/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/090725.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 25, 2009, Vol. 13, No. 204 Headlines ACCENTIA BIOPHARMA: Files Monthly Operating Report for June 2009 ACCENTIA BIOPHARMA: Biovest Int'l Files June Operating Report ALERIS INT'L: Incurs $38.36 Million Loss for Month Ended May 31 BERNARD KOSAR: Records $1,000 Income from June 19 to June 30 CAPITAL CORP: Posts $25,619 Net Loss in June 2009 CARAUSTAR INDUSTRIES: Incurs $197,000 Net Loss for June 2009 CIRCUIT CITY: Incurs $65.4 Million Net Loss for May 2009 CMR MORTGAGE II: Posts $728,007 Net Loss in June 2009 CRUSADER ENERGY: Reports $4 Million Net Loss for June 2009 EDDIE BAUER: Files Initial Monthly Operating Report FREMONT GENERAL: Posts $20,241,364 Net Loss in June 2009 GREEKTOWN HOLDINGS: Has 434,879 Operating Report for May 2009 INDALEX HOLDINGS: Records $1.7 Million Net Profit for June 2009 LANDAMERICA FINANCIAL: Reports $11,133,000 Net Gain for March LANDAMERICA FINANCIAL: Records $10.2 Million Net Loss for April LANDAMERICA FINANCIAL: Reports $9,893,000 Net Loss for May 2009 LANDAMERICA FINANCIAL: Zolfo Copper Mgt. Files Monthly Report LANDSOURCE COMMUNITIES: Incurs $7,756,452 Profit for May 2009 LEHIGH COAL: Loses $406,000 in June on $835,000 Sales LEHMAN BROTHERS: Has $10.022 Billion Cash at End of May 2009 LEHMAN BROTHERS: Has $11.125 Billion Cash at End of June 2009 LTV CORP: Files Monthly Operating Report for June 2009 LYONDELL CHEMICAL: Reports $48 Million Net Loss for April 2009 LYONDELL CHEMICAL: Net Loss Widens to $63 Million for May 2009 MASONITE CORP: Incurs $7,556,000 Net Loss for Month Ended May 24 MASONITE CORP: Operating Report for Month Ended June 28 MERUELO MADDUX: Posts $1,808,225 Net Loss in May 2009 MERUELO MADDUX: Posts $2,568,107 Net Loss in June 2009 MUZAK HOLDINGS: Incurs $3.1 Million Net Loss for June 2009 REUNION INDUSTRIES: Earns $471,000 in April 2009 REUNION INDUSTRIES: Posts $128,000 Net Loss in May 2009 SEMGROUP LP: Incurs $9.63 Million Net Loss for May 31 SPECTRUM BRANDS: Records $49.14MM Loss for Month Ended June 28 TOUSA INC: Posts June Loss, Cash Grows Almost $10 Million TRIBUNE CO: Reports $18.17MM Income for May 2009; Has $702MM Cash ********* ACCENTIA BIOPHARMA: Files Monthly Operating Report for June 2009 ---------------------------------------------------------------- On July 20, 2009, Accentia Biopharmaceuticals, Inc., and certain of its affiliates filed their unaudited combined monthly operating report for the period June 1, 2009, through June 30, 2009, with the United States Bankruptcy Court for the Middle District of Florida, Tampa Division. Their schedule of receipts and disbursements for May 2009, showed: Funds at beginning of period $4,735 Total Receipts $237,045 Total Funds Available for Operations $241,781 Total Disbursements $208,960 Funds at June 30, 2009 $32,821 A full-text copy of the Debtors' monthly operating report for June 2009 is available at http://researcharchives.com/t/s?3fda Headquartered in Tampa, Florida, Accentia BioPharmaceuticals Inc. (Nasdaq: ABPI) -- http://www.accentia.net/-- is a vertically integrated biopharmaceutical company focused on the development and commercialization of drug candidates that are in late-stage clinical development and typically are based on active pharmaceutical ingredients that have been previously approved by the FDA for other indications. The Company's lead product candidate is SinuNase(TM), a novel application and formulation of a known therapeutic to treat chronic rhinosinusitis. Additionally, the Company has acquired the majority ownership interest in Biovest International Inc. and a royalty interest in Biovest's lead drug candidate, BiovaxID(TM) and any other biologic products developed by Biovest. The Company also has a specialty pharmaceutical business, which markets products focused on respiratory disease and an analytical consulting business that serves customers in the biopharmaceutical industry. Accentia BioPharmaceuticals and nine affiliates filed for Chapter 11 protection on November 10, 2008 (Bankr. M.D. Florida, Lead Case No. 08-17795). Charles A. Postler, Esq., and Elena P. Ketchum, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida; and Jonathan B. Sbar, Esq., at Rocke, McLean & Sbar, P.A., represent the Debtors as counsel. Adam H. Friedman, Esq., at Olshan Grundman Frome Rosenzweig, and Paul J. Battista, Esq., at Genovese Joblove & Battista PA, represent the official committee of unsecured creditors as counsel. In their bankruptcy petition, the Debtors listed assets of $134,919,728 and debts of $77,627,355 as of June 30, 2008. ACCENTIA BIOPHARMA: Biovest Int'l Files June Operating Report ------------------------------------------------------------- Biovest International Inc. and certain of its debtor-affiliates filed with the U.S. Bankruptcy Court for the Middle District of Florida on July 20, 2009, their unaudited combined monthly operating report for the period June 1, 2009, through June 30, 2009. Their schedule of receipts and disbursements for June 2009, showed: Funds at beginning of period $286,506 Total Receipts $256,151 Total Funds Available for Operations $542,658 Total Disbursements $515,773 Funds at June 30, 2009 $26,884 A full-text copy of Biovest International Inc. and its debtor- affiliates' monthly operating report for June 2009 is available for free at http://researcharchives.com/t/s?3fd9 Headquartered in Tampa, Florida, Accentia BioPharmaceuticals Inc. (Nasdaq: ABPI) -- http://www.accentia.net/-- is a vertically integrated biopharmaceutical company focused on the development and commercialization of drug candidates that are in late-stage clinical development and typically are based on active pharmaceutical ingredients that have been previously approved by the FDA for other indications. The Company's lead product candidate is SinuNase(TM), a novel application and formulation of a known therapeutic to treat chronic rhinosinusitis. Additionally, the Company has acquired the majority ownership interest in Biovest International Inc. and a royalty interest in Biovest's lead drug candidate, BiovaxID(TM) and any other biologic products developed by Biovest. The Company also has a specialty pharmaceutical business, which markets products focused on respiratory disease and an analytical consulting business that serves customers in the biopharmaceutical industry. Accentia BioPharmaceuticals and nine affiliates filed for Chapter 11 protection on November 10, 2008 (Bankr. M.D. Florida, Lead Case No. 08-17795). Charles A. Postler, Esq., and Elena P. Ketchum, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida; and Jonathan B. Sbar, Esq., at Rocke, McLean & Sbar, P.A., represent the Debtors as counsel. Adam H. Friedman, Esq., at Olshan Grundman Frome Rosenzweig, and Paul J. Battista, Esq., at Genovese Joblove & Battista PA, represent the official committee of unsecured creditors as counsel. In their bankruptcy petition, the Debtors listed assets of $134,919,728 and debts of $77,627,355 as of June 30, 2008. ALERIS INT'L: Incurs $38.36 Million Loss for Month Ended May 31 --------------------------------------------------------------- Aleris International, Inc., Et Al. Consolidated Balance Sheet As of May 31, 2009 ASSETS Current Assets: Cash and cash equivalents $17,218,162 Accounts receivable, net 102,927,717 Intercompany Receivable 125,151,250 Net Inventories 114,303,010 Other current assets 65,896,836 --------------- Total current assets 425,496,975 Property, plant and equipment, net 331,044,345 Goodwill & Org. Costs, Net 79,776,473 Other Intangibles, Net 59,695,318 Total Long Term Intercompany Receivable 57,521,745 Other Long-Term Assets 1,485,653,873 --------------- Total L/T Assets 2,013,691,754 --------------- $2,439,188,729 =============== LIABILITIES & SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $39,967,949 Accrued & Other Current Liabilities 53,602,969 Toll Liability 7,810,932 Accrued Interest 8,618,044 Total current Interco Payable 22,373,243 Current Maturities of L/T Debt 756,703,259 Other current liabilities 6,834,709 --------------- Total current liabilities 895,911,105 Total Long-term debt 22,591 Intercompany payable (57,244,075) Other long-term liabilities 59,019,686 --------------- Total Long-term liabilities 1,798,202 Liabilities subject to compromise-external 1,710,148,574 Liabilities subject to compromise-internal 490,457,853 --------------- Total Liabilities Subject to Compromise 2,200,606,427 --------------- Total Liabilities 3,098,315,734 Additional paid-in Capital 856,477,840 Retained earnings (1,468,005,218) Total other comprehensive income(loss) (47,599,627) Other stockholders' equity 0 --------------- Total Liabilities and Stockholders' Equity $2,439,188,729 =============== Aleris International, Inc., Et Al. Consolidated Statement of Operations For the Period From May 1 through May 31, 2009 Gross Revenue $89,994,000 Total costs of sales 78,663,000 --------------- Gross profits 11,331,000 Selling, general and administrative: Labor 3,444,000 Professional fees 184,000 Consulting expense 101,000 Depreciation & Amortization 810,000 Other 1,914,000 --------------- Total SG&A Expense 6,453,000 Restructuring & Merger-related items 591,000 (Gains) losses on Derivatives (5,057,000) --------------- Operating Income (loss) 9,344,000 Net Interest Expense 28,594,000 Other Income and Expense 13,256,000 Reorganization Items 7,040,000 --------------- Income before taxes (39,546,000) Income Tax Expenses (1,193,000) --------------- Net Income (38,353,000) =============== Aleris International, Inc., Et Al. Consolidated Schedule of Cash Receipts and Disbursements For the Period From May 1 through May 31, 2009 Receipts Cash Sales $0 Accounts Receivable 86,176,335 Affiliates 12,524,396 Sale of Assets 0 Other 663,991 Transfer (From DIP Accts) 87,900,260 --------------- Total Receipts 187,264,982 Disbursements Benefits 4,302,182 Payroll 13,155,433 Primary 14,744,335 Recycling/Scrap 19,887,232 Hardners 2,078,683 Flux 993,379 Insurance 1,256,977 MRO 7,699,548 Freight 3,533,789 Energy 3,800,880 Taxes 313,411 By Product 705,184 Capex 461,960 Other accounts payable 3,940,586 U.S. Trustee Fees 201,700 Chapter 11 professional fees 2,363,256 Chapter 11 adjustments 0 Collateral Returns 0 Collateral Disbursements 0 Hedge Premiums 5,964,800 Affiliates 0 Interest & Fees 4,957,352 Extraordinaries 0 Other 53,921 Transfers (To DIP Accts) 102,949,852 --------------- Total Disbursements 193,364,461 --------------- Net Cash Flow ($6,099,479) =============== 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) BERNARD KOSAR: Records $1,000 Income from June 19 to June 30 --------------------------------------------------------- Former professional football quarterback Bernard Kosar said in a court filing that his personal business income was $1,000 from the time he entered bankruptcy until the end of the month, Bill Rochelle at Bloomberg News said. The income came from an appearance on "The Drew Carey Show." Bernie J. Kosar, Jr., is a former Cleveland Browns and University of Miami quarterback. He lives in the Fort Lauderdale suburb of Weston. Mr. Kosar filed for Chapter 11 on June 19, 2009 (Bankr. S.D. Fla. Case No. 09-22371). Julianne R. Frank, Esq., represents Mr. Kosar. His petition listed assets of $9.1 million against debt totaling $18.9 million. A list of the Company's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/flsb09-22371.pdf CAPITAL CORP: Posts $25,619 Net Loss in June 2009 ------------------------------------------------- Capital Corp of the West filed its monthly report of operations for the month ended June 30, 2009, on July 13, 2009, with the United States Bankruptcy Court for the Eastern District of California, Fresno Division. Capital Corp posted a net loss of $25,619 on total refunds of $32,000 for June 2009. As of June 30, 2009, Capital Corp had $6,684,645 in total assets, $57,734,000 in total liabilities, resulting in a $51,049,354 equity deficit. A full-text copy of Capital Corp's June 2009 monthly operating