/raid1/www/Hosts/bankrupt/TCR_Public/090718.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, July 18, 2009, Vol. 13, No. 197
Headlines
ABITIBIBOWATER INC: Files Operating Report for Month Ended May 31
ACCREDITED HOME: Posts $5,483,419 Net Loss in May 2009
ALERIS INTERNATIONAL: Posts $38,353,000 Net Loss in May 2009
BRUNO'S SUPERMARKETS: Earns $4,161,301 for 4-Weeks Ended June 20
CHEMTURA CORP: Posts $1 Million Net Income for June 2009
DAYTON SUPERIOR: Files Operating Report for Month Ended May 29
DBSI INC: Earns $2,670,497 in Month Ended March 31, 2009
DIAL-A-MATTRESS: Posts $308,181 Net Loss in May 2009
EUROFRESH INC: Posts $2,438,332 Net Loss in May 2009
FORWARD FOODS: Posts $619,000 Net Loss in May 2009
GENERAL GROWTH: Reports $7.36 Million Net Loss in April 2009
GENERAL GROWTH: Incurs $22.59 Million Net Loss in May 2009
HAWAIIAN TELCOM: Operating Report for May 2009
INTERMET CORP: Files Operating Report for May 2009
LYONDELL CHEMICAL: Reports $48 Million Net Loss for April 2009
LYONDELL CHEMICAL: Incurs $63 Million Net Loss for May 2009
MIDLAND FOOD: Incurs $347,000 Net Loss for Month Ended June 8
MIDWAY GAMES: Posts $1.4 Million Net Loss in May 2009
PROPEX INC: Files Operating Reports for May & June 2009
SHARPER IMAGE: Earns $372,422 in June 2009
SPANSION INC: Turns Profit for April Reporting Period
TARRAGON CORP: Posts $26,325,188 Net Loss in 1st 5 Months of 2009
TRIBUNE CO: Records $18.17-Mil. Loss for April 27 - May 24
VERASUN ENERGY: Operating Report for March 2009
VERASUN ENERGY: Operating Report for April 2009
VERASUN ENERGY: Operating Report for May 2009
*********
ABITIBIBOWATER INC: Files Operating Report for Month Ended May 31
-----------------------------------------------------------------
AbitibiBowater Inc., et al.
Consolidated Balance Sheet
As of May 31, 2009
ASSETS
Cash and cash equivalents $336,725,336
Receivables - Net 350,968,174
Inventories 340,346,236
Prepaid Expense and Other 56,469,875
Notes Receivable from Affiliates 3,564,341,896
---------------
Total Current Assets 4,648,851,517
Plant and Equipment 6,273,402,008
Less Accumulated Depreciation (4,184,317,101)
---------------
Plant and Equipment, Net 2,089,084,907
Good will/Intangible Assets 56,098,617
Investment in Subsidiaries 14,761,149,348
Other Assets 209,568,046
---------------
Total Assets $21,764,752,435
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade Accounts Payable $29,885,730
Accrued Liabilities 245,958,488
Current Portion of Long Term Debt 206,000,000
Due to (from) Affiliates (1,463,290,664)
Income Tax Payable (Receivable) (9,231,298)
---------------
Total Current Liabilities (990,767,744)
Long Term Debt
Reclassification to Current Portion -
Long Term Debt Net of Current Installments -
Loans from Affiliates -
Other Liabilities 210,911,508
Deferred Income Taxes (Assets) (65,360,962)
Liabilities Subject to Compromise
Debt 2,889,793,980
Affiliate Debt 3,875,424,164
Accounts Payable 105,614,151
Other 480,958,322
---------------
Total Liabilities 6,506,664,419
---------------
Shareholder Equity - Net 15,258,088,016
---------------
Total Liabilities & Shareholders' Equity $21,764,752,435
===============
AbitibiBowater Inc., et al.
Consolidated Statement of Operations
For the period from Apr. 16, 2009 to May 31, 2009
Sales - Net $493,187,195
Cost of Sales 465,008,741
---------------
Gross Profit (Loss) 28,178,454
---------------
Operating Expenses
Selling, General and Administrative 23,911,662
Research and Development (225,486)
Restructuring and Other Costs 5,962,096
---------------
Total Operating Expenses 29,648,272
---------------
Operating Income (Loss) (1,469,818)
---------------
Interest Income (Expense) (32,452,529)
Other Income (Expense) Net (28,188,321)
Equity in Earnings of Subsidiaries (534,575)
---------------
Income Before Taxes (62,645,242)
---------------
Income Tax Expense 31,667
Net income before Discontinued Operations (62,613,575)
Discontinued Operations -
---------------
Net Income (Loss) ($62,613,575)
===============
AbitibiBowater Inc., et al.
Consolidated Schedule of Receipts and Disbursements
For the period from Apr. 16, 2009 to May 31, 2009
Beginning Cash Balance $20,906,000
Total Cash Receipts 513,455,000
Disbursements:
Payroll & Payroll Taxes (64,645,000)
Non-Payroll Labor (2,579)
Raw Materials (52,343,000)
Utilities (16,996,000)
Freight (63,473,000)
SG&A (10,444,000)
Supplies (9,553,000)
Wire Transfers to 3rd Parties (75,218,000)
Rent (64,000)
Other (97,320,000)
---------------
Total Cash Disbursements (392,635,000)
---------------
Ending Cash Balance $141,726,000
===============
About AbitibiBowater
Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products. It is the eighth largest publicly traded pulp and paper
manufacturer in the world. AbitibiBowater owns or operates 23
pulp and paper facilities and 30 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the Company is
also among the world's largest recyclers of old newspapers and
magazines, and has third-party certified 100% of its managed
woodlands to sustainable forest management standards.
AbitibiBowater's shares trade over-the-counter on the Pink Sheets
and on the OTC Bulletin Board under the stock symbol ABWTQ.
The Company and several of its affiliates filed for protection
under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009
(Bankr. D. Del. Lead Case No. 09-11296). Judge Kevin J. Carey
presides over the case. The Company and its Canadian affiliates
commenced parallel restructuring proceedings under the Companies'
Creditors Arrangement Act before the Quebec Superior Court
Commercial Division the next day. Alex F. Morrison at Ernst &
Young, Inc., was appointed CCAA monitor.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the
Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as
the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, serves as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, serves as the Debtors' conflicts
counsel in the Chapter 11 proceedings. The Debtors' financial
advisors are Advisory Services LP, and their noticing and claims
agent is Epiq Bankruptcy Solutions LLC. The CCAA Monitor's
counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario.
Abitibi-Consolidated Inc. and various Canadian subsidiaries filed
for protection under Chapter 15 of the U.S. Bankruptcy Code on
April 17, 2009 (Bankr. D. Del. 09-11348). Judge Carey also handles
the Chapter 15 case. Pauline K. Morgan, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in
Wilmington, represent the Chapter 15 Debtors.
As of September 30, 2008, the Company had $9,937,000,000 in total
assets and $8,783,000,000 in total debts.
Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings and parallel proceedings under the
Companies' Creditors Arrangement Act in Canada undertaken by
Abitibibowater Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
ACCREDITED HOME: Posts $5,483,419 Net Loss in May 2009
------------------------------------------------------
On June 25, 2009, Accredited Home Lenders Holding Company, et al.,
filed a monthly operating report for the period May 1, 2009,
through May 31, 2009, with the U.S. Bankruptcy Court for the
District of Delaware.
Accredited Home Lenders Holding Co. posted a net loss of
$5,483,419 on net revenues of ($866,937) for the period May 1,
2009, to May 31, 2009.
At May 31, 2009, the Debtors' consolidated combined balance sheet
showed $239,246,699 in total assets and $386,407,367 in total
liabilities.
As of May 1, 2009 (petition date), the Debtors had total assets of
$229,552,095 and total liabilities of $378,212,347.
A full-text copy of the Debtors' initial monthly operating report
is available at http://bankrupt.com/misc/ahl.MayMOR.pdf
Accredited Home Lenders Holding Co. -- http://www.accredhome.com/
-- is a mortgage banker servicing U.S. markets for conforming and
non-prime residential mortgage loans operating throughout the U.S.
and in Canada. Founded in 1990, the company is headquartered in
San Diego. The Company was acquired by Lone Star Funds for
$300 million in October 2007. Lone Star also owns Bruno's
Supermarkets LLC and Bi-Lo LLC, two grocery retailers in Chapter
11.
