distressed company alert€¦ · 5 Artel, LLC Low Rating ... Consolidated Container Company LLC ....

the distressed company alert

a division of new generation research, inc.

Volume 14, No. 22 | June 3, 2016 Page | 1

VOLUME 14, NO. 22 | JUNE 3, 2016

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

PAGE COMPANY CATEGORY 5 Artel, LLC Low Rating 6 Consolidated Container Company LLC Low Rating 7 DragonWave Inc. Audit Concern 8 Mad Catz Interactive, Inc. Audit Concern 9 National Response Corporation Low Rating 10 PRWireless Inc. Low Rating 11 Quotient Limited Audit Concern 12 Rolta India Limited Low Rating 13 Transworld Systems, Inc. Low Rating 14 TwentyEighty, Inc. Low Rating 15 Vencore, Inc. Low Rating 16 Video Display Corporation Audit Concern

17 Profile Updates 22 Watch List 23 Bankruptcies

Artel, LLC

On May 31, 2016, Moody’s Investors Service downgraded the corporate family rating of Artel, LLC to Caa2 from Caa1 and its probability of default rating to Caa2-PD from Caa1-PD. Concurrently the first lien debt rating of B3 was affirmed. According to Moody’s, the Caa2 CFR reflects the on-going deterioration of operating performance over the last several years and the expectation of further weakness in 2016 and into 2017 as U.S. military demand for satellite-related communications services has materially lessened with lower operational tempo. A meaningful portion of Artel’s revenues stem from such satellite-related communications. This track record and prospects will, Moody’s believes, make more challenging the Company’s efforts to address the approaching November 2017 term loan maturity despite the debt reduction over the period.

Consolidated Container Company LLC

On June 2, 2016, Moody’s Investors Service downgraded Consolidated Container Company LLC’s ratings, including its corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD and $275 million senior unsecured notes due 2020 to Caa3 from Caa2. According to Moody’s, the downgrade of the corporate family rating to Caa1 from B3 reflects credit metrics that remain below the specified rating triggers and Moody’s expectation that the Company will be challenged to improve them to a level commensurate with the B3 rating category over the next 12 months. Moody’s further states that the Company has not met projected expectations and the Company’s credit metrics remain below the rating triggers outlined in its previous credit opinion.

Profile Highlights on next page…




Profile Highlights, continued DragonWave Inc.

In Form 20-F filed on May 31, 2016, DragonWave Inc.’s auditor, Ernst & Young LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Ernst & Young, the Company has recurring losses from operations and has a capital deficiency. The Company remains in breach of the terms of its debt facility and is currently operating under its second forbearance period pursuant to the terms of a forbearance agreement which expires on May 18, 2016. No long term debt facility agreement has been reached. Mad Catz Interactive, Inc.

In Form 10-K filed on June 2, 2016, Mad Catz Interactive, Inc.’s auditor, KPMG LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to KPMG, the Company’s recurring losses from operations and liquidity position raise substantial doubt about its ability to continue as a going concern. To meet its capital needs, the Company is also considering multiple alternatives, including, but not limited to, equity sales under its “at-the-market” equity offering program, additional equity financings, debt financings and other funding transactions. There can be no assurance that the Company will be able to achieve its fiscal 2017 financial plan or complete financing transactions on acceptable terms or otherwise.

National Response Corporation (NRC US Holding Company, LLC)

On June 1, 2016, Moody’s Investors Service downgraded the ratings of NRC US Holding Company, LLC including its corporate family and probability of default ratings to B3 and Caa1-PD from B2 and B3-PD, respectively. At the same time, ratings on NRC’s bank credit facility, a senior secured revolving facility and term loan, were downgraded to B3 from B2. According to Moody’s, the downgrades reflect Moody’s expectation for continued under-performance for the remainder of 2016 and into 2017 driven by lingering weakness across the energy sector. Moody’s further states that increased volatility in revenues, expectations for sustained negative cash flow or an erosion in the liquidity profile (e.g. the return of covenant compliance issues or cash plus availability under the revolving facility falling below $15 million) could lead to further downward rating actions. Debt-to-EBITDA above 6x and EBIT-to-interest remaining well below 1x for another 6-9 months could also result in negative rating pressure. PRWireless Inc.

On June 2, 2016, S&P Global Ratings lowered its corporate rating on PRWireless Inc. to CCC- from CCC+ and its senior secured $10 million revolver due 2019 and $180 million term loan due 2020 were lowered to CCC- from CCC+. “The downgrade reflects our view that PRWireless may breach its total leverage covenant by the second quarter of 2016 unless it is able to obtain an amendment from its bank facility creditors,” said S&P Global Ratings credit analyst Latisha Kimber. According to S&P Global, the negative outlook reflects the challenge the Company faces to improve operations in a maturing and competitive industry environment, likely leading to the need for additional liquidity to cover fixed charges.





Profile Highlights, continued Quotient Limited

In Form 10-K filed on May 31, 2016, Quotient Limited’s auditor, Ernst & Young LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Ernst & Young, the Company has recurring losses from operations and planned expenditure exceeding available funding. The Company has incurred net losses and negative cash flows from operations in each year since it commenced operations in 2007 and had an accumulated deficit of $108.2 million as of March 31, 2016. At March 31, 2016 the Company had cash holdings of $44.1 million and had covenants in place with lenders to maintain cash holdings above $10 million. Rolta India Limited

On May 27, 2016, Fitch Ratings downgraded Rolta India Limited’s Issuer Default Ratings and senior unsecured class rating to CC from B. Simultaneously, Fitch downgraded the ratings on the Rolta, LLC’s $127 million 10.75% senior unsecured notes due 2018 and Rolta Americas LLC’s $367 million 8.875% senior unsecured notes due 2019 to CC from B. According to Fitch, the rating action reflects Fitch’s assessment that short-term liquidity has deteriorated to a position where credit risk is very high.

