distressed company alert · 5 ameriforge group, inc. (afglobal corp.) low rating 6 api heat...

the distressed company alert

a division of new generation research, inc.

Volume 14, No. 19 | May 13, 2016 Page | 1

VOLUME 14, NO. 19 | MAY 13, 2016

New Generation Research’s weekly newsletter that monitors and reports on companies showing signs of financial distress.

PAGE COMPANY CATEGORY

5 Ameriforge Group, Inc. (AFGlobal Corp.) Low Rating 6 API Heat Transfer ThermaSys Corporation Low Rating

7 Atlas Iron Limited Distressed Debt Exchange 8 Brand Energy & Infrastructure Services, Inc. Low Rating 9 Caesars Entertainment Corporation Miscellaneous 10 Crestwood Equity Partners LP Low Rating 11 Fieldwood Energy LLC Distressed Debt Exchange 12 Homer City Generation L.P. Low Rating 13 Iracore International Holdings, Inc. Low Rating 14 IronGate Energy Services, LLC Low Rating 15 Maxcom Telecomunicaciones, S.A.B. de C.V. Low Rating 16 Samarco Mineracao S.A. Low Rating

17 Profile Updates 22 Watch List 23 Bankruptcies

Ameriforge Group, Inc. (AFGlobal Corp.) On May 10, 2016, S&P Global Ratings lowered its corporate credit rating on Ameriforge Group, Inc. (AFGlobal Corp.) to CCC from B, its first-lien senior secured term loan rating to CCC from B+ and its second-lien term loan debt rating to CC from B-. According to S&P Global, the downgrade reflects their expectation that credit measures will quickly deteriorate over the next year such that funds from operations (FFO) to debt will be below 2% and debt to EBITDA will increase well over 10x. “The negative outlook reflects our expectations that liquidity could continue to weaken as a result of continued weak market conditions, the potential for Ameriforge to breach covenants, and negative cash generation,” said S&P Global Ratings credit analyst David Lagasse. “Additionally, given our expectation that debt levels will be at unsustainable levels, we see a heightened risk of a distressed debt exchange or other debt restructuring,” he added.

Profile Highlights on next page…




Profile Highlights, continued API Heat Transfer ThermaSys Corp.

On May 12, 2016, Moody’s Investors Service downgraded API Heat Transfer ThermaSys Corporation’s corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD and the rating on the Company’s first lien senior secured credit facilities, consisting of a $265 million term loan due 2019 and a $35 million revolver expiring in 2018, to B2 from B1. According to Moody’s, the rating action reflects the challenging operating conditions in API’s oil and gas and general industrial end markets, and the resulting reduced demand for the Company’s products, which caused significant declines in revenues and new bookings across its operating segments. Further, reduced demand conditions coupled with unfavorable foreign exchange rates have contributed to a significant weakening in API’s earnings and credit metrics over the past year. According to Moody’s Analyst Natalia Gluschuk, “a weakened liquidity position was also an important factor in our decision to lower the rating.” Atlas Iron Limited

On May 9, 2016, S&P Global Ratings lowered its long-term corporate credit rating on Atlas Iron Limited to SD from CC and its senior secured notes rating to D from CC. “We lowered the rating on Atlas Iron because we view the creditors’ scheme of arrangement as being a distressed debt exchange, as in our view the creditors received less than what was promised on the original TLB,” said S&P Global Ratings analyst May Zhong. S&P Global believes that, in the absence of an agreement with the lenders, Atlas Iron would be vulnerable to a conventional default over the near-to-medium term due to a challenging iron ore market.

Brand Energy & Infrastructure Services, Inc.

On May 9, 2016, Moody’s Investors Service downgraded Brand Energy & Infrastructure Services, Inc.’s ratings, including its corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and its $500 million senior unsecured notes due 2021 to Caa2 from Caa1. According to Moody’s, the downgrade reflects the deterioration in Brand’s operating results and credit metrics, the impact of the downturn in the oil & gas market and the expectation that the Company’s credit profile will remain weak over the next 12 to 18 months. Moody’s further states that the B3 rating also takes into account Brand’s negative free cash flows as well as the Company’s reduced margins. Caesars Entertainment Corporation

On May 6, 2016, Caesars Entertainment Corporation announced that its Board has appointed the Honorable Robert E. Gerber as Chief Restructuring Officer. Judge Gerber will report to Strategic Alternatives Committee.and help it carry out its responsibilities, including advising on a potential restructuring of Caesars Entertain-ment if the Company cannot resolve its differences with Caesars Entertainment Operating Company, Inc. and its creditors with regard to CEOC’s restructuring and related litigation against Caesars Entertain-ment, or if other factors make a potential restructuring of Caesars Entertainment advisable. If Caesars Entertainment is unable to obtain additional sources of cash when needed, in the event of a material adverse ruling on one or all of its ongoing litigation matters, or if CEOC does not emerge from bankruptcy on a timely basis on terms and under circumstances satisfactory to Caesars Entertainment, it is likely that Caesars Entertainment would seek reorganization under Chapter 11 of the Bankruptcy Code.

Profile Highlights continued on next page…




Profile Highlights, continued Crestwood Equity Partners LP

On May 12, 2016, S&P Global Ratings updated its ratings on Crestwood Equity Partners LP, including lowering the corporate credit rating on Crestwood Holdings LLC to CCC+ from B- and its secured debt to CCC+ from B-. “We view Crestwood’s recent 56% quarterly cash distribution cut, the strategic joint venture with Consolidated Edison Inc., and the expected pay-down of debt positively for credit,” said S&P Global Ratings analyst Mike Llanos. “However, in our view, Crestwood will now be more reliant on riskier cash flows exposed to volumetric risk. In our view, the partnership has sold its stable cash flow producing northeast natural gas storage and pipeline assets into the joint venture with Con Edison for $975 million and will use the proceeds to improve its liquidity position and balance sheet.” Fieldwood Energy LLC

On May 6, 2016, S&P Global Ratings lowered its corporate credit rating on Fieldwood Energy LLC to CC from CCC, its first-lien term loan rating to CCC from B- and its second-lien debt rating to CC from CCC-. “The rating actions reflect the announcement that Fieldwood’s private equity sponsor, Riverstone, which owns approximately 98% of Fieldwood, has proposed a tender offer to holders of its second-lien term loan for up to $600 million of face value at 25% of par value,” said S&P Global Ratings credit analyst David Lagasse. “We view the transaction as a distressed exchange because investors that tender will receive less that what was promised on the original securities, and we view the offer as distressed rather than opportunistic. The offer deadline is expected to be Friday, May 13, 2016,” he added.