Accredited Home and its affiliates filed for Chapter 11 on
May 1, 2009 (Bankr. D. Del. Lead Case No. 09-11516). The Debtors
selected Hunton & Williams LLP as Chapter 11 counsel. Pachulski
Stang Ziehl & Jones LLP serves as co-counsel of the Debtors.
Kurtzman Carson Consultants is the Debtors' claims agent. Roberta
A. DeAngelis, acting United States Trustee for Region 3, has
appointed three members to the official committee of unsecured
creditors. The Debtors' assets range from $10 million to
$50 million and its debts from $100 million to $500 million.
ALERIS INTERNATIONAL: Posts $38,353,000 Net Loss in May 2009
------------------------------------------------------------
On June 30, 2009, Aleris International, Inc., et al., filed a
monthly operating report for the period from May 1, 2009, through
May 31, 2009.
The Debtors reported a net loss of $38,353,000 on gross revenue of
$89,994,000 for the month of May 2009.
At May 31, 2009, the Debtors reported $2,439,188,729 in total
assets and $3,098,315,734 in total liabilities.
A full-text copy of the Debtors monthly operating report for May
2009 is available at http://bankrupt.com/misc/aleris.MayMOR.pdf
About Aleris International
Aleris International, Inc., produces and sells aluminum rolled and
extruded products. Aleris operates primarily through two
reportable business segments: (i) global rolled and extruded
products and (ii) global recycling. Headquartered in Beachwood,
Ohio, a suburb of Cleveland, the Company operates over 40
production facilities in North America, Europe, South America and
Asia, and employs approximately 8,400 employees. Aleris operates
27 production facilities in the United States with eight
production facilities that provided rolled and extruded aluminum
products and 19 recycling production plants.
Aleris International, Inc., aka IMCO Recycling Inc., and various
affiliates filed for bankruptcy on February 12, 2009 (Bankr. D.
Del. Case No. 09-10478). The Hon. Brendan Linehan Shannon
presides over the cases. Stephen Karotkin, Esq., and Debra A.
Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve
as lead counsel for the Debtors. L. Katherine Good, Esq., and
Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A. In
Wilmington, Delaware, serves as local counsel. Moelis & Company
LLC, acts as financial advisors; Alvarez & Marsal LLC as
restructuring advisors, and Kurtzman Carson Consultants LLC as
claims and noticing agent for the Debtors. As of December 31,
2008, the Debtors had total assets of $4,168,700,000; and total
debts of $3,978,699,000.
Bankruptcy Creditors' Service, Inc., publishes Aleris
International Bankruptcy News. The newsletter tracks the chapter
11 proceeding undertaken by Aleris International, Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000)
BRUNO'S SUPERMARKETS: Earns $4,161,301 for 4-Weeks Ended June 20
----------------------------------------------------------------
On July 16, 2009, Bruno's Supermarkets, LLC, filed with the U.S.
Bankruptcy Court for the Northern District of Alabama a monthly
operating report for the 4-weeks ending June 20, 2009.
Bruno's reported net income of $4,161,301 for the four weeks ended
June 20, 2009, on sales $17,647,426. Earnings before interest,
taxes, depreciation and amortization (EBITDA) was $4,082,966.
Bruno's schedule of cash receipts and disbursements for the
4-week period ended June 20, 2009, showed:
Beginning Cash $11,581,392
Total Receipts $27,311,456
Total Cash Disbursements $28,626,343
Deficit $1,314,887
Ending Cash $10,266,505
A full-text copy of Bruno's monthly operating report for the four
weeks ended June 20, 2009, is available for free at:
http://bankrupt.com/misc/bruno's.JuneMOR.pdf
About Bruno's
Bruno's Supermarkets LLC -- now known as BFW Liquidation, LLC --
is a privately held company headquartered in Birmingham, Alabama.
Bruno's is the parent company of the Bruno's, Food World, and
FoodMax grocery store chains, which includes 23 Bruno's, 41 Food
World, and 2 FoodMax locations in Alabama and the Florida
panhandle. Founded in 1933, Bruno's has operated as an
independent company since 2007 after undergoing several
transitions and changes in ownership starting in 1995.
Bruno's filed for Chapter 11 relief on February 5, 2009 (Bankr.
N.D. Ala. Case No. 09-00634). Burr & Forman LLP is the Debtor's
lead counsel. Najjar Denaburg, P.C., is the Debtor's conflicts
counsel. Greenberg Traurig, LLP, is the official committee of
unsecured creditors' counsel. Alvarez & Marsal is the Debtor's
restructuring advisor. When Bruno's filed for Chapter 11
protection from its creditors, it listed between $100 million and
$500 million each in assets and debts.
CHEMTURA CORP: Posts $1 Million Net Income for June 2009
--------------------------------------------------------
Chemtura Corporation, Et Al.
Condensed Combined Balance Sheets (Unaudited)
As of June 30, 2009
Assets
Current Assets $678,000,000
Intercompany receivables 437,000,000
Investment in subsidiaries 2,000,000,000
Property, plan and equipment 487,000,000
Goodwill 149,000,000
Other assets 425,000,000
--------------
Total assets 4,176,000,000
Liabilities and Stockholders' Equity
Current liabilities 430,000,000
Intercompany payables 27,000,000
Other long-term liabilities 69,000,000
--------------
Total liabilities
not subject to compromise 526,000,000
Liabilities subject to compromise 3,234,000,000
Total stockholders' equity 416,000,000
--------------
Total liabilities
and stockholders' equity $4,176,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Operations (Unaudited)
For the Period from June 1 to 30, 2009
Net sales $199,000,000
Cost of goods sold 164,000,000
Selling, general and
administrative expenses 16,000,000
Depreciation and amortization 9,000,000
Research and development 2,000,000
------------
Operating profit 8,000,000
Interest expense (4,000,000)
Other expense (1,000,000)
Reorganization items, net (7,000,000)
Equity in net earnings (loss)
of subsidiaries 5,000,000
-------------
Income before income taxes 1,000,000
Income tax benefit 0
-------------
Net income $1,000,000
=============
Chemtura Corporation, et al.
Condensed Combined Statement of Cash Flows (Unaudited)
For the Period from June 1 to 30, 2009
Cash Flows from Operating Activities:
Net income $1,000,000
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation and amortization 9,000,000
Reorganization items, net 7,000,000
Changes in assets and debts, net (8,000,000)
------------
Net cash provided in
operating activities 9,000,000
------------
Cash flows from Investing Activities:
Capital expenditures (2,000,000)
------------
Cash Flows from Financing Activities:
Proceeds from credit facility 2,000,000
------------
Cash and Cash Equivalents:
Change in cash and cash equivalents 9,000,000
Cash and cash equivalents, beg. 30,000,000
-------------
Cash and cash equivalents, end $39,000,000
=============
About Chemtura Corp
Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of US$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
US$3.06 billion and total debts of US$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)
DAYTON SUPERIOR: Files Operating Report for Month Ended May 29
--------------------------------------------------------------
Dayton Superior Corporation has filed a monthly operating report
for the reporting period ended May 29, 2009, with the U.S.
Bankruptcy Court for the District of Delaware.
Dayton Superior Corporation reported a net loss of $18,815,000 on
net sales of $44,846,000 for the two fiscal months ended May 29,
2009. Reorganization expense was $8,552,000 for the period.
As May 29, 2009, Dayton Superior reported $273,101,000 in total
assets and $425,945,000 in total liabilities.
A full-text copy of Dayton Superior's monthly operating report for
the period ended May 29, 2009, is available at:
http://bankrupt.com/misc/dayton.MayMOR.pdf
Headquartered in Dayton, Ohio, Dayton Superior Corporation --
http://www.daytonsuperior.com/-- makes and distributes
construction products. Aztec Concrete Accessories Inc., Dayton
Superior Specialty Chemical Corporation, Dur-O-Wa Inc., Southern
Construction Products Inc., Symons Corporation and Trevecca
Holdings Inc. were merged with the Company on December 31, 2004.
