/raid1/www/Hosts/bankrupt/TCR_Public/100327.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, March 27, 2010, Vol. 14, No. 85
Headlines
ACCENTIA BIOPHARMA: Files February 2010 Monthly Operating Report
ACCENTIA BIOPHARMA: Biovest Files February 2010 Operating Report
CHEMTURA CORP: Reports $19,000,000 Loss for February
CMR MORTGAGE: Posts $958,295 Net Loss in February 2010
COLONIAL BANCGROUP: Ends February 2010 With $39.1 Million Cash
DRUG FAIR: Earns $36,646 From January 2 to February 27
EDDIE BAUER: Files February 2010 Monthly Operating Report
ESCADA AG: EUSA Has $12,751,879 Case at End of January
EXTENDED STAY: Reports $44,300,000 Net Loss for February
FLEETWOOD ENTERPRISES: Posts $5,374,740 Net Loss in February 2010
GENERAL MOTORS: Has $996,741,000 Cash at End of January
GOTTSCHALKS INC: Ends January 2010 With $11,315,000 Cash
INTERNATIONAL ALUMINUM: Posts $1.5 Million Net Loss in January
LAKE AT LAS: Posts $1.9 Million Net Loss in January 2010
LEXINGTON PRECISION: Posts $729,000 Net Loss in January 2010
MERUELO MADDUX: Posts $1.7 Million Net Loss in February 2010
MERUELO MADDUX: 845 S Flower Reports $4,001 Net Income in February
METROMEDIA INT'L: Posts $2.9 Million Net Loss in February 2010
MIDLAND FOOD: Reports $212,850 EBITDA in February
MORRIS PUBLISHING: Ends February 2010 With $30.6 Million Cash
PFF BANCORP: Posts $55,782 Net Loss in February 2010
PRECISION PARTS: Posts $12,821 Net Loss in November 2009
SHARPER IMAGE: Ends February 2010 With $4,329,637 Cash
SMURFIT-STONE: Reports $33,232,000 Net Loss for January
TARRAGON CORP: Ends January With $3.8 Million in Unrestricted Cash
TRUMP ENTERTAINMENT: Posts $9.5 Million Net Loss in February 2010
US ENERGY: Posts $54,286 Net Loss in December 2009
*********
ACCENTIA BIOPHARMA: Files February 2010 Monthly Operating Report
----------------------------------------------------------------
On March 23, 2010, Accentia BioPharmaceuticals, Inc., and
certain of its affiliates filed their unaudited combined monthly
operating report for February 2010 with the United States
Bankruptcy Court for the Middle District of Florida, Tampa
Division.
Their schedule of receipts and disbursements for February 2010
showed:
Funds at beginning of period $21,992
Total Receipts $230,905
Total Funds Available for Operations $252,897
Total Disbursements $244,541
Funds at February 28, 2010 $8,355
A full-text copy of the Debtors' monthly operating report for
February 2010 is available at no charge at:
http://researcharchives.com/t/s?5c24
Headquartered in Tampa, Florida, Accentia Biopharmaceuticals Inc.
(Nasdaq: ABPI) -- http://www.accentia.net/--is biopharmaceutical
company focused on the development and commercialization of drug
candidates that are in late-stage clinical development and
typically are based on active pharmaceutical ingredients that have
been previously approved by the FDA for other indications. The
Company's lead product candidate is SinuNase(TM), a novel
application and formulation of a known therapeutic to treat
chronic rhinosinusitis.
The Company has acquired the majority ownership interest in
Biovest International Inc. and a royalty interest in Biovest's
lead drug candidate, BiovaxID(TM) and any other biologic products
developed by Biovest. The Company also has a specialty
pharmaceutical business, which markets products focused on
respiratory disease and an analytical consulting business that
serves customers in the biopharmaceutical industry.
Accentia Biopharmaceuticals and nine affiliates filed for Chapter
11 protection on November 10, 2008 (Bankr. M.D. Fla., Lead Case
No. 08-17795). Charles A. Postler, Esq., and Elena P. Ketchum,
Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida; and
Jonathan B. Sbar, Esq., at Rocke, McLean & Sbar, P.A., represent
the Debtors as counsel. Attorneys at Olshan Grundman Frome
Rosenzweig, and Genovese Joblove & Battista PA, represent the
official committee of unsecured creditors. The Debtors said
assets totalled $134,919,728 while debts were $77,627,355 as of
June 30, 2008.
ACCENTIA BIOPHARMA: Biovest Files February 2010 Operating Report
---------------------------------------------------------------
Biovest International Inc. and certain of its debtor-affiliates
filed with the U.S. Bankruptcy Court for the Middle District of
Florida, Tampa Division on March 23, 2010, their unaudited
combined monthly operating report for the month of February 2010.
Their schedule of receipts and disbursements for February 2010
showed:
Funds at beginning of period $781,775
Total Receipts $233,894
Total Funds Available for Operations $1,015,670
Total Disbursements $640,807
Funds at December 31, 2009 $374,863
A full-text copy of Biovest International Inc. and its debtor-
affiliates' monthly operating report for February 2010 is
available for free at http://researcharchives.com/t/s?5c25
Headquartered in Tampa, Florida, Accentia Biopharmaceuticals Inc.
(Nasdaq: ABPI) -- http://www.accentia.net/--is biopharmaceutical
company focused on the development and commercialization of drug
candidates that are in late-stage clinical development and
typically are based on active pharmaceutical ingredients that have
been previously approved by the FDA for other indications. The
Company's lead product candidate is SinuNase(TM), a novel
application and formulation of a known therapeutic to treat
chronic rhinosinusitis.
The Company has acquired the majority ownership interest in
Biovest International Inc. and a royalty interest in Biovest's
lead drug candidate, BiovaxID(TM) and any other biologic products
developed by Biovest. The Company also has a specialty
pharmaceutical business, which markets products focused on
respiratory disease and an analytical consulting business that
serves customers in the biopharmaceutical industry.
Accentia Biopharmaceuticals and nine affiliates filed for Chapter
11 protection on November 10, 2008 (Bankr. M.D. Fla., Lead Case
No. 08-17795). Charles A. Postler, Esq., and Elena P. Ketchum,
Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida; and
Jonathan B. Sbar, Esq., at Rocke, McLean & Sbar, P.A., represent
the Debtors as counsel. Attorneys at Olshan Grundman Frome
Rosenzweig, and Genovese Joblove & Battista PA, represent the
official committee of unsecured creditors. The Debtors said
assets totalled $134,919,728 while debts were $77,627,355 as of
June 30, 2008.
CHEMTURA CORP: Reports $19,000,000 Loss for February
----------------------------------------------------
Chemtura Corporation, Et Al.
