/raid1/www/Hosts/bankrupt/TCR_Public/100508.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, May 8, 2010, Vol. 14, No. 126
Headlines
ABITIBIBOWATER INC: Reports $30,778,999 Net Loss for March
ADVANTA CORP: Posts $211.5 Million Net Loss in March
ALERIS INT'L: Reports $11,227,000 Net Loss for March
BANKUNITED FINANCIAL: Posts $346,740 Net Loss in March
BEAR ISLAND: Reports $1.1 Million Net Loss for 5 Weeks
ECO2 PLASTICS: Posts $181,785 Net Loss in March
FEDERAL-MOGUL: Has $727.3 Million Cash at End of March
FINLAY ENTERPRISES: Posts $2.4 Mln Net Loss in Month Ended April 3
G-I HOLDINGS: Posts $513.4 Million Net Loss in Nov. 1 - 17 Period
JEVIC TRANSPORTATION: Earns $11,973 in November
JEVIC TRANSPORTATION: Incurs $190,493 Net Loss in December
JEVIC TRANSPORTATION: Earns $15,454 in January
JEVIC TRANSPORTATION: Earns $58,728 in February
LAKE AT LAS : Files Amended December 2009 Monthly Operating Report
LAKE AT LAS: Files Amended January 2010 Monthly Operating Report
LAKE AT LAS: Posts $3,064,366 Net Loss in February
LAKE AT LAS: Posts $2,722,117 Net Loss in March
LEHMAN BROTHERS: Has $13.93 Billion in Cash at March 31
LYONDELL CHEMICAL: Reports $80 Million Net Income for March
MAGNA ENTERTAINMENT: Posts $3.5MM Net Loss From March 8 - April 4
MESA AIR: Has $2.3MM Loss in March on Reorganization Costs
MIDWAY GAMES: Earns $1,150,093 in December
MIG INC: Posts $1.6 Million Net Loss in March
NEWPOWER HOLDINGS: Files Monthly Operating Report for February
PENN TRAFFIC: Posts $620,000 Net Loss in Period Ended March 27
PRECISION PARTS: Earns $68,745 in January
SOUTH BAY EXPRESSWAY: Reports $1,297,221 Net Loss for March
TRICOM SA: Ends March With $18,109,596 Cash
VALUE CITY: Posts $294,000 Net Loss in Month Ended February 27
VALUE CITY: Posts $216,000 Net Loss in Month Ended April 3
WASHINGTON MUTUAL: Incurs $9.2 Million Net Loss in March
WHITE ENERGY: Reports $344,000 Net Loss in March
YOUNG BROADCASTING: Earns $747,935 in March
*********
ABITIBIBOWATER INC: Reports $30,778,999 Net Loss for March
----------------------------------------------------------
AbitibiBowater Inc., et al.
Consolidated Balance Sheet
As of March 31, 2010
ASSETS
Cash and cash equivalents $458,497,913
Receivables - Net 319,321,745
Inventories 282,778,193
Prepaid Expense and Other 39,305,015
Notes Receivable from Affiliates 3,402,490,183
Income Tax Receivable -
Deferred Income Taxes -
-----------------
Total Current Assets 4,502,393,049
Plant and Equipment 5,244,170,053
Less Accumulated Depreciation (3,611,990,078)
-----------------
Plant and Equipment, Net 1,632,179,975
Good will/Intangible Assets 56,069,075
Investment in Subsidiaries 14,555,282,448
Other Assets 228,175,995
-----------------
Total Assets $20,974,100,542
=================
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade Accounts Payable $66,973,316
Accrued Liabilities 221,113,372
Current Portion of Long Term Debt 206,000,000
Due to Affiliates 256,669,240
Income Tax Payable (6,002,736)
-----------------
Total Current Liabilities 744,753,192
Long Term Debt -
Reclassification to Current Portion -
-----------------
Long Term Debt Net of Current Installments -
Loans from Affiliates -
Other Liabilities 172,915,162
Deferred Income Taxes (160,564,313)
Liabilities Subject to Compromise
Debt 2,997,836,713
Debt - Affiliate 3,711,935,308
Accounts Payable 100,909,326
Other 741,107,967
-----------------
Total Liabilities 8,308,893,355
Shareholder Equity - Net 12,665,207,187
-----------------
Total Liabilities & Shareholders' Equity $20,974,100,542
=================
AbitibiBowater Inc., et al.
Consolidated Statement of Operations
For the period from Mar. 1, 2010 to Mar. 31, 2010
Sales - Net $366,055,090
Cost of Sales 362,953,838
-----------------
Gross Profit (Loss) 3,101,252
Operating Expenses
Selling, General and Administrative 8,663,658
Research and Development -
Restructuring and Other Costs 7,347,009
-----------------
Total Operating Expenses 14,010,667
-----------------
Operating Income (Loss) (10,909,415)
Interest Income (Expense) (11,628,344)
Other Income (Expense) Net (2,773,238)
Equity in Earnings of Subsidiaries (142,861)
-----------------
Income Before Taxes (25,454,858)
Income Tax Expense (5,324,141)
-----------------
Net income before Discontinued Operations (30,778,999)
Discontinued Operations -
-----------------
Net Income (Loss) ($30,778,999)
=================
AbitibiBowater Inc., et al.
Consolidated Schedule of Receipts and Disbursements
For the period from Mar. 1, 2010 to Mar. 31, 2010
Total Cash Receipts $323,822,000
Disbursements:
Payroll & Payroll Taxes 38,406,000
Non-Payroll Labor 8,412,000
Raw Materials 70,430,000
Utilities 11,895,000
Freight 14,769,000
SG&A 16,095,000
Supplies 15,257,000
Rent 73,000
Customer Rebates 779,000
Interest 8,358,000
Security Deposits -
Taxes -
Other 18,384,000
-----------------
Total Cash Disbursements $202,858,000
=================
About AbitibiBowater
AbitibiBowater 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 22 pulp and paper facilities and
26 wood products facilities located in the United States, Canada
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 $211.5 Million Net Loss in March
----------------------------------------------------
Advanta Corp. and certain of its subsidiaries filed on April 30,
2010, their unaudited monthly operating report for the month ended
March 31, 2010, with the U.S. Bankruptcy Court for the District of
Delaware.
Advanta Corp. reported a net loss of $211.5 million for the month
of March 2010. Equity in earnings (losses) of subsidiaries
totaled ($248.4) million.
At March 31, 2010, Advanta Corp. had $271.2 million in total
assets and $313.7 million in total debts, for a stockolders'
deficit of $42.5 million.
A copy of the Debtors' March 2010 monthly operating report is
available at no charge at http://researcharchives.com/t/s?617d
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 $11,227,000 Net Loss for March
----------------------------------------------------
Aleris International, Inc., Et Al.
Consolidated Balance Sheet
As of March 31, 2010
ASSETS
Current Assets:
Cash and cash equivalents $23,576,546
Accounts receivable, net 177,690,712
Intercompany Receivable 229,265,376
Net Inventories 178,718,646
Other current assets 56,065,674
--------------
Total current assets 665,316,954
Property, plant and equipment, net 236,620,901
Goodwill & Org. Costs, Net 37,752,124
Other Intangibles, Net 26,084,694
Total Long Term Intercompany Receivable 14,937,903
Other Long-Term Assets 2,356,251,010
--------------
Total L/T Assets 2,671,646,632
--------------
Total Assets $3,336,963,586
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $68,654,084
Accrued & Other Current Liabilities 64,098,654
Toll Liability 11,833,919
Accrued Interest 3,676,392
Total current Interco Payable 296,592,291
Current Maturities of L/T Debt 387,093,728
Other current liabilities 9,315,302
--------------
Total current liabilities 841,264,370
Total Long-term debt 20,070
Intercompany payable 209,373,290
Other long-term liabilities 49,797,779
--------------
Total Long-term liabilities 259,191,139
Liabilities subject to compromise-external 2,658,600,924
Liabilities subject to compromise-internal 469,995,640
--------------
Total Liabilities Subject to Compromise 3,128,596,564
--------------
Total Liabilities 4,229,052,073
Stockholders' Equity:
Additional paid-in Capital 1,052,141,704
Retained earnings (1,811,209,414)
Total other comprehensive income(loss) (133,053,896)
Other stockholders' equity 33,119
--------------
Total stockholders' equity (892,088,487)
Total Liabilities and Equity $3,336,963,586
==============
Aleris International, Inc., Et Al.
