/raid1/www/Hosts/bankrupt/TCR_Public/100410.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 10, 2010, Vol. 14, No. 98
Headlines
ABITIBIBOWATER INC: Posts $34 Million Net Loss in February
ADVANTA CORP: Posts $43.7 Million Net Loss in February
ALERIS INT'L: Reports $3,506,000 Net Loss for February
ASARCO LLC: Has $157,689,000 Profit for Nov. 1 to Dec. 9
BANKUNITED FINANCIAL: Posts $4,726,799 Net Loss in February
CAPMARK FINANCIAL: Reports $6,204,000 Net Loss for February
CITADEL BROADCASTING: Ends February 2010 With $95.4 Million Cash
DECODE GENETICS: Posts $358,680 Net Loss in February
ERICKSON RETIREMENT: Reports $10,868,814 Loss for February
ESCADA AG: Has $12,259,919 Cash at End of February
FINLAY ENTERPRISES: Posts $3.8 Million Net Loss in February
GENERAL GROWTH: Reports $201,804,000 Profit for February
HSH DELAWARE: Reports Cash Receipts for February
KLCG PROPERTY: Disbursements Total $5.1 Million for February
LYONDELL CHEMICAL: Reports $129 Million Net Loss in February
MAGNA ENTERTAINMENT: Posts $6.0MM Net Loss From Feb. 8 - March 7
MESA AIR: Posts $246,000 Net Loss in February
MIDWAY GAMES: Posts $2.0 Million Net Loss in November
NORTEL NETWORKS: Breaks Even in January 2010
TRIBUNE CO: Reports $2,069,000 Net Income for February
TROPICANA ENT: Adamar of NJ Reports $2.85MM Net Loss for February
WASHINGTON MUTUAL: Posts $6.6 Million Net Loss in February
YOUNG BROADCASTING: Posts $3.1 Million net Loss in February
*********
ABITIBIBOWATER INC: Posts $34 Million Net Loss in February
----------------------------------------------------------
On March 31, 2010, AbitibiBowater Inc. and certain of its U.S.
subsidiaries filed their monthly operating report for the period
from February 1, 2010, to February 28, 2010, with the United
States Bankruptcy Court for the District of Delaware.
The Debtors reported a consolidated net loss of $34.0 million on
net sales of $314.4 million in February. Gross profit was
$2.9 million. The operating loss for the month was $16.9 million,
including restructuring and other costs of $8.3 million.
At February 28, 2010, the Debtors had $20.899 billion in total
assets, $8.170 billion in total liabilities, and $12.729 billion
in shareholders' equity.
For February 2009, the Debtors paid a total of $2,389,726 in
professional fees and expenses.
The creditors' committee has said it identified defects in parts
of a $400 million term loan made in April 2008, and contends the
loan was a fraudulent transfer.
A full-text copy of the Company's February 2010 monthly operating
report is available at no charge at:
http://researcharchives.com/t/s?5f59
About AbitibiBowater Inc.
Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products. It is the eighth largest publicly traded pulp and paper
manufacturer in the world. AbitibiBowater owns or operates 23
pulp and paper facilities and 28 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the Company is
also among the world's largest recyclers of old newspapers and
magazines, and has third-party certified 100% of its managed
woodlands to sustainable forest management standards.
AbitibiBowater's shares trade over-the-counter on the Pink Sheets
and on the OTC Bulletin Board under the stock symbol ABWTQ.
The Company and several of its affiliates filed for protection
under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009
(Bankr. D. Del. Lead Case No. 09-11296). Judge Kevin J. Carey
presides over the case. The Company and its Canadian affiliates
commenced parallel restructuring proceedings under the Companies'
Creditors Arrangement Act before the Quebec Superior Court
Commercial Division the next day. Alex F. Morrison at Ernst &
Young, Inc., was appointed CCAA monitor.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the
Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as
the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, serves as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, serves as the Debtors' conflicts
counsel in the Chapter 11 proceedings. The Debtors' financial
advisors are Advisory Services LP, and their noticing and claims
agent is Epiq Bankruptcy Solutions LLC. The CCAA Monitor's
counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario.
Abitibi-Consolidated Inc. and various Canadian subsidiaries filed
for protection under Chapter 15 of the U.S. Bankruptcy Code on
April 17, 2009 (Bankr. D. Del. 09-11348). Judge Carey also
handles the Chapter 15 case. Pauline K. Morgan, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in
Wilmington, represent the Chapter 15 Debtors.
As of Sept. 30, 2008, the Company had $9,937,000,000 in total
assets and $8,783,000,000 in total debts.
Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings and parallel proceedings under the
Companies' Creditors Arrangement Act in Canada undertaken by
Abitibibowater Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
ADVANTA CORP: Posts $43.7 Million Net Loss in February
------------------------------------------------------
On March 31, 2010, Advanta Corp. and certain of its
subsidiaries filed their unaudited monthly operating report for
the month ended February 28, 2010, with the U.S. Bankruptcy Court
for the District of Delaware.
Advanta Corp. reported a net loss of $43.7 million for the month
of February. Equity in earnings (losses) of subsidiaries totaled
($40.2) million.
At February 28, 2010, Advanta Corp. had $339.2 million in total
assets, $312.6 million in total debts, and $26.6 million in
stockolders' equity.
A copy of the Debtors' January monthly operating report is
available at no charge at http://researcharchives.com/t/s?5f60
About Advanta Corp.
Advanta Corp. -- http://www.advanta.com/-- has had a 59-year
history of being a leading innovator in the financial services
industry and of providing great value to its stakeholders,
including its senior retail note holders and shareholders, prior
to the recent reversals. It has also been a major civic and
charitable force in the communities in which it is based,
particularly in the Greater Philadelphia area.
In June 2009, the Federal Deposit Insurance Corporation placed
significant restrictions on the activities and operations of
Advanta Bank Corp., a wholly owned subsidiary of the Company, as
the Bank's capital ratios were below required regulatory levels.
On November 8, 2009, Advanta Corp. filed for Chapter 11 (Bankr. D.
Del. Case No. 09-13931). Attorneys at Weil, Gotshal & Manges LLP,
and Richards, Layton & Finger, P.A., serve as bankruptcy counsel.
Alvarez & Marsal serves as financial advisor. The Garden City
Group, Inc., serves as claims agent. The filing did not include
Advanta Bank Corp. The petition says that Advanta Corp.'s assets
totaled $363,000,000 while debts totaled $331,000,000 as of
Sept. 30, 2009.
ALERIS INT'L: Reports $3,506,000 Net Loss for February
------------------------------------------------------
Aleris International, Inc., Et Al.
Consolidated Balance Sheet
As of February 28, 2010
ASSETS
Current Assets:
Cash and cash equivalents $25,132,746
Accounts receivable, net 166,920,309
Intercompany Receivable 233,014,170
Net Inventories 166,611,455
Other current assets 57,374,019
--------------
Total current assets 649,052,699
Property, plant and equipment, net 236,946,068
Goodwill & Org. Costs, Net 37,752,124
Other Intangibles, Net 26,163,491
Total Long Term Intercompany Receivable 10,183,462
Other Long-Term Assets 2,355,050,576
--------------
Total L/T Assets 2,666,095,721
--------------
Total Assets $3,315,148,420
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $62,883,483
Accrued & Other Current Liabilities 62,753,036
Toll Liability 9,314,857
Accrued Interest 1,456,785
Total current Interco Payable 289,799,140
Current Maturities of L/T Debt 377,580,459
Other current liabilities 8,887,548
--------------
Total current liabilities 812,675,308
Total Long-term debt 20,957
Intercompany payable 211,287,867
Other long-term liabilities 49,793,657
--------------
Total Long-term liabilities 261,102,481
Liabilities subject to compromise-external 2,652,176,921
Liabilities subject to compromise-internal 478,103,607
--------------
Total Liabilities Subject to Compromise 3,130,280,528
--------------
Total Liabilities 4,204,058,317
Stockholders' Equity:
Additional paid-in Capital 1,051,876,273
Retained earnings (1,800,767,169)
Total other comprehensive income(loss) (140,052,121)
Other stockholders' equity 33,120
--------------
Total stockholders' equity (888,909,897)
Total Liabilities and Stockholders' Equity $3,315,148,420
==============
Aleris International, Inc., Et Al.
Consolidated Statement of Operations
For the Period From February 1 to February 28, 2010
Gross Revenue $142,630,000
Total costs of sales 129,529,000
--------------
Gross profits 13,101,000
Selling, general and administrative:
Labor 3,609,000
Professional fees 583,000
Consulting expense 119,000
Depreciation & Amortization 275,000
Other 1,429,000
--------------
Total SG&A Expense 6,015,000
Restructuring & Other Charges 217,000
Losses (gains) on Derivatives (354,000)
--------------
Operating (loss) Income 7,223,000
Net Interest Expense 10,778,000
Other (Income) and Expense 1,729,000
Reorganization Items (1,778,000)
--------------
Income before taxes (3,506,000)
Income Tax Expenses 0
--------------
Net (Loss) Income ($3,506,000)
==============
Aleris International, Inc., Et Al.
