy was still pursuing regulatory options in Ohio linked toits generation business designed to collect additional cash flow,which would have bolstered FirstEnergy's consolidated financialprofile. None of these historic considerations are valid goingforward.FES' Ba2 CFR reflects weak merchant market conditions as well asthe composition of FES' generation portfolio, which is roughly 50%coal, 40% nuclear and 5% each of gas and renewables. Low powerprices, driven by low natural gas prices, are placing considerablestrain on FES' business. This trend is especially pronounced ineastern Ohio and Pennsylvania due to its proximity to the Marcellusnatural gas shale formation. The rating is benefited by the cashflow that is derived from capacity revenues procured through thePennsylvania-Maryland-New Jersey Regional Transmission Organization(PJM), which represents about 30% of FES' total gross margins. Nevertheless, FES' EBITDA is backwardated, meaning projectedcapacity and energy prices are falling. In 2016 and 2017, Moody'sexpects FES to generate roughly $100 - $150 million in free cashflow (after accounting for maintenance capex and nuclear fuelexpenses) but will be free cash flow negative in 2018.Moody's expects FES's cash from operations pre-working capital (CFOpre-WC) coverage of debt to fall from about 24% in 2016 (owing tostrong capacity pricing in PJM's ATSI zone) to 16% in 2018, andfree cash flow (FCF) coverage of debt from 5% in 2016 to zero by2018. Moody's estimates FES' generation assets are worthapproximately $3.6 billion, compared to adjusted debt of roughly$4.3 billion.AES' Ba1 CFR is higher than FES because of a significantlydifferent portfolio composition and materially lower leverage. AES'2,982 MW portfolio is 46% coal, 30% natural gas and 24% pumpedstorage hydro. AES' coal plant is also a relatively betterperformer than FES' coal plants, with capacity factor of 62% in2015 and over 70% in the years before. The gas and hydro assetsare well positioned in PJM and don't face the same environmental orcost pressures as coal and nuclear generation.AES has substantially lower leverage than FES. Moody's expectsAES's CFO pre-WC coverage of debt to fall from about 31.5% in 2016to 15% in 2018. Free cash flow (FCF) coverage of debt is expectedto fall from 18% in 2016 to 4% by 2018. The material decline in2018 is partly attributable to deferred tax swings and we expectthat CFO pre-WC and FCF coverage ratios in 2017 and 2019 would be20-25% and 8-10%, respectively, in the absence of these swings.Moody's estimates a value for AES' generating assets at $1.37billion, compared to debt of $653 million.The affirmation of AGC's rating and the revision of the ratingoutlook to stable from negative reflects the unique nature of AGC'soperations. AGC is 59% owned by AES and 41% owned by MonongahelaPower Company (MP; Baa2 senior unsecured, stable outlook), aregulated utility subsidiary of FirstEnergy. As such, thisownership structure provides some bankruptcy insulation from AES,as well as FES. Further, AGC is regulated by the Federal EnergyRegulatory Commission (FERC) and generates revenues from both AESand MP. The FERC authorized revenue tariff includes all of AGC'soperating costs, as well as an 11% return on equity.Structural ConsiderationsThe ratings for FES and AES' debt instruments comprise both theoverall probability of default of the corporate family rating,reflected in their Ba2-PD and Ba1-PD PDRs, respectively, and anaverage family loss given default assessment, using Moody's LossGiven Default Methodology. The Baa2 rating assigned to the secureddebt at FES' subsidiaries First Energy Generation (FEG) andFirstEnergy Nuclear Generating (FENG) reflects the presence of onlyabout $310 million of secured debt against a total outstanding debtof about $3 billion.The Ba2 (LGD4 59%) rating assigned to the unsecured debt at FES,FEG and FENG reflects the cross-guarantees that exist between FESand each of FEG and FENG which effectively makes unsecured debt atFES pari-passu with unsecured debt at FEG and FENG. In fact, anyunsatisfied secured claims at FEG and FENG will also be pari-passuwith these unsecured claims.LiquidityMoody's assigned an SGL-2 speculative grade liquidity rating forboth FES and AES reflecting adequate liquidity and or expectationthat the companies can finance all their cash needs, includingmaintenance capex from operating cash flow over the next twelvemonths. The companies had about $42 million outstanding undertheir shared $1.5 billion revolving credit facility which maturesin March 2019. FES and AES have sub-limits of $1.5 billion and $1 billion, respectively. This revolver is mostly undrawn as itsprimary purpose is to provide contingent liquidity in the event ofa credit or market shock. FirstEnergy disclosed that thecollateral impact from a downgrade of FES/AES by all ratingagencies was about $300 million, which is easily manageable withits current. Liquidity is managed centrally at FirstEnergy, whichhas another revolver sized at $3.5 billion where the regulatedutilities are also co-borrowers. FirstEnergy had $146 million ofcash on hand as of March 31, 2016.FES and AES' revolving credit facility contains only one financialcovenant, applicable to both, which is a requirement to maintain aconsolidated debt to total capitalization ratio of no more than65%. Both companies were in compliance with this requirement as ofMar 31, 2016.Moody's expects FES and AES to generate free cash flow of $100-150million and $50-100 million, respectively in each of 2016 and 2017. AES has no debt maturities in the next 12 months. FES needs toremarket $391 million of its variable rate revenue bonds in 2016. About $285 million of this amount has already been taken out usingthe FES revolver to date and an additional $106.45 million willmature in September.Rating OutlookThe negative rating outlook on FES and AES reflects the expecteddecline in capacity revenues and EBITDA going forward and the factthat financial ratios are expected to fall significantly from 2018onwards in the absence of a general recovery in merchant marketconditions.Factors that Could Lead to an UpgradeThe rating could be upgraded if merchant market conditions improveand enable the company to consistently maintain a financial profileadequate for the rating. This includes CFO pre-WC and FCF coverageof debt in the high-teens and 8-10%, respectively for FES and20-25% and 10-15%, respectively for AES.Factors that Could Lead to a DowngradeFinancial ratios that are currently forecasted for 2016 and 2017are adequate for the ratings at FES and AES. However, ratings mayagain be downgraded if expectations for 2018 and beyond don'timprove from current levels and the expected CFO pre-WC and FCFcoverage of debt for 2018 and beyond were to decline below levelsrequired to stabilize the outlook mentioned above.The principal methodology used in rating Allegheny GeneratingCompany was Regulated Electric and Gas Utilities published inDecember 2013. The principal methodology used in ratingFirstEnergy Solutions Corp. and Allegheny Energy Supply Company,LLC was Unregulated Utilities and Unregulated Power Companiespublished in October 2014.FIRST KOREAN: South Bay Church Buying Property for $6.65M---------------------------------------------------------First Korean Christian Church of San Jose asks the U.S. BankruptcyCourt for the Northern District of California to authorize the saleof the real and personal property located at 1145 E. Arques Avenue,Sunnyvale, California to South Bay Church and/or assigns for$6,650,000, subject to overbid.A hearing for the Motion is set for Aug. 24, 2016 at 1:30 p.m.The personal property consists of church pews, tables, desks, andmiscellaneous furniture and fixtures located at the Property.The Debtor's real estate broker, Jones Lang LaSalle Brokerage,Inc.("JLL") actively marketed the Property for one month. Fouroffers were received by JLL, and the Debtor determined that thebuyer presented the highest and best offer.A form of agreement is being negotiated between Debtor and buyer. The Debtor's bankruptcy schedules estimated the value of theProperty at $4,000,000.In pertinent part, the buyer made a deposit of $100,000, and willincrease its cash down-payment to $650,000. It will satisfy afinancing contingency for a new loan of $6,000,000 within 30 daysof signing the Agreement.The proceeds of sale are proposed to be disbursed to pay thefollowing: (1) the lien held by BBCN Bank, estimated to be approximately$850,000; (2) real property taxes owed to the County of Santa Clara; and (3) costs of sale, including a 4% broker's commission to JLL.The Debtor, Korean Evangelical Church of America, and First KoreanChristian Church of San Jose all claim an ownership interest in theProperty. These parties entered into a Stipulation to Allow Saleof Real Property Free and Clear of Interests. The Stipulation wasfiled on May 11, 2016.Pursuant to the Stipulation, the net proceeds of sale will bedeposited into an interest bearing joint trust account to beadministered under the control of all three parties, pendingfurther order of Court.First Korean Christian Church of San Jose is represented by: Stanley Zlotoff 300 S. First St. Suite 215 San Jose, CA 95113 Telephone: (408) 287-5087 Facsimile: (408) 287-7645First Korean Christian Church of San Jose sought Chapter 11protection (Bankr. N.D. Cal. Case No. 15-52857) on Sept. 17, 2015.FIRSTENERGY SOLUTIONS: S&P Lowers CCR to BB-, Off CreditWatch-------------------------------------------------------------S&P Global Ratings said that it removed the ratings on FirstEnergySolutions Corp. (FES), and affiliates Allegheny Energy Supply Co.LLC (AYE Supply), Allegheny Generating Co. (AEG), FirstEnergyGeneration Corp. (FEG), FirstEnergy Nuclear Generation Corp. (FENG)from CreditWatch, where they were placed with negative implicationson July 22, 2016.S&P lowered the corporate credit ratings on FES, AYE Supply, andAEG to 'BB-' from 'BBB-'. The outlook is stable.S&P also lowered the senior secured debt ratings on FEG, FENG, andAYE Supply to 'BB+' from 'BBB-'. S&P assigned a '1' recovery scoreto the senior secured debt at these companies, indicating S&P'sexpectation for very high recovery (90%-100%) under a paymentdefault. S&P also lowered the issue-level ratings on the senior unsecureddebt at all affiliates to 'BB-'. S&P assigned its '3' recoveryrating to this debt at FES, FENG, and FEG, indicating S&P'sexpectation for meaningful (50%-70%; lower end of the range)recovery in a default. S&P also assigned its '3' recovery ratingfor the unsecured debt at AYE Supply and AEG, indicating S&P'sexpectation for meaningful (50%-70%; higher end of the range)recovery in a default scenario. The rating actions affect about $3.6 billion of debt at FES andaffiliates. "The downgrade stems from our reassessment of FES' and affiliates'business risk profile to fair from satisfactory, reflecting thateconomic generation has progressively declined--and we expect it tobe under further pressure--as a result of higher production costsrelative to market peers and the loss of parental support uplift inthe rating as per our conclusion that the subsidiaries are nolonger strategic to parent FirstEnergy," said S&P Global Ratingscredit analyst Aneesh Prabhu.As core subsidiaries, their 'BBB-' ratings have been driven byratings on FirstEnergy on a consolidated basis. The stable outlook on FES and affiliates reflects financialmeasures that S&P expects to weaken. S&P expects FFO to debt toweaken to 16% by 2018, from about 25% in 2016 under the prevailingforward prices as legacy hedges roll off. S&P expects thefinancial risk profile to remain aggressive, with FFO to debt above15% through 2018. Under a base-case forecast, cash flow measuresdecline, but S&P expects the company to be free cash flow positivethrough 2017 and cash flow neutral to modestly negative in 2018. FES' ability to manage its load and generation mix and a potentialweaker-than-expected economic recovery are important factors forthe stable outlook.FOUNTAINS OF BOYNTON: Needs Until Nov. 1 to Solicit Plan Acceptance-------------------------------------------------------------------Fountains of Boynton Associates, Ltd., asks the U.S. BankruptcyCourt to extend the exclusive period within which it can solicitacceptances to its plan of reorganization by 90 days through andincluding November 1, 2016. The Debtor has filed a plan of reorganization and disclosurestatement on May 5, 2016; however, the hearing on the DisclosureStatement has been continued to September 14, 2016, in order forthe Debtor to negotiate the terms of a consensual plan orstructured dismissal with its largest creditor, Hanover Acquisition3, LLC. The parties have reached an agreement in principle toresolve the case, which the Debtor anticipates presenting to theCourt shortly.The Solicitation Period currently expires on August 3, 2016, or 180days following the Petition Date.Attorneys for the Debtor: Patrick Dorsey, Esq. SHRAIBERG, FERRARA, LANDAU & PAGE, P.A. 2385 NW Executive Center Drive, #300 Boca Raton, Florida 33431 Telephone: 561-443-0800 Facsimile: 561-998-0047 Email: email@example.com About Fountains of BoyntonFountains of Boynton Associates, Ltd., based in Boynton Beach,Fla., sought Chapter 11 bankruptcy protection (Bankr. S.D. Fla.Case No. 16-11690) on Feb. 5, 2016. The Debtor considers itself a"single asset real estate". The Hon. Erik P. Kimball oversees thecase. Bradley S Shraiberg, Esq., and Patrick Dorsey, Esq., atShraiberg, Ferrara, & Landau, serve as the Debtor's counsel. Thepetition was signed by John B. Kennelly, manager. The Debtor disclosed total assets of $71,421,648 and totalliabilities of $53,672,029 at the time of filing.GAWKER MEDIA: CEO Denton Files for Chapter 11---------------------------------------------Jonathan Randles, writing for Bankruptcy Law360, reported thatGawker founder and chief Nick Denton filed for personal bankruptcyprotection on Aug. 1, 2016, in New York to shield himself from HulkHogan's $140 million sex tape judgment after losing previousattempts to put the judgment on hold pending an appeal. Mr. Dentonis personally liable for a $125 million share of the $140 millionHulk Hogan sex tape judgment.Tom Corrigan, writing for The Wall Street Journal Pro Bankruptcy,reported last month that during a hearing in Manhattan, U.S.Bankruptcy Judge Stuart Bernstein denied Gawker's request to extendchapter 11's litigation shield to its founder, who was then not inbankruptcy. The judge said the company had failed to show that apersonal bankruptcy filing by Mr. Denton would cause "imminent,irreparable harm" to the business he founded in his apartment in2002, the report related.The ruling is a blow to Mr. Denton, who says he can't pay hisshareof a $140 million invasion-of-privacy judgment handed down earlierthis year in favor of Terry Bollea, the wrestler's real name, thereport further related. The judgment, which is being appealed,ledGawker to file for chapter 11 protection last month, the reportsaid.Mr. Denton has already hired bankruptcy lawyers with a $200,000loan from Gawker, made shortly before it filed for bankruptcy, thereport noted. A personal bankruptcy could open a new window intohis finances and subject him to creditor investigations, thereportsaid. Mr. Denton said he has only two significant assets: hisManhattan apartment and his 30% stake in Gawker, the report added. About Gawker MediaFounded in 2002 by Nick Denton, Gawker Media is privately heldonline media company operating seven distinct media brands withcorresponding websites under the names Gawker, Deadspin,Lifehacker, Gizmodo, Kotaku, Jalopnik, and Jezebel. The Company'svarious Websites cover, among other things, news and commentary oncurrent events, politics, pop culture, sports, cars, fashion,productivity, technology and video games.Gawker sought bankruptcy protection after being ordered to pay$140.1 million in connection with an invasion of privacy lawsuitarising from publication of a report and commentary andaccompanying sex video involving Terry Gene Bollea.New York-based Gawker Media, LLC -- fdba Gawker Sales, LLC, GawkerEntertainment, LLC, Gawker Technology, LLC and Blogwire, Inc. --filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No.16-11700) on June 10, 2016. The Hon. Stuart M. Bernstein presidesover the Debtors' cases.Affiliates Gawker Media Group, Inc. and Budapest, Hungary-basedKinja, Kft. filed separate Chapter 11 petitions (Bankr. S.D.N.Y.Case Nos. 16-11719 and 16-11718) on June 12, 2016.The cases are jointly administered.Gregg M. Galardi, Esq., David B. Hennes, Esq. and Michael S.Winograd, Esq., at Ropes & Gray LLP serve as counsel to theDebtors. William Holden at Opportune LLP serves as Gawkers' chiefrestructuring officer. Houlihan Lokey Capital, Inc. serves as theDebtors' investment banker. Prime Clerk LLC serves as claims,balloting and administrative agent. Houlihan Lokey was retained by the Debtors on May 16, 2016, toexplore the possibility of a sale of all or substantially all ofthe Debtors' assets, with the goal of maximizing return to theDebtors' estates in the event of a possible chapter 11 filing.The Debtors estimated $50 million to $100 million in assets and$100 million to $500 million in liabilities.The U.S. trustee for Region 2 on June 24 appointed three creditorsof Gawker Media LLC and its affiliates to serve on the officialcommittee of unsecured creditors. The committee members are TerryGene Bollea, popularly known as Hulk Hogan, Shiva Ayyadurai, andAshley A. Terrill.GNC HOLDINGS: S&P Lowers CCR to 'BB' on Weak Results, CEO Exit--------------------------------------------------------------S&P Global Ratings lowered its corporate credit rating on thePittsburgh, Pa.-based vitamin and supplement retailer GNC HoldingsInc. to 'BB' from 'BB+'. The rating outlook is negative.At the same time, S&P lowered its issue-level rating on thecompany's senior secured term loan facility to 'BB+' from 'BBB-'.The '2' recovery rating is unchanged, reflecting S&P's expectationfor substantial recovery (70%- 90%, lower half of the range) ofprincipal in the event of a payment default or bankruptcy."The downgrade reflects our view that the company's weak operatingperformance will remain amid increased competition (especially fromonline and mass merchant retailers), poor execution of its pricingand merchandising strategies, and meaningful contraction inoperating margin and store productivity, resulting in a lessfavorable assessment of the company's competitive positioning andoperating efficiency," said credit analyst Mathew Christy. "We hadexpected sequential improvement in same-store sales, but thenegative sales trend accelerated in the second quarter, as fallingcustomer traffic led to a 3.7% decline in comparable sales, up fromthe same-store sales decline of 2% in the first quarter. Althoughthe company is attempting to address comparative product pricingthrough changes in promotions, we think the weakness in thecustomer traffic trends will likely persist for the remainder of2016, leading to a 5% sales decline for the year in our forecast. EBITDA margins contracted by more 200 basis points (bps) in thesecond quarter because of sales deleveraging and falling productmargins, worse than our expectations for a 100-bp decline. We seethe accelerated negative performance as a result of the heightenedcompetitive landscape, and believe meaningful traffic headwinds andcompetitive pressures have more than offset the company's variousoperating initiatives. As a result, we are revising our assessmentof GNC's business risk to fair from satisfactory." The negative rating outlook reflects S&P's expectation that weakoperating trends will persist over the next 12 to 18 months, withlower comparable sales reflecting shifting promotional strategiesand increased discounting, increased competition from online andmass merchant vendors, and sustaining lower customer traffic. Inaddition, the outlook considers the risks from the recent abruptchange of CEO and the ongoing strategic review. S&P also forecastsdebt leverage in the mid-3x area in 2016 and FFO to debt of about20% in 2016. S&P could lower its ratings if operating performance is worse thanS&P's base-case projections and free operating cash flow generationis weaker than it expects, leading to slower debt leveragereduction. Under such a scenario, the decline in sales wouldaccelerate to the mid- to high-single-digit range and margins wouldcontinue to decline more than 250 bps, as the magnitude of thecustomer traffic loss increases. In this case, FFO to debt wouldremain at or below 20% and debt leverage would remain at or abovethe mid-3x range. S&P could also lower the rating if the companyadopts a more aggressive financial policy as a result of itsstrategic initiative review, leading to similar credit metrics asper above. While not likely given the company's performance trend and itscurrent strategic review, S&P could revise the outlook back tostable if it believes the company's ongoing operating initiativesor reinvigorated operating results from new management lead toimproved performance on a sustained basis, such that same-storesales trends improve and pricing initiatives lead to better profitmargins. This will also result in strengthened free operating cashflow generation prospects, and improved credit metrics such thatleverage sustains below 3x and FFO-to-debt is around the mid 20%range. In addition, S&P must also believe the improved creditmetrics are supported by the company's financial policy asconcluded by its strategic review.GOSPEL TABERNACLE: Case Summary & 5 Unsecured Creditors-------------------------------------------------------Debtor: Gospel Tabernacle Deliverance Center, Inc. PO Box 18115 Atlanta, GA 30316Case No.: 16-63384Chapter 11 Petition Date: August 1, 2016Court: United States Bankruptcy Court Northern District of Georgia (Atlanta)Debtor's Counsel: Will B. Geer, Esq. LAW OFFICE OF WILL B. GEER, LLC 333 Sandy Springs Circle, NE, Suite 225 Atlanta, GA 30328 Tel: (678) 587-8740 Fax: (404) 287-2767 E-mail: email@example.com firstname.lastname@example.com Assets: $1 million to $10 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by Wiley Jackson, Jr., CEO.A copy of the Debtor's list of five unsecured creditors isavailable for free at http://bankrupt.com/misc/ganb16-63384.pdfGULFMARK OFFSHORE: Incurs $47.6 Million Net Loss in Second Quarter------------------------------------------------------------------Gulfmark Offshore, Inc., filed with the Securities and ExchangeCommission its quarterly report on Form 10-Q disclosing a net lossof $47.6 million on $30.5 million of revenue for the three monthsended June 30, 2016, compared to a net loss of $8.24 million on$74.5 million of revenue for the three months ended June 30, 2015.For the six months ended June 30, 2016, the Company reported a netloss of $139 million on $69.3 million of revenue compared to a netloss of $13.4 million on $163.6 million of revenue for the sameperiod in 2015.As of June 30, 2016, Gulfmark had $1.12 billion in total assets,$587 million in total liabilities, and $541 million in totalstockholders' equity.Quintin Kneen, president and CEO, commented, "We are pleased toreport on our ability to continually improve the Company. Weimproved the balance sheet through debt repurchases that averagedless than half of par value. We continue to improve the averagefleet age and capability through the delivery of a newstate-of-the-art vessel in the Americas, the sale of an oldervessel in the North Sea and the sale of two of our older vessels inSoutheast Asia in July. Through our persistent cost focus, wereduced direct operating expenses for each of the last sevenquarters. Importantly we reduced these costs during the secondquarter while increasing utilization, and we anticipate this trendto continue. In the broader market, we are seeing signs that theindustry is withdrawing capacity to such a degree that certaingeographic markets are beginning to show signs of balance. Inparticular, the North Sea PSV market has seen the average spot dayrate for the second quarter increase by more than 150% over thesame period last year. Also, for the first time since the secondquarter of 2014, we sequentially increased our consolidated averagequarterly utilization. That increase was 3 percentage points.Overall we are seeing early signs of encouragement, however leadingedge day rates and utilization are still well below sustainablelevels for the industry."During the quarter, we accomplished milestones that will help uswhen the upturn arrives. We repurchased $49 million of debt in theopen market for approximately $24 million. By repurchasing ourdebt at a substantial discount, we created a gain in the currentquarter and reduced the amount of ongoing interest expense and debtthat the Company will ultimately have to repay. We were able tosell an 18 year-old vessel that had been in lay-up for over a year. This sale provided some immediate cash and removed anon-contributing vessel from our fleet. Additionally, we tookdelivery of our first 300 Class Jones Act vessel near the end ofthe second quarter."The North Sea region is beginning to show some signs ofincremental day rate improvement. Average leading edge day rates inthe spot market increased to an amount that was above operatingcash costs for most of the quarter. We view this improvement as aresult of vessel owners withholding supply rather than an increasein demand. While we know the climb in day rates will not besteady, we are optimistic that prospective rates will be moresupportive of profitable operations in this region. Our SoutheastAsia operations also experienced operational improvement, achievingincreased day rates and utilization compared to the prior quarter. We believe this Southeast Asia improvement has more to do withindividual successes by our management rather than an improvementin the overall market."Kneen continued, "We are steadfastly maintaining our strategy ofopportunistically reducing debt, selling vessels, loweringoperating costs and maintaining capital discipline, which allows usto maximize operating cash flow, maintain liquidity and improvelong-term operational efficiencies. As we have previously stated,we expect to have adequate liquidity and to be in compliance withour debt covenants and maintain access to our revolving creditfacilities through the foreseeable future, which includes all of2017. Also, we are seeing a continued increase in activity frompotential vessel purchasers, and we remain confident that we willbe able to continue to meet our goal of liquidating oldervessels."A full-text copy of the Form 10-Q is available for free at: https://is.gd/W046U4 About Gulfmark GulfMark Offshore, Inc., a Delaware corporation, was incorporatedin 1996. The Company provides offshore marine support andtransportation services primarily to companies involved in theoffshore exploration and production of oil and natural gas. TheCompany's vessels transport materials, supplies and personnel tooffshore facilities, and also move and position drilling andproduction facilities. The majority of our operations areconducted in the North Sea, offshore Southeast Asia and offshorethe Americas. The Company currently operates a fleet of 73 ownedor managed offshore supply vessels, or OSVs, in the followingregions: 30 vessels in the North Sea, 13 vessels offshore SoutheastAsia, and 30 vessels offshore the Americas. The Company's fleet isone of the world's youngest, largest and most geographicallybalanced, high specification OSV fleets. The Company's ownedvessels have an average age of approximately nine