/raid1/www/Hosts/bankrupt/TCR_Public/130525.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, May 25, 2013, Vol. 17, No. 143
Headlines
AMBAC FINANCIAL: Cash at $26.9 Million as of Feb. 28
AMERICAN AIRLINES: Has $91-Mil. Operating Income in March
AMERICANWEST BACNCORP: Posts $9,767 Net Loss in April
AMF BOWLING: Reports $919,000 Net Income in March
ARCAPITA BANK: Lists $7.33 Million Net Loss in March
DEX ONE: Ends April With $144.35 Million Cash
FIRST REGIONAL: Reports $55,639 Net Loss in April
K-V PHARMACEUTICAL: Reports $1.57 Million April Operating Income
LEHMAN BROTHERS: Has $24.4 Billion Cash as of March 31
LIBERTY MEDICAL: Reports $3.2 Million Net Income Over 45 Days
LIGHTSQUARED INC: Losses Continue to Pile Up for Firm in Chap. 11
OVERSEAS SHIPHOLDING: Reports $4.5 Million March Operating Loss
PATRIOT COAL: Posts $20.5MM Operating Loss in March
PATRIOT COAL: Reports $15.4 Million April Operating Loss
RESIDENTIAL CAPITAL: Has $52.6-Mil. March Operating Loss
SUPERMEDIA INC: Turns $5.3 Million Profit in April
*********
AMBAC FINANCIAL: Cash at $26.9 Million as of Feb. 28
----------------------------------------------------
Ambac Financial Group, Inc.
Balance Sheet
As of February 28, 2013
ASSETS:
Current Assets:
Unrestricted Cash and Equivalents $26,892,225
Restricted Cash and Cash Equivalents -
Accounts Receivable -
Notes Receivable 1,293,168
Inventories -
Prepaid Expenses 287,119
Professional Retainers 88,243
Other Current Assets 30,623
-----------------
Total Current Assets 28,591,378
Property & Equipment:
Real Property and Improvements -
Machinery & Equipment -
Furniture, Fixtures, and Office Equipment -
Leasehold Improvements -
Vehicles -
Less: Accumulated Depreciation -
-----------------
Total Property & Equipment -
Other Assets:
Amounts Due From Insiders 4,372,103
Other Assets (2,039,658,743)
-----------------
Total Other Assets (2,035,286,730)
-----------------
Total Assets ($2,006,695,352)
=================
LIABILITIES AND OWNERS' EQUITY:
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable -
Taxes Payable $1,900,000
Wages Payable -
Notes Payable -
Rent/Leases - Building/Equipment -
Secured Debt/Adequate Protection Payments -
Professional Fees 14,299,429
Amounts Due to Insiders -
Other Postpetition Liabilities -
-----------------
Total Postpetition Liabilities 16,199,429
Liabilities Subject to Compromise (Prepetition):
Secured Debt -
Priority Debt -
Unsecured Debt 1,704,939,747
-----------------
Total Prepetition Liabilities 1,704,939,747
Total Liabilities 1,721,139,176
Owners' Equity:
Capital Stock 3,080,168
Additional Paid-in Capital 2,172,026,548
Partners' Capital Account -
Owners' Equity Account -
Retained earnings - prepetition (3,896,443,042)
Retained earnings - postpetition (2,224,764,172)
Adjustments to Owner Equity 218,265,970
Postpetition Contributions -
-----------------
Net Owners' Equity (3,727,834,528)
-----------------
Total Liabilities & Owners' Equity ($2,006,695,352)
=================
Ambac Financial Group, Inc.
Statement of Operations
For the month ended February 28, 2013
Gross Revenues -
Less: Returns & Allowances -
-----------------
Net Revenue -
Cost of Goods Sold:
Beginning Inventory -
Add: Purchases -
Cost of labor -
Other costs -
Less: Ending Inventory -
-----------------
Cost of Goods Sold -
Gross Profit -
Operating Expenses:
Advertising -
Auto and Truck Expense -
Bad Debts -
Contributions -
Employee Benefits Programs -
Officer/Insider Compensation $57,042
Insurance 57,423
Management Fees/Bonuses -
Office Expense -
Pension & profit sharing plans -
Repairs & Maintenance -
Rent and Lease Expense -
Salaries/Commissions/Fees -
Supplies -
Taxes - Payroll -
Taxes - Real Estate -
Taxes - Other -
Travel & Entertainment -
Utilities -
Other 676,177
-----------------
Total Operating Expenses Before 790,642
Depreciation
Depreciation/Depletion/Amortization -
-----------------
Net profit(loss) Before Other Income &
Expenses (790,642)
Other Income and Expenses:
Other income 9,047
Interest Expense -
Other Expense (68,570,834)
-----------------
Net profit (loss) Before Reorganization Items 67,789,239
Reorganization Items:
Reorganization Items:
Professional Fees 90,498
U.S. Trustee Quarterly Fees 9,750
Interest on Cash from Chapter 11 -
Gain from Sale of Equipment -
Other Reorganization Expenses -
-----------------
Total Reorganization Expenses 100,248
-----------------
Income Taxes -
-----------------
Net Profit (Loss) $67,688,991
=================
Ambac Financial Group, Inc.
