/raid1/www/Hosts/bankrupt/TCR_Public/140308.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 7, 2014, Vol. 18, No. 66
Headlines
710 LONG RIDGE: Reports $301,343 Net Income in January
ALLENS INC: Posts $9.14 Million Net Loss for January
BEAR ISLAND: Incurs $72,919 Net Loss in July
BEAR ISLAND: Net Loss Down to $9,750 in August
BEAR ISLAND: Cash Balance Remains at $7.9-Mil. in September
BEAR ISLAND: Ends October with $890 Net Loss
BEAR ISLAND: Suffers $38,404 Net Loss in November
BEAR ISLAND: Net Loss Increases to $200,015 in December
DIGITAL DOMAIN: Incurs $1.17-Mil. Net Loss in November
FAIRMONT GENERAL: Had $857,209 Cash Profit at November End
FAIRMONT GENERAL: Ends December with $349,908 Cash Profit
FAIRMONT GENERAL: Incurs $651,915 Net Loss in January
FRESH & EASY: Posts $79.39 Million Net Income at Dec. 29
FRESH & EASY: Incurs $1.11 Million Net Loss at Jan. 26
FURNITURE BRANDS: Lists $106MM in Total Receipts at Dec. 29
GROEB FARMS: Ends December with $7.59-Mil. Net Loss
HOSPITALITY STAFFING: Incurs $1.43 Mil. Net Loss in December
HOSTESS BRANDS: Net Loss Down to $3.86 Million in January
INTERNATIONAL FOREIGN: January Cash Balance Remains at $6.98-Mil.
LONGVIEW POWER: Ends November with $15.85 Million Cash
LONGVIEW POWER: Incurs $7.36-Mil. Net Loss in December
MERCANTILE BANCORP: Lists $197,316 Net Loss in November
MERCANTILE BANCORP: Incurs $25MM Net Loss in December
MERCANTILE BANK: Incurs $192,979 Net Loss in January
METRO AFFILIATES: Net Loss Down to $3.42 Million in January
MSD PERFORMANCE: Net Loss Increases to $1.79 Million in December
NIRVANIX INC: Reports $2.13-Mil. Net Income in December
NORTEL NETWORKS: Reports $868-Mil. Cash Balance in September
ORECK CORP: Net Loss Down to $57,570 in January
PICCADILLY RESTAURANTS: Posts $1.83 Million Net Loss in January
REVSTONE INDUSTRIES: Cash Balance Down to $557,924 in December
REVSTONE INDUSTRIES: Cash Drops to $323,786 in January
SPECIALTY PRODUCTS: Suffers $966,959 Net Loss in January
*********
710 LONG RIDGE: Reports $301,343 Net Income in January
------------------------------------------------------
710 Long Ridge Road Operating Co. II, LLC, on Feb. 24, 2014, filed
its monthly operating report for the month of January 2014.
The Debtor reported a net income of $301,343 on net revenue of
$1.06 million in January, a substantial improvement from the
$367,697 net loss reported in December.
At Jan. 31, the Debtor had total assets of $2.43 million, total
liabilities of $19.80 million, and a total shareholders' deficit
of -($17.37 million).
The Debtor posted $152,549 cash at the beginning of the month. It
reported total cash receipts of $2.42 million and total cash
disbursements of $2.25 million. Thus, at month end, the Debtor
had $324,854.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/710LONGjanmor.pdf
About 710 Long Ridge Road Operating Company II
710 Long Ridge Road Operating Company II, LLC and four affiliates
own sub-acute and long-term nursing care facilities for the
elderly in Connecticut. The facilities, which are managed by
HealthBridge Management LLC, are Long Ridge of Stamford, Newington
Health Care Center, Westport Health Care Center, West River Health
Care Center, and Danbury Health Care Center.
710 Long Ridge Road Operating Company II and its affiliates sought
Chapter 11 protection (Bankr. D.N.J. Case Nos. 13-13653 to 13-
13657) on Feb. 24, 2013, to modify their collective bargaining
agreements with the New England Health Care Employees Union,
District 1199, SEIU.
The Debtors owe $18.9 million to M&T Bank and $7.99 million on
loans from the U.S. Department of Housing and Urban Development
Federal Housing Administration.
Michael D. Sirota, Esq., Gerald Gline, Esq., David Bass, Esq., and
Ryan T. Jareck, Esq., serve as counsel to the Debtors. Logan &
Company, Inc. is the claims and notice agent. Alvarez & Marsal
Healthcare Industry Group, LLC, is the financial advisor.
Porzio, Bromberg & Newman, P.C.'s Robert M. Schechter, Esq., and
Rachel Segall, Esq., represents the Official Committee of
Unsecured Creditors. The Committee retained EisnerAmper LLP as
accountant.
Levy Ratner's Suzanne Hepner, Esq., and Ryan J. Barbur, Esq.,
represent the New England Health Care Workers, District 1199 SEIU.
Abby Propis Simms, Esq., Julie L. Kaufman, Esq., Nancy E. Kessler
Platt, Esq., Dawn L. Goldstein, Esq., Paul Thomas, Esq., and John
McGrath, Esq., at the National Labor Relations Board Special
Litigation Branch in Washington, D.C., argue for the National
Labor Relations Board.
ALLENS INC: Posts $9.14 Million Net Loss for January
----------------------------------------------------
Allens Inc and All Veg LLC filed monthly operating reports for the
month of January 2014.
The Debtors disclosed total assets of $263,868,924 at Jan. 31,
2014, including cash of $1,337,514 and inventory (at lower of cost
or market) of $117,207,057. The Debtors said liabilities total
$258,756,810 at Jan. 31.
The Debtors posted a net loss of $9,143,381 for January and
$23,263,560 year to date.
A copy of Allen's monthly operating report is available at:
http://bankrupt.com/misc/AllensJan2014MOR.pdf
About Allens Inc.
Siloam Springs, Arkansas-based Allens, Inc., a maker of canned and
frozen vegetables in business since 1926, filed for bankruptcy
(Bankr. W.D. Ark. Case No. 13-73597) on Oct. 28, 2013, seeking to
sell some divisions or reorganize as a new company. Its
affiliate, All Veg Inc., also sought bankruptcy protection.
Bankruptcy Judge Ben T. Barry presides over the cases. The
Debtors are represented by Stan D. Smith, Esq., Lance R. Miller,
Esq., and Chris A. McNulty, Esq., at Mitchell, Williams, Selig,
Gates & Woodyard, P.L.L.C., in Little Rock, Arkansas; and Nancy A.
Mitchell, Esq., Maria J. DiConza, Esq., and Matthew L. Hinker,
Esq., at Greenberg Traurig, LLP, in New York. Jonathan Hickman of
Alvarez & Marsal North America, LLC, serves as the Debtors' chief
restructuring officer. Cary Daniel, Nick Campbell and Markus
Lahrkamp of A&M serve as assistant CROs. Lazard Freres & Co. LLC
and Lazard Middle Market LLC serve as investment bankers, while GA
Keen Realty Advisors, LLC, serves as real estate advisor to the
Debtors.
The Official Committee of Unsecured Creditors tapped Eichenbaum
Liles P.A.'s Martha Jett McAlister, Esq.; and Cooley LLP's Cathy
Hershcopf, Esq., Jeffrey L. Cohen, Esq., Seth Van Aalton, Esq.,
and Robert B. Winning, Esq., as counsel.
On Feb. 12, 2014, the Court entered the order (i) authorizing and
approving the sale of substantially all of the assets of the
Allens Inc. to Sager Creek Acquisition Corp. -- which is owned by
investment funds controlled or advised by Sankaty Advisors LLC and
GB Credit Partners LLC -- free and clear of all liens, claims,
encumbrances, and interests; and (ii) approving the assumption and
assignment of certain of the Debtor's executory contracts and
unexpired leases. The sale was expected to close Feb. 28.
The Associated Press said the assets will be sold to Sager Creek
for $124.78 million. Katy Stech, writing for Daily Bankruptcy
Review, the investment vehicle won the bidding with a $160 million
offer, topping stalking horse bidder Seneca Foods Corp. at a
bankruptcy auction. Seneca Foods signed an agreement to purchase
the Debtors' assets for $148 million plus assumption of specified
debt.
Counsel to the stalking horse purchaser is Tim C. Loftis, Esq., at
Jaeckle, Fleishmann & Mugel, LLP, in Buffalo, New York. Local
counsel to the stalking horse purchaser is Charles T. Coleman,
Esq., at Wright, Lindsey & Jennings, LLP, in Little Rock,
Arkansas.
Allens Inc. scheduled $294,465,233 in total assets and
$287,945,167 in total liabilities.
BEAR ISLAND: Incurs $72,919 Net Loss in July
--------------------------------------------
Bear Island Paper Company, LLC, n/k/a Estate BIPCO, LLC, on
Jan. 22, 2014, filed its monthly operating report for July 2013.
The Debtor incurred a net loss of $72,919 on zero sales for July,
a substantial decrease from the previous month's $558,263 net
loss.
At July 31, the Debtor had total assets of $27.50 million, total
liabilities of $137.95 million, and a total shareholders' deficit
of -($110.45 million).
The Debtor had $8.06 million to begin the month. It posted zero
receipts and $72,919 in total cash disbursements, all off which
were spent on professional fees. Thus, at the end of the month,
the Debtor had $7.99 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BearIsland_1540_MORjuly.pdf
About Bear Island
Canada-based White Birch Paper Company was the second largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at
Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to
Bear Island.
AlixPartners LLP serves as financial and restructuring advisors to
Bear Island, and Lazard Freres & Co., serves as investment banker.
Garden City Group is the claims and notice agent. Jason William
Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia,
represents the Official Committee of Unsecured Creditors.
Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and
Chapter 15 cases.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG and Caspian Capital
Advisors LLC. The sale closed in September 2012.
The caption for Bear Island's case was changed to "Estate BIPCO,
LLC" as required by the asset sale agreement.
Under a plan proposed for Bear Island, first- and second-lien
creditors with $424.9 million and $105.1 million in claims,
respectively, are expected to recover between 0.5 percent and
4 percent. Unsecured creditors with $1.4 million in claims are to
receive the same dividend.
BEAR ISLAND: Net Loss Down to $9,750 in August
----------------------------------------------
Bear Island Paper Company, LLC, n/k/a Estate BIPCO, LLC, filed, on
Jan. 22, 2014 its monthly operating report for the month of August
2013.
The Debtor had a $9,750 net loss with zero sales in August, as
compared to the net losses of $72,919 in July and $558,263 in
June.
The Debtor declared total assets of $27.49 million, total
liabilities of $137.95 million, and a total shareholders' deficit
of -($110.46 million).
At Aug. 1, the Debtor had $7.99 million cash. It listed zero
total cash receipts and $9,750 in total cash disbursements. The
Debtors spent $9,750 on professional fees. At month end, the
Debtor had $7.98 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BearIsland_1541_MORaug.pdf
About Bear Island
Canada-based White Birch Paper Company was the second largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at
Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to
Bear Island.
