/raid1/www/Hosts/bankrupt/TCR_Public/140726.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 26, 2014, Vol. 18, No. 206
Headlines
ATLS ACQUISITION: Net Loss Down to $1.10 Million at May 31
COLDWATER CREEK: Net Loss Increases to $53.13MM at May 31
DOLAN COMPANY: Has $5.43 Million Cash Balance at May 31
EWGS INTERMEDIARY: Files Monthly Operating Report for June
FAIRMONT GENERAL: Lists $2.14 Million Cash Profit at May 31
FISKER AUTOMOTIVE: Cash Balance Down to $113.83-Mil. at May 31
FURNITURE BRANDS: Lists $518,881 in Total Receipts for April
FURNITURE BRANDS: Records $1.08-Mil. in Total Receipts for May
GRIDWAY ENERGY: Has $27.41 Million Cash Balance at April 30
HOSPITALITY STAFFING: Incurs $129,466 Net Loss at May 30
INTERNATIONAL FOREIGN: Cash Balance Stays at $6.98MM at May 31
MEE APPAREL: Net Loss Increases to $1.32 Million in May
METEX MFG: Posts $6.06 Million Total Assets at May 31
METEX MFG: Posts $1.94 Million Cash Balance at June 30
METRO AFFILIATES: Files Supplement to May 2014 Operating Report
NATROL INC: Projects $11.27MM in Total Receipts Thru July 2014
NE OPCO: Net Loss Increases to $108.473 in April
NE OPCO: Ends May with $788,771 Cash Balance
NE OPCO: Cash Balance Increases to $1.25 Million at June 30
ORECK CORP: Lists $3.47MM in Current Liabilities for June
PACIFIC STEEL: Cash Balance Rises to $2.31 Million at May 31
PACIFIC STEEL: Has $818,195 Net Loss at June 30
PITT PENN: Declares $7.28 Million in Total Assets at June 30
PSL-NORTH AMERICA: Files Initial Monthly Operating Report
REVSTONE INDUSTRIES: Has $53.04 Million Total Assets at May 24
SOURCE HOME: Files Initial Monthly Operating Report
UNIVERSAL COOPERATIVES: Incurs $2.05 Million Net Loss at May 31
*********
ATLS ACQUISITION: Net Loss Down to $1.10 Million at May 31
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ATLS Acquisition, LLC, and its affiliates filed, on July 2, 2014,
a monthly operating report for May 2014.
The Debtors suffered a net loss of $1.10 million on total net
revenues of $19.52 million for May, a decrease from the $1.55
million net loss recorded at April 30.
The Debtors, at May 31, had total assets of $137.32 million, total
liabilities of $83.12 million, and a total shareholders' equity
$54.19 million.
The Debtors had $14.93 million cash at May 1. They listed total
receipts of $20.70 million and total disbursements of $20.04
million. At month end, the Debtors had $15.59 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/ATLSAQUISITIONmay2014mor.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.
COLDWATER CREEK: Net Loss Increases to $53.13MM at May 31
---------------------------------------------------------
Coldwater Creek, Inc., et al., on June 27, 2014, filed their
monthly operating report for the reporting period from May 4
through May 31, 2014.
The Debtors' consolidated statement of operations showed a $53.13
million net loss on total net sales of $115.90 million for the
current reporting period, a big increase from the $19.48 million
net loss reported at May 3.
At May 31, the Debtors declared $182.74 million in total assets,
$327.45 million in total liabilities, and -$144.71 million in
total shareholders' equity.
The Debtors had a cash balance of $1.11 million at May 4. They
recorded total receipts of $195.13 million and total disbursements
of $107.20 million. At May 31, the Debtors had $89.33 million
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/COLDWATERCREEKmay312014mor.pdf
About Coldwater Creek
Coldwater Creek is a multi-channel retailer that offers its
merchandise through retail stores across the country, its catalog
and its e-commerce Web site, http://www.coldwatercreek.com/
Originally founded in Sandpoint, Idaho in 1984 as a direct,
catalog-based marketer, Coldwater evolved into a multi-channel
specialty retailer operating 334 premium retail stores, 31 factory
outlet stores and seven day spa locations throughout the United
States.
As of the bankruptcy filing, the Debtors domestically employ a
total of approximately 5,990 employees throughout their retail
locations, corporate headquarters and distribution, design and
call centers.
Coldwater Creek Inc. and its debtor-affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10867) on
April 11, 2014, to liquidate their assets.
Coldwater Creek Inc. disclosed assets of $721,468,388 plus
undetermined amount and liabilities of $425,475,739 plus
undetermined amount. Affiliate Coldwater Creek U.S. Inc.
estimated $100 million to $500 million in assets and liabilities.
The Debtors have drawn $37.5 million and have approximately
$10 million in letters of credit outstanding under a senior
secured credit facility (ABL facility) provided by lenders led by
Wells Fargo Bank, National Association, as agent. The Debtors
also owe $96 million, which includes accrued interest and
approximately $23 million representing a prepayment premium
payable, under a term loan from lenders led by CC Holding Agency
Corporation, as agent. Aside from the funded debt, the Debtors
have accumulated a significant amount of accrued and unpaid trade
and other unsecured debt in the normal course of their business.
The Debtors have tapped Young Conaway Stargatt & Taylor, LLP, and
Shearman & Sterling LLP as attorneys, Perella Weinberg Partners LP
as financial advisor, Alvarez & Marsal as restructuring advisor,
and Prime Clerk LLC as claims and noticing agent.
The U.S. Trustee for Region Three named seven creditors to serve
on the official committee of unsecured creditors. Lowenstein
Sandler LLP represent the Committee.
DOLAN COMPANY: Has $5.43 Million Cash Balance at May 31
-------------------------------------------------------
The Dolan Company, et al., on July 7, 2014, filed their monthly
operating report for the month of May 2014.
The Debtors suffered a $1.32 million net loss on zero revenue for
the month.
At May 31, the Debtors declared total assets of $482.98 million,
total liabilities of $402.38 million, and a total shareholders'
equity of $80.60 million.
