/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/100424.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 24, 2010, Vol. 14, No. 112 Headlines CHEMTURA CORP: Posts $25 Million Net Loss in March CITADEL BROADCASTING: Reports $4,142,899 Net Income for February CIRCUIT CITY: Has $938.1MM in Current Assets at End of January COOPER-STANDARD: CSA FHS Reports $3,807,299 Profit for February COOPER-STANDARD: CSA OH Reports $2,667,071 Profit for February COOPER-STANDARD: CSA Inc. Reports $8.97MM Loss for February FREMONT GENERAL: Posts $3.3 Million Net Loss in March GEMS TV: Cash Declining to $19.2 Million by July 2 GUARANTY FINANCIAL: Posts $109,023 Net Loss in March LEHMAN BROTHERS: Has Cash & Investments of $16.6 Bln. at March 31 LYONDELL CHEMICAL: Reports $129 Million Net Loss for February PCAA PARENT: Posts $1,254,949 Net Loss in February TARRAGON CORP: Ends February With $3.3 Mln. in Unrestricted Cash TLC VISION: Posts $3,502,779 Net Loss in January TRONOX INC: Has March Loss From Environmental Costs TRUMP ENTERTAINMENT: Posts $5.8 Million Net Loss in March VINEYARD NATIONAL: Ends March With $1,318,816 Cash WHITE ENERGY: Profits Shrink in Three-Month Period XERIUM TECHNOLOGIES: Initial MOR Shows 13-Week Cash Projections ********* CHEMTURA CORP: Posts $25 Million Net Loss in March -------------------------------------------------- On April 15, 2010, Chemtura Corporation filed with the U.S. Bankruptcy Court for the Southern District of New York its monthly operating Report for March 2010. Chemtura Corporation reported a net loss of $25 million on net sales of $223 million for March. Reorganization items, net amounted to $9 million. At March 31, 2010, Chemtura had $4.090 billion in total assets, $3.964 billion in total liabilities, and $126 million in total stockholders' equity. The Debtor had cash and cash equivalents of $35 million at the end of March, compared with cash and cash equivalents of $57 million at the beginning of the period. A full-text copy of the March monthly operating report is available at no charge at http://researcharchives.com/t/s?609c Based in Middlebury, Connecticut, Chemtura Corporation (CEM) -- http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a global manufacturer and marketer of specialty chemicals, crop protection products, and pool, spa and home care products. Chemtura Corporation and 26 of its U.S. affiliates filed voluntary petitions for relief under Chapter 11 on March 18, 2009 (Bankr. S.D.N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel. Wolfblock LLP serves as the Debtors' special counsel. The Debtors' auditors and accountant are KPMG LLP; their investment bankers are Lazard Freres & Co.; their strategic communications advisors are Joele Frank, Wilkinson Brimmer Katcher; their business advisors are Alvarez & Marsal LLC and Ray Dombrowski serves as their chief restructuring officer; and their claims and noticing agent is Kurtzman Carson Consultants LLC. As of December 31, 2008, the Debtors had total assets of $3.06 billion and total debts of $1.02 billion. Bankruptcy Creditors' Service, Inc., publishes Chemtura Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Chemtura Corp. and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) CITADEL BROADCASTING: Reports $4,142,899 Net Income for February ---------------------------------------------------------------- Citadel Broadcasting Corporation Balance Sheet As of February 28, 2010 ASSET Current assets: Cash $95,417,893 Accounts receivable 129,433,189 Prepaid expenses and other current assets 21,686,529 --------------- Total current assets $246,537,611 Property & equipment: Real property and improvements 159,616,015 Towers and transmitters 195,026,852 Furniture, fixtures and office equipment 30,325,992 Leasehold improvements 35,672,862 Vehicles 9,183,080 less: Accumulated depreciation (230,532,426) --------------- Total property and equipment $199,292,375 Other assets: FCC Licenses 598,457,766 Goodwill 321,975,708 Other tangibles 21,971,983 Other non current assets 49,026,708 --------------- Total other assets 991,432,165 Total assets $1,437,262,151 =============== LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) Liabilities not subject to compromise: Accounts payable $5,154,758 Taxes payable 1,316,785 Compensation and benefits payable 10,991,570 Deferred tax liability 180,390,310 Other liabilities 23,473,943 --------------- Total liabilities not subject to compromise $221,327,366 Liabilities subject to compromise: AP and accrued liabilities $75,558,458 Notes payable 2,144,387,154 Convertible notes 48,310,000 --------------- Total liabilities subject to compromise $2,268,255,612 Total liabilities $2,489,582,978 Shareholders equity (deficit): Common stock $2,940,365 Treasury stock (344,373,971) Additional paid-in capital 2,447,787,296 Retained earnings - prepetition (3,167,418,092) Retained earnings - postpetition 8,743,575 --------------- Shareholders' equity (deficit) ($1,052,320,827) Total liabilities & shareholders' $1,437,262,151 equity (deficit) =============== Citadel Broadcasting Corporation Statement of Operations For the month ended February 28, 2010 Revenues: Cash $51,980,810 Trade 1,460,509 --------------- Net revenue $53,441,319 Operating expenses: Advertising and promotions $359,932 Bad debts 348,780 Compensation and benefits 21,301,208 Depreciation and amortization 2,246,646 General and administrative 4,719,705 Programming costs 6,145,883 Real estate, property, and other taxes 397,284 Rent 1,624,842 Payroll taxes 1,632,327 Trade expenses 1,473,592 Utilities 1,414,509 --------------- Total operating expenses $41,664,708 Operating income 11,776,611 Interest expense, net 3,271,955 Reorganization items 4,361,757 --------------- Income before taxes 4,142,899 Income taxes - --------------- Net income $4,142,899 =============== Citadel Broadcasting Corporation Schedule of Cash Receipts and Disbursements For the month ended February 28, 2010 Cash beginning of period $80,220,953 Receipts: Cash sales - Accounts receivable 69,717,300 Transfers from operations - --------------- Total receipts $69,717,300 Disbursements: Net payroll ($13,355,278) Payroll taxes (6,956,661) Operating expenses (27,919,215) Rent (2,015,787) Interest & debt related charges (3,319,035) Professional fees (954,383) --------------- Total disbursements ($54,520,359) Net cash flow 15,196,941 Cash end of month $95,417,893 =============== About Citadel