/raid1/www/Hosts/bankrupt/TCR_Public/100807.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, August 7, 2010, Vol. 14, No. 217
Headlines
ABITIBIBOWATER INC: Reports $197,280,386 Net Loss for June
ACCREDITED HOME: Ends May 2010 With $11,853,000 Cash
ACCREDITED HOME: Ends June 2010 With $11,054,000 Cash
ADVANTA CORP: Posts $4.7 Million Net Loss in June
BANKUNITED FINANCIAL: Posts $414,400 Net Loss in May
BLACK GAMING: Posts $1,031,000 Net Loss in June
CAPMARK FINANCIAL: Reports $332,555,000 Net Loss for June
CELEBRITY RESORTS: Has $2.16 Million Cash at End of June
FAIRPOINT COMMS: Has $115,906,811 Cash at End of June
FEDERAL-MOGUL: Has $671.6 Million Cash at End of June
FINLAY ENTERPRISES: Posts $1,065,800 Net Loss in June
GARLOCK SEALING: Files Operating Reports for June
HSH DELAWARE: HSH Lux Sarl Unit Has $2.58 Million in Cash
LEXINGTON PRECISION: Post $1,000 Net Loss in June
MESA AIR: Reports $275,336,000 Net Loss for June
MIG INC: Posts $1.1 Million Net Loss in May
MIG INC: Posts $1.6 Million Net Loss in June
NEWARK GROUP: Posts $4,289,000 Net Loss in June
NORTH AMERICAN PETROLEUM: Posts $437,400 Net Loss in June
ORLEANS HOMEBUILDERS: Posts $4,250 Net Loss in June
PENN TRAFFIC: Posts $5,937,000 Net Loss in Month Ended June 26
PROVIDENT ROYALTIES: Posts $11,519,000 Net Loss in June
SOUTH BAY: Reports $3,053,198 Net Loss for June
THORNBURG MORTGAGE: Ends June 2010 With $115,973,000 Cash
TRIBUNE CO: Reports $33,161,000 Net Loss for June
TROPICANA ENT: Adamar of NJ Reports $110,000 Loss for June
WASHINGTON MUTUAL: Has $4,556,618,837 Cash at End of June
*********
ABITIBIBOWATER INC: Reports $197,280,386 Net Loss for June
----------------------------------------------------------
AbitibiBowater Inc., et al.
Consolidated Balance Sheet
As of June 30, 2010
ASSETS
Cash and cash equivalents $481,705,286
Receivables - Net 346,159,287
Inventories 243,389,271
Prepaid Expense and Other 37,431,115
Notes Receivable from Affiliates 3,614,392,091
Income Tax Receivable -
Deferred Income Taxes -
-----------------
Total Current Assets 4,723,077,050
Plant and Equipment 5,274,507,989
Less Accumulated Depreciation (3,820,584,084)
-----------------
Plant and Equipment, Net 1,453,923,905
Goodwill/Intangible Assets 56,356,488
Investment in Subsidiaries 14,930,595,647
Other Assets 246,828,763
-----------------
Total Assets $21,410,781,853
=================
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade Accounts Payable $40,172,344
Accrued Liabilities 231,574,007
Current Portion of Long Term Debt 206,000,000
Due to Affiliates 293,123,594
Income Tax Payable (1,832,551)
-----------------
Total Current Liabilities 769,037,394
Long Term Debt -
Reclassification to Current Portion -
-----------------
Long Term Debt Net of Current Installments 0
Loans from Affiliates -
Other Liabilities 215,201,770
Deferred Income Taxes (172,250,945)
Liabilities Subject to Compromise
Debt 3,021,025,313
Debt - Affiliate 3,689,180,880
Accounts Payable 98,345,056
Other 789,313,959
-----------------
Total Liabilities 8,409,853,427
Shareholder Equity - Net 13,000,928,426
-----------------
Total Liabilities & Shareholders' Equity $21,410,781,853
=================
AbitibiBowater Inc., et al.
Consolidated Statement of Operations
For the period from June 1, 2010 to June 30, 2010
Sales - Net $384,813,902
Cost of Sales 384,634,923
-----------------
Gross Profit (Loss) 178,979
Operating Expenses
Selling, General and Administrative 18,434,636
Research and Development -
Restructuring and Other Costs 182,259,619
-----------------
Total Operating Expenses 200,694,255
-----------------
Operating Income (Loss) (200,515,276)
Interest Income (Expense) (12,406,663)
Other Income (Expense) Net 9,587,419
Equity in Earnings of Subsidiaries (453,519)
-----------------
Income Before Taxes (203,788,039)
Income Tax Expense 6,507,653
-----------------
Net income before Discontinued Operations (197,280,386)
Discontinued Operations -
-----------------
Net Income (Loss) ($197,280,386)
=================
AbitibiBowater Inc., et al.
Consolidated Schedule of Receipts and Disbursements
For the period from June 1, 2010 to June 30, 2010
Total Cash Receipts $326,713,000
Disbursements:
Payroll & Payroll Taxes 35,479,000
Non-Payroll Labor 9,337,000
Raw Materials 61,935,000
Utilities 15,523,000
Freight 12,699,000
SG&A 11,347,000
Supplies 16,058,000
Rent 90,000
Customer Rebates 2,727,000
Interest 8,969,000
Security Deposits -
Taxes -
Other 5,649,000
-----------------
Total Cash Disbursements $179,813,000
=================
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).
ACCREDITED HOME: Ends May 2010 With $11,853,000 Cash
----------------------------------------------------
Accredited Home Lenders Holding Co. filed with the U.S. Bankruptcy
Court for the District of Delaware on June 21, 2010, its monthly
operating report for the filing period ended May 31, 2010.
At May 31, 2010, the Debtors' condensed combined balance
sheet showed $229,503,408 in total assets and $374,003,819 in
total liabilities, for a stockholders' deficit of $144,500,411.
The Debtors ended the period with cash of $11,853,323:
Beginning Cash $11,864,893
Total Cash Receipts $1,099,653
Total Cash Disbursements $1,111,223
Net Cash Flow ($11,570)
Ending Cash $11,853,323
AHL disbursements for May include $909,313 for post-petition
professional fees and $50,000 E&O insurance policy premium.
A copy of the Debtors' monthly operating report for May 2010 is
available for free at:
http://bankrupt.com/misc/accreditedhome.may2010mor.pdf
About Accredited Home
Accredited Home Lenders Holding Co. -- http://www.accredhome.com/
-- is a mortgage banker servicing U.S. markets for conforming and
non-prime residential mortgage loans operating throughout the U.S.
and in Canada. Founded in 1990, the company is headquartered in
San Diego. The Company was acquired by Lone Star Funds for
$300 million in October 2007. Lone Star also owns Bruno's
Supermarkets LLC and Bi-Lo LLC, two grocery retailers in Chapter
11.
Accredited Home and its affiliates filed for Chapter 11 on May 1,
2009 (Bankr. D. Del. Lead Case No. 09-11516). Gregory G. Hesse,
Esq., Lynnette R. Warman, Esq., and Jesse T. Moore, Esq., at
Hunton & William LLP, represent the Debtors as counsel. Laura
Davis Jones, Esq., James E. O'Neill, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as Delaware
counsel. Kurtzman Carson Consultants is the Debtors' claims
agent. Andrew I Silfen, Esq., Schuyler G. Carroll, Esq., Robert
M. Hirsch, Esq., at Arent Fox LLP in New York, and Jeffrey N.
Rothleder, Esq., at Arent Fox LLP in Washington, DC, represent the
official committee of unsecured creditors as co-counsel. Neil R.
Lapinski, Esq., and Shelley A. Kinsella, Esq., at Elliott
Greenleaf, represent the Committee as Delaware and conflicts
counsel.
According to its bankruptcy petition, Accredited Home's assets
range from $10 million to $50 million and its debts from
$100 million to $500 million.
Accredited sold the mortgage servicing business in July 2009.
ACCREDITED HOME: Ends June 2010 With $11,054,000 Cash
-----------------------------------------------------
Accredited Home Lenders Holding Co. filed with the U.S. Bankruptcy
Court for the District of Delaware on July 21, 2010, its monthly
operating report for the filing period ended June 30, 2010.
At June 30, 2010, the Debtors' condensed combined balance
sheet showed $228,036,157 in total assets and $374,403,587 in
total liabilities, for a stockholders' deficit of $146,367,430.
The Debtors ended the period with cash of $11,053,993:
Beginning Cash $11,853,322
Total Cash Receipts $156,383
Total Cash Disbursements $955,712
Net Cash Flow ($799,329)
Ending Cash $11,053,993
AHL disbursements for June include $674,142 for post-petition
professional fees and $124,000 for 2009 post-petition data storage
invoices previously accrued for.
