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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, January 2, 2016, Vol. 20, No. 2
Headlines
ALLIED NEVADA: Ends September With $57.53 Million Net Loss
ATLS ACQUISITION: Lists $725,856 Net Loss in June
ATLS ACQUISITION: Net Loss Decreases to $549,811 in July
ATLS ACQUISITION: Reports $444,118 Net Income in August
BAXANO SURGICAL: Net Loss Decreases to $15,406 in July
BINDER & BINDER: Posts $616,523 Net Profit in August
BINDER & BINDER: Records $1.24 Million Net Loss in September
DEB STORES: Ends October With $2.32 Million Net Loss
ENERGY FUTURE: Reports $74.94 Million Net Loss in October
KID BRANDS: Ends June With $56.41-Mil. in Total Liabilities
KID BRANDS: Lists $56.34 Million in Total Liabilities in July
MOLYCORP INC: Net Loss Increases to $23.1 Million in October
NE OPCO: Lists $5,599 Net Income in July
NE OPCO: Posts $30,847 Net Loss in August
NE OPCO: Posts $64,760 Net Loss in September
NE OPCO: Reports $33,081 Net Loss in October
NORTEL NETWORKS: Ends July With $618.4 Million Cash
NORTEL NETWORKS: Records $616.1 Million Cash at Aug. 31
QUIKSILVER INC: Posts $16.70 Million Net Loss at October 31
RELATIVITY FASHION: Reports $32.07-Mil. Net Loss in September
ST. MICHAEL'S MEDICAL: Incurs $2.31-Mil. Net Loss in October
TRUMP ENTERTAINMENT: Incurs $107,607 Net Loss at August 31
TRUMP ENTERTAINMENT: Posts $3.43 Million Net Loss in October
TRUMP ENTERTAINMENT: Posts $9.64 Million Net Income in September
USA DISCOUNTERS: Reports $627,554 Net Loss at October 31
*********
ALLIED NEVADA: Ends September With $57.53 Million Net Loss
----------------------------------------------------------
Allied Nevada Gold Corp., et al., on Oct. 29, 2015, filed their
monthly operating report for September 2015.
The Debtors' statement of operations showed a consolidated net loss
of $57.53 million in September on revenues of $9.36 million.
At Sept. 30, 2015, the Debtors recorded consolidated total assets
of $569.04 million, consolidated total liabilities of $726.94
million and $157.90 million in consolidated total stockholders'
deficit.
The Debtors had $5.75 million cash at the start of the period.
They listed total receipts of $16.47 million and total
disbursements of $13.47 million. Disbursements include $3.22
million in professional fees. As a result, the Debtors had $8.75
million at the end of the month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/AlliedNevada_1221_morSeptember.pdf
About Allied Nevada
Allied Nevada Gold Corp. ("ANV"), a Delaware corporation, is a
publicly traded U.S.-based gold and silver producer engaged in
mining, developing and exploring properties in the State of
Nevada.
ANV was spun off from Vista Gold Corp. in 2006 and began
Operations in May 2007. Nevada-based mining properties acquired
from Vista include the Hycroft Mine, an open-pit heap leach
operation located 54 miles west of Winnemucca, Nevada. ANV
controls 75 exploration properties throughout Nevada as of Dec. 31,
2014.
On March 10, 2015, ANV and 13 affiliated debtors each filed a
voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware. The cases are jointly administered under
Lead Case No. 15-10503. The cases are assigned to Judge Mary F.
Walrath.
The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer
& Feld LLP as attorneys; FTI Consulting Inc. as financial advisor;
Moelis & Company as financial advisor; and Prime Clerk LLC as
claims and noticing agent.
ANV disclosed $941 million in total assets and $664 million in
total debt as of Dec. 31, 2014.
BankruptcyData reported that Allied Nevada Gold's Amended Joint
Chapter 11 Plan of Reorganization became effective and the Company
emerged from Chapter 11 protection.
The Court confirmed the Plan on Oct. 8, 2015. Highlights of the
Plan include the following: As a result of the financial
restructuring, the Company eliminated approximately $447.7 million
of debt and related interest payments from its balance sheet. The
Company closed two financings: a $126.7 million first lien term
loan credit agreement and $95 million of second lien convertible
notes. The credit agreement proceeds were used to repay the
Company's outstanding loan obligations related to its revolving
credit agreement and the amounts owed under the Company's diesel
and cross-currency swap arrangements.
ATLS ACQUISITION: Lists $725,856 Net Loss in June
-------------------------------------------------
ATLS Acquisition, LLC, and its affiliates, on July 29, 2015, filed
their monthly operating report for June 2015.
The Debtors' June consolidated statement of operations revealed a
net loss of $725,856 on zero revenues.
As of June 30, 2015, the Debtors listed consolidated total assets
of $36.36 million, consolidated total liabilities of $51.71
million, and $15.35 million in total consolidated shareholders'
deficit.
At the start of the month, the Debtors had $28.87 million cash.
They listed total receipts of -$436,340 and total disbursements of
$106,257. Disbursements include $65,956 in professional fees. At
the end of the month, the Debtors had $28.33 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/ATLSACQUISITIONjune2015mor.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.
In November 2014, the Debtor received the green light from the
Bankruptcy Court for its $68.5 million sale to an investment group
led by private equity firm Palm Beach Capital. The auction for the
assets boosted the purchase price by more than $20 million.
On July 15, 2015, Judge Silverstein entered an order confirming the
First Amended Joint Plan of Liquidation of the Debtors. The Plan
is anticipated to provide a 100% recovery to Holders of all allowed
claims in the Chaper 11 cases other than the Medco Claims.
Embodied in the Amended Plan are the terms of a settlement which
provides for an aggregate $2.4 million distribution in full and
final satisfaction of all of claims that the individual parties may
have against the Debtors' estates, directly or indirectly, for
attorneys' fees and costs.
ATLS ACQUISITION: Net Loss Decreases to $549,811 in July
--------------------------------------------------------
ATLS Acquisition, LLC, and its affiliates, on September 1, 2015,
filed their monthly operating report for July 2015.
