distressed company alert · rating of pt. indika energy tbk to caa1 from b3. at the same time,...

the distressed company alert

a division of new generation research, inc.

Volume 14, No. 14 | April 8, 2016 Page | 1

VOLUME 14, NO. 14 | APRIL 8, 2016

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

PAGE COMPANY CATEGORY

5 21st Century Oncology Holdings, Inc. Low Rating 6 China Auto Logistics Inc. Audit Concern

7 Claire’s Stores, Inc. Low Rating 8 Creative Realities, Inc. Audit Concern 9 Forbes Energy Services Ltd. Low Rating 10 Fuwei Films (Holdings) Co., Ltd. Audit Concern 11 Inventergy Global, Inc. Audit Concern 12 PT. Indika Energy Tbk Low Rating 13 Searchlight Minerals Corp. Audit Concern 14 Talon Real Estate Holding Corp. Audit Concern 15 Vertex Energy, Inc. Audit Concern 16 Vestis Retail Group, LLC Miscellaneous

17 Profile Updates 23 Watch List 24 Bankruptcies

21st Century Oncology Holdings, Inc.

On April 5, 2016, Moody’s Investors Service downgraded 21st Century Oncology, Inc.’s corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD, first lien bank credit facility ratings to B2 from B1 and its senior unsecured notes rating to Caa3 from Caa2. According to Moody’s, the ratings downgrade reflects Moody’s expectation for negative free cash flow in 2016, which will further stress the Company’s weak liquidity position. Moody’s also believes that operating pressures will result in lower EBITDA and that Moody’s adjusted leverage will increase to around 6.5 times by the end of 2016. Further, Moody’s expects that the Company will have difficulty offsetting industry pressures by reducing costs or increasing average daily treatment volumes above industry growth rates in the near term.

Profile Highlights on next page…




Profile Highlights, continued China Auto Logistics Inc.

In Form 10-K filed on April 7, 2016, China Auto Logistics Inc.’s auditor, Marcum LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Marcum, the Company reported a net loss attributable to shareholders of $12,014,594 and $26,863,297 and has net cash used in operating activities of $7,380,041 and $54,440,890 for the years ended December 31, 2015 and 2014, respectively, and has a working capital deficit of $30,801,730 and $7,298,690 as of December 31, 2015 and 2014, respectively. The Company does not currently have sufficient cash or commitments for financing to sustain its operations for the next twelve months. The Company’s plan continues to be to develop new customer relationships and substantially increase cash flows from operations and revenue derived from products/services. Claire’s Stores, Inc.

On April 7, 2016, Moody’s Investors Service downgraded Claire’s Stores, Inc.’s corporate family and probability of default ratings to Caa3 and Caa3-PD, respectively. Moody’s also downgraded the Company’s first lien debt to Caa2, senior secured second lien notes to Caa3 and unsecured notes to Ca. “Today’s downgrades reflect our view that there is an acute likelihood of a debt restructuring ahead of the June 2017 maturity of Claire’s subordinated notes due to continuing erosion of liquidity and weak operating performance,” stated Moody’s Vice President Charlie O’Shea. “Claire’s continues to feel the ill-effects of declining mall traffic and an increasingly competitive landscape, with the result debt/EBITDA has risen to over 8 times,” continued O’Shea. “The new ratings further acknowledge the challenges faced by Claire’s to grow earnings sufficient to support its presently unsustainable capital structure.”

Creative Realities, Inc. In Form 10-K filed on April 4, 2016,

Creative Realities, Inc.’s auditor, EisnerAmper LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to EisnerAmper, the Company has incurred recurring losses, has negative cash flows from operations and has a working capital deficit. Management believes that despite its losses to date and while they can’t provide assurance that ongoing integration efforts will be successful, the operations of the combined Company resulting from the completed acquisitions and related restructuring actions will provide greater sales, margin, scale and operating efficiencies. The Company believes that it will ultimately be able to achieve operating profitability and positive cash flows from operations. Forbes Energy Services Ltd.

On April 4, 2016, Moody’s Investors Service downgraded Forbes Energy Services Ltd.’s corporate family rating to Caa2 from Caa1, its probability of default rating to Caa2-PD from Caa1-PD and its senior unsecured notes rating to Caa3 from Caa2. “The downgrade reflects our expectation that the prolonged downturn in oil prices will last through at least 2017 and as a result Forbes’s weak cash flow will be unlikely to cover interest expense,” said John Thieroff, Moody’s VP-Senior Analyst. “While Forbes has a measure of flexibility due to its very low maintenance capital spending requirements, we expect weak demand for oilfield services to continue through 2017 and Forbes’ cash flow metrics to remain pressured and that the company will need to rely on its significant cash balances to fully fund its obligations.”

Profile Highlights continued on next page…




Profile Highlights, continued Fuwei Films (Holdings) Co., Ltd.

In Form 20-F filed on April 7, 2016, Fuwei Films (Holdings) Co., Ltd.’s auditor, Kabani & Company, Inc., raised substantial doubt about the Company’s ability to continue as a going concern. According to Kabani & Company, the Company has a working capital deficit of ¥151,599,000 or $23,403,000 as of December 31, 2015. The Company has incurred a net loss of ¥69,070,000 or $10,662,570, and the Company may not have sufficient working capital to meet its planned operating activities over the next twelve months. Inventergy Global, Inc.

In Form 10-K filed on April 4, 2016, Inventergy Global, Inc.’s auditor, Marcum LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Marcum, the Company has incurred losses since inception and does not have sufficient liquidity to fund its presently anticipated operations. At December 31, 2015, the Company had an accumulated deficit since inception of $54,806,762 (including a net loss for the year ended December 31, 2015 of $11,733,549) and had a negative working capital of $9,604,568.

PT. Indika Energy Tbk On April 6, 2016, Moody’s Investors

Service downgraded the corporate family rating of PT. Indika Energy Tbk to Caa1 from B3. At the same time, Moody’s downgraded the ratings on the $171 million notes due 2018 and issued by Indo Energy Finance B.V., as well as the ratings on the $500 million notes due 2023 and issued by Indo Energy Finance II B.V., both to Caa1 from B3. “The downgrade of Indika’s CFR to Caa1 reflects the company’s elevated leverage, driven largely by the impact of weak thermal coal prices across Indika’s businesses,” says Brian Grieser, a Moody’s Vice President and Senior Analyst. “The downgrade also incorporates our view that Indika’s cash flows will diminish materially in 2017,” adds Grieser. Searchlight Minerals Corp.

