/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/090516.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, May 16, 2009, Vol. 13, No. 134 Headlines ACCEPTANCE INSURANCE: Posts $739,417 Net Loss in April 2009 GOTTSCHALKS INC: Posts $59.8 MM Net Loss from March 1 to April 4 HERCULES CHEMICAL: Posts $132,000 Net Loss in March 2009 LANDSOURCE COMMUNITIES: Monthly Operating Report for February LYONDELL CHEMICAL: Files Monthly Operating Report for March 2009 MIDWAY GAMES: Posts $28.2 MM Net Loss from Feb. 12 to March 31 MILACRON INC: Files Initial Monthly Operating Report PROPEX INC: Monthly Operating Report for March 2009 REFCO INC: Refco LLC's Monthly Operating Report for March 2009 REUNION INDUSTRIES: Posts $179,000 Net Loss in March 2009 RITZ CAMERA: Posts $14 Million Net Loss From Feb. 22 to March 31 SMURFIT-STONE: Files Monthly Operating Report for March 2009 SPANSION INC: Cerium Laboratories' Monthly Report for March 2009 SPANSION INC: Spansion International's Monthly Report for March SPANSION INC: Spansion Technology's Operating Report for March ********* ACCEPTANCE INSURANCE: Posts $739,417 Net Loss in April 2009 ----------------------------------------------------------- Acceptance Insurance Companies Inc. filed with the U.S. Bankruptcy Court for the District of Nebraska on May 13, 2009, its monthly operating report for April 2009. For the month ended April 30, 2009, Acceptance Insurance Companies Inc. posted a net loss of $739,417 on net investment income of $611. The Debtor reported total assets of $23,501,098, total liabilities of $138,174,960, and stockholders' deficit of $114,673,862 as of April 30, 2009. A full-text copy of the Debtor's April 2009 monthly report is available at http://researcharchives.com/t/s?3cea About Acceptance Insurance Headquartered in Council Bluffs, Iowa, Acceptance Insurance Companies, Inc. -- http://www.aicins.com/-- owns, either directly or indirectly, several companies, one of which is an insurance company that accounts for substantially all of the business operations and assets of the corporate groups. The company filed for Chapter 11 protection on January 7, 2005 (Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates -- Acceptance Insurance Services, Inc., and American Agrisurance, Inc. -- each filed Chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 and 05-80058) on January 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP, represents the Debtor in its restructuring efforts. Lawyers at McGrath North Mullin & Kratz PC, LLO, represent the Official Committee of Unsecured Creditors in Acceptance Insurance's case. GOTTSCHALKS INC: Posts $59.8 MM Net Loss from March 1 to April 4 ---------------------------------------------------------------- On May 5, 2009, Gottschalks Inc. filed with the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for the period March 1, 2009, to April 4, 2009. Gottschalks reported a net loss of $59.8 million on $41.8 million in revenues for the period from March 1, 2009, to April 4, 2009. At April 4, 2009, the company had $149.4 million in total assets, $136.5 million in total liabilities, and $12.9 million in stockholders' equity. A full-text copy of the company's monthly operating report for the period from March 1, 2009, to April 4, 2009, is available at http://researcharchives.com/t/s?3ce6 Headquartered in Fresno, California, Gottschalks Inc. (Pink Sheets: GOTTQ.PK) -- http://www.gottschalks.com-- is a regional department store chain, operating 58 department stores and three specialty apparel stores in six western states. Gottschalks offers better to moderate brand-name fashion apparel, cosmetics, shoes, accessories and home merchandise. The Company filed for Chapter 11 protection on January 14, 2009 (Bankr. D. Del. Case No. 09-10157). O'Melveny & Myers LLP represents the Debtor in its Chapter 11 case. Lee E. Kaufman, Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., will serve as the Debtors' co-counsel. The Debtor selected Kurtzman Carson Consultants LLC as its claims agent. The U.S. Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. When the Debtor filed for protection from its creditors, it listed $288,438,000 in total assets and $197,072,000 in total debts as of January 3, 2009. HERCULES CHEMICAL: Posts $132,000 Net Loss in March 2009 -------------------------------------------------------- Bloomberg's Bill Rochelle reports that Hercules Chemical Co. reported a net loss of $12,000 before reorganization items in March on net revenue of $1.9 million. After reorganization items, the net loss was $132,000. From the inception of the case in August, the cumulative net loss is $357,000. About Hercules Chemical Headquartered in Passaic, New Jersey, Hercules Chemical Company Inc. makes products for plumbing, hearing air conditioning and electrical trades. The company filed for Chapter 11 protection on August 22, 2008 (Bankr. W.D. Penn. Case No. 08-25553). Gregory L. Taddonio, Esq., and Paul M. Singer, Esq., at Reed Smith LLP, represent the Debtor. Meyer, Unkovic & Scott LLP represents the Debtor's Future Asbestos Personal Injury Claimants. When the Debtor filed for protection from its creditors, it listed assets and debts between $10 million and $50 million. LANDSOURCE COMMUNITIES: Monthly Operating Report for February ------------------------------------------------------------- LandSource Communities Development, LLC Consolidated Balance Sheet As of February 28, 2009 Assets Cash $7,032,895 Receivables 25,913,602 Inventories 1,354,251,320 Operating Properties, net 85,567,600 Investment in unconsolidated entities 20,756,724 Other assets 47,000,396 --------------- Total Assets $1,540,522,537 =============== Liabilities and Members' Capital Accounts payable & Accrued Liabilities 94,452,118 Deferred Revenue 60,112,144 Debt 95,663,349 --------------- Total Liabilities Not Subject to Comp 250,227,611 Total Liabilities Subject to Compromise 1,390,703,600 --------------- Total Liabilities 1,640,931,211 Members' Capital/(Deficit) (100,408,675) --------------- Total Liabilities and Members' Capital $1,540,522,536 =============== LandSource Communities Development, LLC Consolidated Statements of Operations Month Ended February 28, 2009 Statistical Information Homesites sold to related parties 0 Homesites sold