/raid1/www/Hosts/bankrupt/TCR_Public/090131.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, January 31, 2009, Vol. 13, No. 30
Headlines
ACCENTIA BIOPHARMA: Files Operating Report for December 2008
ACCENTIA BIOPHARMA: Biovest Int'l Files December Operating Report
KIMBALL HILL: Files Monthly Operating Report for December 2008
NEWPOWER HOLDINGS: Files Operating Report for December 2008
SEMGROUP LP: Files Monthly Operating Report for July 2008
SEMGROUP LP: Files Monthly Operating Report for August 2008
SEMGROUP LP: Files Monthly Operating Report for November 2008
TVIA INC: Posts $208,282 Net Loss for the Month of December 2008
TWEETER OPCO: Files Monthly Operating Report for September 2008
TWEETER OPCO: Files Monthly Operating Report for October 2008
*********
ACCENTIA BIOPHARMA: Files Operating Report for December 2008
------------------------------------------------------------
Accentia Biopharmaceuticals, Inc., and certain of its debtor-
affiliates filed with the U.S. Bankruptcy Court for the Middle
District of Florida on Jan. 23, 2009, their unaudited combined
monthly operating report for the period Dec. 1, 2008 through
Dec. 31, 2008.
Their schedule of receipts and disbursements for December 2008,
showed:
Funds at Dec. 1, 2008 $292,529.80
Total Receipts $590,124.10
Total Funds Available for Operations $882,653.90
Total Disbursements $582,845.82
Funds at Dec. 31, 2008 $299,808.08
A full-text copy of the Debtors' monthly operating report for
December 2008 is available for free at:
http://researcharchives.com/t/s?38d2
Headquartered in Tampa, Florida, Accentia BioPharmaceuticals Inc.
(Nasdaq: ABPI) -- http://www.accentia.net/-- is a vertically
integrated biopharmaceutical company focused on the development
and commercialization of drug candidates that are in late-stage
clinical development and typically are based on active
pharmaceutical ingredients that have been previously approved by
the FDA for other indications. The company's lead product
candidate is SinuNase(TM), a novel application and formulation of
a known therapeutic to treat chronic rhinosinusitis.
Additionally, the company has acquired the majority ownership
interest in Biovest International Inc. and a royalty interest in
Biovest's lead drug candidate, BiovaxID(TM) and any other biologic
products developed by Biovest. The company also has a specialty
pharmaceutical business, which markets products focused on
respiratory disease and an analytical consulting business that
serves customers in the biopharmaceutical industry.
Accentia Biopharmaceuticals and nine affiliates filed for
Chapter 11 protection on November 10, 2008 (Bankr. M. D. Florida,
Lead Case No. 08-17795). Charles A. Postler, Esq., and Elena P.
Ketchum, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa,
Florida, represent the Debtors as counsel. The Official Committee
of Unsecured Creditors selected Paul J. Battista, Esq., at
Genovese Joblove & Battista, P.A. as its counsel.
ACCENTIA BIOPHARMA: Biovest Int'l Files December Operating Report
-----------------------------------------------------------------
Biovest International Inc. and certain of its debtor-affiliates
filed with the U.S. Bankruptcy Court for the Middle District of
Florida on Jan. 23, 2009, their unaudited combined monthly
operating report for the period December 1, 2008, through
December 31, 2008.
Their schedule of receipts and disbursements for December 2008,
showed:
Funds at Dec. 1, 2008 $106,133.46
Total Receipts $709,798.38
Total Funds Available for Operations $815,931.84
Total Disbursements $427,443.59
Funds at Dec. 31, 2008 $388,488.25
A full-text copy of Biovest International Inc. and its debtor-
affiliates' monthly operating report for December 2008 is
available for free at:
http://researcharchives.com/t/s?38d3
Headquartered in Tampa, Florida, Accentia BioPharmaceuticals Inc.
