/raid1/www/Hosts/bankrupt/TCR_Public/110604.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, June 4, 2011, Vol. 15, No. 153
Headlines
ASCENDIA BRANDS: Files March 2011 Monthly Operating Report
ASCENDIA BRANDS: Ascendia Brands Co. Files March Operating Report
BANKUNITED FINANCIAL: Posts $254,523 Net Loss in April 2011
BEAR ISLAND: Ends March 2011 With $12.1 Million Cash
BLACK CROW: Files Monthly Operating Report for April 2011
GREAT ATLANTIC & PACIFIC: Has $365.04 Million Cash at April 23
GREAT ATLANTIC: Reports $34.6 Million March Loss from Operations
LTV CORP: Ends April 2011 With $5.5 Million Cash
LOWER BUCKS: Advanced Primary Reports $12,142 Net Income in March
LOWER BUCKS: Reports $1.7 Net Income in March 2011
LOWER BUCKS: Lowers Bucks Health Posts $19,994 Net Loss in March
MSR RESORT: Posts $1.1 Million Net Loss in April
PALM HARBOR: Posts $6.5 Million Net Loss From Feb. 26 to April 1
ROBB & STUCKY: Posts $10.2 Million Net Loss in April 2011
SBARRO INC: Has $23 Million Cash as of May 1, 2011
SEAHAWK DRILLING: Reports $31.6 Million Net Income in April
SOUTHWEST GEORGIA: Posts $11.3MM Net Loss in 7-Mos. Ended April 30
THORNBURG MORTGAGE: Ends April 2011 With $109.3 Million Cash
TROPICANA ENT: Adamar Has $2.6 Million Cash as of April 30
*********
ASCENDIA BRANDS: Files March 2011 Monthly Operating Report
----------------------------------------------------------
Ascendia Brands, Inc., has filed monthly operating reports for
March 2011.
The Debtor's schedule of receipts and disbursements for March 2011
showed:
Cash, beginning of month $1,000
Total receipts $4,515
Total disbursements $4,515
Net cash flow $0
Cash, end of month $1,000
A copy of the operating report is available at:
http://bankrupt.com/misc/ascendiabrandsinc.march2011mor.pdf
About Ascendia Brands
Headquartered in Hamilton, New Jersey, Ascendia Brands, Inc. --
http://www.ascendiabrands.com/-- was, prior to the sale of
substantially all of its assets during bankruptcy, a manufacturer
and seller of branded and private labeled health and beauty care
products in North America, including Baby Magic, Binaca, Mr.
Bubble, Calgon, Ogilvie, the healing garden, Lander and Lander
Essentials. Remaining assets consist almost entirely of accounts
receivable.
The Company and six of its affiliates filed for Chapter 11
protection on Aug. 5, 2008 (Bankr. D. Del. Lead Case No. 08-
11787). Kenneth H. Eckstein, Esq., and Robert T. Schmidt, Esq.,
at Kramer Levin Naftalis & Frankel LLP, represent the Debtors in
their restructuring efforts. M. Blake Cleary, Esq., Edward J.
Kosmoswki, Esq., and Patrick A. Jackson, Esq., at Young, Conaway,
Stargatt & Taylor, LLP, serve as the Debtors' Delaware counsel.
Epiq Bankruptcy Solutions LLC is the notice, claims and balloting
agent to the Debtors.
At July 5, 2008, Ascendia Brands, Inc., had $194,800,000 in total
assets and $279,000,000 in total debts.
ASCENDIA BRANDS: Ascendia Brands Co. Files March Operating Report
-----------------------------------------------------------------
Ascendia Brands, Inc., has filed for Ascendia Brands Co., Inc.,
monthly operating reports for March 2011.
Ascendia Brands Co., Inc.'s March 2011 schedule of receipts
and disbursements showed:
Cash, beginning of month $4,519
Total receipts $5,617
Total disbursements $5,578
Net cash flow $39
Cash, end of month $4,557
A copy of the monthly operating report for February 2011 is
available for free at:
http://bankrupt.com/misc/ascendiabrandsco.march2011mor.pdf
About Ascendia Brands
Headquartered in Hamilton, New Jersey, Ascendia Brands, Inc. --
http://www.ascendiabrands.com/-- was, prior to the sale of
substantially all of its assets during bankruptcy, a manufacturer
and seller of branded and private labeled health and beauty care
products in North America, including Baby Magic, Binaca, Mr.
Bubble, Calgon, Ogilvie, the healing garden, Lander and Lander
Essentials. Remaining assets consist almost entirely of accounts
receivable.
The Company and six of its affiliates filed for Chapter 11
protection on Aug. 5, 2008 (Bankr. D. Del. Lead Case No. 08-
11787). Kenneth H. Eckstein, Esq., and Robert T. Schmidt, Esq.,
at Kramer Levin Naftalis & Frankel LLP, represent the Debtors in
their restructuring efforts. M. Blake Cleary, Esq., Edward J.
Kosmoswki, Esq., and Patrick A. Jackson, Esq., at Young, Conaway,
Stargatt & Taylor, LLP, serve as the Debtors' Delaware counsel.
