/raid1/www/Hosts/bankrupt/TCR_Public/110507.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, May 7, 2011, Vol. 15, No. 125
Headlines
BLACK CROW: Reports $22,700 Net Loss in March 2011
BLOCKBUSTER INC: Has $67.2 Million March Operating Loss
BORDERS GROUP: Has $28,300,000 February Net Loss
BORDERS GROUP: Has $24,300,000 March Net Loss
CB HOLDING: Posts $2.4 Million Net Loss From Feb. 21 - March 27
EVANS OIL: Ends March 2011 With $332,964 in Operating Account
EVANS OIL: RML LLC Reports $0 Net Income in March 2011
EVANS OIL: Octane LLC Posts $49,731 Net Loss in March 2011
EVANS OIL: Long Run LLC Reports $1,514 Net Loss in March 2011
GSC GROUP: Ends March 2011 With $34.7 Million Cash
GSC GROUP: Ends February 2011 With $38.2 Million Cash
LEHMAN BROTHERS: Cash Hikes $617-Million in March
NEC HOLDINGS: Posts $597,300 Net Loss in March 2011
PFF BANCORP: Posts $58,875 Net Loss in March 2011
PRECISION PARTS: Posts $8,730 Net Loss in February 2011
RCLC INC: Posts $24,000 Net Loss in February 2011
ROBB & STUCKY: Posts $1.9 Million Net Loss in March 2011
SUMNER REGIONAL: Posts $612,631 Net Loss in March 2011
TERRESTAR NETWORKS: Posts $28.3 Million Net Loss in March 2011
TERRESTAR CORP: Posts $119,811 Net Loss from Feb. 16 - March 31
THOMPSON PUBLISHING: Ends March 2011 With $1.02 Million Cash
TRIBUNE CO: Has $6,106,000 Profit in March
ULTIMATE ACQUISITIONS: Posts $14.7MM Net Loss From Feb 27 - Apr 2
WASHINGTON MUTUAL: Posts $3.0 Million Net Loss in March 2011
*********
BLACK CROW: Reports $22,700 Net Loss in March 2011
--------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
Black Crow Media Group LLC reported a $22,700 net loss in March on
revenue of $1.1 million. Reorganization costs in the month were
$307,000.
About Black Crow
Daytona Beach, Florida-based Black Crow Media Group, LLC, owns and
operates 17 FM and 5 AM radio stations in Daytona Beach, Live Oak,
Valdosta, Huntsville, Alabama, and Jackson, Tennessee.
Black Crow filed for Chapter 11 protection two days before a
hearing in U.S. district court where GECC was seeking appointment
of a receiver following default on term loans and a revolving
credit.
The Company filed for Chapter 11 bankruptcy protection (Bankr.
M.D. Fla. Case No. 10-00172) on Jan. 11, 2010. The Company's
affiliates -- Black Crow Media, LLC, et al. -- also filed separate
Chapter 11 petitions.
H. Jason Gold, Esq., Valerie P. Morrison, Esq., and Dylan G.
Trache, Esq., at Wiley Rein LLP, in McLean, Virginia, serve as the
Debtors' counsel. Mariane L. Dorris, Esq., and R. Scott Shuker,
Esq., at Latham, Shuker, Eden & Beaudine, LLP, have been tapped as
co-counsel. Protiviti Inc. is the Debtors' financial advisor.
Epiq Bankruptcy Solutions, LLC, is the claims and notice agent.
Brian G. Rich, Esq., and Douglas Bates, Esq., at Berger Singerman,
P.A., represent the Official Committee of Unsecured Creditors.
The Company estimated assets of $10 million to $50 million and
debts of $50 million to $100 million in its Chapter 11 petition.
BLOCKBUSTER INC: Has $67.2 Million March Operating Loss
-------------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
Blockbuster Inc. had a $67.2 million operating loss for four weeks
ended April 3. Revenue for the month was $173 million. The net
loss of $46.2 million was less than the operating loss thanks to
reversal of $23.8 million in prior reorganization costs. The
operating and net losses didn't include any accruals for interest
expense.
About Blockbuster Inc.
Based in Dallas, Texas, Blockbuster Inc. (Pink Sheets: BLOKA,
BLOKB) -- http://www.blockbuster.com/-- is a global provider of
rental and retail movie and game entertainment. It has a library
of more than 125,000 movie and game titles.
Blockbuster Inc. and 12 U.S. affiliates initiated Chapter 11
bankruptcy proceedings with a pre-arranged reorganization plan
in Manhattan (Bankr. S.D.N.Y. Case No. 10-14997) on Sept. 23,
2010. It disclosed assets of $1 billion and debts of $1.4 billion
at the time of the filing.
Blockbuster's non-U.S. operations and its domestic and
international franchisees, all of which are legally separate
entities, were not included in the filings and are not parties to
the Chapter 11 proceedings.
Martin A. Sosland, Esq., and Stephen Karotkin, Esq., at Weil,
Gotshal & Manges, serve as counsel to the Debtors. Rothschild
Inc. is the financial advisor. Alvarez & Marsal is the
restructuring advisor with A&M managing director Jeffery J.
Stegenga as chief restructuring officer. Kurtzman Carson
Consultants LLC is the claims and notice agent.
A steering group of senior secured noteholders is represented by
James P. Seery, Esq., and Paul S. Caruso, Esq., at Sidley Austin
LLP. U.S. Bank National Association as trustee and collateral
agent for the senior secured notes is represented by David
McCarty, Esq., and Kyle Mathews, Esq., at Sheppard Mullin Richter
& Hampton LLP. BDO Consulting is the financial advisor for U.S.
Bank.
Lenders led by Wilmington Trust FSB are providing the DIP
financing. The DIP Agent is represented by Peter Neckles, Esq.
and Alexandra Margolis, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York.
The Official Committee of Unsecured Creditors has retained Cooley
LLP as its counsel.
The Bank of New York Trust Company, N.A., as trustee under that
certain indenture, dated as of Aug. 20, 2004, with respect to the
9% Senior Subordinated Notes due 2012 issued by Blockbuster Inc.,
is represented by Edward P. Zujkowski, Esq., at Emmet, Marvin &
Martin, LLP.
The Ad Hoc Studio Committee of Blockbuster Inc. et al. is
represented by Robert J. Feinstein, Esq., at Pachulski Stang Ziehl
& Jones LLP.
Blockbuster on Feb. 21, 2011, entered into an Asset Purchase and
Sale Agreement providing for the sale of substantially all of
their assets or the proceeds of those assets to a newly formed
entity named Cobalt Video Holdco LLC. For purposes of entering
into the Purchase Agreement, the Purchaser was established by
Monarch Alternative Capital LP, Owl Creek Asset Management LP,
Stonehill Capital Management, LLC, and Varde Partners, Inc. who
collectively hold more than 50% of the Senior Secured Notes and
each of which is a member of the Steering Committee. Cobalt Video
Holdco LLC, the stalking horse purchaser, was represented by Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP.
