T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, February 12, 2008, Vol. 12, No. 36 Headlines AFC AUTOMOBILE: Section 341(a) Meeting Scheduled for February 14 AFSANEH EMAMI: Voluntary Chapter 11 Case Summary ALCATEL-LUCENT: Posts EUR2.58 Bil. Net Loss in Qtr. Ended Dec. 31 ALLEGHENY ENERGY: Earns $110.4 Million for Quarter Ended Dec. 31 AMERICAN PACIFIC: Earns $2.9 Million in Fiscal 2008 First Quarter AMP'D MOBILE: Can Hire WM, Quinn & Mosaic as Liquidation Advisors APARTMENT INVESTMENT: Posts $26.6MM Net Loss in Qtr. Ended Dec. 31 APOLLO PLASTIC: Sale of Stores Settles Breach-of-Contract Lawsuit ASARCO LLC: Judge Schmidt Defers Ruling on Examiner Request ASARCO LLC: Court Extends Exclusive Plan-Filing Period to April 11 ASARCO LLC: Grupo Mexico Says No to Sale of Assets ASAT HOLDINGS: Receives Nasdaq Securities Delisting Notice ATHERTON-NEWPORT: Files Schedules of Assets and Liabilities ATHERTON-NEWPORT: Can Hire Jeffer Mangels as Gen. Reorg. Counsel ATHERTON-NEWPORT: Section 341(a) Meeting Slated for February 20 BELO CORP: Completes Newspaper Businesses Spin-off into AH Belo BELO CORP: Fitch Holds Ratings After Newspaper Businesses Spin-Off BUILDERS FIRSTSOURCE: Expects $0.6/Share Net Loss in Fourth Qtr. CALIFORNIA STEEL: Posts $12 Mil. Net Loss in Quarter Ended Dec. 31 CALIFORNIA MUNICIPAL: Fitch Assigns 'BB+' Rating on $23.22MM Bonds CAMPBELL RESOURCES: Swaps $1.8MM Unit with $700,000 Loan Facility CASS PLASTICS: Case Summary & 11 Largest Unsecured Creditors CHARLES BERG: Case Summary & 20 Largest Unsecured Creditors COINSTAR INC: Agrees With Wal-Mart to Expand Coinstar Centers COINSTAR INC: S&P Changes Outlook to Positive on Wal-Mart Contract COPYBOY PUBLICATIONS: Case Summary & 10 Largest Unsec. Creditors CORINTHIAN CUSTOM HOMES: Voluntary Chapter 11 Case Summary CRYSTAL US: Moody's Reviews Low-B Ratings for Possible Upgrade CYBERCARE INC: Cast-Crete Files Amended Disclosure Statement CYBERCARE INC: Amended Disclosure Statement Hearing Set on Feb. 27 DANA CORP: Newco Gets 'BB-' Rating from S&P After Chapter 11 Exit DECKER COLLEGE: Settlement Releases Students from Loan Obligations DOLE FOOD: Fitch Considers Banana Tariff Policy Ruling Favorable ENERGY SAVINGS: Dec. 31 Balance Sheet Upside Down by $221.9 Mil. EXPEDIA INC: Earnings Drop to $65MM in Quarter Ended December 31 FBR CAPITAL: Plans to Cut 10% of Workforce Over Market Challenges FEDERAL-MOGUL: Insurers, et al., Oppose Plan A Modifications FEDERAL-MOGUL: Mesothelioma Claimants Support Plan A Modifications FIRST MAGNUS: Court Orders Executives to Appear for Deposition FIRST MAGNUS: Pima Country Insists Property Taxes Be Paid in Full FIRST MAGNUS: WaMu to Reserve Rights to Object Terms of Plan FIRST MAGNUS: Provides 2nd Ballot Report Amid Various Objections FIRST FRANKLIN: Fitch Junks Ratings on Seven Certificate Classes FOREST LAKE: Court-Appointed Receiver May File for Bankruptcy FORGE ABS: Moody's Junks Seven Ratings on Eroding Credit Quality FORTUNOFF: Section 341(a) Meeting Slated for February 27 FORTUNOFF: U.S. Trustee Forms Nine-Member Creditors' Committee FORTUNOFF: Final Hearing on Plea to Pay Insurance Set for Feb. 28 FREESCALE SEMICONDUCTOR: Chief Executive Michel Meyer to Step Down FREESCALE SEMICONDUCTOR: Moody's Rating Unmoved by CEO's Stepdown GAMESTOP CORP: Board Approves Up to $130 Mil. Bond Buyback Program GAMESTOP CORP: S&P Assigns Positive Outlook; Keeps BB Corp. Rating GENERAL MOTORS: Paying $0.25 First Quarter Dividend on March 10 GENERAL MOTORS: Invests $69 Million in Ohio Diesel Engine Plant HARRAH'S ENT: Issues $6.3 Billion Aggregate Senior Secured Notes HARRY & DAVID: Earns $65.9 Million in Fiscal 2008 Second Quarter HCA INC: Dec. 31, 2007 Balance Sheet Upside Down by $10.5 Billion HINES HORTICULTURE: S&P Withdraws 'CCC+' Corporate Credit Rating HOLLEY PERFORMANCE: Files Prepackaged Ch. 11 Petition in Delaware HOLLEY PERFORMANCE: Case Summary & 100 Largest Unsecured Creditors IDR INVESTMENT: Case Summary & Eight Largest Unsecured Creditors INPHONIC INC: Court Approves Change of Name to SN Liquidation INPHONIC INC: Files Schedules of Assets and Liabilities INTERNATIONAL COAL: Incurs $16 Mil. Net Loss for 2007 Fourth Qtr. INTERNATIONAL PAPER: Earnings Drop to $327MM in Qtr. Ended Dec. 31 IOWA TELECOM: Agrees to Buy Bishop Communications for $43.9 Mil. IOWA TELECOM: Moody's Says $44MM Bishop Deal Won't Affect Profile IOWA TELECOM: S&P Says Ratings Unaffected by Merger With Bishop IRWIN HOME: Fitch Chips Rating on $1.7MM Class 2B-1 Certs. to BB JOHN WALSHE: Case Summary & Eight Largest Unsecured Creditors KNOLL INC: Earnings Up to $20.7MM in Quarter Ended December 31 LEVEL 3 COMMS: Reports $91 Mil. Net Loss for 2007 Fourth Quarter LINTON PROPERTIES: Case Summary & 12 Largest Unsecured Creditors LUIGI SINAPI: Voluntary Chapter 11 Case Summary MACKLOWE PROPERTIES: Receives Notice of Default Yesterday MARSHA ANN BEARD: Case Summary & 16 Largest Unsecured Creditors MAXJET AIRWAYS: Court Approves Arent Fox as Committee Counsel MAXJET AIRWAYS: Can Hire Pachulski Stang as Bankruptcy Co-Counsel MAXJET AIRWAYS: Gets Court OK to Employ Pillsbury as Co-Counsel MAXJET AIRWAYS: Filing of Schedules Extended to February 19 MGM MIRAGE: Reports Preliminary 2007 Fourth Quarter Expectations MICHAEL LAM: Case Summary & 14 Largest Unsecured Creditors M/I HOMES: Posts $68.5 Million Net Loss in 2007 4th Quarter NATIONAL FOOT: Court Sets June 14 Claims Bar Date NEW YORK RACING: Says No to Allowance of New York City's Tax Claim NUTRITIONAL SOURCING: Wants Until May 2 to File Chapter 11 Plan NUTRITIONAL SOURCING: Empresas Bids $26.5 Mil. for De Diego Assets OKLAHOMA POP: Case Summary & 16 Largest Unsecured Creditors PANTRY INC: Earns $3.2 Million in First Quarter Ended Dec. 27 PATHMARK STORES: Moody's Withdraws Caa1, Caa22 Ratings PIERRE FOODS: Cuts 153 Jobs w/ Cedartown, Georgia Plant Shutdown PLASTECH ENGINEERED: Trustee Appoints 7-Member Creditors Panel PLASTECH ENGINEERED: Court Gives Interim Nod to DIP Financing PLASTECH ENGINEERED: Reaches $23 Million Deal w/ Major Customers PLASTECH ENGINEERED: Wants to Use Lenders' Cash Collateral POOL & SPA: Case Summary & 17 Largest Unsecured Creditors PACIFIC EDUCATION: Case Summary & Five Largest Unsecured Creditors QUEBECOR WORLD: Moody's Rates US$1-Bln DIP Facilities Ba2 & Ba3 REYNOLDS AMERICAN: Earnings Rise to $297MM in Qtr. Ended Dec. 31 RICHARD DEMONBREUN: Case Summary & 20 Largest Unsecured Creditors ROBERT OLSON: Case Summary & 3 Largest Unsecured Creditors ROGER COLE: Case Summary & 19 Largest Unsecured Creditors ROSA PARDO: Case Summary & 16 Largest Unsecured Creditors SALANDER-O'REILLY: U.S. Trustee Opposes CRO Retention SCO GROUP: Gets Court OK to File Chapter 11 Plan Until May 11 SIRVA INC: Asks Court to Employ KCC as Claims Agent SIRVA INC: Asks Court to Employ TS&S as Conflicts Counsel SOLOMON TECH: To Issue 1.5 M Shares in Lieu of Redemption Payment SPACEHAB INC: Secures $6 Million Credit Facility from Green Bank SPIRIT AEROSYSTEMS: Earns $76 Million in 2007 Fourth Quarter SUBURBAN PROPANE: Earns $85.4 Million in Fiscal 2008 1st Quarter SUBURBAN PROPANE: Declares Quarterly Distribution of $0.7625 SUMMER STREET: Moody's Junks Ratings on Six Classes of Notes SUNCAL COMPANIES: Gets Default Notice Demanding Sale by Feb. 27 TOUSA INC: Gets Interim OK for Kirkland & Ellis as Lead Counsel TOUSA INC: Gets Interim OK for Berger Singerman as Florida Counsel TOUSA INC: Court Nods on Kurtzman Carson as Notice & Claims Agent TOUSA INC: Noteholders Dispute Prepetition Lenders' Claims TRIBUNE CO: S&P Puts 'B' Rating on CreditWatch Negative UNIT 44: Case Summary & Seven Largest Unsecured Creditors VALERO ENERGY: Moody's Reviews Low-B Ratings for Likely Upgrade VESTA INSURANCE: FSIA Disclosure Statement Hearing Set Feb. 13 VESTA INSURANCE: FSIA Objects to $1.57M Claim by Computer Science VESTA INSURANCE: Gaines Plan Trustee Asks SG/SPV PACT Approval WHOLE FOODS: Moody's Attaches Ba1 Rating on $700 Mil. Secured Loan WICKES FURNITURE: Gets Interim OK to Borrow $30MM & Use Collateral WICKES FURNITURE: Wants Bid Procedures for Assets Sale Approved WICKES FURNITURE: Taps FTI's Buenzow as Restructuring Officer WICKES FURNITURE: Can Employ Epiq Bankruptcy as Claims Agent WINDSTREAM CORP: Board Approves $400 Million Share Repurchase Plan WINDSTREAM CORP: Earns $583.6 Mil. for Quarter Ended Dec. 31, 2007 WINDSTREAM CORP: Moody's Holds Ba2 Rating on $400MM Stock Buyback WINDSTREAM CORP: Fitch Rating Unmoved by $400M Stock Buyback Plan YRC WORLDWIDE: Denies Report on Combining Yellow Trans and Roadway YRC WORLDWIDE: To Close 27 Centers and Cut 1,100 Jobs at USF Units * Fitch Says Problems in Private Mortgage Insurance to Continue * Moody's Comments on Stimulus Plan Impact on US Pay TV Industry * Moody's Records 2007 Low Default Rates; Sharp Rise Expected * Moody's and S&P Trying to Patch Up Torn Credibility * S&P Downgrades 63 Tranches' Ratings From 10 Cash Flows and CDOs * SEC Plans to Require Rating Firms to Disclose Past Performance * Outreach Housing Helps 'In-Default' Homeowners Sue Lenders * Barbara Hart & Anne Penachio Join Lowey Dannenberg * McDermott Launches Subprime & Credit Markets Practice Group * Large Companies with Insolvent Balance Sheets ********* AFC AUTOMOBILE: Section 341(a) Meeting Scheduled for February 14 ---------------------------------------------------------------- The U.S. Trustee for Region 4 will convene a meeting of A.F.C. Automobile Receivables Funding II LLC and its debtor-affiliate's creditors on Feb. 14, 2008, at 2:00 p.m., at the Office of the U.S. Trustee, Room 625, Federal Building, 200 Granby Street, in Norfolk, Virginia. