/raid1/www/Hosts/bankrupt/TCR_Public/091205.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, December 5, 2009, Vol. 13, No. 336
Headlines
BIOBASED TECHNOLOGIES: Reduces Liabilities to $13.1 Million
CHARTER COMMS: Reports $939 Million Loss for October
DAYTON SUPERIOR: Reports $116 Million Net Income in October
DHP HOLDINGS: Posts $724,000 Net Loss in Oct. 4 - Oct. 31 Period
EDDIE BAUER: Files October Operating Report
FINLAY ENTERPRISES: Files Monthly Operating Report for October
FONTAINEBLEAU LV: Has Balance of $171,125,306 at Oct. 31
FREEDOM COMMUNICATIONS: Posts $4.6 Million Net Loss in October
GENERAL GROWTH: Records $12.6 Million Loss for October
METROMEDIA INT'L: Posts $2.1 Million Net Loss in October
NORTEL NETWORKS: Records $127 Million Net Loss for September
NTK HOLDINGS: Initial MOR Shows 13-Week Cash Forecast
NTK HOLDINGS: Records $50.1 Million Net Loss for October
PRECISION PARTS: Earns $15,664 in August
PROTOSTAR LTD: Posts $3.2 Million Net Loss in October
PROTOSTAR LTD: Protostar I Posts $9.6 Million Loss in October
PROTOSTAR LTD: ProtoStar II Posts $786,212 Net Loss in October
SPANSION INC: Incurred $268,000 Loss for August
SPANSION INC: Incurred $1.5 Mil. Loss for September
SPANSION INC: Spansion LLC Records $8.4 Mil. Loss for August
SPANSION INC: Spansion LLC Records $12.5 Mil. Loss for September
TRIBUNE CO: Records $16.4 Million Income for October
TRUMP ENTERTAINMENT: Posts $4.4 Million Net Loss in October
VERASUN ENERGY: Discloses $197,000 Net Income for September
*********
BIOBASED TECHNOLOGIES: Reduces Liabilities to $13.1 Million
-----------------------------------------------------------
Northwest Arkansas Business Journal says BioBased Technologies
LLC reduced its prepetition liabilities from $13.35 million to
$13.11 million in its monthly operating report for Oct. 31, 2009.
The Company's net income was $17,545 for October, reports say.
The source notes the Company had total liabilities of more than
$13 million, and assets of about $2.8 million when it filed for
bankruptcy in September.
Fayetteville, Arkansas-based BioBased Technologies LLC, dba
BioBased Systems, BioBased Insulation, and BioBased Chemicals, is
is best known for its soy-based spray foam insulation, its primary
consumer product, which was used in many homes built in northwest
Arkansas over the past several years. It also manufactures Agrol,
a family of bio-based polyols for use in polyurethane products
such as rigid and flexible molded foam.
The Company filed for Chapter 11 protection on September 1, 2009
(Bankr. W.D. Ark. Case No. 09-74400). Jill R. Jacoway, Esq., at
Jacoway Law Firm, represents the Debtor. When it filed for
protection, the Debtor listed assets of between $1 million and
$10 million, and debts of $10 million and $50 million.
CHARTER COMMS: Reports $939 Million Loss for October
----------------------------------------------------
Charter Communications, Inc., and Subsidiaries
Consolidated Balance Sheet
As of October 31, 2009
ASSETS
Current Assets:
Cash and cash equivalents $1,030,000,000
Accounts receivable, net 215,000,000
Prepaid expenses & other current assets 74,000,000
--------------
Total Current Assets 1,319,000,000
Investment in Cable Properties:
Property, plant and equipment, net 4,812,000,000
Franchises, net 4,519,000,000
--------------
Total investment in cable properties, net 9,331,000,000
--------------
Other Noncurrent Assets 204,000,000
--------------
Total assets $10,854,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise:
Current Liabilities:
Accounts payable and accrued expenses $1,399,000,000
Current portion of long-term debt 11,740,000,000
--------------
Total Current Liabilities 13,139,000,000
Other Long-Term Liabilities 182,000,000
Liabilities subject to compromise 10,710,000,000
Temporary equity 237,000,000
--------------
11,129,000,000
Shareholders' deficit
Charter shareholders' deficit (11,870,000,000)
Noncontrolling interest (1,544,000,000)
--------------
Total Shareholders' deficit (13,414,000,000)
--------------
Total Liabilities and Shareholders' Deficit $10,854,000,000
==============
Charter Communications, Inc., and Subsidiaries
Consolidated Statement of Operations
Month Ended October 31, 2009
REVENUES $567,000,000
COSTS AND EXPENSES:
Operating, excl. depreciation & amortization 244,000,000
Selling, general and administrative 119,000,000
Depreciation and amortization 109,000,000
Impairment of franchises 2,854,000,000
Other operating expense -
--------------
Income from operations (2,759,000,000)
--------------
OTHER INCOME (EXPENSES):
Interest expense, net (67,000,000)
Reorganization items, net (65,000,000)
--------------
(132,000,000)
--------------
Loss before income taxes (2,891,000,000)
--------------
Income tax expense 606,000,000
--------------
Consolidated net loss (2,285,000,000)
--------------
Less: Net loss - noncontrolling interest 1,346,000,000
--------------
Net loss - Charter shareholders ($939,000,000)
==============
For the month of October 2009, the Debtors received $565,073,000
from Charter Communications Operating LLC, and $49,000 from
Charter Communications Holding Company LLC, for a total cash
receipt of $566,122,000. The Debtors disbursed a total of
$602,910,000.
A full-text copy of Charter's October Operating Report is
available for free at:
http://bankrupt.com/misc/CCI_MOR_October2009.pdf
About Charter Communications
Based in St. Louis, Missouri, Charter Communications, Inc. (Pink
OTC: CHTRQ) -- http://www.charter.com/-- is a broadband
communications company and the fourth-largest cable operator in
the United States. Charter provides a full range of advanced
broadband services, including advanced Charter Digital Cable(R)
video entertainment programming, Charter High-Speed(R) Internet
access, and Charter Telephone(R). Charter Business(TM) similarly
provides scalable, tailored, and cost-effective broadband
communications solutions to business organizations, such as
business-to-business Internet access, data networking, video and
music entertainment services, and business telephone. Charter's
advertising sales and production services are sold under the
Charter Media(R) brand.
Charter Communications and more than a hundred affiliates filed
voluntary Chapter 11 petitions on March 27, 2009 (Bankr. S.D.N.Y.
Case No. 09-11435). As of March 31, 2009, the Debtors had total
assets of $13,650,000,000, and total liabilities of
$24,501,000,000. Pacific Microwave filed for bankruptcy April 20,
2009, disclosing assets of not more than $50,000 and debts of more
than $1 billion.
Charter filed its Chapter 11 petitions to implement a financial
restructuring, which, upon approval, would reduce the Company's
debt by approximately $8 billion.
The Hon. James M. Peck presides over the cases. Richard M. Cieri,
Esq., Paul M. Basta, Esq., and Stephen E. Hessler, Esq., at
Kirkland & Ellis LLP, in New York, serve as counsel to the
Debtors, excluding Charter Investment Inc. Albert Togut, Esq., at
Togut, Segal & Segal LLP in New York, serves as Charter
Investment, Inc.'s bankruptcy counsel. Curtis, Mallet-Prevost,
Colt & Mosel LLP, in New York, is the Debtors' conflicts counsel.
Ernst & Young LLP is the Debtors' tax advisors. KPMG LLP is the
Debtors' independent auditors. The Debtors' valuation consultants
are Duff & Phelps LLC; the Debtors' financial advisors are Lazard
Freres & Co. LLC; and the Debtors' restructuring consultants are
AlixPartners LLC. The Debtors' regulatory counsel is Davis Wright
Tremaine LLP, and Friend Hudak & Harris LLP. The Debtors' claims
agent is Kurtzman Carson Consultants LLC.
Judge James M. Peck of the U.S. Bankruptcy Court for the Southern
District of New York approved the Debtors' pre-arranged joint plan
of reorganization in a bench ruling on October 15, 2009.
Charter's reorganization plan became effective November 30, 2009.
DAYTON SUPERIOR: Reports $116 Million Net Income in October
-----------------------------------------------------------
Dayton Superior Corporation has filed a monthly operating report
for the reporting period ended October 30, 2009, with the U.S.
Bankruptcy Court for the District of Delaware.
Dayton Superior had unrestricted cash of $65,000 at October 30,
2009, compared with unrestricted cash of $61,000 at October 2,
2009. At October 30, restricted cash was $10,816,000, compared
with restricted cash of $500,000 at October 2, 2009.
The Debtor paid a total of $3,301,437 in professional fees in
October, including $1,016,331 paid to Broadpoint Capital, $577,429
paid to Macquarie Capital, $430,662 paid to Moelis & Company,
$292,960 paid to Latham & Watkins, $124,760 paid to Kurtzman
Carson Consultants, $60,812 paid to Richards, Layton, & Finger,
$18,565 paid to Edward Howard & Co., and $409,183 paid to other
secured loan advisers.
The Company also paid $15,714 in professional fees to Morris,
Nichols, Arsht & Tunnell LLP, Delaware co-counsel for the official
committee of unsecured creditors.
Total incurred and unpaid professional fees as of October 30,
2009, amounted to $6,559,310, which includes both approved and
unapproved items.
Dayton Superior Corporation reported net income of $116,043,000
and on net sales of $20,657,000 for the month ended October 30,
2009. Results for October includes a gain on cancellation of
liabilities from Chapter 11 of $125,010,000.
Chapter 11 reorganization expense totaled $5,528,000 for October.
At October 30, 2009, Dayton Superior had $275,341,000 in total
assets, $185,235,000 in total liabilities, and [$88,787,000] in
stockholders' equity.