The auction was held earlier in April and Dish Network Corp. won
with an offer having a gross value of $320 million. Dish Network
Corp. closed its purchase of Blockbuster on April 26, 2011.
BORDERS GROUP: Has $28,300,000 February Net Loss
------------------------------------------------
Borders Group, Inc.
Balance Sheet
As of February 26, 2011
ASSETS
Current assets:
Cash and cash equivalents $80,900,000
Merchandise inventories 576,700,000
Accounts receivable and other current assets 48,300,000
---------------
Total current assets 705,900,000
Property and equipment, net of
accumulated depreciation 203,100,000
Other assets 33,200,000
---------------
TOTAL ASSETS $942,200,000
===============
LIABILITIES
Current liabilities:
Short term debt-credit facility $127,500,000
Capital lease liability 1,400,000
Trade accounts payable 2,600,000
Accrued payroll and other liabilities 314,100,000
Taxes, including income taxes 30,200,000
---------------
Total current liabilities 475,800,000
Long-term debt 1,000,000
Other long-term liabilities 264,500,000
Liabilities subject to compromise 383,000,000
---------------
Total liabilities 1,124,300,000
Stockholders' equity:
Common stock 188,500,000
Retained deficit (370,600,000)
---------------
Total stockholders' equity (182,100,000)
---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $942,200,000
===============
Borders Group, Inc.
Statement of Operations
For the Period Jan. 30, 2011 to Feb. 26, 2011
Sales $127,000,000
Other revenue 38,500,000
---------------
Total revenue 165,500,000
Cost of merchandise sold 139,900,000
---------------
Gross margin 25,600,000
Selling, general and administrative expenses 40,300,000
---------------
Operating income (loss) (14,700,000)
Interest expense (income) 2,200,000
Warrant/put expense (income) (1,500,000)
Loss on extinguishment of debt 19,600,000
---------------
Total interest expense (income) 20,300,000
Income (loss) before reorganization items
and income taxes (35,000,000)
Reorganization items, net (6,700,000)
---------------
Income (loss) before income taxes (28,300,000)
Income tax provision (benefit) -
---------------
NET INCOME (LOSS) ($28,300,000)
===============
About Borders Group
Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores. At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico. Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan. In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online e-
commerce components. As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.
Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.
David M. Friedman, Esq., David S. Rosner, Esq., Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor. DJM Property
Management is the lease and real estate services provider. AP
Services LLC is the interim management and restructuring services
provider. The Garden City Group, Inc., is the claims and notice
agent.
Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.
National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group. Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.
The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010
Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.
Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain. (http://bankrupt.com/newsstand/or
215/945-7000)
BORDERS GROUP: Has $24,300,000 March Net Loss
---------------------------------------------
Borders Group, Inc.
Balance Sheet
As of March 26, 2011
ASSETS
Current assets:
Cash and cash equivalents $41,800,000
Merchandise inventories 501,900,000
Accounts receivable and other current assets 88,000,000
---------------
Total current assets 631,700,000
Property and equipment, net of accumulated
depreciation 181,500,000
Other assets 32,600,000
---------------
TOTAL ASSETS 845,800,000
===============
LIABILITIES
Current liabilities:
Short term debt-credit facility $99,500,000
Capital lease liability 1,400,000
Trade accounts payable 4,800,000
Accrued payroll and other liabilities 258,000,000
Taxes, including income taxes 33,600,000
Total current liabilities 397,300,000
Long-term debt 1,000,000
Other long-term liabilities 258,200,000
Liabilities subject to compromise 395,500,000
---------------
Total liabilities 1,052,000,000
Stockholders' equity:
Common stock 188,700,000
Retained deficit (394,900,000)
---------------
Total stockholders' equity (206,200,000)
---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $845,800,000
===============
Borders Group, Inc.
Statement of Operations
For the Period Feb. 27, 2011 to Mar. 26, 2011
Sales $91,400,000
Other revenue 73,800,000
---------------
Total revenue 165,200,000
Cost of merchandise sold (includes occupancy) 152,200,000
---------------
Gross margin 13,000,000
Selling, general and administrative expenses 34,100,000
---------------
Operating income (loss) (21,100,000)
Interest expense (income) 2,100,000
Warrant/put expense (income) -
Loss on extinguishment of debt -
---------------
Total interest expense (income) 2,100,000
Income (loss) before reorganization items and
income taxes (23,200,000)
Reorganization items, net 1,100,000
---------------
Income (loss) before income taxes (24,300,000)
Income tax provision (benefit) -
---------------
NET INCOME (LOSS) ($24,300,000)
===============
Borders Group, Inc.
Schedule of Cash Receipts and Disbursements
For the period Feb. 16, 2011 to Mar. 26, 2011
Cash Receipts
Combined Debtors $506,022,000
---------------
Total Cash Receipts 506,022,000
===============
Cash Disbursements:
Borders Group, Inc. ($49,643,000)
Borders, Inc. (457,005,000)
Borders International Services, Inc. -
Borders Direct, LLC (8,314,000)
Borders Properties, Inc. (23,000)
Borders Online, Inc. -
Borders Online, LLC -
BGP (UK) Limited -
---------------
Total Cash Disbursements ($514,985,000)
===============
Borders also made payments, totaling $82,162,000, for its DIP
Loans and Leases for the period Feb.16, 2011 to March 26, 2011.
A full-text copy of the Monthly Operating Report is available for
free at http://bankrupt.com/misc/Borders_FebMar2011MOR.pdf
U.S. Trustee Sought Filing of Financial Reports
Bloomberg News cites that before Borders submitted its operating
report on April 29, 2011, the U.S. Trustee filed papers with the
Bankruptcy Court asserting that the Company shouldn't be
permitted to pay professionals until it starts filing required
financial reports.
The U.S. Trustee made its assertion in its formal objection to
the payment of Borders' bankruptcy professionals, including
counsel for the Official Committee of Unsecured Creditors.
The U.S. Trustee said the Company shouldn't be paying its
bankruptcy professionals if it wasn't paying operating expenses,
including supplier payables, according to Bloomberg.
The U.S. Trustee is also objecting to "lumped" time charges on
some Borders professional invoices, and the appearance of 4 to 7
lawyers in court for a single Borders hearing, Bloomberg cites.
Bloomberg notes that for the first six weeks of the case,
Borders's lawyers from Kasowitz Benson Torres & Friedman LLP are
looking for $1.27 million in fees and $28,750 in expenses
reimbursement, while Creditors Committee counsel Lowenstein
Sandler LLP is seeking $467,000 in fees and $8,250 for expenses.
About Borders Group
Borders Group is a leading operator of book, music and movie
superstores and mall-based bookstores. At Jan. 29, 2011, the
Debtors operated 642 stores, under the Borders, Waldenbooks,
Borders Express and Borders Outlet names, as well as Borders-
branded airport stores in the United States, of which 639 stores
are located in the United States and 3 in Puerto Rico. Two of
Borders' flagship stores (along with other less prominent stores)
are located in Manhattan. In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online e-
commerce components. As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.
Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.
David M. Friedman, Esq., David S. Rosner, Esq., Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor. DJM Property
Management is the lease and real estate services provider. AP
Services LLC is the interim management and restructuring services
provider. The Garden City Group, Inc., is the claims and notice
agent.
Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.
National law firm Lowenstein Sandler has been appointed to
represent the official unsecured creditors committee for Borders
Group. Bruce S. Nathan and Bruce Buechler, members of Lowenstein
Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights
Group, are leading the team.
The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010
Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.
Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain. (http://bankrupt.com/newsstand/or
215/945-7000)
CB HOLDING: Posts $2.4 Million Net Loss From Feb. 21 - March 27
---------------------------------------------------------------
CB Holding Corp. reported a net loss of $2.4 million on total
sales of $7.8 million for the period from Feb. 21, 2011, to
March 27, 2011.
Earnings before interest, taxes, depreciation, and amortization
was $925,750 for the period. Interest expense was $851,226 and
reorganization costs were $620.
At March 27, 2011, the Debtor had $54.9 million in total assets,
$168.9 million in total liabilities, and a stockholders' deficit
of $114.0 million.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/cbholding.mor.feb21-mar27.pdf
About CB Holding
New York-based CB Holding Corp. operated 20 Charlie Brown's
Steakhouse, 12 Bugaboo Creek Steak House, and seven The Office
Beer Bar and Grill restaurants when it filed for bankruptcy
protection. The Company closed 47 locations before filing for
Chapter 11.
CB Holding sold off its The Office restaurant chain and 12 Bugaboo
Creek stores in separate auctions. Villa Enterprises Ltd. won the
bidding for The Office chain with its $4.68 million. RRGK LLC
acquired the 12 Bugaboo Creek stores for $10.05 million, more than
tripling the $3.175 million first bid from an affiliate of
Landry's Restaurants Inc.
CB Holding and its affiliates filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 10-13683) on Nov. 17, 2010.
Christopher M. Samis, Esq., and Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., assist the Debtors in their
restructuring effort. The Garden City Group, Inc., is the
Debtors' notice, claims and solicitation agent. Jeffrey N.
Pomerantz, Esq., Jason S. Pomerantz, Esq., and Bradford J.
Sandler, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the
Official Committee of Unsecured Creditors. CB Holding estimated
its assets at $100 million to $500 million and debts at
$50 million to $100 million.
* * *
According to the Troubled Company Reporter on Feb. 11, 2011, CB
Holding received an order from Bankruptcy Judge Mary Walrath
extending its exclusive periods to file and secure support for a
Chapter 11 plan. The exclusive time for the Debtor to file a plan
of reorganization has been extended to June 15. The Debtor has
until Aug. 12 to solicit support for the plan. The order is
without prejudice for a request by the Debtor for another
extension.
EVANS OIL: Ends March 2011 With $332,964 in Operating Account
-------------------------------------------------------------
Evans Oil Company LLC filed a monthly operating report for the
period from March 1 to 31, 2011, disclosing a net loss of $149,437
on $17.04 million of revenue.
At March 31, 2011, the Debtor had $23.70 million in total assets,
$37.07 million in total liabilities, and an equity deficit of
$13.37 million. The Debtor ended the period with $332,964 in its
operating account with BB&T.
A copy of Evans Oil's monthly operating report is available for
free at http://bankrupt.com/misc/evansoil.march2011mor.pdf
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection on Jan. 30, 2011 (Bankr. M.D. Fla. Lead Case No.
11-01515).
Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve
as bankruptcy counsel to the Debtors. Garden City Group Inc. is
the claims and notice agent. The Parkland Group Inc. is the
restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
EVANS OIL: RML LLC Reports $0 Net Income in March 2011
------------------------------------------------------
RML LLC reported $0 net income on lease income of $109,495 for the
month of March 2011.
At March 31, 2011, the Debtor had $4.58 million in total assets,
$2.74 million in total liabilities, and total equity of
$1.84 million.
A copy of RML LLC's monthly operating report is available for free
at http://bankrupt.com/misc/RML.march2011mor.pdf
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection on Jan. 30, 2011 (Bankr. M.D. Fla. Lead Case No.
11-01515).
Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve
as bankruptcy counsel to the Debtors. Garden City Group Inc. is
the claims and notice agent. The Parkland Group Inc. is the
restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
EVANS OIL: Octane LLC Posts $49,731 Net Loss in March 2011
----------------------------------------------------------
Octane LLC reported a net loss of $49,731 on $0 revenue for the
month of March 2011.
At March 31, 2011, the Debtor had $3.43 million in total assets,
$3.76 million in total liabilities, and an equity deficit of
$327,819.
A copy of Octane LLC's monthly operating report is available for
free at http://bankrupt.com/misc/octanellc.march2011mor.pdf
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection on Jan. 30, 2011 (Bankr. M.D. Fla. Lead Case No.
11-01515).
Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve
as bankruptcy counsel to the Debtors. Garden City Group Inc. is
the claims and notice agent. The Parkland Group Inc. is the
restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
EVANS OIL: Long Run LLC Reports $1,514 Net Loss in March 2011
-------------------------------------------------------------
Long Run LLC reported a net loss of $1,514 on $0 revenue for the
month of March 2011.
At March 31, 2011, the Debtor had $1.04 million in total assets,
$1.58 million in total liabilities, and an equity deficit of
$540,789.
A copy of Long Run LLC's monthly operating report is available for
free at http://bankrupt.com/misc/longrun.march2011mor.pdf
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection on Jan. 30, 2011 (Bankr. M.D. Fla. Lead Case No.
11-01515).
Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve
as bankruptcy counsel to the Debtors. Garden City Group Inc. is
the claims and notice agent. The Parkland Group Inc. is the
restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
GSC GROUP: Ends March 2011 With $34.7 Million Cash
--------------------------------------------------
GSC Group, Inc., et al., have filed a monthly operating report for
March 2011.
GSCP Group, Inc., GSC Active Partners, Inc., GSCP (NJ), Inc.,
reported that they have no income or expense transactions for the
month of March 2011.
GSCP, LLC, reported a net loss of $432,204 on $33,516 of net
revenue for the month.
GSCP (NJ), L.P., reported net income of $466,641 on $3.2 million
of net revenue for the month.
GSCP (NJ) Holdings, L.P., reported net income of $15,584 on $0
revenue for the month.
GSC Secondary Interest Fund reported net income of $156,547 on $0
income for the month.
The Debtors had total cash of $34,761,786 at March 31, 2011,
compared to $38,184,149 at the beginning of the month. The
Debtors paid $3,149,312 in professional fees during the month.
