/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/140712.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, July 12, 2014, Vol. 18, No. 192 Headlines F&H ACQUISITION: Ends May with $4.80 Million Cash KIDSPEACE CORP: Net Profit Decreases to $596,076 in March KIDSPEACE CORP: Has $7.28 Million Cash at April 30 LEHMAN BROTHERS: Files Operating Report for April 2014 LEHMAN BROTHERS: Files Monthly Operating Report for May LIGHTSQUARED INC: Lists $60.96 Million Net Loss in March LIGHTSQUARED INC: April Net Loss Slightly Down to $55.41 Million LIGHTSQUARED INC: Ends May With $36.02 Million Cash Balance NOBLE LOGISTICS: Reports $60,416 Consolidated Net Loss in March NOBLE LOGISTICS: Net Loss Increases to $98,725 in April NOBLE LOGISTICS: Net Loss Increases Further to $1.44MM at May 31 REFCO PUBLIC: Ends May with $11.969 Million Cash RG STEEL: Incurs $4.841 Million Net Loss in May STELERA WIRELESS: Had $31.01 Million Cash Balance at March 31 STELERA WIRELESS: Lists $31.01 Million Total Assets at April 30 VELTI INC: Reports $1.32 Million Net Loss in February VELTI INC: Has $798,085 Cash Balance at March 31 ********* F&H ACQUISITION: Ends May with $4.80 Million Cash ------------------------------------------------- F&H Acquisition Corp., et al., on June 27, 2014, filed their monthly operating report for the period from April 4 through May 20, 2014. The Debtors incurred a $364,000 net loss on zero sales for the month. At May 20, the Debtors declared total assets of $175.89 million, total liabilities of $172.75 million, and a total shareholders' equity of $3.14 million. The Debtors had $6.28 million cash at the beginning of the month. They listed total receipts of $2,084 and total disbursements of $1.48 million. Among the disbursements were $213,540 in professional fees. At month end, the Debtors had $4.80 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/F_HACQUISITIONmay2014mor.pdf About F & H Acquisition Corp. Wichita, Kansas-based F & H Acquisition Corp., et al., owners of the Fox & Hound, Champps, and Bailey's Sports Grille casual dining restaurants, filed a Chapter 11 petition (Bankr. D. Del. Lead Case No. 13-13220) on Dec. 16, 2013, to quickly sell their assets. As of the bankruptcy filing, the Debtors have 101 restaurants located in 27 states and 6,000 employees. Sales decreased by approximately 9 percent over the past two years. The Debtors also experienced significant inflation in commodity prices, energy prices and labor costs. F&H estimated assets in excess of $100 million. According to a court filing, outstanding debt obligations total $119 million, including $68.4 million owing on a first-lien loan with General Electric Capital Corp. as agent. The $11.2 million second-lien obligation has Cerberus Business Finance LLC as agent. Unsecured trade suppliers and landlords are owed $11.2 million. F & H Acquisition Corp., disclosed $122,115,200 in assets and $122,579,631 in liabilities as of the Chapter 11 filing. The senior lenders are to provide $9.6 million in financing for the bankruptcy, with $3.5 million on an interim basis. The parent holding company, F&H Acquisition Corp., is based in Wichita, Kansas. The Debtors have tapped Adam Friedman, Esq., at Olshan Frome Wolosky LLP, in New York; and Robert S. Brady, Esq., Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware, as counsel; Imperial Capital LLC as financial advisor; and Epiq Bankruptcy Solutions as claims and noticing agent. The U.S. Trustee has appointed seven members to an official committee of unsecured creditors. The Official Committee of Unsecured Creditors is represented by Bradford J. Sandler, Esq., at Pachulski Stang Ziehl & Jones, LLP, in Wilmington, Delaware; and Jeffrey N. Pomerantz, Esq., at Pachulski Stang Ziehl & Jones, LLP, in Los Angeles, California. KIDSPEACE CORP: Net Profit Decreases to $596,076 in March --------------------------------------------------------- KidsPeace Corporation, on May 5, 2014, filed its monthly operating report for the month of March 2014. The Debtor reported a net profit of $596,076 on net revenue of $131,527 for the current reporting period, a slight decrease from February's net profit of $688,748. At March 31, the Debtor declared total assets of $173.77 million, total liabilities of $154.15 million, and a total shareholders' equity of $19.62 million. The Aggregate Debtors had $5.58 million cash at the beginning of the month. It posted total receipts of $10.75 million and total disbursements of $9.97 million. The Debtors incurred professional fess of $367,650. At the end of the month, the Debtor had $6.37 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/KIDSPEACECORPmarch2014mor.