/raid1/www/Hosts/bankrupt/TCR_Public/090307.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, March 7, 2009, Vol. 13, No. 65
Headlines
ALERIS INT'L: Debtors File Initial Monthly Operating Report
ASARCO LLC: Files Amended Monthly Operating Report for December
ASARCO LLC: Files Monthly Operating Report for January 2009
CHARYS HOLDING: Crochet & Borel Posts $10,087 Loss in January 2009
CHARYS HOLDING: Posts $3,930,443 Net Income in January 2009
CONSTAR INTERNATIONAL: Posts Net Loss of $61,000 in January 2009
FRONTIER AIRLINES: Files Monthly Operating Report for January 2009
GWLS HOLDINGS: Posts $7,235,000 Net Loss in Month Ended January 31
HERCULES CHEMICAL: Posts $37,000 Net Profit in January 2009
KIMBALL HILL: Files Monthly Operating Report for January 2009
NEWPOWER HOLDINGS: Files Monthly Operating Report for January 2009
SMURFIT-STONE: Debtors File Initial Monthly Operating Report
TRONOX INC: Files Monthly Operating Report for January 2009
TROPICANA ENTERTAINMENT: Monthly Operating Report -- January 2009
TWEETER HOME: Files Monthly Operating Report for November 2008
TWEETER HOME: Files Monthly Operating Report for December 2008
VERASUN ENERGY: Files Monthly Operating Report for January 2009
WORLDSPACE INC: Posts Net Loss of $4,348,049 in January 2009
*********
ALERIS INT'L: Debtors File Initial Monthly Operating Report
-----------------------------------------------------------
Aleris International Inc. and its debtor-affiliates delivered to
the U.S. Bankruptcy Court for the District of Delaware an initial
monthly operating report on February 27, 2009.
The Debtors attached a cash flow projection to their Initial
Monthly Operating Report, for the 13-week period commencing on the
week of February 13, 2009, to the week of May 8, 2009:
Cash Flow Forecast
13-Week Projection
For the Period 02/13/09 to 05/08/09
Total
--------------
Receipts $267,030,000
Disbursements
Payroll Benefits (54,050,000)
Other A/P (249,176,000)
--------------
Total Disbursements ($303,226,000)
Operating Cash Flow (36,196,000)
Professional Fees (7,650,000)
Chapter 11 Adjustments (20,625,000)
Affiliates (66,500,000)
Interests and Fees (85,004,000)
--------------
(179,779,000)
--------------
Net Cash Flow (215,975,000)
==============
A weekly breakdown of the Cash Flow Projection is available for
Free: at http://bankrupt.com/misc/Aleris_CashProjection.pdf
The Debtors included a certificate of insurance in their Initial
MOR, a copy of which is available for free at:
http://bankrupt.com/misc/Aleris_InsuranceCert.pdf
The Debtors also disclosed a schedule of retainers they paid to
certain professionals:
Professional Amount
------------ ----------
Alvarez & Marsal $992,000
Weil, Gotshal & Manges LLP 852,414
Fried, Frank, Harris, Shriver & Jacobson LLP 500,000
Kurtzman Carson Consultants L 100,000
Richards, Layton & Finger, P.A 150,000
----------
$2,594,414
The Debtors relate that about $1,420,662 of the scheduled
retainers have been paid to the professionals as of February 27,
2009.
About Aleris International
Aleris International, Inc. produces and sells aluminum rolled and
extruded products. Aleris operates primarily through two
reportable business segments: (i) global rolled and extruded
products and (ii) global recycling. Headquartered in Beachwood,
Ohio, a suburb of Cleveland, the Company operates over 40
production facilities in North America, Europe, South America and
Asia, and employs approximately 8,400 employees. Aleris operates
27 production facilities in the United States with eight
production facilities that provided rolled and extruded aluminum
products and 19 recycling production plants.
Aleris International, Inc., aka IMCO Recycling Inc., and various
affiliates filed for bankruptcy on February 12, 2009 (Bankr. D.
Del. Case No. 09-10478). The Hon. Brendan Linehan Shannon
presides over the cases. Stephen Karotkin, Esq., and Debra A.
Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve
as lead counsel for the Debtors. L. Katherine Good, Esq., and
Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A. In
Wilmington, Delaware, serves as local counsel. Moelis & Company
LLC, acts as financial advisors; Alvarez & Marsal LLC a as
restructuring advisors, and Kurtzman Carson Consultants LLC as
claims and noticing agent for the Debtors. As of Dec. 31, 2008,
the Debtors had total assets of $4,168,700,000; and total debts of
$3,978,699,000.
Bankruptcy Creditors' Service, Inc., publishes Aleris
International Bankruptcy News. The newsletter tracks the chapter
11 proceeding undertaken by Aleris International, Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000)
ASARCO LLC: Files Amended Monthly Operating Report for December
---------------------------------------------------------------
ASARCO LLC, et al., filed with the U.S. Bankruptcy Court for the
Southern District of Texas on February 26, 2009, an amended
monthly operating report for December 2008.
According to the Amended MOR's notes, due to ASARCO LLC's 2005,
2006, 2007, and 2008 financial statement audits not yet being
completed, ASARCO's external auditors and internal accounting
department have, from time to time, identified necessary
adjustments that were posted in the Debtors' books with impact on
previously reported balances as of December 31 for the years
2005, 2006, 2007, and 2008, and the quarterly and monthly
balances since those dates.
ASARCO's management has assessed the company's environmental
reserves as of December 31, 2008, and based on the appropriate
Generally Accepted Accounting Principles, has revised its
estimates for contingent liabilities. The estimation of ASARCO's
environmental liabilities in the bankruptcy case is ongoing,
hence, any additional adjustments to the environmental reserves
arising from legal proceedings will be reflected in future
reports.
A full-text copy of the Amended MOR can be obtained for free at:
http://bankrupt.com/misc/ASARCO_AmendedMOR_Dec08.pdf
About ASARCO LLC
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.
ASARCO LLC 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 ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.
ASARCO LLC 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. Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors. Former judge Robert C. Pate
has been appointed as the future claims representative. Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 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).
Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).
The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008. The plan incorporates
the sale of substantially all of the Debtors' assets to Sterlite
Industries, Ltd., for US$2,600,000,000.
Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted a reorganization plan to retain its equity interest
in ASARCO LLC, by offering full payment to ASARCO's creditors in
connection with ASARCO's Chapter 11 case. AMC would provide up to
US$2.7 billion in cash as well as a US$440 million guarantee to
assure payment of all allowed creditor claims, including payment
of liabilities relating to asbestos and environmental claims.
AMC's plan is premised on the estimation of the approximate
allowed amount of the claims against ASARCO.
Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
ASARCO LLC: Files Monthly Operating Report for January 2009
-----------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of January 31, 2009
ASSETS
Current Assets:
Cash $1,289,505,000
Restricted Cash 25,987,000
Accounts receivable, net 99,901,000
Inventory 219,213,000
Prepaid expenses 8,267,000
Other current assets 8,871,000
---------------
Total Current Assets 1,651,744,000
Net property, plant and equipment 516,658,000
Other Assets:
Investments in subs 83,787,000
Advances to affiliates 526,000
Prepaid pension & retirement plan -
Non-current deferred tax asset -
Other 38,451,000
---------------
Total assets $2,291,166,000
===============
LIABILITIES
Postpetition liabilities:
Account payable - trade $49,592,000
Accrued liabilities 938,935,000
---------------
Total postpetition liabilities 988,528,000
Prepetition liabilities:
Not subject to compromise - credit 3,729,000
Not subject to compromise - other 106,670,000
Advances from affiliates 23,845,000
Subject to compromise 3,042,397,000
---------------
Total prepetition liabilities 3,176,640,000
---------------
Total liabilities 4,165,168,000
---------------
MEMBER'S EQUITY (DEFICIT):
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive loss (386,342,000)
Retained earnings: post filing date (2,990,211,000)
---------------
Total prepetition member's equity (2,763,651,000)
Retained earnings: post-filing date 889,649,000
---------------
Total member's equity (net worth) (1,874,003,000)
---------------
Total liabilities and member's equity $2,291,166,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended January 31, 2009
Sales $55,471,000
Cost of products and services 51,734,000
---------------
Gross profit (loss) 3,738,000
Operating expenses:
Selling and general & admin. expenses 1,950,000
Depreciation & amortization 3,500,000
Accretion expense 90,000
---------------
Operating income (loss) (1,802,000)
Interest expense 60,000
Interest income (458,000)
Reorganization expenses 3,367,000
Other miscellaneous (income) expense (3,612,000)
---------------
Income (loss) before taxes (1,158,000)
Income taxes (455,000)
---------------
Net income (loss) ($703,000)
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended January 31, 2009
Receipts
Disbursements:
Inventory material $11,076,000
Operating disbursements 64,363,000
Capital expenditures 1,456,000
---------------
Total disbursements 76,894,000
Operating cash flow (6,814,000)
Reorganization disbursements 1,820,000
---------------
Net cash flow (8,634,000)
Net (borrowings) payments to secured Lenders -
---------------
Net change in cash (8,634,000)
Beginning cash balance 1,324,127,000
---------------
Ending cash balances $1,315,493,000
===============
About ASARCO LLC
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.
ASARCO LLC 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 ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.
ASARCO LLC 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. Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors. Former judge Robert C. Pate
has been appointed as the future claims representative. Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 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).
Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).
The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008. The plan incorporates
the sale of substantially all of the Debtors' assets to Sterlite
Industries, Ltd., for US$2,600,000,000.
Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted a reorganization plan to retain its equity interest
in ASARCO LLC, by offering full payment to ASARCO's creditors in
connection with ASARCO's Chapter 11 case. AMC would provide up to
US$2.7 billion in cash as well as a US$440 million guarantee to
assure payment of all allowed creditor claims, including payment
of liabilities relating to asbestos and environmental claims.
AMC's plan is premised on the estimation of the approximate
allowed amount of the claims against ASARCO.
Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
CHARYS HOLDING: Crochet & Borel Posts $10,087 Loss in January 2009
------------------------------------------------------------------
Crochet & Borel Services, Inc., filed with the U.S. Bankruptcy
Court for the District of Delaware on February 23, 2009, its
monthly operating report for the month ended January 31, 2009.
Crochet & Borel reported a net loss of $2,097 before
reorganization items and a net loss of $10,087 on zero revenues
for the month ended January 31, 2009. From the commencement of
the Company's bankruptcy case to date, net profit before
reorganization items was $1,084,445, and net profit was $147,987.
At Jan. 31, 2009, the Company had $26,038,134 in total assets,
$21,911,745 in total liabilities, and $4,126,389 in net owners'
equity.
A full-text copy of the Company's monthly operating report for the
month ended Jan. 31, 2009, is available at:
http://bankrupt.com/misc/Crochet&Borel.January2009MOR.pdf
About Charys Holding
Headquartered in Atlanta, Georgia, Charys Holding Co., Inc. --
http://www.charys.com/-- provides remediation & reconstruction
and wireless communications & data infrastructure. The company
and its affiliated debtor, Crochet & Borel Services, Inc., filed
for Chapter 11 protection on Feb. 14, 2008 (Bankr. Del. Lead Case
No. 08-10289). Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Lydia T. Protopapas, Esq., at Weil, Gotshal & Manges LLP,
represent the Debtors as counsel. Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul N. Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors as Delaware counsel. Matthew
S. Barr, Esq., at Milbank, Tweed, Hadley & McCloy, LLP represents
the Official Committee of Unsecured Creditors as counsel. Chad A.
Fights, Esq., and Gregory W. Werkheiser, Esq., at Morris, Nichols,
Arsht & Tunnell, represent the Committee as Delaware counsel.
CHARYS HOLDING: Posts $3,930,443 Net Income in January 2009
-----------------------------------------------------------
Charys Holding Company, Inc. filed with the U.S. Bankruptcy Court
for the District of Delaware on Feb. 23, 2009, its monthly
operating report for the month ended January 31, 2009.
Charys Holding reported net income of $4,492,703 before
reorganization items and net income of $3,930,443 on revenues of
$500,000 for the month ended January 31, 2009. From the
commencement of the Company's bankruptcy case to date, net profit
before reorganization items was $30,869,779, and net profit was
$24,934,621.
At Jan. 31, 2009, the Company had $251,008,915 in total assets,
$375,673,354 in total liabilities, and $124,664,439 in
stockholders' deficit.