AlixPartners LLP serves as financial and restructuring advisors to
Bear Island, and Lazard Freres & Co., serves as investment banker.
Garden City Group is the claims and notice agent. Jason William
Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia,
represents the Official Committee of Unsecured Creditors.
Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and
Chapter 15 cases.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG, and Caspian
Capital Advisors LLC. The sale closed in September 2012.
The caption for Bear Island's case was changed to "Estate BIPCO,
LLC" as required by the asset sale agreement.
Under a plan proposed for Bear Island, first- and second-lien
creditors with $424.9 million and $105.1 million in claims,
respectively, are expected to recover between 0.5 percent and
4 percent. Unsecured creditors with $1.4 million in claims are to
receive the same dividend.
BEAR ISLAND: Cash Balance Remains at $7.9-Mil. in September
-----------------------------------------------------------
Bear Island Paper Company, LLC, n/k/a Estate BIPCO, LLC, on
Jan. 22, 2014, filed its monthly operating report for September
2013.
The Debtor reported no income and no sales for the month.
At Sept. 31, 2013, the Debtor had total assets of $27.49 million,
total liabilities of $137.95 million, and a total shareholders'
deficit of -($110.46 million).
The Debtor posted no cash receipts and cash disbursements for the
month. Thus, cash balance remained at $7.98 million in September.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BearIsland_1542_MORsept.pdf
About Bear Island
Canada-based White Birch Paper Company was the second largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at
Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to
Bear Island.
AlixPartners LLP serves as financial and restructuring advisors to
Bear Island, and Lazard Freres & Co., serves as investment banker.
Garden City Group is the claims and notice agent. Jason William
Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia,
represents the Official Committee of Unsecured Creditors.
Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and
Chapter 15 cases.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG and Caspian Capital
Advisors LLC. The sale closed in September 2012.
The caption for Bear Island's case was changed to "Estate BIPCO,
LLC" as required by the asset sale agreement.
Under a plan proposed for Bear Island, first- and second-lien
creditors with $424.9 million and $105.1 million in claims,
respectively, are expected to recover between 0.5 percent and
4 percent. Unsecured creditors with $1.4 million in claims are to
receive the same dividend.
BEAR ISLAND: Ends October with $890 Net Loss
--------------------------------------------
Bear Island Paper Company, LLC, n/k/a Estate BIPCO, LLC, on
Jan. 22, 2014, filed its monthly operating report for the month of
October 2013.
The Debtor reported a net loss of $890 on zero sales for the
month.
At Oct. 31, the Debtor declared $27.49 million in total assets,
$137.95 million in total liabilities, and a -($110.46 million)
total shareholders' deficit.
The Debtors started the month with $7.98 million cash. It posted
zero cash receipts and $890 in total disbursements for the month.
At Oct. 31, 2013, the Debtor had $7.98 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BearIsland_1543_MORoct.pdf
About Bear Island
Canada-based White Birch Paper Company was the second largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at
Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to
Bear Island.
AlixPartners LLP serves as financial and restructuring advisors to
Bear Island, and Lazard Freres & Co., serves as investment banker.
Garden City Group is the claims and notice agent. Jason William
Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia,
represents the Official Committee of Unsecured Creditors.
Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and
Chapter 15 cases.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG and Caspian Capital
Advisors LLC. The sale closed in September 2012.
The caption for Bear Island's case was changed to "Estate BIPCO,
LLC" as required by the asset sale agreement.
Under a plan proposed for Bear Island, first- and second-lien
creditors with $424.9 million and $105.1 million in claims,
respectively, are expected to recover between 0.5 percent and
4 percent. Unsecured creditors with $1.4 million in claims are to
receive the same dividend.
BEAR ISLAND: Suffers $38,404 Net Loss in November
-------------------------------------------------
Bear Island Paper Company, LLC, n/k/a Estate BIPCO, LLC, on
Jan. 22, 2014, filed its monthly operating report for November
2013.
The Debtor suffered a net loss of $38,404 on zero sales for
November, an increase from the previous month's $890 net loss.
At Nov. 31, the Debtor had $27.45 million in total assets, $137.95
million in total liabilities, and a -($110.50 million) total
shareholders' deficit.
The Debtor had $7.98 million at the start of the month. It
reported zero total receipts and $38,404 on total cash
disbursements, all of which were spent on professional fees. At
month end, the Debtor had $7.94 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BearIsland_1544_MORnov.pdf
About Bear Island
Canada-based White Birch Paper Company was the second largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at
Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to
Bear Island.
AlixPartners LLP serves as financial and restructuring advisors to
Bear Island, and Lazard Freres & Co., serves as investment banker.
Garden City Group is the claims and notice agent. Jason William
Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia,
represents the Official Committee of Unsecured Creditors.
Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and
Chapter 15 cases.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG and Caspian Capital
Advisors LLC. The sale closed in September 2012.
The caption for Bear Island's case was changed to "Estate BIPCO,
LLC" as required by the asset sale agreement.
Under a plan proposed for Bear Island, first- and second-lien
creditors with $424.9 million and $105.1 million in claims,
respectively, are expected to recover between 0.5 percent and
4 percent. Unsecured creditors with $1.4 million in claims are to
receive the same dividend.
BEAR ISLAND: Net Loss Increases to $200,015 in December
-------------------------------------------------------
Bear Island Paper Company, LLC, n/k/a Estate BIPCO, LLC, on
Jan. 22, 2014, filed its monthly operating report for December
2013.
The Debtor incurred a net loss of $200,015 on zero sales for the
month, a more than five-fold increase from the previous month's
$38,404 net loss.
The Debtor posted total assets of $27.25 million, total
liabilities of $137.95 million, and a total shareholders' deficit
of -($110.70 million).
At Dec. 1, the Debtor had $7.94 million cash. It had zero
receipts and $200,014 in total cash disbursements for the month.
The Debtors incurred $200,014 in professional fees. Thus, at the
end of the month, the Debtor had $7.74 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BearIsland_1545_MORdec.pdf
About Bear Island
Canada-based White Birch Paper Company was the second largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at
Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to
Bear Island.
AlixPartners LLP serves as financial and restructuring advisors to
Bear Island, and Lazard Freres & Co., serves as investment banker.
Garden City Group is the claims and notice agent. Jason William
Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia,
represents the Official Committee of Unsecured Creditors.
Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and
Chapter 15 cases.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG and Caspian Capital
Advisors LLC. The sale closed in September 2012.
The caption for Bear Island's case was changed to "Estate BIPCO,
LLC" as required by the asset sale agreement.
Under a plan proposed for Bear Island, first- and second-lien
creditors with $424.9 million and $105.1 million in claims,
respectively, are expected to recover between 0.5 percent and
4 percent. Unsecured creditors with $1.4 million in claims are to
receive the same dividend.
DIGITAL DOMAIN: Incurs $1.17-Mil. Net Loss in November
------------------------------------------------------
DDMG Estate, f/k/a/ Digital Domain Media Group, Inc., and its
subsidiaries, on Jan. 23, 2014, filed their monthly operating
report for November 2013.
The Debtors' statement of operations showed a net loss $1.17
million on zero revenue for the month.
At December 31, the Debtors reported $13.41 million in total
assets, $123.87 million in total liabilities, and a -($110.46
million) total shareholders' deficit.
At the beginning of the month, the Debtors had a cash balance of
$5.26 million. They had total receipts of $798 and total
disbursements of $52,679. They paid $51,319 in professional fees.
As a result, the Debtors had $5.21 million at month end.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/DIGITALDOMAINnovmor.pdf
About Digital Domain
Port St. Lucie, Florida-based Digital Domain Media Group, Inc. --
http://www.digitaldomain.com/-- engaged in the creation of
original content animation feature films, and development of
computer-generated imagery for feature films and trans-media
advertising primarily in the United States.
Digital Domain Media Group, Inc. and 13 affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-12568) on
Sept. 11, 2012, to sell its business for $15 million to
Searchlight Capital Partners LP, subject to higher and better
offers. The Company disclosed assets of $205 million and
liabilities totaling $214 million.
The Debtors also have sought ancillary relief in Canada, pursuant
to the Companies' Creditors Arrangement Act in the Supreme Court
of British Columbia, Vancouver Registry.
Attorneys at Pachulski Stang Ziehl & Jones serve as counsel to the
Debtors. FTI Consulting, Inc.'s Michael Katzenstein is the chief
restructuring officer. Kurtzman Carson Consultants LLC is the
claims and notice agent. An official committee of unsecured
creditors appointed in the case is represented by lawyers at
Sullivan Hazeltine Allinson LLC and Brown Rudnick LLP.
At a bankruptcy auction, the principal part of the business was
purchased by a joint venture between Galloping Horse America LLC,
an affiliate of Beijing Galloping Horse Co., and an affiliate of
Reliance Capital Ltd., based in Mumbai. The $36.7 million total
value of the contact includes $3.6 million to cure defaults on
contracts and $2.9 million in reimbursement of payroll costs. As
the result of a settlement negotiated by the unsecured creditors'
committee with secured lenders, there will be some recovery for
the committee's constituency.
FAIRMONT GENERAL: Had $857,209 Cash Profit at November End
----------------------------------------------------------
Fairmont General Hospital, Inc., and its subsidiaries, on Dec. 16,
2013, filed their monthly operating report for November 2013.
The Debtors reported $6.47 million in total income and $5.62
million in total expenses for the month. As a result, they had a
$857,209 cash profit for the reporting period.
At the beginning of the month, the Debtors had $1.35 million cash.
At month end, cash balance increased to $2.21 million arising from
cash profit earned.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FAIRMONTGENERAL_nov2013.pdf
About Fairmont General
Fairmont General Hospital Inc. and Fairmont Physicians, Inc.,
which operate a 207-bed acute-care facility in Fairmont, West
Virginia, sought Chapter 11 bankruptcy protection (Bankr. N.D.
W.Va. Case No. 13-01054) on Sept. 3, 2013. The fourth-largest
employer in Marion County, West Virginia, filed for bankruptcy as
it looks to partner with another hospital or health system.
The Debtors are represented by Rayford K. Adams, III, Esq., and
Casey H. Howard, Esq., at Spilman Thomas & Battle, PLLC, in
Winston-Salem, North Carolina; David R. Croft, Esq., at Spilman
Thomas & Battle, PLLC, in Wheeling, West Virginia, and Michael S.
Garrison, Esq., at Spilman Thomas & Battle, PLLC, in Morgantown,
West Virginia. The Debtors' financial analyst is Gleason &
Associates, P.C. The Debtors' claims and noticing agent is Epiq
Bankruptcy Solutions. Hammond Hanlon Camp, LLC, has been engaged
as investment banker and financial advisor.
UMB Bank is represented by Nathan F. Coco, Esq., and Suzanne Jett
Trowbridge, Esq., at McDermott Will & Emery LLP.