Consolidated Statement of Operations
For the Period From March 1 to March 31, 2010
Gross Revenue $165,595,000
Total costs of sales 149,813,000
--------------
Gross profits 15,782,000
Selling, general and administrative:
Labor 4,321,000
Professional fees 770,000
Consulting expense 146,000
Depreciation & Amortization 266,000
Other 1,076,000
--------------
Total SG&A Expense 6,579,000
Restructuring & merger related items (1,926,000)
(Gains) Losses on Derivatives (688,000)
--------------
Operating Income (Expense) 11,817,000
Net Interest Expense 17,554,000
Other Expense and (Income) 896,000
Reorganization Items 4,427,000
--------------
Income before taxes (11,060,000)
Income Tax Expenses 167,000
--------------
Net Income (Loss) ($11,227,000)
==============
Aleris International, Inc., Et Al.
Consolidated Schedule of
Cash Receipts and Disbursements
For the Period From March 1 to March 31, 2010
Receipts
Cash Sales $0
Accounts Receivable 154,227,332
Affiliates 0
Sale of Assets 187,500
Other 5,484,390
Transfer (From DIP Accts) 168,000,000
--------------
Total Receipts 327,899,222
Disbursements
Benefits 3,916,221
Payroll 15,250,596
Primary 45,038,042
Recycling/Scrap 63,739,638
Hardeners 3,882,911
Flux 1,176,778
Insurance 378,044
MRO 11,837,841
Freight 4,429,791
Energy 4,792,176
Taxes 591,159
By Product 1,058,322
Capex 1,876,283
Other accounts payable 3,368,215
U.S. Trustee Fees 0
Chapter 11 professional fees 3,199,197
Chapter 11 adjustments 0
Collateral Returns 0
Collateral Disbursements 1,315,335
Hedge Premiums 2,545,703
Affiliates 0
Interest & Fees 2,017,780
Extraordinaries 0
Other 0
Transfers (To DIP Accts) 159,041,388
--------------
Total Disbursements $329,455,421
==============
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)
BANKUNITED FINANCIAL: Posts $346,740 Net Loss in March
------------------------------------------------------
On April 26, 2010, BankUnited Financial Corporation filed its
monthly operating report for March 2010 with the United States
Bankruptcy Court for the Southern District of Florida.
Funds at March 31, 2010, were $15,140,634.
BankUnited Financial Corporation, et al., reported a net loss of
$346,740 for the period. At March 31, 2010, BankUnited Financial
Corporation, et al., had $40,002,458 in total assets and
$576,827,103 in total liabilities, for a stockholders' deficit of
$536,824,644.
The March 2010 monthly operating report is available at no
charge at http://researcharchives.com/t/s?6182
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.
BEAR ISLAND: Reports $1.1 Million Net Loss for 5 Weeks
------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Bear Island Paper Co.
filed an operating report covering the period from the beginning
of the Chapter 11 case on Feb. 24 through the end of March. The
net loss was $1.1 million on sales of $9.5 million.
About Bear Island
White Birch is the second-largest newsprint producer in North
America. As of December 31, 2009, the WB Group held a 12% share
of the North American newsprint market and employed roughly 1,300
individuals (the majority of which reside in Canada).
Additionally, for the 12 months ended December 31, 2009, the WB
Group maintained an annual production capacity of roughly
1.3 million metric tons of newsprint and directory paper, up to
50% of which consists of recycled content, and achieved net sales
of roughly $667 million.
Bear Island's assets are almost exclusively located in the U.S.
Bear Island Paper Company, L.L.C., filed a voluntary petition for
relief under Chapter 11 of the United States Bankruptcy Code in
the United States Bankruptcy Court for the Eastern District of
Virginia on February 24, 2010.
The company's parent, White Birch Paper Company, filed for
bankruptcy protection under Canada's Companies' Creditors
Arrangement Act, before the Superior Court for the Province of
Quebec, Commercial Division, Judicial District of Montreal,
Canada. White Birch and five other affiliates -- F.F. Soucy
Limited Partnership; F.F. Soucy, Inc. & Partners, Limited
Partnership; Papier Masson Ltee; Stadacona Limited Partnership;
and Stadacona General Partner, Inc. -- also sought bankruptcy
protection under Chapter 15 of the U.S. Bankruptcy Code.
Jonathan L. Hauser, Esq., at Troutman Sanders LLP, in Virginia
Beach, Virginia; and Richard M. Cieri, Esq., Christopher J.
Marcus, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP,
in New York, serve as counsel to White Birch, as Foreign
Representative. Kirkland & Ellis and Troutman Sanders also serve
as Chapter 11 counsel to Bear Island. AlixPartnes LLP serves as
financial/restructuring advisor to Bear Island, and Lazard Freres
& Co., serves as investment banker. Chief Judge Douglas O. Tice,
Jr., handles the Chapter 11 and Chapter 15 cases.
ECO2 PLASTICS: Posts $181,785 Net Loss in March
-----------------------------------------------
ECO2 Plastics, Inc., reported a net loss of $181,785 for the month
ended March 31, 2010.
At March 31, 2010, the Company's balance sheet showed total
assets of $1,736,586 and total liabilities of $15,962,818. The
Company ended March 2010 with $261,022 in unrestricted cash and
cash equivalents, compared with $263,711 at the beginning of the
period.
ECO2 Plastics, Inc., has filed a Disclosure Statement and Plan
dated March 11, 2010, which was revised on April 14, 2010, and
April 21, 2010. The Bankruptcy Court has approved the form of the
Disclosure Statement and Plan dated April 21, 2010.
A full-text copy of the Company's operating report for March 2010
is available at no charge at:
http://researcharchives.com/t/s?617a
Based in Menlo, California, ECO2 Plastics, Inc. --
http://www.eco2plastics.com/-- has developed a process, referred
to as the ECO2 Environmental System. The ECO2 Environmental
System cleans post-consumer plastics, without the use of water,
within a closed-loop system. At September 30, 2009, the Company
had $1.7 million in assets and $6.4 million in debts.
ECO2 Plastics filed for Chapter 11 on November 24, 2009 (N.D.
Calif. Case No. 09-33702). Penn Ayers Butler, Esq., and Tracy
Green, Esq., at Wendel, Rosen, Black and Dean LLP, represent the
Debtor as counsel.
FEDERAL-MOGUL: Has $727.3 Million Cash at End of March
------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of March 31, 2010
(In millions)
Assets
Cash and equivalents $727.3
Accounts receivable 542.3
Inventories 418.1
Deferred taxes 144.4
Prepaid expenses and other current assets 44.2
--------
Total current assets 1,876.3
Summary of Unpaid Postpetition Debits (57.4)
I/C Loans Receivable (Payable) 51.0
--------
Intercompany Balances (6.4)
Property, plant and equipment 565.6
Goodwill 7.4
Other intangible assets -
Insurance recoverable -
Other noncurrent assets 301.2
--------
Total Assets $2,744.1
========
Liabilities and Shareholders' Equity
Short-term debt $29.6
Accounts payable 243.7
Accrued compensation 53.6
Restructuring and rationalization reserves 7.2
Current portion of asbestos liability -
Interest payable 5.7
Other accrued liabilities 266.2
--------
Total current liabilities 606.0
Long-term debt 2,750.8
Postemployment benefits 950.0
Other accrued liabilities 695.5
Liabilities subject to compromise -
Shareholders' equity:
Preferred stock 1,023.2
Common stock 90.9
Treasury shares (16.7)
Additional paid-in capital 7,540.8
Accumulated deficit (10,556.4)
Accumulated other comprehensive income (341.8)
Other 1.9
--------
Total Shareholders' Equity (2,258.1)
--------
Total Liabilities and Shareholders' Equity $2,744.1
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flow
For the Month Ended March 31, 2010
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($0.3)
Adjustments to reconcile net earnings (loss)
to net cash provided from (used by)
operating activities:
Depreciation and amortization 28.4
Adjustment of assets held for sale and
other long-lived assets to fair value (3.9)
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in postemployment benefits 8.0
Decrease (increase) in accounts receivable (40.0)
Decrease (increase) in inventories (18.0)
Increase (decrease) in accounts payable 25.9
Change in other assets & other liabilities 60.4
Change in restructuring charge (2.4)
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From (Used By) Operating Activities 58.0
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (13.3)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (13.3)
Cash Provided From (Used By) Financing Activities:
Increase / (decrease) in debt (1.6)
Sale (repurchase) of accounts receivable
under securitization -
Dividends -
Other -
--------
Net Cash Provided From (Used By) Financing Activities (1.6)
--------
Increase (Decrease) in Cash and Equivalents 43.1
Cash and equivalents at beginning of period 684.2
--------
Cash and equivalents at end of period $727.3
========
About Federal-Mogul
Federal-Mogul Corporation -- http://www.federalmogul.com/-- is a
global supplier of powertrain and safety technologies, serving the
world's foremost original equipment manufacturers of automotive,
light commercial, heavy-duty, agricultural, marine, rail, off-road
and industrial vehicles, as well as the worldwide aftermarket.