Homer City Generation L.P. On May 11, 2016, S&P Global

Ratings lowered its corporate credit rating on Homer City Generation L.P. to CCC- from B- and its senior secured debt rating was lowered to CCC from B+. According to S&P Global, the rating actions on Homer City stems from several factors that resulted in deteriorating credit quality. Cash on hand decreased to $25 million on December 31, 2015, from $103 million on September 30, 2015, resulting in a severely diminished liquidity position. The Company will likely incur a significant cash flow deficit in light of weak power prices in the PJM Interconnection market, and S&P Global Ratings believes a default, distressed exchange, or redemption is inevitable within the next six months. Iracore International Holdings, Inc.

On May 6, 2016, S&P Global Ratings lowered its corporate credit rating on Iracore International Holdings, Inc. to CCC- from CCC+ and its outstanding second-lien notes rating to CCC- from CCC+. “The downgrade reflects our expectation that the company will continue to face very challenging market conditions in 2016 leading to weak liquidity as a result of the effects of persistently low oil and natural gas prices, and our expectation that Canadian oil sands companies will hold back expansion projects given the uncertainty in commodity prices,” said S&P Global Ratings credit analyst Aaron McLean. According to S&P Global, the negative outlook reflects their view that lower oil and natural gas price assumptions and significantly reduced exploration and production capital spending in 2016 will continue to affect operating results such that the likelihood of default or debt restructuring is greatly increased over the next six months.

Profile Highlights continued on next page…




Profile Highlights, continued IronGate Energy Services, LLC

On May 11, 2016, S&P Global Ratings lowered its corporate credit rating on IronGate Energy Services, LLC to CCC- from CCC+ and its senior secured notes were lowered to CCC- from CCC+. According to S&P Global, the downgrade reflects the expectation that the Company will continue to face very challenging market conditions in 2016 leading to weak liquidity as a result of the effects of persistently low oil and natural gas prices and the declining U.S rig count. S&P further states that with availability under the Company’s asset-backed lending facility severely limited by declining receivables and potential covenant breaches, the Company may need to use available cash to fund operating deficits, leaving few options available to make interest payments on the Company’s outstanding senior secured notes in July 2016 and beyond. Maxcom Telecomunicaciones, S.A.B. de C.V.

On May 10, 2016, Moody’s Investors Service downgraded Maxcom Telecomun-icaciones, S.A.B. de C.V.’s corporate family and senior secured debt ratings to Ca from Caa1. According to Moody’s, the ratings downgrade was prompted by weaker than anticipated credit metrics despite the Company’s efforts to improve its capital structure and increase its financial flexibility. “A weaker than anticipated credit profile reflects the challenges faced by Maxcom to turnaround an operation that has been under significant business risk for several years” said Sandra Beltran, an Assistant Vice President -- Analyst at Moody’s.

Samarco Mineracao S.A. On May 10, 2016, Fitch Ratings

downgraded the Issuer Default Ratings and senior unsecured debt ratings of Samarco Mineracao S.A. to CCC from BB-. According to Fitch, the downgrade reflects Fitch’s view that Samarco will not regain the necessary licenses to restart operations before it runs out of cash in 2016. Recently the Minas Gerais branch of the Federal Public Prosecutor’s Office filed a class action (Acao Civil Publica) against the company. While this lawsuit is not related to operating licenses, it illustrates the political climate surrounding Samarco and the pressure that could be faced by parties that are responsible for issuing operating licenses.




Category: Low Rating

Ameriforge Group, Inc. (AFGlobal Corp.) 945 Bunker Hill Road, Suite 500 Houston, TX 77024 713 393-4200 Officers: Curtis Samford -- President & C.E.O.

SIC: 3462 Iron and Steel Forgings Employees: 400 Company Website: www.afglobal.com

Bank Debt: First Lien Sr. Secured Term B Loan due 2019, $540.0 million / Second Lien Sr. Secured Term Loan due 2020, $235.0 million / First Lien Sr. Secured Revolver due 2018, $110.0 million Business: AFGlobal Corporation designs and manufactures various products for various industries in the United States and internationally. It offers custom backyard systems, well completion equipment, riser systems and buoyancy, subsea systems and insulation products, pressure control equipment, pressure vessels, drilling rig substructure and drilling mast designs, and other oil and gas related products and fully integrated systems to the oil and gas industry, including the onshore, offshore, subsea, well completion, and refinery/petrochemical sectors. The Company also provides power unit components/systems, precision machined parts, aero engine components/systems, fuel delivery components/systems, nacelle rings, landing gears, and repair and overhaul services to commercial and military aerospace, and space exploration. AFGlobal Corporation was formerly known as Ameriforge Group Inc. and changed its name to AFGlobal Corporation in May 2013.

Financials Not Available Event: On May 10, 2016, S&P Global Ratings lowered its corporate credit rating on Ameriforge Group, Inc. (AFGlobal Corp.) to CCC from B, its first-lien senior secured term loan rating to CCC from B+ and its second-lien term loan debt rating to CC from B-. According to S&P Global, the downgrade reflects their expectation that credit measures will quickly deteriorate over the next year such that funds from operations (FFO) to debt will be below 2% and debt to EBITDA will increase well over 10x. Source: S&P Profile Number: 690-5786





API Heat Transfer ThermaSys Corporation 2777 Walden Avenue Buffalo, NY 14225 716 901-8631 Officers: Mike Laisure -- President & C.E.O. Bill Dunn -- C.F.O.

SIC: 3567 Industrial Process Furnaces and Ovens Employees: 1,900 Company Website: www.apiheattransfer.com

Bank Debt: First Lien Sr. Secured Term B Loan due 2019, $265.0 million / First Lien Sr. Secured Revolver due 2018, $35.0 million Business: API Heat Transfer ThermaSys Corporation manufactures and supplies heat transfer solutions. It offers engine cooling systems, custom shells and tubes, gasket plates, bar and plate heat exchangers, hairpin heat exchangers, evaporation systems, copper-brass radiators, steam surface condensers, brazed plates, aluminum radiators, dealcoholization systems, charge air coolers, extended surface plate fin heat exchangers, all-welded plates, cooling modules, plate and shell products, after coolers, gland steam condensers, pasteurization systems, custom oil coolers, semi-welded plate heat exchangers, genset radiators and U-tube shell and tube heat exchangers. API Heat Transfer, Inc. was formerly known as API Airtech Inc. and changed its name to API Heat Transfer, Inc. in December 1998. API Heat Transfer and ThermaSys Corporation merged to form one of the world’s premier suppliers for the design and manufacture of industrial heat exchangers.

Financials Not Available Event: On May 12, 2016, Moody’s Investors Service downgraded API Heat Transfer ThermaSys Corporation’s corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD and the rating on the Company’s first lien senior secured credit facilities, consisting of a $265 million term loan due 2019 and a $35 million revolver expiring in 2018, to B2 from B1. According to Moody’s, the rating action reflects the challenging operating conditions in API’s oil and gas and general industrial end markets, and the resulting reduced demand for the Company’s products, which caused significant declines in revenues and new bookings across its operating segments. Source: Moody’s Profile Number: 690-6215




Category: Distressed Debt Exchange

Atlas Iron Limited Raine Square Level 18, 300 Murray Street Perth, WA Australia 6000 61 8 6228 8000 Officers: David N. Flanagan -- C.E.O. Mark D. Hancock -- C.F.O. Jeremy A. Sinclair -- C.O.O.