report is available at http://researcharchives.com/t/s?3fe2 About Capital Corp of the West Capital Corp of the West is a bank holding company, whose primary asset and source of income is County Bank of Merced. The Bank is a community bank with operations located mainly in the San Joaquin Valley of Central California with additional business banking operations in the San Francisco Bay Area. The corporate headquarters of the Company and the Bank's main branch facility are located at 550 West Main Street, Merced, California. County Bank was closed February 6, 2009, by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Westamerica Bank, based in San Rafael, California, to assume all of the deposits of County Bank. As of February 2, 2009, County Bank had total assets of approximately $1.7 billion and total deposits of $1.3 billion. In addition to assuming all of the failed bank's deposits, including those from brokers, Westamerica Bank agreed to purchase all of County Bank's assets. Capital Corp of the West filed for bankruptcy on May 11, 2009 (Bankr. E.D. Calif. Case No. 09-14298). Judge W. Richard Lee presides over the case. Paul J. Pascuzzi, Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi, serves as the Debtor's bankruptcy counsel. As of September 30, 2008, Capital Corp of the West had $1.87 million in total assets, $1.80 million in total liabilities and shareholders' equity of $73,896. In its Chapter 11 petition, the Company disclosed $6,789,058 in total assets and $68,096,190 in total debts. CARAUSTAR INDUSTRIES: Incurs $197,000 Net Loss for June 2009 ------------------------------------------------------------ Caraustar Industries Inc. reported a $197,000 net loss and a $197 loss from operations in June on sales of $16.9 million, Bill Rochelle at Bloomberg News said. Creditors are voting on the plan in anticipation of an Aug. 5 confirmation hearing. According to the Troubled Company Reporter on July 7, 2009, the Court approved the disclosure statement to Caraustar Industries Inc.'s pre-negotiated Chapter 11 plan, paving the way for the Plan to go to creditors for voting. Pre-bankruptcy, Caraustar reached agreement with holders of approximately 83% of its 7-3/8% Senior Notes maturing June 1, 2009, and 91% of its 7-1/4% Senior Notes maturing May 1, 2010, on the terms of a Chapter 11 restructuring that would reduce the company's debt obligations by approximately $135 million. Under the Chapter 11 plan, the Company's common stock holders will receive their pro rata share of $2.9 million, or about 10 cents per share, subject to certain conditions, the Company said. Further, the Company's existing Senior Notes will be exchanged for an aggregate of $85 million in new Senior Secured Notes and 100% of the common stock of the reorganized company. Unsecured creditors will receive full recovery. The reorganized company is expected to emerge as a private entity with Wayzata Investment Partners LLC becoming the Company's controlling shareholder, Caraustar stated. A full-text copy of the supplement to the amended Chapter 11 plan is available for free at http://ResearchArchives.com/t/s?3fd1 About Caraustar Industries Headquartered in Austell, Georgia, Caraustar Industries, Inc. -- http://www.caraustar.com/-- is one of North America's largest integrated manufacturers of 100% recycled paperboard and converted paperboard products. Caraustar serves the four principal recycled boxboard product end-use markets: tubes and cores; folding cartons; gypsum facing paper and specialty paperboard products. Caraustar reached an agreement with holders of roughly 83% of its 7-3/8% Senior Notes maturing June 1, 2009, and 91% of its 7-1/4% Senior Notes maturing May 1, 2010, on the terms of a cooperative financial restructuring that would reduce the Company's debt obligations by roughly $135 million. The Company and its domestic subsidiaries filed voluntary Chapter 11 petitions along with a pre-negotiated Plan of Reorganization in the United States Bankruptcy Court for the Northern District of Georgia on May 31, 2009 (Bankr. N.D. Ga. Lead Case No. 09-73830). James A. Pardo, Jr., Esq., and Mark M. Maloney, Esq., at King & Spalding represent the Debtors on their restructuring efforts. The Debtors listed $50 million to $100 million in assets and $100 million to $500 million in debts. CIRCUIT CITY: Incurs $65.4 Million Net Loss for May 2009 -------------------------------------------------------- Circuit City Stores, Inc., et al. Balance Sheet As of May 31, 2009 ASSETS Current Assets Cash and cash equivalents $57,068,000 Restricted cash 3,770,000 Cash held by Bank of America 227,113,000 Short-term investments 870,000 Accounts receivable, net 470,361,000 Income tax receivable 75,657,000 Prepaid expenses and other current assets 12,638,000 Intercompany receivables and investments 521,911,000 in subsidiaries -------------- Total Current Assets 1,369,388,000 Property and Equipment 39,887,000 Accumulated depreciation (18,247,000) -------------- Net Property and Equipment 21,640,000 Other Assets 7,353,000 -------------- TOTAL ASSETS $1,398,381,000 ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Merchandise payable $210,871,000 Expenses payable 30,963,000 Accrued expenses and other current 37,580,000 liabilities Accrued compensation 313,000 Intercompany payables 607,000 Accrued income taxes 429,000 -------------- Total Current Liabilities 280,763,000 Deferred income taxes 7,084,000 Other Liabilities 10,000 -------------- Liabilities Not Subject to Compromise 287,857,000 Liabilities Subject to Compromise 1,413,555,000 -------------- Total Liabilities 1,701,412,000 Stockholders' Equity Common stock 435,612,000 Additional paid-in capital 304,915,000 Retained deficit (1,015,899,000) Accumulated other comprehensive income (27,659,000) -------------- Total Stockholders' Equity (303,031,000) -------------- Total Liabilities & Shareholders' Deficit $1,398,381,000 ============== Circuit City Stores, Inc., et al. Income Statement For the Month Ended May 31, 2009 Net sales $0 Cost of sales, buying and warehousing 0 -------------- Gross profit (loss) 0 Selling, general and administrative expenses 3,501,000 -------------- Operating income 3,501,000 Interest income 0 Interest expense 0 -------------- Earnings before reorganization items, GAAP 3,501,000 reversals and income taxes Net loss from reorganization items (2,838,000) Net loss from GAAP reversals (65,885,000) Income tax expense (140,000) -------------- NET LOSS ($65,362,000) ============== About Circuit City Stores Headquartered in Richmond, Virginia, Circuit City Stores Inc. (NYSE: CC) -- http://www.circuitcity.com/-- was a specialty retailer of consumer electronics, home office products, entertainment software and related services in the U.S. and Canada. Circuit City Stores together with 17 affiliates filed a voluntary petition for reorganization relief under Chapter 11 of the Bankruptcy Code on November 10 (Bankr. E.D. Va. Lead Case No. 08- 35653). InterTAN Canada, Ltd., which runs Circuit City's Canadian operations, also sought protection under the Companies' Creditors Arrangement Act in Canada. Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP, are the Debtors' general restructuring counsel. Dion W. Hayes, Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, are the Debtors' local counsel. The Debtors also tapped Kirkland & Ellis LLP as special financing counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special securities counsel; and FTI Consulting, Inc., and Rotschild Inc. as financial advisors. The Debtors' Canadian general restructuring counsel is Osler, Hoskin & Harcourt LLP. Kurtzman Carson Consultants LLC is the Debtors' claims and voting agent. The Debtors disclosed total assets of $3,400,080,000 and debts of $2,323,328,000 as of Aug. 31, 2008. Circuit City has opted to liquidate its 721 stores. It has obtained the Bankruptcy Court's approval to pursue going-out-of- business sales, and sell its store leases. Bankruptcy Creditors' Service, Inc., publishes Circuit City Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Circuit City Stores Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) CMR MORTGAGE II: Posts $728,007 Net Loss in June 2009 ----------------------------------------------------- On July 16, 2009, CMR Mortgage Fund II, LLC, filed with the U.S. Bankruptcy Court for the Northern District of California a monthly operating report for the month ended June 30, 2009. The Company reported a net loss of $728,007 on total revenues of $20,188 for the month of June 2009. At June 30, 2009, the Debtor had total assets of $72,924,153, total liabilities of $34,817,815 and total equity of $38,106,338 . A full-text copy of the Debtor's monthly operating report for June 2009 is available at http://researcharchives.com/t/s?3fe3 San Francisco, California-based CMR Mortgage Fund II, LLC, is a limited liability company organized for the purpose of making or investing in business loans secured by deeds of trust or mortgages on real properties located primarily in California. The Company previously funded lending activities through loan pay downs or pay offs, as well as by selling its membership interests, and by selling all or a portion of interests in the loans to individual investors. The Company commenced operations in February 2004. The Company ceased accepting new members in the third quarter of 2006. The Company filed for Chapter 11 protection on March 31, 2009 (Bankr. N. D. Calif. Case No. 09-30788). Robert G. Harris, Esq., at the Law Offices of Binder and Malter, represents the Debtor as counsel. The Debtor listed between $10 million and $50 million each in assets and debts. CRUSADER ENERGY: Reports $4 Million Net Loss for June 2009 ------------------------------------------------------- Crusader Energy Group Inc. reported a $4 million net loss in June on net revenue of $4.9 million, Bill Rochelle at Bloomberg News reported. According to the report, the gross profit for the month was $3.6 million. Expenses included $2.8 million in interest along with depreciation and depletion of $2.7 million. Based in Oklahoma City, Oklahoma, Crusader Energy Group Inc. -- http://www.ir.crusaderenergy.com/-- explores, develops and acquires oil and gas properties, primarily in the Anadarko Basin, Williston Basin, Permian Basin, and Fort Worth Basin in the United States. It has working interests in more than 1,000 wells. Crusader Energy and its affiliates filed for Chapter 11 protection on March 30, 2009 (Bankr. N.D. Tex. Lead Case No. 09-31797). The Debtors' financial condition as of September 30, 2008, showed total assets of $749,978,331 and total debts of $325,839,980. Beth Lloyd, Esq., Richard H. London, Esq., and William Louis Wallander, Esq., at Vinson & Elkins, L.L.P., represent the Debtors as counsel. Holland N. Oneil, Esq., Michael S. Haynes, Esq., and Richard McCoy Roberson, Esq., at Gardere, Wynne & Sewell, represent the official committee of unsecured creditors as counsel. EDDIE BAUER: Files Initial Monthly Operating Report --------------------------------------------------- On July 6, 2009, Eddie Bauer Holdings, Inc., filed with the U.S. Bankruptcy Court for the District of Delaware its initial monthly operating report. The Company submitted cash flow projections for the three month period: June 2009 through August 2009. Cash Beginning of Period $701,000 Total Receipts $231,565,000 Total Disbursements $228,666,000 Net Cash Flow $2,899,000 Cash End of Period $3,600,000 In the report, the Company said that due to the sale process and its unknown impact to operations, the Debtors do not currently have a sufficient basis on which to project monthly cash flows beyond August. A full-text copy of the Company's initial monthly operating report is available at http://researcharchives.com/t/s?3fe1 Established in 1920 in Seattle, Washington, Eddie Bauer is a specialty retailer that sells outerwear, apparel and accessories for the active outdoor lifestyle. The Eddie Bauer brand is a nationally recognized brand that stands for high quality, innovation, style