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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, August 20, 2011, Vol. 15, No. 230
Headlines
ALLEN FAMILY: Posts $6.0 Million Net Loss From June 9 - July 2
GREAT ATLANTIC & PACIFIC: Has $332.6 Million Cash at July 16
SUMNER REGIONAL: Posts $240,493 Net Loss in June 2011
TRIBUNE CO: Has $14.9 Million Net Income in June
*********
ALLEN FAMILY: Posts $6.0 Million Net Loss From June 9 - July 2
--------------------------------------------------------------
Allen Family Foods, Inc., reported a net loss of $6.0 million on
$17.9 million of net sales for the reporting period June 9, 2011,
to July 2, 2011.
The Debtor's balance sheet at July 2, 2011, showed $58.2 million
in total assets, $61.9 million in total liabilities, and a
stockholders' deficit of $3.7 million.
A copy of Allen Family's monthly operating report is available at:
http://bankrupt.com/misc/allenfamily.june2011mor.pdf
Allen's Hatchery, Inc., reported a net loss of $7.9 million on
$11.1 million of net sales for the reporting period June 9, 2011,
to July 2, 2011.
The Debtor's balance sheet at July 2, 2011, showed $119.7 million
in total assets, $98.6 million in total liabilities, and
stockholders' equity of $21.1 million.
A copy of the Allen's Hatchery's monthly operating report is
available at:
http://bankrupt.com/misc/allen'shatchery.june2011mor.pdf
JCR Enterprises, Inc., reported net income of $6,334 on
$4.2 million of net sales for the reporting period June 9, 2011,
to July 2, 2011.
The Debtor's balance sheet at July 2, 2011, showed $11.4 million
in total assets, $7.0 million in total liabilities, and
stockholders' equity of $4.4 million.
A copy of the JCR Enterprises' monthly operating report is
available at:
http://bankrupt.com/misc/jcrenterprises.june2011mor.pdf
About Allen Family
Allen Family Foods Inc. is a 92-year-old Seaford, Del., poultry
company.
Allen Family Foods and two affiliates, Allen's Hatchery Inc. and
JCR Enterprises Inc., filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 11-11764) on June 9, 2011. It estimated
assets and liabilities between $50 million and $100 million in its
petition.
Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young,
Conaway, Stargatt & Taylor, in Wilmington, Delaware, serve as
counsel to the Debtors. FTI Consulting is the financial advisor.
BMO Capital Markets is the Debtors' investment banker. Epiq
Bankruptcy Solutions LLC is the claims and notice agent.
Lowenstein Sandler PC and Womble Carlyle Sandridge & Rice, PLLC,
serve as counsel for the official committee of unsecured
creditors. J.H. Cohn LLP serves as the Committee's financial
advisor.
GREAT ATLANTIC & PACIFIC: Has $332.6 Million Cash at July 16
------------------------------------------------------------
On Aug. 12, 2011, The Great Atlantic & Pacific Tea Company, Inc.,
and its U.S. subsidiaries filed their monthly operating report for
the period from June 19, 2011, to July 16, 2011, with the U.S.
Bankruptcy Court for the Southern District of New York.
The Debtors reported a net loss of $677,000 on $558.3 million
of sales for the four weeks ended July 16, 2011.
At July 16, 2011, the Debtors' consolidated balance sheet showed
$2.387 billion in total assets, $3.543 billion in total
liabilities, $145.8 million in Series A redeemable preferred
stock, and a stockholders' deficit of $1.302 billion. The Debtors
ended the period with $332.6 million in cash and cash equivalents
compared to $312.1 billion at the beginning of the period.
A copy of the operating report is available at http://is.gd/mdkgD7
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 previously obtained approval to sell assets to:
(1) Mrs. Green's Management Corp. and Village Super Market,
Inc., with respect to the Lot 1 Stores for $24,500,000,
plus certain amounts;
(2) Mrs. Green's Management Corp. and Village Super Market,
Inc., with respect to the Lot 2 Stores for $12,500,000,
plus certain amounts;
(3) SUPERVALU INC., with respect to the prime leasehold
interest and the related subleasehold interests in the
Debtors' Superfresh banner Ellicott City, Maryland store
as well as related inventory, furnishings, equipment,
prescription drug inventory and customer records and
files; and
(4) Safeway, Inc., Walgreens Co., and Maryland CVS Pharmacy,
L.L.C., with respect to certain prescription drug
inventory and pharmacy customer records.
