TCR_Public/090502.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, May 2, 2009, Vol. 13, No. 120

                            Headlines



ASARCO LLC: Files Monthly Operating Report for March 2009
ATHEROGENICS INC: Posts $1,716,539 Net Loss in March 2009
CHRYSLER LLC: Balance Sheet as of December 31, 2008
CIRCUIT CITY: Files Monthly Operating Report for February 2009
CONSTAR INTERNATIONAL: Posts $1,817,000 Net Loss in March 2009

FRONTIER AIRLINES: Files Monthly Operating Report for March 2009
NEWPOWER HOLDINGS: Files Monthly Operating Report for March 2009
NORTEL NETWORKS: Monthly Operating Report -- Jan. 14 to Feb. 28
PILGRIM'S PRIDE: Monthly Operating Report -- Ended March 28, 2009
SEMGROUP LP: Files Monthly Operating Report for February 2009

SHARPER IMAGE: Posts $408,883 Net Loss for March 2009
TRONOX INC: Debtors' Monthly Operating Report for March 2009



                            *********

ASARCO LLC: Files Monthly Operating Report for March 2009
---------------------------------------------------------

                      ASARCO LLC, et al.
                         Balance Sheet
                     As of March 31, 2009

ASSETS
  Current Assets:
  Cash                                           $1,290,633,000
  Restricted Cash                                    27,128,000
  Accounts receivable, net                          105,389,000
  Inventory                                         249,895,000
  Prepaid expenses                                    7,569,000
  Other current assets                                6,843,000
                                                ---------------
Total Current Assets                              1,687,456,000

Net property, plant and equipment                   524,212,000

Other Assets:
  Investments in subs & other investments            86,914,000
  Advances to affiliates                                302,000
  Prepaid pension & retirement plan                           -
  Other                                              36,170,000
                                                ---------------
Total assets                                     $2,335,055,000
                                                ===============

LIABILITIES
  Postpetition liabilities:
  Account payable - trade                           $58,027,000
  Accrued liabilities                               958,009,000
                                                ---------------
Total postpetition liabilities                    1,016,037,000

Prepetition liabilities:
Not subject to compromise - credit                    3,456,000
Not subject to compromise - other                   107,285,000
Advances from affiliates                             24,464,000
Subject to compromise                             3,042,397,000
                                                ---------------
Total prepetition liabilities                     3,177,603,000
                                                ---------------
Total liabilities                                 4,193,639,000
                                                ===============

MEMBER'S EQUITY (DEFICIT):
Common stock                                        508,324,000
Additional paid-in capital                          104,578,000
Other comprehensive loss                           (386,324,000)
Retained earnings: post filing date              (2,994,990,000)
                                                ---------------
Total prepetition member's equity                (2,768,412,000)
Retained earnings: post-filing date                 909,827,000
                                                ---------------
Total member's equity (net worth)                (1,858,585,000)

Total liabilities and member's equity            $2,335,055,000
                                                ===============

                      ASARCO LLC, et al.
             Consolidated Statement of Operations
                  Month Ended March 31, 2009

Sales                                               $79,197,000
Cost of products and services                        39,196,000
                                                ---------------
Gross profit (loss)                                  40,001,000

Operating expenses:
Selling and general & admin. expenses                 2,159,000
Depreciation & amortization                           3,337,000
Accretion expense                                        90,000
                                                ---------------
Operating income (loss)                              34,416,000

Interest expense                                         94,000
Interest income                                        (575,000)
Reorganization expenses                               4,636,000
Other miscellaneous (income) expense                 (3,315,000)
                                                ---------------
Income (loss) before taxes                           33,576,000
Income taxes                                         13,179,000
                                                ---------------
Net income (loss)                                   $20,397,000
                                                ===============

                      ASARCO LLC, et al.
          Consolidated Cash Receipts & Disbursements
                  Month Ended March 31, 2009