The Committee of Unsecured Creditors is represented by Andrew
Sherman, Esq., and Boris I. Mankovetskiy, Esq., at Sills Cummis &
Gross P.C. and Kirk B. Burkley, Esq., Bernstein Burkley, P.C.
Janet Smith Holbrook, Esq., at Huddleston Bolen LLP, represents
the Committee as local counsel.
The Bankruptcy Court has named Suzanne Koenig at SAK Management
Services, LLC, as patient care ombudsman. Ms. Koenig has hired
her own firm as medical operations advisor; and Greenberg Traurig,
LLP, as her counsel.
The Debtors are engaged in the process of locating a buyer or
strategic partner for the hospital, through the Debtors'
investment bankers. The Debtors believe that by the end of
March 2014 that process will be complete and a plan can be filed.
The Debtors have scheduled $48,568,863 in total assets and
$54,774,365 in total liabilities.
FAIRMONT GENERAL: Ends December with $349,908 Cash Profit
---------------------------------------------------------
Fairmont General Hospital, Inc., and its subsidiaries, on Jan. 17,
2014, filed their monthly operating report for December 2013.
The Debtors reported $7.38 million in total income and $7.03
million in total expenses for the month. As a result, they had a
$349,908 cash profit for the same period.
At the beginning of the month, the Debtors had $2.22 million cash.
At month end, cash balance increased to $2.57 million arising from
the cash profit earned.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FAIRMONTGENERALdecmor.pdf
The Debtors also filed a supplemental financial report for the
same period, a copy of which is available at:
http://bankrupt.com/misc/FAIRMONTGENERALdecmorsupp.pdf
About Fairmont General
Fairmont General Hospital Inc. and Fairmont Physicians, Inc.,
which operate a 207-bed acute-care facility in Fairmont, West
Virginia, sought Chapter 11 bankruptcy protection (Bankr. N.D.
W.Va. Case No. 13-01054) on Sept. 3, 2013. The fourth-largest
employer in Marion County, West Virginia, filed for bankruptcy as
it looks to partner with another hospital or health system.
The Debtors are represented by Rayford K. Adams, III, Esq., and
Casey H. Howard, Esq., at Spilman Thomas & Battle, PLLC, in
Winston-Salem, North Carolina; David R. Croft, Esq., at Spilman
Thomas & Battle, PLLC, in Wheeling, West Virginia, and Michael S.
Garrison, Esq., at Spilman Thomas & Battle, PLLC, in Morgantown,
West Virginia. The Debtors' financial analyst is Gleason &
Associates, P.C. The Debtors' claims and noticing agent is Epiq
Bankruptcy Solutions. Hammond Hanlon Camp, LLC, has been engaged
as investment banker and financial advisor.
UMB Bank is represented by Nathan F. Coco, Esq., and Suzanne Jett
Trowbridge, Esq., at McDermott Will & Emery LLP.
The Committee of Unsecured Creditors is represented by Andrew
Sherman, Esq., and Boris I. Mankovetskiy, Esq., at Sills Cummis &
Gross P.C. and Kirk B. Burkley, Esq., Bernstein Burkley, P.C.
Janet Smith Holbrook, Esq., at Huddleston Bolen LLP, represents
the Committee as local counsel.
The Bankruptcy Court has named Suzanne Koenig at SAK Management
Services, LLC, as patient care ombudsman. Ms. Koenig has hired
her own firm as medical operations advisor; and Greenberg Traurig,
LLP, as her counsel.
The Debtors are engaged in the process of locating a buyer or
strategic partner for the hospital, through the Debtors'
investment bankers. The Debtors believe that by the end of
March 2014 that process will be complete and a plan can be filed.
The Debtors have scheduled $48,568,863 in total assets and
$54,774,365 in total liabilities.
FAIRMONT GENERAL: Incurs $651,915 Net Loss in January
-----------------------------------------------------
Fairmont General Hospital, Inc., and its subsidiaries, on Feb. 17,
2014, filed their monthly operating report for January 2014.
The Debtors listed $5.83 million in total income and $6.48 million
in total expenses for the month resulting in a cash profit of
-($651,915).
At Jan. 31, 2014, the Debtors pegged their cash balance at $2.03
million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FAIRMONTGENERALjanmor.pdf
About Fairmont General
Fairmont General Hospital Inc. and Fairmont Physicians, Inc.,
which operate a 207-bed acute-care facility in Fairmont, West
Virginia, sought Chapter 11 bankruptcy protection (Bankr. N.D.
W.Va. Case No. 13-01054) on Sept. 3, 2013. The fourth-largest
employer in Marion County, West Virginia, filed for bankruptcy as
it looks to partner with another hospital or health system.
The Debtors are represented by Rayford K. Adams, III, Esq., and
Casey H. Howard, Esq., at Spilman Thomas & Battle, PLLC, in
Winston-Salem, North Carolina; David R. Croft, Esq., at Spilman
Thomas & Battle, PLLC, in Wheeling, West Virginia, and Michael S.
Garrison, Esq., at Spilman Thomas & Battle, PLLC, in Morgantown,
West Virginia. The Debtors' financial analyst is Gleason &
Associates, P.C. The Debtors' claims and noticing agent is Epiq
Bankruptcy Solutions. Hammond Hanlon Camp, LLC, has been engaged
as investment banker and financial advisor.
UMB Bank is represented by Nathan F. Coco, Esq., and Suzanne Jett
Trowbridge, Esq., at McDermott Will & Emery LLP.
The Committee of Unsecured Creditors is represented by Andrew
Sherman, Esq., and Boris I. Mankovetskiy, Esq., at Sills Cummis &
Gross P.C. and Kirk B. Burkley, Esq., Bernstein Burkley, P.C.
Janet Smith Holbrook, Esq., at Huddleston Bolen LLP, represents
the Committee as local counsel.
The Bankruptcy Court has named Suzanne Koenig at SAK Management
Services, LLC, as patient care ombudsman. Ms. Koenig has hired
her own firm as medical operations advisor; and Greenberg Traurig,
LLP, as her counsel.
The Debtors are engaged in the process of locating a buyer or
strategic partner for the hospital, through the Debtors'
investment bankers. The Debtors believe that by the end of
March 2014 that process will be complete and a plan can be filed.
The Debtors have scheduled $48,568,863 in total assets and
$54,774,365 in total liabilities.
FRESH & EASY: Posts $79.39 Million Net Income at Dec. 29
--------------------------------------------------------
Fresh & Easy Neighborhood Market Inc., and its affiliates, on
Jan. 31, 2014, filed the monthly operating report for the period
from Nov. 25 through Dec. 29, 2013.
The Debtors listed a $79.43 million net income on net sales of
$2.80 million for the period, as compared to the $6,386 net loss
for the period of Oct. 28 to Nov. 24.
At Dec. 29, 2013, the Debtors declared total assets of $98.18
million, total liabilities of $800.29 million and a -($702.11
million) total shareholders' deficit.
The Debtors had $40.88 million cash at Nov. 25. They reported
total receipts of $23.91 million and total disbursements of $27.03
million. They also spent $1.72 million in professional and
transaction fees. Thus, at the end of the period, the Debtors had
$37.76 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FRESH&EASYnov-decmor.pdf
About Fresh & Easy Neighborhood
Fresh & Easy Neighborhood Market Inc., and its affiliate filed
Chapter 11 petitions (Bankr. D. Del. Case Nos. 13-12569 and
13-12570) on Sept. 30, 2013. The petitions were signed by James
Dibbo, chief financial officer. Judge Kevin J. Carey presides
over the case.
Fresh & Easy owes $738 million to Cheshunt, England-based Tesco,
the U.K.'s biggest retailer. Fresh & Easy never made a profit and
lost an average of $22 million a month in the 12 months ended in
February, according to court papers.
Jones Day serves as lead bankruptcy counsel. Richards, Layton &
Finger, P.A., serves as local Delaware counsel. Alvarez & Marsal
North America, LLC, serves as financial advisors, and Alvarez &
Marsal Securities, LLC, serves as investment banker. Prime Clerk
LLC acts as the Debtors' claims and noticing agent. Gordon
Brothers Group, LLC, and Tiger Capital Group, LLC, serves as the
Debtors' consultant. The Debtors estimated assets of at least $100
million and liabilities of at least $500 million.
Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed five
creditors to serve in the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Fresh & Easy Neighborhood
Market Inc., et al. Pachulski Stang Ziehl & Jones LLP serves as
counsel to the Committee. FTI Consulting, Inc. serves as its
financial advisor.
The Debtors closed, on or about Nov. 26, 2013, the sale of about
150 supermarkets plus a production facility in Riverside,
California, to Ron Buckle's Yucaipa Cos. Pursuant to the sale
terms, the bankruptcy company changed its name, and the name of
the case, to Old FENM Inc.
FRESH & EASY: Incurs $1.11 Million Net Loss at Jan. 26
------------------------------------------------------
Fresh & Easy Neighborhood Market Inc., and its affiliates, on
Feb. 20, 2014, filed their monthly operating report for the period
from Dec. 29, 2013 to Jan. 26, 2014.
The Debtors' statement of operations showed a net loss of $1.11
million on zero sales for the current period, a decrease from the
$79.43 million net income reported at Dec. 29.
The Debtors had $96.29 million in total assets, $799.51 million in
total liabilities, and a -($703.22 million) total shareholders'
deficit.
At Dec. 29, the Debtors posted $37.76 million cash. They reported
$2.09 million in total cash receipts and $2.22 million in total
cash receipts. The Debtors spent $136,956 in professional and
transaction fees. At the end of the period, the Debtors had
$37.63 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FRESH&EASYdec-janmor.pdf
About Fresh & Easy Neighborhood
Fresh & Easy Neighborhood Market Inc., and its affiliate filed
Chapter 11 petitions (Bankr. D. Del. Case Nos. 13-12569 and
13-12570) on Sept. 30, 2013. The petitions were signed by James
Dibbo, chief financial officer. Judge Kevin J. Carey presides
over the case.
Fresh & Easy owes $738 million to Cheshunt, England-based Tesco,
the U.K.'s biggest retailer. Fresh & Easy never made a profit and
lost an average of $22 million a month in the 12 months ended in
February, according to court papers.
Jones Day serves as lead bankruptcy counsel. Richards, Layton &
Finger, P.A., serves as local Delaware counsel. Alvarez & Marsal
North America, LLC, serves as financial advisors, and Alvarez &
Marsal Securities, LLC, serves as investment banker. Prime Clerk
LLC acts as the Debtors' claims and noticing agent. Gordon
Brothers Group, LLC, and Tiger Capital Group, LLC, serves as the
Debtors' consultant. The Debtors estimated assets of at least $100
million and liabilities of at least $500 million.
Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed five
creditors to serve in the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Fresh & Easy Neighborhood
Market Inc., et al. Pachulski Stang Ziehl & Jones LLP serves as
counsel to the Committee. FTI Consulting, Inc. serves as its
financial advisor.
