/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/100109.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, January 9, 2010, Vol. 14, No. 8 Headlines ACCREDITED HOME: Ends November With $14.1 Million Cash ADVANTA CORP: Posts $23.4 Million Net Loss from Nov. 8 to Nov. 30 BANKUNITED FINANCIAL: Posts $395,381 Net Loss in November CDX GAS: Posts $3.8 Million Net Loss in September DHP HOLDINGS II: Posts $340,000 Net Loss in November EUROFRESH INC: Posts $2,045,470 Net Loss in October FINLAY ENTERPRISES: Earns $24.4 Million in Month Ended November 28 FLYING J: Earns $6.7 Million in October GENERAL GROWTH: Records $6.4 Million Net Loss for November HAYES LEMMERZ: HLI Operating Reports $1.7MM Loss From Operations LAKE AT LAS: Post $1,573,976 Net Loss in November LYONDELL CHEMICAL: Reports $305 Million Net Loss for November MAGNA ENTERTAINMENT: Posts $6.1 Million Net Loss in November MILACRON INC: Files Operating Reports for August to November 2009 NORTEL NETWORKS: Records $64 Mil. in Earnings for Nov. 1 to 28 NTK HOLDINGS: Made $105,719,000 in Disbursements for November R.H. DONNELLEY: Records $4,395,000 Net Income for November SIX FLAGS: Records $22,562,779 Loss for November THREE-FIVE: Files Copies of Post Confirmation Reports With SEC TOUSA INC: Posts $9 Million Net Loss for November TRONOX INC: Amends November Operating Report TROPICANA ENT: Adamar of NJ Nets $2.84 Million Loss for November VELOCITY EXPRESS: Posts $4,473,000 Net Loss in Month Ended Nov. 21 VISTEON CORP: Reports $38,282,000 Net Loss for November WASHINGTON MUTUAL: Posts $7.5 Million Net Loss in November ********* ACCREDITED HOME: Ends November With $14.1 Million Cash ------------------------------------------------------ Accredited Home Lenders Holding Co. filed with the U.S. Bankruptcy Court for the District of Delaware on December 22, 2009, its monthly operating report for the period November 1, 2009, through November 30, 2009. At November 30, 2009, the Debtors' condensed combined balance sheet showed $188,182,156 in total assets and $376,394,836 in total liabilities. The Debtors ended the period with cash of $14,143,801: Beginning Cash $15,694,687 Total Cash Receipts $465,366 Total Cash Disbursements $2,016,253 Net Cash Flow ($1,550,886) Ending Cash $14,143,801) AHL disbursements for November include $1,809,115 for post- petition professional fees and expenses. A copy of the Debtors' monthly operating report for November 2009 is available for free at: http://bankrupt.com/misc/accreditedhome.novembermor.pdf The Debtors ended October 2009 with $15,694,687 cash: Beginning Cash $17,320,764 Total Cash Receipts $412,353 Total Cash Disbursements $2,038,430 Net Cash Flow ($1,626,077) Ending Cash $15,694,687 AHL disbursements for October include $890,986 for post-petition professional fees plus expenses. A copy of the Debtors' monthly operating report for October 2009 is available for free at: http://bankrupt.com/misc/accreditedhome.octobermor.pdf Accredited Home Lenders Holding Co. -- http://www.accredhome.com/ -- is a mortgage banker servicing U.S. markets for conforming and non-prime residential mortgage loans operating throughout the U.S. and in Canada. Founded in 1990, the company is headquartered in San Diego. The Company was acquired by Lone Star Funds for $300 million in October 2007. Lone Star also owns Bruno's Supermarkets LLC and Bi-Lo LLC, two grocery retailers in Chapter 11. Accredited Home and its affiliates filed for Chapter 11 on May 1, 2009 (Bankr. D. Del. Lead Case No. 09-11516). Gregory G. Hesse, Esq., Lynnette R. Warman, Esq., and Jesse T. Moore, Esq., at Hunton & William LLP, represent the Debtors as counsel. Laura Davis Jones, Esq., James E. O'Neill, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as Delaware counsel. Kurtzman Carson Consultants is the Debtors' claims agent. Andrew I Silfen, Esq., Schuyler G. Carroll, Esq., Robert M. Hirsch, Esq., at Arent Fox LLP in New York, and Jeffrey N. Rothleder, Esq., at Arent Fox LLP in Washington, DC, represent the official committee of unsecured creditors as co-counsel. Neil R. Lapinski, Esq., and Shelley A. Kinsella, Esq., at Elliott Greenleaf, represent the Committee as Delaware and conflicts counsel. According to its bankruptcy petition, Accredited Home's assets range from $10 million to $50 million and its debts from $100 million to $500 million. ADVANTA CORP: Posts $23.4 Million Net Loss from Nov. 8 to Nov. 30 ----------------------------------------------------------------- On December 31, 2009, Advanta Corp. and certain of its subsidiaries filed their unaudited monthly operating report for the period commencing November 8, 2009, and ending November 30, 2009, with the U.S. Bankruptcy Court for the District of Delaware. Advanta Corp. reported a net loss of $23.4 million for the reporting period November 8, 2009, to November 30, 2009. At November 30, 2009, Advanta Corp. had $313.7 million in total assets and $335.8 million in total liabilities. A copy of the Debtors' initial monthly operating report is available at no charge at http://researcharchives.com/t/s?4d24 About Advanta Corp. Advanta Corp. -- http://www.advanta.com/-- has had a 59-year history of being a leading innovator in the financial services industry and of providing great value to its stakeholders, including its senior retail note holders and shareholders, prior to the recent reversals. It has also been a major civic and charitable force in the communities in which it is based, particularly in the Greater Philadelphia area. The Federal Deposit Insurance Corporation placed significant restrictions on the activities of Advanta Corp.'s Advanta Bank Corp. following financial woes by the banking unit. As of Sept. 30, 2009, the Company had $2,497,897,000 in assets against total liabilities of $2,465,936,000 but the figures included those of the banking units. On November 8, 2009, Advanta Corp. filed for Chapter 11 (Bankr. D. Del. Case No. 09-13931). Attorneys at Weil, Gotshal & Manges LLP, and Richards, Layton & Finger, P.A., serve as bankruptcy counsel. Alvarez & Marsal serves as financial advisor. The Garden City Group, Inc., serves as claims agent. The filing did not include Advanta Bank. The petition says that Advanta Corp.'s assets totalled $363,000,000 while debts totalled $331,000,000 as of Sept. 30, 2009. BANKUNITED FINANCIAL: Posts $395,381 Net Loss in November --------------------------------------------------------- On December 30, 2009, BankUnited Financial Corporation filed its monthly operating report for the period from November 1, 2009, through November 30, 2009, with the United States Bankruptcy Court for the Southern District of Florida. Funds at November 30, 2009, were $16,760,142. BankUnited Financial Corporation, et al., reported a net loss of $395,381 for the period. At November 30, 2009, BankUnited Financial Corporation, et al., had $43,010,126 in total assets and $573,425,431 in total liabilities. The November monthly operating report is available at no charge at http://researcharchives.com/t/s?4d26 BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) -- http://www.bankunited.com/-- was the holding company for BankUnited FSB, the largest banking institution headquartered in Coral Gables, Florida. On May 21, 2009, BankUnited FSB was closed by regulators and the Federal Deposit Insurance Corporation facilitated a sale of the bank to a management team headed by John Kanas, a veteran of the banking industry and former head of North Fork Bank, and a group of investors led by W.L. Ross & Co. BankUnited, FSB, had assets of $12.8 billion and deposits of $8.6 billion as of May 2, 2009. The Company and its affiliates filed for Chapter 11 on May 22, 2009 (Bankr. S.D. Fla. Lead Case No. 09-19940). Stephen P. Drobny, Esq., and Peter Levitt, Esq., at Shutts & Bowen LLP; Mark D. Bloom, Esq., and Scott M. Grossman, Esq., at Greenberg Traurig, LLP; and Michael C. Sontag, at Camner, Lipsitz, P.A., represent the Debtors as counsel. Corali Lopez-Castro, Esq., David Samole, Esq., at Kozyak Tropin & Throckmorton, P.A.; and Todd C. Meyers, Esq., at Kilpatrick Stockton LLP, serve as counsel to the official committee of unsecured creditors. In its bankruptcy petition, BankUnited Financial Corp. said it has assets of $37,729,520 against debts of $559,740,185. Wilmington Trust Co., U.S. Bank, N.A., and the Bank of New York were listed among the company's largest unsecured creditors in their roles as trustees for security issues. BankUnited estimated the Bank of New York claim tied to convertible securities at $184 million. U.S. Bank and Wilmington Trust are owed $120,000,000 and $118,171,000 on account of senior notes. CDX GAS: Posts $3.8 Million Net Loss in September ------------------------------------------------- On December 10, 2009, 2009, CDX Gas LLC filed a monthly operating report for the month ended September 30, 2009, with the U.S. Bankruptcy Court for the Southern District of Texas. For the month, the Debtor reported a net loss of $3.8 million on revenues of $1.8 million. CDX Gas ended the period with $9.6 million cash. Total receipts were $3.8 million and total disbursements were $5.6 million, including $1.1 million in payments for professional fees. Beginning cash was $11.4 million. At September 30, 2009, the Debtor had $815.2 million in total assets, $788.1 million in total liabilities, and $27.1 million in total owner's equity. A full-text copy of the Debtor's September 2009 operating report is available for free at: http://bankrupt.com/misc/cdxgas.septembermor.pdf Based in Houston, Texas, CDX Gas LLC -- http://www.cdxgas.com/-- is an independent