to third parties 0 Acreage sold to related parties 0 Acreage sold to third parties 0 Homes sold to third parties 0 Land Sale Operations Sales related parties $5,828 Sales to third parties 11,971 --------------- Total Land Sale Revenue 17,799 Cost of sales to related parties 54,069 Cost of sales to third parties 18,400 Loss on Impaired Real State Inventories 0 --------------- Total Cost of Land Sales 72,469 --------------- Gross Margin on Land Sales Operations (54,670) Home Sale Operations Sales 0 Cost of sales 0 --------------- Gross Margin on Home Sale Operations 0 Operating Cost and Expenses Field, selling, general & administration 2,516,484 Management fees to related parties 466,667 --------------- Total Operating Costs and Expenses 2,983,151 Other Operations, net Equity in earnings of unconsolidated (85,802) Rental operations 424,703 Valencia Water Company 0 Club operations (150,399) Interest income 2,354 Interest expense 0 Loss on debt restructuring 0 Loss on interest rate swap termination 0 Miscellaneous 273,688 --------------- Total Other Operations, net 464,544 --------------- Earnings (Loss) before Reorganization It (2,573,276) Reorganization Expenses 2,881,200 --------------- Net Earnings (Loss) ($5,454,476) =============== LandSource Communities Development, LLC Consolidated Schedule of Cash Receipts and Disbursements Month Ended February 28, 2009 Net Operating Cash Flow Housing revenue $0 Commercial Revenue 1,728,370 Other 0 Option deposits 0 Less: Closing Costs 0 --------------- Total Operating Inflows 1,728,370 Operating Cash Outflows Master improvements & CFDs (7,387,920) Property tax (466,443) General & Administrative (2,254,170) Other (833,526) Management fees (466,667) --------------- Total Operating Outflows (11,408,726) Total Net Operating Cash Flow (9,680,356) Bankruptcy Disbursements Bankruptcy Payments Utility Deposits 0 Mechanic's liens/Other 0 --------------- Total Bankruptcy Payments 0 DIP Interest and Fees DIP Facility interest (646,429) Undrawn fee (18,771) DIP Facility fees (250,000) --------------- Total DIP Interest and Fees (915,200) Restructuring professionals (595,615) Total Bankruptcy Disbursements (1,510,815) --------------- Total Net Cash Flow ($11,191,171) =============== DIP Facility Beginning Balance 84,349,044 Borrowings 8,900,000 (Repayments) 0 --------------- Ending Balance $93,249,044 =============== Disbursement Per Debtor LandSource Communities Development, L 1,369,499 California Land Company 0 Friendswood Development Company, LLC 4,590 Lennar Land Partners II 35,372 Kings Wood Development Company, L.C. 0 LSC Associates, LLC 0 Lennar Mare Island, LLC 1,074,848 LandSource Communities Development Su 0 Lennar Moorpark, LLC 0 Lennar Stevenson Holdings, LLC 0 The Newhall Land and Farming Company 0 LandSource Holding Company, LLC 2,160,303 LNR-Lennar Washington Square, LLC 2,789,338 Lennar Bressi Ranch Venture, LLC 0 The Newhall Land and Farming Company 5,007,504 NWI-IL GP, LLC 0 Tournament Players Club at Valencia, 458,986 Southwest Communities Development, LL 0 Valencia Corporation 0 Stevenson Ranch Venture, LLC 19,099 Valencia Realty Company 0 --------------- Total Disbursement $12,919,539 =============== About LandSource Communities LandSource Communities Development LLC, which operates in Arizona, California, Florida, New Jersey, Nevada and Texas, is involved in the planning and development of master planned communities and transforming undeveloped land into ready-to-build home sites and commercial properties. With the exception of one development project in Marina del Rey, California, LandSource does not build homes or commercial properties. LandSource and 20 of its affiliates filed for Chapter 11 bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware on June 8, 2008 (Lead Case No. 08-11111). The Debtors are represented by Marcia Goldstein, Esq., at Weil Gotshal & Manges in New York, and Mark D. Collins, Esq., at Richards Layton & Finger in Wilmington, Delaware. Lazard Freres & Co. acts as the Debtors' financial advisors, and Kurtzmann Carson Consultants serves as the Debtors' notice and claims agent. According to the Troubled Company Reporter on May 22, 2008, LandSource sought help from its lender consortium to restructure $1.24 billion of its debt. LandSource engaged a 100-bank lender group led by Barclays Capital Inc., which syndicates LandSource's debt. LandSource had received a default notice on that debt from the lender group after it was not able to timely meet its payments during mid-April. However, LandSource failed to reach an agreement with its lenders on a plan to modify and restructure its debt, forcing it to seek protection from creditors. (LandSource Bankruptcy News, Issue No. 21; http://bankrupt.com/newsstand/or 215/945-7000). LYONDELL CHEMICAL: Files Monthly Operating Report for March 2009 ---------------------------------------------------------------- Lyondell Chemical Company and affiliates Unaudited Combined Balance Sheets As of March 31, 2009 (in millions) Assets Current assets: Cash and cash equivalents $419 Short-term investments 20 Accounts receivable: Trade, net 1,049 Non-debtor affiliates 292 Inventories 1,825 Short-term loan receivables -Non-debtor affiliates 466 Current deferred income tax assets 545 Prepaid expenses and other current assets 441 ------------ Total current assets 5,057 Property, plant and equipment, net 10,192 Investments and long-term receivables: Investment in PO joint ventures 568 Long-term loan receivables - intercompany 1,008 Investments in non-debtor affiliates 4,743 Other investments and long-term receivables 27 Intangible assets, net 1,722 Other assets 184 ------------ Total Assets $23,501 ============ Liabilities and Stockholder's Equity Current liabilities: Current maturities of long-term debt 8,702 Short-term debt 5,235 Short-term payables - intercompany 269 Accounts payable: Trade 874 Related parties 7 Non-debtor affiliates 660 Accrued liabilities 414 ------------ Total current liabilities 16,161 Other liabilities 519 Deferred income taxes 2,992 Liabilities subject to compromise 10,850 Commitments and contingencies - Minority interests 94 Stockholders equity: Common stock 21 Additional paid-in capital 5,711 Retained deficit (12,762) Accumulated other comprehensive income (85) ------------ Total stockholder's equity (7,115) ------------ Total liabilities and stockholder's equity $23,501 ============ Lyondell Chemical Company and affiliates Unaudited Statement of Income For the month ended March 31, 2009 (in millions) Sales and other operating revenues: Trade $1,172 Related parties 31 ------------ 1,203 Operating costs and expenses: Cost of sales 1,177 Selling, general and admin. Expenses 33 Research and development expenses 6 ------------ 1,216 ------------ Operating loss (13) ------------ Interest expense (75) Interest income 4 Other income (expense), net 100 ------------ Income before reorganization items, equity investments and income taxes 16 ------------ Reorganization items (534) Loss from equity investments (32) ------------ Loss before income taxes (550) Benefit from income taxes (107) ------------ Loss from continuing operations (443) Discontinued operations (3) ------------ Net Loss ($446) ============ Lyondell Chemical Company and its affiliates Unaudited Statement of Cash Flows For the month ended March 31, 2009 (in millions) Cash flows from operating activities: Net loss ($446) Net loss - discontinued operations 3 Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 83 Reorganization charges (128) Reorganization-related payments (11) Asset impairments 661 Equity investments - loss 33 Deferred income taxes (107) Foreign currency exchange gain on Term Loan B - German Tranche (89) Changes in assets and liabilities that provided (used ) cash: Accounts receivable (118) Inventories 15 Accounts payable 159 Prepayments to vendors (103) Other, net (45) ------------ Net cash used in operating activities - continuing operations (93) ------------ Net cash used in operating activities - discontinued operations (3) ------------ Cash flows from investing activities: Expenditures for property, plant and equipment (32) Distributions from affiliates in excess of earnings (14) Proceeds from disposal of assets 10 Other (3) ------------ Net cash used in investing activities (39) ------------ Cash flows from financing activities: Short-term borrowings (14) Net repayments under prepetition revolving credit facilities (608) Payment of debt issuance costs (39) Other, net 1 ------------ Net cash used in financing activities (660) Effect of exchange rate changes on cash - ------------ Decrease in cash and cash equivalents (795) Cash and cash equivalents at beginning of period 1,214 ------------ Cash and cash equivalents at end of period $419 ============ LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. It is the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels. Through research and development, LyondellBasell develops innovative materials and technologies that deliver exceptional customer value and products that improve quality of life for people around the world. Headquartered in The Netherlands, LyondellBasell -- http://www.lyondellbasell.com/-- is privately owned by Access Industries. Basell AF and Lyondell Chemical Company merged operations in 2007 to form LyondellBasell Industries, the world's third largest independent chemical company. LyondellBasell became saddled with debt as part of the US$12.7 billion merger. About a year after completing the merger, LyondellBasell Industries' U.S. operations and one of its European holding companies -- Basell Germany Holdings GmbH -- filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on January 6, 2009, to facilitate a restructuring of the company's debts. The case is In re Lyondell Chemical Company, et al., Bankr. S.D. N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell entities, including Equistar Chemicals, LP, Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt Industries, Inc., filed for Chapter 11. The Hon. Robert E. Gerber presides over the case. Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York, serves as the Debtors' bankruptcy counsel. Evercore Partners serves as financial advisors, and Alix Partners and its subsidiary AP Services LLC, serves as restructuring advisors. AlixPartners' Kevin M. McShea acts as the Debtors' Chief Restructuring Officer. Clifford Chance LLP serves as restructuring advisors to the European entities. Lyondell Chemical estimated that consolidated assets total US$27.12 billion and debts total US$19.34 billion as of the bankruptcy filing date. Lyondell has obtained approximately $8 billion in DIP financing to fund continuing operations. The DIP financing includes two credit agreements: a $6.5 billion term loan (comprising $3.25 billion in new loans and a $3.25 billion roll-up of existing loans) and a $1.57 billion asset-backed lending facility. Luxembourg-based LyondellBasell Industries AF S.C.A. and another affiliate were voluntarily added to Lyondell Chemical's reorganization filing under Chapter 11 on April 24 in order to seek protection against claims by certain financial and U.S. trade creditors. Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lyondell Chemical Company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) MIDWAY GAMES: Posts $28.2 MM Net Loss from Feb. 12 to March 31 -------------------------------------------------------------- On May 8, 2009, Midway Games Inc. and its United States subsidiaries filed with the United States Bankruptcy Court for the District of Delaware their monthly operating report for the period February 12, 2009, through and including March 31, 2009. For the period, the Debtors reported a net loss of $28.2 million on net revenues of $23.8 million. Net loss before reorganization items was $27.6 million. At March 31, 2009, the Debtors had $1.37 billion in total assets and $1.56 billion in total liabilities. A full-text copy of the Debtors' monthly operating report for the period February 12, 2009, to March 31, 2009, is available at: http://researcharchives.com/t/s?3ce9 Headquartered in Chicago, Illinois, Midway Games Inc. -- http://www.midway.com/-- develops video games for sale primarily in North America, Europe, Asia and Australia. The company and nine of its affiliates filed for Chapter 11 protection on February 12, 2009 (Bankr. D. Del. Lead Case No. 09-10465). David W. Carickhoff, Jr., Esq., Michael David Debaecke, Esq., and Victoria A. Guilfoyle, Esq., at Blank Rome LLP, represent the Debtors in their restructuring efforts. The