/raid1/www/Hosts/bankrupt/TCR_Public/091219.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 19, 2009, Vol. 13, No. 350
Headlines
ACCEPTANCE INSURANCE: Posts $12,816 Net Loss in November
ALERIS INT'L: Records $13.08 Million Loss for October
CAPITAL CORP: Posts $17,330 Net Loss in November
CHEMTURA CORP: Reports Net Earnings of $9 Million in November
GENERAL MOTORS: Old GM Has $1.1 Billion Net Loss in October
LEHIGH COAL: Records $528,000 Net Loss in October
LEHMAN BROTHERS: Has Cash & Investments of $13.771 Bln. at Nov. 30
LEXINGTON PRECISION: Posts $389,000 Net Loss in October
MAJESTIC STAR: Reports Cash on Hand of $62.7 Million
MIDWAY GAMES: Posts $1.3 Million Net Loss in September
NORTEL NETWORKS: U.S. Units Earn $12 Million in October
PENN TRAFFIC: Files Initial Monthly Operating Report
PILGRIM'S PRIDE: Reports $3.66 Mil. Operating Income for Nov.
PROLIANCE INTERNATIONAL: Posts $359,000 Net Loss in November
STATION CASINOS: Reports $4.21 Million Loss for October
SYNTAX-BRILLIAN: Posts $123,889 Net Loss in July 1 - July 8 Period
TOUSA INC: Reports $11.47 Million Net Income for October
VALUE CITY: Posts $259,000 Net Loss in October
VINEYARD NATIONAL: Posts $71,558 Net Loss in November
*********
ACCEPTANCE INSURANCE: Posts $12,816 Net Loss in November
--------------------------------------------------------
Acceptance Insurance Companies Inc. filed with the U.S.
Bankruptcy Court for the District of Nebraska on December 10,
2009, its monthly operating report for November 2009.
For the month ended November 2009, Acceptance Insurance Companies
Inc. posted a net loss of $12,816 on net investment income of
$545.
The Debtor reported total assets of $2,009,463, total liabilities
of $138,170,732, and stockholders' deficit of $136,161,269 as of
November 30, 2009.
A full-text copy of the Debtor's November 2009 operating report is
available at http://researcharchives.com/t/s?4bea
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either
directly or indirectly, several companies, one of which is an
insurance company that accounts for substantially all of the
business operations and assets of the corporate groups.
The Company filed for Chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services, Inc., and American Agrisurance,
Inc. -- each filed Chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on January 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC, LLO,
represent the Official Committee of Unsecured Creditors in
Acceptance Insurance's case.
ALERIS INT'L: Records $13.08 Million Loss for October
-----------------------------------------------------
Aleris International, Inc., Et Al.
Consolidated Balance Sheet
As of October 31, 2009
ASSETS
Current Assets:
Cash and cash equivalents $17,178,855
Accounts receivable, net 161,767,080
Intercompany Receivable 94,435,210
Net Inventories 143,230,756
Other current assets 40,215,624
--------------
Total current assets 456,827,525
Property, plant and equipment, net 296,002,518
Goodwill & Org. Costs, Net 79,446,152
Other Intangibles, Net 58,649,508
Total Long Term Intercompany Receivable 10,141,342
Other Long-Term Assets 1,532,135,147
--------------
Total L/T Assets 1,976,374,667
--------------
Total Assets $2,433,202,192
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $54,053,291
Accrued & Other Current Liabilities 65,389,531
Toll Liability 10,816,756
Accrued Interest 7,803,536
Total current Interco Payable 42,095,548
Current Maturities of L/T Debt 838,494,838
Other current liabilities 3,487,989
--------------
Total current liabilities 1,022,141,489
Total Long-term debt 24,449
Intercompany payable (81,430,887)
Other long-term liabilities 45,266,130
--------------
Total Long-term liabilities (36,140,308)
Liabilities subject to compromise-external 1,704,689,827
Liabilities subject to compromise-internal 490,333,523
--------------
Total Liabilities Subject to Compromise 2,195,023,350
--------------
Total Liabilities 3,181,024,531
Stockholders' Equity:
Additional paid-in Capital 857,889,228
Retained earnings (1,563,087,374)
Total other comprehensive income(loss) (42,624,193)
Other stockholders' equity 0
--------------
Total stockholders' equity (747,822,339)
--------------
Total Liabilities and Stockholders' Equity $2,433,202,192
==============
Aleris International, Inc., Et Al.
Consolidated Statement of Operations
For the Period From Oct. 1, 2009 Through Oct. 31, 2009
Gross Revenue $137,683,000
Total costs of sales 122,590,000
--------------
Gross profits 15,093,000
Selling, general and administrative:
Labor 3,793,000
Professional fees 616,000
Consulting expense (87,000)
Depreciation & Amortization 498,000
Other 1,361,000
--------------
Total SG&A Expense 6,181,000
Restructuring & Merger-related items 41,000
Losses (gains) on Derivatives 239,000
--------------
Operating (loss) Income 8,632,000
Net Interest Expense 19,364,000
Other (Income) and Expense 1,235,000
Reorganization Items 1,368,000
--------------
Income before taxes (13,335,000)
Income Tax Expenses (259,000)
--------------
Net (Loss) Income ($13,076,000)
==============
Aleris International, Inc., Et Al.
Consolidated Schedule of
Cash Receipts and Disbursements
For the Period From Oct. 1, 2009 Through Oct. 31, 2009
Receipts
Cash Sales $0
Accounts Receivable 125,231,209
Affiliates 0
Sale of Assets 837,000
Other 546,038
Transfer (From DIP Accts) 133,400,000
--------------
Total Receipts 260,014,247
Disbursements
Benefits 6,359,887
Payroll 13,187,611
Primary 32,473,514
Recycling/Scrap 47,327,673
Hardeners 4,698,403
Flux 1,241,730
Insurance 440,679
MRO 9,485,664
Freight 4,037,474
Energy 5,106,027
Taxes 266,412
By Product 805,265
Capex 549,914
Other accounts payable 3,181,013
U.S. Trustee Fees 0
Chapter 11 professional fees 1,836,570
Chapter 11 adjustments 0
Collateral Returns 0
Collateral Disbursements 0
Hedge Premiums 0
Affiliates 0
Interest & Fees 1,370,825
Extraordinaries 0
Other 0
Transfers (To DIP Accts) 127,040,770
--------------
Total Disbursements 259,409,429
--------------
Net Cash Flow $604,817
==============
About Aleris International
Aleris International, Inc., produces and sells aluminum rolled and
extruded products. Aleris operates primarily through two
reportable business segments: (i) global rolled and extruded
products and (ii) global recycling. Headquartered in Beachwood,
Ohio, a suburb of Cleveland, the Company operates over 40
production facilities in North America, Europe, South America and
Asia, and employs approximately 8,400 employees. Aleris operates
27 production facilities in the United States with eight
production facilities that provided rolled and extruded aluminum
products and 19 recycling production plants.
