/raid1/www/Hosts/bankrupt/TCR_Public/101204.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, December 4, 2010, Vol. 14, No. 336
Headlines
ADVANTA CORP: Ends October 2010 With $110 Million Cash
ASCENDIA BRANDS: Ends August With $5,621 Cash
ASCENDIA BRANDS: Ends September With $4,496 Cash
LTV CORPORATION: Ends October With $7.8 Million Cash
MESA AIR: Posts $10,398,000 Net Loss in October
NORTEL NETWORKS: Ends September 2010 With $897 Million Cash
NORTH AMERICAN PETROLEUM: Posts $1.4 Million Net Loss in September
NORTH AMERICAN PETROLEUM: Posts $2.5 Million Net Loss in October
NORTH GENERAL: Posts $6.79 Million Net Loss in September
SHARPER IMAGE: Reports $157,479 Net Loss in October 2010
THORNBURG MORTGAGE: Ends October 2010 With $113.1 Million Cash
TMST INC: Has $113 Million Cash at October 31
VALUE CITY: Has $6.87 Million Cash at October 2
VALUE CITY: Has $5.32 Million Cash at October 30
*********
ADVANTA CORP: Ends October 2010 With $110 Million Cash
------------------------------------------------------
Advanta Corp. and certain of its subsidiaries filed on
November 30, 2010, their unaudited monthly operating report for
October 2010 with the U.S. Bankruptcy Court for the District of
Delaware.
The Debtors ended October 2010 with $109.97 million in cash, from
$106.52 million at the beginning of the period.
Advanta Corp. reported a net loss of $8,000 on $7,000 of net
interest income for the month.
At October 31, 2010, Advanta Corp. had $255.82 million in total
assets, $339.30 million in total liabilities, and a stockholders'
deficit of $83.48 million.
A copy of the Debtors' October 2010 monthly operating report is
available at no charge at http://researcharchives.com/t/s?7070
About Advanta Corp.
Advanta Corp. -- http://www.advanta.com/-- issues business
purpose credit cards to small businesses and business
professionals in the United States. Advanta primarily funds and
operates its business credit card business through Advanta Bank
Corp., which offers a range of deposit products that are insured
by the Federal Deposit Insurance Corporation.
In June 2009, the FDIC placed significant restrictions on the
activities and operations of Advanta Bank, 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 is the financial advisor. The Garden City
Group, Inc., is the claims agent. The filing did not include
Advanta Bank. The petition said that Advanta Corp.'s assets
totaled $363,000,000 while debts totaled $331,000,000 as of
September 30, 2009.
ASCENDIA BRANDS: Ends August With $5,621 Cash
---------------------------------------------
Ascendia Brands, Inc., has filed for Ascendia Brands Co., Inc., a
monthly operating report for August 2010.
Ascendia Brands Co., Inc.'s August 2010 schedule of receipts and
disbursements showed:
Cash, beginning of month $4,481
Total receipts $97,104
Total disbursements $95,953
Net cash flow $1,140
Cash, end of month $5,621
A copy of the monthly operating report for August 2010 is
available for free at:
http://bankrupt.com/misc/MOR_ascendia3.pdf
About Ascendia Brands
Headquartered in Hamilton, New Jersey, Ascendia Brands, Inc. --
http://www.ascendiabrands.com/-- was, prior to the sale of
substantially all of its assets during bankruptcy, a manufacturer
and seller of branded and private labeled health and beauty care
products in North America, including Baby Magic, Binaca, Mr.
Bubble, Calgon, Ogilvie, the healing garden, Lander and Lander
Essentials. Remaining assets consist almost entirely of accounts
receivable.
The Company and six of its affiliates filed for Chapter
11 protection on August 5, 2008 (Bankr. D. Del. Lead Case No.
08-11787). Kenneth H. Eckstein, Esq., and Robert T. Schmidt,
Esq., at Kramer Levin Naftalis & Frankel LLP, represent the
Debtors in their restructuring efforts. M. Blake Cleary, Esq.,
Edward J. Kosmoswki, Esq., and Patrick A. Jackson, Esq., at Young,
Conaway, Stargatt & Taylor, LLP, serve as the Debtors' Delaware
counsel. Epiq Bankruptcy Solutions LLC is the notice, claims and
balloting agent to the Debtors.