A copy of the Debtors' monthly operating report for June 2010 is
available for free at:
http://bankrupt.com/misc/accreditedhome.june2010mor.pdf
About Accredited Home
Accredited Home Lenders Holding Co. -- http://www.accredhome.com/
-- is a mortgage banker servicing U.S. markets for conforming and
non-prime residential mortgage loans operating throughout the U.S.
and in Canada. Founded in 1990, the company is headquartered in
San Diego. The Company was acquired by Lone Star Funds for
$300 million in October 2007. Lone Star also owns Bruno's
Supermarkets LLC and Bi-Lo LLC, two grocery retailers in Chapter
11.
Accredited Home and its affiliates filed for Chapter 11 on May 1,
2009 (Bankr. D. Del. Lead Case No. 09-11516). Gregory G. Hesse,
Esq., Lynnette R. Warman, Esq., and Jesse T. Moore, Esq., at
Hunton & William LLP, represent the Debtors as counsel. Laura
Davis Jones, Esq., James E. O'Neill, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as Delaware
counsel. Kurtzman Carson Consultants is the Debtors' claims
agent. Andrew I Silfen, Esq., Schuyler G. Carroll, Esq., Robert
M. Hirsch, Esq., at Arent Fox LLP in New York, and Jeffrey N.
Rothleder, Esq., at Arent Fox LLP in Washington, DC, represent the
official committee of unsecured creditors as co-counsel. Neil R.
Lapinski, Esq., and Shelley A. Kinsella, Esq., at Elliott
Greenleaf, represent the Committee as Delaware and conflicts
counsel.
According to its bankruptcy petition, Accredited Home's assets
range from $10 million to $50 million and its debts from
$100 million to $500 million.
Accredited sold the mortgage servicing business in July 2009.
ADVANTA CORP: Posts $4.7 Million Net Loss in June
-------------------------------------------------
Advanta Corp. and certain of its subsidiaries filed on July 28,
2010, their unaudited monthly operating report for the month ended
June 30, 2010, with the U.S. Bankruptcy Court for the District of
Delaware.
Advanta Corp. reported a net loss of $4.7 million for the month
of June 2010.
At June 30, 2010, Advanta Corp. had $247.9 million in total
assets, $303.4 million in total debts, and ($55.5 million) in
stockholders' equity.
A copy of the Debtors' June 2010 monthly operating report is
available at no charge at http://researcharchives.com/t/s?67eb
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
September 30, 2009.
BANKUNITED FINANCIAL: Posts $414,400 Net Loss in May
----------------------------------------------------
On July 27, 2010, BankUnited Financial Corporation, together with
its subsidiaries BankUnited Financial Services, Inc., and CRE
America Corporation, filed its monthly operating report for
June 2010 with the United States Bankruptcy Court for the
Southern District of Florida.
Funds at June 30, 2010, were $14,415,163, compared to funds of
$14,829,607 at May 31, 2010.
BankUnited Financial Corporation, et al., reported a net loss of
$414,444 for the period. At June 30, 2010, BankUnited Financial
Corporation, et al., had $39,289,673 in total assets, $576,827,103
in total liabilities, and ($537,537,429) in total equity.
The June 2010 monthly operating report is available at no charge
at http://researcharchives.com/t/s?67ec
About BankUnited Financial
BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) --
http://www.bankunited.com/-- was the holding company for
BankUnited FSB, the largest banking institution headquartered in
Coral Gables, Florida. On May 21, 2009, BankUnited FSB was closed
by regulators and the Federal Deposit Insurance Corporation
facilitated a sale of the bank to a management team headed by John
Kanas, a veteran of the banking industry and former head of North
Fork Bank, and a group of investors led by W.L. Ross & Co.
BankUnited, FSB, had assets of $12.8 billion and deposits of
$8.6 billion as of May 2, 2009.
The Company and its affiliates filed for Chapter 11 on May 22,
2009 (Bankr. S.D. Fla. Lead Case No. 09-19940). Stephen P.
Drobny, Esq., and Peter Levitt, Esq., at Shutts & Bowen LLP; Mark
D. Bloom, Esq., and Scott M. Grossman, Esq., at Greenberg Traurig,
LLP; and Michael C. Sontag, at Camner, Lipsitz, P.A., represent
the Debtors as counsel. Corali Lopez-Castro, Esq., David Samole,
Esq., at Kozyak Tropin & Throckmorton, P.A.; and Todd C. Meyers,
Esq., at Kilpatrick Stockton LLP, serve as counsel to the official
committee of unsecured creditors.
In its bankruptcy petition, BankUnited Financial Corp. said it has
assets of $37,729,520 against debts of $559,740,185.
Wilmington Trust Co., U.S. Bank, N.A., and the Bank of New York
were listed among the company's largest unsecured creditors in
their roles as trustees for security issues. BankUnited estimated
the Bank of New York claim tied to convertible securities at
$184 million. U.S. Bank and Wilmington Trust are owed
$120,000,000 and $118,171,000 on account of senior notes.
BLACK GAMING: Posts $1,031,000 Net Loss in June
-----------------------------------------------
Black Gaming, LLC, filed with the U.S. Bankruptcy Court for the
District of Nevada on July 21, 2010, a monthly operating report
for June 2010.
The Debtor reported a net loss of $1,031,414 for the period.
At June 30, 2010, the Debtor's balance sheet showed $16,853,165 in
assets, $28,390,720 in liabilities, and ($11,537,555) in owners
equity. The Debtor ended June 2010 with $7,251,500 in cash,
compared to $7,614,664 at the beginning of the period.
A full-text copy of the June 2010 monthly operating report is
available for free at:
http://bankrupt.com/misc/blackgaming.june2010mor.pdf
About Black Gaming
Headquartered in Las Vegas, Nevada, Black Gaming, LLC, is a
holding company and is an owner and operator of three gaming
entertainment properties located in Mesquite, Nevada.
The Company filed for Chapter 11 bankruptcy protection on March 1,
2010 (Bankr. D. Nev. Case No. 10-13301). Gregory E. Garman, Esq.,
and Talitha B. Gray, Esq., at Gordon & Silver, Ltd., assist the
Company in its restructuring effort. Kurtzman Carson Consultants
is the Company's claims and notice agent. In its petition, the
Company listed $10 million to $50 million in assets and
$100 million to $500 million in liabilities.
The Company's affiliates -- B&BB, Inc.; R. Black, Inc.; Casablanca
Resorts, LLC; Casablanca Resorts, LLC; Oasis Interval Ownership,
LLC; Oasis Interval Management, LLC; Oasis Recreational
Properties, Inc.; RBG, LLC; and Virgin River Casino Corporation --
filed separate Chapter 11 petitions.
CAPMARK FINANCIAL: Reports $332,555,000 Net Loss for June
---------------------------------------------------------
Capmark Financial Group Inc.
Consolidating Debtor Balance Sheet
As of June 30, 2010
ASSETS
Cash & Cash Equivalents $727,076,000
Restricted cash 354,058,000
Accounts and other receivables 181,650,000
Receivables from Debtor subsidiaries 0
Receivables from Capmark Bank 1,752,000
Receivables from other non-debtor units 2,249,058,000
Investment securities:
Trading 6,375,000
Available for sale 516,499,000
Loans held for sale 706,120,000
Loans held for investment, net 906,193,000
Real estate investments 372,056,000
Equity Investments 916,510,000
Current taxes receivable 4,054,000
Deferred tax assets 291,000
Intangible assets, net 1,396,000
Other assets 178,171,000
Investment in Capmark Bank 1,808,202,000
Investment in other non-debtor units (345,423,000)
--------------
Total assets $8,584,038,000
==============
Liabilities and Equity
Liabilities:
Liabilities not subject to compromise
Short-term borrowings $24,197,000
Long-term borrowings 1,766,350,000
Payables to debtor subsidiaries 0
Payables to other nondebtor subsidiaries 346,177,000
Other liabilities 121,445,000
Current taxes payable 7,421,000
--------------
Total liabilities not subject to compromise 2,265,590,000
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 subsidiaries 523,761,000
Real estate syndication proceeds 933,292,000
Other liabilities 487,645,000
--------------
Total liabilities subject to compromise 8,704,555,000
--------------
Total liabilities 10,970,145,000
Commitments and Contingent Liabilities
Mezzanine Equity 71,502,000
Equity:
Total stockholders'(deficit) equity (2,478,161,000)
Noncontrolling interests 20,552,000
--------------
Total (deficit) equity (2,457,609,000)
--------------
Total liabilities and equity $8,584,038,000
==============
Capmark Financial Group Inc.
