/raid1/www/Hosts/bankrupt/TCR_Public/100515.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 15, 2010, Vol. 14, No. 133
Headlines
ALERIS INT'L: Reports $18.4 Million Net Income in March
AMTRUST FINANCIAL: Posts $304.4 Million Net Loss in December 2009
AMTRUST FINANCIAL: Posts $577,533 Net Loss in January
AMTRUST FINANCIAL: Earns $554,110 in February
AMTRUST FINANCIAL: Posts $3,307,109 Net Loss in March
BLACK CROW: Has $273,000 EBITDA in March
CAPMARK FINANCIAL: Reports $160,942,000 Net Loss for March
CHEMTURA CORP: Reports $25,000,000 Net Loss for March
CHRYSLER LLC: Old Carco Has $138,000,000 Cash At End of February
COLONIAL BANCGROUP: Reports Cash Loss of $201,972 in March
COOPER-STANDARD: CSA FHS Reports $4,300,460 Net Profit for March
COOPER-STANDARD: CSA Inc. Reports $21,334,964 Loss for March
COOPER-STANDARD: CSA OH Reports $3,672,585 Net Income for March
FAIRPOINT COMMS: Has $150,701,849 Cash at End of March
GENERAL MOTORS: Old GM Reports $18 Million Net Loss in March
GOTTSCHALKS INC: Posts $1,568,000 Net Loss from Feb. 28 to April 3
MESA AIR GROUP: Records $2,328,000 Net Loss for March
NEENAH ENTERPRISES: Reports $3.5 Million Net Loss in March
PROTOSTAR LTD: Posts $3.3 Million Net Loss in March
PROTOSTAR LTD: ProtoStar I Posts $7.4 Million Net Loss in March
PROTOSTAR LTD: ProtoStar II Posts $585,381 Net Loss in March
PROTOSTAR LTD: ProtoStar Asia Post $80,624 Net Loss in March
PROTOSTAR LTD: ProtoStar Dev't Files March Operating Report
PROTOSTAR LTD: ProtoStar Satellite Posts $98,539 Net Loss in March
REUNION INDUSTRIES: Ends March 2010 With $1,879,727 Cash
TARRAGON CORP: Ends March 2010 With $3.1 Mln in Unrestricted Cash
VISTEON CORP: Reports $102,600,000 Net Loss for March
WASHINGTON MUTUAL: Reports $9,147,407 Net Loss for March
*********
ALERIS INT'L: Reports $18.4 Million Net Income in March
-------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Aleris International
Inc. reported net income of $18.4 million in March on revenue of
$373.9 million. The company had a $17.5 million gain in March on
derivatives.
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)
AMTRUST FINANCIAL: Posts $304.4 Million Net Loss in December 2009
-----------------------------------------------------------------
AmTrust Financial Corp. nka AmFin Financial Corporation reported a
net loss of $304,451,089 for the month ended December 31, 2009.
Loss Due to FDIC Seizure of Bank amounted to $294,875,266. Equity
in losses of affiliates totaled $8,941,876.
At December 31, 2009, the Company had total assets of
$169,269,328, total postpetition liabilities of $553,156, total
prepetition liabilities of $156,884,732, and equity of
$11,831,439.
A full-text copy of the monthly operating report is available at
no charge at:
http://bankrupt.com/misc/amtrustfinancial.december2009
AmTrust Financial Corp. (PINK: AFNL), now known as AmFin Financial
Corp., was the owner of the AmTrust Bank. AmTrust was the
seventh-largest holder of deposits in South Florida, with
$4.7 billion in deposits and 21 branches.
In November 2008, the Office of Thrift Supervision issued a cease
and desist order requiring AmTrust to improve its capital ratios.
AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort. Kurtzman Carson Consultants serves as
claims and notice agent. Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.
AmTrust Management listed $100,000,001 to $500,000,000 in assets
and $100,000,001 to $500,000,000 in liabilities.
AmTrust Bank is not part of the Chapter 11 filings. On
December 4, 2009, AmTrust Bank was closed by the Office of Thrift
Supervision, which appointed the Federal Deposit Insurance
Corporation as receiver. To protect the depositors, the FDIC
entered into a purchase and assumption agreement with New York
Community Bank, Westbury, New York, to assume all of the deposits
of AmTrust Bank.
AMTRUST FINANCIAL: Posts $577,533 Net Loss in January
-----------------------------------------------------
AmTrust Financial Corp. nka AmFin Financial Corporation reported a
net loss of $577,533 for the month ended January 31, 2010. Equity
in losses of affiliates totaled $68,788 for the month.
At January 31, 2010, the Company had total assets of $168,138,638,
total prepetition liabilities of $156,884,732, and equity of
$11,253,906.
A full-text copy of the monthly operating report is available at
no charge at:
http://bankrupt.com/misc/amtrustfinancial.januarymor.pdf
AmTrust Financial Corp. (PINK: AFNL), now known as AmFin Financial
Corp., was the owner of the AmTrust Bank. AmTrust was the
seventh-largest holder of deposits in South Florida, with
$4.7 billion in deposits and 21 branches.
In November 2008, the Office of Thrift Supervision issued a cease
and desist order requiring AmTrust to improve its capital ratios.
AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort. Kurtzman Carson Consultants serves as
claims and notice agent. Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.
AmTrust Management listed $100,000,001 to $500,000,000 in assets
and $100,000,001 to $500,000,000 in liabilities.
AmTrust Bank is not part of the Chapter 11 filings. On
December 4, 2009, AmTrust Bank was closed by the Office of Thrift
Supervision, which appointed the Federal Deposit Insurance
Corporation as receiver. To protect the depositors, the FDIC
entered into a purchase and assumption agreement with New York
Community Bank, Westbury, New York, to assume all of the deposits
of AmTrust Bank.
AMTRUST FINANCIAL: Earns $554,110 in February
---------------------------------------------
AmTrust Financial Corp. nka AmFin Financial Corporation reported a
net income of $554,110 for the month ended February 28, 2010.
Equity in earnings of affiliates totaled $848,038 for the month.
At February 28, 2010, the Company had total assets of
$168,692,748, total prepetition liabilities of $156,884,732, and
equity of $11,808,016.
A full-text copy of the monthly operating report is available at
no charge at http://bankrupt.com/misc/amtrustfinl.februarymor.pdf
AmTrust Financial Corp. (PINK: AFNL), now known as AmFin Financial
Corp., was the owner of the AmTrust Bank. AmTrust was the
seventh-largest holder of deposits in South Florida, with
$4.7 billion in deposits and 21 branches.
In November 2008, the Office of Thrift Supervision issued a cease
and desist order requiring AmTrust to improve its capital ratios.
AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort. Kurtzman Carson Consultants serves as
claims and notice agent. Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.
AmTrust Management listed $100,000,001 to $500,000,000 in assets
and $100,000,001 to $500,000,000 in liabilities.
AmTrust Bank is not part of the Chapter 11 filings. On
December 4, 2009, AmTrust Bank was closed by the Office of Thrift
Supervision, which appointed the Federal Deposit Insurance
Corporation as receiver. To protect the depositors, the FDIC
entered into a purchase and assumption agreement with New York
Community Bank, Westbury, New York, to assume all of the deposits
of AmTrust Bank.
AMTRUST FINANCIAL: Posts $3,307,109 Net Loss in March
-----------------------------------------------------
AmTrust Financial Corp. nka AmFin Financial Corporation reported a
net loss of $3,307,109 for the month ended March 31, 2010. Equity
in losses of affiliates totaled $3,089,046 for the month.
At March 31, 2010, the Company had total assets of $165,385,639,
total prepetition liabilities of $156,884,732, and equity of
$8,500,907.
A full-text copy of the monthly operating report is available at
no charge at http://bankrupt.com/misc/amtrustfinl.marchmor.pdf
AmTrust Financial Corp. (PINK: AFNL), now known as AmFin Financial
Corp., was the owner of the AmTrust Bank. AmTrust was the
seventh-largest holder of deposits in South Florida, with
$4.7 billion in deposits and 21 branches.
In November 2008, the Office of Thrift Supervision issued a cease
and desist order requiring AmTrust to improve its capital ratios.
AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort. Kurtzman Carson Consultants serves as
claims and notice agent. Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.