The Debtors' July consolidated statement of operations revealed a
net loss of $549,811 on zero revenues, a decrease from the $725,856
net loss recorded in June.
As of July 31, 2015, the Debtors listed consolidated total assets
of $35.63 million, consolidated total liabilities of $51.53
million, and $15.90 million in total consolidated shareholders'
deficit.
At the start of the month, the Debtors had $28.33 million cash.
They listed total receipts of -$782,149 and total disbursements of
$93,303. Disbursements include $48,586 in professional fees. At
the end of the month, the Debtors had $27.45 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/ATLSACQUISITIONjuly2015mor.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.
In November 2014, the Debtor received the green light from the
Bankruptcy Court for its $68.5 million sale to an investment group
led by private equity firm Palm Beach Capital. The auction for the
assets boosted the purchase price by more than $20 million.
On July 15, 2015, Judge Silverstein entered an order confirming the
First Amended Joint Plan of Liquidation of the Debtors. The Plan
is anticipated to provide a 100% recovery to Holders of all allowed
claims in the Chaper 11 cases other than the Medco Claims.
Embodied in the Amended Plan are the terms of a settlement which
provides for an aggregate $2.4 million distribution in full and
final satisfaction of all of claims that the individual parties may
have against the Debtors' estates, directly or indirectly, for
attorneys' fees and costs.
ATLS ACQUISITION: Reports $444,118 Net Income in August
-------------------------------------------------------
ATLS Acquisition, LLC, and its affiliates, on October 22, 2015,
filed their monthly operating report for August 2015.
The Debtors' August consolidated statement of operations revealed a
net income of $444,118 on zero revenues, an improvement from the
$549,811 net loss recorded in July.
As of August 31, 2015, the Debtors listed consolidated total assets
of $35.38 million, consolidated total liabilities of $50.82
million, and $15.45 million in total consolidated shareholders'
deficit.
At the start of the month, the Debtors had $27.45 million cash.
They listed total receipts of $193,886 and total disbursements of
$16,703. Disbursements include $13,139 in professional fees. At
the end of the month, the Debtors had $27.63 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/ATLSACQUISITIONaug2015mor.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.
In November 2014, the Debtor received the green light from the
Bankruptcy Court for its $68.5 million sale to an investment group
led by private equity firm Palm Beach Capital. The auction for the
assets boosted the purchase price by more than $20 million.
On July 15, 2015, Judge Silverstein entered an order confirming the
First Amended Joint Plan of Liquidation of the Debtors. The Plan
is anticipated to provide a 100% recovery to Holders of all allowed
claims in the Chaper 11 cases other than the Medco Claims.
Embodied in the Amended Plan are the terms of a settlement which
provides for an aggregate $2.4 million distribution in full and
final satisfaction of all of claims that the individual parties may
have against the Debtors' estates, directly or indirectly, for
attorneys' fees and costs.
BAXANO SURGICAL: Net Loss Decreases to $15,406 in July
------------------------------------------------------
Baxano Surgical, Inc., on August 5, 2015, filed its monthly
operating report for July 2015.
The Debtor incurred a net loss of $15,406 in July, a decrease from
the $82,307 net loss posted in June.
At the start of the month, the Debtor had $129,445 cash. It posted
total cash inflow of $102,585 and total cash outflow of $26,618. As
a result, the Debtor's cash balance was pegged at $205,618.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BaxanoSurgical_july2015mor.pdf
About Baxano Surgical
Based in Raleigh, North Carolina, Baxano Surgical Inc. develops,
manufactures and markets minimally invasive medical products
designed to treat degenerative conditions of the spine affecting
the lumbar region. As of March 31, 2013, over 13,500 fusion
procedures and 7,000 decompression procedures have been performed
globally using its products.
Baxano Surgical filed a Chapter 11 bankruptcy petition (Bankr. D.
Del. Case No. 14-12545) on Nov. 12, 2014. The case is assigned to
Judge Christopher S. Sontchi.
The Debtor, in an amended schedules, disclosed $24,810,590 in
assets and $26,984,139 in liabilities as of the Chapter 11 filing.
The Debtor has tapped John D. Demmy, Esq., at Stevens & Lee, P.C.,
in Wilmington, Delaware, as bankruptcy counsel. The Debtor is also
employing the law firm of Goodwin Proctor LLP as special counsel,
and the law firm of Hogans Lovell as special healthcare regulatory
counsel. The Debtor is engaging Tamarack Associates to, among
other things, provide John L. Palmer as CRO. Houlihan Lokey is
serving as the Debtor's investment banker. Rust Consulting Omni is
the claims and noticing agent.
The Debtor filed with the Court a Chapter 11 liquidating plan
following the sale of all of its operating assets.
Following the Effective Date, a liquidation trustee will liquidate
the remaining accounts receivable, rights to return of deposits,
refunds of unearned insurance premiums and preference claims. In
addition, assuming a law firm can be identified that is willing to
undertake an investigation of the viability of any Causes of Action
against current and former directors and officers, on terms
acceptable to the Liquidation Trustee, the investigation will be
undertaken.
The Official Committee of Unsecured Creditors selected Pillsbury
Winthrop Shaw Pittman LLP and Morris, Nichols, Arsht & Tunnell LLP
as co-counsel. The Committee also tapped Urbanowicz Consulting,
LLC, as consultant.
BINDER & BINDER: Posts $616,523 Net Profit in August
----------------------------------------------------
Binder & Binder - The National Social Security Disability Advocates
(NY), LLC, on Oct. 9, 2015, filed a monthly operating report for
August 2015.
The Debtor reported a net profit of $616,523 on net revenues of
$5.52 million in August.
As of Aug. 31, 2015, the Debtor listed $88.27 million in total
assets, $61.07 million in total liabilities, and $27.21 million in
total shareholders' equity.
