/raid1/www/Hosts/bankrupt/TCR_Public/110917.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, September 17, 2011, Vol. 15, No. 258
Headlines
ALLEN FAMILY: Earns $1.1 Million From July 3 to July 30
AMBASSADORS INTERNATIONAL: Ends July 2011 With $3.8 Million Cash
BEAR ISLAND: Reports $875,544 Net Income in July 2011
EVERGREEN SOLAR: Files Initial Monthly Operating Report
IMPERIAL CAPITAL: Reports $80,917 Net Income in July 2011
IRWIN MORTGAGE: Ends July 2011 With $5.5 Million Cash
LINDEN PONDS: Ends July 2011 With $3.3 Million Cash
LINDEN PONDS: Hingham Campus Posts $267,326 Net Loss in July 2011
MERIT GROUP: Has $708,188 Cash at July 29
NORTEL NETWORKS: Ends July 2011 With $1.031 Billion Cash
PEGASUS RURAL: Posts $1.7 Million Net Loss in July 2011
POINT BLANK: Ends July 2011 With $16.6 Million Cash
QIMONDA NA: Posts $155,683 Net Loss in Period Ended August 26
QIMONDA RICHMOND: Posts $66,738 Net Loss in Period Ended August 26
RCLC INC: Posts $12,537 Net Loss in July 2011
SBARRO INC: Ends July 2011 With $24.1 Million Cash
TOWNSENDS INC: Posts $106,000 Net Loss in July 2011
TRICO MARINE: Files July 2011 Monthly Operating Reports
*********
ALLEN FAMILY: Earns $1.1 Million From July 3 to July 30
-------------------------------------------------------
Allen Family Foods, Inc., reported net income of $1.1 million on
$16.0 million of net sales for the reporting period July 3, 2011,
to July 30, 2011.
The Debtor's balance sheet at July 30, 2011, showed $58.1 million
in total assets, $60.7 million in total liabilities, and a
stockholders' deficit of $2.6 million.
A copy of the operating report is available at http://is.gd/YmQWKh
Allen's Hatchery, Inc., reported a net loss of $9.5 million on
$6.0 million of net sales for the reporting period July 3, 2011,
to July 30, 2011.
The Debtor's balance sheet at July 30, 2011, showed $114.9 million
in total assets, $103.4 million in total liabilities, and
stockholders' equity of $11.5 million.
A copy of the operating report is available at http://is.gd/NVp8Fp
JCR Enterprises, Inc., reported net income of $996,740 on
$4.4 million of net sales for the reporting period July 3, 2011,
to July 30, 2011.
The Debtor's balance sheet at July 3, 2011, showed $15.0 million
in total assets, $9.6 million in total liabilities, and
stockholders' equity of $5.4 million.
A copy of the operating report is available at http://is.gd/N253ZV
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.
AMBASSADORS INTERNATIONAL: Ends July 2011 With $3.8 Million Cash
----------------------------------------------------------------
On Aug. 22, 2011, Ambassadors International, Inc., and its U.S.
subsidiaries filed their monthly operating report for the month
ended July 31, 2011, with the U.S. Bankruptcy Court for the
District of Delaware.
As previously disclosed, substantially all the assets of the
Company and the other Debtors were sold on May 25, 2011, pursuant
to a sale order entered, following a hearing, by the Bankruptcy
Court pursuant to Section 363 of the United States Bankruptcy
Code. The Debtors are not currently conducting any business
operations and will have no business operations in the future.
The remaining net cash proceeds from the sale of assets represent
the principal remaining asset of the Debtors. The remaining cash
proceeds are expected to be used to provide for the wind-down and
liquidation of the Company's estate and to pay post-petition
administrative claims in the Company's bankruptcy proceedings.
Accordingly, the Company does not expect that there will be any
proceeds available for distribution to the Company's stockholders
or holders of the Company's convertible notes. The Debtors are
currently winding up their activities.
The Debtors have no operations and recognized no revenue during
July 2011.
At July 31, 2011, the Debtors had $3.80 million in cash,
($27.55) million in total liabilities, and stockholders' equity of
$31.35 million. The Debtors paid a total of $22,950 in
professional fees in July.
A copy of the operating report is available at http://is.gd/Tgtvqh
About Ambassadors International
Headquarters in Seattle, Washington, Ambassadors International,
Inc. (NASDAQ: AMIE) -- http://www.ambassadors.com/-- operates
Windstar Cruises, a three-ship fleet of luxury yachts that explore
the hidden harbors and secluded coves of the world's most sought-
after destinations. Carrying 148 to 312 guests, the luxurious
ships of Windstar cruise to nearly 50 nations, calling at 100
ports throughout Europe, the Caribbean and the Americas.
Ambassadors International Inc. and 11 affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-11002) on
April 1, 2011.
Kristopher M. Hansen, Esq.; Sayan Bhattacharyya, Esq.; Marianne
Mortimer, Esq.; and Matthew G. Garofalo, Esq., at Stroock &
Stroock & Lavan LLP, serve as the Debtors' bankruptcy counsel.