AmTrust Management listed $100,000,001 to $500,000,000 in assets
and $100,000,001 to $500,000,000 in liabilities.
AmTrust Bank is not part of the Chapter 11 filings. On
December 4, 2009, AmTrust Bank was closed by the Office of Thrift
Supervision, which appointed the Federal Deposit Insurance
Corporation as receiver. To protect the depositors, the FDIC
entered into a purchase and assumption agreement with New York
Community Bank, Westbury, New York, to assume all of the deposits
of AmTrust Bank.
BLACK CROW: Has $273,000 EBITDA in March
----------------------------------------
Bill Rochelle at Bloomberg News reports that Black Crow Media
Group LLC reported pretax earnings of $221,000 in March on revenue
of $1.03 million. Earnings before interest, taxes, depreciation
and amortization for the month were $273,000. Earnings didn't
include an accrual for interest owing to General Electric Capital
Corp., the secured lender owed $38.9 million.
About Black Crow Media
Daytona Beach, Florida-based Black Crow Media Group, LLC, owns and
operates 17 FM and 5 AM radio stations in Daytona Beach, Live Oak,
Valdosta, Huntsville, Alabama, and Jackson, Tennessee.
The Company filed for Chapter 11 bankruptcy protection on
January 11, 2010 (Bankr. M.D. Fla. Case No. 10-00172). The
Company's affiliates -- Black Crow Media, LLC, et al. -- also
filed separate Chapter 11 petitions.
Mariane L. Dorris, Esq., and R. Scott Shuker, Esq., at Latham
Shuker Eden & Beaudine LLP, assist the Company in its
restructuring effort. The Company listed $10,000,001 to
$50,000,000 in assets and $50,000,001 to $100,000,000 in
liabilities.
CAPMARK FINANCIAL: Reports $160,942,000 Net Loss for March
----------------------------------------------------------
Capmark Financial Group Inc.
Consolidating Debtor Balance Sheet
As of March 31, 2010
ASSETS
Cash & Cash Equivalents $924,957,000
Restricted cash 312,972,000
Accounts and other receivables 194,513,000
Receivables from Debtor subsidiaries 0
Receivables from Capmark Bank 1,863,000
Receivables from other non-debtor units 2,264,634,000
Investment securities:
Trading 6,156,000
Available for sale 543,540,000
Loans held for sale 776,730,000
Loans held for investment, net 923,577,000
Real estate investments 363,130,000
Equity Investments 1,018,473,000
Current taxes receivable 4,487,000
Deferred tax assets 1,251,000
Intangible assets 1,545,000
Other assets 203,631,000
Investment in Capmark Bank 1,760,634,000
Investment in other non-debtor units (316,321,000)
--------------
Total assets $8,985,772,000
==============
Liabilities and Equity
Liabilities:
Liabilities not subject to compromise
Short-term borrowings $28,593,000
Long-term borrowings 1,791,659,000
Payables to debtor subsidiaries 0
Payables to other nondebtor units 326,525,000
Other liabilities 149,248,000
Current taxes payable 7,422,000
--------------
Total liabilities not subject to compromise 2,303,447,000
Liabilities subject to compromise
Debt 6,758,094,000
Payables to debtor subsidiaries 0
Payables to Capmark bank 1,763,000
Payables to other non-debtor units 531,613,000
Real estate syndication proceeds 993,391,000
Other liabilities 488,848,000
--------------
Total liabilities subject to compromise 8,773,709,000
--------------
Total liabilities 11,077,156,000
Commitments and Contingent Liabilities
Mezzanine Equity 71,502,000
Equity:
Total stockholders'(deficit) equity (2,191,441,000)
Noncontrolling interests 28,555,000
--------------
Total (deficit) equity (2,162,886,000)
--------------
Total liabilities and equity $8,985,772,000
==============
Capmark Financial Group Inc
Consolidated Debtor Statement of Operations
For the Period Ended March 31, 2010
Net Interest Income
Interest income $9,332,000
Interest expense 8,398,000
--------------
Net interest Income 934,000
Provision for loan losses 9,361,000
--------------
Net interest income after provision (8,427,000)
Noninterest income
Net gains (losses)
Net (losses) gains on loans 23,309,000
Net (losses) gains on investment (2,068,000)
Other gains, net 32,495,000
Mortgage servicing fees (70,000)
Placement fees 919,000
Investment banking fees and syndication (12,346,000)
Asset management fees 2,133,000
Other fees 112,000
Equity in losses of joint ventures (21,222,000)
Net real estate investment & other income 2,507,000
--------------
Total noninterest income 25,769,000
--------------
Net revenue 17,342,000
--------------
Noninterest expense
Compensation and benefits 9,613,000
Amortization and impairment 0
Occupancy and equipment (1,220,000)
Professional fees (292,000)
Other expenses 1,869,000
Reorganization Items 3,915,000
--------------
Total noninterest income 13,885,000
--------------
Income before income tax provision 3,457,000
Income tax provision (16,789,000)
--------------
Income before equity in net earnings of
subsidiaries 20,246,000
Equity in net earnings of debtor subsidiaries 0
Equity in net loss of Capmark Bank (140,935,000)
Equity in net earnings of other non-debtor
subsidiaries (48,464,000)
--------------
Net Loss) income (169,153,000)
Plus: Net loss attributable to
noncontrolling interests 8,211,000
--------------
Net income (loss) attributable to Capmark
Financial Group Inc. ($160,942,000)
==============
Capmark Financial Group Inc.
Scheduled of Cash and Disbursements
For the Month Ended March 31, 2010
Receipts
Intercompany-debtor entities $21,852,195
Intercompany-non-debtor entities 16,330,371
Investment securities, available for sale 23,092,888
Sale of real estate equity business 19,840,553
Interest income 10,678,068
Loans held for sale 10,110,704
Net cash received from derivative settlement 8,211,302
Loans held for investment 6,727,083
Equity investments 2,735,464
Accounts and other receivables 2,611,063
Amounts due from Berkadia 1,287,841
Other fee income 847,517
Construction escrow 257,612
Occupancy and equipment 219,769
Other assets 158,938
NMTC third party payable 57,675
Servicing advances 20,830
Mortgage servicing fees 9,881
Income tax refunds 7,632
Investment securities, trading 6,346
Net gains on real estate and equity investments 5,417
Other receipts 127,129
------------
125,196,278
------------
Disbursements
Intercompany-debtor entities ($21,838,560)
Intercompany-non-debtor entities (1,936,458)
Professional fees (6,465,027)
Debt interest payable-not subject to compromise (5,189,424)
Equity investments (4,504,328)
Professional fees (3,374,595)
Activity for entities consolidated FIN46 (1,491,741)
Accounts payable and other liabilities (1,292,291)
Occupancy and equipment (504,314)
Amounts due from Berkadia (464,510)
Data processing and telecommunications (256,613)
Loans held for sale (237,458)
Loans held for investment (200,000)
Debt not subject to compromise (162,852)
Travel and entertainment (126,286)
Construction escrow (118,359)
Other assets (73,750)
Capital stock tax (43,585)
Other disbursements (497,248)
--------------
Total disbursements (48,777,399)
--------------
Net Cash Movement $76,418,880
==============
About Capmark Financial
Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- is a diversified company that provides
a broad range of financial services to investors in commercial
real estate-related assets. Capmark has three core businesses:
lending and mortgage banking, investments and funds management,
and servicing. Capmark operates in North America, Europe and
Asia. Capmark has 1,000 employees located in 37 offices
worldwide.
On October 25, 2009, Capmark Financial Group Inc. and certain of
its subsidiaries filed voluntary petitions for relief under
Chapter 11 (Bankr. D. Del. Case No. 09-13684)
Capmark's financial advisors are Lazard Freres & Co. LLC and
Loughlin Meghji + Company. Capmark's bankruptcy counsel is Dewey &
LeBoeuf LLP. Richards, Layton & Finger, P.A., serves as local
counsel. Beekman Advisors, Inc., is serving as strategic advisor.
KPMG LLP is tax and accounting advisor. Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.
Capmark has total assets of US$20 billion against total debts of
US$21 billion as of June 30, 2009.
