/raid1/www/Hosts/bankrupt/TCR_Public/090801.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, August 1, 2009, Vol. 13, No. 211
Headlines
ACCREDITED HOME: Posts $26,639,630 Net Loss in June 2009
TROPICANA ENT: Adamar of NJ Posts $6.57 Mil. Net Loss for June
ASARCO LLC: Records $591,000 Net Income in June
ASYST TECHNOLOGIES: Files June 2009 Operating Report
BI-LO LLC: Earns $1,281,000 From May 24 to June 20
EXTENDED STAY: Receipts Exceed Disbursements $14.2MM June 15-30
FLEETWOOD ENTERPRISES: Files May-June Operating Report
FLYING J: Earns $6,596,000 in May 2009
FONTAINEBLEAU LAS VEGAS: No Business Activity for June
FRONTIER AIRLINES: Earns $7.2 Million in June 2009
GOTTSCHALKS INC: Posts $10,578,000 Net Loss From May 31 - July 31
GOTTSCHALKS INC: Posts $2,463,000 Net Loss in May 2009
ION MEDIA: Lost $12.5MM on $13.9MM of Revenue in June
LYONDELL CHEMICAL: Posts $210 Million Net Loss for June
NOBLE INTERNATIONAL: Posts $2,034,118 Net Income for June 2009
PILGRIM'S PRIDE: Reports $4.1 Million June Net Income
RH DONNELLEY: Net Loss Total $161,178,000 in June
SMURFIT-STONE: Posts $173,392,000 Net Income for May
STAR TRIBUNE: Posts $992,000 Net Loss in June 2009
SUN-TIMES MEDIA: Posts After-Tax Loss of $18,097,000 in June 2009
THORNTON MORTGAGE: Earns $1,059,721 in June 2009
THORNBURG MORTGAGE: Adfitech Earns $191,587 in June 2009
THORNBURG MORTGAGE: Files May 2009 Operating Report
TRONOX INC: Breaks Even on $53.7 Million of Net Sales in June
TVI CORPORATION: Posts $13,162 Net Income in June 2009
VERMILLION INC: Posts $418,753 Net Loss in June 2009
WASHINGTON MUTUAL: Incurs $5.72 Million Net Loss for May
WASHINGTON MUTUAL: Incurs $3.58 Mil. Net Loss for June
YOUNG BROADCASTING: Posts $2,918,817 Net Loss in June 2009
*********
ACCREDITED HOME: Posts $26,639,630 Net Loss in June 2009
--------------------------------------------------------
Accredited Home Lenders, Inc., and subsidiaries reported a net
loss of $26,639,630 on net revenues of $494,911 for the month of
June 2009. The net loss includes a $16,795,895 non-cash write-off
of goodwill allocated to AHL in connection with the acquisition by
Lone Star in 2007.
At June 30, 2009, the Debtors' condensed combined balance sheet
showed $205,687,368 in total assets and $380,144,071 in total
liabilities.
A copy of the Debtors' monthly operating report for June 2009, is
available for free at:
http://bankrupt.com/misc/accreditedhome.JuneMOR.pdf
Accredited Home Lenders Holding Co. -- http://www.accredhome.com/
-- is a mortgage banker servicing U.S. markets for conforming and
non-prime residential mortgage loans operating throughout the U.S.
and in Canada. Founded in 1990, the company is headquartered in
San Diego. The Company was acquired by Lone Star Funds for
$300 million in October 2007. Lone Star also owns Bruno's
Supermarkets LLC and Bi-Lo LLC, two grocery retailers in Chapter
11.
Accredited Home and its affiliates filed for Chapter 11 on May 1,
2009 (Bankr. D. Del. Lead Case No. 09-11516). The Debtors
selected Hunton & Williams LLP as Chapter 11 counsel, and
Pachulski Stang Ziehl & Jones LLP as co-counsel. Accredited Home
also tapped Luce, Forward, Hamilton & Scripps LLP and Quinn
Emanuel Urquhart Oliver & Hedges LLP for various litigation. APS
Services LLC has been tapped to provide management services,
including a CRO for the Debtors. Kurtzman Carson Consultants is
the Debtors' claims agent. The official committee of unsecured
credtiors tapped Arent Fox as counsel, Elliott Greenleaf as
Delaware and conflicts counsel, and Weiser LLP as financial
advisor.
According to its bankruptcy petition, Accredited Home's assets
range from $10 million to $50 million and its debts from
$100 million to $500 million.
TROPICANA ENT: Adamar of NJ Posts $6.57 Mil. Net Loss for June
--------------------------------------------------------------
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Balance Sheet
As of June 30, 2009
ASSETS
Current Assets
Cash and cash equivalents $54,145,000
Receivables, gaming, hotel and other, net 14,885,000
Inventories 2,032,000
Prepaid expenses and other 8,104,000
Deferred income taxes 5,189,000
--------------
Total current assets 84,355,000
Property and equipment, at cost, net 715,029,000
Investments 29,296,000
Tenant allowances and other assets 22,647,000
--------------
TOTAL ASSETS $851,327,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accruals $14,212,000
Accrued payroll and employee benefits 4,517,000
Current portion of long-term debt 785,000
Casino reinvestment obligation 664,000
Advances from TE and other affiliates, net 600,044,000
Advances from NJ affiliates, net 23,826,000
Other current liabilities 634,000
Liabilities subject to compromise 23,617,000
--------------
Total current liabilities 668,299,000
Long-term debt, net of current portion 193,000
Deferred income taxes 24,786,000
--------------
Total Liabilities 693,278,000
Stockholders' Equity
Common stock, no par value (100 shares 1,000
authorized, issued and outstanding)
Paid-in capital 283,086,000
Accumulated deficit (125,038,000)
--------------
Total shareholders' equity 158,049,000
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $851,327,000
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Statement of Operations
For the Month Ended June 30, 2009
Revenues
Casino $21,127,000
Rooms 2,992,000
Food and beverage 1,278,000
Other 1,321,000
--------------
Total revenues 26,718,000
--------------
Costs and Expenses
Casino 10,323,000
Rooms 1,377,000
Food and beverage 1,191,000
Other 332,000
Marketing 4,113,000
General and administrative 2,092,000
Utilities 903,000
Repairs and maintenance 926,000
Provision for doubtful accounts 426,000
Property taxes and insurance 2,229,000
Rent 68,000
Rent to New Jersey affiliate 404,000
Depreciation and amortization 3,913,000
--------------
Total 28,297,000
Operating profit (1,579,000)
License denial expense (597,000)
Interest income, net 67,000
Interest expense (4,458,000)
--------------
Income before income taxes (6,567,000)
Income taxes benefit/(provision) 0
--------------
NET (LOSS) ($6,567,000)
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Statement of Cash Flows
For the Month Ended June 30, 2009
Cash flows from operating activities:
Net Loss ($6,567,000)
Adjustments to reconcile net loss to
net cash (used in)/provided by operating
activities:
Depreciation and amortization 3,913,000
Amortization of CRDA bond discount/interest (1,000)
Deferred income taxes -
Amortization of deferred rental income (197,000)
Rent/interest expense amortization -
Loss on disposal of property and equipment
and other asses 26,000
Loss on reinvestment obligation 149,000
Provision for doubtful accounts 426,000
Increase in accrued interest to parent company 4,450,000
Sales & luxury tax rebates 177,000
Changes in operating assets and liabilities:
Decrease in receivables 1,818,000
Decrease in inventories 155,000
Decrease/(Increase) in prepaid expenses and other 566,000
(Increase)/Decrease in other assets (64,000)
(Decrease)/Increase in accounts payable,
accrued expenses and other (1,432,000)
--------------
Net cash provided by operating activities 3,419,000
--------------
Cash flows from investing activities:
Proceeds from sale of property and equipment -
Acquisition of property and equipment (354,000)
Sales & luxury tax rebates 767,000
Proceeds from reduction in investments -
Reductions in other long term assets 1,000
Additions to investments (308,000)
--------------
Net cash used in investing activities 106,000
--------------
Cash flows from financing activities:
Advances from NJ affiliates, net 403,000
Advances to affiliates, net (1,000)
Principal payments to long-term debt (72,000)
--------------
Net cash provided by financing activities 330,000
--------------
Net increase in cash 3,855,000
--------------
Cash and cash equivalents at beginning of period 50,290,000
--------------
Cash and cash equivalents at end of period 54,145,000
==============
About Tropicana Entertainment
Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts. The Company is one of the largest
privately-held gaming entertainment providers in the United
States. Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada, and Atlantic City, New Jersey.
Tropicana Entertainment LLC and its debtor-affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No.
08-10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts. Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor.
Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case. Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.
On April 29, 2009, Adamar of New Jersey, Inc., doing business as
Tropicana Casino and Resort, and its affiliate, Manchester Mall,
Inc., filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09-
20711). Judge Judith H. Wizmur presides over the cases. Adamar
and Manchester Mall or the New Jersey Debtors are both affiliates
of Tropicana Entertainment LLC. Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
The New Jersey Debtors own and operate one of the largest, and one
of the most established, destination casino resorts in Atlantic
City, New Jersey, known as Tropicana Casino and Resort - Atlantic
City, which ranks third in gaming positions among Atlantic City's
11 casino properties. The New Jersey Debtors initiated the
Chapter 11 cases to effectuate a sale of substantially all their
assets in accordance with a mandate issued by the New Jersey
Casino Control Commission pursuant to the New Jersey Casino
Control Act.
Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represent the
New Jersey Debtors. Kurtzman Carson Consultants LLC acts as their
claims and notice agent. Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.