The Debtors had $5.84 million cash at May 1. They listed $22.21
million in total receipts and $22.62 million in total
disbursements for the month. Thus, at month end, the Debtors had
$5.43 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/DolanCompanymorMay2014.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.
The Debtors have filed a request to disband the Equity Committee,
given the "hopeless insolvency" of their estates.
Dolan Company and its subsidiaries on June 12 disclosed that
they have emerged from chapter 11 only 81 days after voluntarily
filing for bankruptcy protection. As previously announced, the
United States Bankruptcy Court for the District of Delaware
confirmed the Company's plan of reorganization on June 9, 2014.
EWGS INTERMEDIARY: Files Monthly Operating Report for June
----------------------------------------------------------
EWGS Intermediary, et al., filed, on July 21, 2014, a monthly
operating report for June 2014, a copy of which is available at:
http://bankrupt.com/misc/EWGSIntermediarymorJune2014.pdf
The Debtors' schedule of cash receipts and disbursements,
statement of operations and balance sheet indicated no activity
for the month.
About EWGS Intermediary
EWGS Intermediary and Edwin Watts Golf Shops, which operate as an
integrated, multi-channel retailer, offering brand name golf
equipment, apparel and accessories, filed for Chapter 11
protection on Nov. 4, 2013 (Bankr. D. Del. Lead Case No.
13-12876). They are represented by Domenic E. Pacitti, Esq., and
Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg
LLP, in Wilmington, Delaware. The Debtors tapped Bayshore
Partners LLC as their investment banker, FTI Consulting, LLC, as
their financial advisors, and Epiq Bankruptcy Solutions, LLC, as
claims and noticing agent.
PNC Bank, National Association, the DIP Agent, is represented by
Regina Stango Kelbon, Esq., at Blank Rome LLP, in Wilmington,
Delaware.
Lawrence C. Gottlieb, Esq., Jay R. Indyke, Esq., Brent Weisenberg,
Esq., at Cooley LLP, serve as lead counsel to the Official
Committee of Unsecured Creditors. Michael J. Merchant, Esq.,
Christopher M. Samis, Esq., and William A. Romanowies, Esq., at
Richards, Layton & Finger, P.A. serve as Delaware counsel. The
Committee hired PricewaterhouseCoopers LLP as its financial
adviser.
The Debtors said total assets are greater than $100 million. In
its schedules, EWGS Intermediary disclosed $0 in assets and
$77,801,784 in total liabilities.
Hilco Merchant Resources, a unit of Hilco Global, on Dec. 5, 2013,
disclosed that it has completed a $40 million deal to purchase all
the assets of golf retail brand Edwin Watts, in partnership with
GWNE, Inc., an affiliate of Worldwide Golf Shops. The transaction
was approved by the bankruptcy court and closed on Dec. 5.
FAIRMONT GENERAL: Lists $2.14 Million Cash Profit at May 31
-----------------------------------------------------------
Fairmont General Hospital, Inc., and its subsidiaries, on June 17,
2014, filed a monthly operating report for the month of May 2014.
The Debtor listed a cash profit of $2.14 million for the month.
The Debtors, at May 1, had a cash balance of $38,079. They posted
a total income of $8.91 million and total expenses of $6.77
million. The Debtors incurred professional fees of $531,951. At
month end, the Debtors had $2.18 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FairmontGeneralHospitalmorMay2014.pdf
About Fairmont General Hospital Inc.
Fairmont General Hospital Inc. and Fairmont Physicians, Inc.,
which operate a 207-bed acute-care facility in Fairmont, West
Virginia, sought Chapter 11 bankruptcy protection (Bankr. N.D.
W.Va. Case No. 13-01054) on Sept. 3, 2013. The fourth-largest
employer in Marion County, West Virginia, filed for bankruptcy as
it looks to partner with another hospital or health system.
The Debtors are represented by Rayford K. Adams, III, Esq., and
Casey H. Howard, Esq., at Spilman Thomas & Battle, PLLC, in
Winston-Salem, North Carolina; David R. Croft, Esq., at Spilman
Thomas & Battle, PLLC, in Wheeling, West Virginia, and Michael S.
Garrison, Esq., at Spilman Thomas & Battle, PLLC, in Morgantown,
West Virginia. The Debtors' financial analyst is Gleason &
Associates, P.C. The Debtors' claims and noticing agent is Epiq
Bankruptcy Solutions. Hammond Hanlon Camp, LLC, has been engaged
as investment banker and financial advisor.
UMB Bank is represented by Nathan F. Coco, Esq., and Suzanne Jett
Trowbridge, Esq., at McDermott Will & Emery LLP.
The Committee of Unsecured Creditors is represented by Andrew
Sherman, Esq., and Boris I. Mankovetskiy, Esq., at Sills Cummis &
Gross P.C. and Kirk B. Burkley, Esq., Bernstein Burkley, P.C.
Janet Smith Holbrook, Esq., at Huddleston Bolen LLP, represents
the Committee as local counsel.
The Bankruptcy Court has named Suzanne Koenig at SAK Management
Services, LLC, as patient care ombudsman. Ms. Koenig has hired
her own firm as medical operations advisor; and Greenberg Traurig,
LLP, as her counsel.
The Debtors have scheduled $48,568,863 in total assets and
$54,774,365 in total liabilities.
FISKER AUTOMOTIVE: Cash Balance Down to $113.83-Mil. at May 31
--------------------------------------------------------------
FAH Liquidating Corp., et al., formerly known as Fisker
Automotive, Inc., et al., on June 20, 2014, filed a monthly
operating report for the month of May 2014.
The Debtors incurred a net loss of $582,745 net loss on zero
sales, a decrease from the $3.68 million net loss posted in April.
At May 31, the Debtors had total assets of $113.87 million, total
liabilities of $321.97 million, and a total shareholders' equity
of -$208.10 million.