Debtors proposed Lazard as their investment banker, Dewey & LeBoeuf LLP as special counsel, and Epiq Bankruptcy Solutions LLC as claims agent. MILACRON INC: Files Initial Monthly Operating Report ---------------------------------------------------- On May 6, 2009, Milacron Inc. filed with the U.S. Bankruptcy Court for the Southern District of Ohio its monthly operating report for March 2009. The company reported a net loss of $9,612,000 on total sales of $22,260,000 for the period from March 10, 2009, to March 31, 2009. At March 31, 2009, the company had $535,259,000 in total assets and $803,571,000 in total liabilities. A full-text copy of the company's monthly operating report for the period from March 10, 2009, to March 31, 2009, is available for free at http://researcharchives.com/t/s?3ce5 About Milacron Inc. Headquartered in Batavia, Ohio, Milacron Inc. (Pink Sheets: MZIAQ) supplies plastics-processing technologies and industrial fluids, with major manufacturing facilities in North America, Europe and Asia. First incorporated in 1884, Milacron is also manufactures synthetic water-based industrial fluids used in metalworking applications. The company and six of its affiliates filed for protection on March 10, 2009 (Bankr. S.D. Ohio Lead Case No. 09-11235). On the same day, the company filed an ancillary proceeding for reorganization of its Canadian subsidiary under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Canada. The Petitions include the company and its U.S. and Canadian subsidiaries and its non-operating Dutch holding company subsidiary only, and do not include any of the company's operating subsidiaries outside the U.S. and Canada. Kim Martin Lewis, Esq., Tim J. Robinson, Esq., and Patrick D. Burns, Esq., at Dinsmore & Shohl LLP, represent the Debtors in their restructuring efforts. Conway, Del Genio, Gries Co., LLC, is the Debtors' financial advisor. Rothschild Inc. is the Debtors' investment banker and financial advisor. Kurtzman Carson Consultants LLC is the noticing, balloting and disbursing agent for the Debtors. Paul, Hastings, Janofsky & Walker LLP, represents DIP Lender General Electric Capital Corp. Taft Stettinius & Hollister LLP is counsel for the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed assets and debts between $500 million to $1 billion. PROPEX INC: Monthly Operating Report for March 2009 --------------------------------------------------- Propex Inc. Unaudited Condensed Consolidated Balance Sheet As of March 29, 2009 ASSETS: Current Assets: Cash and cash equivalents $32,400,000 Restricted Cash 600,000 Accounts Receivable, net 59,300,000 Accounts Receivable claims - prepetition 0 Inventories, net 76,100,000 Deferred income taxes 8,700,000 Prepaid expenses and other current assets 28,000,000 Assets held for sale 6,200,000 ------------ Total current assets 211,300,000 Other assets: Goodwill 0 Intangible assets, net 15,200,000 Deferred income taxes 0 Investment in subsidiaries 0 Intercompany notes receivable 0 Other assets 7,800,000 ------------ Property, plant and equipment, net 183,300,000 ------------ Total assets $417,600,000 ============ LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Prepetition Accounts payable $8,000,000 Accrued liabilities 1,000,000 Current portion of debt and accrued interest 382,100,000 Accrued pension obligations 0 Restructuring and other similar costs 700,000 Other current liabilities 1,200,000 Postpetition Accounts payable 14,400,000 Accrued liabilities 16,500,000 Current portion of debt and accrued interest 31,800,000 Accrued pension obligations 0 Restructuring and other similar costs 600,000 Other current liabilities 1,600,000 ------------ Total current liabilities 457,900,000 Non-current liabilities: Prepetition Accrued pension and other postretirement benefit liabilities 25,800,000 Other non-current liabilities 0 Postpetition Intercompany notes payable 0 Debt, less current portion 0 Deferred income taxes 11,300,000 Accrued pension and other postretirement benefit liabilities 26,300,000 Other non-current liabilities 2,100,000 ------------ Total non-current liabilities 65,500,000 Total stockholder's equity Common stock 0 Paid-in capital 95,900,000 Accumulated other comprehensive income (15,300,000) Retained earnings - prior year (168,100,000) Retained earnings - current year (18,300,000) ------------ Total stockholder's equity (105,800,000) ------------ Total Liabilities and stockholder's equity $417,600,000 ============ Propex Inc. Unaudited Condensed Consolidated Statements of Operations For Month Ended March 29, 2009 Net revenue $27,800,000 Cost of sales 27,100,000 ------------ Gross profit 700,000 Operating expenses: Selling, general and administrative 4,500,000 Other(income) expense, net 0 Add Back depreciation and amortization 1,900,000 EBITDA (1,900,000) Depreciation & Amortization 1,900,000 Interest expense 2,700,000 Restructuring and similar costs 1,800,000 Non-cash pension and other expense 0 Other non-operating expense(income) Impairment of property, plant and equipment 0 Pension curtailment(gain), net of settlement loss 0 Debt forgiveness 0 Other 0 Equity(income) loss from sub-earnings 0 ------------ Income(loss) before income taxes (8,300,000) Income tax provision (benefit) 100,000 ------------ Net income (loss) ($8,400,000) ============ Propex Inc. Statement of Cash Flows For Month Ended March 29, 2009 Cash flows from operating activities Net income(loss) ($8,400,000) Adjustments to reconcile, net income to net cash provided by (used) in operating activities: Depreciation and amortization 1,900,000 Non-cash interest on debt 1,300,000 Amortization of bank fees 0 Net gain on dispositions of property and and equipment Stock-based compensation 0 Impairment of property, plant and equipment 0 Impairment of goodwill 0 Impairment of intangibles 0 Pension and post-retirement benefit cost 200,000 Deferred income taxes 0 Changes in operating assets and liabilities Decrease(increase) in assets-prepetition 0 Decrease(increase) in assets-postpetition (7,500,000) (Decrease) increase in liabilities-prepetition 0 (Decrease)increase in liabilities-postpetition (1,500,000) ------------ Net cash provided (used) by operating activities (14,000,000) Cash flows from investing activities Cap March 2 and ending March 29, 2009 as show (200,000) Proceeds from sale of property and equipment 0 Acquisition of business(net of cash acquired) 0 ------------ Net cash used in investing activities (200,000) Cash flows from financing activities Payments of long-term debt principal 0 Proceeds from issuance of debt 0 Payment of Revolving Debt 0 Proceeds from Revolving Debt 10,000,000 Debt issuance costs 0 Dividends 0 Net receipts from unconsolidated parent company 0 Activity with Affiliates (300,000) ------------- Net cash provided by (used in) finan. activities 9,700,000 Effect of changes in foreign exchange rates on cash and cash equivalents 400,000 ------------ Change in cash and cash equivalents (4,100,000) ------------ Cash and cash equivalents-beginning period 36,500,000 ------------ Cash and cash equivalents- end period $32,400,000 ============ About Propex Inc. Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It also produces primary and secondary carpet backing. Propex operates in North America, Europe, and Brazil. The company and its debtor-affiliates filed for Chapter 11 protection on January 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249). The Debtors selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. The Official Committee of Unsecured Creditors tapped Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel. Propex Inc., and its affiliates delivered to the Court a Joint Plan of Reorganization and Disclosure Statement on October 29, 2008. As of June 29, 2008, the Debtors' balance sheet showed total assets of US$562,700,000, and total debts of US$551,700,000. Bankruptcy Creditors' Service, Inc., publishes Propex Bankruptcy News. The newsletter tracks the chapter 11 proceedings undertaken by Propex Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) REFCO INC: Refco LLC's Monthly Operating Report for March 2009 -------------------------------------------------------------- Albert Togut, the Chapter 7 Trustee overseeing the liquidation of Refco, LLC's estate, filed with the U.S. Bankruptcy Court for the Southern District of New York a monthly statement of cash receipts and disbursements for the period from March 1 to 31, 2009. The Chapter 7 Trustee reports that Refco LLC's beginning balance in its Money Market account with JPMorgan Chase Bank, N.A., totaled $79,664,000 as of March 31. During the Reporting Period, Refco LLC received $25,000 in interest income. No transfers were made, according to Mr. Togut. The Debtor held $78,592,000 at the end of the period. Refco, LLC Schedule of Cash Receipts and Disbursements Through JPMorgan Money Market and Checking Accounts March 1 through March 31, 2009 Beginning Balance, March 1, 2009 $79,664,000 RECEIPTS Interest Income 25,000 Sale of Assets 0 Marshalling of Excess Capital 0 Man Financial - Excess Capital return 0 Membership and Clearing Deposits 0 Other Receivables 0 ------------- TOTAL RECEIPTS 25,000 TRANSFERS Money Market Account to checking account 0 December 2008 cleared checks 0 ------------- TOTAL TRANSFERS 0 DISBURSEMENTS Operating expenses & other disbursements 342,000 Executory contract cure payments 0 Pursuant to payment stipulation 0 Purchase price escrow deposit 0 Expected account escrow fund 0 Membership & clearing deposits 0 Payment on account of prepetition claims 750,000 Other disbursements 0 Reorganization Expenses Attorney fees 5,000 Trustee bond premium 0 Other professional fees 0 ------------- TOTAL DISBURSEMENTS 1,097,000 ------------- Ending Balance, March 31, 2009 $78,592,000 ============= About Refco Inc. Headquartered in New York, Refco Inc. -- http://www.refco.com/ -- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The company has operations in Bermuda. The Company and 23 of its affiliates filed for Chapter 11 protection on October 17, 2005 (Bankr. S.D.N.Y. Case No. 05- 60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represented the Debtors in their restructuring efforts. Milbank, Tweed, Hadley & McCloy LLP, represented the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its Chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on December 15, 2006. That Plan became effective on December 26, 2006. Pursuant to the plan, RJM, LLC, was named plan administrator to reorganized Refco, Inc. and its affiliates, and Marc S. Kirschner as plan administrator to Refco Capital Markets, Ltd. (Refco Bankruptcy News, Issue No. 92; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) REUNION INDUSTRIES: Posts $179,000 Net Loss in March 2009 --------------------------------------------------------- Reunion Industries, Inc., posted a net loss of $179,000 on net sales $1,020,000 for the month of March 2009. As of March 31, 2009, the Debtor had $21,514,000 in total assets, $12,704,000 in total liabilities, and $8,810,000 in total stockholders' equity. A full-text copy of the Debtor's March 2009 monthly operating report is available for free at: http://researcharchives.com/t/s?3ce3 Reunion Industries filed for Chapter 11 protection on November 26, 2007 (Bankr. D. Conn. Case No. 07-50727). Two Reunion Industries stockholders, Charles E. Bradley, Sr. Family Limited Partnership, and John Grier Poole Family Limited Partnership filed separate Chapter 11 petitions on the same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol A. Felicetta, Esq., David M. S. Shaiken, Esq., Eric A. Henzy, Esq., at Reid and Riege, P.C.; and Derek M. Johnson, Esq., at Ruben, Johnson and Morgan, represent Reunion Industries as counsel. As reported in the Troubled Company Reporter on April 11, 2009, as of February 28, 2009, the Debtor had $21,930,000 in total assets, $12,031,000 in total liabilities, and $9,899,000 in total stockholders' equity. RITZ CAMERA: Posts $14 Million Net Loss From Feb. 22 to March 31 ---------------------------------------------------------------- Ritz Camera Centers Inc. filed with the U.S. Bankruptcy Court for the District of Delaware on May 7, 2009, a monthly operating report for the period from February 22, 2009, to March 31, 2009. For the period, Ritz Camera reported a net loss of $13,984,983 on sales of $55,285,575. Net loss before an income tax benefit was $23,095,106. At March 31, 2009, the company had total assets of $315,427,120, total liabilities of $229,069,386, and stockholders' equity of $86,357,734. A full-text copy