Bankruptcy Creditors' Service, Inc., publishes Tropicana
Bankruptcy News. The newsletter tracks the chapter 11
restructuring proceedings commenced by Tropicana Entertainment LLC
and its affiliates. (http://bankrupt.com/newsstand/or
215/945-7000)
ASARCO LLC: Records $591,000 Net Income in June
-----------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of June 30, 2009
ASSETS
Current Assets:
Cash $1,267,825,000
Restricted Cash 28,423,000
Accounts receivable, net 116,085,000
Inventory 266,371,000
Prepaid expenses 6,391,000
Other current assets 17,231,000
---------------
Total Current Assets 1,702,325,000
Net property, plant and equipment 529,272,000
Other Assets:
Investments in subs & other investments 95,285,000
Advances to affiliates 600,000
Prepaid pension & retirement plan -
Other 20,992,000
---------------
Total assets $2,348,473,000
===============
LIABILITIES
Postpetition liabilities:
Account payable - trade $70,137,000
Accrued liabilities 1,187,491,000
---------------
Total postpetition liabilities 1,257,628,000
Prepetition liabilities:
Not subject to compromise - credit 3,273,000
Not subject to compromise - other 112,367,000
Advances from affiliates 29,547,000
Subject to compromise 2,816,594,000
---------------
Total prepetition liabilities 2,961,780,000
---------------
Total liabilities 4,219,408,000
===============
MEMBER'S EQUITY (DEFICIT):
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive loss (386,187,000)
Retained earnings: filing date (3,194,974,000)
---------------
Total prepetition member's equity (2,968,259,000)
Retained earnings: post-filing date 1,097,325,000
---------------
Total member's equity (net worth) (1,870,935,000)
Total liabilities and member's equity $2,348,473,000
==============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended June 30, 2009
Sales $77,380,000
Cost of products and services 65,535,000
---------------
Gross profit (loss) 11,845,000
Operating expenses:
Selling and general & admin. expenses 2,494,000
Depreciation & amortization 2,655,000
Accretion expense 98,000
---------------
Operating income (loss) 6,598,000
Interest expense (17,000)
Interest income (393,000)
Reorganization expenses 10,799,000
Other miscellaneous (income) expense (4,763,000)
---------------
Income (loss) before taxes 973,000
Income taxes 382,000
---------------
Net income (loss) $591,000
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended June 30, 2009
Receipts $85,148,000
Disbursements:
Inventory material 21,328,000
Operating disbursements 57,283,000
Capital expenditures 6,572,000
---------------
Total operating disbursements 85,183,000
Operating cash flow (35,000)
Reorganization disbursements 8,081,000
---------------
Net cash flow (8,116,000)
Net (borrowings) payments to secured Lenders -
---------------
Net change in cash (8,116,000)
Beginning cash balance 1,304,364,000
---------------
Ending cash balances $1,296,248,000
===============
About ASARCO LLC
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.
ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.
When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.
ASARCO LLC has five affiliates that filed for Chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525). They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors. Former judge Robert C. Pate
has been appointed as the future claims representative. Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for Chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
Chapter 11 case. On October 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on December 12, 2006. (Bankr. S.D. Tex. Case No.
06-20774 to 06-20776).
Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).
ASARCO LLC filed a plan of reorganization on July 31, 2008,
premised on the sale of the Debtors' assets to Sterlite USA for
US$2.6 billion. By October 2008, ASARCO LLC informed the Court
that Sterlite refused to close the proposed sale and thus, the
Original Plan could not be confirmed. The parties has since
renewed their purchase and sale agreement and ASARCO LLC has
obtained Court approval of a settlement and release contained in
the new PSA for the sale of the ASARCO assets for US$1.1 billion
in cash and a US$600 million note.
Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted its own plan which allows it to keep its equity
interest in ASARCO LLC by offering full payment to ASARCO's
creditors. AMC offered provide up to US$2.7 billion in cash and a
US$440 million guarantee to assure payment of all allowed creditor
claims, including payment of liabilities relating to asbestos and
environmental claims. AMC's plan is premised on the estimation of
the approximate allowed amount of the claims against ASARCO.
Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
ASYST TECHNOLOGIES: Files June 2009 Operating Report
----------------------------------------------------
Asyst Technologies, Inc., filed a Monthly Operating Report for the
month ending June 30, 2009, with the United States Bankruptcy
Court for the Northern District of California (Oakland).
Asyst Technologies had $90,449,897 in total assets, $36,978,612 in
total liabilities, and $53,471,285 in stockholders' equity.
Asyst reported $5,042,963 in total cash receipts and $4,890,306 in
cash disbursements for June 2009. The Company also said during
June 2009, payments of roughly $950,000 were issued to
professionals under the Final Cash Collateral order, of which
roughly $834,000 related to restructuring professionals.
A full-text copy of the June 2009 Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?4013
Headquartered in Fremont, California, Asyst Technologies, Inc. --
http://www.asyst.com/-- makes, sells and supports integrated
hardware and software systems primarily for semiconductor and flat
panel display manufacturing industries.
The Company filed for Chapter 11 on April 20, 2009 (Bankr. N.D.
Calif. Case No. 09-43246). Ali M.M. Mojdehi, Esq., Janet D.
Gertz, Esq., and Rayla Dawn Boyd, Esq., at the Law Offices of
Baker and McKenzie, serve as the Debtor's bankruptcy counsel.
Andrew I. Silfen, Esq., Mette H. Kurth, Esq., Michael S. Cryan,
Esq., and Schuyler G. Carroll, Esq., at Arent Fox LLP, represent
the official committee of unsecured creditors. As of
December 31, 2008, the Debtor had total assets of $295,782,000 and
total debts of $315,364,000.
The Company's Japanese subsidiaries, Asyst Technologies Japan
Holdings Company, Inc., and Asyst Technologies Japan, Inc.,
entered into related voluntary proceedings under Japan's Corporate
Reorganization Law (Kaisha Kosei Ho) on April 20, 2009. Kosei
Watanabe was appointed as Trustee of Asyst Japan Holdings and ATJ.
BI-LO LLC: Earns $1,281,000 From May 24 to June 20
--------------------------------------------------
BI-LO Holding, LLC, and subsidiaries LLC filed their monthly
operating report for the period May 24, 2009, to June 20, 2009,
with the U.S. Bankruptcy Court for the District of South Carolina.
The Debtors reported net income of $1,281,000 on total sales of
$202,570,000 for the four weeks ended June 20. Earnings before
interest, taxes, depreciation and amortization was $12,060,000 at
the store level.
At June 20, 2009, the Debtors had $912,173,000 in total assets
and $964,244,000 in total liabilities.
A copy of the Debtors's monthly operating report for the 4 weeks
ended June 20, 2009, is available at:
http://bankrupt.com/misc/bi-lo.JuneMOR.pdf
About Bi-Lo LLC
Greenville, South Carolina-based BI-LO LLC -- http://my.bi-lo.com/
-- is a chain of 215 supermarkets based in Greenville, South
Carolina. Founded in 1964 by Frank Outlaw, the Company and its
affiliates operate supermarkets around South Carolina, North
Carolina, Georgia, and Tennessee and have about 17,000 employees.
Dallas-based Lone Star Funds bought the business in 2005 from
Koninklijke Ahold NV, the Dutch supermarket operator. Lone Star
also owns Bruno's Supermarkets LLC, a chain of 66 stores
that filed under Chapter 11 in February in Birmingham, Alabama.
BI-LO and its affiliates filed for Chapter 11 bankruptcy
protection on March 23, 2009 (Bankr. D. S.C. Case No. 09-02140).
George B. Cauthen, Esq., Frank B. Knowlton, Esq., at Nelson
Mullins Riley & Scarborough, L.L.P; Josiah M. Daniel, III, Esq.,
Katherine D. Grissel, Esq., at Vinson & Elkins L.L.P. in Dallas;
and Dov Kleiner, Esq., Alexandra S. Kelly, Esq., at Vinson &
Elkins L.L.P. in New York, serve as counsel. The Companies listed
between $100 million and $500 million each in assets and debts.
EXTENDED STAY: Receipts Exceed Disbursements $14.2MM June 15-30
---------------------------------------------------------------
Extended Stay Inc. and its affiliated debtors submitted to the
U.S. Bankruptcy Court for the Southern District of New York on
July 15, 2009, a schedule of its cash receipts and disbursements
for the period from June 15 to 30, 2009.
For the Reporting Period, the Debtors listed $44,811,642 in total
receipts and $30,588,653 in disbursements.
Cash receipts and disbursements related to intercompany transfers
among Debtor entities are not included in the schedule.
Accordingly, net cash activity will not agree to the change in
general ledger activity or bank statement balances, the Debtors
said.
A copy of the Debtors' Schedule of Cash receipts and
Disbursements for the June 15 to 30, 2009 period is available for
free at http://bankrupt.com/misc/ESIMORJune2009.pdf
The Debtors' initial operating report does not include a balance
sheet table and a statement of operations table.
About Extended Stay
Extended Stay is the largest owner and operator of mid-price
extended stay hotels in the United States, holding one of the most
geographically diverse portfolios in the lodging sector with
properties located across 44 states (including 11 hotels located
in New York) and two provinces in Canada. As a result of
acquisitions and mergers, Extended Stay's portfolio has expanded
to encompass over 680 properties, consisting of hotels directly
owned or leased by Extended Stay or one of its affiliates.
Extended Stay currently operates five hotel brands: (i) Crossland
Economy Studios, (ii) Extended Stay America, (iii) Extended Stay
Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe
Studios.
For the year ending December 31, 2008, Extended Stay's audited
financial statements show consolidated assets (including nondebtor
affiliates) totaling approximately $7.1 billion and consolidated
liabilities totaling approximately $7.6 billion. Consolidated
revenues for the 12 months ending December 31, 2008 were
approximately $1 billion.
Extended Stay Inc. and its affiliates filed for Chapter 11 on
June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764). Judge James M.
Peck handles the case. Marcia L. Goldstein, Esq., at Weil Gotshal
& Manges LLP, in New York, represents the Debtors. Lazard Freres
& Co. LLC is the Debtors' financial advisors. Kurtzman Carson
Consultants LLC is the claims agent.
Bankruptcy Creditors' Service, Inc., publishes Extended Stay
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Extended Stay Inc. and
its various affiliates. (http://bankrupt.com/newsstand/or
215/945-7000).
FLEETWOOD ENTERPRISES: Files May-June Operating Report
------------------------------------------------------
Fleetwood Enterprises Inc. filed with the U.S. Bankruptcy Court
for the Central District of California its monthly operating
report for the period from May 25, 2009 to June 21, 2009.
Fleetwood reported total receipts of $28,866,975 and total
disbursements of $21,988,645 during the period. At the end of the
period, Fleetwood had an ending cash balance of $38,832,586.
These amounts were due to various entities during the period:
-- $134,465 was due to lessors;
-- $2,181,446 cash interest was due under the 14% senior notes;
-- $690,480 real estate mortgage was due to ISIS Lending
The Debtor has over 90 executory contracts that are under
consideration for rejection. The amounts due are contingent on
upon some future event or activity.
As of June 21, Fleetwood had $297,672,000 in total assets and
$411,746,000 in total liabilities.
A full-text copy of the Monthly Operating Report is available at
no charge at http://ResearchArchives.com/t/s?4012
Based in Riverside, California, the Company, together with 19 of
affiliates, filed for Chapter 11 protection on March 10, 2009
(Bankr. C.D. Calif. Lead Case No. 09-14254). Craig Millet, Esq.,
at Gibson, Dunn & Crutcher LLP, represents the Debtors in their
restructuring efforts. The Debtors also tapped Ernst & Young LLP
as auditor, FTI Consulting Inc. as consultant, and Greenhill & Co.
LLC as financial advisor.
Fleetwood was authorized in June to sell its recreational vehicle
business for $53 million to private-equity investor American
Industrial Partners.
Fleetwood has agreed to sell its manufactured housing business
assets to FH Holding, Inc., an affiliate of Cavco Industries,
Inc., for $18,000,000 in cash, plus the sum of the current assets
included in the deal, less the sum of the current liabilities of
the Sellers assumed by the Purchaser, subject to certain other
adjustments. The net proceeds from the proposed transaction are
expected to be roughly $19 million.
