/raid1/www/Hosts/bankrupt/TCR_Public/160423.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, April 23, 2016, Vol. 20, No. 114
Headlines
ALPHA NATURAL: Incurs $47.40 Million Net Loss in February
AXION INTERNATIONAL: Files Monthly Operating Report for February
CAESARS ENTERTAINMENT: Posts $13.9MM Net Income in January
HORSEHEAD HOLDING: Incurs $10.13 Million Net Loss at Feb. 29
LIFE PARTNERS: Lists $61,635 Net Loss in February
NUO THERAPEUTICS: Lists $1.64 Million Net Loss at Feb. 29
QUICKSILVER RESOURCES: Posts $7.59 Million Net Loss in February
WALTER ENERGY: Posts $279.14 Million Net Loss in February
*********
ALPHA NATURAL: Incurs $47.40 Million Net Loss in February
---------------------------------------------------------
Alpha Natural Resources, Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for February 2016.
The Debtors reported a February net loss of $47.40 million on
$192.74 million of total revenues.
As of February 29, 2016, the Debtors had $4.63 billion in total
assets, $7.48 billion in total liabilities, and $2.85 billion in
total stockholders' deficit.
The Debtors started the month with $661.72 million cash. They
listed $25.72 million used in operating activities, $7.92 million
used in investing activities, and $1.03 million used in financing
activities. They ended the month with $627.04 million.
A copy of the monthly operating report is available at the SEC at:
http://is.gd/43Wa6l
About Alpha Natural Resources
Headquartered in Bristol, Virginia, Alpha Natural --
http://www.alphanr.com/-- is a coal supplier, ranked second
largest among publicly traded U.S. coal producers as measured by
2014 consolidated revenues of $4.3 billion. As of August 2015,
Alpha had 8,000 full time employees across many different states,
with UMWA representing 1,000 of the employees.
Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)
and its affiliates filed separate Chapter 11 bankruptcy petitions
on Aug. 3, 2015, listing $9.9 billion in total assets as of June
30, 2015, and $7.3 billion in total liabilities as of June 30,
2015.
The petitions were signed by Richard H. Verheij, executive vice
president, general counsel and corporate secretary.
Judge Kevin R. Huennekens presides over the cases.
David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson,
Esq., at Jones Day serve as the Debtors' general counsel.
Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III,
Esq., and Justin F. Paget, Esq., serve as the Debtors' local
counsel. Rothschild Group is the Debtors' financial advisor.
Alvarez & Marshal Holdings, LLC, is the Debtors' investment
banker.
Kurtzman Carson Consultants, LLC, is the Debtors' claims and
noticing agent.
The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors. Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP;
and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M.
Terry, Jr., Esq. at Sands Anderson PC, represent the Committee.
* * *
Alpha Natural Resources, Inc. on March 8 disclosed that it has
filed a proposed Chapter 11 Plan of Reorganization and a related
Disclosure Statement with the United States Bankruptcy Court for
the Eastern District of Virginia. Together with the recently-filed
motion seeking approval of a marketing process for Alpha's core
operating assets, these filings provide for the sale of Alpha's
assets, detail a path toward the resolution of all creditor claims,
and anticipate the emergence of a streamlined and sustainable
reorganized company able to satisfy its environmental obligations
on an ongoing basis. By selling certain assets as a going concern
and restructuring the company's remaining assets into a reorganized
Alpha, the company is able to provide maximum recovery to its
creditors, while preserving jobs and putting itself in the best
position to meet its reclamation obligations. This path will allow
for a conclusion of Alpha's bankruptcy proceedings by June 30,
2016.
AXION INTERNATIONAL: Files Monthly Operating Report for February
----------------------------------------------------------------
Axion International Holdings, Inc., filed with the U.S. Securities
and Exchange Commission its monthly operating report for February
2016, a copy of which is available at http://is.gd/hwbhtV
The Debtor showed no activity during the reporting period.
About Axion International
Axion International, Inc., et al., manufacture, market and sell
structural products and building materials, with an emphasis on
railroad ties and construction mats. As of Dec. 2, 2015, Axion had
70 employees.
Axion International Holdings, Inc., is a publicly-traded company
(AXIH), organized under Colorado law, with executive offices
located in Zanesville, Ohio. As of the Petition Date, Holdings had
54,121,611 shares of common stock, par value $0.016 per share,
traded on the OTCC Bulletin Board.
Axion International, Inc., Axion International Holdings, Inc. and
Axion Recycled Plastics Incorporated filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 15-12415) on Dec. 2, 2015.