Condensed Combined Balance Sheets (Unaudited)
As of February 28, 2010
Assets
Current Assets $736,000,000
Intercompany receivables 517,000,000
Investment in subsidiaries 1,895,000,000
Property, plan and equipment 403,000,000
Goodwill 149,000,000
Other assets 392,000,000
--------------
Total assets $4,092,000,000
==============
Liabilities and Stockholders' Equity
Current liabilities $456,000,000
Intercompany payables 40,000,000
Other long-term liabilities 75,000,000
--------------
Total liabilities
not subject to compromise 571,000,000
Liabilities subject to compromise 3,420,000,000
Total stockholders' equity 101,000,000
--------------
Total liabilities
and stockholders' equity $4,092,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Operations (Unaudited)
For the Period from February 1 to 28, 2010
Net sales $152,000,000
Cost of goods sold 131,000,000
Selling, general and
administrative expenses 15,000,000
Depreciation and amortization 16,000,000
Research and development 1,000,000
--------------
Operating profit (loss) (11,000,000)
Interest expense (5,000,000)
Other income (expense) 4,000,000
Reorganization items, net (7,000,000)
Equity in net earnings (loss)
of subsidiaries -
--------------
Income (loss) before income taxes (19,000,000)
Income tax benefit -
--------------
Net income (loss) ($19,000,000)
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Cash Flows (Unaudited)
For the Period from February 28, 2010
Cash Flows from Operating Activities:
Net income (loss) ($19,000,000)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation and amortization 16,000,000
Changes in assets and debts, net (23,000,000)
--------------
Net cash provided in operating activities (26,000,000)
--------------
Cash flows from Investing Activities:
Capital expenditures (2,000,000)
--------------
Cash Flows from Financing Activities:
Proceeds from credit facility, net 299,000,000
Payment on DIP credit facility, net (250,000,000)
Deferred debt issuance costs (16,000,000)
--------------
Net cash provided by financing activities 33,000,000
Cash and Cash Equivalents:
Change in cash and cash equivalents 5,000,000
--------------
Cash and cash equivalents, beginning of period 52,000,000
--------------
Cash and cash equivalents, end of period $57,000,000
==============
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)
CMR MORTGAGE: Posts $958,295 Net Loss in February 2010
------------------------------------------------------
CMR Mortgage Fund II, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of California on March 23, 2010, its
monthly operating report for the month ended February 28, 2010.
The Company reported a net loss of $958,295 on total revenues of
$22,521 for the month of February 2010.
At February 28, 2010, the Debtor had total assets of $63,904,751,
total liabilities of $37,308,234 and total equity of $26,596,517.
A full-text copy of the Debtor's operating report for February
2010 is available at http://researcharchives.com/t/s?5c26
San Francisco, California-based CMR Mortgage Fund II, LLC, is a
limited liability company organized for the purpose of making or
investing in business loans secured by deeds of trust or mortgages
on real properties located primarily in California. The Company
previously funded lending activities through loan pay downs or pay
offs, as well as by selling its membership interests, and by
selling all or a portion of interests in the loans to individual
investors. The Company commenced operations in February 2004.
The Company ceased accepting new members in the third quarter of
2006.
The Company and CMR Mortgage Fund III, LLC, filed for Chapter 11
protection on March 31, 2009 (Bankr. N. D. Calif. Case No. 09-
30788 and 09-30802). Robert G. Harris, Esq., at the Law Offices
of Binder and Malter, represents the Debtor as counsel. The
Debtor listed between $10 million and $50 million each in assets
and debts.
COLONIAL BANCGROUP: Ends February 2010 With $39.1 Million Cash
--------------------------------------------------------------
On March 18, 2010, The Colonial Bancgroup, Inc., filed its
monthly operating report for February 2010 with the U.S.
Bankruptcy Court for the Middle District of Alabama, Northern
Division.
The Company ended February 2010 with $39.1 million cash. The
Company paid a total of $60,634 in professional fees in February
2010.
At February 28, 2010, the Company had total assets of
$44.2 million and total liabilities of $365.6 million.
A full-text copy of the Company's February 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?5c1f
Headquartered in Montgomery, Alabama, The Colonial BancGroup, Inc.
(NYSE: CNB) was holding company to Colonial Bank, N.A, its
banking subsidiary. Colonial bank -- http://www.colonialbank.com/
-- operated 354 branches in Florida, Alabama, Georgia, Nevada and
Texas with over $26 billion in assets. On August 14, 2009,
Colonial Bank was seized by regulators and the Federal Deposit
Insurance Corporation was named receiver. The FDIC sold most of
the assets to Branch Banking and Trust, Winston-Salem, North
Carolina. BB&T acquired $22 billion in assets and assumed
$20 billion in deposits of the Bank.
The Colonial BancGroup filed for Chapter 11 bankruptcy protection
on August 25, 2009 (Bankr. M.D. Ala. Case No. 09-32303). W. Clark
Watson, Esq., at Balch & Bingham LLP and Rufus T. Dorsey IV,
Esq., at Parker Hudson Rainer & Dobbs LLP, assist the Company in
its restructuring effort. The Company listed $45,000,000 in
assets and $380,000,000 in debts in its bankruptcy filing.
DRUG FAIR: Earns $36,646 From January 2 to February 27
------------------------------------------------------
On March 12, 2010, Drug Fair Group, Inc. filed its monthly
operating reports for the filing period August 30, 2009, through
October 2, 2009, the filing period October 3, 2009, through
October 31, 2009, the filing period November 1, 2009, through
November 28, 2009, the filing period November 29, 2009, through
January 2, 2010, and the filing period January 2, 2010, through
February 27, 2010.
The Debtor reported net income of $36,646 for the filing period
January 2, 2010, through February 27, 2010.
At February 27, 2010, the Debtor had $13,456,582 in total assets
and $55,172,080 in total liabilities.
The Company also reported net income in January 2010,
December 2009, November 2009, October 2009, and September 2009:
January 2010 - $154,104
December 2009 - $146,251
November 2009 - $214,023
October 2009 - $141,786
September 2009 - $103,534
Full-text copies of the Debtor's monthly operating reports is
available at no charge at:
http://bankrupt.com/misc/drugfair.february2010mor.pdf
http://bankrupt.com/misc/drugfair.january2010mor.pdf
http://bankrupt.com/misc/drugfair.december2009mor.pdf
http://bankrupt.com/misc/drugfair.november2009mor.pdf
http://bankrupt.com/misc/drugfair.october2009mor.pdf
http://bankrupt.com/misc/drugfair.september2009mor.pdf
Headquartered in Somerset, New Jersey, Drug Fair Group, Inc. --
http://www.drugfair.com/or http://www.costcuttersonline.com/--
fka Community Distributors, Inc., operates pharmacies and general
merchandise stores in northern and central New Jersey. The
Company, with stores in central and northern New Jersey, is
indirectly owned by Sun Capital Partners Inc., a private-equity
investor based in Boca Raton, Florida.
Drug Fair and CDI Group, Inc., filed for Chapter 11 protection on
March 18, 2009 (Bankr. D. Del. Lead Case No. 09-10897). Domenic
E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr
Harrison Harvey Branzburg & Ellers, represent the Debtors in their
restructuring efforts. Warren J. Martin, Jr., Esq., and Brett S.
Moore, Esq., at Porzio Bromberg & Newman, P.C., represent the
official committee of unsecured creditors as counsel. Norman L.
Pernick, Esq., and Patrick J. Reilley, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, P.A., represent the creditors committee
as Delaware counsel. J.H. Cohn LLP is the creditors committee's
financial advisors and forensic accountants. Epiq Bankruptcy
Solutions, LLC, is the Debtors' notice and claims agent. The
Debtors listed assets of $50 million to $100 million and debts of
$100 million to $500 million.
After commencing the Chapter 11 cases, the Debtors began going out
of business sales at approximately 24 locations. On April 27,
2009, the Court approved the sale of 31 remaining stores to
Walgreen Co. for about $54 million. The Debtors are winding down
assets not included in the transactions.
