/raid1/www/Hosts/bankrupt/TCR_Public/120310.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, March 10, 2012, Vol. 16, No. 69
Headlines
ALLEN FAMILY: Has $50,519 Net Loss in Nov. 27 to Dec. 31 Period
ATLANTIC & PACIFIC: Has $13.4 Million Net Loss in January
BLITZ USA: Narrows Loss in January on Increased Revenue
FX4 LLC: Arby's Franchisee Squeezes Out Profit in January
GENERAL MARITIME: Has $3.4 Million January Operating Loss
LEHMAN BROTHERS: Has $27.35 Billion in Cash as of Jan. 31
NEBRASKA BOOK: Ends January with $94.1 Million Cash
PMI GROUP: Has $164.8 Million in Cash at Jan. 31
TRIBUNE CO: Has $2.11 Million Net Loss in January
WASHINGTON MUTUAL: Has $4.46 Billion in Cash at Jan. 31
*********
ALLEN FAMILY: Has $50,519 Net Loss in Nov. 27 to Dec. 31 Period
---------------------------------------------------------------
Allen Family Foods Inc. reported a net loss of $50,519 on $0
revenue for the period Nov. 27, 2011 to Dec. 31, 2011. Net loss
since the Petition Date has been $1.06 million.
Allen Family disclosed total assets of $4.49 million and total
liabilities of $3.66 million as of Dec. 31, 2011. Cash at the end
of the period was $228,000.
An affiliate, JCR Enterprises Inc., had zero activity during the
period. Net loss since the Petition Date has reached $4.31
million. JCR had assets of $597,000 and debts of $517,000 as of
Dec. 31, 2011.
About Allen Family Foods
Allen Family Foods Inc. is a 92-year-old Seaford, Del., poultry
company. Allen Family Foods and two affiliates, Allen's Hatchery
Inc. and JCR Enterprises Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-11764) on June 9, 2011.
Allen estimated assets and liabilities between $50 million and
$100 million in its petition.
Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young,
Conaway, Stargatt & Taylor, in Wilmington, Delaware, serve as
counsel to the Debtors. FTI Consulting is the financial advisor.
BMO Capital Markets is the Debtors' investment banker. Epiq
Bankruptcy Solutions LLC is the claims and notice agent.
Roberta DeAngelis, U.S. Trustee for Region 3, appointed seven
creditors to serve on an Official Committee of Unsecured Creditors
in the Debtors' cases. Lowenstein Sandler PC and Womble Carlyle
Sandridge & Rice, PLLC, serve as counsel for the committee. J.H.
Cohn LLP serves as the Committee's financial advisor.
ATLANTIC & PACIFIC: Has $13.4 Million Net Loss in January
---------------------------------------------------------
The Great Atlantic & Pacific Tea Company Inc., et al., disclosed a
net loss of $13.4 million on $493.9 million of sales for the four
weeks ended Jan. 28, 2012. As of Jan. 28, 2012, assets totaled
$2.07 billion and liabilities total $3.45 billion. A copy of the
monthly operating report filed with the Securities and Exchange
Commission is available for free at http://is.gd/ml4IX4
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 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.
The Bankruptcy Court entered an order Feb. 27, 2012, confirming
the First Amended Joint Plan of Reorganization filed Feb. 17,
2012. The Plan provides for, among other things, a $490 million
in financing from Yucaipa Cos., cancellation of existing equity
interests and zero recovery for shareholders.
BLITZ USA: Narrows Loss in January on Increased Revenue
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Blitz U.S.A. Inc. reported a $254,000 net loss in
January on net revenue of $6.85 million. Last month was an
improvement on the $306,000 loss in December on net revenue of
$4.26 million. Contributors to the loss in January included
$675,000 in reorganization costs and interest expense of $114,000.
From the inception of the bankruptcy in November, the cumulative
loss is $1.7 million on net revenue of $16.4 million.
