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/raid1/www/Hosts/bankrupt/TCR_Public/131130.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, November 30, 2013, Vol. 17, No. 332 Headlines EXCEL MARITIME: Ends October with $26.12 Million in Cash EXIDE TECHNOLOGIES: Net Loss in October Increases to $12.3 Million FIBERTOWER CORP: Posts $299,726 Net Loss for October GMX RESOURCES: Tallies $4.7 Million Net Loss in October KIDSPEACE CORP: Reports $290,928 Net Profit for September LIFE UNIFORM: Lists $138,116 Net Loss for October METEX MFG: Lists $1.60 Million Cash Balance at Oct. 31 METRO FUEL: Net Loss Up in October to $286,940 NORTHSTAR AEROSPACE: Ends October with $282,000 Cash PATRIOT COAL: Incurs $28 Million Net Loss in October PROMMIS HOLDINGS: Incurs $1.29 Million Net Loss in September PROMMIS HOLDINGS: October Net Loss Drops to $732,938 SCOOTER STORE: Incurs $39.34 Million Net Loss in October TRINITY COAL: Earns $181,017 Net Income in October VELTI INC: Projects $5.77 Million Cash Balance at Nov. 29 YARWAY CORPORATION: Ends October with $11.38 Million Cash ********* EXCEL MARITIME: Ends October with $26.12 Million in Cash -------------------------------------------------------- Excel Maritime Carriers Ltd. and its affiliates, filed on Nov, 15, 2013, their monthly operating report for October 2013. The Debtors' statement of operations reported a net loss of $2.39 million with total revenues of $17.27 million. As of October 31, the Debtors had $942 million in total assets, $956.78 million in total liabilities and a $14.20 million total shareholders' deficit. At the beginning of the month, the Debtors had $25.76 million in cash. During the month, the Debtors recorded total cash receipts of $38.52 million and total cash disbursements of $36.16 million. Thus, at October 31, the Debtors had $26.12 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/EXCELMARITIMEoctmor.pdf About Excel Maritime Based in Athens, Greece, Excel Maritime Carriers Ltd. -- http://www.excelmaritime.com/-- is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel owns a fleet of 40 vessels and, together with 7 Panamax vessels under bareboat charters, operates 47 vessels (5 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax vessels) with a total carrying capacity of approximately 3.9 million DWT. Excel Class A common shares have been listed since Sept. 15, 2005, on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998. The company blamed financial problems on low charter rates. The balance sheet for December 2011 had assets of $2.72 billion and liabilities totaling $1.16 billion. Excel owes $771 million to secured lenders with liens on almost all assets. There is $150 million owing on 1.875 percent unsecured convertible notes. Excel Maritime filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 13-23060) on July 1, 2013, in New York after signing an agreement where secured lenders owed $771 million support a reorganization plan filed alongside the petition. The Debtor disclosed $35,642,525 in assets and $1,034,314,519 in liabilities as of the Chapter 11 filing. Excel, which sought bankruptcy with a number of affiliates, has tapped Skadden, Arps, Slate, Meagher & Flom LLP, as counsel; Miller Buckfire & Co. LLC, as investment banker; and Global Maritime Partners Inc., as financial advisor. A five-member official committee of unsecured creditors was appointed by the U.S. Trustee. The Creditors' Committee is represented by Michael S. Stamer, Esq., Sean E. O'Donnell, Esq., and Sunish Gulati, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York; and Sarah Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas. Jefferies LLC serves as the Committee's investment banker. The Debtors' Chapter 11 plan filed on July 15, 2013, proposes to implement a reorganization worked out before a July 1 bankruptcy filing. The plan will give ownership to secured lenders owed $771 million, although the lenders will allow current owner Gabriel Panayotides to keep control, at least initially. Unsecured creditors with claims totaling $163 million will receive a $5 million, eight percent note for a predicted recovery of 3 percent. Holders of $150 million in unsecured convertible notes make up the bulk of the unsecured-claim pool. EXIDE TECHNOLOGIES: Net Loss in October Increases to $12.3 Million ------------------------------------------------------------------ Exide Technologies and its subsidiaries, on Nov. 20, 2013, filed their monthly operating report for October 2013. Exide reported a net loss of $12.13 million on net sales of $97.12 million in its statement of operations for the month, compared to a $3.59 million net loss the previous month. As of October 31, the Debtors had $1.47 billion in total assets, $1.44 billion in total liabilities and a $32.22 million total shareholders' equity. The Debtors started the month with $33.35 million cash. They reported total cash receipts of $90.15 million and total cash disbursements of $117.21 million during the month. Among other things, the Debtors paid $11.34 million in professional fees. Thus, at the end of the month, the Debtors had $6.29 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/EXIDETECHNOLOGIESoctmor.