/raid1/www/Hosts/bankrupt/TCR_Public/120512.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, May 12, 2012, Vol. 16, No. 131
Headlines
AFA INVESTMENT: Expects $197.6-Mil. in Cash in 3 Months
AMBAC FINANCIAL: Ends February With $23.9 Million Cash
AMERICAN WEST: Has $945,700 Net Loss in March
BLOCKBUSTER INC: Debtor Has $34.3 Mil. Cash at March 31
CANO PETROLEUM: Has $298,900 Net Loss in March
CLIFFS CLUB: Has $426,000 Cash Profit in March
CONTRACT RESEARCH: Expects to Pay $8MM to Advisors in 14 Weeks
DELTA PETROLEUM: Reports $5-Mil. Net Loss in March
DYNEGY HOLDINGS: Ends March With $20.88 Million in Cash
EASTMAN KODAK: Reports Net Loss of $128.66 Million in March
ENERGY CONVERSION: Ends March With $2.60 Million in Cash
ENERGY CONVERSION: United Solar Ends March With $5.71 Mil. in Cash
GETTY PETROLEUM: Has $3.8 Million Net Loss in March
HOSTESS BRANDS: March Loss Attributable to Bankruptcy Costs
INDIANAPOLIS DOWNS: Has $3.11-Mil. Profit in March
INTERNATIONAL MEDIA: Has $647,600 Loss in March
JER/JAMESON: Affiliate has $1.47-Mil. Profit for March
MARCO POLO: Has $3.19-Mil. Net Loss in March
MF GLOBAL: MGH Has $2.77-Mil. Net Cash Flow in March
MSR RESORT: Has $382,000 Net Loss in March
NEW STREAM: Reports $1.6-Mil. Net Loss in March
RE LOANS: Has $29 Million Net Loss in March
ROOMSTORE INC: Incurs $3.53 Million Net Loss in February
SAAB CARS: Files Projections for 13 Weeks Ended May 28
SAINT VINCENTS: Has $4.15-Mil. Income in February
SHENGDATECH INC: Cash Down to $5.88 Million as of March 31
TRIBUNE CO: Has $34.16 Million Net Profit in March
*********
AFA INVESTMENT: Expects $197.6-Mil. in Cash in 3 Months
-------------------------------------------------------
AFA Investment in its initial monthly operating report said it
forecasts cash receipts to total $197.6 million in the period
April 2, 2012 to July 1, 2012. The three-month projection
believes that cash receipts will be on account of $162.5 million
in sales and $35.1 million of DIP financing advances. The Debtor
expects that disbursements will be equal to the projected cash
receipts during the period. Projected disbursements include $7.15
million for payroll and $2.28 million for professional fees.
A copy of the monthly operating report is available for free at
http://bankrupt.com/misc/AFA_Inv_MOR_Projections.pdf
About AFA Foods
King of Prussia, Pennsylvania-based AFA Foods Inc. is one of the
largest processors of ground beef products in the United States.
The Company has five processing facilities and two ancillary
facilities across the country with annual processing capacity of
800 million pounds. AFA has seven facilities capable of producing
800 million pound of ground beef annually. Revenue in 2011 was
$958 million.
Yucaipa Cos. acquired the business in 2008 and currently owns 92%
percent of the common stock and all of the preferred stock.
AFA Foods, AFA Investment Inc. and other affiliates filed for
Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-11127) on
April 2, 2012, after recent changes in the market for its ground
beef products and the impact of negative media coverage related to
boneless lean beef trimmings -- BLBT -- affected sales.
Judge Mary Walrath presides over the case. Lawyers at Jones Day
and Pachulski Stang Ziehl & Jones LLP serve as the Debtors'
counsel. FTI Consulting Inc. serves as financial advisors and
Imperial Capital LLC serves as marketing consultants. Kurtzman
Carson Consultants LLC serves as noticing and claims agent.
As of Feb. 29, 2012, on a consolidated basis, the Debtors' books
and records reflected approximately $219 million in assets and
$197 million in liabilities.
Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed seven
members to the official committee of unsecured creditors in the
Chapter 11 cases of AFA Investment Inc., AFA Foods and their
debtor-affiliates. McDonald Hopkins LLC and Potter Anderson &
Corroon LLP represents the Committee.
AMBAC FINANCIAL: Ends February With $23.9 Million Cash
------------------------------------------------------
Ambac Financial Group, Inc.
Balance Sheet
As of February 29, 2012
ASSETS:
Current Assets:
Unrestricted Cash and Equivalents $23,941,969
Restricted Cash and Cash Equivalents 2,500,000
Accounts Receivable -
Notes Receivable 1,077,640
Inventories -
Prepaid Expenses 406,535
Professional Retainers 3,487,356
Other Current Assets 10,051,499
----------------
Total Current Assets 41,464,999
Property & Equipment:
Real Property and Improvements -
Machinery & Equipment -
Furniture, Fixtures, and Office Equipment -
Leasehold Improvements -
Vehicles -
Less: Accumulated Depreciation -
----------------
Total Property & Equipment -
Other Assets:
Amounts Due From Insiders 291,308
Other Assets (1,954,529,962)
----------------
Total Other Assets (1,954,238,654)
----------------
Total Assets ($1,912,773,655)
================
LIABILITIES AND OWNERS' EQUITY:
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable -
Taxes Payable $1,900,000
Wages Payable -
Notes Payable -
Rent/Leases - Building/Equipment -
Secured Debt/Adequate Protection Payments -
Professional Fees 14,392,243
Amounts Due to Insiders -
Other Postpetition Liabilities -
----------------
Total Postpetition Liabilities 16,292,243
Liabilities Subject to Compromise (Prepetition):
Secured Debt -
Priority Debt -
Unsecured Debt 1,707,456,455
----------------
Total Prepetition Liabilities 1,707,456,455
Total Liabilities 1,723,748,698
Owners' Equity:
Capital Stock 3,080,168
Additional Paid-in Capital 2,172,026,548
Partners' Capital Account -
Owners' Equity Account -
Retained earnings - prepetition (3,896,443,042)
Retained earnings - postpetition (2,006,550,393)
Adjustments to Owner Equity 91,364,366
Postpetition Contributions -
----------------
Net Owners' Equity (3,636,522,353)
----------------
Total Liabilities & Owners' Equity ($1,912,773,655)
================
Ambac Financial Group, Inc.
Statement of Operations
For the month ended February 29, 2012
Gross Revenues -
Less: Returns & Allowances -
----------------
Net Revenue -
Cost of Goods Sold:
Beginning Inventory -
Add: Purchases -
Cost of labor -
Other costs -
Less: Ending Inventory -
----------------
Cost of Goods Sold -
Gross Profit -
Operating Expenses:
Advertising -
Auto and Truck Expense -
Bad Debts -
Contributions -
Employee Benefits Programs ($313,164)
Officer/Insider Compensation 2,226,626
Insurance 509,496
Management Fees/Bonuses -
Office Expense 9,572
Pension & profit sharing plans -
Repairs & Maintenance -
Rent and Lease Expense -
Salaries/Commissions/Fees -
Supplies 625
Taxes - Payroll 39,962
Taxes - Real Estate -
Taxes - Other (8,595)
Travel & Entertainment -
Utilities -
Other 2,158,096
----------------
Total Operating Expenses Before 4,622,618
Depreciation
Depreciation/Depletion/Amortization -
----------------
Net profit(loss) Before Other Income &
Expenses (4,622,618)
Other Income and Expenses:
Other income 8,417,418
Interest Expense -
Other Expense 1,886,517,895
----------------
Net profit (loss) Before Reorganization Items (1,882,723,095)
Reorganization Items:
Professional Fees 41,327,927
U.S. Trustee Quarterly Fees 56,878
Interest on Cash from Chapter 11 -
Gain from Sale of Equipment -
Other Reorganization Expenses 40,483,947
----------------
Total Reorganization Expenses 81,868,752
----------------
Income Taxes 3,763,849
----------------
Net Profit (Loss) ($1,968,355,696)
================
Ambac Financial Group, Inc.
Schedule of Cash Receipts and Disbursements
For the month ended February 29, 2012
Cash Beginning of Month $24,860,825
Receipts:
Cash Sales -
Accounts Receivable - Prepetition -
Accounts Receivable - Postpetition -
Loans and Advances -
Sale of Assets -
Other 5,429
Transfers 1,812,901
----------------
Total Receipts 1,818,330
Disbursements:
Gross Payroll -
Sales, Use, & Other Taxes 20,654
Inventory Purchases -
Secured/Rental/Leases -
Insurance -
Administrative -
Selling -
Other 903,631
Owner Draw -
Transfers (to DIP Accts.) 1,812,901
Professional Fees -
U.S. Trustee Quarterly Fees -
Court Costs -
----------------
Total Disbursements 2,737,186
----------------
Net Cash Flow (918,856)
----------------
Cash - End of Month $23,941,969
================
About Ambac Financial
Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.
Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
10-15973) in Manhattan on Nov. 8, 2010. Ambac said it will
continue to operate in the ordinary course of business as "debtor-
in-possession" under the jurisdiction of the Bankruptcy Court and
in accordance with the applicable provisions of the Bankruptcy
Code and the orders of the Bankruptcy Court.