years.Gulfmark reported a net loss of $215 million in 2015 following netincome of $62.4 million in 2014. * * *As reported by the TCR on March 15, 2016, Standard & Poor's RatingsServices lowered its corporate credit rating on Houston-based,marine transportation services company GulfMark Offshore Inc. to'CCC' from 'B-'.The TCR also reported on Feb. 26, 2016, that Moody's InvestorsService downgraded GulfMark Offshore Inc.'s (GulfMark) CorporateFamily Rating (CFR) to Caa3 from B3, Probability of Default Rating(PDR) to Caa3-PD from B3-PD, and senior unsecured notes to Ca fromCaa1.HCA INC: Fitch Rates Secured Bank Term Loan 'BB+/RR1'-----------------------------------------------------Fitch Ratings has assigned a 'BB+/RR1' rating to HCA Inc.'s (HCA)$1 billion senior secured bank term loan. Fitch expects that thecompany will apply the proceeds of this term loan to refinancecertain existing term loans of HCA Inc. The Rating Outlook isStable. The ratings apply to $31.5 billion of debt outstanding atJune 30, 2016. KEY RATING DRIVERSIndustry-Leading Financial Flexibility: HCA's financial flexibilityhas improved significantly in recent years as a result of organicgrowth in the business as well as proactive management of thecapital structure. The company has hospital industry-leadingoperating margins and generates consistent and ample discretionaryfree cash flow (FCF; operating cash flows less capital expendituresand distributions to minority interests). Transition to Public Ownership Complete: The sponsors of a 2006 LBOpreviously directed HCA's financial strategy, but their ownershipstake decreased steadily following a 2011 IPO and HCA has appointedfive independent members to the 12-member board of directors (BOD),bringing the total to eight.More Predictable Capital Deployment: Under the direction of the LBOsponsors, HCA's ratings were constrained by shareholder-friendlycapital deployment; the company has funded $7.5 billion in specialdividends and several large repurchases of the sponsors' sharessince 2010. Fitch thinks HCA will have a more consistent andpredictable approach to funding shareholder payouts under publicownership and an independent BOD.Expect Stable Leverage: Fitch forecasts that HCA will producediscretionary FCF of about $2 billion in 2016, and will prioritizeuse of cash for organic investment in the business, acquisitionsand share repurchases. At 3.9x, HCA's gross debt/EBITDA is belowthe average of the group of publicly traded hospital companies, andFitch does not believe that there is a compelling financialincentive for HCA to apply cash to debt reduction.Secular Headwinds to Operating Outlook: Measured by revenues, HCAis the largest operator of for-profit acute care hospitals in thecountry, with a broad geographic footprint. The company benefitedfrom this favorable operating profile during a period of severalyears of weak organic operating trends in the for-profit hospitalindustry. Although operating trends improved industrywide startingin mid-2014, secular challenges, including a shift to lower-costcare settings and health insurer scrutiny of hospital care, are acontinuing headwind to organic growth.KEY ASSUMPTIONSFitch's key assumptions within the rating case for HCA include: -- Organic revenue growth of 4%-5% in 2016 and 2017, driven by a 2%-3% increase in patient volumes with the remainder contributed by growth in pricing; -- Modest Operating EBITDA margin compression of 20-30 basis points (bps) in each of 2016 and 2017, primarily as the result of negative operating leverage as patient volume growth rates normalize versus the higher level seen in 2014-2015 and growth in pricing slows; -- Fitch forecasts EBITDA of $8.4 billion and discretionary FCF of $2 billion in 2016 for HCA, with capital expenditures of about $2.7 billion. Higher capital spending is related to growth projects that support the expectation of EBITDA growth through the forecast period; -- The majority of discretionary FCF is directed towards share repurchases and acquisitions, and debt due in 2016-2019 is refinanced, resulting in gross debt/EBITDA of 3.5x-4.0x through the forecast period.RATING SENSITIVITIESMaintenance of a 'BB' Issuer Default Rating (IDR) considers HCAoperating with debt leverage sustained around 4.0x and with an FCFmargin of 4%-5%. A downgrade of the Issuer Default Rating (IDR) to'BB-' is unlikely in the near term, since these targets afford HCAwith significant financial flexibility to increase acquisitions andorganic capital investment while still returning a substantialamount of cash to shareholders through share repurchases.An upgrade to a 'BB+' IDR is possible if HCA maintains debtleverage of 3.0x-3.5x. In addition to a commitment to operate withlower leverage, improvement in organic operating trends in thehospital industry would support a higher rating for HCA. Evidenceof an improved operating trend would include positive growth inorganic patient volumes, sustained improvement in the payor mixwith fewer uninsured patients and correspondingly lower bad debtexpense, and limited concern that profitability will suffer fromdrops in reimbursement rates.LIQUIDITYHCA's liquidity profile is solid. Proceeds from the new bank loanwill partially refinance approximately $2.3 billion of term loansmaturing in 2018. There are no significant debt maturities in2016-2017. In 2018, $2.3 billion of term loans and $500 million ofunsecured notes come due. Fitch believes that HCA's operatingoutlook and financial flexibility are amongst the best in thehospital industry, affording the company good market access torefinance upcoming maturities.At June 30, 2016, HCA's liquidity included $691 million of cash onhand, $2 billion of available capacity on its senior secured creditfacilities and latest 12 months (LTM) discretionary FCF of about$2.4 billion. HCA's EBITDA/gross interest expense is solid for the'BB' rating category at 4.9x and the company had an ample operatingcushion under its bank facility financial maintenance covenant,which requires debt net of cash maintained at or below 6.75xEBITDA. The secured debt rating is one notch above the IDR, illustratingFitch's expectation of superior recovery prospects in the event ofdefault. The first-lien obligations, including the bank debt andthe first-lien secured notes, are guaranteed by all material whollyowned U.S. subsidiaries of HCA, Inc. that are 'unrestrictedsubsidiaries' under the HCA Inc. unsecured note indenture datedDec. 16, 1993. Because of restrictions on the guarantor group as stipulated by the1993 indenture, the credit facilities and first-lien notes are not100% secured; the subsidiary guarantors of the first-lienobligations comprised about 45% of consolidated total assets. TheABL facility has a first-lien interest in substantially alleligible accounts receivable (A/R) of HCA, Inc. and the guarantors,while the other bank debt and first-lien notes have a second-lieninterest in certain of the receivables. The HCA Inc. unsecured notes are rated at the same level as the IDRdespite the substantial amount of secured debt to which they aresubordinated, with secured leverage of about 2.5x. If HCA were tolayer more secured debt into the capital structure, such thatsecured debt leverage is greater than 3.0x, it could result in adowngrade of the rating on the HCA Inc. unsecured notes to 'BB-'.The bank agreements include a 3.75x first lien secured leverageratio debt incurrence test. The HCA Holdings Inc. unsecured notes are rated two-notches belowthe IDR to reflect the substantial structural subordination ofthese obligations, which are subordinate in right of payment to alldebt outstanding at the HCA Inc. level. At June 30, 2016, leverageat the HCA Inc. and HCA Holdings Inc. level was 3.8x and 3.9x,respectively.FULL LIST OF RATING ACTIONSFitch currently rates HCA as follows:HCA, Inc. -- IDR 'BB'; -- Senior secured credit facilities (cash flow and asset backed) 'BB+/RR1'; -- Senior secured first lien notes 'BB+/RR1'; -- Senior unsecured notes 'BB/RR4'.HCA Holdings Inc. -- IDR 'BB'; -- Senior unsecured notes 'B+/RR6'.The Rating Outlook is Stable.HCA INC: S&P Retains 'BB' Corporate Credit Rating-------------------------------------------------S&P Global Ratings assigned its 'BBB-' issue-level rating (twonotches above the corporate credit rating) to Nashville-based HCAInc.'s proposed 7.5-year, $1 billion senior secured term loan B-7,which is being issued to refinance the company's term loan B-4maturing in 2018. S&P assigned a '1' recovery rating to this debt,indicating S&P's expectation of very high (90% to 100%) recoveryfor lenders in the event of a payment default. The issue-levelratings are the same as S&P's ratings on the existing seniorsecured debt.S&P's 'BB' corporate credit rating on HCA reflects S&P's view thatits scale relative to other health care services peers should allowthe company to better offset declining reimbursement rates withcost reduction efforts, and that its scale and market presenceshould aid in contract negotiations with commercial payors. Inaddition, HCA's business is diversified beyond inpatient hospitalservices, with about 38% of revenues coming from outpatientprocedures. These factors are only partially offset by S&P's viewthat HCA is exposed to reimbursement pressure as government andcommercial payors seek to control costs, and its business isgeographically concentrated in two states, Texas and Florida, whichtogether represent about half of the company's revenues.S&P's ratings on HCA also reflect S&P's view that the company willmaintain leverage around 4x and generate funds from operations(FFO) to total debt in the mid- to high-teens area. S&P's ratingsalso incorporate its expectation that HCA will continue to generatesignificant operating cash flow, but S&P expects the company toinvest heavily in capital expenditures and to continue toprioritize shareholder return over debt repayment.RATINGS LISTHCA Inc. Corporate Credit Rating BB/Stable/--New RatingHCA Inc. $1 Bil. Senior Secured Term Loan B-7 BBB- Recovery Rating 1HOVNANIAN ENTERPRISES: Fitch Affirms 'CCC' Issuer Default Rating----------------------------------------------------------------Fitch Ratings has affirmed the ratings of Hovnanian Enterprises,Inc. (NYSE: HOV), including the company's Long-Term Issuer DefaultRating (IDR) at 'CCC' following the recently announced financingcommitments and proposed tender offer for its existing unsecurednotes. Fitch believes that the proposed tender offer does notconstitute a Distressed Debt Exchange (DDE). A complete list ofrating actions follows at the end of this release. NEW FINANCING COMMITMENTSThe company recently entered into new financing commitments for anew $75 million first lien term loan (T/L) due Aug. 1, 2019 (orOct. 15, 2018 if HOV's existing 7% senior notes due 2021 remainoutstanding at that time or if any refinancing with respect to the7% notes has a maturity date prior to January 2021) and a new $75million 10% senior secured second lien notes due Oct. 15, 2018. The net proceeds from the T/L and the senior secured second liennotes issuances will be used to repay existing debt, includingHOV's announcement of a tender offer to purchase for cash all ofthe company's $121 million 8.625% senior notes due 2017. Any excessproceeds from the consummation of the tender offer will be used torepurchase or repay debt securities with maturities in 2017, or asagreed upon, HOV's other indebtedness. The new $75 million T/L (Libor + 700 bps) will be secured by all ofthe assets owned by the company on a super priority basis relativeto HOV's existing $577 million 7.25% senior secured first liennotes due 2020, the new $75 million senior secured second liennotes, and the existing 9.125% senior secured second lien notes due2020. The new $75 million 10% senior secured second lien notes will besecured on a pari passu second lien basis with HOV's existingsecond lien notes by substantially all of the assets of thecompany. TENDER OFFERIn conjunction with the financing commitments announced by thecompany, HOV has commenced a tender offer to purchase for cash anyand all of the company's 8.625% senior notes due 2017 ($121 millionoutstanding). The company is also soliciting consents of holders ofthe notes to proposed amendments to the indenture governing thenotes to eliminate most of the restrictive covenants and certainevents of default. The early tender offer expires on Aug. 11, 2016and the tender offer will expire on Sept. 7, 2016.Fitch believes that the proposed tender offer does not constitute aDDE.EXCHANGE AGREEMENTThe company has also entered into an exchange agreement withinvestors pursuant to which the investors will exchange $75 millionof existing 9.125% senior secured second lien notes due 2020 ($220million outstanding) for a newly issued $75 million of 9.5% seniorsecured notes due 2020. The new senior secured notes will besecured on a pari passu first lien basis with HOV's existing $141.8million 5% senior secured notes due 2021 and $53.2 million 2%senior secured notes due 2021 by substantially all of the assets ofthe members of the secured group.KEY RATING DRIVERSThe rating for HOV is influenced by the company's execution of itsbusiness model, land policies, and geographic, price point andproduct line diversity. Risk factors include the cyclical nature ofthe homebuilding industry, the company's high debt load, highleverage and weak liquidity position. The proposed refinancing allows the company to address near termdebt maturities, although HOV continues to have meaningful debtcoming due in 2017, 2018 and 2019. On a pro forma basis, HOV willhave the following maturities: (calendar year) 2017 - $81.7 million(less any amounts repaid from the excess proceeds from the T/L andnew second lien notes following the completion of the tenderoffer); 2018 - $75 million; and 2019 - $475 million.LIQUIDITYAs of April 30, 2016, HOV had $120.7 million of unrestrictedhomebuilding cash and $2.6 million of borrowing availability underits $75 million unsecured revolving credit facility. Subsequent tothe end of the quarter, the company received $75.1 million of netcash proceeds from sales of its land portfolios in its Minnesotaand North Carolina markets and from the contribution of land to anew joint venture. In May 2016, the company also repaid $86.5million of 7.5% senior unsecured notes that matured. Fitch expects the company will generate positive cash flow fromoperations during fiscal year 2016 and end the year with about $150million - $200 million of liquidity (unrestricted cash and revolveravailability). GENERALLY IMPROVING HOUSING MARKET Housing activity ratcheted up more sharply in 2015 as compared with2014 with the support of a generally robust economy throughout theyear. Single-family starts rose 10.3% to 715,000 as multifamilyvolume grew 11.8% to 397,000. Total starts were just in excess of1.1 million. New home sales increased 14.6% to 501,000. Existinghome volume approximated 5.250 million, up 6.3%. New home priceinflation slimmed with higher interest rates and the mix of salesshifting more to first time homebuyer product. Average home pricesgrew 3.7%, while median prices rose 4.7%.Sparked by a similarly growing economy, the housing recovery isexpected to continue in 2016. A robust economy, healthy jobcreation, demographics, pent-up demand, steep rent increases, andfurther moderation in lending standards should stimulate housingactivity. Housing starts should approximate 1.21 million withsingle-family volume of 0.797 million and multifamily starts of0.413 million. New home sales should reach 574,000, up 14.6%.Existing home volume growth should be low-single digit (+3.0%).Average and median home prices should rise 3.0% - 3.5%, higher thanearlier forecasts because of still tight inventories.Fitch believes 2017 could prove to be almost a mirror image of2016. Real economic growth should be similar to this year, althoughoverall inflation should be more pronounced. Interest rates willrise further but demographics and employment growth should be atleast as positive in 2017. First time buyers will continue togradually represent a higher portion of housing purchases asqualification standards loosen further. Land and labor costs willinflate more rapidly than materials costs. Housing starts shouldtotal 1.311 million. Single-family volume should expand 10% to877,000, while multi-family starts grow 5% to 434,000. New homesales should reach 640,000, up 11.5%. Existing home sales shouldgain 4% to 5.625 million.Average and median home prices should expand 2.0% - 2.5% in 2017.KEY ASSUMPTIONSFitch's key assumptions within the rating case for HOV include: -- Industry single-family housing starts improve 11.5%, while new and existing home sales grow 14.6% and 3%, respectively in 2016. Fitch expects the housing upcycle to continue in 2017, with single-family starts forecast to improve 10% and new and existing home sales increase 11.5% and 4%, respectively; -- HOV's revenues increase 25% - 30% during 2016; -- HOV generates positive FCF; -- The company ends FY2016 with about $150 million - $200 million of liquidity (combination of unrestricted cash and revolver availability).RATING SENSITIVITIESNegative rating actions may occur if HOV's liquidity position fallsbelow $150 million and the company does not provide a credible planto address its upcoming debt maturities.Positive rating actions are unlikely in the next 12 months asliquidity remains constrained, leverage is expected to remainelevated, and coverage will continue to be weak. However, Fitch mayconsider a positive rating action if the housing recovery ismeaningfully better than Fitch's current outlook and is maintainedover a multi-year period, allowing the company to significantlyimprove its liquidity position and credit metrics.FULL LIST OF RATING ACTIONSFitch has affirmed the following ratings:Hovnanian Enterprises, Inc. -- Long-Term IDR at 'CCC'; -- Senior secured first lien notes due 2020 at 'B/RR1'; -- Senior secured second lien notes due 2020 at 'CCC-/RR5'; -- Senior secured notes (5% and 2%) due 2021 at 'CCC+/RR3'; -- Senior unsecured notes at 'CCC-/RR5'; -- Series A perpetual preferred stock at 'C/RR6'.RECOVERY ANALYSISHOV's Recovery Ratings reflects Fitch's expectation that theenterprise value of the company will be maximized in arestructuring scenario (going concern). Fitch employs a 6xdistressed EBITDA enterprise value multiple and assumes goingconcern EBITDA of $180 million. The 'B/RR1' rating for HOV's $550 million first lien senior securednotes reflect Fitch's estimate for a recovery range of 91% - 100%.The company's first lien and second lien notes due 2020 are securedby $785.1 million of pledged inventory and pledged equity value ofsubsidiaries without inventory liens and $106.4 million of cash.Fitch rates HOV's second lien senior secured notes 'CCC-/RR5',reflecting 11% - 30% recovery for this debt issue.The 'CCC+/RR3' rating for the company's 5% and 2% senior securednotes due 2021 reflect Fitch's estimate for a recovery range of 51%- 70%. These notes are secured by $167.7 million of pledgedinventory and pledged equity value of subsidiaries withoutinventory liens, $16.5 million of cash, and HOV's interest incertain joint ventures. Fitch's 'CCC-/RR5' rating on the company's senior unsecured notesreflects recovery of 11%-30% for these debtholders. Fitch assumedthat the assets that are not pledged and the excess value fromproperty specifically pledged to certain lenders is distributed tounsecured claims on a pro rata basis, including the seniorunsecured noteholders and the undersecured claim portion held byother secured lenders.The 'C/RR6' rating on HOV's preferred stock assumes zero recovery.INTEGER HOLDINGS: S&P Lowers CCR to 'B', Outlook Stable-------------------------------------------------------S&P Global Ratings lowered its corporate credit rating on IntegerHoldings Corp. to 'B' from 'B+'. The rating outlook is stable.S&P lowered the issue-level rating on Integer's secured creditfacility to 'B' from 'B+'. The recovery rating of '3' is unchangedand indicates S&P's expectation of meaningful (50% to 70%, at thehigher end of the range) recovery in the event of payment default.S&P also lowered the issue-level rating on Integer's seniorunsecured notes to 'CCC+' from 'B-'. The recovery rating of '6' isunchanged and indicates S&P's expectation for negligible (0% to10%) recovery in the event of payment default."The downgrade reflects the weak financial performance in recentquarters as well as our lowered expectations for 2016 and 2017,which weigh on credit metrics," said S&P Global Ratings creditanalyst David Kaplan. It also reflects reduced confidence inmanagement's visibility, and a change in S&P's view on the degreeof diversification and the company's exposure to earningsvolatility.More specifically, the company's financial performance has beennegatively affected in recent quarters by weaker demand fromcertain medical device customers, stemming from delayed launches ofnew products, existing programs tapering off sooner than expectedas those products are discontinued, and customers aggressivelyworking down their inventory levels. The company was also hurt byvery weak demand from customers in the energy sector (whichrepresents less than 10% of revenues).S&P's rating outlook on Integer is stable, reflecting S&P'sexpectation that leverage will likely remain above 5x, at leastthrough 2017, even as the company generates substantial free cashflow and prioritizes debt reduction.S&P could lower the rating if the company fails to achievesynergies or experiences operational challenges in the integrationof Lake Region, such that free cash flow falls below $25 million(excluding non-recurring adjustments). This could occur if EBITDAmargins declined 400 basis points below S&P's expectations due tointegration challenges or intensified competition. This could alsooccur if the company alienates customers through its efforts todesign new products, which may compete with client products.Although unlikely over the next year, S&P could raise the rating ifthe company reduces debt leverage to below 5x, providing S&Pbelieves the company will sustain those credit measures. Thiswould likely involve the company successfully achieving plannedcost synergies and expanding profit margins.INTERNATIONAL SHIPHOLDING: Approval of $16M DIP Financing Sought----------------------------------------------------------------International Shipholding Corporation, et al., seek authority fromthe Bankruptcy Court to obtain up to $16,000,000 in senior securedsuperpriority debtor-in-possession financing pursuant to aDebtor-in-Possession Credit Agreement entered among the Debtors, asborrowers, SEACOR Capital Corp., as administrative agent andcollateral agent, and DVB Bank SE (or an affiliate), SEACOR CapitalCorp., and one or more of their designated affiliates, as lenders. In addition, the Debtors request for interim and immediateauthorization to use $7 million of cash collateral.The Cash Collateral and all proceeds of the DIP Facility will beutilized by the Debtors for ongoing working capital and generalcorporate requirements."The DIP Facility is necessary to preserve the assets of theestates, as it will allow the Debtors to continue, among otherthings, the orderly operation of the Debtors' business and thechapter 11 cases, and to otherwise satisfy their working capitalrequirements. Without immediate access to new borrowing relief,the Debtors' business operations, their assets, and the chapter 11cases in general would be in serious jeopardy. The new liquidityoffered by the proposed DIP Facility will enable the Debtors tomaintain and ultimately increase the value of their assets andsuccessfully administer the chapter 11 cases through the bankruptcyprocess," said Erik L. Johnsen, president and chief executiveofficer of International Shipholding.The DIP Facility will mature on the earliest to occur of (i) Jan.31, 2017, (ii) the effective date of a plan of reorganization ofthe Borrowers that is confirmed pursuant to an order entered by theBankruptcy Court or the consummation of any sale of all orsubstantially all of the assets of the Borrowers, (iii) theacceleration of the Loans and the termination of the Commitments inaccordance with the terms of the DIP Facility, (iv) theappointment by the Bankruptcy Court of a trustee or an examinerwith expanded powers in any of the Chapter 11 cases, and (v) theentry of any order dismissing any of the Chapter 11 cases orconverting any of the Chapter 11 cases to a case under Chapter 7 ofthe Bankruptcy Code.Borrowings under the DIP Facility bear an interest rate of 12% perannum. A facility fee of $525,000 is payable to the DIP Agent on behalf ofSEACOR Capital Corp. upon the initial funding of the DIP Facility. A DIP agent fee is payable to the DIP Agent for its own account inthe amount of $50,000, payable upon the execution and delivery ofthe DIP Facility.The Debtors said the DIP Facility will support not only their nearterm liquidity needs, but will also "bridge" their operations to avalue-maximizing restructuring transaction, as reflected in themilestones set forth in the DIP Credit Agreement.The DIP Facility includes, among other liens, priming liens grantedpursuant to Bankruptcy Code Section 364(d)(1) with respect to theprepetition collateral of the prepetition secured parties. According to the Debtors, Regions Bank, as administrative agent andcollateral agent, and Regions Bank, Capital One, N.A., BranchBanking and Trust Company, and Whitney Bank, as lenders, under aCredit Agreement dated as of Sept. 24, 2013, (the "Senior FacilityLenders") and DVB Bank SE, as mandated lead arranger, facilityagent, and security trustee under a Credit Agreement, dated as ofAug. 