/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/090411.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, April 11, 2009, Vol. 13, No. 99 Headlines ACCEPTANCE INSURANCE: Posts $126,828 Net Loss in March 2009 AMERICAN FIBERS: Posts $498,000 Net Loss in February 2009 ATA AIRLINES: Files Monthly Operating Report for February 2009 BUFFETS HOLDINGS: Earns $165,843 in February 12 to March 11 Period G-I HOLDINGS: Posts $8.6 Million Net Loss in December 2008 GLOBAL MOTORSPORT: Posts $42,522 Net Loss in January 2009 GOODY'S LLC: Posts $35.1 Million Net Loss in January 2009 GOODY'S LLC: Posts $27.2 Million Net Loss in February 2009 LANDSOURCE COMMUNITIES: Files Operating Report for December 2008 LANDSOURCE COMMUNITIES: Files Operating Report for January 2009 LENOX GROUP: Posts $3.7 Million Net Loss in February 2009 LYONDELL CHEMICAL: Files Operating Reports for Jan. & Feb. 2009 MASONITE CORPORATION: Files Initial Monthly Operating Report MOTOR COACH: Earns $2.9 Million in January 2009 REFCO INC: Refco LLC's Monthly Operating Report for February 2009 REUNION INDUSTRIES: Posts $310,000 Net Loss in February 2009 SCO GROUP: Earns $5,045 in Month Ended January 31 SCO GROUP: SCO Operations Post $744,109 Net Loss in January 2009 SMURFIT-STONE CONTAINER: Files Operating Report for February 2009 SYNTAX-BRILLIAN: Posts $64.2 Million in December 2008 SYNTAX-BRILLIAN: Syntax Groups Posts $570,497 Net Loss in December SYNTAX-BRILLIAN: SPE Files Monthly Operating Report for December TRONOX INC: Files Monthly Operating Report for February 2009 ********* ACCEPTANCE INSURANCE: Posts $126,828 Net Loss in March 2009 ----------------------------------------------------------- Acceptance Insurance Companies Inc. filed with the U.S. Bankruptcy Court for the District of Nebraska on April 6, 2009, its monthly operating report for March 2009. For the month ended March 31, 2009, Acceptance Insurance Companies Inc. posted a net loss of $126,828 on net investment income of $576. The Debtor reported total assets of $24,246,013, total liabilities of $138,180,458, and stockholders' deficit of $113,934,445 as of March 31, 2009. A full-text copy of the Debtor's March 2009 monthly report is available at: http://researcharchives.com/t/s?3b2a About Acceptance Insurance Headquartered in Council Bluffs, Iowa, Acceptance Insurance Companies, Inc. -- http://www.aicins.com/-- owns, either directly or indirectly, several companies, one of which is an insurance company that accounts for substantially all of the business operations and assets of the corporate groups. The company filed for Chapter 11 protection on January 7, 2005 (Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates -- Acceptance Insurance Services, Inc., and American Agrisurance, Inc. -- each filed Chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 and 05-80058) on January 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP, represents the Debtor in its restructuring efforts. Lawyers at McGrath North Mullin & Kratz PC, LLO, represent the Official Committee of Unsecured Creditors in Acceptance Insurance's case. AMERICAN FIBERS: Posts $498,000 Net Loss in February 2009 --------------------------------------------------------- AFY Holding Company and American Fibers and Yarns Company filed with the U.S. Bankruptcy Court for the District of Delaware their monthly operating report for February 2009. In their schedule of cash receipts and disbursement for the period, the Debtors reported cash at the beginning of the month of $237,767. Total receipts were $542,233 and total disbursements were $592,267, for a net cash outflow of $50,033. Cash at the end of the month was $187,733. For the period, the Debtors reported a consolidated net loss of $498,000 on net revenue of $9,000. Year-to-date net loss was $3,244,000 on net revenue of $124,000. At February 28, 2009, the Debtors had $32,599,577 in total assets, $1,505,065 in total liabilities, and $31,094,512 in total stockholders' equity. A full-text copy of the Debtors' monthly operating report for February 2009 is available at: http://bankrupt.com/misc/AmericanFibers.FebruaryMOR.pdf About American Fibers Headquartered in Chapel Hill, North Carolina, American Fibers and Yarns Company -- http://www.afyarns.com/-- manufactures solution- dyed Polypropylene yarns in its Bainbridge, Georgia and Afton, Virginia production facilities for distribution throughout the United States. American Fibers is 100% owned by AFY Holding Company. On Sept. 22, 2008, AFY Holding and American Fibers and Yarns filed voluntary petitions seeking Chapter 11 relief (Bankr. D. Del. Lead Case No. 08-12175). Edward J. Kosmowski, Esq., Michael R. Nestor, Esq., Robert F. Poppiti, Jr., Esq., and Nathan D. Grow, Esq., at Young, Conaway, Stargatt & Taylor, LLP, represent the Debtors as counsel. RAS Management Advisors, LLC, serves as the Debtors' restructuring advisors. Epiq Bankruptcy Solutions, LLC, serves as the Debtors' claims, noticing and balloting agent. The U.S. Trustee for Region 3 appointed creditors to serve on an Official Committee of Unsecured Creditors. Kenneth A. Rosen, Esq., Sharon L. Levine, Esq., Eric H. Horn, Esq., and Sean E. Quigley, Esq., at Lowenstein Sandler PC, represents the Debtors as counsel. William P. Bowden, Esq., Don A. Beskrone, Esq, and Amanda M. Winfree, Esq., at Ashby & Geddes, P.A., represent the Committee as Delaware counsel. When the Debtors sought bankruptcy protection from their creditors, they listed assets of between $10 million and $50 million and debts of between $10 million and $50 million. ATA AIRLINES: Files Monthly Operating Report for February 2009 -------------------------------------------------------------- ATA Airlines' Chief Restructuring Officer Steve Turoff filed with the U.S. Bankruptcy Court for the Southern District of Indiana the airline's operating report for the period February 1 to 28, 2009. Mr. Turoff disclosed that ATA Airlines had $112,479 in cash profit and $16,137 in total payables for February. The total professional fee incurred by or on behalf of ATA Airlines for services related to its bankruptcy case during the month is $1,035,181. ATA Airlines, Inc. Receipts and Disbursements Month Ended February 28, 2009 RECEIPTS Military - Charter - Scheduled Service - US Bank - Amex - Discover - Diner's Club - Other Scheduled Service - Asset Sales--Inventory $238,855 Asset Sales--Ground Equipment - Asset Sales--Rotables - Asset Sales--L1011 393,225 Return of Deposits/Prepaids 37,291 Cash Collateral/LOCs 2,411 Interest 500 Miscellaneous 977,477 ------------ Total $1,649,759 ============ DISBURSEMENTS Base Payroll Inc. All Taxes $185,194 Stay Bonus - Benefits 4,395 Employee Expense Payments 1,281 Outside Director Fees 2,000 Facilities 2,100 Utilities/Communications 6,206 Contract Labor 43,363 Professionals 1,239,303 US Trustee - Aircraft Ferry Cost - Engine Changes/Certificate Mx 40,274 Insurance--D&O/Misc. - Health Insurance Run-off Reserve - Cobra Reserve - Security - Shipping/Cargo 113 Returned Checks - Miscellaneous 13,053 ------------ Total $1,537,280 Beginning Balance $47,146,301 Receipts 1,649,759 Disbursements (1,537,280) ------------ Ending Balance $47,258,781 ============ Headquartered in Indianapolis, Indiana, ATA Airlines, Inc., was a diversified passenger airline operating in two principal business lines -- a low cost carrier providing scheduled passenger service that leverages a code share agreement with Southwest Airlines; and a charter operator that focused primarily on providing charter service to the U.S. government and military. ATA is a wholly owned subsidiary of New ATA Acquisition, Inc. -- a wholly owned subsidiary of New ATA Investment, Inc., which in turn, is a wholly owned subsidiary of Global Aero Logistics Inc. ATA Acquisition also owns another holding company subsidiary, World Air Holdings, Inc., which it acquired through merger on August 14, 2007. World Air Holdings owns and operates two other airlines, North American Airlines and World Airways. ATA Airlines and its affiliates filed for Chapter 11 protection on Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868 through 04-19874). The Honorable Basil H. Lorch III confirmed the Debtors' plan of reorganization on Jan. 31, 2006. The Debtors' emerged from bankruptcy on Feb. 28, 2006. Global Aero Logistics acquired certain of ATA's operations after its first bankruptcy. The remaining ATA affiliates that were not substantively consolidated in the company's first bankruptcy case were sold or otherwise liquidated. ATA Airlines filed for Chapter 22 on April 2, 2008 (Bankr. S.D. Ind. Case No. 08-03675), citing the unexpected cancellation of a key contract for ATA's military charter business, which made it impossible for ATA to obtain additional capital to sustain its operations or restructure the business. ATA discontinued all operations subsequent to the bankruptcy filing. ATA's Chapter 22 bankruptcy petition lists assets and liabilities each in the range of $100 million to $500 million. The Debtor is represented in its Chapter 22 case by Haynes and Boone, LLP, and