The Debtor started the month with $2.42 million cash. It listed
total receipts of $5.88 million and total disbursements of $4.79
million. At the end of the month, the Debtor had $3.50 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BINDER&BINDERaug2015mor.pdf
About Binder & Binder
Founded in 1979 by brothers Harry and Charles Binder, Binder &
Binder is the nation's largest provider of social security
disability and veterans' benefits advocacy services, with
operating scale and efficiencies unrivaled by its competitors in
the highly fragmented advocacy market. The Company has more than
950 employees in 35 offices across the United States. In 2010,
H.I.G. Capital, LLC, acquired a controlling equity interest in
the Company. Since 1979, the Company has handled over 300,000
disability cases under programs operated by the SSA and the VA.
Binder & Binder - The National Social Security Disability
Advocates (NY), LLC, et al., sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-23728) in White
Plains, New York on Dec.18, 2014. The cases are assigned to
Judge Robert D. Drain.
The Debtors have tapped Kenneth A. Rosen, Cassandra Porter, Esq.,
and Nicholas B. Vislocky, Esq., at Lowenstein Sandler as counsel.
The Debtors have engaged Development Specialists, Inc., as
financial advisor, and BMC Group Inc. as claims and notice agent.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors in the Debtors' cases. The Committee is now comprised
of (i) United Service Workers Union, Local 455 IUJAT & Related
Funds, (ii) T&G Industries, Inc., (iii) WB Mason Co., and (iv)
Teaktronics, Inc.
* * *
The Debtors originally arranged from existing lenders DIP financing
of $26 million, which provided for the payment in full, or roll-up,
of the $23 million of prepetition indebtedness and an additional
commitment of up to $3 million to fund the Debtors' operations
during the Chapter 11 cases. On Jan. 26, 2015, the Initial DIP
Lenders issued a notice that events of default had occurred.
In March 2015, the Debtors won approval to obtain a new $6 million
term loan from Stellus Capital Investment Corporation secured by a
first-priority priming lien on all of the Debtors' assets.
BINDER & BINDER: Records $1.24 Million Net Loss in September
------------------------------------------------------------
Binder & Binder - The National Social Security Disability Advocates
(NY), LLC, on Oct. 21, 2015, filed a monthly operating report for
September 2015.
The Debtor incurred a net loss of $1.24 million on net revenues of
$5.58 million in September, compared to a $616,523 net profit
recorded for August.
As of Sept. 30, 2015, the Debtor listed $86.83 million in total
assets, $60.87 million in total liabilities, and $25.96 million in
total shareholders' equity.
The Debtor started the month with $3.50 million cash. It listed
total receipts of $6.71 million and total disbursements of $5.19
million. At the end of the month, the Debtor had $5.03 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BINDER&BINDERsept2015mor.pdf
About Binder & Binder
Founded in 1979 by brothers Harry and Charles Binder, Binder &
Binder is the nation's largest provider of social security
disability and veterans' benefits advocacy services, with
operating scale and efficiencies unrivaled by its competitors in
the highly fragmented advocacy market. The Company has more than
950 employees in 35 offices across the United States. In 2010,
H.I.G. Capital, LLC, acquired a controlling equity interest in
the Company. Since 1979, the Company has handled over 300,000
disability cases under programs operated by the SSA and the VA.
Binder & Binder - The National Social Security Disability
Advocates (NY), LLC, et al., sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-23728) in White
Plains, New York on Dec.18, 2014. The cases are assigned to
Judge Robert D. Drain.
The Debtors have tapped Kenneth A. Rosen, Cassandra Porter, Esq.,
and Nicholas B. Vislocky, Esq., at Lowenstein Sandler as counsel.
The Debtors have engaged Development Specialists, Inc., as
financial advisor, and BMC Group Inc. as claims and notice agent.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors in the Debtors' cases. The Committee is now comprised
of (i) United Service Workers Union, Local 455 IUJAT & Related
Funds, (ii) T&G Industries, Inc., (iii) WB Mason Co., and (iv)
Teaktronics, Inc.
* * *
The Debtors originally arranged from existing lenders DIP financing
of $26 million, which provided for the payment in full, or roll-up,
of the $23 million of prepetition indebtedness and an additional
commitment of up to $3 million to fund the Debtors' operations
during the Chapter 11 cases. On Jan. 26, 2015, the Initial DIP
Lenders issued a notice that events of default had occurred.
In March 2015, the Debtors won approval to obtain a new $6 million
term loan from Stellus Capital Investment Corporation secured by a
first-priority priming lien on all of the Debtors' assets.
DEB STORES: Ends October With $2.32 Million Net Loss
----------------------------------------------------
Deb Stores Holding, LLC, et al., on Nov. 30, 2015, filed a monthly
operating report for the period Oct. 4 to 31, 2015.
The Debtors' consolidated statement of operations reflected a net
loss of $2.328 million for the month.
The Debtors started the month with $3.77 million cash. They
reported total receipts of $96,708 and total disbursements of
$1,505. At month end, the Debtors had $3.88 million.
A copy of the monthly operating report is available at:
http://is.gd/YjwLiS
About Deb Stores
Headquartered in Philadelphia, Pennsylvania, Deb Stores is a
mall-based retailer in the juniors "fast-fashion" specialty sector
that operates under the name "DEB" and offers moderately priced,
fashionable, coordinated women's sportswear, dresses, coats,
lingerie, accessories and shoes for junior and plus sizes. The
company, founded by Philip Rounick and Emma Weiner, opened its
first store under the name JOY Hosiery in Philadelphia,
Pennsylvania in 1932. As of Sept. 30, 2014, the Company operated a
total of 295 retail store locations (primarily in the East and
Midwest, especially Pennsylvania, Ohio and Michigan) as well as an
e-commerce channel.
On June 26, 2011, Deb Stores' predecessors -- DSI Holdings Inc. and
its subsidiaries -- sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 11-11941) and closed the sale of the assets three
months later to Ableco Finance, LLC, the agent for the first lien
lenders.