26, 2014 (the "DVB Lenders"), have affirmatively consented tothe priming of their prepetition secured interests. About International ShipholdingInternational Shipholding Corporation was founded in 1947 when theJohnsen family purchased a Liberty Ship after the establishment ofthe War Ship Act of 1946 and became a public company in 1979. ISHand its Debtor and non-Debtor affiliates are engaged in waterbornecargo transportation and maintain a diversified customer base withemphasis on medium and long term contracts. As of the PetitionDate, International Shipholding maintains offices in Mobile,Alabama, New Orleans, Louisiana, New York, New York, and Tampa,Florida, as well as a network of agencies in major citiesworldwide.Through its Debtor and non-Debtor subsidiaries, InternationalShipholding operates a diversified fleet of 21 U.S. and foreignflag vessels that provide domestic and international maritimetransportation services to commercial and governmental customersprimarily under medium to long-term contracts.Each of International Shipholding Corporation and 17 of itssubsidiaries filed a voluntary petition under Chapter 11 of theBankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 16-12220) on July31, 2016. Manuel G. Estrada, the vice president and chieffinancial officer, signed the petitions.The Debtors listed $305 million in total assets and $227 million intotal debt as of March 31, 2016The Debtors have hired Akin Gump Strauss Hauer & Feld LLP ascounsel, Blackhill Partners, LLC as restructuring advisor, and Prime Clerk LLC as noticing and claims agent.INTERNATIONAL SHIPHOLDING: Files for Chapter 11 to Restructure--------------------------------------------------------------International Shipholding Corporation and certain of itssubsidiaries each filed a voluntary petition under Chapter 11 ofthe Bankruptcy Code in the United States Bankruptcy Court for theSouthern District of New York to restructure their debt obligationsand capital structure.Over the last two years, International Shipholding has sufferedsubstantial losses and encountered significant challenges relatedto complying with its debt covenants and meeting minimum liquidityrequirements to operate, as disclosed in the bankruptcy filing. The Debtors, together with their non-Debtor subsidiaries, held on aconsolidated basis approximately $305,087,000 in assets andapproximately $226,833,000 in liabilities as indicated in theirbalance sheet as of the end of the first quarter of 2016. TheDebtors reported consolidated net loss of approximately $8,454,000for the three months ending March 31, 2016, and a consolidated netloss of approximately $179,693,000 for the year ended Dec. 31,2015.Company President Erik L. Johnsen said that since late September2015, International Shipholding's lenders have provided a series ofadditional default waivers, including waivers granted in connectionwith credit facility amendments entered into on or prior to Nov.16, 2015. These amendments also effected a series of additionalsubstantive amendments to each of International Shipholding'scredit facilities, including but not limited to acceleratedrepayment terms, increased interest rates, and required assetdivestitures by specified milestone deadlines and at specifiedamounts.ISH was founded in 1947 when the Johnsen family purchased a LibertyShip after the establishment of the War Ship Act of 1946 and becamea public company in 1979. ISH and its Debtor and non-Debtoraffiliates are engaged in waterborne cargo transportation andmaintain a diversified customer base with emphasis on medium andlong term contracts. As of the Petition Date, InternationalShipholding maintains offices in Mobile, Alabama, New Orleans,Louisiana, New York, New York, and Tampa, Florida, as well as anetwork of agencies in major cities worldwide. Through its Debtorand non-Debtor subsidiaries, International Shipholding operates adiversified fleet of 21 U.S. and foreign flag vessels that providedomestic and international maritime transportation services tocommercial and governmental customers primarily under medium tolong-term contracts. In connection with International Shipholding's efforts to improveits financial position and liquidity, the Board of Directorsapproved a strategic plan on Oct. 21, 2015, to restructureInternational Shipholding by focusing on its three core businesssegments -- the Jones Act, Pure Car Truck Carriers, and Rail-Ferrybusiness segments. Prior to the adoption of the Strategic Plan,International Shipholding operated six separate business segments. Throughout the first quarter of 2016, International Shipholdingcontinued to execute its Strategic Plan with the sale of, amongother things, two handysize vessels, one capesize vessel, andInternational Shipholding's equity interests in fifteenmini-bulkers, two asphalt tankers, and two chemical tankers. Allof the proceeds of these sales were furnished directly toInternational Shipholding's lenders, resulting in approximately$38.0 million in non-cash activity that reduced InternationalShipholding's consolidated indebtedness.In April of 2016, International Shipholding also executed the saleof its New Orleans, Louisiana office building in exchange forrelief of $6.2 million of amounts owed on the property. According to Mr. Johnsen, the divestitures InternationalShipholding has made thus far have been limited to those identifiedunder the Strategic Plan, as well as one Jones Act inactive bargeand self-unloading coal carrier. The proceeds from thesetransactions have allowed International Shipholding to reduce itsgross debt obligations, in addition to regularly-scheduledprincipal payments, by approximately $82.3 million (from $242.9million at the end of 2014 to $117.1 million at the end of thefirst quarter of 2016). "While International Shipholding has made significant strides inaccomplishing its Strategic Plan, International Shipholdingcontinues to divest its assets at values that are much lower thanpreviously anticipated, and, as a result, International Shipholdingcontinues to lack the necessary liquidity to operate at therequired levels," said Mr. Johnsen. "Based on InternationalShipholding's financial position and weak conditions in theshipping industry, however, it has been impossible forInternational Shipholding to refinance all of its existingindebtedness in the near term, come into compliance with itsexisting facilities, or generate necessary liquidity," Mr. Johnsencontinued.ISH and certain of its Debtor subsidiaries are indebted under thefollowing five secured financing arrangements: (i) ISH and thirteen of its subsidiaries, as borrowers, currently maintain a senior secured credit facility with a syndicate of lenders led by Regions Bank pursuant to that certain Credit Agreement, dated as of Sept. 24, 2013 (which was comprehensively amended on Nov. 13, 2015), with Regions Bank, as administrative agent and collateral agent, and Regions Bank, Capital One, N.A., Branch Banking and Trust Company, and Whitney Bank, as lenders. As of March 31, 2016, the borrowers and guarantors party thereto had an aggregate of approximately $65.8 million of credit outstanding under the Senior Facility. (ii) Dry Bulk Australia Ltd. and Dry Bulk Americas Ltd., as joint and several borrowers, and ISH, as guarantor, entered into a variable rate financing agreement with ING Bank N.V, London branch in August 2010 pursuant to that certain Senior Secured Term Loan Facility Agreement by and among East Gulf Shipholding, Inc., a wholly-owned subsidiary and non-Debtor, as borrower, ISH, as guarantor, the banks and financial institutions lenders thereto, and ING Bank N.V., London branch, as facility agent and security trustee, for a seven year facility to finance the construction and acquisition of three handysize vessels. As of March 31, 2016, $1.9 million was due and owing under the ING Facility. (iii) In December 2011, LCI Shiphldings, Inc. (assigned from Waterman Steamship Corporation), as borrower, and ISH, as guarantor, entered into a variable rate financing agreement with Capital One N.A. as lender for a five year facility totaling $15.7 million pursuant to that certain Credit Agreement, dated as of Dec. 28, 2011, to finance a portion of the acquisition price of a multi- purpose ice strengthened vessel. This loan requires the borrowers to make 59 monthly payments with a final balloon payment of $4.7 million in January 2017. As of March 31, 2016, $6.3 million was due and owing under the Capital One Facility. (iv) LCI Shipholdings, Inc. (assigned from Central Gulf Lines, Inc.), as borrower, and ISH, as guarantor, entered into a fixed rate financing agreement on Aug. 26, 2014, in the amount of $38.5 million pursuant to that certain Credit Agreement, dated as of Aug. 26, 2014, with the banks and financial institutions listed therein, as lenders, and DVB Bank SE, as mandated lead arranger, facility agent, and security trustee. The borrowed amounts due under the DVB Facility are collateralized by International Shipholding's 2007 PCTC at a rate of 4.35% with 24 quarterly payments and a final balloon payment of $20.7 million in August 2020. Effective November 4, 2015, the interest rate increased from 4.35% to 6.35%. As of March 31, 2016, $32.3 million was due and owing under the DVB Facility. (v) LCI Shipholdings, Inc., as borrower, and ISH, as guarantor, also have a $23.0 million facility with Citizens Asset Finance (f/k/a RBS Asset Finance) pursuant to that certain Credit Agreement, dated as of Aug. 25, 2014, with and Citizens Asset Finance, Inc. (f/k/a RBS Asset Finance, Inc.) as lender, that is collateralized by one of International Shipholding's 1999 PCTCs at a variable rate equal to the 30-day Libor rate plus 2.75% payable in 84 monthly installments with the final payment due August 2021. As of March 31, 2016, the balance due under the Citizens Facility was $17.6 million.The Debtors have hired Akin Gump Strauss Hauer & Feld LLP ascounsel, Blackhill Partners, LLC as restructuring advisor, and Prime Clerk LLC as noticing and claims agent.INTERNATIONAL SHIPHOLDING: Hires Prime Clerk as Claims Agent------------------------------------------------------------International Shipholding Corporation, et al., seek permission fromthe Bankruptcy Court to appoint Prime Clerk LLC as claims andnoticing agent, nunc pro tunc to the Petition Date.Although the Debtors have not yet filed their schedules of assetsand liabilities, they anticipate that there will be in excess of500 entities to be noticed. In view of the number of anticipatedclaimants and the complexity of the Debtors' business, the Debtorsassert that the appointment of a claims and noticing agent is inthe best interests of both their estates and their creditors."By appointing Prime Clerk as the Claims and Noticing Agent inthese chapter 11 cases, the distribution of notices and theprocessing of claims will be expedited, and the Office of the Clerkof the Bankruptcy Court will be relieved of the administrativeburden of processing what may be an overwhelming number of claims,"said David H. Botter, Esq., at Akin Gump Strauss Hauer & Feld LLP,one of the Debtors' attorneys.Prime Clerk's current claim and noticing rates are: Title Hourly Rate ----- ----------- Analyst $30-$50 Technology Consultant $35-$95 Consultant/Senior Consultant $65-$170 Director $175-$195 Solicitation Consultant $195 Director of Solicitation $210The Debtors request that the undisputed fees and expenses incurredby Prime Clerk in the performance of the services be treated asadministrative expenses of their Chapter 11 estates and be paid inthe ordinary course of business without further application to ororder of the Court.Prior to the Petition Date, the Debtors provided Prime Clerk aretainer in the amount of $30,000. Prime Clerk seeks to firstapply the retainer to all pre-petition invoices, and thereafter, tohave the retainer replenished to the original retainer amount, andthereafter, to hold the retainer under the Engagement Agreementduring these Chapter 11 cases as security for the payment of feesand expenses incurred under the Engagement Agreement.Under the terms of the Engagement Agreement, the Debtors haveagreed to indemnify, defend, and hold harmless Prime Clerk and itsmembers, officers, employees, representatives, and agents undercertain circumstances specified in the Engagement Agreement, exceptin circumstances resulting solely from Prime Clerk's grossnegligence, fraud, or willful misconduct.Prime Clerk represents it is a "disinterested person" as that termis defined in Bankruptcy Code Section 101(14) with respect to thematters upon which it is engaged. About International ShipholdingInternational Shipholding Corporation was founded in 1947 when theJohnsen family purchased a Liberty Ship after the establishment ofthe War Ship Act of 1946 and became a public company in 1979. ISHand its Debtor and non-Debtor affiliates are engaged in waterbornecargo transportation and maintain a diversified customer base withemphasis on medium and long term contracts. As of the PetitionDate, International Shipholding maintains offices in Mobile,Alabama, New Orleans, Louisiana, New York, New York, and Tampa,Florida, as well as a network of agencies in major citiesworldwide.Through its Debtor and non-Debtor subsidiaries, InternationalShipholding operates a diversified fleet of 21 U.S. and foreignflag vessels that provide domestic and international maritimetransportation services to commercial and governmental customersprimarily under medium to long-term contracts.Each of International Shipholding Corporation and 17 of itssubsidiaries filed a voluntary petition under Chapter 11 of theBankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 16-12220) on July31, 2016. Manuel G. Estrada signed the petitions as vice presidentand chief financial officer. The Debtors listed $305 million in total assets and $227 million intotal debt as of March 31, 2016The Debtors have hired Akin Gump Strauss Hauer & Feld LLP ascounsel, Blackhill Partners, LLC as restructuring advisor, and Prime Clerk LLC as noticing and claims agent.INTERNATIONAL SHIPHOLDING: Seeks More Time to Schedules-------------------------------------------------------International Shipholding Corporation, et al., ask the BankruptcyCourt to grant them additional time within which to file theirrespective (i) statements of financial affairs, (ii) schedules ofassets and liabilities, (iii) schedules of current income andexpenditures, (iv) statements of executory contracts and unexpiredleases and (v) initial reports of financial information in respectof entities in which they hold a controlling or substantialinterest. According to the Debtors, they have already started compilinginformation that will be required to complete the Schedules andStatements. Nevertheless, as a consequence of the size andcomplexity of their business operations, the large number ofDebtors and the critical matters that their management andprofessionals were required to address prior to the commencement ofthese Chapter 11 cases, they have not yet finished gathering suchinformation. The Debtors estimate that they have between 500 and1,000 creditors on a consolidated basis."Given the numerous critical operational matters that the Debtors'accounting and legal personnel must address in the early days ofthese chapter 11 cases and the volume of information that must beprepared and included in the Schedules and Statements, the Debtorsanticipate that they will be unable to complete their Schedules andStatements within fourteen (14) days after the Petition Date," saidDavid H. Botter, Esq., at Akin Gump Strauss Hauer & Feld LLP, oneof the Debtors' attorneys.Thus, the Debtors seek an extension of their time to file theirSchedules and Statements with the Court, by an additional 45 days,through and including Sept. 28, 2016, without prejudice to theirability to request additional time, if necessary.The Debtors assert that creditors and other parties-in-interestwill not be prejudiced by the proposed extension of the filingdeadline because, even under the extended deadline, the Schedulesand Statements would be filed well in advance of any claims bardate in these cases. About International ShipholdingInternational Shipholding Corporation was founded in 1947 when theJohnsen family purchased a Liberty Ship after the establishment ofthe War Ship Act of 1946 and became a public company in 1979. ISHand its Debtor and non-Debtor affiliates are engaged in waterbornecargo transportation and maintain a diversified customer base withemphasis on medium and long term contracts. As of the PetitionDate, International Shipholding maintains offices in Mobile,Alabama, New Orleans, Louisiana, New York, New York, and Tampa,Florida, as well as a network of agencies in major citiesworldwide.Through its Debtor and non-Debtor subsidiaries, InternationalShipholding operates a diversified fleet of 21 U.S. and foreignflag vessels that provide domestic and international maritimetransportation services to commercial and governmental customersprimarily under medium to long-term contracts.Each of International Shipholding Corporation and 17 of itssubsidiaries filed a voluntary petition under Chapter 11 of theBankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 16-12220) on July31, 2016. Manuel G. Estrada signed the petitions as vice presidentand chief financial officer. The Debtors listed $305 million in total assets and $227 million intotal debt as of March 31, 2016The Debtors hired Akin Gump Strauss Hauer & Feld LLP as counsel,Blackhill Partners, LLC, as restructuring advisor, and Prime ClerkLLC as noticing and claims agent.JAMES ALVIN JOSEPH: Disclosure Statement Hearing on Aug. 30-----------------------------------------------------------In light of the Chapter 11 plan and disclosure statement filed byJames Alvin Joseph on July 14, 2016, the U.S. Bankruptcy Court forthe District of South Carolina ordered that: 1. The hearing to consider the approval of the DisclosureStatement will be held at Donald Stuart Russell Federal Courthouse,formerly, United States Courthouse, 201 Magnolia Street,Spartanburg, South Carolina on Aug. 30, 2016, at 10:30 a.m. 2. Aug. 23, 2016 is fixed as the last day for filing andserving, in accordance with Fed. R. Bankr. P. 3017(a), writtenobjections to the Disclosure Statement. 3. On or before July 26, 2016, the Disclosure Statement and Planwill be distributed in accordance with Fed. R. Bankr. P. 3017(a).As reported in the TCR, nurse anesthetist James Alvin Joseph hasproposed a Chapter 11 plan that provides that general unsecuredcreditors will be paid zero percent of their claims. A copy of thedisclosure statement is available for free at https://is.gd/wPtmt0James Alvin Joseph sought protection under Chapter 11 of theBankruptcy Code (Bankr. D.S.C. Case No. 15-06707) on Dec. 18, 2015. The Debtor is represented by Alecia T. Compton, Esq., at theCompton Law Firm, in Greenwood, South Carolina.KEY ENERGY: Common Stock Ceased Trading on NYSE-----------------------------------------------Key Energy Services, Inc., received notification from the New YorkStock Exchange that the NYSE had determined to commence proceedingsto delist the Company's common stock as a result of the NYSE'sdetermination that the Company's common stock was no longersuitable for listing on the NYSE based on "abnormally low" pricelevels, pursuant to Section 802.01D of the NYSE's Listed CompanyManual. The NYSE also suspended trading in the Company's commonstock effective immediately.The NYSE stated that it will apply to the Securities and ExchangeCommission to delist the Company's common stock upon completion ofall applicable procedures, including any appeal by the Company ofthe NYSE's determination. The Company does not intend to appealthe delisting determination.The Company anticipates that its common stock will begin trading onthe OTC Pink. Investors will be able to view quotes for theCompany's common stock on www.otcmarkets.com/home. The transitionto the over-the-counter markets will not affect the Company'sbusiness operations. The Company will remain subject to the publicreporting requirements of the SEC following the transfer.The Company previously disclosed receipt of a notification from theNYSE stating that the Company was not in compliance with thecontinued listing standards set forth in Section 802.01C of theNYSE's Listed Company Manual because the average closing price ofthe Company's common stock was less than $1.00 over a consecutive30 trading-day period. Following receipt of such notice, theCompany disclosed its intent to cure such deficiency in order toregain compliance with the NYSE's continued listing requirements.However, the Company's stock traded at levels considered by theNYSE to be abnormally low prior to the cure of the originaldeficiency. About Key EnergyKey Energy Services, Inc. (NYSE: KEG), a Maryland corporation,claims to be the largest onshore, rig-based well servicingcontractor based on the number of rigs owned. The Company wasorganized in April 1977 and commenced operations in July 1978 underthe name National Environmental Group, Inc. In December 1992, theCompany became Key Energy Group, Inc. and it changed its name toKey Energy Services, Inc. in December 1998.Key Energy reported a net loss of $917.70 million on $792.32million of revenues for the year ended Dec. 31, 2015, compared to anet loss of $178.62 million on $1.42 billion of revenues for theyear ended Dec. 31, 2014.As of March 31, 2016, the Company had $1.22 billion in totalassets, $1.16 billion in total liabilities and $58.87 million intotal equity. * * *As reported by the TCR on June 20, 2016, S&P Global Ratings loweredits corporate credit rating on U.S.-based Key Energy Services Inc.to 'CC' from 'CCC-'. "The downgrade follow's Key's disclosure thatit entered into confidential agreements with certain holders of its6.75% senior notes due 2021 and certain lenders of the term loansregarding a financial restructuring," said S&P Global Ratingscredit analyst David Lagasse.The TCR reported on May 20, 2016, that Moody's Investors Servicedowngraded Key Energy Services, Inc.'s Corporate Family Rating(CFR) to Ca from Caa2, Probability of Default Rating (PDR) to Ca-PDfrom Caa2-PD, and senior unsecured rating to Ca from Caa3. TheSGL-4 Speculative Grade Liquidity (SGL) Rating was affirmed.LAGRANGE VENTURES: Interest Should be Calculated at Default Date----------------------------------------------------------------In the case captioned LAGRANGE VENTURES, LLC, APPELLANT, v. WELLSFARGO BANK, N.A., APPELLEE, No. 15 C 7922 (N.D. Ill.), Judge ThomasM. Durkin of the United States District Court for the NorthernDistrict of Illinois, Eastern Division, affirmed the order of thebankruptcy court, which determined that default interest should becalculated from the date of default.On February 4, 2015, Wells Fargo Bank, N.A. filed a Proof of Claimin the bankruptcy proceedings consistent with the order of thestate court for the amount owed on a promissory note assigned to itby BMO Harris Bank, N.A., including the full amount of defaultinterest. The promissory note was secured by a mortgage onproperty owned by LaGrange Ventures, LLC. LaGrange objected toWells Fargo's assessment of default interest. It argued that atthe earliest, default interest should be calculated from the datethe note was assigned to Wells Fargo, but that more properly,default interest should be assessed only as far back as the dateWells Fargo moved for summary judgment in the foreclosure action. The bankruptcy court orally ruled three separate times in WellsFargo's favor, finding no waiver by BMO Harris or Well Fargo of thepenalty rights, which include default interest, set forth in thepromissory note.On appeal, LaGrange challenged the bankruptcy court's determinationthat default interest should be calculated from the date ofdefault. The heart of LaGrange's argument is that because "BMOHarris had not elected to assess a penalty rate of interest underthe subject promissory note prior to the assignment of the loan[,]... Wells Fargo [cannot] assess a penalty rate of interestretrospectively to the date of default."Judge Durkin held that the promissory note unambiguously allows BMOHarris to collect default interest back to the date of default, andthus the entitlement inures also to the benefit of Wells Fargo.A full-text copy of Judge Durkin's July 22, 2016 memorandum opinionand order is available at https://is.gd/LBfAVh from Leagle.com.LaGrange Ventures, LLC is represented by: Ariel Weissberg, Esq. Rakesh Khanna, Esq. WEISSBERG & ASSOCIATES, LTD 401 S. LaSalle Street, Suite 403 Chicago, IL 60605 Tel: (312) 663-0004 Fax: (312) 663-1514 Email: firstname.lastname@example.com email@example.com Wells Fargo Bank, N.A. is represented by: Rebecca Mil Reyes Weininger, Esq. Noah S. Weininger, Esq. JOHNSON, BLUMBERG & ASSOCIATES, LLC 230 W. Monroe St., Suite 1125 Chicago, IL 60606 Tel: (312)541-9710 Fax: (312)541-9711Service List is represented by: Judge Wedoff U.S. BANKRUPTCY COURT -- and -- Patrick Sean Layng, Esq. UNITED STATES ATTORNEY'S OFFICE 219 S Dearborn St, Rm 873 Chicago, IL 60604LEGACY TRADITIONAL: S&P Lowers 2013 Debt Rating to 'BB-'--------------------------------------------------------S&P Global Ratings lowered its long-term rating to 'BB-' from 'BB'on Legacy Traditional School (LTCS; Queen Creek and Casa GrandeCampus Project), Ariz.'s series 2013 debt, issued by the IndustrialDevelopment Authority of the Town of Florence Inc. The outlook is stable. "The lowered rating reflects our view of the school's unusual andhighly inter-related governance structure, which we believe addssignificant credit risk to the organization," said S&P GlobalRatings credit analyst Jessica Matsumori. "In addition, afor-profit, related company was also formed and contracted by theschool to provide services related to the construction of upcomingcampuses. While management asserts this arrangement will save itdevelopment costs, an individual of the school's executive team isan owner of this company and receives additional financial benefitfrom the contract, which we view to be a significant conflict ofinterest," Ms. Matsumori added. The charter schools utilize a direct instructional model fromkindergarten to eighth grade (K-8), focusing on reading, writing,and math with emphasis on music, citizenship, and physicaleducation. The charter was originally granted to LTS on June 21,2006, with operations beginning in fall 2007 at its Maricopacampus. LTS schools now includes nine campuses currently inoperation with additional expansion plans going forward includingthe possible addition of campuses in other states.LINDA WINDHAM: Sale of FNC Stock Held by FNB Oxford Approved------------------------------------------------------------Judge Jason D. Woodard of the U.S. Bankruptcy Court for theNorthern District of Mississippi signed an agreed order authorizingThomas L. Windham ("Doctor Windham") and Linda T. Windham to selltheir FNC stock held by FNB Oxford.On Dec. 12, 2013, Doctor Windham executed a Universal Note, Deed ofTrust and Security Agreement for and on behalf of Doctor Windham inthe amount of $400,811, for the benefit of FNB Oxford. FNB Oxford obtained (a) a second lien and perfected its lienencumbering Unit #7, L'Acadian Condominiums vested in the name ofLinda Windham, (b) a first lien encumbering FNC Holding Co. Stockin the name of Linda Windham and Anna Clayton Windham, (c) anassignment of life insurance on the life of Doctor Windham andowned by Linda Windham, and (d) accounts receivable and equipmentlocated at 1203 Belk Blvd., Suite 100, Oxford, MS which the Debtorsno longer occupy. Doctor Windham personally guaranteed this debt. This loan is evidenced by Claim #29 filed in this bankruptcy inbehalf of FNB Oxford in the amount of $386,045 on Sept. 24, 2014. The Debtors have made adequate protection payments on this debt.Claim #29 is secured by the following shares of stocks: a. Linda Windham's stock: Approximate value of $192,500 #920 1,500 shares #931 2,000 shares #958 2,000 shares b. Anna Windham's stock: Approximate value of $161,875 #1281 3500 shares #1298 1125 sharesOn May 27, 2011, Linda Windham, executed a Universal Note, and Deedof Trust and Security Agreement for and on behalf of Linda Windhamin the amount of $193,133 for the benefit of FNB Oxford.FNB Oxford obtained a valid first lien and perfected its lienencumbering Unit #7, L'Acadian Condominiums vested in the name ofLinda Windham, and Doctor Windham personally guaranteed the loan.This loan is evidenced by Claim No. 30 filed in this bankruptcy inbehalf of FNB Oxford in the amount of $149,660 on Sept. 24, 2014.Debtors have made adequate protection payments on this debt. Thisloan has matured and the parties desire to have this loan renewedon substantially similar terms as the agreement which justmatured.FNC recently publicly announced its sale to CoreLogic and thepurchase of its stock held through FNC Holding Co. It hasfinalized its sale to CoreLogic and is attempting to finalize thepayments to the existing shareholders of FNC in exchange for theirshares. Accordingly, time is of the essence.The proceeds of the sale of stock titled in the name of LindaWindham will be paid to FNB Oxford and applied to the loanidentified as Claim #29.FNB Oxford will retain the proceeds from the sale of the FNC Stocktitled in the name of Anna Windham in a restricted, interestbearing account or certificate of deposit in Anna Windham's name atthe Bank as security in lieu of the stock certificates