/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/090822.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 22, 2009, Vol. 13, No. 232 Headlines CARITAS HEALTH: Posts $1,336,196 Net Loss in July 2009 CDX GAS: Posts $34,331 Net Loss in June 2009 CHEMTURA CORP: Earns $1 Million in July 2009 GENERAL GROWTH: Records $116 Mil. Net Loss for June 2009 HAWAIIAN TELCOM: Incurs $3 Million Net Loss for June 2009 INTERLAKE MATERIAL: Files June 2009 Operating Report INTERLAKE MATERIAL: J&D Company Files June 2009 Operating Report INTERLAKE MATERIAL: UFC Interlake Files Operating Report for June INTERLAKE MATERIAL: United Fixtures Files June Operating Report INTERMET CORP: Files Operating Report for Month Ended June 27 KUSHNER-LOCKE: Posts $79,528 Net Loss in March 2009 KUSHNER-LOCKE: Posts $72,467 Net Loss in April 2009 KUSHNER-LOCKE: Posts $72,573 Net Loss in May 2009 KUSHNER-LOCKE: Posts $54,331 Net Loss in June 2009 LEXINGTON PRECISION: Posts $605,000 Net Loss in June 2009 NORTEL NETWORKS: Posts $135 Million Net Loss in June 2009 PROLIANCE INTERNATIONAL: Files Initial Monthly Operating Report PROPEX INC: Fabric Estate's Operating Report for July QIMONDA NORTH AMERICA: Incurs $1.2 Mil. Net Loss for July 2009 QIMONDA RICHMOND: Has $2.7 Mil. Loss in July, $201MM Since Filing SEMGROUP LP: Records $7.8 Mil. Net Loss for June 2009 SHARPER IMAGE: Posts $56,181 Net Loss in July 2009 SILICON GRAPHICS: Ends June 2009 with $5.5 Million Cash TOUSA INC: Reports $21.7 Million Net Loss in July 2009 TRONOX INC: Records $4.8 Million Net Income for July 2009 TRUMP ENTERTAINMENT: Records $2.85 Mil. Combined Net Loss in July TXCO RESOURCES: Files Revised Monthly Operating Report for June ********* CARITAS HEALTH: Posts $1,336,196 Net Loss in July 2009 ------------------------------------------------------ On August 20, 2009, Carital Health Care, Inc., filed a monthly operating report for the month ended July 31, 2009, with the U.S. Bankruptcy Court for the District of New York. For July, the Company reported a net loss of $1,336,196 on net revenue of $3,062. Total reorganization expenses were $556,803. At July 31, 2009, the Company had $54,766,568 in total assets and $183,552,418 in total liabilities, resulting in a $127,785,850 owners' deficit. A full-text copy of Caritas Health's operating report for the month ended July 31, 2009, is available for free at: http://bankrupt.com/misc/caritashealth.julymor.pdf About Caritas Health Care Inc. Caritas Health Care Inc. is the owner of Mary Immaculate Hospital and St. John's Queens Hospital. Caritas, created by Wyckoff Heights Medical Center, purchased the two hospitals in a bankruptcy sale in early 2007 from St. Vincent Catholic Medical Centers of New York. St. John's has 227 generate acute-care beds while Mary Immaculate has 189. Caritas Health Care and eight of its affiliates filed for Chapter 11 on February 6, 2009 (Bankr. E.D. N.Y., Lead Case No. 09-40901). Jeffrey W. Levitan, Esq., and Adam T. Berkowitz, Esq., at Proskauer Rose, LLP, represent the Debtors as counsel. Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at Alston & Bird LLP, represent the official committee of unsecured creditors as counsel. Caritas in its bankruptcy petition estimated assets of $50 million to $100 million, and debts of $100 million to $500 million. CDX GAS: Posts $34,331 Net Loss in June 2009 -------------------------------------------- On August 13, 2009, CDX Gas LLC filed a monthly operating report for the month ended June 30, 2009, with the U.S. Bankruptcy Court for the Southern District of Texas. For the month, the Debtor reported a net loss of $34,331 on revenues of $2,766,976. At June 30, 2009, the Debtor had $910,019,429 in total assets, $853,934,472 in total liabilities, and $56,084,957 in total owners' equity. 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/cdxgas.junemor.pdf Based in Houston, Texas, CDX Gas LLC -- http://www.cdxgas.com/-- is an independent gas company that explores, develops, and produces onshore North American unconventional natural gas resources located in coal, shale, and tight gas sandstone formations. The Company and 19 of its affiliates filed for Chapter 11 protection on December 12, 2008 (Bankr. S.D. Tex. Lead Case No. 08-37922). CDX Rio, LLC, an entity in which CDX Gas indirectly owns a 90% membership interest, and Arkoma Gathering, LLC, an entity in which CDX Gas owns a 75% membership interest, filed for Chapter 11 protection on April 1, 2009. In its schedules, CDX listed total assets of $996,308,606 and total debts of $831,259,526. Harry Perrin, Esq., D. Bobbitt Noel, Esq., John E. Mitchell, Esq., and Michaela C. Crocker, Esq., at Vinson Elkins LLP, represent the Debtors in their restructuring efforts. Gardere Wynne Sewell LLP, serves as conflicts counsel. Epiq Bankruptcy Solutions, LLC, is the claims and noticing agent. The Debtors also hired Ryder Scott Company, L.P. as Petroleum Consultants; Wilhoit & Kaiser as special title examination counsel; Fish & Richardson LLP as Special Intellectual Property Counsel; Deloitte Tax LLP as Tax Consultants; and Jefferies & Company, Inc., as valuation experts. On January 7, 2009, the Office of the United States Trustee informed the Court of its inability to solicit sufficient interest from creditors to form an official committee of unsecured creditors. CHEMTURA CORP: Earns $1 Million in July 2009 -------------------------------------------- On August 14, 2009, Chemtura Corporation filed with the U.S. Bankruptcy Court for the Southern District of New York its monthly operating report for the month ended July 31, 2009. Chemtura Corporation and related debtors reported consolidated net earnings of $1 million on net sales of $175 million for the month of July 2009. Reorganization items, net were $5 million. As July 31, 2009, the Debtors had $4.09 billion in total assets, $3.76 billion in total liabilities, and $327 million in total stockholders' equity. Cash and cash equivalents at July 31, 2009, were $45 million. A full-text copy of the Debtors' monthly operating report for the month lended July 31, 2009, is available at no cost at: http://researcharchives.com/t/s?4274 About Chemtura Corp Based in Middlebury, Connecticut, Chemtura Corporation (CEM) -- http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a global manufacturer and marketer of specialty chemicals, crop protection products, and pool, spa and home care products. Chemtura Corporation and 26 of its U.S. affiliates filed voluntary petitions for relief under Chapter 11 on March 18, 2009 (Bankr. S.D.N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel. Wolfblock LLP serves as the Debtors' special counsel. The Debtors' auditors and accountant are KPMG LLP; their investment bankers are Lazard Freres & Co.; their strategic communications advisors are Joele Frank, Wilkinson Brimmer Katcher; their business advisors are Alvarez & Marsal LLC and Ray Dombrowski serves as their chief restructuring officer; and their claims and noticing agent is Kurtzman Carson Consultants LLC. As of December 31, 2008, the Debtors had total assets of $3.06 billion and total debts of $1.02 billion. Bankruptcy Creditors' Service, Inc., publishes Chemtura Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Chemtura Corp. and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) GENERAL GROWTH: Records $116 Mil. Net Loss for June 2009 -------------------------------------------------------- General Growth Properties, Inc. Consolidated Balance Sheet As of June 30, 2009 Assets Investment in real estate: Land $2,946,198,000 Buildings and equipment 19,487,404,000 Less accumulated depreciation (3,878,801,000) Developments in progress 887,607,000 ---------------- Net property and equipment 19,442,408,000 Investment in and loans to/from Unconsolidated Real Estate Affiliates 387,059,000 Investment property and property held for development and sale 1,102,639,000 Investment in consolidated non-debtor entities 3,887,074,000 ---------------- Net investment in real estate 24,819,180,000 Cash and cash equivalents 501,304,000 Accounts and notes receivable, net 327,160,000 Goodwill 211,540,000 Deferred expenses, net 257,821,000 Prepaid expenses and other assets 563,145,000 ---------------- Total assets $26,680,150,000 ================ Liabilities and Equity: Mortgages, notes and loans payable $400,000,000 Investment in and loans to/from Unconsolidated Real Estate