Aleris International, Inc., aka IMCO Recycling Inc., and various
affiliates filed for bankruptcy on February 12, 2009 (Bankr. D.
Del. Case No. 09-10478). The Hon. Brendan Linehan Shannon
presides over the cases. Stephen Karotkin, Esq., and Debra A.
Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve
as lead counsel for the Debtors. L. Katherine Good, Esq., and
Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A. In
Wilmington, Delaware, serves as local counsel. Moelis & Company
LLC, acts as financial advisors; Alvarez & Marsal LLC as
restructuring advisors, and Kurtzman Carson Consultants LLC as
claims and noticing agent for the Debtors. As of December 31,
2008, the Debtors had total assets of $4,168,700,000; and total
debts of $3,978,699,000.
Bankruptcy Creditors' Service, Inc., publishes Aleris
International Bankruptcy News. The newsletter tracks the chapter
11 proceeding undertaken by Aleris International, Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000)
CAPITAL CORP: Posts $17,330 Net Loss in November
------------------------------------------------
Capital Corp of the West filed its monthly report of operations
for the month ended November 30, 2009, on December 8, 2009, with
the United States Bankruptcy Court for the Eastern District of
California, Fresno Division.
Capital Corp recorded a net loss of $17,330 in November.
As of November 30, 2009, the Company had $6,770,120 in total
assets and $64,926,439 in total liabilities, resulting in a
$58,156,318 stockholders' deficit.
The Company ended the period with $6,764,158 in cash.
A full-text copy of Capital Corp's November operating report is
available at no charge at http://researcharchives.com/t/s?4be8
About Capital Corp
Incorporated on April 26, 2005, Capital Corp of the West is a bank
holding company whose primary asset and source of income is County
Bank. County Bank is a community bank with operations located
mainly in the San Joaquin Valley of Central California with
additional business banking operations in the San Francisco Bay
Area. The corporate headquarters of the Company and the Bank's
main branch facility are located at 550 West Main Street, Merced,
California.
County Bank was closed February 6, 2009, by the California
Department of Financial Institutions, which appointed the Federal
Deposit Insurance Corporation as receiver. To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with Westamerica Bank, based in San Rafael, California,
to assume all of the deposits of County Bank. As of February 2,
2009, County Bank had total assets of approximately $1.7 billion
and total deposits of $1.3 billion. In addition to assuming all
of the failed bank's deposits, including those from brokers,
Westamerica Bank agreed to purchase all of County Bank's assets.
According to Capital Corp, although County Bank made no "subprime
mortgages," it had made substantial loans to developers for
acquisition, development and construction of residential homes and
condominiums throughout California's Central Valley. Overbuilding
and an increase in foreclosures in the market resulted in rapidly
declining real property values, and contributed to the rise in
nonperforming loans.
Capital Corp of the West filed for bankruptcy on May 11, 2009
(Bankr. E.D. Calif. Case No. 09-14298). Judge W. Richard Lee
presides over the case. Paul J. Pascuzzi, Esq., at Felderstein
Fitzgerald Willoughby & Pascuzzi, serves as the Debtor's
bankruptcy counsel. Hagop T. Bedoyan, Esq., serves as counsel to
the official committee of unsecured creditors. As of June 30,
2009, Capital Corp of the West had $6,684,645 in total assets and
$57,734,000 in total liabilities. In its Chapter 11 petition, the
Company disclosed $6,789,058 in total assets and $68,096,190 in
total debts.
Capital Corp. filed with the Bankruptcy Court on October 23, 2009,
a first amended plan of liquidation and a first amended disclosure
statement in support of the plan. The Court approved the
disclosure statement on October 26, 2009. The Court has scheduled
a confirmation hearing for December 23, 2009. Under the plan,
because there are insufficient funds to pay all claims in full,
common shareholders' interests in the Debtor will be cancelled by
the Plan and accordingly, no distribution will be available for
common shareholders.
CHEMTURA CORP: Reports Net Earnings of $9 Million in November
-------------------------------------------------------------
On December 15, 2009, Chemtura Corporation filed with the U.S.
Bankruptcy Court for the Southern District of New York its monthly
operating Report for the period November 1, 2009, through
November 30, 2009.
Chemtura Corporation and related Debtors reported net earnings of
$9 million on net sales of $155 million for the period.
Bloomberg's Bill Rochelle reports that Chemtura reported that the
operating profit was $9 million. Cash flow from operations was
$4 million in the month. In October, the net loss was $10 million
on net sales of $150 million.
Expenses incurred and settlement impacts due to the Chapter 11
proceedings are reported separately as reorganization items, net
on the condensed combined statement of operations for the month
ended November 30. Interest expense related to pre-petition
indebtedness has been reported only to the extent that it will be
paid during the pendency of the Chapter 11 proceedings or is
permitted by Court approval or is expected to be an allowed claim.
Reorganization items, net, which primarily consist of professional
fees and other costs associated with the Chapter 11 proceedings
and cost saving initiatives for which Court approval has been
obtained or requested, amounted to $8 million. Interest expense
was $6 million.
At November 30, 2009, the Debtors had $4.192 billion in total
assets, $3.823 billion in total liabilities, and $369 million in
total stockholders' equity.
The Debtor had cash and cash equivalents of $89 million at the end
of the period, compared with cash and cash equivalents of
$86 million at the beginning of the period.
A full-text copy of the November 2009 operating report is
available at no charge at http://researcharchives.com/t/s?4bed
About Chemtura Corp.
Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.
Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel. The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.
As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.
Bankruptcy Creditors' Service, Inc., publishes Chemtura
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings undertaken by Chemtura Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
GENERAL MOTORS: Old GM Has $1.1 Billion Net Loss in October
-----------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Motors Liquidation
Co., which has sold its General Motors automotive business to a
U.S. government owned entity, filed an operating report showing a
$28.7 million loss in October before reorganization items. Adding
reorganizing items, the net loss was more than $1 billion. Old GM
ended the month with more than $1 billion cash, although the
outstanding credit for the Chapter 11 case is almost $1.2 billion.
