/raid1/www/Hosts/bankrupt/TCR_Public/090808.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 8, 2009, Vol. 13, No. 218
Headlines
ATHEROGENICS INC: Posts $665,882 Net Loss from June 1 to June 22
AVENTINE RENEWABLE: Posts $53,743,414 Net Loss in June 2009
BALLY TOTAL: Posts $29 Million Net Loss for June 2009
CERIUM LABORATORIES: $107,000 Net Profit for Month Ended May 24
CHARTER COMM: Posts $60 Million June Loss on Costs, Debt
EDDIE BAUER: Files Operating Report for June 17 to July 4 Period
FRONTIER AIRLINES: Earns $7.16 Million for Month of June
GREEKTOWN CASINO: Incurs $3.67 Million Net Loss for June 2009
GREEKTOWN HOLDINGS: Incurs $1.65 Million Net Loss for June 2009
HAYES LEMMERZ: Files Monthly Operating Report for June 2009
LANDAMERICA FIN'L: Monthly Reports Not for Investment Decisions
LYONDELL CHEMICAL: Posts $210 Million Net Loss for June 2009
MAGNA ENTERTAINMENT: Posts $6,841,060 Net Loss in June 2009
MILACRON INC: Posts $8,571,000 Net Loss in June 2009
NEWPOWER HOLDINGS: Files Monthly Operating Report for June 2009
PLIANT CORP: Records Combined Net Loss of $47MM for January-June
SPANSION INC: Has $1.48 Million Net Loss for Month Ended May 24
SPANSION INT'L: Has $151,000 Net Profit for Month Ended May 24
SPANSION LLC: Has $3.7 Million Net Profit for April 2009
SPANSION TECHNOLOGY: No Revenues for Month Ended May 24
TRIBUNE CO: Posts $43.88 Million Profit for Month Ending June 28
TROPICANA ENTERTAINMENT: Posts $2.36MM Net Loss for June 2009
TRUMP ENTERTAINMENT: Posts $3.3 Million Net Loss in June 2009
TXCO RESOURCES: Posts $22,894,974 Net Loss in June 2009
VERASUN ENERGY: Records $2.12MM Combined Net Loss for June 2009
VISTEON CORP: Records $88.7 Mil. Net Loss for Month Ended June 30
*********
ATHEROGENICS INC: Posts $665,882 Net Loss from June 1 to June 22
----------------------------------------------------------------
Atherogenics, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Georgia on July 28, 2009, its monthly
operating report for the period from June 1 to June 22, 2009.
Atherogenics incurred a net loss of $665,882 on zero revenues
for the period. Reorganization items totaled $447,328.
At June 22, 2009, the Debtor had total assets of $45,878,190,
total liabilities of $307,169,522, and a stockholders' deficit of
$261,291,332.
A full-text copy of the Debtor's monthly operating report for
period ended June 22, 2009, is available at:
http://bankrupt.com/misc/atherogenics.June1-22mor.pdf
About Atherogenics
Headquartered in Alpharetta, Georgia, AtheroGenics, Inc. --
http://www.atherogenics.com/-- is a research-based pharmaceutical
company focused on the discovery, development and
commercialization of drugs for the treatment of chronic
inflammatory diseases, including diabetes and coronary heart
disease. It has one late stage clinical drug development program.
On September 15, 2008, five creditors holding claims totaling
$20,413,000 pursuant to the company's 4.5% Convertible Notes due
2008 filed an involuntary Chapter 7 petition against the Debtor
(Bankr. N.D. Georgia Case No. 08-78200). The petitioning
noteholders were:
-- AQR Absolute Return Master Account, L.P.,
-- CNH CA Master Account, L.P.,
-- Tamalpais Global Partner Master Fund, LTD,
-- Tang Capital Partners, LP, and
-- Zazove High Yield Convertible Securities Fund, L.P.
On October 6, the Debtor filed a motion to convert its Chapter 7
case to one under Chapter 11 (Bankr. N.D. Ga. Case No. 08-78200).
James A. Pardo, Jr., Esq., and Michelle Carter, Esq., at King &
Spalding, LLP, represent the Debtor as counsel. Akin Gump Strauss
Hauer & Feld LLP, and Frank W. DeBorde, Esq., at Morris, Manning &
Martin, LLP, represent the Official Committee of Unsecured
Creditors as counsel. Administar Services Group LLC is the
Claims, Noticing, and Balloting Agent for the Debtor.
As reported in the Troubled Company Reporter on February 21, 2009,
at December 31, 2008, the Debtor had total assets of $51,659,219,
total liabilities of $307,171,466, and a stockholders' deficit of
$255,512,247.
AVENTINE RENEWABLE: Posts $53,743,414 Net Loss in June 2009
-----------------------------------------------------------
Aventine Renewable Energy Holdings Inc. and subsidiaries reported
a net loss of $53,743,414 in June on total sales of $40,801,920.
Gross profit was $645,752 and operating loss was $3,608,680.
Reorganization expense for the month totalled $43,510,426.
At June 30, 2009, the Debtors had $699,956,459 in total assets,
$473,746,668 in total liabilities, and $226,209,790 in total
stockholders' equity.
A full-text copy of the Debtors' monthly operating report for June
2009, is available for free at:
http://bankrupt.com/misc/aventine.junemor.pdf
Pekin, Illinois-based Aventine Renewable Energy Holdings, Inc.
(Pink Sheets:AVRN) -- http://www.aventinerei.com/-- is a producer
and marketer of ethanol to many leading energy companies in the
United States. In addition to ethanol, Aventine also produces
distillers grains, corn gluten meal, corn gluten feed, corn germ
and brewers' yeast.
Morgan Stanley Capital Partners IV bought Aventine in May 2003
from Williams Cos. Aventine had a public offering in May 2006.
The Morgan Stanley group retained 28% of the stock at year's end.
The Company and its affiliates filed for Chapter 11 on April 7,
2009 (Bankr. D. Del., Lead Case No. 09-11214). The Debtors have
tapped Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor,
as counsel. Davis Polk & Wardwell is special tax counsel and
Houlihan, Lokey, Howard & Zukin, Inc., is the financial advisor.
Garden City Group, Inc., has been engaged as claims agent. In its
bankruptcy petition, Aventine disclosed $799,459,000 in assets and
$490,663,000 in debts as of December 31, 2008.
BALLY TOTAL: Posts $29 Million Net Loss for June 2009
-----------------------------------------------------
Bally Total Fitness Holding Corporation, et al.
Condensed Combined Balance Sheet
As of June 30, 2009
ASSETS
Current assets
Cash and cash equivalents $59,694,000
Deferred income taxes 17,801,000
Prepaid expenses 14,501,000
Other current assets 20,046,000
---------------
Total current assets 112,042,000
Long-term assets
Property and equipment, net 261,760,000
Member relationship asset, net 145,310,000
Other intangible assets, net 202,188,000
Trademarks 86,376,000
Goodwill 257,460,000
Other assets 40,838,000
---------------
Total long-term assets 993,931,000
---------------
Total assets $1,105,973,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise
Accounts payable $20,190,000
Income taxes payable 2,109,000
Accrued liabilities 50,036,000
Current maturities of long-term debt 1,645,000
Deferred revenues 135,156,000
---------------
Total current liabilities not subject
to compromise 209,136,000
Long-term liabilities not subject to compromise
Deferred rent liability 20,086,000
Deferred income taxes 49,491,000
Other liabilities 22,456,000
Deferred revenues 370,492,000
Long-term debt, less current maturities 0
Liabilities subject to compromise 937,681,000
---------------
Total liabilities 1,609,342,000
---------------
Stockholders' deficit (503,369,000)
---------------
Total liabilities and stockholders' deficit $1,105,973,000
===============
Bally Total Fitness Holding Corporation, et al.
Condensed Combined Statement of Operations
June 1 through June 30, 2009
Net revenues
Membership services $47,600,000
Retail products 2,122,000
Miscellaneous 1,287,000
---------------
51,009,000
Operating costs and expenses:
Membership services 40,411,000
Retail products 1,893,000
Marketing and advertising 2,649,000
General and administrative 4,251,000
Depreciation and amortization 5,821,000
---------------
55,025,000
---------------
Operating loss (4,016,000)
Interest expense (447,000)
Other, net 1,000
---------------
(446,000)
---------------
Loss reorganization items and income taxes (4,462,000)
Reorganization items, net (24,611,000)
Income tax expense (66,000)
---------------
Net loss ($29,139,000)
===============
Bally Total Fitness Holding Corporation, et al.
Cash Receipts and Disbursements
June 1 through June 30, 2009
Cash, beginning of month $55,950,313
Receipts
Cash sales 54,747,692
Accounts receivable - Prepetition 0
Accounts receivable - Postpetition 0
Loans and advances 0
Sales of assets 0
Others 381,846
Transfers (from DIP accounts) 15,976,086
---------------
Total receipts 71,105,624
Disbursements
Net payroll 11,925,919
Payroll taxes 4,152,737
Sales, use, and other taxes 1,405,014
Inventory purchases 1,802,077
Secured rental/leases 13,636,720
Insurance 2,527,200
Administrative 7,003,659
Selling & Marketing 3,307,851
Others 4,670,167
Owner draw 0
Transfers (to DIP accounts) 15,193,818
Professional fees 1,736,848
U.S. Trustee quarterly fees 0
Court costs 0
---------------
Total disbursements 67,362,011
---------------
Net cash flow 3,743,613
---------------
Cash, end of month $59,693,926
===============
About Bally Total Fitness
Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates
fitness centers in the U.S., with over 375 facilities located in
26 states, Mexico, Canada, Korea, China, and the Caribbean under
the Bally Total Fitness(R), Bally Sports Clubs(R), and Sports
Clubs of Canada (R) brands.
Bally Total and its affiliates filed for Chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged Chapter 11 plan. Joseph Furst, III, Esq., at Latham &
Watkins, L.L.P., represents the Debtors in their restructuring
efforts. As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.
The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007. The Court confirmed the Plan in
September 2007. The Plan was declared effective October 1, 2007.
Bally Total Fitness Holding Corp. and its debtor-affiliates and
subsidiaries again filed voluntary petitions under Chapter 11 on
December 3, 2008 (Bankr. S.D.N.Y., Lead Case No. 08-14818).
Their counsel is Kenneth H. Eckstein, Esq., at Kramer Levin
Naftalis & Frankel LLP, in New York. As of September 30, 2008,
the Company (including non-debtor affiliates) had consolidated
assets totaling approximately $1.376 billion and recorded
consolidated liabilities totaling approximately $1.538 billion.
Bally Total Fitness Holding and its 42 debtor-affiliates delivered
their Joint Plan of Reorganization and Disclosure Statement with
the U.S. Bankruptcy Court for the Southern District of New York on
June 10, 2009.