Baker & Daniels, LLP, as bankruptcy counsel. The United States Trustee for Region 10 appointed five members to the Official Committee of Unsecured Creditors. Otterbourg, Steindler, Houston & Rosen, P.C., serves as bankruptcy counsel to the Committee. FTI Consulting, Inc., acts as the panel's financial advisors. The Court gave ATA Airlines Inc. until Feb. 26, 2009, to file its Chapter 11 plan and April 27, 2009, to solicit acceptances of that plan. ATA Airlines submitted to the Court its Chapter 11 Plan of Reorganization and accompanying Disclosure Statement on December 12, 2008, two weeks after it completed the sale of its key assets to Southwest Airlines Inc. Bankruptcy Creditors' Service, Inc., publishes ATA Airlines Bankruptcy News. The newsletter tracks the chapter 11 case of ATA Airlines, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) BUFFETS HOLDINGS: Earns $165,843 in February 12 to March 11 Period ------------------------------------------------------------------ Buffets Holdings, Inc., et al., filed with the U.S. Bankruptcy Court for the District of Delaware on April 1, 2009, a monthly operating report for the period from February 12, 2009, through March 11, 2009. The Debtors reported net income of $165,843 on total sales of $110.7 million for the period. At March 11, 2009, the Debtors had $507.4 million in total assets, $1.34 billion in total liabilities, and $838.4 million in stockholders' deficit. A full-text copy of the Debtors' monthly operating report for the period from February 12, 2009, through March 11, 2009, is available at http://researcharchives.com/t/s?3b14 About Buffets Holdings Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc., employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC and Pachulski Stang Ziehl Young & Jones as counsels. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on February 22, 2008, final approval of the Debtors' debtor-in-possession credit facility, consisting of $85 million of new funding and $200 million carried over from the company's prepetition credit facility. G-I HOLDINGS: Posts $8.6 Million Net Loss in December 2008 ---------------------------------------------------------- G-I Holdings, Inc., filed with the United States Trustee for Region 3 its monthly operating report for the month ended Dec. 31, 2008. G-I Holdings reported a net loss of $8,563,959 on zero sales for the month ended Dec. 31, 2008. At Dec. 31, 2008, G-I Holdings had ($10,289,900) in total assets, $297,600,088 in total liabilities, and $307,889,988 in stockholders' deficit. A full-text copy of G-I Holdings' monthly operating report for the month ended Dec. 31, 2008, is available at: http://bankrupt.com/misc/G-IHoldings.DecemberMOR.pdf About G-I Holdings Based in Wayne, New Jersey, G-I Holdings, Inc., is a holding company that indirectly owns Building Materials Corporation of America, a manufacturer of premium residential and commercial roofing products. The company filed for Chapter 11 protection on Jan. 5, 2001 (Bankr. D. N.J. Case No. 01-30135). An affiliate, ACI, Inc., filed its own voluntary chapter 11 petition on Aug. 3, 2001. The cases were consolidated on Oct. 10, 2001. Martin J. Bienenstock, Esq., Irena Goldstein, Esq., and Timothy Q. Karcher, Esq., at Dewey & Leboeuf LLP, represents the Debtors as counsel. Dennis J. O'Grady, Esq., and Mark E. Hall, Esq., at Riker, Danzig, Scherer, Hyland, represent the Debtors as co-counsel. Lowenstein Sandler PC represents the Official Committee of Unsecured Creditors. Judson Hamlin was appointed by the Court as the Legal Representative for Present and Future Holders of Asbestos Related Demands. Keating, Muething & Klekamp, P.L.L., is the principal counsel to the Legal Representative of Present and Future Asbestos-Related Demands. GLOBAL MOTORSPORT: Posts $42,522 Net Loss in January 2009 --------------------------------------------------------- Global Motorsport Group, Inc., filed with the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for January 2009. Global Motorsport reported a net loss of $42,522 on zero revenues for the month of January 2009. Cumulative filing to date net loss was $1,963,039 on zero revenues. At Jan. 31, 2009, Global Motorsport had $820,121 in total assets, $134,564,305 in total liabilities, and $133,744,184 in stockholders' deficit. A full-text copy of the Debtor's monthly operating report for January 2009 is available at: http://bankrupt.com/misc/GlobalMotorsport.JanuaryMOR.pdf About Global Motorsport Headquartered in Morgan Hill, California, Global Motorsport Group Inc. -- http://www.gmgracing.com/home.shtml-- is a dealer of European model sports cars. The company is also known as Global Motorsport Parts Inc. The company and three of its affiliates filed for protection on Jan. 31, 2008 (Bankr. D. Del. Lead Case No. 08-10192). Laura Davis Jones, Esq., James O'Neill, Esq., and Joshua Fried, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as counsel. T. Scott Avil, Esq., at CRG Partners Group LLC, is the Debtors' restructuring services provider. Federico G.M. Mennella, Esq., at Lincoln International Advisors, LLC, is the Debtors' investment banker. The Debtors selected Epiq Bankruptcy Solution LLC as their claims agent. The U.S. Trustee for Region 3 has appointed five creditors to serve on an Official Committee of Unsecured Creditors in these cases. The Committee selected Fox Rothschild LLP as its new counsel. Edward T. Gavin, CTP, at NachmanHaysBrownstein, Inc., is the Committee's financial advisor. Adam Harris, Esq., and David Hillman, Esq., at Schulte Roth & Zabel LLP, serve as counsel to the prepetition and postpetition secured lenders. When the Debtors filed for protection from their creditors, they listed assets of between $50 million and $100 million and debts of between $100 million and $500 million. GOODY'S LLC: Posts $35.1 Million Net Loss in January 2009 --------------------------------------------------------- Goody's LLC reported net profit before reorganization items of $12.2 million and a net loss of $35.1 million on net revenue of $98.9 million for the month of January 2009. At Jan. 31, 2009, the Debtor had total assets of $182.9 million, total liabilities of $213.7 million, and stockholders' deficit of $30.8 million. A full-text copy of the Debtor's monthly operating report for January 2009 is available at: http://bankrupt.com/misc/Goody'sLLC.JanuaryMOR.pdf About Goody's LLC Headquartered in Wilmington, Delaware, Goody's LLC, successor to Goody's Family Clothing Inc., operates a chain of clothing stores. Goody's LLC and 13 of its affiliates filed for Chapter 11 protection on January 13, 2009 (Bankr. D. Del. Lead Case No. 09-10124). M. Blake Cleary, Esq., at Young, Conaway, Stargatt & Taylor, LLP; Paul G. Jennings, Esq., Gene L. Humphreys, Esq., Edward C. Meade, Esq., and Kristen C. Wright, Esq., at Bass Berry & Sims PLC represent the Debtors as counsel. Skadden, Arps, Slate Meagher & Flom, LLP, is the Debtors' special counsel; FTI Consulting Inc. is the Debtors' financial advisor. Goody's Family Clothing Inc., as of May 31, 2008, operated 355 stores in several states with approximately 9,868 personnel of which 170 employees are covered under a collective bargaining agreement. Goody's Family and 19 of its affiliates filed for Chapter 11 protection on June 9, 2008 (Bankr. D. Del. Lead Case No. 08-11133). Gregg M. Galardi, Esq., and Marion M. Quirk, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Paul G. Jennings, Esq., at Bass, Berry & Sims PLC, represented the Debtors. The company emerged from bankruptcy Oct. 20, 2008, after closing more than 70 stores. The reorganized entity was named Goody's LLC. GOODY'S LLC: Posts $27.2 Million Net Loss in February 2009 ---------------------------------------------------------- Goody's LLC reported a net loss before reorganization items of $21.2 million and a net loss of $27.2 million on net revenue of $59.5 million for the month of February 2009. Cumulative filing to date net loss before reorganization items was $9.0 million and net loss was $62.3 million on net revenue of $158.4 million. At Feb. 28, 2009, the Debtor had total assets of $96.5 million, total liabilities of $154.5 million, and stockholders' deficit of $58.0 million. A full-text copy of the Debtor's monthly operating report for February 2009 is available at: http://bankrupt.com/misc/Goody'sLLC.FebruaryMOR.pdf About Goody's LLC Headquartered in Wilmington, Delaware, Goody's LLC, successor to Goody's Family Clothing Inc., operates a chain of clothing stores. Goody's LLC and 13 of its affiliates filed for Chapter 11 protection on January 13, 2009 (Bankr. D. Del. Lead Case No. 09-10124). M. Blake Cleary, Esq., at Young, Conaway, Stargatt & Taylor, LLP; Paul G. Jennings, Esq., Gene L. Humphreys, Esq., Edward C. Meade, Esq., and Kristen C. Wright, Esq., at Bass Berry & Sims PLC represent the Debtors as counsel. Skadden, Arps, Slate Meagher & Flom, LLP is the Debtors' special counsel; FTI Consulting Inc. is the Debtors' financial advisor. Goody's Family Clothing Inc., as of May 31, 2008, operated 355 