Schedule of Cash Receipts and Disbursements
For the month ended February 28, 2013
Cash Beginning of Month $27,987,281
Receipts:
Cash Sales -
Accounts Receivable - Prepetition -
Accounts Receivable - Postpetition -
Loans and Advances -
Sale of Assets -
Other 2,644
Transfers 2,192,644
-----------------
Total Receipts 2,195,288
Disbursements:
Gross Payroll -
Sales, Use, & Other Taxes -
Inventory Purchases -
Secured/Rental/Leases -
Insurance -
Administrative -
Selling -
Other 1,097,700
Owner Draw -
Transfers (to DIP Accts.) 2,192,644
Professional Fees -
U.S. Trustee Quarterly Fees -
Court Costs -
-----------------
Total Disbursements 3,290,344
-----------------
Net Cash Flow (1,095,056)
-----------------
Cash - End of Month $26,892,225
=================
About Ambac Financial
Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.
Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
10-15973) in Manhattan on Nov. 8, 2010.
Ambac's bond insurance unit, Ambac Assurance Corp., is being
restructured by state regulators in Wisconsin. AAC is domiciled
in Wisconsin and regulated by the Office of the Commissioner of
Insurance of the State of Wisconsin. The parent company is not
regulated by the OCI.
Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about US$1.62 billion.
The Blackstone Group LP is the Debtor's financial advisor.
Kurtzman Carson Consultants LLC is the claims and notice agent.
KPMG LLP is tax consultant to the Debtor.
Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel
to the Official Committee of Unsecured Creditors. Lazard Freres
& Co. LLC is the Committee's financial advisor.
Bankruptcy Judge Shelley C. Chapman entered an order confirming
the Fifth Amended Plan of Reorganization of Ambac Financial Group,
Inc. on March 14, 2012. The Plan provides for the full payment of
secured claims and 8.5% to 13.2% recovery for general unsecured
claims. Claims from the Internal Revenue Service prevented the
company from implementing the plan and emerging from bankruptcy.
Ambac said emergence from bankruptcy will occur "shortly after"
the IRS settlement is completed.
Bankruptcy Creditors' Service, Inc., publishes AMBAC BANKRUPTCY
NEWS. The newsletter tracks the Chapter 11 proceeding undertaken
by Ambac Financial Group and the restructuring proceedings of
Ambac Assurance Corp. (http://bankrupt.com/newsstand/or 215/945-
7000).
AMERICAN AIRLINES: Has $91-Mil. Operating Income in March
---------------------------------------------------------
AMR Corporation, et al.
Condensed Consolidated Balance Sheet
As of March 31, 2013
ASSETS
Current Assets
Cash $606,000,000
Short-term investments 3,638,000,000
Restricted cash and short-term investments 853,000,000
Receivables, net 1,243,000,000
Inventories, net 595,000,000
Fuel derivative contracts 66,000,000
Other current assets 524,000,000
------------------
7,525,000,000
Equipment and property
Flight equipment, net 10,216,000,000
Other equipment and property, net 2,099,000,000
Purchase deposits for flight equipment 721,000,000
------------------
13,036,000,000
Equipment and property under capital leases
Flight equipment, net 212,000,000
Other equipment and property, net 57,000,000
------------------
269,000,000
International slots and route authorities 708,000,000
Domestic slots and airport operating and gate
lease rights, less accumulated amortization,
net 155,000,000
Other assets 2,159,000,000
------------------
TOTAL ASSETS $23,852,000,000
==================
Liabilities and stockholders' equity (deficit)
Current liabilities
Accounts payable $1,440,000,000
Accrued liabilities 2,084,000,000
Air traffic liability 5,180,000,000
Current maturities of long-term debt 1,256,000,000
Current obligations under capital leases 30,000,000
------------------
Total current liabilities 9,990,000,000
Long-term debt, less current maturities 6,646,000,000
Obligations under capital leases, less
current obligations 375,000,000
Pension and postretirement benefits 6,730,000,000
Other liabilities, deferred gains and
deferred credits 1,708,000,000
Liabilities subject to compromise 6,779,000,000
Stockholders' Equity (deficit)
Preferred stock -
Common stock 341,000,000
Additional paid-in capital 4,483,000,000
Treasury stock (367,000,000)
Accumulated other comprehensive income (loss) (3,030,000,000)
Accumulated deficit (9,803,000,000)
------------------
(8,376,000,000)
------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $23,852,000,000
==================
AMR Corporation, et al.
