/raid1/www/Hosts/bankrupt/TCR_Public/140510.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, May 10, 2014, Vol. 18, No. 128
Headlines
AGFEED INDUSTRIES: Ends March With $9.98 Million Cash
ATLS ACQUISITION: Ends March With $15.66 Million Cash
COLOR STAR: Amends February Monthly Operating Report
COLOR STAR: Has $1.26 Million Cash at March 31
DOLAN COMPANY: Projects $34.26MM in Total Receipts Thru June 2014
DOLAN COMPANY: Incurs $379,735 Net Loss at March 31
DOTS LLC: Net Loss Decreases to $2.35 Million at April 5
ECOTALITY INC: ETEC Reports $192,470 Net Profit in March
EXIDE TECHNOLOGIES: Net Loss Rises to $15.65 Million in March
FLAT OUT: Net Loss Decreases to $4,071 at Feb. 26
FURNITURE BRANDS: Lists $25,727 Total Receipts at March 30
HOSPITALITY STAFFING: Net Loss Down to $777,119 at Jan. 26
HOSPITALITY STAFFING: Net Loss Further Drops to $536,659 at Feb 28
HOSPITALITY STAFFING: Lists $1.04 Million Cash at March 28
HOSPITALITY STAFFING: Cash Balance Down to $693,880 at April 24
KEYWELL LLC: Ends February With $25.09 Million Cash
KEYWELL LLC: Lists $25.60 Million Cash at March 31
METEX MFG: Lists $55,393 Cash Profit in March
METRO AFFILIATES: Incurs $8.81 Million Net Loss in March
NE OPCO: Records $64,090 Net Loss in March
NORTHSTAR AEROSPACE: Net Loss Balloons to $5.33MM in February
REGIONAL CARE: Lists $45,804 Total Disbursements in March
*********
AGFEED INDUSTRIES: Ends March With $9.98 Million Cash
-----------------------------------------------------
AgFeed USA, LLC, et al., on April 30, 2014, filed their monthly
operating report for the month of March 2014.
The Debtors incurred net losses of $536,136 on zero net revenue
for the current reporting period, as compared to the 457,181 net
loss reported in February.
The Debtors had $12.62 million in total assets, $3.96 million in
total liabilities, and $8.66 million total shareholders' equity.
The Debtors had $11.05 million cash at the beginning of the month.
It listed zero total receipts and $1.06 million in total operating
disbursements. At the end of the month, the Debtors had $9.98
million cash.
Agfeed Industries, Inc., the parent company of AgFeed USA, LLC,
also filed a monthly operating report for the same period. The
Parent recorded a net profit of $3.84 million.
The Parent listed total assets of $56.84 million, total
liabilities of $19.64 million, and a total shareholders' equity of
$37.20 million.
The Parent started the month with $44.24 million cash. It had
$937,500 in total receipts and $6.73 million in total
disbursements. Thus, at month end, the Debtor had $38.44 million
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/Agfeed_1056_mormarch2014.pdf
About AgFeed Industries
AgFeed Industries, Inc., has 21 farms and five feed mills in China
producing more than 250,000 hogs annually. In the U.S., the
business included 10 sow farms in three states and two feed mills
producing more than one million hogs a year. AgFeed's revenue in
2012 was $244 million.
AgFeed and its affiliates filed voluntary petitions under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on
July 15, 2013, with a deal to sell most of its subsidiaries to The
Maschhoffs, LLC, for cash proceeds of $79 million, absent higher
and better offers. The Debtors estimated assets of at least $100
million and debts of at least $50 million.
Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case. Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' counsel. BDA Advisors
Inc. acts as the Debtors' financial advisor. The Debtors' claims
and noticing agent is BMC Group, Inc.
The U.S. Trustee has appointed a five-member official committee of
unsecured creditors to the Chapter 11 cases. The Creditors'
Committee tapped Lowenstein Sandler as lead bankruptcy counsel and
Greenberg Traurig, LLP, as co-counsel. CohnReznick LLP serves as
the Creditors' Committee's financial advisor.
An official committee of equity security holders was also
appointed to the Chapter 11 cases. The Equity Committee tapped
Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as
co-counsel.
In October 2013, AgFeed completed the sale of the U.S. operations
to three buyers for $79.45 million, including $53.4 million in
cash.
In November 2013, the Court authorized AgFeed to sell its Chinese
assets to Hong Kong firm Good Charm International Development Ltd.
in a deal that is expected to net the debtor $45 million once
several highly negotiated price adjustments are factored in. An
auction was held for the Chinese facilities on Nov. 20, although
no one emerged to top what was originally a $50.5 million bid.
The price was lowered by $3.45 million in view of what the
contract called "newly discovered" operational problems and
"deterioration of the performance" of feed mills.
In December 2013, AgFeed filed a proposed plan of liquidation
showing all creditors as being paid in full, with interest. The
Plan proposes to create a trust to prosecute lawsuits and collect
remaining assets.