A full-text copy of the Company's monthly operating report for the
month ended Jan. 31, 2009, is available at:
http://bankrupt.com/misc/CharysHolding.January2009MOR.pdf
About Charys Holding
Headquartered in Atlanta, Georgia, Charys Holding Co., Inc. --
http://www.charys.com/-- provides remediation & reconstruction
and wireless communications & data infrastructure. The company
and its affiliated debtor, Crochet & Borel Services, Inc., filed
for Chapter 11 protection on Feb. 14, 2008 (Bankr. Del. Lead Case
No. 08-10289). Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Lydia T. Protopapas, Esq., at Weil, Gotshal & Manges LLP,
represent the Debtors as counsel. Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul N. Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors as Delaware counsel. Matthew
S. Barr, Esq., at Milbank, Tweed, Hadley & McCloy, LLP, represents
the Official Committee of Unsecured Creditors as counsel. Chad A.
Fights, Esq., and Gregory W. Werkheiser, Esq., at Morris, Nichols,
Arsht & Tunnell, represent the Committee as Delaware counsel.
CONSTAR INTERNATIONAL: Posts Net Loss of $61,000 in January 2009
----------------------------------------------------------------
Constar International Inc. and certain of its affiliates filed
their unaudited combined monthly operating report for the period
January 1, 2009, through January 31, 2009, with the U.S.
Bankruptcy Court for the District of Delaware.
Constar International Inc. reported a consolidated net loss of
$61,000 on net sales of $52,611,000 for the month of January 2009.
At January 31, 2009, Constar International Inc.'s consolidated
balance sheet showed $424,660,000 in total assets, $589,419,000 in
total liabilities, and $164,759,000 in stockholders' deficit.
A full-text copy of Constar International Inc.'s monthly operating
report for January, 2009 is available at:
http://researcharchives.com/t/s?3a1d
Headquartered in Philadelphia, Pennsylvania, Constar International
Inc. (NASDAQ: CNST) -- http://www.constar.net-- produces
polyethylene terephthalate plastic containers for food, soft
drinks and water. The company provides full-service packaging
services. The company and five of its affiliates filed for
Chapter 11 protection on Dec. 30, 2008 (Bankr. D. Del. Lead Case
No. 08-13432). Bayard, P.A. represents the Debtors aa counsel.
Wilmer Cutler Pickering Hale and Dorr LLP represents the Debtors
as co-counsel. Goodwin Procter LLP, and Young, Conaway, Stargatt
& Taylor, LLP, are the Official Committee of Unsecured Creditors'
proposed counsel.
FRONTIER AIRLINES: Files Monthly Operating Report for January 2009
------------------------------------------------------------------
Frontier Airlines Holdings, Inc., filed its Monthly Operating
Report for January 2009. Frontier reported an operating profit of
$2.8 million and a consolidated net loss of $27.9 million for the
month. Excluding reorganization items and mark-to-market fuel
hedge transactions, Frontier would have reported an operating loss
of $0.4 million and a consolidated net loss of $2.8 million.
Frontier's January results included:
* reorganization costs of $28.3 million, the majority of
which consisted of unsecured claims allowed by the Court;
* a realized loss of fuel hedge contracts of $4.3 million
partially offset by a mark-to-market gain of $1.1 million
on fuel hedging activity;
* mainline capacity reduction of 13.3 percent year-over-
year;
* mainline unit cost excluding fuel (CASM ex-fuel) was 6.03
cents, down 8.1 percent from previous year;
* mainline total unit cost reduction of 20.1 percent versus
previous year;
* Mainline passenger revenue (PRASM) increase of 1.1 percent
versus previous year; and
* mainline total unit revenue (RASM) increase of 4.4 percent
versus previous year.
"A third straight month of solid financial performance shows we
are charging in the right direction," said Frontier President
and CEO Sean Menke. "We have significantly reduced our costs
excluding fuel on a year-over-year basis by 8.1% despite a
significant drop in capacity. This, coupled with a productive
increase in our unit revenue and lower fuel expense, helped us
perform exceptionally well in a seasonally slow month with the
backdrop of a weakening economy. We are now focused on securing
the necessary financing to facilitate our emergence from
bankruptcy later this year."
A full-text of Frontier's Monthly Operating Report is available
for free at: http://ResearchArchives.com/t/s?39f7
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Condensed Consolidated Balance Sheet
As of January 31, 2009
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $61,443,000
Short-term investments -
Restricted investments 118,830,000
Receivables, net of allowance 40,978,000
Deposits on fuel hedges 10,423,000
Prepaid expenses and other assets 20,699,000
Inventories, net of allowance 13,224,000
Assets held for sale 785,000
-------------
Total current assets 266,382,000
Property and other equipment, net 609,947,000
Security and other deposits 24,911,000
Aircraft pre-delivery payments 5,183,000
Restricted investments 2,987,000
Deferred loan expenses and other assets 5,093,000
-------------
Total Assets $914,503,000
=============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise:
CURRENT LIABILITIES:
Accounts payable $39,649,000
Air traffic liability 136,336,000
Other accrued expenses 52,542,000
Income tax payable 1,117,000
Deferred revenue & other current liabilities -
DIP financing 30,000,000
PDP financing 25,174,000
-------------
Total current liabilities not subject
to compromise 284,818,000
Deferred revenue and other liabilities 19,738,000
Other long-term debt -- postpetition 3,000,000
-------------
Total liabilities not subject to compromise 307,556,000
Liabilities subject to compromise 567,706,000
-------------
Total Liabilities 875,262,000
STOCKHOLDERS' EQUITY
Preferred stock -
Common stock 37,000
Additional paid-in capital 196,995,000
Unearned ESOP shares -
Other comprehensive loss -
Accumulated deficit (157,791,000)
-------------
Total Stockholders' Equity 39,241,000
-------------
Total Liabilities and Stockholders' Equity $914,503,000
=============
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Condensed Consolidated Statement of Operations
Month Ended January 31, 2009
Revenues:
Passenger $79,880,000
Cargo 409,000
Other 6,424,000
-------------
Total revenues 86,713,000
Operating expenses:
Flight operations 13,146,000
Aircraft fuel 23,557,000