About Dayton Superior
Headquartered in Dayton, Ohio, Dayton Superior Corporation (Pink
Sheets: DSUPQ) -- http://www.daytonsuperior.com/-- makes and
distributes construction products. Aztec Concrete Accessories
Inc., Dayton Superior Specialty Chemical Corporation, Dur-O-Wa
Inc., Southern Construction Products Inc., Symons Corporation and
Trevecca Holdings Inc. were merged with the Company December 31,
2004.
The Company filed for Chapter 11 protection on April 19, 2009
(Bankr. D. Del. Case No. 09-11351). Keith A. Simon, Esq., Jude M.
Gorman, Esq., and Joseph S. Fabiani, Esq., at Latham & Watkins LLP
serve as the Debtors' bankruptcy counsel. Russell C. Silberglied,
Esq., John H. Knight, Esq., Paul N. Heath, Esq., and Lee E.
Kaufman, Esq., at Richards, Layton & Finger, P.A., serve as
Delaware counsel. Dayton Superior had $288,709,000 in assets and
$405,867,000 in debts as of February 27, 2009.
* * *
As reported in the Troubled Company Reporter on October 30, 2009,
Standard & Poor's Ratings Services withdrew its ratings, including
its 'D' corporate credit rating, on Dayton, Ohio-based Dayton
Superior Corp., following the Company's announcement that it had
emerged from Chapter 11 bankruptcy protection. In conjunction
with the emergence, the Company's outstanding prepetition senior
subordinated notes were converted into new stock of the
reorganized company.
DHP HOLDINGS: Posts $724,000 Net Loss in Oct. 4 - Oct. 31 Period
----------------------------------------------------------------
DHP Holdings II Corporation filed with the U.S. Bankruptcy Court
for the District of Delaware on December 3, 2009, a monthly
operating report for the filing period October 4, 2009, through
October 31, 2009.
For the period ended October 31, 2009, the Company reported a net
loss of $724,000 on net revenue of ($205,000). For the period
ended October 31, 2009, the Company incurred $128,000 in
professional fees.
At October 31, 2009, the Company had $30,017,000 in total
assets, $116,279,000 in total liabilities, and $86,262,000 in
stockholders' deficit. The Company ended the period with
$2,023,000 in unrestricted cash and equivalents. The Company paid
a total of $60,290.27 in professional fees and reimbursed a total
of $4,628.32 in professional expenses for the period ended
October 31, 2009.
The Company filed with the Bankruptcy Court on November 23, 2009,
a monthly operating report for the filing period August 30, 2009,
through October 3, 2009.
The Company reported a net loss of $1,946,000 on net revenue of
($23,000) for the period ended October 3, 2009. The Company
incurred $305,000 in professional fees for the period.
At October 3, 2009, the Company had $30,502,000 in total
assets, $116,040,000 in total liabilities, and $85,538,000 in
stockholders' deficit. The Company ended the period with
$2,149,000 in unrestricted cash and equivalents. The Company paid
a total of $298,749.64 in professional fees and reimbursed a total
of $6,488.52 in professional expenses for the period ended
October 3, 2009.
About DHP Holdings II
Headquartered in Bowling Green, Kentucky, DHP Holdings II
Corporation is the parent of DESA Heating, which sells and
distributes heating commercial products in Europe and Mexico under
brand names including ReddyHeater, Comfort Glow and Master
Portable Heaters. The Company has manufacturing, storage and
distribution facilities in Alabama and California.
DHP Holdings II and six of its affiliates filed for Chapter 11
protection on December 29, 2008 (Bankr. D. Del. Lead Case No.
08-13422). The Company's international arm, HIG-DHP Barbados, has
not filed for bankruptcy. HIG-DHP Barbados holds 100% of the
equity of all foreign nondebtor subsidiaries, which manufacture,
distribute and sell commercial and consumer goods in Europe,
Mexico, and Canada.
Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at
Pachulski, Stang, Ziehl Young & Jones LLP, represent the Debtors
as counsel. The Debtors proposed AEG Partners as restructuring
consultants, and Craig S. Dean as chief restructuring officer and
Kevin Willis as assistant chief restructuring officer. The Court
approved Epiq Bankruptcy Solutions LLC as noticing, claims and
balloting agent. As of November 29, 2008, the Company, along with
its non-debtor subsidiaries and affiliates, had assets of
$132.5 million and liabilities of $133.2 million.
EDDIE BAUER: Files October Operating Report
-------------------------------------------
On November 24, 2009, EBHI Holdings, Inc., formerly known as
Eddie Bauer Holdings, Inc. filed an unaudited monthly operating
report for the period beginning on October 4, 2009, and ending on
October 31, 2009, with the U.S. Bankruptcy Court for the District
of Delaware.
EBHI Holdings, Inc. had no income and expense transactions for the
period.
At October 31, 2009, EBHI Holdings, Inc., had $220,498,964 in
total assets, $76,260,778 in total liabilities, and $144,238,186
in net owner equity. Intercompany receivables from affiliates
accounted for $197,025,465 of EBHI's assets.
A copy of the Debtors' monthly operating reports for the
period may be obtained at http://www.kccllc.net/eddiebauer
Established in 1920 in Seattle, Washington, Eddie Bauer is a
specialty retailer that sells outerwear, apparel and accessories
for the active outdoor lifestyle. The Eddie Bauer brand is a
nationally recognized brand that stands for high quality,
innovation, style and customer service. Eddie Bauer products are
available at 371 stores throughout the United States and Canada,
through catalog sales and online at http://www.eddiebauer.com/
Eddie Bauer participates in a joint venture in Japan and has
licensing agreements across a variety of product categories.
Eddie Bauer, Inc., was a subsidiary of Spiegel, Inc. Eddie Bauer
Inc. emerged from Spiegel's 2003 Chapter 11 case as a separate,
reorganized entity under the control and ownership of Eddie Bauer
Holdings, Inc.
Eddie Bauer Holdings, Inc., and eight affiliates filed for
bankruptcy on June 17, 2009 (Bankr. D. Del. Lead Case No.
09-12099). Judge Mary F. Walrath presides over the case. David
S. Heller, Esq., Josef S. Athanas, Esq., and Heather L. Fowler,
Esq., at Latham & Watkins LLP, serve as the Debtors' general
counsel. Kara Hammond Coyle, Esq., and Michael R. Nestor, Esq.,
at Young Conaway Stargatt & Taylor LLP, serve as local counsel.
The Debtors' restructuring advisors are Alvarez and Marsal North
America LLC. Their financial advisors are Peter J. Solomon
Company. Kurtzman Carson Consultants LLC acts as claims and
notice agent. As of April 4, 2009, Eddie Bauer had $525,224,000
in total assets and $448,907,000 in total liabilities.
Eddie Bauer Canada, Inc., and Eddie Bauer Customer Services filed
for protection from their creditors in Canada on June 17, 2009,
the same day the U.S. Debtors filed for protection from their
creditors. The Canadian Debtors have obtained an initial order of
the Canadian Court staying the proceedings against the Canadian
Debtors and their property in Canada. RSM Richter Inc. was
appointed as monitor in the Canadian proceedings.
On August 4, 2009, Golden Gate Capital closed a deal to acquire
Eddie Bauer Holdings for $286 million. Golden Gate will maintain
the substantial majority of Eddie Bauer's stores and employees in
a newly formed going concern company. Golden Gate beat an
affiliate of CCMP Capital Advisors, LLC, at the auction. The CCMP
unit's $202 million cash offer served as stalking horse bid.
Golden Gate Capital -- http://www.goldengatecap.com/-- is a San
Francisco-based private equity investment firm with roughly
$9 billion of assets under management.
FINLAY ENTERPRISES: Files Monthly Operating Report for October
--------------------------------------------------------------
Finlay Enterprises reported $37.1 million sales of goods and
repair services in its monthly operating report for October filed
in the Securities and Exchange Commission.
A full-text copy of the company's monthly operating report for
October is available for free at
http://sec.gov/Archives/edgar/data/878731/000090951809000852/mm11-
3009_8ke991mor.htm
Finlay Enterprises, Inc. (OTC Bulletin Board: FNLY) through its
wholly owned subsidiary, Finlay Fine Jewelry Corporation, is a
retailer of fine jewelry operating luxury stand-alone specialty
jewelry stores and licensed fine jewelry departments in department
stores throughout the United States and achieved sales of
$754.3 million in fiscal 2008. The number of locations at the end
of the second quarter ended August 1, 2009, totaled 182, including
67 Bailey Banks & Biddle, 34 Carlyle and four Congress specialty
jewelry stores and 77 licensed departments with The Bon Ton.
The Company and seven affiliates filed for Chapter 11 on August 5,
2009 (Bankr. S. D. N.Y. Case No. 09-14873). Weil, Gotshal &
Manges LLP, serves as bankruptcy counsel. Alvarez & Marsal North
America, LLC, is engaged as restructuring advisor in the Chapter
11 case, and the firm's David Coles is appointed as chief
restructuring officer. Epiq Bankruptcy Solutions, LLC, serves as
claims and notice agent. Judge James Peck presides over the case.
In its bankruptcy petition, Finlay Enterprises disclosed assets of
$331,824,000 against debts of $385,476,000 as of July 4, 2009. As
of the petition date, Finlay owes $38 million outstanding under a
first lien credit agreement, $24.7 million under second lien
notes, $176.6 million outstanding under third lien notes (in
addition to $17.5 million to secured vendors), and $40.6 million
under remaining unsecured obligations under the senior notes.
On September 25, 2009, the Bankruptcy Court appointed Gordon
Brothers Retail Partners, LLC, as agent for Finlay Enterprises and
its affiliates and subsidiaries to conduct "store closing" or
similar sales of merchandise located at all of the Company's
retail store locations and the Company's two distribution centers.
The transaction is expected to be completed by February 28, 2010.