Ambac's bond insurance unit, Ambac Assurance Corp., did not file
for bankruptcy. AAC is being restructured by state regulators in
Wisconsin. AAC is domiciled in Wisconsin and regulated by the
Office of the Commissioner of Insurance of the State of Wisconsin.
The parent company is not regulated by the OCI.
Ambac's consolidated balance sheet -- which includes non-debtor
Ambac Assurance Corp -- showed US$30.05 billion in total assets,
US$31.47 billion in total liabilities, and a US$1.42 billion
stockholders' deficit, at June 30, 2010.
On an unconsolidated basis, Ambac said in a court filing that
it has assets of (US$394.5 million) and total liabilities of
US$1.6826 billion as of June 30, 2010.
Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about US$1.62 billion.
Peter A. Ivanick, Esq., Allison H. Weiss, Esq., and Todd L.
Padnos, Esq., at Dewey & LeBoeuf LLP, serve as the Debtor's
bankruptcy counsel. The Blackstone Group LP is the Debtor's
financial advisor. Kurtzman Carson Consultants LLC is the claims
and notice agent. KPMG LLP is tax consultant to the Debtor.
Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel
to the Official Committee of Unsecured Creditors. Lazard Freres
& Co. LLC is the Committee's financial advisor.
Bankruptcy Creditors' Service, Inc., publishes Ambac Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Ambac Financial Group and the restructuring proceedings of
Ambac Assurance Corp. (http://bankrupt.com/newsstand/or 215/945-
7000).
AMERICAN WEST: Has $945,700 Net Loss in March
---------------------------------------------
American West Development incurred a $945,700 net loss during the
month of March. The Debtor ended the month with $3.39 million in
cash after receiving a total of $3.82 million and disbursing
$3.07 million during the month. At March 31, 2012, the Debtor had
total assets of $59.8 million and total liabilities of $195.2
million. A copy of the monthly operating report is available for
free at http://bankrupt.com/misc/AMWest_MOR_Mar2012.pdf
About American West
American West Development, Inc. -- fdba Castlebay 1, Inc., et al.
-- is a homebuilder in Las Vegas, Nevada, founded on July 31,
1984. Initially, AWDI was known as CKC Corporation, but later
changed its name.
AWDI filed for Chapter 11 bankruptcy protection (Bankr. D. Nev.
Case No. 12-12349) on March 1, 2012. Judge Mike K. Nakagawa
presides over the case. Brett A. Axelrod, Esq., and Micaela
Rustia Moore, Esq., at Fox Rothschild LLP, serve as AWDI's
bankruptcy counsel. Nathan A. Schultz, P.C., is AWDI's conflicts
counsel. AWDI hired Garden City Group as its claims and notice
agent. American West disclosed $55,392,951 in assets and
$208,495,200 in liabilities as of the Chapter 11 filing.
BLOCKBUSTER INC: Debtor Has $34.3 Mil. Cash at March 31
-------------------------------------------------------
What's left of the debtor previously known as Blockbuster Inc.
ended the month of March with $34.3 million in cash. The Debtor,
which renamed itself to BB Liquidating Inc. after selling the
business to Dish Network Corp, said that it paid $482,000 to
bankruptcy professionals during the month and $1.44 million for
administrative priority expenses. The Debtor paid $370,000 to
professionals in February. BB Liquidating says that it has total
assets of $41.8 million and $1.35 billion in liabilities subject
to compromise and $4.1 million in other liabilities as of March
31, 2012.
Copies of the February and March monthly operating reports are
available at:
http://bankrupt.com/misc/BB_MOR_Feb2012.pdf
http://bankrupt.com/misc/BB_MOR_Mar2012.pdf
About Blockbuster Inc.
Blockbuster Inc., the movie rental chain with a library of
more than 125,000 titles, along with 12 U.S. affiliates,
initiated Chapter 11 bankruptcy proceedings with a pre-arranged
reorganization plan in Manhattan (Bankr. S.D.N.Y. Case No.
10-14997) on Sept. 23, 2010. It disclosed assets of $1 billion
and debts of $1.4 billion at the time of the filing.
Martin A. Sosland, Esq., and Stephen Karotkin, Esq., at Weil,
Gotshal & Manges, serve as counsel to the U.S. Debtors.
Rothschild Inc. is the financial advisor. Alvarez & Marsal is the
restructuring advisor with A&M managing director Jeffery J.
Stegenga as chief restructuring officer. Kurtzman Carson
Consultants LLC is the claims and notice agent. The Official
Committee of Unsecured Creditors retained Cooley LLP as its
counsel.
In April 2011, Blockbuster conducted a bankruptcy court-sanctioned
auction for all the assets. Dish Network Corp. won with an offer
having a gross value of $320 million. The Debtor was renamed to
BB Liquidating Inc. following closing of the sale.
CANO PETROLEUM: Has $298,900 Net Loss in March
----------------------------------------------
Cano Petroleum, Inc., reported a net loss of $298,900 on zero
revenue during the period March 8, 2012 to March 31, 2012. The
Company disclosed $132.5 million in assets and $82.65 million in
liabilities as of March 31, 2012. The Company ended the month
with $496,000 cash after a negative net cash flow of $94,400
during the period.
Copies of the operating reports of Cano Petroleum and its
affiliates are available at:
http://bankrupt.com/misc/Cano_Lead_MOR_Mar2012.pdf
http://bankrupt.com/misc/Cano_Ladder_MOR_Mar2012.pdf
http://bankrupt.com/misc/Cano_NM_MOR_Mar2012.pdf
http://bankrupt.com/misc/Cano_Square_MOR_Mar2012.pdf
http://bankrupt.com/misc/Cano_Tri_MOR_Mar2012.pdf
http://bankrupt.com/misc/Cano_Wo_MOR_Mar2012.pdf
http://bankrupt.com/misc/Cano_WoNev_MOR_Mar2012.pdf
http://bankrupt.com/misc/Cano_WoOp_MOR_Mar2012.pdf
http://bankrupt.com/misc/Cano_WoPro_MOR_Mar2012.pdf
About Cano Petroleum
Cano Petroleum, Inc. (NYSE Amex: CFW), an independent Texas-
based energy producer with properties in the mid-continent region
of the United States, filed for Chapter 11 bankruptcy (Bank. N.D.
Tex. Lead Case No. 12-31549) on March 7, 2012. Other affiliates
also sought bankruptcy protection: Cano Petro of New Mexico,
Ladder Companies, Inc., Square One Energy, Inc., Tri-Flow, Inc.,
W.O. Energy of Nevada, Inc., W.O. Operating Company, Ltd., W.O.
Production Company, Ltd., and WO Energy, Inc. The cases are
jointly administered.
The Debtors filed for bankruptcy to pursue a sale under a joint
plan of reorganization filed on the petition date. Cano Petroleum
have entered into a Stalking Horse Stock Purchase Agreement with
NBI Services Inc., pursuant to which NBI would purchase all of the
shares of common stock that would be issued by Reorganized Cano
under the Plan for $47.5 million. The deal is subject to higher
and better offers and a possible auction.
The petitions were filed by James R. Latimer, III, chief executive
officer. Judge Barbara J. Houser oversees the case. The Debtors
are represented by lawyers at Thompson & Knight LLP, in Dallas
Texas.
Cano Petroleum's consolidated balance sheet at Sept. 30, 2011,
showed $63.37 million in total assets, $116.25 million in total
liabilities, and a $52.88 million total stockholders' deficit. In
schedules filed with the Court, Cano Petroleum disclosed
$1.16 million in assets and $82.5 million in liabilities.
Union Bank of California, the administrative agent and issuing
lender under the Debtors' prepetition senior credit facility; and
UnionBanCal Equities, Inc., the administrative agent and issuing
lender, under the junior credit facility, are represented by:
William A. "Trey" Wood III, Esq., at Bracewell & Giuliani LLP.
CLIFFS CLUB: Has $426,000 Cash Profit in March
----------------------------------------------
The Cliffs Club & Hospitality Group, Inc., et al., reported cash
profit of $426,000 following income of $3.73 million and expenses
of $3.3 million in March 2012. Cash at the end of the month was
$2.30 million. Expenses during the month totaled $3.3 million.
A copy of the operating report is available for free at
http://bankrupt.com/misc/Cliffs_Club_MOR_Mar2012.pdf
About Cliffs Club
Units of The Cliffs Communities, led by The Cliffs Club &
Hospitality Group, Inc., doing business as The Cliffs Golf &
Country Club, along with 10 affiliates, sought Chapter 11
protection (Bankr. D. S.C. Lead Case No. 12-01220) on Feb. 28,
2012.
The Cliffs has eight premier, private master-planned residential
communities, each to have its own world-class golf course.
Approximately 3,734 lots have been sold. There are currently
1,385 finished homes, with 63 under construction. The properties
for sale are owned by non-debtor DevCo entities.
The Feb. 28 Debtors operate the exclusive membership clubs for
golf, tennis, wellness and social activities at The Cliffs'
communities in North and South Carolina. The clubs have 2,280
members, and there are 766 resigned members with refundable
deposits totaling $37 million. The Debtors do not own the golf
courses -- they only own or lease all the "core amenities" for the
operation of the golf courses.
Another affiliate, Keowee Falls Investment Group, LLC, filed a
Chapter 11 petition (Bankr. D. S.C. Case No. 12-01399) in
Spartanburg, South Carolina, on March 2, 2012. Travelers Rest-
based Keowee Falls estimated at least $100 million in assets and
liabilities of up to $50 million.
