/raid1/www/Hosts/bankrupt/TCR_Public/130831.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 31, 2013, Vol. 17, No. 241
Headlines
710 LONG RIDGE: Records $163,160 Net Loss for July
ALLIED SYSTEMS: Posts $349.45MM Stockholders' Deficit for June
AMERICAN AIRLINES: Posts $292 Million Profit in July
ARCHDIOCESE OF MILWAUKEE: Files Operating Reports for June & July
DIGITAL DOMAIN: Ends June with $5.41 Million Cash
DIGITAL DOMAIN: Posts $106.14MM Stockholders' Deficit in July
EXIDE TECHNOLOGIES: Ends July with $6.14 Million Cash
GMX RESOURCES: Ends July with $1.84 Million Cash Balance
FIBERTOWER CORPORATION: Had $156,567 Cash at July 31
FIBERTOWER NETWORK: Records $691,168 Net Loss for July
INTERFAITH MEDICAL: Lists $224.56MM Stockholders' Deficit in July
LIGHTSQUARED INC: Lists $57.16 Million Net Loss in July
MAXCOM TELECOMUNICACIONES: Files Initial Monthly Operating Report
MERCANTILE BANCORP: Has $44.86MM Shareholders' Deficit for July
METEX MFG: Ends July with $1.43 Million Cash
NORTEL NETWORKS: Ends May with $907.5 Million Cash
NORTHSTAR AEROSPACE: Lists $144,000 Net Loss in July
PATRIOT COAL: Losses Widened in July
PMI GROUP: Posts $1.11 Million Net Loss at July 31
RESIDENTIAL CAPITAL: Incurs $45-Mil. Operating Loss in July
RG STEEL: Incurs $3.699 Million Net Loss in July
RURAL/METRO CORP: Files 14-Week Cash Flow Forecast
SCOOTER STORE: Records $3.14 Million Net Loss at July 31
SOUND SHORE: Posts $73.43MM Shareholders' Deficit for July
VALENCE TECHNOLOGY: Incurs $711,000 Net Loss in July
YARWAY CORPORATION: Posts $4.51 Million Net Loss in July
*********
710 LONG RIDGE: Records $163,160 Net Loss for July
--------------------------------------------------
710 Long Ridge Road Operating Co. II LLC, on Aug. 21, 2013, filed
its monthly operating report for the month of July 2013.
The Debtor posted a net loss of $163,160 on net revenue of
$992,760 for the end of July.
For July, the Debtor had total assets of $2.58 million, total
liabilities of $19.1 million, and total stockholders' deficit of
$16.51 million.
At the beginning of July, 710 Long Ridge had $903,501 in cash.
The Debtor had total cash receipts of $2.52 million and total cash
disbursements of $2.66 million. As a result, at the end of July,
the Debtor had total cash of $763,000.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/710_LONG_RIDGE_julymor.pdf
About 710 Long Ridge Road Operating Company II
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 Road Operating Company II 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.
ALLIED SYSTEMS: Posts $349.45MM Stockholders' Deficit for June
--------------------------------------------------------------
Allied Systems Holdings, Inc., et al., on Aug. 15, 2013, filed its
monthly operating report for the month ended June 30, 2013.
The Debtor reported a net loss of $3.68 million on revenues of
$23.35 million for June. Operating loss was at $151,156.
As of June 30, 2013, the Debtor had total assets of
$235.08 million, total liabilities of $584.53 million, and total
stockholders' deficit of $349.45 million.
For June, the Debtor had total deposits of $25.29 million and
total disbursements of $23.97 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/ALLIED_SYSTEMS_junemor.pdf
About Allied Systems
BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and
Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary
petitions for Allied Systems Holdings Inc. and Allied Systems Ltd.
(Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012.
The signatories of the involuntary petitions assert claims of at
least $52.8 million for loan defaults by the two companies.
Allied Systems, through its subsidiaries, provides logistics,
distribution, and transportation services for the automotive
industry in North America.
Allied Holdings Inc. previously filed for chapter 11 protection
(Bankr. N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31,
2005. Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP,
represented the Debtors in the 2005 case. Allied won confirmation
of a reorganization plan and emerged from bankruptcy in May 2007
with $265 million in first-lien debt and $50 million in second-
lien debt.
The petitioning creditors said Allied has defaulted on payments of
$57.4 million on the first lien debt and $9.6 million on the
second. They hold $47.9 million, or about 20% of the first-lien
debt, and about $5 million, or 17%, of the second-lien obligation.
They are represented by Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris,
Esq., and Robert J. Ward, Esq., at Schulte Roth & Zabel LLP.
Allied Systems Holdings Inc. formally put itself and 18
subsidiaries into bankruptcy reorganization June 10, 2012,
following the filing of the involuntary Chapter 11 petition.
The Company is being advised by the law firms of Troutman Sanders,
Gowling Lafleur Henderson, and Richards Layton & Finger.
The bankruptcy court process does not include captive insurance
company Haul Insurance Limited or any of the Company's Mexican or
Bermudan subsidiaries. The Company also announced that it intends
to seek foreign recognition of its Chapter 11 cases in Canada.
An official committee of unsecured creditors has been appointed in
the case. The Committee consists of Pension Benefit Guaranty
Corporation, Central States Pension Fund, Teamsters National
Automobile Transporters Industry Negotiating Committee, and
General Motors LLC. The Committee is represented by Sidley Austin
LLP.
Yucaipa Cos. has 55 percent of the senior debt and took the
position it had the right to control actions the indenture trustee
would take on behalf of debt holders. The state court ruled in
March 2013 that the loan documents didn't allow Yucaipa to vote.
In March 2013, the bankruptcy court also gave the official
creditors' committee authority to sue Yucaipa. The suit includes
claims that the debt held by Yucaipa should be treated as equity
or subordinated so everyone else is paid before the Los Angeles-
based owner. The judge allowed Black Diamond to participate in the
lawsuit against Yucaipa and Allied directors.
AMERICAN AIRLINES: Posts $292 Million Profit in July
----------------------------------------------------
AMR Corp. and its debtor affiliates filed their monthly operating
report, disclosing that they earned $292 million in net income
for the month ended July 31, 2013, with disbursements of
$3,169,589 for the same period. AMR, according to The Associated
Press, benefited from a busy summer travel season and cost-
cutting from its bankruptcy reorganization.