Aircraft lease 9,337,000
Aircraft and traffic servicing 16,302,000
Maintenance 6,454,000
Promotion and sales 7,634,000
General and administrative 4,320,000
Operating expenses -- regional partner -
Loss (gain) on sales of assets, net (1,000)
Employee separation and other charges -
Depreciation 3,141,000
-------------
Total operating expenses 83,890,000
-------------
Operating income (loss) 2,823,000
Non-operating income (expense):
Interest income 170,000
Interest expense (2,508,000)
Loss from early extinguishment of debt -
Other, net 21,000
-------------
Total non-operating expense, net (2,317,000)
Income before reorganization items & income tax 506,000
(Gains)/Losses on reorganization items 28,310,000
Income tax expense (benefit) 129,000
-------------
Net Income (Loss) ($27,933,000)
=============
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Condensed Consolidated Statement of Cash Flow
Month Ended January 31, 2009
Cash flows from operating activities:
Net income ($27,933,000)
Adjustments to reconcile net loss to net cash
used in operating activities:
ESOP and stock option compensation expense 116,000
Depreciation and amortization 3,483,000
Assets beyond economic repair 135,000
Mark to market losses on derivative contracts 1,094,000
Proceeds received for settled
derivative contracts (4,307,000)
Loss (Gain) on disposal of equipment
and other assets, net (1,000)
Loss on early extinguishment of debt -
Unrealized loss on short-term investments -
Changes in operating assets and liabilities:
Restricted investments (4,146,000)
Receivables (4,655,000)
Security and other deposits 5,160,000
Prepaid expenses and other assets (2,161,000)
Inventories (895,000)
Other assets -
Accounts payable 1,410,000
Air traffic liability 3,332,000
Other accrued expenses 317,000
Deferred revenue and other liabilities (4,676,000)
Reorganization items 28,310,000
-------------
Net cash used in operating activities (5,417,000)
Cash flows from reorganization activities
Net cash provided by reorganization activities 1,316,000
Total net cash used in operating activities (4,101,000)
Cash flows from investing activities:
Aircraft purchase deposits made -
Aircraft purchase deposits returned -
Sale of short-term investment -
Proceeds from the sale of property and
equipment and assets held for sale 159,000
Capital expenditures (1,362,000)
Proceeds from the sale of aircraft --
reorganization activity -
-------------
Net cash used in investing activities (1,203,000)
Cash flows from financing activities:
Proceeds from DIP financing (postpetition) -
Extinguishment of long-term borrowings -
Principal payments on long-term borrowings (2,303,000)
Principal payments on short-term borrowing -
Payment of financing fees (5,000)
Extinguishment of long-term borrowings -- -
reorganization activity -
-------------
Net cash used in financing activities (2,308,000)
Decrease in cash and cash equivalents (7,612,000)
Cash and cash equivalents at beginning of period 69,055,000
-------------
Cash and cash equivalents at end of period $61,443,000
=============
About Frontier Airlines Inc.
Headquartered in Denver, Colorado, Frontier Airlines Inc. --
http://www.frontierairlines.com/-- provides air transportation
for passengers and freight. It operates jet service carriers
linking Denver, Colorado hub to 46 cities coast-to-coast, 8 cities
in Mexico, and 1 city in Canada, as well as provide service from
other non-hub cities, including service from 10 non-hub cities to
Mexico.
Frontier Airlines and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.
08-11297 thru 08-11299.) Benjamin S. Kaminetzky, Esq., and Hugh
R. McCullough, Esq., at Davis Polk & Wardwell, represent the
Debtors in their restructuring efforts. Togul, Segal & Segal
LLP is the Debtors' Conflicts Counsel, Faegre & Benson LLP is
the Debtors' Special Counsel, and Kekst and Company is the
Debtors' Communications Advisors.
Bankruptcy Creditors' Service, Inc., publishes Frontier Airlines
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Frontier Airlines Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
GWLS HOLDINGS: Posts $7,235,000 Net Loss in Month Ended January 31
------------------------------------------------------------------
GWLS Holdings Inc., et al., filed with the U.S. Bankruptcy Court
for the District of Delaware on Feb. 27, 2009, their monthly
operating report for the period January 1, 2009, through
January 31, 2009.
The Debtors reported a net loss of $8,125,000 before reorganizaton
items and a net loss of $7,235,000 on net revenue of $72,258,000
for the month of January 2009.
At January 31, 2009, the Debtor had total assets of
$1,108,553,000, total liabilities of $1,178,714,000, and a
stockholders' deficit of $70,161,000.
A full-text copy of the Debtors' monthly operating report for the
month ended January 31, 2009, is available at:
http://bankrupt.com/misc/GWLSHoldings.January2009MOR.pdf
About GWLS Holdings
Headquartered in Dallas, Texas, GWLS Holdings Inc. --
http://www.greatwide.com/-- operate trucking and logistics
company. The company and 50 of its affiliates filed for Chapter
11 protection on Oct. 20, 2008 (Bankr. D. Del. Lead Case No.
08-12430). Robert S. Brady, Esq., Matthew B. Lunn, Esq., at
Young, Conaway, Stargatt & Taylor LLP, represents the Debtors'
counsel. Willkie Farr Gallagher LLP is the Debtors' co-counsel.
Miller Buckfire & Co., LLC, is the Debtors' financial advisor.
When the Debtors filed for protection from their creditors, they
listed assets and debts between $500 million and $1 billion each.
HERCULES CHEMICAL: Posts $37,000 Net Profit in January 2009
-----------------------------------------------------------
Bloomberg's Bill Rochelle reports that Hercules Chemical Company
Inc. reported a net profit of $177,000 before reorganization items
and a net profit of $37,000, on net revenue of $3 million for the
month of January 2009.
From the commencement of the Debtor's bankruptcy case, total net
loss was $336,000 on $18 million in net sales. The schedules
listed assets for $17.9 million against debt totaling
$4.5 million. Sales in 2007 were $36.7 million.
Bill Rochelle says the employee-owned company from Passaic, New
Jersey, was forced into Chapter 11 in August by more than 7,000
asbestos claims. The asbestos suits, according to Bill Rochelle,
arose from a furnace cement made between 1939 and 1983. The case
is In re Hercules Chemical Co., 08-27822, U.S. Bankruptcy Court,
District of New Jersey (Newark).