of Ritz Camera's monthly operating report is available at Ritz.MarchMOR.pdf http://bankrupt.com/misc/Ritz.MarchMOR.pdf Headquartered in Beltsville, Maryland, Ritz Camera Centers, Inc. -- http://www.ritzcamera.com/-- sells digital cameras and accessories, and electronic products. The Company filed for Chapter 11 protection on February 22, 2009 (Bankr. D. Del. Case No. 09-10617). Irving E. Walker, Esq., Gary H. Leibowitz, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Baltimore, represent the Debtor as counsel. Norman L. Pernick, Esq., and Karen M. Mckinley, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington, Delaware, represent the Debtor as local counsel. Thomas & Libowitz, P.A. is Debtor's special corporate counsel and conflicts counsel. Marc S. Seinsweig, at FTI Consulting, Inc, acts as the Debtor's chief restructuring officer. Kurtzman Carson Consultants LLC is the claims and noticing agent. Attorneys at Cooley Godward Kronish LLP represent the official committee of unsecured creditors as lead counsel. The Committee selected Bifferato LLC as Delaware counsel. When the Debtor filed for protection from its creditors, it listed assets and debts between $100 million and $500 million. In its schedules, the Debtor listed total assets of $277 million and total debts of $172.1 million. SMURFIT-STONE: Files Monthly Operating Report for March 2009 ------------------------------------------------------------ Smurfit-Stone Container Corporation Combined Balance Sheet As of March 31, 2009 ASSETS Current Assets: Cash $225,782,000 Receivables 634,221,000 Inventories 508,753,000 Prepaid expenses and others 29,630,000 --------------- Total current assets 1,398,386,000 Net property 3,435,901,000 Timberlands, less depletion 31,702,000 Deferred debt issuance costs 2,314,000 Deferred income taxes 34,917,000 Investments in and advances to non-Debtor 84,521,000 affiliates Other assets 66,662,000 --------------- Total assets $5,054,403,000 =============== LIABILITIES & EQUITY (DEFICIT) Liabilities Not Subject to Compromise: Current liabilities: Current maturities of long-term debt $1,789,637,000 Accounts payable 248,084,000 Accrued compensation and payroll taxes 132,681,000 Interest payable 7,655,000 Income taxes payable 8,255,000 Current deferred taxes 21,052,000 Other current liabilities 122,996,000 --------------- Total current liabilities 2,330,360,000 Other long-term liabilities 123,509,000 --------------- Total liabilities not subject to compromise 2,453,869,000 Liabilities subject to compromise 4,194,511,000 Total stockholders' equity (deficit) (1,593,977,000) --------------- Total liabilities & stockholders' equity $5,054,403,000 =============== Smurfit-Stone Container Corporation Combined Statement of Operations For the month ended March 31, 2009 Net sales $466,938,000 Costs and expenses: Cost of goods sold 416,768,000 Selling and administrative expenses 42,530,000 Restructuring charges 5,546,000 Loss on disposal of assets 503,000 --------------- Income from operations 1,591,000 Other income (expense): Interest expense, net (25,535,000) Equity in losses of non-debtor affiliates (1,622,000) Foreign currency exchange losses (1,300,000) Loss on early extinguishment of debt (non-cash) - Other, net (577,000) --------------- Loss before reorganization items and income taxes (27,443,000) Reorganization items, net (45,710,000) --------------- Loss before income taxes (73,153,000) Provision for income taxes (1,000,000) --------------- Net loss ($74,153,000) =============== Smurfit-Stone Container Corporation Schedule of Receipts and Disbursements For the month ended March 31, 2009 Beginning cash balance $194,947,000 Cash receipts 587,919,000 Proceeds from net borrowings of long-term 29,365,000 debt --------------- Total receipts 617,284,000 Disbursements: Payroll & benefits (106,504,000) Professional fees (1,148,000) Interest (13,085,000) Capital expenditures (8,858,000) Advances to affiliates (18,000,000) Other disbursements (438,854,000) --------------- Total disbursements (586,449,000) Ending cash balance $225,782,000 =============== A copy of the Debtors' monthly operating report is available for free at http://bankrupt.com/misc/SmurfMar09MOR.pdf About Smurfit-Stone Container Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/-- is one of the leading integrated manufacturers of paperboard and paper-based packaging in North America and one of the world's largest paper recyclers. The Company operates 162 manufacturing facilities that are primarily located in the United States and Canada. The Company also owns roughly one million acres of timberland in Canada and operates wood harvesting facilities in Canada and the United States. The Company employs approximately 21,250 employees, 17,400 of which are based in the United States. For the quarterly period ended September 30, 2008, the Company reported approximately $7.450 billion in total assets and $5.582 billion in total liabilities on a consolidated basis. Smurfit-Stone and its U.S. and Canadian subsidiaries filed to reorganize under Chapter 11 on January 26, 2009 (Bankr. D. Del. Lead Case No. 09-10235). Certain of the company's affiliates, including Smurfit-Stone Container Canada Inc., a wholly owned subsidiary of SSCE, and certain of its affiliates, filed to reorganize under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Canada. Smurfit-Stone joined pulp- and paper-related bankruptcies as rising Internet use hurts magazines and newspapers. Corporacion Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy in October. Quebecor World Inc., a magazine printer and Pope & Talbot Inc., a pulp-mill operator, also sought cross-border bankruptcies for their operations in the U.S. and Canada. James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M. Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton, Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware, serve as the Debtors' bankruptcy counsel. PricewaterhouseCooper LLC, serves as the Debtors' financial and investment consultants. Lazard Freres & Co. LLC acts as the Debtors' investment bankers. Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and claims agent. Bankruptcy Creditors' Service, Inc., publishes Smurfit-Stone Bankruptcy News. The newsletter tracks the Chapter 11 proceeding and ancillary foreign proceedings undertaken by Smurfit-Stone Container Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) SPANSION INC: Cerium Laboratories' Monthly Report for March 2009 ---------------------------------------------------------------- Cerium Laboratories LLC Balance Sheet As of March 29, 2009 ASSETS Current Assets Unrestricted Cash & Cash Equivalents $102,318 Restricted Cash & Cash Equivalents 0 Accounts Receivable (net) 847,598 Notes Receivable 0 Inventories 0 Prepaid Expenses 31,632 Professional Retainers 0 Amount Due From Intercompany 1,562,083 Other Current Assets 0 ------------- Total current assets 2,543,630 Property and Equipment Real Property & Improvements 0 Machinery and Equipment 20,896,291 Furniture, fixtures & Office Equip. 0 Leasehold Improvements 83,120 Vehicles 0 Less Accumulated Depreciation (20,182,953) ------------- Total Property and Equipment 796,458 Other Assets Loans to Insiders Other Assets 0 ------------- Total Other Assets 0 ------------- Total Assets $3,340,088 ============= LIABILITIES AND OWNER EQUITY Liabilities Not Subject to Compromise Postpetition Accounts Payable $15,812 Taxes Payable 5,026 Wages Payable 0 Notes Payable 0 Rent/Lease 0 Secured Debt 0 Professional Fees 0 Amounts Due to Insiders 0 Other Postpetition Liabilities 0 ------------- Total Postpetition Liabilities 20,838 Liabilities Subject to Compromise (Prepetition) Secured Debt 0 Priority Debt 22,597 Intercompany Payable 80,100 Unsecured Debt 484,878 ------------- Total Prepetition Liabilities 587,575 ------------- Total Liabilities 608,413 OWNER EQUITY Capital Stock 335,453 Additional Paid-in Capital 0 Dividend 0 Partners' Capital Account 0 Owner's Equity Account 0 Retained Earnings-Prepetition 2,136,090 Retained Earnings-Postpetition 260,132 Adjustments to Owner Equity 0 Postpetition Contributions 0 ------------- Net Owner Equity 2,731,675 ------------- Total Liabilities and Owner Equity $3,340,088 ============= Cerium Laboratories LLC Statement of Operations For Month Ended March 29, 2009 Revenues Gross Revenues $597,258 Less: Returns & Allowances 0 ------------- Net Revenue 597,258 Cost of Goods Sold 0 ------------- Gross Profit 597,258 Operating Expenses Advertising 0 Auto and Truck Expense 0 Bad Debts 0 Contributions 0 Employee Benefits Programs 35,078 Insider Compensation 0 Insurance 0 Management Fees/Bonuses 0 Office Expense 0 Pension & Profit-sharing Plans 0 Repairs and Maintenance 32,653 Rent and Lease Expense 33,572 Salaries/Commissions/Fees 190,784 Supplies 5,540 Taxes-Payroll 0 Taxes-Real Estate 4,988 Taxes-Others 0 Travel and Entertainment 0 Utilities 0 Other 16,666 ------------- Total Operating Expense Before Depreciation 319,280 Depreciation/Depletion/Amort. 17,845 Net Profit(loss) Before Other Income & Expenses 260,132 Other Income and Expenses Other Income 0 Interest Expense 0 Other Expense 0 Net Profit(loss)Before 260,132 Reorganization Items Professional Fees 0 U.S. Trustee Quarterly Fees 0 Income Taxes 0 ------------- Net Profit(loss) $260,132 ============= Cerium Laboratories LLC Schedule of Cash Receipts and Disbursements For Month Ended March 29, 2009 Cash Beginning of Month $27,953 Receipts Customer Receipts 141,067 Intercompany Transfer 0 Other Receipts 10,740 ------------- Total Receipts 151,807 Disbursements Buildings 0 Foundry & Subcon 0 Labor & Benefits 0 Material 0 Other 635 Outside Services 0 Repair & Maintenance 6,807 Capital Expenditures 0 Debt Obligations & Capital Leases 0 Taxes Payable 0 Intercompany Transfers(debtor) 70,000 Facility Closure Costs 0 ------------- Total Disbursements 77,442 Net Cash Inflow/(Outflow) 74,365 ------------- Cash End of Month $102,318 ============= About Spansion Inc. Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion International, Inc., and Cerium Laboratories LLC filed voluntary petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No. 09-10690). On February 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan are included in the U.S. or Japan filings. Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at Latham & Watkins LLP, have been tapped as bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is the claims agent. The United States Trustee has appointed an official committee of unsecured creditors in the case. As of September 30, 2008, Spansion disclosed total assets of $3,840,000,000, and total debts of $2,398,000,000. Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009 (Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said that Spansion Japan had $10 million to $50 million in assets and $50 million to $100 million in debts. SPANSION INC: Spansion International's Monthly Report for March --------------------------------------------------------------- Spansion International Inc. Balance Sheet As of March 29, 2009 ASSETS Unrestricted Cash & Cash Equivalents $1,324,423 Restricted Cash & Cash Equivalents 8,878 Accounts Receivable (net) 0 Notes Receivable 0 Inventories 0 Prepaid Expenses 142,700 Professional Retainers 0 Amount Due From Intercompany 0 Other Current Assets 6,258,594 ------------- Total current assets 7,734,596 Property and Equipment Real Property & Improvements 2,619,200 Machinery and Equipment 1,994,723 Furniture, fixtures & Office Equipment 505,412 Leasehold Improvements 0 Vehicles 0 Less Accumulated Depreciation (2,309,522) ------------- Total Property and Equipment 2,809,812 Other Assets Loans to Insiders 0 Other Assets 595,214 ------------- Total Other Assets 595,214 ------------- Total Assets $11,139,622 ============= LIABILITIES AND OWNER EQUITY Liabilities Not Subject to Compromise (Postpetition) Accounts Payable $56,519 Taxes Payable 0 Wages Payable 381,467 Notes Payable 225,741 Rent/Lease 0 Secured Debt 0 Professional Fees 0 Amounts Due to Insiders 0 Other Postpetition Liabilities 40,004 ------------- Total Postpetition Liabilities 703,732 Liabilities Subject to Compromise (Prepetition) Secured Debt 0 Priority Debt 2,567,330 Intercompany Payable 1,458,191 Unsecured Debt 1,074,429 ------------- Total Prepetition Liabilities 5,099,950 ------------- Total Liabilities 5,803,682 OWNER EQUITY Capital Stock (4,415,651) Additional Paid-in Capital 0 Dividend (4,574,812) Partners' Capital Account 0 Owner's Equity Account 0 Retained Earnings-Prepetition 14,134,680 Retained