SIC: 1011 Iron Ores Employees: 300 Company Website: www.atlasiron.com.au Auditor: KPMG LLP

Securities: Ticker: ATLGF Exchange: OTC Also trades on ASX (AGO) Common Stock; 2,669,787,052 shares outstanding as of November 18, 2015

Bank Debt: First Lien Sr. Secured Term B-CAPEX Loan due 2017, $275.0 million Business: Atlas Iron Limited, an independent iron ore company, is engaged in the exploration, development, mining and sale of iron ore in the northern Pilbara region of Western Australia in Australia. The Company primarily operates the Wodgina, Abydos and Mt Webber DSO mines. It is also focused on the development and feasibility of its Horizon 2 projects, which include McPhee Creek. Balance Sheet: (AU$millions) 06/30/2015 6/30/2014 Total Current Liabilities AU$122.90 AU$220.90 Total Long Term Debt AU$335.90 AU$271.10 Total Liabilities AU$554.80 AU$559.50 Total Current Assets AU$128.70 AU$449.20 Total Assets AU$775.50 AU$2,166.60 Income Statement: (AU$millions, except per share data) 06/30/2015 6/30/2014 6/30/2013 Period 12 months ending 12 months ending 12 months ending Revenue AU$718.50 AU$1,097.60 AU$695.10 Net Income AU$-1,377.70 AU$17.40 AU$-241.90 Earnings Per Share AU$-1.50 AU$0.02 AU$-0.27 Event: On May 9, 2016, S&P Global Ratings lowered its long-term corporate credit rating on Atlas Iron Limited to SD from CC and its senior secured notes rating to D from CC. “We lowered the rating on Atlas Iron because we view the creditors’ scheme of arrangement as being a distressed debt exchange, as in our view the creditors received less than what was promised on the original TLB,” said S&P Global Ratings analyst May Zhong. Source: S&P Profile Number: 690-5833





Brand Energy & Infrastructure Services, Inc. 1325 Cobb International Drive, Suite A-1 Kennesaw, GA 30152 678 285-1400 Officers: Paul T. Wood -- Chairman & C.E.O. Chi Nguyen -- C.F.O.

Federal Tax ID: 13-3909682 SIC: 1799 Special Trade Contractors, not Elsewhere Classified Employees: 6,000 Company Website: www.beis.com

Securities: 8 1/2% Senior Notes due 2021; $500,000,000 outstanding (CUSIP: 10524PAA8)

Bank Debt: First Lien Sr. Secured Term B Loan due 2020, $1,270.0 million / First Lien Sr. Secured Revolver due 2018, $300.0 million Business: Brand Energy & Infrastructure Services, Inc. provides integrated specialty services to energy markets in North America. The Company offers abrasive blasting, coating, cathodic protection, civil construction, CUI management, fireproofing, forming and shoring, hot tapping, industrial insulation, industrial coating, line isolation, mechanical, pro, refractory, scaffolding, work access and other related craft services. Brand Energy & Infrastructure Services, Inc. was formerly known as FR Brand Acquisition Corp. and changed its name to Brand Energy & Infrastructure Services, Inc. in June 2008. Brand Energy & Infrastructure Services, Inc. operates as a subsidiary of Brand Energy, Inc.

Financials Not Available Event: On May 9, 2016, Moody’s Investors Service downgraded Brand Energy & Infrastructure Services, Inc.’s ratings, including its corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and its $500 million senior unsecured notes due 2021 to Caa2 from Caa1. According to Moody’s, the downgrade reflects the deterioration in Brand’s operating results and credit metrics, the impact of the downturn in the oil & gas market and the expectation that the Company’s credit profile will remain weak over the next 12 to 18 months. Source: Moody’s Profile Number: 690-5205




Category: Miscellaneous

Caesars Entertainment Corporation One Caesars Palace Dr. Las Vegas, NV 89109 702 407-6000 Officers: Mark P. Frissor -- C.E.O. & President Eric Hession -- E.V.P. & C.F.O.

Federal Tax ID: 62-1411755 SIC: 7011 Hotels and Motels Employees: 33,000 Company Website: www.caesars.com Auditor: Deloitte & Touche LLP

Securities: Ticker: CZR Exchange: NASDAQ Common Stock; 145,143,581 shares outstanding as of February 15, 2016 (CUSIP: 127686103) Business: Caesars Entertainment Corporation, through its subsidiaries, provides casino-entertainment and hospitality services in the United States and internationally. It operates in three segments: Caesars Entertainment Resort Properties, Caesars Growth Partners Casino Properties and Developments and Caesars Interactive Entertainment. As of December 31, 2015, the Company owned and operated 12 casinos. It also manages 28 casino properties owned by Caesars Entertainment Operating Company, Inc.; and 10 casinos owned by unrelated third parties. The Company was formerly known as Harrah’s Entertainment Inc. and changed its name to Caesars Entertainment Corporation in November 2010. Balance Sheet: ($millions) 12/31/2015 12/31/2014 Total Current Liabilities $2,006.00 $18,063.00 Total Long Term Debt $6,777.00 $7,230.00 Total Liabilities $9,962.00 $28,070.00 Total Current Assets $1,771.00 $3,668.00 Total Assets $12,195.00 $23,328.00 Income Statement: ($millions, except per share data) 12/31/2015 12/31/2014 12/31/2013 Period 12 months ending 12 months ending 12 months ending Revenue $4,654.00 $8,516.00 $8,220.00 Net Income $6,052.00 $-2,866.00 $-2,940.00 Earnings Per Share $-0.04 $-1.35 $-1.61 Event: On May 6, 2016, Caesars Entertainment Corporation announced that its Board has appointed the Honorable Robert E. Gerber as Chief Restructuring Officer. Judge Gerber will report to Strategic Alternatives Committee.and help it carry out its responsibilities, including advising on a potential restructuring of Caesars Entertainment if the Company cannot resolve its differences with Caesars Entertainment Operating Company, Inc. and its creditors with regard to CEOC’s restructuring and related litigation against Caesars Entertainment, or if other factors make a potential restructuring of Caesars Entertainment advisable. Source: Press Release / Profile Number: 690-4745





Crestwood Equity Partners LP 700 Louisiana Street, Suite 2550 Houston, TX 77002 832 519-2200 Officers: Robert G. Phillips -- President, C.E.O. Robert T. Halpin -- S.V.P. & C.F.O.

