/raid1/www/Hosts/bankrupt/TCR_Public/100403.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, April 3, 2010, Vol. 14, No. 91
Headlines
ADFITECH INC: Ends February 2010 With $12,290,093 in Cash
AGE REFINING: Reports $3.6 Million Loss for February
ASYST TECHNOLOGIES: Files Final Report; Has $1.6 Million Cash
FONTAINEBLEAU LV: Has $106,891,951 Cash at End of February
GREEKTOWN HOLDINGS: Reports $1,657,292 Net Loss for January
IMPERIAL CAPITAL: Posts $27,458 Net Loss in February 2010
INTERNATIONAL ALUMINUM: Posts $2.2 Million Net Loss in February
LTV CORP: Ends February 2010 With $9,222,000 Cash
ORLEANS HOMEBUILDERS: Files Initial Monthly Operating Report
PROLIANCE INTERNATIONAL: Posts $19,743,000 Net Loss in February
PROTOSTAR LTD: Posts $3.1 Million Net Loss in February
PROTOSTAR LTD: ProtoStar I Posts $1.3 Million Net Loss in February
PROTOSTAR LTD: ProtoStar II Posts $874,192 Net Loss in February
PROTOSTAR LTD: ProtoStar Asia Posts $54,058 Net Loss in February
PROTOSTAR LTD: ProtoStar Dev't Files February Operating Report
PROTOSTAR SATELLITE: Posts $10,189 Net Loss in February
PTC ALLIANCE: Reports $1.26 Million Net Loss in February
REGENT COMMUNICATIONS: Files Initial Monthly Operating Report
SIX FLAGS: Reports $44,464,085 Net Loss for January
SPANSION INC: Spansion LLC Has $14 Mil. Loss for Jan. 25-Feb. 21
THORNBURG MORTGAGE: Ends February 2010 With $123.8 Million in Cash
VION PHARMACEUTICALS: Ends February 2010 With $13,502,580 in Cash
WASHINGTON MUTUAL: Has $4,567,683,505 Cash at End of February
*********
ADFITECH INC: Ends February 2010 With $12,290,093 in Cash
---------------------------------------------------------
On March 22, 2010, ADFITECH, Inc. filed a report covering the
period from February 1, 2010, through February 28, 2010, with the
U.S. Bankruptcy Court for the District of Maryland.
The Company ended February 2010 with $12,290,093 in cash. The
Company reported net income of $439,942 on total operating revenue
of $2,468,347 in February. The Company's balance sheet at
February 28, 2010, showed $32,062,746 in total assets and
$1,640,181,882 in total liabilities.
A full-text copy of the February monthly operating report is
available at no charge at:
http://researcharchives.com/t/s?5cc4
As reported in the Troubled Company Report on March 4, 2010, the
U.S. Bankruptcy Court for the District of Maryland confirmed
ADFITECH, Inc.'s second amended Chapter 11 plan of reorganization.
About ADFITECH, Inc.
ADFITECH, Inc. was an independently operated, wholly owned
subsidiary of TMST Home Loans, Inc., formerly known as Thornburg
Mortgage Home Loans, Inc., and provides mortgage-related auditing
and quality control consulting services to financial institutions.
ADFITECH is self-funded, has its own separate workforce and bank
accounts, and operates independently from the TMST Debtors
including TMST and TMHL at offices located in Edmond, Oklahoma on
unencumbered real estate owned by ADFITECH.
As of October 31, 2009, ADFITECH had total assets of $30,807,613
against total liabilities of $1,639,994,390. As of the petition
date, ADIFTECH had total assets of $28,026,037 against total
liabilities of $1,639,832,523.
Thornburg Mortgage, Inc., now known as TMST, Inc., and its four
affiliates filed for Chapter 11 on May 1 (Bankr. D. Md. Lead Case
No. 09-17787). Judge Duncan W. Keir is handling the case.
On November 2, 2009, the Bankruptcy Court entered an Order
severing joint administration with respect to the ADFITECH Chapter
11 case. As a result, ADFITECH's Chapter 11 case is no longer
jointly administered with the cases of the TMST Debtors.
AGE REFINING: Reports $3.6 Million Loss for February
----------------------------------------------------
Bill Rochelle at Bloomberg News reports that Age Refining Inc.
filed an operating report for February showing a $2.7 million loss
before interest, taxes, depreciation and amortization on revenue
of $15.2 million. The net loss for the month was $3.6 million.
According to the report, Age was given final authority last week
to hire an investment banker, although the bankruptcy judge
changed some of the terms of the engagement. The banker, Global
Hunter Securities LLC, must have all its fees ultimately approved
by the bankruptcy judge and cannot be reimbursed for legal
expenses in negotiating the engagement or defending a fee
application, unless it comes out on top in the fee objection.
Age Refining Inc. obtained approval from the Bankruptcy Court to
commence a sale process for its business. It has set an April 15
deadline for initial bids in order to select the stalking horse
bidder. Parties are to submit competing bids against the stalking
horse bidder by May 1, and an auction will be held May 5 if bids
are received. The sale will be approved as part of the process of
confirming a Chapter 11 plan.
A syndicate of lenders led by JPMorgan Chase Bank, N.A., as
administrative agent, is providing the Debtor with $35 million of
financing to fund the Chapter 11 case. The terms of the DIP
financing, however, requires a quick sale. A plan is also
required by March 31.
About Age Refining
Age Refining, Inc., based in San Antonio, Texas, manufactures,
refines and markets jet fuels, diesel products, solvents and other
highly specialized fuels. The Company's clients cover a variety
of sectors, including commercial, local municipalities and the
federal government. Founded in 1991 by Al Gonzalez, AGE is a
family owned and operated business in the heart of the San Antonio
community. Starting on a shoe-string budget and a bushel of
determination, AGE is proud to have posted over 22% growth per
year since 1991.
The Company filed for Chapter 11 bankruptcy protection on
February 8, 2010 (Bankr. W.D. Texas Case No. 10-50501). Aaron
Michael Kaufman, Esq.; Carol E. Jendrzey, Esq.; and Mark E.
7Andrews, Esq., at Cox Smith Matthews Incorporated, assist the
Company in its restructuring effort. The Company listed
$10,000,001 to $50,000,000 in assets and $100,000,001 to
$500,000,000 in liabilities.
ASYST TECHNOLOGIES: Files Final Report; Has $1.6 Million Cash
-------------------------------------------------------------
On March 29, 2010, Asyst Technologies, Inc., filed its final
operating report for the filing period February 2, 2010, through
March 4, 2010.
The company reported a net loss of $14,850,126 for the period.
During February 2010, the Company made a distribution of
$14.6 million to Keybank, the secured lender pursuant to the
Liquidating Plan.
At March 4, 2010, Asyst had $2,547,703 in total assets and
$9,130,180 in total liabilities, for a stockholders' deficit of
$6,582,477. The Debtor had $1,596,268 in cash at March 4, 2010,
from $17,088,126 at the beginning of the period. The difference
between this amount and the $1,752,342 balance as shown on the
balance sheet represents outstanding checks of $156,102 and petty
cash of $28.