At July 5, 2008, Ascendia Brands, Inc., had $194,800,000 in total
assets and $279,000,000 in total debts.
ASCENDIA BRANDS: Ends September With $4,496 Cash
------------------------------------------------
Ascendia Brands, Inc., has filed for Ascendia Brands Co., Inc., a
monthly operating report for September 2010.
Ascendia Brands Co., Inc.'s September 2010 schedule of receipts
and disbursements showed:
Cash, beginning of month $5,621
Total receipts $9,661
Total disbursements $10,786
Net cash flow ($1,125)
Cash, end of month $4,496
A copy of the monthly operating report for September 2010 is
available for free at:
http://bankrupt.com/misc/MOR_ascendia5.pdf
About Ascendia Brands
Headquartered in Hamilton, New Jersey, Ascendia Brands, Inc. --
http://www.ascendiabrands.com/-- was, prior to the sale of
substantially all of its assets during bankruptcy, a manufacturer
and seller of branded and private labeled health and beauty care
products in North America, including Baby Magic, Binaca, Mr.
Bubble, Calgon, Ogilvie, the healing garden, Lander and Lander
Essentials. Remaining assets consist almost entirely of accounts
receivable.
The Company and six of its affiliates filed for Chapter
11 protection on August 5, 2008 (Bankr. D. Del. Lead Case No.
08-11787). Kenneth H. Eckstein, Esq., and Robert T. Schmidt,
Esq., at Kramer Levin Naftalis & Frankel LLP, represent the
Debtors in their restructuring efforts. M. Blake Cleary, Esq.,
Edward J. Kosmoswki, Esq., and Patrick A. Jackson, Esq., at Young,
Conaway, Stargatt & Taylor, LLP, serve as the Debtors' Delaware
counsel. Epiq Bankruptcy Solutions LLC is the notice, claims and
balloting agent to the Debtors.
At July 5, 2008, Ascendia Brands, Inc., had $194,800,000 in total
assets and $279,000,000 in total debts.
LTV CORPORATION: Ends October With $7.8 Million Cash
----------------------------------------------------
On November 18, 2010, The LTV Corporation, et al., submitted to
the United States Bankruptcy Court for the Northern District of
Ohio, Eastern Division, their operating report for the period
ended October 31, 2010.
LTV ended the period with a $7.77 million cash balance. LTV
reported $1,000 in receipts and $184,000 in disbursements in
August, including $71,000 paid to Chapter 11 professionals.
Beginning cash was $7.95 million.
A full-text copy of the Debtors' October 2010 operating report is
available at no charge at http://researcharchives.com/t/s?706e
About The LTV Corporation
Headquartered in Cleveland, Ohio, The LTV Corp. operates as a
domestic integrated steel producer. The Company along with 48
subsidiaries filed for Chapter 11 protection on December 29, 2000
(Bankr. N.D. Ohio, Case No. 00-43866). On August 31, 2001, the
Company disclosed $4,853,100,000 in total assets and
$4,823,200,000 in total liabilities.
By order dated February 28, 2002, the Court approved the sale of
substantially all of the Debtors' integrated steel assets to WLR
Acquisition Corp. n/k/a International Steel Group, Inc., for a
purchase price of approximately $80 million, plus the assumption
of certain environmental and other obligations. ISG also
purchased inventories which were located at the integrated steel
facilities for approximately $52 million. The sale of the
Debtors' integrated steel assets to ISG closed in April 2002, and
a second closing related to the purchase of the inventory occurred
in May 2002.