The operating report says that $34.8 billion in debt is subsumed
into the Chapter 11 case. The liabilities include $28.4 billion on
unsecured bonds and $3.5 billion owing on union obligations.
Remy International Inc., once a division of GM, filed
About General Motors
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At September 30, 2009, GM had $107.45 billion in total assets
against $135.60 billion in total liabilities.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LEHIGH COAL: Records $528,000 Net Loss in October
-------------------------------------------------
Bill Rochelle at Bloomberg News reports that the Bankruptcy Court
gave Lehigh Coal & Navigation Co. an extension until April 28 of
its exclusive period to solicit acceptances of a Chapter 11 plan.
Although Lehigh filed a proposed reorganization plan in July, it
said it can't file a confirmable plan until it lands exit
financing.
Lehigh Coal reported a $528,000 net loss in October on revenue of
$1.5 million. During the first 10 months of year, the cumulative
net loss is $1.96 million on revenue of $13 million. The net loss
is mostly explained by $1.65 million in professional fees this
year.
Pottsville, Pennsylvania-based Lehigh Coal & Navigation Co. --
http://www.lcncoal.com/-- has been mining anthracite coal since
the late 1700s, with 8,000 acres of coal-producing properties.
Creditors filed an involuntary Chapter 11 petition against the
Company on July 15, 2008 (Bankr. M.D. Penn. Case No. 08-51957).
The involuntary filing was the third filed against the Company in
less than four years. Jeffrey Kurtzman, Esq., at Klehr, Harrison,
Harvey, Branzburg and Ellers, LLP, represents the petitioners.
The Debtor consented to being in Chapter 11 in August 2008.
LEHMAN BROTHERS: Has Cash & Investments of $13.771 Bln. at Nov. 30
------------------------------------------------------------------
Lehman Brothers Holdings Inc. and certain of its subsidiaries
filed with the U.S. Bankruptcy Court for the Southern District of
New York on December 14, 2009, a monthly operating report for
November 2009.
At June 30, 2009, the Debtor entities had total assets of
$221.439 billion and total liabilities of $255.598 billion.
Lehman Brothers Holdings Inc. and its affiliated debtors
disclosed these cash receipts and disbursements for the month
ended November 30, 2009:
Beginning Cash & Investments 11/01/09 $13,502,000,000
Receipts 1,146,000,000
Transfers 1,000,000
Disbursements (889,000,000)
FX Fluctuation 10,000,000
---------------
Ending Cash & Investments 11/30/09 $13,771,000,000
Including non-debtor cash and investment balances of
$1.987 billion and debtor and non-debtor international cash and
investment balances of $576 million, total cash and investment
balances were $16.334 billion at November 30, 2009.
LBHI reported $2.554 billion in cash and investments at
November 1, 2009, and $2.474 billion in cash and investments at
November 30, 2009.
A full-text copy of the November 2009 Operating Report is
available for free at http://researcharchives.com/t/s?4bec
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LEXINGTON PRECISION: Posts $389,000 Net Loss in October
-------------------------------------------------------
On December 11, 2009, Lexington Precision Corp. and Lexington
Rubber Group, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of New York ta revised monthly operating report
for the month of October 2009.
The Debtors reported a net loss of $389,000 on net sales of
$5,750,000 for the month ended October 31, 2009.
At October 31, 2009, the Debtors had total assets of $48,131,000
and total liabilities of $103,385,000.
A full-text copy of the Debtor's revised monthly operating report
for the month of October 2009, is available for free at:
http://bankrupt.com/misc/lexington.octobermor.pdf
As reported in the Troubled Company Reporter on December 11, 2009,
the Bankruptcy Court will convene a hearing on January 11 to
consider approval of the disclosure statements explaining three
competing reorganization proposals. In addition to the Company's
plan, the creditors' committee and the secured lenders each filed
their own. The parties have been fighting over whether the
business is worth enough so value should be left for shareholders.
About Lexington Precision
Headquartered in New York, Lexington Precision Corp. --
http://www.lexingtonprecision.com/-- and its wholly-owned
subsidiary Lexington Rubber Group, Inc. conduct their operations
through two operating groups, the Rubber Group and the Metals
Group. The business of the Rubber Group is conducted by LRGI
while the business of the Metals Group is conducted by LPC.
The Rubber Group is a manufacturer of tight-tolerance, molder
rubber components that are sold to customers who supply the
automotive aftermarket, to customers who supply the automotive
original-equipment manufacturers ("OEMs"), and to manufacturers of
medical devices. The Metals Group manufactures a variety of high-
volume components that are machined from aluminum, brass, steel,
and stainless steel bars and blanks. The components produced by
the Metals Group include airbag inflator components, solenoids for
transmissions, fluid handling couplings, hydraulic valve blocks,
power steering components, and wiper-system components, primarily
for use by the automotive OEMs.
The Company and its affiliate, Lexington Rubber Group Inc., filed
for Chapter 11 protection on April 1, 2008 (Bankr. S.D.N.Y. Lead
Case No.08-11153). Christopher J. Marcus, Esq., and Victoria
Vron, Esq., at Weil, Gotshal & Manges, represent the Debtors in
their restructuring efforts. The Debtors selected Epiq Systems -
Bankruptcy Solutions LLC as claims agent. The U.S. Trustee for
Region 2 appointed six creditors to serve on an official committee
of unsecured creditors. Paul N. Silverstein, Esq., and Jonathan
Levine, Esq., at Andrews Kurth LLP, represent the Committee as
counsel.
MAJESTIC STAR: Reports Cash on Hand of $62.7 Million
----------------------------------------------------
Keith Benman at nwi.com says Majestic Star Casinos filed a monthly
operating report showing negative cash flow of $5.49 for the 13-
week period ending in February million but can augment that with
$62.7 million of cash on hand. The company's strong cash position
makes the company confident it can keep its operation open
including its two casinos, Majestic Star and Buffington Harbor, a
person with knowledge of the filing says.
The Majestic Star Casino, LLC -- aka Majestic Star Casino, aka
Majestic Star -- is based in Las Vegas, Nevada. It is a wholly
owned subsidiary of Majestic Holdco, LLC, which is a wholly owned
subsidiary of Barden Development, Inc. The Company was formed on
December 8, 1993, as an Indiana limited liability company to
provide gaming and related entertainment to the public. The
Company commenced gaming operations in the City of Gary at
Buffington Harbor, located in Lake County, Indiana on June 7,
1996. The Company is a multi-jurisdictional gaming company with
operations in three states -- Indiana, Mississippi and Colorado.
