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/raid1/www/Hosts/bankrupt/TCR_Public/130223.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, February 23, 2013, Vol. 17, No. 53 Headlines A123 SYSTEMS: Lists $35.13 Million Net Loss in December AFA FOODS: Has $15.98 Million Cash at December 31 ALLIED SYSTEMS: Ends December With $7.84 Million in Cash AMF BOWLING: Has $27.2 Million in Cash as of December 30 AMPAL AMERICAN: Ends December With Only $968,261 in Cash ATP OIL: Amends December Operating Report over Bonus Repayments ATP OIL: Reports $10.68 Million Net Loss in January BEAR ISLAND: Reports $206.15-Mil. Net Loss in December BLITZ USA: Lists $109,586 Net Profit for November BLITZ USA: Ends December With $2.46 Million in Cash CHRIST HOSPITAL: Posts $491,000 Net Loss in October CHRIST HOSPITAL: Lists $765,000 Net Loss in November CHRIST HOSPITAL: Reports $365,000 Net Loss in December DAFFY'S INC: Has $909,545 Cash at December 31 DAYTOP VILLAGE: Ends November With $1.32 Million in Cash DAYTOP VILLAGE: Posts $650,239 Net Loss at December 31 DEWEY & LEBOEUF: Ends January With $30.07 Million in Cash EASTMAN KODAK: Reports $272.38 Million Net Loss in December FIRST PLACE: Posts $3.65 Million Net Income at December 31 JOURNAL REGISTER: Ends December with $2.44 Million Cash LCI HOLDING: Cash Increased to $40.24 Million at December 31 LIGHTSQUARED INC: Lists $49.09 Million Net Loss in January MF GLOBAL: Has $2.73 Million Cash at January 31 NEOGENIX ONCOLOGY: Has $973,988 in Disbursements in November NORTHSTAR AEROSPACE: Ends December With $1.49 Million in Cash OVERSEAS SHIPHOLDING: Ends November With $487.63 Million in Cash OVERSEAS SHIPHOLDING: Has $13.41 Million Net Loss in December PURE BEAUTY: Lists $29.27 Million in Liabilities at November 24 RG STEEL: WP Steel Ends December With $5.23 Million in Cash SATCON TECHNOLOGY: Lists $3.31 Million Cash at November 30 SPECIALTY PRODUCTS: Increases Cash to $17.96-Mil as of Dec. 31 SOUTHERN AIR: Posts $14.2 Million Net Loss in December VERTIS HOLDINGS: Reports $7.8 Million Net Loss in December ********* A123 SYSTEMS: Lists $35.13 Million Net Loss in December ------------------------------------------------------- A123 Systems, Inc., et al., on Feb. 8, 2013, filed its monthly operating report for the month ended Dec. 31, 2012. The Company posted a net loss of $35.13 million on total revenue of $11.11 million for the month ended Dec. 31, 2012. As of Dec. 31, 2012, the Company had total assets of $520.8 million, total liabilities of $431.75 million, and total stockholders' equity of $89.05 million. At the beginning of the month, the Company had $62.03 million in cash. A123 Systems had total cash receipts of $20.83 million and total operating disbursements of $22.1 million. The Company also $5.66 million in professional fees. As a result, at the end of December, the Company had total cash of $53.83 million. A full-text copy of the monthly operating report is available at: http://is.gd/3GmWBH About A123 Systems Based in Waltham, Massachusetts, A123 Systems Inc. designed, developed, manufactured and sold advanced rechargeable lithium-ion batteries and battery systems and provided research and development services to government agencies and commercial customers. A123 was the recipient of a $249 million federal grant from the Obama administration. Pre-bankruptcy, A123 had an agreement to sell an 80% stake to Chinese auto-parts maker Wanxiang Group Corp. U.S. lawmakers opposed the deal over concerns on the transfer of American taxpayer dollars and technology to China. A123 and U.S. affiliates, A123 Securities Corporation and Grid Storage Holdings LLC, sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 12-12859 to 12-12861) on Oct. 16, 2012. A123 disclosed assets of $459.8 million and liabilities totaling $376 million. Lawyers at Richards, Layton & Finger, P.A., and Latham & Watkins LLP serve as the Debtors' counsel. Lazard Freres & Co. LLC acts as the Debtors' financial advisors, while Alvarez & Marsal serves as restructuring advisors. Logan & Company Inc. serves as the Debtors' claims and noticing agent. Wanxiang America Corporation and Wanxiang Clean Energy USA Corp. are represented in the case by lawyers at Young Conaway Stargatt & Taylor, LLP, and Sidley Austin LLP. JCI is represented in the case by Josh Feltman, Esq., at Wachtell Lipton Rosen & Katz LLP. Brown Rudnick LLP and Saul Ewing LLP serve as counsel to the Official Committee of Unsecured Creditors. The Debtor at the end of January closed the sale of substantially all assets to Wanxiang and Navitas Systems LLC. Substantially all of A123 Systems, Inc.'s non-government business assets have been acquired by A123 Systems, LLC, a newly formed, wholly owned subsidiary of Wanxiang, and the company's government business, including U.S. military contracts, has been acquired by Navitas through a separate asset purchase agreement. The deal had the support of A123's committee of unsecured creditors and was approved by a U.S. government panel that oversees foreign investment. AFA FOODS: Has $15.98 Million Cash at December 31 ------------------------------------------------- AFA Investment Inc., et al., on Feb. 1, 2013, filed its monthly operating report for the period from Nov. 26 through Dec. 31, 2012. The Debtor reported a net loss of $1.99 million for the period ended Dec. 31, 2012. As of Dec. 31, 2012, the Debtor had total assets of $21.33 million, total liabilities of $149.19 million and total stockholders' deficit of $127.86 million. As of Nov. 26, 2012, AFA Investment had $17.49 million in cash. The Debtor had total cash receipts of $221,734 and total cash disbursements of $1.74 million. As a result, at the end of the period, AFA Investment had total cash of $15.98 million. About AFA Foods King of Prussia, Pennsylvania-based AFA Foods Inc. was one of the largest processors of ground beef products in the United States. The Company had five processing facilities and two ancillary facilities across the country with annual processing capacity of 800 million pounds. AFA had seven facilities capable of producing 800 million pound of ground beef annually. Revenue in 2011 was $958 million. Yucaipa Cos. acquired the business in 2008 and currently owns 92% of the common stock and all of the preferred stock. AFA Foods, AFA Investment Inc. and other affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-11127) on April 2, 2012, after recent changes in the market for its ground beef products and the impact of negative media coverage related to boneless lean beef trimmings (BLBT) affected sales. Judge Mary Walrath presides over the case. Lawyers at Jones Day and Pachulski Stang Ziehl & Jones LLP serve as the Debtors' counsel. FTI Consulting Inc. serves as financial advisors and Imperial Capital LLC serves as marketing consultants. Kurtzman Carson Consultants LLC serves as noticing and claims agent. As of Feb. 29, 2012, on a consolidated basis, the Debtors' books and records reflected approximately $219 million in assets and $197 million in liabilities. AFA Foods, Inc., disclosed $615,859,574 in assets and $544,499,689 in liabilities as of the Petition Date. Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed seven members to the official committee of unsecured creditors in the Chapter 11 cases of AFA Investment Inc., AFA Foods and their debtor-affiliates. The Committee has obtained approval to hire McDonald Hopkins LLC as lead counsel and Potter Anderson & Corroon LLP serves as co-counsel. The Committee also obtained approval to retain J.H. Cohn LLP as its financial advisor, nunc pro tunc to April 13, 2012. AFA, in its Chapter 11 case, sold plants and paid off the first- lien lenders and the loan financing the Chapter 11 effort. Remaining assets are $14 million cash and the right to file lawsuits. General Electric Capital Corp. and Bank of America Corp. provided about $60 million in DIP financing. The loan was paid off in July. In October 2012, the Bankruptcy Court denied a settlement that would have released Yucaipa Cos., the owner and junior lender to AFA Foods, from claims and lawsuits the creditors might otherwise bring, in exchange for cash to pay unsecured creditors' claims under a liquidating Chapter 11 plan. Under the deal, Yucaipa would receive $11.2 million from the $14 million, with the remainder earmarked for unsecured creditors. Asset recoveries above $14 million would be split with Yucaipa receiving 90% and creditors 10%. Proceeds from lawsuits would be divided roughly 50-50. ALLIED SYSTEMS: Ends December With $7.84 Million in Cash -------------------------------------------------------- Allied Systems Holdings, Inc., et al., on Jan. 30, 2013, filed its operating report for the month ended Dec. 31, 2012. The Debtor posted a net loss of $4.65 million on revenues of $20.64 million for the month ended Dec. 31, 2012. As of Dec. 31, 2012, the Debtor had total assets of $235.92 million, total liabilities of $570.28 million and total stockholders' deficit of $334.36 million. For the month of December, the Debtor had total disbursements of $26.12 million. At the end of the month, Allied Systems had $7.84 million in cash and cash equivalents. About Allied Systems BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary petitions for Allied Systems Holdings Inc. and Allied Systems Ltd. (Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012. The signatories of the involuntary petitions assert claims of at least $52.8 million for loan defaults by the two companies. Allied Systems, through its subsidiaries, provides logistics, distribution, and transportation services for the automotive industry in North America. Allied Holdings Inc. previously filed for chapter 11 protection (Bankr. N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005. Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented the Debtors in the 2005 case. Allied won confirmation of a reorganization plan and emerged from bankruptcy in May 2007 with $265 million in first-lien debt and $50 million in second- lien debt. The petitioning creditors said Allied has defaulted on payments of $57.4 million on the first lien debt and $9.6 million on the second. They hold $47.9 million, or about 20% of the first-lien debt, and about $5 million, or 17%, of the second-lien obligation. They are represented by Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., and Robert J. Ward, Esq., at Schulte Roth & Zabel LLP. Allied Systems Holdings Inc. formally put itself and 18 subsidiaries into bankruptcy reorganization June 10, 2012, following the filing of the involuntary Chapter 11 petition. The Company is being advised by the law firms of Troutman Sanders, Gowling Lafleur Henderson, and Richards Layton & Finger. The bankruptcy court process does not include captive insurance company Haul Insurance Limited or any of the Company's Mexican or Bermudan subsidiaries. The Company also announced that it intends to seek foreign recognition of its Chapter 11 cases in Canada. An official committee of unsecured creditors has been appointed in the case. The Committee consists of Pension Benefit Guaranty Corporation, Central States Pension Fund, Teamsters National Automobile Transporters Industry Negotiating Committee, and General Motors LLC. The Committee is represented by Sidley Austin LLP. AMF BOWLING: Has $27.2 Million in Cash as of December 30 -------------------------------------------------------- AMF Bowling Worldwide, Inc., et al., on Feb. 14, 2013, filed its monthly operating report for the period from Dec. 3 through Dec. 30, 2012. The Company reported a net income of $1.06 million on operating revenue of $35.4 million for the period ended Dec. 30, 2012. For the current period, AMF Bowling had total assets of $262.07 million, total liabilities of $428.66 million and total stockholders' deficit of $166.59 million. As of Dec. 3, 2012, AMF Bowling had $29.64 million in cash. At the end of the period, the Company had total cash of $27.2 million. About AMF Bowling Worldwide AMF Bowling Worldwide Inc. is the largest operator of bowling centers in the world. The Company and several affiliates sought Chapter 11 protection (Bankr. E.D. Va. Case Nos. 12-36493 to 12-36508) on Nov. 12 and 13, 2012, after reaching an agreement with a majority of its secured first lien lenders and the landlord of a majority of its bowling centers to restructure through a first lien lender-led debt-for-equity conversion, subject to higher and better offers through a marketing process. At the time of the bankruptcy filing, AMF operated 262 bowling centers across the United States and, through its non-Debtor facilities, and 8 bowling centers in Mexico -- more than three times the number of bowling centers of its closest competitor. Debt for borrowed money totals $296 million, including $216 million on a first-lien term loan and revolving credit, and $80 million on a second-lien term loan. Mechanicsville, Virginia-based AMF first filed for bankruptcy reorganization in July 2001 and emerged with a confirmed Chapter 11 plan in February 2002 by giving unsecured creditors 7.5% of the new stock. The bank lenders, owed $625 million, received a combination of cash, 92.5% of the stock, and $150 million in new debt. At the time, AMF had over 500 bowling centers. Judge Kevin R. Huennekens oversees the 2012 case, taking over from Judge Douglas O. Tice, Jr. Patrick J. Nash, Jr., Esq., Jeffrey D. Pawlitz, Esq., and Joshua A. Sussberg, Esq., at Kirkland & Ellis LLP; and Dion W. Hayes, Esq., John H. Maddock III, Esq., and Sarah B. Boehm, Esq., at McGuirewoods LLP, serve as the Debtors' counsel. Moelis & Company LLC serves as the Debtors' investment banker and financial advisor. McKinsey Recovery & Transformation Services U.S., LLC, serves as the Debtors' restructuring advisor. Kurtzman Carson Consultants LLC serves as the Debtors' claims and noticing agent. Kristopher M. Hansen, Esq., Sayan Bhattacharyya, Esq., and Marianne S. Mortimer, Esq., at Stroock & Stroock & Lavan LLP; and Peter J. Barrett, Esq., and Michael A. Condyles, Esq., at Kutak Rock LLP, represent the first lien lenders. An ad hoc group of second lien lenders are represented by Lynn L. Tavenner, Esq., and Paula S. Beran, Esq., at Tavenner & Beran, PLC; and Ben H. Logan, Esq., Suzzanne S. Uhland, Esq., and Jennifer M. Taylor, Esq., at O'Melveny & Myers LLP. The Official Committee of Unsecured Creditors retained Pachulski Stang Ziehl & Jones LLP as its lead counsel; Christian & Barton, LLP as its local counsel; and Mesirow Financial Consulting, LLC as its financial advisors. AMPAL AMERICAN: Ends December With Only $968,261 in Cash -------------------------------------------------------- Ampal American Israel Corporation, on Jan. 25, 2013, filed its monthly operating report for the month ended Dec. 31, 2012. The Company posted a net income of $5.45 million for the month ended Dec. 31, 2012. As of Dec. 31, 2012, Ampal American had total assets of $346.06 million, total liabilities of $274.67 million and total stockholders' equity of $71.38 million. At the beginning of the month, Ampal American had $965,018 in cash. The Company had total disbursements of $44,983. At the end of December, the Company had total cash of $968,261. About Ampal-American Ampal-American Israel Corporation -- http://www.ampal.com/-- acquired interests primarily in businesses located in Israel or that are Israel-related. Ampal-American filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-13689) on Aug. 29, 2012, to restructure the Company's Series A, Series B and Series C debentures. Bankruptcy Judge Stuart M. Bernstein presides over the case. Ampal-American sought bankruptcy protection in the U.S. because bankruptcy laws in Israel would lead to the Company's liquidation. Michelle McMahon, Esq., at Bryan Cave LLP, serves as the Debtor's counsel. Houlihan Lokey serves as investment banker. The petition was signed by Irit Eluz, chief financial officer, senior vice president. The Company scheduled $290,664,095 in total assets and $349,413,858 in total liabilities. A three-member official committee of unsecured creditors is represented by Brown Rudnick as counsel. ATP OIL: Amends December Operating Report over Bonus Repayments --------------------------------------------------------------- ATP Oil & Gas Exploration, on Feb. 20, 2013, filed an amended and restated operating report for the month ended Dec. 31, 2012. The amendments to the December monthly operating report relate to certain bonus payments to ATP Oil insiders that are in the process of being repaid to the estate, which repayment will be complete by April 2013. The effect of this change is recorded as a receivable-related party with a corresponding credit to December 2012 compensation expense. As per the amended monthly operating report, the Company reported a net loss of $19.93 million on $32.22 million in revenues for December. The Company posted $2.97 billion in total assets, $3.07 billion in total liabilities, and $104.05 million in total stockholders' deficit as of Dec. 31. A full-text copy of the amended and restated monthly operating report is available at: http://bankrupt.com/misc/ATP_AmendedDec2012MOR.pdf About ATP Oil Houston, Tex.