Federal Tax ID: 43-1918951 SIC: 1311 Crude Petroleum and Natural Gas Employees: 1,300 Company Website: www.crestwoodlp.com Auditor: Ernst & Young LLP

Securities: Ticker: CEQP Exchange: NASDAQ Common Stock; 69,057,459 shares outstanding as of February 12, 2016 (CUSIP: 226344208)

6 1/4% Senior Notes due 2023; $700,000,000 outstanding (CUSIP: 226373AK4) (Crestwood Midstream)

6 1/8% Senior Notes due 2022; $600,000,000 outstanding (CUSIP: 226373AH1) 6% Senior Notes due 2020; $500,000,000 outstanding (CUSIP: 226373AJ7)

Bank Debt: First Lien Sr. Secured Term B1 Loan due 2019, $385.0 million (Holdings) / First Lien Sr. Secured Revolver due 2020, $1,500.0 million (Midstream) / First Lien Sr. Secured Term B2 Loan due 2017, $15.0 million (Holdings)

Business: Crestwood Equity Partners LP provides infrastructure solutions to liquids-rich natural gas and crude oil shale plays in the United States. The Company was formerly known as Inergy L.P. and changed its name to Crestwood Equity Partners LP in October 2013.. Crestwood Equity Partners LP is a subsidiary of Crestwood Holdings LLC. Crestwood Equity owns a 99.9% limited partnership interest in Crestwood Midstream and Crestwood Gas Services GP LLC.

Balance Sheet: ($millions) 12/31/2015 12/31/2014 Total Current Liabilities $258.20 $424.90 Total Long Term Debt $2,542.70 $2,392.18 Total Liabilities $2,856.80 $2,876.90 Total Current Assets $335.80 $538.10 Total Assets $5,803.70 $8,461.40

Income Statement: ($millions, except per share data) 12/31/2015 12/31/2014 12/31/2013 Period 12 months ending 12 months ending 12 months ending Revenue $1,908.70 $3,170.90 $988.50 Net Income $-2,303.70 $-10.40 $-50.60 Earnings Per Share $-54.00 $3.03 $0.59

Event: On May 12, 2016, S&P Global Ratings updated its ratings on Crestwood Equity Partners LP, including lowering the corporate credit rating on Crestwood Holdings LLC to CCC+ from B- and its secured debt to CCC+ from B-. “We view Crestwood’s recent 56% quarterly cash distribution cut, the strategic joint venture with Consolidated Edison Inc., and the expected pay-down of debt positively for credit,” said S&P Global Ratings analyst Mike Llanos. Source: S&P / Profile Number: 690-6219




Category: Distressed Debt Exchange

Fieldwood Energy LLC 2000 West Sam Houston Parkway South, Suite 1200 Houston, TX 77042 713 969-1000 Officers: Matt McCarroll -- C.E.O. & President James P. Ulm -- C.F.O. & S.V.P.

SIC: 1382 Oil and Gas Field Exploration Services Company Website: www.fieldwoodenergy.com

Bank Debt: First Lien Sr. Secured Term B Loan due 2018, $760.0 million / First Lien Sr. Secured ABL Revolver due 2018, $1,380.0 million / First Lien Sr. Secured Term B Loan due 2018, $200.0 million / Second Lien Secured Term B Loan due 2020, $1,730.0 million / Second Lien Secured Term B Loan due 2020, $425.0 million Business: Fieldwood Energy LLC focuses on the acquisition and development of conventional oil and gas assets in North America, including the Gulf of Mexico.

Financials Not Available Event: On May 6, 2016, S&P Global Ratings lowered its corporate credit rating on Fieldwood Energy LLC to CC from CCC, its first-lien term loan rating to CCC from B- and its second-lien debt rating to CC from CCC-. “The rating actions reflect the announcement that Fieldwood’s private equity sponsor, Riverstone, which owns approximately 98% of Fieldwood, has proposed a tender offer to holders of its second-lien term loan for up to $600 million of face value at 25% of par value,” said S&P Global Ratings credit analyst David Lagasse. “We view the transaction as a distressed exchange because investors that tender will receive less that what was promised on the original securities…,” he added. Source: S&P Profile Number: 690-6086





Homer City Generation L.P. 1750 Power Plant Road Homer City, PA 15748 724 479-9011

SIC: 4911 Electric Services Employees: 250 Company Website: www.homercitygeneration.com Auditor: KPMG LLP

Securities: 8.734% PIK Senior Secured Notes due 2026; $466,550,000 outstanding (CUSIP: 437414AB1) 8.137% PIK Senior Secured Notes due 2019; $140,370,000 outstanding (CUSIP: 437414AB9) Business: Homer City Generation L.P. is a special purpose company that owns a 1,884 MW coal-fired plant in Homer City, PA. The Project derives revenue from the market based sale of energy, capacity and ancillary services into the PJM Interconnection, LLC and the New York Independent System Operator markets. Homer City has a contract with Boston Energy Trading and Marketing, LLC, a subsidiary of NRG Energy Inc., to provide energy management services including selling of power and capacity. An affiliate of GECC, EFS Homer City, owns over 95% of Homer City while MetLife owns the remaining stake as of September 2015. Balance Sheet: ($millions) 12/31/2015 12/31/2014 Total Current Liabilities $94.36 $107.25 Total Long Term Debt $582.27 $631.56 Total Liabilities $690.61 $751.61 Total Current Assets $171.19 $260.93 Total Assets $2,036.01 $2,132.57 Income Statement: ($millions, except per share data) 12/31/2015 12/31/2014 12/31/2011 Period 12 months ending 12 months ending 12 months ending Revenue $480.26 $667.42 $527.00 Net Income $-48.70 $102.42 $-686.00 Event: On May 11, 2016, S&P Global Ratings lowered its corporate credit rating on Homer City Generation L.P. to CCC- from B- and its senior secured debt rating was lowered to CCC from B+. According to S&P Global, the rating actions on Homer City stems from several factors that resulted in deteriorating credit quality. Cash on hand decreased to $25 million on December 31, 2015, from $103 million on September 30, 2015, resulting in a severely diminished liquidity position. Source: S&P Profile Number: 690-5427





Iracore International Holdings, Inc. 3516 East 13th Avenue Hibbing, MN 55746 218 263-8831 Officers: Rick J. Brouwer -- C.E.O. & President Jim Skalski -- C.F.O. Christopher M. Liesmaki -- C.O.O.

SIC: 3069 Fabricated Rubber Products, not Elsewhere Classified Employees: 96 Company Website: www.iracore.com

Securities: 9 1/2% Senior Secured Notes due 2018; $125,000,000 outstanding (CUSIP: 462651AA8) Business: Iracore International Holdings, Inc. develops and manufactures elastomer lined steel pipe systems for oil sand slurry transport and tailings disposal. Its pipeline system includes pipe spools, Iracoupling end flanges and a range of other fittings lined with urethane-based compound to protect hydrotransport and tailings pipe in the Canadian oil sands. The Company serves industries, including mining, oil and gas, aggregates, power generation, transportation and heavy equipment. Iracore International, Inc. was formerly known as Industrial Rubber Products, Inc.

