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/raid1/www/Hosts/bankrupt/TCR_Public/130727.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, July 27, 2013, Vol. 17, No. 206 Headlines AMERICANWEST BANCORPORATION: Incurs $83,000 Net Loss in June ATP OIL: Net Loss Widens to $83.48 Million in June BLITZ USA: Records $390,232 Net Loss for April BLITZ USA: Net Loss Drops to $151,008 at June 30 EDISON MISSION: Lists $42.46 Million Net Loss at June 30 FIRST REGIONAL: Incurs $56,000 Net Loss in June IRWIN MORTGAGE: Has $4.68 Million Cash Balance at June 28 K-V PHARMACEUTICAL: K-V Discovery Posts $6.78MM Net Loss LIGHTSQUARED INC: Ends June with $122.52 Million Cash Balance METRO FUEL: Reports $55.45 Million Stockholders Deficit for May NORTHSTAR AEROSPACE: Ends June with $574,000 Cash RAPID-AMERICAN CORP: Ends June with $4 Million Cash REVSTONE INDUSTRIES: Lists $5.10 Million Net Loss at June 1 TOUSA INC: Reports $1.58 Billion Stockholders Deficit for June TPO HESS: Posts $348.4 Million Net Loss at May 31 TRINITY COAL: Ends May with $511,313 Cash YARWAY CORPORATION: Lists $4.79 Million Net Loss for June ********* AMERICANWEST BANCORPORATION: Incurs $83,000 Net Loss in June ------------------------------------------------------------ AmericanWest Bancorporation filed with the U.S. Securities and Exchange Commission its monthly operating report for June 2013. The Debtor incurred a net loss of $83,215 for June. As of June 30, 2013, AmericanWest had $6.65 million in total assets, $47.43 million in total liabilities, and a $40.77 million total deficit. At the beginning of the month, the Debtor had $5.30 million in cash. The Debtor reported $0 of total cash receipts and $76,469 of total cash disbursements. At June 30, 2013, the Debtor had $5.22 million ending cash balance. A copy of the monthly operating report is available for free at: http://is.gd/IAA2UG 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. ATP OIL: Net Loss Widens to $83.48 Million in June -------------------------------------------------- ATP Oil & Gas Corporation, on July 19, 2013, filed its monthly operating report for the month ended June 30, 2013. The Company reported a net loss of $83.48 million on revenues of $18.06 million for June 2013, as compared to a $25.71 million net loss on revenues of $27.68 million for May. Under the Company's reorganization expenses for June, professional fees totaled $3.91 million. As of June 30, 2013, the Company had total assets of $2.79 billion, total liabilities of $3.10 billion, and total stockholders' deficit of $315.10 million. At the beginning of June, ATP Oil had $36.33 million in cash. The Company had total cash receipts of $30.57 million and total cash disbursements of $50.62 million. As a result, at the end of the month, ATP Oil had total cash of $16.28 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. Motley Rice LLC and Fayard & Honeycutt, APC serve as special 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. A 7-member panel of equity security holders has also been appointed in the case. Kyung S. Lee, Esq., and Charles M. Rubio, Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel to the Equity Committee. ATP is seeking court approval to sell substantially all of its Deepwater Assets and Shelf Property Assets. BLITZ USA: Records $390,232 Net Loss for April ---------------------------------------------- Blitz U.S.A., Inc., et al., on July 15, 2013, filed its monthly operating report for the month ended April 30, 2013. The Debtor reported a net loss of $390,232 on net revenues of $3,856 for April. As of April 30, 2013, the Debtor had total assets of $1.2 million, total liabilities of $42.76 million, and total stockholders' deficit of $41.56 million. For the month of April, the Debtor had $284,507 total cash receipts and total disbursements of $400,098. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/BLITZ_USA_aprilmor.pdf 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: Net Loss Drops to $151,008 at June 30 ------------------------------------------------ Blitz U.S.A., Inc., et al., on July 12, 2013, filed its monthly operating report for the month ended June 30, 2013. The Debtor reported a net loss of $151,008 on net revenues of $1,312 for June, as compared to a $632,035 net loss in May. As of June 30, 2013, the Debtor had total assets of $417,008, total liabilities of $42.01 million, and total stockholders' deficit of $41.58 million. For the month of June, the Debtor had $1,312 total cash receipts and total disbursements of $152,318. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/BLITZ_USA_junemor.pdf 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. EDISON MISSION: Lists $42.46 Million Net Loss at June 30 -------------------------------------------------------- Edison Mission Energy, et al., on July 22, 2013, filed its monthly operating report for the month ended June 30, 2013. The Debtor reported a net loss of $42.46 million on operatinsg revenues of $72.8 million for June. As of June 30, 2013, the Debtor had total assets of $11.8 billion, total liabilities of $5.76 billion, and total stockholders' equity of $6.05 billion. For June, the Debtor had total receipts of $93.12 million and total disbursements of $112.14 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/1034_EDISON_MOR.pdf About Edison Mission Santa Ana, California-based Edison Mission Energy is a holding company whose subsidiaries and affiliates are engaged in the business of developing, acquiring, owning or leasing, operating and selling energy and capacity from independent power production facilities. EME also engages in hedging and energy trading activities in power markets through its subsidiary Edison Mission Marketing & Trading, Inc. EME was formed in 1986 and is an indirect subsidiary of Edison International. Edison International also owns Southern California Edison Company, one of the largest electric utilities in the United States. EME and its affiliates sought Chapter 11 protection (Bankr. N.D. Ill. Lead Case No. 12-49219) on Dec. 17, 2012. EME has reached an agreement with the holders of a majority of EME's $3.7 billion of outstanding public indebtedness and its parent company, Edison International EIX, that, pursuant to a plan of reorganization and pending court approval, would transition Edison International's equity interest to EME's creditors, retire existing public debt and enhance EME's access to liquidity. The Company's balance sheet at Sept. 30, 2012, showed $8.17 billion in total assets, $6.68 billion in total liabilities and $1.48 billion in total equity. In its schedules, Edison Mission Energy disclosed total assets of assets of $5,721,559,170 and total liabilities of $6,202,215,094 as of the Petition Date. Kirkland & Ellis LLP is serving as legal counsel to EME, Perella Weinberg Partners, LP is acting as financial advisor and McKinsey Recovery & Transformation Services U.S., LLC is acting as restructuring advisor. GCG, Inc., is the claims and notice agent. An official committee of unsecured creditors has been appointed in the case and is represented by the law firms Akin Gump and Perkins Coie. The Committee also has tapped Blackstone Advisory Partners as investment banker and FTI Consulting as financial advisor. EME said it doesn't plan to emerge from Chapter 11 until December 2014 to receive benefits from a tax-sharing agreement with parent Edison International Inc. FIRST REGIONAL: Incurs $56,000 Net Loss in June ----------------------------------------------- First Regional Bancorp filed with the U.S. Securities and Exchange Commission its monthly operating report for June 2013. The Company reported a net loss of $56,190 on $0 of revenue for the month. As of June 30, 2013, the Company had $951,931 in total assets, $97.61 million in total liabilities and a $96.66 million in total deficit. At the beginning of the month, the Company had $191,122 in cash. The Debtor $0 total cash receipts and $14,190 of total disbursements for the the period. At June 30, 2013, the Company had $176,931 in cash. A copy of the monthly operating report is available at: http://is.gd/HUtqNm 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. IRWIN MORTGAGE: Has $4.68 Million Cash Balance at June 28 --------------------------------------------------------- Irwin Mortgage Corporation, on July 16, 2013, filed its monthly operating report for the period ended June 28, 2013. At the beginning of June, Irwin Mortgage had $4.77 million in cash. The Debtor had total cash receipts of $495 and total cash disbursements of $95,565. As a result, at the end of June, the Debtor had total cash of $4.68 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/IRWIN_MORTGAGE_june_mor.pdf About Irwin Mortgage For a number of years, Irwin Mortgage Corporation, based in Dublin, Ohio, originated, purchased, sold and serviced conventional and government agency backed residential mortgage loans throughout the United States. However, in 2006 and continuing into early 2007, IMC sold substantially all of its assets, including its mortgage origination business, its mortgage servicing business, and its mortgage servicing rights portfolio, to a number of third party purchasers. As a result of those sales, IMC terminated its operations and has been winding down since 2006. Irwin Mortgage filed for Chapter 11 bankruptcy (Bankr. S.D. Ohio Case No. 11-57191) on July 8, 2011. Judge Charles M. Caldwell presides over the case. In its petition, the Debtor estimated assets of $10 million to $50 million, and debts of $50 million to $100 million. The petition was signed by Fred C. Caruso, president. In its schedules, the Debtor disclosed $25,661,329 in assets and $219,353,376 in liabilities. Nick V. Cavalieri, Esq., Matthew T. Schaeffer, Esq., and