ATLS ACQUISITION: Ends March With $15.66 Million Cash
-----------------------------------------------------
ATLS Acquisition, LLC, and its affiliates, on May 2, 2014, filed
their monthly operating report for March 2014.
The Debtors incurred a $853,759 net loss on a $20.69 million net
revenue for March, a decrease from the $1.89 million net loss from
the previous month.
The Debtors recorded total assets of $130.78 million, total
liabilities of $80.80 million, and a total shareholders' equity of
$49.98 million.
The Debtors started the month with $20.97 million cash. They
listed $17.92 million in total receipts and $23.23 million in
total disbursements. At month end, the Debtors had $15.66 million
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/ATLSAQUISITIONmarch2014mor.pdf
About Liberty Medical
Entities that own diabetics supply provider Liberty Medical led by
ATLS Acquisition, LLC, sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 13-10262) on Feb. 15, 2013, just less than
three months after a management buy-out and amid a notice by the
lender who financed the transaction that it's exercising an option
to acquire the business.
Liberty has been in business for 22 years serving the needs of
both type 1 and type 2 diabetic patients. Liberty is a mail order
provider of diabetes testing supplies. In addition to diabetes
testing supplies, the Debtors also sell insulin pumps and insulin
pump supplies, ostomy, catheter and CPAP supplies and operate a
large mail order pharmacy. Liberty operates in seven different
locations and has 1,684 employees.
Dennis A. Meloro, Esq., at Greenberg Traurig, LLP, serves as the
Debtor's counsel; Ernst & Young LLP to provide investment banking
advice; and Epiq Bankruptcy Solutions, LLC, as claims and noticing
agent for the Clerk of the Bankruptcy Court.
An official committee of unsecured creditors has been appointed in
the case and consists of LifeScan, Inc., Abbott Laboratories, and
Teva Pharmaceuticals USA, Inc. They are represented by Joseph H.
Huston Jr., Esq., Maria Aprile Sawczuk, Esq., and Camille C. Bent,
Esq., of Stevens & Lee P.C. as well as Bruce Buechler, Esq., S.
Jason Teele, Esq., and Nicole Stefanelli, Esq. of Lowenstein
Sandler LLP. The Committee has tapped Mesirow Financial
Consulting, LLC, as financial advisors.
COLOR STAR: Amends February Monthly Operating Report
----------------------------------------------------
Color Star Growers of Colorado, Inc., on April 25, 2014, filed an
amended monthly operating report for the month of February 2014.
The Debtor listed total assets of $2.84 million and total
liabilities of $62.21 million in the amended MOR. In the original
MOR, the Debtor reported $61 million in liabilities.
The Debtor started the month with $3.10 million cash. It recorded
total receipts of $20,910 and total disbursements of $1.88
million. At the end of the month, the Debtor had $1.23 million
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/COLORSTARfebAMENDEDmor.pdf
About Color Star
Color Star, a grower and wholesaler of flowers and nursery stock
with greenhouses and distribution centers in Colorado, Missouri
and Texas, filed for Chapter 11 bankruptcy protection in December
2013.
Color Star Growers of Colorado, Inc., and two affiliates filed
Chapter 11 bankruptcy petitions (Bankr. E.D. Tex. Case Nos. 13-
42959 to 13-42961) on Dec. 15, 2013, in Sherman, Texas. The
petitions were signed by Brad Walker, chief restructuring officer.
The Debtors estimated assets of at least $10 million and
liabilities of at least $50 million.
Marcus A. Helt, Esq., and Evan R. Baker, Esq., at Gardere Wynne
Sewell LLP, serve as the Debtors' counsel. SSG Advisors, LLC
provides investment banking services, and UpShot Services LLC
serves as claims, noticing and balloting agent.
The Official Committee of Unsecured Creditors appointed in the
Debtors' cases retained Gavin/Solmonese, LLC as financial
advisors; and Raymond J. Urbanik, Esq., Deborah M. Perry, Esq.,
Thomas Berghman, Esq., and Isaac J. Brown, Esq., at Munsch Hardt
Kopf & Harr, PC as attorneys.
* * *
The Debtors currently have the exclusive right to file a
bankruptcy plan until May 14.
COLOR STAR: Has $1.26 Million Cash at March 31
----------------------------------------------
Color Star Growers of Colorado, Inc., on April 25, 2014, filed its
monthly operating report for March 2014.
The Debtor recorded total assets of $2.69 million and total
liabilities of $62.21 million.
The Debtor had $1.23 million cash at the beginning of the month.
It reported total receipts of $189,243 and total disbursements of
$157,518. At month end, the Debtor had $1.26 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/COLORSTARmarch2014mor.pdf
About Color Star
Color Star, a grower and wholesaler of flowers and nursery stock
with greenhouses and distribution centers in Colorado, Missouri
and Texas, filed for Chapter 11 bankruptcy protection in December
2013.