Bankruptcy Creditors' Service, Inc., publishes Capmark Financial
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Capmark Financial Group Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000)
CHEMTURA CORP: Reports $25,000,000 Net Loss for March
-----------------------------------------------------
Chemtura Corporation, Et Al.
Condensed Combined Balance Sheets (Unaudited)
As of March 31, 2010
Assets
Current Assets $740,000,000
Intercompany receivables 511,000,000
Investment in subsidiaries 1,902,000,000
Property, plan and equipment 399,000,000
Goodwill 149,000,000
Other assets 389,000,000
--------------
Total assets $4,090,000,000
==============
Liabilities and Stockholders' Equity
Current liabilities $462,000,000
Intercompany payables 40,000,000
Other long-term liabilities 70,000,000
--------------
Total liabilities
not subject to compromise 572,000,000
Liabilities subject to compromise 3,392,000,000
Total stockholders' equity 126,000,000
--------------
Total liabilities
and stockholders' equity $4,090,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Operations (Unaudited)
For the Period from March 1 to 31, 2010
Net sales $223,000,000
Cost of goods sold 187,000,000
Selling, general and
administrative expenses 19,000,000
Depreciation and amortization 13,000,000
Research and development 2,000,000
Changes in estimates re expected claims 9,000,000
Impairment of long-lived assets 1,000,000
--------------
Operating profit (loss) (8,000,000)
Interest expense (3,000,000)
Loss on early extinguishment of debt (13,000,000)
Other income (expense) 3,000,000
Reorganization items, net (9,000,000)
Equity in net earnings (loss) 5,000,000
of subsidiaries
--------------
Income (loss) before income taxes (25,000,000)
Income tax benefit -
--------------
Net income (loss) ($25,000,000)
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Cash Flows (Unaudited)
For the Period from March 31, 2010
Cash Flows from Operating Activities:
Net income (loss) ($25,000,000)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Impairment of long-lived assets 1,000,000
Loss on early extinguishment of debt 13,000,000
Depreciation and amortization 13,000,000
Changes in assets and debts, net (30,000,000)
--------------
Net cash provided in operating activities (28,000,000)
--------------
Cash flows from Investing Activities:
Capital expenditures (6,000,000)
--------------
Cash Flows from Financing Activities:
Proceeds from credit facility, net 12,000,000
--------------
Cash and Cash Equivalents:
Change in cash and cash equivalents (22,000,000)
--------------
Cash and cash equivalents, beginning of period 57,000,000
--------------
Cash and cash equivalents, end of period $35,000,000
==============
About Chemtura Corp.
Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.
Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel. The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.
As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.
Bankruptcy Creditors' Service, Inc., publishes Chemtura
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings undertaken by Chemtura Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
CHRYSLER LLC: Old Carco Has $138,000,000 Cash At End of February
----------------------------------------------------------------
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Balance Sheet
As of February 28, 2010
CURRENT ASSETS:
Cash and cash equivalents $138,000,000
Restricted cash 99,000,000
Inventories 6,000,000
Prepaid expenses and other current assets 477,000,000
Deferred taxes 17,000,000
--------------
TOTAL CURRENT ASSETS 737,000,000
OTHER ASSETS:
Property, plant and equipment, net 485,000,000
Investments in non-debtor entities 909,000,000
Restricted cash 2,000,000
Deferred taxes 13,000,000
Other assets 13,000,000
--------------
TOTAL OTHER ASSETS 1,422,000,000
--------------
TOTAL ASSETS $2,159,000,000
==============
CURRENT LIABILITIES:
Accrued expenses & other current liabilities $703,000,000
Debtor-in-possession financing 3,344,000,000
Deferred taxes 4,000,000
--------------
TOTAL CURRENT LIABILITIES 4,051,000,000
LONG-TERM LIABILITIES:
Accrued expenses and other liabilities 133,000,000
Deferred taxes 247,000,000
--------------
TOTAL LONG-TERM LIABILITIES 380,000,000
Liabilities subject to compromise 17,737,000,000
--------------
TOTAL LIABILITIES 22,168,000,000
MEMBER'S DEFICIT:
Capital stock 316,000,000
Contributed capital 7,735,000,000
Accumulated losses (32,754,000,000)
Accumulated other comprehensive income 4,694,000,000
--------------
TOTAL MEMBER'S DEFICIT (20,009,000,000)
--------------
TOTAL LIABILITIES & MEMBER'S DEFICIT $2,159,000,000
==============
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Statement of Operations
Month Ended February 28, 2010
Revenues 79,000,000
Cost of sales (77,000,000)
--------------
GROSS MARGIN 156,000,000
Selling, administrative & other expenses (2,000,000)
Research & development -
Other income, net -
Gain on Daimler pension settlement -
Restructuring income -
--------------
INCOME (LOSS) BEFORE FINANCIAL EXPENSE,
REORGANIZATION ITEMS & INCOME TAXES 158,000,000
Financial expense, net (26,000,000)
--------------
INCOME (LOSS) BEFORE REORG. ITEMS & 132,000,000
INCOME TAXES
Reorganization items 199,000,000
Provision (credit) for income taxes -
--------------
NET LOSS ($67,000,000)
==============
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Statement of Cash Flows
For the month ending February 28, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($67,000,000)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 7,000,000
Changes in deferred taxes -
Amortization of original issue discount
on debtor-in-possession financing -
Net loss on Fiat Transaction 196,000,000
Net loss on disposal of fixed assets -
Other non-cash income and expense -
Changes in accrued expenses & other liabilities 32,000,000
Changes in other operating assets & liabilities:
* inventories 6,000,000
* trade receivables -
* trade liabilities -
* payments for reorganization items (3,000,000)
* other assets and liabilities (179,000,000)
--------------
NET CASH USED IN OPERATING ACTIVITIES (8,000,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from Fiat Transaction -
Purchases of property, plant & equipment,
equipment on operating leases/intangible asset -
Net proceeds from disposals of property, plant
& equipment & intangible assets -
Net proceeds from disposals of equipment
on operating leases -
Net change in restricted cash 2,000,000
Other -
--------------
NET CASH PROVIDED BY INVESTING ACTIVITIES 2,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debtor-in-possession financing -
Repayment of first lien credit facility -
Change in financial liabilities-third party -
Original issue discount on
debtor-in-possession financing -
--------------
NET CASH PROVIDED BY FINANCING ACTIVITIES -
--------------
Net decrease in cash and cash equivalents 6,000,000
Cash & cash equiv. at beginning of period 144,000,000
--------------
Cash and cash equivalents at end of period $138,000,000
==============
About Chrysler Group
Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products. Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck. Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.
About Chrysler LLC
Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002). Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent. Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company. As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts. Chrysler
had $1.9 billion in cash at that time.
In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat. Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC. Fiat has a 20
percent equity interest in Chrysler Group.
Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
COLONIAL BANCGROUP: Reports Cash Loss of $201,972 in March
----------------------------------------------------------
On April 20, 2010, The Colonial Bancgroup, Inc., filed its
monthly operating report for March 2010 with the U.S. Bankruptcy
Court for the Middle District of Alabama, Northern Division.
The Company ended March 2010 with $38.9 million cash, of which
$2.4 million is current available to the Company. On August 14,
2009, the FDIC placed a hold on all cash deposits of Colonial
BancGroup. BancGroup is unable to access its cash deposits
(except for those amounts released per bankruptcy court order).
Company paid a total of $280,041 in professional fees in
March 2010.
At March 31, 2010, the Company had total assets of
$44.0 million and total liabilities of $365.6 million.
Cash profit (loss) for the month was ($201,972) on total income of
$99,937 and total expenses of $301,910.
A full-text copy of the Company's March 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?6208
Headquartered in Montgomery, Alabama, The Colonial BancGroup, Inc.
(NYSE: CNB) was holding company to Colonial Bank, N.A, its
banking subsidiary. Colonial bank -- http://www.colonialbank.com/
-- operated 354 branches in Florida, Alabama, Georgia, Nevada and
Texas with over $26 billion in assets. On August 14, 2009,
Colonial Bank was seized by regulators and the Federal Deposit
Insurance Corporation was named receiver. The FDIC sold most of
the assets to Branch Banking and Trust, Winston-Salem, North
Carolina. BB&T acquired $22 billion in assets and assumed
$20 billion in deposits of the Bank.