Financials Not Available Event: On May 6, 2016, S&P Global Ratings lowered its corporate credit rating on Iracore International Holdings, Inc. to CCC- from CCC+ and its outstanding second-lien notes rating to CCC- from CCC+. “The downgrade reflects our expectation that the company will continue to face very challenging market conditions in 2016 leading to weak liquidity as a result of the effects of persistently low oil and natural gas prices, and our expectation that Canadian oil sands companies will hold back expansion projects given the uncertainty in commodity prices,” said S&P Global Ratings credit analyst Aaron McLean. Source: S&P Profile Number: 690-5765





IronGate Energy Services, LLC 19500 State Highway 249, Suite 600 Houston, TX 77070 832 678-8585 Officers: Terrence P. Keane -- C.E.O. & President

SIC: 1389 Oil and Gas Field Services, not Elsewhere Classified Employees: 276 Company Website: www.irongatees.com

Securities: 11% Senior Secured Notes due 2018; $210,000,000 outstanding (CUSIP: 463220AA1) Business: IronGate Energy Services, LLC provides equipment and services to exploration and production operators for land and offshore markets. It provides rental equipment, which includes drilling and completion equipment such as drill pipe, heavy weight drill pipe, drill collars, tubular handling tools, pressure control equipment and tubing and tubular services, which includes casing and tubing running and tubular handling services.

Financials Not Available Event: On May 11, 2016, S&P Global Ratings lowered its corporate credit rating on Irongate Energy Services, LLC to CCC- from CCC+ and its senior secured notes were lowered to CCC- from CCC+. According to S&P Global, the downgrade reflects the expectation that the Company will continue to face very challenging market conditions in 2016 leading to weak liquidity as a result of the effects of persistently low oil and natural gas prices and the declining U.S rig count. Source: S&P Profile Number: 690-6220





Maxcom Telecomunicaciones, S.A.B. de C.V. Colonia Centro de Ciudad Santa Fe Mexico City, C.P. Mexico 01376 52 55 5147 1111 Officers: Jose A. Gomez Obregon Fernandez -- C.E.O. Miguel E. Cabredo Benites -- V.P. of Finance

SIC: 4813 Telephone Communications, Except Radiotelephone Employees: 1,133 Company Website: www.maxcom.com Auditor: PricewaterhouseCooopers LLP

Securities: Ticker: MXMTY Exchange: OTC Also trades on XMEX (MAXCOMCP) Common Stock; 249,498,700 shares outstanding as of December 1, 2015 (CUSIP: 5773A508) 6% Senior Secured Notes due 2020; $138,383,000 outstanding (CUSIP: 5773AAL6) Business: Maxcom Telecomunicaciones S.A.B. de C.V., a telecommunication company, provides communication services to residential and business customers in Mexico. It offers various services, including local and long-distance telephone service, voice over Internet protocol services, cellular and public telephony, Internet access and television services. Balance Sheet: (MXNmillions) 12/31/2015 12/31/2014 Total Current Liabilities MXN495.60 MXN683.60 Total Long Term Debt MXN2,212.80 MXN2,218.90 Total Liabilities MXN2,793.10 MXN3,002.90 Total Current Assets MXN1,571.20 MXN2,259.70 Total Assets MXN5,592.70 MXN5,944.30 Income Statement: (MXNmillions, except per share data) 12/31/2015 12/31/2014 12/31/2013 Period 12 months ending 12 months ending 12 months ending Revenue MXN2,368.90 MXN2,689.90 MXN2,467.70 Net Income MXN-584.30 MXN-305.30 MXN-1,260.40 Earnings Per Share MXN-3.77 MXN-2.05 MXN-23.47 Event: On May 10, 2016, Moody’s Investors Service downgraded Maxcom Telecomunicaciones, S.A.B. de C.V.’s corporate family and senior secured debt ratings to Ca from Caa1. According to Moody’s, the ratings downgrade was prompted by weaker than anticipated credit metrics despite the Company’s efforts to improve its capital structure and increase its financial flexibility. Source: Moody’s Profile Number: 690-6095





Samarco Mineracao S.A. Rua Paraiba, 1122 - 9 Belo Horizonte, MG Brazil 55 31 3269 8629 Officers: Roberto Lucio Nunes de Carvalho -- Acting C.E.O. Eduardo Bahia Martins Costa -- C.F.O. Marcelo Fenelon -- Acting C.O.O.

SIC: 1011 Iron Ores Employees: 2,969 Company Website: www.samarco.com Auditor: Pricewaterhousecoopers Auditores Independentes

Securities: 4 1/8% Senior Notes due 2022; $1,000,000,000 outstanding (CUSIP: 79586KAA9) 5 3/4% Senior Notes due 2023; $700,000,000 outstanding (CUSIP: 79586KAC5) 5 3/8% Senior Notes due 2024; $500,000,000 outstanding (CUSIP: 79586KAD3)

Bank Debt: First Lien Sr. Secured Term Loan due 2024, $450.0 million / First Lien Sr. Secured Term Loan due 2018, $335.0 million / First Lien Sr. Secured Term Loan due 2020, $231.0 million Business: Samarco Mineracao S.A., a mining company, produces and sells various types of iron ore pellets to steelmakers worldwide. It is involved in the mining, beneficiation and concentration of iron ore, as well as the transportation of concentrated ore through ore pipelines. The Company offers direct reduction pellets and blast furnace pellets. It also operates a hydroelectric plant in Muniz Freire; and provides logistics services at port, such as renting and tug boats, leasing land and selling non-agglomerated iron ore. Balance Sheet: (R$millions) 12/31/2015 12/31/2014 Total Current Liabilities R$2,660.20 R$3,773.30 Total Long Term Debt R$14,741.90 R$10,291.30 Total Liabilities R$29,076.70 R$15,243.80 Total Current Assets R$3,086.00 R$3,515.70 Total Assets R$27,423.50 R$19,557.10 Income Statement: (R$millions, except per share data) 12/31/2015 12/31/2014 12/31/2013 Period 12 months ending 12 months ending 12 months ending Revenue R$6,481.50 R$7,536.90 R$7,204.40 Net Income R$-5,836.50 R$2,805.50 R$2,731.70 Earnings Per Share R$-13.20 R$12.40 R$7.30 Event: On May 10, 2016, Fitch Ratings downgraded the Issuer Default Ratings and senior unsecured debt ratings of Samarco Mineracao S.A. to CCC from BB-. According to Fitch, the downgrade reflects Fitch’s view that Samarco will not regain the necessary licenses to restart operations before it runs out of cash in 2016. Source: Fitch Profile Number: 690-6221




Distressed Company Alert Profile Updates Chaparral Energy, Inc. – Chapter 11 – May 9, 2016

Chaparral Energy and ten affiliated debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 16-11144. The Company, which operates as an independent oil and natural gas exploration and production company, is represented by Mark D. Collins of Richards, Layton & Finger. Chaparral Energy announced that the bankruptcy will facilitate the restructuring of its balance sheet as the Company continues to negotiate a debt to equity exchange with its bondholders and lenders with the objective of reducing bondholder debt by approximately $1.2 billion. C.E.O. Mark Fischer comments, “The dramatic decrease in oil and natural gas prices over the last two years has presented numerous challenges for the industry as a whole. Chaparral continues to believe in the outstanding potential of our employees and our Mid-Continent assets and EOR programs. The continued depressed price environment, however, coupled with our existing debt levels have severely limited the company’s overall operational ability.”