Affairs 32,282,000 Deferred tax liabilities 892,277,000 Accounts payable and accrued expenses 808,959,000 ---------------- Liabilities not subject to compromise 2,133,518,000 ---------------- Liabilities subject to compromise 22,393,495,000 ---------------- Total liabilities 24,527,013,000 ---------------- Redeemable noncontrolling interests: Preferred 120,756,000 Common 38,170,000 ---------------- Total redeemable noncontrolling interests 158,926,000 ---------------- Equity: Common stock 3,138,000 Additional paid-in capital 3,792,212,000 Retained earnings (accumulated deficit) (1,706,160,000) Accumulated other comprehensive loss (31,796,000) Less common stock in treasury, at cost (76,752,000) ---------------- Total stockholder's equity 1,980,642,000 Noncontrolling interests in consolidated real estate affiliates 13,569,000 ---------------- Total equity 1,994,211,000 ---------------- Total liabilities and equity $26,680,150,000 ================ General Growth Properties, Inc. Consolidated Statement of Income For the Month ended June 30, 2009 Revenues: Minimum rents $138,175,000 Tenant recoveries 59,009,000 Overage rents 1,697,000 Land sales 616,000 Other 5,928,000 ---------------- Total revenues 205,425,000 ---------------- Expenses: Real estate taxes 17,299,000 Repairs and maintenance 14,027,000 Marketing 2,067,000 Ground and other rents 2,036,000 Other property operating costs 26,130,000 Land sales operations 1,369,000 Provision for doubtful accounts 6,774,000 Property management and other costs 4,873,000 General and administrative 23,080,000 Provisions for impairment 79,844,000 Depreciation and amortization 51,560,000 ---------------- Total expenses 229,059,000 ---------------- Operating (loss) income (23,634,000) Interest (expense) income, net (91,237,000) ---------------- Loss before income taxes, noncontrolling interests, equity in income of Unconsolidated Real Estate Affiliates and reorganization items (114,871,000) Benefit from (provision for) income taxes 2,999,000 Equity in income of Unconsolidated Real Estate Affiliates 10,045,000 Reorganization items (14,265,000) ---------------- Loss from continuing operations (116,092,000) Discontinued operations - gains on dispositions 1,000 ---------------- Net loss (116,091,000) Allocation to noncontrolling interests 1,591,000 ---------------- Net loss attributable to common stockholders ($114,500,000) ================ About General Growth Based in Chicago, Illinois, General Growth Properties, Inc. -- http://www.ggp.com/-- is the second-largest U.S. mall owner, having ownership interest in, or management responsibility for, more than 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings. The Company's portfolio totals roughly ] 200 million square feet of retail space and includes more than 24,000 retail stores nationwide. General Growth is a self- administered and self-managed real estate investment trust. The Company's common stock is trading in the pink sheets under the symbol GGWPQ. General Growth Properties Inc. and its affiliates filed for Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No. 09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq., Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil, Gotshal & Manges LLP, have been tapped as bankruptcy counsel. Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants LLC has been engaged as claims agent. The Company also hired AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC, as investment bankers. The Debtors disclosed $29,557,330,000 in assets and $27,293,734,000 in debts as of December 31, 2008. Bankruptcy Creditors' Service, Inc., publishes General Growth Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Growth Properties Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) HAWAIIAN TELCOM: Incurs $3 Million Net Loss for June 2009 --------------------------------------------------------- Hawaiian TelCom Communications, Inc. Balance Sheet As of June 30, 2009 Cash and cash equivalents $98,268,804 Accounts receivable - Materials and supplies - Prepaid expenses - Other current assets - Property and equipment - Investment in subsidiaries 974,431,349 Deferred charges and other assets 11,167,501 Intangible assets - --------------- Total assets $1,083,867,654 =============== Current portion of long-term debt 1,078,929,629 Accounts payable - Payroll and related benefits payable - Accrued other taxes 8 Accrued interest 29,914,250 Advance billings - Other current liabilities 15,447,525 Long-term debt - Employee benefit obligations - Deferred income taxes 190,000 Other liabilities - --------------- 1,124,481,412 --------------- Equity (393,038,503) Intercompany receivable (102,072,089) Intercompany payable 454,496,834 --------------- Net owner interest (40,613,758) --------------- Total liabilities and partners' capital $1,083,867,654 =============== Hawaiian TelCom Communications, Inc. Income Statement For the Month Ended June 30, 2009 Operating revenues - Operating expenses: Cost of goods sold - Salaries and wages $6,626 Pension and other benefits - Employee related expenses - Contracted services (1,667) Restructuring expenses - Rents - Materials - Advertising - Gross receipts and other taxes - Uncollectibles - All other 444 Depreciation and amortization - --------------- Total operating expenses 5,403 --------------- Operating income (loss) (5,403) --------------- Other (income) expense: Interest expense 2,831,260 Loss on early extinguishment of debt - Gain (loss) on interest rate swap - Other income and expense, net - --------------- Total other (income) expenses 2,831,260 --------------- Income (loss) from continuing operations before reorganization items and provision for income taxes (2,836,663) Reorganization items (2,537) --------------- Income (loss) from continuing operations before provision for income taxes (2,834,126) Provision (benefit) for income taxes 190,000 --------------- Net income (loss) ($3,024,126) =============== Hawaiian TelCom Communications, Inc. Cash Receipts and Disbursements For the Month Ended June 30, 2009 May 2009 ending book balance $92,266,115 Cash on hand beginning book balance 0 Adjustments 0 --------------- June 2009 beginning book balance 92,266,115 Receipts Receipts from operations 2,536 Net change in deposits in transit 0 Other 10,000 --------------- Total receipts 12,526 --------------- Disbursements AP & Payroll disbursements Check (2,359,581) EFT 0 Wire 0 --------------- Total AP & Payroll disbursements (2,359,581) --------------- Bank debts Bank fees (43) Other 0 --------------- Total bank debts (43) --------------- Total disbursements (2,359,625) --------------- Other transfers 6,000,000 --------------- ZBA credits 2,359,776 ZBA debits (10,000) --------------- Total ZBAs 2,349,776 --------------- Adjustments (0) --------------- June 2009 ending book balance $98,268,603 =============== Other Hawaiian Telcom Affiliates Seven affiliates of Hawaiian Telcom Communications also delivered separate individual monthly operating reports to the Court. The Hawaiian Telcom affiliates reported these assets and liabilities as of June 30, 2009: Debtor Affiliate Total Assets Total Debts ---------------- -------------- -------------- Hawaiian Telcom, Inc. $1,105,041,545 $1,105,041,545 Hawaiian Telcom Services Company, Inc. $85,246,365 $85,246,365 Hawaiian Telcom Holdco, Inc. ($58,084,379) ($58,084,379) Hawaiian Telcom IP Service Delivery Investment, LLC $0 $0 Hawaiian Telcom IP Video Investment, LLC $0 $0 Hawaiian Telcom IP Video Research, LLC $0 $0 Hawaiian Telcom IP Service Delivery Research, LLC $0 $0 The Debtor affiliates listed their net income or loss for the period from June 1 to 30, 2009: Company Net Income(Loss) ------------- --------------- Hawaiian Telcom, Inc. ($5,049,445) Hawaiian Telcom Services Company, Inc. ($750,653) Hawaiian Telcom IP Service Delivery Research, LLC ($42,381) Hawaiian Telcom IP Video Research, LLC ($20,315) Hawaiian Telcom Holdco, Inc. $0 Hawaiian Telcom IP Service Delivery Investment, LLC $0 Hawaiian Telcom IP Video Investment, LLC $0 The Debtor affiliates also reported their cash receipts and disbursements for the period from June 1 to 30, 2009: Company Receipts Disbursements Cash Flow ------------- ----------- ------------- --------- Hawaiian Telcom, Inc. $38,136,685 ($29,895,493) $4,734,172 Hawaiian Telcom Services Company, Inc. $300,403 ($2,833,035) ($255,605) Hawaiian Telcom IP Video Research, LLC $0 ($4,628) $0 Hawaiian Telcom IP Service Delivery Research, LLC $0 ($6,689) $0 Hawaiian Telcom Holdco, Inc. $0 $0 $0 Hawaiian Telcom IP Service Delivery Investment, LLC $0 $0 $0 Hawaiian Telcom IP Video Investment, LLC $0 $0 $0 About Hawaiian Telcom Based in Honolulu, Hawaii, Hawaiian Telcom Communications, Inc. -- http://www.hawaiiantel.com/-- operates a telecommunications company, which offers an array of telecommunications products and services including local and long distance service, high-speed Internet, wireless services, and print directory and Internet directory services. The Company and seven of its affiliates filed for Chapter 11 protection on December 1, 2008 (Bankr. D. Del. Lead Case No. 08-13086). As reported by the TCR on December 30, 2008, Judge Peter Walsh of the U.S. Bankruptcy Court for the District of Delaware approved the transfer of the Chapter 11 cases to the U.S. Bankruptcy Court for the District of Hawaii before Judge Lloyd King (Bankr. D. Hawaii Lead Case No. 08-02005). Richard M. Cieri, Esq., Paul M. Basta, Esq., and Christopher J. Marcus, Esq., at Kirkland & Ellis LLP, represent the Debtors in their restructuring efforts. The Debtors proposed Lazard Freres & Co. LLC as investment banker; Zolfo Cooper Management LLC as business advisor; Deloitte & Touche LLP as independent auditors; and Kurztman Carson Consultants LLC as notice and claims agent. An official committee of unsecured creditors has been appointed and is represented by Christopher J. Muzzi, Esq., at Moseley Biehl Tsugawa Lau & Muzzi LLC, in Honolulu, Hawaii. When the Debtors filed for protection from their creditors, they listed total assets of $1,352,000,000 and total debts of $1,269,000,000 as of September 30, 2008. Bankruptcy Creditors' Service, Inc., publishes Hawaiian Telcom Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Hawaiian Telcom Communications, Inc., and seven of its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) INTERLAKE MATERIAL: Files June 2009 Operating Report ---------------------------------------------------- On August 4, 2009, Interlake Material Handling, Inc., filed a monthly operating report for the month ending June 28, 2009, with the U.S. Bankruptcy Court for the District of Delaware. Interlake Material incurred a net loss of $4,000 on zero sales for the month ending June 28, 2009. At June 28, 2009, Interlake Material had $4,778,829 in total assets, ($2,919,240) in total liabilities, and $7,698,070 in total shareholders' equity. A copy of Interlake Material's operating report for the month ending June 28, 2009, is available at no cost at: http://bankrupt.com/misc/interlakematerial.junemor.pdf About Interlake Material Headquatered in Naperville, Illinois, Interlake Material Handling, Inc. -- http://www.interlake.com/-- makes steel storage racks in the United States. The Company, United Fixtures Company, Inc., UFC Interlake Holding Co., and Conco-Tellus, Inc. filed for Chapter 11 relief on January 5, 2009, with the U.S. Bankruptcy Court for the District of Delaware. On May 30, 2009, J&D Company, LLC, a wholly owned subsidiary of United Fixtures Company, Inc., filed for Chapter 11 protection with the same Court. The original Debtors' cases together with J&D's Chapter 11 case are being jointly administered under Case No. 09-11751. Winston & Strawn LLP represents the Debtors in their restructuring efforts. Young, Conaway, Stargatt & Taylor LLP is the Debtors' local counsel. Lake Pointe Partners, LLC, is the Debtors' financial advisor. Kurtzman Carson Consultants LLC is the claims agent for the Debtors. Lowenstein Sandler PC represents the official committee of unsecured creditors as counsel. Stevens & Lee, P.C., represents the Committee as Delaware counsel. When the original Debtors filed for protection from their creditors, they listed between $50 million and $100 million in assets, and between $100 million and $500 million in debts. In its petition, J&D listed between $1 million and $10 million each in assets and debts. The original Debtors sold their business for $30 million to Mecalux SA, Spain's largest maker of warehouse equipment. The sale closed on March 9, 2009. INTERLAKE MATERIAL: J&D Company Files June 2009 Operating Report ---------------------------------------------------------------- On August 4, 2009, J&D Company, LLC, filed a monthly operating report for the month ending June 28, 2009, with the U.S. Bankruptcy Court for the District of Delaware. J&D incurred a net loss of $9,000 on sales of $2,491,000 for the month ending June 28, 2009. At June 28, 2009, J&D had $9,422,074 in total assets, $1,169,084 in total liabilities, and $8,252,990 in total shareholders' equity. J&D had cash of $968,060 at June 28, 2009. A copy of J&D's operating report for the month ending June 28, 2009, is available at no cost at: http://bankrupt.com/misc/j&d.junemor.pdf About Interlake Material Headquatered in Naperville, Illinois, Interlake Material Handling, Inc. -- http://www.interlake.com/-- makes steel storage racks in the United States. The Company, United Fixtures Company, Inc., UFC Interlake Holding Co., and Conco-Tellus, Inc. filed for Chapter 11 relief on January 5, 2009, with the U.S. Bankruptcy Court for the District of Delaware. On May 30, 2009, J&D Company, LLC, a wholly owned subsidiary of United Fixtures Company, Inc., filed for Chapter 11 protection with the same Court. The original Debtors' cases together with J&D's Chapter 11 case are being jointly administered under Case No. 09-11751. Winston & Strawn LLP represents the Debtors in their restructuring efforts. Young, Conaway, Stargatt & Taylor LLP is the Debtors' local counsel. Lake Pointe Partners, LLC, is the Debtors' financial advisor. Kurtzman Carson Consultants LLC is the claims agent for the Debtors. Lowenstein Sandler PC represents the official committee of unsecured creditors as counsel. Stevens & Lee, P.C., represents the Committee as Delaware counsel. When the original Debtors filed for protection from their creditors, they listed between $50 million and $100 million in assets, and between $100 million and $500 million in debts. In its petition, J&D listed between $1 million and $10 million each in assets and debts. The original Debtors sold their business for $30 million to Mecalux SA, Spain's largest maker of warehouse equipment. The sale closed on March 9, 2009. INTERLAKE MATERIAL: UFC Interlake Files Operating Report for June ----------------------------------------------------------------- On August 4, 2009, UFC Interlake Holding Company filed a monthly operating report for the month ending June 28, 2009, with the U.S. Bankruptcy Court for the District of Delaware. UFC Interlake incurred a net loss of $5,012,000 on zero sales for the month ending June 28, 2009. At June 28, 2009, UFC Interlake had $16,194,450 in total assets and $50,466,345 in total liabilities, resulting in a $34,271,894 stockholders' deficit. UFC Interlake had $98,752 in cash as of June 28, 2009. A copy of UFC Interlake's operating report for the month ending June 28, 2009, is available at no cost at: http://bankrupt.com/misc/ufcinterlake.junemor.pdf About Interlake Material Headquatered in Naperville, Illinois, Interlake Material Handling, Inc. -- http://www.interlake.com/-- makes steel storage racks in the United States. The Company, United Fixtures Company, Inc., UFC Interlake Holding Co., and Conco-Tellus, Inc. filed for Chapter 11 relief on January 5, 2009, with the U.S. Bankruptcy Court for the District of Delaware. On May 30, 2009, J&D Company, LLC, a wholly owned subsidiary of United Fixtures Company, Inc., filed for Chapter 11 protection with the same Court. The original Debtors' cases together with J&D's Chapter 11 case are being jointly administered under Case No. 09-11751. Winston & Strawn LLP represents the Debtors in their restructuring efforts. Young, Conaway, Stargatt & Taylor LLP is the Debtors' local counsel. Lake Pointe Partners, LLC, is the Debtors' financial advisor. Kurtzman Carson Consultants LLC is the claims agent for the Debtors. Lowenstein Sandler PC represents the official committee of unsecured creditors as counsel. Stevens & Lee, P.C., represents the Committee as Delaware counsel. When the original Debtors filed for protection from their creditors, they listed between $50 million and $100 million in assets, and between $100 million and $500 million in debts. In its petition, J&D