Color Star Growers of Colorado, Inc., and two affiliates filed
Chapter 11 bankruptcy petitions (Bankr. E.D. Tex. Case Nos. 13-
42959 to 13-42961) on Dec. 15, 2013, in Sherman, Texas. The
petitions were signed by Brad Walker, chief restructuring officer.
The Debtors estimated assets of at least $10 million and
liabilities of at least $50 million.
Marcus A. Helt, Esq., and Evan R. Baker, Esq., at Gardere Wynne
Sewell LLP, serve as the Debtors' counsel. SSG Advisors, LLC
provides investment banking services, and UpShot Services LLC
serves as claims, noticing and balloting agent.
The Official Committee of Unsecured Creditors appointed in the
Debtors' cases retained Gavin/Solmonese, LLC as financial
advisors; and Raymond J. Urbanik, Esq., Deborah M. Perry, Esq.,
Thomas Berghman, Esq., and Isaac J. Brown, Esq., at Munsch Hardt
Kopf & Harr, PC as attorneys.
* * *
The Debtors currently have the exclusive right to file a bankruptc
plan until May 14.
DOLAN COMPANY: Projects $34.26MM in Total Receipts Thru June 2014
-----------------------------------------------------------------
The Dolan Company, et al., filed an initial monthly operating
report on April 7, 2014.
For the 13-week period from the week ended March 29 through the
week ended June 21, 2014, the Debtors project cash receipts to
total $34.26 million, and disbursements to total $40.99 million.
Disbursements include $18.75 million in Personnel Costs, $5.81
million in Contract Labor, and $6.63 million in all other costs.
The Initial MOR also includes a schedule of retainers paid to
professionals in 2013 and 2014. Among the Debtors' bankruptcy
professionals are Faegre Baker Daniels LLP, Kirkland and Ellis
LLP, and Peter J. Solomon Company.
A copy of the Initial MOR is available at:
http://bankrupt.com/misc/DOLANCOMPANYmor.pdf
About The Dolan Company
Minneapolis, Minn.-based The Dolan Company (OTC:DOLN) and its
subsidiaries provide professional services and business
information to the legal, financial and real estate sectors.
The Dolan Company and several affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Case Nos. 14-10614 to
14-10637) on March 23, 2014. The Company has said it expects to
emerge from bankruptcy within two months.
Judge Brendan L. Shannon oversees the cases. Marc Kieselstein,
P.C., Jeffrey D. Pawlitz, Esq., and Joseph M. Graham, Esq., at
Kirkland & Ellis LLP, serve as the Debtors' counsel. Timothy P.
Cairns, Esq., Laura Davis Jones, Esq., and Michael Seidl, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel.
Kevin Nystrom serves as the Company's chief restructuring officer.
Faegre Baker Daniels LLP serves as the Debtors' special counsel;
Peter J. Solomon Company serves as financial advisors; and
Kurtzman Carson Consultants, LLC, serves s noticing and balloting
agent. Deloitte Tax LLP serves as tax advisors. Zolfo Cooper LLC
also serves as advisors.
Dolan listed $236.2 million in total assets and $185.9 million in
total debts at Sept. 30, 2013. The petitions were signed by Vicki
J. Duncomb, authorized signatory.
Global investment management firm T. Rowe Price Associates, Inc.,
owns nearly 10% of the company's stock, while James Dolan owns
6.8%.
Dolan's e-discovery business, DiscoverReady LLC, did not file a
chapter 11 petition and its operations will not be affected by the
chapter 11 process.
On March 18, 2014, Dolan and its lenders and certain of its swap
counterparties executed a restructuring support agreement that
sets forth the material terms of the chapter 11 restructuring and
secures the support of the secured creditors for that process. In
accordance with the RSA, the Company commenced solicitation for
votes on the chapter 11 plan from secured creditors, the only
parties entitled to vote under the plan of reorganization.
The chapter 11 plan contemplates that the secured lenders will
become the owner of DiscoverReady and The Dolan Company upon the
completion of the restructuring process and each business will be
operated as separate and distinct entities. Investment funds
managed by Bayside Capital, Inc. will become the majority owner of
DiscoverReady and The Dolan Company. Bayside Capital is an
affiliate of H.I.G. Capital, a global private investment firm with
more than $15 billion of equity capital under management.
The chapter 11 plan process will allow the filing subsidiaries of
the Company to deleverage its capital structure by reducing its
projected secured debt obligations from approximately $170 million
to approximately $50 million. The RSA also secures support from
the lenders to refinance DiscoverReady's capital structure with a
$10 million unfunded secured revolving facility. The existing
preferred and common shares will be cancelled and will not receive
a recovery in the chapter 11 plan. After emergence from
bankruptcy, both The Dolan Company and DiscoverReady LLC will be
privately held companies.
The lenders are to provide a $10 million DIP loan to fund the cash
needs of the Company and DiscoverReady through the reorganization
process.
Bayside Capital is represented in the case by Akin Gump Strauss
Hauer & Feld LLP's Michael S. Stamer, Esq., and Sarah Link
Schultz, Esq.
