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/raid1/www/Hosts/bankrupt/TCR_Public/111008.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, October 8, 2011, Vol. 15, No. 279 Headlines 4KIDS ENTERTAINMENT: Ends August 2011 With $757,078 Cash 4KIDS ENTERTAINMENT: 4Kids Ad Sales Ends August With $730,476 Cash 4KIDS ENTERTAINMENT: 4Kids Productions Ends Aug. W/ $147,166 Cash 4KIDS ENTERTAINMENT: 4Sight Licensing Ends Aug. With $122,138 Cash 4KIDS ENTERTAINMENT: Licensing Ends August 2011 With $1.7MM Cash 4KIDS ENTERTAINMENT: Music Files July & Aug 2011 Operating Reports BLACK CROW: Reports Pre-Tax Earnings of $58,362 in July 2011 BORDERS GROUP: Has Cash Receipts of $331-Mil. in August DALLAS STARS: Files Initial Monthly Operating Report GREAT ATLANTIC: Has $293.3 Million Cash as of August 13 INNKEEPERS USA: Reports $10.6 Million Net Income in August 2011 LEHMAN BROTHERS: Has $25.5-Bil. in Cash at Aug. 31 LOS ANGELES DODGERS: LA Holdco Posts $1.6MM Net Loss in August MAGIC BRANDS: Posts $889,724 Net Loss in Period Ended June 30 MERIT GROUP: Ends August 2011 With $5.6 Million Cash in Bank MSR RESORT: Posts $14.3 Million Net Loss in August 2011 NEBRASKA BOOK: Posts Net Loss of $6.2MM in 5 Months Ended Aug. 31 OTERO COUNTY: Posts $137,096 Net Loss From Aug. 16 to Aug. 31 PALM HARBOR: Reports $2.4 Million Net Income in July 2011 PFF BANCORP: Posts $35,864 Net Loss in August 2011 POINT BLANK: Turns Profit Thanks to 'Other Income' SEAHAWK DRILLING: Ends August 2011 With $9.3 Million Cash TRIBUNE CO: Reports $9,568,000 Profit in August VITRO SAB: Vitro America Ends August 2011 With $9.4 Million Cash WASHINGTON MUTUAL: Ends August 2011 With $4.49 Billion Cash ********* 4KIDS ENTERTAINMENT: Ends August 2011 With $757,078 Cash -------------------------------------------------------- 4Kids Entertainment, Inc., filed its monthly operating report for August 2011 on Sept. 14, 2011, and its monthly operating report for July 2011 on Aug. 15, 2011. 4Kids Entertainment, Inc., ended August 2011 with $757,078 cash: Cash, Beginning $962,628 Receipts $1,302,487 Disbursements $1,508,037 Net Cash Flow ($205,550) Cash, End $757,078 A copy of the August 2011 operating report is available for free at http://bankrupt.com/misc/4kidsentertainment.august2011mor.pdf 4Kids Entertainment, Inc., ended July 2011 with $962,628 cash: Cash, Beginning $2,079,076 Receipts $188,126 Disbursements $1,304,574 Net Cash Flow ($1,116,448) Cash, End $962,628 A copy of the July monthly operating report is available for free at http://bankrupt.com/misc/4kidsentertainment.july2011mor.pdf About 4Kids Entertainment New York-based 4Kids Entertainment, Inc., dba 4Kids, is an entertainment and media company specializing in the youth oriented market, with operations in these business segments: (i) licensing, (ii) advertising and media broadcast, and (iii) television and film production/distribution. The parent entity, 4Kids Entertainment, was organized as a New York corporation in 1970. The principal driver for filing the Chapter 11 cases is the need to protect 4Kids' most valuable asset -- its rights under an exclusive license relating to the popular Yu-Gi- Oh! ("YGO") series of animated television programs -- from efforts by the licensor, a consortium of Japanese companies, to allegedly wrongfully terminate the license and force 4Kids out of business. 4Kids Entertainment, along with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-11607) on April 6, 2011. Kaye Scholer LLP is the Debtors' restructuring counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' claims and notice agent. BDO Capital Advisors, LLC, is the financial advisor and investment banker. EisnerAmper LLP fka Eisner LLP serves as auditor and tax advisor. 4Kids Entertainment, Inc., disclosed $78,397,971 in assets and $86,515,395 in liabilities as of the Chapter 11 filing. On July 8, 2011, Tracy Hope Davis, the U.S. Trustee for Region 2, appointed three members to the official committee of unsecured creditors in the Chapter 11 cases. Hahn & Hessen LLP serves as counsel to the Committee. 4KIDS ENTERTAINMENT: 4Kids Ad Sales Ends August With $730,476 Cash ------------------------------------------------------------------ 4Kids Ad Sales, Inc., filed its monthly operating reports for August 2011 on Sept. 14, 2011, and its monthly operating report for July 2011 on Aug. 15, 2011. 4Kids Ad Sales, Inc., ended August 2011 with $730,476 cash: Cash, Beginning $146,561 Receipts $780,660 Disbursements $196,745 Net Cash Flow $583,915 Cash, End $730,476 A copy of the August 2011 operating report is available for free at http://bankrupt.com/misc/4kidsadsales.august2011mor.pdf 4Kids Ad Sales, Inc., ended July 2011 with $146,561 cash: Cash, Beginning $171,836 Receipts $122,451 Disbursements $147,726 Net Cash Flow ($25,275) Cash, End $146,561 A copy of the July 2011 monthly operating report is available for free at http://bankrupt.com/misc/4kidsadsales.july2011mor.pdf About 4Kids Entertainment New York-based 4Kids Entertainment, Inc., dba 4Kids, is an entertainment and media company specializing in the youth oriented market, with operations in these business segments: (i) licensing, (ii) advertising and media broadcast, and (iii) television and film production/distribution. The parent entity, 4Kids Entertainment, was organized as a New York corporation in 1970. The principal driver for filing the Chapter 11 cases is the need to protect 4Kids' most valuable asset -- its rights under an exclusive license relating to the popular Yu-Gi- Oh! ("YGO") series of animated television programs -- from efforts by the licensor, a consortium of Japanese companies, to allegedly wrongfully terminate the license and force 4Kids out of business. 4Kids Entertainment, along with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-11607) on April 6, 2011. Kaye Scholer LLP is the Debtors' restructuring counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' claims and notice agent. BDO Capital Advisors, LLC, is the financial advisor and investment banker. EisnerAmper LLP fka Eisner LLP serves as auditor and tax advisor. 4Kids Entertainment, Inc., disclosed $78,397,971 in assets and $86,515,395 in liabilities as of the Chapter 11 filing. On July 8, 2011, Tracy Hope Davis, the U.S. Trustee for Region 2, appointed three members to the official committee of unsecured creditors in the Chapter 11 cases. Hahn & Hessen LLP serves as counsel to the Committee. 4KIDS ENTERTAINMENT: 4Kids Productions Ends Aug. W/ $147,166 Cash ----------------------------------------------------------------- 4Kids Productions, Inc., filed its monthly operating report for August 2011 on Sept. 14, 2011, and its monthly operating report for July 2011 on Aug. 15, 2011. 4Kids Productions, Inc., ended August 2011 with $147,166 cash: Cash, Beginning $301,268 Receipts $203,177 Disbursements $357,279 Net Cash Flow ($154,102) Cash, End $147,166 A copy of the August 2011 operating report is available for free at http://bankrupt.com/misc/4kidsproductions.august2011mor.pdf 4Kids Productions, Inc., ended July 2011 with $301,268 cash: Cash, Beginning $295,761 Receipts $199,211 Disbursements $193,704 Net Cash Flow $5,507 Cash, End $301,268 A copy of the July 2011 operating report is available for free at http://bankrupt.com/misc/4kidsproductions.july2011mor.pdf About 4Kids Entertainment New York-based 4Kids Entertainment, Inc., dba 4Kids, is an entertainment and media company specializing in the youth oriented market, with operations in these business segments: (i) licensing, (ii) advertising and media broadcast, and (iii) television and film production/distribution. The parent entity, 4Kids Entertainment, was organized as a New York corporation in 1970. The principal driver for filing the Chapter 11 cases is the need to protect 4Kids' most valuable asset -- its rights under an exclusive license relating to the popular Yu-Gi- Oh! ("YGO") series of animated television programs -- from efforts by the licensor, a consortium of Japanese companies, to allegedly wrongfully terminate the license and force 4Kids out of business. 4Kids Entertainment, along with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-11607) on April 6, 2011. Kaye Scholer LLP is the Debtors' restructuring counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' claims and notice agent. BDO Capital Advisors, LLC, is the financial advisor and investment banker. EisnerAmper LLP fka Eisner LLP serves as auditor and tax advisor. 