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. FIBERTOWER CORP: Posts $299,726 Net Loss for October ---------------------------------------------------- FiberTower Network Services filed on Nov. 18, 2013, its monthly operating report for October 2013. FiberTower incurred a net loss of $299,726 on zero net revenue for the month. At October 31, the Debtors reported $27.11 million in total assets, $324.76 million in total liabilities and a $297.64 million total shareholders' deficit. At the beginning of the month, the Debtors had $4.74 million in cash. The Debtors had total cash receipts of $64,454 and total cash disbursements of $480,334. At the end of October, the Debtors had $4.33 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FIBERTOWERNETWORKoctmor.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. On March 15, 2013, the Court entered an order authorizing the Debtors 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. 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. GMX RESOURCES: Tallies $4.7 Million Net Loss in October ------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that GMX Resources Inc., an oil and gas exploration and production company, reported a $4.7 million net loss in October on revenue of $2 million. According to the report, the month's operating loss was $823,000, according to a report filed with the U.S. Bankruptcy Court in Oklahoma City, where the company is based. Interest expense for the month was $3.7 million. GMX has a Dec. 3 hearing in bankruptcy court for approval of disclosure materials explaining a revised reorganization plan based on a settlement between senior secured noteholders and unsecured creditors. The lenders are to assume ownership in exchange for $338 million of the $402.4 million they are owed. The $51 million in 9 percent second-lien notes last traded on Nov. 21 for less than 1 cent on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The $48.3 million in senior unsecured notes due 2015 traded on Nov. 20 for less than 1 cent, according to Trace. A copy of GMX's October monthly operating report is available at the SEC at http://is.gd/3J8qIx 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. GMX 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. GMX listed assets for $281.1 million and liabilities totaling $458.5 million. 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. David A. Zdunkewicz, Esq., at Andrews Kurth LLP, represents the Debtors as counsel. 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 KIDSPEACE CORP: Reports $290,928 Net Profit for September --------------------------------------------------------- KidsPeace Corporation filed, on Nov. 21, 2013, its monthly operating report for September 2013. The Debtor incurred a net profit of $290,928 on net revenues of $98,682 for the month. At September 30, the Debtor reported $162.70 million in total assets, $149.36 million in total liabilities subject to compromise and a $13.34 million total shareholders' equity. At the beginning of the month, the Debtor had $6.69 million cash. It reported total cash receipts of $9.98 million and total cash disbursements of $8.66 million. The Debtor paid $272,862 in professional fees. Thus, at month end, the Debtors had $8.01 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/KIDSPEACECORPseptmor.pdf About KidsPeace Corp. KidsPeace Corp., a provider of behavioral services for children, filed a petition for Chapter 11 reorganization (Bankr. E.D. Pa. Case No. 13-14508) on May 21, 2013, in Reading, Pennsylvania. KidsPeace operates a 96-bed pediatric psychiatric hospital in Orefield, Pennsylvania. Assets are $86.7 million, and debt on the books is $158.6 million, a ccording to a court filing. The Debtor, which sought bankruptcy protection with eight affiliates, tapped Norris McLaughlin & Marcus, P.A. as counsel; EisnerAmper LLP as financial advisor, and Rust Omni as claims and notice agent. Assets total $158,587,999 at the end of 2012. The Debtors owe approximately $56,206,821 in bond debt, and they have been told that their pension liability is allegedly about $100,000,000 of which the