Deb Stores Holding LLC and eight affiliated companies commenced
Chapter 11 bankruptcy cases in Delaware on Dec. 4, 2014. The
Debtors sought to have their cases jointly administered, with
pleadings maintained on the case docket for Deb Stores Holding
(Case No. 14-12676). The cases are assigned to Judge Mary F.
Walrath.
Carl D. Neff at Delaware Bankruptcy Litigation reported that by
order dated Dec. 5, 2014, the Debtors' Chapter 11 cases were
consolidated for procedural purposes only and therefore are being
jointly administered pursuant to Bankruptcy Rule 1015(b).
Laura Davis Jones, Esq., Colin R. Robinson, Esq., at and Peter J.
Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington,
Delaware, serve as counsel to the Debtors. Epiq Bankruptcy
Solutions, LLC, is the claims and noticing agent.
As of Dec. 31, 2014, the Debtors' most recent audited consolidated
financial statements reflected assets totaling $90.5 million and
liabilities totaling $120.1 million.
The Official Committee of Unsecured Creditors tapped Cooley LLP as
its lead counsel; Drinker Biddle & Reath LLP as its co-counsel; and
Zolfo Cooper, LLC as its bankruptcy consultants and financial
advisors.
ENERGY FUTURE: Reports $74.94 Million Net Loss in October
---------------------------------------------------------
Energy Future Holdings Corp., et al., on Dec. 7, 2015, filed a
monthly operating report for October 2015.
Energy Future Holdings (EFH) incurred a $74.94 million net loss on
zero revenues for October.
At Oct. 31, 2015, EFH recorded -$18.38 billion in total assets,
$4.51 billion in total liabilities, and -$22.89 billion in total
shareholders' equity.
The consolidated statement of cash flows shows that the Debtors had
$2.06 billion cash at the beginning of the month. They listed
total cash receipts of $700 million and total cash disbursements of
$578 million for the month. They ended September with $2.08
billion in cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/EnergyFuture_7253_morOctober.pdf
About Energy Future
Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a Portfolio
of competitive and regulated energy businesses in Texas.
Oncor, an 80 percent-owned entity within the EFH group, is the
largest regulated transmission and distribution utility in Texas.
The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth. EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.
On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.
The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS). The Debtors are seeking to have their cases
Jointly administered for procedural purposes.
As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion. The Debtors have $42
billion of funded indebtedness.
EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal. The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.
The EFIH unsecured creditors supporting the restructuring
Agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as
legal advisor, and Centerview Partners, as financial advisor. The
EFH equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor. Epiq
Systems is the claims agent.
Wilmington Savings Fund Society, FSB, the successor trustee for
the second-lien noteholders owed about $1.6 billion, is represented
by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A.
Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq.,
Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey,
Esq., and Howard L. Siegel, Esq.
An Official Committee of Unsecured Creditors has been appointed in
the case. The Committee represents the interests of the unsecured
creditors of ONLY of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors. The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring. The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.
KID BRANDS: Ends June With $56.41-Mil. in Total Liabilities
-----------------------------------------------------------
Kid Brands Inc. and its debtor affiliates, on November 17, 2015,
filed their monthly operating report for June 2015.
As of June 30, 2015, the Debtors recorded $10.24 million in total
assets, $56.41 million in total liabilities, and a total
shareholders' deficit of $46.17 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/KidBrands_June2015mor.pdf
About Kid Brands
Based in Rutherford, New Jersey, Kid Brands, Inc., is a designer,
importer, marketer, and distributor of infant and juvenile consumer
products. Its operating subsidiaries consist of Kids Line, LLC,
CoCaLo, Inc., Sassy, Inc., and LaJobi, Inc.
Citing their inability to raise capital due to contingent
liabilities and operational issues, Kid Brands and six of its U.S.
subsidiaries each filed a voluntary petition (Bankr. D.N.J. Lead
Case No. 14-22582) on June 18, 2014. The Court approved the joint
administration of their cases. Kid Brands Inc. disclosed $921,358
in assets and $47,947,589 in liabilities as of the Chapter 11
filing.
Judge Donald H. Steckroth presides over the cases. Lowenstein
Sandler LLP represents the Debtors in their restructuring effort.
PricewaterhouseCoopers LLP is the Debtors' financial advisor, and
GRL Capital Advisors acts as restructuring advisors. GRL's Glenn
Langberg is the Debtors' chief restructuring officer. Rust
Consulting/Omni Bankruptcy is the Debtors' claims and noticing
agent.
The Debtors are pursuing a sale of the assets pursuant to Section
363 of the Bankruptcy Code.
Salus Capital Partners LLC and Sterling National Bank have
committed to provide up to $49 million in DIP financing to the
Debtors.
The Official Committee of Unsecured Creditors retained Kelley Drye
& Warren LLP as its counsel, and Emerald Capital Advisors Corp. as
its financial advisors.
KID BRANDS: Lists $56.34 Million in Total Liabilities in July
-------------------------------------------------------------
Kid Brands Inc. and its debtor affiliates, on November 17, 2015,
filed their monthly operating report for July 2015.
As of July 31, 2015, the Debtors recorded $9.10 million in total
assets, $56.33 million in total liabilities, and a total
shareholders' deficit of $46.34 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/KidBrands_July2015mor.pdf
About Kid Brands
Based in Rutherford, New Jersey, Kid Brands, Inc., is a designer,
importer, marketer, and distributor of infant and juvenile consumer
products. Its operating subsidiaries consist of Kids Line, LLC,
CoCaLo, Inc., Sassy, Inc., and LaJobi, Inc.
Citing their inability to raise capital due to contingent
liabilities and operational issues, Kid Brands and six of its U.S.
subsidiaries each filed a voluntary petition (Bankr. D.N.J. Lead
Case No. 14-22582) on June 18, 2014. The Court approved the joint
administration of their cases. Kid Brands Inc. disclosed $921,358
in assets and $47,947,589 in liabilities as of the Chapter 11
filing.
Judge Donald H. Steckroth presides over the cases. Lowenstein
Sandler LLP represents the Debtors in their restructuring effort.