The Colonial BancGroup filed for Chapter 11 bankruptcy protection
on August 25, 2009 (Bankr. M.D. Ala. Case No. 09-32303). W. Clark
Watson, Esq., at Balch & Bingham LLP and Rufus T. Dorsey IV,
Esq., at Parker Hudson Rainer & Dobbs LLP, assist the Company in
its restructuring effort. The Company listed $45,000,000 in
assets and $380,000,000 in debts in its bankruptcy filing.
COOPER-STANDARD: CSA FHS Reports $4,300,460 Net Profit for March
----------------------------------------------------------------
Cooper-Standard Automotive FHS Inc.
Unaudited Balance Sheet
As of March 31, 2010
ASSETS
Current Assets
Cash and cash equivalents $814,388
Account receivable, net 23,555,785
Inventories, net 9,984,775
Prepaid expenses 397,593
Intercompany receivable 94,933,520
Others -
--------------
Total current assets 129,686,061
Property, plant and equipment, net 32,825,742
Goodwill -
Intangibles, net 620,743
Intercompany investments 2,405,255
Long-term intercompany receivable -
Other assets 8,552
--------------
Total assets $165,546,353
==============
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
Liabilities not subject to compromise:
Current liabilities:
Debt Payable within One Year -
Accounts payable 7,625,905
Payroll liabilities 956,962
Accrued liabilities 1,260,439
Intercompany payable -
--------------
Total current liabilities 9,843,306
Long-term debt -
Pension benefits -
Post-retirement benefits other than pensions -
Deferred tax liabilities 5,853,238
Other long-term liabilities 167,310
Liabilities subject to compromise 1,605,739
--------------
Total liabilities 17,469,593
Common stock -
Intercompany common stock -
Additional paid-in capital -
Intercompany paid-in capital 120,302,465
Retained Earnings (Accumulated deficit) 27,755,215
Accumulated other comprehensive income (loss) 19,080
--------------
Total stockholders' equity (deficit) 148,076,760
--------------
Total liabilities and equity (deficit) $165,546,353
==============
Cooper-Standard Automotive FHS Inc.
Unaudited Income Statement
For the Period Ended March 31, 2010
Sales $19,706,058
Material 8,634,359
Labor 1,210,827
Overhead 4,623,967
Scrap & Other 1,046,566
--------------
Cost of products sold 15,515,719
Gross profit 4,190,339
Salary & Benefits -
Supplies/Occupancy -
Travel & Entertainment -
Contract Services 47
Other 195
Impairment -
Amortization of intangibles 6,585
Restructuring (30,627)
--------------
Total SG&A Expenses (23,800)
Operating profit (loss) 4,214,139
Reorganization Items, net -
Royalty income (loss) -
Other income (expense) 86,321
Equity earnings (losses) -
--------------
EBIT 4,300,460
Interest income (expense) -
--------------
Income (loss) before income taxes 4,300,460
Provision for income tax (benefit) -
--------------
Net income (loss) $4,300,460
==============
CS Automotive FHS also reported total receipts of $14,683 and
total disbursements of -$13,203,527 for March 2010.
About Cooper-Standard
Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry. Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share. The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.
Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.
Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors. Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor. Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total $1,733,017,000 while debts total
$1,785,039,000 as of March 31, 2009.
The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.
Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
COOPER-STANDARD: CSA Inc. Reports $21,334,964 Loss for March
------------------------------------------------------------
Cooper-Standard Automotive Inc.
Unaudited Balance Sheet
As of March 31, 2010
ASSETS
Current Assets
Cash and cash equivalents $86,485,327
Account receivable, net 93,768,252
Inventories, net 26,271,059
Prepaid expenses 6,632,454
Intercompany receivable -
Others 6,320,781
--------------
Total current assets 219,477,873
Property, plant and equipment, net 90,034,558
Goodwill 87,728,335
Intangibles, net 1,076,404
Intercompany investments 526,825,393
Long-term intercompany receivable 205,487,897
Other assets 29,357,841
--------------
Total assets $1,159,988,301
==============
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
Liabilities not subject to compromise:
Current liabilities:
Debt Payable within One Year 74,859,268
Accounts payable 57,044,533
Payroll liabilities 19,605,844
Accrued liabilities 27,024,334
Intercompany payable 668,464,835
--------------
Total current liabilities 846,998,814
Long-term debt 2,084,662
Pension benefits 68,410,633
Post-retirement benefits other than pensions 53,853,597
Deferred tax liabilities (1,047,721)
Other long-term liabilities 10,290,553
Liabilities subject to compromise 1,073,421,488
--------------
Total liabilities 2,054,012,026
Common stock 35
Intercompany common stock (1,515,999)
Additional paid-in capital 836,731
Intercompany paid-in capital (305,207,259)
Retained Earnings (Accummulated deficit) (476,564,545)
Accumulated other comprehensive income (loss) (111,572,688)
--------------
Total stockholders' equity (deficit) (894,023,725)
--------------
Total liabilities and equity (deficit) $1,159,988,301
==============
Cooper-Standard Automotive Inc.
Unaudited Income Statement
For the Period Ended March 31, 2010
Sales $51,762,987
Material 29,925,661
Labor 4,084,595
Overhead 6,232,041
Scrap & Other 2,082,320
--------------
Cost of products sold 42,324,617
Gross profit 9,438,370
Salary & Benefits 9,118,613
Supplies/Occupancy 1,558,078
Travel & Entertainment 307,829
Contract Services 1,149,653
Other 1,062,120
Impairment -
Amortization of intangibles 43,164
Restructuring 35,065
--------------
Total SG&A Expenses 13,274,522
Operating profit (loss) (3,836,152)
Reorganization Items, net (12,117,439)
Royalty income (loss) 728,301
Otber income (expense) (54,582)
Equity earnings (losses) -
--------------
EBIT (15,279,872)
Interest income (expense) (3,372,371)
--------------
Income (loss) before income taxes (18,652,243)
Provision for income tax (benefit) 2,682,721
--------------
Net income (loss) ($21,334,964)
==============
CS Automotive Inc. also reported total receipts of $693,405,065,
and total disbursements of -$458,585,099 for March 2010.
About Cooper-Standard
Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry. Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share. The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.
Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.
Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors. Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor. Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total $1,733,017,000 while debts total
$1,785,039,000 as of March 31, 2009.
The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.
Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
COOPER-STANDARD: CSA OH Reports $3,672,585 Net Income for March
---------------------------------------------------------------
Cooper-Standard Automotive OH, LLC
Unaudited Balance Sheet
As of March 31, 2010
ASSETS
Current Assets
Cash and cash equivalents $1,611
Account receivable, net 23,376,752
Inventories, net 4,504,791
Prepaid expenses 434,837
Intercompany receivable 513,446,588
Others -
--------------
Total current assets 541,764,579
Property, plant and equipment, net 39,992,760
Goodwill -
Intangibles, net -
Intercompany investments -
Long-term intercompany receivable -
Other assets 25,987
--------------
Total assets $581,783,326
==============
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
Liabilities not subject to compromise:
Current liabilities:
Debt Payable within One Year -
Accounts payable 5,037,641
Payroll liabilities 1,742,224
Accrued liabilities 253,476
Intercompany payable -
--------------
Total current liabilities 7,033,341
Long-term debt -
Pension benefits -
Post-retirement benefits other than pensions -
Deferred tax liabilities -
Other long-term liabilities 50,339
Liabilities subject to compromise 440,595
--------------
Total liabilities 7,524,275
Common stock -
Intercompany common stock -
Additional paid-in capital -
Intercompany paid-in capital 18,336,000
Retained Earnings (Accumulated deficit) 555,923,051
Accumulated other comprehensive income (loss) -
--------------
Total stockholders' equity (deficit) 574,259,051
--------------
Total liabilities and equity (deficit) $581,783,326
==============
Cooper-Standard Automotive OH, LLC
Unaudited Income Statement
For the Period Ended March 31, 2010
Sales $16,807,514
Material 6,426,309
Labor 2,274,816
Overhead 3,722,832
Scrap & Other 711,271
--------------
Cost of products sold 13,135,228
Gross profit 3,672,286
Salary & Benefits -
Supplies/Occupancy -
Travel & Entertainment -
Contract Services -
Other 400
Impairment -
Amortization of intangibles -
Restructuring -
--------------
Total SG&A Expenses 400
Operating profit (loss) 3,671,886
Reorganization Items, net -
Royalty income (loss) -
Otber income (expense) 699
Equity earnings (losses) -
--------------
EBIT 3,672,585
Interest income (expense) -
--------------
Income (loss) before income taxes 3,672,585
Provision for income tax (benefit) -
--------------
Net income (loss) $3,672,585
==============
CS Automotive OH also reported total disbursements of
-$81,070,840 for March 2010.