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This Meeting of Creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. Virginia Beach, Virginia-based A.F.C. Automobile Receivables Funding II LLC, and its affiliate Auto Finance Co. LLC filed for Chapter 11 protection on Jan. 15, 2008 (Bankr. E.D. Va. Case Nos. 08-70140 and 08-70139). Michael Gregory Wilson, Esq., at Hunton & Williams LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, AFC Automobile listed estimated assets and debts of $10 million to $50 million, while Auto Finance listed estimated assets and debts of $1 million to $10 million. AFSANEH EMAMI: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Afsaneh Emami aka Allison Emami aka Afsaneh Ewilliams 563 Ranch Trail, Suite 220 Irving, TX 75063 Bankruptcy Case No.: 08-30723 Chapter 11 Petition Date: February 8, 2008 Court: Northern District of Texas (Dallas) Judge: Barbara J. Houser Debtor's Counsel: Joyce W. Lindauer, Esq. 8140 Walnut Hill Lane, Suite 301 Dallas, TX 75231 Tel: (972) 503-4033 Fax: (972) 503-4034 Estimated Assets: $500,000 to $1 Million Estimated Debts: $1 Million to $10 Million The Debtor did not submit a list of largest unsecured creditors. ALCATEL-LUCENT: Posts EUR2.58 Bil. Net Loss in Qtr. Ended Dec. 31 ----------------------------------------------------------------- Alcatel-Lucent reported financial results for three months and year ended Dec. 31, 2007. In accordance with regulatory reporting requirements, the fourth quarter 2007 and the full year 2007 reported results include the non-cash impacts from purchase price allocation entries after the merger of Alcatel with Lucent Technologies. For the fourth quarter 2007, Alcatel-Lucent's reported net loss was EUR2.58 billion including an impairment charge of EUR2.52 billion. For the full year 2007, Alcatel-Lucent's reported net loss was EUR3.52 billion including an impairment charge of EUR2.94 billion and a restructuring charge of EUR856 million. "This quarter, we delivered solid year-over-year revenue growth of 18.4% with the strongest performance in the carrier and services businesses," Patricia Russo, CEO commented. "These results reflect the strengthening of our position in IP and optics, a recovery of our GSM business and the ramp up of WCDMA." "As we have said, 2007 was a transition year for the company as we executed our integration plans in a difficult market environment," Ms. Russo added. "Notwithstanding these challenges, the performance of our wireline, enterprise and services business has been solid. On the other hand, the slower-than-expected ramp up of revenues in WCDMA and NGN/IMS, two areas in which we have been investing, has severely impacted profitability." Balance Sheet, Pension Status and Dividend Policy The net debt/cash position was EUR271 million as of Dec. 31, 2007, compared with EUR124 million as of Sept. 30, 2007. The funded status of pensions and other post retirement benefits amounted to EUR2,806 million at year-end 2007, up from EUR2,436 million as of Sept. 30, 2007. As part of the management of its funds, the group reduced its exposure to equity markets in November 2007. As of Dec. 31, 2007, the asset allocation of the group's funds were: (i) 20% in equity securities; and (ii) 60% in bonds and 20% in alternatives. This compares to 36%, 48% and 16% as of Dec. 31, 2006. In light of these results and of a more uncertain market outlook, the board has determined that it is prudent to suspend dividend payment for 2007. About Alcatel-Lucent Headquartered in Paris, Alcatel Lucent -- http://www.alcatel- lucent.com/ -- (NYSE:ALU) fka Alcatel, provides solutions that enable service providers, enterprises and governments, to deliver voice, data and video communication services to end users. It offers end-to-end solutions that enable communications services for residential, business and mobile customers. It has operations in more than 130 countries Alcatel-Lucent is organized around three business groups and four geographic regions. The Wireless, Wireline and Convergence groups, which make up the Carrier Business Group, are dedicated to serving the needs of the world's service providers. The Enterprise Business Group focuses on meeting the needs of business customers. The Services Business Group designs, deploys, manages and maintains networks worldwide. The Company's geographic regions are Europe and North, Europe and South, North America, and Asia-Pacific. * * * Moody's Investor Service placed Alcatel-Lucent's probability of default rating at 'Ba2' in March 2007. The rating still holds today with a stable outlook. ALLEGHENY ENERGY: Earns $110.4 Million for Quarter Ended Dec. 31 ---------------------------------------------------------------- Allegheny Energy Inc. reported net income of $110.4 million for the three months ended Dec. 31, 2007, compared to $64.6 million of 2006 fourth quarter. For the 2007 fiscal year ended Dec. 31, net income is $412.2 million compared to fiscal year 2006 at $319.3 million. For the 2007 fourth quarter, operating revenues are $786.3 million compared tothe fourth quarter of 2006 at $736.9 million. For the full fiscal year ended Dec. 31, 2007, operating revenues were $3.3 billion, compared to $3.1 billion of the previous fiscal year. Operating revenues increased by $49.4 million compared to the fourth quarter of 2006, reflecting higher market prices, higher generation rates in Pennsylvania and increased retail sales, partially offset by lower generation output, reflecting unplanned outages at power plants. Fuel expense increased by $20.5 million, reflecting higher coal prices. Purchased power and transmission expense increased by $14.9 million, primarily due to increased purchases of energy and associated services from third parties and increased PURPA generation purchases. Deferred energy cost decreased by $6.4 million, largely due to a change in Maryland PURPA generation costs and West Virginia fuel and energy costs that are recovered in rates. Operations and maintenance expense increased by $2.8 million, primarily due to increased special maintenance expense at power plants. Taxes other than income taxes increased by $9.9 million. Results for the fourth quarter of 2006 benefited from a decrease in reserves related to an audit settlement in 2006. Income taxes, excluding the effects of the Merrill Lynch litigation settlement, decreased by $6.3 million, largely due to the effect of audit settlements associated with open tax positions in the fourth quarter of 2006. About Allegheny Energy Headquartered in Greensburg, Pennsylvania, Allegheny Energy Inc. (NYSE: AYE) -- http://www.alleghenyenergy.com/-- owns and operates generating facilities and delivers electric service to over 1.5 million customers in Pennsylvania, West Virginia, Maryland and Virginia. * * * Moody's Investor Service placed Allegheny Energy Inc.'s bank loan debt rating at 'Ba1' in September 2007. The rating still holds to date with a stable outlook. AMERICAN PACIFIC: Earns $2.9 Million in Fiscal 2008 First Quarter ----------------------------------------------------------------- American Pacific Corporation reported Thursday financial results for its first fiscal quarter ended Dec. 31, 2007. The company reported net income of $2.9 million for the first quarter ended Dec. 31, 2007, versus net income of $639,000 in the comparable period in fiscal 2007. Operating income increased 64.0% to $7.2 million compared to $4.4 million. Adjusted EBITDA improved to $12.4 million compared to $9.7 million. Revenues for the company's fiscal 2008 first quarter increased 34.0% to $46.9 million reflecting revenue growth from the company's Specialty Chemicals and Fine Chemicals segments. For the fiscal 2008 first quarter, cost of revenues was $29.5 million compared to $22.0 million for the prior year first quarter. The consolidated gross margin percentage was 37.0% for both periods. For the fiscal 2008 first quarter, operating expenses increased $1.7 million to $10.2 million from $8.5 million in the first quarter of fiscal year 2007, primarily due to: -- an increase in Specialty Chemicals segment operating expenses of $400,000 primarily due to environmental related costs and employee compensation. -- an increase in Fine Chemicals segment operating expenses of $500,000 due to additional personnel costs, primarily recruiting and relocation expenses. -- an increase in corporate operating expenses of $700,000 due to a $600,000 increase in employee compensation and retirement benefit expenses and a $300,000 increase in Sarbanes-Oxley compliance costs, offset somewhat by numerous other minor decreases in corporate perating expenses. Capital and Liquidity Highlights As of Dec. 31, 2007, the company had cash balances of $38.2 million and no cash borrowings against its $20.0 million revolving credit line. Cash flows from operating activities during the fiscal 2008 first quarter improved by $22.2 million compared to the prior fiscal year first quarter. Operating activities provided cash of $18.2 million for the fiscal 2008 first quarter compared to a use of cash of $4.0 million for the prior fiscal year first quarter. Balance Sheet At Dec. 31, 2007, the company's consolidated balance sheet showed $258.7 million in total assets, $182.5 million in total liabilities, and $76.2 million in total stockholders' equity. About American Pacific Based in Las Vegas, American Pacific Corp. (Nasdaq: APFC) -- http://www.apfc.com/-- is a manufacturer of specialty and fine chemicals, as well as propulsion products sold to defense, aerospace and pharmaceutical end markets. * * * As reported in the Troubled Company Reporter on Feb. 5, 2008, Standard & Poor's Ratings Services raised its ratings, including the corporate credit rating, on American Pacific Corp. to 'B+' from 'B'. At the same time, S&P raised its rating on the company's existing senior unsecured notes due 2015 to 'B+' from 'B'. The outlook is stable. AMP'D MOBILE: Can Hire WM, Quinn & Mosaic as Liquidation Advisors ----------------------------------------------------------------- Amp'd Mobile Inc. obtained authority from the U.S. Bankruptcy Court for the District of Delaware to employ William Morris Agency LLC, Quinn Pacific, and Mosaic Capital LLC, as its liquidation advisors in connection with efforts to sell, license, or liquidate its intellectual property assets. As liquidation advisors, each of WMA, QP and Mosaic is expected to assist, advise and coordinate with the Debtor to sell the subject IP Assets, including facilitating meeting and negotiations related to an asset sale. The Liquidation Advisors will help identify buyers for all or part of the IP assets. The Debtor will award particular levels of compensation to each of the Liquidation Advisors if they succeed in their efforts to help the Debtor locate a potential buyer or licensee of the IP Assets. Steven M. Yoder, Esq., at Potter Anderson & Corroon LLP, in Wilmington, Delaware, related that the Debtor has negotiated specific percentage advisory fee or commissions with each of the Liquidation Advisors that would be payable upon approval and closing of a specific transaction: A. WMA Fee Structure The Debtor will pay WMA a fee in an amount equal to 4% of the total combined gross sale proceeds so long as the amount of the sale of the IP Assets exceeds $2,250,000 should a transaction occur with any entity listed on the WMA prospect list. Additionally, WMA will be entitled to documented expense reimbursement of up to $8,500, which may be deducted from the Success Fee earned. If a transaction be approved and close with an entity not specifically listed