About Hercules Chemical
Headquartered in Passaic, New Jersey, Hercules Chemical Company
Inc. makes products for plumbing, hearing air conditioning and
electrical trades. The company filed for Chapter 11 protection
on Aug. 22, 2008 (Bankr. W.D. Penn. Case No. 08-25553). Gregory
L. Taddonio, Esq., and Paul M. Singer, Esq., at Reed Smith LLP,
represent the Debtor. Meyer, Unkovic & Scott LLP represents the
Debtor's Future Asbestos Personal Injury Claimants. When the
Debtor filed for protection from its creditors, it listed assets
and debts between $10 million and $50 million.
KIMBALL HILL: Files Monthly Operating Report for January 2009
-------------------------------------------------------------
Kimball Hill, Inc.
Summary of Cash Receipts and Disbursements
For the Period From January 1 to January 31, 2009
Beginning Cash Balance $70,396,091
Receipts from operations
Accounts receivable receipts 21,064,886
Notes receivable receipts 0
Accts. Receivable collection for non-debtors 2,217,872
Other receipts
Interest income 8,068
Proceeds from sale of fixed assets 0
Oil exploration revenue 0
Proceeds from MUD reimbursables 0
Customer deposits 172,123
Customer deposits for non-debtors 0
Miscellaneous receipts 1,164,049
Tax refund 1,624,748
Disbursement from KH Financial 4,000,000
-------------
Total Receipts 30,251,747
-------------
Disbursements
Payroll
Officers 654,763
Others 1,634,032
Total Payroll -------------
2,288,795
Taxes
Federal income tax 548,941
FICA withholdings 234,892
Employee's withholdings 0
Employer's FICA 234,892
Federal unemployment taxes 14,774
State income tax 39,015
State employee withholdings 0
All other state taxes 3,115
State unemployment taxes 97,118
-------------
Total Taxes 1,172,748
Necessary expenses
Homebuilding costs 10,408,367
Debt and interest payments 1,151,511
General and administrative costs 1,719,406
Permits 48,202
Land and land Development 558,643
Medical health claims 348,252
Customer deposit refunds 60,756
401K funding 80,627
Texas sales taxes 100,403
Professional fees 1,799,936
Warranty costs 1,092,653
Flex spending reimbursements 12,399
Disbursements to joint venture partners 0
-------------
Total Necessary Expenses 17,381,155
Total Disbursements 20,842,698
-------------
Net receipts for the period 9,409,049
-------------
Ending Cash Balance $79,805,140
=============
About Kimball Hill
Headquartered in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Fort Worth, Houston, Las Vegas,
Sacramento and Tampa, in five regions: Florida, the Midwest,
Nevada, the Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007, reflected
total assets of $795,473,000 and total debts $631,867,000.
Kimball Hill filed a chapter 11 plan of liquidation on
December 2, 2008, which provides for the winding down of the
Debtors' business. The Plan has the support of the official
committee of unsecured creditors and the company's senior lenders.
Bankruptcy Creditors' Service, Inc., publishes Kimball Hill
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings of Kimball Hill, Inc. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
NEWPOWER HOLDINGS: Files Monthly Operating Report for January 2009
------------------------------------------------------------------
NewPower Holdings, Inc., filed with the U.S. Bankruptcy Court for
the Northern District of Georgia on February 23, 2009, its monthly
operating report for January 2009. The Debtor had an opening
cash balance of $862 and an ending cash balance of $849.
A full-text copy of the Debtor's January 2009 monthly operating
report is available for free at:
http://researcharchives.com/t/s?3a1b
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding, and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors as counsel. When the Debtors
filed for protection from their creditors, they reported
$231,837,000 in assets and $87,936,000 in debts.
On August 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary. That Plan became
effective on Oct. 9, 2003, with respect to the company and TNPC.
On February 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
SMURFIT-STONE: Debtors File Initial Monthly Operating Report
------------------------------------------------------------
Smurfit-Stone Container Corp., et al., filed with the U.S.
Bankruptcy Court for the District of Delaware their initial
monthly operating report containing these documents:
(1) 12-month cash flow projection, which can be downloaded at:
HUhttp://bankrupt.com/misc/SmurfCashProj.pdfU
(2) certificates of insurance, copies of which are available
for free at: HUhttp://bankrupt.com/misc/SmurfCertInsur.pdfU
(3) a list of retainers paid to professionals:
Professional Date Amount
------------ ---- ------
Capstone Advisory Group, LLC 12/17/08 $250,000.00
Capstone Advisory Group, LLC 01/13/09 339,669.50
Capstone Advisory Group, LLC 01/23/09 222,180.29
Cravath, Swaine & Moore, LLP 12/19/08 143,618.73
Deloitte & Touche 01/23/09 279,329.61
Lazard Freres and Co, LLC 11/21/08 250,000.00
Lazard Freres and Co, LLC 01/23/09 254,285.28
Lazard Freres and Co, LLC 01/23/09 250,372.59
Lazard Freres and Co, LLC 01/23/09 1,000,000.00
PricewaterhouseCoopers LLP 12/12/08 250,000.00
PricewaterhouseCoopers LLP 01/05/09 282,652.50
PricewaterhouseCoopers LLP 01/09/09 328,355.52
PricewaterhouseCoopers LLP 01/21/09 404,978.65
PricewaterhouseCoopers LLP 01/21/09 100,000.00
PricewaterhouseCoopers LLP 01/23/09 287,274.04
Sidley Austin, LLP 11/17/08 500,000.00
Sidley Austin, LLP 12/02/08 500,000.00
Sidley Austin, LLP 12/24/08 500,000.00
Sidley Austin, LLP 01/14/09 500,000.00
Sidley Austin, LLP 01/23/09 500,000.00
Stikeman Elliott Lawyers 12/03/08 200,000.00
Stikeman Elliott Lawyers 01/31/09 118,864.54
The Levin Group 12/02/08 250,000.00
Young Conaway Stargatt 12/02/08 100,000.00
Young Conaway Stargatt 01/25/09 50,000.00
------------
$7,861,581.25
=============
About Smurfit-Stone
Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers. The company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada. The company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States. The company employs approximately
21,250 employees, 17,400 of which are based in the United States.
For the quarterly period ended September 30, 2008, the company
reported approximately $7.450 billion in total assets and
$5.582 billion in total liabilities on a consolidated basis.
Smurfit-Stone and its U.S. and Canadian subsidiaries filed to
reorganize under Chapter 11 on January 26, 2009 (Bankr. D. Del.
