/raid1/www/Hosts/bankrupt/TCR_Public/090523.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 23, 2009, Vol. 13, No. 141
Headlines
ABITIBIBOWATER INC: Files Initial Monthly Operating Report
ATA AIRLINES: Monthly Operating Report for March 2009
GREEKTOWN CASINO: Files Monthly Operating Report for March 2009
LEHIGH COAL: Posts Net Profit of $274,000 in March 2009
LEHMAN BROTHERS: Files Monthly Operating Report for March 2009
NEUMANN HOMES: Files Monthly Operating Report for March 2009
NEUMANN HOMES: Debtors' Monthly Operating Report for April 2009
PILGRIM'S PRIDE: Monthly Operating Report -- Ended April 25, 2009
SMURFIT-STONE: Monthly Operating Report for March 31, 2009
TRIBUNE CO: Debtors' Monthly Operating Report for March 2009
*********
ABITIBIBOWATER INC: Files Initial Monthly Operating Report
---------------------------------------------------------
Pursuant to Section 1746 of the Judiciary and Judicial Procedures
Code, AbitibiBowater, Inc., and its debtor-affiliates filed with
the U.S. Bankruptcy Court for the District of Delaware and
submitted to the United States Trustee, on May 4, 2009, an initial
report detailing their monthly operations within 15 days after the
Petition Date.
Jacques P. Vachon, senior vice president for AbitibiBowater's
Corporate Affairs, submitted separate cash flows projecting an
ending balance totaling $126,218,000, with respect to these
Debtor-entities:
Ending
Debtor Reporting Period Balance
------ ---------------- -------
Abitibi-Consolidated, Inc. 19 weeks ended $70,739,000
July 19, 2009
Bowater Canadian 13 weeks ended $55,479,000
Forest Products, Inc. July 19, 2009
Ms. Vachon also disclosed that the Debtors maintain various
insurance policies for coverage of, among other things, their
workers' compensation, property, general liability and vehicles
for their U.S. and Canadian entities. The Debtors' insurance
companies include ACE American Insurance Company, Travelers
Property Casual Company of America, Phoenix Insurance Company,
Commerce and Industry Insurance Co., Great American Insurance
Company of New York, XL Insurance America, and Insurance Company
of the State of PA.
Ms. Vachon also filed with the Court evidence of their bank
accounts, as detailed in their Cash Management.
Furthermore, Ms. Vachon disclosed that AbitibiBowater made these
retainer payments to these professionals for the period from
February 5 to April 14, 2009, totaling $1,560,889:
Professional Amount Paid
------------ -----------
Paul, Weiss, Rifkind, Wharton & Garrison LLP $300,000
Young Conaway Stargatt & Taylor LLP 125,000
Troutman Sanders 335,889
Blackstone Group 800,000
A full-text copy of the Debtors' Initial MOR is available for
free at http://bankrupt.com/misc/ABH_InitialMORMay2009.pdf
About AbitibiBowater Inc.
Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products. It is the eighth largest publicly traded pulp and paper
manufacturer in the world. AbitibiBowater owns or operates 27
pulp and paper facilities and 34 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the Company is
also among the world's largest recyclers of old newspapers and
magazines, and has more third-party certified sustainable forest
land than any other company in the world.
Out-of-Court Restructuring Effort
AbitibiBowater tried to renegotiate about $2.9 billion in the
debts of its Canadian unit, Abitibi-Consolidated, and
$1.8 billion of its U.S. unit, Bowater Inc. On March 13,
AbitibiBowater and Abitibi-Consolidated commenced a
recapitalization proposal which was intended to reduce the
Company's net debt by roughly $2.4 billion, lower its annual
interest expense by roughly $162 million and raise roughly
$350 million through the issuance of new notes of ACI and common
stock and warrants of the Company.
On February 9, Bowater Finance II LLC, an indirect wholly owned
subsidiary of AbitibiBowater, commenced private offers with
respect to six series of outstanding debt securities issued by
either Bowater Incorporated or Bowater Canada Finance Corporation,
a wholly owned subsidiary of Bowater, to exchange the old notes
for new notes. BowFin also intended for a concurrent private
offering of new 15.5% First Lien Notes due November 15, 2011, to
holders of Bowater Notes who tender notes in the exchange offers.
The Company moved the exchange offer deadlines several times after
failing to garner enough support from bondholders. It ultimately
abandoned the exchange offer on March 31.