As of July 31, 2013, the Debtors had current assets totaling to
$9,425,000,000 and current liabilities totaling $10,288,000,000.
The Debtors said their revenue at the end of July 2013 rose
almost 7% to $2.48 billion. A year ago it had earned $135
million, the AP report noted.
The Debtors paid $57 million in reorganization expenses in July.
"We are completing one of the most successful turnarounds in
aviation history," CEO Tom Horton said in a letter to employees,
AP cited. "We are building a strong, competitive and profitable
new American poised to lead again."
AMR ended July with $5.8 billion in unrestricted cash and short-
term investments, up by $1 billion from a year earlier, the AP
report noted.
A full-text copy of July 2013 operating report is available for
free at http://bankrupt.com/misc/AMR_July2013MOR.pdf
About American Airlines
AMR Corp. and its subsidiaries including American Airlines, the
third largest airline in the United States, filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan
on Nov. 29, 2011, after failing to secure cost-cutting labor
agreements. AMR, previously the world's largest airline prior to
mergers by other airlines, is the last of the so-called U.S.
legacy airlines to seek court protection from creditors.
Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law
Group, Chartered, are on board as special counsel. Rothschild
Inc., is the financial advisor. Garden City Group Inc. is the
claims and notice agent.
Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., and
Jay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP
serve as counsel to the Official Committee of Unsecured Creditors
in AMR's chapter 11 proceedings. Togut, Segal & Segal LLP is the
co-counsel for conflicts and other matters; Moelis & Company LLC
is the investment banker, and Mesirow Financial Consulting, LLC,
is the financial advisor.
The Retiree Committee is represented by Jenner & Block LLP's
Catherine L. Steege, Esq., Charles B. Sklarsky, Esq., and Marc B.
Hankin, Esq.
AMR and US Airways Group, Inc., on Feb. 14, 2013, announced a
definitive merger agreement under which the companies will combine
to create a premier global carrier, which will have an implied
combined equity value of approximately $11 billion. The deal is
subject to clearance by U.S. and foreign regulators and by the
bankruptcy judge overseeing AMR's bankruptcy case.
In April 2013, AMR filed a Chapter 11 plan of reorganization that
will carry out the merger. By distributing stock in the merged
airlines, the plan is designed to pay all creditors in full, with
interest.
Bankruptcy Creditors' Service, Inc., publishes AMERICAN AIRLINES
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by AMR Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
ARCHDIOCESE OF MILWAUKEE: Files Operating Reports for June & July
-----------------------------------------------------------------
The Archdiocese of Milwaukee reported a net income of $387,881
for the month ended June 30, 2013. As of June 30, 2013, the
archdiocese had total assets of $42,084,323 and total liabilities
of $37,276,906. A full-text copy of the June 2013 operating
report is available for free at:
http://bankrupt.com/misc/Church_milmorjune2013.pdf
The Archdiocese of Milwaukee reported a net loss of $771,336
for the month ended July 31, 2013. As of July 31, 2013, the
archdiocese had total assets of $41,561,429 and total liabilities
of $35,303,676. A full-text copy of the July 2013 operating
report is available for free at:
http://bankrupt.com/misc/Church_milmorjuly2013.pdf
About Archdiocese of Milwaukee
The Diocese of Milwaukee was established on Nov. 28, 1843, and
was elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius
IX. The region served by the Archdiocese consists of 4,758 square
miles in southeast Wisconsin which includes counties Dodge, Fond
du Lac, Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth,
Washington and Waukesha. There are 657,519 registered Catholics
in the Region.
The Catholic Archdiocese of Milwaukee, in Wisconsin, filed for
Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case No.
11-20059) on Jan. 4, 2011, to address claims over sexual abuse
by priests on minors.
The Archdiocese became at least the eighth Roman Catholic diocese
in the U.S. to file for bankruptcy to settle claims from current
and former parishioners who say they were sexually molested by
priests.
Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., in
Milwaukee, Wisconsin, serves as the Archdiocese's counsel. The
Official Committee of Unsecured Creditors in the bankruptcy case
has retained Pachulski Stang Ziehl & Jones LLP as its counsel, and
Howard, Solochek & Weber, S.C., as its local counsel.
The Archdiocese estimated assets and debts of $10 million to
$50 million in its Chapter 11 petition.
(Catholic Church Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
DIGITAL DOMAIN: Ends June with $5.41 Million Cash
-------------------------------------------------
DDMG Estate, f/k/a/ Digital Domain Media Group, Inc., et al., on
Aug. 14, 2013, filed its monthly operating report for the month
ended June 30, 2013.
DDMG Estate reported a net loss of $1.12 million for the month
ended June 30, 2013, compared to a net loss of $$945,463 for May.
As of June 30, 2013, the Debtor had total assets of
$15.35 million, total liabilities of $120.53 million and total
stockholders' deficit of $105.18 million.
At the beginning of June, the Debtor had $5.25 million in cash.
The Debtor had total cash receipts of $359,457 and total cash
disbursements of $202,736. As a result, as of June 30, 2013,
DDMG Estate had total cash of $5.41 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/DIGITAL_DOMAIN_junemor.pdf
About Digital Domain
Port St. Lucie, Florida-based Digital Domain Media Group, Inc. --
http://www.digitaldomain.com/-- engaged in the creation of
original content animation feature films, and development of
computer-generated imagery for feature films and trans-media
advertising primarily in the United States.
Digital Domain Media Group, Inc. and 13 affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-12568) on
Sept. 11, 2012, to sell its business for $15 million to
Searchlight Capital Partners LP, subject to higher and better
offers. The company disclosed assets of $205 million and
liabilities totaling $214 million.
The Debtors also have sought ancillary relief in Canada, pursuant
to the Companies' Creditors Arrangement Act in the Supreme Court
of British Columbia, Vancouver Registry.
