/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/140301.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, March 1, 2014, Vol. 18, No. 59 Headlines COLOR STAR: Ends December With $1.98 Million Cash COLOR STAR: January Cash Balance Increases to $3.34 Million FALCON GAS: Incurs $493,161 Net Loss in January FIRST REGIONAL: Reports $195,300 Net Income in January FISKER AUTOMOTIVE: Net Loss Increases to $6.05-Mil. in January FOX & HOUND: Amends December Monthly Operating Report FOX & HOUND: Incurs $1.47 Million Net Loss in January GLOBAL AVIATION: Reports $1.37 Million Net Revenue in December GOLDKING HOLDINGS: Net Loss Rises to $1.34 Million in January GREEN FIELD ENERGY: Net Loss Increases to $10.78-Mil. in December LIFE CARE: Net Loss Increases to $484,535 in December LIGHTSQUARED INC: January Net Loss Increased to $61.7 Million METRO AFFILIATES: Net Loss Increases to $25.64-Mil. in December NORTHSTAR AEROSPACE: Incurs $8,000 Net Loss in January ORCHARD SUPPLY: Ends November With $17.7 Million Cash ORMET CORPORATION: Incurs $5.62 Million Net Loss in January RG STEEL: Incurs $4.55 Million Net Loss in January SAVIENT PHARMACEUTICALS: Ends January with $324,071 Net Income SCOOTER STORE: Net Loss Down Further to $402,335 in January STELERA WIRELESS: Ends July with $70,085 Net Loss STELERA WIRELESS: Ends August with $2,283 Cash Balance STELERA WIRELESS: Reports $3,162 Cash Profit in September STELERA WIRELESS: Ends October with $5,588 Cash Balance STELERA WIRELESS: Reports $4,939 Ending Cash in November STELERA WIRELESS: Cash Balance Increases to $5,039 in December STELERA WIRELESS: Posts $19.36-Mil. Total Assets in January ********* COLOR STAR: Ends December With $1.98 Million Cash ------------------------------------------------- Color Star Growers of Colorado, Inc., on Feb. 20, 2014, filed its monthly operating report for December 2013. No statement of operations was attached in the Debtor's monthly operating report. At Dec. 31, 2013, the Debtor had $40.69 million in total assets, $62.21 million in total liabilities, and -(21.51 million) in equity. At the beginning of the month, the Debtor had $410,278. It reported total receipts of $2.86 million and total disbursements of $1.28 million for the reporting period. Among the Debtor's disbursments were $300,000 in professional fees. Thus, at month end, the Debtor had $1.98 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/COLORSTARdecmor.pdf About Color Star Color Star Growers of Colorado, Inc., and two affiliates sought Chapter 11 protection (Bankr. E.D. Tex. Case Nos. 13-42959 to 13-42961) on Dec. 15, 2013, in Sherman, Texas. The petitions were signed by Brad Walker, chief restructuring officer. The Debtors estimated assets of at least $10 million and liabilities of at least $50 million. Marcus A. Helt, Esq., and Evan R. Baker, Esq., at Gardere Wynne Sewell LLP, serve as the Debtors' counsel. SSG Advisors, LLC provides investment banking services, and UpShot Services LLC serves as claims, noticing and balloting agent. The Official Committee of Unsecured Creditors appointed in the Debtors' cases retained Gavin/Solmonese, LLC as financial advisors; and Raymond J. Urbanik, Esq., Deborah M. Perry, Esq., Thomas Berghman, Esq., and Isaac J. Brown, Esq., at Munsch Hardt Kopf & Harr, PC as attorneys. COLOR STAR: January Cash Balance Increases to $3.34 Million ----------------------------------------------------------- Color Star Growers of Colorado, Inc., on Feb. 20, 2014, filed its monthly operating report for the month of January 2014. No statement of operations was attached in the Debtor's monthly operating report. At Jan. 31, 2014, the Debtor had $4.69 million in total assets, $47.81 million in total liabilities, and -(43.12 million) in net equity. The Debtors started the month with $1.98 million cash. It had $3.02 million in total cash receipts and $1.66 million in total cash disbursements. It spent $300,000 in professional fees. Thus, at the end of January, the Debtor had $3.34 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/COLORSTARjanmor.pdf About Color Star Color Star Growers of Colorado, Inc., and two affiliates sought Chapter 11 protection (Bankr. E.D. Tex. Case Nos. 13-42959 to 13-42961) on Dec. 15, 2013, in Sherman, Texas. The petitions were signed by Brad Walker, chief restructuring officer. The Debtors estimated assets of at least $10 million and liabilities of at least $50 million. Marcus A. Helt, Esq., and Evan R. Baker, Esq., at Gardere Wynne Sewell LLP, serve as the Debtors' counsel. SSG Advisors, LLC provides investment banking services, and UpShot Services LLC serves as claims, noticing and balloting agent. The Official Committee of Unsecured Creditors appointed in the Debtors' cases retained Gavin/Solmonese, LLC as financial advisors; and Raymond J. Urbanik, Esq., Deborah M. Perry, Esq., Thomas Berghman, Esq., and Isaac J. Brown, Esq., at Munsch Hardt Kopf & Harr, PC as attorneys. FALCON GAS: Incurs $493,161 Net Loss in January ----------------------------------------------- Falcon Gas Storage Company, Inc., filed on Feb. 18, 2014, its monthly operating report for January 2014. The Debtor's income statement showed a net loss of $493,161 on total income of $239. As of Jan. 31, the Debtors posted total assets of $73.42 million, total liabilities of $8.04 million, and a total shareholders' equity of $65.38 million. At the beginning of the month, the Debtor had a cash balance of $1.48 million. It reported total cash receipts of $239 and total cash disbursements of $24,703. Thus, at the end of the month, the Debtor had $1.46 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/Arcapita_1778_januarymor.pdf About Falcon Gas Atlanta-based Falcon Gas Storage Company, Inc., an operator of natural-gas storage facilities, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012, estimating assets and debts of up to $100 million. Falcon Gas is an affiliate of Arcapita Bank BSC. The list of Falcon's larger creditors includes Commerzbank AG and National Bank of Bahrain BSC, two members of the Arcapita unsecured creditors' committee. The two were listed as having claims of $164.7 million and $132.3 million, respectively. Falcon Gas is represented by Gibson, Dunn & Crutcher LLP as bankruptcy counsel, Linklaters LLP as corporate counsel, Trowers & Hamlins LLP as international counsel, and Hatim S Zu'Bi & Partners as Bahraini counsel. Rothschild Inc. serves as financial advisor, while GCG, Inc., serves as notice and claims agent. Tide Natural Gas Storage I, LP, and Tide Natural Gas Storage II, LP, have asked the Bankruptcy Court to convert Falcon Gas' bankruptcy from Chapter 11 to Chapter 7 and for the Court to appoint a trustee because Arcapita's reorganizations plan will give the Bahraini bank and its creditors too much power to strip off the bankrupt company's assets. FIRST REGIONAL: Reports $195,300 Net Income in January ------------------------------------------------------ First Regional Bancorp filed with the U.S. Securities and Exchange Commission its monthly operating report for January 2014. The Debtor reported a net income of $195,300 for the month, as compared to the $53,531 net loss incurred in December. At Jan. 31, 2014, the Debtor had $835,448 in total assets, $97.72 million in total liabilities, and a -($96.88 million) total shareholders' deficit. At the beginning of January, the Debtor had $223,147 in cash. It reported $250,000 in total receipts and $262,700 