-based ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 12-36187) on Aug. 17, 2012. Attorneys at Mayer Brown LLP, serve as bankruptcy counsel. Munsch Hardt Kopf & Harr, P.C., is the conflicts counsel. Opportune LLP is the financial advisor and Jefferies & Company is the investment banker. Kurtzman Carson Consultants LLC is the claims and notice agent. ATP disclosed assets of $3.6 billion and $3.5 billion of liabilities as of March 31, 2012. Debt includes $365 million on a first-lien loan where Credit Suisse AG serves as agent. There is $1.5 billion on second-lien notes with Bank of New York Mellon Trust Co. as agent. ATP's other debt includes $35 million on convertible notes and $23.4 million owing to third parties for their shares of production revenue. Trade suppliers have claims for $147 million, ATP said in a court filing. An official committee of unsecured creditors has been appointed in the case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley & McCloy, in New York, represents the Creditors Committee as counsel. ATP OIL: Reports $10.68 Million Net Loss in January --------------------------------------------------- ATP Oil & Gas Corporation, on Feb. 20, 2013, filed its monthly operating report for the month ended Jan. 31, 2013. The Company reported a net loss of $10.68 million on revenues of $30.17 million for the month ended Jan. 31, 2013. As of Jan. 31, 2013, the Company had total assets of $2.98 billion, total liabilities of $3.10 billion, and total stockholders' deficit of $117.77 million. At the beginning of January, ATP Oil had $31.07 million in cash. The Company had total cash receipts of $84.78 million and total cash disbursements of $79.09 million. As a result, at the end of the month, ATP Oil had total cash of $27.46 million. About ATP Oil Houston, Tex.-based ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 12-36187) on Aug. 17, 2012. Attorneys at Mayer Brown LLP, serve as bankruptcy counsel. Munsch Hardt Kopf & Harr, P.C., is the conflicts counsel. Opportune LLP is the financial advisor and Jefferies & Company is the investment banker. Kurtzman Carson Consultants LLC is the claims and notice agent. ATP disclosed assets of $3.6 billion and $3.5 billion of liabilities as of March 31, 2012. Debt includes $365 million on a first-lien loan where Credit Suisse AG serves as agent. There is $1.5 billion on second-lien notes with Bank of New York Mellon Trust Co. as agent. ATP's other debt includes $35 million on convertible notes and $23.4 million owing to third parties for their shares of production revenue. Trade suppliers have claims for $147 million, ATP said in a court filing. An official committee of unsecured creditors has been appointed in the case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley & McCloy, in New York, represents the Creditors Committee as counsel. BEAR ISLAND: Reports $206.15-Mil. Net Loss in December ------------------------------------------------------ Bear Island Paper Company, LLC, on Jan. 31, 2013, filed its monthly operating report for the month ended Dec. 31, 2012. The Debtor reported a net loss of $206.15 million for the month ended Dec. 31, 2012. As of Dec. 31, 2012, the Debtor had total assets of $29.18 million, total liabilities of $137.95 million and total stockholders' deficit of $108.77 million. At the beginning of December, the Debtor had $9.31 million in cash. Bear Island had total cash disbursements of $119,571. As a result, at the end of the month, the Debtor had total cash of $9.19 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. Bear Island's Chapter 11 plan was scheduled for approval at a Feb. 14, 2012 confirmation hearing. Under the plan proposed by the subsidiary of Canada's White Birch Paper Co., first- and second-lien creditors with $424.9 million and $105.1 million in claims, respectively, are expected to recover between 0.5 percent and 4 percent. Unsecured creditors with $1.4 million in claims are to receive the same dividend. BLITZ USA: Lists $109,586 Net Profit for November ------------------------------------------------- Blitz U.S.A., Inc., et al., on Dec. 18, 2012, filed its monthly operating report for the month ended Nov. 30, 2012. The Company posted a net profit of $109,586 on net revenue of $250,134 for the month ended Nov. 30, 2012. As of Nov. 30, 2012, the Company had total assets of $5.04 million, total liabilities of $41.27 million and total stockholders' deficit of $36.23 million. For the month of November, the Company had total cash receipts of $315,808 and total cash disbursements of $134,927. At the end of the month, Blitz USA had total cash of $3.15 million. About Blitz U.S.A. Blitz U.S.A. Inc., is a Miami, Oklahoma-based manufacturer of plastic gasoline cans. The company, controlled by Kinderhook Capital Fund II LP, filed for bankruptcy protection to stanch a hemorrhage resulting from 36 product-liability lawsuits. Parent Blitz Acquisition Holdings, Inc., and its affiliates filed for Chapter 11 protection (Bankr. D. Del. Case Nos. 11-13602 thru 11-13607) on Nov. 9, 2011. The Hon. Peter J. Walsh presides over the case. Blitz USA disclosed $36,194,434 in assets and $41,428,577 in liabilities in its schedules. Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger, represents the Debtors in their restructuring efforts. The Debtors tapped Zolfo Cooper, LLC, as restructuring advisor; and Kurtzman Carson Consultants LLC serves as notice and claims agent. SSG Capital Advisors LLC serves as investment banker. Lowenstein Sandler PC from Roseland, New Jersey, represents the Official Committee of Unsecured Creditors. The Chapter 11 case is financed with a $5 million secured loan from Bank of Oklahoma. Bank of Oklahoma, as DIP agent, is represented by Samuel S. Ory, Esq., at Frederic Dorwart Lawyers in Tulsa. In April 2012, Hopkins Manufacturing Corp. acquired the assets of Blitz USA's unit, F3 Brands LLC, a major manufacturer of oil drains, drain pans, lifting aids and automotive ramps. Blitz USA said in court documents the sale netted the Debtors $14.6 million, which was applied against secured debt. Blitz announced in June it would abandon its efforts to reorganize and instead to shut down operations by the end of July. In September, the Troubled Company Reporter, citing Sheila Stogsdill at Tulsa World, reported that the Bankruptcy Court approved a $9.5 million offer from Toronto, Canada-based Scepter Corporation to purchase Blitz USA, according to Philip Monckton, Scepter's vice president of sales and marketing. Scepter bought land, equipment and other assets. Scepter supplies about 20% of the USA market with gas cans. The report said the sale was to become final on Sept. 28, 2012. BLITZ USA: Ends December With $2.46 Million in Cash --------------------------------------------------- Blitz U.S.A., Inc., et al., on Jan. 18, 2013, filed its monthly operating report for the month ended Dec. 31, 2012. The Debtor reported a net loss of $2.38 million on net revenue of $53,742 for the month ended Dec. 31, 2012. As of Dec. 31, 2012, Blitz USA had total assets of $2.66 million, total liabilities of $41.27 million and total stockholders' deficit of $38.61 million. For the month of December, Blitz USA had total cash receipts of $74,272 and total cash disbursements of $764,954. At the end of the month, the Debtor had total cash of $2.46 million. About Blitz U.S.A. Blitz U.S.A. Inc., is a Miami, Oklahoma-based manufacturer of plastic gasoline cans. The company, controlled by Kinderhook Capital Fund II LP, filed for bankruptcy protection to stanch a hemorrhage resulting from 36 product-liability lawsuits. Parent Blitz Acquisition Holdings, Inc., and its affiliates filed for Chapter 11 protection (Bankr. D. Del. Case Nos. 11-13602 thru 11-13607) on Nov. 9, 2011. The Hon. Peter J. Walsh presides over the case. Blitz USA disclosed $36,194,434 in assets and $41,428,577 in liabilities in its schedules. Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger, represents the Debtors in their restructuring efforts. The Debtors tapped Zolfo Cooper, LLC, as restructuring advisor; and Kurtzman Carson Consultants LLC serves as notice and claims agent. SSG Capital Advisors LLC serves as investment banker. Lowenstein Sandler PC from Roseland, New Jersey, represents the Official Committee of Unsecured Creditors. The Chapter 11 case is financed with a $5 million secured loan from Bank of Oklahoma. Bank of Oklahoma, as DIP agent, is represented by Samuel S. Ory, Esq., at Frederic Dorwart Lawyers in Tulsa. In April 2012, Hopkins Manufacturing Corp. acquired the assets of Blitz USA's unit, F3 Brands LLC, a major manufacturer of oil drains, drain pans, lifting aids and automotive ramps. Blitz USA said in court documents the sale netted the Debtors $14.6 million, which was applied against secured debt. Blitz announced in June it would abandon its efforts to reorganize and instead to shut down operations by the end of July. In September, the Troubled Company Reporter, citing Sheila Stogsdill at Tulsa World, reported that the Bankruptcy Court approved a $9.5 million offer from Toronto, Canada-based Scepter Corporation to purchase Blitz USA, according to Philip Monckton, Scepter's vice president of sales and marketing. Scepter bought land, equipment and other assets. Scepter supplies about 20% of the USA market with gas cans. The report said the sale was to become final on Sept. 28, 2012. CHRIST HOSPITAL: Posts $491,000 Net Loss in October --------------------------------------------------- Christ Hospital, on Jan. 3, 2013, filed its monthly operating report for the month ended Oct. 31, 2012. The Debtor reported a net loss of $491,000 for the month ended Oct. 31, 2012. As of Oct. 31, 2012, the Debtor had total assets of $10.34 million, total liabilities of $100.75 million and total stockholders' deficit of $90.41 million. At the beginning of the month, the Debtor had a beginning estate cash balance of $10.21 million. Christ Hospital