/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/130817.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, August 17, 2013, Vol. 17, No. 227 Headlines 710 LONG RIDGE: Ends June with $903,501 Cash AFA INVESTMENT: Lists $135.32MM Stockholders' Deficit at June 30 ATLS ACQUISITION: Ends May with $40.6 Million Cash ATLS ACQUISITION: Ends June with $44.22 Million BETSEY JOHNSON: Posts $18,278 Net Loss for June CARL'S PATIO: Lists $6.26 Million Stockholders' Equity at May 31 CARL'S PATIO: Posts $6.25 Million Stockholders' Equity at June 30 EXIDE TECHNOLOGIES: Ends June with $24.68 Million Cash FIBERTOWER NETWORK: Posts $597,498 Net Loss for June FLAT OUT: Records $12.39 Million Net Loss at May 29 FLAT OUT: Net Loss Down to $163,029 at July 3 HIGHWAY TECHNOLOGIES: Files 11-Week Cash Flow Forecast HIGHWAY TECHNOLOGIES: Ends May with $697,348 Cash HIGHWAY TECHNOLOGIES: Has $789,678 Cash for June HOSTESS BRANDS: Posts $5.68 Million Net Loss at June 29 JOURNAL REGISTER: Lists $43,000 Net Loss for June LEHMAN BROTHERS: Cash & Investments at $23.7BB at June 30 NEOGENIX ONCOLOGY: Lists $57,391 Net Loss For May NEOGENIX ONCOLOGY: Net Loss Increases to $340,400 for June PATRIOT COAL: Has $40.1 Million Net Loss in June ROTECH HEALTHCARE: Net Loss Increases to $9.74 Million in June SAND SPRING: Records $36,566 Net Loss for June SPECIALTY PRODUCTS: Lists $711,300 Net Profit for June SYNAGRO TECHNOLOGIES: Posts $4.52 Million Net Loss for June TPO HESS: Posts $76.46 Million Stockholders' Deficit for June ********* 710 LONG RIDGE: Ends June with $903,501 Cash -------------------------------------------- 710 Long Ridge Road Operating Co. II LLC, on July 23, 2013, filed its monthly operating report for the month of June 2013. The Debtor posted a net profit of $34,639 on net revenue of $1.01 million for the end of June, compared to a net loss of $63,118 for May. For June, the Debtor had total assets of $3 million, total liabilities of $19.35 million, and total stockholders' deficit of $16.35 million. At the beginning of June, 710 Long Ridge had $1.3 million in cash. The Debtor had total cash receipts of $2.27 million and total cash disbursements of $2.39 million. As a result, at the end of June, the Debtor had total cash of $903,501. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/710_LONG_junemor.pdf About 710 Long Ridge 710 Long Ridge Road Operating Company II, LLC and four affiliates own sub-acute and long-term nursing care facilities for the elderly in Connecticut. The facilities, which are managed by HealthBridge Management LLC, are Long Ridge of Stamford, Newington Health Care Center, Westport Health Care Center, West River Health Care Center, and Danbury Health Care Center. 710 Long Ridge and its affiliates sought Chapter 11 protection (Bankr. D.N.J. Case Nos. 13-13653 to 13-13657) on Feb. 24, 2013 to modify their collective bargaining agreements with the New England Health Care Employees Union, District 1199, SEIU. The Debtors owe $18.9 million to M&T Bank and $7.99 million on loans from the U.S. Department of Housing and Urban Development Federal Housing Administration. Michael D. Sirota, Esq., at Cole, Schotz, Meisel, Forman & Leonard, serve as counsel to the Debtors. Logan & Company, Inc. is the claims and notice agent. Alvarez & Marsal Healthcare Industry Group, LLC, is the financial advisor. Porzio, Bromberg & Newman, P.C., represents the Official Committee of Unsecured Creditors. The Committee tapped to retain EisnerAmper LLP as accountant. AFA INVESTMENT: Lists $135.32MM Stockholders' Deficit at June 30 ---------------------------------------------------------------- AFA Investment Inc., et. al., on Aug. 5, 2013, filed its monthly operating report for the period from May 27, 2013 to June 30, 2013. The Debtor reported a net loss of $1.19 million for the period ended June 30, 2013. As of June 30, 2013, the Debtor had total assets of $18.53 million, total liabilities of $153.85 million, and total stockholders' deficit of $135.32 million. At the end of May, the Debtor had $14.48 million in cash. AFA Investment had total cash receipts of $259,810 and total cash disbursements of $204,244. As a result, at the end of June, the Debtor had total cash of $14.54 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/AFA_INVESTMENT_mayjunemor.pdf About AFA Foods King of Prussia, Pennsylvania-based AFA Foods Inc. was one of the largest processors of ground beef products in the United States. AFA had seven facilities capable of producing 800 million pound of ground beef annually. Revenue in 2011 was $958 million. Yucaipa Cos. acquired the business in 2008 and currently owns 92% of the common stock and all of the preferred stock. AFA Foods, AFA Investment Inc. and other affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-11127) on April 2, 2012, after recent changes in the market for its ground beef products and the impact of negative media coverage related to boneless lean beef trimmings (BLBT) affected sales. Judge Mary Walrath presides over the case. Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware; Tobias S. Keller, Esq., at Jones Day, in San Francisco; and Jeffrey B. Ellman, Esq., and Brett J. Berlin, Esq., at Jones Day, in Atlanta, Georgia, represent the Debtors. FTI Consulting Inc. serves as the Debtors' financial advisors and Imperial Capital LLC serves as marketing consultants. Kurtzman Carson Consultants LLC serves as noticing and claims agent. As of Feb. 29, 2012, the Debtors' books and records on a consolidated basis, reflected approximately $219 million in assets and $197 million in liabilities. AFA Foods, Inc., disclosed $615,859,574 in assets and $544,499,689 in liabilities as of the Petition Date. Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed seven members to the official committee of unsecured creditors in the Debtors' cases. The Committee has obtained approval to hire McDonald Hopkins LLC as lead counsel and Potter Anderson & Corroon LLP serves as co-counsel. The Committee also obtained approval to retain J.H. Cohn LLP as its financial advisor. AFA, in its Chapter 11 case, sold plants and paid off the first- lien lenders and the loan financing the Chapter 11 effort. Remaining assets are $14 million cash and the right to file lawsuits. General Electric Capital Corp. and Bank of America Corp. provided about $60 million in DIP financing. The loan was paid off in July 2012. In October 2012, the Bankruptcy Court denied a settlement that would have released Yucaipa Cos., the owner and junior lender to AFA Foods, from claims and lawsuits the creditors might otherwise bring, in exchange for cash to pay unsecured creditors' claims under a liquidating Chapter 11 plan. Under the deal, Yucaipa would receive $11.2 million from the $14 million, with the remainder earmarked for unsecured creditors. Asset recoveries above $14 million would be split with Yucaipa receiving 90% and creditors 10%. Proceeds from lawsuits would be divided roughly 50-50. ATLS ACQUISITION: Ends May with $40.6 Million Cash -------------------------------------------------- ATLS Acquisition, LLC, on July 9, 2013, filed its monthly operating report for the month ended