EDDIE BAUER: Files February 2010 Monthly Operating Report
---------------------------------------------------------
On March 11, 2010, EBHI Holdings, Inc., formerly known as
Eddie Bauer Holdings, Inc., filed its monthly operating report for
the period beginning on January 31, 2010, and ending on
February 27, 2010, with the U.S. Bankruptcy Court for the District
of Delaware.
At February 27, 2010, EBHI Holdings, Inc. had $220,498,524 in
total assets, $76,260,778 in total liabilities, and $144,237,746
in net owner equity. Intercompany receivables from affiliates
accounted for $213,173,164 of EBHI's assets.
A copy of the Debtor's monthly operating report is available for
free at http://researcharchives.com/t/s?5b5f
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. (now known as EBHI 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.
ESCADA AG: EUSA Has $12,751,879 Case at End of January
------------------------------------------------------
Escada (USA), Inc., now known as EUSA Liquidation Inc., as filed
with the U.S. Bankruptcy Court for the Southern District of New
York its monthly operating report for the period from January 1
to January 31, 2010.
Christian D. Marques, a member of the Board of Directors at EUSA
Liquidation, related that the Company's beginning balance in its
working fund and disbursement account at JPMorgan Chase Bank,
N.A., PNC Lockbox and local store accounts totaled $6,741,773 at
the beginning of the Reporting Period.
EUSA Liquidation held $12,751,880 at the end of the Period.
EUSA Liquidation Inc., fka Escada (USA) Inc.
Balance Sheet
As of January 31, 2010
ASSETS
CURRENT ASSETS:
Unrestricted cash & cash equivalents $12,751,879
Restricted cash & cash equivalents -
Petty cash & register funds 27,313
Accounts receivable (net) 9,797
Notes receivable -
Inventories -
Prepaid expenses 467,483
Professional retainers -
Other current assets 1,857,495
-------------
Total Current Assets 15,113,967
PROPERTY & EQUIPMENT
Real Property & improvements -
Machinery & equipment -
EDP hardware -
EDP software -
Furniture, fixtures & office equipment -
Leasehold improvements -
Wholesale shop in shops -
Vehicles -
Construction in progress -
Less: Accumulated Depreciation -
-------------
Total Property & Equipment -
OTHER ASSETS
Amounts due from insiders -
Other assets -
-------------
Total Other Assets -
-------------
TOTAL ASSETS $15,113,967
=============
LIABILITIES AND OWNER EQUITY
LIABILITIES NOT SUBJECT TO COMPROMISE:
Accounts payable 1,568,918
Accounts payable - intercompany -
Taxes payable 82,120
Accrued payroll -
Accrued bonuses -
Notes payable -
Rent/Leases - building equipment -
Secured debt/Adequate protection payments -
Professional fees 1,303,729
Amounts due to insiders -
Other postpetition liabilities 827,914
-------------
Total Postpetition Liabilities 3,782,681
LIABILITIES SUBJECT TO COMPROMISE:
Secured debt -
Priority debt - US Customs 13,711,413
Unsecured debt - bonds/senior credit
facility estimate 367,800,000
Unsecured debt - letters of credit 7,519,982
Unsecured debt - accounts payable 1,022,512
Unsecured debt - intercompany 37,525,026
-------------
Total Prepetition Liabilities 427,578,933
-------------
TOTAL LIABILITIES 431,361,614
OWNERS' EQUITY
Capital stock 4,700,000
Additional paid-in capital 21,316,288
Partners' capital account -
Owner's equity account -
Retained earnings - prepetition (435,743,784)
Retained earnings - postpetition (6,520,151)
Adjustments to owner equity -
Postpetition contributions -
-------------
NEW OWNERS' EQUITY (416,247,647)
-------------
TOTAL LIABILITIES AND OWNERS' EQUITY $15,113,967
=============
EUSA Liquidation Inc., fka Escada (USA) Inc.
Statement of Operations
January 1 through January 31, 2010
REVENUES:
Gross revenues $5,875,792
Less: returns and allowances 1,180,362
-------------
Net revenue 4,695,430
Cost of Goods Sold:
Beginning Inventory -
Add: purchases -
Add: cost of labor -
Add: other costs -
Less: ending inventory -
Cost of goods sold 3,046,132
-------------
Gross profit 1,649,298
Operating Expenses:
Advertising 324,832
Auto and truck expense 7,564
Bad debts -
Contributions (5,711)
Employee benefits programs 104,143
Officer/insider compensation 77,184
Insurance 5,211
Management fees/bonuses (476,868)
Office expense -
Pension & profit sharing plans 29,322
Repairs and maintenance 68,295
Rent and lease expense 388,424
Salaries/commissions/fees 614,201
Supplies 62,786
Taxes - payroll 107,932
Taxes - real estate 41,763
Taxes - other 991
Travel and entertainment 77,191
Utilities 7,181
Other 78,199
-------------
Total Operating Expenses Before Depreciation 1,512,640
Depreciation/depletion/amortization -
-------------
Net Loss Before Other Income & Expenses 136,658
Other Income and Expenses:
Other income (21,421,547)
Interest expense 6,428
Other expense -
-------------
Net Loss Before Reorganization Items 21,551,777
Reorganization Items:
Professional fees 960,701
U.S. Trustee quarterly fees -
Interest earned on accumulated cash
from Chapter 11 -
Gain (Loss) from sale of equipment 5,015,185
Other reorganization expenses 5,975,886
Total reorganization expenses 5,975,886
Income taxes -
-------------
Net Profit (Loss) $15,575,891
=============
EUSA Liquidation Inc., fka Escada (USA) Inc.
Schedule of Cash Receipts and Disbursements
January 1 through January 31, 2010
CASH, BEGINNING OF MONTH $6,741,773
RECEIPTS
Cash Sales 248,312
Accounts Receivable - prepetition -
Accounts Receivable - postpetition 3,223,195
Loans and Advances -
Sales of Assets -
Other 8,915,607
Transfers (from DIP Accounts) 1,939,174
-------------
TOTAL RECEIPTS 14,326,288
DISBURSEMENTS
Net Payroll 1,071,643
Payroll Taxes 554,778
Sales, Use and Other taxes 198,129
Inventory Purchases 2,679,938
Secured/Rental/Leases -
Insurance -
Administrative 1,690,534
Selling -
Other (6,723)
Owner Draw -
Transfers (to DIP Accounts) 1,939,174
Professional Fees 188,708
U.S. Trustee Quarterly Fees -
Court Costs -
-------------
TOTAL DISBURSEMENTS 8,316,181
-------------
Net Cash Flow (Receipts Less Disbursements) 6,010,107
-------------
Cash - End of Month $12,751,880
=============
About Escada AG
The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market. It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.
As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end. Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees. Escada Group had total assets
of EUR322.2 million against total liabilities of EUR338.9 million
as of April 30, 2009.
Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008). Judge Stuart
M. Bernstein handles the case. O'Melveny & Myers LLP has been
tapped as bankruptcy counsel. Kurtzman Carson Consultants serves
as claims and notice agent. Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.
Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units. (http://bankrupt.com/newsstand/or 215/945-7000)
EXTENDED STAY: Reports $44,300,000 Net Loss for February
--------------------------------------------------------
Extended Stay Inc., et al.