Attorneys at Pachulski Stang Ziehl & Jones serve as counsel to the
Debtors. FTI Consulting, Inc.'s Michael Katzenstein is the chief
restructuring officer. Kurtzman Carson Consultants LLC is the
claims and notice agent. An official committee of unsecured
creditors appointed in the case is represented by lawyers at
Sullivan Hazeltine Allinson LLC and Brown Rudnick LLP.
At a bankruptcy auction, the principal part of the business was
purchased by a joint venture between Galloping Horse America LLC,
an affiliate of Beijing Galloping Horse Co., and an affiliate of
Reliance Capital Ltd., based in Mumbai. The $36.7 million total
value of the contact includes $3.6 million to cure defaults on
contracts and $2.9 million in reimbursement of payroll costs. As
the result of a settlement negotiated by the unsecured creditors'
committee with secured lenders, there will be some recovery for
the committee's constituency.
DIGITAL DOMAIN: Posts $106.14MM Stockholders' Deficit in July
-------------------------------------------------------------
DDMG Estate, f/k/a/ Digital Domain Media Group, Inc., et al., on
Aug. 19, 2013, filed its monthly operating report for the month
ended July, 2013.
DDMG Estate reported a net loss of $952,923 for the month
ended July 31, 2013.
As of July 31, 2013, the Debtor had total assets of
$14.02 million, total liabilities of $120.16 million, and total
stockholders' deficit of $106.14 million.
At the beginning of July, the Debtor had $5.41 million in cash.
The Debtor had total cash receipts of $1.37 million and total cash
disbursements of $1.53 million. As a result, as of July 31, 2013,
DDMG Estate had total cash of $5.25 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/DIGITAL_DOMAIN_julymor.pdf
About Digital Domain
Port St. Lucie, Florida-based Digital Domain Media Group, Inc. --
http://www.digitaldomain.com/-- engaged in the creation of
original content animation feature films, and development of
computer-generated imagery for feature films and trans-media
advertising primarily in the United States.
Digital Domain Media Group, Inc. and 13 affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-12568) on
Sept. 11, 2012, to sell its business for $15 million to
Searchlight Capital Partners LP, subject to higher and better
offers. The company disclosed assets of $205 million and
liabilities totaling $214 million.
The Debtors also have sought ancillary relief in Canada, pursuant
to the Companies' Creditors Arrangement Act in the Supreme Court
of British Columbia, Vancouver Registry.
Attorneys at Pachulski Stang Ziehl & Jones serve as counsel to the
Debtors. FTI Consulting, Inc.'s Michael Katzenstein is the chief
restructuring officer. Kurtzman Carson Consultants LLC is the
claims and notice agent. An official committee of unsecured
creditors appointed in the case is represented by lawyers at
Sullivan Hazeltine Allinson LLC and Brown Rudnick LLP.
At a bankruptcy auction, the principal part of the business was
purchased by a joint venture between Galloping Horse America LLC,
an affiliate of Beijing Galloping Horse Co., and an affiliate of
Reliance Capital Ltd., based in Mumbai. The $36.7 million total
value of the contact includes $3.6 million to cure defaults on
contracts and $2.9 million in reimbursement of payroll costs. As
the result of a settlement negotiated by the unsecured creditors'
committee with secured lenders, there will be some recovery for
the committee's constituency.
EXIDE TECHNOLOGIES: Ends July with $6.14 Million Cash
-----------------------------------------------------
Exide Technologies on Aug. 20, 2013, filed a monthly operating
report for the period from July 1 to 31, 2013.
The Debtor's consolidated statement of operations showed a $12.36
million net loss attributable to the Debtor for the reporting
period.
As of July 31, 2013, the Debtor had $1.37 billion in total assets,
$1.31 billion in total liabilities, and a $60.5 million total
shareholders' equity.
At July 1, 2013, the Debtor had a beginning book balance of
$24.68 million. Exide had total receipts of $86.5 million and
total cash disbursements of $105.05 million for the month. As a
result, the Debtor had $6.14 million cash at the end of the
month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/EXIDE_TECHNOLOGIES_julymor.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 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.
The Official Committee of Unsecured Creditors is represented by
Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as
co counsel. Zolfo Cooper, LLC serves as its bankruptcy
consultants and financial advisors.
GMX RESOURCES: Ends July with $1.84 Million Cash Balance
--------------------------------------------------------
GMX Resources Inc. and its affiliates, filed on Aug. 26, 2013, its
monthly operating report for July.
At the start of the reporting period, GMX Resources had a
$3.72 million cash balance. The Company had total receipts of
$5.45 million and total disbursements of $7.33 million for the
whole month of July. Thus, ending cash balance for the Company at
July 31 is $1.84 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/GMX_RESOURCES_julymor.pdf
About GMX Resources
GMX Resources Inc. -- http://www.gmxresources.com/-- is an
independent natural gas production company headquartered in
Oklahoma City, Oklahoma. GMXR has 53 producing wells in Texas &
Louisiana, 24 proved developed non-producing reservoirs, 48 proved
undeveloped locations and several hundred other development
locations. GMXR has 9,000 net acres on the Sabine Uplift of East
Texas. GMXR has 7 producing wells in New Mexico. The Company's
strategy is to significantly increase production, revenues and
reinvest in increasing production. GMXR's goal is to grow and
build shareholder value every day.
The Company reported net losses of $206.44 million in 2011,
$138.29 million in 2010, and $181.08 million in 2009.
GMX Resources filed a Chapter 11 petition in its hometown (Bankr.
W.D. Okla. Case No. 13-11456) on April 1, 2013, so secured lenders
can buy the business in exchange for $324.3 million in first-lien
notes. David A. Zdunkewicz, Esq. at Andrews Kurth LLP represented
the Debtors as counsel.
GMX missed a payment due in March 2013 on $51.5 million in second-
lien notes. Other principal liabilities include $48.3 million in
unsecured convertible senior notes.
The DIP financing provided by senior noteholders requires court
approval of a sale within 75 days following approval of sale
procedures. The lenders and principal senior noteholders include
Chatham Asset Management LLC, GSO Capital Partners, Omega Advisors
Inc. and Whitebox Advisors LLC.
Looper Reed is substituted as counsel for the Official Committee
of Unsecured Creditors in place of Winston & Strawn LLP, effective
as of April 25, 2013. The Committee tapped Conway MacKenzie,
Inc., as financial advisor.