which wereheld in her name as security for the remaining indebtedness oruntil further order from the Court; Anna Windham, Thomas and LindaWindham will execute any and all documents necessary to maintainFNB Oxford's security interest and allow for the perfection of amodification of the loans documents, including but not limited to anote modification, assignment of certificate of deposit, and thirdparty pledge agreement, all in order to perfect the pledge of thecash collateral as security for such loans. The purpose of themodification of the loan documents and execution thereof is forregulatory and compliance reasons.FNB Oxford will continue to maintain its first position lien orsecurity interest in the condominium, the life insurance and theproceeds held in the name of Anna Windham. The parties will renew the loan identified as Claim No. 30 aboveunder substantially the same terms and conditions that existed inthe agreement which has now matured. The purpose of the renewalloan and execution thereof is for regulatory and compliancereasons. Nothing in the renewal loan is intended to modify, waiveor change any of the terms and conditions set forth in the FNBOxford loan documents.Thomas L. Windham, M.D., and Linda T. Windham sought Chapter 11protection (Bankr. N.D.Ms. Case No. 14-11544) on April 21, 2014. Judge Jason D. Woodard is assigned to the case. Linda T. Windhamis represented by J. Hale Freeland, Esq., at FreelandMartz, PLLC.LINN ENERGY: Asks Court to Extend Plan Filing Date to March 2017----------------------------------------------------------------Linn Energy, LLC, and its affiliates ask the U.S. Bankruptcy Courtto extend the period during which they have exclusive right to filea chapter 11 plan through and including March 7, 2017, and theperiod during which they have exclusive right to solicitacceptances of that plan through and including May 8, 2017.The Debtors relate that they have used their initial ExclusivePeriods to stabilize their operations, obtain Court approval ofimportant operational programs, file schedules and statements offinancial affairs for all Debtors, and finalize a new long-termbusiness plan. The Debtors add that they dedicated substantialtime and resources to successfully litigating -- and ultimatelyresolving objections to -- their ability to use cash collateral. The Debtors tell the Court that they are maintaining and redoublingtheir full attention to maximizing stakeholder value by pursuingthe following key restructuring initiatives: (a) New Business Plan. The Debtors are in the process offinalizing a new long-term business plan (including detailedprojections and updated capital expenditure budgets). (b) Mortgage and Lien Analysis. Prior to the Petition Date, theDebtors undertook a comprehensive analysis of the mortgages andliens securing the First Lien Lenders' claims, and continued torefine the analysis during the early months of these cases andultimately delivered the completed analysis to the Committee onJuly 12, 2016. The Debtors are committed to working with theCommittee as it conducts its due diligence on the Debtors'analysis. (c) Contracts and Leases. The Debtors are evaluating whether torestructure, replace, or terminate their existing leases andcontracts (including, among other contracts, their existing gasprocessing agreements) using the tools available in chapter 11. (d) Claims Process. Since the Petition Date, parties in interesthave filed more than 440 proofs of claim against the estates, andparties are expected to continue to file proofs of claim ahead ofthe September 16, 2016 non-governmental claims bar date. TheDebtors continue to evaluate claims that have been asserted, orthat may be asserted, against the estates. (e) Berry Separation Process. The Debtors worked to develop atransition services agreement with the Berry First Lien Lenders tosatisfy their obligations under the RSA, which will serve as aframework in the event these cases result in the deconsolidation ofBerry from LINN. Moreover, to resolve the Berry Ad Hoc Group'sobjections to the Debtors' use of cash collateral, the Debtorsagreed to formulate a work plan within 60 days of entry of thefinal order approving cash collateral to separate Berry from theLINN Debtors.Counsel to the Debtors and Debtors in Possession: Patricia B. Tomasco, Esq. Matthew D. Cavenaugh, Esq. Jennifer F. Wertz, Esq. JACKSON WALKER L.L.P. 1401 McKinney Street, Suite 1900 Houston, Texas 77010 Telephone: (713) 752-4200 Facsimile: (713) 752-4221 Email: firstname.lastname@example.com firstname.lastname@example.com firstname.lastname@example.com -- and -- Paul M. Basta, P.C. Stephen E. Hessler, P.C. Brian S. Lennon, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: firstname.lastname@example.com email@example.com firstname.lastname@example.com - and - James H.M. Sprayregen, P.C. Joseph M. Graham, Esq. Alexandra Schwarzman, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Chicago, Illinois 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 Email: firstname.lastname@example.com email@example.com firstname.lastname@example.com About Linn EnergyHeadquartered in Houston, Texas, Linn Energy, LLC, and itsaffiliates are independent oil and natural gas companies. Each ofLinn Energy, LLC, and 14 of its subsidiaries filed a voluntarypetition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex.Lead Case No. 16-60040) on May 11, 2016. The petitions were signedby Arden L. Walker, Jr., chief operating officer of LINN Energy.The Debtors have hired Kirkland & Ellis LLP and Kirkland & EllisInternational LLP as general bankruptcy counsel, Jackson WalkerL.L.P. as co-counsel, Lazard Freres & Co. LLC as financial advisor,AlixPartners as restructuring advisor and Prime Clerk LLC asclaims, notice and balloting agent.Judge David R. Jones presides over the cases.The Office of the U.S. Trustee has appointed five creditors of LinnEnergy LLC to serve on the official committee of unsecuredcreditors. LOUISIANA PELLETS: Court Denies E.ON's Bid for Relief From Stay---------------------------------------------------------------Judge Robert Summerhays of the United States Bankruptcy Court forthe Western District of Louisiana, Lafayette Division, denied E.ONUK PLC's motion for relief from the automatic stay imposed in theChapter 11 case of Louisiana Pellets, Inc., and its debtoraffiliates.The debtors sought to preserve their right to assume or reject along-term wood pellet supply contract as an ordinary executorycontract under U.S.C. section 365. E.ON, the counter-party to thatcontract, opposed the assumption of the contract on multiplegrounds, including the 11 U.S.C. section 556 safe harbor. E.ONfiled the motion for relief seeking an order from the courtconfirming that the contract falls within section 556 and that,accordingly, the automatic stay does not bar E.ON from terminatingthe contract.Judge Summerhays found that the contractual provisions relied uponby E.ON do not fall within the safe harbor because they must betriggered by conditions other than the conditions set forth in365(e)(1) -- namely, the debtors' failure to perform under the saleagreement. The judge further held that to terminate to theagreement and therefore avoid its obligations under that agreement,E.ON must establish the grounds for termination.A full-text copy of Judge Summerhays' July 22, 2016 decision isavailable at https://is.gd/YLf9od from Leagle.com.The bankruptcy case is IN RE: LOUISIANA PELLETS, INC., ET AL,Chapter 11, Debtor in Possession, Case No. 16-80162, JointlyAdministered (Bankr. W.D. La.).Louisiana Pellets, Inc. is represented by: H. Kent Aguillard, Esq. C. Davin Boldissar, Esq. Clay Knapp, Esq. LOCKE LORD LLP 601 Poydras Street Suite 2660 New Orleans, LA 70130 Tel: (504)558-5100 Fax: (504)558-5200 Email: email@example.com email@example.com -- and -- Alan H. Katz, Esq. LOCKE LORD LLP Brookfield Place, 200 Vesey Street, 20th Floor New York, NY 10281-2101 Tel: (212)415-8600 Fax: (212)303-2754 Email: email@example.com Office of U. S. Trustee, U.S. Trustee, is represented by: Richard Drew, Esq. OFFICE OF THE UNITED STATES TRUSTEE 300 Fannin Street, Suite 3196 Shreveport, LA 71101 Tel: (318)676-3456 Fax: (318)676-3212Official Committee of Unsecured Creditors, Creditor Committee, is represented by Laura F. Ashley, Jones Walker LLP, Richelle Kalnit,Cooley LLP, Mark A. Mintz. About Louisiana PelletsLouisiana Pellets, Inc and German Pellets Louisiana, LLC aremembers of the "German Pellets" family of companies, which is afamily of related companies centered in Wismar, Germany, operatingin the wood pellets industry.LPI owns a wood pellet production facility located on 334 acres ofland in Urania, Louisiana. The Facility is still underconstruction and is not yet fully complete or operational. GPLA isthe general contractor for construction of the Facility. Acontract is in place with E.ON UK PLC (a United Kingdom utilitycompany) to purchase the wood pellet production from the Facility.LPI and PLA sought Chapter 11 protection (Bankr. W.D. La., LeadCase No. 16-80162) on Feb. 18, 2016, due to cost overruns anddelays in the course of construction of their still-to-be-completedwood pellet production facility. The petitions were signed byAnna-Kathrin Leibold, president and chief executive officer. TheHon. John W. Kolwe presides over the case.Louisiana Pellets, Inc., estimated assets and debts at $100 millionto $500 million. German Pellets estimated assets and debts at $50million to $100 million.The Debtors tapped Locke Lord LLP, as counsel. * * *According to the docket, the Debtor's Chapter 11 plan andDisclosure Statement are due June 17, 2016. A status conferencehearing is scheduled for July 6, 2016, at 9:30 a.m. MAINE STATE: Chubb's Bid for Summary Judgment Partly Granted------------------------------------------------------------Judge John H. Rich III of the U.S. District Court for the Districtof Maine granted Chubb Custom Insurance Company's motion forsummary judgment in part, as to Maine State Properties, LLC's claimunder the Maine Unfair Claims Settlement Practices Act (UCSPA)(Count III), and otherwise denied it. The judge also grantedChubb's motion to exclude the expert testimony of Michael L.Averill.The case is MAINE STATE PROPERTIES, LLC, Plaintiff, v. CHUBB CUSTOMINSURANCE COMPANY, Defendant, No. 2:15-cv-140-JHR (D. Me.).A full-text copy of Judge Rich's July 8, 2016 memorandum decisionis available at https://is.gd/53HfdU from Leagle.com.Chubb moved for summary judgment on all claims of the plaintiff,Maine State Properties, arising from Chubb's denial of coverage fora December 17, 2013, property loss suffered by Maine State whenpipes froze in an insured commercial building in Biddeford, Maine. In its three-count complaint, Maine State sought (i) a declaratoryjudgment that Chubb is obligated to pay for Maine State's provabledamages as a result of the December 17, 2013, loss (Count I), (ii)damages for Chubb's alleged breach of contract (Count II), and(iii) damages for Chubb's alleged violation of the UCSPA (CountIII). Chubb also moved to exclude all expert testimony ofinsurance professional Michael L. Averill on the basis that itconstitutes impermissible legal argument and is irrelevant.Maine State Properties is represented by: Jean Frances Niven, Esq. MERLIN LAW GROUP 777 S. Harbour Island Blvd., Suite 950 Tampa, FL 33602 E-mail: firstname.lastname@example.com -- and –- Michael J. O'Toole, Esq. WOODMAN EDMANDS DANYLIK & AUSTIN, P.A.. 234 Main Street Biddeford, ME 04005 Tel: (207)284-4581 Fax: (207)284-2078 E-mail: firstname.lastname@example.com Chubb Custom Insurance Company is represented by: Hillary J. Bouchard, Esq. Paul C. Catsos, Esq. THOMPSON & BOWIE, LLP Three Canal Plaza (2nd Floor) Portland, ME 04112-4630 Tel: (207)774-2500 Fax: (207)774-3591 E-mail: firstname.lastname@example.com firstname.lastname@example.com About Maine State PropertiesMaine State Properties, LLC, sought protection under Chapter 11 ofthe Bankruptcy Code (Bankr. D. Me. Case No. 15-20426) on June 9,2015. The Debtor is represented by James F. Molleur, Esq. --firstname.lastname@example.com -- at Molleur Law Office. MARYLAND ECONOMIC: S&P Affirms 'BB' Rating on 2015 Revenue Bonds----------------------------------------------------------------S&P Global Ratings revised its outlook to positive from stable andaffirmed its 'BB' long-term rating on Maryland Economic DevelopmentCorp.'s (MEDCO) series 2015 student housing refunding revenuebonds. "The outlook revision reflects our view of stronger-than-expectedmaximum annual debt service coverage at 1.53x for fiscal 2015,projected at 1.6x for fiscal 2016, and 100% project occupancy infall 2014 and 2015," said S&P Global Ratings credit analyst ShivaniSingh.While the project has a history of mismanagement and financialdifficulties resulting in prior-year debt service coverage (DSC)covenant violations, due to strong oversight provided by MEDCO,Capstone, and the University System of Maryland (USM), it has beenable to materially improve its financial operations and DSC tohealthy levels, which S&P views positively. S&P views MEDCO'soversight of this project favorably given its historical role ofoversight of private housing projects for six other USM campuses.Despite an enrollment decrease for fall 2015, the project was atfull occupancy and S&P expects continued solid occupancy despiteany future enrollment pressures at the university.The series 2015 bonds (with a final maturity of June 1, 2033) fullyrefunded MEDCO's series 2003 student housing revenue bonds torealize debt service savings with no change in bond structure.MEDAK TRUCKING: Case Summary & 20 Largest Unsecured Creditors-------------------------------------------------------------Debtor: Medak Trucking, LLC 114 Northfield Ave. Edison, NJ 08837 Case No.: 16-24788Chapter 11 Petition Date: August 1, 2016Court: United States Bankruptcy Court District of New Jersey (Trenton)Judge: Hon. Michael B. KaplanDebtor's Counsel: David L. Stevens, Esq. SCURA, WIGFIELD, HEYER & STEVENS, LLP 1599 Hamburg Turnpike Wayne, NJ 07470 Tel: 973-696-8391 E-mail: email@example.com Estimated Assets: $0 to $50,000Estimated Liabilities: $1 million to $10 millionThe petition was signed by Andrew Obadiaru, president.A copy of the Debtor's list of 20 largest unsecured creditors isavailable for free at: http://bankrupt.com/misc/njb16-24788.pdfMGIC INVESTMENT: S&P Assigns 'BB' Rating on $350MM Sr. Notes------------------------------------------------------------S&P Global Ratings said that it has assigned its 'BB' issue-levelrating to MGIC Investment Corp.'s (NYSE: MTG) $350 million seniorunsecured notes due 2023. S&P expects the company to use theproceeds from the senior unsecured notes to repurchase a portion ofthe outstanding convertible senior notes due in 2020 andopportunistically repurchase convertible senior notes due in 2063.At the same time, the company will also utilize holding companyresources to pay its 2017 senior convertible notes upon maturity.With the company's repurchase of the 2017 and 2020 notes, thepermanence of the two issues within MGIC Investment Corp.'s capitalstructure would no longer meet our hybrid criteria, and S&P wouldtreat them as debt on a forward-looking basis until maturity orrepayment were to occur. As a result, under these criteria, thesecurities would increase the company's debt-funded doubleleverage, which may cause manageable interim capital strain at itsoperating subsidiaries. Based on S&P's calculations post-issuance, MGIC will reportelevated financial and debt leverage metrics of around 34% and 26%,respectively, through year-end 2016. However, the company plans todeleverage through its operations and repayment of its various debtobligations both opportunistically and upon maturity. S&P alsoexpects MGIC to maintain fixed-charge coverage ratios in excess of7.0x and financial leverage of less than 35%.RATINGS LISTMGIC Investment Corp. Issuer credit rating BB/Stable/--New RatingMGIC Investment Corp. $350 mil sr unsecured notes due 2023 BBMILLENNIUM SUPER STOP: Hires Jochens as Counsel-----------------------------------------------Millennium Super Stop II, LLC, seeks authority from the U.S.Bankruptcy Court for the Western District of Missouri to employJochens Law Office as counsel to the Debtor.Millennium Super requires Jochens to: a. assist the Debtor in the preparation and filing of required statements, schedules and other documents and pleadings required or permitted under the Bankruptcy Code and Rules; b. advise the Debtor regarding its rights and obligations as a Debtor and as a Debtor-in-Possession; c. represent the Debtor in hearings, meetings, conferences, and trials of contested mattes and adversary proceedings brought by or against the Debtor; d. advise the Debtor regarding the formulation of a plan of reorganization, negotiation of the terms of the plan of reorganization with creditors and other interested persons, and to draft one or more plans of reorganization, and disclosure statements regarding such plans; e. assist the Debtor in obtaining confirmation of a plan of reorganization; and f. advise and represent the Debtor as its attorney in such business negotiations and disputes as may arise in connection with the operations of the assets of the bankruptcy estate.Jochens will be paid at these hourly rates: Counsel $385 Paralegal $45The Debtor has paid $4,100, of which $2,383 was paid to Jochens and$1,717 was paid to the bankruptcy court in partial payment of thefiling fee for the commencement of the bankruptcy case.Jochens will also be reimbursed for reasonable out-of-pocketexpenses incurred.Nancy S. Jochens, of Jochens Law Office, assured the Court that thefirm is a "disinterested person" as the term is defined in Section101(14) of the Bankruptcy Code and does not represent any interestadverse to the Debtor and its estate.Jochens can be reached at: Nancy S. Jochens, Esq. JOCHENS LAW OFFICE 1001 East 101 Terrace, Suite 120 Kansas City, MO 64131 Tel: (816) 994-6959 Fax: (816) 994-6951 E-mail: firstname.lastname@example.com About Millennium SuperMillennium Super Stop II, LLC, based in Kansas City, MO, filed aChapter 11 petition (Bankr. W.D. Mo. Case No. 16-41972) on July 26,2016. The Hon. Dennis R. Dow presides over the case. Nancy S.Jochens, Esq., at Jochens Law Office, as bankruptcy counsel.In its petition, the Debtor listed $3.01 million in assets and$1.90 million in liabilities. The petition was signed by Ray A.Perrin, member/manager.MORGAN DREXEN: Law Firms' Bid for Relief From Penalty Rejected--------------------------------------------------------------Evan Weinberger, writing for Bankruptcy Law360, reported that U.S.District Judge Josephine Staton in California on July 29 denied abid from two attorneys and their firms to escape a $5.3 millionjudgment against them that was part of the penalty in the $173million Morgan Drexen debt-settlement fee scam. Judge Statondenied the motions for relief from the $5.3 million judgments filedby Howard Law PC, the Williamson Law Firm LLC and Williamson &Howard LLP. About Morgan DrexenMorgan Drexen -- http://www.morgandrexen.com/-- provided businesses across the United States, including law firms thatpractice bankruptcy, with outsourced professional services. Theservices were designed to reduce costs and make legalrepresentation affordable for consumers, especially those inserious financial trouble. Morgan Drexen offered attorneysautomated platforms for complex document management, clientdatabases, paralegal and paraprofessional services, call centers,client screening, and marketing.In 2015, Judge Catherine Bauer of the U.S. Bankruptcy Court inSanta Ana, Calif., approved a plan by Chapter 7 trustee Jeffrey I.Golden to shut down the firm's office by July 31, 2015.MSCI INC: S&P Affirms 'BB+' CCR & Rates 10-Yr. Unsec. Notes 'BB+'-----------------------------------------------------------------S&P Global Ratings affirmed its 'BB+' corporate credit rating onNew York City-based MSCI Inc. The outlook is stable.At the same time, S&P assigned a 'BB+' issue-level rating and a '3'recovery rating to the company's proposed 10-year unsecured notes. The '3' recovery rating indicates S&P's expectation for meaningfulrecovery (50% to 70%; in the lower half of the range) in the eventof a payment default.S&P also affirmed its 'BB+' issue-level rating on the company'sexisting unsecured notes and revolving credit facility. The '3'recovery rating is unchanged."The rating reflects MSCI's leading market positions, highlyrecurring revenue base, and good track record of operating results,but also leverage that we expect to rise to the 3x area over thenext six to 18 months as the company spends its excess cash onshare buybacks," said S&P Global Ratings credit analyst ChristianFrank.The stable outlook reflects S&P's view that MSCI's leadershipposition in its core markets and its large recurring revenue basewill result in consistent operating performance over the next 12months, as well as S&P's expectation that it will manage financialrisk in line with its 3.0x-3.5x gross leverage target (managementmethodology).NET DATA: Asks Court to Extend Plan Filing Date to Aug. 23----------------------------------------------------------Net Data Centers, Inc., asks the U.S. Bankruptcy Court to extendthe exclusive period to file a plan and solicit acceptances of thatplan to August 23, 2016 and October 24, 2016, respectively.This request is made specifically to enable the Debtor, DuPontFabros Technology, L.P. (on behalf of itself and its fouraffiliates, Whale Ventures, LLC, Grizzly Ventures, LLC, FoxProperties, LLC, and Lemur Properties, LLC), and the OfficialCommittee of Creditors Holding Unsecured Claims to complete thedocumentation required to memorialize and seek Court approval ofthe very recently resolved adversary litigation involving DFT andthe Debtor following the parties' mediation before Judge Mitchel R.Goldberg, and to prepare and seek Court orders approving a motionor motions relating to the disposition of the Chapter 11 case thatis now possible as a result of the DFT settlement. The Parties have settled the adversary litigation between theDebtor and DFT, as well as the DFT affiliates' lease rejectiondamages claims in the Chapter 11 estate to which the Debtor hadobjected, as a result of their recently-concluded mediation effortsbefore Judge Goldberg, with participation and assistance from theCreditors Committee. That resolution and the Debtor's Plan SupportAgreement with Charter Holdings, Inc., which was filed with theCourt on October 13, 2015, relating to the claims asserted byCharter in the bankruptcy estate, will now enable the Debtor toproceed with its long-anticipated Chapter 11 exit strategy.Attorneys for Net Data Centers, Inc.: Paul A. Beck, Esq. Lewis R. Landau, Esq. LAW OFFICES OF PAUL A. BECK, APC A Professional Corporation 13701 Riverside Drive, Suite 701 Sherman Oaks, California 91423 Tel: (818) 501-1141 Fax: (818) 501-1241 Email: email@example.com email@example.com About Net Data CentersNet Data Centers, Inc., filed a Chapter 11 bankruptcy petition(Bankr. C.D. Cal. Case No. 15-12690) on Feb. 23, 2015. Pervez P.Delawalla, the president & CEO, signed the petition. The Hon.Sheri Bluebond is assigned to the case. William F Govier, Esq., atLesnick Prince & Pappas LLP, serves as counsel to the Debtor.The Debtor disclosed, in its amended schedules, $9,566,908 inassets and $13,352,373 in liabilities. In its original schedules,the Debtor disclosed $9,110,070 in assets and $5,236,687 inliabilities. The U.S. trustee appointed three creditors to serve on the OfficialCommittee of Unsecured Creditors. The Committee is represented byBuchalter Nemer, APC.OCALA FUNDING: USAmeriBank Settles Trustee Claim for $350,000-------------------------------------------------------------Nathan Hale, writing for Bankruptcy Law360, reported thatUSAmeriBank and Ocala Funding LLC asked a Florida bankruptcy courton Aug. 1 to approve a settlement that would pay creditors $350,000for an allegedly fraudulent $5 million transfer that executives ofOcala parent Taylor Bean & Whitaker Mortgage Corp. made in 2009 tocover up a multibillion-dollar fraud. The litigation trustee forOcala is engaged in efforts to claw back more than $1 billionmisappropriated in total from its bank accounts as part of failedlender Taylor Bean's fraud. About Ocala FundingOrange, Florida-based Ocala Funding, LLC, a funding vehicle oncecontrolled by mortgage lender Taylor Bean & Whitaker MortgageCorp., filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.12-04524) in Jacksonville on July 10, 2012.Ocala Funding used to be the largest originator and servicer ofresidential loans. Ocala was created by Taylor Bean to purchaseloans originated by TBW and selling the loans to third parties,Freddie Mac. In furtherance of this structure Ocala raised moneyfrom noteholders Deutsche Bank AG and BNP Paribas Mortgage Corp.and other financial institutions, as secured lenders through salesof asset-backed commercial paper. Ocala disclosed $1,747,749,787in assets and $2,650,569,181 in liabilities as of the Chapter 11filing.Taylor Bean was forced to file for Chapter 11 relief (Bankr. M.D.Fla. Case No. 09-07047) on Aug. 24, 2009, amid allegations offraud by Taylor Bean's former CEO Lee Farkas and other employees.Mr. Farkas is now serving a 30-year prison term for 14 counts ofconspiracy and fraud for being the mastermind of a $2.9 billionbank fraud. Mr. Farkas allegedly directed the sale of more than$1.5 billion in fake mortgage assets to Colonial Bank andmisappropriated more than $1.5 billion from Ocala. TBW'sbankruptcy also caused the demise of Colonial Bank, which foryears was TBW's primary bank.TBW and its joint debtor-affiliates confirmed their Second AmendedJoint Plan of Liquidation on July 21, 2011, and the TBW Planbecame effective on Aug. 10, 2011. The TBW Plan established theTBW Plan Trust to marshal and distribute all remaining assets ofTBW.Neil F. Lauria, as CRO for TBW and trustee of the TBW Plan Trust,signed the Chapter 11 petition of Ocala.Ocala holds 252 mortgage loans with an unpaid balance of $42.3million as of May 31, 2012. The Debtor also holds five "realestate owned" properties resulting from foreclosures. The Debtoralso holds $22.4 million in proceeds of mortgage loans previouslyowned by it that are on deposit in an account in the Debtor's nameat Regions Bank. It also has an interest in $75 million in cash,consisting of proceeds of mortgage loans previously owned by theDebtor, that are in an account maintained by Bank of America, N.A.as prepetition indenture trustee for the benefit of theNoteholders. The Debtor also holds a claim in the current amountof $1.6 billion against the estate of TBW.The largest unsecured creditors include the Federal DepositInsurance Corp., owed $898,873,958; and Cadwalader, Wickersham &Taft LLP, owed $1,632,385.Judge Jerry A. Funk presides over Ocala's case. Proskauer RoseLLP and Stichter, Riedel, Blain & Prosser, serve as Ocala'scounsel. Neil F. Lauria at Navigant Capital Advisors, LLC, servesas the Debtor's Chief Restructuring Officer.Ocala implemented a Chapter 11 plan in July 2013 to carry out anagreement reached before bankruptcy with holders of almost all ofits $1.5 billion in secured and $800 million in unsecured claims.The plan created a trust to prosecute lawsuits on behalf ofcreditors with more than $2.5 billion in claims. About Taylor BeanTaylor, Bean & Whitaker Mortgage Corp. grew from a small Ocala-based mortgage broker to become one of the largest mortgagebankers in the United States. In 2009, Taylor Bean was thecountry's third largest direct-endorsement lender of FHA-insuredloans of the largest wholesale mortgage lenders and issuer ofmortgage backed securities. It also managed a combined mortgageservicing portfolio of approximately $80 billion. The companyemployed more that 2,000 people in offices located throughout theUnited States.Taylor Bean sought Chapter 11 protection (Bankr. M.D. Fla. CaseNo. 