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/raid1/www/Hosts/bankrupt/TCR_Public/100123.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 23, 2010, Vol. 14, No. 22 Headlines AVENTINE RENEWABLE: Earns $2.5 Million in December BH S&B: Posts $173,530 Net Loss in November 2009 CHAMPION ENTERPRISES: Posts $3.7MM Net Loss From Nov. 15 - Dec.5 BROADSTRIPE LLC: Reports $6.8 Million Net Loss in November CATHOLIC CHURCH: Wilmington Has $130.6MM in Assets at Nov. 30 CHEMTURA CORP: Posts $7 Million Net Loss in December CHRYSLER LLC: Has $2.35 Billion in Assets at November 30 DISTRIBUTED ENERGY: Ends October 31 With $586,112 Cash EDDIE BAUER: Files Operating Report for Month Ended January 2 FAIRPOINT COMMS: Has $7.5 Mil. Net Loss for November FAIRPOINT COMMS: Has $3.2 Billion in Assets at October 31 HAWKEYE RENEWABLES: Files Operating Report for Dec. 21 - 31 Period HERBST GAMING: Posts $555,876 Net Loss in November LANDAMERICA FIN'L: LES Records $5.75MM Loss for October LEHMAN BROTHERS: Raises Cash to $17.15 Billion in November LEHMAN BROTHERS: Cash & Investments at $14.66 Bil. at Dec. 31 MERISANT WORLDWIDE: Posts $39,380,701 Net Loss in November METROMEDIA INT'L: Posts $3.2 Million Net Loss in December NEXTMEDIA GROUP: Files Initial Monthly Operating Report NOVA HOLDING: Posts $6.7 Million Net Loss in September PACIFIC ENERGY: Posts $507,646 Net Loss in November PENN TRAFFIC: Posts $2,195,000 in 2-Week Period Ended November 28 PROVIDENT ROYALTIES: Posts $48.5 Million Net Loss in November RH DONNELLEY: Reports $4,395,000 Net Income in November SIMMONS BEDDING: Posts $2MM Net Loss in Nov. 16 - Nov. 28 Period SOLECO INC: Files Initial Monthly Operating Report SMURFIT-STONE: Records $15,669,000 Net Income for November TARRAGON CORP: Posts $3,191,752 Net Loss in November TAYLOR-WHARTON: Posts $2,654,073 Net Loss in December TRICOM SA: Ends November With $15,265,207 Cash TRONOX INC: Has $59MM December Net Loss, Sales $48MM WHITEHALL JEWELERS: Posts $591,000 Net Loss in November WORLDSPACE INC: Posts Net Loss of $10.7 Million in December ********* AVENTINE RENEWABLE: Earns $2.5 Million in December -------------------------------------------------- Aventine Renewable Energy Holdings, Inc., and subsidiaries reported net income of $2.5 million on total sales of $42.3 million for the month of December 2009. Operating income was $5.3 million. The Company incurred interest expense of $675,774 for the month of December. Total reorganization expense was $5.7 million. Income tax benefit was $3.4 million. At December 31, 2009, the Debtors had total assets of $711.9 million, $449.1 million in total liabilities, and $262.8 million in total shareholders' equity. The Debtors ended the period with $60.0 million in cash and cash equivalents, which includes roughly $7.45 million in restricted cash. A full-text copy of the December operating report is available for free at http://bankrupt.com/misc/aventine.decembermor.pdf The Debtors reported net income of $877,103 for the month of November on total sales of $36.9 million. Operating income was $6.1 million. Interest expense was $600,269. Total reorganization expense was $650,269. Income taxes were $4.0 million. A full-text copy of the November operating report is available for free at http://bankrupt.com/misc/aventine.novembermor.pdf Pekin, Illinois-based Aventine Renewable Energy Holdings, Inc. (Pink Sheets: AVRN) -- http://www.aventinerei.com/-- is a producer and marketer of ethanol to many leading energy companies in the United States. In addition to ethanol, Aventine also produces distillers grains, corn gluten meal, corn gluten feed, corn germ and brewers' yeast. Morgan Stanley Capital Partners IV bought Aventine in May 2003 from Williams Cos. Aventine had a public offering in May 2006. The Morgan Stanley group retained 28% of the stock at year's end. The Company and its affiliates filed for Chapter 11 on April 7, 2009 (Bankr. D. Del. Lead Case No. 09-11214). Joel A. Waite, Esq., and Ryan M. Bartley, Esq., at Young, Conaway, Stargatt & Taylor, serves as bankruptcy counsel to the Debtors. Davis Polk & Wardwell is special tax counsel and Houlihan, Lokey, Howard & Zukin, Inc., is the financial advisor. Garden City Group, Inc., has been engaged as claims agent. Donald J. Detweiler, Esq., at Greenberg Traurig, LLP, serves as counsel to the official committee of unsecured creditors. When it filed for bankruptcy protection from its creditors, Aventine Renewable listed between $100 million and $500 million each in assets and debts. BH S&B: Posts $173,530 Net Loss in November 2009 ------------------------------------------------ BH S&B Holdings LLC filed with U.S. Bankruptcy Court for the Southern District of New York on January 4, 2010, a monthly operating report for the month of November 2009. The Company reported a net loss of $173,530 in November. The Company incurred $165,418 in professional fees for the period. At November 30, 2009, the Debtor had $10,710,795 in total assets and $145,484,633 in total liabilities. A copy of the Debtor' monthly operating report for the month of November 2009 is available at: http://bankrupt.com/misc/bhsb.novembermor.pdf About BH S&B BH S&B Holdings LLC filed for bankruptcy protection together with seven other affiliates on November 19, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-14604). The seven debtor-affiliates are BH S&B Distribution LLC, BH S&B Lico LLC, BH S&B Retail LLC, BHY S&B Intermediate Holdco LLC, Cubicle Licensing LLC, Fashion Plate Licensing LLC, and Heritage Licensing LLC. BH S&B was formed by investment firms Bay Harbour Management and York Capital Management in August 2008 to acquire the business operations and assets of bankrupt retailer Steve & Barry's for $163 million in August 2008. Steve & Barry's had 240 locations when it was bought and the new owners had planned to cut that down to 173 stores. Due to disappointing sales, Steve & Barry's returned to bankruptcy in November 2008. BH S&B and its affiliates' Chapter 11 cases are presided over by the Honorable Martin Glenn. Joel H. Levitin, Esq., and Richard A. Stieglitz, Jr., Esq., at Cahill Gordon & Reindel LLP, in New York, serve as bankruptcy counsel to BH S&B and its affiliates. RAS Management Advisors LLC acts as restructuring advisors, and Kurtzman Carson Consultants LLC as claims and notice agent. CHAMPION ENTERPRISES: Posts $3.7MM Net Loss From Nov. 15 - Dec.5 ---------------------------------------------------------------- Champion Enterprises, Inc., et al., reported a consolidated net loss of $3.7 million on total sales and revenues of $18.3 million for the filing period November 15, 2009, through December 5, 2009. At December 5, 2009, the Debtors had $1.084 billion in total assets, $736.0 million in total liabilities, and $347.7 million in net stockholders' equity. A full-text copy of the Company's operating report for the period ended December 5, 2009, is available at no charge at: http://bankrupt.com/misc/championenterprises.nov15-dec5mor.pdf About Champion Enterprises Troy, Michigan-based Champion Enterprises, Inc., and its subsidiaries are international manufacturers of factory-built homes and steel-framed modular buildings, with operations in the United States, Canada and the United Kingdom. Buildings constructed by Champion and its subsidiaries consist of both single and multi-module units designed for either commercial or residential purposes. Champion products range from single-module HUD-Code homes to sophisticated commercial structures such as hotels. The Company filed for Chapter 11 on November 15, 2009 (Bankr. D. Del. Case No. 09-14019). The Company's affiliates also filed separate bankruptcy petitions. James E. O'Neill, Esq., Laura Davis Jones, Esq., Mark M. Billion, Esq., Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, assist Champion in its restructuring effort. The Company listed $576,527,000 in assets and $521,337,000 in liabilities as of October 3, 2009. BROADSTRIPE LLC: Reports $6.8 Million Net Loss in November ---------------------------------------------------------- Bill Rochelle at Bloomberg News reports that Broadstripe LLC reported a $6.8 million net loss in November on revenue of $7.7 million. Depreciation, amortization, senior debt expense and reorganization costs totaled $8.8 million for the month. Broadstripe already filed a reorganization plan to carry out an agreement reached before the Chapter 11 filing with holders of the first- and second-lien debt. But like in the previous extension requests, Broadstripe noted that the official committee of unsecured creditors has filed a lawsuit seeking to invalidate the lenders' liens. Until the suit is resolved, the Committee won't support a plan that recognizes the validity of the lenders' claims. About Broadstripe LLC Headquartered in Chesterfield, Missouri, Broadstripe LLC -- http://www.broadstripe.com/-- provides videos and telephone services to consumers and business in Maryland, Michigan, Washington and Oregon. The Company and five of its affiliates filed for Chapter 11 protection on January 2, 2009 (Bankr. D. Del. Lead Case No. 09-10006). Attorneys at Ashby & Geddes, and Gardere Wynne Sewell LLP represent the Debtors in their restructuring efforts. The Debtors tapped FTI Consulting Inc. as their restructuring consultant, and Epiq Bankruptcy Consultants LLC as their claims agent. In its petition, Broadstripe listed assets and debts between $100 million and $500 million. CATHOLIC CHURCH: Wilmington Has $130.6MM in Assets at Nov. 30 ------------------------------------------------------------- Catholic Diocese of Wilmington, Inc. Balance Sheet As of November 30, 2009 ASSETS Cash & Equivalents $1,318,246 Accounts Receivable (Net) 4,051,148 Payroll Receivable - Notes Receivable 1,478,562 Professional Retainers 1,195,000 Unrestricted