and customer service. Eddie Bauer products are available at 371 stores throughout the United States and Canada, through catalog sales and online at http://www.eddiebauer.com/ Eddie Bauer participates in a joint venture in Japan and has licensing agreements across a variety of product categories. Eddie Bauer, Inc., was a subsidiary of Spiegel, Inc. Eddie Bauer Inc. emerged from Spiegel's 2003 Chapter 11 case as a separate, reorganized entity under the control and ownership of Eddie Bauer Holdings, Inc. Eddie Bauer Holdings, Inc., and eight affiliates filed for bankruptcy on June 17, 2009 (Bankr. D. Del. Lead Case No. 09-12099). Judge Mary F. Walrath presides over the case. David S. Heller, Esq., Josef S. Athanas, Esq., and Heather L. Fowler, Esq., at Latham & Watkins LLP, serve as the Debtors' general counsel. Kara Hammond Coyle, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor LLP, serve as local counsel. The Debtors' restructuring advisors are Alvarez and Marsal North America LLC. Their financial advisors are Peter J. Solomon Company. Kurtzman Carson Consultants LLC acts as claims and notice agent. As of April 4, 2009, Eddie Bauer had $525,224,000 in total assets and $448,907,000 in total liabilities. FREMONT GENERAL: Posts $20,241,364 Net Loss in June 2009 -------------------------------------------------------- On July 15, 2009, Fremont General Corporation filed its monthly operating report for the month ended June 30, 2009, with the United States Trustee for the Central District of California, Santa Ana Division. Fremont General reported total assets of $465,023,934, total liabilities of $352,353,840, and total equity of $112,670,094 at June 30, 2009. For the month, the Debtors reported a net loss of $20,241,364 and generated zero revenues. A full-text copy of the Debtor's June 2009 monthly operating report is available for free at http://researcharchives.com/t/s?3fe0 About Fremont General 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. GREEKTOWN HOLDINGS: Has 434,879 Operating Report for May 2009 ------------------------------------------------------------- Greektown Holdings, LLC Balance Sheet As of May 31, 2009 Assets Cash $0 Inventory Accounts receivable Insider Receivables 3,442,586 Property and Equipment Land and buildings 0 Furniture, fixtures and equipment 0 Other Assets Financing Fees 0 Notes receivables from affiliates 474,566,113 Investments in affiliate (16,094,668) -------------- Total Assets $461,914,031 ============== 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 160,600,348 All other secured liabilities 313,965,764 -------------- Total secured liabilities 474,566,113 Prepetition liabilities: Taxes and other priority liabilities 0 Unsecured liabilities 226,851,305 Discount on bonds 0 -------------- Total prepetition liabilities 226,851,305 Kewadin equity (99,399,607) Monroe equity (87,697,011) Owner's capital 488,947 Retained earnings prepetition 116,601,907 Retained earnings postpetition (170,927,623) -------------- Total stockholders' equity (240,933,387) Total liabilities 702,847,418 -------------- Total Liabilities & Shareholders' Deficit $461,914,031 ============== Greektown Holdings, LLC Income Statement For the month ended May 31, 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 May 31, 2009 Cash - beginning of month $0 Receipts 0 Balance available 0 -------------- Less disbursements 0 -------------- Cash - end of month $0 ============== Greektown Casino LLC Balance Sheet As of May 31, 2009 Assets Cash $25,575,710 Inventory 576,245 Accounts receivable 4,966,973 Insider Receivables 0 Property and Equipment Land and buildings 525,324,812 Furniture, fixtures and equipment 90,794,430 Accumulated depreciation (140,169,749) Other current 17,987,455 Other long term 15,756,515 -------------- Total Assets $540,812,391 ============== Liabilities and Stockholder's Equity Postpetition liabilities: Accounts payable $20,232,576 Notes payable 2,910,909 Rent and lease payable 0 Wages and salaries 3,967,706 Taxes payable 887,746 Other 234,760 -------------- Total postpetition liabilities 28,233,697 Secured liabilities subject to postpetition collateral or financing order 160,600,348 All other secured liabilities 313,965,764 -------------- Total secured liabilities 474,566,113 Prepetition liabilities: Taxes and other priority liabilities 1,209,025 Unsecured liabilities 49,388,507 Other 3,509,719 -------------- Total prepetition liabilities 54,107,250 Equity 47,646,499 Owner's capital 0 Retained earnings prepetition 82,744,007 Retained earnings postpetition (146,485,175) -------------- Total stockholders' equity (16,094,669) Total liabilities 556,907,060 -------------- Total Liabilities & Shareholders' Deficit $540,812,391 ============== Greektown Casino LLC Income Statement For the month ended May 31, 2009 Total revenue/sales $32,240,677 Cost of sales 2,836,999 -------------- Gross profit 29,403,679 Operating Expenses Officer compensation 32,789 Salary expenses, other employees 4,904,025 Employees benefits & pensions 2,215,062 Payroll taxes 579,002 Other taxes 536,162 Rent and lease expense 10,800 Interest expense 6,013,119 Insurance 225,111 Automobile & truck expense 0 Utilities 366,009 Depreciation 1,030,997 Travel and entertainment 1,298 Repairs and maintenance 59,489 Advertising 659,248 Supplies, office expense, etc. 12,542 Gaming taxes 7,915,181 G&A expenses 2,569,105 F&B expenses 996,655 MGCB Fee 833,605 Parking/other 8,600 Pre-opening expenses 0 -------------- Total expenses 28,968,800 Net operating profit/(loss) 434,879 Add: Non-operating income: Interest income 36,103 Other income 0 Less: Non-operating expenses 0 Professional fees 1,287,427 Other 100,000 -------------- Net Income/Loss ($916,446) ============== Greektown Casino LLC Cash Flow Statement For the month ended May 31, 2009 Cash - beginning of month $10,215,545 Receipts 29,829,894 Balance available 40,045,439 -------------- Less disbursements 30,747,187 -------------- Cash - end of month $9,298,252 ============== 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) INDALEX HOLDINGS: Records $1.7 Million Net Profit for June 2009 ------------------------------------------------------------ According to Bill Rochelle at Bloomberg News, Indalex Holdings Finance Corp. reported a $1.7 million net profit for the period ended June 28 on net revenue of $32.1 million. The gross profit was $3.3 million. Indalex, Bloomberg relates, was recently authorized to sell its U.S. business to Sapa Holding AB for $90.1 million and the Canadian operations for an additional $30.7 million. Indalex Holding Corp., a wholly-owned subsidiary of Indalex Holdings Finance Inc., through its operating subsidiaries Indalex Inc. and Indalex Ltd., with headquarters in Lincolnshire, Illinois, is the second largest producer of soft alloy extrusion products in North America. The Company's aluminum extrusion products are widely used throughout industrial, commercial, and residential applications and are customized to meet specific end-user requirements. Indalex operates 10 extrusion facilities, 29 extrusion presses with circle sizes up to 20 inches, a variety of fabrication and close tolerance capabilities, two anodizing operations, two billet casting facilities, and six electrostatic paint lines, including powder coat capability. Indalex is indirectly controlled by private-equity investor Sun Capital Partners Inc. Sun Capital purchased Indalex in 2005 from Honeywell International Inc. for $425 million. Indalex is the 12th investment by Boca Raton, Florida-based Sun Capital to file in Chapter 11 since January 2006. Indalex Holdings and four affiliates filed for Chapter 11 on March 20 (Bankr. D. Del., Lead Case No. 09-10982). Donald J. Bowman, Jr., Esq., at Young, Conaway, Stargatt & Taylor, in Wilmington, Delaware, has been tapped as counsel. Epiq Bankruptcy Solutions LLC is the claims and noticing agent. In its bankruptcy petition, Indalex listed assets of $356 million against debt totaling $456 million. LANDAMERICA FINANCIAL: Reports $11,133,000 Net Gain for March ------------------------------------------------------------- LandAmerica Financial Group, Inc. Balance Sheet As of March 31, 2009 Assets Cash $104,122,000 Notes: Fidelity National Title 50,000,000 Other 12,975,000 Investments: Fidelity National Title stock 71,283,000 Taxes receivable 21,856,000 Property and equipment 15,767,000 Title Plans 945,000 Other assets 64,869,000 Investments in subsidiaries and consolidated joint ventures 684,298,000 Intercompany receivable 244,787,000 --------------- Total Assets $1,270,904,000 =============== Liabilities Accounts payable and accrued liabilities 20,750,000 Liabilities subject to compromise 493,737,000 --------------- Total Liabilities 514,487,000 Total Shareholders' Equity 756,417,000 --------------- Total Liabilities and Shareholders' Equity $1,270,904,000 =============== LandAmerica Financial Group, Inc. Statement of Operations For the month ended March 31, 2009 Revenue: Investment and other income $217,000 Valuation adjustment related to Fidelity National Title Stock 18,647,000 --------------- Total Revenue $18,864,000 --------------- Expenses General, administrative and other expenses 3,649,000 Depreciation and amortization 328,000 Gain on disposal of subsidiaries 6,000 --------------- Total Expenses 3,984,000 --------------- Net Gain before income taxes 14,880,000 Income tax benefit 3,747,000 --------------- Net Gain $11,133,000 =============== Loss on disposal of subsidiaries is related to the sale on certain subsidiaries to Fidelity National Title Insurance Company as part of the Asset Purchase Agreement LandAmerica Financial Group, Inc. Schedule of Cash Receipts and Disbursements For Month Ended March 31, 2009 Operating Cash and Cash Equivalents Held for the benefit; LandAmerica Financial Group, Inc. $76,016,000 Underwriters 7,872,000 Retained Subsidiaries 16,360,000 --------------- Opening Cash 100,248,000 --------------- Cash Receipts Collection received for the benefit of; Underwriters 2,003,000 Retained subsidiaries 1,303,000 Payment reimbursements by; Underwriters 30,731,000 Retained Subsidiaries 16,277,000 Proceeds from sale of the Underwriting business; LandAmerica Financial Group, Inc. 0 Retained Subsidiaries 0 Other Receipts 906,000 --------------- Total Receipts 51,221,000 --------------- Cash Disbursement Related to LFG Payroll 1,291,000 Rent & other occupancy costs 510,000 Insurance 190,000 Leases 135,000 Payables 114,000 Bankruptcy Professional Fees 2,516,000 Others 279,000 --------------- Total 5,033,000 --------------- Payments made for the benefit of; Underwriters 28,828,000 Retained subsidiaries 13,484,000 --------------- Total Disbursements 47,346,000 Net Cash Flow 3,875,000 --------------- Ending Cash and Cash Equivalents $104,122,000 =============== Ending Cash and Cash Equivalents Held for the benefit; LandAmerica Financial Group, Inc. $71,889,000 Underwriters 11,778,000 Retained subsidiaries 20,455,000 --------------- Total $104,122,000 =============== About LandAmerica Financial Group LandAmerica Financial Group, Inc., is a leading provider of real estate transaction services with offices nationwide and a vast network of active agents. LandAmerica and its affiliates operate through approximately 700 offices and a network of more than 10,000 active agents throughout the world, including Mexico, Canada, the Caribbean, Latin America, Europe, and Asia. LandAmerica Financial Group and its affiliate LandAmerica 1031 Exchange Services, Inc., filed for Chapter 11 protection November 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Dion W. Hayes, Esq., and John H. Maddock III, Esq., at McGuireWoods LLP are the Debtors' bankruptcy counsel. In its bankruptcy petition, LFG listed total assets of $3,325,100,000, and total debts of $2,839,800,000 as of September 30, 2008. On March 6, 2009, affiliate LandAmerica Assessment Corporation, aka National Assessment Corporation, filed its own petition for Chapter 11 relief. Affiliate LandAmerica Title Company filed for for