Consolidated Schedule of
Cash Receipts and Disbursements
For the Period From February 1 to February 28, 2010
Receipts
Cash Sales $0
Accounts Receivable 107,835,685
Affiliates 144,000
Sale of Assets 0
Other 10,855,740
Transfer (From DIP Accts) 152,101,018
--------------
Total Receipts 270,936,443
Disbursements
Benefits 3,173,484
Payroll 12,152,568
Primary 24,930,281
Recycling/Scrap 51,006,573
Hardeners 3,516,033
Flux 968,534
Insurance 654,381
MRO 9,899,895
Freight 3,461,768
Energy 5,757,682
Taxes 618,742
By Product 894,118
Capex 2,198,537
Other accounts payable 3,179,945
U.S. Trustee Fees 288,450
Chapter 11 professional fees 2,231,826
Chapter 11 adjustments 0
Collateral Returns 0
Collateral Disbursements 3,118,000
Hedge Premiums 263,284
Affiliates 90,967
Interest & Fees 17,889,805
Extraordinaries 0
Other 0
Transfers (To DIP Accts) 113,769,763
--------------
Total Disbursements $260,064,636
==============
About Aleris International
Aleris International, Inc., produces and sells aluminum rolled and
extruded products. Aleris operates primarily through two
reportable business segments: (i) global rolled and extruded
products and (ii) global recycling. Headquartered in Beachwood,
Ohio, a suburb of Cleveland, the Company operates over 40
production facilities in North America, Europe, South America and
Asia, and employs approximately 8,400 employees. Aleris operates
27 production facilities in the United States with eight
production facilities that provided rolled and extruded aluminum
products and 19 recycling production plants.
Aleris International, Inc., aka IMCO Recycling Inc., and various
affiliates filed for bankruptcy on February 12, 2009 (Bankr. D.
Del. Case No. 09-10478). The Hon. Brendan Linehan Shannon
presides over the cases. Stephen Karotkin, Esq., and Debra A.
Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve
as lead counsel for the Debtors. L. Katherine Good, Esq., and
Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A. In
Wilmington, Delaware, serves as local counsel. Moelis & Company
LLC, acts as financial advisors; Alvarez & Marsal LLC as
restructuring advisors, and Kurtzman Carson Consultants LLC as
claims and noticing agent for the Debtors. As of December 31,
2008, the Debtors had total assets of US$4,168,700,000; and total
debts of US$3,978,699,000.
Bankruptcy Creditors' Service, Inc., publishes Aleris
International Bankruptcy News. The newsletter tracks the chapter
11 proceeding undertaken by Aleris International, Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000)
ASARCO LLC: Has $157,689,000 Profit for Nov. 1 to Dec. 9
--------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of December 9, 2009
ASSETS
Current Assets:
Cash $44,866,000
Restricted Cash 27,890,000
Accounts receivable, net 150,468,000
Inventory 311,301,000
Prepaid expenses 7,922,000
Other current assets 6,000
---------------
Total Current Assets 542,453,000
Net property, plant and equipment 517,266,000
Other Assets:
Investments in subs & other investments 95,142,000
Advances to affiliates 958,000
Prepaid pension & retirement plan -
Other 36,783,000
---------------
Total assets [sic] $1,233,552,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable - trade $52,503,000
Accrued settlements & postpetition interest -
Accrued liabilities 780,236,000
---------------
Total postpetition liabilities 832,739,000
Prepetition liabilities:
Not subject to compromise - credit 2,781,000
Not subject to compromise - other 47,850,000
Advances from affiliates 46,825,000
Long-term bonds -
Subject to compromise -
---------------
Total prepetition liabilities 97,456,000
---------------
Total liabilities 930,195,000
MEMBER'S EQUITY (DEFICIT):
Common stock 508,324,000
Additional paid-in capital 225,649,000
Other comprehensive loss (382,765,000)
Retained earnings: filing date -
---------------
Total prepetition member's equity 351,207,000
Retained earnings: post-filing date (47,850,000)
---------------
Total member's equity (net worth) 303,358,000
---------------
Total liabilities and member's equity $1,233,552,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
November 1 to December 9, 2009
Sales $175,236,000
Cost of products and services 109,195,000
---------------
Gross profit (loss) 66,041,000
Operating expenses:
Selling and general & admin. expenses 4,463,000
Depreciation & amortization 5,109,000
Accretion expense 182,000
---------------
Operating income (loss) 56,286,000
Interest expense 12,824,000
Interest income (484,000)
Reorganization expenses (5,144,000)
Other miscellaneous (income) expense (98,099,000)
---------------
Income (loss) before taxes 147,190,000
Income taxes (10,500,000)
---------------
Net income (loss) $157,689,000
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
November 1 to December 9, 2009
Receipts $260,921,000
Disbursements:
Inventory material 35,970,000
Operating disbursements 83,736,000
Capital expenditures 1,920,000
---------------
Total operating disbursements 121,626,000
Operating cash flow 139,295,000
Effective Day disbursements 1,428,028,000
Reorganization disbursements 7,105,000
---------------
Net cash flow 132,190,000
Net (borrowings) payments to secured Lenders -
---------------
Net change in cash 132,190,000
Beginning cash balance 1,368,594,000
---------------
Ending cash balances $1,500,784,000
===============
About Asarco LLC
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.
ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207). Attorneys at Baker Botts
L.L.P., and Jordan, Hyden, Womble & Culbreth, P.C., represented
the Debtor in its restructuring efforts.
On December 9, 2009, Grupo Mexico, S.A.B. consummated the Chapter
11 plan that it sponsored for Asarco LLC. The Plan, which was
confirmed both by the bankruptcy and district courts, reintegrated
Asarco LLC back to parent Grupo Mexico concluding the four-year
Chapter 11 proceeding.
Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
BANKUNITED FINANCIAL: Posts $4,726,799 Net Loss in February
-----------------------------------------------------------
On March 23, 2010, BankUnited Financial Corporation filed its
monthly operating report for February 2010 with the United States
Bankruptcy Court for the Southern District of Florida.
Funds at February 28, 2010, were $15,487,375.
BankUnited Financial Corporation, et al., reported a net loss of
$4,726,799 for the period. At February 28, 2010, BankUnited
Financial Corporation, et al., had $40,329,739 in total assets and
$576,827,103 in total liabilities.
The February 2010 monthly operating report is available at no
charge at http://researcharchives.com/t/s?5f83
About BankUnited Financial
BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) --
http://www.bankunited.com/-- was the holding company for
BankUnited FSB, the largest banking institution headquartered in
Coral Gables, Florida. On May 21, 2009, BankUnited FSB was closed
by regulators and the Federal Deposit Insurance Corporation
facilitated a sale of the bank to a management team headed by John
Kanas, a veteran of the banking industry and former head of North
Fork Bank, and a group of investors led by W.L. Ross & Co.
BankUnited, FSB, had assets of $12.8 billion and deposits of
$8.6 billion as of May 2, 2009.
The Company and its affiliates filed for Chapter 11 on May 22,
2009 (Bankr. S.D. Fla. Lead Case No. 09-19940). Stephen P.
Drobny, Esq., and Peter Levitt, Esq., at Shutts & Bowen LLP; Mark
D. Bloom, Esq., and Scott M. Grossman, Esq., at Greenberg Traurig,
LLP; and Michael C. Sontag, at Camner, Lipsitz, P.A., represent
the Debtors as counsel. Corali Lopez-Castro, Esq., David Samole,
Esq., at Kozyak Tropin & Throckmorton, P.A.; and Todd C. Meyers,
Esq., at Kilpatrick Stockton LLP, serve as counsel to the official
committee of unsecured creditors.
In its bankruptcy petition, BankUnited Financial Corp. said it has
assets of $37,729,520 against debts of $559,740,185.
Wilmington Trust Co., U.S. Bank, N.A., and the Bank of New York
were listed among the company's largest unsecured creditors in
their roles as trustees for security issues. BankUnited estimated
the Bank of New York claim tied to convertible securities at
$184 million. U.S. Bank and Wilmington Trust are owed
$120,000,000 and $118,171,000 on account of senior notes.
CAPMARK FINANCIAL: Reports $6,204,000 Net Loss for February
-----------------------------------------------------------
Capmark Financial Group Inc.