Bankruptcy Creditors' Service, Inc., publishes Bally Bankruptcy
News. The newsletter provides gavel-to-gavel coverage of the
Chapter 11 proceedings of Bally Total Fitness Holding Corp. and
its debtor-affiliates (http://bankrupt.com/newsstand/or
215/945-7000)
CERIUM LABORATORIES: $107,000 Net Profit for Month Ended May 24
---------------------------------------------------------------
Spansion Executive Vice President and Chief Financial Officer
Randy Furr relates that even though Cerium Laboratories LLC does
not have its own employees, it conducts business that provides
technical support to companies in the fields of semiconductors,
alternative fuels and the nanosciences. It also does not file
any separate income or payroll tax returns, he adds.
A full-text copy of Cerium Laboratories' May Monthly Operating
Report is available for free at:
http://bankrupt.com/misc/Cerium_MayMOR.pdf
Cerium Laboratories LLC
Balance Sheet
As of May 24, 2009
ASSETS
Unrestricted Cash & Cash Equivalents $128,423
Restricted Cash & Cash Equivalents 0
Accounts Receivable (net) 827,789
Notes Receivable 0
Inventories 0
Prepaid Expenses 104,525
Professional Retainers 0
Amount due from Intercompany 1,752,609
Other Current Assets 0
-------------
Total current assets 2,813,346
Property and Equipment
Real Property & Improvements 0
Machinery and Equipment 20,896,291
Furniture, fixtures & Office Equipment 0
Leasehold Improvements 83,120
Vehicles 0
Less Accumulated Depreciation (20,218,648)
-------------
Total Property and Equipment 760,763
Other Assets
Loans to Insiders 0
Other Assets 0
-------------
Total Other Assets 0
-------------
Total Assets $3,574,109
=============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise Postpetition
Accounts Payable $71,915
Taxes Payable 15,271
Wages Payable 0
Accrued liabilities 0
Rent/Lease-Building/Equipment 0
Secured Debt 0
Professional Fees 0
Intercompany Payable 41,965
Amounts Due to Insiders 0
Other Postpetition Liabilities 0
------------
Total Postpetition Liabilities 129,151
Liabilities Subject to Compromise Prepetition
Secured Debt 0
Priority Debt 22,608
Intercompany Payable 80,100
Unsecured Debt 432,634
-------------
Total Prepetition Liabilities 535,342
-------------
Total Liabilities 664,493
OWNER EQUITY
Capital Stock 335,453
Additional Paid-in Capital 0
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition 2,136,090
Retained Earnings-Postpetition 438,072
Adjustments to Owner Equity 0
Postpetition Contributions 0
-------------
Net Owner Equity 2,909,616
-------------
Total Liabilities and Owner Equity $3,574,109
=============
Cerium Laboratories LLC
Statement Of Operations
For The Period From April 27, 2009 to May 24, 2009
REVENUES
Gross Revenues $483,564
Less: Returns and Allowances 0
------------
Net Revenue 483,564
Cost of Goods Sold
Beginning Inventory 0
Add: Purchases 0
Add: Cost of Labor 0
Add: Other Costs 0
Less: Ending Inventory 0
Cost of Goods Sold 0
------------
Gross Profit 483,564
OPERATING EXPENSES
Advertising 0
Auto and Truck Expense 0
Bad Debts 0
Contributions 0
Employee Benefits Programs 33,656
Insider Compensation 0
Insurance 0
Management Fees/Bonuses 0
Office Expense 0
Pension & Profit-Sharing Plans 0
Repairs and Maintenance 33,745
Rent and Lease Expense 43,165
Salaries/Commissions/Fees 195,445
Supplies 5,079
Taxes-Payroll 0
Taxes-Real Estate 4,988
Taxes-Others 0
Travel and Entertainment 0
Utilities 0
Other 41,988
------------
Total Operating Expense Before Depreciation 358,065
Depreciation/Depletion/Amortization 17,847
------------
Net Profit(Loss) Before Other Income & Expenses 107,651
OTHER INCOME AND EXPENSES
Other Income 0
Interest Expense 0
Other Expense 0
------------
Net Profit (loss) Before Reorganization Items 107,651
Reorganization Items
Professional Fees 0
U.S. Trustee Quarterly Fees 0
Interest Earned on Accumulated Cash From Chapter 11 0
Gain(loss) From Sale of Equipment 0
Other Reorganization Expenses 0
Total Reorganization Expenses 0
Income Taxes 0
------------
Net Profit(loss) $107,651
============
Cerium Laboratories LLC
Schedule of Cash Receipts and Disbursements
For The Period From April 27, 2009 to May 24, 2009
Cash Beginning Month $20,742
Receipts
Customer Receipts 136,511
Intercompany Receipts 8,500
Other Receipts 0
------------
Total Receipts 145,011
Disbursements
Buildings 0
Foundry & Subcon 0
Labor & Benefits 0
Material 0
Other 2,896
Outside Services 12,960
Repair & Maintenance 21,473
Capital Expenditure 0
Debt Obligations & Capital Leases 0
Taxes 0
Facility Closure Costs 0
Key Employee Incentive Plan 0
Reduction in Force 0
Restructuring Professional Fees 0
Set-off Liabilities 0
Utilities Deposit 0
Intercompany Transfers 0
------------
Total Disbursements 37,330
Net Cash Inflow(Outflow) 107,682
------------
Cash End of Month $128,423
============
About Spansion Inc.
Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications. Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.
Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690). On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings. Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel. Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case. As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.
Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said
that Spansion Japan had US$10 million to US$50 million in assets
CHARTER COMM: Posts $60 Million June Loss on Costs, Debt
--------------------------------------------------------
Carla Main at Bloomberg News reports that Charter Communications
Inc. had a net loss of $60 million in June because of
reorganization costs and debt expenses. Charter's income from
operations was $94 million in June. Expenses included $63 million
tied to its reorganization and $71 million for interest, leading
to the net loss. Costs included $10.5 million in fees to 18 law
firms or financial advisers, including lead bankruptcy counsel
Kirkland & Ellis LLP, paid $3.3 million for the month. Charter
also paid Chief Executive Officer Neil Smit $117,000 in June.
About Charter Communications
Based in St. Louis, Missouri, Charter Communications, Inc. (Pink
OTC: CHTRQ) -- http://www.charter.com/-- is a broadband
communications company and the fourth-largest cable operator in
the United States. Charter provides a full range of advanced
broadband services, including advanced Charter Digital Cable(R)
video entertainment programming, Charter High-Speed(R) Internet
access, and Charter Telephone(R). Charter Business(TM) similarly
provides scalable, tailored, and cost-effective broadband
communications solutions to business organizations, such as
business-to-business Internet access, data networking, video and
music entertainment services, and business telephone. Charter's
advertising sales and production services are sold under the
Charter Media(R) brand.
Charter Communications and more than a hundred affiliates filed
voluntary Chapter 11 petitions on March 27, 2009 (Bankr. S.D.N.Y.
Case No. 09-11435). As of March 31, 2009, the Debtors had
total assets of $13,650,000,000, and total liabilities of
$24,501,000,000. Pacific Microwave filed for bankruptcy April 20,
2009, disclosing assets of not more than $50,000 and debts of more
than $1 billion.
Charter filed its Chapter 11 petitions to implement a financial
restructuring, which, upon approval, would reduce the Company's
debt by approximately $8 billion.
The Hon. James M. Peck presides over the cases. Richard M. Cieri,
Esq., Paul M. Basta, Esq., and Stephen E. Hessler, Esq., at
Kirkland & Ellis LLP, in New York, serve as counsel to the
Debtors, excluding Charter Investment Inc. Albert Togut, Esq., at
Togut, Segal & Segal LLP in New York, serves as Charter
Investment, Inc.'s bankruptcy counsel. Curtis, Mallet-Prevost,
Colt & Mosel LLP, in New York, is the Debtors' conflicts counsel.
Ernst & Young LLP is the Debtors' tax advisors. KPMG LLP is the
Debtors' independent auditors. The Debtors' valuation
consultants are Duff & Phelps LLC; the Debtors' financial advisors
are Lazard Freres & Co. LLC; and the Debtors' restructuring
consultants are AlixPartners LLC. The Debtors' regulatory counsel
is Davis Wright Tremaine LLP, and Friend Hudak & Harris LLP. The
Debtors' claims agent is Kurtzman Carson Consultants LLC.
Bankruptcy Creditors' Service, Inc., publishes Charter
Communications Bankruptcy News. The newsletter tracks the Chapter
11 proceedings undertaken by Charter Communications and more than
100 of its affiliates. (http://bankrupt.com/newsstand/or
215/945-7000)
EDDIE BAUER: Files Operating Report for June 17 to July 4 Period
----------------------------------------------------------------
On July 30, 2009, Eddie Bauer Holdings, Inc., and certain other
debtor-in-possession susidiaries of the Company filed unaudited
monthly operating reports for the period beginning on June 17,
2009, and ending on July 4, 2009, with the U.S. Bankruptcy Court
for the District of Delaware.
For the period, Eddie Bauer Holdings, Inc., reported $0 income and
$0 net revenue.
At July 4, 2009, Eddie Bauer Holdings, Inc., had $216,619,000 in
total assets, total laibilities of $22,875,000, and net owner
equity of $193,744,000. Intercompany receivables from affiliates
accounted for $214,560,000 of total assets.
Eddie Bauer, Inc., earned $2,109,000 on net revenue of $39,853,000
for the period from June 17 to July 4, 2009. Professional fees
for the period amounted to $624,000.
At July 4, 2009, Eddie Bauer, Inc., had $442,972,000 in total
assets, $897,665,000 in total liabilities, and ($454,693,000) in
net owner equity. Eddie Bauer, Inc. had $6,146,000 in
unrestricted cash and equivalents at July 4, 2009.
A full-text copy of the Debtors monthly operating report for the
period from June 17 to July 4, 2009, is avalable for free at:
http://researcharchives.com/t/s?40f9
About Eddie Bauer
Established in 1920 in Seattle, Washington, Eddie Bauer is a
specialty retailer that sells outerwear, apparel and accessories
for the active outdoor lifestyle. The Eddie Bauer brand is a
nationally recognized brand that stands for high quality,
innovation, style and customer service. Eddie Bauer products are
available at 371 stores throughout the United States and Canada,
through catalog sales and online at http://www.eddiebauer.com/
Eddie Bauer participates in a joint venture in Japan and has
licensing agreements across a variety of product categories.
Eddie Bauer, Inc., was a subsidiary of Spiegel, Inc. Eddie Bauer
Inc. emerged from Spiegel's 2003 Chapter 11 case as a separate,
reorganized entity under the control and ownership of Eddie Bauer
Holdings, Inc.
Eddie Bauer Holdings, Inc., and eight affiliates filed for
bankruptcy on June 17, 2009 (Bankr. D. Del. Lead Case No.
09-12099). Judge Mary F. Walrath presides over the case. David
S. Heller, Esq., Josef S. Athanas, Esq., and Heather L. Fowler,
Esq., at Latham & Watkins LLP, serve as the Debtors' general
counsel. Kara Hammond Coyle, Esq., and Michael R. Nestor, Esq.,
at Young Conaway Stargatt & Taylor LLP, serve as local counsel.