The Company filed for Chapter 11 protection on April 19, 2009
(Bankr. D. Del. Case No. 09-11351). Keith A. Simon, Esq., Jude M.
Gorman, Esq., and Joseph S. Fabiani, Esq., at Latham & Watkins LLP
serve as the Debtors' bankruptcy counsel.. Russell C.
Silberglied, Esq., John H. Knight, Esq., Paul N. Heath, Esq., and
Lee E. Kaufman, Esq., at Richards, Layton & Finger, P.A., serve as
Delaware counsel. Dayton Superior had $288,709,000 in assets and
$405,867,000 in debts as of February 27, 2009.
DBSI INC: Earns $2,670,497 in Month Ended March 31, 2009
--------------------------------------------------------
On July 2, 2009, DBSI Inc. filed a monthly operating report for
the month ended March 31, 2009, with the U.S. Bankruptcy Court for
the District of Delaware.
For the period, the Debtors reported net profit of $2,670,497, on
net revenue of $3,348,523. Net profit before reorganization items
was $4,234,031. Results included $1,396,054 in interest income
from loans to affiliated entities.
Cumulative filing to date net income was $34,765,484, on net
revenue of $90,185,173. Net profit before reorganization items
was $44,002,824. Results included $6,869,295 in interest income
from loans to affiliated entities.
At March 31, 2009, DBSI reported $406,610,082 in total assets,
$212,935,908 in total liabilities, and $193,674,173 in net
owner equity.
A full-text copy of the Debtors' monthly operating report for the
month ended March 31, 2009, is available at:
http://bankrupt.com/misc/DBSI.MarchMOR.pdf
About DBSI Inc.
Headquartered in Meridian, Idaho, DBSI Inc. and its affiliates
were engaged in numerous commercial real estate and non-real
estate projects and businesses.
On November 10, 2008, and other subsequent dates, DBSI and 180 of
its affiliates filed for Chapter 11 protection (Bankr. D. Del.
Lead Case No. 08-12687). Lawyers at Young Conaway Stargatt &
Taylor LLP represent the Debtors as counsel. The Official
Committee of Unsecured Creditors tapped Greenberg Traurig, LLP, as
its bankruptcy counsel. Kurtzman Carson Consultants LLC is the
Debtors' notice claims and balloting agent. When the Debtors
filed for protection from their creditors, they listed assets and
debts between $100 million and $500 million.
Joshua Hochberg, a former head of the Justice Department fraud
unit, has been named examiner to investigate allegations of fraud
by the Debtors and their management.
DIAL-A-MATTRESS: Posts $308,181 Net Loss in May 2009
----------------------------------------------------
On June 23, 2009, Dial-A-Mattress Operating Corp. filed a monthly
operating report for the period May 1, 2009, through May 31, 2009,
with the U.S. Bankruptcy Court for Eastern District of New York.
Dial-A-Mattress Operating Corp. reported a net loss of $308,181 on
net revenue of $2,551,139 for the month of May.
At May 31, 2009, Dial-A-Mattress had $7,557,787 in total assets
and $13,745,062 in total liabilities.
A full-text copy of Dial-A-Mattress Operating Corporation's
monthly operating report for May 2009 is available for free at:
http://bankrupt.com/misc/dial-a-mattress.MayMOR.pdf
Founded in 1976, 1800mattress.com -- http://www.1800mattress.com/
-- is the leading national multi-channel (internet, chat, call
center and showrooms) retailer of mattresses, box springs and
bedding products. It features products by all major brands,
including custom sizes, sofa beds, Murphy beds, futons, and
adjustable and organic beds.
As reported by Troubled Company Reporter on March 23, 2009,
creditors filed a Chapter 7 petition for Dial-A-Mattress Operating
Corp. et al. (Bankr. E.D.N.Y. Case No. 09- 41966). 1-800-Mattress
Corp. and Dial-A-Mattress countered by filing voluntary Chapter 11
petitions.
Marc L. Hamroff, Esq., Leslie A. Berkoff, Esq., and Theresa A.
Driscoll, Esq., at Moritt Hock Hamroff & Horowitz LLP, serve as
the Debtors' counsel.
EUROFRESH INC: Posts $2,438,332 Net Loss in May 2009
----------------------------------------------------
Eurofresh, Inc., filed with the U.S. Bankruptcy Court for the
District of Arizona on June 19, 2009, a monthly operating report
for the month ended May 31, 2009.
Eurofresh reported a net loss of $2,438,332 on net revenue of
$14,655,656 for the month of May. Reorganization expenses were
$987,186 for the period.
At May 31, 2009, the Debtors had total assets of $195,568,163,
total liabilities of $398,448,121 and stockholders' deficit of
$202,879,958.
A full-text copy of Eurofresh, Inc.'s monthly operating report for
the period ended May 31, 2009, is available at:
http://bankrupt.com/misc/eurofresh.MayMOR.pdf
About Eurofresh, Inc.
Headquartered in Snowflake, Arizona, Eurofresh, Inc. --
http://www.eurofresh.com/-- produces and sells tomatoes. The
Company and Eurofresh Produce Ltd., its affiliate, filed for
Chapter 11 on April 21, 2009 (Bankr. D. Ariz. Lead Case No.
09-07970). Craig D. Hansen, Esq., at Squire, Sanders & Dempsey
L.L.P. represents the Debtors in their restructuring effort.
Ilene J. Lashinsky, U.S. Trustee for Region 14, appointed five
creditors to serve on the official committee of unsecured
creditors in the Debtors' Chapter 11 cases. the Committee
retained Stutman, Treister & Glatt P.C. as counsel, and Lewis &
Roca L.L.P. as co-counsel. The Eurofresh Inc., in its bankruptcy
petition, said it has assets worth $50 million to $100 million and
debts of $100 million to $500 million.
FORWARD FOODS: Posts $619,000 Net Loss in May 2009
--------------------------------------------------
According to Bill Rochelle at Bloomberg News, Forward Foods LLC
reported a $619,000 net loss in May on gross sales of $2 million.
Earnings before interest, taxes, depreciation and amortization for
the month were $267,000. Since filing in February, the
accumulated net income is $846,000.
Forward Foods LLC has a $4 million debtor-in-possession financing
from Emigrant Capital Corp., the private-equity investor that
bought the business in 2006 from Bluegrass Bars LLC.
Forward Foods also has a court-approved settlement with Bluegrass
resolving disputes arising from the acquisition. Bluegrass will
pay $975,000 to Forward while turning $6.5 million in secured and
unsecured acquisition notes over to Emigrant.
Minden, Nevada-based Forward Foods LLC is a manufacturer of
protein bars. Forward is primarily owned by private-equity
investor Emigrant Capital Corp. which purchased the protein bar
business in 2006 from Bluegrass Bars LLC. Forward's petition
listed assets of $21.3 million against debt totaling
$25.4 million, including $18.6 million in secured claims.
Forward Foods LLC filed a Chapter 11 petition February 17 in
Delaware (Bankr. Case No. 09-10545) after recalling 75% of its
products on account of using peanuts from Peanut Corp. of
America. PCA had earlier filed for Chapter 7 liquidation, after
closing its plants due to salmonella poisoning on its products.
GENERAL GROWTH: Reports $7.36 Million Net Loss in April 2009
------------------------------------------------------------
General Growth Properties, Inc.
Consolidated Balance Sheet
As of April 30, 2009
Assets
Investment in real estate:
Land $2,946,039,000
Buildings and equipment 19,482,021,000
Less accumulated depreciation (3,792,101,000)
Developments in progress 973,790,000
----------------
Net property and equipment 19,609,749,000
Investment in and loans to/from
Unconsolidated Real Estate Affiliates 406,400,000
Investment property and property held for
development and sale 1,098,098,000
Investment in consolidated non-debtor entities 2,169,750,000
----------------
Net investment in real estate 23,283,997,000
Cash and cash equivalents 62,136,000
Accounts and notes receivable, net 330,646,000
Goodwill 230,901,000
Deferred expenses, net 231,734,000
Prepaid expenses and other assets 636,474,000
----------------
Total assets $24,775,888,000
================
Liabilities and Equity:
Deferred tax liabilities $891,849,000
Accounts payable and accrued expenses 37,448,000
----------------
Liabilities not subject to compromise 929,297,000
Mortgages, notes and loans payable 21,778,758,000
Accounts payable and accrued expenses 1,174,613,000
----------------
Liabilities subject to compromise 22,953,371,000
----------------
Redeemable noncontrolling interests:
Preferred 120,756,000
Common 6,698,000
----------------
Total redeemable noncontrolling interests 127,454,000
----------------
Equity:
Common stock 3,137,000
Additional paid-in capital 9,580,621,000
Retained earnings (accumulated deficit) (8,700,731,000)
Accumulated other comprehensive loss (54,169,000)
Less common stock in treasury, at cost (76,752,000)
----------------
Total stockholder's equity 752,106,000
Noncontrolling interests in consolidated
real estate affiliates 13,660,000
----------------
Total equity 765,766,000
----------------
Total liabilities and equity $24,775,888,000
================
General Growth Properties, Inc.