gas company that explores, develops, and produces onshore North American unconventional natural gas resources located in coal, shale, and tight gas sandstone formations. The Company and 19 of its affiliates filed for Chapter 11 protection on December 12, 2008 (Bankr. S.D. Tex. Lead Case No. 08-37922). CDX Rio, LLC, an entity in which CDX Gas indirectly owns a 90% membership interest, and Arkoma Gathering, LLC, an entity in which CDX Gas owns a 75% membership interest, filed for Chapter 11 protection on April 1, 2009. In its schedules, CDX listed total assets of $996,308,606 and total debts of $831,259,526. Harry Perrin, Esq., D. Bobbitt Noel, Esq., John E. Mitchell, Esq., and Michaela C. Crocker, Esq., at Vinson Elkins LLP, represent the Debtors in their restructuring efforts. Gardere Wynne Sewell LLP, serves as conflicts counsel. Epiq Bankruptcy Solutions, LLC, is the claims and noticing agent. The Debtors also hired Ryder Scott Company, L.P. as Petroleum Consultants; Wilhoit & Kaiser as special title examination counsel; Fish & Richardson LLP as Special Intellectual Property Counsel; Deloitte Tax LLP as Tax Consultants; and Jefferies & Company, Inc., as valuation experts. On January 7, 2009, the Office of the United States Trustee informed the Court of its inability to solicit sufficient interest from creditors to form an official committee of unsecured creditors. DHP HOLDINGS II: Posts $340,000 Net Loss in November ---------------------------------------------------- DHP Holdings II Corporation filed with the U.S. Bankruptcy Court for the District of Delaware on January 4, 2009, a monthly operating report for the filing period November 1, 2009, through November 28, 2009. For the period ended November 28, 2009, the Company reported a net loss of $340,000 on net revenue of ($3,000). For the period ended November 28, 2009, the Company incurred a total of $105,000 in professional fees. At November 28, 2009, the Company had $26,629,000 in total assets, $113,667,000 in total liabilities, and $87,038,000 in stockholders' deficit. The Company ended the period with $1,445,000 in unrestricted cash and equivalents. The Company paid a total of $114,839.03 in professional fees and reimbursed a total of $4,399.78 in professional expenses for the period ended November 28, 2009. 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. EUROFRESH INC: Posts $2,045,470 Net Loss in October --------------------------------------------------- Eurofresh, Inc., reported a net loss of $2,045,470 on net revenue of $12,486,005 for the month ended October 31, 2009. At October 31, 2009, the Company had $185,145,149 in total assets and $408,663,297 in total liabilities. Eurofresh's current month's receipts and disbursements showed: Cash, beginning $5,879,453 Total receipts $10,363,756 Total disbursements $13,856,280 Cash, end $2,386,929 A full-text copy of the Company's October operating report is available for free at: http://bankrupt.com/misc/eurofresh.octobermor.pdf Headquartered in Snowflake, Arizona, Eurofresh, Inc. -- http://www.eurofresh.com/-- is the leading year-round producer and marketer of greenhouse tomatoes in the United States and a leading innovator in the branded, flavorful fresh tomato, cucumber and pepper industry. Premium quality and certified pesticide-free products are grown with care in one of the world's largest greenhouse complexes with abundant Arizona sunlight. Eurofresh's two greenhouses cover more than 318 acres in Willcox and Snowflake, Ariz. Eurofresh Inc. and Eurofresh Produce Ltd. filed for Chapter 11 on April 21, 2009 (Bankr. D. Ariz. Lead Case No. 09-07970). Craig D. Hansen, Esq., at Squire, Sanders & Dempsey L.L.P. represents the Debtors in their restructuring effort. The Official Committee of Unsecured Creditors retained Stutman, Treister & Glatt P.C. as counsel, and Lewis & Roca L.L.P. as co-counsel. The Eurofresh Inc., in its bankruptcy petition, said it has assets worth $50 million to $100 million and debts of $100 million to $500 million. FINLAY ENTERPRISES: Earns $24.4 Million in Month Ended November 28 ------------------------------------------------------------------ On December 28, 2009, Finlay Enterprises, Inc., and a wholly-owned subsidiary of the Company, Finlay Fine Jewelry Corporation filed their unaudited monthly operating reports for the fiscal month ended November 28, 2009, with the United States Bankruptcy Court for the Southern District of New York. For the fiscal month ended November 28, 2009, the Company reported net profit of $24,370,600 on total revenue of $56,550,000. Results for the month of November include a $21,174,000 credit representing a reversal of prior months accrual associated with the liquidation of inventory in the month of November. Diamonds.net says that the retailer's cost of goods sold in November was $44.4 million, while its cumulative sales since filing Chapter 11 on August 5, 2009, totaled $154.1 million. The report relates that the Company's net profit for November was $24.4 million, but for the filing period to date, the Company held a net loss of $85.1 million, which was down from $109.4 million at the end of October. At November 28, 2009, the Company had $184,750,000 in total assets and $324,100,408 in total liabilities. Cash held at the end of November was $78.8 million, which was up from $55.6 million in October. A full-text copy of the Debtors' monthly operating report for the fiscal month November 28, 2009, is available for free at: http://researcharchives.com/t/s?4cf8 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. FLYING J: Earns $6.7 Million in October --------------------------------------- Flying J Inc. reported net income of $6.7 million on sales of $195.8 million for the month ended October 31, 2009. Results for October include a $12.4 million gain from investment in affiliated companies. At October 31, 2009, Flying J had $1.265 billion in total assets, $747.5 million in total liabilities, and $517.4 million in total shareholders' equity. The Company ended the period with $10,925,000 in cash. A full-text copy of Flying J's monthly operating report for November 2009, is available at: http://bankrupt.com/misc/flyingj.octobermor.pdf About Flying J Based in Ogden, Utah, Flying J Inc. -- http://www.flyingj.com/-- is among the 20 largest private companies in America, with 2007 sales exceeding $16 billion. The fully integrated oil company employs approximately 14,700 people in the U.S. and Canada through its interstate operations, transportation, refining and supply, exploration and production, as well as its financial services and communications, divisions. Flying J and six of its affiliates filed for bankruptcy on December 22, 2008 (Bankr. D. Del. Lead Case No. 08-13384). Flying J sought Chapter 11 protections after a precipitous drop in oil prices and disruption in the credit markets brought to bear significant short-term pressure on the company's liquidity position. Attorneys at Kirkland & Ellis LLP represent the Debtors as counsel. Young, Conaway, Stargatt & Taylor LLP is the Debtors' Delaware Counsel. Blackstone Advisory Services L.P. is the Debtors' investment banker and financial advisor. Epiq Bankruptcy Solutions LLC is the Debtors' notice, claims and balloting agent. In its formal schedules submitted to the Bankruptcy Court, Flying J listed assets of $1,433,724,226 and debts of $640,958,656. An official committee of unsecured creditors has been appointed in the case. Pachulski Stang Ziehl & Jones LLP has been tapped as counsel for the creditors' panel. Magellan Midstream Partners LP was authorized by the Bankruptcy=20 Court in July to buy Flying J's Longhorn pipeline that runs 700=20 miles from Houston to El Paso, Texas. GENERAL GROWTH: Records $6.4 Million Net Loss for November ---------------------------------------------------------- Shopping center owner General Growth Properties Inc. filed an operating report for November showing a $6.4 million net loss for the companies in bankruptcy reorganization. Revenue for the month was $217 million. Operating income in November was $85 million. Reorganization items in the period were $5 million. 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) HAYES LEMMERZ: HLI Operating Reports $1.7MM Loss From Operations ---------------------------------------------------------------- On December 18, 2009, Hayes Lemmerz International, Inc., et al., filed a monthly operating report for the month ended November 30, 2009, with the United States Bankruptcy Court for the District of Delaware. Hayes Lemmerz International, Inc., reported $0 income/loss on $0 sales for the month ended November 30, 2009. At November 30, 2009, Hayes Lemmerz had $418,891,000 in total assets, $19,000 in total liabilities and $418,872,000 in total equity. HLI Operating Company, Inc. reported a loss from operations of $1.7 million for the month ended November 30, 2009. At November 30, 2009, HLI Operating Company, Inc. had $537,678,000 in total assets, $355,735,000 in total liabilities, and $181,943,000 in total equity. A full-text copy of the Debtors' monthly operating report for November 2009 is available for free at: http://bankrupt.com/misc/hayeslemmerz.novembermor.pdf As reported in the TCR on December 22, 2009, Hayes Lemmerz International, Inc. announced December 21 that it has emerged from its voluntary Chapter 11 reorganization. Creditors overwhelmingly voted in favor of the Company's Plan of Reorganization, which was confirmed on November 3, 2009, by the U.S. Bankruptcy Court for the District of Delaware. About Hayes Lemmerz Originally founded in 1908, Hayes Lemmerz