A full-text copy of the final operating report is available at no
charge at http://bankrupt.com/misc/asyst.finaloperatingreport.pdf
About Asyst Technologies
Headquartered in Fremont, California, Asyst Technologies, Inc. --
http://www.asyst.com/-- is a leading provider of integrated
automation solutions primarily for the semiconductor and flat
panel display manufacturing industries. The Company is the parent
company of seven subsidiaries located in various jurisdictions
worldwide. Principally, the Company is the owner of a non-
operating holding company organized under the laws of Japan, Asyst
Technologies Holdings Company, Inc. Asyst Japan Holdings in turn
owns the operating company Asyst Technologies Japan, Inc.
The Company filed for Chapter 11 on April 20, 2009 (Bankr. N.D.
Calif. Case No. 09-43246). Ali M.M. Mojdehi, Esq., Janet D.
Gertz, Esq., and Rayla Dawn Boyd, Esq., at the Law Offices of
Baker and McKenzie, serve as the Debtor's bankruptcy counsel.
Epiq Bankruptcy Solutions LLC is the Debtors' notice and claims
agent. AlixPartners, LLP serves as financial advisor. Andrew I.
Silfen, Esq., Mette H. Kurth, Esq., Michael S. Cryan, Esq., and
Schuyler G. Carroll, Esq., at Arent Fox LLP, represent the
official committee of unsecured creditors. As of December 31,
2008, Asyst had total assets of $295,782,000 and total debts of
$315,364,000.
The Company's Japanese subsidiaries, Asyst Technologies Holdings
Company, Inc., and Asyst Technologies Japan, Inc., entered into
related voluntary proceedings under Japan's Corporate
Reorganization Law (Kaisha Kosei Ho) on April 20, 2009. Kosei
Watanabe was appointed as Trustee of Asyst Japan Holdings and ATJ.
On February 18, 2010, the Bankruptcy Court entered an order
confirming Asyst Technologies, Inc.'s Chapter 11 plan of
liquidation, dated December 23, 2009. Asyst emerged from
bankruptcy on March 5, 2010.
FONTAINEBLEAU LV: Has $106,891,951 Cash at End of February
----------------------------------------------------------
FONTAINEBLEAU LAS VEGAS, LLC
Schedule of Receipts and Disbursements
For The Period From February 1 to 28, 2010
Cumulative
to the
As of Petition
Feb. 2010 Date
------------- -------------
Funds At Beginning Period $4,385,627 $191,916,782
------------- -------------
Receipts
(a) Cash Sales 0 0
Minus: Cash Refunds 0 0
Net Cash Sales 0 0
(b) Accounts Receivable 0 0
(c) Other Receipts 106,214,085 145,072,757
------------- -------------
Total Receipts 106,214,085 145,072,757
------------- -------------
Total Funds Available For 106,214,085 145,072,757
Operations ------------- -------------
Disbursement
(a) Advertising 0 0
(b) Bank Charges 12,918 32,409
(c) Contract Labor 0 1,550,315
(d) Fixed Asset Payments 0 3,863,877
(e) Insurance 0 1,151,915
(f) Inventory 0 0
(g) Leases 0 0
(h) Manufacturing Supplies 0 0
(i) Office Supplies 123,435 1,768,465
(j) Payroll - Net 123,097 3,716,861
(k) Professional Fees 789,435 9,346,498
(l) Rent 196,612 3,135,625
(m) Repairs 2,191,432 5,918,375
(n) Secured Creditor Payments 0 192,985,545
(o) Taxes Paid - Payroll 64,101 1,317,035
(p) Taxes Paid - Sales 0 0
(q) Taxes Paid - Other 1,206 2,986,726
(r) Telephone 0 0
(s) Travel & Entertainment 0 0
(y) U.S. Trustee Quarterly Fees 0 62,350
(u) Utilities 184,552 1,995,492
(v) Vehicle Expenses 0 0
(w) Other Operating Expenses 20,970 266,093
------------- -------------
Total Disbursements 3,707,762 230,097,588
------------- -------------
Ending Balance $106,891,951 $106,891,951
============= =============
FONTAINEBLEAU LAS VEGAS RETAIL, LLC
Schedule of Receipts and Disbursements
For The Period From February 1 to 28, 2010
Cumulative
to the
As of Petition
Feb. 2010 Date
------------- -------------
Funds At Beginning Period $150 $93
------------- -------------
Receipts
(a) Cash Sales 0 0
Minus: Cash Refunds 0 0
Net Cash Sales 0 0
(b) Accounts Receivable 0 0
(c) Other Receipts 20,970 266,117
------------- -------------
Total Receipts 20,970 266,117
------------- -------------
Total Funds Available For 21,121 266,211
Operations ------------- -------------
Disbursement
(a) Advertising 0 0
(b) Bank Charges 0 0
(c) Contract Labor 0 24
(d) Fixed Asset Payments 0 0
(e) Insurance 0 0
(f) Inventory 0 0
(g) Leases 0 0
(h) Manufacturing Supplies 0 0
(i) Office Supplies 0 520
(j) Payroll - Net 14,068 42,928
(k) Professional Fees 0 200,792
(l) Rent 0 0
(m) Repairs 0 0
(n) Secured Creditor Payments 0 93
(o) Taxes Paid - Payroll 6,902 20,076
(p) Taxes Paid - Sales 0 0
(q) Taxes Paid - Other 0 0
(r) Telephone 0 0
(s) Travel & Entertainment 0 0
(y) U.S. Trustee Quarterly Fees 0 1,625
(u) Utilities 0 0
(v) Vehicle Expenses 0 0
(w) Other Operating Expenses 0 0
------------- -------------
Total Disbursements 20,970 266,060
------------- -------------
Ending Balance $150 $150
============= =============
Fontainebleau Las Vegas Holdings, LLC, Fontainebleau Las Vegas
Capital Corp., Fontainebleau Las Vegas Holdings, LLC,
Fontainebleau Las Vegas Retail Mezzanine, LLC, and Fontainebleau
Las Vegas Retail Parent, LLC also delivered to the Court on
February 22, 2010, a copy of their Monthly Operating Report for
the period February 1 to 28, 2010. However, since the Debtors
have no business activity, the report contains zero figures for
all financial reports.
Full-text copies of the Debtors' February Monthly Operating
Reports may be accessed for free at:
http://bankrupt.com/misc/FB_CapitalCorpMOR0210.pdf
http://bankrupt.com/misc/FB_RetailParentMOR0210.pdf
http://bankrupt.com/misc/FB_HoldingsLLCMOR0210.pdf
http://bankrupt.com/misc/FB_RetailMezzanineMOR0210.pdf
About Fontainebleau Las Vegas
Fontainebleau Las Vegas -- http://www.fontainebleau.com/-- is
constructing a luxury resort, Fontainebleu Las Vegas, on the
northern end of the Las Vegas Strip.
Fontainebleau Las Vegas Holdings, LLC, Fontainebleau Las Vegas,
LLC, Fontainebleau Las Vegas Capital Corp. filed for Chapter 11
protection on June 9, 2009 (Bankr. S.D. Fla. Lead Case No.
09-21481). Judge A. Jay Cristol presides over the Debtors' cases.