Consolidated Statement of Income
For the Month ended April 30, 2009
Revenues:
Minimum rents $66,817,000
Tenant recoveries 30,788,000
Overage rents 838,000
Land sales 260,000
Other 2,555,000
----------------
Total revenues 101,258,000
----------------
Expenses:
Real estate taxes 9,766,000
Repairs and maintenance 6,499,000
Marketing 970,000
Ground and other rents 403,000
Other property operating costs 12,558,000
Land sales operations 609,000
Provision for doubtful accounts 93,000
Property management and other costs 2,468,000
General and administrative 928,000
Depreciation and amortization 25,248,000
----------------
Total expenses 59,542,000
----------------
Operating income 41,697,000
Interest (expense) income, net (44,574,000)
----------------
Loss before income taxes, noncontrolling
interests, equity in income of
Unconsolidated Real Estate Affiliates and
reorganization items (2,877,000)
Provision for income taxes (799,000)
Equity in income of Unconsolidated Real Estate
Affiliates 305,000
Reorganization items (3,990,000)
----------------
NET LOSS ($7,361,000)
================
About General Growth
Based in Chicago, Illinois, General Growth Properties, Inc. --
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. The Company's
common stock is trading in the pink sheets under the symbol GGWPQ.
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
December 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)
GENERAL GROWTH: Incurs $22.59 Million Net Loss in May 2009
----------------------------------------------------------
General Growth Properties, Inc.
Consolidated Balance Sheet
As of May 31, 2009
Assets
Investment in real estate:
Land $2,946,039,000
Buildings and equipment 19,487,199,000
Less accumulated depreciation (3,841,271,000)
Developments in progress 979,153,000
----------------
Net property and equipment 19,571,120,000
Investment in and loans to/from
Unconsolidated Real Estate Affiliates 407,164,000
Investment property and property held for
development and sale 1,100,742,000
Investment in consolidated non-debtor entities 2,371,694,000
----------------
Net investment in real estate 23,450,720,000
Cash and cash equivalents 342,456,000
Accounts and notes receivable, net 336,917,000
Goodwill 230,901,000
Deferred expenses, net 246,980,000
Prepaid expenses and other assets 616,425,000
----------------
Total assets $25,224,399,000
================
Liabilities and Equity:
Mortgages, notes and loans payable $400,000,000
Deferred tax liabilities 891,849,000
Accounts payable and accrued expenses 311,234,000
----------------
Liabilities not subject to compromise 1,603,083,000
Mortgages, notes and loans payable 21,563,936,000
Accounts payable and accrued expenses 1,171,877,000
----------------
Liabilities subject to compromise 22,735,813,000
----------------
Redeemable noncontrolling interests:
Preferred 120,756,000
Common 6,957,000
----------------
Total redeemable noncontrolling interests 127,713,000
----------------
Equity:
Common stock 3,137,000
Additional paid-in capital 9,580,926,000
Retained earnings (accumulated deficit) (8,725,576,000)
Accumulated other comprehensive loss (37,838,000)
Less common stock in treasury, at cost (76,752,000)
----------------
Total stockholder's equity 743,897,000
Noncontrolling interests in consolidated real
estate affiliates 13,893,000
----------------
Total equity 757,790,000
----------------
Total liabilities and equity $25,224,399,000
================
General Growth Properties, Inc.
Consolidated Statement of Income
For the Month ended May 31, 2009
Revenues:
Minimum rents $142,944,000
Tenant recoveries 66,554,000
Overage rents 2,032,000
Land sales 293,000
Other 6,017,000
----------------
Total revenues 217,840,000
----------------
Expenses:
Real estate taxes 21,004,000
Repairs and maintenance 14,068,000
Marketing 2,085,000
Ground and other rents 765,000
Other property operating costs 27,628,000
Land sales operations 1,068,000
Provision for doubtful accounts 866,000
Property management and other costs 8,900,000
General and administrative 2,182,000
Provisions for impairment -
Depreciation and amortization 53,176,000
----------------
Total expenses 131,742,000
----------------
Operating income 86,098,000
Interest (expense) income, net (101,935,000)
----------------
Loss before income taxes, noncontrolling
interests, equity in income of Unconsolidated
Real Estate Affiliates and reorganization items (15,837,000)
Provision for income taxes (3,645,000)
Equity in income of Unconsolidated Real Estate
Affiliates 12,114,000
Reorganization items (15,227,000)
----------------
NET LOSS ($22,595,000)
================
About General Growth
Based in Chicago, Illinois, General Growth Properties, Inc. --
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. The Company's
common stock is trading in the pink sheets under the symbol GGWPQ.
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 December 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)
HAWAIIAN TELCOM: Operating Report for May 2009
----------------------------------------------
Hawaiian TelCom Communications, Inc.
Balance Sheet
As of May 31, 2009
Cash and cash equivalents $92,266,116
Accounts receivable -
Materials and supplies -
Prepaid expenses 8,333
Other current assets -
Property and equipment -
Investment in subsidiaries 980,093,673
Deferred charges and other assets 11,379,094
Intangible assets -
---------------
Total assets $1,083,747,216
===============
Current portion of long-term debt 1,077,828,220
Accounts payable -
Payroll and related benefits payable -
Accrued other taxes 8
Accrued interest 31,113,178
Advance billings -
Other current liabilities 15,419,568
Long-term debt -
Employee benefit obligations -
Other liabilities -
---------------
1,124,360,974
---------------
Equity (384,688,727)
Intercompany receivable (102,072,089)
Intercompany payable 446,147,058
---------------
Net owner interest (40,613,758)
---------------
Total liabilities and partners' capital $1,083,747,216
===============
Hawaiian TelCom Communications, Inc.
Income Statement
For the Month Ended May 31, 2009
Operating revenues -
Operating expenses:
Cost of goods sold -
Salaries and wages $6,626
Pension and other benefits -
Employee related expenses -
Contracted services 8,333
Restructuring expenses -
Rents -
Materials -
Advertising -
Gross receipts and other taxes -
Uncollectibles -
All other 1,981
Depreciation and amortization -
---------------
Total operating expenses 16,940
---------------
Operating income (loss) 16,940
---------------
Other income (expense):
Interest expense 2,584,585
Loss on early extinguishment of debt -
Gain (loss) on interest rate swap -
Other income and expense, net -
---------------
Total other (income) expenses 2,584,585
---------------
Income (loss) from continuing operations
before reorganization items and provision
for income taxes (2,601,525)
Reorganization items (3,706)
---------------
Income (loss) from continuing operations
before provision for income taxes (2,597,819)
Provision (benefit) for income taxes -
---------------
Net income (loss) ($2,597,819)
===============
Hawaiian TelCom Communications, Inc.
