/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160206.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, February 6, 2016, Vol. 20, No. 37 Headlines BUDD COMPANY: Ends November With $291.64 Million Cash COYNE INTERNATIONAL: Posts $1.06 Million Net Loss in October COYNE INTERNATIONAL: Reports $1.9 Million Net Loss in November DELIAS INC: Incurs $5.25 Million Net Loss in February 2015 MIDWAY GOLD: Ends August with $4.16-Mil. Cash Balance MIDWAY GOLD: Lists $85.48-Mil. in Total Liabilities in September MIDWAY GOLD: Posts $86.17-Mil. in Total Liabilities in October MIDWAY GOLD: Reports $2.39-Mil. Ending Cash in November NORTEL NETWORKS: Cash Dips Slightly to $606.3MM in October NORTEL NETWORKS: Ends November With $601.5 Million WIRE COMPANY: Had $353,925 Net Loss in October WIRE COMPANY: Reports $240,898 Net Loss in November ********* BUDD COMPANY: Ends November With $291.64 Million Cash ----------------------------------------------------- The Budd Company, Inc., on December 21, 2015, filed its monthly operating report for November 2015. At the start of the month, the Debtor had $293 million cash. It listed total receipts of $3.67 million and $5.03 million in total disbursements. As a result, the Debtor had $291.64 million at month end. A copy of the monthly operating report is available at: http://bankrupt.com/misc/BuddCompanyNov2015mor.pdf About The Budd Company The Budd Company, Inc., a former supplier to the automotive industry, filed for chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 14-11873) on March 31, 2014, with a deal to settle potential claims against its parent, ThyssenKrupp AG. The company -- which ceased manufacturing operations in 2006 and does not have any current employees, facilities or customers -- has obligations consisting largely of medical and other benefits to approximately 10,000 former employees. Liabilities amount to approximately $1 billion with assets of approximately $400 million. Most of the debt consists largely of medical and other benefits to approximately 10,000 former employees. The Debtor disclosed $387,555,681 in assets and $1,107,350,034 in liabilities as of the Chapter 11 filing. The Hon. Jack B. Schmetterer oversees the case. The Debtor has tapped Proskauer Rose LLP as Chapter 11 counsel, Dickinson Wright PLLC as special counsel, Epiq Bankruptcy Solutions, LLC as noticing, claims and balloting agent, and Conway MacKenzie Management Services, LLC's Charles M. Moore as CRO. The U.S. Trustee appointed five individuals to serve on the Committee of Executive & Administrative Retirees. The Segal Company (Eastern States), Inc. serves as the Committee's actuarial consultant. The Committee retained Solic Capital Advisors, LLC as its financial advisor. Reed Heiligman, Esq., at FrankGecker LLP, in Chicago, Illinois, represents the ad hoc committee of asbestos personal injury claimants. COYNE INTERNATIONAL: Posts $1.06 Million Net Loss in October ------------------------------------------------------------ Coyne International Enterprises Corp. filed on December 24, 2015, its monthly operating report for October 2015. The Debtor's statement of operations showed a net loss of $1.06 million on total revenue of $4.57 million for October. At October 31, the Debtor had $39.59 million in total assets, $72.08 million in total liabilities, and $32.49 million in total shareholders' deficit. The Debtor started the month with $3.88 million cash. It listed $7.01 million in total receipts and $6.93 million in total disbursements. Taking into account outstanding checks and other minimal amounts, the Debtor ended the month with $3.65 million cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/CoyneIntl_Oct2015mor.pdf About Coyne International Coyne International Enterprises Corp. filed a Chapter 11 Bankruptcy petition (Bankr. N.D.N.Y. Case No. 15-31160) on July 31, 2015. The petition was signed by Mark Samson as CEO. Herrick Feinstein LLP serves as the Debtor's general counsel. Phillips Lytle LLP acts as the Debtor's local bankruptcy counsel. Cohnreznick LLP is the Debtor's financial advisor. SSG Capital Advisors LLC is the Debtor's investment banker. Rust Omni serves the Debtor as claims and administrative agent. Raab, Sturm & Ganchrow, LLP acts as labor counsel to the Debtor. Harbridge Consulting Group, LLC serves as the Debtor's pension consultant. Beveridge & Diamond PC is the Debtor's environmental counsel. GZA Geoenvironmental, Inc. serves