listed between $1 million and $10 million each in assets and debts. The original Debtors sold their business for $30 million to Mecalux SA, Spain's largest maker of warehouse equipment. The sale closed on March 9, 2009. INTERLAKE MATERIAL: United Fixtures Files June Operating Report --------------------------------------------------------------- On August 4, 2009, United Fixtures Company, Inc., filed a monthly operating report for the month ending June 28, 2009, with the U.S. Bankruptcy Court for the District of Delaware. United Fixtures incurred a net loss of $1,851,000 on zero sales for the month ending June 28, 2009. At June 28, 2009, United Fixtures had 271,950 in total assets and $6,986,975 in total liabilities, resulting in a $6,715,025 stockholders' deficit. United Fixtures had $15,097 in cash as of June 28, 2009. A copy of United Fixtures' operating report for the month ending June 28, 2009, is available at no cost at: http://bankrupt.com/misc/unitedfixtures.junemor.pdf About Interlake Material Headquatered in Naperville, Illinois, Interlake Material Handling, Inc. -- http://www.interlake.com/-- makes steel storage racks in the United States. The Company, United Fixtures Company, Inc., UFC Interlake Holding Co., and Conco-Tellus, Inc. filed for Chapter 11 relief on January 5, 2009, with the U.S. Bankruptcy Court for the District of Delaware. On May 30, 2009, J&D Company, LLC, a wholly owned subsidiary of United Fixtures Company, Inc., filed for Chapter 11 protection with the same Court. The original Debtors' cases together with J&D's Chapter 11 case are being jointly administered under Case No. 09-11751. Winston & Strawn LLP represents the Debtors in their restructuring efforts. Young, Conaway, Stargatt & Taylor LLP is the Debtors' local counsel. Lake Pointe Partners, LLC, is the Debtors' financial advisor. Kurtzman Carson Consultants LLC is the claims agent for the Debtors. Lowenstein Sandler PC represents the official committee of unsecured creditors as counsel. Stevens & Lee, P.C., represents the Committee as Delaware counsel. When the original Debtors filed for protection from their creditors, they listed between $50 million and $100 million in assets, and between $100 million and $500 million in debts. In its petition, J&D listed between $1 million and $10 million each in assets and debts. The original Debtors sold their business for $30 million to Mecalux SA, Spain's largest maker of warehouse equipment. The sale closed on March 9, 2009. INTERMET CORP: Files Operating Report for Month Ended June 27 ------------------------------------------------------------- Intermet Corp. and its debtor-affiliates filed with the U.S. Bankruptcy Court for the District of Delaware on July 31, 2009, their monthly operating report for the period June 1, 2009, through June 27, 2009. At June 27, 2009, Intermet had total assets of $603.1 million, total liabilities of $241.3 million, and total shareholders' equity of $361.8 million. A full-text copy of Intermet and its debtor-affiliates' monthly operating report for the period ended June 27, 2009, is available for free at http://bankrupt.com/misc/intermet.junemor.pdf Based in Fort Worth, Texas, Intermet Corp. designs and manufactures machine precision iron and aluminum castings for the automotive and industrial markets. The Company and its debtor- affiliates filed for Chapter 11 protection on August 12, 2008 (D. Del. Case Nos. 08-11859 to 08-11866 and 08-11868 to 08-11878). Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and Michael E. Comerford, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as the Debtors' counsel. James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors' co-counsel. Kurtzman Carson Consultants LLC serves as the Debtors' claims, notice and balloting agent. An official committee of unsecured creditors has been formed in this case. In its petition, Intermet Corp. listed assets of $50 million to $100 million and debts of $100 million to $500 million. This is the Debtors' second bankruptcy filing. Intermet Corp., along with its debtor-affiliates, filed for Chapter 11 protection on September 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through 04-67614). Salvatore A. Barbatano, Esq., at Foley & Lardner LLP, represented the Debtors. In their previous bankruptcy filing, the Debtors listed $735,821,000 in total assets and $592,816,000 in total debts. Intermet Corporation emerged from its first bankruptcy filing in November 2005. KUSHNER-LOCKE: Posts $79,528 Net Loss in March 2009 --------------------------------------------------- The Kushner-Locke Company delivered its monthly operating report for the period March 1, 2009, to March 31, 2009. For the period, the Debtor generated $1,500 in total income and incurred a net loss of $79,528. Total payroll was $36,615. Legal fees totaled $17,460. At March 31, 2009, Kushner-Locke had $3,033,856 in total assets, ($1,612) in total liabilities, and $3,035,468 in total equity. A full-text copy of the Debtor's monthly operating report for March 2009 is available for free at: http://researcharchives.com/t/s?426f Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The Company, along with its debtor-affiliates filed for Chapter 11 protection on November 21, 2001 (Bankr. C.D. Calif. Lead Case No. 01-44828). Carol Chow, Esq., Marina Fineman, Esq., and Charles Axelrod, Esq., at Stutman, Treister & Glatt; and Mara Mornet-Ritt, Esq., at Brandon & Morner-Ritt, represent the Debtors in their restructuring efforts. Jeremy V. Richards, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the official committee of unsecured creditors as counsel. KUSHNER-LOCKE: Posts $72,467 Net Loss in April 2009 --------------------------------------------------- The Kushner-Locke Company delivered its monthly operating report for the period April 1, 2009, to April 30, 2009. For the period, the Debtor generated $2,000 in total income and incurred a net loss of $72,467. Total payroll was $36,705 and legal fees were $12,120. At April 30, 2009, Kushner-Locke had $2,967,487 in total assets, $4,486 in total liabilities, and $2,963,001 in total equity. A full-text copy of the Debtor's monthly operating report for April 2009 is available for free at: http://researcharchives.com/t/s?426e Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The Company, along with its debtor-affiliates filed for Chapter 11 protection on November 21, 2001 (Bankr. C.D. Calif. Lead Case No. 01-44828). Carol Chow, Esq., Marina Fineman, Esq., and Charles Axelrod, Esq., at Stutman, Treister & Glatt; and Mara Mornet-Ritt, Esq., at Brandon & Morner-Ritt, represent the Debtors in their restructuring efforts. Jeremy V. Richards, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the official committee of unsecured creditors as counsel. KUSHNER-LOCKE: Posts $72,573 Net Loss in May 2009 ------------------------------------------------- The Kushner-Locke Company delivered its monthly operating report for the period May 1, 2009, to May 31, 2009. For the period, the Debtor generated $12,806 in total income and incurred a net loss of $72,573. Payroll expense amounted to $59,134. Legal fees totaled $3,055. At May 31, 2009, Kushner-Locke had $2,853,157 in total assets, ($21,880) in total liabilities, and $2,875,038 in total equity. A full-text copy of the Debtor's monthly operating report for May 2009 is available for free at: http://researcharchives.com/t/s?426d Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The Company, along with its debtor-affiliates filed for Chapter 11 protection on November 21, 2001 (Bankr. C.D. Calif. Lead Case No. 01-44828). Carol Chow, Esq., Marina Fineman, Esq., and Charles Axelrod, Esq., at Stutman, Treister & Glatt; and Mara Mornet-Ritt, Esq., at Brandon & Morner-Ritt, represent the Debtors in their restructuring efforts. Jeremy V. Richards, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the official committee of unsecured creditors as counsel. KUSHNER-LOCKE: Posts $54,331 Net Loss in June 2009 -------------------------------------------------- The Kushner-Locke Company delivered its monthly operating report for the period June 1, 2009, to June 30, 2009. For the period, the Debtor generated $30,186 in total income and incurred a net loss of $54,331. Total payroll was $34,044. Legal fees totaled $35,888. At June 30, 2009, Kushner-Locke had $2,843,832 in total assets, $22,626 in total liabilities, and $2,821,206 in total equity. A full-text copy of the Debtor's monthly operating report for June 2009 is available for free at: http://researcharchives.com/t/s?426c Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The Company, along with its debtor-affiliates filed for Chapter 11 protection on November 21, 2001 (Bankr. C.D. Calif. Lead Case No. 01-44828). Carol Chow, Esq., Marina Fineman, Esq., and Charles Axelrod, Esq., at Stutman, Treister & Glatt; and Mara Mornet-Ritt, Esq., at Brandon & Morner-Ritt, represent the Debtors in their restructuring efforts. Jeremy V. Richards, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the official committee of unsecured creditors as counsel. LEXINGTON PRECISION: Posts $605,000 Net Loss in June 2009 --------------------------------------------------------- On July 31, 2009, Lexington Precision Corp. and Lexington Rubber Group, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York their monthly operating report for the month of June 2009. The Debtors reported a net loss of $605,000 on net sales of $5,422,000 for the month ended June 30, 2009. At June 30, 2009, the Debtors had total assets of $47,387,000, total liabilities of $100,342,000, and a stockholders' deficit of $52,955,000. A full-text copy of the Debtor's monthly operating report for the month of June 2009, is available for free at: http://bankrupt.com/misc/lexington.junemor.pdf About Lexington Precision Headquartered in New York, Lexington Precision Corp. -- http://www.lexingtonprecision.com/-- manufactures tight-tolerance rubber and metal components for use in medical, automotive, and industrial applications. As of February 29, 2008, the Company employed about 651 regular and 22 temporary personnel. The Company and its affiliate, Lexington Rubber Group Inc., filed for Chapter 11 protection on April 1, 2008 (Bankr. S.D.N.Y. Lead Case No.08-11153). Christopher J. Marcus, Esq., and Victoria Vron, Esq., at Weil, Gotshal & Manges, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Systems - Bankruptcy Solutions LLC as claims agent. The U.S. Trustee for Region 2 appointed six creditors to serve on an official committee of unsecured creditors. Paul N. Silverstein, Esq., and Jonathan Levine, Esq., at Andrews Kurth LLP, represent the Committee as counsel. On June 30, 2008, the Debtors filed with the Bankruptcy Court a plan of reorganization. It was amended twice, the latest amendment dated December 8, 2008. The Debtors currently plan to complete the liquidation of their connector-seal business before seeking approval of the Amended Plan. NORTEL NETWORKS: Posts $135 Million Net Loss in June 2009 --------------------------------------------------------- On August 17, 2009, 2009, Nortel Networks Inc. and several other direct and indirect U.S. subsidiaries and certain affiliates of Nortel Networks Inc. filed their monthly operating report for the period from May 31 2009, to June 30, 2009, with the United States Bankruptcy Court for the District of Delaware. For the period, the Nortel Networks Inc. reported a net loss of $135 million on total revenues of $455 million. Reorganization items amounted to $48 million. Equity in net loss from associated companies -- net of tax was $48 million. At June 30, 2009, Nortel Networks Inc. had $2.88 billion in total assets, $7.33 billion in total liabilities, and $4.45 billion in shareholders' deficit. A full-text copy of the Debtors' monthly operating report for the period from May 31, 2009, to June 30, 2009, is available for free at http://researcharchives.com/t/s?4270 About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next- generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel does business in more than 150 countries around the world. Nortel Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. Nortel Networks Corp., Nortel Networks Inc., and other affiliated corporations in Canada sought insolvency protection under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice (Commercial List). Ernst & Young has been appointed to serve as monitor and foreign representative of the Canadian Nortel Group. The Monitor also sought recognition of the CCAA Proceedings in the Bankruptcy Court under Chapter 15 of the Bankruptcy Code. Nortel Networks Inc. and 14 affiliates filed separate Chapter 11 petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138). Judge Kevin Gross presides over the case. James L. Bromley, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The Chapter 15 case is Bankr. D. Del. Case No. 09-10164. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. Certain of Nortel's European subsidiaries have also made consequential filings for creditor protection. The Nortel Companies related in a press release that Nortel Networks UK Limited and certain subsidiaries of the Nortel group incorporated in the EMEA region have each obtained an administration order from the English High Court of Justice under the Insolvency Act 1986. The applications were made by the EMEA Subsidiaries under the provisions of the European Union's Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings and on the basis that each EMEA Subsidiary's centre of main interests is in England. Under the terms of the orders, representatives of Ernst & Young LLP have been appointed as administrators of each of the EMEA Companies and will continue to manage the EMEA Companies and operate their businesses under the jurisdiction of the English Court and in accordance with the applicable provisions of the Insolvency Act. Several entities, particularly, Nortel Government Solutions Incorporated and Nortel Networks (CALA) Inc., have material operations and are not part of the bankruptcy proceedings. As of September 30, 2008, Nortel Networks Corp. reported consolidated assets of $11.6 billion and consolidated liabilities of $11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of September 30, 2008, NNI had assets of about $9 billion and liabilities of $3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about $4.2 billion of unsecured public debt. Bankruptcy Creditors' Service, Inc., publishes Nortel Networks Bankruptcy News. The newsletter tracks the Chapter 11 proceeding and ancillary foreign proceedings undertaken by Nortel Networks Corp. and its various affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) PROLIANCE INTERNATIONAL: Files Initial Monthly Operating Report --------------------------------------------------------------- On July 24, 2009, Proliance International, Inc., et al., filed with the U.S. Bankruptcy Court for the District of Delaware an initial monthly operating report. Proliance submitted a 7 week cash flow forecast for the week ended July 3, 2009, through August 14, 2009. A copy of the Proliance's initial monthly operating report is available at no cost at: http://bankrupt.com/misc/proliance.initialmor.pdf Based in New Haven, Connecticut, Proliance International, Inc. -- http://www.pliii.com/-- aka Godan makes automobile parts. The Company and its affiliates filed for Chapter 11 on July 2, 2009 (Bankr. D. Del. Lead Case No. 09-12278). Christopher M. Samis, Esq., and Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger PA, represent the Debtors in their restructuring efforts. The Debtors' financial condition as of June 22, 2009, showed total assets of $160.3 million and total debts of $133.5 million. The sale of Proliance's North American assets to Centrum Equities XV, LLC, was consummated under the provisions of Section 363 of the Bankruptcy Code on August 14, 2009. PROPEX INC: Fabric Estate's Operating Report for July ----------------------------------------------------- Fabrics Estate Inc., and its debtor affiliates submitted to the Court their monthly operating report for the month ended July 31, 2009. The July Monthly Operating Reports do not include a balance sheet, an income statement or a cash flow report. Instead, it itemizes certain accounts for escrow deposits, sales proceeds, and carve-outs, and the corresponding balance under those accounts. A full-text copy of the July Operating Report is available for free at http://bankrupt.com/misc/Propex_JulyReport.pdf About Propex Inc. Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It also produces primary and secondary carpet backing. Propex operates in North America, Europe, and Brazil. In Europe, the company has manufacturing facilities in Germany, Hungary and the United Kingdom. The Company and its debtor-affiliates filed for Chapter 11 protection on January 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249). The Debtors selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. The Official Committee of Unsecured Creditors tapped Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel. Propex Inc., and its affiliates delivered to the Court a Joint Plan of Reorganization and Disclosure Statement on October 29, 2008. As of June 29, 2008, the Debtors' balance sheet showed total assets of USUS$562,700,000, and total debts of USUS$551,700,000. Bankruptcy Creditors' Service, Inc., publishes Propex Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Propex Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) QIMONDA NORTH AMERICA: Incurs $1.2 Mil. Net Loss for July 2009 -------------------------------------------------------------- Qimonda North America Corp. recorded a net loss of $1,207,600 during the month ended July 31, 2009, of which $563,784 was spent for reorganization expenses. Since its bankruptcy filing, Qimonda N.A. has incurred a net loss of $816,720,061, of which $3,000,396 has been spent for reorganization expenses. The Company disclosed total assets of $305,059,470 against total debts of $220,326,192. Of those debts, $214,134,664 ($3,713,395 in priority debt and $210,421,269 in unsecured debt) constitutes as prepetition liabilities subject to compromise. As February 20, 2009, the petition date, Qimonda North America had total assets of $1,245,305,419 against total debts of $343,852,081. A copy of Qimonda North America's July Monthly Operating Report is available for free at: http://bankrupt.com/misc/QimondaNA_MOR_July09.pdf Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading global memory supplier with a diversified DRAM product portfolio. The Company generated net sales of EUR1.79 billion in financial year 2008 and had -- prior to its announcement of a repositioning of its business -- approximately 12,200 employees worldwide, of which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond (Virginia, USA). The Company provides DRAM products with a focus on infrastructure and graphics applications, using its power saving technologies and designs. Qimonda is an active innovator and brings high performance, low power consumption and small chip sizes to the market based on its breakthrough Buried Wordline technology. Qimonda AG commenced insolvency proceedings with a local court in Munich, Germany, on January 23, 2009. On June 15, 2009, QAG filed a petition for relief under Chapter 15 of the Bankruptcy Code (Bankr. E.D. Virginia Case No. 09-14766). Qimonda North America Corp., an indirect and wholly owned subsidiary of QAG, is the North American sales and marketing subsidiary of QAG. QNA is also the parent company of Qimonda Richmond LLC. QNA and QR filed for Chapter 11 on February 20 (Bankr. D. Del. Lead Case No. 09-10589). Mark D. Collins, Esq., Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at Richards Layton & Finger PA, represents the Debtors as counsel. Roberta A. DeAngelis, the United States Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. Jones Day and Ashby & Geddes represent the Committee. In its bankruptcy petition, Qimonda Richmond, LLC, listed more than US$1 billion each in assets and debts. The information was based on Qimonda Richmond's financial records which are maintained on a consolidated basis with Qimonda North America Corp. QIMONDA RICHMOND: Has $2.7 Mil. Loss in July, $201MM Since Filing ----------------------------------------------------------------- Qimonda Richmond LLC incurred a net loss of $25,711,359, on zero revenues for the month ended July 31, 2009. Since its bankruptcy filing, Qimonda Richmond has incurred losses aggregating $201,616,065 on revenues of $730,248. A total of $12,113,776 has been spent for professional and U.S. trustee fees. The Company disclosed total assets of $910,023,244 against total debts of $1,176,526,092. Of those debts, $1,112,839,293 ($260,547,465 in secured debt, $11,587,221 in priority debt and $840,704,607 in unsecured debt) constitutes as prepetition liabilities subject to compromise. As February 20, 2009, the petition date, Qimonda North America had total assets of $1,042,536,804 against total debts of $1,107,693,336. A copy of Qimonda Richmond's July Monthly Operating Report is available for free at: http://bankrupt.com/misc/QimondaRich_MOR_July09.pdf Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading global memory supplier with a diversified DRAM product portfolio. The Company generated net sales of EUR1.79 billion in financial year 2008 and had -- prior to its announcement of a repositioning of its business -- approximately 12,200 employees worldwide, of which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond (Virginia, USA). The Company provides DRAM products with a focus on infrastructure and graphics applications, using its power saving technologies and designs. Qimonda is an active innovator and brings high performance, low power consumption and small chip sizes to the market based on its breakthrough Buried Wordline technology. Qimonda AG commenced insolvency proceedings with a local court in Munich, Germany, on January 23, 2009. On June 15, 2009, QAG filed a petition for relief under Chapter 15 of the Bankruptcy Code (Bankr. E.D. Virginia Case No. 09-14766). Qimonda North America Corp., an indirect and wholly owned subsidiary of QAG, is the North American sales and marketing subsidiary of QAG. QNA is also the parent company of Qimonda Richmond LLC. QNA and QR filed for Chapter 11 on February 20 (Bankr. D. Del. Lead Case No. 09-10589). Mark D. Collins, Esq., Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at Richards Layton & Finger PA, represents the Debtors as counsel. Roberta A. DeAngelis, the United States Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. Jones Day and Ashby & Geddes represent the Committee. In its bankruptcy petition, Qimonda Richmond, LLC, listed more than US$1 billion each in assets and debts. The information was based on Qimonda Richmond's financial records which are maintained on a consolidated basis with Qimonda North America Corp. SEMGROUP LP: Records $7.8 Mil. Net Loss for June 2009 ----------------------------------------------------- SemCrude, L.P., et al. Consolidating Balance Sheet As of June 30, 2009 Cash $712,764,000 Accounts Receivable 66,676,000 Receivable from affiliate 135,856,000 Inventories 116,208,000 Derivative asset 1,174,000 Margin deposits 23,230,000 Income taxes receivable 0 Deferred tax asset 0 Other current assets 20,002,000 Current assets of discontinued operations 0 Intercompany 0 --------------- Total current assets 1,075,910,000 Property, plant and equipment 375,868,000 Accumulated depreciation (75,610,000) Pipeline linefine 8,889,000 --------------- Property, plant and equipment, net 309,147,000 Investment in subsidiaries 386,218,000 Long-term derivative assets 0 Goodwill 4,746,000 Investment in affiliates 110,641,000 Deferred tax asset 0 Accounts receivable long-term 451,715,000 Note receivable - CAMS 135,054,000 Long-term assets of discontinued operations 0 Other assets, net 30,013,000 --------------- Total assets $2,503,444,000 =============== Subject to Compromise Accounts payable $921,433,000 Book overdrafts 0 Accrued liabilities 1,014,206,000 Income taxes payable 0 Deferred revenue 0 Deferred income taxes 0 Derivative liabilities 0 Current liabilities of discontinued operations 0 Current portion of long-term debt 150,000,000 --------------- Total current liabilities 2,085,639,000 Revolver facility 665,000,000 Working capital facility 1,632,417,000 Term B notes 141,274,000 Capital lease obligations 0 Other obligations 0 Note payable to Parent 0 Senior Notes 600,000,000 Deferred tax liability 0 Long-term derivative liabilities 0 Asset retirement obligation 0 Pension obligations 13,888,000 Other long-term liabilities 0 Long-term liabilities of discontinued operations 0 Minority interest 0 Not Subject to Compromise Accounts payable 7,667,000 Book overdrafts 0 Accrued liabilities 60,383,000 Income taxes payable 0 Deferred revenue 661,000 Deferred income taxes 0 Derivative liabilities 8,886,000 Current liabilities of discontinued operations 0 Current portion of long-term debt 146,405,000 --------------- Total current liabilities 264,002,000 Revolver facility 0 