/raid1/www/Hosts/bankrupt/TCR_Public/091121.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, November 21, 2009, Vol. 13, No. 322
Headlines
ACCEPTANCE INSURANCE: Posts $779,004 Net Loss in October
BROADSTRIPE LLC: Reports $6.2 Million September Net Loss
CAPITAL CORP: Posts $54,534 Net Loss in October
CATHOLIC CHURCH: Fairbanks Has $4.75MM Net Assets at End of August
CATHOLIC CHURCH: Wilmington Shows Five-Week Budget
CDX GAS: Reports Net Income of $13.3 Million in August
CHEMTURA CORP: Reports $10 Million Net Loss in October
OPUS WEST: Incurs $134 Million Loss for September
CHEMTURA CORP: Posts $10 Million Net Loss in October
DRUG FAIR: Earns $110,593 in August 1 to August 29 Period
EXTENDED STAY: Incurs $22.9 Million Net Loss for October
FREMONT GENERAL: Posts $2.8 Million Net Loss in October
GENERAL MOTORS: Old GM Has Net Debts of $33.50 Bil. at Aug. 31
GENERAL MOTORS: Old GM Has Net Debts of $33.54 Bil. at Sept. 30
GUARANTY FINANCIAL: Posts $265,340 Net Loss in October
INTERLAKE MATERIAL: Ends August With $171,964 Cash
INTERMET CORP: Ends August With $9,355,438 Cash
LANDAMERICA FIN'L: Posts $35.9 Million Net Loss in September
LEHMAN BROTHERS: Has $2.558 Bil. Cash at Oct 31, 2009
LTV CORP: Ends October With $10,278,000 Cash Balance
NORWOOD PROMOTIONAL: Reports $345,056 Net Income in September
OPUS SOUTH: Incurs $133,000 Loss for September
PACIFIC ENERGY: Posts $382,830 Net Loss in September
PFF BANCORP: Posts $106,456 Net Loss in October
PROLIANCE INTERNATIONAL: Earns $341,000 in September
SMURFIT-STONE: Reports $14.1 Million Profit for September
TOUSA INC: Reports $12.6 Million Net Loss for September
TRIBUNE CO: Records $26.4 Million Income for Month Ending Sept. 27
TRONOX INC: Discloses $7.6 Mil. Net Loss for September
TROPICANA ENT: OpCo Debtor Report $9.85 Mil. Loss for September
VINEYARD NATIONAL: Posts $92,157 Net Loss in October
WHITEHALL JEWELERS: Posts $637,000 Net Loss from Oct. 4 to Oct. 31
*********
ACCEPTANCE INSURANCE: Posts $779,004 Net Loss in October
--------------------------------------------------------
Acceptance Insurance Companies Inc. filed with the U.S.
Bankruptcy Court for the District of Nebraska on November 10,
2009, its monthly operating report for October 2009.
For the month ended October 2009, Acceptance Insurance Companies
Inc. posted a net loss of $779,004 on net investment income of
$560.
The Debtor reported total assets of $2,019,201, total liabilities
of $138,167,654, and stockholders' deficit of $136,148,453 as of
October 31, 2009.
A full-text copy of the Debtor's October 2009 operating report is
available at http://researcharchives.com/t/s?49cf
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either
directly or indirectly, several companies, one of which is an
insurance company that accounts for substantially all of the
business operations and assets of the corporate groups.
The Company filed for Chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services, Inc., and American Agrisurance,
Inc. -- each filed Chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on January 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC, LLO,
represent the Official Committee of Unsecured Creditors in
Acceptance Insurance's case.
BROADSTRIPE LLC: Reports $6.2 Million September Net Loss
--------------------------------------------------------
According to Bloomberg's Bill Rochelle, Broadstripe LLC reported a
$6.2 million net loss in September on revenue of $7.9 million.
Broadstripe already filed a reorganization plan to carry out an
agreement reached before the Chapter 11 filing with holders of the
first- and second-lien debt. But like in the previous extension
requests, Broadstripe noted that the official committee of
unsecured creditors has filed a lawsuit seeking to invalidate the
lenders' liens. Until the suit is resolved, the Committee won't
support a plan that recognizes the validity of the lenders'
claims.
About Broadstripe LLC
Headquartered in Chesterfield, Missouri, Broadstripe LLC --
http://www.broadstripe.com/-- provides videos and telephone
services to consumers and business in Maryland, Michigan,
Washington and Oregon. The Company and five of its affiliates
filed for Chapter 11 protection on January 2, 2009 (Bankr. D. Del.
Lead Case No. 09-10006). Attorneys at Ashby & Geddes, and Gardere
Wynne Sewell LLP represent the Debtors in their restructuring
efforts. The Debtors tapped FTI Consulting Inc. as their
restructuring consultant, and Epiq Bankruptcy Consultants LLC as
their claims agent. In its petition, Broadstripe listed assets
and debts between $100 million and $500 million.
CAPITAL CORP: Posts $54,534 Net Loss in October
-----------------------------------------------
Capital Corp of the West filed its monthly report of operations
for the month ended October 31, 2009, on November 13, 2009, with
the United States Bankruptcy Court for the Eastern District of
California, Fresno Division.
Capital Corp recorded a net loss of $54,534 in October.
As of October 31, 2009, the Company had $6,787,451 in total assets
and $64,926,439 in total liabilities, resulting in a $58,138,988
stockholders' deficit.
The Company ended the period with $6,781,488 in cash. Total cash
disbursements for the period were $54,534.
A full-text copy of Capital Corp's October operating report is
available at no charge at http://researcharchives.com/t/s?49d1
Incorporated on April 26, 2005, Capital Corp of the West is a bank
holding company whose primary asset and source of income is County
Bank. County Bank is a community bank with operations located
mainly in the San Joaquin Valley of Central California with
additional business banking operations in the San Francisco Bay
Area. The corporate headquarters of the Company and the Bank's
main branch facility are located at 550 West Main Street, Merced,
California.
County Bank was closed February 6, 2009, by the California
Department of Financial Institutions, which appointed the Federal
Deposit Insurance Corporation as receiver. To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with Westamerica Bank, based in San Rafael, California,
to assume all of the deposits of County Bank. As of February 2,
2009, County Bank had total assets of approximately $1.7 billion
and total deposits of $1.3 billion. In addition to assuming all
of the failed bank's deposits, including those from brokers,
Westamerica Bank agreed to purchase all of County Bank's assets.
According to Capital Corp, although County Bank made no "subprime
mortgages," it had made substantial loans to developers for
acquisition, development and construction of residential homes and
condominiums throughout California's Central Valley. Overbuilding
and an increase in foreclosures in the market resulted in rapidly
declining real property values, and contributed to the rise in
nonperforming loans.
Capital Corp of the West filed for bankruptcy on May 11, 2009
(Bankr. E.D. Calif. Case No. 09-14298). Judge W. Richard Lee
presides over the case. Paul J. Pascuzzi, Esq., at Felderstein
Fitzgerald Willoughby & Pascuzzi, serves as the Debtor's
bankruptcy counsel. Hagop T. Bedoyan, Esq., serves as counsel to
the official committee of unsecured creditors. As of June 30,
2009, Capital Corp of the West had $6,684,645 in total assets and
$57,734,000 in total liabilities. In its Chapter 11 petition, the
Company disclosed $6,789,058 in total assets and $68,096,190 in
total debts.
