/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/100220.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, February 20, 2010, Vol. 14, No. 50 Headlines CATHOLIC CHURCH: Wilmington Has $835,826 Cash at Dec. 31 CHEMTURA CORP: Has $20 Million Net Loss in January CIRCUIT CITY: Records $90.7MM December Profit on Tax Benefit FAIRPOINT COMMS: Has $113.4 Million Cash at End of December GENERAL MOTORS: Old GM's Balance Sheet Upside-Down by $32 Bil. LYONDELL CHEMICAL: Reports $66 Million Net Loss for December MIDWAY GAMES: Posts $4.6 Million Net Loss in October MUZAK HOLDINGS: Reports $21.4 Million Net Income in December NOVA HOLDING: Incurs $396,201 Net Loss in December PROTOSTAR LTD: Posts $3.3 Million Net Loss in December PROTOSTAR LTD: ProtoStar I Posts $15.9 Mln Net Loss in December PROTOSTAR LTD: ProtoStar II Posts $3.3MM Net Loss in December REUNION INDUSTRIES: Posts $482,000 Net Loss in December SMURFIT-STONE: Reports $49,993,000 Net Loss for December STATION CASINOS: Records $7,723,000 Loss for December TRONOX INC: Slashes Down December Net Loss to $50.9 Million TROPICANA ENTERTAINMENT: Reports $4,752,000 Net Loss for December WASHINGTON MUTUAL: Reports $2,788,545 Loss for December ********* CATHOLIC CHURCH: Wilmington Has $835,826 Cash at Dec. 31 -------------------------------------------------------- Catholic Diocese of Wilmington, Inc. Balance Sheet As of December 31, 2009 ASSETS Cash & Equivalents $839,665 Accounts Receivable (Net) 3,171,210 Payroll Receivable - Notes Receivable 1,478,075 Professional Retainers 1,195,000 Unrestricted Pooled Investments 15,094,507 Restricted Pooled Investments 30,100,652 Unallocated Audit Fees 234,695 Other Assets 52,342 Real Estate 1,106,640 Assets Held for Others 79,103,333 ----------- TOTAL ASSETS $132,376,119 =========== LIABILITIES Pre-Filing Accounts Payable $130,215 Payroll & Payroll Taxes Payable - Payroll Garnishments Payable 851 Accrued Vacation Time Payable 125,107 Blue Cross/Blue Shield Accrual 66,999 Accounts Payable Capital Campaign 19,889 Bonds Payable 11,000,000 Priest Pension 13,107,216 Lay Pensions 64,366,743 National Collections 253,456 Other Liabilities 85,310 Assets Held for Others 79,103,333 ----------- TOTAL LIABILITIES 168,259,119 NET ASSETS Beginning Year Net Assets (41,816,364) Net Assets - Prepetition 4,138,712 Net Assets - Postpetition 1,794,652 ----------- TOTAL NET ASSETS (35,883,000) ----------- TOTAL LIABILITIES & NET ASSETS $132,376,119 =========== Catholic Diocese of Wilmington, Inc. Statement of Operations For the month ending December 31, 2009 CDOW Operations CDOW Revenue Assessments $376,625 Investment Income 1,179,555 Operational Income 309,518 Designated Income (Education) - ----------- Total CDOW Revenue 1,865,698 CDOW Expenses Payroll & Taxes (214,960) Medical Payments - Other Compensation (58,214) Other Operational (210,448) Capital Expenditures - Catholic Schools, Inc. (65,402) Casa San Francisco - Ministry to the Elderly - Neumann Center - Vision for the Future (Tuition Assistance) (257,735) Owed to Parishes (Cap Campaign) - ----------- Total CDOW Expenses (806,759) ----------- CDOW NET OPERATING CASH 1,058,939 Program Services Annual Appeal Revenue 125,418 Program Services Expenditures Catholic Youth Organization (9,000) Catholic Charities (109,268) The Dialog (46,420) ----------- Total Program Services Expenses (164,688) ----------- PROGRAM SERVICES NET CASH (39,270) Benefits & Insurance Program Administration Medical Program Premiums Received 1,082,435 Expenses (1,070,022) ----------- Net Medical 12,413 Workers Compensation Premiums Received - Expenses (54,174) ----------- Net Workers Comp (54,174) Property & Liability Insurance Premiums Received 88,066 Expenses - ----------- Net P&L Insurance 88,066 Pensions Priests (47,965) Lay Employees - ----------- Total Pensions (47,965) ----------- NET CHANGE IN LIQUIDITY $1,018,009 =========== Catholic Diocese of Wilmington, Inc. Schedule of Cash Receipts and Disbursements For the month ending December 31, 2009 Cash beginning of period $1,314,351 Receipts Assessments 376,625 Annual appeal 125,418 Insurance premiums 1,170,501 Other operating 309,350 ----------- Total receipts 1,981,894 Disbursements Net payroll and taxes 214,960 Insurance payments 1,124,196 Operating expenses 484,698 Other 229,543 Professional fees - U.S. Trustee quarterly fees - Court costs - ----------- Total disbursements 2,053,397 ----------- Net cash flow (71,503) ----------- Transfers out 407,022 Transfers in - ----------- Cash - end of period $835,826 =========== 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: Has $20 Million Net Loss in January -------------------------------------------------- On February 16, 2010, Chemtura Corporation filed with the U.S. Bankruptcy Court for the Southern District of New York its monthly operating report for January 2010. Bill Rochelle at Bloomberg News reports that Chemtura Corp. reported a $7 million operating loss and a $20 million net loss in January on $147 million in net sales. Reorganization items, net amounted to $5 million. Interest expense was $6 million. Equity in net loss of subsidiaries totaled $5 million. At January 31, 2010, the Debtors had $4.051 billion in total assets, $3.911 billion in total liabilities, and $140 million in total stockholders' equity. The Debtor had cash and cash equivalents of $52 million at the end of the period, compared with cash and cash equivalents of $81 million at the beginning of the period. Chemtura consumed $29 million of cash during the month, with $30 million cash burned in operations. A full-text copy of the January 2010 operating report is available at no charge at http://researcharchives.com/t/s?536b 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) CIRCUIT CITY: Records $90.7MM December Profit on Tax Benefit ------------------------------------------------------------ Circuit City Stores, Inc., et al. Balance Sheet As of December 31, 2009 ASSETS Current Assets Cash and cash equivalents $335,990,000 Restricted cash 5,544,000 Short-term investments 1,083,000 Accounts receivable, net 354,546,000 Income tax receivable 159,766,000 Prepaid expenses and other current assets 6,376,000 Intercompany receivables and investments 85,185,000 in subsidiaries -------------- Total Current Assets 948,490,000 Property and Equipment 6,871,000 Accumulated depreciation (3,428,000) -------------- Net Property and Equipment 3,443,000 Other Assets 20,265,000 -------------- TOTAL ASSETS $972,198,000 ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Merchandise payable $176,744,000 Expenses payable 19,971,000 Accrued expenses and other current 30,562,000 liabilities Intercompany payables 607,000 -------------- Total Current Liabilities 227,884,000 Deferred income taxes 7,084,000 Other Liabilities 0 -------------- Liabilities Not Subject to Compromise 234,968,000 Liabilities Subject to Compromise 1,390,168,000 -------------- Total Liabilities 1,625,136,000 Stockholders' Equity Common stock 435,612,000 Additional paid-in capital 304,915,000 Retained deficit (1,384,106,000) Accumulated other comprehensive income (9,359,000) -------------- Total Stockholders' Equity (652,938,000) -------------- Total Liabilities & Shareholders' Deficit $972,198,000 ============== Circuit City Stores, Inc., et al. Income Statement For the Month Ended December 31, 2009 Net sales $0 Cost of sales, buying and warehousing 0 -------------- Gross profit (loss) 0 Selling, general and administrative expenses (6,675,000) (net gain) Asset impairment charges 0 -------------- Operating income 6,675,000 Interest income 0 Interest expense 0 -------------- Loss before reorganization items, GAAP 6,675,000 reversals and income taxes Net loss from reorganization items (1,026,000) Net gain from GAAP reversals 0 Income tax benefit 85,081,000 -------------- NET INCOME $90,730,000 ============== About Circuit City Headquartered in Richmond, Virginia, Circuit City Stores Inc. (NYSE: CC) -- http://www.circuitcity.com/-- was a specialty retailer of consumer electronics, home office products, entertainment software and related services in the U.S. and Canada. Circuit City Stores together with 17 affiliates filed a voluntary petition for reorganization relief under Chapter 11 of the Bankruptcy Code on November 10 (Bankr. E.D. Va. Lead Case No. 08- 35653). InterTAN Canada, Ltd., which runs Circuit City's Canadian operations, also sought protection under the Companies' Creditors Arrangement Act in Canada. Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP, are the Debtors' general restructuring counsel. Dion W. Hayes, Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, are the Debtors' local counsel. The Debtors also tapped Kirkland & Ellis LLP as special financing counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special securities counsel; and FTI Consulting, Inc., and Rotschild Inc. as financial advisors. The Debtors' Canadian general restructuring counsel is Osler, Hoskin & Harcourt LLP. Kurtzman Carson Consultants LLC is the Debtors' claims and voting agent. The Debtors disclosed total assets of $3,400,080,000 and debts of $2,323,328,000 as of August 31, 2008. Circuit City has opted to liquidate its 721 stores. It has obtained the Bankruptcy Court's approval to pursue going-out-of- business sales, and sell its store leases. Bankruptcy Creditors' Service, Inc., publishes Circuit City Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Circuit City Stores Inc. and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). FAIRPOINT COMMS: Has $113.4 Million Cash at End of December ----------------------------------------------------------- FairPoint Communications, Inc., and Subsidiaries Schedule of Cash Receipts and Disbursements For the Period December 1 - 31, 2009 Cash Beginning of the Month $89,855,442 Receipts: Cash 101,196,516 Intra-debtor transfers 198,176,274 -------------- Total Receipts 299,372,791 Disbursements: Employee Expenses (32,641,266) Restructuring - Operating Taxes (3,439,722) Marketing Expenses (558,253) Insurance (174,097) Other Expenses (33,466,404) Capital Expenditures (7,380,957) Intra-debtor transfers (198,176,274) ------------- Total Disbursements (275,836,976) ------------- Net Cash Flow 23,535,815 ------------- Cash - End of the month $113,391,257 ============= The Debtors' December 2009 Monthly Operating Report does not include a balance sheet table and an income statement table. According to Lisa R. Hood, FairPoint Communications' senior vice president and corporate controller, the Debtors' financial results for December 2209 are subject to the completion of the Debtors' financial statements and the completion of their annual audit by their independent accounting firm for the year ended December 31, 2009. 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) GENERAL MOTORS: Old GM's Balance Sheet Upside-Down by $32 Bil. -------------------------------------------------------------- Motors Liquidation Company, et al. Unaudited Condensed Combined Statement of Net Assets As of December 31, 2009 ASSETS: Cash and cash equivalents $1,001,024,000 Due from affiliates - Prepaid expenses 4,398,000 Other current assets 26,411,000 ----------------- Total Current Assets 1,031,833,000 Property, plant and equipment Land and building 81,479,000 Machinery and equipment 47,438,000 ----------------- Total property, plant and equipment 128,917,000 Investment in GMC - Investments in subsidiaries 330,000 Restricted Cash 89,600,000 ----------------- Total Assets $1,250,680,000 ================= LIABILITIES: DIP Financing $1,198,775,000 Accounts payable 6,278,000 Due to GM LLC 1,091,000 Accrued payroll and employee benefits 572,000 Accrued sales, use and other taxes 895,000 Accrued professional fees 32,147,000 Other accrued liabilities 6,798,000 ----------------- Total current liabilities 1,246,556,000 Liabilities subject to compromise 32,132,812,000 ----------------- Total Liabilities 33,379,368,000 ----------------- Net Assets (Liabilities) ($32,128,688,000) ================= Motors Liquidation Company, et al. Unaudited Condensed Combined Statement of Operations For the Month Ended Dec. 31, 2009 Rental Income $1,613,000 Selling, administrative and other expenses 2,887,000 ----------------- Operating loss (1,274,000) Interest expense 5,159,000 Interest income (370,000) ----------------- Loss before reorganization items & income taxes (6,063,000) Reorganization items (gain/loss) (25,671,000) ----------------- Loss before income taxes 19,608,000 Income taxes - ----------------- Net Income (Loss) $19,608,000 ================= Motors Liquidation Company, et al. Unaudited Condensed Combined Statement of Cash Flows For the Month Ended Dec. 31, 2009 Cash Flows from Operating Activities: Net Income $19,608,000 Adjustments to reconcile net loss to net cash provided by (used in) operating activities Non-cash interest expense 5,159,000 Reorganization items (gain)/loss (25,671,000) Reorganization-related payments (11,687,000) Changes in assets & liabilities Due from affiliates 332,000 Prepaid expenses 416,000 Other current assets - Accounts payable 2,218,000 Due to GM LLC (2,623,000) Accrued payroll & employee benefits (34,897,000) Accrued sales, use and other taxes 895,000 Other accrued liabilities 51,000 ----------------- Net Cash used in Operating Activities (46,199,000) Cash Flows from Investing Activities: Proceeds from disposal of assets 173,000 Proceeds from sale of investment in subsidiaries 14,239,000 Changes in restricted cash - ----------------- Net cash used in investing activities 14,412,000 ----------------- Decrease in cash & cash equivalents (31,787,000) Cash & cash equivalents at beginning of period 1,032,811,000 ----------------- Cash & cash equivalents at end of period $1,001,024,000 ================= About General Motors General Motors Company -- http://www.gm.com/-- is one of the world's largest automakers, tracing its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM acquired its operations from General Motors Company, n/k/a Motors Liquidation Company, on July 10, 2009, pursuant to a sale under Section 363 of the Bankruptcy Code. Motors Liquidation or Old GM is the subject of a pending Chapter 11 reorganization case before the U.S. Bankruptcy Court for the Southern District of New York. At September 30, 2009, GM had US$107.45 billion in total assets against US$135.60 billion in total liabilities. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-50026). General Motors changed its name to Motors Liquidation Co. following the sale of its key assets to a company 60.8% owned by the U.S. Government. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Bankruptcy Creditors' Service, Inc., publishes General Motors Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Motors Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) LYONDELL CHEMICAL: Reports $66 Million Net Loss for December ------------------------------------------------------------ Lyondell Chemical Company and affiliates Unaudited Combined Balance Sheet As of December 31, 2009 (in millions) Assets Current assets: Cash and cash equivalents $280 Short-term investments 9 Accounts receivable: Trade, net 1,311 Related parties 1 Non-debtor affiliates 400 Inventories 1,980 Current deferred income tax assets 16 Prepaid expenses and other current assets 603 ------------ Total current assets 4,600 Property, plant and equipment, net 9,648 Investments and long-term receivables: Investment in PO joint ventures 569 Investments in non-debtor affiliates 5,071 Other investments and long-term receivables 28 Intangible assets, net 1,361 Other assets 187 ------------ Total Assets $21,464 ============ Liabilities and Stockholder's Equity Current liabilities: Current maturities of long-term debt - Short-term debt $5,557 Accounts payable: Trade 880 Related parties 33 Non-debtor affiliates 695 Accrued liabilities 748 Short-term loans payable - non-Debtor affiliates 132 Deferred income taxes 4 ------------ Total current liabilities 8,049 Other liabilities 220 Deferred income taxes 1,907 Liabilities subject to compromise 22,096 Commitments and contingencies - Stockholders equity: Common stock 60 Additional paid-in capital 563 Retained deficit (8,659) Receivables - non-debtor affiliates (2,623) Accumulated other comprehensive loss (278) ------------ Total stockholder's equity (10,937) Noncontrolling interests 129 ------------ Total equity (10,808) ------------ Total liabilities and stockholder's equity $21,464 ============ Lyondell Chemical Company and affiliates Unaudited Statement of Income For month ended December 31, 2009 (in millions) Sales and other operating revenues: Trade $1,598 Non-Debtor affiliates 71 ------------ 1,669 Operating costs and expenses: Cost of sales 1,765 Asset impairments 2 Selling, general and admin. expenses 27 Research and development expenses 4 ------------ 1,798 ------------ Operating loss (129) Interest expense (129) Interest income - non-Debtor affiliates 13 Other income, net (75) ------------ Loss before reorganization items, equity investments and income taxes (320) ------------ Reorganization items 4 Income from equity investments - non-Debtor affiliates 135 ------------ Loss before income taxes (181) Benefit from income taxes (115) ------------ Net loss from continuing operations (66) Discontinued operations - ------------ Net loss ($66) ============ Lyondell Chemical Company and its affiliates Unaudited Statement of Cash Flows For the month ended November 30, 2009 (in millions) Cash flows from operating activities: Net loss ($66) Net loss - discontinued operations - Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 92 Reorganization charges (4) Reorganization-related payments (54) Asset impairment 2 Equity investments - loss (135) Deferred income taxes (95) Amortization of debt-related costs 36 Foreign currency exchange loss 75 Changes in assets and liabilities that provided (used ) cash: Accounts receivable 11 Inventories (108) Accounts payable 105 Other, net (62) ------------ Net cash used in operating activities - continuing operations (203) Net cash provided by operating activities discontinued operations - ------------ Net cash used in operating activities (203) ------------ Cash flows from investing activities: Expenditures for property, plant and Equipment (71) Advances to non-Debtor affiliates (8) Proceeds from disposal of assets 2 Loan repayments from non-Debtor affiliates (7) ------------ Net cash used in investing activities (84) ------------ Cash flows from financing activities: Net borrowings under DIP Revolving Facility 250 Payment of debt issuance costs (15) Borrowings from non-Debtor affiliates 2 Other, net 3 ------------ Net cash provided by financing activities 240 ------------ Effect of exchange rate changes on cash - ------------ Decrease in cash and cash equivalents (47) Cash and cash equivalents at beginning of period 327 ------------ Cash and cash equivalents at end of period $280 ============ About Lyondell Chemical LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. It is the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels. Through research and development, LyondellBasell develops innovative materials and technologies that deliver exceptional customer value and products that improve quality of life for people around the world. Headquartered in The Netherlands, LyondellBasell -- http://www.lyondellbasell.com/-- is privately owned by Access Industries. Basell AF and Lyondell Chemical Company merged operations in 2007 to form LyondellBasell Industries, the world's third largest independent chemical company. LyondellBasell became saddled with debt as part of the US$12.7 billion merger. On January 6, 2009, LyondellBasell Industries' U.S. operations and one of its European holding companies -- Basell Germany Holdings GmbH -- filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code to facilitate a restructuring of the company's debts. The case is In re Lyondell Chemical Company, et al., Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell entities, including Equistar Chemicals, LP, Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt Industries, Inc. filed for Chapter 11. In May 2009, one of the cases was dismissed -- Case No. 09-10068 -- because it is duplicative of Case No. 09- 10040 relating to Debtor Glidden Latin America Holdings. The Hon. Robert E. Gerber presides over the case. Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York, serves as the Debtors' bankruptcy counsel. Evercore Partners serves as financial advisors, and Alix Partners and its subsidiary AP Services LLC, serves as restructuring advisors. AlixPartners' Kevin M. McShea acts as the Debtors' Chief Restructuring Officer. Clifford Chance LLP serves as restructuring advisors to the European entities. Lyondell Chemical estimated that consolidated assets total US$27.12 billion and debts total US$19.34 billion as of the bankruptcy filing date. Lyondell has obtained approximately US$8 billion in DIP financing to fund continuing operations. The DIP financing includes two credit agreements: a US$6.5 billion term loan, which comprises a US$3.25 billion in new loans and a US$3.25 billion roll-up of existing loans; and a US$1.57 billion asset-backed lending facility. Luxembourg-based LyondellBasell Industries AF S.C.A. and another affiliate were voluntarily added to Lyondell Chemical's reorganization filing under Chapter 11 on April 24, 2009, in order to seek protection against claims by certain financial and U.S. trade creditors. On May 8, 2009, LyondellBasell Industries added 13 non-operating entities to Lyondell Chemical Company's reorganization filing under Chapter 11 of the U.S. Bankruptcy Code. All of the entities are U.S. companies and were added to the original Chapter 11 filing for administrative purposes. The filings will have no impact on current business or operations as none of the entities manufactures or sells products. Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lyondell Chemical Company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) MIDWAY GAMES: Posts $4.6 Million Net Loss in October ---------------------------------------------------- On February 12, 2010, Midway Games Inc. and its United States subsidiaries filed their monthly operating report for October 2009 with the United States Bankruptcy Court for the District of Delaware. The Debtors reported a net loss of $4.6 million on net revenues of $6,037 for the month of October. For the month, the Debtors expensed $1.8 million in professional fees. At October 31, 2009, the Company had $1.305 billion in total assets, $7.1 million in total post-petition liabilities, $1.365 billion in total pre-petition liabilities, $75.2 million in due to debtors, and $13.0 million in deferred income taxes, resulting in a $155.1 million stockholders' deficit. The Debtors' schedules of cash receipts and disbursements for the month ended October 31, 2009, showed: Cash, beginning $44.67 million Total receipts $0.45 million Total disbursements $2.35 million Cash, end $42.77 million Payments for professional fees and expenses totaled $1.7 million for the month of October. A full-text copy of the Company's October operating report is available for free at http://researcharchives.com/t/s?536c Headquartered in Chicago, Illinois, Midway Games Inc. (OTC Pink Sheets: MWYGQ) -- http://www.midway.com/-- was a leading developer and publisher of interactive entertainment software for major videogame systems and personal computers. The Company and nine of its affiliates filed for Chapter 11 protection on February 12, 2009 (Bankr. D. Del. Lead Case No. 09-10465). Michael D. DeBaecke, Esq., Jason W. Staib, Esq, and Victoria A. Guilfoyle, Esq., at Blank Rome LLP, in Wilmington, Delaware; and Marc E. Richards, Esq., and Pamela E. Flaherty, Esq., at Blank Rome LLP, in New York, represent the Debtors in their restructuring efforts. Attorneys at Milbank, Tweed, Hadley & McCloy LLP