/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/140329.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 29, 2014, Vol. 18, No. 87 Headlines AFA INVESTMENTS: January Net Loss Slight Up at $1.31 Million ARCHDIOCESE OF MILWAUKEE: Ends February With $10.96 Million Cash CENGAGE LEARNING: Incurs $716,855 Net Loss in January CONSTAR INT'L: Amends December Monthly Operating Report CONSTAR INT'L: Incurs $3.57-Mil. January Net Loss in US Operations DEVONSHIRE PGA: Lists $325 Net Loss in October DEVONSHIRE PGA: Reports $270 Net Loss in November DEVONSHIRE PGA: Ends December with $4,984 Cash DIGITAL DOMAIN: Ends December With $5.22 Million Cash DOTS LLC: Lists $111.03-Mil. in Total Liabilities at Feb. 28 EWGS INTERMEDIARY: Incurs $1.96 Million Net Loss in January EXIDE TECHNOLOGIES: Lists $18.45-Mil. Net Loss in January EXIDE TECHNOLOGIES: Incurs $6.71-Mil. Net Loss in February FIBERTOWER NETWORK: Ends January with $367,709 Net Loss FISKER AUTOMOTIVE: Net Loss Increased to $10.60MM in February FLAT OUT: January Net Loss Increases to $17,603 FURNITURE BRANDS: Disbursements Total $1.37-Mil. at Jan. 26 HOSTESS BRANDS: Lists $6.21 Million Net Loss at Feb. 8 KIDSPEACE CORP: January Net Profit Decreases to $601,963 METEX MFG: Ends January with $53,331 Cash Profit NATIONAL ENVELOPE: Incurs $102,988 Net Loss in January OVERSEAS SHIPHOLDING: Earns $19.59-Mil. Net Income in January PERSONAL COMMUNICATIONS: Ends December with $4.07-Mil. Cash PERSONAL COMMUNICATIONS: Posts $454,933 Net Loss in January RAPID-AMERICAN CORP: Reports $17,192 Net Profit in February REGIONAL CARE: Reports $36,432 in Disbursements in February SAVIENT PHARMACEUTICALS: Reports $4.21-Mil. Net Loss for February SIMPLY WHEELZ: Posts $10.17 Million Cash Balance at Dec. 30 SIMPLY WHEELZ: Cash Balance Increases to $11.79 Million at Jan. 31 ST FRANCIS' HOSPITAL: Net Loss Increases to $2.49-Mil. in January VELTI INC: Net Loss Balloons to $6.24 Million in January YARWAY CORPORATION: Incurs $544,024 Net Loss in January ********* AFA INVESTMENTS: January Net Loss Slight Up at $1.31 Million ------------------------------------------------------------ AFA Investment, Inc., and its affiliates, on Feb. 28, 2014, filed their monthly operating report for January 2014. The Debtors' consolidated statement of operations showed a $1.31 million net loss on zero revenue for current reporting period, an increase from the $1.23 million net loss reported in December. At Jan. 31, 2014, the Debtors posted $17.80 million in total assets, $160.76 million in total liabilities, and a -($142.96 million) total shareholders' deficit. The Debtors had $14.11 million in cash at the start of the month. They reported $3,017 in total receipts and $25,266 in total disbursements. At month end, cash was pegged at $14.09 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/AFAINVESTMENTjan2014mor.pdf About AFA Foods King of Prussia, Pennsylvania-based AFA Foods Inc. was one of the largest processors of ground beef products in the United States. AFA had seven facilities capable of producing 800 million pound of ground beef annually. Revenue in 2011 was $958 million. Yucaipa Cos. acquired the business in 2008 and currently owns 92% of the common stock and all of the preferred stock. AFA Foods, AFA Investment Inc. and other affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-11127) on April 2, 2012, after recent changes in the market for its ground beef products and the impact of negative media coverage related to boneless lean beef trimmings (BLBT) affected sales. Judge Mary Walrath presides over the case. Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware; Tobias S. Keller, Esq., at Jones Day, in San Francisco; and Jeffrey B. Ellman, Esq., and Brett J. Berlin, Esq., at Jones Day, in Atlanta, Georgia, represent the Debtors. FTI Consulting Inc. serves as the Debtors' financial advisors and Imperial Capital LLC serves as marketing consultants. Kurtzman Carson Consultants LLC serves as noticing and claims agent. As of Feb. 29, 2012, the Debtors' books and records on a consolidated basis, reflected approximately $219 million in assets and $197 million in liabilities. AFA Foods, Inc., disclosed $615,859,574 in assets and $544,499,689 in liabilities as of the Petition Date. Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed seven members to the official committee of unsecured creditors in the Debtors' cases. The Committee has obtained approval to hire McDonald Hopkins LLC as lead counsel and Potter Anderson & Corroon LLP serves as co-counsel. The Committee also obtained approval to retain J.H. Cohn LLP as its financial advisor. AFA, in its Chapter 11 case, sold plants and paid off the first- lien lenders and the loan financing the Chapter 11 effort. Remaining assets are $14 million cash and the right to file lawsuits. General Electric Capital Corp. and Bank of America Corp. provided about $60 million in DIP financing. The loan was paid off in July 2012. In October 2012, the Bankruptcy Court denied a settlement that would have released Yucaipa Cos., the owner and junior lender to AFA Foods, from claims and lawsuits the creditors might otherwise bring, in exchange for cash to pay unsecured creditors' claims under a liquidating Chapter 11 plan. Under the deal, Yucaipa would receive $11.2 million from the $14 million, with the remainder earmarked for unsecured creditors. Asset recoveries above $14 million would be split with Yucaipa receiving 90% and creditors 10%. Proceeds from lawsuits would be divided roughly 50-50. ARCHDIOCESE OF MILWAUKEE: Ends February With $10.96 Million Cash ---------------------------------------------------------------- The Archdiocese of Milwaukee filed, on March 14, 2014, its monthly operating report for February 2014. The Archdiocese incurred a net loss of $304,411 on net sales of $1.73 million for the month. At Jan. 31, 2014, the Archdiocese posted total assets of $45.35 million, total liabilities of $37.41 million, and a total shareholders' equity of $7.94 million. The Archdiocese started the month with $10.24 million cash. It listed total cash receipts of about $2.74 million and total disbursements of about $2.1 million. At month end, the Archdiocese had $10.96 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ARCHDIOCESEOFMILWAUKEEfeb2014mor.pdf About Archdiocese of Milwaukee The Diocese of Milwaukee was established on Nov. 28, 1843, and was elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius IX. The region served by the Archdiocese consists of 4,758 square miles in southeast Wisconsin which includes counties Dodge, Fond du Lac, Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth, Washington and Waukesha. There are 657,519 registered Catholics in the Region. The Catholic Archdiocese of Milwaukee, in Wisconsin, filed for Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case No. 11-20059) on Jan. 4, 2011, to address claims over sexual abuse by priests on minors. The Archdiocese became at least the eighth Roman Catholic diocese in the U.S. to file for bankruptcy to settle claims from current and former parishioners who say they were sexually molested by priests. Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., in Milwaukee, Wisconsin, serves as the Archdiocese's counsel. The Official Committee of Unsecured Creditors in the bankruptcy case has retained Pachulski Stang Ziehl & Jones LLP as its counsel, and Howard, Solochek & Weber, S.C., as its local counsel. The Archdiocese estimated assets and debts of $10 million to $50 million in its Chapter 11 petition. CENGAGE LEARNING: Incurs $716,855 Net Loss in January ----------------------------------------------------- Cengage Learning, Inc., and its affiliates, on Feb. 27, 2014, filed their monthly operating report for January 2014. The Debtors' consolidated statement of operations showed a $716,855 net loss on $129.29 million total revenues. At Jan. 31, 2014, the Debtors had $5.43 billion in total assets, $6.64 billion in total liabilities, and a -($1.21 billion) total shareholders' deficit. The Debtors reported $119.65 million in total cash receipts and $90.84 million in total cash disbursements for the reporting period. A copy of the monthly operating report is available at: http://bankrupt.com/misc/CENGAGELEARNINGjan2014mor.pdf About Cengage Learning Stamford, Connecticut-based Cengage Learning -- http://www.cengage.com/-- provides innovative teaching, learning and research solutions for the academic, professional and library markets worldwide. Cengage Learning's brands include Brooks/Cole, Course Technology, Delmar, Gale, Heinle, South Western and Wadsworth, among others. Apax Partners LLP bought Cengage in 2007 from Thomson Reuters Corp. in a $7.75 billion transaction. The acquisition was funded in part with $5.6 billion in new debt financing. Cengage Learning Inc. filed a petition for Chapter 11 reorganization (Bankr. E.D.N.Y. Case No. 13-bk-44106) on July 2, 2013, in Brooklyn, New York, after signing an agreement where holders of $2 billion in first-lien debt agree to support a reorganization plan. The plan will eliminate more than $4 billion of $5.8 billion in debt. First-lien lenders who signed the so-called plan-support agreement include funds affiliated with BlackRock Inc., Franklin Mutual Adviser LLC, KKR & Co. and Oaktree Capital Management LP. Second- lien creditors and holders of unsecured notes aren't part of the agreement. The Debtors have tapped Kirkland & Ellis LLP's Jonathan S. Henes, Esq., Christopher J. Marcus, Esq., and Christopher T. Greco, Esq., and Ross M. Kwasteniet, Esq., as bankruptcy counsel; Lazard Freres & CO. LLC as financial advisor; Alvarez & Marsal North America, LLC, as restructuring advisor; and Donlin, Recano & Company, Inc., as claims and notice agent. Arent Fox's Andrew I. Silfen, Esq., represents the statutory committee of unsecured creditors. Milbank, Tweed, Hadley & McCloy LLP's Gregory Bray, Esq., and Lauren Cohen, Esq., represent the ad hoc group of holders of certain first lien claims. Davis Polk & Wardwell LLP's Damian S. Sohaible, Esq., and Darren S. Klein, Esq., represent the agent under the First Lien Credit Agreement. Katten Muchin Rosenman LLP's Karen Dine, Esq., and David Crichlow, Esq., represent the Indenture Trustee for the First Lien Noteholders. Akin Gump