CATHOLIC CHURCH: Fairbanks Has $4.75MM Net Assets at End of August
------------------------------------------------------------------
Catholic Bishop of Northern Alaska
Statement of Financial Position
As of August 31, 2009
CBNA Held for
ASSETS Total Others
----- --------
Cash and cash equivalents $835,057 $30,265
Investments:
Valuables in safe 168 -
Trust account @ market 752,579 -
457 Plan assets @ market - 115,443
Endowment Fund @ market - 14,710,992
Endowment Fund - earnings @ market (1,440,781) -
Stocks 12,146 -
Limited partnerships 261,324 -
Accounts receivable, net of allowance:
Tuition, fees and others 97,585 -
For parishes and school 112,562 -
Other 33,670 -
Notes and other receivables 53,543 -
Grants pledged - -
Fixed assets, net at cost:
Land and building 7,410,546 -
Aircraft 123,341 -
Equipment 9,826 -
Other assets 396,800 -
---------- ----------
Total Assets $8,658,371 $14,856,701
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable/accrued liabilities $1,895,307 -
Notes payable 216,966 -
D.I.P. Loan 1,000,000 -
Benefits payable 76,013 -
Deferred revenue 3,194 -
Annuities payable 186,527 -
Other liabilities 83,006 -
Payroll-related liabilities:
Payroll taxes 38,120 -
General vacation accrual account 18,067 -
Tax sheltered annuity - -
Accrued leave 220,143 -
Insurance:
Long term disability 442 -
Insurance deposits payables 37,060 -
Insurance reserves expense 73,276 -
Indemnity insurance reserves 261 -
Medical/Dental payroll deduction 57,254 -
CBNA building loan - -
---------- ----------
Total Liabilities 3,905,643 -
---------- ----------
Total net assets 4,752,727 14,856,701
---------- ----------
Total Liabilities and Net Assets $8,658,371 $14,856,701
========== ==========
Catholic Bishop of Northern Alaska
Statement of Activities
For the month ending August 31, 2009
CBNA Held for
Total Others
Support and revenue: ----- --------
Parish assessments - -
Tuition, net of tuition assistance $409,037 -
Curricular income 26,475 -
Donations 537,336 -
Investment income 305,983 $44,389
Other income (4,989) 3,310
Temporarily restricted gifts 50,088 -
---------- ----------
Total support and revenue 1,323,932 47,699
Expenses:
Operating expenses 71,687 -
Supplies 17,697 -
Repair & Maintenance 45,382 -
Utilities 16,833 -
Insurance 8,213 -
Staff Expenses:
Salaries & Wages 348,533 -
Payroll Taxes 21,265 -
Employee Benefits 81,547 -
Curricular Expenses 29,115 -
Recruiting, advertising and PRs 7,289 -
Travel Expenses 6,180 -
Student related expenses - -
Contributions 300 -
Professional and technical fees 18,646 -
Investment services 8,447 $1,121
Subsidies 9,000 -
Rental/Lease Expense 32,660 -
Assessments - -
Fund Raising Expense 52,715 -
Radio Programming Expense 3,073 -
Radio Technical Dept. Expenses 11,362 -
Miscellaneous Expense 5,210 -
---------- ----------
Total General 795,160 1,121
Funds released from restricted funds - -
Net change in designated funds - -
---------- ----------
Total Expenses 795,160 1,121
---------- ----------
Increase (decrease) in net assets 528,771 46,578
---------- ----------
Re-organization costs 162,641 -
Increase (decrease) in net assets ---------- ----------
after Re-org costs 366,129 46,578
Net assets:
Beginning of month 4,386,598 14,810,123
---------- ----------
End of month $4,752,727 $14,856,701
========== ==========
Catholic Bishop of Northern Alaska
Cash Receipts and Disbursements
For the month ending August 31, 2009
CBNA Held for
Total Others
----- --------
Beginning balance - February 2008 $433,719 $31,975
Total receipts - prior general
account reports 20,485,838 2,267,646
Less total disbursements 20,238,218 2,138,463
---------- ----------
Beginning balance - July 31, 2009 681,339 161,158
Receipts during current period:
Transfers between internal accounts 119,679 -
Funds received by CBNA from KNOM 59,933 -
Funds received from Catholic Schools 32,767 -
Funds received by Catholic Schools 14,357 -
Funds collected from others 80,289 80,289
Custodial funds 203 203
Accounts receivable 303,669 -
Restricted funds and endowment gifts 51,248 -
Donations 531,285 -
Interest & dividends 278 -
Payment refund/return 3,288 -
Programs 12,000 -
Weather service income 150 -
Co-curricular income 974 -
Curricular income 30 -
Parish & school funds and endowments 3,344 -
Other income/fees 4,013 -
Miscellaneous 2,275 -
Sale of books and cards 717 -
Sale of merchandise 394 -
---------- ----------
Total receipts this period 1,220,900 80,492
---------- ----------
Balance 1,902,239 241,651
Less total disbursements:
Transfers between internal accounts 119,679 -
Transfers from KNOM to CBNA for payroll 58,322 -
Transfers from Cath. schools to CBNA 32,767 -
Transfers from CBNA to Cath. schools 14,357 -
Funds disbursed for others 73,486 73,486
Custodial funds 14,026 14,026
Curricular expense 90 -
Programming - News service 16,178 -
Mission & program support 5,095 -
Wages & salaries 266,922 -
Employee benefits 116,583 -
Staff development 3,210 -
Furniture, fixtures & equipments 3,000 -
Supplies: maintenance/repairs 30,190 -
Supplies: school 1,151 -
Supplies: office 3,512 -
Maintenance/repairs 5,155 -
Telephone/Internet 4,925 -
Utilities 16,569 -
Dues/Fees 703 -
Refunds 2,874 -
Travel 11,249 -
Printing & copying 5,132 -
Postage 65,633 -
Services & insurance 4,960 -
Medical reimbursements 76 -
Liability insurance 1,944 -
Taxes 50,436 -
NSF's 180 -
Bank fees and charges 3,291 -
Interest expense 1,023 -
Music license fee 373 -
List rental and copy leases 36,662 -
Annuities 1,863 -
Professional fees 10,053 -
U.S. Trustees fees 9,750 -
Miscellaneous 3,597 -
Supplies: food 6,153 -
Subscriptions 198 -
Mass stipends 225 -
Subsidies 26,333 -
Supplies: religious 10,399 -
Void checks 173 -
---------- ----------
Total disbursements this period 1,038,513 87,512
---------- ----------
Ending balance - August 31, 2009 $863,726 $154,138
========== ==========
About Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts. Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel. Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case. The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.
The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008. Its exclusive plan filing period
expires on January 15, 2009. (Catholic Church Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Wilmington Shows Five-Week Budget
--------------------------------------------------
Catholic Diocese of Wilmington, Inc.
Statement of Activities - 5 Week Cash Basis
Budget for Week Beginning November 2, 2009
5-WEEK TOTAL
CDOW Operations ------------
CDOW Revenue
Assessments $170,000
Investment Income -
Operational Income 7,675
Designated Income, Education 23,000
--------
Total CDOW Revenue 200,675
CDOW Expenses
Payroll & Taxes 229,000
Medical Payments 61,000
Other Compensation 43,200
Other Operational 145,000
Capital Expenditures -
Catholic Schools, Inc. 88,392
Casa San Francisco 50,000
Ministry to the Elderly 12,000
Neumann Center 9,550
Vision for the Future,
Tuition Assistance 266,665
Owed to Parishes, Cap Campaign 1,100
--------
Total CDOW Expenses 905,907
--------
CDOW NET OPERATING CASH (705,232)
--------
Program Services
Annual Appeal Revenue 180,000
Program Services Expenditures
Catholic Youth Organization 18,000
Catholic Charities 188,536
The Dialog 46,420
--------
Total Program Services Expenses 252,956
--------
PROGRAM SERVICES NET CASH (72,956)
--------
Benefits & Insurance Program Administration
Medical Program
Premiums Received 1,000,000
Expenses 1,000,000
--------
Net Medical -
Workers Compensation
Premiums Received -
Expenses 30,000
--------
Net Workers Comp (30,000)
Property & Liability Insurance
Premiums Received 137,500
Expenses 25,000
--------
Net P&L Insurance 112,500
Pensions
Priests 112,000
Lay Employees 14,475
--------
Total Pensions 126,475
--------
208,975
--------
NET CHANGE IN LIQUIDITY ($569,213)
========
A complete copy of Wilmington's initial monthly operating report
is available for free at:
http://bankrupt.com/misc/Wilmington_Initial_Operating_Report.pdf
About the Diocese of Wilmington
The Diocese of Wilmington covers Delaware and the Eastern Shore of
Maryland and serves about 230,000 Catholics. The Delaware diocese
is the seventh Roman Catholic diocese to file for Chapter 11
protection to deal with lawsuits for sexual abuse. Previous
filings were by the dioceses in Spokane, Washington; Portland,
Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and
San Diego, California.
The bankruptcy filing automatically stayed eight consecutive abuse
trials scheduled in Delaware scheduled to begin October 19. There
are 131 cases filed against the Diocese, with 30 scheduled for
trial.
The Diocese filed for Chapter 11 on Oct. 18, 2009 (Bankr. D. Del.
Case No. 09-13560). Attorneys at Young Conaway Stargatt & Taylor,
LLP, serve as counsel to the Diocese. The Ramaekers Group, LLC is
the financial advisor. The petition says assets range $50,000,001
to $100,000,000 while debts are between $100,000,001 to
$500,000,000.
CDX GAS: Reports Net Income of $13.3 Million in August
------------------------------------------------------
On November 3, 2009, 2009, CDX Gas LLC filed a monthly operating
report for the month ended August 31, 2009, with the U.S.
Bankruptcy Court for the Southern District of Texas.
For the month, the Debtor reported net income of $13.3 million on
revenues of $2.3 million.
CDX Gas ended the period with $11.4 million cash. Total receipts
were $6.9 million and total disbursements were $6.4 million,
including $294,632 in payments for professional fees. Beginning
cash was $10.9 million.
At August 31, 2009, the Debtor had $820.2 million in total assets,
$789.3 million in total liabilities, and $30.9 million in total
owner's equity.
A full-text copy of the Debtor's August 2009 operating report is
available at http://bankrupt.com/misc/cdxgas.augustmor.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: Reports $10 Million Net Loss in October
------------------------------------------------------
According to Bloomberg's Bill Rochelle, Chemtura Corp. reported a
$10 million net loss in October on net sales of $150 million.
Operating profit in the month was $4 million while reorganization
items were $5 million.
In September, Chemtura incurred a net loss of $12 million on net
sales of $171 million. Operating loss was $1 million and
reorganization items was $9 million.
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)
OPUS WEST: Incurs $134 Million Loss for September
-------------------------------------------------
Opus West Corporation
Balance Sheet
As of September 30, 2009
ASSETS:
Unrestricted cash $5,667,991
Restricted cash 0
------------
Total cash 5,667,991
Accounts receivable 1,832,164
Inventory 0
Notes receivable 6,407,991
Prepaid expenses 27,898
Other security deposits 19,792
------------
Total current assets 13,955,836
Property, plant, & equipment 196,969
Less: accumulated depreciation/depletion 111,667
------------
Net property, plant, & equipment 85,302
Due from insiders 0
Other assets 45,468,128
------------
Total assets $59,509,266
============
POSTPETITION LIABILITIES:
Accounts payable $45,857
Taxes payable 49,515
Notes payable 0
Professional fees 0
Secured debt 0
Other - employee benefits 26,609
------------
Total postpetition liabilities $121,981
PREPETITION LIABILITIES:
Secured debt $30,446,406
Priority debt 431,734
Unsecured debt 212,102,425
Other - GAAP accruals 3,122,801
------------
Total prepetition liabilities 246,103,366
------------
Total liabilities 246,225,347
EQUITY:
Prepetition owners' equity (31,577,733)
Postpetition cumulative profit (loss) (155,138,348)
Direct charges to equity 0
------------
Total equity (186,716,081)
------------
Total liabilities & owners' equity $59,509,266
============
Opus West Corporation
Income Statement
For the month ended September 30, 2009
Revenues:
Gross revenue $0
Less: returns & discounts 0
------------
Net revenue 0
Cost of Goods Sold:
Material (4,898)
Direct labor 0
Direct overhead 0
------------
Total cost of goods sold (4,898)
Gross profit 4,898
Operating Expenses:
Officer/insider compensation 40,000
Selling & marketing 0
General & administrative 396,131
Rent & lease 171,594
Other 0
------------
Total operating expenses $607,725
Income before non-operating income & expense ($602,827)
Other Income & Expenses:
Non-operating income $137,202,436
Non-operating expense 0
Interest expense 51,667
Depreciation/depletion 0
Amortization 0
Other - interest income 120,206
------------
Net other income & expenses $137,374,309
Reorganization Expenses:
Professional fees 0
U.S. Trustee fees 0
Other 0
------------
Total reorganization expenses 0
------------
Income tax 0
------------
Net profit (loss) ($137,977,136)
============
Opus West Corporation
Cash Receipts & Disbursements
For the month ended September 30, 2009
Cash - beginning of period $3,299,605
Receipts From Operations:
Cash sales 0
Collection of Accounts Receivable:
Prepetition 1,353,881
Postpetition 0
------------
Total operating receipts 1,353,881
Non-operating Receipts:
Loans & advances 0
Sale of assets 509,683
Other 1,110,204
------------
Total non-operating receipts 1,619,887
Total receipts 2,973,768
Total cash available 6,273,373
Operating Disbursements:
Net payroll 162,749
Payroll taxes paid 67,631
Sales, use & other taxes paid 0
Secured/rental/leases 171,594
Utilities 6,673
Insurance 3,168
Inventory purchases 0
Vehicle expenses 0
Travel 3,222
Entertainment 85
Repairs & maintenance 0
Supplies 0
Advertising 0
Other 190,260
------------
Total operating disbursements 605,382
Reorganization Expenses:
Professional fees 0
U.S. Trustee fees 0
Other 0
------------
Total reorganization expenses 0
------------
Total disbursements 605,382
------------
Net cash flow 2,368,386
------------
Cash - end of period $5,667,991
============
Opus West L.P.