The Company filed for Chapter 11 bankruptcy protection on
November 23, 2009 (Bankr. D. Delaware Case No. 09-14136).
The Company's affiliates -- The Majestic Star Casino II, Inc., The
Majestic Star Casino Capital Corp., Majestic Star Casino Capital
Corp. II, Barden Mississippi Gaming, LLC, Barden Colorado Gaming,
LLC, Majestic Holdco, LLC, and Majestic Star Holdco, Inc. -- also
filed separate Chapter 11 petitions.
Kirkland & Ellis LLP is the Debtors' bankruptcy counsel. James E.
O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP are the Debtors'
Delaware counsel. Xroads Solutions Group, LLC, is the Debtors'
financial advisor, while EPIQ Bankruptcy Solutions LLC are the
Debtors' claims and notice agent.
The Majestic Star Casino, LLC's balance sheet at June 30, 2009,
showed total assets of $406.42 million and total liabilities of
$749.55 million. When it filed for bankruptcy, the Company listed
up to $500 million in assets and up to $1 billion in debts.
MIDWAY GAMES: Posts $1.3 Million Net Loss in September
------------------------------------------------------
On December 9, 2009, Midway Games Inc. and its United States
subsidiaries filed their monthly operating report for the period
September 1, 2009, through and including September 30, 2009, with
the United States Bankruptcy Court for the District of Delaware.
The Debtors reported a net loss of $1.3 million on net revenues of
$302,703 for the month of September. For the month, the Debtors
accrued $685,274 in professional fees.
At September 30, 2009, the Company had $1.348 billion in total
assets, $7.0 million in total post-petition liabilities,
$1.365 billion in total pre-petition liabilities, $113.8 million
in due to debtors, and $13.0 million in deferred income taxes,
resulting in a $150.5 million stockholders' deficit.
The Debtors' schedules of cash receipts and disbursements for the
month ended September 30, 2009, showed:
Cash, beginning $45.96 million
Total receipts $0.91 million
Total disbursements $2.20 million
Cash, end $44.67 million
Payments for professional fees and expenses totaled $1.0 million
for the month of September.
A full-text copy of the Company's September operating report is
available for free at http://researcharchives.com/t/s?4beb
Headquartered in Chicago, Illinois, Midway Games Inc. (OTC Pink
Sheets: MWYGQ) -- http://www.midway.com/-- was a leading
developer and publisher of interactive entertainment software for
major videogame systems and personal computers.
The Company and nine of its affiliates filed for Chapter 11
protection on February 12, 2009 (Bankr. D. Del. Lead Case No.
09-10465). Michael D. DeBaecke, Esq., Jason W. Staib, Esq, and
Victoria A. Guilfoyle, Esq., at Blank Rome LLP, in Wilmington,
Delaware; and Marc E. Richards, Esq., and Pamela E. Flaherty,
Esq., at Blank Rome LLP, in New York, represent the Debtors in
their restructuring efforts. Attorneys at Milbank, Tweed, Hadley
& McCloy LLP and Richards, Layton & Finger, P.A. represent the
official committee of unsecured creditors as counsel. Epiq
Bankruptcy Solutions, LLC, is the Debtors' claims, noticing, and
balloting agent.
On July 10, 2009, Midway and certain of its U.S. subsidiaries
completed the sale of substantially all of their assets to
Warner Bros. Entertainment Inc. in a sale approved by the Court.
The aggregate gross purchase price is roughly $49 million,
including the assumption of certain liabilities. Midway is
disposing of its remaining assets.
NORTEL NETWORKS: U.S. Units Earn $12 Million in October
-------------------------------------------------------
Nortel Networks Inc., et al.
Condensed Combined Balance Sheet
As of October 31, 2009
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
ASSETS
Current assets
Cash & cash equivalents $925 - -
Restricted cash & cash equivalents 51 1 -
Accounts receivable - net 177 - -
Intercompany accounts receivable 669 39 (5)
Inventories - net 65 - -
Other current assets 110 - -
.Assets held for sale 398 - -
Assets of discontinued operations 307 - -
----- ---------- -----
Total current assets 2,702 40 (5)
Investments in non-Debtor
subsidiaries 221 1 (2)
Investments - other 40 - -
Plant and equipment - net 220 - -
Goodwill - 1 -
Other assets 44 - -
----- ---------- -----
Total assets $3,227 $42 ($7)
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject to compromise
Trade and other accounts payable $26 - -
Intercompany accounts payable 74 9 (6)
Payroll and benefit-related
liabilities 70 - -
Contractual liabilities (6) - -
Restructuring liabilities 3 - -
Other accrued liabilities 236 - -
Liabilities held for sale 560 - -
Liabilities of discontinued
operations 335 1 -
----- ---------- -----
Total current liabilities not
subject to compromise 1,298 10 (6)
Restructuring 7 - -
Deferred income and other credits 32 - -
Deferred revenue 9 - -
Post-employment benefits 71 - -
----- ---------- -----
Total liabilities not subject to
compromise 1,417 10 (6)
Liabilities subject to compromise 5,980 53 126
----- ---------- -----
Total liabilities 7,397 63 120
SHAREHOLDERS' DEFICIT
Common shares - 719 32
Preferred shares - 16 47
Additional paid-in capital 17,746 7,330 5,252
Accumulated deficit (21,920) (8,086)(5,457)
Accumulated other comprehensive
income (loss) 4 - (1)
----- ---------- -----
Total U.S. Debtors shareholders'
deficit (4,170) (21) (127)
Non-controlling interests - - -
----- ---------- -----
Total shareholders' deficit (4,170) (21) (127)
TOTAL LIABILITIES & SHAREHOLDERS'
DEFICIT $3,227 $42 ($7)
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Operations
For the Period October 1 to 31, 2009
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
Total revenues $144 - -
Total cost of revenues 89 - -
----- ---------- -----
Gross profit 55 - -
Selling, general & admin expense 49 - -
Research & development expense 16 - -
Amortization of intangible assets - - -
Loss on sales of businesses & assets - - -
Other operating expense (income)-net - - -
----- ---------- -----
Operating earnings (loss) (10) - -
Other income (expense) - net (2) - -
Interest expense (1) - -
----- ---------- -----
Earnings from continuing operations
before reorganization items, income
taxes & equity in net earnings
(loss) of associated companies (13) - -
Reorganization items - net (8) - -
----- ---------- -----
Loss from continuing operations before
income taxes and equity in net earnings
(loss) of associated companies (21) - -
Income tax expense - - -
----- ---------- -----
Loss from continuing operations before
equity in net earnings (loss) of
associated companies (21) - -
Equity in net earnings (loss) of
associated companies - net of tax - - -
Equity in net earnings (loss) of
non-Debtor subsidiaries - net of tax 3 - -
----- ---------- -----
Net loss from continuing
operations (18) - -
Net earnings (loss) from
discontinued operations
net of tax 30 - -
----- ---------- -----
Net earnings (loss) 12 - -
Income attributable to non-
controlling interests - - -
----- ---------- -----
Net earnings (loss) attributable
