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/raid1/www/Hosts/bankrupt/TCR_Public/120818.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, August 18, 2012, Vol. 16, No. 229 Headlines AMERICAN AIRLINES: Has $33,000,000 Profit in June AMERICAN WEST: Ends June 30 With $1.08 Million in Cash BETSEY JOHNSON: Ends June 30 With $4.40 Million in Cash DEEL LLC: Ends March 31 With $6.31 Million in Cash DELTA PETROLEUM: Reports Losses of $6.1 Million in June DEWEY & LEBOEUF: Ends June 30 With $29.32 Million in Cash DYNEGY HOLDINGS: Ends June 30 With $52.81 Million in Cash ENERGY CONVERSION: Ends June 30 With $1.76 Million in Cash ENERGY CONVERSION: United Solar Ends June With $10.57-Mil in Cash NORTHSTAR AEROSPACE: Ends March 31 With $1.19 Million in Cash HAWKER BEECHCRAFT: Ends June 30 With $138.1 Million in Cash INNER CITY: ICBC Broadcast Ends May 31 With Only $562,451 in Cash JER/JAMESON MEZZ: Reports $251,000 Net Loss in June MF GLOBAL: Cash Reduced to $15.9 Million OTERO COUNTY: Ends June 30 With $16.34 Million in Cash PEMCO WORLD: Ends June 30 With $4.54 Million in Cash RG STEEL: Reports $43.7 Million June Operating Loss SOLYNDRA LLC: Ends June 30 With $17,000 Only in Cash TOUSA INC: Ends June 30 With $315.3 Million in Cash ********* AMERICAN AIRLINES: Has $33,000,000 Profit in June ------------------------------------------------- AMR Corporation, et al. Condensed Consolidated Balance Sheet As of June 30, 2012 ASSETS Current Assets Cash $371,000,000 Short-term investments 4,609,000,000 Restricted cash and short-term investments 772,000,000 Receivables, net 1,129,000,000 Inventories, net 593,000,000 Fuel derivative contracts 24,000,000 Other current assets 486,000,000 ------------------ 7,984,000,000 Equipment and property Flight equipment, net 10,636,000,000 Other equipment and property, net 2,076,000,000 Purchase deposits for flight equipment 759,000,000 ------------------ 13,471,000,000 Equipment and property under capital leases Flight equipment, net 247,000,000 Other equipment and property, net 66,000,000 ------------------ 313,000,000 International slots and route authorities 708,000,000 Domestic slots and airport operating and gate lease rights, less accumulated amortization, net 173,000,000 Other assets 2,077,000,000 ------------------ TOTAL ASSETS $24,726,000,000 ================== Liabilities and stockholders' equity (deficit) Current liabilities Accounts payable $1,362,000,000 Accrued liabilities 1,899,000,000 Air traffic liability 5,151,000,000 Current maturities of long-term debt 1,598,000,000 Current obligations under capital leases 56,000,000 ------------------ Total current liabilities 10,066,000,000 Long-term debt, less current maturities 6,323,000,000 Obligations under capital leases, less current obligations 393,000,000 Pension and postretirement benefits 77,000,000 Other liabilities, deferred gains and deferred credits 1,687,000,000 Liabilities subject to compromise 15,148,000,000 Stockholders' Equity (deficit) Preferred stock - Common stock 341,000,000 Additional paid-in capital 4,475,000,000 Treasury stock (367,000,000) Accumulated other comprehensive income (loss) (3,930,000,000) Accumulated deficit (9,487,000,000) ------------------ (8,968,000,000) ------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $24,726,000,000 ================== AMR Corporation, et al. Consolidated Statement of Operations Month Ended June 30, 2012 Revenues Passenger - American Airlines $1,702,000,000 - Regional Affiliates 277,000,000 Cargo 56,000,000 Other revenues 207,000,000 ------------------ Total operating revenues 2,242,000,000 Expenses Aircraft fuel 693,000,000 Wages, salaries and benefits 594,000,000 Other rentals and landing fees 110,000,000 Maintenance, materials and repairs 124,000,000 Depreciation and amortization 89,000,000 Commissions, booking fees and credit card expense 93,000,000 Aircraft rentals 41,000,000 Food service 43,000,000 Special charges 106,000,000 Other operating expenses 247,000,000 ------------------ 2,140,000,000 ------------------ Operating income (loss) 102,000,000 Other income (expense) Interest income 2,000,000 Interest expense (53,000,000) Interest capitalized 4,000,000 Miscellaneous - net (1,000,000) ------------------ (48,000,000) ------------------ Income before reorganization items 54,000,000 Reorganization items, net (21,000,000) ------------------ Income before income taxes 33,000,000 Income tax - ------------------ Net income $33,000,000 ================== AMR Corporation, et al. Condensed Consolidated Statement of Cash Flows Month Ended June 30, 2012 Net cash provided by (used for) Operating Activities $160,000,000 Cash flow from investing activities: Capital expenditures, including aircraft lease deposits (326,000,000) Disposal of equipment and property 41,000,000 Net (increase) decrease in short-term investments 74,000,000 ------------------ Net cash used for investing activities (211,000,000) Cash flow from financing activities: Payments on long-term debt and capital lease obligations (89,000,000) Proceeds from: Sale leaseback transactions 82,000,000 ------------------ (7,000,000) ------------------ Net increase (decrease) in cash (58,000,000) Cash at beginning of period 429,000,000 ------------------ Cash at end of period $371,000,000 ================== Disbursements for the month of June 2012 totaled $2.788 billion. Disbursements to Chapter 11 professionals during the operating period totaled $29.67 million, which included $17.86 million paid to professionals employed by the Debtors and $11.81 million paid to professionals retained by the Official Committee of Unsecured Creditors. Payment to professionals included: Professional Amount Paid ------------ ----------- Weil, Gotshal & Manges LLP $7.0 million Deloitte Financial $2.7 million Debevoise & Plimpton LLP $1.8 million Skadden, Arps, Slate & Meagher & Flom LLP $6.4 million Mesirow Financial Consulting LLC $3.9 million A full-text copy of the June 2012 Monthly Operating Report is available for free at http://bankrupt.com/misc/amrmorjune2012.pdf