The Debtors' restructuring advisors are Alvarez and Marsal North
America LLC. Their financial advisors are Peter J. Solomon
Company. Kurtzman Carson Consultants LLC acts as claims and
notice agent. As of April 4, 2009, Eddie Bauer had $525,224,000
in total assets and $448,907,000 in total liabilities.
Eddie Bauer Canada, Inc., and Eddie Bauer Customer Services filed
for protection from their creditors in Canada on June 17, 2009,
the same day the U.S. Debtors filed for protection from their
creditors. The Canadian Debtors have obtained an initial order of
the Canadian Court staying the proceedings against the Canadian
Debtors and their property in Canada. RSM Richter Inc. was
appointed as monitor in the Canadian proceedings.
FRONTIER AIRLINES: Earns $7.16 Million for Month of June
--------------------------------------------------------
Frontier Airlines Holdings, Inc., reported its eighth consecutive
monthly operating profit and, excluding special items, its third
successive quarterly net profit. The results were filed in the
Company's unaudited Monthly Operating Report for June 2009.
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 percent 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 percent
from the prior year
* Excluding special items, mainline total unit cost of 8.81
cents, a reduction of 23.7 percent compared to June 2008
* Mainline passenger revenue (PRASM) of 9.52 cents, down
14.5 percent from the previous year
* Mainline total unit revenue (RASM) 10.39 cents, 10.0
percent 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."
June Quarter 2009
Frontier also reported an operating profit of $33.0 million and
net income of $12.6 million for the June quarter. This compares
to an operating loss of $41.5 million and a net loss of
$57.7 million for the 2008 June quarter.
Excluding special items, the Company would have reported an
operating profit of $27.9 million, or an operating margin of
10.1%. This compares to a $33.9 million operating loss, or a
negative 9.4% margin, in 2008 and net income of $22.7 million for
the quarter as compared to a loss of $41.2 million the prior year.
Special items for the three months ended June 2009:
* Reorganization costs of $14.9 million as compared to
$8.7 million in the prior year
* Non-cash mark-to-market gain of $5.1 million on fuel
hedging contracts compared to a loss of $15.8 million in
the prior year
Operational results for the June quarter:
* A 15.3 percent year-over-year mainline capacity reduction
* Excluding special items, mainline unit cost excluding fuel
(CASM ex-fuel) of 5.91 cents, a 2.7 percent reduction from
the prior year
* Excluding special items, mainline total unit cost of 8.37
cents, a reduction of 22.5 percent compared to June 2008
* Mainline passenger revenue (PRASM) of 8.75 cents, down
10.2 percent from the previous year
* Mainline total unit revenue (RASM) 9.57 cents, 6.3 percent
lower than June 2008
"Frontier has continued to demonstrate that our financial
performance is not an anomaly; rather it is and will continue to
be the result of our focused effort to become one of the lowest,
if not the lowest-cost carrier in the industry," Mr. Menke said.
"Posting net profits for both June and the quarter despite near
double-digit unit revenue reductions is proof positive that
Frontier has secured its position as a leader among low-cost
carriers -- indeed, among all domestic carriers."
Mr. Menke concluded, "We continue to consistently make money in
the most competitive market in the country and in the face of the
most trying economic times. Our success over the past eight
months was a key factor in reaching an agreement with an investor
to sponsor Frontier's emergence from bankruptcy."
Companies in Chapter 11 bankruptcy protection are required to file
monthly operating reports to the U.S. Trustee in addition to
quarterly reports filed with the U.S. Securities and Exchange
Commission.
A copy of Frontier's Monthly Operating Report is available for
free at http://ResearchArchives.com/t/s?406d
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Condensed Balance Sheet
As of June 30, 2009
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $69,401,000
Restricted cash and investments 161,042,000
Receivables, net of allowance 37,473,000
Deposits on fuel hedges 3,660,000
Prepaid expenses and other assets 19,946,000
Inventories, net of allowance 13,387,000
Assets held for sale 639,000
---------------
Total current assets 305,548,000
Property and other equipment, net 571,048,000
Security and other deposits 27,097,000
Maintenance reserve deposits 132,062,000
Aircraft pre-delivery payments 7,835,000
Restricted investments 2,987,000
Deferred loan expenses and other assets 10,031,000
---------------
Total Assets $1,056,608,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise:
CURRENT LIABILITIES:
Accounts payable $41,440,000
Air traffic liability 159,682,000
Other accrued expenses 50,879,000
Deferred revenue & other current liabilities 14,070,000
Short-term borrowings 3,000,000
DIP financing 40,000,000
---------------
Total current liabilities not subject
to compromise 309,071,000
Deferred revenue and other liabilities 18,051,000
Other long-term debt -- postpetition 3,000,000
---------------
Total liabilities not subject to compromise 330,122,000
Liabilities subject to compromise 682,300,000
---------------
Total Liabilities 1,012,422,000
STOCKHOLDERS' EQUITY
Preferred stock -
Common stock 37,000
Additional paid-in capital 197,328,000
Cumulative effect of change in
accounting principle 125,247,000
Accumulated deficit (278,426,000)
---------------
Total Stockholders' Deficit 44,186,000
---------------
Total Liabilities and Stockholders' Deficit $1,056,608,000
===============
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Condensed Consolidated Statement of Operations
Month Ended June 30, 2009
Revenues:
Passenger $92,756,000
Cargo 404,000
Other 7,411,000
---------------
Total revenues 100,571,000
Operating expenses:
Flight operations 13,196,000
Aircraft fuel 26,080,000
Aircraft lease 9,350,000
Aircraft and traffic servicing 14,433,000
Maintenance 4,745,000
Promotion and sales 9,567,000
General and administrative 5,758,000
Operating expenses -- regional partner -
Loss (gain) on sales of assets, net 70,000
Employee separation and other charges -
Depreciation 3,198,000
---------------
Total operating expenses 86,397,000
---------------
Operating income (loss) 14,174,000
Non-operating income (expense):
Interest income 60,000
Interest expense (1,612,000)
Loss from early extinguishment of debt -
Other, net 49,000
---------------
Total non-operating expense, net (1,503,000)
Income before reorganization items & income tax 12,671,000
Reorganization items 5,351,000
Income tax expense 154,000
---------------
Net Income (Loss) $7,166,000
===============
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Condensed Consolidated Statement of Cash Flows
Month Ended June 30, 2009
Cash flows from operating activities:
Net income $7,166,000
Adjustments to reconcile net loss to net cash
used in operating activities:
ESOP and stock option compensation expense 55,000
Depreciation and amortization 3,411,000
Assets beyond economic repair 90,000
Mark to market adjustments on
derivative contracts (953,000)
Amounts paid for settled derivative contracts -
Gain on disposal of equipment & other assets, net 70,000
Loss on early extinguishment of debt -
Reorganization items 5,351,000
Changes in operating assets and liabilities:
Restricted investments (9,317,000)
Receivables 5,380,000
Security and other deposits 31,000
Maintenance reserve deposits (2,366,000)
Prepaid expenses and other assets 2,889,000
Inventories (319,000)
Accounts payable 1,968,000
Air traffic liability (1,035,000)
Other accrued expenses & income tax payable (3,481,000)
Deferred revenue and other liabilities (813,000)
---------------
Net cash provided by operating activities 8,127,000
Cash flows from reorganization activities
Net cash used in reorganization activities (1,485,000)
---------------
Total net cash provided by operating activities 6,642,000
Cash flows from investing activities:
Aircraft purchase deposits made -
Aircraft purchase deposits returned 65,000
Sale of short-term investment -
Proceeds from the sale of property and
equipment and assets held for sale 24,000
Capital expenditures (302,000)
Proceeds from the sale of aircraft
-- reorganization -
---------------
Net cash used in investing activities (213,000)
Cash flows from financing activities:
Proceeds from DIP financing (postpetition) -
Extinguishment of long-term borrowings -
Principal payments on long-term borrowings (2,801,000)
Principal payments on short-term borrowing -
Payment of financing fees (81,000)
Extinguishment of long-term borrowings
-- reorganization -
---------------
Net cash used in financing activities (2,882,000)
Increase in cash and cash equivalents 3,547,000
Cash and cash equivalents at beginning of period 65,854,000
---------------
Cash and cash equivalents at end of period $69,401,000
===============
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)
GREEKTOWN CASINO: Incurs $3.67 Million Net Loss for June 2009
-------------------------------------------------------------
Greektown Casino LLC
Balance Sheet
As of June 30, 2009
Assets
Cash $19,990,082
Inventory 599,569
Accounts receivable 5,034,179
Insider Receivables 0
Property and Equipment
Land and buildings 526,056,307
Furniture, fixtures and equipment 92,031,716
Accumulated depreciation (141,281,156)
Other current 16,656,582
Other long term 14,450,491
--------------
Total Assets $533,537,769
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $16,960,614
Notes payable 2,764,312
Rent and lease payable 0
Wages and salaries 1,642,866
Taxes payable 774,231
Other 27,471
--------------
Total postpetition liabilities 22,169,493
Secured liabilities subject to postpetition
collateral or financing order 161,046,970
All other secured liabilities 313,965,764
--------------
Total secured liabilities 475,012,735
Prepetition liabilities:
Taxes and other priority liabilities 927,537
Unsecured liabilities 51,623,529
Other 3,640,336
--------------
Total prepetition liabilities 56,191,402
Equity 47,575,616
Owner's capital 0
Retained earnings prepetition 82,744,007
Retained earnings postpetition (150,155,484)
--------------
Total stockholders' equity (19,835,861)
Total liabilities 553,373,630
--------------
Total Liabilities & Shareholders' Deficit $533,537,769
==============
Greektown Casino LLC
Income Statement
For the month ended June 30, 2009
Total revenue/sales $30,856,435
Cost of sales 3,105,004
--------------
Gross profit 27,751,431
Operating Expenses
Officer compensation 26,849
Salary expenses, other employees 4,684,035
Employees benefits & pensions 1,845,078
Payroll taxes 574,755
Other taxes 520,648
Rent and lease expense 20,463
Interest expense 5,695,825
Insurance 280,938
Automobile & truck expense 0
Utilities 366,386
Depreciation 1,111,407
Travel and entertainment 2,228
Repairs and maintenance 35,475
Advertising 743,910
Supplies, office expense, etc. 13,689
Gaming taxes 7,915,181
G&A expenses 1,737,629
F&B expenses 975,950
MGCB Fee 833,605
Parking/other 8,600
Pre-opening expenses 0
--------------
Total expenses 27,392,650
Net operating profit/(loss) 358,782
Add: Non-operating income:
Interest income 13,390
Other income 0
Less: Non-operating expenses 0
Professional fees 4,300,293
Other (257,812)
--------------
Net Income (Loss) ($3,670,309)
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended June 30, 2009
Cash - beginning of month $9,298,252
Receipts 32,014,739
Balance available 41,312,991
--------------
Less disbursements 36,414,595
--------------
Cash - end of month $4,898,396
==============
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC, and its
affiliates -- http://www.greektowncasino.com/-- operates
world-class casino gaming facilities located in Detroit's
historic Greektown district featuring more than 75,000 square
feet of casino gaming space with more than 2,400 slot machines,
over 70 tables games, a 12,500-square foot salon dedicated to
high limit gaming and the largest live poker room in the
metropolitan Detroit gaming market. Greektown Casino employs
approximately 1,971 employees, and estimates that it attracts
over 15,800 patrons each day, many of whom make regular visits to
its casino complex and related properties. In 2007, Greektown
Casino achieved a 25.6% market share of the metropolitan Detroit
gaming market. Greektown Casino has also been rated as the "Best
Casino in Michigan" and "Best Casino in Detroit" numerous times
in annual readers' polls in Detroit's two largest newspapers.
