/raid1/www/Hosts/bankrupt/TCR_Public/090620.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, June 20, 2009, Vol. 13, No. 169
Headlines
CHEMTURA CORP: Posts $7 Million Net Loss in Month Ended May 31
FREMONT GENERAL: Posts $5,675,522 in May 2009
GENERAL GROWTH: Posts $7.4 Million Net Loss in April 2009
GREEKTOWN CASINO: Files Monthly Operating Report for April 2009
HAWAIIAN TELCOM: Files Monthly Operating Report for April 2009
LEHMAN BROTHERS: LCPI's October 2, 2008 Balance Sheet
MIDLAND FOOD: Posts $583,000 Net Loss in Month Ended May 11
RH DONNELLEY: Files Initial Monthly Operating Report
SIX FLAGS: Balance Sheet as of March 31, 2009
SPANSION INC.: Files Monthly Operating Report -- April 26, 2009
SPANSION INC: Spansion International's Monthly Report for April
SPANSION INC: Spansion Technology's Monthly Report -- April 26
SPANSION INC: Cerium Laboratories' Monthly Report -- April 26
VERMILLION INC: Posts $441,167 Net Loss in April 2009
*********
CHEMTURA CORP: Posts $7 Million Net Loss in Month Ended May 31
--------------------------------------------------------------
On June 15, 2009, Chemtura Corporation filed with the U.S.
Bankruptcy Court for the Southern District of New York, as
required by the Bankruptcy Code, its monthly operating report for
the period May 1, 2009, through May 31, 2009.
Chemtura Corporation and related debtors reported a consolidated
net loss of $7.0 million on net sales of $177.0 million for the
month of May 2009.
As May 31, 2009, the Debtors had $4.14 billion in total assets,
$3.73 billion in total liabilities, and $404.0 million in total
stockholders' equity.
A full-text copy of the Debtors' monthly operating report for May
2009 is available at http://researcharchives.com/t/s?3df9
About Chemtura Corp
Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.
Chemtura Corporation and 26 of its U.S. affiliates filed
voluntary petitions for relief under Chapter 11 on March 18, 2009
(Bankr. S.D.N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq.,
at Kirkland & Ellis LLP, in New York, serves as bankruptcy
counsel. Wolfblock LLP serves as the Debtors' special counsel.
The Debtors' auditors and accountant are KPMG LLP; their
investment bankers are Lazard Freres & Co.; their strategic
communications advisors are Joele Frank, Wilkinson Brimmer
Katcher; their business advisors are Alvarez & Marsal LLC and Ray
Dombrowski serves as their chief restructuring officer; and their
claims and noticing agent is Kurtzman Carson Consultants LLC.
As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.
Bankruptcy Creditors' Service, Inc., publishes Chemtura
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings undertaken by Chemtura Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
FREMONT GENERAL: Posts $5,675,522 in May 2009
---------------------------------------------
On june 15, 2009, Fremont General Corporation filed its monthly
operating report for the month ended May 31, 2009, with the
United States Trustee for the Central District of California.
Fremont General reported total assets of $482,757,179, total
liabilities of $349,845,721, and total equity of $132,911,458 at
May 31, 2009.
For the month, the Debtors reported a net loss of $5,675,522 and
generated zero revenues.
A full-text copy of the Debtor's May 2009 monthly operating
report is available for free at:
http://researcharchives.com/t/s?3dfd
Based in Santa Monica, Calif., Fremont General Corp. (OTC: FMNTQ)
-- http://www.fremontgeneral.com/-- was a financial services
holding company with $8.8 billion in total assets at
September 30, 2007. Fremont General ceased being a financial
services holding company on July 25, 2008, when its wholly owned
bank subsidiary, Fremont Reorganizing Corporation (f/k/a Fremont
Investment & Loan) completed the sale of its assets, including
all of its 22 branches, and 100% of its $5.2 billion of deposits
to CapitalSource Bank.
Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No. 08-13421). Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, Theodore
Stolman, Esq., Scott H. Yun, Esq., and Whitman L. Holt, Esq., at
Stutman Treister & Glatt, represent the Debtor as counsel.
Kurtzman Carson Consultants LLC is the Debtor's Noticing Agent
and Claims Processor. Lee R. Bogdanoff, Esq., Jonathan S.
Shenson, Esq., and Brian M. Metcalf, at Klee, Tuchin, Bogdanoff &
Stern LLP, represent the Official Committee of Unsecured
Creditors as counsel. The Debtor filed with the Court an amended
schedule of its assets and liabilities on October 30, 2008,
disclosing $330,036,435 in total assets and $326,560,878 in total
debts.
GENERAL GROWTH: Posts $7.4 Million Net Loss in April 2009
---------------------------------------------------------
On June 15, 2009, General Growth Properties, Inc. and certain of
the Company's domestic subsidiaries filed their monthly operating
report for the period ended April 30, 2009, with the U.S.
Bankruptcy Court for the Southern District of New York.
General Growth reported a consolidated net loss attributable to
of $7.4 million on on total revenues of $101.3 million for the
period ended April 30, 2009.
At April 30, 2009, General Growth's consolidated balance sheet
showed $24.77 billion in total assets, $23.88 billion in total
liabilities, $127.4 million in total redeemable noncontrolling
interests, and $765.8 million in total equity.