Gordon Brothers bid 85.75 cents on the dollar for inventory valued
at an estimated $116 million for closings sales of 49 Finlay
stores. Gordon had a prepetition contract to conduct store
closings sales for 55 other stores.
FONTAINEBLEAU LV: Has Balance of $171,125,306 at Oct. 31
--------------------------------------------------------
FONTAINEBLEAU LAS VEGAS, LLC
Schedule of Receipts and Disbursements
For The Period From October 1 to 31, 2009
Cumulative
to the
As of Petition
Oct. 2009 Date
------------- ------------
Funds at Beginning Period $172,696,132 $191,916,782
------------- -------------
Receipts
(a) Cash Sales 0 0
Minus: Cash Refunds 0 0
Net Cash Sales 0 0
(b) Accounts Receivable 0 0
(c) Other Receipts 41,200 291,159
------------- -------------
Total Receipts 41,200 291,159
------------- -------------
Total Funds Available For 172,737,333 192,207,941
Operations ------------- -------------
Disbursement
(a) Advertising 0 0
(b) Bank Charges 0 19,485
(c) Contract Labor 130,212 1,414,889
(d) Fixed Asset Payments 0 3,249,954
(e) Insurance 0 1,137,674
(f) Inventory 0 0
(g) Leases 0 0
(h) Manufacturing Supplies 0 0
(i) Office Supplies 209,640 985,626
(j) Payroll - Net 323,333 2,887,244
(k) Professional Fees 499,418 1,950,297
(l) Rent 0 1,585,662
(m) Repairs 13,734 136,365
(n) Secured Creditor Payments 0 3,823,836
(o) Taxes Paid - Payroll 156,090 1,049,424
(p) Taxes Paid - Sales 0 0
(q) Taxes Paid - Other 0 1,536,466
(r) Telephone 0 0
(s) Travel & Entertainment 0 0
(y) U.S. Trustee Quarterly Fees 20,650 31,700
(u) Utilities 258,945 1,274,005
(v) Vehicle Expenses 0 0
(w) Other Operating Expenses 0 0
------------- -------------
Total Disbursements 1,612,026 21,082,634
------------- -------------
Ending Balance $171,125,306 $171,125,306
============= =============
Fontainebleau Las Vegas Holdings, LLC, and Fontainebleau Las
Vegas Capital Corp., also delivered to the Court on November 20,
2009, a copy of their Monthly Operating Report for the period
October 1 to 31, 2009. However, since the Debtors have no
business activity, the report contains zero figures for all
financial reports.
Full-text copies of the Debtor's October Monthly Operating
Reports may be accessed for free at:
http://bankrupt.com/misc/FB_HoldingsLLCMOR1031.pdf
http://bankrupt.com/misc/FB_CapitalCorpMOR1031.pdf
About Fontainebleau Las Vegas
Fontainebleau Las Vegas -- http://www.fontainebleau.com/-- is
constructing a luxury resort, Fontainebleu Las Vegas, on the
northern end of the Las Vegas Strip.
Fontainebleau Las Vegas Holdings, LLC, Fontainebleau Las Vegas,
LLC, Fontainebleau Las Vegas Capital Corp. filed for Chapter 11
protection on June 9, 2009 (Bankr. S.D. Fla. Lead Case No.
09-21481). Judge A. Jay Cristol presides over the Debtors' cases.
Scott L Baena, Esq., at Bilzin Sumberg Baena Price & Axelrod LLP,
represents the Debtors in their restructuring efforts. The
Debtors' Financial Advisor are Moelis & Company LLC and Citadel
Derivatives Group LLC. The Debtors' Special Litigation Counsel is
David M. Friedman, Esq., at Kasowitz, Benson, Torres & Friedman
LLP and the Debtors' Special Counsel is Jack J. Kessler, Esq., and
Alan Rubin, Esq., at Buchanan Ingersoll & Rooney PC. The Debtors'
Claims Agent is Kurtzman Carson Consulting LLC. Attorneys at
Genovese Joblove & Battista, P.A., and Fox Rothschild, LLP,
represent the Official Committee of Unsecured Creditors.
As of June 9, 2009, Fontainebleau Las Vegas LLC listed more than
$1 billion in debt and a similar amount in assets, while each of
Fontainebleau Las Vegas Capital Corp. and Fontainebleau Las Vegas
Holdings, LLC, listed less than $50,000 in assets and more than
$1 billion in debts.
Bankruptcy Creditors' Service, Inc., publishes Fontainebleau
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Fontainebleau Las Vegas Holdings, LLC, and its debtor-
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
FREEDOM COMMUNICATIONS: Posts $4.6 Million Net Loss in October
--------------------------------------------------------------
Freedom Communications Holdings Inc., et al., reported a net loss
of $4.6 million on total operating revenue of $49.1 million for
the month of October 2009.
The Debtors ended October 2009 with approximately $92.0 million
cash. The Debtor paid $123,000 in professional fees and expenses
and $148,000 in U.S. Trustee quarterly fees during the month.
At October 30, 2009, the Debtors had $798.9 million in total
assets, $1.135 billion in total liabilities, and $178,000 in
minority interests, resulting in a $336.3 million stockholders'
deficiency.
About Freedom Communications
Freedom Communications, headquartered in Irvine, Calif., is a
national privately owned information and entertainment company of
print publications, broadcast television stations and interactive
businesses. The company's print portfolio includes approximately
90 daily and weekly publications, including approximately 30 daily
newspapers, plus ancillary magazines and other specialty
publications. The broadcast company's stations -- five CBS, two
ABC network affiliates and one CW affiliate -- reach more than
3 million households across the country. The Company's news,
information and entertainment Web sites complement its print and
broadcast properties.
Freedom Communications filed for Chapter 11 on Sept. 1, 2009
(Bankr. D. Del. Case No. 09-13046). Attorneys at Young Conaway
Stargatt & Taylor, and Latham & Watkins LLP serve as Chapter 11
counsel. Houlihan, Lokey, Howard & Zukin, Inc., serves as
financial advisor while AlixPartners LLC is restructuring
consultant. Logan & Co. serves as claims and notice agent.
Freedom Communications had $756,537,000 in assets against debts of
$1,082,644,000 as of August 31, 2009.
GENERAL GROWTH: Records $12.6 Million Loss for October
------------------------------------------------------
General Growth Properties, Inc.
Consolidated Condensed Balance Sheet
As of October 31, 2009
Assets
Investment in real estate:
Land $2,946,948,000
Buildings and equipment 19,476,669,000
Less accumulated depreciation (4,033,161,000)
Developments in progress 765,549,000
----------------
Net property and equipment 19,156,005,000
Investment in and loans to/from
Unconsolidated Real Estate Affiliates 390,842,000
Investment property and property held for
development and sale 1,185,610,000
Investment in controlled non-debtor entities 3,972,453,000
----------------
Net investment in real estate 24,704,910,000
Cash and cash equivalents 657,468,000
Accounts and notes receivable, net 328,755,000
Goodwill 205,257,000
Deferred expenses, net 243,235,000
Prepaid expenses and other assets 555,897,000
----------------
Total assets $26,695,522,000
================
Liabilities and Equity:
Mortgages, notes and loans payable $400,000,000
Investment in and loans to/from
Unconsolidated Real Estate Affairs 32,737,000
Deferred tax liabilities 906,021,000
Accounts payable and accrued expenses 693,892,000
----------------
Liabilities not subject to compromise 2,032,650,000
----------------
Liabilities subject to compromise 22,499,770
----------------
Total liabilities 24,532,420
----------------
Redeemable noncontrolling interests:
Preferred 120,756,000
Common 35,821,000
----------------
Total redeemable noncontrolling interests 156,577,000
----------------
Equity:
Common stock 3,138,000
Additional paid-in capital 3,793,632,000
Retained earnings (accumulated deficit) (1,723,376,000)
Accumulated other comprehensive loss (4,081,000)
Less common stock in treasury, at cost (76,752,000)
----------------
Total stockholder's equity 1,992,561,000
Noncontrolling interests in consolidated
real estate affiliates 13,964,000
----------------
Total equity 2,006,525,000
----------------
Total liabilities and equity $26,695,522,000
================
General Growth Properties, Inc.
Consolidated Statement of Income
For the Month ended October 31, 2009
Revenues:
Minimum rents $139,390,000
Tenant recoveries 63,006,000
Overage rents 4,962,000
Land sales 1,387,000
Other 6,274,000
----------------
Total revenues 215,019,000
----------------
Expenses:
Real estate taxes 19,714,000
Repairs and maintenance 16,949,000
Marketing 2,418,000
Ground and other rents 844,000
Other property operating costs 28,645,000
Land sales operations 1,800,000
Provision for doubtful accounts 1,575,000
Property management and other costs 8,983,000
General and administrative 1,826,000
Provisions for impairment -
Depreciation and amortization 49,889,000
--------------
Total expenses 132,643,000
--------------
Operating income 82,376,000
Interest (expense) income, net (95,049,000)
----------------
Loss before income taxes, noncontrolling
interests, equity in income of Unconsolidated
Real Estate Affiliates and reorganization
items (12,673,000)
Benefit (provision) from income taxes (354,000)
Equity in income of Unconsolidated Real Estate
Affiliates 12,432,000
Reorganization items (11,239,000)
----------------
Net loss (11,834,000)
Allocation to noncontrolling interests (758,000)
----------------
Net loss attributable to common stockholders ($12,592,000)
================
About General Growth Properties
Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings. The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide. General Growth is a self-
administered and self-managed real estate investment trust. The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants
LLC has been engaged as claims agent. The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers. The Debtors disclosed
$29,557,330,000 in assets and $27,293,734,000 in debts as of
December 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
METROMEDIA INT'L: Posts $2.1 Million Net Loss in October
--------------------------------------------------------
MIG, Inc., reported a net loss of $2.1 million on net revenue of
$16,162 for the month ended October 31, 2009. Professional fees
incurred in October and included in reorganization items totaled
$1.8 million.