Robert B. Berner, Esq., at Bailey Cavalieri LLC, serve as the Debtor's counsel. Fred C. Caruso and Development Specialists Inc. provide wind-down management services to the Debtor. K-V PHARMACEUTICAL: K-V Discovery Posts $6.78MM Net Loss -------------------------------------------------------- K-V Discovery Solutions, Inc., et al., on July 15, 2013, filed its monthly operating report for the period ended June 30, 2013. The Debtors' consolidated statement of operations showed a net loss from continuing operations of $6.78 million on $8.58 million of net revenues for the month. As of June 30, 2013, the Debtors had $214.56 million in total assets, $711.04 million in total liabilities, and a $496.47 million total shareholders' deficit. The Debtors had total cash receipts of $13.42 million and total cash disbursements of $12.99 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/K-V_PHARMA_junemor.pdf 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. LIGHTSQUARED INC: Ends June with $122.52 Million Cash Balance ------------------------------------------------------------- LightSquared Inc., et al., filed on July 15, 2013, a monthly operating report for the month ended June 30, 2013. The Company reported a net loss of $48.97 million on net revenue of $2.62 million for June. As of June 30, 2013, the Company had total assets of $3.82 billion, total liabilities of $2.75 billion, and total stockholders' equity of $1.07 billion. At the beginning of the month, LightSquared had $130.31 million in cash. The Company had total cash receipts of $8.04 million and total cash disbursements of $15.83 million. As a result, at the end of June, the Company had total cash of $122.52 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/740_LIGHTSQUAREedmor.pdf 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. METRO FUEL: Reports $55.45 Million Stockholders Deficit for May --------------------------------------------------------------- Metro Fuel Oil Corp., et al., on June 20, 2013, filed its monthly operating report for the month ended May 31, 2013. The Debtor posted a net income of $11,530 for the month ended May 31, 2013. As of May 31, 2013, the Debtor had total assets of $18.24 million, total liabilities of $73.69 million, and total stockholders' deficit of $55.45 million. At the beginning of May, Metro Fuel had a beginning book cash balance of $17.77 million. The Debtor had cash receipts of $460,981 and cash disbursements of $545,576. As a result, at the end of May, Metro Fuel had an ending book cash balance of $17.69 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/METRO_FUEL_maymor.pdf About Metro Fuel Metro Fuel Oil Corp., is a family-owned energy company, founded in 1942, that supplies and delivers bioheat, biodiesel, heating oil, central air conditioning units, ultra low sulfur diesel fuel, natural gas and gasoline throughout the New York City metropolitan area and Long Island. Owned by the Pullo family, Metro has 55 delivery trucks and a 10 million-gallon fuel terminal in Brooklyn. Financial problems resulted in part from cost overruns in building an almost-complete biodiesel plant with capacity of producing 110 million gallons a year. Based in Brooklyn, New York, Metro Fuel Oil Corp., fka Newtown Realty Associates, Inc., and several of its affiliates filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Lead Case No. 12-46913) on Sept. 27, 2012. Judge Elizabeth S. Stong presides over the case. Nicole Greenblatt, Esq., at Kirkland & Ellis LLP, represents the Debtor. The Debtor selected Epiq Bankruptcy Solutions LLC as notice and claims agent. Th Debtor tapped Carl Marks Advisory Group LLC as financial advisor and investment banker, Curtis, Mallet-Prevost, Colt & Mosle LLP as co-counsel, AP Services, LLC as crisis managers for the Debtors, and appoint David Johnston as their chief restructuring officer. The petition showed assets of $65.1 million and debt totaling $79.3 million. Liabilities include $58.8 million in secured debt, with $48.3 million owing to banks and $10.5 million on secured industrial development bonds. Metro Terminals Corp., affiliate of Metro Fuel Oil Corp., disclosed $38,613,483 in assets and $71,374,410 in liabilities as of the Chapter 11 filing. The U.S. Trustee appointed seven-member creditors committee. Kelley Drye & Warren LLP represents the Committee. The Committee tapped FTI Consulting, Inc. as its financial advisor. On Feb. 15, 2015, the Bankruptcy Court entered an order approving the sale of substantially all of the assets of the Debtors to United Refining Energy Corp., and its assignees and designees for the Base Purchase Price of $27,000,000, as adjusted prior to the Closing, and as further adjusted by the payments contemplated by Section 2.7(d) of the APA. NORTHSTAR AEROSPACE: Ends June with $574,000 Cash ------------------------------------------------- Northstar Aerospace (USA) Inc., now known as NSA (USA) Liquidating Corp., et al., on July 19, 2013, filed its monthly operating report for the month ended June 2013. At June 1, the Company had a beginning cash balance of $604,000. For the reporting period, it had total operating receipts of $2,000, total cash disbursements of $18,000, and total restructuring costs of $14,000. As a result, at the end of June, the Company had total cash of $574,000. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/629_NORTHSTAR_MOR.pdf 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. RAPID-AMERICAN CORP: Ends June with $4 Million Cash --------------------------------------------------- Rapid-American Corporation, on July 10, 2013, filed its monthly operating report for the month ended June, 2013. As of start of the month, the Company had $4.39 million cash. It spent $388,624 in expenses. Thus, for the end of June, the Company had total cash of $4 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/99_RAPID_mor.pdf About Rapid-American Corp. Rapid-American Corp. filed for bankruptcy protection in Manhattan (Bankr. S.D.N.Y. Case No. 13-10687) on March 8, 2013, to deal with debt related to asbestos personal-injury claims. New York-based Rapid-American was formerly a holding company with subsidiaries primarily engaged in retail sales and consumer products and was never engaged in an asbestos business of any kind. Through a series of merger transactions going back more than 45 years, Rapid has nevertheless incurred successor liability for personal injury claims arising from plaintiffs' exposure to asbestos-containing products sold by The Philip Carey Manufacturing Company -- Old Carey -- as that entity existed prior to June 1, 1967. Attorneys at Reed Smith LLP serve as counsel to the Debtor. The Debtor disclosed assets in excess of $4,446,261 and unknown liabilities. The Official Committee of Unsecured Creditors retained Caplin & Drysdale, Chartered, as counsel. REVSTONE INDUSTRIES: Lists $5.10 Million Net Loss at June 1 ----------------------------------------------------------- Revstone Industries, LLC, on July 11, 2013, filed its monthly operating report for the period between May 5 and June 1, 2013. The Company reported a net loss of $5.10 million on management fee and shared service revenues of $494,230 for the period ended June 1, 2013. As of June 1, 2013, the Company had total assets of $77.78 million, total liabilities of $108.66 million and total stockholders' deficit of $30.88 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/REVSTONE_INDUSTRIES_mayjunemor.pdf About Revstone Industries, Greenwood Forgings, & US Tool & Engineering Lexington, Kentucky-based Revstone Industries LLC, a maker of truck parts, filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No. 12-13262) on Dec. 3, 2012. Judge Brendan Linehan Shannon oversees the case. In its petition, Revstone estimated under $50 million in assets and debts. Affiliate Spara LLC filed its Chapter 11 petition (Bankr. D. Del. Case No. 12-13263) on Dec. 3, 2012. Lexington-based Greenwood Forgings, LLC (Bankr. D. Del. Case No. 13-10027) and US Tool & Engineering LLC (Bankr. D. Del. Case No. 13-10028) filed separate Chapter 11 petitions on Jan. 7, 2013. Judge Shannon also oversees the cases. A motion for joint administration of the cases has been filed. Duane David Werb, Esq., at Werb & Sullivan, serves as bankruptcy counsel to Greenwood and US Tool. Greenwood estimated $1 million to $10 million in assets and $10 million to $50 million in debts. US Tool & Engineering estimated under $1 million in assets and $1 million to $10 million in debts. The petitions were signed by George S. Homeister, chairman. TOUSA INC: Reports $1.58 Billion Stockholders Deficit for June -------------------------------------------------------------- Tousa Inc., on July 18, 2013, filed its monthly operating report for the month ended June 30, 2013. The Company posted net loss of $1.65 million for the month ended June 30, 2013. As of June 30, 2013, the Company had total assets of $335.91 million, total liabilities of $1.92 billion, and total stockholders' deficit of $1.58 billion. At the beginning of June, the Company had $306.56 million in cash. Tousa had total cash receipts of $431,409 and total cash disbursements of $2.1 million. As a result, at the end of June, the Company had total cash of $304.88 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/9365_TOUSA_MOR.pdf About TOUSA Inc. Headquartered in Hollywood, Florida, TOUSA, Inc. (Pink Sheets: TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder in the United States, operating in various metropolitan markets in 10 states located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. The Debtor and its debtor-affiliates filed for separate Chapter 11 protection on Jan. 29, 2008 (Bankr. S.D. Fla. Case No. 08-10928). Richard M. Cieri, Esq., M. Natasha Labovitz, Esq., and Joshua A. Sussberg, Esq., at Kirkland & Ellis LLP, in New York, N.Y.; and Paul S. Singerman, Esq., at Berger Singerman, in Miami, Fla., represent the Debtors in their restructuring efforts. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' independent auditor and tax services provider. Kurtzman Carson Consultants LLC acts as the Debtors' Notice, Claims & Balloting Agent. TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba Eagle Homes, filed for Chapter 11 Protection on July 30, 2008 (Bankr. S.D. Fla. Case No. 08-20746). It estimated assets and debts of $1 million to $10 million in its Chapter 11 petition. Daniel H. Golden, Esq., and Philip C. Dublin, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, N.Y., represent the creditors committee. The unsecured creditors committee initially proposed a chapter 11 liquidating plan for Tousa. However, the committee decided not to pursue approval of its liquidation plan because of a pending appeal of its fraudulent transfer action in the U.S. Court of Appeals for the Eleventh Circuit. In May 2012, the Court of Appeals in Atlanta held that Tousa's bank lenders received fraudulent transfers exceeding $400 million. After mediation before Peter L. Borowitz, Tousa and the unsecured creditors committee, MatlinPatterson Global Advisers and Monarch Alternative Capital, as investment adviser to Monarch Master Funding, collectively reached an agreement in principle on a settlement proposal. The proposal would form the foundation for a joint bankruptcy-exit plan for the Debtors. In May 2013, Tousa and the unsecured creditors committee filed a proposed liquidating Chapter 11 plan. On July 12, 2013, Tousa won court approval of a $67 million settlement with several insurance companies allowing the Debtors to proceed with an Aug. 1 hearing to confirm the plan. The dispute with the insurance companies involved the pre-bankruptcy fraudulent transfers. The insurance companies included Federal Insurance Co., XL Specialty Insurance Co. and Zurich American Insurance Co. According to Bloomberg News, in settlement, the insurance companies will pay $67 million, with $47.9 million going to creditors of the Tousa companies that were forced to take on debt improperly. The first-lien lenders receive $7.66 million, while second-lien lenders take home $11.5 million. Some of the insurance companies also pay $8.27 million of the directors' and officers' defense costs. Bloomberg relates Tousa's Chapter 11 plan has recoveries ranging from 58 percent for senior noteholders to 5 percent for creditors with general unsecured claims. The plan was the result of the decision from the appeals court in May 2012 finding banks received fraudulent transfers exceeding $400 million. The opinion reinstated a ruling by U.S. Bankruptcy Judge John K. Olson which had been set aside on the first appeal in federal district court. TPO HESS: Posts $348.4 Million Net Loss at May 31 ------------------------------------------------- TPO Hess Holdings Inc., et al., on July 1, 2013, filed its monthly operating report for the period from May 22, 2013 to May 31, 2013. The Debtor reported a net loss of $348.4 million for the period ended May 31, 2013. As of May 22, 2013, the Debtor had total assets of $35.38 million, total liabilities of $110.68 million, and total stockholders' deficit of $75.3 million. At May 22, the Debtor had $706,155 in cash. TPO Hess had total cash receipts of $3.53 million and total cash disbursements of $3.57 million. As a result, at the end of May, the Debtor had total cash of $623,266. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/148_TPOmor.pdf About TPO Hess Commercial and educational printer TPO Hess Holdings Inc., D.B. Hess Co., The Press of Ohio and other affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 13-11327) on May 22, 2013, to seek approval of a liquidation plan that contemplates the sale of the business to Bang Printing of Ohio Inc., absent higher and better offers. D.B. Hess was founded 1797 in Woodstock, Illinois. D.B. Hess and its affiliates are now leading provider of print, related services, and technology. Hess ranks among the top 50 U.S. printers and has become one of the industry's most respected low- to-medium volume producers of commercial and educational materials. Hess Holdings, the ultimate parent, was formed after Wellspring Capital Management LLC and certain co-investors acquired D.B. Hess and The Press of Ohio in 2006. General Electric Capital Corp., already owed $13.4 million on a prepetition revolving credit, is financing the Chapter 11 effort. TRINITY COAL: Ends May with $511,313 Cash ----------------------------------------- Trinity Coal Corporation, on June 28, 2013, filed its monthly operating report for the month ended May 31, 2013. The Company posted a net loss of $3.83 million on net revenue of $3.96 million for the month ended May 31, 2013. As of May 31, 2013, the Company had total assets of $570.36 million, total liabilities of $432.66 million and total stockholders' equity of $137.7 million. The Company had a $1.91 million beginning cash balance and a $511,313 ending cash balance. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/TRINITY_COAL_maymor.pdf About Trinity Coal Trinity Coal Corp. is a coal mining company that owns coal deposits located in the Appalachian region of the eastern United States, specifically, in Breathitt, Floyd, Knott Magoffin, and Perry Counties in eastern Kentucky and in Boone, Fayette, Mingo, McDowell and Wyoming Counties in West Virginia. Trinity's coal mining operations are organized into six distinct coal mining complexes. Three complexes are located in Kentucky and are referred to as Prater Branch Resources, Little Elk Mining and Levisa Fork. The Kentucky Operations produced compliance and low sulfur steam coal. Three complexes are located in West Virginia and are referred to as Deep Water Resources, North Springs Resources and Falcon Resources. Trinity is a wholly owned subsidiary of privately held multinational conglomerate Essar Global Limited. Credit Agricole Corporate & Investment Bank, ING Capital LLC and Natixis, New York Branch filed an involuntary petition for relief under Chapter 11 against Trinity Coal Corporation and 15 affiliates (Bankr. E.D. Ky. Lead Case No. 13-50364). The three entities say they are owed a total of $104 million on account loans provided to Trinity. On Feb. 14, 2013, Austin Powder Company, Whayne Supply Company and Cecil I. Walker Machinery Co. filed an involuntary petition for relief under Chapter 11 (Bankr. E.D. Ky. Case No. 13-50335) against Frasure Creek Mining, LLC. On Feb. 19, 2013, Credit Agricole, ING Capital and Natixis joined as petitioning creditors. On March 4, 2013, the Debtors filed their consolidated answer to involuntary petitions and consent to an order for relief and reservation of rights, thereby consenting to the entry of an order for relief in each of their respective Chapter 11 cases. An order for relief in each of the Debtors was entered by the Court on March 4, 2013, which converted the involuntary cases to voluntary Chapter 11 cases. Sturgill, Turner, Barker & Moloney, PLLC serves as the Committee's local counsel. YARWAY CORPORATION: Lists $4.79 Million Net Loss for June --------------------------------------------------------- Yarway Corporation, on July 19, 2013, filed its monthly operating report for the month ended June 2013. The Debtor reported a net loss of $4.79 million in June. As of June 2013, the Debtor had total assets of $106.56 million, total liabilities of $259.58 million, and total stockholders' deficit of $153.02 million. At the beginning of the period, the Debtor had $14.26 million in cash. Yarway had zero cash receipts and zero cash disbursements. As a result, at the end of June, the Debtor still had $14.26 million cash. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/144_YARWAY_MOR.pdf About Yarway Corporation Yarway Corporation sought Chapter 11 protection (Bankr. D. Del. Case No. 13-11025) on April 22, 2013, to deal with claims arising from asbestos containing products it allegedly sold as early as the 1920s. Yarway was founded in 1908 by Robert Yarnall and Bernard Waring as the Simplex Engineering Company and originally manufactured pipe clamps, steam traps, valves and controls. Based in Pennsylvania, Yarway was a privately-owned company until 1986 when KeyStone International, Inc. bought equity in the company. Yarway became a unit of Tyco International Ltd. when Tyco purchased KeyStone in 1997. Yarway's asbestos-related liabilities derive from Yarway's (i) purported use of asbestos-containing gaskets and packing, manufactured by others, in its production of steam valves and traps from the 1920s to 1970s, and (ii) alleged manufacture of expansion joint packing that was allegedly made up of a compound of Teflon and asbestos from the 1940s to the 1970s. Over the past five years, about 10,021 new asbestos claims have been asserted against Yarway, including 1,014 in Yarway's 2013 fiscal year ending March 31, 2013. The Debtor estimated assets and debts in excess of $100 million as of the Chapter 11 filing. Attorneys at Cole, Schotz, Meisel, Forman & Leonard, P.A. and Sidley Austin LLP serve as the Debtor's counsel in the Chapter 11 case. Logan and Co. is the claims and notice agent. On May 6, 2013, the U.S. Trustee for Region 3, appointed an official committee of asbestos personal injury claimants. The Committee tapped Elihu Inselbuch, Esq. at Caplin & Drysdale, Chartered, as lead bankruptcy counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers" public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors" Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. *** End of Transmission ***