in total disbursements. Thus, at Jan. 31, the Debtor posted $210,447 in cash. A copy of the monthly operating report is available at the SEC at: http://is.gd/Wbqxni About First Regional Bancorp First Regional Bancorp (NASDAQ-GSM: FRGB) is the bank holding company for First Regional Bank, Los Angeles, California. First Regional Bank was closed at the end of January 2010 by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. First Regional Bancorp filed for Chapter 11 protection (Bankr. C.D. Calif. Case No. 12-31372) on June 19, 2012. Jon L Dalberg, Esq., at Landau Gottfried & Berger LLP, represents the Debtor in its Chapter 11 case. The Debtor estimated assets of $1 million to $10 million and debts of $100 million to $500 million in its Chapter 11 petition. FISKER AUTOMOTIVE: Net Loss Increases to $6.05-Mil. in January -------------------------------------------------------------- Fisker Automotive, Inc., et al., on Feb. 20, 2014, filed their monthly operating report for the month of January 2014. The Debtors incurred a net loss of $6.05 million on zero net sales for January, a ten-fold increase from the previous month's $647,225 net loss. At Jan. 31, the Debtors had total assets of $211.82 million, total liabilities of $507.90 million, and a -($296.08 million) total shareholders' deficit. The Debtors had $1.91 million at the start of the month. They reported $5.08 million in total receipts and $6.33 million in total cash disbursements. Thus, at month end, the Debtors had $656,115 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/Fisker_654_januarymor.pdf About Fisker Automotive Fisker Automotive Holdings, Inc., developer of the Karma plug-in hybrid electric sedan, filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 13-13087) on Nov. 22, 2013. Fisker estimated assets of more than $100 million and listed debt of $500 million in its bankruptcy petition. The assets include an assembly plant purchased for $21 million from General Motors Corp. The plant never operated. The cars were assembled in Finland. Fisker now has 21 employees. Fisker received a $529 million loan from the Department of Energy's Advanced Technology Vehicles Manufacturing Loan Program and drew down about $192 million before the department froze the loan after Fisker failed to hit several development targets. The company defaulted on its loan in April 2013. Bankruptcy Judge Kevin Gross presides over the case. The Debtors have tapped James H.M. Sprayregen, P.C., Esq., Anup Sathy, P.C., Esq., and Ryan Preston Dahl, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, as co-counsel; Laura Davis Jones, Esq., James E. O'Neill, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, as co-counsel; Beilinson Advisory Group as restructuring advisors; and Rust Consulting/Omni Bankruptcy, as notice and claims agent and administrative advisor. On November 5, 2013, the Official Committee of Unsecured Creditors was appointed. The members are: (a) David M. Cohen; (b) Sven Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc. The Committee is represented by William R. Baldiga, Esq., and Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti, Esq., at Saul Ewing LLP. Fisker sought bankruptcy protection to pursue a private sale of its business to Hybrid Tech Holdings, LLC. The Committee, however, wants a sale public sale, and has identified Wanxiang America Corporation as stalking horse bidder. Hybrid was initially under contract to buy Fisker in exchange for $75 million of the $168.5 million government loan it acquired immediately before the Debtor's Chapter 11 filing. Hybrid later raised its offer by adding an additional $1 million cash and agreeing to share proceeds from the sale of a facility in Delaware it doesn't intend to operate. Hybrid also offered to pay real estate taxes on the Delaware plant. Hybrid also will waive $90 million in deficiency claims that otherwise would dilute unsecured creditors' recovery. Wanxiang, as stalking horse bidder, initially offered $25.8 million in cash. However, Wanxiang has said it has raised its offer by $10 million and is willing to go higher. After the hearings on Jan. 10 and 13, the Court directed a public auction, and capped Hybrid's credit bid to $25 million. In response, Hybrid raised its offer to $55 million. Hybrid is represented by Tobias Keller, Esq., and Peter Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco, California. Wanxiang, which bought A123 Systems, Inc., a manufacturer of lithium-ion batteries used in electric vehicles such as the Fisker Karma, in a bankruptcy auction early in 2013 for $256.6 million, is represented in Fisker's case by Sidley Austin LLP's Bojan Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady, Esq., and Kenneth J. Enos, Esq. FOX & HOUND: Amends December Monthly Operating Report ----------------------------------------------------- F&H Acquisition Corp., et al., on Feb. 20, 2014, filed an amended monthly operating report for the period from Dec. 15 to 31, 2013. The Debtors' consolidated statement of operations now shows a net income of $1.34 million on $13.06 million net sales, as compared to the $982,000 net income previously reported for the same period. At Dec. 31, the Debtors had $175.90 million in total assets, $172.75 in total liabilities, and a $3.14 total shareholders' equity. The Debtors reported a beginning cash balance of $4.60 million. They listed $16.21 million in total cash receipts and $12.80 in total cash disbursements. At the end of the period, F&H had $8.33 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/F&HACQUISITIONamendeddecmor.pdf About Fox and Hound Wichita, Kansas-based F & H Acquisition Corp., et al., owners of the Fox & Hound, Champps, and Bailey's Sports Grille casual dining restaurants, filed a Chapter 11 petition (Bankr. D. Del. Lead Case No. 13-13220) on Dec. 16, 2013, to quickly sell their assets. As of the bankruptcy filing, the Debtors have 101 restaurants located in 27 states and 6,000 employees. Sales decreased by approximately 9 percent over the past two years. The Debtors also experienced significant inflation in commodity prices, energy prices and labor costs. F&H estimated assets in excess of $100 million. According to a court filing, outstanding debt obligations total $119 million, including $68.4 million owing on a first-lien loan with General Electric Capital Corp. as agent. The $11.2 million second-lien obligation has Cerberus Business Finance LLC as agent. Unsecured trade suppliers and landlords are owed $11.2 million. The senior lenders are to provide $9.6 million in financing for the bankruptcy, with $3.5 million on an interim basis. The parent holding company, F&H Acquisition Corp., is based in Wichita, Kansas. The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as local counsel, Olshan Frome Wolosky LLP as general counsel, Imperial Capital LLC as financial advisor, and Epiq Bankruptcy Solutions as claims and noticing agent. The U.S. Trustee has appointed seven members to an official committee of unsecured creditors. FOX & HOUND: Incurs $1.47 Million Net Loss in January ----------------------------------------------------- F&H Acquisition Corp., et al., on Feb. 20, 2014, filed a monthly operating report for the period from Jan. 1 to 28, 2014. The Debtors incurred a net loss of $1.47 million on $17.10 million net sales for the month. At Jan. 28, 2014, the Debtors listed $175.68 million in total assets, $172.67 million in total