/raid1/www/Hosts/bankrupt/TCR_Public/180818.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, August 18, 2018, Vol. 22, No. 229
Headlines
APPVION INC: Ends June With $17.1 Million Cash
CLAIRE'S STORES: Posts $18.5 Million Net Loss at July 7
WEINSTEIN CO: Incurs $4.2 Million Net Loss in June
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APPVION INC: Ends June With $17.1 Million Cash
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BankruptcyData.com reported that Appvion Inc. filed with the U.S.
Bankruptcy Court a monthly operating report for the period of June
14, 2018 to July 1, 2018. For the period, the Company reported a
$23.7 million net loss on zero in net sales. The Company reported
$5.1 million in net reorganization items. The Company also reported
zero on selling, general and administrative expenses, in cash
disbursements and in cash receipts. Cash at the beginning and end
of the period was unchanged at $17.1 million with zero in net cash
flow.
About Appvion Inc.
Appvion, Inc. -- http://www.appvion.com/-- produces thermal,
carbonless, security, inkjet, digital specialty, and colored
papers. The Company is the largest manufacturer of direct thermal
paper in North America. Headquartered in Appleton, Wisconsin,
Appvion operates coating and converting plants there and in West
Carrollton, Ohio and a pulp and paper mill in Roaring Spring,
Pennsylvania. The Company employs approximately 1,400 people and
is 100% employee-owned.
Appvion, Inc., and five affiliated debtors each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 17-12082) on Oct. 1, 2017. The cases are
pending before the Honorable Kevin J. Carey.
Appvion Inc. disclosed total assets of $413,430,904 and total
liabilities of $714,758,194 as of Aug. 31, 2017.
DLA Piper is serving as legal counsel to Appvion, Guggenheim
Securities LLC is serving as the Company's investment banker, and
Alan Holtz of AlixPartners is serving as the Company's Chief
Restructuring Officer. Prime Clerk LLC is the claims and noticing
agent.
On Oct. 11, 2017, Andrew Vara, acting U.S. trustee for Region 3,
appointed an official committee of unsecured creditors. The
Committee retained Lowenstein Sandler LLP, as counsel, Klehr
Harrison Harvey Branzburg LLP, as Delaware co-counsel.
On Dec. 1, 2017, the court appointed Justin R. Alberto as the fee
examiner. He tapped Bayard, P.A., as legal counsel.
On May 14, 2018, the Bankruptcy Court approved the sale of
substantially all of the Debtors' assets to a group of the
Company's lenders led by Franklin Advisers, Inc. The sale was
completed on June 13, 2018. The transaction will significantly
reduce Appvion's debt, provide additional liquidity, and better
position Appvion to compete long-term in the evolving specialty
paper market and further invest in the innocation that has made it
a market leader.
On May 23, 2018, the Debtors filed their Combined Plan of
Liquidation and Disclosure Statement.
CLAIRE'S STORES: Posts $18.5 Million Net Loss at July 7
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BankrutpcyData.com reported that Claire's Stores filed with the
U.S. Bankruptcy Court a monthly operating report for the period of
June 3, 2018 to July 7, 2018. For the period, the Debtors reported
a net loss of $18.5 million on zero net sales. The Debtors further
reported $32,183 in depreciation and amortization, $3 million in
selling general and administrative expenses and $13.3 million in
net reorganization items.
About Claire's Stores
Claire's Stores, Inc. -- http://www.clairestores.com/-- is a
specialty retailer of jewelry, accessories, and beauty products for
young women, teens, "tweens," and kids. Through the Claire's
brand, the Claire's Group has a presence in 45 nations worldwide,
through a total combination of over 7,500 Company-owned stores,
concessions locations, and franchised stores. Headquartered in
Hoffman Estates, Illinois, the Company began as a wig retailer by
the name of "Fashion Tress Industries" founded by Rowland Schaefer
in 1961. In 1973, Fashion Tress Industries acquired the
Chicago-based Claire's Boutiques, a 25-store jewelry chain that
catered to women and teenage girls. Following that acquisition,
Fashion Tress Industries changed its name to "Claire's Stores,
Inc." and shifted its focus to a full line of fashion jewelry and
accessories.
