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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, November 12, 2016, Vol. 20, No. 316
Headlines
BIND THERAPEUTICS: Reports $8.28 Million Net Income in September
CAESARS ENTERTAINMENT: Posts $11.3 Million Net Income in September
PARAGON OFFSHORE: Net Loss Increases to $10.35-Mil. in September
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BIND THERAPEUTICS: Reports $8.28 Million Net Income in September
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BIND Therapeutics, Inc., filed with the U.S. Securities and
Exchange Commission its monthly operating report for September
2016.
The Debtor's statement of operations reflected a net income of
$8.28 million on $11.58 million of total revenue for September, a
slight decrease from $10.69 million net income reported for
August.
As of September 30, 2016, the Debtor listed total assets of $38.07
million, total liabilities of $2.48 million, and $35.59 million in
total shareholders' equity.
At the start of the month, the Debtor had $24.22 million cash. It
reported total cash receipts of $2.91 million and total
disbursements of $1.90 million. Disbursements include $644,761 in
professional fees. At month end, the Debtor had $25.22 million
cash.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/hajJ47
About BIND Therapeutics
BIND Therapeutics is a biotechnology company developing novel
targeted therapeutics, primarily for the treatment of cancer. BIND
Therapeutics, Inc., aka BIND Biosciences, Inc., and BIND
Biosciences Security Corporation filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case Nos. 16-11084 and 16-11085) on May
1, 2016.
Peter M. Gilhuly, Esq., Kimberly A. Posin, Esq., and Adam E.
Malatesta, Esq., at Latham & Watkins LLP, and John Henry Knight,
Esq., and Amanda R. Steele, Esq., at Richards, Layton & Finger,
P.A., serve as Chapter 11 counsel.
The Debtors' financial advisor is Cowen and Company, LLC. Prime
Clerk LLC serves as claims and noticing agent. In its petition,
the Debtors estimated $10 million to $50 million in both assets and
liabilities.
The petitions were signed by Andrew Hircsh, president and chief
executive officer.
CAESARS ENTERTAINMENT: Posts $11.3 Million Net Income in September
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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 September 2016.
The Debtor's statement of operations for September listed a net
income of $11.3 million on net revenue of $333 million, an increase
from $600,000 net income reported for August.
As of September 30, 2016, the Debtor posted $11.65 billion in total
assets, $22.09 billion in total liabilities, and a $10.44 billion
total shareholders' deficit.
A copy of the monthly operating report is available for free at the
SEC at:
https://is.gd/Q2lxpK
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.
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The U.S. Bankruptcy Court for the Northern District of Illinois
approved the adequacy of the disclosure statement explaining the
second amended joint Chapter 11 plan of reorganization of Caesars
Entertainment Operating Company Inc. and it debtor-affiliates.
The Court set Oct. 31, 2016, at 4:00 p.m. (prevailing Central
Time) as last day for any holder of a claim entitled to vote to
accept or reject the Debtors' plan.
A hearing is set for Jan. 17, 2017, at 10:30 a.m. (prevailing
Central Time) in Courtroom No. 642 in the Everett McKinley Dirksen
United States Courthouse, 219 South Dearborn Street, Chicago,
Illinois, to confirm the Debtors' plan. Objections to
confirmation, if any, were due Oct. 31.
PARAGON OFFSHORE: Net Loss Increases to $10.35-Mil. in September
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Paragon Offshore plc, et. al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for September
2016.
Paragon Offshore plc reported a net loss of $10.35 million on zero
revenue for September, as compared to $8.40 million net loss listed
in August.
As of September 30, 2016, Paragon Offshore plc posted total assets
of $3.88 billion, total liabilities of $2.40 billion, and $1.48
billion in total shareholders' equity.
The Debtors started the month with $584.98 million cash. They
listed $26.20 million in total receipts and $32.06 million in
total disbursements. At month end, the Debtors had $567.07
million cash.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/yGYH0u
About Paragon Offshore
Paragon Offshore plc -- http://www.paragonoffshore.com/-- is a
global provider of offshore drilling rigs. Paragon's operated
fleet includes 34 jackups, including two high specification heavy
duty/harsh environment jackups, and six floaters (four drillships
and two semisubmersibles). Paragon's primary business is
contracting its rigs, related equipment and work crews to conduct
oil and gas drilling and workover operations for its exploration
and production customers on a dayrate basis around the world.
Paragon's principal executive offices are located in Houston,
Texas. Paragon is a public limited company registered in England
and Wales and its ordinary shares have been trading on the
over-the-counter markets under the trading symbol "PGNPF" since
December 18, 2015.
Paragon Offshore Plc, et al., filed Chapter 11 bankruptcy petitions
(Bankr. D. Del. Case Nos. 16-10385 to 16-10410) on Feb. 14, 2016,
after reaching a deal with lenders on a reorganization plan that
would eliminate $1.1 billion in debt.
The petitions were signed by Randall D. Stilley as authorized
representative. Judge Christopher S. Sontchi is assigned to the
cases.
The Debtors reported total assets of $2.47 billion and total debt
of $2.96 billion as of Sept. 30, 2015.
The Debtors engaged Weil, Gotshal & Manges LLP as general counsel,
Richards, Layton & Finger, P.A. as local counsel, Lazard Freres &
Co. LLC as financial advisor, Alixpartners, LLP as restructuring
advisor, and Kurtzman Carson Consultants as claims and noticing
agent.
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