A full-text copy of the Debtors monthly operating report for the
month ended April 30, 2009, is available at:
http://researcharchives.com/t/s?3dfa
About General Growth
Based in Chicago, Illinois, General Growth Properties, Inc.
(NYSE:GGP) -- http://www.ggp.com/-- is the second-largest U.S.
mall owner, having ownership interest in, or management
responsibility for, more than 200 regional shopping malls in 44
states, as well as ownership in master planned community
developments and commercial office buildings. The Company's
portfolio totals roughly 200 million square feet of retail space
and includes more than 24,000 retail stores nationwide. General
Growth is a self-administered and self-managed real estate
investment trust.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants
LLC has been engaged as claims agent. The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co.
LLC, as investment bankers. The Debtors disclosed
$29,557,330,000 in assets and $27,293,734,000 in debts as of
Dec. 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GREEKTOWN CASINO: Files Monthly Operating Report for April 2009
---------------------------------------------------------------
Greektown Holdings, LLC
Balance Sheet
As of April 30, 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 473,964,717
Investments in affiliate (15,178,222)
--------------
Total Assets $462,229,081
==============
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 159,998,953
All other secured liabilities 313,965,764
--------------
Total secured liabilities 473,964,717
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 225,194,014
Discount on bonds 0
--------------
Total prepetition liabilities 225,194,014
Kewadin equity (99,399,607)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (168,353,885)
--------------
Total stockholders' equity (238,359,649)
Total liabilities 700,588,731
--------------
Total Liabilities & Shareholders' Deficit $462,229,081
==============
Greektown Holdings, LLC
Income Statement
For the month ended April 30, 2009
Total revenue/sales $0
Cost of sales 0
--------------
Gross profit 0
Operating Expenses
Interest expense 1,657,292
Accounting fees - credit 0
--------------
Total expenses 1,657,292
Net operating profit/(loss)
Add: Non-operating income 0
Interest income 0
Other income 0
Less: Non-operating expenses 0
--------------
Net Income (Loss) ($1,657,292)
==============
Greektown Holdings, LLC
Cash Flow Statement
For the month ended April 30, 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 April 30, 2009
Assets
Cash $22,845,127
Inventory 526,494
Accounts receivable 4,686,631
Insider Receivables 0
Property and Equipment
Land and buildings 520,553,780
Furniture, fixtures and equipment 88,152,686
Accumulated depreciation (139,138,752)
Other current 19,769,608
Other long term 17,378,834
--------------
Total Assets $534,774,408
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $16,899,594
Notes payable 2,269,664
Rent and lease payable 0
Wages and salaries 3,312,885
Taxes payable 923,411
Other 176,272
--------------
Total postpetition liabilities 23,581,826
Secured liabilities subject to postpetition
collateral or financing order 159,998,953
All other secured liabilities 313,965,764
--------------
Total secured liabilities 473,964,717
Prepetition liabilities:
Taxes and other priority liabilities 1,459,016
Unsecured liabilities 47,437,353
Other 3,509,719
--------------
Total prepetition liabilities 52,406,088
Equity 47,646,499
Owner's capital 0
Retained earnings prepetition 82,744,007
Retained earnings postpetition (145,568,729)
--------------
Total stockholders' equity (15,178,223)
Total liabilities 549,952,631
--------------
Total Liabilities & Shareholders' Deficit $534,774,408
==============
Greektown Casino LLC
Income Statement
For the month ended April 30, 2009
Total revenue/sales $30,966,921
Cost of sales 2,622,456
--------------
Gross profit 28,344,465
Operating Expenses
Officer compensation 32,789
Salary expenses, other employees 4,847,946
Employees benefits & pensions 1,916,871
Payroll taxes 584,867
Other taxes 536,162
Rent and lease expense 10,800
Interest expense 5,927,300
Insurance 219,000
Automobile & truck expense 0
Utilities 336,271
Depreciation 1,030,997
Travel and entertainment 10,263
Repairs and maintenance 59,581
Advertising 661,480
Supplies, office expense, etc. 17,169
Gaming taxes 7,473,240
G&A expenses 2,562,335
F&B expenses 1,071,982
MGCB Fee 833,605
Parking/other 8,600
Pre-opening expenses 0
--------------
Total expenses 28,141,260
Net operating profit/(loss) 203,205
Add: Non-operating income:
Interest income 10,000
Other income 0
Less: Non-operating expenses 0
Professional fees 1,631,002
Other 100,000
--------------
Net Income/Loss ($1,517,797)
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended April 30, 2009
Cash - beginning of month $11,321,167
Receipts 38,344,977
Balance available 49,666,144
--------------
Less disbursements 39,450,599
--------------
Cash - end of month $10,215,545
==============
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.
Bankruptcy Creditors' Service, Inc., publishes Greektown Casino
Bankruptcy News. The newsletter tracks the chapter 11
proceedings undertaken by Greektown Casino and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
HAWAIIAN TELCOM: Files Monthly Operating Report for April 2009
--------------------------------------------------------------
Hawaiian TelCom Communications, Inc.