Bankruptcy Filing
The Company and several affiliates filed for protection under
Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009 (Bankr.
D. Del. Lead Case No. 09-11296). Judge Kevin J. Carey presides
over the case. The Company and its Canadian affiliates commenced
parallel restructuring proceedings under the Companies' Creditors
Arrangement Act before the Quebec Superior Court Commercial
Division the next day. Alex F. Morrison at Ernst & Young, Inc.,
was appointed CCAA monitor.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the
Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as
the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, serves as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, serves as the Debtors' conflicts
counsel in the Chapter 11 proceedings. The Debtors' financial
advisors are Advisory Services LP, and their noticing and claims
agent is Epiq Bankruptcy Solutions LLC. The CCAA Monitor's
counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario.
Abitibi-Consolidated Inc. and various Canadian subsidiaries filed
for protection under Chapter 15 of the U.S. Bankruptcy Code on
April 17, 2009 (Bankr. D. Del. 09-11348). Judge Carey also handles
the Chapter 15 case. Pauline K. Morgan, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in
Wilmington, represent the Chapter 15 Debtors.
As of September 30, 2008, the Company had $9,937,000,000 in total
assets and $8,783,000,000 in total debts.
Bankruptcy Creditors' Service, Inc., publishes Abitibibowater
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings and parallel proceedings under the
Companies' Creditors Arrangement Act in Canada undertaken by
Abitibibowater Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
ATA AIRLINES: Monthly Operating Report for March 2009
-----------------------------------------------------
ATA Airlines Inc.'s Chief Restructuring Officer Steve Turoff
filed with the Court the airline's operating report for the
period March 1 to 31, 2009.
Mr. Turoff disclosed that ATA Airlines had ($29,687,148) in cash
profit and $6,753 in total payables for March.
The total professional fee incurred by or on behalf of ATA
Airlines for services related to its bankruptcy case during the
month is $1,828,440.
ATA Airlines, Inc.
Receipts and Disbursements
Month Ended March 31, 2009
RECEIPTS
Military $4,248,475
Charter -
Scheduled Service
US Bank -
Amex -
Discover -
Diner's Club -
Other Scheduled Service -
Asset Sales--Inventory 66,422
Asset Sales--Ground Equipment -
Asset Sales?Rotables -
Asset Sales- L1O11 (10,000)
Return of Deposits/Prepaids 56,508
Cash Collateral/LOCs 475
Interest 391
Miscellaneous 7,798,814
------------
Total $12,161,085
============
DISBURSEMENTS
Base Payroll Inc. All Taxes $174,332
Stay Bonus -
Benefits 4,218
Employee Expense Payments 64
Outside Director Fees 2,000
Facilities 2,696
Utilities/Communications 4,535
Contract Labor 28,044
Professionals 741,032
Distribution to JPMC 40,000,000
US Trustee 325
Aircraft Ferry Cost -
Engine Changes/Certificate Mx 24,600
Insurance-D&O/Misc. 209,218
Health Insurance Run-off Reserve (417,336)
Cobra Reserve 1,067,336
Security 219
Shipping/Cargo 1,080
Returned Checks -
Miscellaneous 5,871
------------
Total $41,848,233
Beginning Balance $47,258,781
Receipts 12,161,085
Disbursements (41,848,233)
------------
Ending Balance $17,571,633
============
Headquartered in Indianapolis, Indiana, ATA Airlines, Inc., was a
diversified passenger airline operating in two principal business
lines -- a low cost carrier providing scheduled passenger service
that leverages a code share agreement with Southwest Airlines; and
a charter operator that focused primarily on providing charter
service to the U.S. government and military. ATA is a wholly
owned subsidiary of New ATA Acquisition, Inc. -- a wholly owned
subsidiary of New ATA Investment, Inc., which in turn, is a wholly
owned subsidiary of Global Aero Logistics Inc. ATA Acquisition
also owns another holding company subsidiary, World Air Holdings,
Inc., which it acquired through merger on August 14, 2007. World
Air Holdings owns and operates two other airlines, North American
Airlines and World Airways.
ATA Airlines and its affiliates filed for Chapter 11 protection on
October 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868
through 04-19874). The Honorable Basil H. Lorch III confirmed the
Debtors' plan of reorganization on January 31, 2006. The Debtors'
emerged from bankruptcy on February 28, 2006.
Global Aero Logistics acquired certain of ATA's operations after
its first bankruptcy. The remaining ATA affiliates that were not
substantively consolidated in the company's first bankruptcy case
were sold or otherwise liquidated.