Consolidated Statement of Operations
Month Ended March 31, 2013
Revenues
Passenger -- American Airlines $1,664,000,000
-- Regional Affiliates 253,000,000
Cargo 59,000,000
Other revenues 211,000,000
------------------
Total operating revenues 2,187,000,000
Expenses
Aircraft fuel 764,000,000
Wages, salaries and benefits 523,000,000
Other rentals and landing fees 119,000,000
Maintenance, materials and repairs 128,000,000
Depreciation and amortization 79,000,000
Commissions, booking fees and credit card expense 95,000,000
Aircraft rentals 56,000,000
Food service 49,000,000
Special charges and merger-related 8,000,000
Other operating expenses 275,000,000
------------------
Total operating expenses 2,096,000,000
------------------
Operating income (loss) 91,000,000
Other income (expense)
Interest income 1,000,000
Interest expense (164,000,000)
Interest capitalized 4,000,000
Miscellaneous -- net (2,000,000)
------------------
(161,000,000)
------------------
Income (loss) before reorganization items (70,000,000)
Reorganization items, net (145,000,000)
------------------
Income (loss) before income taxes (215,000,000)
Income tax (benefit) (22,000,000)
------------------
Net income (loss) ($193,000,000)
==================
AMR Corporation, et al.
Condensed Consolidated Statement of Cash Flows
Month Ended March 31, 2013
Net cash provided by (used for) operating
activities $300,000,000
Cash flow from investing activities:
Capital expenditures, including aircraft
lease deposits (282,000,000)
Disposal of equipment and property (1,000,000)
Net (increase) decrease in short-term investments (178,000,000)
------------------
Net cash used for investing activities (461,000,000)
Cash flow from financing activities:
Payments on long-term debt and capital
lease obligations (251,000,000)
Proceeds from:
Issuance of debt 161,000,000
Sale leaseback transactions 269,000,000
------------------
Net cash provided by financing activities 179,000,000
------------------
Net increase (decrease) in cash 18,000,000
Cash at beginning of period 588,000,000
------------------
Cash at end of period $606,000,000
==================
Disbursements to Chapter 11 professionals during the operating
period totaled $22.771 million, which included $20.016 million
paid to professionals employed by the Debtors and $2.755 million
paid to professionals retained by the Official Committee of
Unsecured Creditors.
A full-text copy of the March 2013 monthly operating report is
available at http://bankrupt.com/misc/AMR_March2013MOR.pdf
About American Airlines
AMR Corp. and its subsidiaries including American Airlines, the
third largest airline in the United States, filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan
on Nov. 29, 2011, after failing to secure cost-cutting labor
agreements. AMR, previously the world's largest airline prior to
mergers by other airlines, is the last of the so-called U.S.
legacy airlines to seek court protection from creditors.
Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law
Group, Chartered, are on board as special counsel. Rothschild
Inc., is the financial advisor. Garden City Group Inc. is the
claims and notice agent.
Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., and
Jay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP
serve as counsel to the Official Committee of Unsecured Creditors
in AMR's chapter 11 proceedings. Togut, Segal & Segal LLP is the
co-counsel for conflicts and other matters; Moelis & Company LLC
is the investment banker, and Mesirow Financial Consulting, LLC,
is the financial advisor.
The Retiree Committee is represented by Jenner & Block LLP's
Catherine L. Steege, Esq., Charles B. Sklarsky, Esq., and Marc B.
Hankin, Esq.
AMR and US Airways Group, Inc., on Feb. 14, 2013, announced a
definitive merger agreement under which the companies will combine
to create a premier global carrier, which will have an implied
combined equity value of approximately $11 billion. The deal is
subject to clearance by U.S. and foreign regulators and by the
bankruptcy judge overseeing AMR's bankruptcy case.
Bankruptcy Creditors' Service, Inc., publishes AMERICAN AIRLINES
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by AMR Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
AMERICANWEST BACNCORP: Posts $9,767 Net Loss in April
--------------------------------------------------------
AmericanWest Bancorporation, on May 17, 2013, filed its monthly
operating report for the month ended Apr. 30, 2013.
The Company reported a net loss of $9,767 for the month ended
Apr. 30, 2013.
As of Apr. 30, 2013, the Company had total assets of $6.73
million, total liabilities of $47.42 million, and total
stockholders' deficit of $40.69 million.
At the end of the month, AmericanWest Bancorp had total cash of
$5.31 million.
A full-text copy of the monthly operating report is available at:
http://is.gd/ERIVVv
About AmericanWest Bancorporation
Headquartered in Spokane, Washington, AmericanWest Bancorporation
(OTC BB: AWBC) -- http://www.awbank.net/-- was a bank holding
company whose principal subsidiary was AmericanWest Bank, which
included Far West Bank in Utah operating as an integrated
division of AmericanWest Bank. AmericanWest Bank was a community
bank with 58 financial centers located in Washington, Northern
Idaho and Utah.
AmericanWest Bancorporation filed for Chapter 11 protection
(Bankr. E.D. Wash. Case No. 10-06097) on Oct. 28, 2010. The
banking subsidiary was not included in the Chapter 11 filing.
Christopher M. Alston, Esq., and Dillon E. Jackson, Esq., at
Foster Pepper Shefelman PLLC, in Seattle, Washington, serve as
bankruptcy counsel. G. Larry Engel, Esq., at Morrison & Foerster
LLP, also serves as counsel.
The Debtor estimated assets of $1 million to $10 million and
debts of $10 million to $50 million in its Chapter 11 petition.
AmericanWest Bancorporation's estimates exclude its banking
unit's assets and debts. In its Form 10-Q filed with the
Securities and Exchange Commission before the Petition Date,
AmericanWest Bancorporation reported consolidated assets --
including its bank unit's -- of $1.536 billion and consolidated
debts of $1.538 billion as of Sept. 30, 2010.