stores in several states with approximately 9,868 personnel of which 170 employees are covered under a collective bargaining agreement. Goody's Family and 19 of its affiliates filed for Chapter 11 protection on June 9, 2008 (Bankr. D. Del. Lead Case No. 08-11133). Gregg M. Galardi, Esq., and Marion M. Quirk, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Paul G. Jennings, Esq., at Bass, Berry & Sims PLC, represented the Debtors. The company emerged from bankruptcy Oct. 20, 2008, after closing more than 70 stores. The reorganized entity was named Goody's LLC. LANDSOURCE COMMUNITIES: Files Operating Report for December 2008 ---------------------------------------------------------------- LandSource Communities Development LLC, et al., filed with the U.S. Bankruptcy Court for the District of Delaware an amended Monthly Operating Report for the month of December 2008. LandSource Communities Development, LLC Consolidated Balance Sheet As of December 31, 2008 Assets Cash $10,206,898 Receivables 23,124,268 Inventories 1,344,763,508 Operating Properties, net 85,779,683 Investment in unconsolidated entities 21,058,574 Other assets 46,851,984 --------------- Total Assets $1,531,784,915 =============== Liabilities and Members' Capital Accounts payable & Accrued Liabilities 97,630,786 Deferred Revenue 59,761,747 Debt 73,087,016 --------------- Total Liabilities Not Subject to Compromise 230,479,549 Total Liabilities Subject to Compromise 1,390,812,629 --------------- Total Liabilities 1,621,292,178 Members' Capital/(Deficit) (89,507,265) --------------- Total Liabilities and Members' Capital $1,531,784,913 =============== LandSource Communities Development, LLC Consolidated Statements of Operations Month Ended December 31, 2008 Statistical Information Homesites sold to related parties 0 Homesites sold to third parties 7 Acreage sold to related parties 0 Acreage sold to third parties 7 Homes sold to third parties 0 Land Sale Operations Sales related parties $1,335,285 Sales to third parties 1,037,961 --------------- Total Land Sale Revenue 2,373,246 Cost of sales to related parties 4,231,176 Cost of sales to third parties (4,662,934) Loss on Impaired Real State Inventories 25,088,838 --------------- Total Cost of Land Sales 24,657,080 --------------- Gross Margin on Land Sales Operations (22,283,834) Home Sale Operations Sales 0 Cost of sales 0 --------------- Gross Margin on Home Sale Operations 0 Operating Cost and Expenses Field, selling, general & administrative Expense (21,783,597) Management fees to related parties 466,667 --------------- Total Operating Costs and Expenses (21,316,930) Other Operations, net Equity in earnings of unconsolidated (48,740) Rental operations 1,383,775 Valencia Water Company 0 Club operations (589,668) Interest income 12,910 Interest expense 29,950,113 Loss on debt restructuring 0 Loss on interest rate swap termination 0 Miscellaneous 373,729 --------------- Total Other Operations, net 31,082,119 --------------- Earnings (Loss) before Reorganization Items 30,115,215 Reorganization Expenses 23,203,737 --------------- Net Earnings (Loss) $6,911,478 =============== LandSource Communities Development, LLC Consolidated Schedule of Cash Receipts and Disbursements Month Ended December 31, 2008 Net Operating Cash Flow Housing revenue $328,945 Commercial Revenue 3,470,966 Other 0 Option deposits 0 Less: Closing Costs 0 --------------- Total Operating Inflows 3,799,911 Operating Cash Outflows Master improvements & CFDs (11,373,709) Property tax (4,538,838) General & Administrative (1,685,293) Other (98,693) Management fees (466,667) --------------- Total Operating Outflows (18,163,200) Total Net Operating Cash Flow (14,363,289) Bankruptcy Disbursements Bankruptcy Payments Utility Deposits 0 Mechanic's liens/Other 0 --------------- Total Bankruptcy Payments 0 DIP Interest and Fees DIP Facility interest (533,152) Undrawn fee (36,141) DIP Facility fees (100,000) --------------- Total DIP Interest and Fees (669,293) Restructuring professionals (4,847,828) Total Bankruptcy Disbursements (5,517,121) --------------- Total Net Cash Flow ($19,880,410) =============== DIP Facility Beginning Balance 52,070,333 Borrowings 18,900,000 (Repayments) (297,622) --------------- Ending Balance $70,672,711 =============== Disbursement Per Debtor LandSource Communities Development, LLC 3,128,319 California Land Company 0 Friendswood Development Company, LLC 55,284 Lennar Land Partners II 278,587 Kings Wood Development Company, L.C. 0 LSC Associates, LLC 0 Lennar Mare Island, LLC 1,036,542 LandSource Communities Development Sub LLC 0 Lennar Moorpark, LLC 0 Lennar Stevenson Holdings, LLC 0 The Newhall Land and Farming Company 0 LandSource Holding Company, LLC 4,065,135 LNR-Lennar Washington Square, LLC 2,671,132 Lennar Bressi Ranch Venture, LLC 0 The Newhall Land and Farming Company 11,735,438 (a California Limited Partnership) NWI-IL GP, LLC 0 Tournament Players Club at Valencia, 735,735 Southwest Communities Development, LLC 136,731 Valencia Corporation 0 Stevenson Ranch Venture, LLC 105,042 Valencia Realty Company 0 --------------- Total Disbursement $23,947,945 =============== About LandSource Communities LandSource Communities Development LLC, which operates in Arizona, California, Florida, New Jersey, Nevada and Texas, is involved in the planning and development of master planned communities and transforming undeveloped land into ready-to-build home sites and commercial properties. With the exception of one development project in Marina del Rey, California, LandSource does not build homes or commercial properties. LandSource and 20 of its affiliates filed for chapter 11 bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware on June 8, 2008 (Lead Case No. 08-11111). The Debtors are represented by Marcia Goldstein, Esq., at Weil Gotshal & Manges in New York, and Mark D. Collins, Esq., at Richards Layton & Finger in Wilmington, Delaware. Lazard Freres & Co. acts as the Debtors' financial advisors, and Kurtzmann Carson Consultants serves as the Debtors' notice and claims agent. According to the Troubled Company Reporter on May 22, 2008, LandSource sought help from its lender consortium to restructure $1.24 billion of its debt. LandSource engaged a 100-bank lender group led by Barclays Capital Inc., which syndicates LandSource's debt. LandSource had received a default notice on that debt from the lender group after it was not able to timely meet its payments during mid-April. However, LandSource failed to reach an agreement with its lenders on a plan to modify and restructure its debt, forcing it to seek protection from creditors. (LandSource Bankruptcy News; http://bankrupt.com/newsstand/or 215/945-7000). LANDSOURCE COMMUNITIES: Files Operating Report for January 2009 --------------------------------------------------------------- LandSource Communities Development, LLC Consolidated Balance Sheet As of January 31, 2009 Assets Cash $8,030,922 Receivables 25,931,822 Inventories 1,345,610,168 Operating Properties, net 85,654,324 Investment in unconsolidated entities 20,842,526 Other assets 47,577,192 --------------- Total Assets $1,533,646,954 =============== Liabilities and Members' Capital Accounts payable & Accrued Liabilities 90,733,185 Deferred Revenue 60,125,986 Debt 86,763,349 --------------- Total Liabilities Not Subject to Compromise 237,622,520 Total Liabilities Subject to Compromise 1,390,978,634 --------------- Total Liabilities 1,628,601,154 Members' Capital/(Deficit) (94,954,200) --------------- Total Liabilities and Members' Capita $1,533,646,954 =============== LandSource Communities Development, LLC Consolidated Statements of Operations Month Ended January 31, 2009 Statistical Information Homesites sold to related parties 0 Homesites sold to third parties 1 Acreage sold to related parties 0 Acreage sold to third parties 0 Homes sold to third parties 0 Land Sale Operations Sales related parties $11,872 Sales to third parties 221,316 --------------- Total Land Sale Revenue 233,188 Cost of sales to related parties 192,349 Cost of sales to third parties 145,980 Loss on Impaired Real State Inventories 0 --------------- Total Cost of Land Sales 338,329 --------------- Gross Margin on Land Sales Operations (105,141) Home Sale Operations Sales 0 Cost of sales 0 --------------- Gross Margin on Home Sale Operations 0 Operating Cost and Expenses Field, selling, general & administrative expense 2,013,086 Management fees to related parties 466,667 --------------- Total Operating Costs and Expenses 2,479,753 Other Operations, net Equity in earnings of unconsolidated (216,048) Rental operations 397,662 Valencia Water Company 0 Club operations (109,426) Interest income 3,622 Interest expense 0 Loss on debt restructuring 0 Loss on interest rate swap termination 0 Miscellaneous 238,940 --------------- Total Other Operations, net 314,750 --------------- Earnings (Loss) before Reorganization Items (2,270,142) Reorganization Expenses 3,176,794 --------------- Net Earnings (Loss) ($5,446,936) =============== LandSource Communities Development, LLC