A copy of the March 2011 monthly operating report is available
for free at http://bankrupt.com/misc/gscgroup.march2011mor.pdf
About GSC Group
Florham Park, New Jersey-based GSC Group, Inc. --
http://www.gsc.com/-- is a private equity firm specializing in
mezzanine and fund of fund investments. Originally named
Greenwich Street Capital Partners Inc. when it was a subsidiary of
Travelers Group Inc., GSC became independent in 1998 and at one
time had $28 billion of assets under management. Market reverses,
termination of some funds, and withdrawal of customers'
investments reduced funds under management at the time of
bankruptcy to $8.4 billion.
GSC Group filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 10-14653) on Aug. 31, 2010. Michael B. Solow,
Esq., at Kaye Scholer LLP, serves as the Debtor's bankruptcy
counsel. Epiq Bankruptcy Solutions, LLC, is the Debtor's notice
and claims agent. Capstone Advisory Group, LLC, is the Debtor's
financial advisor. The Debtor estimated its assets at $1 million
to $10 million and debts at $100 million to $500 million as of the
Chapter 11 filing.
GSC GROUP: Ends February 2011 With $38.2 Million Cash
-----------------------------------------------------
GSC Group, Inc., et al., have filed a monthly operating report for
February 2011.
GSCP Group, Inc., GSC Active Partners, Inc., GSCP (NJ), Inc.,
GSCP(NJ) Holdings, L.P., and GSC Secondary Interest Fund reported
that they have no income or expense transactions for the month of
February 2011.
GSCP, LLC, reported a net loss of $128,541 on $16,756 of net
revenue for the month.
GSCP (NJ), L.P., reported net income of $1.5 million on
$3.2 million of net revenue for the month.
The Debtors had total cash of $38,184,150 at Feb. 28, 2011,
compared to $29,516,419 at the beginning of the month. The
Debtors paid $319,827 in professional fees during the month.
A copy of the February 2011 monthly operating report is available
for free at http://bankrupt.com/misc/gscgroup.feb2011mor.pdf
About GSC Group
Florham Park, New Jersey-based GSC Group, Inc. --
http://www.gsc.com/-- is a private equity firm specializing in
mezzanine and fund of fund investments. Originally named
Greenwich Street Capital Partners Inc. when it was a subsidiary of
Travelers Group Inc., GSC became independent in 1998 and at one
time had $28 billion of assets under management. Market reverses,
termination of some funds, and withdrawal of customers'
investments reduced funds under management at the time of
bankruptcy to $8.4 billion.
GSC Group filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 10-14653) on Aug. 31, 2010. Michael B. Solow,
Esq., at Kaye Scholer LLP, serves as the Debtor's bankruptcy
counsel. Epiq Bankruptcy Solutions, LLC, is the Debtor's notice
and claims agent. Capstone Advisory Group, LLC, is the Debtor's
financial advisor. The Debtor estimated its assets at $1 million
to $10 million and debts at $100 million to $500 million as of the
Chapter 11 filing.
LEHMAN BROTHERS: Cash Hikes $617-Million in March
-------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and other
controlled entities for the month ended March 31, 2011:
Beginning Cash & Investments (03/01/11) $22,619,000,000
Total Sources of Cash 1,142,000,000
Total Uses of Cash (530,000,000)
FX Fluctuation (4,000,000)
---------------
Ending Cash & Investments (03/31/11) $23,236,000,000
LBHI reported $2.316 billion in cash and investments as of
March 1, 2011, and $2.598 billion as of March 31, 2011.
The monthly operating report also showed that from March 1 to
31, 2011, a total of $31,923,000 was paid to professionals that
were retained in the Debtors' Chapter 11 cases.
From Sept. 15, 2008 to March 31, 2011, a total of $1,235,763,000
was paid to professionals, of which $422,867,000 was paid to the
Debtors' turnaround manager, Alvarez & Marsal LLC, while $
285,974,000 was paid to their bankruptcy counsel, Weil Gotshal &
Manges LLP.
A full-text copy of the March 2011 Operating Report is available
for free at http://bankrupt.com/misc/LehmanMORMarch2011.pdf
December Balance Sheets
The Debtors on April 27, 2011, filed copies of their balance
sheets as of Dec. 31, 2010. The documents disclose that, as
of Dec. 31, 2010, Lehman Brothers Holdings Inc. had total
assets of $149.879 million, total liabilities of $177.125 million
and total stockholders' deficit of $27.246 million.
Copies of the balance sheets are available without charge
at http://bankrupt.com/misc/LBHI_SuppDec2010MOR.pdf
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16,
2008. Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
NEC HOLDINGS: Posts $597,300 Net Loss in March 2011
---------------------------------------------------
NEC Holdings Corp., et al., reported a net loss of $597,300 on
$6,000 of sales for month of March 2011.
At March 31, 2011, the Debtors had $19.20 million in total assets,
$99.19 million in total liabilities, and a stockholders' deficit
of $79.99 million.
A copy of the March 2011 monthly operating report is available
for free at http://bankrupt.com/misc/necholdings.march2011mor.pdf
About NEC Holdings
Uniondale, New York-based National Envelope Corporation
was the largest manufacturer of envelopes in the world with
14 manufacturing facilities and 2 distribution centers and
approximately 3,500 employees in the U.S. and Canada.
NEC Holdings Corp., together with affiliates, including
National Envelope Inc., filed for Chapter 11 (Bankr. D. Del. Lead
Case No. 10-11890) on June 10, 2010. Kara Hammond Coyle, Esq., at
Young Conaway Stargatt & Taylor LLP, serves as bankruptcy counsel
to the Debtors. David S. Heller, Esq., at Josef S. Athanas, Esq.,
and Stephen R. Tetro II, Esq., at Latham & Watkins LLP, serve as
co-counsel. The Garden City Group is the claims and notice agent.
Bradford J. Sandler, Esq., and Robert J. Feinstein, Esq., at
Pachulski Stang Ziehl & Jones LLP, represent the Official
Committee of Unsecured Creditors. Morgan Joseph & Co., Inc., is
the financial advisor to the Committee. NEC Holdings estimated
assets and debts of $100 million to $500 million in its Chapter 11
petition.
In September 2010, National Envelope's key assets were bought in
a roughly $208 million deal by The Gores Group LLC, a West Coast
private equity firm that manages about $2.9 billion of capital.
PFF BANCORP: Posts $58,875 Net Loss in March 2011
-------------------------------------------------
PFF Bancorp, Inc., and Glencrest Investment Advisors, Inc.,
Glencrest Insurance Services, Inc., Diversified Builder Services,
Inc., and PFF Real Estate Services, Inc., filed on April 18,
2011, their monthly operating reports for March 2011 with the
United States Bankruptcy Court for the District of Delaware.
PFF Bancorp reported a net loss of $58,875 on $0 revenue of
interest income for the period.
At March 31, 2011, PFF Bancorp had total assets of $57.6 million,
total liabilities of $162.2 million, and a stockholders' deficit
of $104.6 million. Total Bank Accounts were $46.5 million at
Feb. 28, 2011, compared to $46.6 million at Feb. 28, 2011.