In December 2010, AmericanWest completed the sale of all
outstanding shares of AmericanWest Bank to a wholly owned
subsidiary of SKBHC Holdings LLC, in a transaction approved by
the U.S. Bankruptcy Court. The bank subsidiary was sold to SKBHC
Holdings Inc. for $6.5 million cash.
AMF BOWLING: Reports $919,000 Net Income in March
-------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that while AMF Bowling Worldwide Inc. negotiates on what
may end up being an improved reorganization plan, the bowling
alley operator racked up a net profit in March.
According to the report, March revenue of $38 million threw off a
$6.5 million operating profit. Reorganization costs chopped off
$3.4 million, leading to $919,000 of net income in the month. AMF
ended the month with $42.2 million in cash, an increase of
$6 million in March.
The official creditors' committee was dissatisfied with the
Chapter 11 reorganization plan offering $300,000 to unsecured
creditors with $30 million to $35 million in claims. The hearing
for approval of the explanatory disclosure statement, originally
set for April 30, has been moved on the court's calendar to May
23. If the plan is unchanged, unsecured creditors would recover
about 1 percent. The company contends there are very few assets
not covered by secured lenders' claims which exceed the value of
the collateral.
The plan would give ownership to senior secured lenders in
exchange for about $215 million in first-lien debt. The agreement
was worked out before the Chapter 11 filing in November.
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 is 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.
ARCAPITA BANK: Lists $7.33 Million Net Loss in March
----------------------------------------------------
Arcapita Bank B.S.C., on May 15, 2013, filed its monthly operating
report for the month ended Apr. 30, 2013.
The Debtor posted a net loss of $7.33 million on total income of
$68,449 for the month ended Apr. 30, 2013.
As of Apr. 30, 2013, the Debtor had total assets of $4.01 billion,
total liabilities of $3.28 billion, and total stockholders' equity
of $731.13 million.
About Arcapita Bank
Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,
2012. The Debtors said they do not have the liquidity necessary
to repay a US$1.1 billion syndicated unsecured facility when it
comes due on March 28, 2012.
Falcon Gas Storage Company, Inc., filed a Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012. Falcon Gas
is an indirect wholly owned subsidiary of Arcapita that previously
owned the natural gas storage business NorTex Gas Storage Company
LLC. In early 2010, Alinda Natural Gas Storage I, L.P. (n/k/a
Tide Natural Gas Storage I, L.P.), Alinda Natural Gas Storage II,
L.P. (n/k/a Tide Natural Gas Storage II, L.P.) acquired the stock
of NorTex from Falcon Gas for $515 million. Arcapita guaranteed
certain of Falcon Gas' obligations under the NorTex Purchase
Agreement.
The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP
as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors. Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.
Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank. Arcapita is not a domestic bank licensed in the United
States. Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain. The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition to
its Bahrain headquarters. The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.
The Arcapita Group had roughly US$7 billion in assets under
management. On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion. The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.
Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.
Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from the
Grand Court of the Cayman Islands with a view to facilitating the
Chapter 11 cases. AIHL sought the appointment of Zolfo Cooper as
provisional liquidator.
On Feb. 8, 2013, the Debtors filed with the Bankruptcy Court a
disclosure statement in support of their Joint Plan of
Reorganization, dated Feb. 8, 2013. The Plan contemplates, among
others, the entry of the Debtors into a $185 million Murabaha exit
facility that will allow the Debtors to wind down their businesses
and assets for the benefit of all creditors and stakeholders.
DEX ONE: Ends April With $144.35 Million Cash
---------------------------------------------
Dex One Corporation, et al., on May 20, 2013, filed a monthly
operating report for the month ended Apr. 30, 2013.
The Company posted a net loss of $8.13 million on net revenue of
$97.74 million for the month ended Apr. 30, 2013.
As of Apr. 30, 2013, Dex One had total assets of $2.64 billion,
total liabilities of $2.67 billion, and total stockholders'
deficit of $25.55 million.
At the beginning of the month, Dex One had $138.6 million in cash.
The Company had total cash receipts of $82.73 million and total
cash disbursements of $76.98 million. As a result, at the end of
April, Dex One had total cash of $144.35 million.
A full-text copy of the monthly operating report is available at:
http://is.gd/N3geOf
About Dex One
Dex One Corp., headquartered in Cary, North Carolina, is a local
business marketing services company that includes print
directories and online voice and mobile search. The company
employs 2,200 people across the United States. Dex One provides
print yellow pages directors, which it co-brands with other
recognizable brands in the industry, including Century Link and
AT&T. It also provides the yellow pages websites DexKnows.com and
DexPages.com, as well as mobile apps Dex Mobile, Dex CityCentral.
Dex One and 11 affiliates sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 13-10534) on March 17 and 18, 2013, with a
prepackaged plan of reorganization designed to effectuate a merger
with SuperMedia Inc. Dex One disclosed total assets of $2.84
billion and total liabilities of $2.79 billion as of Dec. 31,
2012.
