/raid1/www/Hosts/bankrupt/TCR_Public/110212.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, February 12, 2011, Vol. 15, No. 42
Headlines
BANKUNITED FINANCIAL: Posts $622,485 Net Loss in December
CATHOLIC CHURCH: Wilmington Had $1.21 Mil. Cash at Dec. 31
GREAT ATLANTIC & PACIFIC: Reports $104.9 Mil. Net Loss in December
JEVIC TRANSPORTATION: Reports $103,672 Net Income in October
JEVIC TRANSPORTATION: Reports $246,347 Net Income in November
NEWPOWER HOLDINGS: Ends December 2010 With $357,000 Cash
SAINT VINCENTS: Reports $21.6 Million Net Income in November
STATION CASINOS: GV Ranch Has $797,000 Operating Income in Nov.
STATION CASINOS: GV Ranch Has $884,000 Operating Income in Dec.
TRICO MARINE: Reports $26,563 Net Income in December
WORLDSPACE INC: Reports $2 Billion Net Income in December
*********
BANKUNITED FINANCIAL: Posts $622,485 Net Loss in December
---------------------------------------------------------
On January 28, 2011, BankUnited Financial Corporation, together
with its subsidiaries BankUnited Financial Services, Inc., and CRE
America Corporation, filed its monthly operating report for
December 2010 with the United States Bankruptcy Court for the
Southern District of Florida.
Funds at December 31, 2010, were $12.2 million, compared to funds
of approximately $12.8 million at November 30, 2010.
BankUnited Financial Corporation, et al., reported a net loss of
$622,485 for the period. At December 31, 2010, BankUnited
Financial Corporation, et al., had $37.1 million in total assets,
$576.8 million in total liabilities, and a stockholders' deficit
of $539.7 million.
The December 2010 monthly operating report is available at no
charge at http://researcharchives.com/t/s?72d3
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., serve as the
Debtors' bankruptcy 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. disclosed
$37,729,520 in assets against $559,740,185 in debts. Aside from
those assets, BankUnited said that a "valuable" asset is its
$3.6 billion net operating loss carryforward.
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 million and $118.171 million on account of senior notes.
As reported in the Troubled Company Reporter on November 25, 2010,
BankUnited Financial Corp. filed a Chapter 11 plan premised upon a
cash infusion by a new investor, who in turn will receive 21% of
the new common stock plus preferred stock. The cash infusion will
be used to make cash distributions under the Plan, with the
remaining amount for working capital.
CATHOLIC CHURCH: Wilmington Had $1.21 Mil. Cash at Dec. 31
----------------------------------------------------------
Catholic Diocese of Wilmington, Inc.
Balance Sheet
As of December 31, 2010
ASSETS
Cash & Equivalents $1,212,422
Accounts Receivable (Net) 3,326,241
Payroll Receivable -
Notes Receivable 1,452,985
Advance PIA Distributions 3,283,500
Professional Retainers 545,000
Unrestricted Pooled Investments 93,635,638
Restricted Pooled Investments 32,850,402
Unallocated Audit Fees -
Other Assets 53,743
Real Estate 1,314,140
Assets Held for Others -
-----------
TOTAL ASSETS $137,674,071
===========
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 38,044
Accounts Payable Capital Campaign 9,879
Bonds Payable 11,000,000
Priest Pension 13,107,216
Lay Pensions 64,366,743
National Collections 375,250
Other Liabilities 521,263
Assets Held for Others -
Pooled Investment Account Claims 83,430,736
-----------
TOTAL LIABILITIES 173,133,360
NET ASSETS
Beginning Year Net Assets (41,816,364)
Net Assets - Prepetition 4,138,712
Net Assets - Postpetition 2,218,363
-----------
TOTAL NET ASSETS (35,459,289)
-----------
TOTAL LIABILITIES & NET ASSETS $137,674,071
===========
Catholic Diocese of Wilmington, Inc.