Balance Sheet
As of April 30, 2009
Cash and cash equivalents $92,249,479
Accounts receivable -
Materials and supplies -
Prepaid expenses 16,667
Other current assets -
Property and equipment -
Investment in subsidiaries 977,517,385
Deferred charges and other assets 11,597,740
Intangible assets (2)
---------------
Total assets $1,081,381,269
===============
Current portion of long-term debt 1,076,690,096
Accounts payable -
Payroll and related benefits payable -
Accrued other taxes 1
Accrued interest 29,914,250
Advance billings -
Other current liabilities 15,390,680
Long-term debt -
Employee benefit obligations -
Other liabilities -
---------------
Total liabilities 1,121,995,027
---------------
Equity (384,673,822)
Intercompany receivable (102,072,089)
Intercompany payable 446,132,153
---------------
Net owner interest (40,613,758)
---------------
Total liabilities and partners' capital $1,081,381,269
===============
Hawaiian TelCom Communications, Inc.
Income Statement
For the Month Ended April 30, 2009
Operating revenues -
Operating expenses:
Cost of goods sold -
Salaries and wages $6,626
Pension and other benefits -
Employee related expenses -
Contracted services (7,917)
Restructuring expenses -
Rents -
Materials -
Advertising -
Gross receipts and other taxes -
Uncollectibles -
All other 42
Depreciation and amortization -
---------------
Total operating expenses (1,249)
---------------
Operating income (loss) (1,249)
---------------
Other (income) expense:
Interest expense 2,497,421
Loss on early extinguishment of debt -
Gain (loss) on interest rate swap -
Other income and expense, net -
---------------
Total other (income) expenses 2,497,421
---------------
Income (loss) from continuing operations
before reorganization items and provision
for income taxes (2,496,172)
Reorganization items 10,624
---------------
Income (loss) from continuing operations
before provision for income taxes (2,506,796)
Provision (benefit) for income taxes -
---------------
Net income (loss) ($2,506,796)
===============
Hawaiian TelCom Communications, Inc.
Cash Receipts and Disbursements
For the Month Ended April 30, 2009
March 2009 ending book balance $90,259,976
Cash on hand beginning book balance 0
Adjustments 0
---------------
March 2009 beginning book balance 90,259,976
Receipts
Receipts from operations 2,700
Net change in deposits in transit 0
Other 0
---------------
Total receipts 2,700
---------------
Disbursements
AP & Payroll disbursements
Check (13,325)
EFT 0
Wire (1,160,836)
---------------
Total AP & Payroll disbursements (1,174,161)
---------------
Bank debts
Bank fees (20)
Other 0
---------------
Total bank debts (20)
---------------
Total disbursements (1,174,181)
---------------
Other transfers 2,000,000
---------------
ZBA credits 1,160,984
ZBA debits 0
---------------
Total ZBAs 1,160,984
---------------
Adjustments 0
---------------
April 2009 ending book balance $92,249,478
===============
Other Hawaiian Telcom Affiliates
Seven affiliates of Hawaiian Telcom Communications also delivered
separate individual monthly operating reports to the Court. The
Hawaiian Telcom affiliates reported these assets and liabilities
as of April 30, 2009:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- --------------
Hawaiian Telcom, Inc. $1,130,300,899 $1,130,300,899
Hawaiian Telcom Services
Company, Inc. $76,280,769 $76,280,769
Hawaiian Telcom IP Service
Delivery Investment, LLC $0 $0
Hawaiian Telcom IP Video
Investment, LLC $0 $0
Hawaiian Telcom IP Video
Research, LLC ($470) ($470)
Hawaiian Telcom IP Service
Delivery Research, LLC ($1,747) ($1,747)
Hawaiian Telcom Holdco, Inc. ($40,594,825) ($40,594,825)
The Debtor affiliates listed their net income or loss for the
period from April 1 to 30, 2009:
Company Net Income(Loss)
------------- ---------------
Hawaiian Telcom, Inc. ($2,085,378)
Hawaiian Telcom Services Company, Inc. ($1,410,392)
Hawaiian Telcom IP Service Delivery Research, LLC ($38,937)
Hawaiian Telcom IP Video Research, LLC ($19,066)
Hawaiian Telcom Holdco, Inc. $0
Hawaiian Telcom IP Service Delivery Investment, LLC $0
Hawaiian Telcom IP Video Investment, LLC $0
The Debtor affiliates also reported their cash receipts and
disbursements for the period from April 1 to 30, 2009:
Company Receipts Disbursements Cash Flow
------------- ----------- ------------- ---------
Hawaiian Telcom, Inc. $42,809,611 ($38,549,148) $4,602,581
Hawaiian Telcom Services
Company, Inc. $318,611 ($3,804,185) ($466,932)
Hawaiian Telcom Holdco,
Inc. $0 $0 $0
Hawaiian Telcom IP Service
Delivery Investment, LLC $0 $0 $0
Hawaiian Telcom IP Video
Investment, LLC $0 $0 $0
Hawaiian Telcom IP Video
Research, LLC $0 ($5,875) ($469)
Hawaiian Telcom IP Service
Delivery Research, LLC $0 ($13,156) (1,746)
About Hawaiian Telcom
Based in Honolulu, Hawaii, Hawaiian Telecom Communications, Inc.