About American Airlines AMR Corp. and its subsidiaries including American Airlines, the third largest airline in the United States, filed for bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan on Nov. 29, 2011, after failing to secure cost-cutting labor agreements. AMR, previously the world's largest airline prior to mergers by other airlines, is the last of the so-called U.S. legacy airlines to seek court protection from creditors. American Airlines, American Eagle and the AmericanConnection carrier serve 260 airports in more than 50 countries and territories with, on average, more than 3,300 daily flights. The combined network fleet numbers more than 900 aircraft. The Company reported a net loss of $884 million on $18.02 billion of total operating revenues for the nine months ended Sept. 30, 2011. AMR recorded a net loss of $471 million in the year 2010, a net loss of $1.5 billion in 2009, and a net loss of $2.1 billion in 2008. AMR's balance sheet at Sept. 30, 2011, showed $24.72 billion in total assets, $29.55 billion in total liabilities, and a $4.83 billion stockholders' deficit. Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the Debtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law Group, Chartered, are on board as special counsel. Rothschild Inc., is the financial advisor. Garden City Group Inc. is the claims and notice agent. Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., and Jay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP serve as counsel to the Official Committee of Unsecured Creditors in AMR's chapter 11 proceedings. Togut, Segal & Segal LLP is the co-counsel for conflicts and other matters; Moelis & Company LLC is the investment banker, and Mesirow Financial Consulting, LLC, is the financial advisor. Bankruptcy Creditors' Service, Inc., publishes AMERICAN AIRLINES BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding undertaken by AMR Corp. and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN WEST: Ends June 30 With $1.08 Million in Cash ------------------------------------------------------ American West Development Inc., on July 18, 2012, filed its monthly operating report for the month ended June 30, 2012. As of June 30, 2012, the Debtor had total assets of $58.85 million, total liabilities of $196.18 million, resulting in total stockholders' deficit of $137.33 million. At the beginning of the month, the Debtor had $1.97 million in cash. The Debtor had total cash receipts of $4.21 million and total cash disbursements of $5.10 million. As a result, the Debtor had $1.08 million in cash as of June 30, 2012. A copy of the operating report is available at http://bankrupt.com/misc/American_West_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. BETSEY JOHNSON: Ends June 30 With $4.40 Million in Cash ------------------------------------------------------- Betsey Johnson, LLC, filed its monthly operating report for the month ended June 30, 2012. At the beginning of the month, the Debtor had $3.89 million in cash. The Debtor had total cash receipts of $6.60 million and total cash disbursements of $6.09 million. As a result, the Debtor had $4.40 million in cash as of June 30, 2012. About Betsey Johnson New York-based women's fashion retailer Betsey Johnson LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 12-11732) on April 26, 2012, to effectuate a sale of its assets. Formed as B.J. Vines by its namesake, iconic fashion designer Betsey Johnson in 1978, the Debtor sells clothing, footwear, handbags and a signature fragrance through 63 Betsey Johnson retail stores and outlets in the U.S. The Company, which has 400 employees, also sells its products in department and specialty stores worldwide, including Macy's and Lord & Taylor, and online at http://www.betseyjohnson.com/ Non-debtor subsidiaries operate five stores in Canada and one store in England. In 2010, Steven Madden Ltd. a footwear designer and marketer, swapped US$27.4 million of secured debt for ownership of Betsey Johnson's trademarks and intellectual property. The deal satisfied all outstanding debt under a US$50 million term loan used to finance the business' acquisition by Castanea Partners. At the same time, Castanea, the company's majority owner, made a new capital investment of US$3 million as part of the deal with Madden. Betsey Johnson estimated assets and debts of US$10 million to US$50 million as of the Chapter 11 filing. Judge James Peck oversees the case. The Debtor tapped the law firm of Goulston & Storrs, as counsel; Togut, Segal & Segal, LLP, as co-counsel; and Donlin Recano & Company as claims and notice agent. The petition was signed by Jonathan Friedman, chief financial officer. Hahn & Hessen LLP serves as the Official Committee of Unsecured Creditors' counsel. In May 2012, Betsey Johnson received court approval to begin liquidation after the Debtor failed to attract going concern bidders. Liquidators Gordon Brothers Group Inc. and Hilco Merchant Resources LLC offered the top bid for the right to run the chain's going-out-of-business sales. The bid will bring the Debtor about $5.2 million immediately, and more money could trickle in to pay off its debts if the liquidation effort brings in more money than expected. Hilco is represented by Chris L. Dickerson, Esq., at DLA Piper LLP (US). Counsel for Steven Madden, Ltd., is Neil Herman, Esq., at Morgan, Lewis & Bockius LLP. Counsel for First Niagara Commercial Finance, Inc., the DIP Lender, is James C. Fox, Esq., at Ruberto, Israel & Weiner. DEEL LLC: Ends March 31 With $6.31 Million in Cash -------------------------------------------------- Deel LLC et al., formerly Magic Brands, LLC, on July 3, 2012, filed its monthly operating report for the period from January 1 to March 31, 2012. At the beginning of the period, the Company had $7.53 million in cash. The Company had total cash disbursements of $1.23 million. As of March 31, 2012, Deel had total cash of $6.31 million. About Magic Brands Headquartered in Austin, Texas, Magic Brands, LLC -- http://www.fuddruckers.com/-- operated 