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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, November 13, 2010, Vol. 14, No. 315
Headlines
ABITIBIBOWATER INC: Incurs $29 Million Net Loss in September
GENERAL GROWTH: Incurred $139,515,000 Net Loss in September
INNKEEPERS USA: Has $2.53 Million September Operating Income
JEVIC TRANSPORTATION: Posts $266,545 Net Loss in August
POINT BLANK: Reports $2.3 Million Net Loss in August
SCHUTT SPORTS: Reports $989,000 September Operating Loss
*********
ABITIBIBOWATER INC: Incurs $29 Million Net Loss in September
------------------------------------------------------------
On November 1, 2010, AbitibiBowater Inc. and certain of its U.S.
subsidiaries filed the monthly operating report for September 2010
with the United States Bankruptcy Court for the District of
Delaware.
The Debtors reported a consolidated net loss of $29.0 million on
net sales of $397.5 million in September. Gross profit was
$16.5 million. Operating loss was $112.1 million, including
restructuring and other costs of $119.1 million.
At September 30, 2010, the Debtors had $20.654 billion in total
assets, $8.097 billion in total liabilities, and $12.556 billion
in shareholders' equity.
For September 2010, the Debtors paid a total of $6.1 million in
professional fees and expenses. Professional fees include
payments to professionals or consultants not in the ordinary
course.
A full-text copy of the Company's September 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?6e2b
About AbitibiBowater Inc.
AbitibiBowater Inc. produces 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. The Company also recycles old newspapers and
magazines.
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). 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). Pauline K. Morgan,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt &
Taylor, in Wilmington, represent the Chapter 15 Debtors.
U.S. Bankruptcy Judge Kevin Carey handles the Chapter 11 cases of
AbitibiBowater Inc. and its U.S. affiliates and the Chapter 15
case of ACI, et al.
GENERAL GROWTH: Incurred $139,515,000 Net Loss in September
-----------------------------------------------------------
General Growth Properties, Inc.
Consolidated Condensed Balance Sheet
As of September 30, 2010
Assets
Investment in real estate:
Land $2,903,270,000
Buildings and equipment 18,906,473,000
Less accumulated depreciation (4,111,004,000)
Developments in progress 367,832,000
-----------------
Net property and equipment 18,066,571,000
Investment in and loans to/from Unconsolidated
Real Estate Affiliates 382,230,000
Investment property and property held for
development and sale 1,331,019,000
Investment in controlled non-debtor entities 4,137,580,000
-----------------
Net investment in real estate 23,917,400,000
Cash and cash equivalents 573,761,000
Accounts and notes receivable, net 307,746,000
Goodwill 199,664,000
Deferred expenses, net 193,676,000
Prepaid expenses and other assets 587,622,000
-----------------
Total assets $25,779,869,000
=================
Liabilities and Equity:
Mortgages, notes and loans payable $14,344,342,000
Investment in and loans to/from Unconsolidated
Real Estate Affairs 33,303,000
Deferred tax liabilities 835,965,000
Accounts payable and accrued expenses 1,122,337,000
-----------------
Liabilities not subject to compromise 16,335,947,000
-----------------
Liabilities subject to compromise 7,836,856,000
-----------------
Total liabilities 24,172,803,000
-----------------
Redeemable noncontrolling interests:
Preferred 120,756,000
Common 115,117,000
-----------------
Total redeemable noncontrolling interests 235,873,000
-----------------
Equity:
Common stock 3,188,000
Additional paid-in capital 3,750,360,000
Retained earnings (accumulated deficit) (2,338,454,000)
Accumulated other comprehensive loss 15,126,000
Less common stock in treasury, at cost (76,752,000)
-----------------
Total stockholder's equity 1,353,468,000
Noncontrolling interests in consolidated real
estate affiliates 17,725,000
-----------------
Total equity 1,371,193,000
-----------------
Total liabilities and equity $25,779,869,000
=================
General Growth Properties, Inc.