(Nasdaq: ABPI) -- http://www.accentia.net/-- is a vertically
integrated biopharmaceutical company focused on the development
and commercialization of drug candidates that are in late-stage
clinical development and typically are based on active
pharmaceutical ingredients that have been previously approved by
the FDA for other indications. The company's lead product
candidate is SinuNase(TM), a novel application and formulation of
a known therapeutic to treat chronic rhinosinusitis.
Additionally, the company has acquired the majority ownership
interest in Biovest International Inc. and a royalty interest in
Biovest's lead drug candidate, BiovaxID(TM) and any other biologic
products developed by Biovest. The company also has a specialty
pharmaceutical business, which markets products focused on
respiratory disease and an analytical consulting business that
serves customers in the biopharmaceutical industry.
Accentia Biopharmaceuticals and nine affiliates filed for
Chapter 11 protection on November 10, 2008 (Bankr. M. D. Florida,
Lead Case No. 08-17795). Charles A. Postler, Esq., and Elena P.
Ketchum, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa,
Florida, represent the Debtors as counsel. The Official Committee
of Unsecured Creditors selected Paul J. Battista, Esq., at
Genovese Joblove & Battista, P.A. as its counsel.
Based in Tampa, Florida, Biovest International Inc. (OTC BB: BVTI)
-- http://www.biovest.com/-- is a pioneer in the development of
advanced individualized immunotherapies for life-threatening
cancers of the blood system. Biovest is a majority-owned
subsidiary of Accentia Biopharmaceuticals Inc., with its remaining
shares publicly traded.
Biovest International Inc.'s consolidated balance sheet at
June 30, 2008, showed $5.9 million in total assets, $36.8 million
in total liabilities, and $4.6 million in non-controlling
interests in variable interest entities, resulting in a
$35.5 million total stockholders' deficit.
KIMBALL HILL: Files Monthly Operating Report for December 2008
--------------------------------------------------------------
Kimball Hill, Inc.
Summary of Cash Receipts and Disbursements
For the Period From December 1 to 31, 2008
Beginning Cash Balance $74,120,554
Receipts from operations
Accounts receivable receipts 24,205,230
Notes receivable receipts 0
Accts. Receivable collection for non-debtors 1,112,879
Other receipts
Interest income 11,275
Proceeds from sale of fixed assets 0
Oil exploration revenue 0
Proceeds from MUD reimbursables 0
Customer deposits 172,804
Customer deposits for non-debtors 0
Miscellaneous receipts 548,482
------------
Total Receipts 26,050,670
------------
Disbursements
Payroll
Officers 488,898
Others 1,949,329
------------
Total Payroll 2,438,227
Taxes
Federal income tax 508,480
FICA withholdings 166,359
Employee's withholdings 0
Employer's FICA 166,359
Federal unemployment taxes 59
State income tax 39,090
State employee withholdings 0
All other state taxes 1,453
State unemployment taxes 444
-----------
Total Taxes 882,243
Necessary expenses
Homebuilding costs 18,072,018
Debt and interest payments 1,085,685
General and administrative costs 2,530,301
Permits (68,722)
Land and land Development 973,165
Medical health claims 350,523
Customer deposit refunds 380,766
401K funding 204,610
Texas sales taxes 150,825
Professional fees 2,626,157
Warranty costs 143,647
Flex spending reimbursements 5,687
Disbursements to joint venture partners 0
------------
Total Necessary Expenses 26,454,663
Total Disbursements 29,775,133
------------
Net receipts for the period (3,724,463)
------------
Ending Cash Balance $70,396,091
============
About Kimbal Hill
Headquartered in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Fort Worth, Houston, Las Vegas,
Sacramento and Tampa, in five regions: Florida, the Midwest,
Nevada, the Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007, reflected
total assets of $795,473,000 and total debts $631,867,000.
Kimball Hill filed a chapter 11 plan of liquidation on
December 2, 2008, which provides for the winding down of the
Debtors' business. The Plan has the support of the official
committee of unsecured creditors and the company's senior lenders.