liabilities, and $3.01 million in total shareholders' equity. At Jan. 1, the Debtors reported a beginning cash balance of $8.33 million. They had total cash receipts of $17.13 million and total cash disbursements of $20.17 million. Thus, at the end of the period, the Debtors had $5.28 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/F&HACQUISITIONjanmor.pdf About Fox and Hound Wichita, Kansas-based F & H Acquisition Corp., et al., owners of the Fox & Hound, Champps, and Bailey's Sports Grille casual dining restaurants, filed a Chapter 11 petition (Bankr. D. Del. Lead Case No. 13-13220) on Dec. 16, 2013, to quickly sell their assets. As of the bankruptcy filing, the Debtors have 101 restaurants located in 27 states and 6,000 employees. Sales decreased by approximately 9 percent over the past two years. The Debtors also experienced significant inflation in commodity prices, energy prices and labor costs. F&H estimated assets in excess of $100 million. According to a court filing, outstanding debt obligations total $119 million, including $68.4 million owing on a first-lien loan with General Electric Capital Corp. as agent. The $11.2 million second-lien obligation has Cerberus Business Finance LLC as agent. Unsecured trade suppliers and landlords are owed $11.2 million. The senior lenders are to provide $9.6 million in financing for the bankruptcy, with $3.5 million on an interim basis. The parent holding company, F&H Acquisition Corp., is based in Wichita, Kansas. The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as local counsel, Olshan Frome Wolosky LLP as general counsel, Imperial Capital LLC as financial advisor, and Epiq Bankruptcy Solutions as claims and noticing agent. The U.S. Trustee has appointed seven members to an official committee of unsecured creditors. GLOBAL AVIATION: Reports $1.37 Million Net Revenue in December -------------------------------------------------------------- Global Aviation Holdings Inc., et al., on Jan. 30, 2014, filed its monthly operating report for December 2013. The Debtors' statement of operations showed zero net loss on $1.37 million net revenue for the month. At December 31, the Debtors reported total assets of $490.69 million, total liabilities of $399.93 million, and a total shareholders' equity of $150.76 million. The Debtors had $28,793 cash at the beginning of December. They reported $3.11 million in total cash receipts and $3.09 million in total cash disbursements. Thus, at the end of the month, the Debtors had $10,681 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/GLOBALAVIATIONdecmor.pdf About Global Aviation Holdings Global Aviation Holdings Inc. -- http://www.glah.com-- the parent company of North American Airlines and World Airways, sought Chapter 11 bankruptcy protection on Nov. 12, 2013. North American Airlines, founded in 1989, operates passenger charter flights using B767-300ER aircraft. Founded in 1948, World Airways -- http://www.woa.com-- operates cargo and passenger charter flights using B747-400 and MD-11 aircraft. The parent of World Airways Inc. and North American Airlines Inc. implemented a prior Chapter 11 reorganization in February 2013. The new case is In re Global Aviation Holdings Inc., 13-12945, U.S. Bankruptcy Court, District of Delaware (Wilmington). The prior case was In re Global Aviation Holdings Inc., 12-bk-40783, U.S. Bankruptcy Court, Eastern District New York (Brooklyn). Peachtree City, Georgia-based Global blamed the new bankruptcy on decreased flying for the government that reduced revenue for the first nine months of this year to $354 million from $486 million in the same period of 2012. The 2013 petition shows assets and debt both exceeding $500 million. In the first bankruptcy, Global listed $589.8 million in assets and debt of $493.2 million. In the 2013 case, the Debtors are represented by Kourtney Lyda, Esq., at Haynes and Boone, LLP, in Houston, Texas; and Christopher A. Ward, Esq., at Polsinelli PC, in Wilmington, Delaware. The first lien agent is represented by Michael L. Tuchin, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los Angeles, California. Wells Fargo Bank, National Association, agent to the second lienholders and third lienholders, is represented by Mildred Quinones-Holmes, Esq., at Thompson Hines LLP, in New York. GOLDKING HOLDINGS: Net Loss Rises to $1.34 Million in January ------------------------------------------------------------- Goldking Holdings, et al., on Feb. 20, 2014, filed their monthly operating report for January 2014. The Debtors reported a net loss of $1.34 million on revenues of $680,182 in January, a substantial increase from the previous month's $752,465 net loss. At Jan. 31, the Debtors had $61.26 million in total assets, $23.62 million in total liabilities, and a $37.64 million total shareholders' equity. At Jan. 1, the Debtors had $1.32 million cash. They reported total cash receipts of $1.33 million and total cash disbursements of $1.46 million. They spent $117,120 in professional fees. Thus, at month end, the Debtors had $1.19 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/GOLDKINGHOLDINGSjanmor.pdf About Goldking Holdings Goldking Holdings LLC, an oil-and-gas exploration company based in Houston, sought bankruptcy protection (Bankr. D. Del. Case No. 13-12820) in Wilmington, Delaware, on Oct. 30, 2013, from creditors with plans to sell virtually all its assets. Goldking Onshore Operating, LLC, and Goldking Resources, LLC, also sought creditor protection. The cases were initially assigned to Delaware Judge Brendan Linehan Shannon. On Nov. 20, 2013, Judge Shannon granted the request of Goldking's former CEO Leonard C. Tallerine Jr. to move the Chapter 11 case to Houston, Texas (Bankr. S.D. Tex. Case No. 13-37200). Mr. Tallerine owns a nearly 6% stake in the company through an entity called Goldking LT Capital Corp. The Debtors' are represented by Scott W. Everett, Esq., and Christopher L. Castillo, Esq., at Haynes And Boone, LLP. Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, LLP, in Wilmington, Delaware, serves as the Debtors' co-counsel. Lantana Oil & Gas Partners serves as the Debtors' financial advisors. The Debtors' notice, claims, solicitation and balloting agent is Epiq Bankruptcy Solutions, LLC. In December 2013, the Debtors won Court approval to employ E-Spectrum Advisors LLC, led by its CEO Coy Gallatin, as asset sale advisor. An official committee of unsecured creditors has not yet been appointed in these cases by the Office of the United States Trustee. GREEN FIELD ENERGY: Net Loss Increases to $10.78-Mil. in December ----------------------------------------------------------------- Green Field Energy Services, Inc., et al, on Feb. 12, 2014, filed their monthly operating report for December 2013. The Debtors incurred a net loss of $10.78 million on net sales of $784,168 in December, an increase from the previous month's net loss of $7.96 million. The Debtors reported $323.77 million in total assets, $465.92 million in total liabilities, and a -($142.15 million) total shareholders' deficit. The Debtors had $1.32 million in total operating receipts and $3.03 million in total disbursements for the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/GREENFIELDdecmor.pdf About Green Field Energy Green Field Energy Services, Inc., is an independent oilfield services company that provides a wide range of services to oil and natural gas drilling and production companies to