Combined Balance Sheet
As of February 28, 2010
ASSETS
Current assets
Cash and cash equivalents, unrestricted $1,629,000
Debtor in possession cash account 45,256,000
Cash management account, including
deposits in transit 14,268,000
Accounts receivable-net of allowance
for doubtful accounts 12,776,000
Restricted cash, escrows and reserves -
Other current assets 27,599,000
Investment in derivative instruments, at
fair value -
Due from insiders - non-debtor affiliates -
--------------
Total current assets 101,528,000
Property and equipment, net of
accumulated depreciation 6,289,014,000
Land available for sale 1,100,000
Deferred financing costs, net of
accumulated amortization -
Trademarks 13,519,000
License of trademarks, net of
accumulated amortization 8,776,000
Under market trademark licenses,
net of accumulated amortization 12,208,000
Intangible assets, net of accumulated amortization 16,753,000
Other assets 7,186,000
--------------
Total assets $6,450,084,000
==============
LIABILITIES AND SHAREHOLDERS/MEMBERS' (DEFICIT) EQUITY
Liabilities not subject to compromise
Current liabilities
Accounts payable $73,000
Accrued occupancy taxes payable 3,600,000
Accrued state franchise tax 1,133,000
Accrued sales and use taxes payable 4,092,000
Accrued property & general liability
insurance reserves 3,881,000
Accrued utilities 6,296,000
Other property accruals 1,940,000
Deferred revenue 11,239,000
General and administrative accruals 1,695,000
Accrued professional fees - billings rendered 8,985,000
Accrued professional fees - accrual estimate 2,900,000
Accrued real estate taxes 23,421,000
Accrued interest payable 8,142,000
Income taxes payable - state 703,000
Advance from insider, including accrued interest
of $1,419 at January 31, 2010 7,924,000
Due to insiders - non-debtor affiliates 28,129,000
--------------
Total current liabilities 114,153,000
Other liabilities 4,847,000
Deferred income tax liability - noncurrent 1,100,932,000
--------------
Total liabilities not subject to compromise 1,219,932,000
Liabilities subject to compromise
Accounts payable 545,000
Accrued interest payable 9,577,000
Mortgages payable 4,108,349,000
Mezzanine loans 3,295,456,000
Subordinated notes, net of discount 8,149,000
--------------
Total liabilities subject to compromise 7,422,076,000
Shareholders'/Members' (deficit) equity
Additional paid in capital 573,141,000
Retained deficit - prepetition (1,369,013,000)
Retained deficit - postpetition (1,693,052,000)
--------------
Total shareholders'/members' (deficit) equity (2,191,924,000)
--------------
Total liabilities and shareholders'/members'
(deficit equity) $6,450,084,000
==============
Extended Stay Inc., et al.
Combined Statement of Operations
For the period February 1 to 28, 2010
Revenues
Room revenues $59,954,000
Other property revenues 1,328,000
--------------
Total revenues 61,282,000
Operating expenses
Property operating expenses 35,817,000
Corporate operating expenses 567,000
Officer/Insider Compensation -
Trademark license fees expense 65,000
Management fees and G&A reimbursement expense 3,959,000
Depreciation and amortization 31,761,000
Loss on disposition of property and equipment -
Impairment of property and equipment -
Impairment of intangibles/allowances -
--------------
Total operating expenses 70,392,000
Other income -
--------------
Operating loss (9,110,000)
Interest expense (12,218,000)
Loss on investments in debt securities &
interest rate caps -
Interest income 1,000
Tax expense - current -
Tax expense - deferred (59,000)
--------------
Net loss before reorganization items (21,268,000)
Reorganization items
Professional fees 3,277,000
Professional fees - YE GAAP accrual estimate -
U.S. Trustee quarterly fees 42,000
Reorganization expense - deferred financing
cost write-off 18,972,000
Reorganization expense - discount write-off 741,000
Interest earned on accumulated cash
from Chapter 11 -
--------------
Total reorganization items 23,032,000
--------------
Net loss ($44,300,000)
==============
The Debtors reported $67,167,713 in total cash receipts and
$69,963,929 in total disbursements for February 2010.
About Extended Stay
Extended Stay is the largest owner and operator of mid-price
extended stay hotels in the United States, holding one of the most
geographically diverse portfolios in the lodging sector with
properties located across 44 states (including 11 hotels located
in New York) and two provinces in Canada. As a result of
acquisitions and mergers, Extended Stay's portfolio has expanded
to encompass over 680 properties, consisting of hotels directly
owned or leased by Extended Stay or one of its affiliates.
Extended Stay currently operates five hotel brands: (i) Crossland
Economy Studios, (ii) Extended Stay America, (iii) Extended Stay
Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe
Studios.
Extended Stay Inc. and its affiliates filed for Chapter 11 on
June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764). Judge James M.
Peck handles the case. Marcia L. Goldstein, Esq., at Weil Gotshal
& Manges LLP, in New York, represents the Debtors. Lazard Freres
& Co. LLC is the Debtors' financial advisors. Kurtzman Carson
Consultants LLC is the claims agent. Extended Stay had assets of
$7.1 billion and debts of $7.6 billion as of the end of 2008.
Bankruptcy Creditors' Service, Inc., publishes Extended Stay
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Extended Stay Inc. and
its various affiliates. (http://bankrupt.com/newsstand/or
215/945-7000).
FLEETWOOD ENTERPRISES: Posts $5,374,740 Net Loss in February 2010
-----------------------------------------------------------------
Fleetwood Enterprises, Inc. and certain of its direct and indirect
subsidiaries filed on March 22, 2010, their monthly operating
report for the period beginning on Jasnuary 25, 2010, through
February 21, 2010, with the United States Trustee for the Central
District of California, Riverside Division.
Fleetwood posted a net loss of $5,374,740 in the January 2010 -
February 2010 period.
As of February 21, 2010, the Company had total assets of
$155,235,000 and total liabilities of $353,596,000.
As of February 21, 2010, Fleetwood Enterprises had $38,816,916
cash in the general account.
Beginning balance $38,816,916
Receipts $3,919,550
Disbursements $2,591,928
Ending Balance $40,144,537
A full-text copy of the January 2009 - February 2010 monthly
operating report is available at no charge at:
http://researcharchives.com/t/s?5c22
Based in Riverside, California, Fleetwood Enterprises, Inc., was
the second largest manufactured housing maker in the U.S. and the
largest manufacturer of recreational vehicles over 30 feet in
length.
Fleetwood Enterprises listed assets of $560 million against debt
totaling $624 million in its bankruptcy petition. Fleetwood
Enterprises, together with 19 of affiliates, filed for Chapter 11
protection on March 10, 2009 (Bankr. C.D. Calif. Lead Case No.
09-14254). Craig Millet, Esq., and Solmaz Kraus, Esq., at Gibson,
Dunn & Crutcher LLP, represent the Debtors in their restructuring
efforts. FTI Consulting Inc. is the financial advisor to the
Debtors. The Debtors tapped Greenhill & Co. LLC as its investment
banker.