Broadcasting 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 is serving as legal counsel and Lazard Freres & Co. LLC. As financial advisor for the restructuring. Kurtzman Carson Consultants is serving 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) CIRCUIT CITY: Has $938.1MM in Current Assets at End of January -------------------------------------------------------------- Circuit City Stores, Inc., et al. Balance Sheet As of January 31, 2010 ASSETS Current Assets Cash and cash equivalents $335,190,000 Restricted cash 5,313,000 Short-term investments 1,044,000 Accounts receivable, net 345,266,000 Income tax receivable 159,757,000 Prepaid expenses and other current assets 6,376,000 Intercompany receivables and investments 85,185,000 in subsidiaries -------------- Total Current Assets 938,131,000 Property and Equipment 6,871,000 Accumulated depreciation (3,428,000) -------------- Net Property and Equipment 3,443,000 Other Assets 20,264,000 -------------- TOTAL ASSETS $961,838,000 ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Merchandise payable $174,324,000 Expenses payable 20,132,000 Accrued expenses and other current 31,285,000 liabilities Intercompany payables 607,000 -------------- Total Current Liabilities 226,348,000 Deferred income taxes 7,084,000 Other Liabilities 0 -------------- Liabilities Not Subject to Compromise 233,432,000 Liabilities Subject to Compromise 1,386,682,000 -------------- Total Liabilities 1,620,114,000 Stockholders' Equity Common stock 435,612,000 Additional paid-in capital 304,915,000 Retained deficit (1,389,444,000) Accumulated other comprehensive income (9,359,000) -------------- Total Stockholders' Equity (658,276,000) -------------- Total Liabilities & Shareholders' Deficit $961,838,000 ============== Circuit City Stores, Inc., et al. Income Statement For the Month Ended January 31, 2010 Net sales $0 Cost of sales, buying and warehousing 0 -------------- Gross profit (loss) 0 Selling, general and administrative expenses 4,100,000 (net gain) Asset impairment charges 0 -------------- Operating income (4,100,000) Interest income 0 Interest expense 0 -------------- Loss before reorganization items, GAAP (4,100,000) reversals and income taxes Net loss from reorganization items (1,236,000) Net gain from GAAP reversals 0 Income tax expense (1,000) -------------- NET INCOME ($5,337,000) ============== About Circuit City Headquartered in Richmond, Virginia, Circuit City Stores Inc. (NYSE: CC) -- http://www.circuitcity.com/-- was a specialty retailer of consumer electronics, home office products, entertainment software and related services in the U.S. and Canada. Circuit City Stores together with 17 affiliates filed a voluntary petition for reorganization relief under Chapter 11 of the Bankruptcy Code on November 10 (Bankr. E.D. Va. Lead Case No. 08- 35653). InterTAN Canada, Ltd., which runs Circuit City's Canadian operations, also sought protection under the Companies' Creditors Arrangement Act in Canada. Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP, are the Debtors' general restructuring counsel. Dion W. Hayes, Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, are the Debtors' local counsel. The Debtors also tapped Kirkland & Ellis LLP as special financing counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special securities counsel; and FTI Consulting, Inc., and Rotschild Inc. as financial advisors. The Debtors' Canadian general restructuring counsel is Osler, Hoskin & Harcourt LLP. Kurtzman Carson Consultants LLC is the Debtors' claims and voting agent. The Debtors disclosed total assets of $3,400,080,000 and debts of $2,323,328,000 as of August 31, 2008. Circuit City has opted to liquidate its 721 stores. It has obtained the Bankruptcy Court's approval to pursue going-out-of- business sales, and sell its store leases. In May 2009, Systemax Inc., a multi-channel retailer of computers, electronics, and industrial products, acquired certain assets, including the name Circuit City, from the Debtors through a Court- approved auction. Bankruptcy Creditors' Service, Inc., publishes Circuit City Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Circuit City Stores Inc. and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). COOPER-STANDARD: CSA FHS Reports $3,807,299 Profit for February --------------------------------------------------------------- Cooper-Standard Automotive FHS Inc. Unaudited Balance Sheet As of February 28, 2010 ASSETS Current Assets Cash and cash equivalents $803,725 Account receivable, net 23,236,484 Inventories, net 9,599,127 Prepaid expenses (39,496) Intercompany receivable 92,192,738 Others - -------------- Total current assets 125,792,578 Property, plant and equipment, net 33,034,246 Goodwill - Intangibles, net 627,328 Intercompany investments 2,405,255 Long-term intercompany receivable - Other assets 8,622 -------------- Total assets $161,868,029 ============== LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) Liabilities not subject to compromise: Current liabilities: Debt Payable within One Year - Accounts payable 7,710,783 Payroll liabilities 768,274 Accrued liabilities 1,282,421 Intercompany payable - -------------- Total current liabilities 9,761,478 Long-term debt - Pension benefits - Post-retirement benefits other than pensions - Deferred tax liabilities 5,853,238 Other long-term liabilities 199,082 Liabilities subject to compromise 2,277,809 -------------- Total liabilities 18,091,607 Common stock - Intercompany common stock - Additional paid-in capital - Intercompany paid-in capital 120,302,465 Retained Earnings (Accumulated deficit) 23,454,755 Accumulated other comprehensive income (loss) 19,202 -------------- Total stockholders' equity (deficit) 143,776,422 -------------- Total liabilities and equity (deficit) $161,868,029 ============== Cooper-Standard Automotive FHS Inc. Unaudited Income Statement For the Period Ended February 28, 2010 Sales $16,691,434 Material 7,118,316 Labor 1,127,062 Overhead 3,834,663 Scrap & Other 804,511 -------------- Cost of products sold 12,884,552 Gross profit 3,806,882 Salary & Benefits - Supplies/Occupancy - Travel & Entertainment - Contract Services - Other - Impairment - Amortization of intangibles 13,170 Restructuring 11,642 -------------- Total SG&A Expenses 24,812 Operating profit (loss) 3,782,070 Reorganization Items, net - Royalty income (loss) - Other income (expense) 25,229 Equity earnings (losses) - -------------- EBIT 3,807,299 Interest income (expense) - -------------- Income (loss) before income taxes 3,807,299 Provision for income tax (benefit) - -------------- Net income (loss) $3,807,299 ============== CS Automotive FHS also reported total receipts of $49,310 and total disbursements of -$8,116,067 for February 2010. About Cooper-Standard Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/ -- headquartered in Novi, Michigan, is a leading global automotive supplier specializing in the manufacture and marketing of systems and components for the automotive industry. Products include body sealing systems, fluid handling systems and NVH control systems. The Company is one of the leading suppliers of chassis products in North America, with about 14% of market share. The Company's main custoemrs include Ford Motor Company, General Motors, Chrysler, Audi, Volkswagen, BMW, Fiat and Honda, among other automakers. Cooper-Standard Automotive employs approximately 16,000 people globally with more than 70 facilities throughout the world. Cooper-Standard is a privately held portfolio company of The Cypress Group and Goldman Sachs Capital Partners Funds. Cooper-Standard Holdings Inc., together with affiliates, filed for Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743). Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and Richards, Layton & Finger, P.A., will serve as bankruptcy counsel to the Debtors. Lazard Freres & Co. is serving as investment banker while Alvarez & Marsal is financial advisor. Kurtzman Carson Consultants LLC is notice, claims and solicitation agent. In its bankruptcy petition, the Company said that assets on a consolidated basis total $1,733,017,000 while debts total $1,785,039,000 as of March 31, 2009. The Company's Canadian subsidiary, Cooper-Standard Automotive Canada Limited, also sought relief under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Toronto, Ontario, Canada. Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA proceedings undertaken by Cooper-Standard Holdings Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- COOPER-STANDARD: CSA OH Reports $2,667,071 Profit for February -------------------------------------------------------------- Cooper-Standard Automotive OH, LLC Unaudited Balance Sheet As of February 28, 2010 ASSETS Current Assets Cash and cash equivalents $1,877 Account receivable, net 23,482,379 Inventories, net 4,756,075 Prepaid expenses 307,171 Intercompany receivable 508,426,012 Others - -------------- Total current assets 536,973,514 Property, plant and equipment, net 40,052,628 Goodwill - Intangibles, net - Intercompany investments - Long-term intercompany receivable - Other assets 25,690 -------------- Total assets $577,051,832 ============== LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) Liabilities not subject to compromise: Current liabilities: Debt Payable within One Year - Accounts payable 4,226,178 Payroll liabilities 1,329,809 Accrued liabilities 297,626 Intercompany payable - -------------- Total current liabilities 5,853,613 Long-term debt - Pension benefits - Post-retirement benefits other than pensions - Deferred tax liabilities - Other long-term liabilities 59,787 Liabilities subject to compromise 551,966 -------------- Total liabilities 6,465,366 Common stock - Intercompany common stock - Additional paid-in capital - Intercompany paid-in capital 18,336,000 Retained Earnings (Accumulated deficit) 552,250,466 Accumulated other comprehensive income (loss) - -------------- Total stockholders' equity (deficit) 570,586,466 -------------- Total liabilities and equity (deficit) $577,051,832 ============== Cooper-Standard Automotive OH, LLC Unaudited Income Statement For the Period Ended February 28, 2010 Sales $14,416,616 Material 5,525,234 Labor 1,960,173 Overhead 3,636,969 Scrap & Other 628,594 -------------- Cost of products sold 11,750,970 Gross profit 2,665,646 Salary & Benefits - Supplies/Occupancy - Travel & Entertainment - Contract Services - Other 150 Impairment - Amortization of intangibles - Restructuring - -------------- Total SG&A Expenses 150 Operating profit (loss) 2,665,496 Reorganization Items, net - Royalty income (loss) - Otber income (expense) 1,575 Equity earnings (losses) - -------------- EBIT 2,667,071 Interest income (expense) - -------------- Income (loss) before income taxes 2,667,071 Provision for income tax (benefit) - -------------- Net income (loss) $2,667,071 ============== CS Automotive OH also reported total disbursements of -$11,544,297 for February 2010. About Cooper-Standard Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/ -- headquartered in Novi, Michigan, is a leading global automotive supplier specializing in the manufacture and marketing of systems and components for the automotive industry. Products include body sealing systems, fluid handling systems and NVH control systems. The Company is one of the leading suppliers of chassis products in North America, with about 14% of market share. The Company's main custoemrs include Ford Motor Company, General Motors, Chrysler, Audi, Volkswagen, BMW, Fiat and Honda, among other automakers. Cooper-Standard Automotive employs approximately 16,000 people globally with more than 70 facilities throughout the world. Cooper-Standard is a privately held portfolio company of The Cypress Group and Goldman Sachs Capital Partners Funds. Cooper-Standard Holdings Inc., together with affiliates, filed for Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743). Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and Richards, Layton & Finger, P.A., will serve as bankruptcy counsel to the Debtors. Lazard Freres & Co. is serving as investment banker while Alvarez & Marsal is financial advisor. Kurtzman Carson Consultants LLC is notice, claims and solicitation agent. In its bankruptcy petition, the Company said that assets on a consolidated basis total $1,733,017,000 while debts total $1,785,039,000 as of March 31, 2009. The Company's Canadian subsidiary, Cooper-Standard Automotive Canada Limited, also sought relief under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Toronto, Ontario, Canada. Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA proceedings undertaken by Cooper-Standard Holdings Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- COOPER-STANDARD: CSA Inc. Reports $8.97MM Loss for February ----------------------------------------------------------- Cooper-Standard Automotive Inc. Unaudited Balance Sheet As of February 28, 2010 ASSETS Current Assets Cash and cash equivalents $81,974,061 Account receivable, net 100,031,341 Inventories, net 26,767,968 Prepaid expenses 5,285,869 Intercompany receivable - Others 6,320,781 -------------- Total current assets 220,380,020 Property, plant and equipment, net 90,037,763 Goodwill 87,728,335 Intangibles, net 980,343 Intercompany investments 526,825,393 Long-term intercompany receivable 205,589,656 Other assets 31,128,586 -------------- Total assets $1,162,670,096 ============== LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) Liabilities not subject to compromise: Current liabilities: Debt Payable within One Year 75,046,768 Accounts payable 50,139,896 Payroll liabilities 20,601,998 Accrued liabilities 24,584,126 Intercompany payable 651,103,787 -------------- Total current liabilities 821,476,575 Long-term debt 2,085,118 Pension benefits 71,006,647 Post-retirement benefits other than pensions 54,136,777 Deferred tax liabilities (1,199,227) Other long-term liabilities 10,418,764 Liabilities subject to compromise 1,076,597,591 -------------- Total liabilities 2,034,522,245 Common stock 35 Intercompany common stock (1,515,999) Additional paid-in capital 836,105 Intercompany paid-in capital (314,688,870) Retained Earnings (Accumulated deficit) (437,611,019) Accumulated other comprehensive income (loss) (118,872,402) -------------- Total stockholders' equity (deficit) (871,852,150) -------------- Total liabilities and equity (deficit) $1,162,670,096 ============== Cooper-Standard Automotive Inc. Unaudited Income Statement For the Period Ended February 28, 2010 Sales $43,800,330 Material 26,101,110 Labor 3,230,853 Overhead 5,682,592 Scrap & Other 932,805 -------------- Cost of products sold 35,947,360 Gross profit 7,852,970 Salary & Benefits 4,610,943 Supplies/Occupancy 1,447,475 Travel & Entertainment 225,866 Contract Services 713,906 Other 729,502 Impairment - Amortization of intangibles 28,833 Restructuring 25,257 -------------- Total SG&A Expenses 7,781,782 Operating profit (loss) 71,188 Reorganization Items, net (7,295,244) Royalty income (loss) 564,828 Otber income (expense) (683,439) Equity earnings (losses) - -------------- EBIT (7,342,667) Interest income (expense) (1,554,055) -------------- Income (loss) before income taxes (8,896,722) Provision for income tax (benefit) 75,269 -------------- Net income (loss) ($8,971,991) ============== CS Automotive Inc. also reported total receipts of $60,305,514, and total disbursements of -$55,578,320 for February 2010. About Cooper-Standard Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/ -- headquartered in Novi, Michigan, is a leading global automotive supplier specializing in the manufacture and marketing of systems and components for the automotive industry. Products include body sealing systems, fluid handling systems and NVH control systems. The Company is one of the leading suppliers of chassis products in North America, with about 14% of market share. The Company's main custoemrs include Ford Motor Company, General Motors, Chrysler, Audi, Volkswagen, BMW, Fiat and Honda, among other automakers. Cooper-Standard Automotive employs approximately 16,000 people globally with more than 70 facilities throughout the world. Cooper-Standard is a privately held portfolio company of The Cypress Group and Goldman Sachs Capital Partners Funds. Cooper-Standard Holdings Inc., together with affiliates, filed for Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743). Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and Richards, Layton & Finger, P.A., will serve as bankruptcy counsel to the Debtors. Lazard Freres & Co. is serving as investment banker while Alvarez & Marsal is financial advisor. Kurtzman Carson Consultants LLC is notice, claims and solicitation agent. In its bankruptcy petition, the Company said that assets on a consolidated basis total $1,733,017,000 while debts total $1,785,039,000 as of March 31, 2009. The Company's Canadian subsidiary, Cooper-Standard Automotive Canada Limited, also sought relief under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Toronto, Ontario, Canada. Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA proceedings undertaken by Cooper-Standard Holdings Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- FREMONT GENERAL: Posts $3.3 Million Net Loss in March ----------------------------------------------------- On April 15, 2010, Fremont General Corporation filed its monthly operating report for the month ended March 31, 2010, with the United States Trustee for the Central District of California, Santa Ana Division. The information contained in the March monthly operating report represents financial information of the Company only and does not include financial information for its indirect wholly-owned subsidiary, Fremont Reorganizing Corporation (formerly known as "Fremont Investment & Loan"). Fremont General posted a net loss of $3.3 million in March 2010. At March 31, 2010, the Company had $482.7 million in total assets, $390.6 million in total liabilities, and $92.1 million in total equity. Unrestricted cash was $21.0 million at March 31, 2010, compared to $22.7 million at February 28, 2010. A full-text copy of Fremont's March 2010 monthly operating report is available for free at: http://researcharchives.com/t/s?60a0 Based in Santa Monica, California, Fremont General Corp. (OTC: FMNTQ) -- http://www.fremontgeneral.com/-- was a financial services holding company with $8.8 billion in total assets at September 30, 2007. Fremont General ceased being a financial services holding company on July 25, 2008, when its wholly owned bank subsidiary, Fremont Reorganizing Corporation (f/k/a Fremont Investment & Loan) completed the sale of its assets, including all of its 22 branches, and 100% of its $5.2 billion of deposits to CapitalSource Bank. Fremont General filed for Chapter 11 protection on June 18, 2008, (Bankr. C.D. Calif. Case No. 08-13421). Robert W. Jones, Esq., and J. Maxwell Tucker, Esq., at Patton Boggs LLP, Theodore Stolman, Esq., Scott H. Yun, Esq., and Whitman L. Holt, Esq., at Stutman Treister & Glatt, represent the Debtor as counsel. Kurtzman Carson Consultants LLC is the Debtor's noticing agent and claims processor. Lee R. Bogdanoff, Esq., Jonathan S. Shenson, Esq., and Brian M. Metcalf, at Klee, Tuchin, Bogdanoff & Stern LLP, represent the