Strauss Hauer Feld LLP's Ira Dizengoff, Esq., and Ropes & Gray LLP's Mark R. Somerstein, Esq., argue for CSC Trust Company of Delaware as Second Lien Trustee. Loeb & Loeb LLP's Walter H. Curchack, Esq., represents the Indenture Trustee for the Senior PIK Notes. Kilpatrick Townsend's Todd Meyers, Esq., represents the Indenture Trustee for the Senior Unsecured Notes. Jones Day's Lisa Laukitis, Esq., is counsel to Centerbridge Partners LP. Simpson Thacher & Bartlett LLP's Peter Pantaleo, Esq., represents Apax Partners LP. CONSTAR INT'L: Amends December Monthly Operating Report ------------------------------------------------------- Constar International Holdings, LLC, et al., on March 5, 2014, filed an amended monthly operating report for the period from December 19 to 31, 2013. The amended MOR includes a schedule of professional fees showing payments amounting to $225,000. Kirkland & Ellis, LLC are among the Debtors' bankruptcy professionals. A copy of the monthly operating report is available at: http://bankrupt.com/misc/CONSTARINTLdec2013mor_amended.pdf About Constar International Privately held Constar International Holdings and nine affiliated debtors filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-13281) on Dec. 19, 2013. This is Constar International's third bankruptcy. Constar, which manufactures plastic containers, first filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-13432) in December 2008, with a pre-negotiated Chapter 11 Plan and emerged from bankruptcy in May 2009. Constar and its affiliates returned to Chapter 11 protection (Bankr. D. Del. Case No. 11-10109) on Jan. 11, 2011, with a pre-negotiated Chapter 11 plan and emerged from bankruptcy in June 2011. The 2013 petition listed assets worth less than $100 million against $123 million on three layers of secured debt. Judge Christopher S. Sontchi oversees the 2013 case. Constar is represented by Michael J. Sage, Esq., Brian E. Greer, Esq., Stephen M. Wolpert, Esq., and Janet Bollinger Doherty, Esq., at Dechert LLP; and Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor, LLP. Prime Clerk LLC serves as Constar's claims and noticing agent, and administrative advisor. Lincoln Partners Advisors LLC serves as the Debtors' financial advisor. Attorneys at Brown Rudnick LLP represent the official committee of unsecured creditors. The Committee retained Alvarez & Marsal North America LLC as its financial advisor. Counsel to Wells Fargo Capital Finance, LLC, the revolving loan agent, is Andrew M. Kramer, Esq., at Otterbourg P.C. In February 2014, the Bankruptcy Court authorized Constar to sell certain assets to Plastipak Packaging, Inc., a global manufacturer of rigid plastic packaging. The Court determined that Plastipak's $102,450,000 offer for the Debtors' U.S. assets bested the offers from Amcor Rigid Plastics USA, Inc., and Envases Universales De Mexico S.A.P.I. De C.V. during a Feb. 6 auction. Separately, the Court authorized Constar to sell a facility in Havre de Grace, Maryland, to Smucker Natural Foods, Inc., for $3 million. There was no other bidder for the Maryland facility. The sole director of debtor Constar International U.K. Limited has appointed Daniel Francis Butters and Nicolas Guy Edwards of Deloitte LLP as administrators. The U.K. Administration Proceeding follows the closing of the sale of the U.K. assets to Sherburn Acquisition Limited. The Delaware Bankruptcy Judge authorized the U.S. Debtors to sell the U.K. Assets to Sherburn for GBP3,512,727, (or US$7,046,000), less the deposit in the sum of US$1,250,000. Secured lender Black Diamond Commercial Finance, LLC, as DIP note agent, and Wells Fargo Capital Finance, LLC, as DIP revolving agent and agent under the revolving loan facility, consented to the administration of Constar U.K. and the appointment of the Joint Administrators. CONSTAR INT'L: Incurs $3.57-Mil. January Net Loss in US Operations ------------------------------------------------------------------ Constar International Holdings, LLC, et al., on Feb. 28, 2014, filed their monthly operating for January 2014. The Debtors' consolidated statement of operations showed a $3.57 million net loss from their U.S. Operations, and a $135,000 net loss from their U.K. Operations. At Jan. 31, 2014, the Debtors' U.S. Operations posted $126.50 million in total assets, $202.11 million in total liabilities, and -($75.62 million) in members' deficit. On the other hand, the Debtors' U.K. Operations had $34.94 in total assets, $36.08 million in total liabilities, and a -($1.13 million) total stockholders' deficit. For their U.S. Operations, the Debtors had $557,000 cash at the start of the month. It reported $3.94 million in total cash inflow from financing activities and $3.36 million in total cash outflow from operating and investing activities. The Debtors had $1.14 million cash at the end of the month. For their U.K. Operations, the Debtors had $3.65 million cash. They reported $5.17 million in cash inflow from operating activities and $7.83 million in cash outflow from financing activities. At month end, the Debtors had $1.01 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/CONSTARINTERNATIONALjan2014mor.pdf About Constar International Privately held Constar International Holdings and nine affiliated debtors filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-13281) on Dec. 19, 2013. This is Constar International's third bankruptcy. Constar, which manufactures plastic containers, first filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-13432) in December 2008, with a pre-negotiated Chapter 11 Plan and emerged from bankruptcy in May 2009. Constar and its affiliates returned to Chapter 11 protection (Bankr. D. Del. Case No. 11-10109) on Jan. 11, 2011, with a pre-negotiated Chapter 11 plan and emerged from bankruptcy in June 2011. The 2013 petition listed assets worth less than $100 million against $123 million on three layers of secured debt. Judge Christopher S. Sontchi oversees the 2013 case. Constar is represented by Michael J. Sage, Esq., Brian E. Greer, Esq., Stephen M. Wolpert, Esq., and Janet Bollinger Doherty, Esq., at Dechert LLP; and Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor, LLP. Prime Clerk LLC serves as Constar's claims and noticing agent, and administrative advisor. Lincoln Partners Advisors LLC serves as the Debtors' financial advisor. Attorneys at Brown Rudnick LLP represent the official committee of unsecured creditors. The Committee retained Alvarez & Marsal North America LLC as its financial advisor. Counsel to Wells Fargo Capital Finance, LLC, the revolving loan agent, is Andrew M. Kramer, Esq., at Otterbourg P.C. In February 2014, the Bankruptcy Court authorized Constar to sell certain assets to Plastipak Packaging, Inc., a global manufacturer of rigid plastic packaging. The Court determined that Plastipak's $102,450,000 offer for the Debtors' U.S. assets bested the offers from Amcor Rigid Plastics USA, Inc., and Envases Universales De Mexico S.A.P.I. De C.V. during a Feb. 6 auction. Separately, the Court authorized Constar to sell a facility in Havre de Grace, Maryland, to Smucker Natural Foods, Inc., for $3 million. There was no other bidder for the Maryland facility. The sole director of debtor Constar International U.K. Limited has appointed Daniel Francis Butters and Nicolas Guy Edwards of Deloitte LLP as administrators. The U.K. Administration Proceeding follows the closing of the sale of the U.K. assets to Sherburn Acquisition Limited. The Delaware Bankruptcy Judge authorized the U.S. Debtors to sell the U.K. Assets to Sherburn for GBP3,512,727, (or US$7,046,000), less the deposit in the sum of US$1,250,000. Secured lender Black Diamond Commercial Finance, LLC, as DIP note agent, and Wells Fargo Capital Finance, LLC, as DIP revolving agent and agent under the revolving loan facility, consented to the administration of Constar U.K. and the appointment of the Joint Administrators. DEVONSHIRE PGA: Lists $325 Net Loss in October ---------------------------------------------- Devonshire PGA Holdings, LLC, on Nov. 21, 2013, filed its monthly operating report for October 2013. The Debtor incurred a net loss of $325 on zero revenue. At Oct. 31, the Debtor had $65.10 million in total assets, $19.03 million in total liabilities, and a -($84.13 million) net owner deficit. The Debtor's October cash balance was pegged at $4,984. Affiliates also filed the required documents together with the Debtor. A copy of the monthly operating report is available at: http://bankrupt.com/misc/DEVONSHIREoct2013mor.pdf About Devonshire PGA Holdings Operators of assisted living facilities, led by Devonshire PGA Holdings LLC, sought Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on Sept. 19, 2013. Chatsworth PGA Properties (Bankr. D. Del. Case No. 13-12457) has estimated liabilities of between $100 million and $500 million, and assets of up to $10 million. Chatsworth PGA Properties provides assisted living services for the elderly. It also offers nursing and dementia care. Devonshire PGA Holdings LLC (Case No. 13-12460), the owner of an assisted-living facility in Florida, and based in Palm Beach Gardens, estimated under $50,000 in assets and up to $50 million in debts. Another entity, Devonshire at PGA National LLC, estimated more than $100 million in both assets and debt. The Debtors are represented by M. Blake Cleary, Esq., at Young Conaway Stargatt & Taylor, LLP, as counsel. Epiq Bankruptcy Solutions, LLC, serves as claims agent, and as administrative advisor for the Debtors. Alvarez & Marsal Healthcare Industry Group, LLC, serves as restructuring advisors, and Alvarez's Paul Rundell serves as Chief Restructuring Officer. An official committee of unsecured creditors has not yet been appointed in these cases by the Office of the United States Trustee. DEVONSHIRE PGA: Reports $270 Net Loss in November ------------------------------------------------- Devonshire PGA Holdings, LLC, on Dec. 21, 2013, filed its monthly operating report for November 2013. The Debtor reported a $270 net loss on zero revenue. At Nov. 30, 2013, the Debtor posted $65.08 million in total assets, $19.03 million in total liabilities, and a -($84.12 million) net owner deficit. The Debtor's cash balance remains at $4,984. Its affiliates also filed the