On December 31, 2002, substantially all of the assets of the Pipe
and Conduit Business, consisting of LTV Tubular Company, a
division of LTV Steel Company, Inc., and Georgia Tubing
Corporation, were sold to Maverick Tube Corporation for cash of
approximately $120 million plus the assumption of certain
environmental and other obligations. On October 16, 2002, the
Debtors announced that they intended to reorganize the Copperweld
Business as a stand-alone business. The LTV Corporation no longer
exercised any control over the business or affairs of the
Copperweld Business. A separate plan of reorganization was
developed for the Copperweld Business. On August 5, 2003, the
Copperweld Business filed a disclosure statement for the Joint
Plan of Reorganization of Copperweld Corporation and certain of
its debtor affiliates. On October 8, 2003, the Court approved the
Second Amended Disclosure Statement. On November 17, 2003, the
Court confirmed the Second Amended Joint Plan, as modified, and on
December 17, 2003, the Effective Date occurred and the common
stock was canceled. Because The LTV Corporation received no
distributions under the Second Amended Plan, its equity in the
Copperweld Business is worthless and has been canceled.
In November 2002, the Debtors paid the DIP Lenders the remaining
balance due for outstanding loans and in December 2002, the
remaining letters of credit were canceled or cash collateralized.
Consequently, the Debtors have no remaining obligation to the DIP
Lenders. Pursuant to an order of the Court entered on
February 11, 2003, LTV Steel has continued the orderly liquidation
and wind down of its businesses.
On October 8, 2003, the Court entered an Order substantively
consolidating the Chapter 11 estates of LTV Steel and Georgia
Tubing Corporation for all purposes.
In November and December 2003, approximately $91.9 million was
distributed by LTV Steel to other Debtors pursuant to the
Intercompany Settlement Agreement that was approved by the Court
on November 17, 2003. On December 23, 2003, the Court entered an
Order authorizing LTV Steel and Georgia Tubing to make
distributions to their administrative creditors and, after the
final distribution, to dismiss their Chapter 11 cases and
dissolve.
On March 31, 2005, the Court entered an order that among other
things: (a) approved a distribution and dismissal plan for LTV and
certain other debtors; (b) authorized The LTV Corporation and LTV
Steel to take any and all actions that are necessary or
appropriate to implement the distribution and dismissal plan;
(c) established March 31, 2005, as the record date for identifying
shareholders of LTV that are entitled to any and all shareholder
rights with respect to the distribution and dismissal plan and the
eventual dissolution of LTV; and (d) authorized The LTV
Corporation to establish and fund a reserve account for the
conduct of post-dismissal activities and the payment of post-
dismissal claims.
LTV is in the process of liquidating, and its stock is worthless.
On March 28, 2007, the Official Committee of Administrative
Claimants filed a motion with the Court requesting an order to
approve the appointment of a Chapter 11 trustee. On April 11,
2007, April 12, 2007, and May 1, 2007, certain of the Defendants
filed motions to convert the case to Chapter 7. On June 28, 2007,
the ACC filed a motion to withdraw the Chapter 11 Trustee Motion;
the Court granted the ACC's withdrawal motion on August 1, 2007.
An evidentiary hearing on the Chapter 7 Trustee Motion was held in
August 2007. The Court has not yet issued its order.
MESA AIR: Posts $10,398,000 Net Loss in October
-----------------------------------------------
Mesa Air Group, Inc., et al.
Condensed Consolidated Balance Sheet
As of October 31, 2010
ASSETS
Current Assets
Cash and cash equivalents $60,482,000
Short-term investments 1,681,000
Restricted investments 9,692,000
Receivables, net of allowance 6,088,000
Inventories, net of allowance 27,000,000
Prepaid expenses and other assets 96,269,000
--------------
Total current assets 201,212,000
Property and equipment, net 494,442,000
Security and other deposits 6,433,000
Other assets 478,177,000
--------------
TOTAL ASSETS $1,180,264,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities Not Subject to Compromise:
Current Liabilities
Accounts payable $6,622,000
Air traffic liability 5,171,000
Other accrued expenses 52,890,000
Income tax payable 2,597,000
Deferred revenue & other current liabilities 0
--------------
Total current liabilities not subject to 67,279,000
compromise
Deferred credits and other liabilities 57,827,000
Long-term deferred income tax 156,719,000
Other long-term debt postpetition 0
--------------
Total liabilities not subject to compromise 214,546,000
Liabilities subject to compromise 1,396,368,000
--------------
Total Liabilities 1,678,193,000
Stockholders' Equity
Preferred stock, no par value, authorized 0
2,000,000 shares, none issued
Common stock, no par value and additional 115,500,000
paid-in capital, 900,000,000 shares
authorized; 175,217,249 and 175,217,249
shares issued and outstanding, respectively
Deferred stock compensation 1,732,000
Retained earnings (615,162,000)
--------------
Total shareholders' equity (497,930,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $1,180,264,000
==============
Mesa Air Group, Inc., et al.