Balance Sheet
As of September 30, 2009
ASSETS:
Unrestricted cash $332,755
Restricted cash 0
------------
Total cash 332,755
Accounts receivable 6,065,529
Inventory 0
Notes receivable 0
Prepaid expenses 6,309
Other security deposits 750
------------
Total current assets 6,405,343
Property, plant, & equipment 39,678
Less: accumulated depreciation/depletion 27,113
------------
Net property, plant, & equipment 12,565
Due from insiders 0
Other assets 36,442,611
------------
Total assets $42,860,519
============
POSTPETITION LIABILITIES:
Accounts payable $2,758
Taxes payable 0
Notes payable 0
Professional fees 0
Secured debt 0
Other - employee benefits 0
------------
Total postpetition liabilities 2,758
PREPETITION LIABILITIES:
Secured debt $7,536,140
Priority debt 0
Unsecured debt 29,741,935
Other - GAAP accruals 1,702,840
------------
Total prepetition liabilities 38,980,915
------------
Total liabilities 38,983,673
EQUITY:
Prepetition owners' equity 3,821,414
Postpetition cumulative profit(loss) 3,123,414
Direct charges to equity (3,068,500)
------------
Total equity 3,876,846
------------
Total liabilities & owners' equity $42,860,519
============
Opus West L.P.
Income Statement
For the month ended September 30, 2009
Revenues:
Gross revenue $32,888,065
Less: returns & discounts 0
------------
Net revenue 32,888,065
Cost of Goods Sold:
Material 31,613,454
Direct labor 0
Direct overhead (49,958)
------------
Total cost of goods sold 31,563,496
Gross profit 1,324,569
Operating Expenses:
Officer/insider compensation 0
Selling & marketing 0
General & administrative 2,258
Rent & lease 0
Other 0
------------
Total operating expenses 2,258
Income before non-operating income & expense 1,322,311
Other Income & Expenses:
Non-operating income (1,705,258)
Non-operating expense 0
Interest expense 4,291
Depreciation/depletion 0
Amortization 0
Other - interest income 0
------------
Net other income & expenses (1,700,967)
Reorganization Expenses:
Professional fees 0
U.S. Trustee fees 0
Other 0
------------
Total reorganization expenses 0
------------
Income tax 0
------------
Net profit (loss) $3,023,276
============
Opus West L.P.
Cash Receipts & Disbursements
For the month ended September 30, 2009
Cash - beginning of period $206,961
Receipts from Operations:
Cash sales 65,794
Collection of Accounts Receivable:
Prepetition 0
Postpetition 0
------------
Total operating receipts 65,794
Non-operating Receipts:
Loans & advances 0
Sale of assets 60,000
Other 0
------------
Total non-operating receipts 60,000
Total receipts 125,794
Total cash available 332,755
Operating Disbursements:
Net payroll 0
Payroll taxes paid 0
Sales, use & other taxes paid 0
Secured/rental/leases 0
Utilities 0
Insurance 0
Inventory purchases 0
Vehicle expenses 0
Travel 0
Entertainment 0
Repairs & maintenance 0
Supplies 0
Advertising 0
Other 0
------------
Total operating disbursements 0
Reorganization Expenses:
Professional fees 0
U.S. Trustee fees 0
Other 0
------------
Total reorganization expenses 0
------------
Total disbursements 0
------------
Net cash flow $125,794
------------
Cash - end of period $332,755
============
Other Opus West Affiliates
Three affiliates of Opus West Corporation also delivered separate
individual monthly operating reports to the Court. The Opus West
affiliates reported these assets and liabilities as of Sept. 30,
2009:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- --------------
Opus West Construction Corp. $8,679,545 $40,184,179
OW Commercial, Inc. 24,848,570 26,321,957
Opus West Partners, Inc. 379,900 0
The Debtor affiliates listed net income or loss for the period
from September 1 to 30, 2009:
Company Net Income (Loss)
------------- ----------------
Opus West Construction Corp. ($2,308)
OW Commercial Inc. (7,941,928)
Opus West Partners Inc. (10,132,215)
The Debtor affiliates also reported their cash receipts and
disbursements for the reporting period:
Company Receipts Disbursements Cash Flow
------------- ----------- ------------- ---------
Opus West Construction $17,404 $235,554 ($218,150)
OW Commercial Inc. 500 9,000 (8,500)
Opus West Partners Inc. 175,000 0 175,000
About Opus West Corporation
Based in Phoenix, Arizona, Opus West Corporation is a full-service
real estate development firm that focuses on acquiring,
constructing, operating, managing, leasing and/or disposing of
real estate development projects primarily located in the western
United States.
Opus West and its affiliates filed for Chapter 11 on July 6, 2009
(Bankr. N.D. Tex. Case No. 09-34356). Clifton R. Jessup, Jr., at
Greenberg Traurig, LLP, represents the Debtors in their
restructuring efforts. Franklin Skierski Lovall Hayward, LLP, is
co-counsel to the Debtors. Pronske & Patel, P.C., is conflicts
counsel. Chatham Financial Corp. is financial advisor. BMC Group
is the Company's claims and notice agent. As of May 31, Opus West
-- together with its non-debtor affiliates -- had $1,275,334,000
in assets against $1,462,328,000 in debts. In its bankruptcy
petition, Opus West said it had assets and debts both ranging from
$100 million to $500 million.
Opus West joins affiliates that previously filed for bankruptcy.
Opus East LLC, a real estate operator from Rockville, Maryland,
commenced a Chapter 7 liquidation on July 1 in Delaware. Opus
South Corp., a Florida condominium developer based in Atlanta,
filed a Chapter 11 petition April 22 in Delaware.
Bankruptcy Creditors' Service, Inc., publishes Opus West
Bankruptcy News. The newsletter tracks the separate Chapter 11
proceedings of Opus West Corp. and Opus South Corp. and their
related debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
CHEMTURA CORP: Posts $10 Million Net Loss in October
----------------------------------------------------
On November 13, 2009, Chemtura Corporation filed with the U.S.
Bankruptcy Court for the Southern District of New York its monthly
operating Report for the period October 1, 2009, through
October 31, 2009.
Chemtura Corporation and related Debtors posted a net loss of
$10 million on net sales of $150 million for the period.
Expenses incurred and settlement impacts due to the Chapter 11
proceedings are reported separately as reorganization items, net
on the condensed combined statement of operations for the month
ended October 31, 2009. Interest expense related to pre-petition
indebtedness has been reported only to the extent that it will be
paid during the pendency of the Chapter 11 proceedings or is
permitted by Court approval or is expected to be an allowed claim.
Reorganization items, net totaled $5 million for the period.
Interest expense was $6 million.
At September 30, 2009, the Debtors had $4.179 billion in total
assets, $3.822 billion in total liabilities, and $357 million in
total stockholders' equity.
The Debtor had cash and cash equivalents of $86 million at the end
of the period, compared with cash and cash equivalents of
$77 million at the beginning of the period.
A full-text copy of the October 2009 operating report is
available at no charge at http://researcharchives.com/t/s?49d0
DRUG FAIR: Earns $110,593 in August 1 to August 29 Period
---------------------------------------------------------
Drug Fair Group, Inc. has filed its monthly operating reports for
the filing period May 25, 2009, to June 27, 2009, the fiing period
June 28, 2009, to July 31, 2009, and the filing period August 1,
2009, to August 29, 2009.
The Debtor reported net income of $110,593 for the filing period
August 1, 2009, to August 29, 2009.
At August 29, 2009, the Debtor had $15,224,105 in total assets and
$56,265,468 in total liabilities.
A full-text copy of the Debtor's August 2009 operating report is
available for free at:
http://bankrupt.com/misc/drugfair.augustmor.pdf
The Debtor reported net income of $227,949 for the filing period
June 28, 2009, to July 31, 2009.
A full-text copy of the Debtor's July 2009 operating report is
available for free at:
http://bankrupt.com/misc/drugfair.julymor.pdf
The Debtor reported a net loss of $121,331 for the filing period
May 25, 2009, to June 27, 2009.
A full-text copy of the Debtor's June operating report is
available for free at:
http://bankrupt.com/misc/drugfair.junemor.pdf
About Drug Fair Group
Headquartered in Somerset, New Jersey, Drug Fair Group, Inc. --
http://www.drugfair.com/or http://www.costcuttersonline.com/--
fka Community Distributors, Inc., operates pharmacies and general
merchandise stores in northern and central New Jersey. The
Company, with stores in central and northern New Jersey, is
indirectly owned by Sun Capital Partners Inc., a private-equity
investor based in Boca Raton, Florida.
Drug Fair and CDI Group, Inc., filed for Chapter 11 protection on
March 18, 2009 (Bankr. D. Del. Lead Case No. 09-10897). Domenic
E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr
Harrison Harvey Branzburg & Ellers, represent the Debtors in their
restructuring efforts. Warren J. Martin, Jr., Esq., and Brett S.
Moore, Esq., at Porzio Bromberg & Newman, P.C., represent the
official committee of unsecured creditors as counsel. Norman L.
Pernick, Esq., and Patrick J. Reilley, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, P.A., represent the creditors committee
as Delaware counsel. J.H. Cohn LLP is the creditors committee's
financial advisors and forensic accountants. Epiq Bankruptcy
Solutions, LLC, is the Debtors' notice and claims agent. The
Debtors listed assets of $50 million to $100 million and debts of
$100 million to $500 million.
After commencing the Chapter 11 cases, the Debtors began going out
of business sales at approximately 24 locations. On April 27,
2009, the Court approved the sale of 31 remaining stores to
Walgreen Co. for about $54 million. The Debtors are winding down
assets not included in the transactions.
EXTENDED STAY: Incurs $22.9 Million Net Loss for October
--------------------------------------------------------
Extended Stay Inc., et al.
