/raid1/www/Hosts/bankrupt/TCR_Public/121020.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, October 20, 2012, Vol. 16, No. 292
Headlines
AMBAC FINANCIAL: Has $23.5-Mil. Cash at July 31
AMBAC FINANCIAL: Has $22.4 Million Cash at Aug. 30
AMERICAN AIRLINES: Incurs $82,000,000 Loss in August
BEAR ISLAND: Ends August 31 With $31.59 Million in Cash
DAYTOP VILLAGE: Ends June 30 With $508,582 in Cash
EASTMAN KODAK: Cash Declines 21% to End August at $345.8 Million
EVANS OIL: Ends July 31 With $632,572 in Cash
EXTERRA ENERGY: Ends September With $60,091 in Cash
HOSTESS BRANDS: Operating Loss Narrows to $7.2 Million
LEHMAN BROTHERS: Has $24.11 Billion Cash at Aug. 31
LIGHTSQUARED INC: Ends September With $205.06 Million in Cash
MONEY TREE: Ends August 25 With $1.16 Million in Cash
PINNACLE AIRLINES: Reports $5.8 Million August Net Loss
POINT BLANK: Ends August 31 With $1.69 Million in Cash
RCR PLUMBING: Ends August 31 With $1.25 Million in Cash
RESIDENTIAL CAPITAL: Has $12.6 Million Operating Loss in August
RG STEEL: Ends August 31 With $12.12 Million in Cash
SMF ENERGY: Ends August 31 With $6.07 Million in Cash
SOLYNDRA LLC: Ends August 31 With Only $185,000 in Cash
TRIBUNE CO: Posts $3.66-Million Profit in August
TRIDENT MICROSYSTEMS: Ends August With $321,745 in Cash
VELO HOLDINGS: Ends August 31 With $27.47 Million in Cash
*********
AMBAC FINANCIAL: Has $23.5-Mil. Cash at July 31
-----------------------------------------------
Ambac Financial Group, Inc.
Balance Sheet
As of July 31, 2012
ASSETS:
Current Assets:
Unrestricted Cash and Equivalents $23,457,966
Restricted Cash and Cash Equivalents 2,500,000
Accounts Receivable -
Notes Receivable 1,077,640
Inventories -
Prepaid Expenses -
Professional Retainers 282,863
Other Current Assets 10,032,433
-----------------
Total Current Assets 37,350,902
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 -
Other Assets (2,647,171,949)
-----------------
Total Other Assets (2,647,171,949)
-----------------
Total Assets ($2,609,821,047)
=================
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 13,970,050
Amounts Due to Insiders 593,817
Other Postpetition Liabilities -
-----------------
Total Postpetition Liabilities 16,463,867
Liabilities Subject to Compromise (Prepetition):
Secured Debt -
Priority Debt -
Unsecured Debt 1,707,446,240
-----------------
Total Prepetition Liabilities 1,707,446,240
Total Liabilities 1,723,910,107
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 (2,659,205,787)
Adjustments to Owner Equity 46,810,959
Postpetition Contributions -
-----------------
Net Owners' Equity (4,333,731,154)
-----------------
Total Liabilities & Owners' Equity ($2,609,821,047)
=================
Ambac Financial Group, Inc.
Statement of Operations
For the month ended July 31, 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 -
Officer/Insider Compensation -
Insurance $72,785
Management Fees/Bonuses -
Office Expense -
Pension & profit sharing plans -
Repairs & Maintenance -
Rent and Lease Expense -
Salaries/Commissions/Fees -
Supplies -
Taxes - Payroll -
Taxes - Real Estate -
Taxes - Other -
Travel & Entertainment -
Utilities -
Other 635,692
-----------------
Total Operating Expenses Before 708,477
Depreciation
Depreciation/Depletion/Amortization -
-----------------
Net profit(loss) Before Other Income &
Expenses (708,477)
Other Income and Expenses:
Other income 18,843
Interest Expense -
Other Expense (43,474,718)
-----------------
Net profit (loss) Before Reorganization Items 42,785,084
Reorganization Items:
Reorganization Items:
Professional Fees 49,368
U.S. Trustee Quarterly Fees -
Interest on Cash from Chapter 11 -
Gain from Sale of Equipment -
Other Reorganization Expenses -
-----------------
Total Reorganization Expenses 49,368
-----------------
Income Taxes -
-----------------
Net Profit (Loss) $42,735,716
=================
Ambac Financial Group, Inc.
Schedule of Cash Receipts and Disbursements
For the month ended July 31, 2012
Cash Beginning of Month $23,875,824
Receipts:
Cash Sales -
Accounts Receivable - Prepetition -
Accounts Receivable - Postpetition -
Loans and Advances -
Sale of Assets -
Other 5,713
Transfers 9,758
-----------------
Total Receipts 15,471
Disbursements:
Gross Payroll -
Sales, Use, & Other Taxes -
Inventory Purchases -
Secured/Rental/Leases -
Insurance -
Administrative -
Selling -
Other $423,571
Owner Draw -
Transfers (to DIP Accts.) 9,758
Professional Fees -
U.S. Trustee Quarterly Fees -
Court Costs -
-----------------
Total Disbursements 433,329
-----------------
Net Cash Flow (433,329)
-----------------
Cash - End of Month $23,457,966
=================
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.
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 Judge Shelley C. Chapman entered an order confirming
the Fifth Amended Plan of Reorganization of Ambac Financial Group,
Inc. on March 14, 2012. The Plan provides for the full payment of
secured claims and 8.5% to 13.2% recovery for general unsecured
claims.
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).
The Company's balance sheet at June 30, 2012, showed $26.61
billion in total assets, $30.36 billion in total liabilities and a
$3.75 billion total stockholders' deficit.
AMBAC FINANCIAL: Has $22.4 Million Cash at Aug. 30
--------------------------------------------------
Ambac Financial Group, Inc.
Balance Sheet
As of August 30, 2012
ASSETS:
Current Assets:
Unrestricted Cash and Equivalents $22,437,394
Restricted Cash and Cash Equivalents 2,500,000
Accounts Receivable -
Notes Receivable 1,077,640
Inventories -
Prepaid Expenses -
Professional Retainers 147,484
Other Current Assets 10,046,226
-----------------
Total Current Assets 36,840,401
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 -
Other Assets (2,588,857,089)
-----------------
Total Other Assets (2,588,857,089)
-----------------
Total Assets ($2,552,016,688)
=================
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 13,970,050
Amounts Due to Insiders 593,817
Other Postpetition Liabilities -
-----------------
Total Postpetition Liabilities 16,463,867
Liabilities Subject to Compromise (Prepetition):
Secured Debt -
Priority Debt -
Unsecured Debt 1,707,446,240
-----------------
Total Prepetition Liabilities 1,707,446,240
Total Liabilities 1,723,910,107
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 (2,659,205,787)
Adjustments to Owner Equity 46,810,959
Postpetition Contributions -
-----------------
Net Owners' Equity (4,333,731,154)
-----------------
Total Liabilities & Owners' Equity ($2,609,821,047)
=================
Ambac Financial Group, Inc.