FLYING J: Earns $6,596,000 in May 2009
--------------------------------------
Flying J Inc. earned $6,596,000 on sales of $301,212,000 for the
month ended May 31, 2009. Results for May includes a gain from
investment in affiliated companies of $11,770,000 and other income
in the amount of $3,695,000. Professional fees totaled
$3,246,000.
At May 31, 2009, Flying J Inc. had $1,389,792,000 in total
assets, $835,157,000 in total liabilities, and $554,635,000 in
shareholders' equity.
A full-text copy of Flying J's monthly operating report for
May 2009, is available at:
http://bankrupt.com/misc/flyingj.MayMOR.pdf
About Flying J
Based in Ogden, Utah, Flying J Inc. -- http://www.flyingj.com/--
is among the 20 largest private companies in America, with 2007
sales exceeding $16 billion. The fully integrated oil company
employs approximately 14,700 people in the U.S. and Canada through
its interstate operations, transportation, refining and supply,
exploration and production, as well as its financial services and
communications, divisions.
Flying J and six of its affiliates filed for bankruptcy on
December 22, 2008 (Bankr. D. Del. Lead Case No. 08-13384). Flying
J sought Chapter 11 protections after a precipitous drop in oil
prices and disruption in the credit markets brought to bear
significant short-term pressure on the company's liquidity
position.
Attorneys at Kirkland & Ellis LLP represent the Debtors as
counsel. Young, Conaway, Stargatt & Taylor LLP is the Debtors'
Delaware Counsel. Blackstone Advisory Services L.P. is the
Debtors' investment banker and financial advisor. Epiq Bankruptcy
Solutions LLC is the Debtors' notice, claims and balloting agent.
In its formal schedules submitted to the Bankruptcy Court, Flying
J listed assets of $1,433,724,226 and debts of $640,958,656.
An official committee of unsecured creditors has been appointed in
the case. Pachulski Stang Ziehl & Jones LLP has been tapped as
counsel for the creditors' panel.
FONTAINEBLEAU LAS VEGAS: No Business Activity for June
------------------------------------------------------
Fontainebleau Las Vegas Holdings, LLC, submitted to the Court on
July 20, 2009, a copy of their Monthly Operating Report for the
period June 1 to 30, 2009. However, since the Debtor has no
business activity, the report contains zero figures for all
financial reports.
A full-text copy of the Debtor's June Monthly Operating Report
may be accessed for free at:
http://bankrupt.com/misc/FB_MOR_June30.pdf
About Fontainebleau Las Vegas
Fontainebleau Las Vegas Holdings, LLC --
http://www.fontainebleau.com/-- is constructing a luxury resort,
Fontainebleu Las Vegas, on the northern end of the Las Vegas
Strip.
Fontainebleau Las Vegas Holdings, LLC, Fontainebleau Las Vegas,
LLC, Fontainebleau Las Vegas Capital Corp. filed for Chapter 11
protection on June 9, 2009 (Bankr. S.D. Fla. Lead Case No.
09-21481). Judge A. Jay Cristol presides over the Debtors' cases.
Scott L Baena, Esq., at Bilzin Sumberg Baena Price & Axelrod LLP,
represents the Debtors in their restructuring efforts. The
Debtors' Financial Advisor are Moelis & Company LLC and Citadel
Derivatives Group LLC. The Debtors' Special Litigation Counsel is
David M. Friedman, Esq., at Kasowitz, Benson, Torres & Friedman
LLP and the Debtors' Special Counsel is Jack J. Kessler, Esq., and
Alan Rubin, Esq., at Buchanan Ingersoll & Rooney PC. The Debtors'
Claims Agent is Kurtzman Carson Consulting LLC. An official
committee of unsecured creditors has been appointed in the Chapter
11 cases.
As of June 9, 2009, Fontainebleau Las Vegas LLC listed more than
$1 billion in debt and a similar amount in assets, while each of
Fontainebleau Las Vegas Capital Corp. and Fontainebleau Las Vegas
Holdings, LLC, listed less than $50,000 in assets and more than
$1 billion in debts.
Bankruptcy Creditors' Service, Inc., publishes Fontainebleau
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Fontainebleau Las Vegas Holdings, LLC, and its debtor-
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
FRONTIER AIRLINES: Earns $7.2 Million in June 2009
--------------------------------------------------
On July 28, 2009, Frontier Airlines Holdings, Inc., filed its
monthly operating report for the month of June 30, 2009, with the
United States Bankruptcy Court for the Southern District of New
York.
A copy of Frontier Airlines' June operating report is available
for free at http://researcharchives.com/t/s?4055
Frontier Airlines Holdings, Inc., reported net income of
$7.2 million for the month of June and its eight consecutive
monthly operating profit.
For the month of June, Frontier reported an operating profit of
$14.2 million compared to an operating loss of $3.2 million for
the same period last year, and net income of $7.2 million compared
to a net loss of $8.8 million for June 2008.
Excluding special items, the Company would have reported an
operating profit of $13.3 million, or an operating margin of
13.2%. This compares to a $2.2 million operating loss, or a
negative 1.7% margin, in 2008 and net income of $11.6 million as
compared to a net loss of $4.5 million the prior year.
Special items for the month of June included:
-- $5.4 million in reorganization expense (which includes
$3.4 million in accelerated depreciation for a planned
aircraft sale), compared to $3.4 million in the prior year
-- Non-cash mark-to-market gains on fuel hedge contracts of
$1.0 million
Operational results for the month of June included:
-- A 14.9% year-over-year mainline capacity reduction
-- Excluding special items, mainline unit cost excluding fuel
(CASM ex-fuel) of 6.01 cents, an increase of 6.6% from the
prior year
-- Excluding special items, mainline total unit cost of 8.81
cents, a reduction of 23.7% compared to June 2008
-- Mainline passenger revenue (PRASM) of 9.52 cents, down 14.5%
from the previous year
-- Mainline total unit revenue (RASM) 10.39 cents, 10.0% lower
than June 2008
"I am very proud of our impressive financial performance," said
Frontier President and CEO Sean Menke. "Achieving eight months of
operating profit and three quarters of net profit, and one of the
industry's lowest unit costs despite double-digit capacity
reductions, positions Frontier well as we move to emerge from
bankruptcy later this year."
About Frontier Airlines Holdings
Frontier Airlines Holdings, Inc. (Pink Sheets: FRNTQ) --
http://www.FrontierAirlines.com/-- is the parent company of
Denver-based Frontier Airlines. Currently in its 15th year of
operations, Frontier Airlines is the second-largest jet service
carrier at Denver International Airport, employing approximately
5,000 aviation professionals. Frontier Airlines' mainline
operation has 51 aircraft with one of the youngest Airbus fleets
in North America. In conjunction with a fleet of 10 Bombardier
Q400 aircraft operated by Lynx Aviation -- a subsidiary of
Frontier Airlines Holdings, Inc. -- Frontier offers routes to more
than 50 destinations in the U.S., Mexico and Costa Rica.
Frontier Airlines and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008 (Bankr. S.D.N.Y. Case No. 08-11297
thru 08-11299). Benjamin S. Kaminetzky, Esq., and Hugh R.
McCullough, Esq., at Davis Polk & Wardwell, represent the Debtors
in their restructuring efforts. Togul, Segal & Segal LLP is the
Debtors' Conflicts Counsel, Faegre & Benson LLP is the Debtors'
Special Counsel, and Kekst and Company is the Debtors'
Communications Advisors.
The Debtors' exclusive period to file a plan of reorganization
will expire on October 9, 2009. Their exclusive period to solicit
and obtain acceptances of that plan will expire December 9, 2009.
Bankruptcy Creditors' Service, Inc., publishes Frontier Airlines
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Frontier Airlines Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
GOTTSCHALKS INC: Posts $10,578,000 Net Loss From May 31 - July 31
-----------------------------------------------------------------
On July 21, 2009, Gottschalks Inc. filed with the U.S. Bankruptcy
Court for the District of Delaware its monthly operating report
for the period from May 31, 2009, to July 4, 2009.
For the period from May 31, 2009, to July 4, 2009, the Company
reported a net loss of $10,578,000 on total revenues of $278,000.
Results for the period include loss on assets of $13,054,000.
Reorganization expenses totaled $1,472,000.
At July 4, 2009, the Company had $101,356,000 in total assets and
$106,388,000 in total liabilities.
A copy of the Company's monthly operating report for the period
from May 31, 2009, to July 4, 2009, is available for free at:
http://researcharchives.com/t/s?4059
Headquartered in Fresno, California, Gottschalks Inc. (Pink
Sheets: GOTTQ.PK) -- http://www.gottschalks.com/-- is a regional
department store chain, operating 58 department stores and three
specialty apparel stores in six western states. Gottschalks
offers better to moderate brand-name fashion apparel, cosmetics,
shoes, accessories and home merchandise.
The Company filed for Chapter 11 protection on January 14, 2009
(Bankr. D. Del. Case No. 09-10157). O'Melveny & Myers LLP
represents the Debtor in its Chapter 11 case. Lee E. Kaufman,
Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., serves as the Debtors' co-counsel. The Debtor selected
Kurtzman Carson Consultants LLC as its claims agent. The U.S.
Trustee for Region 3 appointed seven creditors to serve on an
official committee of unsecured creditors. When the Debtor filed
for protection from its creditors, it listed $288,438,000 in
total assets and $197,072,000 in total debts.
GOTTSCHALKS INC: Posts $2,463,000 Net Loss in May 2009
------------------------------------------------------
On July 21, 2009, Gottschalks Inc. filed with the U.S. Bankruptcy
Court for the District of Delaware its monthly operating report
for the period from May 3, 2009, to May 30, 2009.
For the month of May, the Company reported a net loss of
$2,463,000 on total revenues of $550,000. Reorganization expenses
totaled $1,485,000.
At May 30, 2009, the Company had $129,015,000 in total assets and
$123,469,000 in total liabilities, and $5,546,000 in net owner
equity.
A copy of the Company's monthly operating report for May is
available for free at:
http://researcharchives.com/t/s?4058
http://researcharchives.com/t/s?4059
Headquartered in Fresno, California, Gottschalks Inc. (Pink
Sheets: GOTTQ.PK) -- http://www.gottschalks.com/-- is a regional
department store chain, operating 58 department stores and three
specialty apparel stores in six western states. Gottschalks
offers better to moderate brand-name fashion apparel, cosmetics,
shoes, accessories and home merchandise.
The Company filed for Chapter 11 protection on January 14, 2009
(Bankr. D. Del. Case No. 09-10157). O'Melveny & Myers LLP
represents the Debtor in its Chapter 11 case. Lee E. Kaufman,
Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., serves as the Debtors' co-counsel. The Debtor selected
Kurtzman Carson Consultants LLC as its claims agent. The U.S.
Trustee for Region 3 appointed seven creditors to serve on an
official committee of unsecured creditors. When the Debtor filed
for protection from its creditors, it listed $288,438,000 in
total assets and $197,072,000 in total debts.