as the Debtor's environmental consultant. COYNE INTERNATIONAL: Reports $1.9 Million Net Loss in November -------------------------------------------------------------- Coyne International Enterprises Corp. filed on December 24, 2015, its monthly operating report for November 2015. The Debtor's statement of operations showed a net loss of $1.9 million on total revenue of $4.43 million for November. At November 30, the Debtor had $38.3 million in total assets, $72.54 million in total liabilities, and $34.24 million in total shareholders' deficit. The Debtor started the month with $3.65 million cash. It listed $6.89 million in total receipts and $6.75 million in total disbursements. Taking into account outstanding checks and other minimal amounts, the Debtor ended the month with $3.74 million cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/CoyneIntl_Nov2015mor.pdf About Coyne International Coyne International Enterprises Corp. filed a Chapter 11 Bankruptcy petition (Bankr. N.D.N.Y. Case No. 15-31160) on July 31, 2015. The petition was signed by Mark Samson as CEO. Herrick Feinstein LLP serves as the Debtor's general counsel. Phillips Lytle LLP acts as the Debtor's local bankruptcy counsel. Cohnreznick LLP is the Debtor's financial advisor. SSG Capital Advisors LLC is the Debtor's investment banker. Rust Omni serves the Debtor as claims and administrative agent. Raab, Sturm & Ganchrow, LLP acts as labor counsel to the Debtor. Harbridge Consulting Group, LLC serves as the Debtor's pension consultant. Beveridge & Diamond PC is the Debtor's environmental counsel. GZA Geoenvironmental, Inc. serves as the Debtor's environmental consultant. DELIAS INC: Incurs $5.25 Million Net Loss in February 2015 ---------------------------------------------------------- Delia's Inc., on December 18, 2015, filed a monthly operating report for February 2015. The Debtor reported a net loss of $5.25 million on net revenues of $3.69 million for February 2015. At February 28, the Debtor posted $12.26 million in total assets, $33.65 million in total liabilities, and $21.39 million in total shareholders' deficit. The Debtor started the period with $10.88 million cash. It listed total receipts of $3.01 million and total disbursements of $5.41 million. At month end, the Debtor's cash balance was pegged at $8.48 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/DELIASINCfeb2015mor.pdf About DELIAS INC. Launched in 1993, dELiA*s Inc., is a retailer which sells apparel, accessories, footwear, and cosmetics marketed primarily to teenage girls and young women. The dELiAs brand products are sold through the Company's mall-based retail stores, direct mail catalogs and e-commerce Web sites. On Dec. 7, 2014, dELiAs and eight of its subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y.). The Debtors have requested that their cases be jointly administered under Case No. 14-23678. As of the bankruptcy filing, dELiA owns and operates 92 stores in 29 states. The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking Group LLC, as restructuring advisor, Janney Montgomery Scott LLC,as investment banker, and Prime Clerk LLC as claims agent. As of the Petition Date, the Debtors had $47.0 million in total assets and $50.5 million in liabilities. The Debtors have sought court approval of a deal for Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC, to launch going-out-of-business sales. MIDWAY GOLD: Ends August with $4.16-Mil. Cash Balance ----------------------------------------------------- Midway Gold Corp., et. al., on September 30, 2015, filed their monthly operating report for August. The Debtors incurred a net income of $2.08 million on -$1.76 million revenue for the period. As of August 31, 2015, the Debtors posted total assets of $170.61 million, total liabilities of $79.43 million, and $36.80 million in total shareholders' equity. The Debtors had $3.93 million cash at the start of the period. It listed $3.88 million in total receipts and $3.65 million in total disbursements for the period. The Debtors ended the period with $4.16 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/MidwayGold_aug2015mor.pdf About Midway Gold Midway Gold Corp., incorporated on May 14, 1996 under the laws of the Province of British Columbia, Canada, is engaged in the acquisition, exploration and development of mineral properties located in the state of Nevada and Washington. Midway Gold operates