Epiq Bankruptcy Solutions LLC is the notice, claims and balloting
agent to the Debtors.
At July 5, 2008, Ascendia Brands, Inc., had $194,800,000 in total
assets and $279,000,000 in total debts.
BANKUNITED FINANCIAL: Posts $254,523 Net Loss in April 2011
-----------------------------------------------------------
BankUnited Financial Corporation, together with its subsidiaries
BankUnited Financial Services, Inc., and CRE America Corporation,
filed on May 20, 2011, its monthly operating report for
April 2011 with the United States Bankruptcy Court for the
Southern District of Florida.
Funds at April 30, 2011, were roughly $11.5 million compared to
roughly $11.8 million at March 31, 2011.
BankUnited Financial Corporation, et al., reported a net loss of
$254,523 on total income of $79 for the period.
At April 30, 2011, BankUnited Financial Corporation, et al., had
$36.5 million in total assets, $576.8 million in total
liabilities, and a stockholders' deficit of $540.3 million.
A copy of the operating report is available at http://is.gd/ChQi3y
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 protection
(Bankr. S.D. Fla. Lead Case No. 09-19940) on May 22, 2009.
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., represent the Debtors as 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.
BEAR ISLAND: Ends March 2011 With $12.1 Million Cash
----------------------------------------------------
Bear Island Paper Company, L.L.C., reported a net loss of $282,284
on net sales of $11.6 million for March 2011. Gross profit was
$437,321.
At March 31, 2011, the Company had $142.35 million in total
assets, $154.52 million in total liabilities, and a stockholders'
deficit of $12.17 million.
The Debtors ended the period with $12.1 million cash, from
$10.5 million at the beginning of the period.
A copy of the operating report is available at:
http://bankrupt.com/misc/bearisland.march2011mor.pdf
About White Birch & Bear Island
Canada-based White Birch Paper Company is the second-largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
February 24, 2010. Bear Island estimated assets of $100 million
to $500 million and debts of $500 million to $1 billion in its
Chapter 11 petition.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234).
Jonathan L. Hauser, Esq., at Troutman Sanders LLP, in Virginia
Beach, Virginia; and Richard M. Cieri, Esq., Christopher J.
Marcus, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP,
in New York, serve as counsel to White Birch, as Foreign
Representative. Kirkland & Ellis and Troutman Sanders also serve
as Chapter 11 counsel to Bear Island. AlixPartners LLP serves as
financial and restructuring advisors to Bear Island, and Lazard
Freres & Co., serves as investment banker. Garden City Group is
the claims and notice agent. Jason William Harbour, Esq., at
Hunton & Williams LLP, in Richmond, Virginia, represents the
Official Committee of Unsecured Creditors. Chief Judge Douglas O.
Tice, Jr., handles the Chapter 11 and Chapter 15 cases.
BLACK CROW: Files Monthly Operating Report for April 2011
---------------------------------------------------------
Black Crow Media Group, LLC, ended April 2011 with funds of
($4.35) million, compared with funds of ($4.13) million at the
beginning of the period.
Black Crow Media LLC ended April 2011 with funds of $2.31 million,
compared with $2.16 million at the beginning of the period.
Black Crow Media of Valdosta LLC ended April with funds of
$1.52 million, compared with funds of $1.43 million at the
beginning of the period.
Rocket City Broadcasting LLC ended the period with $648,296 cash,
compared with $676,636 at the beginning of the period.
Thomas Media Operations LLC ended the period with $1.05 million
cash, compared with $1.01 million at the beginning of the period.
Black Crow Media Group, LLC, et al., did not attach a balance
sheet and income statement to their monthly operating report for
April 2011.
A copy of the April operating report is available at:
http://bankrupt.com/misc/blackcrow.april2011mor.pdf
Black Crow Media Group LLC, et al., reported a $22,714 net loss in
March on revenues of $1.09 million. Reorganization costs in the
month totaled $307,231.
At March 31, 2011, the Debtors had $37.56 million in total assets,
$47.29 million in total liabilities, and a stockholders' deficit
of $9.73 million.
A copy of the March operating report is available at:
http://bankrupt.com/misc/blackcrow.march2011mor.pdf
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.
GREAT ATLANTIC & PACIFIC: Has $365.04 Million Cash at April 23
--------------------------------------------------------------
On May , 2011, The Great Atlantic & Pacific Tea Company, Inc.,
and its U.S. subsidiaries filed their monthly operating report for
the period from March 27, 2011, to April 23, 2011, with the U.S.
Bankruptcy Court for the Southern District of New York.
The Debtors reported a net loss of $48.5 million on $568.6 million
of sales for the four weeks ended April 23, 2011.
At April 23, 2011, the Debtors' consolidated balance sheet showed
$2.750 billion in total assets, $3.651 billion in total
liabilities, $144.30 million in Series A redeemable preferred
stock, and a stockholders' deficit of $1.225 billion. The Debtors
ended the period with $365,049,000 in cash compared to
$349,471,000 at March 26, 2011.