On May 31, 2016, S&P Global Ratings lowered its long-term corporate credit rating on Rolta India Ltd. to SD from CCC- and the long-term issue rating on the senior unsecured notes issued by Rolta Americas LLC and Rolta LLC to CC from CCC-. “We downgraded Rolta because the company has missed the payments on its credit facilities by more than 30 days,” said S&P Global Ratings credit analyst Ashutosh Sharma. In S&P’s view, this constitutes a selective default by the Company.

Rolta India Limited, cont’d On June 2, 2016, Fitch Ratings

downgraded Rolta India Limited’s Issuer Default Ratings to RD from CC. Simultaneously, Fitch downgraded the Rolta, LLC’s $127 million 10.75% senior unsecured notes due 2018 and Rolta Americas LLC’s $367 million 8.875% senior unsecured notes due 2019 to C from CC. Fitch also downgraded the Rolta’s senior unsecured class rating to C from CC. According to Fitch, the rating action follows Rolta’s disclosure that bank loans of $35 million due on March 31, 2016 are still outstanding and Fitch’s understanding that there has been no agreement between the lenders and Rolta to extend this maturity. Transworld Systems, Inc.

On June 2, 2016, S&P Global Ratings lowered its corporate credit rating on Transworld Systems, Inc. to CCC from B and its senior secured notes rating to CCC from B. “The downgrade reflects our view of the deterioration in the company’s liquidity profile combined with very tight covenant compliance,” said S&P Global Ratings credit analyst William Savage. According to S&P Global, the developing outlook on the Company reflects uncertainty about receipt of the Department of Education contract and the timing of the announcement.





Profile Highlights, continued TwentyEighty, Inc.

On May 31, 2016, Moody’s Investors Service downgraded TwentyEighty, Inc.’s corporate family rating to Caa3 from B3, its probability of default rating to Caa3-PD from B3-PD and its first lien credit facility to Caa2 from B2. According to Moody’s, the downgrade reflects TwentyEighty’s weak operating performance, deteriorating liquidity and heightened probability of a debt restructuring. Moody’s views the Company’s highly leveraged capital structure as unsustainable over the intermediate term and anticipates that it will have to be addressed, creating elevated default risk. Given these concerns, Moody’s also believes that the Company has limited financial flexibility to execute a meaningful operational turnaround in the context of continued EBITDA declines, execution challenges in integrating past acquisitions and Moody’s expectation for negative free cash flow generation over the next 12-18 months. Vencore, Inc.

On June 2, 2016, Moody’s Investors Service downgraded its ratings on Vencore, Inc., including its first lien debt rating to B1 from Ba3 and second lien debt rating to Caa1 from B3. According to Moody’s, the rating changes reflect Vencore’s plan to issue add-on first and second lien term loans to help fund a pending dividend and the redemption of Vencore’s 11.5% subordinated notes due 2020. Moody’s further states that the outlook change to stable considers increased financial leverage from the transaction. Pro forma for the transaction, Moody’s adjusted basis debt to EBITDA ratio will rise to 7.6x from 6.6x at 3/31/16.

Video Display Corporation In Form 10-K filed on May 26, 2016,

Video Display Corporation’s auditor, Carr, Riggs & Ingram, LLC, raised substantial doubt about the Company’s ability to continue as a going concern. According to Carr, Riggs & Ingram, the Company has incurred recurring net losses and a decline in working capital and liquid assets during the year ended February 29, 2016. The Company has sustained losses for each of the last two years and has seen a decline in both its working capital and liquid assets during this time. These losses were a combination of low revenues at all divisions without a commensurate reduction of expenses.




Category: Low Rating

Artel, LLC 13665 Dulles Technology Drive, Suite 300 Herndon, VA 20171 703 620-1700 Officers: Paul B. Domorski -- C.E.O. & President Joseph W. Kuhn -- C.F.O.

SIC: 4813 Telephone Communications, Except Radiotelephone Employees: 150 Company Website: www.artelllc.com

Bank Debt: First Lien Senior Secured Term B due 2017, $125.0 million / First Lien Senior Secured Revolver due 2017, $20.0 million Business: Artel, LLC provides a portfolio of satellite and terrestrial network communications and infrastructure, cyber security, risk management and IT solutions for private and public sector clients. It offers integrated IT solutions, such as cyber security and risk management solutions; and end-to-end IT solutions in the areas of strategic enterprise network planning and management, network and systems integration, operations and end-user support through 24/7/365 help desk and integral security components in various solutions; and secure network solutions, such as satellite bandwidth subscription services, global terrestrial network connectivity, network monitoring and management and network engineering services. The Company also provides secure network communication services, including monitoring satellites that supports various terminals; management of various satellite carriers; RF spectrum management; real-time continuous monitoring, analysis and reporting; advanced cyber threat detection, management, and incident resolution; security and compliance management; configuration and change management; secure customer-accessible Web portal; continuity of operations (COOP) solutions. Financials Not Available Event: On May 31, 2016, Moody’s Investors Service downgraded the corporate family rating of Artel, LLC to Caa2 from Caa1 and its probability of default rating to Caa2-PD from Caa1-PD. Concurrently the first lien debt rating of B3 was affirmed. According to Moody’s, the Caa2 CFR reflects the on-going deterioration of operating performance over the last several years and the expectation of further weakness in 2016 and into 2017 as U.S. military demand for satellite-related communications services has materially lessened with lower operational tempo. Source: Moody’s Profile Number: 693-5574





Consolidated Container Company LLC 3101 Towercreek Parkway, Suite 300 Atlanta, GA 30339 678 742-4600 Officers: Sean R. Fallmann -- C.E.O. & President Richard P. Sehring -- C.F.O.