The company's leading technology and innovation, lean
manufacturing expertise, as well as marketing and distribution
deliver world-class products, brands and services with quality
excellence at a competitive cost. Federal-Mogul is focused on its
sustainable global profitable growth strategy, creating value and
satisfaction for its customers, shareholders and employees.
Federal-Mogul was founded in Detroit in 1899. The company is
headquartered in Southfield, Michigan, and employs nearly 39,000
people in 36 countries.
The Company filed for Chapter 11 protection on October 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represented the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86 billion
in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson,
Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis,
Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The
Bayard Firm represented the Official Committee of Unsecured
Creditors.
The Debtors' Fourth Amended Plan was confirmed by the Bankruptcy
Court on November 8, 2007, and affirmed by the District Court on
November 14, 2007. Federal-Mogul emerged from Chapter 11 on
December 27, 2007. (Federal-Mogul Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported by the TCR on June 5, 2009, Standard & Poor's Ratings
Services said it has lowered its corporate credit rating on
Federal-Mogul Corp. to 'B+' from 'BB-'. S&P also lowered the
ratings on the company's senior secured debt; the recovery ratings
are unchanged. The outlook is negative. "The ratings reflect
Federal-Mogul's weak business risk profile as
a major participant in the highly competitive global auto
industry, and its aggressive financial risk profile," S&P said.
FINLAY ENTERPRISES: Posts $2.4 Mln Net Loss in Month Ended April 3
------------------------------------------------------------------
On April 30, 2010, Finlay Enterprises, Inc., and Finlay Fine
Jewelry Corporation filed their unaudited monthly operating
report for the fiscal month ended April 3, 2010, with the
United States Bankruptcy Court for the Southern District of New
York.
For the fiscal month ended April 3, 2010, the Company reported
a net loss of $2,418,500. The Company generated $0 revenue for
the period.
At April 3, 2010, the Company had $111,289,244 in total assets
and $263,289,747 in total liabilities, for a shareholders' deficit
of $152,000,503. Cash held at April 3, 2010, was $86.2 million,
compared to $78.1 million at February 27, 2010. Including A/P
overdraft and credit card receivables, unrestricted cash and
equivalents were $84.4 million at April 3, 2010.
A full-text copy of the Debtors' monthly operating report for the
fiscal month ended April 3, 2010, is available for free at:
http://researcharchives.com/t/s?6184
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.
G-I HOLDINGS: Posts $513.4 Million Net Loss in Nov. 1 - 17 Period
-----------------------------------------------------------------
G-I Holdings, Inc., filed with the United States Trustee for
Region 3 on April 26, 2010, its monthly operating report for
the filing period from November 1, 2009, to November 17, 2009.
G-I Holdings reported a net loss of $513,371,578 for the period.
At November 1, 2009, G-I Holdings had $524,823,203 in total
assets and $734,889,285 in total liabilities, for a stockholders'
deficit of $210,066,082.
A full-text copy of G-I Holdings' monthly operating report for the
period ended November 17, 2009, is available at:
http://bankrupt.com/misc/g-iholdings.nov1-17mor.pdf
Based in Wayne, New Jersey, G-I Holdings, Inc., is a holding
company that indirectly owns Building Materials Corporation of
America, a manufacturer of premium residential and commercial
roofing products. The Company filed for bankruptcy after already
spending $1.5 billion paying asbestos claims from the 1967
acquisition of Ruberoid Co.
The Company filed for Chapter 11 protection on Jan. 5, 2001
(Bankr. D. N.J. Case No. 01-30135). An affiliate, ACI, Inc.,
filed its own voluntary Chapter 11 petition on August 3, 2001.
The cases were consolidated on October 10, 2001. Martin
J. Bienenstock, Esq., Irena Goldstein, Esq., and Timothy Q.
Karcher, Esq., at Dewey & Leboeuf LLP, represent the Debtors as
counsel. Dennis J. O'Grady, Esq., and Mark E. Hall, Esq., at
Riker, Danzig, Scherer, Hyland, represent the Debtors as co-
counsel. Lowenstein Sandler PC represents the Official Committee
of Unsecured Creditors. Judson Hamlin was appointed by the Court
as the Legal Representative for Present and Future Holders of
Asbestos Related Demands. Keating, Muething & Klekamp, P.L.L., is
the principal counsel to the Legal Representative of Present and
Future Asbestos-Related Demands.
JEVIC TRANSPORTATION: Earns $11,973 in November
-----------------------------------------------
Jevic Transportation, Inc., filed with the U.S. Bankruptcy Court
for the District of Delaware on April 22, 2010, its monthly
operating report for the month of February 2010.
The Company reported net income of $11,973 for the period.
At November 30, 2009, the Company had total assets of $668,360 and
total liabilities of $10,206,497, for a stockholders' deficit of
$9,538,137.
A full-text copy of the Company's monthly operating report for the
month ended November 30, 2009, is available at no charge at:
http://bankrupt.com/misc/jevic.novermber2009mor.pdf
Based in Delanco, New Jersey, Jevic Transportation Inc. --
http://www.jevic.com/-- provides trucking services. The Company
has two units: Jevic Holding Corp. and Creek Road Properties.
Neither of the units have assets nor operations. The Company and
its affiliates filed for chapter 11 protection on May 20, 2008
(Bankr. D. Del. Case No. 08-11008). Domenic E. Pacitti, Esq., and
Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg &
Ellers, in Wilmington, Delaware, represent Jevic Transportation.
The U.S. Trustee for Region 3 has appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Robert J.
Feinstein, Esq., Bruce Grohsgal, Esq., and Maria A. Bove, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware,
represent the Official Committee of Unsecured Creditors.
Before filing for bankruptcy, the Debtors initiated an orderly
wind-down process. As a part of the wind-down process, the
Debtors have ceased substantially all of their business and
terminated approximately 90% of their employees. The Debtors
continue to manage the wind-down process in attempt to deliver all
of the freight that is in their system and to retrieve their
assets.
When the Debtors filed for protection against their creditors,
they listed assets and debts between $50 million and $100 million.
As reported in the Troubled Company Reporter on Jan. 3, 2009,
The company reported a net loss of $296,469 on $0 revenues for the
month of September 2008. At Sept. 30, 2008, the company had total
assets of $28,934,350, total liabilities of $36,188,467, and
stockholders' deficit of $7,254,117.
JEVIC TRANSPORTATION: Incurs $190,493 Net Loss in December
----------------------------------------------------------
Jevic Transportation, Inc., filed with the U.S. Bankruptcy Court
for the District of Delaware on April 22, 2010, its monthly
operating report for the month of December 2009.
The Company reported a net loss of $190,493 for the period.
At December 31, 2009, the Company had total assets of $477,866 and
total liabilities of $12,206,497, for a stockholders' deficit of
$11,728,631.
A full-text copy of the Company's monthly operating report for the
month ended December 31, 2009, is available at no charge at:
http://bankrupt.com/misc/jevic.december2009mor.pdf
Based in Delanco, New Jersey, Jevic Transportation Inc. --
http://www.jevic.com/-- provides trucking services. The Company
has two units: Jevic Holding Corp. and Creek Road Properties.
