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/raid1/www/Hosts/bankrupt/TCR_Public/111112.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, November 12, 2011, Vol. 15, No. 314 Headlines AMTRUST FINANCIAL: Ends September 2011 With $240,724 Cash AMTRUST FINANCIAL: AmFin Insurance Ends September With $1.4MM Cash AMTRUST FINANCIAL: AmFin Real Ends September With $6,255,550 Cash AMTRUST FINANCIAL: AmFin Properties Ends September With $472 Cash BANKUNITED FINANCIAL: Posts $149,502 Net Loss in September 2011 CAPITAL GROWTH: Ends August 2011 With $1.37 Million Cash EVERGREEN SOLAR: Posts $17.5MM Net Loss in Aug. 28 - Oct. 1 Period GREAT ATLANTIC: Has $301.6 Million Cash at September 10 LOCATEPLUS HOLDINGS: Posts $112,278 Net Loss in July 2011 NEBRASKA BOOK: Posts $18MM Net Loss in Six Months Ended Sept. 30 QUALTEQ INC: Files Initial Monthly Operating Report SPECIALTY PRODUCTS: Posts $32,374 Net Loss in August 2011 SSI GROUP: Files Initial Monthly Operating Report ********* AMTRUST FINANCIAL: Ends September 2011 With $240,724 Cash --------------------------------------------------------- AmTrust Financial Corp., nka AmFin Financial Corporation, reported a net loss of $10.62 million on $0 revenue for September 2011. At Sept. 30, 2011, the Debtor had total assets of $87.69 million, total postpetition liabilities of $1.06 million, total prepetition liabilities of $156.91 million, and a stockholders' deficit of $70.27 million. The Debtor ended the period with $240,724 in cash, compared with $139,228 at Aug. 31, 2011. A copy of the September 2011 monthly operating report is available for free at: http://bankrupt.com/misc/amfinfinancial.sept2011mor.pdf About AmTrust Financial AmTrust Financial Corp. (PINK: AFNL) was the owner of the AmTrust Bank. AmTrust was the seventh-largest holder of deposits in South Florida, with $4.7 billion in deposits and 21 branches. In November 2008, the Office of Thrift Supervision issued a cease and desist order requiring AmTrust to improve its capital ratios. AmTrust Financial, together with affiliates that include AmTrust Management Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ohio Case No. 09-21323) on Nov. 30, 2009. The debtor subsidiaries include AmFin Real Estate Investments, Inc., formerly AmTrust Real Estate Investments, Inc. (Case No. 09-21328). G. Christopher Meyer, Esq., Christine M. Piepont, Esq., and Sherri L. Dahl, Esq., at Squire Sanders & Dempsey (US) LLP, in Cleveland, Ohio; and Stephen D. Lerner, Esq., at Squire Sanders & Dempsey (US) LLP, in Cincinnati, Ohio, serve as counsel to the Debtors. Kurtzman Carson Consultants serves as claims and notice agent. Attorneys at Hahn Loeser & Parks LLP serve as counsel to the Official Committee of Unsecured Creditors. AmTrust Management estimated $100 million to $500 million in assets and debts in its Chapter 11 petition. AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4, 2009, AmTrust Bank was closed by regulators and the Federal Deposit Insurance Corporation was named receiver. New York Community Bank, in Westbury, New York, assumed all of the deposits of AmTrust Bank pursuant to a deal with the FDIC. Earlier this week, the U.S. Bankruptcy Court issued an order confirming AmTrust Financial's Amended Joint Plan of Reorganization. AMTRUST FINANCIAL: AmFin Insurance Ends September With $1.4MM Cash ------------------------------------------------------------------ AmTrust Insurance Agency Inc., nka AmFin Insurance Agency Inc., reported a net loss of $1,566 on $0 revenue for September 2011. At Sept. 30, 2011, the Debtor had total assets of $1,724,545, total postpetition liabilities of $148,498, total prepetition liabilities of $813,175, and stockholders' equity of $762,872. The Debtor ended the period with $1,447,951 in cash, compared with $1,449,412 at the beginning of the period. A copy of the September 2011 monthly operating report is available for free at: http://bankrupt.com/misc/amfininsurance.sept2011mor.pdf About AmTrust Financial AmTrust Financial Corp. (PINK: AFNL) was the owner of the AmTrust Bank. AmTrust was the seventh-largest holder of deposits in South Florida, with $4.7 billion in deposits and 21 branches. In November 2008, the Office of Thrift Supervision issued a cease and desist order requiring AmTrust to improve its capital ratios. AmTrust Financial, together with affiliates that include AmTrust Management Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ohio Case No. 09-21323) on Nov. 30, 2009. The debtor subsidiaries include AmFin Real Estate Investments, Inc., formerly