About Blitz USA
Blitz U.S.A. Inc., is a Miami, Oklahoma-based manufacturer of
plastic gasoline cans. The company, controlled by Kinderhook
Capital Fund II LP, filed for bankruptcy protection to stanch a
hemorrhage resulting from 36 product-liability lawsuits.
Parent Blitz Acquisition Holdings, Inc., and its affiliates filed
for Chapter 11 protection (Bankr. D. Del. Case Nos. 11-13602 thru
11-13607) on Nov. 9, 2011. The Hon. Peter J. Walsh presides over
the case.
Blitz USA disclosed $36,194,434 in assets and $41,428,577 in
liabilities in its schedules.
Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
represents the Debtors in their restructuring efforts. The
Debtors tapped Zolfo Cooper, LLC, as restructuring advisor; and
Kurtzman Carson Consultants LLC serves as notice and claims agent.
Lowenstein Sandler PC from Roseland, New Jersey, represents the
Official Committee of Unsecured Creditors.
The Chapter 11 case is financed with a $5 million secured loan
from Bank of Oklahoma. Bank of Oklahoma, as DIP agent, is
represented by Samuel S. Ory, Esq., at Frederic Dorwart Lawyers in
Tulsa.
FX4 LLC: Arby's Franchisee Squeezes Out Profit in January
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that FX4 LLC and affiliates reported a profit of $13,700
in January before reorganization expenses. The operating report
filed in bankruptcy court said sales were $508,000 in the month.
In January, interest was $6,150 while rent was $58,700.
About FX 4 LLC
Three related Scottsdale, Arizona limited-liability companies that
operate 54 Arby's fast-food restaurants in Arizona and one in New
Mexico have filed for Chapter 11 bankruptcy protection in Phoenix
Bankruptcy Court (Bankr. D. Ariz. Lead Case No. 11-33622). The
restaurants are owned by FX4 LLC, FX4A LLC and FX4B LLC, all
headed by Scottsdale businessman Charles Harmon.
The three entities claim liabilities of $21.7 million and assets
of $10.5 million. Bradley Stevens, Esq., a Phoenix attorney
handling the bankruptcy, said the three petitions likely will be
consolidated. Of the debt, about $15.5 million is reported to be
owned to creditors holding secured claims. Mr. Stevens said the
principal creditor is Bank of America.
The restaurants have struggled through the economic downturn and
that the bankruptcy proceeding will allow the operator to reject
leases and close unprofitable locations.
The report notes that Mr. Stevens said the group has not
determined which restaurants it will seek to close.
Bradley Jay Stevens, Esq., at Jennings, Strouss & Salmon, P.L.C.,
serves as counsel to the Debtor. The Debtor disclosed $2,400,442
in assets and $2,165,915 in liabilities.
The U.S. Trustee reported that no creditor of the Debtors was
willing to serve on the Official Committee of Unsecured Creditors.
GENERAL MARITIME: Has $3.4 Million January Operating Loss
---------------------------------------------------------
General Maritime Corp., et al., reported a $3.4 million operating
loss on $29 million of revenue in January. Interest expense was
$5.5 million and reorganization items totaled $54.9 million. Net
loss for the month was $63.7 million. The Debtors disclosed total
assets of $1.67 billion and total liabilities of $1.49 billion as
of Jan. 31, 2012. A copy of the operating report is available at
http://is.gd/He3taj
About General Maritime
New York-based General Maritime Corporation, through its
subsidiaries, provides international transportation services of
seaborne crude oil and petroleum products. The Company's fleet is
comprised of VLCC, Suezmax, Aframax, Panamax and product carrier
vessels. The fleet consisted of 30 owned vessels and three
chartered vessels. The company generates substantially all of its
revenues by chartering its fleet to third-party customers. The
largest customers include major international oil companies, oil
producers, and oil traders such as BP, Chevron Corporation, CITGO
Petroleum Corp., ConocoPhillips, Exxon Mobil Corporation, Hess
Corporation, Lukoil Oil Company, Stena AB, and Trafigura.