help develop and enhance the production of hydrocarbons. The Company's services include hydraulic fracturing, cementing, coiled tubing, pressure pumping, acidizing and other pumping services. Green Field Energy and two affiliates filed Chapter 11 petitions in Delaware on Oct. 27, 2013, after defaulting on an $80 million credit provided by an affiliate of Royal Dutch Shell Plc (Bankr. D. Del. Case No. 13-bk-12783). The Debtors are represented by Michael R. Nestor, Esq., and Kara Hammon Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware; and Josef S. Athanas, Esq., Caroline A. Reckler, Esq., Sarah E. Barr, Esq., and Matthew L. Warren, Esq., at Latham & Watkins LLP, in Chicago, Illinois. The Debtors' investment banker is Carl Marks Advisory Group LLC. Thomas E. Hill, from Alvarez & Marsal North America, LLC, serves as the Debtors' chief restructuring officer. In its schedules, Green Field disclosed $306,960,039 in total assets and $447,199,869 in total liabilities. Roberta A. Deangelis, The U.S. Trustee for Region 3, appointed six members to the official committee of unsecured creditors in the Chapter 11 cases of Green Field Energy Services, Inc., et al. Green Field's bankruptcy is being financed with a $30 million loan from BG Credit Partners LLC and ICON Capital LLC. LIFE CARE: Net Loss Increases to $484,535 in December ----------------------------------------------------- Life Care St. Johns, Inc., dba Glenmoor, on Feb. 18, 2014, filed its monthly operating report for the month of December 2013. The Debtor incurred a net loss of $484,535 on $875,551 total revenue for the month, an increase from the previous month's net loss of $388,436. The Debtor's balance sheet showed total assets of $63.31 million, total liabilities of $118.19 million, and a total shareholders' deficit of -($54.88 million). At Dec. 1, the Debtor had $2.99 million cash. It had cash inflow of $11,800 from financing activities and cash outflow of $1.10 million from operating and investing activities. At month end, the Debtor had $1.89 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/LIFECAREdecmor.pdf About Life Care St. Johns Life Care St. Johns, Inc., filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 13-04158) on July 3, 2013. The Debtor is the owner and operator of a continuing care retirement community known as Glenmoor consisting of 144 independent living units located on a 40-acre site in St. Johns County, Florida. Judge Jerry A. Funk presides over the case. Richard R. Thames, Esq., and Eric N. McKay, Esq., at Stutsman Thames & Markey, P.A., serves as the Debtor's counsel. Navigant Capital Advisors, LLC, acts as the Debtor's financial advisor. American Legal Claim Services, LLC, serves as claims and noticing agent. The Committee of Creditors Holding Unsecured Claims appointed in the bankruptcy case of Life Care St. Johns, Inc., is represented by Akerman Senterfitt's David E. Otero, Esq., and Christian P. George, Esq., in Jacksonville, Florida. Bruce Jones signed the petition as CEO. The Debtor estimated assets of at least $10 million and debts of at least $50 million. LIGHTSQUARED INC: January Net Loss Increased to $61.7 Million ------------------------------------------------------------- LightSquared Inc., et al., filed on February 14, 2014, a monthly operating report for the month ended January 31, 2014. The Company reported a net loss of $61.7 million on net revenue of $1.54 million for January, as compared to a $55.7 million net loss the previous month. As of January 31, 2014, the Company had total assets of $3.65 billion, total liabilities of $2.98 billion, and total stockholders' equity of $671.56 million. At the beginning of the month, LightSquared had $33.2 million in cash. The Company had total cash receipts of $1.49 million and total cash disbursements of $11.9 million. As a result, at the end of January, the Company had total cash of $22.8 million. A full-text copy of the monthly operating report is available at: http://is.gd/CF743q About LightSquared Inc. LightSquared Inc. and 19 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on May 14, 2012, to resolve regulatory issues that have prevented it from building its coast-to-coast integrated satellite 4G wireless network. LightSquared had invested more than $4 billion to deploy an integrated satellite-terrestrial network. In February 2012, however, the U.S. Federal Communications Commission told LightSquared the agency would revoke a license to build out the network as it would interfere with global positioning systems used by the military and various industries. In March 2012, the Company's partner, Sprint, canceled a master services agreement. LightSquared's lenders deemed the termination of the Sprint agreement would trigger cross-defaults under LightSquared's prepetition credit agreements. LightSquared and its prepetition lenders attempted to negotiate a global restructuring that would provide LightSquared with liquidity and runway necessary to resolve its issues with the FCC. Despite working diligently and in good faith, however, LightSquared and the lenders were not able to consummate a global restructuring on terms acceptable to all interested parties. Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to the Debtors. Alvarez & Marsal North America, LLC, is the financial advisor. Kurtzman Carson Consultants LLC serves as claims and notice agent. METRO AFFILIATES: Net Loss Increases to $25.64-Mil. in December --------------------------------------------------------------- Metro Affiliates, Inc., et al, on Feb. 14, 2014, filed their monthly operating report for December 2013. The Debtors suffered a net loss of $25.64 million on $24.54 million in net revenue for December, a more than five-fold increase from the previous month's net loss of $4.35 million. At Dec. 31, 2013, the Debtors reported total assets of $117.88 million, total liabilities of $245.70 million, and a total shareholders' deficit of -($127.82 million). At the beginning of the month, the Debtors had a cash balance of $3.45 million. They had total cash receipts of $108.88 million and total cash disbursements of $106.01 million. Metro Affiliates spent $750,000 in professional fees. Thus, the Debtors had $6.32 million at month end. A copy of the monthly operating report is available at: http://bankrupt.com/misc/METROAFFILIATESdecmor.pdf About Metro Affiliates Staten Island, New York-based Metro Affiliates, Inc., and its subsidiaries sought protection under Chapter 11 of the Bankruptcy Code on Nov. 4, 2013 (Bankr. S.D.N.Y. Case No. 13-13591). The case is assigned to Judge Sean Lane. Lisa G. Beckerman, Esq., and Rachel Ehrlich Albanese, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York; and Scott L. Alberino, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Washington, D.C., represent the Debtors. Silverman Shin & Byrne PLLC serves as special counsel. Rothschild Inc. serves as the Debtors' investment banker, while Kurtzman Carson Consultants LLC serves as their claims and noticing agent. Wells Fargo Bank, National Association, as agent for a consortium of DIP lenders, is represented by Jonathan N. Helfat, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C., in New York. The Bank of New York Mellon as indenture trustee and collateral agent for prepetition noteholders, is represented by James Gadsden, Esq., at Carter, Ledyard & Milburn LLP, in New York. Certain Noteholders are represented by Kristopher