primarily through its wholly-owned subsidiary located in the United States, Midway Gold US Inc. The executive offices are in Englewood, Colorado. Midway US currently has one gold producing property: the Pan gold mine located in White Pine County, Nevada. Midway also has gold properties which are exploratory stage projects where gold mineralization has been identified, such as the Tonopah project in Nye County, Nevada, the Gold Rock project in White Pine County, Nevada, and the Golden Eagle project in Ferry County, Washington. Out of these projects, a permitting process has been undertaken only for the Gold Rock project. Finally, Midway's Spring Valley property, another gold property located in Pershing County, Nevada, is subject to a joint venture with Barrick Gold Exploration Inc. On June 22, 2015, Midway Gold US Inc. and 12 related entities, including parent Midway Gold Corp. each filed a petition in the U.S. Bankruptcy Court for the District of Colorado seeking relief under Chapter 11 of the U.S. Bankruptcy Code. The Debtors' cases have been assigned to Judge Michael E. Romero. Judge Michael E. Romero directed the joint administration of the cases under Case No. 15-16835. The Debtors tapped Squire Patton Boggs (US) LLP as lead bankruptcy counsel; Sender Wasserman Wadsworth, P.C., as special bankruptcy and restructuring counsel; DLA Piper (Canada) LLP, as Canadian bankruptcy counsel; Ernst & Young Inc., as information officer of Canadian court; RBC Capital Markets, as investment banker; FTI Consulting as financial advisor; and Epiq Solutions, as claims and noticing agent. Midway Gold Corp. disclosed $184 million in assets and $62.4 million in liabilities as of March 31, 2015. Midway Gold US Inc., disclosed total assets of $2,461,673 and total liabilities of $122,448,181 as of the Chapter 11 filing. In July, the U.S. Trustee overseeing the Debtors' cases appointed seven creditors to serve on the official committee of unsecured creditors. The creditors are American Assay Laboratories, EPC Services Company, InFaith Community Foundation, Jacobs Engineering Group Inc., SRK Consulting (US) Inc., Sunbelt Rentals, and Boart Longyear. Gavin/Solmonese LLC serves as its financial advisor. MIDWAY GOLD: Lists $85.48-Mil. in Total Liabilities in September ---------------------------------------------------------------- Midway Gold Corp., et. al., on October 30, 2015, filed their monthly operating report for September. The Debtors incurred a net income of $2.82 million on -$1.66 million revenue for the period. As of September 30, 2015, the Debtors posted total assets of $170.09 million, total liabilities of $85.48 million, and $28.85 million in total shareholders' equity. The Debtors had $4.16 million cash at the start of the period. It listed $4.51 million in total receipts and $4.88 million in total disbursements for the period. The Debtors ended the period with $3.79 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/MidwayGold_sept2015mor.pdf About Midway Gold Midway Gold Corp., incorporated on May 14, 1996 under the laws of the Province of British Columbia, Canada, is engaged in the acquisition, exploration and development of mineral properties located in the state of Nevada and Washington. Midway Gold operates primarily through its wholly-owned subsidiary located in the United States, Midway Gold US Inc. The executive offices are in Englewood, Colorado. Midway US currently has one gold producing property: the Pan gold mine located in White Pine County, Nevada. Midway also has gold properties which are exploratory stage projects where gold mineralization has been identified, such as the Tonopah project in Nye County, Nevada, the Gold Rock project in White Pine County, Nevada, and the Golden Eagle project in Ferry County, Washington. Out of these projects, a permitting process has been undertaken only for the Gold Rock project. Finally, Midway's Spring Valley property, another gold property located in Pershing County, Nevada, is subject to a joint venture with Barrick Gold Exploration Inc. On June 22, 2015, Midway Gold US Inc. and 12 related entities, including parent Midway Gold Corp. each filed a petition in the U.S. Bankruptcy Court for the District of Colorado seeking relief under Chapter 11 of the U.S. Bankruptcy Code. The Debtors' cases have been assigned to Judge Michael E. Romero. Judge Michael E. Romero directed the joint administration of the cases under Case No. 