Scott L Baena, Esq., at Bilzin Sumberg Baena Price & Axelrod LLP,
represents the Debtors in their restructuring efforts. The
Debtors' Financial Advisor are Moelis & Company LLC and Citadel
Derivatives Group LLC. The Debtors' Special Litigation Counsel is
David M. Friedman, Esq., at Kasowitz, Benson, Torres & Friedman
LLP and the Debtors' Special Counsel is Jack J. Kessler, Esq., and
Alan Rubin, Esq., at Buchanan Ingersoll & Rooney PC. The Debtors'
Claims Agent is Kurtzman Carson Consulting LLC. Attorneys at
Genovese Joblove & Battista, P.A., and Fox Rothschild, LLP,
represent the Official Committee of Unsecured Creditors.
As of June 9, 2009, Fontainebleau Las Vegas LLC listed more than
$1 billion in debt and a similar amount in assets, while each of
Fontainebleau Las Vegas Capital Corp. and Fontainebleau Las Vegas
Holdings, LLC, listed less than $50,000 in assets and more than
$1 billion in debts.
Bankruptcy Creditors' Service, Inc., publishes Fontainebleau
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Fontainebleau Las Vegas Holdings, LLC, and its debtor-
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GREEKTOWN HOLDINGS: Reports $1,657,292 Net Loss for January
-----------------------------------------------------------
Greektown Holdings, LLC
Balance Sheet
As of January 31, 2010
Assets
Cash $0
Inventory
Accounts receivable
Insider Receivables 3,442,586
Property and Equipment
Land and buildings 0
Furniture, fixtures and equipment 0
Other Assets
Financing Fees 0
Notes receivables from affiliates 504,575,459
Investments in affiliate (56,287,228)
--------------
Total Assets $451,730,817
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $0
Rent and lease payable 0
Wages and salaries 0
Taxes payable 0
Other 1,350,000
--------------
Total postpetition liabilities 1,350,000
Secured liabilities subject to postpetition
collateral or financing order 190,609,695
All other secured liabilities 313,965,764
--------------
Total secured liabilities 504,575,459
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 240,109,640
Discount on bonds 0
--------------
Total prepetition liabilities 240,109,640
Kewadin equity (99,399,607)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (224,298,518)
--------------
Total stockholders' equity (294,304,282)
--------------
Total liabilities 746,035,099
--------------
Total Liabilities & Shareholders' Deficit $451,730,817
==============
Greektown Holdings, LLC
Income Statement
For the month ended January 31, 2010
Total revenue/sales $0
Cost of sales 0
--------------
Gross profit 0
Operating Expenses
Interest expense 1,657,292
Accounting fees - credit 0
--------------
Total expenses 1,657,292
Net operating profit/(loss)
Add: Non-operating income 0
Interest income 0
Other income 0
Less: Non-operating expenses 0
--------------
Net Income (Loss) ($1,657,292)
==============
Greektown Holdings, LLC
Cash Flow Statement
For the month ended January 31, 2010
Cash - beginning of month $0
Receipts 0
Balance available 0
--------------
Less disbursements 0
--------------
Cash - end of month $0
==============
Greektown Casino LLC
Balance Sheet
As of January 31, 2010
Assets
Cash $28,024,291
Inventory 392,316
Accounts receivable 4,383,647
Insider Receivables -
Property and Equipment
Land and buildings 518,622,212
Furniture, fixtures and equipment 107,475,480
Accumulated depreciation (154,979,613)
Other current 24,879,133
Other long term 10,715,430
--------------
Total Assets $539,512,897
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $14,183,454
Notes payable 1,740,948
Rent and lease payable -
Wages and salaries 2,870,208
Taxes payable 1,214,127
Other 294,672
--------------
Total postpetition liabilities 20,303,411
Secured liabilities subject to postpetition
collateral or financing order 190,609,695
All other secured liabilities 313,965,764
--------------
Total secured liabilities 504,575,459
Prepetition liabilities:
Taxes and other priority liabilities -
Unsecured liabilities 67,315,039
Other 3,606,217
--------------
Total prepetition liabilities 70,921,256
Equity 47,575,616
Owner's capital -
Retained earnings prepetition 82,744,007
Retained earnings postpetition (186,606,852)
--------------
Total shareholders' equity (56,287,229)
--------------
Total liabilities 595,800,126
--------------
Total Liabilities & Shareholders' Equity $539,512,897
==============
Greektown Casino LLC
Income Statement
For the month ended January 31, 2010
Total revenue/sales $30,577,092
Cost of sales 3,329,640
--------------
Gross profit 27,247,453
Operating Expenses
Officer compensation 42,582
Salary expenses, other employees 5,080,760
Employees benefits & pensions 2,591,316
Payroll taxes 735,626
Other taxes 624,209
Rent and lease expense 7,989
Interest expense 4,697,743
Insurance 231,035
Automobile & truck expense -
Utilities 360,882
Depreciation 1,983,830
Travel and entertainment 5,279
Repairs and maintenance 63,819
Advertising 723,263
Supplies, office expense, etc. 18,731
Gaming taxes 7,356,248
G&A expenses 2,483,249
F&B expenses 811,339
MGCB Fee 852,778
Parking/other -
Pre-opening expenses -
Impairment of intangible assets -
--------------
Total expenses 28,670,679
Net operating profit (loss) (1,423,226)
Add: Non-operating income:
Interest income -
Other income -
Less: Non-operating expenses
Professional fees 1,987,589
Other 220,000
--------------
Net Income (Loss) ($3,630,815)
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended January 31, 2010
Cash - beginning of month $7,986,709
Receipts 29,810,077
Balance available 37,796,786
--------------
Less disbursements 27,329,155
--------------
Cash - end of month $10,467,632
==============
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC, and its
affiliates -- http://www.greektowncasino.com/-- operates
world-class casino gaming facilities located in Detroit's
historic Greektown district featuring more than 75,000 square
feet of casino gaming space with more than 2,400 slot machines,
over 70 tables games, a 12,500-square foot salon dedicated to
high limit gaming and the largest live poker room in the
metropolitan Detroit gaming market. Greektown Casino employs
approximately 1,971 employees, and estimates that it attracts
over 15,800 patrons each day, many of whom make regular visits to
its casino complex and related properties. In 2007, Greektown
Casino achieved a 25.6% market share of the metropolitan Detroit
gaming market. Greektown Casino has also been rated as the "Best
Casino in Michigan" and "Best Casino in Detroit" numerous times
in annual readers' polls in Detroit's two largest newspapers.
The Company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent. Clark
Hill PLC serves as counsel to the Official Committee of Unsecured
Creditors.
Greektown Holdings listed assets and debts of $100 million to
$500 million in its bankruptcy petition.
Bankruptcy Creditors' Service, Inc., publishes Greektown Casino
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings undertaken by Greektown Casino and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
IMPERIAL CAPITAL: Posts $27,458 Net Loss in February 2010
---------------------------------------------------------
On March 19, 2010, Imperial Capital Bancorp, Inc., filed its
unaudited monthly operating report for the month of February 2010.
The Company reported a net loss of $27,458 for the period 2010.
At February 28, 2010, the Company had total assets of $44,084,657
and total liabilities of $101,777,236.