A copy of the operating report is available at http://is.gd/KggvTl
About Great Atlantic & Pacific
Founded in 1859, Montvale, New Jersey-based Great Atlantic &
Pacific 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.
A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y.
Case No. 10-24549) on Dec. 12, 2010 in White Plains, New York. In
its petition, A&P reported total assets of $2.5 billion and
liabilities of $3.2 billion as of Sept. 11, 2010.
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.
GREAT ATLANTIC: Reports $34.6 Million March Loss from Operations
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Great Atlantic & Pacific Tea Co. had a $34.6 million
operating loss for four weeks ended March 26. Revenue for the
period was $566.8 million. The net loss was $35 million.
Reorganization items in the month were $4.2 million.
About Great Atlantic & Pacific
Founded in 1859, Montvale, New Jersey-based Great Atlantic &
Pacific 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.
A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y.
Case No. 10-24549) on Dec. 12, 2010 in White Plains, New York. In
its petition, A&P reported total assets of $2.5 billion and
liabilities of $3.2 billion as of Sept. 11, 2010.
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.
LTV CORP: Ends April 2011 With $5.5 Million Cash
------------------------------------------------
On May 18, 2011, The LTV Corporation, et al., submitted to
the United States Bankruptcy Court for the Northern District of
Ohio, Eastern Division, their monthly operating report for
April 2011.
LTV ended the period with a $5,486,000 cash balance. LTV
reported $1,000 in receipts and $440,000 in disbursements in
March, including $397,000 paid to Chapter 11 professionals.
Beginning cash was $5,925,000.
A copy of the operating report is available at http://is.gd/CXuIqF
About The LTV Corporation
Headquartered in Cleveland, Ohio, The LTV Corp. operates as a
domestic integrated steel producer. The Company along with 48
subsidiaries filed for Chapter 11 protection on Dec. 29, 2000
(Bankr. N.D. Ohio, Case No. 00-43866). On Aug. 31, 2001, the
Company disclosed $4,853,100,000 in total assets and
$4,823,200,000 in total liabilities.
By order dated Feb. 28, 2002, the Court approved the sale of
substantially all of the Debtors' integrated steel assets to WLR
Acquisition Corp. n/k/a International Steel Group, Inc., for a
purchase price of roughly $80 million, plus the assumption of
certain environmental and other obligations. ISG also purchased
inventories which were located at the integrated steel facilities
for roughly $52 million. The sale of the Debtors' integrated
steel assets to ISG closed in April 2002, and a second closing
related to the purchase of the inventory occurred in May 2002.
On Dec. 31, 2002, substantially all of the assets of the Pipe
and Conduit Business, consisting of LTV Tubular Company, a
division of LTV Steel Company, Inc., and Georgia Tubing
Corporation, were sold to Maverick Tube Corporation for cash of
roughly $120 million plus the assumption of certain environmental
and other obligations. On Oct. 16, 2002, the Debtors announced
that they intended to reorganize the Copperweld Business as a
stand-alone business. The LTV Corporation no longer exercised any
control over the business or affairs of the Copperweld Business.
A separate plan of reorganization was developed for the Copperweld
Business. On Aug. 5, 2003, the Copperweld Business filed a
disclosure statement for the Joint Plan of Reorganization of
Copperweld Corporation and certain of its debtor affiliates. On
Oct. 8, 2003, the Court approved the Second Amended Disclosure
Statement. On Nov. 17, 2003, the Court confirmed the Second
Amended Joint Plan, as modified, and on Dec. 17, 2003, the Plan
became effective and the common stock was canceled. Because The
LTV Corporation received no distributions under the Second Amended
Plan, its equity in the Copperweld Business is worthless and has
been canceled.
In November 2002, the Debtors paid the DIP Lenders the remaining
balance due for outstanding loans and in December 2002, the
remaining letters of credit were canceled or cash collateralized.
Consequently, the Debtors have no remaining obligation to the DIP
Lenders. Pursuant to a February 2003 Court order, LTV Steel
continued the orderly liquidation and wind down of its businesses.
On Oct. 8, 2003, the Court entered an Order substantively
consolidating the Chapter 11 estates of LTV Steel and Georgia
Tubing Corporation for all purposes.
In November and December 2003, approximately $91.9 million was
distributed by LTV Steel to other Debtors pursuant to the
Intercompany Settlement Agreement that was approved by the Court
on Nov. 17, 2003. On Dec. 23, 2003, the Court authorized LTV
Steel and Georgia Tubing to make distributions to their
administrative creditors and, after the final distribution, to
dismiss their Chapter 11 cases and dissolve.
On March 31, 2005, the Court entered an order that among other
things: (a) approved a distribution and dismissal plan for LTV
and certain other debtors; (b) authorized The LTV Corporation
and LTV Steel to take any and all actions that are necessary or
appropriate to implement the distribution and dismissal plan;
(c) established March 31, 2005, as the record date for identifying
shareholders of LTV that are entitled to any and all shareholder
rights with respect to the distribution and dismissal plan and the
eventual dissolution of LTV; and (d) authorized The LTV
Corporation to establish and fund a reserve account for the
conduct of post-dismissal activities and the payment of post-
dismissal claims.