Bankruptcy Creditors' Service, Inc., publishes Kimball Hill
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings of Kimball Hill, Inc. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
NEWPOWER HOLDINGS: Files Operating Report for December 2008
-----------------------------------------------------------
NewPower Holdings, Inc., filed with the U.S. Bankruptcy Court for
the Northern District of Georgia on Jan. 26, 2009, its monthly
operating report for December 2008. The Debtor had an opening
cash balance of $877 and an ending cash balance of $862.
A full-text copy of the Debtor's December 2008 monthly operating
report is available for free at:
http://researcharchives.com/t/s?38d1
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding, and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors as counsel. When the Debtors
filed for protection from their creditors, they reported
$231,837,000 in assets and $87,936,000 in debts.
On Aug. 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary. That Plan became
effective on Oct. 9, 2003, with respect to the company and TNPC.
On Feb. 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
SEMGROUP LP: Files Monthly Operating Report for July 2008
---------------------------------------------------------
SemGroup L.P. and its debtor-affiliates delivered to the U.S.
Bankruptcy Court for the District of Delaware an amendment to
their statement of cash receipts and disbursements for the period
from July 22 through 31, 2008.
According to Terrence Ronan, acting president and chief executive
officer of the Debtors, the amendment corrects mathematical
errors that were discovered subsequent to the filing of their
July 2008 Monthly Operating Report.
SemCrude, L.P., et al.
Cash Receipts and Disbursements
July 22 through July 31, 2008
Cash Receipts
SemCrude, L.P. $15,929,532
Eaglwing Trading LLC 342,412
Grayson Pipeline LLC 54,248,644
SemCrude Pipeline, LLC 474,597
SemKan LLC 5,883,491
SemFuel 40,455,824
SemManagement LLC -
SemGas Storage LLC -
SemMaterials LP 73,391,666
SemGas LP 6,320,942
SemGas-Davis Gathering -
SemTrucking 14,649
SemStream 33,127,013
SemGroup LP 3,562,991
--------------
233,751,761
Cash Sweeps
SemCrude, L.P. (17,642,535)
Eaglwing Trading LLC -
Grayson Pipeline LLC -
SemCrude Pipeline, LLC (471,574)
SemKan LLC (5,857,456)
SemFuel (93,859,149)
SemManagement LLC (129,739)
SemGas Storage LLC -
SemMaterials LP (91,799,253)
SemGas LP (6,251,879)
SemGas-Davis Gathering 25,000
SemTrucking (42,409)
SemStream 4,064,781
SemGroup LP 212,090,136
--------------
Total Cash Sweeps 125,923
Cash Disbursements
SemCrude, L.P. (20,674,689)
Eaglwing Trading LLC (1,141,353)
Grayson Pipeline LLC (4,942,506)
SemCrude Pipeline, LLC (6,581)
SemKan LLC (2,350)
SemFuel (19,791,653)
SemManagement LLC -
SemGas Storage LLC (535)
SemMaterials LP (5,363,077)
SemGas LP (91,916)
SemGas-Davis Gathering (22,615)
SemTrucking (196,545)
SemStream (68,623,238)
SemGroup LP (76,076,298)
--------------
Total Cash Disbursements (196,933,356)
--------------
Net Cash Flow $36,944,328
==============
About SemGroup
SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream
service company providing the energy industry means to move
products from the wellhead to the wholesale marketplace. SemGroup
provides diversified services for end users and consumers of crude
oil, natural gas, natural gas liquids, refined products and
asphalt. Services include purchasing, selling, processing,
transporting, terminaling and storing energy. SemGroup serves
customers in the United States, Canada, Mexico, Wales, Switzerland
and Vietnam.
SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525). These represent the Debtors' restructuring efforts: John
H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq.
at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P.
Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges
LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil
Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the
Debtors' claims agent. The Debtors' financial advisors are The
Blackstone Group L.P. and A.P. Services LLC.
Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represent the Debtors' prepetition
lenders.
SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act. The CCAA stay expires on
Nov. 21, 2008.
SemGroup L.P.'s consolidated, unaudited financial conditions as of
June 30, 2007, showed $5,429,038,000 in total assets and
$5,033,214,000 in total debts. In their petition, they showed
more than $1,000,000,000 in estimated total assets and more than
$1,000,000,000 in total debts.
(SemGoup Bankruptcy News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SEMGROUP LP: Files Monthly Operating Report for August 2008
-----------------------------------------------------------
SemGroup L.P. and its debtor-affiliates amended their statement of
cash receipts and disbursements for the period from August 1
through 31, 2008.
According to Terrence Ronan, acting president and chief executive
officer of the Debtors, the amendment corrects mathematical
errors that were discovered subsequent to the filing of their
August 2008 Monthly Operating Report.
SemCrude, L.P., et al.
Cash Receipts and Disbursements
August 1 through August 31, 2008
Cash Receipts
SemCrude, L.P. $54,581,259
Eaglwing Trading LLC 910,163
KC Asphalt -
SemCrude Pipeline, LLC 5,488
SemGas Gathering LLC 948,704
SemKan LLC 749,833
SemFuel 100,974,492
SemManagement LLC -
SemGas Storage LLC -
SemMaterials LP 144,272,230
SemGas LP 13,504,748
SemTrucking 56,782
SemStream 113,344,709
SemGroup LP 8,205,861
--------------
437,554,269
Cash Sweeps
SemCrude, L.P. 18,452,857
Eaglwing Trading LLC (24,952,998)
KC Asphalt -
SemCrude Pipeline, LLC (120,526)
SemGas Gathering LLC (947,185)
SemKan LLC (718,439)
SemFuel (47,565,426)
SemManagement LLC 11,153,981
SemGas Storage LLC -
SemMaterials LP (111,165,326)
SemGas LP (10,710,832)
SemTrucking (55,193)
SemStream (25,076,887)
SemGroup LP 191,705,979
--------------
Total Cash Sweeps 5
Cash Disbursements
SemCrude, L.P. (86,026,839)
Eaglwing Trading LLC (7,880,700)
KC Asphalt 1,422
SemCrude Pipeline, LLC (38,480,706)
SemGas Gathering LLC (99,356)
SemKan LLC (41,989)
SemFuel (69,860,869)
SemManagement LLC -
SemGas Storage LLC (774)
SemMaterials LP (93,856,824)
SemGas LP (6,352,057)
SemTrucking (211,218)
SemStream (88,858,913)
SemGroup LP (20,094,838)
--------------
Total Cash Disbursements (411,763,661)
--------------
Net Cash Flow $5,790,613
==============
About SemGroup
SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream
service company providing the energy industry means to move
products from the wellhead to the wholesale marketplace. SemGroup
provides diversified services for end users and consumers of crude
oil, natural gas, natural gas liquids, refined products and
asphalt. Services include purchasing, selling, processing,
transporting, terminaling and storing energy. SemGroup serves
customers in the United States, Canada, Mexico, Wales, Switzerland
and Vietnam.
SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525). These represent the Debtors' restructuring efforts: John
H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq.
at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P.
Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges
LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil
Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the
Debtors' claims agent. The Debtors' financial advisors are The
Blackstone Group L.P. and A.P. Services LLC.
Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represent the Debtors' prepetition
lenders.
SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act. The CCAA stay expires on
Nov. 21, 2008.
SemGroup L.P.'s consolidated, unaudited financial conditions as of
June 30, 2007, showed $5,429,038,000 in total assets and
$5,033,214,000 in total debts. In their petition, they showed
more than $1,000,000,000 in estimated total assets and more than
$1,000,000,000 in total debts.
(SemGoup Bankruptcy News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SEMGROUP LP: Files Monthly Operating Report for November 2008
-------------------------------------------------------------
SemCrude, L.P., et al.