62 Fuddruckers locations in 11 states and 3 Koo Koo Roo restaurants in California. Magic Brands and its operating units filed for Chapter 11 protection on April 21, 2010 (Bankr. D. Del. Lead Case No. 10-11310). It estimated assets of up to $10 million and debts at $10 million to $50 million in its Chapter 11 petition. Affiliate Fuddruckers, Inc., also filed, estimating assets and debts at $50 million to $100 million. FocalPoint Securities, LLC, serves as investment banker to Magic Brands, and Goulston & Storrs serves as lead bankruptcy counsel. Kurtzman Carson Consultants, LLC, is the claims and notice agent. The Official Committee of Unsecured Creditors has tapped Kelley Drye & Warren LLP as counsel and Klehr Harrison Harvey Branzburg LLP as co-counsel. Magic Brands in July 2010 closed the sale of the Fuddruckers stores and franchise business to restaurant operator Luby's Inc. for $63.5 million. Magic Brands changed its name to Deel LLC following the Luby's sale. DELTA PETROLEUM: Reports Losses of $6.1 Million in June ------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Delta Petroleum Corp. is set to wrap up a bankruptcy reorganization on Aug. 15 in which the Debtor rang up more than $38.5 million in net losses since the Chapter 11 petition was filed Dec. 15. The operating report listed a net loss of $6.1 million in June on revenue of $2.1 million. Through the end of June since the outset of the bankruptcy, total revenue of $19.7 million led to a $38.5 million 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. Laramie Energy II LLC has been approved by the Court to serve as the sponsor for Delta's reorganization plan. Delta Petroleum has won approval for its disclosure statement explaining the Chapter 11 reorganization plan. There's a hearing to consider confirmation of the Plan on Aug. 15. DEWEY & LEBOEUF: Ends June 30 With $29.32 Million in Cash --------------------------------------------------------- Dewey & Leboeuf LLP filed its monthly operating report for the month ended June 30, 2012. At the beginning of the month, the Debtor had $15.65 million in cash. The Debtor had total cash receipts of $18.61 million and total cash disbursements of $4.93 million. As a result, the Debtor had $29.32 million in cash as of June 30, 2012. About Dewey & LeBoeuf New York-based law firm Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 12-12321) to complete the wind-down of its operations. The firm had struggled with high debt and partner defections. Dewey disclosed debt of US$245 million and assets of US$193 million in its chapter 11 filing late evening on May 29, 2012. Dewey & LeBoeuf was formed by the 2007 merger of Dewey Ballantine LLP and LeBoeuf, Lamb, Greene & MacRae LLP. At its peak, Dewey employed about 2,000 people with 1,300 lawyers in 25 offices across the globe. When it filed for bankruptcy, only 150 employees were left to complete the wind-down of the business. Dewey's offices in Hong Kong and Beijing are being wound down. The partners of the separate partnership in England are in process of winding down the business in London and Paris, and administration proceedings in England were commenced May 28. All lawyers in the Madrid and Brussels offices have departed. Nearly all of the lawyers and staff of the Frankfurt office have departed, and the remaining personnel are preparing for the closure. The firm's office in Sao Paulo, Brazil, is being prepared for closure and the liquidation of the firm's local affiliate. The partners of the firm in the Johannesburg office, South Africa, are planning to wind down the practice. The firm's ownership interest in its practice in Warsaw, Poland, was sold to the firm of Greenberg Traurig PA on May 11 for US$6 million. The Pension benefit Guaranty Corp. took US$2 million of the proceeds as part of a settlement. The Debtor disclosed $368,117,240 in assets and $348,817,408 in liabilities as of the Chapter 11 filing. Judge Martin Glenn oversees the case. Albert Togut, Esq., at Togut, Segal & Segal LLP, represents the Debtor. Epiq Bankruptcy Solutions LLC serves as claims and notice agent. The petition was signed by Jonathan A. Mitchell, chief restructuring officer. JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the lenders under the Revolver Agreement, hired Kramer Levin Naftalis & Frankel LLP. JPMorgan, as collateral agent for the Revolver Lenders and the Noteholders, hired FTI Consulting and Gulf Atlantic Capital, as financial advisors. The Noteholders hired Bingham McCutchen LLP as counsel. The U.S. Trustee formed two committees -- one to represent unsecured creditors and the second to represent former Dewey partners. The Former Partners hired Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt & Winters, LLP, as counsel. The Official Committee of Unsecured Creditors tapped Deloitte Financial Advisory Services LLP as its financial advisor. U.S. Bankruptcy Judge Martin Glenn on July 31 approved Dewey's request to extend its funding deadline, which would have July 31, to Aug. 15. DYNEGY HOLDINGS: Ends June 30 With $52.81 Million in Cash -------------------------------------------------------- Dynegy Holdings, LLC, on August 13, 2012, filed its monthly operating report for the month ended June 30, 2012. The Debtor reported a net loss of $845.30 million for the month ended June 30, 2012. As of June 30, 2012, the Debtor had total assets of $4.49 billion, total liabilities of $5.60 billion and total stockholders' deficit of $1.11 billion. As of June 1, 2012, the Debtor had $13.08 million in cash. Dynegy Holdings had total cash receipts of $48.08 million and total cash disbursements of $8.35 million. As a result, at the end of the month, the Debtor had total cash of $52.81 million. A full-text copy of the monthly operating report is available at: http://is.gd/7MBtUW About Dynegy 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. 