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. KIDSPEACE CORP: Has $7.28 Million Cash at April 30 -------------------------------------------------- KidsPeace Corporation, on June 6, 2014, filed a monthly operating report for April 2014. The Debtor posted a $598,663 net profit on $135,979 net revenue for April, a slight decrease from the $596,076 net profit recorded in the previous month. The Debtor posted $174.78 million in total assets, $154.56 million in total liabilities, and a $20.22 million total shareholders' equity. The Aggregate Debtors started April with $6.37 million cash. It listed total receipts of $10.52 million and total disbursements of $9.61 million. The Debtors incurred professional fees of $981,908. As a result, the Debtor had $7.28 million cash at the end of the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/KIDSPEACECORPapril2014mor.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. LEHMAN BROTHERS: Files Operating Report for April 2014 ------------------------------------------------------- Lehman Brothers Holdings Inc. disclosed these cash receipts and disbursements of the company, its affiliated debtors and controlled entities for the month ended April 30, 2014: Beginning Total Cash & Investments (04/01/14) $22,670,000,000 Total Sources of Cash 5,643,000,000 Total Uses of Cash (16,782,000,000) FX Fluctuation 2,000,000 --------------- Ending Total Cash & Investments (04/30/14) $11,532,000,000 LBHI reported $12.196 billion in cash and investments as of April 1, 2014, and $5.643 billion as of April 30, 2014. The monthly operating report also showed that a total of $20.833 million was paid in April to bankruptcy professionals, of which $2.752 million was paid to Lehman's turnaround manager Alvarez & Marsal LLC. A copy of the April 2014 Operating Report is available for free at http://is.gd/0ZLVJA About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court has approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on September 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on September 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) LEHMAN BROTHERS: Files Monthly Operating Report for May ------------------------------------------------------- Lehman Brothers Holdings Inc. disclosed these cash receipts and disbursements of the company, its affiliated debtors and controlled entities for the month ended May 31, 2014: Beginning Total Cash & Investments (05/01/14) $11,532,000,000 Total Sources of Cash 317,000,000 Total Uses of Cash (64,000,000) FX Fluctuation (2,000,000) --------------- Ending Total Cash & Investments (05/31/14) $11,782,000,000 LBHI reported $5.643 billion in cash and investments as of May 1, 2014, and $5.720 billion as of May 31, 2014. The monthly operating report also showed that a total of $47.321 million was paid in May to bankruptcy professionals, of which $2.737 million was paid to Lehman's turnaround manager Alvarez & Marsal LLC. A copy of the May 2014 Operating Report is available for free at http://is.gd/DrY1mf About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court has approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on September 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on September 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) LIGHTSQUARED INC: Lists $60.96 Million Net Loss in March -------------------------------------------------------- LightSquared Inc., et al., filed on April 15, 2014, a monthly operating report for the month ended March 31, 2014. The Company reported a net loss of $60.96 million on net revenue of $1.41 million for March, as compared to a $66.73 million net loss the previous month. As of March 31, 2014, the Company had total assets of $3.63 billion, total liabilities of $3.09 billion, and total stockholders' equity of $544.33 million. At the beginning of the month, LightSquared had $37.33 million in cash. The Company had total cash receipts of $9.04 million and total cash disbursements of $16.73 million. As a result, at the end of March, the Company had total cash of $29.64 million. A full-text copy of the monthly operating report is available at: http://is.gd/2lrQg0 About LightSquared Inc. LightSquared Inc. and 19 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on May 14, 2012, to resolve regulatory issues that have prevented it from building its coast-to-coast integrated satellite 4G wireless network. LightSquared had invested more than $4 billion to deploy an