A full-text copy of the Company's February 2010 monthly operating
report is available at no charge at:
http://researcharchives.com/t/s?5cc2
La Jolla, Calif.-based Imperial Capital Bancorp, Inc. was a
diversified bank holding company. The Company owns 100% of the
common stock of Imperial Capital Bank, a California state chrtered
commercial bank that had roughly $4.4 million in assets and nine
retail branches. On December 18, 2009, the FDIC seized the Bank
and entered into a puchase and assumption agreement with City
National Bank. Imperial Capital Bancorp, Inc. filed for Chapter
11 bankruptcy protection on December 18, 2009 (Bankr. S.D. Calif.
Case No. 09-19431). Gregory K. Jones, Esq., at Stutman, Treister
& Glatt, P.C., assists the Company in its restructuring effort.
In its amended schedules of assets and liabilities, Imperial
Capital Bancorp reported total assets of $40.4 million and
liabilities of $98.7 million.
INTERNATIONAL ALUMINUM: Posts $2.2 Million Net Loss in February
---------------------------------------------------------------
International Aluminum Corp. reported a net loss of $2.2 million
in February 2010.
At February 28, 2010, the Debtor had $267.2 million in total
assets and $292.5 million in total liabilities. The Debtor ended
February 2010 with $36.7 million in cash, which includes $875,000
of restricted cash. .
A full-text copy of the Debtor's monthly operating report for
February 2010 is available for free at:
http://bankrupt.com/misc/int%27laluminum.februarymor.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.
LTV CORP: Ends February 2010 With $9,222,000 Cash
-------------------------------------------------
On March 18, 2010, The LTV Corporation, et al., submitted to
the United States Bankruptcy Court for the Northern District of
Ohio, Eastern Division their operating report for the period ended
February 28, 2010.
LTV ended the period with a $9,222,000 cash balance. LTV reported
$1,000 in receipts and $133,000 in disbursements in February,
including $88,000 paid to Chapter 11 professionals.
A full-text copy of LTV's February 2010 operating report is
available at no charge at http://researcharchives.com/t/s?5cba
Headquartered in Cleveland, Ohio, The LTV Corp. is a manufacturer
with interests in steel and steel-related businesses, employing
some 17,650 workers and operating 53 plants in Europe and the
Americas. The Company filed for chapter 11 protection on
December 29, 2000 (Bankr. N.D. Ohio, Case No. 00-43866). On
August 31, 2001, the company listed $4,853,100,000 in assets and
$4,823,200,000 in liabilities.
ORLEANS HOMEBUILDERS: Files Initial Monthly Operating Report
------------------------------------------------------------
On March 15, 2010, Orleans Homebuilders, Inc., et al., filed its
initial monthly operating report with the Bankruptcy Court.
The Debtors provided a 12-month cash flow projection for the 12
month period from March 2010 through February 2011, disclosing:
Cash Beginning $0
Total Receipts $142,168,333
Total Disbursements $97,800,529
Net Cash Flow $44,367,804
Cash End $44,367,804
A full-text copy of the Debtors' initial monthly operating report
is available at no charge at:
http://bankrupt.com/misc/orleanshomebuilders.initialmor.pdf
About Orleans Homebuilders
Orleans Homebuilders, Inc. -- aka FPA Corporation, OHB, Parker &
Lancaster, Masterpiece Homes, Realen Homes and Orleans --
develops, builds and markets high-quality single-family homes,
townhouses and condominiums. From its headquarters in suburban
Philadelphia, the Company serves a broad customer base including
first-time, move-up, luxury, empty-nester and active adult
homebuyers. The Company currently operates in these 11 distinct
markets: Southeastern Pennsylvania; Central and Southern New
Jersey; Orange County, New York; Charlotte, Raleigh and
Greensboro, North Carolina; Richmond and Tidewater, Virginia;
Chicago, Illinois; and Orlando, Florida. The Company's Charlotte,
North Carolina operations also include adjacent counties in South
Carolina. Orleans Homebuilders employs approximately 300 people.
The Company filed for Chapter 11 bankruptcy protection on March 1,
2010 (Bankr. D. Delaware Case No. 10-10684). Cahill Gordon &
Reindell LLP is the Debtor's bankruptcy and restructuring counsel.
Curtis S. Miller, Esq., and Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell, are the Debtor's Delaware and
restructuring counsel. Blank Rome LLP is the Debtor's special
corporate counsel. Garden City Group Inc. is the Debtor's claims
and notice agent. The Company estimated assets and debts at
$100,000,001 to $500,000,000.
PROLIANCE INTERNATIONAL: Posts $19,743,000 Net Loss in February
---------------------------------------------------------------
On March 24, 2010, Proliance International, Inc., filed its
monthly operating report for the filing period ended February 28,
2010.
The Company reported a net loss of $19,743,000 for the month of
February 2010. Included in the net loss are bankruptcy related
costs of $425,000, loss on sale of assets of $15,105,000, and debt
extinguishment expense of $4,119,000.
At February 28, 2010, the Company had $3,859,000 in total
assets and $75,740,000 in total liabilities. The Company ended
February with $2,997,000 in cash, from beginning cash of
$1,317,000.
On February 19, 2010, the Company, through its wholly-owned
subsidiary Aftermarket Delaware Corporation, entered into a sale
and purchase agreement with Banco Products (India) Ltd. with
respect to the sale of all of the outstanding equity interest of
Nederlandse Radiateuren Fabriek B.V. ("NRF") to the buyer for
EUR17.7 million. On February 19, 2010, the Court approved the
sale transaction.
A full-text copy of the Company's February 2010 operating report
is available for free at:
http://bankrupt.com/misc/proliance.februarymor.pdf
About Proliance International
Based in New Haven, Connecticut, Proliance International, Inc. --
http://www.pliii.com/-- aka Godan makes automobile parts. The
Company and its affiliates filed for Chapter 11 on July 2, 2009
(Bankr. D. Del. Lead Case No. 09-12278). Christopher M. Samis,
Esq., and Daniel J. DeFranceschi, Esq., at Richards, Layton &
Finger PA, represent the Debtors in their restructuring efforts.
The Debtors' financial condition as of June 22, 2009, showed total
assets of $160.3 million and total debts of $133.5 million.
The sale of Proliance's North American assets to Centrum Equities
XV, LLC, was consummated under the provisions of Section 363 of
the Bankruptcy Code on August 14, 2009.
PROTOSTAR LTD: Posts $3.1 Million Net Loss in February
-----------------------------------------------------
ProtoStar Ltd. reported a net loss of $3.1 million for the month
of February 2010. Interest expense was roughly $3.3 million.
At February 28, 2010, ProtoStar Ltd. had total assets of
$352.3 million, total liabilities of $315.7 million, and net owner
equity of $36.6 million.
A full-text copy of the February monthly operating report is
available at no charge at:
http://bankrupt.com/misc/protostarltd.februarymor.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.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 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 $1.3 Million Net Loss in February
-----------------------------------------------------------------
ProtoStar I Ltd. had unrestricted cash and cash equivalents of
$1.2 million at February 28, 2010. Beginning cash was
$2.2 million.
ProtoStar I reported a net loss of $1.3 million for the month of
January. Interest expense totaled $533,893. Intercompany
expenses totaled $142,856.
At February 28, 2010, ProtoStar I had total assets of
$214.8 million and total liabilities of $263.1 million.