Debtors currently reflect $83,049,412 on their books. KidsPeace sought Chapter 11 (i) as a means to implement a negotiated restructuring of bond debt currently aggregating approximately $51,310,000 plus accrued interest to a reduced amount of approximately $24 million in new 30-year bonds with interest at 7.5 percent, and (ii) to continue on-going negotiations with the Pension Benefit Guaranty Corporation in hopes of reducing the PBGC asserted obligation of $100+ million to an amount that the Debtors can reasonably expect to satisfy. The Debtor disclosed $157,930,467 in assets and $168,768,207 in liabilities as of the Chapter 11 filing. Since March 2012, MK has been exploring possible affiliation or acquisition opportunities; however, no offer of an affiliation or acquisition has been presented to the Debtors. Gemino Healthcare Finance, LLC, the prepetition revolving lender, is represented by James S. Rankin, Jr., Esq., at Parker, Hudson, Rainer & Dobbs LLP; and Weir & Partners LLP's Walter Weir, Jr., Esq. UMB Bank, N.A., on behalf of bondholders, Performance Food Group d/b/a AFI, W.B. Mason Co., Inc., Pension Benefit Guaranty Corporation, and Teresa Laudenslager were appointed to an official committee of unsecured creditors in the Debtors' cases. The Official Committee of Unsecured Creditors is represented by Fitzpatrcik Lentz & Bubba, P.C., and Lowenstein Sandler LLP as counsel. FTI Consulting, Inc. serves as the panel's financial advisor. LIFE UNIFORM: Lists $138,116 Net Loss for October ------------------------------------------------- Life Uniform Holding Corp., and its affiliates, on Nov. 20, 2013, filed a monthly operating report for the month of October 2013. The Debtors' consolidated statement of operations reported a net loss of $138,116 for the month. At October 31, the Debtors had $1.83 million in total assets, -($65.17 million) in total liabilities subject to compromise and a $67 million total shareholders' deficit. A copy of the monthly operating report is available at: http://bankrupt.com/misc/LIFEUNIFORMoctmor.pdf About Life Uniform Life Uniform was founded in 1965 when Angelica Corporation decided to enter the retail uniform industry. The first Life Uniform store opened in 1965 in Clayton, Missouri. At present, Life Uniform is the nation's largest independently owned medical professional supplier. Sun Uniform LLC acquired Life Uniform in July 2004. Since the acquisition by Sun the company addressed sagging profitability and overhead issues and quickly drove increases in profitability through a combination of store rationalization and sensible corporate overhead initiatives. However, recent performance has been declining in terms of revenue. This is due to the company's liquidity issues, which prevented the company from completing its e-commerce system upgrade, encourage better pricing from vendors, and maintain sufficient capital. Life Uniform Holding Corp., Healthcare Uniform Company, Inc., and Uniform City National Inc. filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 13-11391 to 13-11393) on May 29, 2013. The petitions were signed by Bryan Graiff, COO, CFO, VP, secretary, and treasurer. Life Uniform Holding disclosed $10,695,870 in assets and $36,821,034 in liabilities as of the Chapter 11 filing. Life Uniform and Uniform City received court authority on July 26 to sell the business for $22.6 million to Scrubs & Beyond LLC. There were no competing bids, so an auction wasn't held. First lien lender CapitalSource Finance LLC is owed on a $11.5 million revolver and $26 million term loan. CapitalSource is represented by Brian T. Rice, Esq., at Brown Rudnick LLP; and Jeffrey C. Wisler, Esq., at Connolly Gallagher LLP. Sun Uniforms Finance LLC is owed $6.1 million in principal on a second lien note and holds two additional notes, each in the original principal of $1.08 million. Angelica Corp. holds an unsecured junior subordinate not in the principal amount of $5.48 million. Domenic E. Pacitti, Esq., at Klehr Harrison Harvey Branzburg, LLP, serves as the Debtors' counsel. Epiq Bankruptcy Solutions acts as the Debtors' administrative agent, and claims and noticing agent. The Debtors' financial advisor is Capstone Advisory Group, LLC. The Official Committee of Unsecured Creditors is represented by Seth Van Aalten, Esq., at Cooley LLP, and Ann M. Kashishian, Esq., at Cousins Chipman & Brown, LLP as counsel. The U.S Trustee for Region 3 appointed Boris Segalis of InfoLawGroup LLP as consumer privacy ombudsman in the case. METEX MFG: Lists $1.60 Million Cash Balance at Oct. 31 ------------------------------------------------------ Metex Mfg. Corporation, on Nov. 21, 2013, filed its monthly operating report for October 2013. Metex reported a net profit of $59,695 for the month of October. At October 31, the Debtor had $5.71 million in total assets, $9.37 million in total liabilities and a -($3.66 million) total shareholders' deficit. At the beginning of the month, the Debtor had $1.54 million cash. It recorded $63,460 in total receipts and $3,765 in total disbursements. Thus, at month end, it had $1.60 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/METEXMFGoctmor.