ATA Airlines filed for Chapter 22 on April 2, 2008 (Bankr. S.D.
Ind. Case No. 08-03675), citing the unexpected cancellation of a
key contract for ATA's military charter business, which made it
impossible for ATA to obtain additional capital to sustain its
operations or restructure the business. ATA discontinued all
operations subsequent to the bankruptcy filing. ATA's Chapter 22
bankruptcy petition lists assets and liabilities each in the range
of $100 million to $500 million.
The Debtor is represented in its Chapter 22 case by Haynes and
Boone, LLP, and Baker & Daniels, LLP, as bankruptcy counsel.
The United States Trustee for Region 10 appointed five members to
the Official Committee of Unsecured Creditors. Otterbourg,
Steindler, Houston & Rosen, P.C., serves as bankruptcy counsel to
the Committee. FTI Consulting, Inc., acts as the panel's
financial advisors. The Court gave ATA Airlines Inc. until
February 26, 2009, to file its Chapter 11 plan and April 27, 2009,
to solicit acceptances of that plan.
ATA Airlines submitted to the Court its Chapter 11 Plan of
Reorganization and accompanying Disclosure Statement on
December 12, 2008, two weeks after it completed the sale of its
key assets to Southwest Airlines Inc.
Bankruptcy Creditors' Service, Inc., publishes ATA Airlines
Bankruptcy News. The newsletter tracks the chapter 11 case of
ATA Airlines, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
GREEKTOWN CASINO: Files Monthly Operating Report for March 2009
---------------------------------------------------------------
Greektown Holdings, LLC
Balance Sheet
As of March 31, 2009
Assets
Cash $0
Inventory
Accounts receivable
Insider Receivables 3,442,586
Property and Equipment
Land and buildings 0
Furniture, fixtures and equipment 0
Other Assets
Financing Fees 0
Notes receivables from affiliates 466,784,396
Investments in affiliate (13,660,425)
--------------
Total Assets $456,566,557
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $0
Rent and lease payable 80,000
Wages and salaries 0
Taxes payable 0
Other 1,350,000
--------------
Total postpetition liabilities 1,430,000
Secured liabilities subject to postpetition
collateral or financing order 152,818,632
All other secured liabilities 313,965,764
--------------
Total secured liabilities 466,784,396
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 223,536,722
Discount on bonds 0
--------------
Total prepetition liabilities 223,536,722
Kewadin equity (99,399,607)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (165,178,797)
--------------
Total stockholders' equity (235,184,561)
Total liabilities 691,751,119
--------------
Total Liabilities & Shareholders' Deficit $456,566,557
==============
Greektown Holdings, LLC
Income Statement
For the month ended March 31, 2009
Total revenue/sales $0
Cost of sales 0
--------------
Gross profit 0
Operating Expenses
Interest expense 1,657,292
Accounting fees - credit 80,000
--------------
Total expenses 1,737,292
Net operating profit/(loss)
Add: Non-operating income 0
Interest income 0
Other income 0
Less: Non-operating expenses 0
--------------
Net Income (Loss) ($1,737,292)
==============
Greektown Holdings, LLC
Cash Flow Statement
For the month ended March 31, 2009
Cash - beginning of month $0
Receipts 0
Balance available 0
--------------
Less disbursements 0
--------------
Cash - end of month $0
==============
Greektown Casino LLC
Balance Sheet
As of March 31, 2009
Assets
Cash $25,444,270
Inventory 521,711
Accounts receivable 4,849,523
Insider Receivables 0
Property and Equipment
Land and buildings 517,971,967
Furniture, fixtures and equipment 88,093,013
Accumulated depreciation (138,107,755)
Other current 21,379,883
Other long term 19,001,154
--------------
Total Assets $539,153,765
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $27,261,362
Notes payable 4,172,079
Rent and lease payable 0
Wages and salaries 3,002,985
Taxes payable 1,697,860
Other 176,272
--------------
Total postpetition liabilities 36,310,558
Secured liabilities subject to postpetition
collateral or financing order 152,818,632
All other secured liabilities 313,965,764
--------------
Total secured liabilities 466,784,396
Prepetition liabilities:
Taxes and other priority liabilities 1,689,506
Unsecured liabilities 44,520,012
Other 3,509,719
--------------
Total prepetition liabilities 49,719,237
Equity 47,646,499
Owner's capital 0
Retained earnings prepetition 82,744,007
Retained earnings postpetition (144,050,932)
--------------
Total stockholders' equity (13,660,426)
Total liabilities 552,814,191
--------------
Total Liabilities & Shareholders' Deficit $539,153,765
==============
Greektown Casino LLC