At October 31, 2009, MIG had $1.03 billion in total assets,
$204.3 million in total liabilities, and $826.3 million in total
equity.
The Company ended October with approximately $50.3 million in
cash, which includes $3.6 million of restricted cash. For the
month, the Company paid a total of $641,072 in professional fees
and $6,500 in U.S. Trustee quarterly fees.
About MIG Inc.
Based in Charlotte, North Carolina, MIG Inc. (PINK SHEETS: MTRM,
MTRMP) -- http://www.metromedia-group.com/-- through its wholly
owned subsidiaries, owns interests in several communications
businesses in the country of Georgia. The Company's core
businesses include Magticom Ltd., a mobile telephony operator
located in Tbilisi, Georgia, Telecom Georgia, a long distance
telephony operator, and Telenet, which provides Internet access,
data communications, voice telephony and international access
services.
MIG, Inc., fka Metromedia International Group, Inc., filed for
Chapter 11 bankruptcy protection on June 18, 2009 (Bankr. D. Del.
Case No. 09-12118). Scott D. Cousins, Esq., at Greenberg Traurig
LLP assists the Company in its restructuring efforts. Debevoise &
Plimpton LLP is the Company's special corporate counsel, while
Potter Anderson & Corroon LLP is the Company's special litigation
counsel. The official committee of unsecured creditors of MIG,
Inc., has retained Baker & McKenzie LLP as its bankruptcy
counsel, nunc pro tunc to June 30, 2009.
In its petition, the Company said it had $100 million to
$500 million in assets and $100 million to $500 million in
debts. In its formal schedules, the Company said it had assets of
$54,820,681 against debts of $210,183,657.
NORTEL NETWORKS: Records $127 Million Net Loss for September
------------------------------------------------------------
Nortel Networks Inc., et al.
Condensed Combined Balance Sheet
As of September 30, 2009
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
ASSETS
Current assets
Cash & cash equivalents $772 - -
Short-term investments 6 - -
Restricted cash & cash equivalents 48 1 -
Accounts receivable - net 421 - -
Intercompany accounts receivable 762 39 (5)
Inventories - net 150 - -
Other current assets 133 - -
.Assets held for sale 167 - -
Assets of discontinued operations 309 - -
----- ---------- -----
Total current assets 2,768 40 (5)
Investments in non-Debtor
subsidiaries 218 1 (1)
Investments - other 41 - -
Plant and equipment - net 237 - -
Goodwill - 1 -
Other assets 53 - -
----- ---------- -----
Total assets $3,317 $42 ($6)
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject to compromise
Trade and other accounts payable $57 - -
Intercompany accounts payable 101 9 (6)
Payroll and benefit-related
liabilities 77 - -
Contractual liabilities 6 - -
Restructuring liabilities 4 - -
Other accrued liabilities 334 - -
Liabilities held for sale 377 - -
Liabilities of discontinued
Operations 345 1 -
----- ---------- -----
Total current liabilities not
subject to compromise 1,301 10 (6)
Restructuring 7 - -
Deferred income and other credits 32 - -
Deferred revenue 18 - -
Post-employment benefits 72 - -
----- ---------- -----
Total liabilities not subject to
compromise 1,430 10 (6)
Liabilities subject to compromise 5,997 53 127
----- ---------- -----
Total liabilities 7,427 63 121
SHAREHOLDERS' DEFICIT
Common shares - 719 32
Preferred shares - 16 47
Additional paid-in capital 17,746 7,330 5,252
Accumulated deficit (21,861) (8,086)(5,457)
Accumulated other comprehensive
income (loss) 5 - (1)
----- ---------- -----
Total U.S. Debtors shareholders'
deficit (4,110) (21) (127)
Non-controlling interests - - -
----- ---------- -----
Total shareholders' deficit (4,110) (21) (127)
TOTAL LIABILITIES & SHAREHOLDERS'
DEFICIT $3,317 $42 ($6)
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Operations
For the Period August 30 to September 30, 2009
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
Total revenues $408 - -
Total cost of revenues 215 - -
----- ---------- -----
Gross profit 193 - -
Selling, general & admin expense (68) - -
Research & development expense 21 - -
Amortization of intangible assets - - -
Gain on sales of businesses & assets 5 - -
Other operating expense (income)-net - - -
----- ---------- -----
Operating earnings (loss) 235 - -
Other income (expense) - net (14) - -
Interest expense (1) - -
----- ---------- -----
Earnings from continuing operations
before reorganization items, income
taxes & equity in net earnings
(loss) of associated companies 220 - -
Reorganization items - net (239) - -
----- ---------- -----
Loss from continuing operations
before income taxes and equity in
net earnings (loss) of associated
companies (19) - -
Income tax expense - - -
----- ---------- -----
Loss from continuing operations
before equity in net earnings
(loss) of associated companies (19) - -
Equity in net earnings (loss) of
associated companies - net of tax - - -
Equity in net earnings (loss) of
non-Debtor subsidiaries - net
of tax - - -
----- ---------- -----
Net loss from continuing
operations (19) - -
Net loss from discontinued
operations-net of tax (108) (1) -
----- ---------- -----
Net loss (127) (1) -
Income attributable to non-
controlling interests - - -
----- ---------- -----
Net loss attributable to
U.S. Debtors ($127) (1) -
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Cash Flows
For the Period August 30 to September 30, 2009
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
Cash flows from (used in)
operating activities:
Net loss attributable to
U.S. Debtors ($127) (1) -
Net loss from discontinued
operations - net of tax 108 1
Adjustments to reconcile net loss
from continuing operations to
net cash from (used in) operating
activities, net of effects from
acquisitions and divestitures of
businesses:
Amortization and depreciation 5 - -
Equity in net loss (earnings) of
associated companies - - -
Non-cash portion of cost
reduction activities 5 - -
Pension and other accruals 3 - -
Loss on sales & write downs of
investments, business & assets-net 5 - -
Reorganization items - non-cash 260 - -
Other - net (54) (1) -
Change in operating assets and
liabilities (190) 1 -
----- ---------- -----
Net cash from (used in) operating
activities-continuing operations 15 - -
Net cash from (used in) operating
activities-discontinued operations - - -
----- ---------- -----
Net cash from (used in)
operating activities 15 - -
Cash flows from (used in) investing
activities:
Expenditures for plant & equipment (1) - -
Change in restricted cash & cash
equivalents (1) - -
----- ------ -----
Net cash from (used in) investing
activities-continuing operations (2) - -
Net cash from (used in) investing
activities-discontinued operations - - -
----- ------ -----
Net cash from (used in) investing
activities (2) - -
Cash flows from (used in) financing
activities:
Decrease in capital leases
obligation (1) - -
----- ------ -----
Net cash from (used in) financing
activities-continuing operations (1) - -
Net cash from (used in) financing
activities-discontinued operations - - -
----- ------ -----
Net cash from (used in) financing
activities (l) - -
Effect of foreign exchange rate
changes on cash & cash equivalents - - -
----- ------ -----
Net cash from (used in)
continuing operations 12 - -
Net cash from (used in)
discontinued operations - - -
Net increase (decrease) in cash
& cash equivalents 12 - -
Cash & cash equivalents, beginning 760 - -
----- ------ -----
Cash & cash equivalents, period $772 - -
Less cash & cash equivalents of
discontinued operations, end - - -
----- ------ -----
Cash & cash equivalents of
continuing operations, end $772 - -
====== ====== =====
About Nortel Networks
Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for our customers. The Company's
next-generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group. The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
The Chapter 15 case is Bankr. D. Del. Case No. 09-10164. Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.
Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection. The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986. The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion. The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies. As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.
Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
NTK HOLDINGS: Initial MOR Shows 13-Week Cash Forecast
-----------------------------------------------------
NTK Holdings, Inc., and its debtor affiliates delivered to the
Court their initial monthly operating report on November 5, 2009.
The Initial Report contains a 13-week cash flow forecast and
certificates of insurance.
NTK Holdings, Inc., et al.
Total 13-Week Cash Flow Forecast
For the Period Oct. 24, 2009, Through January 16, 2010
Business Unit net cash flow - U.S. Informational
RVP (Broan Group) $11,136,000
C-HVAC (CES Group) 6,335,000
HTP (Linear Group) 6,924,000
R-HVAC (Nordyne) 14,849,000
------------
Total Business Unit Cash flow 39,244,000
Receipts
Operating companies, net 37,855,000
Corporate HQ other receipts 20,000
Foreign subs - Net cash 0
------------
Total receipts 37,875,000
Disbursements before restructuring
Operating companied, net 3,264,000
Corporate HQ Overheads 14,602,000
Corporate HQ Other Disbursement 101,000
Note Payments 39,515,000
Tax Payments 250,000
BofA Int/Fee (ABL, LoC) 2,231,000
THL Management Fee -
------------
Total Disbursement before restructuring 59,963,000
Restructuring disbursements
Finance fees 11,281,000
Restructuring professional fees 16,187,000
Vendor deposits 0
Adequate assurance deposits 0
Other 200,000
------------
Total restructuring disbursements 27,669,000
------------
Total disbursements 87,631,000
------------
Net cash receipts/(disbursements) (49,756,000)
------------
Beginning cash at corporate 114,739,000
------------
Net Cash Flow (49,756,000)
ABL borrowings/(repayments) -
------------
End cash at Corporate 64,982,000
============
Cash Balance at subs. 8,988,000
Cash Balance at CA subs. 17,000,000
------------
Total Cash $90,971,000
============
Borrowing Availability - U.S. - $330M sub-limit
Qualified Availability 216,993,000
Less: ABL Borrowed 135,000
Less: Outstanding L/CS 20,053,000
------------
Excess Availability - U.S. 61,940,000
------------
Liquidity Schedule
Excess Availability - U.S. 61,940,000
Canada Availability 20,000
Total Cash 90,971,000
Less: Cash collateral in BB (25,000,000)
------------
Total Liquidity 147,910,000
Total domestic subsidiaries 472,592,000
Total corporate 56,699,000
Restructuring
Restructuring Fees - Weil Gothsal 2,425,000
Restructuring Fees - Blackstone 8,750,000
Restructuring Fees - AlixPartners 612,000
Restructuring Fees - Bond Comm. (PW/Akin-Legal) 150,000
Restructuring Fees - Bond Comm. (Moelis-FA) 1,950,000
Restructuring Fees - BofA 100,000
Restructuring Fees - Nicolazzo & Assiciates (PR) 300,000
Restructuring Fees - Other (Skadden, Loc. Attys.) 1,900,000
Financing Fees 11,281,000
Vendor Deposits -
Adequate assurance deposits -
Other restructuring disbursements 200,000
Other -
------------
Total restructuring 27,669,000
------------
Total Disbursements $556,960,000
------------
A full-text copy of the Initial Report is available for free
at http://bankrupt.com/misc/NTK_InitialMOR.pdf
About NTK Holdings
NTK Holdings Inc., the parent company of Nortek Holdings and
Nortek Inc., is a diversified global manufacturer of branded
residential and commercial ventilation, HVAC and home technology
convenience and security products. NTK Holdings and Nortek offer
a broad array of products including range hoods, bath fans, indoor
air quality systems, medicine cabinets and central vacuums,
heating and air conditioning systems, and home technology
offerings, including audio, video, access control, security and
other products.