4Kids Entertainment, Inc., disclosed $78,397,971 in assets and $86,515,395 in liabilities as of the Chapter 11 filing. On July 8, 2011, Tracy Hope Davis, the U.S. Trustee for Region 2, appointed three members to the official committee of unsecured creditors in the Chapter 11 cases. Hahn & Hessen LLP serves as counsel to the Committee. 4KIDS ENTERTAINMENT: 4Sight Licensing Ends Aug. With $122,138 Cash ------------------------------------------------------------------ 4Sight Licensing Solutions, Inc., filed its monthly operating reports for August 2011 on Sept. 14, 2011, and its monthly operating report for July 2011 on Aug. 15, 2011. 4Sight Licensing Solutions, Inc., ended August 2011 with $122,138 cash: Cash, Beginning $113,504 Receipts $57,237 Disbursements $48,603 Net Cash Flow $8,634 Cash, End $122,138 A copy of the August 2011 operating report is available for free at http://bankrupt.com/misc/4sightlicensing.august2011mor.pdf 4Sight Licensing Solutions, Inc., ended July 2011 with $113,504 cash: Cash, Beginning $94,726 Receipts $118,504 Disbursements $99,726 Net Cash Flow $18,778 Cash, End $113,504 A copy of the July 2011 monthly operating report is available for free at http://bankrupt.com/misc/4sightlicensing.july2011mor.pdf About 4Kids Entertainment New York-based 4Kids Entertainment, Inc., dba 4Kids, is an entertainment and media company specializing in the youth oriented market, with operations in these business segments: (i) licensing, (ii) advertising and media broadcast, and (iii) television and film production/distribution. The parent entity, 4Kids Entertainment, was organized as a New York corporation in 1970. The principal driver for filing the Chapter 11 cases is the need to protect 4Kids' most valuable asset -- its rights under an exclusive license relating to the popular Yu-Gi- Oh! ("YGO") series of animated television programs -- from efforts by the licensor, a consortium of Japanese companies, to allegedly wrongfully terminate the license and force 4Kids out of business. 4Kids Entertainment, along with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-11607) on April 6, 2011. Kaye Scholer LLP is the Debtors' restructuring counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' claims and notice agent. BDO Capital Advisors, LLC, is the financial advisor and investment banker. EisnerAmper LLP fka Eisner LLP serves as auditor and tax advisor. 4Kids Entertainment, Inc., disclosed $78,397,971 in assets and $86,515,395 in liabilities as of the Chapter 11 filing. On July 8, 2011, Tracy Hope Davis, the U.S. Trustee for Region 2, appointed three members to the official committee of unsecured creditors in the Chapter 11 cases. Hahn & Hessen LLP serves as counsel to the Committee. 4KIDS ENTERTAINMENT: Licensing Ends August 2011 With $1.7MM Cash ---------------------------------------------------------------- 4Kids Entertainment Licensing, Inc., filed its monthly operating report for August 2011 on Sept. 14, 2011, and its monthly operating report for July 2011 on Aug. 15, 2011. 4Kids Entertainment Licensing ended August 2011 with $1,681,590 cash: Cash, Beginning $2,348,501 Receipts $1,603,252 Disbursements $2,270,163 Net Cash Flow ($666,911) Cash, End $1,681,590 A copy of the August 2011 monthly operating report is available for free at: http://bankrupt.com/misc/4kidsentlicensing.aug2011mor.pdf 4Kids Entertainment Licensing ended July 2011 with $2,348,501 cash: Cash, Beginning $2,568,522 Receipts $464,402 Disbursements $684,423 Net Cash Flow $220,021 Cash, End $2,348,501 A copy of the July 2011 monthly operating report is available for free at http://bankrupt.com/misc/4kidsentlicensing.july2011mor.pdf About 4Kids Entertainment New York-based 4Kids Entertainment, Inc., dba 4Kids, is an entertainment and media company specializing in the youth oriented market, with operations in these business segments: (i) licensing, (ii) advertising and media broadcast, and (iii) television and film production/distribution. The parent entity, 4Kids Entertainment, was organized as a New York corporation in 1970. The principal driver for filing the Chapter 11 cases is the need to protect 4Kids' most valuable asset -- its rights under an exclusive license relating to the popular Yu-Gi- Oh! ("YGO") series of animated television programs -- from efforts by the licensor, a consortium of Japanese companies, to allegedly wrongfully terminate the license and force 4Kids out of business. 4Kids Entertainment, along with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-11607) on April 6, 2011. Kaye Scholer LLP is the Debtors' restructuring counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' claims and notice agent. BDO Capital Advisors, LLC, is the financial advisor and investment banker. EisnerAmper LLP fka Eisner LLP serves as auditor and tax advisor. 4Kids Entertainment, Inc., disclosed $78,397,971 in assets and $86,515,395 in liabilities as of the Chapter 11 filing. On July 8, 2011, Tracy Hope Davis, the U.S. Trustee for Region 2, appointed three members to the official committee of unsecured creditors in the Chapter 11 cases. Hahn & Hessen LLP serves as counsel to the Committee. 4KIDS ENTERTAINMENT: Music Files July & Aug 2011 Operating Reports ------------------------------------------------------------------ 4Kids Entertainment Music, Inc., filed its monthly operating report for August 2011 on Sept. 14, 2011, and its monthly operating report for July 2011 on Aug. 15, 2011. 4Kids Entertainment Music, Inc., ended August 2011 with $0 cash: Cash, Beginning $0 Receipts $0 Disbursements $0 Net Cash Flow $0 Cash, End $0 A copy of the August 2011 operating report is available for free at http://bankrupt.com/misc/4kidsentmusic.august2011mor.pdf 4Kids Entertainment Music, Inc., ended July 2011 with $0 Cash: cash: Cash, Beginning $191,533 Receipts $0 Disbursements $191,533 Net Cash Flow ($191,533) Cash, End $0 A copy of the July 2011 monthly operating report is available for free at: http://bankrupt.com/misc/4kidsentertainmentmusic.july2011mor.pdf About 4Kids Entertainment New York-based 4Kids Entertainment, Inc., dba 4Kids, is an entertainment and media company specializing in the youth oriented market, with operations in these business segments: (i) licensing, (ii) advertising and media broadcast, and (iii) television and film production/distribution. The parent entity, 4Kids Entertainment, was organized as a New York corporation in 1970. The principal driver for filing the Chapter 11 cases is the need to protect 4Kids' most valuable asset -- its rights under an exclusive license relating to the popular Yu-Gi- Oh! ("YGO") series of animated television programs -- from efforts by the licensor, a consortium of Japanese companies, to allegedly wrongfully terminate the license and force 4Kids out of business. 4Kids Entertainment, along with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-11607) on April 6, 2011. Kaye Scholer LLP is the Debtors' restructuring counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' claims and notice agent. BDO Capital Advisors, LLC, is the financial advisor and investment banker. EisnerAmper LLP fka Eisner LLP serves as auditor and tax advisor. 4Kids Entertainment, Inc., disclosed $78,397,971 in assets and $86,515,395 in liabilities as of the Chapter 11 filing. On July 8, 2011, Tracy Hope Davis, the U.S. Trustee for Region 2, appointed three members to the official committee of unsecured creditors in the Chapter 11 cases. Hahn & Hessen LLP serves as counsel to the Committee. BLACK CROW: Reports Pre-Tax Earnings of $58,362 in July 2011 ------------------------------------------------------------ Black Crow Media Group, LLC, et al., filed on Aug. 22, 2011, their monthly operating report for the month ended July 31, 2011. Black Crow Media Group LLC, et al., reported pretax earnings of $58,362 on $1.1 million of revenues for July. Reorganization expenses in the month totaled $107,000. At July 31, 2011, the Debtors had $37.8 million in total assets, $47.5 million in total liabilities, and a stockholders' deficit of $9.7 million. A copy of the July 2011 operating report is available for free at: http://bankrupt.com/misc/blackcrow.july2011mor.