LTV is in the process of liquidating, and its stock is worthless.
On March 28, 2007, the Official Committee of Administrative
Claimants filed a motion with the Court requesting an order to
approve the appointment of a Chapter 11 trustee. On April 11,
2007, April 12, 2007, and May 1, 2007, certain of the Defendants
filed motions to convert the case to Chapter 7. On June 28, 2007,
the ACC filed a motion to withdraw the Chapter 11 Trustee Motion;
the Court granted the ACC's withdrawal motion on Aug. 1, 2007.
An evidentiary hearing on the Chapter 7 Trustee Motion was held in
August 2007. The Court has not yet issued its order.
LOWER BUCKS: Advanced Primary Reports $12,142 Net Income in March
-----------------------------------------------------------------
Advanced Primary Care Physicians reported net income of $12,142 on
$177,463 of revenue for the month ended March 31, 2011.
The Company's balance sheet at March 31, 2011, showed $344,409 in
total assets, $817,234 in total liabilities, all current, and an
unrestricted fund balance of ($472,825). The Company ended the
period with $72,848 cash.
A copy of the operating report is available at:
http://bankrupt.com/misc/advancedprimary.march2011mor.pdf
About Lower Bucks Hospital
Bristol, Pennsylvania-based Lower Bucks Hospital is a non-profit
hospital based in Bristol, Pennsylvania. The Hospital is
currently licensed to operate 183 beds. Together with affiliates
Advanced Primary Care Physicians and Lower Bucks Health
Enterprises, Inc., Lower Bucks owns a 36-acre campus with several
medical facilities. The Hospital's emergency room serves
approximately 30,000 patients annually. For the fiscal year
ending June 30, 2009, Lower Bucks had $114 million in consolidated
revenues.
The Hospital filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Pa. Case No. 10-10239) on Jan. 13, 2010. The Hospital's
affiliates -- Lower Bucks Health Enterprises, Inc, and Advanced
Primary Care Physicians also filed Chapter 11 petitions. Jeffrey
C. Hampton, Esq., and Adam H. Isenberg, at Saul Ewing LLP, assist
the Hospital in its restructuring effort. Donlin, Recano &
Company, Inc., is the Hospital's claims and notice agent. The
Hospital estimated $50 million to $100 million in assets and
$50 million to $100 million in liabilities as of the Chapter 11
filing.
LOWER BUCKS: Reports $1.7 Net Income in March 2011
--------------------------------------------------
Lower Bucks Hospital, Inc., reported net income of $1.67 million
on $9.83 million of revenue for the month ended March 31, 2011.
The Company's balance sheet at March 31, 2011, showed
$55.10 million in total assets, $67.95 million in total
liabilities, and an unrestricted fund balance of ($12.85) million
A copy of the operating report is available at:
http://bankrupt.com/misc/lowerbuckshospital.march31mor.pdf
About Lower Bucks Hospital
Bristol, Pennsylvania-based Lower Bucks Hospital is a non-profit
hospital based in Bristol, Pennsylvania. The Hospital is
currently licensed to operate 183 beds. Together with affiliates
Advanced Primary Care Physicians and Lower Bucks Health
Enterprises, Inc., Lower Bucks owns a 36-acre campus with several
medical facilities. The Hospital's emergency room serves
approximately 30,000 patients annually. For the fiscal year
ending June 30, 2009, Lower Bucks had $114 million in consolidated
revenues.
The Hospital filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Pa. Case No. 10-10239) on Jan. 13, 2010. The Hospital's
affiliates -- Lower Bucks Health Enterprises, Inc, and Advanced
Primary Care Physicians also filed Chapter 11 petitions. Jeffrey
C. Hampton, Esq., and Adam H. Isenberg, at Saul Ewing LLP, assist
the Hospital in its restructuring effort. Donlin, Recano &
Company, Inc., is the Hospital's claims and notice agent. The
Hospital estimated $50 million to $100 million in assets and
$50 million to $100 million in liabilities as of the Chapter 11
filing.
LOWER BUCKS: Lowers Bucks Health Posts $19,994 Net Loss in March
----------------------------------------------------------------
Lower Bucks Health Enterprises, Inc., reported a net loss of
$19,994 on $57,769 of revenue for the month March 31, 2011.
The Company's balance sheet at March 31, 2011, showed $7.1 million
in total assets, $356,608 in total liabilities, all current, and
an unrestricted fund balance of $6.7 million.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/lbhealth.march2011mor.pdf
About Lower Bucks Hospital
Bristol, Pennsylvania-based Lower Bucks Hospital is a non-profit
hospital based in Bristol, Pennsylvania. The Hospital is
currently licensed to operate 183 beds. Together with affiliates
Advanced Primary Care Physicians and Lower Bucks Health
Enterprises, Inc., Lower Bucks owns a 36-acre campus with several
medical facilities. The Hospital's emergency room serves
approximately 30,000 patients annually. For the fiscal year
ending June 30, 2009, Lower Bucks had $114 million in consolidated
revenues.