An Official Committee of Equity Security Holders is represented by
Neil B. Glassman, Esq., GianClaudio Finizio, Esq., and Justin R.
Alberto, Esq., at Bayard, P.A., in Wilmington, Delaware; Robert J.
Stark, Esq., at Brown Rudnick LLP, in New York; and Steven B.
Levine, Esq., at Brown Rudnick LLP, in Boston, Massachusetts.
DOLAN COMPANY: Incurs $379,735 Net Loss at March 31
---------------------------------------------------
The Dolan Company, et al., on May 2, 2014, filed their monthly
operating report for the period from March 24 through March 31,
2014.
The Debtors incurred a net loss of $379,735 on zero revenue for
the reporting period.
The Debtors recorded total assets of $447.19 million, total
liabilities of $363.90 million, and a total shareholders' equity
of $83.29 million.
The Debtors had $2.46 million cash at March 24. They listed total
receipts of $18.06 million and total disbursements of $15.56
million. At the end of the period, the Debtors had $4.96 million
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/DOLANCOMPANYmarch2014mor.pdf
About The Dolan Company
Minneapolis, Minn.-based The Dolan Company (OTC:DOLN) and its
subsidiaries provide professional services and business
information to the legal, financial and real estate sectors.
The Dolan Company and several affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Case Nos. 14-10614 to
14-10637) on March 23, 2014. The Company has said it expects to
emerge from bankruptcy within two months.
Judge Brendan L. Shannon oversees the cases. Marc Kieselstein,
P.C., Jeffrey D. Pawlitz, Esq., and Joseph M. Graham, Esq., at
Kirkland & Ellis LLP, serve as the Debtors' counsel. Timothy P.
Cairns, Esq., Laura Davis Jones, Esq., and Michael Seidl, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel.
Kevin Nystrom serves as the Company's chief restructuring officer.
Faegre Baker Daniels LLP serves as the Debtors' special counsel;
Peter J. Solomon Company serves as financial advisors; and
Kurtzman Carson Consultants, LLC, serves s noticing and balloting
agent. Deloitte Tax LLP serves as tax advisors. Zolfo Cooper LLC
also serves as advisors.
Dolan listed $236.2 million in total assets and $185.9 million in
total debts at Sept. 30, 2013. The petitions were signed by Vicki
J. Duncomb, authorized signatory.
Global investment management firm T. Rowe Price Associates, Inc.,
owns nearly 10% of the company's stock, while James Dolan owns
6.8%.
Dolan's e-discovery business, DiscoverReady LLC, did not file a
chapter 11 petition and its operations will not be affected by the
chapter 11 process.
On March 18, 2014, Dolan and its lenders and certain of its swap
counterparties executed a restructuring support agreement that
sets forth the material terms of the chapter 11 restructuring and
secures the support of the secured creditors for that process. In
accordance with the RSA, the Company commenced solicitation for
votes on the chapter 11 plan from secured creditors, the only
parties entitled to vote under the plan of reorganization.
The chapter 11 plan contemplates that the secured lenders will
become the owner of DiscoverReady and The Dolan Company upon the
completion of the restructuring process and each business will be
operated as separate and distinct entities. Investment funds
managed by Bayside Capital, Inc. will become the majority owner of
DiscoverReady and The Dolan Company. Bayside Capital is an
affiliate of H.I.G. Capital, a global private investment firm with
more than $15 billion of equity capital under management.
The chapter 11 plan process will allow the filing subsidiaries of
the Company to deleverage its capital structure by reducing its
projected secured debt obligations from approximately $170 million
to approximately $50 million. The RSA also secures support from
the lenders to refinance DiscoverReady's capital structure with a
$10 million unfunded secured revolving facility. The existing
preferred and common shares will be cancelled and will not receive
a recovery in the chapter 11 plan. After emergence from
bankruptcy, both The Dolan Company and DiscoverReady LLC will be
privately held companies.
The lenders are to provide a $10 million DIP loan to fund the cash
needs of the Company and DiscoverReady through the reorganization
process.
Bayside Capital is represented in the case by Akin Gump Strauss
Hauer & Feld LLP's Michael S. Stamer, Esq., and Sarah Link
Schultz, Esq.
An Official Committee of Equity Security Holders is represented by
Neil B. Glassman, Esq., GianClaudio Finizio, Esq., and Justin R.
Alberto, Esq., at Bayard, P.A., in Wilmington, Delaware; Robert J.
Stark, Esq., at Brown Rudnick LLP, in New York; and Steven B.
Levine, Esq., at Brown Rudnick LLP, in Boston, Massachusetts.
DOTS LLC: Net Loss Decreases to $2.35 Million at April 5
--------------------------------------------------------
Dots, LLC, et al., on April 28, 2014, filed its monthly operating
report for the period from March 2 until April 5, 2014.
The Debtors suffered a $2.35 million net loss on zero sales for
the reporting period, a big decrease from the $13.58 million net
loss reported at Feb. 28.