Statement of Operations
For the month ended August 30, 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 -
Officer/Insider Compensation $51,042
Insurance 57,423
Management Fees/Bonuses -
Office Expense -
Pension & profit sharing plans -
Repairs & Maintenance -
Rent and Lease Expense -
Salaries/Commissions/Fees -
Supplies -
Taxes - Payroll -
Taxes - Real Estate -
Taxes - Other -
Travel & Entertainment -
Utilities -
Other 262,928
-----------------
Total Operating Expenses Before 371,393
Depreciation
Depreciation/Depletion/Amortization -
-----------------
Net profit(loss) Before Other Income &
Expenses (371,393)
Other Income and Expenses:
Other income 18,491
Interest Expense -
Other Expense (30,004,770)
-----------------
Net profit (loss) Before Reorganization Items 29,651,868
Reorganization Items:
Reorganization Items:
Professional Fees 194,535
U.S. Trustee Quarterly Fees 13,000
Interest on Cash from Chapter 11 -
Gain from Sale of Equipment -
Other Reorganization Expenses -
-----------------
Total Reorganization Expenses 207,535
-----------------
Income Taxes -
-----------------
Net Profit (Loss) $29,444,333
=================
Ambac Financial Group, Inc.
Schedule of Cash Receipts and Disbursements
For the month ended August 30, 2012
Cash Beginning of Month $23,457,966
Receipts:
Cash Sales -
Accounts Receivable - Prepetition -
Accounts Receivable - Postpetition -
Loans and Advances -
Sale of Assets -
Other 4,698
Transfers 2,007,601
-----------------
Total Receipts 2,012,299
Disbursements:
Gross Payroll -
Sales, Use, & Other Taxes -
Inventory Purchases -
Secured/Rental/Leases -
Insurance -
Administrative -
Selling -
Other $1,025,270
Owner Draw -
Transfers (to DIP Accts.) 2,007,601
Professional Fees -
U.S. Trustee Quarterly Fees -
Court Costs -
-----------------
Total Disbursements 3,032,871
-----------------
Net Cash Flow (1,020,572)
-----------------
Cash - End of Month $22,437,394
=================
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.
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 Judge Shelley C. Chapman entered an order confirming
the Fifth Amended Plan of Reorganization of Ambac Financial Group,
Inc. on March 14, 2012. The Plan provides for the full payment of
secured claims and 8.5% to 13.2% recovery for general unsecured
claims.
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).
The Company's balance sheet at June 30, 2012, showed $26.61
billion in total assets, $30.36 billion in total liabilities and a
$3.75 billion total stockholders' deficit.
AMERICAN AIRLINES: Incurs $82,000,000 Loss in August
----------------------------------------------------
AMR Corporation, et al.
Condensed Consolidated Balance Sheet
As of August 31, 2012
ASSETS
Current Assets
Cash $450,000,000
Short-term investments 3,852,000,000
Restricted cash and short-term investments 846,000,000
Receivables, net 1,054,000,000
Inventories, net 580,000,000
Fuel derivative contracts 125,000,000
Other current assets 484,000,000
------------------
7,391,000,000
Equipment and property
Flight equipment, net 10,530,000,000
Other equipment and property, net 2,067,000,000
Purchase deposits for flight equipment 765,000,000
------------------
13,362,000,000
Equipment and property under capital leases
Flight equipment, net 239,000,000
Other equipment and property, net 64,000,000
------------------
303,000,000
International slots and route authorities 708,000,000
Domestic slots and airport operating and gate
lease rights, less accumulated amortization,
net 169,000,000
Other assets 2,140,000,000
------------------
TOTAL ASSETS $24,073,000,000
==================
Liabilities and stockholders' equity (deficit)
Current liabilities
Accounts payable $1,230,000,000
Accrued liabilities 1,871,000,000
Air traffic liability 4,650,000,000
Current maturities of long-term debt 1,515,000,000
Current obligations under capital leases 39,000,000
------------------
Total current liabilities 9,305,000,000
Long-term debt, less current maturities 6,173,000,000
Obligations under capital leases, less
current obligations 395,000,000
Pension and postretirement benefits 77,000,000
Other liabilities, deferred gains and
deferred credits 1,665,000,000
Liabilities subject to compromise 15,223,000,000
Stockholders' Equity (deficit)
Preferred stock -
Common stock 341,000,000
Additional paid-in capital 4,476,000,000
Treasury stock (367,000,000)
Accumulated other comprehensive income (loss) (3,781,000,000)
Accumulated deficit (9,434,000,000)
------------------
(8,765,000,000)
------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $24,073,000,000
==================
AMR Corporation, et al.
Consolidated Statement of Operations
Month Ended August 31, 2012
Revenues
Passenger - American Airlines $1,663,000,000
- Regional Affiliates 262,000,000
Cargo 52,000,000
Other revenues 214,000,000
------------------
Total operating revenues 2,191,000,000
Expenses
Aircraft fuel 735,000,000
Wages, salaries and benefits 597,000,000
Other rentals and landing fees 112,000,000
Maintenance, materials and repairs 124,000,000
Depreciation and amortization 88,000,000
Commissions, booking fees and credit card expense 90,000,000
Aircraft rentals 46,000,000
Food service 47,000,000
Special charges 51,000,000
Other operating expenses 246,000,000
------------------
Total operating expenses 2,136,000,000
------------------
Operating income 55,000,000
Other income (expense)
Interest income 2,000,000
Interest expense (53,000,000)
Interest capitalized 4,000,000
Miscellaneous - net (4,000,000)
------------------
(51,000,000)
------------------
Income before reorganization items 4,000,000
Reorganization items, net (86,000,000)
------------------
Income (Loss) before income taxes (82,000,000)
Income tax -
------------------
Net income (loss) ($82,000,000)
==================
AMR Corporation, et al.