integrated satellite-terrestrial network. In February 2012, however, the U.S. Federal Communications Commission told LightSquared the agency would revoke a license to build out the network as it would interfere with global positioning systems used by the military and various industries. In March 2012, the Company's partner, Sprint, canceled a master services agreement. LightSquared's lenders deemed the termination of the Sprint agreement would trigger cross-defaults under LightSquared's prepetition credit agreements. LightSquared and its prepetition lenders attempted to negotiate a global restructuring that would provide LightSquared with liquidity and runway necessary to resolve its issues with the FCC. Despite working diligently and in good faith, however, LightSquared and the lenders were not able to consummate a global restructuring on terms acceptable to all interested parties. Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to the Debtors. Alvarez & Marsal North America, LLC, is the financial advisor. Kurtzman Carson Consultants LLC serves as claims and notice agent. LIGHTSQUARED INC: April Net Loss Slightly Down to $55.41 Million ---------------------------------------------------------------- LightSquared Inc., et al., filed on May 15, 2014, a monthly operating report for the month ended April 30, 2014. The Company reported a net loss of $55.41 million on net revenue of $1.47 million for April, as compared to a $60.96 million net loss the previous month. As of April 30, 2014, the Company had total assets of $3.66 billion, total liabilities of $3.175 billion, and total stockholders' equity of $489.29 million. At the beginning of the month, LightSquared had $29.64 million in cash. The Company had total cash receipts of $54.35 million and total cash disbursements of $26.52 million. As a result, at the end of April, the Company had total cash of $57.46 million. A full-text copy of the monthly operating report is available at: http://is.gd/SPO51N About LightSquared Inc. LightSquared Inc. and 19 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on May 14, 2012, to resolve regulatory issues that have prevented it from building its coast-to-coast integrated satellite 4G wireless network. LightSquared had invested more than $4 billion to deploy an integrated satellite-terrestrial network. In February 2012, however, the U.S. Federal Communications Commission told LightSquared the agency would revoke a license to build out the network as it would interfere with global positioning systems used by the military and various industries. In March 2012, the Company's partner, Sprint, canceled a master services agreement. LightSquared's lenders deemed the termination of the Sprint agreement would trigger cross-defaults under LightSquared's prepetition credit agreements. LightSquared and its prepetition lenders attempted to negotiate a global restructuring that would provide LightSquared with liquidity and runway necessary to resolve its issues with the FCC. Despite working diligently and in good faith, however, LightSquared and the lenders were not able to consummate a global restructuring on terms acceptable to all interested parties. Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to the Debtors. Alvarez & Marsal North America, LLC, is the financial advisor. Kurtzman Carson Consultants LLC serves as claims and notice agent. LIGHTSQUARED INC: Ends May With $36.02 Million Cash Balance ----------------------------------------------------------- LightSquared Inc., et al., filed on June 13, 2014, a monthly operating report for the month ended May 31, 2014. The Company reported a net loss of $59.14 million on net revenue of $1.58 million for May, as compared to a $55.41 million net loss the previous month. As of May 31, 2014, the Company had total assets of $3.63 billion, total liabilities of $3.2 billion, and total stockholders' equity of $430.92 million. At the beginning of the month, LightSquared had $57.46 million in cash. The Company had total cash receipts of $2.9 million and total cash disbursements of $24.37 million. As a result, at the end of May, the Company had total cash of $36.02 million. A full-text copy of the monthly operating report is available at: http://is.gd/eAJtnz About LightSquared Inc. LightSquared Inc. and 19 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on May 14, 2012, to resolve regulatory issues that have prevented it from building its coast-to-coast integrated satellite 4G wireless network. LightSquared had invested more than $4 billion to deploy an integrated