AmTrust Real Estate Investments, Inc. (Case No. 09-21328). G. Christopher Meyer, Esq., Christine M. Piepont, Esq., and Sherri L. Dahl, Esq., at Squire Sanders & Dempsey (US) LLP, in Cleveland, Ohio; and Stephen D. Lerner, Esq., at Squire Sanders & Dempsey (US) LLP, in Cincinnati, Ohio, serve as counsel to the Debtors. Kurtzman Carson Consultants serves as claims and notice agent. Attorneys at Hahn Loeser & Parks LLP serve as counsel to the Official Committee of Unsecured Creditors. AmTrust Management estimated $100 million to $500 million in assets and debts in its Chapter 11 petition. AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4, 2009, AmTrust Bank was closed by regulators and the Federal Deposit Insurance Corporation was named receiver. New York Community Bank, in Westbury, New York, assumed all of the deposits of AmTrust Bank pursuant to a deal with the FDIC. Earlier this week, the U.S. Bankruptcy Court issued an order confirming AmTrust Financial's Amended Joint Plan of Reorganization. AMTRUST FINANCIAL: AmFin Real Ends September With $6,255,550 Cash ----------------------------------------------------------------- AmTrust Real Estate Investments Inc., nka AmFin Real Estate Investments Inc., reported a net loss of $10.12 million on $0 revenue for September 2011. At Sept. 30, 2011, the Debtor had total assets of $83.51 million, total postpetition liabilities of $464,494, total prepetition liabilities of $126.46 million, and a stockholders' deficit of $43.40 million. The Debtor ended the period with $6,255,550 cash, from $6,755,305 at the beginning of the period. A copy of the September 2011 monthly operating report is available for free at http://bankrupt.com/misc/amfinreal.sept2011mor.pdf About AmTrust Financial AmTrust Financial Corp. (PINK: AFNL) was the owner of the AmTrust Bank. AmTrust was the seventh-largest holder of deposits in South Florida, with $4.7 billion in deposits and 21 branches. In November 2008, the Office of Thrift Supervision issued a cease and desist order requiring AmTrust to improve its capital ratios. AmTrust Financial, together with affiliates that include AmTrust Management Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ohio Case No. 09-21323) on Nov. 30, 2009. The debtor subsidiaries include AmFin Real Estate Investments, Inc., formerly AmTrust Real Estate Investments, Inc. (Case No. 09-21328). G. Christopher Meyer, Esq., Christine M. Piepont, Esq., and Sherri L. Dahl, Esq., at Squire Sanders & Dempsey (US) LLP, in Cleveland, Ohio; and Stephen D. Lerner, Esq., at Squire Sanders & Dempsey (US) LLP, in Cincinnati, Ohio, serve as counsel to the Debtors. Kurtzman Carson Consultants serves as claims and notice agent. Attorneys at Hahn Loeser & Parks LLP serve as counsel to the Official Committee of Unsecured Creditors. AmTrust Management estimated $100 million to $500 million in assets and debts in its Chapter 11 petition. AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4, 2009, AmTrust Bank was closed by regulators and the Federal Deposit Insurance Corporation was named receiver. New York Community Bank, in Westbury, New York, assumed all of the deposits of AmTrust Bank pursuant to a deal with the FDIC. Earlier this week, the U.S. Bankruptcy Court issued an order confirming AmTrust Financial's Amended Joint Plan of Reorganization. AMTRUST FINANCIAL: AmFin Properties Ends September With $472 Cash ----------------------------------------------------------------- AmTrust Properties Inc., nka AmFin Properties Inc., had no income or expense transactions for the month of August 2011. At Sept. 30, 2011, the Debtor had total assets of $1,216,365, total postpetition liabilities of $1,500, total prepetition liabilities of $7,584,986, and a stockholders' deficit of $6,370,121. The Debtor ended the period with $472 in cash, unchanged from the beginning of the period. A copy of the September 2011 monthly operating report is available for free at: http://bankrupt.com/misc/amfinproperties.sept2011mor.pdf About AmTrust Financial AmTrust Financial Corp. (PINK: AFNL) was the owner of the AmTrust Bank. AmTrust was the seventh-largest holder of deposits in South Florida, with $4.7 billion in deposits and 21 branches. In November 2008, the Office of Thrift Supervision issued a cease and desist order requiring AmTrust to improve its capital ratios. AmTrust Financial, together with affiliates that include AmTrust Management Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ohio Case No. 09-21323) on Nov. 30, 2009. The debtor subsidiaries include