Pooled Investments 14,089,675 Restricted Pooled Investments 29,608,420 Unallocated Audit Fees 234,695 Other Assets 52,342 Real Estate 1,106,640 Assets Held for Others 77,472,046 ----------- TOTAL ASSETS $130,606,774 =========== LIABILITIES Pre-Filing Accounts Payable $121,730 Payroll & Payroll Taxes Payable - Payroll Garnishments Payable 851 Accrued Vacation Time Payable 125,107 Blue Cross/Blue Shield Accrual 70,998 Accounts Payable Capital Campaign 51,891 Bonds Payable 11,000,000 Priest Pension 13,107,216 Lay Pensions 64,366,743 National Collections 205,929 Other Liabilities 29,273 Assets Held for Others 77,472,046 ----------- TOTAL LIABILITIES 166,551,784 NET ASSETS Beginning Year Net Assets (41,816,364) Net Assets - Pre-Petition 4,138,712 Net Assets - Post-Petition 1,732,642 ----------- TOTAL NET ASSETS (35,945,010) ----------- TOTAL LIABILITIES & NET ASSETS $130,606,774 =========== Catholic Diocese of Wilmington, Inc. Statement of Operations For the month ending November 30, 2009 CDOW Operations CDOW Revenue Assessments $251,125 Investment Income 15,000 Operational Income 480,171 Designated Income (Education) 120,559 ----------- Total CDOW Revenue 866,855 CDOW Expenses Payroll & Taxes (447,321) Medical Payments - Other Compensation (48,183) Other Operational (77,128) Capital Expenditures - Catholic Schools, Inc. (19,196) Casa San Francisco - Ministry to the Elderly - Neumann Center - Vision for the Future (Tuition Assistance) - Owed to Parishes (Cap Campaign) - ----------- Total CDOW Expenses (591,828) ----------- CDOW NET OPERATING CASH 275,027 Program Services Annual Appeal Revenue 280,146 Program Services Expenditures - Catholic Youth Organization (9,000) Catholic Charities (94,268) The Dialog (92,840) ----------- Total Program Services Expenses (196,108) ----------- PROGRAM SERVICES NET CASH 84,038 Benefits & Insurance Program Administration Medical Program Premiums Received 968,213 Expenses (1,283,912) ----------- Net Medical (315,699) Workers Compensation Premiums Received - Expenses - ----------- Net Workers Comp - Property & Liability Insurance Premiums Received 497,485 Expenses - ----------- Net P&L Insurance 497,485 Pensions Priests (68,075) Lay Employees - ----------- Total Pensions (68,075) ----------- NET CHANGE IN LIQUIDITY $472,776 =========== Catholic Diocese of Wilmington, Inc. Schedule of Cash Receipts and Disbursements For the month ending November 30, 2009 Cash Beginning of Period $938,619 Receipts Assessments 251,125 Annual appeal 280,127 Insurance premiums 1,465,698 Other operating 600,730 PIA - deposits - PIA - net investments - Transfers in - ----------- Total Receipts 2,597,680 Disbursements Net payroll and taxes 447,321 PIA - withdrawals Debtor - Parish Corporations - Foundation - Dow Schools - Cemeteries - charities - Siena Hall - Children's Home - Seton Villa - Catholic Press - Catholic Youth - Insurance Payments 1,285,130 Operating Expenses 124,093 Other 215,304 Transfers Out 150,000 Professional Fees - U.S. Trustee Quarterly Fees - Court Ccosts - ----------- Total Disbursements 2,221,848 ----------- Net cash flow 375,832 ----------- Cash - end of period $1,314,451 =========== About the Diocese of Wilmington The Diocese of Wilmington covers Delaware and the Eastern Shore of Maryland and serves about 230,000 Catholics. The Delaware diocese is the seventh Roman Catholic diocese to file for Chapter 11 protection to deal with lawsuits for sexual abuse. Previous filings were by the dioceses in Spokane, Washington; Portland, Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and San Diego, California. The bankruptcy filing automatically stayed eight consecutive abuse trials scheduled in Delaware scheduled to begin October 19. There are 131 cases filed against the Diocese, with 30 scheduled for trial. The Diocese filed for Chapter 11 on Oct. 18, 2009 (Bankr. D. Del. Case No. 09-13560). Attorneys at Young Conaway Stargatt & Taylor, LLP, serve as counsel to the Diocese. The Ramaekers Group, LLC is the financial advisor. The petition says assets range $50,000,001 to $100,000,000 while debts are between $100,000,001 to $500,000,000. (Catholic Church Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). CHEMTURA CORP: Posts $7 Million Net Loss in December ---------------------------------------------------- On January 15, 2010, Chemtura Corporation filed with the U.S. Bankruptcy Court for the Southern District of New York its monthly operating Report for the period December 1, 2009, through December 31, 2009. Chemtura Corporation and related Debtors reported a net loss of $7 million on net sales of $225 million for the period. Expenses incurred and settlement impacts due to the Chapter 11 proceedings are reported separately as reorganization items, net on the condensed combined statement of operations for the month ended December 31, 2009. Interest expense related to pre-petition indebtedness has been reported only to the extent that it will be paid during the pendency of the Chapter 11 proceedings or is permitted by Court approval or is expected to be an allowed claim. Reorganization items, net amounted to $24 million. Interest expense was $6 million. Equity in net loss of subsidiaries totaled $15 million. At December 31, 2009, the Debtors had $4.142 billion in total assets, $3.897 billion in total liabilities, and $245 million in total stockholders' equity. The Debtor had cash and cash equivalents of $81 million at the end of the period, compared with cash and cash equivalents of $89 million at the beginning of the period. A full-text copy of the December 2009 operating report is available at no charge at http://researcharchives.com/t/s?4dbb About Chemtura Corp. Based in Middlebury, Connecticut, Chemtura Corporation (CEM) -- http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a global manufacturer and marketer of specialty chemicals, crop protection products, and pool, spa and home care products. Chemtura Corporation and 26 of its U.S. affiliates filed voluntary petitions for relief under Chapter 11 on March 18, 2009 (Bankr. S.D.N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel. Wolfblock LLP serves as the Debtors' special counsel. The Debtors' auditors and accountant are KPMG LLP; their investment bankers are Lazard Freres & Co.; their strategic communications advisors are Joele Frank, Wilkinson Brimmer Katcher; their business advisors are Alvarez & Marsal LLC and Ray Dombrowski serves as their chief restructuring officer; and their claims and noticing agent is Kurtzman Carson Consultants LLC. As of December 31, 2008, the Debtors had total assets of $3.06 billion and total debts of $1.02 billion. Bankruptcy Creditors' Service, Inc., publishes Chemtura Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Chemtura Corp. and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) CHRYSLER LLC: Has $2.35 Billion in Assets at November 30 -------------------------------------------------------- Old Carco LLC (fka Chrysler LLC) et al. Condensed Combined Balance Sheet As of November 30, 2009 CURRENT ASSETS: Cash and cash equivalents $265,000,000 Restricted cash 102,000,000 Inventories 26,000,000 Prepaid expenses and other current assets 469,000,000 Deferred taxes 17,000,000 -------------- TOTAL CURRENT ASSETS 879,000,000 OTHER ASSETS: Property, plant and equipment, net 524,000,000 Investments, notes and advances 909,000,000 Restricted cash 2,000,000 Deferred taxes 20,000,000 Other assets 12,000,000 -------------- TOTAL OTHER ASSETS 1,467,000,000 -------------- TOTAL ASSETS $2,346,000,000 ============== CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE: Accrued expenses & other current liabilities $616,000,000 Debtor-in-possession financing 3,344,000,000 Deferred taxes 4,000,000 -------------- TOTAL CURRENT LIABILITIES 3,964,000,000 LONG-TERM LIABILITIES NOT SUBJECT TO COMPROMISE: Accrued expenses and other liabilities 208,000,000 Deferred taxes 245,000,000 -------------- TOTAL LONG-TERM LIABILITIES 453,000,000 Liabilities subject to compromise 17,885,000,000 -------------- TOTAL LIABILITIES 22,302,000,000 MEMBER'S DEFICIT: Capital stock 316,000,000 Contributed capital 7,735,000,000 Accumulated losses (32,700,000,000) Accumulated other comprehensive loss 4,693,000,000 -------------- TOTAL MEMBER'S DEFICIT (19,956,000,000) -------------- TOTAL LIABILITIES & MEMBER'S DEFICIT $2,346,000,000 ============== Old Carco LLC (fka Chrysler LLC) et al. Condensed Combined Statement of Operations Month Ended November 30, 2009 Revenues ($110,000,000) Cost of sales 88,000,000 -------------- GROSS MARGIN (198,000,000) Selling, administrative & other expenses 91,000,000 Research and development (3,000,000) Other (income) loss, net 4,000,000 Gain on Daimler pension settlement - Restructuring (income) expense (32,000,000) -------------- INCOME (LOSS) BEFORE FINANCIAL EXPENSE, (258,000,000) REORGANIZATION ITEMS AND INCOME TAXES Financial expense, net (21,000,000) -------------- INCOME (LOSS) BEFORE REORG. ITEMS & INCOME TAXES (279,000,000) Reorganization items (686,000,000) Provision (credit) for income taxes (72,000,000) -------------- NET INCOME (LOSS) $479,000,000 ============== Old Carco LLC (fka Chrysler LLC) et al. Condensed Combined Statement of Cash Flows For the month ending November 30, 2009 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $479,000,000 Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 11,000,000 Changes in deferred taxes 5,000,000 Amortization of original issue discount on DIP Financing - Net (gain) loss on Fiat transaction (678,000,000) Net (gain) loss on disposal of fixed assets (16,000,000) Other non-cash income and expense (19,000,000) Changes in accrued expenses & other liabilities (72,000,000) Changes in other operating assets & liabilities: * inventories 3,000,000 * trade receivables - * trade liabilities - * payments for reorganization items (7,000,000) * other assets and liabilities 295,000,000 -------------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 1,000,000 CASH FLOWS FROM INVESTING (FINANCING) ACTIVITIES: Proceeds from Fiat transaction - Purchases of property, plant & equipment, equipment on operating leases & intangible assets - Proceeds from disposals of property, plant and equipment and intangible assets 23,000,000 Proceeds from disposals of equipment on operating leases - Net change in restricted cash - Other - -------------- NET CASH PROVIDED BY INVESTING ACTIVITIES 23,000,000 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from DIP Financing - Repayment of first lien credit facility - Change in financial liabilities -- 3rd party - Original issue discount on DIP Financing - -------------- NET CASH PROVIDED BY FINANCING ACTIVITIES - -------------- Net increase (decrease) in cash & cash equiv. 