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, 2011, 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. Dynegy Inc. on July 6, 2012, filed a voluntary petition to reorganize under Chapter 11 (Bankr. S.D.N.Y. Case No. 12-36728) to effectuate a merger with Dynegy Holdings, pursuant to Holdings' Chapter 11 plan. A settlement, which has already been approved by the bankruptcy court, provides for Dynegy Inc. and Holdings to merge and for the administrative claim granted to Dynegy Inc. in the Holdings Chapter 11 case to be transferred out of Dynegy Inc. for the benefit of its shareholders. 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. The financial advisor is FTI Consulting. Epiq Bankruptcy Solutions, LLC, as its notice and claims agent. The deadline for voting on and for objecting to the Joint Plan is Aug. 24, 2012. The Joint Plan is subject to confirmation by the Bankruptcy Court and the confirmation hearing is scheduled for Sept. 5, 2012. The Plan provides for, among other things, that Dynegy Holdings will be merged with and into Dynegy Inc., with Dynegy Inc. being the Surviving Entity. The Plan provides that each holder of an Allowed General Unsecured Claim against the Surviving Entity will receive its Pro Rata Share of (a) 99% of the Reorganized Dynegy Common Stock, (b) the Plan Cash Payment (of $200,000,000), and (c) the Allocated Facilities Sale Proceeds (the amount of which is to be determined. The Official Committee of Unsecured Creditors in Holdings' cases has tapped Akin Gump Strauss Hauer & Feld LLP as counsel. Dynegy Inc. is represented by White & Case LLP and advised by Lazard Freres & Co. LLC. Dynegy Inc., Dynegy Holdings, LLC, the Consenting Senior Noteholders, the Consenting Lease Certificate Holders and Resources Capital Management Corporation entered into the First Amendment to the Amended Plan Support Agreement. ENERGY CONVERSION: Ends June 30 With $1.76 Million in Cash ---------------------------------------------------------- Energy Conversion Devices, Inc., on July 31, 2012, filed its monthly operating report for the month ended June 30, 2012. The Debtor reported a net loss of $84.95 million for the month ended June 30, 2012. As of June 30, 2012, the Debtor had total assets of $956.48 million, total liabilities of $257.25 million and total stockholders' equity of $699.23 million. As of June 1, 2012, Energy Conversion had $3.22 million in cash. The Debtor had total cash receipts of $192,649 and total cash disbursements of $1.65 million. As a result, at the end of the month, Energy Conversion had total cash of $1.76 million. A full-text copy of the monthly operating report is available at: http://is.gd/7bgozl About Energy Conversion 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. ECD filed for Chapter 11 protection (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). An official committee of unsecured creditors has been appointed in the case. Foley and Lardner, LLP represents the Committee. Scouler & Company, LLC, serves as financial advisor. A group of shareholders had asked a bankruptcy judge to allow it to form an official committee with lawyers and expenses paid for by the company. The company had estimated in court papers that it was worth $986 million, based on nearly $800 million of investment in the manufacturing unit. The Debtors canceled an auction to sell USO as a going concern and discontinued the court-approved sale process after failing to receive an acceptable qualified bid by the bid deadline. Quarton Partners served as the companies' investment banker. The Debtors also hired auction services provider Hilco Industrial to prepare for an orderly sale of the companies' assets. ENERGY CONVERSION: United Solar Ends June With $10.57-Mil in Cash ----------------------------------------------------------------- United Solar Ovonic LLC, on July 31, 2012, filed its monthly operating report for the month ended June 30, 2012. United Solar posted a net loss of $66.31 million on total revenue of $1.32 million for the month ended June 30, 2012. As of June 30, 2012, the Company had total assets of $63.62 million, total liabilities of $843.89 million and total stockholders' deficit of $780.27 million. At the beginning of June, the Company had $11 million in cash. United Solar had total cash receipts of $1.91 million and total cash disbursements of $2.34 million. As a result, at the end of the month, the Company had total cash of $10.57 million. A full-text copy of the monthly operating report is available at: http://is.gd/41zRmE About Energy Conversion 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. ECD filed for Chapter 11 protection (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). An official committee of unsecured creditors has been appointed in the case. Foley and Lardner, LLP represents the Committee. Scouler & Company, LLC, serves as financial advisor. A group of shareholders had asked a bankruptcy judge to allow it to form an official committee with lawyers and expenses paid for by the company. The company had estimated in court papers that it was worth $986 million, based on nearly $800 million of investment in the manufacturing unit. The Debtors canceled an auction to sell USO as a going concern and discontinued the court-approved sale process after failing to receive an acceptable qualified bid by the bid deadline. Quarton Partners served as the companies' investment banker. The Debtors also hired auction services provider Hilco Industrial to prepare for an orderly sale of the companies' assets. NORTHSTAR AEROSPACE: Ends March 31 With $1.19 Million in Cash ------------------------------------------------------------- Northstar Aerospace (USA) Inc., et al., on July 20, 2012, filed its monthly operating report for the monthly and inception to date periods ended June 30, 2012. The Debtor reported a net loss of $368,000 for the period from June 14 through June 30, 2012. As of June 30, 2012, the Debtor had total assets of $100.96 million, total liabilities of $82.22 million and total stockholders' deficit of $18.74 million. At the beginning of the period, Northstar Aerospace had $326,000 in cash. The Debtor had total cash receipts