Previous DCA Event: Audit Concern – 3/30/2016 Previous DCA Event: Low Rating 4/27/2009 Previous DCA Event: Low Rating – 1/21/2016 Previous DCA Event: Low Rating – 12/19/2008 Previous DCA Event: Low Rating – 9/17/2015

Updates: 4/8/16, 3/4/16, 2/26/16, 2/19/16, 4/20/12, 4/23/10, 4/16/10 2/18/10, 12/18/09, 10/23/09 Watch List: 10/9/15, 2/11/11 LINN Energy, LLC – Chapter 11 – May 11, 2016

LINN Energy and 14 affiliated Debtors, including LinnCo and Berry Petroleum, filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 16-60040. The Company, which acquires, develops and maximizes cash flow from a growing portfolio of long-life oil and natural gas assets, is represented by Patricia Baron Tomasco of Jackson Walker. The Company concurrently announced its entry into a restructuring support agreement (RSA) with holders of at least 66.67% by aggregate outstanding principal amounts of LINN Energy’s amended and restated credit agreement and Berry Petroleum’s second amended and restated credit agreement. Under the RSA, the parties agreed to support a plan of reorganization for the Company that would include the following: (1) a new LINN $2.2 billion reserve-based and term loan credit facility on the terms set forth in the RSA, (2) the consensual use of LINN and Berry’s cash collateral to fund the Chapter 11 cases under negotiated terms and conditions and (3) the broad terms of a comprehensive restructuring of the Company’s indebtedness. LINN Energy anticipates that the cash available to it during its Chapter 11 cases will likely provide sufficient liquidity to support the business during the financial restructuring process and does not currently intend to seek debtor-in-possession financing.

Previous DCA Event: Audit Concern – 3/15/2016 Previous DCA Event: DDE – 11/16/2015 Previous DCA Event: Miscellaneous – 2/4/2016 Previous DCA Event: Debt at Discount – 3/20/2015

Updates: 4/29/16, 4/15/16, 3/25/16, 3/18/16, 3/4/16, 11/25/15 Watch List: 10/9/15, 8/7/15, 9/5/14

Profile Updates continued on next page…




Distressed Company Alert Profile Updates, continued Penn Virginia Corporation – Chapter 11 – May 12, 2016

Penn Virginia and eight affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Virginia, lead case number 16-32395. The Company, which is engaged in the onshore exploration, development and production of oil, natural gas liquids and natural gas, is represented by Michael A. Condyles of Kutak Rock. Penn Virginia entered into a restructuring support agreement with holders of 87% (or $1.03 billion) of its nearly $1.2 billion in total funded-debt obligations. Subject to Court approval, the Company has received a commitment for $25 million in debtor-in-possession financing from its RBL lenders, which combined with the Company’s cash reserves and cash from operations, is expected to provide liquidity throughout the Chapter 11 process. Additionally, the Company has obtained a commitment for up to $128 million in exit financing from its RBL lenders, led by Wells Fargo as agent, as well as a $50 million rights offering that is backstopped and supported by certain of the Company’s senior unsecured noteholders.

Previous DCA Event: Audit Concern – 3/15/2016 Previous DCA Event: Dividend Omission– 9/17/2015 Previous DCA Event: Miscellaneous – 1/15/2016 Previous DCA Event: Miscellaneous – 8/4/2015 Previous DCA Event: Low Rating – 5/28/2015 Previous DCA Event: Low Rating – 4/4/2013

Updates: 5/6/16, 4/20/16, 12/31/15, 11/25/15, 11/13/15, 8/21/15, 8/14/15 Watch List: 3/30/12, 3/15/12

For more information on this filing and other bankruptcy filings, go to www.bankruptcydata.com

Note: Due to the volume of updates this week, you will notice that we have left out the previous DCA event. Going forward, as long as the volume is not as big as it is now, we will go back to our usual format.

Breitburn Energy Partners LP

In Form 10-Q filed on May 9, 2016, Breitburn Energy Partners LP announced financial and operating results for the first quarter 2016. On April 14, 2016, the Company elected to suspend the declaration of any further distributions on its 8.25% Series A Cumulative Redeemable Perpetual Preferred Units and 8.0% Series B Perpetual Convertible Preferred Units. In addition, they elected to defer a $33.5 million interest payment due with respect to its 7.875% Senior Notes due 2022 and a $13.2 million interest payment due with respect to its 8.625% Senior Notes due 2020, with each such interest payment due on April 15, 2016 and subject to a 30-day grace period. The Company does not expect to have sufficient liquidity to pay the interest due on the senior unsecured notes by the expiration of the grace period, which was May 9, 2016. As a result, there would be substantial doubt regarding the Company’s ability to continue as a going concern and they could potentially be forced to seek bankruptcy protection.


http://www.bankruptcydata.com/




Distressed Company Alert Profile Updates, continued Cenveo, Inc.

On May 11, 2016, S&P Global Ratings lowered its corporate credit rating on Cenveo, Inc. to CC from CCC+ and its 11.5% senior unsecured notes due 2017 were lowered to CC from CCC-. According to S&P Global, the downgrade follows Cenveo’s announcement that it has launched a subpar exchange offer for its 11.5% senior unsecured notes due 2017 and entered into a subpar exchange agreement for certain holders of its 7% senior convertible notes. “We view the transaction as a distressed exchange because investors will receive less than what was promised on the original securities in terms of both principal and interest,” said S&P Global Ratings credit analyst Minesh Patel. Claire’s Stores, Inc.

On May 6, 2016, S&P Global Ratings lowered its corporate credit rating on Claire’s Stores, Inc. to SD from CCC and its senior subordinated notes due 2017 to D from CC. “We downgraded Claire’s Stores following the company’s agreement with sponsor-related Apollo Global to exchange $174 million of its senior subordinated notes due 2017 for notes with similar terms with the exception that the company will PIK the June 2016 interest payment and will have option to PIK the December 2016 interest payment. We consider this exchange, including the deferment of interest expense as tantamount to a default because it is a departure from the original terms of the debt agreement, under which interest expense will not be paid when due.”

On May 11, 2016, S&P Global Ratings raised its corporate credit rating on Claire’s Stores, Inc. to CCC- from SD; raised the issue-level rating on the Company’s remaining $85.2 million senior subordinated notes due 2017 to C from D; assigned a C issue-level rating to the Company’s new $174.4 million 10.5% PIK senior subordinated notes due 2017; lowered the issue-level rating on the Company’s senior secured first-lien debt to CCC- from CCC and its senior secured second-lien debt and senior unsecured debt was also lowered, to C from CC. The rating action follows S&P’s review of Claire’s capital structure and its liquidity position after the Company’s partial bond exchange of its 10.5% senior secured notes due 2017. Denbury Resources Inc.