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. Black Crow disclosed $14,661,198 in assets and $48,830,319 in liabilities as of the Chapter 11 filing. BORDERS GROUP: Has Cash Receipts of $331-Mil. in August ------------------------------------------------------- Borders Group, Inc. Balance Sheet As of August 27, 2011 ASSETS Current assets: Cash and cash equivalents $89,700,000 Merchandise inventories 84,900,000 Accounts receivable and other current assets 79,600,000 Property and equipment, held for sale 10,100,000 ---------------- Total assets in liquidation 264,300,000 ---------------- TOTAL ASSETS $264,300,000 ================ LIABILITIES Current liabilities: Trade accounts payable $500,000 Accrued payroll and other liabilities 209,900,000 Taxes, including income taxes 24,200,000 Liabilities subject to compromise 800,400,000 ---------------- Total liabilities in liquidation 1,035,000,000 ---------------- NET ASSETS (LIABILITIES) IN LIQUIDATION ($770,700,000) ================ Borders Group, Inc. Statement of Operations For the Period July 31, 2011 to August 27, 2011 Sales $13,700,000 Other revenue 126,800,000 ---------------- Total revenue 140,500,000 Cost of merchandise sold (includes occupancy) 130,100,000 ---------------- Gross margin 10,400,000 Selling, general and administrative expenses 11,700,000 Asset impairments and other writedowns - ---------------- Operating income (loss) (1,300,000) Interest expense (income) 300,000 Loss on extinguishment of debt - ---------------- Total interest expense 300,000 Income (loss) before reorganization items and income taxes (1,600,000) Reorganization items, net 64,300,000 ---------------- Income (loss) before income taxes (65,900,000) Income tax provision (benefit) - ---------------- NET INCOME (LOSS) ($65,900,000) ================ Borders Group, Inc. Schedule of Cash Receipts and Disbursements For the period July 31, 2011 to August 27, 2011 Cash Receipts Combined Debtors $331,097,000 ---------------- Total Cash Receipts $331,097,000 ================ Cash Disbursements: Borders Group, Inc. ($4,479,000) Borders, Inc. (327,637,000) Borders International Services, Inc. - Borders Direct, LLC - Borders Properties, Inc. (16,000) Borders Online, Inc. - Borders Online, LLC - BGP (UK) Limited - ---------------- Total Cash Disbursements ($332,132,000) ================ Borders also made payments, totaling $1,688,744, for its DIP Loans and Leases for the period July 31, 2011, to August 27, 2011. A full-text copy of the Monthly Operating Report is available for free at http://bankrupt.com/misc/Borders_Aug2011MOR.pdf About Borders Group Borders Group operated book, music and movie superstores and mall based bookstores under the Borders, Waldenbooks, Borders Express and Borders Outlet names, as well as Borders-branded airport stores in the United States. At Jan. 29, 2011, the Company operated 639 stores in the United States and 3 in Puerto Rico. The Company also operated a proprietary e-commerce Web site -- http://www.Borders.com/-- launched in May 2008, which included both in-store and online e-commerce components. As of Feb. 11, 2011, Borders employed a total of 6,100 full-time employees, 11,400 part-time employees, and roughly 600 contingent employees. Borders Group Inc. and its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in Manhattan on Feb. 16, 2011. David M. Friedman, Esq., David S. Rosner, Esq., Andrew K. Glenn, Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres & Friedman LLP, in New York, serve as counsel to the Debtors. Jefferies & Company's Inc. is the financial advisor. DJM Property Management is the lease and real estate services provider. AP Services LLC is the interim management and restructuring services provider. The Garden City Group, Inc., is the claims and notice agent. Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein LLP, serve as counsel to the DIP Agents. Lowenstein Sandler represents the official unsecured creditors committee for Borders Group. Bruce S. Nathan and Bruce Buechler, members of Lowenstein Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights Group, are leading the team. The Debtor disclosed $1.28 billion in assets and $1.29 billion in liabilities as of Dec. 25, 2010 Borders is completing going-out-of-business sales that began at all of its remaining locations in July. The creditors' committee said before the liquidation began that Borders expected to generate $252 million to $284 million in cash from the sales. Borders is selling store leases separately. Borders selected proposals by Hilco and Gordon Brothers to conduct going out of business sales for all stores after no going concern offers of higher value were submitted by the deadline. Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding undertaken by Borders Group Inc., the United States' second largest bookstore chain. (http://bankrupt.com/newsstand/or 215/945-7000) DALLAS STARS: Files Initial Monthly Operating Report ---------------------------------------------------- Dallas Stars, L.P., filed on Sept. 30, 2011, an initial monthly operating report with the U.S. Bankruptcy Court for the District of Delaware. The Debtor submitted, among others, a daily cash forecast for the period Sept. 22, 2011, through Dec. 30, 2011, reflecting beginning cash of $10,999,842 and ending cash of ($3,614,523). A copy of the initial monthly operating report is available for free at http://bankrupt.com/misc/dallasstars.initialmor.pdf About Dallas Stars Frisco, Texas-based Dallas Stars, L.P. -- http://stars.nhl.com/-- operates as a professional men's ice hockey team. The company was formerly known as Minnesota North Stars and changed its name to Dallas Stars, L.P. in 1993. Dallas Stars and three affiliates filed for Chapter 11 bankruptcy (Bankr. D. Del. Case Nos. 11-12935 to 11-12938) on Sept. 15, 2011. The affiliates are Dallas Arena LLC, Dallas Stars U.S. Holdings Corporation, and StarCenters LLC. Judge Peter J. Walsh presides over the cases. Martin A. Sosland, Esq., and Ronit J. Berkovich, Esq., at Weil, Gotshal & Manges LLP, serve as bankruptcy counsel to the Debtors. John H. Knight, Esq., at Richards Layton & Finger, P.A., serves as the Debtors' Delaware counsel. The Garden City Group, Inc., as their notice, claims, and solicitation agent. Dallas Stars estimated $100 million to $500 million in assets and debts in its petition. The petitions were signed by Robert L. Hutson, chief financial officer. The team is owned by Dallas businessman Thomas O. Hicks' HSG Sports Group. Mr. Hicks was the former owner of the Texas Rangers. The Texas Rangers were sold in a bankruptcy court- supervised auction to a group led by Hall of Fame pitcher Nolan Ryan for $593 million. The Stars are the second NHL team to file for bankruptcy since 2009, after the Phoenix Coyotes. Counsel to JP Morgan Chase Bank, N.A., as Prepetition First Lien Agent, is Mitchell A. Seider, Esq., and Joseph Fabiani, Esq., at Latham & Watkins LLP. Its Delaware counsel is Michael R. Lastowski, Esq., at Duane Morris LLP. First lien lender Monarch Alternative Capital LLC is represented by Andrew M. Leblanc, Esq., at Milbank Tweed Hadley and McCloy LLP. Counsel to the NHL are Thomas W. Gowan, Esq., and J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP. Counsel to GSP Finance LLC, as successor in interest to Barclays Bank PLC, as Prepetition Second Lien Agent, is Jason Young, Esq., at Clifford Chance US LLP. GREAT ATLANTIC: Has $293.3 Million Cash as of August 13 ------------------------------------------------------- On Sept. 28, 2011, The Great Atlantic & Pacific Tea Company, Inc., and its U.S. subsidiaries filed their monthly operating report for the period from July 17, 2011, to Aug. 13, 2011, with the U.S. Bankruptcy Court for the Southern District of New York. The Debtors reported a net loss of $34.4 million on $529.0 million of sales for the four weeks ended Aug. 13, 2011. At Aug. 13, 2011, the Debtors' consolidated balance sheet showed $2.339 billion in total assets, $3.530 billion in total liabilities, $146.3 million in Series A redeemable preferred stock, and a stockholders' deficit of $1.337 billion. The Debtors ended the period with $293.3 million in cash and cash equivalents compared to $332.6 billion at the beginning of the period. A copy of the operating report is available at http://is.gd/1EUtlW About Great Atlantic & Pacific Founded in 1859, Montvale, New Jersey-based Great Atlantic & Pacific is a supermarket retailer, operating under a variety of well-known trade names, or "banners" across the mid-Atlantic and Northeastern United States. Before filing for bankruptcy in 2010, A&P operated 429 stores in 8 states and the District of Columbia under the following trade names: A&P, Waldbaum's, Pathmark, Pathmark Sav-a-Center, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh and Food Basics. A&P had 41,000 employees prior to the bankruptcy filing. 