In Form 10-K filed on April 4, 2016, Searchlight Minerals Corp.’s auditor, BDO USA, LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to BDO USA, the Company has suffered recurring losses from operations. In order for the Company to continue operations beyond the next twelve months and be able to discharge its liabilities and commitments in the normal course of business it must raise additional equity or debt capital and continue cost cutting measures. There can be no assurance that the Company will be able to achieve sustainable profitable operations or obtain additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to management. Profile Highlights continued on next page…




Profile Highlights, continued Talon Real Estate Holding Corp.

In Form 10-K filed on April 6, 2016, Talon Real Estate Holding Corp.’s auditor, Baker Tilly Virchow Krause, LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Baker Tilly Virchow Krause, the Company has suffered recurring losses from operations and is dependent on the success of future capital raises or profitable acquisitions of additional investment properties to sustain operations through at least December 31, 2016. There is no guarantee that the Company will be able to raise any required additional capital or generate sufficient cash flow from current and future operations to fund ongoing business. If the amount of capital the Company is able to raise together with income from operations is not sufficient to satisfy capital needs, they may be required to cease operations or alter growth plans. Vertex Energy, Inc.

In Form 10-K filed on April 4, 2016, Vertex Energy, Inc.’s auditor, Hein & Associates LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Hein & Associates, the Company has a working capital deficit of $12,192,509, has suffered losses from operations and is at risk of default of its debt agreements. To address the cash flow deficiency and operating losses the Company is currently pursuing a number of actions, including: 1) working on inventory strategies related to charging for collection services; 2) seeking to obtain additional funds through public or private financing sources; 3) restructuring existing debts from lenders; 4) seeking to reduce operating costs; 5) minimizing projected capital costs for 2016 and 6) exploring opportunities to sell or lease any non-income producing assets.

Vestis Retail Group, LLC According to Bloomberg LP, citing

an unnamed source, Vestis Retail Group, LLC, owned by Versa Capital Management LLC and parent of Eastern Mountain Sports, Inc., Sport Chalet, Inc. and Bob’s Stores, LLC is preparing to file for bankruptcy. Vestis released the following statement, “Vestis continually looks for opportunities to position its stores for long-term growth and success and, as such, is evaluating a number of strategies to strengthen the business. We will share additional updates as and when decisions are made. Meanwhile, we continue to focus on executing our long-term strategic plan, and all our stores — Eastern Mountain Sports, Bob’s Stores and Sport Chalet — continue to operate as usual, offering our customers the top outdoor, apparel and footwear fashions from their favorite brands.”




Category: Low Rating

21st Century Oncology Holdings, Inc. 2270 Colonial Boulevard Fort Meyers, FL 33907 239 931-7275 Officers: Daniel E. Dosoretz, M.D. -- C.E.O. Richard R. Lewis -- S.V.P. & C.F.O.

Federal Tax ID: 26-1747745 SIC: 8011 Offices and Clinics of Doctors of Medicine Employees: 4,630 Company Website: www.21co.com Auditor: Deloitte & Touche LLP

Securities: 11% Senior Notes due 2023; $360,000,000 outstanding (CUSIP: 90131JAA9) 11 3/4% 2nd Lien Secured Notes due 2017; $7,500,000 outstanding (CUSIP: 68234KAC4)

Bank Debt: First Lien Sr. Secured Term B Loan due 2022, $610.0 million / First Lien Sr. Secured Revolver due 2020, $125.0 million Business: 21st Century Oncology Holdings, Inc., together with its subsidiaries, operates as a physician-led provider of integrated cancer care services. Its radiation treatment services include external beam therapies, such as conformal radiation therapy, intensity modulated radiation therapy and stereotactic radiosurgery, as well as internal radiation therapies, such as high-dose and low-dose rate brachytherapies. The Company was formerly known as Radiation Therapy Services Holdings, Inc. and changed its name to 21st Century Oncology Holdings, Inc. in December 2013. 21st Century Oncology, Inc. is a subsidiary of 21st Century Oncology Holdings, Inc. Balance Sheet: ($millions) 12/31/2014 12/31/2013 Total Current Liabilities $188.83 $154.10 Total Long Term Debt $940.77 $974.13 Total Liabilities $1,224.61 $1,191.51 Total Current Assets $264.96 $163.15 Total Assets $1,146.72 $1,128.19 Income Statement: ($millions, except per share data) 12/31/2014 12/31/2013 12/31/2012 Period 12 months ending 12 months ending 12 months ending Revenue $1,026.42 $736.52 $693.95 Net Income $-343.22 $-78.25 $-151.13 Event: On April 5, 2016, Moody’s Investors Service downgraded 21st Century Oncology, Inc.’s corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD, first lien bank credit facility ratings to B2 from B1 and its senior unsecured notes rating to Caa3 from Caa2. According to Moody’s, the ratings downgrade reflects Moody’s expectation for negative free cash flow in 2016, which will further stress the Company’s weak liquidity position. Source: Moody’s / Profile Number: 685-5380




Category: Audit Concern

China Auto Logistics Inc. Floor 1 FTZ International Auto Mall 86 Tianbao Avenue, Free Trade Zone Tianjin Province, China 300461 86 22-2576-2771 Officers: Shiping Tong -- C.E.O. & President Xinwei Wang -- C.F.O.

Federal Tax ID: 98-0657597 SIC: 5010 Motor Vehicles and Motor Vehicle Parts and Supplies Employees: 53 Company Website: www.chinautologisticsinc.com Auditor: Marcum LLP

Securities: Ticker: CALI Exchange: NASDAQ Common Stock; 4,034,394 shares outstanding as of March 30, 2016 (CUSIP: 16936J202) Business: China Auto Logistics Inc. sells and trades in imported automobiles in the People’s Republic of China. It operates through six segments: Sales of Automobiles, Financing Services, Web-Based Advertising Services, Automobile Value Added Services, Airport Auto Mall Automotive Services, and Auto Mall Management Services. The Company also offers financing services, including letter of credit issuance, purchase deposit financing and import duty advances services, as well as automobile value-added services comprising customs clearance, storage and delivery services. In addition, it provides Web-based advertising services through its Websites, such as at188.com that provides sales and trading information related to imported automobiles, as well as parts and components information; and at160.com, which offers price comparison, and sales and trading information. Balance Sheet: ($millions) 12/31/2015 12/31/2014 Total Current Liabilities $257.20 $214.24 Total Long Term Debt $0.00 $0.00 Total Liabilities $266.45 $242.98 Total Current Assets $226.39 $206.94 Total Assets $288.22 $278.51 Income Statement: ($millions, except per share data) 12/31/2015 12/31/2014 Period 12 months ending 12 months ending Revenue $448.13 $402.27 Net Income $-12.02 $-26.88 Earnings Per Share $-2.98 $-6.66 Event: In Form 10-K filed on April 7, 2016, China Auto Logistics Inc.’s auditor, Marcum LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Marcum, the Company reported a net loss attributable to shareholders of $12,014,594 and $26,863,297 and has net cash used in operating activities of $7,380,041 and $54,440,890 for the years ended December 31, 2015 and 2014, respectively, and has a working capital deficit of $30,801,730 and $7,298,690 as of December 31, 2015 and 2014, respectively. Source: Form 10-K / Profile Number: 685-6179