Condensed Consolidated Statement of Cash Flows
Month Ended August 31, 2012
Net cash provided by (used for) Operating
activities ($304,000,000)
Cash flow from investing activities:
Capital expenditures, including aircraft
lease deposits (155,000,000)
Disposal of equipment and property 2,000,000
Net (increase) decrease in short-term investments 542,000,000
------------------
Net cash used for investing activities 389,000,000
Cash flow from financing activities:
Payments on long-term debt and capital
lease obligations (161,000,000)
Proceeds from:
Sale leaseback transactions 82,000,000
------------------
Net cash provided by financing activities (79,000,000)
------------------
Net increase (decrease) in cash 6,000,000
Cash at beginning of period 444,000,000
------------------
Cash at end of period $450,000,000
==================
Disbursements to Chapter 11 professionals during the operating
period totaled $26.496 million, which included $24 million paid
to professionals employed by the Debtors and $2.496 million paid
to professionals retained by the Official Committee of Unsecured
Creditors.
Payment to professionals included:
Professional Amount Paid
------------ -----------
Paul Hastings LLP $4.755 million
Weil, Gotshal & Manges LLP $4.451 million
Deloitte Financial $4.101 million
Dewey & Leboeuf LLP $3.65 million
A full-text copy of the August 2012 Monthly Operating Report is
available at http://bankrupt.com/misc/AMR_August2012MOR.pdf
About AMR Corp.
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).
BEAR ISLAND: Ends August 31 With $31.59 Million in Cash
-------------------------------------------------------
Bear Island Paper Company, LLC, on Sept. 28, 2012, filed its
monthly operating report for the month ended Aug. 31, 2012.
The Debtor posted a net income of $1.48 million on net sales of
$12.60 million for the month ended Aug. 31, 2012.
As of Aug. 31, 2012, the Debtor had total assets of
$156.80 million, total liabilities of $154.52 million and total
stockholders' equity of $2.28 million.
At the beginning of the month, the Debtor had $32.79 million in
cash. Bear Island had total cash receipts of $11.70 million and
total cash disbursements of $11.78 million. As a result, at the
end of August, Bear Island had total cash of $31.59 million.
About Bear Island
Canada-based White Birch Paper Company is the second largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at
Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to
Bear Island.
AlixPartners LLP serves as financial and restructuring advisors to
Bear Island, and Lazard Freres & Co., serves as investment banker.
Garden City Group is the claims and notice agent. Jason William
Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia,
represents the Official Committee of Unsecured Creditors.
Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and
Chapter 15 cases.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG and Caspian Capital
Advisors LLC.
DAYTOP VILLAGE: Ends June 30 With $508,582 in Cash
--------------------------------------------------
Daytop Village Foundation, Inc., on Oct. 1, 2012, filed its
monthly operating report for the month ended June 30, 2012.
The Company reported a net loss of $375,033 on net revenue of
$468,718 for the month ended June 30, 2012.
As of June 30, 2012, the Company had total assets of
$45.43 million, total liabilities of $39.79 million and total
stockholders' equity of $5.64 million.
As of June 1, 2012, the Company had $498,259 in cash. Daytop
Village had total cash receipts of $97,904 and total cash
disbursements of $87,582. As a result, as of June 30, 2012, the
Company had total cash of $508,582.
About Daytop Village
Daytop Village Foundation Incorporated, along with affiliate
Daytop Village Inc., filed a Chapter 11 petition (Bankr. S.D.N.Y.
Case No. 12-11436) on April 5, 2012, in Manhattan.
In 1963, Father William O'Brien and Dr. Alexander Bassin founded
the Daytop Lodge, a substance abuse treatment facility, in Staten
Island. Today, Daytop is the third largest substance abuse agency
operating in the State of New York and the only substance abuse
agency operating world-wide under a contract with the Unites
States State Department. It provides family-oriented substance
abuse treatment for adults and adolescents. Through six
residential facilities and eight outreach clinics in New York,
Daytop offers individual treatment plans by providing professional
counseling, medical, social and spiritual attention.
Judge Shelley C. Chapman presides over the Chapter 11 cases.
Lowenstein Sandler PC is the Debtors' counsel. Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent. The Debtors'
Restructuring and Management Officer is Marotta Gund Budd Dezera
LLC. The petition was signed by Michael Dailey, chief executive
officer.
Daytop Village Inc., as of Jan. 31, 2012 has $8.68 million in
assets and $45.03 million of liabilities. DVF has $42.20 million
in assets and $32.00 million in liabilities as of Jan. 31, 2012.
Island Funding II, the DIP lender, is represented by Paul R.
DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP. Counsel to the
prepetition lender Signature Bank is Stephen D. Brodie, Esq., at
Herrick Feinstein LLP; and Joshua I. Divack, Esq., at Hahn &
Hessen LLP. Counsel to the prepetition lender Hudson Valley Bank
is James P. Blose, Esq., at Griffin Coogan Blose & Sulzer P.C.
The Official Committee of Unsecured Creditors was formed April 17,
2012. Bendinger & Schlesinger, Inc., is the chair of the
Committee. Alvarez & Marsal Healthcare Industry Group LLC is the
Committee's financial advisor. Robinson Brog Leinwand Greene
Genovese & Gluck P.C. is the Committee's counsel.
Eric M. Huebscher was appointed Patient Care Ombudsman in the
case.
EASTMAN KODAK: Cash Declines 21% to End August at $345.8 Million
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Eastman Kodak Co. said on Sept. 28 that progress so
far in the bankruptcy reorganization begun in January includes
"successful stabilization of the business."
According to the report, the same day, Kodak filed an operating
report showing that cash on the balance sheet for the companies in
Chapter 11 declined by $92.4 million during August. Cash at the
end of the month was $345.8 million among the bankrupt companies,
a 21 percent drop from the $438.2 million cash as of July 31,
according to the operating report filed with the U.S. Bankruptcy
Court in New York. Kodak reported revenue of $168.4 million in
August and cost of sales of $170 million, resulting in a gross
loss of $1.6 million. The loss from continuing operations before
interest and reorganization items was $52.9 million. Interest
expense of $12.6 million and reorganization costs of $11 million
contributed to a net loss of $79.3 million.
The report relates that Kodak said in its statement that progress
in Chapter 11 includes "development of its emergence plan,"
although no formal reorganization plan has been filed in
bankruptcy court. The company on Sept. 28 filed a second request
for the expansion of the exclusive right to propose a plan. If
approved by the judge at an Oct. 17 hearing, the plan-filing
deadline will become Feb. 28. Kodak said in the court filing that
it already eliminated 2,700 jobs and will cut another 1,200,
reducing annual expenses by $340 million. There are
"negotiations," Kodak said, to remedy the $1.2 billion liability
for retiree benefits. Kodak said that cash has grown among the
foreign operations not in bankruptcy. "Focusing on just 29
percent of Kodak is not an effective way of understanding the
value of the company and its securities," according to Ken Luskin,
president of Intrinsic Value Asset Management Inc. Mr. Luskin,
who own Kodak stock and unsecured bonds, said in an e-mail that
the company "is getting 71 percent of sales and growing from its
non-U.S. businesses."