The Debtors started the month with $114.41 million cash. They
listed zero receipts and $582,745 in total disbursements. At
month end, the Debtors had $113.83 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FISKERAUTOMOTIVEmay2014mor.pdf
About Fisker Automotive
Fisker Automotive Holdings, Inc., developer of the Karma plug-in
hybrid electric sedan, filed a petition for Chapter 11 protection
(Bankr. D. Del. Case No. 13-13087) on Nov. 22, 2013.
Fisker estimated assets of more than $100 million and listed debt
of $500 million in its bankruptcy petition. The assets include an
assembly plant purchased for $21 million from General Motors Corp.
The plant never operated. The cars were assembled in Finland.
Fisker received a $529 million loan from the Department of
Energy's Advanced Technology Vehicles Manufacturing Loan Program
and drew down about $192 million before the department froze the
loan after Fisker failed to hit several development targets. The
company defaulted on its loan in April 2013.
Bankruptcy Judge Kevin Gross presides over the case. The Debtors
have tapped James H.M. Sprayregen, P.C., Esq., Anup Sathy, P.C.,
Esq., and Ryan Preston Dahl, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, as co-counsel; Laura Davis Jones, Esq., James
E. O'Neill, Esq., and Peter J. Keane, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, as co-counsel;
Beilinson Advisory Group as restructuring advisors; and Rust
Consulting/Omni Bankruptcy, as notice and claims agent and
administrative advisor.
On Nov. 5, 2013, the Official Committee of Unsecured Creditors
was appointed. The members are: (a) David M. Cohen; (b) Sven
Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna
E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc.
The Committee is represented by William R. Baldiga, Esq., and
Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti,
Esq., at Saul Ewing LLP. Emerald Capital Advisors Corp. is the
financial advisors for the Committee.
Fisker sought bankruptcy protection to pursue a private sale of
its business to Hybrid Tech Holdings, LLC. The Committee,
however, wants a sale public sale, and has identified Wanxiang
America Corporation as stalking horse bidder.
Hybrid was initially under contract to buy Fisker in exchange for
$75 million of the $168.5 million government loan it acquired
immediately before the Debtor's Chapter 11 filing. Hybrid later
raised its offer by adding an additional $1 million cash and
agreeing to share proceeds from the sale of a facility in Delaware
it doesn't intend to operate. Hybrid also offered to pay real
estate taxes on the Delaware plant. Hybrid also will waive $90
million in deficiency claims that otherwise would dilute unsecured
creditors' recovery.
Wanxiang, as stalking horse bidder, initially offered $25.8
million in cash. However, Wanxiang has said it has raised its
offer by $10 million and is willing to go higher.
After the hearings on Jan. 10 and 13, the Court directed a public
auction, and capped Hybrid's credit bid to $25 million.
In response, Hybrid raised its offer to $55 million.
Hybrid is represented by Tobias Keller, Esq., and Peter
Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco,
California.
Wanxiang, which bought A123 Systems, Inc., a manufacturer of
lithium-ion batteries used in electric vehicles such as the Fisker
Karma, in a bankruptcy auction early in 2013 for $256.6 million,
is represented in Fisker's case by Sidley Austin LLP's Bojan
Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway
Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady,
Esq., and Kenneth J. Enos, Esq.
On Feb. 19, 2014, the Bankruptcy Court approved the sale of
Fisker's assets to Wanxiang America Corporation. The sale closed
on March 24. The sale to Wanxiang is valued at approximately $150
million, Fisker said in a news statement.
On March 27, 2014, the Court authorized Fisker Automotive Holdings
to change its name to FAH Liquidating Corp. and its affiliate,
Fisker Automotive Inc., to FA Liquidating Corp., following the
sale.
FURNITURE BRANDS: Lists $518,881 in Total Receipts for April
------------------------------------------------------------
Furniture Brands International, Inc., et al., on June 2, 2014,
filed their monthly operating report for the period from March 31
through April 27, 2014.
The Debtors had $90.31 million cash at March 31. They listed
total receipts of $518,881 and total disbursements of $1.44
million for the reporting period. Among the disbursements are
$618,175 in professional fees. Ending book balance at April 27
was $89.38 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FURNITUREBRANDSapril2014mor.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: Records $1.08-Mil. in Total Receipts for May
--------------------------------------------------------------
Furniture Brands International, Inc., et al. filed, on July 2,
2014, a monthly operating report for the period from April 28
through May 25, 2014.
The Debtors had an $89.38 million cash balance at April 28. They
listed total receipts of $1.08 million and total disbursements of
$2.02 million for the reporting period. Disbursements include
$1.26 million in professional fees. Thus, the Debtors had an
ending book balance of $88.44 million at May 25.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FURNITUREBRANDSmay2014mor.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.
GRIDWAY ENERGY: Has $27.41 Million Cash Balance at April 30
-----------------------------------------------------------
Gridway Energy Holdings, Inc., et al., filed, on July 4, 2014, a
monthly operating report for the period from April 10 through
April 30, 2014.
The Debtors incurred $898,850 in net losses on $12.54 million
total revenues for the reporting period.
At April 30, the Debtors recorded $423.84 million in total assets,
$382.83 million in total current liabilities, $72.35 million in
total non-current liabilities, and a -$31.35 million total
shareholders' equity.
The Debtors had $27.97 million cash at April 10. They listed
total net receipts of $6.31 million and total disbursements of
$6.87 million. Professional fees for the reporting period total
$14,500. As a result, the Debtors had $27.41 million cash at
April 30.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/GRIDWAYENERGYapril2014mor.pdf
About Gridway Energy
Gridway Energy Holdings, Inc., and its affiliates, including
Glacial Energy Holdings -- providers of electricity and natural
gas in markets that have been restructured to permit retail
competition -- sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Lead Case No. 14-10833) on April 10, 2014.
The Debtors have 200,000 electric residential customers and 55,000
gash residential customers across the U.S. A large portion of the
customers' energy consumption and revenue is generated in the
northeast U.S., Ohio, Illinois and Texas (collectively accounting
for 80% of revenue), with the remaining portion coming from
California and other states.