SIC: 3089 Plastics Products, not Elsewhere Classified Employees: 2,200 Company Website: www.cccllc.com

Securities: 10 1/8% Senior Notes due 2020; $257,000,000 outstanding (CUSIP: 20903GAA8)

Bank Debt: First Lien Sr. Secured Term B Loan due 2019, $370.0 million / First Lien Sr. Secured ABL Revolver due 2017, $125.0 million / Second Lien Sr. Secured Term B Loan due 2020, $80.0 million Business: Consolidated Container Company LLC develops and manufactures rigid plastic packaging solutions. It offers packaging solutions of various plastic materials, such as high density polyethylene, low-density polyethylene, polypropylene, polycarbonate, polyethylene terephthalate, polyvinyl chloride, high post consumer regrind content resins and multi-layer/barrier layer technology resins. The Company serves dairy, water, beverage, food, household chemical, specialty chemical, automotive, juice and distributor industries. Financials Not Available Event: On June 2, 2016, Moody’s Investors Service downgraded Consolidated Container Company LLC’s ratings, including its corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD and $275 million senior unsecured notes due 2020 to Caa3 from Caa2. According to Moody’s, the downgrade of the corporate family rating to Caa1 from B3 reflects credit metrics that remain below the specified rating triggers and Moody’s expectation that the Company will be challenged to improve them to a level commensurate with the B3 rating category over the next 12 months. Source: Moody’s Profile Number: 693-5717




Category: Audit Concern

DragonWave Inc. 411 Legget Drive, Suite 600 Ottawa, Ontario Canada K2K 3C9 613 599-9991 Officers: Peter Allen -- President & C.E.O. Patrick Houston -- C.F.O.

SIC: 4812 Radiotelephone Communications Employees: 171 Company Website: www.dragonwaveinc.com Auditor: Ernst & Young LLP

Securities: Ticker: DRWI Exchange: NASDAQ Common Stock; 3,020,069 shares outstanding as of February 29, 2016 (CUSIP: 26144M400) Business: DragonWave Inc. provides high-capacity packet microwave solutions that drive next-generation IP networks worldwide. It offers packet and hybrid microwave, small cell solutions and network management products; and mobile backhaul, small cell networks, public safety, state and local government, last-mile fiber extension and rural cellular backhaul solutions. The Company’s carrier-grade point-to-point packet microwave systems transmit broadband voice, video and data that enable service providers, government agencies, enterprises and other organizations to meet their bandwidth requirements; and products are used for mobile network backhaul, leased line replacement, last mile fiber extension and enterprise networks applications. The Company serves wireless communications service providers, including cellular service providers and broadband wireless access service providers, as well as service providers that operate networks. Balance Sheet: ($millions) 02/29/2016 02/28/2016Total Current Liabilities $48.06 $41.51Total Long Term Debt $0.78 $34.78Total Liabilities $48.80 $76.30Total Current Assets $48.74 $102.51Total Assets $53.07 $121.05 Income Statement: ($millions, except per share data) 02/29/2016 02/28/2016 Period 12 months ending 12 months ending Revenue $86.30 $157.77 Net Income $-42.30 $-21.52 Earnings Per Share $-14.01 $-7.90 Event: In Form 20-F filed on May 31, 2016, DragonWave Inc.’s auditor, Ernst & Young LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Ernst & Young, the Company has recurring losses from operations and has a capital deficiency. Source: Form 20-F Profile Number: 693-6234





Mad Catz Interactive, Inc. 10680 Treena Street, Suite 500 San Diego, CA 92131 858 790-5008 Officers: Karen McGinnis -- President & C.E.O. David McKeon -- C.F.O. Brian Andersen -- C.O.O.

SIC: 3944 Games, Toys, and Children’s Vehicles, Except Dolls and Bicycles Employees: 151 Company Website: www.madcatz.com Auditor: KPMG LLP

Securities: Ticker: MCZ Exchange: NYSE Common Stock; 73,469,571 shares outstanding as of May 27, 2016 (CUSIP: 556162105) Business: Mad Catz Interactive, Inc. designs, manufactures, markets, sells and distributes various entertainment products in the United States and internationally. The Company offers various accessories for in-home gaming consoles, handheld gaming consoles, personal and Mac computers, smart phones, tablets and other smart devices. Its products include headsets, mice, keyboards, controllers and other accessories; specialty controllers comprising flight sticks, hand-over-stick-and-throttles, wheels, pedals, control panels, etc.; and audio products. Mad Catz Interactive, Inc. also develops video games. The Company markets its products principally under the Mad Catz, Tritton and Saitek brand names. Mad Catz Interactive, Inc. sells its products through video game and consumer accessories retailers. Balance Sheet: ($millions) 03/31/2016 03/31/2015Total Current Liabilities $49.83 $29.68Total Long Term Debt $0.10 $0.04Total Liabilities $50.98 $31.70Total Current Assets $39.83 $33.51Total Assets $55.00 $47.49 Income Statement: ($millions, except per share data) 03/31/2016 03/31/2015 03/31/2014 Period 12 months ending 12 months ending 12 months ending Revenue $134.07 $86.22 $89.63 Net Income $-11.62 $4.75 $-7.44 Earnings Per Share $-0.16 $0.07 $-0.12 Event: In Form 10-K filed on June 2, 2016, Mad Catz Interactive, Inc.’s auditor, KPMG LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to KPMG, the Company’s recurring losses from operations and liquidity position raise substantial doubt about its ability to continue as a going concern. Source: Form 10-K Profile Number: 693-5887





National Response Corporation (NRC US Holding Company, LLC) 3500 Sunrise Highway, Suite 200 Great River, NY 11739 631 224-9141 Officers: Paul Taveira -- C.E.O. & President Eric Daniels -- S.V.P. & C.F.O.