Chapter 11 relief on March 27, 2009. Bankruptcy Creditors' Service, Inc., publishes LandAmerica Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandAmerica Financial and its affiliate LandAmerica 1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) LANDAMERICA FINANCIAL: Records $10.2 Million Net Loss for April --------------------------------------------------------------- LandAmerica Financial Group, Inc. Balance Sheet As of April 30, 2009 Assets Cash $87,978,000 Notes: Fidelity National Title 50,000,000 Other 12,957,000 Investments: Fidelity National Title stock 66,900,000 Taxes receivable 21,856,000 Property and equipment 15,442,000 Title Plans 945,000 Other assets 64,230,000 Investments in subsidiaries and consolidated joint ventures 684,298,000 Intercompany receivable 256,234,000 --------------- Total Assets $1,260,840,000 =============== Liabilities Accounts payable and accrued liabilities $22,948,000 Liabilities subject to compromise 493,917,000 --------------- Total Liabilities 516,865,000 Total Shareholders' Equity 743,975,000 --------------- Total Liabilities and Shareholders' Equity $1,260,840,000 =============== LandAmerica Financial Group, Inc. Statement of Operations For the month ended April 30, 2009 Revenue: Investment and other income $628,000 Valuation adjustment related to Fidelity National Title Stock (4,384,000) --------------- Total Revenue ($3,756,000) --------------- Expenses General, administrative and other expenses 3,112,000 Depreciation and amortization 326,000 Interest Expense 0 Gain on disposal of subsidiaries 3,013,000 --------------- Total Expenses 6,451,000 --------------- Net Loss before income taxes (10,207,000) Income tax benefit 0 --------------- Net Loss ($10,207,000) =============== Loss on disposal of subsidiaries is related to the sale on certain subsidiaries to Fidelity National Title Insurance Company as part of the Asset Purchase Agreement. LandAmerica Financial Group, Inc. Schedule of Cash Receipts and Disbursements For Month Ended April 30, 2009 Operating Cash and Cash Equivalents Held for the benefit; LandAmerica Financial Group, Inc. $71,889,000 Underwriters 11,778,000 Retained Subsidiaries 20,455,000 --------------- Opening Cash 104,122,000 --------------- Cash Receipts Collection received for the benefit of; Underwriters 6,959,000 Retained subsidiaries 1,640,000 Payment reimbursements by; Underwriters 4,941,000 Retained Subsidiaries 6,049,000 Proceeds from sale of the Underwriting business; LandAmerica Financial Group, Inc. 0 Retained Subsidiaries (12,005,000) Proceeds from sale LandAm Valuation 202,000 Other Receipts 1,199,000 --------------- Total Receipts 8,985,000 --------------- Cash Disbursement Related to LFG Payroll 1,127,000 Rent & other occupancy costs 446,000 Insurance 159,000 Leases 200,000 Information Technology 189,000 Payables 320,000 Bankruptcy Professional Fees 3,171,000 Others 0 --------------- Total 5,613,000 --------------- Payments made for the benefit of; Underwriters 5,635,000 Retained subsidiaries 13,882,000 --------------- Total Disbursements 25,129,000 Net Cash Flow (16,144,000) --------------- Ending Cash and Cash Equivalents $87,978,000 =============== Ending Cash and Cash Equivalents Held for the benefit; LandAmerica Financial Group, Inc. $67,677,000 Underwriters 18,043,000 Retained subsidiaries 2,258,000 --------------- Total $87,978,000 =============== About LandAmerica Financial Group LandAmerica Financial Group, Inc., is a leading provider of real estate transaction services with offices nationwide and a vast network of active agents. LandAmerica and its affiliates operate through approximately 700 offices and a network of more than 10,000 active agents throughout the world, including Mexico, Canada, the Caribbean, Latin America, Europe, and Asia. LandAmerica Financial Group and its affiliate LandAmerica 1031 Exchange Services, Inc., filed for Chapter 11 protection November 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Dion W. Hayes, Esq., and John H. Maddock III, Esq., at McGuireWoods LLP are the Debtors' bankruptcy counsel. In its bankruptcy petition, LFG listed total assets of $3,325,100,000, and total debts of $2,839,800,000 as of September 30, 2008. On March 6, 2009, affiliate LandAmerica Assessment Corporation, aka National Assessment Corporation, filed its own petition for Chapter 11 relief. Affiliate LandAmerica Title Company filed for for Chapter 11 relief on March 27, 2009. Bankruptcy Creditors' Service, Inc., publishes LandAmerica Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandAmerica Financial and its affiliate LandAmerica 1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) LANDAMERICA FINANCIAL: Reports $9,893,000 Net Loss for May 2009 --------------------------------------------------------------- LandAmerica Financial Group, Inc. Balance Sheet As of May 31, 2009 ASSETS Cash $80,712,000 Notes: Fidelity National Title 50,000,000 Other 12,957,000 Investments: Fidelity National Title stock 53,590,000 Taxes receivable 21,856,000 Property and equipment 15,122,000 Title Plans 945,000 Other assets 79,354,000 Investments in subsidiaries and consolidated joint ventures 649,582,000 Intercompany receivable 252,958,000 --------------- Total Assets $1,217,076,000 =============== Liabilities Accounts payable and accrued liabilities 17,813,000 Liabilities subject to compromise 484,116,000 --------------- Total Liabilities 501,929,000 Total Shareholders' Equity 715,147,000 --------------- Total Liabilities and Shareholders' Equity $1,217,076,000 =============== LandAmerica Financial Group, Inc. Statement of Operations For the month ended May 31, 2009 Revenue: Investment and other income $151,000 Valuation adjustment related to Fidelity National Title Stock (13,310,000) --------------- Total Revenue ($13,159,000) =============== Expenses General, administrative and other expenses 1,599,000 Professional fees 4,211,000 Impairment of assets (9,240,000) Depreciation and amortization 320,000 Interest Expense 0 Loss on disposal of subsidiaries (157,000) --------------- Total Expenses (3,266,000) --------------- Net Loss before income taxes (9,893,000) Income tax benefit 0 --------------- Net Loss ($9,893,000) =============== Loss on disposal of subsidiaries is related to the sale on certain subsidiaries to Fidelity National Title Insurance Company as part of the Asset Purchase Agreement LandAmerica Financial Group, Inc. Schedule of Cash Receipts and Disbursements For Month Ended May 31, 2009 Operating Cash and Cash Equivalents Held for the benefit; LandAmerica Financial Group, Inc. $67,677,000 Underwriters 18,043,000 Retained Subsidiaries 2,258,000 --------------- Opening Cash 87,978,000 --------------- Cash Receipts Collection received for the benefit of: Underwriters 0 Retained subsidiaries 1,318,000 Payment reimbursements by: Underwriters 0 Retained Subsidiaries 11,325,000 Proceeds from sale of the Underwriting business; LandAmerica Financial Group, Inc. 0 Retained Subsidiaries 0 Proceeds from sale LandAm Valuation 0 Other Receipts 1,222,000 --------------- Total Receipts 13,865,000 --------------- Cash Disbursement Related to LFG Payroll 779,000 Rent & other occupancy costs 433,000 Insurance 0 Leases 171,000 Information Technology 267,000 Payables 611,000 Bankruptcy Professional Fees 4,839,000 Return of Funds - Underwriters 2,117,000 Others 0 --------------- Total 9,218,000 --------------- Payments made for the benefit of; Underwriters (595,000) Retained subsidiaries 12,509,000 --------------- Total Disbursements 21,132,000 Net Cash Flow (7,267,000) --------------- Ending Cash and Cash Equivalents $80,712,000 =============== Ending Cash and Cash Equivalents Held for the benefit; LandAmerica Financial Group, Inc. $61,799,000 Underwriters 16,521,000 Retained subsidiaries 2,392,000 --------------- Total $80,712,000 =============== About LandAmerica Financial Group LandAmerica Financial Group, Inc., is a leading provider of real estate transaction services with offices nationwide and a vast network of active agents. LandAmerica and its affiliates operate through approximately 700 offices and a network of more than 10,000 active agents throughout the world, including Mexico, Canada, the Caribbean, Latin America, Europe, and Asia. LandAmerica Financial Group and its affiliate LandAmerica 1031 Exchange Services, Inc., filed for Chapter 11 protection November 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Dion W. Hayes, Esq., and John H. Maddock III, Esq., at McGuireWoods LLP are the Debtors' bankruptcy counsel. In its bankruptcy petition, LFG listed total assets of $3,325,100,000, and total debts of $2,839,800,000 as of September 30, 2008. On March 6, 2009, affiliate LandAmerica Assessment Corporation, aka National Assessment Corporation, filed its own petition for Chapter 11 relief. Affiliate LandAmerica Title Company filed for for Chapter 11 relief on March 27, 2009. Bankruptcy Creditors' Service, Inc., publishes LandAmerica Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandAmerica Financial and its affiliate LandAmerica 1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) LANDAMERICA FINANCIAL: Zolfo Copper Mgt. Files Monthly Report ------------------------------------------------------------- Pursuant to the Chief Restructuring Officer Order, Zolfo Cooper Management LLC is required to file a report, which outlines the fees and reimbursable expenses set forth in its invoice for a particular period. The Debtors are authorized to pay the applicable invoice in full. Accordingly, Zolfo Copper asks the Debtors to remit to its New Jersey Office payments for management services rendered with respect to the Debtors' Chapter 11 case from: 1. LandAmerica Financial Group, Inc. (a) For the period November 26 to 30, 2008: Professional Fees: $18,192 Paraprofessional Fees: 800 Expenses & Other Fees: 652 ---------- Total Due: $19,644 ========== (b) For the period December 1 to 31, 2008: Professional Fees: $881,037 Paraprofessional Fees: 3,480 Expenses & Other Fees: 63,083 ---------- Total Due: $947,600 ========== (c) For the period January 1 to 31, 2009: Professional Fees: $996,102 Paraprofessional Fees: 1,192 Expenses & Other Fees: 69,769 ---------- Total Due: $1,067,064 ========== (d) For the period February 1 to 28, 2009: Professional Fees: $916,328 Expenses & Other Fees: 69,141 ---------- Total Due: $985,470 ========== (e) For the period March 1 to 31, 2009: Professional Fees: $1,030,999 Expenses & Other Fees: 72,226 ---------- Total Due: $1,103,225 ========== (e) For the period April 1 to 30, 2009: Professional Fees: $951,213 Paraprofessional Fees: 2,452 Expenses & Other Fees 76,369 ---------- Total Due: $1,030,034 ========== (f) For the period May 1 to 31, 2009: Professional Fees: $901,857 Expenses & Other Fees: 80,599 ---------- Total Due: $982,457 ========== 2. LandAmerica 1031 Exchange Services, Inc. (a) For the period January 23 to 31, 2009: Professional Fees: $5,699 Paraprofessional Fees: 225 Expenses & Other Fees: 201 ---------- Total Due: $6,125 ========== (b) For the period February 1 to 28, 2009: Professional Fees: $20,200 Paraprofessional Fees: 112 Expenses & Other Fees: 68 ---------- Total Due: $20,381 ========== About LandAmerica Financial Group LandAmerica Financial Group, Inc., is a leading provider of real estate transaction services with offices nationwide and a vast network of active agents. LandAmerica and its affiliates operate through approximately 700 offices and a network of more than 10,000 active agents throughout the world, including Mexico, Canada, the Caribbean, Latin America, Europe, and Asia. LandAmerica Financial Group and its affiliate LandAmerica 1031 Exchange Services, Inc., filed for Chapter 11 protection November 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Dion W. Hayes, Esq., and John H. Maddock III, Esq., at McGuireWoods LLP are the Debtors' bankruptcy counsel. In its bankruptcy petition, LFG listed total assets of $3,325,100,000, and total debts of $2,839,800,000 as of September 30, 2008. On March 6, 2009, affiliate