A full-text copy of the February monthly operating report is
available at no charge at:
http://bankrupt.com/misc/protostarI.februarymor.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.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 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 $874,192 Net Loss in February
--------------------------------------------------------------
ProtoStar II Ltd. had cash and cash equivalents of $38.9 million
at February 28, 2010. Beginning cash was $41.6 million.
ProtoStar II reported a net loss of $874,192 on net revenue of
$1.8 million for the month of February. Interest expense totaled
$64,495. Other expense, consisting of intercompany expenses,
totaled $386,091.
At February 28, 2010, ProtoStar II had total assets of
$307.8 million, total liabilities of $234.0 million, and net owner
equity of $73.8 million.
A full-text copy of the February operating report is available at
no charge at http://bankrupt.com/misc/protostarII.februarymor.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.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 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 Asia Posts $54,058 Net Loss in February
---------------------------------------------------------------
ProtoStar Asia Pte. Ltd. reported a net loss of $54,058 in
February.
At February 28, 2010, the Company had $1,378,609 in total assets
and $1,823,610 in total liabilities.
A full-text copy of the February monthly operating report is
available at no charge at:
http://bankrupt.com/misc/protostardev%27t.februarymor.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.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 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 Dev't Files February Operating Report
--------------------------------------------------------------
At February 28, 2010, ProtoStar Development Ltd. had $820,492 in
total assets and $940,549 in total liabilities. ProtoStar
Development reported a net loss of $325 in February.
A full-text copy of the January operating report is available at
no charge at:
http://bankrupt.com/misc/protostardev%27t.februarymor.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.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 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 SATELLITE: Posts $10,189 Net Loss in February
-------------------------------------------------------
ProtoStar Satellite Systems, Inc., reported a net loss of $10,189
for the month of February. Net income in February includes
intercompany income of $310,713.
At February 28, 2010, the Company had $17.2 million in total
assets, $16.2 million in total liabilities, and $1.0 million in
net owner equity.
A full-text copy of the February monthly operating report is
available at no charge at:
http://bankrupt.com/misc/protostarsatellite.februarymor.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.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 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.
PTC ALLIANCE: Reports $1.26 Million Net Loss in February
--------------------------------------------------------
Bill Rochelle at Bloomberg News reports that PTC Alliance Corp.,
reported a $1.26 million net loss in February on net sales of
$15.2 million. Operating income in the month was $324,000.
After the bankruptcy judge refused to sanction the first sale of
assets, PTC will try again at a new auction on April 5.
About PTC Alliance
Headquartered in Wexford, Pennsylvania, PTC Alliance Corp. makes
welded and cold drawn mechanical steel tubing and tubular shapes,
chrome-plated bar products and precision components. The Company
and its affiliates filed for Chapter 11 protection on October 1,
2009 (Bankr. D. Del. Lead Case No. 09-13395). The Debtors
selected Reed Smith LLP as their counsel. PTC Alliance listed
assets between $50 million and $100 million, and debts between
$100 million and $500 million in its petition.
REGENT COMMUNICATIONS: Files Initial Monthly Operating Report
-------------------------------------------------------------
Regent Communications, Inc., et al., filed their initial monthly
operating report with the Bankruptcy Court on March 15, 2010. The
Debtord delivered a 13 week budget for week ending March 5, 2010,
through the week ended May 28, 2010, disclosing:
Total Receipts $17,844,000
Total Disbursements $17,852,000
Net Cash Flow (excl.
Pro-Forma Impacts) 7,000
Professional and Restructuring
Fees and Deposits $3,311,000
T&E and Other Restructuring
Expenses 335,000
Total Pro-Forma Impacts $3,646,000
Net Cash Flow $3,653,000
Cash Beginning $10,609,000
Cash End $6,955,000
A full-text copy of the Debtors' initial monthly operating report
is available at no charge at:
http://bankrupt.com/misc/regentcommunications.initialmor.pdf
About Regent Communications
Headquartered in Cincinnati, Ohio, Regent Communications, Inc., is
a radio broadcasting company that acquires, develops, and operates
radio stations. There are 47 subsidiary entities with 62 radio
stations in markets in Colorado, Illinois, Indiana, Kentucky,
Louisiana, Michigan, Minnesota, New York, and Texas. Regent
Communications focuses on radio stations in mid-sized market that
are diversified in terms of geographic location, target
demographics and format in order to minimize the effects of
downturns in specific markets and changes in format preferences.
The Company filed for Chapter 11 bankruptcy protection on March 1,
2010 (Bankr. D. Delaware Case No. 10-10632). Michael R. Nestor,
Esq., at Young Conaway Stargatt & Taylor, assists the Company in
its restructuring effort. As of January 31, 2010, the Company had
$166,506,000 in assets and $211,282,000 in liabilities.
SIX FLAGS: Reports $44,464,085 Net Loss for January
---------------------------------------------------
Six Flags, Inc.
Consolidating Balance Sheet
As of January 31, 2010
Assets
Current Assets:
Cash and Cash Equivalents $134,494,357
Accounts Receivable 12,203,620
Inventories 23,263,138
Prepaid Expenses 48,853,015
---------------
Total Current Assets 218,814,131
Other Assets:
Notes Receivable 1,872,277
Intercompanies (105,049)
Investment in Theme Parks 45,253,443
Deposits 49,760,470
---------------
Total Other Assets 96,781,141
Fixed Assets:
Property Plant & Equipment 2,703,996,636
Accumulated Depreciation (1,229,415,024)
---------------
Net Fixed Assets 1,474,581,613
Intangible Assets:
Goodwill and Organization Costs 1,284,100,580
Less: Amortization (223,651,213)
Deferred Charges 34,958,480
Less: Amortization (22,720,715)
---------------
Net Intangible Assets 1,072,787,131
Total Assets $2,862,964,016
===============
Liabilities
Current Liabilities:
Short-Term Bank Borrowings $271,769,310
Accounts Payable Trade 38,635,572
Accrued Expenses 107,287,357
Accrued Interest Payable 66,233,256
Deferred Income 19,732,051
Current Portion - Long-Term Debt 168,140,370
Current Portion - Capitalized Leases 1,418,797
Asset Retirement Obligation - ST 0
--------------
Total Current Liabilities 673,216,712
Long-Term Liabilities:
Notes Payable 1,965,736,482
Capitalized Leases 982,210
Other Liabilities 70,607,878
Minority Interest 10,770
Deferred Income Taxes 117,576,733
Asset Retirement Obligation - LT 0
---------------
Total Long Term Liabilities 2,154,914,073
Total Liabilities $2,828,130,786
===============
Redeemable Minority Interest 355,933,028
PIERS 306,649,669
Stockholders' Equity:
Retained Earnings ($2,058,500,513)
Year-to-Date Net Income (44,464,095)
Common Stock 2,458,048
Foreign Currency Translation (33,569,336)
Paid-in Capital in Excess of Par 1,506,346,431
---------------
Total Shareholders' Equity (627,749,466)
Total Liabilities & Equity $2,862,964,016
===============
Six Flags, Inc.