GENERAL MOTORS: Has $996,741,000 Cash at End of January
-------------------------------------------------------
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Net Assets
As of January 31, 2010
ASSETS:
Cash and cash equivalents $996,741,000
Due from affiliates 35,000
Other receivables 51,000
Prepaid expenses 4,283,000
Other current assets 26,411,000
-----------------
Total Current Assets 1,027,521,000
Property, plant and equipment
Land and building 81,080,000
Machinery and equipment 47,105,000
-----------------
Total property, plant and equipment 128,185,000
Investment in GMC -
Investments in subsidiaries 330,000
Restricted Cash 89,600,000
-----------------
Total Assets $1,245,636,000
=================
LIABILITIES:
DIP Financing $1,198,775,000
Accounts payable 7,201,000
Accrued sales, use and other taxes 1,203,000
Accrued professional fees 36,162,000
Other accrued liabilities 11,814,000
-----------------
Total current liabilities 1,255,155,000
Liabilities subject to compromise 32,217,810,000
-----------------
Total Liabilities 33,472,965,000
-----------------
Net Assets (Liabilities) ($32,227,329,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Operations
For the Month Ended Jan. 31, 2010
Rental Income $1,583,000
Selling, administrative and other expenses 3,192,000
-----------------
Operating loss (1,609,000)
Interest expense 5,161,000
Interest income (366,000)
-----------------
Loss before reorganization items &
income taxes (6,404,000)
Reorganization items (gain)/loss 92,237,000
-----------------
Income (Loss) before income taxes (98,641,000)
Income taxes -
-----------------
Net Income (Loss) ($98,641,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Cash Flows
For the Month Ended Jan. 31, 2010
Cash Flows from Operating Activities:
Net Income (Loss) ($98,641,000)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating
activities:
Non-cash interest expense 5,161,000
Reorganization items (gain)/loss 92,237,000
Reorganization related payments (3,451,000)
Changes in assets & liabilities
Due from affiliates -
Prepaid expenses 115,000
Due from/(due to) GM LLC (899,000)
Other receivables (51,000)
Other current assets -
Accounts payable 923,000
Accrued payroll & employee benefits (572,000)
Accrued sales, use and other taxes 308,000
Other accrued liabilities (145,000)
-----------------
Net Cash used in Operating Activities (5,015,000)
Cash Flows from Investing Activities:
Proceeds from disposal of assets 732,000
Proceeds from sale & dissolution of
subsidiaries -
Changes in restricted cash -
-----------------
Net cash used in investing activities 732,000
-----------------
Decrease in cash & cash equivalents (4,283,000)
Cash & cash equivalents at beginning
of period 1,001,024,000
-----------------
Cash & cash equivalents at end of period $996,741,000
=================
Motors Liquidation Corp. Vice President and Treasurer James Selzer
disclosed that for the month ended January 31, 2010, the Debtors
paid a total of $3,342,000 to three professionals retained in
their Chapter 11 cases:
Professional Payment
------------ -------
Weil, Gotshal & Manges LLP $1,600,000
Garden City Group $1,339,000
FTI Consulting, Inc. $403,000
A full-text copy of the Debtors' January 2010 Operating Report
filed with the U.S. Securities and Exchange Commission is
available for free at http://ResearchArchives.com/t/s?5a1d
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)
GOTTSCHALKS INC: Ends January 2010 With $11,315,000 Cash
--------------------------------------------------------
On March 19, 2010, Gottschalks Inc. filed with the U.S.
Bankruptcy Court for the District of Delaware its monthly
operating report for the period January 31, 2010, to February 27,
2010.
The Debtor ended the period with $11,315,000 cash. During the
period, the Debtor paid a total of $310,508 in professional fees
and reimbursed a total of $7,309 in professional expenses.
The Company reported a net loss of $308,000 for the period.
At February 27, 2010, the Company had $36,957,000 in total assets
and $77,133,000 in total liabilities.
The February 2010 operating report is available for free at:
http://researcharchives.com/t/s?5bed
Headquartered in Fresno, California, Gottschalks Inc. (Pink
Sheets: GOTTQ.PK) -- http://www.gottschalks.com/-- is a regional
department store chain, operating 58 department stores and three
specialty apparel stores in six western states. Gottschalks
offers better to moderate brand-name fashion apparel, cosmetics,
shoes, accessories and home merchandise.
The Company filed for Chapter 11 protection on January 14, 2009
(Bankr. D. Del. Case No. 09-10157). O'Melveny & Myers LLP
represents the Debtor in its Chapter 11 case. Lee E. Kaufman,
Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., serves as the Debtors' co-counsel. The Debtor selected
Kurtzman Carson Consultants LLC as its claims agent. The U.S.
Trustee for Region 3 appointed seven creditors to serve on an
official committee of unsecured creditors. When the Debtor filed
for protection from its creditors, it listed $288,438,000 in total
assets and $197,072,000 in total debts.
INTERNATIONAL ALUMINUM: Posts $1.5 Million Net Loss in January
--------------------------------------------------------------
International Aluminum Corp. reported a net loss of $1,533,280 in
January 2010.
At January 31, 2010, the Company had $265.0 million in total
assets and $288.5 million in total liabilities.
A full-text copy of the Company's monthly operating report for
January 2010 is available for free at:
http://bankrupt.com/misc/int'laluminum.january2010mor.pdf
About International Aluminum
International Aluminum Corp. is a U.S. producer of aluminum and
vinyl products. The Company filed for Chapter 11 bankruptcy
protection on January 4, 2010 (Bankr. D. Del. Case No. 10-10003).
The Company's affiliates, including IAC Holding Co. and United
States Aluminum Corporation, also filed Chapter 11 bankruptcy
petitions. John Henry Knight, Esq., and L. Katherine Good, Esq.,
at Richards, Layton & Finger, P.A., assist the Debtors in their
restructuring efforts. Weil, Gotshal & Manges LLP is the Debtor's
co-counsel. Moelis & Company is the Debtor's financial advisor.
Kurtzman Carson Consultants LLC is the Debtor's claims agent. The
Debtor listed $198 million in assets and $217 million in
liabilities as of November 30, 2009.
LAKE AT LAS: Posts $1.9 Million Net Loss in January 2010
--------------------------------------------------------
Lake at Las Vegas Joint Venture, LLC, reported a net loss of
$1,879,952 for the month ended January 31, 2010.
At January 31, 2010, Lake at Las Vegas had total assets of
$604,071,517, total liabilities of $792,538,265, and stockholders'
deficit of $188,466,748.
A full-text copy of the January 2010 monthly operating report is
available for free at:
http://bankrupt.com/misc/lakeatlas.january2010mor.pdf
For the month ended December 31, 2009, the Debtor reported a net
loss of $2,838,698.
A full-text copy of the December 2009 monthly operating report is
available for free at:
http://bankrupt.com/misc/lakeatlas.january2010mor.pdf
About Lake at Las Vegas
Headquartered in Henderson, Nevada, Lake at Las Vegas Joint
Venture, LLC and 14 of its debtor-affiliates --
http://www.lakelasvegas.com/-- are owners and developers of
3,592-acre residential and resort destination Lake Las Vegas
Resort in Las Vegas, Nevada. Centered around a 320-acre man-made
lake, Lake Las Vegas contains more than 9,000 residential units,
and also includes two luxury resort hotels (a Loews and a Ritz-
Carlton), a casino, a specialty retail village shopping area,
marinas, three signature golf courses and related clubhouses, and
other real property.
The Debtors filed separate petitions for Chapter 11 relief on
July 17, 2008 (Bankr. D. Nev. Lead Case No. 08-17814). When Lake
at Las Vegas Joint Venture, LLC, filed for protection from its
creditors, it listed assets of $100 million to $500 million, and
debts of $500 million to $1.0 billion. Courtney E. Pozmantier,
Esq., Martin R. Barash, Esq., at Klee, Tuchin, Bogdanoff & Stern
LLP, Jason D. Smith, Esq., at Santoro, Driggs, Walch, Kearney,
Holley & Thompson, Jeanette E. McPherson, Esq., Lenard E.