Official Committee of Unsecured Creditors as counsel. Fremont's formal schedules showed $330,036,435 in total assets and $326,560,878 in total debts. GEMS TV: Cash Declining to $19.2 Million by July 2 -------------------------------------------------- Bill Rochelle at Bloomberg News reports that Gems TV (USA) Ltd. filed a cash-flow projection showing that cash would top out last week at about $24.6 million. Cash is expected to decline to $19.2 million by July 2. Reno, Nevada-based Gems TV (USA) Limited, aka Gems TV, is a television retailer of gemstone jewelry products. Its parent is Gems TV Holdings Ltd., which owns and operates jewelry home shopping TV channels in the U.S., U.K. and Japan. The Company filed for Chapter 11 bankruptcy protection on April 5, 2010 (Bankr. D. Del. Case No. 10-11158). Robert S. Brady, Esq., and Robert F. Poppiti, Jr., Esq., at Young, Conaway, Stargatt & Taylor, assist the Company in its restructuring effort. Focus Management Group is the Company's financial advisor. Epiq Bankruptcy Solutions serves as claims and notice agent. The Company listed $10,000,000 to $50,000,000 in assets and $100,000,000 to $500,000,000 in liabilities. GUARANTY FINANCIAL: Posts $109,023 Net Loss in March ---------------------------------------------------- On April 13, 2010, Guaranty Financial Group Inc. and each of its wholly owned subsidiaries, Guaranty Group Ventures Inc., Guaranty Holdings Inc., and Guaranty Group Capital Inc. filed their unaudited monthly operating reports for March 2010 with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. Guaranty Financial Group reported a net loss of $109,023 for the month of March 2010. At March 31, 2010, Guaranty Financial Group had $12,015,409 in total assets and $329,046,388 in total liabilities. A full-text copy of Guaranty Financial Group's monthly operating report is available for free at: http://researcharchives.com/t/s?6098 Guaranty Group Ventures reported net income of $640 for the month of March 2010. At March 31, 2010, Guaranty Group Ventures had $12,237,932 in total assets, $371,185 in total liabilities, and $11,866,747 in total equity. A full-text copy of Guaranty Group Ventures' monthly operating report is available for free at: http://researcharchives.com/t/s?6099 Guaranty Holdings reported net income of $1 for the month of March 2010. At March 31, 2010, Guaranty Holdings had $7,820 in total assets and $7,8209 in total equity. A full-text copy of Guaranty Holdings' monthly operating report is available for free at http://researcharchives.com/t/s?609a Guaranty Group Capital reported net profit of $319 for the month of March 2010. At March 31, 2010, Guaranty Group Capital had $4,171,894 in total assets and $4,171,894 in total equity. A full-text copy of Guaranty Group Capital's monthly operating report is available for free at: http://researcharchives.com/t/s?609b Guaranty Financial Group Inc. -- http://www.guarantygroup.com/-- is based in Dallas, Texas. Guaranty Financial is a unitary savings and loan holding company. The Company's primary operating entities are Guaranty Bank and Guaranty Insurance Services, Inc. Guaranty Financial filed for bankruptcy after the Guaranty bank was seized by regulators and sent to receivership under the Federal Deposit Insurance Corporation. Before the bank was taken over, the balance sheet of the holding company had $15.4 billion in assets as of Sept. 30, 2008. Guaranty Financial together with affiliates filed for Chapter 11 on Aug. 27, 2009 (Bankr. N.D. Tex. Case No. 09-35582). Attorneys at Haynes & Boone, LLP, represent the Debtors. According to the schedules attached to its petition, the Company has assets of at least $24,295,000, and total debts of $323,413,428, including $305 million in trust preferred security. LEHMAN BROTHERS: Has Cash & Investments of $16.6 Bln. at March 31 ----------------------------------------------------------------- On April 21, 2010, Lehman Brothers Holdings Inc. and certain of its subsidiaries filed with the U.S. Bankruptcy Court for the Southern District of New York a monthly operating report for March 2010. The Debtors and other controlled entities disclosed these cash receipts and disbursements for the month ended March 31, 2009: Beginning Cash & Investments (3/1/10) $16,776,000,000 Total Sources of Cash 1,371,000,000 Total Uses of Cash 1,524,000,000 Net Cash Flow 153,000,000 FX Fluctuation 5,000,000 Ending Cash & Investments (3/31/10) $16,621,000,000 Totals may not foot due to rounding. Ending cash and investment balances include roughly $2.3 billion in co-mingled and segregated accounts associated with pledged assets, court ordered segregated accounts, funds administratively held by banks, and other identified funds which may not belong to the Debtors or other controlled entities. These amounts are preliminary and estimated as follows: Debtors - LBHI $208 million, LBSF $328 million, LBCS $34 million, LCPI $1.7 billion, LBCC $5 million, Lehman Scottish Finance $2 million; and non-Debtors $28 million, and are subject to adjustment. Ending cash and investment balances exclude roughly $287 million of cash posted as collateral for derivative hedging activity; broken down as follows: LBSF $276 million and LBFP $11 million. LBHI reported $2.709 billion in cash and investments at March 1, 2010, and $2.304 billion in cash and investments at March 31, 2010. LBHI paid a total of $51.9 million in professional fees and expenses in March 2010. A full-text copy of the March 2010 monthly operating report is available for free at http://researcharchives.com/t/s?60a2 Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI The Bankruptcy Court has approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on September 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on September 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) LYONDELL CHEMICAL: Reports $129 Million Net Loss for February ------------------------------------------------------------- Lyondell Chemical Company and affiliates Unaudited Combined Balance Sheet As of February 28, 2010 (in millions) Assets Current assets: Cash and cash equivalents $377 Restricted cash 3 Accounts receivable: Trade, net 1,664 Related parties 2 Non-debtor affiliates 274 Inventories 1,773 Current deferred income tax assets 6 Prepaid expenses and other current assets 551 ------------ Total current assets 4,650 Property, plant and equipment, net 9,558 Investments and long-term