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. A&P obtained court approval for a new contract with C&S Wholesale Grocers Inc., its principal supplier. The contract is designed to save A&P $50 million a year when the supermarket operator emerges from Chapter 11 reorganization. A&P sold postpetition 12 Super-Fresh stores in the Baltimore- Washington area for $37.83 million, plus the value of inventory. Thirteen other locations didn't attract buyers at auction and were closed mid-July 2011. INNKEEPERS USA: Reports $10.6 Million Net Income in August 2011 --------------------------------------------------------------- Innkeepers USA Trust reported operating income of $3.8 million on $24 million of revenue for the month ended Aug. 31, 2011. Net income for the month was $10.6 million. Reorganization items included net charges of approximately $2.6 million in August 2011, which consisted primarily of professional fees associated with the Chapter 11 Cases. Interest expenses totaled $358,414 in the month. Amortization of loan origination fees was $208,722. At Aug. 31, 2011, the Debtor had $1.063 billion in total assets, $1.262 billion in total liabilities, distributions payable $52.8 million and a stockholders' deficit of $251.5 million. A copy of the August 2011 operating report is available for free at http://bankrupt.com/misc/innkeepersusa.august2011mor.pdf Innkeepers USA Trust reported operating income of $3.3 million on $26.7 million of revenue for the month ended July 31, 2011. Net income for the month was $16.6 million. Reorganization items included net charges of approximately $9.6 million in July 2011, which consisted primarily of professional fees and closing costs of emerging properties associated with the Chapter 11 Cases. Interest expenses totaled $10.8 million in the month. Amortization of loan origination fees was $1.5 million. At July 31, 2011, the Debtor had $1.095 billion in total assets, $1.304 billion in total liabilities, distributions payable $52.8 million and a stockholders' deficit of $262.1 million. A copy of the July 2011 monthly operating report is available for free at http://bankrupt.com/misc/innkeepersusa.july2011mor.pdf About Innkeepers USA Trust Innkeepers USA Trust is a self-administered real estate investment trust organized under the laws of Maryland and the direct subsidiary of debtor Grand Prix Holdings LLC and the direct or indirect parent of each of the other debtors and debtors in possession. The Debtors currently own and operate an expansive portfolio of 64 upscale and mid-priced extended-stay and select- service hotels, consisting of approximately 8,300 rooms, located in 19 states across the United States. The Debtors operate their hotels under premium, well-recognized brands, such as Marriott, Hyatt, Hilton, and others. Innkeepers USA Trust and 91 affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 10-13800) on July 19, 2010. The Company's consolidated assets for 2009 totaled approximately $1.5 billion. As of July 19, 2010, the Company and its affiliates have incurred $1.29 billion of secured debt. Paul M. Basta, Esq., at Kirkland & Ellis LLP, in New York; Anup Sathy, P.C., Esq., Marc J. Carmel, Esq., at Kirkland & Ellis in Chicago; and Daniel T. Donovan, Esq., at Kirkland & Ellis in Washington, D.C., serve as counsel to the Debtors. AlixPartners is the restructuring advisor and Marc A. Beilinson is the chief restructuring officer. Moelis & Company is the financial advisor. Omni Management Group, LLC, is the claims and notice agent. Attorneys at Morrison & Foerster, LLP, represent the Official Committee of Unsecured Creditors. On May 19, 2011, the Bankruptcy Court entered an order approving, among other things, the Debtors' disclosure statement and certain solicitation procedures. On June 29, 2011, the Bankruptcy Court entered an order confirming the Debtors' proposed plans of reorganization. On July 7, 2011, the Debtors under the Ontario Joint Plan of Reorganization emerged from their court-supervised restructuring, and the Ontario Plan became effective. On July 15, 2011, pursuant to the terms of the Remaining Debtor Joint Plan of Reorganization, and subject to the Agreement of Purchase and Sale, dated as of May 3, 2011, between certain of the Debtors and Chatham Lodging, L.P., the Debtors finalized the sale to Chatham of the Residence Inn in Garden Grove, California, the Residence Inn in San Diego, California, the Doubletree in Washington, District of Columbia, the Residence Inn in Tyson's Corner, Virginia, and the Homewood Suites in San Antonio, Texas (collectively, the "Remaining Debtor Properties"). The Debtors and Chatham evenly split the revenue attributable to the Remaining Debtor Properties generated on July 13, 2011, and Chatham began receiving all revenue generated at the Remaining Debtor Properties on July 14, 2011. Also on July 15, 2011, certain (but not all) of the Debtors under the Remaining Debtor Plan (the "Effective Date Remaining Debtors") emerged from their court-supervised restructuring, and the Remaining Debtor Plan with respect to the Effective Date Remaining Debtors became effective. On July 28, 2011, the Debtors under the Anaheim Joint Plan of Reorganization emerged from their court-supervised restructuring, and the Anaheim Plan became effective. The closing transaction entries for the Anaheim Plan are currently under review and will be reflected in next month's consolidated financial statement. On Aug. 19, 2011, Cerberus Series Four Holdings, LLC, INK Acquisition LLC, INK Acquisition II LLC, and Chatham Lodging Trust sent the Debtors a notice purporting to terminate their commitments with respect to the $1.12 billion transaction that forms the basis of the Fixed/Floating Joint Plan of Reorganization. The ultimate recovery by the Debtors' creditors and shareholders on account of prepetition claims and interests, if any, will not be determined until implementation of the Plan. LEHMAN BROTHERS: Has $25.5-Bil. in Cash at Aug. 31 -------------------------------------------------- Lehman Brothers Holdings Inc. disclosed these cash receipts and disbursements of the company, its affiliated debtors and controlled entities for the month ended August 31, 2011: Beginning Total Cash & Investments (08/01/11) $25,158,000,000 Total Sources of Cash 1,063,000,000 Total Uses of Cash (723,000,000) FX Fluctuation (4,000,000) --------------- Ending Total Cash & Investments (08/31/11) $25,494,000,000 LBHI reported $4.054 billion in cash and investments as of August 1, 2011, and $4.106 billion as of August 31, 2011. The monthly operating report also showed that a total of $34,561,000 was paid last month to the U.S Trustee and professionals that were retained in the Debtors' Chapter 11 cases. From Sept. 15, 2008 to Aug. 31, 2011, a total of $1,407,452,000 was paid to the U.S. Trustee and professionals, of which $469,678,000 was paid to the Debtors' turnaround manager Alvarez & Marsal LLC while $334,773,000 was paid to their bankruptcy counsel, Weil Gotshal & Manges LLP. A full-text copy of the August 2011 Operating Report is available for free at http://bankrupt.com/misc/LehmanMORAugust3111.pdf About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Additional units, Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC, sought for bankruptcy protection in December 2009 or more than a year after LBHI and its other affiliates filed their bankruptcy cases. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court has approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on Sept. 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on Sept. 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Judge James Peck on Aug. 30, 2011, approved the disclosure statement, which outlines the major provisions of Lehman's $65 billion liquidation plan. The proposed plan would enable LBHI and its affiliated debtors to pay an estimated $65 billion to their creditors. Voting on the Plan ends on Nov. 4, 2011. A hearing to consider confirmation of the Plan is set for Dec. 6, 2011. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) LOS ANGELES DODGERS: LA Holdco Posts $1.6MM Net Loss in August -------------------------------------------------------------- LA Holdco LLC reported a net loss of $1.6 million on $34.7 million of revenues for the month of August 2011. LA Holdco LLC's consolidated balance sheet at Aug. 31, 2011, showed $363.0 million in total assets, $634.0 million in total liabilities, and a members' deficit of $271.0 million. Los Angeles Dodgers LLC reported net income of $3.6 million on $37.8 million of revenues for the month ended Aug. 31, 2011. As of Aug. 31, 2011, Los Angeles Dodgers LLC had $173.6 million in total assets, $244.9 million in total liabilities, and a members' deficit of $71.3 million. LA Real Estate LLC reported a net loss of $5.2 million on $12.4 million of revenues for the entire month of August 2011. The report includes activity of Dodger Tickets LLC, a non-Debtor. As of Aug. 31, 2011, LA Real Estate LLC had total assets of $228.3 million, total liabilities of $428.0 million, and a members' deficit of $199.7 million. Debtors Los Angeles Dodgers Holding Company LLC and LA Real Estate Holding Company LLC are holding companies and do not prepare financial statements. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/ladodgers.august2011mor.pdf About the Los Angeles Dodgers Los Angeles Dodgers LLC operates the Los Angeles Dodgers, a professional Major League Baseball club in the Los Angeles metropolitan area. Frank McCourt, a Boston real-estate developer who unsuccessfully bid for the Boston Red Sox, bought the Dodgers from Rupert Murdoch's Fox Entertainment Group, Inc. in 2004 for $330 million. Mr. McCourt also bought the Dodgers Stadium from Fox for $100 million. Los Angeles Dodgers LLC filed for bankruptcy protection (Bankr. D. Del. Lead Case No. 11-12010) on June 27, 2011, after MLB Commissioner Bud Selig rejected a television deal with News Corp.'s Fox Sports, leaving Mr. McCourt unable to make payroll for June 30 and July 1. Fox Sports has exclusive cable television rights for Dodgers games until the end of 2013 baseball season. Chapter 11 filings were also made for LA Real Estate LLC, an affiliated entity which owns Dodger Stadium, and three other related holding companies. The petition estimates assets of up to $500 million and debts of up to $1 billion. In its schedules, the LA Dodgers baseball club listed $77,963,734 in assets and $4,695,702 in liabilities. LA Real Estate LLC listed $161,761,883 in assets and $0 in liabilities. According to Forbes, the team is worth about $800 million, making it the third most valuable baseball team after the New York Yankees and the Boston Red Sox. Judge Kevin Gross presides over the case. Lawyers at Young, Conaway, Stargatt & Taylor and Dewey & LeBoeuf LLP serve as the Debtors' bankruptcy counsel. Epiq Bankruptcy Solutions LLC is the claims and notice agent. Public relations specialist Kekst and Company has been hired for crisis support. Covington & Burling LLP serves as special counsel. An official committee of unsecured creditors has been appointed in the case. The panel has tapped Lazard Freres & Co. as financial adviser and investment banker, and Morrison & Foerster LLP and Pinckney, Harris & Weidinger, LLC as counsel. Ticket holders are seeking the appointment of their own committee. The LA Dodgers is the 12th sports team in North America to have sought bankruptcy protection, according to The Wall Street Journal. The reorganization is being financed with a $150 million unsecured loan from the Commissioner of Major League Baseball. The loan gives the Commissioner few of the controls lenders often demanded from bankrupt companies. MAGIC BRANDS: Posts $889,724 Net Loss in Period Ended June 30 ------------------------------------------------------------- Deel, LLC, et al., formerly Magic Brands, LLC, filed on Sept. 28, 2011, 2011, their monthly operating reports for the reporting period from May 23, 2011, through June 30, 2011. The Debtor reported a net loss of $889,724 for the period. At June 30, 2011, the Debtors had $18.9 million in total assets, $16.6 million in total liabilities, all current, and members' equity of $2.3 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/deelllc.june30mor.pdf About Magic Brands Headquartered in Austin, Texas, Magic Brands, LLC -- http://www.fuddruckers.com/-- operated 62 Fuddruckers locations in 11 states and 3 Koo Koo Roo restaurants in California. Magic Brands and its operating units filed for Chapter 11 protection on April 21, 2010 (Bankr. D. Del. Lead Case No. 10-11310). It estimated assets of up to $10 million and debts at $10 million to $50 million in its Chapter 11 petition. Affiliate Fuddruckers, Inc., also filed, estimating assets and debts at $50 million to $100 million. FocalPoint Securities, LLC, serves as investment banker to Magic Brands, and Goulston & Storrs serves as lead bankruptcy counsel. Kurtzman Carson Consultants, LLC, is the claims and notice agent. The Official Committee of Unsecured Creditors has tapped Kelley Drye & Warren LLP as counsel and Klehr Harrison Harvey Branzburg LLP as co-counsel. Magic Brands in July 2010 closed the sale of the Fuddruckers stores and franchise business to restaurant operator Luby's Inc. for $63.5 million. Magic Brands changed its name to Deel LLC following the Luby's sale. As reported in the TCR on June 22, 2011, the former owner of the Fuddruckers restaurant chain was given approval of its liquidating Chapter 11 plan when the bankruptcy judge in Delaware signed a confirmation order last week. Restaurant operator Luby's Inc. bought the Fuddruckers restaurant chain in July for $63 million. The Fuddruckers chain then changed its name from Magic Brands LLC to Deel LLC and filed a liquidating Chapter 11 plan in January. MERIT GROUP: Ends August 2011 With $5.6 Million Cash in Bank ------------------------------------------------------------ TMG Liquidation Company, et al. (f/k/a The Merit Group, Inc., et al.) filed with the U.S. Bankruptcy Court for the District of Southern Carolina on Sept. 23, 2011, their monthly operating report for the period Aug. 1, 2011, through Aug. 31, 2011. The Debtors ended the period with $5,622,188.08 cash: Beginning Balance $4,865,691.32 Receipts $6,653,841,49 Disbursements $5,897,344.73 Change in Cash $756,496.76 Ending Balance $5,622,188.08 Income statement and balance sheet information were not provided. A copy of the August 2011 monthly operating report is available for free at http://bankrupt.com/misc/tmg.august2011mor.pdf TMG reported a net loss of $2.7 million on net sales of $11.5 million for the period July 1, 2011, to July 29, 2011. TMG'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 Debtors ended the period with $4,865,691.32 cash, compared with $0 cash at June 30, 2011. A copy of the July 2011 monthly operating report is available for free at http://bankrupt.com/misc/tmg.july2011mor.pdf 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. MSR RESORT: Posts $14.3 Million Net Loss in August 2011 ------------------------------------------------------- MSR Resort Golf Course LLC, et al., filed on Aug. 25, 2011, with the U.S. Bankruptcy Court for the Southern District of New York its monthly operating report for the month ended Aug. 31, 2011. The Debtors reported a net loss of $14.3 million on total revenue of $31.0 million for the month ended Aug. 31, 2011. The Debtors' combined condensed balance sheet showed $2.158 billion in total assets, $1.935 billion in total liabilities, and partners' capital of $223.2 million. A copy of the operating report is available for free at: http://bankrupt.com/misc/msrresort.august2011mor.pdf 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. NEBRASKA BOOK: Posts Net Loss of $6.2MM in 5 Months Ended Aug. 31 ----------------------------------------------------------------- On Sept. 30, 2011, the Nebraska Book Company, Inc., et al., filed their monthly operating report for the period from Aug. 1, 2011, to Aug. 31, 2011, with the U.S. Bankruptcy Court for the District of Delaware. The Debtors reported a consolidated net loss of $6.2 million on $264.4 million of revenues for the five months ended Aug. 31, 2011. The Debtors' balance sheet at Aug. 31, 2011, showed $659.1 million in total assets, $704.7 million in total liabilities, $14.1 million in