The Debtors blamed the bankruptcy due to lower revenue brought by
increased market competition, which caused the Debtors to default
on certain of their obligations. Gridway defaulted on $60 million
of debt.
Prepetition, the Debtors negotiated a stock purchase transaction
with an interested buyer. But in March 2014, the purchaser
withdrew from the transaction because of the large amount of debt
that the purchaser would become liable through a stock
transaction.
The Debtors are represented by Michael R. Nestor, Esq., Joseph M.
Barry, Esq., and Donald J. Bowman, Jr., Esq., at Young Conaway
Stargatt & Taylor, LLP; and Alan M. Noskow, Esq., and Mark A.
Salzberg, Esq., at Patton Boggs LLP. They employed Omni
Management Group, LLC, as claims and notice agent.
Gridway Energy estimated assets of $500 million to $1 billion and
debt of more than $1 billion.
The Creditors' Committee is represented by Sharon Levine, Esq.,
and Philip J. Gross, Esq., at Lowenstein Sandler LLP; and
Frederick B. Rosner, Esq., and Julia B. Klein, Esq., at The Rosner
Law Group LLC.
Vantage is represented in the case by Ingrid Bagby, Esq., David E.
Kronenberg, Esq., Kenneth Irvin, Esq., and Karen Dewis, Esq., at
Cadwalader, Wickersham & Taft LLP, and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A.
HOSPITALITY STAFFING: Incurs $129,466 Net Loss at May 30
--------------------------------------------------------
Hospitality Staffing Solutions, LLC, et al., on June 6, 2014,
filed their monthly operating report for the period from April 25
to May 30, 2014.
The Debtors incurred a $129,466 net loss on zero revenue for the
current reporting period, a decrease from the $212,165 net loss
posted at April 24.
The Debtors reported total assets of $580,767, total liabilities
of $14.04 million, and a total total shareholders' equity of
-$13.46 million.
The Debtors had a cash balance of $693,880 at April 25. They
recorded zero receipts and $74,278 in total disbursements for the
period. As a result, the Debtors had $619,602 cash at May 30.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/HOSPITALITYSTAFFINGapril-maymor.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.
INTERNATIONAL FOREIGN: Cash Balance Stays at $6.98MM at May 31
--------------------------------------------------------------
International Foreign Exchange Concepts Holdings, Inc., et al., on
June 20, 2014, filed a monthly operating report for the month of
May 2014.
IEFC Holdings posted a cash balance of $6.98 million at May 1. It
listed zero total inflows and zero total outflows. Hence, at
month end, its cash balance remained at $6.98 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/INTERNATIONALFOREIGNmay2014mor.pdf
About International Foreign Exchange
International Foreign Exchange Concepts Holdings, Inc., and
International Foreign Exchange Concepts, L.P., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
13-13380) on Oct. 17, 2013.
Judge Robert Gerber oversees the case. Counsel to the Debtors is
Henry P. Baer, Jr., Esq., at Finn Dixon & Herling LLP, in
Stamford, Connecticut. The Debtors' restructuring advisors is CDG
Group. DiConza Traurig LLP serves as conflicts counsel. The
Debtors' special counsel is Withers Bergman LLP. The Debtors'
notice, claims, solicitation and balloting agent is Logan &
Company, Inc.
Counsel to AMF-FXC Finance LLC, the DIP lender, is Michael L.
Cook, Esq., and Christopher Harrison, Esq., at Schulte Roth &
Zabel LLP, in New York.
International Foreign Exchange Concepts Holdings Inc., the parent
of investment adviser FX Concepts LLC, sold assets for
$7.48 million to Ruby Commodities Inc., at an auction held
Nov. 25, 2013. The sale was an old-fashioned auction with the
assets first offered in six lots and then in bulk. The piecemeal
auction fetched combined bids of $3.38 million. When the assets
were offered in bulk, Ruby came out on top with an offer of $7.48
million, which the bankruptcy court in New York approved Nov. 26.
MEE APPAREL: Net Loss Increases to $1.32 Million in May
-------------------------------------------------------
MEE Apparel LLC, on June 23, 2014, filed a monthly operating
report for the month of May 2014.
The Debtor incurred a net loss of $1.32 million on total net
revenue of -$237,945 for May, an increase from the $792,216 net
loss recorded at April 31.
At May 31, the Debtor posted total assets of $1 million, total
current liabilities of $4.78 million, total liabilities subject to
compromise of $19.51 million and a total shareholders' equity of
-$23.29 million.
The Debtor had $2.51 million cash at the beginning of the month.
It posted total cash receipts of $5.09 million and total cash
payments of $7.65 million. At month end, the Debtor had a cash
balance of -$53,840.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/MEEApparel_may2014.pdf
About MEE Apparel
Founded in 1993 by Marc Ecko, Gerszberg and Marci Tapper, MEE
Apparel LLC and MEE Direct LLC are providers of youth apparel and
streetwear under the "Ecko Unltd." and "Unltd." brands. Evolving
from just six t-shirts and a can of spray paint, MEE has become a
full scale global fashion and lifestyle company. In 2013, MEE
Apparel generated gross sales of approximately $50 million.
MEE Apparel LLC and MEE Direct LLC filed Chapter 11 bankruptcy
petitions (Bankr. D.N.J. Case Nos. 14-16484 and 14-16486) on
April 2, 2014. As of the Petition Date, the Debtors had assets of
approximately $30 million and liabilities of $62 million,
including $25 million of debt outstanding to unsecured creditors.
Judge Christine M. Gravelle presides over the Chapter 11 cases.
The petitions were signed by Jeffrey L. Gregg as chief
restructuring officer.
Cole, Schotz, Meisel, Forman & Leonard, P.A., serves as the
Debtor's counsel. Prime Clerk LLC is the Debtor's claims and
noticing agent. Innovation Capital, LLC, acts as the Debtor's
investment banker.