Combined balance Sheet
As of October 31, 2009
ASSETS
Current assets
Cash and cash equivalents, unrestricted $2,284,000
Debtor in possession cash account 84,164,000
Cash management account, including
deposits in transit 12,313,000
Accounts receivable-net of allowance
for doubtful accounts 17,886,000
Restricted cash, escrows and reserves -
Other current assets 27,254,000
Investment in derivative instruments, at fair value 1,000
Due from insiders - non-debtor affiliates -
--------------
Total current assets 143,902,000
Property and equipment, net of
accumulated depreciation 6,420,239,000
Land available for sale 2,000,000
Deferred financing costs, net of
accumulated amortization 16,535,000
Trademarks 15,000,000
License of trademarks, net of
accumulated amortization 9,868,000
Under market trademark licenses,
net of accumulated amortization 13,701,000
Intangible assets, net of accumulated amortization 17,129,000
Other assets 17,257,000
--------------
Total assets 6,655,631,000
==============
LIABILITIES AND SHAREHOLDERS/MEMBERS' (DEFICIT) EQUITY
Liabilities not subject to compromise
Current liabilities
Accounts payable 213,000
Accrued occupancy taxes payable 4,043,000
Accrued state franchise/income tax 1,902,000
Accrued sales and use taxes payable 4,850,000
Accrued property & gen liability insurance reserve 5,799,000
Accrued utilities 5,104,000
Other property accruals 976,000
Deferred revenue 10,345,000
General and administrative accruals 1,634,000
Accrued professional fees 7,823,000
Accrued real estate taxes 36,432,000
Accrued interest payable 9,890,000
Advance from insider, including accrued interest of
$1,405 at October 31, 2009 7,905,000
Due to insiders - non-debtor affiliates 35,616,000
--------------
Total current liabilities 132,532,000
Other liabilities 4,762,000
--------------
Total liabilities not subject to compromise 137,294,000
Liabilities subject to compromise
Accounts payable 586,000
Accrued interest payable 9,577,000
Mortgages payable 4,108,349,000
Mezzanine loans 3,295,456,000
Subordinated notes, net of discount 7,408,000
--------------
Total liabilities subject to compromise 7,421,376,000
Shareholders/Members' (deficit) equity
Additional paid in capital 573,141,000
Retained deficit - pre-petition (1,369,013,000)
Retained deficit - post-petition (107,167,000)
--------------
Total shareholders/members' (deficit) equity (903,039,000)
--------------
Total liabilities and shareholders/members'
(deficit equity) $6,655,631,000
==============
Extended Stay Inc., et al.
Combined Statement of Operations
For the period October 1 to 31, 2009
Revenues
Room revenues 70,171,000
Other property revenues 1,408,000
--------------
Total revenues 71,579,000
Operating expenses
Property operating expenses 36,335,000
Corporate operating expenses 1,385,000
Officer/Insider Compensation -
Trademark license fees expense 76,000
Management fees and G&A reimbursement expense 4,596,000
Depreciation and amortization 31,053,000
--------------
Total operating expenses 73,445,000
Other income -
--------------
Operating loss (1,866,000)
Interest expense
(18,557,000)
Loss on investments in debt securities &
interest rate caps -
Interest income 1,000
--------------
Net loss before reorganization items
(20,422,000)
Reorganization items
Professional fees 2,508,000
U.S. Trustee quarterly fees 33,000
Interest earned on accumulated cash from Chapter 11 -
--------------
Total reorganization items 2,541,000
--------------
Net loss ($22,963,000)
==============
The Debtors reported $77,387,347 in total cash receipts and
$76,388,109 in total disbursements for October 2009.
About Extended Stay
Extended Stay is the largest owner and operator of mid-price
extended stay hotels in the United States, holding one of the most
geographically diverse portfolios in the lodging sector with
properties located across 44 states (including 11 hotels located
in New York) and two provinces in Canada. As a result of
acquisitions and mergers, Extended Stay's portfolio has expanded
to encompass over 680 properties, consisting of hotels directly
owned or leased by Extended Stay or one of its affiliates.
Extended Stay currently operates five hotel brands: (i) Crossland
Economy Studios, (ii) Extended Stay America, (iii) Extended Stay
Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe
Studios.
For the year ending December 31, 2008, Extended Stay's audited
financial statements show consolidated assets (including nondebtor
affiliates) totaling approximately $7.1 billion and consolidated
liabilities totaling approximately $7.6 billion. Consolidated
revenues for the 12 months ending December 31, 2008 were
approximately $1 billion.
Extended Stay Inc. and its affiliates filed for Chapter 11 on
June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764). Judge James M.
Peck handles the case. Marcia L. Goldstein, Esq., at Weil Gotshal
& Manges LLP, in New York, represents the Debtors. Lazard Freres
& Co. LLC is the Debtors' financial advisors. Kurtzman Carson
Consultants LLC is the claims agent.
Bankruptcy Creditors' Service, Inc., publishes Extended Stay
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Extended Stay Inc. and
its various affiliates. (http://bankrupt.com/newsstand/or
215/945-7000).
FREMONT GENERAL: Posts $2.8 Million Net Loss in October
-------------------------------------------------------
Fremont General Corporation filed with the United States Trustee
for the Central District of California, Santa Ana Division on
Novwember 16, 2009, its monthly operating report for the month
ended October 31, 2009.
Fremont General posted a net loss of $2.8 million in October.
At October 31, 2009, the Company had $445.9 million in total
assets, $391.4 million in total liabilities, and $54.5 million in
total equity. Unrestricted cash was $25.9 million at
October 31, 2009, compared to $26.6 million at September 30, 2009.
A full-text copy of Fremont's October monthly operating report is
available at no charge at http://researcharchives.com/t/s?49d6
As reported in the Troubled Company Reporter on November 19, 2009,
the Bankruptcy Court has approved the disclosure statements to
three competing plans for Fremont General Corp. As a result the
three plans will be sent to creditors and will vie for approval
from the bankruptcy judge at a Jan. 8 confirmation hearing.
Investor group New World Acquisition LLC submitted a revised
Chapter 11 plan on November 6, 2009. A copy of the revised plan
and disclosure statement is available for free at:
http://bankrupt.com/misc/Fremont_NewWorld_DS_Nov06.pdf
http://bankrupt.com/misc/Fremont_NewWorld_Plan_Nov06.pdf
The Official Committee of Equity Holders already has filed its own
plan for Fremont. A copy of the Equity Committee's disclosure
statement, as revised September 30, is available for free at:
http://bankrupt.com/misc/Fremont_EquityCommittee_DS_Sept30.pdf
A third plan is from the Official Committee of Unsecured
Creditors. A copy of the Creditors Committee's disclosure
statement, as revised September 30, is available for free at:
http://bankrupt.com/misc/Fremont_CredCommittee_DS_Sept30.pdf
About Fremont General
Based in Santa Monica, California, Fremont General Corp. (OTC:
FMNTQ) -- http://www.fremontgeneral.com/-- was a financial
services holding company with $8.8 billion in total assets at
September 30, 2007. Fremont General ceased being a financial
services holding company on July 25, 2008, when its wholly owned
bank subsidiary, Fremont Reorganizing Corporation (f/k/a Fremont
Investment & Loan) completed the sale of its assets, including all
of its 22 branches, and 100% of its $5.2 billion of deposits to
CapitalSource Bank.
Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No. 08-13421). Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, Theodore
Stolman, Esq., Scott H. Yun, Esq., and Whitman L. Holt, Esq., at
Stutman Treister & Glatt, represent the Debtor as counsel.
Kurtzman Carson Consultants LLC is the Debtor's noticing
agent and claims processor. Lee R. Bogdanoff, Esq., Jonathan S.
Shenson, Esq., and Brian M. Metcalf, at Klee, Tuchin, Bogdanoff &
Stern LLP, represent the Official Committee of Unsecured
Creditors as counsel. Fremont's formal schedules showed
$330,036,435 in total assets and $326,560,878 in total debts.
GENERAL MOTORS: Old GM Has Net Debts of $33.50 Bil. at Aug. 31
--------------------------------------------------------------
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Net Assets
As of August 31, 2009
ASSETS:
Cash and cash equivalents $1,139,785,000
Due from affiiates 3,432,000
Prepaid expenses 5,724,000
Other current assets 26,711,000
-----------------
Total Current Assets 1,175,652,000
Property, plant and equipment
Land and building 190,063,000
Machinery and equipment 47,770,000
-----------------
Total property, plant and equipment 237,833,000
Investment in GMC -
Investments in subsidiaries 11,570,000
Restricted Cash 118,200,000
-----------------
Total Assets $1,543,255,000
=================
LIABILITIES:
DIP Financing $1,175,000,000
Accounts payable 694,000
Due to GM LLC 3,408,000
Accrued payroll and employee benefits 40,081,000
Accrued professional fees 67,987,000
Other accrued liabilities 13,309,000
-----------------
Total current liabilities 1,300,479,000
Liabilities subject to compromise 33,744,214,000
-----------------
Total Liabilities 35,044,693,000
-----------------
Net Assets (Liabilities) ($33,501,438,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Operations
For the Period from July 10 to August 31, 2009
Rental Income $3,679,000
Selling, administrative and other expenses 41,808,000
-----------------
Operating loss (38,129,000)
Interest expense 8,649,000
Interest income (255,000)
-----------------
Loss before reorganization items
& income taxes (46,523,000)
Reorganization items 16,312,000
-----------------
Loss before income taxes (62,835,000)
Income taxes -
-----------------
Net Loss ($62,835,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Cash Flows
For the Period from July 10 to August 31, 2009
Cash Flows from Operating Activities:
Net Loss ($62,835,000)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Reorganization charges 16,312,000
Reorganization-related payments (18,818,000)
Changes in assets & liabilities
Due from affiliates (3,432,000)
Prepaid expenses (5,724,000)
Accounts payable 694,000
Due to GM LLC 1,997,000
Accrued payroll & employee benefits 39,919,000
Other accrued liabilities 13,309,000
-----------------
Net Cash used in Operating Activities (18,578,000)
Cash Flows from Investing Activities:
Proceeds from disposal of assets 60,000
Changes in restricted cash (12,000,000)
-----------------
Net cash used in investing activities (11,940,000)
-----------------
Decrease in cash & cash equivalents (30,518,000)
Cash & cash equivalents
at beginning of period 1,170,303,000
-----------------
Cash & cash equivalents at end of period $1,139,785,000
=================
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as founded in 1908. GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries. In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.