Consolidated Balance Sheet
As of November 30, 2008
(In thousands)
Cash $592,043
Accounts receivable 840,132
Inventories 220,226
Derivative asset 36,129
Margin deposits 8,300
Income taxes receivable -
Deferred tax asset -
Receivable from affiliate 124,276
Other current assets 47,481
Intercompany -
--------------
Total current assets 1,868,587
--------------
Property, plant and equipment 600,499
Accumulated depreciation (124,480)
Pipeline linefill 26,760
--------------
Net property, plant and equipment 502,779
--------------
Investment in subsidiaries 339,776
Long-term derivative assets -
Goodwill 54,277
Investment in affiliates 121,394
Deferred tax asset 1,062
Notes receivable 213,575
Other assets, net 95,448
--------------
Total Assets $3,196,898
==============
Subject to Compromise:
Accounts payable $916,765
Book overdrafts -
Accrued liabilities 1,101,594
Income taxes payable -
Deferred revenue -
Deferred income taxes -
Derivative liabilities -
Current portion of long-term debt 150,000
--------------
Current liabilities subject to compromise 2,168,359
--------------
Revolver facility 665,000
Working capital facility 1,627,939
Term B notes 141,274
Senior notes 600,000
Pension obligations -
--------------
Liabilities Not Subject to Compromise:
Accounts payable 53,484
Book overdrafts -
Accrued liabilities 52,858
Income taxes payable -
Deferred revenue 989
Deferred income taxes -
Derivative liabilities 21,615
Current portion of long-term debt 130,450
--------------
Total current liabilities 259,396
--------------
Revolver facility -
Working capital facility -
Term B notes -
Capital lease obligations 1,255
Other obligations -
Note payable to parent -
Senior notes -
Deferred tax liability -
Long-term derivative liabilities -
Asset retirement obligation -
Pension obligations 13,888
Investment in affiliates 595,039
Other long-term liabilities 647
Minor interest -
--------------
Accum. other comprehensive income (40,194)
Partners' capital (2,835,705)
--------------
Total partners' capital (2,875,899)
--------------
Total liabilities and partners' capital $3,196,898
==============
SemCrude, L.P., et al.
Consolidated Statement of Operations
Month Ended November 30, 2008
(In thousands)
Sales
Operating Outside Sales
Product Sales $98,574
Services 2,502
Other Operating Revenue 952
--------------
Total Outside Operating Sales 102,028
Trading Activity 372
--------------
Total Outside Operating Revenue 102,400
Operating Revenue Intercompany 18,475
--------------
Total Operating Revenue 120,875
Unrealized G/L on Derivatives 1,699
--------------
Total Revenue 122,574
Cost of Goods Sold
Products 110,560
Transportation & Fuel 3,542
Other 20
--------------
Total Outside Cost of Goods Sold 114,122
Cost of Goods Sold Intercompany 16,540
--------------
Total Cost of Sales 130,662
--------------
Gross Profit (8,088)
Operating Expenses
Wages & Benefits 2,875
Field Expenses 1,130
Maintenance & Repairs 135
Outside Services 606
Property & Equipment Leases & Rents 6,293
Insurance Permits Licenses Taxes 624
Office 154
Travel Lodging Meetings 154
Other (145)
--------------
Total Operating Expenses 11,826
General & Administrative Expenses
Wages & Benefits 4,132
Miscellaneous 1
Maintenance & Repairs 72
Outside Services 797
Property & Equipment Leases & Rents 487
Insurance Permits Licenses Taxes 414
Office 287
Travel Lodging Meetings 153
Other (795)
--------------
Total General & Administrative Expenses 5,548
--------------
Earnings before Interest Taxes Depr. Amort. (25,372)
--------------
Other (Income) Expenses
Interest Income (11)
Other Income 10
Foreign Currency Transaction (Income) Loss 156
Interest Expense 835
Depreciation 4,274
Amortization 2,221
Reorganization 20,323
--------------
Net Profit (Loss) ($53,180)
==============
SemCrude, L.P., et al.