PricewaterhouseCoopers LLP is the Debtors' financial advisor, and
GRL Capital Advisors acts as restructuring advisors. GRL's Glenn
Langberg is the Debtors' chief restructuring officer. Rust
Consulting/Omni Bankruptcy is the Debtors' claims and noticing
agent.
The Debtors are pursuing a sale of the assets pursuant to Section
363 of the Bankruptcy Code.
Salus Capital Partners LLC and Sterling National Bank have
committed to provide up to $49 million in DIP financing to the
Debtors.
The Official Committee of Unsecured Creditors retained Kelley Drye
& Warren LLP as its counsel, and Emerald Capital Advisors Corp. as
its financial advisors.
MOLYCORP INC: Net Loss Increases to $23.1 Million in October
------------------------------------------------------------
Molycorp, Inc., et al., on Nov. 30, 2015, filed a monthly operating
report for October 2015.
The Debtors' statement of operations showed a net loss of $23.1
million in October on $16.4 million total revenue, an increase from
the $19.17 million net loss posted for the previous month.
As of Oct. 31, 2015, the Debtors listed consolidated total assets
of $2.15 billion, consolidated total liabilities of $2.08 billion,
and $75.19 million in consolidated total shareholders' equity.
The Debtors had a beginning book balance of $141.87 million at the
start of the month. They posted total cash receipts of $6.703
million and total disbursements of $20.81 million. Taking into
account net intercompany funds totaling $1.112 million, the Debtors
had an ending book balance of $128.874 million.
A copy of the monthly operating report is available at:
http://is.gd/jXe0lx
About Molycorp Inc.
Molycorp Inc. -- http://www.molycorp.com/-- is a global rare
earths and rare metals producer. Molycorp owns several prominent
rare earth processing facilities around the world. It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.
Molycorp has corporate offices in the United States, Canada and
China. CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada. Other senior management members are located at its U.S.
corporate headquarters in Greenwood Village, Colorado.
Molycorp reported a net loss of $623 million in 2014, a net loss of
$377 million in 2013 and a net loss of $475 million in 2012.
As of March 31, 2015, the Company had $2.49 billion in total
assets, $1.78 billion in total liabilities and $709 million in
total stockholders' equity.
Molycorp and its North American subsidiaries, together with certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring. The Chapter 11
cases of Molycorp and 20 affiliated debts are pending before Judge
Christopher S. Sontchi.
The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.
The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings. Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from the
filings as it is not 100% owned by the Company.
Molycorp is being advised by the investment banking firm of Miller
Buckfire & Co. and is receiving financial advice from AlixPartners,
LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act as
legal counsel to the Company in this process. Prime Clerk serves
as claims and noticing agent.
Secured creditor Oaktree Capital Management L.P. consented to the
use of cash collateral and to extend postpetition financing.
On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed eight creditors of the company to serve on
the official committee of unsecured creditors.
NE OPCO: Lists $5,599 Net Income in July
----------------------------------------
NE Opco, Inc., dba National Envelope, and its debtor affiliates, on
August 31, 2015, filed their monthly operating report for July
2015.
The Debtors' consolidated statement of operations showed a net
income of $5,599 in July.
As of July 31, 2015, the Debtors listed $741,563 in consolidated
total assets, $135.67 million consolidated total liabilities, and
$134.93 million in total consolidated shareholders' deficit.
At the start of the month, the Debtors had $584,715 in cash and
cash equivalents. They reported a net cash used in operating
activities of $19,321. At the end of the month, the Debtors had
$604,036 in cash and cash equivalents.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEOpco_july2015mor.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: Posts $30,847 Net Loss in August
-----------------------------------------
NE Opco, Inc., dba National Envelope, and its debtor affiliates, on
September 28, 2015, filed their monthly operating report for August
2015.
The Debtors' consolidated statement of operations showed a net loss
of $30,847 in August.
As of August 31, 2015, the Debtors listed $723,461 in consolidated
total assets, $135.68 million consolidated total liabilities, and
$134.96 million in total consolidated shareholders' deficit.
At the start of the month, the Debtors had $604,036 in cash and
cash equivalents. They reported a net cash used in operating
activities of $18,115. At the end of the month, the Debtors had
$585,921 in cash and cash equivalents.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEOpco_aug2015mor.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: Posts $64,760 Net Loss in September
--------------------------------------------
NE Opco, Inc., dba National Envelope, and its debtor affiliates, on
November 2, 2015, filed their monthly operating report for
September 2015.
The Debtors' consolidated statement of operations showed a net loss
of $64,760 in September.
As of September 30, 2015, the Debtors listed $723,542 in
consolidated total assets, $135.76 million consolidated total
liabilities, and $135.03 million in total consolidated
shareholders' deficit.
At the start of the month, the Debtors had $585,921 in cash and
cash equivalents. At the end of the month, the Debtors had $585,921
in cash and cash equivalents.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEOpco_sept2015mor.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: Reports $33,081 Net Loss in October
--------------------------------------------
NE Opco, Inc., dba National Envelope, and its debtor affiliates, on
November 30, 2015, filed their monthly operating report for October
2015.
The Debtors' consolidated statement of operations showed a net loss
of $33,081 in October.
As of October 31, 2015, the Debtors listed $497,948 in consolidated
total assets, $135.49 million consolidated total liabilities, and
$134.99 million in total consolidated shareholders' deficit.
At the start of the month, the Debtors had $585,921 in cash and
cash equivalents. They reported a net cash used in operating
activities of -$232,674. At the end of the month, the Debtors had
$353,247 in cash and cash equivalents.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEOpco_oct2015mor.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.
NORTEL NETWORKS: Ends July With $618.4 Million Cash
---------------------------------------------------
Nortel Networks Inc., et al., on November 16, 2015, filed their
monthly operating report for July 2015.
As of July 31, 2015, NNI listed $743.2 million in total assets,
$5.29 billion in total liabilities, and $4.54 billion in total
shareholders' deficit.