Imperial Capital, LLC, is the Debtors' financial advisor. Phase
Eleven Consultants, LLC, is the Debtors' claims and notice agent.
The Debtors tapped Bifferato Gentilotti LLC as Delaware counsel,
and Richards, Layton & Finger as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors tapped Kelley
Drye & Warren LLP as its counsel, and Lowenstein Sandler PC as its
co-counsel.
The Debtors disclosed $86.4 million in total assets and
$87.3 million in total debts as of Dec. 31, 2010.
BEAR ISLAND: Reports $875,544 Net Income in July 2011
-----------------------------------------------------
Bear Island Paper Company, L.L.C., reported net income of $875,544
on net sales of $11.4 million for July 2011. Gross profit was
$1.4 million.
At July 31, 2011, the Company had $142.8 million in total
assets, $153.2 million in total liabilities, and a stockholders'
deficit of $10.4 million.
A copy of the operating report is available at http://is.gd/PyoQ09
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
Feb. 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. At June 30, 2011, the Company had
$141.9 million in total assets, $153.2 million in total
liabilities, and a stockholders' deficit of $11.3 million.
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.
EVERGREEN SOLAR: Files Initial Monthly Operating Report
-------------------------------------------------------
On Aug. 30, 2011, Evergreen Solar, Inc., filed its initial monthly
operating report with the U.S. Bankruptcy Court for the District
of Delaware.
Evergreen Solar submitted a 13-Week Approved Budget for the weeks
ended Aug. 20, 2011, through Nov. 12, 2011.
A copy of the initial monthly operating report is available at:
http://is.gd/If6TVy
About Evergreen Solar
Evergreen Solar, Inc. -- http://www.evergreensolar.com/--
develops, manufactures and markets String Ribbon solar power
products using its proprietary, low-cost silicon wafer technology.
The Company's patented wafer manufacturing technology uses
significantly less polysilicon than conventional processes.
Evergreen Solar's products provide reliable and environmentally
clean electric power for residential and commercial applications
globally.
The Marlboro, Mass.-based Company filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case No. 11-12590) on Aug. 15, 2011, before Judge
Mary F. Walrath. The Company's balance sheet at April 2, 2011,
showed $373,972,000 in assets, $455,506,000 in total liabilities,
and a stockholders' deficit of $81,534,000.
Ronald J. Silverman, Esq., and Scott K. Seamon, Esq., at Bingham
McCutchen LLP, serve as general bankruptcy counsel to the Debtor.
Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski
Stang Ziehl & Jones LLP, serve as co-counsel. Zolfo Cooper LLC is
the financial advisor. Epiq Bankruptcy Solutions has been tapped
as claims agent.
In conjunction with the Chapter 11 filing, the Company entered
into a restructuring support agreement with certain holders of
more than 70% of the outstanding principal amount of the Company's
13% convertible senior secured notes. As part of the bankruptcy
process the Company will undertake a marketing process and will
permit all parties to bid on its assets, as a whole or in groups
pursuant to 11 U.S.C. Sec. 363. An entity formed by the
supporting noteholders, ES Purchaser, LLC, entered into an asset
purchase agreement with the Company to serve as a "stalking-horse"
and provide a "credit-bid" pursuant to the Bankruptcy Code for
assets being sold.
The supporting noteholders are represented by Michael S. Stainer,
Esq., and Natalie E. Levine, Esq., at Akin Gump Strauss Hauer &
Feld LLP, in New York.
IMPERIAL CAPITAL: Reports $80,917 Net Income in July 2011
---------------------------------------------------------
On Aug. 22, 2011, Imperial Capital Bancorp, Inc., filed its
unaudited monthly operating report for the month of July 2011 with
the Office of the United States Trustee.
The Company reported net income of $80,917 on $0 revenue for
July 2011. Net income for the month includes Interest on Income
Tax Refunds of $343,723.
At July 31, 2011, the Company had $40.2 million in total assets,
$99.4 million in total liabilities, and a stockholders' deficit of
$59.2 million.
A copy of operating report is available at http://is.gd/XAYIaT
About Imperial Capital Bancorp
La Jolla, California-based Imperial Capital Bancorp, Inc., filed
for Chapter 11 bankruptcy protection (Bankr. S.D. Calif. Case No.
09-19431) on Dec. 18, 2009. Gregory K. Jones, Esq., at Stutman,
Treister & Glatt, P.C., serves as the Company's bankruptcy
counsel. FTI Consulting Inc. serves as its financial advisor.
The Company disclosed $40.4 million in assets and $98.7 million in
liabilities.
Tiffany L. Carroll, the U.S. Trustee for Region 15, appointed
three members to the official committee of unsecured creditors in
the Debtor's case.
The Debtor's proposed Liquidating Plan of Reorganization provides
that based upon assets available for distribution, creditors of
the Company will not be paid in full under the Plan. The Company
predicts that, after payment to the Company's unsecured creditors,
there will be no assets available for distribution to the holders
of the Company's common stock.