on the WMA prospect list, WMA's fee will be reduced to 3%. B. QP Fee Structure If a sale of the IP Assets occurs and the purchaser is listed on the QP prospect list, QP will be entitled to a flat fee of 10% of the transaction value. No fee will be owed to QP if a transaction is closed with a buyer not in the QP prospect list. C. Mosaic Fee Structure The Debtor has agreed to pay Mosaic a fee in an amount equal to the greater of $250,000 or 5% of a transaction up to $20,000,000 if a transaction is completed with one of the prospects identified by Mosaic. In the event that a transaction is completed in an amount more than $20,000,000, Mosaic will be entitled to a Fee of 7%. In addition, Mosaic will be entitled to documented expense reimbursement of up to $15,000. Only a transaction that is completed with prospects identified by Mosaic will result in a payment to the entity. Mr. Yoder asserted that the proposed Success Fees is tied directly to the value to be realized for the IP Assets, which in turn will maximize the value of the Debtor's estate. Kings Road Investments, the Debtor's secured lender, supported the Debtor's request, according to Mr. Yoder. Stuart R. Tenzer, senior vice president at William Morris, assures the Court that his firm is a disinterested person as the term is defined in Section 101(14) of the Bankruptcy Code. Representatives of QP and Mosaic also relate that their firms are disinterested persons. The Liquidation Advisors maintain that they do not have interests materially adverse to the Debtor's interests. About Amp'd Mobile Inc. Headquartered in Los Angeles, California, Amp'd Mobile Inc. aka Amp'D Mobile LLC -- http://www.ampd.com/-- is a mobile virtual network operator that provides voice, text and entertainment content to subscribers who contract for cellular telephone service. The company filed for chapter 11 protection on June 1, 2007 (Bankr. D. Del. Case No. 07-10739). Steven M. Yoder, Esq., Eric M. Sutty, Esq. and Mary E. Augustine, Esq. at The Bayard Firm represent the Debtor in its restructuring efforts. Attorneys at Otterbourg, Steindler, Houston & Rosen, P.C. and Klehr, Harrison, Harvey, Branzburg & Ellers, LLP, represent the Official Committee of Unsecured Creditors. In its schedules filed with the Court, the Debtor listed total assets of $47,603,629 and total debts of $164,569,842. The Debtor's exclusive period to file a plan expired on Sept. 29, 2007. (Amp'd Mobile Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). APARTMENT INVESTMENT: Posts $26.6MM Net Loss in Qtr. Ended Dec. 31 ------------------------------------------------------------------ Apartment Investment and Management Company reported net loss attributable to common stockholders of $26.6 million for the quarter ended Dec. 31, 2007, compared with net income attributable to common stockholders of $66.1 million in the fourth quarter 2006. Lower results in the fourth quarter 2007 were due to various items including: -- lower gains on dispositions of real estate and other of $101 million; -- higher interest expense of $9 million; and -- real estate impairment charges of $6.6 million, which were partially offset by higher property net operating income of $15.1 million and higher activity and asset management revenues of $17.6 million. "Aimco had a solid 2007," Terry Considine, chairman and chief executive officer commented. "Property operating results improved on a Same Store basis by 4.5%. We invested more than $300 million in value-adding redevelopments. A highlight of the quarter for our asset management and transactions team was the formation of a joint venture with a fund managed by J.P. Morgan Asset Management to invest in certain Los Angeles properties. Given the current choppiness of the economy, we expect more moderate growth in 2008." "During the fourth quarter 2007 and January 2008, Aimco repurchased, on an accretive basis, approximately 8.5 million shares of its Common Stock for approximately $302 million, or an average price of $35.19 per share," Tom Herzog, chief financial officer, added. Comparing Same Store results in the fourth quarter 2007 with the fourth quarter 2006, total revenue increased $9.9 million, or 4%. The increase in revenue was generated by higher average rent, up $24 per unit, or 2.8%, from $862 per unit to $886 per unit, higher occupancy, which was up 0.3% from 94.4% to 94.7%, and increased utility reimbursements, up $2.2 million. Same Store expenses of $105.5 million increased $5.6 million, or 5.7%, compared with the prior year period as a result of higher payroll, marketing, insurance, contract services and utilities. Same Store portfolio net operating income was $152.6 million for the fourth quarter 2007, up 2.9% from the fourth quarter 2006. Liquidity and Capital Resources During the fourth quarter 2007, Aimco closed 28 property loans generating gross proceeds of $398 million at a weighted average interest rate of 6.24%. This included refinancing $121.6 million in existing mortgage loans, reducing the average interest rate from 6.74% to 6.08%. After repayment of existing property debt, transaction costs and distributions to limited partners, Aimco's share of net proceeds was $248.9 million. As of Dec. 31, 2007, Aimco had $7.5 billion of consolidated debt outstanding, which consisted of: -- $5.7 billion of fixed rate mortgage debt, which is non- recourse; -- $1.7 billion of floating rate property and corporate debt; and -- $75.1 million of other borrowings. In addition, Aimco had $100 million of floating rate preferred stock outstanding. Consolidated interest expense was $110.5 million for the fourth quarter 2007 compared with $101.5 million for the fourth quarter 2006. The $9 million increase in interest expense is the result of higher balances on property debt, offset by lower weighted average interest rates and higher capitalized interest. At Dec. 31, 2007, the company's balance sheet showed total assets of $10.61 billion, total liabilities of $8.86 billion and total stockholders' equity of $1.75 billion. Share Repurchase During the fourth quarter 2007, Aimco repurchased approximately 4 million shares of its Class A Common Stock at an average price of $37.28 per share for a total cost of $150.4 million, bringing full-year 2007 common stock repurchases to 7.5 million shares at an average price of $43.70 per share for a total cost of $325.8 million. During the month of January 2008, Aimco repurchased approximately 4.5 million shares of its Class A Common Stock at an average price of $33.33 per share for a total cost of $151.2 million. Since Aimco began repurchasing shares during the third quarter 2006, the company has repurchased approximately 14.3 million shares, or approximately 14.7% of shares outstanding on July 31, 2006, at an average price of $41.79 per share for a total cost of $597.3 million. On Jan. 29, 2008, the Aimco board of directors increased the company's existing share repurchase authorization by 25 million shares. The company is authorized to repurchase approximately 28.7 million additional shares. Repurchases may be made from time to time in the open market or in privately negotiated transactions. Aimco issued approximately 4.6 million shares of its Class A Common Stock on Jan. 30, 2008, in connection with the payment of the special dividend declared on Dec. 21, 2007. About Apartment Investment and Management Company Based in Denver, Colorado, Apartment Investment and Management Company (NYSE: AIV) -- http://www.aimco.com/-- is a real estate investment trust that owns and operates a geographically diversified portfolio of apartment communities through 19 regional operating centers. Aimco, through its subsidiaries and affiliates, is the largest owner and operator of apartment communities in the United States with 1,194 properties, including 206,217 apartment units, and serves approximately 750,000 residents each year. Aimco's properties are located in 47 states, the District of Columbia and Puerto Rico. * * * As reported in the Troubled Company Reporter on Dec. 18, 2007, Moody's Investors Service assigned a Ba1 corporate family rating to Apartment Investment and Management Company, and affirmed the REIT's preferred equity rating at Ba3. The ratings outlook is stable. APOLLO PLASTIC: Sale of Stores Settles Breach-of-Contract Lawsuit ----------------------------------------------------------------- Apollo West LLC, of Tukwila, Wash., bought Spokane-based Apollo Plastics Inc.'s three stores on Feb. 1, Jeanne Gustafson of the Spokane (Wash.) Journal of Business reports. Apollo West bought Apollo Plastics' two retail Apollo Spas stores in Spokane and one in Coeur d'Alene. Kevin O'Rourke, Apollo Plastics' bankruptcy attorney said the agreement resolves a $970,000 judgment in favor of Apollo West following a breach-of- contract lawsuit. Apollo Plastics supplied spas to Apollo West. The amount owed to Apollo West in the breach-of-contract suit represents Apollo Plastics' largest unsecured debt when the company filed for Chapter 11 bankruptcy last fall. Mr. O'Rourke says Apollo Plastics still is considering whether to submit the sale agreement to the U.S. Bankruptcy Court to be considered as part of a reorganization plan. Alternatively, if may seek a dismissal of the bankruptcy case. Apollo Plastics operates a manufacturing plant in Spokane Valley in addition to the three stores bought by Apollo West. The company listed assets of $800,000 and debts of $1.8 million during its bankruptcy filing, according to the report. ASARCO LLC: Judge Schmidt Defers Ruling on Examiner Request ----------------------------------------------------------- The Honorable Richard S. Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas postponed, to a later date, his ruling on Asarco Inc.'s request to appoint a Chapter 11 examiner in ASARCO LLC and its debtor-affiliates' Chapter 11 cases. Asarco Inc.'s request was originally set to be heard by the Court last Feb. 8, 2008. According to the Associated Press, Judge Schmidt said in a recent hearing that the Bankruptcy Code appears to require him to direct the U.S. Trustee to name an examiner whether he wants one or not. "Exactly what the examiner would do, is up to [the U.S. Trustee]," AP quotes Judge Schmidt. In a separate court filing, Wilmington Trust Company, as successor Indenture Trustee under an indenture dated Oct. 1, 1994, joins ASARCO LLC's Official Committee of Unsecured Creditors' opposition to the appointment of an examiner. As reported in the Troubled Company Reporter on Feb. 8, 2008, seven entities objected to Asarco Incorporated's request to appoint a Chapter 11 examiner: 1) ASARCO LLC and debtor-affiliates; 2) Official Committee of Unsecured Creditors for ASARCO LLC; 3) Official Committee of Unsecured Creditors for the Asbestos Subsidiary Debtors and Robert C. Pate, the Future Claims Representative; 4) United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, AFL-CIO; 5) The U.S. Government; 6) Harbinger Capital Partners Master Fund I, Ltd., Harbinger Capital Partners Special Situations Fund, L.P., and Citigroup Global Markets, Inc.; and 7) Wells Fargo Bank, N.A., as successor Indenture Trustee under an Indenture and Bankers Trust Company. The Objecting Parties pointed out that it is Asarco Inc.'s fifth attempt to take over the bankruptcy case of ASARCO LLC, and another attempt to delay the Debtors' reorganization efforts. About ASARCO Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/ -- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services And investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When the Debtor filed for protection from its creditors, it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven chapter 11 filings have appeared in the Troubled Company Reporter since Apr. 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05- 21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for Chapter 11 protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). The Court gave the Debtors until April 11, 2008 to file a plan of reorganization. (ASARCO Bankruptcy News Issue No. 66; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ASARCO LLC: Court Extends Exclusive Plan-Filing Period to April 11 ------------------------------------------------------------------ The Honorable Richard S. Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas has extended, until April 11, 2008, the period within which ASARCO LLC and its debtor-affiliates can file a plan of reorganization, the Associated Press reports. Judge Schmidt has not issued a written order on the extension request as of February 11. Harbinger Capital Partners Master Fund I, Ltd., Harbinger Capital Partners Special Situations Fund, L.P., and Citigroup Global Markets, Inc., opposed further extension of the Debtors' exclusive periods. The Objectors said they are planning to file their own reorganization plan for ASARCO if the company fails to file a plan by April 11. Harbinger, who holds about two-thirds of the principal amount of unsecured bonds and debentures issued by ASARCO LLC, told the Court that it is one of the prospective buyers of ASARCO. However, according to Harbinger, ASARCO has ignored its intention. "Everything will move faster if the April 11 deadline becomes final," Harbinger's counsel, Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel, LLP, in New York, told Judge Schmidt during a hearing held February 8, AP relates. Judge Schmidt declined the request, according to the AP. Judge Schmidt said "he takes every request for an extension very seriously," according to AP. "ASARCO is aware that there will be serious opposition if it comes back to court in April without a plan," Judge Schmidt said as related by AP. "Like anything else, they're going to have to get their ducks in a row to get it extended beyond the 60 days," AP quotes Judge Schmidt as saying. The Official Committee of Unsecured Creditors of ASARCO and the United Steelworkers filed papers with the Court saying they support further 60-day extension of the Debtors' exclusive periods. The ASARCO Committee and the Union, however, ask the Court to condition any subsequent extension on their consent. About ASARCO Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/ -- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services And investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When the Debtor filed for protection from its creditors, it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven chapter 11 filings have appeared in the Troubled Company Reporter since Apr. 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05- 21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for Chapter 11 protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). The Debtors' last exclusive plan-filing period expired on Feb. 11, 2008. (ASARCO Bankruptcy News Issue No. 66; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ASARCO LLC: Grupo Mexico Says No to Sale of Assets -------------------------------------------------- Grupo Mexico, S.A. de C.V., the ultimate parent of ASARCO LLC and its debtor-affiliates, objected to the Debtors' request to sell their assets, Reuters reported. As reported in the Troubled Company Reporter on Feb. 6, 2008, the Debtors asked the Honorable Richard S. Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas to approve uniform bidding procedures to govern the plan sponsor selection process. The Debtors related that they have reached an agreement in principle with creditor constituents regarding the structure of a plan of reorganization, which proposes to: (1) sell substantially all of the company's assets, and (2) resolve the company's contingent environmental and asbestos liabilities. In March 2007, ASARCO presented to the Court a reorganization plan exit process timeline to identify a plan sponsor and develop a plan structure that maximizes the value of the assets of the company's bankruptcy estate. Since then, ASARCO and Lehman Brothers, Inc., its financial advisors, have engaged in marketing and due diligence program. ASARCO and its creditor constituents are ready to move forward with the plan sponsor selection process and implement procedures that will achieve that end, the Debtors said. About ASARCO Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/ -- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services And investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When the Debtor filed for protection from its creditors, it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven chapter 11 filings have appeared in the Troubled Company Reporter since Apr. 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05- 21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for Chapter 11 protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). The Court gave the Debtors until April 11, 2008 to file a plan of reorganization. (ASARCO Bankruptcy News Issue No. 66; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ASAT HOLDINGS: Receives Nasdaq Securities Delisting Notice ---------------------------------------------------------- ASAT Holdings Limited received a Nasdaq Staff Determination letter indicating that the company's market value of listed securities has been below $35 million as required for continued inclusion by Marketplace Rule 4320(e)(2)(B), and that its American Depositary Shares are, therefore, subject to delisting. The company was also notified by Nasdaq on Jan. 3, 2008 that it does not comply with the minimum stockholders' equity of $2.5 million or net income from continuing operations of $500,000 in the recently completed fiscal year or in two of the last three recently completed fiscal years, which are also requirements for continued listing on The Nasdaq Capital Market. The company will request today, Feb. 12, 2008, an appeal hearing before a Nasdaq Listing Qualifications Panel to avoid delisting and expects to have a hearing date scheduled in 30 to 45 days. During the appeal hearing process, the company's ADSs will remain listed and traded on The Nasdaq Capital Market. There can be no assurance that the Panel will grant the company's request for continued listing. If the company's ADSs are ultimately delisted from The Nasdaq Capital Market, the company expects that its ADSs will trade on the Over-the-Counter Bulletin Board market. In addition, the company disclosed that it had separately received a Nasdaq letter on Jan. 3, 2008 stating that the company's ADSs did not meet the minimum $1 per ADS requirement for continued inclusion on The Nasdaq Capital Market as set forth in Nasdaq Marketplace Rule 4320(e)(2)(E)(ii). This requirement has not been satisfied to date, and in accordance with the Rule the company has until July 1, 2008, to regain compliance. About ASAT Holdings Limited Headquartered in Pleasanton, California, ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of semiconductor package design, assembly and test services. With 18 years of experience, the company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in-package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. The company has operations in the United States, Hong Kong, China and Germany. * * * Standard & Poor's placed ASAT Holdings Limited's long-term foreign and local issuer credit ratings at 'CCC-' in September 2007. The outlook is negative. ATHERTON-NEWPORT: Files Schedules of Assets and Liabilities ----------------------------------------------------------- Atherton-Newport Investments LLC filed with the U.S. Bankruptcy Court for the Central District of California its schedules of assets and liabilities disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property B. Personal Property $15,876,061 C. Property Claimed as Exempt D. Creditors Holding $4,721,565 Secured Claims E. Creditors Holding $312,174 Unsecured Priority Claims F. Creditors Holding $38,847,798 Unsecured Nonpriority Claims ----------- ------------ TOTAL $15,876,061 $43,881,537 Headquartered in Irvine, California, Atherton-Newport Investments, L.L.C. -- http://www.atherton-newport.com/-- is a real estate investment and development. The company filed for protection on Jan. 16, 2008 (Bankr. C.D. Calif. Case No. 08-10230). Joseph A. Eisenberg, Esq., at Jeffer, Mangels, Butler & Marmaro, L.L.P., represents the Debtor in its restructuring efforts. No Official Committee of Unsecured Creditors has been appointed in this case to date. When the company filed for protection against it creditors, it list assets and debts between $10 Million to $50 Million. ATHERTON-NEWPORT: Can Hire Jeffer Mangels as Gen. Reorg. Counsel ---------------------------------------------------------------- Atherton-Newport Investments LLC obtained authority from the U.S. Bankruptcy Court for the Central District of California to employ Jeffer Mangels Butler & Marmaro LLP as its general reorganization counsel. Jeffer Mangels is expected to: a) advise the Debtor regarding its rights and responsibilities as debtor-in-possession and how the application of the U.S. bankruptcy provisions relate to the administration of the Debtor's estate; b) advise and assist the Debtor in preparation of certain documents to be filed with the Bankruptcy Court and/or the Office of the