International, Inc. (NasdaqGM: HAYZ) is a worldwide producer of aluminum and steel wheels for passenger cars and light trucks and of steel wheels for commercial trucks and trailers. The Company is also a supplier of automotive powertrain components. The Company has global operations with 23 facilities, including business, sales offices and manufacturing facilities, located in 12 countries around the world. The Company sells products to every major North American, Asian and European manufacturer of passenger cars and light trucks and to commercial highway vehicle customers throughout the world. The Company and certain affiliates filed for bankruptcy on May 11, 2009 (Bankr. D. Del. Case No. 09-11655) after reaching agreements with lenders holding a majority of the Company's secured debt. The Company's principal bankruptcy attorneys are Skadden, Arps, Slate, Meagher & Flom, LLP. Lazard Freres & Co., LLC, serves as the Company's financial advisors. AlixPartners, LLP, serves as the Company's restructuring advisors. The Garden City Group, Inc., serves as the Debtors' claims and notice agent. As of January 31, 2009, the Debtors had total assets of $1,336,600,000 and total debts of $1,405,200,000. This is the Company's second trip to the bankruptcy court, dubbed a Chapter 22, which was precipitated by an unprecedented slowdown in industry demand and a tightening of credit markets. LAKE AT LAS: Post $1,573,976 Net Loss in November ------------------------------------------------- Lake at Las Vegas Joint Venture, LLC, reported a net loss of $1,573,976 for the month ended November 30, 2009. At November 30, 2009, Lake at Las Vegas had total assets of $608,510,054, total liabilities of $792,258,153, and stockholders' deficit of $183,748,099. A full-text copy of the report is available for free at: http://bankrupt.com/misc/lakeatlas.novembermor.pdf Headquartered in Henderson, Nevada, Lake at Las Vegas Joint Venture, LLC and 14 of its debtor-affiliates -- http://www.lakelasvegas.com/-- are owners and developers of 3,592-acre residential and resort destination Lake Las Vegas Resort in Las Vegas, Nevada. Centered around a 320-acre man-made lake, Lake Las Vegas contains more than 9,000 residential units, and also includes two luxury resort hotels (a Loews and a Ritz- Carlton), a casino, a specialty retail village shopping area, marinas, three signature golf courses and related clubhouses, and other real property. The Debtors filed separate petitions for Chapter 11 relief on July 17, 2008 (Bankr. D. Nev. Lead Case No. 08-17814). When Lake at Las Vegas Joint Venture, LLC, filed for protection from its creditors, it listed assets of $100 million to $500 million, and debts of $500 million to $1.0 billion. Courtney E. Pozmantier, Esq., Martin R. Barash, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, Jason D. Smith, Esq., at Santoro, Driggs, Walch, Kearney, Holley & Thompson, Jeanette E. McPherson, Esq., Lenard E. Schwartzer, Esq., at Schwartzer & McPherson Law Firm, represent the Debtors as counsel. Kaaran E. Thomas, Esq., Ryan J. Works, Esq., at McDonald Carano Wilson LLP, represent the Official Committee of Unsecured Creditors as counsel. LYONDELL CHEMICAL: Reports $305 Million Net Loss for November ------------------------------------------------------------- Lyondell Chemical Company and affiliates Unaudited Combined Balance Sheets (in millions) As of November 30, 2009 Assets Current assets: Cash and cash equivalents $327 Short-term investments 9 Accounts receivable: Trade, net 1,349 Related parties 2 Non-debtor affiliates 419 Inventories 1,873 Current deferred income tax assets 6 Prepaid expenses and other current assets 354 ------------ Total current assets 4,339 Property, plant and equipment, net 9,658 Investments and long-term receivables: Investment in PO joint ventures 569 Investments in non-debtor affiliates 5,193 Other investments and long-term receivables 29 Intangible assets, net 1,296 Noncurrent deferred tax assets 35 Other assets 185 ------------ Total Assets $21,304 ============ Liabilities and Stockholder's Equity Current liabilities: Current maturities of long-term debt - Short-term debt $5,308 Accounts payable: Trade 753 Related parties 29 Non-debtor affiliates 639 Accrued liabilities 658 Short-term loans payable - non-Debtor affiliates 131 Deferred income taxes 142 ------------ Total current liabilities 7,660 Other liabilities 217 Deferred income taxes 1,854 Liabilities subject to compromise 22,273 Commitments and contingencies - Stockholders equity: Common stock 60 Additional paid-in capital 563 Retained deficit (8,584) Receivables - non-debtor affiliates (2,573) Accumulated other comprehensive loss (293) ------------ Total stockholder's equity (10,827) Noncontrolling interests 127 ------------ Total equity (10,700) ------------ Total liabilities and stockholder's equity $21,304 ============ Lyondell Chemical Company and affiliates Unaudited Statement of Income (in millions) For month ended November 30, 2009 Sales and other operating revenues: Trade $1,525 Non-Debtor affiliates 91 ------------ 1,616 Operating costs and expenses: Cost of sales 1,601 Asset impairments 0 Selling, general and admin. expenses 55 Research and development expenses 2 ------------ 1,658 ------------ Operating loss (42) Interest expense (130) Interest income - non-Debtor affiliates 12 Other income, net 25 ------------ Loss before reorganization items, equity investments and income taxes (135) ------------ Reorganization items (43) Loss from equity investments - non-Debtor affiliates (178) ------------ Loss before income taxes (356) Benefit from income taxes (50) ------------ Net loss from continuing operations (306) Discontinued operations 1 ------------ Net loss ($305) ============ Lyondell Chemical Company and its affiliates Unaudited Statement of Cash Flows (in millions) For the month ended November 30, 2009 Cash flows from operating activities: Net loss ($305) Net loss - discontinued operations (1) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 92 Reorganization charges 43 Reorganization-related payments (25) Equity investments - loss 178 Deferred income taxes (40) Amortization of debt-related costs 43 Foreign currency exchange loss (8) Changes in assets and liabilities that provided (used) cash: Accounts receivable (65) Inventories (243) Accounts payable 185 Other, net (49) ------------ Net cash used in operating activities - continuing operations (195) Net cash provided by operating activities discontinued operations 1 ------------ Net cash used in operating activities (194) ------------ Cash flows from investing activities: Expenditures for property, plant and equipment (21) Loan repayments from non-Debtor affiliates 119 ------------ Net cash provided by investing activities 98 ------------ Cash flows from financing activities: Net repayments under DIP Revolving Facility 75 Borrowings from non-Debtor affiliates 9 Other, net (5) ------------ Net cash provided by financing activities 79 ------------ Effect of exchange rate changes on cash 0 ------------ Decrease in cash and cash equivalents (17) Cash and cash equivalents at beginning of period 344 ------------ Cash and cash equivalents at end of period $327 ============ About Lyondell Chemical LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. It is the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels. Through research and development, LyondellBasell develops innovative materials and technologies that deliver exceptional customer value and products that improve quality of life for people around the world. Headquartered in The Netherlands, LyondellBasell -- http://www.lyondellbasell.com/-- is privately owned by Access Industries. Basell AF and Lyondell Chemical Company merged operations in 2007 to form LyondellBasell Industries, the world's third largest independent chemical company. LyondellBasell became saddled with debt as part of the US$12.7 billion merger. On January 6, 2009, LyondellBasell Industries' U.S. operations and one of its European holding companies -- Basell Germany Holdings GmbH -- filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code to facilitate a restructuring of the company's debts. The case is In re Lyondell Chemical Company, et al., Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell entities, including Equistar Chemicals, LP, Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt Industries, Inc. filed for Chapter 11. In May 2009, one of the cases was dismissed -- Case No. 09-10068 -- because it is duplicative of Case No. 09- 10040 relating to Debtor Glidden Latin America Holdings. The Hon. Robert E. Gerber presides over the case. Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York, serves as the Debtors' bankruptcy counsel. Evercore Partners serves as financial advisors, and Alix Partners and its subsidiary AP Services LLC, serves as restructuring advisors. AlixPartners' Kevin M. McShea acts as the Debtors' Chief Restructuring Officer. Clifford Chance LLP serves as restructuring advisors to the European entities. Lyondell Chemical estimated that consolidated assets total US$27.12 billion and debts total US$19.34 billion as of the bankruptcy filing date. Lyondell has obtained approximately US$8 billion in DIP financing to fund continuing operations. The DIP financing includes two credit agreements: a US$6.5 billion term loan, which comprises a US$3.25 billion in new loans and a US$3.25 billion roll-up of existing loans; and a US$1.57 billion asset-backed lending facility. Luxembourg-based LyondellBasell Industries AF S.C.A. and another affiliate were voluntarily added to Lyondell Chemical's reorganization filing under Chapter 11 on April 24, 2009, in order to seek protection against claims by certain financial and U.S. trade creditors. On May 8, 2009, LyondellBasell Industries added 13 non-operating entities to Lyondell Chemical Company's reorganization filing under Chapter 11 of the U.S. Bankruptcy Code. All of the entities are U.S. companies and were added to the original Chapter 11 filing for administrative purposes. The filings will have no impact on current business or operations as none of the entities manufactures or sells products. Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lyondell Chemical Company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) MAGNA ENTERTAINMENT: Posts $6.1 Million Net Loss in November ------------------------------------------------------------ On December 28, 2009, Magna Entertainment Corp. and several other direct and indirect U.S. subsidiaries of the Company filed their financial statements included in the monthly operating report for the period from November 2, 2009, to November 29, 2009, with the United States Bankruptcy Court for the District of Delaware. Magna Entertainment reported a net loss of $6.1 million for the period. Interest expense totaled $3.9 million for the period. Total reorganization expenses fees were $1.6 million. At November 29, 2009, the Company had $1.039 billion in total assets, $522 million in total liabilities, and $517 million in net owner equity. A full-text copy of the Company's monthly operating report is available for free at http://researcharchives.com/t/s?4d25 About Magna Entertainment Based in Aurora, Ontario, Magna Entertainment Corp. is North America's largest owner and operator of horse racetracks based on revenue. The Company develops, owns and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. MEC also develops, owns and operates casinos in conjunction with its racetracks where permitted by law. MEC owns and operates AmTote International, Inc., a provider of totalisator services to the pari-mutuel industry, XpressBet(R), a national Internet and telephone account wagering system, as well as MagnaBet(TM) internationally. Pursuant to joint ventures, MEC has a 50% interest in HorseRacing TV(R), a 24-hour horse racing television network, and TrackNet Media Group LLC, a content management company formed for distribution of the full breadth of MEC's horse racing content. Following its failure to meet obligations to lenders led by PNC Bank, National Association, and Wells Fargo Bank, National Association, and controlling shareholder MI Developments Inc.'s decision not to provide further financial backing, Magna Entertainment Corp. and 24 affiliates filed for Chapter 11 on March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720). Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil, Gotshal & Manges LLP, have been engaged as bankruptcy counsel. Mark D. Collins, Esq., L. Katherine Good, Esq., and Maris J. Finnegan, Esq., at Richards, Layton & Finger, P.A., are the Debtors' local counsel. Miller Buckfire & Co. LLC is the Debtors' investment banker and financial advisor. Kurtzman Carson Consultants LLC is the claims and noticing agent for the Debtors. Magna Entertainment Corp. had total assets of $1.054 billion and total liabilities of $947.3 million based on unaudited consolidated financial statements as of December 31, 2008. MILACRON INC: Files Operating Reports for August to November 2009 ----------------------------------------------------------------- On December 23, 2009, MI 2009 Inc., formerly known as Milacron Inc., filed with the United States Bankruptcy Court for the Southern District of Ohio, Western Division, its monthly operating reports for August, September, October, and November 2009. The Company reported no income/loss for the months ending November 30, October 31, and September 30, 2009. At November 30, 2009, the Company had total assets of $1,807,000, total liabilities of $650,212,000, and total equity of ($648,405,000). A full-text copy of the November report is available at no charge at http://researcharchives.com/t/s?4d1f A full-text copy of the October report is available at no charge at http://researcharchives.com/t/s?4d20 A full-text copy of the September report is available at no charge at http://researcharchives.com/t/s?4d21 The Company reported a net loss of $395,013,000 on total sales of $13,764,000 in August. A full-text copy of the August report is available at no charge at http://researcharchives.com/t/s?4d22 About Milacron Inc. Headquartered in Batavia, Ohio, Milacron Inc. (Pink Sheets: MZIAQ) supplies plastics-processing technologies and industrial fluids, with major manufacturing facilities in North America, Europe and Asia. First incorporated in 1884, Milacron also manufactures synthetic water-based industrial fluids used in metalworking applications. The Company and six of its affiliates filed for protection on March 10, 2009 (Bankr. S.D. Ohio Lead Case No. 09-11235). On the same day, the Company filed an ancillary proceeding for reorganization of its Canadian subsidiary under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Canada. The petitions include the Company and its U.S. and Canadian subsidiaries and its non-operating Dutch holding company subsidiary only, and do not include any of the Company's operating subsidiaries outside the U.S. and Canada. Kim Martin Lewis, Esq., Tim J. Robinson, Esq., and Patrick D. Burns, Esq., at Dinsmore & Shohl LLP, represent the Debtors in their restructuring efforts. Conway, Del Genio, Gries Co., LLC, is the Debtors' financial advisor. Rothschild Inc. is the Debtors' investment banker and financial advisor. Kurtzman Carson Consultants LLC is the noticing, balloting and disbursing agent for the Debtors. Paul, Hastings, Janofsky & Walker LLP, represents DIP Lender General Electric Capital Corp. Taft Stettinius & Hollister LLP is counsel for the Official Committee of Unsecured Creditors. Milacron Inc. asked the Bankruptcy Court to change its name to MI 2009 Inc. following the Court-sanctioned sale of its assets to an investor group. NORTEL NETWORKS: Records $64 Mil. in Earnings for Nov. 1 to 28 -------------------------------------------------------------- Nortel Networks Inc., et al. Condensed Combined Balance Sheet As of November 28, 2009 (Unaudited) (In millions of U.S. dollars) NNI AltSystems Other ----- ---------- ----- ASSETS Current assets Cash & cash equivalents $1,028 - - Restricted cash & cash equivalents 45 1 - Accounts receivable - net 107 - - Intercompany accounts receivable 672 39 (5) Inventories - net 85 - - Other current assets 116 - - Assets held for sale 382 - - Assets of discontinued operations 309 - - ----- ---------- ----- Total current assets 2,744 40 (5) Investments in non-Debtor subsidiaries 222 1 (2) Investments - other 38 - - Plant and equipment - net 217 - - Goodwill - 1 - Other assets 38 - - ----- ---------- ----- Total assets $3,259 $42 ($7) LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities not subject to compromise Trade and other accounts payable $25 - - Intercompany accounts payable 82 9 (6) Payroll and benefit-related liabilities 70 1 - Contractual liabilities 2 - - Restructuring liabilities 4 - - Other accrued liabilities 204 - - Liabilities held for sale 539 - - Liabilities of discontinued operations 345 1 - ----- ---------- ----- Total current liabilities not subject to compromise 1,271 11 (6) Restructuring 7 - - Deferred income and other credits 33 - - Deferred revenue 5 - - Post-employment benefits 70 - - ----- ---------- ----- Total liabilities not subject to 1,386 11 (6) compromise Liabilities subject to compromise 5,979 53 126 ----- ---------- ----- Total liabilities 7,365 64 120 SHAREHOLDERS' DEFICIT Common shares - 719 32 Preferred shares - 16 47 Additional paid-in capital 17,746 7,330 5,252 Accumulated deficit (21,856) (8,087)(5,457) Accumulated other comprehensive income (loss) 4 - (1) ----- ---------- ----- Total U.S. Debtors shareholders' deficit (4,106) (22) (127) Non-controlling interests - - - ----- ---------- ----- Total shareholders' deficit (4,106) (22) (127) TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $3,259 $42 ($7) ====== ====== ===== Nortel Networks Inc., et al. Condensed Combined Statement of Operations For the Period November 1 to 28, 2009 (Unaudited) (In millions of U.S. dollars) NNI AltSystems Other ----- ---------- ----- Total revenues $141 - - Total cost of revenues 66 - - ----- ---------- ----- Gross profit 75 - - Selling, general & admin expense 39 - - Research & development expense 14 - - Amortization of intangible assets - - - Loss on sales of businesses & assets (5) - - Other operating expense (income)-net (6) - - ----- ---------- ----- Operating earnings (loss) 33 - - Other income (expense) - net - - - Interest expense (1) - - ----- ---------- ----- Earnings from continuing operations before reorganization items, income taxes & equity in net earnings (loss) of associated companies 32 - - Reorganization items - net (11) - - ----- ---------- ----- Earnings from continuing operations before income taxes and equity in net earnings (loss) of associated companies 21 - - Income tax expense - - - ----- ---------- ----- Earnings 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 - 1 - ----- ---------- ----- Net earnings (loss) from continuing operations 21 1 - Net earnings (loss) from discontinued operations net of tax 43 - - ----- ---------- ----- Net earnings (loss) 64 1 - Income attributable to non- controlling interests - - - ----- ---------- ----- Net earnings (loss) attributable