IRWIN MORTGAGE: Ends July 2011 With $5.5 Million Cash
-----------------------------------------------------
Irwin Mortgage Corporation filed on Aug. 22, 2011, its monthly
operating report for the reporting period July 8, 2011, to
July 31, 2011.
The initial monthly operating report contains a cash receipts and
disbursements summary for the period ending July 31, 2011,
disclosing:
Beginning Cash $5,556,504
Receipts $0
Disbusements $0
Net Receipts (Disbursement) $0
Ending Cash $5,556,504
A copy of the initial mor is available at http://is.gd/y3aFXh
About Irwin Mortgage
For a number of years, Irwin Mortgage Corporation, based in
Dublin, Ohio, originated, purchased, sold and serviced
conventional and government agency backed residential mortgage
loans throughout the United States. However, in 2006 and
continuing into early 2007, IMC sold substantially all of its
assets, including its mortgage origination business, its mortgage
servicing business, and its mortgage servicing rights portfolio,
to a number of third party purchasers. As a result of those
sales, IMC terminated its operations and has been winding down
since 2006.
Irwin Mortgage filed for Chapter 11 bankruptcy (Bankr. S.D. Ohio
Case No. 11-57191) on July 8, 2011. Judge Charles M. Caldwell
presides over the case. In its petition, the Debtor estimated
assets of $10 million to $50 million, and debts of $50 million to
$100 million. The petition was signed by Fred C. Caruso,
president.
LINDEN PONDS: Ends July 2011 With $3.3 Million Cash
---------------------------------------------------
Linden Ponds reported a net loss of $2.50 million on
$7.55 million of revenue for the month ended July 31, 2011. The
Debtor incurred a total of $1.64 million in reorganization
expenses for the month.
The Debtor had a net loss of $1.06 million on $2.45 million of
revenue for the filing period June 13, 2011, to June 30, 2011.
Total reorganization expenses were $842,733 for the period.
At July 31, 2011, the Company's balance sheet showed
$493.06 million in total assets, $540.45 million in total
liabilities, and a stockholders' deficit of $47.39 million.
The Company ended July 2011 with $3,306,767 in unrestricted cash:
Cash - Beginning of Month $3,687,056
Total Receipts $3,224,593
Total Operating Disbursements $2,816,877
Total Reorganization Expenses $788,005
Total Disbursements $3,604,881
Net Cash Flow ($380,288)
Cash - End of Month $3,306,767
A copy of the operating report is available at http://is.gd/PwRZjw
About Linden Ponds
Linden Ponds Inc. operates a 108-acre continuing care retirement
community located at 300 Linden Ponds Way in Hingham,
Massachusetts. The facility has 988 independent living units
(with an occupancy rate of 87.9%) and 132 skilled nursing beds
(68% occupancy rate).
Linden Ponds leases the facility and the property upon which it is
built from Hingham Campus LLC. Hingham is the owner of the
facility and owns the fee simple interest in the property upon
which the facility is built. Senior Living Retirement
Communities, LLC, formerly known as Erickson Retirement
Communities, LLC, owns 100% of the membership interests in
Hingham.
Hingham Campus and Linden Ponds filed a pre-negotiated Chapter 11
petition (Bankr. N.D. Tex. Lead Case No. 11-33912) in Dallas on
June 15, 2011. Hingham Campus estimated assets and debts of $100
million to $500 million. Debt includes $156.4 million owing on
bonds issued by the Massachusetts Development Finance Agency, with
Wells Fargo Bank, National Association, as the bond trustee.
Erickson Retirement Communities sought bankruptcy protection
(Bankr. N.D. Tex. Case No. 09-37010) on Oct. 19, 2009. Erickson,
the owner of 20 senior living facilities, won approval of its
reorganization plan in April 2010. The Erickson plan provided for
a sale to Redwood Capital, the highest bidder at the auction in
December 2009. Redwood won the auction with an all-cash bid of
$365 million.
The DLA Piper team led by Thomas R. Califano (New York), George
South (New York), Vince Slusher (Dallas), Jason Karaffa (New York)
and Andy Zollinger (Dallas) represent Hingham in the Chapter
11 case. Attorneys at McGuire, Craddock & Strother, P.C., and
Whiteford, Taylor And Preston, L.L.P., represent Linden Ponds.
As reported in the TCR on Aug. 24, 2011, Hingham Campus, LLC and
Linden Ponds, Inc., won approval of their disclosure statement and
confirmation of their plan of reorganization at a hearing Aug. 18,
only 64 days after the filing of the Debtors' non-prepackaged
chapter 11 cases.
LINDEN PONDS: Hingham Campus Posts $267,326 Net Loss in July 2011
-----------------------------------------------------------------
Hingham Campus, LLC, reported a net loss of $267,326 on
$1.15 million of revenue for the month ended July 31, 2011. The
Debtor had a net loss of $148,988 on $650,118 of revenue for the
filing period June 13, 2011, to June 30, 2011.