Working capital facility 0 Term B notes 0 Capital lease obligations 190,000 Other obligations 0 Note payable to Parent 0 Senior Notes 0 Deferred tax liability 20,000 DIP credit facility 0 Long-term derivative liabilities 0 Asset retirement obligation 0 Pension obligations 0 Investment in affiliates 613,918,000 Other long-term liabilities 202,000 Long-term liabilities of discontinued operations 0 Minority interest 0 Accum other comprehensive income (17,190,000) Partners' capital (3,495,916,000) --------------- Total partners' capital (3,513,106,000) Total liabilities and partners' capital $2,503,444,000 =============== SemCrude, L.P., et al. Consolidating Income Statement For the Period from June 1 to 30, 2009 Sales Operating Outside Sales Product Sales $58,204,000 Services 4,071,000 Other Operating Revenue 487,000 --------------- Total Outside Operating Sales 62,762,000 Trading activity 461,000 --------------- Total Outside Operating Revenue 63,223,000 Operating Revenue Intercompany 15,324,000 --------------- Total Operating Revenue 78,547,000 Unrealized G/L on Derivatives (1,026,000) --------------- Total Revenue 77,521,000 Cost of Goods Sold Products 52,537,000 Transportation & Fuel 1,387,000 Other 89,000 --------------- Total Outside Cost of Goods Sold 54,013,000 Cost of Goods Sold Intercompany 14,487,000 --------------- Total Cost of Sales 68,500,000 Operating Expenses Wages and benefits 897,000 Field Expenses 616,000 Maintenance & repairs 294,000 Outside Services 374,000 Property & Equipment Leases & Rents 1,473,000 Insurance Permits licenses Taxes (33,000) Office 94,000 Travel Lodging Meetings 54,000 Other 257,000 --------------- Total Operating Expenses 4,026,000 General & Administrative Expenses Wages & Benefits 316,000 Miscellaneous 1,000 Maintenance & Repairs 18,000 Outside Services 894,000 Property & Equipment Leases & Rents 195,000 Insurance Permits licenses Taxes 439,000 Office 100,000 Travel Lodging Meetings 50,000 Other (162,000) --------------- Total General & Administrative Expenses 1,851,000 Earnings before interest Taxes Deprn Amort 3,144,000 Other (Income) Expenses Interest Income (42,000) Other Income (1,310,000) Foreign Currency Transaction (Income) Loss 359,000 Interest Expense 430,000 Depreciation 2,039,000 Amortization 98,000 Reorganization 9,392,000 Income Taxes 4,000 --------------- Net Income ($7,826,000) =============== Total disbursement for the period from June 1 to 30, 2009, aggregated $117,530,091. About SemGroup L.P. SemGroup, L.P., -- http://www.semgrouplp.com/-- is a midstream service company that provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids and refined products. Services include purchasing, selling, processing, transporting, terminalling and storing energy. SemGroup serves customers in the United States, Canada, Mexico and Wales. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-11525). John H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq., and Sherri L. Toub, Esq., at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq., and Sylvia A. Mayer, Esq., at Weil Gotshal & Manges LLP, represent the Debtors in their restructuring efforts. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on November 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. In their petition, they showed more than $1,000,000,000 in estimated total assets and more than $1,000,000,000 in total debts. Bankruptcy Creditors' Service, Inc., publishes SemGroup Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by SemGroup L.P. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-700) SHARPER IMAGE: Posts $56,181 Net Loss in July 2009 -------------------------------------------------- On August 13, 2009, TSIC, Inc., formerly known as The Sharper Image Corporation, filed with the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for July 2009. The Company incurred a $56,181 net loss on zero revenue for the month of July 2009. At July 31, 2009, the Company had $11,040,565 in total assets and $101,900,734 in total liabilities. A full-text copy of TSIC's monthly operating report for the month ended July 31, 2009, is available at: http://researcharchives.com/t/s?4275 The Sharper Image Headquartered in San Francisco, California, Sharper Image Corp. -- http://www.sharperimage.com/-- was a multi-channel specialty retailer. It operated in three principal selling channels: the Sharper Image specialty stores throughout the U.S., the Sharper Image catalog and the Internet. The Company has operations in Australia, Brazil and Mexico. In addition, through its Brand Licensing Division, it was also licensing the Sharper Image brand to select third parties to allow them to sell Sharper Image branded products in other channels of distribution. The Company filed for Chapter 11 protection on February 19, 2008 (Bankr. D.D., Case No. 08-10322). Judge Kevin Gross presides over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP, serve as the Debtor's lead counsel. Steven K. Kortanek, Esq., and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice, P.L.L.C., serve as the Debtor's local Delaware counsel. An official committee of unsecured creditors has been appointed in the case. Cooley Godward Kronish LLP is the Committee's lead bankruptcy counsel. Whiteford Taylor Preston LLC is the Committee's Delaware counsel. When the Debtor filed for bankruptcy, it listed total assets of $251,500,000 and total debts of $199,000,000. As of June 30, 2008, the Debtor listed $52,962,174 in total assets and $39,302,455 in total debts. Sharper Image sought and obtained the Court's approval to change its name to "TSIC, Inc." in relation to an Asset Purchase Agreement by the Debtor with Gordon Brothers Retail Partners, LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital, LLC. SILICON GRAPHICS: Ends June 2009 with $5.5 Million Cash ------------------------------------------------------- Graphics Properties Holdings, Inc., f/k/a Silicon Graphics, Inc., and certain other debtor-in-possession subsidiaries have filed unaudited unconsolidated monthly operating reports for the period from June 1 to June 30, 2009, with the United States Bankruptcy Court for the Southern District of New York. The operating reports contain unaudited information and are subject to revision. A full-text copy of the operating report is available at no charge at http://ResearchArchives.com/t/s?41e9 Debtor Graphics Properties Holdings ended the period with $5,595,179 in cash: Cash June 1, 2009 $7,957,111 ---------- Operating Disbursements Accounts payable $2,361,932 ---------- Net cash flow $2,361,932 ---------- Cash June 30, 2009 $5,595,179 About Silicon Graphics Headquartered in Sunnyvale, California, Silicon Graphics Inc. -- http://www.sgi.com/-- delivers an array of server, visualization, and storage software. This is the second bankruptcy filing for Silicon Graphics. The Debtors first filed for Chapter 11 on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977 through 06-10990). Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal & Manges LLP, represent the Debtors in their restructuring efforts. The Court confirmed the Debtors' Plan of Reorganization on September 19, 2006. When the Debtors filed for protection from their creditors, they listed total assets of $369,416,815 and total debts of $664,268,602. The Company and 14 of its affiliates filed for protection for the second time on April 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-11701). Mark R. Somerstein, Esq., at Ropes & Gray LLP, represents the Debtors in their restructuring efforts. The Debtors proposed AlixPartners LLC as restructuring advisor; Houlihan Lokey Howard & Zukin Capital, Inc., as financial advisor; and Donlin, Recano & Company, Inc., as claims and noticing agent. When the Debtors filed for protection from their creditors, they listed $390,462,000 in total assets and $526,548,000 in total debts as of 2008. On June 4, 2009, the Company amended its Amended and Restated Certificate of Incorporation pursuant to the Certificate of Amendment of Amended and Restated Certificate of Incorporation of Silicon Graphics, Inc., to change its name to Graphics Properties Holdings, Inc. TOUSA INC: Reports $21.7 Million Net Loss in July 2009 ------------------------------------------------------ According to Bloomberg's Bill Rochelle, Tousa Inc. reported a $21.7 million net loss in July on revenue of $42.3 million. Cash and equivalents rose $19.2 million over the month to end at $292.1 million. So far this year, Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets: TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder in the United States, operating in various metropolitan markets in 10 states located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. The Debtor and its debtor-affiliates filed for separate Chapter 11 protection on January 29, 2008 (Bankr. S.D. Fla. Case No. 08- 10928). The Debtors have selected M. Natasha Labovitz, Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M. Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger Singerman, to represent them in their restructuring efforts. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' independent auditor and tax services provider. Kurtzman Carson Consultants LLC acts as the Debtors' Notice, Claims & Balloting Agent. TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba Eagle Homes, filed for Chapter 11 Protection on July 30, 2008 (Bankr. S.D. Fla. Case No. 08-20746). It listed assets between $1 million and $10 million, and debts between $1 million and $10 million. The Official Committee of Unsecured Creditors hired Patricia A. Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff & Sitterson, P.A., as its local counsel. TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets of $1,734,422,756 and total liabilities of $2,300,053,979. Bankruptcy Creditors' Service, Inc., publishes TOUSA Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by TOUSA Inc. and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TRONOX INC: Records $4.8 Million Net Income for July 2009 --------------------------------------------------------- TRONOX INCORPORATED CHAPTER 11 DEBTORS Unaudited Condensed Consolidated Balance Sheet As of July 31, 2009 ASSETS Cash and cash equivalents $36,000,000 Notes and accounts receivable intercompany 336,400,000 Accounts receivable, third parties 107,200,000 Inventories, net 141,400,000 Prepaid and other assets 19,700,000 Income tax receivable 500,000 Deferred income taxes 1,200,000 ---------------- Total Current Assets 642,400,000 Property, plant and equipment, net 193,200,000 Notes and advances receivable, intercompany 111,500,000 Other long-term assets 388,200,000 ---------------- Total Assets $1,335,300,000 ================ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable, third parties $36,400,000 Accrued liabilities 60,700,000 Long-term debt due within one year 54,200,000 Income taxes payable 1,300,000 Long-term debt classified as current 212,500,000 ---------------- Total Current Liabilities 365,100,000 Noncurrent liabilities: Deferred income taxes 13,800,000 Environmental remediation and restoration 125,500,000 Notes and advances payable, intercompany 9,200,000 Other 88,300,000 ---------------- Total Liabilities Not Subject to Compromise 601,900,000 Minority Interest 3,400,000 Liabilities Subject to compromise 430,900,000 Commitments and contingencies 0 Stockholders' equity Common stock 400,000 Capital in excess of par value 496,500,000 Retained earnings (accumulated deficit) (206,500,000) Accumulated other comprehensive income (loss) 15,900,000 Treasury stock, at cost (7,200,000) ---------------- Total Stockholders' Equity 299,100,000 ---------------- Total Liabilities and Stockholders' Equity $1,335,300,000 ================ TRONOX INCORPORATED CHAPTER 11 DEBTORS Unaudited Condensed Consolidated Statement of Operations Month Ended July 31, 2009 Net Sales $60,100,000 Cost of goods sold 49,700,000 ------------- Gross margin 10,400,000 Selling, general and admin. Expenses 2,100,000 Gain on land sales (200,000) Provision for doubtful notes and accounts 0 ------------- 8,500,000 Interest and debt expense 2,900,000 Other (income) expense, net (1,900,000) Reorganization items 2,300,000 ------------- Income from continuing operations before income taxes 5,200,000 Income tax provision (benefit) 0 ------------- Income from continuing operations 5,200,000 Income (loss) from discontinued operations, net of tax (400,000) ------------- Net income $4,800,000 ============= About Tronox Inc. Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets: TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer of titanium dioxide pigment, with an annual production capacity of 535,000 tonnes. Titanium dioxide pigment is an inorganic white pigment used in paint, coatings, plastics, paper and many other everyday products. The Company's four pigment plants, which are located in the United States, Australia and the Netherlands, supply high-performance products to approximately 1,100 customers in 100 countries. In addition, Tronox produces electrolytic products, including sodium chlorate, electrolytic manganese dioxide, boron trichloride, elemental boron and lithium manganese oxide. Tronox has $1.6 billion in total assets, including $646.9 million in current assets, as at September 30, 2008. The Company has $881.6 million in current debts and $355.9 million in total noncurrent debts. Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates filed for Chapter 11 protection on January 13, 2009 (Bankr. S.D. N.Y. Case No. 09-10156). The case is before Hon. Allan L. Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York, represent the Debtors. The Debtors also tapped Togut, Segal & Segal LLP as conflicts counsel; Rothschild Inc. as investment bankers; Alvarez & Marsal North America LLC, as restructuring consultants; and Kurtzman Carson Consultants serves as notice and claims agent. An official committee of unsecured creditors and an official committee of equity security holders have been appointed in the cases. The Creditors Committee has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel. Until September 30, 2008, Tronox Inc. was publicly traded on the New York Stock Exchange under the symbols TRX and TRX.B. Since then, Tronox Inc. has traded on the Over the Counter Bulletin Board under the symbols TROX.A.PK and TROX.B.PK. As of December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares of class A common stock and 22,889,431 outstanding shares of class B common stock. Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Tronox Inc. and its 14 affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TRUMP ENTERTAINMENT: Records $2.85 Mil. Combined Net Loss in July ----------------------------------------------------------------- For the month ended July 31, 2009, Trump Entertainment Resorts Inc. and its debtor-affiliates reported a consolidated net loss of $2,846,000. Net revenues totalled $23,274,000 during the month. EBITDA was $13,000,000. 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. For the period February 17 through July 31, 2009, Trump had accumulated a net loss of $475,608,000 on net revenues of $364,000,000. Trump filed for Chapter 11 on February 17. Trump Entertainment had total assets of $1,442,516,000 against total debts of $2,084,750,000. At July 31, the Debtors had cash of $76,315,000, compared with $71,156,000 at the start of the month. At February 16, 2009, the Debtors had total assets of $2,035,364,000 against debts of $2,054,219,000. A copy of the Debtors' July monthly operating report is available for free at http://bankrupt.com/misc/Trump_MOR_July09.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 November 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 April 5, 2005, and in May 2005, it exited from bankruptcy under the name Trump Entertainment Resorts Inc. TXCO RESOURCES: Files Revised Monthly Operating Report for June --------------------------------------------------------------- On August 14, 2009, TXCO Resources Inc. and its subsidiaries filed a revised 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 $42,394,974 on revenues of $4,318,042 for the month of June. Results for the period include a impairment charge in the amount of $36,347,571. At June 30, 2009, the Debtors had $397,932,690 in total assets, $344,117,513 in total liabilities, and $53,815,178 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' revised monthly operating report for June is available for free at: http://researcharchives.com/t/s?4273 A full-text copy of the Debtors' previously filed monthly operating report for June is available for free at: http://researcharchives.com/t/s?40fa ********* 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. 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