to U.S. Debtors $12 - -
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Cash Flows
For the Period October 1 to 31, 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 12 - -
Net loss (earnings) from
discontinued operations -
net of tax (30) - -
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 4 - -
Equity in net loss (earnings) of
associated companies (3) - -
Pension and other accruals 88 - -
Reorganization items - non-cash 25 - -
Other - net 25 (1) -
Change in operating assets and
liabilities 30 1 -
----- ---------- -----
Net cash from (used in) operating
activities-continuing operations 151 - -
Net cash from (used in) operating
activities-discontinued operations - - -
----- ---------- -----
Net cash from (used in)
operating activities 151 - -
Cash flows from (used in) investing activities:
Expenditures for plant & equipment (1) - -
Proceeds on sale of businesses
& investments 7 - -
Change in restricted cash & cash
equivalents (3) - -
----- ------ -----
Net cash from (used in) investing
activities-continuing operations 3 - -
Net cash from (used in) investing
activities-discontinued operations - - -
----- ------ -----
Net cash from (used in) investing
activities 3 - -
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 153 - -
Net cash from (used in)
discontinued operations - - -
Net increase (decrease) in cash
& cash equivalents 153 - -
Cash & cash equivalents, beginning 772 - -
----- ------ -----
Cash & cash equivalents, end $925 - -
Less cash & cash equivalents of
discontinued operations, end - - -
----- ------ -----
Cash & cash equivalents of
continuing operations, end $925 - -
====== ====== =====
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)
PENN TRAFFIC: Files Initial Monthly Operating Report
----------------------------------------------------
The Penn Traffic Company, et al., has filed with the U.S.
Bankruptcy Court for the District of Delaware an initial monthly
operating report.
Penn Traffic Company submitted a DIP Cash Forecast for a 15-week
period from November 21, 2009, through February 27, 2010:
Operating Receipts $208,347,000
Other Receipts 29,058,000
Operating Expenses 248,296,000
Financing Expenses 1,915,000
Deposits 3,218,000
Professional Fees 3,087,000
UST Fees 150,000
Chapter 11 Professional Fees 200,000
------------
Total Bankruptcy Related Expenses $6,655,000
------------
Total Disbursements $256,866,000
------------
Net Cash Flows ($19,461,000)
============
A full-text copy of The Penn Traffic Company, et al.'s initial
monthly operating report is available for free at:
http://bankrupt.com/misc/penntraffic.initialmor.pdf
Syracuse, New York-based The Penn Traffic Company -- dba P&C
Foods, Bi-Lo Foods, and Quality Markets -- operates supermarkets
in Pennsylvania, upstate New York, Vermont, and New Hampshire
under the Bilo, P&C and Quality trade names. The Company filed
for Chapter 11 bankruptcy protection on November 18, 2009 (Bankr.
D. Delaware Case No. 09-14078). Ann C. Cordo, Esq., and Gregory
W. Werkheiser, Esq., at Morris, Nichols, Arsht & Tunnell assist
the Company in its restructuring effort. Donlin Recano is the
Company's claims agent. The Company listed $150,347,730 in assets
and $136,874,394 in liabilities as of May 4, 2009.
These affiliates also filed separate Chapter 11 petition: Sunrise
Properties, Inc.; Pennway Express, Inc.; Penny Curtiss Baking
Company, Inc.; Big M Supermarkets, Inc.; Commander Foods Inc.;
and C Food Markets, Inc. of Vermont; and P.T. Development, LLC.
PILGRIM'S PRIDE: Reports $3.66 Mil. Operating Income for Nov.
-------------------------------------------------------------
Pilgrim's Pride Corporation
Balance Sheet
As of November 28, 2009
ASSETS
Unrestricted Cash $225,457,026
Restricted Cash 0
--------------
Total Cash 225,457,026
Accounts Receivable 241,569,683
Intercompany accounts receivable 34,049,681
Inventory 685,179,271
Notes receivable 0
Prepaid expenses 7,541,567
--------------
Total current assets 1,193,797,228
Property, plant and equipment 1,312,632,457
Less: Accumulated depreciation 823,900,085
--------------
Net Property, Plant & Equipment 488,732,372
Other assets 1,212,023,635
Total assets $2,894,553,235
==============
LIABILITIES & OWNER'S EQUITY
Postpetition Liabilities:
Accrued expenses $0
Taxes payable 27,478,650
Notes payable (DIP Financing) 0
Professional fees (accrued est) 7,880,000
Secured debt (accrued int) 34,568,853
Others 126,546,711
--------------
Total postpetition liabilities 196,474,214
Prepetition liabilities:
Secured debt 1,394,969,194
Priority debt 283,775
Unsecured debt 831,266,926
Other 572,900,785
--------------
Total prepetition liabilities 2,799,420,680
Total Liabilities 2,995,894,895
Equity:
Prepetition owners' equity 531,687,077
Postpetition cumulative profit (loss) (28,640,147)
Direct charges to equity (604,388,589)
--------------
Total Equity (101,341,660)
Total Liabilities & owners' equity $2,894,553,235
==============
Pilgrim's Pride Corporation
Income Statement
For the Month Ended November 28, 2009
Revenues:
Gross Revenue $551,167,926
Less: Returns and discounts 8,721,694
--------------
Net Revenue 542,446,232
Cost of Goods Sold:
Cost of goods sold 509,734,619
--------------
Total cost of goods sold 509,734,619
Gross profit 32,711,613
Operating Expenses:
Officer/insider compensation 661,009
General & administrative 28,446,523
Other (52,982)
--------------
Total operating expenses 29,054,550
Income before non-operating income
and expense 3,657,063
Other Income & Expenses:
Financing expenses 13,302,809
Other 810,756
Reorganization Expenses:
Professional fees 4,495,750
U.S. Trustee fees 129,250
Other reorganization items 633,304
--------------
Total reorganization expenses 5,258,304
Income tax 11,265
Net Profit (Loss) ($15,726,070)
=============
Pilgrim's Pride Corporation
Cash Disbursements and Receipts
For the Month Ended November 28, 2009
Cash - Beginning of month $235,221,382
Cash sales 0
Collection of Accounts Receivable:
Total operating receipts 570,902,600
Non-Operating Receipts:
Loans & advances 0
Others 5,071,632
--------------
Total Non-operating receipts 5,071,632
Total receipts 575,974,232
Total Cash Available 811,195,614
Operating Disbursement:
Customer programs 6,555,267
Growing and feeding 235,053,967
Contractors, repair and maintenance 20,510,102
Fleet and freight 34,043,123
General insurance 6,134,300
Leases/rentals 5,158,066
Meat/food 19,155,513
Packaging/ingredients 45,957,137
Gross payroll 121,391,860
Utilities 17,853,036
Other 29,361,198
Capital expenditure 13,250,989
--------------
Total Operating Disbursements 554,424,559
Reorganization Expenses:
Professional fees 5,027,420
U.S. Trustee 129,250
Other reorganization 4,209,308
--------------
Total reorganization expenses 9,365,978
-------------
Total disbursements 563,790,537
Net cash flow 12,183,695
Changes in cash management obligations (13,066,720)
--------------
Cash - End of Month $234,338,357
==============
About Pilgrim's Pride
Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.