Consolidated Schedule of Cash Receipts and Disbursements Month Ended January 31, 2009 Net Operating Cash Flow Housing revenue $203,139 Commercial Revenue 2,933,890 Other 0 Option deposits 0 Less: Closing Costs 0 --------------- Total Operating Inflows 3,137,029 Operating Cash Outflows Master improvements & CFDs (9,083,685) Property tax (197,253) General & Administrative (2,811,633) Other (306,275) Management fees (466,667) --------------- Total Operating Outflows (12,865,513) Total Net Operating Cash Flow (9,728,484) Bankruptcy Disbursements Bankruptcy Payments Utility Deposits 0 Mechanic's liens/Other 0 --------------- Total Bankruptcy Payments 0 DIP Interest and Fees DIP Facility interest (585,743) Undrawn fee (24,961) DIP Facility fees (207,324) --------------- Total DIP Interest and Fees (818,028) Restructuring professionals (2,979,082) Total Bankruptcy Disbursements (3,797,110) --------------- Total Net Cash Flow ($13,525,594) --------------- DIP Facility Beginning Balance 70,672,711 Borrowings 13,900,000 (Repayments) (223,667) --------------- Ending Balance $84,349,044 --------------- Disbursement Per Debtor LandSource Communities Development, LLC 3,349,858 California Land Company 325 Friendswood Development Company, LLC 206,280 Lennar Land Partners II 4,875 Kings Wood Development Company, L.C. 325 LSC Associates, LLC 325 Lennar Mare Island, LLC 1,324,901 LandSource Communities Development Sub LLC 325 Lennar Moorpark, LLC 325 Lennar Stevenson Holdings, LLC 325 The Newhall Land and Farming Company 325 LandSource Holding Company, LLC 1,773,047 LNR-Lennar Washington Square, LLC 1,769,235 Lennar Bressi Ranch Venture, LLC 325 The Newhall Land and Farming Company 8,080,883 (a California Limited Partnership) NWI-IL GP, LLC 325 Tournament Players Club at Valencia, 368,408 Southwest Communities Development, LL 1,950 Valencia Corporation 325 Stevenson Ranch Venture, LLC 3,278 Valencia Realty Company 325 --------------- Total Disbursement $16,886,290 =============== About LandSource Communities LandSource Communities Development LLC, which operates in Arizona, California, Florida, New Jersey, Nevada and Texas, is involved in the planning and development of master planned communities and transforming undeveloped land into ready-to-build home sites and commercial properties. With the exception of one development project in Marina del Rey, California, LandSource does not build homes or commercial properties. LandSource and 20 of its affiliates filed for chapter 11 bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware on June 8, 2008 (Lead Case No. 08-11111). The Debtors are represented by Marcia Goldstein, Esq., at Weil Gotshal & Manges in New York, and Mark D. Collins, Esq., at Richards Layton & Finger in Wilmington, Delaware. Lazard Freres & Co. acts as the Debtors' financial advisors, and Kurtzmann Carson Consultants serves as the Debtors' notice and claims agent. According to the Troubled Company Reporter on May 22, 2008, LandSource sought help from its lender consortium to restructure $1.24 billion of its debt. LandSource engaged a 100-bank lender group led by Barclays Capital Inc., which syndicates LandSource's debt. LandSource had received a default notice on that debt from the lender group after it was not able to timely meet its payments during mid-April. However, LandSource failed to reach an agreement with its lenders on a plan to modify and restructure its debt, forcing it to seek protection from creditors. (LandSource Bankruptcy News; http://bankrupt.com/newsstand/or 215/945-7000). LENOX GROUP: Posts $3.7 Million Net Loss in February 2009 --------------------------------------------------------- On April 3, 2009, Lenox Group Inc. nka. CAC Group Inc., et al., filed their monthly operating report for the period February 1, 2009, to February 28, 2009 with the U.S. Bankruptcy Court for the Southern District of New York. Lenox Group Inc. and subsidiaries reported a net loss before reorganization items of $3,695,000 and a net loss of $4,356,000 on net sales of $14,923,000 for the 4 weeks ended February 28, 2009. Cumulative filing to date net loss before reorganization items was $14,070,000 and net loss was $17,571,000. At February 28, 2009, the Debtors had total assets of $171,668,000, total liabilities of $170,209,000, and stockholders' equity of $1,459,000. A full-text copy of the Debtors' monthly operating report is available at http://researcharchives.com/t/s?3b2b Headquartered in Bristol, Pennsylvania, Lenox Group Inc. -- http://www.department56.com/,http://www.lenox.com/,and http://www.dansk.com/-- including its two main operating subsidiaries, D 56, Inc., and Lenox, Incorporated, is a leading designer, marketer, distributor, wholesaler, manufacturer and retailer of quality tableware, collectibles, and other giftware products under the Lenox, Dansk, Gorham, and Department 56 brand names. These products are sold through department stores, large specialty retailers, general merchandise chains, national chains and clubs, small independent specialty retailers, and other wholesale accounts. The company and six of its affiliates filed for Chapter 11 protetcion on November 23, 2008 (Bankr. S.D. N.Y. Lead Case No. 08-14679). Harvey R. Miller, Esq., and Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, represent the Debtors their restructuring efforts. The Debtors proposed Berenson & Company as financial advisor, Carl Marks Advisory Group LLC as consultants, and The Garden City Group as claims and noticing agent. The Debtors have $264,000,000 in total assets and $238,000,000 in total debts as of October 25, 2008. Lenox initially agreed to sell itself to KPS Capital Partners after a court-supervised transaction in February 2009. Clarion Capital Partners challenged the results and became successful in nullifying the KPS Capital/Lenox deal and a second auction was scheduled. The Bankruptcy Court reopened the bidding process during a hearing on February 25, and Clarion won this time, offering $100 million for the assets, including Lenox brands Dansk, Gorham and Department 56; plus assumption of certain of Lenox debt. As reported in the Troubled Company Reporter on March 23, 2009, Lenox Group, Inc., said it has completed the sale of its assets in a voluntary Chapter 11 financial reorganization to a group led by Clarion Capital Partners. The "new" Lenox, which includes the Lenox, Dansk(R), Gorham(R) and Department 56(R) brands, will now operate outside of Chapter 11 bankruptcy. LYONDELL CHEMICAL: Files Operating Reports for Jan. & Feb. 2009 --------------------------------------------------------------- Lyondell Chemical Company and affiliates Unaudited Combined Balance Sheets (in millions) For the month ended Jan. 31, Feb. 28, 2009 2009 -------- -------- Assets Current assets: Cash and cash equivalents $1,258 $1,214 Short-term investments 32 20 Accounts receivable: Trade, net 1,020 1,066 Related parties 8 9 Intercompany 275 299 Inventories 1,829 1,836 Short-term loan receivables -intercompany 463 465 Prepaid expenses and other current assets 277 376 ---------- ---------- Total current assets 5,162 5,285 Property, plant and equipment, net 10,926 10,854 Investments and long-term receivables: Investment in PO joint ventures 568 568 Long-term loan receivables - intercompany 896 806 Investments in affiliates 5,112 5,075 Other investments and long-term receivables 81 78 Goodwill 459 459 Intangible assets, net 1,924 1,713 Noncurrent deferred tax assets 55 70 Other assets 253 168 ---------- ---------- TOTAL ASSETS $25,436 $25,076 ========== ========== Liabilities and Stockholder's Equity Current liabilities: Current maturities of long-term debt 165 165 Short-term debt 2,775 2,775 Short-term payables - intercompany 164 119 Accounts payable: Trade 711 817 Related parties 11 20 Intercompany 598 611 Accrued liabilities 705 352 Deferred income taxes 116 144 ---------- ---------- Total current liabilities 5,245 5,003 Long-term debt 11,624 11,625 Other liabilities 693 520 Deferred income taxes 2,796 2,662 Liabilities subject to compromise 10,387 10,864 Commitments and contingencies - - Minority interests 113 93 Stockholders equity: Common stock 21 21 Additional paid-in capital 5,696 5,696 Retained deficit (11,130) (11,403) Accumulated other comprehensive income (9) (5) ---------- --------- Total stockholder's equity (5,422) (5,691) ---------- ---------- Total liabilities and stockholder's equity $25,436 $25,076 ========== ========== Lyondell Chemical Company and affiliates Unaudited Statement of Income (in millions) For the month ended Jan. 31, Feb. 28, 2009 2009 -------- -------- Sales and other operating revenues: Trade $1,134 $1,035 Related parties 20 30 ---------- ---------- 1,154 1,065 Operating costs and expenses: Cost of sales 1,186 1,048 Selling, general and admin. Expenses 31 14 Research and development expenses 5 3 ---------- ---------- 1,222 1,065 ---------- ---------- Operating loss (68) - Interest expense (164) (54) Interest income 1 2 Other income (expense), net (52) (55) ---------- ---------- Loss before reorganization items, equity