Consolidated Debtor Statement of Operations
For the Period Ended June 30, 2010
Net Interest Income
Interest income $7,235,000
Interest expense 9,193,000
--------------
Net interest Income (1,958,000)
Provision for loan losses 5,049,000
--------------
Net interest income after provision for loan losses (7,007,000)
Noninterest income
Net gains (losses)
Net gains on loans 6,291,000
Net (losses) gains on investment and real estate (3,846,000)
Other gains, net 2,444,000
Mortgage servicing fees 528,000
Placement fees 2,522,000
Investment banking fees and syndication income (5,625,000)
Asset management fees 1,401,000
Equity in income of joint ventures and partnerships (28,442,000)
Net real estate investment & other income 3,281,000
--------------
Total noninterest income (21,446,000)
--------------
Net revenue (28,453,000)
--------------
Noninterest expense
Compensation and benefits 2,479,000
Occupancy and equipment 841,000
Professional fees (1,214,000)
Other expenses 2,528,000
Reorganization Items 11,410,000
--------------
Total noninterest expense 16,044,000
--------------
(Loss) Income before income tax provision (44,497,000)
Income tax provision (665,000)
--------------
(Loss) Income before equity in net (loses)
earnings of subsidiaries (43,832,000)
Equity in net (losses) of debtor subsidiaries 0
Equity in net (loss) of Capmark Bank (210,063,000)
Equity in net (loss) of other non-debtor units (87,586,000)
--------------
Net income (loss) (341,481,000)
Plus: Net loss attributable to
noncontrolling interests 8,926,000
--------------
Net income (loss) attributable to Capmark
Financial Group Inc. ($332,555,000)
==============
Capmark Financial Group Inc.
Scheduled of Cash and Disbursements
For the Month Ended June 30, 2010
Receipts
Intercompany-debtor entities $48,411,397
Intercompany-debtor entities, capital contribution 250,000,000
Intercompany-non-debtor entities 23,728,410
Loans held for sale 23,093,232
Debt, not subject to compromise 15,424,970
Interest Income 6,512,028
Net gains on mortgage loans 4,468,173
Investment securities, available for sale 4,096,114
Loans held for investment 2,183,325
Accounts and other receivables 1,816,156
Placement fees 1,660,878
Other fee income 1,267,859
Other assets 661,109
Servicing advances 448,716
Activity for entities consolidated FIN46 0
Occupancy and equipment 182,874
Asset management fees 150,012
Mortgage servicing fees 129,834
Construction escrow 93,701
Net gains on real estate and equity investments 15,000
Investment securities, trading 6,503
Other receipts 2,171
--------------
Total receipts $384,352,463
--------------
Disbursements
Intercompany-debtor entities ($46,580,688)
Intercompany-debtor entities, capital contribution (250,000,000)
Intercompany-non-debtor entities (19,423,833)
Capital contribution-Capmark Bank (250,000,000)
LIHTC investment yield guarantee payment (18,905,930)
Professional fees (7,379,286)
Debt interest payable-not subject to compromise (5,190,587)
Compensation and benefits (2,706,710)
Activity for entities consolidated FIN46 (1,078,538)
Equity Investments (1,007,141)
Other assets (800,040)
Loans held for investment (565,382)
Occupancy and equipment (522,069)
Loans held for sale (353,460)
Debt-not subject to compromise (163,215)
Construction advances (126,559)
Travel and entertainment (108,997)
Data processing and telecommunications (104,815)
Accounts payable and other liabilities (81,648)
Interest expense (42,868)
Amounts due from Berkadia (38,402)
Other disbursements (431,558)
--------------
Total disbursements ($605,611,725)
--------------
Net Cash Movement ($221,259,261)
==============
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.
Since filing in Chapter 11, Capmark completed three sales to
generate more than $1 billion cash. Berkshire Hathaway Inc. and
Leucadia National Corp. bought most of the business for
$468 million.
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)
CELEBRITY RESORTS: Has $2.16 Million Cash at End of June
--------------------------------------------------------
netdockets Blog reports that Celebrity Resorts, LLC, disclosed
that it had slightly more than $1 million in receipts during June,
with $177,000 coming from cash sales and $401,000 in rental
income. With disbursements totaling $1.17 million during the
month, the Company ended June with $2.16 million in funds. The
disbursements include payroll ($841,000) and insurance ($99,000).
According to netdockets, since filing for Chapter 11, Celebrity
Resorts has had receipts of almost $6 million and disbursements of
slightly less than $5 million.
Orlando, Florida-based Celebrity Resorts, LLC, filed for Chapter
11 bankruptcy protection on March 5, 2010 (Bankr. M.D. Fla. Case
No. 10-03550). R Scott Shuker, at Latham Shuker Eden & Beaudine
LLP, assists the Company in its restructuring effort. The Company
estimated its assets and debts at $10,000,001 to $50,000,000.
FAIRPOINT COMMS: Has $115,906,811 Cash at End of June
-----------------------------------------------------
FairPoint Communications, Inc., and Subsidiaries
Schedule of Cash Receipts and Disbursements
For the Period June 1 - 30, 2010
Cash Beginning of the Month $120,172,794
Receipts:
Cash 97,662,339
Intra-debtor transfers 332,775,561
--------------
Total Receipts 430,437,900
Disbursements:
Employee Expenses (28,956,563)
Restructuring (5,140,315)
Operating Taxes (4,254,136)
Marketing Expenses (989,289)
Insurance (289,928)
Other Expenses (36,207,438)
Capital Expenditures (22,730,725)
Intra-debtor transfers (332,775,561)
-------------
Total Disbursements (431,343,959)
-------------
Net Cash Flow (4,265,982)
-------------
Cash - End of the month $115,906,811
=============
The Debtors made payments, aggregating $13,950,387, to their
professionals for June 2010, a schedule of which is available
for free at http://bankrupt.com/misc/FairPt_ProfFees_June2010.pdf
The Debtors' June 2010 Monthly Operating Report does not
include a balance sheet table and an income statement table.
According to D. Brett Ellis, FairPoint Communications' vice
president for investor relations and assistant controller, the
Debtors' financial results for June 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.
FEDERAL-MOGUL: Has $671.6 Million Cash at End of June
-----------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of June 30, 2010
(In millions)
Assets
Cash and equivalents $671.6
Accounts receivable 606.9
Inventories 406.1
Deferred taxes 144.4
Prepaid expenses and other current assets 47.1
--------
Total current assets 1,876.1
Summary of Unpaid Postpetition Debits (30.0)
I/C Loans Receivable (Payable) 50.5
--------
Intercompany Balances 20.4
Property, plant and equipment 559.0
Goodwill 7.4
Other intangible assets -
Insurance recoverable -
Other noncurrent assets 288.1
--------
Total Assets $2,751.2
========
Liabilities and Shareholders' Equity
Short-term debt $29.6
Accounts payable 272.3
Accrued compensation 50.4
Restructuring and rationalization reserves 9.5
Current portion of asbestos liability -
Interest payable 4.8
Other accrued liabilities 271.2
--------
Total current liabilities 637.8
Long-term debt 2,749.0
Postemployment benefits 797.9
Other accrued liabilities 711.0
Liabilities subject to compromise -
Shareholders' equity:
Preferred stock 1,023.2
Common stock 90.9
Treasury shares (16.7)
Additional paid-in capital 7,542.4
Accumulated deficit (10,524.9)
Accumulated other comprehensive income (261.8)
Other 2.5
--------
Total Shareholders' Equity (2,144.4)
--------
Total Liabilities and Shareholders' Equity $2,751.3
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flow
For the Month Ended June 30, 2010
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) $37.3
Adjustments to reconcile net earnings (loss)
to net cash provided from (used by)
operating activities:
Depreciation and amortization 28.8
Adjustment of assets held for sale and
other long-lived assets to fair value (0.3)
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in postemployment benefits (152.0)
Decrease (increase) in accounts receivable (64.6)
Decrease (increase) in inventories 12.0
Increase (decrease) in accounts payable 33.7
Change in other assets & other liabilities 69.6
Change in restructuring charge (1.1)
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From (Used By) Operating Activities (36.5)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (17.5)
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 (17.5)
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 (55.7)
Cash and equivalents at beginning of period 727.3
--------
Cash and equivalents at end of period $671.6
========
About Federal-Mogul
Federal-Mogul Corporation is a supplier of powertrain, chassis and
as 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. Federal-Mogul was
founded in Detroit in 1899. The Company is headquartered in
Southfield, Michigan, and employs nearly 41,000 people in 33
countries.
The Company filed for Chapter 11 protection on October 1, 2001
(Bankr. Del. Case No. 01-10582). Attorneys at Sidley Austin Brown
& Wood, and Pachulski, Stang, Ziehl & Jones, P.C., represented the
Debtors in their restructuring effort. When the Debtors filed for
protection from their creditors, they listed $10.15 billion in
assets and $8.86 billion in liabilities. Attorneys at The Bayard
Firm represented the Official Committee of Unsecured Creditors.
The Debtors' Reorganization 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-'. "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.