The Company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent. When
the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to
$500 million.
Bankruptcy Creditors' Service, Inc., publishes Greektown Casino
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings undertaken by Greektown Casino and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GREEKTOWN HOLDINGS: Incurs $1.65 Million Net Loss for June 2009
---------------------------------------------------------------
Greektown Holdings, LLC
Balance Sheet
As of June 30, 2009
Assets
Cash $0
Inventory
Accounts receivable
Insider Receivables 3,442,586
Property and Equipment
Land and buildings 0
Furniture, fixtures and equipment 0
Other Assets
Financing Fees 0
Notes receivables from affiliates 475,012,735
Investments in affiliate (19,835,860)
--------------
Total Assets $458,619,461
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $0
Rent and lease payable 0
Wages and salaries 0
Taxes payable 0
Other 1,350,000
--------------
Total postpetition liabilities 1,350,000
Secured liabilities subject to postpetition
collateral or financing order 161,046,971
All other secured liabilities 313,965,764
--------------
Total secured liabilities 475,012,735
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 228,508,597
Discount on bonds 0
--------------
Total prepetition liabilities 228,508,597
Kewadin equity (99,399,607)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (176,246,106)
--------------
Total stockholders' equity (246,251,870)
Total liabilities 704,871,332
--------------
Total Liabilities & Shareholders' Deficit $458,619,461
==============
Greektown Holdings, LLC
Income Statement
For the month ended June 30, 2009
Total revenue/sales $0
Cost of sales 0
--------------
Gross profit 0
Operating Expenses
Interest expense 1,657,292
Accounting fees - credit (9,117)
--------------
Total expenses 1,648,175
Net operating profit/(loss)
Add: Non-operating income 0
Interest income 0
Other income 0
Less: Non-operating expenses 0
--------------
Net Income (Loss) ($1,648,175)
==============
Greektown Holdings, LLC
Cash Flow Statement
For the month ended June 30, 2009
Cash - beginning of month $0
Receipts 0
Balance available 0
--------------
Less disbursements 0
--------------
Cash - end of month $0
==============
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC, and its
affiliates -- http://www.greektowncasino.com/-- operates
world-class casino gaming facilities located in Detroit's
historic Greektown district featuring more than 75,000 square
feet of casino gaming space with more than 2,400 slot machines,
over 70 tables games, a 12,500-square foot salon dedicated to
high limit gaming and the largest live poker room in the
metropolitan Detroit gaming market. Greektown Casino employs
approximately 1,971 employees, and estimates that it attracts
over 15,800 patrons each day, many of whom make regular visits to
its casino complex and related properties. In 2007, Greektown
Casino achieved a 25.6% market share of the metropolitan Detroit
gaming market. Greektown Casino has also been rated as the "Best
Casino in Michigan" and "Best Casino in Detroit" numerous times
in annual readers' polls in Detroit's two largest newspapers.
The Company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent. When
the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to
$500 million.
Bankruptcy Creditors' Service, Inc., publishes Greektown Casino
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings undertaken by Greektown Casino and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
HAYES LEMMERZ: Files Monthly Operating Report for June 2009
-----------------------------------------------------------
On July 30, 2009, Hayes Lemmerz International, Inc., and certain
of its subsidiaries filed a monthly operating report for the month
ended June 30, 2009, with the United States Bankruptcy Court for
the District of Delaware.
Hayes Lemmerz International, Inc., reported $0 income on $0 sales
for the month ended June 30, 2009.
At June 30, 2009, Hayes Lemmerz had $392,730,000 in total assets,
$17,000 in total liabilities and $392,714,000 in total equity.
A full-text copy of the Debtors' monthly operating report for June
2009 is available at http://bankrupt.com/misc/hayes.junemor.pdf
Originally founded in 1908, Hayes Lemmerz International, Inc.
(NasdaqGM: HAYZ) is a worldwide producer of aluminum and steel
wheels for passenger cars and light trucks and of steel wheels for
commercial trucks and trailers. The Company is also a supplier of
automotive powertrain components. The Company has global
operations with 23 facilities, including business, sales offices
and manufacturing facilities, located in 12 countries around the
world. The Company sells products to every major North American,
Asian and European manufacturer of passenger cars and light trucks
and to commercial highway vehicle customers throughout the world.
The Company and certain affiliates filed for bankruptcy on
May 11, 2009 (Bankr. D. Del. Case No. 09-11655) after reaching
agreements with lenders holding a majority of the Company's
secured debt. The Company's principal bankruptcy attorneys are
Skadden, Arps, Slate, Meagher & Flom, LLP. Lazard Freres & Co.,
LLC, serves as the Company's financial advisors. AlixPartners,
LLP, serves as the Company's restructuring advisors. The Garden
City Group, Inc., serves as the Debtors' claims and notice agent.
As of January 31, 2009, the Debtors had total assets of
$1,336,600,000 and total debts of $1,405,200,000. This is the
Company's second trip to the bankruptcy court, dubbed a
Chapter 22, which was precipitated by an unprecedented slowdown in
industry demand and a tightening of credit markets. The Company
plans to reduce its debt and restructure its balance sheet.
Hayes Lemmerz and its direct and indirect domestic subsidiaries
and one subsidiary in Mexico first filed for bankruptcy in
December 2001 before the U.S. Bankruptcy Court for the District of
Delaware. The Chapter 11 filings were precipitated by declining
market conditions and the Company's excessive debt burdens,
according to Mr. Clawson, who also served as chairman and chief
executive officer at that time. The Court confirmed the Company's
reorganization plan in May 2003, allowing the Company to exit
bankruptcy in June 2003. In accordance with the 2003 Plan,
approximately $2.1 billion in pre-petition debt and other
liabilities were discharged. The Plan provided for holders of
prepetition secured claims to receive $478.5 million in cash and
53.1% of the reorganized company common stock. Holders of senior
note claims were to receive $13 million in cash and 44.9% of the
New Common Stock, and holders of general unsecured claims were to
receive 2% of the New Common Stock. Hayes Lemmerz' prior common
stock and securities were cancelled as of June 3, 2003.
LANDAMERICA FIN'L: Monthly Reports Not for Investment Decisions
---------------------------------------------------------------
In Form 8-K filings submitted to the United States Securities and
Exchange Commission, Debtor LandAmerica Financial Group, Inc.,
cautions investors and potential investors not to place undue
reliance on information contained in the Monthly Operating Report
for the months of February, March, April and May 2009, which were
not prepared for the purpose of providing the basis for an
investment decision relating to any of LFG's securities.
Michelle H. Gluck, executive vice president and chief legal
officer of LFG, disclose that the Monthly Operating Reports are
limited in scope, cover a limited time period, and have been
prepared solely for the purpose of complying with the monthly
reporting requirements of the Office of the United States
Trustee. The Reports were not audited or reviewed by independent
accountants; are in a format prescribed by applicable
requirements of the Office of the United States Trustee; and are
subject to future adjustment and reconciliation. Ms. Gluck says
that there can be no assurance that from the perspective of an
investor or potential investor in the LFG's securities, the
Reports contain any information beyond that required by the
Office of the United States Trustee.
The Reports also contain information for periods that are shorter
or otherwise different from those required in LFG's reports
pursuant to the Securities Exchange Act of 1934, as amended, and
the information might not be indicative of LFG's financial
condition or operating results for the period that would be
reflected in LFG's financial statements or in its reports
pursuant to the Exchange Act.
Results set forth in the Reports should not be viewed as
indicative of future results, Ms. Gluck relates.
As reported by the TCR on July 25, LandAmerica posted these
financial statements for the month ended May 31, 2009:
LandAmerica Financial Group, Inc.
Balance Sheet
As of May 31, 2009
ASSETS
Cash $80,712,000
Notes:
Fidelity National Title 50,000,000
Other 12,957,000
Investments:
Fidelity National Title stock 53,590,000
Taxes receivable 21,856,000
Property and equipment 15,122,000
Title Plans 945,000
Other assets 79,354,000
Investments in subsidiaries and
consolidated joint ventures 649,582,000
Intercompany receivable 252,958,000
---------------
Total Assets $1,217,076,000
===============
Liabilities
Accounts payable and accrued
liabilities 17,813,000
Liabilities subject to compromise 484,116,000
---------------
Total Liabilities 501,929,000
Total Shareholders' Equity 715,147,000
---------------
Total Liabilities and
Shareholders' Equity $1,217,076,000
===============
LandAmerica Financial Group, Inc.
Statement of Operations
For the month ended May 31, 2009
Revenue:
Investment and other income $151,000
Valuation adjustment related to
Fidelity National Title Stock (13,310,000)
---------------
Total Revenue ($13,159,000)
===============
Expenses
General, administrative and other
expenses 1,599,000
Professional fees 4,211,000
Impairment of assets (9,240,000)
Depreciation and amortization 320,000
Interest Expense 0
Loss on disposal of subsidiaries (157,000)
---------------
Total Expenses (3,266,000)
---------------
Net Loss before income taxes (9,893,000)
Income tax benefit 0
---------------
Net Loss ($9,893,000)
===============
Loss on disposal of subsidiaries is related to the sale on
certain subsidiaries to Fidelity National Title Insurance Company
as part of the Asset Purchase Agreement
LandAmerica Financial Group, Inc.