NNI started July with $623.3 million cash. It posted total cash
receipts of $1.1 million and total cash disbursements of $6
million. At month end, the Debtor's cash balance was pegged at
$618.4 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NORTELNETWORKSjuly2015mor.pdf
About Nortel Networks
Headquartered in Ontario, Canada, Nortel Networks Corporation and
its various affiliated entities provided next-generation
technologies, for both service provider and enterprise networks,
support multimedia and business-critical applications. Nortel did
Networks Limited was the principal direct operating subsidiary of
Nortel Networks Corporation.
On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent
Nortel Networks Corporation, NNI's direct corporate parent Nortel
Networks Limited and certain of their Canadian affiliates commenced
a proceeding with the Ontario Superior Court of Justice under the
Companies' Creditors Arrangement Act (Canada) seeking relief from
their creditors. Ernst & Young was appointed to serve as monitor
and foreign representative of the Canadian Nortel Group. That same
day, the Monitor sought recognition of the CCAA Proceedings in U.S.
Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter
15 of the U.S. Bankruptcy Code.
That same day, NNI and certain of its affiliated U.S. entities
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).
In addition, the High Court of England and Wales placed 19 of NNI's
European affiliates into administration under the control of
individuals from Ernst & Young LLP. Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.
On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A. On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Court
for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.
U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.
In the Chapter 11 case, James L. Bromley, Esq., and Howard S.
Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York,
serve as the U.S. Debtors' general bankruptcy counsel; Derek C.
Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington,
serves as Delaware counsel. The Chapter 11 Debtors' other
professionals are Lazard Freres & Co. LLC as financial advisors;
and Epiq Bankruptcy Solutions LLC as claims and notice agent.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors in respect of the U.S. Debtors.
An ad hoc group of bondholders also was organized. An Official
Committee of Retired Employees and the Official Committee of
Long-Term Disability Participants tapped Alvarez & Marsal
Healthcare Industry Group as financial advisor. The Retiree
Committee is represented by McCarter & English LLP as Delaware
counsel, and Togut Segal & Segal serves as the Retiree Committee.
The Committee retained Alvarez & Marsal Healthcare Industry Group
as financial advisor, and Kurtzman Carson Consultants LLC as its
communications agent.
Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.
As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion. The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.
Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers. Nortel has collected roughly $9 billion for
distribution to creditors. Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation. The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction. The
deal closed in July 2011.
Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court. The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.
The trial on how to divide proceeds among creditors in the U.S.,
Canada, and Europe commenced on Sept. 22, 2014. The question of
how to divide $7.3 billion raised in the international bankruptcy
of Nortel Networks Corp. was answered on May 12, 2015, by two
judges, one in the U.S. and one in Canada.
According to The Wall Street Journal, Justice Frank Newbould of the
Ontario Superior Court of Justice in Toronto and Judge Kevin Gross
of the U.S. Bankruptcy Court in Wilmington, Del., agreed on the
outcome: a modified pro rata split of the money.
NORTEL NETWORKS: Records $616.1 Million Cash at Aug. 31
-------------------------------------------------------
Nortel Networks Inc., et al., on December 9, 2015, filed their
monthly operating report for August 2015.
As of August 31, 2015, NNI listed $740.3 million in total assets,
$5.29 billion in total liabilities, and $4.55 billion in total
shareholders' deficit.
NNI started August with $618.4 million cash. It posted total cash
receipts of $0.8 million and total cash disbursements of $3.1
million. At month end, the Debtor's cash balance was pegged at
$616.1 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NORTELNETWORKSaug2015mor.pdf
About Nortel Networks
Headquartered in Ontario, Canada, Nortel Networks Corporation and
its various affiliated entities provided next-generation
technologies, for both service provider and enterprise networks,
support multimedia and business-critical applications. Nortel did
Networks Limited was the principal direct operating subsidiary of
Nortel Networks Corporation.
On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent
Nortel Networks Corporation, NNI's direct corporate parent Nortel
Networks Limited and certain of their Canadian affiliates commenced
a proceeding with the Ontario Superior Court of Justice under the
Companies' Creditors Arrangement Act (Canada) seeking relief from
their creditors. Ernst & Young was appointed to serve as monitor
and foreign representative of the Canadian Nortel Group. That same
day, the Monitor sought recognition of the CCAA Proceedings in U.S.
Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter
15 of the U.S. Bankruptcy Code.
That same day, NNI and certain of its affiliated U.S. entities
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).
In addition, the High Court of England and Wales placed 19 of NNI's
European affiliates into administration under the control of
individuals from Ernst & Young LLP. Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.
On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A. On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Court
for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.
U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.
In the Chapter 11 case, James L. Bromley, Esq., and Howard S.
Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York,
serve as the U.S. Debtors' general bankruptcy counsel; Derek C.
Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington,
serves as Delaware counsel. The Chapter 11 Debtors' other
professionals are Lazard Freres & Co. LLC as financial advisors;
and Epiq Bankruptcy Solutions LLC as claims and notice agent.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors in respect of the U.S. Debtors.
An ad hoc group of bondholders also was organized. An Official
Committee of Retired Employees and the Official Committee of
Long-Term Disability Participants tapped Alvarez & Marsal
Healthcare Industry Group as financial advisor. The Retiree
Committee is represented by McCarter & English LLP as Delaware
counsel, and Togut Segal & Segal serves as the Retiree Committee.
The Committee retained Alvarez & Marsal Healthcare Industry Group
as financial advisor, and Kurtzman Carson Consultants LLC as its
communications agent.
Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.
As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion. The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.
Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers. Nortel has collected roughly $9 billion for
distribution to creditors. Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation. The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction. The
deal closed in July 2011.
Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court. The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.
The trial on how to divide proceeds among creditors in the U.S.,
Canada, and Europe commenced on Sept. 22, 2014. The question of
how to divide $7.3 billion raised in the international bankruptcy
of Nortel Networks Corp. was answered on May 12, 2015, by two
judges, one in the U.S. and one in Canada.