ION MEDIA: Lost $12.5MM on $13.9MM of Revenue in June
-----------------------------------------------------
According to Bill Rochelle at Bloomberg News, Ion Media Networks
Inc. filed an operating report for June showing a net loss of
$12.5 million on net revenue of $13.9 million. The month's
operating loss was $2.8 million. Interest expense was
$1.7 million while reorganization costs were $3.3 million.
ION Media Networks, Inc. -- http://www.ionmedia.com/-- owns and
operates the nation's largest broadcast television station group
and ION Television, which reaches over 96 million U.S. television
households via its nationwide broadcast television, cable and
satellite distribution systems, and features popular TV series and
movies from the award-winning libraries of RHI Entertainment, CBS
Television, NBC Universal, Sony Pictures Television, Twentieth
Television and Warner Bros., among others. Using its digital
multicasting capability, the Company has launched several digital
TV brands, including qubo, a channel for children focusing on
literacy and values, and ION Life, a channel dedicated to active
living and personal growth. It also has launched Open Mobile
Ventures Corporation, a business unit focused on the research and
development of portable, mobile and out-of-home transmission
technology using over-the-air digital television spectrum.
The Company and its affiliates filed for Chapter 11 bankruptcy
protection on May 19, 2009 (Bankr. S.D.N.Y. Case No. 09-13125).
Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, is the Debtors'
general bankruptcy counsel. Moelis & Company LLC is the Debtors'
financial advisor. Ernst & Young LLP is the Debtors' tax advisor,
and Kurtzman Carson Consultants LLP is the Debtors' notice, claims
and balloting agent. The Debtors listed $1,855,000,000 in assets
and $1,936,000,000 in debts as of April 30, 2009. The U.S.
Trustee has appointed four members to the official committee of
unsecured creditors.
Ion Media, together with its petition, filed a pre-negotiated plan
that intends to extinguish $2.7 billion in debt and preferred
equity.
LYONDELL CHEMICAL: Posts $210 Million Net Loss for June
-------------------------------------------------------
Lyondell Chemical Company and affiliates
Unaudited Combined Balance Sheets
As of June 30, 2009
(in millions)
Assets
Current assets:
Cash and cash equivalents $495
Short-term investments 12
Accounts receivable:
Trade, net 1,295
Related parties 1
Non-debtor affiliates 194
Inventories 1,679
Current deferred income tax assets 6
Prepaid expenses and other current assets 784
------------
Total current assets 4,466
Property, plant and equipment, net 9,975
Investments and long-term receivables:
Investment in PO joint ventures 569
Investments in non-debtor affiliates 4,969
Other investments and long-term receivables 27
Intangible assets, net 1,660
Other assets 186
------------
Total Assets $21,852
============
Liabilities and Stockholder's Equity
Current liabilities:
Current maturities of long-term debt 8,713
Short-term debt 5,534
Accounts payable:
Trade 1,223
Related parties 17
Non-debtor affiliates 580
Accrued liabilities 713
Deferred income taxes 173
------------
Total current liabilities 16,953
Long-term debt -
Other liabilities 253
Deferred income taxes 2,207
Liabilities subject to compromise 12,134
Commitments and contingencies -
Stockholders equity:
Common stock 60
Additional paid-in capital 563
Retained deficit (7,852)
Net receivables - non-debtor affiliates (2,271)
Accumulated other comprehensive loss (316)
------------
Total stockholder's equity (9,816)
Non-controlling interests 121
------------
Total equity (9,695)
------------
Total liabilities and stockholder's equity $21,852
============
Lyondell Chemical Company and affiliates
Unaudited Statement of Income
For month ended June 30, 2009
(in millions)
Sales and other operating revenues:
Trade $1,477
Non-Debtor affiliates 59
------------
1,536
Operating costs and expenses:
Cost of sales 1,537
Selling, general and admin. Expenses 48
Research and development expenses 4
------------
1,589
------------
Operating loss (53)
Interest expense (124)
Interest income 15
Other income, net 2
------------
Loss before reorganization items,
equity investments and income
taxes (160)
------------
Reorganization items (128)
Income from equity investments 99
------------
Loss before income taxes (189)
Provision for income taxes 20
------------
Net loss from continuing operations (209)
Discontinued operations (1)
------------
Net Loss ($210)
============
Lyondell Chemical Company and its affiliates
Unaudited Statement of Cash Flows
For the month ended June 30, 2009
(in millions)
Cash flows from operating activities:
Net loss ($210)
Net loss - discontinued operations 1
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation and amortization 105
Reorganization charges 128
Equity investments - income (99)
Deferred income taxes 3
Foreign currency exchange gain (14)
Changes in assets and liabilities
that provided (used ) cash:
Accounts receivable (74)
Inventories 49
Accounts payable 127
Reorganization-related payments (17)
Other, net (164)
------------
Net cash used in operating
activities - continuing operations (165)
Net cash used in operating activities
discontinued operations (1)
------------
Net cash used in operating activities (166)
------------
Cash flows from investing activities:
Expenditures for property, plant and
Equipment (19)
Repayment of loans by non-Debtor affiliates (48)
Other, net 1
------------
Net cash used in investing activities (66)
------------
Cash flows from financing activities:
Net borrowings under DIP Revolving Facility 200
Short-term borrowings 79
Other, net (1)
------------
Net cash provided by financing activities 278
------------
Effect of exchange rate changes on cash -
------------
Increase in cash and cash equivalents 46
Cash and cash equivalents at beginning of period 449
------------
Cash and cash equivalents at end of period $495
============
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)
NOBLE INTERNATIONAL: Posts $2,034,118 Net Income for June 2009
--------------------------------------------------------------
Noble International, Ltd., and 14 of its domestic subsidiaries
filed with the U.S. Bankruptcy Court for the Eastern District
of Michigan separate monthly operating reports for the period
ended June 30, 2009.
Debtor Noble International Ltd. posted a net income of $2,034,118
for June 2009. Debtor Noble had $181,313,961 in total assets,
$45,222,467 in total liabilities, and $136,091,494 in
stockholders' equity at June 30.
A full-text copy of Noble's June 2009 Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?4016
About Noble International
Headquartered in Warren, Michigan, Noble International, Ltd. --
http://www.nobleintl.com/home.html/-- provides flat, tubular,
shaped and enclosed formed structures to automotive original
equipment manufacturers and their suppliers, for use in automobile
applications, including doors, fenders, body side panels, pillars,
bumpers, door beams, load floors, windshield headers, door tracks,
door frames, and glass channels.
Noble International and its affiliates filed for Chapter 11
protection on April 15, 2009 (Bankr. E.D. Mich. Case No. 09-
51720). The Debtors proposed Foley & Lardner LLP as their general
bankruptcy counsel. Conway Mackenzie, Inc., has been tapped as
the Debtors' financial advisors. The official committee of
unsecured creditors is represented by Jaffe Raitt Heuer & Weiss,
P.C. The Debtors disclosed total assets of $190,763,000 and total
debts of $38,691,000, as of January 10, 2009.
PILGRIM'S PRIDE: Reports $4.1 Million June Net Income
-----------------------------------------------------
Bill Rochelle at Bloomberg News reports that Pilgrim's Pride Corp.
reported net income of $4.1 million for the month ended June 27 on
sales of $601 million. The gross profit for the period was
$54.5 million. Professional expenses in the month totaled
$5.1 million. For the quarter, net income was $34.8 million.
According to Mr. Rochelle, by a wide margin, the June profit was
the smallest for the quarter. April had a $13.9 million net
profit while May's was $16.7 million.
About Pilgrim's Pride
Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.
Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664). The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.
Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel. The Debtors have also tapped Baker &
McKenzie LLP as special counsel. Lazard Freres & Co., LLC, is the
company's investment bankers and William K. Snyder of CRG Partners
Group LLC as chief restructuring officer. The Company's claims
and noticing agent is Kurtzman Carson Consulting LLC.
A nine-member committee of unsecured creditors has been appointed
in the case.
As of December 27, 2008, the Company had $3,215,103,000 in total
assets, $612,682,000 in total current liabilities, $225,991,000 in
total long-term debt and other liabilities, and $2,253,391,000 in
liabilities subject to compromise.
Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
of Pilgrim's Pride Corp. and its various affiliates.
RH DONNELLEY: Net Loss Total $161,178,000 in June
-------------------------------------------------
R.H. Donnelley Corporation
Balance Sheet
As of June 30, 2009
ASSETS
Cash and cash equivalents $1,733,000
Billed and accounts receivable -
Unbilled accounts receivable -
Allowance for doubtful accounts -
Net accounts receivable -
Intercompany loan receivable 7,000,000
Deferred directory costs -
Short-term deferred income taxes, net -
Prepaid expenses and other current assets 5,463,000
--------------
Total current assets 14,196,000
Fixed assets and computer software 6,206,000
Other non-current assets 2,249,702,000
Intangible assets -
--------------
Total assets $2,270,104,000
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Accounts payable and accrued liabilities $2,749,000
Accrued interest -
Deferred directory revenues -
Due to parent, net (135,787,000)
Short-term deferred tax 589,000
Current portion of long-term debt, intercompany -
Current portion of long-term debt -
--------------
(132,449,000)
Long-term debt -
Long-term debt, intercompany -
Deferred income taxes, net (28,352,000)
Other non-current liabilities 1,575,000
--------------
Total liabilities not subject to compromise (159,226,000)
Liabilities subject to compromise (3,385,949,000)
Common stock 88,169,000
Intercompany capital -
Additional paid-in capital 2,634,347,000
Accumulated deficit (3,356,761,000)
Treasury stock (256,146,000)
Accumulated other comprehensive loss (66,228,000)
--------------
Total shareholders' deficit (956,619,000)
--------------
Total liabilities and shareholders' deficit $2,270,104,000
==============
R.H. Donnelley Corporation
Income Statement
For the Month Ended June 30, 2009
Net revenues ($60,205,000)
Production and distribution expenses 3,000
Selling and support expenses 10,000
General and administrative expenses 1,390,000
Depreciation and amortization 213,000
Impairment charges -
--------------
Total expenses 1,616,000
Interest expense 34,000
--------------
Loss before reorganization items, net (61,855,000)
Reorganization items, net
Professional fees -
U.S. Trustee fees -
Court fees -
Other 99,323,000
Provision for income taxes -
--------------
Net loss ($161,178,000)
==============
R.H. Donnelley Corporation
Cash Receipts and Disbursements
For the Month Ended June 30, 2009
Cash receipts
RHD Corp. -
--------------
Total cash receipts -
Cash disbursements
Trade payables ($2,200,000)
Payroll and employee costs -
Interest expense - notes -
Interest expense - term loan -
Interest expense - swaps -
Term loan repayment (mandatory) -
Intercompany (2,500,000)
--------------
Total cash disbursements (4,700,000)
Reorganization charges
Adequate protection payment -
Professional fees -
--------------
Total reorganization charges -
Total cash charges (4,700,000)
Net cash flow (4,700,000)
Beginning bank balance 181,400,000
Net cash flow (4,700,000)
Ending bank balance $176,700,000
==============
About R.H. Donnelley
Based in Cary, North Carolina, R.H. Donnelley Corp., fka The Dun
& Bradstreet Corp. (NYSE: RHD) -- http://www.rhdonnelley.com/--
publishes and distributes print and online directories in the
U.S. It offers print directory advertising products, such as
yellow pages and white pages directories. R.H. Donnelley Inc.,
Dex Media, Inc. and Local Launch, Inc. are the company's only
direct wholly owned subsidiaries.