Judge John E. Waites presides over the Debtors' cases. Lawyers
at McKenna Long & Aldridge LLP serve as the Debtors' lead counsel.
Dana Elizabeth Wilkinson, Esq., serves as local counsel. Grisanti
Galef & Goldress serves as restructuring advisors and Katie S.
Goodman of GGG serves as CRO. BMC Group Inc. serves as the
Debtors' claims and noticing agent.
According to papers filed in Court, the Debtors' total assets had
a $175 million book value at Dec. 31, 2011. The Debtors' total
liabilities had a $333 million book value at Dec. 31, 2011. The
petition was signed by Timothy P. Cherry, authorized officer.
Wells Fargo, as Indenture Trustee, is represented in the case by
Daniel S. Bleck, Esq., at Mintz Levin Cohn Ferris Glovsky and
Popeo P.C.; and Elizabeth J. Philp, Esq., and Michael Beal, Esq.,
at McNair Law Firm P.A.
The Official Committee of Unsecured Creditors is represented in
the case by John B. Butler, III, P.A., and Jonathan B. Alter,
Esq., at Bingham McCutchen LLP.
CONTRACT RESEARCH: Expects to Pay $8MM to Advisors in 14 Weeks
--------------------------------------------------------------
Contract Research's initial monthly operating report shows
projected total receipts of $23.6 million -- most from collection
of accounts receivable -- during the 14-weeks ended June 29, 2012.
The Debtor expects total fees for bankruptcy professionals to
reach $7.69 million during the period. The Debtor would have
negative net cash flow of $17.1 million during the period. A copy
of the cash flow projections is available for free at
http://bankrupt.com/misc/CETERO_MOR_Initial.pdf
About Cetero
Contract Research Solutions Inc., doing business as Cetero, a
provider of early-phase clinical research services for
pharmaceutical and biotechnology firms, filed a Chapter 11
petition (Bankr. D. Del. Case No. 12-11004) on March 26, 2012.
Cetero's 19 affiliates also sought bankruptcy protection (Bankr.
D. Del. Case Nos. 12-11005 to 12-11023).
Cetero plans to sell the business, including their rights to
pursue avoidance actions, to first-lien secured lenders in
exchange for $50 million in debt, absent higher and better offers.
Cetero has filed a motion seeking approval of procedures that will
govern the bidding and auction. The first-lien lenders have
formed entities that will acquire the business -- CSRI Holdings
LLC, as U.S. Purchaser, and 0935867 B.C. Ltd and 0935870 B.C. Ltd,
as Canadian Purchasers. Together, they will serve as stalking
horse bidders and have offered to exchange $50 million in secured
debt and assume $30 million in liabilities to buy the assets.
First lien lenders are also providing a $15 million loan to
finance the Chapter 11 effort.
Assets are $205 million, with debt total $248 million. There is
$185 million in debt for borrowed money, including $116 million on
a first-lien term loan and revolving credit. The second-lien loan
is $25 million. Second-lien lenders have agreed to the sale.
Freeport Financial LLC serves as the sole lead arranger and
bookrunner, and as U.S. administrative agent and collateral agent
under the first lien facility. Bank of Montreal serves as the
Canadian agent. Freeport is also the agent under the second lien
facility.
Judge Kevin Gross oversees the case. Lawyers at Young Conaway
Stargatt & Taylor, LLP, and Paul Hastings LLP serve as the
Debtors' counsel. Stikeman Elliott LLP serves as Canadian
counsel. Carl Marks Advisory Group LLC serves as restructuring
advisor. Epiq Bankruptcy Solutions serves as claims and notice
agent. The petitions were signed by Michael T. Murren, CFO.
The first lien lenders and the stalking horse buyers are
represented by Peter Knight, Esq., at Latham & Watkings, LLP; and
Wael Rostom, Esq., at McMillan LLP.
Roberta A. Deangelis, U.S. Trustee for Region 3 appointed three
persons to the Official Committee of Unsecured Creditors in the
Chapter 11 cases of Contract Research Solutions, Inc., et al.
DELTA PETROLEUM: Reports $5-Mil. Net Loss in March
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Delta Petroleum Corp. reported a $5 million net loss
in March on total revenue of $3.33 million. The operating report
shows an operating loss of $1.9 million, resulting in part from
lease operating expenses of $1 million and depletion and
amortization expenses of $1.68 million. Professional fees of
$2.33 million in March contributed to the net loss.
About Delta Petroleum
Delta Petroleum Corporation (NASDAQ: DPTR) is an independent oil
and gas company engaged primarily in the exploration for, and the
acquisition, development, production, and sale of, natural gas and
crude oil. Natural gas comprises over 90% of Delta's production
services. The core area of its operations is the Rocky Mountain
Region of the United States, where the majority of the proved
reserves, production and long-term growth prospects are located.
Delta and seven of its subsidiaries sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Case Nos. 11-14006 to 11-14013,
inclusive) on Dec. 16, 2011, roughly six weeks before the Jan. 31,
2012 scheduled maturity of its $38.5 million secured credit
facility with Macquarie Bank Limited and after several months of
unsuccessful attempts to sell the business. Delta disclosed
$375,498,248 in assets and $310,679,157 in liabilities, which also
include $152,187,500 in outstanding obligations on account of the
7% senior unsecured notes issued in March 2005 with US Bank
National Association indenture trustee; and $115,527,083 in
outstanding obligations on account of 3-3/4% Senior Convertible
Notes due 2037 issued in April 2007. In its amended schedules,
the Delta Petroleum disclosed $373,836,358 in assets and
$312,864,788 in liabilities.
W. Peter Beardsley, Esq., Christopher Gartman, Esq., Kathryn A.
Coleman, Esq., and Ashley J. Laurie, Esq., at Hughes Hubbard &
Reed LLP, in New York, N.Y., represent the Debtors as counsel.
Derek C. Abbott, Esq., Ann C. Cordo, Esq., and Chad A. Fights,
Esq., at Morris, Nichols, Arsht & Tunnel LLP, in Wilmington, Del.,
represent the Debtors as co-counsel. Conway Mackenzie is the
Debtors' restructuring advisor. Evercore Group L.L.C. is the
financial advisor and investment banker. The Debtors selected
Epiq Bankruptcy Solutions, LLC as claims and noticing agent. The
petition was signed by Carl E. Lakey, chief executive officer and
president.
Delta will hold an auction for the business on March 26, 2012. No
buyer is under contract. There is $57.5 million in financing for
the Chapter 11 effort.
The U.S. Trustee told the bankruptcy judge that there was
insufficient interest from creditors to form an official committee
of unsecured creditors.
DYNEGY HOLDINGS: Ends March With $20.88 Million in Cash
-------------------------------------------------------
Dynegy Holdings, LLC, on April 27, 2012, filed its monthly
operating report for the month ended March 31, 2012.
The company posted a net loss of $736.52 million for the month
ended March 31, 2012.
As of March 31, 2012, Dynegy Holdings had total assets of $6.26
billion, total liabilities of $6.95 billion and total
stockholders' equity of $691.70 million.
At the beginning of the month, Dynegy Holdings had $26.54 million
in cash. The company had total cash receipts of $3.53 million and
total cash disbursements of $9.20 million. As a result, as of
March 31, 2012, the company had total cash of $20.88 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/dynegy_marmor.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).
EASTMAN KODAK: Reports Net Loss of $128.66 Million in March
-----------------------------------------------------------
Eastman Kodak Company, on April 27, 2012, filed its monthly
operating report for the month ended March 31, 2012.
The Debtor posted a net loss of $128.66 million on revenues of
$108.62 million for the month ended March 31, 2012.
As of March 31, 2012, the Debtor had total assets of $4.39
billion, total liabilities of $5.43 billion and total
stockholders' deficit of $1.04 billion.
Eastman Kodak had total cash receipts of $202.48 million and total
cash disbursements of $216.19 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/kodak_marmor.pdf
About Eastman Kodak
Rochester, New York-based Eastman Kodak Company and its U.S.
subsidiaries on Jan. 19, 2012, filed voluntarily Chapter 11
petitions (Bankr. S.D.N.Y. Lead Case No. 12-10202) in Manhattan.
Subsidiaries outside of the U.S. were not included in the filing
and are expected to continue to operate as usual.
Kodak, founded in 1880 by George Eastman, was once the world's
leading producer of film and cameras. Kodak sought bankruptcy
protection amid near-term liquidity issues brought about by
steeper-than-expected declines in Kodak's historically profitable
traditional businesses, and cash flow from the licensing and sale
of intellectual property being delayed due to litigation tactics
employed by a small number of infringing technology companies with
strong balance sheets and an awareness of Kodak's liquidity
challenges.
In recent years, Kodak has been working to transform itself from a
business primarily based on film and consumer photography to a
smaller business with a digital growth strategy focused on the
commercialization of proprietary digital imaging and printing
technologies. Kodak has 8,900 patent and trademark registrations
and applications in the United States, as well as 13,100 foreign
patents and trademark registrations or pending registration in
roughly 160 countries.
Kodak disclosed $5.10 billion in assets and $6.75 billion in
liabilities as of Sept. 30, 2011. The net book value of all
assets located outside the United States as of Dec. 31, 2011 is
$13.5 million.