-- http://www.hawaiiantel.com/-- operates a telecommunications
company, which offers an array of telecommunications products and
services including local and long distance service, high-speed
Internet, wireless services, and print directory and Internet
directory services.
The Company and seven of its affiliates filed for Chapter 11
protection on December 1, 2008 (Bankr. D. Del. Lead Case No.
08-13086). As reported by the TCR on December 30, 2008, Judge
Peter Walsh of the U.S. Bankruptcy Court for the District of
Delaware approved the transfer of the Chapter 11 cases to the
U.S. Bankruptcy Court for the District of Hawaii before Judge
Lloyd King (Bankr. D. Hawaii Lead Case No. 08-02005).
Richard M. Cieri, Esq., Paul M. Basta, Esq., and Christopher J.
Marcus, Esq., at Kirkland & Ellis LLP, represent the Debtors in
their restructuring efforts. The Debtors proposed Lazard Freres
& Co. LLC as investment banker; Zolfo Cooper Management LLC as
business advisor; Deloitte & Touche LLP as independent auditors;
and Kurztman Carson Consultants LLC as notice and claims agent.
An official committee of unsecured creditors has been appointed
and is represented by Christopher J. Muzzi, Esq., at Moseley
Biehl Tsugawa Lau & Muzzi LLC, in Honolulu, Hawaii.
When the Debtors filed for protection from their creditors, they
listed total assets of $1,352,000,000 and total debts of
$1,269,000,000 as of September 30, 2008.
Bankruptcy Creditors' Service, Inc., publishes Hawaiian Telcom
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Hawaiian Telcom Communications, Inc., and seven of
its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
LEHMAN BROTHERS: LCPI's October 2, 2008 Balance Sheet
-----------------------------------------------------
On June 15, 2009, Lehman Brothers Holdings Inc. and certain of
its subsidiaries filed with the U.S. Bankruptcy Court for the
Southern District of New York a monthly operating report.
Lehman Commercial Paper Inc.
Balance Sheet
As of October 2, 2008
Assets:
Cash and restricted cash $500,000,000
Securities and financial instruments owned 5,805,000,000
Receivables from affiliates 15,902,000,000
Investments in subsidiaries and other assets 2,861,000,000
---------------
Total Assets $25,068,000,000
Liabilities and Stockholder's Equity:
Payables $399,000,000
Payables to Affiliates 25,729,000,000
---------------
Total Liabilities $26,128,000,000
Total Stockholder's Equity (1,060,000,000)
---------------
Total Liabilities and Stockholder's Equity $25,068,000,000
Lehman Brothers Special Financing Inc.
Balance Sheet
As of October 2, 2008
Assets:
Cash restricted, segregated and on deposit $612,000,000
Securities and financial instruments owned 752,000,000
Derivative assets from customers 21,631,000,000
Receivables from affiliates 22,854,000,000
Investments in subsidiaries and other assets 2,701,000,000
---------------
Total Assets $48,550,000,000
Liabilities and Stockholder's Equity:
Derivative liabilities to customers $11,932,000,000
Payables 340,000,000
Payables to Affiliates 34,181,000,000
---------------
Total Liabilities $46,453,000,000
Total Stockholder's Equity 2,097,000,000
---------------
Total Liabilities and Stockholder's Equity $48,550,000,000
BNC Mortgage LLC
Balance Sheet
As of January 8, 2009
Assets:
Cash $2,000
Due from affiliates 17,649,000
Other assets 443,000
-----------
Total Assets $18,094,000
Liabilities and Stockholder's Equity:
Payables to Affiliates $2,567,000
Other payables $15,673,000
-----------
Total Liabilities $18,240,000
Total Stockholder's Equity (146,000)
-----------
Total Liabilities and Stockholder's Equity $18,094,000
A full-text copy of the monthly operating report is available at:
http://researcharchives.com/t/s?3dfc
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 purchase 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)
MIDLAND FOOD: Posts $583,000 Net Loss in Month Ended May 11
-----------------------------------------------------------
Midland Food Services LLC reported a $583,000 net loss for the
month ended May 11 on net sales of $4.2 million, Bloomberg's Bill
Rochelle reports. The loss before interest, taxes, depreciation
and amortization for the period was $274,000. From the inception
of the reorganization, cumulative net profit is $389,000 on sales
of $46.3 million.
Net sales were $64 million for the year ended July 7.
About Midland Food Services
Independence, Ohio-based Midland Food Services, L.L.C., is a
Pizza Hut franchisee, operating 88 Pizza Hut restaurants in Ohio,
West Virginia, Kentucky, Michigan, Maryland and Virginia. Net
sales were $64 million for the year ended July 7, 2008.
Midland Food filed for Chapter 11 bankruptcy before the United
States Bankruptcy Court for the District of Delaware on August 6,
2008 (Bankr. D. Del. 08-11802). Tara L. Lattomus, Esq., and
Margaret F. England, Esq., at Eckert Seamans Cherin & Melot,
L.L.C., represent the Debtor in its restructuring efforts. Gary
D. Bressler, Esq., at McElroy, Deutsch, Mulvaney & Carpenter,
LLP, has been tapped as co-counsel. . Midland's formal lists of
assets and debt show property claimed to be worth $5.8 million
against liabilities totaling $34.6 million, including
$27.4 million in secured claims.