At April 5, the Debtors had $51.97 million in total assets, $86.20
million in total liabilities, and a -($34.23 million) total
shareholders' deficit.
The Debtors recorded total cash receipts of $34.09 million and
total disbursements of $29.53 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/DOTSLLCmarch-apr2014mor.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. The Debtors disclosed
$51,574,560 in assets and $85,442,656 in liabilities as of the
Chapter 11 filing.
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.
Otterbourg P.C. serves as counsel to the Official Committee of
Unsecured Creditors; and FTI Consulting, Inc., serves as its
financial advisor.
ECOTALITY INC: ETEC Reports $192,470 Net Profit in March
--------------------------------------------------------
Electronic Transportation Engineering Corporation, lead debtor in
the Chapter 11 cases of Ecotality, Inc., et al., on April 25,
2014, filed its monthly operating report for March 2014.
The Debtor had a net profit of $192,470 on zero revenue for the
current reporting period, as compared to the $32,367 net loss
posted in its February MOR.
The Debtor reported $5.64 million in total assets, $97.14 million
in total liabilities, and a -($91.50 million) total shareholders'
deficit.
At March 1, the Debtor had $965,961 cash. It recorded $275,322 in
total receipts and $258,586 in total disbursements. At the end of
the month, the Debtor had $982,698 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/Ecotality_534_mormarch2014.pdf
About Ecotality Inc.
Headquartered in San Francisco, California, Ecotality, Inc.
(Nasdaq: ECTY) -- http://www.ecotality.com-- is a provider of
electric transportation and storage technologies.
Ecotality Inc. along with affiliates including lead debtor
Electric Transportation Engineering Corp. sought Chapter 11
protection (Bankr. D. Ariz. Lead Case No. 13-16126) on Sept. 16,
2013, with plans to sell the business at an auction.
The cases are assigned to Chief Judge Randolph J. Haines. The
Debtors' lead counsel are Charles R. Gibbs, Esq., at Akin Gump
Strauss Hauer & Feld LLP, in Dallas, Texas; and David P. Simonds,
Esq., and Arun Kurichety, Esq., at Akin Gump Strauss Hauer & Feld
LLP, in Los Angeles, California. The Debtors' local counsel is
Jared G. Parker, Esq., at Parker Schwartz, PLLC, in Phoenix,
Arizona. FTI Consulting, Inc. serves as the Debtors' crisis
manager and financial advisor. The Debtors' claims and noticing
agent is Kurtzman Carson Consultants LLC.
Electric Transportation estimated assets of $10 million to $50
million and debt of $100 million to $500 million. Unlike most
companies in bankruptcy, Ecotality has no secured debt. It simply
ran out of money. There's $5 million owing on convertible notes,
plus liability on leases. Part of pre-bankruptcy financing took
the form of a $100 million cost-sharing grant from the U.S. Energy
Department. In view of the San Francisco-based company's
financial problems, the government cut off the grant when $84.8
million had been drawn.
On Sept. 24, 2013, the Office of the United States Trustee for
Region 14 appointed a committee of unsecured creditors.
In October 2013, the bankruptcy judge cleared Ecotality to sell
most of the business to Car Charging Group Inc. for $3.3 million.
Two other buyers purchased other assets for $1 million in total.
EXIDE TECHNOLOGIES: Net Loss Rises to $15.65 Million in March
-------------------------------------------------------------
Exide Technologies, Inc., on April 30, 2014, filed its monthly
operating report for March 2014.
The Debtor recorded a net loss of $15.65 million on net sales of
$88.64 million in March, a substantial increase from the $6.71
million net loss incurred the previous month.
At March 31, the Debtor listed total assets of $1.39 billion,
total liabilities of $1.41 billion, and a total shareholders'
deficit of -($16.93 million).
The Debtor had $5.97 million cash at the beginning of the month.
It reported $97.90 million in total receipts and $86.52 million in
total disbursements. At month end, the Debtor had $17.35 million
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/Exide_1742_morMarch2014.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.
FLAT OUT: Net Loss Decreases to $4,071 at Feb. 26
-------------------------------------------------
Flat Out Crazy, LLC, on April 11, 2014, filed its monthly
operating report for the period from Jan. 30 to Feb. 26, 2014.
The Debtor reported a net loss of $4,071 on zero revenue for the
current reporting period, a decrease from the $17,603 net loss
recorded at Jan. 29.
At Feb. 26, the Debtor listed $841,272 in total assets, $2.43
million in total liabilities, and a -($1.59 million) total
shareholders' deficit.
The Debtor had a beginning cash balance of $327,862. It listed
$47,653 in total receipts and $4,071 in total disbursements for
the reporting period. At the end of the period, the Debtor had
$371,444.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FLATOUTjan-feb2014mor.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: Lists $25,727 Total Receipts at March 30
----------------------------------------------------------
Furniture Brands International, Inc., et al, on April 30, 2014,
filed a monthly operating report for the period from Feb. 24
through March 30, 2014.