Statement of Operations
For the month ending December 31, 2010
CDOW Operations
CDOW Revenue
Assessments $357,826
Investment Income 3,070,417
Operational Income 238,149
Designated Income (Education) 49,678
-----------
Total CDOW Revenue 3,716,070
CDOW Expenses
Payroll & Taxes (208,226)
Medical Payments -
Other Compensation (58,487)
Other Operational (272,992)
Capital Expenditures -
Catholic Schools, Inc. -
Casa San Francisco -
Ministry to the Elderly -
Bankruptcy professionals (2,504,097)
Neumann Center (5,150)
Vision for the Future
(Tuition Assistance) -
Owed to Parishes (Cap Campaign) (439)
-----------
Total CDOW Expenses (3,049,391)
-----------
CDOW NET OPERATING CASH 666,679
Program Services
Annual Appeal Revenue 96,281
Program Services Expenditures
Catholic Youth Organization (8,983)
Catholic Charities (85,858)
High School Appeal Allocation -
The Dialog (50,297)
-----------
Total Program Services Expenses (145,138)
-----------
PROGRAM SERVICES NET CASH (48,857)
Benefits & Insurance Program Administration
Medical Program
Premiums Received 1,230,167
Expenses (1,305,253)
-----------
Net Medical (75,086)
Workers Compensation
Premiums Received -
Expenses (37,622)
-----------
Net Workers Comp (37,622)
Property & Liability Insurance
Premiums Received -
Expenses -
-----------
Net P&L Insurance -
Pensions
Priests (57,590)
Lay Employees -
-----------
Total Pensions (57,590)
-----------
NET CHANGE IN LIQUIDITY $447,524
===========
Catholic Diocese of Wilmington, Inc.
Schedule of Cash Receipts and Disbursements
For the month ending December 31, 2010
CASH BEGINNING OF PERIOD $1,265,795
RECEIPTS
ASSESSMENTS 357,826
ANNUAL APPEAL 96,281
INSURANCE PREMIUMS 1,230,167
OTHER OPERATING 287,827
-----------
TOTAL RECEIPTS 1,972,101
DISBURSEMENTS
NET PAYROLL AND TAXES 208,226
INSURANCE PAYMENTS 1,342,875
OPERATING EXPENSES 328,144
OTHER 145,138
PROFESSIONAL FEES -
U.S. TRUSTEE QUARTERLY FEES -
COURT COSTS -
-----------
TOTAL DISBURSEMENTS 2,024,383
-----------
NET CASH FLOW (52,282)
Transfers out 7,200
Transfers in -
Other transfers/returns/fees -
-----------
CASH - END OF PERIOD $1,206,313
===========
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 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.
The bankruptcy filing automatically stayed eight consecutive abuse
trials scheduled in Delaware scheduled to begin October 19, 2009.
There were 131 cases filed against the Diocese, with 30 scheduled
for trial, as of the bankruptcy filing.
(Catholic Church Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
GREAT ATLANTIC & PACIFIC: Reports $104.9 Mil. Net Loss in December
------------------------------------------------------------------
The Great Atlantic & Pacific Tea Company Inc., et al.
