/raid1/www/Hosts/bankrupt/TCR_Public/160326.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, March 26, 2016, Vol. 20, No. 86
Headlines
ATLANTIC & PACIFIC: Listed $28.50 Million Net Loss at Oct. 10
ATLANTIC & PACIFIC: Posted $156.46 Million Net Income at Nov. 7
ATLANTIC & PACIFIC: Records $49.94 Million Net Loss as of Jan. 2
BINDER & BINDER: Gains $250,648 Net Profit in October
BINDER & BINDER: Lists $122,962 Net Loss in November
BINDER & BINDER: Posts $624,677 Net Loss in December
CLOUDEEVA INC: Ended October with $2.29 Million Cash
CLOUDEEVA INC: Had $2.25 Million Cash at Nov. 30
CLOUDEEVA INC: Posted $2.14 Million Cash Balance at Dec. 31
DEB STORES: Lists $220,402 Net Profit in December
ENERGY FUTURE: Lists $86.52 Million Net Loss in November
FEDERATION EMPLOYMENT: Incurred $1.21 Million Net Loss in November
FEDERATION EMPLOYMENT: Listed $1.26 Million Net Loss in December
FEDERATION EMPLOYMENT: Recorded $828,837 Net Loss for January
IPC INTERNATIONAL: Files Operating Reports for December & January
JAMES RIVER: Incurs $1.33 Million Net Loss in November
JAMES RIVER: Net Loss in December Narrows to $605,000
NE OPCO: Records $37,664 Net Loss in January
NEW GULF RESOURCES: Net Loss Decreases to $6.48 Million in January
NEWZOOM INC: Lists $575,954 Net Loss at Oct. 3
NEWZOOM INC: Net Loss Widens to $1.18 Million at Oct. 31
NEWZOOM INC: Records $2.27 Million Net Loss in November
NORTEL NETWORKS: Ending Cash Drops to $594.2MM in December
QUICKSILVER RESOURCES: Net Loss Decreases to $12.26MM in November
QUICKSILVER RESOURCES: Posts $4.40 Million Net Loss in January
QUIKSILVER INC: Posts $25.09 Million Net Loss in November
QUIRKY INC: Gains $1.11 Million Net Income in November
QUIRKY INC: Lists $3.14 Million Net Loss at Oct. 31
RCS CAPITAL: Files Initial Monthly Operating Report
SAMSON RESOURCES: Reports $1.26 Million Net Loss in December
TRUMP ENTERTAINMENT: Net Loss Drops to $1.11 Million in November
TRUMP ENTERTAINMENT: Net Loss Reaches $5.79 Million in December
WET SEAL: Lists $1,477 in Total Liabilities for October
WET SEAL: November Liabilities Remain at $1,477
WET SEAL: Records $1,470 in Total Liabilities for December
*********
ATLANTIC & PACIFIC: Listed $28.50 Million Net Loss at Oct. 10
-------------------------------------------------------------
The Great Atlantic & Pacific Tea Company, Inc., and its debtor
affiliates, on November 24, 2015, filed a monthly operating report
for the period from September 13, 2015, to October 10, 2015.
The Debtors reported a consolidated net loss of $28.50 million on
$300.02 million sales for the period.
The Debtors posted $1.40 billion in total assets, $2.27 billion in
total liabilities, and $869.79 million in total shareholders'
deficit as of October 10, 2015.
The Debtors started the period with $190.23 million cash. They
listed $4.52 million used in operating activities, $43.02 million
used in investing activities, and $41.43 million used in financing
activities. At the end of the period, the Debtors had $196.35
million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/GreatAtlanticsept-oct2015mor.pdf
About Atlantic & Pacific
Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea
Company, Inc., and its affiliates are one of the nation's oldest
leading supermarket and food retailers, operating approximately
300 supermarkets, beer, wine, and liquor stores, combination food
and drug stores, and limited assortment food stores across six
Northeastern states. The primary retail operations consist of
supermarkets operated under a variety of well known trade names,
or "banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food
Basics, The Food Emporium, Best Cellars, and A&P Liquors. The
Company employs approximately 28,500 employees, over 90% of whom
are members of one of twelve local unions whose members are
employed by the Debtors under the authority of 35 separate
collective bargaining agreements.
Then with 429 stores, A&P and its affiliates filed Chapter 11
petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010,
and in 2012 emerged from Chapter 11 bankruptcy as a privately held
company with 320 supermarkets.
On July 19, 2015, with 300 stores, A&P and 20 affiliated debtors
each filed a Chapter 11 petition (Bankr. S.D.N.Y.) after reaching
deals for the going concern sales of 120 stores. The Debtors are
seeking joint administration under Case No. 15-23007.
As of Feb. 28, 2015, the Debtors reported total assets of $1.6
billion and liabilities of $2.3 billion.
The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore
Group L.L.C., as investment banker, FTI Consulting, Inc., as
financial advisor, Hilco Real Estate, LLC, as real estate advisor,
and Prime Clerk LLC, as claims and noticing agent.
Judge Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York issued an order directing joint
administration of the Chapter 11 cases of The Great Atlantic &
Pacific Tea Company, Inc., and its debtor affiliates under lead
case no. 15-23007.
ATLANTIC & PACIFIC: Posted $156.46 Million Net Income at Nov. 7
---------------------------------------------------------------
The Great Atlantic & Pacific Tea Company, Inc., et al., on
December 21, 2015, filed a monthly operating report
for the period from October 11, 2015, to November 7, 2015.
The Debtors reported a consolidated net income of $156.46 million
on $183.53 million sales for the current reporting period, a
complete swing from $28.50 million net loss reported for September
13, 2015, to October 10, 2015 period.
The Debtors posted $928.60 million in total assets, $1.64 billion
in total liabilities, and $713.41 million in total shareholders'
deficit as of November 7, 2015.
The Debtors started the period with $196.35 million cash. They
listed $40.85 million used in operating activities, $359.39 million
used in investing activities, and $393.01 million used in financing
activities. At the end of the period, the Debtors had $203.57
million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/GreatAtlanticoct-nov2015mor.pdf
About Atlantic & Pacific
Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea
Company, Inc., and its affiliates are one of the nation's oldest
leading supermarket and food retailers, operating approximately
300 supermarkets, beer, wine, and liquor stores, combination food
and drug stores, and limited assortment food stores across six
Northeastern states. The primary retail operations consist of
supermarkets operated under a variety of well known trade names,
or "banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food
Basics, The Food Emporium, Best Cellars, and A&P Liquors. The
Company employs approximately 28,500 employees, over 90% of whom
are members of one of twelve local unions whose members are
employed by the Debtors under the authority of 35 separate
collective bargaining agreements.
Then with 429 stores, A&P and its affiliates filed Chapter 11
petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010,
and in 2012 emerged from Chapter 11 bankruptcy as a privately held
company with 320 supermarkets.
On July 19, 2015, with 300 stores, A&P and 20 affiliated debtors
each filed a Chapter 11 petition (Bankr. S.D.N.Y.) after reaching
deals for the going concern sales of 120 stores. The Debtors are
seeking joint administration under Case No. 15-23007.
As of Feb. 28, 2015, the Debtors reported total assets of $1.6
billion and liabilities of $2.3 billion.
The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore
Group L.L.C., as investment banker, FTI Consulting, Inc., as
financial advisor, Hilco Real Estate, LLC, as real estate advisor,
and Prime Clerk LLC, as claims and noticing agent.
Judge Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York issued an order directing joint
administration of the Chapter 11 cases of The Great Atlantic &
Pacific Tea Company, Inc., and its debtor affiliates under lead
case no. 15-23007.
ATLANTIC & PACIFIC: Records $49.94 Million Net Loss as of Jan. 2
----------------------------------------------------------------
The Great Atlantic & Pacific Tea Company, Inc., and its debtor
affiliates, on February 16, 2016, filed a monthly operating report
for the period from December 6, 2015, to January 2, 2016.
The Debtors reported a consolidated net loss of $49.94 million on
sales of $5.87 million for the reporting period.
The Debtors posted $510.35 million in total assets, $1.13 billion
in total liabilities, and $616.88 million in total shareholders'
deficit as of January 2, 2016.
The Debtors started the period with $329.30 million cash. Net cash
from operations totaled $98.81 million, and net cash from investing
activities totaled $125.95 million. At the end of the period, the
Debtors had $356.45 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/GreatAtlantic_dec2015mor.pdf
About Atlantic & Pacific
Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea
Company, Inc., and its affiliates are one of the nation's oldest
leading supermarket and food retailers, operating approximately
300 supermarkets, beer, wine, and liquor stores, combination food
and drug stores, and limited assortment food stores across six
Northeastern states. The primary retail operations consist of
supermarkets operated under a variety of well known trade names,
or "banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food
Basics, The Food Emporium, Best Cellars, and A&P Liquors. The
Company employs approximately 28,500 employees, over 90% of whom
are members of one of twelve local unions whose members are
employed by the Debtors under the authority of 35 separate
collective bargaining agreements.
Then with 429 stores, A&P and its affiliates filed Chapter 11
petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010,
and in 2012 emerged from Chapter 11 bankruptcy as a privately held
company with 320 supermarkets.
On July 19, 2015, with 300 stores, A&P and 20 affiliated debtors
each filed a Chapter 11 petition (Bankr. S.D.N.Y.) after reaching
deals for the going concern sales of 120 stores. The Debtors are
seeking joint administration under Case No. 15-23007.