The Debtors recorded $25,727 in total cash receipts and $4.37
million in total disbursements. They also incurred professional
fees of $3.19 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FurnitureBrands_1525_mormarch2014.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. Furniture Brands changed
its name to FBI Wind Down, Inc., following the sale.
Furniture Brands on April 21, 2014, filed a Chapter 11 plan to get
out of bankruptcy in which it proposes to distribute cash proceeds
from the liquidation of the assets of the company and its
subsidiaries. The liquidating plan calls for the distribution of
the cash proceeds to Furniture Brands' creditors, which include
proceeds from the sale of its major assets to KPS Capital
Partners' new holding company and from the sale of its remaining
assets.
A hearing to consider the adequacy of the Disclosure Statement
will be held before Bankruptcy Judge Christopher S. Sontchi on
May 29, 2014 at 2:00 p.m. (prevailing Eastern Time.
HOSPITALITY STAFFING: Net Loss Down to $777,119 at Jan. 26
----------------------------------------------------------
Hospitality Staffing Solutions, LLC, et al., on March 24, 2014,
filed their monthly operating report for the period from Dec. 30,
2013 to Jan. 26, 2014.
The Debtors' statement of operations showed a net loss of $777,119
on net revenue of $7.83 million for the reporting period, a slight
decrease from the $1.43 million net loss recorded at Dec. 29,
2013.
The Debtors recored total assets of $51.94 million, total
liabilities of $74.14 million, and a total shareholders' deficit
of -($22.20 million).
At Dec. 30, the Debtors had $960,783 cash. It reported total
receipts of $10.35 million and total disbursements of $8.34
million for the reporting period. Professional fees incurred
total $1.58 million. Thus, at the end of the period, the Debtors
had $2.97 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/HospitalityStaffing_morjanuary2014.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, 2013. The sale closed on Jan. 24, 2014.
HOSPITALITY STAFFING: Net Loss Further Drops to $536,659 at Feb 28
------------------------------------------------------------------
Hospitality Staffing Solutions, LLC, et al., on April 24, 2014,
filed their monthly operating report for the period from Jan. 25
to Feb. 28, 2014.
The Debtors suffered a $536,659 net loss on zero revenue for the
reporting period, as compared to the $777,119 net loss recorded at
Jan. 26.
The Debtors reported $1.52 million in total assets, $14.23 million
in total liabilities, and a -($12.71 million) total shareholders'
deficit.
The Debtors started the period with $2.97 million cash. They
listed $1.58 million in total receipts and $3.03 million in total
disbursements. The Debtors spent $35,000 in professional fees.
At the end of the period, the Debtors had $1.53 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/HospitalityStaffing_morfebruary2014.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, 2013. The sale closed on Jan. 24, 2014.
HOSPITALITY STAFFING: Lists $1.04 Million Cash at March 28
----------------------------------------------------------
Hospitality Staffing Solutions, LLC, et al., on May 7, 2014, filed
a monthly operating report for the March 1 to 28, 2014 period.
The Debtors suffered a $400,945 net loss on zero revenue for the
period.
The Debtors declared total assets of $1.03 million, total
liabilities of $14.14 million, and a total shareholders' deficit
of -($13.11 million).
The Debtors started the month with $1.5 million cash. They listed
total receipts of $12,147 and total disbursements of $496,169.
Professional fees incurred total $476,177. At the end of the
period, the Debtors had $1.04 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/HOSPITALITYSTAFFINGmarch2014mor.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, 2013. The sale closed on Jan. 24, 2014.
HOSPITALITY STAFFING: Cash Balance Down to $693,880 at April 24
---------------------------------------------------------------
Hospitality Staffing Solutions, LLC, et al., filed a monthly
operating report on May 7, 2014 for the period from March 29 to
April 24, 2014.
The Debtors incurred a net loss of $212,165 on zero revenue for
the reporting period, as compared to the $400,945 net loss
recorded at March 28.
The Debtors listed total assets of $668,972, total liabilities of
$14 million, and a total shareholders' deficit of -($13.33
million).
At March 29, the Debtors had $1.04 million cash. They reported
$24,698 in total receipts and $373,038 in total disbursements.
The Debtors spent $325,000 in professional fees. At the end of
the period, the Debtors had $693,880 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/HOSPITALITYSTAFFINGmarch-april2014mor.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, 2013. The sale closed on Jan. 24, 2014.
KEYWELL LLC: Ends February With $25.09 Million Cash
---------------------------------------------------
SGK Ventures, LLC, fka Keywell LLC, on March 20, 2014, filed its
monthly operating report for the month of February 2014.
The Debtor started the month with $25.22 million cash. It
reported total receipts of $754,284 and total disbursements of
$884,032. At month end, the Debtor had $25.09 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/SGK_564_morfeb2014.pdf
About Keywell L.L.C.
Keywell L.L.C., a supplier of scrap titanium and stainless steel,
filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 13-37603)
on Sept. 24, 2013. Mark Lozier signed the petition as president
and CEO.