SIC: 4959 Sanitary Services, not Elsewhere Classified Employees: 700 Company Website: www.nrcc.com

Bank Debt: First Lien Sr. Secured Term B Loan due 2019, $147.0 million / First Lien Sr. Secured Term B Loan due 2020, $35.0 million / First Lien Sr. Secured Revolver due 2018, $15.0 million Business: National Response Corporation provides environmental, industrial and emergency response solutions worldwide. The Company provides response services, including oil spill response, response equipment packages, hazardous material response, rail response and fire response and rescue services; and industrial services, which include industrial cleaning, vacuum transfer and pumping, abatement and decommissioning, asbestos management, naturally occurring radioactive material management, decontamination and demolition, HVAC/duct management, industrial painting and camera inspection, as well as tank, vault and pipe cleaning. It also offers remediation services, such as site remediation, soil and groundwater removal, sediment remediation, capping and containment, geotechnical, soil and groundwater treatment and waste management; and drills and exercises, training and consultancy services. It has operations in the United States, Europe, the Middle East, the Caspian and Black Sea, the Mediterranean and North Africa, Asia, Sub-Saharan Africa, and the Caribbean. National Response Corporation is a former subsidiary of SEACOR Environmental Services, Inc. National Response Corporation is the parent company of NRC US Holding Company, LLC. Financials Not Available Event: On June 1, 2016, Moody’s Investors Service downgraded the ratings of NRC US Holding Company, LLC including its corporate family and probability of default ratings to B3 and Caa1-PD from B2 and B3-PD, respectively. At the same time, ratings on NRC’s bank credit facility, a senior secured revolving facility and term loan, were downgraded to B3 from B2. According to Moody’s, the downgrades reflect Moody’s expectations for continued under-performance for the remainder of 2016 and into 2017 driven by lingering weakness across the energy sector. Source: Moody’s Profile Number: 693-6238





PRWireless Inc. Carretera 165 City View Plaza #48, Suite 700 Guaynabo, PR 00968 787 554-6736 Officers: Javier O. Lamoso -- President Federico Grosso -- C.F.O.

SIC: 4899 Communications Services, not Elsewhere Classified Employees: 700 Company Website: www.openmobilepr.com

Bank Debt: First Lien Sr. Secured Term B Loan due 2020, $180.0 million / First Lien Sr. Secured Revolver due 2019, $10.0 million Business: PRWireless, Inc., doing business as Open Mobile, provides mobile telephony services only in Puerto Rico. The Company allows the use of broadband services to browse the Internet through phones or computers, using email and legally permissible content downloads via Internet. It also allows the use of broadband services to access and use corporate email and corporate business applications associated with workplaces of their clients. The Company was formerly known as Telefónica Movistar Puerto Rico. Financials Not Available Event: On June 2, 2016, S&P Global Ratings lowered its corporate rating on PRWireless Inc. to CCC- from CCC+ and its senior secured $10 million revolver due 2019 and $180 million term loan due 2020 were lowered to CCC- from CCC+. “The downgrade reflects our view that PRWireless may breach its total leverage covenant by the second quarter of 2016 unless it is able to obtain an amendment from its bank facility creditors,” said S&P Global Ratings credit analyst Latisha Kimber. Source: S&P Profile Number: 693-5429





Quotient Limited Pentlands Science Park Bush Loan Penicuik, Midlothian United Kingdom EH26 OPZ 44 1314 456 159 Officers: Paul Cowan -- Chairman & C.E.O. Edward Farrell -- President Jeremy Stackawitz -- President Stephen Unger -- C.F.O.

SIC: 2835 In Vitro and In Vivo Diagnostic Substances Employees: 331 Company Website: www.quotientbd.com Auditor: Ernst & Young LLP

Securities: Ticker: QTNT Exchange: NASDAQ Common Stock; 25,408,950 shares outstanding as of May 27, 2016 (CUSIP: JE00BLG2ZQ72) Business: Quotient Limited, a commercial-stage diagnostics company, develops, manufactures and commercializes conventional reagent products used for blood grouping in the transfusion diagnostics market worldwide. The Company is developing MosaiQ, a proprietary technology platform, which provides tests for blood grouping and serological disease screening. It also develops, manufactures and commercializes conventional reagent products for blood grouping, including antisera products that are used to identify blood-group antigens; reagent red blood cells, which enable the identification of blood-group antibodies; whole blood control products for use as daily quality assurance tests; and ancillary products that are used to support blood grouping. Balance Sheet: ($millions) 03/31/2016 03/31/2015Total Current Liabilities $21.35 $54.78Total Long Term Debt $27.91 $10.77Total Liabilities $73.03 $82.73Total Current Assets $61.73 $50.07Total Assets $119.75 $81.12 Income Statement: ($millions, except per share data) 03/31/2016 03/31/2015 03/31/2014 Period 12 months ending 12 months ending 12 months ending Revenue $18.52 $18.41 $19.76 Net Income $-33.88 $-59.06 $-10.17 Earnings Per Share $-1.73 $-4.00 $-54.41 Event: In Form 10-K filed on May 31, 2016, Quotient Limited’s auditor, Ernst & Young LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to Ernst & Young, the Company has recurring losses from operations and planned expenditure exceeding available funding. Source: Form 10-K Profile Number: 693-5874





Rolta India Limited MIDC-Marol Andheri (East) Mumbai, Maharashtra India 400093 91 22 2926 6666 Officers: Kamal K. Singh -- Chairman & C.E.O. Ramkrishna Prabhu -- C.F.O.

SIC: 3577 Computer Peripheral Equipment, not Elsewhere Classified Employees: 3,000 Company Website: www.rolta.com Auditor: Walker, Chandiok & Co.