24,000,000 -------------- Cash & cash equiv. at beginning of period -------------- Cash and cash equivalents at end of period $24,000,000 ============== About Chrysler Group LLC Chrysler Group LLC, formed in 2009 from a global strategic alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles and products. Headquartered in Auburn Hills, Michigan, Chrysler Group LLC's product lineup features some of the world's most recognizable vehicles, including the Chrysler 300, Jeep Wrangler and Ram Truck. Fiat will contribute world-class technology, platforms and powertrains for small- and medium-sized cars, allowing Chrysler Group to offer an expanded product line including environmentally friendly vehicles. About Chrysler LLC Chrysler LLC and 24 affiliates on April 30 sought Chapter 11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case No. 09-50002). Chrysler hired Jones Day, as lead counsel; Togut Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group LLC, and Greenhill & Co. LLC, for financial advisory services; and Epiq Bankruptcy Solutions LLC, as its claims agent. Chrysler has changed its corporate name to Old CarCo following its sale to a Fiat-owned company. As of December 31, 2008, Chrysler had $39,336,000,000 in assets and $55,233,000,000 in debts. Chrysler had $1.9 billion in cash at that time. In connection with the bankruptcy filing, Chrysler reached an agreement with Fiat SpA, the U.S. and Canadian governments and other key constituents regarding a transaction under Section 363 of the Bankruptcy Code that would effect an alliance between Chrysler and Italian automobile manufacturer Fiat. Under the terms approved by the Bankruptcy Court, the company formerly known as Chrysler LLC on June 10, 2009, formally sold substantially all of its assets, without certain debts and liabilities, to a new company that will operate as Chrysler Group LLC. Fiat has a 20 percent equity interest in Chrysler Group. Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Chrysler LLC and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) DISTRIBUTED ENERGY: Ends October 31 With $586,112 Cash ------------------------------------------------------ Distributed Energy Systems Corp. filed with the U.S. Bankruptcy Court for the District of Delaware on December 16, 2009, a monthly operating report for filing period June 4, 2008, through October 31, 2009. The Company's schedule of cash receipts and disbursements for the reporting period October 1, 2009, through October 31, 2009, showed: Cash Beginning of Month $586,251 Total Receipts $0 Total Disbursements $139 Cash End of Month $586,112 Distributed Energy's operating report for the period June 4, 2008, through October 31, 2009, did not include balance sheet and earnings/loss information for the period covered by the report. A copy of Distributed Energy's monthly operating report is available for free at: http://bankrupt.com/misc/distributedenergy.60408-103109mor.pdf On December 16, 2009, NPS Liquidating Inc. filed with the U.S. Bankruptcy Court for the District of Delaware a monthly operating reprot for filing period June 4, 2008, through October 31, 2009. The Company's schedule of cash receipts and disbursements for the reporting period October 1, 2009, through October 31, 2009, showed: Cash Beginning of Month $1,077,865 Total Receipts $0 Total Disbursements $44 Cash End of Month $1,077,821 NPS Liquidating's operating report for the period June 4, 2008, through October 31, 2009, did not include balance sheet and earnings/loss information for the period covered by the report. A copy of NPS Liquidating Inc.'s monthly operating report is available for free at: http://bankrupt.com/misc/nps.60408-103109mor.pdf About Distributed Energy Distributed Energy Systems Corp. and its wholly owned subsidiary, Northern Power Systems Inc., now known as NPS Liquidating Inc. filed for Chapter 11 bankruptcy protection on May 4, 2008 (Bankr. D. Del. Lead Case No. 08-11101). Robert S. Brady, Esq., Edward J. Kosmowski, Esq., and Robert F. Poppiti, Jr., at Young, Conaway, Stargatt & Taylor LLP represent the Debtors in their restructuring efforts. The Debtors selected Epiq Systems as their claims agent. The U.S. Trustee for Region 3 appointed three creditors to serve on an Official Committee of Unsecured Creditors. Schuyler G. Carroll, Esq., Robert M. Hirsh, Esq., and Karen McKinley, Esq., at Arent Fox LLP, in New York, and John V. Fiorella, Esq., Charles C. Brown, III, Esq., and "J" Jackson Shrum, Esq., at Archer & Greiner, P.C., in Wilmington, Delaware, represent the Committee. The Debtors disclosed in their schedules, assets of $19,593,387 and debts of $43,558,713. EDDIE BAUER: Files Operating Report for Month Ended January 2 ------------------------------------------------------------- On January 20, 2009, EBHI Holdings, Inc., formerly known as Eddie Bauer Holdings, Inc., filed its monthly operating report for the period beginning on November 29, 2009, and ending on January 2, 2010, with the U.S. Bankruptcy Court for the District of Delaware. EBHI Holdings, Inc., had no income and expense transactions for the period. At January 2, 2010, EBHI Holdings, Inc. had $220,498,964 in total assets, $76,260,778 in total liabilities, and $144,238,186 in net owner equity. Intercompany receivables from affiliates accounted for $210,470,347 of EBHI's assets. A copy of the Debtor's monthly operating report is available for free at http://bankrupt.com/misc/ebhi.nov29-jan2mor.pdf About Eddie Bauer Eddie Bauer -- http://www.eddiebauer.com/-- is a specialty retailer that sells outerwear, apparel and accessories for the active outdoor lifestyle. Eddie Bauer participates in a joint venture in Japan and has licensing agreements across a variety of product categories. Eddie Bauer, founded in Bellevue, Wash., in 1920, was acquired by General Mills Inc. in 1971 and then sold to catalog retailer Spiegel Inc. in 1988. Eddie Bauer Inc. emerged from Spiegel's 2003 Chapter 11 case as a separate, reorganized entity under the control and ownership of Eddie Bauer Holdings, Inc. Eddie Bauer Holdings, Inc., and eight affiliates filed for bankruptcy on June 17, 2009 (Bankr. D. Del. Lead Case No. 09-12099). Judge Mary F. Walrath presides over the case. David S. Heller, Esq., Josef S. Athanas, Esq., and Heather L. Fowler, Esq., at Latham & Watkins LLP, serve as the Debtors' general counsel. Kara Hammond Coyle, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor LLP, serve as local counsel. The Debtors' restructuring advisors are Alvarez and Marsal North America LLC. Their financial advisors are Peter J. Solomon Company. Kurtzman Carson Consultants LLC acts as claims and notice agent. As of April 4, 2009, Eddie Bauer had $525,224,000 in total assets and $448,907,000 in total liabilities. Eddie Bauer Canada, Inc., and Eddie Bauer Customer Services filed for protection from their creditors in Canada on June 17, 2009, the same day the U.S. Debtors filed for protection from their creditors. The Canadian Debtors have obtained an initial order of the Canadian Court staying the proceedings against the Canadian Debtors and their property in Canada. RSM Richter Inc. was appointed as monitor in the Canadian proceedings. On August 4, 2009, Golden Gate Capital closed a deal to acquire Eddie Bauer Holdings for $286 million. Golden Gate will maintain the substantial majority of Eddie Bauer's stores and employees in a newly formed going concern company. Golden Gate beat an affiliate of CCMP Capital Advisors, LLC, at the auction. The CCMP unit's $202 million cash offer served as stalking horse bid. Golden Gate Capital -- http://www.goldengatecap.com/-- is a San Francisco-based private equity investment firm with roughly $9 billion of assets under management. FAIRPOINT COMMS: Has $7.5 Mil. Net Loss for November ---------------------------------------------------- FairPoint Communications, Inc., and Subsidiaries Condensed Consolidated Balance Sheet As of November 30, 2009 ASSETS Current Assets: Cash $85,767,000 Restricted Cash 2,616,000 Accounts receivable, net 208,610,000 Materials and supplies 21,879,000 Other 22,481,000 Deferred income tax, net 72,740,000 --------------- Total current assets 414,093,000 Property, plant and equipment, net 1,953,851,000 Intangible assets, net 213,700,000 Prepaid pension, asset 10,253,000 Debt issue costs, net 24,272,000 Restricted cash 1,472,000 Other assets 18,424,000 Goodwill 595,120,000 -------------- Total assets $3,231,455,000 ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 44,770,000 Accrued interest payable in cash - Deferred revenue and other accrued liabilities 24,093,000 Other accrued liabilities 5,932,000 ------------- Total current liabilities not subject 74,795,000 to compromise Long term liabilities: Accrued pension obligation 452,000 Employee benefit obligations 10,486,000 Deferred income taxes 114,017,000 Unamortized investment