Keywell LLC first filed schedules disclosing $22,515,017 in total
assets, and $35,025,633 in total liabilities. In its amended
schedules, Keywell disclosed $22,546,386 in total assets and
$39,361,793 in total liabilities.
Judge Eugene R. Wedoff presides over the case.
Howard L. Adelman, Esq., Chad H. Gettleman, Esq., Henry B. Merens,
Esq., Brad A. Berish, Esq., Mark A. Carter, Esq., Adam P.
Silverman, Esq., and Nathan Q. Rugg, Esq., at Adelman & Gettleman
Ltd. serve as the Debtor's counsel. Alan B. Patzik, Esq., Steven
M. Prebish, Esq., and David J. Schwartz, Esq., at Patzik, Frank &
Samotny Ltd. serve as the Debtor's special counsel. Eureka
Capital Markets, LLC, serves as the Debtor's investment banker,
while Conway MacKenzie, Inc., serves as its financial advisors.
The Debtor's lenders are represented by Steven B. Towbin, Esq.,
and Gordon E. Gouveia, Esq., at Shaw Fishman Glantz & Towbin LLC,
in Chicago, Illinois.
The United States Trustee for Region 11 appointed an Official
Committee of Unsecured Creditors. The panel has hired David A.
Agay, Esq., Sean D. Malloy, Esq., Scott N. Opincar, Esq., Joshua
A. Gadharf, Esq., and T. Daniel Reynolds, Esq., at McDonald
Hopkins LLC as counsel. Alvarez & Marsal North America, LLC,
serves as financial advisors to the Committee.
In December 2013, the Bankruptcy Court formally approved the sale
of the Debtor's assets to KW Metals Acquisition LLC for $15.8
million. The original offer was from Cronimet Holdings Inc. for
$12.5 million cash.
Keywell LLC changed its name and case caption to "SGK Ventures,
LLC" following the sale.
KEYWELL LLC: Lists $25.60 Million Cash at March 31
--------------------------------------------------
SGK Ventures, LLC (f/k/a Keywell LLC), on April 17, 2014, filed a
monthly operating report for March 2014.
The Debtor had $25.09 million cash at the beginning of the month.
It listed $1.08 million in total receipts and $567,036 in total
disbursements. Thus, at the end of the month, the Debtor had
$25.60 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/SGK_607_mormarch2014.pdf
About Keywell L.L.C.
Keywell L.L.C., a supplier of scrap titanium and stainless steel,
filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 13-37603)
on Sept. 24, 2013. Mark Lozier signed the petition as president
and CEO.
Keywell LLC first filed schedules disclosing $22,515,017 in total
assets, and $35,025,633 in total liabilities. In its amended
schedules, Keywell disclosed $22,546,386 in total assets and
$39,361,793 in total liabilities.
Judge Eugene R. Wedoff presides over the case.
Howard L. Adelman, Esq., Chad H. Gettleman, Esq., Henry B. Merens,
Esq., Brad A. Berish, Esq., Mark A. Carter, Esq., Adam P.
Silverman, Esq., and Nathan Q. Rugg, Esq., at Adelman & Gettleman
Ltd. serve as the Debtor's counsel. Alan B. Patzik, Esq., Steven
M. Prebish, Esq., and David J. Schwartz, Esq., at Patzik, Frank &
Samotny Ltd. serve as the Debtor's special counsel. Eureka
Capital Markets, LLC, serves as the Debtor's investment banker,
while Conway MacKenzie, Inc., serves as its financial advisors.
The Debtor's lenders are represented by Steven B. Towbin, Esq.,
and Gordon E. Gouveia, Esq., at Shaw Fishman Glantz & Towbin LLC,
in Chicago, Illinois.
The United States Trustee for Region 11 appointed an Official
Committee of Unsecured Creditors. The panel has hired David A.
Agay, Esq., Sean D. Malloy, Esq., Scott N. Opincar, Esq., Joshua
A. Gadharf, Esq., and T. Daniel Reynolds, Esq., at McDonald
Hopkins LLC as counsel. Alvarez & Marsal North America, LLC,
serves as financial advisors to the Committee.
In December 2013, the Bankruptcy Court formally approved the sale
of the Debtor's assets to KW Metals Acquisition LLC for $15.8
million. The original offer was from Cronimet Holdings Inc. for
$12.5 million cash.
Keywell LLC changed its name and case caption to "SGK Ventures,
LLC" following the sale.
METEX MFG: Lists $55,393 Cash Profit in March
---------------------------------------------
Metex Mfg. Corporation, on April 23, 2014, filed a monthly
operating report for March 2014.
The Debtor reported a cash profit of $55,393 on total income of
$63,463 for the month.
The Debtor had $5.95 million in total assets, $9.42 million in
total liabilities, and a -($3.47 million) total shareholders'
deficit.