LandAmerica Assessment Corporation, aka National Assessment Corporation, filed its own petition for Chapter 11 relief. Affiliate LandAmerica Title Company filed for for Chapter 11 relief on March 27, 2009. Bankruptcy Creditors' Service, Inc., publishes LandAmerica Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandAmerica Financial and its affiliate LandAmerica 1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) LANDSOURCE COMMUNITIES: Incurs $7,756,452 Profit for May 2009 ------------------------------------------------------------- LandSource Communities Development, LLC Consolidated Balance Sheet As of May 31, 2009 Assets Cash $26,184,188 Restricted Cash 11,411,060 Receivables 21,420,362 Inventories 1,341,078,674 Operating Properties, net 85,239,349 Investment in unconsolidated entities 12,896,798 Other assets 46,502,184 --------------- Total Assets $1,544,732,615 =============== Liabilities and Members' Capital Accounts payable & Accrued Liabilities 95,961,727 Deferred Revenue 59,014,950 Debt 137,414,305 --------------- Total Liabilities Not Subject to Comprise 292,390,982 Total Liabilities Subject to Compromise 1,388,308,224 --------------- Total Liabilities 1,680,699,206 Members' Capital/(Deficit) (135,966,591) --------------- Total Liabilities and Members' Capital $1,544,732,615 =============== LandSource Communities Development, LLC Consolidated Statements of Operations Month Ended May 31, 2009 Statistical Information Homesites sold to related parties 0 Homesites sold to third parties 0 Acreage sold to related parties 0 Acreage sold to third parties 0 Homes sold to third parties 0 Land Sale Operations Sales related parties $6,133,209 Sales to third parties 12,005 --------------- Total Land Sale Revenue 6,145,214 Cost of sales to related parties 0 Cost of sales to third parties 828 Loss on Impaired Real State Inventories 0 --------------- Total Cost of Land Sales 828 --------------- Gross Margin on Land Sales Operations 6,144,386 Home Sale Operations Sales 0 Cost of sales 0 --------------- Gross Margin on Home Sale Operations 0 Operating Cost and Expenses Field, selling, general & administrative 2,110,188 Management fees to related parties 470,264 --------------- Total Operating Costs and Expenses 2,580,451 Other Operations, net Equity in earnings of unconsolidated entities (7,411,678) Rental operations 403,271 Valencia Water Company 0 Club operations (12,738) Interest income 4,084 Interest expense (360,153) Loss on debt restructuring 0 Loss on interest rate swap termination 0 Miscellaneous 264,588 --------------- Total Other Operations, net (7,112,627) --------------- Earnings (Loss) before Reorganization Items (3,548,691) Reorganization Expenses 4,207,760 --------------- Net Earnings (Loss) $7,756,452 =============== LandSource Communities Development, LLC Consolidated Schedule of Cash Receipts and Disbursements Month Ended May 31, 2009 Net Operating Cash Flow Housing revenue $328,025 Commercial Revenue 1,684,748 Other 0 Option deposits 0 Less: Closing Costs 0 --------------- Total Operating Inflows 2,012,773 Operating Cash Outflows Master improvements & CFDs (2,494,048) Property tax 29,602 General & Administrative (9,498) Other (615,182) Management fees 0 --------------- Total Operating Outflows (3,089,126) Total Net Operating Cash Flow (1,076,353) Bankruptcy Disbursements Bankruptcy Payments Utility Deposits 0 Mechanic's liens/Other 0 --------------- Total Bankruptcy Payments 0 DIP Interest and Fees DIP Facility interest 0 Undrawn fee 0 DIP Facility fees (1,458) --------------- Total DIP Interest and Fees (1,458) Restructuring professionals (1,294,940) Total Bankruptcy Disbursements (1,296,397) --------------- Total Net Cash Flow ($2,372,750) =============== DIP Facility Beginning Balance 101,496,228 Borrowings 33,503,772 (Repayments) 0 --------------- Ending Balance $135,000,000 =============== Disbursement Per Debtor LandSource Communities Development, LLC 1,249,001 California Land Company 0 Friendswood Development Company, LLC 162 Lennar Land Partners II 49,607 Kings Wood Development Company, L.C. 0 LSC Associates, LLC 0 Lennar Mare Island, LLC 445,077 LandSource Communities Development Sub, LLC 250 Lennar Moorpark, LLC 0 Lennar Stevenson Holdings, LLC 0 The Newhall Land and Farming Company 0 LandSource Holding Company, LLC 681,291 LNR-Lennar Washington Square, LLC 598,299 Lennar Bressi Ranch Venture, LLC 0 The Newhall Land and Farming Company (a California Limited Partnership) 3,357,921 NWI-IL GP, LLC 250 Tournament Players Club at Valencia, LLC 296,192 Southwest Communities Development, LLC 3,066 Valencia Corporation 0 Stevenson Ranch Venture, LLC 15,406 Valencia Realty Company 0 --------------- Total Disbursement $6,696,523 =============== About LandSource Communities LandSource Communities Development LLC, which operates in Arizona, California, Florida, New Jersey, Nevada and Texas, is involved in the planning and development of master planned communities and transforming undeveloped land into ready-to-build home sites and commercial properties. With the exception of one development project in Marina del Rey, California, LandSource does not build homes or commercial properties. LandSource and 20 of its affiliates filed for Chapter 11 bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware on June 8, 2008 (Lead Case No. 08-11111). The Debtors are represented by Marcia Goldstein, Esq., at Weil Gotshal & Manges in New York, and Mark D. Collins, Esq., at Richards Layton & Finger in Wilmington, Delaware. Lazard Freres & Co. acts as the Debtors' financial advisors, and Kurtzmann Carson Consultants serves as the Debtors' notice and claims agent. According to the Troubled Company Reporter on May 22, 2008, LandSource sought help from its lender consortium to restructure $1.24 billion of its debt. LandSource engaged a 100-bank lender group led by Barclays Capital Inc., which syndicates LandSource's debt. LandSource had received a default notice on that debt from the lender group after it was not able to timely meet its payments during mid-April. However, LandSource failed to reach an agreement with its lenders on a plan to modify and restructure its debt, forcing it to seek protection from creditors. Bankruptcy Creditors' Service, Inc., publishes LandSource Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandSource Communities Development LLC and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- 7000) LEHIGH COAL: Loses $406,000 in June on $835,000 Sales ----------------------------------------------------- According to Bill Rochelle at Bloomberg News, Lehigh Coal & Navigation Co. reported a $406,000 net loss in June on sales of $836,000. The gross operating profit for the month was $169,000. The loss resulted in large part from $327,000 in professional fees. For the year so far, the cumulative net loss is $140,000 on sales of $8.2 million. Pottsville, Pennsylvania-based Lehigh Coal & Navigation Co. -- http://www.lcncoal.com/-- has been mining anthracite coal since the late 1700s, with 8,000 acres of coal-producing properties. Creditors filed an involuntary Chapter 11 petition against the Company on July 15, 2008 (Bankr. M.D. Penn. Case No. 08-51957). The involuntary filing was the third filed against the Company in less than four years. Jeffrey Kurtzman, Esq., at Klehr, Harrison, Harvey, Branzburg and Ellers, LLP, represents the petitioners. The Debtor consented to being in Chapter 11 in August 2008. LEHMAN BROTHERS: Has $10.022 Billion Cash at End of May 2009 ------------------------------------------------------------ Lehman Brothers Holdings Inc. and its affiliated debtors disclosed these cash receipts and disbursements for the month ended May 31, 2009: Beginning cash, 05/01/09 $9,281,000,000 Receipts 1,138,000,000 Transfers 20,000,000 Disbursements (424,000,000) FX Fluctuation 7,000,000 --------------- Ending cash, 05/31/09 $10,022,000,000 LBHI reported $2.57 billion in cash as of May 1, 2009, and $2.666 billion in cash as of May 31, 2009. The Debtors also disclosed that they paid a total of $ 35,960,000 to bankruptcy professionals, ordinary course professionals and the U.S. Trustee for May 2009. A full-text copy of the May 2009 Operating Report is available for free at http://bankrupt.com/misc/LehmanMORMay2009.pdf About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Through its team of more than 25,000 employees, Lehman Brothers offered 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 were complemented by a network of offices in North America, Europe, the Middle East, Latin America and the Asia Pacific region. The firm, through predecessor entities, was founded in 1850. Lehman filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). 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. Subsidiary LB 745 LLC, submitted a Chapter 11 petition on September 16 (Case No. 08-13600). Several other affiliates followed thereafter. The Debtors' 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. On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the United States District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act in the case captioned Securities Investor Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV- 8119 (GEL). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI Barclays Bank Plc has agreed, subject to U.S. Court and relevant regulatory approvals, to acquire Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, on September 22 reached an agreement to purchased Lehman Brothers Holdings, Inc.'s operations in Europe and the Middle East less than 24 hours after it reached a deal to buy Lehman's operations in the Asia Pacific for US$225 million. Nomura paid only $2 dollars for Lehman's investment banking and equities businesses in Europe, but agreed to retain most of Lehman's employees. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. These are currently the only UK incorporated companies in administration. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on September 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on September 16. The two units of Lehman Brothers Holdings, Inc., which has filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York, have combined liabilities of JPY4 trillion -- US$38 billion). Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. 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 have suspended its operations with immediate effect, including ceasing to trade on the Hong Kong Securities Exchange and Hong Kong Futures Exchange, until further notice. The Asian units' asset management company, Lehman Brothers Asset Management Limited, will continue to operate on a business as usual basis. A further notice concerning the retail structured products issued by or arranged by any Lehman Brothers group company will be issued as soon as possible, a press statement said. 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) LEHMAN BROTHERS: Has $11.125 Billion Cash at End of June 2009 ------------------------------------------------------------- Lehman Brothers Holdings Inc. and its affiliated debtors disclosed these cash receipts and disbursements for the month ended June 30, 2009: Beginning cash, 06/01/09 $10,022,000,000 Receipts 2,404,000,000 Transfers 188,000,000 Disbursements (1,516,000,000) FX Fluctuation 8,000,000 Hedging Fluctuation 18,000,000 --------------- Ending cash, 06/30/09 $11,125,000,000 LBHI reported $2.666 billion in cash as of June 1, 2009, and $2.939 billion in cash as of June 30, 2009. The Debtors also disclosed that they paid a total of $55,651,000 to bankruptcy professionals, ordinary course professionals and the U.S. Trustee for June 2009. A full-text copy of the June 2009 Operating Report is available for free at http://bankrupt.com/misc/LehmanMORJune2009.pdf About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Through its team of more than 25,000 employees, Lehman Brothers offered 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 were complemented by a network of offices in North America, Europe, the Middle East, Latin America and the Asia Pacific region. The firm, through predecessor entities, was founded in 1850. Lehman filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). 