The Debtor first filed for Chapter 11 in October 2000. It
emerged from bankruptcy one year later on August 7, 2001.
RH DONNELLEY: Files Initial Monthly Operating Report
----------------------------------------------------
R.H. Donnelley Corp., et al., submitted to the U.S. Bankruptcy
Court for the District of Delaware their initial monthly
operating report containing these documents:
(1) 13-week rolling cash forecast, a full-text copy of which
is available for free at:
http://bankrupt.com/misc/RHD13wkfrcst.pdf
(2) certificates of insurance, copies of which are available
for free at http://bankrupt.com/misc/RHDInsCert.pdf
(3) a list of retainers paid to professionals, available for
free at http://bankrupt.com/misc/RHDProRets.pdf
About R.H. Donnelley
Based in Cary, North Carolina, R.H. Donnelley Corp., fka The Dun
& Bradstreet Corp. (NYSE: RHD) -- http://www.rhdonnelley.com/--
publishes and distributes print and online directories in the
U.S. It offers print directory advertising products, such as
yellow pages and white pages directories. R.H. Donnelley Inc.,
Dex Media, Inc. and Local Launch, Inc. are the company's only
direct wholly owned subsidiaries.
R.H. Donnelley Corp. and 19 of its affiliates, including Dex
Media East LLC and Dex Media West LLC, filed for Chapter 11
protection on May 28, 2009 (Bank. D. Del. Case No. 09-11833
through 09-11852), after missing a $55 million interest payment
on its senior unsecured notes due April 15. James F. Conlan,
Esq., Larry J. Nyhan, Esq., Jeffrey C. Steen, Esq., Jeffrey E.
Bjork, Esq., and Peter K. Booth, Esq., at Sidley Austin LLP, in
Chicago, Illinois represent the Debtors in their restructuring
efforts. Edmon L. Morton, Esq., and Robert S. Brady, Esq., at
Young, Conaway, Stargatt & Taylor LLP, in Wilmington, Delaware,
serve as the Debtors' local counsel. The Debtors' financial
advisor is Deloitte Financial Advisory Services LLP while its
investment banker is Lazard Freres & Co. LLC.
As of March 31, 2009, the Company had $929,829,000 in total
assets and $1,023,526,000 in total liabilities, resulting in
$93,697,000 in total shareholders' deficit.
Bankruptcy Creditors' Service, Inc., publishes R.H. Donnelley
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings of R.H. Donnelley Corp. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
SIX FLAGS: Balance Sheet as of March 31, 2009
---------------------------------------------
Six Flags, Inc.
Consolidated Balance Sheet (Unaudited)
As of March 31, 2009
Assets:
Cash and Cash Equivalents $79,412,000
Accounts receivable 25,084,000
Inventories 35,033,000
Prepaid expense and other current assets 49,514,000
--------------
Total current assets 189,043,000
Other assets:
Debt issuance costs 29,877,000
Restricted-use-investment securities 6,778,000
Deposit and other assets 65,321,000
--------------
Total other assets 101,976,000
Property, and equipment, at cost 2,680,431,000
Less accumulated depreciation 1,122,819,000
--------------
Total property and equipment 1,557,612,000
Intangible assets, net of
accumulated amortization 1,058,704,000
----------------
Total assets $2,907,335,000
================
Liabilities and Stockholders' Deficit:
Accounts payable $33,844,000
Accrued compensation payroll and benefits 14,449,000
Accrued insurance reserves 32,956,000
Accrued interest payable 36,568,000
Other accrued liabilities 46,843,000
Deferred income 38,125,000
Liabilities from discontinued operations 1,400,000
Current portion of long-term debt 399,432,000
---------------
Total current liabilities 603,617,000
Long-term debt 1,912,477,000
Liabilities from discontinued operations 6,592,000
Other long-term liabilities 69,325,000
Deferred income taxes 117,367,000
Redeemable noncontrolling interests 414,394,000
Mandatory redeemable preferred stock 307,875,000
Common stock 2,444,000
Capital in excess of par value 1,492,333,000
Accumulated deficit (1,960,269,000)
Accumulated other comprehensive loss (58,820,000)
--------------
Total stockholders' deficit (524,312,000)
Total liabilities and stockholders' deficit $2,907,335,000
==============
Headquartered in New York City, Six Flags, Inc., is the world's
largest regional theme park company with 20 parks across the
United States, Mexico and Canada.
Six Flags filed for chapter 11 protection on June 13, 2009
(Bankr. D. Del. Lead Case No. 09-12019). Paul E. Harner, Esq.,
Steven T. Catlett, Esq., and Christian M. Auty, Esq., at Paul,
Hastings, Janofsky & Walker LLP in Chicago, Illinois, act as the
Debtors' lead counsel. Daniel J. DeFranceschi, Esq., and L.
Katherine Good, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, act as local counsel. Cadwalader
Wickersham & Taft LLP, serves as special counsel. Houlihan Lokey
Howard & Zukin Capital Inc., serves as financial advisors, while
KPMG LLC acts as accountants. Kurtzman Carson Consultants LLC
serves as claims and notice agent. As of March 31, 2009, Six
Flags had $2,907,335,000 in total assets and $3,431,647,000 in
total liabilities.