Cash Receipts and Disbursements
For the Month Ended May 31, 2009
April 2009 ending book balance $92,249,476
Cash on hand beginning book balance 0
Adjustments 0
---------------
May 2009 beginning book balance 92,249,476
Receipts
Receipts from operations 3,706
Net change in deposits in transit 0
Other 0
---------------
Total receipts 3,706
---------------
Disbursements
AP & Payroll disbursements
Check (630)
EFT 0
Wire 0
---------------
Total AP & Payroll disbursements (630)
---------------
Bank debts
Bank fees (72)
Other 0
---------------
Total bank debts (72)
---------------
Total disbursements (702)
---------------
Other transfers 2,000,000
---------------
ZBA credits 13,633
ZBA debits 0
---------------
Total ZBAs 13,633
---------------
Adjustments 0
---------------
May 2009 ending book balance $92,266,116
===============
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 May 31, 2009:
Debtor Affiliate Total Assets Total Debts
---------------- ------------ -----------
Hawaiian Telcom, Inc. $1,125,544,662 $1,125,544,662
Hawaiian Telcom Services
Company, Inc. $75,883,302 $75,883,302
Hawaiian Telcom Holdco, Inc. ($49,532,820) ($49,532,820)
Hawaiian Telcom IP Service
Delivery Investment, LLC $0 $0
Hawaiian Telcom IP Video
Investment, LLC $0 $0
Hawaiian Telcom IP Video
Research, LLC $0 $0
Hawaiian Telcom IP Service
Delivery Research, LLC $0 $0
The Debtor affiliates listed their net income or loss for the
period from May 1 to 31, 2009:
Company Net Income(Loss)
------- ---------------
Hawaiian Telcom, Inc. ($4,712,921)
Hawaiian Telcom Services Company, Inc. ($1,410,392)
Hawaiian Telcom IP Service Delivery Research, LLC ($41,821)
Hawaiian Telcom IP Video Research, LLC ($19,723)
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 May 1 to 31, 2009:
Company Receipts Disbursements Cash Flow
------- -------- ------------- ---------
Hawaiian Telcom, Inc. $36,300,634 ($32,625,968) $7,930,618
Hawaiian Telcom Services
Company, Inc. $250,354 ($2,937,041) ($728,972)
Hawaiian Telcom IP Video
Research, LLC $0 ($12,341) $0
Hawaiian Telcom IP Service
Delivery Research, LLC $0 ($28,888) $0
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
About Hawaiian Telcom
Based in Honolulu, Hawaii, Hawaiian Telcom 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)
INTERMET CORP: Files Operating Report for May 2009
--------------------------------------------------
Intermet Corp. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware on June 30, 2009,
their monthly operating report for the period May 4, 2009,
through May 31, 2009.
At May 31, 2009, Intermet had total assets of $641.7 million,
total liabilities of $253.6 million, and total shareholders'
equity of $388.1 million.
A full-text copy of Intermet and its debtor-affiliates' monthly
operating report for the period ended May 31, 2008, is available
for free at http://bankrupt.com/misc/intermet,MayMOR.pdf
Based in Fort Worth, Texas, Intermet Corp. designs and
manufactures machine precision iron and aluminum castings for the
automotive and industrial markets. The Company and its debtor-
affiliates filed for Chapter 11 protection on August 12, 2008
(D. Del. Case Nos. 08-11859 to 08-11866 and 08-11868 to 08-11878).
Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and Michael E.
Comerford, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New
York, serve as the Debtors' counsel. James E. O'Neill, Esq.,
Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski
Stang Ziehl & Jones LLP, in Wilmington, Delaware, serve as the
Debtors' co-counsel. Kurtzman Carson Consultants LLC serves as
the Debtors' claims, notice and balloting agent. An official
committee of unsecured creditors has been formed in this case.
In its petition, Intermet Corp. listed assets $50 million to
$100 million and debts of $100 million to $500 million.
This is the Debtors' second bankruptcy filing. Intermet Corp.,
along with its debtor-affiliates, filed for Chapter 11 protection
on September 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597
through 04-67614). Salvatore A. Barbatano, Esq., at Foley &
Lardner LLP, represented the Debtors. In their previous
bankruptcy filing, the Debtors listed $735,821,000 in total assets
and $592,816,000 in total debts. Intermet Corporation emerged
from its first bankruptcy filing in November 2005.
LYONDELL CHEMICAL: Reports $48 Million Net Loss for April 2009
--------------------------------------------------------------
Lyondell Chemical Company and affiliates
Unaudited Combined Balance Sheets
As of April 30, 2009
(in millions)
Assets
Current assets:
Cash and cash equivalents $843
Short-term investments 12
Accounts receivable:
Trade, net 1,012
Related parties 1
Non-debtor affiliates 293
Inventories 1,726
Short-term loan receivables -
Non-debtor affiliates 623
Current deferred income tax assets 545
Prepaid expenses and other current assets 543
------------
Total current assets 5,598
Property, plant and equipment, net 10,132
Investments and long-term receivables:
Investment in PO joint ventures 568
Long-term loan receivables -
non-debtor affiliates 2,133
Investments in non-debtor affiliates 4,815
Other investments and long-term receivables 27
Intangible assets, net 1,720
Other assets 175
------------
Total Assets $25,168
============
Liabilities and Stockholder's Equity
Current liabilities:
Current maturities of long-term debt 8,704
Short-term debt 5,635
Short-term payables - non-debtor affiliates 237
Accounts payable:
Trade 839
Related parties 10
Non-debtor affiliates 654
Accrued liabilities 922
------------
Total current liabilities 17,001
Other liabilities 358
Deferred income taxes 2,876
Liabilities subject to compromise 12,076
Commitments and contingencies -
Stockholders equity:
Common stock 60
Additional paid-in capital 563
Retained deficit (7,528)
Accumulated other comprehensive income (357)
------------
(7,262)
Minority interests 119
------------
Total stockholder's deficit (7,143)
------------
Total liabilities and stockholder's equity $25,168
============
Lyondell Chemical Company and affiliates
Unaudited Statement of Income
For month ended April 30, 2009
(in millions)
Sales and other operating revenues:
Trade $1,325
Non-Debtor affiliates 37
------------
1,362
Operating costs and expenses:
Cost of sales 1,355
Asset impairments 5
Selling, general and admin. Expenses 28
Research and development expenses 2
------------
1,390
------------
Operating loss (28)
------------
Interest expense (94)
Interest income 2
Other income (expense), net (5)
------------
Income before reorganization items,
equity investments and income
taxes (125)
------------
Reorganization items (81)
Income from equity investments 49
------------
Loss before income taxes (157)
Benefit from income taxes (109)
------------
Loss from continuing operations (48)
Discontinued operations -
------------
Net Loss ($48)
============
Lyondell Chemical Company and its affiliates
Unaudited Statements of Cash Flows
For the month ended April 30, 2009
(in millions)
Cash flows from operating activities:
Net loss ($48)
Net loss - discontinued operations -
Adjustments to reconcile net loss to
net cash used in operating
activities:
Depreciation and amortization 91
Reorganization charges 81
Reorganization-related payments (11)
Asset impairments 5
Equity investments - income (49)
Deferred income taxes (118)
Foreign currency exchange gain on
Term Loan B - German tranche 29
Changes in assets and liabilities
that provided (used) cash:
Accounts receivable 40
Inventories 82
Accounts payable (67)
Others, net (43)
------------
Net cash used in operating
activities - continuing operations (8)
Net cash provided by operating activities
discontinued operations -
------------
Net cash used in operating activities (8)
------------
Cash flows from investing activities:
Expenditures for property, plant and
equipment (16)
Proceeds from loans to non-Debtor affiliates 50
Short term investments 11
Other, net (1)
------------
Net cash provided by investing activities 44
------------
Cash flows from financing activities:
Net borrowings under DIP Revolving Facility 400
Payment of debt issuance costs (11)
Other, net (1)
------------
Net cash provided by financing activities 388
------------
Effect of exchange rate changes on cash -
------------
Increase in cash and cash equivalents 424
Cash and cash equivalents at beginning of period 419
------------
Cash and cash equivalents at end of period $843
============
LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies. It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels. Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.
Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company. LyondellBasell became saddled with
debt as part of the US$12.7 billion merger. On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts. The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D. N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11. In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.
The Hon. Robert E. Gerber presides over the case. Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel. Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors. AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities. Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.
Lyondell has obtained approximately $8 billion in DIP financing to
fund continuing operations. The DIP financing includes two credit
agreements: a $6.5 billion term loan, which comprises a
$3.25 billion in new loans and a $3.25 billion roll-up of existing
loans; and a $1.57 billion asset-backed lending facility.
Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors. On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code. All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes. The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.
Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LYONDELL CHEMICAL: Incurs $63 Million Net Loss for May 2009
-----------------------------------------------------------
Lyondell Chemical Company and affiliates
Unaudited Combined Balance Sheets
As of May 31, 2009
(in millions)
Assets
Current assets:
Cash and cash equivalents $449
Short-term investments 12
Accounts receivable:
Trade, net 1,219
Related parties 1
Non-debtor affiliates 195
Inventories 1,735
Current deferred income tax assets 3
Prepaid expenses and other current assets 564
------------
Total current assets 4,178
Property, plant and equipment, net 10,056
Investments and long-term receivables:
Investment in PO joint ventures 568
Investments in non-debtor affiliates 4,863
Other investments and long-term
Receivables 27
Intangible assets, net 1,669
Other assets 181
------------
Total Assets $21,542
============
Liabilities and Stockholder's Equity
Current liabilities:
Current maturities of long-term debt 8,704
Short-term debt 5,334
Accounts payable:
Trade 967
Related parties 8
Non-debtor affiliates 582
Accrued liabilities 757
Deferred income taxes 144
------------
Total current liabilities 16,496
Long-term debt -
Other liabilities 390
Deferred income taxes 2,168
Liabilities subject to compromise 12,262
Commitments and contingencies -
Stockholders equity:
Common stock 60
Additional paid-in capital 563
Retained deficit (7,640)
Net receivables - non-debtor affiliates (2,537)
Accumulated other comprehensive loss (339)
------------
(9,893)
Minority interest 119
------------
Total stockholder's deficit (9,774)
------------
Total liabilities and stockholder's equity $21,542
============
Lyondell Chemical Company and affiliates
Unaudited Statement of Income
(in millions)
for month ended May 31, 2009
Sales and other operating revenues:
Trade $1,375
Non-Debtor affiliates 37
------------
1,412
Operating costs and expenses:
Cost of sales 1,396
Selling, general and admin. Expenses 16
Research and development expenses 5
------------
1,417
------------
Operating loss (5)
Interest expense (153)
Interest income 11
Other income, net 106
------------
Loss before reorganization items,
equity investments and income
taxes (41)
------------
Reorganization items (49)
Loss from equity investments (9)
------------
Loss before income taxes (99)
Benefit from income taxes (36)
------------
Net loss from continuing operations (63)
Discontinued operations -
------------
Net Loss ($63)
============
Lyondell Chemical Company and its affiliates
Unaudited Statements of Cash Flows
For the month ended May 31, 2009
(in millions)
Cash flows from operating activities:
Net loss ($63)
Net loss - discontinued operations -
Adjustments to reconcile net loss to
net cash used in operating
activities:
Depreciation and amortization 108
Reorganization charges 49
Reorganization - loss 9
Deferred income taxes (37)
Foreign currency exchange gain on Term Loan B -
German tranche (106)
Changes in assets and liabilities
that provided (used) cash:
Accounts receivable (210)
Inventories (8)
Accounts payable 120
Reorganization-related payments (40)
Other, net 67
------------
Net cash used in operating
activities - continuing operations (111)
Net cash provided by operating activities
discontinued operations -
------------
Net cash used in operating activities (111)
------------
Cash flows from investing activities:
Expenditures for property, plant and
Equipment (18)
Repayment of loans by non-Debtor affiliates 50
Other, net 1
------------
Net cash provided by investing activities 33
------------
Cash flows from financing activities:
Net repayments of DIP Revolving Facility (300)
Payment of debt issuance costs (18)
Short-term borrowings 1
Other, net 1
------------
Net cash used in financing activities (316)
------------
Effect of exchange rate changes on cash -
------------
Decrease in cash and cash equivalents (394)
Cash and cash equivalents at beginning of period 843
------------
Cash and cash equivalents at end of period $449
============
LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies. It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels. Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.
Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company. LyondellBasell became saddled with
debt as part of the US$12.7 billion merger. On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts. The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D. N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11. In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.
The Hon. Robert E. Gerber presides over the case. Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel. Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors. AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities. Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.
Lyondell has obtained approximately $8 billion in DIP financing to
fund continuing operations. The DIP financing includes two credit
agreements: a $6.5 billion term loan, which comprises a
$3.25 billion in new loans and a $3.25 billion roll-up of existing
loans; and a $1.57 billion asset-backed lending facility.
Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors. On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code. All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes. The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.
Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
MIDLAND FOOD: Incurs $347,000 Net Loss for Month Ended June 8
-------------------------------------------------------------
According to Bill Rochelle at Bloomberg News, Midland Food
Services LLC reported a $347,000 net loss for the month ended
June 8 on net sales of $4.1 million. The loss before interest,
taxes, depreciation and amortization for the period was $36,300.
The June loss was an improvement on the $583,000 net loss for the
month ended May 11. Since the bankruptcy filing, cumulative net
loss was $8,300 on sales of $50.4 million.
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.
MIDWAY GAMES: Posts $1.4 Million Net Loss in May 2009
-----------------------------------------------------
On July 7, 2009, Midway Games Inc., et al filed their monthly
operating report for the period May 1, 2009, through and including
May 31, with the United States Bankruptcy Court for the District
of Delaware.
For the period, the Debtors reported a net loss of $1.4 million on
net revenues of $2.8 million.
At May 31, 2009, the Debtors had $1.40 billion in total assets and
$1.59 billion in total liabilities.
A full-text copy of the Debtors' monthly operating report for the
month ended May 31, 2009, is available at:
http://researcharchives.com/t/s?3f62
About Midway Games
Midway Games Inc. (OTC Pink Sheets: MWYGQ) --
http://www.midway.com/-- headquartered in Chicago, Illinois, with
offices throughout the world, develops and publishes interactive
entertainment software for major videogame systems and personal
computers.
The Company and nine of its affiliates filed for Chapter 11
protection on February 12, 2009 (Bankr. D. Del. Lead Case No.
09-10465). David W. Carickhoff, Jr., Esq., Michael David
Debaecke, Esq., and Victoria A. Guilfoyle, Esq., at Blank Rome
LLP, represent the Debtors in their restructuring efforts. The
Debtors tapped Lazard as their investment banker, Dewey &
LeBoeuf LLP as special counsel, and Epiq Bankruptcy Solutions LLC
as claims agent.
The Bankruptcy Court has authorized Midway Games to sell key
assets to an affiliate of Time Warner Inc. for $33 million plus
accounts receivable.
PROPEX INC: Files Operating Reports for May & June 2009
-------------------------------------------------------
Propex Inc. and its debtor affiliates submitted to the Court
monthly operating reports for the period from April 27, 2009,
through May 31, 2009, and for the period from June 1 to 30, 2009.
The May and June 2009 Monthly Operating Reports did not include a
balance sheet, an income statement or a cash flow report.
Instead, it itemizes certain accounts for (1) escrow deposits,
(2) sales proceeds, and (3) carve-outs, and the corresponding
balance under those accounts.
Full-text copies of the May and June 2009 MORs are available for
free at:
http://bankrupt.com/misc/Propex_May31MOR.pdf
http://bankrupt.com/misc/Propex_JuneMOR.pdf
About Propex Inc.
Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber. It also produces
primary and secondary carpet backing. Propex operates in North
America, Europe, and Brazil. In Europe, the company has
manufacturing facilities in Germany, Hungary and the United
Kingdom.
The company and its debtor-affiliates filed for Chapter 11
protection on January 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249). The Debtors selected Edward L. Ripley, Esq., Henry J.
Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston,
Texas, to represent them. The Official Committee of Unsecured
Creditors tapped Ira S. Dizengoff, Esq., at Akin Gump Strauss
Hauer & Feld, LLP, in New York, to be its counsel.
Propex Inc., and its affiliates delivered to the Court a Joint
Plan of Reorganization and Disclosure Statement on October 29,
2008.
As of June 29, 2008, the Debtors' balance sheet showed total
assets of USUS$562,700,000, and total debts of USUS$551,700,000.
Bankruptcy Creditors' Service, Inc., publishes Propex Bankruptcy
News. The newsletter tracks the chapter 11 proceedings
undertaken by Propex Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
SHARPER IMAGE: Earns $372,422 in June 2009
------------------------------------------
On July 13, 2009, TSIC, Inc., formerly known as The Sharper Image
Corporation, filed with the U.S. Bankruptcy Court for the District
of Delaware its monthly operating report for June 2009.