R.H. Donnelley Corp. and 19 of its affiliates, including Dex
Media East LLC and Dex Media West LLC, filed for Chapter 11
protection on May 28, 2009 (Bank. D. Del. Case No. 09-11833
through 09-11852), after missing a $55 million interest payment
on its senior unsecured notes due April 15. James F. Conlan,
Esq., Larry J. Nyhan, Esq., Jeffrey C. Steen, Esq., Jeffrey E.
Bjork, Esq., and Peter K. Booth, Esq., at Sidley Austin LLP, in
Chicago, Illinois represent the Debtors in their restructuring
efforts. Edmon L. Morton, Esq., and Robert S. Brady, Esq., at
Young, Conaway, Stargatt & Taylor LLP, in Wilmington, Delaware,
serve as the Debtors' local counsel. The Debtors' financial
advisor is Deloitte Financial Advisory Services LLP while its
investment banker is Lazard Freres & Co. LLC. The Garden City
Group, Inc., is claims and noticing agent.
As of March 31, 2009, the Company had $929,829,000 in total
assets and $1,023,526,000 in total liabilities, resulting in
$93,697,000 in total shareholders' deficit.
Bankruptcy Creditors' Service, Inc., publishes R.H. Donnelley
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings of R.H. Donnelley Corp. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
SMURFIT-STONE: Posts $173,392,000 Net Income for May
----------------------------------------------------
Smurfit-Stone Container Corporation
Combined Balance Sheet
As of May 31, 2009
ASSETS
Current Assets:
Cash $515,712,000
Receivables 600,673,000
Receivables for alt. energy tax credits 81,100,000
Inventories 498,267,000
Prepaid expenses and others 31,568,000
---------------
Total current assets 1,727,320,000
Net property 3,393,439,000
Timberlands, less depletion 31,646,000
Deferred income taxes 36,905,000
Investments in and advances to non-Debtor 74,826,000
affiliates
Other assets 69,060,000
---------------
Total assets $5,333,196,000
===============
LIABILITIES & EQUITY (DEFICIT)
Liabilities Not Subject to Compromise:
Current liabilities:
Current maturities of long-term debt $1,784,592,000
Accounts payable 313,647,000
Accrued compensation and payroll taxes 137,729,000
Interest payable 12,975,000
Income taxes payable 8,915,000
Current deferred taxes 21,052,000
Other current liabilities 129,873,000
---------------
Total current liabilities 2,408,783,000
Other long-term liabilities 124,062,000
---------------
Total liabilities not subject to compromise 2,532,845,000
Liabilities subject to compromise 4,244,690,000
---------------
Total liabilities 6,777,535,000
Total stockholders' equity (deficit) (1,444,339,000)
---------------
Total liabilities & stockholders' equity $5,333,196,000
===============
Smurfit-Stone Container Corporation
Combined Statement of Operations
For the month ended May 31, 2009
Net sales $444,451,000
Costs and expenses:
Cost of goods sold 406,592,000
Selling and administrative expenses 45,171,000
Restructuring charges 3,471,000
Gain on disposal of assets (425,000)
Other operating income (218,000,000)
---------------
Income from operations 207,642,000
Other income (expense):
Interest expense, net (24,729,000)
DIP debt issuance costs (169,000)
Loss on early extinguishment of debt -
Equity in losses of non-debtor affiliates (51,000)
Foreign currency exchange losses (3,000,000)
Other, net 3,053
---------------
Income before reorganization items and taxes 182,746,000
Reorganization items:
Professional fees (5,000,000)
Provision for executory contracts & leases (5,600,000)
Accounts payable settlement gains 1,545,000
---------------
Reorganizational items, net (9,055,000)
Income before income taxes 173,691,000
Provision for income taxes (299,000)
---------------
Net Income $173,392,000
===============
Smurfit-Stone Container Corporation
Schedule of Receipts and Disbursements
For the month ended May 31, 2009
Beginning cash balance $292,358,000
Cash receipts 534,711,000
Alternative energy tax credit 153,730,000
Proceeds from net borrowings of long-term debt 22,000
---------------
Total receipts 688,463,000
Disbursements:
Payroll & benefits (103,321,000)
Professional fees (2,443,000)
Interest (3,084,000)
Capital expenditures (10,625,000)
Other disbursements (345,636,000)
---------------
Total disbursements (465,109,000)
Ending cash balance $515,712,000
===============
A copy of the Debtors' May 2009 Operating Report is available for
free at http://bankrupt.com/misc/SmurfMayMOR.pdf
About Smurfit-Stone Container
Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers. The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada. The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States. The Company employs approximately
21,250 employees, 17,400 of which are based in the United States.
For the quarterly period ended September 30, 2008, the Company
reported approximately $7.450 billion in total assets and
$5.582 billion in total liabilities on a consolidated basis.
Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235). Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.
Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers. Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October. Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.
James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel. PricewaterhouseCooper
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.
Bankruptcy Creditors' Service, Inc., publishes Smurfit-Stone
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Smurfit-Stone
Container Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
STAR TRIBUNE: Posts $992,000 Net Loss in June 2009
--------------------------------------------------
On July 20, 2009, Star Tribune Holdings Corporation filed with the
U.S. Bankruptcy Court for the Southern District of New York a
monthly operating report for the period June 1 to June 28, 2009.
After posting $171,000 in net profit in May, the Debtors incurred
a net loss of $992,000 for the 4-week period ended June 28.
Operating loss was $451,000 which does not include reorganization
items totaling $1,259,000.
At June 30, 2009, the Debtors had total assets of $432,335,000 and
total liabilities of $676,039,000. Cash and cash equivalents at
June 30, 2009, amounted to $33,556,000, compared to $33,365,000 at
the beginning of the period.
A copy of the Debtors' June monthly operating report is available
for free at http://bankrupt.com/misc/startribune.JuneMOR.pdf
Headquartered in Minneapolis, Minnesota, The Star Tribune Company
-- http://www.startribune.com/-- operates the largest newspaper
in the state of Minnesota and published seven days each week in an
edition for the Minneapolis-Saint Paul metropolitan area. The
Company and its affiliate, Star Tribune Holdings Corporation,
filed for Chapter 11 protection on January 15, 2009 (Bankr.
S.D.N.Y. Lead Case No. 09-10244). Marshall Scott Huebner, Esq.,
James I. McClammy, Esq., and Lynn Poss, Esq., at Davis Polk &
Wardwell, represent the Debtors in their restructuring efforts.
Blackstone Advisory Services L.P. is the Debtors' financial
advisor. The Garden City Group, Inc., serves as noticing and
claims agent. Scott Cargill, Esq., and Sharon L. Levine, Esq., at
Lowenstein Sandler PC, represent the official committee of
unsecured creditors. When the Debtors filed for protection from
their creditors, they listed assets and debts between $100 million
and $500 million each.
The Court has extended the Debtors' exclusive periods to file a
plan of reorganization until August 13, 2009.
SUN-TIMES MEDIA: Posts After-Tax Loss of $18,097,000 in June 2009
-----------------------------------------------------------------
Sun-Times Media Group, Inc., et al., reported an after-tax net
loss of $18,097,000 on revenue of $19,463,000 for the month ended
June 30, 2009. Reorganization costs totaled $2,992,000. Total
income tax expense was $9,371,000. Income tax expense is
recognized in the last month in each calendar quarter.
At June 30, 2009, the Debtors' had $374,376,000 in total assets
and $999,835,000 in total liabilities, resulting in a $625,459,000
stockholders' deficit.
A copy of the Debtors' June 2009 monthly operating report is
available at http://bankrupt.com/misc/sun-times.JuneMOR.pdf
Sun-Times Media Group, Inc. -- http://www.thesuntimesgroup.com/--
(Pink Sheets: SUTM) owns media properties including the Chicago
Sun-Times and Suntimes.com as well as newspapers and Web sites
serving more than 200 communities across Chicago. The Company and
its affiliates conduct business as a single operating segment
which is concentrated in the publishing, printing, and
distribution of newspapers in greater Chicago, Illinois,
metropolitan area and the operation of various related Web sites.
The Company also has affiliates in Canada, the United Kingdom, and
Burma.
Sun-Times Media's balance sheet at September 30, 2008, showed
total assets of $479.9 million, total liabilities of
$801.7 million, resulting in a stockholders' deficit of roughly
$321.8 million.
The Company and its affiliates filed for Chapter 11 bankruptcy
protection on March 31, 2009 (Bankr. D. Del. Case No. 09-11092).
James H.M. Sprayregan, P.C., James A. Stempel, Esq., David A.
Agay, Esq., and Sarah H. Seewer, Esq., at Kirkland & Ellis LLP,
assist the Debtors in their restructuring efforts. Kurtzman
Carson Consultants LLC is the Debtors' claims agent. As of
November 7, 2008, the Debtors listed $479,000,000 in assets and
$801,000,000 in debts.
THORNTON MORTGAGE: Earns $1,059,721 in June 2009
------------------------------------------------
On July 23, 2009, Thornburg Mortgage, Inc., filed with the U.S.
Bankruptcy Court for the District of Maryland on behalf of the
Debtors, except for ADFITECH, Inc., a report covering the period
from June 1, 2009, through June 30, 2009.
Thornburg Mortgage, Inc., et al., reported net income of
$1,059,721 on total interest income of $1,132,266 for the month of
June.
At June 30, 2009, Thornburg Mortgage, Inc., et al., had
$408,955,933 in total assets and $3,684,972,055 in total
liabilities.
A copy of Thornburg Mortgage, Inc. and certain subsidiaries'
monthly operating report for June 2009 is available for free at:
http://researcharchives.com/t/s?4056
About Thornburg Mortgage
Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- is a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages. It originates, acquires, and retains investments
in adjustable and variable rate mortgage assets. Its ARM assets
comprise of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.
Thornburg Mortgage, Inc., and its four affiliates filed for
Chapter 11 on May 1 (Bankr. D. Md. Lead Case No. 09-17787). Judge
Duncan W. Keir is handling the case.
David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, has
been tapped as counsel. Orrick, Herrington & Sutcliffe LLP is
employed as special counsel. Jim Murray, and David Hilty, at
Houlihan Lokey Howard & Zukin Capital, Inc., have been tapped as
investment banker and financial advisor. Protiviti Inc. has also
been engaged for financial advisory services. KPMG LLP is the tax
consultant. Epiq Systems, Inc., is claims and noticing agent. In
its bankruptcy petition, Thornburg listed total assets of
$24,400,000,000 and total debts of $24,700,000,000, as of
January 31, 2009.