Pilgrim's Pride Corp. filed for Chapter 11 on December 1, 2008
(Bankr. N.D. Tex. Lead Case No. 08-45664). Weil, Gotshal & Manges
LLP served as bankruptcy counsel. Lazard Freres & Co., LLC, was
the Company's investment bankers. Kurtzman Carson Consulting LLC
served as claims and notice agent. Kelly Hart and Brown Rudnick
represented the official equity committee. Attorneys at Andrews
Kurth LLP represented the official committee of unsecured
creditors.
On Dec. 10, 2009, the Bankruptcy Court entered an order confirming
Pilgrim's Pride's Chapter 11 plan of reorganization. The plan
relies upon a sale of the business to JBS SA.
PROLIANCE INTERNATIONAL: Posts $359,000 Net Loss in November
------------------------------------------------------------
On December 16, 2009, Proliance International, Inc., filed its
monthly operating report for the period ended November 30, 2009.
The Company reported a net loss of $359,000 for the month of
November 2009.
At November 30, 2009, the Company had $52.9 million in total
assets and $98.7 million in total liabilities.
A full-text copy of the Company's November 2009 operating report
is available for free at:
http://bankrupt.com/misc/proliance.novembermor.pdf
The Company reported net income of $72,000 for the month of
October 2009.
A full-text copy of the Company's October 2009 operating report is
available for free at:
http://bankrupt.com/misc/proliance.octobermor.pdf
Based in New Haven, Connecticut, Proliance International, Inc. --
http://www.pliii.com/-- aka Godan makes automobile parts. The
Company and its affiliates filed for Chapter 11 on July 2, 2009
(Bankr. D. Del. Lead Case No. 09-12278). Christopher M. Samis,
Esq., and Daniel J. DeFranceschi, Esq., at Richards, Layton &
Finger PA, represent the Debtors in their restructuring efforts.
The Debtors' financial condition as of June 22, 2009, showed total
assets of $160.3 million and total debts of $133.5 million.
The sale of Proliance's North American assets to Centrum Equities
XV, LLC, was consummated under the provisions of Section 363 of
the Bankruptcy Code on August 14, 2009.
STATION CASINOS: Reports $4.21 Million Loss for October
-------------------------------------------------------
STATION CASINOS, INC. AND CERTAIN DEBTORS
CONDENSED BALANCE SHEET
As of October 31, 2009
ASSETS
Cash and cash equivalents $4,435,000
Restricted Cash 10,188,000
Accounts and notes receivable 15,966,000
Interco receivable (825,840,000)
Prepaid expenses 3,531,000
Inventory 13,000
Deferred tax asset, current 137,000
---------------
Total current assets (791,570,000)
---------------
Property, plant & equipment 108,676,000
Land held for development 0
Intangible assets 2,485,000
Debt issuance costs 0
Other assets 59,866,000
Investments in subsidiaries 4,292,753,000
Long-term deferred tax asset 119,525,000
---------------
Total Assets $3,791,735,000
===============
LIABILITIES
Debtor-in-possession financing $120,392,000
Current portion of LT debt 0
Accounts payable 830,000
Accrued expenses and liabilities 13,765,000
Accrued FIT payable (6,450,000)
Accrued interest payable 363,000
Payroll & related liabilities 4,131,000
Swap market value, current 0
Deferred tax liability, current 4,356,000
---------------
Total current liabilities 137,387,000
---------------
LT Debt less current portion 0
Long tern accrued benefits 0
Deferred taxes noncurrent 611,352,000
Other liabilities 8,904,000
---------------
Total liabilities not subj. to
compromise 757,643,000
---------------
Liabilities subject to compromise 3,423,344,000
---------------
Total Liabilities 4,180,987,000
---------------
Common stock 417,000
Restricted stock 313,892,000
Additional paid-in capital 2,662,113,000
Retained earning (deficit) (3,365,951,000)
Other comprehensive income 277,000
---------------
Total stockholders equity (389,252,000)
---------------
Total Liabilities and Equity $3,791,735,000
===============
STATION CASINOS, INC. AND CERTAIN DEBTORS
CONDENSED STATEMENTS OF OPERATIONS
For The Month Ended October 31, 2009
Operating revenue:
Other ($19,000)
---------------
Net revenue (19,000)
Operating costs & expenses 2,925,000
---------------
EBITDAR 2,944,000
Land lease 23,000
Earnings (losses) from JV's 0
---------------
EBITDA (2,967,000)
Depreciation 634,000
Amortization 0
Restructuring charge 88,000
Preopening expenses 0
---------------
EBIT (3,689,000)
Cancelled debt offering costs 0
Early retirement of debt 0
Loss on lease termination (44,000)
I/C Interest income 65,000
Interest income 2,000
Interest expense (4,936,000)
Less: capitalized interest 1,599,000
Interest in swap fair value 0
Change in swap fair value (19,000)
Gain (loss) on disposal (85,000)
---------------
Income before fees & income tax (7,107,000)
Management fees 2,081,000
Reorganization costs (2,419,000)
Federal tax fees 3,239,000
---------------
Net Income ($4,206,000)
===============
STATION CASINOS, INC. AND CERTAIN DEBTORS
CONDENSED STATEMENTS OF CASH FLOWS
For the Month Ended October 31, 2009
Cash flows from operating activities:
Net income ($4,206,000)
Adjustment to reconcile net income to
net cash used in operating activities:
Depreciation and amortization 634,000
Shared-based compensation 1,182,000
Change in fair value of derivative
instrument 19,000
Loss on disposal of assets 0
Loss on early retirement of debt 0
Amortization of debt discount 0
Reorganization items 2,419,000
Change in assets and liabilities:
Decrease (increase) in restricted
cash 0
Decrease (increase) in accts. and
notes receivable, net 44,000
Decrease (increase) notes in
inventories & prepaid expenses (191,000)
Increase (decrease) deferred
income taxes 4,000
Increase (decrease) in accounts
payable 3,000
Increase in accrued interest 457,000
Increase in accrued expenses and
other current liabilities (5,456,000)
Increase in intercompany payables (28,086,000)
Other, net 899,000
---------------
Total adjustments (28,072,000)
Net cash provided by (used in)
operating activities, before
reorganization items (32,278,000)
---------------
Cash used for Reorganization items (2,419,000)
---------------
Net cash provided (used in)
operating activities (34,697,000)
---------------
(37,116,000)
---------------
Cash flows from investing activities:
Capital expenditures (401,000)
Intangible assets 0
Proceeds intercompany sale of land 0
Distribution from subsidiaries 923,000
Native American development costs 0
Other, net (1,599,000)
---------------
Net cash provided by
investing activities (1,077,000)
---------------
Cash flows from financing activities:
Borrowings under DIP Financing 39,392,000
Payments under term loan 0
Payments of debt issue costs 0
Capital contributions received 0
---------------
Net cash provided by (used in)
financing activities 39,392,000
---------------
Cash and cash equivalents:
Increase in cash and cash equivalents 3,618,000
Balance, beginning period 816,000
---------------
Balance, end of period $4,435,000
===============
Supplemental cash flow information:
Cash paid for interest $4,469,000
Minus: Capitalized interest (1,317,000)
---------------
3,152,000
---------------
Cash paid for reorganization items $184,000
---------------
About Station Casinos
Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.
Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Station Casinos has hired Milbank, Tweed, Hadley & McCloy LLP as
legal counsel in the Chapter 11 case; Brownstein Hyatt Farber
Schreck, LLP, as regulatory counsel; and Lewis and Roca LLP as
local counsel. The Debtor is also hiring Lazard Freres & Co. LLC
as investment banker and financial advisor. Kurtzman Carson
Consultants LLC is the claims and noticing agent.
In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009. About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.
Bankruptcy Creditors' Service, Inc., publishes Station Casinos
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Station Casinos Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
SYNTAX-BRILLIAN: Posts $123,889 Net Loss in July 1 - July 8 Period
------------------------------------------------------------------
Syntax-Brillian Corporation reported a net loss of $123,889 for
the period from July 1, 2009, to July 8, 2009.
At July 8, 2009, the company had total assets of
$171.6 million, total liabilities of $100.9 million, and total
stockholders' equity of $70.7 million.
A full-text copy of the Company's monthly operating report for the
July 1, 2009, to July 8, 2009 period is available at:
http://bankrupt.com/misc/syntax-brillian.july1-july8mor.pdf
Syntax-Brillian Corporation reported net income of $111,779 for
the month of June 2009.
A full-text copy of the Company's monthly operating report for
June 2009 is available for free at:
http://bankrupt.com/misc/syntax-brillian.junemor.pdf
Syntax-Brillian Corporation reported net income of $1,252,569 for
the month of May 2009.
A full-text copy of the Company's monthly operating report for May
2009 is available for free at:
http://bankrupt.com/misc/syntax-brillian.maymor.pdf
Based in Tempe, Arizona, Syntax-Brillian Corporation (Nasdaq:
BRLC) -- http://www.syntaxbrillian.com/-- and its affiliated
debtors, Syntax-Brillian SPE, Inc., and Syntax Groups Corp.
design, develop, and distribute high-definition televisions
(HDTVs) utilizing liquid crystal display (LCD) and, formerly,
liquid crystal (LCoS) technologies. The Debtors sell their HDTVs
under the Olevia brand name. SBC is also the sole shareholder of
Vivitar Corp., a supplier of film cameras and a line of digital
imaging products, including digital cameras.
The Debtors filed separate petitions for Chapter 11 relief on
July 8, 2008 (Bankr. D. Del. Lead Case No. 08-11407). Nancy A.
Mitchell, Esq., Allen G. Kadish, Esq., and John W. Weiss, Esq., at
Greenberg Traurig LLP in New York, represent the Debtors as
counsel. Victoria Counihan, Esq., at Greenburg Traurig LLP in
Wilmington, Delaware, represents the Debtors as Delaware counsel.
Five members compose the official committee of unsecured
creditors. Pepper Hamilton, LLP, represents the Committee as
counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors'
balloting, notice, and claims agent.
When the Debtors filed for protection from their creditors, they
listed total assets of $175,714,000 and total debts of
$259,389,000.