Consolidating Income Statement
For the Period Jan. 4 to 31, 2010
Total Revenue $8,416,842
Cost of Products Sold 534,299
-------------
Gross Profit 7,882,542
Total Operating Expenses 22,918,431
Total S, G & A Expenses 8,736,642
Operating Income (23,772,531)
Other Income (Expenses) 389,780
Reorganization Items (7,472,527)
Total Depreciation & Amortization 8,501,660
Interest Expense 4,998,064
Interest Intercompany 1,814
Interest Income (62,445)
-------------
Total Interest Expense 4,937,433
Equity in Operations of Affiliates -
Minority Interest in Earnings -
Discontinued Operations 26,277
-------------
Earnings Before Taxes (44,320,648)
Income Taxes 143,447
-------------
Net Income (Loss) ($44,464,085)
=============
For the period January 4 to 31, 2010, Six Flags, Inc., and its
Debtor-affiliates made total disbursements of $45,395,553.
For the period from January 4 through 31, 2010, the Debtors also
paid $10,162,584 to their bankruptcy professionals' fees and
expenses.
A full-text copy of the MOR for January 4 to 31 is available for
free at http://bankrupt.com/misc/SixF_MORJan4_31.pdf
About Six Flags
Headquartered in New York City, Six Flags, Inc., is the world's
largest regional theme park company with 20 parks across the
United States, Mexico and Canada.
Six Flags filed for Chapter 11 protection on June 13, 2009 (Bankr.
D. Del. Lead Case No. 09-12019). Paul E. Harner, Esq., Steven T.
Catlett, Esq., and Christian M. Auty, Esq., at Paul, Hastings,
Janofsky & Walker LLP in Chicago, Illinois, act as the Debtors'
lead counsel. Daniel J. DeFranceschi, Esq., and L. Katherine
Good, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware, act as local counsel. Cadwalader Wickersham & Taft LLP,
serves as special counsel. Houlihan Lokey Howard & Zukin Capital
Inc., serves as financial advisors, while KPMG LLC acts as
accountants. Kurtzman Carson Consultants LLC serves as claims and
notice agent. As of March 31, 2009, Six Flags had $2,907,335,000
in total assets and $3,431,647,000 in total liabilities.
Bankruptcy Creditors' Service, Inc., publishes Six Flags
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Six Flags Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000).
SPANSION INC: Spansion LLC Has $14 Mil. Loss for Jan. 25-Feb. 21
----------------------------------------------------------------
Spansion LLC Executive Vice President and Chief Financial Officer
Randy Furr filed on March 23, 2010, Spansion LLC's monthly
operating report for February 2010. Spansion LLC is the
principal operating company of the Debtors. It is the parent
company of Spansion International, Inc., and all other foreign
Spansion entities.
According to Mr. Furr, Spansion LLC has employees, and
conducts businesses that generate revenue. It files its own
payroll tax returns, and it is included in Spansion Inc.'s
federal consolidated and California worldwide unitary tax
returns.
Mr. Furr further notes that Spansion LLC recognizes the operating
results of its wholly owned subsidiaries worldwide based on the
equity method of accounting. However, since one of its
subsidiaries, Spansion Japan Limited, filed a proceeding under
the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan on
February 10, 2009, which was formally commenced on March 3,
Spansion LLC no longer "controls" SPJ. SPJ's results are no
longer consolidated in Spansion Inc.'s consolidated financial
results effective March 2009, and have never been reflected in
Spansion LLC's monthly Operating Reports.
Spansion LLC
Balance Sheet
As of February 21, 2010
ASSETS
Unrestricted Cash & Cash Equivalents $312,428,354
Short Term Investment 80,025,001
Restricted Cash & Cash Equivalents 79,941,829
Accounts Receivable (net) 51,569,256
Notes Receivable 0
Inventories 142,484,538
Prepaid Expenses 10,041,976
Professional Retainers 446,373
Intercompany Receivables 413,320,456
Other Current Assets 39,304,686
--------------
Total current assets 1,129,562,468
Property and Equipment
Real Property & Improvements 13,078,518
Machinery and Equipment 1,163,649,658
Furniture, fixtures & Office Equipment 0
Leasehold Improvements 734,469,848
Vehicles 0
Less Accumulated Depreciation (1,669,715,705)
--------------
Total Property and Equipment 241,482,319
OTHER ASSETS
Loans to Insiders 0
Intercompany Investments 149,846,617
Other assets 42,211,057
--------------
Total Other Assets 192,057,674
--------------
Total Assets $1,563,102,462
==============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable $38,362,552
Taxes Payable 11,524,973
Wages Payable 6,113,779
Secured Debt 36,891,562
Accrued Expense 37,817,517
Deferred Income 35,562,907
Intercompany 257,943,906
Other Postpetition Liabilities 150,351,326
--------------
Total Postpetition Liabilities 574,568,521
Liabilities Subject to Compromise Prepetition
Secured Debt 642,599,391
Priority Debt 14,377,261
Unsecured Debt 987,331,670
Intercompany 254,468,560
--------------
Total Prepetition Liabilities 1,898,776,881
--------------
Total Liabilities 2,473,345,403
OWNER EQUITY
Intercompany Common Stock 2,289,379,270
Additional Paid-in Capital 124,015,097
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition (3,232,999,769)
Retained Earnings-Postpetition (96,154,198)
Retained Earnings-Adjustment 5,516,659
--------------
Net Owner Equity (910,242,941)
--------------
Total Liabilities and Owner Equity $1,563,102,462
==============
Spansion LLC
Statement of Operations
For the From Jan. 25 to Feb. 21, 2010
REVENUES
Gross Revenues $75,947,961
Less: Changes in reserves (114,148)
--------------
Net Revenue 75,833,813
Cost of Goods Sold
Manufacturing expense 30,075,953
Disti/OEM cost adjustment 10,359,291
Intercompany purchase 27,956,837
Foreign currency gain/loss (1,011,323)
Inventory change (6,881,512)
--------------
Cost of Goods Sold 60,499,247
--------------
Gross Profit 15,334,566
Operating Expenses
Building Expense 260,136
Labor & Benefits 9,049,281
Freight 52,066
Marketing and communications 176,642
Material 233,040
Outside Services 5,920,438
Repair & Maintenance 232,937
Telecom and Software 628,937
Travel 291,442
Other 7,725,090
--------------
Total Operating Expenses Before Depreciation 24,570,009
Depreciation/Depletion/Amortization 677,716
--------------
Net Profit (loss) Before Income & Expenses (9,913,159)
OTHER INCOME AND EXPENSES
Other loss (Income), net (5,335,879)
Interest Expense 1,326,901
Other Expense 0
--------------
Net Profit(loss)Before Reorganization Items (5,904,181)
Reorganization Items
Professional Fees 5,129,967
Interest Earned on Accumulated Cash
From Chapter 11 (20,886)
Other Reorganization Expenses 3,517,446
--------------
Total reorganization expenses 8,626,528
Income Taxes (480,785)
--------------
Net Profit (loss) ($14,049,923)
==============
Spansion LLC
Schedule of Cash Receipts and Disbursement
For the Period From Jan. 25 to Feb. 21, 2010
Cash Beginning of Month $345,133,606
Receipts
Customer Receipts 54,243,743
Intercompany Receipts 0
Other Receipts 142,516
--------------
Total Receipts 54,386,259
Disbursements
Buildings 664,550
Foundry & Subcon 1,914,594
Intercompany Disbursements 9,136,824
Labor & Benefits 13,035,524
Material 10,147,706
Other 1,430,404
Outside Services 4,170,915
Repair & Maintenance 2,564,685
Capital Expenditures 1,360,206
Debt Obligations & Capital Leases 864,066
Taxes 6,632,787
Facility Closure Costs 0
Key Employee Incentive Plan 0
Reduction in Force 0
Restructuring Professional Fees 5,872,825
Utilities Deposit 0
Term loan accrued interest and fee 18,016,085
Intercompany Transfers(debtor entities) 1,192,283
Intercompany Transfers(non-debtor entities) 10,088,058
--------------
Total Disbursements 87,091,511
Net Cash Inflow/(Outflow) (32,705,252)
--------------
Cash End of Month $312,428,354
==============
About Spansion Inc.