May 31, 2013. At the beginning of May, the Debtor had $27.44 million in cash. For the reporting period, ATLS Acquisition had total cash receipts of $39.15 million and total cash disbursements of $25.98 million. As a result, at the end of May, the Debtor had total cash of $40.6 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/ATLS_ACQUISITION_maymor.pdf 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. An official committee of unsecured creditors has been appointed in the case and consists of LifeScan, Inc., Abbott Laboratories, and Teva Pharmaceuticals USA, Inc. They are represented by Joseph H. Huston Jr., Esq., Maria Aprile Sawczuk, Esq., and Camille C. Bent, Esq. of Stevens & Lee P.C. as well as Bruce Buechler, Esq., S. Jason Teele, Esq., and Nicole Stefanelli, Esq. of Lowenstein Sandler LLP. The Committee has tapped Mesirow Financial Consulting, LLC, as financial advisors. ATLS ACQUISITION: Ends June with $44.22 Million ----------------------------------------------- ATLS Acquisition, LLC, on Aug. 2, 2013, filed its monthly operating report for the month ended June 30, 2013. At the beginning of June, the Debtor had $40.6 million in cash. For the reporting period, ATLS Acquisition had total cash receipts of $27.11 million and total cash disbursements of $23.49 million. As a result, at the end of June, the Debtor had total cash of $44.22 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/ATLS_ACQUISITION_junemor.pdf 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. An official committee of unsecured creditors has been appointed in the case and consists of LifeScan, Inc., Abbott Laboratories, and Teva Pharmaceuticals USA, Inc. They are represented by Joseph H. Huston Jr., Esq., Maria Aprile Sawczuk, Esq., and Camille C. Bent, Esq. of Stevens & Lee P.C. as well as Bruce Buechler, Esq., S. Jason Teele, Esq., and Nicole Stefanelli, Esq. of Lowenstein Sandler LLP. The Committee has tapped Mesirow Financial Consulting, LLC, as financial advisors. BETSEY JOHNSON: Posts $18,278 Net Loss for June ----------------------------------------------- Betsey Johnson LLC, on July 29, 2013, filed its monthly operating report for the month of June. The Debtor reported a net loss of $18,278 for June. As of June 30, 2013, the Debtor had total assets of $1.19 million, total liabilities of $9.51 million, and total stockholders' deficit of $8.31 million. The Debtor had a book balance of $1.05 million at the start of June. For the month, total inflow was $53,283 while total outflow was $97,512. Betsey Johnson had total ending cash balance of $1 million at the end of the period. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/BETSEY_JOHNSON_junemor.pdf About Betsey Johnson New York-based women's fashion retailer Betsey Johnson LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 12-11732) on April 26, 2012, to effectuate a sale of its assets. Formed as B.J. Vines by its namesake, iconic fashion designer Betsey Johnson in 1978, the Debtor sells clothing, footwear, handbags and a signature fragrance through 63 Betsey Johnson retail stores and outlets in the U.S. The Company, which has 400 employees, also sells its products in department and specialty stores worldwide, including Macy's and Lord & Taylor, and online at http://www.betseyjohnson.com/ Non-debtor subsidiaries operate five stores in Canada and one store in England. In 2010, Steven Madden Ltd. a footwear designer and marketer, swapped US$27.4 million of secured debt for ownership of Betsey Johnson's trademarks and intellectual property. The deal satisfied all outstanding debt under a US$50 million term loan used to finance the business' acquisition by Castanea Partners. At the same time, Castanea, the company's majority owner, made a new capital investment of US$3 million as part of the deal with Madden. Betsey Johnson estimated assets and debts of US$10 million to US$50 million as of the Chapter 11 filing. Judge James Peck oversees the case. The Debtor tapped the law firm of Goulston & Storrs, as counsel; Togut, Segal & Segal, LLP, as co-counsel; and Donlin Recano & Company as claims and notice agent. The petition was signed by Jonathan Friedman, chief financial officer. Hahn & Hessen LLP serves as the Official Committee of Unsecured Creditors' counsel. In May 2012, Betsey Johnson received court approval to begin liquidation after the Debtor failed to attract going concern bidders. Liquidators Gordon Brothers Group Inc. and Hilco Merchant Resources LLC offered the top bid for the right to run the chain's going-out-of-business sales. The bid will bring the Debtor about $5.2 million immediately, and more money could trickle in to pay off its debts if the liquidation effort brings in more money than expected. Hilco is represented by Chris L. Dickerson, Esq., at DLA Piper LLP (US). Counsel for Steven Madden, Ltd., is Neil Herman, Esq., at Morgan, Lewis & Bockius LLP. Counsel for First Niagara Commercial Finance, Inc., the DIP Lender, is James C. Fox, Esq., at Ruberto, Israel & Weiner. CARL'S PATIO: Lists $6.26 Million Stockholders' Equity at May 31 ---------------------------------------------------------------- Carl's Patio Inc., now known as CP Liquidating, Inc., on June 24, 2013, filed its monthly operating report for the period ended May 31, 2013. The Company posted zero net profit/loss for the period May 1, 2013 to May 31, 2013. As of May 31, 2013, the Company had total assets of $12.7 million, total liabilities of $6.44 million, and total stockholders' equity of $6.26 million. As of May 31, 2013, the Company posted zero operating cash flow, zero receipts and disbursements. A full-text copy of the May monthly operating report is available at http://bankrupt.com/misc/CARLS_PATIO_maymor.pdf About Carl's Patio Founded in 1993, Carl's Patio claims to be a leading retailer of upscale outdoor furniture and accessories. The company operates 10 retail locations and a warehouse in South Florida. The company had 68 employees. The company leases all its locations and does not own any real property. Carl's Patio, Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. 13-10102) on Jan. 21, 2013, and immediately conveyed plans to sell the business to Weinberg Capital, absent higher and better offers. Bayard, P.A., represents the Debtor in its restructuring efforts. BGA Management, LLC, doing business as Alliance Management, serves as financial advisor, and Epiq Bankruptcy Solutions LLC serves as claims and noticing agent. Carl's Patio disclosed $6,228,725 in assets and $13,054,583 in liabilities as of the Chapter 11 filing. The Debtor owes $2.19 million on a secured revolver, and $3.01 million on a term loan from Fifth Third. The Debtor also has $600,000 of subordinated debt. CARL'S PATIO: Posts $6.25 Million Stockholders' Equity at June 30 ----------------------------------------------------------------- Carl's Patio Inc., now known as CP Liquidating, Inc., on July 26, 2013, filed its monthly operating report for the period ended June 30, 2013. The Company posted zero net profit/loss for the period June 1 to 30, 2013. As of June 30, 2013, the Company had total assets of $12.7 million, total liabilities of $6.44 million and total stockholders' equity of $6.25 million. As of June 30, 2013, the Company posted zero operating cash flow, zero receipts and disbursements. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/CARLS_PATIO_junemor.pdf About Carl's Patio Founded in 1993, Carl's Patio claims to be a leading retailer of upscale outdoor furniture and accessories. The company operates 10 retail locations and a warehouse in South Florida. The company had 68 employees. The company leases all its locations and does not own any real property. Carl's Patio, Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. 13-10102) on Jan. 21, 2013, and immediately conveyed plans to sell the business to Weinberg Capital, absent higher and better offers. Bayard, P.A., represents the Debtor in its restructuring efforts. BGA Management, LLC, doing business as Alliance Management, serves as financial advisor, and Epiq Bankruptcy Solutions LLC serves as claims and noticing agent. Carl's Patio disclosed $6,228,725 in assets and $13,054,583 in liabilities as of the Chapter 11 filing. The Debtor owes $2.19 million on a secured revolver, and $3.01 million on a term loan from Fifth Third. The Debtor also has $600,000 of subordinated debt. EXIDE TECHNOLOGIES: Ends June with $24.68 Million Cash ------------------------------------------------------ Exide Technologies on July 31, 2013, filed a monthly operating report for the period from June 10, 2013 to June 30, 2013. The Debtor's consolidated statement of operations showed a net loss from continuing operations of $18.15 million for the reporting period. As of June 30, 2013, the Debtor had $1.9 billion in total assets, $1.28 billion in total liabilities, and a $685.2 million total shareholders' equity. At June 10, 2013, the Debtor had a beginning book balance of $9.51 million. Exide had total receipts of $224.39 million and total cash disbursements of $209.21 million for the month. As a result, the Debtor had $24.68 million cash at the end of the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/EXIDE_TECHNOLOGIES_junemor.pdf About Exide Technologies Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electrical energy storage products. Exide first sought Chapter 11 protection (Bankr. Del. Case No. 02-11125) on April 14, 2002 and exited bankruptcy two years after. Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP represented the Debtors in their successful restructuring. Exide Technologies returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 13-11482) on June 10, 2013. For the new case, Exide has tapped Anthony W. Clark, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang Ziehl & Jones LLP as counsel; Alvarez & Marsal as financial advisor; Sitrick And Company Inc. as public relations consultant and GCG as claims agent. The Debtor disclosed $1.89 billion in assets and $1.14 billion in liabilities as of March 31, 2013. Exide's international operations were not included in the filing and will continue their business operations without supervision from the U.S. courts. Robert A. DeAngelis, the U.S. Trustee for Region 3, appointed seven creditors to serve in the Official Committee of Unsecured Creditors in the Debtor's case. FIBERTOWER NETWORK: Posts $597,498 Net Loss for June ---------------------------------------------------- Fibertower Network Services, on July 25, 2013, filed its monthly operating report for June 2013. The Company reported a net loss of $597,498 on zero net revenue for the period ended June 30, 2013. As of June 30, 2013, the Company had total assets of $37.52 million, total liabilities of $333.38 million, and total stockholders' deficit of $295.87 million. At the beginning of June, the Debtor had $15.48 million in cash. Fibertower Network had total cash receipts of $65,127 and total cash disbursements of $817,580. As a result, at the end of June, the Debtor had total cash of $14.73 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/FIBERTOWER_NETWORK_junemor.pdf About FiberTower Corporation FiberTower Corporation, FiberTower Network Services Corp., FiberTower Licensing Corp., and FiberTower Spectrum Holdings LLC filed for Chapter 11 protection (Bankr. N.D. Tex. Case Nos. 12-44027 to 12-44031) on July 17, 2012, together with a plan support agreement struck with prepetition secured noteholders. FiberTower is an alternative provider of facilities-based backhaul services, principally to wireless carriers, and a national provider of millimeter-band spectrum services. Backhaul is the transport of voice, video and data traffic from a wireless carrier's mobile base station, or cell site, to its mobile switching center or other exchange point. FiberTower provides spectrum leasing services directly to other carriers and enterprise clients, and also offer their spectrum services through spectrum brokerage arrangements and through fixed wireless equipment partners. FiberTower's significant asset is the ownership of a national spectrum portfolio of 24 GHz and 39 GHz wide-area spectrum licenses, including over 740 MHz in the top 20 U.S. metropolitan areas and, in the aggregate, roughly 1.72 billion channel pops (calculated as the number of channels in a given area multiplied by the population, as measured in the 2010 census, covered by these channels). FiberTower believes the Spectrum Portfolio represents one of the largest and most comprehensive collections of millimeter wave spectrum in the U.S., covering areas with a total population of over 300 million. As of the Petition Date, FiberTower provides service to roughly 5,390 customer locations at 3,188 deployed sites in 13 markets throughout the U.S. The fixed wireless portion of these hybrid services is predominantly through common carrier spectrum in the 11, 18 and 23 GHz bands. FiberTower's biggest service markets are Dallas/Fort Worth and Washington, D.C./Baltimore, with additional markets in Atlanta, Boston, Chicago, Cleveland, Denver, Detroit, Houston, New York/New Jersey, Pittsburgh, San Antonio/Austin/Waco and Tampa. As of June 30, 2012, FiberTower's books and records reflected total combined assets, at book value, of roughly $188 million and total combined liabilities of roughly $211 million. As of the Petition Date, FiberTower had unrestricted cash of roughly $23 million. For the six months ending June 30, 2012, FiberTower had total revenue of roughly $33 million. With the help of FTI Consulting Inc., FiberTower's preliminary valuation work shows that the Company's enterprise value is materially less than $132 million -- i.e., the approximate principal amount of the 9.00% Senior Secured Notes due 2016 outstanding as of the Petition Date. The preliminary valuation work is based upon the assumption that FiberTower's spectrum licenses will not be terminated. Fibertower Spectrum disclosed $106,630,000 in assets and $175,501,975 in liabilities as of the Chapter 11 filing. Judge D. Michael Lynn oversees the Chapter 11 case. Lawyers at Andrews Kurth LLP serve as the Debtors' lead counsel. Lawyers at Hogan Lovells and Willkie Farr and Gallagher LLP serve as special FCC counsel. FTI Consulting serve as financial advisor. BMC Group Inc. serve as claims and