SUMNER REGIONAL: Posts $240,493 Net Loss in June 2011
-----------------------------------------------------
SRHS Bankruptcy, Inc., formerly known as Sumner Regional Health
Systems, Inc., reported a net loss of $240,493 on $0 revenue in
June 2011.
At June 30, 2011, the Debtor had $51.13 million in total assets,
$22.73 million in total liabilities, and a total fund balance of
$28.40 million.
A copy of the monthly operating report for June 2011 is
available for free at:
http://bankrupt.com/misc/srhsbankruptcy.june2011mor.pdf
Holdings Bankruptcy, Inc., formerly SRHS Holdings, LLC. had no
revenue and expense transactions for the month of June 2011.
At June 30, 2011, the Debtor had $47,549 in total assets,
$17.18 million in total liabilities, and a total fund balance of
($17.14 million).
A copy of the monthly operating report for June 2011 is
available for free at:
http://bankrupt.com/misc/holdingsbankruptcy.june2011mor.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.
TRIBUNE CO: Has $14.9 Million Net Income in June
------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of June 26, 2011
ASSETS
Current Assets:
Cash and cash equivalents $1,188,279,000
Accounts receivable, net 476,378,000
Inventories 21,529,000
Broadcast rights 137,483,000
Prepaid expenses and other 214,279,000
---------------
Total current assets 2,037,948,000
Property, plant and equipment, net 931,009,000
Other Assets:
Broadcast rights 108,971,000
Goodwill & other intangible assets, net 780,958,000
Prepaid pension costs 2,332,000
Investments in non-debtor units 1,525,681,000
Other investments 40,122,000
Intercompany receivables from non-debtors 3,091,919,000
Restricted cash 726,585,000
Other 69,981,000
---------------
Total Assets $9,315,506,000
===============
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current portion of broadcast rights $102,636,000
Current portion of long-term debt 2,233,000
Accounts payable, accrued expenses, and other 431,822,000
---------------
Total current liabilities 536,691,000
Pension obligations 221,930,000
Long-term broadcast rights 47,862,000
Long-term debt 5,450,000
Other obligations 159,925,000
---------------
Total Liabilities 971,858,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,117,000
Obligations to third parties 13,077,911,000
---------------
Total Liabilities Subject to Compromise 16,537,028,000
Shareholders' Equity (Deficit) (8,193,380,000)
---------------
Total Liabilities & Shareholders'
Equity(Deficit) $9,315,506,000
===============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period From May 23 to June 26, 2011
Total Revenue $285,050,000
Operating Expenses:
Cost of sales 155,602,000
Selling, general and administrative 86,288,000
Depreciation 12,842,000
Amortization of intangible assets 1,323,000
------------
Total operating expenses 256,055,000
------------
Operating Profit (Loss) 28,995,000
------------
Income (loss) on equity investments, net 1,241,000
Interest expense, net (4,144,000)
Management fee (1,406,000)
Non-operating income (loss), net -
------------
Income (loss) before income taxes & Reorg.
costs 24,686,000
Reorganization costs (4,758,000)
------------
Income (loss) before income taxes 19,928,000
Income taxes (4,999,000)
------------
Income (loss) from continuing operations 14,929,000
Income from discontinued operations, net
of tax 0
------------
Net Income (Loss) $14,929,000
============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period From May 23 to June 26, 2011
Beginning Cash Balance $1,870,011,000
Cash Receipts:
Operating receipts 269,901,000
Other -
---------------
Total Cash Receipts 269,901,000
Cash Disbursements
Compensation and benefits 78,697,000
General disbursements 131,842,000
Reorganization related disbursements 19,487,000
---------------
Total Disbursements 230,026,000
---------------
Debtors' Net Cash Flow 39,875,000
---------------
From/(To) Non-Debtors 360,000
---------------
Net Cash Flow 40,235,000
Other 4,292,000
---------------
Ending Available Cash Balance $1,914,538,000
===============
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 (Bankr. D. Del. Lead Case No. 08-13141) on Dec. 8,
2008. 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 LLP serve as co-counsel to the Official Committee of
Unsecured Creditors. AlixPartners LLP is the Committee's
financial advisor. Landis Rath Moelis & Company serves as the
Committee's investment banker. Thomas G. Macauley, Esq., at
Zuckerman Spaeder LLP, in Wilmington, Delaware, represents the
Committee in connection with the lawsuit filed against former
officers and shareholders for the 2007 LBO of Tribune.
Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
*********
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*********
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, Philline Reluya, Ronald C. Sy, Joel Anthony G.
Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez,
Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2011. All rights reserved. ISSN: 1520-9474.
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