/raid1/www/Hosts/bankrupt/TCR_Public/101127.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, November 27, 2010, Vol. 14, No. 329
Headlines
CATHOLIC CHURCH: Wilmington Has $1,158,423 Cash at Sept. 30
CMR MORTGAGE II: Posts $2.3 Million Net Loss in October
FIRSTFED FINANCIAL: Posts $75,400 Net Loss in October
GENERAL MOTORS: Old GM Has $949 Mil. Cash at End of September
GOTTSCHALKS INC: Has $8.8 Million Cash at October 30
PFF BANCORP: Posts $374,400 Net Loss in October
REFCO INC: LLC Has $4,205,000 Cash at End of September
THOMPSON PUBLISHING: Had October Loss of $1.25 Million
TRIBUNE CO: Posts $35,015,000 Net Income in October
TRONOX INC: Posts $34.4 Million Net Loss in October
*********
CATHOLIC CHURCH: Wilmington Has $1,158,423 Cash at Sept. 30
-----------------------------------------------------------
Catholic Diocese of Wilmington, Inc.
Balance Sheet
As of September 30, 2010
ASSETS
Cash & Equivalents $1,166,436
Accounts Receivable (Net) 2,210,432
Payroll Receivable -
Notes Receivable 1,457,730
Advance PIA Distributions 1,850,901
Professional Retainers 545,000
Unrestricted Pooled Investments 92,516,001
Restricted Pooled Investments 30,524,597
Unallocated Audit Fees -
Other Assets 53,743
Real Estate 1,314,140
Assets Held for Others -
-----------
TOTAL ASSETS $131,638,980
===========
LIABILITIES
Pre-Filing Accounts Payable $136,216
Payroll & Payroll Taxes Payable -
Payroll Garnishments Payable -
Accrued Vacation Time Payable 148,013
Blue Cross/Blue Shield Accrual 41,026
Accounts Payable Capital Campaign 11,273
Bonds Payable 11,000,000
Priest Pension 13,107,216
Lay Pensions 64,366,743
National Collections 305,852
Other Liabilities 32,241
Assets Held for Others -
Pooled Investment Account Claims 80,537,602
-----------
TOTAL LIABILITIES 169,686,182
NET ASSETS
Beginning Year Net Assets (41,816,364)
Net Assets - Prepetition 4,138,712
Net Assets - Postpetition (369,550)
-----------
TOTAL NET ASSETS (38,047,202)
-----------
TOTAL LIABILITIES & NET ASSETS $131,638,980
===========
Catholic Diocese of Wilmington, Inc.
Statement of Operations
For the month ending September 30, 2010
CDOW Operations
CDOW Revenue
Assessments $312,973
Investment Income 8,620,896
Operational Income 154,474
Designated Income (Education) 129,959
-----------
Total CDOW Revenue 9,218,302
CDOW Expenses
Payroll & Taxes (215,784)
Medical Payments -
Other Compensation (48,072)
Other Operational (245,474)
Capital Expenditures -
Catholic Schools, Inc. -
Casa San Francisco -
Ministry to the Elderly -
Bankruptcy professionals (838,579)
Neumann Center (5,150)
Vision for the Future
(Tuition Assistance) -
Owed to Parishes (Cap Campaign) (362)
-----------
Total CDOW Expenses (1,353,421)
-----------
CDOW NET OPERATING CASH 7,864,881
Program Services
Annual Appeal Revenue 350,458
Program Services Expenditures
Catholic Youth Organization (3,983)
Catholic Charities (85,858)
High School Appeal Allocation -
The Dialog (50,297)
-----------
Total Program Services Expenses (140,138)
-----------
PROGRAM SERVICES NET CASH 210,320
Benefits & Insurance Program Administration
Medical Program
Premiums Received 697,387
Expenses (1,349,454)
-----------
Net Medical (652,067)
Workers Compensation
Premiums Received -
Expenses (33,308)
-----------
Net Workers Comp (33,308)
Property & Liability Insurance
Premiums Received 66,248
Expenses (10,678)
-----------
Net P&L Insurance 55,570
Pensions
Priests (111,300)
Lay Employees -
-----------
Total Pensions (111,300)
-----------
NET CHANGE IN LIQUIDITY $7,334,096
===========
Catholic Diocese of Wilmington, Inc.