The Debtors closed, on or about Nov. 26, 2013, the sale of about
150 supermarkets plus a production facility in Riverside,
California, to Ron Buckle's Yucaipa Cos. Pursuant to the sale
terms, the bankruptcy company changed its name, and the name of
the case, to Old FENM Inc.
FURNITURE BRANDS: Lists $106MM in Total Receipts at Dec. 29
-----------------------------------------------------------
Furniture Brands International, Inc., et al., on Feb. 20, filed
their monthly operating report for the period from Nov. 25 to Dec.
29, 2013.
The Debtors' monthly operating report did not contain a statement
of operation and balance sheet.
The Debtors reported total receipts of $106.06 million and total
disbursements of $11.21 million for the month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FurnitureBrand_1251_MORdec.pdf
About Furniture Brands
Furniture Brands International (NYSE:FBN) --
http://www.furniturebrands.com-- engaged in the designing,
manufacturing, sourcing and retailing home furnishings. Furniture
Brands markets products through a wide range of channels,
including company owned Thomasville retail stores and through
interior designers, multi-line/ independent retailers and mass
merchant stores. Its brands include Thomasville, Broyhill, Lane,
Drexel Heritage, Henredon, Pearson, Hickory Chair, Lane Venture,
Maitland-Smith and LaBarge.
The balance sheet at June 29, 2013, showed $546.73 million in
total assets against $550.13 million in total liabilities.
On Sept. 9, 2013, Furniture Brands International, Inc. and 18
affiliated companies sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 13-12329).
Attorneys at Paul Hastings LLP and Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtors. Alvarez and Marsal
North America, LLC, is the restructuring advisors. Miller
Buckfire & Co., LLC is the investment Banker. Epiq Systems Inc.
dba Epiq Bankruptcy Solutions is the claims and notice agent.
The official creditor's committee is comprised of the Pension
Benefit Guaranty Corp., Milberg Factors Inc. and five suppliers.
The Committee tapped Blank Rome LLP as co-counsel, Hahn &
Hessen LLP as lead counsel, BDO Consulting as financial advisor,
and Houlihan Lokey Capital, Inc., as investment banker.
In November 2013, Furniture Brands won bankruptcy court approval
to sell the business to KPS Capital Partners LP for $280 million.
Private-equity investor KPS formed a new company named Heritage
Home Group LLC to operate the business.
GROEB FARMS: Ends December with $7.59-Mil. Net Loss
---------------------------------------------------
Groeb Farms, Inc., on Jan. 20, 2014, filed its monthly operating
report for December 2013.
The Debtor reported a net loss of $7.59 million with $8.16 million
revenue for the month.
At Dec. 31, 2013, the Debtor posted $42.47 million in total
assets, $53.25 million in total liabilities, and a -($10.78
million) total shareholders' deficit.
At the beginning of the month, the Debtor had a cash balance of
$422,560. It reported $15.54 million in total receipts and $12.75
million total disbursements. At month end, the Debtor had $3.23
million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/GROEBFARMSdecmor.pdf
About Groeb Farms
Headquartered in Onsted, Mich., Groeb Farms is one of the largest
honey packers in the nation. For more than 30 years, the company
has provided the finest, top quality, wholesome and safe honey and
related food products to industrial and retail customers as well
as the American consumer.
The Company sought protection under Chapter 11 of the Bankruptcy
Code on Oct. 1, 2013 (Case No. 13-58200, Bankr. E.D. Mich.).
Judge Walter Shapero is overseeing the case. The Debtor is
represented by Judy A. O'Neill, Esq., and John A. Simon, Esq., at
Foley & Lardner LLP, in Detroit, Michigan. Conway MacKenzie,
Inc., serves as financial advisor, while Houlihan Lokey Capital,
Inc., investment banker and also as financial advisor. Kurtzman
Carson Consultants LLC is the Debtors' claims, noticing, and
balloting agent.
Daniel M. McDermott, United States Trustee for Region 9, has
appointed five creditors to serve on the Official Committee of
Unsecured Creditors. The Creditors' Committee members are: Bees
Brothers, LLC, Little Bee Impex, Delta Food International Inc.,
Buoye Honey, and Citrofrut SA de CV.
HC Capital Holdings 0909A, LLC, an affiliate of Honey Financing
Company, LLC, extended $27 million senior secured super-priority
revolving credit facility to the Debtors. The DIP Lender is
represented by Leonard Klingbaum, Esq., at Kirkland & Ellis
LLP, in New York.
HOSPITALITY STAFFING: Incurs $1.43 Mil. Net Loss in December
------------------------------------------------------------
Hospitality Staffing Solutions, LLC, et al., on Feb. 10, 2014,
filed its monthly operating report for the period from Nov. 25 to
Dec. 29, 2013.
The Debtors reported a $1.43 million net loss on net revenue of
$10.06 million for the period.
At Nov. 25, the Debtors had $3.78 million in cash. They reported
$10.29 million in total cash receipts and $13.11 million in total
cash disbursements for the period. Thus, at Dec. 29, the Debtors
had $960,763 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/HOSPITALITYSTAFFINGnovdecmor.pdf
About Hospitality Staffing Solutions
Hospitality Staffing Solutions, LLC (HSS) --
http://www.hssstaffing.com-- is a hospitality staffing company.
Established in 1990, the company's team of hotel industry experts
works with 4 and 5 star properties in 35 states and 62 markets
across the country.
Hospitality Staffing Solutions and various affiliates filed
voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No.
13-12740) on Oct. 24, 2013, before Judge Brendan Linehan Shannon.
The Debtors are represented by Mark Minuti, Esq., at Saul Ewing
LLP, in Wilmington, Delaware; and Jeffrey C. Hampton, Esq.,
Monique Bair DiSabatino, Esq., and Ryan B. White, Esq., at Saul
Ewing LLP, in Philadelphia, Pennsylvania. The Debtors' financial
advisor is Conway Mackenzie, Inc., and their investment banker is
Duff & Phelps Corp. Epiq Systems, Inc., is the Debtors' claims
and noticing agent. HSS Holding disclosed assets of undetermined
amount and liabilities of $22,910,994.
The investor group is providing DIP financing. They are
represented by Scott K. Charles, Esq., and Neil M. Snyder, Esq.,
at Wachtell, Lipton, Rosen & Katz, in New York; and Derek C.
Abbott, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in
Wilmington, Delaware.
Roberta A. DeAngelis, U.S. Trustee for Region 3, has notified the
Bankruptcy Court that she was unable to appoint a committee of
unsecured creditors in the Debtors' cases as there was
insufficient response to the U.S. Trustee communication/contact
for service on the committee.
The Debtors filed for bankruptcy to facilitate a sale of the
business to HS Solutions Corporation, an entity formed by LJC
Investments I, LLC and a group of investors including Littlejohn
Opportunities Master Fund, L.P., Caymus Equity Partners and
Management, and SG Distressed Debt Fund LP. The investor group
acquired $22.9 million of the secured bank debt on Oct. 11, 2013.
That debt is in default.
The asset purchase agreement with HS Solutions was approved by the
Court on Dec. 13, 2014. The sale closed on Jan. 24, 2014.
HOSTESS BRANDS: Net Loss Down to $3.86 Million in January
---------------------------------------------------------
Hostess Brands, Inc., et al., on Feb. 14, 2014, filed their
monthly operating report for the period from Dec. 15, 2013 to
Jan. 11, 2014.
The Debtors reported a $3.86 million net loss on zero revenue for
the period, a substantial decrease from the $21.26 million net
loss incurred for the Nov. 17 to Dec. 14 period last year.
At Jan. 11, 2014, the Debtors listed $251.40 million in total
assets, $2.68 billion in total liabilities, and a -($2.43 billion)
total shareholders' deficit.
At Dec. 15, the Debtors had $37.82 million cash. They reported
total cash receipts of $1.42 million and total cash disbursements
of $3.06 million. They spent $499,000 in professional fees.
Thus, the Debtors ended the period with $36.19 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/HOSTESSBRANDSdec-janmor.pdf
About Hostess Brands
Founded in 1930, Irving, Texas-based Hostess Brands Inc., is known
for iconic brands such as Butternut, Ding Dongs, Dolly Madison,
Drake's, Home Pride, Ho Hos, Hostess, Merita, Nature's Pride,
Twinkies and Wonder. Hostess has 36 bakeries, 565 distribution
centers and 570 outlets in 49 states.
Hostess filed for Chapter 11 bankruptcy protection early morning
on Jan. 11, 2011 (Bankr. S.D.N.Y. Case Nos. 12-22051 through
12-22056) in White Plains, New York. Debtor-affiliates that filed
separate Chapter 11 petition are IBC Sales Corporation, IBC
Trucking LLC, IBC Services LLC, Interstate Brands Corporation, and
MCF Legacy Inc. Hostess Brands disclosed assets of $982 million
and liabilities of $1.43 billion as of Dec. 10, 2011. Debt
includes $860 million on four loan agreements. Trade suppliers
are owed as much as $60 million.
The bankruptcy filing was made two years after predecessors
Interstate Bakeries Corp. and its affiliates emerged from
bankruptcy (Bankr. W.D. Mo. Case No. 04-45814). Ripplewood
Holding LLC, after providing $130 million to finance the plan,
obtained control of IBC's business following the prior
reorganization. Hostess Brands is privately held. The new owners
pursued new Chapter 11 cases to escape from what they called
"uncompetitive and unsustainable" union contracts, pension plans,
and health benefit programs.
In 2011, Hostess retained Houlihan Lokey to explore sales of its
smaller assets and individual brands. Houlihan Lokey oversaw the
sale of Mrs. Cubbison's to Sugar Foods Corporation for
$12 million, but was unable to sell any of Hostess' core assets.
Judge Robert D. Drain oversees the case. Hostess has hired Jones
Day as bankruptcy counsel; Stinson Morrison Hecker LLP as general
corporate counsel and conflicts counsel; Perella Weinberg Partners
LP as investment bankers, FTI Consulting, Inc. to provide an
interim treasurer and additional personnel for the Debtors, and
Kurtzman Carson Consultants LLC as administrative agent.
Matthew Feldman, Esq., at Willkie Farr & Gallagher, and Harry
Wilson, the head of turnaround and restructuring firm MAEVA
Advisors, are representing the Teamsters union.
Attorneys for The Bakery, Confectionery, Tobacco Workers and Grain
Millers International Union and Bakery & Confectionery Union &
Industry International Pension Fund are Jeffrey R. Freund, Esq.,
at Bredhoff & Kaiser, P.L.L.C.; and Ancela R. Nastasi, Esq., David
A. Rosenzweig, Esq., and Camisha L. Simmons, Esq., at Fulbright &
Jaworski L.L.P.
An official committee of unsecured creditors has been appointed in
the case. The committee selected New York law firm Kramer Levin
Naftalis & Frankel LLP as its counsel. Tom Mayer and Ken Eckstein
head the legal team for the committee.
On Oct. 11, Hostess Brands and its five subsidiaries filed their
Joint Plan of Reorganization and related Disclosure Statement
wherein unsecured creditors with more than $2.5 billion in claims
will receive nothing.