to U.S. Debtors $64 $1 - ====== ====== ===== Nortel Networks Inc., et al. Condensed Combined Statement of Cash Flows For the Period November 1 to 28, 2009 (Unaudited) (In millions of U.S. dollars) NNI AltSystems Other ----- ---------- ----- Cash flows from (used in) operating activities: Net earnings (loss) attributable to U.S. Debtors $64 $1 - Net loss (earnings) from discontinued operations - net of tax (43) - - 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 - - Gain on sales & write downs of investments, businesses & assets - net (4) Pension and other accruals 3 - - Reorganization items - non-cash 10 - - Other - net 49 (1) - Change in operating assets and liabilities 16 - - ----- ---------- ----- Net cash from (used in) operating activities-continuing operations 99 - - Net cash from (used in) operating activities-discontinued operations - - - ----- ---------- ----- Net cash from (used in) operating activities 99 - - Cash flows from (used in) investing activities: Change in restricted cash & cash equivalents 5 - - ----- ---------- ----- Net cash from (used in) investing activities-continuing operations 5 - - Net cash from (used in) investing activities-discontinued operations - - - ----- ---------- ----- Net cash from (used in) investing activities 5 - - Cash flows from (used in) financing activities: Decrease in capital leases obligations (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 (1) - - Effect of foreign exchange rate changes on cash & cash equivalents - - - ----- ---------- ----- Net cash from (used in) continuing operations 103 - - Net cash from (used in) discontinued operations - - - Net increase (decrease) in cash & cash equivalents 103 - - Cash & cash equivalents, beginning 925 - - ----- ---------- ----- Cash & cash equivalents, end $1,028 - - Less cash & cash equivalents of discontinued operations, end - - - ----- ---------- ----- Cash & cash equivalents of continuing operations, end $1,028 - - ====== ====== ===== 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 the Company's 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: Made $105,719,000 in Disbursements for November ------------------------------------------------------------- NTK Holdings, Inc. and Affiliated Debtors Schedule of Disbursements Petition Date To 10/31/09 Nov. 2009 ------------- ------------- NTK Holdings, Inc. $0 $0 Magenta Research Ltd. 309,000 720,000 Broan-NuTone Storage Solutions LP 334,000 1,414,000 Pacific Zephyr Range Hood, Inc. 137,000 740,000 NORDYNE International, Inc. - - Panamax Inc. 1,052,000 1,969,000 Zephyr Corporation 402,000 739,000 LiteTouch, Inc. 219,000 708,000 Gefen, Inc. 1,004,000 2,065,000 Secure Wireless, Inc. 67,000 923,000 Broan-NuTone LLC 7,068,000 25,801,000 Operator Specialty Company, Inc. 252,000 1,217,000 OmniMount Systems, Inc. 1,454,000 3,614,000 CES International Ltd. - - Linear LLC 2,739,000 5,444,000 SpeakerCraft, Inc. 2,094,000 3,096,000 Governair Corporation 394,000 2,827,000 Nortek International, Inc - - NuTone LLC - - Nordyne Inc. 22,398,000 30,521,000 GTO, Inc. 845,000 1,706,000 Nortek Holdings, Inc - - Linear H.K. LLC - - Xantech Corporation 430,000 756,000 Niles Audio Corporation 1,272,000 2,677,000 Mammoth-Webco, Inc. 2,089,000 4,098,000 Huntair, Inc. 1,657,000 4,376,000 CES Group, Inc. 977,000 617,000 HC Installations, Inc - - Rangaire LP, Inc - - Cleanpak International, Inc. 278,000 544,000 Elan Home Systems, L.L.C. 1,220,000 2,086,000 Temtrol, Inc. 1,417,000 4,187,000 Broan-Mexico Holdings, Inc. - - International Electronics, LLC - - Rangaire GP, Inc - - Nortek, Inc 266,000 2,262 Aigis Mechtronics, Inc. 210,000 612,000 -------------- -------------- Total Disbursements $50,584,000 $105,719,000 ============== ============== A full-text copy of the November Monthly Operating Report is available for free at http://bankrupt.com/misc/NTK_NovMOR.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. 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 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. Nortek, Inc. and its affiliated domestic companies announced they completed their financial restructuring and emerged from bankruptcy mid-December 2009. The emergence, which came only 57 days after the filing of a prepackaged plan of reorganization, follows confirmation of the plan on December 4, 2009 by Judge Kevin J. Carey of the United States Bankruptcy Court for the District of Delaware. 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). R.H. DONNELLEY: Records $4,395,000 Net Income for November ---------------------------------------------------------- R.H. Donnelley Corporation Balance Sheet As of November 30, 2009 ASSETS Cash and cash equivalents $2,647,000 Billed and accounts receivable - Unbilled accounts receivable - Allowance for doubtful accounts - Net accounts receivable - Intercompany loan receivable 5,000,000 Deferred directory costs - Short-term deferred income taxes, net 24,352,000 Prepaid expenses and other current assets 8,176,000 -------------- Total current assets 40,175,000 Fixed assets and computer software 5,161,000 Other non-current assets 2,353,781,000 Intangible assets - -------------- Total assets $2,399,117,000 ============== LIABILITIES & SHAREHOLDERS' EQUITY Accounts payable and accrued liabilities $6,686,000 Accrued interest - Deferred directory revenues - Due to parent, net (136,421,000) Short-term deferred tax - Current portion of long-term debt, intercompany - Current portion of long-term debt - -------------- (129,735,000) Long-term debt - Long-term debt, intercompany - Deferred income taxes, net 5,269,000 Other non-current liabilities 6,868,000 -------------- Total liabilities not subject to compromise (117,598,000) Liabilities subject to compromise 3,383,888,000 Common stock 88,169,000 Intercompany capital - Additional paid-in capital 2,635,374,000 Accumulated deficit (3,279,026,000) Treasury stock (256,140,000) Accumulated other comprehensive loss (55,501,000) -------------- Total shareholders' deficit (867,124,000) -------------- Total liabilities and shareholders' deficit $2,399,166,000 ============== R.H. Donnelley Corporation Income Statement For the Month Ended November 30, 2009 Net revenues $7,344,000 Production and distribution expenses - Selling and support expenses 9,000 General and administrative expenses 1,393,000 Depreciation and amortization 214,000 Impairment charges - -------------- Total expenses 1,616,000 Interest expense - -------------- Gain(Loss) before reorganization items, net 5,728,000 Reorganization items, net Professional fees 116,000 U.S. Trustee fees - Court fees - Other 770,000 -------------- Total 886,000 Provision for income taxes 447,000 -------------- Net income (loss) $4,395,000 ============== R.H. Donnelley Corporation Cash Receipts and Disbursements For the Month Ended November 30, 2009 Cash receipts RHD Corp. - -------------- Total cash receipts - Cash disbursements Trade payables ($11,900,000) Payroll and employee costs - Interest expense - notes - Interest expense - term loan - Interest expense - swaps - Term loan repayment (mandatory) - Intercompany 13,500,000 -------------- Total cash disbursements 1,600,000 Reorganization charges Adequate protection payment - Professional fees - -------------- Total reorganization charges - Total cash charges 1,600,000 Net cash flow 1,600,000 Beginning bank balance 175,800,000 Net cash flow 1,600,000 -------------- Ending bank balance $177,400,000 ============== About R.H. Donnelley Based in Cary, North Carolina, R.H. Donnelley Corp., fka The Dun & Bradstreet Corp. (NYSE: RHD) -- http://www.rhdonnelley.com/-- publishes and distributes print and online directories in the U.S. It offers print directory advertising products, such as yellow pages and white pages directories. R.H. Donnelley Inc., Dex Media, Inc. and Local Launch, Inc. are the company's only direct wholly owned subsidiaries. Dex Media East, LLC, is a publisher of the official yellow pages and white pages directories for Qwest Communications International Inc. (Qwest) in the states, where Qwest is the primary incumbent local exchange carrier, such as Colorado, Iowa, Minnesota, Nebraska, New Mexico, North Dakota and South Dakota. R.H. Donnelley Corp. and 19 of its affiliates, including Dex Media East LLC, Dex Media West LLC and Dex Media Inc., filed for Chapter 11 protection on May 28, 2009 (Bank. D. Del. Case No. 09- 11833 through 09-11852), after missing a $55 million interest payment on its senior unsecured notes due April 15. James F. Conlan, Esq., Larry J. Nyhan, Esq., Jeffrey C. Steen, Esq., Jeffrey E. Bjork, Esq., and Peter K. Booth, Esq., at Sidley Austin LLP, in Chicago, Illinois represent the Debtors in their restructuring efforts. Edmon L. Morton, Esq., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP, in Wilmington, Delaware, serve as the Debtors' local counsel. The Debtors' financial advisor is Deloitte Financial Advisory Services LLP while its investment banker is Lazard Freres & Co. LLC. The Garden City Group, Inc., is claims and noticing agent. As of March 31, 2009, the Company had $929,829,000 in total assets and $1,023,526,000 in total liabilities, resulting in $93,697,000 in total shareholders' deficit. Bankruptcy Creditors' Service, Inc., publishes R.H. Donnelley Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of R.H. Donnelley Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) SIX FLAGS: Records $22,562,779 Loss for November ------------------------------------------------ Six Flags, Inc. Consolidating Balance Sheet As of Nov. 22, 2009 Assets Current Assets: Cash and Cash Equivalents $237,117,587 