09-07047) on Aug. 24, 2009. Taylor Bean filed the Chapter 11petition three weeks after federal investigators searched itsoffices. The day following the search, the Federal HousingAdministration, Ginnie Mae and Freddie Mac prohibited the companyfrom issuing new mortgages and terminated servicing rights.Taylor Bean estimated more than $1 billion in both assets andliabilities in its bankruptcy petition.Lee Farkas, the former chairman, was sentenced in June to 30 yearsin federal prison after being convicted on 14 counts of conspiracyand bank, wire and securities fraud in what prosecutors said was a$3 billion scheme involving fake mortgage assets.Jeffrey W. Kelly, Esq., and J. David Dantzler, Jr., Esq., atTroutman Sanders LLP, in Atlanta, Ga., and Russel M. Blain, Esq.,and Edward J. Peterson, III, Esq., at Stichter, Riedel, Blain &Prosser, PA, in Tampa, Fla., represent the Debtors. Paul StevenSingerman, Esq., and Arthur J. Spector, Esq., at Berger SingermanPA, in Miami, Fla., represent the Committee. BMC Group, Inc.,serves as the claims and noticing agent.Unsecured creditors were expected to receive 3.3% to 4.4% under aChapter 11 plan approved in July 2011.OCTAVIA HOMES: Voluntary Chapter 11 Case Summary------------------------------------------------Debtor: Octavia Homes, LLC 60 Park Place, Suite 1116 Newark, NJ 07102Case No.: 16-24723Chapter 11 Petition Date: August 1, 2016Court: United States Bankruptcy Court District of New Jersey (Newark)Judge: Hon. John K. SherwoodDebtor's Counsel: Avram D White, Esq. LAW OFFICES OF AVRAM D WHITE 66 Hampton Terrace Orange, NJ 07050 Tel: 973-669-0857 Fax: 888-481-1709 E-mail: firstname.lastname@example.com Estimated Assets: $500,000 to $1 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by George Scott, chief executive officer.The Debtor did not include a list of its largest unsecured creditors when it filed the petition.OMNOVA SOLUTIONS: S&P Affirms 'B' CCR & Revises Outlook to Pos.---------------------------------------------------------------S&P Global Ratings affirmed its 'B' corporate credit rating andrevised its rating outlook on OMNOVA Solutions Inc. to positivefrom stable.At the same time, S&P assigned its 'B+' issue-level and '2'recovery ratings to OMNOVA's proposed senior secured term loan. The'2' recovery rating indicates S&P's expectation of substantial (lowend of the 70% to 90% range) recovery in the event of a paymentdefault. S&P will withdraw the issue-level and recovery ratings on OMNOVA'sexisting debt upon repayment."The outlook revision reflects our expectation that OMNOVA willcontinue to benefit from an improved product mix, ongoingcost-reduction initiatives, and new product introductions,resulting in gradually improving EBITDA margins in the next 12-24months," said S&P Global Ratings credit analyst Brian Garcia. "Asa result, we expect credit measures to gradually improve over thenext 12-24 months," he added. S&P's newly assigned ratings for the proposed senior secured termreflect its updated recovery analysis, taking into account thechanges in the capital structure as a result of the proposedtransaction.The positive outlook on OMNOVA Solutions Inc. reflects S&P's viewthat the company's credit metrics will continue to improve afterthe refinancing transaction and a sizeable paydown in debt late infiscal year 2015. S&P expects gradually improving margins as aresult of the company's continued transition toward its specialtybusinesses to result in modestly strengthening credit measures overthe next 12-24 months. S&P expects OMNOVA's management will remainprudent in regard to acquisitions and shareholder rewards, therebymaintaining a financial policy that supports the ratings. Based onS&P's scenario forecasts, it expects that EBITDA will graduallyincrease from fiscal 2015 levels, with weighted average FFO to debtapproaching 12%, pro forma for acquisitions.S&P could raise the ratings in the next 12 months if EBITDA marginswere to improve to a level that would result in credit measuresstrengthening to within S&P's aggressive band, including FFO todebt above 12% on a sustainable basis, pro forma for acquisitions. This could result if 2016 EBITDA margins exceeded our expectationsby 50 basis points or more, coupled with 2016 revenue growth 2%above S&P's projected levels. This could be driven by strongergrowth in the company's specialty businesses than S&P currentlyexpects, or greater benefits from cost-reduction and pricinginitiatives than S&P currently projects in our base-case scenario.In order to raise the ratings, S&P would also expect management toremain prudent in funding acquisitions and shareholder rewards. S&P would also expect liquidity to remain adequate in its view.S&P could revise the outlook to stable over the next 12 months ifunexpected business challenges, such as the loss of a key customer,negative effects of volatile input prices (such as butadiene), oran inability to pass on raw material increases in a timely manner,caused EBITDA margins and revenues to remain stagnant or decline. As a result, credit metrics would fail to improve causing FFO toDebt to remain below 12% on a sustainable basis, pro forma foracquisitions. S&P could also revise the outlook if, against itsexpectations, cash outlays or financial policy decisions stretchthe company's financial profile beyond a level appropriate for thecurrent ratings.PACIFIC SUNWEAR: Ernie Sibal Steps Down as VP and CFO-----------------------------------------------------Pacific Sunwear of California, Inc., said Ernie Sibal has resignedfrom the position of Vice President and Chief Financial Officer asof July 22, 2016. Mr. Sibal will stay with the Company as the VicePresident of Real Estate and Store Optimization. The Company hasretained an experienced financial executive as a part-timeconsultant who started on July 25, 2016 and has hired a full-timeController who will start on Aug. 8, 2016. About Pacific SunwearFounded in 1982 in Newport Beach, California as a surf shop,Pacific Sunwear of California, Inc. operates in the teen and youngadult retail sector, selling men's and womens apparel,accessories, and footwear. The Company went public in 1993 (NASDAQ: PSUN), and peaked with 965 stores in 2006. At present, the Company has approximately 593 retail locations nationwide under the names "Pacific Sunwear" and "PacSun," which stores are principally in mall locations. The Company has 2,000 full-time workers. Through its ecommerce business, the Company operates an e-commerce site at http://www.pacsun.com/ Pacific Sunwear of California, Inc., and two affiliated debtorseach filed a voluntary petition for relief under Chapter 11 of theU.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-10882) onApril 7, 2016. The cases are pending before the Honorable LaurieSelber Silverstein.The Debtors sought Chapter 11 protection with a Chapter 11 planthat would convert debt into equity. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and Klee,Tuchin, Bogdanoff & Stern LLP as attorneys; FTI Consulting, Inc.,as financial advisor; Guggenheim Securities, LLC, as investmentbanker; and Prime Clerk LLC as claims and noticing agent.The official committee of unsecured creditors retained Cooley LLPand Bayard, P.A. as counsel; and Province Inc. as its financialadvisor.PALOSKI SALON: Hires Hodgson Russ as Counsel--------------------------------------------Paloski Salon & Spa, LLC, d/b/a Shapes & Colours Day Spa, seeksauthority from the U.S. Bankruptcy Court for the Northern Districtof New York to employ Hodgson Russ LLP as counsel to the Debtor.Paloski Salon requires Hodgson Russ to: a. evaluate various claims and offsets; b. prepare Disclosure Statement and Plan; c. recover voidable transfers, if any; d. attend 341 hearing and valuation hearings, if any; and e. negotiate and litigate with secured creditors.Hodgson Russ will be paid at these hourly rates: Richard L. Weisz $350On July 6, 2016, Hodgson Russ received a retainer in the amount of$16,717, inclusive of the $1,717 filing fee, legal services,pre-petition preparation of schedules, consultation with client,and general bankruptcy advice, and legal services rendered,post-petition. The retainer was paid by Kelly Paloski's parents.Hodgson Russ will also be reimbursed for reasonable out-of-pocketexpenses incurred.Richard L. Weisz, partner in the law firm Hodgson Russ LLP, assuredthe Court that the firm is a "disinterested person" as the term isdefined in Section 101(14) of the Bankruptcy Code and does notrepresent any interest adverse to the Debtors and their estates.Hodgson Russ can be reached at: Richard L. Weisz, Esq. HODGSON RUSS LLP 677 Broadway, Suite 301 Albany, NY 12207 Tel: 518.465.2333 E-mail: firstname.lastname@example.com About Paloski SalonPaloski Salon and Spa, LLC, filed a Chapter 11 bankruptcy petition(Bankr. N.D.N.Y. Case No. 16-11325) on July 20, 2016. The Debtor isrepresented by Richard L. Weisz, Esq., at Hodgson Russ LLP.PATELKA DENTAL: Hires Calzaretto & Company as Accountants---------------------------------------------------------Patelka Dental Management, LLC, seeks authority from the U.S.Bankruptcy Court for the Eastern District of Pennsylvania to employCalzaretto & Company, LLC as accountants to the Debtor.Patelka Dental requires Calzaretto & Company to render accountingservices, including bookkeeping, accounting system setup, smallbusiness accounting, financial statement preparation, business andpersonal tax planning and preparation of all return types, IRS andstate tax problem resolution, management advisory services, andbusiness consulting.Calzaretto & Company will be paid at these hourly rates: Member/Director $325 Associate $225 Staff/Paraprofessional $110Calzaretto & Company will also be reimbursed for reasonableout-of-pocket expenses incurred.John A. Calzaretto, member of Calzaretto & Company, LLC, assuredthe Court that the firm is a "disinterested person" as the term isdefined in Section 101(14) of the Bankruptcy Code and does notrepresent any interest adverse to the Debtors and their estates.Calzaretto & Company can be reached at: John A. Calzaretto CALZARETTO & COMPANY, LLC 459 Route 38 West Maple Shade, NJ 08052 Tel: (856) 667-0400 Fax: (856) 667-1477 About Patelka Dental Management, LLCPatelka Dental Management, LLC filed a Chapter 11 bankruptcypetition (Bankr. E.D. Pa. Case No. 16-14743) on July 1, 2016. TheHon. Magdeline D. Coleman presides over the case. Dilworth PaxsonLLP represents the Debtor as counsel.In its petition, the Debtor estimated $100,000 to $500,000 inassets and $1 million to $10 million in liabilities. The petitionwas signed by Svetlana Kutovoy, president.PICO HOLDINGS: UCP Changes Exec Stock Rules With No Disclosure--------------------------------------------------------------PICO Holdings, Inc. (Nasdaq:PICO), based in La Jolla, Calif., is adiversified holding company reporting recurring losses since 2008.PICO owns 57% of UCP, Inc. (NYSE:UCP), 100% of Vidler WaterCompany, Inc., a securities portfolio and various interests insmall businesses. PICO has $664 million in assets and $434 millionin shareholder equity. Central Square Management LLC and River RoadAsset Management LLC collectively own more than 14% of PICO. Otheractivists at http://ReformPICONow.com/have taken to the Internet to advance the shareholder cause.The bloggers recount UCP history. "In 2013, Mr. Bogue was requiredto own at least 66,667 UCP shares (including vested and unvestedrestricted stock and restricted stock units). In 2014, Mr. Boguewas required to own 2 times his base salary in UCP shares(including vested and unvested restricted stock and restrictedstock units and stock options).In 2015, Mr. Bogue was required to. . . . Huh? The Guidelinesdisappeared!"The bloggers relate that, "Mr. Bogue had to own 2 times his basesalary in UCP shares (or equivalents). Mr. Bogue was paid $500,000in base salary last year, so his UCP holdings would have had tocross $1,000,000 in value. That threshold was easy with liberalequity grants and a higher stock price.But three things happened. First, Mr. Bogue's equity grants expiredunderwater; lots of shares he expected to own evaporated. Second,UCP's stock price declined, eroding the value of his holdings.Last, Mr. Bogue has been a big seller of UCP shares over the last12 months, unloading 40,000 shares in November 2015, at $7.70 pershare. In response, the UCP Board of Directors altered theGuidelines. We don't know precisely how they did it, but we knowthree things: (a) the Guidelines disappeared from the latest ProxyStatement; (b) if the Guidelines are still operative, Mr. Bogue is out ofcompliance; and (c) there was no disclosure."The bloggers are upset that the Guidelines have been altered. Theynote that, "the Guidelines productively aligned Mr. Bogue'seconomic interest with that of UCP shareholders. The Guidelineswere negotiated in good faith, with eyes wide open, by all affectedparties. Mr. Bogue, as CEO of UCP, bears direct responsibility forthe low stock price. Mr. Bogue, as a large seller of UCP shares,has only himself to blame. If Mr. Bogue had not sold the 40,000 UCPshares in November 2015, his holdings would surpass the $1,000,000threshold.The bloggers ask rhetorically, "What sort of signal does this sendthroughout the UCP organization?" The bloggers claim that the UCPBoard has now destroyed shareholder trust. "UCP shareholders nowknow that the UCP Board is the ethical offspring of the PICO Board:prone to corruption and incompetence. We have been betrayed by ourown Board of Directors."Next, the bloggers distribute accountability. "First and mostresponsible is Mr. Bogue. He claims to be the leader of UCP. Heclaims to be the steward of our corporation. Yet Mr. Bogueparticipated in the alteration of sound incentive policy when itbecame economically inconvenient. He is responsible for UCP's lowstock price and his recent share sales. Mr. Bogue deepened thewound by failing to disclose this material change in policy to theowners of the business.Second, Mr. Cortney, Chair of the Compensation Committee, should beashamed of himself. As Comp Committee Chair, Mr. Cortney isresponsible for guiding the executive compensation dialogue,establishing a compensation philosophy and communicating clearlyand openly with the owners of the business. That Mr. Cortney wouldparticipate in such a deception of owners speaks poorly of hisleadership and dedication to shareowner interests.Third, the collective Compensation Committee has behavedshamefully. Members of the UCP Comp Committee are: -- Mr. Cortney; -- Mr. Lori; and -- John 'The Juicer' Hart.It is a mystery to us why Juicer would occupy a seat on a CompCommittee. That's like putting syphilis on a Safe Sex Committee.Juicer is to compensation what yeast is to flour and sugar: add theformer to the latter and watch it rise."The bloggers are not fans of Mr. Lori. "This gentleman has nowviolated the Independent Director Stock Guidelines. And, as a CompCommittee member, he has participated in the deceptive alterationof an executive incentive program without informing the owners ofthe business. Mr. Lori should be removed from the UCP Board.The other members of the UCP Board, Kathleen R. Wade and PICO CFOMax Webb, also bear responsibility. While they probably did notparticipate in the decision to alter or rescind the Guidelines, theentire Board has to sign off on the language of the Proxy Statement-- so both were aware of this betrayal of shareholder trust. Shameon both."The bloggers get tough with UCP. "We believe that Mr. Lori shouldbe removed from the UCP Board. We believe Messrs. Hart and Webbshould be removed from the UCP Board and replaced with more honestand competent PICO representatives. We suggest that all otherDirectors and Executives of UCP maintain a shareholder-orientedcode of conduct. It is in all our best interests."PORTER BANCORP: Reports 2nd Quarter 2016 Net Income of $979,000---------------------------------------------------------------Porter Bancorp, Inc., reported net income available to commonstockholders of $979,000 on $8.70 million of interest income forthe three months ended June 30, 2016, compared to a net lossattributable to common stockholders of $2.03 million on $9.16million of interest income for the three months ended June 30,2015.For the six months ended June 30, 2016, the Company reported netincome available to common stockholders of $2.40 million on $17.89million of interest income compared to a net loss attributable tocommon stockholders of $1.26 million on $18.37 million of interestincome for the six months ended June 30, 2015.As of June 30, 2016, the Company had $916.55 million in totalassets, $875.11 million in total liabilities and $41.43 million intotal stockholders' equity.John T. Taylor, president and CEO of the Company noted, "PBI Bankhas continued to make significant progress in reducing itsnon-performing assets. In the second quarter of 2016,non-performing assets were reduced by $5.1 million after achievingreductions of $4.3 million in the first quarter of 2016. Inaddition to lowering the risk profile of the Company, we arepleased to see a second consecutive profitable quarter, as the costto remediate non-performing assets continues to decline, and wecontinue the all-important work of attracting new customers andproviding high quality service to our existing customer base."A full-text copy of the press release is available for free at: https://is.gd/pwmBkt About Porter BancorpPorter Bancorp, Inc., is a bank holding company headquartered inLouisville, Kentucky. Through its wholly-owned subsidiary PBIBank, the Company operates 18 full-service banking offices in12 counties in Kentucky.Porter Bancorp reported a net loss of $3.21 million on $36.57million of interest income for the year ended Dec. 31, 2015,compared to a net loss of $11.15 million on $39.51 million ofinterest income for the year ended Dec. 31, 2014.The Company's auditor Crowe Horwath, LLP, in Louisville, Kentucky,issued a "going concern" qualification on the consolidatedfinancial statements for the year ended Dec. 31, 2015, citing that"the Company has incurred substantial losses in 2015, 2014 and2013, largely as a result of asset impairments resulting from there-evaluation of fair value and ongoing operating expenses relatedto the high volume of other real estate owned and non-performingloans. In addition, the Company's bank subsidiary is not incompliance with a regulatory enforcement order issued by itsprimary federal regulator requiring, among other things, increasedminimum regulatory capital ratios as well as being involved invarious legal proceedings in which the Company disputes materialfactual allegations against the Company. Additional losses,adverse outcomes from legal proceedings or the continued inabilityto comply with the regulatory enforcement order may result inadditional adverse regulatory action. These events raisesubstantial doubt about the Company's ability to continue as agoing concern."PRECISION INDUSTRIAL: Disclosures Okayed; Plan Hearing Aug. 17--------------------------------------------------------------Precision Industrial Contractors, Inc., on Aug. 17, 2016, will seekconfirmation of a Chapter 11 reorganization plan that providesthat: (a) Unsecured claims of $5,000 or less, and any unsecured claimsof more than $5,000 that are voluntarily reduced to $5,000 will bepaid in full without interest in twelve equal monthly installments. (b) Non-priority unsecured claims such as trade debt and otherunsecured claims estimated at $1,800,000 will receive a total of:(1) up to $1,800,000 plus interest at the Plan Interest Rate, to bepaid in equal monthly installments over five years; plus (2) 50% ofthe Reorganized Debtor's Annual Retained Earnings for five years,to be paid within nine months following the end of each calendaryear for the years 2016 through 2020. The Unsecured CreditorsCommittee will remain in place following confirmation to monitorthe Reorganized Debtor's operations and expenditures and approveexpenses not included in the budget, or that exceed spending limitsimposed by the budget.The Court having conducted a hearing on July 6, 2016 regarding theadequacy of the disclosure statement, and finding that allobjections and requested revisions received by Debtor's counselhave been resolved or overruled and incorporated into the Debtor'sFirst Amended Plan of Reorganization Dated July 18, 2016, andDisclosure Statement dated July 18, 2016, Judge Brian D. Lynchordered that: 1. The Disclosure Statement is approved; 2. Aug. 10, 2016, is fixed as the last day for filing writtenacceptances or rejections of the Plan; 3. Aug. 10, 2016, is fixed as the last day for filing andserving written objections to confirmation of the Plan; 4. On or before July 20, 2016, copies of the Plan, theDisclosure Statement, and the Disclosure Statement Order, togetherwith a Ballot conforming to Official Form 14, will be mailed to allcreditors, equity security holders, and other parties in interest,and will be transmitted to the United States Trustee, as providedin FRBP 3017(d); and, 5. Aug. 17, 2016 at 10:30 a.m. is the date and time fixed forthe hearing on confirmation of the Plan to be held at the U.S.Bankruptcy Court, Union Station, Courtroom 1, 1717 Pacific Avenue,Suite 2100, Tacoma, Washington 98402.Under the Plan, Regents Bank's $2,600,000 secured claim will berestructured based on one of two options selected by the bank. Thesecured claims of Ally Financial and Chrysler Capital areunimpaired. The 100% owner Rodney E. Schultz will retain hisequity interest in the Debtor and will remain the president and100% equity interest owner of the Reorganized Debtor followingconfirmation of the Plan.A copy of the Disclosure Statement for the First Amended Plan ofReorganization dated July 18, 2016, is available at: http://bankrupt.com/misc/Precision_Ind_238_1st_Am_DS.pdf About Precision IndustrialPrecision Industrial Contractors, Inc., is a Washington corporationbased in Woodland, Washington, that is engaged in the industrialconstruction, dismantling, and moving business, including machinerymoving, process piping, equipment installation, concrete plantrelocation, steel erection, electrical instrumentation, anddemolition.Precision Industrial filed a Chapter 11 petition (Bankr. W.D. Wash.Case No. 15-45167) on Nov. 5, 2015. The Hon. Brian D Lynchpresides over the case. The Debtor is represented by Thomas WStilley, Esq., at Sussman Shank LLP, in Portland, Oregon.QUANTUM CORP: Amends Fiscal 2016 2016 Annual Report---------------------------------------------------Quantum Corporation filed an amendment to its annual report on Form10-K for the year ended March 31, 2016, originally filed on June 3,2016, solely to include the information required by Part III andnot included in the Original Filing. Part III of the Reportdiscloses information about directors, executive officers andcorporate governance; executive compensation; security ownership ofcertain beneficial owners and management and related stockholdermatters; certain relationships and related transactions, anddirector independence; and principal accountant fees and service. A full-text copy of the Form 10-K/A is available for free athttps://is.gd/haVuRz About Quantum Corp.Based in San Jose, California, Quantum Corp. (NYSE:QTM) --http://www.quantum.com/-- is a storage company specializing in backup, recovery and archive. Quantum provides a comprehensive,integrated range of disk, tape, and software solutions supportedby a world-class sales and service organization.Quantum reported net income of $16.7 million on $553 million oftotal revenue for the year ended March 31, 2015, compared to a netloss of $21.5 million on $553 million of total revenue for theyear ended March 31, 2014.As of Dec. 31, 2015, the Company had $278 million in total assets,$355 million in total liabilities and a $76.9 million totalstockholders' deficit.QUANTUM CORP: Reports Fiscal First Quarter 2017 Results-------------------------------------------------------Quantum Corp. reported a net loss of $3.79 million on $116 millionof total revenue for the three months ended June 30, 2016, comparedto a net loss of $10.8 million on $111 million of total revenue forthe three months ended June 30, 2015.As of June 30, 2016, Quantum Corp had $209 million in total assets,$338 million in total liabilities and a $129 million stockholders'deficit."We're very pleased with our first quarter results, as we deliveredyear-over-year revenue growth, with strong contributions from bothour scale-out storage and data protection product lines," said JonGacek, president and CEO of Quantum. "In scale-out storage, wecontinued to build on our momentum, securing major wins across ourpriority vertical markets and use cases and further expanding theaddressable markets where our scale-out storage solutions offerunique value. For example, in April we announced a large publiccloud, scale-out storage win, which we expected to generate $10million in total revenue for the year. That opportunity has sinceexpanded, and we now expect the resulting revenue contributions --which started in the first quarter -- to total at least $20 millionfor the year."On the data protection side of our business, we closed amulti-million dollar DXi deduplication deal and capitalized on amore stable tape backup market, where we are a long-standingleader. We also significantly improved our bottom lineperformance, as we continued to benefit from the cost reductionsand operational changes we implemented over the previous sixmonths, which further strengthened our business model and theleverage it provides."In short, we had a strong start to fiscal 2017, and we're focusedon building on our momentum to drive continued growth,profitability and cash flow. Based on our first quarter results,we have increased confidence in our ability to meet the full yearguidance we provided on our May earnings call.""We are in discussions with a number of financial institutionsregarding expanding our credit line to provide sufficient near- andlong-term liquidity and to create a clear and executable roadmap toaddress our convertible notes due November 2017," said Ahmad. "We've received strong indications of interest from two differentlending sources, each of which has provided preliminary terms that,if successfully executed in a definitive agreement, not only wouldprovide substantial additional liquidity but also should alleviateany perceived market risks related to the convertible notes."A full-text copy of the press release is available for free at: https://is.gd/CENjQG About Quantum Corp. Based in San Jose, California, Quantum Corp. (NYSE:QTM) --http://www.quantum.com/-- is a storage company specializing in backup, recovery and archive. Quantum provides a comprehensive,integrated range of disk, tape, and software solutions supportedby a world-class sales and service organization.Quantum reported net income of $16.7 million on $553 million oftotal revenue for the year ended March 31, 2015, compared to a netloss of $21.5 million on $553 million of total revenue for theyear ended March 31, 2014.ROCKDALE RESOURCES: Has $301-K Net Loss in March 31 Quarter-----------------------------------------------------------Rockdale Resources Corporation filed its quarterly report onForm 10-Q, reporting a net loss of $301,942 on $202,999 oftotal revenue for the three months ended Mar. 31, 2016, comparedwith a net loss of $213,280 on $60,526 of total revenue for thesame period in 2015.The Company's balance sheet at Mar. 31, 2016, showed $4.26 millionin total assets, $1.25 million in total liabilities, andstockholders' equity of $3.01 million.The Company has suffered recurring losses from operations. Theseconditions raise substantial doubt about the Company's ability tocontinue as a going concern. The Company plans to generate profitsby reworking its existing oil or gas wells and drilling additionalwells, as needed. The Company will need to raise funds througheither the sale of its securities, issuance of corporate bonds,joint venture agreements and/or bank financing to accomplish itsgoals. The Company does not have any commitments or arrangementsfrom any person to provide the Company with any additional capital,at this time. If additional financing is not available whenneeded, the Company may need to cease operations. The Company maynot be successful in raising the capital needed to drill and/orrework existing oil wells. Any additional wells that the Companymay drill may be non-productive. Management believes that actionspresently being taken to secure additional funding for thereworking of its existing infrastructure will provide theopportunity for the Company to continue as a going concern. Sincethe Company has an oil producing asset, its goal is to increase theproduction rate by optimizing its current infrastructure. A copy of the Form 10-Q is available at: https://is.gd/ojIuVbAustin, Texas-based Rockdale Resources Corporation (formerly ArtDesign, Inc.) was incorporated in the State of Colorado on Jan. 16,2002. In April 2012 the Company discontinued its prior operationsand became involved in the exploration and development of oil andgas. On May 4, 2012, the Company amended its articles ofincorporation to change its name to Rockdale Resources Corporation. The company holds 100% working interest in the Minerva-RockdaleField located in Austin, Texas; 10% working interest in the SlickUnit Dutcher Sands oilfield located in Creek County, Oklahoma; and15% working interest in the Twin Lakes San Andres Unit consistingan area of approximately 4,864 acres located in Chavez County, NewMexico.Rockdale Resources Corporation reported a net loss of $1.86 millionon $187,976 of sales for the fiscal year ended Dec. 31, 2015,compared with a net loss of $1.67 million on $683,536 of sales in2014.MaloneBailey, LLP, states that the Company has incurred losses fromoperation since inception. This factor raises substantial doubtabout the Company's ability to continue as a going concern.The Company's balance sheet at Dec. 31, 2015, showed $4.19 millionin total assets, $1.11 million in total liabilities, andstockholders' equity of $3.08 million.SALADO SMILES: Selling East West Bank Collateral to Dr. Lufburrow-----------------------------------------------------------------Salado Smiles, P.C., asks the U.S. Bankruptcy Court for the WesternDistrict of Texas, Austin Division, to authorize the sale ofcollateral of East West Bank to Howard Wesley Lufburrow.This bankruptcy and the related bankruptcies of and Debra DudleyLufburrow (Case No. 16-60262-RBK-7) and Harker Heights Smiles P.C.