FIBERTOWER CORPORATION: Had $156,567 Cash at July 31
----------------------------------------------------
Fibertower Corporation, on Aug. 20, 2013, filed its monthly
operating report for July 2013.
The Company reported zero net loss on zero net revenue
for the period ended July 31, 2013.
As of July 31, 2013, the Company had total assets of
$324.96 million, total liabilities of $199.91 million, and total
stockholders' equity of $125.05 million.
At the beginning of July, the Debtor had $156,567 in cash.
Fibertower Corporation had zero cash receipts and zero cash
disbursements. As a result, at the end of July, the Debtor had
$156,567 cash.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/FIBERTOWER_NETWORK_corp_julymor.pdf
About FiberTower Corp.
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.
FIBERTOWER NETWORK: Records $691,168 Net Loss for July
------------------------------------------------------
Fibertower Network Services, on Aug. 20, 2013, filed its monthly
operating report for July 2013.
The Company reported a net loss of $691,168 on zero net revenue
for the period ended July 31, 2013.
As of July 31, 2013, the Company had total assets of
$29 million, total liabilities of $325.41 million, and total
stockholders' deficit of $296.41 million.
At the beginning of July, the Debtor had $15.07 million in cash.
Fibertower Network had total cash receipts of $230,982 and
total cash disbursements of $8.93 million. As a result, at the
end of July, the Debtor had total cash of $6.37 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/FIBERTOWER_NETWORK_julymor.pdf
About FiberTower Corp.
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.
INTERFAITH MEDICAL: Lists $224.56MM Stockholders' Deficit in July
-----------------------------------------------------------------
Interfaith Medical Center, Inc., on Aug. 20, 2013, filed its
monthly operating report for the month of July.
The Company posted an operating loss of $2.75 million on total
revenue of $14 million for the month ended July 31, 2013, as
compared to a $2.63 million operating loss in June.
As of July 31, 2013, the Company had total assets of $136.63
million, total liabilities of $360.2 million, and total
stockholders' deficit of $224.56 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/INTERFAITH_MEDICAL_julymor.pdf
About Interfaith Medical Center
Headquartered in Brooklyn, New York, Interfaith Medical Center,
Inc., operates a 287-bed hospital on Atlantic Avenue in Bedford-
Stuyvesant and an ambulatory care network of eight clinics in
central Brooklyn, in Crown Heights and Bedford-Stuyvesant.
The Company filed for Chapter 11 protection (Bankr. E.D. N.Y.
Case No. 12-48226) on Dec. 2, 2012. The Debtor disclosed
$111,872,972 in assets and $193,540,998 in liabilities as of the
Chapter 11 filing. Liabilities include $117.9 million owing to
the New York State Dormitory Authority on bonds secured by the
assets.
Alan J. Lipkin, Esq., at Willkie Farr & Gallagher LLP, serves as
bankruptcy counsel to the Debtor. Nixon Peabody LLP is the
special corporate and healthcare counsel. CohnReznick LLP serves
as financial advisor. Donlin, Recano & Company, Inc. serves as
administrative agent.
The Official Committee of Unsecured Creditors tapped Alston & Bird
LLP as its counsel, and CBIZ Accounting, Tax & Advisory of New
York, LLC as its financial advisor.
Eric M. Huebscher, the patient care ombudsman, tapped the law firm
of DiConza Traurig LLP, as his counsel.
LIGHTSQUARED INC: Lists $57.16 Million Net Loss in July
-------------------------------------------------------
LightSquared Inc., et al., filed on August 15, 2013, a monthly
operating report for the month ended July 31, 2013.
The Company reported a net loss of $57.16 million on net revenue
of $1.69 million for July.
As of July 31, 2013, the Company had total assets of $3.814
billion, total liabilities of $2.79 billion, and total
stockholders' equity of $1.02 billion.
At the beginning of the month, LightSquared had $122.5 million in
cash. The Company had total cash receipts of $3.099 million and
total cash disbursements of $17.19 million. As a result, at the
end of July, the Company had total cash of $108.4 million.
A full-text copy of the monthly operating report is available at:
http://is.gd/R6jrq6
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.
MAXCOM TELECOMUNICACIONES: Files Initial Monthly Operating Report
-----------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V. filed an initial monthly
operating report on Aug. 9, 2013, which included a cash flow
forecast for a 17-week period ended Sept. 30, 2013, a full-text
copy of which is available at:
http://bankrupt.com/misc/MAXCOM_TELECOMUNICACIONES_mor.pdf
The Company forecasts total beginning cash balance of $114,252 for
the 17-week period. Maxcom estimates $821,942 in total operating
receipts for the period from June 21, 2013 to Sept. 30, 2013.
Operating disbursements for the 17-week period are estimated
to total $785,628 while non-operating disbursements,
which include professional fees, are estimated to total
$101,172 for the same period.
The Initial MOR also included certificates of insurance, a
schedule of professional retainers paid, and a list of the
Debtor's bank accounts.
About Maxcom
Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory. Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.
In June 2013, Maxcom didn't make an $11 million interest payment
on the notes.
Maxcom sought bankruptcy protection (Bankr. D. Del. Case No.
13-11839) in Wilmington, Delaware, on July 23, 2013.
Maxcom listed $11.1 billion in assets and $402.3 million in debt.
The company had assets valued at 4.98 billion pesos ($394 million)
in the quarter ended March 31, according to an April 26 regulatory
filing. The company reached a restructuring agreement with
Ventura Capital, a group holding about $86 million, or 48.7
percent, of the senior notes and about 44 percent of its equity
holders, court papers show.
The Company has engaged Lazard Freres & Co. LLC and its alliance
partner Alfaro, Davila y Rios, S.C., as its financial advisor and
Kirkland & Ellis LLP and Santamarina y Steta, S.C. as its U.S. and
Mexican legal advisors in connection with its restructuring
proceedings and potential Chapter 11 case. The Ad Hoc Group has
retained Cleary Gottlieb Steen & Hamilton LLP and Cervantes Sainz,
S.C., as its U.S. and Mexican legal advisors. Ventura has
retained VACE Partners as its financial advisor, and Paul Hastings
LLP and Jones Day as its U.S. and Mexican legal advisors,
respectively.