15-16835. The Debtors tapped Squire Patton Boggs (US) LLP as lead bankruptcy counsel; Sender Wasserman Wadsworth, P.C., as special bankruptcy and restructuring counsel; DLA Piper (Canada) LLP, as Canadian bankruptcy counsel; Ernst & Young Inc., as information officer of Canadian court; RBC Capital Markets, as investment banker; FTI Consulting as financial advisor; and Epiq Solutions, as claims and noticing agent. Midway Gold Corp. disclosed $184 million in assets and $62.4 million in liabilities as of March 31, 2015. Midway Gold US Inc., disclosed total assets of $2,461,673 and total liabilities of $122,448,181 as of the Chapter 11 filing. In July, the U.S. Trustee overseeing the Debtors' cases appointed seven creditors to serve on the official committee of unsecured creditors. The creditors are American Assay Laboratories, EPC Services Company, InFaith Community Foundation, Jacobs Engineering Group Inc., SRK Consulting (US) Inc., Sunbelt Rentals, and Boart Longyear. Gavin/Solmonese LLC serves as its financial advisor. MIDWAY GOLD: Posts $86.17-Mil. in Total Liabilities in October -------------------------------------------------------------- Midway Gold Corp., et. al., on November 30, 2015, filed their monthly operating report for October. The Debtors reported a net income of $2.39 million on -$1.60 million revenue for the period. As of October 31, 2015, the Debtors posted total assets of $168.32 million, total liabilities of $86.17 million, and $26.40 million in total shareholders' equity. The Debtors had $3.79 million cash at the start of the period. They listed $4.38 million in total receipts and $5.39 million in total disbursements for the period. The Debtors ended the period with $2.78 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/MidwayGold_oct2015mor.pdf About Midway Gold Midway Gold Corp., incorporated on May 14, 1996 under the laws of the Province of British Columbia, Canada, is engaged in the acquisition, exploration and development of mineral properties located in the state of Nevada and Washington. Midway Gold operates primarily through its wholly-owned subsidiary located in the United States, Midway Gold US Inc. The executive offices are in Englewood, Colorado. Midway US currently has one gold producing property: the Pan gold mine located in White Pine County, Nevada. Midway also has gold properties which are exploratory stage projects where gold mineralization has been identified, such as the Tonopah project in Nye County, Nevada, the Gold Rock project in White Pine County, Nevada, and the Golden Eagle project in Ferry County, Washington. Out of these projects, a permitting process has been undertaken only for the Gold Rock project. Finally, Midway's Spring Valley property, another gold property located in Pershing County, Nevada, is subject to a joint venture with Barrick Gold Exploration Inc. On June 22, 2015, Midway Gold US Inc. and 12 related entities, including parent Midway Gold Corp. each filed a petition in the U.S. Bankruptcy Court for the District of Colorado seeking relief under Chapter 11 of the U.S. Bankruptcy Code. The Debtors' cases have been assigned to Judge Michael E. Romero. Judge Michael E. Romero directed the joint administration of the cases under Case No. 15-16835. The Debtors tapped Squire Patton Boggs (US) LLP as lead bankruptcy counsel; Sender Wasserman Wadsworth, P.C., as special bankruptcy and restructuring counsel; DLA Piper (Canada) LLP, as Canadian bankruptcy counsel; Ernst & Young Inc., as information officer of Canadian court; RBC Capital Markets, as investment banker; FTI Consulting as financial advisor; and Epiq Solutions, as claims and noticing agent. Midway Gold Corp. disclosed $184 million in assets and $62.4 million in liabilities as of March 31, 2015. Midway Gold US Inc., disclosed total assets of $2,461,673 and total liabilities of $122,448,181 as of the Chapter 11 filing. In July, the U.S. Trustee overseeing the Debtors' cases appointed seven creditors to serve on the official committee of unsecured creditors. The creditors are American Assay Laboratories, EPC Services Company, InFaith Community Foundation, Jacobs Engineering Group Inc., SRK Consulting (US) Inc., Sunbelt Rentals, and Boart Longyear. Gavin/Solmonese LLC serves as its financial advisor. MIDWAY GOLD: Reports $2.39-Mil. Ending Cash in November ------------------------------------------------------- Midway Gold Corp., et. al., on December 30, 