Schwartzer, Esq., at Schwartzer & McPherson Law Firm, represent
the Debtors as counsel. Kaaran E. Thomas, Esq., Ryan J. Works,
Esq., at McDonald Carano Wilson LLP, represent the Official
Committee of Unsecured Creditors as counsel.
LEXINGTON PRECISION: Posts $729,000 Net Loss in January 2010
------------------------------------------------------------
On March 10, 2010, Lexington Precision Corp. and Lexington
Rubber Group, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of New York a preliminary corporate monthly
operating report for the month of January 2010.
The Debtors reported a net loss of $729,000 on net sales of
$5.5 million for the month ended January 31, 2010.
At January 31, 2010, the Debtors had total assets of $45.6 million
and total liabilities of $103.4 million.
A full-text copy of the Debtor's monthly operating report for the
month of is available for free at:
http://bankrupt.com/misc/lexington.january2010mor.pdf
About Lexington Precision
Headquartered in New York, Lexington Precision Corp. --
http://www.lexingtonprecision.com/-- manufactures tight-tolerance
rubber and metal components for use in medical, automotive, and
industrial applications. As of February 29, 2008, the Company
employed about 651 regular and 22 temporary personnel.
The Company and its affiliate, Lexington Rubber Group Inc., filed
for Chapter 11 protection on April 1, 2008 (Bankr. S.D.N.Y. Lead
Case No.08-11153). Christopher J. Marcus, Esq., and Victoria
Vron, Esq., at Weil, Gotshal & Manges, represent the Debtors in
their restructuring efforts. The Debtors selected Epiq Systems -
Bankruptcy Solutions LLC as claims agent. The U.S. Trustee for
Region 2 appointed six creditors to serve on an official committee
of unsecured creditors. Paul N. Silverstein, Esq., and Jonathan
Levine, Esq., at Andrews Kurth LLP, represent the Committee as
counsel.
On June 30, 2008, the Debtors filed with the Bankruptcy Court a
plan of reorganization. It was amended twice, the latest
amendment dated December 8, 2008. The Debtors currently plan to
complete the liquidation of their connector-seal business before
seeking approval of the Amended Plan.
MERUELO MADDUX: Posts $1.7 Million Net Loss in February 2010
------------------------------------------------------------
On March 15, 2010, Meruelo Maddux Properties, Inc., and 53 of
its direct and indirect subsidiaries and affiliates filed their
unaudited condensed combined debtors-in-possession financial
statements included in the monthly operating report for the month
ended February 28, 2010, with the United States Bankruptcy
Court for the Central District of California, San Fernando Valley
Division.
The Debtors posted a net loss of $1,701,271 on total revenue of
$1,888,988 for the month of February.
As of February 28, 2010, the Debtors had $523,293,474 in total
assets, $322,801,467 in total liabilities, and $200,492,006 in
total stockholders' equity.
A full-text copy of the February 2010 monthly operating report is
available at no charge at http://researcharchives.com/t/s?5b5d
Based in Los Angeles, California, Meruelo Maddux Properties, Inc.,
-- http://www.meruelomaddux.com/-- together with its affiliates,
engage in residential, commercial and industrial development.
Meruelo Maddux and its affiliates filed for Chapter 11 protection
on March 26, 2009 (Bankr. C. D. Calif. Lead Case No. 09-13356).
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring efforts. Asa S. Hami, Esq., Tamar
Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A
Prof Corp, represent the official committee of unsecured creditors
as counsel. The Debtors' financial condition as of December 31,
2008, showed estimated assets of $681,769,000 and estimated debts
of $342,022,000.
MERUELO MADDUX: 845 S Flower Reports $4,001 Net Income in February
------------------------------------------------------------------
On March 15, 2010, Meruelo Maddux - 845 S. Flower Street, LLC
and Meruelo Chinatown, LLC, which are both subsidiaries of Meruelo
Maddux Properties, Inc., filed their unaudited condensed debtors-
in-possession financial statements included in the monthly
operating report for the month ended February 28, 2010, with
the United States Bankruptcy Court for the Central District of
California, San Fernando Valley Division.
Meruelo Maddux - 845 S. Flower Street reported net income of
$4,001 for the month of February.
At February 28, 2010, Meruelo Maddux - 845 S. Flower Street had
$30,060,942 in total assets and $87,048,973 in total liabilities.
Meruelo Chinatown reported a net loss of $39,772 on total revenue
of $22,000 for the month of February.
At February 28, 2010, Meruelo Chinatown had $1,354,054 in total
assets, $16,003 in total liabilities, and $1,338,052 in total
shareholders' equity.
A full-text copy of the report is available for free at:
http://researcharchives.com/t/s?5b5e
Based in Los Angeles, California, Meruelo Maddux Properties, Inc.,
-- http://www.meruelomaddux.com/-- together with its affiliates,
engage in residential, commercial and industrial development.
Meruelo Maddux and its affiliates filed for Chapter 11 protection
on March 26, 2009 (Bankr. C. D. Calif. Lead Case No. 09-13356).
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring efforts. Asa S. Hami, Esq., Tamar
Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A
Prof Corp, represent the official committee of unsecured creditors
as counsel. The Debtors' financial condition as of December 31,
2008, showed estimated assets of $681,769,000 and estimated debts
of $342,022,000.
METROMEDIA INT'L: Posts $2.9 Million Net Loss in February 2010
--------------------------------------------------------------
MIG, Inc. reported a net loss of $2.9 million on net revenue of
$3,702 for the month ended February 28, 2010. Professional fees
incurred in February included in reorganization items totaled
$2.5 million.
At February 28, 2010, MIG had $1.024 billion in total assets,
$208.4 million in total liabilities, and $815.9 million in total
equity.
The Company ended February 2010 with approximately $40.6 million
in unrestricted cash. For the month, the Company paid a total of
$732,406 in professional fees and expenses.
A copy of the Company's operating report is available for
free at http://bankrupt.com/misc/miginc.february2010mor.pdf
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.
MIDLAND FOOD: Reports $212,850 EBITDA in February
-------------------------------------------------
Bill Rochelle at Bloomberg News reports that Midland Food Services
LLC reported a $99,200 net loss for a month ended Feb. 15.
Revenue for the period was $5.07 million. Earnings before
interest, taxes, depreciation, and amortization in the month were
$212,850. From the inception of the case in August 2008,
cumulative EBITDA is $1.125 million on total sales of
$87.4 million.
Independence, Ohio-based Midland Food Services, L.L.C., is a
Pizza Hut franchisee, operating 88 Pizza Hut restaurants in Ohio,
West Virginia, Kentucky, Michigan, Maryland and Virginia. Net
sales were $64 million for the year ended July 7, 2008.
Midland Food filed for Chapter 11 bankruptcy before the United
States Bankruptcy Court for the District of Delaware on August 6,
2008 (Bankr. D. Del. 08-11802). Tara L. Lattomus, Esq., and
Margaret F. England, Esq., at Eckert Seamans Cherin & Melot,
L.L.C., represent the Debtor in its restructuring efforts. Gary
D. Bressler, Esq., at McElroy, Deutsch, Mulvaney & Carpenter,
LLP, has been tapped as co-counsel. Midland's formal lists of
assets and debt show property claimed to be worth $5.8 million
against liabilities totaling $34.6 million, including
$27.4 million in secured claims.