As of Feb. 28, 2015, the Debtors reported total assets of $1.6
billion and liabilities of $2.3 billion.
The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore
Group L.L.C., as investment banker, FTI Consulting, Inc., as
financial advisor, Hilco Real Estate, LLC, as real estate advisor,
and Prime Clerk LLC, as claims and noticing agent.
Judge Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York issued an order directing joint
Administration of the Chapter 11 cases of The Great Atlantic &
Pacific Tea Company, Inc., and its debtor affiliates under lead
case no. 15-23007.
BINDER & BINDER: Gains $250,648 Net Profit in October
-----------------------------------------------------
Binder & Binder - The National Social Security Disability Advocates
(NY), LLC, on Dec. 18, 2015, filed a monthly operating report for
October 2015.
The Debtor gained a net profit of $250,648 on net revenues of
$5.03 million in October, compared to a $1.24 million net loss
recorded for September.
As of Oct. 31, 2015, the Debtor listed $84.56 million in total
assets, $58.34 million in total liabilities, and $26.21 million in
total shareholders' equity.
The Debtor started the month with $5.03 million cash. It listed
total receipts of $4.70 million and total disbursements of $6.77
million. At the end of the month, the Debtor had $2.96 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BINDER_BINDERoct2015mor.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 Committee tapped Klestadt Winters Jureller
Southard & Stevens, LLP, as attorneys.
* * *
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.
On Oct. 29, 2015, the Court entered an order granting Stellus'
motion for termination of the Debtors' exclusive plan filing and
solicitation periods pursuant to Section 1121(d) of the Bankruptcy
Code.
On Nov. 18, 2015, Stellus Capital and the Creditors Committee filed
a Joint Plan of Liquidation for the Debtors, and on Jan. 15, 2016,
they filed a First Amended Joint Plan of Reorganization. The
original hearing on the Proponents' Disclosure Statement has been
adjourned for April 22, 2016.
BINDER & BINDER: Lists $122,962 Net Loss in November
----------------------------------------------------
Binder & Binder - The National Social Security Disability Advocates
(NY), LLC, on Dec. 29, 2015, filed a monthly operating report for
November 2015.
The Debtor suffered a net loss of $122,962 on net revenues of
$4.69 million in November.
As of Nov. 30, 2015, the Debtor listed $84.98 million in total
assets, $58.89 million in total liabilities, and $26.09 million in
total share holders' equity.
The Debtor started the month with $2.96 million cash. It listed
total receipts of $4.30 million and total disbursements of $4.17
million. At the end of the month, the Debtor had $3.09 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BINDER_BINDERnov2015mor.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 Committee tapped Klestadt Winters Jureller
Southard & Stevens, LLP, as attorneys.
* * *
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.
On Oct. 29, 2015, the Court entered an order granting Stellus'
motion for termination of the Debtors' exclusive plan filing and
solicitation periods pursuant to Section 1121(d) of the Bankruptcy
Code.
On Nov. 18, 2015, Stellus Capital and the Creditors Committee filed
a Joint Plan of Liquidation for the Debtors, and on Jan. 15, 2016,
they filed a First Amended Joint Plan of Reorganization. The
original hearing on the Proponents' Disclosure Statement has been
further adjourned for April 22, 2016.
BINDER & BINDER: Posts $624,677 Net Loss in December
----------------------------------------------------
Binder & Binder - The National Social Security Disability Advocates
(NY), LLC, on Jan. 28, 2016, filed a monthly operating report for
December 2015.
The Debtor incurred a net loss of $624,677 on net revenues of
$5.30 million in December, wider compared to $122,962
net loss reported in November.
As of Dec. 31, 2015, the Debtor listed $85.28 million in total
assets, $59.82 million in total liabilities, and $25.46 million in
total shareholders' equity.
The Debtor started the month with $3.09 million cash. It listed
total receipts of $4.78 million and total disbursements of $4.08
million. At the end of the month, the Debtor had $3.79 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BINDER_BINDERdec2015mor.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 Committee tapped Klestadt Winters Jureller
Southard & Stevens, LLP, as attorneys.
* * *
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.
On Oct. 29, 2015, the Court entered an order granting Stellus'
motion for termination of the Debtors' exclusive plan filing and
solicitation periods pursuant to Section 1121(d) of the Bankruptcy
Code.
On Nov. 18, 2015, Stellus Capital and the Creditors Committee filed
a Joint Plan of Liquidation for the Debtors, and on Jan. 15, 2016,
they filed a First Amended Joint Plan of Reorganization. The
original hearing on the Proponents' Disclosure Statement has been
further adjourned for April 22, 2016.
CLOUDEEVA INC: Ended October with $2.29 Million Cash
----------------------------------------------------
Cloudeeva, Inc., on February 16, 2016, filed a monthly operating
report for October 2015.
The Debtor started the month with $2.31 million cash. It listed
$5,542 in total receipts and $29,086 in total disbursements. At
month end, the Debtor had $2.29 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/CLOUDEEVAINCoct2015mor.pdf
About Cloudeeva, Inc.
Cloudeeva, Inc., a public company previously known as Systems
America, Inc., is a global cloud services and technology solutions
company specializing in cloud, big data and mobility solutions and
services. The company provides information technology staffing
services to major clients and third party vendors in the United
States and India. The company headquarters are in East Windsor,
New Jersey, with regional offices in California, Illinois and
international offices in India.
Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcy
protection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton, New
Jersey, on July 21, 2014. The cases are assigned to Judge Kathryn
C. Ferguson.
Cloudeeva disclosed $4,989,375 in assets and $6,528,910 in
liabilities as of the Chapter 11 filing. The company said only
$209,000 is owing to its lender Prestige Capital Corp. and more
than $5.2 million is owed for trade vendor payables.
The Debtors originally tapped Lowenstein Sandler LLP as counsel.
However, they later sought approval of Trenk, DiPasquale, Della
Fera & Sodono, P.C., to replace Lowenstein Sandler, who retention
was not formally approved by order of the Court. The Debtors also
tapped Cole, Schotz, Meisel, Forman & Leonard, P.A. as appellate
counsel. Kurtzman Carson Consultants LLC serves as claims and
noticing agent.
* * *
On Aug. 22, 2014, Judge Ferguson entered an order dismissing the
Debtors' Chapter 11 cases at the behest of Bartronics Asia PTE Ltd.
BAPL asserted that the cases were not filed in good faith. The
Debtors subsequently filed an appeal challenging the dismissal of
their cases.
Since then, District Judge Joel A. Pisano for the District of New
Jersey entered an order staying the Case Dismissal Order pending
further proceedings. Simultaneously, Judge Pisano reinstated the
Debtors' bankruptcy cases and authorized the Debtors to be in
possession of their assets and the management of their business as
debtors-in-possession, subject to the continuing jurisdiction of
the Bankruptcy Court and any further orders of the Bankruptcy
Court or the District Court.
The Debtor filed a Plan of Reorganization and Disclosure Statement
on Oct. 7, 2014. The Plan will be funded by cash on-hand on the
Effective Date, cash revenues derived from the Debtors' continued
operations, and investment of $1.15 million from Cloudeeva India
Private Limited or their designee, along with their guarantee of
all payments to be made under Plan, in exchange for the equity of
the Reorganized Debtors, as agreed in the parties' Plan Support
Agreement.
That Plan was withdrawn in February 2015.
The Court approved the appointment of Stephen Gray as Chapter 11
trustee for the Debtors' estate. The trustee was represented by
Saul Ewing LLP. Richard B. Honig was later appointed as the
Chapter 11 successor trustee for Cloudeeva Inc.
CLOUDEEVA INC: Had $2.25 Million Cash at Nov. 30
------------------------------------------------
Cloudeeva, Inc., on February 16, 2016, filed a monthly operating
report for November 2015.
The Debtor started the month with $2.29 million cash. It listed
$11,838 in total receipts and $42,332 in total disbursements.
Disbursements include $29,600 in professional fees. At month end,
the Debtor had $2.25 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/CLOUDEEVAINCnov2015mor.pdf
About Cloudeeva, Inc.
Cloudeeva, Inc., a public company previously known as Systems
America, Inc., is a global cloud services and technology solutions
company specializing in cloud, big data and mobility solutions and
services. The company provides information technology staffing
services to major clients and third party vendors in the United
States and India. The company headquarters are in East Windsor,
New Jersey, with regional offices in California, Illinois and
international offices in India.
Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcy
protection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton, New
Jersey, on July 21, 2014. The cases are assigned to Judge Kathryn
C. Ferguson.
Cloudeeva disclosed $4,989,375 in assets and $6,528,910 in
liabilities as of the Chapter 11 filing. The company said only
$209,000 is owing to its lender Prestige Capital Corp. and more
than $5.2 million is owed for trade vendor payables.
The Debtors originally tapped Lowenstein Sandler LLP as counsel.
However, they later sought approval of Trenk, DiPasquale, Della
Fera & Sodono, P.C., to replace Lowenstein Sandler, who retention
was not formally approved by order of the Court. The Debtors also
tapped Cole, Schotz, Meisel, Forman & Leonard, P.A. as appellate
counsel. Kurtzman Carson Consultants LLC serves as claims and
noticing agent.
* * *
On Aug. 22, 2014, Judge Ferguson entered an order dismissing the
Debtors' Chapter 11 cases at the behest of Bartronics Asia PTE Ltd.
BAPL asserted that the cases were not filed in good faith. The
Debtors subsequently filed an appeal challenging the dismissal of
their cases.