Neither of the units have assets nor operations. The Company and
its affiliates filed for chapter 11 protection on May 20, 2008
(Bankr. D. Del. Case No. 08-11008). Domenic E. Pacitti, Esq., and
Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg &
Ellers, in Wilmington, Delaware, represent Jevic Transportation.
The U.S. Trustee for Region 3 has appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Robert J.
Feinstein, Esq., Bruce Grohsgal, Esq., and Maria A. Bove, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware,
represent the Official Committee of Unsecured Creditors.
Before filing for bankruptcy, the Debtors initiated an orderly
wind-down process. As a part of the wind-down process, the
Debtors have ceased substantially all of their business and
terminated approximately 90% of their employees. The Debtors
continue to manage the wind-down process in attempt to deliver all
of the freight that is in their system and to retrieve their
assets.
When the Debtors filed for protection against their creditors,
they listed assets and debts between $50 million and $100 million.
As reported in the Troubled Company Reporter on Jan. 3, 2009,
The company reported a net loss of $296,469 on $0 revenues for the
month of September 2008. At Sept. 30, 2008, the company had total
assets of $28,934,350, total liabilities of $36,188,467, and
stockholders' deficit of $7,254,117.
JEVIC TRANSPORTATION: Earns $15,454 in January
----------------------------------------------
Jevic Transportation, Inc., filed with the U.S. Bankruptcy Court
for the District of Delaware on April 22, 2010, its monthly
operating report for the month of January 2010.
The Company reported net income of $15,454 for the period.
At January 31, 2010, the Company had total assets of $493,320 and
total liabilities of $12,206,497, for a stockholders' deficit of
$11,713,177.
A full-text copy of the Company's monthly operating report for the
month ended January 31, 2010, is available at no charge at:
http://bankrupt.com/misc/jevic.january2010mor.pdf
Based in Delanco, New Jersey, Jevic Transportation Inc. --
http://www.jevic.com/-- provides trucking services. The Company
has two units: Jevic Holding Corp. and Creek Road Properties.
Neither of the units have assets nor operations. The Company and
its affiliates filed for chapter 11 protection on May 20, 2008
(Bankr. D. Del. Case No. 08-11008). Domenic E. Pacitti, Esq., and
Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg &
Ellers, in Wilmington, Delaware, represent Jevic Transportation.
The U.S. Trustee for Region 3 has appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Robert J.
Feinstein, Esq., Bruce Grohsgal, Esq., and Maria A. Bove, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware,
represent the Official Committee of Unsecured Creditors.
Before filing for bankruptcy, the Debtors initiated an orderly
wind-down process. As a part of the wind-down process, the
Debtors have ceased substantially all of their business and
terminated approximately 90% of their employees. The Debtors
continue to manage the wind-down process in attempt to deliver all
of the freight that is in their system and to retrieve their
assets.
When the Debtors filed for protection against their creditors,
they listed assets and debts between $50 million and $100 million.
As reported in the Troubled Company Reporter on Jan. 3, 2009,
The company reported a net loss of $296,469 on $0 revenues for the
month of September 2008. At Sept. 30, 2008, the company had total
assets of $28,934,350, total liabilities of $36,188,467, and
stockholders' deficit of $7,254,117.
JEVIC TRANSPORTATION: Earns $58,728 in February
-----------------------------------------------
Jevic Transportation, Inc., filed with the U.S. Bankruptcy Court
for the District of Delaware on April 28, 2010, its monthly
operating report for the month of February 2010.
The Company reported net income of $58,728 for the period.
At February 28, 2010, the Company had total assets of $552,048 and
total liabilities of $12,206,497, for a stockholders' deficit of
$11,654,449.
A full-text copy of the Company's monthly operating report for the
month ended February 28, 2010, is available at no charge at:
http://bankrupt.com/misc/jevic.february2010mor.pdf
Based in Delanco, New Jersey, Jevic Transportation Inc. --
http://www.jevic.com/-- provides trucking services. The Company
has two units: Jevic Holding Corp. and Creek Road Properties.
Neither of the units have assets nor operations. The Company and
its affiliates filed for chapter 11 protection on May 20, 2008
(Bankr. D. Del. Case No. 08-11008). Domenic E. Pacitti, Esq., and
Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg &
Ellers, in Wilmington, Delaware, represent Jevic Transportation.
The U.S. Trustee for Region 3 has appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Robert J.
Feinstein, Esq., Bruce Grohsgal, Esq., and Maria A. Bove, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware,
represent the Official Committee of Unsecured Creditors.
Before filing for bankruptcy, the Debtors initiated an orderly
wind-down process. As a part of the wind-down process, the
Debtors have ceased substantially all of their business and
terminated approximately 90% of their employees. The Debtors
continue to manage the wind-down process in attempt to deliver all
of the freight that is in their system and to retrieve their
assets.
When the Debtors filed for protection against their creditors,
they listed assets and debts between $50 million and $100 million.
As reported in the Troubled Company Reporter on Jan. 3, 2009,
The company reported a net loss of $296,469 on $0 revenues for the
month of September 2008. At Sept. 30, 2008, the company had total
assets of $28,934,350, total liabilities of $36,188,467, and
stockholders' deficit of $7,254,117.
LAKE AT LAS : Files Amended December 2009 Monthly Operating Report
------------------------------------------------------------------
Lake at Las Vegas Joint Venture, LLC, filed on April 23, 2010, an
amended monthly operating report for the period ending
December 31, 2009.
Lake at Las Vegas reported net income of $158,703 for the month of
December 2009.
At December 31, 2009, Lake at Las Vegas had total assets of
$609,740,159 and total liabilities of $793,329,556, for a
stockholders' deficit of $183,589,396. The Debtor ended
January 2010 with $837,016 in unrestricted cash and equivalents
compared with $538,215 at November 30, 2009.
A full-text copy of the amended January 2010 monthly operating
report is available for free at:
http://bankrupt.com/misc/lakeatlas.amendeddecember2009mor.pdf
Headquartered in Henderson, Nevada, Lake at Las Vegas Joint
Venture, LLC and 14 of its debtor-affiliates --
http://www.lakelasvegas.com/-- are owners and developers of
3,592-acre residential and resort destination Lake Las Vegas
Resort in Las Vegas, Nevada. Centered around a 320-acre man-made
lake, Lake Las Vegas contains more than 9,000 residential units,
and also includes two luxury resort hotels (a Loews and a Ritz-
Carlton), a casino, a specialty retail village shopping area,
marinas, three signature golf courses and related clubhouses, and
other real property.
The Debtors filed separate petitions for Chapter 11 relief on
July 17, 2008 (Bankr. D. Nev. Lead Case No. 08-17814). When Lake
at Las Vegas Joint Venture, LLC, filed for protection from its
creditors, it listed assets of $100 million to $500 million, and
debts of $500 million to $1.0 billion. Courtney E. Pozmantier,
Esq., Martin R. Barash, Esq., at Klee, Tuchin, Bogdanoff & Stern
LLP, Jason D. Smith, Esq., at Santoro, Driggs, Walch, Kearney,
Holley & Thompson, Jeanette E. McPherson, Esq., Lenard E.
Schwartzer, Esq., at Schwartzer & McPherson Law Firm, represent
the Debtors as counsel. Kaaran E. Thomas, Esq., Ryan J. Works,
Esq., at McDonald Carano Wilson LLP, represent the Official
Committee of Unsecured Creditors as counsel.
LAKE AT LAS: Files Amended January 2010 Monthly Operating Report
----------------------------------------------------------------
Lake at Las Vegas Joint Venture, LLC filed on April 23, 2010, an
amended monthly operating report for the period ending January 31,
2010.
Lake at Las Vegas reported a net loss of $1,879,952 (unchanged)
for the month ended January 31, 2010.
At January 31, 2010, Lake at Las Vegas had total assets of
$607,070,570 and total liabilities of $792,539,919, for a
stockholders' deficit of $185,469,348. The Debtor ended
January 2010 with $1,243,729 in unrestricted cash and equivalents
compared with $837,016 at December 31, 2009.