As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009. This compares with a reported net loss of US$3.3 billion
in the year-ago quarter. As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
GENERAL MOTORS: Old GM Has Net Debts of $33.54 Bil. at Sept. 30
---------------------------------------------------------------
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Net Assets
As of September 30, 2009
ASSETS:
Cash and cash equivalents $1,094,785,000
Due from affiiates 3,432,000
Prepaid expenses 5,448,000
Other current assets 26,711,000
-----------------
Total Current Assets 1,130,376,000
Property, plant and equipment
Land and building 190,063,000
Machinery and equipment 47,770,000
-----------------
Total property, plant and equipment 237,833,000
Investment in GMC -
Investments in subsidiaries 11,570,000
Restricted Cash 113,500,000
-----------------
Total Assets $1,493,279,000
=================
LIABILITIES:
DIP Financing $1,183,813,000
Accounts payable 1,314,000
Due to GM LLC 2,550,000
Accrued payroll and employee benefits 48,600,000
Accrued professional fees 45,239,000
Other accrued liabilities 6,803,000
-----------------
Total current liabilities 1,288,319,000
Liabilities subject to compromise 33,744,214,000
-----------------
Total Liabilities 35,032,533,000
-----------------
Net Assets (Liabilities) ($33,539,254,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Operations
For the Month Ended Sept. 30, 2009
Rental Income $2,036,000
Selling, administrative and other expenses 26,623,000
-----------------
Operating loss (24,587,000)
Interest expense 4,932,000
Interest income (393,000)
-----------------
Loss before reorganization items
& income taxes (29,126,000)
Reorganization items 8,690,000
-----------------
Loss before income taxes (37,816,000)
Income taxes -
-----------------
Net Loss ($37,816,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Cash Flows
For the Month Ended Sept. 30, 2009
Cash Flows from Operating Activities:
Net Loss ($37,816,000)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Reorganization charges 8,690,000
Reorganization-related payments (31,437,000)
Changes in assets & liabilities
Due from affiliates -
Prepaid expenses 276,000
Accounts payable 620,000
Due to GM LLC (859,000)
Accrued payroll & employee benefits 8,519,000
Other accrued liabilities 2,307,000
-----------------
Net Cash used in Operating Activities (49,700,000)
Cash Flows from Investing Activities:
Proceeds from disposal of assets -
Changes in restricted cash 4,700,000
-----------------
Net cash used in investing activities 4,700,000
-----------------
Decrease in cash & cash equivalents (45,000,000)
Cash & cash equivalents at beginning of period 1,139,785,000
-----------------
Cash & cash equivalents at end of period $1,094,785,000
=================
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as founded in 1908. GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries. In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.
As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009. This compares with a reported net loss of US$3.3 billion
in the year-ago quarter. As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
GUARANTY FINANCIAL: Posts $265,340 Net Loss in October
------------------------------------------------------
On November 12, 2009, Guaranty Financial Group Inc. and each of
its wholly owned subsidiaries, Guaranty Group Ventures Inc.,
Guaranty Holdings Inc., and Guaranty Group Capital Inc. filed
their unaudited monthly operating reports for the period from
October 1, 2009, through October 31, 2009, with the United States
Bankruptcy Court for the Northern District of Texas, Dallas
Division.
Guaranty Financial Group reported a net loss of $265,340 for the
month of October 2009. During the month the Company expensed
$100,796 in professional fees.
At October 31, 2009, Guaranty Financial Group had $12,354,046 in
total assets and $329,126,307 in total liabilities.
A full-text copy of Guaranty Financial Group's monthly operating
report is available for free at:
http://researcharchives.com/t/s?49d2
Guaranty Group Ventures reported net income of $313 for the month
of October 2009.
At October 31, 2009, the Company had $12,240,569 in total assets,
$371,185 in total liabilities, and $11,869,384 in total equity.
A full-text copy of Guaranty Group Ventures' monthly operating
report is available for free at:
http://researcharchives.com/t/s?49d3
Guaranty Holdings reported a net loss of $325 for the month of
October 2009.
At October 31, 2009, the Company had $8,148 in total assets and
$8,148 in total equity.
A full-text copy of Guaranty Holdings' monthly operating report is
available for free at:
http://researcharchives.com/t/s?49d4
Guaranty Group Capital reported a net loss of $6,000 for the month
of October 2009.
At October 31, 2009, the Company had $4,170,666 in total assets
and $4,170,666 in total equity.
A full-text copy of Guaranty Group Capital's monthly operating
report is available at:
http://researcharchives.com/t/s?49d5
Guaranty Financial Group Inc. -- http://www.guarantygroup.com/--
is based in Dallas, Texas. Guaranty Financial is a unitary
savings and loan holding company. The Company's primary operating
entities are Guaranty Bank and Guaranty Insurance Services, Inc.
Guaranty Financial filed for bankruptcy after the Guaranty bank
was seized by regulators and sent to receivership under the
Federal Deposit Insurance Corporation. Before the bank was taken
over, the balance sheet of the holding company had $15.4 billion
in assets as of Sept. 30, 2008.
Guaranty Financial together with affiliates filed for Chapter 11
on Aug. 27, 2009 (Bankr. N.D. Tex. Case No. 09-35582). Attorneys
at Haynes & Boone, LLP, represent the Debtors. According to the
schedules attached to its petition, the Company has assets of at
least $24,295,000, and total debts of $323,413,428, including
$305 million in trust preferred security.
INTERLAKE MATERIAL: Ends August With $171,964 Cash
--------------------------------------------------
On November 5, 2009, Interlake Material Handling, Inc., filed a
monthly operating report for the period August 3, 2009, to
August 30, 2009, with the U.S. Bankruptcy Court for the District
of Delaware.
Interlake Material reported zero income and zero sales for the
period.
Interlake Material ended the period with $171,964 cash.
At August 30, 2009, Interlake Material had $5,035,688 in total
assets, ($29,766,697) in total liabilities, and $7,711,318 in
total shareholders' equity.
During the period, Interlake Material paid $571,995 in
professional fees and reimbursed $70,826 in in professional
expenses.
A copy of Interlake Material's August 2009 operating report is
available at no cost at
http://bankrupt.com/misc/interlake.augustmor.pdf
Headquartered 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: Ends August With $9,355,438 Cash
-----------------------------------------------
Intermet Corp. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware on November 2, 2009,
their monthly operating report for the period August 3, 2009,
through August 30, 2009.
Intermet ended the period with $9,355,438 cash. Total receipts
were $1,893,333 and total disbursements were $2,582,292, including
$1,150,571 in Chapter 11 related professional fees.
A full-text copy of Intermet and its debtor-affiliates' report is
available for free at:
http://bankrupt.com/misc/intermet.augustmor.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.
LANDAMERICA FIN'L: Posts $35.9 Million Net Loss in September
------------------------------------------------------------
On November 17, 2009, LandAmerica Financial Group, Inc.
filed a monthly operating report for the period from September 1,
2009, to September 30, 2009, with the United States Bankruptcy
Court for the Eastern District of Virginia, Richmond Division.
Results for the current period current period include write-offs
of impaired leasehold improvements, investments in unconsolidated
joint ventures and net amounts due from Fidelity National
Financial, Inc. of $21.4 million, in connection with the order
pursuant to Bankruptcy Rule 9019 (a) authorizing and approving
settlement agreement by and among LandAmerica Financial Group,
Inc. and Fidelity National Financial, Inc.
LandAmerica Financial Group reported a net loss of $35.9 million
on total revenue of $9.0 million for the month of September 2009.
At September 30, 2009, LandAmerica Financial Group had
$1.16 billion in total assets, $492.3 million in total liabilities
and $669.9 million in total shareholders' equity.
LandAmerica Financial Group paid $3.7 million in bankruptcy
professional fees for the month of September 2009.
A full-text copy of LFG's September 2009 operating report is
available at no charge at:
http://researcharchives.com/t/s?49d9
About LandAmerica Financial
LandAmerica Financial Group, Inc., provides 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 Nov. 26,
2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Attorneys at
Willkie Farr & Gallagher LLP and McGuireWoods LLP serve as co-
counsel. Zolfo Cooper is the restructuring advisor. Epiq
Bankruptcy Solutions serves as claims and notice agent.
Attorneys at Akin Gump Strauss Hauer & Feld LLP and Tavenner &
Beran, PLC, serve as counsel to the Creditors Committee of 1031
Exchange. Bingham McCutchen LLP and LeClair Ryan serve as counsel
to the Creditors Committee of LFG.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of Sept. 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. LandAmerica Credit
Services, Inc., filed for Chapter 11 in July 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)
LEHMAN BROTHERS: Has $2.558 Bil. Cash at Oct 31, 2009
-----------------------------------------------------
Lehman Brothers Holdings Inc. and its affiliated debtors
disclosed these cash receipts and disbursements for the month
ended October 31, 2009:
Beginning Cash & Investments 10/01/09 $15,371,000,000
Receipts 2,260,000,000
Transfers 10,000,000
Disbursements (1,909,000,000)
FX Fluctuation 10,000,000
---------------
Ending cash & Investments 10/31/09 $15,835,000,000
LBHI reported $2.55 billion in cash as of October 1, 2009, and
$2.558 billion in cash as of October 31, 2009.
A full-text copy of the October 2009 Operating Report is
available for free at:
http://bankrupt.com/misc/LehmanMOROctober2009.pdf
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LTV CORP: Ends October With $10,278,000 Cash Balance
----------------------------------------------------
On November 18, 2009, The LTV Corporation, et al., submitted to
the United States Bankruptcy Court for the Northern District of
Ohio, Eastern Division their operating report for the period ended
October 31, 2009.
LTV ended the period with a $10,278,000 cash balance. LTV
reported $11,000 in receipts and $225,000 in disbursements in
September, including $151,000 paid to Chapter 11 professionals.
A full-text copy of LTV's October 2009 operating report is
available at no charge at http://researcharchives.com/t/s?49da
Headquartered in Cleveland, Ohio, The LTV Corp. is a manufacturer
with interests in steel and steel-related businesses, employing
some 17,650 workers and operating 53 plants in Europe and the
Americas. The Company filed for chapter 11 protection on
December 29, 2000 (Bankr. N.D. Ohio, Case No. 00-43866). On
August 31, 2001, the company listed $4,853,100,000 in assets and
$4,823,200,000 in liabilities.