tax credits 4,925,000 Deferred revenue and other accrued liabilities 9,791,000 Other long term liabilities 1,712,000 ------------- Total long-term liabilities not subject 141,383,000 to compromise ------------- Liabilities subject to compromise 3,132,225,000 Stockholders' equity(deficit): Common stock 900,000 Additional paid-in capital 726,710,000 Retained earnings(deficit) (717,507,000) Accumulated other comprehensive loss (127,051,000) -------------- Total stockholders' equity(deficit) (116,948,000) -------------- Total liabilities and stockholders' equity $3,231,455,000 ============== FairPoint Communications, Inc. and Subsidiaries Condensed Consolidated Statements of Operations For Month Ended November 30, 2009 REVENUES: Operating expenses $93,584,000 Cost of services and sales, excluding depreciation and amortization 33,938,000 Selling, general and administrative expense, excluding depreciation and amortization 33,584,000 Depreciation and amortization 25,364,000 -------------- Total operating expenses 92,886,000 Income (loss) from operations 698,000 Other income(expense): Interest expense (499,000) Gain(loss) on derivative instruments - Gain on early retirement of debt - Other 164,000 -------------- Total other expenses (335,000) -------------- Income(loss) before reorg items & income taxes 363,000 Reorganization items (2,559,000) -------------- Income(loss) before income taxes (2,196,000) Income tax(expense)benefit (5,333,000) -------------- Net income(loss) ($7,529,000) ============== FairPoint Communications, Inc., and Subsidiaries Schedule of Cash Receipts and Disbursements For the Period November 1 - 30, 2009 Cash Beginning of the Month $61,810,361 Receipts: Cash 74,507,844 Intra-debtor transfers 148,485,410 -------------- Total Receipts 222,993,255 Disbursements: Employee Expenses (28,512,614) Restructuring - Operating Taxes (1,431,034) Marketing Expenses (1,014,539) Insurance (124,990) Other Expenses (12,909,599) Capital Expenditures (2,469,984) Intra-debtor transfers (148,485,410) ------------- Total Disbursements (194,948,173) ------------- Net Cash Flow 28,045,081 ------------- Cash - End of the month $89,885,442 ============= About FairPoint Communications FairPoint Communications, Inc. (NYSE: FRP) -- http://www.fairpoint.com/-- is an industry leading provider of communications services to communities across the country. FairPoint owns and operates local exchange companies in 18 states offering advanced communications with a personal touch, including local and long distance voice, data, Internet, television and broadband services. FairPoint is traded on the New York Stock Exchange under the symbols FRP and FRP.BC. Fairpoint and its affiliates filed for Chapter 11 on Oct. 26, 2009 (Bankr. D. Del. Case No. 09-16335). Rothschild Inc. is acting as financial advisor for the Company; AlixPartners, LLP as the restructuring advisor; and Paul, Hastings, Janofsky & Walker LLP is the Company's counsel. BMC Group is claims and notice agent. As of June 30, 2009, Fairpoint reported $3.24 billion in total assets, $321.41 million in total current liabilities, $2.91 billion in total long-term liabilities, and $1.23 million in total stockholders' equity. Bankruptcy Creditors' Service, Inc., publishes Fairpoint Communications Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Fairpoint Communications Inc. and its debtor- affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) FAIRPOINT COMMS: Has $3.2 Billion in Assets at October 31 --------------------------------------------------------- FairPoint Communications, Inc., and Subsidiaries Condensed Consolidated Balance Sheet As of Oct. 31, 2009 ASSETS Current Assets: Cash $58,361,000 Restricted Cash 1,977,000 Accounts receivable, net 186,364,000 Materials and supplies 22,166,000 Other 24,985,000 Deferred income tax, net 83,831,000 --------------- Total current assets 377,684,000 Property, plant and equipment, net 1,966,966,000 Intangible assets, net 215,581,000 Prepaid pension, asset 10,351,000 Debt issue costs, net 24,644,000 Restricted cash 1,472,000 Other assets 18,174,000 Goodwill 595,120,000 -------------- Total assets $3,209,992,000 ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $15,788,000 Accrued interest payable in cash - Deferred revenue and other accrued liabilities 24,120,000 Other accrued liabilities 1,278,000 ------------- Total current liabilities not subject 41,186,000 to compromise Long term liabilities: Accrued pension obligation 88,000 Employee benefit obligations 6,006,000 Deferred income taxes 119,469,000 Unamortized investment tax credits 4,927,000 Deferred revenue and other accrued liabilities 10,053,000 Other long term liabilities 1,650,000 ------------- Total long-term liabilities not subject 142,193,000 to compromise Liabilities subject to compromise 3,136,815,000 Stockholders' equity(deficit): Common stock 900,000 Additional paid-in capital 726,377,000 Retained earnings(deficit) (709,978,000) Accumulated other comprehensive loss (127,501,000) -------------- Total stockholders' equity(deficit) (110,202,000) -------------- Total liabilities and stockholders' equity $3,209,992,000 ============== About FairPoint Communications FairPoint Communications, Inc. (NYSE: FRP) -- http://www.fairpoint.com/-- is an industry leading provider of communications services to communities across the country. FairPoint owns and operates local exchange companies in 18 states offering advanced communications with a personal touch, including local and long distance voice, data, Internet, television and broadband services. FairPoint is traded on the New York Stock Exchange under the symbols FRP and FRP.BC. Fairpoint and its affiliates filed for Chapter 11 on Oct. 26, 2009 (Bankr. D. Del. Case No. 09-16335). Rothschild Inc. is acting as financial advisor for the Company; AlixPartners, LLP as the restructuring advisor; and Paul, Hastings, Janofsky & Walker LLP is the Company's counsel. BMC Group is claims and notice agent. As of June 30, 2009, Fairpoint reported $3.24 billion in total assets, $321.41 million in total current liabilities, $2.91 billion in total long-term liabilities, and $1.23 million in total stockholders' equity. Bankruptcy Creditors' Service, Inc., publishes Fairpoint Communications Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Fairpoint Communications Inc. and its debtor- affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) HAWKEYE RENEWABLES: Files Operating Report for Dec. 21 - 31 Period ------------------------------------------------------------------ On January 15, 2010, Hawkeye Renewables, LLC, et al., filed with the U.S. Bankruptcy Court for the District of Delaware their monthly operating report for the filing period December 21, 2009, through December 31, 2009. The Debtors delivered a cash collateral budget for the period from December 21, 2009, through December 31, 2009, disclosing: Total Operating Disbursements $11,614,861 Non-Operating Disbursements 26,000 Net Cash Flow $11,640,861 A copy of the Company's Cash Collateral Budget is available at no charge at http://bankrupt.com/misc/hawkeye.122109-123109mor.pdf On January 5, 2010, the Debtors filed their initial monthly operating report with the Bankruptcy Court. The Debtors submitted a 13 week cash collateral budget commencing December 27, 2009, and ending March 21, 2010. A copy of the Debtors' 13-week cash collateral budget is available at no charge at http://bankrupt.com/misc/hawkeye.initialmor.pdf Ames, Iowa-based Hawkeye Renewables, LLC -- dba Iowa Falls Ethanol Plant, LLC -- filed for Chapter 11 bankruptcy protection on December 21, 2009 (Bankr. D. Del. Case No. 09-14461). L. Katherine Good, Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., assist the Company in its restructuring effort. Blackstone Advisory Partners, LP, is the Company's financial advisor. Epiq Bankruptcy Solutions, LLC, is the Company's claims agent. The Company listed $100,000,001 to $500,000,000 in assets and $500,000,001 to $1,000,000,000 in liabilities. HERBST GAMING: Posts $555,876 Net Loss in November -------------------------------------------------- Herbst Gaming, Inc., has filed a monthly operating report for the month ended November 30, 2009. The Company reported a net loss of $555,876 for the month of November. Restructuring costs totaled $312,885 for the period. At November 30, 2009, Herbst Gaming, Inc., had $581.5 million in total assets and $1.226 billion in total liabilities. Cash and cash equivalents were $6.5 million at November 30, 2009. A copy of Herbst Gaming's November operating report is available at http://bankrupt.com/misc/herbstgaming.novembermor.pdf Herbst Gaming reported a net loss of $1,813,911 for the month of October. Restructuring costs were $946,930 for the month. A copy of Herbst Gaming's October operating report is available at http://bankrupt.com/misc/herbstgaming.octobermor.pdf Headquartered in Reno, Nevada, Herbst Gaming, Inc. -- http://www.herbstgaming.com/-- is a diversified gaming company. The Company and its subsidiaries focus on two business lines, slot route operations and casino operations. The Company's route operations involves the exclusive installation and, as of Sept. 30, 2009, operation of approximately 6,300 slot machines in non-casino locations, such as grocery stores, drug stores, convenience stores, bars and restaurants. The casino operations consist of 16 casinos located in Nevada, Iowa and Missouri. The Company and 17 of its affiliates filed for Chapter 11 protection on March 22, 2009 (Bankr. D. Nev. Lead Case No. 09-50752). Thomas H. Fell, Esq., and Gerald M. Gordon, Esq., at Gordon Silver, represent the Debtors in their restructuring efforts. Herbst Gaming had $919.1 million in total assets; and $33.5 million in total liabilities not subject to compromise and $1.24 billion