A full-text copy of the amended January 2010 monthly operating
report is available for free at:
http://bankrupt.com/misc/lakeatlas.amendedjanuary2010mor.pdf
Headquartered in Henderson, Nevada, Lake at Las Vegas Joint
Venture, LLC and 14 of its debtor-affiliates --
http://www.lakelasvegas.com/-- are owners and developers of
3,592-acre residential and resort destination Lake Las Vegas
Resort in Las Vegas, Nevada. Centered around a 320-acre man-made
lake, Lake Las Vegas contains more than 9,000 residential units,
and also includes two luxury resort hotels (a Loews and a Ritz-
Carlton), a casino, a specialty retail village shopping area,
marinas, three signature golf courses and related clubhouses, and
other real property.
The Debtors filed separate petitions for Chapter 11 relief on
July 17, 2008 (Bankr. D. Nev. Lead Case No. 08-17814). When Lake
at Las Vegas Joint Venture, LLC, filed for protection from its
creditors, it listed assets of $100 million to $500 million, and
debts of $500 million to $1.0 billion. Courtney E. Pozmantier,
Esq., Martin R. Barash, Esq., at Klee, Tuchin, Bogdanoff & Stern
LLP, Jason D. Smith, Esq., at Santoro, Driggs, Walch, Kearney,
Holley & Thompson, Jeanette E. McPherson, Esq., Lenard E.
Schwartzer, Esq., at Schwartzer & McPherson Law Firm, represent
the Debtors as counsel. Kaaran E. Thomas, Esq., Ryan J. Works,
Esq., at McDonald Carano Wilson LLP, represent the Official
Committee of Unsecured Creditors as counsel.
LAKE AT LAS: Posts $3,064,366 Net Loss in February
--------------------------------------------------
Lake at Las Vegas Joint Venture, LLC, reported a net loss of
$3,064,366 for the month ended February 28, 2010.
At February 28, 2010, Lake at Las Vegas had total assets of
$605,314,842 and total liabilities of $793,848,556, for a
stockholders' deficit of $188,533,715. The Debtor ended
February 2010 with $810,881 in unrestricted cash and equivalents
compared with $1,243,729 at January 31, 2010.
A full-text copy of the February 2010 monthly operating report is
available for free at:
http://bankrupt.com/misc/lakeatlas.amendedfebruary2010mor.pdf
Headquartered in Henderson, Nevada, Lake at Las Vegas Joint
Venture, LLC and 14 of its debtor-affiliates --
http://www.lakelasvegas.com/-- are owners and developers of
3,592-acre residential and resort destination Lake Las Vegas
Resort in Las Vegas, Nevada. Centered around a 320-acre man-made
lake, Lake Las Vegas contains more than 9,000 residential units,
and also includes two luxury resort hotels (a Loews and a Ritz-
Carlton), a casino, a specialty retail village shopping area,
marinas, three signature golf courses and related clubhouses, and
other real property.
The Debtors filed separate petitions for Chapter 11 relief on
July 17, 2008 (Bankr. D. Nev. Lead Case No. 08-17814). When Lake
at Las Vegas Joint Venture, LLC, filed for protection from its
creditors, it listed assets of $100 million to $500 million, and
debts of $500 million to $1.0 billion. Courtney E. Pozmantier,
Esq., Martin R. Barash, Esq., at Klee, Tuchin, Bogdanoff & Stern
LLP, Jason D. Smith, Esq., at Santoro, Driggs, Walch, Kearney,
Holley & Thompson, Jeanette E. McPherson, Esq., Lenard E.
Schwartzer, Esq., at Schwartzer & McPherson Law Firm, represent
the Debtors as counsel. Kaaran E. Thomas, Esq., Ryan J. Works,
Esq., at McDonald Carano Wilson LLP, represent the Official
Committee of Unsecured Creditors as counsel.'
LAKE AT LAS: Posts $2,722,117 Net Loss in March
-----------------------------------------------
Lake at Las Vegas Joint Venture, LLC, reported a net loss of
$2,722,117 for the month ended March 31, 2010.
At March 31, 2010, Lake at Las Vegas had total assets of
$603,099,464 and total liabilities of $794,355,295, for a
stockholders' deficit of $191,255,832. The Debtor ended
March 2010 with $533,093 in unrestricted cash and equivalents
compared with $810,881 at February 28, 2010.
A full-text copy of the March 2010 monthly operating report is
available for free at:
http://bankrupt.com/misc/lakeatlas.march2010mor.pdf
Headquartered in Henderson, Nevada, Lake at Las Vegas Joint
Venture, LLC and 14 of its debtor-affiliates --
http://www.lakelasvegas.com/-- are owners and developers of
3,592-acre residential and resort destination Lake Las Vegas
Resort in Las Vegas, Nevada. Centered around a 320-acre man-made
lake, Lake Las Vegas contains more than 9,000 residential units,
and also includes two luxury resort hotels (a Loews and a Ritz-
Carlton), a casino, a specialty retail village shopping area,
marinas, three signature golf courses and related clubhouses, and
other real property.
The Debtors filed separate petitions for Chapter 11 relief on
July 17, 2008 (Bankr. D. Nev. Lead Case No. 08-17814). When Lake
at Las Vegas Joint Venture, LLC, filed for protection from its
creditors, it listed assets of $100 million to $500 million, and
debts of $500 million to $1.0 billion. Courtney E. Pozmantier,
Esq., Martin R. Barash, Esq., at Klee, Tuchin, Bogdanoff & Stern
LLP, Jason D. Smith, Esq., at Santoro, Driggs, Walch, Kearney,
Holley & Thompson, Jeanette E. McPherson, Esq., Lenard E.
Schwartzer, Esq., at Schwartzer & McPherson Law Firm, represent
the Debtors as counsel. Kaaran E. Thomas, Esq., Ryan J. Works,
Esq., at McDonald Carano Wilson LLP, represent the Official
Committee of Unsecured Creditors as counsel.
LEHMAN BROTHERS: Has $13.93 Billion in Cash at March 31
-------------------------------------------------------
Lehman Brothers Holdings Inc. and its affiliated debtors
disclosed these cash receipts and disbursements for the month
ended March 31, 2010:
Beginning Cash & Investments (03/01/10) $14,199,000,000
Receipts 1,107,000,000
Disbursements (1,373,000,000)
FX Fluctuation (2,000,000)
---------------
Ending cash & Investments (03/31/10) $13,934,000,000
LBHI reported $2.709 billion in cash as of March 1, 2010 and
$2.304 billion in cash as of March 31, 2010.
The monthly operating report also showed that from September 15,
2008 to March 31, 2010, a total of $731,577,000 had been paid to
professionals, including ordinary course professionals, employed
by the Debtors, the Official Committee of Unsecured Creditors,
the Chapter 11 examiner and the Fee Examiner. Of the amount,
Alvarez & Marsal LLC, the Debtors' turnaround manager, raked in
$262,166,000, while Weil Gotshal & Manges LLP, the Debtors' lead
bankruptcy counsel, earned $164,782,000.
A full-text copy of the March 2010 Operating Report is available
for free at http://bankrupt.com/misc/LehmanMORMarch2010.pdf
LBHI filed with the Court an amended schedule of cash receipts
and disbursements for the period January 1 to March 31, 2010.
The Debtors amended the schedule to change the figures for the
total uses of cash from ($3,688,000,000) to ($3,864,000,000) and
the net cash flow from ($369,000,000) to ($545,000,000) for the
"Debtors and other controlled entities." There was no change to
the ending cash and investments.