receivables: Investment in PO joint ventures 569 Investments in non-debtor affiliates 4,855 Other investments and long-term receivables 29 Intangible assets, net 1,261 Noncurrent deferred tax assets 115 Other assets 182 ------------ Total Assets $21,219 ============ Liabilities and Stockholder's Equity Current liabilities: Current maturities of long-term debt - Short-term debt 5,908 Accounts payable: Trade 1,012 Related parties 32 Non-debtor affiliates 695 Accrued liabilities 652 Short-term loans payable - non-Debtor affiliates 147 Deferred income taxes 74 ------------ Total current liabilities 8,520 Long-term debt - Other liabilities 177 Deferred income taxes 1,462 Liabilities subject to compromise 23,031 Commitments and contingencies - Stockholders equity: Common stock 60 Additional paid-in capital 563 Retained deficit (9,581) Receivables - non-debtor affiliates (2,831) Accumulated other comprehensive loss (292) ------------ Debtors' share of stockholder's deficit (12,081) Noncontrolling interests 110 ------------ Total deficit (11,971) ------------ Total liabilities and stockholder's deficit $21,219 ============ Lyondell Chemical Company and affiliates Unaudited Statement of Income For month ended February 28, 2010 (in millions) Sales and other operating revenues: Trade $1,775 Non-Debtor affiliates 83 ------------ 1,858 Operating costs and expenses: Cost of sales 1,812 Selling, general and admin. expenses 33 Research and development expenses 3 ------------ 1,848 ------------ Operating loss 10 Interest expense (121) Interest income - non-Debtor affiliates 15 Other expense, net (47) ------------ Loss before reorganization items, equity investments and income taxes (143) ------------ Reorganization items (35) Income from equity investments - non-Debtor affiliates (9) ------------ Loss before income taxes (187) Provision for income taxes (58) ------------ Net loss from continuing operations (129) Discontinued operations - ------------ Net loss ($129) ============ Lyondell Chemical Company and its affiliates Unaudited Statement of Cash Flows For the month ended February 28, 2010 (in millions) Cash flows from operating activities: Net loss ($129) Net loss - discontinued operations - Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 89 Reorganization charges 35 Reorganization-related payments (17) Equity investments - loss 9 Deferred income taxes (61) Amortization of debt-related costs 34 Unrealized Foreign currency exchange loss 46 Changes in assets and liabilities that provided (used ) cash: Accounts receivable (282) Inventories 183 Accounts payable 317 Other, net (45) ------------ Net cash provided by operating activities - continuing operations 179 Net cash provided by operating activities discontinued operations - ------------ Net cash provided by operating activities 179 ------------ Cash flows from investing activities: Expenditures for property, plant and equipment (16) Advances to non-Debtor affiliates (15) ------------ Net cash used in investing activities (31) ------------ Cash flows from financing activities: Net repayments on DIP Revolving Facility (30) Decreases in short-term borrowings (76) Other, net (5) ------------ Net cash used in financing activities (111) ------------ Effect of exchange rate changes on cash - ------------ Increase in cash and cash equivalents 37 Cash and cash equivalents at beginning of period 340 ------------ Cash and cash equivalents at end of period $377 ============ 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) PCAA PARENT: Posts $1,254,949 Net Loss in February -------------------------------------------------- PCAA Parent, LLC, filed on March 29, 2010, a monthly operating report for February 2010. PCAA Parent, LLC, et al., reported a net loss of $1,254,949 on $5,851,229 of revenue for February. At February 28, 2010, the Debtors had total assets of $168,732,512, total liabilities of $235,373,521, and members' deficit of $66,641,009. The Debtors ended February with $4,405,820 cash, compared with $1,697,917 at January 31, 2010. A full-text copy of the February monthly operating report is available at no charge at: http://bankrupt.com/misc/pcaaparent.februarymor.pdf About PCAA Parent Essington, Pennsylvania-based PCAA Parent, LLC, runs the largest domestic off-site airport parking business, operating 31 off-site airport parking facilities comprising over 40,000 parking spaces near 20 major airports across the U.S. The Company owns or leases its off-airport parking facilities in, among other states, California, Arizona, Colorado, Texas, Georgia, Tennessee, Pennsylvania, Connecticut, New York, New Jersey, and Illinois. The Company filed for Chapter 11 bankruptcy protection on January 28, 2010 (Bankr. D. Del. Case No. 10-10250). John Henry Knight, Esq.; Lee E. Kaufman, Esq.; and Mark D. Collins, Esq.; and Zachary I. Shapiro, Esq., at Richards, Layton & Finger, P.A., assist the Company in its restructuring effort. The Company listed $50,000,001 to $100,000,000 in assets and $100,000,001 to $500,000,000 in liabilities. Bloomberg News says assets were on the books for $94 million on Sept. 30, when debt totaled $233 million. The Company's affiliates -- PCAA Chicago, LLC; Parking Company of America Airports, LLC; PCA Airports, Ltd.; PCAA GP, LLC; Parking Company of America Airports Phoenix, LLC; RCL Properties, LLC; PCAA LP, LLC; PCAA Properties, LLC; Airport Parking Management, Inc.; PCAA SP-OK, LLC; PCAA SP, LLC; PCAA Oakland, LLC; and PCAA Missouri, LLC -- filed separate Chapter 11 bankruptcy petitions. TARRAGON CORP: Ends February With $3.3 Mln. in Unrestricted Cash ---------------------------------------------------------------- Tarragon Corporation and certain of its direct and indirect subsidiaries and affiliates filed on April 5, 2010, their unaudited monthly operating reports for the period February 1, 2010, through February 28, 2010, with the United States Bankruptcy Court for the District of New Jersey. Tarragon Corporation' consolidating income statement for the fourteen months ended February 28, 2010, showed a net loss of $138,196,089 on total revenue of $125,908,862. At February 28, 2010, Tarragon Corporation's consolidating balance sheet showed $564,229,713 in total assets and $931,746,437 in total liabilities, for a stockholders deficit of $367,516,725. Tarrago Corporation's cash and cash equivalents were $3,332,027 at February 28, 2010, compared with cash and cash equivalents of $3,845,382 at January 31, 2010. Restricted cash was $10,848,835 at February 28, 2010, compared with restricted cash of $9,778,208 at January 31, 2010. A full-text copy of the Debtor's' monthly operating report for the month ended February 28, 2010, is available for free at: http://researcharchives.com/t/s?6097 Based in New York City, Tarragon Corporation (NasdaqGS:TARR) -- http://www.tarragoncorp.com/-- is a leading developer of multifamily housing for rent and for sale. Tarragon's operations are concentrated in the Northeast, Florida, Texas, and Tennessee. Tarragon and its affiliates filed for Chapter 11 protection on January 12, 2009 (Bankr. D. N.J. Case No. 09-10555). The Hon. Donald H. Steckroth presides over the case. Michael D. Sirota, Esq., Warren A. Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz Meisel Forman & Leonard, P.A. TLC VISION: Posts $3,502,779 Net Loss in January ------------------------------------------------ TLC Vision (USA) Corporation reported a net loss attributable to TLC of $3,502,779 on $7,500 of revenue for January. At January 31, 2010, TLC Vision (USA) had total assets of $24,108,728, total liabilities of $126,646,470, and net owner equity (deficit) of ($102,537,742). TLC Vision Corporation reported net income attributable to TLC of $169,721 on $298,744 of revenue for January. At January 31, 2009, TLC Vision Corporation had $448,443,303 in total assets, $13,631,680 in total liabilities, and $434,811,622 in net owner equity. TLC Management Services Inc. reported net income of $486,879 on $52,102 of revenue for January. At January 31, 2010, TLC Management had total assets of $29,758,584, total liabilities of $15,611,228, and net owner equity of $14,147,356. A full-text copy of the Debtors' January monthly operating report is available at no charge at http://bankrupt.com/misc/tlcvision.januarymor.pdf TLCVision -- http://www.tlcvision.com/-- is North America's premier eye care services company, providing eye doctors with the tools and technologies needed to deliver high-quality patient care. Through its centers' management, technology access service models, extensive optometric relationships, direct to consumer advertising and managed care contracting strength, TLCVision maintains leading positions in Refractive, Cataract and Eye Care markets. TLC Vision (USA) Corporation, and two of its corporate affiliates filed petitions for Chapter 11 on Dec. 21, 2009 (Bankr. D. Del. Case No. 09-14473). The petition says assets and debts are $100 million to $500 million. The Company's lead U.S. restructuring counsel is the law firm of Proskauer Rose LLP and Canadian restructuring counsel is the law firm of Torys LLP. The Company's financial advisor is Conway Del Genio Gries & Co., LLC. Epiq Bankruptcy Solutions is claims and notice agent. TRONOX INC: Has March Loss From Environmental Costs --------------------------------------------------- Tronox Inc. reported a $53 million net loss in March on $66.5 million in net sales. The loss largely resulted from a $55.6 million charge for environmental remediation. Reorganization items in the month were $2 million. In March Tronox mostly survived a motion to dismiss a lawsuit in bankruptcy court against former parent Kerr-McGee Corp. Anadarko Petroleum Corp., which acquired Kerr-McGee for $18.4 billion in August 2006, is also a defendant. Tronox sued Kerr-McGee and Anadarko in May to recover environmental remediation costs it was saddled with when the company was spun off in March 2006. About Tronox Inc. Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets: TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer of titanium dioxide pigment, with an annual production capacity of 535,000 tonnes. Titanium dioxide pigment is an inorganic white pigment used in paint, coatings, plastics, paper and many other everyday products. The Company's four pigment plants, which are located in the United States, Australia and the Netherlands, supply high-performance products to approximately 1,100 customers in 100 countries. In addition, Tronox produces electrolytic products, including sodium chlorate, electrolytic manganese dioxide, boron trichloride, elemental boron and lithium manganese oxide. Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates filed for Chapter 11 protection on January 13, 2009 (Bankr. S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L. Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York, represent the Debtors. The Debtors also tapped Togut, Segal & Segal LLP as conflicts counsel; Rothschild Inc. as investment bankers; Alvarez & Marsal North America LLC, as restructuring consultants; and Kurtzman Carson Consultants serves as notice and claims agent. An official committee of unsecured creditors and an official committee of equity security holders have been appointed in the cases. The Creditors Committee has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel. Until September 30, 2008, Tronox Inc. was publicly traded on the New York Stock Exchange under the symbols TRX and TRX.B. Since then, Tronox Inc. has traded on the Over the Counter Bulletin Board under the symbols TROX.A.PK and TROX.B.PK. As of December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares of class A common stock and 22,889,431 outstanding shares of class B common stock. TRUMP ENTERTAINMENT: Posts $5.8 Million Net Loss in March --------------------------------------------------------- On April 20, 2010, Trump Entertainment Resorts, Inc., and certain of its direct and indirect subsidiaries filed their monthly operating report for the month ended March 31, 2010, with the United States Bankruptcy Court for the District of New Jersey in Camden, New Jersey. The Debtors reported a consolidated net loss of $5.8 million on net revenues of $61.4 million for the period. At March 31, 2010, the Debtors had $1.372 billion in total assets and $2.096 in total liabilities. Cash and cash equivalents were roughly $60.6 million at March 31, 2010, compared with roughly $69.0 million at the beginning of the period. A full-text copy of the report is available at no charge at: http://researcharchives.com/t/s?609e Based in Atlantic City, New Jersey, Trump Entertainment Resorts Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and operates three casino hotel properties in Atlantic City, New Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and Trump Marina Hotel Casino. The Company conducts gaming activities and provides customers with casino resort and entertainment. Donald Trump is a shareholder of the Company and, as its non- executive Chairman, is not involved in the daily operations of the Company. The Company is separate and distinct from Mr. Trump's privately held real estate and other holdings. Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other affiliates filed for Chapter 11 on February 17, 2009 (Bankr. D. N.J., Lead Case No. 09-13654). The Company has tapped Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as lead counsel, and Weil Gotshal & Manges as co-counsel. Ernst & Young LLP is the Company's auditor and accountant and Lazard Freres & Co. LLC is the financial advisor. Garden City Group is the claims agent. The Company disclosed assets of $2,055,555,000 and debts of $1,737,726,000 as of December 31, 2008. Trump Hotels & Casino Resorts, Inc., filed for Chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Trump Hotels' obtained the Court's confirmation of its Chapter 11 plan on April 5, 2005, and in May 2005, it exited from bankruptcy under the name Trump Entertainment Resorts Inc. VINEYARD NATIONAL: Ends March With $1,318,816 Cash -------------------------------------------------- On April 15, 2010, Vineyard National Bancorp filed its unaudited report for the month of March 2010 with the office of the United States Trustee. The Company ended March with $1,318,816 cash. The Company had total assets of $1,476,494 and total liabilities of $181,683,170. The Company reported a net loss of $81,492 in March 2010. A full-text copy of the Company's February monthly operating report is available for free at: http://researcharchives.com/t/s?609d Vineyard National Bancorp (NASDAQ: VNBC) (AMEX: VXC.PR.D) -- http://www.vineyardbank.com/-- was the financial holding company, which provides a variety of lending and depository services to businesses and individuals through its wholly owned subsidiary, Vineyard Bank, National Association. Vineyard Bank was closed July 17 by regulators, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with California Bank & Trust, San Diego, California, to assume all of the deposits of Vineyard Bank, N.A., excluding those from brokers. As of March 31, 2009, Vineyard Bank, N.A., had total assets of $1.9 billion and total deposits of roughly $1.6 billion. In addition to assuming all of the deposits of the failed bank, California Bank & Trust agreed to purchase roughly $1.8 billion of assets. The FDIC will retain the remaining assets for later disposition. California Bank & Trust purchased all deposits, except about $134 million in brokered deposits, held by Vineyard Bank, N.A. Vineyard National Bancorp filed for Chapter 11 on June 21, 2009 (Bankr. C.D. Calif. Case No. 09-26401). WHITE ENERGY: Profits Shrink in Three-Month Period -------------------------------------------------- Bill Rochelle at Bloomberg News reports that White Energy Inc. filed three operating reports, showing a combined $131.8 million in sales for the months December through February. Net income in the period was $10.1 million. Gross profit in the three-month period totaled $15.6 million. February was the weakest month, with $39.4 million in sales generating $452,000 in net income. Headquartered in Dallas, Texas, White Energy, Inc. -- http://www.white-energy.com/-- owns three ethanol plants. White Energy's plants have a combined capacity of producing 240 million gallons of ethanol a year, making it one of the 10 largest ethanol producers in the U.S. and the second-largest gluten maker. Two plants are in Texas with the third in Kansas. White spent $323 million building the plants in Texas. The Company and its debtor-affiliates filed for Chapter 11 on May 7, 2009 (Bankr. D. Del. Lead Case No. 09-11601). Michael R. Lastowski, Esq., at Duane Morris LLP, represents the Debtors in their restructuring efforts. The Debtors tapped The Garden City Group Inc. as claims agent. On the petition date, White Energy disclosed assets and debts ranging from $100 million to $500 million. XERIUM TECHNOLOGIES: Initial MOR Shows 13-Week Cash Projections --------------------------------------------------------------- Xerium Technologies Inc. and its units submitted to the Court on April 14, 2010, an initial monthly operating report detailing: * a 13-week cash flow forecast pursuant to the Superpriority Priming Senior Secured Debtor-in-Possession Credit and Guaranty Agreement, which the Court approved on an interim basis; * certificates of insurance; and * a initial schedule of retainers paid for the period from April 7, 2009 to March 29, 2010. A full-text copy of the Debtors' Initial Monthly Operating Report is available for free at: http://bankrupt.com/misc/XeriumInitialMOR.pdf About Xerium Technologies Based in Raleigh, North Carolina, Xerium Technologies, Inc. (NYSE: XRM), manufactures and supplies two types of consumable products used primarily in the production of paper: clothing and roll covers. The Company, which operates around the world under a variety of brand names, utilizes a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products integral to production, all designed to optimize performance and reduce operational costs. With 32 manufacturing facilities in 13 countries around the world, Xerium has approximately 3,300 employees. Xerium Technologies and certain subsidiaries filed for Chapter 11 on March 30, 2010 (Bankr. D. Del. Lead Case No. 10-11031). Judge Kevin J. Carey presides over the cases. John J. Rapisardi, Esq.; George A. Davis, Esq.; and Sharon J. Richardson, Esq., at Cadwalader, Wickersham & Taft LLP; and Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., serve as bankruptcy counsel. Brian Fox, Michelle Campbell, and Michael Hartley at AlixPartners, LLC, serve as the Debtors' restructuring advisors. Stephen Ledoux and Daniel Gilligan at Rothschild Inc. serve as the Debtors' investment bankers. Garden City Group Inc. is the Debtors' claims agent. Xerium Technologies disclosed total assets of $693,511,000 and total debts of $813,168,000 in its petition. Bankruptcy Creditors' Service, Inc., publishes XERIUM TECHNOLOGIES BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding undertaken by Xerium Technologies and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. 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Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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