Consolidating Debtor Balance Sheet
As of February 28, 2010
ASSETS
Cash & Cash Equivalents $886,523,000
Restricted cash 274,983,000
Accounts and other receivables 167,065,000
Receivables from Debtor subsidiaries 0
Receivables from Capmark Bank 1,062,000
Receivables from other non-debtor 2,373,187,000
Investment securities:
Trading 7,738,000
Available for sale 571,184,000
Loans held for sale 765,194,000
Loans held for investment, net 942,712,000
Real estate investments 360,464,000
Equity Investments 1,044,845,000
Current taxes receivable 4,795,000
Deferred tax assets 960,000
Intangible assets 1,595,000
Other assets 219,114,000
Investment in Capmark Bank 1,934,148,000
Investment in other non-debtor units (167,560,000)
--------------
Total assets $9,388,009,000
==============
Liabilities and Equity
Liabilities:
Liabilities not subject to compromise
Short-term borrowings $28,593,000
Long-term borrowings 1,791,822,000
Payables to debtor subsidiaries 0
Payables to other nondebtor units 329,132,000
Other liabilities 200,205,000
Current taxes payable 7,520,000
--------------
Total liabilities not subject to compromise 2,357,272,000
Liabilities subject to compromise
Debt 6,758,094,000
Payables to debtor subsidiaries 0
Payables to Capmark bank 1,763,000
Payables to other non-debtor units 636,647,000
Real estate syndication proceeds 997,322,000
Other liabilities 491,011,000
--------------
Total liabilities subject to compromise 8,884,837,000
--------------
Total liabilities 11,242,109,000
Commitments and Contingent Liabilities
Mezzanine Equity 71,502,000
Equity:
Total stockholders'(deficit) equity (1,958,819,000)
Noncontrolling interests 33,217,000
--------------
Total (deficit) equity (1,925,602,000)
--------------
Total liabilities and equity $9,388,009,000
==============
Capmark Financial Group Inc
Consolidated Debtor Statement of Operations
For the Period Ended February 28, 2010
Net Interest Income
Interest income $8,690,000
Interest expense 9,264,000
--------------
Net interest Income (574,000)
Provision for loan losses 417,000
--------------
Net interest income after provision for loan losses (991,000)
Noninterest income
Net gains (losses)
Net (losses) gains on loans 4,525,000
Net (losses) gains on investment (70,000)
Other gains, net 1,193,000
Mortgage servicing fees 789,000
Placement fees 804,000
Investment banking fees and syndication 2,071,000
Asset management fees 3,477,000
Other fees 0
Equity in income (loss) of joint ventures (360,000)
Net real estate investment & other income 800,000
--------------
Total noninterest income 13,229,000
--------------
Net revenue 12,238,000
--------------
Noninterest expense
Compensation and benefits 5,234,000
Amortization and impairment 0
Occupancy and equipment 3,262,000
Professional fees 4,751,000
Other expenses 2,207,000
Reorganization Items 10,497,000
--------------
Total noninterest income 25,951,000
--------------
Loss before income tax provision (13,713,000)
Income tax provision 0
--------------
Income before equity in net earnings of
subsidiaries (13,713,000)
Equity in net earnings of subsidiaries 0
Equity in net earnings of Capmark Bank 2,348,000
Equity in net earnings of other non-debtor
subsidiaries 2,734,000
--------------
Net income (loss) (8,631,000)
Plus: Net loss attributable to
noncontrolling interests 2,427,000
--------------
Net income (loss) attributable to Capmark
Financial Group Inc. ($6,204,000)
==============
Capmark Financial Group Inc.
Schedules of Cash and Disbursements
For the Month Ended February 28, 2010
Receipts
Intercompany-debtor entities $32,292,532
Intercompany-nondebtor entities 1,063,954
Sale of servicing and mortgage banking business 31,579,834
Loans held for investment 17,042,650
Loans held for sale 9,157,825
Investment securities, available for sale 7,462,396
Interest income 6,579,404
Amounts due from Berkadia 3,494,535
Accounts and other receivables 1,837,782
Other Fee Income 1,251,473
Activity for entities under FIN46/FAS 66 957,903
Occupancy and equipment 523,908
Mortgage servicing fees 163,684
NMTC third party payable 63,934
Construction escrow 63,791
NMTC servicer 50,601
Income tax refunds 6,752
Equity investments 6,378
Capital stock tax refunds 5,116
Investment securities, trading 1,717
Other receipts 61,903
--------------
113,668,071
--------------
Disbursements
Intercompany-debtor entities ($32,458,964)
Intercompany-non-debtor entities (370,958)
Professional fees (6,904,608)
Debt interest payable-not subject to compr. (6,721,822)
Compensation and benefits (4,308,408)
Amounts due to Berkadia (2,055,443)
Equity investments (939,367)
Lower-tier properties advances (822,561)
Amounts due from Berkadia (611,793)
Loans held for sale (483,863)
Occupancy and equipment (464,160)
Loans held for investment (452,276)
Construction escrow (280,633)
Other assets (231,835)
Accounts payable and other liabilities (214,344)
Data processing and telecommunications (179,611)
Debt-not subject to compromise (162,098)
Travel and entertainment (100,624)
Servicing advances (73,430)
Other disbursements (1,074,166)
--------------
Total disbursements (58,910,963)
--------------
Net Cash Movement $54,757,108
============
About Capmark Financial
Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- is a diversified company that provides
a broad range of financial services to investors in commercial
real estate-related assets. Capmark has three core businesses:
lending and mortgage banking, investments and funds management,
and servicing. Capmark operates in North America, Europe and
Asia. Capmark has 1,000 employees located in 37 offices
worldwide.
On October 25, 2009, Capmark Financial Group Inc. and certain of
its subsidiaries filed voluntary petitions for relief under
Chapter 11 (Bankr. D. Del. Case No. 09-13684)
Capmark's financial advisors are Lazard Freres & Co. LLC and
Loughlin Meghji + Company. Capmark's bankruptcy counsel is Dewey &
LeBoeuf LLP. Richards, Layton & Finger, P.A., serves as local
counsel. Beekman Advisors, Inc., is serving as strategic advisor.
KPMG LLP is tax and accounting advisor. Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.
Capmark has total assets of US$20 billion against total debts of
US$21 billion as of June 30, 2009.
Bankruptcy Creditors' Service, Inc., publishes Capmark Financial
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Capmark Financial Group Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000)
CITADEL BROADCASTING: Ends February 2010 With $95.4 Million Cash
----------------------------------------------------------------
Citadel Broadcasting Corporation reported net income of $4,142,899
on net revenue of $53,441,319 for the month ended February 28,
2010.
Citadel Broadcasting's schedule of cash receipts and disbursements
for February 2010 showed:
Cash Beginning of Month $80,220,953
Total Receipts $69,717,300
Total Disbursements $54,520,359
Net Cash Flow $15,196,941
Cash End of Month $95,417,893
At February 28, 2010, Citadel Broadcasting had $1.437 billion in
total assets and $2.489 billion in total liabilities, for a
stockholders' deficit of $1.052 billion.
A full-text copy of the monthly operating report is available for
free at http://researcharchives.com/t/s?5f85
Citadel Broadcasting Corporation (OTC BB: CTDB) --
http://www.citadelbroadcasting.com/-- is the third largest radio
group in the United States, with a national footprint reaching
more than 50 markets. Citadel is comprised of 166 FM stations and
58 AM stations in the nation's leading markets, in addition to
Citadel Media, which is one of the three largest radio networks in
the United States.
Citadel Broadcasting filed for Chapter 11 with 50 affiliates on
Dec. 20, 2009, in Manhattan (Bankr. S.D.N.Y. Case No. 09-17422).
The Company listed assets of $1.4 billion and debt of $2.5 billion
in its Chapter 11 filing. Kirkland & Ellis LLP serves as
legal counsel and Lazard Freres & Co. LLC as financial advisor
for the restructuring. Kurtzman Carson Consultants serves as
claims and notice agent.
Bankruptcy Creditors' Service, Inc., publishes Citadel
Broadcasting Bankruptcy News. The newsletter tracks the Chapter
11 proceeding undertaken by Citadel Broadcasting Corp. and other
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
DECODE GENETICS: Posts $358,680 Net Loss in February
----------------------------------------------------
On March 30, 2010, DGI Resolution, Inc., formerly known as
deCODE genetics, Inc., filed a monthly operating report for the
month February 28, 2010.
deCode genetics reported a net loss of $358,680 on $0 revenue for
the month of February 2010.
At February 28, 2010, deCODE genetics had total assets of
$12,536,634, total liabilities of $236,818,020, and net owner
equity of ($224,281,386).
A full-text copy of deCODE's operating report for the month ended
February 28, 2010, is available at no charge at:
http://researcharchives.com/t/s?5f5d
About deCODE Genetics
deCODE Genetics Inc. is a global leader in analyzing and
understanding the human genome. deCODE has identified key
variations in the sequence of the genome conferring increased risk
of major public health challenges from cardiovascular disease to
cancer, and employs its gene discovery engine to develop DNA-based
tests to assess individual risk of common diseases; to license its
tests and intellectual property to partners; and to provide
comprehensive, leading- edge contract services to companies and
research institutions around the globe. The Company was founded
in 1996 and is headquartered in Reykjavik, Iceland.
The Company filed for Chapter 11 on November 16, 2009 (Bankr. D.
Del. Case No. 09-14063). The petition listed assets of
$69.9 million against debt of $314 million. Liabilities include
$230 million on 3.5% senior convertible notes.