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. Paul M. Singer, Esq., and Gregory L. Taddonio, Esq., at Reed Smith LLP, in Pittsburgh, Pa.; and Paul E. Breene, Esq., and Michael J. Venditto, Esq., at Reed Smith LLP, in New York, N.Y., represent the Debtor as counsel. METRO FUEL: Net Loss Up in October to $286,940 ---------------------------------------------- Metro Fuel Oil Corp., et al., on Nov. 20, 2013, filed their monthly operating report for October 2013. The Debtors reported a net loss of $286,940 on sales for October, as compared to $32,524 the previous month. At October 31, the Debtors had $17.79 million in total assets, $74.51 million in total liabilities and a $56.72 million total shareholders' deficit. At the beginning of October, the Debtors had $17.59 million in cash. The Debtors reported total cash receipts of $125,162 and total cash disbursements of $144,719, which include $3,584 in professional fees. Thus, at month end, the Debtors had $17.59 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/METROFUELoctmor.pdf About Metro Fuel Metro Fuel Oil Corp., is a family-owned energy company, founded in 1942, that supplies and delivers bioheat, biodiesel, heating oil, central air conditioning units, ultra low sulfur diesel fuel, natural gas and gasoline throughout the New York City metropolitan area and Long Island. Owned by the Pullo family, Metro has 55 delivery trucks and a 10 million-gallon fuel terminal in Brooklyn. Financial problems resulted in part from cost overruns in building an almost-complete biodiesel plant with capacity of producing 110 million gallons a year. Based in Brooklyn, New York, Metro Fuel Oil Corp., fka Newtown Realty Associates, Inc., and several of its affiliates filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Lead Case No. 12-46913) on Sept. 27, 2012. Judge Elizabeth S. Stong presides over the case. Nicole Greenblatt, Esq., at Kirkland & Ellis LLP, represents the Debtor. The Debtor selected Epiq Bankruptcy Solutions LLC as notice and claims agent. Th Debtor tapped Carl Marks Advisory Group LLC as financial advisor and investment banker, Curtis, Mallet-Prevost, Colt & Mosle LLP as co-counsel, AP Services, LLC as crisis managers for the Debtors, and appoint David Johnston as their chief restructuring officer. The petition showed assets of $65.1 million and debt totaling $79.3 million. Liabilities include $58.8 million in secured debt, with $48.3 million owing to banks and $10.5 million on secured industrial development bonds. Metro Terminals Corp., affiliate of Metro Fuel Oil Corp., disclosed $38,613,483 in assets and $71,374,410 in liabilities as of the Chapter 11 filing. The U.S. Trustee appointed seven-member creditors committee. Kelley Drye & Warren LLP represents the Committee. The Committee tapped FTI Consulting, Inc. as its financial advisor. On Feb. 15, 2013, the Bankruptcy Court entered an order approving the sale of substantially all of the assets of the Debtors to United Refining Energy Corp., for base purchase price of $27,000,000, subject to adjustments. NORTHSTAR AEROSPACE: Ends October with $282,000 Cash ---------------------------------------------------- Northstar Aerospace (USA) Inc., now known as NSA (USA) Liquidating Corp., et al., filed on Nov. 19, 2013, their monthly operating report for the period Oct. 1 to 30, 2013. The Debtors, in their statement of operations, reported a net loss of $209,000 on zero revenue. At October 31, the Debtors had $102.17 million in total assets, $87.45 million in total liabilities, and a $14.72 million total shareholders' equity. At the beginning of the month, the Debtors had $491,000 in cash. During the month, the Debtors recorded total cash receipts of $2,000 and expended $209,000 in cash disbursements and restructuring costs. Thus, at the end of the month, the Debtors had $282,000 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/NORTHSTARAEROSPACEoctmor.