Income Statement
For the month ended March 31, 2009
Total revenue/sales $31,933,177
Cost of sales 2,611,685
--------------
Gross profit 29,321,492
Operating Expenses
Officer compensation 32,789
Salary expenses, other employees 5,123,744
Employees benefits & pensions 1,889,538
Payroll taxes 619,510
Other taxes 536,162
Rent and lease expense 10,800
Interest expense 6,031,024
Insurance 216,151
Automobile & truck expense 0
Utilities 467,737
Depreciation 674,638
Travel and entertainment 2,578
Repairs and maintenance 62,457
Advertising 531,347
Supplies, office expense, etc. 20,150
Gaming taxes 7,868,323
G&A expenses 2,277,197
F&B expenses 929,972
MGCB Fee 833,605
Parking/other (7,400)
Pre-opening expenses 70,823
--------------
Total expenses 28,191,145
Net operating profit/(loss) 1,130,347
Add: Non-operating income:
Interest income 12,878
Other income 0
Less: Non-operating expenses 0
Professional fees 3,536,979
Other (801,095)
--------------
Net Income/Loss ($1,592,659)
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended March 31, 2009
Cash - beginning of month $7,238,943
Receipts 34,795,791
Balance available 42,034,734
--------------
Less disbursements 30,713,567
--------------
Cash - end of month $11,321,167
==============
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC, and its
affiliates -- http://www.greektowncasino.com/-- operates world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring more than 75,000 square feet of
casino gaming space with more than 2,400 slot machines, over 70
tables games, a 12,500-square foot salon dedicated to high limit
gaming and the largest live poker room in the metropolitan Detroit
gaming market.
Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties. In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market. Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.
The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent.
When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to
$500 million.
(Greektown Casino Bankruptcy News, Issue No. 23; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
LEHIGH COAL: Posts Net Profit of $274,000 in March 2009
-------------------------------------------------------
Bloomberg's Bill Rochelle reports that Lehigh Coal & Navigation
Co. reported a $274,000 net profit in March on revenue of
$1.7 million. For the quarter, net income was $1.13 million on
revenue of $5.3 million.
Pottsville, Pennsylvania-based Lehigh Coal & Navigation Co. --
http://www.lcncoal.com/-- has been mining anthracite coal since
the late 1700s, with 8,000 acres of coal-producing properties.
Creditors filed an involuntary Chapter 11 petition against the
Company on July 15, 2008 (Bankr. M.D. Penn. Case No. 08-51957).
The involuntary filing was the third filed against the Company in
less than four years. Jeffrey Kurtzman, Esq., at Klehr, Harrison,
Harvey, Branzburg and Ellers, LLP, represents the petitioners.
The Troubled Company Reporter, citing Bloomberg's Bill Rochelle,
reported on October 7, 2008, that the Bankruptcy Court denied a
motion to replace the management of Lehigh Coal with a Chapter 11
trustee, but ordered the appointment of an examiner. In September
2008, the Court called for an investigation by an examiner. The
examiner issued a preliminary report saying more study was
required before deciding whether anyone acted "in a detrimental
manner" toward the Debtor, according to the report. The Debtor
consented to being in Chapter 11 in August.
LEHMAN BROTHERS: Files Monthly Operating Report for March 2009
--------------------------------------------------------------
Lehman Brothers Holdings, Inc., and its affiliated debtors
disclose these cash receipts and disbursements for the month
ended March 31, 2009:
Beginning cash, 03/01/09 $7,550,000,000
Receipts 1,968,000,000
Transfers 25,000,000
Disbursements (1,162,000,000)
--------------
Ending cash, 03/31/09 $8,382,000,000
The Debtors also disclosed that they paid a total of $50,800,000
to bankruptcy professionals and ordinary course professionals
from September 15, 2008, to March 31, 2009.
Lehman Brothers Holdings Inc. alone reported $2.6 billion in cash
at March 31, 2009, down from $90 million from the beginning of
the month.
A full-text copy of the March 2009 Operating Report is available
for free at http://bankrupt.com/misc/Lehman_MORMarch2009.pdf
Lehman Brothers' Collapse
Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com/-- was the fourth largest investment bank
in the United States, offering a full array of financial services
in equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity. Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.