required documents together with the Debtor. A copy of the monthly operating report is available at: http://bankrupt.com/misc/DEVONSHIREnov2013mor.pdf About Devonshire PGA Holdings Operators of assisted living facilities, led by Devonshire PGA Holdings LLC, sought Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on Sept. 19, 2013. Chatsworth PGA Properties (Bankr. D. Del. Case No. 13-12457) has estimated liabilities of between $100 million and $500 million, and assets of up to $10 million. Chatsworth PGA Properties provides assisted living services for the elderly. It also offers nursing and dementia care. Devonshire PGA Holdings LLC (Case No. 13-12460), the owner of an assisted-living facility in Florida, and based in Palm Beach Gardens, estimated under $50,000 in assets and up to $50 million in debts. Another entity, Devonshire at PGA National LLC, estimated more than $100 million in both assets and debt. The Debtors are represented by M. Blake Cleary, Esq., at Young Conaway Stargatt & Taylor, LLP, as counsel. Epiq Bankruptcy Solutions, LLC, serves as claims agent, and as administrative advisor for the Debtors. Alvarez & Marsal Healthcare Industry Group, LLC, serves as restructuring advisors, and Alvarez's Paul Rundell serves as Chief Restructuring Officer. An official committee of unsecured creditors has not yet been appointed in these cases by the Office of the United States Trustee. DEVONSHIRE PGA: Ends December with $4,984 Cash ---------------------------------------------- Devonshire PGA Holdings, LLC, on Jan. 24, 2014, filed its monthly operating report for December 2013. At Oct. 31, the Debtor reported $64.93 million in total assets, $19.03 million in total liabilities, and a -($83.97 million) net owner deficit. Cash balance for the month remains at $4,984. Affiliates also filed the required documents together with the Debtor. A copy of the monthly operating report is available at: http://bankrupt.com/misc/DEVONSHIREdec2013mor.pdf About Devonshire PGA Holdings Operators of assisted living facilities, led by Devonshire PGA Holdings LLC, sought Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware on Sept. 19, 2013. Chatsworth PGA Properties (Bankr. D. Del. Case No. 13-12457) has estimated liabilities of between $100 million and $500 million, and assets of up to $10 million. Chatsworth PGA Properties provides assisted living services for the elderly. It also offers nursing and dementia care. Devonshire PGA Holdings LLC (Case No. 13-12460), the owner of an assisted-living facility in Florida, and based in Palm Beach Gardens, estimated under $50,000 in assets and up to $50 million in debts. Another entity, Devonshire at PGA National LLC, estimated more than $100 million in both assets and debt. The Debtors are represented by M. Blake Cleary, Esq., at Young Conaway Stargatt & Taylor, LLP, as counsel. Epiq Bankruptcy Solutions, LLC, serves as claims agent, and as administrative advisor for the Debtors. Alvarez & Marsal Healthcare Industry Group, LLC, serves as restructuring advisors, and Alvarez's Paul Rundell serves as Chief Restructuring Officer. An official committee of unsecured creditors has not yet been appointed in these cases by the Office of the United States Trustee. DIGITAL DOMAIN: Ends December With $5.22 Million Cash ----------------------------------------------------- DDMG Estate, f/k/a/ Digital Domain Media Group, Inc., and its subsidiaries, filed on March 18, 2014, their monthly operating report for December 2013. The Debtors incurred a net loss of $633,267 on zero revenue for the month. At Dec. 31, the Debtors had $2.76 million in total assets, $124.44 million in total liabilities, and a -($111.09 million) total shareholders' deficit. At Dec. 1, the Debtors had $5.21 million cash. They reported $110,634 in total receipts and $103,351 in total disbursements. They spent $47,737 in professional fees. Thus, at month end, the Debtors had $5.22 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/DIGITALDOMAINdecmor.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. DOTS LLC: Lists $111.03-Mil. in Total Liabilities at Feb. 28 ------------------------------------------------------------ Dots, LLC, et al., on March 21, 2014, filed their monthly operating report for the period from Jan. 20 to Feb. 28, 2014. The Debtors' statement of operations showed net loss of $13.58 million on net sales of $25.34 million. At Feb. 28, 2014, the Debtors had total assets $79.16 million, total liabilities of $111.03 million, and a total shareholders' deficit of $31.87 million. The Debtors reported total cash receipts of $27.113 million and total disbursements of $28.31 million for the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/DOTSLLCjan-febmor.pdf About DOTS LLC Dots is a retailer of fashionable clothing, accessories, and footwear for price-conscious women. Dots provides missy and plus size choices to fashion savvy 25 to 35 year old women at approximately 400 retail stores throughout the Midwest, East, and South United States. Dots' workforce includes 3,500 individuals in their stores, distribution center, and corporate headquarters. Dots, LLC, and its affiliates sought bankruptcy protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 14-11016) on Jan. 20, 2014, to sell some or all of their assets. Lowenstein Sandler LLP serves as counsel to the Debtors. PricewaterhouseCoopers LLP is financial advisor and investment banker. Donlin, Recano & Company, Inc., is the claims and notice agent. As of the Petition Date, the Debtors have outstanding secured debt owed to senior lender Salus Capital Partners, LLC, of which $14.5 million remains outstanding under a revolving facility and $16.1 million is owed under a term facility. The Debtors also have not less than $17 million outstanding under subordinated term loan agreements with Irving Place Capital Partners III L.P. ("IPC") and related entities. Moreover, the Debtors have aggregate unsecured debts of $47.0 million. Salus, the prepetition senior lender and the DIP lender, is represented by Morgan, Lewis & Bockius, LLP. The prepetition subordinated lenders are represented by Okin Hollander & DeLuca, LLP. The Company has arranged to borrow $36 million to keep operating as it reorganizes under court protection. EWGS INTERMEDIARY: Incurs $1.96 Million Net Loss in January ----------------------------------------------------------- EWGS Intermediary, et al., on Feb. 24, 2014, filed their monthly operating report for January 2014. The Debtors' statement of operations showed a net loss of $1.96 million on zero revenue. At Jan. 31, 2014, the Debtor had $12.79 million in total assets, $75.35 million in total liabilities, and a -($62.57 million) total shareholders' equity. At the beginning of the month, the Debtors posted $3.83 million cash. The Debtors had $1.25 million in total cash receipts and $3.67 million in total disbursements. The Debtors had an ending cash balance of $8.18 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/EWGSINTERMEDIARYjan2014mor.pdf About EWGS Intermediary EWGS Intermediary and Edwin Watts Golf Shops, which operate as an integrated, multi-channel retailer, offering brand name golf equipment, apparel and accessories, filed for Chapter 11 protection on Nov. 4, 2013 (Bankr. D. Del. Lead Case No. 13- 12876). They are represented by Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg LLP, in Wilmington, Delaware. The Debtors tapped Bayshore Partners LLC as their investment banker, FTI Consulting, LLC, as their financial advisors, and Epiq Bankruptcy Solutions, LLC, as claims and noticing agent. The Company indicates total assets greater than $100 million on its Chapter 11 petition. As reported in the Troubled Company Reporter on Nov. 26, 2013, Edwin Watts Golf Shops LLC, which sells golf equipment and clothing online and through 90 U.S. retail stores, won court approval of procedures for a bankruptcy sale process without having a lead bidder under contract. PNC Bank, National Association, the DIP Agent, is represented by Regina Stango Kelbon, Esq., at Blank Rome LLP, in Wilmington, Delaware. EXIDE TECHNOLOGIES: Lists $18.45-Mil. Net Loss in January --------------------------------------------------------- Exide Technologies, Inc., on Feb. 19, 2014, filed its monthly operating report for January 2014. The Debtor incurred a net loss of $18.45 million on net sales of $101 million for the month. As of Jan. 31, the Debtor declared total assets of $1.43 billion, $477 million in total operating liabilities, $976.99 million in liabilities subject to compromise and total Debtor equity of -($14.46 million). At Jan. 1, the Debtor had $11.2 million cash. It reported $88.81 million in total cash receipts and $93.1 million in total disbursements. Thus, at month end, the Debtor had $6.96 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/EXIDEJan2014mor.pdf About Exide Technologies Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electrical energy storage products. Exide first sought Chapter 11 protection (Bankr. Del. Case No. 02-11125) on April 14, 2002 and exited bankruptcy two years after. Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP represented the Debtors in their successful restructuring. Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 13-11482) on June 10, 2013. Exide disclosed $1.89 billion in assets and $1.14 billion in liabilities as of March 31, 2013. Exide's international operations were not included in the filing and will continue their business operations without supervision from the U.S. courts. For the new case, Exide has tapped Anthony W. Clark, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang Ziehl & Jones LLP as counsel; Alvarez & Marsal as financial advisor; Sitrick and Company Inc. as public relations consultant and GCG as claims agent. Schnader Harrison Segal & Lewis LLP was tapped as special counsel. The Official Committee of Unsecured Creditors is represented by Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as co counsel. Zolfo Cooper, LLC serves as its bankruptcy consultants and financial advisors. Geosyntec Consultants was tapped as environmental consultants to the Committee. Robert J. Keach of the law firm Bernstein Shur as fee examiner has been appointed as fee examiner. He has hired his own firm as counsel. EXIDE TECHNOLOGIES: Incurs $6.71-Mil. Net Loss in February ---------------------------------------------------------- Exide Technologies, Inc., on March 19, 2014, filed its monthly operating report for the month of February 2014. The Debtor incurred a net loss of $6.71 million in February, down by almost a third of January's $18.45 million net loss, on net sales of $84.97 million. As of Feb. 28, the Debtor declared total assets of $1.44 billion, $476.79 million in total operating liabilities, $973.46 million in liabilities subject to compromise, and a total shareholders' equity of -($9.6 million). At Feb. 1, the Debtor had $6.97 million cash. It reported $88.37 million in total cash receipts and $89.36 million in total disbursements. Thus, at month end, the Debtor had $5.97 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/EXIDETECHNOLOGIESfeb2014mor.pdf About Exide Technologies Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electrical energy storage products. Exide first sought Chapter 11 protection (Bankr. Del. Case No. 02-11125) on April 14, 2002 and exited bankruptcy two years after. Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP represented the Debtors in their successful restructuring. Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 13-11482) on June 10, 2013. Exide disclosed $1.89 billion in assets and $1.14 billion in liabilities as of March 31, 2013. Exide's international operations were not included in the filing and will continue their business operations without supervision from the U.S. courts. For the new case, Exide has tapped Anthony W. Clark, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang Ziehl & Jones LLP as counsel; Alvarez & Marsal as financial advisor; Sitrick and Company Inc. as public relations consultant and GCG as claims agent. Schnader Harrison Segal & Lewis LLP was tapped as special counsel. The Official Committee of Unsecured Creditors is represented by Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as co counsel. Zolfo Cooper, LLC serves as its bankruptcy consultants and financial advisors. Geosyntec Consultants was tapped as environmental consultants to the Committee. Robert J. Keach of the law firm Bernstein Shur as fee examiner has been appointed as fee examiner. He has hired his own firm as counsel. FIBERTOWER NETWORK: Ends January with $367,709 Net Loss ------------------------------------------------------- FiberTower Network Services Corp., et al, on Feb. 23, 2014, filed their monthly operating report for January 2014. The Debtors incurred a net loss of $367,709 on zero revenue. At Jan. 31, 2014, the Debtors posted $25.28 million in total assets, $324.74 million in total liabilities, and a -($299.46 million) total shareholders' deficit. At the beginning of the month, the Debtors had $3.25 million cash. They reported $18,094 in total receipts and $558,011 in total disbursements. They spent $130,940 in professional fees. Thus, at month end, the Debtors had $2.71 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FIBERTOWERNETWORKjan2014mor.pdf About FiberTower Corp. FiberTower Corporation, FiberTower Network Services Corp., FiberTower Licensing Corp., and FiberTower Spectrum Holdings LLC filed for Chapter 11 protection (Bankr. N.D. Tex. Case Nos. 12-44027 to 12-44031) on July 17, 2012, together with a plan support agreement struck with prepetition secured noteholders. FiberTower is an alternative provider of facilities-based backhaul services, principally to wireless carriers, and a national provider of millimeter-band spectrum services. Backhaul is the transport of voice, video and data traffic from a wireless carrier's mobile base station, or cell site, to its mobile switching center or other exchange point. FiberTower provides spectrum leasing services directly to other carriers and enterprise clients, and also offer their spectrum services through spectrum brokerage arrangements and through fixed wireless equipment partners. FiberTower's significant asset is the ownership of a national spectrum portfolio of 24 GHz and 39 GHz wide-area spectrum licenses, including over 740 MHz in the top 20 U.S. metropolitan areas and, in the aggregate, roughly 1.72 billion channel pops (calculated as the number of channels in a given area multiplied by the population, as measured in the 2010 census, covered by these channels). FiberTower believes the Spectrum Portfolio represents one of the largest and most comprehensive collections of millimeter wave spectrum in the U.S., covering areas with a total population of over 300 million. As of the Petition Date, FiberTower provides service to roughly 5,390 customer locations at 3,188 deployed sites in 13 markets throughout the U.S. The fixed wireless portion of these hybrid services is predominantly through common carrier spectrum in the 11, 18 and 23 GHz bands. FiberTower's biggest service markets are Dallas/Fort Worth and Washington, D.C./Baltimore, with additional markets in Atlanta, Boston, Chicago, Cleveland, Denver, Detroit, Houston, New York/New Jersey, Pittsburgh, San Antonio/Austin/Waco and Tampa. As of June 30, 2012, FiberTower's books and records reflected total combined assets, at book value, of roughly $188 million and total combined liabilities of roughly $211 million. As of the Petition Date, FiberTower had unrestricted cash of roughly $23 million. For the six months ending June 30, 2012, FiberTower had total revenue of roughly $33 million. With the help of FTI Consulting Inc., FiberTower's preliminary valuation work shows that the Company's enterprise value is materially less than $132 million -- i.e., the approximate principal amount of the 9.00% Senior Secured Notes due 2016 outstanding as of the Petition Date. The preliminary valuation work is based upon the assumption that FiberTower's spectrum licenses will not be terminated. Fibertower Spectrum disclosed $106,630,000 in assets and $175,501,975 in liabilities as of the Chapter 11 filing. Judge D. Michael Lynn oversees the Chapter 11 case. Lawyers at Andrews Kurth LLP serve as the Debtors' lead counsel. Lawyers at Hogan Lovells and Willkie Farr and Gallagher LLP serve as special FCC counsel. FTI Consulting serve as financial advisor. BMC Group Inc. serve as claims and noticing agent. The petitions were signed by Kurt J. Van Wagenen, president. Wells Fargo Bank, National Association -- as indenture trustee and collateral agent to the holders of 9.00% Senior Secured Notes due 2016 owed roughly $132 million as of the Petition Date -- is represented by Eric A. Schaffer, Esq., at Reed Smith LLP. An Ad Hoc Committee of Holders of the 9% Secured Notes Due 2016 is represented by Kris M. Hansen, Esq., and Sayan Bhattacharyya, Esq., at Stroock & Stroock & Lavan LLP. Wells Fargo and the Ad Hoc Committee also have hired Stephen M. Pezanosky, Esq., and Mark Elmore, Esq., at Haynes and Boone, LLP, as local counsel. U.S. Bank, National Association -- in its capacity as successor indenture trustee and collateral agent to holders of the 9.00% Convertible Senior Secured Notes due 2012, owed $37 million as of the Petition Date -- is represented by Michael B. Fisco, Esq., at Faegre Baker Daniels LLP, as counsel and J. Mark Chevallier, Esq., at McGuire Craddock & Strother PC as local counsel. William T. Neary, the U.S. Trustee for Region 6 appointed five members to the Official Committee of Unsecured Creditors in the Debtors' cases. The Committee is represented by Otterbourg, Steindler, Houston & Rosen, P.C., and Cole, Schotz, Meisel, Forman & Leonard, P.A. Goldin Associates, LLC serves as its financial advisors. On March 15, 2013, the Court entered an order authorizing the Debtors to sell assets that are primarily utilized by the Debtors to provide wireless backhaul services in the State of Ohio to Cellco Partnership (dba Verizon Wireless) free and clear for $1.5 million. In May 2013, FiberTower sought and obtained Court authority to sell their telecommunications equipment and employ American Communications, LLC, as telecommunications equipment reseller. According to the Debtors, the telecommunications equipment, which was a part of their backhaul business, is no longer necessary in the conduct of their business. They, however, believe that the equipment may have resale value that would benefit their estates. On Jan. 27, 2014, FiberTower, et al., obtained confirmation of their Fourth Amended Joint Chapter 11 Plan. FISKER AUTOMOTIVE: Net Loss Increased to $10.60MM in February ------------------------------------------------------------- Fisker Automotive, Inc., et al., on March 17, 2014, filed their monthly operating report for February 2014. The Debtors' statement of operations showed a $10.60 million net loss on $2,467 net sales for February, a slight increase from the previous month's $6.05 million net loss. At Feb. 28, 2014, the Debtors listed total assets of $206.81 million, total liabilities of $513.47 million, and a total shareholders' equity of -($306.66 million). At Feb. 1, the Debtors had $656,115 cash. They reported $5.84 million in total receipts and $5.70 million in total disbursements for the reporting period. At the end of the month, the Debtors had $796,993 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FISKERAUTOfeb2014mor.pdf About Fisker Automotive Fisker Automotive Holdings, Inc., developer of the Karma plug-in hybrid electric sedan, filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 13-13087) on Nov. 22, 2013. Fisker estimated assets of more than $100 million and listed debt of $500 million in its bankruptcy petition. The assets include an assembly plant purchased for $21 million from General Motors Corp. The plant never operated. The cars were assembled in Finland. Fisker now has 21 employees. Fisker received a $529 million loan from the Department of Energy's Advanced Technology Vehicles Manufacturing Loan Program and drew down about $192 million before the department froze the loan after Fisker failed to hit several development targets. The company defaulted on its loan in April 2013. Bankruptcy Judge Kevin Gross presides over the case. The Debtors have tapped James H.M. Sprayregen, P.C., Esq., Anup Sathy, P.C., Esq., and Ryan Preston Dahl, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, as co-counsel; Laura Davis Jones, Esq., James