Under the Plan, the Debtors will issue almost $700 million in
various levels of new secured debt. Most will pay interest
through issuance of more debt. The Debtors will raise $88 million
in cash plus enough to pay off the amount outstanding under the
$75 million loan financing the reorganization that began in
January.
The Plan also provides that holders of $80.4 million of first-lien
debt will receive as much as $59 million in cash plus new first-
lien notes. Holders of $340.7 million in other first-lien debt
will also be offered new first-lien debt. In total, there is to
be at least $361.8 million in new first-lien debt on the Company's
emergence from Chapter 11. For $191.4 million in existing third-
lien debt, holders will receive 75% of the new stock and about
$172 million in new third-lien notes. The other 25%, plus a $100
million third-lien note, will go to the unions in return for
contract concessions. Under the Plan, trade suppliers will
receive $5 million in new third-lien debt. Other unsecured
creditors receive nothing, although the creditors' committee will
retain the right to sue lenders for invalidation of their claims
or liens.
INTERNATIONAL FOREIGN: January Cash Balance Remains at $6.98-Mil.
-----------------------------------------------------------------
International Foreign Exchange Concepts Holdings, Inc., et al., on
Feb. 20, 2014, filed their monthly operating report for the month
of January 2014.
The Debtors' monthly operating report did not contain a statement
of operations and a balance sheet.
The Debtors listed no cash outflow and inflow for the month.
Thus, cash balance remained at $6.98 million at month end.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/INTERNATIONALFOREIGNjanmor.pdf
About International Foreign Exchange
International Foreign Exchange Concepts Holdings, Inc., and
International Foreign Exchange Concepts, L.P., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
13-13380) on Oct. 17, 2013.
Judge Robert Gerber oversees the case. Counsel to the Debtors is
Henry P. Baer, Jr., Esq., at Finn Dixon & Herling LLP, in
Stamford, Connecticut. The Debtors' restructuring advisors is CDG
Group. DiConza Traurig LLP serves as conflicts counsel. The
Debtors' special counsel is Withers Bergman LLP. The Debtors'
notice, claims, solicitation and balloting agent is Logan &
Company, Inc.
Counsel to AMF-FXC Finance LLC, the DIP lender, is Michael L.
Cook, Esq., and Christopher Harrison, Esq., at Schulte Roth &
Zabel LLP, in New York.
International Foreign Exchange Concepts Holdings Inc., the parent
of investment adviser FX Concepts LLC, sold assets for
$7.48 million to Ruby Commodities Inc., at an auction held
Nov. 25, 2013. The sale was an old-fashioned auction with the
assets first offered in six lots and then in bulk. The piecemeal
auction fetched combined bids of $3.38 million. When the assets
were offered in bulk, Ruby came out on top with an offer of $7.48
million, which the bankruptcy court in New York approved Nov.
26.serves as consultant.
LONGVIEW POWER: Ends November with $15.85 Million Cash
------------------------------------------------------
Longview Power, LLC, et al., on Dec. 23, 2014, filed its monthly
operating report for November 2013.
At Nov. 30, the Debtors posted $1.74 billion in total assets,
$1.03 billion in total liabilities, and $669 million in total
shareholders' equity.
At the beginning of the month, Longview Power had $31.95 million
cash. It recorded $30.84 million in total receipts and $46.95
million in total disbursements. They paid $263,533 in
professional fees. As a result, at month end, the Debtors had
$15.85 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/LONGVIEWPOWER_nov2013.pdf
About Longview Power LLC
Longview Power LLC is a special purpose entity created to
construct, own, and operate a 695 MW supercritical pulverized
coal-fired power plant located in Maidsville, West Virginia, just
south of the Pennsylvania border and approximately 70 miles south
of Pittsburgh. The project is owned 92% by First Reserve
Corporation (First Reserve or sponsor), a private equity firm
specializing in energy industry investments, through its affiliate
GenPower Holdings (Delaware), L.P., and 8% by minority interests.
Longview Power, LLC, filed a Chapter 11 (Bank. D. Del. Lead Case.
13-12211) on Aug. 30, 2013. The petitions were signed by Jeffery
L. Keffer, the Company's chief executive officer, president,
treasurer and secretary. The Debtor estimated assets and debts of
more than $1 billion. Judge Brendan Linehan Shannon presides over
the case. Kirkland & Ellis LLP and Richards, Layton & Finger,
P.A., serve as the Debtors' counsel. Lazard Freres & Company LLC
acts as the Debtors' investment bankers. Alvarez & Marsal North
America, LLC, is the Debtors' restructuring advisors. Ernst &
Young serves as the Debtors' accountants. The Debtors' claims
agent is Donlin, Recano & Co. Inc.
The Debtor disclosed assets of $1,717,906,595 plus undisclosed
amounts and liabilities of $1,075,748,155 plus undisclosed
amounts.
Roberta A. DeAngelis, U.S. Trustee for Region 3, disclosed that as
of September 11, 2013, a committee of unsecured creditors has not
been appointed in the case due to insufficient response to the
U.S. Trustee's communication/contact for service on the committee.
Longview in November 2013 filed a bankruptcy-exit plan that will
drop $1 billion in debt from the Debtor's balance sheet and raise
money to cover the cost of fixing the plant. Under the Plan, the
lenders would share between 85 percent and 90 percent of the
reorganized company's equity, court papers show. The lenders
providing the bankruptcy loan would get the rest of the equity.
LONGVIEW POWER: Incurs $7.36-Mil. Net Loss in December
------------------------------------------------------
Longview Power, LLC, et al., on Jan. 27, 2014, filed its monthly
operating report for December 2013.
The Debtors' statement of operations showed a net loss of $7.36
million on $18.98 million total revenues for the month.
At Dec. 31, 2013, the Debtors posted $1.74 billion in total
assets, $1.08 billion in total liabilities, and $662.54 million in
total shareholders' equity.
At the beginning of the month, the Debtors had $15.86 million
cash. They recorded $52.68 million in total receipts and $37.99
million in total disbursements. They paid $514,919 in
professional fees. As a result, at month end, the Debtors had
$30.54 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/LONGVIEWPOWERdecmor.pdf
About Longview Power LLC
Longview Power LLC is a special purpose entity created to
construct, own, and operate a 695 MW supercritical pulverized
coal-fired power plant located in Maidsville, West Virginia, just
south of the Pennsylvania border and approximately 70 miles south
of Pittsburgh. The project is owned 92% by First Reserve
Corporation (First Reserve or sponsor), a private equity firm
specializing in energy industry investments, through its affiliate
GenPower Holdings (Delaware), L.P., and 8% by minority interests.
Longview Power, LLC, filed a Chapter 11 (Bank. D. Del. Lead Case.
13-12211) on Aug. 30, 2013. The petitions were signed by Jeffery
L. Keffer, the Company's chief executive officer, president,
treasurer and secretary. The Debtor estimated assets and debts of
more than $1 billion. Judge Brendan Linehan Shannon presides over
the case. Kirkland & Ellis LLP and Richards, Layton & Finger,
P.A., serve as the Debtors' counsel. Lazard Freres & Company LLC
acts as the Debtors' investment bankers. Alvarez & Marsal North
America, LLC, is the Debtors' restructuring advisors. Ernst &
Young serves as the Debtors' accountants. The Debtors' claims
agent is Donlin, Recano & Co. Inc.
The Debtor disclosed assets of $1,717,906,595 plus undisclosed
amounts and liabilities of $1,075,748,155 plus undisclosed
amounts.
Roberta A. DeAngelis, U.S. Trustee for Region 3, disclosed that as
of September 11, 2013, a committee of unsecured creditors has not
been appointed in the case due to insufficient response to the
U.S. Trustee's communication/contact for service on the committee.
Longview in November 2013 filed a bankruptcy-exit plan that will
drop $1 billion in debt from the Debtor's balance sheet and raise
money to cover the cost of fixing the plant. Under the Plan, the
lenders would share between 85 percent and 90 percent of the
reorganized company's equity, court papers show. The lenders
providing the bankruptcy loan would get the rest of the equity.
MERCANTILE BANCORP: Lists $197,316 Net Loss in November
-------------------------------------------------------
Mercantile Bancorp, Inc., filed on Dec. 20, 2013, its monthly
operating report for the period Nov. 1 to 30, 2013.
The Debtor incurred a $197,316 net loss on -($43,448) net revenues
for the reporting period.
At Nov. 30, the Debtor listed $32.90 million in total assets,
$77,93 million in total liabilities, and net owner equity of
-($45.03 million).
At the start of the month, the Debtor had $2.40 million cash. It
had zero receipts and $174,769 in total disbursments. Thus, at
month end, the Debtor had $2.22 million in cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/MERCANTILEBANCORP_nov2013.pdf
About Mercantile Bancorp
Mercantile Bancorp -- http://www.mercbanx.com/-- is a Quincy,
Illinois-based bank holding company with wholly owned subsidiaries
consisting of one bank in Illinois and one each in Kansas and
Florida, where the Company conducts full-service commercial and
consumer banking business, engages in mortgage banking, trust
services and asset management, and provides other financial
services and products. The Company also operated Mercantile Bank
branch offices in Missouri and Indiana.
On Aug. 10, 2011, the Illinois Division of Banking released a
Consent Order that Mercantile Bank, the Federal Deposit Insurance
Corporation, and the Division entered into as of July 28, 2011.
Under the Order, Mercantile Bank will cease operating with all
money transmitters and currency businesses providing brokerage,
sale or exchange of non-United States currency for deposit
customers. Furthermore, Mercantile Bank may not enter into a new
line of business without the prior written consent of the FDIC and
the Division.
Mercantile Bancorp filed a Chapter 11 petition (Bankr. D. Del.
Case No. 13-11634) on June 27, 2013. The petition shows assets
and debt both exceeding $50 million. Liabilities include
$61.9 million owing on junior subordinated debentures. Mercantile
stopped paying interest on the debentures in 2009, since then
running up $14 million in unpaid interest.
Stuart M. Brown, Esq. at DLA Piper LLP (US), in Wilmington,
Delaware; and Richard A. Chesley, Esq., Kimberly D. Newmarch,
Esq., and Aaron M. Paushter, Esq., at DLA Piper LLP (US), in
Chicago, Illinois, are the attorneys for the Debtor.
A three-member official committee of unsecured creditors was
appointed by the U.S. Trustee.
An official committee of trust preferred securities holders was
also appointed by the U.S. Trustee. The TruPS Committee is
represented by Domenic E. Pacitti, Esq., at Klehr Harrison Harvey
Branzburg LLP, in Wilmington, Delaware; Morton R. Branzburg, Esq.,
at Klehr Harrison Harvey Branzburg LLP, in Philadelphia,
Pennsylvania; David R. Seligman, P.C., Esq., and Jeffrey W.
Gettleman, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois;
and Joseph Serino Jr., P.C., Esq., and John P. Del Monaco, Esq.,
at Kirkland & Ellis LLP, in New York.