About Cooper-Standard
Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry. Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share. The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.
Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.
Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors. Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor. Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total $1,733,017,000 while debts total
$1,785,039,000 as of March 31, 2009.
The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.
Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
FAIRPOINT COMMS: Has $150,701,849 Cash at End of March
------------------------------------------------------
FairPoint Communications, Inc., and Subsidiaries
Schedule of Cash Receipts and Disbursements
For the Period March 1 - 31, 2010
Cash Beginning of the Month $154,471,145
Receipts:
Cash 104,889,002
Intra-debtor transfers 308,436,385
--------------
Total Receipts 413,325,387
Disbursements:
Employee Expenses (36,224,814)
Restructuring (5,051,864)
Operating Taxes (3,970,218)
Marketing Expenses (1,341,192)
Insurance (1,407,029)
Other Expenses (42,949,385)
Capital Expenditures (16,613,794)
Intra-debtor transfers (308,436,385)
-------------
Total Disbursements (415,994,684)
-------------
Net Cash Flow (3,769,296)
-------------
Cash - End of the month $150,701,849
=============
The Debtors' March 2010 Monthly Operating Report does not
include a balance sheet table and an income statement table.
According to Lisa R. Hood, FairPoint Communications' senior vice
president and corporate controller, the Debtors' financial
results for March 2010 are subject to the completion of the
Debtors' financial statements and the completion of the annual
audit by their independent accounting firm for the year ended
December 31, 2009.
About FairPoint Communications
FairPoint Communications, Inc. (NYSE: FRP) --
http://www.fairpoint.com/-- is an industry-leading provider of
communications services to communities across the country.
FairPoint owns and operates local exchange companies in 18 states
offering advanced communications with a personal touch, including
local and long distance voice, data, Internet, television and
broadband services. FairPoint is traded on the New York Stock
Exchange under the symbols FRP and FRP.BC.
FairPoint and its affiliates filed for Chapter 11 on Oct. 26, 2009
(Bankr. D. Del. Case No. 09-16335). Rothschild Inc. is acting as
financial advisor for the Company; AlixPartners, LLP as the
restructuring advisor; and Paul, Hastings, Janofsky & Walker LLP
is the Company's counsel. BMC Group is claims and notice agent.
As of June 30, 2009, FairPoint reported $3.24 billion in total
assets, $321.41 million in total current liabilities,
$2.91 billion in total long-term liabilities, and $1.23 million in
total stockholders' equity.
Bankruptcy Creditors' Service, Inc., publishes FairPoint
Communications Bankruptcy News. The newsletter tracks the Chapter
11 proceedings of FairPoint Communications Inc. and its debtor-
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GENERAL MOTORS: Old GM Reports $18 Million Net Loss in March
------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Old General Motors
Corp., now formally named Motors Liquidation Co., reported an
$18 million net loss in March on income of $1.4 million.
Reorganization costs were $8.1 million while interest expense was
$5.2 million. Old GM still has almost $1 billion cash. On the
other side of the balance sheet, the company owes $1.2 billion on
the loan financing the Chapter 11 case.
About General Motors
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At December 31, 2009, GM had total assets of US$136.295 billion
against total liabilities of US$107.340 billion. At December 31,
2009, total equity was US$21.249 million.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
GOTTSCHALKS INC: Posts $1,568,000 Net Loss from Feb. 28 to April 3
------------------------------------------------------------------
On April 20, 2010, Gottschalks Inc. filed with the U.S.
Bankruptcy Court for the District of Delaware its monthly
operating report for the period February 28, 2010, through
April 3, 2010.
The Debtor ended the period with $10,647,000 cash. During the
period, the Debtor paid a total of $523,619 in professional fees
and reimbursed a total of $93,245 in professional expenses.
The Company reported a net loss of $1,568,000 for the period.
At April 3, 2010, the Company had $36,003,000 in total assets,
$77,747,000 in total liabilities, and ($41,744,000) in owner
equity.
The March 2010 operating report is available for free at:
http://bankrupt.com/misc/gottschalks.marchmor.pdf
Headquartered in Fresno, California, Gottschalks Inc. (Pink
Sheets: GOTTQ.PK) -- http://www.gottschalks.com/-- is a regional
department store chain, operating 58 department stores and three
specialty apparel stores in six western states. Gottschalks
offers better to moderate brand-name fashion apparel, cosmetics,
shoes, accessories and home merchandise.
The Company filed for Chapter 11 protection on January 14, 2009
(Bankr. D. Del. Case No. 09-10157). O'Melveny & Myers LLP
represents the Debtor in its Chapter 11 case. Lee E. Kaufman,
Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., serves as the Debtors' co-counsel. The Debtor selected
Kurtzman Carson Consultants LLC as its claims agent. The U.S.
Trustee for Region 3 appointed seven creditors to serve on an
official committee of unsecured creditors. When the Debtor filed
for protection from its creditors, it listed $288,438,000 in total
assets and $197,072,000 in total debts.
MESA AIR GROUP: Records $2,328,000 Net Loss for March
-----------------------------------------------------
Mesa Air Group, Inc., et al.
Condensed Consolidated Balance Sheet
As of March 31, 2010
ASSETS
Current Assets
Cash and cash equivalents $54,109,000
Short-term investments 0
Restricted investments 10,971,000
Receivables, net of allowance 9,766,000
Inventories, net of allowance 27,352,000
Prepaid expenses and other assets 147,607,000
--------------
Total current assets 249,806,000
Property and equipment, net 550,505,000
Security and other deposits 12,192,000
Other assets 133,884,000
--------------
TOTAL ASSETS $946,387,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities Not Subject to Compromise:
Current Liabilities
Accounts payable $5,912,000
Air traffic liability 4,146,000
Other accrued expenses 49,282,000
Income tax payable 231,000
Deferred revenue & other current liabilities 0
--------------
Total current liabilities not subject to 59,570,000
compromise
Deferred credits and other liabilities 101,968,000
Long-term deferred income tax 156,719,000
Other long-term debt postpetition 0
--------------
Total liabilities not subject to compromise 258,688,000
Liabilities subject to compromise 524,868,000
--------------
Total Liabilities 843,126,000
Stockholders' Equity
Preferred stock, no par value, authorized 0
2,000,000 shares, none issued
Common stock, no par value and additional 118,676,000
paid-in capital, 900,000,000 shares
authorized; 175,217,249 and 175,217,249
shares issued and outstanding, respectively
Deferred stock compensation 1,555,000
Retained earnings (16,971,000)
--------------
Total shareholders' equity 103,261,000
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $946,387,000
==============
Mesa Air Group, Inc., et al.
Condensed Consolidated Statement of Operations
Month Ended March 31, 2010
Revenues
Passenger $72,669,000
Cargo 0
Other 474,000
--------------
Total revenue 73,143,000
--------------
Operating Expenses
Flight operations 19,484,000
Flight operations - nonoperating aircraft 5,725,000
Aircraft fuel 18,745,000
Aircraft and traffic servicing 4,506,000
Maintenance 16,001,000
Promotion and sales 471,000
General and administrative 3,316,000
Depreciation and amortization 3,304,000
impairment of long-lived asset 0
--------------
Total operating expenses 71,551,000
Operating Income (Loss) 1,592,000
Nonoperating Income (Expense)
Interest income 370,000
Interest expense (1,381,000)
Other, net 244,000
--------------
Total nonoperating income (expense) (767,000)
--------------
Income (Loss) before reorganization items and 824,000
Income Taxes
Income Taxes (1,373,000)
Loss (Gain) on reorganization items 4,525,000
--------------
Income (Loss) before discontinued operations (2,328,000)
Loss (Gain) from discontinued operations 0
--------------
NET INCOME (LOSS) ($2,328,000)
==============
Mesa Air Group, Inc., et al.