At July 31, 2011, the Company's balance sheet showed
$290.52 million in total assets, $330.92 million in total
liabilities, and a stockholders' deficit of $40.40 million.
The Company ended July 2011 with $161 in unrestricted cash:
Cash - Beginning of Month $1,291
Total Receipts $0
Total Operating Disbursements $1,130
Total Reorganization Expenses $0
Total Disbursements $1,130
Net Cash Flow ($1,130)
Cash ? End of Month $161
A copy of the operating report is available at http://is.gd/hoaWN4
About Linden Ponds
Linden Ponds Inc. operates a 108-acre continuing care retirement
community located at 300 Linden Ponds Way in Hingham,
Massachusetts. The facility has 988 independent living units
(with an occupancy rate of 87.9%) and 132 skilled nursing beds
(68% occupancy rate).
Linden Ponds leases the facility and the property upon which it is
built from Hingham Campus LLC. Hingham is the owner of the
facility and owns the fee simple interest in the property upon
which the facility is built. Senior Living Retirement
Communities, LLC, formerly known as Erickson Retirement
Communities, LLC, owns 100% of the membership interests in
Hingham.
Hingham Campus and Linden Ponds filed a pre-negotiated Chapter 11
petition (Bankr. N.D. Tex. Lead Case No. 11-33912) in Dallas on
June 15, 2011. Hingham Campus estimated assets and debts of $100
million to $500 million. Debt includes $156.4 million owing on
bonds issued by the Massachusetts Development Finance Agency, with
Wells Fargo Bank, National Association, as the bond trustee.
Erickson Retirement Communities sought bankruptcy protection
(Bankr. N.D. Tex. Case No. 09-37010) on Oct. 19, 2009. Erickson,
the owner of 20 senior living facilities, won approval of its
reorganization plan in April 2010. The Erickson plan provided for
a sale to Redwood Capital, the highest bidder at the auction in
December 2009. Redwood won the auction with an all-cash bid of
$365 million.
The DLA Piper team led by Thomas R. Califano (New York), George
South (New York), Vince Slusher (Dallas), Jason Karaffa (New York)
and Andy Zollinger (Dallas) represent Hingham in the Chapter
11 case. Attorneys at McGuire, Craddock & Strother, P.C., and
Whiteford, Taylor And Preston, L.L.P., represent Linden Ponds.
As reported in the TCR on Aug. 24, 2011, Hingham Campus, LLC and
Linden Ponds, Inc., won approval of their disclosure statement and
confirmation of their plan of reorganization at a hearing Aug. 18,
only 64 days after the filing of the Debtors' non-prepackaged
chapter 11 cases.
MERIT GROUP: Has $708,188 Cash at July 29
-----------------------------------------
The Merit Group, Inc., et al., filed with the U.S. Bankruptcy
Court for the District of Southern Carolina on Aug. 26, 2011,
their monthly operating report for the period July 1, 2011,
through July 29, 2011.
The Merit Group, Inc., reported a net loss of $2.7 million on net
sales of $11.5 million for the period.
The Debtor's balance sheet at July 29, 2011, showed $91.6 million
in total assets, $112.8 million in total liabilities, and a
shareholders' deficit of $21.2 million. The Debtor ended the
period with $708,188 cash, compared with $186,122 at June 30,
2011.
A copy of the operating report is available at http://is.gd/f6tQjv
About Merit Group
Based in Spartanburg, South Carolina, The Merit Group Inc.,
formerly Lancaster Distributing Company, serves as one of the
leading paint sundries distributors in the United States. Its
markets also include Mexico, the Caribbean Islands, Central
America and South America.
Merit Group filed for Chapter 11 bankruptcy protection (Bankr. D.
S.C. Lead Case No. 11-03216) on May 17, 2011. Judge Helen E.
Burris presides over the case. Michael M. Beal, Esq., McNair Law
Firm PA, represents the Debtors. The Debtors selected Kurtzman
Carson Consultants LLC as their claims agent; and Morgan Joseph
TriArtisan LLC, investment banker, and Alvarez & Marsal North
America, LLC, as financial advisors. Merit Group disclosed
7,004,048 in assets and $66,609,946 in liabilities as of the
Chapter 11 filing.
DIP Lender Regions Bank is represented by lawyers at Nexsen Pruet
Jacobs & Pollard and Parker, Hudson, Rainer & Dobbs, LLP.
The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors. The Committee is represented by Cole,
Schotz, Meisel, Forman & Leonard, P.A. The Committee tapped
McCarthy Law Firm LLC as co-counsel, J.H. Cohn LLP as its
financial advisor.
NORTEL NETWORKS: Ends July 2011 With $1.031 Billion Cash
--------------------------------------------------------
Nortel Networks Inc. reported a net loss of $14 million for the
month ended July 31, 2011.
Earnings from continuing operations before reorganization items,
income taxes and equity in net earnings (loss) of associated
companies was million.