The Troubled Company Reporter reported on Oct. 7, 2013, that the
U.S. Bankruptcy Court for the District of Delaware authorized
Mercantile Bancorp, Inc.'s sale of its shares in Mercantile Bank
and the related trademark for Mercantile Bank's "M" Logo.
Mercantile Bancorp entered into a stalking horse purchase
agreement with United Community Bancorp Inc., under which the
Purchaser will pay $22,277,000, less all amounts due and owing by
the Bank to the Federal Deposit Insurance Corporation and all
broker's fees.
On Feb. 24, 2014, Mercantile Bancorp filed a plan of liquidation.
Under the Plan, claims filed by the indenture trustee in the so-
called "TruPS Indentures" will be Allowed in the aggregate amount
of $75,954,491, consisting of (a) $61,858,000 representing the
principal amount issued pursuant the TruPS Documents and (b)
$14,096,491 representing accrued but unpaid interest as of the
Petition Date at the applicable rates specified in the TruPS
Documents. The class of general unsecured claims include the
TruPS Claims. Holders of General Unsecured Claims are poised to
recover 3.8% to 2.5% of their claim amount, while holders of
equity interests will recover 0% of their interests.
MERCANTILE BANCORP: Incurs $25MM Net Loss in December
-----------------------------------------------------
Mercantile Bancorp, Inc., on Jan. 21, 2014, filed its monthly
operating report for the month ending December 31, 2013.
The Debtors incurred a net loss of $25.04 million on net revenues
of -($1.25 million).
At Dec. 31, 2013, the Debtors reported $5.87 million in total
assets, $75.94 million in total liabilities, and a -($70.07
million) total shareholders' deficit.
At the beginning of the month, the Debtor had $2.22 million cash.
It recorded total receipts of $4.95 million and total
disbursements of $3.64 million. The Company paid $1.62 million in
professional fees. As a result, at month end, the Debtor had
$3.54 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/MERCANTILEBANCORPdecmor.pdf
About Mercantile Bancorp
Mercantile Bancorp -- http://www.mercbanx.com/-- is a Quincy,
Illinois-based bank holding company with wholly owned subsidiaries
consisting of one bank in Illinois and one each in Kansas and
Florida, where the Company conducts full-service commercial and
consumer banking business, engages in mortgage banking, trust
services and asset management, and provides other financial
services and products. The Company also operated Mercantile Bank
branch offices in Missouri and Indiana.
On Aug. 10, 2011, the Illinois Division of Banking released a
Consent Order that Mercantile Bank, the Federal Deposit Insurance
Corporation, and the Division entered into as of July 28, 2011.
Under the Order, Mercantile Bank will cease operating with all
money transmitters and currency businesses providing brokerage,
sale or exchange of non-United States currency for deposit
customers. Furthermore, Mercantile Bank may not enter into a new
line of business without the prior written consent of the FDIC and
the Division.
Mercantile Bancorp filed a Chapter 11 petition (Bankr. D. Del.
Case No. 13-11634) on June 27, 2013. The petition shows assets
and debt both exceeding $50 million. Liabilities include
$61.9 million owing on junior subordinated debentures. Mercantile
stopped paying interest on the debentures in 2009, since then
running up $14 million in unpaid interest.
Stuart M. Brown, Esq. at DLA Piper LLP (US), in Wilmington,
Delaware; and Richard A. Chesley, Esq., Kimberly D. Newmarch,
Esq., and Aaron M. Paushter, Esq., at DLA Piper LLP (US), in
Chicago, Illinois, are the attorneys for the Debtor.
A three-member official committee of unsecured creditors was
appointed by the U.S. Trustee.
An official committee of trust preferred securities holders was
also appointed by the U.S. Trustee. The TruPS Committee is
represented by Domenic E. Pacitti, Esq., at Klehr Harrison Harvey
Branzburg LLP, in Wilmington, Delaware; Morton R. Branzburg, Esq.,
at Klehr Harrison Harvey Branzburg LLP, in Philadelphia,
Pennsylvania; David R. Seligman, P.C., Esq., and Jeffrey W.
Gettleman, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois;
and Joseph Serino Jr., P.C., Esq., and John P. Del Monaco, Esq.,
at Kirkland & Ellis LLP, in New York.
The Troubled Company Reporter reported on Oct. 7, 2013, that the
U.S. Bankruptcy Court for the District of Delaware authorized
Mercantile Bancorp, Inc.'s sale of its shares in Mercantile Bank
and the related trademark for Mercantile Bank's "M" Logo.
Mercantile Bancorp entered into a stalking horse purchase
agreement with United Community Bancorp Inc., under which the
Purchaser will pay $22,277,000, less all amounts due and owing by
the Bank to the Federal Deposit Insurance Corporation and all
broker's fees.
On Feb. 24, 2014, Mercantile Bancorp filed a plan of liquidation.
Under the Plan, claims filed by the indenture trustee in the so-
called "TruPS Indentures" will be Allowed in the aggregate amount
of $75,954,491, consisting of (a) $61,858,000 representing the
principal amount issued pursuant the TruPS Documents and (b)
$14,096,491 representing accrued but unpaid interest as of the
Petition Date at the applicable rates specified in the TruPS
Documents. The class of general unsecured claims include the
TruPS Claims. Holders of General Unsecured Claims are poised to
recover 3.8% to 2.5% of their claim amount, while holders of
equity interests will recover 0% of their interests.
MERCANTILE BANK: Incurs $192,979 Net Loss in January
----------------------------------------------------
Mercantile Bancorp, Inc., on Feb. 20, 2014, filed its monthly
operating report for January 2014.
The Debtor reported a $192,979 net loss on zero revenue for the
month.
At Jan. 31, the Debtor had total assets of $5.68 million, total
liabilities of $75.94 million, and a total shareholders' deficit
of -($70.26 million).
At Jan. 1, the Debtor had $3.54 million cash. It reported zero
cash receipts and $182,910 total cash disbursements for the month.
It spent $164,961 in professional fees. Thus, at month end, the
Debtor had $3.36 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/MERCANTILEBANCORPjanmor.pdf
About Mercantile Bancorp
Mercantile Bancorp -- http://www.mercbanx.com/-- is a Quincy,
Illinois-based bank holding company with wholly owned subsidiaries
consisting of one bank in Illinois and one each in Kansas and
Florida, where the Company conducts full-service commercial and
consumer banking business, engages in mortgage banking, trust
services and asset management, and provides other financial
services and products. The Company also operated Mercantile Bank
branch offices in Missouri and Indiana.
On Aug. 10, 2011, the Illinois Division of Banking released a
Consent Order that Mercantile Bank, the Federal Deposit Insurance
Corporation, and the Division entered into as of July 28, 2011.
Under the Order, Mercantile Bank will cease operating with all
money transmitters and currency businesses providing brokerage,
sale or exchange of non-United States currency for deposit
customers. Furthermore, Mercantile Bank may not enter into a new
line of business without the prior written consent of the FDIC and
the Division.
Mercantile Bancorp filed a Chapter 11 petition (Bankr. D. Del.
Case No. 13-11634) on June 27, 2013. The petition shows assets
and debt both exceeding $50 million. Liabilities include
$61.9 million owing on junior subordinated debentures. Mercantile
stopped paying interest on the debentures in 2009, since then
running up $14 million in unpaid interest.
Stuart M. Brown, Esq. at DLA Piper LLP (US), in Wilmington,
Delaware; and Richard A. Chesley, Esq., Kimberly D. Newmarch,
Esq., and Aaron M. Paushter, Esq., at DLA Piper LLP (US), in
Chicago, Illinois, are the attorneys for the Debtor.
A three-member official committee of unsecured creditors was
appointed by the U.S. Trustee.
An official committee of trust preferred securities holders was
also appointed by the U.S. Trustee. The TruPS Committee is
represented by Domenic E. Pacitti, Esq., at Klehr Harrison Harvey
Branzburg LLP, in Wilmington, Delaware; Morton R. Branzburg, Esq.,
at Klehr Harrison Harvey Branzburg LLP, in Philadelphia,
Pennsylvania; David R. Seligman, P.C., Esq., and Jeffrey W.
Gettleman, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois;
and Joseph Serino Jr., P.C., Esq., and John P. Del Monaco, Esq.,
at Kirkland & Ellis LLP, in New York.
The Troubled Company Reporter reported on Oct. 7, 2013, that the
U.S. Bankruptcy Court for the District of Delaware authorized
Mercantile Bancorp, Inc.'s sale of its shares in Mercantile Bank
and the related trademark for Mercantile Bank's "M" Logo.
Mercantile Bancorp entered into a stalking horse purchase
agreement with United Community Bancorp Inc., under which the
Purchaser will pay $22,277,000, less all amounts due and owing by
the Bank to the Federal Deposit Insurance Corporation and all
broker's fees.
On Feb. 24, 2014, Mercantile Bancorp filed a plan of liquidation.
Under the Plan, claims filed by the indenture trustee in the so-
called "TruPS Indentures" will be Allowed in the aggregate amount
of $75,954,491, consisting of (a) $61,858,000 representing the
principal amount issued pursuant the TruPS Documents and (b)
$14,096,491 representing accrued but unpaid interest as of the
Petition Date at the applicable rates specified in the TruPS
Documents. The class of general unsecured claims include the
TruPS Claims. Holders of General Unsecured Claims are poised to
recover 3.8% to 2.5% of their claim amount, while holders of
equity interests will recover 0% of their interests.
METRO AFFILIATES: Net Loss Down to $3.42 Million in January
-----------------------------------------------------------
Metro Affiliates, Inc., et al, on March 3, 2014, filed their
monthly operating report for January 2014.
The Debtors suffered a net loss of $3.42 million on net revenue of
$24.87 million in January, a significant decrease from the
previous month's net loss of $25.64 million.
The Debtors declared $101.92 million in total assets, $240.59
million in total liabilities, and a -($135.67 million) total
shareholders' deficit.
At Jan. 1, the Debtors had $6.32 million cash. They reported
total cash receipts of $21.26 million and total cash disbursements
of $27.05 million. They also incurred $178,552 in professional
fees. Thus, at the end of the month, the Debtors had $535,052.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/METROAFFILIATESjanmor.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.
MSD PERFORMANCE: Net Loss Increases to $1.79 Million in December
----------------------------------------------------------------
MSD Performance, Inc., et al., on Feb. 5, 2014, filed its monthly
operating report for the period from Dec. 1 to 16, 2013.
The Debtors' consolidated statement of operations showed a net
loss of $1.79 million on $2.52 million net sales for the period,
as compared to the $1.34 million net loss incurred in November.
At Dec. 16, 2013, the Debtors had total assets of $144.43 million,
total liabilities of $195.74 million, and a total shareholders'
deficit of -($51.30 million).