Cash Receipts and Disbursements
November 1 through November 30, 2008
Cash Receipts
SemCrude, L.P. $33,580,771
Eaglwing Trading LLC 556
Grayson Pipeline LLC -
SemCrude Pipeline, LLC 4,422
SemGas Gathering LLC 102,075
SemKan LLC 13,893
SemFuel 6,437,337
SemManagement LLC -
SemGas Storage LLC -
SemMaterials LP 41,875,966
SemGas LP 6,854,841
SemGas-Davis Gathering -
SemTrucking -
SemStream 89,494,831
SemGroup LP 144,306
SemGroup Holdings LP -
SemCap LLC -
--------------
178,508,998
Cash Sweeps
SemCrude, L.P. (20,928,068)
Eaglwing Trading LLC 40,548
Grayson Pipeline LLC -
SemCrude Pipeline, LLC 9,249,988
SemGas Gathering LLC (97,026)
SemKan LLC (7,122)
SemFuel (5,117,384)
SemManagement LLC 8,552,375
SemGas Storage LLC 15,725
SemMaterials LP (22,107,783)
SemGas LP (2,183,195)
SemGas-Davis Gathering -
SemTrucking 22,994
SemStream (360,610)
SemGroup LP 32,919,558
SemGroup Holdings LP 23,753
SemCap LLC 19,169
--------------
Total Cash Sweeps 42,922
Cash Disbursements
SemCrude, L.P. (11,810,763)
Eaglwing Trading LLC (38,478)
Grayson Pipeline LLC (5)
SemCrude Pipeline, LLC (9,494,401)
SemGas Gathering LLC (29,901)
SemKan LLC (38,663)
SemFuel (2,193,624)
SemManagement LLC -
SemGas Storage LLC (21,845)
SemMaterials LP (17,356,722)
SemGas LP (6,749,691)
SemGas-Davis Gathering (21,439)
SemTrucking (28,834)
SemStream (89,302,180)
SemGroup LP (8,968,258)
SemGroup Holdings LP -
SemCap LLC -
--------------
Total Cash Disbursements (146,054,804)
--------------
Net Cash Flow $32,497,116
==============
About SemGroup
SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream
service company providing the energy industry means to move
products from the wellhead to the wholesale marketplace. SemGroup
provides diversified services for end users and consumers of crude
oil, natural gas, natural gas liquids, refined products and
asphalt. Services include purchasing, selling, processing,
transporting, terminaling and storing energy. SemGroup serves
customers in the United States, Canada, Mexico, Wales, Switzerland
and Vietnam.
SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525). These represent the Debtors' restructuring efforts: John
H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq.
at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P.
Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges
LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil
Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the
Debtors' claims agent. The Debtors' financial advisors are The
Blackstone Group L.P. and A.P. Services LLC.
Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represent the Debtors' prepetition
lenders.
SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act. The CCAA stay expires on
Nov. 21, 2008.
SemGroup L.P.'s consolidated, unaudited financial conditions as of
June 30, 2007, showed $5,429,038,000 in total assets and
$5,033,214,000 in total debts. In their petition, they showed
more than $1,000,000,000 in estimated total assets and more than
$1,000,000,000 in total debts.
(SemGoup Bankruptcy News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
TVIA INC: Posts $208,282 Net Loss for the Month of December 2008
----------------------------------------------------------------
Tvia, Inc. filed with the U.S. Bankruptcy Court for the Northern
District of California on Jan. 20, 2009, its monthly operating
report for the period from Dec. 1, 2008, to Dec. 31, 2008.
The company reported a net loss $208,282 on net sales of $193,684
for the month ended Dec. 31, 2008.
A full-text copy of the monthly operating report is available for
free at: http://researcharchives.com/t/s?38d4
Tvia, Inc. -- http://www.tvia.com/-- is fabless semiconductor
company based in Santa Clara, California. The company designs and
produces display processors for the digital television market.