Attorneys at Sullivan & Cromwell LLP and Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtors. FTI Consulting,
Inc., is the restructuring advisor. Lazard Freres & Co. LLC, is
the investment banker. Kurtzman Carson Consultants LLC is the
claims agent. A group of second lien lenders are represented by
Akin Gump Strauss Hauer & Feld LLP.
The Official Committee of Unsecured Creditors has tapped
Milbank, Tweed, Hadley & McCloy LLP, as its bankruptcy counsel.
Bankruptcy Creditors' Service, Inc., publishes EASTMAN KODAK
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Eastman Kodak and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000).
ENERGY CONVERSION: Ends March With $2.60 Million in Cash
---------------------------------------------------------
Energy Conversion Devices, Inc., on April 26, 2012, filed its
monthly operating report for the month ended March 31, 2012.
The company reported a net loss of $707,296 for the month ended
March 31, 2012.
As of March 31, 2012, the company had total assets of $1.04
billion, total liabilities of $251.02 million and total
stockholders' equity of $787.07 million.
At the beginning of March, Energy Conversion had $3.09 million in
cash. The company had total cash receipts of $138,387 and total
cash disbursements of $624,460. As a result, at the end of the
month, the company had total cash of $2.60 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/EnergyConversion_marmor.pdf
About Energy Conversion Devices
Energy Conversion Devices -- http://energyconversiondevices.com/
-- has a renowned 51 year history since its formation in Detroit,
Michigan and has been a pioneer in materials science and renewable
energy technology development. The company has been awarded over
500 U.S. patents and international counterparts for its
achievements. ECD's United Solar wholly owned subsidiary has been
a global leader in building-integrated and rooftop photovoltaics
for over 25 years. The company manufactures, sells and installs
thin-film solar laminates that convert sunlight to clean,
renewable energy using proprietary technology.
Energy Conversion Devices filed for Chapter 11 relief (Bankr. E.D.
Mich. Case No. 12-43166) on Feb. 14, 2012. Judge Thomas J. Tucker
presides over the case. Aaron M. Silver, Esq., Judy B. Calton,
Esq., and Robert B. Weiss, Esq., at Honigman Miller Schwartz &
Cohn LLP, in Detroit, Michigan, represent the Debtor as counsel.
The Debtor estimated assets and debts of between $100 million and
$500 million as of the petition date.
The petition was signed by William Christopher Andrews, chief
financial officer and executive vice president. Affiliate United
Solar Ovonic LLC filed a separate Chapter 11 petition on the same
day (Bankr. E.D. Mich. Case No. 12-43167). Affiliate Solar
Integrated Technologies, Inc., filed a petition for relief under
Chapter 7 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 12-
43169.
ENERGY CONVERSION: United Solar Ends March With $5.71 Mil. in Cash
------------------------------------------------------------------
United Solar Ovonic LLC, on April 26, 2012, filed its monthly
operating report for the month ended March 31, 2012.
The Debtor posted a net loss of $9.44 million on revenues of $3.66
million for the month ended March 31, 2012.
As of March 31, 2012, the United Solar had total assets of $142.99
million, total liabilities of $845.09 million and total
stockholders' deficit of $702.10 million.
At the beginning of the month, the Debtor had $4.48 million in
cash. The Debtor had total cash receipts of $4.30 million and
total cash disbursements of $3.08 million. As a result, as of
March 31, 2012, United Solar had total cash of $5.71 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/unitedsolar_marmor.pdf
About Energy Conversion Devices
Energy Conversion Devices -- http://energyconversiondevices.com/
-- has a renowned 51 year history since its formation in Detroit,
Michigan and has been a pioneer in materials science and renewable
energy technology development. The company has been awarded over
500 U.S. patents and international counterparts for its
achievements. ECD's United Solar wholly owned subsidiary has been
a global leader in building-integrated and rooftop photovoltaics
for over 25 years. The company manufactures, sells and installs
thin-film solar laminates that convert sunlight to clean,
renewable energy using proprietary technology.
Energy Conversion Devices filed for Chapter 11 relief (Bankr. E.D.
Mich. Case No. 12-43166) on Feb. 14, 2012. Judge Thomas J. Tucker
presides over the case. Aaron M. Silver, Esq., Judy B. Calton,
Esq., and Robert B. Weiss, Esq., at Honigman Miller Schwartz &
Cohn LLP, in Detroit, Michigan, represent the Debtor as counsel.
The Debtor estimated assets and debts of between $100 million and
$500 million as of the petition date.
The petition was signed by William Christopher Andrews, chief
financial officer and executive vice president. Affiliate United
Solar Ovonic LLC filed a separate Chapter 11 petition on the same
day (Bankr. E.D. Mich. Case No. 12-43167). Affiliate Solar
Integrated Technologies, Inc., filed a petition for relief under
Chapter 7 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 12-
43169.
GETTY PETROLEUM: Has $3.8 Million Net Loss in March
---------------------------------------------------
Getty Petroleum Marketing Inc. reported a net loss of
$3.80 million on $45.4 million of revenue during March 2012.
The Company disclosed $74.9 million in assets and total
liabilities of $157.5 million as of March 31, 2012.
The Debtor had cash receipts of $53.6 million, including
$18.8 million from retail sales, in March 2012. During the month,
disbursements totaled $53.7 million. The Debtor had a total cash
balance of $13.4 million as of March 31, 2012.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/GettyPetroleum_MOR_Mar2012.pdf
About Getty Petroleum
A remnant of J. Paul Getty's oil empire, Getty Petroleum Marketing
markets gasolines, hydraulic fluids, and lubricating oils through
a network of gas stations owned and operated by franchise holders.
A former subsidiary of Russian oil giant LUKOIL, the company
operates in the Mid-Atlantic and Northeastern US states. Getty
Petroleum Marketing's primary asset is the more than 800 gas
stations in the Mid-Atlantic states which are located on
properties owned by Getty Realty. After scaling back the
company's operations to cut debt, in 2011 LUKOIL sold Getty
Petroleum Marketing to investment firm Cambridge Petroleum Holding
for an undisclosed price.
Getty Petroleum and three affiliates filed for Chapter 11
bankruptcy (Bankr. S.D.N.Y. Case Nos. 11-15606 to 11-15609) on
Dec. 5, 2011. Judge Shelley C. Chapman presides over the case.
Loring I. Fenton, Esq., John H. Bae, Esq., Kaitlin R. Walsh, Esq.,
and Michael J. Schrader, Esq., at Greenberg Traurig, LLP, in New
York, N.Y., serve as Debtors' counsel. Ross, Rosenthal & Company,
LLP, serves as accountants for the Debtors. Getty Petroleum
Marketing, Inc., disclosed $46.6 million in assets and $316.8
million in liabilities as of the Petition Date. The petition was
signed by Bjorn Q. Aaserod, chief executive officer and chairman
of the board.
The Official Committee of Unsecured Creditors is represented by
Wilmer Cutler Pickering Hale and Dorr LLP. Alvarez & Marsal North
America, LLC, serves as the Committee's financial advisors.
The Court set April 10, 2012 at 5:00 p.m. (Eastern Time) as the
deadline for any individual or entity to file proofs of claim
against the Debtors. The Court has also fixed Sept. 5, 2012, as
the bar date for governmental entities.
HOSTESS BRANDS: March Loss Attributable to Bankruptcy Costs
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Hostess Brands Inc. reported a $9.6 million net loss
in March on net sales of $189.3 million. Were it not for $9.6
million in reorganization costs. In March, earnings before
interest, taxes, depreciation and amortization were $4.7 million.
Reorganization costs contributed to the $7.4 million operating
loss. Interest expense in the month was $1.9 million. Hostess
ended the month with $62.3 million in cash on the balance sheet.
Accounts receivable were $108.7 million. Hostess finished March
with the ability to borrow $33.5 million from the loan financing
the reorganization.
About Hostess Brands
Founded in 1930, Irving, Texas-based Hostess Brands Inc., is known
for iconic brands such as Butternut, Ding Dongs, Dolly Madison,
Drake's, Home Pride, Ho Hos, Hostess, Merita, Nature's Pride,
Twinkies and Wonder. Hostess has 36 bakeries, 565 distribution
centers and 570 outlets in 49 states.
Hostess filed for Chapter 11 bankruptcy protection early morning
on Jan. 11, 2011 (Bankr. S.D.N.Y. Case Nos. 12-22051 through
12-22056) in White Plains, New York. Debtor-affiliates that filed
separate Chapter 11 petition are IBC Sales Corporation, IBC
Trucking LLC, IBC Services LLC, Interstate Brands Corporation, and
MCF Legacy Inc. Hostess Brands disclosed assets of $982 million
and liabilities of $1.43 billion as of Dec. 10, 2011. Debt
includes $860 million on four loan agreements. Trade suppliers
are owed as much as $60 million.
The bankruptcy filing was made two years after predecessors
Interstate Bakeries Corp. and its affiliates emerged from
bankruptcy (Bankr. W.D. Mo. Case No. 04-45814). Ripplewood
Holding LLC, after providing $130 million to finance the plan,
obtained control of IBC's business following the prior
reorganization. Hostess Brands is privately held. The new owners
pursued new Chapter 11 cases to escape from what they called
"uncompetitive and unsustainable" union contracts, pension plans,
and health benefit programs.