The Debtor paid a total of $3.3 million in professional fees
during the month.
A full-text copy of the Debtors' March 2011 monthly operating
report is available for free at http://is.gd/yDkCE7
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 Bank & Trust was taken over by
regulators in November 2008, with the deposits transferred by the
Federal Deposit Insurance Corp. to U.S. Bank NA.
PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on Dec. 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., serve as the Debtors' bankruptcy
counsel. 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.
PRECISION PARTS: Posts $8,730 Net Loss in February 2011
-------------------------------------------------------
Precision Parts International Services Corp., et al., reported a
net loss of $8,730 on $0 revenue in February 2011.
At Feb. 28, 2011, the Debtors had total assets of $1.2 million,
total liabilities of $188.7 million, and a stockholders' deficit
of $187.5 million.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/ppi.feb2011mor.pdf
Headquartered in Rochester Hills, Michigan, Precision Parts
International Services Corp. -- http://www.precisionparts.com/--
sold products to major north American automotive and non-
automotive original equipment manufacturers and Tier 1 and 2
suppliers. PPI and its units operated six manufacturing
facilities throughout North America, including a facility in
Mexico operated on their behalf by Intermex Manufactura de
Chihuahua under a shelter and logistics agreement.
The Company and eight of its affiliates filed for Chapter 11
protection on Dec. 12, 2008 (Bankr. D. Del. Lead Case No.
08-13289). Attorneys at Pepper Hamilton LLP serve as the Debtors'
bankruptcy counsel. Alvarez & Marsal North America LLC is the
Debtor's financial advisors and Kurtzman Carson Consultants LLC is
the claims, noticing and balloting agent. PPI Holdings, Inc.,
estimated assets and debts between $100 million and $500 million
in its Chapter 11 petition.
RCLC INC: Posts $24,000 Net Loss in February 2011
-------------------------------------------------
On April 21, 2011, RCLC, Inc., and certain of its subsidiaries
filed their unaudited monthly operating reports for January and
February 2011 with the U.S. Bankruptcy Court for the District of
New Jersey.
RCLC, Inc., reported a net loss of $24,000 on $118,761 of revenues
for the month of February 2011.
At Feb. 28, 2011, RCLC had $17.1 million in total assets,
$10.7 million in total liabilities, and stockholders' equity of
$6.4 million.
RCLC ended February 2011 with $2,108 in cash. It paid a total of
$35,702.68 in professional fees and reimbursed a total of $194.71
in professional expenses in February 2011.
A full-text copy of RCLC's February 2011 monthly operating report
is available for free at http://is.gd/6auPDD
For the month of January 2011, RCLC, Inc., reported a net loss of
$4,515 on revenues of $137,869.
At Jan. 31, 2011, RCLC had $17.2 million in total assets,
$10.7 million in total liabilities, and stockholders' equity of
$6.5 million.
RCLC ended January 2011 with $28,893 in cash. It paid a total of
$14,512.80 in professional fees and reimbursed a total of $606.86
in professional expenses in January 2011.
A full-text copy of RCLC's January 2011 monthly operating report
is available for free at http://is.gd/PYcBEF
RCPC Liquidating Corp. reported a net loss of $118,632 on $0
revenue for February 2011.
At Feb. 28, 2011, RCPC had $5.2 million in total assets,
$3.8 million in total liabilities, and stockholders' equity of
$1.4 million.
RCPC ended February 2011 with $3.2 million in unrestricted cash.
It paid a total of $33,977.09 in professional fees and reimbursed
a total of $194.71 in professional expenses in February.
A full-text copy of RCPC Liquidating Corp.'s February 2011 monthly
operating report is available for free at http://is.gd/u7IRFP
RCPC Liquidating Corp. reported a net loss of $124,224 on $0
revenue for January 2011.
At Jan. 31, 2011, RCPC had $5.2 million in total assets,
$3.7 million in total liabilities, and stockholders' equity of
$1.5 million.
RCPC ended January 2011 with $2.2 million in unrestricted cash.
It paid a total of $13,314.40 in professional fees and reimbursed
a total of $606.86 in professional expenses in January.
A full-text copy of RCPC Liquidating Corp.'s January 2011 monthly
operating report is available for free at http://is.gd/Ultvml
RA Liquidating Corp. reported a net loss of $105,887 on $0 revenue
for February 2011.
At Feb. 28, 2011, RA had $5.6 million in total assets,
$1.3 million in total liabilities, and stockholders' equity of
$4.3 million.
RA ended February 2011 with $807,260 cash. It paid a total of
$99,064 in professional fees and reimbursed a total of $194.76 in
professional expenses in February.
A full-text copy of RA Liquidating's February 2011 monthly
operating report is available for free at http://is.gd/LGxBZ3
RA Liquidating Corp. reported a net loss of $114,194 on $0 revenue
for January 2011.
At Jan. 31, 2011, RA had $5.7 million in total assets,
$1.3 million in total liabilities, and stockholders' equity of
$4.4 million.
RA ended January 2011 with $917,689 cash. It paid a total of
$13,318.40 in professional fees and reimbursed a total of $607.04
in professional expenses in January.
A full-text copy of RA Liquidating's January 2011 monthly
operating report is available for free at http://is.gd/T1lUSh
About RCLC Inc.
RCLC, Inc., formerly known as Ronson Corporation, in Woodbridge,
New Jersey, historically, has been engaged principally in these
businesses -- Consumer Products; and Aviation-Fixed Wing and
Helicopter Services.
Trenton, New Jersey-based Ronson Aviation, Inc., now known as RA
Liquidating Corp., filed for Chapter 11 protection on Aug. 17,
2010 (Bankr. D. N.J. Case No. 10-35315). The Debtor estimated its
assets at $10 million to $50 million and its debts at $1 million
to $10 million. Affiliates RCLC, Inc. (Bankr. D. N.J. Case No.
10-35313), and RCPC Liquidating Corporation (Bankr. D. N.J. Case
No. 10-35318) filed separate Chapter 11 petitions on Aug. 17,
2010, each estimating their assets at $1 million to $10 million
and debts at $1 million to $10 million. The cases, along with
RCLC, Inc.'s, are jointly administered, with RCLC, Inc., as the
lead case.
Michael D. Sirota, Esq., and David M. Bass, Esq., and Felice R.
Yudkin, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in
Hackensack, N.J., represent the Debtors as counsel. Attorneys at
Lowenstein Sandler, PC, represent the Creditors' Committee as
counsel.
The Company's foreign subsidiary, RCC, Inc., formerly known as
Ronson Corporation of Canada Ltd., is not included in the filing.
Upon the closing of the sale of the Company's Aviation Division on
Oct. 15, 2010, the Company ceased to have operations, other
than to effectuate its wind-down and approve its liquidation plan
by the Bankruptcy Court.
ROBB & STUCKY: Posts $1.9 Million Net Loss in March 2011
--------------------------------------------------------
Robb & Stuck Limited LLLP reported a net loss of $1.91 million on
$8.33 million of net retail sales for the month of March 2011.