and Richards, Layton & Finger, P.A. represent the official committee of unsecured creditors as counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' claims, noticing, and balloting agent. On July 10, 2009, Midway and certain of its U.S. subsidiaries completed the sale of substantially all of their assets to Warner Bros. Entertainment Inc. in a sale approved by the Court. The aggregate gross purchase price is roughly $49 million, including the assumption of certain liabilities. Midway is disposing of its remaining assets. At June 30, 2009, the Debtors had $1.39 billion in total assets and $1.59 billion in total liabilities. MUZAK HOLDINGS: Reports $21.4 Million Net Income in December ------------------------------------------------------------ Muzak Holdings LLC filed with the U.S. Bankruptcy Court for the District of Delaware on February 5, 2010, its monthly operating report for the month ended December 31, 2009. Muzak Holdings reported net income of $21.4 million on net revenue of $17.3 million in December. Professional fees totaled $8.95 million. Before reorganization items, the net profit was $30.4 million. From inception of the Chapter 11 case, Muzak Holdings had a cumulative profit before reorganization items of $10.8 million. Muzak Holdings has completed its financial restructuring and has emerged from Chapter 11 protection. Muzak eliminated more than half of its previously rated debt through repayment, partial repayment, or conversion of debt into equity. Muzak's Chapter 11 plan of reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware on January 12, 2010. At December 31, 2009, Muzak Holdings had $305.3 million in total assets and $508.2 million in total liabilities. A full-text copy of the Debtors' monthly operating report for December 2009 is available for free at: http://bankrupt.com/misc/muzakholdings.decembermor.pdf Headquartered in Fort Mill, South Carolina, Muzak Holdings LLC -- http://www.muzak.com/-- creates a variety of music programming from a catalog of over 2.6 million songs and produces targeted custom in-store and on-hold messaging. Through its national service and support network, Muzak designs and installs professional sound systems, digital signage, drive-thru systems, commercial television and more. The Company and 14 affiliates filed for Chapter 11 protection on February 10, 2009 (Bankr. D. Del. Lead Case No. 09-10422). Moelis & Company is serving as financial advisor to the Company. Kirkland & Ellis LLP is the Debtors' counsel. Klehr Harrison Harvey Branzburg & Ellers has been tapped as local counsel. Epiq Bankruptcy Solutions LLC serves as claims and notice agent. Muzak's petition listed assets of $324 million against debt of $465 million, including $101 million owed on a senior secured credit facility, $220 million in senior notes and $115 million in subordinated notes. NOVA HOLDING: Incurs $396,201 Net Loss in December -------------------------------------------------- Nova Holding Clinton County, LLC, et al., reported a net loss of $396,201 for the month of December 2009. Reorganization expenses totaled $468,202. At December 31, 2009, the Debtors had $286.4 million in total assets and $309.3 million in total liabilities. A full-text copy of the Company's December operating report is available for free at: http://bankrupt.com/misc/novaholding.decembermor.pdf The Debtors reported a net loss of $1.6 million for the month of November. Loss before reorganization items was $213,542. A full-text copy of the Company's November operating report is available for free at: http://bankrupt.com/misc/novaholding.novembermor.pdf The Debtors reported a net loss of $8.3 million for the month of September. Loss before reorganization items was $8.2 million. A full-text copy of the Company's October operating report is available for free at: http://bankrupt.com/misc/novaholding.octobermor.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. PROTOSTAR LTD: Posts $3.3 Million Net Loss in December ------------------------------------------------------ ProtoStar Ltd. reported a net loss of $3.3 million for the month of December 2009. Interest expense was approximately $3.5 million. At December 31, 2009, ProtoStar Ltd. had total assets of $354.5 million, total liabilities of $311.2 million, and net owner equity of $43.3 million. A full-text copy of the December report is available at no charge at http://bankrupt.com/misc/protostarltd.decembermor.pdf Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. In their petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non- debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR LTD: ProtoStar I Posts $15.9 Mln Net Loss in December --------------------------------------------------------------- ProtoStar I Ltd. had cash and cash equivalents of $2.8 million at December 31, 2009. Beginning cash was $43.4 million. ProtoStar I reported a net loss of $15.9 million for the month of December. Interest expense totaled $4.4 million. Other expense, which includes $8.8 million in loss on sale of satellite, totaled $8.9 million. At December 31, 2009, ProtoStar I had total assets of $216.4 million and total liabilities of $259.4 million. A full-text copy of the December operating report is available at no charge at http://bankrupt.com/misc/protostarI.decembermor.pdf Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. In their petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non- debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR LTD: ProtoStar II Posts $3.3MM Net Loss in December ------------------------------------------------------------- ProtoStar II Ltd. had cash and cash equivalents of $37.8 million at December 31, 2009. Beginning cash was $2.05 million. ProtoStar II reported a net loss of $3.3 million on net revenue of $1.5 million for the month of December. Interest expense totaled $160,753. Other expense, consisting of intercompany expenses, totaled $416,650. At December 31, 2009, ProtoStar II had total assets of $310.4 million and total liabilities of $235.1 million. A full-text copy of the December operating report is available at no charge at http://bankrupt.com/misc/protostarII.decembermor.pdf Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. In their petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non- debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. REUNION INDUSTRIES: Posts $482,000 Net Loss in December ------------------------------------------------------- Reunion Industries, Inc., reported a net loss of $482,000 on net sales $886,000 for the month of December 2009. The Debtor ended December with $1,971,000 in cash and equivalents. As of December 31, 2009, the Debtor had $17,203,000 in total assets, $9,415,000 in total liabilities, and $7,788,000 in total equity. A full-text copy of the Debtor's December 2009 operating report is available for free at http://researcharchives.com/t/s?536a For the month of October 2009, the Debtor reported net income of $353,000 on net sales of $1,452,000. A full-text copy of the Debtor's October 2009 operating report is available at no charge at http://researcharchives.com/t/s?4e49 Reunion Industries filed for Chapter 11 protection on November 26, 2007 (Bankr. D. Conn. Case No. 07-50727). Two Reunion Industries stockholders, Charles E. Bradley, Sr. Family Limited Partnership, and John Grier Poole Family Limited Partnership filed separate Chapter 11 petitions on the same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol A. Felicetta, Esq., David M. S. Shaiken, Esq., Eric A. Henzy, Esq., at Reid and Riege, P.C.; and Derek M. Johnson, Esq., at Ruben, Johnson and Morgan, represent Reunion Industries as counsel. SMURFIT-STONE: Reports $49,993,000 Net Loss for December -------------------------------------------------------- Smurfit-Stone Container Corporation Combined Balance Sheet As of December 31, 2009 ASSETS Current Assets: Cash $683,125,000 Restricted cash 8,697,000 Receivables 582,838,000 Receivables for