in liabilities subject to compromise, resulting in $361.0 million in stockholders' deficiency as of March 31, 2009. LANDAMERICA FIN'L: LES Records $5.75MM Loss for October ------------------------------------------------------- LandAmerica 1031 Exchange Services, Inc. Balance Sheet As of October 31, 2009 Assets Cash and Cash Equivalents $135,414,000 Notes receivable 11,064,000 Auction Rate Securities 146,193,000 Taxes receivable 81,000 Property and Equipment 0 Other Assets 921,000 --------------- Total Assets $293,673,000 =============== Liabilities Accounts payable and accrued liabilities $4,219,000 Intercompany payable 870,000 Liabilities subject to compromise 356,270,000 --------------- Total Liabilities 361,359,000 Total Shareholders' Deficit (67,686,000) --------------- Total Liabilities and Shareholders' Equity $293,673,000 =============== LandAmerica 1031 Exchange Services, Inc. Statement of Operations For the month ended October 31, 2009 Revenue: Investment Income $336,000 Settlement Income 0 --------------- Total Revenue 336,000 --------------- Expenses Professional Fees 2,017,000 General, administrative and other expenses 2,000 --------------- Total Operating Expenses 2,019,000 --------------- Operating Income (1,684,000) Loss on sale of investments 4,010,000 Impairment and noncash adjustment 60,000 Income Taxes 0 --------------- Net Loss ($5,754,000) =============== LandAmerica 1031 Exchange Services, Inc. Schedule of Cash Receipts and Disbursements For the month ended October 31, 2009 Opening Cash Balance $126,605,000 Receipts Investment Income 336,000 Settlements 0 9,642,000 Other Receipts 0 --------------- Total Receipts 9,979,000 --------------- Disbursements Professional Fees 1,145,000 Litigation Settlement 0 LFG 25,000 Other 0 --------------- Total Disbursements 1,170,000 --------------- Ending Cash $135,414,000 =============== About LandAmerica Financial LandAmerica Financial Group, Inc., provides real estate transaction services with offices nationwide and a vast network of active agents. LandAmerica and its affiliates operate through approximately 700 offices and a network of more than 10,000 active agents throughout the world, including Mexico, Canada, the Caribbean, Latin America, Europe, and Asia. LandAmerica Financial Group and its affiliate LandAmerica 1031 Exchange Services, Inc., filed for Chapter 11 protection Nov. 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Attorneys at Willkie Farr & Gallagher LLP and McGuireWoods LLP serve as co- counsel. Zolfo Cooper is the restructuring advisor. Epiq Bankruptcy Solutions serves as claims and notice agent. Attorneys at Akin Gump Strauss Hauer & Feld LLP and Tavenner & Beran, PLC, serve as counsel to the Creditors Committee of 1031 Exchange. Bingham McCutchen LLP and LeClair Ryan serve as counsel to the Creditors Committee of LFG. In its bankruptcy petition, LFG listed total assets of $3,325,100,000, and total debts of $2,839,800,000 as of Sept. 30, 2008. On March 6, 2009, affiliate LandAmerica Assessment Corporation, aka National Assessment Corporation, filed its own petition for Chapter 11 relief. Affiliate LandAmerica Title Company filed for for Chapter 11 relief on March 27, 2009. LandAmerica Credit Services, Inc., filed for Chapter 11 in July 2009. Bankruptcy Creditors' Service, Inc., publishes LandAmerica Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandAmerica Financial and its affiliate LandAmerica 1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) LEHMAN BROTHERS: Raises Cash to $17.15 Billion in November ---------------------------------------------------------- Bill Rochelle at Bloomberg News reports that Lehman Brothers Holdings Inc. ended November with $17.15 billion in cash, an increase of $822 million in the month. Receipts in November were almost $3 billion. From the inception of the Chapter 11 cases in September 2008, professional fees total more than $588 million, with $218 million going to Alvarez & Marsal LLC, the financial advisers. About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI The Bankruptcy Court has approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on September 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on September 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) LEHMAN BROTHERS: Cash & Investments at $14.66 Bil. at Dec. 31 ------------------------------------------------------------- Lehman Brothers Holdings Inc. and its affiliated debtors disclosed these cash receipts and disbursements for the month ended December 31, 2009: Beginning Cash & Investments 12/01/09 $13,769,000,000 Receipts 2,963,000,000 Transfers 5,000,000 Disbursements (2,051,000,000) FX Fluctuation (24,000,000) --------------- Ending cash & Investments 12/31/09 $14,661,000,000 LBHI reported $2.474 billion in cash as of December 1, 2009, and $2.964 billion in cash as of December 31, 2009. The Debtors also disclosed that from the Petition Date to December 31, 2009, they paid $588,358,000 to professionals, including the Debtors' Section 363, Section 327, and claims and noticing agent; the Official Committee of Unsecured Creditors' Section 327 professionals; the Chapter 11 Examiner's Section 327 professionals; the ordinary course professionals; and the Fee Examiner and its professionals. Of the amount, Alvarez & Marsal LLC, the Debtors' turnaround manager, raked in $218,297,000, while Weil, Gotshal & Manges LLP, the Debtors' lead bankruptcy counsel, got $127,143,000. A full-text copy of the December 2009 Operating Report is available for free at: http://bankrupt.com/misc/LehmanMORDecember2009.pdf About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI The Bankruptcy Court has approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on September 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on September 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) MERISANT WORLDWIDE: Posts $39,380,701 Net Loss in November ---------------------------------------------------------- Merisant Worldwide Inc. and its affiliates reported a net loss of $39,380,701 on net sales of $85,205,128 for November 2009. As of November 30, 2009, the Debtors had $314,609,000 in total assets, including $39,053,000 in cash and cash equivalents, against $774,863,000 in total liabilities. A full-text copy of the Debtors' November report is available at no charge at http://bankrupt.com/misc/merisant.novembermor.pdf As reported in the Troubled Company Reporter on January 12, 2010, Merisant Company announced January 11 that it has successfully completed its financial restructuring and emerged from Chapter 11 Bankruptcy. The United States Bankruptcy Court for the District of Delaware approved Merisant's plan of reorganization on December 16. The Plan reduces the aggregate principal amount of Merisant's indebtedness from $567 million to approximately $147 million, lowering the Company's annual cash interest expense from approximately $36 million to $11 million. Private investment funds managed by Wayzata Investment Partners LLC are now the majority stockholder of Merisant Company, which is now the parent company of the Merisant group of companies. Wayzata has designated five of the seven members of the new board of directors and named Eugene "Gene" Davis chairman of the board. Paul Block served as chairman from 2005-2010 and will remain president and chief executive officer, roles he has held since 2004. Mr. Block will continue to serve as a director of the Company. About Merisant Worldwide Headquartered in Chicago, Illinois, Merisant Worldwide Inc. -- http://www.merisant.com/-- sells low-calorie tabletop sweetener. The Debtor's brands are Equal(R) and Canderel(R). The Debtor has principal regional offices in Mexico City, Mexico; Neuchatel, Switzerland; Paris, France; and Singapore. In addition, the Debtor owns and operates manufacturing facilities in Manteno, Illinois, and Zarate, Argentina, and own processing lines that are operated exclusively for the Debtor at plants located in Bergisch and Stendal, Germany and Bangkrason, Thailand. As of March 28, 2008, the Debtor has 20 active direct and indirect subsidiaries, including five subsidiaries in the United States, six subsidiaries in Europe, five subsidiaries in Mexico, Central America and South America, and three subsidiaries in the Asia Pacific region, including Australia and India. Furthermore, the Debtor's Swiss subsidiary holds a 50% interest in a joint venture in the Philippines. Merisant Worldwide holds 100% interest in Merisant Company. Merisant Worldwide and five of its units filed for Chapter 11 protection on January 9, 2009 (Bankr. D. Del. Lead Case No. 09-10059). Sidley Austin LLP represents the Debtors in their restructuring efforts. Young, Conaway, Stargatt & Taylor LLP represents the Debtors' as co-counsel. Blackstone Advisory Services LLP is the Debtors' financial advisor. Epiq Bankruptcy Solutions, LLC, is the Debtors' Claims and Noticing Agent. Winston & Strawn LLP represents the official committee of unsecured creditors as counsel. Ashby & Geddes, P.A., is the Committee's Delaware counsel. The Debtors had US$331,077,041 in total assets and US$560,742,486 in total debts as of November 30, 2008. METROMEDIA INT'L: Posts $3.2 Million Net Loss in December --------------------------------------------------------- MIG, Inc., reported a net loss of $3.2 million on net revenue of $7,830 for the month ended December 31, 2009. Professional fees incurred in December included in reorganization items totaled $2.9 million. At December 31, 2009, MIG had $1.026 billion in total assets, $205.1 million in total liabilities, and $820.9 million in total equity. The Company ended December with approximately $45.8 million in cash, which includes $3.6 million of restricted cash. For the month, the Company paid a total of $3.2 