Schedule of Cash Receipts and Disbursements
For Month Ended May 31, 2009
Operating Cash and Cash Equivalents
Held for the benefit;
LandAmerica Financial Group, Inc. $67,677,000
Underwriters 18,043,000
Retained Subsidiaries 2,258,000
---------------
Opening Cash 87,978,000
---------------
Cash Receipts
Collection received for the
benefit of:
Underwriters 0
Retained subsidiaries 1,318,000
Payment reimbursements by:
Underwriters 0
Retained Subsidiaries 11,325,000
Proceeds from sale of the
Underwriting business;
LandAmerica Financial Group, Inc. 0
Retained Subsidiaries 0
Proceeds from sale LandAm Valuation 0
Other Receipts 1,222,000
---------------
Total Receipts 13,865,000
---------------
Cash Disbursement
Related to LFG
Payroll 779,000
Rent & other occupancy costs 433,000
Insurance 0
Leases 171,000
Information Technology 267,000
Payables 611,000
Bankruptcy Professional Fees 4,839,000
Return of Funds - Underwriters 2,117,000
Others 0
---------------
Total 9,218,000
---------------
Payments made for the benefit of;
Underwriters (595,000)
Retained subsidiaries 12,509,000
---------------
Total Disbursements 21,132,000
Net Cash Flow (7,267,000)
---------------
Ending Cash and Cash Equivalents $80,712,000
===============
Ending Cash and Cash Equivalents
Held for the benefit;
LandAmerica Financial Group, Inc. $61,799,000
Underwriters 16,521,000
Retained subsidiaries 2,392,000
---------------
Total $80,712,000
===============
About LandAmerica Financial Group
LandAmerica Financial Group, Inc., is a leading provider of real
estate transaction services with offices nationwide and a vast
network of active agents. LandAmerica and its affiliates operate
through approximately 700 offices and a network of more than
10,000 active agents throughout the world, including Mexico,
Canada, the Caribbean, Latin America, Europe, and Asia.
LandAmerica Financial Group and its affiliate LandAmerica 1031
Exchange Services, Inc., filed for Chapter 11 protection
November 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Dion
W. Hayes, Esq., and John H. Maddock III, Esq., at McGuireWoods
LLP are the Debtors' bankruptcy counsel.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of
September 30, 2008.
On March 6, 2009, affiliate LandAmerica Assessment Corporation,
aka National Assessment Corporation, filed its own petition for
Chapter 11 relief. Affiliate LandAmerica Title Company filed for
for Chapter 11 relief on March 27, 2009.
Bankruptcy Creditors' Service, Inc., publishes LandAmerica
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by LandAmerica Financial and its affiliate LandAmerica
1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
LYONDELL CHEMICAL: Posts $210 Million Net Loss for June 2009
------------------------------------------------------------
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
============
MAGNA ENTERTAINMENT: Posts $6,841,060 Net Loss in June 2009
-----------------------------------------------------------
On July 29, 2009, Magna Entertainment Corp. and several other
direct and indirect U.S. subsidiaries of the Company filed their
monthly operating report for the period from June 1, 2009, to
June 28, 2009, with the United States Bankruptcy Court for the
District of Delaware.
Magna Entertainment reported a net loss of $6,841,060 on zero
revenue for the period. Cumulative filing to date net loss was
$30,998,711 on zero revenue.
At June 28, 2009, the Company had $1,048,913,205 in total assets,
$489,069,819 in total liabilities, and $559,843,386 in net owner
equity.
A full-text copy of the monthly operating report is available for
free at http://researcharchives.com/t/s?40fc
Based in Aurora, Ontario, Magna Entertainment Corp. is North
America's largest owner and operator of horse racetracks based on
revenue. The Company develops, owns and operates horse racetracks
and related pari-mutuel wagering operations, including off-track
betting facilities. MEC also develops, owns and operates casinos
in conjunction with its racetracks where permitted by law.
MEC owns and operates AmTote International, Inc., a provider of
totalisator services to the pari-mutuel industry, XpressBet(R), a
national Internet and telephone account wagering system, as well
as MagnaBet(TM) internationally. Pursuant to joint ventures, MEC
has a fifty% interest in HorseRacing TV(R), a 24-hour horse racing
television network, and TrackNet Media Group LLC, a content
management company formed for distribution of the full breadth of
MEC's horse racing content.
Following its failure to meet obligations to lenders led by PNC
Bank, National Association, and Wells Fargo Bank, National
Association, and controlling shareholder MI Developments Inc.'s
decision not to provide further financial backing, Magna
Entertainment Corp. and 24 affiliates filed for Chapter 11 on
March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720).
Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges LLP, have been engaged as bankruptcy counsel.
L. Katherine Good, Esq., and Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., are the Debtors' local counsel. Miller
Buckfire & Co. LLC, has been tapped as financial advisor and
Kurtzman Carson Consultants LLC, as claims agent.
Magna Entertainment Corp. had total assets of US$1.054 billion and
total liabilities of US$947.3 million based on unaudited
consolidated financial statements as of December 31, 2008.
MILACRON INC: Posts $8,571,000 Net Loss in June 2009
----------------------------------------------------
On August 4, 2009, Milacron Inc. filed with the U.S. Bankruptcy
Court for the Southern District of Ohio its monthly operating
report for June 2009.
The Company reported a net loss of $8,571,000 on total sales of
$24,208,000 for the month of June.
At June 30, 2009, the Company had $528,548,000 in total assets
and $818,577,000 in total liabilities.
A full-text copy of the company's monthly operating report for
June 2009 is available at:
http://bankrupt.com/misc/milacron.junemor.pdf
About Milacron Inc.
Headquartered in Batavia, Ohio, Milacron Inc. (Pink Sheets: MZIAQ)
supplies plastics-processing technologies and industrial fluids,
with major manufacturing facilities in North America, Europe and
Asia. First incorporated in 1884, Milacron also manufactures
synthetic water-based industrial fluids used in metalworking
applications.
The Company and six of its affiliates filed for protection on
March 10, 2009 (Bankr. S.D. Ohio Lead Case No. 09-11235). On the
same day, the Company filed an ancillary proceeding for
reorganization of its Canadian subsidiary under the Companies'
Creditors Arrangement Act in the Ontario Superior Court of Justice
in Canada. The petitions include the Company and its U.S. and
Canadian subsidiaries and its non-operating Dutch holding company
subsidiary only, and do not include any of the Company's operating
subsidiaries outside the U.S. and Canada.
Kim Martin Lewis, Esq., Tim J. Robinson, Esq., and Patrick D.
Burns, Esq., at Dinsmore & Shohl LLP, represent the Debtors in
their restructuring efforts. Conway, Del Genio, Gries Co., LLC,
is the Debtors' financial advisor. Rothschild Inc. is the
Debtors' investment banker and financial advisor. Kurtzman Carson
Consultants LLC is the noticing, balloting and disbursing agent
for the Debtors. Paul, Hastings, Janofsky & Walker LLP,
represents DIP Lender General Electric Capital Corp. Taft
Stettinius & Hollister LLP is counsel for the Official Committee
of Unsecured Creditors.
At April 30, 2009, the Company had $527,497,000 in total assets
and $809,732,000 in total liabilities.
NEWPOWER HOLDINGS: Files Monthly Operating Report for June 2009
---------------------------------------------------------------
NewPower Holdings, Inc., filed with the U.S. Bankruptcy Court for
the Northern District of Georgia on August 3, 2009, its monthly
operating report for June 2009. The Debtor had an opening
cash balance of $754 and an ending cash balance of $694.
A full-text copy of the Debtor's June operating report is
available for free at http://researcharchives.com/t/s?40f8
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for Chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding, and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors as counsel. When the Debtors
filed for protection from their creditors, they reported
$231,837,000 in assets and $87,936,000 in debts.
On August 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary. That Plan became
effective on October 9, 2003, with respect to the company and
TNPC.
On February 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
PLIANT CORP: Records Combined Net Loss of $47MM for January-June
----------------------------------------------------------------
Pliant Corp. and its debtor-affiliates incurred a combined net
loss of $47,091,000 from $420,000,000 of sales during period
January 1, 2009, to June 30, 2009.
From the $420,000,000 generated from sales, the Debtors made
disbursements aggregating $389,120,000 to generate $30,889,000
cash operating activities. Net cash flow was $26,560,000 due to
additional expenses, including $7,670,000 for professional fees.
As of June 30, 2009, Pliant Corp. and its units have assets of
$493,031,000 against liabilities of $1,067,363,000, which include
$976,301,000 of debt subject to compromise.
A full-text copy of Pliant's June 2009 MOR is available for free
at http://bankrupt.com/misc/Pliant_June09_MOR.pdf
About Pliant
Headquartered in Schaumburg, Illinois, Pliant Corporation produces
polymer-based films and flexible packaging products for food,
beverage, personal care, medical, agricultural and industrial
applications. The Company has operations in Australia, New
Zealand, Germany, and Mexico.
Pliant and 10 of its affiliates filed for Chapter 11 protection on
January 3, 2006 (Bankr. D. Del. Lead Case No. 06-10001). James F.
Conlan, Esq., at Sidley Austin LLP, and Edmon L. Morton, Esq., and
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor,
represented the Debtors in their restructuring efforts. The
Debtors tapped McMillan Binch Mendelsohn LLP, as Canadian counsel.
As of September 30, 2005, the Company had $604.3 million in total
assets and $1.19 billion in total debts. The Debtors emerged
from Chapter 11 on July 19, 2006.
Pliant Corp. and its affiliates again filed for Chapter 11 after
reaching terms of a pre-packaged restructuring plan. The
voluntary petitions were filed February 11, 2009 (Bank. D. Del.
Case Nos. 09-10443 through 09-10451). The Hon. Mary F. Walrath
presides over the cases. Jessica C.K. Boelter, Esq., at Sidley
Austin LLP, in Chicago, Illinois, and Edmon L. Morton, Esq., at
Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware, provide bankruptcy counsel to the Debtors.
Epiq Bankruptcy Solutions LLC acts as claims and noticing agent.
The U.S. Trustee for Region 3 appointed five creditors to serve on
an official committee of unsecured creditors. The Creditors
Committee selected Lowenstein Sandler PC as its counsel. As of
September 30, 2008, the Debtors had $688.6 million in total assets
and $1.03 billion in total debts.
SPANSION INC: Has $1.48 Million Net Loss for Month Ended May 24
---------------------------------------------------------------
Spansion Executive Vice President and Chief Financial Officer
Randy Furr filed on July 17, 2009, Spansion Inc.'s monthly
operating report for May 2009.
Mr. Furr notes that Spansion Inc., is the holding company
that directly and indirectly owns Spansion LLC, the principal
operating company of Spansion. It does not have any employees,
nor does it conduct any business that generates any revenue. It
also does not file any separate income or payroll tax returns, he
says. However, Spansion Inc., is the parent company for
Spansion's federal consolidated and California worldwide unitary
tax returns.
A full-text copy of Spansion Inc.'s May Operating Report is
available for free at:
http://bankrupt.com/misc/SpansionInc_MayMOR.pdf
Spansion Inc.