NORWOOD PROMOTIONAL: Reports $345,056 Net Income in September
-------------------------------------------------------------
Norwood Promotional Products Holdings, Inc., has filed a monthly
operating report for the month ended September 30, 2009, with the
U.S. Bankruptcy Court for the District of Delaware.
On July 3, 2009, the Company completed the sale of substantially
all of its assets to Bic Graphic USA. Subsequently, on July 15,
the Debtor's name was officially changed from Norwood Promotional
Products Holdings, Inc. to NPPI Holdings, Inc.
Norwood Promotional reported net pofit of $345,056 for the month
ended September 30, 2009.
As of September 30, the Company had total assets of $8,612,868,
total liabilities of $62,747,402, and stockholders' deficit of
$54,134,534.
NPPI ended the period with $1,879,523 in unrestricted cash and
cash equivalents. The Company paid $1,481,415 in professional
fees and reimbursed $76,626 in professional expenses for the month
of September.
A copy of the Company's September 2009 operating report is
available for free at:
http://bankrupt.com/misc/nppi.septembermor.pdf
Norwood Promotional Products -- http://www.norwood.com/-- was an
industry leading supplier of imprinted promotional products. The
Company offered nearly 5,000 products and is a market leader in
several of the industry's major product categories. Norwood also
offers hundreds of products on 24-Hour service at no extra charge.
Norwood Promotional Products Holdings, Inc., and five affiliates
filed for Chapter 11 on May 5 (Bankr. D. Del. Case No. 09-11547).
Judge Peter Walsh is handling the case. The Debtors hired
Margaret Whiteman Greecher, Esq., and Pauline K. Morgan, Esq., at
Young, Conaway, Stargatt & Taylor, as counsel. Kirkland & Ellis
LLP is general counsel and Mackinax Partners LLC is the
restructuring consultant. Epiq Bankruptcy Solutions, LLC, has
been hired as claims and noticing agent. The Company said its
assets are $150 million while debt totals $295 million.
Norwood Promotional Products Holdings Inc. changed its formal name
to NPPI Holdings Inc. following the sale of its assets. Norwood
sold its business, including its name, for $123 million to a unit
of pen and lighter maker Societe Bic SA.
OPUS SOUTH: Incurs $133,000 Loss for September
----------------------------------------------
Opus South Corporation
Balance Sheet
As of September 30, 2009
ASSETS:
Cash & cash equivalents $996,793
Receivables:
Construction contracts 8,589,340
Related party -
Management fees -
Other (2,526,878)
------------
Total receivables 6,062,462
Costs & estimated earnings 22,022
Prepaid expenses & other assets 546,990
Pursuit costs -
Real estate:
Completed -
Under construction -
Land held for development 4,915,818
Real estate held for investment -
Investment in real estate ventures 1,949,659
Accumulated depreciation -
------------
Total real estate 6,865,477
Notes receivable -
Investment in subsidiaries 52,096,999
Property & equipment, net 19,506
------------
Total assets $66,610,249
============
LIABILITIES:
Accounts payable $10,991,219
Accrued expenses 1,872,136
Accrued income taxes -
Billings in excess of costs -
Mortgages and notes payable 61,000,000
Subordinated notes payable -
Postpetition accounts payable 391,066
Postpetition accrued expenses (8,351)
------------
Total liabilities 74,246,069
Minority interest in subsidiary -
EQUITY:
Common stock 9,660
Additional paid-in capital 71,674,223
Prepetition retained earnings (70,281,324)
Postpetition retained earnings (9,038,379)
------------
Total equity (7,635,820)
------------
Total liabilities & equity $66,610,249
============
Opus South Corporation
Income Statement
For the month ended September 30, 2009
Gross Revenues:
Construction - related party $0
Construction - 3rd party 0
Real estate 0
Rental property 0
Management fee 0
------------
Total gross revenues 0
Gross Margin:
Construction - related party 0
Construction - 3rd party (1,307)
Real estate 0
Rental property 0
Management fee 0
------------
Total gross margin (1,307)
Other Income:
Interest -
Real estate ventures -
Other 515
------------
Total income (792)
Expenses:
Salary and related 41,440
General & administrative 14,684
Reorganization expenses -
Project costs capitalized -
Interest (14,670)
Interest capitalized -
Corporate overhead & variable compensation 90,804
Charitable contributions -
------------
Total expenses 132,257
Income(Loss) before minority interest & taxes (133,049)
Minority Int. in income(loss) loss of cons sub -
------------
Income(Loss) before taxes (133,049)
------------
Net income(loss) ($133,049)
============
Opus South Corporation
Cash Receipts & Disbursements
For the month ended September 30, 2009
Cash - beginning of period $2,077,252
Receipts:
Cash sales -
Accounts receivable -
Loans & advances -
Sale of assets 17,015
Other 68,597
Transfers from DIP accts. -
Transfers from non-DIP accts. (939,619)
------------
Total receipts (854,007)
Disbursements:
Net payroll 39,291
Payroll taxes 15,204
Sales, use, & other taxes -
Inventory purchases -
Secured/rental/leases -
Insurance 13,475
Administrative 158,481
Selling -
Other -
Owner draw -
Transfers to DIP Accts. -
Professional fees -
U.S. Trustee quarterly fee -
Court costs -
------------
Total disbursements 226,452
------------
Net cash flow (1,080,459)
------------
Cash - end of period $996,793
============
About Opus South
Headquartered in Atlanta, Georgia, Opus South Corporation --
http://www.opuscorp.com/-- provides an array of real estate
related services across the United States including real estate
development, architecture & engineering, construction and project
management, property management and financial services.
The Company and its affiliates filed for Chapter 11 on April 22,
2009 (Bankr. D. Del. Lead Case No. 09-11390). Victoria Watson
Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors
in their restructuring efforts. The Debtors propose to employ
Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial
Corporation as real estate broker, Delaware Claims Agency LLC as
claims agent. The Debtors have assets and debts both ranging from
$50 million to $100 million.
Bankruptcy Creditors' Service, Inc., publishes Opus West
Bankruptcy News. The newsletter tracks the separate Chapter 11
proceedings of Opus West Corp. and Opus South Corp. and their
related debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
PACIFIC ENERGY: Posts $382,830 Net Loss in September
----------------------------------------------------
Pacific Energy Resources Ltd. reported a net loss of $382,830 on
net revenue of $4,720,687 for the month ended September 30, 2009.
Net profit before other income and expenses was $1,336,149.
At September 30, 2009, the Company had total assets of
$524,291,428, total liabilities of $384,458,172, and net
stockholders' equity of $139,833,256.
During the month of 2009, the Company's schedule of cash
receipts and disbursement showed:
Cash, beginning $8,438,083
Total Receipts $23,683,559
Total Disbursements $22,735,776
Net Cash Flow $947,783
Cash, end $9,385,866
During the month, the Company paid $1,572,133 in professional fees
and reimbursed $175,420 in professional expenses.
A full-text copy of the Debtor's September 2009 monthy operating
report is available for free at:
http://bankrupt.com/misc/pacificenergy.septembermor.pdf
Headquartered in Long Beach, California, Pacific Energy Resources
Ltd. -- http://www.pacenergy.com/-- engages in the acquisition
and development of oil and gas properties, primarily in the United
States. The Company and seven of its affiliates filed for
Chapter 11 protection on March 8, 2009 (Bankr. D. Del. Lead Case
No. 09-10785). Attorneys at Pachulski Stang Ziehl & Jones LLP,
represent the Debtors as counsel. The Debtors proposed Rutan &
Tucker LLP as special corporation and litigation counsel;
Schully, Roberts, Slattery & Marino, PLC, as special oil and gas
and transactional counsel; Devlin Jensen as special Canadian
counsel; Scott W. Winn, at Zolfo Cooper Management, LLC, as chief
restructuring officer; Lazard Freres & Co. LLC as investment
banker; and Albrecht & Associates, Inc., as agent for the Debtors
in the sale of their oil and gas properties. Omni Management
Group, LLC, is the claims, balloting, notice and administrative
agent for the Debtors. When the Debtors filed for protection from
their creditors, they listed between $100 million and
$500 million each in assets and debts.
PFF BANCORP: Posts $106,456 Net Loss in October
-----------------------------------------------
On November 9, 2009, PFF Bancorp, Inc., and Glencrest Investment
Advisors, Inc., Glencrest Insurance Services, Inc., Diversified
Builder Services, Inc., and PFF Real Estate Services, Inc., filed
their monthly operating reports for the period October 1, 2009, to
October 31, 2009, with the United States Bankruptcy Court for the
District of Delaware.
PFF Bancorp reported a net loss of $106,456 for the month of
October 2009. Professional fees paid to Richards, Layton &
Finger, P.A., totaled $69,287 for the month.
At October 31, 2009, PFF Bancorp had total assets of $15,737,250
and total liabilities of $117,430,056.
A full-text copy of the Debtors' October operating report is
available for free at http://researcharchives.com/t/s?49d7
PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non-
diversified unitary savings and loan holding company within the
meaning of the Home Owners' Loan Act with headquarters formerly
located in Rancho Cucamonga, California. Bancorp is the direct
parent of each of the remaining Debtors.
Prior to filing for bankruptcy, Bancorp was also the direct parent
of PFF Bank & Trust, a federally chartered savings institution,
and said bank's subsidiaries.
PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on December 5, 2008 (Bankr. D. Del. Case No. 08-13127 to 08-
13131). Chun I. Jang, Esq., and Paul N. Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors in their
restructuring efforts. Kurtzman Carson Consultants LLC serves as
the Debtors' claims agent. Jason W. Salib, Esq., at Blank Rome
LLP, represents the official committee of unsecured creditors as
counsel.
PROLIANCE INTERNATIONAL: Earns $341,000 in September
----------------------------------------------------
On October 30, 2009, Proliance International, Inc., filed its
monthly operating report for the period ended September 30, 2009.
The Company reported net income of $341,000 for the month of
September. Results include a gain of $1,625,000 on sale of
assets.
At September 30, 2009, the Company had $54.0 million in total
assets and $101.3 million in total liabilities.
A full-text copy of the Company's September 2009 operating report
is available for free at:
http://bankrupt.com/misc/proliance.septembermor.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.