A full-text copy of the amended schedule is available for free
at http://bankrupt.com/misc/LBHI_AmendedschedCRD.pdf
About Lehman Brothers
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 $80 Million Net Income for March
-----------------------------------------------------------
Lyondell Chemical Company and affiliates
Unaudited Combined Balance Sheet
As of March 31, 2010
(in millions)
Assets
Current assets:
Cash and cash equivalents $311
Restricted cash 3
Accounts receivable:
Trade, net 1,465
Non-debtor affiliates 325
Inventories 2,167
Current deferred income tax assets 6
Prepaid expenses and other current assets 449
------------
Total current assets 4,726
Property, plant and equipment, net 9,512
Investments and long-term receivables:
Investment in PO joint ventures 569
Investments in non-debtor affiliates 4,953
Other investments and long-term receivables 14
Intangible assets, net 1,241
Noncurrent deferred tax assets 115
Other assets 184
------------
Total Assets $21,314
============
Liabilities and Stockholder's Equity
Current liabilities:
Current maturities of long-term debt -
Short-term debt $6,084
Accounts payable:
Trade 874
Related parties 20
Non-debtor affiliates 712
Accrued liabilities 614
Short-term loans payable - non-Debtor affiliates 156
Deferred income taxes 74
------------
Total current liabilities 8,534
Long-term debt -
Other liabilities 196
Deferred income taxes 1,514
Liabilities subject to compromise 22,908
Commitments and contingencies -
Stockholders equity:
Common stock 60
Additional paid-in capital 563
Retained deficit (9,501)
Receivables - non-debtor affiliates (2,795)
Accumulated other comprehensive loss (276)
------------
Debtors' share of stockholder's deficit (11,949)
Noncontrolling interests 111
------------
Total deficit (11,838)
------------
Total liabilities and stockholder's deficit $21,314
============
Lyondell Chemical Company and affiliates
Unaudited Statement of Income
For month ended March 31, 2010
(in millions)
Sales and other operating revenues:
Trade $1,872
Non-Debtor affiliates 246
------------
2,118
Operating costs and expenses:
Cost of sales 1,906
Selling, general and admin. expenses 36
Research and development expenses 4
------------
1,946
------------
Operating income 172
Interest expense (138)
Interest income - non-Debtor affiliates 21
Other expense, net (17)
------------
Income before reorganization items,
equity investments and income taxes 38
------------
Reorganization items (8)
Income from equity investments - non-Debtor
Affiliates 105
------------
Income before income taxes 135
Provision for income taxes 55
------------
Net income from continuing operations 80
Discontinued operations -
------------
Net Income (loss) $80
============
Lyondell Chemical Company and its affiliates
Unaudited Statement of Cash Flows
For the month ended March 31, 2010
(in millions)
Cash flows from operating activities:
Net income $80
Net income - discontinued operations -
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 91
Reorganization charges 8
Reorganization-related payments (37)
Equity investments - loss (105)
Deferred income taxes 58
Amortization of debt-related costs 31
Unrealized Foreign currency exchange loss 17
Changes in assets and liabilities that provided
(used ) cash:
Accounts receivable 176
Inventories (393)
Accounts payable (189)
Other, net 22
------------
Net cash used in operating activities -
continuing operations (241)
Net cash used in operating activities
discontinued operations -
------------
Net cash used in operating activities (241)
------------
Cash flows from investing activities:
Expenditures for property, plant and equipment (29)
Advances from non-Debtor affiliates 35
------------
Net cash provided by investing activities 6
------------
Cash flows from financing activities:
Payment of debt issuance costs (13)
Net borrowings under DIP Revolving Facility 175
Borrowings from non-Debtor affiliates 2
Other, net 5
------------
Net cash provided by financing activities 169
------------
Effect of exchange rate changes on cash -
------------
Decrease in cash and cash equivalents (66)
Cash and cash equivalents at beginning of period 377
------------
Cash and cash equivalents at end of period $311
============
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 $3.5MM Net Loss From March 8 - April 4
-----------------------------------------------------------------
On April 29, 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 March 8, 2010, to
April 4, 2010, with the United States Bankruptcy Court for the
District of Delaware.
Magna Entertainment reported a net loss of $3.5 million for the
period.
At April 4, 2010, the Company had $1.076 billion in total
assets, $511.8 million in total liabilities, and $563.8 million in
net owner equity.
The Company ended the period with $53.9 million in cash and
equivalents, including restricted cash and cash equivalents of
$52.7 million. At March 7, 2010, the Company had cash and
equivalents of $52.9 million.
During the period, the Company paid a total of $1.4 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?617b
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: Has $2.3MM Loss in March on Reorganization Costs
----------------------------------------------------------
Mesa Air Group, Inc., filed on April 28, 2010, a monthly operating
report for the period from March 1, 2010, to March 31, 2010, with
the U.S. Bankruptcy Court for the Southern District of New York.
The Debtors reported a net loss of $2.3 million on revenue of
$73.1 million for the month of March 2010.
The Company incurred $1.4 million in interest expense and
$1.2 million in professional fees for the period.
At March 31, 2010, the Debtors' balance sheets showed
$946.4 million in assets, $843.1 million of liabilities, and
$103.3 million of stockholders' equity. The Company ended the
period with $54.1 million in cash and cash equivalents, compared
to $78.7 million at February 28, 2010.
Bill Rochelle at Bloomberg News reports that operating income
for the month was $1.6 million. Reorganizations items were
$4.5 million, and interest expense was $1.4 million. Cash
declined in the month by $24.6 million, ending March at
$54.1 million. Since the outset of the reorganization, the
cumulative net loss is $2 million on revenue of $201 million.
A full-text copy of the Company's monthly operating report for the
period ended March 31, 2010, is available for free at:
http://researcharchives.com/t/s?617c
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: Earns $1,150,093 in December
------------------------------------------
On April 22, 2010, Midway Games Inc. and its United States
subsidiaries filed their monthly operating report for
December 2009 with the United States Bankruptcy Court for the
District of Delaware.
The Debtors reported net income of $1,150,093 on net revenues of
$19.74 for the month of December. For the month, the Debtors
incurred $585,476 in professional fees.
At December 31, 2009, the Company had $1.308 billion in total
assets, $4.85 million in total post-petition liabilities,
$1.365 billion in total pre-petition liabilities, $81.0 million
in due to debtors, and $13.0 million in deferred income taxes,
resulting in a $155.9 million stockholders' deficit.
The Debtors' schedules of cash receipts and disbursements for the
month ended December 31, 2009, showed:
Cash, beginning $42.42 million
Total receipts $0.26 million
Total disbursements $2.74 million
Cash, end $39.94 million
Payments for professional fees and expenses totaled $1,962,460
for the month of December. Payment to Epiq Bankruptcy Solutions
totaled $22,900.
A full-text copy of the Company's December 2009 monthly operating
report is available for free at:
http://researcharchives.com/t/s?6178
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
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 was roughly $49 million,
including the assumption of certain liabilities. Midway is
disposing of its remaining assets.
At June 30, 2009, the Debtors reported $1.39 billion in assets
and $1.59 billion in liabilities. The Debtors' project that
unsecured creditors will recover between 16.5% and 25% on
account of their prepetition claims under the company's
Chapter 11 plan of liquidation.
MIG INC: Posts $1.6 Million Net Loss in March
---------------------------------------------
MIG, Inc. reported a net loss of $1.6 million on net revenue of
$4,094 for the month ended March 31, 2010. Professional fees
incurred in March totaled $1.2 million.
At March 31, 2010, MIG had $1.021 billion in total assets,
$206.3 million in total liabilities, and $814.3 million in total
equity.
The Company ended March 2010 with roughly $36.9 million
in unrestricted cash. For the month, the Company paid a total of
$3.3 million in professional fees and expenses.
A copy of the Company's operating report is available for
free at http://bankrupt.com/misc/miginc.march2010mor.pdf
Based in Charlotte, North Carolina, MIG Inc. (PINK SHEETS: MTRM,
MTRMP) -- http://www.metromedia-group.com/-- through its wholly
owned subsidiaries, owns interests in several communications
businesses in the country of Georgia. The Company's core
businesses include Magticom Ltd., a mobile telephony operator
located in Tbilisi, Georgia, Telecom Georgia, a long distance
telephony operator, and Telenet, which provides Internet access,
data communications, voice telephony and international access
services.
MIG, Inc., fka Metromedia International Group, Inc., filed for
Chapter 11 bankruptcy protection on June 18, 2009 (Bankr. D. Del.
Case No. 09-12118). Scott D. Cousins, Esq., at Greenberg Traurig
LLP assists the Company in its restructuring efforts. Debevoise &
Plimpton LLP is the Company's special corporate counsel, while
Potter Anderson & Corroon LLP is the Company's special litigation
counsel. The official committee of unsecured creditors of MIG,
Inc., has retained Baker & McKenzie LLP as its bankruptcy
counsel, nunc pro tunc to June 30, 2009.
In its petition, the Company said it had US$100 million to
US$500 million in assets and US$100 million to US$500 million in
debts. In its formal schedules, the Company said it had assets of
$54,820,681 against debts of $210,183,657.