E. O'Neill, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, as co-counsel; Beilinson Advisory Group as restructuring advisors; and Rust Consulting/Omni Bankruptcy, as notice and claims agent and administrative advisor. On Nov. 5, 2013, the Official Committee of Unsecured Creditors was appointed. The members are: (a) David M. Cohen; (b) Sven Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc. The Committee is represented by William R. Baldiga, Esq., and Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti, Esq., at Saul Ewing LLP. Emerald Capital Advisors Corp. is the financial advisors for the Committee. Fisker sought bankruptcy protection to pursue a private sale of its business to Hybrid Tech Holdings, LLC. The Committee, however, wants a sale public sale, and has identified Wanxiang America Corporation as stalking horse bidder. Hybrid was initially under contract to buy Fisker in exchange for $75 million of the $168.5 million government loan it acquired immediately before the Debtor's Chapter 11 filing. Hybrid later raised its offer by adding an additional $1 million cash and agreeing to share proceeds from the sale of a facility in Delaware it doesn't intend to operate. Hybrid also offered to pay real estate taxes on the Delaware plant. Hybrid also will waive $90 million in deficiency claims that otherwise would dilute unsecured creditors' recovery. Wanxiang, as stalking horse bidder, initially offered $25.8 million in cash. However, Wanxiang has said it has raised its offer by $10 million and is willing to go higher. After the hearings on Jan. 10 and 13, the Court directed a public auction, and capped Hybrid's credit bid to $25 million. In response, Hybrid raised its offer to $55 million. Hybrid is represented by Tobias Keller, Esq., and Peter Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco, California. Wanxiang, which bought A123 Systems, Inc., a manufacturer of lithium-ion batteries used in electric vehicles such as the Fisker Karma, in a bankruptcy auction early in 2013 for $256.6 million, is represented in Fisker's case by Sidley Austin LLP's Bojan Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady, Esq., and Kenneth J. Enos, Esq. FLAT OUT: January Net Loss Increases to $17,603 ----------------------------------------------- Flat Out Crazy, LLC, on March 6, 2014, filed their monthly operating report for the period from Jan. 2 to Jan. 29, 2014. The Debtor's statement of operations showed a net loss of $17,603 on zero revenue for the month, an increase from the $11,136 net loss for the previous period ending Jan. 1, 2014. At Jan. 29, the Debtor had $842,240 in total assets, $2.43 million in total liabilities, and a -($1.59 million) total shareholders' deficit. At Jan. 2, the Debtor had $339,379 cash. It listed zero total cash receipts and $11,517 in total disbursements for the period. Thus, at Jan. 29, the Debtor had $327,862 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FLATOUTCRAZYjan2-29mor.pdf About Flat Out Crazy Flat Out Crazy LLC and its affiliates operate two Asian-inspired restaurant chains that began in Chicago. Flat Top Grill, which currently has 15 locations, is a full-service fast-casual create- your-own stir-fry concept. Stir Crazy Fresh Asian Grill, which has 11 locations, is a full-service casual Asian restaurant offering the flavors of Chinese, Japanese, Thai and Vietnamese food. The Debtors have 1,200 employees. Flat Out Crazy and 13 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 13-22094) in White Plains, New York on Jan. 25, 2013. The Debtors have tapped Squire Sanders (US) LLP as counsel; Kurtzman Carson Consultants, LLC, as claims, noticing and administrative agent; William H. Henrich and Mark Samson from Getzler Henrich as their co-chief restructuring officers; and J.H. Chapman Group, L.L.C, as their investment bankers. The Debtor disclosed $24,339,542 in assets and $15,899,166 in liabilities as of the Chapter 11 filing. An official committee of unsecured creditors has been appointed in the Debtors' cases. The Committee tapped to retain Kelley Drye & Warren LLP as its counsel and CBIZ Accounting, Tax and Advisory of New York, LLC as financial advisor. Tracy Hope Davis, the U.S. Trustee for Region 2, appointed Alan Chapell, as the consumer privacy ombudsman in the Debtors' cases. FURNITURE BRANDS: Disbursements Total $1.37-Mil. at Jan. 26 ----------------------------------------------------------- Furniture Brands International, Inc., et al., on March 11, 2014, filed their monthly operating report for the period from Dec. 30, 2013 to Jan. 26, 2014. The Debtors reported $67,579 in total receipts and $1.55 million in total disbursements. They paid $1.37 million in professional fees. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FURNITUREBRANDSjanmor.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. HOSTESS BRANDS: Lists $6.21 Million Net Loss at Feb. 8 ------------------------------------------------------ Hostess Brands, Inc., et al., on March 14, 2014, filed their monthly operating report for the period from Jan. 12 to Feb. 8, 2014. The Debtors suffered a net loss of $6.21 million on zero revenue for the reporting period. At Feb. 8, the Debtors reported total assets of $222.37 million, total liabilities of $2.66 billion, and a total shareholders' deficit of -($2.43 billion). The Debtors started the period with $36.19 million cash. It had total cash recepits of $928,000 and total disbursements of $6.46 million. The Debtors incurred professional fees of $673,000. Thus, at the end of the reporting period, the Debtors had $30.66 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/HOSTESSBRANDSjan-febmor.pdf About Hostess Brands Founded in 1930, Irving, Texas-based Hostess Brands Inc., is known for iconic brands such as Butternut, Ding Dongs, Dolly Madison, Drake's, Home Pride, Ho Hos, Hostess, Merita, Nature's Pride, Twinkies and Wonder. Hostess has 36 bakeries, 565 distribution centers and 570 outlets in 49 states. Hostess filed for Chapter 11 bankruptcy protection early morning on Jan. 11, 2011 (Bankr. S.D.N.Y. Case Nos. 12-22051 through 12-22056) in White Plains, New York. Hostess Brands disclosed assets of $982 million and liabilities of $1.43 billion as of the Chapter 11 filing. The bankruptcy filing was made two years after predecessors Interstate Bakeries Corp. and its affiliates emerged from bankruptcy (Bankr. W.D. Mo. Case No. 04-45814). In the new Chapter 11 case, Hostess has hired Jones Day as bankruptcy counsel; Stinson Morrison Hecker LLP as general corporate counsel and conflicts counsel; Perella Weinberg Partners LP as investment bankers, FTI Consulting, Inc. to provide an interim treasurer and additional personnel for the Debtors, and Kurtzman Carson Consultants LLC as administrative agent. Matthew Feldman, Esq., at Willkie Farr & Gallagher, and Harry Wilson, the head of turnaround and restructuring firm MAEVA Advisors, are representing the Teamsters union. Attorneys for The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union and Bakery & Confectionery Union & Industry International Pension Fund are Jeffrey R. Freund, Esq., at Bredhoff & Kaiser, P.L.L.C.; and Ancela R. Nastasi, Esq., David A. Rosenzweig, Esq., and Camisha L. Simmons, Esq., at Fulbright & Jaworski L.L.P. The official committee of unsecured creditors selected New York law firm Kramer Levin Naftalis & Frankel LLP as its counsel. Tom Mayer and Ken Eckstein head the legal team for the committee. Hostess Brands in mid-November 2012 opted to pursue the orderly wind down of its business and sale of its assets after the Bakery, Confectionery, Tobacco and Grain Millers Union (BCTGM) commenced a nationwide strike. The Debtor failed to reach an agreement with BCTGM on contract changes. Hostess Brands sold its businesses and most of the plants to five different buyers for an aggregate of $860 million. Hostess still has some plants, depots and other facilities the buyers didn't acquire. The bankruptcy estate has changed its name to Old HB Inc. KIDSPEACE CORP: January Net Profit Decreases to $601,963 -------------------------------------------------------- KidsPeace Corporation, filed on March 6, 2014, a monthly operating report for January 2014. KidsPeace reported a net profit of $601,963 on net revenue of $139,171 in January, a decrease from the $2.81 million net profit reported in December. At Jan. 31, 2014, the Debtor had $169.19 million in total assets, $151.13 million in total liabilities, and $18.06 million in total stockholders' equity. The Debtor started the month with $7.64 million cash. It reported $7.49 million in total receipts and $8.68 million in total disbursements, which include $314,146 in professional fees. At month end, KidsPeace had $6.45 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/KIDSPEACECORPjan2014mor.pdf About KidsPeace Corp. KidsPeace Corp., a provider of behavioral services for children, filed a petition for Chapter 11 reorganization (Bankr. E.D. Pa. Case No. 13-14508) on May 21, 2013, in Reading, Pennsylvania. KidsPeace operates a 96-bed pediatric psychiatric hospital in Orefield, Pennsylvania. Assets are $86.7 million, and debt on the books is $158.6 million, according to a court filing. The Debtor, which sought bankruptcy protection with eight affiliates, tapped Norris McLaughlin & Marcus, P.A. as counsel; EisnerAmper LLP as financial advisor, and Rust Omni as claims and notice agent. Assets total $158,587,999 at the end of 2012. The Debtors owe approximately $56,206,821 in bond debt, and they have been told that their pension liability is allegedly about $100,000,000 of which the Debtors currently reflect $83,049,412 on their books. KidsPeace sought Chapter 11 (i) as a means to implement a negotiated restructuring of bond debt currently aggregating approximately $51,310,000 plus accrued interest to a reduced amount of approximately $24 million in new 30-year bonds with interest at 7.5 percent, and (ii) to continue on-going negotiations with the Pension Benefit Guaranty Corporation in hopes of reducing the PBGC asserted obligation of $100+ million to an amount that the Debtors can reasonably expect to satisfy. The Debtor disclosed $157,930,467 in assets and $168,768,207 in liabilities as of the Chapter 11 filing. Since March 2012, MK has been exploring possible