Balance Sheet
As of May 24, 2009
ASSETS
Unrestricted Cash & Cash Equivalents $0
Restricted Cash & Cash Equivalents 0
Accounts Receivable (net) 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 0
Professional Retainers 0
Other Current Assets 14,050,816
------------
Total current assets 14,050,816
Property and Equipment 0
Real Property & Improvements 0
Machinery and Equipment 0
Furniture, fixtures & Office Equipment 0
Leasehold Improvements 0
Vehicles 0
Less Accumulated Depreciation 0
------------
Total Property and Equipment 0
OTHER ASSETS
Loans to Insiders
Other Assets 0
------------
Total Other Assets 0
------------
Total Assets $14,050,816
============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable $0
Taxes Payable 0
Wages Payable 0
Notes Payable 0
Rent/Lease 0
Secured Debt 0
Professional Fees 0
Amounts Due to Insiders 0
Other Postpetition Liabilities 0
------------
Total Postpetition Liabilities 0
Liabilities Subject to Compromise Prepetition
Secured Debt 0
Priority Debt 0
Intercompany Payable 64,907
Unsecured Debt 0
------------
Total Prepetition Liabilities 64,907
------------
Total Liabilities 64,907
OWNER EQUITY
Capital Stock 161,809
Additional Paid-in Capital 2,359,107,217
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition (2,340,367,595)
Retained Earnings-Postpetition (4,915,521)
Adjustments to Owner Equity 0
Postpetition Contributions 0
------------
Net Owner Equity 13,985,909
------------
Total Liabilities and Owner Equity $14,050,816
============
Spansion Inc.
Statement of Operations
For the Period From April 27, 2009 to May 24, 2009
REVENUES
Intercompany Revenue $0
Less: Returns & Allowances 0
------------
Net Revenue 0
Cost of Goods Sold
Add: Other costs 300,345
Gross Profit 0
Cost of Goods Sold 300,345
------------
Gross Profit (300,345)
Operating Expenses
Advertising 0
Auto and Truck Expense 0
Bad Debts 0
Contributions 0
Employee Benefits Programs 0
Insider Compensation 0
Insurance 0
Management Fees/Bonuses 0
Office Expense 0
Pension & Profit-sharing Plans 0
Repairs and Maintenance 0
Rent and Lease Expense 0
Salaries/Commissions/Fees 0
Supplies 0
Taxes-Payroll 0
Taxes-Real Estate 0
Taxes-Others 0
Travel and Entertainment 0
Utilities 0
Other 1,177,086
------------
Total Operating Expense Before Depreciation 1,177,086
Depreciation/Depletion/Amortization 0
------------
Net Profit(loss) Before Other Income & Expenses (1,477,431)
OTHER INCOME AND EXPENSES
Other Income 0
Interest Expense 0
Other Expense 0
------------
Net Profit(loss)Before Reorganization Items (1,477,431)
Reorganization Items
Professional Fees 0
U.S. Trustee Quarterly Fees 0
Income Taxes 0
------------
Net Profit(loss) ($1,477,431)
============
About Spansion Inc.
Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications. Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.
Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690). On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings. Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel. Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case. As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.
Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.
SPANSION INT'L: Has $151,000 Net Profit for Month Ended May 24
--------------------------------------------------------------
Spansion International Inc.
Balance Sheet
As of May 24, 2009
ASSETS
Unrestricted Cash & Cash Equivalents $1,533,611
Restricted Cash & Cash Equivalents 9,747
Accounts Receivable (net) 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 152,696
Professional Retainers 0
Other Current Assets 7,413,539
-------------
Total current assets 9,109,592
Property and Equipment
Real Property & Improvements 2,619,200
Machinery and Equipment 1,766,110
Furniture, fixtures & Office Equipment 505,412
Leasehold Improvements 0
Vehicles 0
Less Accumulated Depreciation (2,440,401)
-------------
Total Property and Equipment 2,450,321
Other Assets
Loans to Insiders 0
Other Assets 619,286
-------------
Total Other Assets 619,286
-------------
Total Assets $12,179,199
=============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise Postpetition
Accounts Payable $77,753
Taxes Payable 76,923
Wages Payable 1,893,320
Accrued liabilities 446,579
Rent/Lease-Building/Equipment 0
Secured Debt 0
Professional Fees 0
Amounts Due to Insiders 0
Other Postpetition Liabilities 51,705
------------
Total Postpetition Liabilities 2,546,281
Liabilities Subject to Compromise Prepetition
Secured Debt 0
Priority Debt 2,116,985
Intercompany Payable 1,635,384
Unsecured Debt 323,638
-------------
Total Prepetition Liabilities 4,076,007
-------------
Total Liabilities 6,622,288
OWNER EQUITY
Capital Stock (4,415,651)
Additional Paid-in Capital 0
Dividend (4,574,812)
Partners' Capital Account 0
Owner's Equity Account 14,134,680
Retained Earnings-Prepetition 412,693
Retained Earnings-Postpetition 0
Adjustments to Owner Equity 0
Postpetition Contributions 0
-------------
Net Owner Equity 5,556,910
-------------
Total Liabilities and Owner Equity $12,179,199
=============
Spansion International Inc.
Statement of Operations
For The Period From April 27, 2009 to May 24, 2009
Revenues
Intercompany Revenue $1,306,693
Less: Returns & Allowances 0
-------------
Net Revenue 1,306,693
Cost of Goods Sold
Beginning Inventory 0
Add: Purchases 0
Add: Cost of Labor 0
Add: Other costs 0
Less: Ending Inventory 0
-------------
Gross Profit 1,306,693
Operating Expenses
Advertising 10,494
Auto and Truck Expense 56,930
Bad Debts 0
Contributions 0
Employee Benefits Programs 212,105
Insider Compensation 0
Insurance 15,630
Management Fees/Bonuses 72,744
Office Expense 6,801
Pension & Profit-sharing Plans 57,156
Repairs and Maintenance 22,899
Rent and Lease Expense 142,655
Salaries/Commissions/Fees 983,048
Supplies 961
Taxes-Payroll 611
Taxes-Real Estate 0
Taxes-Others 0
Travel and Entertainment 52,211
Utilities 39,023
Other 348
------------
Total Operating Expense Before Depreciation 1,673,615
Depreciation/Depletion/Amortization 55,800
------------
Net Profit(loss) Before Other Income & Expenses (422,722)
OTHER INCOME AND EXPENSES
Other Income 613,089
Interest Expense 0
Other Expense 0
------------
Net Profit(loss)Before Reorganization Items 190,367
Reorganization Items
Professional Fees 0
U.S. Trustee Quarterly Fees 0
Income Taxes 39,101
------------
Net Profit(loss) $151,266
============
Spansion International Inc.
Schedule of Cash Receipts and Disbursements
For The Period From April 27, 2009 to May 24, 2009
Cash Beginning of Month $611,775
Receipts
Customer Receipts 0
Intercompany Transfer 1,077,173
Other Receipts 835,033
-------------
Total Receipts 1,912,206
Disbursements
Buildings 212,667
Foundry & Subcon 0
Labor & Benefits 354,744
Material 0
Other 250,550
Outside Services 35,268
Repair & Maintenance 2,813
Capital Expenditures 81,169
Debt Obligations & Capital Leases 0
Taxes Payable 57,997
Facility Closure Costs 0
-------------
Total Disbursements 995,209
Net Cash Inflow/(Outflow) 916,997
-------------
Cash End of Month $1,528,772
=============
About Spansion Inc.
Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications. Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.
Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690). On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings. Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel. Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case. As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.
Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.
SPANSION LLC: Has $3.7 Million Net Profit for April 2009
--------------------------------------------------------
Spansion LLC Executive Vice President and Chief Financial Officer
Randy Furr filed on July 10, 2009, Spansion LLC's monthly
operating report for April 2009. Spansion LLC is the principal
operating company of Spansion. It is the parent company of
Spansion International, Inc. and all other foreign Spansion
entities.
According to Mr. Furr, Spansion LLC has employees, and
conducts businesses that generate revenue. It filed its own
payroll tax returns, and it is included in Spansion Inc.'s
federal consolidated and California worldwide unitary tax
returns.
A full-text copy of Spansion LLC's April Operating Report may be
accessed for free at:
http://bankrupt.com/misc/SpansionLLC_AprilMOR.pdf
Spansion LLC
Balance Sheet
As of April 26, 2009
ASSETS
Unrestricted Cash & Cash Equiv. $115,930,597
Restricted Cash & Cash Equiv. 6,113,329
Accounts Receivable (net) 104,046,660
Inventories 147,102,711
Prepaid Expenses 16,983,572
Professional Retainers 6,013,150
Intercompany Receivables 326,068,664
Other Current Assets 17,860,795
-------------
Total current assets 740,119,479
Property and Equipment
Real Property & Improvements 13,078,518
Machinery and Equipment 2,359,249,053
Furniture, fixtures & Office Equip. 0
Leasehold Improvements 741,256,759
Vehicles 0
Less Accumulated Depreciation (2,773,054,724)
-------------
Total Property and Equipment 340,529,605
OTHER ASSETS
Loans to Insiders 0
Intercompany Investments 207,002,467
Other Assets 173,269,486
-------------
Total Other Assets 380,271,953
-------------
Total Assets $1,460,921,036
=============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to
Compromise Postpetition
Accounts Payable ($19,714,081)
Taxes Payable (3,207,870)
Wages Payable (3,137,134)
Secured Debt (79,122,647)
Accrued expense (6,694,150)
Deferred income (30,239,656)
Amounts Due to Insiders 0
Intercompany (111,495,837)
Other Postpetition Liabilities (422,262)
-------------
Total Postpetition Liabilities (254,033,637)
Liabilities Subject to
Compromise Prepetition
Secured Debt (676,797,018)
Priority Debt (16,364,000)
Unsecured Debt (659,320,289)
Intercompany (281,801,150)
-------------
Total Prepetition Liabilities (1,634,282,457)
-------------
Total Liabilities (1,634,282,457)
OWNER EQUITY
Intercompany common stock (2,289,378,740)
Additional Paid-in Capital (124,015,097)
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition 2,868,093,689
Retained Earnings-Postpetition (27,304,794)
Postpetition Contributions 0
-------------
Net Owner Equity 427,395,058
-------------
Total Liabilities and Owner Equity ($1,460,921,036)
=============
Spansion LLC
Statement of Operations
For the Period From March 30, 2009 to April 26, 2009
Revenues
Gross revenues $109,943,587
Less: Changes in Reserves 2,672,310
-------------
Net Revenue 112,615,897
Cost of Goods Sold
Manufacturing expense 38,441,148
OEM cost adjustment 3,214,671
Intercompany purchase 40,089,740
Foreign Currency gain/loss 220,100
Inventory change 3,225,266
-------------
Total Cost of Goods Sold 85,190,924
-------------
Gross Profit 27,424,973
Operating Expenses
Building expense 1,787,417
Labor and benefits 7,417,857
Freight 13,944
Marketing and communications 113,589
Material 403,992
Outside Services 2,866,726
Repairs and Maintenance 728,670
Telecom and software 964,938
Travel 250,819
Other 303,813
-------------
Total Operating Expense Before Depreciation 14,851,766
Depreciation/Depletion/Amortization 2,441,099
-------------
Net Profit(loss) Before Other Income & Expenses 10,132,107
OTHER INCOME AND EXPENSES
Other Income (200,626)
Interest Expense 1,743,878
Other Expense 0
-------------
Net Profit(loss)Before
Reorganization Items 8,588,855
Reorganization Items
Professional Fees 4,624,112
U.S. Trustee Quarterly Fees 0
Interest earned on accumulated cash from Chapter 11 27,578
Other reorganization expenses 219,012
-------------
Total reorganization items 4,870,702
Income taxes 165
-------------
Net Profit(loss) $3,717,988
=============
Spansion LLC
Schedule of Cash Receipts and Disbursements
For the Period From March 30, 2009 to April 26, 2009
Cash Beginning of Month $78,317,906
Receipts
Customer Receipts 103,451,813
Intercompany receipts 0
Other Receipts 121,518
-------------
Total Receipts 103,573,331
Disbursements
Buildings 2,807,054
Foundry & Subcon 8,495,608
Intercompany disbursements 0
Labor and benefits 12,654,459
Material 13,196,420
Other 2,408,357
Outside Services 3,840,690
Repair and maintenance 1,198,797
Capital expenditures 241,285
Debt obligations & Capital leases 2,009,088
Taxes 1,907,419
Facility closure costs 0
Key Employee Incentive Plan 0
Reduction in Force 0
Restructuring Professional Fees 1,348,209
Set-Off Liabilities 0
Intercompany transfers(debtor) 978,014
Intercompany transfers(non-debtor) 14,875,240
-------------
Total Disbursements 65,960,640
Net Cash Inflow/(Outflow) 37,612,691
-------------
Cash End of Month $115,930,597
=============
About Spansion Inc.
Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications. Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.
Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690). On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings. Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel. Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case. As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.
Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.
SPANSION TECHNOLOGY: No Revenues for Month Ended May 24
-------------------------------------------------------
Spansion Executive Vice President and Chief Financial Officer
Randy Furr says Spansion Technology Inc. does not have any
employees, nor does it conduct any business that generates any
revenue. Mr. Furr adds that the company does not file any
separate income or payroll tax returns. However, he says, it is
included in Spansion Inc.'s federal consolidated and California
worldwide unitary tax returns.
A full-text copy of Spansion Technology's May Monthly Operating
Report is available for free at:
http://bankrupt.com/misc/SpansionTechnologyMayMOR.pdf
Spansion Technology LLC
Balance Sheet
As of May 24, 2009
ASSETS
Unrestricted Cash & Cash Equivalents $0
Restricted Cash & Cash Equivalents 0
Accounts Receivable (net) 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 0
Professional Retainers 0
Other Current Assets 0
-------------
Total current assets 0
Property and Equipment 0
Real Property & Improvements 0
Machinery and Equipment 0
Furniture, fixtures & Office Equipment 0
Leasehold Improvements 0
Vehicles 0
Less Accumulated Depreciation 0
-------------
Total Property and Equipment 0
Other Assets
Loans to Insiders 0
Other Assets 0
-------------
Total Other Assets 0
-------------
Total Assets $0
=============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise Postpetition
Accounts Payable $0
Taxes Payable 0
Wages Payable 0
Accrued liabilities 0
Rent/Lease-Building/Equipment 0
Secured Debt 0
Professional Fees 0
Amounts Due to Insiders 0
Other Postpetition Liabilities 0
------------
Total Postpetition Liabilities 0
Liabilities Subject to Compromise Prepetition
Secured Debt 0
Priority Debt 0
Intercompany Payable 0
Unsecured Debt 0
-------------
Total Prepetition Liabilities 0
-------------
Total Liabilities 0
OWNER EQUITY
Intercompany Capital Stock 633,929,652
Additional Paid-in Capital 0
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition (633,929,652)
Retained Earnings-Postpetition 0
Adjustments to Owner Equity 0
Postpetition Contributions 0
-------------
Net Owner Equity 0
-------------
Total Liabilities and Owner Equity $0
=============
About Spansion Inc.
Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications. Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.
Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690). On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings. Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel. Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case. As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.
Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.
TRIBUNE CO: Posts $43.88 Million Profit for Month Ending June 28
----------------------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of June 28, 2009
ASSETS
Current Assets:
Cash and cash equivalents $743,372,000
Accounts receivable, net 47,927,000
Inventories 31,154,000
Broadcast rights 177,760,000
Prepaid expenses and other 85,244,000
---------------
Total current assets 1,085,457,000
Property, plant and equipment, net 1,317,273,000
Other Assets:
Broadcast rights 135,225,000
Goodwill & other intangible assets 3,156,797,000
Prepaid pension costs 1,139,000
Investments in non-debtor units 1,125,528,000
Other investments 20,931,000
Intercompany receivables from non-debtors 4,745,276,000
Other 117,491,000
---------------
Total Assets $11,705,117,000
===============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Contracts payable for broadcast rights $44,559,000
Current portion of long-term debt 1,938,000
Accounts payable, accrued expenses, and other 234,013,000
---------------
Total current liabilities 280,510,000
Pension obligations 189,389,000
Long-term debt 9,855,000
Other obligations 298,191,000
---------------
Total Liabilities 777,945,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 4,457,910,000
Obligations to third parties 13,560,472,000
---------------
Total Liabilities Subject to Compromise 18,018,382,000
Shareholders' Equity (Deficit) (7,091,210,000)
---------------
Total Liabilities & Shareholders' Equity $11,705,117,000
===============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period May 25 Through June 28, 2009
Total Revenue $289,681,000
Operating Expenses:
Cost of sales 154,744,000
Selling, general and administrative 73,206,000
Depreciation 16,255,000
Amortization of intangible assets 1,821,000
-------------
Total operating expenses 246,026,000
-------------
Operating Profit 43,655,000
-------------
Net loss on equity investments (588,000)
Interest income, net 190,000
Management fee (1,672,000)
Non-operating income (loss), net 12,302,000
-------------
Income before income taxes and reorg. costs 53,887,000
Reorganization costs (8,441,000)
-------------
Income (loss) before income taxes 45,446,000
Income taxes (1,568,000)
-------------
Net Income (loss) $43,878,000
=============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period May 25 Through June 28, 2009
Beginning Cash Balance $702,009,000
Cash Receipts:
Operating receipts 289,090,000
Other 15,041,000
-------------
Total Cash Receipts 304,131,000
Cash Disbursements
Compensation and benefits 94,142,000
General disbursements 144,948,000
Reorganization, interest & fees 4,005,000
-------------
Total Disbursements 243,095,000
-------------
Debtors' Net Cash Flow 61,036,000
From/(To) Non-Debtors (26,227,000)
-------------
Net Cash Flow 34,809,000
Other 3,669,000
-------------
Ending Available Cash Balance $740,487,000
=============
About Tribune Co.
Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.
The Company and 110 of its affiliates filed for Chapter 11
protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141). The Debtors proposed Sidley Austion LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As
of December 8, 2008, the Debtors have $7,604,195,000 in total
assets and $12,972,541,148 in total debts.
Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TROPICANA ENTERTAINMENT: Posts $2.36MM Net Loss for June 2009
-------------------------------------------------------------
Tropicana Entertainment, LLC
Balance Sheet
As of June 30, 2009
Unaudited
ASSETS
Current Assets
Accounts receivable - trade $0
Cash & temporary cash investments 4,169,000
Restricted cash 2,200,000
Deposits 11,578,000
Inventories 0
Other receivables 0
Prepaid expenses 495,000
--------------
Total Current Assets 18,442,000
Property and Equipment
Buildings 0
Construction in progress 0
Furniture & fixtures 2,477,000
Land 0
Riverboats, barges & ramps 0
Vehicles 0
--------------
Total Property and Equipment 2,477,000
Reserve for Depreciation
Boats, barges & ramp reserve for depreciation 0
Building reserve for depreciation 0
Furn. & fixtures reserve for depreciation (151,000)
Gaming entertainment reserve for depreciation 0
Vehicle reserve for depreciation 0
--------------
Total Reserve for Depreciation (151,000)
Other Assets
Investments 2,775,215,000
Other assets 7,965,000
--------------
Total Other Assets 2,783,180,000
--------------
TOTAL ASSETS $2,803,949,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts payable $13,767,000
Accrued other expenses 292,000
Accrued payroll 1,355,000
Deferred income 0
Notes payable - Evansville 0
Payroll taxes payable 0
Sales tax payable 13,000
Current portion of long-term debt due 1 Yr 0
Amounts due to affiliated guarantors 39,200,000
--------------
Total Current Liabilities 54,627,000
Long Term Debt Due Beyond One Year
DIP financing 65,219,000
--------------
Total Long Term Debt Due Beyond One Year 65,219,000
Other Liabilities
Deferred fed taxes 0
Deferred rent 0
Deferred state inc taxes 0
Deferred tax liability (60,000)
Intercompany 73,247,000
--------------
Total Other Liabilities 73,187,000
Total Liabilities not Subject to Compromise 193,033,000
Liabilities Subject to Compromise
Non-intercompany 915,749,000
Intercompany 1,583,489,000
--------------
Total Liabilities Subject to Compromise 2,499,238,000
--------------
Total Liabilities 2,692,271,000
Total Stockholders' Equity 111,678,000
--------------
Total Liabilities & Shareholders' Deficit $2,803,949,000
==============
Tropicana Entertainment, LLC
Income Statement
For the Month Ended June 30, 2009
Unaudited
Operating Revenues
Casino revenue $0
Rooms revenue 0
Food & beverage revenue 0
Other casino & hotel revenue - less int income 0
--------------
Operating Revenues 0
Less promotional allowances 0
--------------
Net Operating Revenues 0
Operating Expenses
Casino operating expenses 26,000
Rooms operating expenses 0
Food and beverage operating expenses 0
Other casino and hotel operating expenses 0
Utilities 0
Marketing, advertising and casino promotions 0
Repairs and maintenance 45,000
Insurance 36,000
Property and local taxes 0
Gaming tax and licenses 0
Administrative and general 1,277,000
Leased land and facilities 55,000
Depreciation and amortization 51,000
Loss on disposition of assets 0
Bad debt expense - loans 0
Impairment charge 0
Restructuring cost 0
Chapter 11 reorg. & other prof. Fees (18,000)
--------------
Total Operating Expense 1,472,000
Income from Operations (1,472,000)
Other Income (Expense)
Interest expense (773,000)
Intercompany interest income 0
Intercompany interest expense (114,000)
--------------
Total Other Income (Expense) (887,000)
Federal Income Tax 0
Income Before Minority Interest (2,359,000)
--------------
NET INCOME ($2,359,000)
==============
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)
TRUMP ENTERTAINMENT: Posts $3.3 Million Net Loss in June 2009
-------------------------------------------------------------
TCI 2 Holdings, LLC, et al., filed with the U.S. Bankruptcy Court
for the District of New Jersey on July 20, 2009, a monthly
operating report for June 2009.
The Debtors reported a consolidated net loss of $3.3 million on
net revenues of $62.5 million for the month ended June 30, 2009.
