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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, August 13, 2016, Vol. 20, No. 226
Headlines
ALPHA NATURAL: Reports $129.81 Million Net Loss in June
LIFE PARTNERS: Lists $730,130 Net Loss in June
REPUBLIC AIRWAYS: Had $16.2 Million Net Loss in June
SEVENTY SEVEN: Incurs $47.95 Million Net Loss at June 30
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ALPHA NATURAL: Reports $129.81 Million Net Loss in June
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Alpha Natural Resources, Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for June 2016.
The Debtors posted a net loss of $129.81 million on $170.02 million
of total revenues in June, as compared to $57.02 million net loss
recorded for May.
As of June 30, 2016, the Debtors had $4.38 billion in total
assets, $7.59 billion in total liabilities, and $3.21 billion in
total stockholders' deficit.
The Debtors started the month with $715 million cash. They
listed $50.53 million used in operating activities, $509.62 million
used in investing activities, and $522,000 used in financing
activities. They ended the month with $1.27 billion.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/VutWa0
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, 2016, 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
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.
The Troubled Company Reporter, on July 14, 2016, citing
BankruptcyData.com reported that in a corporate release, Alpha
Natural Resources announced that, contingent upon the finalization
of certain definitive documentation and the entry of a formal U.S.
Bankruptcy Court confirmation order, the Court has indicated that
it will confirm the Company's Second Amended Joint Plan of
Reorganization.
LIFE PARTNERS: Lists $730,130 Net Loss in June
----------------------------------------------
Life Partners Holdings, Inc., filed with the U.S. Securities and
Exchange Commission their monthly operating report for June
2016.
The Debtor recorded a net loss of $730,130 on zero revenue for the
month.
As of June 30, 2016, the Debtor had $288,821 in total
assets, $5 million in total liabilities, and -$4.71 million in
total stockholders' equity.
The Debtor had $77,771 cash at the start of the month. It
reported total disbursements of $57,000 and zero receipts. Thus,
the Debtor had $20,771 ending cash balance at June 30, 2016.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/QscnmO
About Life Partners Holdings
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.
REPUBLIC AIRWAYS: Had $16.2 Million Net Loss in June
----------------------------------------------------
Republic Airways Holdings Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for June 2016.
The Debtors' statement of operations reflected a net loss of $16.2
million on $106.7 million of total operating revenues for the
month.
As of June 30, 2016, the Debtors had $3.47 billion in total
assets, $440.6 million in total current liabilities, $627.8 million
in liabilities subject to compromise, and $323 million in total
stockholders' equity.
The Debtors had $133.6 million cash at the start of the month.
They listed $25.9 million cash from operating activities, $.2
million cash used in investing activities, and $10.4 million cash
used in financing activities. Thus, the Debtors had $149.3 million
cash at June 30.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/xAMbV7
About Republic Airways
Based in Indianapolis, Indiana, Republic Airways Holdings Inc.,
(OTCMKTS:RJETQ) owns Republic Airline and Shuttle America
Corporation. Republic Airline and Shuttle America --
http://www.rjet.com/-- offer approximately 1,000 flights daily to
105 cities in 38 states, Canada, the Caribbean and the Bahamas
through Republic's fixed-fee codeshare agreements under our major
airline partner brands of American Eagle, Delta Connection and
United Express. The airlines currently employ about 6,000 aviation
professionals.
Republic Airways Holdings Inc. and six affiliated debtors each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
16-10429) on Feb. 25, 2016. The petitions were signed by Joseph P.
Allman as senior vice president and chief financial officer. Judge
Sean H. Lane has been assigned the cases.
As of Jan. 31, 2016, on a consolidated basis, Republic had assets
and liabilities of $3,561,000,000 and $2,971,000,000 (unaudited),
respectively.
Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are
serving as Republic's legal advisors in the restructuring. Seabury
Group LLC is serving as financial advisor. Deloitte & Touche LLP
is the independent auditor. Prime Clerk is the claims and noticing
agent.
The U.S. Trustee for Region 2 appointed seven creditors of Republic
Airways Holdings Inc. to serve on the official committee of
unsecured creditors. The Committee retained Morrison & Foerster
LLP as attorneys and Imperial Capital, LLC, as investment banker
and co-financial advisor.
SEVENTY SEVEN: Incurs $47.95 Million Net Loss at June 30
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Seventy Seven Finance Inc., et. al., filed with the U.S. Securities
and Exchange Commission their monthly operating report for June 7,
2016 through June 30, 2016.
The Debtors' consolidated statement of operations posted a net
loss of $47.95 million on $33.68 million of revenues for the
period.
As of June 30, 2016, the Debtors reported consolidated total
current assets of $206.57 million, consolidated total PP&E of $1.45
billion, consolidated total other assets of $38.97 million,
consolidated total current liabilities of $108.42 million,
consolidated total long-term liabilities of $1.60 billion, and
$13.34 million in consolidated total shareholders' equity.
At June 7, 2016, the Debtors had $57.86 million cash. They listed
total cash receipts of $53.33 million and total operating
disbursements of $38.19 million. The Debtors had $72.23 million
cash at June 30.
A copy of the corporate monthly operating report is available at
the SEC at:
https://is.gd/9SuBxK
About Seventy Seven Energy
Headquartered in Oklahoma City, Seventy Seven Energy Inc. (SSE) --
http://www.77nrg.com/-- provides wellsite services and equipment
to U.S. land-based exploration and production customers. SSE's
services include drilling, hydraulic fracturing and oilfield
rentals and its operations are geographically diversified across
many of the most active oil and natural gas plays in the onshore
U.S., including the Anadarko and Permian basins and the Eagle Ford,
Haynesville, Marcellus, Niobrara and Utica shales.
Each of Seventy Seven Finance Inc., Seventy Seven Energy Inc.,
Seventy Seven Operating LLC, Great Plains Oilfield Rental, L.L.C.,
Seventy Seven Land Company LLC, Nomac Drilling, L.L.C., Performance
Technologies, L.L.C., PTL Prop Solutions, L.L.C., SSE Leasing LLC,
Keystone Rock & Excavation, L.L.C. and Western Wisconsin Sand
Company, LLC filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case Nos. 16-11409 to 16-11419,
respectively) on June 7, 2016.
The Debtors listed total assets of $1.77 billion and total
liabilities of $1.72 billion.
The Debtors have engaged Baker Botts LLP as general bankruptcy
counsel; Morris, Nichols, Arsht & Tunnell LLP as co-counsel; Lazard
Freres & Co. LLC as investment banker; Alvarez & Marsal as
restructuring advisor; and Prime Clerk LLC as notice, claims and
balloting agent.
Judge Laurie Selber Silverstein is assigned to the cases.
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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
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Each Tuesday edition of the TCR contains a list of companies with
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The Sunday TCR delivers securitization rating news from the week
then-ending.
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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,
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Copyright 2016. All rights reserved. ISSN: 1520-9474.
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