The Debtor started the month with $1.75 million cash. It recorded
$63,463 in total receipts and $89,945 total disbursements for the
month. At the end of the month, the Debtor had $1.80 million
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/METEXMFGmarch2014mor.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.
METRO AFFILIATES: Incurs $8.81 Million Net Loss in March
--------------------------------------------------------
Metro Affiliates, Inc., et al, on April 30, 2014, filed their
monthly operating report for the month of March 2014.
The Debtors suffered a $8.81 million net loss on $1.69 million net
revenue for the month, an increase from the $3.57 million net loss
incurred in February.
The Debtors had total assets of $59.26 million, total liabilities
of $207.31 million, and a total shareholders' deficit of -($14.81
million).
The Debtors started the month with $308,322 cash. They listed
$19.88 million in total receipts and $20 million in total
disbursements. The Debtor spent $180,468 in professional fees.
At month end, the Debtors had $186,993.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/MetroAffiliates_1168_morMarch2014.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. In its schedules, Metro
Affiliates disclosed $14,438,351 in total assets and $163,562,007
total liabilities.
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.
The Joint Chapter 11 Plan of Liquidation filed by Metro
Affiliates, Inc. and its debtor affiliates embodies a global
settlement among the Debtors, the Creditors Committee, Wells Fargo
and Wayzata for a fair allocation of the Debtors' remaining
assets. Wayzata holds a substantial majority of the Debtors'
Notes. Among other things, the Settlement provides that proceeds
of the Noteholders' Collateral will be used to pay certain
administrative expenses.
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. 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.
NE OPCO: Records $64,090 Net Loss in March
------------------------------------------
NE Opco, Inc., dba National Envelope, and its debtor-affiliates,
on April 29, 2014, filed a monthly operating report for March
2014.
The Debtors incurred a net loss of $64,090 on zero net sales for
the month.
The Debtors declared $2 million in total assets, $136.38 million
in total liabilities, and a -($134.38 million) total shareholders'
deficit.
The Debtors had a beginning cash balance of $748,089. They listed
$45,460 net cash used in operating activities. At month end, the
Debtors had $793,550 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEOpco_631_morMarch2014.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 2013 case, the company 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 Christopher Sontchi authorized three buyers to acquire
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.
NORTHSTAR AEROSPACE: Net Loss Balloons to $5.33MM in February
-------------------------------------------------------------
Northstar Aerospace (USA) Inc., now known as NSA (USA) Liquidating
Corp., et al., on March 19, 2014, filed their monthly operating
report for the month of February 2014.
The Debtors incurred a $5.33 million net loss on zero sales for
the reporting period, a substantial increase from the $8,000 net
loss reported in January.
At the end of February, the Debtors had total assets of $100.47
million, total liabilities of $81.37 million, and a total
shareholders' equity of $19.11 million.
At Feb. 1, the Debtors had $272,000 cash. They recorded zero
total operating receipts and $1,000 in total disbursements. At
the end of the month, the Debtors had $271,000 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NORTHSTARAEROSPACEfeb2014mor.pdf
About Northstar Aerospace
Chicago, Illinois-based Northstar Aerospace --
http://www.nsaero.com/-- is an independent manufacturer of flight
critical gears and transmissions. With operating subsidiaries in
the United States and Canada, Northstar produces helicopter gears
and transmissions, accessory gearbox assemblies, rotorcraft drive
systems and other machined and fabricated parts. It also provides
maintenance, repair and overhaul of components and transmissions.
Its plants are located in Chicago, Illinois; Phoenix, Arizona and
Milton and Windsor, Ontario. Northstar employs over 700 people
across its operations.
Northstar Aerospace, along with affiliates, filed for Chapter 11
protection (Bankr. D. Del. Lead Case No. 12-11817) in Wilmington,
Delaware, on June 14, 2012, to sell its business to affiliates of
Wynnchurch Capital, Ltd., absent higher and better offers.
The names of the Debtors were changed as contemplated by the
approved sale transaction.
Attorneys at Dentons US LLP and Bayard, P.A. serve as counsel to
the Debtors. The Debtors have obtained approval to hire Logan
& Co. Inc. as the claims and notice agent.
Certain Canadian affiliates are also seeking protection pursuant
to the Companies' Creditors Arrangement Act, R.S.C.1985, c. C-36,
as amended.
As of March 31, 2012, Northstar disclosed total assets of
$165.1 million and total liabilities of $147.1 million. About 60%
of the assets and business are with the U.S. Debtors.
REGIONAL CARE: Lists $45,804 Total Disbursements in March
---------------------------------------------------------
Regional Care Services Corporation, on April 15, 2014, filed a
monthly operating report for March 2014.
The Debtor's statement of operations showed zero net loss on
$89,631 total operating revenue.
The Debtor recorded total assets of $476,628 and total liabilities
of $476,628.
The Debtor had total disbursements of $45,804 for the month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/REGIONALCAREmarch2014mor.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.
*********
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
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liabilities that may never materialize. The prices at which
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On Thursdays, the TCR delivers a list of recently filed
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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
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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