According to Bloomberg Kodak said it intends to emerge from
bankruptcy in the first half of 2013. By the claim-filing
deadline, Kodak said $20 billion in claims were filed. The
company announced on Sept. 28 that it will exit the consumer
inkjet printer business next year while continuing to sell ink
supplies. Kodak announced in September that it won't be selling
the portfolio of digital-imaging technology for the time being.
The Bloomberg report discloses that the company said it might
retain the technology for licensing to generate revenue to pay
customer claims under a reorganization plan.
Kodak's $400 million in 7 percent convertible notes due in 2017
traded for 26 cents on the dollar on Aug. 2, when the technology
was expected to be sold later that month. The notes last traded
on Sept. 28 for 12.55 cents on the dollar, according to Trace, the
bond-price reporting system of the Financial Industry Regulatory
Authority.
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.
As of July 31, 2012, the Company had total assets of
$3.93 billion, total liabilities of $5.32 billion and total
stockholders' deficit of $1.39 billion.
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.
The Official Committee of Unsecured Creditors has tapped
Milbank, Tweed, Hadley & McCloy LLP, as its bankruptcy counsel.
Michael S. Stamer, Esq., David H. Botter, Esq., and Abid Qureshi,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represent the
Unofficial Second Lien Noteholders Committee.
Robert J. Stark, Esq., Andrew Dash, Esq., and Neal A. D'Amato,
Esq., at Brown Rudnick LLP, represent Greywolf Capital Partners
II; Greywolf Capital Overseas Master Fund; Richard Katz, Kenneth
S. Grossman; and Paul Martin.
EVANS OIL: Ends July 31 With $632,572 in Cash
---------------------------------------------
Evans Oil Company LLC on Aug. 20, 2012, filed its monthly
operating report for the month ended July 31, 2012.
At the beginning of the month, the Debtor had $1.07 million in
cash. Long Petroleum had total cash receipts of $8.57 million and
total cash disbursements $9.01 million. As a result, at the end
of July, the Debtor had total cash of $632,572.
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30,
2011.
Attorneys at Hahn Loeser & Parks LLP serve as bankruptcy counsel
to the Debtors. Garden City Group Inc. is the claims and notice
agent. The Parkland Group Inc. is the restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
Fifth Third Bank failed in its bid for appointment of a Chapter 11
trustee to replace management.
Soneet Kapila was appointed by the bankruptcy judge as facilitator
effective on May 10, 2012 for Evans Oil. All due diligence
regarding any plan of reorganization or any sale of the Debtors'
assets will be facilitated by Mr. Kapila until the earlier of
consummation of a sale of all or substantially all of the assets,
or (2) confirmation of a plan of reorganization.
EXTERRA ENERGY: Ends September With $60,091 in Cash
---------------------------------------------------
Exterra Energy, Inc., on Oct. 15, 2012, filed its monthly
operating report for the month ended Sept. 30, 2012.
The Company reported a net income of $15,015 on net revenue of
$29,660 for the month ended Sept. 30, 2012.
As of Sept. 30, 2012, the Company had total assets of $594,266,
total liabilities of $14.03 million and total stockholders'
deficit of $13.43 million.
As of Sept. 1, 2012, the Exterra Energy had $172,786 in cash. The
Company had total cash receipts of $39,660 and total cash
disbursements of $152,356. As a result, Exterra Energy had total
cash of $60,091 as of Sept. 30, 2012.
A full-text copy of the monthly operating report is available at:
http://is.gd/pHNkPN
About Exterra Energy
Exterra Energy Inc., an oil and natural-gas exploration and
production company in Amarillo, Texas, filed a bare-bones Chapter
11 petition (Bankr. N.D. Tex. Case No. 11-46956) on Dec. 15, 2011,
in Fort Worth. Two weeks later, Exterra filed its schedules of
assets and liabilities claiming to have property worth $19.4
million. The company also filed a balance sheet from February
listing assets of $5.1 million. The formal bankruptcy lists show
total debt of $7.5 million, including $4.6 million in secured
claims. The company's Web site says Exterra has 12 wells in Pecos
County, Texas, plus interests in another 50.
HOSTESS BRANDS: Operating Loss Narrows to $7.2 Million
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Hostess Brands Inc., the baker of Wonder bread,
reported a $7.2 million operating loss in August improving on the
$15.4 million operating loss in July.
According to the report, in the operating report filed with the
bankruptcy court for four weeks ended Aug. 25, Hostess had revenue
of $181.5 million and a net loss of $9.4 million. The loss before
interest, taxes, depreciation and amortization was $772,000.
The report relates that unrestricted cash declined $2.1 million in
the month to end at $36.9 million. Contributing to the loss was
$1.9 million of interest expense and reorganization costs totaling
$4 million. Hostess didn't respond over the weekend to a call
seeking comment on the operating report. The bankruptcy court
will hold a hearing on Oct. 3 where Hostess will ask the judge to
impose contract concessions on the bakery workers' union. Ninety-
two percent of the union members voted against ratifying the
contract. The Teamsters union voted to ratify contracts with the
same concessions.
The report notes that the bakery union isn't opposing court-
imposed concessions on workers covered by contracts still in
effect. The union filed papers at the end of the week telling
U.S. Bankruptcy Judge Robert Drain that he doesn't have power to
modify collective bargaining agreements that expired by their
terms. The union in effect is telling Drain to abide by the
formal ruling he made in June when he concluded that a bankruptcy
court loses power to revise a labor contract that expired by their
terms.
The Bloomberg report discloses that Hostess has been warning
workers it's "certain that Hostess will be forced to liquidate,"
with loss of all jobs, unless all workers make concessions.
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.
LEHMAN BROTHERS: Has $24.11 Billion Cash at Aug. 31
---------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and
controlled entities for the month ended August 31, 2012:
Beginning Total Cash & Investments (08/01/12) $23,252,000,000
Total Sources of Cash 961,000,000
Total Uses of Cash (66,000,000)
FX Fluctuation 1,000,000
---------------
Ending Total Cash & Investments (08/31/12) $24,119,000,000
Lehman reported $12.652 billion in cash and investments as of
August 1, 2012, and $13.518 billion as of August 31, 2012.
The monthly operating report also showed that a total of
$7,924,000 was paid last month to the U.S Trustee and
professionals.