(Case No. 16-60202-RBK-7) resulted from the expansion of Dr.Lufburrow's dental practice from one location to three.The managerial, financial and practical burdens of operating threelocations proved to be untenable and led Dr. Lufburrow to close thelocations in Harker Heights and Jarrell, Texas. Salado Smilescontinues to operate a dental practice in Salado, Texas.Dr. Lufburrow now intends to consolidate his practice in Saladooperating as a sole proprietorship.East West Bank holds a perfected first lien on all of the Debtor'sinventory, chattel paper, accounts receivable, equipment,instruments and general intangibles. East West bank also holds ablanket lien on all equipment which is not subject to specificpurchase money liens and certain specifically identified equipmentreflected in the exhibit to the UCC Financing Statement filed onFeb. 4, 2013, in favor of East West Bank, under Filing No.13-0003776360 in the office of the Secretary of State of Texas.East West Bank further holds a second lien on a commercial realproperty located in Salado, Texas where the Debtor operates itspractice. The real property is owned by Dr. Lufburrow and Mrs.Lufbrrow individually. Further, Dr. Lufburrow is a borrower underthe loan documents with East West Bank relative to the loan toSalado Smiles and Dr. Lufburrow jointly.At the time of filing, the Debtor valued East West Bank'scollateral as follows: a. accounts receivable – $70,000, b. equipment - $115,000, c. goodwill - $0, and d. the second lien - $244,000.At the time of filing the balance owed to East West Bank was$357,000.The Debtor proposes to sell the collateral of East West Bank to Dr.Lufburrow subject to the existing debt owed to East West Bank andthe liens securing the same.Dr. Luffburrow will reaffirm the debt to East West Bank in theLufburrow Chapter 7 Case and, thereafter, will assume the debt toEast West Bank in his individual capacity. Upon assumption of thedebt, East West Bank will be paid in the full amount of itsprincipal, interest, attorneys' fees and costs, together with thereasonable additional attorneys' fees and costs incurred by EastWest Bank in connection with the Debtor's Chapter 11 bankruptcycase and Lufburrow Chapter 7 Case.The terms of the assumed loan will be substantially the same asthose now in force except that any arrears and/or fees will bere-amortized over the remaining term of the loan until the maturitydate of Feb. 4, 2023.The sale of the collateral will be further subject to the liens ofBell County for taxes. There will be no cash payment to the Debtoras part of this transaction.Salado Smiles' attorneys: Michael Baumer Megan Baumer LAW OFFICE OF MICHAEL BAUMER 7600 Burnet Road, Suite 530 Austin, TX 78757 Telephone: (512)-476-8707 Facsimile: (512) 476-8604 E-mail: email@example.com About Salado SmilesSalado Smiles, P.C., formerly doing business as Sonterra Smiles,operates a dental practice in Salado, Tex. The company filed achapter 11 petition (Bankr. W.D. Tex. Case No. 16-10413) on Apr. 5,2016, and is represented by Michael V. Baumer, Esq., in Austin,Tex. At the time of the filing, the Debtor disclosed total assetsof $177,203 and debt totaling $1.24 million. The Debtor remains as debtor-in-possession.The meeting of creditors pursuant to 11 U.S.C. Sec. 341 wasconducted and concluded on May 6, 2016.SANDPOINT CATTLE: Awarded Over $1.8MM in Legal Malpractice Suit---------------------------------------------------------------Judge Shon Hastings of the United States Bankruptcy Court for theDistrict of Nebraska awarded damages in the sum of $1,831,827 infavor of Sandpoint Cattle Company, LLC, in the adversary proceedingcaptioned Sandpoint Cattle Company, LLC, Plaintiff, v. RobertCraig, Robert F. Craig P.C. d/b/a Craig/Bednar Law P.C., and AnnaBednar, Defendants, Adversary No. 14-04052-SKH (Bankr. D. Neb.).Sandpoint initiated the adversary proceeding, alleging a legalmalpractice claim against its former attorneys, Robert Craig,Robert F. Craig P.C. d/b/a Craig/Bednar Law P.C. and Anna Bednar. It also objected to the Final Application for Allowance ofCompensation and Reimbursement of Expenses filed by Craig andCraig/Bednar Law in the underlying bankruptcy case.Judge Hastings entered judgment in favor of Anna M. Bednar, andSandpoint's claims and causes of action against Bednar weredismissed with prejudice.However, Judge Hastings entered judgment in favor of Sandpoint andagainst Craig and Robert F. Craig P.C. d/b/a Craig/Bednar Law P.C.,awarding Sandpoint $1,831,827.63 for lost market value resultingfrom Craig's breach of the standard of care.A full-text copy of Judge Hastings' July 22, 2016 memorandum andorder is available at https://is.gd/XqXAbE from Leagle.com.The bankruptcy case is In Re: Sandpoint Cattle Company, LLC,Chapter 11, Debtor, Bankruptcy No. 13-40219 (Bankr. D. Neb.).Sandpoint Cattle Company, LLC is represented by: James D. Sherrets, Esq. Diana J. Vogt, Esq. SHERRETS, BRUNO & VOGT LLC 260 Regency Parkway Drive, Suite 200 Omaha, NE 68114 Tel: (800)465-1249Robert Craig is represented by: William M. Lamson, Jr., Esq. Cathy S. Trent-Vilim, Esq. LAMSON, DUGAN & MURRAY, LLP 10306 Regency Pkwy Dr Omaha, NE 68114 Tel: (402)397-7300 Fax: (402)397-7824 Email: firstname.lastname@example.com firstname.lastname@example.com About Sandpoint CattleSandpoint Cattle Company, LLC operates a commercial cattlebusiness in Nebraska. It has a cow-calf herd and raises and sellsbulls.Sandpoint Cattle filed for Chapter 11 protection (Bankr. D. Neb.Case No. 13-40219) on February 6, 2013. The Debtor estimated ithad assets and liabilities of $1,000,001 to $10,000,000 at thetime of the filing. Robert F. Craig, Esq., of Craig/Bednar Lawserves as its counsel. SBA COMMUNICATIONS: S&P Rates Proposed $800MM Sr. Notes 'B'-----------------------------------------------------------S&P Global Ratings assigned its 'B' issue-level rating and '6'recovery rating to Boca Raton, Fla.-based wireless tower operatorSBA Communications Corp.'s proposed $800 million senior unsecurednotes due 2024. The '6' recovery rating indicates S&P'sexpectation for negligible (0%-10%) recovery of principal in theevent of payment default. The company will use proceeds from thetransaction, along with cash on hand, to redeem $800 million of itsexisting 5.75% senior unsecured notes due 2020 at wholly ownedsubsidiary SBA Telecommunications LLC. There is no change to S&P's 'BB-' corporate credit rating andstable outlook on SBA since the transaction is leverage neutral andcould result in modestly lower interest expenses saving. Adjusteddebt to EBITDA was about 8x as of June 30, 2016 and S&P's ratingincorporates the expectation that leverage will remain above 7.5xarea over the next few years. RATINGS LISTSBA Communications Corp. Corporate Credit Rating BB-/Stable/--New RatingSBA Communications Corp. Senior Unsecured $800 mil. notes due 2024 B Recovery Rating 6SETAI 3509: Hires Hoffman Larin as Counsel------------------------------------------Setai 3509, LLC and Setai 1908, LLC, seek authority from the U.S.Bankruptcy Court for the Southern District of Florida to employHoffman Larin & Agnetti, P.A. as counsel to the Debtor.Setai 3509 requires Hoffman Larin to: a. advise the Debtors with respect to their duties asdebtors-in- possession; b. advise the Debtors with respect to the continued managementof their real property, business interests and related obligations; c. advise the Debtors with respect to their responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; d. prepare motions and file, pleadings, orders, applications, adversary proceedings and other documents necessary for the advancement of the Debtors' case; e. protect the interest of the Debtors in all matters pending before the Court; f. represent the Debtors in negotiation with creditors; and g. propose and seek confirmation of a plan of reorganization.The Debtors have paid Hoffman Larin a joint $26,000 as Attorney FeeRetainer and a joint $4,000.00 as Cost Retainer. The amount of$5,100.00 was applied to pre-bankruptcy attorneys' fees and$3,434.00 was applied to Chapter 11 filing fees. The amount of$20,900.00 of the Attorney Fee Retainer and $566.00 of the CostRetainer remains in Hoffman Larin's trust account.Hoffman Larin will also be reimbursed for reasonable out-of-pocketexpenses incurred.Michael S. Hoffman, member of Hoffman Larin & Agnetti, P.A.,assured the Court that the firm is a "disinterested person" as theterm is defined in Section 101(14) of the Bankruptcy Code and doesnot represent any interest adverse to the Debtors and theirestates.Hoffman Larin can be reached at: Michael S. Hoffman, Esq. HOFFMAN LARIN & AGNETTI, P.A. 909 North Miami Beach Blvd., Suite 201 North Miami Beach, FL 33162 Tel: (305) 653-5555 Fax: (305) 940-0090 E-mail: email@example.com About Setai 3509Setai 3509, LLC, based in Miami Beach, FL, filed a Chapter 11petition (Bankr. S.D. Fla. Case No. 16-20114) on July 21, 2016. TheHon. Laurel M Isicoff presides over the case. Michael S Hoffman,Esq., at Hoffman Larin & Agnetti, P.A., as bankruptcy counsel.In its petition, the Debtor estimated $1 million to $10 million inassets and $10 million to $50 million in liabilities. The petitionwas signed by Eric Grabois, authorized agent.SHINGLE SPRINGS: S&P Affirms 'B+' ICR, Outlook Remains Stable-------------------------------------------------------------S&P Global Ratings said it affirmed all ratings on Placerville,Calif.-based Shingle Springs Tribal Gaming Authority, including the'B+' issuer credit rating. The outlook remains stable."The affirmation reflects Shingle Springs' continued good operatingperformance coupled with debt repayment that is significantly aheadof our previous expectations," said S&P Global Ratings creditanalyst Stephen Pagano. As a result, credit measures are stronger under S&P's currentbase-case forecast than in its prior forecast, resulting in animproved financial risk assessment. Under S&P's current base-caseforecast assumptions, it now expects leverage will improve to thelow- to mid-2x area in 2016, compared to S&P's previous expectationfor leverage to remain in the 3x area through 2016. S&P alsoanticipates funds from operations (FFO) to debt to improve to themid-30% area and EBITDA coverage of interest to improve to around5x in 2016, compared to S&P's previous expectations of the low-20%area and around 4x, respectively. The stable outlook reflects S&P's expectation for credit metrics toimprove through 2017, largely driven by debt repayment that willmore than offset a modest negative impact from the opening of anexpansion at Shingle Springs' primary competitor in 2017. S&Panticipates adjusted leverage will improve to the low-2x area andEBITDA coverage of interest will improve to the high-5x area by2017.SHRI NATHJI: Case Summary & Unsecured Creditor----------------------------------------------Debtor: Shri Nathji, LLP 5895 Bonnie View Lane Elkridge, MD 21075-5225Case No.: 16-20275Nature of Business: Single Asset Real EstateChapter 11 Petition Date: August 1, 2016Court: United States Bankruptcy Court District of Maryland (Baltimore)Judge: Hon. Robert A. GordonDebtor's Counsel: Tate Russack, Esq. RLC LAWYERS & CONSULTANTS 7999 N Federal Hwy, Ste 100 A Boca Raton, FL 33487 Tel: 561-571-9601 Fax: 800-883-5692 E-mail: firstname.lastname@example.com Assets: $937,233Total Liabilities: $1.3 millionThe petition was signed by Kirti Kumar Bhavsar, managing partner.The Debtor lists McNamee, Hosea, Jernigan, Kim, Greenan& Lynch, P.A. as an unsecured creditor holding a claim of$362,767.A full-text copy of the petition is available for free at: http://bankrupt.com/misc/mdb16-20275.pdfSKAGIT GARDENS: Hires Moss Adams as Tax Consultant--------------------------------------------------Skagit Gardens, Inc., et al., seek authority from the U.S.Bankruptcy Court for the Western District of Washington to employMoss Adams LLP as tax consultant for the Debtor.Skagit Gardens requires Moss Adams to prepare the Debtor's 2015 and2016 tax returns and provide related tax planning services, as isnecessary for the Debtor's continued reorganization.In the 90 days prior to the petition date, the Debtor paid MossAdams $2,750 on May 10, 2016 and $2,220 on May 27, 2016 in fees andcosts in the ordinary course of business, and in full satisfactionof prepetition obligations. Moss Adams currently holds a zerobalance in trust for the Debtor, and the Debtor has not providedany payment or retainer to Moss Adams postpetition.Todd Kooiman, partner of Moss Adams LLP, assured the Court that thefirm is a "disinterested person" as the term is defined in Section101(14) of the Bankruptcy Code and does not represent any interestadverse to the Debtors and their estates.Moss Adams can be reached at: Todd Kooiman MOSS ADAMS LLP 999 Third Avenue, Suite 2800 Seattle, WA 98104-4019 E-mail: email@example.com About Skagit GardensSkagit Gardens Inc. and three affiliates filed Chapter 11 petitions(Bankr. W.D. Wash. Lead Case No. 16-12879) on May 27, 2016. Thecompany is a wholesale nursery that grows two categories of plants,finished plants and plugs/liners, each grown for different types ofcustomers. The petitions were signed by Mark Buchholz aspresident.The Debtors listed total assets of $12.5 million and totalliabilities of $19.3 million.The Debtors are represented by Bush Kornfeld LLP, in Seattle,Washington, as counsel.The cases are assigned to Judge Christopher M. Alston.SONDIAL PROPERTIES: Case Summary & 14 Unsecured Creditors---------------------------------------------------------Debtor: Sondial Properties, LLC 1670 Scott Boulevard, Suite 100 Decatur, GA 30033 Case No.: 16-63236Chapter 11 Petition Date: August 1, 2016Court: United States Bankruptcy Court Northern District of Georgia (Atlanta)Debtor's Counsel: George M. Geeslin, Esq. GEORGE M. GEESLIN Two Midtown Plaza, Ste. 1350 1349 West Peachtree Street Atlanta, GA 30309 Tel: (404) 841-3464 Fax: 866-253-2313 E-mail: email@example.com Estimated Assets: $10 million to $50 millionEstimated Liabilities: $10 million to $50 millionThe petition was signed by Alphonso Waters, managing member.Debtor's List of 14 Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------Al Waters and Sondi Waters $2,353,4981670 Scott Blvd.Suite 102Decatur, GA 30033Family Practice of $1,798,000 Atl. Med. Group1670 Scott BlvdSuite 102Decatur, GA 30033RimFire Electrical $9,500Conyers Winnelson Co $5,499Xenon Cleaning $1,875CNA Insurance $1,841Vander Rawlings $1,000Georgia Power $779Bagby Elevators $750Dekalb Co. Water $698Stanley Security $329AT&T $249Dekalb Co. Sanitation $174Arrow Exterminator $160STAGE PRESENCE: Court Narrows Claims in "Music Mix Mobile" Suit---------------------------------------------------------------Judge Michael E. Wiles of the United States Bankruptcy Court forthe Southern District of New York granted in part and denied inpart the motion to dismiss filed by Stage Presence Incorporated andindividual defendants Allen Newman and Matthew Weiner in theadversary proceeding captioned MUSIC MIX MOBILE, LLC, JEFF SHAWPRODUCTIONS, INC., ONE FOOT PRODUCTIONS, LLC, V.I.P. PROMPTINGCORPORATION, IDEA ASYLUM PRODUCTIONS, INC., KENIGMA, INC., EASTSHORE SOUND, INC., WEUSI BARAKA CHAPMAN, LLOYD JORDAN AND GEORGE M.BERA, Plaintiffs, v. ALLEN NEWMAN, MATTHEW WEINER, STAGE PRESENCE,INC., ONE FOR EACH ISLAND LTD., GREGORY MARQUETTE and "XYZ CORP.",being the fictitious name of one or more entities, Defendants, Adv.Pro. No. 15-01392 (MEW) (Bankr. S.D.N.Y.).Judge Wiles held that: -- the plaintiffs may proceed with their contract claims against Stage Presence and with their contention that Newman is liable for such contract obligations on alter ego/veil piercing theories. -- the other contract claims, and the claims for fraud and aiding and abetting fraud, are dismissed. -- the ruling on the unjust enrichment claim will be deferred until after a ruling on the plaintiffs' separate motion for permission to pursue that claim. -- the claims on behalf of individual plaintiffs Weuis Baraka Chapman and Lloyd Jordan to recover wages under New York law may proceed.The bankruptcy case is In re: STAGE PRESENCE INCORPORATED, Chapter11, Debtor, Case No. 12-10525 (MEW) (Bankr. S.D.N.Y.).A full-text copy of Judge Wiles' July 19, 2016 memorandum decisionis available at https://is.gd/qniS9e from Leagle.com.Music Mix Mobile, LLC is represented by: Kerry E. Connolly, Esq. THE LAW OFFICE OF KERRY E. CONNOLLY, ESQ. One Battery Park Plaza 32nd Fl. New York, NY 10004 Tel: (212)372-7333Allen Newman is represented by: John Carlson, Esq. JOHN CARLSON, ESQ. LAW OFFICE 519 Walnut Street Reading, PA 19601 Tel: (610)478-1868 Fax: (610)376-5255 Email: email@example.com Matthew Weiner is represented by: Robert M. Sasloff, Esq. ROBINSON BROG LEINWAND GREENE GENOVES & GLUCK P.C. 875 Third Avenue New York, NY 10022 Tel: (212)603-6300 Email: firstname.lastname@example.com Stage Presence, Inc. is represented by: Joel Shafferman, Esq. SHAFFERMAN & FELDMAN, LLP 137 5th Avenue, 9th Floor New York, NY 10010 Tel: (212)509-1802 Fax: (212)509-1831 Email: firstname.lastname@example.com About Stage PresenceStage Presence Incorporated filed a Chapter 11 petition (Bankr.S.D.N.Y., Case No. 12-10525) on February 9, 2012. The petition wassigned by Allen Newman, president.The Debtor has tapped Shafferman & Feldman, LLP as its legalcounsel.The Debtor estimated assets of $2,309,486 and debts of $1,373,349.On March 27, 2012, the Office of the United States Trusteeappointed a Committee of Unsecured Creditors in this case. Themembers of the Committee are KZ Video Consultants, Inc. and AlanAdelman. On March 4, 2016, the Office of the United StatesTrustee filed an Amended Appointment of a Committee of UnsecuredCreditors in this case, the members of which are KEnigma, Inc. andAlan Adelman. Neither the original Committee nor the AmendedCommittee has retained counsel. * * *The Troubled Company Reporter, on July 8, 2016, reported that StagePresence Incorporated revised its plan of reorganization andaccompanying disclosure statement to, among other things, provideadditional information regarding the treatment of general unsecuredcreditors and pending adversary proceedings, which are potentialsources of funding for the plan.Under the Second Amended Plan, each holder of Allowed Class 2General Unsecured Claims shall -- in full satisfaction of theirclaims -- receive: (1) their pro rata share of the proceeds of the LitigationFund, if any is generated; (2) their pro rata share of the Television Program Revenue;and (3) their pro rata share of 50% of the Debtor's net incomegenerated by its post confirmation operations, payable in equalquarterly installments for a period of the earlier of three yearsfollowing the Effective Date or such time when their Allowed claimsare paid, in full, from the Litigation Fund and/or the TelevisionProgram Revenue. SYNCARDIA SYSTEMS: Mulls Private Asset Sale, May Cancel Auction---------------------------------------------------------------Matt Chiappardi, writing for Bankruptcy Law360, reported thatSynCardia Inc. told a Delaware bankruptcy judge on Aug. 1 that itmay pivot to a private sale of its assets to secured lender SindexSSI Lending LLC instead of a public auction, as talks withunsecured creditors over concerns about the sale process stalled.The report said a hearing in Wilmington, Del., lasted into theevening as sides continued negotiating to resolve many of theofficial committee of unsecured creditors' concerns.The Creditors' Committee has challenged the Debtor's sale proposalas well as its request to procure DIP financing. The Committee hassought an adjournment of the hearing on the Debtor's requestsbeyond August 9. It also has requested discovery or to conductdepositions. The Committee is requesting additional time that allows for a fairprocess and an adequate diligence period to ensure rights ofunsecured creditors are preserved and protected. The Committee alsoplans to simultaneously use that time to continue negotiations withthe Debtor and Sindex for a global resolution that maximizes thevalue of the estate and allows for the estate to be properlyadministered post-sale, the Committee said in Monday's courtfilings.The Committee also noted that there is no urgency to obtainpost-petition financing and an adjournment will allow the Debtor tomaintain the status quo. Based on the Debtor's cash flow forecast,the Debtor can operate utilizing its Cash Collateral for thebudgeted period and will have substantial cash as of the closingdate of the sale. It is possible that the Debtor will never have todraw down on the DIP Facility to make the payments to estateprofessionals at closing.The Committee noted that, of the $963,000 in proceeds from the DIPFacility, over $700,000 is being allocated to pay the Debtor'sprofessional fees.As reported by the Troubled Company Reporter on July 8, 2016,SynCardia asked the U.S. Bankruptcy Court for the District ofDelaware to approve bidding procedures relating to thesale of its business to Sindex SSI Lending, LLC, or to thesuccessful bidder at the auction.With the assistance of Canaccord Genuity Inc. and Olshan FromeWolosky, LLP and Ankura Consulting Group, LLC (formerly known asMGBD, LLC), the Debtor extensively marketed its businessprepetition, but was unable to secure an offer from outside of itscapital structure. The Debtor has, however, received a stalkinghorse offer to purchase its business, for a combination of$150,000in cash and a partial credit bid of $19,000,000, plus amountsowingunder the debtor in possession financing facility and theassumption of certain liabilities from Sindex SSI Lending, LLC.The Stalking Horse Purchaser is not an insider of the Debtor.Under the Bidding Procedures, if approved by the Court, the Debtorintends to solicit higher and better offers than the Staking HorseBid.In addition to considering competing offers for the Assets relatedto the Debtor's business, the Bidding Procedures will also permitthe Debtor to consider offers for Assets not being acquired by theStalking Horse Purchaser.Because time is of the essence, the Debtor proposed scheduling ahearing approving the Bidding Procedures on or prior to July 27,2016, a submission deadline for qualified bids on or prior toAugust 15, 2016 at 5:00 p.m. (Prevailing Eastern Time), an auctionfor the sale of the Assets on or prior to Aug. 19, 2016, and ahearing to approve the sale of the Assets on or before Aug. 22,2016.The Debtor may terminate the Stalking Horse APA to consummate anAlternate Transaction entered into in accordance with the BiddingProcedures Order, upon paying the Stalking Horse Purchaser abreak-up fee of 3% of the Purchase Price (the "Break-Up Fee").In addition, if the Stalking Horse APA is terminated under certainother circumstances, the Stalking Horse Purchaser may be entitledto the reimbursement of its actual and reasonable expenses,including attorney's fees, in an amount not to exceed $1,750,000.Proposed Counsel to the Official Committee of Unsecured Creditors: SHAW FISHMAN GLANTZ & TOWBIN LLC Thomas M. Horan, Esq. 919 N. Market Street, Suite 600 Wilmington, DE 19801 Telephone: (302) 480-9412 E-mail: email@example.com - and - ARENT FOX LLP Robert M. Hirsh, Esq. George P. Angelich, Esq. 1675 Broadway New York, NY 10019 Tel: (212) 484-3900 Fax: (212) 484-3990 Email: email@example.com firstname.lastname@example.com to the Stalking Horse Purchaser: Adam G. Landis, Esq. Kerri K. Mumford, Esq. Landis Rath & Cobb LLP 919 N. Market Street, Suite 1800 Wilmington, DE 19801 E-mail: firstname.lastname@example.com firstname.lastname@example.com Debtor's investment banker: Geoffrey Richards Canaccord Genuity Inc. 350 Madison Avenue New York, NY 10017 E-mail: email@example.com About SynCardia SystemsSynCardia Systems, Inc., a medical technology company, soughtprotection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.Case No. 16-11599) on July 1, 2016. The petition was signed byStephen Marotta, chief restructuring officer. At the time of the filing, the Debtor estimated its assets andliabilities at $10 million to $50 million.The Debtor filed for bankruptcy protection months after a failedlaunch of an initial public offering of its common stock whichresulted in a liquidity shortfall.SynCardia, a privately-held company with global headquarters andmanufacturing in Tucson, Arizona, is focused on developing,manufacturing and commercializing the SynCardia