Bankruptcy Creditors' Service, Inc., publishes Six Flags
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Six Flags Inc. and
its various affiliates. (http://bankrupt.com/newsstand/or
215/945-7000).
SPANSION INC.: Files Monthly Operating Report -- April 26, 2009
---------------------------------------------------------------
Chief Financial Officer Nathan Sarkisian filed on June 16, 2009,
Spansion Inc.'s monthly operating report for April 2009.
Mr. Sarkisian notes that Spansion Inc., is the holding company
that directly and indirectly owns Spansion LLC, the principal
operating company of Spansion. It does not have any employees,
nor does it conduct any business that generates any revenue. It
also does not file any separate income or payroll tax returns, he
says. However, Spansion Inc., is the parent company for
Spansion's federal consolidated and California worldwide unitary
tax returns.
A full-text copy of Spansion Inc.'s April Operating Report is
available for free at:
http://bankrupt.com/misc/SpansionInc_AprMOR.pdf
Spansion Inc.
Balance Sheet
As of April 26, 2009
ASSETS
Unrestricted Cash & Cash Equivalents $0
Restricted Cash & Cash Equivalents 0
Accounts Receivable (net) 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 0
Professional Retainers 0
Other Current Assets 13,422,075
------------
Total current assets 13,422,075
Property and Equipment 0
Real Property & Improvements 0
Machinery and Equipment 0
Furniture, fixtures & Office Equipment 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 $13,422,075
============
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 64,907
Unsecured Debt 0
------------
Total Prepetition Liabilities 64,907
------------
Total Liabilities 64,907
OWNER EQUITY
Capital Stock 161,432
Additional Paid-in Capital 2,354,987,181
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition (2,338,973,120)
Retained Earnings-Postpetition (2,818,324)
Adjustments to Owner Equity 0
Postpetition Contributions 0
------------
Net Owner Equity 13,357,169
------------
Total Liabilities and Owner Equity $13,422,075
============
Spansion Inc.
Statement of Operations
For The Period From March 30 to April 26, 2009
REVENUES
Gross Revenues $0
Less: Returns and Allowances 0
------------
Net Revenue 0
Cost of Goods Sold
Beginning Inventory 0
Add: Purchases 0
Add: Cost of Labor 0
Add: Other costs 300,345
Less: Ending Inventory 0
Cost of Goods Sold 300,345
------------
Gross Profit (300,345)
Operating Expenses
Advertising 0
Auto and Truck Expense 0
Bad Debts 0
Contributions 0
Employee Benefits Programs 0
Insider Compensation 0
Insurance 0
Management Fees/Bonuses 0
Office Expense 0
Pension & Profit-sharing Plans 0
Repairs and Maintenance 0
Rent and Lease Expense 0
Salaries/Commissions/Fees 0
Supplies 0
Taxes-Payroll 0
Taxes-Real Estate 0
Taxes-Others 0
Travel and Entertainment 0
Utilities 0
Other 1,176,556
-----------
Total Operating Expense Before Depreciation 1,176,556
Depreciation/Depletion/Amortization 0
-----------
Net Profit(loss) Before Other Income & Expenses (1,476,901)
OTHER INCOME AND EXPENSES
Other Income 0
Interest Expense 0
Other Expense 0
-----------
Net Profit(loss)Before Reorganization Items (1,476,901)
Reorganization Items
Professional Fees 0
U.S. Trustee Quarterly Fees 0
Income Taxes 0
------------
Net Profit(Loss) ($1,476,901)
============
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 April
---------------------------------------------------------------
Spansion International, Inc.
Balance Sheet
As of April 26, 2009
ASSETS
Unrestricted Cash & Cash Equivalents $615,810
Restricted Cash & Cash Equivalents 8,946
Accounts Receivable (net) 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 134,740
Professional Retainers 0
Other Current Assets 7,151,670
------------
Total current assets 7,911,166
Property and Equipment
Real Property & Improvements 2,619,200
Machinery and Equipment 1,806,451
Furniture, fixtures & Office Equipment 505,412
Leasehold Improvements 0
Vehicles 0
Less Accumulated Depreciation (2,369,450)
------------
Total Property and Equipment 2,561,613
Other Assets
Loans to Insiders 0
Other Assets 588,657
------------
Total Other Assets 588,657
------------
Total Assets $11,061,437
============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable $135,242
Taxes Payable 24,274
Wages Payable 933,929
Accrued liabilities 422,638
Rent/Lease-Building/Equipment 0
Secured Debt 0
Professional Fees 0
Amounts Due to Insiders 0
Other Postpetition Liabilities 51,862
------------
Total Postpetition Liabilities 1,567,945
Liabilities Subject to Compromise Prepetition
Secured Debt 0
Priority Debt 2,000,601
Intercompany Payable 1,530,735
Unsecured Debt 556,512
------------
Total Prepetition Liabilities 4,087,848
------------
Total Liabilities $5,655,793
OWNER EQUITY
Capital Stock (4,415,651)
Additional Paid-in Capital 0
Dividend (4,574,812)
Partners' Capital Account 0
Owner's Equity Account 14,134,680
Retained Earnings-Prepetition 261,427
Retained Earnings-Postpetition 0
Adjustments to Owner Equity 0
Postpetition Contributions 0
------------
Net Owner Equity 5,405,644
------------
Total Liabilities and Owner Equity $11,061,437
============
Spansion International, Inc.