Consolidated Statement of Income
For the Month ended September 30, 2010
Revenues:
Minimum rents $134,229,000
Tenant recoveries 60,564,000
Overage rents 3,632,000
Land sales 3,799,000
Management fees and other corporate revenues 937,000
Other 4,614,000
-----------------
Total revenues 207,775,000
-----------------
Expenses:
Real estate taxes 19,968,000
Property maintenance costs 7,429,000
Marketing 2,062,000
Ground and other rents 1,378,000
Other property operating costs 34,341,000
Land sales operations 4,124,000
Provision for doubtful accounts 1,567,000
Property management and other costs 9,715,000
General and administrative 2,309,000
Provisions for impairment 4,516,000
Depreciation and amortization 48,280,000
-----------------
Total expenses 135,689,000
-----------------
Operating income (loss) 72,086,000
Interest (expense) income, net (176,830,000)
-----------------
Loss before income taxes, noncontrolling
interests, equity in income of Unconsolidated
Real Estate Affiliates and reorganization
items (104,744,000)
Benefit (provision) for income taxes (6,856,000)
Equity in income of Unconsolidated Real Estate
Affiliates 13,457,000
Reorganization items (42,915,000)
-----------------
Net loss (141,058,000)
Allocation to noncontrolling interests 1,543,000
-----------------
Net (loss) income attributable to common
stockholders ($139,515,000)
=================
The Debtors disclosed that for the month ended September 30, 2010,
they paid a total of $7,505,000 to about 29 bankruptcy
professionals, with $3,094,000 going to Weil, Gotshal & Manges
LLP, as the Debtors' lead counsel.
A full-text copy of the September 2010 MOR is available for free
at http://bankrupt.com/misc/ggp_sept2010mor.pdf
About General Growth
Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings. The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide. General Growth is a self-
administered and self-managed real estate investment trust. The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 protection on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, serve as bankruptcy counsel. Kirkland &
Ellis LLP is co-counsel. Kurtzman Carson Consultants LLC has been
engaged as claims agent. The Company also hired AlixPartners LLP
as financial advisor and Miller Buckfire Co. LLC, as investment
bankers. The Debtors disclosed $29,557,330,000 in assets and
$27,293,734,000 in debts as of December 31, 2008.
General Growth Properties on November 9, 2010, successfully
completed the final steps of its financial restructuring and
emerged from Chapter 11. GGP successfully restructured
approximately $15 billion of project-level debt Recapitalized with
$6.8 billion in new equity capital Paid all creditor claims in
full achieved substantial recovery for equity holders.
As part of its plan of reorganization, GGP has split itself into
two separate and independent publicly traded corporations. GGP
shareholders as of the record date of November 1, 2010 received
common stock in both companies. The new GGP, which will commence
trading November 10 on The New York Stock Exchange under the
ticker symbol "GGP," is the second-largest shopping mall owner and
operator in the country, with more than 183 regional malls in 43
states. The spin-off company, The Howard Hughes Corporation,
consists of GGP's portfolio of master planned communities and
other strategic real estate development opportunities. This
company will trade under the ticker symbol "HHC" on The New York
Stock Exchange.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
INNKEEPERS USA: Has $2.53 Million September Operating Income
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Innkeepers USA Trust, a real estate investment trust,
filed an operating report showing $24.6 million in revenue during
September. Operating income of $2.53 million turned into a net
loss of $4.41 million after $6.8 million of reorganization
items.
About Innkeepers USA Trust
Innkeepers USA Trust is a self-administered Maryland real estate
investment trust with a primary business focus on acquiring
premium-branded upscale extended-stay, mid-priced limited service,
and select-service hotels.
Innkeepers, through its indirect subsidiaries, owns and operates
an expansive portfolio of 72 upscale and mid-priced extended-stay
and select-service hotels, consisting of approximately 10,000
rooms, located in 20 states across the United States.
Apollo Investment Corporation acquired Innkeepers in June 2007.
Innkeepers USA Trust and a number of affiliates filed for
Chapter 11 on July 19, 2010 (Bankr. S.D.N.Y. Case No. 10-13800).
Attorneys at Kirkland & Ellis LLP, serve as counsel to the
Debtors. AlixPartners is the restructuring advisor and Marc A.
Beilinson is the chief restructuring officer. Moelis & Company is
the financial advisor. Omni Management Group, LLC, is the claims
and notice agent. The petition estimated assets and debts of more
than $1 billion as of the bankruptcy filing.