Moody's Investors Service in April 2009, lowered corporate family
rating of Federal-Mogul to B1 from Ba3. At that time, Moody's
said the downgrade "reflects the company's weakened credit metrics
as a result of the dramatic decline of global automotive
production and the impact of the global recessionary environment
on consumer spending."
The ratings have remained the same at present.
FINLAY ENTERPRISES: Posts $1,065,800 Net Loss in June
-----------------------------------------------------
On July 29, 2010, Finlay Enterprises, Inc., and Finlay Fine
Jewelry Corporation filed their unaudited monthly operating
report for the fiscal month ended July 3, 2010, with the
United States Bankruptcy Court for the Southern District of New
York.
For the fiscal month ended July 3, 2010, the Company reported
a net loss of $1,065,800. The Debtor incurred $789,800 in
professional fees and other reorganization expense during the
period.
At July 3, 2010, the Company had $96,288,626 in total assets
and $251,958,740 in total liabilities, for a shareholders' deficit
of $155,670,114. Cash held at July 3, 2010, was $81,550,000,
compared to $80,364,000 at May 31, 2010. Including A/P overdraft
and credit card receivables, unrestricted cash and
equivalents were $81,585,000 at July 3, 2010.
A full-text copy of the Debtors' monthly operating report for
the fiscal month ended July 3, 2010, is available for free at:
http://researcharchives.com/t/s?67ed
About Finlay Enterprises
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.
On June 29, 2010, the Bankruptcy Court confirmed the Debtors'
Modified Plan of Liquidation, dated as of May 18, 2010. The Plan
became effective on August 2, 2010.
GARLOCK SEALING: Files Operating Reports for June
-------------------------------------------------
Garlock Sealing Technologies LLC, Garrison Litigation Management
Group, Ltd., and The Anchor Packing Company submitted to the Court
their operating reports for the June 5 to July 3, 2010 period.
Garlock disclosed that per agreement with Linda W. Simpson, U.S.
Bankruptcy Administrator for the Western District of North
Carolina, certain information are presented in a modified or
abridged format.
The Debtors note that for the reporting period, they paid these
amounts in Salary, Wage and Commission Payments:
Garlock Sealing $2,257,413
Garrison Litigation $40,428
Anchor Packing $0
Garlock reported that as of July 3, 2010, it had $13,004,747 in
account receivables. Meanwhile, Garrison Litigation and Anchor
Packing disclosed $0 account receivables for the June 5 to
July 3, 2010 period.
Full-text copies of Garlock Sealing's, Garrison's and Anchor
Packing's reports are available for free at:
http://bankrupt.com/misc/Garlock_Jun5toJul3MOR.pdf
http://bankrupt.com/misc/GarrisonJun5toJul3MOR.pdf
http://bankrupt.com/misc/AnchorPackingJune5toJul3MOR.pdf
About Garlock Sealing
Headquartered in Palmyra, NY, Garlock Sealing Technologies LLC is
an EnPro Industries, Inc. company (NYSE: NPO). For more than a
century, Garlock has been helping customers efficiently seal the
toughest process fluids in the most demanding applications.
On June 5, Garlock filed a voluntary Chapter 11 petition (Bankr.
W. D. N.C. Case No. 10-31607) in Charlotte to establish a trust to
resolve all current and future asbestos claims against Garlock
under Section 524(g) of the U.S. Bankruptcy Code. The Debtor
listed $500,000,001 to $1,000,000,000 in assets and $100,000,001
to $500,000,000 in debts as of the Petition Date. Affiliates The
Anchor Packing Company and Garrison Litigation Management Group,
Ltd., also filed for bankruptcy.
The filing covers only Garlock operations in Palmyra, New York and
Houston, Texas. Garlock Rubber Technologies, Garlock Helicoflex,
Pikotek, Technetics, Garlock Europe and Garlock operations in
Canada, Mexico or Australia are not affected by the filing, nor is
EnPro Industries or any other EnPro operating subsidiary.
Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A.,
represents the Debtor in its Chapter 11 effort. Garland S.
Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel
for Asbestos matters.
Bankruptcy Creditors' Service, Inc., publishes Garlock Sealing
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by Garlock Sealing Technologies LLC and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
HSH DELAWARE: HSH Lux Sarl Unit Has $2.58 Million in Cash
---------------------------------------------------------
Carla Main at Bloomberg News reported that HSH Delaware GP LLC
filed a debtor-in-possession monthly operating report for the
period ended June 30. The HSH Lux Sarl unit had $2.58 million in
cash and HSH Coininvest Lux had $1.36 million in cash, while HSH
Delaware and remaining units each had less than $200,000 in cash.
HSH Delaware had total liabilities and partners' capital of
$34.3 million.
About HSH Delaware
HSH Delaware GP LLC is based in Wilmington, Delaware.
Nine HSH partnerships were created in 2006 to buy a 26% stake in
HSH Nordbank AG, the world's largest shipping financier, from
WestLB AG for about EUR1.25 billion ($1.76 billion). The
partnerships received unsecured term and revolving loans of
EUR375 million from ABN AMRO bank to fund the purchase of HSH
Nordbank shares.
As reported by the Troubled Company Reporter on September 9, 2009,
creditors with claims aggregating $27.8 million filed a petition
to send affiliate HSH Delaware LP to Chapter 7 liquidation (Bankr.
D. Del. Case No. 09-13145). Commerzbank AG, Lloyds TSB Bank Plc,
ABN Amro Bank NV, Calyon, Royal Bank of Scotland Plc and
Landsbanki Islands HF filed the involuntary Chapter 7 petition.
HSH Delaware filed for Chapter 11 bankruptcy protection on
January 21, 2010 (Bankr. D. Delaware Case No. 10-10187). The
Company listed $100,000,001 to $500,000,000 in assets and
$100,000,001 to $500,000,000 in liabilities.
HSH Delaware's affiliates -- HSH Delaware L.P.; HSH Luxembourg
S.a.r.l.; HSH Luxembourg Coinvest S.a.r.l.; HSH Delaware GP LLC;
HSH Alberta I L.P.; HSH Alberta II L.P.; HSH Alberta V L.P.; HSH
Coinvest (Alberta) L.P.; JCF HSH (DE) GP LP; HSH Delaware L.P.;
HSH Luxembourg S.a.r.l.; and HSH Luxembourg Coinvest S.a.r.l. --
also filed separate Chapter 11 petitions.
John Henry Knight, Esq.; Lee E. Kaufman, Esq.; Mark D. Collins,
Esq.; and Robert J. Stearn Jr., Esq., assist the Debtors in their
restructuring effort.
The Debtors' Canadian Counsel is McCarthy Tetrault LLP. The
Debtors' Chief Restructuring Officer is H. Ronald Weissman.
LEXINGTON PRECISION: Post $1,000 Net Loss in June
-------------------------------------------------
On July 30, 2010, Lexington Precision Corp. and Lexington Rubber
Group, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of New York a corporate monthly operating report
for the month of June 2010.
The Debtors reported a net loss of $1,000 on net sales of
$7.2 million for the month ended June 30, 2010.
At June 30, 2010, the Debtors had total assets of $46.5 million
and total liabilities of $105.0 million, for a shareholders'
deficit of $58.5 million.
A full-text copy of the Debtor's monthly operating report for
June 2010 is available for free at:
http://bankrupt.com/misc/lexingtonprecision.june2010mor.pdf
About Lexington Precision
Headquartered in New York, Lexington Precision Corp. --
http://www.lexingtonprecision.com/-- manufactures tight-tolerance
rubber and metal components for use in medical, automotive, and
industrial applications. As of February 29, 2008, the Company
employed about 651 regular and 22 temporary personnel.
The Company and its affiliate, Lexington Rubber Group Inc., filed
for Chapter 11 protection on April 1, 2008 (Bankr. S.D.N.Y. Lead
Case No.08-11153). Christopher J. Marcus, Esq., and Victoria
Vron, Esq., at Weil, Gotshal & Manges, represent the Debtors in
their restructuring efforts. The Debtors selected Epiq Systems -
Bankruptcy Solutions LLC as claims agent. The U.S. Trustee for
Region 2 appointed six creditors to serve on an official committee
of unsecured creditors. Paul N. Silverstein, Esq., and Jonathan
Levine, Esq., at Andrews Kurth LLP, represent the Committee as
counsel.
On July 21, 2010, the Bankruptcy Court confirmed the Debtors'
Fourth Amended Chapter 11 Plan, dated May 26, 2010. The effective
date of the Plan occurred on July 30, 2010.
MESA AIR: Reports $275,336,000 Net Loss for June
------------------------------------------------
Mesa Air Group, Inc., et al.