Nortel Networks Inc. ended July 2011 with $1.031 billion in cash
and cash equivalents, as compared to $1.015 billion at the
beginning of the month.
As of July 31, 2011, Nortel Networks Inc. had $1.412 billion
in total assets, $5.767 billion in total liabilities, and a
stockholders' deficit of $4.355 billion.
A copy of the operating report is available at http://is.gd/DSfBSQ
About Nortel Networks
Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/-- was
once North America's largest communications equipment provider.
It has sold most of the businesses while in bankruptcy.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.
The Monitor sought recognition of the CCAA Proceedings in the
U.S. by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions (Bankr. D. Del. Case No. 09-10138) on Jan. 14, 2009.
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent. Fred S. Hodara, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, in New York, and
Christopher M. Samis, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, represent the Official Committee of
Unsecured Creditors.
Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection. On May 28, 2009, at the request
of the Administrators, the Commercial Court of Versailles, France
ordered the commencement of secondary proceedings in respect of
Nortel Networks S.A. On June 8, 2009, Nortel Networks UK Limited
filed petitions in this Court for recognition of the English
Proceedings as foreign main proceedings under chapter 15 of the
Bankruptcy Code.
Nortel Networks divested off key assets while in Chapter 11.
In March 2009, the U.S. Bankruptcy Court entered an order
approving the sale of the Layer 4-7 assets to Radware Ltd. as the
successful bidder at auction. In July 2009, Nortel sold its CDMA
and LTE-related assets to Telefonaktiebolaget LM Ericsson (Publ).
In September 2009, the Court Nortel sold its Enterprise Solutions
business to Avaya Inc. In October 2009, the Court approved the
sale of assets associated with Nortel's Next Generation Packet
Core network components to Hitachi, Ltd. On Dec. 2, 2009, the
Court approved the sale of assets associated with Nortel's
GSM/GSM-R business to Telefonaktiebolaget LM Ericsson (Publ) and
Kapsch Carriercom AG. In December 2009, the Debtors sold their
Metro Ethernet Networks business to Ciena Corporation. In March
2010, Nortel sold its Carrier Voice Over IP and Application
Solutions business to GENBAND Inc. In September 2010, Nortel sold
its Multi-Service Switch business to Ericsson. In August 2011,
Nortel won court approval to sell its intellectual property
portfolio to a group that includes Apple Inc. and Microsoft Corp.
for $4.5 billion.
Nortel Networks filed a proposed plan of liquidation in the
U.S. Bankruptcy Court. The Plan generally provides for full
payment on secured claims with other distributions going in
accordance with the priorities in bankruptcy law.
PEGASUS RURAL: Posts $1.7 Million Net Loss in July 2011
-------------------------------------------------------
Pegasus Rural Broadband, LLC, et al., reported a net loss of
$1.7 million on $349,079 of customer revenue for the month ended
July 31, 2011.
At July 31, 2011, the Company had $44.9 million in total assets,
$70.0 million in total liabilities, and a stockholders' deficit of
$25.1 million.
A copy of the operating report is available at http://is.gd/PW3QgD
About Pegasus Rural
Pegasus Rural Broadband, LLC, and its affiliates, including
Xanadoo Holdings Inc., sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 11-11772) on June 10, 2011.
The Debtors are subsidiaries of Xanadoo Company, a 4G wireless
Internet provider. Xanadoo Co. was not among the Chapter 11
filers.
The subsidiaries sought Chapter 11 protection after they were
unable to restructure $52 million in 12.5% senior secured
promissory notes that matured in May. The notes are owing to
Beach Point Capital Management LP.
Xanadoo Holdings, through Xanadoo LLC -- XLC -- offers wireless
high-speed broadband service, including digital phone services,
under the Xanadoo brand utilizing licensed frequencies in the 2.5
GHz frequency band. As of May 31, 2011, XLC served 12,000
subscribers in Texas, Oklahoma and Illinois. In the summer of
2010, the Debtors closed all of their retail stores and kiosks in
its six operating markets and severed all fulltime sales
personnel. Since the closings, the Debtors relied one key
retailer in each market to serve as local point of presence to
market customer transactions.
Judge Peter J. Walsh presides over the case. Rafael Xavier
Zahralddin-Aravena, Esq., Shelley A. Kinsella, Esq., and Jonathan
M. Stemerman, Esq., at Elliott Greenleaf, in Wilmington, Delaware,
serve as counsel to the Debtor. NHB Advisors Inc. is their
financial advisors. Epiq Systems, Inc., is the claims and notice
agent.
Xanadoo Holdings, Pegasus Guard Band and Xanadoo Spectrum each
estimated assets of $100 million to $500 million and debts of
$50 million to $100 million.
POINT BLANK: Ends July 2011 With $16.6 Million Cash
---------------------------------------------------
Point Blank Solutions, Inc., and its subsidiaries reported a
consolidated net loss of $1.67 million on sales of $6.43 million
for the month ended July 31, 2011. Operating income before non-
recurring expenses was $1.85 million. Reorganization expenses
were $699,869. The Company recorded legal settlements and
investigations expense totaling $775,041 during the month.