In 2011, Hostess retained Houlihan Lokey to explore sales of its
smaller assets and individual brands. Houlihan Lokey oversaw the
sale of Mrs. Cubbison's to Sugar Foods Corporation for
$12 million, but was unable to sell any of Hostess' core assets.
Judge Robert D. Drain oversees the case. Hostess has hired Jones
Day as bankruptcy counsel; Stinson Morrison Hecker LLP as general
corporate counsel and conflicts counsel; Perella Weinberg Partners
LP as investment bankers, FTI Consulting, Inc. to provide an
interim treasurer and additional personnel for the Debtors, and
Kurtzman Carson Consultants LLC as administrative agent.
Matthew Feldman, Esq., at Willkie Farr & Gallagher, and Harry
Wilson, the head of turnaround and restructuring firm MAEVA
Advisors, are representing the Teamsters union.
Attorneys for The Bakery, Confectionery, Tobacco Workers and Grain
Millers International Union and Bakery & Confectionery Union &
Industry International Pension Fund are Jeffrey R. Freund, Esq.,
at Bredhoff & Kaiser, P.L.L.C.; and Ancela R. Nastasi, Esq., David
A. Rosenzweig, Esq., and Camisha L. Simmons, Esq., at Fulbright &
Jaworski L.L.P.
An official committee of unsecured creditors has been appointed in
the case. The committee selected New York law firm Kramer Levin
Naftalis & Frankel LLP as its counsel. Tom Mayer and Ken Eckstein
head the legal team for the committee.
Hostess concluded the trial seeking authorization to terminate
contracts with the two largest unions. The trial to reject other
union contracts is scheduled to begin May 21. The company says
costs must be reduced to attract new capital required to exit
bankruptcy.
INDIANAPOLIS DOWNS: Has $3.11-Mil. Profit in March
--------------------------------------------------
Indianapolis Downs had net income of $3.11 million on
$21.9 million of revenue in March. Payments to professionals
totaled $1.4 million, including $393,000 paid to Greenberg
Traurig, LLP. The Debtor has paid a total of $6.31 million to
professionals since the Chapter 11 filing.
Indianapolis Downs declared $410.5 million in assets, and
$500.4 million in current liabilities and $37.7 million in long-
term liabilities as of March 31, 2012.
Copies of the March 2012 monthly operating reports of Indianapolis
and affiliate Indianapolis Downs Capital Corp. are available for
free at:
http://bankrupt.com/misc/IndianapolisDowns_MOR_Mar2012.pdf
http://bankrupt.com/misc/IDCC_MOR_Mar2012.pdf
Indianapolis Downs had net income of $1.99 million on
$23.0 million of revenue in February. Payments to professionals
totaled $1.26 million, including $404,000 paid to Greenberg
Traurig.
Copies of the operating reports for February and the past six
months are available at:
http://bankrupt.com/misc/IndianapolisDowns_MOR_Feb2012.pdf
http://bankrupt.com/misc/IDCC_MOR_Feb2012.pdf
http://bankrupt.com/misc/IndianapolisDowns_MOR_Jan2012.pdf
http://bankrupt.com/misc/IndianapolisDowns_MOR_Dec2011.pdf
http://bankrupt.com/misc/IndianapolisDowns_MOR_Nov2011.pdf
http://bankrupt.com/misc/IndianapolisDowns_MOR_Oct2011.pdf
http://bankrupt.com/misc/IndianapolisDowns_MOR_Set2011.pdf
About Indianapolis Downs
Indianapolis Downs LLC operates Indiana Live --
http://www.indianalivecasino.com/-- a combined race track and
casino at a state-of-the-art 283 acre Shelbyville, Indiana site.
It also operates two satellite wagering facilities in Evansville
and Clarksville, Indiana. Total revenue for 2010 was $270
million, representing an 8.7% increase in 2009. The casino
captured 53% of the Indianapolis market share.
In July 2001, Indianapolis Downs was granted a permit to conduct a
horse track operation in Shelvyville, Indiana, and started
operating the track in 2002. It was granted permission to operate
the casino at the racetrack operation in May 2007. The casino
began operations in July 2010.
Indianapolis Downs and subsidiary, Indianapolis Downs Capital
Corp., sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
11-11046) in Wilmington, Delaware, on April 7, 2011. Indianapolis
Downs estimated $500 million to $1 billion in assets and up to
$500 million in debt as of the Chapter 11 filing. According to a
court filing, the Debtor owes $98,125,000 on a first lien debt. It
also owes $375 million on secured notes and $72.6 million on
subordinated notes.
Matthew L. Hinker, Esq., Scott D. Cousins, Esq., and Victoria
Watson Counihan, Esq., at Greenberg Traurig, LLP in Wilmington,
Delaware, have been tapped as counsel to the Debtors. Christopher
A. Ward, Esq., at Polsinelli Shughart PC, in Wilmington, Delaware,
is the conflicts counsel. Lazard Freres & Co. LLC is the
investment banker. Bose Mckinney & Evans LLP and Bose Public
Affairs Group LLC serve as special counsel. Kobi Partners, LLC,
is the restructuring services provider. Epiq Bankruptcy
Solutions is the claims and notice agent.
INTERNATIONAL MEDIA: Has $647,600 Loss in March
-----------------------------------------------
International Media Group Inc. reported a net loss of $647,600
million on $1.03 million of net revenue for the period Feb. 27,
2012 to March 25, 2012. The Company disclosed $605.3 million in
total assets and $375.7 million in total liabilities as of
March 25, 2012. A copy of the operating report is available for
free at http://bankrupt.com/misc/Intl_Media_MOR_Mar2012.pdf
About International Media Group
International Media Group Inc. and its affiliates operate
television station KSCI-TV (Channel 18) Long Beach, California;
KUAN-LP (Channel 48) Poway, California; and KIKU-TV (Channel 19)
Honolulu, Hawaii. KSCI, KUAN and KIKU focus primarily on the
large Asian markets of Southern California and Hawaii and offer
programming in six (6) main languages -- (i) Chinese; (ii) Korean;
(iii) Tagalog (Filipino); (iv) Vietnamese; (v) English; and (vi)
Japanese. The Television Stations' programming is a mix of
locally produced original news, entertainment, and talk shows,
purchased or syndicated foreign language programming, and paid
programming comprised principally of infomercials, per-inquiry and
direct response television advertisements.
KHAI Inc. owns all of the equity of KHLS Inc., which holds the FCC
license for KIKU-TV (Channel 19). KSCI Inc. owns all of the
equity of KHAI and of KSLS Inc., which holds the FCC license for
KSCI-TV (Channel 18) and KUANLP (Channel 48). International Media
Group Inc. owns all of the equity of KSCI.
AMG Intermediate LLC owns all of the equity of IMG, and AsianMedia
Group LLC owns all of the equity of AMG. Non-debtor AsianMedia
Investors I L.P. owns all of the equity of AsianMedia.
International Media Group and six affiliates filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 12-10140) on Jan. 9, 2012,
with the intent to sell their business as a going concern under
11 U.S.C. Sec. 363(a).
NRJ TV II LLC, an entity owned by the first lien lender, will be
the stalking horse bidder. As of Jan. 9, 2012, the Debtors owe
$77.3 million on a first lien debt, including $67 million on a
term-loan. Fortress Credit Corp. serves as agent. Unless outbid
at the auction, the pre-petition lenders will acquire the assets
in exchange for a credit bid of $45 million, will assume certain
liabilities, and fund a "carve-out". An auction and sale hearing
is contemplated to be held in March.
Judge Mary F. Walrath oversees the Debtors' cases. International
Media Group tapped Houlihan Lokey Capital, Inc., in October to
market the assets. Houlihan will continue marketing the assets
post-petition. William E. Chipman, Jr., Esq., and Mark D.
Olivere, Esq., at Cousins Chipman & Brown, LLC, in Wilmington,
Delaware, serve as the Debtors' bankruptcy counsel. The Debtors'
claims agent is Epiq Bankruptcy Solutions LLC. International
Media disclosed $206,825,047 in assets and $233,218,073 in
liabilities as of the Chapter 11 filing. The petition was signed
by Dennis J. Davis, chief restructuring officer.
JER/JAMESON: Affiliate has $1.47-Mil. Profit for March
------------------------------------------------------
JER/Jameson Properties, LLC, had net income of $1.47 million on
revenue of $6.56 million in March 2012. The Debtor disclosed
total assets of $229.1 million and total liabilities of $186.5
million as of March 31, 2012. A copy of the monthly operating
report of JER/Jameson Mezz Borrower I LLC, and its affiliates
filed a monthly operating report is available for free at:
http://bankrupt.com/misc/JER_Jameson_MOR_Mar2012.pdf
About Jameson Inn
Founded in 1987, Jameson is a chain of 103 small, budget hotels
operating under the Jameson brand in the Southeast and Midwest.
The Jameson properties are operated under the names Jameson Inn
and Signature Inn. The hotels are based in Smyrna, Georgia.
The chain was taken private in a 2006 buyout by JER Partners, a
unit of real-estate investor J.E. Robert Cos. JER then put
$330 million of debt on the chain to finance the buyout. At the
top of the list is a $175 million mortgage loan with Wells Fargo
Bank NA serving as special servicer. There are four tranches of
mezzanine loans, each for $40 million. The collateral for each of
the Mezz Loans is the equity interest in the entity or entities
immediately below the borrower of each Mezz Loan. All of the
mezzanine loans matured in August.