At the start of the month, the Debtors had $4.55 million. They
reported $3.32 million in total cash receipts and $3.83 million in
total cash disbursements. They spent $184,038 in professional
fees. Thus, at the end of the period, the Debtors had $4.04
million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/MSDPERFORMANCEdecmor.pdf
About MSD Performance
MSD Performance, Inc., headquartered in El Paso, Texas, operates
in the power sports enthusiast and professional racer markets
where the company maintains leading market share positions across
all of its product categories under the MSD Ignition(R),
Racepak(R) and Powerteq(R) brands. The company's facilities
encompass over 220,000 square feet in six buildings, five of which
are located across the U.S. and one in Shanghai, China.
MSD Performance and its U.S. affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 13-12286) on Sept. 6,
2013. Ron Turcotte signed the petitions as CEO. The Debtors
disclosed $30,305,656 in assets and $129,242,63 is liabilities as
of the Chapter 11 filing.
The Debtors' restructuring counsel is Jones Day. Their investment
banker is SSG Advisors, LLC. The Debtors are also represented by
Richards Layton and Finger, as local counsel. Logan & Co. is the
claims and notice agent.
The Official Committee of Unsecured Creditors appointed in the
case retained Blank Rome LLP as counsel, and Carl Marks Advisory
Group LLC as financial advisors.
NIRVANIX INC: Reports $2.13-Mil. Net Income in December
-------------------------------------------------------
Nirvanix, Inc., on Jan. 16, 2014, filed their monthly operating
report for the month of December 2013.
The Debtor reported a net income of $2.13 million with a total
revenue of $12 for the period.
At the end of the month, the Debtor posted $2.27 million in total
assets, $27.83 million in total liabilities, and a -($25.56
million) total shareholders' deficit.
The Debtor had a beginning cash balance of $1.13 million. It
reported total cash receipts of $4.16 million and total cash
disbursements of $4.20 million. It paid $561,916 in professional
fees. At the end of the month, the Company had a cash balance of
$1.09 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NIRVANIXINCdecmor.pdf
About Nirvanix, Inc.
Cloud storage company Nirvanix, Inc., based in San Diego,
California, sought protection under Chapter 11 of the Bankruptcy
Code on Oct. 1, 2013 (Case No. 13-12595, Bankr. D.Del.). The case
is assigned to Judge Brendan Linehan Shannon.
The Debtor is represented by Norman L. Pernick, Esq., Marion M.
Quirk, Esq., and Patrick J. Reilley, Esq., at COLE, SCHOTZ,
MEISEL, FORMAN & LEONARD, PA. Cooley LLP serves as the Debtor's
special corporate counsel. Arch & Beam Global LLC serves as the
Debtor's financial advisor. Epiq Systems Inc. is the Debtor's
claims and noticing agent.
The Debtor disclosed estimated assets of $10 million to $50
million and estimated debts of $10 million to $50 million.
The petition was signed by Debra Chrapaty, CEO.
NORTEL NETWORKS: Reports $868-Mil. Cash Balance in September
------------------------------------------------------------
Nortel Networks Inc., et. al., on Feb. 21, 2014, filed its monthly
operating report for September 2013.
The Debtors' monthly operating report did not contain a statement
of operations.
As of Sept. 30, NNI reported $1.12 billion in total assets, $5.38
billion in total liabilities, and a -($4.25 billion) total
shareholders' deficit.
The Debtors had $879.7 million to start the month. They listed
total cash receipts of $1.1 million and total cash disbursements
of $12.3 million. At the end of the month, the Debtors had $868.5
million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NORTELNETWORKS_septmor.pdf
About Nortel Networks
Headquartered in Ontario, Canada, Nortel Networks Corporation and
its various affiliated entities provided next-generation
technologies, for both service provider and enterprise networks,
support multimedia and business-critical applications. Nortel did
business in more than 150 countries around the world. Nortel
Networks Limited was the principal direct operating subsidiary of
Nortel Networks Corporation.
On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent
Nortel Networks Corporation, NNI's direct corporate parent Nortel
Networks Limited and certain of their Canadian affiliates
commenced a proceeding with the Ontario Superior Court of Justice
under the Companies' Creditors Arrangement Act (Canada) seeking
relief from their creditors. Ernst & Young was appointed to serve
as monitor and foreign representative of the Canadian Nortel
Group. That same day, the Monitor sought recognition of the CCAA
Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No.
09-10164) under Chapter 15 of the U.S. Bankruptcy Code.
That same day, NNI and certain of its affiliated U.S. entities
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).
In addition, the High Court of England and Wales placed 19 of
NNI's European affiliates into administration under the control of
individuals from Ernst & Young LLP. Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.
On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A. On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy
Court for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.
U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.
In the Chapter 11 case, James L. Bromley, Esq., at Cleary Gottlieb
Steen & Hamilton, LLP, in New York, serves as the U.S. Debtors'
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
The United States Trustee appointed an Official Committee of
Unsecured Creditors in respect of the U.S. Debtors. An ad hoc
group of bondholders also was organized.
Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
New York, and Christopher M. Samis, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, represent the Official
Committee of Unsecured Creditors.
An Official Committee of Retired Employees and the Official
Committee of Long-Term Disability Participants tapped Alvarez &
Marsal Healthcare Industry Group as financial advisor. The
Retiree Committee is represented by McCarter & English LLP as
Delaware counsel, and Togut Segal & Segal serves as the Retiree
Committee. The Committee retained Alvarez & Marsal Healthcare
Industry Group as financial advisor, and Kurtzman Carson
Consultants LLC as its communications agent.
Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.
As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion. The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.
Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers. Nortel has collected roughly $9 billion for
distribution to creditors. Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation. The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction. The
deal closed in July 2011.
Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court. The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.
Judge Gross and the court in Canada scheduled trials in 2014 on
how to divide proceeds among creditors in the U.S., Canada, and
Europe.
ORECK CORP: Net Loss Down to $57,570 in January
-----------------------------------------------
Oreck Corporation, et al., on Feb. 5, 2014, filed its monthly
operating report for January 2014.
The Debtors incurred a net loss of $57,570 on zero revenue for
January, a further decrease from the net losses of $411,866 in
December, and $816,271 in November.
At Jan. 31, the Debtors had $7.46 million in total assets, $3.56
million in total liabilities, and a $3.89 million total
shareholders' equity.
The Debtors reported a beginning cash balance of $4.49 million.
They had total cash receipts of $50,000 and total cash
disbursements of $66,591. Thus, at month end, the Debtors had
$4.47 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/ORECKCORPdecmor.pdf
About Oreck Corp.
Oreck Corporation and eight affiliates sought Chapter 11
protection (Bankr. M.D. Tenn. Lead Case No. 13-04006) in
Nashville, Tennessee, on May 6, 2013, with plans to sell the
business as a going concern.
Oreck has been in the business of manufacturing, marketing and
selling vacuum cleaners and related products since the late 1960s.
The corporate offices are located in Nashville, and the
manufacturing and call center is located in Cookeville, Tennessee.
Oreck has 70 employees in Nashville, 250 employees at its plant in
Cookeville and 325 employees operating 96 company-owned and
managed retail stores. The Debtor disclosed $18,013,249 in assets
and $14,932,841 plus an unknown amount in liabilities as of the
Chapter 11 filing.
William L. Norton III, Esq., and Alexandra E. Dugan, Esq., at
Bradley Arant Boult Cummings LLP, serve as counsel to the Debtor.
BMC Group Inc. is the claims and notice agent. Sawaya Segalas &
Co., LLC serves as financial advisor.
The U.S. Trustee appointed six creditors to the Official Committee
of Unsecured Creditors. Daniel H. Puryear, Esq., at Puryear Law
Group, and Sharon L. Levine, Esq., and Kenneth A. Rosen, Esq., at
Lowenstein Sandler LLP represent the Committee. The Committee
tapped to retain Gavin/Solmonese LLC as its financial advisor.
In July 2013, Royal Appliance Mfg. Co. (RAM), a subsidiary of the
TTI Group, finalized the purchase of Oreck Corp.'s assets. The
Bankruptcy Court approved the sale on July 16, 2013.
Royal, the maker of Dirt Devil floor-care products, won the
auction for Oreck Corp. The second-place bidder was the Oreck
family, which sold the business in a $272 million transaction in
2003. The Oreck family made the first bid at auction at
$21.9 million, including $14.5 million cash.
The terms of Royal's winning bid weren't disclosed publicly,
according to a Bloomberg News report. Royal was acquired in 2003
by Hong Kong-based Techtronic Industries Co., the maker of Hoover
vacuum cleaners.
PICCADILLY RESTAURANTS: Posts $1.83 Million Net Loss in January
---------------------------------------------------------------
Piccadilly Restaurants, LLC, et al., filed with the Bankruptcy
Court their monthly operating report for the period from Jan. 1,
2014, to Jan. 28, 2014.
At the end of the reporting period, the Debtors had total assets
of $33,236,000, including cash of $1,147,000. Liabilities total
$53,026,000.
The Debtors posted a net loss of $1,830,998 on net sales of
$8,148,988.
A copy of the January report is available at no extra charge at:
http://bankrupt.com/misc/PiccadillyJan2014MOR.pdf
About Piccadilly Restaurants
Piccadilly Restaurants, LLC, and two affiliated entities sought
Chapter 11 bankruptcy protection (Bankr. W.D. La. Case Nos.
12-51127 to 12-51129) on Sept. 11, 2012. The affiliates are
Piccadilly Food Service, LLC, and Piccadilly Investments LLC.
Piccadilly Restaurants, LLC, headquartered in Baton Rouge,
Louisiana, is the largest cafeteria-style restaurant in the United
States, with operations in 10 states in the Southeast and Mid-
Atlantic regions. It is wholly owned by Piccadilly Investments,
LLC. Piccadilly operates an institutional foodservice division
through a wholly owned subsidiary, Piccadilly Food Service, LLC,
servicing schools and other organizations. With a history dating
back to 1944, the Company operates 81 restaurants at three owned
and 78 leased locations.
Then known as Piccadilly Cafeterias, Inc., the Company filed for
Chapter 11 relief (Bankr. S.D. Fla. Case No. 03-27976) on Oct. 29,
2003. Paul Steven Singerman, Esq., and Jordi Guso, Esq., at
Berger Singerman, P.A., represented the Debtor in the case. After
Piccadilly declared bankruptcy under Chapter 11, but before its
plan was submitted to the Bankruptcy Court for the Southern
District of Florida, the Bankruptcy Court authorized Piccadilly to
sell its assets to Yucaipa Cos., for about $80 million. In
October 2004, the Bankruptcy Court confirmed the plan.
Judge Robert Summerhays oversees the 2012 cases. Attorneys at
Jones, Walker. Waechter, Poitevent, Carrere & Denegre, LLP,
represent the Debtors in their restructuring efforts. BMC Group,
Inc., serves as claims agent, noticing agent and balloting agent.
In its schedules, the Debtor disclosed $34,952,780 in assets and
$32,000,929 in liabilities.
Jeffrey L. Cornish serves as the Debtors' consultant.