satellite-terrestrial network. In February 2012, however, the U.S. Federal Communications Commission told LightSquared the agency would revoke a license to build out the network as it would interfere with global positioning systems used by the military and various industries. In March 2012, the Company's partner, Sprint, canceled a master services agreement. LightSquared's lenders deemed the termination of the Sprint agreement would trigger cross-defaults under LightSquared's prepetition credit agreements. LightSquared and its prepetition lenders attempted to negotiate a global restructuring that would provide LightSquared with liquidity and runway necessary to resolve its issues with the FCC. Despite working diligently and in good faith, however, LightSquared and the lenders were not able to consummate a global restructuring on terms acceptable to all interested parties. Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to the Debtors. Alvarez & Marsal North America, LLC, is the financial advisor. Kurtzman Carson Consultants LLC serves as claims and notice agent. NOBLE LOGISTICS: Reports $60,416 Consolidated Net Loss in March --------------------------------------------------------------- Noble Logistics, Inc., and its affiliates, on April 22, 2014, filed its monthly operating report for March 2014. The Debtors reported a consolidated net loss of $60,416 on revenues of $6 million for March. At March 30, the Debtors recorded consolidated total assets of $22.64 million, total liabilities of $24.47 million, and a total shareholders' equity of -$1.82 million. Noble Logistics started the month with $97,380 cash. It recorded total receipts of $11.98 million and total disbursements of $12.04 million. At the end of the month, the Debtor had $42,379 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/NOBLELOGISTICSmarch2014mor.pdf About Noble Logistics, Inc. Noble Logistics, Inc. filed a Chapter 11 petition (Bankr. D. Del. Case No. 14-10442) on Feb. 28, 2014 in Delaware. About eight affiliates of Noble Logistics also filed separate bankruptcy cases on Feb. 28. Gregg M. Galardi, Esq., and Emily A. Battersby, Esq. at DLA PIPER LLP, serve as counsel to the Debtor. The Debtor estimated $10 million to $50 million in both assets and liabilities. On March 24, 2014, Roberta A. DeAngelis, U.S. Trustee Region 3, notified the Bankruptcy Court that she has been unable to appoint a creditors committee in the Debtors' Chapter 11 cases due to insufficient response to the Trustee's communication/contact for service on the committee. NOBLE LOGISTICS: Net Loss Increases to $98,725 in April ------------------------------------------------------- Noble Logistics, Inc., and its affiliates, on May 30, 2014, filed its monthly operating report for April 2014. The Debtors incurred a consolidated net loss of $98,725 on total revenues of $6.28 million for the current reporting period, an increase from the reported consolidated net loss of $60,416 for March. At April 30, the Debtors posted $22.66 million in total consolidated assets, $24.59 million in total consolidated liabilities, and a shareholders' equity of -$1.92 million. The Debtors had -$76,564 cash at the beginning of the month. They listed $18.35 million in total receipts and $18.28 million in total disbursements. At month end, the Debtors had -10.16 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/NOBLELOGISTICSapril2014mor.pdf About Noble Logistics, Inc. Noble Logistics, Inc. filed a Chapter 11 petition (Bankr. D. Del. Case No. 14-10442) on Feb. 28, 2014 in Delaware. About eight affiliates of Noble Logistics also filed separate bankruptcy cases on Feb. 28. Gregg M. Galardi, Esq., and Emily A. Battersby, Esq. at DLA PIPER LLP, serve as counsel to the Debtor. The Debtor estimated $10 million to $50 million in both assets and liabilities. On March 24, 2014, Roberta A. DeAngelis, U.S. Trustee Region 3, notified the Bankruptcy Court that she has been unable to appoint a creditors committee in the Debtors' Chapter 11 cases due to insufficient response to the Trustee's communication/contact for service on the committee. NOBLE LOGISTICS: Net Loss Increases Further to $1.44MM at May 31 ---------------------------------------------------------------- Noble Logistics, Inc., and its affiliates, on June 28, 2014, filed its monthly operating report for the month of May 2014. The Debtors suffered a $1.44 million consolidated net loss on total revenues of $1.38 million in May, a big increase from the $98,725 consolidated net loss incurred at April 30. At May 31, the Debtors listed total