temporary TotalArtificial Heart, or TAH-t, an implantable system designed toassume the full function of a failed human heart in patientssuffering from advanced heart failure.SynCardia Systems employed Olshan Frome Wolosky LLP and YoungConaway Stargatt & Taylor, LLP as co-counsel. Ankura ConsultingGroup, LLC provides interim management services, and the firm'sStephen Marotta acts as chief restructuring officer and B. LeeFletcher as assistant restructuring officer. Canaccord GenuityInc. serves as investment banker, and Rust Consulting/OmniBankruptcy serves as claims and administrative agent.The Office of the U.S. Trustee has appointed three creditors ofSynCardia Systems, Inc., to serve on the official committee ofunsecured creditors. TANNING BED: Hires John H. Ring III as Special Counsel------------------------------------------------------Tanning Bed, Inc., seeks authorization from the U.S. BankruptcyCourt for the Western District of New York to employ John H. RingIII as special counsel to the Debtor.The Debtor seeks to employ and retain John H. Ring III as itsspecial counsel for the purpose of handling claims objections andChapter 5 claims that may arise prior to or during theadministration of this Chapter 11 case.John H. Ring III will be paid at $200 per hour and for Chapter 5claims, John H. Ring III, will be paid a one-third contingency feeof any amount collected after court costs and related expenses. John H. Ring III, assured the Court that the firm is a"disinterested person" as the term is defined in Section 101(14) ofthe Bankruptcy Code and does not represent any interest adverse tothe Debtors and their estates.John H. Ring III may be reached at: John H. Ring III, Esq. 6195 W. Quaker Street Orchard Park, NY 14127 Phone: +1 716-508-4000 E-mail: firstname.lastname@example.com About Tanning Bed, Inc. Tanning Bed, Inc. filed a Chapter 11 bankruptcy petition (Bankr.w.D.N.Y.. Case No. 14-12790) on December 11, 2014. Hon. Michael J.Kaplan presides over the case. Damon Morey, LLP represents theDebtor as counsel.In its petition, the Debtor estimated $100,000 to $500,000 inassets and $1 million to $10 million in liabilities. The petition wassigned by Daniel Humiston, president.TESLA MOTORS: S&P Puts 'B-' CCR on CreditWatch Negative-------------------------------------------------------S&P Global Ratings said that it has placed all of its unsolicitedratings on Tesla Motors Inc., including S&P's 'B-' corporate creditrating, on CreditWatch with negative implications."The CreditWatch placement follows Tesla's announcement that it hasagreed to merge with SolarCity in an all-stock transaction, whichwe expect will meaningful increase the combined entity's debtleverage," said S&P Global credit analyst Nishit Madlani.S&P will monitor developments related to the announced transactionand plan to resolve the CreditWatch placement following S&P'sreview of the sustainability of the company's capital structure inconjunction with its long-term business plan, financial policies,liquidity needs, and access to capital.TJB AIR: Exclusive Period to File Plan Extended to Nov. 25----------------------------------------------------------Judge Paul G. Hyman, Jr., of the U.S. Bankruptcy Court for theSouthern District of Florida extends TJB Air Conditioning, LLC'sexclusive period to file a plan and disclosure statement untilNovember 25, 2016.The Troubled Company Reporter has previously reported that theDebtor asks the Court to extend the time for the Debtor to file aplan of reorganization and disclosure statement by 120 days becausethe Debtor still has objections to claims pending against variouscreditors, and the resolution of these claims, the Debtor states,is necessary before a plan and disclosure statement can beprepared.A preliminary hearing on the objections to claims is set for July12, 2016. The Debtor expects that the claims can be resolvedwithin 90 days. The Debtor should be able to propose a plan ofreorganization within 120 days.Attorney for TJB Air Conditioning, LLC: Brian K. McMahon, P.A. 1401 Forum Way 6th Floor West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 Email: firstname.lastname@example.com About TJB AirTJB Air Conditioning, LLC, filed for Chapter 11 bankruptcyprotection (Bankr. S.D. Fla. Case No. 15-31350) on Dec. 8, 2015. Brian K. McMahon, Esq., serves as the Debtor's bankruptcy counsel.TREND COMPANIES: Wants Plan Filing Date Extended to Sept. 1-----------------------------------------------------------The Trend Companies of Kentucky, Inc., asks the U.S. BankruptcyCourt to extend its exclusive periods for filing and for solicitingacceptances to a plan of reorganization until September 1, 2016 andOctober 3, 2016, respectively. The Debtor tells the that it needs additional time to put togetherprojections that will support its plan.Counsel for The Trend Companies of Kentucky, Inc.: Neil C. Bordy, Esq. SEILLER WATERMAN LLC Meidinger Tower - 22nd Floor 462 S. Fourth Street Louisville, KY 40202 Telephone: (502) 584-7400 Facsimile: (502) 583-2100 E-mail: firstname.lastname@example.com About Trend CompaniesThe Trend Companies of Kentucky, Inc., filed a Chapter 11 petition(Bankr. W.D. Ky. Case No.16-30258), on Feb. 3, 2016. The case isassigned to Hon. Alan C. Stout. The petition was signed by JosephDumstorf, president. The Debtor's counsel is Neil Charles Bordy, Esq., at SeillerWaterman LLC, in Louisville, Kentucky. At the time of filing, theDebtor had $500,000 to $1 million in estimated assets and $1million to $10 million in estimated liabilities.TRIANGLE USA: Duane, Tarlow Representing Mineral Interest Holders-----------------------------------------------------------------Duane Morris LLP and Tarlow & Stonecipher, PLLC, as counsel tomineral interest holders, and in connection with the Chapter 11case of Triangle USA Petroleum Corporation, et al., submitted withthe Bankruptcy Court a verified statement pursuant to Rule 2019 ofthe Federal Rules of Bankruptcy Procedure.The Mineral Interest Holders are parties who seek, among otherthings, declaratory judgment recognizing their ownership of certainmineral interests claimed by TUSA. The Mineral Interest Holderscontest TUSA's claims against their mineral interests.A list of the name and addresses and the nature and amount of alldisclosable economic interests held by the Mineral Interest Holdersis available at: http://bankrupt.com/misc/TRIANGLEUSA_179_rule2019.pdfThe Mineral Interest Holders are represented by: DUANE MORRIS LLP Michael R. Lastowski, Esq. Sommer L. Ross, Esq. Jarret P. Hitchings, Esq. 222 Delaware Avenue, Suite 1600 Wilmington, DE 19801-1659 Tel: (302) 657-4900 Fax: (302) 657-4901 E-mail: firstname.lastname@example.com email@example.com firstname.lastname@example.com -- and -- TARLOW & STONECIPHER, PLLC Matt J. Kelly, Esq. 1705 West College Street Bozeman, MT 59718 Tel: (406) 586-9718 E-mail: email@example.com About Triangle USATriangle USA Petroleum Corporation is an independent explorationand production company with a strategic focus on developing theBakken Shale and Three Forks formations in the Williston Basin ofNorth Dakota and Montana. TUSA is a wholly owned subsidiary ofTriangle Petroleum Corporation (NYSE MKT: TPLM). Neither TPLM norits affiliated company, RockPile Energy Services, LLC, is includedin TUSA's Chapter 11 filing.Triangle USA Petroleum Corporation and its affiliates filedvoluntary petitions under Chapter 11 of the Bankruptcy Code(Bankr.D. Del. Lead Case No. 16-11566) on June 29, 2016. The cases arepending before the Honorable Mary F. Walrath.The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLPas counsel, AP Services, LLC, as financial advisor, PJT PartnersInc. as investment banker and Prime Clerk LLC as claims & noticingagent.In its petition, TUSA estimated assets in the range of $500millionto $1 billion and liabilities of up to $1 billion.TRIANGLE USA: Plan Support Agreement Rejected---------------------------------------------Matt Chiappardi, writing for Bankruptcy Law360, reported that U.S.Bankruptcy Judge Mary F. Walrath rejected Triangle USA PetroleumCorp.'s Chapter 11 plan support agreement with its noteholders,calling it an "illusory" deal and siding with the shale driller'smidstream contractors that claimed it's simply a method to rejecttheir contracts and doesn't maximize value for the estate. Duringa hearing in Wilmington, Judge Walrath said the plan supportagreement she was considering was unlike any other that had everbeen presented to her.As reported by the Troubled Company Reporter on July 1, 2016,Triangle USA sought Chapter 11 protection to implement the terms ofa Plan Support Agreement that will facilitate the restructuring ofits balance sheet. Following several months of negotiations, TUSAhas entered into a PSA with holders of approximately 73% of TUSA's$381 million 6.75% Senior Unsecured Notes due 2022. The PSAprovides for the Notes to be converted into equity and a new moneyrights offering for $100 million, which will be backstopped by acommitment from certain Participating Noteholders. TUSA's existingreserve-backed credit facility will be paid in full from a newrevolving credit facility, existing cash at emergence, and proceedsof the new money rights offering. About Triangle USATriangle USA Petroleum Corporation is an independent explorationand production company with a strategic focus on developing theBakken Shale and Three Forks formations in the Williston Basin ofNorth Dakota and Montana. TUSA is a wholly owned subsidiary ofTriangle Petroleum Corporation (NYSE MKT: TPLM). Neither TPLM norits affiliated company, RockPile Energy Services, LLC, is includedin TUSA's Chapter 11 filing.Triangle USA Petroleum Corporation and its affiliates filedvoluntary petitions under Chapter 11 of the Bankruptcy Code(Bankr.D. Del. Lead Case No. 16-11566) on June 29, 2016. The cases arepending before the Honorable Mary F. Walrath.The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLPas counsel, AP Services, LLC, as financial advisor, PJT PartnersInc. as investment banker and Prime Clerk LLC as claims & noticingagent.In its petition, TUSA estimated assets in the range of $500millionto $1 billion and liabilities of up to $1 billion.Andrew R. Vara, Acting U.S. Trustee, informed the U.S. BankruptcyCourt that a committee of unsecured creditors has not beenappointed in the case.TRINITY 83 DEVELOPMENT: Case Summary & 10 Unsecured Creditors-------------------------------------------------------------Debtor: Trinity 83 Development LLC 6325 Elm Street Willowbrook, IL 60527Case No.: 16-24652Nature of Business: Single Asset Real EstateChapter 11 Petition Date: August 1, 2016Court: United States Bankruptcy Court Northern District of Illinois (Chicago)Judge: Hon. Deborah L. ThorneDebtor's Counsel: Gina B Krol, Esq. COHEN & KROL 105 West Madison Street #1100 Chicago, IL 60602 Tel: 312.368.0300 Fax: 312.368.4559 E-mail: firstname.lastname@example.com Assets: $2.41 millionTotal Liabilities: $2.13 millionThe petition was signed by Donald L. Santacarina, member.A copy of the Debtor's list of 10 unsecured creditors is availablefor free at http://bankrupt.com/misc/ilnb16-24652.pdfTX HOLDINGS: Needs More Capital to Implement Business Plan----------------------------------------------------------TX Holdings, Inc., filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q, disclosing a net lossof $84,569 on $381,529 of revenue for the three months ended June30, 2016, compared with net loss $82,913 on $636,388 of revenue forthe same period in 2015.For the nine months ended June 30, 2016, the Company listed a netloss of $105,040 on $1.73 million of revenue, compared to a netloss of $310,318 on $2.23 million of revenue for the same period inthe prior year.The Company's balance sheet at June 30, 2016, showed $3.12 millionin total assets, $4.36 million in total liabilities and totalstockholders' deficit of $1.24 million.Since the commencement of its mining and rail products distributionbusiness, the Company has relied substantially upon financingprovided by Mr. Shrewsbury, the Company's CEO and, from November2012 to December 2015, a secured bank line of credit in connectionwith the development and expansion of its business. On December 3,2015, the Company entered into a new loan agreement with TownSquare Bank under which it obtained a term loan in the amount of$711,376. The Company utilized proceeds of the new loan to repayits line of credit. The loan is for a term of five years andmatures on December 3, 2020. These factors raise substantial doubt about the Company's abilityto continue as a going concern. The accompanying consolidatedfinancial statements have been prepared on a going concern basis,which contemplates continuing operations and realization of assetsand liquidation of liabilities in the ordinary course of business. The Company's ability to continue as a going concern is dependentupon its ability to raise sufficient capital and to implement asuccessful business plan to generate profits sufficient to becomefinancially viable. The consolidated financial statements do notinclude adjustments relating to the recoverability of recordedassets or the implications of associated bankruptcy costs if theCompany is unable to continue as a going concern.A copy of the Form 10-Q is available at: http://bit.ly/2aWK7pn Headquartered in Ashland, Kentucky, TX Holdings, Inc.(otcqb:TXHG) -- http://www.txholdings.com/-- is a supplier of mining and rail products to the U.S. coal mining industry.UCI INTERNATIONAL: Selling Fairfield Facility Assets to Affiliate-----------------------------------------------------------------UCI International, LLC, and its affiliates ask the U.S. BankruptcyCourt for the District of Delaware to authorize the sale of certainassets and equipment located at their Fairfield, Illinois facilityto non-debtor affiliate, Talleres Mecanicos Montserrat, S.A. deC.V. ("TMM").A hearing for the Motion is set for Aug. 16, 2016. The objectiondeadline is on Aug. 9, 2016.Prior to the Petition Date, the Debtors determined that it wasnecessary to shut down the Debtors' Fairfield Facility and,ultimately, transition production of certain fuel pumps tonon-Debtor subsidiary TMM's facilities in Mexico. In connectionwith the closure of the Fairfield Facility and transition ofcertain services to TMM, the Debtors sought certain "first day"relief on the Petition Date.Specifically, the Debtors obtained the following relief inconnection with the Affiliates Transactions Motion and EmployeeWage Motion: a. Pursuant to the interim order and final order approving theAffiliate Transactions Motion, the Debtors are authorized topurchase components and finished products from TMM in its capacityas a Foreign Subsidiary Vendor, and bail certain equipment to TMMin furtherance of TMM manufacturing products for the Debtor. b. Pursuant to the final order approving certain of the Debtors'incentive and severance programs, the Debtors are authorized to payFairfield Transition Payments to severed employees at the FairfieldFacility, consistent with the terms of the agreement between theDebtors and International Union – UAW and its Affiliated LocalUnion No. 543 in respect of the Airtex CBA in respect of thecollective bargaining agreement applicable to employees at theFairfield Facility. Since the Petition Date, the Debtors have continued to evaluate,analyze and refine their exit plan for the Fairfield Facility.After careful analysis, the Debtors have determined that certainadditional measures are necessary to fully effectuate the closingof the Fairfield Facility in the most efficient way possible and ona sensible timeline in order to fully preserve the value of theDebtors' estates. In an effort to maintain transparency for the benefit of allparties in interest, the Debtors are seeking authority from theCourt at this time in connection with the following additionalsteps of the plan to shut down the Fairfield Facility andtransition production to TMM facilities: a. The Debtors currently have a significant number of fuel pumpcomponents located at the Fairfield Facility that are not beingsold to customers or otherwise used by the Debtors' estates. Intheir current state, these components provide little to no benefitto the Debtors' estates because the Fairfield Facility no longerhas the capability to manufacture finished product. Overall, theDebtors anticipate that the Debtors will transfer approximately $15million in components in connection with the TMM Fuel PumpTransactions. b. The Debtors also seek to immediately sell certain equipment("TMM Equipment Sales") to TMM that will facilitate TMM'smanufacturing of the fuel pump products that the Debtors will sellto their customers. The Debtors estimate that the total value ofthe equipment to be sold to TMM pursuant to the TMM Equipment Saleswill be less than $200,000 total.The Debtors believe that the TMM Fuel Pump Transactions and TMMEquipment Sales represent a sound exercise of business judgment.Accordingly, an inability to engage in the TMM Fuel PumpTransactions will result in delay to effectively closing theFairfield Facility, potential value destruction to the Debtors'estates in the forms of higher costs and an inefficient use ofvaluable fuel pump components currently held by the Debtors'estate.The Debtors' believe that the relief requested in this Motion isnecessary for completing the shut-down of the Fairfield Facilityand will benefit the Debtors, their customers, and the estates forseveral reasons. First, both the TMM Fuel Pump Transactions andTMM Equipment Sales will allow the Debtors to realize value ofcertain assets that currently provide no benefit to the Debtors'business. Currently, the components and equipment are unused and sitting inthe Fairfield Facility. In the absence of the TMM Fuel PumpTransactions and TMM Equipment Sales, the components and equipmentwould likely remain idle in the Fairfield Facility until the assetswere either abandoned or sold for scrap. However, if the reliefrequested in this Motion is granted, idle components will bepromptly transferred or sold to TMM's facilities in Mexico for usein production of fuel pump products that will thereafter betransferred back to the Debtors and sold to the Debtors' customerbase. Second, the proposed relief will reduce certain costs that wouldotherwise be incurred by the Debtors. For example, because theDebtors currently pay TMM for certain finished goods, the TMM FuelPump Transactions will result in a lower cash outlay from theDebtors to TMM since the Debtors will net out the costs of anycomponents sold to TMM from any amounts owed to TMM. In addition,the TMM Equipment Sales will allow the Debtors to avoid anyadministrative costs that would be incurred in finding analternative buyer for the equipment or otherwise disposing of theequipment in connection with the Fairfield Facility closure. TheTMM Fuel Pump Transactions and TMM Equipment Sales will also helpthe Debtors avoid unnecessary administrative costs and expensespotentially associated with delaying an orderly wind-down of theFairfield Facility.The Debtors are represented by: Larry J. Nyhan Jessica C.K. Boelter Kerriann S. Mills Geoffrey M. King SIDLEY AUSTIN LLP One South Dearborn Street Chicago, IL 60603 Telephone: (312) 853-7000 Facsimile: (312) 853-7036 - and - Robert S. Brady Edmon L. Morton Ashley E. Jacobs Elizabeth S. Justison YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square, 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 About UCI InternationalUCI International, LLC, headquartered in Lake Forest, IL, designs,manufactures, and distributes vehicle replacement parts, includinga broad range of filtration, fuel delivery systems, and coolingsystems products in the automotive, trucking, marine, mining,construction, agricultural, and industrial vehicles markets. UCI and its affiliates sought Chapter 11 protection (Bankr. D. Del.Case No. 16-11355) on June 1, 2016. Alvarez & Marsal provides thecompany with financial advice and Moelis & Company LLC is theDebtors' investment banker. Garden City Group serves as theDebtors' Claims Agent. UNIVERSAL WELL: Hires Kruse Energy as Auctioneer------------------------------------------------Universal Well Service Holdings, Inc., seeks authority from theU.S. Bankruptcy Court for the Northern District of Texas to employKruse Energy & Equipment as auctioneer to the Debtor.The Debtor owned oil well service equipment which was encumbered byliens in favor of Capital One, N.A.At the request of Capital One, the Debtor entered into an agreementto engage Ritchie Bros. Auctioneers to conduct an auction sale ofits oil well service equipment on May 11, 2016.Richie Bros. has now transported substantially all oil well serviceequipment of the Debtor to its secure auction site. The Debtorhas, however, reserved from the auction sale to be conducted byRitchie Bros. the titled vehicles and trailers which are notencumbered by liens in favor of Capital One as the Debtor believesthe sale of the equipment through another auction house will resultin a greater net recovery to the bankruptcy estate.Universal Well requires Kruse Energy to conduct the public auctionsale of the titled vehicles and trailers which are not encumberedby liens in favor of Capital One.Kruse Energy will conduct the auction beginning at 9:00 a.m. onOctober 5 and 6, 2016 in the ballroom of the Embassy Suites Hotel,located at 1815 South Meridian Avenue, Oklahoma City, Oklahoma.Kruse Energy will be paid a commission based on the gross saleprice of the equipment equal to 10% plus a 2-1/2% buyer's premiumand reasonable, necessary expenses which are capped at $10,000. Larry Mitchell, regional sales manager of Kruse Energy & Equipment,assured the Court that the firm is a "disinterested person" as theterm is defined in Section 101(14) of the Bankruptcy Code and doesnot represent any interest adverse to the Debtor and its estate.Kruse Energy can be reached at: Larry Mitchell KRUSE ENERGY & EQUIPMENT 11611 County Road 128 W Odessa, TX 79765 Tel: (432) 563-2005 Fax: (432) 563-7929 About Universal Well ServiceUniversal Well Service Holdings, Inc. sought protection underChapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.16-40979) on March 2, 2016. The petition was signed by Kenneth K.Conte, chief financial officer. The Debtor is represented byJoseph F. Postnikoff, Esq., at Goodrich Postnikoff & Associates,LLP. The Debtor estimated assets of $1 million to $10 million anddebts of $10 million to $50 million.UPD GLOBAL: Court Affirms Order Dismissing Suit vs. Continental---------------------------------------------------------------Judge Sim Lake of the United States District Court for the SouthernDistrict of Texas, Houston Division, addressed appeals brought byUPD Global Resources, Inc., and ordered as follows: -- Affirming the bankruptcy court's order granting the defendant's motion to dismiss, signed May 12, 2015; -- Affirming the bankruptcy court's order on motion for clarification of the order granting Continental Casualty Company's motion to dismiss, signed August 13, 2015; -- Affirming the bankruptcy court's order granting motion of Continental Casualty Company pursuant to Bankruptcy Rule 3006 to withdraw Claim No. 3, signed on September 17, 2015.Judge Lake dismissed the two civil actions arising from UPD'sappeal of these three orders.The bankruptcy case is IN RE: UPD GLOBAL RESOURCES, INC. Debtor,Bankruptcy No. 11-36970-H5-11 (Bankr. S.D. Tex.).The adversary proceeding is UPD GLOBAL RESOURCES, INC. Plaintiff,v. CONTINENTAL CASUALTY CO. and PBC SERVICES, INC. Defendants,Adversary No. H-15-03073 (Bankr. S.D. Tex.).The civil actions are UPD GLOBAL RESOURCES, INC. Appellant, v.CONTINENTAL CASUALTY CO. and PBC SERVICES, INC. Appellees. UPDGLOBAL RESOURCES, INC. Appellant, v. CONTINENTAL CASUALTY CO.Appellee, Civil Action No. H-15-2488., H-15-2717 (S.D. Tex.).A full-text copy of Judge Lake's July 21, 2016 memorandum opinionand order is available at https://is.gd/kaTENz from Leagle.com.UPD Global Resources, Inc. is represented by: Leonard H. Simon, Esq. Robert L. Pendergraft, Esq. William P. Haddock, Esq. PENDERGRAFT & SIMON 2777 Allen Parkway, Suite 800 Houston, TX 77019 Tel: (713) 868-3505 Fax: (713) 868-1267 Email: firstname.lastname@example.com firstname.lastname@example.com email@example.com Continental Casualty Company is represented by: Thomas J. Lester, Esq. HINSHAW AND CULBERTSON LLP 521 West Main Street, Suite 300 Belleville, IL 62222 Tel: (618)277-2400 Emai: email@example.com WARNER MUSIC: Satisfies Conditions to Term Loan Credit Agreement----------------------------------------------------------------On July 15, 2016, Warner Music Group Corp. received lender consentto, and executed, an amendment to the credit agreement, dated Nov.1, 2012. The Senior Term Loan Credit Agreement Amendment (amongother changes) conforms certain baskets governing the ability toincur debt and liens to the equivalent provisions applicable to theNotes. The effectiveness of those changes to the baskets wassubject to certain conditions, which have now been satisfied by thecompleted issuance and sale of the Notes and the prepayment,pursuant to the prepayment notice dated July 22, 2016, of $295.5million of the Tranche B Term Loans with the net proceeds from thesale of the Notes. About Warner Music GroupBased in New York, Warner Music Group Corp. (NYSE: WMG)-- http://www.wmg.com/-- was formed by a private equity consortium of investors on Nov. 21, 2003. The Company is thedirect parent of WMG Holdings Corp., which is the direct parent ofWMG Acquisition Corp. WMG Acquisition Corp. is one of the world'smajor music-based content companies and the successor tosubstantially all of the interests of the recorded music and musicpublishing businesses of Time Warner Inc.The Company classifies its business interests into two fundamentaloperations: Recorded Music and Music Publishing. The Company'sRecorded Music business primarily consists of the discovery anddevelopment of artists and the related marketing, distribution andlicensing of recorded music produced by such artists. TheCompany's Music Publishing operations include Warner/Chappell, itsglobal Music Publishing company, headquartered in New York withoperations in over 50 countries through various subsidiaries,affiliates and non-affiliated licensees.In May 2011, Warner Music Group Corp. and Access Industries, theU.S.-based industrial group, announced the execution of adefinitive merger agreement under which Access Industries willacquire WMG in an all-cash transaction valued at $3.3 billion.The purchase includes WMG's entire recorded music and musicpublishing businesses.On July 20, 2011, the Company notified the New York StockExchange, Inc., of its intent to remove the Company's common stockfrom listing on the NYSE and requested that the NYSE file with theSEC an application on Form 25 to report the delisting of theCompany's common stock from the NYSE. On July 21, 2011, inaccordance with the Company's request, the NYSE filed the Form 25with the SEC in order to provide notification of that delistingand to effect the deregistration of the Company's common stockunder Section 12(b) of the Securities Exchange Act of 1934, asamended. On August 2, 2011, the Company filed a Form 15 with theSEC in order to provide notification of a suspension of its dutyto file reports under Section 15(d) of the Exchange Act. TheCompany continues to file reports with the SEC pursuant to theExchange Act in accordance with certain covenants contained in theinstruments governing the Company's outstanding indebtedness.Warner Music reported a net loss attributable to the Company of $91million on $2.96 billion of revenues for the fiscal year endedSept. 