Claire’s Stores, Inc. 2400 West Central Rd. Hoffman Estates, IL 60195 847 765-1100 Officers: Beatrice Lafon -- C.E.O. J. Per Brodin -- E.V.P., C.F.O.

Federal Tax ID: 59-0940416 SIC: 5632 Women’s Accessory and Specialty Stores Employees: 18,900 Company Website: www.clairestores.com Auditor: KPMG LLP

Securities: 6 1/4% Senior Secured Notes due 2020; $210,000,000 outstanding (CUSIP: 179584AP2) 9% Senior Secured Notes due 2019; $1,125,000,000 outstanding (CUSIP: 179584AM9) 10 1/2% Senior Subordinated Notes due 2017; $259,612,000 outstanding (CUSIP: 179584AJ6) 7 3/4% Senior Notes due 2020; $320,000,000 outstanding (CUSIP: 179584AQ0) 8 7/8% Senior Secured Notes due 2019; $450,000,000 outstanding (CUSIP: 179584AL1)

Bank Debt: First Lien Sr. Secured Revolver due 2017, $115.0 million Business: Claires Stores, Inc. operates as a specialty retailer of fashionable jewelry and accessories for young women, teens, tweens and kids. It sells jewelry products, including earrings, necklaces, bracelets, body jewelry and rings, as well as offers ear piercing services. The Company also sells accessories comprising hairgoods; beauty products; personal, fashion and seasonal accessories, including phone cases, jewelry holders, stationery, key rings, DIY kits, attitude glasses, headwear, legwear, armwear and sunglasses; and handbags and small leather goods. Balance Sheet: ($millions) 01/31/2015 02/01/2014 Total Current Liabilities $232.90 $251.16 Total Long Term Debt $2,376.48 $2,378.79 Total Liabilities $2,788.40 $2,814.70 Total Current Assets $220.15 $283.00 Total Assets $2,456.58 $2,731.63 Income Statement: ($millions, except per share data) 01/31/2015 02/01/2014 02/02/2013 Period 12 months ending 12 months ending 12 months ending Revenue $1,494.25 $1,513.18 $1,557.03 Net Income $-211.98 $-65.31 $1.28 Event: On April 7, 2016, Moody’s Investors Service downgraded Claire’s Stores, Inc.’s corporate family and probability of default ratings to Caa3 and Caa3-PD, respectively. Moody’s also downgraded the Company’s first lien debt to Caa2, senior secured second lien notes to Caa3 and unsecured notes to Ca. “Today’s downgrades reflect our view that there is an acute likelihood of a debt restructuring ahead of the June 2017 maturity of Claire’s subordinated notes due to continuing erosion of liquidity and weak operating performance,” stated Moody’s Vice President Charlie O’Shea. Source: Moody’s / Profile Number: 685-4647





Creative Realities, Inc. 22 Audrey Place Fairfield, NJ 07004 973 244-9911 Officers: Richard Mills -- C.E.O. John Walpuck -- C.F.O. & C.O.O.

Federal Tax ID: 41-1967918 SIC: 7373 Computer Integrated Systems Design Employees: 59 Company Website: www.cri.com Auditor: EisnerAmper LLP

Securities: Ticker: CREX Exchange: OTC Common Stock; 64,224,860 shares outstanding as of March 22, 2016 (CUSIP: 22530J101) Business: Creative Realities, Inc., through its subsidiaries, provides digital marketing technology solutions to retailers, brand marketers, venue-operators, enterprises, non-profits and other organizations primarily in the United States and internationally. Its technology and solutions include digital merchandising systems, interactive digital shopping assistants and kiosks, mobile digital marketing platforms, digital wayfinding platforms, digital menu board systems, dynamic signage and other digital marketing technologies. The Company enables the clients’ engagement with consumers by using its technology and solutions that interact with mobile, social media, point-of-sale, wireless networks and Web-based platforms. The Company sells its solutions to hospitality, branded retail, automotive, food service and retail healthcare industries. Balance Sheet: ($millions) 12/31/2015 12/31/2014 Total Current Liabilities $7.28 $6.63 Total Long Term Debt $2.28 $0.00 Total Liabilities $11.67 $9.09 Total Current Assets $2.76 $5.49 Total Assets $23.04 $21.88 Income Statement: ($millions, except per share data) 12/31/2015 12/31/2014 Period 12 months ending 12 months ending Revenue $11.47 $13.42 Net Income $-7.97 $-3.80 Earnings Per Share $-0.16 $-0.11 Event: In Form 10-K filed on April 4, 2016, Creative Realities, Inc.’s auditor, EisnerAmper LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to EisnerAmper, the Company has incurred recurring losses, has negative cash flows from operations and has a working capital deficit. Source: Form 10-K Profile Number: 685-6180





Forbes Energy Services Ltd. 3000 South Business Highway, 281 Alice, TX 78332 361 664-0549 Officers: John E. Crisp -- President & C.E.O. L. Melvin Cooper -- S.V.P. & C.F.O.