Since then, District Judge Joel A. Pisano for the District of New
Jersey entered an order staying the Case Dismissal Order pending
further proceedings. Simultaneously, Judge Pisano reinstated the
Debtors' bankruptcy cases and authorized the Debtors to be in
possession of their assets and the management of their business as
debtors-in-possession, subject to the continuing jurisdiction of
the Bankruptcy Court and any further orders of the Bankruptcy
Court or the District Court.
The Debtor filed a Plan of Reorganization and Disclosure Statement
on Oct. 7, 2014. The Plan will be funded by cash on-hand on the
Effective Date, cash revenues derived from the Debtors' continued
operations, and investment of $1.15 million from Cloudeeva India
Private Limited or their designee, along with their guarantee of
all payments to be made under Plan, in exchange for the equity of
the Reorganized Debtors, as agreed in the parties' Plan Support
Agreement.
That Plan was withdrawn in February 2015.
The Court approved the appointment of Stephen Gray as Chapter 11
trustee for the Debtors' estate. The trustee was represented by
Saul Ewing LLP. Richard B. Honig was later appointed as the
Chapter 11 successor trustee for Cloudeeva Inc.
CLOUDEEVA INC: Posted $2.14 Million Cash Balance at Dec. 31
-----------------------------------------------------------
Cloudeeva, Inc., on February 16, 2016, filed a monthly operating
report for December 2015.
The Debtor started the month with $2.25 million cash. It listed
$572 in total receipts and $115,987 in total disbursements.
Disbursements include $99,872 in professional fees.
At month end, the Debtor had $2.14 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/CLOUDEEVAINCdec2015mor.pdf
About Cloudeeva, Inc.
Cloudeeva, Inc., a public company previously known as Systems
America, Inc., is a global cloud services and technology solutions
company specializing in cloud, big data and mobility solutions and
services. The company provides information technology staffing
services to major clients and third party vendors in the United
States and India. The company headquarters are in East Windsor,
New Jersey, with regional offices in California, Illinois and
international offices in India.
Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcy
protection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton, New
Jersey, on July 21, 2014. The cases are assigned to Judge Kathryn
C. Ferguson.
Cloudeeva disclosed $4,989,375 in assets and $6,528,910 in
liabilities as of the Chapter 11 filing. The company said only
$209,000 is owing to its lender Prestige Capital Corp. and more
than $5.2 million is owed for trade vendor payables.
The Debtors originally tapped Lowenstein Sandler LLP as counsel.
However, they later sought approval of Trenk, DiPasquale, Della
Fera & Sodono, P.C., to replace Lowenstein Sandler, who retention
was not formally approved by order of the Court. The Debtors also
tapped Cole, Schotz, Meisel, Forman & Leonard, P.A. as appellate
counsel. Kurtzman Carson Consultants LLC serves as claims and
noticing agent.
* * *
On Aug. 22, 2014, Judge Ferguson entered an order dismissing the
Debtors' Chapter 11 cases at the behest of Bartronics Asia PTE Ltd.
BAPL asserted that the cases were not filed in good faith. The
Debtors subsequently filed an appeal challenging the dismissal of
their cases.
Since then, District Judge Joel A. Pisano for the District of New
Jersey entered an order staying the Case Dismissal Order pending
further proceedings. Simultaneously, Judge Pisano reinstated the
Debtors' bankruptcy cases and authorized the Debtors to be in
possession of their assets and the management of their business as
debtors-in-possession, subject to the continuing jurisdiction of
the Bankruptcy Court and any further orders of the Bankruptcy
Court or the District Court.
The Debtor filed a Plan of Reorganization and Disclosure Statement
on Oct. 7, 2014. The Plan will be funded by cash on-hand on the
Effective Date, cash revenues derived from the Debtors' continued
operations, and investment of $1.15 million from Cloudeeva India
Private Limited or their designee, along with their guarantee of
all payments to be made under Plan, in exchange for the equity of
the Reorganized Debtors, as agreed in the parties' Plan Support
Agreement.
That Plan was withdrawn in February 2015.
The Court approved the appointment of Stephen Gray as Chapter 11
trustee for the Debtors' estate. The trustee was represented by
Saul Ewing LLP. Richard B. Honig was later appointed as the
Chapter 11 successor trustee for Cloudeeva Inc.
DEB STORES: Lists $220,402 Net Profit in December
-------------------------------------------------
Deb Stores Holding, LLC, et al., on Feb. 16, 2016, filed a monthly
operating report for the period Nov. 29, 2015 to Jan. 2, 2016.
The Debtors' consolidated statement of operations recorded a net
profit of $220,402 for the month.
As of January 2, 2016, the Debtors declared $2.86 million in total
assets, $94.84 million in total liabilities, and net owner equity
of -$91.98 million.
The Debtors started the month with $2.59 million cash. They
reported total receipts of $300,904 and total disbursements of
$36,783. At month end, the Debtors had $2.85 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/DebStores_dec2015mor.pdf
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: Lists $86.52 Million Net Loss in November
--------------------------------------------------------
Energy Future Holdings Corp., et. al., on Jan. 8, 2016, filed
a monthly operating report for November.
Energy Future Holdings (EFH) incurred a $86.52 million net loss on
zero revenues for November.
At Nov. 30, 2015, EFH recorded -$18.45 billion in total assets,
$4.53 billion in total liabilities, and -$22.98 billion in total
shareholders' equity.
The consolidated statement of cash flows shows that the Debtors had
$2.08 billion cash at the beginning of the month. They listed
total cash receipts of $551 million and total cash disbursements of
$503 million for the month. They ended November with $2.16 billion
in cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/EnergyFuture_nov2015mor.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.
FEDERATION EMPLOYMENT: Incurred $1.21 Million Net Loss in November
------------------------------------------------------------------
Federation Employment And Guidance Service, Inc., on Dec. 22, 2015,
filed with the Bankruptcy Court its monthly operating report for
November 2015.
At Nov. 30, 2015, the Debtor had a net loss of $1.21 million.
As of Nov. 30, 2015, the Debtor had $88.99 million in total
assets, $90.26 million in total liabilities, and -$1.26 million in
net assets.
The Debtor had $9.18 million cash at the start of the period.
It listed total receipts of $907,622 and total disbursements of
$1.23 million. As a result, the Debtor had $8.86 million at
the end of the month.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/FEDERATIONEMPLOYMENTnov2015mor.pdf
About FEGS
Established in 1934 amidst the Great Depression, Federation
Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit
provider of various health and social services to more than 120,000
individuals annually in the areas of behavioral health,
disabilities, housing, home care, employment/workforce, education,
youth and family services. At its peak, FEGs' network of programs
operated over 350 locations throughout metropolitan New York and
Long Island and employed 2,217 highly skilled professionals.
FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case
No. 15-71074) in Central Islip, New York on March 18, 2015.
The Debtor filed applications to hire Garfunkel, Wild, P.C., as
general bankruptcy counsel; Togut, Segal & Segal, LLP, as
co-counsel; JL Consulting LLC as Restructuring Advisor, as
restructuring advisor; Crowe Horwath, LLP as accountants; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.
The Debtor disclosed $86,697,814 in assets and $45,572,524 in
liabilities as of the Chapter 11 filing.
The U.S. Trustee for Region 2 appointed three members to the
Official Committee of Unsecured Creditors. The Committee tapped
Pachulski Stang Ziehl & Jones LLP as its counsel.
FEDERATION EMPLOYMENT: Listed $1.26 Million Net Loss in December
----------------------------------------------------------------
Federation Employment And Guidance Service, Inc., on Jan. 20, 2016,
filed with the Bankruptcy Court its monthly operating report for
December 2015.
At Dec. 31, the Debtor had a net loss of $1.26 million on zero
revenue.
As of Dec. 31, 2015, the Debtor had $87.78 million in total
assets, $90.27 million in total liabilities, and -$2.48 million in
net assets.
The Debtor had $8.86 million cash at the start of the period.
It listed total receipts of $667,061 and total disbursements of
$1.42 million. Thus, the Debtor had $8.11 million at
the end of the month.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/FEDERATIONEMPLOYMENTdec2015mor.pdf
About FEGS
Established in 1934 amidst the Great Depression, Federation
Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit
provider of various health and social services to more than 120,000
individuals annually in the areas of behavioral health,
disabilities, housing, home care, employment/workforce, education,
youth and family services. At its peak, FEGs' network of programs
operated over 350 locations throughout metropolitan New York and
Long Island and employed 2,217 highly skilled professionals.
FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case
No. 15-71074) in Central Islip, New York on March 18, 2015.
The Debtor filed applications to hire Garfunkel, Wild, P.C., as
general bankruptcy counsel; Togut, Segal & Segal, LLP, as
co-counsel; JL Consulting LLC as Restructuring Advisor, as
restructuring advisor; Crowe Horwath, LLP as accountants; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.
The Debtor disclosed $86,697,814 in assets and $45,572,524 in
liabilities as of the Chapter 11 filing.
The U.S. Trustee for Region 2 appointed three members to the
Official Committee of Unsecured Creditors. The Committee tapped
Pachulski Stang Ziehl & Jones LLP as its counsel.
FEDERATION EMPLOYMENT: Recorded $828,837 Net Loss for January
-------------------------------------------------------------
Federation Employment And Guidance Service, Inc., on Feb. 22, 2016,
filed with the Bankruptcy Court its monthly operating report for
January 2016.
At Jan. 31, 2016, the Debtor reported a net loss of $828,837.