U.S. Trustee including voluntary petition, schedules of assets and liabilities, statements of financial affairs, statement of equity security holders, seven day package, monthly operating reports and other such documents; c) represent the Debtor with respect to bankruptcy issues and any adversary proceedings in its Chapter 11 case; d) advise and protect the Debtor concerning its rights, investments and interests in the portfolio companies and to take action to protect the Debtor's economic interests in the portfolio companies, including the representation of the portfolio companies in such entities' chapter 11 cases; and e) to advise, assist and represent the Debtor in the negotiation, formulation and confirmation of a plan of reorganization. Joseph A. Eisenberg, Esq., a principal at Jeffer Mangels, tells the Court that the Debtor that Jeffer Mangels' professionals' hourly rates are: Professionals Hourly rate ------------- ----------- Joseph A. Eisenberg, Esq. $750 Steven M. Spector, Esq. $650 John A. Graham, Esq. $595 David M. Poitras, Esq. $565 Thomas M. Geher, Esq. $495 Wilma Escalante $180 Mr. Eisenberg relates that Jeffer Mangels received $500,000, as payment for Jeffer Mangels' fees and costs relating to the services rendered and to be rendered, including the cost of services rendered by Omni Management, at Jeffer Mangels' request, relating to the commencement of this Chapter case. Mr. Eisenberg assured the Court that the firm is "disinterested" as that term is defined in Section 101(14) of the Bankruptcy Code. Mr. Eisenberg can be reached at: Jeffer Mangels Butler & Marmaro LLP 7th Floor, 1900 Avenue of the Stars Los Angeles, CA 90067 Tel (310) 203-8080 Fax (310) 203-0567 Headquartered in Irvine, California, Atherton-Newport Investments, L.L.C. -- http://www.atherton-newport.com/-- is a real estate investment and development. The company filed for protection on Jan. 16, 2008 (Bankr. C.D. Calif. Case No. 08-10230). Joseph A. Eisenberg, Esq., at Jeffer, Mangels, Butler & Marmaro, L.L.P., represents the Debtor in its restructuring efforts. No Official Committee of Unsecured Creditors has been appointed in this case to date. When the company filed for protection against it creditors, it list assets and debts between $10 million to $50 million. ATHERTON-NEWPORT: Section 341(a) Meeting Slated for February 20 --------------------------------------------------------------- The U.S. Trustee for Region 16 will convene a meeting of creditors in Atherton-Newport Investments LLC's Chapter 11 case, on Feb. 20, 2008, at 9:00 a.m., at Room 1-154, 411 W Fourth St., in Santa Ana, California. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in the Debtors' case. The Section 341(a) Meeting has been scheduled within the time required by Rule 2003 of the Federal Rules of the Bankruptcy Procedure. All creditors are invited, but not required, to attend. The Meeting of Creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible officer of the Debtors under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. Headquartered in Irvine, California, Atherton-Newport Investments, L.L.C. -- http://www.atherton-newport.com/-- is a real estate investment and development. The company filed for protection on Jan. 16, 2008 (Bankr. C.D. Calif. Case No. 08-10230). Joseph A. Eisenberg, Esq., at Jeffer, Mangels, Butler & Marmaro, L.L.P., represents the Debtor in its restructuring efforts. No Official Committee of Unsecured Creditors has been appointed in this case to date. When the company filed for protection against it creditors, it list assets and debts between $10 million to $50 million. BELO CORP: Completes Newspaper Businesses Spin-off into AH Belo --------------------------------------------------------------- Belo Corp. has completed a spin-off of its newspaper businesses and related assets into A. H. Belo Corporation, a publicly-traded company. The spin-off was implemented through a special tax-free stock dividend to shareholders on all outstanding shares of Belo Corp. common stock. Shares in A. H. Belo will begin regular trading on the New York Stock Exchange on Feb. 11, 2008, under the ticker symbol "AHC." The new company will have approximately 17.6 million Series A shares and approximately 2.9 million Series B shares outstanding. "Completing the spin-off marks the beginning of an exciting new period in Belo Corp.'s history as it becomes one of the largest pure-play television companies in the country," Dunia A. Shive, president and chief executive officer, said. "As a stand-alone television company, with a strong management team and a best-in- class collection of television assets, Belo is ideally positioned to capitalize on growth opportunities. We would especially like to acknowledge our employees for their continued hard work and dedication throughout this process." The majority of Belo's management team remains intact after the transaction. Dennis Williamson will continue as executive vice president/chief financial officer; Guy Kerr continues as executive vice president/law and government and secretary; and Marian Spitzberg continues as senior vice president/human resources. Joining the management committee is Peter Diaz, executive vice president/television operations who has more than 30 years media experience. Shive and James M. Moroney III will join the Belo board of directors joining Robert W. Decherd, non-executive chairman, Henry P. Becton, Jr., lead director, Judith L. Craven, M.D., M.P.H., Dealey D. Herndon, Wayne R. Sanders, William T. Solomon, M. Anne Szostak and Lloyd D. Ward. Goldman, Sachs & Co. acted as financial advisor and Locke Lord Bissell & Liddel, Baker Botts, Jones Day and Wiley Rein served as legal advisors to Belo Corp. and A. H. Belo Corporation for the spin-off transaction. About Belo Corp. Belo Corp. -- http://wwwbelo.com/-- is a media company with a diversified group of market-leading television, newspaper, cable and interactive media assets. The company operates in Texas, the Northwest, the Southwest, the Mid-Atlantic and Rhode Island. Belo owns 20 television stations, six of which are in the 15 largest U.S. broadcast markets. The company also owns or operates six cable news stations and manages one television station through a local marketing agreement. Belo's daily newspapers are The Dallas Morning News, The Providence Journal, The Press-Enterprise (Riverside, CA) and the Denton Record-Chronicle (Denton, TX). The company also publishes specialty publications targeting young adults, and the fast-growing Hispanic market, including Quick and Al Dia in Dallas/Fort Worth, and El D and La Prensa in Riverside. Belo operates more than 30 Web sites associated with its operating companies. Belo is a Fortune 1000 company with approximately 3,200 employees. * * * As reported in the Troubled Company Reporter on Oct. 19, 2007, Moody's Investors Service downgraded Belo Corp.'s senior unsecured ratings to Ba1 from Baa3 and assigned the company a Ba1 Corporate Family rating and Ba1 Probability of Default rating. The downgrade reflects (1) Moody's expectation that Belo's free cash flow-to-debt has limited scope for improvement due to revenue pressure in the newspaper business and will remain below the 10% level that was anticipated in the Baa3 rating; and (2) Moody's belief that the company's reliance on a bank facility with a MAC clause to fund the significant $350 million November 2008 note maturity is a liquidity profile consistent with a speculative- grade rating. BELO CORP: Fitch Holds Ratings After Newspaper Businesses Spin-Off ------------------------------------------------------------------ In conjunction with the expected spin-off of Belo Corporation's newspaper businesses and related assets, Fitch Ratings has affirmed the company's IDR and senior unsecured debt ratings at 'BB+' and has removed the ratings from Rating Watch Negative. The Outlook is Stable. The ratings continue to be supported by the company's strong local presence in the top-50 U.S. markets and top network affiliations. Consistent with management's statements, Fitch believes the company will be able to generate sufficient free cash flow over the intermediate term to de-lever to the 4 times range and below. Concerns include the dependence on cyclical advertising revenue, reliance on its bank facility for upcoming bond maturities, as well as secular challenges facing the industry including the proliferation of time-shifting technologies and network on-demand deals. Fitch is also concerned with the company's depressed stock price, lack of catalysts for the industry, and the potential for these to lead to more aggressive fiscal policies. This last concern is somewhat mitigated by historical actions taken by board chairman Robert Decherd and senior management (who, with other directors collectively have approximately 60% voting interest and 17% economic stakes) where they have followed through on commitments to de-lever and reduce share repurchases when faced with a weakening credit profile. The current lack of industry catalysts, however, differentiates this environment from historical circumstances. The Stable Outlook reflects the generally predictable revenue base despite existing challenges, as well as Fitch's expectations of continued cost efficiencies. Fitch believes there is an overcapacity of premium-priced media outlets in most mid-to-major markets, and that ad dollars will continue to flow out of these outlets and toward emerging media over the next several years. In Fitch's view the lower rated stations that are unable to sufficiently aggregate the local market audiences will bear a disproportionate share of the outflow. Belo maintains strong network affiliations and has a track record of making investments in its news infrastructure, which has positioned it to have either the No.1 or No.2 station in most of its markets. Also, Fitch believes that well-managed TV stations should be able to compete more effectively over the next few years with newspapers and radio for local ad dollars. These favorable characteristics distinguish Belo from many of its pure- play broadcasting peers. The company amended its credit facility due 2011. The most notable amendments include a reduction in total commitments down to $600 million (leaving approximately $460 million available at Sept. 30, 2007), as well as a minimum interest coverage covenant of 2.25x stepping up to 2.5x in 2009, and a maximum leverage covenant of 5.75x that steps down to 5x in 2009. Fitch estimates that the facility will have under $200 million of availability by year-end 2008 assuming it is used to re-finance