30, 2015, compared to a net loss attributable to the Companyof $308 million on $3.02 billion of revenues for the fiscal yearended Sept. 30, 2014.As of March 31, 2016, Warner Music had $5.48 billion in totalassets, $5.25 billion in total liabilities and $234 million intotal equity. * * *As reported by the TCR on Oct. 23, 2015, Standard & Poor's RatingsServices lowered its corporate credit rating on New York City-basedWarner Music Group Corp. (WMG) to 'B' from 'B+'. "The downgradesreflect our expectations that WMG's adjusted leverage will remainelevated for the next two years -- above our 5x threshold for the'B+' corporate credit rating," said Standard & Poor's creditanalyst Naveen Sarma.WARNER MUSIC: Unit Sold $300 Million Senior Notes Due 2023----------------------------------------------------------WMG Acquisition Corp., an indirect, wholly-owned subsidiary ofWarner Music Group Corp., issued and sold $300 million in aggregateprincipal amount of its 5.000% Senior Secured Notes due 2023 underthe Indenture, dated as of Nov. 1, 2012, among the Issuer, theguarantors party thereto, Credit Suisse AG, as Notes AuthorizedAgent and Collateral Agent, and Wells Fargo Bank, NationalAssociation, as Trustee, as supplemented by the Fifth SupplementalIndenture, dated as of July 27, 2016, among the Issuer, theguarantors party thereto and the Trustee.Interest on the Notes will accrue at the rate of 5.000% per annumand will be payable semi-annually in arrears on February 1 andAugust 1, commencing on Feb. 1, 2017.The Notes are the Issuer's senior secured obligations and aresecured on an equal and ratable basis with all existing and futureindebtedness secured with the same security arrangements as theNotes, including the Existing Secured Notes and the CreditFacilities. The Notes rank senior in right of payment to theIssuer's subordinated indebtedness; rank equally in right ofpayment with all of the Issuer's existing and future seniorindebtedness, including the Issuer's 6.750% Senior Notes due 2022,the Issuer's 5.625% Senior Secured Notes due 2022, 6.000% SeniorSecured Notes due 2021, the Issuer's 6.250% Senior Secured Notesdue 2021 and indebtedness under the Issuer's senior securedrevolving credit facility with Credit Suisse AG, as administrativeagent, and the other financial institutions and lenders from timeto time party thereto and the Issuer's senior secured term loancredit facility with Credit Suisse AG, as administrative agent, andthe other financial institutions and lenders from time to timeparty thereto and any future senior secured credit facility; areeffectively senior to the Issuer's unsecured senior indebtedness,including the Existing Unsecured Notes, to the extent of the valueof the collateral securing the Notes; and are structurallysubordinated in right of payment to all existing and futureindebtedness and other liabilities of any of the Issuer'snon-guarantor subsidiaries.At any time prior to Aug. 1, 2019, the Issuer may on any one ormore occasions redeem up to 40% of the aggregate principal amountof the Notes (including the aggregate principal amount of anyadditional securities constituting Notes) issued under the NewSecured Notes Indenture, at its option, at a redemption price equalto 105% of the principal amount of the Notes redeemed, plus accruedand unpaid interest thereon, if any, to the date of redemption(subject to the rights of holders of Notes on the relevant recorddate to receive interest on the relevant interest payment date),with funds in an aggregate amount not exceeding the net cashproceeds of one or more equity offerings by the Issuer or anycontribution to the Issuer's common equity capital made with thenet cash proceeds of one or more equity offerings by the Issuer'sdirect or indirect parent; provided that:(1) at least 50% of the aggregate principal amount of the Notesoriginally issued under the New Secured Notes Indenture (includingthe aggregate principal amount of any additional securitiesconstituting Notes issued under the New Secured Notes Indenture)remains outstanding immediately after the occurrence of suchredemption; and(2) the redemption occurs within 180 days of the date of, and maybe conditioned upon, the closing of such equity offering.The Notes may be redeemed, in whole or in part, at any time prior to August 1, 2019, at the option of the Issuer, at a redemptionprice equal to 100% of the principal amount of the Notes redeemedplus the applicable make-whole premium as of, and accrued andunpaid interest thereon, if any, to, the applicable redemption date(subject to the right of holders of record on the relevant recorddate to receive interest due on the relevant interest paymentdate).On or after Aug. 1, 2019, the Issuer may redeem all or a part ofthe Notes, at its option, at the redemption prices (expressed aspercentages of principal amount) set forth below plus accrued andunpaid interest thereon, if any, on the Notes to be redeemed to theapplicable redemption date, if redeemed during the twelve-monthperiod beginning on August 1 of the years indicated below: Year Percentage ---- ---------- 2019 102.500% 2020 101.250% 2021 and thereafter 100.000%In addition, during any 12-month period prior to August 1, 2019,the Issuer will be entitled to redeem up to 10% of the originalaggregate principal amount of the Notes (including the principalamount of any additional securities of the same series) at aredemption price equal to 103.000% of the aggregate principalamount thereof, plus accrued and unpaid interest thereon, if any,to the redemption date (subject to the right of holders of recordon the relevant record date to receive interest due on the relevantinterest payment date).Upon the occurrence of a change of control, which is defined in theSecured Notes Base Indenture, each holder of the Notes has theright to require the Issuer to repurchase some or all of suchholder's Notes at a purchase price in cash equal to 101% of theprincipal amount thereof, plus accrued and unpaid interest, if any,to the repurchase date.The New Secured Notes Indenture also provides for events of defaultwhich, if any of them occurs, would permit or require the principalof and accrued interest on New Secured Notes to become or to bedeclared due and payable. About Warner Music GroupBased in New York, Warner Music Group Corp. (NYSE: WMG)-- http://www.wmg.com/-- was formed by a private equity consortium of investors on Nov. 21, 2003. The Company is thedirect parent of WMG Holdings Corp., which is the direct parent ofWMG Acquisition Corp. WMG Acquisition Corp. is one of the world'smajor music-based content companies and the successor tosubstantially all of the interests of the recorded music and musicpublishing businesses of Time Warner Inc.The Company classifies its business interests into two fundamentaloperations: Recorded Music and Music Publishing. The Company'sRecorded Music business primarily consists of the discovery anddevelopment of artists and the related marketing, distribution andlicensing of recorded music produced by such artists. TheCompany's Music Publishing operations include Warner/Chappell, itsglobal Music Publishing company, headquartered in New York withoperations in over 50 countries through various subsidiaries,affiliates and non-affiliated licensees.In May 2011, Warner Music Group Corp. and Access Industries, theU.S.-based industrial group, announced the execution of adefinitive merger agreement under which Access Industries willacquire WMG in an all-cash transaction valued at $3.3 billion.The purchase includes WMG's entire recorded music and musicpublishing businesses.On July 20, 2011, the Company notified the New York StockExchange, Inc., of its intent to remove the Company's common stockfrom listing on the NYSE and requested that the NYSE file with theSEC an application on Form 25 to report the delisting of theCompany's common stock from the NYSE. On July 21, 2011, inaccordance with the Company's request, the NYSE filed the Form 25with the SEC in order to provide notification of that delistingand to effect the deregistration of the Company's common stockunder Section 12(b) of the Securities Exchange Act of 1934, asamended. On August 2, 2011, the Company filed a Form 15 with theSEC in order to provide notification of a suspension of its dutyto file reports under Section 15(d) of the Exchange Act. TheCompany continues to file reports with the SEC pursuant to theExchange Act in accordance with certain covenants contained in theinstruments governing the Company's outstanding indebtedness.Warner Music reported a net loss attributable to the Company of $91million on $2.96 billion of revenues for the fiscal year endedSept. 30, 2015, compared to a net loss attributable to the Companyof $308 million on $3.02 billion of revenues for the fiscal yearended Sept. 30, 2014.As of March 31, 2016, Warner Music had $5.48 billion in totalassets, $5.25 billion in total liabilities and $234 million intotal equity. * * *As reported by the TCR on Oct. 23, 2015, Standard & Poor's RatingsServices lowered its corporate credit rating on New York City-basedWarner Music Group Corp. (WMG) to 'B' from 'B+'. "The downgradesreflect our expectations that WMG's adjusted leverage will remainelevated for the next two years -- above our 5x threshold for the'B+' corporate credit rating," said Standard & Poor's creditanalyst Naveen Sarma.WARREN RESOURCES: Plan Gives Unsecured Creditors 2.78% Recovery---------------------------------------------------------------Warren Resources, Inc., et al., on July 18, 2016, filed a Plan ofReorganization that's based on a settlement with first lien lendersowed $248 million that would provide for distributions to secondlien lenders and general unsecured creditors. Unsecured creditorsare estimated to have a 2.78% recovery under the Plan.Without the restructuring provided for in the Plan, the Debtors saythey would not have sufficient liquidity to maintain their businessas a going concern. The Plan would reduce their $486.3 million ofindebtedness by converting the claims of the first lien lenders,second lien lenders and holders of senior notes into equity in theReorganized Debtors and (in the case of the first lien lenders) thenew first lien facility. The Plan provides that: -- Allowed Administrative Expenses, Professional Fee Claims,Priority Tax Claims, Other Priority Claims and Other Secured Claimswill be paid in full or reinstated on the later of the EffectiveDate and the date of their allowance. Estimated recovery: 100% -- Class 1A claims of the First Lien Lenders will be convertedinto 82.5% of the equity (subject to dilution by the ManagementIncentive Plan) in the Reorganized Debtors and the New First LienFacility. Additionally, at the Plan Sponsor's option, the amountoutstanding under the DIP Credit Agreement may be rolled into theNew First Lien Facility. Estimated recovery: 64.84% -- Class 2A claims of the Second Lien Lenders, the Senior NotesClaims, and the claim of Citrus Energy (if allowed as a generalunsecured claim, and if so allowed in an amount not exceeding $8.5million) will be converted into the remaining 17.5% of the equity(subject to dilution by the Management Incentive Plan) in theReorganized Debtors, pro rata based on the amount of theirrespective claims. In addition, Holders of Second Lien FacilityClaims will receive their pro rata portion of (1) the Claren RoadSupplemental Equity Distribution and (2) the New Warrants. Estimated recovery for Senior Notes Claims and Citrius Earn OutClaims: 2.78%; Estimated recovery for Second Lien Facility Claims:5.18% -- Unsecured Claims in Class 2B will receive cash or an unsecurednote (in each case without interest) in an amount equal to the sameeconomic recovery provided to the holders of allowed Class 2Aclaims from the General Equity Pool. For example, if recovery toClass 2A under the Plan from the General Equity Pool is 3%, theeconomic recovery to Class 2B will be 3% under the Plan. For theavoidance of doubt, the calculation of the economic recovery toholders of allowed Class 2B Claims will not take into account anyeconomic recovery to Holders of Second Lien Facility Claims onaccount of the Claren Road Supplement Equity Distribution and theNew Warrants. Estimated recovery: 2.78% -- Class 6 Warren Equity Interests will be cancelled and receiveno further payments or recovery. Estimated recovery: 0%The Debtors' mid-point estimated Enterprise Value is $177 million.Because the First Lien Lenders have liens on substantially allassets of each of the Debtors (other than Warren ManagementCorp. and Warren Energy Services, LLC) and the amount of the FirstLien Lenders Claims are at least $248 million, the Debtors believethat the First Lien Lenders would be entitled to the full value ofthe Debtors and there would be no value left for distribution toUnsecured Creditors (including the Second Lien Lenders). The FirstLien Lenders have nevertheless consented to the Distributions toClass 2A and 2B as part of the settlement reached with the Debtors,Claren Road and the Consenting Senior Noteholders which would avoidthe need for a contested and potentially expensive Planconfirmation process.A copy of the Disclosure Statement accompanying the Plan ofReorganization dated July 18, 2016, is available at: http://bankrupt.com/misc/Warren_Resources_217_DS.pdf About Warren ResourcesWarren Resources Inc., is an independent energy company engaged inthe exploration, development and production of domestic onshorecrude oil and natural gas reserves. It is primarily focused on thedevelopment of its waterflood oil recovery properties in theWilmington field within the Los Angeles Basin of California, itsposition in the Marcellus Shale gas in northeastern Pennsylvaniaand its coalbed methane, or CBM, natural gas properties located inWyoming.Warren Resources, Inc., Warren E&P, Inc., Warren Resources ofCalifornia, Inc., Warren Marcellus LLC, Warren Energy Services,LLC, and Warren Management Corp. each filed a voluntary petitionunder Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. ProposedLead Case No. 16-32760) on June 2, 2016. The Debtors listed totalassets of $230 million and total debt of $545 million.The Debtors have hired Andrews Kurth LLP as counsel, Jefferies LLCas investment banker, Deloitte Transactions and Business AnalyticsLLP as restructuring advisor and Epiq Bankruptcy Solutions, LLC asclaims, balloting and noticing agent.Judge Marvin Isgur has been assigned the cases.WEST ALLIS-WEST: Moody's Lowers Long-Term GO Rating to Ba1----------------------------------------------------------Moody's Investors Service has downgraded to Ba1 from A2 thelong-term general obligation (GO) rating of West Allis-WestMilwaukee School District, WI. The district's long-term GO ratinghas also been placed under review for possible further downgrade.Concurrently, Moody's has downgraded the short-term rating on thedistrict's outstanding Tax and Revenue Anticipation Notes (TRANs)to SG from MIG 2. The district currently has $17 million and $25million in GO and TRANs debt outstanding, respectively.The downgrade of the long-term rating to Ba1 reflects thedistrict's structurally imbalanced operations that have resulted indeficit fund balances and an elevated reliance on cash flowborrowing. These factors are offset to a degree by the district'slarge, suburban Milwaukee (Aa3 stable) tax base; average wealthindices; low long-term debt burden; and modest exposure to unfundedpension liabilities.The downgrade of the short-term rating to speculative grade (SG)reflects the weakness of the long-term GO rating; reliance onproceeds of expected borrowing to redeem outstanding TRANs; and thenarrow window of time to secure take-out financing in advance ofthe Sept. 20, 2016, maturity of the outstanding TRANs.Rating OutlookThe district's long-term GO rating has been placed on review(rating under review or RUR) for possible further downgrade. Ifthe district is unable to secure take-out financing to redeem $25 million in outstanding TRANs in advance of the Sept. 20, 2016,maturity, Moody's could lower the long-term GO rating. WhileMoody's notes that the district has a demonstrated history ofsuccessful marketing of bonds and notes, the weakening of thedistrict's long-term rating could affect its ability to access themarket on affordable terms.Factors that Could Lead to an Upgrade Sustained return to structurally balanced operations resulting in positive reserves and liquidity Elimination of reliance on overlapping borrowing to retire outstanding short-term notesFactors that Could Lead to a Downgrade In the near term, an inability to secure affordable take-out financing to redeem maturing short-term obligations In the long term, failure to restore operating fund balances and liquidityLegal SecurityDebt service on outstanding long-term bonds and notes are securedby the district's general obligation unlimited tax (GOULT) pledgeto levy a dedicated tax unlimited as to rate or amount. Debtservice on the Series 2015D taxable tax and revenue anticipationnotes (TRANs) is secured by a pledge of all available districtrevenues, including property taxes and state aid.Use of ProceedsNot applicable.Obligor ProfileThe West Allis-West Milwaukee School District is a suburban schooldistrict located 10 miles west of the City of Milwaukee. Itprovides pre-K through 12th grade education to approximately 9,900students in a community of 68,000 residents.MethodologyThe principal methodology used in the long term rating was US LocalGovernment General Obligation Debt published in January 2014. Theprincipal methodology used in the short term rating was Short TermCash Flow Notes published in April 2013.WRWM PARTNERSHIP: Selling Pennsylvania Property for $150K---------------------------------------------------------WRWM Partnership, Inc., asks the U.S. Bankruptcy Court for theEastern District of Pennsylvania to authorize the private sale ofproperty located at 935 W. Cypress Avenue, Kennett Square,Pennsylvania, to Steven A. Kopp for $149,500.A hearing on the Motion is set for Aug. 24, 2016.The Agreement contemplates the sale of the Property to the buyerfor a total of $149,500, plus an additional amount not to exceed$1,500 to pay any municipal bills and/or fines issued with respectto the Property and minus the closing costs resulting from the saleof the Property.The Property is currently encumbered by a mortgage with M&T Bank. M&T asserts that it is currently owed a total amount due and owingof $627,919. It has agreed to accept the Agreement for thepurchase of the Property.M&T will receive the full remainder of the purchase price atclosing once the closing costs and municipal bills and/or fineshave been paid, however M&T has agreed to a carve out of $4,000from the proceeds of the sale to be paid to Debtor's counsel(Bielli & Klauder, LLC) for legal fees related to the sale. Thiscarve-out will be paid to Debtor's counsel at closing and escroweduntil a fee application for Debtor's counsel has been filed andapproved by the Court. The carve-out will reduce the net amount toM&T at closing, and therefore will have no adverse effect on thebankruptcy estate.The Debtor submits that the decision to sell the Property is basedupon sound business judgment and should be approved. The Debtorhas worked diligently to explore alternatives to the proposed Saleand seek alternative buyers. However, the state of the Propertyand the Debtor's financial situation resulted in the Debtor'sdetermination that the Sale of the Property is a necessary steptowards a successful and meaningful distribution to the Debtor'screditors.The Debtor requests that the 14 day stay provision of F.R.B.P.6004(h) be waived due to the urgency of the matter.A true and correct copy of the Addendum/Endorsement to Agreement ofSale attached to the Motion is available for free at: http://bankrupt.com/misc/WRWM_Partnership_64_Sales.pdfThe Debtor's counsel can be reached at: Thomas D. Bielli, Esq. Cory P. Stephenson, Esq. BIELLI & KLAUDER, LLC 1500 Walnut Street, Suite 900 Philadelphia, PA 19102 Telephone: (215) 642-8271 Facsimile: (215) 754-4177 E-mail: email@example.com firstname.lastname@example.com About WRWM PartnershipWRWM Partnership, LLC, filed for Chapter 11 bankruptcy protection(Bankr. E.D. Pa. Case No. 16-11997) on March 24, 2016, estimatingunder $1 million in both assets and liabilities. The Debtor has remained in possession of its assets and continuedmanagement of its business as a debtor-in-possession pursuant toSections 1107 and 1108 of the Bankruptcy Code.An official committee of unsecured creditors has not yet beenappointed.ZERGA PHIN-KER: Has Until Sept. 16 to Obtain Plan Confirmation--------------------------------------------------------------Judge Brenda T. Rhoades the U.S. Bankruptcy Court for the EasternDistrict of Texas grants Zerga Phin-Ker LP an extension of itsexclusive period to confirm a plan up to and including September16, 2016.The Troubled Company Reporter has reported earlier that the Debtorasked the Court to extend its exclusive time to confirm a plan ofliquidation because if the Debtor's were to run out of exclusivitybefore it could finalize its stalking horse and bid procedures,competing plans could devalue the Debtor's property and chillbidding, harming the estate. Since the filing of the Plan, the Debtor has been diligentlynegotiating with various interested parties to select a stalkinghorse bidder. Those negotiations continue and, due tocircumstances beyond the Debtor's control, the stalking horse assetpurchase agreement is not yet ready to execute and file with amotion to sell.Counsel for the Debtor: Vickie L. Driver, Esq. Emily S. Chou, Esq. LEWIS BRISBOIS BISGAARD & SMITH, LLP 2100 Ross Avenue, Suite 2000 Dallas, Texas 75201 Tel: (214) 722-7100 Fax: (214) 722-7111 Email: email@example.com email@example.com About Zerga Phin-KerZerga Phin-Ker LP filed a Chapter 11 bankruptcy petition (Bankr.E.D. Tex. Case No. 15-42087) on Nov. 20, 2015. The petition wassigned by Jerry Green as co-president. Judge Brenda T. Rhoades isassigned to the case.Zerga Phin-Ker LP is a Texas limited partnership whose principalplace of business is in McKinney, Texas. The Debtor was engaged inthe acquisition, construction, and development of a seniorretirement facility in the City of Longview, Gregg County, Texas,to be known as "Parkview on Hollybrook," consisting of 126independent living units, an assisted living and memory carefacility, and common areas .The Debtor estimated assets and liabilities in the range of $10million to $50 million. The Debtor tapped Lewis Brisbois Bisgaard& Smith LLP as counsel. On Feb. 17, 2016, the Court entered afinal order approving the Debtor's emergency application to employCohnReznick LLP as restructuring advisor and designate Chad J.Shandler as Chief Restructuring Officer Effective as of December15, 2015.ZERGA PHIN-KER: Recovery for $22.8M Unsec. Claims Still Unknown---------------------------------------------------------------Zerga Phin-Ker LP on Aug. 30, 2016, will seek confirmation of aplan of liquidation that provides that general unsecured claims,estimated at $22.8 million, will be paid pro rata from what's leftof the sale proceeds after distributions to holders of the securedbonds and tax claims and the payment of the $663,000 wind-downbudget.The estimated recovery for holders of general unsecured claims isstill unknown, according to the Second Amended Disclosure Statementin support of the Second Amended Chapter 11 Plan of Liquidationdated as of July 18, 2016.On July 12, 2016, the Bankruptcy Court determined that thisDisclosure Statement contains "adequate information" in accordancewith 11 U.S.C. Sec. 1125. The Court has scheduled a hearing toconsider Confirmation of the Plan on Aug. 30, 2016 at 10:00 a.m.Central Time in Plano, Texas.The Plan is a liquidating plan and the funding thereof depends onthe successful liquidation of the Debtor's assets, primarily thefacilities in the City of Longview, Gregg County, Texas. TheFacilities are being offered for sale through an auction process. A Sale Motion was filed on June 28, 2016. The occurrence of the Effective Date of the Plan is contingentupon, among other things, the closing of the Sale of the Facilitiesto the Prevailing Bidder. If the Sale of the Facilities to thePrevailing Bidder fails to close, the Effective Date of the Planwill not occur and Plan would not be consummated. If the Sale tothe Prevailing Bidder closes, and other conditions precedent to theoccurrence of the Effective Date are met, or waived, the Plan willgo effective and be consummated.A copy of the Second Amended Disclosure Statement in support of theSecond Amended Chapter 11 Plan of Liquidation dated as of July 18,2016, is available for free at: http://bankrupt.com/misc/Zerga_290_2nd_Am_DS.pdf About Zerga Phin-KerZerga Phin-Ker LP filed a Chapter 11 bankruptcy petition (Bankr.E.D. Tex. Case No. 15-42087) on Nov. 20, 2015. The petition wassigned by Jerry Green as co-president. Judge Brenda T. Rhoades isassigned to the case.Zerga Phin-Ker LP is a Texas limited partnership whose principalplace of business is in McKinney, Texas. The Debtor was engaged inthe acquisition, construction, and development of a seniorretirement facility in the City of Longview, Gregg County, Texas,to be known as "Parkview on Hollybrook," consisting of 126independent living units, an assisted living and memory carefacility, and common areas .The Debtor estimated assets and liabilities in the range of $10million to $50 million. The Debtor tapped Lewis Brisbois Bisgaard& Smith LLP as counsel. On Feb. 17, 2016, the Court entered afinal order approving the Debtor's emergency application to employCohnReznick LLP as restructuring advisor and designate Chad J.Shandler as Chief Restructuring Officer Effective as of December15, 2015.[*] Cosgrave Joins K&L Gates' London Finance Practice-----------------------------------------------------The London office of global law firm K&L Gates LLP has added BarryCosgrave as a partner in the firm's global finance practice.Cosgrave, who joins K&L Gates from Shearman & Sterling LLP, is thesecond new partner addition to the firm's London finance practicein just a month.Cosgrave's experience includes distressed debt and restructuring,debt capital markets, structured finance, and Islamic finance. Hehas significant Middle East experience, having also practiced inDubai for a number of years."With a focus on distressed debt and the Middle East, my ambitionsand experience are very much in line with the strategic directionof K&L Gates' finance practice," said Cosgrave. "I feel that I canplay an important part in further growing our finance offering."Tony Griffiths, administrative partner of K&L Gates' London office,stated: "Structured finance, restructuring, distressed debt, andIslamic finance have continued to be a priority focus of ourinvestment in London in recent years. Barry joins a thrivingpractice, and we also expect him to link up closely with our MiddleEast team."Lawyers in K&L Gates' finance practice represent financialinstitutions, lenders, servicers, trustees, investors, alternativecapital providers, asset based lenders, and private equity funds onborrowings, new lendings, restructurings, workouts, andenforcements of debt and equity positions encompassing a variety offinancing transactions, including corporate, acquisition,asset-based, project, real estate, transportation, and Islamicfinance matters.Cosgrave's addition follows the July arrival of fellow Londonfinance partner Mayank Gupta from Mayer Brown. *********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 ***