had $549,382 cash disbursements. At the end of October, the Debtor had an ending estate cash balance of $10.35 million. About Christ Hospital Christ Hospital filed for Chapter 11 bankruptcy (Bankr. D. N.J. Case No. 12-12906) on Feb. 6, 2012. Christ Hospital, founded in 1872 by an Episcopalian priest, is a 367-bed acute care hospital located in Jersey City, New Jersey at 176 Palisade Avenue, serving the community of Hudson County. The Debtor is well-known for its broad range of services from primary angioplasty for cardiac patients to intensity modulated radiation therapy for those battling cancer. Christ Hospital is the only facility in Hudson County to offer IMRT therapy, which is the most significant breakthrough in cancer treatment in recent years. Christ Hospital filed for Chapter 11 after an attempt to sell the assets fell through. Judge Morris Stern presides over the case. Lawyers at Porzio, Bromberg & Newman, P.C., serve as the Debtor's counsel. Alvarez & Marsal North America LLC serves as financial advisor. Logan & Company Inc. serves as the Debtor's claim and noticing agent. The Health Professional and Allied Employees AFT/AFI-CIO is represented in the case by Mitchell Malzberg, Esq., at Mitnick & Malzberg P.C. Attorneys at Sills, Cummis & Gross, P.C., represent the Official Committee of Unsecured Creditors. CHRIST HOSPITAL: Lists $765,000 Net Loss in November ---------------------------------------------------- Christ Hospital, on Dec. 21, 2012, filed its monthly operating report for the month ended Nov. 30, 2012. The Company posted a net loss of $765,000 for the month ended Nov. 30, 2012. As of Nov. 30, 2012, Christ Hospital had total assets of $9.81 million, total liabilities of $100.75 million and total stockholders' equity of $90.95 million. At the beginning of November, Christ Hospital had a beginning estate cash balance of $10.35 million. The Debtor had total cash disbursements of $950,519. At the end of the month, Christ Hospital had an ending estate cash balance of $9.81 million. About Christ Hospital Christ Hospital filed for Chapter 11 bankruptcy (Bankr. D. N.J. Case No. 12-12906) on Feb. 6, 2012. Christ Hospital, founded in 1872 by an Episcopalian priest, is a 367-bed acute care hospital located in Jersey City, New Jersey at 176 Palisade Avenue, serving the community of Hudson County. The Debtor is well-known for its broad range of services from primary angioplasty for cardiac patients to intensity modulated radiation therapy for those battling cancer. Christ Hospital is the only facility in Hudson County to offer IMRT therapy, which is the most significant breakthrough in cancer treatment in recent years. Christ Hospital filed for Chapter 11 after an attempt to sell the assets fell through. Judge Morris Stern presides over the case. Lawyers at Porzio, Bromberg & Newman, P.C., serve as the Debtor's counsel. Alvarez & Marsal North America LLC serves as financial advisor. Logan & Company Inc. serves as the Debtor's claim and noticing agent. The Health Professional and Allied Employees AFT/AFI-CIO is represented in the case by Mitchell Malzberg, Esq., at Mitnick & Malzberg P.C. Attorneys at Sills, Cummis & Gross, P.C., represent the Official Committee of Unsecured Creditors. CHRIST HOSPITAL: Reports $365,000 Net Loss in December ------------------------------------------------------ Christ Hospital, on Jan. 22, 2013, filed its monthly operating report for the month ended Dec. 31, 2012. The Company reported a net loss of $365,000 for the month ended Dec. 31, 2012. As of Dec. 31, 2012, the Company had total assets of $9.75 million, total liabilities of $100.71 million and total stockholders' deficit of $90.96 million. As of Dec. 1, 2012, Christ Hospital had a beginning estate cash balance of $9.81 million. For the month of December, the Company had total cash disbursements of $368,294. As of Dec. 31, 2012, the Company had an ending estate cash balance of $9.75 million. About Christ Hospital Christ Hospital filed for Chapter 11 bankruptcy (Bankr. D. N.J. Case No. 12-12906) on Feb. 6, 2012. Christ Hospital, founded in 1872 by an Episcopalian priest, is a 367-bed acute care hospital located in Jersey City, New Jersey at 176 Palisade Avenue, serving the community of Hudson County. The Debtor is well-known for its broad range of services from primary angioplasty for cardiac patients to intensity modulated radiation therapy for those battling cancer. Christ Hospital is the only facility in Hudson County to offer IMRT therapy, which is the most significant breakthrough in cancer treatment in recent years. Christ Hospital filed for Chapter 11 after an attempt to sell the assets fell through. Judge Morris Stern presides over the case. Lawyers at Porzio, Bromberg & Newman, P.C., serve as the Debtor's counsel. Alvarez & Marsal North America LLC serves as financial advisor. Logan & Company Inc. serves as the Debtor's claim and noticing agent. The Health Professional and Allied Employees AFT/AFI-CIO is represented in the case by Mitchell Malzberg, Esq., at Mitnick & Malzberg P.C. Attorneys at Sills, Cummis & Gross, P.C., represent the Official Committee of Unsecured Creditors. DAFFY'S INC: Has $909,545 Cash at December 31 --------------------------------------------- Daffy's, Inc., on Jan. 17, 2013, filed its monthly operating report for the period from Dec. 3 to Dec. 30, 2012. The Debtor posted a net profit of $10.21 million for the period ended Dec. 30, 2012. As of Dec. 30, 2012, the Debtor had total assets of $18.98 million, total liabilities of $35.74 million and total stockholders' deficit of $16.76 million. At the beginning of the period, Daffy's had $194,255 in cash. The Debtor had total cash receipts of $6.91 million and total cash disbursements of $6.2 million. As a result, as of Dec. 30, 2012, Daffy's had total cash of $909,545. About Daffy's Inc. Secaucus, New Jersey-based Daffy's Inc., a 19-store chain, off- price retailer of designer fashions for women, men, children, and the home, located in the New York metropolitan area and Philadelphia, filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 12-13312) on Aug. 1, 2012, with a plan to shutter the business and pay off creditors in full. A copy of the Plan is available at http://bankrupt.com/misc/Daffys_Chapter_11_Plan.pdf The Debtor has an Asset Purchase, Assignment and Support Agreement, dated as July 18, 2012, with Marcia Wilson, The Wilson 2003 Family Trust, and Jericho Acquisitions I LLC, pursuant to which the Debtor's leasehold interests will be sold to Jericho Acquisitions I LLC through the Plan. The Debtor has hired Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources LLC to liquidate the Debtor's inventory. The Debtor estimates that the proceeds received from the liquidation of its inventory and the sale of its leasehold interests will exceed at least $60 million to satisfy approximately $37 million in claims. Cost of administering the chapter 11 case will not exceed approximately $5 million (after certain expenses are reimbursed pursuant to the Purchase Agreement). Accordingly, the Debtor believes that the disposition Of its principal assets will generate more than sufficient cash to pay all holders of Allowed Claims (as such term is defined in the Plan) in full, with interest, thus rendering all lasses under the Plan unimpaired. The Debtor has filed its schedules, disclosing $51,106,469 in total assets and $36,646,856 in total liabilities. Bankruptcy Judge Martin Glenn presides over the case. The Debtor is represented by Andrea Bernstein, Esq., and Debra A. Dandeneau, Esq., at Weil, Gotwill & Manges LLP as counsel. Donlin, Recano & Company, Inc., serves as claims and notice agent. The Debtor's case is being funded by a $10 million postpetition financing with Vim-3, L.L.C., Vimwilco, L.P., and Marcia Wilson, as successor to Vim Associates, as guarantors; and Wells Fargo, National Association, as DIP lender. The DIP loan consists of $2.5 million in new money loans available on a revolving basis; and the roll up of $6.2 million of existing prepetition debt. Counsel for the DIP Lender are Donald E. Rothman, Esq., and Nathan C. Pagett, Esq., at Riemer & Braunstein LLP. Gordon Brothers and Hilco Merchant Resources are represented by Curtis, Mallet-Prevost, Colt & Mosle LLP. Jericho Acquisition is represented by Brad Eric Scheler, Esq., at Fried, Frank, Harris, Shriver & Jacobson LLP. Marcia Wilson is represented by Dana B. Cobb, Esq., at Beattie Padovano, LLC. DAYTOP VILLAGE: Ends November With $1.32 Million in Cash -------------------------------------------------------- Daytop Village, Inc., on Jan. 11, 2013, filed its monthly operating report for the month ended Nov. 30, 2012. The Company posted a net loss of $992,411 on net revenue of $2.18 million for the month ended Nov. 30, 2012. As of Nov. 30, 2012, Daytop Village had total assets of $6.14 million, total liabilities of $57.88 million and total stockholders' deficit of $51.74 million. At the beginning of the month, Daytop Village had $1.4 million in cash. The Company had total cash receipts of $4.65 million and total cash disbursements of $4.73 million. As a result, at the end of the November, Daytop Village had total cash of $1.32 million. 