MERCANTILE BANCORP: Has $44.86MM Shareholders' Deficit for July
---------------------------------------------------------------
Mercantile Bancorp, Inc., filed a monthly operating report for the
period from June 27, 2013 to July 31, 2013.
The Debtor's statement of operations showed a net income from
continuing operations of $339,750 on $358,546 of net revenues for
the month.
As of July 31, 2013, the Debtor had $31.08 million in total
assets, $75.94 million in total liabilities, and a $44.86 million
total shareholders' deficit.
At June 27, the Debtor had a beginning book balance of $822,178.
It had total receipts of $218 and total cash disbursements of
$11,095 for the entire month. About $4,741 in professional fees
contributed to the disbursements. As a result, the Debtor had
$811,300 cash at July 31.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/MERCANTILE_BANCORP_junejulymor.pdf
About Mercantile Bancorp
Mercantile Bancorp -- http://www.mercbanx.com/-- is a Quincy,
Illinois-based bank holding company with wholly owned subsidiaries
consisting of one bank in Illinois and one each in Kansas and
Florida, where the Company conducts full-service commercial and
consumer banking business, engages in mortgage banking, trust
services and asset management, and provides other financial
services and products. The Company also operated Mercantile Bank
branch offices in Missouri and Indiana.
On Aug. 10, 2011, the Illinois Division of Banking released a
Consent Order that Mercantile Bank, the Federal Deposit Insurance
Corporation, and the Division entered into as of July 28, 2011.
Under the Order, Mercantile Bank will cease operating with all
money transmitters and currency businesses providing brokerage,
sale or exchange of non-United States currency for deposit
customers. Furthermore, Mercantile Bank may not enter into a new
line of business without the prior written consent of the FDIC and
the Division.
Mercantile Bancorp filed a Chapter 11 petition (Bankr. D. Del.
Case No. 13-11634) on June 27, 2013. The petition shows assets
and debt both exceeding $50 million. Liabilities include $61.9
million owing on junior subordinated debentures. Mercantile
stopped paying interest on the debentures in 2009, since then
running up $14 million in unpaid interest.
Stuart M. Brown, Esq. at DLA Piper LLP (US), in Wilmington,
Delaware; and Richard A. Chesley, Esq., Kimberly D. Newmarch,
Esq., and Aaron M. Paushter, Esq., at DLA Piper LLP (US), in
Chicago, Illinois, are the attorneys for the Debtor.
A three-member official committee of unsecured creditors was
appointed by the U.S. Trustee.
METEX MFG: Ends July with $1.43 Million Cash
--------------------------------------------
Metex Mfg. Corporation, on Aug. 21, 2013, filed its monthly
operating report for July 2013.
The Company reported a net profit of $57,083 for the month ended
July 31.
At the beginning of the month, the Company had $1.38 million in
cash. It earned income totaling $63,460 from cash and credit
transactions and had $6,377 in expenses for the reporting period,
Thus, at the end of the period, Metex had total cash of
$1.43 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/METEX_MFG_julymor.pdf
About Metex
Great Neck, New York-based Metex Mfg. Corporation, formerly known
as Kentile Floors, Inc., started business in the late 1800's as a
manufacturer of cork tile, and thereafter progressed to making
composite tile for commercial and residential use.
Metex filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y.
Case No. 12-14554) on Nov. 9, 2012. The petition was signed by
Anthony J. Miceli, president. The Debtor estimated its assets and
debts at $100 million to $500 million. Judge Burton R. Lifland
presides over the case.
Affiliate Kentile Floors, Inc., filed a separate Chapter 11
petition (Bankr. S.D.N.Y. Case No. 92-46466) on Nov. 20, 1992.
NORTEL NETWORKS: Ends May with $907.5 Million Cash
--------------------------------------------------
Nortel Networks Inc., et. al., on Aug. 12, 2013, filed its monthly
operating report for the period from May 1 to 31, 2013.
At the beginning of May, the Company had $986.2 million in cash.
Nortel had total cash receipts of $2.7 million and total cash
disbursements of $81.4 million. As a result, at the end of May,
the Debtor had total cash of $907.5 million.
As of May 31, the Company had total assets of $1.16 billion,
total liabilities of $5.38 billion, and total stockholders'
deficit of $4.22 billion.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/NORTEL_NETWORKS_maymor.pdf
About Nortel Networks
Headquartered in Ontario, Canada, Nortel Networks Corporation and
its various affiliated entities provided next-generation
technologies, for both service provider and enterprise networks,
support multimedia and business-critical applications. Nortel did
business in more than 150 countries around the world. Nortel
Networks Limited was the principal direct operating subsidiary of
Nortel Networks Corporation.
On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent
Nortel Networks Corporation, NNI's direct corporate parent Nortel
Networks Limited and certain of their Canadian affiliates
commenced a proceeding with the Ontario Superior Court of Justice
under the Companies' Creditors Arrangement Act (Canada) seeking
relief from their creditors. Ernst & Young was appointed to serve
as monitor and foreign representative of the Canadian Nortel
Group. That same day, the Monitor sought recognition of the CCAA
Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No.
09-10164) under Chapter 15 of the U.S. Bankruptcy Code.
That same day, NNI and certain of its affiliated U.S. entities
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).
In addition, the High Court of England and Wales placed 19 of
NNI's European affiliates into administration under the control of
individuals from Ernst & Young LLP. Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.
On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A. On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy
Court for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.
U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.
In the Chapter 11 case, James L. Bromley, Esq., at Cleary Gottlieb
Steen & Hamilton, LLP, in New York, serves as the U.S. Debtors'
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
The United States Trustee appointed an Official Committee of
Unsecured Creditors in respect of the U.S. Debtors. An ad hoc
group of bondholders also was organized.
Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
New York, and Christopher M. Samis, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, represent the Official
Committee of Unsecured Creditors.
An Official Committee of Retired Employees and the Official
Committee of Long-Term Disability Participants tapped Alvarez &
Marsal Healthcare Industry Group as financial advisor. The
Retiree Committee is represented by McCarter & English LLP as
Delaware counsel, and Togut Segal & Segal serves as the Retiree
Committee. The Committee retained Alvarez & Marsal Healthcare
Industry Group as financial advisor, and Kurtzman Carson
Consultants LLC as its communications agent.
Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.
As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion. The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.
Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers. Nortel has collected roughly $9 billion for
distribution to creditors. Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation. The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction. The
deal closed in July 2011.
Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court. The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.
Judge Gross and the court in Canada scheduled trials in 2014 on
how to divide proceeds among creditors in the U.S., Canada, and
Europe.
NORTHSTAR AEROSPACE: Lists $144,000 Net Loss in July
----------------------------------------------------
Northstar Aerospace (USA) Inc., now known as NSA (USA) Liquidating
Corp., et al., on Aug. 19, 2013, filed its monthly operating
report for the month ended July 2013.
The Company posted a net loss of $144,000 for July.
As of July 31, 2013, the Company had total assets of $102.55
million, total liabilities of $87.43 million, and total
stockholders'equity of $15.13 million.
At July 1, the Company had a beginning cash balance of $574,000.
For the reporting period, it had total operating receipts of
$240,000, total cash disbursements of $38,000, and total
restructuring costs of $106,000. As a result, at the end of July,
the Company had total cash of $670,000.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/NORTHSTAR_AEROSPACE_julymor.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.
PATRIOT COAL: Losses Widened in July
------------------------------------
Bill Rochelle, writing for Bloomberg News, reported that Patriot
Coal Corp.'s operating loss widened to $47.8 million in July from
$28.7 million in June after revenue dropped 30 percent.
The $95.1 million in revenue for July was $24.1 million less than
the month's operating expenses. Items including $14.7 million in
depreciation added to the coal producer's loss, according to the
operating report filed on Aug. 21 with the U.S. Bankruptcy Court
in St. Louis, the report related.
According to the report, the net loss for July was $69.9 million,
compared with $40.1 million the month before. June revenue totaled
$136.6 million, for an operating loss of $28.7 million.
Revenue in June was 10 percent below May's sales, the report
related. The June net loss exceeded the May loss by more than $10
million.
The operating report came one day after the bankruptcy judge
approved a new labor contract with the mine workers' union,
according to the report. Patriot said the contract should allow
emergence from bankruptcy reorganization by the year's end.
A copy of the monthly operating report is available for free at:
http://is.gd/fZrCKD
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.
PMI GROUP: Posts $1.11 Million Net Loss at July 31
--------------------------------------------------
The PMI Group, Inc., on Aug. 20, 2013, filed its monthly operating
report for the month ended July 31, 2013.
The Company posted net loss of $1.11 million for the month ended
July 31, 2013.
As of July 31, 2013, the Company had total assets of $210.55
million, total liabilities of $753.38 million, and total
stockholders' deficit of $542.83 million.
At the beginning of the month, the Company had $193.85 million in
cash. PMI had total cash receipts of $8,155 and total cash
disbursements of $1.12 million. As a result, at the end of July,
the Company had total cash of $192.75 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/THE_PMI_GROUP_julymor.pdf
About The PMI Group
The PMI Group, Inc., is an insurance holding company whose stock
had, until Oct. 21, 2011, been publicly-traded on the New York
Stock Exchange. Through its principal regulated subsidiary, PMI
Mortgage Insurance Co., and its affiliated companies, the Debtor
provides residential mortgage insurance in the United States.
The PMI Group filed for Chapter 11 bankruptcy (Bankr. D. Del. Case
No. 11-13730) on Nov. 23, 2011. In its schedules, the Debtor
disclosed $167,963,354 in assets and $770,362,195 in liabilities.
Stephen Smith signed the petition as chairman, chief executive
officer, president and chief operating officer.
The Debtor said in the filing that it does not have the financial
resources to pay the outstanding principal amount of the 4.50%
Convertible Senior Notes, 6.000% Senior Notes and the 6.625%
Senior Notes if those amounts were to become due and payable.
The Debtor is represented by James L. Patton, Esq., Pauline K.
Morgan, Esq., Kara Hammond Coyle, Esq., and Joseph M. Barry, Esq.,
at Young Conaway Stargatt & Taylor LLP.
The Official Committee of Unsecured Creditors appointed in the
case retained Morrison & Foerster LLP and Womble Carlyle Sandridge
& Rice, LLP, as bankruptcy co-counsel. Peter J. Solomon Company
serves as the Committee's financial advisor.
The U.S. Bankruptcy Court approved the Plan of Reorganization and
related disclosure statement of PMI Group on July 25, 2013.
RESIDENTIAL CAPITAL: Incurs $45-Mil. Operating Loss in July
-----------------------------------------------------------
Residential Capital, LLC, and its debtor affiliates disclosed that
for the period from July 1 to 31, 2013, they incurred $44,989,539
in operating loss, compared to the $251,309,150 operating loss the
previous month.
Receipts for the month ended July 31, 2013, totaled $113,126,000,
while disbursements totaled $93,775,000. Total net revenue for
the period was -($14,191,000), while reorganization items totaled
$11,771,000.
The Debtors said that, as of July 31, 2013, their consolidated
assets totaled $3,170,707,000, consolidated liabilities totaled
$3,967,909,000, and equity totaled -($797,202,000).
Payments made to insiders during the month totaled $7,272,269.
Payment made to bankruptcy professionals during the month was
$27,481,270, while payments made to bankruptcy professionals since
the Petition Date totaled $222,436,689.
A full-text copy of the July 2013 Operating Report is available
for free at http://bankrupt.com/misc/RESCAPmorjuly2013.pdf
About Residential Capital
Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012. Neither Ally
Financial nor Ally Bank is included in the bankruptcy
filings.
ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.
ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities at March 31, 2012.
Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap. Morrison & Foerster LLP is acting as legal
adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel. Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.
Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.
ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.
Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).
RG STEEL: Incurs $3.699 Million Net Loss in July
------------------------------------------------
WP Steel Ventures, LLC, et al., on August 19, 2013, filed their
monthly operating report for the month ended July 31, 2013.
The Company posted a net loss of $3.699 million for the month
ended July 31, 2013.