As of Jan. 31, 2016, the Debtor had $87.07 million in total
assets, $90.60 million in total liabilities, and -$3.53 million in
net assets.
The Debtor had $8.11 million cash at the start of the period.
It listed total receipts of $458,962 and total disbursements of
$1.05 million. Disbursements include $131,104 in professional
fees. As a result, the Debtor had $7.52 million at the end of the
month.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/FEDERATIONEMPLOYMENTdec2015mor.pdf
About FEGS
Established in 1934 amidst the Great Depression, Federation
Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit
provider of various health and social services to more than 120,000
individuals annually in the areas of behavioral health,
disabilities, housing, home care, employment/workforce, education,
youth and family services. At its peak, FEGs' network of programs
operated over 350 locations throughout metropolitan New York and
Long Island and employed 2,217 highly skilled professionals.
FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case
No. 15-71074) in Central Islip, New York on March 18, 2015.
The Debtor filed applications to hire Garfunkel, Wild, P.C., as
general bankruptcy counsel; Togut, Segal & Segal, LLP, as
co-counsel; JL Consulting LLC as Restructuring Advisor, as
restructuring advisor; Crowe Horwath, LLP as accountants; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.
The Debtor disclosed $86,697,814 in assets and $45,572,524 in
liabilities as of the Chapter 11 filing.
The U.S. Trustee for Region 2 appointed three members to the
Official Committee of Unsecured Creditors. The Committee tapped
Pachulski Stang Ziehl & Jones LLP as its counsel.
IPC INTERNATIONAL: Files Operating Reports for December & January
-----------------------------------------------------------------
IPC International Corp., et al., filed, on Feb. 11, 2016, a
monthly operating report for December 2015 & January 2016.
For December 2015, the Debtors posted $22,823 in total receipts
and $89,199 in total disbursements. Disbursements include
$87,899 in Professional Fees. They started the month with $979,391
cash, and ended the month with $913,015 million cash.
For January 2016, the Debtors posted $27,500 in total receipts and
$8,396 in total disbursements. Disbursements include $8,103 in
Professional Fees. They started the month with $913,015 cash,
and ended the month with $932,118 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/IPCINTL_dectojan2016mor.pdf
About IPC International
Based in Bannockburn, Illinois, IPC International Corp., a
provider of security services for 350 shopping malls, filed a
petition for Chapter 11 protection (Bankr. D. Del. Case No.
13-12050) on Aug. 9, 2013, in Delaware after signing a contract
for Universal Protection Services LLC to buy the business, subject
to higher and better offers at an auction. Bankruptcy was the
result of losses on a U.K. affiliate that was sold, as well as
competition and the cost of liability insurance.
Scott M. Strong signed the petition as chief financial officer.
The Debtor estimated assets and debts of at least $10 million.
Jeremy William Ryan, Esq., and Etta R. Mayers, Esq., at Potter
Anderson & Corroon, LLP, serves as local counsel. Paul V.
Possinger, Esq., and Brandon W. Levitan, Esq., at Proskauer Rose,
LLP, serve as the Debtor's general bankruptcy counsel. Silverman
Consulting, LLC, acts as the Debtor's financial advisor and
Livingstone Partners, LLP, serves as the Debtor's investment
banker. KCC is the Debtor's noticing, claims and balloting agent.
Judge Mary F. Walrath presides over the case.
The Debtor disclosed $21,959,100 in assets and $31,056,575 in
liabilities as of the Chapter 11 filing. Liabilities include $6.9
million on a revolving credit and $10.4 million on term loans owing
to PrivateBank & Trust Co., as agent.
PrivateBank also provided a $12 million loan to finance the
Chapter 11 case. The DIP loan required quick sale.
A three-member panel has been appointed as the official unsecured
creditors committee in the case. The panel consists of Weinberg,
Wheeler, Hudgins, Gunn & Dial, LLC; Mary Carmona-Rousse; and Drew
Eckl & Farnham, LLP.
In October 2013, IPC International won authorization to sell the
business for $25.4 million to Universal Protection Services.
Allied Security Holdings LLC, a competing bidder, forced Universal
to raise the offer at an auction early in October. Universal
initially offered $21.3 million plus assumption of specified
liabilities.
On July 10, 2015, the Bankruptcy Court entered an order confirming
the First Amended Joint Plan of Liquidation of IPC International
Corporation and The Security Network Holdings Corporation.
JAMES RIVER: Incurs $1.33 Million Net Loss in November
------------------------------------------------------
James River Coal Company, on Dec. 30, 2015, filed with the
Bankruptcy Court its monthly operating report for November 2015.
The Debtor reported a net loss of $1.33 million at November 30.
As of Nov. 30, 2015, the Debtor had $30.65 million in total
assets, $586.96 million in total liabilities, and $556.31 million
in shareholders' deficit.
The Debtors listed $836,000 in total cash receipts and $11.69
million in total cash disbursements.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/JamesRiver_nov2015mor.pdf
About James River Coal
James River Coal Company is a producer and marketer of coal in the
Central Appalachia ("CAPP") and the Midwest coal regions of the
United States. James River's principal business is the mining,
preparation and sale of metallurgical coal, thermal coal (which is
also known as steam coal) and specialty coal.
James River and 33 of its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Va. Case Nos. 14-31848 to 14-31886) in
Richmond, Virginia, on April 7, 2014. The petitions were signed by
Peter T. Socha as president and chief executive officer. Judge
Kevin R. Huennekens oversees the Chapter 11 cases.
On the petition date, James River Coal disclosed total assets of
$1.06 billion and total liabilities of $818.6 million.
The Debtors are represented by Tyler P. Brown, Esq., Henry P.
(Toby) Long, III, Esq., and Justin F. Paget, Esq. at Hunton &
Williams LLP of Richmond, VA and Marwill S. Huebner, Esq, Brian M.
Resnick, Esq., and Michelle M. McGreal, Esq. at Davis Polk &
Wardwell LLP of New York, NY. Kilpatrick Townsend & Stockton LLP
serves as the Debtors' special counsel. Perella Weinberg Partners
L.P. is the Debtors' financial advisor. Deutsche Bank Securities
Inc. serves as the Debtors' investment banker and M&G advisor.
Epiq Bankruptcy Solutions, LLC, acts as the debtors' notice, claims
and administrative agent.
The U.S. Trustee for Region 4 has appointed five creditors to the
Official Committee of Unsecured Creditors. Michael S. Stamer,
Esq., Alexis Freeman, Esq., and Jack M. Tracy II, Esq., at Akin
Gump Strauss Hauer & Feld LLP; and Jonathan L. Gold, Esq.,
Christopher L. Perkins, Esq., and Christian K. Vogel, Esq., at
LeClairRyan.
The Debtors, in August 2014, won authority to sell the Hampden
Mining Complex (including the assets of Logan & Kanawha Coal
Company, LLC), the Hazard Mining Complex (other than the assets of
Laurel Mountain Resources LLC) and the Triad Mining Complex for $52
million plus the assumption of certain environmental and other
liabilities, to a unit of Blackhawk Mining. The Buyer is
represented by Mitchell A. Seider, Esq., and Charles E. Carpenter,
Esq., at Latham & Watkins LLP.
* * *
James River Coal has filed a bankruptcy-exit Plan that contemplates
the liquidation and dissolution of the Debtors and the resolution
of all outstanding claims against, and interests in, the Debtors.
A copy of the Disclosure Statement for the Liquidating Plan filed
Dec. 22, 2015, is available for free at:
http://bankrupt.com/misc/James_River_1565_DS_Liq_Plan.pdf
The Bankruptcy Court has approved the adequacy of the disclosure
statement describing the Chapter 11 plan.
JAMES RIVER: Net Loss in December Narrows to $605,000
-----------------------------------------------------
James River Coal Company, on Feb 1, 2016, filed with the
Bankruptcy Court its monthly operating report for December 2015.
The Debtor reported a net loss of $605,000 at Dec. 30.
As of Dec. 31, 2015, the Debtor had $29.28 million in total
assets, $586.19 million in total liabilities, and $556.91 million
in shareholders' deficit.
The Debtors listed $83,000 in total cash receipts and $1.44
million in total cash disbursements.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/JamesRiver_dec2015mor.pdf
About James River Coal
James River Coal Company is a producer and marketer of coal in the
Central Appalachia ("CAPP") and the Midwest coal regions of the
United States. James River's principal business is the mining,
preparation and sale of metallurgical coal, thermal coal (which is
also known as steam coal) and specialty coal.
James River and 33 of its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Va. Case Nos. 14-31848 to 14-31886) in
Richmond, Virginia, on April 7, 2014. The petitions were signed by
Peter T. Socha as president and chief executive officer. Judge
Kevin R. Huennekens oversees the Chapter 11 cases.
On the petition date, James River Coal disclosed total assets of
$1.06 billion and total liabilities of $818.6 million.
The Debtors are represented by Tyler P. Brown, Esq., Henry P.
(Toby) Long, III, Esq., and Justin F. Paget, Esq. at Hunton &
Williams LLP of Richmond, VA and Marwill S. Huebner, Esq, Brian M.
Resnick, Esq., and Michelle M. McGreal, Esq. at Davis Polk &
Wardwell LLP of New York, NY. Kilpatrick Townsend & Stockton LLP
serves as the Debtors' special counsel. Perella Weinberg Partners
L.P. is the Debtors' financial advisor. Deutsche Bank Securities
Inc. serves as the Debtors' investment banker and M&G advisor.
Epiq Bankruptcy Solutions, LLC, acts as the debtors' notice, claims
and administrative agent.