Securities: Ticker: RLTAY Exchange: OTC Also trades in India (RLTA) Common Stock; 162,704,102 shares outstanding as of March 15, 2016 (ISIN: INE293A01013) 8 7/8% Senior Notes due 2019; $367,700,000 outstanding (CUSIP: 775788AA0) 10 3/4% Senior Notes due 2018; $126,600,000 outstanding (CUSIP: 775793AA0) Business: Rolta India Limited, together with its subsidiaries, provides engineering design/geospatial information system solutions, e-business and other information technology related services in India and internationally. The Company operates in two segments, Enterprise Geospatial and Engineering Solutions (EGES) and System Integration and Enterprise Information Technology Solutions (EITS). The EGES segment offers geo spatial services for asset management and facilities management, as well as geographic information systems. The EITS segment provides end–to-end e-security services and solutions in the areas of business intelligence and enterprise performance management. This segment offers networking/Oracle infrastructure services. Balance Sheet: (₹millions) 03/31/2016 03/31/2015Total Current Liabilities ₹17,097.20 ₹8,836.70Total Long Term Debt ₹50,082.50 ₹48,060.90Total Liabilities ₹67,484.80 ₹57,661.60Total Current Assets ₹31,395.00 ₹24,028.10Total Assets ₹92,568.30 ₹80,675.90 Income Statement: (₹millions, except per share data) 03/31/2016 03/31/2015 03/31/2014 Period 12 months ending 12 months ending 12 months ending Revenue ₹37,995.90 ₹37,012.00 ₹31,236.60 Net Income ₹1,891.10 ₹2,451.70 ₹-2,041.50 Earnings Per Share ₹11.70 ₹15.20 ₹-12.66 Event: On May 27, 2016, Fitch Ratings downgraded Rolta India Limited’s Issuer Default Ratings and senior unsecured class rating to CC from B. Simultaneously, Fitch downgraded the ratings on the Rolta, LLC’s $127 million 10.75% senior unsecured notes due 2018 and Rolta Americas LLC’s $367 million 8.875% senior unsecured notes due 2019 to CC from B. According to Fitch, the rating action reflects Fitch’s assessment that short-term liquidity has deteriorated to a position where credit risk is very high. Source: Fitch / Profile Number: 693-6237





Transworld Systems, Inc. 2235 Mercury Way, Suite 225 Santa Rosa, CA 95407 707 236-3790 Officers: Joseph Laughlin -- C.E.O. John R. Schwab -- President, C.F.O.

SIC: 7322 Adjustment and Collection Services Employees: 700 Company Website: www.transworldsystems.com

Securities: 9 1/2% Senior Secured Notes due 2021; $440,000,000 outstanding (CUSIP: 04624RAA6) Business: Transworld Systems, Inc. provides debt collection agency services for accounts receivables, debt recovery and past due accounts to businesses and healthcare organizations in the United States and internationally. The Company’s services include Accelerator, a service that allows small and medium-sized businesses and organizations to remind their customers or patients to pay their outstanding bills; Profit Recovery, a service to collect past due and bad debt collections, medical and dental service bills, and demand/direct deposit accounts; Messenger, a profit recovery messenger service; Dental Collect, a receivables management tool for dental practices; DDA Recovery Plus, a service to collect non-interest income for banks and credit unions; and custom first party collection and outsourcing services. It serves small businesses, banks, hospitals, retailers, universities, cities, manufacturers and other organizations that accept checks or extend credit. Financials Not Available Event: On June 2, 2016, S&P Global Ratings lowered its corporate credit rating on Transworld Systems, Inc. to CCC from B and its senior secured notes rating to CCC from B. “The downgrade reflects our view of the deterioration in the company’s liquidity profile combined with very tight covenant compliance,” said S&P Global Ratings credit analyst William Savage. Source: S&P Profile Number: 693-5912





TwentyEight, Inc. 370 Interlocken Blvd., Suite 600 Broomfield, CO 80021 302 945-8000 Officers: Troy Kanter -- C.E.O.

SIC: 8331 Job Training and Vocational Rehabilitation Services Employees: 1,000+ Company Website: www.twentyeighty.com

Bank Debt: First Lien Sr. Secured Term B Loan due 2019, $356.0 million / First Lien Sr. Secured Revolver due 2018, $40.0 million Business: TwentyEighty, Inc. offers corporate training and workforce performance services. The Company applies its practices in four key areas of business including Sales Performance, Leadership Performance, Strategic Execution and vertical markets such as Credit Performance. Its portfolio of companies include: MHI Global, ESI International, IPS Learning, VitalSmarts, The Forum Corporation and Omega Performance. Financials Not Available Event: On May 31, 2016, Moody’s Investors Service downgraded TwentyEighty, Inc.’s corporate family rating to Caa3 from B3, its probability of default rating to Caa3-PD from B3-PD and its first lien credit facility to Caa2 from B2. According to Moody’s, the downgrade reflects TwentyEighty’s weak operating performance, deteriorating liquidity and heightened probability of a debt restructuring. Source: Moody’s Profile Number: 693-6042





Vencore, Inc. 15052 Conference Center Drive Chantilly, VA 20151 571 313-6000 Officers: John McNamara Curtis -- C.E.O. & President Jennifer H. Felix -- C.F.O. & S.V.P. Deborah Oliver -- C.O.O. & E.V.P.

SIC: 8711 Engineering Services Employees: 2,633 Company Website: www.vencore.com

Bank Debt: First Lien Sr. Secured Term Loan due 2019, $378.0 million / Second Lien Secured Term Loan due 2020, $115.0 million / First Lien Sr. Secured Revolver due 2019, $50.0 million / First Lien Sr. Secured Term DD Loan due 2019, $50.0 million Business: Vencore, Inc. provides information solutions, engineering and analysis to the U.S. Intelligence Community, the Department of Defense and federal/civilian agencies worldwide. The Company offers a range of services from software development to systems engineering; from modeling and simulation to enterprise-wide IT support; from applied research to cybersecurity; and from space to air, land and sea. It designs, builds, tests and manages interoperable systems and solutions to meet mission and business objectives; and delivers integrated IT support and cloud migration support in the areas of network design and architecture, satellite IP broadband networks, policy-based network management and life cycle network management. The Company also provides analytics solutions to gain insight and meet customers’ needs; and a range of agile cyber security solutions and services for protection, detection and response. It serves aerospace, civilian agencies, defense, homeland security and intelligence markets. Vencore, Inc. was formerly known as The SI Organization, Inc. and changed its name to Vencore, Inc. in July 2014. The Company is majority-owned by entities of Veritas Capital. Financials Not Available Event: On June 2, 2016, Moody’s Investors Service downgraded its ratings on Vencore, Inc., including its first lien debt rating to B1 from Ba3 and second lien debt rating to Caa1 from B3. According to Moody’s, the rating changes reflect Vencore’s plan to issue add-on first and second lien term loans to help fund a pending dividend and the redemption of Vencore’s 11.5% subordinated notes due 2020. Source: Moody’s Profile Number: 693-6236





Video Display Corporation 1868 Tucker Industrial Road Tucker, GA 30084 770 938-2080 Officers: Ronald D. Ordway -- Chairman & C.E.O. Gregory L. Osborn -- C.F.O.