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. Subsidiary LB 745 LLC, submitted a Chapter 11 petition on September 16 (Case No. 08-13600). Several other affiliates followed thereafter. The Debtors' 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. On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the United States District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act in the case captioned Securities Investor Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV- 8119 (GEL). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI Barclays Bank Plc has agreed, subject to U.S. Court and relevant regulatory approvals, to acquire Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, on September 22 reached an agreement to purchased Lehman Brothers Holdings, Inc.'s operations in Europe and the Middle East less than 24 hours after it reached a deal to buy Lehman's operations in the Asia Pacific for US$225 million. Nomura paid only $2 dollars for Lehman's investment banking and equities businesses in Europe, but agreed to retain most of Lehman's employees. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. These are currently the only UK incorporated companies in administration. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on September 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on September 16. The two units of Lehman Brothers Holdings, Inc., which has filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York, have combined liabilities of JPY4 trillion -- US$38 billion). Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. 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 have suspended its operations with immediate effect, including ceasing to trade on the Hong Kong Securities Exchange and Hong Kong Futures Exchange, until further notice. The Asian units' asset management company, Lehman Brothers Asset Management Limited, will continue to operate on a business as usual basis. A further notice concerning the retail structured products issued by or arranged by any Lehman Brothers group company will be issued as soon as possible, a press statement said. 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) LTV CORP: Files Monthly Operating Report for June 2009 ------------------------------------------------------ On July 20, 2009, The LTV Corporation, et al., submitted to the U.S. Bankruptcy Court for the Northern District of Ohio their operating report for the period ended June 30, 2009, for the LTV Integrated Steel Business. For the month of June 2009, the LTV Integrated Steel Business reported total cash disbursements of $109,000. Ending cash balance was $10,913,000, as shown below: Beginning cash $11,022,000 Add: Receipts $0 Total Available Cash $11,022,000 Less: Disbursements $109,000 Ending cash $10,913,000 A full-text copy of the Debtors' June 2009 operating report is available for free at http://researcharchives.com/t/s?3fe4 Headquartered in Cleveland, Ohio, The LTV Corp. is a manufacturer with interests in steel and steel-related businesses, employing some 17,650 workers and operating 53 plants in Europe and the Americas. The Company filed for chapter 11 protection on December 29, 2000 (Bankr. N.D. Ohio, Case No. 00-43866). On August 31, 2001, the company listed $4,853,100,000 in assets and $4,823,200,000 in liabilities. 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 ========== About Lyondell Chemical 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: Net Loss Widens to $63 Million 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 ========== About Lyondell Chemical 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) MASONITE CORP: Incurs $7,556,000 Net Loss for Month Ended May 24 ---------------------------------------------------------------- Masonite Corporation Balance Sheet As of May 24, 2009 ASSETS: Unrestricted Cash and Equivalents $40,753,000 Restricted Cash and Equivalents 1,000,000 Trade receivables net 85,437,000 Other receivables 1,419,000 Intercompany Receivables - affiliates 1,038,000 Intercompany Receivables - non-Debtor 5,496,000 Inventories 84,440,000 Prepaid 7,925,000 Prepaid Retainers 357,000 Current future tax asset 13,692,000 --------------- Current Assets 241,556,000 --------------- Land 3,841,000 Buildings & leaseholds 83,541,000 Mach & equipment 0 ME - Computer equipment 15,671,000 ME - Office equipment 45,623,000 ME - Automobiles 200,000 ME - Delivery equipment 674,000 ME - Distribution equipment 5,156,000 ME - Fixtures and fittings 0 ME - Tooling 3,394,000 M&E - Other 420,165,000 Capital Leases 119,000 Less: Accumulated Depreciation (306,950,000) --------------- Total Property & Equipment 271,435,000 Intangibles - Definite life 41,691,000 Investment in affiliates 37,812,000 Investment in non-Debtor affiliates 10,093,000 Long-term intercompany advances - affiliates 47,180,000 Long-term intercompany advances - non-Debtor 738,000 Long-term receivables 0 Deferred costs 431,000 Long term future tax asset 5,500,000 --------------- Total Assets $656,435,000 =============== LIABILITIES: Liabilities not subject to compromise Capital leases 129,000 Accounts payable 32,070,000 Postpetition accounts payable 27,188,000 Accrued Interest Revolver - adequate protection 391,000 Accrued Interest Term Loan - adequate protection 2,738,000 Wages Payable 14,593,000 Professional Fees 0 Leases not compromised 2,111,000 Intercompany Payables - affiliates 7,579,000 Intercompany Payables - non-Debtor affiliates 4,923,000 Taxes payable (6,000) Current future tax liability 0 Long-term Intercompany Payables - affiliates 61,498,000 Long-term Intercompany Payables - non-Debtor 0 Long-term future tax liability 26,702,000 Long-term non-controlling interest 0 Long-term liability 9,559,000 --------------- Total liabilities not subject to compromise 189,475,000 --------------- LIABILITIES & EQUITY: Liabilities subject to compromise 1,137,927,000 --------------- Total liabilities 1,327,401,000 --------------- Equity (670,967,000) --------------- Liabilities & Equity $656,435,000 =============== Masonite Corporation Statement of Operations For The Month Ended May 24, 2009 Sales $59,697,000 Cost of sales 50,157,000 -------------- Gross profit 9,540,000 Selling, General & Administrative 7,583,000 Depreciation 2,339,000 Amortization 14,000 Other expense 316,000 Interest 6,845,000 Income taxes 0 Non-controlling interest 0 --------------- Net Income (Loss) ($7,556,000) =============== Masonite Corporation Statement of Cash Receipts and Disbursements For Month Ended May 24, 2009 Receipts and Disbursements Receipts 3rd party Receipts $54,921,000 Intercompany Receipts 1,739,000 Intercompany Funding 0 --------------- 56,660,000 Operating Disbursements Employee Related (15,190,000) Trade (22,425,000) Capex (2,651,000) Intercompany Trade (6,336,000) Intercompany Funding 0 Other (11,581,000) --------------- (58,183,000) Restructuring Disbursements Professionals 0 Other 0 --------------- 0 Debt Service Disbursement 2,393,000 Other (37,000) --------------- Net Cash Generated (Used) ($3,954,000) =============== A full-text copy of the Monthly Operating report is available for free a http://bankrupt.com/misc/Masonite_MOR_June.pdf About Masonite International Based in Ontario, Canada, Masonite International Corporation -- http://www.masonite.com/-- (TSE:MHM) is a vertically integrated producer, manufacturing key components of doors, including composite molded and veneer door facings, glass door lites and cut stock. The Company provides these products to its customers in more than 70 countries around the world. The Company is a wholly owned subsidiary of Masonite International Inc. It offers a range of interior and exterior doors. Masonite Canada operates Masonite International's Canadian subsidiaries, well as certain other non- United States subsidiaries. Masonite International, Inc., and six affiliates filed petitions on March 16, 2009, before the Ontario Superior Court of Justice (Commercial List) under the Companies' Creditors Arrangement Act. The Honorable Justice Campbell presides over the CCAA proceedings. Derrick Tay and Orestes Pasparakis at Ernst & Young, Inc. serve as monitor. Jay A. Carfagnini, Esq., and Brian F. Emprey, Esq., at Goodmans LLP in Toronto, serve as the Applicants' counsel. Masonite Corporation, based in Tampa, Florida, and several U.S. affiliates filed for Chapter 11 bankruptcy protection on the same day (Bankr. D. Del. Case No. 09-10844). Judge Peter J. Walsh handles the cases. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Christopher J. Marcus, Esq., at Kirkland & Ellis LLP; and Daniel J. DeFranceschi, Esq., Jason M. Madron, Esq., and Katisha D. Fortune, Esq., at Richards, Layton & Finger, P.A., serve as bankruptcy counsel. The Debtors' Investment Banker and Financial Advisor is Perella Wenberg Partners LLP; the Debtors' Restructuring Advisors is Alvarez & Marsal North American LLC; and the Debtors' Claims Agent is Kurtzman Carson Consultants LLC. As of January 31, 2009, the Debtors had total assets of $1,527,495,443 and total debts of $2,641,590,842. The Debtors filed with the Bankruptcy Court a pre-negotiated reorganization plan together with their petitions. The Plan provides that Masonite's existing senior secured obligations will be converted on a pro rata basis subject to the election of each existing holder of Senior Secured Obligations into: (i) a new first-priority senior secured term loan; (ii) a new second- priority senior secured PIK loan; and (iii) 97.5% of the common equity of the reorganized Masonite. Holders of Masonite's existing senior subordinated notes will be allocated 2.5% of the common equity in the reorganized Masonite plus warrants for 17.5% of the common stock of the reorganized Company, subject to dilution under certain conditions. Holders of Class 5 General Unsecured Claims under the Plan will be unimpaired and is expected to recover 100% under the Plan. Bankruptcy Creditors' Service, Inc., publishes Masonite Bankruptcy News. The newsletter tracks the CCAA proceedings in Canada and parallel Chapter 11 proceedings in Delaware undertaken by company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) MASONITE CORP: Operating Report for Month Ended June 28 ------------------------------------------------------- Masonite Corp. and its debtor affiliates delivered to the U.S. Bankruptcy Court for the District of Delaware their operating report for the month ended June 28, 2009. As of June 28, 2009, Masonite Corp. reported $236,321,000 in current assets and $271,867,000 in property, plant and equipment. The Company also reported $412,293,000 in total liabilities subject to compromise and $7,381,000 in liabilities not subject to compromise. The Company disclosed $207,279,000 in equity. A full-text copy of the Monthly Operating report is available for free a http://bankrupt.com/misc/Masonite_MOR_May.pdf About Masonite International Based in Ontario, Canada, Masonite International Corporation -- http://www.masonite.com/-- (TSE:MHM) is a vertically integrated producer, manufacturing key components of doors, including composite molded and veneer door facings, glass door lites and cut stock. The Company provides these products to its customers in more than 70 countries around the world. The Company is a wholly owned subsidiary of Masonite International Inc. It offers a range of interior and exterior doors. Masonite Canada operates Masonite International's Canadian subsidiaries, well as certain other non- United States subsidiaries. Masonite International, Inc., and six affiliates filed petitions on March 16, 2009, before the Ontario Superior Court of Justice (Commercial List) under the Companies' Creditors Arrangement Act. The Honorable Justice Campbell presides over the CCAA proceedings. Derrick Tay and Orestes Pasparakis at Ernst & Young, Inc. serve as monitor. Jay A. Carfagnini, Esq., and Brian F. Emprey, Esq., at Goodmans LLP in Toronto, serve as the Applicants' counsel. Masonite Corporation, based in Tampa, Florida, and several U.S. affiliates filed for Chapter 11 bankruptcy protection on the same day (Bankr. D. Del. Case No. 09-10844). Judge Peter J. Walsh handles the cases. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Christopher J. Marcus, Esq., at Kirkland & Ellis LLP; and Daniel J. DeFranceschi, Esq., Jason M. Madron, Esq., and Katisha D. Fortune, Esq., at Richards, Layton & Finger, P.A., serve as bankruptcy counsel. The Debtors' Investment Banker and Financial Advisor is Perella Wenberg Partners LLP; the Debtors' Restructuring Advisors is Alvarez & Marsal North American LLC; and the Debtors' Claims Agent is Kurtzman Carson Consultants LLC. As of January 31, 2009, the Debtors had total assets of $1,527,495,443 and total debts of $2,641,590,842. The Debtors filed with the Bankruptcy Court a pre-negotiated reorganization plan together with their petitions. The Plan provides that Masonite's existing senior secured obligations will be converted on a pro rata basis subject to the election of each existing holder of Senior Secured Obligations into: (i) a new first-priority senior secured term loan; (ii) a new second- priority senior secured PIK loan; and (iii) 97.5% of the common equity of the reorganized Masonite. Holders of Masonite's existing senior subordinated notes will be allocated 2.5% of the common equity in the reorganized Masonite plus warrants for 17.5% of the common stock of the reorganized Company, subject to dilution under certain conditions. Holders of Class 5 General Unsecured Claims under the Plan will be unimpaired and is expected to recover 100% under the Plan. Bankruptcy Creditors' Service, Inc., publishes Masonite Bankruptcy News. The newsletter tracks the CCAA proceedings in Canada and parallel Chapter 11 proceedings in Delaware undertaken by company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) MERUELO MADDUX: Posts $1,808,225 Net Loss in May 2009 ----------------------------------------------------- On June 22, 2009, Meruelo Maddux Properties, Inc., and certain of its direct and indirect subsidiaries and affiliates filed their monthly operating report for the month ended May 31, 2009, with the United States Bankruptcy Court for the Central District of California, San Fernando Valley Division. The Debtor entities reported a consolidated net loss of $1,808,225 on total revenue of $2,384,992 for the month of May 2009. Results for May include interest expense of $1,662,388 and legal and professional expense of $258,449. Including Non-debtor entities, net loss was $1,779,677 on total revenue of $2,386,490 for the month of May. At May 31, 2009, the Debtor entities had $660,468,269 in total assets, $307,122,881 in total liabilities, $387,559 in minority interest, and $352,957,829 in total equity. Including Non-debtor entities, total assets were $725,307,895, total liabilities were $397,865,366, minority interest was $387,559, and total stockholders' equity was $327,054,970, as of May 31, 2009. A full-text copy of the Debtors' monthly operating report for May is available at http://researcharchives.com/t/s?3e99 About Meruelo Maddux Based in Los Angeles, California, Meruelo Maddux Properties, Inc. -- http://www.meruelomaddux.com/-- together with its affiliates, engage in residential, commercial and industrial development. Meruelo Maddux and its affiliates filed for Chapter 11 protection on March 26, 2009 (Bankr. C.D. Calif. Lead Case No. 09-13356). Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N. Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the Debtors in their restructuring efforts. Peter C. Anderson, the United States Trustee for Region 16, appointed five creditors to serve on the Creditors Committee. Asa S. Hami, Esq., Tamar Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A Professional Corporation, represent the Creditors Committee as counsel. The Debtors' financial condition as of December 31, 2008, showed estimated assets of $681,769,000 and estimated debts of $342,022,000. MERUELO MADDUX: Posts $2,568,107 Net Loss in June 2009 ------------------------------------------------------ On July 15, 2009, Meruelo Maddux Properties, Inc., and certain of its direct and indirect subsidiaries and affiliates filed their monthly operating report for the month ended June 30, 2009, with the United States Bankruptcy Court for the Central District of California, San Fernando Valley Division. The Debtor entities reported a consolidated net loss of $2,568,107 on total revenue of $1,912,385 for the month of June 2009. Results for June include interest expense of $1,614,165 and legal and professional expense of $188,485. Including Non-debtor entities, net loss was $2,568,581 on total revenue of $1,890,737 for the month of June. At June 30, 2009, the Debtor entities had $659,912,078 in total assets, $308,981,447 in total liabilities, $377,246 in minority interest, and $350,553,385 in total equity. Including Non-debtor entities, total assets were $719,032,170, total liabilities were $394,004,871, minority interest was $377,246, and total stockholders' equity was $324,650,053, as of June 30, 2009. A full-text copy of the Debtors' monthly operating report for June is available at http://researcharchives.com/t/s?3fdf About Meruelo Maddux Based in Los Angeles, California, Meruelo Maddux Properties, Inc. -- http://www.meruelomaddux.com/-- together with its affiliates, engage in residential, commercial and industrial development. Meruelo Maddux and its affiliates filed for Chapter 11 protection on March 26, 2009 (Bankr. C.D. Calif. Lead Case No. 09-13356). Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N. Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the Debtors in their restructuring efforts. Peter C. Anderson, the United States Trustee for Region 16, appointed five creditors to serve on the Creditors Committee. Asa S. Hami, Esq., Tamar Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A Professional Corporation, represent the Creditors Committee as counsel. The Debtors' financial condition as of December 31, 2008, showed estimated assets of $681,769,000 and estimated debts of $342,022,000. MUZAK HOLDINGS: Incurs $3.1 Million Net Loss for June 2009 ---------------------------------------------------------- According to Bill Rochelle at Bloomberg News, Muzak Holdings LLC reported a $3.1 million net loss in June on revenue of $18.3 million. Professional fees totaled $1 million while interest expense was $3.7 million. Gross profit for the month was $10.2 million. Since filing, the cumulative net loss totals $16.3 million. Headquartered in Fort Mill, South Carolina, Muzak Holdings LLC -- http://www.muzak.com/-- creates a variety of music programming from a catalog of over 2.6 million songs and produces targeted custom in-store and on-hold messaging. Through its national service and support network, Muzak designs and installs professional sound systems, digital signage, drive-thru systems, commercial television and more. The Company and 14 affiliates filed for Chapter 11 protection on February 10, 2009 (Bankr. D. Del. Lead Case No. 09-10422). Moelis & Company is serving as financial advisor to the Company. Kirkland & Ellis LLP is the Debtors' counsel. Klehr Harrison Harvey Branzburg & Ellers has been tapped as local counsel. Muzak's petition listed assets of $324 million against debt of $465 million, including $101 million owed on a senior secured credit facility, $220 million in senior notes and $115 million in subordinated notes. REUNION INDUSTRIES: Earns $471,000 in April 2009 ------------------------------------------------ Reunion Industries, Inc., earned net income of $471,000 on net sales $1,464,000 for the month of April 2009. Results for April 2009 includes other income of $796,000 primarily reflecting the gain on the sale of the Company's CP Industries division in April of 2008. As of April 30, 2009, the Debtor had $20,251,000 in total assets, $10,970,000 in total liabilities, and $9,281,000 in total stockholders' equity. A full-text copy of the Debtor's April 2009 monthly operating report is available for free at: http://researcharchives.com/t/s?3fdc Reunion Industries filed for Chapter 11 protection on November 26, 2007 (Bankr. D. Conn. Case No. 07-50727). Two Reunion Industries stockholders, Charles E. Bradley, Sr. Family Limited Partnership, and John Grier Poole Family Limited Partnership filed separate Chapter 11 petitions on the same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol A. Felicetta, Esq., David M. S. Shaiken, Esq., Eric A. Henzy, Esq., at Reid and Riege, P.C.; and Derek M. Johnson, Esq., at Ruben, Johnson and Morgan, represent Reunion Industries as counsel. As reported in the Troubled Company Reporter on April 11, 2009, as of February 28, 2009, the Debtor had $21,930,000 in total assets, $12,031,000 in total liabilities, and $9,899,000 in total stockholders' equity. REUNION INDUSTRIES: Posts $128,000 Net Loss in May 2009 ------------------------------------------------------- Reunion Industries, Inc., posted a net loss of $128,000 on net sales $1,011,000 for the month of May 2009. As of May 31, 2009, the Debtor had $19,242,000 in total assets, $10,089,000 in total liabilities, and $9,153,000 in total stockholders' equity. A full-text copy of the Debtor's May 2009 monthly operating report is available for free at: http://researcharchives.com/t/s?3fdd Reunion Industries filed for Chapter 11 protection on November 26, 2007 (Bankr. D. Conn. Case No. 07-50727). Two Reunion Industries stockholders, Charles E. Bradley, Sr. Family Limited Partnership, and John Grier Poole Family Limited Partnership filed separate Chapter 11 petitions on the same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol A. Felicetta, Esq., David M. S. Shaiken, Esq., Eric A. Henzy, Esq., at Reid and Riege, P.C.; and Derek M. Johnson, Esq., at Ruben, Johnson and Morgan, represent Reunion Industries as counsel. As reported in the Troubled Company Reporter on April 11, 2009, as of February 28, 2009, the Debtor had $21,930,000 in total assets, $12,031,000 in total liabilities, and $9,899,000 in total stockholders' equity. SEMGROUP LP: Incurs $9.63 Million Net Loss for May 31 ----------------------------------------------------- SemCrude, L.P., et al. Consolidating Balance Sheet As of May 31, 2009 Cash $607,029,000 Accounts Receivable 63,014,000 Receivable from affiliate 139,677,000 Inventories 118,376,000 Derivative asset 1,408,000 Margin deposits 11,255,000 Other current assets 27,511,000 --------------- Total current assets $968,270,000 Property, plant and equipment 376,396,000 Accumulated depreciation (78,066,000) Pipeline linefill 8,898,000 --------------- Property, plant and equipment, net 307,228,000 Investment in subsidiaries 378,014,000 Goodwill 4,746,000 Investment in affiliates 110,641,000 Accounts receivable long-term 662,384,000 Note receivable - CAMS 137,732,000 Other assets, net 35,375,000 --------------- Total assets $2,604,390,000 =============== Subject to Compromise Accounts payable $922,772,000 Accrued liabilities 1,118,247,000 Current portion of long-term debt 150,000,000 --------------- Total current liabilities 2,191,019,000 Revolver facility 665,000,000 Working capital facility 1,632,417,000 Term B notes 141,274,000 Senior Notes 600,000,000 Pension obligations 13,888,000 Not Subject to Compromise Accounts payable 48,112,000 Accrued liabilities 66,690,000 Deferred revenue 642,000 Derivative liabilities 8,092,000 Current portion of long-term debt 132,205,000 --------------- Total current liabilities 255,741,000 Capital lease obligations 231,000 Deferred tax liability 20,000 Investment in affiliates 613,918,000 Other long-term liabilities 213,000 Accum other comprehensive income (17,381,000) Partners' capital (3,491,950,000) --------------- Total partners' capital (3,509,331,000) Total liabilities and partners' capital $2,604,390,000 =============== SemCrude, L.P., et al. Consolidating Income Statement For the Period from May 1 to 31, 