Federal Tax ID: 98-0581100 SIC: 1389 Oil and Gas Field Services, not Elsewhere Classified Employees: 2,232 Company Website: www.forbesenergyservices.com Auditor: BDO USA, LLP

Securities: Ticker: FES Exchange: NASDAQ Common Stock; 22,214,855 shares outstanding as of March 29, 2016 (CUSIP: 345143101) 9% Senior Notes due 2019; $280,000,000 outstanding (CUSIP: 345143AC5)

Bank Debt: First Lien Sr. Secured ABL Revolver due 2018, $90.0 million Business: Forbes Energy Services Ltd., an independent oilfield services contractor, provides a range of well site services for oil and natural gas drilling and producing companies to develop and enhance the production of oil and natural gas in the United States. The Company operates in two segments, Well Servicing and Fluid Logistics. The Well Servicing segment offers well maintenance services; well workovers; completion and swabbing services; plugging and abandoning services; and oil and natural gas production tubing testing services. The Fluid Logistics segment provides, transports, stores, and disposes various drilling and produced fluids used in oil and natural gas production. Balance Sheet: ($millions) 12/31/2015 12/31/2014 Total Current Liabilities $46.43 $50.78 Total Long Term Debt $283.07 $286.69 Total Liabilities $330.40 $355.12 Total Current Assets $111.80 $129.90 Total Assets $412.43 $483.61 Income Statement: ($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 $244.11 $449.28 $419.93 Net Income $-46.07 $-8.32 $-13.09 Earnings Per Share $-2.12 $-0.42 $-0.64 Event: On April 4, 2016, Moody’s Investors Service downgraded Forbes Energy Services Ltd.’s corporate family rating to Caa2 from Caa1, its probability of default rating to Caa2-PD from Caa1-PD and its senior unsecured notes rating to Caa3 from Caa2. “The downgrade reflects our expectation that the prolonged downturn in oil prices will last through at least 2017 and as a result Forbes’s weak cash flow will be unlikely to cover interest expense,” said John Thieroff, Moody’s VP-Senior Analyst. Source: Moody’s / Profile Number: 685-4933





Fuwei Films (Holdings) Co., Ltd. No. 387 Dongming Road Weifang Shandong, China 261061 (86) 133 615 59266 Officers: Zengyong Wang -- C.E.O. Benjie Dong -- C.F.O.

SIC: 3081 Unsupported Plastics Film and Sheet Employees: 241 Company Website: www.fuweiholdings.com Auditor: Kabani & Company, Inc.

Securities: Ticker: FFHC Exchange: NASDAQ Common Stock; 13,062,500 shares outstanding as of December 31, 2015 (ISIN: KYG3704F1028) Business: Fuwei Films (Holdings) Co., Ltd., together with its subsidiaries, produces and distributes plastic films using the biaxially-oriented stretch technique in the People’s Republic of China. Its products include printing base films used in printing and lamination; stamping foil base films and transfer base films used for the packaging of luxury items, such as cigarettes and alcohol; metallized films or aluminum plating base films used for vacuum aluminum plating for flexible plastic lamination; high-gloss films used for aesthetically enhanced packaging purposes; and heat-sealable films used for construction, printing, and making heat sealable bags. The Company was formerly known as Neo-Luck Plastic Holdings Co., Ltd. and changed its name to Fuwei Films (Holdings) Co., Ltd. in April 2005. Balance Sheet: ($millions) 12/31/2015 Total Current Liabilities $42.64 Total Long Term Debt $0.51 Total Liabilities $42.64 Total Current Assets $19.24 Total Assets $93.21 Income Statement: ($millions, except per share data) 12/31/2015 Period 12 months ending Revenue $34.42 Net Income $-10.66 Earnings Per Share $-0.82 Event: In Form 20-F filed on April 7, 2016, Fuwei Films (Holdings) Co., Ltd.’s auditor, Kabani & Company, Inc., raised substantial doubt about the Company’s ability to continue as a going concern. According to Kabani & Company, the Company has a working capital deficit of ¥151,599,000 or $23,403,000 as of December 31, 2015. Source: Form 20-F Profile Number: 685-6181





Inventergy Global, Inc. 900 E. Hamilton Avenue #180 Campbell, CA 95008 408 389-3510 Officers: Joseph W. Beyers -- C.E.O. John G. Niedermaier -- C.F.O.

Federal Tax ID: 62-1482176 SIC: 4813 Telephone Communications, Except Radiotelephone Employees: 8 Company Website: www.inventergy.com Auditor: Marcum LLP

Securities: Ticker: INVT Exchange: NASDAQ Common Stock; 4,212,220 shares outstanding as of March 30, 2016 (CUSIP: 46123X409) Business: Inventergy Global, Inc. operates as an intellectual property (IP) investment and licensing company. The Company identifies, acquires and licenses the patented technologies of technology companies. It offers a professional corporate licensing model for IP value creation that provides short term returns and long-term licensing revenue. The Company acquires portfolios in the telecommunications industry primarily in IP multimedia subsystems and voice over IP; and mobile broadband communications segments. Balance Sheet: ($millions) 12/31/2015 12/31/2014 Total Current Liabilities $10.48 $7.33 Total Long Term Debt $8.66 $8.74 Total Liabilities $19.49 $29.20 Total Current Assets $0.88 $5.22 Total Assets $19.35 $37.88 Income Statement: ($millions, except per share data) 12/31/2015 12/31/2014 Period 12 months ending 12 months ending Revenue $4.89 $0.72 Net Income $-11.73 $-20.08 Earnings Per Share $-3.41 $-11.52 Event: In Form 10-K filed on April 4, 2016, Inventergy Global, Inc.’s auditor, Marcum LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Marcum, the Company has incurred losses since inception and does not have sufficient liquidity to fund its presently anticipated operations. Source: Form 10-K Profile Number: 685-6182





PT. Indika Energy Tbk Graha Mitra, 7th Floor Jl. Jend Gatot Subroto Kav. 21 Jakarta, Indonesia 12930 Officers: Wishnu Wardhana -- President M. Arsjad Rasjid P.M. -- Vice President

SIC: 1241 Coal Mining Services Employees: 4,777 Company Website: www.indikaenergy.com Auditor: Osman Bing Satrio & Eny

Securities: Ticker: PDETY Exchange: OTC Also trades on IDX (INDY)