Suchman LLC closed the purchase of substantially all of MEE's
assets pursuant to the asset purchase agreement dated May 30,
2014. The sale was valued at $12 million.
The U.S. Trustee for Region 3 has appointed five members to the
Official Committee of Unsecured Creditors. Counsel for Committee
is David M. Posner, Esq., Otterbourg, P.C., in New York. The
Committee also retains Capstone Advisory Group LLC as financial
advisor.
METEX MFG: Posts $6.06 Million Total Assets at May 31
-----------------------------------------------------
Metex Mfg. Corporation filed, on July 18, 2014, its monthly
operating report for May 2014.
The Debtor posted a cash profit of $56,938 for the month.
At May 31, the Debtor declared total assets of $6.06 million,
total liabilities of $9.46 million, and a total shareholders'
equity of -$3.40 million.
The Debtor had $1.84 million cash at the start of the month. It
reported a total income of $63,460 and total expenses of $6,522.
It recorded $132,999 in professional fees. At month end, the
Debtor had $1.90 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/METEXMFGmay2014mor.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.
METEX MFG: Posts $1.94 Million Cash Balance at June 30
------------------------------------------------------
Metex Mfg. Corporation, on July 16, 2014, filed a monthly
operating report for June 2014.
The Debtor recorded a cash profit of $47,434.
The Debtor posted $6.11 million in total assets, $9.47 million in
total liabilities, and a -$3.36 million total shareholders'
equity.
The Debtor started the month with $1.90 million cash. It listed
$63,460 in total income and $16,026 in total expenses for the
month. As a result, the Debtor had a cash balance of $1.94
million at June 30.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/METEXMFGjune2014mor.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: Files Supplement to May 2014 Operating Report
---------------------------------------------------------------
Metro Affiliates, Inc., et al, on July 1, 2014, filed a supplement
to their May 2014 monthly operating report.
The Supplement is a schedule summarizing disbursements on a
debtor-by-debtor basis, which totaled $8.46 million for the month.
A copy of the Supplemental MOR is available at:
http://bankrupt.com/misc/MetroAffiliates IncsuppmorMay2014.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.
NATROL INC: Projects $11.27MM in Total Receipts Thru July 2014
--------------------------------------------------------------
Natrol, Inc., et al., filed an initial monthly operating report on
June 27, 2014.
The Initial MOR includes a cash flow statement for the 6-week
period covering the week ending June 14, 2014 through the week
ending July 19, 2014.
The Debtors project cash receipts to total $11.27 million,
operating disbursements to total $11 million, and other
disbursements to total $19,000. The disbursements include $6.70
million in Raw Materials, $1.54 million in Payroll and Related,
and $775,000 in Freight.
The Initial MOR also includes a schedule of retainers paid to
professionals. Among the Debtors' bankruptcy professionals are
Klee, Tuchin, Bogdanoff & Stern LLP, Latham & Watkins LLP and
Gibson, Dunn & Crutcher LLP.
A copy of the Initial MOR is available at:
http://bankrupt.com/misc/NATROLINCmor.pdf
About Natrol, Inc.
Headquartered in Chatsworth, Calif., Natrol, Inc. --
http://www.natrol.com-- is a wholly owned subsidiary of Plethico
Pharmaceuticals Limited. Plethico Pharmaceuticals Limited (BSE:
532739. BO: PLETHICO) engages in the manufacturing, marketing and
distribution of pharmaceutical and allied healthcare products
around the world. Natrol products are made in the U.S.
Established in 1980, Natrol, Inc. has been a global leader in the
nutrition industry, and a trusted manufacturer and marketer of a
superior quality of herbs and botanicals, multivitamins, specialty
and sports nutrition supplements made to support health and
wellness throughout all ages and stages of life. Natrol products
are available in health food stores, drug and grocery stores, and
mass-market retailers, and through Natrol.com and other online
retailers. Natrol distributes products nationally through more
than 54,000 retailers as well as internationally in over 40 other
countries through distribution partners.
Natrol, Inc., and its six affiliates sought bankruptcy protection
on June 11, 2014 (Case No. 14-11446, Bankr. D. Del.). The case is
assigned to Judge Brendan Linehan Shannon. The Debtors are
represented by Robert A. Klyman, Esq., and Samuel A. Newman, Esq.,
at GIBSON, DUNN & CRUTCHER LLP, in Los Angeles, California; and
Michael R. Nestor, Esq., Maris J. Kandestin, Esq., and Ian J.
Bambrick, Esq., at YOUNG CONAWAY STARGATT & TAYLOR, LLP, in
Wilmington, Delaware. The Debtors' Claims and Noticing Agent is
EPIQ SYSTEMS INC.
The U.S. Trustee for Region 3 on June 19 appointed five creditors
of Natrol, Inc. to serve on the official committee of unsecured
creditors.
NE OPCO: Net Loss Increases to $108.473 in April
------------------------------------------------
NE Opco, Inc., dba National Envelope, and its debtor-affiliates,
on May 30, 2014, filed a monthly operating report for the month of
April 2014.
The Debtors recorded a $108,473 net loss on zero profit for the
month, an increase from the $64,090 net loss incurred in March.
At April 30, the Debtors had $2.02 million in total assets,
$136.51 million in total liabilities, and $134.49 million in total
shareholders' deficit.
The Debtors started the month with $793,549 cash. They reported
net cash used in operating activities of $19,812. At month end,
the Debtors had $813,362 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEOPCOapril2014mor.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.
NE OPCO: Ends May with $788,771 Cash Balance
--------------------------------------------
NE Opco, Inc., dba National Envelope, and its debtor-affiliates
filed, on June 13, 2014, their monthly operating report for the
month of May 2014.
The Debtors' consolidated income statement showed a $195,113 net
loss on zero profit for the current reporting period, an increase
from the $108,473 net loss recorded at April 30.
For May, the Debtors declared $1.91 million in total assets,
$136.59 million in total liabilities, and $134.69 million in total
shareholders' deficit.
The Debtors had a cash balance of $813,361 at May 1. They posted
net cash used in operating activities of -$24,592. At the end of
the month, the Debtors had $788,771 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEOPCOmay2014mor.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.