of $1.25 million and total cash disbursements of $3.06 million. The Debtor also had net cash advances of $3.26 million. As a result, at the end of the period, Northstar Aerospace had total cash of $1.19 million. About Northstar Aerospace Chicago, Illinois-based Northstar Aerospace -- http://www.nsaero.com/-- is an independent manufacturer of flight critical gears and transmissions. With operating subsidiaries in the United States and Canada, Northstar produces helicopter gears and transmissions, accessory gearbox assemblies, rotorcraft drive systems and other machined and fabricated parts. It also provides maintenance, repair and overhaul of components and transmissions. Its plants are located in Chicago, Illinois; Phoenix, Arizona and Milton and Windsor, Ontario. Northstar employs over 700 people across its operations. Northstar Aerospace, along with affiliates, filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-11817) in Wilmington, Delaware, on June 14, 2012, to sell its business to affiliates of Wynnchurch Capital, Ltd., absent higher and better offers. Attorneys at SNR Denton US LLP and Bayard, P.A. serve as counsel to the Debtors. The Debtors have obtained approval to hire Logan & Co. Inc. as the claims and notice agent. Certain Canadian affiliates are also seeking protection pursuant to the Companies' Creditors Arrangement Act, R.S.C.1985, c. C-36, as amended. As of March 31, 2012, Northstar disclosed total assets of $165.1 million and total liabilities of $147.1 million. Approximately 60% of the assets and business are with the U.S. Debtors. At the July 24, 2012 Sale Hearing, the U.S. Bankruptcy Court for the District of Delaware entered its order approving the sale of substantially all of the assets of Northstar Aerospace (USA) Inc., et al., to Heligear Acquisition Co. or its designee for the US Purchased Assets, and Heligear Canada Acquisition Corporation for the Canadian Purchased Assets. HAWKER BEECHCRAFT: Ends June 30 With $138.1 Million in Cash ----------------------------------------------------------- Hawker Beechcraft Inc. and its affiliates, on July 25, 2012, filed its monthly operating report for the month ended June 30, 2012. The Debtor posted a net loss of $34.4 million on total sales of $203 million for the month ended June 30, 2012. As of June 30, 2012, the Debtor had total assets of $2.69 billion, total liabilities of $3.93 billion and total stockholders' deficit of $1.24 billion. As of June 1, 2012, the Debtor had $145 million in cash. Hawker Beechcraft had total cash receipts of $164 million and total cash disbursements of $170.9 million. As a result, as of June 30, 2012, the Debtor had total cash of $138.1 million. About Hawker Beechcraft Hawker Beechcraft Inc., a designer and manufacturer of light and medium-sized jet, turboprop and piston aircraft, filed for Chapter 11 reorganization together with 17 affiliates (Bankr. S.D.N.Y. Lead Case No. 12-11873) on May 3, 2012, having already negotiated a plan that eliminates $2.5 billion in debt and $125 million of annual cash interest expense. The plan, to be filed by June 30, will give 81.9% of the new stock to holders of $1.83 billion of secured debt, while 18.9% of the new shares are for unsecured creditors. The proposal has support from 68% of secured creditors and holders of 72.5% of the senior unsecured notes. Hawker is 49%-owned by affiliates of Goldman Sachs Group Inc. and 49%-owned by Onex Corp. The Company's balance sheet at Dec. 31, 2011, showed $2.77 billion in total assets, $3.73 billion in total liabilities and a $956.90 million total deficit. Other claims include pensions underfunded by $493 million. Hawker Beechcraft disclosed assets of $1,831,097 plus undetermined amounts, and liabilities of $1,704,736,958 plus undetermined amounts. Hawker's legal representative is Kirkland & Ellis LLP, its financial advisor is Perella Weinberg Partners LP and its restructuring advisor is Alvarez & Marsal. Epiq Bankruptcy Solutions LLC is the claims and notice agent. Sidley Austin LLP serves as legal counsel and Houlihan Lokey Howard & Zukin Capital Inc. serves as financial advisor to the DIP Agent and the Prepetition Agent. Wachtell, Lipton, Rosen & Katz represents an ad hoc committee of senior secured prepetition lenders holding 70% of the loans. Milbank, Tweed, Hadley & McCloy LLP represents an ad hoc committee of holders of the 8.500% Senior Fixed Rate Notes due 2015 and 8.875%/9.625% Senior PIK Election Notes due 2015 issued by Hawker Beechcraft Acquisition Company LLC and Hawker Beechcraft Notes Company. The members of the Ad Hoc Committee -- GSO Capital Partners, L.P. and Tennenbaum Capital Partners, LLC -- hold claims or manage accounts that hold claims against the Debtors' estates arising from the purchase of the Senior Notes. Deutsche Bank National Trust Company, the indenture trustee for senior fixed rate notes and the senior PIK-election notes, is represented by Foley & Lardner LLP. An Official Committee of Unsecured Creditors appointed in the case has selected Daniel H. Golden, Esq., and the law firm of Akin Gump Strauss Hauer & Feld LLP as legal counsel. The Committee tapped FTI Consulting, Inc., as its financial advisor. INNER CITY: ICBC Broadcast Ends May 31 With Only $562,451 in Cash ----------------------------------------------------------------- ICBC Broadcast Holdings, Inc., an affiliate of Inner City Media Corp., on July 18, 2012, filed its monthly operating report for the month ended May 31, 2012. As of May 31, 2012, the Company had total assets of $40.04 million, total liabilities of $273.15 million and total stockholders' deficit of $233.11 million. At the beginning of the month, the Company had $1.27 million in cash. The Company had total cash receipts of $1.28 million and total cash disbursements of $1.98 million. As a result, at the end of May, ICBC Broadcast had total cash of $562,451. About Inner City On Aug. 23, 2011, affiliates of Yucaipa and CF ICBC LLC, Fortress Credit Funding I L.P., and Drawbridge Special Opportunities Fund Ltd., signed