Lehman filed for Chapter 11 on September 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale. Lehman's bankruptcy petition listed $639 billion in assets
and $613 billion in debts, effectively making the firm's
bankruptcy filing the largest in U.S. history. Several affiliates
filed bankruptcy petitions thereafter.
On September 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119). James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.
Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009. Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than $1 billion.
LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on September 15, 2008.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units have combined liabilities of JPY4 trillion --
US$38 billion. Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.
Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.
Asset Sales
Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion. Nomura Holdings Inc., the
largest brokerage house in Japan, on September 22 reached an
agreement to purchased Lehman Brothers Holdings, Inc.'s operations
in Europe and the Middle East less than 24 hours after it reached
a deal to buy Lehman's operations in the Asia Pacific for
US$225 million. Nomura paid only US$2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
NEUMANN HOMES: Files Monthly Operating Report for March 2009
------------------------------------------------------------
Neumann Homes Inc., et al.
Receipts and Disbursements
Month Ended March 31, 2009
Beginning Balance in All Accounts
Neumann Citibank Operating Account $381,352
Neumann Bank of America - old accounts (various) -
Neumann Citibank - Customer Earnest Money Acct 15
Neumann Citibank - Funding/Dip Acct 52,530
Neumann Petty Cash Account 778
Neumann Citibank - Dip Funding - Professional Acct -
Restricted - Neumann Citibank - Glen at Lakemoor
EM Acct 1,230
Neumann Citibank - Clublands Antioch Clubhouse 158,244
Restricted - IndyMac Escrow Acct - NeuVillage 125,609
Restricted - Chicago Title Escrow Acct -
Closed Homes 224,435
Restricted - Chicago Title Escrow Acct -
Lender Funded 1,377,147
Restricted - Citibank - Worker Comp Escrow 8,234
Restricted - NHI KERP Account 30,195
Restricted - Land Title Guarantee Escrow -
-----------
2,359,772
Receipts:
Operating Acct 9,668
Customer Earnest Money Acct-Ckg -
Customer Earnest Money Acct-MM -
Funding/Dip Account -
Neumann Petty Cash Account -
Glen at Lakemoor EM acct 0
Clublands Antioch Clubhouse acct 114
Dip Funding - Professional Acct -
Restricted Escrow held by CTT-Lender Funding -
IndyMac Escrow for L/C-Leona's Neu Village -
Restricted Escrow held by CTT-(closings) -
NHI Worker Comp Escrow -
NHI KERP Account -
Other Receipts - Employee Health Plan Contribution
-----------
9,782
Disbursements:
Net Payroll:
Officers -
Others (26,988)
-----------
(26,988)
Taxes:
Federal Income Tax Withholding (6,198)
FICA/Medicare Withholdings EE (2,833)
Employer's FICA/Medicare ER (2,833)
Federal Unemployment Taxes ER -
State Income Tax Withholding (1,021)
State Unemployment Taxes ER (284)
-----------
(13,171)
Necessary expenses:
Rent or mortgage payment(s) (3,546)
Utilities & phones (1,785)
Insurance -
Merchandise/services bought for manufacture or sale -
Other:
Payroll Services (320)
Benefit Related including flex spending
Miscellaneous
Expense Reimbursement (1,643)
Postage, shipping, copying (5,920)
Worker Comp Claims
House Trades
Other - Transfer
Supplies & Storage & Misc. (740)
Temporary Labor
Release of homeowner escrows
Consulting services (34,707)
US Trustee Fees
Legal - Professional Fees
Professional tax service fees (1,234)
Filing Fees, Extension Fees
Payroll tax adjustment
-----------
(49,898)
Total Disbursements: (90,058)
Net Receipts (Disbursements) for the
Current Period (80,275)
-----------
Ending Balance in All Accounts $2,279,497
==========
About Neumann Homes
Headquartered in Warrenville, Illinois, Neumann Homes Inc. --
http://www.neumannhomes.com/-- develops and builds residential
real estate throughout the Midwest and West US. The company is
active in the Chicago area, southeastern Wisconsin, Colorado, and
Michigan. The company has built more than 11,000 homes in some
150 residential communities. The Company offers formal business
training to employees through classes, seminars, and computer-
based training.