Houlihan Lokey is acting as financial advisor to Dex One, and
Kirkland & Ellis LLP is acting as its legal counsel. Pachulski
Stang Ziehl & Jones LLP is co-counsel. Epiq Systems serves as
claims agent.
This is Dex One's second stint in Chapter 11. Its predecessor,
R.H. Donnelley Corp., sought Chapter 11 protection in May 2009
(Bankr. Bank. D. Del. Case No. 09-11833 through 09-11852) and
changed its name to Dex One Corp. after emerging from bankruptcy
in January 2010.
As of Dec. 31, 2012, persons or entities directly or indirectly
own, control, or hold 5% or more of the voting securities of Dex
One are Franklin Advisers, Inc., Hayman Capital Management LP,
Robert E. Mead, Restructuring Capital Associates LP, Paulson &
Co., Inc., and Mittleman Investment Management LLC.
FIRST REGIONAL: Reports $55,639 Net Loss in April
-------------------------------------------------
First Regional Bancorp, on May 20, 2013, filed its monthly
operating report for the month of April.
The Debtor posted a net loss of $55,639 for the month ended
Apr. 30, 2013.
As of Apr. 30, 2013, First Regional had total assets of $998,899,
total liabilities of $97.55 million, and total stockholders'
deficit of $96.55 million.
At the beginning of the month, First Regional had $217,539 in
cash. The Debtor had total cash disbursements of $13,639. At the
end of April, First Regional had total cash of $203,899.
A full-text copy of the monthly operating report is available at:
http://is.gd/LxtVRQ
About First Regional Bancorp
First Regional Bancorp (NASDAQ-GSM: FRGB) is the bank holding
company for First Regional Bank, Los Angeles, California.
First Regional Bank was closed at the end of January 2010 by the
California Department of Financial Institutions, which appointed
the Federal Deposit Insurance Corporation as receiver.
First Regional Bancorp filed for Chapter 11 protection
(Bankr. C.D. Calif. Case No. 12-31372) on June 19, 2012.
Jon L Dalberg, Esq., at Landau Gottfried & Berger LLP, represents
the Debtor in its Chapter 11 case.
The Debtor estimated assets of $1 million to $10 million and
debts of $100 million to $500 million in its Chapter 11 petition.
K-V PHARMACEUTICAL: Reports $1.57 Million April Operating Income
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that K-V Pharmaceutical Co., whose ownership after
bankruptcy is undecided, reported operating income in April of
$1.57 million on revenue of $8.33 million.
The operating report filed with the bankruptcy court in New York
shows a $3.52 million net loss. Contributing to the net loss were
$2.42 million in reorganization costs and $1.6 million in interest
charges.
The April operating report was filed on May 20, 2013. As of Apr.
30, 2013, the Company had total assets of $213.31 million, total
liabilities of $699.98 million and total stockholders' deficit of
$486.67 million.
For the month of April, the Company had total cash receipts of
$10.28 million and total cash disbursements of $11.8 million. At
the end of April, the Company had total cash of $35.75 million.
A full-text copy of the monthly operating report is available at:
http://is.gd/TaUn55
Under the Chapter 11 reorganization plan originally filed in
January and modified later, holders of $225 million in first-lien
notes were to become the new owners through a debt swap.
Then, holders of $200 million in convertible notes laid out an
alternative whereby they would become owners. Not to be outdone,
holders of 75 percent of the senior notes said they were making a
revised offer with better terms for everyone.
The senior noteholders agreed to extend financing to the month's
end.
The convertible noteholders group includes Capital Ventures
International, Greywolf Capital Overseas Master Fund and an
affiliate, and Kingdon Capital Management LLC. Silver Point
Finance LLC serves as agent for senior noteholders in their roles
as so-called DIP lenders. Silver Point, Whitebox Advisors LLC and
Pioneer Investment Management Inc. among themselves owned $152
million of the $225 million in senior secured notes, according to
a court filing by their lawyers in September.
The senior noteholders contended in prior court filings that the
convertible noteholders were "out-of-the-money."
About K-V Pharmaceutical
K-V Pharmaceutical Company (NYSE: KVa/KVb) --
http://www.kvpharmaceutical.com/-- is a fully integrated
specialty pharmaceutical company that develops, manufactures,
markets, and acquires technology-distinguished branded and
generic/non-branded prescription pharmaceutical products. The
Company markets its technology distinguished products through
ETHEX Corporation, a subsidiary that competes with branded
products, and Ther-Rx Corporation, the company's branded drug
subsidiary.
K-V Pharmaceutical Company and certain domestic subsidiaries on
Aug. 4, 2012, filed voluntary Chapter 11 petitions (Bankr.
S.D.N.Y. Lead Case No. 12-13346, under K-V Discovery Solutions
Inc.) to restructure their financial obligations.
K-V employed Willkie Farr & Gallagher LLP as bankruptcy counsel,
Williams & Connolly LLP as special litigation counsel, and SNR
Denton as special litigation counsel. In addition, K-V tapped
Jefferies & Co., Inc., as financial advisor and investment banker.
Epiq Bankruptcy Solutions LLC is the claims and notice agent.