alt. energy tax credits 58,868,000 Inventories 436,057,000 Refundable income taxes 22,423,000 Prepaid expenses and others 41,519,000 --------------- Total current assets 1,833,527,000 Net property 3,048,854,000 Timberlands, less depletion 2,387,000 Deferred income taxes 21,146,000 Investments in and advances to non-Debtor 75,744,000 affiliates Other assets 66,270,000 --------------- Total assets $5,047,928,000 =============== LIABILITIES & EQUITY (DEFICIT) Liabilities Not Subject to Compromise: Current liabilities: Current maturities of long-term debt $1,349,580,000 Accounts payable 370,358,000 Accrued compensation and payroll taxes 142,072,000 Interest payable 12,398,000 Income taxes payable - Current deferred taxes - Other current liabilities 158,401,000 --------------- Total current liabilities 2,032,809,000 Other long-term liabilities 116,490,000 --------------- Total liabilities not subject to compromise 2,149,299,000 Liabilities subject to compromise 4,272,308,000 --------------- Total liabilities 6,421,607,000 Total stockholders' equity (deficit) (1,373,679,000) --------------- Total liabilities & stockholders' equity $5,047,928,000 =============== Smurfit-Stone Container Corporation Combined Statement of Operations For the month ended December 31, 2009 Net sales $453,004,000 Costs and expenses: Cost of goods sold 418,286,000 Selling and administrative expenses 43,836,000 Restructuring charges 278,600,000 (Gain)loss on disposal of assets (152,000) Other operating income (57,900,000) --------------- Income(Loss) from operations (229,666,000) Other income (expense): Interest expense, net (4,953,000) DIP debt issuance costs - Loss on early extinguishment of debt - Equity in gains (losses) of non-debtor affiliates (135,000) Foreign currency exchange losses (3,200,000) Other, net 899,000 --------------- Income before reorganization items and taxes (237,055,000) Reorganization items: Professional fees (4,000,000) Provision for executory contracts & leases (900,000) Accounts payable settlement gains 941,000 Reversal of postpetition unsecured interest 163,573,000 expense --------------- Reorganizational items, net 159,614,000 Income before income taxes (77,441,000) Provision for income taxes 27,448,000 --------------- Net Income(Loss) ($49,993,000) =============== Smurfit-Stone Container Corporation Schedule of Receipts and Disbursements For the month ended December 31, 2009 Beginning cash balance $643,732,000 Cash receipts 554,743,000 Alternative energy tax credit 57,539,000 --------------- Total receipts 619,282,000 Disbursements: Payroll & benefits (116,180,000) Professional fees (3,323,000) Interest (2,644,000) Capital expenditures (29,301,000) Repayment of debt (7,745,000) Other disbursements (404,999,000) --------------- Total disbursements (564,192,000) Ending cash balance $691,822,000 =============== A full-text copy of the Debtors' December 2009 Operating Report is available for free at: http://bankrupt.com/misc/SmurfDec09MOR.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 US$7.450 billion in total assets and US$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) STATION CASINOS: Records $7,723,000 Loss for December ----------------------------------------------------- STATION CASINOS, INC. AND CERTAIN DEBTORS CONDENSED BALANCE SHEET As of December 31, 2009 ASSETS Cash and cash equivalents $2,096,000 Restricted Cash 10,336,000 Accounts and notes receivable 15,533,000 Interco receivable (490,395,000) Prepaid expenses 2,717,000 Inventory 12,000 Deferred tax asset, current 137,000 --------------- Total current assets (459,564,000) --------------- Property, plant & equipment 95,852,000 Land held for development 0 Intangible assets 2,485,000 Debt issuance costs 0 Other assets 69,730,000 Investments in subsidiaries 4,119,089,000 Long-term deferred tax asset 119,529,000 --------------- Total Assets $3,947,121,000 =============== LIABILITIES Debtor-in-possession financing $193,151,000 Current portion of LT debt 0 Accounts payable 544,000 Accrued expenses and liabilities 12,563,000 Accrued FIT payable (14,160,000) Accrued interest payable 1,048,000 Payroll & related liabilities 4,373,000 Swap market value, current 0 Deferred tax liability, current 4,356,000 --------------- Total current liabilities 201,875,000 --------------- LT Debt less current portion 0 Long tern accrued benefits 0 Deferred taxes noncurrent 611,318,000 Other liabilities 8,914,000 --------------- Total liabilities not subj. to compromise 822,107,000 --------------- Liabilities subject to compromise 3,427,884,000 --------------- Total Liabilities 4,249,991,000 --------------- Common stock 417,000 Restricted stock 316,657,000 Additional paid-in capital 2,662,113,000 Retained earning (deficit) (3,282,263,000) Other comprehensive income 206,000 --------------- Total stockholders equity (302,870,000) --------------- Total Liabilities and Equity $3,947,121,000 =============== STATION CASINOS, INC. AND CERTAIN DEBTORS CONDENSED STATEMENTS OF OPERATIONS For The Month Ended December 31, 2009 Operating revenue: Other $521,000 --------------- Net revenue 521,000 Operating costs & expenses 2,286,000 --------------- EBITDAR (1,765,000) Land lease 0 Earnings (losses) from JV's 0 --------------- EBITDA (1,765,000) Depreciation 637,000 Amortization 0 Restructuring charge 0 Preopening expenses 0 --------------- EBIT (2,402,000) Cancelled debt offering costs 0 Early retirement of debt 0 Loss on lease termination 0 I/C Interest income 101,000 Interest income (7,000) Interest expense (5,081,000) Less: capitalized interest 1,214,000 Interest in swap fair value 0 Change in swap fair value (68,000) Gain (loss) on disposal (289,000) --------------- Income before fees & inc tax (6,532,000) Management fees 2,030,000 Reorganization costs (3,221,000) Federal tax fees 0 --------------- Net Income ($7,723,000) =============== STATION CASINOS, INC. AND CERTAIN DEBTORS CONDENSED STATEMENTS OF CASH FLOWS For the Month Ended December 31, 2009 Cash flows from operating activities: Net income ($7,723,000) Adjustment to reconcile net income to net cash used in operating activities: Depreciation and amortization 637,000 Shared-based compensation 1,579,000 Change in fair value of derivative instrument 68,000 Loss on disposal of assets 289,000 Loss on early retirement of debt 0 Amortization of debt discount 0 Reorganization items 3,388,000 Change in assets and liabilities: Decrease (increase) in restricted cash 0 Decrease (increase) in accts. and notes receivable, net (147,000) Decrease (increase) in accounts and notes receivable, net 387,000 Decrease (increase) notes in inventories & prepaid expenses 848,000 Increase (decrease) deferred income taxes 2,000 Increase (decrease) in accounts payable (181,000) Increase (decrease) in liab subject to compromise 5,486,000 Increase in accrued interest 434,000 Increase in accrued expenses and other current liabilities 1,991,000 Increase in intercomp. payables (33,528,000) Other, net (4,297,000) --------------- Total adjustments (23,044,000) Net cash provided by (used in) operating activities, before reorganization items (30,767,000) --------------- Cash used for Reorganization items (4,604,000) --------------- Net cash provided (used in) operating activities (35,371,000) --------------- (39,975,000) --------------- Cash flows from investing activities: Capital expenditures 10,038,000 Intangible assets 0 Proceeds intercompany sale of land 0 Distribution from subsidiaries (10,878,000) Native American development costs 0 Other, net (958,000) --------------- Net cash provided by investing activities (1,798,000) --------------- Cash flows from financing activities: Borrowings under DIP Financing 39,457,000 Payments under term loan 0 Payments of debt issue costs 0 Capital contributions received 0 --------------- Net cash provided by (used in) financing activities 39,457,000 --------------- Cash and cash equivalents: Increase in cash and cash equivalents 1,663,000 Balance, beginning period 