THORNBURG MORTGAGE: Adfitech Earns $191,587 in June 2009
--------------------------------------------------------
On July 24, 2009, ADFITECH Inc. filed with the U.S. Bankruptcy
Court for the District of Maryland a monthly operating report
covering the period from June 1, 2009, through June 30, 2009.
ADFITECH reported net income of $191,587 on total operating
revenue of $2,475,282 for the month of June.
At June 30, 2009, ADFITECH had $29,145,344 in total assets and
$1,639,848,965 in total liabilities.
A copy of ADFITECH, Inc.'s monthly operating report for June 2009
is available for free at:
http://researcharchives.com/t/s?4057
About Thornburg Mortgage
Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- is a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages. It originates, acquires, and retains investments
in adjustable and variable rate mortgage assets. Its ARM assets
comprise of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.
Thornburg Mortgage, Inc., and its four affiliates filed for
Chapter 11 on May 1 (Bankr. D. Md. Lead Case No. 09-17787). Judge
Duncan W. Keir is handling the case.
David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, has
been tapped as counsel. Orrick, Herrington & Sutcliffe LLP is
employed as special counsel. Jim Murray, and David Hilty, at
Houlihan Lokey Howard & Zukin Capital, Inc., have been tapped as
investment banker and financial advisor. Protiviti Inc. has also
been engaged for financial advisory services. KPMG LLP is the tax
consultant. Epiq Systems, Inc., is claims and noticing agent. In
its bankruptcy petition, Thornburg listed total assets of
$24,400,000,000 and total debts of $24,700,000,000, as of
January 31, 2009.
THORNBURG MORTGAGE: Files May 2009 Operating Report
---------------------------------------------------
According to a monthly operating report filed by ADFITECH, as of
the end of May 2009 no stalking horse bidder was identified.
ADFITECH said the parties continue to explore the sale option.
Thornburg Mortgage Inc. and its subsidiaries filed their monthly
operating reports for the period May 1, 2009, through and
including May 31, 2009, with the United States Bankruptcy Court
for the District of Maryland:
-- Thornburg Mortgage, Inc., and certain subsidiaries filed
one operating report.
See http://ResearchArchives.com/t/s?402e
-- ADFITECH filed a separate operating report.
See http://ResearchArchives.com/t/s?402f
Thornburg, et al., reported $3,422,501 in cash receipts and
$686,341 in disbursements during the period. Thornburg et al.
ended the period with $19,584,127 in cash.
As of May 31, Thornburg, et al., had $407,137,529 in total assets
and $3,683,712,970 in total liabilities, resulting in owners'
deficit of ($3,276,575,441). Thornburg et al. reported a net
income of $1,699,770 for the month.
ADFITECH reported $2,933,944 in cash receipts and $2,070,230 in
disbursements during the period. ADFITECH closed the period with
$8,848,739 in cash.
As of May 31, ADFITECH had $28,793,776 in total assets and
$1,639,689,059 in total liabilities, resulting in stockholders'
deficit of $1,610,895,283. ADFITECH reported a net income of
$549,454 for the month.
About Thornburg Mortgage
Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- is a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages. It originates, acquires, and retains investments
in adjustable and variable rate mortgage assets. Its ARM assets
comprise of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.
Thornburg Mortgage, Inc., and its four affiliates filed for
Chapter 11 on May 1 (Bankr. D. Md. Lead Case No. 09-17787). Judge
Duncan W. Keir is handling the case.
David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, has
been tapped as counsel. Orrick, Herrington & Sutcliffe LLP is
employed as special counsel. Jim Murray, and David Hilty, at
Houlihan Lokey Howard & Zukin Capital, Inc., have been tapped as
investment banker and financial advisor. Protiviti Inc. has also
been engaged for financial advisory services. KPMG LLP is the tax
consultant. Epiq Systems, Inc., is claims and noticing agent. In
its bankruptcy petition, Thornburg listed total assets of
$24,400,000,000 and total debts of $24,700,000,000, as of
January 31, 2009.
TRONOX INC: Breaks Even on $53.7 Million of Net Sales in June
-------------------------------------------------------------
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Balance Sheet
As of June 30, 2009
ASSETS
Cash and cash equivalents $25,400,000
Notes and accounts receivable intercompany 326,800,000
Accounts receivable, third parties 107,300,000
Inventories, net 152,500,000
Prepaid and other assets 18,100,000
Income tax receivable 500,000
Deferred income taxes 1,200,000
----------------
Total Current Assets 631,800,000
Property, plant and equipment, net 195,500,000
Notes and advances receivable, intercompany 111,400,000
Other long-term assets 388,100,000
----------------
Total Assets $1,326,800,000
================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, third parties $35,500,000
Accrued liabilities 60,400,000
Long-term debt due within one year 54,200,000
Income taxes payable 1,300,000
Long-term debt classified as current 212,600,000
----------------
Total Current Liabilities 364,000,000
Noncurrent liabilities:
Deferred income taxes 14,100,000
Environmental remediation and restoration 127,000,000
Notes and advances payable, intercompany 9,000,000
Other 88,100,000
----------------
Total Liabilities
Not Subject to Compromise 602,200,000
Minority Interest 3,400,000
Liabilities Subject to compromise 430,500,000
Commitments and contingencies 0
Stockholders' equity
Common stock 400,000
Capital in excess of par value 496,000,000
Retained earnings (accumulated deficit) (212,000,000)
Accumulated other comprehensive
income (loss) 13,100,000
Treasury stock, at cost (6,800,000)
----------------
Total Stockholders' Equity 290,700,000
----------------
Total Liabilities and Stockholders' Equity $1,326,800,000
================
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Statement of Operations
Month Ended June 30, 2009
Net Sales $53,700,000
Cost of goods sold 45,400,000
----------------
Gross margin 8,300,000
Selling, general and admin. Expenses 7,000,000
Gain on land sales 0
Provision for doubtful notes and accounts 0
----------------
1,300,000
Interest and debt expense 2,800,000
Other (income) expense, net (1,500,000)
Reorganization items 2,400,000
----------------
Loss from continuing operations
before income taxes (2,400,000)
Income tax provision (benefit) (1,300,000)
----------------
Loss from continuing operations (1,100,000)
Income (loss) from discontinued operations,
net of tax 1,100,000
----------------
Net income $0
================
About Tronox Inc.
Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets:
TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer
of titanium dioxide pigment, with an annual production capacity of
535,000 tonnes. Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products. The Company's four pigment plants, which are
located in the United States, Australia and the Netherlands,
supply high-performance products to approximately 1,100 customers
in 100 countries. In addition, Tronox produces electrolytic
products, including sodium chlorate, electrolytic manganese
dioxide, boron trichloride, elemental boron and lithium manganese
oxide.
Tronox has $1.6 billion in total assets, including $646.9 million
in current assets, as at September 30, 2008. The Company has
$881.6 million in current debts and $355.9 million in total
noncurrent debts.
Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr. S.D.
N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors. The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.
An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases. The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.
Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B. Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK. As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.
Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TVI CORPORATION: Posts $13,162 Net Income in June 2009
------------------------------------------------------
TVI Corporation and its debtor-affiliates filed separate monthly
operating reports for June 2009 with the United States Bankruptcy
Court for the District of Maryland (Greenbelt Division).
The Debtors posted $13,162 in net income for June 2009. The
Debtors had $25,318,978 in total assets and $43,700,197 in total
liabilities and $18,381,220 in stockholders' deficit as of
June 30, 2009.
A full-text copy of the Debtors' June Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?4018
Headquartered in Glenn Dale, Maryland, TVI Corporation --
http://www.tvicorp.com/-- supplies military and civilian
emergency first responder and first receiver products, personal
protection products and quick-erect shelter systems. The products
include powered air-purifying respirators, respiratory filters and
quick-erect shelter systems used for decontamination, hospital
surge systems and command and control. The users of these
products include military and homeland defense/homeland security
customers.
The Company and two of its affiliates filed for Chapter 11
protection on April 1, 2009 (Bankr. D. Md. Lead Case No.
09-15677). Christopher William Mahoney, Esq., Jeffrey W. Spear,
Esq., and Joel M. Walker, Esq., at Duane Morris LLP, represent the
Debtors in their restructuring efforts. Debtors tapped Buccino &
Associates, Inc., as their financial advisors and consultants.
When the Debtor filed for protection from its creditors, it listed
$10 million to $50 million in assets and $1 million to $10 million
in debts.
VERMILLION INC: Posts $418,753 Net Loss in June 2009
----------------------------------------------------
On July 21, 2009, Vermillion, Inc., filed its financial statements
included in the monthly operating report for the period from
June 1, 2009, to June 30, 2009, with the United States Bankruptcy
Court for the District of Delaware.
Vermillion reported a net loss of $418,753 on zero revenue for
the month of June 2009.
At June 30, 2009, the Debtor had total assets of $9,683,968 and
total liabilities of $33,012,730, resulting in a $23,328,762
stockholders' deficit.
A full-text copy of the Debtor's monthly operating report for
June 2009 is available at http://researcharchives.com/t/s?405d
Headquartered in Fremont, California, Vermillion, Inc. --
http://www.vermillion.com/-- engages in the development and
commercialization of diagnostic tests to aid physicians diagnose
and treat results for patients. The Company filed for Chapter 11
on March 30, 2009 (Bankr. D. Del. Case No. 09-11091). Francis A.
Monaco Jr., Esq., and Mark L. Desgrosseilliers, Esq., at Womble
Carlyle Sandridge & Rie, PLLC, represent the Debtor as counsel.
At September 30, 2008, the Debtor had $7,150,000 in total assets
and $32,015,000 in total liabilities.
WASHINGTON MUTUAL: Incurs $5.72 Million Net Loss for May
--------------------------------------------------------
WASHINGTON MUTUAL, INC.
Unaudited Balance Sheet
As of May 31, 2009
ASSETS
Unrestricted cash and cash equivalents $4,609,187,968
Restricted cash and cash equivalents 98,428,235
Investment Securities 66,545,723
Accrued interest receivable 844,770
Accounts receivable 0
Income tax receivable 479,979,473
Prepaid expenses 2,743,858
Cash surrender value of BOLI/COLI 87,688,694
Funded Pension 39,173,922
Other investments 2,092,488
Investment in subsidiaries 1,471,117,004
Notes receivable, intercompany 12,138,402
Fixed assets 115,279
Other assets 79,200,463
----------------
Total Assets $6,949,256,279
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $3,932,304
Taxes payable 0
Accrued wages and benefits 688,009
Other accrued liabilities 12,770,978
Rent and equipment lease payable 0
Deferred tax liability (asset) 0
Other liabilities - intercompany 0
Other postpetition liabilities 0
Minority interest 3,113,839
----------------
Total Postpetition Liabilities 20,505,131
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt 4,108,911,139
Subordinated debt 1,613,991,512
Junior subordinated debt 742,476,453
Accrued interest payable 75,907,764
Intercompany payables 684,095,259
Accounts payable 4,480,720
Taxes payable 550,080,833
Payroll and benefit accruals 407,236,707
Other accrued liabilities 86,421,167
Other prepetition liabilities 198
----------------
Total Prepetition Liabilities 8,273,601,752
----------------
Total Liabilities 8,294,106,883
SHAREHOLDERS' EQUITY
Preferred stock 3,392,341,954
Common stock 12,988,753,556
Other comprehensive income (755,457,646)
Retained earnings - prepetition (16,741,679,103)
Retained earnings - postpetition (228,809,364)
----------------
Total Shareholders' Equity (1,344,850,604)
----------------
Total Liabilities and Shareholders' Equity $6,949,256,279
================
WASHINGTON MUTUAL, INC.