NEWPOWER HOLDINGS: Files Monthly Operating Report for February
--------------------------------------------------------------
NewPower Holdings, Inc., filed its monthly operating report for
the period January 31, 2010, to February 28, 2010, with the
Bankruptcy Court on April 13, 2010.
The Debtor had an opening cash balance of $561 and an ending cash
balance of $550.
A full-text copy of the Debtor's February 2010 operating report
is available for free at http://researcharchives.com/t/s?6179
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for Chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding, and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors as counsel. When the Debtors
filed for protection from their creditors, they reported
$231,837,000 in assets and $87,936,000 in debts.
On August 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary of the Company. That
Plan became effective on October 9, 2003, with respect to the
company and TNPC.
On February 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
PENN TRAFFIC: Posts $620,000 Net Loss in Period Ended March 27
--------------------------------------------------------------
On April 30, 2010, The Penn Traffic Company, et al., filed their
monthly operating report for the month ended March 27, 2010, with
the U.S. Bankruptcy Court for the District of Delaware.
For the period the Debtors reported a net loss of $620,000 on
revenues of $20,000. Reorganization expense totaled $947,000 in
March.
At March 27, 2010, the Debtors had total assets of $112,395,000
and total liabilities of $119,016,000, for a shareholders' deficit
of $6,621,000.
A copy of the Debtors monthly operating report for the period
ended March 27, 2010, is available for free at:
http://researcharchives.com/t/s?617e
Syracuse, New York-based The Penn Traffic Company -- dba P&C
Foods, Bi-Lo Foods, and Quality Markets -- operates supermarkets
in Pennsylvania, upstate New York, Vermont, and New Hampshire
under the Bilo, P&C and Quality trade names. The Company filed
for Chapter 11 bankruptcy protection on November 18, 2009 (Bankr.
D. Del. Case No. 09-14078). Ann C. Cordo, Esq., and Gregory W.
Werkheiser, Esq., at Morris, Nichols, Arsht & Tunnell assist the
Company in its restructuring effort. Donlin Recano is the
Company's claims agent. The Company listed $150,347,730 in assets
and $136,874,394 in liabilities as of May 4, 2009.
These affiliates also filed separate Chapter 11 petitions: Sunrise
Properties, Inc.; Pennway Express, Inc.; Penny Curtiss Baking
Company, Inc.; Big M Supermarkets, Inc.; Commander Foods Inc.; P
and C Food Markets, Inc. of Vermont; and P.T. Development, LLC.
PRECISION PARTS: Earns $68,745 in January
-----------------------------------------
Precision Parts International Services Corp., et al., filed with
the U.S. Bankruptcy Court for the District of Delaware on
April 27, 2010, a monthly operating report for the month ended
January 31, 2010.
The Debtors reported net income of $68,745 for the month of
January.
At January 31, 2010, the Debtors had total assets of
$4.1 million, total liabilities of $188.5 million, and
stockholders' deficit of $184.4 million.
A copy of the Debtors' monthly operating report for the month of
January 2010 is available for free at:
http://bankrupt.com/misc/ppi.january2010mor.pdf
About Precision Parts
Headquartered in Rochester Hills, Michigan, Precision Parts
International Services Corp. -- http://www.precisionparts.com/--
sells products to major north American automotive and non-
automotive original equipment manufacturers and Tier 1 and 2
suppliers. PPI and its units operate six manufacturing facilities
throughout north America, including a facility in Mexico operated
on their behalf by Intermex Manufactura de Chihuahua under a
shelter and logistics agreement.
The Company and eight of its affiliates filed for Chapter 11
protection on December 12, 2008 (Bankr. D. Del. Lead Case No.
08-13289). Attorneys at Pepper Hamilton LLP are bankruptcy
counsel to the Debtors. Alvarez & Marsal North America LLC is the
Debtor's financial advisors and Kurtzman Carson Consultants LLC is
the claims, noticing and balloting agent. When PPI Holdings, Inc.
filed for protection from its creditors, it listed assets of
between $100 million and $500 million, and the same range of debt.
SOUTH BAY EXPRESSWAY: Reports $1,297,221 Net Loss for March
-----------------------------------------------------------
South Bay Expressway, L.P.
Balance Sheet
As of March 31, 2010
Assets
Cash and cash equivalents $420,279
Restricted cash 1,728,743
Short-term investments, restricted 40,781,426
Accounts receivable 15,247,151
Unbilled accounts receivable 840,631
Franchise development costs 20,000
Due from affiliates 630,367
Debt issuance costs, net 9,251,018
Property and equipment, net 562,487,084
Land 6,078,972
Prepaid expenses and other assets 1,293,685
-------------
Total assets $638,779,356
=============
Liabilities and partners capital
Postpetition liabilities
Accounts payable $231,248
Accrued liabilities 2,058,628
Unearned revenue 1,231,653
-------------
Total prepetition liabilities 3,521,529
Prepetition liabilities
Accounts payable 4,005,758
Accrued liabilities 31,202,232
Interest rate swaps, at fair value 22,345,000
Notes payable 510,320,019
Related party note payable 3,476,271
-------------
Total prepetition liabilities 571,349,280
Equity
Partners capital 99,666,474
Prepetition net income/(loss) (34,460,706)
Postpetition net income/(loss) (1,297,221)
-------------
Total equity 63,908,547
-------------
Total liabilities and partners capital $638,779,356
=============
South Bay Expressway, L.P.
Profit and Loss Statement
For the period March 23 to 31, 2010
Revenues
Toll Revenue, net $612,831
Interest Income 8
-------------
Total Revenues 612,839 612,839
Operating Expense
Salaries & Benefits 113,923
Credit Card Processing 8,938
Armored Car Service 4,019
CHP Services 4,645
Other Services 30,000
Maintenance 2,806
Facility 1,309
Office Supplies & Leasing 8,002
Insurance 29,131
Postage/Mailing/Courier 3,786
Communications 3,160
Information Systems Services 470
Technical Support 2,152
Utilities & Electric 11,329
Professional Fees & Services 2,993
Marketing & Public Relations 4,783
Taxes 84,919
Travel & Entertainment 2,739
Other G&A Costs (4,233)
-------------
Total Operating Expense 314,871
Other Income/Expense
Depreciation & Amortization 580,134
Gain/Loss on Val of Derivatives -
Extraordinary Legal Expenses 539,000
Interest Expense 476,055
-------------
Total Other Income/Expense 1,595,189
-------------
Net Income (loss) ($1,297,221)
=============
South Bay Expressway, L.P.
Cash Receipts and Disbursements
For the month ending March 31, 2010
Ending Balances for Period:
Collections Account $119,097
Project Account 2,246,404
Payments Account 8,050
Payroll Account 139,082
Sweep Account 145,908
SANDAG Account 3,590
Construction Reserve Account 8,323,000
Debt Service Reserve Account 17,000,000
Litigation Reserve Sub Account 458,021
BBVA New York Litigation Account 1,728,742
Additional Equity Account 12,754,000
Petty Cash 4,550
-------------
Total Cash Available $42,930,447
=============
California Transportation Ventures, Inc., also delivered to the
Court a copy of its Monthly Operating Report for the period from
March 1 to 31, 2010. However, since the Debtor has no business
activity, the report contains zero figures.
About South Bay Expressway
South Bay Expressway, L.P., dba San Diego Expressway, L.P., filed
for Chapter 11 on March 22, 2010 (Bankr. S.D. Calif. Case No. 10-
04516). Its affiliate, California Transportation Ventures Inc.,
also filed for bankruptcy.
The Debtors developed and operate a four lane, nine mile express
toll road in Southern California commonly referred to as the South
Bay Expressway or State Road 125. Both estimated assets and debts
of $500 million to $1 billion in their bankruptcy petitions.
Robert Pilmer, Esq., at Kirkland & Ellis LLP, represents the
Debtors in their restructuring effort. PricewaterhouseCoopers LLP
is auditor and tax advisor. Imperial Capital LLC is financial
advisor. Epiq Bankruptcy Solutions LLC serves as claims and notice
agent.
The Debtors say that as of the bankruptcy filing, they have
roughly $640 million in book value of total assets and roughly
$570 million in book value of total liabilities.