AmFin Real Estate Investments, Inc., formerly AmTrust Real Estate Investments, Inc. (Case No. 09-21328). G. Christopher Meyer, Esq., Christine M. Piepont, Esq., and Sherri L. Dahl, Esq., at Squire Sanders & Dempsey (US) LLP, in Cleveland, Ohio; and Stephen D. Lerner, Esq., at Squire Sanders & Dempsey (US) LLP, in Cincinnati, Ohio, serve as counsel to the Debtors. Kurtzman Carson Consultants serves as claims and notice agent. Attorneys at Hahn Loeser & Parks LLP serve as counsel to the Official Committee of Unsecured Creditors. AmTrust Management estimated $100 million to $500 million in assets and debts in its Chapter 11 petition. AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4, 2009, AmTrust Bank was closed by regulators and the Federal Deposit Insurance Corporation was named receiver. New York Community Bank, in Westbury, New York, assumed all of the deposits of AmTrust Bank pursuant to a deal with the FDIC. Earlier this week, the U.S. Bankruptcy Court issued an order confirming AmTrust Financial's Amended Joint Plan of Reorganization. BANKUNITED FINANCIAL: Posts $149,502 Net Loss in September 2011 --------------------------------------------------------------- BankUnited Financial Corporation, together with its subsidiaries BankUnited Financial Services, Inc., and CRE America Corporation, filed on Oct. 28, 2011, its monthly operating report for September 2011 with the United States Bankruptcy Court for the Southern District of Florida. Funds at Sept. 30, 2011, were $10,096,567 compared to $10,223,650 at Sept. 30, 2011. BankUnited Financial Corporation, et al., reported a net loss of $149,502 in September. Professional fees totaled $125,216 for the period. At Sept. 30, 2011, BankUnited Financial Corporation, et al., had $34,934,741 in total assets, $576,827,103 in total liabilities, and a stockholders' deficit of $541,892,361. A complete text of the operating report is available for free at: http://is.gd/NleNk4 About BankUnited Financial BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) -- http://www.bankunited.com/-- was the holding company for BankUnited FSB, the largest banking institution headquartered in Coral Gables, Florida. On May 21, 2009, BankUnited FSB was closed by regulators and the Federal Deposit Insurance Corporation facilitated a sale of the bank to a management team headed by John Kanas, a veteran of the banking industry and former head of North Fork Bank, and a group of investors led by W.L. Ross & Co. BankUnited, FSB, had assets of $12.8 billion and deposits of $8.6 billion as of May 2, 2009. The Company and its affiliates filed for Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 09-19940) on May 22, 2009. Stephen P. Drobny, Esq., and Peter Levitt, Esq., at Shutts & Bowen LLP; Mark D. Bloom, Esq., and Scott M. Grossman, Esq., at Greenberg Traurig, LLP; and Michael C. Sontag, at Camner, Lipsitz, P.A., represent the Debtors as counsel. Corali Lopez-Castro, Esq., David Samole, Esq., at Kozyak Tropin & Throckmorton, P.A.; and Todd C. Meyers, Esq., at Kilpatrick Stockton LLP, serve as counsel to the official committee of unsecured creditors. In its bankruptcy petition, BankUnited Financial Corp. disclosed $37,729,520 in assets against $559,740,185 in debts. Aside from those assets, BankUnited said that a "valuable" asset is its $3.6 billion net operating loss carryforward. Wilmington Trust Co., U.S. Bank, N.A., and the Bank of New York were listed among the company's largest unsecured creditors in their roles as trustees for security issues. BankUnited estimated the Bank of New York claim tied to convertible securities at $184 million. U.S. Bank and Wilmington Trust are owed $120 million and $118.171 million on account of senior notes. CAPITAL GROWTH: Ends August 2011 With $1.37 Million Cash -------------------------------------------------------- Capital Growth Systems, Inc., et al., reported net income of $36.8 million on $0 revenue for the month of August 2011. Results for the month include a $37.3 million Gain on Sale and Abandonment of Assets and Liabilities. The Debtor's balance sheet at Aug. 31, 2011, showed $1,375,521 in cash, $1,397,682 in total liabilities, all current, and a stockholders' deficit of $22,161. A complete text of the August 2011 monthly operating report is available for free at http://is.gd/x0KpUy The Debtors reported a net loss of $55,203 on $0 revenue for the month of July 2011. The Debtor's balance sheet at July 31, 2011, showed $5,051,083 in total assets, $12,669,503 in total liabilities, all current, and a