2009 Sales Operating Outside Sales Product Sales $82,356,000 Services 3,199,000 Other Operating Revenue 953,000 --------------- Total Outside Operating Sales 86,508,000 Trading activity - --------------- Total Outside Operating Revenue 86,508,000 Operating Revenue Intercompany 11,528,000 --------------- Total Operating Revenue 98,036,000 Unrealized G/L on Derivatives (8,187,000) --------------- Total Revenue 89,849,000 Cost of Goods Sold Products 75,241,000 Transportation & Fuel 1,562,000 Other 18,000 --------------- Total Outside Cost of Goods Sold 76,821,000 Cost of Goods Sold Intercompany 10,963,000 --------------- Total Cost of Sales 87,774,000 Operating Expenses Wages and benefits 2,520,000 Field Expenses 1,500,000 Maintenance & repairs 334,000 Outside Services 348,000 Property & Equipment Leases & Rents 3,150,000 Insurance Permits licenses Taxes 544,000 Office 127,000 Travel Lodging Meetings 141,000 Other (60,000) --------------- Total Operating Expenses 8,604,000 General & Administrative Expenses Wages & Benefits 2,565,000 Miscellaneous 0 Maintenance & Repairs 13,000 Outside Services 882,000 Property & Equipment Leases & Rents 297,000 Insurance Permits licenses Taxes 385,000 Office 384,000 Travel Lodging Meetings 117,000 Other 276,000 --------------- Total General & Administrative Expenses 4,919,000 Earnings before interest Taxes Deprn Amort (11,448,000) Other (Income) Expenses Interest Income (6,000) Other Income (555,000) Foreign Currency Transaction (Income) Loss (635,000) Interest Expense 1,187,000 Depreciation (2,611,000) Amortization (205,000) Reorganization 1,007,000 --------------- Net Loss ($9,630,000) =============== Total disbursement for the period from May 1 to 31, 2009, aggregate $50,600,041. About SemGroup SemGroup, L.P., -- http://www.semgrouplp.com/-- is a midstream service company that provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids and refined products. Services include purchasing, selling, processing, transporting, terminalling and storing energy. SemGroup serves customers in the United States, Canada, Mexico and Wales. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-11525). John H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq., and Sherri L. Toub, Esq., at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq., and Sylvia A. Mayer, Esq., at Weil Gotshal & Manges LLP, represent the Debtors in their restructuring efforts. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on November 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. In their petition, they showed more than $1,000,000,000 in estimated total assets and more than $1,000,000,000 in total debts. Bankruptcy Creditors' Service, Inc., publishes SemGroup Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by SemGroup L.P. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-700) SPECTRUM BRANDS: Records $49.14MM Loss for Month Ended June 28 -------------------------------------------------------------- Spectrum Brands, Inc. Consolidated Balance Sheet As of June 28, 2009 Cash and cash equivalents $8,030,147 Net trade receivables 169,788,314 Intercompany receivables (1) Other trade receivables - calc 9,333,750 Net inventories 381,038,096 Assets held for sale 316,225 Prepaid expenses & other 21,943,737 Total deferred tax assets - current 6,536,010 ------------- Total current assets 596,986,279 Net Property, Plant & Equipment 87,144,241 Long-term receivable 73,748 Long-term receivable - intercompany (0) Total deferred tax assets - L/T - Deferred charges - other 6,366,076 Debt issuance costs 19,338,440 Investments - partially owned co. 817,330 Miscellaneous - other assets 7,923,135 -------------- Deferred charges and other, net 34,518,730 Goodwill 60,976,962 Intangible assets - other 496,793,200 Investments - consolidated co. 0 Investments in subsidiaries 0 -------------- Total assets $1,276,419,413 ============== Current Liabilities: Total current debt $96,836,804 Accounts payable - intercompany (0) Total accounts payable 105,067,503 Accrued wages & benefits 39,842,548 Accrued taxes O/T Inc. Payroll 2,898,636 Accrued interest payable 100,830,369 Current deferred tax liabilities - Income taxes payable 325,425 Other accrued expenses 88,334,859 Wages, benefits and other 232,231,837 Accrued special charges 23,464,085 -------------- Total current liabilities 457,600,230 Long term debt intercompany (0) Total long term debt 2,409,007,214 Total employee benefit obligations 6,190,658 Total deferred tax liabilities 128,549,908 Other long-term liabilities 7,809,574 Minority interest - Corporate control - Other liabilities 138,359,482 -------------- Total liabilities $3,009,157,584 ============== Total equity (1,732,738,171) -------------- Total liabilities and equity $1,276,419,413 ============== Spectrum Brands, Inc. Consolidated Statement of Income from Operations For the period ending June 28, 2009 Net Sales $154,309,574 Cost of goods sold 97,591,022 Restructuring and related charges 4,599,469 ------------ Gross profit 52,119,083 Operating expenses: Selling 17,336,360 General and Administrative 11,917,788 Research and development 2,640,005 Restructuring and related charges 1,908,754 Goodwill and intangibles impairment - ------------ Total operating expenses 33,802,907 Operating income 18,316,175 Interest expense 27,046,529 Other income, net 81,322 ------------ Income from continuing operations before income taxes (8,811,674) Income tax expense (3,211,297) ------------ Income from continuing operations (5,600,375) As Tabulated (5,600,377) Loss from discontinued operations, net - Reorganization items 43,540,161 ------------ Net (loss)/income ($49,140,535) ============ Spectrum Brands, Inc. Cash Receipts and Disbursements For the period ending June 28, 2009 Cash, beginning of month $7,015,246 Receipts: Cash sales 0 Collections of Accounts receivable 60,210,147 Loans & advances 119,730,494 Sale of assets - Other 126,471,261 -------------- Total receipts 306,411,904 Disbursements: Net payroll 4,720,558 Payroll taxes paid 2,139,169 Sales, use & other taxes paid 234,905 Secured/rental/leases 962,122 Utilities & telephone 313,098 Insurance 62,500 Inventory purchases 30,400,712 Vehicle expenses 0 Travel & entertainment 258,034 Repairs, maintenance & supplies 979,989 Administrative & selling 1,386,772 Adequate protection payment(s) 0 Other 261,621,807 ------------- Total disbursements from operations 303,079,669 Professional fees 2,397,706 U.S. Trustee fees 0 Other reorganization expenses 3,460,994 ------------- Total Disbursements 308,938,370 ------------- Net cash flow (2,526,466) Cash - end of month $4,488,780 ============= About Spectrum Brands Based in Cibolo, Texas, Spectrum Brands, Inc. -- http://www.spectrumbrands.com/-- supplies consumer batteries, lawn and garden care products, specialty pet supplies, shaving and grooming products, household insect control products, personal care products, and portable lighting. Spectrum Brands' business is operated in three reportable segments: (a) Global Batteries and Personal Car; (b) Global Pet Supplies; and (c) Home and Garden. Spectrum Brands has roughly 5,960 employees worldwide, with about 2,700 of those employees working within the United States. In addition, Spectrum Brands holds a 50% interest in a domestic entity; minority interests (less than 25% each) in a domestic entity and a foreign entity; a limited partnership interest in a foreign entity; and a 100% interest in a foreign trust. Spectrum Brands, Inc., and 13 subsidiaries filed separate Chapter 11 petitions on February 3, 2009 (Bankr. W.D. Tex. Lead Case No. 09-50455). The Hon. Ronald B. King presides over the cases. D. J. Baker, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in New York; Harry A. Perrin, Esq., and D. Bobbitt Noel, Jr., Esq., at Vinson & Elkins LLP, in Houston, Texas; and William B. Kingman, Esq., in San Antonio, serve as the Debtors' counsel. Sutherland Asbill & Brennan LLP acts as special counsel; Perella Weinberg Partners LP, as financial advisor; Deloitte Tax LLP as tax consultant; and Logan & Company Inc. as claims and noticing agent. As of September 30, 2008, Spectrum Brands had $2,247,479,000 in total assets and $3,274,717,000 in total liabilities. An official committee of equity security holders -- composed of Mittleman Brothers, LLC, Ralston H. Coffin, Cookie Jar LLC and the Peter and Karen Locke Living Trust -- was appointed by the U.S. Trustee in Spectrum's bankruptcy cases on March 11, 2009. The Equity Committee has tapped Alston & Bird LLP as its bankruptcy counsel. Bankruptcy Creditors' Service, Inc., publishes Spectrum Brands Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Spectrum Brands Inc. and its various subsidiaries. (http://bankrupt.com/newsstand/or 215/945-7000) TOUSA INC: Posts June Loss, Cash Grows Almost $10 Million --------------------------------------------------------- According to Bill Rochelle at Bloomberg News, Tousa Inc. reported a $11.4 million net loss in June on $54.9 million in sales. Liquidity grew by $9.9 million, ending the month at $273 million in cash and cash equivalents. Sales for the year so far are $294 million, producing a net loss of $99.7 million. Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets: TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder in the United States, operating in various metropolitan markets in 10 states located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. The Debtor and its debtor-affiliates filed for separate Chapter 11 protection on January 29, 2008 (Bankr. S.D. Fla. Case No. 08- 10928). The Debtors have selected M. Natasha Labovitz, Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M. Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger Singerman, to represent them in their restructuring efforts. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' independent auditor and tax services provider. Kurtzman Carson Consultants LLC acts as the Debtors' Notice, Claims & Balloting Agent. TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba Eagle Homes, filed for Chapter 11 Protection on July 30, 2008 (Bankr. S.D. Fla. Case No. 08-20746). It listed assets between $1 million and $10 million, and debts between $1 million and $10 million. The Official Committee of Unsecured Creditors hired Patricia A. Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff & Sitterson, P.A., as its local counsel. TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets of $1,734,422,756 and total liabilities of $2,300,053,979. Bankruptcy Creditors' Service, Inc., publishes TOUSA Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by TOUSA Inc. and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TRIBUNE CO: Reports $18.17MM Income for May 2009; Has $702MM Cash ----------------------------------------------------------------- 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 Expenses 235,263,000 ------------- Operating Income 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 profit $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 ============= About Tribune Co. Headquartered in Chicago, Illinois, Tribune Co. -- http://www.tribune.com/-- is a media company, operating businesses in publishing, interactive and broadcasting, including ten daily newspapers and commuter tabloids, 23 television stations, WGN America, WGN-AM and the Chicago Cubs baseball team. The Company and 110 of its affiliates filed for Chapter 11 protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08- 13141). The Debtors proposed Sidley Austion LLP as their counsel; Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel; Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As of December 8, 2008, the Debtors have $7,604,195,000 in total assets and $12,972,541,148 in total debts. Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Tribune Company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per 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. Danilo Munnoz, 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. 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 ***