Spansion Inc. (Pink Sheets: SPSNQ) -- http://www.spansion.com/--
is a Flash memory solutions provider. Spansion is a former joint
venture of AMD and Fujitsu.
Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690). On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.
Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A.
Posin, Esq., at Latham & Watkins LLP, have been tapped as
bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris
LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is
the claims agent. The United States Trustee has appointed an
official committee of unsecured creditors in the case. As of
September 30, 2008, Spansion disclosed total assets of
US$3,840,000,000, and total debts of US$2,398,000,000.
Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.
Bankruptcy Creditors' Service, Inc., publishes Spansion Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding
undertaken by Spansion Inc. and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000)
THORNBURG MORTGAGE: Ends February 2010 With $123.8 Million in Cash
------------------------------------------------------------------
On March 24, 2010, the Chapter 11 trustee for TMST, Inc.,
formerly known as Thornburg Mortgage, Inc., et al., filed on
behalf of the Debtors, except for ADFITECH, Inc., a monthly
operating report for February 2010.
TMST, Inc., et al., ended February with $123,824,526 cash. The
Debtors reported net income of $4,683,506 on net operating revenue
of $2,105,919 for the month. At February 28, 2010, the Debtors
had $157,034,979 in total assets and $3,471,966,217 in total
liabilities.
A full-text copy of the TMST, Inc.'s February 2010 monthly
operating report is available for free at:
http://researcharchives.com/t/s?5cc3
Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages. It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets. Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.
Thornburg Mortgage, Inc., and its four affiliates filed for
Chapter 11 on May 1 (Bankr. D. Md. Lead Case No. 09-17787).
Thornburg has changed its name to TMST, Inc.
Judge Duncan W. Keir is handling the case. David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, has been tapped as
counsel. Orrick, Herrington & Sutcliffe LLP is employed as
special counsel. Jim Murray, and David Hilty, at Houlihan Lokey
Howard & Zukin Capital, Inc., have been tapped as investment
banker and financial advisor. Protiviti Inc. has also been
engaged for financial advisory services. KPMG LLP is the tax
consultant. Epiq Systems, Inc., is claims and noticing agent. In
its bankruptcy petition, Thornburg listed total assets of
$24,400,000,000 and total debts of $24,700,000,000, as of
January 31, 2009.
On October 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc. and TMST Hedging
Strategies, Inc.
VION PHARMACEUTICALS: Ends February 2010 With $13,502,580 in Cash
-----------------------------------------------------------------
On March 22, 2010, Vion Pharmaceuticals, Inc., filed its
unaudited monthly operating report for the month of February 2010
with the U.S. Bankruptcy Court for the District of Delaware.
The Company ended February with $13,502,580 in cash, from
$13,819,872 as of the beginning of the month.
The Company reported a net loss of $589,620 in January 2010.
At January 31, 2010, the Company had $13,808,535 in total assets
and $66,563,236 in total liabilities.
A full-text copy of the Company's monthly operating report for
February 2010 is available at no charge at:
http://researcharchives.com/t/s?5cbb
On March 1, 2010, the Bankruptcy Court entered an order (i)
approving the adequacy of information in the Disclosure Statement
and (ii) approving the Company's procedures for soliciting votes
on the Plan and authorizing the Company to send the Disclosure
Statement, the Plan and ballots to creditors entitled to vote on
the Plan. The deadline for voting on the Plan is March 30, 2010,
at 4:00 P.M. and the hearing on confirmation of the Plan is
scheduled for April 6, 2010.
About the Company
New Haven, Connecticut-based Vion Pharmaceuticals Inc. is a
developer of cancer drug therapies. Vion Pharmaceuticals filed
for Chapter 11 bankruptcy protection on December 17, 2009 (Bankr.
D. Del. Case No. 09-14429). Christopher M. Samis, Esq., and John
Henry Knight, Esq., at Richards, Layton & Finger, P.A., assist the
Company in its restructuring effort. Roth Capital Partners, LLC,
assisted the Debtor with the sale of all or key assets during the
Chapter 11 proceeding. The Company listed $10,000,001 to
$50,000,000 in assets and $50,000,001 to $100,000,000 in
liabilities.
WASHINGTON MUTUAL: Has $4,567,683,505 Cash at End of February
-------------------------------------------------------------
WASHINGTON MUTUAL, INC.
Unaudited Balance Sheet
As of February 28, 2010
ASSETS
Unrestricted cash and cash equivalents $4,567,683,505
Restricted cash and cash equivalents 95,403,332
Investment securities 68,670,977
Accrued interest receivable 877,149
Income tax receivable 475,616,366
Prepaid expenses 3,443,628
Cash surrender value of BOLI/COLI 89,723,856
Funded Pension 39,173,922
Other investments -
Investment in subsidiaries 1,478,388,802
Notes receivable, intercompany 12,607,350
Fixed assets 85,571
Other assets 96,356,327
----------------
Total Assets $6,928,030,786
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $4,418,434
Accrued wages and benefits 319,708
Other accrued liabilities 11,521,893
Minority interest 1,113,064
----------------
Total Postpetition Liabilities 17,373,099
LIABILITIES SUBJECT TO COMPROMISE
Senior debt 4,132,421,622
Subordinated debt 1,666,464,970
Junior subordinated debt 765,674,200
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 8,296,819,086
----------------
Total Liabilities 8,314,192,185
SHAREHOLDERS' EQUITY
Preferred stock 3,392,341,954
Common stock 12,988,763,556
Other comprehensive income (754,454,605)
Retained earnings - prepetition (16,741,804,781)
Retained earnings - postpetition (270,997,523)
----------------
Total Shareholders' Equity (1,386,161,399)
----------------
Total Liabilities and Shareholders' Equity $6,928,030,786
================
WASHINGTON MUTUAL, INC.