Common Stock; 104,203,840 shares outstanding as of March 22, 2016 (CUSIP: 69369K105) 6 3/8% Senior Secured Notes due 2023; $500,000,000 outstanding (CUSIP: 45579AA1) 7% Senior Secured Notes due 2018; $171,430,000 outstanding (CUSIP: 45578UAA8) Business: PT. Indika Energy Tbk operates as an integrated energy company in Indonesia. The Energy Resources segment is involved in the production of coal. This segment holds coal mine concession sites located in Paser, Kutai Kartanegara and Kutai Timur regencies in East Kalimantan, as well as in Central Kalimantan. The Energy Services segment provides engineering, procurement, and construction services; operations and maintenance services, as well as contract mining services; and logistics services. The Energy Infrastructure operates 660 megawatt power generation plant in Cirebon, West Java. Indo Energy Finance B.V. operates as a subsidiary of Indika Energy Tbk. Indika Energy Tbk is a subsidiary of PT Indika Mitra Energi. Balance Sheet: ($millions) 12/31/2015 12/31/2014 Total Current Liabilities $505.60 $396.70 Total Long Term Debt $701.50 $839.00 Total Liabilities $1,318.90 $1,376.40 Total Current Assets $827.30 $831.40 Total Assets $2,150.40 $2,290.30 Income Statement: ($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 $1,097.30 $1,109.50 $863.40 Net Income $-44.60 $-27.60 $-62.50 Earnings Per Share $-0.01 $-0.01 $-0.01 Event: On April 6, 2016, Moody’s Investors Service downgraded the corporate family rating of PT. Indika Energy Tbk to Caa1 from B3. At the same time, Moody’s downgraded the ratings on the $171 million notes due 2018 and issued by Indo Energy Finance B.V., as well as the ratings on the $500 million notes due 2023 and issued by Indo Energy Finance II B.V., both to Caa1 from B3. “The downgrade of Indika’s CFR to Caa1 reflects the company’s elevated leverage, driven largely by the impact of weak thermal coal prices across Indika’s businesses,” says Brian Grieser, a Moody’s Vice President and Senior Analyst. Source: Moody’s / Profile Number: 685-6177





Searchlight Minerals Corp. #100 - 2360 West Horizon Ridge Pkwy. Henderson, NV 89052 702 939-5247 Officers: Martin B. Oring -- C.E.O. & President Melvin L. Williams -- C.F.O.

Federal Tax ID: 98-0232244 SIC: 1000 Metal Mining Employees: 11 Company Website: www.searchlightminerals.com Auditor: BDO USA, LLP

Securities: Ticker: SRCH Exchange: OTC Common Stock; 286,291,994 shares outstanding as of March 31, 2016 (CUSIP: 812224202) Business: Searchlight Minerals Corp., an exploration stage company, engages in a slag reprocessing project; and the acquisition and exploration of mineral properties in the United States. The Company holds interests in the Clarkdale slag project, located in Clarkdale, Arizona, which is a reclamation project to recover precious and base metals from the reprocessing of slag produced from the smelting of copper ore mined at the United Verde Copper Mine in Jerome, Arizona. It also rents land to Clarkdale Arizona Central Railroad. The Company was formerly known as Phage Genomics, Inc., and changed its name to Searchlight Minerals Corp. in June 2005. Balance Sheet: ($millions) 12/31/2015 12/31/2014 Total Current Liabilities $6.13 $1.24 Total Long Term Debt $48.27 $32.24 Total Liabilities $54.39 $33.47 Total Current Assets $0.61 $0.89 Total Assets $136.64 $138.39 Income Statement: ($millions, except per share data) 12/31/2015 12/31/2014 Period 12 months ending 12 months ending Revenue $0.00 $0.00 Net Income $-27.09 $-18.51 Earnings Per Share $-0.18 $-0.14 Event: In Form 10-K filed on April 4, 2016, Searchlight Minerals Corp.’s auditor, BDO USA, LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to BDO USA, the Company has suffered recurring losses from operations. Source: Form 10-K Profile Number: 685-6183





Talon Real Estate Holding Corp. 5500 Wayzata Boulevard, Suite 1070 Minneapolis, MN 55416 612 604-4600 Officers: MG Kaminski -- C.E.O. Eun Stowell -- C.F.O.

Federal Tax ID: 26-1771717 SIC: 6798 Real Estate Investment Trusts Employees: 5 Company Website: www.talonreit.com Auditor: Baker Tilly Virchow Krause, LLP

Securities: Ticker: TALR Exchange: OTC Common Stock; 17,057,680 shares outstanding as of March 30, 2016 (CUSIP: 87484L105) Business: Talon Real Estate Holding Corp. is a real estate investment firm specializing in investments in single and multi-tenant office, industrial and retail properties. The Firm seeks to invest in the Midwest and South Central regions of the United States. It provides shareholders with attractive returns from investments in real estate through dividend distribution and growth. Balance Sheet: ($millions) 12/31/2015 12/31/2014 Total Liabilities $71.10 $57.24 Total Assets $70.36 $62.77 Income Statement: ($millions, except per share data) 12/31/2015 12/31/2014 Period 12 months ending 12 months ending Revenue $11.72 $6.36 Net Income $-7.03 $-3.91 Earnings Per Share $-0.27 $-0.17 Event: In Form 10-K filed on April 6, 2016, Talon Real Estate Holding Corp.’s auditor, Baker Tilly Virchow Krause, LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Baker Tilly Virchow Krause, the Company has suffered recurring losses from operations and is dependent on the success of future capital raises or profitable acquisitions of additional investment properties to sustain operations through at least December 31, 2016. Source: Form 10-K Profile Number: 685-6184





Vertex Energy, Inc. 1331 Gemini Street, Suite 250 Houston, TX 77058 866 660-8156 Officers: Benjamin P. Cowart -- C.E.O. Chris Carlson -- C.F.O.

Federal Tax ID: 94-3439569 SIC: 2911 Petroleum Refining Employees: 205 Company Website: www.vertexenergy.com Auditor: Hein & Associates LLP

Securities: Ticker: VTNR Exchange: NASDAQ Common Stock; 29,765,702 shares outstanding as of March 30, 2016 (CUSIP: 92534K107) Business: Vertex Energy, Inc., an environmental services company, provides a range of services designed to aggregate, process and recycle industrial waste systems and off-specification commercial chemical products. It operates in three divisions: Black Oil, Refining and Marketing,and Recovery. The Black Oil division collects and purchases used motor oil directly from third-party generators. The Refining and Marketing division gathers hydrocarbon streams in the form of petroleum distillates, transmix and other chemical products. The Recovery division generates solutions for the recovery and management of hydrocarbon streams. Balance Sheet: ($millions) 12/31/2015 12/31/2014 Total Current Liabilities $35.36 $62.76 Total Long Term Debt $5.54 $2.19 Total Liabilities $42.45 $75.20 Total Current Assets $23.17 $33.75 Total Assets $95.34 $133.82 Income Statement: ($millions, except per share data) 12/31/2015 12/31/2014 Period 12 months ending 12 months ending Revenue $146.94 $258.94 Net Income $-22.52 $-5.87 Earnings Per Share $-0.86 $-0.23 Event: In Form 10-K filed on April 4, 2016, Vertex Energy, Inc.’s auditor, Hein & Associates LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Hein & Associates, the Company has a working capital deficit of $12,192,509, has suffered losses from operations and is at risk of default of its debt agreements. Source: Form 10-K Profile Number: 685-6185




Category: Miscellaneous

Vestis Retail Group, LLC 160 Corporate Court Meriden, CT 06450 203 235-5775 Officers: Mark T. Walsh -- C.E.O. Susan J. Riley -- C.F.O.