stockholders' deficit of $7,618,420. A complete text of the July 2011 monthly operating report is available for free at http://is.gd/g0YxEI The Debtors reported a net loss of $26,493 on $0 revenue for the month of June 2011. The Debtor's balance sheet at June 30, 2011, showed $5,066,038 in total assets, $12,629,254 in total liabilities, all current, and a stockholders' deficit of $7,563,216. A complete text of the June 2011 monthly operating report is available for free at http://is.gd/woteH6 reported net income of $34,461,131 on $2,214,404 revenue for the month of May 2011. Results for the month include a $35.5 million Gain on Sale of assets and Assumption of Liabilities. The Debtor's balance sheet at May 31, 2011, showed $5,806,147 in cash, $13,342,869 in total liabilities, all current, and a stockholders' deficit of $7,536,722. A complete text of the May 2011 monthly operating report is available for free at http://is.gd/9kVBxT About Global Capacity Headquartered in Chicago, Illinois, Capital Growth Systems, Inc., known as Global Capacity, and its subsidiaries operate in one reportable segment as a single source telecom logistics provider in North America and the European Union. The Company helps customers improve efficiency, reduce cost, and simplify operations of their complex global networks -- with a particular focus on access networks. Capital Growth Systems and its affiliates filed for Chapter 11 protection on. The lead debtor is Global Capacity Holdco LLC (Bankr. D. Del. Case No. 10-12302). Global Capacity Group Inc. estimated $10 million to $50 million in assets and debts in its petition. As reported in the TCR on May 18, 2011, Global Capacity has completed the sale of substantially all of its assets to GC Pivotal, LLC, an affiliate of Pivotal Group, Inc. Pivotal had previously acquired 100% of the secured debt of Global Capacity. EVERGREEN SOLAR: Posts $17.5MM Net Loss in Aug. 28 - Oct. 1 Period ------------------------------------------------------------------ On Oct. 31, 2011, Evergreen Solar, Inc., filed its monthly operating report for the period from Aug. 28, 2011, to Oct. 1, 2011, with the U.S. Bankruptcy Court for the District of Delaware. The Debtor reported a net loss of $17.5 million on $338,448 of revenue for the period. At Oct. 1, 2011, the Debtor's balance sheet showed $341.3 million in total assets, $461.9 million in total liabilities, and a stockholders' deficit of $120.6 million. At copy of the operating report is available for free at: http://is.gd/qZ7LrC 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. GREAT ATLANTIC: Has $301.6 Million Cash at September 10 ------------------------------------------------------- On Nov. 3, 2011, The Great Atlantic & Pacific Tea Company, Inc., and its U.S. subsidiaries filed their monthly operating report for the period from Aug. 14, 2011, to Sept. 10, 2011, with the U.S. Bankruptcy Court for the Southern District of New York. The Debtors reported a net loss of $63.6 million on $551.4 million of sales for the four weeks ended Sept. 10, 2011. At Sept. 10, 2011, the Debtors' consolidated balance sheet showed $2.340 billion in total assets, $3.581 billion in total liabilities, $146.8 million in Series A redeemable preferred stock, and a stockholders' deficit of $1.388 billion. The Debtors ended the period with $301.6 million in cash and cash equivalents compared to $293.3 million at the beginning of the period. A copy of the operating report is available for free at: http://is.gd/4oNOhb 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 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. LOCATEPLUS HOLDINGS: Posts $112,278 Net Loss in July 2011 --------------------------------------------------------- LocatePLUS Holdings Corporation, et al., filed with the U.S. Bankruptcy Court for the District of Massachusetts on Sept. 19, 2011, unaudited combined monthly operating report for the period June 16, 2011, through June 30, 2011, and on Sept. 20, 2011, their unaudited combined monthly operating report for the period July 1, 2011 through July 31, 2011. LocatePLUS Holdings reported a net loss of $112,278 on $0 revenue for the period July 1, 2011, through July 31, 2011. At July 31, 2011, the Debtor's balance sheet showed $54.0 million in total assets, $139,050 in total liabilities, and net owner equity of $53.9 million. A copy of the report is available for free at: http://is.gd/UjboFs LocatePLUS Holdings reported a net loss of $61,514 on $0 revenue for the period June 16, 2011, through June 30, 2011. At June 30, 2011, the Debtor's balance sheet showed $54.1 million in total assets, $135,115 in total liabilities, and net owner equity of $54.0 million. A copy of the report is available for free at: http://is.gd/mFzzLN About LocatePLUS Holdings Beverly, Mass.