Earnings-Postpetition 191,723 Adjustments to Owner Equity 0 Postpetition Contributions 0 ------------- Net Owner Equity 5,335,940 ------------- Total Liabilities and Owner Equity $11,139,622 ============= Spansion International Inc. Statement of Operations For Month Ended March 29, 2009 Revenues Intercompay Revenue $1,261,510 Less: Returns & Allowances 0 ------------- Net Revenue 1,261,510 Cost of Goods Sold 0 ------------- Gross Profit 1,261,510 Operating Expenses Advertising 5,951 Auto and Truck Expense 43,314 Bad Debts 0 Contributions 0 Employee Benefits Programs 211,664 Insider Compensation 0 Insurance 5,429 Management Fees/Bonuses 73,229 Office Expense 12,644 Pension & Profit-sharing Plans 57,795 Repairs and Maintenance 3,072 Rent and Lease Expense 108,861 Salaries/Commissions/Fees 1,002,779 Supplies 5,502 Taxes-Payroll 627 Taxes-Real Estate 0 Taxes-Others 0 Travel and Entertainment 51,974 Utilities 22,249 Other Assets 61,139 ------------- Total Operating Expense Before Depreciation 1,666,229 Depreciation/Depletion/Amort. 76,688 Net Profit(loss) Before Other Income & Expenses (481,408) Other Income and Expenses Other Income 723,989 Interest Expense (524) Other Expense 0 Net Profit(loss)Before Reorganization Items 242,057 Reorganization Items Professional Fees 0 U.S. Trustee Quarterly Fees 0 Income Taxes 50,335 ------------- Net Profit(loss) $191,723 ============= Spansion International Inc. Schedule of Cash Receipts and Disbursements For Month Ended March 29, 2009 Cash Beginning of Month $1,924,521 Receipts Customer Receipts 0 Intercompany Transfer 1,182,103 Other Receipts 0 ------------- Total Receipts 1,182,103 Disbursements Buildings 121,878 Foundry & Subcon 0 Labor & Benefits 936,723 Material 73 Other 190,775 Outside Services 69,884 Repair & Maintenance 638 Capital Expenditures 94,261 Debt Obligations & Capital Leases 0 Taxes 367,969 Facility Closure Costs 0 ------------- Total Disbursements 1,782,201 Net Cash Inflow/(Outflow) (600,098) ------------- Cash End of Month $1,324,423 ============= About Spansion Inc. Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion International, Inc., and Cerium Laboratories LLC filed voluntary petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No. 09-10690). On February 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan are included in the U.S. or Japan filings. Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at Latham & Watkins LLP, have been tapped as bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is the claims agent. The United States Trustee has appointed an official committee of unsecured creditors in the case. As of September 30, 2008, Spansion disclosed total assets of $3,840,000,000, and total debts of $2,398,000,000. Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009 (Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said that Spansion Japan had $10 million to $50 million in assets and $50 million to $100 million in debts. SPANSION INC: Spansion Technology's Operating Report for March -------------------------------------------------------------- Spansion Technology LLC Balance Sheet As of March 29, 2009 ASSETS Unrestricted Cash & Cash Equiv. $0 Restricted Cash & Cash Equiv. 0 Accounts Receivable (net) 0 Notes Receivable 0 Inventories 0 Prepaid Expenses 0 Professional Retainers 0 Amount Due From Intercompany 0 Other Current Assets 633,929,652 ------------- Total current assets 633,929,652 Property and Equipment Real Property & Improvements 0 Machinery and Equipment 0 Furniture, fixtures & Office Equip. 0 Leasehold Improvements 0 Vehicles 0 Less Accumulated Depreciation 0 ------------- Total Property and Equipment 0 Other Assets Loans to Insiders OTHER ASSETS 0 ------------- Total Other Assets 0 ------------- Total Assets $633,929,652 ============= LIABILITIES AND OWNER EQUITY Liabilities Not Subject to Compromise Postpetition Accounts Payable $0 Taxes Payable 0 Wages Payable 0 Notes Payable 0 Rent/Lease 0 Secured Debt 0 Professional Fees 0 Amounts Due to Insiders 0 Other Postpetition Liabilities 0 ------------- Total Postpetition Liabilities 0 Liabilities Subject to Compromise Prepetition Secured Debt 0 Priority Debt 0 Intercompany Payable 0 Unsecured Debt 0 ------------- Total Prepetition Liabilities 0 ------------- Total Liabilities 0 OWNER EQUITY Capital Stock 633,929,652 Additional Paid-in Capital 0 Dividend 0 Partners' Capital Account 0 Owner's Equity Account 0 Retained Earnings-Prepetition 0 Retained Earnings-Postpetition 0 Adjustments to Owner Equity 0 Postpetition Contributions 0 ------------- Net Owner Equity 633,929,652 ------------- Total Liabilities and Owner Equity $633,929,652 ============= Spansion Technology LLC tells the Court that its Balance Sheet is to be completed on an accrual basis only. Spansion Technology did not file a statement of operations and a schedule of cash receipts and disbursements because it does not have any employees, nor conducts any business that generates any revenue. It also does not file any separate income or payroll tax returns. However, it is included in Spansion Inc.'s federal consolidated and California worldwide unitary tax returns. About Spansion Inc. Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion International, Inc., and Cerium Laboratories LLC filed voluntary petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No. 09-10690). On February 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan are included in the U.S. or Japan filings. Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at Latham & Watkins LLP, have been tapped as bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is the claims agent. The United States Trustee has appointed an official committee of unsecured creditors in the case. As of September 30, 2008, Spansion disclosed total assets of $3,840,000,000, and total debts of $2,398,000,000. Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009 (Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said that Spansion Japan had $10 million to $50 million in assets and $50 million to $100 million in debts. ********* 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. Ma. Theresa Amor J. Tan Singco, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, 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. *** End of Transmission ***