ERICKSON RETIREMENT: Reports $10,868,814 Loss for February
----------------------------------------------------------
Erickson Retirement Communities, LLC
Balance Sheet
As of February 28, 2010
Assets
Unrestricted cash $16,712,000
Restricted cash 15,497,000
----------------
Total cash 32,209,000
Accounts receivable, net 0
Inventory 0
Notes receivable 32,401,000
Prepaid expenses 3,072,000
Other 17,913,528
----------------
Total current assets 85,595,528
Property, Plant & Equipment 86,733,412
Less: Accumulated depreciation (33,239,412)
----------------
Net property, plant & equipment 53,494,000
Due from insiders (329,791,568)
Other assets - Net of amortization 2,196,000
Other 62,111,000
----------------
Total assets ($126,395,040)
================
Liabilities and Equity:
Postpetition Liabilities
Accounts payable 1,714,682
Taxes payable 0
Notes payable 0
Professional fees 0
Secured debt 2,019,185
Other 10,085,825
----------------
Total postpetition liabilities 13,819,693
Prepetition Liabilities
Secured debt 216,083,588
Priority debt 0
Unsecured debt 89,811,739
Other 20,231,911
----------------
Total prepetition liabilities 326,127,238
----------------
Total liabilities 339,946,931
----------------
Equity:
Prepetition owner's equity (416,545,000)
Postpetition cumulative profit or (loss) (49,796,971)
Direct charges to equity 0
----------------
Total equity (466,341,971)
----------------
Total liabilities and equity ($126,395,041)
================
Erickson Retirement Communities, LLC
Statement of Income
For the Month ended February 28, 2010
Revenues:
Gross revenues $2,658,139
Less returns & discounts 0
----------------
Net revenue 2,658,139
Cost of goods sold
Material 0
Direct labor 0
Direct overhead 0
Real estate taxes 0
----------------
Total cost of goods sold 0
----------------
Gross profit 2,658,139
Operating expenses
Officer/insider compensation 1,145,922
Selling & marketing 0
General & administrative (1,300,420)
Rent & lease 116,325
Other 0
----------------
Total operating expenses (38,173)
----------------
Income before non-operating income & expense 2,696,312
Other Income & expenses
Non-operating income (rent) (206,701)
Non-operating expense 0
Interest expense 1,630,000
Depreciation 728,419
Amortization 66,823
Other 9,902,412
----------------
Net other income & expenses 12,120,953
Reorganization expenses
Professional fees 1,444,173
U.S. Trustee fees 0
Other 0
----------------
Total reorganization expenses 1,444,173
Income tax 0
----------------
Net profit (loss) ($10,868,814)
================
Erickson Retirement Communities, LLC
Cash Receipts and Disbursements
For the Month Ended February 28, 2010
Cash - beginning of month $31,268,000
Receipts from operations
Cash sales 5,127,090
Collection of accounts receivable
Prepetition 0
Postpetition 0
----------------
Total operating receipts 5,127,090
Non-operating receipts
Loans & advances (DIP Funding), net (1,951,824)
Sale of assets 0
Other 5,955,938
----------------
Total non-operating receipts 4,004,115
Total receipts 9,221,205
----------------
Total cash available 40,489,205
Operating disbursements
Net payroll 1,768,069
Payroll taxes paid 1,544,634
Sales, use & other taxes paid 0
Secured/rental/leases 3,770
Utilities 196,910
Insurance 800,840
Inventory purchases 0
Vehicle expenses 0
Travel 174,563
Entertainment 0
Repairs & maintenance 23,593
Supplies 51,911
Advertising 433,409
Other 1,238,333
----------------
Total operating disbursements 6,236,032
Reorganization expenses
Professional fees 1,444,173
U.S. Trustee fees 0
Other 600,000
----------------
Total reorganization expenses 2,044,173
Total disbursements 8,280,205
----------------
Net cash flow 941,000
----------------
Cash - end of month $32,209,000
================
Other Erickson Retirement Affiliates
Fifteen affiliates of Erickson Retirement also delivered
separate individual monthly operating reports to the Court.
The Erickson Retirement affiliates reported these assets and
liabilities as of February 28, 2010:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- ------------
Warminster Campus, LP $298,953,604 $298,953,604
Concord Campus, LP $282,575,447 $282,575,447
Novi Campus, LLC $239,278,335 $239,278,335
Littleton Campus, LLC $230,337,680 $230,337,680
Ashburn Campus, LLC $192,180,408 $192,180,408
Houston Campus, LP $164,027,537 $164,027,537
Dallas Campus, LP $156,205,332 $156,205,332
Kansas Campus, LLC $127,711,152 $127,711,152
Columbus Campus, LLC $75,475,527 $75,475,527
Erickson Construction, LLC $17,368,887 $17,368,887
Concord Campus GP, LLC $0 $0
Dallas Campus GP, LLC $0 $0
Erickson Group, LLC $0 $0
Warminster Campus GP, LLC $0 $0
Senior Campus Services, LLC $0 $0
The Debtor affiliates listed their net income or loss for the
period from February 1 to 28, 2010:
Company Net Income(Loss)
------------- ----------------
Ashburn Campus, LLC ($1,397,986)
Concord Campus, LP ($1,077,191)
Warminster Campus, LP ($1,015,357)
Kansas Campus, LLC ($893,826)
Dallas Campus, LP ($859,521)
Littleton Campus, LLC ($786,210)
Houston Campus, LP ($769,421)
Novi Campus, LLC ($531,997)
Columbus Campus, LLC ($527,806)
Erickson Construction, LLC ($257,521)
Concord Campus GP, LLC $0
Dallas Campus GP, LLC $0
Erickson Group, LLC $0
Warminster Campus GP, LLC $0
Senior Campus Services, LLC $0
The Debtor affiliates also reported their cash receipts and
disbursements for the period from February 1 to 28, 2010:
Company Receipts Disbursements Cash Flow
------------- ----------- ------------- ---------
Littleton Campus, LLC $1,059,436 $1,005,776 $53,660
Novi Campus, LLC $812,678 $650,605 $162,073
Concord Campus, LP $795,915 $786,636 $9,279
Kansas Campus, LLC $685,498 $681,334 $4,164
Dallas Campus, LP $604,374 $568,246 $36,128
Houston Campus, LP $495,842 $493,031 $2,811
Ashburn Campus, LLC $439,206 $427,727 $11,479
Warminster Campus, LP $106,343 $29,411 $76,932
Erickson Construction, LLC $14,000 $63,595 ($49,595)
Columbus Campus, LLC $0 $2,060 ($2,060)
Concord Campus GP, LLC $0 $0 $0
Dallas Campus GP, LLC $0 $0 $0
Erickson Group, LLC $0 $0 $0
Warminster Campus GP, LLC $0 $0 $0
Senior Campus Services, LLC $0 $0 $0
About Erickson Retirement
The Baltimore, Maryland-based Erickson Retirement Communities LLC
owns 20 continuing care retirement communities in 11 states.
Among Erickson's 20 communities, eight are completed, 11 are open
although in construction, and one is in development. They have
23,000 residents in total.
Erickson, along with affiliates, filed for Chapter 11 on Oct. 19,
2009 (Bankr. N.D. Tex. Case No. 09-37010). DLA Piper LLP (US)
serves as counsel to the Debtors. BMC Group Inc. serves as claims
and notice agent. Houlihan, Lokey, Howard & Zoukin, Inc., is also
serving as investment and financial consultant. Alvarez & Marsal
is serving as restructuring adviser.
As of September 30, 2009, on a book value basis, ERC had
approximately $2.7 billion in assets, including $2.2 billion of
property and equipment, and $3.0 billion in liabilities.
Liabilities include $195.8 million on the revolving credit,
$347.5 million on construction credit, $64 million in accounts
payable, $47.8 million in subordinate debt, and $475 million in
purchase option deposits.
Bankruptcy Creditors' Service, Inc., publishes Erickson Retirement
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Erickson Retirement Communities LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
ESCADA AG: Has $12,259,919 Cash at End of February
--------------------------------------------------
Escada (USA), Inc., now known as EUSA Liquidation Inc., has filed
with the U.S. Bankruptcy Court for the Southern District of New
York its monthly operating report for the period from
February 1 to 28, 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. and local store accounts totaled $12,751,880 at the
beginning of the Reporting Period.
EUSA Liquidation held $12,259,919 at the end of the Period.
EUSA Liquidation Inc., fka Escada (USA) Inc.