-based LocatePLUS Holdings Corporation, through itself and its wholly-owned subsidiaries LocatePLUS Corporation, Worldwide Information, Inc., Entersect Corporation, Dataphant, Inc., and Employment Screening Profiles, Inc. are business-to- business, business-to-government and business-to-consumer providers of public information via its proprietary data integration solutions. On June 16, 2011, LocatePLUS Holdings Corporation and its subsidiaries filed petitions under the Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 11-15791). Harold B. Murphy, Esq., at Murphy & King, P.C., in Boston, represents the Debtor as counsel. LocatePLUS Holdings estimated assets of $0 to $50,000 and debts of $1,000,001 to $10 million. The Company's balance sheet at March 31, 2011, showed $2.08 million in total assets, $12.25 million in total liabilities and a $10.17 million total stockholders' deficit. NEBRASKA BOOK: Posts $18MM Net Loss in Six Months Ended Sept. 30 ---------------------------------------------------------------- On Oct. 31, 2011, the Nebraska Book Company, Inc., et al., filed their monthly operating report for the period Sept. 1, 2011, to Sept. 30, 2011, with the U.S. Bankruptcy Court for the District of Delaware. The monthly operating report incorporated a change in rental revenue recognition to recognize rental revenue related to textbook rentals over the rental period. The Company deferred $14.6 million of revenue and $7.8 million of gross margin from the quarter ended Sept. 30, 2011. The deferred revenue and gross margin will be fully recognized during the quarter ended Dec. 31, 2011. The Debtors reported a consolidated net loss of $18.0 million on $305.8 million of revenues for the six months ended Sept. 30, 2011. The Debtors' balance sheet at Sept. 30, 2011, showed $668.8 million in total assets, $726.1 million in total liabilities, $14.1 million in Series A redeemable preferred stock and a stockholders' deficit of $71.4 million . Payments to professionals totaled $1.7 million during the month. A copy of the operating report is available for free at http://is.gd/f0sbDd About Nebraska Book 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. However, Nebraska Book has been unable to secure a $250 million loan required for confirming and implementing the plan. The plan called for new financing to pay off first- and second- lien debt in full, while giving most of the new equity to subordinated noteholders of the operating company and holders of notes issued by the holding company. QUALTEQ INC: Files Initial Monthly Operating Report --------------------------------------------------- QualTeq, Inc., et al., filed an initial monthly operating report. The Debtors submitted a 13-week cash collateral budgets covering the week ending Sept. 23, 2011, until Dec. 16, 2011. A copy of the initial monthly operating report is available for free at http://bankrupt.com/misc/qualteqinc.initialmor.pdf About QualTeq Inc. South Plainfield, New Jersey-based QualTeq, Inc., engages in the design, manufacture, and personalization of plastic cards in the United States. The company manufactures magnetic, contact, and dual interface smart cards. Qualteq Inc. and 17 affiliated companies filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 11-12572) on Aug. 14, 2011. Eric Michael Sutty, Esq., and Jeffrey M. Schlerf, Esq., at Fox Rothschild LLP, serve as local counsel to the Debtors. K&L Gates LLP is the general bankruptcy counsel. Scouler & Company is the restructuring advisors. QualTeq estimated assets of up to $50 million and debts of up to $100 million as of the Chapter 11 filing. Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed four unsecured creditors to serve on the Official Committee of Unsecured Creditors. SPECIALTY PRODUCTS: Posts $32,374 Net Loss in August 2011 --------------------------------------------------------- Bondex International, Inc., reported a net loss of $32,374 on $0 revenue for the month of August 2011. At Aug. 31, 2011, the Debtor had $181.35 million in total assets, $366.83 million in total liabilities, and a stockholders' deficit of $548.18 million. A copy of the August 2011 monthly operating report is available for free at http://bankrupt.com/misc/bondex.aug2011mor.pdf Bondex International, Inc., reported a net loss of $41,972 on $0 revenue