involuntary Chapter 11 petitions for Inner City Media Corp. and its affiliates (Bankr. S.D.N.Y. Case Nos. 11-13967 to 11-13979) to collect on a $254 million debt. The Petitioning Creditors are party to the senior secured credit Facility pursuant to which they (or their predecessors in interest) extended $197 million in loans to the Alleged Debtors to be used for general corporate purposes. More than two years ago, the Alleged Debtors defaulted under the Senior Secured Credit Facility, and in any event the entire amount of principal and accrued and unpaid interest and fees became immediately due and payable on Feb. 13, 2010. Inner City Media's affiliates subject to the involuntary Chapter 11 are ICBC Broadcast Holdings, Inc., Inner-City Broadcasting Corporation of Berkeley, ICBC Broadcast Holdings-CA, Inc., ICBC- NY, L.L.C., ICBC Broadcast Holdings-NY, Inc., Urban Radio, L.L.C., Urban Radio I, L.L.C., Urban Radio II, L.L.C., Urban Radio III, L.L.C., Urban Radio IV, L.L.C., Urban Radio of Mississippi, L.L.C., and Urban Radio of South Carolina, L.L.C. Judge Shelley C. Chapman granted each of Inner City Media Corporation and its debtor affiliates relief under Chapter 11 of the United States Code. The decision came after considering the involuntary petitions, and the Debtors' answer to involuntary petitions and consent to entry of order for relief and reservation of rights. Attorneys for Yucaipa Corporate Initiatives Fund II, L.P. and Yucaipa Corporate Initiatives (Parallel) Fund II, L.P. are John J. Rapisardi, Esq., and Scott J. Greenberg, Esq., at Cadwalader, Wickersham & Taft LLP. Attorneys for CF ICBC LLC, Fortress Credit Funding I L.P., and Drawbridge Special Opportunities Fund Ltd. are Adam C. Harris, Esq., and Meghan Breen, Esq., at Schulte Roth & Zabel LLP. Akin Gump Strauss Hauer & Feld LLP serves as the Debtors' counsel. Rothschild Inc. serves as the Debtors' financial advisors and investment bankers. GCG Inc. serves as the Debtors' claims agent. The United States Trustee said that an official committee under 11 U.S.C. Sec. 1102 has not been appointed in the bankruptcy case of Inner City Media because an insufficient number of persons holding unsecured claims against the Debtor has expressed interest in serving on a committee. JER/JAMESON MEZZ: Reports $251,000 Net Loss in June --------------------------------------------------- JER/Jameson Mezz Borrower I LLC and its affiliates, on July 20, 2012, filed its monthly operating report for the month ended June 30, 2012. JER/Jameson Mezz reported a net loss of $251,000 for the month ended June 30, 2012. As of June 30, 2012, the Debtor had total assets of $31.13 million, total liabilities of $41.63 million and total stockholders' deficit of $10.50 million. About JER/Jameson Mezz Borrower II 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. JER/Jameson Properties LLC disclosed $294,662,815 in assets and $163,424,762 in liabilities as of the Chapter 11 filing. 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. The U.S. Trustee has not appointed an official Committee of unsecured creditors in any of the Debtors' cases. MF GLOBAL: Cash Reduced to $15.9 Million ---------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Louis Freeh, the trustee for MF Global Holdings Ltd., reported to the bankruptcy court Aug. 14 that about $15.9 million remains from what was originally $25.3 million to operate the Chapter 11 reorganization of the holding company for the liquidating commodities broker. The report relates that according to the trustee's operating report, in July, about $612,000 in cash was used. There is now about $35 million in fees that can't be paid for Mr. Freeh, his lawyers, lawyers for the creditors' committee and lawyers for the holding company before the trustee's appointment, according to the operating report. The fees can't be paid because there is no available cash and no loan to finance the Chapter 11 effort. The report relates that the cash Freeh uses represents collateral for loans owing to secured lender JPMorgan Chase Bank NA. MF Global Holdings is the parent of MF Global Inc., the liquidating commodities broker $1.6 billion short in accounts holding customer property. The expenses of the brokerage bankruptcy are paid by the Securities Investor Protection Corp. The report notes that at the outset of bankruptcy in October, the holding company had no available cash other than $25.3 million in an account held by the bankrupt finance subsidiary MF Global Finance USA Inc. The account was maintained at JPMorgan, which claims the money is collateral for loans the bank made and can only be used with the bank's permission. Arrangements were later made to use the bank's cash collateral to pay expenses other than professional fees. 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) OTERO COUNTY: Ends June 30 With $16.34 Million in Cash ------------------------------------------------------ Otero County Hospital Association, Inc., dba Gerald Champion Regional Medical Center, filed its monthly operating report for the month ended June 30, 2012. The Debtor started the month with $16.34 million in cash as of June 1, 2012. The Debtor had total receipts of $7.05 million and total disbursements of $7.04 million. At the end of the month, the Debtor had practically the same level of cash -- $16.34 million. The Company's balance sheet as of June 30, 2012, showed $142.34 million in assets, total liabilities of $66.80 million, and a stockholder's equity of $75.54 million. For the month ended June 30, 2012, The Company had total patient revenue of $19.13 million and operating loss of $7.33 million. About Otero County Hospital Otero County Hospital Association Inc. filed for Chapter 11 protection (Bankr. D. N.M. Case No. 11-13686) in Albuquerque, New Mexico, on Aug. 16, 2011. The Alamogordo, New Mexico-based nonprofit developed and operates the Gerald Champion Regional Medical Center. GCRMC serves a total population of approximately 70,000 people. Otero County Hospital Association also does business as