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/raid1/www/Hosts/bankrupt/TCR_Public/141115.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, November 15, 2014, Vol. 18, No. 318 Headlines DOTS LLC: Net Loss Increases to $441,418 for September FL 6801: Net Loss Improves to $161,500 in September LOVE CULTURE: Net Loss Falls to $1.47 million at Sept. 30 METRO FUEL: Has $143,200 Net Loss in September MOMENTIVE PERFORMANCE: Net Loss Rises to $66.53-Mil. in September PITT PENN: Had $9,927 Net Loss in September S.B. RESTAURANT: Had $13.86MM in Total Assets in September TRUMP ENTERTAINMENT: Suffers $9.97 Million Net Loss at Sept.30 ********* DOTS LLC: Net Loss Increases to $441,418 for September ------------------------------------------------------ Dots, LLC, et al., filed, on Oct. 27, 2014, their monthly operating report for September 2014. The Debtors suffered a net loss of $441,418 in September on zero sales, a three-fold increase from the $141,491 net loss recorded for August. At Sept. 30, the Debtors posted total assets of $5.93 million, total liabilities of $67.32 million, and a total shareholders' equity of -$61.40 million. The Debtors reported $34,489 in total receipts and $373,537 in total disbursements for the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/DOTSLLCsept2014mor.pdf About DOTS LLC Dots is a retailer of fashionable clothing, accessories, and footwear for price-conscious women. Dots provides missy and plus size choices to fashion savvy 25 to 35 year old women at approximately 400 retail stores throughout the Midwest, East, and South United States. Dots' workforce includes 3,500 individuals in their stores, distribution center, and corporate headquarters. Dots, LLC, and its affiliates sought bankruptcy protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 14-11016) on Jan. 20, 2014, to sell some or all of their assets. Lowenstein Sandler LLP serves as counsel to the Debtors. PricewaterhouseCoopers LLP is financial advisor and investment banker. Donlin, Recano & Company, Inc., is the claims and notice agent. As of the Petition Date, the Debtors have outstanding secured debt owed to senior lender Salus Capital Partners, LLC, of which $14.5 million remains outstanding under a revolving facility and $16.1 million is owed under a term facility. The Debtors also have not less than $17 million outstanding under subordinated term loan agreements with Irving Place Capital Partners III L.P. ("IPC") and related entities. Moreover, the Debtors have aggregate unsecured debts of $47.0 million. The Debtors disclosed $51,574,560 in assets and $85,442,656 in liabilities as of the Chapter 11 filing. Salus, the prepetition senior lender and the DIP lender, is represented by Morgan, Lewis & Bockius, LLP. The prepetition subordinated lenders are represented by Okin Hollander & DeLuca, LLP. The Company has arranged to borrow $36 million to keep operating as it reorganizes under court protection. Otterbourg P.C. serves as counsel to the Official Committee of Unsecured Creditors; and FTI Consulting, Inc., serves as its financial advisor. FL 6801: Net Loss Improves to $161,500 in September --------------------------------------------------- FL 6801 Spirits, LLC, et al., on Oct. 30, 2014, filed their monthly operating report for September 2014. The Debtors incurred a consolidated net loss of $161,500 in September on net revenues of $79,532, a big improvement from the $313,135 net loss recorded for the previous month. The Debtors declared total assets of $13.67 million, total liabilities of $21.93 million, and a total shareholders' equity of -$8.26 million. FL 6801 Spirits LLC started the month with a cash balance of $2,631. It listed total receipts of $442,386 and total disbursements of $357,057. About $346,225 was spent on professional fees. At the end of the month, it had $87,060 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FL6801Spiritsmorsept.pdf About FL 6801 Spirits FL 6801 Spirits LLC, a wholly owned subsidiary of Lehman Brothers Holdings Inc. and three of its wholly owned subsidiaries filed voluntary Chapter 11 petitions, seeking bankruptcy protection for their condominium hotel property in Miami Beach. The affiliates are FL 6801 Collins North LLC, FL 6801 Collins Central LLC, and FL 6801 Collins South LLC. FL Spirits' Canyon Ranch Living Hotel and Spa is a luxury full- service, ocean front condominium hotel located at the site of the old Carillon Hotel in Miami Beach, Florida. The current operator of the hotel, Canyon Ranch Living, is not a debtor, and operations at the property are expected to continue without interruption. FL Spirits and the three affiliates companies have sought joint administration, with pleadings to be maintained at FL 6801's case docket (Bankr. S.D.N.Y. Lead Case No. 14-11691). FL Spirits has tapped Togut, Segal & Segal LLP as general bankruptcy counsel, Shutts & Bowen LLP as special real estate counsel, CBRE, Inc., as real estate broker, and Prime Clerk as claims and notice agent. Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 08-13555) on Sept. 15, 2008. Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Lehman's Chapter 11 plan became effective on March 6, 2012. LOVE CULTURE: Net Loss Falls to $1.47 million at Sept. 30 --------------------------------------------------------- Love Culture, Inc., on Oct. 21, 2014, filed an operating report for the period covering Aug. 31 through Sept. 30, 2014. The Debtor incurred $1.47 million in net losses in September on zero sales, a large improvement from the $51.32 million net loss reported at Aug. 30. At Sept. 30, the Debtor had $7.68 million in total assets, $100.17 million in total liabilities, and -$92.49 million in total shareholders' equity. The Debtor started the period with $714,171 cash. It recorded total receipts of $4.96 million and total disbursements of $5.50 million. Disbursements include professional fees of $53,853. At Sept. 30, the Debtor had $172,612 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/LoveCulturemorSeptember.pdf About Love Culture Love Culture Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. N.J. Case No. 14-24508) on July 16, 2014. J.E. Rick Bunka signed the petition as chief restructuring officer. The Debtor estimated assets of $10 million to $50 million and liabilities of at least $10 million. Judge Novalyn L. Winfield presides over the case. Lowenstein Sander LLP acts as the Debtor's counsel. PricewaterhouseCoopers LLP serves as the Debtor's financial advisor. Epiq Systems is the Debtor's claims and noticing agent. Consensus Advisory Service LLC and Consensus Securities LLC is the Debtor's investment banker. On July 23, 2014, the U.S. Trustee for Region 3 appointed GGP Limited Partnership, Simon Property Group Inc. and Washington Prime Group Inc., The Macerich Co., Lux Design & Construction Limited, and Touch Me Fashion Inc. to serve as members of the official committee of unsecured creditors. New York-based law firm Cooley, LLP serves as the committee's counsel. FTI Consulting, Inc., serves as the Committee's financial advisors. METRO FUEL: Has $143,200 Net Loss in September ---------------------------------------------- Metro Fuel Oil Corp., et al., on Oct. 20, 2014, filed their monthly operating report for the month of September 2014. The Debtors' statement of operations showed a net loss of $143,200. At Sept. 30, the Debtors listed total assets of $7.71 million, total liabilities of $61.20 million, and a total shareholders' equity of -$53.49 million. The Debtors started September with $7,59,685 million cash. They posted $58 in total receipts and $3,334 in total disbursements. At month end, the Debtors had $7,566,409 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/METROFuelmorSeptember.pdf About Metro Fuel Metro Fuel Oil Corp., is a family-owned energy company, founded in 1942, that supplies and delivers bioheat, biodiesel, heating oil, central air conditioning units, ultra low sulfur diesel fuel, natural gas and gasoline throughout the New York City metropolitan area and Long Island. Owned by the Pullo family, Metro has 55 delivery trucks and a 10 million-gallon fuel terminal in Brooklyn. Financial problems resulted in part from cost overruns in building an almost-complete biodiesel plant with capacity of producing 110 million gallons a year. Based in Brooklyn, New York, Metro Fuel Oil Corp., fka Newtown Realty Associates, Inc., and several of its affiliates filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Lead Case No. 12-46913) on Sept. 27, 2012. Judge Elizabeth S. Stong presides over the case. Nicole Greenblatt, Esq., at Kirkland & Ellis LLP, represents the Debtor. The Debtor selected Epiq Bankruptcy Solutions LLC as notice and claims agent. Th Debtor tapped Carl Marks Advisory Group LLC as financial advisor and investment banker, Curtis, Mallet-Prevost, Colt & Mosle LLP as co-counsel, AP Services, LLC as crisis managers for the Debtors, and David Johnston as their chief restructuring officer. The petition showed assets of $65.1 million and debt totaling $79.3 million. Liabilities include $58.8 million in secured debt, with $48.3 million owing to banks and $10.5 million on secured industrial development bonds. Metro Terminals Corp., affiliate of Metro Fuel Oil Corp., disclosed $38,613,483 in assets and $71,374,410 in liabilities as of the Chapter 11 filing. The U.S. Trustee appointed a seven-member creditors committee. Kelley Drye & Warren LLP represents the Committee. The Committee tapped FTI Consulting, Inc. as