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/raid1/www/Hosts/bankrupt/TCR_Public/120324.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 24, 2012, Vol. 16, No. 83 Headlines AMERICANWEST BANCORP: Ends Feb. With $5.53 Million in Cash CAGLE'S, INC.: Posts Net Loss of $868,000 for January 2012 DYNEGY HOLDINGS: Ends Jan. 2012 With $32.32 Million in Cash MF GLOBAL: Reports Net Cash Flow of $2.19 Million in Feb. 2012 PFF BANCORP: Post $472,586 Net Loss in January 2012 ********* AMERICANWEST BANCORP: Ends Feb. With $5.53 Million in Cash ---------------------------------------------------------- AmericanWest Bancorporation reported a net loss of $7.81 million for the month ended Feb. 29, 2012. The Company's balance sheet as of Feb. 29, 2012, showed total assets of $6.96 million, total liabilities of $47.41 million, resulting in an owners' deficit of $40.45 million. The Company ended the month of February with total cash of $5.53 million, compared to total cash of $5.54 million at the end of January. A full text copy of the monthly operating report is available for free at: http://bankrupt.com/misc/americanwest.pdf About AmericanWest Bancorporation Headquartered in Spokane, Washington, AmericanWest Bancorporation (OTC BB: AWBC) -- http://www.awbank.net/-- was a bank holding company whose principal subsidiary was AmericanWest Bank, which included Far West Bank in Utah operating as an integrated division of AmericanWest Bank. AmericanWest Bank was a community bank with 58 financial centers located in Washington, Northern Idaho and Utah. AmericanWest Bancorporation filed for Chapter 11 protection (Bankr. E.D. Wash. Case No. 10-06097) on Oct. 28, 2010. The banking subsidiary was not included in the Chapter 11 filing. Christopher M. Alston, Esq., and Dillon E. Jackson, Esq., at Foster Pepper Shefelman PLLC, in Seattle, Washington, serve as bankruptcy counsel. G. Larry Engel, Esq., at Morrison & Foerster LLP, also serves as counsel. The Debtor estimated assets of $1 million to $10 million and debts of $10 million to $50 million in its Chapter 11 petition. AmericanWest Bancorporation's estimates exclude its banking unit's assets and debts. In its Form 10-Q filed with the Securities and Exchange Commission before the Petition Date, AmericanWest Bancorporation reported consolidated assets -- including its bank unit's -- of $1.536 billion and consolidated debts of $1.538 billion as of Sept. 30, 2010. In December 2010, AmericanWest completed the sale of all outstanding shares of AmericanWest Bank to a wholly owned subsidiary of SKBHC Holdings LLC, in a transaction approved by the U.S. Bankruptcy Court. CAGLE'S, INC.: Posts Net Loss of $868,000 for January 2012 ---------------------------------------------------------- Cagle's, Inc., reported a net loss of $868,000 for the period from Jan. 1, 2012 to Jan. 28, 2012. As of Jan. 28, 2012, the company had total assets of $79,823,000, total liabilities of $74,336,000 and total stockholders' equity of $5,487,000. As of Jan. 1, 2012, Cagle's had $2,965,000 in funds. The company had total cash receipts of $80,847,000 and total cash disbursements of $81,567,000. As a result, as of Jan. 28, 2012, Cagle's had total cash of $1,745,000. A full-text copy of the monthly operating report is available for free at: http://bankrupt.com/misc/cagle.pdf About Cagle's Cagle's Farms (NYSE: CGL.A) -- http://www.cagles.net/-- engages in the production, marketing, and distribution of fresh and frozen poultry products in the United States. Cagle's Inc. and its wholly owned subsidiary Cagle's Farms filed on Oct. 19, 2011, voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 11-80202 and 11-80203). Paul K. Ferdinands, Esq., at King & Spalding, in Atlanta, Georgia, serves as counsel. FTI Consulting, Inc., serves as the Debtors' financial advisors. Kurtzman Carson LLC serves as their claims, noticing, and balloting agent. In its schedules, Cagle's Inc. disclosed $81,998,077 in assets and $55,304,599 in liabilities as of the Petition Date. The Official Committee of Unsecured Creditors is represented by McKenna Long & Aldridge LLP and Lowenstein Sandler as counsel. J.H. Cohn LLP serves as its financial advisors. No trustee or examiner has been appointed in the Debtors' bankruptcy cases. DYNEGY HOLDINGS: Ends Jan. 2012 With $32.32 Million in Cash ----------------------------------------------------------- Dynegy Holdings LLC reported net income of $24.66 million for the month ended Jan. 31, 2012. Since the petition date, the Company reported cumulative net losses of $1.01 billion. As of Jan. 31, 2012, Dynegy Holdings LLC had total assets of $6.66 billion, total liabilities of $6.60 billion, and total shareholder's equity of $62.37 million. At the beginning of the month, the company had $32.46 in cash. Dynegy had total cash receipts of $9.31 million and total cash disbursements of $9.45 million during January 2012. As a result, the company had total cash of $32.32 million at the end of the month. A full-text copy of the monthly operating report is available for free at: http://bankrupt.com/misc/dynegy.pdf About Dynegy Inc. Through its subsidiaries, Houston, Texas-based Dynegy Inc. (NYSE: DYN) -- http://www.dynegy.com/-- produces and sells electric energy, capacity and ancillary services in key U.S. markets. The power generation portfolio consists of approximately 12,200 megawatts of baseload, intermediate and peaking power plants fueled