Bankruptcy Creditors' Service, Inc., publishes South Bay
Expressway Bankruptcy News. The newsletter tracks the Chapter 11
proceeding undertaken by South Bay Expressway LP and California
Transportation Ventures Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
TRICOM SA: Ends March With $18,109,596 Cash
-------------------------------------------
Tricom S.A., et. al., filed with the U.S. Bankruptcy Court for the
Southern District of New York on April 30, 2010, a post-
confirmation monthly operating report for March 2010.
Tricom, S.A., et al., ended the period with cash of $18,109,596:
Cash beginning $14,673,932
Income or Receipts $20,712,479
Total Disbursements $17,276,813
Cash End $18,109,596
Restructuring payments totaled $759,876 in March.
A full-text copy of the Debtors' March 2010 post-confirmation
operating report is available for free at:
http://bankrupt.com/misc/tricomsa.marchmor.pdf
About Tricom SA
Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The Company also owns interests in undersea fiber-optic
cable networks that connect and transmit telecommunications
signals between Central America, the Caribbean, the United States
and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc. Tricom USA
originates, transports and terminates international long-distance
traffic using switching stations and other telecommunications
equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on February 29, 2008 (Bankr. S.D.N.Y. Case No.
08-10720). The Debtors' legal advisors are Morrison & Foerster LLP
and their financial advisors are FTI Consulting, Inc. Kurtzman
Carson Consultants serves as claims and notice agent. An ad hoc
committee consisting of certain holders of Unsecured Financial
Claims is represented by Manatt, Phelps & Phillips LLP, as legal
advisors, and Chanin Capital Partners, as financial advisors. .
Affiliates of Tricom's largest shareholders are represented by
White & Case LLP, as legal advisors, and Broadspan Capital LLC, as
financial advisors.
When the Debtors' filed for protection from their creditors, they
listed total assets of US$327,600,000 and total debts of
US$764,600,000.
VALUE CITY: Posts $294,000 Net Loss in Month Ended February 27
--------------------------------------------------------------
On March 26, 2010, Value City Holdings, Inc., et al., filed a
monthly operating report for the period from January 31, 2010
through February 27, 2010, with the U.S. Bankruptcy Court for the
Southern District of New York.
Value City Holdings, Inc., et al., reported a net loss of $294,000
for the period.
At February 27, 2010, the Debtors had $16,834,000 in total assets
and $104,706,000 in total liabilities, for a stockholders' deficit
of $87,872,000.
The Debtors ended the period with $9,247,000 in cash and cash
equivalents, compared to $13,252,000 at the beginning of the
period. For the period, payments to professionals amounted to
$203,756.
A full-text copy of the Debtors' monthly operating report for the
period ended February 27, 2010, is available for free at:
http://bankrupt.com/misc/valuecity.february2010mor.pdf
Headquartered in Columbus, Ohio, Value City Holdings Inc. --
http://www.valuecity.com/-- operates a chain of department stores
in the United States. The company and eight of its affiliates
filed for Chapter 11 protection on Oct. 26, 2008 (Bankr. S.D.N.Y.
Lead Case No. 08-14197). John Longmire, Esq., and Lauren C.
Cohen, Esq., at Willkie Farr & Gallagher LLP, represent the
Debtors' in their restructuring efforts. Epiq Bankruptcy
Solutions LLC is the claims, noticing and balloting agent for the
Debtors. Glenn R. Rice, Esq., at Otterbourg Steindler Houston &
Rosen, PC, represents the official committee of unsecured
creditors as counsel. When the Debtors filed for protection from
their creditors, they listed assets and debts between $100 million
and $500 million each.
In November 2008, Judge James M. Peck of the U.S. Bankruptcy Court
for the Southern District of New York granted Value City Holdings
permission to conduct going-out-of-business sales to be managed by
liquidator and financial consultant Tiger Capital Group LLC.
VALUE CITY: Posts $216,000 Net Loss in Month Ended April 3
----------------------------------------------------------
On April 30, 2010, Value City Holdings, Inc., et al., filed a
monthly operating report for the period from February 28, 2010,
through April 3, 2010, with the U.S. Bankruptcy Court for the
Southern District of New York.
Value City Holdings, Inc., et al., reported a net loss of $216,000
for the period.
At April 3, 2010, the Debtors had $16,921,000 in total assets
and $105,009,000 in total liabilities, for a shareholders' deficit
of $88,088,000.
The Debtors ended the period with $9,340,000 in cash and
equivalents, compared to $9,247,000 at the beginning of the
period. For the period, payments to professionals amounted to
$103,879.
A full-text copy of the Debtors' monthly operating report for the
period ended April 3, 2010, is available for free at:
http://bankrupt.com/misc/valuecity.march2010.pdf
Headquartered in Columbus, Ohio, Value City Holdings Inc. --
http://www.valuecity.com/-- operates a chain of department stores
in the United States. The company and eight of its affiliates
filed for Chapter 11 protection on Oct. 26, 2008 (Bankr. S.D.N.Y.
Lead Case No. 08-14197). John Longmire, Esq., and Lauren C.
Cohen, Esq., at Willkie Farr & Gallagher LLP, represent the
Debtors' in their restructuring efforts. Epiq Bankruptcy
Solutions LLC is the claims, noticing and balloting agent for the
Debtors. Glenn R. Rice, Esq., at Otterbourg Steindler Houston &
Rosen, PC, represents the official committee of unsecured
creditors as counsel. When the Debtors filed for protection from
their creditors, they listed assets and debts between $100 million
and $500 million each.
In November 2008, Judge James M. Peck of the U.S. Bankruptcy Court
for the Southern District of New York granted Value City Holdings
permission to conduct going-out-of-business sales to be managed by
liquidator and financial consultant Tiger Capital Group LLC.
WASHINGTON MUTUAL: Incurs $9.2 Million Net Loss in March
--------------------------------------------------------
On April 30, 2010, Washington Mutual, Inc., and WMI Investment
Corp. filed their monthly operating report for the period March 1,
2010, to March 31, 2010, with the United States Bankruptcy Court
for the District of Delaware.
Washington Mutual reported a net loss of $9.1 million on total
revenues of $209,714 for the month of March.
At March 31, 2010, Washington Mutual had $6.925 billion in
total assets and $8.320 billion in total liabilities, for a
shareholders' deficit of $1.395 billion. Washington Mutual ended
March 2010 with $4.566 billion in cash and cash equivalents,
compared to 4.568 billion in cash and cash equivalents at
February 28, 2010. Washington Mutual paid a total of $2.8 million
in professional fees and reimbursed a total of $109,313 in
professional expenses for the month of March.
WMI Investment reported a net loss of $21,909 on total revenues of
($7,436) for the month of March.
At March 31, 2010, WMI Investment had $921.83 million in total
assets, $25,375 in total liabilities, and $921.80 million in
stockholders' equity. WMI Investment ended March 2010 with
$275.3 million in cash and cash equivalents, compared to cash and
cash equivalents of $275.2 million at February 28, 2010.
A full-text copy of Washington Mutual and WMI Investment's monthly
operating report for March 2010 is available at:
http://researcharchives.com/t/s?6181
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).
WHITE ENERGY: Reports $344,000 Net Loss in March
-------------------------------------------------
Bloomberg News reports that White Energy Inc. reported a $344,000
net loss in March on sales of $43.7 million. Operating income in
the month was $479,000. Reorganization costs were $828,000.
From the outset of the reorganization in May 2009, the cumulative
net income is $15.7 million on sales of $379 million.
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.
YOUNG BROADCASTING: Earns $747,935 in March
-------------------------------------------
On April 22, 2010, Young Broadcasting Inc. filed its monthly
operating report for the month ended March 31, 2010, with the
United States Bankruptcy Court for the Southern District of New
York.
The Debtors reported consolidated net income of $747,935 on net
operating revenues of $15,097,207 for the month of March. Net
operating income was $5,373,793 for a net operating margin of
35.6%.
Reorganization costs were $583,290 for the month.
As of March 31, 2010, the Debtors had $333,319,056 in total
assets, $26,927,599 in total liabilities not subject to
compromise, and $917,079,183 in total liabilities subject to
compromise, resulting in a $610,687,726 stockholders' deficit.
A full-text copy of Young Broadcasting's March 2010 monthly
operating report is available for free at:
http://researcharchives.com/t/s?6177
Headquartered in New York City, 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).
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
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. 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. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
*** End of Transmission ***