As of July 31, 2013, the Company had total assets of $251.953
million, total liabilities of more than $1.202 billion and total
stockholders' deficit of $950.818 million.
For the month of July, the Company had total cash receipts of
$2.865 million and total disbursements of $1.017 million. At the
end of the month, the Company had $544,000 in unrestricted cash
and equivalents.
A full-text copy of the monthly operating report is available at:
http://is.gd/z3gGIH
About RG Steel
RG Steel LLC -- http://www.rg-steel.com/-- is the United States'
fourth-largest flat-rolled steel producer with annual steelmaking
capacity of 7.5 million tons. It was formed in March 2011
following the purchase of three steel facilities located in
Sparrows Point, Maryland; Wheeling, West Virginia and Warren,
Ohio, from entities related to Severstal US Holdings LLC. RG
Steel also owns finishing facilities in Yorkville and Martins
Ferry, Ohio. It also owned Wheeling Corrugating Company and has a
50% ownership in Mountain State Carbon and Ohio Coatings Company.
RG Steel along with affiliates, including WP Steel Venture LLC,
sought bankruptcy protection (Bankr. D. Del. Lead Case No. 12-
11661) on May 31, 2012. Bankruptcy was precipitated by liquidity
shortfall and a dispute with Mountain State Carbon, LLC, and a
Severstal affiliate, that restricted the shipment of coke used in
the steel production process.
The Debtors estimated assets and debts in excess of $1 billion.
As of the bankruptcy filing, the Debtors owe (i) $440 million,
including $16.9 million in outstanding letters of credit, to
senior lenders led by Wells Fargo Capital Finance, LLC, as
administrative agent, (ii) $218.7 million to junior lenders, led
by Cerberus Business Finance, LLC, as agent, (iii) $130.5 million
on account of a subordinated promissory note issued by majority
owner The Renco Group, Inc., and (iv) $100 million on a secured
promissory note issued by Severstal.
Judge Kevin J. Carey presides over the case.
The Debtors are represented in the case by Robert J. Dehney, Esq.,
and Erin R. Fay, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
and Matthew A. Feldman, Esq., Shaunna D. Jones, Esq., Weston T.
Eguchi, Esq., at Willkie Farr & Gallagher LLP, represent the
Debtors. Conway MacKenzie, Inc., serves as the Debtors' financial
advisor and The Seaport Group serves as lead investment banker.
Donald MacKenzie of Conway MacKenzie, Inc., as CRO. Kurtzman
Carson Consultants LLC is the claims and notice agent.
Wells Fargo Capital Finance LLC, as Administrative Agent, is
represented by Jonathan N. Helfat, Esq., and Daniel F. Fiorillo,
Esq., at Otterbourg, Steindler, Houston & Rosen, P.C.; and Laura
Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachuiski Stang
Ziehi & Jones LLP.
Renco Group is represented by lawyers at Cadwalader, Wickersham &
Taft LLP.
Kramer Levin Naftalis & Frankel LLP represents the Official
Committee of Unsecured Creditors. Huron Consulting Services LLC
serves as the Committee's financial advisor.
The Debtor has sold off the principal plants. The sale of the
Wheeling Corrugating division to Nucor Corp. brought in $7
million. That plant in Sparrows Point, Maryland, fetched the
highest price, $72.5 million. CJ Betters Enterprises Inc. paid
$16 million for the Ohio plant.
RURAL/METRO CORP: Files 14-Week Cash Flow Forecast
--------------------------------------------------
Rural/Metro Corporation filed an initial monthly operating
report on Aug. 19, 2013, which included a cash flow forecast for
the 14-week period ended Nov. 3, 2013, a full-text copy of which
is available at:
http://bankrupt.com/misc/RURAL_METRO_CORP_mor.pdf
The Company forecasts net cash receipts for the 14-week period to
total $168,797, while total disbursements $176,760 for the same
period. Adjusted operating cash flow thus total -($7,963). Non-
operating items total $49,510. The Company also forecasts $29,900
for Chapter 11 items, which include professional fees and surety
bond exposure.
About Rural/Metro Corporation
Headquartered in Scottsdale, Arizona, Rural/Metro Corporation --
http://www.ruralmetro.com-- is a national provider of 911-
emergency and non-emergency interfacility ambulance services and
private fire protection services, operating in 21 states and
nearly 700 communities.
Rural/Metro Corp. and 59 affiliates sought Chapter 11 protection
on Aug. 4, 2013, before the U.S. Bankruptcy Court for the District
of Delaware.
The Debtors' lead bankruptcy counsel are Matthew A. Feldman, Esq.,
Rachel C. Strickland, Esq., and Daniel Forman, Esq., at Willkie
Farr & Gallagher LLP, in New York. Maris J. Kandestin, Esq., and
Edmon L. Morton, Esq., at Young, Conaway, Stargatt & Taylor, LLP,
in Wilmington, Delaware, serve as the Debtors' local Delaware
counsel.
Alvarez & Marsal Healthcare Industry Group, LLC, and FTI
Consulting, Inc., are the Debtors' financial advisors, while
Lazard Freres & Co. L.L.C. is their investment banker. Donlin,
Recano & Company, Inc., is the Debtors' claims and noticing agent.
The U.S. Trustee has appointed a three-member official committee
of unsecured creditors in the Chapter 11 case.
SCOOTER STORE: Records $3.14 Million Net Loss at July 31
--------------------------------------------------------
The SCOOTER Store Holdings, Inc. on Aug. 16, 2013, filed its
monthly operating report for the period from July 1, 2013 to
July 31, 2013.
The Debtor reported a net loss of $3.14 million for the period
ended July 31, 2013.
As of July 31, 2013, the Debtor had total assets of $72.93
million, total liabilities of $138.53 million, and total
stockholders' deficit of $65.6 million.
The Debtor had $3.16 million beginning book balance at the start
of July. It had total cash receipts of $18.7 million and total
disbursements of $12.68 million for the reporting period. At
July 31, the Debtor had an ending cash balance of $8.31 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/SCOOTER_STORE_julymor.pdf
About The Scooter Store
The Scooter Store is a supplier of power mobility solutions,
including power wheelchairs, scooters, lifts, ramps, and
accessories. The Scooter Store's products and services provide
today's seniors and disabled persons potential alternatives to
living in nursing homes or other care facilities. Headquartered
in New Braunfels, Texas, the Scooter Store has a nationwide
network of distribution centers that service products owned or
leased by the Company's customers. It has 57 distribution
centers in 41 states.