the company's 8% senior notes due November 2008. The Indenture governing all outstanding bonds does not have any financial covenants; it has a cross-acceleration provision, as well as a cross-default provision on principal payments. BUILDERS FIRSTSOURCE: Expects $0.6/Share Net Loss in Fourth Qtr. ---------------------------------------------------------------- Builders FirstSource Inc. expects to report a fourth-quarter net loss in the range of $0.55 to $0.60 per fully diluted share with revenues of approximately $300 million based on the company's unaudited results for the fourth quarter ended Dec. 31, 2007. Included in the net loss for the quarter are non-cash charges of $11 million, net of tax, related to goodwill and asset impairment charges, and the write-off of deferred financing fees related to its old credit facility. Additionally, the company's net loss included cash charges of $2.1 million, net of tax, related to severance and other items. For the fourth quarter of 2007, the company expects to have positive operating cash flow in the range of $11 million to $13 million. Cash on-hand increased to about $100 million at Dec. 31, 2007, after the permanent retirement of $39.9 million of long-term debt. In addition, the company improved its liquidity during the quarter by entering into a new $350 million credit facility. This new facility lowers the company's borrowing costs and eliminates certain affirmative loan covenants. At Dec. 31, 2007, the company had approximately $120 million in availability under this facility. "We saw further declines in the macroeconomic factors that affect our industry during the fourth quarter," Floyd Sherman, Builders FirstSource Inc. chief executive officer, said. "The macroeconomic sales drivers, housing starts and commodity lumber prices, combined to decrease our fourth quarter sales in 2007 when compared to the same time period in 2006 by 36%. That being said, our controllable sales drivers, market share and new operations, combined to offset these declines for the same time period by approximately five percent." "In response to the challenging conditions, we continued to focus on reducing operating costs, improving operating efficiencies and cash management," Mr. Sherman added. "We were able to realize additional selling, general and administrative cost reductions, specifically salaries and wages, as we reduced full time equivalent employees 21% from fourth quarter December 2006. Our liquidity remains strong with over $220 million in combined cash and availability on our credit facility. We believe we are well- positioned for the continued challenging operating environment and for opportunities to grow the company." About Builders FirstSource Headquartered in Dallas, Texas, Builders FirstSource Inc. (Nasdaq: BLDR) -- http://www.bldr.com/-- is a supplier and manufacturer of structural and related building products for residential new construction. The company operates in 13 states, principally in the southern and eastern United States, and has 68 distribution centers and 61 manufacturing facilities, many of which are located on the same premises as its distribution facilities. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. * * * Moody's Investor Service placed Builders FirstSource Inc.'s probability of default rating at 'B1' in September 2006. The rating still holds to date with a negative outlook. CALIFORNIA STEEL: Posts $12 Mil. Net Loss in Quarter Ended Dec. 31 ------------------------------------------------------------------ California Steel Industries Inc. has reported financial results for three months and year ended Dec. 31, 2007. The company reported net loss of $12.17 million in three months ended Dec. 31, 2007, compared to net income $8.45 million for the same period in the previous year. For full year 2007, the company reported net loss of $906,000 compared to net income of $108,985 in 2006. "2007 was a difficult year for California Steel, and is a strong example of the highly cyclical nature of the steel industry," Masakazu Kurushima, president and chief executive officer, said. "In 2006, we realized some of the best results in our company's history." "This past year, we faced extremely tight margins, given the economic conditions driving demand and pricing here in the United States, while competing in a robust slab market worldwide," Mr. Kurushima continued. Liquidity and Capital Resources Capital expenditures during the year were $33.1 million, including $14.3 million expended during fourth quarter. The balance under the company's revolving credit agreement was $26.5 million as of Dec. 31, 2007, with net availability of over $82.7 million. The company had a cash balance of $13.6 million. About California Steel Headquartered in Fontana, California, California Steel Industries produces flat rolled steel products in the western United States based on tonnage billed, with a broad range of products, including hot rolled, cold rolled, and galvanized sheet and electric resistant welded pipe. The company has about 1,000 employees. * * * On November 2004, Moody's Investor's Service gave the company a 'Ba2' issuer and probability of default rating with a stable outlook. The rating still holds to date. CALIFORNIA MUNICIPAL: Fitch Assigns 'BB+' Rating on $23.22MM Bonds ------------------------------------------------------------------ Fitch Ratings assigned a 'BB+' rating to these series of revenue bonds issued by the California Municipal Finance Authority on behalf of High Tech High Learning, the parent of a group of California nonprofit benefits corporations operating public charter schools in San Diego County, California: Series 2008A -- $4,395,000 Revenue Bonds (High Tech High Projects), (Media Arts); Series 2008B -- $18,475,000 Revenue Bonds (High Tech High Projects), (Chula Vista); Series 2008C -- $350,000 Revenue Bonds (High Tech High Projects), (Chula Vista Taxable). The fixed rate series 2008A-C bonds are expected to price via negotiated sale in late February. Proceeds of the bonds will be applied, along with other available funds of HTH Learning, to finance the costs of constructing a new charter high school in the city of Chula Vista; reimburse HTH Learning for capital investments made to build out the third floor of HTH Media Arts and improve other HTH Group facilities located on the main campus in the city of San Diego; and fund a debt service reserve account, capitalized interest for twelve months, and various costs of issuance. At issuance, the bonds will be separately secured. Lease payments received by HTH Learning from HTH Media Arts will secure the series 2008A bonds while lease payments received by HTH Learning from HTH Chula Vista will secure both the series 2008B and 2008C bonds. Revenues generated by HTH Media Arts from per pupil local and state funding are sufficient to cover lease payments required under the lease agreement. In the case of HTH Chula Vista, at current enrollment levels, revenues are not sufficient to cover lease payments necessitating a subsidy of up to $600 thousand annually from HTH Group institutions located at the village campus. This subsidy is subordinate to their requirement to pay debt service on outstanding senior lien series 2005 bonds ($13.3 million), which Fitch does not rate. The lack of a broad, gross revenue pledge at issuance, which is typical of charter school financings, was a major credit concern. However, upon the repayment or refinancing of the series 2005 bonds, which HTH Learning covenants to effectuate by Dec. 1, 2014, the bonds will be secured on a parity, senior lien basis by gross revenues of HTH Learning. Additional parity bonds may be issued under certain conditions; however, debt secured by a lien on gross revenues senior to the bonds will not be permitted. The 'BB+' rating reflects the limited revenue pledge supporting repayment of the bonds so long as senior bonds remain outstanding; HTH Chula Vista's significant reliance upon the up to $600 thousand annual subsidy during the start up and ramp up phase to make its lease payments to HTH Learning; the HTH Group's fairly aggressive expansion plans which may further increase financial leverage and complicate its operating model; the vulnerability to the overall financial plan to unexpected changes in enrollment levels, the primary determinant of charter school funding; and the standard risks regarding charter renewal for each HTH Group school every five years. Incorporated in the 'BB+' rating is HTH Group's multi-year operating history and proven track record; a reasonable enrollment forecast, based upon experience, which underpins financial and debt service coverage projections; the strong track record of HTH Learning, as the charter management organization, in administering a unique project based academic curriculum; favorable demand trends and competitive position; revenue and enrollment diversity created by a multi-facility, now multi-city location; and the presence of a related foundation which solicits important philanthropic support for the HTH Group from local contributors and national corporate and non-profit donors. Projected coverage levels for the series 2008B and 2008C bonds are fairly thin (about 1.2 times in most years through fiscal 2012) and achieved only as a result of the up to $600 thousand annual amount being available. To the extent HTH Group village schools are financially unable to provide this subsidy and or projected enrollment at Chula Vista materializes at a slower than expected pace, cash flows available for lease payments may be insufficient to meet annual obligations. Fitch views this risk as manageable at the current rating level as the HTH Group village schools have historically generated revenues sufficient to cover series 2005 debt service and the additional up to $600 thousand commitment. In the case of the series 2008A bonds, the strength of projected coverage levels (minimum 2.6x through fiscal 2012) is tempered by the narrow scope of the pledged revenues derived solely from HTH Media Arts lease payments and the lack of a mortgage on the facility in favor of bondholders. Achievement of projected enrollment levels at HTH Media Arts is therefore critical. The Stable Outlook reflects Fitch's expectation that HTH Chula Vista and HTH Media Arts, will meet enrollment projections such that per pupil allocations from the state and local school district will be sufficient to enable each school to make required lease payments to HTH Learning in amounts equal to or greater than debt service on the bonds. While the ability of HTH Chula Vista to