The Debtor first filed for Chapter 11 in October 2000. It
emerged from bankruptcy one year later on August 7, 2001.
MORRIS PUBLISHING: Ends February 2010 With $30.6 Million Cash
-------------------------------------------------------------
Morris Publishing Group, LLC, et al., filed with the U.S.
Bankruptcy Court for the Southern District of Georgia, Augusta
Division, on March 22, 2010, a monthly operating report for the
period from January 19, 2010, to February 28, 2010.
The Debtors reported a net loss of $850,774 on total net operating
revenue of $28,521,061 for the period. The Company recorded a
total of $4,374,445 in interest expense during the period.
The Debtors ended February 2010 with $30,568,633 in cash.
At February 28, 2010, the Debtors had $163,651,794 in total assets
and $479,811,961 in total liabilities.
A full-text copy of the monthly operating report is available at
no charge at http://researcharchives.com/t/s?5c23
About Morris Publishing
Morris Publishing Group, LLC -- dba Albion Shopper, et al. -- is a
privately held media company based in Augusta, Georgia. Morris
Publishing currently owns and operates 13 daily newspapers as well
as nondaily newspapers, city magazines and free community
publications in the Southeast, Midwest, Southwest and Alaska. The
petition says assets and debts are $100 million to $500 million.
The Company filed for Chapter 11 bankruptcy protection on
January 19, 2010 (Bankr. S.D. Ga. Case No. 10-10134). James T.
Wilson, Jr., Esq., who has an office in Augusta, GA, is the
Debtor's co-counsel. Lazard Ltd. is the Debtor's financial
advisor, while Kurtzman Carson Consultants is its claims agent.
The Company listed $100,000,001 to $500,000,000 in assets and
$100,000,001 to $500,000,000 in liabilities.
The Company's affiliates -- Athens Newspapers, LLC, et al. --
filed separate Chapter 11 petitions.
On January 19, 2010, the Debtors filed their joint prepackaged
plan of reorganiation pursuant to Chapter 11 of the Bankruptcy
Code. The Plan was confirmed by the Bankruptcy Court on
February 17, 2010. The Debtors emerged from bankruptcy on
March 1, 2010.
PFF BANCORP: Posts $55,782 Net Loss in February 2010
----------------------------------------------------
On March 12, 2010, PFF Bancorp, Inc., and Glencrest Investment
Advisors, Inc., Glencrest Insurance Services, Inc., Diversified
Builder Services, Inc., and PFF Real Estate Services, Inc., filed
their monthly operating reports for the period February 1, 2010,
to February 28, 2010, with the United States Bankruptcy Court for
the District of Delaware.
PFF Bancorp reported a net loss of $55,782 for the month of
February 2010.
PFF Bancorp paid a total of $8,227 in professional fees and
expenses for the month of January.
At February 28, 2010, PFF Bancorp had total assets of $15,140,254
and total liabilities of $117,430,056.
A full-text copy of the Debtors' February 2010 operating report is
available for free at http://researcharchives.com/t/s?5c20
PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non-
diversified unitary savings and loan holding company within the
meaning of the Home Owners' Loan Act with headquarters formerly
located in Rancho Cucamonga, California. Bancorp is the direct
parent of each of the remaining Debtors.
Prior to filing for bankruptcy, Bancorp was also the direct parent
of PFF Bank & Trust, a federally chartered savings institution,
and said bank's subsidiaries.
PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on December 5, 2008 (Bankr. D. Del. Case No. 08-13127 to 08-
13131). Chun I. Jang, Esq., and Paul N. Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors in their
restructuring efforts. Kurtzman Carson Consultants LLC serves as
the Debtors' claims agent. Jason W. Salib, Esq., at Blank Rome
LLP, represents the official committee of unsecured creditors as
counsel.
PRECISION PARTS: Posts $12,821 Net Loss in November 2009
--------------------------------------------------------
Precision Parts International Services Corp., et al., filed with
the U.S. Bankruptcy Court for the District of Delaware on
March 12, 2010, a monthly operating report for the month ended
November 30, 2009.
The Debtors reported a net loss of $12,821 for the month of
November 2009.
At November 30, 2009, the Debtors had total assets of
$4.2 million and total liabilities of $188.5 million.
A copy of the Debtors' monthly operating report for the month of
November 2009 is available for free at:
http://bankrupt.com/misc/ppi.november2009mor.pdf
About Precision Parts
Headquartered in Rochester Hills, Michigan, Precision Parts
International Services Corp. -- http://www.precisionparts.com/--
sells products to major north American automotive and non-
automotive original equipment manufacturers and Tier 1 and 2
suppliers. PPI and its units operate six manufacturing facilities
throughout north America, including a facility in Mexico operated
on their behalf by Intermex Manufactura de Chihuahua under a
shelter and logistics agreement.
The Company and eight of its affiliates filed for Chapter 11
protection on December 12, 2008 (Bankr. D. Del. Lead Case No.
08-13289). Attorneys at Pepper Hamilton LLP are bankruptcy
counsel to the Debtors. Alvarez & Marsal North America LLC is the
Debtor's financial advisors and Kurtzman Carson Consultants LLC is
the claims, noticing and balloting agent. When PPI Holdings, Inc.
filed for protection from its creditors, it listed assets of
between $100 million and $500 million, and the same range of debt.
SHARPER IMAGE: Ends February 2010 With $4,329,637 Cash
------------------------------------------------------
TSIC, Inc., formerly known as The Sharper Image Corporation, filed
with the U.S. Bankruptcy Court for the District of Delaware on
March 17, 2010, its monthly operating report for February 2010.
TSIC ended February 2010 with $4,329,637 in unrestricted cash and
equivalents. TSIC paid a total of $18,755 in professional fees
and reimbursed a total of $16,374 in professional expenses during
the month.
TSIC reported net income of $104,270 in February 2010.
At February 28, 2010, TSIC had $7,989,460 in total assets,
($99,323,939) in total liabilities, and $91,334,479 in net
owner's equity.
A full-text copy of TSIC's February 2010 monthly operating report
is available at no charge at http://researcharchives.com/t/s?5c27
Headquartered in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- was a multi-channel specialty
retailer. It operated in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet. The Company has operations in
Australia, Brazil and Mexico. In addition, through its Brand
Licensing Division, it was also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.
The Company filed for Chapter 11 protection on February 19, 2008
(Bankr. D. Del. Case No. 08-10322). Judge Kevin Gross presides
over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel. Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.
An official committee of unsecured creditors has been appointed in
the case. Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel. Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.
When the Debtor filed for bankruptcy, it listed total assets of
$251,500,000 and total debts of $199,000,000. As of June 30,
2008, the Debtor listed $52,962,174 in total assets and
$39,302,455 in total debts.
Sharper Image sought and obtained the Court's approval to change
its name to "TSIC, Inc." in relation to an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners, LLC,
GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer
Capital, LLC.