Unaudited Statement of Operations
For the period May 1 to May 31, 2009
REVENUES
Interest income:
Cash equivalents $749,260
Securities 290,059
Notes receivable - intercompany 44,846
Other 0
----------------
Total Interest Income 1,084,165
Earnings from subsidiaries and other
equity investments 1,760,159
Gains (losses) from securities 712
Other income 213,093
----------------
Total Revenues 3,058,128
OPERATING EXPENSES
Compensation and benefits 448,799
Occupancy and equipment 41,985
Professional fees 413,756
Loss (Income) from BOLI/COLI policies (202,823)
Management fees/transition services 110,997
Insurance 1,684,475
Other 96,108
----------------
Total Operating Expenses 2,593,298
Net profit (loss) before other income
and expenses 464,830
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany 0
Borrowings 0
----------------
Total Interest Expense 0
Other expense (income) 0
----------------
Net profit (loss) before
reorganization items 464,830
REORGANIZATION ITEMS
Professional fees 5,031,215
U.S. Trustee quarterly fees 7,000
Gains (losses) from sale of assets 0
Other reorganization expenses 1,147,051
----------------
Total Reorganization Items 6,185,266
----------------
Net profit (loss) before income taxes (5,720,436)
Income taxes 0
----------------
NET PROFIT (LOSS) ($5,720,436)
================
WASHINGTON MUTUAL, INC.
Unaudited Schedule of Cash Receipts and Disbursements
For the period May 1 to May 31, 2009
Opening Balance 04/30/09 $4,291,107,233
RECEIPTS
Interest & investment returns 676,420
Tax refunds 0
Reimbursements from WMB 0
Reimbursements/distributions from subs 0
Sales of assets/securities 0
Death benefit proceeds 275,086
Miscellaneous receipts 0
----------------
Total Receipts 951,506
TRANSFERS
Sweep to Money Market account 0
To other Money Market Funds (225,000,000)
----------------
Total Transfers (225,000,000)
DISBURSEMENTS
Salaries and benefits 318,144
Travel and other expenses 13,483
Occupancy and supplies 259,203
Professional fees 3,587,532
Other outside services 881,572
Bank fees 18,071
U.S. trustee quarterly fees 20,000
Directors fees 67,500
Miscellaneous adjustments 0
----------------
Total Disbursements 5,165,505
----------------
Net Cash Flow (229,213,999)
----------------
Cash - End of Month 4,061,893,234
GL Balance 4,061,893,234
Net value -- Money Market Accounts 547,294,734
----------------
Total Cash and Cash Equivalents $4,609,187,968
================
WMI INVESTMENT CORP.
Unaudited Balance Sheet
As of May 31, 2009
ASSETS
Unrestricted cash and cash equivalents $274,209,233
Restricted cash and cash equivalents 0
Investment Securities 0
Accrued interest receivable 35,306
Accounts receivable 0
Income tax receivable 22,187,560
Prepaid expenses 0
Cash surrender value of BOLI/COLI 0
Funded Pension 0
Other investments 40,082,522
Investment in subsidiaries 0
Notes receivable, intercompany 565,844,197
Other assets 0
----------------
Total Assets $902,358,820
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $87
Taxes payable 0
Wages payable 0
Other accrued liabilities 325
Rent and equipment lease payable 0
Deferred tax liability (asset) 0
Other liabilities - intercompany 0
Other postpetition liabilities 0
Minority interest 0
----------------
Total Postpetition Liabilities 412
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt 0
Subordinated debt 0
Junior subordinated debt 0
Accrued interest payable 0
Intercompany payables 0
Accrued interest payable - intercompany 0
Accounts payable 0
Accounts payable - intercompany 0
Taxes payable 0
Payroll and benefit accruals 0
Other accrued liabilities 0
Other prepetition liabilities 0
----------------
Total Prepetition Liabilities 0
----------------
Total Liabilities 412
SHAREHOLDERS' EQUITY
Preferred stock 0
Common stock 1,000,000,000
Other comprehensive income 22,187,560
Retained earnings - prepetition 14,136,186
Retained earnings - postpetition (133,965,338)
----------------
Total Shareholders' Equity 902,358,408
----------------
Total Liabilities and Shareholders' Equity $902,358,820
================
WMI INVESTMENT CORP.
Unaudited Statement of Operations
For the period May 1 to May 31, 2009
REVENUES
Interest income:
Cash equivalents $39,645
Securities 0
Notes receivable - intercompany 0
Other 0
----------------
Total Interest Income 39,645
Earnings from subsidiaries and other
equity investments 0
Gains (losses) from securities 0
Other income 0
----------------
Total Revenues 39,645
OPERATING EXPENSES
Compensation and benefits 0
Occupancy and equipment 0
Professional fees 87
Loss (Income) from BOLI/COLI policies 0
Management fees/transition services 0
Insurance 0
Other 0
-----------------
Total Operating Expenses 87
Net profit (loss) before other income
and expenses 39,559
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany 0
Borrowings 0
----------------
Total Interest Expense 0
Other expense (income) 0
----------------
Net profit (loss) before
reorganization items 39,559
REORGANIZATION ITEMS
Professional fees 0
U.S. Trustee quarterly fees 0
Gains (losses) from sale of assets 0
Other reorganization expenses 0
----------------
Total Reorganization Items 0
----------------
Net profit (loss) before income taxes 39,559
Income taxes 0
----------------
NET PROFIT (LOSS) $39,559
================
WMI INVESTMENT CORP.
Unaudited Schedule of Cash Receipts and Disbursements
For the period May 1 to May 31, 2009
Opening Balance 04/30/09 $56,742,917
RECEIPTS
Interest & investment returns 138,181
Tax refunds 0
Reimbursements from WMB 0
Reimbursements/distributions from subs 0
Sales of assets/securities 0
Death benefit proceeds 0
Miscellaneous receipts 0
----------------
Total Receipts 138,181
TRANSFERS
Sweep to Money Market account 0
To new bank account 0
----------------
Total Transfers 0
DISBURSEMENTS
Salaries and benefits 0
Travel and other expenses 0
Occupancy and supplies 0
Professional fees 0
Other outside services 62
Bank fees 0
U.S. trustee quarterly fees 325
Directors fees 0
Miscellaneous adjustments 0
----------------
Total Disbursements 387
----------------
Net Cash Flow 137,794
----------------
Cash - End of Month 56,880,711
GL Balance 56,955,029
Net value -- Money Market Accounts 217,254,204
----------------
Total Cash and Cash Equivalents $274,209,233
================
WaMu Chief Financial Officer John Maciel disclosed that as of
May 31, 2009, the Debtors paid these vendors an aggregate of
$3,587,531 on account of services rendered in the Debtors' cases:
Professional Fees Expenses
------------ --------- --------
Akin, Gump, Strauss, Hauer & Fled $480,970 $14,408
Alvarez & Marsal 2,105,512 89,154
CONSOR Intellectual Asset Mgmt. 57,986 -
FTI Consulting, Inc. 166,663 226
Gibson, Dunn & Crutcher LLP 90,402 2,946
Joele Frank, Wilkinson Brimmer Katcher 8,153 529
John W. Wolfe, P.S. 68,058 75
Kurtzman Carson Consultants LLC 253,052 -
McKee Nelson LLP 53,276 -
Milliman 380 -
Pepper Hamilton 62,484 7,445
Perkins Coie LLP 109,110 2,452
Richards, Layton & Finger, P.A. 28,233 -
As of May 31, 2009, WaMu paid a total of $3,932,304 to 36 vendors
for certain postpetition accounts. A complete list of the Vendor
Payments is available for free at:
http://bankrupt.com/misc/WaMu_May2009VendorPayments.pdf
Mr. Maciel reported that for the period from May 1 to May 31,
2009, WaMu did not file any property or sales and use tax
returns. Withholding summary of deposits and filings for payroll
and corporate franchise tax extension filings were made during
the Reporting Period.
A full-text copy of WaMu's May 2009 Operating Report is
available for free at the U.S. Securities and Exchange Commission
at http://ResearchArchives.com/t/s?3f82
About Washington Mutual
Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries. The Company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho, and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.
Washington Mutual Bank was taken over September 25 by U.S.
government regulators. The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns
100% of the equity in WMI Investment. Weil Gotshal & Manges
represents the Debtors as counsel. When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695. WMI Investment listed assets of $500,000,000
to $1,000,000,000 with zero debts.
Bankruptcy Creditors' Service Inc. publishes Washington Mutual
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Washington Mutual Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
WASHINGTON MUTUAL: Incurs $3.58 Mil. Net Loss for June
------------------------------------------------------
WASHINGTON MUTUAL, INC.
Unaudited Balance Sheet
As of June 30, 2009
ASSETS
Unrestricted cash and cash equivalents $4,609,294,783
Restricted cash and cash equivalents 97,197,069
Investment Securities 66,682,375
Accrued interest receivable 824,698
Accounts receivable 0
Income tax receivable 477,979,473
Prepaid expenses 2,327,190
Cash surrender value of BOLI/COLI 87,739,894
Funded Pension 39,173,922
Other investments 2,092,488
Investment in subsidiaries 1,469,961,914
Notes receivable, intercompany 12,184,743
Fixed assets 111,404
Other assets 80,506,848
----------------
Total Assets $6,946,076,802
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $3,546,560
Taxes payable 0
Accrued wages and benefits 813,089
Other accrued liabilities 15,211,708
Rent and equipment lease payable 0
Deferred tax liability (asset) 0
Other liabilities - intercompany 0
Other postpetition liabilities 0
Minority interest 1,113,722
----------------
Total Postpetition Liabilities 20,685,080
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt 4,108,911,139
Subordinated debt 1,613,991,512
Junior subordinated debt 742,476,453
Accrued interest payable 75,907,764
Intercompany payables 684,095,259
Accounts payable 4,480,720
Taxes payable 550,080,833
Payroll and benefit accruals 407,236,707
Other accrued liabilities 86,421,167
Other prepetition liabilities 198
----------------
Total Prepetition Liabilities 8,273,601,752
----------------
Total Liabilities 8,294,286,832
SHAREHOLDERS' EQUITY
Preferred stock 3,392,341,954
Common stock 12,988,753,556
Other comprehensive income (755,111,128)
Retained earnings - prepetition (16,741,804,781)
Retained earnings - postpetition (232,389,631)
----------------
Total Shareholders' Equity (1,348,210,030)
----------------
Total Liabilities and Shareholders' Equity $6,946,076,802
================
WASHINGTON MUTUAL, INC.