On May 12, 2016, S&P Global Ratings lowered its corporate credit rating on Denbury Resources Inc. to SD from CC and its subordinated notes due 2021, 2022 and 2023 were lowered to D from CC. According to S&P Global, the downgrade follows Denbury’s announcement that it has closed a privately negotiated agreement to exchange a portion of its senior subordinated notes due 2021, 2022 and 2023 for new second-lien notes and new common shares at a meaningful discount to par. S&P views the exchange as distressed, rather than purely opportunistic, given that investors will receive less than what was promised on the original securities. Genco Shipping & Trading Limited

In Form 10-Q filed on May 10, 2016, Genco Shipping & Trading Limited reported its financial results for the three months ended March 31, 2016. According to the Company, persistent weak drybulk industry conditions and historically low charter rates have negatively impacted the Company’s results of operations, cash flows and liquidity and may continue to do so in the future. “The Company’s ability to continue as a going concern is contingent upon, among other things, its ability to: (i) develop and successfully implement a plan…pursuing other options that may be available to the Company which may include pursuing strategic opportunities and equity or debt offerings or potentially seeking protection in a Chapter 11 proceeding...”





Distressed Company Alert Profile Updates, continued Gymboree Corporation, The

On May 10, 2016, Moody’s Investors Service affirmed The Gymboree Corporation’s Caa1 corporate family rating to reflect improved operating performance and debt reduction. However, the Company’s probability of default rating was changed to Caa1-PD/LD from Caa1-PD to reflect that recent open market repurchases of debt at a significant discount to par value resulted in a material economic loss to lenders, and therefore, constitutes a distressed exchange under Moody’s definition of default. Concurrently, Moody’s downgraded the company’s Secured Term Loan rating to Caa1 from B3 and affirmed the Caa3 Unsecured Note rating. Intelsat S.A.

On May 12, 2016, S&P Global Ratings lowered its corporate credit rating on Intelsat S.A. to SD from CCC and the issue-level rating on the Company’s operating subsidiary Intelsat Jackson Holdings S.A.’s 6.625% senior notes due 2022 was lowered to D from CC, its 5.5% senior notes due 2023 and its 7.5% senior notes due 2021 to CC from CCC. “The downgrade reflects our conclusion that Intelsat’s debt repurchase is equivalent to a distressed restructuring and tantamount to a default,” said S&P Global credit analyst Michael Altberg. Paragon Shipping Inc.

In Form 20-F filed on May 12, 2016, Paragon Shipping Inc.’s auditor, Ernst & Young (Hellas) Certified Auditors Accountants S.A., raised substantial doubt about the Company’s ability to continue as a going concern. According to Ernst & Young (Hellas), the Company disclosed that as of December 31, 2015 it was not in compliance with certain of the restrictive covenants included in certain of its debt and it is probable that they will be unable to meet scheduled interest payments. If the Company is unable to secure additional financing, as circumstances require, or does not succeed in meeting its chartering objectives and/or successfully exchange the Notes to shares of its common stock, they may be required to change, significantly reduce operations or ultimately may not be able to continue operations.

Triangle Petroleum Corporation

On May 12, 2016, RockPile Energy Services, LLC, a subsidiary of Triangle Petroleum Corporation, provided an update on the Company’s ongoing strategic review process. After conducting an extensive evaluation, Triangle and RockPile have mutually agreed to pursue strategic alternatives that would allow both companies to separately and independently execute on their business strategies and operational plans. RockPile has retained PJT Partners in order to help evaluate strategic alternatives that would strengthen the Company’s balance sheet and allow it to independently execute on its business strategy and operational plans and has retained Thomas J. Allison as an independent director. SandRidge Energy, Inc.

In Form NT 10-Q filed on May 11, 2016, SandRidge Energy, Inc. stated that it needed the Company needs additional time to complete its financial statements and related disclosures. The Company has been engaged in discussions with certain holders of the Company’s outstanding indebtedness, including its senior credit facility lenders and ad hoc groups of its second lien and unsecured noteholders, regarding a temporary waiver with respect to certain actual and potential defaults under the Company’s amended senior credit agreement and a potential comprehensive restructuring transaction.





Distressed Company Alert Profile Updates, continued Seventy Seven Energy Inc.

In Form 8-K filed on May 9, 2016, Seventy Seven Energy Inc. and all of its directly and indirectly wholly owned subsidiaries commenced a solicitation of acceptances of a consensual Joint Prepackaged Plan of Reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Company recommends that holders of claims against the Company refer to the information and the limitations and qualifications discussed in the Solicitation and Disclosure Statement, including the Plan. Information contained in the Solicitation and Disclosure Statement, including the Plan, is subject to change, whether as a result of amendments, actions of third parties or otherwise. There can be no assurances that the Plan will be approved or confirmed pursuant to the Bankruptcy Code. Warren Resources, Inc.

On May 10, 2016, Moody’s Investors Service downgraded Warren Resources, Inc.’s corporate family rating to C from Ca and probability of default rating to C-PD/LD from Ca-PD. According to Moody’s, this action follows Warren’s non-payment of interest on the unsecured notes. Concurrently Moody’s affirmed the unsecured notes rating of C. Moody’s considers Warren’s election to not make the interest payment on the unsecured notes an event of default, under Moody’s definition of default. As noted above, Moody’s appended the C-PD PDR with a “/LD” designation indicating limited default. The “/LD” designation will be removed three business days hereafter.

The following companies had their ratings affirmed:

ICON Health & Fitness, Inc. – Moody’s Investors Service Corporate family rating confirmed at B3 Probability of default rating confirmed at B3-PD $175 million outstanding secured notes confirmed at Caa1

Ryerson Inc. – S&P Global Ratings Corporate credit rating affirmed at B- Senior unsecured notes rating affirmed at CCC

White Star Petroleum LLC– Moody’s Investors Service Probability of default rating affirmed at Caa2-PD/LD (/LD appended)

The following companies had their ratings upgraded:

Gastar Exploration Inc. – S&P Global Ratings Senior secured notes raised to CC from C

Trilogy International Partners LLC – S&P Global Ratings Corporate credit rating raised to B- from CCC-

Ryerson Inc. – Moody’s Investors Service Corporate family rating upgraded to B3 from Caa1 Probability of default rating upgraded to B3-PD from Caa1-PD Senior secured notes due 2017 upgraded to Caa1 from Caa2 Senior unsecured notes due 2018 upgraded to Caa2 from Caa3

White Star Petroleum LLC– Moody’s Investors Service Senior Secured Second Lien Notes upgraded to Caa2 from Caa3

The following companies had their ratings withdrawn:

Affinia Group, Inc. – Moody’s Investors Service




Distressed Company Alert Watch List The following companies had their ratings downgraded, but not quite low enough:

Albany Molecular Research Inc. (Albany, NY) – S&P Global Ratings Senior secured first-lien credit facility lowered to B from B+

Kronos Worldwide, Inc.* – Fitch Ratings IDR downgraded to B+ from BB-

Leidos Holdings, Inc. (Reston, VA) – Moody’s Investors Service Senior Unsecured Regular Bond/Debentures downgraded to Ba2 from Ba1

Potlatch Corporation (Spokane, WA) – Moody’s Investors Service Senior Unsecured Medium-Term Note Program downgraded to Ba1 from Baa3 Senior Unsecured Regular Bond/Debenture downgraded to Ba1 from Baa3

SEACOR Holdings Inc.* – S&P Global Ratings Corporate credit rating lowered to B from B+ Unsecured debt ratings lowered to B from B+

STATS ChipPAC Ltd. (Singapore) – S&P Global Ratings Corporate credit rating lowered to B+ from BB- Outstanding notes rating lowered to B+ from BB-

Teleflex Incorporated (Wayne, PA) – S&P Global Ratings Senior unsecured debt rating lowered to BB from BB+

Weatherford International plc* – Fitch Ratings Long-term IDR downgraded to B+ from BB Senior unsecured notes downgraded to B+ from BB

The following (proposed) bonds were assigned below a “B” rating:

DynCorp International Inc.* – S&P Global Rating 11.875% senior secured second-lien notes due 2020 assigned a CCC- rating

Trilogy International Partners LLC* – S&P Global Rating $450 million senior secured notes due 2019 assigned a CCC rating

** Please note that we will not have profiles on the above companies until, or unless, they qualify for our criteria, which is defined on the last page of this issue. * Previously profiled in the DCA Note: On April 28, 2016, the name Standard & Poor’s Ratings Services was changed to S&P Global Ratings.




Bankruptcies The data provided below offers a snapshot of Chapter 7 & Chapter 11 filings that have occurred since the prior reporting period for which the petitioning company has sales of at least $1 million. Additional information on companies that have filed for bankruptcy can be found at BankruptcyData.com.

Dodge City Veterinary Hospital Inc, Denham Springs, LA | Bankruptcy Date: 5/11/2016 EMR Electric Motor Rewind LP, Corpus Christi, TX | Bankruptcy Date: 5/11/2016 Deerfield Real Estate Development LLC, Lake Park, FL | Bankruptcy Date: 5/6/2016 Utility Board Shop Inc, La Verne, CA | Bankruptcy Date: 5/11/2016 Solid Waste Services Inc, New Bedford, MA | Bankruptcy Date: 5/11/2016 Steves Equipment Service Inc, West Chicago, IL | Bankruptcy Date: 5/9/2016 BSD 1 Inc, Brooklyn, NY | Bankruptcy Date: 5/11/2016 Adamsons Inc, Carey, ID | Bankruptcy Date: 5/12/2016 Classic Communities Corporation, Harrisburg, PA | Bankruptcy Date: 5/10/2016 Bowers Investment Company LLC, Fairbanks, AK | Bankruptcy Date: 5/6/2016 Darden-Green Co Inc, Birmingham, AL | Bankruptcy Date: 5/12/2016 Motrees LLC, Pensacola, FL | Bankruptcy Date: 5/11/2016

Harrington and King South Inc, Cleveland, TN | Bankruptcy Date: 5/7/2016 Excel Homes Group LLC, Mechanicsburg, PA | Bankruptcy Date: 5/11/2016 Landmark Properties Inc, Salem, VA | Bankruptcy Date: 5/9/2016 Real Estate Short Sales Inc, Van Nuys, CA | Bankruptcy Date: 5/6/2016 Chaparral Energy, Inc., Oklahoma City, OK | Bankruptcy Date: 5/9/2016 North Carolina New Schools Inc, Research Triangle Park, NC | Bankruptcy Date: 5/11/2016 The Insurance Professionals Inc, Scottsdale, AZ | Bankruptcy Date: 5/12/2016 Penn Virginia Corporation, Radnor, PA | Bankruptcy Date: 5/12/2016 Linn Energy LLC, Houston, TX | Bankruptcy Date: 5/11/2016

Legend International Holdings, Inc., Melbourne, Vic, Australia | Bankruptcy Date: 5/8/2016 Vanguard Healthcare, LLC, Brentwood, TN | Bankruptcy Date: 5/6/2016

Bankruptcy information is provided by BankruptcyData.com’s Business Bankruptcy Filing Data Service. For information on how you can receive a daily file of business bankruptcies

e-mail [email protected].

http://www.bankruptcydata.com/

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Alert Categories The goal of the Distressed Company Alert newsletter is to alert subscribers of significant recent events reported by U.S. Public Companies indicating possible distress. The Categories Triggering an Alert: Default: A missed interest or principal payment on a debt obligation or the election of a company to not make a payment during or after the grace period. Covenant Violation: A violation of a covenant in an agreement or indenture governing a debt obligation. Audit Concern: A qualification as to the Company’s ability to continue as a going concern is reported by its independent accountants in an annual report. Low Rating: A major ratings agency has downgraded a Company’s publicly traded debt or any other rating to below a “B” rating, indicating vulnerability to default. Debt at Significant Discount: The Company’s public debt trades with a current yield or yield-to-maturity in excess of ten points over long-term Treasury bond rate. Distressed Debt Exchange: A debt exchange where the principal amount or interest rate is significantly reduced because the issuer is having difficulty meeting the original terms. Preferred Dividend Omission: The Company omits a dividend on its preferred stock. Miscellaneous The editors determine a recent event that represents distress or challenges the future prospects of the Company.

DISCLAIMER: Company Profiles in the Distressed Company Alert are selected by the editors because, in their

opinion, the occurrence of such an event or the existence of such a circumstance is a likely indicator of current

or prospective financial or operating difficulty. The inclusion of a profile suggests the possibility of financial

distress or the possibility that the Company may be of interest to workout professionals for some other reason.

Inclusions do not represent analysis of the condition of the Company or a definitive determination that the Company is in difficulty.

ACCURACY & COVERAGE: The information presented has been obtained from sources believed to be reliable, but accuracy cannot be guaranteed. Do not rely on the Distressed Company Alert without independent verification.

Distressed Company Alert is published weekly by New Generation Research, Inc., 1212 Hancock St., Suite LL-15, Quincy, MA 02169 Publisher: George Putnam, III; Editor: Kerry Mastroianni

Subscription Rate: $270.00 for six months or $500.00 per year. For more information, visit www.distressedcompanyalert.com. Other Publications from New Generation Research, Inc. include Bankruptcy Week--a weekly companion newsletter for BankruptcyData.com; The Bankruptcy Yearbook and Almanac--an annual compendium of bankruptcy information; The Turnaround Letter—a monthly investment newsletter. For more information on these publications, e-mail us at [email protected] or call us at (800) 468-3810.

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