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: Incurs $28 Million Net Loss in October ---------------------------------------------------- Patriot Coal Corporation and its subsidiaries, filed with the U.S. Securities and Exchange Commission their monthly operating report for October 2013. Patriot Coal's consolidated statement of operations showed a net loss of $28.17 million on $135.28 million total revenues for the month. As of October 31, the Debtors had $3.5 billion in total assets, $3.97 billion in total liabilities, and a $466.6 million total shareholders' deficit. At month end, the Debtors reported total cash receipts of $143.02 million and total cash disbursements of $168.42 million, which include $2.33 million in professional fees. A copy of the monthly operating report is available at the SEC at: http://is.gd/UabfOC 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. Houlihan Lokey Capital, Inc., serves as its financial advisor and investment banker. Epiq Bankruptcy Solutions, LLC, serves as its information agent. On Nov. 27, 2012, the New York bankruptcy judge moved Patriot's bankruptcy case to St. Louis. The order formally sending the reorganization to Missouri was signed December 19 by the bankruptcy judge. The New York Judge in a Jan. 23, 2013 order denied motions to transfer the venue to the U.S. Bankruptcy Court for the Southern District of West Virginia. Patriot Coal Corp., et al., filed with the U.S. Bankruptcy Court for the Eastern District of Missouri a First Amended Joint Chapter 11 Plan of Reorganization and an explanatory disclosure statement on Oct. 9, 2013, and a Second Amended Joint Chapter 11 Plan of Reorganization and an explanatory disclosure statement on Oct. 26, 2013. PROMMIS HOLDINGS: Incurs $1.29 Million Net Loss in September ------------------------------------------------------------ Prommis Holdings, LLC, and its affiliates, filed on Nov. 4, 2013, their monthly operating report for September 2013. The Debtors incurred a net loss of $1.29 million on zero revenue for the month. At September 30, the Debtors had $12.69 million in total assets, $79.86 million in total liabilities, and a $67.16 million total shareholders' deficit. The Debtors had a beginning cash balance of $3.39 million for the month. They reported total cash receipts of $2.79 million and total cash disbursements of $3.91 million, which include $920,000 in professional fees. At the end of September, the Debtors had $2.27 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/PROMMISHOLDINGSseptmor.pdf About Prommis Holdings Atlanta, Georgia-based Prommis Holdings, LLC, and its 10 affiliates delivered their petitions for voluntary bankruptcy under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 13-10551) on March 18, 2013. Three subsidiaries -- EC Closing Corp., EC Closing Corp. of Washington, and EC Posting Closing Corp. -- sought Chapter 11 protection (Bankr. D. Del. Case Nos. 13-11619 to 13-11621) on June 25, 2013. Prommis Holdings estimated assets between $10 million and $50 million and debts between $50 million and $100 million. Prommis Solutions, LLC, a debtor-affiliate disclosed $18,488,803 in assets and $260,232,313 in liabilities as of the Chapter 11 filing. Judge Brendan Linehan Shannon presides over the case. Steven K. Kortanek, Esq., at Womble Carlyle Sandridge & Rice, LLP, serves as the Debtors' counsel, while David S. Meyer, Esq., at Kirkland & Ellis LLP serves as co-counsel. The Debtors' restructuring advisor is Huron Consulting Services, LLC. Donlin Recano & Company, Inc., is the Debtors' claims agent. The Official Committee of Unsecured Creditors tapped Saul Ewing LLP and Hahn & Hessen LLP as its co-counsels, and FTI Consulting, Inc., as its financial advisor. PROMMIS HOLDINGS: October Net Loss Drops to $732,938 ---------------------------------------------------- Prommis Holdings, LLC, et al., on Nov. 20, 2013, filed their monthly operating report for October 2013. Prommis Holdings reported a net loss of $732,938 on zero net revenues in October, as compared to a $1.29 million net loss the previous month. At October 31, the Debtors had $12.69 million in total assets, $79.85 million in total liabilities, and a $67.94 million total shareholders' deficit. Debtors had a beginning cash balance of $2.27 million for the month. They reported $752,000 in total cash receipts and $229,000 total cash disbursement, which include $72,000 in professional fees. Thus, at the end of October, the Debtors had $2.79 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/PROMMISHOLDINGSoctmor.pdf About Prommis Holdings Atlanta, Georgia-based Prommis Holdings, LLC, and its 10 affiliates delivered their petitions for voluntary bankruptcy under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 13-10551) on March 18, 2013. Three subsidiaries -- EC Closing Corp., EC Closing Corp. of Washington, and EC Posting Closing Corp. -- sought Chapter 