General Maritime and 56 subsidiaries filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 11-15285) on Nov. 17,
2011. Douglas Mannal, Esq., and Adam C. Rogoff, Esq., at Kramer
Levin Naftalis & Frankel LLP, in New York, serve as counsel to the
Debtors. Moelis & Company is the financial advisor. Garden City
Group Inc. is the claims and notice agent.
Prepetition, General Maritime reached agreements with its key
senior lenders, including its bank group, led by Nordea Bank
Finland plc, New York Branch as administrative agent, as well as
affiliates of Oaktree Capital Management, L.P., on the terms of a
restructuring. Under terms of the agreements, Oaktree will
provide a $175 million new equity investment in General Maritime
and convert its prepetition secured debt to equity.
In conjunction with the filing, General Maritime has received a
commitment for up to $100 million in new DIP financing from a
group of lenders led by Nordea as administrative agent.
Counsel for Nordea, as the DIP Agent and the Senior Agent, are
Thomas E. Lauria, Esq., and Scott Greissman, Esq., at White & Case
LLP. Counsel for Oaktree Capital Management, the Junior Agent,
are Edward Sassower, Esq., and Brian Schartz, Esq., at Kirkland &
Ellis, LLP.
The Official Committee of Unsecured Creditors appointed in the
case has retained lawyers at Jones Day as Chapter 11 counsel.
Jones Day previously represented an ad hoc group of holders of the
12% Senior Notes due 2017 issued by General Maritime Corp. This
representation began Sept. 20, 2011, and concluded Nov. 29, 2011,
with the agreement of all members of the Noteholders Committee.
The Creditors Committee also tapped Lowenstein Sandler PC as
special conflicts counsel.
The Noteholders Committee consisted of Capital Research and
Management Company, J.P. Morgan Investment Management, Inc., J.P.
Morgan Securities LLC, Stone Harbor Investment Partners LP and
Third Avenue Focused Credit Fund.
The Creditors Committee is comprised of Bank of New York Mellon
Corporate Trust, Stone Harbor Investment Partners, Delos
Investment Management, and Ultramar Agencia Maritima Ltda.
The Company filed a proposed Chapter 11 plan on Jan. 31, 2012, to
implement an agreement reached prepetition with affiliates of
Oaktree Capital Management LP, the leader of a group of lenders on
three credits totaling more than $1 billion. The Oaktree group is
to invest $175 million while converting secured debt to equity.
The Plan contemplates a $61.25 million rights offering where
holders of general unsecured claims will have the opportunity to
purchase up to 17.5% of the new equity of the reorganized Company.
The hearing to consider approval of the Plan by the Bankruptcy
Court is scheduled to commence on April 25, 2012.
LEHMAN BROTHERS: Has $27.35 Billion in Cash as of Jan. 31
---------------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and
controlled entities for the month ended January 31, 2012:
Beginning Total Cash & Investments (01/01/12) $28,096,000,000
Total Sources of Cash 854,000,000
Total Uses of Cash (1,604,000,000)
FX Fluctuation (7,000,000)
---------------
Ending Total Cash & Investments (01/31/12) $27,353,000,000
LBHI reported $5.352 billion in cash and investments as of
January 1, 2012, and $6.459 billion as of January 31, 2012.
The monthly operating report also showed that a total of
$20,273,000 was paid last month to the U.S Trustee and
professionals that were retained in the Debtors' Chapter 11
cases.
From September 15, 2008 to January 31, 2012, a total of
$1,584,810,000 was paid to the U.S. Trustee and professionals, of
which $511,995,000 was paid to the Debtors' turnaround manager
Alvarez & Marsal LLC while $382,527,000 was paid to their
bankruptcy counsel, Weil Gotshal & Manges LLP.
A full-text copy of the January 2012 Operating Report is
available for free at:
http://bankrupt.com/misc/LehmanMORJan3112.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.
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)
NEBRASKA BOOK: Ends January with $94.1 Million Cash
---------------------------------------------------
Nebraska Book Company, Inc., et al., reported a net loss of
$121.69 million on $505.02 million of revenues for the ten months
ended Jan. 31, 2012.