JER/Jameson NC Properties LP and JER/Jameson Properties LLC are
borrowers under the loan with Wells Fargo. The mortgage loan is
secured by mortgages on hotel properties. The first set of
foreclosure sales were set for Nov. 1, 2011. The Mortgage
Borrowers have not sought bankruptcy protection.
Colony Capital affiliates, CDCF JIH Funding LLC and ColFin JIH
Funding LLC, hold the first and second mezzanine loans. The First
Mezz Loan is secured by a pledge of JER/Jameson Mezz Borrower I
LLC's 100% interest in the Mortgage Borrowers.
Prior to the maturity default, the Colony JIH Lenders purchased
the Second Mezz Loan from a previous holder. The Second Mezz Loan
is secured by a pledge of JER/Jameson Mezz Borrower II's 100%
membership interest in the First Mezz Borrower.
Gramercy Warehouse Funding I LLC and Gramercy Loan Services LLC
hold a controlling participation interest in the Third Mezz and
Fourth Mezz Loans. JER Investors Trust Inc. holds the remaining
participation interests in the Third Mezz and Fourth Mezz Loans.
JER/Jameson Holdco LLC, an affiliate of the Mortgage Borrowers,
owns the 100% equity interest in the Fourth Mezz Borrower.
Gramercy took over its mezzanine borrower in August.
JER/Jameson Mezz Borrower II LLC filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case No. 11-13338) on Oct. 18, 2011, to prevent
foreclosure by Colony. The Chapter 11 filing had the effect of
preventing Colony from wiping out Gramercy's interest.
Seven days later, JER/Jameson Mezz Borrower I LLC filed for
bankruptcy (Bankr. D. Del. Case No. 11-13392) on Oct. 25, 2011.
Judge Mary F. Walrath presides over the case. The Debtors tapped
Ashby & Geddes, P.A. to represent their restructuring efforts.
Epiq Bankruptcy Solutions, LLC, serves as its noticing, claims and
balloting agent.
Each of the Debtors estimated $100 million to $500 million in
assets and $10 million to $50 million in debts. The petitions
were signed by James L. Gregory, vice president.
Colony specializes in real estate and has roughly $34 billion of
assets under management. Colony is represented in the case by
Pauline K. Morgan, Esq., John T. Dorsey, Esq., Margaret Whiteman
Greecher, Esq., and Patrick A. Jackson, Esq., at Young Conaway
Stargatt & Taylor LLP; and Lindsee P. Granfield, Esq., Sean A.
O'Neil, Esq., and Jane VanLare, Esq., at Cleary Gottlieb Steen &
Hamilton LLP.
As of the date hereof, the U.S. Trustee has not appointed an
official Committee of unsecured creditors in any of the Debtors'
cases.
MARCO POLO: Has $3.19-Mil. Net Loss in March
--------------------------------------------
Marco Polo Seatrade B.V., et al., reported a net loss of
$3.19 million on $2.16 million of net freight income for March
2012. Operating loss was $3.17 million.
At March 31, 2012, the Debtors had $273.2 million in total assets,
and $36.6 million in current liabilities and $256.5 million in
long-term liabilities.
A copy of the monthly operating report is available at
http://bankrupt.com/misc/MarcoPolo_MOR_Mar2012.pdf
About Marco Polo
Marco Polo Seatrade B.V. operates an international commercial
vessel management company that specializes in providing commercial
and technical vessel management services to third parties.
Founded in 2005, the Company mainly operates under the name of
Seaarland Shipping Management and maintains corporate headquarters
in Amsterdam, the Netherlands. The primary assets consist of six
tankers that are regularly employed in international trade, and
call upon ports worldwide.
Marco Polo and three affiliated entities filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) on July 29,
2011. The other affiliates are Seaarland Shipping Management
B.V.; Magellano Marine C.V.; and Cargoship Maritime B.V.
Marco Polo is the sole owner of Seaarland, which in turn is the
sole owner of Cargoship, and also holds a 5% stake in Magellano.
The remaining 95% stake in Magellano is owned by Amsterdam-based
Poule B.V., while another Amsterdam company, Falm International
Holding B.V. is the sole owner of Marco Polo. Falm and Poule
didn't file bankruptcy petitions.
The filings were prompted after lender Credit Agricole Corporate
& Investment Bank seized one ship on July 21, 2011, and was on
the cusp of seizing two more on July 29. The arrest of the
vessel was authorized by the U.K. Admiralty Court. Credit
Agricole also attached a bank account with almost US$1.8 million
on July 29. The Chapter 11 filing precluded the seizure of the
two other vessels. The company started a lawsuit against the two
creditors in January 2012.
The cases are before Judge James M. Peck. Evan D. Flaschen, Esq.,
Robert G. Burns, Esq., and Andrew J. Schoulder, Esq., at Bracewell
& Giuliani LLP, in New York, serve as the Debtors' bankruptcy
counsel. Kurtzman Carson Consultants LLC serves as notice and
claims agent.
The petition noted that the Debtors' assets and debts are both
more than US$100 million and less than US$500 million.
Tracy Hope Davis, the United States Trustee for Region 2,
appointed three members to serve on the Official Committee of
Unsecured Creditors. The Committee has retained Blank Rome LLP as
its attorney.
Creditor Credit Agricole Corporate and Investment Bank is
represented by Alfred E. Yudes, Jr., Esq., and Jane Freeberg
Sarma, Esq., at Watson, Farley & Williams (New York) LLP.
Gregory M. Petrick, Esq., Ingrid Bagby, Esq., and Sharon J.
Richardson, Esq., at Cadwalader, Wickersham & Taft LLP, in New
York, represents secured creditor and post-petition lender The
Royal bank of Scotland plc.
MF GLOBAL: MGH Has $2.77-Mil. Net Cash Flow in March
----------------------------------------------------
MF Global Holdings Ltd.
Schedule of Receipts and Disbursements
For the period March 1 to 31, 2012
Cash inflows:
Transfer in from MF Global Holdings USA Inc. $7,503
Debtor Intercompany 931,494
Other cash 3,995,446
-----------
Total inflows 4,934,445
Cash outflows:
Payments made on behalf of MF Global
Holdings USA Inc. (887)
Transfer to MF Global Holdings USA Inc. (369,578)
Debtor Intercompany (931,494)
Payroll, Payroll Taxes and Benefits (686,329)
Office Rent and Facility Expenses (178,453)
Other fees (813)
-----------
Total cash outflows (2,167,556)
-----------
Net Cash Flows $2,766,888
===========
MF Global Holdings Ltd.
Summary of Cash Collateral Borrowings and
Unpaid Postpetition Debts
For the period March 1 to 31, 2012
Available Cash Collateral
Available Cash Collateral Funds Provided by
JP Morgan Chase Bank, N.A. as of February 29, 2012 $20,193,047
March payroll and employee benefits (653,004)
Office and rent expenses (235,661)
Repayment of cash collateral under Cash
Collateral Order (813)
Available Cash Collateral Funds Provided
by JP Morgan Chase Bank, N.A. held in MF
Global Holdings USA Inc. 50,094
-----------
Available Cash Collateral funds provided by
JP Morgan Chase Bank, N.A. 19,353,662
-----------
Total Cash Collateral Funds Used (939,573)
-----------
Unpaid postpetition trade payables $517,743
===========
A full-text copy of the March 2012 MOR is available for free
at http://bankrupt.com/misc/MFGlobal_Mar2012MOR.pdf
About MF Global
New York-based MF Global (NYSE: MF) -- http://www.mfglobal.com/
-- was one of the world's leading brokers of commodities and
listed derivatives. MF Global provided access to more than 70
exchanges around the world. The firm also was 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 was the largest bankruptcy filing in 2011.
MFGH's subsidiaries MF Global Capital LLC, MF Global FX
Clear LLC and MF Global Market Services, LLC filed for bankruptcy
protection on Dec. 19, 2011.
MF Global Holdings USA Inc., doing business as Farr Whitlock Dixon
& Co. Inc., and Man Group USA Inc., filed a Chapter 11 petition on
March 2, 2012. Holdings USA provided administrative services to
MF Ltd. and its domestic subsidiaries.
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.
Louis J. Freeh was named the Chapter 11 Trustee for the bankruptcy
cases of MF Global Holdings Ltd. and its affiliates. The Trustee
tapped (i) Freeh Sporkin & Sullivan LLP, as investigative counsel;
(ii) FTI Consulting Inc., as restructuring advisors; (iii)
Morrison & Foerster LLP, as bankruptcy counsel; and (iv) Pepper
Hamilton as special counsel; and (h) authorizing the Committee to
retain and employ (i) Dewey & LeBoeuf LLP, as the Committee's
counsel; and (ii) Capstone Advisory Group LLC as financial
advisor.
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. Seven directors of MF Global Holdings resigned from their
posts on Nov. 28, 2011.
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.
The New York Stock Exchange has removed MFGI securities from
listing.
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)
MSR RESORT: Has $382,000 Net Loss in March
------------------------------------------
MSR Resort Golf Course LLC, et al., reported a net loss of
$382,000 on $49.9 million of revenues for March 2012. The
Debtors incurred interest expense of $6.79 million, depreciation
and amortization expense of $5.94 million and reorganization items
of $2.20 million in the month.