The company filed for Chapter 11 relief on Oct. 15, 2008 (Bankr.
N.D. Calif. Case No. 08-55860). John Walshe Murray, Esq., at the
Law Offices of Murray and Murray, represents the Debtor as
counsel. When the Debtor filed for protection from its creditors,
it listed total assets of $5,577,657 and total debtos of
$1,077,966.
TWEETER OPCO: Files Monthly Operating Report for September 2008
---------------------------------------------------------------
Tweeter Opco, LLC, and its debtor-affiliates delivered to the U.S.
Bankruptcy Court for the District of Delaware their Monthly
Operating Report for the period from September 1, 2008, through
September 30, 2008.
The Debtors reported $0 cash receipts and $0 disbursements for
the month. The Debtors note that their Statement of Operations
and Balance Sheet will be provided once available.
A full-text copy of the Debtors' September MOR can be accessed
for free at: http://bankrupt.com/misc/TweeterSeptemberMOR.pdf
About Tweeter Opco
Tweeter Opco, LLC, was formed in July 2007 to acquire the business
operations and assets of Tweeter Home Entertainment Group, Inc.
The company filed for Chapter 11 protection on Nov. 5, 2008
(Bankr. D. Delaware Case No. 08-12646). Chun I. Jang, Esq., and
Cory D. Kandestin, Esq., at Richards, Layton & Finger, P.A.,
assisted the company in its restructuring effort. The company
listed assets of $50 million to $100 million and debts
of $50 million to $100 million.
Judge Mary Walrath of the U.S. Bankruptcy Court for the District
of Delaware converted the Opco Debtors' Chapter 11 cases to
Chapter 7 liquidation proceedings effective as of December 5,
2008. George L. Miller from the accounting firm Miller Coffey
Tate has been appointed to serve as interim trustee of the Chapter
7 proceedings of Tweeter Opco, LLC, and its affiliates.
(Tweeter Bankruptcy News, Issue No. 33; Bankruptcy Creditors'
Service, Inc., <http://bankrupt.com/newsstand/>or 215/945-7000).
TWEETER OPCO: Files Monthly Operating Report for October 2008
-------------------------------------------------------------
Tweeter Opco, LLC, and its debtor-affiliates delivered to the U.S.
Bankruptcy Court for the District of Delaware their Monthly
Operating Report for the period from October 1, 2008, through
October 31, 2008.
The Debtors reported $0 cash receipts and $0 disbursements for
the month. The Debtors note that their Statement of Operations
and Balance Sheet will be provided once available.
A full-text copy of the Debtors' October MOR can be accessed for
free at: http://bankrupt.com/misc/TweeterOctoberMOR.pdf
About Tweeter Opco
Tweeter Opco, LLC, was formed in July 2007 to acquire the business
operations and assets of Tweeter Home Entertainment Group, Inc.
The company filed for Chapter 11 protection on Nov. 5, 2008
(Bankr. D. Delaware Case No. 08-12646). Chun I. Jang, Esq., and
Cory D. Kandestin, Esq., at Richards, Layton & Finger, P.A.,
assisted the company in its restructuring effort. The company
listed assets of $50 million to $100 million and debts
of $50 million to $100 million.
Judge Mary Walrath of the U.S. Bankruptcy Court for the District
of Delaware converted the Opco Debtors' Chapter 11 cases to
Chapter 7 liquidation proceedings effective as of December 5,
2008. George L. Miller from the accounting firm Miller Coffey
Tate has been appointed to serve as interim trustee of the Chapter
7 proceedings of Tweeter Opco, LLC, and its affiliates.
(Tweeter Bankruptcy News, Issue No. 33; Bankruptcy Creditors'
Service, Inc., <http://bankrupt.com/newsstand/>or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa,
Luke Caballos, Sheryl Joy P. Olano, Carlo Fernandez, Christopher
G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2009. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
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