Federal Tax ID: 58-1217564 SIC: 3670 Electronic Components and Accessories Employees: 121 Company Website: www.videodisplay.com Auditor: Carr, Riggs & Ingram, LLC

Securities: Ticker: VIDE Exchange: OTC Common Stock; 5,890,748 shares outstanding as of May 1, 2016 (CUSIP: 926555103) Business: Video Display Corporation, together with its subsidiaries, designs, engineers, manufactures, markets, distributes and installs display products and systems and components for government, military, aerospace, medical, industrial and commercial organizations worldwide. The Company operates through four divisions: Simulation and Training Products, Cyber Secure Products, Data Display CRTs, and Broadcast and Control Center Products. It offers a range of digital projector display units for use in training and simulation, military, medical and industrial applications. The Company markets its products directly to original equipment manufacturers and their service organizations. Balance Sheet: ($millions) 02/29/2016 02/28/2015Total Current Liabilities $3.05 $2.52Total Long Term Debt $0.13 $0.18Total Liabilities $3.48 $3.12Total Current Assets $9.85 $14.73Total Assets $11.94 $17.83 Income Statement: ($millions, except per share data) 02/29/2016 02/28/2015 Period 12 months ending 12 months ending Revenue $11.62 $12.82 Net Income $-6.15 $-5.99 Earnings Per Share $-1.13 $-0.95 Event: In Form 10-K filed on May 26, 2016, Video Display Corporation’s auditor, Carr, Riggs & Ingram, LLC, raised substantial doubt about the Company’s ability to continue as a going concern. According to Carr, Riggs & Ingram, the Company has incurred recurring net losses and a decline in working capital and liquid assets during the year ended February 29, 2016. Source: Form 10-K Profile Number: 693-6235




Distressed Company Alert Profile Updates UCI Holdings Limited (UCI International, LLC) – Chapter 11 – June 2, 2016

UCI Holdings Limited and 12 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 16-11354 (UCI International). The Company, which designs, develops, manufactures and distributes vehicle replacement parts, is represented by Edmon L. Morton of Young Conaway Stargatt & Taylor. According to documents filed with the Court, “The Debtors’ bankruptcy filings are the result of the convergence of both industry-wide trends and factors specific to the Debtors that have combined to put pressure on the Debtors’ businesses and have adversely impacted the Debtors’ financial results….The Debtors’ current balance sheet is unsustainable….Absent a restructuring of the Debtors’ indebtedness, the Debtors are unable to comply with their debt obligations. Moreover, under the continuing burden of these interest payments, the Debtors would lack sufficient cash flow to maintain their business and reinvest capital to take advantage of growth opportunities.”

Previous DCA Event: Miscellaneous 2/16/2016 Previous DCA Event: Low Rating 3/30/2009 Previous DCA Event: Low Rating 11/18/2015 Previous DCA Event: Low Rating 1/29/2009 Previous DCA Event: Low Rating 3/23/2015 Previous DCA Event: Low Rating 12/11/2006 Previous DCA Event: Low Rating 1/30/2014 Previous DCA Event: Low Rating 4/24/2006 Previous DCA Event: Low Rating 8/13/2013

Updates: 5/20/16, 3/25/16, 10/9/15, 4/10/15, 8/30/13, 1/14/11, 1/7/11, 10/1/10, 9/4/09, 8/2/09 Watch List: 1/17/11

Warren Resources, Inc. – Chapter 11 – June 2, 2016

Warren Resources and five affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 16-32760. The Company, which is engaged in the exploration, production and development of domestic onshore crude oil and natural gas reserves, is represented by Timothy Alvin Davidson II of Andrews Kurth. Last month, Warren Resources’ board named James A. Watt as the Company’s chief restructuring officer, to serve in that position in addition to his other positions as president and C.E.O. Among other things, the RSA provides for the following: Conversion of the claims of the pre-petition first lien lenders into 82.5% of the equity (subject to dilution by the management incentive plan) in the reorganized debtors and a new first lien secured term exit facility not to exceed $130 million plus, at the plan sponsor’s option, the amount outstanding under the D.I.P. facility; conversion of the claims of the pre-petition second lien lenders (Claren Road), holders of the senior notes and the claim of Citrus Energy into the remaining 17.5% of the equity (subject to dilution by the management incentive plan) in the reorganized debtors, pro rata based on the amount of their respective claims; other general unsecured creditors will receive a discounted cash payment or notes equal to the economic value of the equity being provided to the pre-petition second lien lenders, holders of senior notes and Citrus Energy; existing equity in Warren Resources will be cancelled and receive no further payments or recovery.

Previous DCA Event: Audit Concern 3/15/2016 Previous DCA Event: DDE 11/3/2015 Previous DCA Event: Miscellaneous 2/1/2016 Previous DCA Event: Low Rating 4/22/2015 Previous DCA Event: Low Rating 2/1/2016 Previous DCA Event: Low Rating 1/23/2015

Updates: 5/13/16, 4/8/16, 3/11/16, 6/12/15, 5/29/15 Watch List: 8/1/14, 6/7/13

Profile Updates continued on next page…




Distressed Company Alert Profile Updates, continued Vertellus Specialties Inc. – Chapter 11 – May 31, 2016

Privately-held Vertellus Specialties and ten affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 16-11290. The filings do not include Vertellus Specialties’ international entities in Belgium, the U.K., India and China. Vertellus Performance Chemicals, which has separate financing agreements in place, is also not included in the Chapter 11 filings. The Company, which manufactures fine specialty chemicals, is represented by Stuart Brown of DLA Piper. The Company is wholly owned by Vertellus Specialties Holdings, which is wholly-owned by VSI Acquisition Corp. The Company concurrently announced an agreement through which its existing term loan lenders would purchase substantially all of Vertellus Specialties’ U.S. and international assets for $453.8 million. The sale process includes the Company’s international affiliates; however, Vertellus Performance Chemicals is not included in the agreement with lenders and will remain under the ownership of Wind Point Partners. Vertellus Specialties’ agreement with lenders serves as the stalking horse bid in this sale process under Section 363 of the U.S. Bankruptcy Code, through which the Company will evaluate any competing bids that may be submitted to ensure it receives the highest and best offer for its assets. Vertellus Specialties’ Chapter 11 petition indicates assets between $100 and 500 million.