Condensed Consolidated Statement of Cash Flows
For the Month Ended March 31, 2010
Cash Flows from Operating Activities:
Net income (loss) from continuing operations ($2,328,000)
Net income (loss) from discontinued operations 0
--------------
Net income (loss) (2,328,000)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 3,304,000
Impairment charges 0
Amortization of deferred credits (512,000)
Amortization of restricted stock awards 86,000
Amortization of contract incentive payments 27,000
Provisions for obsolete expendable parts 148,000
and supplies
Changes in operating assets and liabilities:
Net (purchase) sales of investment securities 873,000
Receivables 5,834,000
Expendable parts and supplies (171,000)
Prepaid expenses and other assets (22,396,000)
Other assets 50,000
Accounts payable 5,219,000
Income taxes payable (3,230,000)
Air traffic liability 0
Other accrued liabilities (2,339,000)
Reorganization items (1,186,000)
--------------
Net cash provided by (used in) operating (16,621,000)
activities
Cash Flows from Reorganization Activities:
Net cash provided by (used in) reorganization 0
activities
--------------
Total net cash provided by (used in) operating 0
activities
Cash Flows from Investing Activities:
Capital expenditures (3,324,000)
Proceeds from sale of flight equipment and 0
expendable inventory
Change in restricted cash 688,000
Equity method investment (238,000)
Investment deposits 0
Change in other assets 9,000
Net returns (payments) of lease and equipment (404,000)
deposits
--------------
Net cash (used in) provided by investing (3,269,000)
activities
Cash Flows from Financing Activities:
Principal payments on long-term borrowings (4,708,000)
--------------
Net cash (used in) provided by financing (4,708,000)
activities
Increase (decrease) in cash and cash (24,598,000)
equivalents
Cash and cash equivalents at beginning of 78,707,000
period
--------------
Cash and cash equivalents at end of period $54,109,000
==============
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).
NEENAH ENTERPRISES: Reports $3.5 Million Net Loss in March
----------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Neenah Foundry
Co. reported a $3.5 million net loss in March on sales of
$29.6 million. The operating loss in the month was $2.2 million.
About Neenah Enterprises
Headquartered in Neenah, Wisconsin, Neenah Enterprises, Inc. --
http://www.nfco.com/-- is the indirect parent holding company of
Neenah Foundry Company. Neenah Foundry Company and its
subsidiaries manufacture and market a wide range of iron castings
and steel forgings for the heavy municipal market and selected
segments of the industrial markets. Neenah is one of the largest
independent foundry companies in the United States, with
substantial market share in the municipal and various industrial
markets for gray and ductile iron castings and forged steel
products.
The Company filed for Chapter 11 bankruptcy protection on
February 3, 2010 (Bankr. D. Del. Case No. 10-10360). Edmon L.
Morton, Esq., and Kenneth J. Enos, Esq., assist the Company in its
restructuring effort. The Company had $286,611,000 in total
assets against total liabilities of $449,435,000, resulting in
stockholder's deficit of $162,824,000.
The Company's affiliates -- NFC Castings, Inc.; Neenah Foundry
Company; Cast Alloys, Inc.; Neenah Transport, Inc.; Advanced Cast
Products, Inc.; Gregg Industries, Inc.; Mercer Forge Corporation;
Deeter Foundry, Inc.; and Dalton Corporation -- filed separate
Chapter 11 petitions.
PROTOSTAR LTD: Posts $3.3 Million Net Loss in March
---------------------------------------------------
ProtoStar LTD reported a net loss of $3.3 million for the month
of March 2010. Interest expense was roughly $3.5 million.
At March 31, 2010, ProtoStar Ltd. had total assets of
$350.6 million, total liabilities of $317.3 million, and net owner
equity of $33.3 million.
A full-text copy of the March monthly operating report is
available at no charge at:
http://bankrupt.com/misc/protostarltd.marchmor.pdf
Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.
The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts. As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.
PROTOSTAR LTD: ProtoStar I Posts $7.4 Million Net Loss in March
---------------------------------------------------------------
ProtoStar I LTD had unrestricted cash and cash equivalents of
$611,560 at March 31, 2010. Beginning cash was $1.2 million.
ProtoStar I reported a net loss of $7.4 million for the month of
March. Interest expense totaled $6.5 million.
At March 31, 2010, ProtoStar I had total assets of $214.4 million
and total liabilities of $270.1 million.
A full-text copy of the March monthly operating report is
available at no charge at:
http://bankrupt.com/misc/protostarI.marchmor.pdf
Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.
The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts. As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.
PROTOSTAR LTD: ProtoStar II Posts $585,381 Net Loss in March
------------------------------------------------------------
ProtoStar II Ltd. had cash and cash equivalents of $39.3 million
at March 31, 2010. Beginning cash was $38.9 million.
ProtoStar II reported a net loss of $585,381 on net revenue of
$1,718,070 for the month of March. Interest expense totaled
$83,614.
At March 31, 2010, ProtoStar II had total assets of
$307.5 million, total liabilities of $234.3 million, and net owner
equity of $73.2 million.
A full-text copy of the March monthly operating report is
available at no charge at:
http://bankrupt.com/misc/protostarIIltd.marchmor.pdf
Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.
The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts. As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.
PROTOSTAR LTD: ProtoStar Asia Post $80,624 Net Loss in March
------------------------------------------------------------
ProtoStar Asia Pte. Ltd. reported a net loss of $80,624 in March.
At March 31, 2010, the Company had $1,342,326 in total assets
and $1,867,865 in total liabilities.
A full-text copy of the March monthly operating report is
available at no charge at:
http://bankrupt.com/misc/protostarasia.marchmor.pdf
Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.
The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts. As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.
PROTOSTAR LTD: ProtoStar Dev't Files March Operating Report
-----------------------------------------------------------
At March 31, 2010, ProtoStar Development Ltd. had $820,492 in
total assets and $940,549 in total liabilities. ProtoStar
Development had no loss and no revenue in March.
A full-text copy of the March operating report is available at
no charge at
http://bankrupt.com/misc/protostardevelopment.marchmor.pdf
Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.
The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts. As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.
PROTOSTAR LTD: ProtoStar Satellite Posts $98,539 Net Loss in March
------------------------------------------------------------------
ProtoStar Satellite Systems, Inc. reported a net loss of $98,539
for the month of March.
At March 31, 2010, the Company had $17.4 million in total
assets, $16.5 million in total liabilities, and $911,483 in
net owner equity.
A full-text copy of the March monthly operating report is
available at no charge at:
http://bankrupt.com/misc/protostarsatellite.marchmor.pdf
Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.
The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts. As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.
REUNION INDUSTRIES: Ends March 2010 With $1,879,727 Cash
--------------------------------------------------------
On May 6, 2010, Reunion Industries, Inc., filed with the
Securities and Exchange Commission a financial report containing
summarized financial data from the monthly operating reports that
were filed with the U.S. Bankruptcy Court for the District of
Connecticut, Bridgeport Division, and the U.S. Trustee for the
first three months of 2010.
Reunion Industries, Inc., reported a net loss of $313,000 on net
sales of $3,867,000 for the quarter ended March 31, 2010.
The Debtor ended the quarter with $1,879,727 cash, compared to
cash of $1,970,778 at the beginning of the period.
As of March 31, 2010, the Debtor had $17,225,000 in total
assets, $9,768,000 in total liabilities, and $7,457,000 in total
equity.
A full-text copy of the Debtor's financial report for the first
quarter of 2010 is available for free at:
http://researcharchives.com/t/s?6209
Reunion Industries filed for Chapter 11 protection on November 26,
2007 (Bankr. D. Conn. Case No. 07-50727). Two Reunion Industries
stockholders, Charles E. Bradley, Sr. Family Limited Partnership,
and John Grier Poole Family Limited Partnership filed separate
Chapter 11 petitions on the same day (Bankr. D. Conn. Case Nos.
07-50725 and 07-50726). Carol A. Felicetta, Esq., David M. S.
Shaiken, Esq., Eric A. Henzy, Esq., at Reid and Riege, P.C.; and
Derek M. Johnson, Esq., at Ruben, Johnson and Morgan, represent
Reunion Industries as counsel.