Unaudited Consolidated Balance Sheet
As of January 1, 2011
(In Thousands)
ASSETS
Current assets:
Cash and cash equivalents $372,339
Restricted cash 1,730
Accounts receivable, net of allowance for 172,318
doubtful accounts of $6,079 at 01/01/11
Inventories, net 434,309
Prepaid expenses and other current assets 51,505
--------------
Total current assets 1,032,201
Non-current assets:
Property:
Property owned, net 1,227,852
Property leased under capital leases, net 65,081
--------------
Property, net 1,292,933
Goodwill 110,412
Intangible assets, net 125,938
Other assets 116,860
--------------
Total assets $2,678,344
==============
LIABILITIES & STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable 105,834
Book overdrafts 19,958
Accrued salaries, wages and benefits 105,405
Accrued taxes 29,440
Other accrued liabilities 39,276
--------------
Total current liabilities 299,913
Non-current liabilities:
Debtor-in-possession financing 350,000
Other non-current liabilities 2,770
--------------
Total liabilities not subject to compromise 652,683
Liabilities subject to compromise 3,011,628
--------------
Total liabilities $3,664,311
Series A redeemable preferred stock - no par
value, $1,000 redemption value; authorized -
700,000 shares; issued - 175,000 shares -
subject to compromise 175,000
Stockholders' deficit:
Common stock - $1 par value; authorized -
260,000,000 shares; issued and outstanding -
54,780,414 shares at 0l/01/11 54,780
Additional paid-in capital 475,838
Accumulated other comprehensive loss (78,860)
Accumulated deficit (1,612,725)
--------------
Total stockholders' deficit (1,160,967)
--------------
Total liabilities and stockholders' deficit $2,678,344
==============
The Great Atlantic & Pacific Tea Company Inc., et al.
Unaudited Consolidated Statement of Operations
Four Weeks Ended January 1, 2011
(In Thousands)
Sales $621,515
Cost of merchandise sold (440,322)
--------------
Gross margin 181,193
Store operating, general and admin expense (187,688)
--------------
Loss from continuing operations before interest
expense, reorganization items and income taxes (6,495)
Interest expense (41,329)
Reorganization items (55,069)
--------------
Loss from continuing operations before
income taxes (102,893)
--------------
Provision for income taxes (35)
--------------
Loss from continuing operations (102,928)
Loss from discontinued operations (2,021)
--------------
Net loss ($104,949)
==============
The Great Atlantic & Pacific Tea Company Inc., et al.
Unaudited Consolidated Statement of Cash Flow
Four Weeks Ended January 1, 2011
(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($104,949)
Adjustments to reconcile net loss to net
cash provided by operating activities 96,651
Changes in assets and liabilities:
Increase in receivables (23,978)
Decrease in inventories 20,312
Increase in prepaid expenses and other
current assets (6,412)
Decrease in other assets 1,810
Increase in accounts payable 115,480
Decrease in accrued salaries, wages and
benefits, and taxes (3,152)
Increase in other accruals 10,407
Increase in other non-current liabilities 4,262
Payments for reorganization items (5,335)
Other operating activities, net 4,775
--------------
Net cash provided by operating activities 109,871
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for property (3,026)
--------------
Net cash used in investing activities (3,026)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds under debtor-in-possession financing 350,000
Proceeds under revolving lines of credit 43,900
Principal payments on revolving lines of credit (159,916)
Payment of financing fees for
debtor-in-possession financing (28,932)
Principal payments on long-term borrowings (13)
Principal payments on capital leases (992)
Decrease in book overdrafts (30,964)
--------------
Net cash provided by financing activities 173,083
Net increase in cash and cash equivalents 279,928
Cash and cash equivalents at beginning of period 92,411
--------------
Cash and cash equivalents at end of period $372,339
==============
About A&P
Founded in 1859, Montvale, New Jersey-based Great Atlantic &
Pacific (A&P) is a leading supermarket retailer, operating under a
variety of well-known trade names, or "banners" across the mid-
Atlantic and Northeastern United States. It operates 395
supermarkets, combination food and drug stores, beer, wine, and
liquor stores, and limited assortment food stores in Connecticut,
Delaware, Massachusetts, Maryland, New Jersey, New York,
Pennsylvania, Virginia, and the District of Columbia. "Banners"
include A&P (101 stores), Food Basics (12 stores), Pathmark (128
stores), Super Fresh (57 stores), The Food Emporium (16 stores),
and Waldbaum's (59 stores).
A&P employs roughly 41,000 employees, including roughly 28,000
part-time employees. Roughly 95% of the workforce are covered by
collective bargaining agreements.