From September 15, 2008, to August 31, 2012, a total of
$1,731,594,000 was paid to the U.S. Trustee and professionals, of
which $535,520,000 was paid to Lehman's turnaround manager
Alvarez & Marsal LLC, while $419,228,000 was paid to its
bankruptcy counsel, Weil Gotshal & Manges LLP.
A full-text copy of the August 2012 Operating Report is available
for free at http://bankrupt.com/misc/LehmanMORAugust3112.pdf
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States. For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history. Several other affiliates followed
thereafter.
Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion. Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees. Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.
Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history. Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.
LIGHTSQUARED INC: Ends September With $205.06 Million in Cash
-------------------------------------------------------------
LightSquared Inc. et al., on Oct. 15, 2012, filed its monthly
operating report for the month ended Sept. 30, 2012.
The Company posted a net loss of $51.35 million on net revenue of
$3.59 million for the month ended Sept. 30, 2012.
As of Sept. 30, 2012, the Company had total assets of $4.01
billion, total liabilities of $2.48 billion and total
stockholders' equity of $1.53 billion.
As of Sept. 1, 2012, Lightsquared had $217.26 million in cash.
The Company had total cash receipts of $7.31 million and total
cash disbursements of $19.51 million. As a result, as of
Sept. 30, 2012, the Company had total cash of $205.06 million.
About LightSquared Inc.
LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, as the Company seeks to resolve regulatory issues
that have prevented it from building its coast-to-coast integrated
satellite 4G wireless network.
LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network. In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries. In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.
LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with
liquidity and runway necessary to resolve its issues with the FCC.
Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties,
prompting the bankruptcy filing.
As of the Petition Date, the Debtors employed roughly 168 people
in the United States and Canada. As of Feb. 29, 2012, the Debtors
had $4.48 billion in assets (book value) and $2.29 billion in
liabilities.
MONEY TREE: Ends August 25 With $1.16 Million in Cash
-----------------------------------------------------
The Money Tree, Inc., on Sept. 20, 2012, filed its monthly
operating report for the period ended August 25, 2012.
As of Aug. 25, 2012, the Company had total assets of
$76.70 million, total liabilities of $74.50 million and total
stockholders' equity of $2.20 million.
As of Aug. 25, 2012, the Company had total cash of $1.16 million.
About Money Tree
Headquartered in Bainbridge, Georgia, The Money Tree Inc. --
http://www.moneytreeinc.com/-- operates a network of lending
branches across the Southeast, concentrated in Georgia, Florida
and Alabama. The Company and four affiliates filed for Chapter 11
bankruptcy (Bankr. M.D. Ala. Case Nos. 11-12254 thru 11-12258) on
Dec. 16, 2011. The other debtor-affiliates are Small Loans, Inc.,
The Money Tree of Louisiana, Inc., The Money Tree of Florida Inc.,
and The Money Tree of Georgia Inc.
Judge William R. Sawyer oversees the case, replacing Judge Dwight
H. Williams, Jr. Max A. Moseley, Esq., at Baker Donelson Bearman
Caldwell & Berkow, P.C., serves as the Debtors' counsel. The
Debtors hired Warren, Averett, Kimbrough & Marino, LLC, as
restructuring advisors.
The Money Tree Inc. disclosed $73,413,612 in assets and
$73,050,785 in liabilities as of the Chapter 11 filing. The
petitions were signed by Biladley D. Bellville, president.
The Company's subsidiary, Best Buy Autos of Bainbridge Inc., is
not a party to the bankruptcy filing and intends to operate its
business in the ordinary course.
On Jan. 10, 2012, the Court appointed two separate Official
Unsecured Creditors' Committees in The Money Tree Inc. case and
The Money Tree of Georgia Inc. case. On Jan. 13, 2012, the
Committees moved the Court to consolidate the two into one Omnibus
Official Committee of Unsecured Creditors in the Chapter 11 cases,
which motion was granted on Feb. 28, 2012. Greenberg Traurig LLP
represents the Committee. The Committee tapped HGH Associates LLC
as its accountants and financial advisors.
On April 16, 2012, the Debtors filed a Plan of Reorganization and
Disclosure Statement. Holders of General Unsecured Claims of The
Money Tree, estimated total $586,676, were to receive 95% of their
allowed claims.
The Debtors, however, failed to move forward with their Plan as
the Court stripped the Company's management of control and
appointed S. Gregory Hays as Chapter 11 Trustee. Daniel D.
Sparks, Esq., Eric J. Breithaupt, Esq., and Bradley R. Hightower,
Esq., at Christian & Small LLP, represent the Trustee.
PINNACLE AIRLINES: Reports $5.8 Million August Net Loss
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Pinnacle Airlines Corp.'s cash declined 27 percent in
August to end the month at $36 million, according to the operating
report filed with the U.S. Bankruptcy Court in New
York.
According to the report, the Memphis, Tennessee-based feeder
airline generated operating revenue of $71.7 million in August,
resulting in a $2.3 million operating loss and $5.8 million net
loss. Contributors to the loss were $2.2 million in interest
expense and $1.2 million in "reorganization items," mostly
professional expense. Pinnacle's cash declined $13.1 million
during August. The company also has $13.5 million of restricted
cash. Operating activities consumed $15.6 million in cash during
the month, according to the operating report.
The report relates that the company used bankruptcy court to shed
47 aircraft. Among the aircraft Pinnacle decided to retain are
140 regional jets leased from Delta Air Lines Inc., the provider
of $74.3 million in financing for the Chapter 11 reorganization
begun in April. Pinnacle is keeping another nine aircraft leased
by other owners. Pinnacle listed assets of $1.54 billion against
debt totaling $1.43 billion in court papers. At the outset of
bankruptcy, Pinnacle was providing service as Delta Connection,
United Express and US Airways Express.
The Bloomberg report discloses that secured debt includes $690
million owing to Export Development Canada and $34 million on a
revised loan with an affiliate of CIT Group Inc.
The case is In re Pinnacle Airlines Corp., 12-11343, U.S.
Bankruptcy Court, Southern District of New York (Manhattan).
About Pinnacle Airlines
Pinnacle Airlines Corp. (NASDAQ: PNCL) -- http://www.pncl.com/--
a $1 billion airline holding company with 7,800 employees, is the
parent company of Pinnacle Airlines, Inc.; Mesaba Aviation, Inc.;
and Colgan Air, Inc. Flying as Delta Connection, United Express
and US Airways Express, Pinnacle Airlines Corp. operating
subsidiaries operate 199 regional jets and 80 turboprops on more
than 1,540 daily flights to 188 cities and towns in the United
States, Canada, Mexico and Belize. Corporate offices are located
in Memphis, Tenn., and hub operations are located at 11 major U.S.
airports.