The U.S. Trustee appointed five members to serve in the Official
Committee of Unsecured Creditors. Kristopher M. Hansen, Esq.,
Erez E. Gilad, Esq., and Matthew G. Garofalo, Esq., at Stroock &
Stroock & Lavan LLP, represent the Creditors Committee.
Weil, Gotshal & Manges LLP's Robert J. Lemons, Esq., and Lori R.
Fife, Esq., represent an Ad Hoc Senior Noteholders Group.
LEHMAN BROTHERS: Has $24.4 Billion Cash as of March 31
------------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and
controlled entities for the month ended March 31, 2013:
Beginning Total Cash & Investments (03/01/13) $23,432,000,000
Total Sources of Cash 1,002,000,000
Total Uses of Cash (52,000,000)
FX Fluctuation (3,000,000)
---------------
Ending Total Cash & Investments (03/31/13) $24,378,000,000
LBHI reported $11.94 billion in cash and investments as of
March 1, 2013, and $13.424 billion as of March 31, 2013.
The monthly operating report also showed that a total of $19.425
million was paid in March to the U.S. trustee and professionals.
A total of $4.928 million was paid to Lehman's turnaround
manager, Alvarez & Marsal LLC, while $114,000 was paid to its
bankruptcy counsel, Weil Gotshal & Manges LLP.
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
pointed out that with regard to free cash, a subset of the
operating report indicating what Lehman can distribute to
creditors in upcoming months, the figures show $11.4 billion at
the end of March, an increase of about $1.6 billion. The
increase in free cash is due in part to a $630 million decline in
March in reserves for paying claims, Mr. Rochelle said. Reserved
cash ended March at $12.98 billion. Lehman generated about $1
billion of cash during March and paid out $52 million, for a net
cash flow of some $950 million.
A copy of the March 2013 Operating Report is available for free
at http://bankrupt.com/misc/LehmanMORMarch3113.pdf
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States. For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history. Several other affiliates followed
thereafter.
Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion. Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees. Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.
Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history. The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.
LIBERTY MEDICAL: Reports $3.2 Million Net Income Over 45 Days
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Liberty Medical Supply Inc. generated net income of
$3.2 million between the initiation of the Chapter 11
reorganization on Feb. 15 and the end of March.
The operating report filed with the U.S. Bankruptcy Court in
Delaware shows $5.6 million of income from operations, after
paying $2.2 million in professional fees. Revenue during the
first 45 days of Chapter 11 was $66.1 million.
About Liberty Medical
Entities that own diabetics supply provider Liberty Medical led by
ATLS Acquisition, LLC, sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 13-10262) on Feb. 15, 2013, just less than
three months after a management buy-out and amid a notice by the
lender who financed the transaction that it's exercising an option
to acquire the business.
Liberty has been in business for 22 years serving the needs of
both type 1 and type 2 diabetic patients. Liberty is a mail order
provider of diabetes testing supplies. In addition to diabetes
testing supplies, the Debtors also sell insulin pumps and insulin
pump supplies, ostomy, catheter and CPAP supplies and operate a
large mail order pharmacy. Liberty operates in seven different
locations and has 1,684 employees.
The Debtors have tapped Greenberg Traurig, LLP as counsel; Ernst &
Young LLP to provide investment banking advice; and Epiq
Bankruptcy Solutions, LLC, as claims and noticing agent for the
Clerk of the Bankruptcy Court.
LIGHTSQUARED INC: Losses Continue to Pile Up for Firm in Chap. 11
-----------------------------------------------------------------
Joseph Checkler, writing for Dow Jones Newswires' Daily Bankruptcy
Review, reported that LightSquared posted a $48.1 million loss in
April, bringing the company's total losses since its May 2012
bankruptcy filing to $660.8 million.
According to the report, in its monthly operating report filed in
U.S. Bankruptcy Court in Manhattan, LightSquared again attributed
much of the loss to interest payments on its debt.
The company, which earlier this month received a piece of good
news from the Federal Communications Commission about sharing
wireless spectrum to test its mobile network, said it spent $1.1
million for its spectrum reuse fee during April, bringing that
total to $10.4 million during its bankruptcy, the report related.
The amount it spends on its network could increase in the coming
months after the FCC said it would give the company three months
to share a band of wireless spectrum with the National Oceanic and
Atmospheric Administration, which uses the spectrum for its
meteorological work, the report further related. The FCC said in
a filing that LightSquared would bear the costs of the project and
would have to discontinue use of the spectrum if it interferes
with NOAA work.
The interest payments on LightSquared's significant debt totaled
$31 million in April, bringing the total payments to $363.2
million during the bankruptcy, the report noted. Fees paid to
professionals, and other charges related to its restructuring cost
LightSquared $1.2 million for the month for a total of $27.5
million since the bankruptcy filing.
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.
OVERSEAS SHIPHOLDING: Reports $4.5 Million March Operating Loss
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that shipowner Overseas Shipholding Group Inc. reported a
$4.5 million operating loss in March. The operating report filed
with the bankruptcy court in Delaware shows $80.4 million of
revenue in March and a net loss of $7.5 million. Aside from
operating expenses, the largest-single contributor to the net loss
was $5.7 million in reorganization costs.