its financial advisor. On Feb. 15, 2013, the Bankruptcy Court entered an order approving the sale of substantially all of the assets of the Debtors to United Refining Energy Corp., for the base purchase price of $27,000,000, subject to adjustments. MOMENTIVE PERFORMANCE: Net Loss Rises to $66.53-Mil. in September ----------------------------------------------------------------- MPM Silicones, LLC, et al., on Oct. 31, 2014, filed a monthly operating report for September 2014. The Debtors reported $66.53 million net loss in September on net sales of $97.67 million, a big increase from the $30.72 million net loss incurred for the previous month. At Sept. 30, the Debtors declared total assets of $2.59 billion, total liabilities of $5.24 billion, and a total shareholders' deficit of $2.65 billion. The Debtors recorded total cash receipts of $415.62 million and total cash disbursements of $414.08 million for the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/MomentivePerformancemorSeptember.pdf About Momentive Performance Momentive Performance is one of the world's largest producers of silicones and silicone derivatives, and is a global leader in the development and manufacture of products derived from quartz and specialty ceramics. Momentive has a 70-year history, with its origins as the Advanced Materials business of General Electric Company. In 2006, investment funds affiliated with Apollo Global Management, LLC, acquired the company from GE. As of Dec. 31, 2013, the Company had 4,500 employees worldwide, of which 46% of the Company's employees are members of a labor union or are represented by workers' councils that have collective bargaining agreements. Momentive Performance Materials Inc., Momentive Performance Materials Holdings Inc., and their affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 14-22503) on April 14, 2014, with a deal with noteholders on a balance-sheet restructuring. As of Dec. 31, 2013, the Debtors had $4.114 billion of consolidated outstanding indebtedness, including payments due within the next 12 months and short-term borrowings. The Debtors said that the restructuring will eliminate $3 billion in debt. The Debtors have tapped Willkie Farr & Gallagher LLP as bankruptcy counsel with regard to the filing and prosecution of these chapter 11 cases; Sidley Austin LLP as special litigation counsel; Moelis & Company LLC as financial advisor and investment banker; AlixPartners, LLP as restructuring advisor; PricewaterhouseCoopers as auditor; and Crowe Horwath LLP as benefit plan auditor. Kurtzman Carson Consultants LLC is the notice and claims agent. The Court entered an order confirming the Plan on Sept. 11, 2014. The U.S. Trustee for Region 2 appointed seven members to serve on the Official Committee of Unsecured Creditors of the Debtors' cases. Klee, Tuchin, Bogdanoff & Stern LLP serves as its counsel. FTI Consulting, Inc., serves as its financial advisor. Rust Consulting Omni Bankruptcy serves as its information agent. Wilmington Trust, National Association, the Trustee for the Momentive Performance Materials Inc. 10% Senior Secured Notes due 2020 -- 1.5 Lien Notes -- under the Indenture, dated as of May 25, 2012, by and between Momentive Performance Materials Inc. and The Bank of New York Mellon Trust Company, National Association, is represented by Mark R. Somerstein, Esq., Mark I. Bane, Esq., and Stephen Moeller-Sally, Esq., at Ropes & Gray LLP. U.S. Bank National Association -- as successor Indenture Trustee under the indenture dated as of December 4, 2006, among Momentive Performance Materials Inc., the Guarantors named in the Indenture, and Wells Fargo Bank, N.A. as initial trustee, governing the 11.5% Senior Subordinated Notes due 2016 -- is represented in the case by Susheel Kirpalani, Esq., Benjamin I. Finestone, Esq., David L. Elsberg, Esq., Robert Loigman, Esq., K. John Shaffer, Esq., and Matthew R. Scheck, Esq., at Quinn Emanuel Urquhart & Sullivan, LLP; and Clark Whitmore, Esq., and Ana Chilingarishvili, Esq., at Maslon Edelman Borman & Brand, LLP. BOKF, NA -- as successor First Lien Trustee to The Bank of New York Mellon Trust Company, N.A., as trustee under an indenture dated as of October 25, 2012, for the 8.875% First-Priority Senior Secured Notes due 2020 issued by Momentive Performance Materials Inc. and guaranteed by certain of the debtors -- is represented by Michael J. Sage, Esq., Brian E. Greer, Esq., and Mauricio A. Espana, Esq., at Dechert LLP. Counsel to Apollo Global Management, LLC and certain of its affiliated funds are Ira S. Dizengoff, Esq., Philip C. Dublin, Esq., Abid Qureshi, Esq., Deborah J. Newman, Esq., and Ashleigh L. Blaylock, Esq., at Akin Gump Strauss Hauer & Feld LLP. Attorneys for Ad Hoc Committee of Second