million in professional fees. A copy of the Company's December operating report is available for free at http://bankrupt.com/misc/mig.decembermor.pdf About MIG Inc. Based in Charlotte, North Carolina, MIG Inc. (PINK SHEETS: MTRM, MTRMP) -- http://www.metromedia-group.com/-- through its wholly owned subsidiaries, owns interests in several communications businesses in the country of Georgia. The Company's core businesses include Magticom Ltd., a mobile telephony operator located in Tbilisi, Georgia, Telecom Georgia, a long distance telephony operator, and Telenet, which provides Internet access, data communications, voice telephony and international access services. MIG, Inc., fka Metromedia International Group, Inc., filed for Chapter 11 bankruptcy protection on June 18, 2009 (Bankr. D. Del. Case No. 09-12118). Scott D. Cousins, Esq., at Greenberg Traurig LLP assists the Company in its restructuring efforts. Debevoise & Plimpton LLP is the Company's special corporate counsel, while Potter Anderson & Corroon LLP is the Company's special litigation counsel. The official committee of unsecured creditors of MIG, Inc., has retained Baker & McKenzie LLP as its bankruptcy counsel, nunc pro tunc to June 30, 2009. In its petition, the Company said it had US$100 million to US$500 million in assets and US$100 million to US$500 million in debts. In its formal schedules, the Company said it had assets of $54,820,681 against debts of $210,183,657. NEXTMEDIA GROUP: Files Initial Monthly Operating Report ------------------------------------------------------- NextMedia Group, Inc., et al., filed its initial monthly report with the U.S. Bankruptcy Court for the District of Delaware on January 5, 2010. The Debtors submitted projected DIP budget for the 29-week period from December 17, 2009, through July 1, 2010. A copy of the Debtors' initial monthly operating report is available at no charge at: http://bankrupt.com/misc/nextmedia.initialmor.pdf NextMedia Group Greenwood Village, Colorado-based NextMedia Group, Inc., provides out-of-home media services through radio broadcasting and outdoor advertising. The Debtors operate an aggregate of 36 AM and FM radio stations in a total of seven rated and unrated small, mid- size and suburban markets, including the Greenville-New Bern- Jacksonville, North Carolina area; the Saginaw-Bay City-Midland, Michigan area; Canton, Ohio; Myrtle Beach, South Carolina; San Jose, California; suburban Chicago; and suburban Dallas. NextMedia Group filed for Chapter 11 bankruptcy protection on December 21, 2009 (Bankr. D. Delaware Case No. 09-14463). The Debtor's affiliates, NextMedia Investors LLC, et al., also filed Chapter 11 bankruptcy petitions. Paul N. Heath, Esq.; Michael J. Merchant, Esq.; and Chun I. Jang, Esq., at Richards Layton & Finger, assist the Debtors in their restructuring efforts. NextMedia Group listed $50,000,001 to $100,000,000 in assets and $100,000,001 to $500,000,000 in liabilities. NOVA HOLDING: Posts $6.7 Million Net Loss in September ------------------------------------------------------ Nova Holding Clinton County, LLC, et al., reported a net loss of $6.7 million on total revenues of $14,730 for the month of September. Total reorganization expenses were $1.8 million. At September 30, 2009, the Debtors had $293.4 million in total assets and $306.0 million in total liabilities. A full-text copy of the Company's September operating report is available for free at: http://bankrupt.com/misc/novaholding.septembermor.pdf Based in Seneca, Illinois, Nova Holding Clinton County, LLC, makes industrial organic chemicals and biological products. Nova Holding and certain affiliates filed for Chapter 11 protection on March 30, 2009 (Bankr. D. Del. Lead Case No. 09-11081). Michael B. Schaedle, Esq., Melissa S. Vongtama, Esq., and Josef W. Mintz, Esq., at Blank Rome LLP, in Philadelphia, represent the Debtors as counsel. David W. Carickhoff, Esq., at Blank Rome LLP, is Delaware counsel to the Debtors. The Debtors listed between $10 million and $50 million each in assets and debts. PACIFIC ENERGY: Posts $507,646 Net Loss in November --------------------------------------------------- Pacific Energy Resources Ltd. filed with the U.S. Bankruptcy Court for the District of Delaware on January 6, 2010, an amended monthly report for November. Pacific Energy Resources Ltd. reported a net loss of $507,646 on net revenue of $5,138,637 for the month ended November 30, 2009. At November 30, 2009, the Company had total assets of $521,411,823, total liabilities of 383,067,460, and net stockholders' equity of $138,344,362. During the month of November, the Company's schedule of cash receipts and disbursement showed: Cash, beginning $8,648,076 Total Receipts $15,050.221 Total Disbursements $15,181,344 Net Cash Flow (131,123) Cash, end $8,516,953 During the month, the Company paid $704,357 in professional fees and reimbursed $21,307 in professional expenses. A full-text copy of the Debtor's amended November operating report is available for free at: http://bankrupt.com/misc/pacificenergy.amendednovembermor.pdf Headquartered in Long Beach, California, Pacific Energy Resources Ltd. -- http://www.pacenergy.com/-- engages in the acquisition and development of oil and gas properties, primarily in the United States. The Company and seven of its affiliates filed for Chapter 11 protection on March 8, 2009 (Bankr. D. Del. Lead Case No. 09-10785). Attorneys at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as counsel. The Debtors proposed Rutan & Tucker LLP as special corporation and litigation counsel; Schully, Roberts, Slattery & Marino, PLC, as special oil and gas and transactional counsel; Devlin Jensen as special Canadian counsel; Scott W. Winn, at Zolfo Cooper Management, LLC, as chief restructuring officer; Lazard Freres & Co. LLC as investment banker; and Albrecht & Associates, Inc., as agent for the Debtors in the sale of their oil and gas properties. Omni Management Group, LLC, is the claims, balloting, notice and administrative agent for the Debtors. When the Debtors filed for protection from their creditors, they listed between $100 million and $500 million each in assets and debts. PENN TRAFFIC: Posts $2,195,000 in 2-Week Period Ended November 28 ----------------------------------------------------------------- The Penn Traffic Company, et al., filed their monthly operating report for the month ended November 28, 2010, with the U.S. Bankruptcy Court for the District of Delaware. For the 2-weeks ended November 28, 2009, the Debtors reported a net loss of $2,195,000 on revenues of $29,798,000. At November 28, 2009, the Debtors had $151,489,000 in total assets, current liabilities of $22,681,000, non-current liabilities of $3,074,000, total liabilities subject to compromise of $118,565,000, and shareholders' equity of $7,170,000. A copy of the Debtors monthly operating report for the period ended November 28, 2009, is available for free at: http://researcharchives.com/t/s?4dbd About Penn Traffic Syracuse, New York-based The Penn Traffic Company -- dba P&C Foods, Bi-Lo Foods, and Quality Markets -- operates supermarkets in Pennsylvania, upstate New York, Vermont, and New Hampshire under the Bilo, P&C and Quality trade names. The Company filed for Chapter 11 bankruptcy protection on November 18, 2009 (Bankr. D. Delaware Case No. 09-14078). Ann C. Cordo, Esq., and Gregory W. Werkheiser, Esq., at Morris, Nichols, Arsht & Tunnell assist the Company in its restructuring effort. Donlin Recano is the Company's claims agent. The Company listed $150,347,730 in assets and $136,874,394 in liabilities as of May 4, 2009. These affiliates also filed separate Chapter 11 petition: Sunrise Properties, Inc.; Pennway Express, Inc.; Penny Curtiss Baking Company, Inc.; Big M Supermarkets, Inc.; Commander Foods Inc.; P and C Food Markets, Inc. of Vermont; and P.T. Development, LLC. PROVIDENT ROYALTIES: Posts $48.5 Million Net Loss in November ------------------------------------------------------------- Provident Royalties LLC posted a net loss of $48,457,585 on net revenue of $198,861 for the month of November. Results for the month included a $47,520,958 loss on sale of assets. The Debtors ended the month with $3,254,769 in cash. At November 30, 2009, the Debtors had total assets of $323,312,510 against total liabilities of $87,583,249. A copy of the Company's November operating report is available for free at: http://bankrupt.com/misc/providentroyalties.novembermor.pdf About Provident Royalties Based in Dallas, Texas, Provident Royalties LLC owns working interests in oil and gas properties primarily in Oklahoma. Provident and its affiliates filed for Chapter 11 on June 22, 2009 (Bankr. N.D. Tex. Case No. 09-33886). Judge Harlin DeWayne Hale presides over the case. Epiq Bankruptcy Solutions, LLC is the claims and noticing agent. The United States Trustee for the Northern District of Texas appointed nine members to the Official Committee of Unsecured Creditors. On July 2, 2009, the Securities and Exchange Commission filed, under seal, a complaint in District Court for the Northern District of Texas against the Debtors and certain of their principals and managing partners on allegations that they sold stock and limited partnership interest to over 7,700 investors as part of a $485 million Ponzi scheme. On July 2, 2009, the District Court for the Northern District of Texas appointed Dennis L. Roossien, Jr., at Munsch Hardt Kopf & Harr P.C. in Dallas, Texas, as receiver for the Debtors. On July 20, 2009, the Bankruptcy Court appointed the receiver as the Debtors' Chapter 11 trustee. Mr. Roossien, Jr., has taken possession and control of the Debtors' property and business. Mr. Roossien, Jr., has selected Patton Boggs, LLP, as his special counsel. Patton Boggs, LLP, was