The Debtors' combined condensed balance sheet at March 31, 2012,
showed $2.084 billion in total assets, $1.983 billion in total
liabilities, and partners' capital of $102.4 million.
A copy of the operating report is available for free at:
http://bankrupt.com/misc/MSR_Resort_MOR_Mar2012.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
bankruptcy 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, 2011. 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.
The resorts have agreement with lenders allowing the companies to
remain in Chapter 11 at least until September 2012. Donald Trump
has a contract to buy the Doral Golf Resort and Spa in Miami for
$170 million. There will be an auction to learn if there is a
better bid. The resorts have said that Trump's offer price implies
a value for all the properties "significantly" exceeding the
$1.5 billion in debt.
The Official Committee of Unsecured Creditors is represented by
Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at Alston &
Bird LLP, in New York.
NEW STREAM: Reports $1.6-Mil. Net Loss in March
-----------------------------------------------
New Stream Secured Capital, L.P., reported a net loss of
$1.60 million during the month ended March 31, 2012 and a net loss
of $26.8 million since March 2011. The Debtor had a net loss of
$824,000 in February. The Company has total assets of
$184.8 million and total liabilities of $701.8 million as of
March 31.
Copies of the monthly operating reports of New Stream Secured
Capital and its debtor-affiliates for March and February are
available for free at:
http://bankrupt.com/misc/New_Stream_SC_Inc_MOR_Mar2012.pdf
http://bankrupt.com/misc/New_Stream_Cap_MOR_Mar2012.pdf
http://bankrupt.com/misc/New_Stream_SC_LP_MOR_Mar2012.pdf
http://bankrupt.com/misc/New_Stream_Ins_MOR_Mar2012.pdf
http://bankrupt.com/misc/New_Stream_SC_Inc_MOR_Feb2012.pdf
http://bankrupt.com/misc/New_Stream_Cap_MOR_Feb2012.pdf
http://bankrupt.com/misc/New_Stream_SC_LP_MOR_Feb2012.pdf
About New Stream
New Stream is an inter-related group of companies that
collectively comprise an investment fund, headquartered in
Ridgefield, Connecticut. Founded in 2002, New Stream focuses on
providing non-traded private debt to the insurance, real estate
and commercial finance sectors.
On March 7, 2011, when New Stream was still soliciting votes on
the Chapter 11 plan, certain investors filed a petition (Bankr. D.
Del. Lead Case No. 11-10690) seeking to force three New Stream
funds -- New Stream Secured Capital Fund (U.S.) LLC, New Stream
Secured Capital Fund P1 (Cayman), Ltd. and New Stream Secured
Capital Fund K1 (Cayman), Ltd. -- to Chapter 11 bankruptcy.
The petitioning investors in the New Stream investment enterprise
say they are collectively owed over $90 million, representing
roughly 28% of the approximately $320 million owed to all U.S. and
Cayman investors. The Petitioners are represented by (i) Joseph
H. Huston, Jr., Esq., Maria Aprile Sawczuk, Esq., Meghan A.
Cashman, Esq., at Stevens & Lee, P.C., in Wilmington, Delaware,
and Beth Stern Fleming, Esq., at Stevens & Lee, P.C., in
Philadelphia, Pennsylvania, and Nicholas F. Kajon, Esq., David M.
Green, Esq., and Constantine Pourakis, Esq., at Stevens & Lee,
P.C., in New York, (ii) Edward Toptani, Esq., at Toptani Law
Offices, in New York, and (iii) John M Bradham, Esq., and David
Hartheimer, Esq., at Mazzeo Song & Bradham LLP, in New York.
New Stream Secured Capital, Inc., and three affiliates (New Stream
Insurance, LLC, New Stream Capital, LLC, and New Stream Secured
Capital, L.P.) filed Chapter 11 petitions (Bankr. D. Del. Lead
Case No. 11-10753) on March 13, 2011, with a proposed prepackaged
Chapter 11 plan.
Kurt F. Gwynne, Esq., J. Cory Falgowski, Esq., Michael J.
Venditto, Esq., and Scott M Esterbrook, Esq., at Reed Smith LLP,
serve as the Debtors' bankruptcy counsel. Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.
NSSC, Inc., estimated its assets and debts at up to $50,000. NSC
estimated its assets at $100,000 to $500,000 and debts at $50,000
to $100,000. NSI estimated its assets at $100 million to
$500 million and debts at $50 million to $100 million. NSSC, LP,
estimated its assets and debts at $500 million to $1 billion.
NSI's insurance portfolio is being sold for $184.35 million as
part of the Chapter 11 plan. The aggregate indebtedness secured
by the investment portfolio of NSSC is $688,412,974. NSI owes
$81,573,376 to certain account classes under a Bermuda fund.
The Official Committee of Unsecured Creditors proposes to hire
Kurtzman Carson Consultants LLC as its communications agent;
Houlihan Lokey Howard & Zukin Capital, Inc., as its financial
advisor and investment banker; and Zolfo Cooper, LLC, as its
forensic accountants and litigation support consultants.
New Stream completed a sale of its assets on June 3. New Stream
sold the portfolio of life-insurance policies to an affiliate of
McKinsey & Co. for $127.5 million. There were no competing bids
at auction.
RE LOANS: Has $29 Million Net Loss in March
-------------------------------------------
RE Loans LLC reported a net loss of $29.0 million on $1,250 of net
revenue for the month ended March 31, 2012. Fees paid to
professionals totaled $1.50 million during the month. RE Loans
disclosed $633.1 million in total assets and $904.0 million in
prepetition liabilities and $11.8 million in postpetition
liabilities as of March 31, 2012. Copies of the operating reports
of RE Loans and its affiliates are available at:
http://bankrupt.com/misc/RE_Loans_CS_MOR_Mar2012.pdf
http://bankrupt.com/misc/RE_Loans_Futures_MOR_Mar2012.pdf
http://bankrupt.com/misc/RE_Loans_MOR_Mar2012.pdf
About R.E. Loans
R.E. Loans, LLC, was, for many years, in the business of providing
financing to home builders and developers of real property. R.E.
Future LLC and Capital Salvage own the real property obtained
following foreclosure proceedings initiated by R.E. Loans against
its borrowers. R.E. Loans is the sole shareholder of Capital
Salvage and the sole member of R.E. Future. B-4 Partners LLC is
the sole member of R.E. Loans. As a result of the multiple
defaults by R.E. Loans' borrowers, R.E. Loans has transitioned
from being a lender to becoming a property management company.
Lafayette, California-based R.E. Loans, R.E. Future and Capital
Salvage filed for Chapter 11 bankruptcy (Bankr. N.D. Tex. Case
Nos. 11-35865, 11-35868 and 11-35869) on Sept. 13, 2011. Judge
Barbara J. Houser presides over the case. Stutman, Treister &
Glatt Professional Corporation, in Los Angeles, and Gardere, Wynne
Sewell LLP, in Dallas, represent the Debtors as counsel. James A.
Weissenborn at Mackinac serves as R.E. Loans' chief restructuring
officer. The Debtors tapped Hines Smith Carder as their
litigation and outside general counsel. The Debtors tapped
Alixpartners, LLP as noticing agent, and Latham & Watkins LLP as
special counsel in real estate matters. R.E. Loans disclosed
$713,622,015 in assets and $886,002,786 in liabilities as of the
Chapter 11 filing.
Akin Gump Strauss Hauer & Feld LLP, in Dallas, represents
the Official Committee of Note Holders as counsel.
ROOMSTORE INC: Incurs $3.53 Million Net Loss in February
--------------------------------------------------------
RoomStore Inc. reported a net loss of $3.53 million on
$7.58 million of net sales in February 2012. The Company has
incurred net losses of $10.8 million and has paid professionals
$1.4 million since filing for bankruptcy in December 2011.
RoomStore total assets of $46.82 million and total liabilities of
$59.67 million as of Feb. 29, 2012. A copy of the monthly
operating report is available for free at
http://bankrupt.com/misc/RoomStore_MOR_Feb2012.pdf
About RoomStore Inc.
Richmond, Virginia-based RoomStore, Inc., operates retail
furniture stores and offers home furnishings through
Furniture.com, a provider of Internet-based sales opportunities
for regional furniture retailers. RoomStore was founded in 1992
in Dallas, Texas, with four retail furniture stores. With more
than $300 million in net sales for its fiscal year ending 2010,
RoomStore was one of the 30 largest furniture retailers in the
United States.
RoomStore filed for Chapter 11 bankruptcy (Bankr. E.D. Va. Case
No. 11-37790) on Dec. 12, 2011, following store-closing sales at
four of its retail stores, located in Hoover, Alabama;
Fayetteville, North Carolina; Tallahassee, Florida; and Baltimore,
Maryland. When it filed for bankruptcy, the Company operated a
chain of 64 retail furniture stores, including both large-format
stores and clearance centers in eight states: Pennsylvania,
Maryland, Virginia, North Carolina, South Carolina, Florida,
Alabama, and Texas. It also had five warehouses and distribution
centers located in Maryland, North Carolina, and Texas that
service the Retail Stores.