SIC: 5699 Miscellaneous Apparel and Accessory Stores Employees: 4,032

Bank Debt: First Lien Sr. Secured ABL Revolver due 2019, $180.0 million (Sport Chalet) Business: Vestis Retail Group, LLC owns a retail platform and operates Bob’s Stores, a retailer of footwear, apparel and work wear, Eastern Mountain Sports (EMS), an outdoor sports apparel retailer and Sport Chalet, a specialty sporting goods retailer.

Financials Not Available Event: According to Bloomberg LP, citing an unnamed source, Vestis Retail Group, LLC, owned by Versa Capital Management LLC and parent of Eastern Mountain Sports, Inc., Sport Chalet, Inc. and Bob’s Stores, LLC is preparing to file for bankruptcy. Source: Bloomberg Profile Number: 685-6178




Distressed Company Alert Profile Updates PostRock Energy Corporation – Chapter 11 – April 1, 2016

PostRock Energy and five affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of Oklahoma, lead case number 16-11230. The Company, which engages in the acquisition, exploration, development, production and gathering of crude oil and natural gas, is represented by Mark A. Craige of Crowe & Dunlevy. According to a corporate release, “After extensively exploring alternatives and thorough consultation with its legal and financial advisors, PostRock’s board of directors determined, in consultation with its secured lenders, that an orderly sale of the Company’s assets through a Chapter 11 process would be the most prudent and effective way to maximize value for PostRock’s creditors. PostRock does not expect any recovery for its stockholders and expects that its stockholders will lose their entire investment.” The Company notes, “Like many other exploration and production companies, PostRock’s operations have been significantly impacted by the recent and dramatic decline in oil prices, the continued low prices of natural gas, and general uncertainty in the energy market.” The Company also announced the resignation of current directors Duke R. Ligon, Alexander P. Lynch, William H. Damon III, J. Philip McCormick and Clark W. Edwards, effective upon the appointment of a Chapter 11 trustee.

Previous DCA Event: Miscellaneous 2/25/2016 Previous DCA Event: Audit Concern 6/30/2009 Previous DCA Event: Miscellaneous 5/13/2015

Updates: 4/1/16, 10/9/15 Winsway Enterprises Holdings Limited – Chapter 15 – April 6, 2016

Beijing, China-based Winsway Enterprises Holdings Limited (f/k/a Winsway Coking Coal Holdings Limited) filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 16-10833. The Company, which processes and trades in coking coal and other products in the Peoples Republic of China and internationally, is represented by Michael J. Venditto of Reed Smith. The Company recently initiated Scheme of Arrangement proceedings in both the Commercial Court of the British Virgin Islands and the High Court of Hong Kong. According to documents filed with the Court, “The Company and the Subsidiary Guarantors have entered into the RSA with the Consenting Scheme Creditors. As at the date of this Explanatory Statement, Scheme Creditors holding Notes in an aggregate principal amount of approximately US$257,281,000, representing approximately 83.2% by value of the outstanding principal amount of the Notes, have acceded to, and are bound by the terms of, the RSA. Pursuant to the RSA, the parties thereto have agreed (among other things) to take all actions reasonably necessary to take in order to support, facilitate, implement or otherwise give effect to the Restructuring…as soon as reasonably practicable and by no later than 17 June 2016 (or such later date as may be agreed by the Company and Steering Committee Majority….The commercial terms of the Debt Restructuring (as documented in the Schemes) provide (among other things) that the Scheme Claims of the Scheme Creditors shall be released in full.”

Previous DCA Event: Miscellaneous 10/16/2015 Previous DCA Event: Low Rating 10/10/2013 Previous DCA Event: Low Rating 4/13/2015 Previous DCA Event: Low Rating 8/21/2013 Previous DCA Event: Low Rating 10/21/2014 Previous DCA Event: Low Rating 5/30/2013

Updates: 12/4/15, 5/15/15, 5/1/15, 11/27/13, 11/8/13, 11/1/13, 9/27/13

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

Profile Updates continued on next page…

http://www.bankruptcydata.com/




Distressed Company Alert Profile Updates, continued Baytex Energy Corp. Previous DCA Event: Low Rating 2/3/2016

On February 3, 2016, Moody’s Investors Service downgraded Baytex Energy Corp.’s corporate family rating to Caa1 from Ba3, probability of default rating to Caa1-PD from Ba3-PD and senior unsecured notes rating to Caa1 from Ba3. “The downgrade reflects the material decline in Baytex’s cash flow we expect in 2016 and 2017, which will result in weak cash flow-based leverage metrics,” said Paresh Chari, Moody’s Analyst. “Baytex will also breach financial covenants in 2016 and will need to get relief from its banks.” Moody’s Lowers Ratings Further

On April 4, 2016, Moody’s Investors Service downgraded Baytex Energy Corp.’s senior unsecured notes to Caa2 from Caa1. Moody’s affirmed Baytex’s corporate family rating at Caa1 and probability of default rating at Caa1-PD. “The downgrade of the unsecured notes is a result of security being given to the revolver,” said Paresh Chari, Moody’s Analyst. “Liquidity has improved, however, as covenants have been significantly relaxed, giving the company ample headroom through 2017.”

Chaparral Energy, Inc. Previous DCA Event: Audit Concern 3/30/2016

In Form 10-K filed on March 30, 2016, Chaparral Energy, Inc.’s auditor, Grant Thornton LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Grant Thornton, the Company incurred a net loss of approximately $1,334 million during the year ended December 31, 2015, and as of that date, the Company’s current liabilities exceeded its current assets by approximately $1,522 million and its total liabilities exceeded its total assets by approximately $620 million. Event of Default

As stated in Form 8-K filed on April 5, 2016, Chaparral Energy, Inc. did not make the interest payment on the 8.25% Senior Notes within the 30-day grace period. As a result, an event of default occurred on April 1, 2016 and is continuing under the indenture governing the 8.25% Senior Notes, of which $384 million principal amount was outstanding on that date. As previously announced, on March 1, 2016, the Company elected not to make the interest payment on the 8.25% Senior Notes. Under the indenture governing the 8.25% Senior Notes, the failure to make the interest payment was subject to a 30-day grace period before constituting an event of default. Moody’s Downgrades Ratings

On April 7, 2016, Moody’s Investors Service downgraded Chaparral Energy, Inc.’s corporate family rating to C from Ca, its probability of default rating to C-PD/LD from Ca-PD and its unsecured notes rating to C from Ca following the Company’s announcement that it did not make the interest payment due on its 8.25% Senior Notes following the expiration on April 1 of the 30-day grace period with respect to its March 1, 2016 scheduled payment date.