As reported by the TCR on Sept. 4, 2009, NTK Holdings, Inc., and
Nortek, Inc., entered into a restructuring and lockup agreement
with bondholders to effectuate a comprehensive restructuring of
the Company's debt under Chapter 11. When concluded, the
Agreement will eliminate approximately $1.3 billion in total
indebtednes by, among other things, exchanging debt to bondholders
for equity in the Company.
NTK Holdings Inc., together with affiliates, including Nortek
International, Inc. and Nortek Holdings, Inc., filed for Chapter
11 with a prepackaged plan accepted by all impaired creditors on
October 21, 2009 (Bankr. D. Del. Case No. 09-13611). The Company
has tapped Blackstone Group and Weil, Gotshal & Manges to aid in
its restructuring effort. Mark D. Collins, Esq., at Richards
Layton & Finger P.A., serves as local counsel. Epiq Bankruptcy
Solutions is claims and notice agent. An Ad Hoc Committee of
Nortek noteholders is being represented by Andrew N. Rosenberg,
Esq., and Brian N. Hermann, Esq., at Paul, Weiss, Rifkind, Wharton
& Garrison LLP; and William Derrough, Esq., and Adam Keil, Esq.,
at Moelis & Company.
NTK Holdings and its units have assets of $1,655,200,000, against
debts of $2,778,100,000 as of July 4, 2009.
Bankruptcy Creditors' Service, Inc., publishes NTK Holdings
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Nortek Holdings Inc., Nortek Internationa Inc., and
their affiliates (http://bankrupt.com/newsstand/or 215/945-7000).
NTK HOLDINGS: Records $50.1 Million Net Loss for October
--------------------------------------------------------
Nortek, Inc.
Balance Sheet
As of October 31, 2009
ASSETS
Current Assets:
Unrestricted cash and cash equivalents $121,985,400
Restricted cash 139,600
Accounts receivables, less allowances 2,199,000
Inventories:
Raw materials 0
Work on process 0
Finished goods 0
-------------
0
-------------
Prepaid expenses 1,333,000
Other current assets 301,000
Prepaid income taxes 38,931,000
-------------
Total current assets 164,889,000
-------------
Property and Equipment at Cost:
Land 0
Buildings and improvements 375,000
Machinery and equipment 2,298,000
-------------
2,673,000
Less accumulated depreciation 2,604,000
-------------
Total property and equipment, net 69,000
-------------
Other Assets:
Goodwill 657,525,000
Intangible assets, less accumulated
amortization 0
Deferred debt of expense 9,085,000
Restricted investments and marketable
securities 0
Other assets 1,106,195,000
-------------
1,772,874,000
--------------
Total Assets $1,937,763,000
==============
Liabilities & Stockholder's Deficit
Current Liabilities:
Notes payable and other short-term
obligations
Current maturities of long-term debt $875,000,000
Accounts payable 944,000
Accrued expertise and taxes, net 104,136,000
-------------
Total current liabilities 980,080,000
-------------
Other Liabilities:
Deferred income taxes 40,074,000
Long-term payable to affiliate 0
Other 45,191,000
-------------
85,265,000
-------------
Notes, Mortgage Notes & Obligations
Payable, Less Current Maturities 9,965,000
Commitments and Contingencies 0
Liabilities Subject to Compromise
Secured 0
Unsecured 668,831,000
Stockholder's Deficit:
Common stock 0
Additional paid-in capital 476,965,000
Retained earnings & Net Equity (283,343,000)
-------------
957,683,000
--------------
Total Liabilities & Stockholder's Deficit $1,937,763,000
==============
Nortek, Inc.
Statement of Operations
Month Ended October 31, 2009
Net Sales $0
-------------
Costs and Expenses:
Cost of products sold 0
Selling general and administrative
expense, net (895,000)
Other income (expense) (23,000)
Amortization 0
-------------
(918,000)
-------------
Operating loss (918,000)
Net interest expense, outsiders (9,647,000)
Reorganization items, net (50,145,000)
Total interco (Exp) Inc 4,359,000
-------------
Loss before provision for income taxes (56,351,000)
Provision for income taxes 6,228,000
-------------
Net Income (Loss) ($50,123,000)
=============
A full-text copy of the October Monthly Operating Report is
available for free at http://bankrupt.com/misc/NTK_OctMOR.pdf
About NTK Holdings
NTK Holdings Inc., the parent company of Nortek Holdings and
Nortek Inc., is a diversified global manufacturer of branded
residential and commercial ventilation, HVAC and home technology
convenience and security products. NTK Holdings and Nortek offer
a broad array of products including range hoods, bath fans, indoor
air quality systems, medicine cabinets and central vacuums,
heating and air conditioning systems, and home technology
offerings, including audio, video, access control, security and
other products.
As reported by the TCR on Sept. 4, 2009, NTK Holdings, Inc., and
Nortek, Inc., entered into a restructuring and lockup agreement
with bondholders to effectuate a comprehensive restructuring of
the Company's debt under Chapter 11. When concluded, the
Agreement will eliminate approximately $1.3 billion in total
indebtednes by, among other things, exchanging debt to bondholders
for equity in the Company.
NTK Holdings Inc., together with affiliates, including Nortek
International, Inc. and Nortek Holdings, Inc., filed for Chapter
11 with a prepackaged plan accepted by all impaired creditors on
October 21, 2009 (Bankr. D. Del. Case No. 09-13611). The Company
has tapped Blackstone Group and Weil, Gotshal & Manges to aid in
its restructuring effort. Mark D. Collins, Esq., at Richards
Layton & Finger P.A., serves as local counsel. Epiq Bankruptcy
Solutions is claims and notice agent. An Ad Hoc Committee of
Nortek noteholders is being represented by Andrew N. Rosenberg,
Esq., and Brian N. Hermann, Esq., at Paul, Weiss, Rifkind, Wharton
& Garrison LLP; and William Derrough, Esq., and Adam Keil, Esq.,
at Moelis & Company.
NTK Holdings and its units have assets of $1,655,200,000, against
debts of $2,778,100,000 as of July 4, 2009.
Bankruptcy Creditors' Service, Inc., publishes NTK Holdings
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Nortek Holdings Inc., Nortek Internationa Inc., and
their affiliates (http://bankrupt.com/newsstand/or 215/945-7000).
PRECISION PARTS: Earns $15,664 in August
----------------------------------------
Precision Parts International Services Corp., et al., filed with
the U.S. Bankruptcy Court for the District of Delaware on
November 9, 2009, a monthly operating report for the month ended
August 31, 2009.
The Debtors reported net income of $15,664 on $-0- sales for the
month of August 2009.
At August 31, 2009, the Debtors had total assets of $33.6 million
and total liabilities of $203.8 million.
A copy of the Debtors' monthly operating report for the month of
August 2009 may be obtained at http://www.kccllc.net/ppi
About Precision Parts
Headquartered in Rochester Hills, Michigan, Precision Parts
International Services Corp. -- http://www.precisionparts.com/--
sells products to major north American automotive and non-
automotive original equipment manufacturers and Tier 1 and 2
suppliers. PPI and its units operate six manufacturing facilities
throughout north America, including a facility in Mexico operated
on their behalf by Intermex Manufactura de Chihuahua under a
shelter and logistics agreement.
The Company and eight of its affiliates filed for Chapter 11
protection on December 12, 2008 (Bankr. D. Del. Lead Case No.
08-13289). Attorneys at Pepper Hamilton LLP are bankruptcy
counsel to the Debtors. Alvarez & Marsal North America LLC is the
Debtor's financial advisors and Kurtzman Carson Consultants LLC is
the claims, noticing and balloting agent. When PPI Holdings, Inc.
filed for protection from its creditors, it listed assets of
between $100 million and $500 million, and the same range of debt.
PROTOSTAR LTD: Posts $3.2 Million Net Loss in October
-----------------------------------------------------
ProtoStar Ltd. filed with the U.S. Bankruptcy Court for the
District of Delaware on December 1, 2009, a monthly operating
report for the reporting period of October 2009.
The Debtor had cash and cash equivalents of $52,773 at October 31,
2009. Beginning cash was $313,625.
ProtoStar Ltd. reported a net loss of $3.2 million for the month
of October. Interest expense for the month of October was
approximately $3.5 million.