433,000 --------------- Balance, end of period $2,096,000 =============== About Station Casinos Station Casinos, Inc., is a gaming and entertainment company that currently owns and operates nine major hotel/casino properties (one of which is 50% owned) and eight smaller casino properties (three of which are 50% owned), in the Las Vegas metropolitan area, as well as manages a casino for a Native American tribe. Station Casinos Inc., together with its affiliates, filed for Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477). Station Casinos has hired Milbank, Tweed, Hadley & McCloy LLP as legal counsel in the Chapter 11 case; Brownstein Hyatt Farber Schreck, LLP, as regulatory counsel; and Lewis and Roca LLP as local counsel. The Debtor is also hiring Lazard Freres & Co. LLC as investment banker and financial advisor. Kurtzman Carson Consultants LLC is the claims and noticing agent. In its bankruptcy petition, Station Casinos said that it had assets of $5,725,001,325 against debts of $6,482,637,653 as of June 30, 2009. About 4,378,929,997 of its liabilities constitute unsecured or subordinated debt securities. Bankruptcy Creditors' Service, Inc., publishes Station Casinos Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Station Casinos Inc. and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TRONOX INC: Slashes Down December Net Loss to $50.9 Million ----------------------------------------------------------- Tronox Inc. delivered to the Court an amended monthly operating report for the period ended December 31, 2009. The amended Monthly Operating report states, among others, that the Debtors' net loss for the month of December is $50,900,000, instead of the previously reported net loss of $59,400,000. TRONOX INCORPORATED CHAPTER 11 DEBTORS Unaudited Condensed Consolidated Balance Sheet As of December 31, 2009 ASSETS Cash and cash equivalents $78,800,000 Notes and accounts receivable intercompany 365,500,000 Accounts receivable, third parties 83,600,000 Inventories, net 106,200,000 Prepaid and other assets 131,000,000 Income tax receivable 500,000 Deferred income taxes 1,200,000 ---------------- Total Current Assets 766,800,000 Property, plant and equipment, net 177,500,000 Notes and advances receivable, intercompany 106,800,000 Other long-term assets 383,500,000 ---------------- Total Assets $1,434,600,000 ================ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable, third parties $51,000,000 Accrued liabilities 76,200,000 Long-term debt due within one year 1,700,000 Income taxes payable 1,400,000 Long-term debt classified as current 0 ---------------- Total Current Liabilities 130,300,000 Noncurrent liabilities: Deferred income taxes 5,100,000 Environmental remediation and restoration 106,100,000 Long-term Debt 423,300,000 Notes and advances payable, intercompany 9,500,000 Other 121,400,000 ---------------- Total Liabilities Not Subject to Compromise 795,700,000 Minority Interest 3,400,000 Liabilities Subject to compromise 438,000,000 Commitments and contingencies 0 Stockholders' equity Common stock 400,000 Capital in excess of par value 496,300,000 Retained earnings (accumulated deficit) (274,400,000) Accumulated other comprehensive income (17,600,000) Treasury stock, at cost (7,200,000) ---------------- Total Stockholders' Equity 197,500,000 ---------------- Total Liabilities and Stockholders' Equity $1,434,600,000 ================ TRONOX INCORPORATED CHAPTER 11 DEBTORS Unaudited Condensed Consolidated Statement of Operations Month Ended December 31, 2009 Net Sales $48,300,000 Cost of goods sold 39,100,000 ---------------- Gross margin 9,200,000 Selling, general and admin. Expenses 8,900,000 Gain on land sales 0 Asset impairment 28,100,000 Restructuring charges 300,000 Provision for doubtful notes and accounts 0 ---------------- (28,100,000) Interest and debt expense 7,300,000 Other (income) expense, net (1,300,000) Reorganization items 27,100,000 ---------------- Income from continuing operations before income taxes (61,200,000) Income tax provision (benefit) (9,000,000) ---------------- Income (Loss) from continuing operations (52,200,000) Income (loss) from discontinued operations, net of tax 1,300,000 ---------------- Net income (loss) ($50,900,000) ================ About Tronox Inc. Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets: TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer of titanium dioxide pigment, with an annual production capacity of 535,000 tonnes. Titanium dioxide pigment is an inorganic white pigment used in paint, coatings, plastics, paper and many other everyday products. The Company's four pigment plants, which are located in the United States, Australia and the Netherlands, supply high-performance products to approximately 1,100 customers in 100 countries. In addition, Tronox produces electrolytic products, including sodium chlorate, electrolytic manganese dioxide, boron trichloride, elemental boron and lithium manganese oxide. Tronox has $1.6 billion in total assets, including $646.9 million in current assets, as at September 30, 2008. The Company has $881.6 million in current debts and $355.9 million in total noncurrent debts. Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates filed for Chapter 11 protection on January 13, 2009 (Bankr. S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L. Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York, represent the Debtors. The Debtors also tapped Togut, Segal & Segal LLP as conflicts counsel; Rothschild Inc. as investment bankers; Alvarez & Marsal North America LLC, as restructuring consultants; and Kurtzman Carson Consultants serves as notice and claims agent. An official committee of unsecured creditors and an official committee of equity security holders have been appointed in the cases. The Creditors Committee has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel. Until September 30, 2008, Tronox Inc. was publicly traded on the New York Stock Exchange under the symbols TRX and TRX.B. Since then, Tronox Inc. has traded on the Over the Counter Bulletin Board under the symbols TROX.A.PK and TROX.B.PK. As of December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares of class A common stock and 22,889,431 outstanding shares of class B common stock. Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Tronox Inc. and its 14 affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TROPICANA ENTERTAINMENT: Reports $4,752,000 Net Loss for December ----------------------------------------------------------------- Tropicana Entertainment, LLC Balance Sheet As of December 31, 2009 Unaudited ASSETS Current Assets Accounts receivable - trade $15,000 Cash & temporary cash investments 6,776,000 Restricted cash 2,772,000 Deposits 10,438,000 Inventories 0 Other receivables 0 Prepaid expenses 149,000 -------------- Total Current Assets 20,150,000 Property and Equipment Buildings 0 Construction in progress 15,000 Furniture & fixtures 2,600,000 Land 0 Riverboats, barges & ramps 0 Vehicles 0 -------------- Total Property and Equipment 2,616,000 Reserve for Depreciation Boats, barges & ramp reserve for depreciation 0 Building reserve for depreciation 0 Furn. & fixtures reserve for depreciation (400,000) Gaming entertainment reserve for depreciation 0 Vehicle reserve for depreciation 0 -------------- Total Reserve for Depreciation (400,000) Other Assets Investments 2,775,215,000 Other assets 8,102,000 -------------- Total Other Assets 2,783,317,000 -------------- TOTAL ASSETS $2,805,682,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities Accounts payable $9,577,000 Accrued other expenses 254,000 Accrued payroll 2,657,000 Deferred income 0 Notes payable - Evansville 0 Payroll taxes payable 0 Sales tax payable 11,000 Current portion of long-term debt due 1 Yr 0 Amounts due to affiliated guarantors 55,540,000 -------------- Total Current Liabilities 68,040,000 Long Term Debt Due Beyond One Year DIP financing 65,219,000 -------------- Total Long