Balance Sheet
As of February 28, 2010
ASSETS
CURRENT ASSETS:
Unrestricted cash & cash equivalents $12,259,919
Restricted cash & cash equivalents -
Petty cash & register funds 27,313
Accounts receivable (net) 895
Notes receivable -
Inventories -
Prepaid expenses 465,483
Professional retainers -
Other current assets 6,086,248
-------------
Total Current Assets 18,839,858
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 0
OTHER ASSETS
Amounts due from insiders 0
Other assets 0
-------------
Total Other Assets 0
-------------
TOTAL ASSETS $18,839,858
=============
LIABILITIES AND OWNER EQUITY
LIABILITIES NOT SUBJECT TO COMPROMISE:
Accounts payable 705,774
Accounts payable - intercompany -
Taxes payable 6,498
Accrued payroll -
Accrued bonuses -
Notes payable -
Rent/Leases - building equipment -
Secured debt/Adequate protection payments -
Professional fees 1,478,730
Amounts due to insiders -
Other postpetition liabilities 670,359
-------------
Total Postpetition Liabilities 2,861,361
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 1,022,602
Unsecured debt - intercompany 37,525,026
-------------
Total Prepetition Liabilities 427,579,023
-------------
TOTAL LIABILITIES 430,440,384
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 (1,873,030)
Adjustments to owner equity -
Postpetition contributions -
-------------
NEW OWNERS' EQUITY (411,600,526)
-------------
TOTAL LIABILITIES AND OWNERS' EQUITY $18,839,858
=============
EUSA Liquidation Inc., fka Escada (USA) Inc.
Statement of Operations
February 1 through February 28, 2010
REVENUES:
Gross revenues $0
Less: returns and allowances 0
-------------
Net revenue 0
Cost of Goods Sold:
Beginning Inventory -
Add: purchases -
Add: cost of labor -
Add: other costs -
Less: ending inventory -
Cost of goods sold (3,985)
-------------
Gross profit 3,985
Operating Expenses:
Advertising 2,140
Auto and truck expense -
Bad debts (55,063)
Contributions -
Employee benefits programs 3,183
Officer/insider compensation 25,000
Insurance -
Management fees/bonuses -
Office expense -
Pension & profit sharing plans 225
Repairs and maintenance 366
Rent and lease expense (4,541)
Salaries/commissions/fees (33,580)
Supplies (9,442)
Taxes - payroll 2,254
Taxes - real estate (17,468)
Taxes - other -
Travel and entertainment (1,101)
Utilities 2,427
Other (25,472)
-------------
Total Operating Expenses Before Depreciation (111,072)
Depreciation/depletion/amortization -
-------------
Net Loss Before Other Income & Expenses 115,057
Other Income and Expenses:
Other income -
Interest expense (5)
Other expense -
-------------
Net Loss Before Reorganization Items 115,062
Reorganization Items:
Professional fees 175,000
U.S. Trustee quarterly fees -
Interest earned on accumulated cash
from Chapter 11 -
Gain (Loss) from sale of equipment -
Other reorganization expenses -
Total reorganization expenses 175,000
Income taxes (4,707,059)
-------------
Net Profit (Loss) $4,647,121
=============
EUSA Liquidation Inc., fka Escada (USA) Inc.
Schedule of Cash Receipts and Disbursements
February 1 through February 28, 2010
CASH, BEGINNING OF MONTH $12,751,880
RECEIPTS
Cash Sales -
Accounts Receivable - prepetition -
Accounts Receivable - postpetition 8,358
Loans and Advances -
Sale of Assets -
Other 503,101
Transfers (from DIP Accounts) 942,921
-------------
TOTAL RECEIPTS 1,454,380
DISBURSEMENTS
Net Payroll 16,048
Payroll Taxes 11,437
Sales, Use and Other taxes 84,564
Inventory Purchases 151,879
Secured/Rental/Leases -
Insurance -
Administrative 733,446
Selling -
Other 6,045
Owner Draw -
Transfers (to DIP Accounts) 942,921
Professional Fees -
U.S. Trustee Quarterly Fees -
Court Costs -
-------------
TOTAL DISBURSEMENTS 1,946,340
-------------
Net Cash Flow (Receipts Less Disbursements) (491,960)
-------------
Cash - End of Month $12,259,919
=============
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)
FINLAY ENTERPRISES: Posts $3.8 Million Net Loss in February
-----------------------------------------------------------
On March 30, 2010, Finlay Enterprises, Inc., and Finlay Fine
Jewelry Corporation filed their unaudited monthly operating
report for the fiscal month ended February 27, 2010, with the
United States Bankruptcy Court for the Southern District of New
York.
For the fiscal month ended February 27, 2010, the Company reported
a net loss of $3,811,000 on total revenue of $1,087,000.
At February 27, 2010, the Company had $115,655,538 in total assets
and $265,237,744 in total liabilities. Cash held at February 27,
2010, was $78.1 million, compared to $74.0 million at
January 30, 2010. Including A/P overdraft and credit card
receivables, unrestricted cash and equivalents were $78.3 million
at February 27, 2010.
A full-text copy of the Debtors' monthly operating report for the
fiscal month ended February 27, 2010, is available for free at:
http://researcharchives.com/t/s?5f86
Finlay Enterprises, Inc. (OTC Bulletin Board: FNLY) through its
wholly owned subsidiary, Finlay Fine Jewelry Corporation, is a
retailer of fine jewelry operating luxury stand-alone specialty
jewelry stores and licensed fine jewelry departments in department
stores throughout the United States and achieved sales of
$754.3 million in fiscal 2008. The number of locations at the end
of the second quarter ended August 1, 2009, totaled 182, including
67 Bailey Banks & Biddle, 34 Carlyle and four Congress specialty
jewelry stores and 77 licensed departments with The Bon Ton.
The Company and seven affiliates filed for Chapter 11 on August 5,
2009 (Bankr. S. D. N.Y. Case No. 09-14873). Weil, Gotshal &
Manges LLP, serves as bankruptcy counsel. Alvarez & Marsal North
America, LLC, is engaged as restructuring advisor in the Chapter
11 case, and the firm's David Coles is appointed as chief
restructuring officer. Epiq Bankruptcy Solutions, LLC, serves as
claims and notice agent. Judge James Peck presides over the case.
In its bankruptcy petition, Finlay Enterprises disclosed assets of
$331,824,000 against debts of $385,476,000 as of July 4, 2009. As
of the petition date, Finlay owes $38 million outstanding under a
first lien credit agreement, $24.7 million under second lien
notes, $176.6 million outstanding under third lien notes (in
addition to $17.5 million to secured vendors), and $40.6 million
under remaining unsecured obligations under the senior notes.
GENERAL GROWTH: Reports $201,804,000 Profit for February
--------------------------------------------------------
General Growth Properties, Inc.
Consolidated Condensed Balance Sheet
As of February 28, 2010
Assets
Investment in real estate:
Land $2,902,580,000
Buildings and equipment 18,910,147,000
Less accumulated depreciation (3,854,170,000)
Developments in progress 361,272,000
-----------------
Net property and equipment 18,319,829,000
Investment in and loans to/from
Unconsolidated Real Estate Affiliates 386,925,000
Investment property and property held for
development and sale 1,196,180,000
Investment in controlled non-debtor entities 3,981,429,000
-----------------
Net investment in real estate 23,884,363,000
Cash and cash equivalents 513,860,000
Accounts and notes receivable, net 341,632,000
Goodwill 199,664,000
Deferred expenses, net 221,407,000
Prepaid expenses and other assets 577,625,000
-----------------
Total assets $25,738,551,000
=================
Liabilities and Equity:
Mortgages, notes and loans payable $10,320,536,000
Investment in and loans to/from Unconsolidated
Real Estate Affairs 32,830,000
Deferred tax liabilities 910,847,000
Accounts payable and accrued expenses 944,014,000
-----------------
Liabilities not subject to compromise 12,208,227,000
-----------------
Liabilities subject to compromise 11,778,284,000
-----------------
Total liabilities 23,986,511,000
-----------------
Redeemable noncontrolling interests:
Preferred 120,756,000
Common 95,241,000
-----------------
Total redeemable noncontrolling interests 215,997,000
-----------------
Equity:
Common stock 3,188,000
Additional paid-in capital 3,776,643,000
Retained earnings (accumulated deficit) (2,175,213,000)
Accumulated other comprehensive loss (6,128,000)
Less common stock in treasury, at cost (76,752,000)
-----------------
Total stockholder's equity 1,521,738,000
Noncontrolling interests in consolidated real
estate affiliates 14,305,000
-----------------
Total equity 1,536,043,000
-----------------
Total liabilities and equity $25,738,551,000
=================
General Growth Properties, Inc.