The U.S. Trustee for Region 4 has appointed five creditors to the
Official Committee of Unsecured Creditors. Michael S. Stamer,
Esq., Alexis Freeman, Esq., and Jack M. Tracy II, Esq., at Akin
Gump Strauss Hauer & Feld LLP; and Jonathan L. Gold, Esq.,
Christopher L. Perkins, Esq., and Christian K. Vogel, Esq., at
LeClairRyan.
The Debtors, in August 2014, won authority to sell the Hampden
Mining Complex (including the assets of Logan & Kanawha Coal
Company, LLC), the Hazard Mining Complex (other than the assets of
Laurel Mountain Resources LLC) and the Triad Mining Complex for $52
million plus the assumption of certain environmental and other
liabilities, to a unit of Blackhawk Mining. The Buyer is
represented by Mitchell A. Seider, Esq., and Charles E. Carpenter,
Esq., at Latham & Watkins LLP.
* * *
James River Coal has filed a bankruptcy-exit Plan that contemplates
the liquidation and dissolution of the Debtors and the resolution
of all outstanding claims against, and interests in, the Debtors.
A copy of the Disclosure Statement for the Liquidating Plan filed
Dec. 22, 2015, is available for free at:
http://bankrupt.com/misc/James_River_1565_DS_Liq_Plan.pdf
The Bankruptcy Court has approved the adequacy of the disclosure
statement describing the Chapter 11 plan.
NE OPCO: Records $37,664 Net Loss in January
--------------------------------------------
NE Opco, Inc., dba National Envelope, and its debtor affiliates, on
February 17, 2016, filed their monthly operating report for
January 2016.
The Debtors' consolidated statement of operations showed a net loss
of $37,664 in January.
As of January 31, 2016, the Debtors listed $509,494 in
consolidated total assets, $135.57 million consolidated total
liabilities, and $135.06 million in total consolidated
shareholders' deficit.
At the start of the month, the Debtors had $348,548 in cash and
cash equivalents. About $1,244 cash was provided by operating
activities. At the end of the month, the Debtors had $349,792 in
cash and cash equivalents.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEOpco_jan2016mor.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.
NEW GULF RESOURCES: Net Loss Decreases to $6.48 Million in January
------------------------------------------------------------------
New Gulf Resources, LLC, et. al., on February 29, 2016, filed a
monthly
operating report for January 2016.
The Debtors' statement of operations showed a consolidated net loss
of $6.48
million on $2.15 million revenues for the month, a huge drop from
$53.71 million
recorded in December 2015.
At January 31, 2016, the Debtors had $294.68 million in
consolidated total
assets, $631.16 million in consolidated total liabilities, and
total
shareholders' deficit of $336.48 million.
For the period, the Debtors had $4.66 million in total net receipts
and $8.81 million in total disbursements.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NewGulfResources_jan2016mor.pdf
About New Gulf Resources
New Gulf Resources, LLC, NGR Holding Company LLC, NGR Texas, LLC,
and NGR Finance Corp. filed Chapter 11 bankruptcy petitions
(Bankr.
D. Del. Proposed Lead Case No. 15-12566) on Dec. 17, 2015. The
petition was signed by Danni Morris as chief financial officer.
Founded in 2011 and headquartered in Tulsa, Oklahoma, New Gulf is
an independent oil and natural gas company engaged in the
acquisition, development, exploration and production of oil and
natural gas properties, focused primarily in the East Texas Basin.
The Company currently employs 55 people.
The Debtors have engaged Baker Botts L.L.P., as bankruptcy
counsel,
Young, Conaway, Stargatt & Taylor, LLP as co-counsel,
Barclays Capital Inc., as investment banker, Zolfo Cooper, LLC as
financial advisor, and Prime Clerk LLC as claims and notice agent.
Judge Brendan Linehan Shannon has been assigned the case.
* * *
Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the
District of Delaware on Feb. 4, 2016, approved the disclosure
statement explaining New Gulf Resources, LLC, et al.'s First
Amended Joint Plan of Reorganization and scheduled the
Confirmation hearing for April 11, 2016, at 10:00 a.m. (prevailing
Eastern Time).
The Plan Objection Deadline and Voting Deadline are established as
March 24, 2016.
Prior to the Disclosure Statement hearing, the Debtors amended the
Plan outline to provide that holders of Class 6 - Subordinated PIK
Notes Claims will be entitled to receive: (i) if Class 6 votes to
accept the Plan, its Pro Rata share of 12.5% of the New Equity
Interests that are issued and outstanding as of the Effective
Date; or (ii) if Class 6 does not vote to accept the Plan, its Pro
Rata share of 5% of the New Equity Interests that are issued and
outstanding as of the Effective Date
.
NEWZOOM INC: Lists $575,954 Net Loss at Oct. 3
----------------------------------------------
NewZoom, Inc., on October 21, 2015, filed its monthly operating
report for the period Sept. 10, 2015, to Oct. 3, 2015.
The Debtor incurred a net loss of $575,954 on $1.47 million
total revenue for the reporting period.
As of October 3, 2015, the Debtor posted $20.63 million in total
assets, $40.28 million in total liabilities, and $98.19 million in
total shareholders' equity.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEWZOOMINCsept-oct2015mor.pdf
About NewZoom
Headquartered in San Francisco, California, NewZoom, doing business
as ZoomSystems, operates an automated retail channel. It operates
ZoomShops, a custom-branded automated self-service retail stores
that facilitates online shopping. It has ZoomShop network
locations in airports, malls, resorts, military bases, and retail
stores in the United States, Europe, and Japan. The Debtor employs
approximately 115 people.
NewZoom, Inc. filed Chapter 11 bankruptcy petition (Bankr. N.D.
Calif. Case No. 15-31141) on Sept. 10, 2015. John A. Lawrence
signed the petition as president and chief executive officer.
The Debtor has estimated assets and liabilities in the range of $10
million to $50 million.
Pachulski Stang Ziehl & Jones LLP represents the Debtor as counsel.
Prime Clerk LLC acts as the claims and noticing agent.
The case is assigned to Judge Hannah L. Blumenstiel.
NEWZOOM INC: Net Loss Widens to $1.18 Million at Oct. 31
--------------------------------------------------------
NewZoom, Inc., on November 23, 2015, filed its monthly operating
report for the period Oct. 4, 2015, to Oct. 31, 2015.
The Debtor incurred a net loss of $1.18 million on $1.86 million in
total revenues for October, an increase from the $575,954 net loss
recorded for the previous period.
As of October 31, 2015, the Debtor listed total assets of $22.35
million, total liabilities subject to compromise of $39.10 million,
liabilities not subject to compromise of $3.17 million,
and $98.18 million in total shareholders’ equity.
At Oct. 4, 2015, the Debtor had $838,855 beginning cash balance.
It listed $1.18 million in total collections and $2.26 million
in total disbursements. Taking into account $650,000 in
repayments, the Debtor had ending cash balance of $401,605 at Oct.
31.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEWZOOMINCoct2015mor.pdf
About NewZoom
Headquartered in San Francisco, California, NewZoom, doing business
as ZoomSystems, operates an automated retail channel. It operates
ZoomShops, a custom-branded automated self-service retail stores
that facilitates online shopping. It has ZoomShop network
locations in airports, malls, resorts, military bases, and retail
stores in the United States, Europe, and Japan. The Debtor employs
approximately 115 people.
NewZoom, Inc. filed Chapter 11 bankruptcy petition (Bankr. N.D.
Calif. Case No. 15-31141) on Sept. 10, 2015. John A. Lawrence
signed the petition as president and chief executive officer.
The Debtor has estimated assets and liabilities in the range of $10
million to $50 million.
Pachulski Stang Ziehl & Jones LLP represents the Debtor as counsel.
Prime Clerk LLC acts as the claims and noticing agent.
The case is assigned to Judge Hannah L. Blumenstiel.
NEWZOOM INC: Records $2.27 Million Net Loss in November
-------------------------------------------------------
NewZoom, Inc., on December 22, 2015, filed its monthly operating
report for the period Nov. 1, 2015, to Nov. 28, 2015.
The Debtor suffered a net loss of $2.27 million on $1.72 million
revenue in November.
As of November 28, 2015, the Debtor listed total assets of $20.81
million, total liabilities of $43.85 million, and $97.33 million in
total shareholders' equity.
At November 4, the Debtor had $401.605 beginning cash balance.
It listed $1.72 million in total collections and $3.02 million
in total disbursements. Taking into account $1.55 million in
repayments, the Debtor had ending cash balance of $660,320 at Nov
28.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEWZOOMINCnov2015mor.pdf
About NewZoom
Headquartered in San Francisco, California, NewZoom, doing business
as ZoomSystems, operates an automated retail channel. It operates
ZoomShops, a custom-branded automated self-service retail stores
that facilitates online shopping. It has ZoomShop network
locations in airports, malls, resorts, military bases, and retail
stores in the United States, Europe, and Japan. The Debtor employs
approximately 115 people.
NewZoom, Inc. filed Chapter 11 bankruptcy petition (Bankr. N.D.
Calif. Case No. 15-31141) on Sept. 10, 2015. John A. Lawrence
signed the petition as president and chief executive officer.
The Debtor has estimated assets and liabilities in the range of $10
million to $50 million.
Pachulski Stang Ziehl & Jones LLP represents the Debtor as counsel.
Prime Clerk LLC acts as the claims and noticing agent.
The case is assigned to Judge Hannah L. Blumenstiel.