Postlethwaite & Netterville, PAC, serve as their independent
auditors, accountants and tax consultants. GA Keen Realty
Advisors, LLC, serve as the Debtors' special real estate advisors
while FTI Consulting, Inc., as their financial consultants.
New York-based vulture fund Atalaya Administrative LLC, in its
capacity as administrative agent for Atalaya Funding II, LP,
Atalaya Special Opportunities Fund IV LP (Tranche B), and Atalaya
Special Opportunities Fund (Cayman) IV LP (Tranche B), the
Debtors' prepetition secured lender, is represented in the case
by lawyers at Carver, Darden, Koretzky, Tessier, Finn, Blossman &
Areaux, L.L.C.; and Patton Boggs, LLP.
The United States Trustee for Region 5 appointed seven members to
the official committee of unsecured creditors in the Debtors'
Chapter 11 cases. The Committee sought and obtained Court
approval to employ Frederick L. Bunol, Esq., and Albert J. Derbes,
IV, Esq., of Derbes Law Firm, LLC., as attorneys. Greenberg
Traurig LLP also serves as counsel for the Committee while
Protiviti Inc. serves as financial advisor.
REVSTONE INDUSTRIES: Cash Balance Down to $557,924 in December
--------------------------------------------------------------
Revstone Industries, LLC, on Feb. 20, 2014, filed its monthly
operating report for December 2013.
At Dec. 31, the Debtors posted total assets of $47.52 million,
total liabilities of $109.02 million, and a total shareholders'
deficit of -($61.50 million).
The Debtor started December with $880,116 cash. It had $80,980 in
total deposits and credits and $402,845 in total disbursements.
At the end of the month, the Debtors had $557,924.
No statement of operations was included in the operating report.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/REVSTONEINDUSTRIESdec2013mor.pdf
About Revstone Industries et al.
Lexington, Kentucky-based Revstone Industries LLC, a maker of
truck parts, filed for Chapter 11 bankruptcy (Bankr. D. Del. Case
No. 12-13262) on Dec. 3, 2012. Judge Brendan Linehan Shannon
oversees the case. Laura Davis Jones, Esq., at Pachulski Stang
Ziehl & Jones LLP represents Revstone. In its petition, Revstone
estimated under $50 million in assets and debts.
Affiliate Spara LLC filed its Chapter 11 petition (Bankr. D. Del.
Case No. 12-13263) on Dec. 3, 2012.
Lexington-based Greenwood Forgings, LLC (Bankr. D. Del. Case No.
13-10027) and US Tool & Engineering LLC (Bankr. D. Del. Case No.
13-10028) filed separate Chapter 11 petitions on Jan. 7, 2013.
Judge Shannon also oversees the cases.
Duane David Werb, Esq., at Werb & Sullivan, serves as bankruptcy
counsel to Greenwood and US Tool. Greenwood estimated $1 million
to $10 million in assets and $10 million to $50 million in debts.
US Tool & Engineering estimated under $1 million in assets and
$1 million to $10 million in debts. The petitions were signed by
George S. Homeister, chairman.
Metavation, also known as Hillsdale Automotive, LLC, joined parent
Revstone in Chapter 11 on July 22, 2013 (Bankr. D. Del. Case No.
13-11831) to sell the bulk of its assets to industry rival Dayco
for $25 million, absent higher and better offers.
Metavation has tapped Pachulski as its counsel. Pachulski also
serves as counsel to Revstone and Spara. Metavation also has
tapped McDonald Hopkins PLC as special counsel, and Rust
Consulting/Omni Bankruptcy as claims agent and to provide
administrative services. Stuart Maue is fee examiner.
Mark L. Desgrosseilliers, Esq., at Womble Carlyle Sandridge &
Rice, LLP, represents the Official Committee of Unsecured
Creditors in Revstone's case.
REVSTONE INDUSTRIES: Cash Drops to $323,786 in January
------------------------------------------------------
Revstone Industries, LLC, on Feb. 28, 2014, filed its monthly
operating report for January 2014.
The Debtors reported $48.94 million in total assets, $110.47
million in total liabilities, and a total shareholders' deficit of
-(461.53 million).
At Jan. 1, the Debtors had $557,924 cash. They listed total
deposits and credits of $115,980 and total disbursements of
$350,118. Thus, at month end, the Debtors had $323,786 cash.
The operating report filed did not include a statement of
operations.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/REVSTONEINDUSTRIESjan2014mor.pdf
About Revstone Industries et al.
Lexington, Kentucky-based Revstone Industries LLC, a maker of
truck parts, filed for Chapter 11 bankruptcy (Bankr. D. Del. Case
No. 12-13262) on Dec. 3, 2012. Judge Brendan Linehan Shannon
oversees the case. Laura Davis Jones, Esq., at Pachulski Stang
Ziehl & Jones LLP represents Revstone. In its petition, Revstone
estimated under $50 million in assets and debts.
Affiliate Spara LLC filed its Chapter 11 petition (Bankr. D. Del.
Case No. 12-13263) on Dec. 3, 2012.
Lexington-based Greenwood Forgings, LLC (Bankr. D. Del. Case No.
13-10027) and US Tool & Engineering LLC (Bankr. D. Del. Case No.
13-10028) filed separate Chapter 11 petitions on Jan. 7, 2013.
Judge Shannon also oversees the cases.
Duane David Werb, Esq., at Werb & Sullivan, serves as bankruptcy
counsel to Greenwood and US Tool. Greenwood estimated $1 million
to $10 million in assets and $10 million to $50 million in debts.
US Tool & Engineering estimated under $1 million in assets and
$1 million to $10 million in debts. The petitions were signed by
George S. Homeister, chairman.
Metavation, also known as Hillsdale Automotive, LLC, joined parent
Revstone in Chapter 11 on July 22, 2013 (Bankr. D. Del. Case No.
13-11831) to sell the bulk of its assets to industry rival Dayco
for $25 million, absent higher and better offers.
Metavation has tapped Pachulski as its counsel. Pachulski also
serves as counsel to Revstone and Spara. Metavation also has
tapped McDonald Hopkins PLC as special counsel, and Rust
Consulting/Omni Bankruptcy as claims agent and to provide
administrative services. Stuart Maue is fee examiner.
Mark L. Desgrosseilliers, Esq., at Womble Carlyle Sandridge &
Rice, LLP, represents the Official Committee of Unsecured
Creditors in Revstone's case.
SPECIALTY PRODUCTS: Suffers $966,959 Net Loss in January
--------------------------------------------------------
Specialty Products Holding Corp., on Feb. 27, 2014, filed its
monthly operating report for January 2014.
The Debtor suffered net losses of $966,959 on zero revenue for the
month, a decrease from the $1.11 million net loss in December.
At Jan. 31, 2014, Specialty Products listed total assets of
$423.57 million, total liabilities of $227.25 million, and a total
shareholders' equity of $196.32 million.
The Debtor posted $17.33 million cash at Jan. 1. It had total
cash receipts of $31.56 million and total cash disbursements of
$32.39 million. They also spent $1.54 million on professional
fees and expenses. Thus, at month end, the Debtor had $16.50
million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/SPECIALTYPRODUCTSjan2014mor.pdf
About Specialty Products
Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM,
Inc., is a wholly owned subsidiary of RPM International Inc. The
Company is the holding company parent of Bondex International,
Inc., and the direct or indirect parent of certain additional
domestic and foreign subsidiaries. The Company claims to be a
leading manufacturer, distributor and seller of various specialty
chemical product lines, including exterior insulating finishing
systems, powder coatings, fluorescent colorants and pigments,
cleaning and protection products, fuel additives, wood treatments
and coatings and sealants, in both the industrial and consumer
markets.
The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 10-11780) on May 31, 2010. Gregory M. Gordon, Esq.,
Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve
as bankruptcy counsel. Daniel J. DeFranceschi, Esq., Zachary
I. Shapiro, Esq., Paul N. Heath, Esq., and Tyler D. Semmelman,
Esq., at Richards Layton & Finger, serve as co-counsel. Logan and
Company is the Company's claims and notice agent. The Company
estimated its assets and debts at $100 million to $500 million.
The Company's affiliate, Bondex International, Inc., filed a
separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779),
estimating its assets and debts at $100 million to $500 million.
Counsel to the Official Committee of Asbestos PI Claimants are
Natalie D. Ramsey, Esq., and Mark A. Fink, Esq. of Montgomery,
Mccracken, Walker & Rhoads, LLP, in Wilmington Delaware, and Mark
B. Sheppard, Esq. of the firm's Philadelphia, Pennsylvania
division.
Counsel to the Future Claimants' Representative are James L.
Patton, Jr., Esq., Edwin J. Harron, Esq., Edmon Morton, Esq.,
Sharon Zieg, Esq., and Erin Edwards, Esq. of Young Conaway
Stargatt & Taylor LLP, in Wilmington, Delaware.
Competing bankruptcy exit plans have been filed by the Debtors, on
one hand, and the Official Committee of Unsecured Creditors and
the Future Claimants' Representative on the other.
The Debtors' First Amended Joint Plan of Reorganization and the
explanatory Disclosure Statement, dated Nov. 18, 2013, provides
for an asbestos trust to be established and funded with cash to
pay present and future asbestos-related claims. The trust will be
funded by secured notes, issued by the Debtors and their ultimate
parent, RPM International Inc. ("International"), and the amounts
and terms of the notes will, with one exception, be determined by
the final outcome or settlement of the litigation that will
determine the asbestos claimants' rights in the chapter 11 cases.
The one exception is that the notes will provide for an aggregate
initial nonrefundable payment of $125 million to the asbestos
trust irrespective of the outcome of any litigation. In short,
the Debtors and International have committed to pay to asbestos
claimants the maximum amount to which they are entitled based on
the applicable judgments or rulings in the litigation that will
determine the extent of the claimants' rights in the chapter 11
cases, and to make comparable payments to other similarly situated
creditors.
The PI Committee and the FCR's Third Amended Plan, filed Oct. 15,
2013, provides that: (i) SPHC will be separated from non-Debtor
direct or indirect parent Bondex International; (ii) Reorganized
SPHC will be managed and/or sold for the benefit of holders of all
Claims that are not paid in Cash, subordinated, cancelled or
otherwise treated pursuant to the Plan; (iii) all of SPHC's causes
of action will survive; (iv) Asbestos PI Trust Claims against SPHC
will be channeled to an Asbestos PI Trust; and (v) current SPHC
equity interests will be cancelled, annulled, and extinguished.
On May 20, 2013, the Bankruptcy Court entered an order estimating
the amount of the Debtors' asbestos liabilities, and a related
memorandum opinion in support of the estimation order. The
Bankruptcy Court estimated the current and future asbestos claims
associated with Bondex International, Inc. and Specialty Products
Holding at approximately $1.17 billion. The estimation hearing
represents one step in the legal process in helping to determine
the amount of potential funding for a 524(g) asbestos trust.
*********
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 by e-mail.
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.
Chapman at 215-945-7000 or Nina Novak at 202-241-8200.
*** End of Transmission ***