noticing agent. The petitions were signed by Kurt J. Van Wagenen, president. Wells Fargo Bank, National Association -- as indenture trustee and collateral agent to the holders of 9.00% Senior Secured Notes due 2016 owed roughly $132 million as of the Petition Date -- is represented by Eric A. Schaffer, Esq., at Reed Smith LLP. An Ad Hoc Committee of Holders of the 9% Secured Notes Due 2016 is represented by Kris M. Hansen, Esq., and Sayan Bhattacharyya, Esq., at Stroock & Stroock & Lavan LLP. Wells Fargo and the Ad Hoc Committee also have hired Stephen M. Pezanosky, Esq., and Mark Elmore, Esq., at Haynes and Boone, LLP, as local counsel. U.S. Bank, National Association -- in its capacity as successor indenture trustee and collateral agent to holders of the 9.00% Convertible Senior Secured Notes due 2012, owed $37 million as of the Petition Date -- is represented by Michael B. Fisco, Esq., at Faegre Baker Daniels LLP, as counsel and J. Mark Chevallier, Esq., at McGuire Craddock & Strother PC as local counsel. William T. Neary, the U.S. Trustee for Region 6 appointed five members to the Official Committee of Unsecured Creditors in the Debtors' cases. The Committee is represented by Otterbourg, Steindler, Houston & Rosen, P.C., and Cole, Schotz, Meisel, Forman & Leonard, P.A. Goldin Associates, LLC serves as its financial advisors. In May 2013, FiberTower sought and obtained Court authority to sell their telecommunications equipment and employ American Communications, LLC, as telecommunications equipment reseller. According to the Debtors, the telecommunications equipment, which was a part of their backhaul business, is no longer necessary in the conduct of their business. They, however, believe that the equipment may have resale value that would benefit their estates. In February 2013, FiberTower filed with the Court a motion to sell assets that are primarily utilized by the Debtors to provide wireless backhaul services in the State of Ohio to Cellco Partnership (dba Verizon Wireless) free and clear for $1.5 million. Verizon Wireless will also pay the pre-closing, monthly operating costs incurred by the Debtors in connection with operating the business in an amount not to exceed $258,000 per month and a monthly fee of $20,000 for certain transition services relating to the assets following the closing. FLAT OUT: Records $12.39 Million Net Loss at May 29 --------------------------------------------------- Flat Out Crazy, LLC, on June 28, 2013, filed its monthly operating report for the period from May 2, 2013, to May 29, 2013. The Company posted net loss of $12.39 million for the month ended May 29, 2013. As of May 29, 2013, the Company had total assets of $1.37 million, total liabilities of $667,000 and total stockholders' equity of $706,000. As of May 2, 2013, the Company had $1.17 million in cash. For the reporting period, Flat Out had total cash receipts of $703,340 and total cash disbursements of $1.55 million. As a result, as of May 29, the Company had total cash of $325,000. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/FLAT_OUT_maymor.pdf About Flat Out Crazy Flat Out Crazy LLC and its affiliates operate two Asian-inspired restaurant chains that began in Chicago. Flat Top Grill, which currently has 15 locations, is a full-service fast-casual create- your-own stir-fry concept. Stir Crazy Fresh Asian Grill, which has 11 locations, is a full-service casual Asian restaurant offering the flavors of Chinese, Japanese, Thai and Vietnamese food. The Debtors have 1,200 employees. Flat Out Crazy and 13 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 13-22094) in White Plains, New York on Jan. 25, 2013. The Debtors have tapped Squire Sanders (US) LLP as counsel; Kurtzman Carson Consultants, LLC, as claims, noticing and administrative agent; William H. Henrich and Mark Samson from Getzler Henrich as their co-chief restructuring officers; and J.H. Chapman Group, L.L.C, as their investment bankers. The Debtor disclosed $24,339,542 in assets and $15,899,166 in liabilities as of the Chapter 11 filing. An official committee of unsecured creditors has been appointed in the Debtors' cases. The Committee tapped to retain Kelley Drye & Warren LLP as its counsel and CBIZ Accounting, Tax and Advisory of New York, LLC as financial advisor. Tracy Hope Davis, the U.S. Trustee for Region 2, appointed Alan Chapell, as the consumer privacy ombudsman in the Debtors' cases. FLAT OUT: Net Loss Down to $163,029 at July 3 --------------------------------------------- Flat Out Crazy, LLC, on July 25, 2013, filed its monthly operating report for the period from May 29, 2013, to July 3, 2013. The Company posted net loss of $163,029 for the month ended July 3, 2013, as compared with $12.39 million net loss recorded for the month ended May 29, 2013. As of July 3, 2013, the Company had total assets of $1.43 million, total liabilities of $829,836, and total stockholders' equity of $543,000. As of May 29, 2013, the Company had $325,000 in cash. For the reporting period, Flat Out had total cash receipts of $415,423 and total cash disbursements of $266,587. As a result, as of July 3, the Company had total cash of $473,836. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/FLAT_OUT_mayjulymor.pdf About Flat Out Crazy Flat Out Crazy LLC and its affiliates operate two Asian-inspired restaurant chains that began in Chicago. Flat Top Grill, which currently has 15 locations, is a full-service fast-casual create- your-own stir-fry concept. Stir Crazy Fresh Asian Grill, which has 11 locations, is a full-service casual Asian restaurant offering the flavors of Chinese, Japanese, Thai and Vietnamese food. The Debtors have 1,200 employees. Flat Out Crazy and 13 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 13-22094) in White Plains, New York on Jan. 25, 2013. The Debtors have tapped Squire Sanders (US) LLP as counsel; Kurtzman Carson Consultants, LLC, as claims, noticing and administrative agent; William H. Henrich and Mark Samson from Getzler Henrich as their co-chief restructuring officers; and J.H. Chapman Group, L.L.C, as their investment bankers. The Debtor disclosed $24,339,542 in assets and $15,899,166 in liabilities as of the Chapter 11 filing. An official committee of unsecured creditors has been appointed in the Debtors' cases. The Committee tapped to retain Kelley Drye & Warren LLP as its counsel and CBIZ Accounting, Tax and Advisory of New York, LLC as financial advisor. Tracy Hope Davis, the U.S. Trustee for Region 2, appointed Alan Chapell, as the consumer privacy ombudsman in the Debtors' cases. HIGHWAY TECHNOLOGIES: Files 11-Week Cash Flow Forecast ------------------------------------------------------ Highway Technologies Inc. filed an initial monthly operating report on July 30, 2013, disclosing a cash flow forecast for the 11-week period from May 20, 2013 to Aug. 2, 2013. The Company estimated beginning cash for the 11-week period to total $35,000. It expected to generate $14.7 million for force liquidation activities and other collections, and make expenditures totaling $7.8 million for the same period. Expenditures include $2.4 million in payroll costs, $2.8 