NE OPCO: Cash Balance Increases to $1.25 Million at June 30
-----------------------------------------------------------
NE Opco, Inc., dba National Envelope, and its debtor-affiliates,
on July 7, 2014, filed their monthly operating report for June
2014.
The Debtors incurred a $40,403 net loss on zero profit for the
month, a decrease from the $195,113 net loss posted at May 31.
At June 30, the Debtors had $1.65 million in total assets, $136.37
million in total liabilities, and $134.73 million in total
shareholders' deficit.
The Debtors had $788,770 cash at the beginning of the month. They
reported $464,517 in net cash used in operating activities. At
month end, the Debtors had a cash balance of $1.25 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEOPCOjune2014mor.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.
ORECK CORP: Lists $3.47MM in Current Liabilities for June
---------------------------------------------------------
Oreck Corporation, et al., on July 8, 2014, filed their monthly
operating report for the month of June 2014.
The Debtors posted a net income of $7,512 for June.
At June 30, Oreck Corp. had total assets of $7.22 million, total
current liabilities of $3.47 million, and a total shareholders'
equity of $3.74 million.
A copy of the June 2014 monthly operating report is available at:
http://bankrupt.com/misc/OreckCorpmorJune2014.pdf
About Oreck Corp.
Oreck Corporation and eight affiliates sought Chapter 11
protection (Bankr. M.D. Tenn. Lead Case No. 13-04006) in
Nashville, Tennessee, on May 6, 2013, with plans to sell the
business as a going concern.
Oreck has been in the business of manufacturing, marketing and
selling vacuum cleaners and related products since the late 1960s.
The corporate offices are located in Nashville, and the
manufacturing and call center is located in Cookeville, Tennessee.
Oreck has 70 employees in Nashville, 250 employees at its plant in
Cookeville and 325 employees operating 96 company-owned and
managed retail stores. The Debtor disclosed $18,013,249 in assets
and $14,932,841 plus an unknown amount in liabilities as of the
Chapter 11 filing.
William L. Norton III, Esq., and Alexandra E. Dugan, Esq., at
Bradley Arant Boult Cummings LLP, serve as counsel to the Debtor.
BMC Group Inc. is the claims and notice agent. Sawaya Segalas &
Co., LLC serves as financial advisor.
The U.S. Trustee appointed six creditors to the Official Committee
of Unsecured Creditors. Daniel H. Puryear, Esq., at Puryear Law
Group, and Sharon L. Levine, Esq., and Kenneth A. Rosen, Esq., at
Lowenstein Sandler LLP represent the Committee. The Committee
tapped to retain Gavin/Solmonese LLC as its financial advisor.
In July 2013, Royal Appliance Mfg. Co. (RAM), a subsidiary of the
TTI Group, finalized the purchase of Oreck Corp.'s assets. The
Bankruptcy Court approved the sale on July 16, 2013.
Royal, the maker of Dirt Devil floor-care products, won the
auction for Oreck Corp. The second-place bidder was the Oreck
family, which sold the business in a $272 million transaction in
2003. The Oreck family made the first bid at auction at
$21.9 million, including $14.5 million cash.
The terms of Royal's winning bid weren't disclosed publicly,
according to a Bloomberg News report. Royal was acquired in 2003
by Hong Kong-based Techtronic Industries Co., the maker of Hoover
vacuum cleaners.
PACIFIC STEEL: Cash Balance Rises to $2.31 Million at May 31
------------------------------------------------------------
Pacific Steel Casting Company, on June 23, 2014, filed a monthly
operating report for May 2014. The May MOR was subsequently
amended on June 27, 2014.
The Debtor recorded a net loss of $203,824 on total revenues of
$1.63 million for May, a decrease from the $383,814 net loss
incurred in the previous month.
The Amended MOR contains an amended balance sheet. Under the
Amended MOR, the Debtor's balance sheet reflected total assets of
$35.61 million, total liabilities of $49.36 million, and a total
shareholders' equity of -$13.75 million.
The Debtor started the month with a cash balance of $1.94 million.
It reported total cash receipts of $16.86 million and total cash
disbursements of $16.49 million. Thus, at month end, the Debtor
had $2.31 million cash.
Copies of the original May MOR and the corresponding Amended May
MOR are available at:
http://bankrupt.com/misc/PACIFICSTEELmay2014mor.pdf
http://bankrupt.com/misc/PACIFICSTEELmay2014mor_amended.pd
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. Littler Mendelson P.C. and Chang, Ruthenberg &
Long PC serve as special counsel for the Debtors. Epiq Bankruptcy
Solutions, LLC, is the Debtors' claims, noticing and balloting
agent. Burr Pilger Mayer, a certified public accounting firm,
serves as financial consultants.
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. Arch & Beam Global LLC serves as financial advisors
for the Committee.
PACIFIC STEEL: Has $818,195 Net Loss at June 30
-----------------------------------------------
Pacific Steel Casting Company filed, on July 21, 2014, a monthly
operating report for June 2014.
The Debtor had a net loss of $818,195 on total revenues of
$496,893 for the reporting period.
For June, the Debtor declared $34.88 million in total assets,
$49.82 million in total liabilities, and a total deficit of $14.94
million.
The Debtor started June with a cash balance of $2.31 million. It
reported $15.94 million in total cash receipts and $16.60 million
in total cash disbursements for the reporting period. Thus, at
month end, the Debtor had $1.66 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/PACIFICSTEELCASTINGjune2014mor.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.
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.
PITT PENN: Declares $7.28 Million in Total Assets at June 30
------------------------------------------------------------
Pitt Penn Holding Company, Inc. filed, on July 16, 2014, a monthly
operating report for the month of June 2014.
The Debtor recorded $12,131 in net losses on zero revenue for
June, a decrease from the $17,615 net loss posted at May 31.
At June 30, the Debtor declared total assets of $7.28 million,
total liabilities of $17.24 million and a total shareholders'
equity of -$9.96 million.