The Company filed for Chapter 11 protection on November 1, 2007
(Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at
Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the
Debtors to represent them in these cases. The Official Committee
of Unsecured Creditors has selected Paul, Hastings, Janofsky &
Walker LLP, as its counsel in these bankruptcy proceeding. When
the Debtors filed for protection from its creditors, they listed
assets and debts of more than $100 million.
(Neumann Bankruptcy News, Issue No. 29; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)
NEUMANN HOMES: Debtors' Monthly Operating Report for April 2009
---------------------------------------------------------------
Neumann Homes Inc., et al.
Receipts and Disbursements
Month Ended April 30, 2009
Beginning Balance in All Accounts
Neumann Citibank Operating Account $317,001
Neumann Bank of America - old accounts (various) -
Neumann Citibank - Customer Earnest Money Acct 15
Neumann Citibank - Funding/DIP Acct 52,530
Neumann Petty Cash Account 37
Neumann Citibank - DIP Funding - Professional Acct -
Neumann Citibank-Clublands Antioch Clubhouse 158,358
Restricted - Neumann Citibank - Glen at Lakemoor
EM Acct 1,231
Restricted - IndyMac Escrow Acct - NeuVillage 125,609
Restricted - Chicago Title Escrow Acct -
Closed Homes 224,435
Restricted - Chicago Title Escrow Acct -
Lender Funded 1,377,147
Restricted - Citibank - Worker Comp Escrow 8,234
Restricted - NHI KERP Account 14,896
Restricted - Land Title Guarantee Escrow -
Subtotal of all Restricted Accounts 1,751,553
-----------
2,279,497
Receipts:
Operating Acct 103,672
Customer Earnest Money Acct-Ckg -
Customer Earnest Money Acct-MM -
Funding/DIP Account -
Neumann Petty Cash Account 300
Glen at Lakemoor EM acct 0
Clublands Antioch Clubhouse acct 110
DIP Funding - Professional Acct -
Restricted Escrow held by CTT-Lender Funding -
IndyMac Escrow for L/C-Leona's Neu Village -
Restricted Escrow held by CTT-(closings) -
NHI Worker Comp Escrow -
NHI KERP Account -
Other Receipts - Employee Health Plan Contribution
-----------
104,082
Disbursements:
Net Payroll:
Officers -
Others (15,445)
-----------
(15,445)
Taxes:
Federal Income Tax Withholding (2,112)
FICA/Medicare Withholdings EE (1,497)
Employer's FICA/Medicare ER (1,497)
Federal Unemployment Taxes ER -
State Income Tax Withholding (517)
State Unemployment Taxes ER -
-----------
(5,624)
Necessary expenses:
Rent or mortgage payment(s) (3,546)
Utilities & phones (1,339)
Insurance -
Merchandise/services bought for manufacture or sale -
Other:
Payroll Services (926)
Benefit Related including flex spending
Miscellaneous
Expense Reimbursement (865)
Postage, shipping, copying (40)
Worker Comp Claims
House Trades
Other - Transfer
Supplies & Storage & Misc.
Temporary Labor
Release of homeowner escrows
Consulting services (48,662)
US Trustee Fees (6,500)
Legal - Professional Fees (1,389)
Professional tax service fees (1,609)
Filing Fees, Extension Fees
Payroll tax adjustment
-----------
(64,879)
Total Disbursements: (85,949)
Net Receipts (Disbursements) for the
Current Period 18,133
-----------
Ending Balance in All Accounts $2,297,631
==========
About Neumann Homes
Headquartered in Warrenville, Illinois, Neumann Homes Inc. --
http://www.neumannhomes.com/-- develops and builds residential
real estate throughout the Midwest and West US. The company is
active in the Chicago area, southeastern Wisconsin, Colorado, and
Michigan. The company has built more than 11,000 homes in some
150 residential communities. The Company offers formal business
training to employees through classes, seminars, and computer-
based training.
The company filed for Chapter 11 protection on November 1, 2007
(Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at
Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the
Debtors to represent them in these cases. The Official Committee
of Unsecured Creditors has selected Paul, Hastings, Janofsky &
Walker LLP, as its counsel in these bankruptcy proceeding. When
the Debtors filed for protection from its creditors, they listed
assets and debts of more than $100 million.