TARRAGON CORP: Ends March 2010 With $3.1 Mln in Unrestricted Cash
-----------------------------------------------------------------
Tarragon Corporation and certain of its direct and indirect
subsidiaries and affiliates filed on May 2, 2010, their
unaudited monthly operating reports for the period March 1, 2010,
through March 31, 2010, with the United States Bankruptcy
Court for the District of New Jersey.
As previously disclosed, it is not expected that there will be any
distribution to Tarragon equity holders in conjunction with the
Debtors' bankruptcy cases pending before the Bankruptcy Court. In
this regard, the Debtors' proposed plan of reorganization
currently on file with the Bankruptcy Court does not provide for
any distribution to Tarragon equity holders.
Tarragon Corporation's consolidating income statement for the
fifteen months ended March 31, 2010, showed a net loss of
$140.8 million on total revenue of $135.1 million.
At March 31, 2010, Tarragon Corporation's consolidating balance
sheet showed $525.4 million in total assets and $895.9 million of
total liabilities, for a stockholders deficit of $370.5 million.
Tarragon Corporation's cash and cash equivalents were $3.1 million
at March 31, 2010, compared with cash and cash equivalents of
$3.3 million at February 28, 2010. Restricted cash was
$12.1 million at March 31, 2010, compared with restricted cash of
$10.8 million at February 28, 2010.
A full-text copy of the Debtor's' monthly operating report for the
month ended March 31, 2010, is available for free at:
http://researcharchives.com/t/s?620a
Based in New York City, Tarragon Corporation (NasdaqGS:TARR) --
http://www.tarragoncorp.com/-- is a leading developer of
multifamily housing for rent and for sale. Tarragon's operations
are concentrated in the Northeast, Florida, Texas, and Tennessee.
Tarragon and its affiliates filed for Chapter 11 protection on
January 12, 2009 (Bankr. D. N.J. Case No. 09-10555). The Hon.
Donald H. Steckroth presides over the case.
Michael D. Sirota, Esq., Warren A. Usatine, Esq., and Felice R.
Yudkin, Esq., at Cole Schotz Meisel Forman & Leonard, P.A.
represent the Debtor as bankruptcy counsel.
VISTEON CORP: Reports $102,600,000 Net Loss for March
-----------------------------------------------------
Visteon Corporation
Debtor's Balance Sheet
As of March 31, 2010
ASSETS
Current Assets:
Cash and cash equivalents $286,847,000
Restricted cash 93,796,000
Accounts receivable, net 4,377,915,000
Inventories, net 22,096,000
Other current assets 51,019,000
--------------
Total current assets 4,831,673,000
Property and equipment, net 106,308,000
Equity in net asset of non-consolidated units 0
Other non-current assets 1,354,423,000
--------------
Total Assets $6,292,404,000
==============
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Short-term debt, including current portion
of long-term debt $11,048,327,000
Accounts payable 1,212,860,000
Accrued employee liabilities 23,338,000
Other current liabilities 54,634,000
--------------
Total current liabilities 12,339,159,000
Liabilities subject to compromise 2,855,265,000
Long-term debt 23,000
Employee benefits 279,483,000
Deferred income taxes 92,194,000
Other non-current liabilities 189,100,000
--------------
Total Liabilities 15,755,224,000
Shareholders' equity (deficit)
Debtor's Shareholders' equity (deficit)
Common stock 131,053,000
Stock warrants 127,024,000
Additional paid-in capital 2,221,221,000
Retained earnings (11,530,857,000)
Accumulated other comprehensive income (274,050,000)
Other (4,218,000)
--------------
Total Debtor shareholders' equity (9,329,828,000)
Noncontrolling interests (132,992,000)
--------------
Total shareholders' equity(deficit) (9,462,820,000)
--------------
Total Liabilities and shareholders' deficit $6,292,404,000
==============
Visteon Corporation
Statements of Operations
For the Period Ended March 31, 2010
Net sales
Products $39,020,000
Services 19,675,000
--------------
58,695,000
Cost of Sales
Products
Materials 24,634,000
Labor and overhead 16,001,000
Product engineering 24,840,000
Freight and duty 1,465,000
Manufacturing spending 1,435,000
Warranty and recall 78,000
Other 9,192,000
Services 19,799,000
--------------
97,444,000
--------------
Gross margin (38,749,000)
Selling, general and administrative expenses
Personnel 17,877,000
Depreciation 2,429,000
Other 11,412,000
--------------
31,718,000
Restructuring expenses 3,589,000
Reimbursement from Escrow Account 0
Reorganization costs 21,198,000
Deconsolidation gain 0
Asset impairments and other (gains)/losses 3,180,000
--------------
Operating income(loss) (98,434,000)
Interest expense 4,079,000
Interest income 421,000
Equity in net income of non-consolidated affiliates 0
--------------
Income(loss) before income taxes (102,092,000)
Provision for income taxes 508,000
--------------
Net Income (loss) (102,600,000)
Net income attributable to noncontrolling interest 0
--------------
Net income (loss) attributable to Debtor ($102,600,000)
==============
Visteon Corporation, et al.
Combined Schedules of Operating Cash Flow
For the Month Ended March 31, 2010
Customer receipts $198,193,000
Other receipts 54,435,000
Intercompany receipts 59,537,000
--------------
Total receipts 312,165,000
Disbursements
Payroll related (34,219,000)
Operating disbursements (115,616,000)
Intercompany disbursements (158,518,000)
Other disbursements (5,200,000)
--------------
Total Disbursements (313,553,000)
--------------
Net Cash Flow (1,388,000)
Beginning Cash Balance 495,828,000
Net Cash Flow (1,388,000)
Foreign Currency and other Adjustments 1,533,000
--------------
Ending Cash Balance $495,973,000
=============
About Visteon Corp.
Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers. The Company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany. It has facilities in 27 countries and employs roughly
35,500 people. The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.
Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818). Judge Christopher S. Sontchi oversees the
Chapter 11 cases. James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts. Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel. The Debtors' investment banker and financial
advisor is Rothschild Inc. The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC. The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.
Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
WASHINGTON MUTUAL: Reports $9,147,407 Net Loss for March
--------------------------------------------------------
WASHINGTON MUTUAL, INC.
Unaudited Balance Sheet
As of March 31, 2010
ASSETS
Unrestricted cash and cash equivalents $4,566,451,959
Restricted cash and cash equivalents 92,671,007
Investment securities 70,470,182
Accrued interest receivable 789,314
Income tax receivable 475,595,347
Prepaid expenses 3,046,518
Cash surrender value of BOLI/COLI 89,972,086
Funded Pension 39,173,922
Other investments -
Investment in subsidiaries 1,477,309,096
Notes receivable, intercompany 12,651,138
Fixed assets 82,342
Other assets 96,347,638
----------------
Total Assets $6,924,560,550
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $7,780,036
Accrued wages and benefits 443,311
Other accrued liabilities 13,735,957
Minority interest 1,113,298
----------------
Total Postpetition Liabilities 23,072,601
LIABILITIES SUBJECT TO COMPROMISE
Senior debt 4,132,421,622
Subordinated debt 1,666,464,970
Junior subordinated debt 765,674,200
Intercompany payables 684,095,259
Accounts payable 4,480,720
Taxes payable 550,080,833
Payroll and benefit accruals 407,057,301
Other accrued liabilities 86,364,578
Other prepetition liabilities 198
----------------
Total Prepetition Liabilities 8,296,639,680
----------------
Total Liabilities 8,319,712,282
SHAREHOLDERS' EQUITY
Preferred stock 3,392,341,954
Common stock 12,988,763,556
Other comprehensive income (754,476,936)
Retained earnings - prepetition (16,741,625,375)
Retained earnings - postpetition (280,144,930)
----------------
Total Shareholders' Equity (1,395,151,731)
----------------
Total Liabilities and Shareholders' Equity $6,924,560,550
================
WASHINGTON MUTUAL, INC.
