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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, October 7, 2017, Vol. 21, No. 279
Headlines
KATY INDUSTRIES: Gains $15.88 Million Net Income at July 28
RMS TITANIC: Posted $609,871 Ending Cash Balance at Aug. 31
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KATY INDUSTRIES: Gains $15.88 Million Net Income at July 28
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Katy Industries, Inc., et al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for the period
from July 1, 2017 through July 28, 2017.
The Debtors' consolidated statement of operations showed a net
income of $15.88 million on net sales of $3.84 million for July, a
swing from $921,395 net loss recorded for the previous month.
At July 28, 2017, the Debtors had $10.38 million in total assets,
$23.25 million in total liabilities, and -$12.87 million in total
shareholders equity.
At the beginning of the month, the Debtors had a $6.13 million
beginning cash balance. They listed total receipts of $5.41
million and total disbursements of $4.51 million. Disbursements
include 397,483 in professional fees. The Debtors ended the month
with $7.02 million cash.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/nodqv4
About Katy Industries
Katy Industries, Inc. -- http://www.katyindustries.com/-- a
publicly traded Delaware corporation, and its wholly-owned direct
and indirect subsidiaries ("Company"), were organized as a Delaware
corporation in 1967. The Company is a well-known manufacturer,
importer, and distributor of commercial cleaning and consumer
storage products as well as a contract manufacturer of structural
foam products. It distributes its products across the United
States and Canada. It is best known for such brands as
Continental, Huskee, Color Guard, Wilen, Muscle Mop, Contico,
Tuffbin, and SilverWolf, among many others.
The Company operates three manufacturing facilities located in
Jefferson City, Missouri, Tiffin, Ohio, and Fort Wayne, Indiana,
with its corporate headquarters located in St. Louis, Missouri.
Katy Industries, Inc., and its affiliates filed a voluntary
petition for relief under the Bankruptcy Code (Bankr. D. Del. Lead
Case No. 17-11101) on May 14, 2017. The petitions were signed by
Lawrence Perkins, chief restructuring officer.
Katy Industries disclosed $821,321 in assets and $58,421,346 in
liabilities.
Stuart M. Brown, Esq., at DLA Piper LLP (US) represent the Debtors
as bankruptcy counsel. The Debtors hired JND Corporate
Restructuring as their claims and noticing agent.
On July 31, 2017, the Office of the U.S. Trustee formed a committee
of retirees. The Retirees' Committee hired Womble Carlyle Sandridge
& Rice, LLP as legal counsel.
RMS TITANIC: Posted $609,871 Ending Cash Balance at Aug. 31
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RMS Titanic, Inc., filed with the U.S. Securities and Exchange
Commission its monthly operating report for August 2017.
In its schedule of receipts and disbursements, RMS Titanic had
$584,771 in bank funds at August 1, 2017. It also posted $25,100
in total receipts and no disbursements for the month. Thus, at
August 31, 2017, the RMS Titanic had a $609,871 ending cash
balance.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/G2qgKP
About About RMS Titanic, Inc.
Premier Exhibitions, Inc. (Nasdaq: PRXI), located in Atlanta,
Georgia, is a presenter of museum quality exhibitions throughout
the world. Premier "http://www.PremierExhibitions.com/"
develops and displays unique exhibitions for education and
entertainment including Titanic: The Artifact Exhibition, BODIES.
The Exhibition, Tutankhamun: The Golden King and the Great
Pharaohs, Pompeii The Exhibition, Extreme Dinosaurs and Real
Pirates in partnership with National Geographic. The success of
Premier Exhibitions lies in its ability to produce, manage, and
market exhibitions.
RMS Titanic and seven of its subsidiaries filed voluntary petitions
for reorganization under Chapter 11 of the Bankruptcy Code (Bankr.
M.D. Fla. Lead Case No. 16-02230) on June 14, 2016. Former Chief
Financial Officer and Chief Operating Officer Michael J. Little
signed the petitions. The Chapter 11 cases are assigned to Judge
Paul M. Glenn.
The Debtors estimated both assets and liabilities of $10 million to
$50 million.
The Debtors are represented by Daniel F. Blanks, Esq., and Lee D.
Wedekind, III, Esq., at Nelson Mullins Riley & Scarborough LLP. The
Debtors employ Brian A. Wainger, Esq., at Kaleo Legal as special
litigation counsel, outside general counsel, securities counsel,
and conflicts counsel; Robert W. McFarland, Esq., at McGuireWoods
LLP as special litigation counsel; Steven L. Berson, Esq., at
Dentons US LLP and Dentons Canada LLP as outside general counsel
and securities counsel; Oscar N. Pinkas, Esq., at Dentons LLP as
outside general counsel and securities counsel.
The Debtors also employed Ronald L. Glass as Chief Restructuring
Officer and GlassRatner Advisory & Capital Group, LLC, as financial
advisors.
Guy Gebhardt, acting U.S. trustee for Region 21, on Aug. 24, 2016,
appointed three creditors to serve on the official committee of
unsecured creditors of RMS Titanic, Inc., and its affiliates. The
Committee hired Avery Samet, Esq. and Jeffrey Chubak, Esq., at
Storch Amini & Munves PC, and Richard R. Thames, Esq. and Robert A.
Heekin, Jr., Esq., at Thames Markey & Heekin, P.A., as counsel.
The official committee of equity security holders of Premier
Exhibitions Inc. retained Peter J. Gurfein, Esq., at Landau
Gottfried & Berger LLP as counsel; Jacob A. Brown, Esq., and
Katherine C. Fackler, Esq., at Akerman LLP as Co-Counsel; and Teneo
Securities LLC as financial advisor.
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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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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
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Copyright 2017. All rights reserved. ISSN: 1520-9474.
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