Term Debt Due Beyond One Year 65,219,000 Other Liabilities Deferred fed taxes 0 Deferred rent 0 Deferred state inc taxes 0 Deferred tax liability 5,519,000 Intercompany 91,066,000 -------------- Total Other Liabilities 96,585,000 Total Liabilities not Subject to Compromise 229,845,000 Liabilities Subject to Compromise Non-intercompany 911,878,000 Intercompany 1,569,999,000 -------------- Total Liabilities Subject to Compromise 2,481,877,000 -------------- Total Liabilities 2,711,722,000 Total Stockholders' Equity 93,960,000 -------------- Total Liabilities & Shareholders' Deficit $2,805,682,000 ============== Tropicana Entertainment, LLC Income Statement For the Month Ended December 31, 2009 Unaudited Operating Revenues Casino revenue $0 Rooms revenue 0 Food & beverage revenue 0 Other casino & hotel revenue - less int income 0 -------------- Operating Revenues 0 Less promotional allowances 0 -------------- Net Operating Revenues 0 Operating Expenses Casino operating expenses 19,000 Rooms operating expenses 0 Food and beverage operating expenses 0 Other casino and hotel operating expenses (155,000) Utilities 0 Marketing, advertising and casino promotions 6,000 Repairs and maintenance 36,000 Insurance 38,000 Property and local taxes 0 Gaming tax and licenses 0 Administrative and general 2,242,000 Leased land and facilities 58,000 Depreciation and amortization 42,000 Loss on disposition of assets 0 Bad debt expense - loans 0 Impairment charge 0 Restructuring cost 0 Chapter 11 reorg. & other prof. fees 1,177,000 -------------- Total Operating Expense 3,462,000 Income from Operations (3,462,000) Other Income (Expense) Interest expense (1,136,000) Intercompany interest income 0 Intercompany interest expense (155,000) -------------- Total Other Income (Expense) (1,290,000) Federal Income Tax 1,025,000 Income Before Minority Interest (4,752,000) -------------- NET INCOME ($4,752,000) ============== For the reporting period, Tropicana Entertainment LLC and its debtor affiliates listed cash receipts totaling $32,643,000 and cash disbursements totaling $31,270,000. About Tropicana Entertainment Tropicana Entertainment LLC and its units owned eleven casino properties in eight distinct gaming markets with premier properties in Las Vegas, Nevada, and Atlantic City, New Jersey. Tropicana Entertainment LLC and certain affiliates filed for Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08- 10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at Richards Layton & Finger, represent the Debtors in their restructuring efforts. Their financial advisor is Lazard Ltd. Their notice, claims, and balloting agent is Kurtzman Carson Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors' Web site administration agent. AlixPartners LLP is the Debtors' restructuring advisor. Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell LLP represent the Official Committee of Unsecured Creditors in this case. Capstone Advisory Group LLC is financial advisor to the Creditors' Committee. The OpCo Debtors, a group of Tropicana entities owning casinos and resorts in Atlantic City, New Jersey and Evansville, Indiana have obtained confirmation from the Bankruptcy Court of a reorganization plan. A group of Tropicana entities, known as the LandCo Debtors, which own Tropicana casino property in Las Vegas, have obtained approval of a separate Chapter 11 plan. On April 29, 2009, non-debtor units of the OpCo Debtors, designated as the New Jersey Debtors -- Adamar of New Jersey, Inc., and its affiliate, Manchester Mall, Inc. -- filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to effectuate a sale of the Atlantic City Resort and Casino to a group of Investors-led by Carl Icahn. Judge Judith H. Wizmur presides over the cases. Manchester Mall is a wholly owned subsidiary of Adamar that owns and operates certain real property utilized in the New Jersey Debtors' business operations. Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz, Meisel, Forman & Leonard, in Hackensack, New Jersey, represent the New Jersey Debtors. Kurtzman Carson Consultants LLC acts as their claims and notice agent. Adamar disclosed $500 million to $1 billion both in total assets and debts in its petition. Manchester Mall disclosed $1 million to $10 million in total assets, and less than $50,000 in total debts in its petition. Bankruptcy Creditors' Service, Inc., publishes Tropicana Bankruptcy News. The newsletter tracks the chapter 11 restructuring proceedings commenced by Tropicana Entertainment LLC and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) WASHINGTON MUTUAL: Reports $2,788,545 Loss for December ------------------------------------------------------- WASHINGTON MUTUAL, INC. Unaudited Balance Sheet As of December 31, 2009 ASSETS Unrestricted cash and cash equivalents $4,579,246,033 Restricted cash and cash equivalents 94,375,680 Investment securities 69,993,964 Accrued interest receivable 762,947 Income tax receivable 476,143,556 Prepaid expenses 3,785,524 Cash surrender value of BOLI/COLI 89,246,363 Funded Pension 39,173,922 Other investments - Investment in subsidiaries 1,474,034,858 Notes receivable, intercompany 12,510,871 Fixed assets 92,029 Other assets 96,035,756 ---------------- Total Assets $6,935,401,506 ================ LIABILITIES NOT SUBJECT TO COMPROMISE Accounts payable $3,899,141 Accrued wages and benefits 1,411,262 Other accrued liabilities 10,590,584 Minority interest 1,112,654 ---------------- Total Postpetition Liabilities 17,013,641 LIABILITIES SUBJECT TO COMPROMISE Senior debt 4,132,421,622 Subordinated debt 1,666,464,970 Junior subordinated debt 752,445,435 Intercompany payables 684,095,259 Accounts payable 4,480,720 Taxes payable 550,080,833 Payroll and benefit accruals 407,236,707 Other accrued liabilities 86,364,578 Other prepetition liabilities 198 ---------------- Total Prepetition Liabilities 8,283,590,322 ---------------- Total Liabilities 8,300,603,962 SHAREHOLDERS' EQUITY Preferred stock 3,392,341,954 Common stock 12,988,753,556 Other comprehensive income (753,461,687) Retained earnings - prepetition (16,741,804,781) Retained earnings - postpetition (251,031,499) ---------------- Total Shareholders' Equity (1,365,202,457) ---------------- Total Liabilities and Shareholders' Equity $6,935,401,506 ================ WASHINGTON MUTUAL, INC. Unaudited Statement of Operations For the period December 1 to December 31, 2009 REVENUES Interest income: Cash equivalents $603,130 Securities 272,435 Notes receivable - intercompany 97,411 Other 150 ---------------- Total Interest Income 973,125 Earnings (losses) from subsidiaries and other equity investments 11,802,650 Gains (losses) from securities/investments 5,434 Other income (135,964) ---------------- Total Revenues 12,645,246 OPERATING EXPENSES Compensation and benefits 507,872 Occupancy and equipment 96,782 Professional fees 97,520 Loss (Income) from BOLI/COLI policies (436,247) Management fees/transition services 70,000 Insurance 225,000 Other 136,726 ---------------- Total Operating Expenses 697,653 Net profit (loss) before other income and expenses 11,947,593 OTHER INCOME AND EXPENSES Interest expense: Notes payable - intercompany - Borrowings - ---------------- Total Interest Expense - Other expense/(income) - ---------------- Net profit (loss) before reorganization items 11,947,593 REORGANIZATION ITEMS Professional fees 4,403,957 Claims adjustments 10,047,217 U.S. Trustee quarterly fees - Gains (losses) from sale of assets - Other reorganization expenses 284,964 ---------------- Total Reorganization Items 14,736,138 Net profit (loss) before income taxes (2,788,545) Income taxes - ---------------- NET PROFIT (LOSS) ($2,788,545) ================ WASHINGTON MUTUAL, INC. Unaudited Schedule of Cash Receipts and Disbursements For the period December 1 to December 31, 2009 Opening Balance 11/30/09 $3,942,579,816 RECEIPTS Interest & investment returns 2,185,991 Tax refunds 1,167,576 Reimbursements/distributions from subs 5,217,395 