NORTEL NETWORKS: Ending Cash Drops to $594.2MM in December
----------------------------------------------------------
Nortel Networks Inc., et al., on January 28, 2016, filed their
monthly operating report for December 2015.
As of December 31, 2015, NNI listed $715.7 million in total assets,
$5.28 billion in total liabilities, and $4.57 billion in total
shareholders' deficit.
NNI started December with $601.5 million cash. It posted total
cash receipts of $1.2 million and total cash disbursements of $8.5
million. At month end, the Debtor's cash balance was pegged at
$594.2 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NortelNetworks_dec2015mor.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.
QUICKSILVER RESOURCES: Net Loss Decreases to $12.26MM in November
-----------------------------------------------------------------
Quicksilver Resources Inc., et al., on Dec. 21, 2015, filed their
operating report for November 2015.
The Debtors incurred a consolidated net loss of $12.26 million on
$12.27 million in total revenues for November, a noticeable
decrease from the recorded $88 million net loss in October.
The Debtors posted $446.39 million in consolidated total assets,
$2.06 billion in consolidated total liabilities, and $1.61 billion
in consolidated total shareholders'
deficit as of Nov. 30, 2015.
The Debtors started the month with $148.52 million cash. It listed
$19.78 million in total receipts and $30.45 million in total
disbursements. Disbursements include $2.81 million in professional
fees and expenses. At month end, the Debtors had $137.85 million
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/Quicksilvernov2015mor.pdf
About Quicksilver Resources
Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration and
production company engaged in the development and production of
long-lived natural gas and oil properties onshore North America.
Based in Fort Worth, Texas, the company claims to be a leader in
the development and production from unconventional reservoirs
including shale gas, and coal bed methane. Following more than 30
years of operating as a private company, Quicksilver became public
in 1999.
The Company has U.S. offices in Fort Worth, Texas; Glen Rose,
Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,
Montana. The Company's Canadian subsidiary, Quicksilver Resources
Canada Inc. is headquartered in Calgary, Alberta.
On March 17, 2015, Quicksilver Resources Inc. and certain of its
affiliates filed voluntary petitions for relief under Chapter 11 of
title 11 of the United States Code in Delaware. Quicksilver's
Canadian subsidiaries were not included in the chapter 11 filing.
The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLP
in the U.S. and Bennett Jones in Canada. Richards Layton & Finger,
P.A., is legal co-counsel in the Chapter 11 cases. Houlihan Lokey
Capital, Inc., is serving as financial advisor. Garden City Group
Inc. is the claims and noticing agent.
The Company's balance sheet at Dec. 31, 2014, showed $1.21 billion
in total assets, $2.35 billion in total liabilities and total
stockholders' deficit of $1.14 billion.
The U.S. Trustee for Region 3 appointed five creditors of
Quicksilver Resources Inc. to serve on the official committee of
unsecured creditors.
Quicksilver Resources Inc. and its U.S. subsidiaries on January
22, 2016, entered into an Asset Purchase Agreement with BlueStone
Natural Resources II, LLC pursuant to which the Buyer agreed to
purchase substantially all of the Sellers' U.S. oil and gas assets
for a cash purchase price of $245.0 million.
The consummation of the transactions contemplated by the Purchase
Agreement is subject to customary closing conditions, and such
transactions are expected to close on or before March 31, 2016.
QUICKSILVER RESOURCES: Posts $4.40 Million Net Loss in January
--------------------------------------------------------------
Quicksilver Resources Inc., et al., on Feb. 22, 2016, filed an
operating report for January 2016.
The Debtors incurred a consolidated net loss of $4.40 million on
$8.31 million in total revenues for January.
The Debtors posted $249.24 million in total assets, $2.09 billion
in total liabilities, and $1.84 billion in total shareholders'
deficit as of Jan. 31, 2016.
The Debtors started the month with $116.10 million cash. They
listed $63.75 million in total receipts and $24.60 million in total
disbursements. Disbursements include $2.13 million in professional
fees and expenses. At month end, the Debtors had $155.26 million
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/QuicksilverResources_jan2016mor.pdf
About Quicksilver Resources
Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration and
production company engaged in the development and production of
long-lived natural gas and oil properties onshore North America.
Based in Fort Worth, Texas, the company claims to be a leader in
the development and production from unconventional reservoirs
including shale gas, and coal bed methane. Following more than 30
years of operating as a private company, Quicksilver became public
in 1999.
The Company has U.S. offices in Fort Worth, Texas; Glen Rose,
Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,
Montana. The Company's Canadian subsidiary, Quicksilver Resources
Canada Inc. is headquartered in Calgary, Alberta.
On March 17, 2015, Quicksilver Resources Inc. and certain of its
affiliates filed voluntary petitions for relief under Chapter 11 of
title 11 of the United States Code in Delaware. Quicksilver's
Canadian subsidiaries were not included in the chapter 11 filing.
The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLP
in the U.S. and Bennett Jones in Canada. Richards Layton & Finger,
P.A., is legal co-counsel in the Chapter 11 cases. Houlihan Lokey
Capital, Inc., is serving as financial advisor. Garden City Group
Inc. is the claims and noticing agent.
The Company's balance sheet at Dec. 31, 2014, showed $1.21 billion
in total assets, $2.35 billion in total liabilities and total
stockholders' deficit of $1.14 billion.
The U.S. Trustee for Region 3 appointed five creditors of
Quicksilver Resources Inc. to serve on the official committee of
unsecured creditors.
Quicksilver Resources Inc. and its U.S. subsidiaries on January
22, 2016, entered into an Asset Purchase Agreement with BlueStone
Natural Resources II, LLC pursuant to which the Buyer agreed to
purchase substantially all of the Sellers' U.S. oil and gas assets
for a cash purchase price of $245.0 million.
The consummation of the transactions contemplated by the Purchase
Agreement is subject to customary closing conditions, and such
transactions are expected to close on or before March 31, 2016.
QUIKSILVER INC: Posts $25.09 Million Net Loss in November
---------------------------------------------------------
Quiksilver, Inc., et al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for November
2015.
The Debtors' consolidated statement of operations reflected a net
loss of $25.09 million for the period.
As of November 30, 2015, the Debtors posted consolidated total
assets of $300.87 million, consolidated total liabilities of
$731.13 million, and $430.26 million in consolidated total
shareholders' deficit.
At the start of the month, the Debtors had a consolidated cash
balance of $3.64 million. They listed 38.01 million consolidated
total cash receipts and consolidated total disbursements of $34.89
million. The Debtors also listed $9.36 million in net financing
activity. At month end, the Debtors had $16.12 million cash.
A copy of the monthly operating report is available at the SEC at:
http://is.gd/aqVjSV
About Quiksilver Inc.
Quiksilver, Inc. -- http://www.quiksilver.com,http://www.roxy.com
and http://www.dcshoes.com-- is an outdoor sports lifestyle
companies, that designs, produces and distributes branded apparel,
footwear and accessories. The Company's apparel and footwear
brands, inspired by a passion for outdoor action sports, represent
a casual lifestyle for young-minded people who connect with its
boardriding culture and heritage. The Company's Quiksilver, Roxy,
and DC brands have authentic roots and heritage in surf, snow and
skate. The Company's products are sold in more than 100 countries
in a wide range of distribution, including surf shops, skate shops,
snow shops, its proprietary Boardriders shops and other
Company-owned retail stores, other specialty stores, select
department stores and through various e-commerce channels.
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 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.
* * *
The Court filed a pre-arranged Chapter 11 restructuring plan backed
by Oaktree Capital Management, a holder of 73% of the Company's
U.S. Secured Notes. The Plan was confirmed Jan. 29, 2016, and the
Plan was declared effective Feb. 11, 2016.
Under the Plan, 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.
QUIRKY INC: Gains $1.11 Million Net Income in November
------------------------------------------------------
Quirky, Inc., et al., on December 31, 2015, filed an operating
report for November 2015.
The Debtors listed net income of $1.11 million on $122,373 in net
revenue for November.
The Debtors posted $50.08 million in total assets, $135.94 billion
in total liabilities, and $85.85 million in total shareholders'
deficit as of Nov. 30, 2015.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/QuirkyInc_nov2015mor.pdf
About Quirky, Inc.
Headquartered in New York City, Quirky designs and develops various
products ranging from electronics, home and garden, kitchen and
organization and sells those products through big box retailers
like Target and Home Depot and online through its Web site. The
Company sold over 150 different products and a total of 4 million
units, generating over $50 million in revenue from its retail and
consulting businesses in 2014.
Quirky, Inc., Wink, Inc. and Undercurrent Acquisition, LLC filed
Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No.
15-12596) on Sept. 22, 2015, with a deal to sell their assets
related to the Wink business line as a going concern to Flextronics
International USA Inc., for $15 million, absent higher and better
offers.
The petitions were signed by Charles Kwalwasser, the chief
administrative officer.
Judge Martin Glenn is assigned to the jointly administered cases.
Quirky estimated assets in the range of $10 million to $50 million
and liabilities of at least $50 million.
The Debtors have engaged Cooley LLP as counsel, Klestadt Winters
Jureller Southard & Stevens LLP as conflicts counsel, Centerview
Partners LLC as investment bankers, FTI Consulting, Inc., as
financial advisors, Rust Consulting/Omni Bankruptcy as claims and
noticing agent and Hilco IP Services LLC dba Hilco Streambank as
intellectual property disposition consultant to Quirky, Inc.
The U.S. Trustee for Region 2 appointed five members to an Official
Committee of Unsecured Creditors. The Committee retained
Otterbourg P.C.