SMURFIT-STONE: Reports $14.1 Million Profit for September
---------------------------------------------------------
Smurfit-Stone Container Corporation
Combined Balance Sheet
As of September 30, 2009
ASSETS
Current Assets:
Cash $543,317,000
Restricted cash 8,697,000
Receivables 628,266,000
Receivables for alt. energy tax credits 58,222,000
Inventories 470,511,000
Prepaid expenses and others 68,202,000
---------------
Total current assets 1,777,215,000
Net property 3,311,098,000
Timberlands, less depletion 2,406,000
Deferred income taxes 16,146,000
Investments in and advances to non-Debtor 76,833,000
affiliates
Other assets 65,476,000
---------------
Total assets $5,249,174,000
===============
LIABILITIES & EQUITY (DEFICIT)
Liabilities Not Subject to Compromise:
Current liabilities:
Current maturities of long-term debt $1,480,463,000
Accounts payable 351,414,000
Accrued compensation and payroll taxes 136,816,000
Interest payable 9,946,000
Income taxes payable 9,229,000
Current deferred taxes 21,052,000
Other current liabilities 132,565,000
---------------
Total current liabilities 2,141,485,000
Other long-term liabilities 123,764,000
---------------
Total liabilities not subject to compromise 2,265,249,000
Liabilities subject to compromise 4,308,199,000
---------------
Total liabilities 6,573,448,000
Total stockholders' equity (deficit) (1,324,274,000)
---------------
Total liabilities & stockholders' equity $5,249,174,000
===============
Smurfit-Stone Container Corporation
Combined Statement of Operations
For the month ended September 30, 2009
Net sales $460,871,000
Costs and expenses:
Cost of goods sold 426,817,000
Selling and administrative expenses 44,684,000
Restructuring charges 7,188,000
(Gain)loss on disposal of assets 2,012,000
Other operating income (58,200,000)
---------------
Income from operations 38,370,000
Other income (expense):
Interest expense, net (22,471,000)
DIP debt issuance costs -
Loss on early extinguishment of debt -
Equity in gains (losses) of non-debtor affiliates (126,000)
Foreign currency exchange losses (6,000,000)
Other, net 1,600,000
---------------
Income before reorganization items and taxes 11,373,000
Reorganization items:
Professional fees (1,500,000)
Provision for executory contracts & leases (1,400,000)
Accounts payable settlement gains 1,353,000
---------------
Reorganizational items, net (1,547,000)
Income before income taxes 9,826,000
Provision for income taxes 4,300,000
---------------
Net Income $14,126,000
===============
Smurfit-Stone Container Corporation
Schedule of Receipts and Disbursements
For the month ended September 30, 2009
Beginning cash balance $783,613,000
Cash receipts 519,598,000
Alternative energy tax credit 61,029,000
---------------
Total receipts 580,627,000
Disbursements:
Payroll & benefits (93,201,000)
Professional fees (2,238,000)
Interest (4,835,000)
Capital expenditures (16,927,000)
Repayment of debt (292,704,000)
Other disbursements (402,321,000)
---------------
Total disbursements (812,226,000)
Ending cash balance $552,014,000
===============
A copy of the Debtors' September 2009 Operating Report is
available for free at http://bankrupt.com/misc/SmurfSep09MOR.pdf
About Smurfit-Stone
Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers. The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada. The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States. The Company employs roughly
21,250 employees, 17,400 of which are based in the United States.
For the quarterly period ended September 30, 2008, the Company
reported roughly $7.450 billion in total assets and
$5.582 billion in total liabilities on a consolidated basis.
Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235). Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.
Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers. Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October. Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.
James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel. PricewaterhouseCooper
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.
Bankruptcy Creditors' Service, Inc., publishes Smurfit-Stone
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Smurfit-Stone
Container Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TOUSA INC: Reports $12.6 Million Net Loss for September
-------------------------------------------------------
TOUSA, INC., and Subsidiaries
Consolidated Balance Sheet
As of September 30, 2009
ASSETS
Cash and Cash Equivalents:
Cash in bank $312,474,004
Cash equivalents (due from title company
from closings) 1,561,827
Inventory:
Deposits 11,001,945
Land 139,785,827
Residences completed and under construction 110,451,784
Inventory not owned -
---------------
261,239,556
Property and equipment, net 4,879,882
Investments in unconsolidated joint ventures 2,042,962
Receivables from unconsolidated joint ventures -
Accounts receivable 17,283,953
Other assets 38,980,889
Goodwill -
---------------
638,463,073
Net Assets of Financial Services 17,517,786
---------------
Total Assets $655,980,859
===============
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable and other liabilities $304,533,530
Customer deposits 4,436,615
Obligations for inventory not owned -
Notes payable 1,613,960,121
Bank borrowings 201,090,078
---------------
Total Liabilities 2,124,020,344
Stockholders' Equity:
Preferred stock 22,326,226
Common stock 596,042
Additional paid in capital 555,715,334
Retained earnings (2,046,677,087)
---------------
Total Stockholders' Equity (1,468,039,485)
---------------
Total liabilities and Stockholders' Equity $655,980,859
===============
TOUSA, INC., and Subsidiaries
Consolidated Statement of Operations
For the Period September 1 to 30, 2009
Revenues:
Home sales $19,023,285
Land sales 1,505,083
---------------
20,528,368
Cost of Sales:
Home sales 16,176,855
Land sales 2,153,975
---------------
18,330,830
---------------
Gross Profit 2,197,538
Total selling, general and admin expenses 8,986,707
Income (loss) from joint ventures, net 250,000
Interest expense, net 5,655,600
Other (income) expense, net (26,522)
---------------
Homebuilding pretax income (loss) (12,168,247)
Equity in Financial services pretax income (loss) (420,821)
Income (loss) before income taxes (12,589,068)
Provision (benefit) for income taxes -
---------------
Net Income (loss) ($12,589,068)
===============
TOUSA, INC. and Subsidiaries
Consolidated Schedule of Receipts and Disbursements
For the Period September 1 to 30, 2009
Funds at beginning of period $300,520,707
RECEIPTS
Cash sales 22,032,078
Accounts receivable 502,348
Other receipts 2,431,517
---------------
Total receipts 24,965,943
---------------
Total funds available for operations 325,486,650
DISBURSEMENTS
Advertising 83,290
Bank charges 543
Contract labor 137,379
Fixed asset payments -
Insurance 444,963
Inventory payments 2,334,720
Leases 113,284
Manufacturing supplies -
Office supplies 36,744
Payroll - net 2,861,259
Professional fees (accounting and legal) 3,964,596
Rent 240,916
Repairs & maintenance 149,241
Secured creditor payments 2,069,589
Taxes paid - payroll 47,417
Taxes paid - sales & use 126,507
Taxes paid - other 15,923
Telephone 103,607
Travel & entertainment 25,454
U.S. Trustee quarterly fees -
Utilities 46,056
Vehicle expenses 7,891
Other operating expenses 203,267
---------------
Total disbursements 13,012,646
---------------
Ending Balance $312,474,004
===============
About Tousa Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on January 29, 2008 (Bankr. S.D. Fla. Case No. 08-
10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M. Basta,
Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at
Berger Singerman, to represent them in their restructuring
efforts. Lazard Freres & Co. LLC is the Debtors' investment
banker. Ernst & Young LLP is the Debtors' independent auditor and
tax services provider. Kurtzman Carson Consultants LLC acts as
the Debtors' Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746). It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
Bankruptcy Creditors' Service, Inc., publishes TOUSA Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by TOUSA Inc. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TRIBUNE CO: Records $26.4 Million Income for Month Ending Sept. 27
------------------------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of September 27, 2009
ASSETS
Current Assets:
Cash and cash equivalents $760,549,000
Accounts receivable, net 69,523,000
Inventories 26,636,000
Broadcast rights 212,755,000
Prepaid expenses and other 93,442,000
---------------
Total current assets 1,162,905,000
Property, plant and equipment, net 1,014,155,000
Other Assets:
Broadcast rights 159,947,000
Goodwill & other intangible assets 2,983,099,000
Prepaid pension costs 1,366,000
Investments in non-debtor units 1,125,528,000
Other investments 32,162,000
Intercompany receivables from non-debtors 4,790,832,000
Other 139,296,000
---------------
Total Assets $11,409,290,000
===============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of broadcast rights $57,380,000
Current portion of long-term debt 5,965,000
Accounts payable, accrued expenses, and other 375,552,000
---------------
Total current liabilities 438,897,000
Pension obligations 188,256,000
Long-term broadcast rights 91,932,000
Long-term debt 13,482,000
Other obligations 226,061,000
---------------
Total Liabilities 958,628,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 4,462,857,000
Obligations to third parties 13,429,068,000
---------------
Total Liabilities Subject to Compromise 17,891,925,000
Shareholders' Equity (Deficit) (7,441,263,000)
---------------
Total Liabilities & Shareholders' Equity $11,409,290,000
===============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period from August 31 through September 27, 2009
Total Revenue $249,212,000
Operating Expenses:
Cost of sales 122,214,000
Selling, general and administrative 75,285,000
Depreciation 10,297,000
Amortization of intangible assets 747,000
---------------
Total operating expenses 208,543,000
---------------
Operating Profit (Loss) 40,669,000
---------------
Net income on equity investments 349,000
Interest income, net 151,000
Management fee (1,931,000)
Non-operating loss, net (6,889,000)
---------------
Income (loss) before income taxes & Reorg. Costs 32,349,000
Reorganization costs (4,973,000)
---------------
Income (loss) before income taxes 27,376,000
Income taxes (975,000)
---------------
Net Income (loss) $26,401,000
===============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period from August 31 through September 27, 2009
Beginning Cash Balance $749,901,000
Cash Receipts:
Operating receipts 230,628,000
Other 0
---------------
Total Cash Receipts 230,628,000
Cash Disbursements
Compensation and benefits 71,691,000
General disbursements 125,158,000
Reorganization, interest & fees 1,218,000
---------------
Total Disbursements 198,068,000
---------------
Debtors' Net Cash Flow 32,560,000
From/(To) Non-Debtors (22,411,000)
---------------
Net Cash Flow 10,149,000
Other (1,658,000)
---------------
Ending Available Cash Balance $758,391,000
===============
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 Dec. 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 Dec. 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)
TRONOX INC: Discloses $7.6 Mil. Net Loss for September
------------------------------------------------------
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Balance Sheet