Series A redeemable preferred stock, and a stockholders' deficit of $59.6 million . Payments to professionals totaled $464,064 during the month. A copy of the operating report is available for free at http://is.gd/vBwWhN Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that the Company has been unable to secure the $250 million loan required for confirming and implementing the Chapter 11 plan largely worked out before the Chapter 11 filing in late June. Currently, the confirmation hearing for approval of the plan is set for Oct. 24. The Company said there is a "substantial possibility" of further delay. About Nebraska Book Company Lincoln, Nebraska-based Nebraska Book Company, Inc., is one of the leading providers of new and used textbooks for college students in the United States. Nebraska Book and seven affiliates filed separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 11-12002 to 11-12009) on June 27, 2011. Hon. Peter J. Walsh presides over the case. Lawyers at Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP, serve as the Debtors' bankruptcy counsel. The Debtors; restructuring advisors are AlixPartners LLC; the investment bankers are Rothschild, Inc.; the auditors are Deloitte & Touche LLP; and the claims agent is Kurtzman Carson Consultants LLC. As of the Petition Date, the Debtors had consolidated assets of $657,215,757 and debts of $563,973,688. JPMorgan Chase Bank N.A., as administrative agent for the DIP lenders, is represented by lawyers at Richards, Layton & Finger, P.A., and Simpson Thacher & Bartlett LLP. J.P. Morgan Investment Management Inc., the DIP arranger, is represented by lawyers at Bayard, P.A., and Willkie Farr & Gallagher LLP. An ad hoc committee of holders of more than 50% of the Debtors' Second Lien Notes is represented by lawyers at Brown Rudnick. An ad hoc committee of holders of the Debtors' 8.625% unsecured notes are represented by Milbank, Tweed, Hadley & McCloy LLP. The Official Committee of Unsecured Creditors selected Lowenstein Sandler LLP and Stevens & Lee, P.C., as lawyers and Mesirow Financial Inc. as financial advisers. Nebraska Book prepared a pre-packaged Chapter 11 plan that would swap some of the existing debt for new debt, cash and the new stock. OTERO COUNTY: Posts $137,096 Net Loss From Aug. 16 to Aug. 31 ------------------------------------------------------------- Otero County Hospital Association, Inc. (d/b/a Gerald Champion Regional Medical Center, d/b/a Mountain View Catering), filed on Sept. 22, 2011, an amended standard monthly operating report (business) for the period from Aug. 16, 2011, through Aug. 31, 2011. Gerald Champion Regional Medical Center's Hospital & Physician Income Statement showed a net loss of $137,096 on $4.3 million of revenue for the period from Aug. 16, 2011, to Aug. 31, 2011. These financial statements do not include an accrued liability for defense and settlement of pending lawsuits and reorganization costs under the Chapter 11 bankruptcy filed on Aug. 16, 2011. Gerald Champion Regional Medical Center's Hospital and Balance Sheet at Aug. 31, 2011, showed $147.8 million in total assets, $53.3 million in total liabilities & deferred income, and total equity of $94.5 million. A copy of the monthly operating report for the period from Aug. 16, 2011, through Aug. 31, 2011, is available for free at: http://bankrupt.com/misc/oterocounty.initialmor.pdf About Otero County Hospital Otero County Hospital Association, Inc., filed for Chapter 11 protection (Bankr. D. N.M. Case No. 11-13686) in Albuquerque, New Mexico, on Aug. 16, 2011, listing as assets of as much as $500 million and debt of as much as $100 million. The Alamogordo, New Mexico-based nonprofit developed and operates the Gerald Champion Regional Medical Center. GCRMC serves a total population of approximately 70,000 people. Otero County Hospital Association also does business as Mountain View Catering. Judge Robert H. Jacobvitz presides over the case. Craig H. Averch, Esq., and Roberto J. Kampfner, Esq., at White & Case, LLP, in Los Angeles; and John D. Wheeler, Esq., at John D. Wheeler & Associates, PC, in Alamogordo, New Mexico, serve as bankruptcy counsel. The petition was signed by William Morgan Hay, chief financial officer. In its schedules, the Debtor disclosed $124,186,104 in assets and $40,506,759 in liabilities. PALM HARBOR: Reports $2.4 Million Net Income in July 2011 --------------------------------------------------------- Palm Harbor Homes, Inc., et al., reported net income of $2.4 million on total sales and revenues of $66.7 million for the month ended July 31, 2011. The Debtors' balance sheet at July 31, 2011, showed $42.9 million in total assets, $87.8 million in total liabilities, and a stockholders' deficit of $44.9 million. A copy of the operating report is available at: http://bankrupt.com/misc/palmharbor.july2011mor.pdf Palm Harbor Homes, Inc., et al., reported net income of $3.3 million on total sales and revenues of $66.7 million for the month ended June 30, 2011. The Debtors' balance sheet at June 30, 2011, showed $43.6 million in total assets, $87.5 million in total liabilities, and a stockholders' deficit of $43.9 million. A copy of the operating report is available for free at: http://bankrupt.com/misc/palmharbor.june2011mor.pdf Palm Harbor Homes, Inc., et al., reported income of $4.1 million on total sales and revenues of $66.7 million for the reporting period May 23, 2011, and month ended July 31, 2011. The Debtors' balance sheet at May 31, 2011, showed $48.0 million in total assets, $91.2 million in total liabilities, and a stockholders' deficit of $43.2 million. A copy of the operating report is available at: http://bankrupt.com/misc/palmharbor.april23-may31mor.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. PFF BANCORP: Posts $35,864 Net Loss in August 2011 -------------------------------------------------- PFF Bancorp, Inc., Glencrest Investment Advisors, Inc., Glencrest Insurance Services, Inc., Diversified Builder Services, Inc., and PFF Real Estate Services, Inc., filed on Sept. 20, 2011, their monthly operating reports for August 2011 with the United States Bankruptcy Court for the District of Delaware. PFF Bancorp reported a net loss of $35,863.97 for the period. At July 31, 2011, PFF Bancorp had total assets of $57.6 million, total liabilities of $162.8 million, and a stockholders' deficit of $105.2 million. A copy of the operating report is available for free at: http://is.gd/34rgps About PFF Bancorp PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non- diversified unitary savings and loan holding company within the meaning of the Home Owners' Loan Act with headquarters formerly located in Rancho Cucamonga, California. Bancorp is the direct parent of each of the remaining Debtors. Prior to filing for bankruptcy, Bancorp was also the direct parent of PFF Bank & Trust, a federally chartered savings institution, and said bank's subsidiaries. PFF Bank & Trust was taken over by regulators in November 2008, with the deposits transferred by the Federal Deposit Insurance Corp. to U.S. Bank NA. PFF Bancorp Inc. and its affiliates sought Chapter 11 protection on Dec. 5, 2008 (Bankr. D. Del. Case No. 08-13127 to 08-13131). Chun I. Jang, Esq., and Paul N. Heath, Esq., at Richards, Layton & Finger, P.A., serve as the Debtors' bankruptcy counsel. Kurtzman Carson Consultants LLC serves as the Debtors' claims agent. Jason W. Salib, Esq., at Blank Rome LLP, represents the official committee of unsecured creditors as counsel. POINT BLANK: Turns Profit Thanks to 'Other Income' -------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Point Blank Solutions Inc., trying to sell the business a third time, filed an operating report for August showing net income of $482,000 on net sales of $5.95 million. August results for the manufacturer of soft body armor for police and military would have been in the loss column were it not for a $6 million item denominated as "other income." The operating loss in the month, before non-recurring expenses, was $1.7 million. 