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/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 ***