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/raid1/www/Hosts/bankrupt/TCR_Public/180630.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, June 30, 2018, Vol. 22, No. 180 Headlines GEM HOSPITALITY: Files Operating Report for March to May Period HARVEY GULF: Incurs $4.3 Million Net Loss in May MOUNTAIN CRANE: Gains $2.7 Million Net Income in May [*] Beard Group 25th Annual Distressed Investing Conference Nov. 26 ********* GEM HOSPITALITY: Files Operating Report for March to May Period --------------------------------------------------------------- BankruptcyData.com reported that GEM Hospitality filed with the U.S. Bankruptcy Court a monthly operating report for the period March 17, 2018 through May 31, 2018. The document filed with the Court explains, "The Debtor had an outstanding pre-petition accounts receivable balance of $7,272,062.00. There has been no change to the balance during the current reporting period. The Company reported a net loss of $20 for the period." About GEM Hospitality GEM Hospitality, LLC, and its affiliates are privately-held companies in Peoria, Illinois, engaged in activities related to real estate. GEM is owned by Gary Matthews and his partners. Mr. Matthews is the developer of the Marriott Pere Marquette and adjoining Courtyard by Marriott. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Ill. Lead Case No. 18-80361) on March 17, 2018. The petition was signed by Jeffrey T. Varsalone, the Debtors' chief restructuring officer. Mr. Varsalone is managing director of CBIZ MHM, LLC. The Debtors estimated assets and liabilities of $50 million to $100 million. Judge Thomas L. Perkins presides over the cases. Jonathan P. Friedland, Esq., at Sugar Felsenthal Grais & Helsinger LLP, serves as counsel to GEM. No official committee of unsecured creditors has been appointed. HARVEY GULF: Incurs $4.3 Million Net Loss in May ------------------------------------------------ BankruptcyData.com reported that Harvey Gulf International Marine filed with the U.S. Bankruptcy Court a monthly operating report for May 2018. For the month, the consolidated Debtors reported a net loss of $4.3 million on $15.9 million in net revenue, paid $13.9 million in total costs and expenses; $583,000 in professional fees, $3.3 million in restructuring costs and $1.3 million in general and administrative expenses, respectively. Total Debtors' cash and cash equivalents at the beginning and end of the month was $94.3 million and $109.4, respectively, with net cash flow of $14.8 million. The Debtors also reported cash disbursements of $12.8 million on $28.2 million in cash receipts during the month. About HGIM Holdings Based in New Orleans, Louisiana, HGIM Holdings LLC -- http://www.harveygulf.com/-- is a marine transportation company that specializes in providing offshore supply and multi-purpose support vessels for deepwater operations in the U.S. Gulf of Mexico. Harvey Gulf exclusively operates vessels qualified under the U.S. cabotage laws known as the Shipping Act of 1916 and the Merchant Marine Act of 1920, as amended. Harvey Gulf currently employs 580 people. Harvey Gulf is headquartered in New Orleans, Louisiana and maintains two corporate leases in Houston, Texas. The Company and 90 of its affiliates filed for Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 18-31080) on March 7, 2018. The Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors hired Vinson & Elkins LLP as their counsel; Stephens, Inc., as investment banker; Blank Rome LLP as special maritime counsel; Postlethwaite & Netterville, APAC as accounting service provider; and Prime Clerk LLC as the notice and claims agent. MOUNTAIN CRANE: Gains $2.7 Million Net Income in May ---------------------------------------------------- BankruptcyData.com reported that Mountain Crane Service filed with the U.S. Bankruptcy Court a monthly operating report for the month of May 2018. For the month, the Company reported a net income of $2.7 million on $5.5 million in net operating revenue. The Company paid $118,349 in legal and professional fees and $378,618 in depreciation, depletion and amortization expenses during the period. Cash at the beginning and end of the month was $3.4 million and $2.5 million, respectively, with a negative net cash flow of $960,369. About Mountain Crane Service Mountain Crane Service, LLC -- https://www.mountaincrane.com/ -- specializes in refinery turnarounds and has a fleet comprised of over 100 cranes, and hundreds of other pieces of equipment dedicated to refineries in Utah, Montana, and Wyoming. It is located in Salt Lake City, Utah, with satellite offices and wind maintenance service locations in Montana, Nevada, Washington, Idaho, Wyoming, Iowa, Texas and Michigan. Mountain Crane Service sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 18-20225) on Jan. 12, 2018. In the petition signed by Paul Belcher, managing member, the Debtor estimated assets and liabilities of $50 million to $100 million. Judge Joel T. Marker presides over the case. The Debtor hired Cohne Kinghorn, P.C., as its bankruptcy counsel; and Rocky Mountain Advisory, LLC, as its accountant and financial advisor. It also hired Richards Brandt Miller Nelson PC, Brian C. Webber PLLC, and GC Associates Law as special counsel. The Debtor also hired Paul P. Burghardt and the law firm of GC Associates Law as special bankruptcy counsel; Dan Anderson and Sterling Appraisals & Machinery, Ltd as appraisers and valuation consultants; and Calaway Capital Resources, Inc. as the Debtor's consultant regarding (i) interest rates and terms for loans on cranes and other heavy equipment; (ii) collateral lifespans for such loans; and (iii) interest rates and repayment terms for "line of credit" loans in the construction industry. The U.S. Trustee for Region 19 appointed an official committee of unsecured creditors on Jan. 25, 2017. The Committee retained Archer & Greiner, P.C., as its legal counsel. [*] Beard Group 25th Annual Distressed Investing Conference Nov. 26 ------------------------------------------------------------------- Conway MacKenzie is the latest sponsor for Beard Group's 2018 Distressed Investing (DI) Conference on Nov. 26, 2018. Conway, a global management consulting and financial advisory firm, joins law firm Foley & Lardner, DSI (Development Specialist Inc.), provider of management consulting and financial advisory services, and Longford Capital, a private investment company, in partnering with the DI Conference, as it marks its Silver (25th) Anniversary this year. This milestone denotes the event as the oldest, influential DI conference in U.S. The day-long program will be held at The Harmonie Club in New York City. All four firms have been supporting the DI Conference in past. For a quarter of a century, the DI Conference's focus has been on "Maximizing Profits in the Distressed Debt Market." The event also serves as a forum for leaders in corporate restructuring, lending and debt and equity investments to gather and discuss the latest topics and trends in the distressed investing industry, as well as exchange ideas about high-profile chapter 11 bankruptcy proceedings and out-of-court restructurings. These are distinguished professionals who place their resources and reputations at risk to produce stellar results by preserving jobs, rebuilding broken businesses, and efficiently redeploying underutilized assets in the marketplace. The conference will also feature: * a luncheon presentation of the Harvey K. Miller Award to Edward I. Altman, Professor of Finance, Emeritus, New York University's Stern School of Business. The award will be presented by last year's winner billionaire Marc Lasry, Altman's former student. * an evening awards dinner recognizing the 2018 Turnarounds & Workouts Outstanding Young Restructuring Lawyers. To register for the one-day conference visit: https://www.distressedinvestingconference.com/ Discounted early registration tickets are now available. To learn how you can be a sponsor and participate in shaping the day-long program, contact: Bernard Tolliver at bernard@beardgroup.com or Tel: (240) 629-3300 x-149 To learn about media sponsorship opportunities to bring your outlet into the view of leaders in corporate restructuring, lending and debt and equity investments, and To expand your network of news sources, contact: Jeff Baxt at jeff@beardgroup.com or (240) 629-3300, ext 150 ********* 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 the prior week we think are reliable. Those sources may not, 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 trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity 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 share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***