The Company earned $372,422 on zero revenue for the month of June
2009.
At June 30, 2009, the company had $11,018,916 in total assets and
$101,822,812 in total liabilities.
A full-text copy of TSIC's monthly operating report for the month
ended June 30, 2009, is available at:
http://researcharchives.com/t/s?3f66
The Sharper Image
Headquartered in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- was a multi-channel specialty
retailer. It operated in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet. The Company has operations in
Australia, Brazil and Mexico. In addition, through its Brand
Licensing Division, it was also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.
The Company filed for Chapter 11 protection on February 19, 2008
(Bankr. D.D., Case No. 08-10322). Judge Kevin Gross presides
over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel. Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.
An official committee of unsecured creditors has been appointed in
the case. Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel. Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.
When the Debtor filed for bankruptcy, it listed total assets of
$251,500,000 and total debts of $199,000,000. As of June 30,
2008, the Debtor listed $52,962,174 in total assets and
$39,302,455 in total debts.
Sharper Image sought and obtained the Court's approval to change
its name to "TSIC, Inc." in relation to an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners, LLC,
GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer
Capital, LLC.
(Sharper Image Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
SPANSION INC: Turns Profit for April Reporting Period
-----------------------------------------------------
According to Bill Rochelle at Bloomberg News, Spansion Technology
Inc., filed an operating report for the month ended April 26
showing a $3.7 million net profit on net revenue of
$112.6 million. Reorganization items for the period were
$4.9 million.
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 US$3,840,000,000, and total
debts of US$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 US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.
TARRAGON CORP: Posts $26,325,188 Net Loss in 1st 5 Months of 2009
-----------------------------------------------------------------
On July 1, 2009, Tarragon Corporation and certain of its direct
and indirect subsidiaries and affiliates filed their monthly
operating reports for the month ended May 31, 2009, with the U.S.
Bankruptcy Court for the District of New Jersey.
At May 31, 2009, Tarragon Corporation's consolidating balance
sheet showed total assets of $759,694,320, total liabilities of
$1,018,770,729 in total liabilities, $13,486,724 in minority
interest, and shareholders' deficit of $272,563,133.
For the five months ended May 31, 2009, Tarragon Corporation, et
al., reported a net loss of $26,325,188 on total revenue of
$55,733,458. Interest expense was $23,401,210 for the period.
A full-text copy of the Debtor's monthly operating report for the
month ended May 31, 2009, is available for free at:
http://researcharchives.com/t/s?3f63
About Tarragon Corporation
Based in New York City, Tarragon Corporation (NasdaqGS:TARR) --
http://www.tarragoncorp.com/-- is a leading developer of
multifamily housing for rent and for sale. Tarragon's operations
are concentrated in the Northeast, Florida, Texas, and Tennessee.
Tarragon and its affiliates filed for Chapter 11 protection on
January 12, 2009 (Bankr. D. N.J. Case No. 09-10555). The Hon.
Donald H. Steckroth presides over the case.
Michael D. Sirota, Esq., Warren A. Usatine, Esq., and Felice R.
Yudkin, Esq., at Cole Schotz Meisel Forman & Leonard, P.A.,
represent the Debtor as bankruptcy counsel. Kurztman Carson
Consultants LLC serves as notice and claims agent. Daniel A.
Lowenthal, Esq., at Patterson Belknap Webb & Tyler, LLP, in New
York, represents the official committee of unsecured creditors
appointed in the case. Tarragon has said equity holders are out
of the money with regard to its bankruptcy case. As of
September 30, 2008, the Debtors had $840,688,000 in total assets
and $1,035,582,000 in total debts.
TRIBUNE CO: Records $18.17-Mil. Loss for April 27 - May 24
----------------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of May 24, 2009
ASSETS
Current Assets:
Cash and cash equivalents $710,893,000
Accounts receivable, net 50,604,000
Inventories 29,399,000
Broadcast rights 211,107,000
Prepaid expenses and other 87,329,000
---------------
Total current assets 1,089,332,000
Property, plant and equipment, net 1,335,448,000
Other Assets:
Broadcast rights 146,639,000
Goodwill & other intangible assets 3,158,611,000
Prepaid pension costs 1,084,000
Investments in non-debtor units 1,125,528,000
Other investments 22,221,000
Intercompany receivables from non-debtors 4,729,208,000
Other 110,051,000
---------------
Total Assets $11,718,122,000
===============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Contracts payable for broadcast rights $24,052,000
Current portion of long-term debt 2,141,000
Accounts payable, accrued expenses, and other 252,024,000
---------------
Total current liabilities 278,217,000
Pension obligations 192,805,000
Long-term debt 9,993,000
Other obligations 294,996,000
---------------
Total Liabilities 776,011,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 4,457,910,000
Obligations to third parties 13,692,297,000
---------------
Total Liabilities Subject to Compromise 18,150,207,000
Shareholders' Equity (Deficit) (7,208,096,000)
---------------
Total Liabilities & Shareholders' Equity $11,718,122,000
===============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period April 27 through May 24, 2009
Total Revenue $245,589,000
Operating Expenses:
Cost of sales 133,108,000
Selling, general and administrative 87,574,000
Depreciation 12,980,000
Amortization of intangible assets 1,601,000
-------------
Total operating assets 235,263,000
-------------
Operating Loss 10,326,000
-------------
Net loss on equity investments (446,000)
Interest income, net 71,000
Management fee (1,602,000)
Non-operating loss, net 14,482,000
-------------
Loss before income taxes and reorg. costs 22,831,000
Reorganization costs (4,073,000)
-------------
Loss before income taxes 18,758,000
Income taxes (591,000)
-------------
Net loss $18,167,000
=============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period April 27 through May 24, 2009
Beginning Cash Balance $710,944,000
Cash Receipts:
Operating receipts 238,243,000
Other 0
-------------
Total Cash Receipts 238,243,000
Cash Disbursements
Compensation and benefits 94,236,000
General disbursements 138,609,000
Reorganization, interest & fees 3,502,000
-------------
Total Disbursements 236,347,000
-------------
Debtors' Net Cash Flow 1,896,000
From/(To) Non-Debtors (12,225,000)
-------------
Net Cash Flow (10,330,000)
Other 1,395,000
-------------
Ending Available Cash Balance $702,009,000
=============
VERASUN ENERGY: Operating Report for March 2009
-----------------------------------------------
VeraSun Energy Corp. and its affiliates disclose with the Court
that they had an aggregate of $3,357,041,000 in assets,
$1,360,212,000 in shareholders' equity, and $1,996,831,000 in
liabilities as of March 31, 2009.
The Debtors also disclose that they had a net loss of $14,918,000
for the month ended March 31, 2009.
Furthermore, the Debtors tell the Court that they received cash
totaling $100,741,000 and disbursed cash totaling $100,832,000
for the month ending March 31, 2009.
A full-text copy of the March 2009 Operating Report is available
for free at http://tinyurl.com/qobsrg
About VeraSun Energy
Headquartered in Sioux Falls, South Dakota, VeraSun Energy Corp.
-- http://www.verasun.comor http://www.VE85.com/-- produces and
markets ethanol and distillers grains. Founded in 2001, the
company has a fleet of 16 production facilities in eight states,
with 14 in operation.
The Company and its debtor-affiliates filed for Chapter 11
protection on October 31, 2008 (Bankr. D. Del. Case No. 08-12606).
Mark S. Chehi, Esq., at Skadden Arps Slate Meagher & Flom LLP
represents the Debtors in their restructuring efforts.
AlixPartners LLP serves as their restructuring advisor.
Rothschild Inc. is their investment banker and Sitrick & Company
is their communication agent. The Debtors' claims noticing and
balloting agent is Kurtzman Carson Consultants LLC. The Debtors'
total assets as of June 30, 2008, was $3,452,985,000 and their
total debts as of June 30, 2008, was $1,913,214,000.
VeraSun closed on April 1, 2009, the sale of substantially all of
its assets to Valero Renewable Fuels, a subsidiary of Valero
Energy Corporation, North America's largest petroleum refiner and
marketer. The purchased assets included five ethanol production
facilities and a development site. The facilities are located in
Aurora, South Dakota; Fort Dodge, Charles City, and Hartley, Iowa;
and Welcome, Minnesota, and the development site is in Reynolds,
Indiana.