Mountain View Catering. Judge Robert H. Jacobvitz presides over the case. Craig H. Averch, Esq., and Roberto J. Kampfner, Esq., at White & Case, LLP, in Los Angeles; and John D. Wheeler, Esq., at John D. Wheeler & Associates, PC, in Alamogordo, New Mexico, serve as bankruptcy counsel. Kurtzman Carson Consultants, LLC, serves as claims agent. The Debtor disclosed $124,186,104 in assets and $40,506,759 in liabilities as of the Chapter 11 filing. Alice Nystel Page, U.S. Trustee for Region 20, appointed five creditors to serve on the Official Committee of Unsecured Creditors of the Debtor. Gardere Wynne Sewell LLP serves as the Committee's counsel. The Committee tapped James Morell of JCM Advisors, LLC, as healthcare management consultant. The U. S. Trustee appointed E. Marissa Lane PLLC as patient care ombudsman on Sept. 13, 2011. No trustee or examiner has been requested or appointed in the Chapter 11 Case. PEMCO WORLD: Ends June 30 With $4.54 Million in Cash ---------------------------------------------------- Pemco World Air Services, Inc., on July 24, 2012, filed its monthly operating report for the month ended June 30, 2012. The Company reported a net loss of $927,000 on total sales of $7.57 million for the month ended June 30, 2012. As of June 30, 2012, the Company had total assets of $72.30 million, total liabilities of $95.80 million and total stockholders' deficit of $23.50 million. At the beginning of June, the Company had $2.83 million in cash. Pemco World had total cash receipts of $12.83 million and total cash disbursements of $11.12 million. As a result, at the end of the month, the Company had total cash of $4.54 million. About Pemco World Air Services Headquartered in Tampa, Florida Pemco World Air Services -- http://www.pemcoair.com/-- performs large jet MRO services, and has operations in Dothan, AL (military MRO and commercial modification), Cincinnati/Northern Kentucky (regional aircraft MRO), and partner operations in Asia. Pemco filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 12-10799) on March 5, 2012. Young Conaway Stargatt & Taylor, LLP has been tapped as general bankruptcy counsel; Kirkland & Ellis LLP as special counsel for tax and employee benefits issues; AlixPartners, LLP as financial advisor; Bayshore Partners, LLC as investment banker; and Epiq Bankruptcy Solutions LLC as notice and claims agent. On March 14, 2012, the U.S. Trustee appointed an official committee of unsecured creditors. On April 13, 2012, Sun Aviation Services LLC (Bankr. D. Del. Case No. 12-11242) filed its own Chapter 11 bankruptcy petition. Sun Aviation owns 85.08% of the stock of Pemco debtor-affiliate WAS Aviation Services Holding Corp., which in turn owns 100% of the stock of debtor WAS Aviation Services Inc., which itself owns 100% of the stock of Pemco World Air Services Inc. Pemco also owes Sun Aviation $5.6 million. As a result, Sun Aviation is seeking separate counsel. However, Sun Aviation obtained an order jointly administering its case with those of the Pemco debtors. On June 15 the bankruptcy court approved sale of Pemco's business for $41.9 million cash to an affiliate of VT Systems Inc. from Alexandria, Virginia. Boca Raton, Florida-based Sun Capital was under contract to make the first bid at auction for the provider of heavy maintenance and repair services for commercial jet aircraft. RG STEEL: Reports $43.7 Million June Operating Loss --------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that RG Steel LLC reported a $55.5 million net loss in June on total sales of $163.4 million. The cost of sales exceeded revenue by $33.9 million in June, according to the operating report filed with the U.S. Bankruptcy Court in Delaware. The report relates the loss from operations for the month was $43.7 million. About RG Steel RG Steel LLC -- http://www.rg-steel.com/-- is the United States' fourth-largest flat-rolled steel producer with annual steelmaking capacity of 7.5 million tons. It was formed in March 2011 following the purchase of three steel facilities located in Sparrows Point, Maryland; Wheeling, West Virginia and Warren, Ohio, from entities related to Severstal US Holdings LLC. RG Steel also owns finishing facilities in Yorkville and Martins Ferry, Ohio. It also owns Wheeling Corrugating Company and has a 50% ownership in Mountain State Carbon and Ohio Coatings Company. RG Steel along with affiliates, including WP Steel Venture LLC, sought bankruptcy protection (Bankr. D. Del. Lead Case No. 12- 11661) on May 31, 2012, to pursue a sale of the business. The bankruptcy was precipitated by liquidity shortfall and a dispute with Mountain State Carbon, LLC, and a Severstal affiliate, that restricted the shipment of coke used in the steel production process. The Debtors estimated assets and debts in excess of $1 billion as of the Chapter 11 filing. The Debtors owe (i) $440 million, including $16.9 million in outstanding letters of credit, to senior lenders led by Wells Fargo Capital Finance, LLC, as administrative agent, (ii) $218.7 million to junior lenders, led by Cerberus Business Finance, LLC, as agent, (iii) $130.5 million on account of a subordinated promissory note issued by majority owner The Renco Group, Inc., and (iv) $100 million on a secured promissory note issued by Severstal. Judge Kevin J. Carey presides over the case. The Debtors are represented in the case by Robert J. Dehney, Esq., and Erin R. Fay, Esq., at Morris, Nichols, Arsht & Tunnell LLP, and Matthew A. Feldman, Esq., Shaunna D. Jones, Esq., Weston T. Eguchi, Esq., at Willkie Farr & Gallagher LLP, represent the Debtors. Conway MacKenzie, Inc., serves as the Debtors' financial advisor and The Seaport Group serves as lead investment banker. Donald MacKenzie of Conway MacKenzie, Inc., as CRO. Kurtzman Carson Consultants LLC is the claims and notice agent. Wells Fargo Capital Finance LLC, as Administrative Agent, is represented by Jonathan N. Helfat, Esq., and Daniel F. Fiorillo, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C.; and Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachuiski Stang Ziehi & Jones LLP. Renco Group is represented by lawyers at Cadwalader, Wickersham & Taft LLP. An official committee of unsecured creditors has been appointed in the case. Kramer Levin Naftalis & Frankel LLP represents the Committee. Huron Consulting Services LLC serves as it's financial advisor. SOLYNDRA LLC: Ends June 30 With $17,000 Only in Cash ---------------------------------------------------- Solyndra LLC, et al., on July 23, 2012, filed its monthly operating report for the month ended June 30, 2012. The Debtor posted a net loss of $4.51 million on revenue of $20,000 for the month ended June 30, 2012. As of June 30, 2012, the Debtor had total assets of $490.33 million, total liabilities of $907.92 million and total stockholders' deficit of $417.59 million. At the beginning of the month, the Debtor had $404,000 in cash. Solyndra had total cash disbursements of $1.63 million. As of June 30, 2012, Solyndra had total cash of $17,000. About Solyndra LLC Founded in 2005, Solyndra LLC was a U.S. manufacturer of solar photovoltaic solar power systems specifically designed for large commercial and industrial rooftops and for certain shaded agriculture applications. The Company had 968 full time employees and 211 temporary employees. Solyndra has sold more than 500,000 of its panels since 2008 and generated cumulative sales of over $250 million. Fremont, California-based Solyndra and affiliate 360 Degree Solar Holdings Inc. sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 11-12799) on Sept. 6, 2011. Solyndra is at least the third solar company to seek court protection from creditors since August 2011. Judge Mary F. Walrath presides over the Debtors' cases. The Debtors are represented by Pachulski Stang Ziehl & Jones LLP as legal adviser. AlixPartners LLP serves as noticing claims and balloting agent. Imperial Capital LLC serves as the company's investment banker and financial adviser. The Debtors also tapped former Massachusetts Governor William F. Weld, now with the law firm McDermott Will & Emery, to represent the company in government investigations and related litigation. BDO Consulting, a division of BDO USA, LLP, as financial advisor and BDO Capital Advisors, LLC, serves as investment banker for the creditors' panel. The Official Committee of Unsecured Creditors of Solyndra LLC has tapped Blank Rome LLP as counsel and BDO Consulting as financial advisors. In October 2011, the Debtors hired Berkeley Research Group, LLC, and designated R. Todd Neilson as Chief Restructuring Officer. Solyndra owed secured lenders $783.8 million, including $527.8 million to the U.S. government pursuant to a federal loan guarantee, and held assets valued at $859 million as of the Petition date. The U.S. Federal Financing Bank, owned by the U.S. Treasury Department, is the Company's biggest lender. When they filed for Chapter 11, the Debtors pursued a two-pronged strategy to effectuate either a sale of their business to a "turnkey" buyer who may acquire substantially all of Solyndra's assets or, if the Debtors were unable to identify any potential buyers, an orderly liquidation of the assets for the benefit of their creditors. Solyndra did not receive acceptable offers to buy the business as a going concern. Two auctions late last year brought in a total of $8 million. A three-day auction in February generated another $3.8 million. An auction in June generated $1.79 million from the sale of 7,200 lots of equipment. TOUSA INC: Ends June 30 With $315.3 Million in Cash --------------------------------------------------- TOUSA Inc., et al., filed its monthly operating report for the month ended June 30, 2012. The company reported a net loss of $653,143 for the month ended June 30, 2012. As of June 30, 2012, the company had total assets of $350.75 million, total liabilities of $1.92 billion, resulting in a total stockholders' deficit of $1.57 billion. At the beginning of June, the Debtor had $319.16 million in cash. The company had total cash receipts of $661,299 and total cash disbursements of $4.52 million. As a result, at the end of June, the Debtor had total cash of $315.30 million. About TOUSA Inc. Headquartered in Hollywood, Florida, TOUSA, Inc. (Pink Sheets: TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. was a leading homebuilder in the United States before it sought Chapter 11 protection. Tousa and its affiliates filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 08-10928) on Jan. 29, 2008. Richard M. Cieri, Esq., M. Natasha Labovitz, Esq., and Joshua A. Sussberg, Esq., at Kirkland & Ellis LLP, in New York, N.Y.; and Paul S. Singerman, Esq., at Berger Singerman, in Miami, Fla., represent the Debtors in their restructuring efforts. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' independent auditor and tax services provider. Kurtzman Carson Consultants LLC acts as the Debtors' Notice, Claims & Balloting Agent. TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba Eagle Homes, filed for Chapter 11 Protection on July 30, 2008 (Bankr. S.D. Fla. Case No. 08-20746). It estimated assets and debts of $1 million to $10 million in its Chapter 11 petition. The official committee of unsecured creditors has filed a proposed chapter 11 liquidating plan for Tousa. However, the committee said it would no longer pursue approval of its liquidation plan because of the pending appeal of its fraudulent transfer case in the U.S. Court of Appeals for the Eleventh Circuit. A district court in February 2011 held that the bankruptcy judge was wrong in ruling that lenders who were paid off received fraudulent transfers when Tousa gave liens on subsidiaries' properties to bail out and refinance a joint venture. Daniel H. Golden, Esq., and Philip C. Dublin, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, N.Y., represent the creditors committee. The Tousa committee filed a Chapter 11 plan in July 2010 based on an assumption it would win the appeal. ********* 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 ***