Lead Case No. 09-10235). Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.
According to Bloomberg News, Smurfit-Stone joins other pulp- and
paper-related bankruptcies as rising Internet use hurts magazines
and newspapers. Corp. Durango SAB, Mexico's largest papermaker,
sought U.S. bankruptcy in October. Quebecor World Inc., a
magazine printer and Pope & Talbot Inc., a pulp-mill operator,
also sought cross-border bankruptcies for their operations in the
U.S. and Canada.
James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel. PricewaterhouseCooper
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC, acts as the Debtors' notice and
claims agent.
Bankruptcy Creditors' Service, Inc., publishes Smurfit-Stone
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
and ancillary foreign proceedings undertaken by Smurfit-Stone
Container Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TRONOX INC: Files Monthly Operating Report for January 2009
-----------------------------------------------------------
Tronox Incorporated Chapter 11 Debtors
Unaudited Condensed Consolidated Balance Sheet
As of January 31, 2009
ASSETS
Cash and cash equivalents $15,000,000
Notes and accounts receivable intercompany 306,800,000
Accounts receivable, third parties 99,200,000
Inventories, net 175,000,000
Prepaid and other assets 14,400,000
Income tax receivable 500,000
Deferred income taxes 1,200,000
--------------
Total Current Assets 612,100,000
Property, plant and equipment, net 363,200,000
Intercompany advances 108,500,000
Other long-term assets 421,600,000
--------------
Total Assets $1,505,400,000
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, third parties $23,700,000
Accrued liabilities 68,100,000
Long-term debt due within one year 61,300,000
Income taxes payable 3,100,000
Long-term debt classified as current 211,200,000
--------------
Total Current Liabilities 367,400,000
Noncurrent liabilities:
Deferred income taxes 5,400,000
Environmental remediation and restoration 129,000,000
Notes and advances payable, intercompany 8,200,000
Other 118,900,000
--------------
Total Liabilities
Not Subject to Compromise 628,900,000
Minority Interest 3,400,000
Liabilities Subject to compromise 438,300,000
Commitments and contingencies 0
Stockholders' equity
Common stock 400,000
Capital in excess of par value 495,400,000
Retained earnings (accumulated deficit) (19,800,000)
Accumulated other comprehensive
income (loss) (34,500,000)
Treasury stock, at cost (6,700,000)
--------------
Total Stockholders' Equity 434,800,000
--------------
Total Liabilities and Stockholders' Equity $1,505,400,000
==============
Tronox Incorporated Chapter 11 Debtors
Unaudited Condensed Consolidated Statement of Operations
Month Ended January 31, 2009
Net Sales $50,400,000
Cost of goods sold 41,700,000
----------------
Gross margin 8,700,000
Selling, general and admin. Expenses 5,000,000
----------------
3,700,000
Interest and debt expense 3,200,000
Other (income) expense, net 1,400,000
Reorganization items 14,900,000
----------------
Loss from continuing operations
before income taxes (15,800,000)
Income tax benefit (provision) 0
----------------
Loss from continuing operations (15,800,000)
Income (loss) from discontinued operations,
net of tax 400,000
----------------
Net loss ($16,200,000)
================
On behalf of the Debtors, Jonathan S. Henes, Esq., at Kirkland &
Ellis LLP, in New York, discloses that for the period from
January 12 to 31, 2009, these Debtors disbursed a total of
$35,180,377:
Debtor Amount Disbursed
------ ----------------
Tronox Luxembourg S.ar.L. $1,889
Tronox Worldwide LLC 6,098
Tronox LLC 33,578,175
Tronox Pigments (Savannah), Inc. 1,594,215
These 11 Debtor-entities disclose that they did not make
disbursements for the period January 12 to 31, 2009:
* Tronox Incorporated
* Tronox Finance Corporation
* Tronox Drilling Company
* Triple S Minerals Resources Corp.
* Trx Ev. Mgmt (W.C). Rare Earths Facility
* Cimarron Corporation
* Triple S
* Triple S Refining Corporation
* Tronox Pigments Holdings, Inc.
* Southwestern Refining Company, Inc.
* Triangle Refineries, Inc.
Tronox's integrated cash management system disburses funds from
Tronox LLC, Tronox Worldwide LLC and Tronox Pigments (Savannah),
Inc., on behalf of the Entities, Mr. Henes notes.
Mr. Henes reports that the Debtors collected, withheld or paid
these state and local taxes for the month ended January 31, 2009:
Prepetition Postpetition Total
Taxes Amount Amount Amount
----- ----------- ------------ ------
Gross salaries and wages $2,687,516 $2,968,302 $5,655,818
Payroll taxes withheld 622,203 687,151 1,309,354
Employer payroll tax
Contributed 239,927 263,373 500,300
Other taxes 0 180 180
A schedule of the Debtors' tax transactions is available for free
at: Http://bankrupt.com/misc/Tronox_Jan2009SchedofTaxes.pdf
No use taxes, property taxes and franchise taxes and Non-Trust
Fund pre-petition taxes were paid as of January 31, 2009. No
post-petition non-trust fund taxes were due as of the filing
period, Mr. Henes says.
From the month and year-to-date periods from January 12 to
January 31, 2009, the Debtors paid an aggregate of $43,884 to
five insiders on account of payroll or expense reimbursements:
Current Period Total Amount
Insider Amount Paid Paid to Date
------- -------------- ------------
Wanlass, Dennis L. $33,174 $33,174
Green, Kelly A. 10,230 10,230
Mikkelson, Mary A. 13,423 13,423
Romano, John D. 10,230 10,230
Wachnowsky, Stephen T. 10,000 10,000
The Debtors made no payments to professionals on account of
services rendered in their Chapter 11 cases, as of January 31,
2009, according to Mr. Henes.
About Tronox Inc
The company is the world's third largest maker of titanium dioxide
behind DuPont Co. and Saudi-owned National Titanium Dioxide Co.,
known a Cristal, according to Bloomberg.
Tronox has $1.6 billion in total assets, including $646.9 million
in current assets, as at September 30, 2008. The company has
$881.6 million in current debts and $355.9 million in total
noncurrent debts.
Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr. S.D.
N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors. The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.
Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B. Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK. As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of
class B common stock.
Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TROPICANA ENTERTAINMENT: Monthly Operating Report -- January 2009
-----------------------------------------------------------------
Tropicana Entertainment, LLC
Balance Sheet
As of January 31, 2009
ASSETS
Current Assets
Accounts receivable - trade $0
Cash & temporary cash investments 22,261,000
Restricted cash 0
Deposits 5,758,000
Inventories 0
Other receivables 0
Prepaid expenses 683,000
--------------
Total Current Assets 28,702,000
Property and Equipment
Buildings 0
Construction in progress 1,501,000
Furniture & fixtures 0
Land 0
Riverboats, barges & ramps 0
Vehicles 0
--------------
Total Property and Equipment 1,501,000
Reserve for Depreciation
Boats, barges & ramp reserve for depreciation 0
Building reserve for depreciation 0
Furn. & fixtures reserve for depreciation 0
Gaming entertainment reserve for depreciation 0
Vehicle reserve for depreciation 0
--------------
Total Reserve for Depreciation 0
Other Assets
Investments 2,775,215,000
Other assets 28,148,000
--------------
Total Other Assets 2,803,363,000
--------------
TOTAL ASSETS $2,833,565,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts payable $19,687,000
Accrued other expenses 713,000
Accrued payroll 1,547,000
Deferred income 0
Notes payable - Evansville 0
Payroll taxes payable 0
Sales tax payable 5,000
Current portion of long-term debt due 1 Yr 0
Amounts due to affiliated guarantors 27,100,000
--------------
Total Current Liabilities 49,052,000
Long Term Debt Due Beyond One Year
DIP financing 65,680,000
--------------
Total Long Term Debt Due Beyond One Year 65,680,000
Other Liabilities
Deferred fed taxes 0
Deferred rent 0
Deferred state inc taxes 0
Intercompany 60,304,000
--------------
Total Other Liabilities 60,304,000
Total Liabilities not Subject to Compromise 175,036,000
Liabilities Subject to Compromise
Non-intercompany 831,078,000
Intercompany 1,593,270,000
--------------
Total Liabilities Subject to Compromise 2,424,349,000
--------------
Total Liabilities 2,599,385,000
--------------
Total Stockholders' Equity 234,180,000
--------------
Total Liabilities & Shareholders' Deficit $2,833,565,000
==============
Tropicana Entertainment, LLC
Income Statement
For the Month Ended January 31, 2009
Operating Revenues
Casino revenue $0
Rooms revenue 0
Food & beverage revenue 0
Other casino & hotel revenue - less int income 0
--------------
Opening Revenues 0
Less promotional allowances 0
--------------
Net Operating Revenues 0
Operating Expenses
Casino operating expenses 19,000
Rooms operating expenses 0
Food and beverage operating expenses 0
Other casino and hotel operating expenses 0
Utilities 0
Marketing, advertising and casino promotions 0
Repairs and maintenance 36,000
Insurance 74,000
Property and local taxes 0
Gaming tax and licenses 0
Administrative and general 1,830,000
Leased land and facilities 54,000
Depreciation and amortization 0
Loss on disposition of assets 0
Bad debt expense - loans 0
Impairment charge 0
Restructuring cost 0
Chapter 11 reorg. & other prof. fees 4,360,000
--------------
Total Operating Expense 6,374,000
Income from Operations (6,374,000)
Other Income (Expense)
Interest expense (1,638,000)
Intercompany interest income 40,000
Intercompany interest expense (60,000)
--------------
Total Other Income (Expense) (1,658,000)
Federal Income Tax 0
Income Before Minority Interest (8,032,000)
--------------
NET INCOME ($8,032,000)
==============
About Tropicana Entertainment
Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts. The company is one of the largest
privately-held gaming entertainment providers in the United
States. Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada, and Atlantic City, New Jersey.
Tropicana Entertainment LLC filed for Chapter 11 protection on
May 5, 2008, (Bankr. D. Del. Case No. 08-10856). Its debtor-
affiliates filed for separate Chapter 11 petitions but with no
case numbers assigned yet. Kirkland & Ellis LLP and Mark D.
Collins, Esq., at Richards Layton & Finger, represent the Debtors
in their restructuring efforts. Their financial advisor is Lazard
Ltd. Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor.
Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case. Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.
Bankruptcy Creditors' Service, Inc., publishes Tropicana
Bankruptcy News. The newsletter tracks the chapter 11
restructuring proceedings commenced by Tropicana Entertainment
LLC and its affiliates. (http://bankrupt.com/newsstand/or
215/945-7000)
TWEETER HOME: Files Monthly Operating Report for November 2008
--------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al., delivered to the
U.S. Bankruptcy Court for the District of Delaware their Monthly
Operating Report for the period from November 1, 2008, through
November 30, 2008.
The Debtors reported $0 cash receipts and $0 disbursements for
the month. The Debtors note that their Statement of Operations
and Balance Sheet will be provided once available.
A full-text copy of the Debtors' November MOR can be accessed
for free at: http://bankrupt.com/misc/Tweeter_NovemberMOR.pdf
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represented the Debtors. Kurtzman Carson Consultants LLC acted as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represented the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Debtors' exclusive period to
file a plan of reorganization expired on June 5, 2008.
About Tweeter Opco
Tweeter Opco, LLC, was formed in July 2007 to acquire the business
operations and assets of Tweeter Home Entertainment Group, Inc.
Tweeter Opco filed for Chapter 11 protection on
Nov. 5, 2008 (Bankr. D. Del. Case No. 08-12646). Chun I. Jang,
Esq., and Cory D. Kandestin, Esq., at Richards, Layton & Finger,
P.A., assisted the company in its restructuring effort. The
company listed assets of $50 million to $100 million and debts
of $50 million to $100 million.
Judge Mary Walrath of the U.S. Bankruptcy Court for the District
of Delaware converted the Opco Debtors' Chapter 11 cases to
Chapter 7 liquidation proceedings effective as of December 5,
2008. George L. Miller from the accounting firm Miller Coffey
Tate has been appointed to serve as trustee of the Chapter 7
proceedings of Tweeter Opco, LLC, and its affiliates.
Bankruptcy Creditors' Service, Inc., publishes Tweeter Bankruptcy
News. The newsletter tracks the bankruptcy proceedings of Tweeter
Home Entertainment Group, Inc., and its affiliates, and the
subsequent bankruptcy cases of its buyer, Tweeter Opco LLC.