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. DAYTOP VILLAGE: Posts $650,239 Net Loss at December 31 ------------------------------------------------------ Daytop Village, Inc., on Jan. 31, 2013, filed its monthly operating report for the month ended Dec. 31, 2012. The Debtor reported a net loss of $650,239 on net revenue of $2.45 million for the month ended Dec. 31, 2012. As of Dec. 31, 2012, the Debtor had total assets of $5.43 million, total liabilities of $57.79 million and total stockholders' deficit of $52.36 million. At the beginning of December, Daytop Village had $1.32 million in cash. The Debtor had total cash receipts of $3.99 million and total cash disbursements of $4.03 million. As a result, at the end of the month, Daytop Village had total cash of $1.28 million. 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. DEWEY & LEBOEUF: Ends January With $30.07 Million in Cash --------------------------------------------------------- Dewey & Leboeuf LLP, on Feb. 15, 2013, filed its monthly operating report for the month ended Jan. 31, 2012. As of Jan. 31, 2012, the Debtor had total assets of $110.39 million, total liabilities of $210.79 million and total stockholders' deficit of $100.39 million. At the beginning of the month, the Debtor had $31.97 million in cash. Dewey & Leboeuf had total cash receipts of $2.59 million and total cash disbursements of $4.49 million. As a result, at the end of January, the Debtor had total cash of $30.07 million. About Dewey & LeBoeuf 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 $245 million and assets of $193 million in its chapter 11 filing late evening on May 29, 2012. Dewey & LeBoeuf LLP operated as a prestigious, New York City- based, law firm that traced its roots to the 2007 merger of Dewey Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird -- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in 1929. In recent years, more than 1,400 lawyers worked at the firm in numerous domestic and foreign offices. 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 $6 million. The Pension Benefit Guaranty Corp. took $2 million of the proceeds as part of a settlement. 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 creditors committee hired Brown Rudnick LLP led by Edward S. Weisfelner, Esq., as counsel. The Former Partners hired Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt & Winters, LLP, as counsel. Dewey filed a Chapter 11 Plan of Liquidation and an accompanying Disclosure Statement on Nov. 21, 2012. It filed amended plan documents on Dec. 31, in an attempt to address objections lodged by various parties. A second iteration was filed Jan. 7, 2013. The plan is based on a proposed settlement between secured lenders and Dewey's official unsecured creditors' committee. It also incorporates a settlement approved by the bankruptcy court in October where 440 former partners will receive releases in return for $71.5 million in contributions. EASTMAN KODAK: Reports $272.38 Million Net Loss in December ----------------------------------------------------------- Eastman Kodak Company, on Jan. 31, 2013, filed its monthly operating report for the month ended Dec. 31, 2012. The Debtor reported a net loss of $272.38 million on revenues of $152.07 million for the month ended Dec. 31, 2012. As of Dec. 31, 2012, the Debtor had total assets of $3.61 billion, total liabilities of $5.25 billion and total stockholders' deficit of $1.63 billion. For the month of December, the Debtor had total cash receipts of $229.94 million and total cash disbursements of $161.93 million. At the end of the month, Eastman Kodak had total cash of $337.22 million. 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. 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. The Retirees Committee has hired Haskell Slaughter Young & Rediker, LLC, and Arent Fox, LLC as Co-Counsel; Zolfo Cooper, LLC, as Bankruptcy Consultants and Financial Advisors; and the Segal Company, as Actuarial Advisors. 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. Kodak completed the $527 million sale of digital-imaging technology on Feb. 1, 2013. Kodak intends to reorganize by focusing on the commercial printing business. It expects to file a Chapter 11 plan by the end of May. FIRST PLACE: Posts $3.65 Million Net Income at December 31 ---------------------------------------------------------- First Place Financial Corporation, on Jan. 22, 2013, filed its monthly operating report for the month of December. The Company reported a net income of $3.65 million for the month ended Dec. 31, 2012. As of Dec. 31, 2012, the Company had total assets of $171.29 million, total liabilities of $65.92 million and total stockholders' equity of $105.37 million. At the beginning of the month, First Place Financial had $7.6 million in cash. The Company had total cash receipts of $137,896 and total cash disbursements of $7.74 million for the month of December. As a result, the Company ended the year with $nil in cash. About First Place First Place Financial Corp. is a $3.1 billion financial services holding company, based in Warren, Ohio. The First Place bank subsidiary isn't in bankruptcy. First Place filed a Chapter 11 petition (Bankr. D. Del. Case No. 12-12961) in Delaware on Oct. 28, 2012, to sell its bank unit to Talmer Bancorp, Inc., absent higher and better offers. The Debtor declared $175 million in total assets and $65.6 million in total liabilities as of Oct. 26, 2012. The Debtor has tapped Patton Boggs LLP and The Bayard Firm, PA as legal counsel, and FTI Consulting, Inc., as financial advisor. Donlin, Recano & Company, Inc. -- http://www.donlinrecano.com/-- is the claims and notice agent. The Official Committee of Trust Preferred Securities tapped to retain Kirkland & Ellis as counsel; Klehr Harrison Harvey Branzburg as co-counsel; Holdco Advisors as financial advisor; and Rothschild as investment banker and financial advisor. JOURNAL REGISTER: Ends December with $2.44 Million Cash ------------------------------------------------------- Journal Register Company, et al., on Feb. 6, 2013, filed its monthly operating report for the period from Nov. 26 through Dec. 30, 2012. The Company posted a net income of $629,000 on total revenues of $26.52 million for the period ended Dec. 30, 2012. As of Dec. 30, 2012, the Company had total assets of $235.63 million, total liabilities of $268 million and total stockholders' deficit of $32.37 million. As of Nov. 26, 2012, Journal Register had $2.15 million in cash. The Company had total cash disbursements of $24.32 million. At the end of the period, Journal Register had total cash of $2.44 million. About Journal Register Journal Register Company -- http://www.JournalRegister.com/-- is the publisher of the New Haven Register and other papers in 10 states, including Philadelphia, Detroit and Cleveland, and in upstate New York. The Company's more than 350 multi-platform products reach an audience of 21 million people each month. JRC is managed by Digital First Media and is affiliated with MediaNews Group, Inc., the nation's second largest newspaper company as measured by circulation. Journal Register, along with its affiliates, first filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 09-10769) on Feb. 21, 2009. Attorneys at Willkie Farr & Gallagher LLP, served as counsel to the Debtors. Attorneys at Otterbourg, Steindler, Houston & Rosen, P.C., represented the official committee of unsecured creditors. Journal Register emerged from Chapter 11 protection under the terms of a pre-negotiated plan. Journal Register returned to bankruptcy (Bankr. S.D.N.Y. Lead Case No. 12-13774) on Sept. 5, 2012, to sell the business to 21st CMH Acquisition Co., an affiliate of funds managed by Alden Global Capital LLC. The deal is subject to higher and better offers. Journal Register exited the 2009 restructuring with $225 million in debt and with a legacy cost structure, which includes leases, defined benefit pensions and other liabilities that have become unsustainable and threatened the Company's efforts for a successful digital transformation. Journal Register managed to reduce the debt by 28% with the Company servicing in excess of $160 million of debt. Alden Global is the holder of two terms loans totaling $152.3 million. Alden Global acquired the stock and the term loans from lenders in Journal Register's prior bankruptcy. Journal Register disclosed total assets of $235 million and liabilities totaling $268.6 million as of July 29, 2012. This includes $13.2 million owing on a revolving credit to Wells Fargo Bank NA. Bankruptcy Judge Stuart M. Bernstein presides over the 2012 case. Neil E. Herman, Esq., Rachel Jaffe Mauceri, Esq., and Patrick D. Fleming, Esq., at Morgan, Lewis & Bockius, LLP; and Michael R. Nestor, Esq., Kenneth J. Enos, Esq., and Andrew L. Magaziner, Esq., at Young Conaway Stargatt & Taylor