Accounts Receivable 28,016,137 Inventories 22,622,463 Prepaid Expenses 33,937,755 --------------- Total Current Assets 321,693,942 Other Assets: Notes Receivable 3,976,402 Intercompanies 0 Investment in Theme Parks 44,301,712 Deposits 47,604,461 --------------- Total Other Assets 95,882,575 Fixed Assets: Property Plant & Equipment 2,729,034,538 Accumulated Depreciation (1,209,693,363) --------------- Net Fixed Assets 1,519,341,175 Intangible Assets: Goodwill and Organization Costs 1,283,937,001 Less: Amortization (223,437,920) Deferred Charges 34,958,480 Less: Amortization (22,240,178) --------------- Net Intangible Assets 1,073,217,382 Total Assets $3,010,135,074 =============== Liabilities Current Liabilities: Short-Term Bank Borrowings $270,269,310 Accounts Payable Trade 52,628,098 Accrued Expenses 112,153,826 Accrued Interest Payable 60,684,190 Deferred Income 21,296,479 Current Portion - Long-Term Debt 166,015,370 Current Portion - Capitalized Leases 1,416,864 Asset Retirement Obligation - ST 0 -------------- Total Current Liabilities 684,464,136 Long-Term Liabilities: Notes Payable 1,967,861,482 Capitalized Leases 1,017,234 Other Liabilities 81,121,793 Minority Interest 10,770 Deferred Income Taxes 123,296,704 Asset Retirement Obligation - LT 0 --------------- Total Long Term Liabilities 2,173,307,983 Total Liabilities $2,857,772,118 =============== Redeemable Minority Interest 355,933,028 PIERS 306,649,669 Stockholders' Equity: Retained Earnings ($1,830,318,551) Year-to-Date Net Income (144,141,260) Common Stock 2,458,151 Foreign Currency Translation (44,158,479) Paid-in Capital in Excess of Par 1,505,940,398 --------------- Total Shareholders' Equity (510,219,742) Total Liabilities & Equity $3,010,135,074 =============== Six Flags, Inc. Consolidating Income Statement For the Period Oct. 26 to Nov. 22, 2009 Total Revenue $25,074,410 Cost of Products Sold 1,057,897 ------------- Gross Profit 23,216,513 Total Operating Expenses 22,451,016 Total S, G & A Expenses 8,015,620 Operating Income (7,250,123) Other Income (Expenses) (3,919) Reorganization Items (1,178,207) Total Depreciation & Amortization 9,245,177 Interest Expense 4,657,769 Interest Income (52,369) ------------- Total Interest Expense 4,605,400 Equity in Operations of Affiliates - Minority Interest in Earnings - Discontinued Operations 95,765 ------------- Earnings Before Taxes (22,378,592) Income Taxes 184,187 ------------- Net Income (Loss) ($22,562,779) ============= For the period October 26 to November 22, 2009, Six Flags, Inc., and its Debtor-affiliates made total disbursements of $46,206,919. About Six Flags Headquartered in New York City, Six Flags, Inc., is the world's largest regional theme park company with 20 parks across the United States, Mexico and Canada. Six Flags filed for Chapter 11 protection on June 13, 2009 (Bankr. D. Del. Lead Case No. 09-12019). Paul E. Harner, Esq., Steven T. Catlett, Esq., and Christian M. Auty, Esq., at Paul, Hastings, Janofsky & Walker LLP in Chicago, Illinois, act as the Debtors' lead counsel. Daniel J. DeFranceschi, Esq., and L. Katherine Good, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, act as local counsel. Cadwalader Wickersham & Taft LLP, serves as special counsel. Houlihan Lokey Howard & Zukin Capital Inc., serves as financial advisors, while KPMG LLC acts as accountants. Kurtzman Carson Consultants LLC serves as claims and notice agent. As of March 31, 2009, Six Flags had $2,907,335,000 in total assets and $3,431,647,000 in total liabilities. Bankruptcy Creditors' Service, Inc., publishes Six Flags Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings undertaken by Six Flags Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- 7000). THREE-FIVE: Files Copies of Post Confirmation Reports With SEC -------------------------------------------------------------- As reported in the Troubled Company Reporter on Jan 4, 2010, Three-Five Systems, Inc., will be making a final liquidating distribution to certain of its stockholders and will subsequently file a Form 15 with the Securities and Exchange Commission to deregister its securities and complete the process to dissolve in accordance with its charter and applicable provisions of Delaware law. On January 6, 2006, Three-Five Systems, Inc., and TFS-DI, Inc., the Company's wholly-owned subsidiary, filed a Joint Plan of Reorganization, which was subsequently amended by an Amended Joint Plan of Reorganization filed on March 15, 2006, in the United States Bankruptcy Court in the District of Arizona. On August 30, 2006, the Bankruptcy Court issued an order approving the Plan. Pursuant to the confirmation order, the Plan became effective on September 11, 2006. During the pendency of the Company's bankruptcy proceedings, it filed monthly operating reports with the Bankruptcy Court with respect to the Company and TFS-DI, Inc. Following the Plan's confirmation, the Company has filed quarterly reports with the Bankruptcy Court. Full-text copies of Three-Five Systems, Inc., and TFS-DI, Inc.'s monthly operating reports from September, 2005, through September 10, 2006, are available for free at: Three-Five Systems ------------------ September 2005 -- http://researcharchives.com/t/s?4cfa October 2005 -- http://researcharchives.com/t/s?4cfc November 2005 -- http://researcharchives.com/t/s?4cfe December 2005 -- http://researcharchives.com/t/s?4d00 January 2006 -- http://researcharchives.com/t/s?4d02 February 2006 -- http://researcharchives.com/t/s?4d04 March 2006 -- http://researcharchives.com/t/s?4d06 April 2006 -- http://researcharchives.com/t/s?4d08 May 2006 -- http://researcharchives.com/t/s?4d0a June 2006 -- http://researcharchives.com/t/s?4d0c July 2006 -- http://researcharchives.com/t/s?4d0e August 2006 -- http://researcharchives.com/t/s?4d10 Sept. 10, 2006 -- http://researcharchives.com/t/s?4d12 TFS-DI, Inc. ------------ September 2005 -- http://researcharchives.com/t/s?4cf9 October 2005 -- http://researcharchives.com/t/s?4cfb November 2005 -- http://researcharchives.com/t/s?4cfd December 2005 -- http://researcharchives.com/t/s?4cff January 2006 -- http://researcharchives.com/t/s?4d01 February 2006 -- http://researcharchives.com/t/s?4d03 March 2006 -- http://researcharchives.com/t/s?4d05 April 2006 -- http://researcharchives.com/t/s?4d07 May 2006 -- http://researcharchives.com/t/s?4d09 June 2006 -- http://researcharchives.com/t/s?4d0b July 2006 -- http://researcharchives.com/t/s?4d0d August 2006 -- http://researcharchives.com/t/s?4d0f Sept. 10, 2006 -- http://researcharchives.com/t/s?4d11 Full-text copies of Three-Five Systems, Inc., and TFS-DI, Inc.'s substantively consolidated quarterly reports for the post confirmation periods ended December 31, 2006, through September 30, 2009, are available for free at: Dec. 31, 2006 -- http://researcharchives.com/t/s?4d13 March 31, 2007 -- http://researcharchives.com/t/s?4d14 June 30, 2007 -- http://researcharchives.com/t/s?4d15 Sept. 30, 2007 -- http://researcharchives.com/t/s?4d16 Dec. 31, 2007 -- http://researcharchives.com/t/s?4d17 March 31, 2008 -- http://researcharchives.com/t/s?4d18 June 30, 2008 -- http://researcharchives.com/t/s?4d1a Sept. 30, 2008 -- http://researcharchives.com/t/s?4d1b Dec. 31, 2008 -- http://researcharchives.com/t/s?4d19 March 31, 2009 -- http://researcharchives.com/t/s?4d1c June 30, 2009 -- http://researcharchives.com/t/s?4d1d Sept. 30, 2009 -- http://researcharchives.com/t/s?4d1e About Three-Five Systems, Inc. Based in Scottsdale, Arizona, Three-Five Systems, Inc. (Other OTC: TFSIQ.PK) previously conducted the business of providing specialized electronics manufacturing services to original equipment manufacturers (OEMs). The Company has ceased conducting business operations. Its only activities consist of liquidating its assets and preparing for dissolution pursuant to the Plan. On September 5, 2005, the Company filed for bankruptcy under Chapter 11 of the Bankruptcy Code, in the U.S. Bankruptcy Court for the District of Arizona (Case No. 05-17104). On January 6, 2006, the Company and its wholly-owned subsidiary nd TFS-DI, Inc. a joint plan of reorganization, and on March 15, 2006, an amended plan with the Bankruptcy Court. On August 30, 2006, the Bankruptcy Court approved the Plan. The Plan became effective on September 11, 2006. TOUSA INC: Posts $9 Million Net Loss for November ------------------------------------------------- TOUSA, INC., and Subsidiaries Consolidated Balance Sheet As of November 30, 2009 ASSETS Cash and Cash Equivalents: Cash in bank $319,878,937 Cash equivalents (due from title company from closings) 52,503 Inventory: Deposits 10,908,867 Land 141,642,185 Residences completed and under construction 86,592,295 Inventory not owned - --------------- 239,143,347 Property and equipment, net 3,090,209 Investments in unconsolidated joint ventures 2,042,962 Receivables from unconsolidated joint ventures - Accounts receivable 15,228,461 Other assets 37,310,317 Goodwill - --------------- 616,746,736 Net Assets of Financial Services 11,221,606 --------------- Total Assets $627,968,342 =============== LIABILITIES & STOCKHOLDERS' EQUITY Accounts payable and other liabilities $298,236,078 Customer deposits 3,655,893 Obligations for inventory not owned - Notes payable 1,614,654,521 Bank borrowings 199,996,533 --------------- Total Liabilities 2,116,543,025 Stockholders' Equity: Preferred stock 24,299,702 Common stock 596,042 Additional paid in capital 553,741,858 Retained earnings (2,067,212,285) --------------- Total Stockholders' Equity (1,488,574,683) --------------- Total liabilities and Stockholders' Equity $627,968,342 =============== TOUSA, INC., and Subsidiaries Consolidated Statement of Operations For the Period November 1 to 30, 2009 Revenues: Home sales $9,935,710 Land sales 2,022,233 --------------- 11,957,943 Cost of Sales: Home sales 9,083,046 Land sales 3,031,743 --------------- 12,114,789 --------------- Gross Profit (156,846) Total selling, general and admin expenses 4,875,520 Income (loss) from joint ventures, net - Interest expense, net 1,905,841 Other (income) expense, net (79,529) --------------- Homebuilding pretax income (loss) (6,858,678) Equity in Financial services pretax income (loss) (2,203,290) Income (loss) before income taxes (9,061,968) Provision (benefit) for income taxes - --------------- Net Income (loss) ($9,061,968) =============== TOUSA, INC. and Subsidiaries Consolidated Schedule of Receipts and Disbursements For the Period November 1 to 30, 2009 Funds at beginning of period $313,601,837 RECEIPTS Cash sales 12,495,923 Accounts receivable 340,358 Other receipts 4,801,279 --------------- Total receipts 17,637,560 --------------- Total funds available for operations 331,239,397 DISBURSEMENTS Advertising 28,954 Bank charges 3,100 Contract labor 42,421 Fixed asset payments - Insurance 136,094 Inventory payments 967,270 Leases 85,577 Manufacturing supplies - Office supplies 71,147 Payroll - net 1,721,718 Professional fees (accounting and legal) 1,850,226 Rent 222,536 Repairs & maintenance 100,325 Secured creditor payments 1,588,180 Taxes paid - payroll 40,853 Taxes paid - sales & use 54,378 Taxes paid - other 3,750,067 Telephone 43,241 Travel & entertainment 17,430 U.S. Trustee quarterly fees - Utilities 21,897 Vehicle expenses 2,881 Other operating expenses 612,165 --------------- Total disbursements 11,360,460 --------------- Ending Balance $319,878,937 =============== 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) TRONOX INC: Amends November Operating Report -------------------------------------------- Tronox Inc. and its units delivered to the Court an amended Monthly Operating Report for the month ending November 30, 2009. The Amended MOR indicated that the Debtors' have a "Restructuring Charges" of $12.9 million instead of the previously reported $1.3 million. The Amended MOR also indicated that the Debtors' have a zero "Impairment of goodwill" instead of the previously reported $11.6 million. A full-text copy of the Amended November MOR is available for free at http://bankrupt.com/misc/Tronox_AmendedNovMOR.pdf About Tronox Inc. Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets: TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer of titanium dioxide pigment, with an annual production capacity of 535,000 tonnes. Titanium dioxide pigment is an inorganic white pigment used in paint, coatings, plastics, paper and many other everyday products. The Company's four pigment plants, which are located in the United States, Australia and the Netherlands, supply high-performance products to approximately 1,100 customers in 100 countries. In addition, Tronox produces electrolytic products, including sodium chlorate, electrolytic manganese dioxide, boron trichloride, elemental boron and lithium manganese oxide. Tronox has $1.6 billion in total assets, including $646.9 million in current assets, as at September 30, 2008. The Company has $881.6 million in current debts and $355.9 million in total noncurrent debts. Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates filed for Chapter 11 protection on January 13, 2009 (Bankr. S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L. Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York, represent the Debtors. The Debtors also tapped Togut, Segal & Segal LLP as conflicts counsel; Rothschild Inc. as investment bankers; Alvarez & Marsal North America LLC, as restructuring consultants; and Kurtzman Carson Consultants serves as notice and claims agent. An official committee of unsecured creditors and an official committee of equity security holders have been appointed in the cases. The Creditors Committee has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel. Until September 30, 2008, Tronox Inc. was publicly traded on the New York Stock Exchange under the symbols TRX and TRX.B. Since then, Tronox Inc. has traded on the Over the Counter Bulletin Board under the symbols TROX.A.PK and TROX.B.PK. As of December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares of class A common stock and 22,889,431 outstanding shares of class B common stock. Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Tronox Inc. and its 14 affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TROPICANA ENT: Adamar of NJ Nets $2.84 Million Loss for November ---------------------------------------------------------------- Adamar of New Jersey, Inc. DBA Tropicana Casino and Resort Consolidated Balance Sheet As of November 30, 2009 ASSETS Current Assets Cash and cash equivalents $68,784,000 Receivables, gaming, hotel and other, net 14,345,000 Inventories 1,993,000 Prepaid expenses and other 10,071,000 Deferred income taxes 5,189,000 -------------- Total current assets 100,382,000 Property and equipment, at cost, net 698,046,000 Investments 30,597,000 Tenant allowances and other assets 19,945,000 -------------- TOTAL ASSETS $848,970,000 ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accruals $18,486,000 Accrued payroll and employee benefits 7,195,000 Current portion of long-term debt 36,000 Casino reinvestment obligation 583,000 Advances from TE and other affiliates, net 591,145,000 Advances from NJ affiliates, net 25,846,000 Other current liabilities 1,161,000 Liabilities subject to compromise 17,313,000 -------------- Total current liabilities 661,765,000 Long-term debt, net of current portion 173,000 Deferred income taxes 24,786,000 -------------- Total Liabilities 686,724,000 Stockholders' Equity Common stock, no par value (100 shares 1,000 authorized, issued and outstanding) Paid-in capital 283,086,000 Accumulated deficit (120,841,000) -------------- Total shareholders' equity 162,246,000 -------------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $848,970,000 ============== Adamar of New Jersey, Inc. DBA Tropicana Casino and Resort Consolidated Statement of Operations For the Month Ended November 30, 2009 Revenues Casino $19,528,000 Rooms 2,429,000 Food and beverage 1,247,000 Other 1,336,000 -------------- Total revenues 24,540,000 -------------- Costs and Expenses Casino 9,504,000 Rooms 1,175,000 Food and beverage 1,180,000 Other 330,000 Marketing 4,561,000 General and administrative 1,615,000 Utilities 994,000 Repairs and maintenance 940,000 Provision for doubtful accounts 165,000 Property taxes and insurance 2,497,000 Rent 75,000 Rent to New Jersey affiliate 404,000 Depreciation and amortization 3,778,000 Reorganization expense 146,000 -------------- Total 27,364,000 Operating profit (2,824,000) License denial expense (68,000) Interest income, net 55,000 Interest expense (2,000) -------------- Income before income taxes (2,839,000) Income taxes benefit/(provision) 0 -------------- NET (LOSS) ($2,839,000) ============== Adamar of New Jersey, Inc. DBA Tropicana Casino and Resort Consolidated Statement of Cash Flows For the Month Ended November 30, 2009 Cash Flows from Operating Activities: Net loss ($2,839,000) Adjustments to reconcile net loss to net cash (used in)/provided by operating activities: Depreciation and amortization 3,778,000 Amortization of CRDA bond discount/interest (25,000) Deferred income taxes 0 Amortization of deferred rental income (102,000) Rent/interest expense amortization 1,000 Loss on disposal of property and equipment 7,000 and other assets Loss on reinvestment obligation (85,000) Provision for doubtful accounts 165,000 Increase in accrued interest to parent 0 company Sales & luxury tax rebates 0 Changes in operating assets and liabilities: (Increase) Decrease in receivables 365,000 (Increase) Decrease in inventories 100,000 Increase (Decrease) in prepaid expenses and 1,315,000 other Decrease in other assets 283,000 (Decrease)/Increase in accounts payable, (5,492,000) accrued expenses and other -------------- Net cash provided by operating activities (2,529,000) -------------- Cash Flows from Investing Activities: Proceeds from sale of property and equipment 0 Acquisition of property and equipment (727,000) Sales & luxury tax rebates 0 Proceeds from reduction in investments 220,000 (Additions) Reductions in other long term 1,000 assets Additions to investments (293,000) -------------- Net cash used in investing activities (799,000) -------------- Cash Flows from Financing Activities: Advances from NJ affiliates, net 404,000 Advances from/(to) affiliates, net 0 Principal payments on long-term debt (4,000) -------------- Net cash provided by financing activities 400,000 -------------- Net increase in cash (2,928,000) Cash and cash equivalents at beginning of 71,712,000 period -------------- Cash and cash equivalents at end of period $68,784,000 ============== About Tropicana Entertainment Tropicana Entertainment LLC and its units owned eleven casino properties in eight distinct gaming markets with premier properties in Las Vegas, Nevada, and Atlantic City, New Jersey. Tropicana Entertainment LLC and certain affiliates filed for Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08- 10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at Richards Layton & Finger, represent the Debtors in their restructuring efforts. Their financial advisor is Lazard Ltd. Their notice, claims, and balloting agent is Kurtzman Carson Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors' Web site administration agent. AlixPartners LLP is the Debtors' restructuring advisor. Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell LLP represent the Official Committee of Unsecured Creditors in this case. Capstone Advisory Group LLC is financial advisor to the Creditors' Committee. The OpCo Debtors, a group of Tropicana entities owning casinos and resorts in Atlantic City, New Jersey and Evansville, Indiana have emerged from bankruptcy pursuant to a reorganization plan. A group of Tropicana entities, known as the LandCo Debtors, which own Tropicana casino property in Las Vegas, have emerged from Chapter 11 via a separate Chapter 11 plan. On April 29, 2009, non-debtor units of the OpCo Debtors, designated as the New Jersey Debtors -- Adamar of New Jersey, Inc., and its affiliate, Manchester Mall, Inc. -- filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to effectuate a sale of the Atlantic City Resort and Casino to a group of Investors-led by Carl Icahn. Judge Judith H. Wizmur presides over the cases. Manchester Mall is a wholly owned subsidiary of Adamar that owns and operates certain real property utilized in the New Jersey Debtors' business operations. Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz, Meisel, Forman & Leonard, in Hackensack, New Jersey, represent the New Jersey Debtors. Kurtzman Carson Consultants LLC acts as their claims and notice agent. Adamar disclosed $500 million to $1 billion both in total assets and debts in its petition. Manchester Mall disclosed $1 million to $10 million in total assets, and less than $50,000 in total debts in its petition. Bankruptcy Creditors' Service, Inc., publishes Tropicana Bankruptcy News. The newsletter tracks the chapter 11 restructuring proceedings commenced by Tropicana Entertainment LLC and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) VELOCITY EXPRESS: Posts $4,473,000 Net Loss in Month Ended Nov. 21 ------------------------------------------------------------------ Velocity Express Corporation filed with the U.S. Bankrupcty Court for the District of Delaware on January 5, 2009, 2009, a monthly operating report for the period of October 25, 2009, through November 21, 2009. The Debtor reported a net loss of $4,473,000 on revenue of $14,135,000 for the month ended November 21, 2009. At November 21, 2009, the Debtor had $89,639,000 in total assets and $153,800,000 in total liabilities. A full-text copy of the Debtor's operating report for the month ended November 21, 2009, is available for free at: http://bankrupt.com/misc/velocityexpress.november21mor.pdf About Velocity Express Velocity Express -- http://www.velocityexpress.com/-- has one of the largest nationwide networks of regional, time definite, ground delivery service areas, providing a national footprint for customers desiring same day service throughout the United States. The Company's services are supported by a customer-focused technology infrastructure, providing customers with the reliability and information they need to manage their transportation and logistics systems, including a proprietary package tracking system that enables customers to view the status of any package via a flexible web reporting system. Velocity, together with 12 affiliates, filed for Chapter 11 on Sept. 24, 2009 (Bankr. D. Del. Case No. 09-13294). The Company listed assets of $94.1 million and debt of $120.6 million as of Sept. 1. ComVest Velocity Acquisition I, LLC, buyer of the Debtors' assets, is represented in the case by Kenneth G. Alberstadt, Esq., at Akerman Senterfitt LLP in New York. DIP Lender Burdale is represented in the case by Jonathan M. Cooper, Esq., Randall L. Klein, Esq., and Sarah J. Risken, Esq., at Goldberg Kohn Bell Black Rosenbloom & Moritz, LTD., in Chicago, Illinois. VISTEON CORP: Reports $38,282,000 Net Loss for November ------------------------------------------------------- Visteon Corporation Debtor's Balance Sheet As of November 30, 2009 ASSETS Current Assets: Cash and cash equivalents $352,201,000 Restricted cash 93,491,000 Accounts receivable, net 4,209,861,000 Inventories, net 29,290,000 Other current assets 62,992,000 --------------- Total current assets 4,747,834,000 Property and equipment, net 148,713,000 Other non-current assets 1,362,688,000 --------------- Total Assets $6,259,235,000 =============== LIABILITIES & SHAREHOLDERS' DEFICIT Short-term debt, including current portion of long-term debt $10,865,476,000 Accounts payable 1,170,446,000 Accrued employee liabilities 25,692,000 Other current liabilities 59,997,000 --------------- Total current liabilities 12,121,611,000 Liabilities subject to compromise 2,829,552,000 LSC-Intercompany with Non-Debtors 55,737,000 Long-term debt 1,529,000 Employee benefits, including pensions 250,694,000 Deferred income taxes 91,394,000 Other non-current liabilities 254,242,000 --------------- Total liabilities 15,604,760,000 Shareholders' deficit Visteon Corporation Shareholders' deficit Preferred stock 0 Common stock 131,053,000 Stock warrants 127,024,000 Additional paid-in capital 2,225,805,000 Retained earnings (deficit) (11,500,294,000) Accumulated other comprehensive income(loss) (191,847,000) Other (4,344,000) --------------- Total Debtor shareholders' equity (deficit) (9,211,603,000) Noncontrolling interests (132,921,000) --------------- Total shareholders' equity (deficit) (9,344,525,000) --------------- Total Liabilities and shareholders' equity $6,259,235,000 =============== Visteon Corporation Statements of Operations For the Period Ended November 30, 2009 Net sales Accounts receivable, net $40,891,000 Services 18,676,000 --------------- 59,567,000 Cost of Sales Products Materials $26,160,000 Labor and overhead 5,883,000 Product engineering 21,753,000 Freight and duty 1,370,000 Manufacturing spending 508,000 Warranty and recall (11,701,000) Other 7,555,000 Services 18,633,000 --------------- $70,161,000 --------------- Gross margin (10,594,000) Selling, general and administrative expenses Personnel 5,707,000 Depreciation 2,752,000 Other 4,554,000 --------------- 13,012,000 Restructuring expenses 353,000 Reimbursement from Escrow Account 802,000 Reorganization costs 8,842,000 Deconsolidation (gain)/loss 1,428,000 --------------- Operating income (loss) (34,428,000) Interest expense 3,518,000 Interest income (204,000) Equity in net income of non-consolidated affiliates 0 --------------- Income(loss) before income taxes (38,149,000) Provision for income taxes 133,000 --------------- Net Income (loss) ($38,282,000) =============== Visteon Corporation et al. Combined Schedules of Operating Cash Flow For the Month Ended November 30, 2009 Customer receipts $302,081,000 Other receipts 69,384,000 Intercompany receipts 69,263,000 DIP Financing 75,000,000 --------------- Total receipts 515,728,000 Disbursements Payroll Related (29,589,000) Operating disbursements (115,446,000) Intercompany disbursements (161,553,000) Other disbursements (12,163,000) --------------- Total Disbursements (318,751,000) --------------- Net Cash Flow 196,977,000 Beginning Balance 359,326,000 Net Cash Flow 196,977,000 Foreign Currency and Other Adjustments 1,000,000 --------------- Ending Cash Balance $557,303,000 =============== A full-text copy of Visteon's November MOR is available for free at http://bankrupt.com/misc/Visteon_NovMOR.pdf About Visteon Corp Headquartered in Van Buren Township, Michigan, Visteon Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. The company has corporate offices in Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen, Germany. It has facilities in 27 countries and employs roughly 35,500 people. The Company has assets of $4,561,000,000 and debts of $5,311,000,000 as of March 31, 2009. Visteon and 30 of its affiliates filed for Chapter 11 protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786 through 09-11818). Judge Christopher S. Sontchi oversees the Chapter 11 cases. James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, represent the Debtors in their restructuring efforts. Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors' local counsel. The Debtors' investment banker and financial advisor is Rothschild Inc. The Debtors' notice, claims, and solicitation agent is Kurtzman Carson Consultants LLC. The Debtors' restructuring advisor is Alvarez & Marsal North America, LLC. Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Visteon Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) WASHINGTON MUTUAL: Posts $7.5 Million Net Loss in November ---------------------------------------------------------- On December 30, 2009, Washington Mutual, Inc., and WMI Investment Corp. filed their monthly operating report for the period November 1, 2009, to November 30, 2009, with the United States Bankruptcy Court for the District of Delaware. Washington Mutual reported a net loss of $7.5 million and total revenues of ($978,281) for the month of November. At November 30, 2009, Washington Mutual had $6.932 billion in total assets, $8.295 billion in total liabilities, and shareholders' deficit of $1.363 billion. WMI Investment reported net income of $25,026 on total revenues of $39,412 for the month of November. At November 30, 2009, WMI Investment had $903.453 million in total assets, $14,825 in total liabilities, and 903.438 million in stockholders' equity. A full-text copy of Washington Mutual and WMI Investment's monthly operating report for November 2009 is available at: http://researcharchives.com/t/s?4d23 ********* 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 2010. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***