million in professional fees and $1.8 million in shutdown expenses. As a result, the Company estimated ending cash to total $5.02 million. The Company also included a list of retainers paid to their bankruptcy professionals like Imperial Capital, PSZJ, EPIC Systems, Kurtzman Carson Consultants, and Reed Smith LLP for the 11-week period. A full-text copy of the 11-Week Cash Flow Forecast is available at: http://bankrupt.com/misc/HIGHWAY_TECHNOLOGIES_mor.pdf About Highway Technologies Highway Technologies Inc. and affiliate HTS Acquisition Inc. sought Chapter 11 protection (Bankr. D. Del. Case No. 13-11325 to 13-11326) on May 22, 2013, to conduct an orderly liquidation. The company's balance sheet showed $55 million in total assets and $102 million in liabilities as of March 2013. Richard M. Pachuiski at Pachulski Stang Ziehl & Jones LLP serves as counsel to the Debtors. Kurtzman Carson Consultants LLC is the claims and notice agent. Richards, Layton & Finger, P.A. represents the Official Unsecured Creditors' Committee as counsel. The prepetition lenders are represented by David M. Hilllman, Esq., at Schulte Roth & Zabel, in New York. HIGHWAY TECHNOLOGIES: Ends May with $697,348 Cash ------------------------------------------------- Highway Technologies and its affiliates, on July 30, 2013, filed a monthly operating report for May 2013. The Debtors' consolidated statement of operations showed a net loss from continuing operations of $1.17 million for the month. As of May 31, 2013, the Debtors had $40.15 million in total assets, $95.51 million in total liabilities, and a $55.36 million total shareholders' deficit. At May 1, the Debtors had a beginning book balance of $425,016. They had total receipts of $2.63 million and total cash disbursements of $2.36 million for the entire month. About $583,700 in professional fees contributed to the disbursements. As a result, the Debtors had $697,348 cash at the end of the month. A copy of the May monthly operating report is available at: http://bankrupt.com/misc/HIGHWAY_TECHNOLOGIES_maymor.pdf About Highway Technologies Highway Technologies Inc. and affiliate HTS Acquisition Inc. sought Chapter 11 protection (Bankr. D. Del. Case No. 13-11325 to 13-11326) on May 22, 2013, to conduct an orderly liquidation. The company's balance sheet showed $55 million in total assets and $102 million in liabilities as of March 2013. Richard M. Pachuiski at Pachulski Stang Ziehl & Jones LLP serves as counsel to the Debtors. Kurtzman Carson Consultants LLC is the claims and notice agent. Richards, Layton & Finger, P.A. represents the Official Unsecured Creditors' Committee as counsel. The prepetition lenders are represented by David M. Hilllman, Esq., at Schulte Roth & Zabel, in New York. HIGHWAY TECHNOLOGIES: Has $789,678 Cash for June ------------------------------------------------ Highway Technologies and its affiliates, on July 30, 2013, filed a monthly operating report for June 2013. The Debtors' consolidated statement of operations showed a net loss from continuing operations of $2.9 million on -($88,349) of net revenues for the month. As of June 30, 2013, the Debtors had $37.46 million in total assets, $95.72 million in total liabilities, and a $58.26 million total shareholders' deficit. At June 1, the Debtors had a beginning book balance of $672,671. They had total receipts of $2.29 million and total cash disbursements of $2.2 million for the entire month. About $774,578 in professional fees contributed to the disbursements. As a result, the Debtors had $789,678 cash at the end of the month. A copy of the June monthly operating report is available at: http://bankrupt.com/misc/HIGHWAY_TECHNOLOGIES_junemor.pdf About Highway Technologies Highway Technologies Inc. and affiliate HTS Acquisition Inc. sought Chapter 11 protection (Bankr. D. Del. Case No. 13-11325 to 13-11326) on May 22, 2013, to conduct an orderly liquidation. The company's balance sheet showed $55 million in total assets and $102 million in liabilities as of March 2013. Richard M. Pachuiski at Pachulski Stang Ziehl & Jones LLP serves as counsel to the Debtors. Kurtzman Carson Consultants LLC is the claims and notice agent. Richards, Layton & Finger, P.A. represents the Official Unsecured Creditors' Committee as counsel. The prepetition lenders are represented by David M. Hilllman, Esq., at Schulte Roth & Zabel, in New York. HOSTESS BRANDS: Posts $5.68 Million Net Loss at June 29 ------------------------------------------------------- Old HB, Inc., f/k/a Hostess Brands, Inc., et al., on Aug. 2, 2013, filed its monthly operating report for the period from June 2 to June 29, 2013. The Debtor reported a net loss of $5.68 million for the reporting period. As of June 29, 2013, Hostess Brands had total assets of $584.55 million, total liabilities of $3.06 billion, and total stockholders' deficit of $2.47 billion. The Debtor had $52.66 million in unrestricted cash at the beginning of the reporting period. It had total cash receipts of $2.22 million and total cash disbursements of $9.78 million for the reporting period. At the end of the period, Hostess Brands had total cash of $45.11 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/HOSTESS_BRANDS_junemor.pdf About Hostess Brands Founded in 1930, Irving, Texas-based Hostess Brands Inc., is known for iconic brands such as Butternut, Ding Dongs, Dolly Madison, Drake's, Home Pride, Ho Hos, Hostess, Merita, Nature's Pride, Twinkies and Wonder. Hostess has 36 bakeries, 565 distribution centers and 570 outlets in 49 states. Hostess filed for Chapter 11 bankruptcy protection early morning on Jan. 11, 2011 (Bankr. S.D.N.Y. Case Nos. 12-22051 through 12-22056) in White Plains, New York. Hostess Brands disclosed assets of $982 million and liabilities of $1.43 billion as of the Chapter 11 filing. The bankruptcy filing was made two years after predecessors Interstate Bakeries Corp. and its affiliates emerged from bankruptcy (Bankr. W.D. Mo. Case No. 04-45814). In the new Chapter 11 case, Hostess has hired Jones Day as bankruptcy counsel; Stinson Morrison Hecker LLP as general corporate counsel and conflicts counsel; Perella Weinberg Partners LP as investment bankers, FTI Consulting, Inc. to provide an interim treasurer and additional personnel for the Debtors, and Kurtzman Carson Consultants LLC as administrative agent. Matthew Feldman, Esq., at Willkie Farr & Gallagher, and Harry Wilson, the head of turnaround and restructuring firm MAEVA Advisors, are representing the Teamsters union. Attorneys for The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union and Bakery & Confectionery Union & Industry International Pension Fund are Jeffrey R. Freund, Esq., at Bredhoff & Kaiser, P.L.L.C.; and Ancela R. Nastasi, Esq., David A. Rosenzweig, Esq., and Camisha L. Simmons, Esq., at Fulbright & Jaworski L.L.P. The official committee of unsecured creditors selected New York law firm Kramer Levin Naftalis & Frankel LLP as its counsel. Tom Mayer and Ken Eckstein head the legal team for the committee. Hostess Brands in mid-November 2012 opted to pursue the orderly wind down of its business and sale of its assets after the Bakery, Confectionery, Tobacco and Grain Millers Union (BCTGM) commenced a nationwide strike. The Debtor failed to reach an agreement with BCTGM on contract changes. Hostess Brands sold its businesses and most of the plants to five different buyers for an aggregate of $860 million. Hostess still has some plants, depots and other facilities the buyers didn't acquire. The bankruptcy estate has changed its name to Old HB Inc. JOURNAL REGISTER: Lists $43,000 Net Loss for June ------------------------------------------------- PULP FINISH 1, formerly Journal Register Company, et al., on Aug. 1, 2013, filed its monthly operating report for the period from June 2, 2013 through June 30, 2013. The Debtor reported a net loss of $43,000 for the period ended June 30, 2013. As of June 30, 2013, the Debtor had total assets of $7.04 million, total liabilities of $67.05 million and total stockholders' deficit of $60 million. The company had total cash disbursements of $303,000. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/JOURNAL_REGISTER_junemor.pdf About Journal Register Journal Register Company -- http://www.JournalRegister.com/-- is the publisher of the New Haven Register and other papers in 10 states, including Philadelphia, Detroit and Cleveland, and in upstate New York. JRC is managed by Digital First Media and is affiliated with MediaNews Group, Inc., the nation's second largest newspaper company as measured by circulation. Journal Register, along with its affiliates, first filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 09-10769) on Feb. 21, 2009. Attorneys at Willkie Farr & Gallagher LLP, served as counsel to the Debtors. Attorneys at Otterbourg, Steindler, Houston & Rosen, P.C., represented the official committee of unsecured creditors. Journal Register emerged from Chapter 11 protection under the terms of a pre-negotiated plan. Journal Register returned to bankruptcy (Bankr. S.D.N.Y. Lead Case No. 12-13774) on Sept. 5, 2012, to sell the business to 21st CMH Acquisition Co., an affiliate of funds managed by Alden Global Capital LLC. The deal is subject to higher and better offers. Journal Register exited the 2009 restructuring with $225 million in debt and with a legacy cost structure, which includes leases, defined benefit pensions and other liabilities that have become unsustainable and threatened the Company's efforts for a successful digital transformation. Journal Register managed to reduce the debt by 28% with the Company servicing in excess of $160 million of debt. Alden Global is the holder of two terms loans totaling $152.3 million. Alden Global acquired the stock and the term loans from lenders in Journal Register's prior bankruptcy. Journal Register disclosed total assets of $235 million and liabilities totaling $268.6 million as of July 29, 2012. This includes $13.2 million owing on a revolving credit to Wells Fargo Bank NA. Bankruptcy Judge Stuart M. Bernstein presides over the 2012 case. Neil E. Herman, Esq., Rachel Jaffe Mauceri, Esq., and Patrick D. Fleming, Esq., at Morgan, Lewis & Bockius, LLP; and Michael R. Nestor, Esq., Kenneth J. Enos, Esq., and Andrew L. Magaziner, Esq., at Young Conaway Stargatt & Taylor LLP, serve as the 2012 Debtors' counsel. SSG Capital Advisors, LLC, serves as financial advisors. American Legal Claims Services LLC acts as claims agent. The petition was signed by William Higginson, executive vice president of operations. Otterbourg, Steindler, Houston & Rosen, P.C., represents Wells Fargo. Akin, Gump, Strauss, Hauer & Feld LLP, represents the Debtors' Tranche A Lenders and Tranche B Lenders. Emmet, Marvin & Martin LLP, serves as counsel to Wells Fargo, in its capacity as Tranche A Agent and the Tranche B Agent. The Official Committee of Unsecured Creditors appointed in the case has retained Lowenstein Sandler PC as counsel and FTI Consulting, Inc. as financial advisor. Bloomberg News recounts that Journal Register, now named Pulp Finish I Co., sold the newspaper business to lender and owner Alden Global Capital Ltd., mostly in exchange for $114.15 million in secured debt and $6 million cash. After debts with higher priority are paid, what's left from the cash and a $630,000 tax refund represents most of unsecured creditors' recovery. There were no bids to compete with Alden's offer. It paid off financing for the bankruptcy and assumed up to $22.8 million in liabilities, thus taking care of most trade suppliers who otherwise would have ended up as unsecured creditors. In addition, the lenders waived their deficiency claims, so recoveries by unsecured creditors won't be diluted. LEHMAN BROTHERS: Cash & Investments at $23.7BB at June 30 --------------------------------------------------------- Lehman Brothers Holdings Inc. disclosed these cash receipts and disbursements of the company, its affiliated debtors and controlled entities for the month ended June 30, 2013: Beginning Total Cash & Investments (06/01/13) $17,771,000,000 Total Sources of Cash 6,008,000,000 Total Uses of Cash (74,000,000) FX Fluctuation 1,000,000 --------------- Ending Total Cash & Investments (06/30/13) $23,672,000,000 LBHI reported $9.758 billion in cash and investments as of June 1, 2013, and $13.248 billion as of June 30, 2013. The monthly operating report also showed that a total of $51.62 million was paid in June to the U.S trustee and professionals, of which $4.358 million was paid to Lehman's turnaround manager Alvarez & Marsal LLC while $10.237 million was paid to Weil Gotshal & Manges LLP. A copy of the June 2013 Operating Report is available for free at http://bankrupt.com/misc/LehmanMORJune3013.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 (Bankr. S.D.N.Y. Case No. 08-13555) on Sept. 15, 2008. 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. Lehman made its first payment of $22.5 billion to creditors in April 2012, a second payment of $10.2 billion on Oct. 1, 2012, and a third distribution of $14.2 billion on April 4, 2013. The brokerage is yet to make a first distribution to non-customers, although customers are being paid in full. 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. NEOGENIX ONCOLOGY: Lists $57,391 Net Loss For May ------------------------------------------------- Neogenix Oncology, Inc., on June 27, 2013, filed its monthly operating report for the month ended May 31, 2013. The Debtor had zero total income and $57,391 net loss for May. Neogenix reported total cash disbursements of $57,391 for May. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/NEOGENIX_ONCOLOGY_maymor.pdf About Neogenix Oncology Neogenix Oncology Inc. in Rockville, Maryland, filed a Chapter 11 petition (Bankr. D. Md. Case No. 12-23557) on July 23, 2012, in Greenbelt with a deal to sell the assets to Precision Biologics Inc., absent higher and better offers. Founded in December 2003, Neogenix is a clinical stage, pre- revenue generating, biotechnology company focused on developing therapeutic and diagnostic products for the early detection and treatment of cancer. Neogenix, which has 10 employees, says it its approach and portfolio of three unique monoclonal antibody therapeutics -- mAb -- hold the potential for novel and targeted therapeutics and diagnostics for the treatment of a broad range of tumor malignancies. Thomas J. McKee, Jr., Esq., at Greenberg Traurig, LLP, in McLean, Virginia, serves as counsel. Kurtzman Carson Consultants LLC is the claims and notice agent. The Debtor estimated assets of $10 million to $50 million and debts of $1 million to $10 million. W. Clarkson McDow, Jr., U.S. Trustee for Region 4, appointed seven members to the committee of equity security holders. Sands Anderson PC represents the Official Committee of Equity Security Holders. The Committee tapped FTI Consulting, Inc., as its financial advisor. NEOGENIX ONCOLOGY: Net Loss Increases to $340,400 for June ---------------------------------------------------------- Neogenix Oncology, Inc., on July 26, 2013, filed its monthly operating report for the month ended June 30, 2013. The Debtor posted zero total income and $340,400 net loss for June, as compared with $57,391 net loss for May. Neogenix reported total cash disbursements of $340,400 for June. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/NEOGENIX_ONCOLOGY_junemor-1.pdf About Neogenix Oncology Neogenix Oncology Inc. in Rockville, Maryland, filed a Chapter 11 petition (Bankr. D. Md. Case No. 12-23557) on July 23, 2012, in Greenbelt with a deal to sell the assets to Precision Biologics Inc., absent higher and better offers. Founded in December 2003, Neogenix is a clinical stage, pre- revenue generating, biotechnology company focused on developing therapeutic and diagnostic products for the early detection and treatment of cancer. Neogenix, which has 10 employees, says it its approach and portfolio of three unique monoclonal antibody therapeutics -- mAb -- hold the potential for novel and targeted therapeutics and diagnostics for the treatment of a broad range of tumor malignancies. Thomas J. McKee, Jr., Esq., at Greenberg Traurig, LLP, in McLean, Virginia, serves as counsel. Kurtzman Carson Consultants LLC is the claims and notice agent. The Debtor estimated assets of $10 million to $50 million and debts of $1 million to $10 million. W. Clarkson McDow, Jr., U.S. Trustee for Region 4, appointed seven members to the committee of equity security holders. Sands Anderson PC represents the Official Committee of Equity Security Holders. The Committee tapped FTI Consulting, Inc., as its financial advisor. PATRIOT COAL: Has $40.1 Million Net Loss in June ------------------------------------------------ Patriot Coal Corp. reported a $40.1 million net loss in June after reporting a $215.7 million net loss for the first six months of 2013. In June, revenue was $136.6 million, according to the operating report filed with the U.S. Bankruptcy Court in St. Louis. The operating loss for the month was $28.7 million. Reorganization costs were $7 million. Revenue in June was 10 percent below May's. The June net loss exceeded the May loss by more than $10 million. 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 serves as lead restructuring counsel. Bryan Cave LLP serves as local counsel to the Debtors. 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. ROTECH HEALTHCARE: Net Loss Increases to $9.74 Million in June -------------------------------------------------------------- Rotech Healthcare Inc., et al., on July 30, 2013, filed its monthly operating report for the month ended June 30, 2013. The Debtors posted a net loss of $9.74 million on net revenues of $37.26 million for June, compared to a $7.92 million net loss on net revenues of $38.84 million for May. A $4.65 million restructuring expense contributed to the net loss for June. At June 30, Rotech Healthcare, et al., had assets of $255.55 million, total liabilities of $664.48 million, and total stockholders' deficit of $408.93 million. For June, the Debtors had total cash receipts of $38.44 million and total cash disbursements of $37.51 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/ROTECH_HEALTHCARE_junemor.pdf About Rotech Healthcare Based in Orlando, Florida, Rotech Healthcare Inc. (NASDAQ: ROHI) -- http://www.rotech.com/-- provides home medical equipment and related products and services in the United States, with a comprehensive offering of respiratory therapy and durable home medical equipment and related services. The company provides equipment and services in 48 states through approximately 500 operating centers located primarily in non-urban markets. The Company reported a net loss of $14.76 million in 2011, a net loss of $4.20 million in 2010, and a net loss of $21.08 million in 2009. The Company's balance sheet at Sept. 30, 2012, showed $255.76 million in total assets, $601.98 million in total liabilities, and a $346.22 million total stockholders' deficiency. On April 8, 2013, Rotech Healthcare and 114 subsidiary companies filed petitions seeking relief under chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 13-10741) to implement a pre- arranged plan negotiated with secured lenders. Attorneys at Proskauer Rose LLP, and Young, Conaway, Stargatt & Taylor serve as counsel to the Debtors; Foley & Lardner LLP is the healthcare regulatory counsel; Akin Gump Strauss Hauer & Feld LLP is the special healthcare regulatory counsel; Barclays Capital Inc. is the financial advisor; Alix Partners, LLP is the restructuring advisor; and Epiq Bankruptcy Solutions LLC is the claims agent. Prepetition term loan lender and DIP lender Silver Point Capital and other consenting noteholders are represented by Wachtell, Lipton, Rosen & Katz, and Richards Layton & Finger PA. The U.S. Trustee at the end of April appointed an official committee of equity holders. Members include Alden Global Recovery Master Fund LP, Varana Capital Master LP, Wynnefield Partners Small Cap Value LP I, Bastogne Capital Partners, LP, and Kenneth S. Grossman P.C. Pension Plan. The plan is supported by holders of a majority of the first- and second-lien secured notes. The $290 million in 10.5 percent second-lien notes are to be exchanged for the new equity. Trade suppliers are to be paid in full, if they agree to continue providing credit. The existing $23.5 million term loan would be paid in full, and the $230 million in 10.75 percent first-lien notes will be amended. The Official Committee of Unsecured Creditors tapped Otterbourg, Steindler, Houston & Rosen, P.C., as counsel; Buchanan Ingersoll & Rooney PC as Delaware counsel; and Grant Thornton LLP as financial advisor. SAND SPRING: Records $36,566 Net Loss for June ---------------------------------------------- Sand Spring Capital III, LLC, et al., on Aug. 9, 2013, filed its monthly operating report for the month ended June 30, 2012. The Company reported a net loss of $36,566 for June. As of June 30, 2013, the Company had total net assets of $6.12 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/SAND_SPRING_junemor.pdf About Sand Spring Nine funds advised by Commonwealth Advisors Inc. of Baton Rouge, Louisiana, sought Chapter 11 protection on Oct. 25, 2011, after failing to work out a reorganization plan acceptable to all investors. Lead Debtor is Sand Spring Capital III, LLC (Bankr. D. Del. Case No. 11-13393). Kenneth J. Enos, Esq., and Michael