At March 31, 2011, the Debtor had $35.25 million in total assets,
$92.89 in total liabilities, and a partners' deficit of
$57.64 million.
A copy of the Debtor's monthly operating report is available for
free at http://bankrupt.com/misc/robb&stucky.march2011mor.pdf
About Robb & Stucky
Sarasota, Florida-based Robb & Stucky Limited LLLP -- dba Robb &
Stucky; Robb & Stucky Interiors; Fine Design Interiors, a division
of Robb & Stucky; Robb & Stucky Patio; R&S Home of Fine
Decorators; and Home of Fine Design by Robb & Stucky -- is a
retailer of upscale, high-end, interior-design-driven home
furnishings in the U.S. It filed for Chapter 11 bankruptcy
protection on Feb. 18, 2011 (Bankr. M.D. Fla. Case No. 11-02801).
Paul S. Singerman, Esq., and Jordi Guso, Esq., at Berger Singerman
PA, serve as the Debtor's bankruptcy counsel. FTI Consulting,
Inc., is the Debtor's advisor and Kevin Regan is the Debtor's
chief restructuring officer. Bayshore Partners, LLC, is the
Debtor's investment banker. AlixPartners, LLP, serves as the
Debtor's communications consultants. Epiq Bankruptcy Solutions,
LLC, serves as the Debtor's claims and notice agent. In its
schedules, the Debtor disclosed $77,705,081 in assets and
$91,859,125 in liabilities as of the Chapter 11 filing.
SUMNER REGIONAL: Posts $612,631 Net Loss in March 2011
------------------------------------------------------
SRHS Bankruptcy, Inc., formerly known as Sumner Regional Health
Systems, Inc., reported a net loss of $612,631 on $5,203 of net
revenue in March 2011.
At March 31, , the Debtor had $52.4 million in total assets,
$22.7 million in total liabilities, and a total fund balance of
$29.7 million.
A copy of the monthly operating report for March 2011 is
available for free at:
http://bankrupt.com/misc/sumnerregional.march2011mor.pdf
About Sumner Regional
Gallatin, Tennessee-based Sumner Regional Health Systems, Inc.,
and various affiliates provided healthcare in approximately 11
counties across Tennessee and southern Kentucky, and had assets
and liabilities at book value of almost $200 million.
On April 30, 2010, the Company and six affiliates filed for
Chapter 11 bankruptcy (Bankr. M.D. Tenn. Lead Case No. 10-04766).
Jeffrey W. Levitan, Esq., and Adam T. Berkowitz, Esq., at
Proskauer Rose, LLP, in New York, represent the Debtors as lead
counsel. Robert A. Guy, Esq., at Frost Brown Todd LLC, in
Nashville, Tenn., represents the Debtors as co-counsel. The
Company estimated its assets and debts at $100 million to
$500 million at the time of the bankruptcy filing.
On May 11, 2010, the United States Trustee appointed an official
committee of unsecured creditors. The Committee has employed
Alston & Bird LLP as its bankruptcy counsel, Puryear Law Group as
its local bankruptcy co-counsel, and Deloitte Financial Advisory
Services, LLC as its financial advisor.
In June 2010, the Court entered an order approving the sale of
Sumner Regional Health Systems' four acute-care hospitals for
$154.1 million to LifePoint Hospitals Inc. The buyer already has
48 hospitals in 17 states.
Sumner Regional Health Systems changed its name to SRHS
Bankruptcy, Inc., following the sale.
TERRESTAR NETWORKS: Posts $28.3 Million Net Loss in March 2011
--------------------------------------------------------------
TerreStar Networks Inc., et al., reported a net loss of
$28.3 million on $62,063 of revenues in March 2011.
The TSN Debtors are: TerreStar Networks Inc., TerreStar License
Inc., TerreStar National Services Inc., TerreStar Networks
Holdings (Canada) Inc., TerreStar Networks (Canada) Inc., and
0887729 B.C. Ltd.
The TSN Debtors' balance sheet at March 31, 2011, showed
$1.054 billion in total assets, $1.489 billion in total
liabilities, and a stockholders' deficit of $434.5 million.
A copy of the March 2011 monthly operating report is available
for free at:
http://bankrupt.com/misc/terrestrnetworks.march2011mor.pdf
About TerreStar Corp. and TerreStar Networks
TerreStar Corporation and TerreStar Holdings, Inc., filed
voluntary Chapter 11 petitions with the U.S. Bankruptcy Court for
the Southern District of New York on Feb. 16, 2011.
TSC's Chapter 11 filing joins the bankruptcy proceedings of
TerreStar Networks Inc. and 12 other affiliates, which were filed
on Oct. 19, 2010. The October Chapter 11 cases are procedurally
consolidated under TSN's Case No. 10-15446 under Judge Sean H.
Lane.
TSC is the parent company of each of the October Debtors. TSC has
four wholly owned direct subsidiaries: TerreStar Holdings, Inc.,
TerreStar New York Inc., Motient Holdings Inc., and MVH Holdings
Inc.
TSC's case is jointly administered with the cases of seven of the
October Debtors under the caption In re TerreStar Corporation, et
al., Case No. 11-10612 (SHL). The seven Debtor entities who
sought joint administration with TSC are:
* TerreStar New York Inc.,
* Motient Communications Inc.
* Motient Holdings Inc.,
* Motient License Inc.,
* Motient Services Inc.,
* Motient Ventures Holdings Inc., and
* MVH Holdings Inc.
TSC is a Delaware corporation whose main asset is the equity in
non-Debtor TerreStar 1.4 Holdings LLC, which has the right to use
a "1.4 GHz terrestrial spectrum" pursuant to 64 licenses issued by
the Federal Communication Commission. TSC also has an indirect
89.3% ownership interest in TerreStar Network, Inc., which
operates a separate and distinct mobile communications business.
TerreStar Holdings is a Delaware corporation that directly holds
100% of the interests in 1.4 Holdings LLC.
TerreStar Networks Inc. or TSN, the principal operating entity of
TSC, developed an innovative wireless communications system to
provide mobile coverage throughout the United States and Canada
using satellite-terrestrial smartphones. The system, however,
required an enormous amount of capital expenditures and initially
produced very little in the way of revenue. TSN's available cash
and borrowing capacity were insufficient to cover its funding;
thus, forcing TSN to seek bankruptcy protection in October 2010.
TSC estimated assets and debts of $100 million to $500 million in
its Chapter 11 petition.
Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP,
in New York, serves as counsel for the TSC and TSN Debtors.
Garden City Group is the claims and notice agent. Blackstone
Advisory Partners LP is the financial advisor.
The Garden City Group, Inc., is the claims and noticing agent in
the Chapter 11 cases. Otterbourg Steindler Houston & Rosen P.C.
is the counsel to the Official Committee of Unsecured Creditors
formed in TSN's Chapter 11 cases. FTI Consulting, Inc., is the
Committee's financial advisor.