affiliation or acquisition opportunities; however, no offer of an affiliation or acquisition has been presented to the Debtors. Gemino Healthcare Finance, LLC, the prepetition revolving lender, is represented by James S. Rankin, Jr., Esq., at Parker, Hudson, Rainer & Dobbs LLP; and Weir & Partners LLP's Walter Weir, Jr., Esq. UMB Bank, N.A., on behalf of bondholders, Performance Food Group d/b/a AFI, W.B. Mason Co., Inc., Pension Benefit Guaranty Corporation, and Teresa Laudenslager were appointed to an official committee of unsecured creditors in the Debtors' cases. The Official Committee of Unsecured Creditors is represented by Fitzpatrcik Lentz & Bubba, P.C., and Lowenstein Sandler LLP as counsel. FTI Consulting, Inc. serves as the panel's financial advisor. The bankruptcy court will convene a hearing on April 3, 2014, at 11:00 a.m., to consider confirmation of the Debtors' First Modified Joint Plan of Reorganization. METEX MFG: Ends January with $53,331 Cash Profit ------------------------------------------------ Metex Mfg. Corporation, on Feb. 26, 2014, filed a monthly operating report for January 2014. The Company reported a $53,331 cash profit on $63,460 in revenue for the month. At Jan. 31, 2014, the Company had $5.87 million in total assets, $9.41 million in total liabilities, and a -($3.55 million) total shareholders' deficit. At the beginning of January, the Company had $1.70 million cash. It reported total receipts of $63,460 and total disbursements of $10,129. Thus, at month end, the Company had $1.75 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/METEXMFGjan2014mor.pdf About Metex Great Neck, New York-based Metex Mfg. Corporation, formerly known as Kentile Floors, Inc., started business in the late 1800's as a manufacturer of cork tile, and thereafter progressed to making composite tile for commercial and residential use. Metex filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 12-14554) on Nov. 9, 2012. The petition was signed by Anthony J. Miceli, president. The Debtor estimated its assets and debts at $100 million to $500 million. Judge Burton R. Lifland presides over the case. Paul M. Singer, Esq., and Gregory L. Taddonio, Esq., at Reed Smith LLP, in Pittsburgh, Pa.; and Paul E. Breene, Esq., and Michael J. Venditto, Esq., at Reed Smith LLP, in New York, N.Y., represent the Debtor as counsel. In connection with the case, the U.S. Trustee appointed a committee of five individual asbestos plaintiffs asserting claims against Kentile. The plaintiffs are represented by five law firms: Belluck & Fox; Weitz & Luxenberg, P.C.; Early Lucarelli Sweeney & Strauss; Cooney & Conway; and Gori Julian & Associates, PC. The Asbestos Claimants Committee engaged Caplin & Drysdale, Chartered, as its bankruptcy counsel, Gilbert LLP as its special insurance counsel, Legal Analysis Systems, Inc., as its consultant, and Charter Oak Financial Consultants, LLC, as its financial advisor. On Jan. 16, 2013, the Bankruptcy Court appointed Lawrence Fitzpatrick as the Future Claimants' Representative. Mr. Fitzpatrick engaged Young Conaway Stargatt & Taylor, LLP as his counsel, and Analysis Research & Planning as his econometrician. NATIONAL ENVELOPE: Incurs $102,988 Net Loss in January ------------------------------------------------------ NE Opco, Inc., dba National Envelope, and its debtor-affiliates, on March 6, 2014, filed their monthly operating report for January 2014. The Debtors incurred a $102,988 net loss on zero revenue for the reporting period, as compared to the $750,194 net income reported in December. At Jan. 31, 2014, the Debtors had $2.77 million in total assets, $137.10 million in total liabilities, and a -($134.32 million) total shareholders' deficit. At the beginning of January, the Debtors had $618,228 in cash. It had $54,175 net cash used in operating activities. At the end of the month, the Debtors had $672,402 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/NEOPCOjan2014mor.pdf About NE OPCO, Inc. National Envelope is the largest privately-held manufacturer of envelopes in North America. Headquartered in Frisco, Texas, National Envelope has eight plants and 15 percent of the envelope market. Revenue of $427 million in 2012 resulted in a $60.1 million net loss, continuing an unbroken string of losses since 2007. NE OPCO, Inc., doing business as National Envelope, along with affiliate NEV Credit Holdings, Inc., filed petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 13-11483) on June 10, 2013. The company disclosed liabilities including $148.4 million in secured debt, with $37.5 million owing on a revolving credit and $15.6 million on a secured term loan. There is a $55.7 million second-lien debt 82 percent held by a Gores Group LLC affiliate. National Envelope, then known as NEC Holdings Corp., first sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 10-11890) on June 10, 2010. The business was bought by Gores Group LLC for $208 million in a bankruptcy sale. National Envelope, through NE OPCO, has returned to bankruptcy to pursue a plan of reorganization or sell the assets as a going concern via 11 U.S.C. Sec. 363. The Debtor plans to facilitate a sale of the business with publicly traded competitor Cenveo Inc. In the new Chapter 11 case, the company has tapped the law firm Richards, Layton & Finger as counsel, PricewaterhouseCoopers LLP as financial adviser, and Epiq Bankruptcy Solutions as claims and notice agent. The Gores Group is represented by Weil, Gotshal and Manges LLP and Lowenstein Landler LLP. Salus Capital Partners, the DIP agent, is represented by Choate, Hall & Stewart LLP and Morris Nichols Arsht & Tunnell LLP. Wells Fargo Capital Finance, LLC, the prepetition senior agent, is represented by Goldberg Kohn Ltd and DLA Piper. The Official Committee of Unsecured Creditors is represented by Pachulski Stang Ziehl & Jones LLP's Laura Davis Jones, Esq., Bradford J. Sandier, Esq., Robert J. Feinstein, Esq., and Peter J. Keane, Esq. Guggenheim Securities, LLC, serves as its investment banker and financial advisor. National Envelope won court approval on July 19, 2013, for a global settlement permitting a sale of the company without objection from the official unsecured creditors' committee. The settlement ensures some recovery for unsecured creditors. The Company also won final approval for $67.5 million in bankruptcy financing being supplied by Salus Capital Partners LLC. Judge Sontchi authorized three buyers to acquire Frisco, Texas- based National Envelope's business for a total of about $70 million. Connecticut-based printer Cenveo Inc. acquired National Envelope's operating assets for $25 million, Hilco Receivables LLC picked up accounts receivable for $25 million and Southern Paper LLC took on its inventory for $15 million. OVERSEAS SHIPHOLDING: Earns $19.59-Mil. Net Income in January ------------------------------------------------------------- Overseas Shipholding Group, Inc., et al., filed their monthly operating report with the U.S. Securities and Exchange Commission for January 2014. The Debtors' consolidated statement of operations showed a net income of $19.59 million on net revenue of $106.76 million for the reporting period, an improvement from the $55.49 million net loss reported in December last year. At Jan. 31, 2014, the Debtors listed total assets of $3.67 billion, total liabilities of $3.71 billion, and a total shareholders' deficit of -($46.28 million). At Jan. 1, the Debtors had $601.92 million cash. They reported total cash receipts of $93.15 million and total cash disbursements of $87.42 million. The Debtors incurred total professional fees and expenses of $1.51 million. Thus, at month end, the Debtors had $607.65 million cash. A copy of the monthly operating report is available at the SEC at: http://is.gd/U3zlAQ About Overseas Shipholding Overseas Shipholding Group, Inc. (OTC: OSGIQ), headquartered in New York, is one of the largest publicly traded tanker companies in the world, engaged primarily in the ocean transportation of crude oil and petroleum products. OSG owns or operates 111 vessels that transport oil and petroleum products throughout the world. Overseas Shipholding Group and 180 affiliates filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67 billion in liabilities. Greylock Partners LLC Chief Executive John Ray serves as chief reorganization officer. James L. Bromley, Esq., and Luke A. Barefoot, Esq., at Cleary Gottlieb Steen & Hamilton LLP serve as OSG's Chapter 11 counsel. Derek C. Abbott, Esq., Daniel B. Butz, Esq., and William M. Alleman, Jr., at Morris, Nichols, Arsht & Tunnell LLP, serve as local counsel. Chilmark Partners LLC serves as financial adviser. Kurtzman Carson Consultants LLC is the claims and notice agent. The Export-Import Bank of China, owed $312 million used for the construction of five tankers, is represented by Louis R. Strubeck, Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & Jaworski LLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., at Fulbright & Jaworski in New York; and John Knight, Esq., and Christopher Samis, Esq., at Richards Layton & Finger PA. Chilmark Partners, LLC serves as financial and restructuring advisor. Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serve as co-counsel to the official committee of unsecured creditors. FTI Consulting, Inc., is the financial advisor and Houlihan Lokey Capital, Inc., is the investment banker. PERSONAL COMMUNICATIONS: Ends December with $4.07-Mil. Cash ----------------------------------------------------------- Personal Communications Devices, LLC, et al., on Feb. 11, 2014, filed their monthly operating report for December 2014. The Debtors' statement of operations showed a net loss of $618,923 on zero sales. At Dec. 31, the Debtors posted total assets of $40.71 million, total liabilities of $181.51 million, and -($140.79 million) in net owners' deficit. At Dec. 1, the Debtors had $5.55 million cash. For the reporting period, they posted $104,790 in total receipts and $1.58 million in total disbursements. Thus, the Debtors had $4.07 million in cash at Dec. 31. A copy of the monthly operating report is available at: http://bankrupt.com/misc/PERSONALCOMMdec2013mor.PDF About PCD Personal Communications Devices LLC and an affiliate, Personal Communications Devices Holdings, LLC, filed for Chapter 11 bankruptcy (Bankr. E.D.N.Y. Case No. 13-74303) on Aug. 19, 2013, in Central Islip, N.Y. The Debtor disclosed $247,952,684 in assets and $284,985,134 in liabilities as of the Chapter 11 filing. PCD -- http://www.pcdphones.com-- was in the business of providing carriers and manufacturers an array of product life cycle management services that includes planning and development; inventory; technical testing; quality control; forward and reverse logistics; sell-in and sell-thru, marketing & warranty support. PCD sold its assets to Quality One Wireless LLC for $105 million in October 2013. The bankruptcy auction was cancelled as no competing offers were submitted. Bankruptcy Judge Alan S. Trust oversees the case. Attorneys at Goodwin Procter, LLP and Togut, Segal & Segal, LLP serve as counsel to the Debtors. Epiq Bankruptcy Solutions, LLC, is the claims and notice agent. BG Strategic Advisors, LLC, is the financial advisor. Richter Consulting, Inc., is the investment banker. Q1W is advised by Raymond James and Associates, Inc. and Munsch Hardt Kopf & Harr, P.C. A three-member official committee of unsecured creditors was appointed in the Chapter 11 case. The Committee retained FTI Consulting, Inc., as financial advisor, and Perkins Coie LLP as counsel. PERSONAL COMMUNICATIONS: Posts $454,933 Net Loss in January ----------------------------------------------------------- Personal Communications Devices, LLC, et al., on March 18, 2014, filed their monthly operating report for January 2014. The Debtors' statement of operations showed a net loss of $454,933 on zero revenue. At Jan. 31, 2014, the Debtors posted total assets of $40.06 million, total liabilities of $181.53 million, and a -($141.46 million) net owners' deficit. At Jan. 1, the Debtors had $4.07 million cash. They pegged total receipts at $1.13 million and total disbursements at $466,692. They paid $189,200 in professional fees. At the end of the month, the Debtors had $4.73 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/PERSONALCOMMjan2014mor.pdf About PCD Personal Communications Devices LLC and an affiliate, Personal Communications Devices Holdings, LLC, filed for Chapter 11 bankruptcy (Bankr. E.D.N.Y. Case No. 13-74303) on Aug. 19, 2013, in Central Islip, N.Y. The Debtor disclosed $247,952,684 in assets and $284,985,134 in liabilities as of the Chapter 11 filing. PCD -- http://www.pcdphones.com-- was in the business of providing carriers and manufacturers an array of product life cycle management services that includes planning and development; inventory; technical testing; quality control; forward and reverse logistics; sell-in and sell-thru, marketing & warranty support. PCD sold its assets to Quality One Wireless LLC for $105 million in October 2013. The bankruptcy auction was cancelled as no competing offers were submitted. Bankruptcy Judge Alan S. Trust oversees the case. Attorneys at Goodwin Procter, LLP and Togut, Segal & Segal, LLP serve as counsel to the Debtors. Epiq Bankruptcy Solutions, LLC, is the claims and notice agent. BG Strategic Advisors, LLC, is the financial advisor. Richter Consulting, Inc., is the investment banker. Q1W is advised by Raymond James and Associates, Inc. and Munsch Hardt Kopf & Harr, P.C. A three-member official committee of unsecured creditors was appointed in the Chapter 11 case. The Committee retained FTI Consulting, Inc., as financial advisor, and Perkins Coie LLP as counsel. RAPID-AMERICAN CORP: Reports $17,192 Net Profit in February ----------------------------------------------------------- Rapid-American Corporation, on March 10, 2014, filed its monthly operating report for February 2014. Rapid-American reported a net profit of $17,192 for the month. At the beginning of the month, the Company had $5.48 million cash. It had total receipts of $17,192 and total disbursements of $161,462. It also paid $125,620 in professional fees. As a result, the Company had a cash balance of $5.33 million at the end of month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/RAPIDAMERICANfebmor.pdf About Rapid-American Corp. Rapid-American Corp. filed for Chapter 11 bankruptcy protection in Manhattan (Bankr. S.D.N.Y. Case No. 13-10687) on March 8, 2013, to deal with debt related to asbestos personal-injury claims. New York-based Rapid-American was formerly a holding company with subsidiaries primarily engaged in retail sales and consumer products and was never engaged in an asbestos business of any kind. Through a series of merger transactions going back more than 45 years, Rapid has nevertheless incurred successor liability for personal injury claims arising from plaintiffs' exposure to asbestos-containing products sold by The Philip Carey Manufacturing Company -- Old Carey -- as that entity existed prior to June 1, 1967. Attorneys at Reed Smith LLP serve as counsel to the Debtor. The Debtor disclosed assets in excess of $4,446,261 and unknown liabilities. The Official Committee of Unsecured Creditors retained Caplin & Drysdale, Chartered, as counsel. Young Conaway Stargatt & Taylor, LLP, represents Lawrence Fitzpatrick, the Future Claimants' Representative, as counsel. REGIONAL CARE: Reports $36,432 in Disbursements in February ----------------------------------------------------------- Regional Care Services Corporation, on March 17, 2014, filed its monthly operating report for February 2014. The Debtor's consolidated statement of operations showed zero income or loss on $75,861 total operating revenue. At Feb. 28, the Debtor's reported $478,805 in total assets and $478,805 in total liabilities. The Debtors had $36,432 in total disbursements for the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/REGIONALCAREfeb2014mor.pdf About Casa Grande Community Hospital and Regional Care Services Regional Care Services Corp., Casa Grande Community Hospital d/b/a Casa Grande Regional Medical Center, Regional Care Physician's Group, Inc., and Casa Grande Regional Retirement Community sought Chapter 11 protection (Bankr. D. Ariz. Lead Case No. 14-01383) in Tucson, Arizona, on Feb. 4, 2014. The Debtors, one of the largest employers in Pinal County, operate an award winning, full service non-profit community hospital serving more than 65,000 patients each year from the largely rural communities of Casa Grande, Sacaton, Eloy, Florence and surrounding communities. CGRMC is a 177-licensed bed, general acute care hospital located in Casa Grande, Arizona. RCSC is the sole member and sponsor of CGRMC, RCPG and CGRRC. As of the Petition Date, CGRRC's management consists of Rona Curphy as President, Cherie McGlynn as Chairman, David Fitzgibbons as Vice Chairman, and John Robert McEvoy as Secretary/Treasurer. Michael McGrath, Esq., and Kasey C. Nye, Esq., at Mesch, Clark & Rothschild, P.C., in Tucson, Arizona; and Michael J. Pankow, Esq., and Joshua M. Hantman, Esq., at Brownstein Hyatt Farber Schreck, LLP, in Denver, Colorado, serve as counsel to the Debtor. Casa Grande Hospital estimated $50 million to $100 million in assets and liabilities. The Debtors have filed a Plan of Reorganization to effectuate the sale of substantially all of their assets to Phoenix-based Banner Health pursuant to a binding Asset Purchase Agreement dated Feb. 4, 2014. The hearing on approval the Debtors' Disclosure Statement is set for March 17, 2014, and the Debtors are working toward a confirmation in May 2014. Banner Health is also providing $6.2 million of DIP financing. Banner Health is represented in the case by Robert M. Charles, Jr., Esq., and Susan M. Freeman, Esq., at Lewis Roca Rothgerber LLP, as counsel. SAVIENT PHARMACEUTICALS: Reports $4.21-Mil. Net Loss for February ----------------------------------------------------------------- Savient Pharmaceuticals, Inc., et al., filed with the U.S. Securities and Exchange Commission their monthly operating report for February. The Debtors suffered a net loss of $4.21 million on net revenue of $337,899 for February, as compared to the previous month's net income of $324,071. At Jan. 31, 2014, the Debtors had $168.97 million in total assets, $289.85 million in total liabilities, and a total shareholders' deficit of -($120.88 million). The Debtors started the month with $15.40 million cash. They reported $1.10 million in total cash receipts and $3.23 million in total cash disbursements. They Debtors spent $1.46 million in professional fees. As a result, at month end, the Debtors had $13.28 million cash. A copy of the monthly operating report is available at the SEC at: http://is.gd/ZkCEpE About Savient Pharmaceuticals Headquartered in Bridgewater, New Jersey, Savient Pharmaceuticals, Inc. -- http://www.savient.com/-- is a specialty biopharmaceutical company focused on developing and commercializing KRYSTEXXA(R) (pegloticase) for the treatment of chronic gout in adult patients refractory to conventional therapy. Savient has exclusively licensed worldwide rights to the technology related to KRYSTEXXA and its uses from Duke University and Mountain View Pharmaceuticals, Inc. The Company and its affiliate, Savient Pharma Holdings, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-12680) on Oct. 14, 2013. In its schedules, Savient Pharmaceuticals listed $43,065,650 in total assets and $284,078,461 in total liabilities. The Debtors are represented by Kenneth S. Ziman, Esq., and David M. Turetsky, Esq., at Skadden Arps Slate Meagher & Flom LLP, in New York; and Anthony W. Clark, Esq., at Skadden Arps Slate Meagher & Flom LLP, in Wilmington, Delaware. Cole, Schotz, Meisel, Forman & Leonard P.A., also serves as the Company's conflicts counsel, and Lazard Freres & Co. LLC serves as its financial advisor. GCG Inc. serves as the Debtors' claims agent. Kramer Levin Naftalis & Frankel LLP is the Debtors' special intellectual property counsel. U.S. Bank National Association, as Indenture Trustee and Collateral Agent, is represented by Clark T. Whitmore, Esq., at Maslon Edelman Borman & Brand, LLP, in Minneapolis, Minnesota. The Unofficial Committee of Senior Secured Noteholders is represented by Andrew N. Rosenberg, Esq., Elizabeth McColm, Esq., and Jacob A. Adlerstein, Esq., at Paul, Weiss, Rifkind, Wharton & Garrison LLP, in New York; and Pauline K. Morgan, Esq., at Young, Conaway, Stargatt & Taylor LLP, in