Distressed Company Alert Profile Updates, continued Clayton Williams Energy, Inc. Previous DCA Event: Low Rating 3/30/2016

On March 30, 2016, Standard & Poor’s Ratings Services lowered its issue-level rating on Clayton Williams Energy, Inc.’s senior unsecured debt to CCC- from CCC. “The ratings on Midland, Texas-based Clayton Williams Energy reflect our assessment that the company’s debt leverage is unsustainable, expected to average above 15x over the next three years,” said Standard & Poor’s credit analyst Christine Besset. “The ratings also reflect our assessment of liquidity as adequate,” she added. Moody’s Downgrades

On April 1, 2016, Moody’s Investors Service downgraded the ratings of Clayton Williams Energy, Inc., including its corporate family rating to Caa3 from B3, its probability of default rating to Caa3-PD from B3-PD and its senior unsecured regular bond/debenture to Ca from Caa1. According to Moody’s, the downgrade reflects the Company’s poor cash margins, high leverage and very weak cash flow based metrics due to the subdued commodity price outlook and lack of meaningful cash flow from hedges through 2017.

Connacher Oil and Gas Limited Previous DCA Event: Miscellaneous 3/11/2016

On March 11, 2016, Connacher Oil and Gas Limited announced that its Board of Directors has initiated a process to investigate, evaluate and consider possible financing and restructuring alternatives available to the Company and has formed a special committee to assist the Board in this process. The Company also announced that in accordance with the terms and conditions of the indenture dated May 8, 2015 relating to the issuance by Connacher of US$35 million of 12% convertible notes due 2018, it has elected to exercise its right to defer the cash payment of interest. Forbearance Agreement

On March 31, 2016, Connacher Oil and Gas Limited announced that it has entered into a forbearance agreement with Credit Suisse AG. Under the terms of the Forbearance Agreement, among other things, the Lenders agreed to forbear from exercising their enforcement rights and remedies arising on account of the failure of Connacher to pay the cash interest and principal payments due on March 31, 2016 until the earlier to occur of April 30, 2016, the occurrence of an event of default under the Credit Agreement.

Foresight Energy LLC Previous DCA Event: Profile Update 3/30/2016

In Form 8-K filed on March 30, 2016, Foresight Energy LLC and Foresight Energy Finance Corporation, together with Foresight Energy LP and certain other subsidiaries of Foresight Energy LP again extended the term of the existing forbearance agreement that was entered into on December 18, 2015 with certain holders of the Issuers’ 7.875% Senior Notes due 2021. As a result of the extension, the forbearance period runs through April 5, 2016, unless further extended by the Consenting Noteholders in their sole discretion or unless earlier terminated in accordance with its terms. Additional Extension to Forbearance Agreement

In Form 8-K filed on April 6, 2016, Foresight Energy LLC and Foresight Energy Finance Corporation, together with Foresight Energy LP and certain other subsidiaries of Foresight Energy LP again extended the term of the existing forbearance agreement that was entered into on December 18, 2015 with certain holders of the Issuers’ 7.875% Senior Notes due 2021. As a result of the extension, the forbearance period runs through April 12, 2016, unless further extended by the Consenting Noteholders in their sole discretion or unless earlier terminated in accordance with its terms.





Distressed Company Alert Profile Updates, continued Midstates Petroleum Company, Inc. Previous DCA Event: Low Rating 2/10/2016

On February 10, 2016, Standard & Poor’s Ratings Services lowered its corporate credit rating on Midstates Petroleum Company, Inc. to CCC- from CCC+, its second-lien debt rating to CCC from B- and its third-lien and senior unsecured debt ratings to C from CCC-. “The downgrade reflects the risk that Midstates Petroleum could elect to file for chapter 11 following the draw-down on its credit facility,” said Standard & Poor’s credit analyst Michael Tsai. S&P Lowers Ratings Further

On April 4, 2016, Standard & Poor’s Ratings Services lowered its corporate credit rating on Midstates Petroleum Company, Inc. to D from CCC-, its second-lien debt rating to D from CCC and its third-lien and senior unsecured debt ratings to D from C. According to Moody’s, the D rating reflects Midstates Petroleum’s announcement that it has elected not to make the interest payment on its 10.75% senior notes due 2020, and S&P’s belief that the Company will not make this payment before the 30-day grace period ends. Standard & Poor’s believes the Company will likely reorganize under Chapter 11.

Rex Energy Corporation Previous DCA Event: Profile Update 2/12/2016

On February 12, 2016, Standard & Poor’s Ratings Services lowered its corporate credit rating on Rex Energy Corporation to CC from CCC- and its senior unsecured notes rating to C from CC. “The downgrade follows Rex’s announcement that it has launched an exchange offer to existing holders of its 8.875% and 6.25% senior unsecured notes for shares of common equity and a new issue of 10% senior secured second-lien notes due 2020,” said Standard & Poor’s credit analyst Aaron McLean. Moody’s Downgrades Ratings

On April 1, 2016, Moody’s Investors Service downgraded Rex Energy Corporation’s (REXX) corporate family rating to Ca from Caa3, its probability of default rating to Ca-PD/LD from Caa3-PD and its senior unsecured notes to C from Ca. “The downgrade reflects the poor overall recovery prospects as indicated by REXX’s PV-10 value. The negative outlook is driven by the weak commodity price environment, specifically in natural gas pricing, which could further erode REXX’s recovery value,” commented Sreedhar Kona, Moody’s Senior Analyst. S&P Lowers Ratings Further

On April 4, 2016, Standard & Poor’s Ratings Services lowered its corporate credit rating on Rex Energy Corporation to SD from CC and its senior unsecured notes rating was lowered to D from C. “The downgrade follows Rex’s announcement that it has closed an exchange offer to existing holders of its 8.875% and 6.25% senior unsecured notes for a new issue of 8% senior secured second-lien notes due 2020 (not rated) and shares of common equity,” said Standard & Poor’s credit analyst Aaron McLean.