Condensed Consolidated Statement of Operations
For the Month Ended October 31, 2010
Revenues
Passenger $57,080,000
Cargo 0
Other 334,000
--------------
Total revenue 57,413,000
--------------
Operating Expenses
Flight operations 14,983,000
Flight operations - nonoperating aircraft 25,000
Aircraft fuel 18,283,000
Aircraft and traffic servicing 3,798,000
Maintenance 13,481,000
Promotion and sales 468,000
General and administrative 4,322,000
Depreciation and amortization 2,942,000
impairment of long-lived asset 0
--------------
Total operating expenses 58,304,000
Operating Income (Loss) (890,000)
Nonoperating Income (Expense)
Interest income 370,000
Interest expense (1,199,000)
Other, net (336,000)
--------------
Total nonoperating income (expense) (1,165,000)
Income (Loss) before reorganization items and (2,055,000)
Income Taxes
Income Taxes (6,322,000)
Loss (Gain) on reorganization items 14,664,000
Income (Loss) before discontinued operations (10,398,000)
Loss (Gain) from discontinued operations 0
--------------
NET INCOME (LOSS) ($10,398,000)
==============
Mesa Air Group, Inc., et al.
Condensed Consolidated Statement of Cash Flows
For the Month Ended October 31, 2010
Cash Flows from Operating Activities:
Net income (loss) from continuing operations ($10,398,000)
Net income (loss) from discontinued operations 0
--------------
Net income (loss) (10,398,000)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 2,942,000
Impairment charges 0
Amortization of deferred credits (794,000)
Amortization of restricted stock awards 65,000
Amortization of contract incentive payments 24,000
Provisions for obsolete expendable parts 105,000
and supplies
Changes in operating assets and liabilities:
Net (purchase) sales of investment securities (1,681,000)
Receivables 190,000
Expendable parts and supplies (469,000)
Prepaid expenses and other assets (1,623,000)
Other assets 50,000
Accounts payable 9,960,000
Income taxes payable (6,311,000)
Air traffic liability 0
Other accrued liabilities 14,661,000
--------------
Net cash provided by (used in) operating 6,722,000
activities
Cash Flows from Reorganization Activities:
Net cash provided by (used in) reorganization (12,879,000)
activities
--------------
Total net cash provided by (used in) operating (6,157,000)
activities
Cash Flows from Investing Activities:
Capital expenditures (922,000)
Proceeds from sale of flight equipment and 0
expendable inventory
Change in restricted cash 0
Equity method investment 353,000
Investment deposits 0
Change in other assets 1,412,000
Net returns (payments) of lease and equipment (3,000)
deposits
--------------
Net cash (used in) provided by investing 840,000
activities
Cash Flows from Financing Activities:
Unsecured claims for rejected aircraft 10,883,000
Principal payments on long-term borrowings (2,817,000)
--------------
Net cash (used in) provided by financing 8,066,000
activities
Increase (decrease) in cash and cash 2,749,000
equivalents
Cash and cash equivalents at beginning of 57,733,000
period
--------------
Cash and cash equivalents at end of period $60,482,000
==============
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 to the
Debtors. Imperial Capital LLC is the investment banker. Epiq
Bankruptcy Solutions is claims and notice agent. Brett Miller,
Esq., Lorenzo Marinuzzi, Esq., and Todd Goren, Esq., at Morrison &
Foerster LLP, serve as counsel to the Official Committee of
Unsecured Creditors.
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).