Valero paid $350 million for the ethanol production facilities in
Aurora, Fort Dodge, Charles City, Hartley and Welcome, in addition
to the Reynolds site. Valero also successfully bid
$72 million for the Albert City facility and $55 million for the
Albion facility. The purchase price also includes working capital
and other certain adjustments.
VeraSun also completed on April 9 the sale to AgStar Financial
Services PCA of substantially all of the assets relating to the
company's production facilities in Dyersville, Iowa; Hankinson,
North Dakota; Janesville, Minnesota; Central City and Ord,
Nebraska; and Woodbury, Michigan. AgStar released the USBE
Subsidiaries from their obligations under $319 million of existing
indebtedness and assumed certain liabilities relating to the
AgStar Facilities.
On April 13, US BioEnergy Corporation and US Bio Marion LLC
completed the sale to Marion Energy Investments LLC, as assignee
of Dougherty and First Bank & Trust, of substantially all of the
assets relating to the Debtors' production facility in Marion,
South Dakota. The consideration for the acquired assets consisted
of release of US Bio Marion from its obligations under
approximately $93 million of existing indebtedness to the Marion
Buyers, payment by MEI of $934,861 in cash and assumption by the
Marion Purchasers of certain liabilities relating to the Marion
facility. VeraSun Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
VERASUN ENERGY: Operating Report for April 2009
-----------------------------------------------
VeraSun Energy Corp. and its affiliates disclose with the Court
that they had an aggregate of $386,566,000 in assets, $670,898,000
in shareholders' deficit, and $1,057,465,000 in liabilities as of
April 30, 2009.
The Debtors also disclose that they had a net loss of
$2,031,110,000 for the month ending April 30, 2009.
Furthermore, the Debtors tell the Court that they received cash
totaling $186,898,000 and disbursed cash totaling $174,372,000
for the month ending April 30, 2009.
A full-text copy of the April 2009 Operating Report is available
for free at http://bankrupt.com/misc/VerSMOR.pdf
About VeraSun Energy
Headquartered in Sioux Falls, South Dakota, VeraSun Energy Corp.
-- http://www.verasun.comor http://www.VE85.com/-- produces and
markets ethanol and distillers grains. Founded in 2001, the
company has a fleet of 16 production facilities in eight states,
with 14 in operation.
The Company and its debtor-affiliates filed for Chapter 11
protection on October 31, 2008 (Bankr. D. Del. Case No. 08-12606).
Mark S. Chehi, Esq., at Skadden Arps Slate Meagher & Flom LLP
represents the Debtors in their restructuring efforts.
AlixPartners LLP serves as their restructuring advisor.
Rothschild Inc. is their investment banker and Sitrick & Company
is their communication agent. The Debtors' claims noticing and
balloting agent is Kurtzman Carson Consultants LLC. The Debtors'
total assets as of June 30, 2008, was $3,452,985,000 and their
total debts as of June 30, 2008, was $1,913,214,000.
VeraSun closed on April 1, 2009, the sale of substantially all of
its assets to Valero Renewable Fuels, a subsidiary of Valero
Energy Corporation, North America's largest petroleum refiner and
marketer. The purchased assets included five ethanol production
facilities and a development site. The facilities are located in
Aurora, South Dakota; Fort Dodge, Charles City, and Hartley, Iowa;
and Welcome, Minnesota, and the development site is in Reynolds,
Indiana.
Valero paid $350 million for the ethanol production facilities in
Aurora, Fort Dodge, Charles City, Hartley and Welcome, in addition
to the Reynolds site. Valero also successfully bid $72 million
for the Albert City facility and $55 million for the Albion
facility. The purchase price also includes working capital and
other certain adjustments.
VeraSun also completed on April 9 the sale to AgStar Financial
Services PCA of substantially all of the assets relating to the
company's production facilities in Dyersville, Iowa; Hankinson,
North Dakota; Janesville, Minnesota; Central City and Ord,
Nebraska; and Woodbury, Michigan. AgStar released the USBE
Subsidiaries from their obligations under $319 million of existing
indebtedness and assumed certain liabilities relating to the
AgStar Facilities.
On April 13, US BioEnergy Corporation and US Bio Marion LLC
completed the sale to Marion Energy Investments LLC, as assignee
of Dougherty and First Bank & Trust, of substantially all of the
assets relating to the Debtors' production facility in Marion,
South Dakota. The consideration for the acquired assets consisted
of release of US Bio Marion from its obligations under
approximately $93 million of existing indebtedness to the Marion
Buyers, payment by MEI of $934,861 in cash and assumption by the
Marion Purchasers of certain liabilities relating to the Marion
facility. VeraSun Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
VERASUN ENERGY: Operating Report for May 2009
---------------------------------------------
VeraSun Energy Corp. and its affiliates disclose with the Court
that they had an aggregate of $195,859,000 in assets, $1,450,610
in shareholders' deficit, and $894,555,000 in liabilities as of
May 31, 2009.
The Debtors also disclose that they had a net loss of $27,800,000
for the month ending May 31, 2009.
Furthermore, the Debtors tell the Court that they received cash
totaling $128,498,000 and disbursed cash totaling $128,577,000
for the month ending May 31, 2009.
A full-text copy of the May 2009 Operating Report is available
for free at http://tinyurl.com/m6tmke
About VeraSun Energy
Headquartered in Sioux Falls, South Dakota, VeraSun Energy Corp.
-- http://www.verasun.comor http://www.VE85.com/-- produces and
markets ethanol and distillers grains. Founded in 2001, the
company has a fleet of 16 production facilities in eight states,
with 14 in operation.
The Company and its debtor-affiliates filed for Chapter 11
protection on October 31, 2008 (Bankr. D. Del. Case No. 08-12606).
Mark S. Chehi, Esq., at Skadden Arps Slate Meagher & Flom LLP
represents the Debtors in their restructuring efforts.
AlixPartners LLP serves as their restructuring advisor.
Rothschild Inc. is their investment banker and Sitrick & Company
is their communication agent. The Debtors' claims noticing and
balloting agent is Kurtzman Carson Consultants LLC. The Debtors'
total assets as of June 30, 2008, was $3,452,985,000 and their
total debts as of June 30, 2008, was $1,913,214,000.
VeraSun closed on April 1, 2009, the sale of substantially all of
its assets to Valero Renewable Fuels, a subsidiary of Valero
Energy Corporation, North America's largest petroleum refiner and
marketer. The purchased assets included five ethanol production
facilities and a development site. The facilities are located in
Aurora, South Dakota; Fort Dodge, Charles City, and Hartley, Iowa;
and Welcome, Minnesota, and the development site is in Reynolds,
Indiana.
Valero paid $350 million for the ethanol production facilities in
Aurora, Fort Dodge, Charles City, Hartley and Welcome, in addition
to the Reynolds site. Valero also successfully bid
$72 million for the Albert City facility and $55 million for the
Albion facility. The purchase price also includes working capital
and other certain adjustments.
VeraSun also completed on April 9 the sale to AgStar Financial
Services PCA of substantially all of the assets relating to the
company's production facilities in Dyersville, Iowa; Hankinson,
North Dakota; Janesville, Minnesota; Central City and Ord,
Nebraska; and Woodbury, Michigan. AgStar released the USBE
Subsidiaries from their obligations under $319 million of existing
indebtedness and assumed certain liabilities relating to the
AgStar Facilities.
On April 13, US BioEnergy Corporation and US Bio Marion LLC
completed the sale to Marion Energy Investments LLC, as assignee
of Dougherty and First Bank & Trust, of substantially all of the
assets relating to the Debtors' production facility in Marion,
South Dakota. The consideration for the acquired assets consisted
of release of US Bio Marion from its obligations under
approximately $93 million of existing indebtedness to the Marion
Buyers, payment by MEI of $934,861 in cash and assumption by the
Marion Purchasers of certain liabilities relating to the Marion
facility. VeraSun Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
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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
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liabilities that may never materialize. The prices at which
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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
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
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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. Joseph Medel C. Martirez, Denise Marie Varquez, Philline
Reluya, 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.
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