Condensed Consolidated Balance Sheet
As of June 30, 2010
ASSETS
Current Assets
Cash and cash equivalents $52,165,000
Short-term investments 0
Restricted investments 11,117,000
Receivables, net of allowance 17,307,000
Inventories, net of allowance 27,670,000
Prepaid expenses and other assets 129,831,000
--------------
Total current assets 238,090,000
Property and equipment, net 540,650,000
Security and other deposits 8,393,000
Other assets 134,389,000
--------------
TOTAL ASSETS $921,522,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities Not Subject to Compromise:
Current Liabilities
Accounts payable $3,220,000
Air traffic liability 4,767,000
Other accrued expenses 40,641,000
Income tax payable (164,192,000)
Deferred revenue & other current liabilities 0
--------------
Total current liabilities not subject to (115,564,000)
compromise
Deferred credits and other liabilities 97,989,000
Long-term deferred income tax 156,719,000
Other long-term debt postpetition 0
--------------
Total liabilities not subject to compromise 254,708,000
Liabilities subject to compromise 957,716,000
--------------
Total Liabilities 1,096,860,000
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 1,637,000
Retained earnings (295,652,000)
--------------
Total shareholders' equity (175,338,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $921,522,000
==============
Mesa Air Group, Inc., et al.
Condensed Consolidated Statement of Operations
For the Month Ended June 30, 2010
Revenues
Passenger $73,955,000
Cargo 0
Other 469,000
--------------
Total revenue 74,424,000
--------------
Operating Expenses
Flight operations 17,654,000
Flight operations - nonoperating aircraft 752,000
Aircraft fuel 17,900,000
Aircraft and traffic servicing 3,751,000
Maintenance 12,142,000
Promotion and sales 738,000
General and administrative 4,449,000
Depreciation and amortization 3,343,000
impairment of long-lived asset 0
--------------
Total operating expenses 60,729,000
Operating Income (Loss) 13,695,000
Nonoperating Income (Expense)
Interest income 441,000
Interest expense (1,270,000)
Other, net (1,693,000)
--------------
Total nonoperating income (expense) (2,523,000)
Income (Loss) before reorganization items and 11,173,000
Income Taxes
Income Taxes (162,400,000)
Loss (Gain) on reorganization items 448,910,000
Income (Loss) before discontinued operations (275,336,000)
Loss (Gain) from discontinued operations 0
--------------
NET INCOME (LOSS) ($275,336,000)
==============
Mesa Air Group, Inc., et al.
Condensed Consolidated Statement of Cash Flows
For the Month Ended June 30, 2010
Cash Flows from Operating Activities:
Net income (loss) from continuing operations ($275,336,000)
Net income (loss) from discontinued operations 0
--------------
Net income (loss) (275,336,000)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 3,343,000
Impairment charges 0
Amortization of deferred credits (494,000)
Amortization of restricted stock awards 32,000
Amortization of contract incentive payments 27,000
Provisions for obsolete expendable parts 155,000
and supplies
Changes in operating assets and liabilities:
Net (purchase) sales of investment securities 1,258,000
Receivables (9,283,000)
Expendable parts and supplies (195,000)
Prepaid expenses and other assets (5,165,000)
Other assets 50,000
Accounts payable (6,948,000)
Income taxes payable (162,418,000)
Air traffic liability 0
Other accrued liabilities 5,815,000
Reorganization items (2,279,000)
--------------
Net cash provided by (used in) operating (451,436,000)
activities
Cash Flows from Reorganization Activities:
Net cash provided by (used in) reorganization 0
activities
--------------
Total net cash provided by (used in) operating (451,436,000)
activities
Cash Flows from Investing Activities:
Capital expenditures 2,314,000
Proceeds from sale of flight equipment and 0
expendable inventory
Change in restricted cash 225,000
Equity method investment (785,000)
Investment deposits 0
Change in other assets 5,000
Net returns (payments) of lease and equipment (14,000)
deposits
--------------
Net cash (used in) provided by investing 1,745,000
activities
Cash Flows from Financing Activities:
Unsecured claims for rejected aircraft 443,717,000
Principal payments on long-term borrowings (2,695,000)
--------------
Net cash (used in) provided by financing 441,023,000
activities
Increase (decrease) in cash and cash (8,668,000)
equivalents
Cash and cash equivalents at beginning of 60,833,000
period
--------------
Cash and cash equivalents at end of period $52,165,000
==============
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).
MIG INC: Posts $1.1 Million Net Loss in May
-------------------------------------------
MIG, Inc., reported a net loss of $1.1 million on net revenue of
$3,764 for the month ended June 30, 2010.
At June 30, 2010, MIG had $1.036 billion in total assets,
$205.6 million in total liabilities, and $829.9 million in total
equity.
The Company ended June 2010 with roughly $51.5 million in
unrestricted cash. For the month, the Company paid a total of
$1.7 million in professional fees and expenses.
A copy of the Debtor's monthly operating report is available for
free at http://bankrupt.com/misc/miginc.may2010mor.pdf
About MIG Inc.
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.
MIG INC: Posts $1.6 Million Net Loss in June
--------------------------------------------
MIG, Inc., reported a net loss of $1.6 million on net revenue of
$4,796 for the month ended June 30, 2010.
At June 30, 2010, MIG had $1.034 billion in total assets,
$205.4 million in total liabilities, and $828.3 million in total
equity.
The Company ended June 2010 with roughly $49.8 million in
unrestricted cash. For the month, the Company paid a total of
$1.5 million in professional fees and expenses.
A copy of the Debtor's monthly operating report is available for
free at http://bankrupt.com/misc/miginc.june2010mor.pdf
About MIG Inc.
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.
NEWARK GROUP: Posts $4,289,000 Net Loss in June
-----------------------------------------------
The Newark Group, Inc., et al., filed on July 28, 2010, a monthly
operating report for the month ended June 30, 2010.
The Debtors reported a net loss of $4,289,137 on trade sales of
$69,138,611 for the period.
At June 30, 2010, the Debtors had total assets of $364,237,000,
total liabilities of $481,015,000, and stockholders' equity of
($116,778,000).
A copy of the Debtors' June 2010 monthly operating report is
available for free at:
http://bankrupt.com/misc/newarkgroup.june2010mor.pdf
About Newark Group
Cranford, New Jersey-based The Newark Group, Inc., manufactures
and sells recycled paperboard and paperboard products. The
company operates in three segments: Paperboard, Converted Products
and International.
The Company, along with affiliates, filed for Chapter 11
bankruptcy protection on June 9, 2010 (Bankr. D. N.J. Case No.
10-27694). Kenneth Rosen, Esq., at Lowenstein Sandler, assists
the Company in its restructuring effort.
Jefferies & Company is the Company's investment banker.
AlixPartners LLP is the Company's restructuring financial
advisors. Deloitte & Touche LLP is the Company's accounting
Advisors. Kurtzman Carson & Consultants LLC is the Company's
claims, balloting & noticing agent.
The Company estimated its assets and debts at $100 million to
$500 million.
NORTH AMERICAN PETROLEUM: Posts $437,400 Net Loss in June
---------------------------------------------------------
North American Petroleum Corp. USA filed on July 21, 2010, a
monthly operating report for the filing period May 26, 2010,
through June 30, 2010.
The Debtor reported a net loss of $437,453 on net revenue of
$3,331,217 for the period. At June 30, 2010, the Debtor had
$143,375,162 in assets, $125,866,772 in liabilities, and
$17,508,389 in net owner equity.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/northamericanpetroleum.initialmor.pdf
About North American Petroleum Corp. USA
Denver, Colorado-based North American Petroleum Corp. USA is a
natural gas driller. North American Petroleum and Prize Petroleum
are subsidiaries of Petroflow Energy Corporation.
North American Petroleum filed for Chapter 11 bankruptcy
protection on May 25, 2010 (Bankr. D. Del. Case No. 10-11707).
Kirkland & Ellis LLP assists the Debtor in its restructuring
effort. Domenic E. Pacitti, Esq., at Klehr Harrison Harvey
Branzburg LLP, is the Debtor's Delaware counsel. Kinetic
Advisors LLC is the Company's restructuring advisor. Epiq
Bankruptcy Solutions, LLC, is the Debtor's notice, claims and
balloting agent. The Debtor estimated its assets and debts at
$100 million to $500 million, as of the petition date.
The Debtor's affiliate, Prize Petroleum LLC, filed a separate
Chapter 11 petition on May 25, 2010 (Case No. 10-11708).
ORLEANS HOMEBUILDERS: Posts $4,250 Net Loss in June
---------------------------------------------------
Orleans Homebuilders, Inc., et al., reported a net loss of $4,520
for the month ended June 30, 2010.
At June 30, 2010, the Debtors had $50.2 million in total assets,
($6.1) million in total liabilities, and $56.2 million in total
owner equity.