The Company's balance sheet as of Jan. 31, 2012, showed $525.77
million in total assets, $686.73 million in total liabilities,
$14.07 million in Series A redeemable preferred stock, and a
$175.03 million total stockholders' deficit.
The Debtor had $94.13 million in cash as of Jan. 31, 2012.
A full-text copy of the monthly operating report is available at:
http://is.gd/3EVsUk
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 has been unable to confirm a pre-packaged Chapter 11
plan that would have swapped some of the existing debt for new
debt, cash and the new stock, due to an inability to secure $250
million in exit financing. The company's exclusive period for
proposing a plan was extended through April 23, 2012.
PMI GROUP: Has $164.8 Million in Cash at Jan. 31
------------------------------------------------
The PMI Group, Inc., disclosed that cash balance at Jan. 31, 2012
was $164.8 million. During the month cash receipts were a mere
$18,500 while disbursements totaled $59,700, including $118,000
for bankruptcy professionals. During the month, net loss was
$69,300. A copy of the operating report is available for free at:
http://is.gd/hugjX5
About PMI Group
Del.-based The PMI Group, Inc., is an insurance holding company
whose stock had, until Oct. 21, 2011, been publicly-traded on the
New York Stock Exchange. Through its principal regulated
subsidiary, PMI Mortgage Insurance Co., and its affiliated
companies, the Debtor provides residential mortgage insurance in
the United States.
The PMI Group filed for Chapter 11 bankruptcy (Bankr. D. Del. Case
No. 11-13730) on Nov. 23, 2011. In its schedules, the Debtor
disclosed $167,963,354 in assets and $770,362,195 in liabilities.
Stephen Smith signed the petition as chairman, chief executive
officer, president and chief operating officer.
The Debtor said in the filing that it does not have the financial
resources to pay the outstanding principal amount of the 4.50%
Convertible Senior Notes, 6.000% Senior Notes and the 6.625%
Senior Notes if those amounts were to become due and payable.
The Debtor is represented by James L. Patton, Esq., Pauline K.
Morgan, Esq., Kara Hammond Coyle, Esq., and Joseph M. Barry, Esq.,
at Young Conaway Stargatt & Taylor LLP.
TRIBUNE CO: Has $2.11 Million Net Loss in January
-------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of January 29, 2012
ASSETS
Current Assets:
Cash and cash equivalents $1,348,524,000
Accounts receivable, net 483,584,000
Inventories 21,750,000
Broadcast rights 194,273,000
Prepaid expenses and other 219,492,000
------------------
Total current assets 2,267,623,000
Property, plant and equipment, net 931,078,000
Other Assets:
Broadcast rights 113,462,000
Goodwill & other intangible assets, net 774,239,000
Prepaid pension costs -
Investments in non-debtor units 1,525,681,000
Other investments 34,368,000
Intercompany receivables from non-debtors 3,050,679,000
Restricted cash 727,450,000
Other 77,207,000
------------------
Total Assets $9,501,787,000
==================
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current portion of broadcast rights $124,352,000
Current portion of long-term debt 2,330,000
Accounts payable, accrued expenses, and other 380,164,000
------------------
Total current liabilities 506,846,000
Pension obligations 519,788,000
Long-term broadcast rights 91,656,000
Long-term debt 4,072,000
Other obligations 158,702,000
------------------
Total Liabilities 1,281,064,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,117,000
Obligations to third parties 13,055,757,000
------------------
Total Liabilities Subject to Compromise 16,514,874,000
Shareholders' Equity (Deficit) (8,294,151,000)
------------------
Total Liabilities & Shareholders' Equity
(Deficit) $9,501,787,000
==================
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period From December 26, 2011 to January 29, 2012
Total Revenue $255,747,000
Operating Expenses:
Cost of sales 148,125,000
Selling, general and administrative 85,924,000
Depreciation 12,836,000
Amortization of intangible assets 1,500,000
------------------
Total operating expenses 248,385,000
------------------
Operating Profit (Loss) 7,362,000
------------------
Income on equity investments, net 913,000
Interest expense, net (4,486,000)
Management fee (1,192,000)