The March operating report was filed on May 15, 2013. As of March
31, 2013, the Company had total assets of $4.35 billion, total
liabilities of $3 billion, and total stockholders' equity of $1.36
billion.
At the beginning of March, the Company had $543.88 million in
cash. Overseas Shipholding had total cash receipts of $99.92
million and total cash disbursements of $87.19 million. As a
result, at the end of the month, the Company had total cash of
$556.62 million.
A full-text copy of the monthly operating report is available at:
http://is.gd/OJf9gF
OSG's stock rose from about $1 in February to a closing high of
$4.51 on April 11. It has declined since April 18, the day OSG
allowed senior executives to sell stock. OSG closed up about 1
cent May 16 at almost $2.83 in over-the-counter trading.
OSG's $300 million in 8.125 percent senior unsecured notes due in
2018 last traded on May 15 for 79.55 cents on the dollar,
according to Trace, the bond-price reporting system of the
Financial Industry Regulatory Authority. The notes more than
tripled in value since bankruptcy on Nov. 14.
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.
PATRIOT COAL: Posts $20.5MM Operating Loss in March
---------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Patriot Coal filed an operating report showing a
$20.5 million operating loss in March on revenue of
$128.9 million. Operating costs alone ate up all except
$4.6 million of revenue. Depreciation of $15.5 million added to
the operating loss. The net loss of $26.6 million was
attributable in part to $1.3 million in reorganization costs.
After a week's trial, Patriot and the union are awaiting the
judge's ruling on whether the company can modify union contracts
and retiree health benefits. To finance a lower level of health
benefits for retired miners, Patriot is offering 35 percent of the
reorganized company's equity plus royalties on every ton of coal
mined.
About Patriot Coal
St. Louis-based Patriot Coal Corporation (NYSE: PCX) is a producer
and marketer of coal in the eastern United States, with 13 active
mining complexes in Appalachia and the Illinois Basin. The
Company ships to domestic and international electricity
generators, industrial users and metallurgical coal customers, and
controls roughly 1.9 billion tons of proven and probable coal
reserves.
Patriot Coal and nearly 100 affiliates filed voluntary Chapter 11
petitions in U.S. bankruptcy court in Manhattan (Bankr. S.D.N.Y.
Lead Case No. 12-12900) on July 9, 2012. Patriot said it had
$3.57 billion of assets and $3.07 billion of debts, and has
arranged $802 million of financing to continue operations during
the reorganization.
Davis Polk & Wardwell LLP is serving as legal advisor, Blackstone
Advisory Partners LP is serving as financial advisor, and AP
Services, LLC is providing interim management services to Patriot
in connection with the reorganization. Ted Stenger, a Managing
Director at AlixPartners LLP, the parent company of AP Services,
has been named Chief Restructuring Officer of Patriot, reporting
to the Chairman and CEO. GCG, Inc. serves as claims and noticing
agent.
The U.S. Trustee appointed a seven-member creditors committee.
Kramer Levin Naftalis & Frankel LLP serves as its counsel.
Houlihan Lokey Capital, Inc., serves as its financial advisor and
investment banker. Epiq Bankruptcy Solutions, LLC, serves as its
information agent.
On Nov. 27, 2012, the New York bankruptcy judge moved Patriot's
bankruptcy case to St. Louis. The order formally sending the
reorganization to Missouri was signed December 19 by the
bankruptcy judge. The New York Judge in a Jan. 23, 2013 order
denied motions to transfer the venue to the U.S. Bankruptcy Court
for the Southern District of West Virginia.
PATRIOT COAL: Reports $15.4 Million April Operating Loss
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Patriot Coal Corp. argued to the bankruptcy judge
that the company can't survive without wage and benefit
concessions, and the coal producer's April operating report
doesn't indicate to the contrary.
Showing revenue of $127.9 million in April, the report filed with
the U.S. Bankruptcy Court in St. Louis lists an operating loss of
$15.4 million. The month's net loss was $26.6 million.
April reorganization costs were $6.3 million. Interest expense
was $5 million.
The company's April monthly operating report was filed on May 17,
2013. As of Apr. 30, 2013, the Debtor had total assets of $3.69
billion, total liabilities of $4.04 billion and total
stockholders' deficit of $347.29 million.
For the current month, Patriot Coal had total cash receipts of
$136.13 million and total cash disbursements of $32.62 million.
At the end of April, the Debtor had $185.01 million in cash and
cash equivalents.
A full-text copy of the monthly operating report is available at:
http://is.gd/i6shsm
About Patriot Coal
St. Louis-based Patriot Coal Corporation (NYSE: PCX) is a producer
and marketer of coal in the eastern United States, with 13 active
mining complexes in Appalachia and the Illinois Basin. The
Company ships to domestic and international electricity
generators, industrial users and metallurgical coal customers, and
controls roughly 1.9 billion tons of proven and probable coal
reserves.
Patriot Coal and nearly 100 affiliates filed voluntary Chapter 11
petitions in U.S. bankruptcy court in Manhattan (Bankr. S.D.N.Y.