NORTEL NETWORKS: Ends September 2010 With $897 Million Cash
-----------------------------------------------------------
On November 24, 2010, Nortel Networks Inc., a Delaware
corporation and an indirect subsidiary of Nortel Networks Corp.,
and several other direct and indirect U.S. subsidiaries of Nortel
Networks Corp., filed their unaudited condensed combined debtors-
in-possession financial statements included in the monthly
operating report for September 2010 with the United States
Bankruptcy Court for the District of Delaware.
Nortel Networks Inc. reported a net loss of $11.0 million on
total revenues of $14.0 million for the period. Reorganization
expenses totaled $26.0 million for the month.
The Company ended September 2010 with $897.0 million in cash and
cash equivalents, as compared to $901.0 million at the beginning
of the month.
As of September 30, 2010, Nortel Networks Inc. had $1.593 billion
in total assets, $5.902 billion in total liabilities, and a
stockholders' deficit of $4.309 billion.
A full-text copy of the monthly operating report is available at
no charge at http://researcharchives.com/t/s?706f
About Nortel Networks
Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers. The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.
The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection. The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986. The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England. Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion. The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies. As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.
NORTH AMERICAN PETROLEUM: Posts $1.4 Million Net Loss in September
------------------------------------------------------------------
North American Petroleum Corp. USA reported a net loss of
$1.46 million on net revenue of $2.14 million for the month of
September 2010.
At September 30, 2010, the Debtor had $142.47 million in total
assets, $130.69 million in total liabilities, and $11.78 million
in net owner equity.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/MOR_NorthAmericanPetroleum6.pdf
About North American Petroleum
Denver, Colorado-based North American Petroleum Corp. USA is a
natural gas driller. North American Petroleum and Prize Petroleum
are subsidiaries of Petroflow Energy Ltd. North American
Petroleum sought Chapter 11 protection on May 25, 2010 (Bankr. D.
Del. Case No. 10-11707). In its schedules, North American
Petroleum disclosed $140,678,983 in total assets and $125,595,183
in total liabilities 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). Prize
Petroleum scheduled $121,945,092 in liabilities.
These cases are being jointly administered for procedural
purposes, under the case docket for North American Petroleum
Corporation USA, Case No. 10-11707.
On August 20, 2010, Petroflow Energy Ltd., the parent company of
North American Petroleum Corporation USA and Prize Petroleum, LLC,
filed a petition in the U.S. Bankruptcy Court for the District of
Delaware seeking relief under Chapter 11 of the Bankruptcy Code
(Case No. 10-12608). On September 10, 2010, the Bankruptcy Court
granted permission for Petroflow's Chapter 11 case to be jointly
administered with those of its two Chapter 11 debtor-affiliates.
On September 17, 2010, Petroflow received recognition of the U.S.
Chapter 11 proceedings from the Alberta Court of Queen's Bench
under the Companies' Creditors Arrangement Act in Canada. In its
petition, Petroflow disclosed assets and debts of between
$100 million and $500 million each.
David R. Seligman, Esq., Ryan Blaine Bennett, Esq., and Paul
Wierbicki, Esq., at Kirkland & Ellis LLP, in Chicago, serve as
lead bankruptcy counsel. Domenic E. Pacitti, Esq., at Klehr
Harrison Harvey Branzburg LLP in Wilmington, Del., and Morton R.
Branzburg, Esq., at Klehr Harrison Harvey Branzburg LLP, in
Philadephia, Pa., serve as the Debtors' co-counsel. Kinetic
Advisors LLC is the Debtors' financial advisor. Epiq Bankruptcy
Solutions, LLC, is the Debtors' notice, claims and balloting
agent.
NORTH AMERICAN PETROLEUM: Posts $2.5 Million Net Loss in October
----------------------------------------------------------------
North American Petroleum Corp. USA reported a net loss of
$2.54 million on net revenue of $2.46 million for the month of
October 2010.