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. Point Blank is proposing to sell the business for $20 million to Barrier Acquisition LLC, an affiliate of the Gores Group LLC from Boulder, Colorado, absent higher and better offers. Point Blank has been unable to reach agreement with the official equity committee on a plan after the bankruptcy judge rejected the first effort at selling the business out from underneath shareholders. SEAHAWK DRILLING: Ends August 2011 With $9.3 Million Cash --------------------------------------------------------- Seahawk Drilling, Inc., et al., reported loss from continuing operations of $13.5 million on $0 revenues for the month ended Aug. 31, 2011. At Aug. 31, 2011, the Debtor had $109.9 million in total assets, $430.8 million in total liabilities, and a stockholders' deficit of $320.9 million. The Debtor ended the period with $9.3 million cash, compared with $111.3 million cash at the beginning of the period. Payments to restructuring professionals totaled $1.1 million for the month. Payments to insiders totaled $265,038. A complete text of the operating report is available for free at: http://is.gd/duqwhG 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 Jonathan 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 Jordan, 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. The deal was valued at about $176 million when it received court approval. 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. On Sept. 28, 2011, the U.S. Bankruptcy Court for the Southern District of Texas confirmed the Debtors' First Amended Joint Plan of Reorganization, filed July 6, 2011, as further modified and supplemented through Sept. 27, 2011. TRIBUNE CO: Reports $9,568,000 Profit in August ----------------------------------------------- Tribune Company, et al. Condensed Combined Balance Sheet As of August 28, 2011 ASSETS Current Assets: Cash and cash equivalents $1,232,793,000 Accounts receivable, net 441,786,000 Inventories 21,883,000 Broadcast rights 133,481,000 Prepaid expenses and other 215,893,000 ------------------ Total current assets 2,045,836,000 Property, plant and equipment, net 927,129,000 Other Assets: Broadcast rights 64,458,000 Goodwill & other intangible assets, net 779,369,000 Prepaid pension costs 2,332,000 Investments in non-debtor units 1,525,681,000 Other investments 41,579,000 Intercompany receivables from non-debtors 3,081,024,000 Restricted cash 727,438,000 Other 74,321,000 ------------------ Total Assets $9,269,167,000 ================== LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) Current Liabilities: Current portion of broadcast rights $77,157,000 Current portion of long-term debt 2,187,000 Accounts payable, accrued expenses, and other 417,371,000 ------------------ Total current liabilities 496,715,000 Pension obligations 215,989,000 Long-term broadcast rights 45,718,000 Long-term debt 5,135,000 Other obligations 157,575,000 ------------------ Total Liabilities 921,132,000 Liabilities Subject to Compromise: Intercompany payables to non-debtors 3,459,117,000 Obligations to third parties 13,055,876,000 ------------------ Total Liabilities Subject to Compromise 16,514,993,000 Shareholders' Equity (Deficit) (8,166,958,000) ------------------ Total Liabilities & Shareholders' Equity(Deficit) ($9,269,167,000) ================== Tribune Company, et al. Condensed Combined Statement of Operations For the Period From August 1, to 28, 2011 Total Revenue $220,972,000 Operating Expenses: Cost of sales 122,908,000 Selling, general and administrative 67,281,000 Depreciation 10,272,000 Amortization of intangible assets 1,316,000 ------------------ Total operating expenses 201,777,000 ------------------ Operating Profit (Loss) 19,195,000 ------------------ Income (loss) on equity investments, net Income on equity investments, net 521,000 Interest expense, net (3,361,000) Management fee (1,406,000) Non-operating income (loss), net - ------------------ Income (loss) before income taxes & Reorg. Costs 14,949,000 Reorganization costs (4,721,000) ------------------ Income (loss) before income taxes 10,228,000 Income taxes (660,000) ------------------ Income (loss) from continuing operations 9,568,000 Income from discontinued operations, net of tax 0 ------------------ Net Income (Loss) $9,568,000 ================== Tribune Company, et al. Combined Schedule of Operating Cash Flow For the Period From August 1 to 28, 2011 Beginning Cash Balance $1,928,761,000 Cash Receipts: Operating receipts 223,540,000 Other 848,000 ------------------ Total Cash Receipts 224,388,000 Cash Disbursements Compensation and benefits 74,097,000 General disbursements 128,148,000 Reorganization related disbursements 3,152,000 ------------------ Total Disbursements 205,398,000 ------------------ Debtors' Net Cash Flow 18,990,000 ------------------ From/(To) Non-Debtors 2,492,000 ------------------ Net Cash Flow 21,483,000 Other 2,551,000 ------------------ Ending Available Cash Balance $1,952,794,000 ================== 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. Two competing Chapter 11 plans are being pursued in the Chapter 11 cases of Tribune. One plan is being co-proposed by the Debtors, the Official Committee of Unsecured Creditors, Oaktree Capital Management, L.P., Angelo Gordon & Co., L.P. and JPMorgan Chase Bank, N.A. A second plan is being pursued by Aurelius Capital Management LP, on behalf of its managed entities; Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for certain series of senior notes; Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for certain series of senior notes; and Wilmington Trust Company, in its capacity as successor indenture for the PHONES Notes. Judge Kevin J. Carey has not issued a ruling on the plan. 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) VITRO SAB: Vitro America Ends August 2011 With $9.4 Million Cash ---------------------------------------------------------------- On Sept. 20, 2011, Vitro America, LLC, Vitro Finance Corporation, VVP Holdings, LLC, and VVP Funding Corporation filed their monthly operating reports for the month ending Aug. 31, 2011, with the U.S. Bankruptcy Court for the Northern District of Texas. Vitro America reported a net loss of $1.0 million on $nil revenue for the month. At Aug. 31, 2011, Vitro America had $20.5 million in total assets, $255.8 million in total liabilities, and a stockholders' deficit of $235.3 million. Vitro America ended the period with $9,417,971 in unrestricted cash and $1,500 in restricted cash, for total cash of $9,419,471. A copy of Vitro America's August 2011 monthly operating report is available for free at: http://bankrupt.com/misc/vitoramerica.august2011mor.pdf Vitro Finance had no income or expense transactions for the month. At Aug. 31, 2011, Vitro Finance had $176.1 million in total assets, $645,764 in total liabilities, and stockholders' equity of $175.4 million. A copy of Vitro Finance's August 2011 monthly operating report is available at: http://bankrupt.com/misc/vitrofinance.august2011mor.pdf VVP Holdings had no income or expense transactions for the month. VVP Holdings' balance sheet at Aug. 31, 2011, showed $645,764 in total assets, $12.6 million in total liabilities, and an equity deficit of $12.0 million. A copy of VVP Holdings' August 2011 monthly operating report is available for free at: http://bankrupt.com/misc/vvpholdings.august2011mor.pdf VVP Funding had no income or expense transactions for the month. At Aug. 31, 2011, VVP Funding had $3.1 million in total assets, $0 liabilities, and stockholders' equity of $3.1 million. A copy of VVP Funding's August 2011 monthly operating report is available for free at: http://bankrupt.com/misc/vvpfunding.august2011mor.pdf About Vitro SAB Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV: VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global glass producer, serving the construction and automotive glass markets and glass containers needs of the food, beverage, wine, liquor, cosmetics and pharmaceutical industries. Vitro is the largest manufacturer of glass containers and flat glass in Mexico, with consolidated net sales in 2009 of MXN23,991 million (US$1.837 billion). Vitro defaulted on its debt in 2009, and sought to restructure around US$1.5 billion in debt, including US$1.2 billion in notes. Vitro launched an offer to buy back or swap US$1.2 billion in debt from bondholders. The tender offer would be consummated with a bankruptcy filing in Mexico and Chapter 15 filing in the United States. Vitro said noteholders would recover as much as 73% by exchanging existing debt for cash, new debt or convertible bonds. Concurso Mercantil & Chapter 15 Proceedings Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a pre-packaged Concurso Plan in the Federal District Court for Civil and Labor Matters for the State of Nuevo Leon, commencing its voluntary concurso mercantil proceedings -- the Mexican equivalent of a prepackaged Chapter 11 reorganization. Vitro SAB also commenced parallel proceedings under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan on Dec. 13, 2010, to seek U.S. recognition and deference to its bankruptcy proceedings in Mexico. Early in January 2011, the Mexican Court dismissed the Concurso Mercantil proceedings. The judge said Vitro couldn't push through a plan to buy back or swap US$1.2 billion in debt from bondholders based on the vote of US$1.9 billion of intercompany debt when third-party creditors were opposed. Vitro as a result dismissed the first Chapter 15 petition following the ruling by the Mexican court. On April 12, 2011, an appellate court in Mexico reinstated the reorganization. Accordingly, Vitro SAB on April 14 re-filed a petition for recognition of its Mexican reorganization in U.S. Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754). In the present Chapter 15 case, the Debtor seeks to block any creditor suits in the U.S. pending the reorganization in Mexico. Chapter 11 Proceedings A group of noteholders opposed the exchange -- namely Knighthead Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed Opportunities Fund LP, and Brookville Horizons Fund, L.P. Together, they held US$75 million, or approximately 6% of the outstanding bond debt. The Noteholder group commenced involuntary bankruptcy cases under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010. Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation counsel to analyze the potential rights that Vitro may exercise in the United States against the ad hoc group of dissident bondholders and its advisors. A larger group of noteholders, known as the Ad Hoc Group of Vitro Noteholders -- comprised of holders, or investment advisors to holders, which represent approximately US$650 million of the Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not among the Chapter 11 petitioners, although the group has expressed concerns over the exchange offer. The group says the exchange offer exposes Noteholders who consent to potential adverse consequences that have not been disclosed by Vitro. The group is represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at White & Case LLP. The U.S. affiliates subject to the involuntary petitions are Vitro Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10- 47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473); Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O. Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass, Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC (Bankr. N.D. Tex. Case No. 10-47485). A bankruptcy judge in Fort Worth, Texas, denied involuntary Chapter 11 petitions filed against four U.S. subsidiaries. On April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro America LLC and three other U.S. subsidiaries -- that were subject to the involuntary petitions into voluntary Chapter 11. The Texas Court on April 21 denied involuntary petitions against the eight U.S. subsidiaries that didn't consent to being in Chapter 11. Kurtzman Carson Consultants is the claims and notice agent to Vitro America, et al. Alvarez & Marsal North America LLC, is the Debtors' operations and financial advisor. The official committee of unsecured creditors appointed in the Chapter 11 cases of Vitro America, et al., has selected Sarah Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, as counsel. Blackstone Advisory Partners L.P. serves as financial advisor to the Committee. WASHINGTON MUTUAL: Ends August 2011 With $4.49 Billion Cash ----------------------------------------------------------- On Sept. 30, 2011, Washington Mutual, Inc., and WMI Investment Corp. filed their monthly operating report for August 2011 with the United States Bankruptcy Court for the District of Delaware. Washington Mutual reported a net loss of $8.4 million for the period. At Aug. 31, 2011, Washington Mutual had $6.723 billion in total assets, $8.403 billion in total liabilities, and a shareholders' deficit of $1.680 billion. Washington Mutual ended August 2011 with $4.494 billion in unrestricted cash and cash equivalents. Washington Mutual paid a total of $2.8 million in professional fees and reimbursed a total of $777,506.87 million in professional expenses in August. WMI Investment reported a net loss of $29,347 for the month of August. At Aug. 31, 2011, WMI Investment had $913,708,388 in total assets, $14,825 in post-petition liabilities, and a stockholders' equity of $913,693,563. WMI Investment ended July 2011 with $276,499,081 in unrestricted cash and cash equivalents. A complete text of the operating report is available for free at: http://is.gd/qFngl5 About WaMu Based in Seattle, Washington, Washington Mutual Inc. -- http://www.wamu.com/-- was the holding company for Washington Mutual Bank as well as numerous non-bank subsidiaries. Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S. government regulators. The next day, WaMu and its affiliate, WMI Investment Corp., filed separate petitions for Chapter 11 relief (Bankr. D. Del. 08-12229 and 08-12228, respectively). WaMu owns 100% of the equity in WMI Investment. When WaMu filed for protection from its creditors, it disclosed assets of $32,896,605,516 and debts of $8,167,022,695. WMI Investment estimated assets of $500 million to $1 billion with zero debts. WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal & Manges LLP in New York City; Mark D. Collins, Esq., at Richards, Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari, Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver & Hedges, LLP. The Debtor tapped Valuation Research Corporation as valuation service provider for certain assets. Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Fled LLP in New York, and David B. Stratton, Esq., at Pepper Hamilton LLP in Wilmington, Del., represent the Official Committee of Unsecured Creditors. Stephen D. Susman, Esq., at Susman Godfrey LLP and William P. Bowden, Esq., at Ashby & Geddes, P.A., represent the Equity Committee. The official committee of equity security holders also tapped BDO USA as its tax advisor. Stacey R. Friedman, Esq., at Sullivan & Cromwell LLP and Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington, Del., represent JPMorgan Chase, which acquired the WaMu bank unit's assets prior to the Petition Date. On Jan. 7, 2011, the Bankruptcy Court entered a 107-page opinion determining that the global settlement agreement, among certain parties including WMI, the Federal Deposit Insurance Corporation and JPMorgan, upon which the Plan is premised, and the transactions contemplated therein, are fair, reasonable, and in the best interests of WMI. However, the Opinion and related order denied confirmation, but suggested certain modifications to the Company's Sixth Amended Joint Plan of Affiliated Debtors that, if made, would facilitate confirmation. WaMu filed a Modified Sixth Amended Joint Plan and a related Supplemental Disclosure Statement, which it believes would address the Bankruptcy Court's concerns. On Sept. 13, 2011, Judge Walrath denied confirmation of WaMu's Modified Sixth Amended Plan and granted equity committee standing to prosecute claims for equitable disallowance but stayed the ruling pending mediation. Judge Walrath scheduled a status hearing for Oct. 7, 2011, at 11:30 a.m. to consider the issues to be referred to a mediator. WaMu said it would seek confirmation of a revised plan "as soon as practicable." The Plan proposes to pay more than $7 billion to creditors and incorporates a global settlement agreement resolving issues among the Debtors, JPMorgan Chase, the Federal Deposit Insurance Corp. in its corporate capacity and as receiver for WaMu Bank, certain large creditors, certain WMB senior noteholders, and the creditors' committee. The Settlement Noteholders are Appaloosa Management, L.P., Aurelius Capital Management LP, Centerbridge Partners, LP, and Owl Creek Asset Management, L.P. ********* 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, 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. 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. 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