(Neumann Bankruptcy News, Issue No. 29; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)
PILGRIM'S PRIDE: Monthly Operating Report -- Ended April 25, 2009
-----------------------------------------------------------------
Pilgrim's Pride Corporation
Balance Sheet
As of April 25, 2009
ASSETS
Current Assets:
Cash
Unrestricted $2,937,973
Restricted 6,664,131
Accounts receivable - net 295,238,600
Intercompany accounts receivable 205,157,137
Inventory 756,113,540
Notes receivable 0
Prepaid expenses 13,255,756
--------------
Total current assets 1,279,367,137
Property, plant and equipment 1,330,997,022
Other assets -
Less: Accumulated depreciation 748,943,572
--------------
Net Property, Plant & Equipment 582,053,449
Other assets 1,298,600,245
--------------
Total assets $3,160,020,832
==============
LIABILITIES
Postpetition Liabilities:
Accrued expenses $-
Taxes payable 9,910,553
Notes payable (DIP Financing) 50,591,797
Professional fees (accrued est) 14,485,274
Secured debt (accrued int) 14,729,662
Others 224,447,105
--------------
Total postpetition liabilities 314,164,391
Prepetition liabilities:
Secured debt 1,342,645,910
Priority debt 620,577
Unsecured debt 814,163,381
Other 649,291,987
--------------
Total prepetition liabilities 2,806,721,856
Total Liabilities 3,120,886,247
Equity:
Prepetition owners' equity 531,687,077
Postpetition cumulative profit(loss) (95,778,293)
Direct charges to equity (396,774,199)
--------------
Total Equity 39,134,585
Total Liabilities & owners' equity $3,160,020,832
==============
Pilgrim's Pride Corporation
Income Statement
For the Month Ended April 25, 2009
Revenues:
Gross Revenue $530,547,782
Less: Returns and discounts 10,014,884
------------
Net Revenue 520,532,898
Cost of Goods Sold:
Cost of goods sold 462,410,371
------------
Total cost of goods sold 462,410,371
Gross profit 58,122,527
Operating Expenses:
Officer/insider compensation 562,304
General & administrative 21,454,974
Other 10,318
-----------
Total operating expenses 22,027,596
Income before non-operating income & expense 36,094,931
Other Income & Expenses:
Financing expenses 12,211,872
Other 561,647
Reorganization Expenses:
Professional fees 4,953,000
U.S. Trustee fees 0
Other reorganization items 4,439,454
------------
Total reorganization expenses 9,392,454
Income tax 7,474
------------
Net Profit (Loss) $13,921,485
============
Pilgrim's Pride Corporation
Cash Receipts & Disbursements
For the Month Ended April 25, 2009
Cash - Beginning of month $35,407,954
Cash sales 0
Collection of Accounts Receivable:
Total operating receipts 505,710,408
Non-Operating Receipts:
Loans & advances (39,200,000)
Others (PPC Mexico reimbursements) 30,199,733
------------
Total Non-operating receipts (9,000,267)
Total receipts 496,710,141
Total Cash Available 532,118,095
Operating Disbursement:
Customer programs 8,577,830
Growing and feeding 225,839,644
Contractors, repair and maintenance 13,466,688
Fleet and freight 28,803,068
General insurance 5,075,390
Leases/rentals 3,533,450
Meat/food 12,086,902
Packaging/ingredients 39,248,608
Gross payroll 101,454,340
Utilities 18,360,679
Other 32,106,572
Capital expenditure 5,627,967
------------
Total Operating Disbursements 494,181,137
Reorganization Expenses:
Professional fees 3,697,460
U.S. Trustee fees 0
Other reorganization 13,606,159
------------
Total reorganization expenses 17,303,619
Total disbursement 511,484,756
Securitization line pay-down 0
------------
Net cash flow (14,774,615)
Changes in cash management obligations (12,724,578)
Cash - End of Month $39,357,917
============
About Pilgrim's Pride Corp.
Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico. In addition, the Company owns 34
processing plants in the United States and 3 processing plants in
Mexico. The processing plants are supported by 42 hatcheries, 31
feed mills and 12 rendering plants in the United States and 7
hatcheries, 4 feed mills and 2 rendering plants in Mexico.
Moreover, the company owns 12 prepared food production facilities
in the United States. The Company employs about 40,000 people and
has major operations in Texas, Alabama, Arkansas, Georgia,
Kentucky, Louisiana, North Carolina, Pennsylvania, Tennessee,
Virginia, West Virginia, Mexico, and Puerto Rico, with other
facilities in Arizona, Florida, Iowa, Mississippi, and Utah.
Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664). The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.
Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel. The Debtors have also tapped Baker &
McKenzie LLP as special counsel. Lazard Freres & Co., LLC, is the
company's investment bankers and William K. Snyder of CRG Partners
Group LLC as chief restructuring officer. The Company's claims
and noticing agent is Kurtzman Carson Consulting LLC.
A nine-member committee of unsecured creditors has been appointed
in the case.
As of December 27, 2008, the Company had $3,215,103,000 in total
assets, $612,682,000 in total current liabilities, $225,991,000 in
total long-term debt and other liabilities, and $2,253,391,000 in
liabilities subject to compromise.
Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
of Pilgrim's Pride Corp. and its various affiliates.
SMURFIT-STONE: Monthly Operating Report for March 31, 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
TRIBUNE CO: Debtors' Monthly Operating Report for March 2009
------------------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of March 29, 2009
ASSETS
Current Assets:
Cash and cash equivalents $717,516,000
Accounts receivable, net 67,245,000
Inventories 35,807,000
Broadcast rights 219,836,000
Prepaid expenses and other 91,195,000
-------------
Total current assets 1,131,599,000
Property, plant and equipment, net 1,348,319,000
Other Assets:
Broadcast rights 177,383,000
Goodwill & other intangible assets 3,161,872,000
Prepaid pension costs 989,000
Investments in non-debtor units 1,125,528,000
Other investments 22,342,000
Intercompany receivables from
non-debtors 4,706,588,000
Other 104,370,000
-------------
Total Assets $11,778,990,000
===============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Contracts payable for broadcast rights $5,123,000
Current portion of long-term debt 2,584,000
Accounts payable, accrued expenses, and other 226,084,000
-------------
Total current liabilities 233,791,000
Pension obligations 197,289,000
Long-term debt 11,621,000
Other obligations 264,983,000
-------------
Total Liabilities 707,684,000
Liabilities Subject to Compromise:
Intercompany payables to
non-debtors 4,457,910,000
Obligations to third parties 13,844,273,000
-------------
Total Liabilities Subject to Compromise 18,302,183,000
Shareholders' Equity (Deficit) (7,230,877,000)
-------------
Total Liabilities & Shareholders' Equity $11,778,990,000
===============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period March 2 through March 29, 2009
Total Revenue $237,848,000
Operating Expenses:
Cost of sales 134,923,000
Selling, general and administrative 87,768,000
Depreciation 12,829,000
Amortization of intangible assets 1,499,000
-------------
Total operating assets 237,019,000
-------------
Operating Profit (Loss) 829,000
-------------
Net loss on equity investments (218,000)
Interest income, net 1,087,000
Management fee (1,687,000)
Non-operating loss, net (8,100,000)
-------------
Loss before income taxes and
reorganization costs (8,089,000)
Reorganization costs (6,239,000)
-------------
Loss before income taxes (14,328,000)
Income taxes 124,000
-------------
Net loss ($14,204,000)
=============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period March 2 through March 29, 2009
Beginning Cash Balance $811,740,000
Cash Receipts:
Operating receipts 248,094,000
Other 0
-------------
Total Cash Receipts 248,094,000
Cash Disbursements
Compensation and benefits 78,730,000
General disbursements 255,494,000
Reorganization, interest & fees 296,000
-------------
Total Disbursements 334,520,000
-------------
Debtors' Net Cash Flow (86,426,000)
From/(To) Non-Debtors (542,000)
-------------
Net Cash Flow (86,967,000)
Other (13,831,000)
-------------
Ending Available Cash Balance $710,942,000
=============
About Tribune Co.
Headquartered in Chicago, Illinois, Tribune Company --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball
team. The Company and 110 of its affiliates filed for Chapter 11
protection on December 8, 2008 (Bankr. D. Del. Lead Case No.
08-13141). The Debtors proposed Sidley Austion LLP as their
counsel; Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware
counsel; Lazard Ltd. and Alvarez & Marsal North Americal LLC as
financial advisors; and Epiq Bankruptcy Solutions LLC as claims
agent. As of December 8, 2008, the Debtors have $7,604,195,000 in
total assets and $12,972,541,148 in total debts.
Bankruptcy Creditors' Service, Inc., publishes Tribune
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by Tribune Company and its various affiliates.
(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
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On Thursdays, the TCR delivers a list of recently filed
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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,
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USA. Ma. Theresa Amor J. Tan Singco, Ronald C. Sy, Joel Anthony
G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo
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Editors.
Copyright 2009. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***