At October 31, 2010, the Debtor had $140.39 million in total
assets, $131.76 million in total liabilities, and $8.62 million in
net owner equity.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/MOR_NorthAmericanPetroleum1.pdf
About North American Petroleum
Denver, Colorado-based North American Petroleum Corp. USA is a
natural gas driller. North American Petroleum and Prize Petroleum
are subsidiaries of Petroflow Energy Ltd. North American
Petroleum sought Chapter 11 protection on May 25, 2010 (Bankr. D.
Del. Case No. 10-11707). In its schedules, North American
Petroleum disclosed $140,678,983 in total assets and $125,595,183
in total liabilities 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). Prize
Petroleum scheduled $121,945,092 in liabilities.
These cases are being jointly administered for procedural
purposes, under the case docket for North American Petroleum
Corporation USA, Case No. 10-11707.
On August 20, 2010, Petroflow Energy Ltd., the parent company of
North American Petroleum Corporation USA and Prize Petroleum, LLC,
filed a petition in the U.S. Bankruptcy Court for the District of
Delaware seeking relief under Chapter 11 of the Bankruptcy Code
(Case No. 10-12608). On September 10, 2010, the Bankruptcy Court
granted permission for Petroflow's Chapter 11 case to be jointly
administered with those of its two Chapter 11 debtor-affiliates.
On September 17, 2010, Petroflow received recognition of the U.S.
Chapter 11 proceedings from the Alberta Court of Queen's Bench
under the Companies' Creditors Arrangement Act in Canada. In its
petition, Petroflow disclosed assets and debts of between
$100 million and $500 million each.
David R. Seligman, Esq., Ryan Blaine Bennett, Esq., and Paul
Wierbicki, Esq., at Kirkland & Ellis LLP, in Chicago, serve as
lead bankruptcy counsel. Domenic E. Pacitti, Esq., at Klehr
Harrison Harvey Branzburg LLP in Wilmington, Del., and Morton R.
Branzburg, Esq., at Klehr Harrison Harvey Branzburg LLP, in
Philadephia, Pa., serve as the Debtors' co-counsel. Kinetic
Advisors LLC is the Debtors' financial advisor. Epiq Bankruptcy
Solutions, LLC, is the Debtors' notice, claims and balloting
agent.
NORTH GENERAL: Posts $6.79 Million Net Loss in September
--------------------------------------------------------
North General Hospital reported a net loss of $6.79 million on net
revenue of ($1.22 million) for the month of September 2010.
At September 30, 2010, the Debtor had $53.70 million in total
assets, $309.92 million in total liabilities, and a stockholders'
deficit of $256.22 million.
A copy of the monthly operating report for September 2010 is
available for free at:
http://bankrupt.com/misc/MOR_NorthGeneral.pdf
About North General
New York-based North General Hospital is a not-for-profit 200-bed
community hospital in upper Manhattan that has serviced the
communities of East and Central Harlem since the 1970s. The
Hospital filed for Chapter 11 bankruptcy protection on July 2,
2010 (Bankr. S.D.N.Y. Case No. 10-13553). Charles E. Simpson,
Esq., at Windels, Marx, Lane & Mittendorf, LLP, assists the
Company in its restructuring effort. The Company disclosed
$67 million in assets and $293 million in liabilities.
Garfunkel Wild, P.C., is the Company's healthcare counsel.
Alvarez & Marsal is the Company's restructuring consultant.
SHARPER IMAGE: Reports $157,479 Net Loss in October 2010
--------------------------------------------------------
TSIC, Inc., formerly known as The Sharper Image Corporation, filed
with the Securities and Exchange Commission on November 24, 2010,
its monthly operating report for October 2010.
The Company incurred a net loss of $157,479 on $0 revenue for the
month. Professional fees totaled $65,418 during the month.
Since filing for Chapter 11, the Debtor has incurred net losses
aggregating $28,053,273. Professional fees have totaled
$11,601,041.
At October 31, 2010, the Company's balance sheet showed $7,328,092
in assets, $96,294,057 in liabilities and $88,965,965 in owner's
equity.
The Debtor has $3,835,987 in cash at October 31.