11 protection (Bankr. D. Del. Case Nos. 13-11619 to 13-11621) on June 25, 2013. Prommis Holdings estimated assets between $10 million and $50 million and debts between $50 million and $100 million. Prommis Solutions, LLC, a debtor-affiliate disclosed $18,488,803 in assets and $260,232,313 in liabilities as of the Chapter 11 filing. Judge Brendan Linehan Shannon presides over the case. Steven K. Kortanek, Esq., at Womble Carlyle Sandridge & Rice, LLP, serves as the Debtors' counsel, while David S. Meyer, Esq., at Kirkland & Ellis LLP serves as co-counsel. The Debtors' restructuring advisor is Huron Consulting Services, LLC. Donlin Recano & Company, Inc., is the Debtors' claims agent. The Official Committee of Unsecured Creditors tapped Saul Ewing LLP and Hahn & Hessen LLP as its co-counsels, and FTI Consulting, Inc., as its financial advisor. SCOOTER STORE: Incurs $39.34 Million Net Loss in October -------------------------------------------------------- The Scooter Store Holdings, Inc., et al., on Nov. 19, 2013, filed its monthly operating report for the period Oct. 1 to 30, 2013. The Debtor's consolidated statement of operations reported a net loss of $39.34 million on net sales of $1.67 million for the month of October. At October 31, the Debtor had $12.52 million in total assets, $123.48 million in total liabilities, and a $110.97 million total shareholders' deficit. At the beginning of October, the Debtors had $8.75 million in cash. They reported total cash receipts of $6.90 million and total cash disbursements of $7.78 million. At the end of the month, the Debtor had $7.42 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SCOOTERSTOREoctmor.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. TRINITY COAL: Earns $181,017 Net Income in October -------------------------------------------------- Trinity Coal Corporation filed, on Nov. 27, 2013, its monthly operating report for October 2013. The Debtor reported a net income of $181,017 on net revenues of $5.66 million for the month, as compared to a $4.1 million loss the previous month. At October 31, the Debtor had $561.64 million in total assets, $437.28 million in total liabilities and a $124.36 million total shareholders' equity. The Debtor had $667,293 beginning cash balance for the month. It recorded $3.39 million in total receipts and $3.89 million in total disbursements. Thus, at the end of October, it had $169,506 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/TRINITYCOALoctmor.pdf About Trinity Coal Trinity Coal Corp. is a coal mining company that owns coal deposits located in the Appalachian region of the eastern United States, specifically, in Breathitt, Floyd, Knott Magoffin, and Perry Counties in eastern Kentucky and in Boone, Fayette, Mingo, McDowell and Wyoming Counties in West Virginia. Trinity's coal mining operations are organized into six distinct coal mining complexes. Three complexes are located in Kentucky and are referred to as Prater Branch Resources, Little Elk Mining and Levisa Fork. The Kentucky Operations produced compliance and low sulfur steam coal. Three complexes are located in West Virginia and are referred to as Deep Water Resources, North Springs Resources and Falcon Resources. Trinity is a wholly owned subsidiary of privately held multinational conglomerate Essar Global Limited. Credit Agricole Corporate & Investment Bank, ING Capital LLC and Natixis, New York Branch filed an involuntary petition for relief under Chapter 11 against Trinity Coal Corporation and 15 affiliates (Bankr. E.D. Ky. Lead Case No. 13-50364). The three entities say they are owed a total of $104 million on account loans provided to Trinity. On Feb. 14, 2013, Austin Powder Company, Whayne Supply Company and Cecil I. Walker Machinery Co. filed an involuntary petition for relief under Chapter 11 (Bankr. E.D. Ky. Case No. 13-50335) against Frasure Creek Mining, LLC. On Feb. 19, 2013, Credit Agricole, ING Capital and Natixis joined as petitioning creditors. On March 4, 2013, the Debtors filed their consolidated answer to involuntary petitions and consent to an order for relief and reservation of rights, thereby consenting to the entry of an order for relief in each of their respective Chapter 11 cases. An order for relief in each of the Debtors was entered by the Court on March 4, 2013, which converted the involuntary cases to voluntary Chapter 11 cases. Steven J. Reisman, Esq., L. P. Harrison 3rd, Esq., Jerrold L. Bregman, Esq., and Dienna Ching, Esq., at CURTIS, MALLET-PREVOST, COLT & MOSLE LLP, in New York, N.Y.; and John W. Ames, Esq., C.R. Bowles, Jr., Esq., and Bruce Cryder, Esq., at BINGHAM GREENEBAUM DOLL LLP, in