M. Hansen, Esq., at Stroock & Stroock & Lavan LLP, in New York. The U.S. has appointed a three-member official committee of unsecured creditors represented by Farrell Fritz, P.C. PricewaterhouseCoopers LLP serves as the Committee's financial advisors. This is Metro Affiliates' third trip to Chapter 11. The Company, together with its subsidiaries, previously sought protection under Chapter 11 of the Bankruptcy Code on Aug. 16, 2002 (In re Metro Affiliates, Inc., Case No. 02-42560 (PCB), Bankr. S.D.N.Y.). A plan in the second Chapter 11 case was confirmed in September 2003. The first bankruptcy was in 1994. NORTHSTAR AEROSPACE: Incurs $8,000 Net Loss in January ------------------------------------------------------ Northstar Aerospace (USA) Inc., now known as NSA (USA) Liquidating Corp., et al., on Feb. 20, 2014, filed their monthly operating report for January 2014. The Debtors reported a net loss of $8,000 on zero net sales for the month. At Jan. 31, the Debtors had $102.16 million in total assets, $87.49 million in total liabilities, and a -($16.29 million) total shareholders' deficit. The Debtors started the month with $279,000 cash. They reported zero receipts and $1,000 in total disbursements. They spent $6,000 in professional fees. Thus, at the end of the month, the Debtors had $272,000 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/NORTHSTARAEROSPACEjanmor.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 Dentons 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. ORCHARD SUPPLY: Ends November With $17.7 Million Cash ----------------------------------------------------- OSH 1 Liquidating Corporation, fka Orchard Supply Hardware Stores Corporation, et al., on Feb. 12, 2014, filed their monthly operating report for the period from November 3 to 30, 2013. No balance sheet and statement of operations were attached in the Debtors' monthly operating report. The Debtors had $19.90 million cash at the beginning of the month. They reported total cash receipts of $840,000 and total cash disbursements of $3.03 million. The Debtors spent $3.87 million on professional fees. Thus, at the end of November, the Debtors had remaining cash of $17.70 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ORCHARDSUPPLYnov3-30mor.pdf About Orchard Supply San Jose, Calif.-based Orchard Supply Hardware Stores Corporation, which operates neighborhood hardware and garden stores focused on paint, repair and the backyard, and two affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-11565) on June 16, 2013, to facilitate a restructuring of the company's balance sheet and a sale of its assets for $205 million in cash to Lowe's Companies, Inc., absent higher and better offers. In addition to the $205 million cash, Lowe's has agreed to assume payables owed to nearly all of Orchard's supplier partners. At the outset of bankruptcy, Orchard had 89 stores in California and two in Oregon. Orchard was 80.1 percent owned by Sears Holdings Corp. until spun off in December 2011. Bankruptcy Judge Christopher S. Sontchi oversees the case. Michael W. Fox signed the petitions as senior vice president and general counsel. The Debtors disclosed total assets of $441,028,000 and total debts of $480,144,000. Stuart M. Brown, Esq., at DLA Piper LLP (US), in Wilmington, Delaware; and Richard A. Chesley, Esq., Chun I. Jang, Esq., and Daniel M. Simon, Esq., at DLA Piper LLP (US), in Chicago, Illinois, are the Debtors' counsel. Moelis & Company LLC serves as the Debtors' investment banker. FTI Consulting, Inc., serves as the Debtors' financial advisors. A&G Realty Partners, LLC, serves as the Debtors' real estate advisors. BMC Group Inc. is the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors appointed in case has retained Pachulski Stang Ziehl & Jones LLP as counsel, and Alvarez & Marsal as financial advisors. On Aug. 30, 2013, the Debtors completed the sale of a majority of its assets to Orchard Supply Company LLC, a Delaware limited liability company affiliated with Lowe's Companies, Inc. Lowe's Cos. closed the $205 million acquisition of 72 of the Debtors' 91 stores. The Debtors changed their names following the sale: OSH 1 Liquidating Corporation for Orchard Supply Hardware Stores Corporation; OSH 2 Liquidating LLC for Orchard Supply Hardware LLC; and OSH 3 Liquidating LLC for OSH Properties LLC. The Bankruptcy Court entered an order confirming the Modified First Amended Plan of Liquidation as filed Dec. 6, 2013, for the Debtors. Unsecured creditors were expected to recoup 2.1% to 3% on $25 million to $35 million in claims. Holders of senior notes whose claims totaled $130.7 million were predicted to recover 74% to 86%. The Committee reached a settlement with the Debtors, wherein it agreed to waive the right to sue lenders over the validity of a $127 million term loan. There was $118 million owing on an asset- backed loan with a lien ahead of the term-loan lenders. The settlement called for paying off the DIP financing from the sale proceeds, with term lenders receiving the remainder after Orchard Supply retained $25 million. The settlement also created a trust for unsecured creditors funded with $500,000 from the company. After term lenders recover 90% of their claims, the next $1.5 million is for the creditors' trust. From proceeds of lease sales at the 19 stores Lowe's didn't buy, the creditors' trust receives the first $250,000, with the remainder for term lenders. The Plan provides for the appointment of a Responsible Person for the sole purpose of liquidating and distributing the remaining assets of the Debtors, and a GUC Trustee for the sole purpose of reconciling and distributing the GUC Trust Assets to the GUC Trust Beneficiaries. Neither the Responsible Person nor the GUC Trust will engage in any business activities other than winding down the remaining affairs of the Debtors. ORMET CORPORATION: Incurs $5.62 Million Net Loss in January -------------------------------------------------------- Ormet Corporation and and its affiliates, filed on Feb. 19, 2014, their monthly operating report for the month of January 2014. The Debtors reported a net loss of $5.62 million on $17.50 million total revenue for the month. The Debtors' consolidated balance sheet showed total assets of $80.71 million, total liabilities of $462.07 million, and a -($381.37 million) total shareholders' deficit. At Jan. 1, the Debtors had a $5.98 million cash. The Debtors reported $14.81 million in total receipts from operating activities and $13.22 million in total disbursements from financing activities. Thus, the Debtors had an ending cash balance of $5.98 million for the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ORMETCORPjanmor.pdf About Ormet Corp. Aluminum producer Ormet Corporation, along with affiliates, filed for Chapter 11 protection (Bankr. D. Del. Case No. 13-10334) on Feb. 25, 2013, with a deal to sell the business to a portfolio company owned by private investment funds managed by Wayzata Investment Partners LLC. Headquartered in Wheeling, West Virginia, Ormet -- http://www.ormet.com/-- is a fully integrated aluminum manufacturer, providing primary metal, extrusion and thixotropic billet, foil and flat rolled sheet and other products. Ormet disclosed assets of $406.8 million and liabilities totaling $416 million. Secured debt of about $180 million includes $139.5 million on a secured term loan and $39.3 million on a revolving credit. Affiliates that