consolidated assets of $15.27 million, total consolidated liabilities of $1.91 million, and a total shareholders' equity of $13.36 million. The Debtors had -$10,166 cash at May 1. They posted $7.33 million in total receipts and $8.29 million in total disbursements for the reporting period. Among the disbursements were $79,314 in professional fees. At the end of the month, the Debtors had a cash balance of -$976,348. A copy of the monthly operating report is available at: http://bankrupt.com/misc/NOBLELOGISTICSmay2014mor.pdf About Noble Logistics, Inc. Noble Logistics, Inc. filed a Chapter 11 petition (Bankr. D. Del. Case No. 14-10442) on Feb. 28, 2014 in Delaware. About eight affiliates of Noble Logistics also filed separate bankruptcy cases on Feb. 28. Gregg M. Galardi, Esq., and Emily A. Battersby, Esq. at DLA PIPER LLP, serve as counsel to the Debtor. The Debtor estimated $10 million to $50 million in both assets and liabilities. On March 24, 2014, Roberta A. DeAngelis, U.S. Trustee Region 3, notified the Bankruptcy Court that she has been unable to appoint a creditors committee in the Debtors' Chapter 11 cases due to insufficient response to the Trustee's communication/contact for service on the committee. REFCO PUBLIC: Ends May with $11.969 Million Cash ------------------------------------------------ Refco Public Commodity Pool, L.P., on June 19, 2014, filed its monthly operating report for May 2014. At May 31, the Debtor posted total assets of $18.76 million, total liabilities of $187,500, and a total shareholders' equity of $18.58 million. The Debtor had $11.967 million cash at the beginning of the month. It listed total receipts of $1,978 and zero disbursements. At month end, the Debtor had $11.969 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/REFCOPUBLICmay2014mor.pdf About Refco Public Commodity Refco Public Commodity Pool, L.P., also known as S&P Managed Futures Index Fund, L.P., is a fund that was formed in May 2003 to make investments that substantially track the performance of the Standard & Poor's Managed Futures Index. It did this by investing substantially all of its assets in SPhinX Managed Futures Fund, SPC, a Cayman Islands domiciled segregated portfolio company. RefcoFund Holdings, LLC was the general partner of the Fund. Refco Public filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 14-11216) in Wilmington, Delaware, on May 13, 2014. Daniel F. Dooley signed the petition as managing member of MAA, LLC. The Debtor estimated assets of $17 million and debt of $0. The case is assigned to Judge Brendan Linehan Shannon. Alston & Bird LLP in Atlanta, Georgia, serves as the Debtor's counsel. Richards, Layton & Finger, in Delaware, acts as local counsel. Morris Anderson & Associates, Ltd., is the Debtor's financial advisor, and Maples & Calder serves as the Debtor's Cayman Islands counsel. RG STEEL: Incurs $4.841 Million Net Loss in May ----------------------------------------------- WP Steel Ventures, LLC, et al., on June 9, 2014, filed their monthly operating report for the month ended May 31, 2014. The Company posted a net loss of $4.841 million for May on zero sales, an increase from the $4.201 million net loss incurred in April. As of May 31, 2014, the Company had total assets of $172.823 million, total liabilities of $1.238 billion, and total stockholders' deficit of $1.065 billion. For the month of May, the Company had total cash receipts of $1.771 million and total disbursements of $424,000. A full-text copy of the monthly operating report is available at: http://is.gd/zHyESX About RG Steel RG Steel LLC -- http://www.rg-steel.com/-- is the United States' fourth-largest flat-rolled steel producer with annual steelmaking capacity of 7.5 million tons. It was formed in March 2011 following the purchase of three steel facilities located in Sparrows Point, Maryland; Wheeling, West Virginia and Warren, Ohio, from entities related to Severstal US Holdings LLC. RG Steel also owns finishing facilities in Yorkville and Martins Ferry, Ohio. It also owned Wheeling Corrugating Company and has a 50% ownership in Mountain State Carbon and Ohio Coatings Company. RG Steel along with affiliates, including WP Steel Venture LLC, sought bankruptcy protection (Bankr. D. Del. Lead Case No. 12- 11661) on May 31, 2012. Bankruptcy was precipitated by liquidity shortfall and a dispute with Mountain State Carbon, LLC, and a Severstal affiliate, that restricted the shipment of coke used in the steel production process. The Debtors estimated assets and debts in excess of $1 billion. As of the bankruptcy