TOUSA INC: Reports $11.47 Million Net Income for October
--------------------------------------------------------
TOUSA, INC., and Subsidiaries
Consolidated Balance Sheet
As of October 31, 2009
ASSETS
Cash and Cash Equivalents:
Cash in bank $313,601,837
Cash equivalents (due from title company
from closings) 1,830,228
Inventory:
Deposits 10,935,986
Land 141,487,289
Residences completed and under construction 98,206,206
Inventory not owned -
---------------
250,629,481
Property and equipment, net 3,275,627
Investments in unconsolidated joint ventures 2,402,962
Receivables from unconsolidated joint ventures -
Accounts receivable 15,426,154
Other assets 37,890,286
Goodwill -
---------------
624,696,575
Net Assets of Financial Services 17,333,456
---------------
Total Assets $642,030,031
===============
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable and other liabilities $302,742,985
Customer deposits 4,179,964
Obligations for inventory not owned -
Notes payable 1,614,310,822
Bank borrowings 200,308,975
---------------
Total Liabilities 2,121,542,746
Stockholders' Equity:
Preferred stock 23,239,381
Common stock 596,042
Additional paid in capital 554,802,179
Retained earnings (2,058,150,317)
---------------
Total Stockholders' Equity (1,479,512,715)
---------------
Total liabilities and Stockholders' Equity $642,030,031
===============
TOUSA, INC., and Subsidiaries
Consolidated Statement of Operations
For the Period October 1 to 31, 2009
Revenues:
Home sales $11,672,785
Land sales 1,613,604
---------------
13,286,389
Cost of Sales:
Home sales 10,100,478
Land sales 3,733,777
---------------
13,834,255
---------------
Gross Profit (547,866)
Total selling, general and admin expenses 8,343,371
Income (loss) from joint ventures, net -
Interest expense, net 1,965,694
Other (income) expense, net 257,739
---------------
Homebuilding pretax income (loss) (11,114,670)
Equity in Financial services pretax income (loss) (358,560)
Income (loss) before income taxes (11,473,230)
Provision (benefit) for income taxes -
---------------
Net Income (loss) ($11,473,230)
===============
TOUSA, INC. and Subsidiaries
Consolidated Schedule of Receipts and Disbursements
For the Period October 1 to 31, 2009
Funds at beginning of period $312,474,004
RECEIPTS
Cash sales 12,026,146
Accounts receivable 842,132
Other receipts 1,585,283
---------------
Total receipts 14,453,561
---------------
Total funds available for operations 326,927,565
DISBURSEMENTS
Advertising 50,832
Bank charges 559
Contract labor 62,278
Fixed asset payments -
Insurance 217,725
Inventory payments 1,727,347
Leases 96,440
Manufacturing supplies -
Office supplies 55,433
Payroll - net 2,980,792
Professional fees (accounting and legal) 3,685,246
Rent 172,924
Repairs & maintenance 152,073
Secured creditor payments 2,783,932
Taxes paid - payroll 51,614
Taxes paid - sales & use 87,436
Taxes paid - other 312,634
Telephone 126,994
Travel & entertainment 20,429
U.S. Trustee quarterly fees 90,125
Utilities 36,153
Vehicle expenses 3,692
Other operating expenses 611,070
---------------
Total disbursements 13,325,728
---------------
Ending Balance $313,601,837
===============
About Tousa Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on January 29, 2008 (Bankr. S.D. Fla. Case No. 08-
10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M. Basta,
Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at
Berger Singerman, to represent them in their restructuring
efforts. Lazard Freres & Co. LLC is the Debtors' investment
banker. Ernst & Young LLP is the Debtors' independent auditor and
tax services provider. Kurtzman Carson Consultants LLC acts as
the Debtors' Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746). It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
Bankruptcy Creditors' Service, Inc., publishes TOUSA Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by TOUSA Inc. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
VALUE CITY: Posts $259,000 Net Loss in October
----------------------------------------------
On November 30, 2009, Value City Holdings, Inc., et al., filed a
monthly operating report for the period from October 4, 2009,
through October 31, 2009, with the U.S. Bankruptcy Court for the
Southern District of New York.
Value City Holdings, Inc., et al., reported a net loss of $259,000
for the month ended October 31, 2009. Professional fees for the
period totaled $117,000.
At October 31, 2009, the Debtors had $20.1 million in total assets
and $108.4 million in total liabilities.
A full-text copy of the Debtors' monthly operating report for the
month ended October 31, 2009, is available for free at:
http://bankrupt.com/misc/valuecity.octobermor.pdf
Headquartered in Columbus, Ohio, Value City Holdings Inc. --
http://www.valuecity.com/-- operates a chain of department stores
in the United States. The company and eight of its affiliates
filed for Chapter 11 protection on Oct. 26, 2008 (Bankr. S.D.N.Y.
Lead Case No. 08-14197). John Longmire, Esq., and Lauren C.
Cohen, Esq., at Willkie Farr & Gallagher LLP, represent the
Debtors' in their restructuring efforts. Epiq Bankruptcy
Solutions LLC is the claims, noticing and balloting agent for the
Debtors. Glenn R. Rice, Esq., at Otterbourg Steindler Houston &
Rosen, PC, represents the official committee of unsecured
creditors as counsel. When the Debtors filed for protection from
their creditors, they listed assets and debts between $100 million
and $500 million each.
In November 2008, Judge James M. Peck of the U.S. Bankruptcy Court
for the Southern District of New York granted Value City Holdings
permission to conduct going-out-of-business sales to be managed by
liquidator and financial consultant Tiger Capital Group LLC.
VINEYARD NATIONAL: Posts $71,558 Net Loss in November
-----------------------------------------------------
On December 15, 2009, Vineyard National Bancorp filed its
unaudited monthy operating report for the month of November 2009
with the Office of the United States Trustee.
The Debtor ended the period with $1,871,656 cash in its gneral
account. The Debtor recorded a net loss of $71,558 for the month.
Cumulative post-petition net loss was $521,772.
As of November 30, 2009, the Debtor had $2,102,692 in total assets
and $181,590,383 in total liabilities.
A full-text copy of the November 2009 operating report is
available at no charge at http://researcharchives.com/t/s?4be9
About Vineyard National Bancorp
Vineyard National Bancorp (NASDAQ: VNBC) (AMEX: VXC.PR.D) --
http://www.vineyardbank.com/-- was the financial holding company,
which provides a variety of lending and depository services to
businesses and individuals through its wholly owned subsidiary,
Vineyard Bank, National Association.
Vineyard Bank was closed July 17 by regulators, which appointed
the Federal Deposit Insurance Corporation as receiver. To protect
the depositors, the FDIC entered into a purchase and assumption
agreement with California Bank & Trust, San Diego, California, to
assume all of the deposits of Vineyard Bank, N.A., excluding those
from brokers.
As of March 31, 2009, Vineyard Bank, N.A., had total assets of
$1.9 billion and total deposits of approximately $1.6 billion. In
addition to assuming all of the deposits of the failed bank,
California Bank & Trust agreed to purchase approximately
$1.8 billion of assets. The FDIC will retain the remaining assets
for later disposition. California Bank & Trust purchased all
deposits, except about $134 million in brokered deposits, held by
Vineyard Bank, N.A.
Vineyard National Bancorp filed for Chapter 11 on June 21 (Bankr.
C. Calif. Case No. 09-26401).
*********
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
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public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
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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
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On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
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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.
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