Interest expense totaled $312,153.
At July 31, 2011, the Debtors had $44.81 million in total assets,
$76.64 million in total liabilities, $460,717 in minority and non-
controlling interests in subsidiaries, $19.32 million in
contingently redeemable common stock, and a stockholders' deficit
of $51.61 million. The Debtors ended the period with $16,636,977
cash, compared to $7,409,913 at June 30, 2011.
A copy of the operating report is available at http://is.gd/zLspDc
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. T. Scott Avila of CRG Partners Group LLC is
the restructuring officer. Epiq Bankruptcy Solutions serves as
claims and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and Brian
L. Arban, Esq., at the Rosner Law Group LLC, serve as co-counsel.
QIMONDA NA: Posts $155,683 Net Loss in Period Ended August 26
-------------------------------------------------------------
Qimonda North America Corp. reported a net loss of $155,683 on $0
revenue for the reporting period ended Aug. 26, 2011.
At Aug. 26, 2011, the Debtor had $21,111,182 in cash and cash
equivalents, compared to $21,244,937 at the beginning of the
period.
The Debtor's balance sheet at Aug. 26, 2011, showed $48.97 million
in total assets, $47.64 million in total liabilities, and
stockholders' equity of $1.33 million.
A copy of the monthly operating report for the period ended
Aug. 26, 2011, is available at http://is.gd/Bb9i8G
Qimonda North America Corp. reported a net loss of $407,000 on $0
revenue for the period ended July 29, 2011.
A copy of the monthly operating report for the period ended
July 29, 2011, is available at http://is.gd/rrjAKs
Qimonda North America Corp. reported a net loss of $238,861 on $0
revenue for the period ended July 1, 2011.
A copy of the monthly operating report for the period ended
July 1, 2011, is available at http://is.gd/r2IWU3
Qimonda North America Corp. reported a net loss of $14.7 million
on $0 revenue for the period ended May 27, 2011.
A copy of the monthly operating report for the period ended
May 27, 2011, is available at http://is.gd/G9Jze2
About Qimonda AG
Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in
Richmond, Va.
Qimonda AG commenced insolvency proceedings in a local court in
Munich, Germany, on Jan. 23, 2009. On June 15, 2009, QAG filed
a petition (Bankr. E.D. Va. Case No. 09-14766) for relief under
Chapter 15 of the U.S. Bankruptcy Code.
Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG. QNA is also the parent company of Qimonda
Richmond LLC. QNA and QR sought Chapter 11 protection (Bankr.
D. Del. Case No. 09-10589) on Feb. 20, 2009. Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Lee E. Kaufman, Esq., at
Richards Layton & Finger PA, in Wilmington Delaware; and Mark
Thompson, Esq., Morris J. Massel, Esq., and Terry Sanders, Esq.,
at Simpson Thacher & Bartlett LLP, in New York City, represent the
Debtors as counsel. Roberta A. DeAngelis, the United States
Trustee for Region 3, appointed seven creditors to serve on an
official committee of unsecured creditors. Jones Day and Ashby &
Geddes represent the Committee. In its bankruptcy petition,
Qimonda Richmond, LLC, estimated more than US$1 billion in assets
and debts. The information, the Debtors said, was based on
Qimonda Richmond's financial records which are maintained on a
consolidated basis with Qimonda North America Corp.
QIMONDA RICHMOND: Posts $66,738 Net Loss in Period Ended August 26
------------------------------------------------------------------
Qimonda Richmond, LLC, reported a net loss of $66,738 on $0
revenue for the filing period ended Aug. 26, 2011.
The Debtor ended the period with $62,664,091 in unrestricted cash
and equivalents and $52,716,599 in restricted cash and cash
equivalents.
The Debtor's balance sheet at Aug. 26, 2011, showed
$116.7 million in total assets, $440.0 million in total
liabilities, and a stockholders' deficit of $324.3 million.
A copy of the monthly operating report for the period ended
Aug. 26, 2011, is available at http://is.gd/rsucga
Qimonda Richmond, LLC, reported a net loss of $435,615 on $0
revenue for the period ended July 29, 2011.
A copy of the monthly operating report for the period ended
July 29, 2011, is available at http://is.gd/IFmQOf
Qimonda Richmond, LLC, reported a net loss of $588,067 on $0
revenue for the period ended July 1, 2011.
A copy of the monthly operating report for the period ended
July 1, 2011, is available at http://is.gd/HNM42a
Qimonda Richmond, LLC, reported a net loss of $9.7 million on $0
revenue for the period ended May 27, 2011.
A copy of the monthly operating report for the period ended
May 27, 2011, is available at http://is.gd/Djqntb
About Qimonda AG
Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in
Richmond, Va.