Consolidated Statement of Income
For the Month ended February 28, 2010
Revenues:
Minimum rents $136,574,000
Tenant recoveries 60,597,000
Overage rents 1,299,000
Land sales 492,000
Other 5,522,000
-----------------
Total revenues 204,484,000
-----------------
Expenses:
Real estate taxes 20,425,000
Repairs and maintenance 18,588,000
Marketing 2,450,000
Ground and other rents 927,000
Other property operating costs 36,871,000
Land sales operations 1,513,000
Provision for doubtful accounts 52,000
Property management and other costs 1,495,000
General and administrative 987,000
Provisions for impairment -
Depreciation and amortization 51,064,000
-----------------
Total expenses 134,372,000
-----------------
Operating income (loss) 70,112,000
Interest (expense) income, net (91,695,000)
-----------------
Loss before income taxes, noncontrolling
interests, equity in income of
Unconsolidated Real Estate Affiliates and
reorganization items (21,583,000)
Benefit (provision) for income taxes 360,000
Equity in income of Unconsolidated Real Estate
Affiliates 5,867,000
Reorganization items 222,927,000
-----------------
Net income 207,571,000
Allocation to noncontrolling interests (5,767,000)
-----------------
Net income attributable to common stockholders $201,804,000
=================
About General Growth
Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings. The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide. General Growth is a self-
administered and self-managed real estate investment trust. The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants
LLC has been engaged as claims agent. The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers. The Debtors disclosed
$29,557,330,000 in assets and $27,293,734,000 in debts as of
December 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
HSH DELAWARE: Reports Cash Receipts for February
------------------------------------------------
Carla Main at Bloomberg News reports that HSH Delaware GP LLC
filed a monthly operating report, as debtor-in-possession, for the
period ending Jan. 22 through Feb. 28. The debtor, as of Feb. 28,
had total cash receipts of $2.8 million for its HSH Lux SARL unit,
and $1.36 million for its HSH Convest Lux unit. Cash receipts for
other units were less than $500,000, according to court papers.
The HSH (Alberta) LLP unit has a portfolio of fixed income assets
with a current value at month end of $198 million, according to a
statement issued by JPMorgan that was filed with the court.
About HSH Delaware
HSH Delaware GP LLC is based in Wilmington, Delaware.
Nine HSH partnerships were created in 2006 to buy a 26% stake in
HSH Nordbank AG, the world's largest shipping financier, from
WestLB AG for about EUR1.25 billion ($1.76 billion). The
partnerships received unsecured term and revolving loans of
EUR375 million from ABN AMRO bank to fund the purchase of HSH
Nordbank shares.
As reported by the Troubled Company Reporter on September 9, 2009,
creditors with claims aggregating $27.8 million filed a petition
to send affiliate HSH Delaware LP to Chapter 7 liquidation (Bankr.
D. Del. Case No. 09-13145). Commerzbank AG, Lloyds TSB Bank Plc,
ABN Amro Bank NV, Calyon, Royal Bank of Scotland Plc and
Landsbanki Islands HF filed the involuntary Chapter 7 petition.
HSH Delaware filed for Chapter 11 bankruptcy protection on
January 21, 2010 (Bankr. D. Delaware Case No. 10-10187). The
Company listed $100,000,001 to $500,000,000 in assets and
$100,000,001 to $500,000,000 in liabilities.
HSH Delaware's affiliates -- HSH Delaware L.P.; HSH Luxembourg
S.a.r.l.; HSH Luxembourg Coinvest S.a.r.l.; HSH Delaware GP LLC;
HSH Alberta I L.P.; HSH Alberta II L.P.; HSH Alberta V L.P.; HSH
Coinvest (Alberta) L.P.; JCF HSH (DE) GP LP; HSH Delaware L.P.;
HSH Luxembourg S.a.r.l.; and HSH Luxembourg Coinvest S.a.r.l. --
also filed separate Chapter 11 petitions.
John Henry Knight, Esq.; Lee E. Kaufman, Esq.; Mark D. Collins,
Esq.; and Robert J. Stearn Jr., Esq., assist the Debtors in their
restructuring effort.
The Debtors' Canadian Counsel is McCarthy Tetrault LLP. The
Debtors' Chief Restructuring Officer is H Ronald Weissman.
KLCG PROPERTY: Disbursements Total $5.1 Million for February
------------------------------------------------------------
KLCG Property LLC and Gurnee Property LLC filed a monthly
operating for the period beginning Feb. 1 and ending Feb. 28.
Total actual receipts for the reporting period were $5.3 million
and the projected cash receipts were $2.5 million, according to a
schedule attached to the filing. Total actual disbursements for
the reporting period were $5.1 million while projected
disbursements were $2.5 million, according to the filing.
About KLCG Property
Headquartered in Gurnee, Illinois, KLCG Property, LLC, was
organized in Delaware on October 13, 2005, for the purpose of
constructing, owning, and operating the KeyLime Cove indoor water
park in Gurnee, Illinois, a 414-room destination resort hotel,
indoor water park and conference center. The 30-acre water park
is adjacent to Six Flags Great America Theme Park. The water park
opened in 2008 at a cost of $136 million.
KLCG Property filed for Chapter 11 bankruptcy protection on
December 16, 2009 (Bankr. D. Del. Case No. 09-14418). The
Company's affiliate, Gurnee Property, LLC, also filed for Chapter
11 bankruptcy protection. Donald J. Bowman, Jr., Esq., and
Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor assist
the Debtors in their restructuring efforts. KLCG Property listed
$50,000,001 to $100,000,000 in assets and $100,000,001 to
$500,000,000 in liabilities.
LYONDELL CHEMICAL: Reports $129 Million Net Loss in February
------------------------------------------------------------
Bloomberg's Bill Rochelle reports that Lyondell Chemical Co.
filed an operating report for February showing a $129 million net
loss on $1.86 billion revenue, including sales of non-bankrupt
affiliates. Operating income in the month was $10 million.
Interest expense and reorganization costs were $121 million
and $35 million, respectively. The net loss was narrowed by
$58 million, thanks to an income tax benefit. Cash grew by
$37 million to end the month at $377 million.
About Lyondell Chemical
LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies. It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels. Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.
Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company. LyondellBasell became saddled with
debt as part of the US$12.7 billion merger. On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts. The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11. In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.
The Hon. Robert E. Gerber presides over the case. Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel. Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors. AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities. Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.
Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations. The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.
LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors. On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code. All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.
Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
MAGNA ENTERTAINMENT: Posts $6.0MM Net Loss From Feb. 8 - March 7
----------------------------------------------------------------
On March 30, 2010, Magna Entertainment Corp. and several other
direct and indirect U.S. subsidiaries of the Company filed their
monthly operating report for the period from February 8, 2010, to
March 7, 2010, with the United States Bankruptcy Court for the
District of Delaware.
Magna Entertainment reported a net loss of $6.0 million for the
period.
At March 7, 2010, the Company had $1.072 billion in total
assets, $505.0 million in total liabilities, and $567.3 million in
net owner equity.
The Company ended the period with $52.9 million in cash and
equivalents, including restricted cash and cash equivalents of
$51.5 million. At February 7, 2010, the Company had cash and
equivalents of $52.4 million.
During the month, the Company paid a total of $1.1 million in
professional fees.
A full-text copy of the Company's monthly operating report is
available at no charge at http://researcharchives.com/t/s?5f62
About Magna Entertainment
Based in Aurora, Ontario, Magna Entertainment Corp. is North
America's largest owner and operator of horse racetracks based on
revenue. The Company develops, owns and operates horse racetracks
and related pari-mutuel wagering operations, including off-track
betting facilities. MEC also develops, owns and operates casinos
in conjunction with its racetracks where permitted by law.
MEC owns and operates AmTote International, Inc., a provider of
totalisator services to the pari-mutuel industry, XpressBet(R), a
national Internet and telephone account wagering system, as well
as MagnaBet(TM) internationally. Pursuant to joint ventures, MEC
has a 50% interest in HorseRacing TV(R), a 24-hour horse racing
television network, and TrackNet Media Group LLC, a content
management company formed for distribution of the full breadth of
MEC's horse racing content.
Following its failure to meet obligations to lenders led by PNC
Bank, National Association, and Wells Fargo Bank, National
Association, and controlling shareholder MI Developments Inc.'s
decision not to provide further financial backing, Magna
Entertainment Corp. and 24 affiliates filed for Chapter 11 on
March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720).
Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges LLP, have been engaged as bankruptcy counsel.
Mark D. Collins, Esq., L. Katherine Good, Esq., and Maris J.
Finnegan, Esq., at Richards, Layton & Finger, P.A., are the
Debtors' local counsel. Miller Buckfire & Co. LLC is the Debtors'
investment banker and financial advisor. Kurtzman Carson
Consultants LLC is the claims and noticing agent for the Debtors.
Magna Entertainment Corp. had total assets of $1.054 billion and
total liabilities of $947.3 million based on unaudited
consolidated financial statements as of December 31, 2008.
MESA AIR: Posts $246,000 Net Loss in February
---------------------------------------------
On April 2, 2010, Mesa Air Group, Inc., filed a monthly operating
report for the period from January 5, 2010, to February 28, 2010,
with the U.S. Bankruptcy Court for the Southern District of New
York.
The Debtors reported a net loss of $246,000 on operating income of
$1.4 million and revenue of $65.9 million for February 2010.
The Company incurred $1.6 million in interest expense and $854,000
in professional fees for the month.
For the period from January 5, 2010, to January 31, 2010, the
Debtors reported net income of $542,000 on operating income of
$2.2 million and revenue of $61.9 million. The Company incurred
$1.3 million in interest expense and $1.1 million in professional
fees.