At October 31, 2009, ProtoStar I had total assets of
$357.9 million, total liabilities of $308.0 million, and net owner
equity of $49.9 million.
About ProtoStar Ltd.
Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.
The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor. In their
petition, the Debtors listed between US$100 million and
US$500 million each in assets and debts. As of December 31, 2008,
ProtoStar's consolidated financial statements, which include non-
debtor affiliates, showed total assets of US$463,000,000 against
debts of US$528,000,000.
PROTOSTAR LTD: Protostar I Posts $9.6 Million Loss in October
-------------------------------------------------------------
ProtoStar I Ltd. filed with the U.S. Bankruptcy Court for the
District of Delaware on December 1, 2009, a monthly operating
report for the reporting period of October 2009.
The Debtor had cash and cash equivalents of $55.5 million at
October 31, 2009, including $53.2 million in restricted cash and
cash equivalents. Beginning cash was $2.7 million.
ProtoStar I reported a net loss of $9.6 million for the month of
October. Interest expense for the month of October totaled
$7.5 million .
At October 31, 2009, ProtoStar I had total assets of
$284.6 million and total liabilities of $306.5 million.
About ProtoStar Ltd.
Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.
The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor. In their
petition, the Debtors listed between US$100 million and
US$500 million each in assets and debts. As of December 31, 2008,
ProtoStar's consolidated financial statements, which include non-
debtor affiliates, showed total assets of US$463,000,000 against
debts of US$528,000,000.
PROTOSTAR LTD: ProtoStar II Posts $786,212 Net Loss in October
--------------------------------------------------------------
ProtoStar II Ltd. filed with the U.S. Bankruptcy Court for the
District of Delaware on December 1, 2009, a monthly operating
report for the reporting period of October 2009.
The Debtor had cash and cash equivalents of $555,704 at
October 31, 2009. Beginning cash was $836,098.
ProtoStar II reported a net loss of $786,212 on net revenue of
$1.5 million for the month of October.
At October 31, 2009, ProtoStar II had total assets of
$272.3 million, total liabilities of $193.0 million, and net owner
equity of $79.3 million.
About ProtoStar Ltd.
Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.
The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor. In their
petition, the Debtors listed between US$100 million and
US$500 million each in assets and debts. As of December 31, 2008,
ProtoStar's consolidated financial statements, which include non-
debtor affiliates, showed total assets of US$463,000,000 against
debts of US$528,000,000.
SPANSION INC: Incurred $268,000 Loss for August
-----------------------------------------------
Spansion Executive Vice President and Chief Financial Officer
Randy Furr filed on October 20, 2009, Spansion Inc.'s monthly
operating report for August 2009.
Mr. Furr notes that Spansion Inc., is the holding company
that directly and indirectly owns Spansion LLC, the principal
operating company of Spansion. It does not have any employees,
nor does it conduct any business that generates any revenue. It
also does not file any separate income or payroll tax returns, he
says. However, Spansion Inc., is the parent company for
Spansion's federal consolidated and California worldwide unitary
tax returns.
A full-text copy of Spansion Inc.'s August Operating Report is
available for free at:
http://bankrupt.com/misc/SpansionInc_AugMOR.pdf
Spansion Inc.
Balance Sheet
As of August 23, 2009
ASSETS
Unrestricted Cash & Cash Equivalents $0
Restricted Cash & Cash Equivalents 0
Accounts Receivable (net) 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 0
Professional Retainers 0
Other Current Assets 13,735,008
------------
Total current assets 13,735,008
Property and Equipment 0
Real Property & Improvements 0
Machinery and Equipment 0
Furniture, fixtures & Office Equipment 0
Leasehold Improvements 0
Vehicles 0
Less Accumulated Depreciation 0
------------
Total Property and Equipment 0
OTHER ASSETS
Loans to Insiders
OTHER ASSETS 0
------------
Total Other Assets 0
------------
Total Assets $13,735,008
============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable $0
Taxes Payable 0
Wages Payable 0
Notes Payable 0
Rent/Lease 0
Secured Debt 0
Professional Fees 0
Amounts Due to Insiders 0
Other Postpetition Liabilities 0
------------
Total Postpetition Liabilities 0
Liabilities Subject to Compromise Prepetition
Secured Debt 0
Priority Debt 0
Intercompany Payable 64,907
Unsecured Debt 0
------------
Total Prepetition Liabilities 64,907
------------
Total Liabilities 64,907
OWNER EQUITY
Capital Stock 161,976
Additional Paid-in Capital 2,359,161,625
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition (2,340,668,674)
Retained Earnings-Postpetition (4,984,825)
Adjustments to Owner Equity 0
Postpetition Contributions 0
------------
Net Owner Equity 13,670,101
------------
Total Liabilities and Owner Equity $13,735,008
============
Spansion Inc.
Statement of Operations
For the Period From July 27, 2009 to August 23, 2009
REVENUES
Gross Revenues $0
Less: Returns & Allowances 0
------------
Net Revenue 0
Cost of Goods Sold
Add: Other costs 25,787
Gross Profit 0
Cost of Goods Sold 25,787
------------
Gross Profit (25,787)
Operating Expenses
Advertising 0
Auto and Truck Expense 0
Bad Debts 0
Contributions 0
Employee Benefits Programs 0
Insider Compensation 0
Insurance 0
Management Fees/Bonuses 0
Office Expense 0
Pension & Profit-sharing Plans 0
Repairs and Maintenance 0
Rent and Lease Expense 0
Salaries/Commissions/Fees 0
Supplies 0
Taxes-Payroll 0
Taxes-Real Estate 0
Taxes-Others 0
Travel and Entertainment 0
Utilities 0
Other 241,755
------------
Total Operating Expense Before Depreciation 241,755
Depreciation/Depletion/Amortization 0
------------
Net Profit(loss) Before Other Income & Expenses (267,542)
OTHER INCOME AND EXPENSES
Other Income 0
Interest Expense 0
Other Expense 0
------------
Net Profit(loss)Before Reorganization Items (267,542)
Reorganization Items
Professional Fees 0
U.S. Trustee Quarterly Fees 0
Income Taxes 0
------------
Net Profit(loss) ($267,542)
============
About Spansion Inc.
Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications. Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.
Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690). On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings. Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel. Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case. As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.
Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.
Bankruptcy Creditors' Service, Inc., publishes Spansion Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding
undertaken by Spansion Inc. and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000)
SPANSION INC: Incurred $1.5 Mil. Loss for September
---------------------------------------------------
Spansion Executive Vice President and Chief Financial Officer
Randy Furr filed on November 12, 2009, Spansion Inc.'s monthly
operating report for September 2009.
Mr. Furr notes that Spansion Inc., is the holding company
that directly and indirectly owns Spansion LLC, the principal
operating company of Spansion. It does not have any employees,
nor does it conduct any business that generates any revenue. It
also does not file any separate income or payroll tax returns, he
says. However, Spansion Inc., is the parent company for
Spansion's federal consolidated and California worldwide unitary
tax returns.
A full-text copy of Spansion Inc.'s September Operating Report is
available for free at:
http://bankrupt.com/misc/SpansionIncSepMOR.pdf
Spansion Inc.
Balance Sheet
As of September 27, 2009
ASSETS
Unrestricted Cash & Cash Equivalents $0
Restricted Cash & Cash Equivalents 0
Accounts Receivable (net) 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 0
Professional Retainers 0
Other Current Assets 14,125,366
------------
Total current assets 14,125,366
Property and Equipment 0
Real Property & Improvements 0
Machinery and Equipment 0
Furniture, fixtures & Office Equipment 0
Leasehold Improvements 0
Vehicles 0
Less Accumulated Depreciation 0
------------
Total Property and Equipment 0
OTHER ASSETS
Loans to Insiders
OTHER ASSETS 0
------------
Total Other Assets 0
------------
Total Assets $14,125,366
============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable $0
Taxes Payable 0
Wages Payable 0
Notes Payable 0
Rent/Lease 0
Secured Debt 0
Professional Fees 0
Amounts Due to Insiders 0
Other Postpetition Liabilities 0
------------
Total Postpetition Liabilities 0
Liabilities Subject to Compromise Prepetition
Secured Debt 0
Priority Debt 0
Intercompany Payable 64,907
Unsecured Debt 0
------------
Total Prepetition Liabilities 64,907
------------
Total Liabilities 64,907
OWNER EQUITY
Capital Stock 161,993
Additional Paid-in Capital 2,360,778,399
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition (2,340,367,595)
Retained Earnings-Postpetition (6,512,337)
Adjustments to Owner Equity 0
Postpetition Contributions 0
------------
Net Owner Equity 14,060,459
------------
Total Liabilities and Owner Equity $14,125,366
============
Spansion Inc.
Statement of Operations
For the Period From August 24, 2009 To September 27, 2009
REVENUES
Gross Revenues $0
Less: Returns & Allowances 0
------------
Net Revenue 0
Cost of Goods Sold
Add: Other costs 296,737
Gross Profit 0
Cost of Goods Sold 296,737
------------
Gross Profit (296,737)
Operating Expenses
Advertising 0
Auto and Truck Expense 0
Bad Debts 0
Contributions 0
Employee Benefits Programs 0
Insider Compensation 0
Insurance 0
Management Fees/Bonuses 0
Office Expense 0
Pension & Profit-sharing Plans 0
Repairs and Maintenance 0
Rent and Lease Expense 0
Salaries/Commissions/Fees 0
Supplies 0
Taxes-Payroll 0
Taxes-Real Estate 0
Taxes-Others 0
Travel and Entertainment 0
Utilities 0
Other 1,230,775
------------
Total Operating Expense Before Depreciation 1,230,775
Depreciation/Depletion/Amortization 0
------------
Net Profit(loss) Before Other Income & Expenses (1,527,512)
OTHER INCOME AND EXPENSES
Other Income 0
Interest Expense 0
Other Expense 0
------------
Net Profit(loss)Before Reorganization Items (1,527,512)
Reorganization Items
Professional Fees 0
U.S. Trustee Quarterly Fees 0
Income Taxes 0
------------
Net Profit(loss) ($1,527,512)
============
About Spansion Inc.
Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications. Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.
Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690). On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings. Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel. Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case. As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.
Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.
Bankruptcy Creditors' Service, Inc., publishes Spansion Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding
undertaken by Spansion Inc. and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000)
SPANSION INC: Spansion LLC Records $8.4 Mil. Loss for August
------------------------------------------------------------
Spansion LLC Executive Vice President and Chief Financial Officer
Randy Furr filed on October 22, 2009, Spansion LLC's monthly
operating report for August 2009. Spansion LLC is the principal
operating company of the Debtors. It is the parent company of
Spansion International, Inc., and all other foreign Spansion
entities.
According to Mr. Furr, Spansion LLC has employees, and
conducts businesses that generate revenue. It files its own
payroll tax returns, and it is included in Spansion Inc.'s
federal consolidated and California worldwide unitary tax
returns.
Mr. Furr further notes that Spansion LLC recognizes the operating
results of its wholly owned subsidiaries worldwide based on the
equity method of accounting. However, since one of its
subsidiaries, Spansion Japan Limited, filed a proceeding under
the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan on
February 10, 2009, which was formally commenced on March 3,
Spansion LLC no longer "controls" SPJ. SPJ's results are no
longer consolidated in Spansion Inc.'s consolidated financial
results effective March 2009, and have never been reflected in
Spansion LLC's monthly Operating Reports.
Spansion LLC.
Balance Sheet
As of August 23, 2009
ASSETS
Unrestricted Cash & Cash Equivalents $230,020,566
Short Term Investment 121,450,001
Restricted Cash & Cash Equivalents 4,221,167
Accounts Receivable (net) 84,941,333
Notes Receivable 0
Inventories 162,022,497
Prepaid Expenses 13,775,836
Professional Retainers 643,392
Intercompany Receivables 431,744,339
Other Current Assets 16,708,247
--------------
Total current assets 1,065,527,377
Property and Equipment
Real Property & Improvements 13,078,518
Machinery and Equipment 1,150,057,982
Furniture, fixtures & Office Equipment 0
Leasehold Improvements 734,348,286
Vehicles 0
Less Accumulated Depreciation (1,595,654,599)
--------------
Total Property and Equipment 301,830,187
OTHER ASSETS
Loans to Insiders
Intercompany Investments 193,312,942
Other assets 50,218,869
--------------
Total Other Assets 243,531,811
--------------
Total Assets $1,610,869,375
==============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable $20,655,032
Taxes Payable 3,225,474
Wages Payable 5,740,630
Secured Debt 78,460,480
Accrued Expense 24,689,337
Deferred Income 43,168,313
Intercompany 221,700,207
Other Postpetition Liabilities 1,690,622
--------------
Total Postpetition Liabilities 399,330,096
Liabilities Subject to Compromise Prepetition
Secured Debt 668,637,171
Priority Debt 24,886,656
Unsecured Debt 644,593,552
Intercompany 284,492,561
--------------
Total Prepetition Liabilities 1,622,609,941
--------------
Total Liabilities 2,021,940,036
OWNER EQUITY
Intercompany Common Stock 2,289,379,270
Additional Paid-in Capital 124,015,097
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition (2,878,310,157)
Retained Earnings-Postpetition 53,865,128
--------------
Net Owner Equity (411,050,662)
--------------
Total Liabilities and Owner Equity $1,610,889,375
==============
Spansion LLC
Statement of Operations
For the From July 27, 2009 to August 23, 2009
REVENUES
Gross Revenues $104,597,751
Less: Changes in reserves 3,849,148
--------------
Net Revenue 108,446,900
Cost of Goods Sold
Manufacturing expense 30,198,742
Disty/OEM cost adjustment 5,705,532
Intercompany purchase 39,219,823
Foreign currency gain/loss (1,093,543)
Inventory change 2,160,221
--------------
Cost of Goods Sold 76,190,775
--------------
Gross Profit 32,256,125
Operating Expenses
Building Expense 1,041,117
Labor & Benefits 6,944,612
Freight 7,427
Marketing and communications 46,695
Material 236,384
Outside Services 3,178,648
Repair & Maintenance 348,918
Telecom and Software 878,828
Travel 47,214
Other 2,103,630
--------------
Total Operating Expenses 14,833,474
Depreciation/Depletion/Amortization 753,190
--------------
Net Profit (loss) Before Income & Expenses 16,669,461
OTHER INCOME AND EXPENSES
Other loss (Income), net 2,482,824
Interest Expense 1,975,114
Other Expense 0
--------------
Net Profit(loss)Before Reorganization Items 12,211,524
Reorganization Items
Professional Fees 3,282,007
Interest Earned on Accumulated Cash From Chap. 11 (44,156)
Other Reorganization Expenses 610,573
--------------
Total reorganization expenses 3,848,424
Income Taxes 200
--------------
Net Profit(loss) $8,362,900
==============
Spansion LLC
Schedule of Cash Receipts and Disbursement
For the Period From July 27, 2009 to August 23, 2009
Cash Beginning of Month $222,945,880
Receipts
Customer Receipts 69,987,987
Intercompany Transfer 0
Other Receipts 423,548
--------------
Total Receipts 70,411,536
Disbursement
Buildings 1,133,760
Foundry & Subcon 2,615,754
Intercompany Disbursements 0
Labor & Benefits 12,503,866
Material 12,580,196
Other 1,823,558
Outside Services 1,756,239
Repair & Maintenance 2,248,714
Capital Expenditures 8,939,615
Debt Obligations & Capital Leases 1,630,590
Taxes 2,233,597
Facility Closure Costs 0
Key Employee Incentive Plan 0
Reduction in Force 0
Restructuring Professional Fees 1,866,609
Utilities Deposit 0
Intercompany Transfers(debtor entities) 1,747,294
Intercompany Transfers(non-debtor entities) 12,257,059
--------------
Total Disbursements 63,336,849
Net Cash Inflow/(Outflow) 7,074,686
--------------
Cash End of Month $230,020,566
==============
About Spansion Inc.
Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications. Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.
Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690). On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings. Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel. Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case. As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.
Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.
Bankruptcy Creditors' Service, Inc., publishes Spansion Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding
undertaken by Spansion Inc. and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000)
SPANSION INC: Spansion LLC Records $12.5 Mil. Loss for September
----------------------------------------------------------------
Spansion LLC Executive Vice President and Chief Financial Officer
Randy Furr filed on November 12, 2009, Spansion LLC's monthly
operating report for September 2009. Spansion LLC is the
principal operating company of the Debtors. It is the parent
company of Spansion International, Inc., and all other foreign
Spansion entities.
According to Mr. Furr, Spansion LLC has employees, and
conducts businesses that generate revenue. It files its own
payroll tax returns, and it is included in Spansion Inc.'s
federal consolidated and California worldwide unitary tax
returns.
Mr. Furr further notes that Spansion LLC recognizes the operating
results of its wholly owned subsidiaries worldwide based on the
equity method of accounting. However, since one of its
subsidiaries, Spansion Japan Limited, filed a proceeding under
the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan on
February 10, 2009, which was formally commenced on March 3,
Spansion LLC no longer "controls" SPJ. SPJ's results are no
longer consolidated in Spansion Inc.'s consolidated financial
results effective March 2009, and have never been reflected in
Spansion LLC's monthly Operating Reports.