A full-text copy of TSIC's October 2010 monthly operating report
is available at no charge at:
http://ResearchArchives.com/t/s?7067
About Sharper Image
Headquartered in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- was a multi-channel specialty
retailer. It operated in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet. The Company has operations in
Australia, Brazil and Mexico. In addition, through its Brand
Licensing Division, it was also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.
The Company filed for Chapter 11 protection on February 19, 2008
(Bankr. D. Del. Case No. 08-10322). Judge Kevin Gross presides
over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel. Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.
An official committee of unsecured creditors has been appointed in
the case. Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel. Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.
When the Debtor filed for bankruptcy, it disclosed total assets of
$251,500,000 and total debts of $199,000,000. As of June 30,
2008, the Debtor disclosed $52,962,174 in total assets and
$39,302,455 in total debts.
Sharper Image obtained the Court's approval to change
its name to "TSIC, Inc." in relation to an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners, LLC,
GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer
Capital, LLC.
THORNBURG MORTGAGE: Ends October 2010 With $113.1 Million Cash
--------------------------------------------------------------
On November 23, 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 October 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 October 2010 with $113.11 million in
cash. Payments to attorneys and other professionals totaled
$850,990 for the current month. The Debtors reported a net loss
of $813,465 on net operating revenue of $17,063 for the month.
At October 31, 2010, the Debtors had $115.04 million in total
assets, $3.429 billion in total liabilities, and a stockholders'
deficit of $3.314 billion.
A full-text copy of the TMST, Inc.'s October 2010 monthly
operating report is available for free at:
http://researcharchives.com/t/s?7066
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 and its four affiliates filed for Chapter 11 on
May 1, 2009 (Bankr. D. Md. Lead Case No. 09-17787). Thornburg
changed its name to TMST, Inc.
Judge Duncan W. Keir is handling the case. David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, is tapped as counsel.
Orrick, Herrington & Sutcliffe LLP is employed as special counsel.
Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin
Capital, Inc., are tapped as investment banker and financial
advisor. Protiviti Inc. is also 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.
TMST INC: Has $113 Million Cash at October 31
---------------------------------------------
TMST, Inc., formerly known as Thornburg Mortgage, Inc., filed with
the Securities and Exchange Commission on November 24, 2010, its
monthly operating report for October 2010.
TMST has a cash balance of $113,108,693 as of October 31, 2010.
Disbursements totaled $1,315,560 during the month, with cash
receipts at $148,394.
TMST reported a net loss of $813,465 during the month.
The Company's balance sheet at October 31, 2010, showed
$115,038,782 in assets, $7,488,358 in postpetition liabilities and
$3,421,761,237 in prepetition liabilities.
A copy of TMST's October monthly operating report is available for
free at http://ResearchArchives.com/t/s?7066
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 and its four affiliates filed for Chapter 11 on
May 1, 2009 (Bankr. D. Md. Lead Case No. 09-17787). Thornburg
changed its name to TMST, Inc.
Judge Duncan W. Keir is handling the case. David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, is tapped as counsel.
Orrick, Herrington & Sutcliffe LLP is employed as special counsel.
Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin
Capital, Inc., are tapped as investment banker and financial
advisor. Protiviti Inc. is also 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.
VALUE CITY: Has $6.87 Million Cash at October 2
-----------------------------------------------
Value City Holdings, Inc., has filed a post-confirmation report
fro the period August 29, 2010, to October 2, 2010 period.
The Company ended the period with $6,872,644 cash:
Cash (Beginning of Period) $6,982,899
Income or Receipts $26,748
Disbursements (Operating) $137,003
Disbursements (Plan) $0
Cash (End of Period) $6,872,644
A full-text copy of the Debtor's post-confirmation monthly
operating report is available for free at:
http://bankrupt.com/misc/MOR_ValueCity2.pdf
Headquartered in Columbus, Ohio, Value City Holdings Inc. --
http://www.valuecity.com/-- operates a chain of department stores
in the United States. The company and eight of its affiliates
filed for Chapter 11 protection on Oct. 26, 2008 (Bankr. S.D.N.Y.
Lead Case No. 08-14197). John C. Longmire, Esq., Andrew D.