According to The Wall Street Journal, Justice Frank Newbould of the
Ontario Superior Court of Justice in Toronto and Judge Kevin Gross
of the U.S. Bankruptcy Court in Wilmington, Del., agreed on the
outcome: a modified pro rata split of the money.
QUIKSILVER INC: Posts $16.70 Million Net Loss at October 31
-----------------------------------------------------------
Quiksilver, Inc., et al., filed on Nov. 30, 2015, their monthly
operating report for the period Sept. 9, 2015, through Oct. 31,
2015.
The Debtors incurred a consolidated net loss of $16.70 million for
the period.
The Debtors posted $292.30 million in total assets, $697.33 million
in total liabilities, and $405.02 million in total shareholders'
deficit as of Oct. 31, 2015.
As of Sept. 9, the Debtors had $9.09 million cash. They listed
total receipts of $57.13 million and $88.12 million in total
disbursements. As a result, the Debtors had $3.64 million at month
end.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/QuiksilverInc_510_mor.pdf
About Quiksilver Inc.
Quiksilver, Inc., and its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. D. Del., Case Nos. 15-11880 to 15-11890) on
Sept. 9, 2015. Andrew Bruenjes signed the petition as chief
financial officer. The Debtors disclosed total assets of $337
million and total debts of $826 million.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as the
Debtors' legal advisor, FTI Consulting, Inc. as their
restructuring advisor, and Peter J. Solomon Company as their
investment banker. Kurtzman Carson Consultants LLC acts as the
Debtors' claims and noticing agent.
The Debtors' First Amended Joint Chapter 11 Plan of Reorganization
provides that on the effective date, Reorganized Quiksilver will
issue new common stock to be distributed as follows: (a) first,
19% to holders of Allowed Secured Notes Claims; (b) second, up to
77% to Rights Offering Participants; and (c) third, 4% to the
Backstop Parties. As of the Effective Date, the anticipated value
of the New Quiksilver Common Stock will be approximately $276
million.
The U.S. trustee overseeing the Chapter 11 cases of Quiksilver
Inc. and its affiliates appointed seven members to the official
committee of unsecured creditors. The Committee tapped Akin Gump
Strauss Hauer & Feld LLP, and Pepper Hamilton LLP as its
co-counsel as co-counsel; Province Inc. as its financial advisor
and PJT Partners Inc. as investment banker.
RELATIVITY FASHION: Reports $32.07-Mil. Net Loss in September
-------------------------------------------------------------
Relativity Fashion LLC, on Nov. 20, 2015, filed its monthly
operating report for September 2015.
The Debtor suffered a net loss of $32.07 million on net revenue of
$13.62 million in September.
At September 30, the Debtor had $295.55 million in total assets,
$1.1 billion in total liabilities, and an $806.04 million total
shareholders' deficit.
The Debtor started the month with $46.8 million cash. It listed
$15.1 million in total receipts and $5.39 million in total
disbursements. At month end, the Debtor had $56.53 million cash.
A copy of the monthly operating report is available at:
http://is.gd/keiCe6
About Relativity
Relativity -- http://relativitymedia.com/-- is a next-generation
global media company engaged in multiple aspects of content
production and distribution, including movies, television, sports,
digital and music. More than just a collection of
entertainment-related businesses, Relativity is a content engine
with the ability to leverage each of these business units,
independently and together, to create content across all mediums,
giving consumers what they want, when they want it.
Relativity Studios, the Company's largest division, has produced,
distributed or structured financing for more than 200 motion
pictures, generating more than $17 billion in worldwide box-office
revenue and earning 60 Oscar nominations. Relativity's films
include Oculus, Safe Haven, Act of Valor, Immortals, Limitless, and
The Fighter.
Relativity Media LLC and its affiliates, including Relativity
Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy
Code on July 30, 2015 (Bankr. S.D.N.Y., Case No. 15-11989). The
case is assigned to Judge Michael E. Wiles.
The Debtors are represented by Craig A. Wolfe, Esq., Malani J.
Cademartori, Esq., and Blanka K. Wolfe, Esq., at Sheppard Mullin
Richter & Hampton LLP, in New York; and Richard L. Wynne, Esq.,
Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq., at Jones Day, in
New York.
Brian Kushner of FTI Consulting, Inc., serves as chief
restructuring officer and crisis and turnaround manager. Luke
Schaeffer of FTI Consulting, Inc., serves as deputy CRO.
Blackstone Advisory Partners L.P. serves as the Debtors' investment
banker. The team is led by Timothy Coleman, Senior Managing
Director, CJ Brown, Senior Managing Director, Paul Sheaffer, Vice
President, and Joseph Goldschmid, Associate.
The Debtors' noticing and claims agent is Donlin, Recano & Company,
Inc.
* * *
An investor group composed of Anchorage Capital Group, L.L.C.,
Falcon Investment Advisors, LLC and Luxor Capital Group, LP on Oct.
21, 2015, completed its purchase of the assets of Relativity
Television.
After selling their TV business, the Debtors filed a proposed plan
of reorganization that will allow the Debtors to reorganize their
non-TV business units with a substantially de-levered balance sheet
utilizing new equity investments and new financing. Jim Cantelupe,
of Summit Trail Advisors, LLC, has committed to work with the
Debtors to raise up to $100 million of new equity to fund the Plan.
ST. MICHAEL'S MEDICAL: Incurs $2.31-Mil. Net Loss in October
------------------------------------------------------------
Saint Michael's Medical Center, Inc., on November 24, 2015, filed a
monthly operating report for October 2015.
Saint Michael's Medical incurred a $2.31 million net loss on $16.60
million net revenue for October.
At October 31, 2015, Saint Michael's Medical recorded $131.43
million in total assets, $415.79 million in total liabilities, and
-$284.36 million in net owners' equity.