investments and income taxes (283) (107) ---------- ---------- Reorganization items (55) (277) Income (loss) from equity investments 7 (5) ---------- ---------- Loss before income taxes (331) (389) Benefit from income taxes (115) (119) ---------- ---------- Net Loss ($216) ($270) ========== ========== Lyondell Chemical Company and its affiliates Unaudited Statements of Cash Flows (in millions) For the month ended Jan. 31, Feb. 28, 2009 2009 -------- -------- Cash flows from operating activities: Net loss ($216) ($270) Adjustments to reconcile net loss to net cash provided by (used in) in operating activities: Depreciation and amortization 98 98 Reorganization charges 55 277 Reorganization-related payments (10) - Equity investments - (income) loss (7) 5 Deferred income taxes (115) (119) Changes in assets and liabilities that provided (used ) cash: Accounts receivable (1) 113 Inventories 77 (30) Accounts payable 305 - Repayment of accounts receivable facility (503) - Other, net 31 (102) ---------- ---------- Net cash provided by (used in) operating activities (286) 32 ---------- ---------- Cash flows from investing activities: Expenditures for property, plant and equipment (13) (15) Distributions from affiliates in excess of earnings - 14 Advances under intercompany loans (581) (69) Proceeds from disposal of assets 4 - Short-term investments - 12 ---------- ---------- Net cash used in investing activities (590) (58) ---------- ---------- Cash flows from financing activities: Short-term borrowings 25 (18) Proceeds from issuance of DIP Term Loan Facility 2,089 - Net borrowings under DIP Revolving Credit Facility 608 - Payment of debt issuance costs (93) - Proceeds from postpetition note payable 100 - Repayment of postpetition note payable (100) - Repayments of long-term debt - - Net repayments under prepetition revolving credit facilities (115) - Other, net - - ---------- ---------- Net cash provided by (used in) financing activities 1,748 (18) Effect of exchange rate changes on cash - - ---------- ---------- Increase in cash and cash equivalents 872 (44) Cash and cash equivalents at beginning of period (386) 1,258 ---------- ---------- Cash and cash equivalents at end of period $1,258 $1,214 ========== ========== Basell AF and Lyondell Chemical Company merged operations in 2007 to form LyondellBasell Industries -- http://www.lyondellbasell.com/-- the world's third largest independent chemical company. Lyondellbasell produces polypropylene and advanced polyolefins products, is a leading supplier of polyethylene, and a global leader in the development and licensing of polypropylene and polyethylene processes and related catalyst sales. LyondellBasell became saddled with debt as part of the US$12.7 billion merger. About a year after completing the merger, LyondellBasell Industries' U.S. operations and one of its European holding companies -- Basell Germany Holdings GmbH -- filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on January 6, 2009, to facilitate a restructuring of the company's debts. The case is In re Lyondell Chemical Company, et al., Bankr. S.D. N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell entities, including Equistar Chemicals, LP, Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt Industries, Inc., filed for Chapter 11. LyondellBasell is not part of the bankruptcy filing. LyondellBasell's non-U.S. operating entities are also not included in the Chapter 11 filing. The Hon. Robert E. Gerber presides over the case. Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York, serves as the Debtors' bankruptcy counsel. Evercore Partners serves as financial advisors, and Alix Partners and its subsidiary AP Services LLC, serves as restructuring advisors. AlixPartners' Kevin M. McShea acts as the Debtors' Chief Restructuring Officer. Clifford Chance LLP serves as restructuring advisors to the European entities. Lyondell Chemical estimated that consolidated assets total US$27.12 billion and debts total US$19.34 billion as of the bankruptcy filing date. Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by Lyondell Chemical Company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) MASONITE CORPORATION: Files Initial Monthly Operating Report ------------------------------------------------------------ Masonite Corporation, et al., filed with the U.S. Bankruptcy Court an initial operating report containing a 12-month cash flow projection beginning April 26, 2009, and ending on March 28, 2010. Masonite Corporation, et. al., Four-Month Cash Flow Projections April 26, 2009 to July 26, 2009 (In Thousands) 04/26/09 05/24/09 06/28/09 07/26/09 -------- -------- -------- -------- Total Cash Receipts $77,510 $57,392 $78,408 $85,382 Operating Disbursements Employee related (21,652) (18,075) (22,007) (19,889) Trade (43,871) (41,556) (39,030) (34,518) Capex (4,260) (2,324) (3,414) (3,421) Intercompany Trade(net) (1,900) (1,817) (1,622) (2,190) Intercompany Funding 1,828 700 3,700 2,100 Other (14,261) (13,357) (11,729) (10,302) --------- --------- --------- --------- Total Operating (84,116) (76,429) (74,103) (68,220) Disbursement Restructuring Disbursements Professionals (2,365) (2,030) (2,685) (2,650) Other (1,015) - - - --------- --------- --------- --------- Total Restructuring (3,380) (2,030) (2,685) (2,650) Disbursement Debt-service Disbursements (16,983) (5,688) (8,480) - --------- --------- --------- --------- Total Cash Disbursement (104,479) (84,148) (85,268) (70,870) Net Cash Flow ($26,969) ($26,755) ($6,859) ($14,512) Beginning Cash/Investment $105,915 $78,946 $52,190 $45,331 Net Cash Flow (26,969) (26,755) (6,859) (14,512) --------- --------- --------- --------- Ending Cash/Investment $78,946 $52,190 $45,331 $59,843 ========= ========= ========= ========= Masonite Corporation, et. al., Four-Month Cash Flow Projections August 23, 2009 to November 22, 2009 (In Thousands) 08/23/09 09/27/09 10/25/09 11/22/09 -------- -------- -------- -------- Total Cash Receipts $88,402 $83,601 $67,301 $64,596 Operating Disbursements Employee related (16,802) (20,275) (19,701) (16,266) Trade (33,348) (33,646) (29,575) (29,981) Capex (2,836) (4,525) (4,120) (2,978) Intercompany Trade(net) (980) (1,691) (1,919) (2,048) Intercompany Funding - 900 9,600 - Other (15,869) (10,674) (9,363) (9,881) --------- --------- --------- --------- Total Operating (69,836) (69,911) (55,077) (61,154) Disbursement Restructuring Disbursements Professionals (2,140) (15,290) (460) - Other - - - 880 --------- --------- --------- --------- Total Restructuring (2,140) (15,290) (460) 880 Disbursement Debt-service Disbursements - (5,026) - - --------- --------- --------- --------- Total Cash Disbursement (71,976) (90,226) (55,537) (60,274) Net Cash Flow $16,426 ($6,625) $11,763 $4,322 Beginning Cash/Investment $59,843 $76,268 $69,643 $81,407 Net Cash Flow 16,426 (6,625) 11,763 4,322 --------- --------- --------- --------- Ending Cash/Investment $76,268 $69,643 $81,407 $85,728 ========= ========= ========= ========= Masonite Corporation, et. al., Four-Month Cash Flow Projections December 27, 2009 to March 28, 2010 (In Thousands) 12/27/09 01/24/10 02/21/10 03/28/10 -------- -------- -------- -------- Total Cash Receipts $80,513 $63,905 $56,348 $84,925 Operating Disbursements Employee related (20,470) (19,908) (16,472) (19,761) Trade (33,294) (30,528) (28,406) (48,885) Capex (2,649) (2,838) (2,392) (3,739) Intercompany Trade(net) (2,237) (1,311) (1,492) (1,742) Intercompany Funding 4,700 - - 900 Other (10,248) (12,249) (21,630) (14,670) --------- --------- --------- --------- Total Operating (64,199) (66,835) (70,392) (87,896) Disbursement Restructuring Disbursements Professionals - - - - Other - - - - --------- --------- --------- --------- Total Restructuring - - - - Disbursement Debt-service Disbursements (5,014) - - (4,905) --------- --------- --------- --------- Total Cash Disbursement (69,213) (66,835) (70,392) (92,802) Net Cash Flow $11,229 ($2,930) $14,044 $7,877 Beginning Cash/Investment $85,728 $97,028 $94,098 $80,054 Net Cash Flow 11,229 (2,930) 14,044 7,877 --------- --------- --------- --------- Ending Cash/Investment $97,028 $94,098 $80,054 $72,177 ========= ========= ========= ========= The Debtors also included in their initial Monthly Operating Report a list of certificates of insurance available for free at http://bankrupt.com/misc/Masonite_InsuranceCert.pdf The Debtors also disclosed the retainers received by bankruptcy professionals employed in the Debtors' Chapter 11 cases: Outstanding Retainer Professional Retainer Amt. Amt. Applied Amount ------------ ------------ ------------ ----------- Kirkland & Ellis US$1,000,000 US$286,219 $713,780 LLP Alvarez & Marsal North America LLC 200,000 - 200,000 Kurtzman Carson Consultants LLC 70,000 - 70,000 Financial Balloting Group LLC 20,000 - 20,000 Richards Layton Finger, P.A. 96,624 57,313 39,310 About Masonite International Based in Ontario, Canada, Masonite International Corporation -- http://www.masonite.com/-- (TSE:MHM) is a vertically integrated producer, manufacturing key components of doors, including composite molded and veneer door facings, glass door lites and cut stock. The company provides these products to its customers in more than 70 countries around the world. The company is a wholly owned subsidiary of Masonite International Inc. It offers a range of interior and exterior doors. Masonite Canada operates Masonite International's Canadian subsidiaries, well as certain other non- United States subsidiaries. Masonite International, Inc., and six affiliates filed petitions on March 16, 2009, before the Ontario Superior Court of Justice (Commercial List) under the Companies' Creditors Arrangement Act. The Honorable Justice Campbell presides over the CCAA proceedings. Derrick Tay and Orestes Pasparakis at Ernst & Young, Inc., serve as monitor. Jay A. Carfagnini, Esq., and Brian F. Emprey, Esq., at Goodmans LLP in Toronto, serve as the Applicants' counsel. Masonite Corporation, based in Tampa, Florida, and several U.S. affiliates filed for Chapter 11 bankruptcy protection on the same day (Bankr. D. Del. Case No. 09-10844). Judge Peter J. Walsh handles the cases. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Christopher J. Marcus, Esq., at Kirkland & Ellis LLP; and Daniel J. DeFranceschi, Esq., Jason M. Madron, Esq., and Katisha D. Fortune, Esq., at Richards, Layton & Finger, P.A., serve as bankruptcy counsel. The Debtors' Investment Banker and Financial Advisor is Perella Wenberg Partners LLP; the Debtors' Restructuring Advisors is Alvarez & Marsal North American LLC; and the Debtors' Claims Agent is Kurtzman Carson Consultants LLC. As of January 31, 2009, the Debtors had total assets of $1,527,495,443 and total debts of $2,641,590,842. The Debtors filed with the Bankruptcy Court a pre-negotiated reorganization plan together with their petitions. The Plan provides that Masonite's existing senior secured obligations will be converted on a pro rata basis subject to the election of each existing holder of Senior Secured Obligations into: (i) a new first-priority senior secured term loan; (ii) a new second- priority senior secured PIK loan; and (iii) 97.5% of the common equity of the reorganized Masonite. Holders of Masonite's existing senior subordinated notes will be allocated 2.5% of the common equity in the reorganized Masonite plus warrants for 17.5% of the common stock of the reorganized Company, subject to dilution under certain conditions. Holders of Class 5 General Unsecured Claims under the Plan will be unimpaired and is expected to recover 100% under the Plan. Bankruptcy Creditors' Service, Inc., publishes Masonite Bankruptcy News. The newsletter tracks the CCAA proceedings in Canada and parallel chapter 11 proceedings in Delaware undertaken by company and its various affiliates. http://bankrupt.com/newsstand/or 215/945-7000) MOTOR COACH: Earns $2.9 Million in January 2009 ----------------------------------------------- Motor Coach Industries International, Inc., et al., filed with the U.S. Bankruptcy Court for the District of Delaware their monthly operating report for the month ended January 2009. Motor Coach Industries, Inc. reported net income of $2.9 million on sales of $25.1 million for the month of January 2009. At Jan. 31, 2008, Motor Coach Industries, Inc. had $203.7 million in total assets, ($55.7 million) in total liabilities, and $259.5 million in total shareholders' equity. A full text copy of Motor Coach Industries International, Inc., et al.'s monthly operating report for the month ended January 31, 2009, is available for free at: http://bankrupt.com/misc/MotorCoach.JanuaryMOR.pdf About Motor Coach Wilmington, Delaware-based Motor Coach Industries International, Inc. -- http://www.mcicoach.com/-- and its subsidiaries manufacture intercity coaches for the tour, charter, line-haul, scheduled service, and commuter transit sectors in the U.S. and Canada. They also operate seven sales centers and nine service centers in the U.S. and Canada and is the industry's supplier of aftermarket parts for most makes and models. The company and six of its debtor-affiliates filed separate petitions for Chapter 11 relief on Sept. 15, 2008 (Bankr. D. Del. Lead Case No. 08-12136), to implement a pre-negotiated restructuring plan to be funded by Franklin Mutual Advisers, LLC and certain of its affiliates. The company's Canadian operations are not included in the filing. Kenneth S. Ziman, Esq., and Elisha D. Graff, Esq., at Simpson Thacher & Bartlett LLP, in New York; and Mark D. Collins, Esq., Jason M. Madron, Esq., and Lee E. Kaufman, Esq., at Richards Layton & Finger, P.A., in Wilmington, Delaware, represent the Debtors in their restructuring efforts. Attorneys at Womble Carlyle Sandridge & Rice PLLC and Brown Rudnick LLP, represent the Official Committee of Unsecured Creditors as counsel. Kurtzman Carson Consultants LLC serves as claims and notice agent. Rothschild Inc. and AlixPartners LLP also provide restructuring advice. At the time of filing, the Debtors listed assets of between $500,000,000 and $1,000,000,000 and liabilities of between $100,000,000 and $500,000,000. REFCO INC: Refco LLC's Monthly Operating Report for February 2009 ----------------------------------------------------------------- Albert Togut, the Chapter 7 Trustee overseeing the liquidation of Refco, LLC's estate, filed with the U.S. Bankruptcy Court for the Southern District of New York a monthly statement of cash receipts and disbursements for the period from February 1 to 28, 2009. The Chapter 7 Trustee reports that Refco LLC's beginning balance in its Money Market account with JPMorgan Chase Bank, N.A., totaled $79,642,000 as of February 1. During the Reporting Period, Refco LLC received $22,000 in interest income. No transfers were made, according to Mr. Togut. The Debtor held $79,664,000 at the end of the period. Refco, LLC Schedule of Cash Receipts and Disbursements Through JPMorgan Money Market and Checking Accounts February 1 through February 28, 2009 Beginning Balance, January 1, 2009 $79,642,000 RECEIPTS Interest Income 22,000 Sale of Assets 0 Marshalling of Excess Capital 0 Man Financial - Excess Capital return 0 Membership and Clearing Deposits 0 Other Receivables 0 ------------- TOTAL RECEIPTS 22,000 TRANSFERS Money Market Account to checking account 0 December 2008 cleared checks 0 ------------- TOTAL TRANSFERS 0 DISBURSEMENTS Operating expenses & other disbursements 0 Executory contract cure payments 0 Pursuant to payment stipulation 0 Purchase price escrow deposit 0 Expected account escrow fund 0 Membership & clearing deposits 0 Payment on account of prepetition claims 0 Other disbursements 0 Reorganization Expenses Attorney fees 0 Trustee bond premium 0 Other professional fees 0 ------------- TOTAL DISBURSEMENTS 0 ------------- Ending Balance, January 30, 2009 $79,664,000 ============= About Refco Inc. Headquartered in New York, Refco Inc. -- http://www.refco.com/ -- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The company has operations in Bermuda. The company and 23 of its affiliates filed for Chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represented the Debtors in their restructuring efforts. Milbank, Tweed, Hadley & McCloy LLP, represented the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its Chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. Pursuant to the plan, RJM, LLC, was named plan administrator to reorganized Refco, Inc., and its affiliates, and Marc S. Kirschner as plan administrator to Refco Capital Markets, Ltd. (Refco Bankruptcy News, Issue No. 92; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) REUNION INDUSTRIES: Posts $310,000 Net Loss in February 2009 ------------------------------------------------------------ Reunion Industries, Inc., posted a net loss of $310,000 on net sales $998,000 for the month of February 2009. As of February 28, 2009, the Debtor had $21,930,000 in total assets, $12,031,000 in total liabilities, and $9,899,000 in total stockholders' equity. A full-text copy of the Debtor's February 2009 monthly operating report is available for free at: http://researcharchives.com/t/s?3b13 Reunion Industries filed for chapter 11 protection on Nov. 26, 2007, (Bankr. D. Conn. Case No. 07-50727). Two Reunion Industries stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier Poole Family, L.P., filed separate Chapter 11 petitions on the same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol A. Felicetta, Esq. at Reid and Riege, P.C.S. represents the Debtors in their restructuring efforts. SCO GROUP: Earns $5,045 in Month Ended January 31 ------------------------------------------------- The SCO Group, Inc. reported net income of $5,045 on zero revenue for the month ended January 31, 2009. Cumulative filing to date net loss was $13,446 on zero revenue. At January 31, 2009, the company had $828,435 in total assets, $1,260,843 in total liabilities, and $432,407 in stockholders' deficit. A full-text copy of the company's January 2009 monthly operating report is available at: http://bankrupt.com/misc/SCOGroup.JanuaryMOR.pdf About The SCO