Debtors' counsel before the appointment of Mr. Roossien, Jr., as Chapter 11 trustee. Mr. Roossien, Jr., has selected Munsch Hardt Koph & Harr, P.C., as counsel. Gardere, Wynne, Sewell, LLP, is the proposed counsel to the official committee of unsecured creditors. The Company, in its petition, listed between $100 million and $500 million each in assets and debts. RH DONNELLEY: Reports $4,395,000 Net Income in November ------------------------------------------------------- R.H. Donnelley Corporation filed with the U.S. Bankruptcy Court for the District of Delaware on December 30, 2009, a monthly operating report for the period November 1, 2009, through November 30, 2009. The Company reported net income of $4,395,000 on net revenues of $7,344,000 for the period. Reorganization items, net totaled $886,000. At November 30, 2009, the Company had total assets of $2.399 billion, ($117.6) million in liabilities not subject to compromise, liabilities subject to compromise of $3.384 billion, and $867.1 million in total shareholders' deficit. A copy of the Company's November operating report is available for free at http://researcharchives.com/t/s?4dbc About R.H. Donnelley Based in Cary, North Carolina, R.H. Donnelley Corp., fka The Dun & Bradstreet Corp. (OTC: RHDCQ) -- 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) SIMMONS BEDDING: Posts $2MM Net Loss in Nov. 16 - Nov. 28 Period ---------------------------------------------------------------- Simmons Bedding Company, et al., reported a consolidated net loss of $2.0 million on net sales of $28.5 million for the period November 16 through November 28, 2009. At November 28, 2009, the Debtors had $896.5 million in total assets, ($1.240) billion in total liabilities, and $344.0 million in total equity. A copy of the Debtors operating report for the period November 16 through November 28, 2008, is available for free at: http://bankrupt.com/misc/simmons.nov16-nov28mor.pdf About Simmons Bedding Atlanta, Georgia-based Simmons Bedding Company -- aka Simmons Company a Corporation of Delaware; Simmons Company, N.A.; Simmons; Simmons Company (U.S.A.); Simmons Co.; Simmons Company, a Delaware Corporation; Simmons Bedding; Simmons USA Company; THL Bedding Company; Simmons U.S.A. Company; Simmons U.S.A. Corporation; Simmons Bedding Company -- is a holding company with no operating assets. Through its wholly-owned subsidiary, Bedding Holdco Incorporated, which is also a holding company, Simmons Company owns the common stock of Simmons Bedding Company. All of Simmons Company's business operations are conducted by Simmons Bedding Company and its direct and indirect subsidiaries. Simmons Company, together with its subsidiaries, is one of the largest bedding manufacturers in North America. The Company filed for Chapter 11 bankruptcy protection on November 16, 2009 (Bankr. D. Del. Case No. 09-14037). The Company's affiliates also filed separate Chapter 11 petitions. Simmons Bedding listed $895,970,000 in assets and $1,263,522,000 in liabilities as of June 27, 2009. Weil, Gotshal & Manges LLP is acting as legal counsel and Miller Buckfire & Co., LLC is acting as financial advisor to Simmons. Sullivan & Cromwell LLP is acting as legal counsel and Goldman, Sachs & Co., is acting as financial advisor to Ares and Teachers'. SOLECO INC: Files Initial Monthly Operating Report -------------------------------------------------- Soleco Incorporated filed with the Bankruptcy Court on January 15, 2010, a monthly operating report for the period ending December 31, 2009. At December 31, 2009, the Company had $39,387,202 in total assets, $27,900,000 in total liabilities, and 11,487,202 in total owners' equity. A copy of the Company's monthly operating report for the period ended December 31, 2009, is available for free at: http://bankrupt.com/misc/soleco.decembermor.pdf Ogden, Utah-based Soleco Incorporated filed for Chapter 11 bankruptcy protection on December 11, 2009 (Bankr. D. Utah Case No. 09-33830). Rocky D. Crofts, Esq., at Law Office of Rocky D Crofts, PC, assists the Company in its restructuring effort. The Company listed $10,000,001 to $50,000,000 in assets and $10,000,001 to $50,000,000 in liabilities. SMURFIT-STONE: Records $15,669,000 Net Income for November ---------------------------------------------------------- Smurfit-Stone Container Corporation Combined Balance Sheet As of November 30, 2009 ASSETS Current Assets: Cash $635,035,000 Restricted cash 8,697,000 Receivables 589,338,000 Receivables for alt. energy tax credits 57,633,000 Inventories 460,190,000 Prepaid expenses and others 39,954,000 --------------- Total current assets 1,790,847,000 Net property 3,279,387,000 Timberlands, less depletion 2,401,000 Deferred income taxes 8,602,000 Investments in and advances to non-Debtor 75,980,000 affiliates Other assets 66,902,000 --------------- Total assets $5,224,119,000 =============== LIABILITIES & EQUITY (DEFICIT) Liabilities Not Subject to Compromise: Current liabilities: Current maturities of long-term debt $1,357,333,000 Accounts payable 351,953,000 Accrued compensation and payroll taxes 144,283,000 Interest payable 10,489,000 Income taxes payable 8,852,000 Current deferred taxes 21,052,000 Other current liabilities 129,231,000 --------------- Total current liabilities 2,023,193,000 Other long-term liabilities 124,547,000 --------------- Total liabilities not subject to compromise 2,147,740,000 Liabilities subject to compromise 4,350,279,000 --------------- Total liabilities 6,498,019,000 Total stockholders' equity (deficit) (1,273,900,000) --------------- Total liabilities & stockholders' equity $5,224,119,000 =============== Smurfit-Stone Container Corporation Combined Statement of Operations For the month ended November 30, 2009 Net sales $433,498,000 Costs and expenses: Cost of goods sold 401,353,000 Selling and administrative expenses 48,471,000 Restructuring charges (1,127,000) (Gain)loss on disposal of assets (9,000) Other operating income (56,700,000) --------------- Income from operations 43,510,000 Other income (expense): Interest expense, net (20,995,000) DIP debt issuance costs - Loss on early extinguishment of debt - Equity in gains (losses) of non-debtor affiliates (221,000) Foreign currency exchange losses (1,000,000) Other, net 1,224,000 --------------- Income before reorganization items and taxes 22,517,000 Reorganization items: Professional fees (4,000,000) Provision for executory contracts & leases (4,100,000) Accounts payable settlement gains 1,602,000 --------------- Reorganizational items, net (6,498,000) Income before income taxes 16,019,000 Provision for income taxes (350,000) --------------- Net Income $15,669,000 =============== Smurfit-Stone Container Corporation Schedule of Receipts and Disbursements For the month ended November 30, 2009 Beginning cash balance $597,133,000 Cash receipts 525,685,000 Alternative energy tax credit 59,878,000 --------------- Total receipts 585,563,000 Disbursements: Payroll & benefits (93,283,000) Professional fees (6,183,000) Interest (4,179,000) Capital expenditures (15,248,000) Repayment of debt (43,595,000) Other disbursements (376,476,000) --------------- Total disbursements (538,964,000) Ending cash balance $643,732,000 =============== A full-text copy of the Debtors' November 2009 Operating Report is available for free at: http://bankrupt.com/misc/SmurfNov09MOR.pdf About Smurfit-Stone Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/-- is one of the leading integrated manufacturers of paperboard and paper-based packaging in North America and one of the world's largest paper recyclers. The Company operates 162 manufacturing facilities that are primarily located in the United States and Canada. The Company also owns roughly one million acres of timberland in Canada and operates wood harvesting facilities in Canada and the United States. The Company employs roughly 21,250 employees, 17,400 of which are based in the United States. For the quarterly period ended September 30, 2008, the Company reported roughly $7.450 billion in total assets and $5.582 billion in total liabilities on a consolidated basis. Smurfit-Stone and its U.S. and Canadian subsidiaries filed for Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead Case No. 09-10235). Certain of the company's affiliates, including Smurfit-Stone Container Canada Inc., a wholly owned subsidiary of SSCE, and certain of its affiliates, filed to reorganize under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Canada. Smurfit-Stone joined pulp- and paper-related bankruptcies as rising Internet use hurts magazines and newspapers. Corporacion Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy in October. Quebecor World Inc., a magazine printer and Pope & Talbot Inc., a pulp-mill operator, also sought cross-border bankruptcies for their operations in the U.S. and Canada. James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M. Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton, Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware, serve as the Debtors' bankruptcy counsel. PricewaterhouseCooper LLC, serves as the Debtors' financial and investment consultants. Lazard Freres & Co. LLC acts as the Debtors' investment bankers. Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and claims agent. Bankruptcy Creditors' Service, Inc., publishes Smurfit-Stone Bankruptcy News. The newsletter tracks the Chapter 11 proceeding and ancillary foreign proceedings undertaken by Smurfit-Stone Container Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TARRAGON CORP: Posts $3,191,752 Net Loss in November ---------------------------------------------------- On January 11, 2010, Tarragon Corporation filed its monthly operating report for the period November 1, 2009, through November 30, 2009, with the United States Bankruptcy Court for the District of New Jersey. Tarragon Corporation reported a net loss of $3,191,752 for the month ended November 30, 2009. At November 30, 2009, Tarragon Corporation's balance sheet showed $206,098,427 in total assets, $563,826,650 in total liabilities, and $357,728,224 in stockholders' deficit. Cash and cash equivalents were $1,815,977 at November 30, 2009. Restricted cash was $259,000 at November 30, 2008. A full-text copy of the Debtor's' monthly operating report for the month ended November 30, 2009, is available for free at: http://bankrupt.com/misc/tarragoncorp.novembermor.pdf Based in New York City, Tarragon Corporation (NasdaqGS: TARR) -- http://www.tarragoncorp.com/-- is a leading developer of multifamily housing for rent and for sale. Tarragon's operations are concentrated in the Northeast, Florida, Texas, and Tennessee. Tarragon and its affiliates filed for Chapter 11 protection on January 12, 2009 (Bankr. D. N.J. Case No. 09-10555). The Hon. Donald H. Steckroth presides over the case. Michael D. Sirota, Esq., Warren A. Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz Meisel Forman & Leonard, P.A. TAYLOR-WHARTON: Posts $2,654,073 Net Loss in December ----------------------------------------------------- Taylor-Wharton International LLC filed with the U.S. Bankruptcy Court for the District of Delaware on January 19, 2010, a monthly operating report for December 2009. The Debtors reported a net loss of $2,654,073 on net revenue of $14,012,938 for the month ended December 31, 2009. At December 31, 2009, the Debtors had total assets of $224,089,608 and total liabilities of $249,456,075. A copy of the Company's December operating report is available at no charge at: http://bankrupt.com/misc/taylor-wharton.decembermor.pdf Taylor-Wharton International, LLC, is the world's leading technology, service and manufacturing network for gas applications involving pressure vessels and precision valves. Taylor-Wharton International operates three complementary businesses from 16 manufacturing, sales, warehouse and service facilities in six countries on four continents, and markets its products in over 80 countries worldwide. The Company filed for Chapter 11 bankruptcy protection on November 18, 2009 (Bankr. Delaware Case No. 09-14089). The Company listed $10,000,001 to $50,000,000 in assets and $100,000,001 to $500,000,000 in liabilities. These affiliates of the Company also filed separate Chapter 11 petitions: Alpha One, Inc.; American Welding & Tank, LLC; Beta Two, Inc.; Delta Four, Inc.; Epsilon Five, Inc.; Gamma Three, Inc.; Sherwood Valve, LLC; Taylor-Wharton Intermediate Holdings LLC; Taylor-Wharton International LLC; TW Cryogenics LLC; TW Cylinders LLC; TW Express LLC; and TWI-Holding LLC. TRICOM SA: Ends November With $15,265,207 Cash ---------------------------------------------- Tricom S.A., et. al., filed with the U.S. Bankruptcy Court for the Southern District of New York on January 8, 2010, a post- confirmation monthly operating report for the month of November 2009. Tricom, S.A., et al., ended the period with cash of $15,265,207: Cash Beginning $14,173,730 Income or Receipts $15,790,313 Total Disbursements $14,698,836 Cash End $15,265,207 A full-text copy of the Debtors' monthly operating report for November is available for free at: http://bankrupt.com/misc/tricom.novembermor.pdf About Tricom SA Tricom, S.A., was incorporated in the Dominican Republic on January 25, 1988, as a Sociedad Anonima. Tricom is one of the pre-eminent full service communications services providers in the Dominican Republic. Headquartered in Santo Domingo, Tricom offers local, long distance, and mobile telephone services, cable television and broadband data transmission and Internet services, which are provided to more than 729,000 customers. Tricom's wireless network covers about 90% of the Dominican Republic's population. Tricom's local service network is 100% digital. The Company also owns interests in undersea fiber-optic cable networks that connect and transmit telecommunications signals between Central America, the Caribbean, the United States and Europe. Tricom USA, Inc., a wholly owned subsidiary of Tricom, was incorporated in Delaware in 1992, and at that time was known as Domtel Communications. A name change was effected in 1997 and Domtel Communications formally became Tricom USA, Inc. Tricom USA originates, transports and terminates international long-distance traffic using switching stations and other telecommunications equipment located in New York and Florida. Tricom S.A. and its U.S. affiliates filed for Chapter 11 protection on February 29, 2008 (Bankr. S.D.N.Y. Case No. 08-10720). The Debtors' legal advisors are Morrison & Foerster LLP and their financial advisors are FTI Consulting, Inc. Kurtzman Carson Consultants serves as claims and notice agent. An ad hoc committee consisting of certain holders of Unsecured Financial Claims is represented by Manatt, Phelps & Phillips LLP, as legal advisors, and Chanin Capital Partners, as financial advisors. . Affiliates of Tricom's largest shareholders are represented by White & Case LLP, as legal advisors, and Broadspan Capital LLC, as financial advisors. When the Debtors' filed for protection from their creditors, they listed total assets of US$327,600,000 and total debts of US$764,600,000. TRONOX INC: Has $59MM December Net Loss, Sales $48MM ------------------------------------------------------- Bill Rochelle at Bloomberg News reports that Tronox Inc. reported a $59.4 million net loss in December on net sales of $48.3 million. The gross margin for the month, $9.1 million, was nearly all consumed by selling, general and administrative expenses of $8.9 million. November's interest expense and reorganization items totaled more than $34 million. 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) WHITEHALL JEWELERS: Posts $591,000 Net Loss in November ------------------------------------------------------- On January 4, 2010, Whitehall Jewelers Holdings, Inc., et al., filed their monthly operating report for the period November 1, 2009, to November 30, 2009. The Debtor posted a net loss of $591,000 for the month of November. At November 30, 2009, the Debtor had total assets of $3,833,000 and total liabilities of $102,226,000, resulting in a stockholders' deficit of $98,393,000. A full-text copy of Whitehall Jewelers' November 2009 operating report is available for free at: http://bankrupt.com/misc/whitehalljewelers.novembermor.pdf Headquartered in Chicago, Illinois, Whitehall Jewelers Holdings, Inc. -- http://www.whitehalljewellers.com/-- through its subsidiary, Whitehall Jewelers, Inc., operates as a specialty retailer of fine jewelry in the United States. It offers a selection of merchandise, including diamonds, gold, precious and semi-precious jewelry, and watches. As of June 23, 2008, it operated 373 stores in regional and super-regional shopping malls under the names Whitehall and Lundstrom. The Company and Whitehall Jewelers, Inc., filed for Chapter 11 relief on June 23, 2008 (Bankr. D. Del. Lead Case No. 08-11261). Scott Rutsky, Esq., Peter Antoszyk, Esq., Adam T. Berkowitz, Esq., and Jesse I. Redlener, Esq., at Proskauer Rose LLP, represent the Debtors as bankruptcy counsel. James E. O'Neill, Esq., and Laura Davis Jones, Esq., at Pachulski, Stang Ziehl & Jones, LLP, represent the Debtors as Delaware counsel. Epiq Bankruptcy Solutions LLC is the claims, noticing and balloting agent. In its schedules, Whitehall Jewelers, Inc., listed total assets of $246,571,775 and total debts of $173,694,918. WORLDSPACE INC: Posts Net Loss of $10.7 Million in December ----------------------------------------------------------- WorldSpace, Inc., et al., posted a consolidated net loss of $10.7 million on revenue of $188,601 for the month of December. The Debtors incurred $177,878 in professional fees during the month. At December 31, 2009, the Debtors had $671.1 million in total assets, ($2.155) billion in total liabilities, and $1.484 billion in net owner equity. A full-text copy of the Debtors' December operating report is available for free at: http://bankrupt.com/misc/worldspace.decembermor.pdf The Debtors posted a consolidated net loss of $3.6 million on revenue of $537,351 for the month of November. The Debtors incurred $588,135 in professional fees during the month. A full-text copy of the Debtors' November operating report is available for free at: http://bankrupt.com/misc/worldspace.novembermor.pdf WorldSpace, Inc. (WRSPQ.PK) -- http://www.1worldspace.com/-- provides satellite-based radio and data broadcasting services to paying subscribers in 10 countries throughout Europe, India, the Middle East, and Africa. 1worldspace(TM) satellites cover two- thirds of the earth and enable the Company to offer a wide range of services for enterprises and governments globally, including distance learning, alert delivery, data delivery, and disaster readiness and response systems. 1worldspace(TM) is a pioneer of satellite-based digital radio services. The Debtors and their affiliates operate two geostationary satellites, AfriStar and Asia Star, which are in orbit over Africa and Asia. The Debtor and two of its affiliates filed for Chapter 11 bankruptcy protection on October 17, 2008 (Bankr. D. Del., Case Nos. 08-12412 to 08-12414). James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones, LLP, represent the Debtors as counsel. Neil Raymond Lapinski, Esq., and Rafael Xavier Zahralddin-Aravena, Esq., at Elliot Greenleaf, represent the Official Committee of Unsecured Creditors. When the Debtors filed for bankruptcy, they listed total assets of $307,382,000 and total debts of $2,122,904,000. ********* 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. 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