Wilmington, Delaware. The Troubled Company Reporter reported on Jan. 15, 2014, that Savient Pharmaceuticals has completed the sale of substantially all of its assets, including all KRYSTEXXA assets, to Crealta Pharmaceuticals for gross proceeds of approximately $120.4 million. Savient Pharmaceuticals has filed with the Bankruptcy Court a plan of liquidation following the sale to Crealta. The Plan impairs senior secured noteholder claims and general unsecured claims. The Plan also impairs intercompany claims, subordinated 510(c) claims and subordinated 510(b) claims, although holders of these claims are not entitled to vote on the Plan. SIMPLY WHEELZ: Posts $10.17 Million Cash Balance at Dec. 30 ----------------------------------------------------------- Simply Wheelz, LLC, dba Advantage Rent-A-Car, on March 4, 2014, filed its monthly operating report for December 2013. The Debtor had a cash balance of $9.7 million at the start of the month. It reported $32.62 million in total cash receipts and $32.42 million in total cash disbursements. At month end, the Debtor had a cash balance of $10.17 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SIMPLYWHEELZdec2013mor.pdf About Simply Wheelz LLC Simply Wheelz LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 13-03332) on Nov. 5, 2013. The case is assigned to Judge Edward Ellingon. The Debtor disclosed $413,502,259 in assets and $322,230,695 in liabilities as of the Chapter 11 filing. The Debtors are represented by Christopher R. Maddux, Esq., and Stephen W. Rosenblatt, Esq., at Butler Snow O'Mara Stevens & Cannada, in Ridgeland, Mississippi. Simply Wheelz tapped EPIQ Bankruptcy Solutions LLC as noticing and claims agent, and Capstone Advisory Group, LLC, as financial advisor. The Troubled Company Reporter reported on Jan. 7, 2014, that the Bankruptcy Court has approved the sale of substantially all of the Debtors' assets to The Catalyst Group, Inc., in exchange for the $46 million loan that is financing the Chapter 11 reorganization. SIMPLY WHEELZ: Cash Balance Increases to $11.79 Million at Jan. 31 ------------------------------------------------------------------ Simply Wheelz, LLC, dba Advantage Rent-A-Car, filed, on March 4, 2014, its monthly operating report for the month of January 2013. At the beginning of January, the Debtor had $10.17 million cash. It reported total cash receipts of $34.47 million and total cash disbursements of $32.85 million. At Jan. 31, the Debtor reported $11.79 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SIMPLYWHEELZjan2014mor.pdf About Simply Wheelz LLC Simply Wheelz LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 13-03332) on Nov. 5, 2013. The case is assigned to Judge Edward Ellingon. The Debtor disclosed $413,502,259 in assets and $322,230,695 in liabilities as of the Chapter 11 filing. The Debtors are represented by Christopher R. Maddux, Esq., and Stephen W. Rosenblatt, Esq., at Butler Snow O'Mara Stevens & Cannada, in Ridgeland, Mississippi. Simply Wheelz tapped EPIQ Bankruptcy Solutions LLC as noticing and claims agent, and Capstone Advisory Group, LLC, as financial advisor. The Troubled Company Reporter reported on Jan. 7, 2014, that the Bankruptcy Court has approved the sale of substantially all of the Debtors' assets to The Catalyst Group, Inc., in exchange for the $46 million loan that is financing the Chapter 11 reorganization. ST FRANCIS' HOSPITAL: Net Loss Increases to $2.49-Mil. in January ----------------------------------------------------------------- St. Francis' Hospital, Poughkeepsie, New York, on March 19, 2014, filed its monthly operating report for January 2014. The Debtor listed a $2.49 million net loss from operations on $9.91 million net patient service revenue for January, a substantial increase from last month's $887,775 net loss from operations. At Jan. 31, the Debtors declared total assets of $137.36 million, total liabilities of $131.11 million, and a total shareholders' deficit of -($6.25 million). The Debtor started the month with $6.17 million cash. It reported total cash receipts of $19.50 million and total cash disbursements of $23.06 million. The Debtor incurred professional fees of $59,619 for the month. Thus, at month end, the Debtor had $2.75 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STFRANCISjan2014mor.pdf About St. Francis' Hospital St. Francis' Hospital, Poughkeepsie, New York, and four affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 13-37725) on Dec. 17, 2013. The case is assigned to Judge Cecelia G. Morris. The Debtors are represented by Christopher M. Desiderio, Esq., Daniel W. Sklar, Esq., and Lee Harrington, Esq., at Nixon Peabody LLP, in New York. Their financial adviser is CohnReznick Advisory Group; and the investment banker is Deloitte Corporate Finance LLC. BMC Group is the claims and notice agent. The U.S. Trustee has appointed a five-member official committee of unsecured creditors. The Creditors' Committee tapped Alston & Bird LLP as counsel, and CBIZ Accounting, Tax & Advisory of New York, LLC, as financial advisor. On Jan. 30, 2014, Barry Bliss of Gibbons, P.C., was named as patient care ombudsman in the Debtors' cases. VELTI INC: Net Loss Balloons to $6.24 Million in January -------------------------------------------------------- Velti, Inc., et al., on March 18, 2014, filed their monthly operating report for the month of January 2014. The Debtors incurred a net loss of $6.24 million on zero revenue for the month, a huge increase from the previous month's net loss of $274,968. The Debtors reported total assets of $54.09 million, total liabilities of $127.94 million, and a total shareholders' deficit of -($73.85 million). At Jan. 1, the Debtors had $478,794 cash. They listed $6.51 million in total cash receipts and $1.60 million in total disbursements. Thus, at the end of the month, the Debtors had $5.38 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/VELTIINCjan2014mor.pdf About Velti Inc. Velti Inc., a provider of technology for marketing on mobile devices, sought Chapter 11 protection (Bankr. D. Del. Case No. 13-12878) on Nov. 4, 2013. Velti Inc., a San Francisco-based unit of Velti Plc, listed assets of as much $50 million and debt of as much as $100 million. Its Air2Web Inc. unit, based in Atlanta, also sought creditor protection. The parent, Dublin, Ireland-based Velti Plc, which trades on the Nasdaq Stock Market, isn't part of the bankruptcy process. Operations in the U.K., Greece, India, China, Brazil, Russia, the United Arab Emirates and elsewhere outside the U.S. didn't seek protection and business there will continue as usual. The Debtors are represented by attorneys Stuart M. Brown, Esq., at DLA Piper LLP (US), in Wilmington, Delaware; and Richard A. Chesley, Esq., Matthew M. Murphy, Esq., and Chun I. Jang, Esq., at DLA Piper LLP (US), in Chicago, Illinois. The Debtors have also tapped Jefferies LLC as investment banker, Sitrick Brincko Group LLC, as corporate communications consultants, and BMC Group, Inc., as claims and noticing agent. U.S. Bank, National Association, as administrative agent for GSO Credit-A Partners, LP, GSO Palmetto Opportunistic Investment Partners LP and GSO Coastline Partners LP, extended $25 million of postpetition financing to the Debtors. The DIP Lenders, which are also the Prepetition Lenders, are represented by Sandy Qusba, Esq., and Hyang-Sook Lee, Esq., at Simpson Thacher & Bartlett LLP, in New York. An Official Committee of Unsecured Creditors has been appointed in the Debtors' cases. The Committee has tapped McGuireWoods LLP as lead counsel and Morris, Nichols, Arsht & Tunnell LLP as Delaware co-counsel. Asgaard Capital LLC serves as financial advisor to the Committee. Capstone Advisory Group LLC serves as consultant. YARWAY CORPORATION: Incurs $544,024 Net Loss in January ------------------------------------------------------- Yarway Corporation, on Feb. 21, 2014, filed its monthly operating report for January 2014. The Debtor's income statement showed a $544,024 net loss for the month, as compared to the $629,578 net income reported in December. At Jan. 31, the Debtor had $102.86 million in total assets, $257.33 million in total liabilities, and a -($154.56 million ) total shareholders' deficit. At the beginning of the month, the Debtors posted $10.89 million in cash. They had zero receipts and total disbursements of $321,638. They spent $316,763 in professional fees. At month end, the Debtor's cash balance was at $10.57 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/YARWAYjan2014mor.pdf About Yarway Corporation Yarway Corporation sought Chapter 11 protection (Bankr. D. Del. Case No. 13-11025) on April 22, 2013, to deal with claims arising from asbestos containing products it allegedly sold as early as the 1920s. Yarway was founded in 1908 by Robert Yarnall and Bernard Waring as the Simplex Engineering Company and originally manufactured pipe clamps, steam traps, valves and controls. Based in Pennsylvania, Yarway was a privately-owned company until 1986 when KeyStone International, Inc. bought equity in the company. Yarway became a unit of Tyco International Ltd. when Tyco purchased KeyStone in 1997. Yarway's asbestos-related liabilities derive from Yarway's (i) purported use of asbestos-containing gaskets and packing, manufactured by others, in its production of steam valves and traps from the 1920s to 1970s, and (ii) alleged manufacture of expansion joint packing that was allegedly made up of a compound of Teflon and asbestos from the 1940s to the 1970s. Over the past five years, about 10,021 new asbestos claims have been asserted against Yarway, including 1,014 in Yarway's 2013 fiscal year ending March 31, 2013. The Debtor estimated assets and debts in excess of $100 million as of the Chapter 11 filing. Attorneys at Cole, Schotz, Meisel, Forman & Leonard, P.A. and Sidley Austin LLP serve as the Debtor's counsel in the Chapter 11 case. Logan and Co. is the claims and notice agent. On May 6, 2013, the U.S. Trustee for Region 3, appointed an official committee of asbestos personal injury claimants. The Committee tapped Elihu Inselbuch, Esq. at Caplin & Drysdale, Chartered, as lead bankruptcy counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com 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 ***