Non-operating income (loss), net -
------------------
Income (loss) before income taxes & Reorg. Costs 2,597,000
Reorganization costs (4,327,000)
------------------
Income (loss) before income taxes (1,730,000)
Income taxes (387,000)
------------------
Income (loss) from continuing operations (2,117,000)
Income from discontinued operations, net of tax -
------------------
Net Income (Loss) ($2,117,000)
==================
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period From December 26, 2011 to January 29, 2012
Beginning Cash Balance $2,047,509,000
Cash Receipts:
Operating receipts 310,317,000
Other 3,072,000
------------------
Total Cash Receipts 313,389,000
Cash Disbursements
Compensation and benefits 155,836,000
General disbursements 142,664,000
Reorganization related disbursements 1,363,000
------------------
Total Disbursements 299,863,000
------------------
Debtors' Net Cash Flow 13,526,000
------------------
From/(To) Non-Debtors 2,706,000
------------------
Net Cash Flow 16,232,000
------------------
Other (1,626,000)
------------------
Ending Available Cash Balance $2,062,115,000
==================
According to the monthly operating report ended Jan. 29, 2012,
Tribune spent $233,250,041 in payments made to bankruptcy
professionals. Tribune bankruptcy counsel Sidley Austin LLP
collected the highest fees with $68,993,339, followed by
Chadbourne Parke LLP, the Official Committee of Unsecured
Creditors' counsel, with $42,246,573, and Alvarez & Marsal North
America, LLC, the Debtors' financial advisor, with $18,105,456.
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.
Protracted negotiations and mediation efforts and numerous
proposed plans of reorganization filed by Tribune Co. and
competing creditor groups have delayed Tribune's emergence from
bankruptcy. Many of the disputes among creditors center on the
2007 leveraged buyout fraudulence conveyance claims, the
resolution of which is a key issue in the bankruptcy case. The
bankruptcy court has scheduled a May 16 hearing on Tribune's plan.
Tribune CRO Don Liebentritt said it is possible the media company
could emerge late in the third quarter of 2012.
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)
WASHINGTON MUTUAL: Has $4.46 Billion in Cash at Jan. 31
-------------------------------------------------------
At the end of January, Washington Mutual Inc. had $4.463 billion
in cash and cash equivalents following disbursements totaling
$3.26 million and receipts of $6.21 million during the month.
Affiliate WMI Investment Corp. had $277.2 million cash and short
term securities, following a net cash flow of $179,000.
Net loss during the month was $33.8 million for Washington Mutual
Inc. and $51,000 for WMI Investment. Total professional fees paid
during the month were $13.5 million, raising the total fees paid
in WaMu's case to $1272.7 million.
As of Jan. 31, 2012, Washington Mutual had $6.69 billion in total
assets and liabilities of $8.4 billion, of which $8.37 billion are
prepetition liabilities subject to compromise. WMI Investment
had assets of $91.4 million and total liabilities of $14,800 as of
Jan. 31, 2012.
A copy of the MOR filed with the Securities and Exchange
Commission is available for free at http://is.gd/IvZG1V
About Washington Mutual
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.
Records filed Jan. 24, 2012, say that Washington Mutual Inc.,
former owner of the biggest U.S. bank to fail, has spent $232.8
million on bankruptcy professionals since filing its Chapter 11
case in September 2008.
Washington Mutual, Inc. disclosed that Judge Mary Walrath at a
hearing Feb. 17 said she will approve WaMu's reorganization plan,
thus concluding the three and one-half year-old bankruptcy.
The Plan is based on a global settlement intended to remove almost
all opposition to the reorganization and remedy defects the judge
identified in September. The plan is designed to distribute
$7 billion. Under the reorganization plan, WaMu will establish a
liquidating trust to make distributions to parties-in-interest on
account of their allowed claims.
*********
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 2012 . All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter Chapman
at 240/629-3300.
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