Sales of assets/securities - Life insurance proceeds - Other miscellaneous receipts 276 ---------------- Total Receipts 8,571,238 TRANSFERS Sweep to/(from) Money Market account - Sweep (to)from Wells Managed account 25,000,000 ---------------- Total Transfers 25,000,000 DISBURSEMENTS Salaries and benefits 311,786 Travel and other expenses 26,973 Occupancy and supplies 103,683 Professional fees 8,521,103 Other outside services 908,167 Bank fees 23,767 U.S. trustee quarterly fees - Directors fees 60,000 Taxes paid - ---------------- Total Disbursements 9,955,479 ---------------- Net Cash Flow 23,615,760 ---------------- Cash - End of Month 3,966,195,575 GL Balance 3,966,195,575 Net value -- Short Term Securities 613,050,458 ---------------- Total Cash and Cash Equivalents $4,579,246,033 ================ WMI INVESTMENT CORP. Unaudited Balance Sheet As of December 31, 2009 ASSETS Unrestricted cash and cash equivalents $275,261,723 Restricted cash and cash equivalents - Investment Securities - Accrued interest receivable - Income tax receivable 22,187,560 Prepaid expenses - Cash surrender value of BOLI/COLI - Funded Pension - Other investments 58,890,626 Investment in subsidiaries - Notes receivable, intercompany 565,844,197 Fixed Assets - Other assets - ---------------- Total Assets $922,184,108 ================ LIABILITIES NOT SUBJECT TO COMPROMISE Accounts payable $300,000 Accrued wages and benefits - Other accrued liabilities 14,825 Minority interest - ---------------- Total Postpetition Liabilities 314,825 LIABILITIES NOT SUBJECT TO COMPROMISE Senior debt - Subordinated debt - Junior subordinated debt - Intercompany payables - Accounts payable - Taxes payable - Payroll and benefit accruals - Other accrued liabilities - Other prepetition liabilities - ---------------- Total Prepetition Liabilities - ---------------- Total Liabilities 314,825 SHAREHOLDERS' EQUITY Preferred stock - Common stock 1,000,000,000 Other comprehensive income 22,187,560 Retained earnings - prepetition 14,133,260 Retained earnings - postpetition (114,451,538) ---------------- Total Shareholders' Equity 921,869,283 ---------------- Total Liabilities and Shareholders' Equity $922,184,108 ================ WMI INVESTMENT CORP. Unaudited Statement of Operations For the period December 1 to December 31, 2009 REVENUES Interest income: Cash equivalents $35,506 Securities - Notes receivable - intercompany - Other - ---------------- Total Interest Income 35,506 Earnings (losses) from subsidiaries and other equity investments 18,710,314 Gains (losses) from securities/investments - Other income - ---------------- Total Revenues 18,745,820 OPERATING EXPENSES Compensation and benefits - Occupancy and equipment - Professional fees - Loss (Income) from BOLI/COLI policies - Management fees/transition services - Insurance - Other 14,389 ---------------- Total Operating Expenses 14,389 Net profit (loss) before other income and expenses 18,731,431 OTHER INCOME AND EXPENSES Interest expense: Notes payable - intercompany - Borrowings - ---------------- Total Interest Expense - Other expense/(income) - ---------------- Net profit (loss) before reorganization items 18,731,431 REORGANIZATION ITEMS Professional fees 300,000 Claims adjustments - U.S. Trustee quarterly fees - Gains (losses) from sale of assets - Other reorganization expenses - ---------------- Total Reorganization Items 300,000 ---------------- Net profit (loss) before income taxes 18,431,431 Income taxes - ---------------- NET PROFIT (LOSS) $18,431,431 ================ WMI INVESTMENT CORP. Unaudited Schedule of Cash Receipts and Disbursements For the period December 1 to December 31, 2009 Opening Balance 11/30/09 $54,179,367 RECEIPTS Interest & investment returns 9,928 Tax refunds - Reimbursements/distributions from subs - Sales of assets/securities - Life insurance proceeds - Other miscellaneous receipts - ---------------- Total Receipts 9,928 TRANSFERS Sweep to/(from) Money Market account - Sweep (to) from Wells Managed account (500,000) ---------------- Total Transfers (500,000) DISBURSEMENTS Salaries and benefits - Travel and other expenses - Occupancy and supplies - Professional fees - Other outside services - Bank fees - U.S. trustee quarterly fees - Directors fees - Taxes paid - Miscellaneous adjustments - ---------------- Total Disbursements - ---------------- Net Cash Flow (490,072) ---------------- Cash - End of Month 53,689,295 GL Balance 53,689,295 Net value -- Short Term Securities 221,572,428 ---------------- Total Cash and Cash Equivalents $275,261,723 ================ WaMu Chief Financial Officer John Maciel disclosed that as of December 30, 2009, the Debtors paid these firms an aggregate of $8,521,101 on account of services rendered in their cases: Professional Fees Expenses ------------ --------- -------- Akin, Gump, Strauss, Hauer & Fled $1,025,639 - Alvarez & Marsal 1,711,148 $79,392 CP Energy Group, LLC 20,062 - Davis Wright Tremaine LLP 19,333 4,767 Elliott Greenleaf 124,503 3,400 FTI Consulting, Inc. 541,435 - Gibson, Dunn & Crutcher LLP 5,277 - Grant Thornton 57,604 - Joele Frank, Wilkinson Brimmer Katcher 4,917 448 John W. Wolfe, P.S. 219,840 - Kurtzman Carson Consultants LLC 46,488 - McKee Nelson LLP/Bingham McCutchen 344,721 5,254 Miller & Chevalier Chartered 29,198 - Pepper Hamilton LLP 154,643 - Perkins Coie LLP 129,957 - PricewaterhouseCoppers LLP 146,161 7,643 Quinn Emmanuel Urquhart Oliver & Hedges 1,916,441 46,840 Richards, Layton & Finger P.A. 72,176 10,426 Shearman & Sterling LLP 131,948 56 Silverstein & Pomerantz LLP 5,000 - Simpson Thacher & Barlett LLP 17,110 - Weil, Gotshal & Manges LLP 1,625,679 13,583 As of December 31, 2009, WaMu paid a total of $3,889,140 to 26 vendors for certain postpetition accounts. A complete list of the Vendor Payments is available for free at: http://bankrupt.com/misc/WaMu_Dec2009VendorPayments.pdf Mr. Maciel reported that for the period from December 1 to 31, 2009, WaMu did not file property tax returns and sales and use tax returns. Withholding summaries of deposits were filed during the Reporting Period. A full-text copy of WaMu's December 2009 Operating Report is available for free at the U.S. Securities and Exchange Commission at http://ResearchArchives.com/t/s?5147 About Washington Mutual Based in Seattle, Washington, Washington Mutual Inc. -- http://www.wamu.com/-- is a holding company for Washington Mutual Bank as well as numerous non-bank subsidiaries. The Company operates in four segments: the Retail Banking Group, which operates a retail bank network of 2,257 stores in California, Florida, Texas, New York, Washington, Illinois, Oregon, New Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and Connecticut; the Card Services Group, which operates a nationwide credit card lending business; the Commercial Group, which conducts a multi-family and commercial real estate lending business in selected markets, and the Home Loans Group, which engages in nationwide single-family residential real estate lending, servicing and capital markets activities. Washington Mutual Bank was taken over September 25 by U.S. government regulators. The next day, WaMu and its affiliate, WMI Investment Corp., filed separate petitions for Chapter 11 relief (Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns 100% of the equity in WMI Investment. Weil Gotshal & Manges represents the Debtors as counsel. When WaMu filed for protection from its creditors, it listed assets of $32,896,605,516 and debts of $8,167,022,695. WMI Investment listed assets of $500,000,000 to $1,000,000,000 with zero debts. Bankruptcy Creditors' Service Inc. publishes Washington Mutual Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Washington Mutual Inc. (http://bankrupt.com/newsstand/or 215/945-7000). ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. 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Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2010. 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