Group Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq:SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, the United Kingdom, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq., and Arthur Spector, Esq., at Berger Singerman P.A., represent the Debtors in their restructuring efforts. James O'Neill, Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, are the Debtors' Delaware and conflicts counsels. Epiq Bankruptcy Solutions LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in the Debtors' cases due to insufficient response from creditors. SCO GROUP: SCO Operations Post $744,109 Net Loss in January 2009 ---------------------------------------------------------------- SCO Operations, Inc. reported a net loss of $744,109 on net revenue of $1,473,451 for the month ended January 31, 2009. Cumulative filing to date net loss was $11,070,694 on net revenue of $20,782,718. At January 31, 2009, SCO Operations, Inc. had $9,274,557 in total assets, $12,309,532 in total liabilities, and $3,034,975 in stockholders' deficit. A full-text copy of SCO Operations, Inc.'s January 2009 monthly operating report is available at: http://bankrupt.com/misc/SCOOperations.JanuaryMOR.pdf About The SCO Group Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq:SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, the United Kingdom, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq., and Arthur Spector, Esq., at Berger Singerman P.A., represent the Debtors in their restructuring efforts. James O'Neill, Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, are the Debtors' Delaware and conflicts counsels. Epiq Bankruptcy Solutions LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in the Debtors' cases due to insufficient response from creditors. SMURFIT-STONE CONTAINER: Files Operating Report for February 2009 ----------------------------------------------------------------- Smurfit-Stone Container Corporation Combined Balance Sheet As of February 28, 2009 ASSETS Current Assets: Cash $194,947,000 Receivables 661,483,000 Inventories 519,657,000 Prepaid expenses and others 23,462,000 --------------- Total current assets 1,399,549,000 Net property 3,458,578,000 Timberlands, less depletion 31,729,000 Deferred debt issuance costs 18,995,000 Deferred income taxes 45,483,000 Investments in and advances to non-Debtor 60,387,000 affiliates Other assets 70,264,000 --------------- Total assets $45,084,885,000 =============== LIABILITIES & EQUITY (DEFICIT) Liabilities Not Subject to Compromise: Current liabilities: Current maturities of long-term debt $1,760,264,000 Accounts payable 230,349,000 Accrued compensation and payroll taxes 122,817,000 Interest payable 11,603,000 Income taxes payable 7,011,000 Current deferred taxes 21,052,000 Other current liabilities 50,415,000 --------------- Total current liabilities 2,203,511,000 Other long-term liabilities 123,340,000 --------------- Total liabilities not subject to compromise 2,326,851,000 Liabilities subject to compromise 4,296,342,000 Total stockholders' equity (deficit) (1,538,308,000) --------------- Total liabilities & stockholders' equity $45,084,885,000 =============== Smurfit-Stone Container Corporation Combined Statement of Operations For the period January 26 to February 28, 2009 Net sales $534,077,000 Costs and expenses: Cost of goods sold 432,976,000 Selling and administrative expenses 59,019,000 Restructuring charges 1,463,000 Loss on disposal of assets 57,000 --------------- Income from operations 40,562,000 Other income (expense): Interest expense, net (28,958,000) Equity in losses of non-debtor affiliates (1,365,000) Loss on early extinguishment of debt (non-cash) (19,777,000) Other, net 506,000 --------------- Loss before reorganization items and income taxes (9,032,000) Reorganization items, net (68,719,000) --------------- Loss before income taxes (77,751,000) Benefit from income taxes - --------------- Net loss ($77,751,000) =============== Smurfit-Stone Container Corporation Consolidated Schedule of Operating Cash Flow For the period January 26 to February 28, 2009 Cash Flows From Operating Activities: Net loss ($77,751,000) Adjustments to reconcile net loss to net cash provided by operating activities: Loss from early extinguishment of debt 19,777,000 Depreciation, depletion and amortization 35,256,000 Deferred income taxes 1,069,000 Pension & post-retirement benefits 10,487,000 Equity in losses of non-debtor affiliates 1,365,000 Loss on disposal of assets 57,000 Changes in current assets & liabilities: Receivables & retained interest (62,666,000) Inventories (29,827,000) Prepaid expenses & other current assets (1,806,000) Accounts payable & accrued liabilities 205,950,000 Intercompany advances to non-Debtor (8,516,000) affiliates Interest payable 25,795,000 Others, net 6,897,000 --------------- Net cash provided by operating activities $126,087,000 Cash Flows From Investing Activities: Expenditures for property, plant and equipment ($8,277,000) Proceeds from property disposals 56,000 --------------- Net cash used in investing activities ($8,221,000) Cash Flows From Financing Activities: Proceeds from long-term debt $560,188,000 Net borrowings (repayment) of long-term debt (120,381,000) Repurchase of receivables (385,093,000) Deferred debt issuance costs 8,608,000 ---------------- Net cash provided by financing activities $63,322,000 Increase in cash and cash equivalents $181,188,000 Cash and cash equivalents, beginning of period 13,759,000 --------------- Cash and cash equivalents end of period $194,947,000 =============== 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) SYNTAX-BRILLIAN: Posts $64.2 Million in December 2008 ----------------------------------------------------- Syntax-Brillian Corporation reported a net loss before reorganization items of $26.3 million and a net loss of $25.9 million on zero revenue for the month of December 2008. Cumulative filing to date net loss before reorganization items was $55.3 million and net loss was $64.2 million on zero revenue. At December 31, 2008, the company had total assets of $181.7 million, total liabilities of $105.7 million, and total stockholders' equity of $76.0 million. A full-text copy of the company's December 2008 monthly operating report is available at: http://bankrupt.com/misc/Syntax-Brillian.DecemberMOR.pdf Based in Tempe, Arizona, Syntax-Brillian Corporation (Nasdaq: BRLC) -- http://www.syntaxbrillian.com/-- and its affiliated debtors, Syntax-Brillian SPE, Inc., and Syntax Groups Corp. design, develop, and distribute high-definition televisions (HDTVs) utilizing liquid crystal display (LCD) and, formerly, liquid crystal (LCoS) technologies. The Debtors sell their HDTVs under the Olevia brand name. SBC is also the sole shareholder of Vivitar Corp., a supplier of film cameras and a line of digital imaging products, including digital cameras. The Debtors filed separate petitions for Chapter 11 relief July 8, 2008 (Bankr. D. Del. Lead Case No. 08-11407). Nancy A. Mitchell, Esq., Allen G. Kadish, Esq., and John W. Weiss, Esq., at Greenberg Traurig LLP in New York, represent the Debtors as counsel. Victoria Counihan, Esq., at Greenburg Traurig LLP in Wilmington, Delaware, represents the Debtors as Delaware counsel. Five members compose the Official Committee of Unsecured Creditors. Pepper Hamilton, LLP, represents the Committee as counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' balloting, notice, and claims agent. Syntax-Brillian cut a deal to sell its business assets to Olevia International Group LLC. On Sept. 10, 2008, OIG told the Bankruptcy Court that it won't pursue the deal, contending that the Debtors irreparably breached various covenants and representations contained in the Purchase Agreement, causing various Closing Conditions to fail, and rendering it unable to comply with its obligations under the Purchase Agreement. OIG also accused the Debtors of violating their sale contract by losing business from Target Corp., the Debtors' main customer. The following day, the Debtors filed a lawsuit asking the Court to compel Olevia to complete the purchase. On Oct. 10, the Bankruptcy Court denied OIG's emergency request to excuse it from its obligations. OIG took an appeal of that order. When the Debtors filed for protection from their creditors, they listed total assets of $175,714,000 and total debts of $259,389,000. SYNTAX-BRILLIAN: Syntax Groups Posts $570,497 Net Loss in December ------------------------------------------------------------------ Syntax Groups Corporation reported a net loss of $570,497 on net revenue of ($1.2 million) for the month of December 2008. Cumulative filing to date net loss was $48.2 million on net revenue of $17.2 million. At December 31, 2008, the company had total assets of $178.7 million, total liabilities of $238.6 million, and total stockholders' deficit of $59.9 million. A full-text copy of the company's December 2008 monthly operating report is available at: http://bankrupt.com/misc/SyntaxGroups.DecemberMOR.pdf Based in Tempe, Arizona, Syntax-Brillian Corporation (Nasdaq: BRLC) -- http://www.syntaxbrillian.com/-- and its affiliated debtors, Syntax-Brillian SPE, Inc., and Syntax Groups Corp. design, develop, and distribute high-definition televisions (HDTVs) utilizing liquid crystal display (LCD) and, formerly, liquid crystal (LCoS) technologies. The Debtors sell their HDTVs under the Olevia brand name. SBC is also the sole shareholder of Vivitar Corp., a supplier of film cameras and a line of digital imaging products, including digital cameras. The Debtors filed separate petitions for Chapter 11 relief July 8, 2008 (Bankr. D. Del. Lead Case No. 08-11407). Nancy A. Mitchell, Esq., Allen G. Kadish, Esq., and John W. Weiss, Esq., at Greenberg Traurig LLP in New York, represent the Debtors as counsel. Victoria Counihan, Esq., at Greenburg Traurig LLP in Wilmington, Delaware, represents the Debtors as Delaware counsel. Five members compose the Official Committee of Unsecured Creditors. Pepper Hamilton, LLP, represents the Committee as counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' balloting, notice, and claims agent. Syntax-Brillian cut a deal to sell its business assets to Olevia International Group LLC. On Sept. 10, 2008, OIG told the Bankruptcy Court that it won't pursue the deal, contending that the Debtors irreparably breached various covenants and representations contained in the Purchase Agreement, causing various Closing Conditions to fail, and rendering it unable to comply with its obligations under the Purchase Agreement. OIG also accused the Debtors of violating their sale contract by losing business from Target Corp., the Debtors' main customer. The following day, the Debtors filed a lawsuit asking the Court to compel Olevia to complete the purchase. On Oct. 10, the Bankruptcy Court denied OIG's emergency request to excuse it from its obligations. OIG took an appeal of that order. When the Debtors filed for protection from their creditors, they listed total assets of $175,714,000 and total debts of $259,389,000. SYNTAX-BRILLIAN: SPE Files Monthly Operating Report for December ---------------------------------------------------------------- Syntax-Brillian SPE, Inc., reported zero income/loss on zero revenue for the month of December 2008. At December 31, 2008, the company had total assets of $29.4 million, total liabilities of $29.4 million, and zero net owner equity. A full-text copy of the company's December 2008 monthly operating report is available at: http://bankrupt.com/misc/Syntax-BrillianSPE.DecemberMOR.pdf Based in Tempe, Arizona, Syntax-Brillian Corporation (Nasdaq: BRLC) -- http://www.syntaxbrillian.com/-- and its affiliated debtors, Syntax-Brillian SPE, Inc., and Syntax Groups Corp. design, develop, and distribute high-definition televisions (HDTVs) utilizing liquid crystal display (LCD) and, formerly, liquid crystal (LCoS) technologies. The Debtors sell their HDTVs under the Olevia brand name. SBC is also the sole shareholder of Vivitar Corp., a supplier of film cameras and a line of digital imaging products, including digital cameras. The Debtors filed separate petitions for Chapter 11 relief July 8, 2008 (Bankr. D. Del. Lead Case No. 08-11407). Nancy A. Mitchell, Esq., Allen G. Kadish, Esq., and John W. Weiss, Esq., at Greenberg Traurig LLP in New York, represent the Debtors as counsel. Victoria Counihan, Esq., at Greenburg Traurig LLP in Wilmington, Delaware, represents the Debtors as Delaware counsel. Five members compose the Official Committee of Unsecured Creditors. Pepper Hamilton, LLP, represents the Committee as counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' balloting, notice, and claims agent. Syntax-Brillian cut a deal to sell its business assets to Olevia International Group LLC. On Sept. 10, 2008, OIG told the Bankruptcy Court that it won't pursue the deal, contending that the Debtors irreparably breached various covenants and representations contained in the Purchase Agreement, causing various Closing Conditions to fail, and rendering it unable to comply with its obligations under the Purchase Agreement. OIG also accused the Debtors of violating their sale contract by losing business from Target Corp., the Debtors' main customer. The following day, the Debtors filed a lawsuit asking the Court to compel Olevia to complete the purchase. On Oct. 10, the Bankruptcy Court denied OIG's emergency request to excuse it from its obligations. OIG took an appeal of that order. When the Debtors filed for protection from their creditors, they listed total assets of $175,714,000 and total debts of $259,389,000. TRONOX INC: Files Monthly Operating Report for February 2009 ------------------------------------------------------------ Tronox Inc. Chapter 11 Debtors Consolidated Balance Sheet As of February 28, 2009 ASSETS Cash and cash equivalents $26,900,000 Notes and accounts receivable intercompany 313,200,000 Accounts receivable, third parties 115,300,000 Inventories, net 168,700,000 Prepaid and other assets 17,300,000 Income tax receivable 500,000 Deferred income taxes 1,200,000 ---------------- Total Current Assets 643,100,000 Property, plant and equipment, net 359,000,000 Intercompany advances 130,500,000 Other long-term assets 366,700,000 ---------------- Total Assets $1,499,300,000 ================ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable, third parties $34,500,000 Accrued liabilities 68,500,000 Long-term debt due within one year 50,000,000 Income taxes payable 3,100,000 Long-term debt classified as current 212,600,000 ---------------- Total Current Liabilities 368,700,000 Noncurrent liabilities: Deferred income taxes 5,300,000 Environmental remediation and restoration 127,800,000 Notes and advances payable, intercompany 8,100,000 Other 118,900,000 ---------------- Total Liabilities Not Subject to Compromise 628,800,000 Minority Interest 3,400,000 Liabilities Subject to compromise 436,500,000 Commitments and contingencies 0 Stockholders' equity Common stock 400,000 Capital in excess of par value 495,500,000 Retained earnings (accumulated deficit) (21,400,000) Accumulated other comprehensive income (loss) (37,200,000) Treasury stock, at cost (6,700,000) ---------------- Total Stockholders' Equity 430,600,000 ---------------- Total Liabilities and Stockholders' Equity $1,499,300,000 ================ Tronox Inc. Chapter 11 Debtors Consolidated Statement of Operations Month Ended February 28, 2009 Net Sales $49,300,000 Cost of goods sold 44,800,000 ---------------- Gross margin 4,500,000 Selling, general and admin. Expenses 3,900,000 ---------------- 600,000 Interest and debt expense 2,200,000 Other (income) expense, net (1,700,000) Reorganization items 1,400,000 ---------------- Loss from continuing operations before income taxes (1,300,000) Income tax benefit (provision) 0 ---------------- Loss from continuing operations (1,300,000) Income (loss) from discontinued operations, net of tax 200,000 ---------------- Net loss ($1,500,000) ================ On behalf of the Debtors, Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York, discloses that for the period from February 1 to 28, 2009, these Debtors disbursed a total of $49,496.883: Debtor Amount Disbursed ------ ---------------- Tronox Luxembourg S.ar.L. $22,651 Tronox Worldwide LLC 383,148 Tronox LLC 41,758,445 Tronox Pigments (Savannah), Inc. 7,332,639 From the month and year-to-date periods from February 1 to 28, 2009, the Debtors paid an aggregate of $ 558,605 to eight insiders on account of payroll or expense reimbursements: Current Period Total Amount Insider Amount Paid Paid to Date ------- -------------- ------------ Wanlass, Dennis L. $67,863 $101,038 Green, Kelly A. 35,806 46,037 Mikkelson, Mary A. 26,850 40,273 Romano, John D. 20,461 30,692 Wachnowsky, Stephen T. 20,000 30,000 Corbett, Patrick S. 15,769 23,653 Foster, Michael J. 21,187 31,764 Gibney, Robert C. 18,784 28,176 Mr. Henes reports that the Debtors collected, withheld or paid these state and local taxes for the month ended February 28, 2009: Prepetition Postpetition Total Taxes Amount Amount Amount ----- ----------- ------------ ------ Gross salaries & wages $0 $5,091,967 $5,091,967 Payroll taxes withheld 0 1,186,239 1,186,239 Employer payroll tax 0 408,235 408,235 Use Tax Paid 124,494 230,628 355,122 Property Taxes Paid 2,284,219 0 2,284,219 Franchise Taxes Paid 34,865 0 34,865 Other Taxes Paid 5,525 12,946 18,471 A schedule of the Debtors' tax transactions is available for free at http://bankrupt.com/misc/Tronox_Feb2009TaxesSched.pdf The Debtors made no payments to professionals on account of services rendered in their Chapter 11 cases, as of February 28, 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. An official committee of unsecured creditors and an official committee of equity security holders have been appointed in the cases. The Creditors Committee has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel. 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) ********* 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. Ma. Theresa Amor J. Tan Singco, 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***