Sorkin, Esq., and Lauren C. Cohen, Esq., at Willkie Farr &
Gallagher LLP, represent the Debtors' in their restructuring
efforts. Epiq Bankruptcy Solutions LLC is the claims, noticing
and balloting agent for the Debtors. Bijan Amini, Esq., and Avery
Samet, Esq., at Storch Amini & Munves, P.C., in New York, served
as special counsel for the Debtors. Glenn R. Rice, Esq., and
David M. Posner, Esq., at Otterbourg, Steindler, Houston & Rosen,
P.C. in New York, served as attorneys for the Official Committee
of Unsecured Creditors. Adam L. Rosen, Esq., Silvermanacampora
LLP, in Jericho, New York, served as conflicts counsel to the
Committee. Value City estimated assets and debts between
$100 million and $500 million each.
On February 4, 2010, the Debtors filed the Joint Chapter 11 Plan
of Liquidation for Value City Holdings, Inc and Its Affiliates and
the Disclosure Statement with respect to the Plan. On March 15,
2010, the Debtors filed the First Amended Plan and related
Disclosure Statement. On March 18, 2010, the Bankruptcy Court
entered an order approving the Disclosure Statement with respect
to the Debtors' First Amended Plan. On March 23, 2010, the
Debtors filed a modified version of the First Amended Plan and
Disclosure Statement. On May 17, 2010, the Plan was confirmed.
On June 10, 2010, the Effective Date occurred. Pursuant to the
Confirmation Order, as of the Effective Date, each of the Debtors'
Cases were closed except for Lead Case No. 08-14197.
VALUE CITY: Has $5.32 Million Cash at October 30
------------------------------------------------
Value City Holdings, Inc., has filed a post=confirmation report
for the period October 3, 2010, to October 30, 2010 period.
The Company ended the period with $5,317,110 cash:
Cash (Beginning of Period) $6,872,644
Income or Receipts $82,510
Disbursements (Operating) $678,784
Disbursements (Plan) $959,259
Cash (End of Period) $5,317,110
A full-text copy of the Debtor's post-confirmation monthly
operating report is available for free at:
http://bankrupt.com/misc/MOR_ValueCity3.pdf
Headquartered in Columbus, Ohio, Value City Holdings Inc. --
http://www.valuecity.com/-- operates a chain of department stores
in the United States. The company and eight of its affiliates
filed for Chapter 11 protection on Oct. 26, 2008 (Bankr. S.D.N.Y.
Lead Case No. 08-14197). John C. Longmire, Esq., Andrew D.
Sorkin, Esq., and Lauren C. Cohen, Esq., at Willkie Farr &
Gallagher LLP, represent the Debtors' in their restructuring
efforts. Epiq Bankruptcy Solutions LLC is the claims, noticing
and balloting agent for the Debtors. Bijan Amini, Esq., and Avery
Samet, Esq., at Storch Amini & Munves, P.C., in New York, served
as special counsel for the Debtors. Glenn R. Rice, Esq., and
David M. Posner, Esq., at Otterbourg, Steindler, Houston & Rosen,
P.C. in New York, served as attorneys for the Official Committee
of Unsecured Creditors. Adam L. Rosen, Esq., Silvermanacampora
LLP, in Jericho, New York, served as conflicts counsel to the
Committee. Value City estimated assets and debts between
$100 million and $500 million each.
On February 4, 2010, the Debtors filed the Joint Chapter 11 Plan
of Liquidation for Value City Holdings, Inc and Its Affiliates and
the Disclosure Statement with respect to the Plan. On March 15,
2010, the Debtors filed the First Amended Plan and related
Disclosure Statement. On March 18, 2010, the Bankruptcy Court
entered an order approving the Disclosure Statement with respect
to the Debtors' First Amended Plan. On March 23, 2010, the
Debtors filed a modified version of the First Amended Plan and
Disclosure Statement. On May 17, 2010, the Plan was confirmed.
On June 10, 2010, the Effective Date occurred. Pursuant to the
Confirmation Order, as of the Effective Date, each of the Debtors'
Cases were closed except for Lead Case No. 08-14197.
*********
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*********
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