A copy of the June 2010 operating report is available for free at:
http://bankrupt.com/misc/orleanshomebuilders.june2010mor.pdf
About Orleans Homebuilders
Orleans Homebuilders, Inc. -- aka FPA Corporation, OHB, Parker &
Lancaster, Masterpiece Homes, Realen Homes and Orleans --
develops, builds and markets high-quality single-family homes,
townhouses and condominiums. From its headquarters in suburban
Philadelphia, the Company serves a broad customer base including
first-time, move-up, luxury, empty-nester and active adult
homebuyers. The Company currently operates in these 11 distinct
markets: Southeastern Pennsylvania; Central and Southern New
Jersey; Orange County, New York; Charlotte, Raleigh and
Greensboro, North Carolina; Richmond and Tidewater, Virginia;
Chicago, Illinois; and Orlando, Florida. The Company's Charlotte,
North Carolina operations also include adjacent counties in South
Carolina. Orleans Homebuilders employs approximately 300 people.
The Company filed for Chapter 11 bankruptcy protection on March 1,
2010 (Bankr. D. Del. Case No. 10-10684). Cahill Gordon & Reindell
LLP is the Debtor's bankruptcy and restructuring counsel. Curtis
S. Miller, Esq., and Robert J. Dehney, Esq., at Morris, Nichols,
Arsht & Tunnell, are the Debtor's Delaware and restructuring
counsel. Blank Rome LLP is the Debtor's special corporate
counsel. Garden City Group Inc. is the Debtor's claims and notice
agent. The Company estimated assets and debts at $100 million to
$500 million.
PENN TRAFFIC: Posts $5,937,000 Net Loss in Month Ended June 26
--------------------------------------------------------------
On August 2, 2010, The Penn Traffic Company, et al., filed their
monthly operating report for the month ended June 26, 2010, with
the U.S. Bankruptcy Court for the District of Delaware.
For the period the Debtors reported a net loss of $5,937,000 on
revenues of $25,000. Reorganization expense totaled $1,039,000
for the period.
At June 26, 2010, the Debtors had total assets of $85,211,000,
total liabilities of $98,271,000, and stockholders' equity of
($13,061,000).
A full-text copy of the Debtors monthly operating report for the
period ended June 26, 2010, is available for free at:
http://researcharchives.com/t/s?67ee
About Penn Traffic
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.
The Company's 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.
Following a bankruptcy court-sanctioned auction, Tops Markets LLC
purchased almost all of Penn Traffic's stores as a going concern
by paying $85 million cash. The sale was structured so Penn
Traffic avoided a $72 million claim for pension plan termination
and a $27 million claim by the principal supplier.
PROVIDENT ROYALTIES: Posts $11,519,000 Net Loss in June
-------------------------------------------------------
Provident Royalties LLC, et al., reported a net loss of
$11,519,093 on net revenue of $277,129 for the month ended
June 30, 2010.
The Debtors ended the month with $34,632,568 cash. The Debtors
paid a total of $517,689 in professional fees in June.
At June 30, 2010, the Debtors had total assets of $141,516,101,
total post petition liabilities of ($693,881), total pre-petition
debt of $54,030,828, and total equity of $88,179,154.
A copy of Provident Royalties' June 2010 monthly operating report
is available for free at:
http://bankrupt.com/misc/providentroyalties.june2010mor.pdf
About Provident Royalties
Based in Dallas, Texas, Provident Royalties LLC owns working
interests in oil and gas properties primarily in Oklahoma.
Provident and its affiliates filed for Chapter 11 on June 22, 2009
(Bankr. N.D. Tex. Case No. 09-33886). Judge Harlin DeWayne Hale
presides over the case. Epiq Bankruptcy Solutions, LLC is
the claims and noticing agent. The United States Trustee for
the Northern District of Texas appointed nine members to the
Official Committee of Unsecured Creditors.
On July 2, 2009, the Securities and Exchange Commission filed,
under seal, a complaint in District Court for the Northern
District of Texas against the Debtors and certain of their
principals and managing partners on allegations that they sold
stock and limited partnership interest to over 7,700 investors as
part of a $485 million Ponzi scheme.
On July 2, 2009, the District Court for the Northern District of
Texas appointed Dennis L. Roossien, Jr., at Munsch Hardt Kopf &
Harr P.C. in Dallas, Texas, as receiver for the Debtors. On
July 20, 2009, the Bankruptcy Court appointed the receiver as the
Debtors' Chapter 11 trustee. Mr. Roossien, Jr., has taken
possession and control of the Debtors' property and business.
Mr. Roossien, Jr., has selected Patton Boggs, LLP, as his special
counsel. Patton Boggs, LLP, was Debtors' counsel before the
appointment of Mr. Roossien, Jr., as Chapter 11 trustee. Mr.
Roossien, Jr., has selected Munsch Hardt Koph & Harr, P.C., as
counsel. Gardere, Wynne, Sewell, LLP represents the official
committee of unsecured creditors. Rochelle McCullough, LLP
represents the official investors committee.
The Company, in its petition, listed between $100 million and
$500 million each in assets and debts.
As reported in the Troubled Company Reporter on June 21, 2010, the
Chapter 11 Trustee, the official committee of unsecured creditors
and the official investors committee for Provident Royalties LLC
and its affiliates have obtained confirmation of their plan of
liquidation. The Plan provides 100% return to all creditors
on their claims with interest, and creates a liquidating trust to
pursue claims against third parties for the benefit of holders of
preferred stock interests.
SOUTH BAY: Reports $3,053,198 Net Loss for June
-----------------------------------------------
South Bay Expressway, L.P.
Balance Sheet
As of June 30, 2010
Assets
Cash and cash equivalents $424,744
Restricted cash 1,768,775
Short-term investments, restricted 40,083,806
Accounts receivable 15,444,764
Unbilled accounts receivable 2,281,212
Franchise development costs 20,000
Due from affiliates 653,917
Debt issuance costs, net 9,251,018
Property and equipment, net 557,098,841
Land 6,078,972
Prepaid expenses and other assets 886,947
-------------
Total assets $633,992,996
=============
Liabilities and Partners' capital
Postpetition liabilities
Accounts payable $1,353,212
Accrued liabilities 4,185,233
Unearned revenue 1,176,928
-------------
Total prepetition liabilities 6,715,373
Prepetition liabilities
Accounts payable 3,927,219
Accrued liabilities 28,497,132
Interest rate swaps, at fair value 22,345,000
Notes payable 512,005,767
Related party note payable 3,476,271
-------------
Total prepetition liabilities 570,251,389
Equity
Partners capital 100,437,474
Prepetition net income/(loss) (34,993,236)
Postpetition net income/(loss) (8,418,004)
-------------
Total equity 57,026,234
-------------
Total liabilities and Partners' capital $633,992,996
=============
South Bay Expressway, L.P.
Profit and Loss Statement
For the month ending June 30, 2010
Revenues
Toll Revenue, net $1,985,948
Interest Income 857
-------------
Total Revenues 1,986,805
Operating Expense
Salaries & Benefits 335,790
Credit Card Processing 37,658
Armored Car Service 12,170
CHP Services 15,774
Other Services 68,221
Maintenance 83,635
Facility 5,399
Office Supplies & Leasing 2,418
Insurance 101,198
Postage/Mailing/Courier 8,991
Communications 8,657
Information Systems Services 560
Technical Support 11,721
Utilities & Electric 27,587
Professional Fees & Services 23,915
Marketing & Public Relations 18,650
Taxes 389,211
Travel & Entertainment 3,949
Other G&A Costs 5,419
-------------
Total Operating Expense 1,160,923
Other Income/Expense
Depreciation & Amortization 1,830,857
Extraordinary Legal Expenses 1,048,223
Adequate Assurance - Senior Lenders 1,000,000
-------------
Total Other Income/Expense 3,879,080
-------------
Net Income (loss) ($3,053,198)
=============
South Bay Expressway, L.P.
Cash Receipts and Disbursements
For the month ending June 30, 2010
Ending Balances for Period:
Collections Account $118,205
Project Account 4,265,762
Payments Account (48,738)
Payroll Account 2,951
Sweep Account 344,184
SANDAG Account 3,590
Construction Reserve Account 7,658,000
Debt Service Reserve Account 15,000,000
Litigation Reserve Sub Account 406,044
BBVA New York Litigation Account 1,728,793
Additional Equity Account 12,754,000
Utility Deposit Account 39,981
Petty Cash 4,550
-------------
Total Cash Available $42,277,326
=============
California Transportation Ventures, Inc., also delivered to the
Court a copy of its Monthly Operating Report for the period from
June 1 to 30, 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).
THORNBURG MORTGAGE: Ends June 2010 With $115,973,000 Cash
---------------------------------------------------------
On July 26, 2010, the Chapter 11 trustee for TMST, Inc.,
formerly known as Thornburg Mortgage, Inc., filed on
behalf of the Debtors, except for ADFITECH, Inc., a monthly
operating report for June 2010. ADFITECH is no longer a wholly-
owned subsidiary of the Company and, therefore, its operating
reports are no longer required to be filed by the Company.