Distressed Company Alert Profile Updates, continued

SquareTwo Financial Corporation Previous DCA Event: Miscellaneous 3/31/2016

In Form NT-10K filed on March 31, 2016, SquareTwo Financial Corporation has determined that it is unable to file its Annual Report on Form 10-K for the year ended December 31, 2015 without unreasonable effort or expense due to the considerable amount of time directed towards meeting with its lender group and potential investors engaging in discussion with respect to the senior revolving credit facility. S&P Lowers Ratings

On April 1, 2016, Standard & Poor’s Ratings Services lowered its long-term issuer credit rating on SquareTwo Financial Corporation to D from CCC and its senior second-lien notes to D from CCC-. According to Standard & Poor’s, the rating actions follow the announcement by SquareTwo that it will not make its scheduled April 1, 2016, interest payment on the $290 million second-lien senior secured notes due April 2017.

Ultra Petroleum Corp. Previous DCA Event: Profile Update 3/4/2016

On March 4, 2016, Moody’s Investors Service changed Ultra Petroleum Corp.’s probability of default rating to Ca-PD/LD from Ca-PD. Concurrently, Moody’s affirmed Ultra’s Ca corporate family rating and C senior unsecured notes rating. According to Moody’s, the appending of the PDR with an “/LD” designation indicates limited default, reflecting the recent announcement by the Company that it had entered into waiver and amendment agreements covering certain of its debt obligations and would defer interest and principal payments due March 1, 2016. S&P Lowers Ratings

On April 4, 2016, Standard & Poor’s Ratings Services lowered the corporate credit rating on Ultra Petroleum Corp. to D from CC and its subordinated senior unsecured debt rating to D from C. According to Standard & Poor’s, the rating action reflects Ultra Petroleum’s announcement that it has elected to defer the $26 million interest payment due April 1st, 2016 on its 6.125% senior unsecured notes due 2024 and S&P’s belief that the Company will not make this payment before the 30-day grace period ends. Forbearance Agreement Extension

On April 5, 2016, Ultrapetrol (Bahamas) Limited announced that it had reached agreement with its secured lenders to extend its existing forbearance agreements through April 30, 2016. The secured lenders party to these agreements have agreed, for the duration of the forbearance agreements, not to accelerate their loans, take any enforcement actions, or exercise any remedies with respect to defaults resulting from the non-payment by the Company of its interest payment under the Company’s 8.875% First Preferred Ship Mortgage Notes due 2021 and to work with the Company in negotiating a sustainable financial structure.





Distressed Company Alert Profile Updates, continued

Warren Resources, Inc. Previous DCA Event: Audit Concern 3/15/2016

In Form 10-K filed on March 15, 2016, Warren Resources, Inc.’s auditor, Grant Thornton LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Grant Thornton, the Company incurred a net loss of approximately $620 million during the year ended December 31, 2015, and as of that date, the Company’s current liabilities exceeded its current assets by approximately $465.1 million and its total liabilities exceeded its total assets by approximately $323.6 million. SEC Update

In a press release filed on April 6, 2016, Warren Resources, Inc. states that it continues to engage in discussions with its first lien lender, second lien lender and an ad hocgroup of unsecured noteholders, regarding a restructuring of its debt obligations, which may occur as an out-of-court restructuring or pursuant to a bankruptcy court proceeding. In either event, Warren has focused such discussions on its preference for a consensual restructuring with these stakeholders. In light of the possible necessity of a bankruptcy proceeding, Warren’s board of directors recently named James A. Watt as Warren’s Chief Restructuring Officer, to serve in that position in addition to his other positions as the company’s President and Chief Executive Officer.

The following companies had their ratings affirmed:

Sprint Industrial Holdings, LLC – Standard & Poor’s Ratings Services Corporate credit rating affirmed at CCC (All ratings affirmed)

The following companies had their rating upgraded:

American Media, Inc. – Standard & Poor’s Ratings Services Corporate credit rating raised to CCC from SD 11.5% first-lien notes due 2017 raised to CCC from SD




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

International Wire Group Inc.* – Standard & Poor’s Ratings Services Corporate credit ratings lowered to B from B+ $250 million senior secured notes due 2017 lowered to B from B+

** 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




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.

Jag Affilitates Inc. DBA Arrow Wholesale Company, Webster, MA | Bankruptcy Date: 4/5/2016 Cleanfuel Usa Inc, Georgetown, TX | Bankruptcy Date: 4/3/2016 Keithville Well Drilling and Services LLC, Keithville, LA | Bankruptcy Date: 4/1/2016 Manning Construction Inc, Ashland, VA | Bankruptcy Date: 4/6/2016 ICD Incorporated, San Diego, CA | Bankruptcy Date: 4/7/2016 Bluff Creek Production LLC, Ira, TX | Bankruptcy Date: 4/4/2016 Northwest Territorial Mint LLC, Auburn, WA | Bankruptcy Date: 4/1/2016 Energy Producation Specialties LLC, Laredo, TX | Bankruptcy Date: 4/4/2016 Maddox Foundry and Machine Works LLC, Archer, FL | Bankruptcy Date: 4/7/2016 Postrock Energy Corporation, Oklahoma City, OK | Bankruptcy Date: 4/1/2016 Tenhawk Inc, Vernal, UT | Bankruptcy Date: 4/6/2016

Emeks Realty LLC, Brooklyn, NY | Bankruptcy Date: 4/1/2016 Midland Properties II LLC, Omaha, NE | Bankruptcy Date: 4/4/2016 GP Lumber LLC, Woodville, TX | Bankruptcy Date: 4/4/2016 207 Ainslie LLC, Brooklyn, NY | Bankruptcy Date: 4/1/2016 Carriage Park Associates LLC, Hendersonville, NC | Bankruptcy Date: 4/7/2016 Lionheart Project Logistics Inc, Magnolia, TX | Bankruptcy Date: 4/1/2016 Abengoa Us LLC, Dover, DE | Bankruptcy Date: 4/7/2016 Sutton 58 Owner LLC, New York, NY | Bankruptcy Date: 4/6/2016 Industrial Noise Control Corp, Garland, TX | Bankruptcy Date: 4/4/2016 Pacific Sunwear Of California, Inc., Anaheim, CA | Bankruptcy Date: 4/7/2016 Abener Teyma Hugoton General Partnership, Phoenix, AZ | Bankruptcy Date: 4/6/2016

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].

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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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distressed company alert · rating of pt. indika energy tbk to caa1 from b3. at the same time,...

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