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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 17, 2014, Vol. 18, No. 135
Headlines
ASHLEY STEWART: Files Initial Monthly Operating Report
ASHLEY STEWART: Incurs $1.61 Million Net Loss at April 5
LIFE UNIFORM: Lists $63,804 in Total Receipts in March
OPTIM ENERGY: Net Loss Increases to $5.41 Million in March
PACIFIC STEEL: Amends Monthly Operating Report for March
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ASHLEY STEWART: Files Initial Monthly Operating Report
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Ashley Stewart Holdings, Inc, et al., filed an initial monthly
operating report on May 10, 2014.
The Initial MOR includes a schedule of retainers paid to
professionals on 2014. Among the Debtors' bankruptcy
professionals are Cole Scholz Meisel Forman and Leonard, PA, Prime
Clerk, LLC, and Curtis Mallet-Prevost, Colt and Mosle, LLP.
A copy of the Initial MOR is available at:
http://bankrupt.com/misc/ASHLEYSTEWART2014mor.pdf
About Ashley Stewart
The Ashley Stewart name is synonymous with offering women who wear
sizes 12 and up well-made fashionable clothes at affordable
prices.
Ashley Stewart Holdings Inc. and affiliates New Ashley Stewart
Inc., AS IP Holdings Inc. and NAS Gift LLC filed Chapter 11
petitions in Newark, New Jersey (Bankr. D.N.J. Case Nos. 14-14383
to 14-14386) on March 10, 2014. Michael A. Abate signed the
petitions as senior vice president finance/treasurer. Ashley
Stewart Holdings estimated assets and liabilities of at least $10
million. The Hon. Michael B. Kaplan oversees the case.
Curtis, Mallet-Prevost, Colt & Mosle LLP serves as the Debtors'
general counsel. Cole, Schotz, Meisel, Forman & Leonard, P.A., is
the Debtors' local counsel. PricewaterhouseCoopers LLP acts as
the Debtors' financial advisor. Prime Clerk LLC serves as the
Debtors' claims and noticing agent.
Ashley Stewart has obtained authority to conduct store closing
sales at 27 locations around the United States in accordance with
a consulting agreement with Gordon Brothers Retail Partners, LLC.
ASHLEY STEWART: Incurs $1.61 Million Net Loss at April 5
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Ashley Stewart Holdings, Inc, et al., on May 5, 2014, filed a
monthly operating report for the period from March 10, 2014,
through April 5, 2014.
The Debtors recorded a net income of $1.61 million on net sales of
$12.89 million.
At April 5, the Debtors had $37.98 million in total assets, $58.16
million in total liabilities, and a -($20.18 million) total
shareholders' deficit.
The Debtors reported $13.97 million in total receipts and $11.37
million in total disbursements for the period.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/ASHLEYSTEWARTmarch-april2014mor.pdf
About Ashley Stewart
The Ashley Stewart name is synonymous with offering women who wear
sizes 12 and up well-made fashionable clothes at affordable
prices.
Ashley Stewart Holdings Inc. and affiliates New Ashley Stewart
Inc., AS IP Holdings Inc. and NAS Gift LLC filed Chapter 11
petitions in Newark, New Jersey (Bankr. D.N.J. Case Nos. 14-14383
to 14-14386) on March 10, 2014. Michael A. Abate signed the
petitions as senior vice president finance/treasurer. Ashley
Stewart Holdings estimated assets and liabilities of at least $10
million. The Hon. Michael B. Kaplan oversees the case.
Curtis, Mallet-Prevost, Colt & Mosle LLP serves as the Debtors'
general counsel. Cole, Schotz, Meisel, Forman & Leonard, P.A., is
the Debtors' local counsel. PricewaterhouseCoopers LLP acts as
the Debtors' financial advisor. Prime Clerk LLC serves as the
Debtors' claims and noticing agent.
Ashley Stewart has obtained authority to conduct store closing
sales at 27 locations around the United States in accordance with
a consulting agreement with Gordon Brothers Retail Partners, LLC.
LIFE UNIFORM: Lists $63,804 in Total Receipts in March
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Life Uniform Holding Corp., and its affiliates, on April 10, 2014,
filed their monthly operating report for March 2014.
The Debtors' statement of operations showed zero net loss.
At March 31, the Debtors listed total assets of $2.03 million,
total liabilities of $69.23 million, and a total shareholders'
deficit of -($67.20 million).
The Debtors listed $63,804 in total receipts and zero
disbursements for the month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/LIFEUNIFORMmarch2014mor.pdf
About Life Uniform
Life Uniform was founded in 1965 when Angelica Corporation decided
to enter the retail uniform industry. The first Life Uniform
store opened in 1965 in Clayton, Missouri. At present, Life
Uniform is the nation's largest independently owned medical
professional supplier.
Sun Uniform LLC acquired Life Uniform in July 2004. Since the
acquisition by Sun the company addressed sagging profitability and
overhead issues and quickly drove increases in profitability
through a combination of store rationalization and sensible
corporate overhead initiatives. However, recent performance has
been declining in terms of revenue. This is due to the company's
liquidity issues, which prevented the company from completing its
e-commerce system upgrade, encourage better pricing from vendors,
and maintain sufficient capital.
Life Uniform Holding Corp., Healthcare Uniform Company, Inc., and
Uniform City National Inc. filed Chapter 11 petitions (Bankr. D.