TERRESTAR CORP: Posts $119,811 Net Loss from Feb. 16 - March 31
---------------------------------------------------------------
TerreStar Corporation, et al., reported a net loss of $119,811 on
$2.0 million of revenues for the period from Feb. 16, 2011, to
March 31, 2011.
The TSC Debtors' balance sheet at March 31, 2011, showed
$752.4 million in total assets, $505.5 million in total
liabilities, and stockholders' equity of $246.9 million.
A copy of the TSC Debtors' monthly operating report for the period
from Feb. 16, 2011, to March 31, 2011, is available for free at:
http://bankrupt.com/misc/terrestarcorp.feb16-march31mor.pdf
TerreStar Corporation and TerreStar Holdings, Inc., filed
voluntary Chapter 11 petitions with the U.S. Bankruptcy Court for
the Southern District of New York on Feb. 16, 2011.
TSC's Chapter 11 filing joins the bankruptcy proceedings of
TerreStar Networks Inc. and 12 other affiliates, which were filed
on Oct. 19, 2010. The October Chapter 11 cases are procedurally
consolidated under TSN's Case No. 10-15446 under Judge Sean H.
Lane.
TSC is the parent company of each of the October Debtors. TSC has
four wholly owned direct subsidiaries: TerreStar Holdings, Inc.,
TerreStar New York Inc., Motient Holdings Inc., and MVH Holdings
Inc.
TSC's case is jointly administered with the cases of seven of the
October Debtors under the caption In re TerreStar Corporation, et
al., Case No. 11-10612 (SHL). The seven Debtor entities who
sought joint administration with TSC are:
* TerreStar New York Inc.,
* Motient Communications Inc.
* Motient Holdings Inc.,
* Motient License Inc.,
* Motient Services Inc.,
* Motient Ventures Holdings Inc., and
* MVH Holdings Inc.
TSC is a Delaware corporation whose main asset is the equity in
non-Debtor TerreStar 1.4 Holdings LLC, which has the right to use
a "1.4 GHz terrestrial spectrum" pursuant to 64 licenses issued by
the Federal Communication Commission. TSC also has an indirect
89.3% ownership interest in TerreStar Network, Inc., which
operates a separate and distinct mobile communications business.
TerreStar Holdings is a Delaware corporation that directly holds
100% of the interests in 1.4 Holdings LLC.
TerreStar Networks Inc. or TSN, the principal operating entity of
TSC, developed an innovative wireless communications system to
provide mobile coverage throughout the United States and Canada
using satellite-terrestrial smartphones. The system, however,
required an enormous amount of capital expenditures and initially
produced very little in the way of revenue. TSN's available cash
and borrowing capacity were insufficient to cover its funding;
thus, forcing TSN to seek bankruptcy protection in October 2010.
TSC estimated assets and debts of $100 million to $500 million in
its Chapter 11 petition.
Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP,
in New York, serves as counsel for the TSC and TSN Debtors.
Garden City Group is the claims and notice agent. Blackstone
Advisory Partners LP is the financial advisor.
The Garden City Group, Inc., is the claims and noticing agent in
the Chapter 11 cases. Otterbourg Steindler Houston & Rosen P.C.
is the counsel to the Official Committee of Unsecured Creditors
formed in TSN's Chapter 11 cases. FTI Consulting, Inc., is the
Committee's financial advisor.
THOMPSON PUBLISHING: Ends March 2011 With $1.02 Million Cash
------------------------------------------------------------
Thompson Publishing Holding Co., Inc., et al., ended March 2011
with $1,020,483 cash.
At March 31, 2011, the Debtors' consolidated balance sheet
showed $129.4 million in total assets, $188.4 million in total
liabilities, and a stockholders' deficit of $59.0 million.
A copy of the March 2011 monthly operating report is available
for free at:
http://bankrupt.com/misc/thompsonpublishing.march2011mor.pdf
About Thompson Publishing
Based in Washington, legal publisher Thompson Publishing had 300
products and 70,000 subscribers, producing an estimated $49
million in revenue in 2010. Thompson also arranged conferences
and employee-training events. Avista Capital Partners bought a
50% stake in Thompson for $130 million in 2006.
Thompson Publishing Holding Co. Inc. and six affiliates sought
chapter 11 protection (Bankr. D. Del. Case No. 10-13070) on
Sept. 21, 2010. Thompson disclosed approximately $20 million in
assets and about $166 million in liabilities as of the Petition
Date. John F. Ventola, Esq., and Lisa E. Herrington, Esq., at
Choate, Hall & Stewart LLP in Boston, Mass., and Alissa T. Gazze,
Esq., Chad A. Fights, Esq., and Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell, LLP, serve as the Debtors' bankruptcy
counsel. Mark Chesen and Michael Gorman at SSG Capital Advisors
LLC in Conshohocken, Pa., act as the Debtors' financial advisors.
Thompson was authorized in November to sell the business to the
first-lien lenders in exchange for $42 million in secured debt.
In the process, $100,000 was set aside for unsecured creditors.
Thompson changed its name to TPH Seller Inc. following the sale.
TRIBUNE CO: Has $6,106,000 Profit in March
------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of March 27, 2011
ASSETS
Current Assets:
Cash and cash equivalents $1,111,054,000
Accounts receivable, net 441,661,000
Inventories 23,934,000
Broadcast rights 194,827,000
Prepaid expenses and other 215,586,000
------------------
Total current assets 1,987,062,000
Property, plant and equipment, net 943,224,000
Other Assets:
Broadcast rights 149,288,000
Goodwill & other intangible assets, net 784,610,000
Prepaid pension costs 2,112,000
Investments in non-debtor units 1,525,681,000
Other investments 35,696,000
Intercompany receivables from non-debtors 3,104,929,000
Restricted cash 726,584,000
Other 76,518,000
------------------
Total Assets $9,335,704,000
==================
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current portion of broadcast rights $127,076,000
Current portion of long-term debt 3,720,000
Accounts payable, accrued expenses, and other 409,757,000
------------------
Total current liabilities 540,553,000
Pension obligations 235,633,000
Long-term broadcast rights 94,218,000
Long-term debt 6,025,000
Other obligations 177,178,000
------------------
Total Liabilities 1,053,607,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,117,000
Obligations to third parties 13,101,917,000
------------------
Total Liabilities Subject to Compromise 16,561,034,000
Shareholders' Equity (Deficit) (8,278,937,000)
------------------
Total Liabilities & Shareholders'
Equity (Deficit) $9,335,704,000
==================
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period From Feb. 28 to Mar. 27, 2011
Total Revenue $232,568,000
Operating Expenses:
Cost of sales 124,086,000
Selling, general and administrative 70,647,000
Depreciation 10,599,000
Amortization of intangible assets 1,162,000
------------------
Total operating expenses 206,494,000
------------------
Operating Profit (Loss) 26,074,000
------------------
Income (loss) on equity investments, net 1,011,000
Interest expense, net (3,318,000)
Management fee (1,624,000)
Non-operating income (loss), net 92,000
------------------
Income (loss) before income taxes & Reorg.