filing, the Debtors owe (i) $440 million, including $16.9 million in outstanding letters of credit, to senior lenders led by Wells Fargo Capital Finance, LLC, as administrative agent, (ii) $218.7 million to junior lenders, led by Cerberus Business Finance, LLC, as agent, (iii) $130.5 million on account of a subordinated promissory note issued by majority owner The Renco Group, Inc., and (iv) $100 million on a secured promissory note issued by Severstal. Judge Kevin J. Carey presides over the case. The Debtors are represented in the case by Robert J. Dehney, Esq., and Erin R. Fay, Esq., at Morris, Nichols, Arsht & Tunnell LLP, and Matthew A. Feldman, Esq., Shaunna D. Jones, Esq., Weston T. Eguchi, Esq., at Willkie Farr & Gallagher LLP, represent the Debtors. Conway MacKenzie, Inc., serves as the Debtors' financial advisor and The Seaport Group serves as lead investment banker. Donald MacKenzie of Conway MacKenzie, Inc., as CRO. Kurtzman Carson Consultants LLC is the claims and notice agent. Wells Fargo Capital Finance LLC, as Administrative Agent, is represented by Jonathan N. Helfat, Esq., and Daniel F. Fiorillo, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C.; and Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachuiski Stang Ziehi & Jones LLP. Renco Group is represented by lawyers at Cadwalader, Wickersham & Taft LLP. Kramer Levin Naftalis & Frankel LLP represents the Official Committee of Unsecured Creditors. Huron Consulting Services LLC serves as the Committee's financial advisor. The Debtor has sold off the principal plants. The sale of the Wheeling Corrugating division to Nucor Corp. brought in $7 million. That plant in Sparrows Point, Maryland, fetched the highest price, $72.5 million. CJ Betters Enterprises Inc. paid $16 million for the Ohio plant. RG Steel Sparrows Point LLC has received the green light to sell some of its assets to Siemens Industry, Inc., which include equipment and related spare parts, for $400,000. STELERA WIRELESS: Had $31.01 Million Cash Balance at March 31 ------------------------------------------------------------- Stelera Wireless, LLC, on June 12, 2014, filed a monthly operating report for the month of March 2014. At March 31, the Debtor listed a -$493,022 cash profit for the current reporting month, a reversal from the $31.50 million cash profit reported in February. The Debtor declared total assets of $31.01 million and total liabilities of $23.83 million. The Debtor started March with $31.50 million cash. It reported total receipts of $100 and total disbursements of $493,122. As a result,the Debtor had $31.01 million cash at the end of the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STELERAWIRELESSmarch2014mor.pdf About Stelera Wireless, LLC Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D. Okla. Case No. 13-13267) on July 18, 2013. Tim Duffy signed the petition as chief technology officer/manager. Judge Niles L. Jackson presides over the case. The Debtor disclosed $18,005,000 in assets and $30,809,314 in liabilities as of the Chapter 11 filing. Christensen Law Group, PLLC, serves as the Debtor's primary counsel. Mulinix Ogden Hall & Ludlam, PLLC, serves as additional bankruptcy counsel. Wilkinson Barker Knauer, LLP, serves as the Debtor's special counsel. American Legal Claims Services, LLC serves as official noticing agent. Falkenberg Capital Corporation serves as the Debtor's broker. The official committee of unsecured creditors is represented by attorneys G. Blaine Schwabe, III, Esq., John (Jake) M. Krattiger, Esq., at GableGotnals' Oklahoma City office; and Sidney K. Surinson, Esq., Mark D.G. Sanders, Esq., and Brandon C. Bickle, Esq., at GableGotnals' Tulsa office. * * * The Troubled Company Reporter reported on Dec. 10, 2013, the Hon. Niles Jackson of the U.S. Bankruptcy Court for the Western District of Oklahoma authorized Stelera Wireless to sell its Federal Communications Commission licenses to: AT&T Mobility Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as backup purchaser. In an auction held Nov. 20, 2013, AT&T's bid was the highest and best offer for the FCC licenses, while Atlantic's, the stalking horse purchaser, was the second highest. Pursuant to the APA, the aggregate purchase price to be paid by AT&T will be $6,020,000. As reported by the TCR, Stelera Wireless on April 29, filed with the U.S. Bankruptcy Court a joint plan of liquidation and accompanying disclosure statement. The Plan is co-proposed by the Official Committee of Unsecured Creditors. The Plan is proposed as a reasonable means to liquidate the remainder