LLP, serve as the 2012 Debtors' counsel. SSG Capital Advisors, LLC, serves as financial advisors. American Legal Claims Services LLC acts as claims agent. The petition was signed by William Higginson, executive vice president of operations. Otterbourg, Steindler, Houston & Rosen, P.C., represents Wells Fargo. Akin, Gump, Strauss, Hauer & Feld LLP, represents the Debtors' Tranche A Lenders and Tranche B Lenders. Emmet, Marvin & Martin LLP, serves as counsel to Wells Fargo, in its capacity as Tranche A Agent and the Tranche B Agent. The Official Committee of Unsecured Creditors appointed in the case has retained Lowenstein Sandler PC as counsel and FTI Consulting, Inc. as financial advisor. LCI HOLDING: Cash Increased to $40.24 Million at December 31 ------------------------------------------------------------ LCI Holding Company, Inc., et al., on Jan. 30, 2013, filed its monthly operating report for the month ended Dec. 31, 2012. The Debtor posted a net income of $3.75 million on total revenues of $38.1 million for the month ended Dec. 31, 2012. As of Dec. 31, 2012, the Debtor had total assets of $458.6 million, total liabilities of $44.66 million and total stockholders' equity of $413.94 million. At the beginning of December, LCI Holding had $25.11 million in cash. The Debtor had total cash receipts of $28.8 million and total cash disbursements of $13.67 million. As a result, at the end of the month, LCI Holding had total cash of $40.24 million. About LifeCare LCI Holding Company, Inc., and its affiliates, doing business as LifeCare Hospitals, operate eight "hospital within hospital" facilities and 19 freestanding facilities in 10 states. The hospitals have about 1,400 beds at facilities in Louisiana, Texas, Pennsylvania, Ohio and Nevada. LifeCare is controlled by Carlyle Group, which holds 93.4% of the stock following a $570 million acquisition in August 2005. LCI Holding Company, Inc., and its affiliates, including LifeCare Holdings Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-13319) on Dec. 11, 2012, with plans to sell assets to secured lenders. Ken Ziman, Esq., and Felicia Perlman, Esq., at Skadden, Arps, Slate Meagher & Flom LLP, serve as counsel to the Debtors. Rothschild Inc. is the financial advisor. Huron Management Services LLC will provide the Debtors an interim chief financial officer and certain additional personnel; and (ii) designate Stuart Walker as interim chief financial officer. The steering committee of lenders is represented by attorneys at Akin Gump Strauss Hauer & Feld LLP and Blank Rome LLP. The agent under the prepetition and postpetition secured credit facility is represented by Simpson Thacher & Barlett LLP. The Debtors disclosed assets of $422 million and liabilities totaling $575.9 million as of Sept. 30, 2012. As of the bankruptcy filing, total long-term obligations were $482.2 million consisting of, among other things, institutional loans and unsecured subordinated loans. A total of $353.4 million is owing under the prepetition secured credit facility. A total of $128.4 million is owing on senior subordinated notes. LifeCare Hospitals of Pittsburgh, LLC, a debtor-affiliate disclosed $24,028,730 in assets and $484,372,539 in liabilities as of the Chapter 11 filing. The Official Committee of Unsecured Creditors is represented by Pachulski Stang Ziehl & Jones LLP. FTI Consulting, Inc., serves as its financial advisor. LIGHTSQUARED INC: Lists $49.09 Million Net Loss in January ---------------------------------------------------------- LightSquared Inc., et al., on Feb. 15, 2013, filed a monthly operating report for the month ended Jan. 31, 2013. The Company reported a net loss of $49.09 million on net revenue of $2.705 million for the month ended Jan. 31, 2013. As of Jan. 31, 2013, the Company had total assets of $3.91 billion, total liabilities of $2.58 billion and total stockholders' equity of $1.32 billion. At the beginning of the month, LightSquared had $172.03 million in cash. The Company had total cash receipts of $5.63 million and total cash disbursements of $20.96 million. As a result, at the end of January, the Company had total cash of $156.7 million. A full-text copy of the monthly operating report is available at: http://is.gd/q3D8x1 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, 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. Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to the Debtors. Alvarez & Marsal North America, LLC, is the financial advisor. Kurtzman Carson Consultants LLC serves as claims and notice agent. MF GLOBAL: Has $2.73 Million Cash at January 31 ----------------------------------------------- MF Global Holdings Ltd., et al., on Feb. 15, 2013, filed a monthly operating report for the month ended Jan. 31, 2013. The Company posted a net loss of $1.42 million for the month ended Jan. 31, 2013. As of Jan. 31, 2013, the Company had total assets of $ 3.52 billion and total liabilities of $3.77 billion. For the month of January, the Company had total cash disbursements of $112,414. At the end of the month, MF Global had total cash of $2.73 million. A full-text copy of the monthly operating report is available at: http://is.gd/fYI00w 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 on Nov. 3 last year, according to Bloomberg News. NEOGENIX ONCOLOGY: Has $973,988 in Disbursements in November ------------------------------------------------------------ Neogenix Oncology, Inc., on Dec. 20, 2012, filed its operating report for the month ended Nov. 30, 2012. The Company had total cash disbursements of $973,988 at the end of November. About Neogenix Oncology Neogenix Oncology Inc. in Rockville, Maryland, filed a Chapter 11 petition (Bankr. D. Md. Case No. 12-23557) on July 23, 2012, in Greenbelt with a deal to sell the assets to Precision Biologics Inc., absent higher and better offers. Founded in December 2003, Neogenix is a clinical stage, pre- revenue generating, biotechnology company focused on developing therapeutic and diagnostic products for the early detection and treatment of cancer. Neogenix, which has 10 employees, says it its approach and portfolio of three unique monoclonal antibody therapeutics -- mAb -- hold the potential for novel and targeted therapeutics and diagnostics for the treatment of a broad range of tumor malignancies. Thomas J. McKee, Jr., Esq., at Greenberg Traurig, LLP, in McLean, Virginia, serves as counsel. Kurtzman Carson Consultants LLC is the claims and notice agent. The Debtor estimated assets of $10 million to $50 million and debts of $1 million to $10 million. W. Clarkson McDow, Jr., U.S. Trustee for Region 4, appointed seven members to the committee of equity security holders. Sands Anderson PC represents the Official Committee of Equity Security Holders. The Committee tapped FTI Consulting, Inc., as its financial advisor. NORTHSTAR AEROSPACE: Ends December With $1.49 Million in Cash ------------------------------------------------------------- Northstar Aerospace (USA) Inc., now known as NSA (USA) Liquidating Corp., et al., on Jan. 20, 2013, filed its monthly operating report for the month of December. The Company posted a net loss of $179,000 for the month ended Dec. 31, 2012. As of Dec. 31, 2012, the Company had total assets of $103.52 million, total liabilities of $87.32 million and total stockholders' equity of $16.2 million. At the beginning of the month, the Company had $1.67 million in cash. Northstar Aerospace had total operating receipts of $3,000 and total disbursements of $29,000, and also paid restructuring costs of $153,000. As a result, the Company had total cash of $1.49 million at the end of December. 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. The names of the Debtors were changed as contemplated by the approved sale transaction. 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. About 60% of the assets and business are with the U.S. debtors. OVERSEAS SHIPHOLDING: Ends November With $487.63 Million in Cash ---------------------------------------------------------------- Overseas Shipholding Group, Inc., et al., on Feb. 15, 2013, filed its monthly operating report for the period from Nov. 14 through Nov. 30, 2012. The Company posted a net loss of $7.1 million on shipping revenues of $47.15 million for the period ended Nov. 30, 2012. As of Nov. 30, 2012, the Company had total assets of $4.36 billion, total liabilities of $2.98 billion, and total stockholders' equity of $1.38 billion. As of Nov. 14, 2012, the Company had $477.97 million in cash. Overseas Shipholding had total disbursements of $85,404. At the end of the period, the Company had total cash of $487.63 million. A full-text copy of the monthly operating report is available at: http://is.gd/2fPxDz About Overseas Shipholding Overseas Shipholding Group, Inc., headquartered in New York, is one of the largest publicly traded tanker companies in the world, engaged primarily in the ocean transportation of crude oil and petroleum products. OSG owns or operates 111 vessels that transport oil and petroleum products throughout the world. Overseas Shipholding Group and 180 affiliates filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67 billion in liabilities. Greylock Partners LLC Chief Executive John Ray serves as chief reorganization officer. Cleary Gottlieb Steen & Hamilton LLP serves as OSG's Chapter 11 counsel, while Chilmark Partners LLC serves as financial adviser. Kurtzman Carson Consultants LLC is the claims and notice agent. The Export-Import Bank of China, owed $312 million used for the construction of five tankers, is represented by Louis R. Strubeck, Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & Jaworski LLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., at Fulbright & Jaworski in New York; and John Knight, Esq., and Christopher Samis, Esq., at Richards Layton & Finger PA. Chilmark Partners, LLC serves as financial and restructuring advisor. Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serve as co-counsel to the official committee of unsecured creditors. FTI Consulting, Inc., is the financial advisor and Houlihan Lokey Capital, Inc., is the investment banker. OVERSEAS SHIPHOLDING: Has $13.41 Million Net Loss in December ------------------------------------------------------------- Overseas Shipholding Group, Inc., et al., on Feb. 15, 2013, filed its monthly operating report for the month ended Dec. 31, 2012. The Debtor reported a net loss of $13.41 million on shipping revenues of $90 million for the month ended Dec. 31, 2012. The loss includes $8.7 million in reorganization costs. As of Dec. 31, 2012, Overseas Shipholding had total assets of $4.37 billion, total liabilities of $3 billion, and total stockholders' equity of $1.37 billion. At the beginning of the month, Overseas Shipholding had $487.63 million in cash. The Debtor had total disbursements of $138,568. At the end of December, Overseas Shipholding had total cash of $507.34 million. A full-text copy of the monthly operating report is available at: http://is.gd/rY01kX About Overseas Shipholding Overseas Shipholding Group, Inc., headquartered in New York, is one of the largest publicly traded tanker companies in the world, engaged primarily in the ocean transportation of crude oil and petroleum products. OSG owns or operates 111 vessels that transport oil and petroleum products throughout the world. Overseas Shipholding Group and 180 affiliates filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67 billion in liabilities. Greylock Partners LLC Chief Executive John Ray serves as chief reorganization officer. Cleary Gottlieb Steen & Hamilton LLP serves as OSG's Chapter 11 counsel, while Chilmark Partners LLC serves as financial adviser. Kurtzman Carson Consultants LLC is the claims and notice agent. The Export-Import Bank of China, owed $312 million used for the construction of five tankers, is represented by Louis R. Strubeck, Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & Jaworski LLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., at Fulbright & Jaworski in New York; and John Knight, Esq., and Christopher Samis, Esq., at Richards Layton & Finger PA. Chilmark Partners, LLC serves as financial and restructuring advisor. Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serve as co-counsel to the official committee of unsecured creditors. FTI Consulting, Inc., is the financial advisor and Houlihan Lokey Capital, Inc., is the investment banker. PURE BEAUTY: Lists $29.27 Million in Liabilities at November 24 --------------------------------------------------------------- Pure Beauty Salons & Boutiques, Inc., et al., on Jan. 9, 2013, filed its monthly operating report for the period from Oct. 28 through Nov. 24, 2012. As of Oct. 28, 2012, the Company had nil total assets, total liabilities of $29.27 million, and total stockholders' deficit of $29.27 million. About Pure Beauty Pure Beauty Salons & Boutiques, Inc., and its affiliated company BeautyFirst Franchise Corp., operate a chain of hair care and beauty supply stores under the trade names Trade Secret, Beauty Express, BeautyFirst, PureBeauty, and Winston's Barber Shop. Pure Beauty Salons & Boutiques, Inc. operates and/or owns 436 stores and BeautyFirst Franchise Corp. has agreements with 13 franchisees that operate 22 BeautyFirst and 7 Trade Secret Stores. Pure Beauty Salons & Boutiques, Inc., is back in Chapter 11 after having been sold out of Chapter 11 last year. The prior case was dismissed after the sale was completed. The previous case was In re Trade Secret Inc., 10-12153, in the same court. Pure Beauty Salons filed for bankruptcy (Bankr. D. Del. Case No. 11-13159) on Oct. 4, 2011. Affiliate BeautyFirst Franchise Corp. filed a separate petition (Bankr. D. Del. Case No. 11-13160). Joseph M. Barry, Esq., Kenneth J. Enos, Esq., and Ryan M. Bartley, Esq., at Young Conaway Stargatt & Taylor, LLP, serve as the Debtors' counsel. The Debtors' investment banker is SSG Capital Advisors' J. Scott Victor -- jsvictor@ssgca.com The Debtors' notice, claims solicitation, and balloting agent is Epiq Bankruptcy Solutions. In its schedules, Pure Beauty Salons disclosed $36,444,963 in assets and $55,215,590 in liabilities as of the Petition Date. In its schedules, BeautyFirst Franchise disclosed $1,716,985 in assets and $36,761,086 in liabilities as of the Petition Date. The Debtors owe $15 million to vendors and landlords. The petition was signed by Brian Luborsky, chief executive officer. Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed seven unsecured creditors to serve on the Official Committee of Unsecured Creditors of Pure Beauty Salons. Attorneys at Pachulski Stang Ziehl & Jones LLP represent the Committee. LM+Co serves as their financial advisor. Secured lender Regis Corp. is represented in the case by Michael L. Meyer, Esq., at Ravich Meyer Kirkman McGrath Nauman & Tansey P.A., and Kathleen M. Miller, Esq., at Smith Katzenstein & Furlow LLP. RG STEEL: WP Steel Ends December With $5.23 Million in Cash ----------------------------------------------------------- WP Steel Ventures, LLC, et al., on Feb. 4, 2013, filed its monthly operating report for the month ended Dec. 31, 2012. The Company posted a net loss of $7.73 million on total sales of $1.89 million for the month ended Dec. 31, 2012. As of Dec. 31, 2012, the Company had total assets of $312.72 million, total liabilities of $1.23 billion and total stockholders' deficit of $914.04 million. For the month of December, the Company had total cash receipts of $8.8 million and total disbursements of $4.88 million. At the end of the month, WP Steel Ventures had $5.23 million in unrestricted cash and equivalents. 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. The Debtor has sold off the principal plants. The sale of the Wheeling Corrugating division to Nucor Corp. brought in $7 million. That plant in Sparrows Point, Maryland, fetched the highest price, $72.5 million. SATCON TECHNOLOGY: Lists $3.31 Million Cash at November 30 ---------------------------------------------------------- SatCon Technology Corporation, on Jan. 14, 2013, filed its monthly operating report for the month ended Nov. 30, 2012. The Debtor reported a net loss of $2.03 million on net revenue of $1.22 million for the month ended Nov. 30, 2012. As of Nov. 30, 2012, the Debtor had total assets of $135.72 million, total liabilities of $111.36 million and total stockholders' deficit of $24.36 million. At the beginning of November, SatCon Technology had $2.02 million in cash. The Debtor had total cash receipts of $6.18 million and total cash disbursements of $4.89 million. As a result, at the end of the month, SatCon Technology had total cash of $3.31 million. About SatCon Technology Based in Boston, SatCon Technology Corporation (NasdaqCM: SATC) -- http://www.satcon.com/-- and its wholly owned subsidiaries provide utility-grade power conversion solutions for the renewable energy market, primarily for large-scale commercial and utility- scale solar photovoltaic markets. Satcon Technology Corporation, along with six related entities, filed Chapter 11 petitions (Bankr. D. Del. Case No. 12-12869) on Oct. 17, 2012. Satcon disclosed assets of $92.3 million and liabilities totaling $121.9 million. Liabilities include $13.5 million in secured debt owing to Silicon Valley Bank. There is another $6.5 million in secured subordinated debt. Unsecured liabilities include $16 million on subordinated notes. The Hon. Kevin Gross presides over the case. Dennis A. Meloro, Esq., at Greenberg Traurig serves as the Debtors' counsel. Fraser Milner Casgrain LLP acts as the general Canadian counsel. Lazard Middle Market LLC serves as the Debtors' financial advisor and investment banker. Epiq Bankruptcy Solutions, LLC, serves as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors tapped to retain Holland & Knight LLP as its counsel, Sullivan Hazeltine Allinson LLC as its co-counsel. SPECIALTY PRODUCTS: Increases Cash to $17.96-Mil as of Dec. 31 -------------------------------------------------------------- Specialty Products Holding Corp., on Jan. 29, 2013, filed