2015, filed their monthly operating report for November. The Debtors reported a net income of $2.99 million on -$1.48 million revenue for the period. At November 30, 2015, the Debtors posted total assets of $163.82 million, total liabilities of $86.89 million, and $21.17 million in total shareholders' equity. The Debtors had $2.78 million cash at the start of the period. It listed $3.43 million in total receipts and $3.82 million in total disbursements for the period. The Debtors ended the period with $2.39 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/MidwayGold_nov2015mor.pdf About Midway Gold Midway Gold Corp., incorporated on May 14, 1996 under the laws of the Province of British Columbia, Canada, is engaged in the acquisition, exploration and development of mineral properties located in the state of Nevada and Washington. Midway Gold operates primarily through its wholly-owned subsidiary located in the United States, Midway Gold US Inc. The executive offices are in Englewood, Colorado. Midway US currently has one gold producing property: the Pan gold mine located in White Pine County, Nevada. Midway also has gold properties which are exploratory stage projects where gold mineralization has been identified, such as the Tonopah project in Nye County, Nevada, the Gold Rock project in White Pine County, Nevada, and the Golden Eagle project in Ferry County, Washington. Out of these projects, a permitting process has been undertaken only for the Gold Rock project. Finally, Midway's Spring Valley property, another gold property located in Pershing County, Nevada, is subject to a joint venture with Barrick Gold Exploration Inc. On June 22, 2015, Midway Gold US Inc. and 12 related entities, including parent Midway Gold Corp. each filed a petition in the U.S. Bankruptcy Court for the District of Colorado seeking relief under Chapter 11 of the U.S. Bankruptcy Code. The Debtors' cases have been assigned to Judge Michael E. Romero. Judge Michael E. Romero directed the joint administration of the cases under Case No. 15-16835. The Debtors tapped Squire Patton Boggs (US) LLP as lead bankruptcy counsel; Sender Wasserman Wadsworth, P.C., as special bankruptcy and restructuring counsel; DLA Piper (Canada) LLP, as Canadian bankruptcy counsel; Ernst & Young Inc., as information officer of Canadian court; RBC Capital Markets, as investment banker; FTI Consulting as financial advisor; and Epiq Solutions, as claims and noticing agent. Midway Gold Corp. disclosed $184 million in assets and $62.4 million in liabilities as of March 31, 2015. Midway Gold US Inc., disclosed total assets of $2,461,673 and total liabilities of $122,448,181 as of the Chapter 11 filing. In July, the U.S. Trustee overseeing the Debtors' cases appointed seven creditors to serve on the official committee of unsecured creditors. The creditors are American Assay Laboratories, EPC Services Company, InFaith Community Foundation, Jacobs Engineering Group Inc., SRK Consulting (US) Inc., Sunbelt Rentals, and Boart Longyear. Gavin/Solmonese LLC serves as its financial advisor. NORTEL NETWORKS: Cash Dips Slightly to $606.3MM in October ---------------------------------------------------------- Nortel Networks Inc., et al., on January 14, 2016, filed their monthly operating report for October 2015. As of October 31, 2015, NNI listed $728.4 million in total assets, $5.29 billion in total liabilities, and $4.56 billion in total shareholders' deficit. NNI started October with $611.8 million cash. It posted total cash receipts of $1.7 million and total cash disbursements of $7.2 million. At month end, the Debtor's cash balance was pegged at $606.3 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/NORTELNETWORKSoct2015mor.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: Ends November With $601.5 Million -------------------------------------------------- Nortel Networks Inc., et al., on January 14, 2016, filed their monthly operating report for November 2015. As of November 30, 2015, NNI listed $723.6 million in total assets, $5.29 billion in total liabilities, and $4.56 billion in total shareholders' deficit. NNI started November with $606.3 million cash. It posted total cash receipts of $0.7 million and total cash disbursements of $5.5 million. At month end, the Debtor's cash balance was pegged at $601.5 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/NORTELNETWORKSnov2015mor.