Statement of Operations
For The Period From March 30 to April 26, 2009
REVENUES
Intercompany Revenue $1,444,355
Less: Returns & Allowances 0
------------
Net Revenue 1,444,355
Cost of Goods Sold
Beginning Inventory 0
Add: Purchases 0
Add: Cost of Labor 0
Add: Other costs 0
Less: Ending Inventory 0
------------
Gross Profit 1,444,355
Operating Expenses
Advertising 5,951
Auto and Truck Expense 51,472
Bad Debts 0
Contributions 0
Employee Benefits Programs 209,894
Insider Compensation 0
Insurance (2,594)
Management Fees/Bonuses 69,011
Office Expense 33,002
Pension & Profit-sharing Plans 59,556
Repairs and Maintenance 18,975
Rent and Lease Expense 117,779
Salaries/Commissions/Fees 969,062
Supplies 2,971
Taxes-Payroll 876
Taxes-Real Estate 0
Taxes-Others 0
Travel and Entertainment 68,821
Utilities 31,502
Other 37,227
------------
Total Operating Expense Before Depreciation 1,673,507
Depreciation/Depletion/Amortization 59,927
------------
Net Profit(loss) Before Other Income & Expenses (289,079)
OTHER INCOME AND EXPENSES
Other Income 468,041
Interest Expense 0
Other Expense 23,178
------------
Net Profit(loss)Before Reorganization Items (155,784)
Reorganization Items
Professional Fees 0
U.S. Trustee Quarterly Fees 0
Income Taxes 86,080
------------
Net Profit(loss) $69,704
============
Spansion International Inc.
Schedule of Cash Receipts and Disbursements
For The Period From March 30 to April 26, 2009
Cash Beginning of Month $1,324,423
Receipts
Customer Receipts 0
Intercompany Transfer 943,014
Other Receipts 21,803
------------
Total Receipts 964,816
Disbursements
Buildings 134,231
Foundry & Subcon 0
Labor & Benefits 872,397
Material 0
Other 372,906
Outside Services 40,660
Repair & Maintenance 1,325
Capital Expenditures 104,073
Debt Obligations & Capital Leases 0
Taxes Payable 151,873
Facility Closure Costs 0
------------
Total Disbursements 1,677,464
Net Cash Inflow/(Outflow) (712,648)
------------
Cash End of Month $611,775
============
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 Monthly Report -- April 26
--------------------------------------------------------------
Spansion CFO Nathan Sarkisian says Spansion Technology Inc., does
not have any employees, nor does it conduct any business that
generates any revenue. Mr. Sarkisian adds that the company does
not file any separate income or payroll tax returns. However, he
says, it is included in Spansion Inc.'s federal consolidated and
California worldwide unitary tax returns.
A full-text copy of Spansion Technology's April Monthly Operating
Report is available for free at:
http://bankrupt.com/misc/SpansionTechnologyAprilMOR.pdf
Spansion Technology LLC
Balance Sheet
As of April 26, 2009
ASSETS
Unrestricted Cash & Cash Equivalents $0
Restricted Cash & Cash Equivalents 0
Accounts Receivable (net) 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 0
Professional Retainers 0
Other Current Assets 0
------------
Total current assets 0
Property and Equipment 0
Real Property & Improvements 0
Machinery and Equipment 0
Furniture, fixtures & Office Equipment 0
Leasehold Improvements 0
Vehicles 0
Less Accumulated Depreciation 0
------------
Total Property and Equipment 0
Other Assets
Loans to Insiders 0
Other Assets 0
------------
Total Other Assets 0
------------
Total Assets $0
============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise Postpetition
Accounts Payable $0
Taxes Payable 0
Wages Payable 0
Accrued liabilities 0
Rent/Lease-Building/Equipment 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
Intercompany Capital Stock 633,929,652
Additional Paid-in Capital 0
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition (633,929,652)
Retained Earnings-Postpetition 0
Adjustments to Owner Equity 0
Postpetition Contributions 0
------------
Net Owner Equity 0
------------
Total Liabilities and Owner Equity $0
============
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: Cerium Laboratories' Monthly Report -- April 26
-------------------------------------------------------------
Spansion CFO Nathan Sarkisian relates that even though Cerium
Laboratories LLC does not have its own employees, it conducts
business that provides technical support to companies in the
fields of semiconductors, alternative fuels and the nanosciences.
It also does not file any separate income or payroll tax returns,
he adds.