separately filed Chapter 11 petitions are Ormet Primary Aluminum Corporation; Ormet Aluminum Mill Products Corporation; Specialty Blanks Holding Corporation; and Ormet Railroad Corporation. Ormet emerged from a prior bankruptcy in April 2005. Lender Wayzata Investment Partners LLC is among existing owners. Others are UBS Willow Fund LLC and Fidelity Leverage Company Stock Fund. In the 2013 case, Ormet is represented in the case by Morris, Nichols, Arsht & Tunnell LLP's Erin R. Fay, Esq., Robert J. Dehney, Esq., Daniel B. Butz, Esq.; and Dinsmore & Shohl LLP's Kim Martin Lewis, Esq., Patrick D. Burns, Esq. Kurtzman Carson Consultants is the claims and notice agent. Evercore's Lloyd Sprung and Paul Billyard serve as investment bankers to the Debtor. An official committee of unsecured creditors was appointed in the case in March 2013. The Committee is represented by Rafael X. Zahralddin, Esq., Shelley A. Kinsella, Esq., and Jonathan M. Stemerman, Esq., at Elliott Greenleaf; and Sharon Levine, Esq., S. Jason Teele, Esq., and Cassandra M. Porter, Esq., at Lowenstein Sandler LLP. In December 2013, Ormet completed a previously approved sale of its alumina smelter in Burnside, Louisiana, to Almatis Inc. for $39.4 million. There was no auction. Completion of a court- approved sale of the business to lender and part owner Wayzata Investment Partners LLC became impossible when Ohio utility regulators refused in October to grant reductions in electricity prices. Wayzata would have acquired the business largely in exchange for debt. Ormet also has sold 32,000 metric tons of alumina for $8.4 million to Glencore AG, and its rights and interests in and to 17,086 MT baked carbon anodes, located at the Debtors' Hannibal, Ohio location, and its rights and interest in and to 34,755 MT baked carbon anodes, located in a storage in Baltimore, Maryland, to Alcoa Materials Management, Inc. RG STEEL: Incurs $4.55 Million Net Loss in January -------------------------------------------------- WP Steel Ventures, LLC, et al., on February 14, 2014, filed their monthly operating report for the month ended January 31, 2014. The Company posted a net loss of $4.55 million for January on zero sales, a big decrease from December's $74.019 million net loss. As of January 31, 2014, the Company had total assets of $175.821 million, total liabilities of $1.223 billion, and total stockholders' deficit of -($1.047 billion). For the month of January, the Company had total cash receipts of $1.82 million and total disbursements of $708,000. A full-text copy of the monthly operating report is available at: http://is.gd/9BZa1i 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. RG Steel Sparrows Point LLC has received the green light to sell some of its assets to Siemens Industry, Inc., which include equipment and related spare parts, for $400,000. SAVIENT PHARMACEUTICALS: Ends January with $324,071 Net Income -------------------------------------------------------------- Savient Pharmaceuticals, Inc., et al., filed with the U.S. Securities and Exchange Commission their monthly operating report for January 2014. The Debtors' statement of operations showed a net income of $324,071 on $1.38 million in revenue for the month, a substantial improvement from the $2.2 million net loss incurred in December. At Jan. 31, 2014, the Debtors had $173.98 million in total assets, $290.67 million in total liabilities, and a -($116.69 million) total shareholders' deficit. At Jan. 1, the Debtors had $18.06 million in cash. They had total receipts of $118.47 million and total disbursements of $121.13 million for the month. Among other things, the Debtors spent $2.26 million in professional fees. As a result, at month end, the Debtors had $15.40 million cash. A copy of the monthly operating report is available at the SEC at: http://is.gd/ZkCEpE About Savient Pharmaceuticals Headquartered in Bridgewater, New Jersey, Savient Pharmaceuticals, Inc. -- http://www.savient.com/-- is a specialty biopharmaceutical company focused on developing and commercializing KRYSTEXXA(R) (pegloticase) for the treatment of chronic gout in adult patients refractory to conventional therapy. Savient has exclusively licensed worldwide rights to the technology related to KRYSTEXXA and its uses from Duke University and Mountain View Pharmaceuticals, Inc. The Company and its affiliate, Savient Pharma Holdings, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-12680) on Oct. 14, 2013. In its schedules, Savient Pharmaceuticals listed $43,065,650 in total assets and $284,078,461 in total liabilities. The Debtors are represented by Kenneth S. Ziman, Esq., and David M. Turetsky, Esq., at Skadden Arps Slate Meagher & Flom LLP, in New York; and Anthony W. Clark, Esq., at Skadden Arps Slate Meagher & Flom LLP, in Wilmington, Delaware. Cole, Schotz, Meisel, Forman & Leonard P.A., also serves as the Company's conflicts counsel, and Lazard Freres & Co. LLC serves as its financial advisor. GCG Inc. serves as the Debtors' claims agent. Kramer Levin Naftalis & Frankel LLP is the Debtors' special intellectual property counsel. U.S. Bank National Association, as Indenture Trustee and Collateral Agent, is represented by Clark T. Whitmore, Esq., at Maslon Edelman Borman & Brand, LLP, in Minneapolis, Minnesota. The Unofficial Committee of Senior Secured Noteholders is represented by Andrew N. Rosenberg, Esq., Elizabeth McColm, Esq., and Jacob A. Adlerstein, Esq., at Paul, Weiss, Rifkind, Wharton & Garrison LLP, in New York; and Pauline K. Morgan, Esq., at Young, Conaway, Stargatt & Taylor LLP, in Wilmington, Delaware. The Troubled Company Reporter reported on Jan. 15, 2014, that Savient Pharmaceuticals has completed the sale of substantially all of its assets, including all KRYSTEXXA assets, to Crealta Pharmaceuticals for gross proceeds of approximately $120.4 million. Savient Pharmaceuticals has filed with the Bankruptcy Court a plan of liquidation following the sale to Crealta. The Plan impairs senior secured noteholder claims and general unsecured claims. The Plan also impairs intercompany claims, subordinated 510(c) claims and subordinated 510(b) claims, although holders of these claims are not entitled to vote on the Plan. SCOOTER STORE: Net Loss Down Further to $402,335 in January ----------------------------------------------------------- The Scooter Store Holdings, Inc., et al., filed, on Feb. 20, 2014, their monthly operationg report for January 2014. The Debtors' consolidated statement of operations showed a net loss of $402,335 on $203 net sales for January, a further decrease from the net loss of $733,862 in December and $5.02 million in November. At Jan. 31, the Debtors had $2.21 million in total assets, $119.33 million in total liabilities, and a -($143.50 million) total shareholders' deficit. The Debtors had $2.17 million at the beginning of the month. They had total cash receipts of $929,985, total operating disbursements of $33,147, and $1.13 million in total non-operating disbursements. The Debtors spent $524,219 in professional fees. As a result, at month end, the Debtors had $1.88 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SCOOTERSTOREjanmor.