of the Debtor's assets in order to maximize value for creditors and provide an orderly wind-down and distribution of the Debtor's assets. Any remaining assets of the Debtor not previously transferred by sale, including the litigation claims, will be transferred to the Debtor. STELERA WIRELESS: Lists $31.01 Million Total Assets at April 30 --------------------------------------------------------------- Stelera Wireless, LLC, on June 12, 2014, filed a monthly operating report for the month of April 2014. The Debtor reported a cash profit of -$518,272 for the current reporting period, a slight increase from the -$493,022 cash profit posted in March. The Debtor recorded total assets of $31.01 million and total liabilities of $23.83 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STELERAWIRELESSapril2014mor.pdf About Stelera Wireless, LLC Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D. Okla. Case No. 13-13267) on July 18, 2013. Tim Duffy signed the petition as chief technology officer/manager. Judge Niles L. Jackson presides over the case. The Debtor disclosed $18,005,000 in assets and $30,809,314 in liabilities as of the Chapter 11 filing. Christensen Law Group, PLLC, serves as the Debtor's primary counsel. Mulinix Ogden Hall & Ludlam, PLLC, serves as additional bankruptcy counsel. Wilkinson Barker Knauer, LLP, serves as the Debtor's special counsel. American Legal Claims Services, LLC serves as official noticing agent. Falkenberg Capital Corporation serves as the Debtor's broker. The official committee of unsecured creditors is represented by attorneys G. Blaine Schwabe, III, Esq., John (Jake) M. Krattiger, Esq., at GableGotnals' Oklahoma City office; and Sidney K. Surinson, Esq., Mark D.G. Sanders, Esq., and Brandon C. Bickle, Esq., at GableGotnals' Tulsa office. * * * The Troubled Company Reporter reported on Dec. 10, 2013, the Hon. Niles Jackson of the U.S. Bankruptcy Court for the Western District of Oklahoma authorized Stelera Wireless to sell its Federal Communications Commission licenses to: AT&T Mobility Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as backup purchaser. In an auction held Nov. 20, 2013, AT&T's bid was the highest and best offer for the FCC licenses, while Atlantic's, the stalking horse purchaser, was the second highest. Pursuant to the APA, the aggregate purchase price to be paid by AT&T will be $6,020,000. As reported by the TCR, Stelera Wireless on April 29, filed with the U.S. Bankruptcy Court a joint plan of liquidation and accompanying disclosure statement. The Plan is co-proposed by the Official Committee of Unsecured Creditors. The Plan is proposed as a reasonable means to liquidate the remainder of the Debtor's assets in order to maximize value for creditors and provide an orderly wind-down and distribution of the Debtor's assets. Any remaining assets of the Debtor not previously transferred by sale, including the litigation claims, will be transferred to the Debtor. VELTI INC: Reports $1.32 Million Net Loss in February ----------------------------------------------------- Velti, Inc., et al., on June 4, 2014, filed a monthly operating report for February 2014. Velti Inc. incurred a net loss of $1.32 million on zero revenue for the month. At February 28, Velti Inc. declared $52.75 million in total assets, $127.92 million in total liabilities, and a total shareholders' equity of -$75.17 million. Velti Inc started February with $5.38 million in cash. It posted total receipts of $5,005 and total disbursements of $2.52 million. At the end of the month, Velti had $2.85 million in cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/VELTIINCfeb2014mor.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. VELTI INC: Has $798,085 Cash Balance at March 31 ------------------------------------------------ Velti, Inc., et al., filed, on June 23, 2014, a monthly operating report for March 2014. Velti Inc. incurred a $1.83 million net loss on zero revenue for the month. At March 31, Velti declared total assets of $50.87 million, total liabilities of $127.92 million, and a total shareholders' equity of -$77.06 million. Velti Inc. started the month with $2.85 million cash. It recorded zero receipts and $2.06 million in total disbursements. A big chunk of the disbursements were for $1.76 million in professional fees. As a result, Velti had $798,085 cash at the end of the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/VELTIINCmarch2014mor.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. ********* 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 ***