RoomStore also owns 65% of Mattress Discounters Group LLC, which
operates 83 mattress stores (as of Aug. 31, 2011) in the states of
Delaware, Maryland and Virginia and in the District of Columbia.
RoomStore acquired the Mattress Discounters stake after it filed
its second bankruptcy in 2008. Mattress Discounters sought
Chapter 11 relief on Sept. 10, 2008 (Bankr. D. Md. Case Nos.
08-21642 and 08-21644). It filed the first Chapter 11 bankruptcy
on Oct. 23, 2002 (Bankr. D. Md. Case No. 02-22330), and emerged on
March 14, 2003.
Judge Douglas O. Tice, Jr., presides over RoomStore's case.
Lawyers at Lowenstein Sandler PC and Kaplan & Frank, PLC serve as
the Debtor's bankruptcy counsel. FTI Consulting, Inc., serves as
the Debtor's financial advisors and consultants.
RoomStore's balance sheet at Aug. 31, 2011, showed $70.4 million
in total assets, $60.3 million in total liabilities, and
stockholders' equity of $10.1 million. The petition was signed by
Stephen Girodano, president and chief executive officer.
Liquidator Hilco Merchant Resources, Inc., is represented in the
case by Gregg M. Galardi, Esq., at DLA Piper LLP (US); and Robert
S. Westermann, Esq., and Sheila de la Cruz, Esq., at Hirschler
Fleischer, P.C.
The U.S. Trustee for Region 4 named seven members to the official
committee of unsecured creditors in the case.
SAAB CARS: Files Projections for 13 Weeks Ended May 28
------------------------------------------------------
Saab Cars North America Inc., projects $3.73 million in total cash
receipts and disbursements of $934,000 in the 13 weeks ended
May 28, 2012, according to its initial monthly operating report.
The Debtor expects to end the period with $3.18 million in cash.
A copy of the operating report is available for free at
http://bankrupt.com/misc/SAAB_Cars_MOR_Initial.pdf
About Saab Cars N.A.
More than 40 U.S.-based Saab dealerships have signed an
involuntary chapter 11 bankruptcy petition for Saab Cars North
America, Inc., (Bankr. D. Del. Case No. 12-10344) on Jan. 30,
2012. The petitioners, represented by Wilk Auslander LLP, assert
claims totaling $1.2 million on account of "unpaid warranty and
incentive reimbursement and related obligations" and/or "parts and
warranty reimbursement." Leonard A. Bellavia, Esq., at Bellavia
Gentile & Associates, in New York, signed the Chapter 11 petition
on behalf of the dealers.
Donlin, Recano & Company, Inc. (DRC), has been retained to provide
claims and noticing agent services to Saab Cars North America,
Inc. in its Chapter 11 case.
The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.
Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB. Saab Cars N.A. named in December an
outside administrator, McTevia & Associates, to run the company as
part of a plan to avoid immediate liquidation following its parent
company's bankruptcy filing.
Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV. Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.
On Feb. 24, 2012, the Court, inconsideration of the petition filed
on Jan. 30, 2012, granted Saab Cars North America, Inc., relief
under Chapter 11 of the Bankruptcy Code.
On March 9, 2012, the U.S. Trustee formed an official Committee of
Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc. The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.
SAINT VINCENTS: Has $4.15-Mil. Income in February
-------------------------------------------------
Saint Vincents Catholic Medical Centers of New York, et al.,
reported a $4.15 million change in net assets and $6.28 million
EBIDA during the month ended Feb. 29, 2012. Operating revenue
gain was $6.14 million recording $13.7 million of revenue and
$7.56 million in operating expenses during the month.
Restructuring costs totaled $1.99 million. The Debtor reported
$125.9 million in assets and $614.09 million in liabilities
subject to comprise and $31.5 million in other liabilities as of
Feb. 29, 2012. A copy of the operating report is available for
free at http://bankrupt.com/misc/Saint_Vincents_MOR_Feb2012.pdf
About Saint Vincents
Saint Vincents Catholic Medical Centers of New York, doing
business as St. Vincent Catholic Medical Centers --
http://www.svcmc.org/-- was anchored by St. Vincent's Hospital
Manhattan, an academic medical center located in Greenwich Village
and the only emergency room on the Westside of Manhattan from
Midtown to Tribeca, St. Vincent's Westchester, a behavioral health
hospital in Westchester County, and continuing care services that
include two skilled nursing facilities in Brooklyn, another on
Staten Island, a hospice, and a home health agency serving the
Metropolitan New York area.
Saint Vincent Catholic Medical Centers of New York and six of its
affiliates first filed for Chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case Nos. 05-14945 through 05-14951).
St. Vincents Catholic Medical Centers returned to bankruptcy court
by filing another Chapter 11 petition (Bankr. S.D.N.Y. Case No.
10-11963) on April 14, 2010. The Debtor estimated assets of
$348 million against debts totaling $1.09 billion in the new
petition.
Although the hospitals emerged from the prior reorganization in
July 2007 with a Chapter 11 plan said to have "a realistic chance"
of paying all creditors in full, the bankruptcy left the medical
center with more than $1 billion in debt. The new filing occurred
after a $64 million operating loss in 2009 and the last potential
buyer terminated discussions for taking over the flagship
hospital.
Adam C. Rogoff, Esq., and Kenneth H. Eckstein, Esq., at Kramer
Levin Naftalis & Frankel LLP, represent the Debtor in its
Chapter 11 effort.
SHENGDATECH INC: Cash Down to $5.88 Million as of March 31
----------------------------------------------------------
ShengdaTech Inc. reported a net loss of $611,000 on zero revenue
for March 2012. The Company ended the month with $5.88 million in
cash after total disbursements of $645,000 and zero cash receipts
during the month. The Company hat total assets of $6.86 million
and total liabilities of $165.03 million as of March 31, 2012.
A copy of the operating report is available for free at
http://bankrupt.com/misc/Shengdatech_MOR_Mar2012.pdf
About ShengdaTech
Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology. NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products. In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.
ShengdaTech sought Chapter 11 bankruptcy protection from creditors
(Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in Reno,
Nevada, in the United States.
The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.
The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.
The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP. On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.
Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.
As reported in the TCR on Sept. 7, 2011, the United States
Trustee appointed AG Ofcon, LLC, The Bank of New York, Mellon (in
its role as indenture trustee for bondholders), and Zazove
Associates, LLC, to serve on the Official Committee of Unsecured
Creditors of ShengdaTech, Inc.
Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.
TRIBUNE CO: Has $34.16 Million Net Profit in March
--------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of March 25, 2012
ASSETS
Current Assets:
Cash and cash equivalents $1,464,986,000
Accounts receivable, net 455,413,000
Inventories 25,863,000
Broadcast rights 200,307,000
Prepaid expenses and other 200,052,000
------------------
Total current assets 2,346,621,000
Property, plant and equipment, net 927,760,000
Other Assets:
Broadcast rights 109,984,000
Goodwill & other intangible assets, net 771,372,000
Prepaid pension costs -
Investments in non-debtor units 1,525,681,000
Other investments 35,580,000
Intercompany receivables from non-debtors 3,035,418,000
Restricted cash 727,452,000
Other 96,829,000
------------------
Total Assets $9,574,697,000
==================
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current portion of broadcast rights $143,168,000
Current portion of long-term debt 2,372,000
Accounts payable, accrued expenses, and other 394,170,000
------------------
Total current liabilities 539,710,000
Pension obligations 515,817,000
Long-term broadcast rights 97,162,000
Long-term debt 3,642,000
Other obligations 174,328,000
------------------
Total Liabilities 1,330,659,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,117,000
Obligations to third parties 13,018,033,000
------------------
Total Liabilities Subject to Compromise 16,477,150,000
Shareholders' Equity (Deficit) (8,233,112,000)
------------------
Total Liabilities & Shareholders' Equity
(Deficit) $9,574,697,000
==================
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period From February 27 to March 25, 2012
Total Revenue $230,672,000
Operating Expenses:
Cost of sales 118,296,000
Selling, general and administrative 69,948,000
Depreciation 11,068,000
Amortization of intangible assets 1,432,000
------------------
Total operating expenses 200,744,000
Operating Profit (Loss) 29,928,000
------------------
Income (loss) on equity investments, net
Income on equity investments, net 979,000
Interest expense, net (3,596,000)
Management fee (1,192,000)
Non-operating income (loss), net -
------------------
Income (loss) before income taxes & Reorg. Costs 26,119,000
Reorganization costs (5,197,000)
------------------
Income (loss) before income taxes 20,922,000
Income taxes 13,235,000
------------------
Income (loss) from continuing operations 34,157,000
Income from discontinued operations, net of tax -
------------------
Net Income (Loss) $34,157,000
==================
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period From February 27 to March 25, 2012
Beginning Cash Balance $2,123,298,000
Cash Receipts:
Operating receipts 248,544,000
Other -
------------------
Total Cash Receipts 248,544,000
Cash Disbursements
Compensation and benefits 70,507,000
General disbursements 117,868,000
Reorganization related disbursements 1,991,000
------------------
Total Disbursements 190,366,000
------------------
Debtors' Net Cash Flow 58,178,000
------------------
From/(To) Non-Debtors 3,712,000
------------------
Net Cash Flow 61,890,000
------------------
Other (2,194,000)
------------------
Ending Available Cash Balance $2,182,994,000
==================
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.
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)
*********
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 ***