Schedule of Cash Receipts and Disbursements
For the month ending September 30, 2010
CASH BEGINNING OF PERIOD $1,295,252
RECEIPTS
ASSESSMENTS 312,973
ANNUAL APPEAL 350,458
INSURANCE PREMIUMS 763,635
OTHER OPERATING 284,433
-----------
TOTAL RECEIPTS 1,711,499
DISBURSEMENTS
NET PAYROLL AND TAXES 215,784
INSURANCE PAYMENTS 1,393,440
OPERATING EXPENSES 287,208
OTHER 140,138
PROFESSIONAL FEES -
U.S. TRUSTEE QUARTERLY FEES -
COURT COSTS -
-----------
TOTAL DISBURSEMENTS 2,036,570
-----------
NET CASH FLOW (325,071)
-----------
Transfers out 111,758
Transfers in 300,000
Other transfers/returns/fees -
-----------
CASH - END OF PERIOD $1,158,423
===========
About the Diocese of Wilmington
The Diocese of Wilmington covers Delaware and the Eastern Shore of
Maryland and serves about 230,000 Catholics. The Delaware diocese
is the seventh Roman Catholic diocese to file for Chapter 11
protection to deal with lawsuits for sexual abuse. Previous
filings were by the dioceses in Spokane, Washington; Portland,
Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and
San Diego, California.
The bankruptcy filing automatically stayed eight consecutive abuse
trials scheduled in Delaware scheduled to begin October 19. There
are 131 cases filed against the Diocese, with 30 scheduled for
trial.
The Diocese filed for Chapter 11 on Oct. 18, 2009 (Bankr. D. Del.
Case No. 09-13560). Attorneys at Young Conaway Stargatt & Taylor,
LLP, serve as counsel to the Diocese. The Ramaekers Group, LLC,
is the financial advisor. The petition says assets range
$50,000,001 to $100,000,000 while debts are between $100,000,001
to $500,000,000. (Catholic Church Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
CMR MORTGAGE II: Posts $2.3 Million Net Loss in October
-------------------------------------------------------
CMR Mortgage Fund II, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of California on November 22, 2010, its
monthly operating report for October 2010.
The Company reported a net loss of $2.3 million on total revenues
of $10,879 for the month of October 2010.
At October 31, 2010, the Debtor had total assets of
$51.8 million, total liabilities of $35.5 million, and total
equity of $16.3 million. The Company ended October 2010 with
$414,000 in cash and cash equivalents, from $18.7 million at
the beginning of the period.
A full-text copy of the Debtor's operating report for October 2010
is available for free at:
http://researcharchives.com/t/s?6fdc
About CMR Mortgage
San Francisco, California-based CMR Mortgage Fund II, LLC, is a
limited liability company organized for the purpose of making or
investing in business loans secured by deeds of trust or mortgages
on real properties located primarily in California. The Company
previously funded lending activities through loan pay downs or pay
offs, as well as by selling its membership interests, and by
selling all or a portion of interests in the loans to individual
investors. The Company commenced operations in February 2004.
The Company ceased accepting new members in the third quarter of
2006.
The Company and CMR Mortgage Fund III, LLC, filed for Chapter 11
protection on March 31, 2009 (Bankr. N. D. Calif. Case No.
09-30788 and 09-30802). Robert G. Harris, Esq., at the Law
Offices of Binder and Malter, represents the Debtor as counsel.
The Debtor listed between $10 million and $50 million each in
assets and debts.
FIRSTFED FINANCIAL: Posts $75,400 Net Loss in October
-----------------------------------------------------
FirstFed Financial Corp. filed on November 15, 2010, a monthly
operating report for the month of October 2010 with the U.S.
Bankruptcy Court for the Central District of California, Los
Angeles Division. The report is unaudited and is not presented in
accordance with generally accepted accounting principles in the
United States.
The Company reported a net loss of $75,400 for the period.