The Hospital filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Pa. Case No. 10-10239) on Jan. 13, 2010. The Hospital's
affiliates -- Lower Bucks Health Enterprises, Inc, and Advanced
Primary Care Physicians also filed Chapter 11 petitions. Jeffrey
C. Hampton, Esq., and Adam H. Isenberg, at Saul Ewing LLP, assist
the Hospital in its restructuring effort. Donlin, Recano &
Company, Inc., is the Hospital's claims and notice agent. The
Hospital estimated $50 million to $100 million in assets and
$50 million to $100 million in liabilities as of the Chapter 11
filing.
MSR RESORT: Posts $1.1 Million Net Loss in April
------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the five resorts foreclosed in January by Paulson &
Co. and Winthrop Realty Trust reported a $1.1 million net loss in
April on total revenue of $51.5 million. Profit from continuing
operations was $57,000, according to the operating report filed in
bankruptcy court. Edward Sassower, a lawyer for the resorts, told
the bankruptcy judge at a hearing that revenue per available room
rose 19 percent in April from a year earlier. Reorganization
expense items in April amounted to $1.17 million, the report said.
About MSR Resort
MSR Hotels & Resorts, formerly known as CNL Hotels & Resorts Inc.,
owns a portfolio of eight luxury hotels with over 5,500 guest
rooms, including the Arizona Biltmore Resort & Spa in Phoenix, the
Ritz-Carlton in Orlando, Fla., and Hawaii's Grand Wailea Resort
Hotel & Spa in Maui.
On Jan. 28, 2011, CNL-AB LLC acquired the equity interests in the
portfolio through a foreclosure proceeding. CNL-AB LLC is a joint
venture consisting of affiliates of Paulson & Co. Inc., a joint
venture affiliated with Winthrop Realty Trust, and affiliates of
Capital Trust, Inc.
Morgan Stanley's CNL Hotels & Resorts Inc. owned the resorts
before the Jan. 28 foreclosure.
Following the acquisition, five of the resorts with mortgage debt
scheduled to mature on Feb. 1, 2011, were sent to Chapter 11 by
the Paulson and Winthrop joint venture affiliates. MSR Resort
Golf Course LLC and its affiliates filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 11-10372) in Manhattan on Feb. 1.
The resorts subject to the filings are Grand Wailea Resort and
Spa, Arizona Biltmore Resort and Spa, La Quinta Resort and Club
and PGA West, Doral Golf Resort and Spa, and Claremont Resort and
Spa.
James H.M. Sprayregen, P.C., Esq., Paul M. Basta, Esq., Edward O.
Sassower, Esq., and Chad J. Husnick, Esq., at Kirkland & Ellis,
LLP, serve as the Debtors' bankruptcy counsel. Houlihan Lokey
Capital, Inc., is the Debtors' financial advisor. Kurtzman Carson
Consultants LLC is the Debtors' claims agent.
The five resorts had $2.2 billion in assets and $1.9 billion in
debt as of Nov. 30, 2010, according to court filings. In its
schedules, debtor MSR Resort disclosed $59,399,666 in total assets
and $1,013,213,968 in total liabilities.
PALM HARBOR: Posts $6.5 Million Net Loss From Feb. 26 to April 1
----------------------------------------------------------------
Palm Harbor Homes, Inc., et al., reported a net loss of
$6.5 million on total sales and revenues of $8.0 million for the
reporting period Feb. 26, 2011, to April 1, 2011.
The Debtors' balance sheet showed $140.0 million in total assets,
$206.1 million in total liabilities, and a stockholders' deficit
of $66.1 million.
A copy of the operating report is available at:
http://bankrupt.com/misc/palmharbor.march2011mor.pdf
About Palm Harbor Homes
Addison, Texas-based Palm Harbor Homes, Inc. --
http://www.palmharbor.com/-- manufactured and marketed factory-
built homes. The Company marketed nationwide through vertically
integrated operations, encompassing manufactured and modular
housing, financing and insurance.
Palm Harbor, along with affiliates, filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 10-13850) on
Nov. 29, 2010. It disclosed $321,263,000 in total assets and
$280,343,000 in total debts.
Brian Cejka at Alvarez & Marsal is the Debtors' chief
restructuring officer. Raymond James and Associates, Inc., is the
Debtors' investment banker. Alvarez & Marshal North America, LLC,
is the Debtors' financial advisor. BMC Group, Inc., is the
Debtors' claims agent. Pachulski Stang Ziehl & Jones LLP serves
as counsel to the Official Committee of Unsecured Creditors.
Following a court-approved sale process, Palm Harbor in March 2011
sold its business for $85.25 million to Fleetwood Enterprises
Inc., a venture between Cavco Industries Inc. and a fund advised
by Third Avenue Management LLC. Fleetwood is providing up to
$55 million in secured financing for Palm Harbor's reorganization.