Spansion LLC
Balance Sheet
As of September 27, 2009
ASSETS
Unrestricted Cash & Cash Equivalents $261,326,722
Short Term Investment 111,275,001
Restricted Cash & Cash Equivalents 4,212,024
Accounts Receivable (net) 88,193,140
Notes Receivable 0
Inventories 158,002,221
Prepaid Expenses 7,214,104
Professional Retainers 730,730
Intercompany Receivables 412,834,858
Other Current Assets 55,658,001
--------------
Total current assets 1,099,446,802
Property and Equipment
Real Property & Improvements 13,078,518
Machinery and Equipment 1,116,572,937
Furniture, fixtures & Office Equipment 0
Leasehold Improvements 734,348,286
Vehicles 0
Less Accumulated Depreciation (1,595,776,921)
--------------
Total Property and Equipment 268,222,820
OTHER ASSETS
Loans to Insiders 0
Intercompany Investments 142,304,286
Other assets 49,434,423
--------------
Total Other Assets 191,738,709
--------------
Total Assets $1,559,408,331
==============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable $27,737,866
Taxes Payable 3,240,168
Wages Payable 2,897,750
Secured Debt 68,410,084
Accrued Expense 26,201,619
Deferred Income 31,356,723
Intercompany 224,597,031
Other Postpetition Liabilities 19,143,221
--------------
Total Postpetition Liabilities 403,584,462
Liabilities Subject to Compromise Prepetition
Secured Debt 667,453,772
Priority Debt 20,907,015
Unsecured Debt 639,812,667
Intercompany 281,302,958
--------------
Total Prepetition Liabilities 1,609,476,412
--------------
Total Liabilities 2,013,060,874
OWNER EQUITY
Intercompany Common Stock 2,289,379,270
Additional Paid-in Capital 124,015,097
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition (2,896,383,161)
Retained Earnings-Postpetition 23,819,591
Retained Earnings-Adjustment to Suzhou Sale 5,516,659
--------------
Net Owner Equity (453,652,543)
--------------
Total Liabilities and Owner Equity $1,559,408,331
==============
Spansion LLC
Statement of Operations
For the From August 24, 2009 to September 7, 2009
REVENUES
Gross Revenues $142,777,964
Less: Changes in reserves (1,932,539)
--------------
Net Revenue 140,845,425
Cost of Goods Sold
Manufacturing expense 35,967,922
Disty/OEM cost adjustment 1,945,815
Intercompany purchase 65,352,587
Foreign currency gain/loss 4,439,720
Inventory change 2,134,203
--------------
Cost of Goods Sold 109,840,246
--------------
Gross Profit 31,005,179
Operating Expenses
Building Expense 1,119,057
Labor & Benefits 8,406,585
Freight 10,656
Marketing and communications 26,450
Material 886,180
Outside Services 4,845,696
Repair & Maintenance 646,001
Telecom and Software 171,570
Travel 497,035
Other 865,534
--------------
Total Operating Expenses 17,474,763
Depreciation/Depletion/Amortization 946,003
--------------
Net Profit (loss) Before Income & Expenses 12,584,414
OTHER INCOME AND EXPENSES
Other loss (Income), net 12,973,834
Interest Expense 3,555,366
Other Expense 0
--------------
Net Profit(loss)Before Reorganization Items (3,944,786)
Reorganization Items
Professional Fees 8,704,690
Interest Earned on Accumulated Cash From Chap 11 (125,976)
--------------
Total reorganization expenses 8,578,714
Income Taxes (18,252)
--------------
Net Profit (loss) Before Income & Expenses ($12,505,248)
==============
Spansion LLC
Schedule of Cash Receipts and Disbursement
For the Period From August 24, 2009 To September 27, 2009
Cash Beginning of Month $230,020,566
Receipts
Customer Receipts 107,494,444
Intercompany Transfer 0
Other Receipts 108,590
--------------
Total Receipts 107,603,034
Disbursements
Buildings 2,628,971
Foundry & Subcon 2,085,062
Intercompany Disbursements 0
Labor & Benefits 17,891,507
Material 10,874,555
Other 1,317,784
Outside Services 8,580,440
Repair & Maintenance 3,425,757
Capital Expenditures 551,350
Debt Obligations & Capital Leases 6,990,295
Taxes 59,755
Facility Closure Costs 0
Key Employee Incentive Plan 0
Reduction in Force 0
Restructuring Professional Fees 1,312,580
Utilities Deposit 0
Intercompany Transfers(debtor entities) 1,599,204
Intercompany Transfers(non-debtor entities) 18,979,616
--------------
Total Disbursements 76,296,876
Net Cash Inflow/(Outflow) 31,306,158
--------------
Cash End of Month $261,326,723
==============
About Spansion Inc.
Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications. Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.
Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690). On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings. Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel. Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case. As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.
Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.
Bankruptcy Creditors' Service, Inc., publishes Spansion Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding
undertaken by Spansion Inc. and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000)
TRIBUNE CO: Records $16.4 Million Income for October
----------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of October 25, 2009
ASSETS
Current Assets:
Cash and cash equivalents $794,834,000
Accounts receivable, net 60,058,000
Inventories 22,335,000
Broadcast rights 211,341,000
Assets held for disposition 118,036,000
Prepaid expenses and other 94,585,000
---------------
Total current assets 1,301,189,000
Property, plant and equipment, net 1,035,719,000
Other Assets:
Broadcast rights 146,209,000
Goodwill & other intangible assets 818,932,000
Prepaid pension costs 1,396,000
Investments in non-debtor units 1,106,604,000
Other investments 33,121,000
Intercompany receivables from non-debtors 3,797,280,000
Other 100,448,000
---------------
Total Assets $8,340,898,000
===============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Contracts payable for broadcast rights $75,128,000
Current portion of long-term debt 5,952,000
Liabilities held for disposition 49,412,000
Accounts payable, accrued expenses, and other 379,298,000
---------------
Total current liabilities 509,790,000
Pension obligations 185,929,000
Long-term broadcast rights 65,435,000
Long-term debt 13,344,000
Other obligations 173,488,000
---------------
Total Liabilities 947,986,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,687,000
Obligations to third parties 13,383,531,000
---------------
Total Liabilities Subject to Compromise 16,843,218,000
Shareholders' Equity (Deficit) (9,450,306,000)
---------------
Total Liabilities & Shareholders'
Equity(Deficit) $8,340,898,000
===============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period September 28 through October 25, 2009
Total Revenue $233,227,000
Operating Expenses:
Cost of sales 118,983,000
Selling, general and administrative 76,439,000
Depreciation 11,262,000
Amortization of intangible assets 901,000
---------------
Total operating expenses 207,585,000
---------------
Operating Profit (Loss) 25,642,000
---------------
Net income on equity investments 965,000
Interest income, net 459,000
Management fee (1,250,000)
Non-operating loss, net (4,844,000)
---------------
Income (loss) before income taxes & Reorg. Costs 20,972,000
Reorganization costs (6,904,000)
---------------
Income (loss) before income taxes 14,068,000
Income taxes (56,000)
---------------
Income (Loss) from continuing operations 14,012,000
Income from discontinued operations, net of tax 2,407,000
---------------
Net Income (Loss) $16,419,000
===============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period September 28 through October 25, 2009
Beginning Cash Balance $758,391,000
Cash Receipts:
Operating receipts 247,204,000
Other 0
---------------
Total Cash Receipts 247,204,000
Cash Disbursements
Compensation and benefits 77,500,000
General disbursements 121,260,000
Reorganization, interest & fees 5,890,000
---------------
Total Disbursements 204,650,000
---------------
Debtors' Net Cash Flow 42,554,000
From/(To) Non-Debtors (7,005,000)
---------------
Net Cash Flow 35,549,000
Other 1,886,000
---------------
Ending Available Cash Balance $795,826,000
===============
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)
TRUMP ENTERTAINMENT: Posts $4.4 Million Net Loss in October
-----------------------------------------------------------
On November 20, 2009, Trump Entertainment Resorts, Inc., and
certain of its direct and indirect subsidiaries filed their
monthly operating report for the month ended October 31,
2009, with the United States Bankruptcy Court for the District of
New Jersey in Camden, New Jersey.
The Debtors reported a consolidated net loss of $4.4 million on
net revenues of $65.8 million for the period.
At October 31, 2009, the Debtors had $1.440 billion in total
assets and $2.104 billion in total liabilities. Cash and cash
equivalents were approximately $84.0 million at September 30,
2009, compared with approximately $75.0 million at the beginning
of the period.
A full-text copy of the report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/943320/000119312509239241/d
ex991.htm
About Trump Entertainment
Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino. The Company
conducts gaming activities and provides customers with casino
resort and entertainment.
Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company. The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.
Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 on February 17, 2009 (Bankr. D.
N.J., Lead Case No. 09-13654). The Company has tapped Charles A.
Stanziale, Jr., Esq., at McCarter & English, LLP, as lead counsel,
and Weil Gotshal & Manges as co-counsel. Ernst & Young LLP is the
Company's auditor and accountant and Lazard Freres & Co. LLC is
the financial advisor. Garden City Group is the claims agent.
The Company disclosed assets of $2,055,555,000 and debts of
$1,737,726,000 as of December 31, 2008.
Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Trump Hotels' obtained the Court's
confirmation of its Chapter 11 plan on April 5, 2005, and in May
2005, it exited from bankruptcy under the name Trump Entertainment
Resorts Inc.
VERASUN ENERGY: Discloses $197,000 Net Income for September
-----------------------------------------------------------
VeraSun Energy Corp. and its units disclose with the Court that
they had an aggregate of $170,011,000 in assets, $728,192,000 in
shareholders' deficit, and $900,202,000 in liabilities as of
September 30, 2009.
The Debtors also disclose that they had a net income of $197,000
for the month ending September 30, 2009.
Furthermore, the Debtors tell the Court that they received cash
totaling $1,783,000 and disbursed cash totaling $803,000 for the
month ending September 30, 2009.
A full-text copy of the September 2009 Operating Report is
available for free at http://bankrupt.com/misc/VerSSept09MOR.pdf
About VeraSun Energy
Headquartered in Sioux Falls, South Dakota, VeraSun Energy Corp.
-- http://www.verasun.com/or http://www.VE85.com/-- produces and
markets ethanol and distillers grains. Founded in 2001, the
company has a fleet of 16 production facilities in eight states,
with 14 in operation.
The Company and certain affiliates filed for Chapter 11 protection
on October 31, 2008 (Bankr. D. Del. Case No. 08-12606). Mark S.
Chehi, Esq., at Skadden Arps Slate Meagher & Flom LLP represents
the Debtors in their restructuring efforts. AlixPartners LLP
serves as their restructuring advisor. Rothschild Inc. is their
investment banker and Sitrick & Company is their communication
agent. The Debtors' claims noticing and balloting agent is
Kurtzman Carson Consultants LLC. The Debtors' total assets as of
June 30, 2008, was $3,452,985,000 and their total debts as of
June 30, 2008, was $1,913,214,000.
VeraSun closed on April 1, 2009, the sale of substantially all of
its assets to Valero Renewable Fuels, a subsidiary of Valero
Energy Corporation, North America's largest petroleum refiner and
marketer. Valero paid $350 million for the ethanol production
facilities in Aurora, Fort Dodge, Charles City, Hartley and
Welcome, in addition to the Reynolds site. Valero also
successfully bid $72 million for the Albert City facility and
$55 million for the Albion facility.
VeraSun also completed on April 9 the sale to AgStar Financial
Services PCA of substantially all of the assets relating to the
company's production facilities in Dyersville, Iowa; Hankinson,
North Dakota; Janesville, Minnesota; Central City and Ord,
Nebraska; and Woodbury, Michigan. AgStar released the USBE
Subsidiaries from their obligations under $319 million of existing
indebtedness and assumed certain liabilities relating to the
AgStar Facilities.
Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware confirmed on October 23, 2009, the Chapter
11 Plan of Liquidation filed by VeraSun Energy Corporation and
its debtor affiliates
(VeraSun Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. 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
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herein is obtained from sources believed to be reliable, but is
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*** End of Transmission ***