Lexington, Ky., represent the Debtors as counsel. Attorneys at Foley & Lardner LLP, in Chicago, Ill., represent the Official Committee of Unsecured Creditors as counsel. Sturgill, Turner, Barker & Maloney, PLLC, in Lexington, Ky., represents the Official Committee of Unsecured Creditors as local counsel. Judge Tracey N. Wise approved on Oct. 3, 2013, the adequacy of the Disclosure Statement explaining the Joint Chapter 11 Plan of Trinity Coal. With this development, the Debtors are now permitted to solicit acceptances of their Plan. VELTI INC: Projects $5.77 Million Cash Balance at Nov. 29 --------------------------------------------------------- Velti, Inc., et al., filed an initial monthly operating report on November 19, 2013. The Initial MOR includes cash flow projections for both Velti US and Velti UK for the 4-week period covering the week ended Nov. 8, 2013 through the week ended Nov. 29, 2013. For Velti US, the Debtors project total trade receipts for the 4-week period to total $1.95 million, and disbursements to total $2.29 million for the same period. Ending cash balance is pegged at $1 million. For Velti UK, the Debtors project trade receipts of $16.04 million and disbursements of $15.37 million for the same 4-week period. Ending cash balance is estimated to reach $4.77 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/VELTIINCmor.pdf About Velti Inc. Velti Inc., a provider of technology for marketing on mobile devices, sought Chapter 11 protection (Bankr. D. Del. Case No. 13- bk-12878) on Nov. 4. Velti Inc., a San Francisco-based unit of Velti Plc, listed assets of as much $50 million and debt of as much as $100 million in Chapter 11 documents filed this week. Its Air2Web Inc. unit, based in Atlanta, also sought creditor protection. Velti Plc, which trades on the Nasdaq Stock Market, isn't part of the bankruptcy process. Operations in the U.K., Greece, India, China, Brazil, Russia, the United Arab Emirates and elsewhere outside the U.S. didn't seek protection and business there will continue as usual. YARWAY CORPORATION: Ends October with $11.38 Million Cash --------------------------------------------------------- Yarway Corporation filed on Nov. 20, 2013 its monthly operating report for October 2013. The Debtor incurred a net loss of $125,421 for the month. At October 31, the Debtor reported $103.68 million in total assets, $257.73 million in total liabilities, and a $105.05 million total shareholders' deficit. At the beginning of the month, the Debtor had $11.50 million in cash. Yarway reported total cash receipts of $174,579 and total cash disbursements of $293,070. Thus, at the end of the month, the Debtor had $11.38 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/YARWAYCORPORATIONoctmor.pdf About Yarway Corporation Yarway Corporation sought Chapter 11 protection (Bankr. D. Del. Case No. 13-11025) on April 22, 2013, to deal with claims arising from asbestos containing products it allegedly sold as early as the 1920s. Yarway was founded in 1908 by Robert Yarnall and Bernard Waring as the Simplex Engineering Company and originally manufactured pipe clamps, steam traps, valves and controls. Based in Pennsylvania, Yarway was a privately-owned company until 1986 when KeyStone International, Inc. bought equity in the company. Yarway became a unit of Tyco International Ltd. when Tyco purchased KeyStone in 1997. Yarway's asbestos-related liabilities derive from Yarway's (i) purported use of asbestos-containing gaskets and packing, manufactured by others, in its production of steam valves and traps from the 1920s to 1970s, and (ii) alleged manufacture of expansion joint packing that was allegedly made up of a compound of Teflon and asbestos from the 1940s to the 1970s. Over the past five years, about 10,021 new asbestos claims have been asserted against Yarway, including 1,014 in Yarway's 2013 fiscal year ending March 31, 2013. The Debtor estimated assets and debts in excess of $100 million as of the Chapter 11 filing. Attorneys at Cole, Schotz, Meisel, Forman & Leonard, P.A. and Sidley Austin LLP serve as the Debtor's counsel in the Chapter 11 case. Logan and Co. is the claims and notice agent. On May 6, 2013, the U.S. Trustee for Region 3, appointed an official committee of asbestos personal injury claimants. The Committee tapped Elihu Inselbuch, Esq. at Caplin & Drysdale, Chartered, as lead bankruptcy counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers" public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors" Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2013. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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