In 2007, the Company was taken private and acquired by investment
funds affiliated with, and co-investment vehicles managed by,
Apollo Management VI, L.P. Claire's Group employs approximately
17,000 people globally. Claire's Stores, Inc., and 7 affiliates
sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10584) on
March 19, 2018, after reaching terms of a balance sheet
restructuring with their first lien lenders and sponsor Apollo
Global Management, LLC.
As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in
total assets against $2.53 billion in total liabilities.
The Hon. Brendan Linehan Shannon is the case judge.
The Debtors tapped Weil, Gotshal & Manges LLP as their bankruptcy
counsel; Richards, Layton & Finger, P.A. as local counsel; FTI
Consulting as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; Hilco Real Estate, LLC as real estate advisor;
and Prime Clerk as claims agent and administrative advisor.
WEINSTEIN CO: Incurs $4.2 Million Net Loss in June
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BankruptcyData.com reported that Weinstein Company Holdings filed
with the U.S. Bankruptcy Court a monthly operating report for June
2018. For the month, the consolidated Debtors reported a net loss
of $4.2 million on $4.8 million in net revenue. The consolidated
Debtors further reported $2.4 million in reorganization expenses
and professional fees, $6.2 million in total operating expenses,
$412,925 in administrative expense, $262,243 in selling expense and
$6.4 million in restructuring fees. On a consolidated basis, cash
disbursements were $51.7 million and cash receipts were $21.4
million. Cash at the beginning and end of the month was $21.5
million and $17.8 million, respectively, with a net cash flow of
$6.6 million.
About The Weinstein Company
The Weinstein Company (TWC) -- http://www.WeinsteinCo.com/-- is a
multimedia production and distribution company launched in 2005 in
New York by Bob and Harvey Weinstein, the brothers who founded
Miramax Films in 1979. TWC also encompasses Dimension Films, the
genre label founded in 1993 by Bob Weinstein. During Harvey and
Bob's tenure at Miramax and TWC, they have received 341 Oscar
nominations and won 81 Academy Awards.
TWC dismissed Harvey Weinstein in October 2017, after dozens of
women came forward to accuse him of sexual harassment, assault or
rape.
The Weinstein Company Holdings LLC and 54 affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 18-10601) on March 19,
2018 after reaching a deal to sell all assets to Lantern Asset
Management for $310 million.
The Weinstein Company Holdings estimated $500 million to $1 billion
in assets and $500 million to $1 billion in liabilities.
The Hon. Mary F. Walrath is the case judge.
Cravath, Swaine & Moore LLP is the Debtors' bankruptcy counsel,
with the engagement led by Paul H. Zumbro, George E. Zobitz, and
Karin A. DeMasi, in New York.
Richards, Layton & Finger, P.A., is the local counsel, with the
engagement headed by Mark D. Collins, Paul N. Heath, Zachary I.
Shapiro, Brett M. Haywood, and David T. Queroli, in Wilmington,
Delaware.
The Debtors also tapped FTI Consulting, Inc., as restructuring
advisor; Moelis & Company LLC as investment banker; and Epiq
Bankruptcy Solutions, LLC as claims and noticing agent.
The Office of the U.S. Trustee for Region 3 appointed an official
committee of unsecured creditors on March 28, 2018. The committee
hire hired Pachulski Stang Ziehl & Jones, LLP as its legal counsel,
and Berkeley Research Group, LLC as its financial advisor.
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Discounted tickets for Beard Group, Inc.'s Annual Distressed
Investing 2018 Conference are available if you register by August
31. Your cost will be $695, a $200 savings.
Visit https://www.distressedinvestingconference.com/ for
registration details and information about this year's conference
agenda as well as highlights from past conferences.
Now on its 25th year, Beard Group's annual Distressed Investing
conference is the oldest and most established New York
restructuring conference. The day-long program will be held
Monday, November 26, 2018, at The Harmonie Club, 4 E. 60th St. in
Midtown Manhattan.
For a quarter century, the focus of the conference 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. They are distinguished
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businesses, and efficiently redeploying underutilized assets in the
marketplace.
This year's 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.)
* Evening awards dinner recognizing the 12 Outstanding
Restructuring Lawyers
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:
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or (240) 629-3300, ext 150
Beard Group, Inc., publishes Turnarounds & Workouts, Troubled
Company Reporter, and Troubled Company Prospector. Visit
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or more of Beard Group's corporate restructuring publications.
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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
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Copyright 2018. All rights reserved. ISSN: 1520-9474.
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