by a mix of natural gas, coal and fuel oil. In August, Dynegy implemented an internal restructuring that created two units, one owning eight primarily natural gas-fired power generation facilities and another owning six coal-fired plants. Dynegy missed a $43.8 million interest payment Nov. 1, 2011, and said it was discussing options for managing its debt load with certain bondholders. Dynegy Holdings LLC and four other affiliates of Dynegy Inc. sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-38111) Nov. 7 to implement an agreement with a group of investors holding more than $1.4 billion of senior notes issued by Dynegy's direct wholly-owned subsidiary, Dynegy Holdings, regarding a framework for the consensual restructuring of more than $4.0 billion of obligations owed by DH. If this restructuring support agreement is successfully implemented, it will significantly reduce the amount of debt on the Company's consolidated balance sheet. Dynegy Holdings disclosed assets of $13.77 billion and debt of $6.18 billion, while Roseton LLC and Dynegy Danskammer LLC each estimated $100 million to $500 million in assets and debt. Dynegy Holdings and its affiliated debtor-entities are represented in the Chapter 11 proceedings by Sidley Austin LLP as their reorganization counsel. Dynegy and its other subsidiaries are represented by White & Case LLP, who is also special counsel to the Debtor Entities with respect to the Roseton and Danskammer lease rejection issues. Dynegy was advised by Lazard Freres & Co. LLC and the Debtor Entities' financial advisor is FTI Consulting. The Official Committee of Unsecured Creditors has tapped Akin Gump Strauss Hauer & Feld LLP as counsel nunc pro tunc to November 16, 2011. Bankruptcy Creditors' Service, Inc., publishes DYNEGY BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding undertaken by affiliates of Dynegy Inc. (http://bankrupt.com/newsstand/or 215/945-7000) MF GLOBAL: Reports Net Cash Flow of $2.19 Million in Feb. 2012 -------------------------------------------------------------- MF Global Holdings Ltd. reported consolidated net cash flows of $2.19 million for the month ended Feb. 29, 2012. The company reported total cash inflows of $3.32 million and total cash outflows of $1.13 million. A full text copy of the monthly operating report is available for free at: http://bankrupt.com/misc/MFglobal.pdf About MF Global New York-based MF Global (NYSE: MF) -- http://www.mfglobal.com/-- is one of the world's leading brokers of commodities and listed derivatives. MF Global provides access to more than 70 exchanges around the world. The firm is also one of 22 primary dealers authorized to trade U.S. government securities with the Federal Reserve Bank of New York. MF Global's roots go back nearly 230 years to a sugar brokerage on the banks of the Thames River in London. MF Global Holdings Ltd. and MF Global Finance USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15059 and 11-5058) on Oct. 31, 2011, after a planned sale to Interactive Brokers Group collapsed. As of Sept. 30, 2011, MF Global had $41,046,594,000 in total assets and $39,683,915,000 in total liabilities. It is easily the largest bankruptcy filing so far this year. Judge Honorable Martin Glenn presides over the Chapter 11 case. J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve as bankruptcy counsel. The Garden City Group, Inc., serves as claims and noticing agent. The petition was signed by Bradley I. Abelow, Executive Vice President and Chief Executive Officer of MF Global Finance USA Inc. The Securities Investor Protection Corporation commenced liquidation proceedings against MF Global Inc. to protect customers. James W. Giddens was appointed as trustee pursuant to the Securities Investor Protection Act. He is a partner at Hughes Hubbard & Reed LLP in New York. Jon Corzine, the former New Jersey governor and co-CEO of Goldman Sachs Group Inc., stepped down as chairman and chief executive officer of MF Global just days after the bankruptcy filing. U.S. regulators are investigating about $633 million missing from MF Global customer accounts, a person briefed on the matter said Nov. 3, according to Bloomberg News. Bankruptcy Creditors' Service, Inc., publishes MF GLOBAL BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding undertaken by MF Global Holdings and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) PFF BANCORP: Post $472,586 Net Loss in January 2012 --------------------------------------------------- PFF Bancorp, Inc., reported a net loss of $472,586 for the month ended Jan. 31, 2012. Since the petition date, the company reported a net loss of $148.13 million on revenues of $0.22 million. As of Jan. 31, 2012, the company had total assets of $55.05 million, total liabilities of $160.53 million and total stockholders' deficit of $105.48 million. At the beginning of the month, the company had $93,072 in cash. PFF Bancorp had total cash receipts of $1,088 and total cash disbursements of $876 during January 2012. As a result, at the end of January 2012, PFF Bancorp had total cash of $93,284. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/PFFbancorp_janmor.pdf 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 (Bankr. D. Del. Case No. 08-13127 to 08-13131) on Dec. 5, 2008. 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. ********* 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. *** End of Transmission ***