At February 28, 2010, the Debtors' balance sheets showed
$955.7 million in assets, total liabilities of $849.9 million, and
stockholders' equity of $105.8 million. The Company ended the
period with $78.7 million in cash and cash equivalents, compared
to $67.5 million at January 31, 2010, and $29.2 million at
January 4, 2010.
A full-text copy of the Company's monthly operating report for the
period ended February 28, 2010, is available for free at:
http://researcharchives.com/t/s?5f5f
About Mesa Air Group
Mesa currently operates 130 aircraft with approximately 700 daily
system departures to 127 cities, 41 states, Canada, and Mexico.
Mesa operates as Delta Connection, US Airways Express and United
Express under contractual agreements with Delta Air Lines, US
Airways and United Airlines, respectively, and independently as
Mesa Airlines and go! Mokulele. This operation links Honolulu to
the neighbor island airports of Hilo, Kahului, Kona and Lihue. The
Company, founded by Larry and Janie Risley in New Mexico in 1982,
has approximately 3,500 employees.
Mesa Air Group Inc. and its units filed their Chapter 11 petitions
Jan. 5 in New York (Bankr. S.D.N.Y. Case No. 10-10018), listing
assets of $976 million against debt totaling $869 million as of
Sept. 30, 2009.
Richard M. Pachulski, Esq., and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel.
Imperial Capital LLC is the investment banker. Epiq Bankruptcy
Solutions is claims and notice agent.
Bankruptcy Creditors' Service, Inc., publishes Mesa Air Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Mesa Air Group Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000)
MIDWAY GAMES: Posts $2.0 Million Net Loss in November
-----------------------------------------------------
On March 30, 2010, Midway Games Inc. and its United States
subsidiaries filed their monthly operating report for November
2009 with the United States Bankruptcy Court for the District of
Delaware.
The Debtors reported a net loss of $2.0 million on net revenues of
$334,154 for the month of November. For the month, the Debtors
incurred $2.2 million in professional fees.
At November 30, 2009, the Company had $1.306 billion in total
assets, $8.6 million in total post-petition liabilities,
$1.365 billion in total pre-petition liabilities, $76.7 million
in due to debtors, and $13.0 million in deferred income taxes,
resulting in a $157.2 million stockholders' deficit.
The Debtors' schedules of cash receipts and disbursements for the
month ended November 30, 2009, showed:
Cash, beginning $42.77 million
Total receipts $0.82 million
Total disbursements $1.18 million
Cash, end $42.42 million
Payments for professional fees and expenses totaled $340,178
for the month of November.
A full-text copy of the Company's November monthly operating
report is available for free at:
http://researcharchives.com/t/s?5f5e
About Midway Games
Headquartered in Chicago, Illinois, Midway Games Inc. (OTC Pink
Sheets: MWYGQ) -- http://www.midway.com/-- was a leading
developer and publisher of interactive entertainment software for
major videogame systems and personal computers.
The Company and nine of its affiliates filed for Chapter 11
protection on February 12, 2009 (Bankr. D. Del. Lead Case No.
09-10465). Michael D. DeBaecke, Esq., Jason W. Staib, Esq, and
Victoria A. Guilfoyle, Esq., at Blank Rome LLP, in Wilmington,
Delaware; and Marc E. Richards, Esq., and Pamela E. Flaherty,
Esq., at Blank Rome LLP, in New York, represent the Debtors in
their restructuring efforts. Attorneys at Milbank, Tweed, Hadley
& McCloy LLP and Richards, Layton & Finger, P.A. represent the
official committee of unsecured creditors as counsel. Epiq
Bankruptcy Solutions, LLC, is the Debtors' claims, noticing, and
balloting agent.
On July 10, 2009, Midway and certain of its U.S. subsidiaries
completed the sale of substantially all of their assets to Warner
Bros. Entertainment Inc. in a sale approved by the Court. The
aggregate gross purchase price is roughly $49 million, including
the assumption of certain liabilities. Midway is disposing of its
remaining assets.
At June 30, 2009, the Debtors had $1.39 billion in total assets
and $1.59 billion in total liabilities.
NORTEL NETWORKS: Breaks Even in January 2010
--------------------------------------------
Nortel Networks Inc. an indirect subsidiary of Nortel Networks
Corporation, and several other direct and indirect U.S.
subsidiaries of the Company, filed their monthly operating report
for January 2010 with the U.S. Bankruptcy Court for the District
of Delaware.
Nortel Networks Inc. reported $0 income/loss on total revenues of
$81 million for the period.
As of January 31, 2009, Nortel Networks Inc. $2.639 billion in
total assets and $6.645 billion in total liabilities.
A full-text copy of the monthly operating report is available at
no charge at http://researcharchives.com/t/s?5f5b
For the period from November 29, 2009, through December 31, 2009,
the Company reported net income of $112 million on total revenues
of $181 million.
A full-text copy of the monthly operating report for the period
ended December 31, 2009, is available at no charge at:
http://researcharchives.com/t/s?5f5c
Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers. The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.
The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection. The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986. The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England. Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion. The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies. As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.
Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
TRIBUNE CO: Reports $2,069,000 Net Income for February
------------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of February 28, 2010
ASSETS
Current Assets:
Cash and cash equivalents $712,978,000
Accounts receivable, net 63,973,000
Inventories 24,170,000
Broadcast rights 184,336,000
Prepaid expenses and other 186,131,000
--------------
Total current assets 1,171,588,000
Property, plant and equipment, net 1,009,586,000
Other Assets:
Broadcast rights 102,538,000
Goodwill & other intangible assets 801,895,000
Prepaid pension costs 1,732,000
Investments in non-debtor units 1,515,179,000
Other investments 40,146,000
Intercompany receivables from non-debtors 3,549,810,000
Restricted cash 716,730,000
Other 74,256,000
--------------
Total Assets $8,983,460,000
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of broadcast rights $68,699,000
Current portion of long-term debt 6,170,000
Accounts payable, accrued expenses, and other 358,198,000
--------------
Total current liabilities 433,067,000
Pension obligations 185,450,000
Long-term broadcast rights 51,468,000
Long-term debt 8,324,000
Other obligations 198,338,000
--------------
Total Liabilities 876,647,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,117,000
Obligations to third parties 13,275,913,000
--------------
Total Liabilities Subject to Compromise 16,735,030,000
Shareholders' Equity (Deficit) (8,628,217,000)
--------------
Total Liabilities & Shareholders'
Equity (Deficit) $8,983,460,000
==============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period February 1 to 28, 2010
Total Revenue $221,847,000
Operating Expenses:
Cost of sales 123,897,000
Selling, general and administrative 67,431,000
Depreciation 13,005,000
Amortization of intangible assets 1,108,000
--------------
Total operating expenses 205,441,000
--------------
Operating Profit (Loss) 16,406,000
--------------
Net income on equity investments 14,000
Interest income, net (92,000)
Management fee (1,445,000)
Non-operating loss, net (4,437,000)
--------------
Income (loss) before income taxes & Reorg. Costs 10,446,000
Reorganization costs (7,436,000)
--------------
Income (loss) before income taxes 3,010,000
Income taxes (941,000)
--------------
Income (loss) from continuing operations 2,069,000
Income from discontinued operations, net of tax 0
--------------
Net Income (Loss) $2,069,000
==============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period February 1 to 28, 2010
Beginning Cash Balance $1,424,555,000
Cash Receipts:
Operating receipts 258,728,000
Other 1,161,000
--------------
Total Cash Receipts 259,889,000
Cash Disbursements
Compensation and benefits 132,128,000
General disbursements 148,693,000
Reorganization related disbursements 5,710,000
--------------
Total Disbursements 286,532,000
--------------
Debtors' Net Cash Flow (26,643,000)
From/(To) Non-Debtors (703,000)
--------------
Net Cash Flow (27,346,000)
Other (1,093,000)
--------------
Ending Available Cash Balance $1,396,116,000
==============
The Debtors' total disbursement for February 2010 is $286,532,000.
The amount paid for professional fees and expenses for February
2010 is $6,148,926. A full-text copy of the Debtors' February
2010 monthly operating report is available for free at:
http://bankrupt.com/misc/Tribune_FebMOR.pdf
About Tribune Co.
Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.
The Company and 110 of its affiliates filed for Chapter 11
protection on Dec. 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141). The Debtors proposed Sidley Austion LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As
of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets
and $12,972,541,148 in total debts.
Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TROPICANA ENT: Adamar of NJ Reports $2.85MM Net Loss for February
-----------------------------------------------------------------
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Balance Sheet
As of February 28, 2010
ASSETS
Current Assets
Cash and cash equivalents $71,240,000
Receivables, gaming, hotel and other, net 14,603,000
Inventories 2,091,000
Prepaid expenses and other 7,802,000
Deferred income taxes 4,496,000
--------------
Total current assets 100,232,000
Property and equipment, at cost, net 688,359,000
Investments 31,005,000
Tenant allowances and other assets 18,917,000
--------------
TOTAL ASSETS $838,513,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accruals $23,177,000
Accrued payroll and employee benefits 7,823,000
Current portion of long-term debt 37,000
Casino reinvestment obligation 563,000
Advances from TE and other affiliates, net 591,145,000
Advances from NJ affiliates, net 27,057,000
Other current liabilities 1,207,000
Liabilities subject to compromise 15,229,000
--------------
Total current liabilities 666,238,000
Long-term debt, net of current portion 164,000
Deferred income taxes 26,889,000
--------------
Total Liabilities 693,291,000
Stockholders' Equity
Common stock, no par value (100 shares 1,000
authorized, issued and outstanding)
Paid-in capital 283,086,000
Accumulated deficit (137,865,000)
--------------
Total shareholders' equity 145,222,000
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $838,513,000
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Statement of Operations
For the Month Ended February 28, 2010
Revenues
Casino $18,172,000
Rooms 1,899,000
Food and beverage 986,000
Other 1,037,000
--------------
Total revenues 22,094,000
--------------
Costs and Expenses
Casino 8,535,000
Rooms 885,000
Food and beverage 961,000
Other 310,000
Marketing 3,655,000
General and administrative 1,627,000
Utilities 1,127,000
Repairs and maintenance 864,000
Provision for doubtful accounts 309,000
Property taxes and insurance 2,352,000
Rent 471,000
Rent to New Jersey affiliate 0
Depreciation and amortization 3,582,000
Reorganization expense 116,000
--------------
Total 24,794,000
Operating profit (2,700,000)
License denial expense (186,000)
Interest income, net 38,000
Interest expense (2,000)
--------------
Income before income taxes (2,850,000)
Income taxes benefit/(provision) 0
--------------
NET (LOSS) ($2,850,000)
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Statement of Cash Flows
For the Month Ended February 28, 2010
Cash Flows from Operating Activities:
Net loss ($2,850,000)
Adjustments to reconcile net loss to net cash
(used in)/provided by operating activities:
Depreciation and amortization 3,582,000
Amortization of CRDA bond discount/interest (1,000)
Deferred income taxes 0
Amortization of deferred rental income (158,000)
Rent/interest expense amortization 0
Loss on disposal of property and equipment 0
and other assets
(Gain) Loss on reinvestment obligation (67,000)
Provision for doubtful accounts 309,000
Increase in accrued interest to parent 0
company
Sales & luxury tax rebates 0
Changes in operating assets and liabilities:
(Increase) Decrease in receivables 1,494,000
(Increase) Decrease in inventories (113,000)
(Increase) Decrease in prepaid expenses & other 2,492,000
Decrease in other assets 329,000
(Decrease)/Increase in accounts payable, (6,183,000)
accrued expenses and other
--------------
Net cash provided by operating activities (1,166,000)
--------------
Cash Flows from Investing Activities:
Proceeds from sale of property and equipment 0
Acquisition of property and equipment (392,000)
Sales & luxury tax rebates 0
Proceeds from reduction in investments 127,000
(Additions) Reductions in other long term assets 0
Additions to investments (265,000)
--------------
Net cash used in investing activities (530,000)
--------------
Cash Flows from Financing Activities:
Advances from NJ affiliates, net 404,000
Advances from/(to) affiliates, net 0
Principal payments on long-term debt (4,000)
--------------
Net cash provided by financing activities 400,000
--------------
Net increase in cash (1,296,000)
--------------
Cash and cash equivalents at beginning of period 72,536,000
--------------
Cash and cash equivalents at end of period $71,240,000
==============
About Tropicana Entertainment
Tropicana Entertainment LLC and its units owned eleven casino
properties in eight distinct gaming markets with premier
properties in Las Vegas, Nevada, and Atlantic City, New Jersey.
Tropicana Entertainment LLC and certain affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08-
10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts. Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor. Stroock & Stroock & Lavan LLP and Morris
Nichols Arsht & Tunnell LLP represent the Official Committee of
Unsecured Creditors in this case. Capstone Advisory Group LLC is
financial advisor to the Creditors' Committee.
The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana
obtained confirmation from the Bankruptcy Court of a
reorganization plan. On April 29, 2009, non-debtor units of the
OpCo Debtors, designated as the New Jersey Debtors -- Adamar of
New Jersey, Inc., and its affiliate, Manchester Mall, Inc. --
filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to
effectuate a sale of the Atlantic City Resort and Casino to a
group of Investors-led by Carl Icahn. Judge Judith H. Wizmur
presides over the cases. Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
Effective March 8, Tropicana Entertainment successfully emerged
from the Chapter 11 reorganization process as an Carl Icahn-owned
entity.
A group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have obtained approval
of a separate Chapter 11 plan.
Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represented
the New Jersey Debtors. Kurtzman Carson Consultants LLC acts as
their claims and notice agent. Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.
Bankruptcy Creditors' Service, Inc., publishes Tropicana
Bankruptcy News. The newsletter tracks the chapter 11
restructuring proceedings commenced by Tropicana Entertainment LLC
and its affiliates. (http://bankrupt.com/newsstand/or
215/945-7000)
WASHINGTON MUTUAL: Posts $6.6 Million Net Loss in February
----------------------------------------------------------
On March 30, 2010, Washington Mutual, Inc., and WMI Investment
Corp. filed their monthly operating report for the period
February 1, 2010, to February 28, 2010, with the United States
Bankruptcy Court for the District of Delaware.
Washington Mutual reported a net loss of $6.6 million on total
revenues of $91,723 for the month of February.
At February 28, 2010, Washington Mutual had $6.928 billion in
total assets, $8.314 billion in total liabilities, and
shareholders' deficit of $1.386 billion. Washington Mutual ended
February 2010 with $4.568 billion in cash and cash equivalents,
compared to $4.573 billion in cash and cash equivalents at
January 31, 2010. Washington Mutual paid a total of $4.6 million
in professional fees and reimbursed a total of $288,147 in
professional expenses for the month of February.
WMI Investment reported net income of $935 on total revenues of
$15,418 for the month of February.
At February 28, 2010, WMI Investment had $921.85 million in total
assets, $25,375 in total liabilities, and $921.83 million in
stockholders' equity. WMI Investment ended February 2010 with
$275.2 million in cash and cash equivalents, compared to cash and
cash equivalents of $275.0 million at January 31, 2010.
A full-text copy of Washington Mutual and WMI Investment's monthly
operating report for February 2009 is available at:
http://researcharchives.com/t/s?5f84
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).
YOUNG BROADCASTING: Posts $3.1 Million net Loss in February
-----------------------------------------------------------
On March 26, 2010, Young Broadcasting Inc. and its subsidiaries
filed their monthly operating report for the month ended
February 28, 2010, with the United States Bankruptcy Court for
the Southern District of New York.
The Debtors posted a consolidated net loss of $3,107,323 on net
operating revenues of $11,724,294 for the month of February. Net
operating income was $2,236,116 for a net operating margin of
$19.1%.
Reorganization costs were $1,991,483 for the month.
As of January 31, 2010, the Company had $332,817,171 in total
assets, $30,375,732 in total liabilities not subject to
compromise, and $913,982,925 in total liabilities subject to
compromise, resulting in a $611,541,486 stockholders' deficit.
A full-text copy of Young Broadcasting's February monthly
operating report is available for free at:
http://researcharchives.com/t/s?5f61
Young Broadcasting, Inc. -- http://www.youngbroadcasting.com/--
owns 10 television stations and the national television
representation firm, Adam Young, Inc. Five stations are
affiliated with the ABC Television Network (WKRN-TV -Nashville,
TN, WTEN-TV - Albany, NY, WRIC-TV - Richmond, VA, WATE-TV -
Knoxville, TN, and WBAY-TV - Green Bay, WI), three are affiliated
with the CBS Television Network (WLNS-TV - Lansing, MI, KLFY-TV -
Lafayette, LA and KELO-TV - Sioux Falls, SD), one is affiliated
with the NBC Television Network (KWQC-TV - Davenport, IA) and one
is affiliated with MyNetwork (KRON-TV - San Francisco, CA). In
addition, KELO- TV- Sioux Falls, SD is also the MyNetwork
affiliate in that market through the use of its digital channel
capacity.
The Company and its affiliates filed for Chapter 11 protection on
February 13, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-10645). Jo
Christine Reed, Esq., at Sonnenschein Nath & Rosenthal LLP,
represents the Debtors in their restructuring effort. The Debtors
selected UBS Securities LLC as consultant; Ernst & Young LLP as
accountant; Epiq Bankruptcy Solutions LLC as claims agent; and
David Pauker chief restructuring officer Andrew N. Rosenberg,
Esq., at Paul Weiss Rifkind Wharton & Harrison LLP, serves as
counsel to the official unsecured creditors committee.
*********
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
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Each Tuesday edition of the TCR contains a list of companies with
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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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