At October 31, 2010, the Company had $4.4 million in total
assets, $159.7 million in total liabilities, and a stockholders'
deficit of $155.3 million. The Company ended the period with
$4.1 million cash.
A full-text copy of the October 2010 operating report is
available for free at http://researcharchives.com/t/s?6fdb
About FirstFed Financial
Irvine, Calif.-based FirstFed Financial Corp. is the bank
holding company for First Federal Bank of California and its
subsidiaries. The Bank was closed by federal regulators on
December 18, 2009.
FirstFed Financial Corp. filed for Chapter 11 protection on
Jan. 6, 2010 (Bankr. C.D. Calif. Case No. 10-10150). Jon L.
Dalberg, Esq., at Landau Gottfried & Berger LLP, represents the
Debtor in its restructuring efforts. In its petition, the Debtor
listed assets of between $1 million and $10 million, and debts of
between $100 million and $500 million.
GENERAL MOTORS: Old GM Has $949 Mil. Cash at End of September
-------------------------------------------------------------
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Net Assets
As of September 30, 2010
ASSETS:
Cash and cash equivalents $949,138,000
Due from affiliates 13,000
Prepaid expenses 2,811,000
Other current assets 20,774,000
-----------------
Total Current Assets 972,736,000
Property, plant and equipment
Land and building 79,878,000
Machinery and equipment 52,461,000
-----------------
Total property, plant and equipment 132,339,000
Investment in GMC -
Restricted cash 73,760,000
Other assets -
-----------------
Total Assets $1,178,835,000
=================
LIABILITIES:
DIP Financing $1,236,386,000
Accounts payable 12,127,000
Due to GM LLC 168,000
Due to affiliates 959,000
Accrued sales, use and other taxes 1,485,000
Accrued professional fees 35,978,000
Environmental reserves 526,139,000
Other accrued liabilities 14,057,000
-----------------
Total current liabilities 1,827,299,000
Liabilities subject to compromise 35,020,222,000
-----------------
Total Liabilities 36,847,521,000
-----------------
Net Assets (Liabilities) ($35,668,686,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Operations
For the Month Ended September 30, 2010
Rental and other income $2,399,000
Selling, administrative and other expenses 3,727,000
-----------------
Operating loss (1,328,000)
Interest expense 5,147,000
Interest income (259,000)
-----------------
Loss before reorganization items
& income taxes (6,216,000)
Reorganization items (gain)/loss 3,318,439,000
-----------------
Income (Loss) before income taxes (3,324,655,000)
Income taxes -
-----------------
Net Income (Loss) ($3,324,655,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Cash Flows
For the Month Ended September 30, 2010
Cash Flows from Operating Activities:
Net Income ($3,324,655,000)
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Non-cash interest expense 5,147,000
Reorganization items (gain)/loss 3,318,439,000
Reorganization related payments (21,155,000)
Changes in assets & liabilities:
Due from affiliates (15,000)
Prepaid expenses 287,000
Due to /(due from) GM LLC (24,000)
Other current assets -
Accounts payable 958,000
Accrued payroll and employee benefits -
Accrued sales, use and other types (321,000)
Other accrued liabilities (1,053,000)
-----------------
Net Cash used in Operating Activities (22,392,000)
Cash Flows from Investing Activities:
Proceeds from disposal of assets 7,358,000
Proceeds from sale & dissolution
of subsidiaries -
Changes in restricted cash -
-----------------
Net cash provided by investing activities 7,358,000
-----------------
Decrease in cash & cash equivalents (15,034,000)
Cash & cash equivalents
at beginning of period 964,172,000
-----------------
Cash & cash equivalents at end of period $949,138,000
=================
According to Motors Liquidation Co. Vice President and Treasurer
James Selzer, the Debtors paid a total of $20,863,000 to 14
professionals retained in their Chapter 11 cases the month ended
September 30, 2010.
A full-text copy of the September 2010 Operating Report is
available for free at http://bankrupt.com/misc/GMSept2010MOR.pdf
About General Motors
With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers. GM employs 205,000 people in every major region of
the world and does business in some 157 countries. GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling. GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy. GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.