Qimonda AG commenced insolvency proceedings in a local court in
Munich, Germany, on Jan. 23, 2009. On June 15, 2009, QAG filed
a petition (Bankr. E.D. Va. Case No. 09-14766) for relief under
Chapter 15 of the U.S. Bankruptcy Code.
Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG. QNA is also the parent company of Qimonda
Richmond LLC. QNA and QR sought Chapter 11 protection (Bankr.
D. Del. Case No. 09-10589) on Feb. 20, 2009. Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Lee E. Kaufman, Esq., at
Richards Layton & Finger PA, in Wilmington Delaware; and Mark
Thompson, Esq., Morris J. Massel, Esq., and Terry Sanders, Esq.,
at Simpson Thacher & Bartlett LLP, in New York City, represent the
Debtors as counsel. Roberta A. DeAngelis, the United States
Trustee for Region 3, appointed seven creditors to serve on an
official committee of unsecured creditors. Jones Day and Ashby &
Geddes represent the Committee. In its bankruptcy petition,
Qimonda Richmond, LLC, estimated more than US$1 billion in assets
and debts. The information, the Debtors said, was based on
Qimonda Richmond's financial records which are maintained on a
consolidated basis with Qimonda North America Corp.
RCLC INC: Posts $12,537 Net Loss in July 2011
---------------------------------------------
On Sept. 6, 2011, RCLC, Inc., and certain of its subsidiaries
filed their unaudited monthly operating reports for July 2011
with the U.S. Bankruptcy Court for the District of New Jersey.
RCLC, Inc., reported a net loss of $12,537 on $50,512 of revenues
for the month of July.
At July 31, 2011, RCLC had $16.64 million in total assets,
$10.68 million in total liabilities, and stockholders' equity of
$5.96 million.
RCLC ended July 2011 with $504,791 in cash. It paid a total of
$59,999.90 in professional fees and expenses in July.
A copy of RCLC's July 2011 monthly operating report is available
at http://is.gd/VAwYsb
RCPC Liquidating Corp. reported a net loss of $46,531 on $0
revenue for July 2011.
At July 31, 2011, RCPC Liquidating had $4.04 million in total
assets, $3.01 million in total liabilities, and stockholders'
equity of $1.03 million.
RCPC Liquidating ended July 2011 with $1.15 million in
unrestricted cash. It paid a total of $58,541.50 in professional
fees and expenses in July.
A copy of RCPC Liquidating Corp.'s July 2011 monthly operating
report is available at http://is.gd/quhHex
RA Liquidating Corp. reported a net loss of $35,438 on $nil
revenue in July.
At July 31, 2011, RA Liquidating had $5.51 million in total
assets, $1.54 million in total liabilities, and stockholders'
equity of $3.97 million.
RA Liquidating ended July 2011 with $1.08 million cash. It paid
a total of $58,559.07 in professional fees and expenses in July.
A copy of RA Liquidating Corp.'s July 2011 monthly operating
report is available at http://is.gd/dMeiGI
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. Wilson Elser
Moskowitz Edelman & Dicker LLP serves as special environmental
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.
SBARRO INC: Ends July 2011 With $24.1 Million Cash
--------------------------------------------------
Sbarro, Inc., et al., reported a net loss of $4.0 million on
$25.4 million of revenues for the filing period July 4, 2011,
through July 31, 2011. Reorganization items of $2.6 million
includes $2.2 million of accrued professional fees directly
related to the restructuring.
At July 31, 2011, the Debtors had $394.5 million in total assets,
$525.3 million in total liabilities, and a stockholders' deficit
of $130.8 million. The Debtors ended the period with
$24.1 million in cash and cash equivalents, compared to
$18.7 million at the beginning of the period.
A copy of the operating report is available at http://is.gd/PY9cD0
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. The Debtor disclosed $51,537,899 in assets and
$460,975,646 in liabilities as of the Chapter 11 filing.
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.
On Aug. 11, 2011, Sbarro, Inc., and its debtor affiliates filed a
Joint Plan of Reorganization and related Disclosure Statement with
the U.S. Bankruptcy Court for the Southern District of New York.
The Plan provides that the Debtors' prepetition first lien lenders
will become the new owners of Sbarro, subject to an overbid and
auction process whereby third parties may ?top? the bid that
serves as the basis for the Plan and take control of the Company.
TOWNSENDS INC: Posts $106,000 Net Loss in July 2011
---------------------------------------------------
TW Liquidation Corp., formerly known as Townsends, Inc., and
subsidiaries reported a consolidated net loss of $106,000 for the
month ended July 31, 2011.
At July 31, 2011, the Debtors had $6.75 million in total assets,
$70.20 million in total liabilities, and stockholders' deficit of
$63.45 million. The Debtors ended the period with $5.26 million
cash, which includes $2.95 million of restricted cash.
A copy of the operating report is available at http://is.gd/tFAp2N
About Townsends Inc.