TMST, Inc., et al., ended June with $115,972,647 cash. The
Debtors reported a net loss of $1,119,864 on net operating revenue
of $17,928 for the month.
At June 30, 2010, the Debtors had $118,047,268 in total assets,
$3,428,855,461 in total liabilities, and ($3,310,808,193) in
owners' equity.
A full-text copy of the TMST, Inc.'s June 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?67f6
About Thornburg Mortgage
Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages. It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets. Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.
Thornburg Mortgage, Inc., and its four affiliates filed for
Chapter 11 on May 1, 2009 (Bankr. D. Md. Lead Case No. 09-17787).
Thornburg has changed its name to TMST, Inc.
Judge Duncan W. Keir is handling the case. David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, has been tapped as
counsel. Orrick, Herrington & Sutcliffe LLP is employed as
special counsel. Jim Murray, and David Hilty, at Houlihan Lokey
Howard & Zukin Capital, Inc., have been tapped as investment
banker and financial advisor. Protiviti Inc. has also been
engaged for financial advisory services. KPMG LLP is the tax
consultant. Epiq Systems, Inc., is claims and noticing agent.
Thornburg listed total assets of $24.4 billion and total debts of
$24.7 billion, as of January 31, 2009.
On October 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc. and TMST Hedging
Strategies, Inc.
TRIBUNE CO: Reports $33,161,000 Net Loss for June
-------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of June 27, 2010
ASSETS
Current Assets:
Cash and cash equivalents $855,985,000
Accounts receivable, net 461,596,000
Inventories 21,402,000
Broadcast rights 154,666,000
Prepaid expenses and other 184,745,000
--------------
Total current assets 1,678,394,000
Property, plant and equipment, net 975,807,000
Other Assets:
Broadcast rights 100,404,000
Goodwill & other intangible assets 797,206,000
Prepaid pension costs 1,971,000
Investments in non-debtor units 1,515,179,000
Other investments 43,401,000
Intercompany receivables from non-debtors 3,160,331,000
Restricted cash 721,217,000
Other 73,783,000
--------------
Total Assets $9,067,693,000
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of broadcast rights $77,654,000
Current portion of long-term debt 6,227,000
Accounts payable, accrued expenses, and other 375,064,000
--------------
Total current liabilities 458,945,000
Pension obligations 171,519,000
Long-term broadcast rights 48,226,000
Long-term debt 7,641,000
Other obligations 198,849,000
--------------
Total Liabilities 885,181,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,117,000
Obligations to third parties 13,230,489,000
--------------
Total Liabilities Subject to Compromise 16,689,606,000
Shareholders' Equity (Deficit) (8,507,094,000)
--------------
Total Liabilities & Shareholders' Equity $9,067,693,000
==============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period From May 24, 2010 to June 27, 2010
Total Revenue $301,398,000
Operating Expenses:
Cost of sales 156,988,000
Selling, general and administrative 80,673,000
Depreciation 13,420,000
Amortization of intangible assets 1,331,000
--------------
Total operating expenses 252,412,000
--------------
Operating Profit (Loss) 48,986,000
--------------
Net income on equity investments 608,000
Interest expense, net (3,633,000)
Management fee (1,819,000)
Non-operating loss, net (219,000)
--------------
Income (loss) before income taxes & Reorg. Costs 43,923,000
Reorganization costs (10,154,000)
--------------
Income (loss) before income taxes 33,769,000
Income taxes (608,000)
--------------
Income (loss) from continuing operations 33,161,000
Income from discontinued operations, net of tax 0
--------------
Net Income (Loss) $33,161,000
==============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period May 24, 2010 to June 27, 2010
Beginning Cash Balance $1,522,823,000
Cash Receipts:
Operating receipts 266,743,000
Other 2,000,000
--------------
Total Cash Receipts 268,743,000
Cash Disbursements
Compensation and benefits 89,828,000
General disbursements 142,615,000
Reorganization related disbursements 10,255,000
--------------
Total Disbursements 242,698,000
--------------
Debtors' Net Cash Flow 26,045,000
From/(To) Non-Debtors 1,540,000
--------------
Net Cash Flow 27,585,000
Other 3,798,000
--------------
Ending Available Cash Balance $1,554,206,000
==============
About Tribune Co.
Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.
The Company and 110 of its affiliates filed for Chapter 11
protection on Dec. 8, 2008 (Bankr. D. Del. Lead Case No.
08-13141). The Debtors proposed Sidley Austin LLP as their
counsel; Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware
counsel; Lazard Ltd. and Alvarez & Marsal North America LLC as
financial advisors; and Epiq Bankruptcy Solutions LLC as claims
agent. As of Dec. 8, 2008, the Debtors have $7,604,195,000 in
total assets and $12,972,541,148 in total debts.
Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TROPICANA ENT: Adamar of NJ Reports $110,000 Loss for June
----------------------------------------------------------
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Balance Sheet
As of June 30, 2010
ASSETS
Current Assets
Cash and cash equivalents $6,565,000
Receivables, gaming, hotel and other, net 0
Inventories 0
Prepaid expenses and other 0
Deferred income taxes 0
--------------
Total current assets 6,565,000
Property and equipment, at cost, net 0
Investments 0
Tenant allowances and other assets 0
--------------
TOTAL ASSETS $6,565,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accruals $3,978,000
Accrued payroll and employee benefits 0
Current portion of long-term debt 0
Casino reinvestment obligation 0
Advances from TE and other affiliates, net 0
Advances from NJ affiliates, net 0
Other current liabilities 0
Liabilities subject to compromise 9,560,000
--------------
Total current liabilities 13,539,000
Long-term debt, net of current portion 0
Deferred income taxes 0
--------------
Total Liabilities 13,539,000
Stockholders' Equity
Common stock, no par value (100 shares 0
authorized, issued and outstanding)
Paid-in capital 0
Accumulated deficit (6,973,000)
--------------
Total shareholders' equity (6,973,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $6,565,000
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Statement of Operations
For the Month Ended June 30, 2010
Revenues
Casino $0
Rooms 0
Food and beverage 0
Other 0
--------------
Total revenues 0
--------------
Costs and Expenses
Casino 0
Rooms 0
Food and beverage 0
Other 0
Marketing 0
General and administrative 0
Utilities 0
Repairs and maintenance 0
Provision for doubtful accounts 0
Property taxes and insurance 0
Rent 0
Rent to New Jersey affiliate 0
Depreciation and amortization 0
Reorganization expense 119,000
--------------
Total 119,000
Operating profit (loss) (119,000)
License denial expense 0
Interest income, net 10,000
Interest expense 0
--------------
Income before income taxes (110,000)
Income taxes benefit/(provision) 0
--------------
NET (LOSS) ($110,000)
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Cash Flows
For the Month Ended June 30, 2010
Beginning cash $7,242,000
Disbursements:
Return of employee claims reserve to Tropicana 295,000
Entertainment
Professional fees disbursements 392,000
UST fees 0
--------------
Total disbursements 687,000
Interest income 10,000
--------------
Ending Cash $6,565,000
==============
About Tropicana Entertainment
Tropicana Entertainment LLC and its units owned eleven casino
properties in eight distinct gaming markets with premier
properties in Las Vegas, Nevada, and Atlantic City, New Jersey.
Tropicana Entertainment LLC and certain affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08-
10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts. Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor. Stroock & Stroock & Lavan LLP and Morris
Nichols Arsht & Tunnell LLP represent the Official Committee of
Unsecured Creditors in this case. Capstone Advisory Group LLC is
financial advisor to the Creditors' Committee.
The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana
obtained confirmation from the Bankruptcy Court of a
reorganization plan. On April 29, 2009, non-debtor units of the
OpCo Debtors, designated as the New Jersey Debtors -- Adamar of
New Jersey, Inc., and its affiliate, Manchester Mall, Inc. --
filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to
effectuate a sale of the Atlantic City Resort and Casino to a
group of Investors-led by Carl Icahn. Judge Judith H. Wizmur
presides over the cases. Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
Effective March 8, Tropicana Entertainment successfully emerged
from the Chapter 11 reorganization process as an Carl Icahn-owned
entity.
A group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have obtained approval
of a separate Chapter 11 plan.
Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represented
the New Jersey Debtors. Kurtzman Carson Consultants LLC acts as
their claims and notice agent. Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.
Bankruptcy Creditors' Service, Inc., publishes Tropicana
Bankruptcy News. The newsletter tracks the chapter 11
restructuring proceedings commenced by Tropicana Entertainment LLC
and its affiliates. (http://bankrupt.com/newsstand/or
215/945-7000).
WASHINGTON MUTUAL: Has $4,556,618,837 Cash at End of June
---------------------------------------------------------
WASHINGTON MUTUAL, INC.