The Great Atlantic & Pacific Tea Company, Inc., and its affiliates
filed petitions under Chapter 11 of the U.S. Bankruptcy Code on
December 12, 2010 (Bankr. S.D.N.Y. Case No. 10-24549) in White
Plains.
As of September 11, 2010, the Debtors reported total assets of
$2.5 billion and liabilities of $3.2 billion.
Paul M. Basta, Esq., James H.M. Sprayregen, Esq., and Ray C.
Schrock, Esq., at Kirkland & Ellis, LLP, in New York, and James J.
Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
serve as counsel to the Debtors. Kurtzman Carson Consultants LLC
is the claims and notice agent. Lazard Freres & Co. LLC is the
financial advisor. Huron Consulting Group is the management
consultant. Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and
Abhilash M. Raval, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represent the Official Committee of Unsecured Creditors.
Bankruptcy Creditors' Service, Inc., publishes ATLANTIC & PACIFIC
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by A&P and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000).
JEVIC TRANSPORTATION: Reports $103,672 Net Income in October
------------------------------------------------------------
Jevic Transportation, Inc., reported net income of $103,672 on $0
revenue for October 2010.
At October 31, 2010, the Debtor had total assets of $424,567,
total liabilities of $12.2 million, and a stockholders' deficit of
$11.8 million. The Debtor ended the period with $362,104 in cash,
which includes restricted cash of $66,977.
A full-text copy of the Debtor's monthly operating report for the
month ended October 31, 2010, is available at no charge at:
http://bankrupt.com/misc/jevic.october2010mor.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. Jevic et al. 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 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 roughly 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.
JEVIC TRANSPORTATION: Reports $246,347 Net Income in November
-------------------------------------------------------------
Jevic Transportation, Inc., reported net income of $246,347 on $0
revenues for November 2010.
At November 30, 2010, the Debtor had total assets of $640,867,
total liabilities of $12.2 million, and a stockholders' deficit of
$11.6 million. The Debtor ended the period with $578,404 in cash,
which includes restricted cash of $36,930.
A full-text copy of the Debtor's monthly operating report for the
month ended November 30, 2010, is available at no charge at:
http://bankrupt.com/misc/jevic.november2010mor.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. Jevic et al. 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 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 roughly 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.
NEWPOWER HOLDINGS: Ends December 2010 With $357,000 Cash
--------------------------------------------------------
NewPower Holdings, Inc., filed its monthly operating report for
December 2010 with the U.S. Bankruptcy Court for the Northern
District of Georgia on February 1, 2011.
The Debtor had an opening cash balance of $372,000 and an ending
cash balance of $357,000.
A full-text copy of the Debtor's December 2010 operating report
is available for free at http://researcharchives.com/t/s?72d5
About NewPower Holdings
NewPower Holdings, Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for Chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding, and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors as counsel. When the Debtors
filed for protection from their creditors, they reported
$231,837,000 in assets and $87,936,000 in debts.
On August 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and
wholly owned subsidiary TNPC Holdings, Inc. That Plan became
effective on October 9, 2003, with respect to the company and
TNPC.
On February 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
SAINT VINCENTS: Reports $21.6 Million Net Income in November
------------------------------------------------------------
Saint Vincents Catholic Medical Centers of New York, et al.,
reported an increase in net assets of $21.6 million on
$17.2 million of operating revenue for November 2010.
At November 30, 2010, the Debtors' balance sheet showed
$247.6 million in total assets, $1.010 billion in total
liabilities, and a net assets deficit of $762.5 million.
A copy of the consolidated monthly operating report for
November 2010 is available for free at:
http://bankrupt.com/misc/saintvincents.november2010mor.pdf
About Saint Vincents
Saint Vincents Catholic Medical Centers of New York, doing
business as St. Vincent Catholic Medical Centers --
http://www.svcmc.org/-- was anchored by St. Vincent's Hospital
Manhattan, an academic medical center located in Greenwich Village
and the only emergency room on the Westside of Manhattan from
Midtown to Tribeca, St. Vincent's Westchester, a behavioral health
hospital in Westchester County, and continuing care services that
include two skilled nursing facilities in Brooklyn, another on
Staten Island, a hospice, and a home health agency serving the
Metropolitan New York area.
