/raid1/www/Hosts/bankrupt/TCR_Public/180407.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 7, 2018, Vol. 22, No. 96

                            Headlines

CORPORATE RESOURCE: Ends February With $30,701 Net Loss

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CORPORATE RESOURCE: Ends February With $30,701 Net Loss
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BankruptcyData.com reported that Corporate Resource Services filed
with the US. Bankruptcy Court separate monthly operating reports
for January and February 2018.  

The Debtors reported a net loss of $1.1 million on $61 in total
revenue (derived from interest) and paid $797,584 in professional
fees, $992,864 in legal and financial expenses and $1.4 million in
total disbursements on $652,527 in total receipts, BankruptcyData
noted. Cash at the beginning of January 2018 was $4.7 million and
$3.9 million at month's end, with net cash flow of $740,069.  

BankruptcyData related that for February 2018, the Debtors reported
a net loss of $30,701 on $55 in total revenue (derived from
interest) and paid $625,976 in professional fees, zero legal and
financial expenses and $530,756 in total disbursements on $566,433
in total receipts.  Cash at the beginning of February 2018 was $3.9
million and $4.1 million at month's end, with net cash flow of
$35,678.

               About Corporate Resource Services

Corporate Resource Services, Inc., is a provider of corporate
employment and human resource solutions, headquartered in New York.
CRS leases its headquarters and does not own any real property.
About 90% of CRS shares are owned by Robert Cassera and the balance
are traded OTC.

As of Dec. 31, 2014, CRS was one of the largest employment staffing
companies in the U.S., providing employment and human resources
solutions for corporations with annual sales of about one billion
dollars.  In February 2015, CRS began an orderly wind down of
operations after discovering that TS Employment, Inc., a
privately-held company owned by Mr. Cassera, failed to remit tens
of millions of dollars of the Debtors' withholding taxes to taxing
authorities.

TS Employment Inc., a professional employer organization that
provided payroll-related services for CRS, sought Chapter 11
protection (Bankr. S.D.N.Y. Case No. 15-10243) in Manhattan on Feb.
2, 2015.  The case is before Judge Martin Glenn. TSE tapped Scott
S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, in New York, as
counsel.  Realization Services Inc. serves as the Debtor's
consultant.

CRS and its subsidiaries sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 15-11546) on July 23, 2015, to complete their
orderly wind down of operations.  The CRS Debtors' cases were
transferred to New York (Bankr. S.D.N.Y. Lead Case No. 15-12329),
on Aug. 18, 2015, and assigned to Judge Glenn. CRS estimated $10
million to $50 million in assets and $50 million to $100 million in
debt.

The CRS Debtors tapped Gellert Scali Busenkell & Brown, LLC, as
bankruptcy counsel; Wilmer Cutler Pickering Hale & Dorr LLP, as
special counsel; Carter Ledyard & Milburn LLP, as special SEC
counsel; SSG Capital Advisors as financial advisors and investment
bankers; and Rust Omni LLC as claims agent.

James S. Feltman has been appointed as Chapter 11 trustee for the
CRS Debtors and for TS Employment.  He has tapped Togut, Segal &
Segal LLP as counsel; and Jenner & Block LLP and Greenberg Traurig,
P.A., as special counsel; Jeffer Mangels Butler & Mitchell LLP, as
special litigation counsel.


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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,
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 2018.  All rights reserved.  ISSN: 1520-9474.

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