R. Nestor, Esq., at Young, Conaway, Stargatt & Taylor, in Wilmington, Delaware, serve as counsel to the Debtors. Epiq Bankruptcy Solutions LLC serves as claims and notice agent. The funds were formed from 2005 to 2007 under Walter Morales, president and chief investment manager, and attracted 456 investors, according to filings in U.S. Bankruptcy Court in Wilmington, Delaware. Last year, investors filed class-action and derivative suits alleging mismanagement, misrepresentation, and breach of fiduciary duty. According to Bloomberg News, the U.S. Securities and Exchange Commission initiated a formal investigation in July 2009. The funds were unable or unwilling to satisfy investors' redemption demands, which would have required liquidation of "their holdings in an illiquid market and at depressed prices." The funds, Commonwealth and Morales negotiated a prepackaged Chapter 11 plan, which was accepted by all classes of creditors except one. Because third-party contributions required unanimous approval, the funds said they filed in Chapter 11 so they could have "further discussions with their investors with the oversight of this court." Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP, represents the Debtor. SPECIALTY PRODUCTS: Lists $711,300 Net Profit for June ------------------------------------------------------ Specialty Products Holding Corp., on July 30, 2013, filed its monthly operating report for the month ended June 2013. The Debtor posted net profit of $711,300 for the month ended June 2013. As of June 2013, the Debtor had total assets of $441.31 million, total liabilities of $237.44 million and total stockholders' equity of $203.87 million. At the beginning of June, the Debtor had $22.24 million in cash. Specialty Products had total cash receipts of $35.91 million and total cash disbursements of $37 million. As a result, at the end of June, the Company had total cash of $21.15 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/SPECIALTY_PRODUCTS_junemor.pdf About Specialty Products Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM, Inc., is a wholly owned subsidiary of RPM International Inc. The Company is the holding company parent of Bondex International, Inc., and the direct or indirect parent of certain additional domestic and foreign subsidiaries. The Company claims to be a leading manufacturer, distributor and seller of various specialty chemical product lines, including exterior insulating finishing systems, powder coatings, fluorescent colorants and pigments, cleaning and protection products, fuel additives, wood treatments and coatings and sealants, in both the industrial and consumer markets. The Company filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 10-11780) on May 31, 2010. Gregory M. Gordon, Esq., Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve as bankruptcy counsel. Daniel J. DeFranceschi, Esq., and Zachary I. Shapiro, Esq., at Richards Layton & Finger, serve as co- counsel. Logan and Company is the Company's claims and notice agent. The Company estimated its assets and debts at $100 million to $500 million. The Company's affiliate, Bondex International, Inc., filed a separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779), estimating its assets and debts at $100 million to $500 million. On May 20, 2013, the Bankruptcy Court entered an order estimating the amount of the Debtors' asbestos liabilities, and a related memorandum opinion in support of the estimation order. The Bankruptcy Court estimated the current and future asbestos claims associated with Bondex International, Inc. and Specialty Products Holding at approximately $1.17 billion. The estimation hearing represents one step in the legal process in helping to determine the amount of potential funding for a 524(g) asbestos trust. SYNAGRO TECHNOLOGIES: Posts $4.52 Million Net Loss for June ----------------------------------------------------------- Synagro Technologies, Inc., et al., on July 31, 2013, filed its monthly operating report for the month ended June 30, 2013. The Debtor posted a net loss of $4.52 million for June. As of June 30, 2013, the Debtor had total assets of $690 million, current liabilities of $89.2 million, and long term liabilities of $252.6 million. For May, Synagro Technologies had total cash receipts of $23.04 million and total cash disbursements of $21.98 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/SYNAGRO_TECHNOLOGIES_junemor.pdf About Synagro Synagro Technologies, Inc., based in Houston, Texas, is the recycler of bio-solids and other organic residuals in the U.S. and is one of the largest national companies focused exclusivity on biosolids recycling, which has a market size of $2 billion. The Company was formed in 1986, under the name RPM Marketing, Inc. Synagro's corporate headquarters is currently located in Houston, Texas but is in the process of being transferred to White Marsh, Maryland. The Company also has offices in Lansdale, Pennsylvania, Rayne, Louisiana, and Watertown, Connecticut. Synagro Technologies and 29 affiliates sought Chapter 11 protection (Bankr. D. Del. Case no. 13-11041) on April 24, 2013. The lead debtor estimated assets and debts at $10 million to $50 million. Synagro Technologies disclosed $8,714,426 in assets and $430,489,161 in liabilities. Synagro was owned by The Carlyle Group at the time of the bankruptcy filing. It was acquired in April 2007 by Carlyle in a $741 million transaction. Synagro is being advised by Mark S. Chehi, Esq., at the law firm of Skadden Arps Slate Meagher & Flom, along with financial adviser AlixPartners and investment bankers Evercore Partners. Kurtzman Carson & Consultants serves as notice and claims agent. No creditors' committee has been appointed in the cases by the United States Trustee. TPO HESS: Posts $76.46 Million Stockholders' Deficit for June ------------------------------------------------------------- TPO Hess Holdings Inc., et al., on July 31, 2013, filed its monthly operating report for the period from June 1, 2013 to June 30, 2013. The Debtor reported a net loss of $1,159 for the period ended June 30, 2013. As of June 2013, the Debtor had total assets of $36.35 million, total liabilities of $112.81 million, and total stockholders' deficit of $76.46 million. At the beginning of June , the Debtor had $623,266 in cash. TPO Hess had total cash receipts of $11.52 million and total cash disbursements of $11.37 million. As a result, at the end of June, the Debtor had total cash of $773,067. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/TPO_HESS_junemor.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. On July 24, 2013, TPO won Court approval to sell virtually all its assets to Bang for about $19.3 million, as well as approval of its bankruptcy plan. An auction set for July 17 was cancelled after no other entities emerged to challenge Bang's bid. Under the liquidation plan, the Debtors' second-lien noteholders, owed about $74 million, are projected to recover about 2 percent on their claims. Unsecured creditors owed about $20.2 million are projected to recover nothing. ********* 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 ***