The statement of cash flows shows that Saint Michael's Medical had
$10.24 million cash at the beginning of the month. They listed
total cash receipts of $19.35 million and total cash disbursements
of $22.63 million for the month. They ended October with $6.96
million in cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/StMichaelsMed_oct2015mor.pdf
About Saint Michael's Medical Center
Saint Michael's Medical Center, Inc., was incorporated in 2008 to
acquire St. Michael's Medical Center and 2 other now defunct
hospitals (Saint James Hospital and Columbus Hospital) was acquired
from Cathedral Healthcare System Inc., a New Jersey nonprofit.
SMMC is a second tier subsidiary of Trinity Health Corporation. The
immediate sole corporate member of SMMC is Maxis Health System, a
Pennsylvania not-for-profit corporation.
Established by the Franciscan Sisters of the Poor in 1867, St.
Michael's Medical Center is a 357- bed licensed regional
tertiary-care, teaching, and research center in the heart of
Newark, New Jersey's business and educational district and is
accredited by The Joint Commission.
On Aug. 10, 2015, SMMC Inc. and three affiliated debtors each filed
a voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
New Jersey. The cases are pending before the Honorable Vincent F.
Papalia, and the Debtors have requested that their cases be jointly
administered under Case No. 15-24999.
The Debtors tapped Cole Schotz P.C. as bankruptcy counsel;
EisnerAmper LLP as financial advisor; and Prime Clerk LLC as claims
and noticing agent.
SMMC estimated $100 million to $500 million in assets and debt.
United States Trustee Region 3, notified the United States
Bankruptcy Court for the District of New Jersey of the appointment
of Susan N. Goodman, RN JD, as patient care ombudsman in the
Chapter 11 case of Saint Michael's Medical Center, Inc., and its
debtor affiliates.
U.S. trustee for Region 3, appointed seven creditors of Saint
Michael's Medical Center Inc. and its affiliates to serve on the
official committee of unsecured creditors.
TRUMP ENTERTAINMENT: Incurs $107,607 Net Loss at August 31
----------------------------------------------------------
Trump Entertainment Resorts Inc., et al., on September 30, 2015,
filed their monthly operating report for August 2015.
The Debtors suffered a consolidated net loss of $107,607 on $26.89
million in gross revenues in August.
As of August 31, 2015, the Debtors posted $239.84 million in
consolidated total assets, $470.21 million in consolidated total
liabilities, and $230.36 million in total consolidated
shareholders' deficit.
The Debtors started the month with $6,711 cash. They reported net
deposits of $19,965 and total disbursements of $14,882 for the
month. At the end of the month, the Debtors had $11,794 in ending
working capital cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/TrumpEnt_aug2015mor.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, 2014.
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.
TRUMP ENTERTAINMENT: Posts $3.43 Million Net Loss in October
------------------------------------------------------------
Trump Entertainment Resorts Inc., et al., on November 25, 2015,
filed their monthly operating report for October 2015.
The Debtors suffered a consolidated net loss of $3.43 million on
$13.03 million in net revenues in October.
As of October 31, 2015, the Debtors posted $237.85 million in
consolidated total assets, $462 million in consolidated total
liabilities, and $224.15 million in total consolidated
shareholders' deficit.
The Debtors started the month with $16,337 cash. They reported net
deposits of $16,424 and total disbursements of $18,658 for the
month. At the end of the month, the Debtors had $14,103 in ending
working capital cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/TrumpEnt_oct2015mor.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, 2014.
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.
TRUMP ENTERTAINMENT: Posts $9.64 Million Net Income in September
----------------------------------------------------------------
Trump Entertainment Resorts Inc., et al., on October 30, 2015,
filed their monthly operating report for September 2015.
The Debtors gains a consolidated net income of $9.64 million in
September.
As of September, 2015, the Debtors posted $241.61 million in
consolidated total assets, $462.33 million in consolidated total
liabilities, and $220.72 million in total consolidated
shareholders' deficit.
The Debtors started the month with $11,794 cash. They reported net
deposits of $20,067 and total disbursements of $15,524 for the
month. At the end of the month, the Debtors had $16,337 in ending
working capital cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/TrumpEnt_sept2015mor.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, 2014.
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.
USA DISCOUNTERS: Reports $627,554 Net Loss at October 31
--------------------------------------------------------
USA Discounters, Ltd., et. al., on November 30, 2015, filed their
monthly operating report for the reporting period from October 4,
2015, to October 31, 2015.
As of October 31, 2015, USA Discounters, Ltd., reported a net loss
of $627,554 on $2.23 million of total revenues.
As of October 31, 2015, USA Discounters, Ltd., had $102.26 million
in total assets, $64.95 million in total liabilities, and $37.31
million in total stockholders' equity.
The Debtors started the period with $6.98 million cash. They
reported total cash receipts of $6.80 million and total
disbursements of $6.41 million for the month. At October 31, the
Debtors had $7.38 million cash.
A copy of the operating report is available at:
http://bankrupt.com/misc/USADiscounters_oct2015mor.pdf
About USA Discounters
USA Discounters was founded in May 1991. in the City of Norfolk,
Virginia, under the name USA Furniture Discounters, Ltd. It sold
goods through two groups of stores -- one group of specialty retail
stores operating under the "USA Living" brand, typically in
standalone locations, and seven additional retail stores operating
under the "Fletcher's Jewelers" brand, typically in major shopping
malls.
USA Discounters, Ltd., and two affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 15-11755) on
Aug. 24, 2015, to wind down the business.
The Debtors tapped Pachulski Stang Ziehl & Jones LLP and Klee,
Tuchin, Bogdanoff & Stern LLP as attorneys, and Kurtzman Carson
Consultants, LLC, as claims and noticing agent.
USA Discounters Ltd. disclosed total assets of $97,490,455 plus an
undetermined amount and total liabilities of $63,011,206 plus an
undetermined amount.
The Official Committee of Unsecured Creditors is represented by
Kelly Drye & Warren LLP as lead counsel, Khler Harrison Harvey
Branzburg LLP as its Delaware co-counsel. FTI Consulting, Inc.,
serves as its financial advisor.
*********
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.
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 nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
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
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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.
Copyright 2016. All rights reserved. ISSN: 1520-9474.
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