Costs 22,235,000
Reorganization costs (15,613,000)
------------------
Income (loss) before income taxes 6,622,000
Income taxes (516,000)
------------------
Income (loss) from continuing operations 6,106,000
Income from discontinued operations, net of tax 0
------------------
Net Income (Loss) $6,106,000
==================
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period From Feb. 28 to Mar. 27, 2011
Beginning Cash Balance $1,755,854,000
Cash Receipts:
Operating receipts 243,121,000
Other -
------------------
Total Cash Receipts 243,121,000
Cash Disbursements
Compensation and benefits 75,024,000
General disbursements 119,366,000
Reorganization related disbursements 4,060,000
------------------
Total Disbursements 198,449,000
------------------
Debtors' Net Cash Flow 44,672,000
------------------
From/(To) Non-Debtors 3,829,000
------------------
Net Cash Flow 48,501,000
Other 3,966,000
------------------
Ending Available Cash Balance $1,828,321,000
==================
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 Dec. 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 & Cobb LLP serve as co-counsel to the Official
Committee of Unsecured Creditors. AlixPartners LLP is the
Committee's financial advisor. 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)
ULTIMATE ACQUISITIONS: Posts $14.7MM Net Loss From Feb 27 - Apr 2
-----------------------------------------------------------------
Ultimate Acquisition Partners LP, et al., reported a net loss of
$14.7 million on $44.4 million of total revenue for the period
from Feb. 27, 2011, to
April 2, 2011.
At April 2, 2011, the Debtors' balance sheet showed $30.6 million
in total assets, $103.2 million in total liabilities, and an
equity deficit of $72.6 million.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/ultimate.feb27-april2mor.pdf
About Ultimate Electronics
Ultimate Acquisition Partners LP and CC Retail, LLC are specialty
retailers of high-end entertainment and consumer electronics with
46 stores in over a dozen states, primarily in the mid-west and
western United states. Of the 46 stores, 35 are operated by UAP
and 11 are operated by CC Retail. All are operated under the name
"Ultimate Electronics". UAP and CC Retail have more than 1,500
full-time and part-time employees.
Ultimate Acquisition and CC Retail filed for Chapter 11 protection
(Bankr. D. Del. Lead Case No. 11-10245) on Jan. 26, 2011.
Ultimate Acquisition estimated assets and liabilities between
$100 million and $500 million.
Kathleen Campbell Davis, Esq., and Mark T. Hurford, Esq., at
Campbell & Levine LLC, in Wilmington, Del.; and Jay L. Welford,
Esq., Judith Greenstone Miller, Esq., and Jonathan C. Myers, Esq.,
at Jaffe, Raitt, Heuer & Weiss, P.C., in Southfield, Mich., serve
as the Debtor's bankruptcy counsel. Kurtzman Carson Consultants
LLC is the claims and notice agent.
An Official Committee of Unsecured Creditors was appointed on
Feb. 9, 2011. The Panel has hired BDO USA LLP as its financial
advisor, and Cooley LLP and Womble Carlyle Sandridge & Rice PLLC
as bankruptcy counsel.
The Company was given formal approval from the court in February
to conduct going-out-of-business sales at all 46 stores.
Controlled by Mark J. Wattles, Ultimate Acquisition decided to
liquidate when no one would provide financing for the
reorganization.
As reported in the Troubled Company Reporter on May 5, 2011,
Bill Rochelle, Bloomberg News' bankruptcy columnist, said that
Ultimate Electronics' Chapter 11 reorganization was officially
converted to a liquidation in Chapter 7, where a trustee will be
appointed to dispose of the remaining assets and make
distributions to creditors. Conversion to Chapter 7 became the
only option when the store liquidation was completed and the
secured lender, General Electric Capital Corp., terminated the
right to use cash.
WASHINGTON MUTUAL: Posts $3.0 Million Net Loss in March 2011
------------------------------------------------------------
On April 28, 2011, Washington Mutual, Inc., and WMI Investment
Corp. filed their monthly operating report for March 2011 with
the United States Bankruptcy Court for the District of Delaware.
Washington Mutual reported a net loss of $3.01 million for
March 2011.
At March 31, 2011, Washington Mutual had $6.784 billion in
total assets, $8.386 billion in total liabilities, and a
shareholders' deficit of $1.602 billion. Washington Mutual ended
March 2011 with $4.547 billion in unrestricted cash and cash
equivalents. Washington Mutual paid a total of $3.83 million in
professional fees and reimbursed a total of $1.57 million in
professional expenses in March.
WMI Investment reported a net loss of $16,997 for the month of
March.
At March 31, 2011, WMI Investment had $921.32 million in total
assets, $14,825 in post-petition liabilities, and $921.31 million
in stockholders' equity. WMI Investment ended March with
$276.27 million in cash and cash equivalents.
A complete text of Washington Mutual and WMI Investment's monthly
operating report for March 2011 is available for free at:
http://is.gd/oywFXU
About Washington Mutual
Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries.
Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators. The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). WaMu owns
100% of the equity in WMI Investment. When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695. WMI Investment
estimated assets of $500 million to $1 billion with zero debts.
WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP. Fred S. Hodara, Esq., at Akin Gump Strauss Hauer &
Fled LLP in New York City and David B. Stratton, Esq., at Pepper
Hamilton LLP in Wilmington, Del., represent the Official Committee
of Unsecured Creditors. Stephen D. Susman, Esq., at Susman
Godfrey LLP and William P. Bowden, Esq., at Ashby & Geddes, P.A.,
represent the Equity Committee. Stacey R. Friedman, Esq., at
Sullivan & Cromwell LLP and Adam G. Landis, Esq., at Landis Rath &
Cobb LLP in Wilmington, Del., represent JPMorgan Chase, which
acquired the WaMu bank unit's assets prior to the Petition Date.
On Jan. 7, 2011, the Bankruptcy Court entered a 107-page opinion
determining that the global settlement agreement, among certain
parties including WMI, the Federal Deposit Insurance Corporation
and JPMorgan Chase Bank, N.A., upon which the Plan is premised,
and the transactions contemplated therein, are fair, reasonable,
and in the best interests of WMI. Additionally, the Opinion and
related order denied confirmation, but suggested certain
modifications to the Company's Sixth Amended Joint Plan of
Affiliated Debtors that, if made, would facilitate confirmation.
Washington Mutual has filed with the U.S. Bankruptcy Court for the
District of Delaware a Modified Sixth Amended Joint Plan and a
related Supplemental Disclosure Statement. The Company believes
that the Modified Plan has addressed the Bankruptcy Court's
concerns and looks forward to returning to the Bankruptcy Court to
seek confirmation of the Modified Plan.
*********
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. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise
Marie Varquez, 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 2011. 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-
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are $25 each. For subscription information, contact Christopher
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*** End of Transmission ***