Saint Vincent Catholic Medical Centers of New York and six of its
affiliates first filed for Chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case Nos. 05-14945 through 05-14951).
St. Vincents Catholic Medical Centers returned to bankruptcy court
by filing another Chapter 11 petition (Bankr. S.D.N.Y. Case No.
10-11963) on April 14, 2010. The Debtor estimated assets of
$348 million against debts totaling $1.09 billion in the new
petition.
Although the hospitals emerged from the prior reorganization in
July 2007 with a Chapter 11 plan said to have "a realistic chance"
of paying all creditors in full, the bankruptcy left the medical
center with more than $1 billion in debt. The new filing occurred
after a $64 million operating loss in 2009 and the last potential
buyer terminated discussions for taking over the flagship
hospital.
Adam C. Rogoff, Esq., and Kenneth H. Eckstein, Esq., at Kramer
Levin Naftalis & Frankel LLP, represent the Debtor in its
Chapter 11 effort.
STATION CASINOS: GV Ranch Has $797,000 Operating Income in Nov.
---------------------------------------------------------------
GV Ranch Station Inc. disclosed that as of November 30, 2010, it
had:
Current Intercompanies, net $97,694,000
Non-current deferred tax asset $9,045,000
Total Assets $106,739,000
Current Liabilities $8,873,000
Total members' equity $68,775,000
Total Liabilities and Equity $106,739,000
GV Ranch also said that for the month ended November 30, 2010, it
had:
Operating income (loss) $797,000
Income (loss) before income taxes and
reorganization items ($1,435,000)
Income (loss) before income taxes ($1,523,000)
Net income (loss) ($990,000)
Reorganization costs $88,000
Losses from joint ventures $1,413,000
Intercompany receivables and payables, net ($529,000)
GV Ranch said it had zero balance at the end of November 30 and
made total disbursements of $700,000 as of November 30.
About Station Casinos
Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.
Station Casinos Inc., together with its affiliates, filed for
Chapter 11 protection on July 28, 2009 (Bankr. D. Nev. Case No.
09-52477). Milbank, Tweed, Hadley & McCloy LLP serves as legal
counsel in the Chapter 11 case; Brownstein Hyatt Farber Schreck,
LLP, as regulatory counsel; and Lewis and Roca LLP is local
counsel. Lazard Freres & Co. LLC is investment banker and
financial advisor. Kurtzman Carson Consultants LLC is the claims
and noticing agent. Brad E Scheler, Esq., and Bonnie Steingart,
Esq., at Fried, Frank, Shriver, Harris & Jacobson LLP, in New
York, serves as counsel to the Official Committee of Unsecured
Creditors.
In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009. About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.
Bankruptcy Creditors' Service, Inc., publishes Station Casinos
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Station Casinos Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
STATION CASINOS: GV Ranch Has $884,000 Operating Income in Dec.
---------------------------------------------------------------
GV Ranch Station Inc. disclosed that as of December 31, 2010, it
had:
Current Intercompanies, net $98,204,000
Non-current deferred tax asset $9,045,000
Total Assets $107,249,000
Current Liabilities $8,928,000
Total members' equity $67,820,000
Total Liabilities and Equity $107,249,000
GV Ranch also said that for the month ended December 31, 2010, it
had:
Operating income (loss) $884,000
Income (loss) before income taxes and
reorganization items ($1,433,000)
Income (loss) before income taxes ($1,469,000)
Net income (loss) ($955,000)
Reorganization costs ($36,000)
Losses from joint ventures $1,410,000
Intercompany receivables and payables, net ($510,000)
GV Ranch said it had zero balance at the end of December 31 and
made total disbursements of $596,000 as of December 31.
About Station Casinos
Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.