its monthly operating report for the month ended Dec. 31, 2012. The Debtor reported a net loss of $2.36 million for the month ended Dec. 31, 2012. As of Dec. 31, 2012, the Debtor had total assets of $447.56 million, total liabilities of $235.67 million and total stockholders' equity of $211.89 million. At the beginning of the month, Specialty Products had $9.62 million in cash. The Debtor had total cash receipts of $33.11 million and total cash disbursements of $24.78 million. As a result, Specialty Products had total cash of $17.96 million at the end of December. About Specialty Products Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM, Inc., is a wholly owned subsidiary of RPM International Inc. The Company is the holding company parent of Bondex International, Inc., and the direct or indirect parent of certain additional domestic and foreign subsidiaries. The Company claims to be a leading manufacturer, distributor and seller of various specialty chemical product lines, including exterior insulating finishing systems, powder coatings, fluorescent colorants and pigments, cleaning and protection products, fuel additives, wood treatments and coatings and sealants, in both the industrial and consumer markets. The Company filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 10-11780) on May 31, 2010. Gregory M. Gordon, Esq., Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve as bankruptcy counsel. Daniel J. DeFranceschi, Esq., and Zachary I. Shapiro, Esq., at Richards Layton & Finger, serve as co- counsel. Logan and Company is the Company's claims and notice agent. The Company estimated its assets and debts at $100 million to $500 million. The Company's affiliate, Bondex International, Inc., filed a separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779), estimating its assets and debts at $100 million to $500 million. SOUTHERN AIR: Posts $14.2 Million Net Loss in December ------------------------------------------------------ Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Southern Air Holdings Inc., whose modified reorganization plan is up for approval at a March 14 confirmation hearing, reported a $14.2 million net loss in December. The operating loss in December was $19.3 million, according to the operating report filed in bankruptcy court in Delaware. The loss was largely due to $19.4 million in depreciation and equipment impairment charges. Revenue in December was $25.7 million. About Southern Air Based in Norwalk, Connecticut, military cargo airline Southern Air Inc. -- http://www.southernair.com/-- its parent Southern Air Holdings Inc. and their affiliated entities filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 12-12690 to 12-12707) in Wilmington on Sept. 28, 2012, blaming the decline in business from the U.S. Department of Defense, which reduced its troop count in Afghanistan and hired Southern Air less frequently. Bankruptcy Judge Christopher S. Sontchi presides over the case. Brian S. Rosen, Esq., Candace Arthur, Esq., and Gabriel Morgan, Esq., at Weil, Gotshal & Manges LLP; and M. Blake Cleary, Esq., and Maris J. Kandestin, Esq., at Young, Conaway, Stargatt & Taylor, serve as the Debtor's counsel. Zolfo Cooper LLC serves as the Debtors' bankruptcy consultant and special financial advisor. Kurtzman Carson Consultants, LLC, serves as claims and notice agent. CF6-50, LLC, debtor-affiliate, disclosed $338,925,282 in assets and $288,000,000 in liabilities as of the Chapter 11 filing. The petition was signed by Jon E. Olin, senior vice president. Canadian Imperial Bank of Commerce, New York Agency, the DIP agent and prepetition agent, is represented by Matthew S. Barr, Esq., and Samuel Khalil, Esq., at Milbank Tweed Hadley & McCloy LLP; and Mark D. Collins, Esq., and Katherine L. Good, Esq., at Richards Layton & Finger PA. Stephen J. Shimshak, Esq., and Kelley A. Cornish, Esq., at Paul Weiss Rifkind Wharton & Garrison LLP; and Mark E. Felger, Esq., at Cozen O'Connor, represent Oak Hill Capital Partners II, LP, OH Aircraft Acquisition LLC, and Oak Hill Cargo 360 LLC. On Nov. 21, 2012, Roberta DeAngelis, U.S. Trustee for Region 3, appointed the statutory committee of unsecured creditors. Lowenstein Sandler PC and Pachulski, Stang, Ziehl & Jones LLP serves as its co-counsels, and Mesirow Financial Consulting LLC serves as its financial advisor. Soutehrn Air will seek confirmation at a hearing on March 14 of a plan that provides $2.5 million for the unsecured creditors' trust, projecting a recovery from 2.4% to 2.6 percent for unsecured creditors. The plan was revised to mollify creditors' committee objection to the original version, which projected a recovery between 2.6% and 3.1%. VERTIS HOLDINGS: Reports $7.8 Million Net Loss in December ---------------------------------------------------------- Vertis Holdings, Inc., et al., on Jan. 29, 2013, filed its monthly operating report for the month ended Dec. 31, 2012. The Company posted a net loss of $7.8 million on net sales of $82.15 million for the month ended Dec. 31, 2012. As of Dec. 31, 2012, Vertis Holdings had total assets of $839.2 million, total liabilities of $855.75 million, and total stockholders' deficit of $16.55 million. At the beginning of the month, Vertis Holdings had $1.67 million in cash. The Company had total cash receipts of $250.61 million and total cash disbursements of $249.95 million. As a result, at the end of December, Vertis Holdings had total cash of $2.33 million. About Vertis Vertis Holdings Inc. -- http://www.thefuturevertis.com/-- provides advertising services in a variety of print media, including newspaper inserts such as magazines and supplements. Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821), returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to sell the business to Quad/Graphics, Inc., for $258.5 million, subject to higher and better offers in an auction. As of Aug. 31, 2012, the Debtors' unaudited consolidated financial statements reflected assets of approximately $837.8 million and liabilities of approximately $814.0 million. Bankruptcy Judge Christopher Sontchi presides over the 2012 case. Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal, and Cadwalader, Wickersham & Taft LLP. Quad/Graphics is advised by Blackstone Advisory Partners, Arnold & Porter LLP and Foley & Lardner LLP, special counsel for antitrust advice. Kurtzman Carson Consultants LLC is the Debtors' claims agent. Quad/Graphics is a global provider of print and related multichannel solutions for consumer magazines, special interest publications, catalogs, retail inserts/circulars, direct mail, books, directories, and commercial and specialty products, including in-store signage. Headquartered in Sussex, Wis. (just west of Milwaukee), the Company has approximately 22,000 full-time equivalent employees working from more than 50 print-production facilities as well as other support locations throughout North America, Latin America and Europe. Vertis first filed for bankruptcy (Bankr. D. Del. Case No. 08-11460) on July 15, 2008, to complete a merger with American Color Graphics. ACG also commenced separate bankruptcy proceedings. In August 2008, Vertis emerged from bankruptcy, completing the merger. Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 10-16170) on Nov. 17, 2010. The Debtor estimated its assets and debts of more than $1 billion. Affiliates also filed separate Chapter 11 petitions -- American Color Graphics, Inc. (Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case No. 10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10-16172), Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and Webcraft Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174). The bankruptcy court approved the prepackaged Chapter 11 plan on Dec. 16, 2010, and Vertis consummated the plan on Dec. 21. The plan reduced Vertis' debt by more than $700 million or 60%. GE Capital Corporation, which serves as DIP Agent and Prepetition Agent, is represented in the 2012 case by lawyers at Winston & Strawn LLP. Morgan Stanely Senior Funding Inc., the agent under the prepetition term loan, and as term loan collateral agent, is represented by lawyers at White & Case LLP, and Milbank Tweed Hadley & McCloy LLP. Quad/Graphics on Jan. 16, 2013, disclosed it completed the acquisition of substantially all of the assets of Vertis Holdings for a net purchase price of $170 million. This assumes the purchase price of $267 million less the payment of $97 million for current assets in excess of normalized working capital requirements. Quad/Graphics used cash on hand and drew on its revolving credit facility to finance the acquisition. ********* 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. 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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., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Carmel Paderog, Meriam Fernandez, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2013. All rights reserved. ISSN: 1520-9474. 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