The petitions were signed by Donald W. Fallon, the CFO and
treasurer. Judge Christopher S. Sontchi has been assigned to the
cases.
The Debtors estimated both assets and liabilities in the range of
$10 million to $50 million.
The Debtors tapped Bayard, P.A., as counsel. Greenberg Traurig LLP
serves as special counsel. Epiq Bankruptcy Solutions, LLC serves
as the Debtors' claims and noticing agent.
The Official Committee of Unsecured Creditors is represented by
Eric J. Monzo, Esq., at Morris James LLP and Sandra E. Mayerson,
Esq., at the Law Offices of Sandra Mayerson.
Community Bank is represented by Christopher P. Simon, Esq., and
Kevin S. Mann, Esq., at Cross & Simon, LLC.
CAESARS ENTERTAINMENT: Posts $13.9MM Net Income in January
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Caesars Entertainment Operating Company, Inc. (CEOC), a majority
owned subsidiary of Caesars Entertainment Corporation, et al.,
filed with the U.S. Securities and Exchange Commission its monthly
operating report for January 2016.
The Debtors' statement of operations for January showed a net
income of $13.9 million on net revenues of $315.4 million.
As of January 31, 2016, the Debtors listed $11.40 billion in total
assets, $22.09 billion in total liabilities, and a $10.69 billion
total shareholders' deficit.
A copy of the monthly operating report is available for free at the
SEC at:
http://is.gd/s3a4CC
About Caesars Entertainment
Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,
is one of the world's largest casino companies. Caesars casino
resorts operate under the Caesars, Bally's, Flamingo, Grand
Casinos, Hilton and Paris brand names. The Company has its
corporate headquarters in Las Vegas. Harrah's announced its
re-branding to Caesar's in mid-November 2010.
In January 2015, Caesars Entertainment and subsidiary Caesars
Entertainment Operating Company, Inc., announced that holders of
more than 60% of claims in respect of CEOC's 11.25% senior secured
notes due 2017, CEOC's 8.5% senior secured notes due 2020 and
CEOC's 9% senior secured notes due 2020 have signed the Amended and
Restated Restructuring Support and Forbearance Agreement, dated as
of Dec. 31, 2014, among Caesars Entertainment, CEOC and the
Consenting Creditors. As a result, The RSA became effective
pursuant to its terms as of Jan. 9, 2015.
Appaloosa Investment Limited, et al., owed $41 million on account
of 10% second lien notes in the company, filed an involuntary
Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case
No. 15-10047) on Jan. 12, 2015. The bondholders are represented
by Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
LLP.
CEOC and 172 other affiliates -- operators of 38 gaming and resort
properties in 14 U.S. states and 5 countries -- filed Chapter 11
bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) on
Jan. 15, 2015. CEOC disclosed total assets of $12.3 billion and
total debt of $19.8 billion as of Sept. 30, 2014.
Delaware Bankruptcy Judge Kevin Gross entered a ruling that the
bankruptcy proceedings will proceed in the U.S. Bankruptcy Court
for the Northern District of Illinois.
Kirkland & Ellis serves as the Debtors' counsel. AlixPartners is
the Debtors' restructuring advisors. Prime Clerk LLC acts as the
Debtors' notice and claims agent. Judge Benjamin Goldgar presides
over the cases.
The U.S. Trustee has appointed seven noteholders to serve in the
Official Committee of Second Priority Noteholders and nine members
to serve in the Official Unsecured Creditors' Committee.
The U.S. Trustee appointed Richard S. Davis as Chapter 11 examiner.
HORSEHEAD HOLDING: Incurs $10.13 Million Net Loss at Feb. 29
------------------------------------------------------------
Horsehead Holding Corp. and its subsidiaries, filed with the U.S.
Securities and Exchange Commission their monthly operating report
for the period from February 2, 2016, to February 29, 2016.
The Debtors incurred a consolidated net loss of $10.13 million on
$25.68 million net sales for the reporting period.
The Debtors' consolidated balance sheet showed $967.33 million in
total assets, $62.96 million in total current liabilities, $403.44
million in liabilities subject to compromise - secured debt, $81.11
million in liabilities subject to compromise - unsecured debt (AP &
AL), and $404.87 million in total shareholders' equity as of
February 29, 2016.
The Debtors started the period with $2.62 million cash. They
listed $60.62 million in total receipts and $39.36 million in total
disbursements. Disbursements include $1.06 million in professional
fees. At the end of the period, the Debtors had $23.89 million
cash.
A copy of the monthly operating report is available at the SEC at:
http://is.gd/0BMn5n
About Horsehead Holding Corp.