The Debtor started the month with a cash balance of $21,666. It
listed total receipts of $40,000 and total disbursements of
$35,013 for the reporting period. Among other things, the Debtor
incurred professional fees of $16,664. At June 30, the Debtor had
$26,652 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/PITTPENNjune2014mor.pdf
About Pitt Penn and Industrial Enterprises
Pitt Penn Holding Co., Inc., and Pitt Penn Oil Co., LLC, each
filed voluntary petitions for Chapter 11 relief (Bankr. D. Del.
Case Nos. 09-11475 and 09-11476) on April 30, 2009. Industrial
Enterprises of America, Inc., f/k/a Advanced Bio/Chem, Inc., filed
for Chapter 11 protection (Bankr. D. Del. Case No. 09-11508) on
May 1, 2009. EMC Packaging, Inc., filed a voluntary petition for
Chapter 11 relief (Bankr. D. Del. Case No. 09-11524) on May 4,
2009. Unifide Industries, LLC, and Today's Way Manufacturing LLC,
each filed a voluntary petition for Chapter 11 relief (Bankr. D.
Del. Case Nos. 09-11587 and 09-11586) on May 6, 2009.
PPH, PPO, EMC, Unifide, and Today's Way are each subsidiaries of
IEAM. The cases are jointly administered under Case No. 09-11475.
Christopher D. Loizides, Esq., at Loizides, P.A., in Wilmington,
Del., represents the Debtors as counsel. In its petition,
Industrial Enterprises disclosed total assets of $50,476,697 and
total debts of $17,853,997.
Industrial Enterprises originally operated as a holding company
with four wholly owned subsidiaries -- PPH, EMC, Unifide, and
Today's Way. PPH, through its wholly owned subsidiary, PPO, was a
leading manufacturer, marketer and seller of automotive chemicals
and additives.
EMC's original business consisted of converting hydrofluorocarbon
gases R134a and R152a into branded private label refrigerant and
propellant products. Unifide was a leading marketer and seller of
automotive chemicals and additives. Today's Way manufactured and
packaged the products which were sold by Unifide.
Norman L. Pernick was appointed as the chapter 11 trustee for the
Debtors. The trustee tapped Cole, Schotz, Meisel, Forman &
leonard, P.A., as counsel, and CohnReznick LLP as his exclusive
financial advisor.
PSL-NORTH AMERICA: Files Initial Monthly Operating Report
---------------------------------------------------------
PSL-North America, LLC, et al., filed an initial monthly operating
report on July 1, 2014.
The Initial MOR contains a DIP Loan Forecast for the 14-week
period covering the week ending June 22 through the week ending
September 21, 2014.
The Debtors project receipts to total $1.42 million and
disbursements to total $14.82 million for the forecast period.
The disbursements include $422,753 in Tax Payments, $250,000 in
Admin and Payroll Costs, and $208,000 in Property and Liability
Insurance.
The Initial MOR also includes a schedule of retainers paid to
professionals. Among the Debtors' bankruptcy professionals are
Richards, Layton & Finger, Duff & Phelps, and Baker, Donelson,
Bearman, Caldwell and Berkowitz.
A copy of the Initial MOR is available at:
http://bankrupt.com/misc/PSLNORTHAMERICA_mor.pdf
About PSL-North America
Founded in 2006, PSL-North America LLC is a manufacturer and
coater of large diameter steel pipes. The company has a state-of-
the-art facility located in Bay St. Louis, Mississippi, with the
land leased for 99 years. The company is an American-based
partially owned subsidiary of India's largest producer and
manufacturer of steel piping, PSL Limited.
On June 16, 2014, PSL-North America LLC and PSL USA Inc., filed
voluntary petitions in Delaware (Lead Case No. 14-11477) seeking
relief under chapter 11 of the United States Bankruptcy Code. The
Debtors' cases have been assigned to Judge Peter J. Walsh.
The Debtors seek to have their cases jointly administered
for procedural purposes.
PSL-North America estimated $50 million to $100 million in assets
and $100 million to $500 million in debt in the bankruptcy
petition. As of the Petition Date, the company had total
outstanding debt obligations of $130 million, according to a court
filing.
Proposed counsel for the Debtor are John H. Knight, Esq., Paul N.
Heath, Esq., Tyler D. Semmelman, Esq., Amanda R. Steele, Esq. and
William A. Romanowicz, Esq. at Richards, Layton & Finger, P.A.
of Wilmington, Delaware. Epiq Bankruptcy Solutions serves as
claims agent.
REVSTONE INDUSTRIES: Has $53.04 Million Total Assets at May 24
--------------------------------------------------------------
Revstone Industries, LLC, on July 2, 2014, filed its monthly
operating report for the period from May 4 through May 24, 2014.
At April 24, the Debtor had $53.04 million in total assets,
$217.55 million in total liabilities, and -$164.51 million in
total shareholders' equity.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/REVSTONEINDUSTRIESmay2014mor.pdf
About Revstone Industries et al.
Lexington, Kentucky-based Revstone Industries LLC, a maker of
truck parts, filed for Chapter 11 bankruptcy (Bankr. D. Del. Case
No. 12-13262) on Dec. 3, 2012. Judge Brendan Linehan Shannon
oversees the case. Laura Davis Jones, Esq., Timothy P. Cairns,
Esq., and Colin Robinson, Esq., at Pachulski Stang Ziehl & Jones
LLP represent Revstone. In its petition, Revstone estimated under
$50 million in assets and debts.
Affiliate Spara LLC filed its Chapter 11 petition (Bankr. D. Del.
Case No. 12-13263) on Dec. 3, 2012.
Lexington-based Greenwood Forgings, LLC (Bankr. D. Del. Case No.
13-10027) and US Tool & Engineering LLC (Bankr. D. Del. Case No.
13-10028) filed separate Chapter 11 petitions on Jan. 7, 2013.
Judge Shannon also oversees the cases.
Duane David Werb, Esq., at Werb & Sullivan, serves as bankruptcy
counsel to Greenwood and US Tool. Greenwood estimated $1 million
to $10 million in assets and $10 million to $50 million in debts.