At June 30, 2009, the Debtors had total assets of $1.989 billion,
total liabilities of $2.079 billion, and a stocholders' deficit of
$90.2 million. Consolidated cash balance was $65.4 million.
At February 16, 2009, the Debtors had $2.035 billion in total
assets, $2.054 billion in total liabilities, and a stocholders'
deficit of $18.8 million. Consolidated cash balance was
$71.2 million.
A full-text copy of the Debtor's monthly operating report for the
month ended June 30, 2009, is available at:
http://bankrupt.com/misc/trump.junemor.pdf
About Trump Entertainment
Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino. The Company
conducts gaming activities and provides customers with casino
resort and entertainment.
Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company. The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.
Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 on February 17, 2009 (Bankr. D.
N.J., Lead Case No. 09-13654). The Company has tapped Charles A.
Stanziale, Jr., Esq., at McCarter & English, LLP, as lead counsel,
and Weil Gotshal & Manges as co-counsel. Ernst & Young LLP is the
Company's auditor and accountant and Lazard Freres & Co. LLC is
the financial advisor. The Company disclosed assets of
$2,055,555,000 and debts of $1,737,726,000 as of December 31,
2008.
Trump Hotels & Casino Resorts, Inc., filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Trump Hotels' obtained the Court's confirmation
of its Chapter 11 plan on Apr. 5, 2005, and in May 2005, it exited
from bankruptcy under the name Trump Entertainment Resorts Inc.
TXCO RESOURCES: Posts $22,894,974 Net Loss in June 2009
-------------------------------------------------------
On July 31, 2009, TXCO Resources Inc. and its subsidiaries filed
an unaudited consolidated monthly operating report for the period
ended June 30, 2009, with the U.S. Bankruptcy Court for the
Western District of Texas.
The Debtors reported a net loss of $22,894,974 on revenues of
$4,318,042 for the month of June. Results for the period include
a impairment charge in the amount of $16,847,571.
At June 30, 2009, the Debtors had $417,432,690 in total assets,
$344,117,513 in total liabilities, and $73,315,178 in total
owner's equity. The Debtors had cash of $6,566,244 as of June 30,
2009.
A full-text copy of the Debtors' monthly operating report for June
is available for free at http://researcharchives.com/t/s?40fa
TXCO Resources Inc. is an independent oil and gas enterprise with
interests in the Maverick Basin, the onshore Gulf Coast region and
the Marfa Basin of Texas, and the Midcontinent region of western
Oklahoma. TXCO's business strategy is to acquire undeveloped
mineral interests and internally developing a multi-year drilling
inventory through the use of advanced technologies, such as 3-D
seismic and horizontal drilling. It accounts for its oil and gas
operations under the successful efforts method of accounting and
trades its common stock on Nasdaq's Global Select Market under the
symbol "TXCO."
The Company and its affiliates filed for Chapter 11 protection on
May 17, 2009 (Bankr. W.D. Tex. Case No. 09-51807). The Debtors
hired Deborah D. Williamson, Esq., and Lindsey D. Graham, Esq., at
Cox Smith Matthews Incorporated, as general restructuring counsel;
Fulbright and Jaworski, L.L.P., as corporate counsel & conflicts
counsel; Albert S. Conly as chief restructuring officer and FTI
Consulting Inc. as financial advisor; Goldman, Sachs & Co. as
financial advisor for assets sale; Global Hunter Securities, LLC,
as financial advisors and investment bankers; and Administar
Services Group LLC as claims agent. Gardere Wynne Sewell LLP
represents the Committee.
As reported in Troubled Company Reporter on July 6, 2009, in their
schedules of assets and liabilities, the Debtors have $357,855,952
in total assets and $331,422,792 in total liabilities.
VERASUN ENERGY: Records $2.12MM Combined Net Loss for June 2009
---------------------------------------------------------------
VeraSun Energy Corp. and its affiliates disclose with the Court
that they had an aggregate of $192,780,000 in assets, $700,814,000
in shareholders' deficit, and $893,597,000 in liabilities as of
May 31, 2009.
The Debtors also disclose that they had a net loss of $2,119,000
for the month ending June 30, 2009.
Furthermore, the Debtors tell the Court that they received cash
totaling $2,304,000 and disbursed cash totaling $4,734,000 for
the month ending June 30, 2009.
A full-text copy of the June 2009 Operating Report is available
for free at http://bankrupt.com/misc/VerSJune09MOR.pdf
About VeraSun Energy
Headquartered in Sioux Falls, South Dakota, VeraSun Energy Corp.
-- http://www.verasun.comor http://www.VE85.com/-- produces and
markets ethanol and distillers grains. Founded in 2001, the
company has a fleet of 16 production facilities in eight states,
with 14 in operation.
The Company and its debtor-affiliates filed for Chapter 11
protection on October 31, 2008 (Bankr. D. Del. Case No. 08-12606).
Mark S. Chehi, Esq., at Skadden Arps Slate Meagher & Flom LLP
represents the Debtors in their restructuring efforts.
AlixPartners LLP serves as their restructuring advisor.
Rothschild Inc. is their investment banker and Sitrick & Company
is their communication agent. The Debtors' claims noticing and
balloting agent is Kurtzman Carson Consultants LLC. The Debtors'
total assets as of June 30, 2008, was $3,452,985,000 and their
total debts as of June 30, 2008, was $1,913,214,000.
VeraSun closed on April 1, 2009, the sale of substantially all of
its assets to Valero Renewable Fuels, a subsidiary of Valero
Energy Corporation, North America's largest petroleum refiner and
marketer. The purchased assets included five ethanol production
facilities and a development site. The facilities are located in
Aurora, South Dakota; Fort Dodge, Charles City, and Hartley, Iowa;
and Welcome, Minnesota, and the development site is in Reynolds,
Indiana.
Valero paid $350 million for the ethanol production facilities in
Aurora, Fort Dodge, Charles City, Hartley and Welcome, in addition
to the Reynolds site. Valero also successfully bid
$72 million for the Albert City facility and $55 million for the
Albion facility. The purchase price also includes working capital
and other certain adjustments.
VeraSun also completed on April 9 the sale to AgStar Financial
Services PCA of substantially all of the assets relating to the
company's production facilities in Dyersville, Iowa; Hankinson,
North Dakota; Janesville, Minnesota; Central City and Ord,
Nebraska; and Woodbury, Michigan. AgStar released the USBE
Subsidiaries from their obligations under $319 million of existing
indebtedness and assumed certain liabilities relating to the
AgStar Facilities.
On April 13, US BioEnergy Corporation and US Bio Marion LLC
completed the sale to Marion Energy Investments LLC, as assignee
of Dougherty and First Bank & Trust, of substantially all of the
assets relating to the Debtors' production facility in Marion,
South Dakota. The consideration for the acquired assets consisted
of release of US Bio Marion from its obligations under
approximately $93 million of existing indebtedness to the Marion
Buyers, payment by MEI of $934,861 in cash and assumption by the
Marion Purchasers of certain liabilities relating to the Marion
facility. VeraSun Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
VISTEON CORP: Records $88.7 Mil. Net Loss for Month Ended June 30
-----------------------------------------------------------------
Visteon Corporation
Balance Sheet
As of June 30, 2009
ASSETS
Cash and cash equivalents $254,107,000
Accounts receivable, net 4,202,441,000
Inventories, net 20,144,000
Other current assets 40,071,000
---------------
Total current assets 4,516,761,000
Property and equipment, net 188,200,000
Other non-current assets 1,333,494,000
---------------
Total Assets $6,038,454,000
===============
LIABILITIES & SHAREHOLDERS' DEFICIT
Short-term debt, including current portion
of long-term debt $10,573,664,000
Accounts payable 1,046,404,000
Accrued employee liabilities 26,150,000
Other current liabilities 17,081,000
---------------
Total current liabilities 11,663,299,000
Liabilities subject to compromise 2,807,752,000
LSC-Intercompany with Non-Debtors 59,963,000
Long-term debt 2,888,000
Employee benefits, including pensions 243,671,000
Deferred income taxes 91,394,000
Other non-current liabilities 253,968,000
---------------
Total liabilities 15,122,935,000
Shareholders' deficit
Visteon Corporation Shareholders' deficit
Preferred stock 0
Common stock 131,053,000
Stock warrants 127,024,000
Additional paid-in capital 2,225,655,000
Accumulated deficit (11,231,228,000)
Accumulated other comprehensive income (186,107,000)
Other (4,858,000)
---------------
Total Debtor shareholders' deficit (8,938,460,000)
Noncontrolling interests (146,021,000)
---------------
Total shareholders' deficit (9,084,482,000)
---------------
Total Liabilities and shareholders' deficit $6,038,454,000
===============
Visteon Corporation
Statements of Operations
For the Period of May 28, 2009 to June 30, 2009
Net sales
Products $22,576,000
Services 29,107,000
---------------
51,682,000
Cost of Sales
Products
Materials 14,980,000
Labor and overhead 8,477,000
Product engineering 27,918,000
Freight and duty 716,000
Manufacturing spending 4,778,000
Warranty and recall (494,000)
Other 6,332,000
Services 28,762,000
---------------
91,470,000
---------------
Gross margin (39,787,000)
Selling, general and administrative expenses
Personnel 8,591,000
Depreciation 3,051,000
Other (141,000)
---------------
11,501,000
Restructuring expenses 9,398,000
Reimbursement from Escrow Account 79,000
Reorganization costs 6,983,000
Deconsolidation gain (1,237,000)
---------------
Operating income (loss) ($66,352,000)
Interest expense 4,940,000
Interest income 546,000
Interest expense, net 4,394,000
---------------
Income (loss) before income taxes (70,746,000)
Provision for income taxes 17,986,000
---------------
Net income (loss) ($88,732,000)
===============
Visteon Corporation
Operating Cash Flow
For Period May 28, 2009 through June 30, 2009
Customer receipts $245,576,000
Other receipts 40,642,000
---------------
Total receipts 286,218,000
Disbursements
Payroll Related (32,148,000)
Operating disbursements (47,219,000)
Other disbursements (1,161,000)
---------------
Total Disbursements (80,528,000)
Net Intercompany Settlements and Funding
Debtors 68,000
Non-Debtors (101,214,000)
---------------
Net Cash Flow $104,544,000
===============
Cash Balance at May 28, 2009 $214,713,000
Net Cash Flow 104,544,000
Foreign Currency and Other Adjustments 1,586,000
---------------
Ending Cash Balance $320,843,000
===============
About Visteon Corp.
Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers. The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany. It has facilities in 27 countries and employs roughly
35,500 people. The Company has assets of $4,561,000,000 and debts
of $5,311,000,000 as of March 31, 2009.
Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818). Judge Christopher S. Sontchi oversees the
Chapter 11 cases. James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts. Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel. The Debtors' investment banker and financial
advisor is Rothschild Inc. The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC. The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.
Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Danilo Munnoz, Joseph Medel C. Martirez, Denise Marie
Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez,
Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez,
Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2009. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
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