for the month of July 2011. At July 31, 2011, the Debtor had ($181.32) million in total assets, $366.83 million in total liabilities, and a stockholders' deficit of $548.15 million. A copy of the July 2011 monthly operating report is available for free at http://bankrupt.com/misc/bondex.july2011mor.pdf About Specialty Products Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM, Inc., is a wholly owned subsidiary of RPM International Inc. The Company is the holding company parent of Bondex International, Inc., and the direct or indirect parent of certain additional domestic and foreign subsidiaries. The Company claims to be a leading manufacturer, distributor and seller of various specialty chemical product lines, including exterior insulating finishing systems, powder coatings, fluorescent colorants and pigments, cleaning and protection products, fuel additives, wood treatments and coatings and sealants, in both the industrial and consumer markets. The Company filed for Chapter 11 bankruptcy protection on May 31, 2010 (Bankr. D. Del. Case No. 10-11780). Gregory M. Gordon, Esq., Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve as bankruptcy counsel. Daniel J. DeFranceschi, Esq., and Zachary I. Shapiro, Esq., at Richards Layton & Finger, serve as co-counsel. Logan and Company is the Company's claims and notice agent. The Company estimated its assets and debts at $100,000,001 to $500,000,000. The Company's affiliate, Bondex International, Inc., filed a separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779), estimating its assets and debts at $100,000,001 to $500,000,000. SSI GROUP: Files Initial Monthly Operating Report ------------------------------------------------- SSI Group Holding Corp., Souper Brands, Inc., Souper Salad, Inc., and SSI-Grandys LLC filed their initial monthly operating reports for the period Sept. 14, 2011, to Oct. 2, 2011. SSI Group Holding Corp. had no bank accounts as of Oct. 2, 2011. The Company had no income and expense transactions for the period. A copy of the initial monthly operating report is available for free at http://bankrupt.com/misc/ssigroup.initialmor.pdf Souper Brands, Inc., reported net income of $10,356 on $15,044 of revenues for the period Sept. 14, 2011, to Oct. 2, 2011. The Company's balance sheet at Oct. 2, 2011, showed $534,676 in total assets, $107,394 in total liabilities, and stockholders' equity of $422,560. A copy of the initial monthly operating report is available for free at http://bankrupt.com/misc/souperbrands.initialmor.pdf Souper Salad, Inc., ended the period with $821,464 cash, compared to $157,770 at the beginning of the period. A copy of the initial monthly operating report is available for free at http://bankrupt.com/misc/soupersalad.initialmor.pdf SSI-Grandy's LLC reported net income of $130,560 on $206,454 of revenues for the period. The Company's balance sheet at Oct. 2, 2011, showed $7.0 million in total asserts, $4.5 million in total liabilities, and stockholders' equity of $2.5 million. A copy of the initial monthly operating report is available for free at http://bankrupt.com/misc/ssi-grandy's.initialmor.pdf About SSI Group SSI Group Holding Corp. sought bankruptcy protection (Bankr. D. Del. Case No. 11-12917) on Sept. 14, 2011, in Wilmington, Delaware, after months of lackluster performance at its two struggling restaurant chains, which combined operate about 120 locations, and its debts mounted to $47.5 million. SSI is behind two southern restaurant chains -- the healthy Souper Salad chain and "comfort food"-serving Grandy's restaurants. SSI reported $23.9 million in assets as of Aug. 28, 2011. Judge Mary F. Walrath presides over the case. The Debtor is represented by Proskauer Rose LLP and Cozen O'Connor as counsel and Morgan Joseph TriArtisan LLC as financial advisors. Affiliates Super Salad, Inc. (Case No. 11-12918), SSI-Grandy's LLC (Case No. 11-12919), and Souper Brands, Inc. (Case No. 11-12920), also sought Chapter 11 protection on Sept. 14, 2011. The Debtors hope to use the bankruptcy cases to sell their Grandy's chain to an affiliate of Sun Capital Partners (or a higher bidder) and to sell their Souper Salad chain to a to-be determined buyer (no stalking horse bidder has been identified). The United States Trustee appointed 7 members to the Official Committee of Unsecured 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 Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2011. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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