QUIRKY INC: Lists $3.14 Million Net Loss at Oct. 31
---------------------------------------------------
Quirky, Inc., et al., on December 1, 2015, filed an operating
report for the period Sept. 22, 2016 to Oct. 31, 2015.
The Debtors listed net loss of $3.14 million on $1.08 million in
net revenue for the period.
The Debtors posted $48.20 million in total assets, $135.91 billion
in total liabilities, and $87.71 million in total shareholders'
deficit as of Oct. 31, 2015.
At Sept. 22, the Debtors had $7.33 million cash. They listed $1.5
million in total receipts and $2.67 million in total disbursements.
The Debtors had $6.20 million cash at Oct. 31.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/QuirkyInc_oct2015mor.pdf
About Quirky, Inc.
Headquartered in New York City, Quirky designs and develops various
products ranging from electronics, home and garden, kitchen and
organization and sells those products through big box retailers
like Target and Home Depot and online through its Web site. The
Company sold over 150 different products and a total of 4 million
units, generating over $50 million in revenue from its retail and
consulting businesses in 2014.
Quirky, Inc., Wink, Inc. and Undercurrent Acquisition, LLC filed
Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No.
15-12596) on Sept. 22, 2015, with a deal to sell their assets
related to the Wink business line as a going concern to Flextronics
International USA Inc., for $15 million, absent higher and better
offers.
The petitions were signed by Charles Kwalwasser, the chief
administrative officer.
Judge Martin Glenn is assigned to the jointly administered cases.
Quirky estimated assets in the range of $10 million to $50 million
and liabilities of at least $50 million.
The Debtors have engaged Cooley LLP as counsel, Klestadt Winters
Jureller Southard & Stevens LLP as conflicts counsel, Centerview
Partners LLC as investment bankers, FTI Consulting, Inc., as
financial advisors, Rust Consulting/Omni Bankruptcy as claims and
noticing agent and Hilco IP Services LLC dba Hilco Streambank as
intellectual property disposition consultant to Quirky, Inc.
The U.S. Trustee for Region 2 appointed five members to an Official
Committee of Unsecured Creditors. The Committee retained
Otterbourg P.C.
RCS CAPITAL: Files Initial Monthly Operating Report
---------------------------------------------------
RCS Capital Corporation, et al., filed an initial monthly operating
report on February 16, 2016.
The Initial MOR include a schedule of retainers paid to
professionals. Among the Debtors' bankruptcy professionals are
Prime Clerk, Young Conaway Stargatt & Taylor, LLP, and Zolfo
Cooper.
A copy of the initial monthly operating report is available at:
http://bankrupt.com/misc/RCSCapital_initialmor.pdf
About RCS Capital
New York-based RCS Capital Corporation --
http://www.rcscapital.com/-- is a full-service investment firm
focused on the individual retail investor. With operating
subsidiaries primarily focused on retail advice and until the
completion of recently announced pending sales and divestiture of
its wholesale distribution and investment banking, the company's
business aims to capitalize, grow and maximize value for the
investment programs its distributes and the independent advisors
and clients it serves.
RCS Capital Corporation and 11 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10223 to
16-10234) on Jan. 31, 2016. The petitions were signed by David
Orlofsky as chief restructuring officer. The Debtors disclosed
total assets of $1.97 billion and total debts of $1.39 billion.
The Debtors have engaged Dechert LLP as general counsel, Young
Conaway Stargatt & Taylor, LLP as Delaware counsel, Zolfo Cooper
Management, LLC as restructuring advisor, Lazard Freres & Co. LLC
as investment banker and Prime Clerk LLC as administrative advisor
and claims and noticing agent.
SAMSON RESOURCES: Reports $1.26 Million Net Loss in December
------------------------------------------------------------
Samson Resources Corporation, et al., filed on February 12, 2016, a
monthly operating report for December 2015.
Samson Resources Corp. reported a net loss of $1.26 million for the
month.
As of December 31, 2015, Samson Resources Corp.'s balance sheet for
the period recorded total assets of $4.27 billion, total
liabilities subject to compromise of $229.33 million, and total
shareholders' equity of $4.04 billion.
The Debtors had $217.93 million cash at the start of the month.
They reported total cash receipts of $64.53 million and total cash
disbursements of $65.32 million for the month. At the end of the
month, the Debtors had $217.14 million cash.
A copy of the operating report is available at:
http://bankrupt.com/misc/SamsonResources_dec2015mor.pdf
About Samson Resources
Samson Resources Corporation, et al., filed Chapter 11 bankruptcy
petitions (D. Del. Lead Case No. 15-11934) on Sept. 16, 2015.
Philip W. Cook signed the petition as executive vice president and
chief financial officer. The Debtors estimated assets and
liabilities of more than $1 billion.
Samson is an onshore oil and gas exploration and production
company with interests in various oil and gas leases primarily
located in Colorado, Louisiana, North Dakota, Oklahoma, Texas, and
Wyoming. The Operating Companies operate, or have royalty or
working interests in, approximately 8,700 oil and gas production
sites.
Samson was acquired by KKR and Crestview from Charles Schusterman
in December 2011 for approximately $7.2 billion. The investor
group provided approximately $4.1 billion in equity investments as
part of the purchase price.
Kirkland & Ellis LLP represents the Debtors as general counsel.
Klehr Harrison Harvey Branzburg LLP is the Debtors' local counsel.
Alvarez & Marsal LLC acts as the Debtors' financial advisor.
Blackstone Advisory Partners L.P. serves as the Debtors'
Investment banker. Garden City Group, LLC serves as claims and
noticing agent to the Debtors.
Andrew Vara, acting U.S. trustee for Region 3, appointed three
creditors of Samson Resources Corp. and its affiliated debtors to
serve on the official committee of unsecured creditors. The
Committee has tapped White & Case LLP as counsel and Farnan LLP as
local counsel.
TRUMP ENTERTAINMENT: Net Loss Drops to $1.11 Million in November
----------------------------------------------------------------
Trump Entertainment Resorts Inc., et al., on December 23, 2015,
filed their monthly operating report for November 2015.
The Debtors reported a consolidated net loss of $1.11 million on
$12.70 million in net revenues in November, a decrease from $3.43
million net loss reported for October.
As of November 30, 2015, the Debtors posted $238.86 million in
consolidated total assets, $464.12 million in consolidated total
liabilities, and $225.26 million in total consolidated
shareholders' deficit.
The Debtors started the month with $14,103 cash. They reported net
deposits of $11,874 and total disbursements of $12,288 for the
month. At the end of the month, the Debtors had $13,689 in ending
working capital cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/TrumpEntertainment_nov2015mor.pdf
About Trump Entertainment
Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino. The Company
conducts gaming activities and provides customers with casino
resort and entertainment.
Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company. The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.
Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 protection on Feb. 17, 2009
(Bankr. D. N.J. Lead Case No. 09-13654). The Company tapped
Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as
lead counsel, and Weil Gotshal & Manges as co-counsel. Ernst &
Young LLP served as the Company's auditor and accountant and
Lazard Freres & Co. LLC was the financial advisor. Garden City
Group was the claims agent. The Company disclosed assets of
$2,055,555,000 and debts of $1,737,726,000 as of Dec. 31, 2008.
Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Trump Hotels obtained the Court's confirmation
of its Chapter 11 plan on April 5, 2005, and in May 2005, it exited
from bankruptcy under the name Trump Entertainment Resorts Inc.
* * *
The Troubled Company Reporter, on March 19, 2015, reported that
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware confirmed Trump Entertainment Resorts, Inc., et al.'s
Third Amended Joint Plan of Reorganization and Disclosure Statement
pursuant to Section 1129 of the Bankruptcy Code.
The Debtors filed on January 5, 2015, the Plan and accompanying
Disclosure Statement to, among other things, provide that holders
of General Unsecured Claims will receive Distribution Trust
Interests, which will include $1 million in cash and the proceeds,
if any, of certain avoidance actions. Under the revised plan,
holders of general unsecured claims are estimated to recover 0.47%
to 0.43% of their total allowed claim amount. The Amended Plan
also includes language reflecting the recently-approved $20 million
loan from Carl Icahn.
TRUMP ENTERTAINMENT: Net Loss Reaches $5.79 Million in December
---------------------------------------------------------------
Trump Entertainment Resorts Inc., et al., on January 29, 2015,
filed their monthly operating report for December 2015.
The Debtors reported a consolidated net loss of $5.79 million on
$10.13 million in net revenues in December.
As of December 31, 2015, the Debtors posted $233.64 million in
consolidated total assets, $464.70 million in consolidated total
liabilities, and $231.05 million in total consolidated
shareholders' deficit.
The Debtors started the month with $13,689 cash. They reported net
deposits of $26,669 and total disbursements of $30,130 for the
month. At the end of the month, the Debtors had $10,228 in ending
working capital cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/TrumpEntertainment_dec2015.pdf
About Trump Entertainment
Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino. The Company
conducts gaming activities and provides customers with casino
resort and entertainment.
Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company. The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.
Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 protection on Feb. 17, 2009
(Bankr. D. N.J. Lead Case No. 09-13654). The Company tapped
Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as
lead counsel, and Weil Gotshal & Manges as co-counsel. Ernst &
Young LLP served as the Company's auditor and accountant and
Lazard Freres & Co. LLC was the financial advisor. Garden City
Group was the claims agent. The Company disclosed assets of
$2,055,555,000 and debts of $1,737,726,000 as of Dec. 31, 2008.
Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Trump Hotels obtained the Court's confirmation
of its Chapter 11 plan on April 5, 2005, and in May 2005, it
exited from bankruptcy under the name Trump Entertainment Resorts
Inc.
* * *
The Troubled Company Reporter, on March 19, 2015, reported that
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware confirmed Trump Entertainment Resorts, Inc., et al.'s
Third Amended Joint Plan of Reorganization and Disclosure Statement
pursuant to Section 1129 of the Bankruptcy Code.
The Debtors filed on January 5, 2015, the Plan and accompanying
Disclosure Statement to, among other things, provide that holders
of General Unsecured Claims will receive Distribution Trust
Interests, which will include $1 million in cash and the proceeds,
if any, of certain avoidance actions. Under the revised plan,
holders of general unsecured claims are estimated to recover 0.47%
to 0.43% of their total allowed claim amount. The Amended Plan
also includes language reflecting the recently-approved $20
million
loan from Carl Icahn.
WET SEAL: Lists $1,477 in Total Liabilities for October
-------------------------------------------------------
The Wet Seal, Inc., now known as Seal123, Inc., et al., on November
17, 2015, filed a monthly operating report for October 2015.
The Debtors' October consolidated statement of operations showed a
net loss of $131.
As of October 31, 2015, the Debtors posted consolidated total
assets of $7,931, consolidated total liabilities of $1,477, and
total shareholders' equity of $6,454.
The Debtors listed zero cash receipts and $131 in total
disbursements for the month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/WetSeal_octmor.pdf
About Wet Seal
The Wet Seal, Inc., and three affiliates, The Wet Seal Retail,
Inc., Wet Seal Catalog, Inc., and Wet Seal GC, LLC, filed separate
Chapter 11 petitions (Bankr. D. Del. Case Nos. 15-10081 to
15-10084) on Jan. 15, 2015. The Debtors are a national
multi-channel retailer selling fashion apparel and accessory items
designed for female customers aged 13 to 24 years old. The Wet
Seal, Inc., disclosed $215,254,952 in assets and $60,598,968 in
liabilities as of the Chapter 11 filing.
The Hon. Christopher S. Sontchi presides over the jointly
administered cases. Maris J. Kandestin, Esq., and Michael R.
Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP; Lee R.
Bogdanoff, Esq., Michael L. Tuchin, Esq., David M. Guess, Esq., and
Jonathan M. Weiss, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP;
and Paul Hastings LLP, serve as the Debtors' Chapter 11 counsel.
FTI Consulting serves as the Debtors' restructuring advisor. The
Debtors' investment banker is Houlihan Lokey. The Debtors tapped
Donlin, Recano & Co., Inc. as claims and noticing agent.
The petitions were signed by Thomas R. Hillebrandt, interim chief
financial officer.
B. Riley, the original DIP lender and plan sponsor, is represented
by Van C. Durrer, II, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP.
Versa Capital Management, LLC, and its affiliate, Mador Lending,
LLC, which was selected as the successful bidder at an auction, was
advised by Greenberg Traurig LLP, Klehr Harrison Harvey Branzburg
LLP, and KPMG LLP.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors. The Committee retained Pachulski Stang Ziehl & Jones LLP
as its counsel and Province Inc. as its financial advisor.
The Wet Seal, Inc., changed its name to "Seal123, Inc." on April
17, 2015, in accordance with the Asset Purchase Agreement with
Mador Lending, LLC, an affiliate of Versa Capital Management, LLC
as buyer.
On October 30, 2015, the Bankruptcy Court entered an order
confirming the First Amended Joint Plan of Liquidation. The Plan
was co-proposed by the Debtors and the Creditors Committee. The
Plan was originally filed with the Bankruptcy Court on August 10,
2015 and subsequently amended on September 8, 2015. The Plan
became effective on December 31, 2015.
WET SEAL: November Liabilities Remain at $1,477
-----------------------------------------------
The Wet Seal, Inc., now known as Seal123, Inc., et al., on December
7, 2015, filed a monthly operating report for November 2015.
The Debtors' November consolidated statement of operations showed a
net loss of $219.
As of November 30, 2015, the Debtors posted consolidated total
assets of $7,712, consolidated total liabilities of $1,477, and
total shareholders' equity of $6,234.
The Debtors listed consolidated total cash receipts of $57, and
consolidated total disbursements of $219 for the month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/WetSeal_nov2015mor.pdf
About Wet Seal
The Wet Seal, Inc., and three affiliates, The Wet Seal Retail,
Inc., Wet Seal Catalog, Inc., and Wet Seal GC, LLC, filed separate
Chapter 11 petitions (Bankr. D. Del. Case Nos. 15-10081 to
15-10084) on Jan. 15, 2015. The Debtors are a national
multi-channel retailer selling fashion apparel and accessory items
designed for female customers aged 13 to 24 years old. The Wet
Seal, Inc., disclosed $215,254,952 in assets and $60,598,968 in
liabilities as of the Chapter 11 filing.
The Hon. Christopher S. Sontchi presides over the jointly
administered cases. Maris J. Kandestin, Esq., and Michael R.
Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP; Lee R.
Bogdanoff, Esq., Michael L. Tuchin, Esq., David M. Guess, Esq., and
Jonathan M. Weiss, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP;
and Paul Hastings LLP, serve as the Debtors' Chapter 11 counsel.
FTI Consulting serves as the Debtors' restructuring advisor. The
Debtors' investment banker is Houlihan Lokey. The Debtors tapped
Donlin, Recano & Co., Inc. as claims and noticing agent.
The petitions were signed by Thomas R. Hillebrandt, interim chief
financial officer.
B. Riley, the original DIP lender and plan sponsor, is represented
by Van C. Durrer, II, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP.
Versa Capital Management, LLC, and its affiliate, Mador Lending,
LLC, which was selected as the successful bidder at an auction, was
advised by Greenberg Traurig LLP, Klehr Harrison Harvey Branzburg
LLP, and KPMG LLP.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors. The Committee retained Pachulski Stang Ziehl & Jones LLP
as its counsel and Province Inc. as its financial advisor.
The Wet Seal, Inc., changed its name to "Seal123, Inc." on April
17, 2015, in accordance with the Asset Purchase Agreement with
Mador Lending, LLC, an affiliate of Versa Capital Management, LLC
as buyer.
On October 30, 2015, the Bankruptcy Court entered an order
confirming the First Amended Joint Plan of Liquidation. The Plan
was co-proposed by the Debtors and the Creditors Committee. The
Plan was originally filed with the Bankruptcy Court on August 10,
2015 and subsequently amended on September 8, 2015. The Plan
became effective on December 31, 2015.
WET SEAL: Records $1,470 in Total Liabilities for December
----------------------------------------------------------
The Wet Seal, Inc., now known as Seal123, Inc., et al., on December
31, 2015, filed a monthly operating report for December 2015.
The Debtors' consolidated statement of operations showed a net loss
of $259 for December.
As of December 31, 2015, the Debtors posted consolidated total
assets of $1,519, consolidated total liabilities of $1,470, and
total shareholders' equity of $49.
The Debtors listed zero cash receipts and $259 in total
disbursements for the month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/WetSeal_dec2015mor.pdf
About Wet Seal
The Wet Seal, Inc., and three affiliates, The Wet Seal Retail,
Inc., Wet Seal Catalog, Inc., and Wet Seal GC, LLC, filed separate
Chapter 11 petitions (Bankr. D. Del. Case Nos. 15-10081 to
15-10084) on Jan. 15, 2015. The Debtors are a national
multi-channel retailer selling fashion apparel and accessory items
designed for female customers aged 13 to 24 years old. The Wet
Seal, Inc., disclosed $215,254,952 in assets and $60,598,968 in
liabilities as of the Chapter 11 filing.
The Hon. Christopher S. Sontchi presides over the jointly
administered cases. Maris J. Kandestin, Esq., and Michael R.
Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP; Lee R.
Bogdanoff, Esq., Michael L. Tuchin, Esq., David M. Guess, Esq., and
Jonathan M. Weiss, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP;
and Paul Hastings LLP, serve as the Debtors' Chapter 11 counsel.
FTI Consulting serves as the Debtors' restructuring advisor. The
Debtors' investment banker is Houlihan Lokey. The Debtors tapped
Donlin, Recano & Co., Inc. as claims and noticing agent.
The petitions were signed by Thomas R. Hillebrandt, interim chief
financial officer.
B. Riley, the original DIP lender and plan sponsor, is represented
by Van C. Durrer, II, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP.
Versa Capital Management, LLC, and its affiliate, Mador Lending,
LLC, which was selected as the successful bidder at an auction, was
advised by Greenberg Traurig LLP, Klehr Harrison Harvey Branzburg
LLP, and KPMG LLP.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors. The Committee retained Pachulski Stang Ziehl & Jones LLP
as its counsel and Province Inc. as its financial advisor.
The Wet Seal, Inc., changed its name to "Seal123, Inc." on April
17, 2015, in accordance with the Asset Purchase Agreement with
Mador Lending, LLC, an affiliate of Versa Capital Management, LLC
as buyer.
On October 30, 2015, the Bankruptcy Court entered an order
confirming the First Amended Joint Plan of Liquidation. The Plan
was co-proposed by the Debtors and the Creditors Committee. The
Plan was originally filed with the Bankruptcy Court on August 10,
2015 and subsequently amended on September 8, 2015. The Plan
became effective on December 31, 2015.
*********
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
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.
Copyright 2016. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.
*** End of Transmission ***