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. STELERA WIRELESS: Ends July with $70,085 Net Loss ------------------------------------------------- Stelera Wireless, LLC, on Feb. 20, 2014, filed its monthly operating report for the month of July 2013. The Debtors incurred a net loss of $70,085 on $8,818 total income for the month. As of July 31, the Debtor had $19.04 million in total assets, $30.83 million in total liabilities, and a -($11.79 million) total shareholders' deficit. At July 1, the Debtor reported $79,448 cash. It reported total cash receipts of $8,818 and total cash disbursements of $78,728. The Debtor incurred professional fees of $60,685. At the end of the month, the Debtor had $9,367 cash remaining. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STELERAWIRELESSjulymor.pdf About Stelera Wireless, LLC Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D. Okla. Case No. 13-13267) on July 18, 2013. Tim Duffy signed the petition as chief technology officer/manager. Judge Niles L. Jackson presides over the case. The Debtor disclosed $18,005,000 in assets and $30,809,314 in liabilities as of the Chapter 11 filing. Christensen Law Group, PLLC, serves as the Debtor's primary counsel. Mulinix Ogden Hall & Ludlam, PLLC, serves as additional bankruptcy counsel. Wilkinson Barker Knauer, LLP, serves as the Debtor's special counsel. American Legal Claims Services, LLC serves as official noticing agent. Falkenberg Capital Corporation serves as the Debtor's broker. The official committee of unsecured creditors is represented by attorneys at Gablegotwals. The Troubled Company Reporter reported on Dec. 10, 2013, the Hon. Niles Jackson of the U.S. Bankruptcy Court for the Western District of Oklahoma authorized Stelera Wireless to sell its Federal Communications Commission licenses to: AT&T Mobility Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as backup purchaser. In an auction held Nov. 20, 2013, AT&T's bid was the highest and best offer for the FCC licenses, while Atlantic's, the stalking horse purchaser, was the second highest. Pursuant to the APA, the aggregate purchase price to be paid by AT&T will be $6,020,000. STELERA WIRELESS: Ends August with $2,283 Cash Balance ------------------------------------------------------ Stelera Wireless, LLC, on Feb. 20, 2014, filed its monthly operating report for August 2013. The Debtor reported a cash profit of -($7,144) on $1,054 total income for the month. At August 31, the Debtor had $18.97 million in total assets, $30.84 million in total liabilities, and a -($11.87 million) total shareholders' deficit. The Debtor had $9,367 cash at the beginning of the month. They reported $1,054 in total cash receipts and $8,197 in total cash disbursements. At month end, the Debtor had $2,293 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STELERAWIRELESSaugmor.pdf About Stelera Wireless, LLC Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D. Okla. Case No. 13-13267) on July 18, 2013. Tim Duffy signed the petition as chief technology officer/manager. Judge Niles L. Jackson presides over the case. The Debtor disclosed $18,005,000 in assets and $30,809,314 in liabilities as of the Chapter 11 filing. Christensen Law Group, PLLC, serves as the Debtor's primary counsel. Mulinix Ogden Hall & Ludlam, PLLC, serves as additional bankruptcy counsel. Wilkinson Barker Knauer, LLP, serves as the Debtor's special counsel. American Legal Claims Services, LLC serves as official noticing agent. Falkenberg Capital Corporation serves as the Debtor's broker. The official committee of unsecured creditors is represented by attorneys at Gablegotwals. The Troubled Company Reporter reported on Dec. 10, 2013, the Hon. Niles Jackson of the U.S. Bankruptcy Court for the Western District of Oklahoma authorized Stelera Wireless to sell its Federal Communications Commission licenses to: AT&T Mobility Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as backup purchaser. In an auction held Nov. 20, 2013, AT&T's bid was the highest and best offer for the FCC licenses, while Atlantic's, the stalking horse purchaser, was the second highest. Pursuant to the APA, the aggregate purchase price to be paid by AT&T will be $6,020,000. STELERA WIRELESS: Reports $3,162 Cash Profit in September --------------------------------------------------------- Stelera Wireless, LLC, on Feb. 20, 2014, filed its monthly operating report for August 2013. The Debtor reported a $3,162 cash profit on $3,206 total income for the month. At August 31, the Debtor had $18.97 million in total assets, $30.85 million in total liabilities, and a -($11.89 million) total shareholders' deficit. At the beginning of the month, the Debtor pegged cash at $2,327. It reported $3,206 in total receipts and $44 in total disbursements. Thus, the Debtor had $5,489 cash at month end. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STELERAWIRELESSseptmor.pdf About Stelera Wireless, LLC Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D. Okla. Case No. 13-13267) on July 18, 2013. Tim Duffy signed the petition as chief technology officer/manager. Judge Niles L. Jackson presides over the case. The Debtor disclosed $18,005,000 in assets and $30,809,314 in liabilities as of the Chapter 11 filing. Christensen Law Group, PLLC, serves as the Debtor's primary counsel. Mulinix Ogden Hall & Ludlam, PLLC, serves as additional bankruptcy counsel. Wilkinson Barker Knauer, LLP, serves as the Debtor's special counsel. American Legal Claims Services, LLC serves as official noticing agent. Falkenberg Capital Corporation serves as the Debtor's broker. The official committee of unsecured creditors is represented by attorneys at Gablegotwals. The Troubled Company Reporter reported on Dec. 10, 2013, the Hon. Niles Jackson of the U.S. Bankruptcy Court for the Western District of Oklahoma authorized Stelera Wireless to sell its Federal Communications Commission licenses to: AT&T Mobility Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as backup purchaser. In an auction held Nov. 20, 2013, AT&T's bid was the highest and best offer for the FCC licenses, while Atlantic's, the stalking horse purchaser, was the second highest. Pursuant to the APA, the aggregate purchase price to be paid by AT&T will be $6,020,000. STELERA WIRELESS: Ends October with $5,588 Cash Balance ------------------------------------------------------- Stelera Wireless, LLC, on Feb. 20, 2014, filed its monthly operating report for the month of October 2013. The Debtor posted a cash profit of $99 on $115 total income for the month. It reported total assets of $21.47 million, total liabilities of $30.86 million, a -($9.40 million) total shareholders' deficit. The Debtor had $5,489 cash to start the month. It's schedule of receipts and disbursements showed total cash receipts of $115 and total disbursements of $15. Thus, at the end of the month, the Debtor had $5,588 cash left. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STELERAWIRELESSoctmor.pdf About Stelera Wireless, LLC Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D. Okla. Case No. 13-13267) on July 18, 2013. Tim Duffy signed the petition as chief technology officer/manager. Judge Niles L. Jackson presides over the case. The Debtor disclosed $18,005,000 in assets and $30,809,314 in liabilities as of the Chapter 11 filing. Christensen Law Group, PLLC, serves as the Debtor's primary counsel. Mulinix Ogden Hall & Ludlam, PLLC, serves as additional bankruptcy counsel. Wilkinson Barker Knauer, LLP, serves as the Debtor's special counsel. American Legal Claims Services, LLC serves as official noticing agent. Falkenberg Capital Corporation serves as the Debtor's broker. The official committee of unsecured creditors is represented by attorneys at Gablegotwals. The Troubled Company Reporter reported on Dec. 10, 2013, the Hon. Niles Jackson of the U.S. Bankruptcy Court for the Western District of Oklahoma authorized Stelera Wireless to sell its Federal Communications Commission licenses to: AT&T Mobility Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as backup purchaser. In an auction held Nov. 20, 2013, AT&T's bid was the highest and best offer for the FCC licenses, while Atlantic's, the stalking horse purchaser, was the second highest. Pursuant to the APA, the aggregate purchase price to be paid by AT&T will be $6,020,000. STELERA WIRELESS: Reports $4,939 Ending Cash in November -------------------------------------------------------- Stelera Wireless, LLC, on Feb. 20, 2014, filed its monthly operating report for the month of November 2013. The Debtor reported a cash profit of -($649) on $115 total income. At Nov. 30, the Debtor declared total assets of $19.37 million, total liabilities of $30.88 million, and a total shareholders' deficit of -($11.52 million). The Debtor started the month with $5,538 cash. It reported total cash receipts of $115 and total disbursements of $764. Thus, at month end, the Debtor had $4,939 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STELERAWIRELESSnovmor.pdf About Stelera Wireless, LLC Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D. Okla. Case No. 13-13267) on July 18, 2013. Tim Duffy signed the petition as chief technology officer/manager. Judge Niles L. Jackson presides over the case. The Debtor disclosed $18,005,000 in assets and $30,809,314 in liabilities as of the Chapter 11 filing. Christensen Law Group, PLLC, serves as the Debtor's primary counsel. Mulinix Ogden Hall & Ludlam, PLLC, serves as additional bankruptcy counsel. Wilkinson Barker Knauer, LLP, serves as the Debtor's special counsel. American Legal Claims Services, LLC serves as official noticing agent. Falkenberg Capital Corporation serves as the Debtor's broker. The official committee of unsecured creditors is represented by attorneys at Gablegotwals. The Troubled Company Reporter reported on Dec. 10, 2013, the Hon. Niles Jackson of the U.S. Bankruptcy Court for the Western District of Oklahoma authorized Stelera Wireless to sell its Federal Communications Commission licenses to: AT&T Mobility Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as backup purchaser. In an auction held Nov. 20, 2013, AT&T's bid was the highest and best offer for the FCC licenses, while Atlantic's, the stalking horse purchaser, was the second highest. Pursuant to the APA, the aggregate purchase price to be paid by AT&T will be $6,020,000. STELERA WIRELESS: Cash Balance Increases to $5,039 in December -------------------------------------------------------------- Stelera Wireless, LLC, on Feb. 20, 2014, filed its monthly operating report for the month of December 2013. The Debtor had a $100 cash profit on $115 total income for the month. As of Dec. 31, the Debtor had total assets of $19.36 million, total liabilities of $30.48 million, and a total shareholders' deficit of -($11.12 million). The Debtor had $4,939 cash at the beginning of the month. Its schedule of receipts and disbursements showed $115 in total cash receipts and $14 in total disbursements. Thus, at Dec. 31, the Debtor had $5,039 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STELERAWIRELESSaugmor.pdf http://bankrupt.com/misc/STELERAWIRELESSdecmor.pdf About Stelera Wireless, LLC Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D. Okla. Case No. 13-13267) on July 18, 2013. Tim Duffy signed the petition as chief technology officer/manager. Judge Niles L. Jackson presides over the case. The Debtor disclosed $18,005,000 in assets and $30,809,314 in liabilities as of the Chapter 11 filing. Christensen Law Group, PLLC, serves as the Debtor's primary counsel. Mulinix Ogden Hall & Ludlam, PLLC, serves as additional bankruptcy counsel. Wilkinson Barker Knauer, LLP, serves as the Debtor's special counsel. American Legal Claims Services, LLC serves as official noticing agent. Falkenberg Capital Corporation serves as the Debtor's broker. The official committee of unsecured creditors is represented by attorneys at Gablegotwals. The Troubled Company Reporter reported on Dec. 10, 2013, the Hon. Niles Jackson of the U.S. Bankruptcy Court for the Western District of Oklahoma authorized Stelera Wireless to sell its Federal Communications Commission licenses to: AT&T Mobility Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as backup purchaser. In an auction held Nov. 20, 2013, AT&T's bid was the highest and best offer for the FCC licenses, while Atlantic's, the stalking horse purchaser, was the second highest. Pursuant to the APA, the aggregate purchase price to be paid by AT&T will be $6,020,000. STELERA WIRELESS: Posts $19.36-Mil. Total Assets in January ----------------------------------------------------------- Stelera Wireless, LLC, on Feb. 20, 2014, filed its monthly operating report for January 2014. The Debtor had a -($94) cash profit on $115 total income. At Jan. 31, the Debtor had $19.36 million in total assets, $23.92 million in total liabilities, and a -($4.55 million) total shareholders' deficit. The Debtor started the month with $5,039 cash. It reported total cash receipts of $115 and total disbursements of $14.28 during the month. Thus, at the end of the month, the Debtor had $4,945 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STELERAWIRELESSjanmor.pdf About Stelera Wireless, LLC Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D. Okla. Case No. 13-13267) on July 18, 2013. Tim Duffy signed the petition as chief technology officer/manager. Judge Niles L. Jackson presides over the case. The Debtor disclosed $18,005,000 in assets and $30,809,314 in liabilities as of the Chapter 11 filing. Christensen Law Group, PLLC, serves as the Debtor's primary counsel. Mulinix Ogden Hall & Ludlam, PLLC, serves as additional bankruptcy counsel. Wilkinson Barker Knauer, LLP, serves as the Debtor's special counsel. American Legal Claims Services, LLC serves as official noticing agent. Falkenberg Capital Corporation serves as the Debtor's broker. The official committee of unsecured creditors is represented by attorneys at Gablegotwals. The Troubled Company Reporter reported on Dec. 10, 2013, the Hon. Niles Jackson of the U.S. Bankruptcy Court for the Western District of Oklahoma authorized Stelera Wireless to sell its Federal Communications Commission licenses to: AT&T Mobility Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as backup purchaser. In an auction held Nov. 20, 2013, AT&T's bid was the highest and best offer for the FCC licenses, while Atlantic's, the stalking horse purchaser, was the second highest. Pursuant to the APA, the aggregate purchase price to be paid by AT&T will be $6,020,000. ********* 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. 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On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to the nation's bankruptcy courts. The list includes links to freely downloadable of these small-dollar petitions in Acrobat PDF documents. 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. ********* 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, 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 2014. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. 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