(http://bankrupt.com/newsstand/or 215/945-7000)
TWEETER HOME: Files Monthly Operating Report for December 2008
--------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al., delivered to the
U.S. Bankruptcy Court for the District of Delaware their Monthly
Operating Report for the period from December 1, 2008, through
December 31, 2008.
The Debtors reported $0 cash receipts and $0 disbursements for
the month. The Debtors note that their Statement of Operations
and Balance Sheet will be provided once available.
A full-text copy of the Debtors' December MOR can be accessed for
free at: http://bankrupt.com/misc/Tweeter_DecemberMOR.pdf
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represented the Debtors. Kurtzman Carson Consultants LLC acted as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represented the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Debtors' exclusive period to
file a plan of reorganization expired on June 5, 2008.
About Tweeter Opco
Tweeter Opco, LLC, was formed in July 2007 to acquire the business
operations and assets of Tweeter Home Entertainment Group, Inc.
Tweeter Opco filed for Chapter 11 protection on Nov. 5, 2008
(Bankr. D. Del. Case No. 08-12646). Chun I. Jang, Esq., and Cory
D. Kandestin, Esq., at Richards, Layton & Finger, P.A., assisted
the company in its restructuring effort. The company listed
assets of $50 million to $100 million and debts of $50 million to
$100 million.
Judge Mary Walrath of the U.S. Bankruptcy Court for the District
of Delaware converted the Opco Debtors' Chapter 11 cases to
Chapter 7 liquidation proceedings effective as of December 5,
2008. George L. Miller from the accounting firm Miller Coffey
Tate has been appointed to serve as trustee of the Chapter 7
proceedings of Tweeter Opco, LLC, and its affiliates.
Bankruptcy Creditors' Service, Inc., publishes Tweeter Bankruptcy
News. The newsletter tracks the bankruptcy proceedings of Tweeter
Home Entertainment Group, Inc., and its affiliates, and the
subsequent bankruptcy cases of its buyer, Tweeter Opco LLC.
(http://bankrupt.com/newsstand/or 215/945-7000)
VERASUN ENERGY: Files Monthly Operating Report for January 2009
---------------------------------------------------------------
Verasun Energy Corp., et al., disclose, in a filing with the U.S.
Bankruptcy Court for the District of Delaware, that they had
an aggregate of $4,932,474,000 in assets, $2,968,749,000 in
shareholders' equity, and $1,963,721,000 in liabilities as of
January 31, 2009.
The Debtors also disclose that they had a net loss of $48,851,000
for the month ending January 31, 2009.
Furthermore, the Debtors tell the Court that they received cash
totaling $120,415,000 and disbursed cash totaling $103,662,000
for the month ending January 31, 2009.
A full-text copy of the Debtors' January 2009 monthly operating
report is available for free at:
http://bankrupt.com/misc/VerSMORJan09.pdf
Bryan D. Meier, the Debtors' vice president and finance and chief
accounting officer, says that the monthly operating report was
prepared solely for the purpose of complying with monthly
reporting requirements and in a format prescribed under the
Bankruptcy Code and not in accordance with accounting principles
generally accepted in the United States. He notes that the
Monthly Operating Report is limited in scope and covers a limited
time period.
About VeraSun Energy
Headquartered in Sioux Falls, South Dakota, VeraSun Energy Corp.
-- http://www.verasun.comor http://www.VE85.com/-- produces and
markets ethanol and distillers grains. Founded in 2001, the
company has a fleet of 16 production facilities in eight states,
with 14 in operation.
The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 31, 2008, (Bankr. D. Del. Case No. 08-12606)
Mark S. Chehi, Esq. at Skadden Arps Slate Meagher & Flom LLP
represents the Debtors in their restructuring efforts.
AlixPartners LLP serves as their restructuring advisor. Rothschild
Inc. is their investment banker and Sitrick & Company is their
communication agent. The Debtors' claims noticing and balloting
agent is Kurtzman Carson Consultants LLC. The Debtors'
total assets as of June 30, 2008, was $3,452,985,000 and their
total debts as of June 30, 2008, was $1,913,214,000.
VeraSun Bankruptcy News; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).
WORLDSPACE INC: Posts Net Loss of $4,348,049 in January 2009
------------------------------------------------------------
WorldSpace, Inc., et al., filed with the U.S. Bankruptcy Court for
the District of Delaware on February 20, 2009, their monthly
operating report for the period ended January 31, 2009.
The Debtors reported a consolidated net loss of $4,348,049 on
total revenue of $145,167 for the month of January, 2009.
Consolidated cumulative net loss from the date of filing to
January 31, 2009, was $18,098,159 on total revenue of
($2,156,735).
At January 31, 2009, the Debtors reported consolidated assets with
a book value of $688,203,074, consolidated liabilities of
$2,138,255,219, and stockholders' deficit of $1,450,052,145.
A full-text copy of the Debtors' monthly operating report for
January, 2008 is available at:
http://bankrupt.com/misc/WorldSpaceInc.January2009MOR.pdf
WorldSpace, Inc. (WSI) -- http://www.1worldspace.com/-- and its
debtor- and non-debtor affiliates provide satellite-based radio
and data broadcasting services to paying subscribers in ten
countries throughout Europe, India, the Middle East, and Africa.
The Debtors and their affiliates operate two geostationary
satellites, AfriStar and Asia Star, which are in orbit over Africa
and Asia. The Debtor and two of its affiliates filed for Chapter
11 bankruptcy protection on Oct. 17, 2008 (Bankr. D. Del., Case
No. 08-12412 - 08-12414). James E. O'Neill, Esq., Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl
& Jones, LLP, represent the Debtors as counsel.
The U.S. Trustee for Region 3 appointed creditors to serve on an
Official Committee of Unsecured Creditors. Neil Raymond Lapinski,
Esq., and Rafael Xavier Zahralddin-Aravena, Esq., at Elliot
Greenleaf represent the Committee as counsel. When the Debtors
filed for bankruptcy, they listed total assets of $307,382,000 and
total debts of $2,122,904,000.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
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., Frederick, Maryland,
USA. Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug,
and Peter A. Chapman, Editors.
Copyright 2009. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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herein is obtained from sources believed to be reliable, but is
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*** End of Transmission ***