Unaudited Statement of Operations
For the period June 1 to June 30, 2009
REVENUES
Interest income:
Cash equivalents $735,415
Securities 289,403
Notes receivable - intercompany 46,341
Other 1,029,714
----------------
Total Interest Income 2,100,873
Earnings from subsidiaries and other
equity investments 524,815
Gains (losses) from securities 40
Other income 291,008
----------------
Total Revenues 2,916,736
OPERATING EXPENSES
Compensation and benefits 454,282
Occupancy and equipment 142,542
Professional fees 462,522
Loss (Income) from BOLI/COLI policies (213,271)
Management fees/transition services 110,000
Insurance 416,668
Other 64,384
----------------
Total Operating Expenses 1,437,126
Net profit (loss) before other income
and expenses 1,479,610
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany 0
Borrowings 0
----------------
Total Interest Expense 0
Other expense (income) 0
----------------
Net profit (loss) before
reorganization items 1,479,610
REORGANIZATION ITEMS
Professional fees 5,220,709
U.S. Trustee quarterly fees 0
Gains (losses) from sale of assets 0
Other reorganization expenses (160,832)
----------------
Total Reorganization Items 5,059,876
----------------
Net profit (loss) before income taxes (3,580,266)
Income taxes 0
----------------
NET PROFIT (LOSS) ($3,580,266)
================
WASHINGTON MUTUAL, INC.
Unaudited Schedule of Cash Receipts and Disbursements
For the period June 1 to June 30, 2009
Opening Balance 05/31/09 $4,061,893,234
RECEIPTS
Interest & investment returns 898,607
Tax refunds 0
Interest - BNY Mellon trust account 1,029,714
Reimbursements/distributions from subs 2,000,000
Sales of assets/securities 0
Return of funds from debt trustee 3,379
Death benefit proceeds 162,071
Miscellaneous receipts 3,672
----------------
Total Receipts 4,097,443
TRANSFERS
Sweep to Money Market account 0
To other Money Market Funds 0
----------------
Total Transfers 0
DISBURSEMENTS
Salaries and benefits 332,195
Travel and other expenses 5,065
Occupancy and supplies 108,847
Professional fees 3,368,884
Other outside services 163,394
Bank fees 18,079
U.S. trustee quarterly fees 0
Directors fees 65,000
Miscellaneous adjustments 0
----------------
Total Disbursements 4,061,464
================
Net Cash Flow 35,979
----------------
Cash - End of Month 4,061,929,213
GL Balance 4,061,929,213
Net value -- Money Market Accounts 547,365,570
----------------
Total Cash and Cash Equivalents $4,609,294,783
================
WMI INVESTMENT CORP.
Unaudited Balance Sheet
As of June 30, 2009
ASSETS
Unrestricted cash and cash equivalents $274,426,827
Restricted cash and cash equivalents 0
Investment Securities 0
Accrued interest receivable 24,605
Accounts receivable 0
Income tax receivable 22,187,560
Prepaid expenses 0
Cash surrender value of BOLI/COLI 0
Funded Pension 0
Other investments 40,732,163
Investment in subsidiaries 0
Notes receivable, intercompany 565,844,197
Other assets 0
----------------
Total Assets $903,215,353
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $0
Taxes payable 0
Wages payable 0
Other accrued liabilities 325
Rent and equipment lease payable 0
Deferred tax liability (asset) 0
Other liabilities - intercompany 0
Other postpetition liabilities 0
Minority interest 0
----------------
Total Postpetition Liabilities 325
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt 0
Subordinated debt 0
Junior subordinated debt 0
Accrued interest payable 0
Intercompany payables 0
Accrued interest payable - intercompany 0
Accounts payable 0
Accounts payable - intercompany 0
Taxes payable 0
Payroll and benefit accruals 0
Other accrued liabilities 0
Other prepetition liabilities 0
----------------
Total Prepetition Liabilities 0
----------------
Total Liabilities 325
SHAREHOLDERS' EQUITY
Preferred stock 0
Common stock 1,000,000,000
Other comprehensive income 22,187,560
Retained earnings - prepetition 14,133,260
Retained earnings - postpetition (133,105,792)
----------------
Total Shareholders' Equity 903,215,028
----------------
Total Liabilities and Shareholders' Equity 903,215,353
================
WMI INVESTMENT CORP.
Unaudited Statement of Operations
For the period June 1 to June 30, 2009
REVENUES
Interest income:
Cash equivalents $29,238
Securities 0
Notes receivable - intercompany 0
Other 0
----------------
Total Interest Income 29,238
Earnings from subsidiaries and other
equity investments 827,382
Gains (losses) from securities 0
Other income 0
----------------
Total Revenues 856,620
OPERATING EXPENSES
Compensation and benefits 0
Occupancy and equipment 0
Professional fees 0
Loss (Income) from BOLI/COLI policies 0
Management fees/transition services 0
Insurance 0
Other 0
----------------
Total Operating Expenses 0
Net profit (loss) before other income 856,620
and expenses
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany 0
Borrowings 0
----------------
Total Interest Expense 0
Other expense (income) 0
----------------
Net profit (loss) before
reorganization items 856,620
REORGANIZATION ITEMS
Professional fees 0
U.S. Trustee quarterly fees 0
Gains (losses) from sale of assets 0
Other reorganization expenses 0
----------------
Total Reorganization Items 0
----------------
Net profit (loss) before income taxes 856,620
Income taxes 0
----------------
NET PROFIT (LOSS) $856,620
================
WMI INVESTMENT CORP.
Unaudited Schedule of Cash Receipts and Disbursements
For the period June 1 to June 30, 2009
Opening Balance 05/31/09 $56,955,029
RECEIPTS
Interest & investment returns 186,836
Tax refunds 0
Reimbursements from WMB 0
Reimbursements/distributions from subs 0
Sales of assets/securities 0
Death benefit proceeds 0
Miscellaneous receipts 0
----------------
Total Receipts 186,836
TRANSFERS
Sweep to Money Market account 0
To new bank account 0
----------------
Total Transfers 0
DISBURSEMENTS
Salaries and benefits 0
Travel and other expenses 0
Occupancy and supplies 0
Professional fees 0
Other outside services 86
Bank fees 0
U.S. trustee quarterly fees 0
Directors fees 0
Miscellaneous adjustments 0
----------------
Total Disbursements 86
================
Net Cash Flow 186,750
----------------
Cash - End of Month 57,141,779
GL Balance 57,141,779
Net value -- Money Market Accounts 217,285,048
----------------
Total Cash and Cash Equivalents $274,426,827
================
According to WaMu Chief Financial Officer John Maciel, the
Debtors paid these vendors an aggregate of $3,368,883 on account
of services rendered in the Debtors' cases as of June 30, 2009:
Professional Fees Expenses
------------ --------- --------
Akin, Gump, Strauss, Hauer & Fled $509,353 $18,649
Alvarez & Marsal 2,028,457 95,732
Davis Wright Tremaine LLP 15,003 150
FTI Consulting, Inc. 198,757 1,535
Grant Thornton 26,170 3,000
John W. Wolfe, P.S. 59,191 57
Kurtzman Carson Consultants LLC - -
Miller & Chevalier Chartered 25,289 -
McKee Nelson LLP 123,696 1,101
Perkins Coie LLP 133,075 1,213
Richards, Layton & Finger, P.A. 36,994 2,640
Shearman & Sterling LLP 88,579 233
WaMu also paid a total of $3,546,560 to 27 vendors for certain
postpetition accounts as of the Reporting Period. A complete
list of the Vendor Payments is available for free at:
http://bankrupt.com/misc/WaMu_June2009VendorPayments.pdf
As of June 30, 2009, WaMu had a closing postpetition state, local
and federal tax balance totaling $47,374. No corporate income
tax, franchise tax or gross receipts tax returns were filed.
A full-text copy of WaMu's June 2009 Operating Report is
available for free at the U.S. Securities and Exchange Commission
at http://ResearchArchives.com/t/s?3fff
About Washington Mutual
Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries. The Company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho, and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.
Washington Mutual Bank was taken over September 25 by U.S.
government regulators. The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns
100% of the equity in WMI Investment. Weil Gotshal & Manges
represents the Debtors as counsel. When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695. WMI Investment listed assets of $500,000,000
to $1,000,000,000 with zero debts.
Bankruptcy Creditors' Service Inc. publishes Washington Mutual
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Washington Mutual Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
YOUNG BROADCASTING: Posts $2,918,817 Net Loss in June 2009
----------------------------------------------------------
Young Broadcasting Inc. and its subsidiaries filed with the United
States Bankruptcy Court for the Southern District of New York its
monthly operating report for the month ended June 30, 2009.
Young Broadcasting posted a net loss of $2,918,817 for June.
At June 30, the Company had $328,665,619 in total assets;
$26,023,970 in total liabilities not subject to Compromise,
$901,758,744 in total liabilities subject to Compromise; and
$599,117,095 in shareholders' deficit.
A full-text copy of the Company's June Monthly Operating Report is
available at no charge at http://ResearchArchives.com/t/s?4014
Young Broadcasting, Inc. -- http://www.youngbroadcasting.com/--
owns 10 television stations and the national television
representation firm, Adam Young, Inc. Five stations are
affiliated with the ABC Television Network (WKRN-TV -Nashville,
TN, WTEN-TV - Albany, NY, WRIC-TV - Richmond, VA, WATE-TV -
Knoxville, TN, and WBAY-TV - Green Bay, WI), three are affiliated
with the CBS Television Network (WLNS-TV - Lansing, MI, KLFY-TV -
Lafayette, LA and KELO-TV - Sioux Falls, SD), one is affiliated
with the NBC Television Network (KWQC-TV - Davenport, IA) and one
is affiliated with MyNetwork (KRON-TV - San Francisco, CA). In
addition, KELO- TV- Sioux Falls, SD is also the MyNetwork
affiliate in that market through the use of its digital channel
capacity.
The Company and its affiliates filed for Chapter 11 protection on
February 13, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-10645). Jo
Christine Reed, Esq., at Sonnenschein Nath & Rosenthal LLP,
represents the Debtors in their restructuring efforts. Andrew N.
Rosenberg, Esq., at Paul Weiss Rifkind Wharton & Harrison LLP,
represents the official committtee of unsecured creditors as
counsel. The Debtors selected UBS Securities LLC as consultant;
Ernst & Young LLP as accountant; Epiq Bankruptcy Solutions LLC as
claims agent; and David Pauker chief restructuring officer.
*********
Monday's edition of the TCR delivers a list of indicative prices
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Each Tuesday edition of the TCR contains a list of companies with
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then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
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*********
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