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. WIRE COMPANY: Had $353,925 Net Loss in October ---------------------------------------------- Wire Company Holdings, Inc., on November 20, 2015, filed an operating report for October 2015. The Debtor reported a net loss of $353,925 on $2.29 million net revenue for the period. The Debtor posted $23.92 million in total assets, $26.01 million in total liabilities, and $2.10 million in total shareholders' deficit as of October 31, 2015. At October 9, the Debtor had $94,578 beginning cash balance. It listed $2.75 million in total receipts and $1.48 million in total disbursements. Ending cash balance was $1.36 million at October 31. A copy of the monthly operating report is available at: http://bankrupt.com/misc/WireCompany_oct2015mor.pdf About Wire Company Holdings With headquarters in Hanover, Pennsylvania, Wire Company Holdings, Inc. and Wire Property Holdings, LLC, are manufacturers of wire and wire mesh products servicing a broad range of applications. The wire and mesh products can be used in diverse functions: as support for filter media in the automobile industry, as filtering in the appliance industry, as EMF shielding in the electronics industry, or as a signal receiver in the communications industry, to name just a few. For the year ended Dec. 31, 2014, Wire Company reported a net loss of $4,942,000 on revenues of $44,399,000 on a consolidated basis. For the year ended Dec. 31, 2013, Wire Company reported a net loss of approximately $4,145,000 on revenues of $46,712,000. Through August 2015, it reported a net loss of $3,859,000 on revenues of $27,617,000 on a consolidated basis. As of Sept. 1, 2015, it employed approximately 237 individuals. Wire Company Holdings and Wire Property Holdings filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 15-12097 and 15-12098) on Oct. 8, 2015. Sandeep Gupta, the chief restructuring officer, signed the petitions. Wire Company estimated both assets and liabilities of $10 million to $50 million. The Debtors engaged Polsinelli PC and Lowenstein Sandler LLP as counsel; and Kurtzman Carson Consultants LLC as claims and noticing agent. WIRE COMPANY: Reports $240,898 Net Loss in November --------------------------------------------------- Wire Company Holdings, Inc., on December 21, 2015, filed an operating report for November 2015. The Debtor reported a net loss of $240,898 on $2.53 million net revenue for the period, a decrease from the $353,925 net loss reported in October. As of November 30, 2015, the Debtor posted $23.15 million in total assets, $25.49 million in total liabilities, and $2.34 million in total shareholders' deficit . At November 1, the Debtor had $1.36 million beginning cash balance. It listed $2.99 million in total receipts and $2.12 million in total disbursements. Ending cash balance was $2.23 million at November 30. A copy of the monthly operating report is available at: http://bankrupt.com/misc/WireCompany_nov2015mor.pdf About Wire Company Holdings With headquarters in Hanover, Pennsylvania, Wire Company Holdings, Inc. and Wire Property Holdings, LLC, are manufacturers of wire and wire mesh products servicing a broad range of applications. The wire and mesh products can be used in diverse functions: as support for filter media in the automobile industry, as filtering in the appliance industry, as EMF shielding in the electronics industry, or as a signal receiver in the communications industry, to name just a few. For the year ended Dec. 31, 2014, Wire Company reported a net loss of $4,942,000 on revenues of $44,399,000 on a consolidated basis. For the year ended Dec. 31, 2013, Wire Company reported a net loss of approximately $4,145,000 on revenues of $46,712,000. Through August 2015, it reported a net loss of $3,859,000 on revenues of $27,617,000 on a consolidated basis. As of Sept. 1, 2015, it employed approximately 237 individuals. Wire Company Holdings and Wire Property Holdings filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 15-12097 and 15-12098) on Oct. 8, 2015. Sandeep Gupta, the chief restructuring officer, signed the petitions. Wire Company estimated both assets and liabilities of $10 million to $50 million. The Debtors engaged Polsinelli PC and Lowenstein Sandler LLP as counsel; and Kurtzman Carson Consultants LLC as claims and noticing agent. ********* 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. 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