Unaudited Statement of Operations
For the period March 1 to March 28, 2010
REVENUES
Interest income:
Cash equivalents $511,663
Securities 253,604
Notes receivable - intercompany 43,788
Other 140
----------------
Total Interest Income 809,195
Earnings (losses) from subsidiaries and
other equity investments (1,079,940)
Gains (losses) from securities/investments 62,918
Other income 417,541
----------------
Total Revenues 209,714
OPERATING EXPENSES
Compensation and benefits 433,968
Occupancy and equipment 89,891
Professional fees 849,845
Loss (Income) from BOLI/COLI policies (248,231)
Management fees/transition services 30,000
Insurance 217,203
Other 194,951
----------------
Total Operating Expenses 1,567,628
Net profit (loss) before other income
and expenses (1,357,915)
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany -
Borrowings -
----------------
Total Interest Expense -
Other expense/(income) -
----------------
Net profit (loss) before
reorganization items (1,357,915)
REORGANIZATION ITEMS
Professional fees 7,681,838
Claims adjustments -
U.S. Trustee quarterly fees 7,000
Gains (losses) from sale of assets -
Other reorganization expenses 96,654
----------------
Total Reorganization Items 7,785,492
Net profit (loss) before income taxes (9,143,407)
Income taxes 4,000
----------------
NET PROFIT (LOSS) ($9,147,407)
================
WASHINGTON MUTUAL, INC.
Unaudited Schedule of Cash Receipts and Disbursements
For the period March 1 to March 31, 2010
Opening Balance 02/28/10 $3,954,491,554
RECEIPTS
Interest & investment returns 2,174,288
Tax refunds 21,019
Reimbursements/distributions from subs -
Sales of assets/securities -
Return of lease deposit 126,338
Other miscellaneous receipts 8,377
----------------
Total Receipts 12,330,022
TRANSFERS
Sweep to/(from) Money Market account -
Sweep (to)from Wells Managed account -
----------------
Total Transfers -
DISBURSEMENTS
Salaries and benefits 309,490
Travel and other expenses 22,221
Occupancy and supplies 124,971
Professional fees 2,938,433
Other outside services 112,810
Bank fees 28,373
U.S. trustee quarterly fees -
Directors fees 60,000
Taxes paid 4,000
----------------
Total Disbursements 3,600,298
----------------
Net Cash Flow (1,270,275)
----------------
Cash - End of Month 3,953,221,279
GL Balance 3,953,221,278
Net value -- Short Term Securities 613,230,681
----------------
Total Cash and Cash Equivalents $4,566,451,959
================
WMI INVESTMENT CORP.
Unaudited Balance Sheet
As of March 31, 2010
ASSETS
Unrestricted cash and cash equivalents $275,265,599
Restricted cash and cash equivalents -
Investment Securities -
Accrued interest receivable 3,246
Income tax receivable 22,187,560
Prepaid expenses -
Cash surrender value of BOLI/COLI -
Funded Pension -
Other investments 58,530,524
Investment in subsidiaries -
Notes receivable, intercompany 565,844,197
Fixed Assets -
Other assets -
----------------
Total Assets $921,830,827
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $6,000
Accrued wages and benefits -
Other accrued liabilities 19,375
Minority interest -
----------------
Total Postpetition Liabilities 25,375
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt -
Subordinated debt -
Junior subordinated debt -
Intercompany payables -
Accounts payable -
Taxes payable -
Payroll and benefit accruals -
Other accrued liabilities -
Other prepetition liabilities -
----------------
Total Prepetition Liabilities -
----------------
Total Liabilities 25,375
SHAREHOLDERS' EQUITY
Preferred stock -
Common stock 1,000,000,000
Other comprehensive income 22,187,560
Retained earnings - prepetition 14,133,260
Retained earnings - postpetition (114,515,369)
----------------
Total Shareholders' Equity 921,805,452
----------------
Total Liabilities and Shareholders' Equity $921,830,827
================
WMI INVESTMENT CORP.
Unaudited Statement of Operations
For the period March 1 to March 31, 2010
REVENUES
Interest income:
Cash equivalents $34,127
Securities -
Notes receivable - intercompany -
Other -
----------------
Total Interest Income 34,127
Earnings (losses) from subsidiaries and
other equity investments (41,563)
Gains (losses) from securities/investments -
Other income -
----------------
Total Revenues (7,436)
OPERATING EXPENSES
Compensation and benefits -
Occupancy and equipment -
Professional fees -
Loss (Income) from BOLI/COLI policies -
Management fees/transition services -
Insurance -
Other 14,473
----------------
Total Operating Expenses 14,473
Net profit (loss) before other income
and expenses (21,909)
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany -
Borrowings -
----------------
Total Interest Expense -
Other expense/(income) -
----------------
Net profit (loss) before
reorganization items (21,909)
REORGANIZATION ITEMS
Professional fees -
Claims adjustments -
U.S. Trustee quarterly fees -
Gains (losses) from sale of assets -
Other reorganization expenses -
----------------
Total Reorganization Items -
----------------
Net profit (loss) before income taxes
(21,909)
Income taxes -
----------------
NET PROFIT (LOSS) ($31,909)
================
WMI INVESTMENT CORP.
Unaudited Schedule of Cash Receipts and Disbursements
For the period March 1 to March 31, 2010
Opening Balance 01/31/10 $53,870,285
RECEIPTS
Interest & investment returns 5,749
Tax refunds -
Reimbursements/distributions from subs -
Sales of assets/securities -
Rebates -
Other miscellaneous receipts -
----------------
Total Receipts 5,749
TRANSFERS
Sweep to/(from) Money Market account -
Sweep (to) from Wells Managed account -
----------------
Total Transfers -
DISBURSEMENTS
Salaries and benefits -
Travel and other expenses -
Occupancy and supplies -
Professional fees -
Other outside services -
Bank fees 31
U.S. trustee quarterly fees -
Directors fees -
Taxes paid -
----------------
Total Disbursements 31
----------------
Net Cash Flow 5,719
----------------
Cash - End of Month 53,876,004
GL Balance 53,876,004
Net value -- Short Term Securities 221,389,295
----------------
Total Cash and Cash Equivalents $275,265,298
================
WaMu Chief Financial Officer John Maciel disclosed that as of
March 31, 2010, the Debtors paid these firms an aggregate
of approximately $2,900,000 on account of services rendered in
their cases:
Professional Fees Expenses
------------ --------- --------
Akin, Gump, Strauss, Hauer & Fled $439,75 $10,097
Alvarez & Marsal 1,790,124 76,186
Davis Wright Tremaine LLP 11,614 -
FTI Consulting, Inc. 139,596 537
Grant Thornton 12,928 624
Joele Frank, Wilkinson Brimmer Katcher 1,643 473
John W. Wolfe, P.S. 164,399 356
Kurtzman Carson Consultants LLC 57,471 -
Pepper Hamilton LLP 81,773 8,351
Perkins Coie LLP 50,960 4,184
PricewaterhouseCoppers LLP 38,466 -
Richards Layton & Finger P.A. 35,256 8,501
Shearman & Sterling LLP 48,353 1,332
Simpson Thacher & Barlett LLP 4,860 -
As of March 31, 2010, WaMu paid a total of $7,780,035 to more
than 30 vendors for certain postpetition accounts.
According to Mr. Maciel, for the period from March 1 to 31,
2010, WaMu did not file property tax returns; sales and use
tax returns and corporate income; and franchise and gross receipt
tax filings. Payroll taxes were filed during the Reporting
Period.
A full-text copy of WaMu's March 2010 Operating Report is
available for free at:
http://bankrupt.com/misc/WaMu_MORMar2010.pdf
About Washington Mutual
Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries. The Company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.
Washington Mutual Bank was taken over September 25 by U.S.
government regulators. The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns
100% of the equity in WMI Investment. Weil Gotshal & Manges
represents the Debtors as counsel. When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695. WMI Investment listed assets of $500,000,000
to $1,000,000,000 with zero debts.
Peter Calamari, Esq., and David Elsberg, Esq., at Quinn Emanuel
Urquhart Oliver & Hedges, LLP, served as legal counsel to WMI with
responsibility for the litigation. Brian Rosen, Esq., at Weil,
Gotshal & Manges LLP served as legal counsel to WMI with
responsibility for the chapter 11 case.
Bankruptcy Creditors' Service Inc. publishes Washington Mutual
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Washington Mutual Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
*********
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
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however, be complete or accurate. The Monday Bond Pricing table
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then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
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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
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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.
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