Station Casinos Inc., together with its affiliates, filed for
Chapter 11 protection on July 28, 2009 (Bankr. D. Nev. Case No.
09-52477). Milbank, Tweed, Hadley & McCloy LLP serves as legal
counsel in the Chapter 11 case; Brownstein Hyatt Farber Schreck,
LLP, as regulatory counsel; and Lewis and Roca LLP is local
counsel. Lazard Freres & Co. LLC is investment banker and
financial advisor. Kurtzman Carson Consultants LLC is the claims
and noticing agent. Brad E Scheler, Esq., and Bonnie Steingart,
Esq., at Fried, Frank, Shriver, Harris & Jacobson LLP, in New
York, serves as counsel to the Official Committee of Unsecured
Creditors.
In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009. About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.
Bankruptcy Creditors' Service, Inc., publishes Station Casinos
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Station Casinos Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TRICO MARINE: Reports $26,563 Net Income in December
----------------------------------------------------
On February 2, 2011, Trico Marine Services, Inc., and subsidiaries
Trico Marine Assets, Inc., Trico Holdco, LLC, Trico Marine
Operators, Inc., Trico Marine Cayman, LP, and Trico Marine
International, Inc., filed their unaudited combined monthly
operating report for December 2010 with the U.S. Bankruptcy Court
for the District of Delaware.
Trico Marine Services reported net income of $26,563 on $0 revenue
for the period.
At December 31, 2010, Trico Marine Services' balance sheet showed
$411.0 million in total assets, $153.5 million in total
liabilities, and stockholders' equity of $257.5 million.
A full-text copy of the monthly operating report is available for
free at http://researcharchives.com/t/s?72d4
About Trico Marine
Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653). John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort. The Debtor
disclosed US$30,562,681 in assets and US$353,606,467 in
liabilities as of the Petition Date.
Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.
Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer. Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent. Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
Pricewaterhousecoopers LLC provides the independent accountants
and tax advisors for the Debtors.
Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.
The Official Committee of Unsecured Creditors tapped Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang,
Ziehl & Jones LLP, in Wilmington, Delaware, and Andrew K. Glenn,
Esq., David J. Mark, Esq., and Daniel A. Fliman, Esq., at
Kasowitz, Benson, Torres & Friedman LLP, in New York, as counsel.
WORLDSPACE INC: Reports $2 Billion Net Income in December
---------------------------------------------------------
WorldSpace, Inc., et al., reported net income of $2.046 billion on
total revenue of $318,198 for December 2010.
At December 31, 2010, the Debtors had $2.1 million in total
assets, all in cash, $124.3 million in total liabilities, and a
stockholders' deficit of $122.2 million.
A full-text copy of the Debtors' December 2010 operating report is
available for free at:
http://bankrupt.com/misc/worldspaceinc.december2010mor.pdf
About WorldSpace Inc.
WorldSpace, Inc. (OTC US: WRSPQ) provided satellite-based radio
and data broadcasting services to paying subscribers in 10
countries throughout Europe, India, the Middle East, and Africa.
WorldSpace, Inc. was founded in 1990 and is headquartered in
Silver Spring, Maryland.
The Debtor and two of its affiliates filed for Chapter 11
bankruptcy protection on October 17, 2008 (Bankr. D. Del., Case
No. 08-12412 - 08-12414). James E. O'Neill, Esq., Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl
& Jones, LLP, serve as the Debtors' bankruptcy counsel. Kurtzman
Carson Consultants serves as claims and notice agent. Neil
Raymond Lapinski, Esq., and Rafael Xavier Zahralddin-Aravena,
Esq., at Elliot Greenleaf, represent the Official Committee of
Unsecured Creditors. When the Debtors filed for bankruptcy, they
listed total assets of $307,382,000 and total debts of
$2,122,904,000.
WorldSpace, Inc., and certain of its affiliates completed the sale
of substantially all the assets related to business effective
June 23, 2010.
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