Scooter Store Holdings Inc., and 71 affiliates filed for Chapter
11 bankruptcy (Bankr. D. Del. Lead Case No. 13-10904) in
Wilmington. The closely held company listed assets of less than
$10 million and debt of more than $50 million.
Affiliates of private equity firm Sun Capital Partners, based in
Boca Raton, Florida, purchased a majority voting interest in the
debtors in 2011. Scooter Store is 66.8 percent owned by Sun
Capital Partners Inc., owed $40 million on a third lien. In
addition to Sun's debt and $25 million on a second lien owing to
Crystal Financial LLC, there is a $25 million first-lien revolving
credit owing to CIT Healthcare LLC as agent. Crystal is providing
$10 million in financing for bankruptcy.
SOUND SHORE: Posts $73.43MM Shareholders' Deficit for July
----------------------------------------------------------
Sound Shore Medical Center of Westchester and its affiliates, on
Aug. 22,2013, filed a monthly operating report for July 2013.
As of July 31, 2013, the Debtors had $137.13 million in total
assets, $210.55 million in total liabilities, and a $73.43 million
total shareholders' deficit.
At July 1, the Debtors had a beginning book balance of
$2.48 million. They had total receipts of $11.85 million and
about $3.83 million in net cash from operations. The Debtors has
total cash disbursements of $15.69 million for the entire month.
As a result, the Debtors had $2.49 million cash at the end of the
month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/SOUND_SHORE_julymor.pdf
About Seven Counties
Sound Shore Medical Center of Westchester, Mount Vernon Hospital
Inc., Howe Avenue Nursing Home and related entities sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 13-22840) on
May 29, 2013, in White Plains, New York.
The Debtors are the largest "safety net" providers for Southern
Westchester County in New York. Affiliated with New York Medical
College, Sound Shore is a not-for-profit 242-bed, community based-
teaching hospital located in New Rochelle, New York. Mountain
Vernon Hospital is a voluntary, not-for-profit 176-bed hospital
located in Mount Vernon, New York. Howe Avenue Nursing Home is a
150-bed, comprehensive facility.
The Debtors tapped Burton S. Weston, Esq., at Garfunkel Wild, P.C.
as counsel; Alvarez & Marsal Healthcare Industry Group, LLC, as
financial advisors; and GCG Inc., as claims agent.
The Debtors are seeking to sell their assets to the Montefiore
health system. In June 2013, Montefiore added $4.75 million to
its purchase offer for Sound Shore Medical Center and Mount Vernon
Hospital to speed up the sale. Montefiore raised its bid to
$58.75 million plus furniture and equipment as part of a request
for a private sale of the bankrupt New Rochelle and Mount Vernon
hospitals, which the Bronx-based health system would like to buy
by August 2. Montefiore is represented by Togut, Segal & Segal
LLP.
Alston & Bird LLP represents the Official Committee of Unsecured
Creditors.
Sound Shore disclosed assets of $159.6 million and liabilities
totaling $200 million. Liabilities include a $16.2 million
revolving credit and a $5.8 million term loan with Midcap
Financial LLC. There is $9 million in mortgages with Sun Life
Assurance Co. of Canada (US) and $11.5 million owing to the New
York State Dormitory Authority.
Neubert, Pepe & Monteith, P.C., represents Daniel T. McMurray, the
patient care ombudsman for Sound Shore.
VALENCE TECHNOLOGY: Incurs $711,000 Net Loss in July
----------------------------------------------------
Valence Technology, Inc., filed with the U.S. Securities and
Exchange Commission its monthly operating report for July 2013.
The Company reported a net loss of $711,224 on $2.71 million of
revenue for the month of July. As of July 31, 2013, the Company
had $22.38 million in total assets, $84.68 million in total
liabilities and a $62.30 million total owners' deficit.
At July 1, 2013, the Company had $427,781 in cash. The Company
reported total receipts of $6.85 million and total disbursements
of $6.65 million. At the end of the month, Valence had $625,153
in cash.
A copy of the monthly operating report is available for free at:
http://is.gd/GQeU8Z
About Valence Technology
Valence Technology, Inc., filed a Chapter 11 petition (Bankr. W.D.
Tex. Case No. 12-11580) on July 12, 2012, in its home-town in
Austin. Founded in 1989, Valence develops lithium iron magnesium
phosphate rechargeable batteries. Its products are used in hybrid
and electric vehicles, as well as hybrid boats and Segway personal
transporters.
The Debtor disclosed debt of $82.6 million and assets of
$31.5 million as of March 31, 2012. The Debtor disclosed
$24,858,325 in assets and $78,520,831 in liabilities as of the
Chapter 11 filing. Chairman Carl E. Berg and related entities own
44.4 percent of the shares. ClearBridge Advisors LLC owns 5.5
percent.
Judge Craig A. Gargotta presides over the case. The Company is
being advised by Sabrina L. Streusand at Streusand, Landon &
Ozburn, LLP with respect to bankruptcy matters. The petition was
signed by Robert Kanode, CEO.
On Aug. 8, 2012, the U.S. Trustee for Region 7 appointed five
creditors to serve on the Official Committee of Unsecured
Creditors of the Debtor. Brinkman Portillo Ronk, PC, serves as
its counsel.
YARWAY CORPORATION: Posts $4.51 Million Net Loss in July
--------------------------------------------------------
Yarway Corporation, on Aug. 20, 2013, filed its monthly operating
report for the month ended July 2013.
The Debtor reported a net loss of $4.51 million in July.
As of July 2013, the Debtor had total assets of $106.71 million,
total liabilities of $259.45 million, and total stockholders'
deficit of $152.74 million.
At the beginning of the period, the Debtor had $14.26 million in
cash. Yarway had $150,957 cash receipts and zero cash
disbursements. As a result, at the end of July, the Debtor still
had $14.41 million cash.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/YARWAY_CORPORATION_julymor.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
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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