A full-text copy of Cerium Laboratories' April Monthly Operating
Report is available for free at:
http://bankrupt.com/misc/Cerium_AprilMOR.pdf
Cerium Laboratories LLC
Balance Sheet
As of April 26, 2009
ASSETS
Unrestricted Cash & Cash Equivalents $20,742
Restricted Cash & Cash Equivalents 0
Accounts Receivable (net) 855,044
Notes Receivable 0
Inventories 0
Prepaid Expenses 156,791
Professional Retainers 0
Amount due from Intercompany 1,622,676
Other Current Assets 0
------------
Total current assets 2,655,253
Property and Equipment
Real Property & Improvements 0
Machinery and Equipment 20,896,291
Furniture, fixtures & Office Equipment 0
Leasehold Improvements 83,120
Vehicles 0
Less Accumulated Depreciation (20,200,801)
-------------
Total Property and Equipment 778,610
Other Assets
Loans to Insiders 0
Other Assets 0
-------------
Total Other Assets 0
-------------
Total Assets $3,433,863
=============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise Postpetition
Accounts Payable $36,695
Taxes Payable 21,650
Wages Payable 0
Accrued liabilities 0
Rent/Lease-Building/Equipment 0
Secured Debt 0
Professional Fees 0
Amounts Due to Insiders 0
Other Postpetition Liabilities 0
------------
Total Postpetition Liabilities 58,345
Liabilities Subject to Compromise Prepetition
Secured Debt 0
Priority Debt 11,223
Intercompany Payable 80,100
Unsecured Debt 482,231
-------------
Total Prepetition Liabilities 573,554
-------------
Total Liabilities 631,899
OWNER EQUITY
Capital Stock 335,453
Additional Paid-in Capital 0
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition 2,136,090
Retained Earnings-Postpetition 330,421
Adjustments to Owner Equity 0
Postpetition Contributions 0
-------------
Net Owner Equity 2,801,964
-------------
Total Liabilities and Owner Equity $3,433,863
=============
Cerium Laboratories LLC
Statement of Operations
For The Period From March 1, 2009 to April 26, 2009
REVENUES
Gross Revenues $473,288
Less: Returns and Allowances 0
------------
Net Revenue 473,288
Cost of Goods Sold
Beginning Inventory 0
Add: Purchases 0
Add: Cost of Labor 0
Add: Other Costs 0
Less: Ending Inventory 0
Cost of Goods Sold 0
-----------
Gross Profit 473,288
OPERATING EXPENSES
Advertising 0
Auto and Truck Expense 0
Bad Debts 0
Contributions 0
Employee Benefits Programs 34,870
Insider Compensation 0
Insurance 0
Management Fees/Bonuses 0
Office Expense 0
Pension & Profit-Sharing Plans 0
Repairs and Maintenance 68,337
Rent and Lease Expense 41,965
Salaries/Commissions/Fees 200,699
Supplies 3,585
Taxes-Payroll 0
Taxes-Real Estate 4,988
Taxes-Others 0
Travel and Entertainment 0
Utilities 0
Other 30,708
------------
Total Operating Expense Before Depreciation 385,151
Depreciation/Depletion/Amortization 17,848
------------
Net Profit(Loss) Before Other Income & Expenses 70,289
OTHER INCOME AND EXPENSES
Other Income 0
Interest Expense 0
Other Expense 0
------------
Net Profit (loss) Before Reorganization Items 70,289
Reorganization Items
Professional Fees 0
U.S. Trustee Quarterly Fees 0
Interest Earned on Accumulated Cash From Chapter 11 0
Gain(loss) From Sale of Equipment 0
Other Reorganization Expenses 0
Total Reorganization Expenses 0
Income Taxes 0
------------
Net Profit(loss) $70,289
============
Cerium Laboratories LLC
Schedule of Cash Receipts and Disbursements
For The Period From March 30 to April 26, 2009
Cash Beginning Month $102,318
Receipts
Customer Receipts 91,534
Intercompany Receipts 35,000
Other Receipts 0
------------
Total Receipts 126,534
Disbursements
Buildings 0
Foundry & Subcon 0
Labor & Benefits 0
Material 0
Other 3,307
Outside Services 106,235
Repair & Maintenance 98,568
Capital Expenditure 0
Debt Obligations & Capital Leases 0
Taxes 0
Facility Closure Costs 0
Key Employee Incentive Plan 0
Reduction in Force 0
Restructuring Professional Fees 0
Set-off Liabilities 0
Utilities Deposit 0
Intercompany Transfers 0
------------
Total Disbursements 208,110
Net Cash Inflow(Outflow) (81,576)
------------
Cash End of Month $20,742
============
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.
VERMILLION INC: Posts $441,167 Net Loss in April 2009
-----------------------------------------------------
On May 21, 2009, Vermillion, Inc., filed its monthly operating
report for the period from March 30, 2009, to April 30, 2009,
with the United States Bankruptcy Court for the District of
Delaware.
Vermillion reported a net loss of $441,167 on zero revenues for
the month of April 2009.
At April 30, 2009, the Debtor had total assets of $10,168,740 and
total liabilities of $32,513,969, resulting in a $22,345,228
stockholders' deficit.
A full-text copy of the Debtor's monthly operating report for
April 2009 is available at http://researcharchives.com/t/s?3dfb
Headquartered in Fremont, California, Vermillion, Inc. --
http://www.vermillion.com/-- engages in the development and
commercialization of diagnostic tests to aid physicians diagnose
and treat results for patients. The Company filed for Chapter 11
on March 30, 2009 (Bankr. D. Del. Case No. 09-11091). Francis A.
Monaco Jr., Esq., and Mark L. Desgrosseilliers, Esq., at Womble
Carlyle Sandridge & Rie, PLLC, represent the Debtor as counsel.
At September 30, 2008, the Debtor had $7,150,000 in total assets
and $32,015,000 in total liabilities.
*********
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 ***