General Motors Co. is 60.8% owned by the U.S. Government. It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing. The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co. Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.
At June 30, 2010, GM had US$131.899 billion in total assets,
US$101.00 billion in total liabilities, US$6.998 billion in
preferred stock, and US$23.901 billion in stockholders' equity.
New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company. GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors. GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee. Attorneys at Butzel Long serve as counsel regarding
supplier contract matters. FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee. Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee. Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
GOTTSCHALKS INC: Has $8.8 Million Cash at October 30
----------------------------------------------------
On November 19, 2010, Gottschalks Inc. filed with the U.S.
Bankruptcy Court for the District of Delaware its monthly
operating report for the period October 3, 2010 to October 30,
2010.
The Debtor ended the period with $8.8 million cash. During the
period, the Debtor paid a total of $233,847 in professional fees
and reimbursed a total of $5,616 in professional expenses.
The Company reported a net loss of $246,000 for the period.
At October 30, 2010, the Company had $23.1 million in total
assets, $74.7 million in total liabilities, and a stockholders'
deficit of $51.6 million.
The monthly operating report for the period October 3, 2010, to
October 30, 2010, is available for free at:
http://researcharchives.com/t/s?6fda
About Gottschalks Inc.
Headquartered in Fresno, California, Gottschalks Inc. (Pink
Sheets: GOTTQ.PK) -- http://www.gottschalks.com/-- was a
department and specialty store chain in United States that
operated 58 full-line department stores and 3 specialty stories
in 6 western states.
The Company filed for Chapter 11 protection on January 14, 2009
(Bankr. D. Del. Case No. 09-10157). Stephen H. Warren, Esq.,
Karen Rinehart, Esq., Alexandra B. Redwine, Esq., and Ana Acevedo,
Esq., at O'Melveny & Myers LLP, represents the Debtor as counsel.
Mark D. Collins, Esq., Michael J. Merchant, Esq., and Lee E.
Kaufman, Esq., at Richards, Layton & Finger, P.A., serve as the
Debtors' co-counsel. The Debtor selected Kurtzman Carson
Consultants LLC as its claims agent. When the Debtor filed for
protection from its creditors, it disclosed $288,438,000 in
total assets and $197,072,000 in total debts.
PFF BANCORP: Posts $374,400 Net Loss in October
-----------------------------------------------
On November 16, 2010, PFF Bancorp, Inc., and Glencrest Investment
Advisors, Inc., Glencrest Insurance Services, Inc., Diversified
Builder Services, Inc., and PFF Real Estate Services, Inc., filed
their monthly operating reports for October 2010 with the
United States Bankruptcy Court for the District of Delaware.
PFF Bancorp reported a net loss of $374,439 for the month of
October 2010.
PFF Bancorp paid a total of $331,819 in professional fees and
expenses for the month of October 2010.
At October 31, 2010, PFF Bancorp had total assets of
$13.7 million, total liabilities of $117.4 million, and a
stockholders' deficit of $103.7 million. Bank Accounts totaled
$2.71 million at October 31, 2010, compared to 3.08 million at
September 30, 2010.
A full-text copy of the Debtors' October 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?6fdd
About PFF Bancorp
PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non-
diversified unitary savings and loan holding company within the
meaning of the Home Owners' Loan Act with headquarters formerly
located in Rancho Cucamonga, California. Bancorp is the direct
parent of each of the remaining Debtors.
Prior to filing for bankruptcy, Bancorp was also the direct parent
of PFF Bank & Trust, a federally chartered savings institution,
and said bank's subsidiaries.
PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on December 5, 2008 (Bankr. D. Del. Case No. 08-13127 to
08-13131). Chun I. Jang, Esq., and Paul N. Heath, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors in their
restructuring efforts. Kurtzman Carson Consultants LLC serves as
the Debtors' claims agent. Jason W. Salib, Esq., at Blank Rome
LLP, represents the official committee of unsecured creditors as
counsel.
REFCO INC: LLC Has $4,205,000 Cash at End of September
------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of
Refco, LLC's estate, filed with the U.S. Bankruptcy Court for the
Southern District of New York a monthly statement of cash receipts
and disbursements for the period from September 1 to 30, 2010.