Pinnacle Airlines Inc. and its affiliates, including Colgan Air,
Mesaba Aviation Inc., Pinnacle Airlines Corp., and Pinnacle East
Coast Operations Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Lead Case No. 12-11343) on April 1, 2012.
Judge Robert E. Gerber presides over the case. Lawyers at Davis
Polk & Wardwell LLP, and Akin Gump Strauss Hauer & Feld LLP serve
as the Debtors' counsel. Barclays Capital and Seabury Group LLC
serve as the Debtors' financial advisors. Epiq Systems Bankruptcy
Solutions serves as the claims and noticing agent. The petition
was signed by John Spanjers, executive vice president and chief
operating officer.
Pinnacle Airlines' balance sheet at Sept. 30, 2011, showed $1.53
billion in total assets, $1.42 billion in total liabilities and
$112.31 million in total stockholders' equity. Debtor-affiliate
Colgan Air, Inc. disclosed $574,482,867 in assets and $479,708,060
in liabilities as of the Chapter 11 filing.
Delta Air Lines, Inc., the Debtors' major customer and post-
petition lender, is represented by David R. Seligman, Esq., at
Kirkland & Ellis LLP.
The official committee of unsecured creditors tapped Morrison &
Foerster LLP as its counsel, and Imperial Capital, LLC, as
financial advisors.
Pinnacle has the exclusive right to propose a reorganization plan
until Jan. 25.
POINT BLANK: Ends August 31 With $1.69 Million in Cash
------------------------------------------------------
SS Body Armor I, Inc., et al., formerly known as Point Blank
Solutions Inc., on Sept. 17, 2012, filed its monthly operating
report for the month ended Aug. 31, 2012.
The Company posted a net loss of $130,694 for the month ended
Aug. 31, 2012.
As of Aug. 31, 2012, Point Blank had total assets of
$6.22 million, total liabilities of $34.36 million and total
stockholders' deficit of $47.93 million.
At the beginning of August, Point Blank had $1.86 million in
cash. The Company had total cash receipts $180 and total cash
disbursements of $173,282. As a result, at the end of the month,
Point Blank had total cash of $1.69 million.
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. Epiq Bankruptcy Solutions serves as claims
and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.
RCR PLUMBING: Ends August 31 With $1.25 Million in Cash
-------------------------------------------------------
RCR Plumbing and Mechanical, Inc., on Sept. 18, 2012, filed its
monthly operating report for the month ended Aug. 31, 2012.
The Debtor posted a net loss of $188,504 on net revenue of
$799,664 for the month ended Aug. 31, 2012.
As of Aug. 31, 2012, RCR Plumbing had total assets of $8.27
million, total liabilities of $17.58 million and total
stockholders' deficit of $9.31 million.
At the beginning of the month, RCR Plumbing had $1.92 million in
cash. The Debtor had total cash receipts of $1.16 million and
total cash disbursements of $1.83 million. As a result, at the
end of August, RCR Plumbing had total cash of $1.25 million.
About RCR Plumbing
Founded in 1977, Riverside, California-based RCR Plumbing and
Mechanical Inc. is one of the largest plumbing subcontractors in
the West Coast. In 1999, RCR Plumbing was acquired by American
Plumbing and Mechanical Inc. On Oct. 13, 2003, AMPAM and its
affiliated entities, including RCR Plumbing, filed for Chapter 11
bankruptcy (Bankr. W.D. Tex. Lead Case No. 03-55789) in San
Antonio. Pursuant to a plan of reorganization, RCR Plumbing
received a discharge of any liability arising from contracts
completed prior to Aug. 2, 2004, the date the plan was confirmed.
The plan disaggregated RCR Plumbing from AMPAM.
RCR Plumbing filed for Chapter 11 bankruptcy (Bankr. C.D. Calif.
Case No. 11-41853) on Oct. 12, 2011. RCR Plumbing blamed a weak
construction market and increased insurance costs. Judge Wayne E.
Johnson oversees the case. Evan D. Smiley, Esq., and Kyra E.
Andrassy, Esq. at Weiland, Golden, Smiley et al., serve as the
Debtor's counsel. Sidley Austin LLP as its special labor and
employment counsel BSW & Associates as financial advisor.
Kurtzman Carson Consultants LLC serves as noticing agent. In its
petition, RCR Plumbing estimated $10 million to $50 million in
assets and debts. The petition was signed by Robert C. Richey,
president/CEO.
The Official Committee of Unsecured Creditors tapped Venable LLP
as its counsel.
RESIDENTIAL CAPITAL: Has $12.6 Million Operating Loss in August
---------------------------------------------------------------
Residential Capital, LLC, and its debtor affiliates disclosed
that for the period from August 1 to 31, 2012, it incurred
$12,596,031 in operating loss, compared to the $86,203,909
operating loss the prior month. Total net revenue for the period
was $105,079,000, while total reorganization expense was
$22,634,000.
The Debtors also reported that as of August 31, 2012,
consolidated assets totaled $10,612,219,000, consolidated
liabilities totaled $10,385,500,000, and consolidated equity
totaled $226,719,000.
Receipts during the operating period totaled $1,214,051,000,
while disbursements totaled $1,075,704,000.
Payments to insiders during the operating period totaled
$142,777,474, composed of:
-- $53,990,027 to Ally Bank for Servicing/Origination
-- $28,735,001 to Ally Bank for Loan Purchases
-- $460,947 to Ally Commercial Finance LLC for Servicing
-- $17,569,385 to Ally Financial Inc. for Payments for Shared
-- $35,972,315 to Ally Financial Inc. for Payroll
-- $2,742,006 to Ally Financial Inc. for Interest on
Affiliated Borrowings
-- $1,897,399 to Ally Investment Management, LLC, for
Derivatives Collateral, net
-- $1,327,427 to Debtors' Officers & Directors, paid via Ally
Payroll
-- $82,967 to Independent Directors (Board of Directors) for
Payroll and Travel.
For the operating period, total incurred and unpaid fees to
bankruptcy professionals is $24,080,539. The Debtors paid
$2,817,885 to Kurtzman Carson Consultants LLC.
A full-text copy of the August 2012 Operating Report is available
for free at http://bankrupt.com/misc/rescapmoraug2012.pdf
About Residential Capital
Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.
Neither Ally Financial nor Ally Bank is included in the bankruptcy
filings.
ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.
ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities as of March 31, 2012.
Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap. Morrison & Foerster LLP is acting as legal
adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel. Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.
Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.
ResCap is selling its mortgage origination and servicing
businesses and its legacy portfolio, consisting mainly of mortgage
loans and other residual financial assets. At the onset of the
bankruptcy case, ResCap struck a deal with Nationstar Mortgage LLC
for the mortgage origination and servicing businesses, and with
Ally Financial for the legacy portfolio. Together, the asset
sales are expected to generate roughly $4 billion in proceeds.
Following a hearing in June, the bankruptcy judge scheduled
auctions for Oct. 23. A hearing to approve the sales was set for
Nov. 5. Fortress Investment Group LLC will make the first bid for
the mortgage-servicing business, while Berkshire Hathaway Inc.
will serve as stalking-horse bidder for the remaining portfolio of
mortgages.
Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).
RG STEEL: Ends August 31 With $12.12 Million in Cash
----------------------------------------------------
WP Steel Venture, LLC, et al., on Sept. 28, 2012, filed its
monthly operating report for the month ended Aug. 31, 2012.
The Company reported a net loss of $381.59 million on total sales
of $30.84 million for the month ended Aug. 31, 2012.
As of Aug. 31, 2012, the Company had total assets of
$533.60 million, total liabilities of $1.43 billion and total
stockholders' deficit of $897.53 million.
WP Steel Venture had total cash receipts of $69.90 million and
total disbursements of $27.68 million for the month of August.
Asa result, the Company had total cash of $12.12 million at the
end of Aug. 31, 2012.
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 its financial
advisor.
SMF ENERGY: Ends August 31 With $6.07 Million in Cash
-----------------------------------------------------
SMF Energy Corporation, on Sept. 19, 2012, filed its monthly
operating report for the month ended Aug. 31, 2012.
As of Aug. 1, 2012, SMF Energy had $6.40 million in cash. The
Company had total receipts of $261,291 and total disbursements of
$588,354. As a result, as of Aug. 31, 2012, SMF Energy had total
cash of $6.07 million.
About SMF Energy
SMF Energy Corporation, a provider of fuel and lubricants for the
trucking, manufacturing and construction industries, and three of
its subsidiaries filed for Chapter 11 bankruptcy (Bankr. S.D. Fla.
Lead Case No. 12-19084) on April 15, 2012. The affiliates are SMF
Services, Inc., H&W Petroleum Company, Inc., and Streicher Realty,
Inc. Fort Lauderdale, Florida-based SMF Energy -- dba Streicher
Mobile Fueling and SMF Generator Fueling Services -- disclosed
$37.0 million in assets and $25.17 million in liabilities as of
Dec. 31, 2011.
SMF sought bankruptcy protection after Wells Fargo Bank, N.A.,
shut off access to a revolving credit loan and declared a default.
The bank is owed $11.2 million, including $8 million on a
revolving credit secured by all assets. SMF Energy disclosed
$16,387,456 in assets and $31,160,009 in liabilities as of the
Chapter 11 filing.
On March 22, 2012, the Company appointed Soneet Kapila of Kapila &
Company, Ft. Lauderdale, Florida, as its chief restructuring
officer.
Judge Raymond B. Ray oversees the case. Lawyers at Genovese
Joblove & Battista, P.A., serves as the Debtors' counsel. Trustee
Services Inc. serves as claims agent. Bayshore Partners, LLC,
serves as their investment banker. The petition was signed by
Soneet R. Kapila, the CRO.
The Debtors tapped Harry Stampler and Stampler Auctions for the
sale and liquidation of the assets of the Debtors located at 200
West Cypress Creek Road, Suite 400, Fort Lauderdale, Florida
through an auction sale scheduled for July 19, 2012, at the
Property.
Steven R. Turner, the Assistant U.S. Trustee 21, appointed three
members to the Official Committee of Unsecured Creditors. Robert
Paul Charbonneau and the law firm of Ehrenstein Charbonneau
Calderin represent the creditors.
The Debtors entered into an agreement for Sun Coast Resources to
acquire assets associated with the Debtors' business in their
various operating locations in the State of Texas for $4 million,
absent higher and better offers. The Texas assets yielded no
competing bids from other parties. Competing bids were submitted
with respect to the assets and vehicle outside Texas, under which
Sun Coast was also the stalking horse bidder with a total offer of
$5 million. The auction raised the value of the assets by $1.75
million. The sales, which closed in June, generated $10.75
million.
The Debtors in August filed a Plan of liquidation. Wells Fargo
Bank N.A., the secured lender, has been partly paid from the sale
proceeds, pursuant to the cash collateral order. Holders of
unsecured claims estimated to total $5.7 million will recover up
to 70%. Each holder of an unsecured claim not more than $1,000 or
who elect to reduce the claim to $1,000 will recover 100% in cash
on the effective date. Holders of equity interests will only
receive distributions after claimants are paid in full.
SOLYNDRA LLC: Ends August 31 With Only $185,000 in Cash
-------------------------------------------------------
Solyndra LLC, et al., on Sept. 27, 2012, filed its monthly
operating report for the month ended Aug. 31, 2012.
The Company reported a net loss of $33.82 million for the month
ended Aug. 31, 2012.
As of Aug. 31, 2012, the Company had total assets of
$299.13 million, total liabilities of $891.91 million and total
stockholders' deficit of $592.78 million.
As of Aug. 1, 2012, Solyndra had $882,000 in cash. The Company
had total operating receipts of $9,000 and total operating
disbursements of $1.11 million. As a result, at the end of
August, the Company had total cash of $185,000.
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.
Solyndra filed a liquidating plan at the end of July and scheduled
a hearing on Sept. 7 for approval of the explanatory disclosure
statement. The Plan is designed to pay 2.5% to 6% to unsecured
creditors with claims totaling as much as $120 million. Unsecured
creditors with $27 million in claims against the holding company
are projected to have a 3% dividend.
TRIBUNE CO: Posts $3.66-Million Profit in August
------------------------------------------------
Tribune Company, et al., posted a $3.663 million net income for
the period July 30 to August 26, 2012. Revenues for the period
totaled $217.486 million while operating expenses totaled
$201.881 million.
As of August 26, 2012, the Debtors had consolidated current
assets totaling $2,509,515,000, and consolidated current
liabilities totaling $537,050,000. The Debtors had assets
totaling $9.616 billion, liabilities totaling $17.786 billion,
resulting to $8.171 billion shareholders' deficit.
Disbursements for the operating period totaled $202,823,000,
which consisted of $69,638,000 in compensation and benefits,
$125,356,000 in general disbursements, and $7,829,000 in
reorganization-related disbursements.