Lien Noteholders are Dennis F. Dunne, Esq., Michael Hirschfeld, Esq., and Samuel A. Khalil, Esq., at Milbank, Tweed, Hadley & McCloy LLP. Momentive Performance Materials Inc. and its debtor-affiliates notified the U.S. Bankruptcy Court for the Southern District of New York that their joint Chapter 11 plan of reorganization became effective as of Oct. 24, 2014, at 4:00 p.m. (prevailing Eastern Time). The Court confirmed their joint plan on Sept. 11, 2014. PITT PENN: Had $9,927 Net Loss in September ------------------------------------------- Pitt Penn Holding Company, Inc., filed, on Oct. 30, 2014, its monthly operating report for September 2014. The Debtor had a net loss of $9,927 on zero revenue for the month. At Sept. 30, the Debtor posted $9.85 million in total assets, $15.19 million in total liabilities, and -$5.34 million in total shareholders' equity. The Debtor had a cash balance of $41,076 at the beginning of the month. It listed $30,000 in total receipts and $27,038 in total disbursements for the month. Disbursements include professional fees of $27,038. At month end, the Debtor had $44,038 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/PittPennHoldingmorseptember.pdf About Pitt Penn 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. S.B. RESTAURANT: Had $13.86MM in Total Assets in September ---------------------------------------------------------- S.B. Restaurant Co., et al., filed, on Oct. 22, 2014, their monthly operating report for September 2014. As of Sept. 28, the Debtors had total assets of $13.86 million, total liabilities of $58.11 million, and a total shareholders' equity of -$44.25 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/S.B.RestaurantmorSeptember.pdf About S.B. Restaurant Co. S.B. Restaurant Co. dba Elephant Bar Global Grill/Wok Kitchen, now a chain of 29 restaurants in seven states, filed a petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 14-13778) on June 17, 2014, in Santa Ana, California. The case is assigned to Judge Erithe A. Smith. The Debtors' counsel is Jeffrey N. Pomerantz, Esq., and John W. Lucas, Esq., at Pachulski Stang Ziehl & Jones LLP, in Los Angeles, California. The Debtors' chief restructuring officers are from Deloitte Transactions & Business Analytics LLP, while their investment banker is Mastodon Ventures, Inc. The Debtors' noticing claims and balloting agent is Rust Consulting Omni Bankruptcy. An official committee of unsecured creditors was appointed in the case of S.B. Restaurant Co. Debtors' cases. The panel comprises of (1) General Growth Properties Inc., c/o Julie Minnick Bowden of Chicago, IL; (2) The Macerich Company, c/o Bill Palmer of Pittsford, NY; and (3) Global Media Group c/o Mark Torres of Rancho Santa Margarita, CA. The Committee retained Cooley LP as its counsel. TRUMP ENTERTAINMENT: Suffers $9.97 Million Net Loss at Sept.30 -------------------------------------------------------------- Trump Entertainment Resorts Inc., et al., on Oct. 31, 2014, filed an operating report for the period from Sept. 9 through Sept. 30, 2014. The Debtors suffered a net loss of $9.97 million on net revenues of $12.70 million for the current reporting period. At Sept. 30, the Debtors had $416,601 million in total assets, $403.10 million in total liabilities, and $13.50 million in total shareholders' equity. The Debtors reported total deposits of $20,777 and total disbursements of $12,679 for the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/TrumpEntertainmentmorseptember.pdf About Trump Entertainment Resorts Trump Entertainment Resorts Inc., owner of the Atlantic City Boardwalk casinos that bear the name of Donald Trump, returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on Sept. 9, 2014, with plans to shutter its casinos. TER and its affiliated debtors own and operate two casino hotels located in Atlantic City, New Jersey. TER said it will close the Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104. The Debtors have sought an order authorizing the joint administration of their Chapter 11 cases and the consolidation thereof for procedural purposes only. Judge Kevin Gross presides over the Chapter 11 cases. The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as noticing and claims agent. TER estimated $100 million to $500 million in assets as of the bankruptcy filing. The Debtors as of Sept. 9, 2014, owe $285.6 million in principal plus accrued but unpaid interest of $6.6 million under a first lien debt issued under their 2010 bankruptcy-exit plan. The Debtors also have trade debt in the amount of $13.5 million. ********* 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, Psyche A. Castillon, 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 202-362-8552. *** End of Transmission ***