The Chapter 7 Trustee reported that Refco LLC's beginning balance
in its Money Market account with Union Bank, totaled $6,709,000 as
of September 1.
During the Reporting Period, Refco LLC received a total of $1,000
in interest income. No transfers were made, according to Mr.
Togut. However, a total of $2,500,000 was disbursed on account of
prepetition claims payment and another $5,000 was paid to the
Arthur B. Levine Company as trustee bond payment.
Refco LLC held $4,205,000 at the end of the period.
Refco, LLC
Schedule of Cash Receipts and Disbursements
Through Union Bank Money Market and Checking Accounts
September 1 to 30, 2010
Beginning Balance, September 1, 2010 $6,709,000
RECEIPTS
Interest Income $1,000
Sale of Assets 0
Marwilling of Excess Capital 0
Man Financial - Excess Capital return 0
Membership and Clearing Deposits 0
Other Receivables 0
-------------
TOTAL RECEIPTS $1,000
TRANSFERS
Transfer funds to Union Bank $0
-------------
TOTAL TRANSFERS $0
DISBURSEMENTS
Operating expenses & other disbursements $0
Executory contract cure payments 0
Pursuant to payment stipulation 0
Purchase price escrow deposit 0
Expected account escrow fund 0
Membership & clearing deposits 0
Payment on account of prepetition claims 2,500,000
Other disbursements 0
Reorganization Expenses
Attorney fees 0
Trustee bond premium 5,000
Other professional fee 0
--------------
TOTAL DISBURSEMENTS 2,505,000
--------------
Ending Balance, September 30, 2010 $4,205,000
==============
About Refco Inc.
Headquartered in New York, Refco Inc. -- http://www.refco.com/--
was a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries were members of
principal U.S. and international exchanges, and were among the
most active members of futures exchanges in Chicago, New York,
London and Singapore. Refco was also a major broker of cash
market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products. Refco was one of the largest global clearing firms for
derivatives. The Company had operations in Bermuda.
The Company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No.
05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, represented the Debtors in their restructuring
efforts. Milbank, Tweed, Hadley & McCloy LLP, represented the
Official Committee of Unsecured Creditors. Refco reported
US$16.5 billion in assets and US$16.8 billion in debts to the
Bankruptcy Court on the first day of its Chapter 11 cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006. That Plan became effective on Dec. 26,
2006. Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc., and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.
Bankruptcy Creditors' Service, Inc., publishes Refco Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Refco Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
THOMPSON PUBLISHING: Had October Loss of $1.25 Million
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Thompson Publishing Holding Co. reported a
$1.25 million net loss in October on revenue of $3.9 million. The
loss would have been larger were it not for an almost $900,000 tax
benefit. Interest expense in the month was $1.04 million.
Mr. Rochelle relates that thompson was authorized earlier this
month to sell the business to first-lien lenders in exchange for
$42 million in secured debt.
About Thompson Publishing
Legal publisher Thompson Publishing Holding Co. Inc. and six
affiliates sought chapter 11 protection (Bankr. D. Del. Case No.
10-13070) on Sept. 21, 2010. Thompson is majority owned by Avista
Capital Partners, which bought a 50% stake in the company for
$130 million in 2006. Thompson estimated assets of $10 million to
$50 million and debts of $100 million to $500 million in its
Chapter 11 petition. Mark Chesen and Michael Gorman at SSG
Capital Advisors LLC in Conshohocken, Pa., provide the Debtors
with financial advisory services.