Del. Case Nos. 13-11391 to 13-11393) on May 29, 2013. The
petitions were signed by Bryan Graiff, COO, CFO, VP, secretary,
and treasurer. Life Uniform Holding disclosed $10,695,870 in
assets and $36,821,034 in liabilities as of the Chapter 11 filing.
Life Uniform and Uniform City received court authority on July 26
to sell the business for $22.6 million to Scrubs & Beyond LLC.
There were no competing bids, so an auction wasn't held.
First lien lender CapitalSource Finance LLC is owed on a $11.5
million revolver and $26 million term loan. CapitalSource is
represented by Brian T. Rice, Esq., at Brown Rudnick LLP; and
Jeffrey C. Wisler, Esq., at Connolly Gallagher LLP.
Sun Uniforms Finance LLC is owed $6.1 million in principal on a
second lien note and holds two additional notes, each in the
original principal of $1.08 million. Angelica Corp. holds an
unsecured junior subordinate not in the principal amount of $5.48
million.
Domenic E. Pacitti, Esq., at Klehr Harrison Harvey Branzburg, LLP,
serves as the Debtors' counsel. Epiq Bankruptcy Solutions acts as
the Debtors' administrative agent, and claims and noticing agent.
The Debtors' financial advisor is Capstone Advisory Group, LLC.
Crowe Horwath LLP serves as tax accountants and Brown Smith
Wallace LLC as wind-down tax accountants.
The Official Committee of Unsecured Creditors is represented by
Seth Van Aalten, Esq., at Cooley LLP, and Ann M. Kashishian, Esq.,
at Cousins Chipman & Brown, LLP as counsel.
The U.S Trustee for Region 3 appointed Boris Segalis of
InfoLawGroup LLP as consumer privacy ombudsman in the case.
OPTIM ENERGY: Net Loss Increases to $5.41 Million in March
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Optim Energy, LLC, and its affiliates filed, on May 5, 2014, a
monthly operating report for March 2014.
The Debtors suffered a net loss of $5.41 million on operating
revenues of $28.79 million for the month, an increase from the
$2.76 million net loss recorded at Feb. 28.
At March 31, the Debtors declared total assets of $972.50 million,
total liabilities of $778.05 million, and a total shareholders'
equity of $194.46 million.
The Debtors had $21.86 million cash at the beginning of the month.
They listed total receipts of $28,353 and total disbursements of
$123,293.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/OptimEnergy_263_MORmarch2014.pdf
About Optim Energy
Optim Energy, LLC, and its affiliates are power plant owners
principally engaged in the production of energy in Texas's
deregulated energy market. Optim owns and operates three power
plants in eastern Texas: the Twin Oaks plant in Robertson County,
Texas, the Altura Cogen plant in Harris County, Texas and the
Cedar Bayou plant in Chambers County, Texas. The Altura and Cear
Bayou plants are fueled by natural gas, and the third is coal-
fired.
Optim Energy and its affiliates sought Chapter 11 protection from
creditors (Bankr. D. Del. Lead Case No. 14-10262) on Feb. 12,
2014.
The Debtors have tapped Bracewell & Giuliani LLP and Morris,
Nichols, Arsht & Tunnell LLP as attorneys; Protiviti Inc. as
restructuring advisors; and Prime Clerk LLC as claims agent.
Optim Energy, LLC scheduled $6,948,418 in assets and $716,561,450
in liabilities. Optim Energy Cedar Bayou 4, LLC, disclosed
$183,694,097 in assets and $717,646,180 in liabilities as of the
Chapter 11 filing. The Debtors have $713 million of outstanding
principal indebtedness.
On Feb. 27, 2014, Roberta A. DeAngelis, U.S. Trustee for Region 3,
notified the Bankruptcy Court that she was unable to appoint an
official committee of unsecured creditors in the Debtors' cases.
The U.S. Trustee explained that there were insufficient responses
to her communication/contact for service on the committee.
PACIFIC STEEL: Amends Monthly Operating Report for March
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Pacific Steel Casting Company, on April 23, 2014, filed an amended
monthly operating report for the month of March 2014.
The amended MOR contains a Monthly Tax Statement for March.
A copy of the Amended MOR is available at:
http://bankrupt.com/misc/PACIFICSTEELmarch2014mor.pdf
About Pacific Steel Casting,
Berkeley Properties
Pacific Steel Casting Company and Berkeley Properties, LLC,
separately filed Chapter 11 bankruptcy petitions (Bankr. N.D.
Cal. Case Nos. 14-41045 and 14-41048) on March 10, 2014. Pacific
Steel's petition was signed by Charles H. Bridges, Jr., chief
financial officer and director. Michael W. Malter, Esq., at
Binder & Malter, LLP serves as the Debtors' counsel. Epiq
Bankruptcy Solutions, LLC, is the Debtors' claims, noticing and
balloting agent. Burr Pilger Mayer, a certified public accounting
firm, serves as financial consultants. The Debtors estimated
assets and liabilities of at least $10 million.
Pacific Steel makes carbon, low-alloy and stainless steel castings
for U.S. and international customers, largely for heavy-duty
trucks and construction equipment.
Tracy Hope Davis, the United States Trustee for Region 17,
appointed seven creditors to serve on the Official Committee of
Unsecured Creditors. The Committee is represented by Ori Katz,
Esq., and Michael M. Lauter, Esq., at Sheppard, Mullin, Richter &
Hampton LLP.
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Troubled Company Reporter is a daily newsletter co-published
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