Horsehead Holding Corp. is the parent company of Horsehead
Corporation, a U.S. producer of specialty zinc and zinc-based
products and a leading recycler of electric arc furnace dust; The
International Metals Reclamation Company, LLC ("INMETCO"), a
leading recycler of metals-bearing wastes and a leading processor
of nickel-cadmium (NiCd) batteries in North America; and Zochem
Inc., a zinc oxide producer located in Brampton, Ontario.
Horsehead, headquartered in Pittsburgh, Pa., has seven facilities
throughout the U.S. and Canada. The Debtors currently employ
approximately 730 full-time individuals.
Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal
Products, LLC, The International Metals Reclamation Company, LLC,
and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016. The
petition was signed by Robert D. Scherich as vice president and
chief financial officer. Judge Christopher S. Sontchi is assigned
to the case.
The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management
Advisors, LLC as financial advisor, Lazard Middle Market LLC as
investment banker, Epiq Bankruptcy Solutions, LLC as claims and
noticing agent and Aird & Berlis LLP as Canadian counsel.
The Debtors disclosed total assets of $1 billion and total
liabilities of $544.6 million. As of the Petition Date, the
Debtors' consolidated long-term debt obligations totaled
approximately $420.7 million.
LIFE PARTNERS: Lists $61,635 Net Loss in February
-------------------------------------------------
Life Partners Holdings, Inc., filed with the U.S. Securities and
Exchange Commission their monthly operating report for February
2016.
The Debtor reported a net loss of $61,635 on zero revenue for the
period.
As of February 29, 2016, the Debtor had $620,086 in total
assets, $4.63 million in total liabilities, and -$4.01 million in
total stockholders' equity.
The Debtor had $242,040 cash at the start of the month. They
reported total disbursements of $37,869 and zero receipts. Thus,
the Debtor had $204,170 ending cash balance at February 29, 2016.
A copy of the monthly operating report is available at the SEC at:
http://is.gd/1K3nbQ
About Life Partners
Headquartered in Waco, Texas, Life Partners Holdings, Inc. --
http://www.lphi.com/-- is the parent company engaged in the
secondary market for life insurance, commonly called "life
settlements." Since its incorporation in 1991, Life Partners, Inc.
has completed over 162,000 transactions for its worldwide client
base of over 30,000 high net worth individuals and institutions in
connection with the purchase of over 6,500 policies totaling over
$3.2 billion in face value.
LPHI is a publicly traded company incorporated in Texas and its
common stock has been delisted from the NASDAQ (formerly trading
under the symbol LPHI).
Life Partners Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20,
2015.
The case is assigned to Judge Russell F. Nelms. J. Robert
Forshey, Esq., at Forshey & Prostok, LLP, serves as counsel to the
Debtor.
LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilities
as of the Chapter 11 filing.
The official committee of unsecured creditors formed in the case
tapped Munsch Hardt Kopf & Harr, P.C., as counsel.
Tracy A. Bolt of BDO USA, LLP was named as examiner for the
Debtor's case. At the behest of the U.S. Securities and Exchange
Commission, the U.S. Trustee, and the Creditors Committee, the
Court ordered the appointment of a Chapter 11 trustee. On March
13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee
in LPHI's case. The trustee is represented by Thompson & Knight
LLP.
The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for
LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No.
15-41995) and LPI Financial Services, Inc. (Case No. 15-41996).
Life Partners is estimated to have $100 million to $500 million in
assets and more than $1 billion in debt. LPI Financial estimated
less than $50,000.
NUO THERAPEUTICS: Lists $1.64 Million Net Loss at Feb. 29
---------------------------------------------------------
Nuo Therapeutics, Inc., on March 21, 2016, filed with the U.S.
Securities and Exchange Commission its monthly operating report for
the period from January 27, 2016, to February 29, 2016.
The Debtor suffered a net loss of $1.64 million on $426,135 total
revenue for the period.
As of February 29, 2016, the Debtor had $56.63 million in total
assets, $4.19 million in total liabilities not subject to
compromise, $11.85 million in total liabilities subject to
compromise, and $40.59 million in total shareholders' equity.
The Debtor started the period with $91,158 cash. They listed $1.64
million in total receipts and $1.02 million in total disbursements.
At the end of the period, the Debtor had $710,054 cash.
A copy of the monthly operating report is available at the SEC at:
http://is.gd/PsAIy5
About NUO Therapeutics
Nuo Therapeutics, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Del. Case No. 16-10192) on Jan. 26, 2016. The petition
was signed by David E. Jorden as acting chief executive officer
and
acting chief financial officer.