make its lease payments during the start up and ramp up phases is contingent upon receipt of an annual subsidy from established HTH Group institutions, it is anticipated such institutions will maintain the financial capacity necessary to provide this up to $600 thousand annual amount. Over the outlook period, credit pressure may be brought to bear if enrollment targets for HTH Chula Vista are missed rendering the pledged subsidy insufficient. Longer term, HTH Learning's inability to retire outstanding senior lien bonds and secure all obligations by a gross revenue pledge will limit financial flexibility. Gaining this flexibility will be important to HTH Learning as future growth plans, which could be largely debt financed, are aggressive. In executing any such plans, Fitch expects management to avoid overleveraging the balance sheet and minimize organizational complexity, which has increased over the past several years. Their proven ability in managing previous expansion plans was viewed positively in the rating process. CAMPBELL RESOURCES: Swaps $1.8MM Unit with $700,000 Loan Facility ----------------------------------------------------------------- Campbell Resources Inc. has entered into agreements with Ocean Partners Holdings Limited pursuant to which Ocean will subscribe and purchase one unit of Campbell at a price of $1.8 million in exchange for providing Campbell with a loan facility of up to $700,000. The unit consists of a $1.8 million secured convertible debenture with an interest rate of 11.5% per annum and a number of common share purchase warrants equal to the quotient of $1.8 million and the lower of CDN$0.13 and the closing price of the Campbell's common shares on the Toronto Stock Exchange on the day prior to the closing date. Each Warrant will entitle the holder thereof to purchase one additional common share of Campbell, at a price per common share equal to the lower of CDN$0.14 or one cent above the closing price of Campbell common shares on the TSX on the day prior to the closing date, for a period of 24 months after the closing date. Subject to the approval of the TSX, all or a portion of the Debenture may be, at Ocean's discretion, converted into common shares of Campbell at a price per common share equal to the lower of CDN$0.13 or the closing price of Campbell's common shares on the TSX on the day prior to the closing date. Subject to the approval of the TSX, all or a portion of the Facility may be, at Ocean's discretion, reimbursed in cash or converted into units of Campbell at a price per Facility Unit equal to the lower of CDN$0.13 or the closing price of the Campbell's common shares on the TSX on the day prior to the closing date. Each Facility Unit consists of one common share of Campbell and one common share purchase warrant entitling the holder thereof to purchase one additional common share of Campbell at a price per common share equal to the lower of CDN$0.14 and one cent above the closing price of Campbell's common shares on the TSX on the day prior to the closing date for a period of 24 months after the closing date. Both financings are scheduled to close on or around Feb. 15, 2008. The proceeds of the financings will be used for the repayment of a sum owed by Campbell to Ocean Partners U.K. Limited and for working capital purposes. In addition to the financings with Ocean, Nuinsco Resources Limited also provided Campbell with a secured revolving credit facility of up to a maximum aggregate amount of CDN$1.5 million. Nuinsco has also agreed to purchase and subscribe for 6. million common shares, at a price of $0.10 per common share, for gross proceeds of $600,000. The proceeds of the credit facility and the private placement will be used to fund further development of Campbell's operations in Chibougamau, Quebec and for working capital purposes. About Campbell Resources Headquartered in Montreal, Quebec, Campbell Resources Inc. (TSX: CCH, OTC BB: CBLRF) -- http://www.ressourcescampbell.com/-- is a mining company focusing mainly in the Chibougamau region of Quebec, holding interests in gold and gold-copper exploration and mining properties. The Superior Court of Quebec (Commercial District) granted the company protection under the CCAA on June 30, 2005. The plans of arrangement presented to the creditors of Campbell Resources Inc., Meston Resources Inc. and MSV Resources Inc., under the Companies' Creditors Arrangement Act, received the required approvals on June 27, 2006, in Chibougamau. The main assets of the company are the Joe Mann Mine, an underground gold mine owned by Meston Resources Inc., a wholly owned subsidiary of the company, the Copper Rand Mine, an underground gold and copper mine owned by MSV Resources Inc., a wholly owned subsidiary of the company, and the Corner Bay Property, located near the Chibougamau Lake in the townships of Lemoine and Obalski, a total of 16 claims, which are held by MSV. The company's properties include Pitt Gold, Berthiaume Syndicate, Chevrier, Gwillim, Joe Mann Mine, Cedar Bay, Copper Rand Mine, Corner Bay, Eastmain and Lac Harbour. The activities of GeoNova Explorations Inc. consist mainly in the acquisition, exploration and development of mining properties. It focuses on exploration in the Province of Quebec and more specifically, in the Abitibi region. CASS PLASTICS: Case Summary & 11 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Cass Plastics Recycling, L.L.C. 402 South Grayson Street Newbern, TN 38059 Bankruptcy Case No.: 08-21291 Type of Business: The Debtor provides recycling services. Chapter 11 Petition Date: February 8, 2008 Court: Western District of Tennessee (Memphis) Judge: George W. Emerson Jr. Debtor's Counsel: John L. Ryder, Esq. Harris, Shelton, Hanover & Walsh, P.L.L.C. One Commerce Square, Suite 2700 Memphis, TN 38103-2555 Tel: (901) 525-1455 Total Assets: $902,899 Total Debts: $3,705,354 Debtor's 11 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Stepping Stone Six $1,310,898 P. O. Box 787 O Fallon, IL 62269 Robert Wolfe $893,126 5740 Midnight Pass Road, Suite 401-F Sarasota, FL 34242 Alcoa, Inc. Home Exteriors $114,569 2600 Grand Boulevard, Suite 900 Kansas City, MO 64108 Denison $61,812 Stuarts Draft $50,271 Crane Performance Siding $178,818 People's National Bank $146,139 Dyer Distributing, L.P. $98,500 First Citizens National Bank $71,245 Grinder N.W.T.C.D.C. Pulverizer #2 $66,979 Regenex Corp. $40,453 C.M.C. Recycling $35,370 Window Mart $32,445 CHARLES BERG: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Charles F. Berg, Inc. dba Mariposa 88 West First Avenue Vancouver, BC V5Y 3K8 Canada Bankruptcy Case No.: 08-10691 Chapter 11 Petition Date: February 8, 2008 Court: Western District of Washington (Seattle) Judge: Samuel J. Steiner Debtors' Counsel: David W. Hercher, Esq. Miller Nash LLP 111 S.W. 5th Avenue, Suite 3500 Portland, OR 97204-3699 Tel: (503) 224-5858 http://www.millernash.com/ Estimated Assets: $1 million to $10 million Estimated Debts: $1 million to $10 million Consolidated Debtors' List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Mared Manufacturing Ltd. trade debt $116,960 Attn: Mitch Levine Eddie Eisenber 407-333 Chabanal Street Montreal, QC H2N 2E7 Tel: (514) 385-1079 Jessica McClintok trade debt $101,739 1400 16th Street San Francisco, CA 94103 Tel: (415) 553-8223 Onyx Nite Inc. trade debt $86,130 Attn: Glen Schlossberg 201 1400 Broadway New York, NY 10018 Tel: (212) 869-3300 Orion Techwear trade debt $80,113 Tess Sporstwear trade debt $46,023 Honey Fashions Ltd. trade debt $40,379 Ripe Clothing Co. trade debt $36,833 Morgan And Company trade debt $29,880 Ested Industries trade debt $25,194 RD International trade debt $21,397 Private Brand Merchandise trade debt $18,346 Lane Crawford trade debt $17,054 Creations GSL Inc. trade debt $15,255 Spicy Clothing LLC trade debt $15,093 Ms. Sportswear trade debt $13,955 Giho Group trade debt $13,558 Bee Darlin' trade debt $11,666 Jodi Krisopher trade debt $11,598 Blondie Nites Ltd. trade debt $10,419 My Michelle trade debt $10,343 COINSTAR INC: Agrees With Wal-Mart to Expand Coinstar Centers ------------------------------------------------------------- Coinstar Inc. disclosed its agreement with Wal-Mart to reset and optimize Wal-Mart store entrances, and add new product offerings to enhance the customer experience at the front of the store. It is Wal-Mart's intent to have over 3,000 Redbox DVD rental kiosks in the United States over the next 12-18 months. Additionally, Coinstar(R) Centers will be rolled out in the United States over the next 12-18 months. The expansion of Coinstar Centers in Wal-Mart represents a transition out of the test phase into a strategic roll-out. In addition, as part of this 4th Wall(TM) optimization plan, Coinstar will be removing or relocating certain entertainment products in Wal-Mart stores. Coinstar has evaluated these changes and they will result in a material impairment charge. Redbox is currently installed in over 800 Wal-Mart stores, and Coinstar coin-counting machines are installed in over 400 Wal-Mart stores in the United States. "We are very excited to expand our relationship with Wal-Mart," Dave Cole, chief executive officer at Coinstar, Inc. said. "In teaming with Wal-Mart to develop concepts for resetting store entrances, we believe we create a win-win situation." "Wal-Mart enhances convenience at the front of the store while providing consumers with a positive experience, and for Coinstar, we have the opportunity to further our relationship with Wal-Mart and extend our market leadership," Mr. Cole added. Both Coinstar Centers and Redbox DVD rental kiosks are services that meet the needs of busy consumers. Coinstar Centers are self-service coin counting machines on the market and provide consumers with a way to turn loose change into cash. Redbox DVD kiosks provide movie releases at $1 per night, plus tax. About Coinstar Headquartered in Bellevue, Washington, Coinstar Inc. (NASDAQ:CSTR) -- http://www.coinstar.com/-- offers solutions for retailers’ storefronts consisting of self-service coin counting; entertainment services, such as skill-crane machines, bulk vending machines and kiddie rides, and e-payment services, such as pre- paid wireless products, stored value cards, payroll cards, pre- paid debit cards and money transfer services. It also offers a range of point-of-sale terminals, standalone e-payment kiosks and e-payment-enabled, coin-counting machines in drugstores, universities, shopping malls, supermarkets and convenience stores in the United States, the United Kingdom and other countries. Coinstar owns