For the operating period, $7,675,753 was paid to Chapter 11
professionals, including $5,150,186 to Sidley Austin LLP. The
amount paid to the Chapter 11 professionals since the bankruptcy
filing totaled $277,358,692.
A full-text copy of the August 2012 Operating Report is available
for free at http://bankrupt.com/misc/tribunemoraugust2012.pdf
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.
Judge Kevin J. Carey issued an order dated July 13, 2012,
overruling objections to the confirmation of Tribune Co. and its
debtor affiliates' Plan of Reorganization. Before it formally
emerges from bankruptcy, Tribune must still get approval from the
Federal Communications Commission on new broadcast licenses and
waivers for overlapping ownership of television stations and
newspapers in certain markets.
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)
TRIDENT MICROSYSTEMS: Ends August With $321,745 in Cash
-------------------------------------------------------
Trident Microsystems, Inc., et al., on Oct. 9, 2012, filed its
monthly operating report for the month of August.
The Company reported a net loss of $2.34 million for the month
ended Aug. 31, 2012.
As of Aug. 31, 2012, the Company had total assets of
$278.19 million, total liabilities of $38.93 million and total
stockholders' equity of $239.26 million.
At the beginning of August, Trident Microsystems had $487,025 in
cash. At the end of the month, the Company had an unrestricted
total cash balance of $321,745.
A full-text copy of the monthly operating report is available at:
http://is.gd/33d0t2
About Trident Microsystems
Sunnyvale, California-based Trident Microsystems, Inc., currently
designs, develops, and markets integrated circuits and related
software for processing, displaying, and transmitting high quality
audio, graphics, and images in home consumer electronics
applications such as digital TVs, PC-TV, and analog TVs, and set-
top boxes. The Company has research and development facilities in
Beijing and Shanghai, China; Freiburg, Germany; Eindhoven and
Nijmegen, The Netherlands; Belfast, United Kingdom; Bangalore and
Hyderabad, India; Austin, Texas; and Sunnyvale, California. The
Company has sales offices in Seoul, South Korea; Tokyo, Japan;
Hong Kong and Shenzhen, China; Taipei, Taiwan; San Diego,
California; Mumbai, India; and Suresnes, France. The Company also
has operations facilities in Taipei and Kaoshiung, Taiwan; and
Hong Kong, China.
Trident Microsystems and its Cayman subsidiary, Trident
Microsystems (Far East) Ltd. filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 12-10069) on Jan. 4,
2011. Trident said it expects to shortly file for protection in
the Cayman Islands.
Judge Christopher S. Sontchi presides over the case. Lawyers at
DLA Piper LLP (US) serve as the Debtors' counsel. FTI Consulting,
Inc., is the financial advisor. Union Square Advisors LLC serves
as the Debtors' investment banker. PricewaterhouseCoopers LLP
serves as the Debtors' tax advisor and independent auditor.
Kurtzman Carson Consultants is the claims and notice agent.
Trident had $310 million in assets and $39.6 million in
liabilities as of Oct. 31, 2011. The petition was signed by David
L. Teichmann, executive VP, general counsel & corporate secretary.
Pachulski Stang Ziehl & Jones LLP represents the Official
Committee of Unsecured Creditors. The Committee tapped to retain
Fenwick & West LLP as its special tax and claims counsel, Imperial
Capital, LLC, as its investment banker and financial advisor.
Dewey & Leboeuf as represents the statutory committee of equity
security holders. The statutory committee tapped to retain
Campbells as Cayman Islands counsel, and Quinn Emanuel Urquhart &
Sullivan, LLP as its conflicts counsel.
VELO HOLDINGS: Ends August 31 With $27.47 Million in Cash
---------------------------------------------------------
Velo Holdings Inc., et al., on Sept. 28, 2012, filed its monthly
operating report for the month ended Aug. 31, 2012.
The Debtor posted a net loss of $9.29 million on revenue of
$27.35 million for the month ended Aug. 31, 2012.
As of Aug. 31, 2012, the Debtor had total assets of
$275.13 million, total liabilities of $643.14 million and total
stockholders' deficit of $368.01 million.
At the beginning of August, the Debtor had $29.98 million in
cash. Velo Holdings had total cash receipts of $64.29 million and
total cash disbursements of $64.98 million. As a result, as of
Aug. 31, 2012, Velo Holdings had total cash of $27.47 million.
About Velo Holdings
V2V Corp. is a premier direct marketing services company,
providing individuals and businesses with access to a wide-variety
of consumer benefits in the United States, Canada, and the United
Kingdom. V2V was founded in 1989 as a membership services company
that marketed its membership programs exclusively via
telemarketing and, after having nearly a decade of continued
growth, went public in 1996. In 2007, V2V was acquired by a
consortium of private equity firms led primarily by investing
affiliates of One Equity Partners.
Norwalk, Connecticut-based Velo Holdings Inc. and various
affiliates, including V2V, filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case Nos. 12-11384 to 12-11386 and 12-11388 to 12-11398)
on April 2, 2012. The debtor-affiliates are V2V Holdings LLC,
Coverdell & Company, Inc., V2V Corp., LN Inc., FYI Direct Inc.,
Vertrue LLC, Idaptive Marketing LLC, My Choice Medical Holdings
Inc., Adaptive Marketing LLC, Interactive Media Group (USA) Ltd.,
Brand Magnet Inc., Neverblue Communications Inc., and Interactive
Media Consolidated Inc.
Judge Martin Glenn presides over the case. Lawyers at Dechert LLP
serve as the Debtors' counsel. The Debtors' financial advisors
are Alvarez & Marsal Securities LLC. The Debtors' investment
banker is Alvarez & Marsal North America, LLC.
Quinn Emanuel Urquhart & Sullivan, LLP, serves as the Debtors'
special counsel. Epiq Bankruptcy Solutions serves as the
Debtors' claims agent. Velo Holdings estimated $100 million to
$500 million in assets and $500 million to $1 billion in debts.
The petitions were signed by George Thomas, general counsel.
Lawyers at Willkie Farr & Gallagher LLP represent Barclays, the
First Lien Prepetition Agent and the DIP Agent. The First Lien
Prepetition Agent and DIP Agent also has hired FTI Consulting,
Inc. Sidley Austin LLP represents the Second Lien Prepetition
Agent.
Tracy Hope Davis, U.S. Trustee for Region 2, appointed three
unsecured creditors to serve on the Official Committee of
Unsecured Creditors of Velo Holdings Inc., et al.
*********
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
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The TCR subscription rate is $775 for 6 months delivered via e-
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*** End of Transmission ***