TRIBUNE CO: Posts $35,015,000 Net Income in October
---------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of October 24, 2010
ASSETS
Current Assets:
Cash and cash equivalents $1,016,349,000
Accounts receivable, net 476,083,000
Inventories 18,928,000
Broadcast rights 211,137,000
Prepaid expenses and other 201,679,000
-------------
Total current assets 1,924,176,000
Property, plant and equipment, net 959,051,000
Other Assets:
Broadcast rights 161,709,000
Goodwill & other intangible assets, net 792,528,000
Prepaid pension costs 2,630,000
Investments in non-debtor units 1,515,179,000
Other investments 46,618,000
Intercompany receivables from non-debtors 3,134,709,000
Restricted cash 726,243,000
Other 71,555,000
-------------
Total Assets $9,334,398,000
=============
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current portion of broadcast rights $132,564,000
Current portion of long-term debt 6,243,000
Accounts payable, accrued expenses, and other 461,503,000
-------------
Total current liabilities 600,310,000
Pension obligations 165,254,000
Long-term broadcast rights 91,359,000
Long-term debt 6,998,000
Other obligations 193,888,000
-------------
Total Liabilities 1,057,809,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,117,000
Obligations to third parties 13,125,162,000
-------------
Total Liabilities Subject to Compromise 16,584,279,000
Shareholders' Equity (Deficit) (8,307,690,000)
-------------
Total Liabilities & Shareholders' Equity $9,334,398,000
=============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period From Sept. 27 Through Oct. 24, 2010
Total Revenue $255,428,000
Operating Expenses:
Cost of sales 125,939,000
Selling, general and administrative 70,536,000
Depreciation 12,018,000
Amortization of intangible assets 1,100,000
-------------
Total operating expenses 209,593,000
-------------
Operating Profit (Loss) 45,835,000
-------------
Income on equity investments, net 645,000
Interest expense, net (3,043,000)
Management fee (1,382,000)
Non-operating loss, net 394,000
-------------
Income (loss) before income taxes & Reorg. Costs 42,449,000
Reorganization costs (6,483,000)
-------------
Income (loss) before income taxes 35,966,000
Income taxes (951,000)
-------------
Income (loss) from continuing operations 35,015,000
Income from discontinued operations, net of tax 0
-------------
Net Income (Loss) $35,015,000
=============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period Sept. 27 Through Oct. 24, 2010
Beginning Cash Balance $1,652,134,000
Cash Receipts:
Operating receipts 259,957,000
Other 15,008,000
-------------
Total Cash Receipts 274,965,000
Cash Disbursements
Compensation and benefits 72,823,000
General disbursements 125,013,000
Reorganization related disbursements 4,916,000
-------------
Total Disbursements 202,752,000
-------------
Debtors' Net Cash Flow 72,212,000
From/(To) Non-Debtors 4,331,000
-------------
Net Cash Flow 76,543,000
Other 820,000
-------------
Ending Available Cash Balance $1,729,497,000
=============
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 December 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 December 8, 2008, the Debtors have $7,604,195,000 in total
assets and $12,972,541,148 in total debts.
Chadbourne & Parke LLP and Landis Rath LLP serve as co-counsel to
the Official Committee of Unsecured Creditors. AlixPartners LLP
is the Committee's financial advisor. Landis Rath Moelis &
Company serves as the Committee's investment banker. Thomas G.
Macauley, Esq., at Zuckerman Spaeder LLP, in Wilmington, Delaware,
represents the Committee in connection with the lawsuit filed
against former officers and shareholders for the 2007 LBO of
Tribune.
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)
TRONOX INC: Posts $34.4 Million Net Loss in October
---------------------------------------------------
Tronox Inc., et al., reported a net loss of $34.4 million on net
sales of $60.0 million for the month of October 2010. Results for
the month included reorganization items of $41.4 million.
At October 31, 2010, the Chapter 11 Debtors' balance sheet showed
$1.239 billion in total assets, $1.243 billion in total
liabilities, and a stockholders' deficit of $4.1 million.
On November 17, 2010, the Bankruptcy Court confirmed Tronox's plan
of reorganization, subject to entry of an appropriate confirmation
order.
A copy of the October 2010 monthly operating report is available
for free at http://bankrupt.com/misc/tronoxinc.october2010mor.pdf
About Tronox Inc.
Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors. The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.
An official committee of unsecured creditors and an official
committee of equity security holders were appointed in the cases.
The Creditors Committee retained Paul, Weiss, Rifkind, Wharton &
Garrison LLP as counsel.
Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B. Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK. As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2010. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
*** End of Transmission ***