Previous DCA Event: Low Rating 2/25/2016 Previous DCA Event: Low Rating 8/21/2012 Previous DCA Event: Low Rating 5/24/2013

Updates: 4/15/16, 8/8/14, 8/1/14, 5/16/14 Watch List: 4/13/12, 12/23/11

For more information on this filing and other bankruptcy filings, go to

www.bankruptcydata.com

C&J Energy Services Ltd. – Forbearance Agreement

On June 1, 2016, C&J Energy Services Ltd. announced that, in connection with ongoing discussions with the lenders under its credit facilities, it has entered into a forbearance agreement with respect to the previously announced covenant violation, as well as with respect to the payment of interest and certain fees under the credit facilities. As previously reported in connection with the release of its first quarter 2016 results, the Company previously obtained a temporary limited waiver agreement from its lending group in respect of its violation of the quarterly minimum cumulative consolidated Bank EBITDA covenant required to be tested at March 31, 2016, effective from March 31, 2016 through May 31, 2016. Pursuant to the forbearance agreement, the lenders have agreed to forbear from exercising default remedies or accelerating any indebtedness through June 30, 2016 as a result of this covenant violation or any default that results from the non-payment of interest, commitment fees or letter of credit fees during this forbearance period.

Previous DCA Event: Profile Update 5/20/2016 (Professionals Retained)





Distressed Company Alert Profile Updates, continued Erickson Incorporated – S&P Lowers Ratings

On May 31, 2016, S&P Global Ratings lowered its corporate credit rating on Erickson Incorporated to CCC+ from B- and its second-lien debt rating to CCC+ from B-. “Our negative outlook on Erickson reflects the pressure on the company’s liquidity due to its declining revenue and earnings,” said S&P Global Ratings credit analyst Jeff Ward. “Erickson’s contract losses and the weak demand in its business segments have left the company increasingly vulnerable to a liquidity shortfall. In addition, we believe that the company’s capital structure is unsustainable over the long term.”

Previous DCA Event: Low Rating 4/11/2016 (Moody’s Lowers Ratings) Forbes Energy Services Ltd. – S&P Lowers Ratings

On June 1, 2016, S&P Global Ratings lowered its corporate credit rating on Forbes Energy Services Ltd. to CCC- from CCC+ and its unsecured debt rating to CCC- from CCC+. “We believe this increases the likelihood the company could engage in a distressed exchange, where holders of the company’s unsecured debt would receive less than the promised value,” said S&P Global Ratings credit analyst Michael Tsai. “Such an exchange would help alleviate the high debt burden on the company, when it was capitalized during a period of much higher crude oil price expectations,” he added.

Previous DCA Event: Low Rating 4/4/2016 (Moody’s Lowers Ratings) Gastar Exploration Inc. – Moody’s Downgrades

On May 31, 2016, Moody’s Investors Service downgraded the corporate family rating of Gastar Exploration Inc. to Caa3 from Caa1 and the rating on its senior secured notes due 2018 to Caa3 from Caa2. “Gastar’s reduced scale amid the volatile commodity price environment will result in weakened cash flow metrics and tightened liquidity in 2016 and 2017,” said Arvinder Saluja, Moody’s Vice President.

Previous DCA Event: Profile Update 5/13/2016 (S&P Raises Ratings)

Gymboree Corporation, The – S&P Lowers Ratings (Distressed Debt Exchange) On May 27, 2016, S&P Global Ratings lowered its corporate credit rating on The Gymboree

Corporation to SD from CC and its $400 million 9.125% senior unsecured notes due 2018 to D from C. “The downgrade follows the completion of the company’s tender offer for the 9.125% senior unsecured notes at face value below par. The company repurchased $40 million of the remaining $287.6 million notes outstanding as of Jan. 30, 2016,” said credit analyst Samantha Stone. “We view the repurchase as distressed and tantamount to default given noteholders received less than the original promise and the company’s financial condition at the time of the transaction.”

Previous DCA Event: Profile Update 5/13/2016 (Moody’s Updates Ratings)

Hercules Offshore, Inc. – S&P Lowers Ratings On May 31, 2016, S&P Global Ratings lowered its corporate credit rating on Hercules

Offshore, Inc. to CC from CCC- and its first-lien secured debt rating to CC from CCC-. “The downgrade follows HERO’s announcement that it has entered into a restructuring support agreement with lenders holding about 99% of the first-lien senior secured credit facility, consisting entirely of term loans,” said S&P Global credit analyst Kevin Kwok. “According to the restructuring support agreement, HERO is required to commence solicitation of votes to accept or reject the plan by May 31, 2016, and commence a chapter 11 filing by June 6, 2016,” he added.

Previous DCA Event: Profile Update 5/27/2016 (Prepack Expected)





Distressed Company Alert Profile Updates, continued Natural Resource Partners L.P. – S&P Lowers Ratings

On June 1, 2016, S&P Global Ratings lowered its corporate credit rating on Natural Resource Partners L.P. to CCC+ from B and its $425 million 9.125% senior unsecured notes due 2018 were lowered to CCC- from B. “The negative outlook reflects our view that NRP’s liquidity will remain under pressure in the next 12 months,” said S&P Global Ratings credit analyst Vania Dimova. “This is caused by the continued weakness of the coal and oil and gas segments, which may limit the company’s ability to generate cash flow, meet its covenant requirements under its Opco credit facility, and make required payments in next 12 months.”