As reported in the TCR on May 16, 2011, Cavco Industries and
Fleetwood Homes filed with the U.S. Bankruptcy Court for the
District of Delaware a motion for an order enforcing and ordering
Palm Harbor Homes to perform its obligations under the Court-
approved amended and restated asset purchase agreement and to pay
administrative expenses.
According to Cavco and Fleetwood, the Debtors ceased paying former
employees' sales commissions and profit-sharing bonuses prior to
the closing date when the individuals were still employees of the
Debtors.
ROBB & STUCKY: Posts $10.2 Million Net Loss in April 2011
---------------------------------------------------------
Robb & Stucky Limited LLLP reported a net loss of $10.24 million
on $1.07 million of net retail sales for the month of April 2011.
At April 30, 2011, the Debtor had $49.07 million in total assets,
$92.62 million in total liabilities, and a partners' deficit of
$43.55 million.
A copy of the operating report is available at:
http://bankrupt.com/misc/robb&stucky.april2011mor.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 (Bankr. M.D. Fla. Case No. 11-02801) on Feb. 18, 2011.
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.
SBARRO INC: Has $23 Million Cash as of May 1, 2011
--------------------------------------------------
Sbarro, Inc., et al., reported a net loss of $6.7 million on
$23.7 million of revenues for the filing period April 4, 2011,
through May 1, 2011. Reorganization items include $2.6 million of
professional fees directly to the reorganization during the
reporting period. The Debtors have not paid any professional fees
in the four-week period from April 4, 2011, through May 1, 2011.
At May 1, 2011, the Debtors had $449.0 million in total assets,
$511.7 million in total liabilities, and stockholders' deficit of
$62.7 million. The Debtors ended the period with $23.0 million in
cash and cash equivalents, compared to $6.7 million at the
beginning of the period.
A copy of the operating report is available at:
http://bankrupt.com/misc/sbarro.april2011mor.pdf
About Sbarro Inc.
The Sbarro family started its business after moving to Brooklyn,
New York, from Naples, Italy, in 1956. Today Sbarro is a leading,
global Italian quick service restaurant concept with approximately
5,170 employees, 1,045 restaurants throughout 42 countries, and
annual revenues in excess of $300 million.
Sbarro Inc. sought bankruptcy protection under Chapter 11 (Bankr.
S.D.N.Y. Lead Case No. 11-11527) to eliminate about $200 million
in debt. According to its schedules, the Debtor disclosed
$51,537,899 in total assets and $460,975,646 in total debts.
Sbarro said it has reached an agreement with all of its second-
lien secured lenders and approximately 70% of its senior
noteholders on the terms of a reorganization plan that will
eliminate more than half of the Company's total indebtedness.
Edward Sassower, Esq., and Nicole Greenblatt, Esq., at Kirkland &
Ellis, LLP, serve as the Debtors' general bankruptcy counsel.
Rothschild, Inc., is the Debtors' investment banker and financial
advisor. PriceWaterhouseCoopers LLP is the Debtors' bankruptcy
consultants. Marotta Gund Budd & Dzera, LLC, is the Debtors'
special financial advisor. Curtis, Mallet-Prevost, Colt & Mosle
LLP serves as the Debtors' conflicts counsel. Epiq Bankruptcy
Solutions, LLC, is the Debtors' claims agent. Sard Verbinnen & Co
is the Debtors' communications advisor.
SEAHAWK DRILLING: Reports $31.6 Million Net Income in April
-----------------------------------------------------------
Seahawk Drilling, Inc., et al., reported net income of
$31.64 million on $8.22 million of revenues for the month ended
April 30, 2011. Net income includes a $35.55 million gain on sale
of fixed assets. On April 27, 2011, the Debtors sold all drilling
assets and related working capital assets to Hercules Offshore,
Inc., under the court approved asset purchase agreement and
received $25,000,012 cash and 22,321,425 shares of HERO stock.
At April 30, 2011, the Debtor had $145.22 million in total assets,
$441.11 million in total liabilities, and a stockholders' deficit
of $295.89 million.
The Debtor ended the period with $14.44 million cash, compared
with $2.66 million cash at the beginning of the period.
A copy of the operating report is available at http://is.gd/CnUs52
About Seahawk Drilling
Houston, Texas-based Seahawk Drilling, Inc., engages in a jackup
rig business in the United States, Gulf of Mexico, and offshore
Mexico. It offers rigs and drilling crews on a day rate
contractual basis.
The Company and several affiliates filed for Chapter 11 bankruptcy
protection (Bankr. S.D. Tex. Lead Case No. 11-20089) on Feb. 11,
2011. Berry D. Spears, Esq., and Johnathan C. Bolton, Esq., at
Fullbright & Jaworkski L.L.P., in Houston, serve as the Debtors'
bankruptcy counsel. Shelby A. Jordan, Esq., and Nathaniel Peter
Holzer, Esq. at ordan, Hyden, Womble, Culbreth & Holzer, P.C., in
Corpus Christi, Texas, serve as the Debtors' co-counsel. Alvarez
and Marsal North America, LLC, is the Debtors' restructuring
advisor. Simmons & Company International is the Debtors'
transaction advisor. Kurtzman Carson Consultants LLC is the
Debtors' claims agent. Judy A. Robbins, U.S. Trustee for Region
7, appointed three creditors to serve on an Official Committee of
Unsecured Creditors of Seahawk Drilling Inc. and its debtor-
affiliates. Heller, Draper, Hayden, Patrick & Horn, L.L.C.,
represents the creditors committee.