US Tool & Engineering estimated under $1 million in assets and
$1 million to $10 million in debts. The petitions were signed by
George S. Homeister, chairman.
Metavation, also known as Hillsdale Automotive, LLC, joined parent
Revstone in Chapter 11 on July 22, 2013 (Bankr. D. Del. Case No.
13-11831) to sell the bulk of its assets to industry rival Dayco
for $25 million, absent higher and better offers.
Metavation has tapped Pachulski as its counsel. Pachulski also
serves as counsel to Revstone and Spara. Metavation also has
tapped McDonald Hopkins PLC as special counsel, and Rust
Consulting/Omni Bankruptcy as claims agent and to provide
administrative services. Stuart Maue is fee examiner.
Mark L. Desgrosseilliers, Esq., Ericka Fredricks Johnson, Esq.,
Steven K. Kortanek, Esq., and Matthew P. Ward, Esq., at Womble
Carlyle Sandridge & Rice, LLP, represent the Official Committee of
Unsecured Creditors in Revstone's case.
Boston Finance Group, LLC, a committee member, also has hired as
counsel Gregg M. Galardi, Esq., and Sarah E. Castle, Esq., at DLA
Piper LLP.
SOURCE HOME: Files Initial Monthly Operating Report
---------------------------------------------------
Source Home Entertainment, LLC, et al., filed an initial monthly
operating report on July 8, 2014.
The Initial MOR contained cash collateral budget, which projects
cash receipts to total $13,028, operating disbursements to total
$16,486, and restructuring disbursements to total $4,307.
The Initial MOR also includes a schedule of retainers paid to
professionals. Among the Debtors' bankruptcy professionals are
Kirkland & Ellis LLP, FTI Consulting, and Young Conaway Stargatt
and Taylor, LLP.
A copy of the initial monthly operating report is available at:
http://bankrupt.com/misc/SOURCEINTERLINKmor.pdf
About Source Home Entertainment
and Source Interlink
Headquartered in Bonita Springs, Florida, Source Home
Entertainment, LLC, manufactures front-end retail checkout
displays and is a leading distributor of books, periodicals, and
other printed material. Its distribution network spans over
32,500 retail locations in the U.S. and abroad.
In the twelve months ended April 30, 2014, Source Home generated
revenues totaling approximately $600 million on a consolidated
basis. As of March 31, 2014, Source Home had assets (not
including goodwill or intangibles) of $205 million and liabilities
of approximately $290 million.
Source Home, Source Interlink Manufacturing, LLC, and other
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-11553) on June 23, 2014, to sell their front-end retail
display fixtures business to lenders, absent higher and better
offers. The Debtors are winding down their books distribution
business.
The Debtors have tapped Kirkland & Ellis LLP as general bankruptcy
and corporate counsel; Young Conaway Stargatt & Taylor, LLP, as
co-counsel, FTI Consulting, Inc., as crisis and turnaround
advisor; and Kurtzman Carson Consultants, LLC, as claims agent.
Stephen Dube has been designated by the Debtors to act as chief
restructuring officer and Joshua Korsower to act as chief
financial officer.
The United States Trustee for Region 3 appointed seven creditors
to serve on the Official Committee of Unsecured Creditors. The
Committee is represented by Lowenstein Sandler LLP.
UNIVERSAL COOPERATIVES: Incurs $2.05 Million Net Loss at May 31
---------------------------------------------------------------
Universal Cooperatives, Inc. filed, on July 10, 2014, its monthly
operating report for the period from May 11 through May 31, 2014.
The Debtor incurred a net loss of $2.05 million on total net
revenues of $181,366 for the month.
At May 31, the Debtor posted total assets of $52.38 million, total
liabilities of $71.09 million, and a total patrons' equity of
-$4.50 million.
The Debtor had $651,730 cash at May 11. It recorded total
receipts of $2.33 million and total disbursements of $2.58
million. As a result, the Debtor had $397,656 cash at May 31.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/UniversalCooperativesIncmorMay2014.pdf
About Universal Cooperatives
As an inter-regional farm supply cooperative, Universal
Cooperatives, Inc. consolidates the purchasing power of its
members to procure, and/or manufacture, and distribute high
quality products at competitive prices. Universal has 14 voting
members and over 50 associate members.
Eagan, Minnesota-based Universal Cooperatives and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 14-
11187) on May 11, 2014. The debtor-affiliates are Heritage
Trading Company, LLC; Bridon Cordage LLC; Universal Crop
Protection Alliance, LLC; Agrilon International, LLC; and Pavalon,
Inc. UCI do Brasil, a majority-owned subsidiary located in
Brazil, is not a debtor in the Chapter 11 cases
The cases are assigned to Judge Mary F. Walrath.
Universal estimated $1 million to $10 million in assets and $10
million to $50 million in debt. Heritage estimated less than $10
million in assets and debt.
The Debtors have tapped Travis G. Buchanan, Esq., Robert S. Brady,
Esq., Andrew L. Magaziner, Esq., and Travis G. Buchanan, Esq., at
Young Conaway Stargatt & Taylor, LLP; and Mark L. Prager, Esq.,
Michael J. Small, Esq., and Emil P. Khatchatourian, Esq., at Foley
& Lardner LLP, as counsel; The Keystone Group, as financial
advisor and Prime Clerk as notice and claims agent.
Bank of America, N.A., as agent for the DIP Lenders, is
represented by Daniel J. McGuire, Edward Kosmowski, Esq., and
Gregory M. Gartland, Esq., at Winston & Strawn, LLP.
The United States Trustee for Region 3 has appointed seven members
to the Official Committee of Unsecured Creditors, which is
represented by Sharon Levine, Esq., Bruce S. Nathan, Esq., and
Timothy R. Wheeler, Esq., at LOWENSTEIN SANDLER LLP, in Roseland,
New Jersey; and Jamie L. Edmonson, Esq., and Daniel A. O'Brien,
Esq., at VENABLE LLP, in Wilmington, Delaware.
*********
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
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.
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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
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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