Previous DCA Event: Low Rating 3/14/2016 (Moody’s Downgrades) PT. Indika Energy Tbk – Fitch Downgrades

On June 2, 2016, Fitch Ratings downgraded the Issuer Default Ratings of PT. Indika Energy Tbk to CCC from B and its senior notes due 2018 and 2023 have also been downgraded, to CCC from B. According to Fitch, the downgrade reflects Indika’s weakened cash generation from expected lower dividend receipts, higher reliance on short-term debt facilities, Fitch’s expectation of negative cash flow generation at Indika (after debt servicing costs) beyond 2016 leading to lower cash reserves, and uncertainties relating to how the 2018 note will be redeemed.

Previous DCA Event: Low Rating 4/8/2016 (Moody’s Downgrades) The following companies had their ratings affirmed:

New Enterprise Stone & Lime Co., Inc. – Moody’s Investors Service Corporate family rating affirmed at Caa1 Probability of default rating affirmed at Caa1-PD Senior unsecured notes affirmed at Caa3 Senior secured cash-pay and PIK notes affirmed at Caa1

North Atlantic Trading Company, Inc. – Moody’s Investors Service Second lien senior secured term loan affirmed at Caa1

SquareTwo Financial Corporation – Moody’s Investors Service Senior Second Lien Notes affirmed at Ca

Valitas Health Services, Inc. – S&P Global Ratings Corporate credit rating affirmed at CCC Senior secured credit facility affirmed at CCC





Distressed Company Alert Profile Updates, continued

The following companies had their ratings upgraded:

Atlas Iron Limited – Moody’s Investors Service Corporate family rating upgraded to Caa3 from Ca Senior secured bank credit facility upgraded to Caa3 from Ca

inVentiv Health, Inc. – S&P Global Ratings Corporate credit rating raised to B from B- First-lien senior secured term loan B & secured notes raised to B from B- Second-lien payment-in-kind toggle notes due 2018 raised to CCC+ from CCC Senior unsecured debt raised to CCC+ from CCC

North Atlantic Trading Company, Inc. – Moody’s Investors Service Corporate family rating upgraded to B2 from B3 Probability of default rating upgraded to B2-PD from B3-PD First lien senior secured term loan upgraded to B1 from B2

SquareTwo Financial Corporation – Moody’s Investors Service Corporate family rating upgraded to Caa2 from Ca

The following companies had their ratings withdrawn:

China Oriental Group Company Limited – Moody’s Investors Service




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

Cengage Learning Acquisitions, Inc. (Stamford, CT) – S&P Global Ratings $1,710 million Senior Secured Term Loan due 2023 lowered to B1 from Ba3

Avantor Performance Materials Holdings S.A. (Luxembourg) – Moody’s Investors Service Corporate family rating downgraded to B2 from B1 Probability of default rating downgraded to B2-PD from B1-PD

Avantor Performance Materials Holdings S.A. (Luxembourg) – S&P Global Ratings Corporate credit rating lowered to B from B+

CONSOL Energy Inc.* – S&P Global Ratings Corporate credit rating lowered to B from BB- Senior secured revolving credit facility lowered to BB- from BB+ Senior unsecured notes rating lowered to B from BB-

Verdesian Life Sciences, LLC (Cary, NC) – S&P Global Ratings Corporate credit rating lowered to B from B+ $25 million first-lien revolving credit facility & first-lien term loan lowered to B+ from BB-

ViaSat, Inc. (Carlsbad, CA) – Moody’s Investors Service Senior Unsecured Regular Bond/Debenture downgraded to B3 from B2

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

Infor, Inc. & Infor (US), Inc.* – Fitch Ratings Senior unsecured notes 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




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. The Pierce Company, Fargo, ND | Bankruptcy Date: 5/27/2016 Warren Resources, Inc., Houston, TX | Bankruptcy Date: 6/2/2016 Creature LLC, Seattle, WA | Bankruptcy Date: 5/31/2016 Geiger Development Inc, Friedens, PA | Bankruptcy Date: 6/2/2016 Sauk Valley Student Housing LLC, Dixon, IL | Bankruptcy Date: 5/31/2016 Hancock Renewables Holdings LLC, Boston, MA | Bankruptcy Date: 6/1/2016 LINC Energy Resources Inc, Baytown, TX | Bankruptcy Date: 5/29/2016 UCI International LLC, Lake Forest, IL | Bankruptcy Date: 6/1/2016 Bruno Holdings LLC, Suffern, NY | Bankruptcy Date: 5/27/2016 Vertellus Specialties Inc., Indianapolis, IN | Bankruptcy Date: 5/31/2016 Great Pacific Seafoods Inc, Seattle, WA | Bankruptcy Date: 5/29/2016 Alike Inc, Dallas, TX | Bankruptcy Date: 6/2/2016

Skagit Gardens Inc, Mount Vernon, WA | Bankruptcy Date: 5/27/2016 Progressive Acute Care Avoyelles LLC, Marksville, LA | Bankruptcy Date: 5/31/2016 MVP Trans Inc, Las Vegas, NV | Bankruptcy Date: 6/1/2016 Aberdeen Medical Services Inc, Mount Laurel, NJ | Bankruptcy Date: 6/2/2016 Desert Springs Financial LLC, La Quinta, CA | Bankruptcy Date: 5/30/2016 Celeritas Chemicals LLC, Southlake, TX | Bankruptcy Date: 6/2/2016 Logos Productions Inc, Inver Grove Heights, MN | Bankruptcy Date: 5/27/2016 Ato Restaurant Associates LLC, New York, NY | Bankruptcy Date: 5/31/2016 Ilion Properties Inc, Natick, MA | Bankruptcy Date: 5/27/2016 LBI Inc, Clive, IA | Bankruptcy Date: 5/27/2016 Northwood Lumber Inc, Northwood, IA | Bankruptcy Date: 6/1/2016 CS Mining LLC, Milford, UT | Bankruptcy Date: 6/2/2016

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].




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.

distressed company alert€¦ · 5 Artel, LLC Low Rating ... Consolidated Container Company LLC ....

Documents

Transcript of distressed company alert€¦ · 5 Artel, LLC Low Rating ... Consolidated Container Company LLC ....