and operates more than 13,500 coin-counting machines in the United States, Canada, Puerto Rico and the United Kingdom. On May 31, 2006, Coinstar acquired Travelex Money Transfer Limited, a company that is in the business of offering money transfer services. COINSTAR INC: S&P Changes Outlook to Positive on Wal-Mart Contract ------------------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on Coinstar Inc. to positive from stable. S&P also affirmed the 'BB' corporate credit rating on the Bellevue, Washington-based company. The outlook revision follows the news that Coinstar has entered into an agreement with Wal-Mart to increase the number of its Redbox DVD rental kiosks to more than 3,000 from about 800 and to increase the number of Coinstar coin-counting machines by as much as 2,000 in Wal-Mart stores over the next 12 to 18 months. At the same time, Coinstar will remove or relocate about 50% of its lower margin entertainment machines from Wal-Mart stores. "We expect the increase in coin-counting and Redbox machines and the decrease in entertainment machines as a result of this agreement to result in an approximately $20 million to $25 million increase in annual EBITDA beginning in mid-2009," said Standard & Poor's credit analyst Jackie E. Oberoi. This expected strengthening of credit metrics could lead to an upgrade over the intermediate term. COPYBOY PUBLICATIONS: Case Summary & 10 Largest Unsec. Creditors ---------------------------------------------------------------- Debtor: Copyboy Publications, Inc. 20735 Ashburn Road Ashburn, VA 20147 Bankruptcy Case No.: 08-10603 Chapter 11 Petition Date: February 9, 2008 Court: Eastern District of Virginia (Alexandria) Judge: Stephen S. Mitchell Debtors' Counsel: Thomas Mansfield Dunlap, Esq. Dunlap, Grubb & Weaver, P.C. 199 Liberty Street S.W. Leesburg, VA 20175 Tel: (703) 777-7319 Fax: (703) 777-3656 http://www.dglegal.com/ Estimated Assets: $109,693 Estimated Debts: $1,384,830 Consolidated Debtors' List of 10 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ March Stavish receivables; value $727,978 17636 Canby Road of security: $191,401; Leesburg, VA 20175 value of senior lien: $918,371 Middleburg Bank receivables; $415,334 P.O. Box 5 value of security: Middleburg, VA 20118 $178,416; value of senior lien: 369031 Washington Time services $115,508 2850 New York Avenue, N.E. Washington, DC 20002 Amy Lynn Burns loans; value of $106,404 security: $109,693; value of senior lien: $1,135,828 American Express loans $12,161 Master Media Group Inc. services $5,731 United Healthcare insurance $2,350 Insurance Co. Staple Credit Plan supplies $1,778 Loudoun County Chambers services $1,195 of Com CORINTHIAN CUSTOM HOMES: Voluntary Chapter 11 Case Summary ---------------------------------------------------------- Debtor: Corinthian Custom Homes, Inc. 512 Autumn Springs Court, Suite C Franklin, TN 37067 Bankruptcy Case No.: 08-01010 Type of Business: The Debtor is a home builder. See http://www.corinthiancustomhomes.com/ Chapter 11 Petition Date: February 8, 2008 Court: Middle District of Tennessee (Nashville) Judge: Marian F. Harrison Debtor's Counsel: Robert James Gonzales, Esq. Robert J. Mendes, Esq. Robin Bicket White, Esq. MgLaw, P.L.L.C. 2525 West End Avenue, Suite 1475 Nashville, TN 37203 Tel: (615) 846-8000 Fax: (615) 846-9000 Estimated Assets: $1 Million to $100 Million Estimated Debts: $1 Million to $100 Million The Debtor did not file a list of its largest unsecured creditors. CRYSTAL US: Moody's Reviews Low-B Ratings for Possible Upgrade -------------------------------------------------------------- Moody's Investors Service placed the ratings of Crystal US Holdings 3 LLC, a subsidiary of Celanese Corporation, under review for possible upgrade. These actions reflect the company's strong operating performance in 2007, growth in Asia, strong pricing and demand in its Chemical Products businesses (approximately 70% of 2007 revenues), better product mix and cost improvements in Industrial Specialties, and continuing strong credit metrics. Celanese continues to capitalize on the very solid operating environment in its main businesses - acetyls, acetate and Ticona - driven by increased demand globally and relatively high capacity utilization rates. Moody's review will focus on the company's ability to continue to generate solid financial metrics despite the impact of a slowing US economy and the potential for weaker international growth. It will also examine the potential impact of additional share repurchases, bolt-on acquisitions and the buy- outs of Celanese's joint ventures in Asia. To the extent that the company can continue to generate EBITDA of over $1.3 billion (Moody's standard adjustments add over $110 million to EBITDA), free cash flow in the $200-250 million range (excluding extraordinary items) and debt remains below the post refinancing levels, Moody's could raise the company's ratings. On Review for Possible Upgrade: Issuer: CNA Holdings, Inc. -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently B2 Issuer: Celanese U.S. Holdings LLC -- Senior Secured Bank Credit Facility, Placed on Review for Possible Upgrade, currently Ba3 Issuer: Corpus Christi (Port) TX, Auth of Nueces Cnty -- Senior Unsecured Revenue Bonds, Placed on Review for Possible Upgrade, currently B2 Issuer: Crystal US Holdings 3 L.L.C. -- Probability of Default Rating, Placed on Review for Possible Upgrade, currently Ba3 -- Corporate Family Rating, Placed on Review for Possible Upgrade, currently Ba3 Issuer: Giles County I.D.A., VA -- Senior Unsecured Revenue Bonds, Placed on Review for Possible Upgrade, currently B2 Issuer: Matagorda (Cnty of) TX, Port of Bay City Auth -- Senior Unsecured Revenue Bonds, Placed on Review for Possible Upgrade, currently B2 Issuer: Red River Authority of Texas -- Senior Unsecured Revenue Bonds, Placed on Review for Possible Upgrade, currently B2 Issuer: York (County of) SC -- Senior Unsecured Revenue Bonds, Placed on Review for Possible Upgrade, currently B2 Outlook Actions: Issuer: CNA Holdings, Inc. -- Outlook, Changed To Rating Under Review From Positive Issuer: Celanese U.S. Holdings LLC -- Outlook, Changed To Rating Under Review From Positive Issuer: Crystal US Holdings 3 L.L.C. -- Outlook, Changed To Rating Under Review From Positive Celanese Corporation, headquartered in Dallas, Texas, is a leading global producer of acetyls, emulsions (including vinyl acetate monomer), acetate tow and engineered thermoplastics. Celanese reported sales of $6.4 billion for the fiscal year ending Dec. 31, 2007. Crystal US Holdings 3 LLC is a subsidiary of Celanese. BCP Crystal US Holdings LLC and Celanese Americas Corporation are subsidiaries of CUSH and co-borrowers under the credit facilities. CNA Holdings Inc. is a subsidiary of CAC and the holding company for Celanese's North American operating companies. CYBERCARE INC: Cast-Crete Files Amended Disclosure Statement ------------------------------------------------------------ Cast-Crete Corporation delivered to the United States Bankruptcy Court for the Middle District of Florida a First Amended Joint Chapter 11 Plan of Reorganization for CyberCare Inc. and its debtor-affiliate, CyberCare Technologies Inc., and a First Amended Joint Disclosure Statement explaining that plan. Under Cast-Crete's Plan, the Debtors' creditors will be paid from: -- exit funds; -- administrative claim funds; -- a judgment lien creditors settlement fund; -- recoveries of causes of action; and -- issuance of new stock in reorganized CyberCare. The primary distribution of Unsecured Claims against CyberTech is by the issuance of licensee stock in pro rata of the ownership interest of a newly formed entity that will receive ownership of all intellectual property and technology owned by CyberTech. Cast-Crete's proposed plan also contemplates the acquisition of 65% of the stock of reorganized CyberCare in exchange for: i) the funding of a "Cast-Crete Plan Fund" in the amount of $200,000 for payment of Judgment Lien Creditors and Allowed Administrative Expense Claims; ii) the agreement to provide "Exit Financing" of up to $500,000 to pay other Administrative Claims and providing working capital to reorganized CyberCare; and iii) the agreement by Cast-Crete to joint venture with Reorganized CyberCare for the development, manufacture and distribution of products. Cast-Crete's Plan further provides for the distribution of: i) 8% of the stock of reorganized CyberCare to holders of Allowed Equity Interests in CyberCare; and ii) 17% to the holders of Allowed Unsecured Claims. Under Cast-Crete's Plan, 10% of the new stock will be reserved for a management incentive program, and the acquisition of 100% of the stock of reorganized CyberTech by Cast-Crete in full of its prepetition loan to CyberCare. On the other hand, 100% of the new stock of CyberTech will be distributed to Cast-Crete in satisfaction of its prepetition claim. A full-text copy of Cast-Crete's First Amended Chapter 11 Plan of Reorganization is available for a fee at: A full-text copy of its First Amended Disclosure Statement is also available for a fee at: Headquartered in Tampa, Florida, CyberCare, Inc., fka Medical Industries of America, Inc. (PINKSHEETS: CYBR) is a holding company that owns service businesses, including a physical therapy and rehabilitation business, a pharmacy business, and a healthcare technology solutions business. The Company and its debtor- affiliate, CyberCare Technologies, Inc., filed for chapter 11 protection on Oct. 14, 2005 (Bankr. M.D. Fla. Case No. 05-27268). Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Prosser represents the Debtors in their restructuring efforts. No Official Committee of Unsecured Creditors has been appointed in the Debtors' case. When the Debtors filed for protection from their creditors, they listed $5,058,955 in assets and $26,987,138 in debts. CYBERCARE INC: Amended Disclosure Statement Hearing Set on Feb. 27 ------------------------------------------------------------------ The United States Bankruptcy Court for the Middle District of Florida set Feb. 27, 2008, at 10:00 p.m., to consider the adequacy of Cast-Crete Corporation's First Amended Joint Disclosure Statement explaining its First Amended Joint Chapter 11 Plan of Reorganization for CyberCare Inc. and its debtor-affiliate, CyberCare Technologies Inc. Headquartered in Tampa, Florida, CyberCare, Inc., fka Medical Industries of America, Inc. (PINKSHEETS: CYBR) is a holding company that owns service businesses, including a physical therapy and rehabilitation business, a pharmacy business, and a heal