Ashby & Geddes, P.A. represents the Debtor as counsel and Epiq
Bankruptcy Solutions, LLC serves as the Debtor's claims, balloting
and noticing agent. Hon. Mary F. Walrath has been assigned the
case.
The U.S. Trustee for Region 2 originally appointed three members
to
the Official Committee of Unsecured Creditors. The U.S. Trustee,
on March 14, 2016, said New Hampshire Ball Bearings, Inc., has
resigned from the Committee. The remaining committee members are
AAPC and CPA Global Limited.
The Bankruptcy Court has entered an Order granting conditional
approval to the Debtor's Disclosure Statement for the First
Amended
Plan of Reorganization. The Court also approved an expedited
pathway to the Company's emergence from Chapter 11 by scheduling a
combined hearing on April 25, 2016 to consider the adequacy of the
Disclosure Statement and confirmation of the Company's proposed
First Amended Plan of Reorganization.
QUICKSILVER RESOURCES: Posts $7.59 Million Net Loss in February
---------------------------------------------------------------
Quicksilver Resources Inc., et al., on March 21, 2016, filed with
the U.S. Securities and Exchange Commission their monthly operating
report for February 2016.
The Debtors posted a consolidated net loss of $7.59 million on
$7.82 million in total revenues for February.
The Debtors posted $230.15 million in total assets, $2.08 billion
in total liabilities, and $1.85 billion in total shareholders'
deficit as of Feb. 29, 2016.
The Debtors started the month with $155.26 million cash. They
listed $32.01 million in total receipts and $41.31 million in total
disbursements. Disbursements include $2.80 million in professional
fees and expenses. At month end, the Debtors had $145.96 million
cash.
A copy of the monthly operating report is available at the SEC at:
http://is.gd/5MBa2l
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
the Bankruptcy 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 a
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.
* * *
The Debtors won approval to sell substantially all assets to
BlueStone Natural Resources II, LLC. BlueStone offered $240
million to acquire Quicksilver's oil and gas assets located in the
Barnett Shale in the Fort Worth basin of North Texas, and $5
million for those assets located in the Delaware basin in West
Texas.
WALTER ENERGY: Posts $279.14 Million Net Loss in February
---------------------------------------------------------
Walter Energy, et al., filed with the U.S. Securities and Exchange
Commission their monthly operating report for February 2016.
As of February 29, 2016, the Debtors reported a net loss of $279.14
million on $24.70 million of total revenues, a huge increase from
reported net loss of $42.14 million recorded in January.
As of February 29, 2016, the Debtors had $1.42 billion in total
assets, $4.25 billion in total liabilities, and $2.82 billion in
total stockholders' deficit.
The Debtors had $67.40 million cash at the start of the month.
They reported total cash receipts of $31.38 million and total cash
disbursements of $54.52 million. Thus, the Debtors had $44.26
million for the four-week period ended February 27, 2016.
A copy of the monthly operating report is available at the SEC at:
http://is.gd/SgYzeq
About Walter Energy
Walter Energy, Inc. -- http://www.walterenergy.com/-- is a
metallurgical coal producer for the global steel industry with
strategic access to steel producers in Europe, Asia and South
America. The Company also produces thermal coal, anthracite,
metallurgical coke and coal bed methane gas, with operations in
the United States, Canada and the United Kingdom.
For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.
Walter Energy and its affiliates sought Chapter 11 protection
(Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham, Alabama
on July 15, 2015, after signing a restructuring support agreement
with first-lien lenders.
Walter Energy disclosed total assets of $5.2 billion and total
debt of $5 billion as of March 31, 2015.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as
counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree
Deakins LLP, as labor and employment counsel; Maynard, Cooper &
Gale, P.C., as special counsel; PJT Partners LP serves as
investment banker, replacing Blackstone Advisory Services, L.P.;
AlixPartners, LLP, as financial advisor, and Kurtzman Carson
Consultants LLC, as claims and noticing agent.
The Bankruptcy Administrator for the Northern District of Alabama
appointed an Official Committee of Unsecured Creditors and an
Official Committee of Retirees. The Creditors Committee tapped
Morrison & Foerster LLP and Christian & Small LLP as attorneys.
The Retiree Committee retained Adams & Reese LLP and Jenner &
Block LLP as attorneys.
The informal group of certain unaffiliated First Lien Lenders and
First Lien Noteholders -- Steering Committee -- retained Akin,
Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard
Freres & Co. LLC as financial advisor.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
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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
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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
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Don't be fooled. Assets, for example, reported at historical cost
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than a balance sheet solvency test.
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
*********
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