Lead Case No. 12-12900) on July 9, 2012. Patriot said it had
$3.57 billion of assets and $3.07 billion of debts, and has
arranged $802 million of financing to continue operations during
the reorganization.
Davis Polk & Wardwell LLP is serving as legal advisor, Blackstone
Advisory Partners LP is serving as financial advisor, and AP
Services, LLC is providing interim management services to Patriot
in connection with the reorganization. Ted Stenger, a Managing
Director at AlixPartners LLP, the parent company of AP Services,
has been named Chief Restructuring Officer of Patriot, reporting
to the Chairman and CEO. GCG, Inc. serves as claims and noticing
agent.
The U.S. Trustee appointed a seven-member creditors committee.
Kramer Levin Naftalis& Frankel LLP serves as its counsel.
HoulihanLokey Capital, Inc., serves as its financial advisor and
investment banker. Epiq Bankruptcy Solutions, LLC, serves as its
information agent.
On Nov. 27, 2012, the New York bankruptcy judge moved Patriot's
bankruptcy case to St. Louis. The order formally sending the
reorganization to Missouri was signed December 19 by the
bankruptcy judge. The New York Judge in a Jan. 23, 2013 order
denied motions to transfer the venue to the U.S. Bankruptcy Court
for the Southern District of West Virginia.
RESIDENTIAL CAPITAL: Has $52.6-Mil. March Operating Loss
--------------------------------------------------------
Residential Capital, LLC, and its debtor affiliates disclosed that
for the period from March 1 to 31, 2013, they incurred $52,621,612
in operating loss, compared to the $52,631,882 operating loss the
previous month. Total net revenue for the period was $13,206,000,
while reorganization items totaled $32,166,000.
The Debtors said that, as of March 31, 2013, their consolidated
assets totaled $5,908,711,000, consolidated liabilities totaled
$6,300,686,000, and equity totaled $391,975,000.
Receipts for the month ended March 31, 2013, totaled $224,532,000,
while disbursements totaled $177,352,000. Payments made to
insiders during the month totaled $81,807,119. Payments made to
bankruptcy professionals during the month totaled $25,708,880,
while payments made to bankruptcy professionals since the Petition
Date totaled $149,318,109.
A full-text copy of the March 2013 Operating Report is available
for free at http://bankrupt.com/misc/RESCAPmormarch2013.pdf
About Residential Capital
Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.
Neither Ally Financial nor Ally Bank is included in the bankruptcy
filings.
ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.
ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities as of March 31, 2012.
Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap. Morrison & Foerster LLP is acting as legal
adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel. Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.
Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.
ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.
Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).
SUPERMEDIA INC: Turns $5.3 Million Profit in April
--------------------------------------------------------
SuperMedia Inc., et al., on May 20, 2013, filed its monthly
operating report for the month of April.
The Debtor reported a net income of $5.3 million on total net
revenue of $95.76 million for the month ended Apr. 30, 2013.
As of Apr. 30, 2013, the Debtor had total assets of $1.4 billion,
total liabilities of $965.39 million, and total stockholders'
deficit of $439.24 million.
At the beginning of April, SuperMedia had $152.03 million in cash.
The Debtor had total cash receipts of $96.92 million and total
cash disbursements of $95.35 million. As a result, at the
end of the month, SuperMedia had total cash of $153.6 million.
A full-text copy of the monthly operating report is available at:
http://is.gd/o3B0wf
About SuperMedia
Headquartered in D/FW Airport, Texas, SuperMedia Inc., formerly
known as Idearc, Inc., is a yellow pages directory publisher in
the United States. Its portfolio includes the Superpages
directories, Superpages.com, digital local search resource on both
desktop and mobile devices, the Superpages.com network, which is a
digital syndication network, and its Superpages direct mailers.
SuperMedia is the official publisher of Verizon, FairPoint and
Frontier print directories in the markets in which these companies
are the incumbent local telephone exchange carriers. Idearc was
spun off from Verizon Communications, Inc., in 2006.
At Dec. 31, 2012, SuperMedia had approximately 3,200 employees, of
which approximately 950 or 30% were represented by unions.
SuperMedia and three affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 13-10545) on March 18, 2013, to
effectuate a merger of equals with Dex One Corp. SuperMedia
disclosed total assets of $1.4 billion and total debt of $1.9
billion.
Morgan Stanley & Co. LLC is acting as financial advisors to
SuperMedia, and Cleary Gottlieb Steen & Hamilton LLP and Young
Conaway Stargatt & Taylor, LLP are acting as its legal counsel.
Fulbright & Jaworski L.L.P is special counsel. Chilmark Partners
Is acting as financial advisor to SuperMedia's board of directors.
Epiq Systems serves as claims agent.
This is also SuperMedia's second stint in Chapter 11. Idearc and
its affiliates filed for Chapter 11 protection (Bankr. N.D. Tex.
Lead Case No. 09-31828) in March 2009 and emerged from bankruptcy
in December 2009, reducing debt from more than $9 billion to $2.75
billion.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
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A list of Meetings, Conferences and Seminars appears in each
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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.
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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
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