SMURFIT-STONE: Reports $33,232,000 Net Loss for January
-------------------------------------------------------
Smurfit-Stone Container Corporation
Combined Balance Sheet
As of January 31, 2010
ASSETS
Current Assets:
Cash $695,972,000
Restricted cash 23,556,000
Receivables 608,506,000
Inventories 448,561,000
Refundable income taxes 22,574,000
Prepaid expenses and others 42,795,000
---------------
Total current assets 1,841,964,000
Net property 3,029,095,000
Timberlands, less depletion 2,318,000
Deferred income taxes 20,142,000
Investments in and advances to non-Debtor 76,444,000
affiliates
Other assets 50,552,000
---------------
Total assets $5,020,515,000
===============
LIABILITIES & EQUITY (DEFICIT)
Liabilities Not Subject to Compromise:
Current liabilities:
Current maturities of long-term debt $1,349,300,000
Accounts payable 403,930,000
Accrued compensation and payroll taxes 120,719,000
Interest payable 11,270,000
Income taxes payable -
Current deferred taxes -
Other current liabilities 147,547,000
---------------
Total current liabilities 2,032,766,000
Other long-term liabilities 113,003,000
---------------
Total liabilities not subject to compromise 2,145,769,000
Liabilities subject to compromise 4,280,557,000
---------------
Total liabilities 6,426,326,000
Total stockholders' equity (deficit) (1,405,811,000)
---------------
Total liabilities & stockholders' equity $5,020,515,000
===============
Smurfit-Stone Container Corporation
Combined Statement of Operations
For the month ended January 31, 2010
Net sales $445,460,000
Costs and expenses:
Cost of goods sold 422,095,000
Selling and administrative expenses 51,458,000
Restructuring charges (5,323,000)
(Gain)loss on disposal of assets 85,000
Other operating income -
---------------
Income(Loss) from operations (22,855,000)
Other income (expense):
Interest expense, net (4,378,000)
DIP debt issuance costs -
Loss on early extinguishment of debt -
Equity in gains (losses) of non-debtor affiliates (194,000)
Foreign currency exchange losses 1,000,000
Other, net 674,000
---------------
Loss before reorganization items and taxes (25,753,000)
Reorganization items:
Professional fees (5,000,000)
Provision for executory contracts & leases (3,400,000)
Accounts payable settlement gains 838,000
Reversal of postpetition unsecured interest -
expense
---------------
Reorganizational items, net (7,562,000)
Income (loss) before income taxes (33,315,000)
Benefit from income taxes 83,000
---------------
Net Income(Loss) ($33,232,000)
===============
Smurfit-Stone Container Corporation
Schedule of Receipts and Disbursements
For the month ended January 31, 2010
Beginning cash balance $691,822,000
Cash receipts 519,91,000
Alternative energy tax credit 58,774,000
---------------
Total receipts 577,865,000
Disbursements:
Payroll & benefits (133,555,000)
Professional fees (389,000)
Interest (5,574,000)
Capital expenditures (9,932,000)
Repayment of debt (285,000)
Other disbursements (400,424,000)
---------------
Total disbursements (550,159,000)
Ending cash balance $719,528,000
===============
A full-text copy of the Debtors' January 2010 Operating Report
is available for free at:
http://bankrupt.com/misc/SmrfJan10MOR.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)
TARRAGON CORP: Ends January With $3.8 Million in Unrestricted Cash
------------------------------------------------------------------
On March 7, 2010, Tarragon Corporation and certain of its direct
and indirect subsidiaries and affiliates filed their unaudited
monthly operating reports for the period January 1, 2010, through
January 31, 2010, with the United States Bankruptcy Court for the
District of New Jersey.
The Debtors' consolidating income statement for the thirteen
months ended January 31, 2010, showed a net loss of $137,676,433
on total revenue of $115,703,842.
At January 31, 2010, Tarragon Corporation's consolidating balance
sheet showed $566,863,439 in total assets, $933,836,861 in total
liabilities, and $366,973,423 in stockholders' deficit.
The Debtors' cash and cash equivalents were $3,845,382 at
January 31, 2010. Restricted cash was $9,778,208 at January 31,
2010.
A full-text copy of the Debtor's' monthly operating report for the
month ended January 31, 2010, is available for free at:
http://researcharchives.com/t/s?5c21
About Tarragon Corp.
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.
TRUMP ENTERTAINMENT: Posts $9.5 Million Net Loss in February 2010
-----------------------------------------------------------------
On March 19, 2010, Trump Entertainment Resorts, Inc., and
certain of its direct and indirect subsidiaries filed their
monthly operating report for the month ended February 28, 2010,
with the United States Bankruptcy Court for the District of
New Jersey in Camden, New Jersey.
The Debtors reported a consolidated net loss of $9.5 million on
net revenues of $50.7 million for the period.
At February 28, 2010, the Debtors had $1.386 billion in total
assets and $2.103 billion in total liabilities. Cash and cash
equivalents were approximately $69.0 million at February 28, 2010,
compared with approximately $66.1 million at the beginning
of the period.
A full-text copy of the report is available at no charge at:
http://researcharchives.com/t/s?5b68
Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino. The Company
conducts gaming activities and provides customers with casino
resort and entertainment.
Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company. The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.
Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 on February 17, 2009 (Bankr. D.
N.J., Lead Case No. 09-13654). The Company has tapped Charles A.
Stanziale, Jr., Esq., at McCarter & English, LLP, as lead counsel,
and Weil Gotshal & Manges as co-counsel. Ernst & Young LLP is the
Company's auditor and accountant and Lazard Freres & Co. LLC is
the financial advisor. Garden City Group is the claims agent.
The Company disclosed assets of $2,055,555,000 and debts of
$1,737,726,000 as of December 31, 2008.
Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Trump Hotels' obtained the Court's
confirmation of its Chapter 11 plan on April 5, 2005, and in May
2005, it exited from bankruptcy under the name Trump Entertainment
Resorts Inc.
US ENERGY: Posts $54,286 Net Loss in December 2009
--------------------------------------------------
U.S. Energy Systems, Inc. reported a net loss of $54,286 for the
month of December 2009.
At December 31, 2009, the Company had $16,690 in total assets and
$669,429 in total liabilities, for a stockholders' deficit of
$652,739.
A copy of the Company's monthly operating report for December 2009
is available at:
http://bankrupt.com/misc/usenergy.december2009mor.pdf
About U.S. Energy Systems
Based in Avon, Connecticut, U.S. Energy Systems, Inc., (Pink
Sheets: USEY) -- http://www.usenergysystems.com/-- owns green
power and clean energy and resources. USEY owns and operates
energy projects in the United States and United Kingdom that
generate electricity, thermal energy and gas production. The
Company filed for Chapter 11 protection on January 9, 2008 (Bank.
S.D. N.Y. Case No. 08-10054). Subsequently, 34 affiliates filed
separate Chapter 11 petitions. Peter S. Partee, Esq., at
Hunton & Williams LLP, represents the Debtor in its restructuring
efforts. Jefferies & Company, Inc., serves as the Company's
financial advisor. The Debtor selected Epiq Bankruptcy Solutions
LLC as noticing, claims and balloting agent. The Official
Committee of Unsecured Creditors has yet to be appointed in these
cases by the U.S. Trustee for Region 2. When the Debtors filed
for protection from their creditors, they listed total assets of
$258,200,000 and total debts of $175,300,000.
On January 23, 2009, U.S. Energy Biogas Corp and eight of its
subsidiaries filed their respective voluntary petitions for relief
under chapter 11 of the United States Bankruptcy Code in the
United States Bankruptcy Court for the Southern District of New
York. The USEB Debtors' cases are being jointly administered for
procedural purposes with the cases of the USEY Debtors.
*********
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
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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
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