In 2009, Innkeepers' consolidated revenues were approximately
$292 million and adjusted EBITDA were approximately $85 million.
The Company's consolidated assets for 2009 totaled approximately
$1.5 billion. As of July 19, 2010, the Company and its affiliates
have incurred approximately $1.29 billion of secured debt.
JEVIC TRANSPORTATION: Posts $266,545 Net Loss in August
-------------------------------------------------------
Jevic Transportation, Inc., reported a net loss of $266,545 for
the month ended August 31, 2010.
At August 31, 2010, the Debtor had total assets of $409,534, total
liabilities of $12.2 million, and a stockholders' deficit of
$11.8 million. The Debtor ended the period with $347,071 in cash,
which includes restricted cash of $66,977.
A full-text copy of the Debtor's monthly operating report for the
month ended August 31, 2010, is available at no charge at:
http://bankrupt.com/misc/jevictrans.august2010mor.pdf
About Jevic Transportation
Based in Delanco, New Jersey, Jevic Transportation Inc. --
http://www.jevic.com/-- provided trucking services. Two
affiliates -- Jevic Holding Corp. and Creek Road Properties --
have no assets or operations. The three Debtors sought Chapter 11
protection (Bankr. D. Del. Case No. 08-11008) on May 20, 2008.
Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr
Harrison Harvey Branzburg & Ellers, in Wilmington, Del., represent
the Debtors. The U.S. Trustee for Region 3 has appointed five
creditors to serve on an Official Committee of Unsecured
Creditors. Robert J. Feinstein, Esq., Bruce Grohsgal, Esq., and
Maria A. Bove, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Del., represent the Official Committee of Unsecured
Creditors.
Before filing for bankruptcy, the Debtors initiated an orderly
wind-down process. As a part of the wind-down process, the
Debtors ceased substantially all of their business and
terminated approximately 90% of their employees. The Debtors
continue to manage the wind-down process in an attempt to
deliver all freight in their system and to retrieve their
assets.
When the Debtors sought protection from their creditors, they
estimated assets and debts between $50 million and $100 million.
POINT BLANK: Reports $2.3 Million Net Loss in August
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Point Blank Solutions Inc. reported a $2.3 million
net loss in August on net sales of $20.6 million. The operating
loss for the month before non-recurring expenses was
$1.95 million.
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection on April 14, 2010 (Bankr. D. Del. Case No.
10-11255). Laura Davis Jones, Esq., and Timothy P. Cairns, Esq.,
at Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel
to the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP
serves as corporate counsel. T. Scott Avila of CRG Partners Group
LLC is the restructuring officer. Epiq Bankruptcy Solutions
serves as claims and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. The Equity Committee has tapped Morrison
Cohen LLP, and The Bayard, P.A., as counsel. Robert M. Hirsh,
Esq., and Heike M. Vogel, Esq., at Arent Fox LLP, serve as counsel
to the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at Messana Rosner & Stern LLP, serve as co-
counsel.
SCHUTT SPORTS: Reports $989,000 September Operating Loss
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Schutt Sports Inc. reported a $989,000 loss from
operations during September on revenue of $3 million. The net
loss was $1.64 million. During September, Schutt paid a $350,000
fee for its reorganization loan.
About Schutt Sports
Headquartered in Litchfield, Illinois, Schutt Sports, Inc. -- fka
Schutt Manufacturing Company, Schutt Sports Manufacturing Co.,
Schutt Sports Distribution Company, and Schutt Athletic Sales
Company -- and its affiliates manufacture team sporting equipment,
primarily for football, baseball and softball.
Schutt Sports filed for Chapter 11 bankruptcy protection on
September 6, 2010 (Bankr. D. Del. Case No. 10-12795). The Company
was forced into Chapter 11 by a $29 million patent-infringement
judgment in favor of competitor Riddell Inc.
Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, assists
the Debtor in its restructuring effort. Ernst & Young is the
Debtor's financial advisor. Oppenheimer & Co., Inc., is the
Debtor's investment banker. The Official Committee of Unsecured
Creditors tapped Lowenstein Sandler PC as its counsel.
The Debtor estimated is assets and debts at $50 million to
$100 million as of the Petition Date.
*********
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*********
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