Unaudited Balance Sheet
As of June 30, 2010
ASSETS
Unrestricted cash and cash equivalent $4,556,618,837
Restricted cash and cash equivalents 95,721,922
Investment securities 67,097,301
Accrued interest receivable 870,049
Income tax receivable 475,889,822
Prepaid expenses 2,446,518
Cash surrender value of BOLI/COLI 44,556,807
Funded Pension 39,173,922
Other investments -
Investment in subsidiaries 1,485,482,144
Notes receivable, intercompany 12,795,013
Fixed assets 72,655
Other assets 98,091,272
----------------
Total Assets $6,878,816,263
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $7,149,583
Accrued wages and benefits 800,170
Other accrued liabilities 16,711,497
Minority interest 1,114,163
----------------
Total Postpetition Liabilities 25,775,413
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 550,769,514
Payroll and benefit accruals 386,864,900
Other accrued liabilities 76,325,795
Other prepetition liabilities 198
----------------
Total Prepetition Liabilities 8,267,097,177
----------------
Total Liabilities 8,292,872,590
SHAREHOLDERS' EQUITY
Preferred stock 3,392,341,954
Common stock 12,988,753,556
Other comprehensive income (754,624,165)
Retained earnings - prepetition (16,742,191,966)
Retained earnings - postpetition (298,335,706)
----------------
Total Shareholders' Equity (1,414,056,327)
----------------
Total Liabilities and Shareholders' Equity $6,878,816,263
================
WASHINGTON MUTUAL, INC.
Unaudited Statement of Operations
For the period June 1 to June 30, 2010
REVENUES
Interest income:
Cash equivalents $742,648
Securities 236,193
Notes receivable - intercompany 48,480
Other 155
----------------
Total Interest Income 1,027,476
Earnings (losses) from subsidiaries and
other equity investments (681,556)
Gains (losses) from securities/investments 5,072
Other income 130,065
----------------
Total Revenues 481,056
OPERATING EXPENSES
Compensation and benefits 419,989
Occupancy and equipment 78,017
Professional fees 748,004
Loss/(Income) from BOLI/COLI policies (108,364)
Management fees/transition services -
Insurance 187,500
Other 115,136
----------------
Total Operating Expenses 1,440,282
Net profit (loss) before other income
and expenses (959,226)
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany -
Borrowings -
----------------
Total Interest Expense 0
Other expense/(income) -
----------------
Net profit (loss) before
reorganization items (959,226)
REORGANIZATION ITEMS
Professional fees 7,812,941
Claims adjustments -
U.S. Trustee quarterly fees -
Gains (losses) from sale of assets -
Other reorganization expenses 900,212
----------------
Total Reorganization Items 8,713,153
Net profit (loss) before income taxes (9,762,379)
Income taxes -
----------------
NET PROFIT (LOSS) ($9,762,379)
================
WASHINGTON MUTUAL, INC.
Unaudited Schedule of Cash Receipts and Disbursements
For the period June 1 to June 30, 2010
Opening Balance 05/31/10 $3,950,492,316
RECEIPTS
Interest & investment returns 840,550
Tax refunds 23,903
Reimbursements/distributions from subs -
Sales of assets/securities -
Other miscellaneous receipts 4,964
----------------
Total Receipts 869,417
TRANSFERS
Sweep to/(from) Money Market account -
Sweep (to)from Wells Managed account 25,000,000
----------------
Total Transfers 25,000,000
DISBURSEMENTS
Salaries and benefits 294,428
Travel and other expenses 15,191
Occupancy and supplies 109,978
Professional fees 6,988,261
Other outside services 624,929
Bank fees 21,579
U.S. trustee quarterly fees -
Directors fees 60,000
Taxes paid -
----------------
Total Disbursements 8,114,365
----------------
Net Cash Flow 17,752,052
----------------
Cash - End of Month 3,968,224,368
GL Balance 3,968,224,368
Net value -- Short Term Securities 588,371,469
----------------
Total Cash and Cash Equivalents $4,556,618,837
================
WMI INVESTMENT CORP.
Unaudited Balance Sheet
As of June 30, 2010
ASSETS
Unrestricted cash and cash equivalents $275,560,435
Restricted cash and cash equivalents -
Investment Securities -
Accrued interest receivable 4,997
Income tax receivable 22,187,560
Prepaid expenses -
Cash surrender value of BOLI/COLI -
Funded Pension -
Other investments 57,853,931
Investment in subsidiaries -
Notes receivable, intercompany 565,844,197
Fixed Assets -
Other assets -
----------------
Total Assets $921,451,121
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $0
Accrued wages and benefits -
Other accrued liabilities 14,825
Minority interest -
----------------
Total Postpetition Liabilities 14,825
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 14,825
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 (114,884,525)
----------------
Total Shareholders' Equity 921,436,296
----------------
Total Liabilities and Shareholders' Equity $921,451,121
================
WMI INVESTMENT CORP.
Unaudited Statement of Operations
For the period June 1 to June 30, 2010
REVENUES
Interest income:
Cash equivalents $41,073
Securities -
Notes receivable - intercompany -
Other -
----------------
Total Interest Income 41,073
Earnings (losses) from subsidiaries and
other equity investments (41,563)
Gains (losses) from securities/investments 1,538
Other income -
----------------
Total Revenues 1,047
OPERATING EXPENSES
Compensation and benefits -
Occupancy and equipment -
Professional fees -
Loss/(Income) from BOLI/COLI policies -
Management fees/transition services -
Insurance -
Other 14,036
----------------
Total Operating Expenses 14,036
Net profit (loss) before other income
and expenses (12,989)
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany -
Borrowings -
----------------
Total Interest Expense 0
Other expense/(income) -
----------------
Net profit (loss) before
reorganization items (12,989)
REORGANIZATION ITEMS
Professional fees -
Claims adjustments -
U.S. Trustee quarterly fees -
Gains (losses) from sale of assets -
Other reorganization expenses -
----------------
Total Reorganization Items 0
----------------
Net profit (loss) before income taxes (12,989)
Income taxes -
----------------
NET PROFIT (LOSS) ($12,989)
================
WMI INVESTMENT CORP.
Unaudited Schedule of Cash Receipts and Disbursements
For the period June 1 to June 30, 2010
Opening Balance 05/31/10 $53,683,915
RECEIPTS
Interest & investment returns 157,109
Tax refunds -
Reimbursements/distributions from subs -
Sales of assets/securities -
Other miscellaneous receipts -
----------------
Total Receipts 157,109
TRANSFERS
Sweep to/(from) Money Market account -
Sweep (to) from Wells Managed account -
----------------
Total Transfers 0
DISBURSEMENTS
Salaries and benefits -
Travel and other expenses -
Occupancy and supplies -
Professional fees -
Other outside services -
Bank fees -
U.S. trustee quarterly fees -
Directors fees -
Taxes paid -
----------------
Total Disbursements 0
----------------
Net Cash Flow 157,109
----------------
Cash - End of Month 53,841,024
GL Balance 53,841,023
Net value -- Short Term Securities 221,719,412
----------------
Total Cash and Cash Equivalents $275,560,435
================
WaMu Chief Financial Officer John Maciel disclosed that as of
June 30, 2010, the Debtors paid these firms an aggregate of
approximately $ 6,988,261 on account of services rendered in
their cases:
Professional Fees Expenses
------------ --------- --------
Akin, Gump, Strauss, Hauer & Fled $483,823 $30,264
Alvarez & Marsal 1,818,169 73,725
Ashby & Geddes, P.A. 57,536 9,908
Blackstone Advisory Partners LLP 850,000 -
Elliot Greenleaf 47,591 10,571
FTI Consulting, Inc. 114,743 216
Joele Frank, Wilkinson Brimmer Katcher 11,518 2,513
John W. Wolfe, P.S. 182,991 2,306
Kurtzman Carson Consultants LLC 142,964 427,128
Miller & Chevalier Chartered 83,158 207
Pepper Hamilton LLP 31,056 3,828
Perkins Coie LLP 32,656 1,702
PricewaterhouseCoopers LLP 4,064 -
Shearman & Sterling LLP 15,534 -
Venable LLP 512,008 34,992
Weil, Gotshal & Manges LLP 1,911,943 90,534
As of June 30, 2010, WaMu paid a total of $7,149,583 to 40
vendors for certain postpetition accounts.
According to Mr. Maciel, for the period from June 1 to 30, 2010,
WaMu did not file property tax returns; sales and use tax
returns; and corporate income or franchise taxes. Payroll taxes
were filed during the Reporting Period.
A full-text copy of WaMu's June 2010 Operating Report is
available for free at:
http://bankrupt.com/misc/WaMu_MORJune2010.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
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
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public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
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share in public markets. At first glance, this list may look like
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Don't be fooled. Assets, for example, reported at historical cost
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liabilities delivered to nation's bankruptcy courts. The list
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petitions in Acrobat PDF format.
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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.
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*** End of Transmission ***