As of September 30, 2009
ASSETS
Cash and cash equivalents $56,600,000
Notes and accounts receivable intercompany 352,400,000
Accounts receivable, third parties 104,200,000
Inventories, net 126,400,000
Prepaid and other assets 16,800,000
Income tax receivable 500,000
Deferred income taxes 1,200,000
----------------
Total Current Assets 658,100,000
Property, plant and equipment, net 186,600,000
Notes and advances receivable, intercompany 112,000,000
Other long-term assets 386,700,000
----------------
Total Assets $1,343,400,000
================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, third parties $42,200,000
Accrued liabilities 47,400,000
Long-term debt due within one year 54,200,000
Income taxes payable 1,300,000
Long-term debt classified as current 212,600,000
----------------
Total Current Liabilities 357,700,000
Noncurrent liabilities:
Deferred income taxes 14,200,000
Environmental remediation and restoration 135,700,000
Notes and advances payable, intercompany 9,700,000
Other 92,900,000
----------------
Total Liabilities
Not Subject to Compromise 610,200,000
Minority Interest 3,400,000
Liabilities Subject to compromise 435,600,000
Commitments and contingencies 0
Stockholders' equity
Common stock 400,000
Capital in excess of par value 496,100,000
Retained earnings (accumulated deficit) (215,300,000)
Accumulated other comprehensive
income (loss) 20,200,000
Treasury stock, at cost (7,200,000)
----------------
Total Stockholders' Equity 294,200,000
----------------
Total Liabilities and Stockholders' Equity $1,343,400,000
================
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Statement of Operations
Month Ended September 30, 2009
Net Sales $57,900,000
Cost of goods sold 49,500,000
----------------
Gross margin 8,400,000
Selling, general and admin. Expenses 2,300,000
Gain on land sales 0
Restructuring charges 4,500,000
Provision for doubtful notes and accounts 0
----------------
1,600,000
Interest and debt expense 2,700,000
Other (income) expense, net (2,300,000)
Reorganization items 9,100,000
----------------
Income from continuing operations
before income taxes (7,900,000)
Income tax provision (benefit) 200,000
----------------
Income (Loss) from continuing operations (8,100,000)
Income (loss) from discontinued operations,
net of tax 500,000
----------------
Net income ($7,600,000)
================
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)
TROPICANA ENT: OpCo Debtor Report $9.85 Mil. Loss for September
---------------------------------------------------------------
Tropicana Entertainment, LLC
Balance Sheet
As of September 30, 2009
Unaudited
ASSETS
Current Assets
Accounts receivable - trade $12,000
Cash & temporary cash investments 2,780,000
Restricted cash 2,310,000
Deposits 10,978,000
Inventories 0
Other receivables 0
Prepaid expenses 203,000
--------------
Total Current Assets 16,283,000
Property and Equipment
Buildings 0
Construction in progress 0
Furniture & fixtures 2,492,000
Land 0
Riverboats, barges & ramps 0
Vehicles 0
--------------
Total Property and Equipment 2,492,000
Reserve for Depreciation
Boats, barges & ramp reserve for depreciation 0
Building reserve for depreciation 0
Furn. & fixtures reserve for depreciation (275,000)
Gaming entertainment reserve for depreciation 0
Vehicle reserve for depreciation 0
--------------
Total Reserve for Depreciation (275,000)
Other Assets
Investments 2,775,215,000
Other assets 8,507,000
--------------
Total Other Assets 2,783,722,000
--------------
TOTAL ASSETS $2,802,222,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts payable $11,749,000
Accrued other expenses 316,000
Accrued payroll 2,053,000
Deferred income 0
Notes payable - Evansville 0
Payroll taxes payable 0
Sales tax payable 10,000
Current portion of long-term debt due 1 Yr 0
Amounts due to affiliated guarantors 47,200,000
--------------
Total Current Liabilities 61,328,000
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 4,917,000
Intercompany 81,408,000
--------------
Total Other Liabilities 86,324,000
Total Liabilities not Subject to Compromise 212,871,000
Liabilities Subject to Compromise
Non-intercompany 911,714,000
Intercompany 1,583,933,000
--------------
Total Liabilities Subject to Compromise 2,495,647,000
--------------
Total Liabilities 2,708,518,000
Total Stockholders' Equity 93,704,000
--------------
Total Liabilities & Shareholders' Deficit $2,802,222,000
==============
Tropicana Entertainment, LLC
Income Statement
For the Month Ended September 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 31,000
Rooms operating expenses 0
Food and beverage operating expenses 0
Other casino and hotel operating expenses (129,000)
Utilities 0
Marketing, advertising and casino promotions 41,000
Repairs and maintenance 35,000
Insurance 199,000
Property and local taxes 0
Gaming tax and licenses 0
Administrative and general 1,604,000
Leased land and facilities 58,000
Depreciation and amortization 42,000
Loss on disposition of assets 0
Bad debt expense - loans 0
Impairment charge 0
Restructuring cost 0
Chapter 11 reorg. & other prof. fees 1,762,000
--------------
Total Operating Expense 3,643,000
Income from Operations (3,643,000)
Other Income (Expense)
Interest expense (1,106,000)
Intercompany interest income 0
Intercompany interest expense (129,000)
--------------
Total Other Income (Expense) (1,235,000)
Federal Income Tax 4,977,000
Income Before Minority Interest (9,855,000)
--------------
NET INCOME ($9,855,000)
==============
For the reporting period, Tropicana Entertainment LLC and its
debtor affiliates listed cash receipts totaling $36,967,000 and
cash disbursements totaling $35,025,000.
About Tropicana Entertainment
Tropicana Entertainment LLC and its units owned eleven casino
properties in eight distinct gaming markets with premier
properties in Las Vegas, Nevada, and Atlantic City, New Jersey.
Tropicana Entertainment LLC and certain 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.
The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana have
emerged from bankruptcy pursuant to a reorganization plan. A
group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have emerged from
Chapter 11 via a separate Chapter 11 plan.
On April 29, 2009, non-debtor units of the OpCo Debtors -- Adamar
of New Jersey, Inc., and its affiliate, Manchester Mall, Inc. --
filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to
effectuate a sale of the Atlantic City Resort and Casino to a
group of Investors-led by Carl Icahn. Judge Judith H. Wizmur
presides over the cases. Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
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)
VINEYARD NATIONAL: Posts $92,157 Net Loss in October
----------------------------------------------------
On November 16, 2009, Vineyard National Bancorp filed its
unaudited monthy operating report for the month of October 2009
with the Office of the United States Trustee.
The Debtor ended the period with $1.925,780 cash. The Debtor
recorded a net loss of $92,157 for the month. Cumulative post-
petition net loss was $420,214.
As of October 31, 2009, the Debtor had $2,134,692 in total assets
and $181,550,824 in total liabilities.
A full-text copy of the October 2009 operating report is available
at no charge at http://researcharchives.com/t/s?49d8
About Vineyard National Bancorp
Vineyard National Bancorp (NASDAQ: VNBC) (AMEX: VXC.PR.D) --
http://www.vineyardbank.com/-- was the financial holding company,
which provides a variety of lending and depository services to
businesses and individuals through its wholly owned subsidiary,
Vineyard Bank, National Association.
Vineyard Bank was closed July 17 by regulators, which appointed
the Federal Deposit Insurance Corporation as receiver. To protect
the depositors, the FDIC entered into a purchase and assumption
agreement with California Bank & Trust, San Diego, California, to
assume all of the deposits of Vineyard Bank, N.A., excluding those
from brokers.
As of March 31, 2009, Vineyard Bank, N.A. had total assets of
$1.9 billion and total deposits of approximately $1.6 billion. In
addition to assuming all of the deposits of the failed bank,
California Bank & Trust agreed to purchase approximately
$1.8 billion of assets. The FDIC will retain the remaining assets
for later disposition. California Bank & Trust purchased all
deposits, except about $134 million in brokered deposits, held by
Vineyard Bank, N.A.
Vineyard National Bancorp filed for Chapter 11 on June 21 (Bankr.
C. Calif. Case No. 09-26401).
WHITEHALL JEWELERS: Posts $637,000 Net Loss from Oct. 4 to Oct. 31
------------------------------------------------------------------
On November 9, 2009, Whitehall Jewelers Holdings, Inc., et al.,
filed their monthly operating report for the period August 30,
2009, to October 3, 2009, and for the period October 4 to
October 31, 2009,
The Debtors posted a net loss of $637,000 for the period
October 4, 2009, to October 31, 2009.
At October 31, 2009, the Debtors had total assets of $3,935,000
and total liabilities of $101,737,000, resulting in a
stockholders' deficit of $97,802,000.
Cash at the beginning of the period was $3,954,000 and cash at
the end of the period was $3,656,000.
A full-text copy of the Debtor's October 2009 operating report is
available for free at:
http://bankrupt.com/misc/whitehalljewelers.octobermor.pdf
The Debtor posted a net loss of $678,000 for the period August 30,
2009, to October 3, 2009.
At October 3, 2009, the Debtors had total assets of $4,238,000 and
total liabilities of $101,403,000, resulting in a $97,165,000
stockholders' deficit.
Cash at the beginning of the period was $5,024,000 and cash at
the end of the period was $3,954,000.
A full-text copy of the Debtor's September operating report is
available for free at:
http://bankrupt.com/misc/whitehalljewelers.septembermor.pdf
Headquartered in Chicago, Illinois, Whitehall Jewelers Holdings,
Inc. -- http://www.whitehalljewellers.com/-- owns and operates
375 stores jewelry stores in 39 states. Whitehall is owned by
hedge funds Prentice Capital Management and Millennium Partners
LP, both of New York, and Holtzman Opportunity Fund LP of Wilkes-
Barre, Pa. The company operates stores in regional and regional
shopping malls under the names Whitehall and Lundstrom. The
Debtors' retail stores operate under the names Whitehall (271
locations), Lundstrom (24 locations), Friedman's (56 locations,
and Crescent (22 locations). As of June 23, 2008, the Debtors
have about 2,852 workers.
The Company and its affiliate, Whitehall Jewelers Inc., filed for
Chapter 11 protection on June 23, 2008 (Bankr. D. Del. Lead Case
No. 08-11261). James E. O'Neill, Esq., Kathleen P. Makowski,
Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl &
Jones, LLP, and Scott K. Rutsky, Esq., at Proskauer Rose LLP,
represent the Debtors in their restructuring efforts. The Debtors
selected Epiq Bankruptcy Solutions LLC as their claims, noticing
and balloting agent. The U.S. Trustee for Region 3 appointed
seven creditors to serve on an Official Committee of Unsecured
Creditors. Moses & Singer LLP and Bayard, P.A., represent the
Committee.
*********
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
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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.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, 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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