Unaudited Statement of Operations
For the period February 1 to February 28, 2010
REVENUES
Interest income:
Cash equivalents $519,827
Securities 249,789
Notes receivable - intercompany 48,480
Other 155
----------------
Total Interest Income 818,250
Earnings (losses) from subsidiaries and
other equity investments (1,627,210)
Gains (losses) from securities/investments 55,171
Other income 845,511
----------------
Total Revenues 91,723
OPERATING EXPENSES
Compensation and benefits 449,812
Occupancy and equipment 126,192
Professional fees 780,211
Loss (Income) from BOLI/COLI policies (143,575)
Management fees/transition services 30,000
Insurance 240,834
Other 167,816
----------------
Total Operating Expenses 1,651,289
Net profit (loss) before other income
and expenses (1,559,566)
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany -
Borrowings -
----------------
Total Interest Expense -
Other expense/(income) -
----------------
Net profit (loss) before
reorganization items (1,559,566)
REORGANIZATION ITEMS
Professional fees 4,839,182
Claims adjustments -
U.S. Trustee quarterly fees -
Gains (losses) from sale of assets -
Other reorganization expenses 254,235
----------------
Total Reorganization Items 5,093,417
Net profit (loss) before income taxes (6,652,984)
Income taxes -
----------------
NET PROFIT (LOSS) ($6,652,984)
================
WASHINGTON MUTUAL, INC.
Unaudited Schedule of Cash Receipts and Disbursements
For the period February 1 to February 28, 2010
Opening Balance 12/31/09 $3,959,789,243
RECEIPTS
Interest & investment returns 470,421
Tax refunds 334,168
Reimbursements/distributions from subs -
Sales of assets/securities -
Rebates -
Other miscellaneous receipts 13,840
----------------
Total Receipts 818,429
TRANSFERS
Sweep to/(from) Money Market account -
Sweep (to)from Wells Managed account -
----------------
Total Transfers -
DISBURSEMENTS
Salaries and benefits 326,833
Travel and other expenses 23,108
Occupancy and supplies 221,612
Professional fees 4,917,176
Other outside services 537,251
Bank fees 23,820
U.S. trustee quarterly fees -
Directors fees 60,000
Taxes paid 6,318
----------------
Total Disbursements 6,116,118
----------------
Net Cash Flow (5,297,689)
----------------
Cash - End of Month 3,954,491,554
GL Balance 3,954,491,553
Net value -- Short Term Securities 613,191,952
----------------
Total Cash and Cash Equivalents $4,567,683,505
================
WMI INVESTMENT CORP.
Unaudited Balance Sheet
As of February 28, 2010
ASSETS
Unrestricted cash and cash equivalents $275,245,601
Restricted cash and cash equivalents -
Investment Securities -
Accrued interest receivable 3,290
Income tax receivable 22,187,560
Prepaid expenses -
Cash surrender value of BOLI/COLI -
Funded Pension -
Other investments 58,572,087
Investment in subsidiaries -
Notes receivable, intercompany 565,844,197
Fixed Assets -
Other assets -
----------------
Total Assets $921,852,736
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $6,000
Accrued wages and benefits -
Other accrued liabilities 19,375
Minority interest -
----------------
Total Postpetition Liabilities 25,375
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 25,375
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 (114,493,459)
----------------
Total Shareholders' Equity 921,827,361
----------------
Total Liabilities and Shareholders' Equity $921,852,736
================
WMI INVESTMENT CORP.
Unaudited Statement of Operations
For the period February 1 to February 28, 2010
REVENUES
Interest income:
Cash equivalents $35,268
Securities -
Notes receivable - intercompany -
Other -
----------------
Total Interest Income 35,268
Earnings (losses) from subsidiaries and
other equity investments (41,563)
Gains (losses) from securities/investments 21,713
Other income -
----------------
Total Revenues 15,418
OPERATING EXPENSES
Compensation and benefits -
Occupancy and equipment -
Professional fees -
Loss (Income) from BOLI/COLI policies -
Management fees/transition services -
Insurance -
Other 14,483
----------------
Total Operating Expenses 14,483
Net profit (loss) before other income
and expenses 935
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany -
Borrowings -
----------------
Total Interest Expense -
Other expense/(income) -
----------------
Net profit (loss) before
reorganization items 935
REORGANIZATION ITEMS
Professional fees -
Claims adjustments -
U.S. Trustee quarterly fees -
Gains (losses) from sale of assets -
Other reorganization expenses -
----------------
Total Reorganization Items -
----------------
Net profit (loss) before income taxes 935
Income taxes -
----------------
NET PROFIT (LOSS) $935
================
WMI INVESTMENT CORP.
Unaudited Schedule of Cash Receipts and Disbursements
For the period February 1 to February 28, 2010
Opening Balance 01/31/10 $53,645,057
RECEIPTS
Interest & investment returns 241,319
Tax refunds -
Reimbursements/distributions from subs -
Sales of assets/securities -
Rebates -
Other miscellaneous receipts -
----------------
Total Receipts 241,319
TRANSFERS
Sweep to/(from) Money Market account -
Sweep (to) from Wells Managed account -
----------------
Total Transfers -
DISBURSEMENTS
Salaries and benefits -
Travel and other expenses -
Occupancy and supplies -
Professional fees 16,043
Other outside services -
Bank fees 47
U.S. trustee quarterly fees -
Directors fees -
Taxes paid -
----------------
Total Disbursements 16,090
----------------
Net Cash Flow 225,228
----------------
Cash - End of Month 53,870,285
GL Balance 53,870,285
Net value -- Short Term Securities 221,375,316
----------------
Total Cash and Cash Equivalents $275,245,601
================
WaMu Chief Financial Officer John Maciel disclosed that as of
February 28, 2010, the Debtors paid these firms an aggregate
of $4,917,175 on account of services rendered in their cases:
Professional Fees Expenses
------------ --------- --------
Akin, Gump, Strauss, Hauer & Fled $214,081 $7,706
Alvarez & Marsal 1,175,579 85,748
Davis Wright Tremaine LLP 4,629 -
FTI Consulting, Inc. 63,430 114
Gibson Dunn & Crutcher LLP 27,559 41
Grant Thornton 6,255
John W. Wolfe, P.S. 118,125 245
Kurtzman Carson Consultants LLC 171,342 -
McKee Nelson LLP/Bingham McCutchen LLP 121,346 82,616
Miller & Chevalier Chartered 45,254 14
Perkins Coie LLP 96,894 5,358
PricewaterhouseCoppers LLP 59,274 6,580
Quinn Emmanuel Urquhart Oliver & Hedges 653,688 22,866
Richards Layton & Finger P.A. 33,996 3,376
Shearman & Sterling LLP 48,353 1,332
Simpson Thacher & Barlett LLP 7,824 16
Towers, Perrin, Forster & Crosby, Inc. 47,000 -
Weil, Gotshal & Manges LLP 1,134,243 72,076
As of February 28, 2010, WaMu paid a total of $4,418,324 to 27
vendors for certain postpetition accounts. A complete list of
the Vendor Payments is available for free at:
http://bankrupt.com/misc/WaMu_Feb2010VendorPayments.pdf
According to Mr. Maciel, for the period from February 1 to 28,
2010, WaMu did not file property tax returns; sales and use
tax returns and corporate income; and franchise and gross receipt
tax filings. Payroll taxes were filed during the Reporting
Period.
A full-text copy of WaMu's February 2010 Operating Report is
available for free at:
http://bankrupt.com/misc/WaMu_MORFeb2010.pdf
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.
Peter Calamari, Esq., and David Elsberg, Esq., at Quinn Emanuel
Urquhart Oliver & Hedges, LLP served as legal counsel to WMI with
responsibility for the litigation. Brian Rosen, Esq., at Weil,
Gotshal & Manges LLP served as legal counsel to WMI with
responsibility for the chapter 11 case.
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).
*********
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*********
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