Founded in 1891, Townsends, Inc., is a third-generation, family-
owned poultry company. Headquartered in Georgetown, Delaware,
Townsends operates production and processing facilities in
Arkansas and North Carolina. Townsends Inc. -- fka Townsend
Specialty Foods -- and several affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 10-14092) on
Dec. 19, 2010. As of Dec. 5, 2010, the Debtors disclosed
$131 million in total assets and $127 million in total debts.
Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, serves
as the Debtors' bankruptcy counsel. McKenna Long & Aldridge LLP
serves as special counsel. Huron Consulting Group's Dalton T.
Edgecomb serves as the Debtors' chief restructuring officer. SSG
Capital Advisors, LLC, serves as investment banker. Donlin,
Recano & Company, Inc., is the Debtors' claims, noticing and
balloting agent.
An Official Committee of Unsecured Creditors has been appointed in
the case. The Committee has tapped Lowenstein Sandler PC as its
counsel and J.H. Cohn LLP as its financial advisor. No trustee or
examiner has been appointed in the Debtors' bankruptcy cases.
The Debtors sold virtually all of their assets in two Asset Sale
transactions which closed on Feb. 25, 2011. The purchasers were
Omtron, Ltd., and Peco Foods, Inc.
TRICO MARINE: Files July 2011 Monthly Operating Reports
-------------------------------------------------------
On Aug. 31, 2011, Trico Marine Services, Inc., and certain of its
subsidiaries, Trico Marine Assets, Inc., Trico Holdco, LLC, Trico
Marine Operators, Inc., Trico Marine Cayman, LP and Trico Marine
International, Inc., filed their unaudited combined monthly
operating report for the period July 1, 2011, through July 31,
2011, with the U.S. Bankruptcy Court for the District of Delaware.
The Debtors' Statements of operations reflected the following
revenue and net income (loss) figures:
Name of Debtor Revenue Income (Loss)
-------------- ------- -------------
Trico Marine Services, Inc. $0 ($22,695)
Trico Marine Assets, Inc. $0 $3,917,081
Trico Marine Operators, Inc. $132,783 ($1,948,647)
Trico Holdco, LLC $0 $0
Trico Marine Cayman, LP $0 $175
Trico Marine International, Inc. $0 ($11,898)
Restructuring costs in July were:
Trico Marine Services, Inc. $0
Trico Marine Assets, Inc. $0
Trico Marine Operators, Inc. $1,256,261
Trico Holdco, LLC $0
Trico Marine Cayman, LP $0
Trico Marine International, Inc. $0
Payments to professionals totaled $2,253,134 during the month.
Payments to insiders totaled $195,076 during the month. Payments
to insiders exclude intercompany transfers between Debtor
entities.
A copy of the operating report is available at http://is.gd/TuyanW
About Trico Marine
Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provided subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection (Bankr. D. Del. Case No.
10-12653) on Aug. 25, 2010. John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
serve as the Debtor's bankruptcy counsel. The Debtor disclosed
US$30,562,681 in assets and US$353,606,467 in liabilities as of
the Petition Date.
Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.
Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer. The financial advisors are Evercore Partners and AP
Services LLC. Epiq Bankruptcy Solutions is the Debtors' claims
and notice agent. Postlethwaite & Netterville serves as the
Debtors' accountant and Ernst & Young LLP serves as tax advisors.
PricewaterhouseCoopers LLC provides the independent accountants
and tax advisors for the Debtors.
Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and were not subject
to the requirements of the U.S. Bankruptcy Code.
The Official Committee of Unsecured Creditors tapped Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang,
Ziehl & Jones LLP, in Wilmington, Delaware, and Andrew K. Glenn,
Esq., David J. Mark, Esq., and Daniel A. Fliman, Esq., at
Kasowitz, Benson, Torres & Friedman LLP, in New York, as counsel.
The Trico Supply Group -- which includes Trico Supply AS, Trico
Shipping AS, DeepOcean AS, CTC Marine Projects Ltd. and other
subsidiaries -- completed an out-of-court restructuring in May
2011. Pursuant to the out-of-court restructuring, $399,500,000 or
99.88%, of Trico Shipping's 11-7/8% Senior Secured Notes due 2014,
the Trico Supply Group's working capital facility debt and
intercompany claims and interests held by Trico Marine entities,
were equitized and the holders received common stock of DeepOcean
Group Holding AS, a new Norwegian private limited company.
DeepOcean Holding and its subsidiaries, including Trico Supply,
Trico Shipping, DeepOcean, CTC and other subsidiaries, were spun
off Trico Marine.
As reported in the TCR on Aug. 8, 2011, the U.S. Bankruptcy Court
for the District of Delaware confirmed Trico Marine Services
Inc.'s Chapter 11 plan of liquidation, clearing the defunct marine
oil services company to distribute about $37 million to creditors.
On Aug. 11, 2011, the Plan became effective pursuant to the terms
thereof and, from and after the Effective Date, the terms of the
Plan began to govern the wind down and liquidation of the Plan
Debtors' estates and distributions of the Plan Debtors' assets to
their creditors.
*********
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
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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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