In its amended schedules, Seahawk Drilling disclosed $208,190,199
in assets and $438,458,460 in liabilities as of the petition date.
Seahawk filed for Chapter 11 protection to complete the sale of
all assets to Hercules Offshore, Inc. As reported by the Troubled
Company Reporter on April 11, 2011, the Bankruptcy Court approved
an Asset Purchase Agreement between Hercules Offshore and its
wholly owned subsidiary, SD Drilling LLC, and Seahawk Drilling,
pursuant to which Seahawk agreed to sell to Hercules, and Hercules
agreed to acquire from Seahawk, all 20 of Sellers' jackup rigs and
related assets, accounts receivable and cash and certain
liabilities of Sellers in a transaction pursuant to Section 363 of
the U.S. Bankruptcy Code.
According to DBR Small Cap, the deal was valued at about
$176 million when it received court approval.
Based on previous TCR reports, the purchase price for the
Acquisition will be funded by the issuance of roughly 22.3 million
shares of Hercules Offshore common stock and cash consideration of
$25 million, which will be used primarily to pay off Seahawk's
Debtor-in-Possession loan. The number of shares of Hercules
Offshore common stock to be issued will be proportionally reduced
at closing, based on a fixed price of $3.36 per share, if the
outstanding amount of the DIP loan exceeds $25 million, with the
total cash consideration not to exceed $45 million.
The deal closed on April 27, 2011.
SOUTHWEST GEORGIA: Posts $11.3MM Net Loss in 7-Mos. Ended April 30
------------------------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
Southwest Georgia Ethanol LLC reported a $1.3 million net loss in
April on total revenue of $30.2 million. The gross margin for the
month was $1.33 million, according to an operating report filed in
bankruptcy court. For seven months ended April 30, the net loss
was $11.3 million on total revenue of $175.2 million. The gross
margin was $10.8 million. For seven months, interest expense was
$9.9 million and depreciation was $5.1 million.
About Southwest Georgia Ethanol
Southwest Georgia Ethanol LLC, a unit of First United Ethanol Co.,
sought bankruptcy protection (Bankr. M.D. Ga. 11-10145) in Albany,
Georgia, on Feb. 1, 2011.
The Debtor owns and operates an ethanol production facility
located on 267 acres in Mitchell County, Georgia, producing
100 million gallons of ethanol annually. Ethanol production
operations commenced in October 2008. Revenue was $168.9 million
for fiscal year ended Sept. 30, 2010. The Debtor said
profitability and liquidity have been materially reduced by
unfavorable fluctuations in commodity prices for ethanol and corn.
John Michael Levengood, Esq., at McKenna Long & Aldridge LLP, in
Atlanta, Georgia, serves as counsel to the Debtor. Morgan Keegan
& Company, Inc., is the investment banker and financial advisor.
The Debtor's balance sheet showed $164.7 million in assets and
$134.1 million in debt as of Dec. 31, 2010.
Bloomberg News notes that since 2008, at least 11 ethanol-related
companies have sought court protection, including VeraSun Energy
Corp., once the second-largest U.S. ethanol maker; units of
Pacific Ethanol Inc.; and White Energy Holding Co.
THORNBURG MORTGAGE: Ends April 2011 With $109.3 Million Cash
------------------------------------------------------------
On May 24, 2011, the Chapter 11 trustee for TMST, Inc., formerly
known as Thornburg Mortgage, Inc., filed on behalf of the Debtors,
except for ADFITECH, Inc., a monthly operating report for
April 2011. ADFITECH is no longer a wholly-owned subsidiary of
the Company and, therefore, its operating reports are no longer
required to be filed by the Company.
TMST, Inc., et al., ended April with $109.3 million in cash.
Payments to attorneys and other professionals totaled $425,447 for
the current month. The Debtors reported a net loss of $373,918 on
net operating revenue of $1,771 for the month.
At April 30, 2011, the Debtors had $111.0 million in total
assets, $3.430 billion in total liabilities, and a stockholders'
deficit of $3.319 billion.
A copy of the operating report is available at http://is.gd/svQE5k
About Thornburg Mortgage
Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages. It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets. Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.
Thornburg Mortgage and its four affiliates filed for Chapter 11 on
May 1, 2009 (Bankr. D. Md. Lead Case No. 09-17787). Thornburg
changed its name to TMST, Inc.
Judge Duncan W. Keir is handling the case. David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, is tapped as counsel.
Orrick, Herrington & Sutcliffe LLP is employed as special counsel.
Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin
Capital, Inc., are tapped as investment banker and financial
advisor. Protiviti Inc. is also engaged for financial advisory
services. KPMG LLP is the tax consultant. Epiq Systems, Inc., is
claims and noticing agent. Thornburg disclosed total assets of
$24.4 billion and total debts of $24.7 billion, as of Jan. 31,
2009.
On Oct. 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging
Strategies, Inc.
TROPICANA ENT: Adamar Has $2.6 Million Cash as of April 30
----------------------------------------------------------
Adamar of NJ In Liquidation, LLC
Consolidated Balance Sheets
As of April 30, 2011
ASSETS
Current Assets
Cash and cash equivalents $2,633,000
Receivables, gaming, hotel and other, net 0
Inventories 0
Prepaid expenses and other 0
Deferred income taxes 0
--------------
Total current assets 2,633,000
Property and equipment, at cost, net 0
Investments 0
Tenant allowances and other assets 0
--------------
TOTAL ASSETS $2,633,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accruals $590,000
Accrued payroll and employee benefits 0
Current portion of long-term debt 0
Casino reinvestment obligation 0
Advances from TE and other affiliates, net 0
Advances from NJ affiliates, net 0
Other current liabilities 0
Liabilities subject to compromise 9,560,000
--------------
Total current liabilities 10,150,000
Long-term debt, net of current portion 0
Deferred income taxes 0
--------------
Total Liabilities 10,150,000
Stockholders' Equity
Common stock, no par value (100 shares 0
authorized, issued and outstanding)
Paid-in capital 0
Accumulated deficit (7,518,000)
--------------
Total shareholders' equity (7,518,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $2,633,000
==============
Adamar of NJ In Liquidation, LLC
Consolidated Statements of Operations
For the Month Ended April 30, 2011
Revenues
Casino $0
Rooms 0
Food and beverage 0
Other 0
--------------
Total revenues 0
--------------
Costs and Expenses
Casino 0
Rooms 0
Food and beverage 0
Other 0
Marketing 0
General and administrative 0
Utilities 0
Repairs and maintenance 0
Provision for doubtful accounts 0
Property taxes and insurance 0
Rent 0
Rent to New Jersey affiliate 0
Depreciation and amortization 0
Reorganization expense 46,000
--------------
Total 46,000
Operating profit (loss) (46,000)
License denial expense 0
Interest income, net 1,000
Interest expense 0
--------------
Income before income taxes (45,000)
Income taxes benefit/(provision) 0
--------------
NET (LOSS) ($45,000)
==============
Adamar of NJ In Liquidation, LLC
Cash Flows
For the Month Ended April 30, 2011
Beginning cash $2,644,000
Disbursements:
Claims settlement 0
Professional fees disbursements 10,000
Transfer to Tropicana Entertainment 0
UST fees 1,000
--------------
Total disbursements 11,000
Interest income 1,000
--------------
Ending Cash $2,633,000
==============
About Tropicana Entertainment
Tropicana Entertainment Inc. is a publicly reporting company that,
along with its affiliates, owns or operates nine casinos and
resorts in Indiana, Louisiana, Mississippi, Nevada and New Jersey.
The Company owns approximately 6,000 rooms, 9,000 slot positions
and 250 table games. In addition, the Company owns a development
property in Aruba. The company is based in Las Vegas, Nevada.
Tropicana Entertainment LLC and certain affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08-
10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts. Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor. Stroock & Stroock & Lavan LLP and Morris
Nichols Arsht & Tunnell LLP represent the Official Committee of
Unsecured Creditors in this case. Capstone Advisory Group LLC is
financial advisor to the Creditors' Committee.
The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana
obtained confirmation from the Bankruptcy Court of a
reorganization plan. On April 29, 2009, non-debtor units of the
OpCo Debtors, designated as the New Jersey Debtors -- Adamar of
New Jersey, Inc., and its affiliate, Manchester Mall, Inc. --
filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to
effectuate a sale of the Atlantic City Resort and Casino to a
group of Investors-led by Carl Icahn. Judge Judith H. Wizmur
presides over the cases. Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
Effective March 8, Tropicana Entertainment successfully emerged
from the Chapter 11 reorganization process as an Carl Icahn-owned
entity.
A group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have obtained approval
of a separate Chapter 11 plan.
Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represented
the New Jersey Debtors. Kurtzman Carson Consultants LLC acts as
their claims and notice agent. Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.
Debtors Adamar of New Jersey Inc. and Manchester Mall Inc. have
merged into Adamar of NJ In Liquidation, LLC. The merger and name
change is in accordance with an Amended and Restated Purchase
Agreement, which governs the sale and transfer of the operations
of the Tropicana Casino and Resort - Atlantic City, including
substantially all of the New Jersey Debtors' assets, to Tropicana
Entertainment Inc., Tropicana Atlantic City Corp., and Tropicana
AC Sub Corp., free and clear of any and all liens, claims and
encumbrances.
Bankruptcy Creditors' Service, Inc., publishes Tropicana
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Tropicana Entertainment Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
*********
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-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
*** End of Transmission ***