Receipts                                            $83,072,000
Disbursements:
Inventory material                                   22,318,000
Operating disbursements                              48,920,000
Capital expenditures                                  7,400,000
                                                ---------------
Total operating disbursements                        78,638,000

Operating cash flow                                   4,434,000
Reorganization disbursements                          3,537,000
                                                ---------------
Net cash flow                                           897,000
Net (borrowings) payments to secured Lenders                  -
                                                ---------------
Net change in cash                                      897,000
Beginning cash balance                            1,316,864,000
                                                ---------------
Ending cash balances                             $1,317,760,000
                                                ===============

                        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 August 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 October 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 December 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)


ATHEROGENICS INC: Posts $1,716,539 Net Loss in March 2009
---------------------------------------------------------
Atherogenics, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Georgia on April 20, 2009, its monthly
operating report for the month ended March 31, 2009.

Atherogenics incurred a net loss of $1,716,539 on zero revenues
for the month of March 2009.

At March 31, 2009, the Debtor had total assets of $47,475,548,
total liabilities of $307,584,912, and a stockholders' deficit of
$260,109,364.

A full-text copy of the Debtor's monthly operating report for
March 2009 is available at http://ResearchArchives.com/t/s?3c1b

                        About Atherogenics

Headquartered in Alpharetta, Georgia, AtheroGenics, Inc. --
http://www.atherogenics.com/-- is a research-based pharmaceutical
company focused on the discovery, development and
commercialization of drugs for the treatment of chronic
inflammatory diseases, including diabetes and coronary heart
disease.  It has one late stage clinical drug development program.

On September 15, 2008, five creditors holding claims totaling
$20,413,000 pursuant to the company's 4.5% Convertible Notes Due
2008 filed an involuntary Chapter 7 petition against the Debtor
(Bankr. N.D. Georgia Case No. 08-78200).  The petitioning
noteholders were:

  -- AQR Absolute Return Master Account, L.P.;
  -- CNH CA Master Account, L.P.;
  -- Tamalpais Global Partner Master Fund, LTD;
  -- Tang Capital Partners, LP; and
  -- Zazove High Yield Convertible Securities Fund, L.P.

On October 6, the Debtor filed its consent to entry for order for
relief and motion to convert its Chapter 7 case to one under
Chapter 11 (Bankr. N.D. Ga. Case No. 08-78200).  James A. Pardo,
Jr., Esq., and Michelle Carter, Esq., at King & Spalding, LLP,
represent the Debtor as counsel.  Akin Gump Strauss Hauer & Feld
LLP, and Frank W. DeBorde, Esq., at Morris, Manning &
Martin, LLP, represent the Official Committee of Unsecured
Creditors as counsel.  Administar Services Group LLC is the
Claims, Noticing, and Balloting Agent for the Debtor.


CHRYSLER LLC: Balance Sheet as of December 31, 2008
---------------------------------------------------

          Chrysler LLC and Consolidated Subsidiaries
                  Consolidated Balance Sheets
                    As of December 31, 2008

                            ASSETS

CURRENT ASSETS:
  Cash and Cash Equivalents                      $1,898,000,000
  Restricted Cash                                   142,000,000
  Trade Receivables, net                          1,638,000,000
  Inventories                                     4,671,000,000
  Prepaid Expenses and Other Current Assets       2,802,000,000
  Deferred Taxes                                     20,000,000
                                                 --------------
     Total Current Assets                        11,171,000,000

PROPERTY AND EQUIPMENT:
  Property, Plant and Equipment, net             15,869,000,000
  Equipment on Operating Leases, net              5,092,000,000
                                                 --------------
     Total Property and Equipment                20,961,000,000

OTHER ASSETS:
  Advances to Related Parties
  and Other Financial Assets:
     Note Receivable ? Chrysler
     CA Lease Depositor LLC                       1,000,000,000
     Other                                          293,000,000
  Restricted Cash                                 1,213,000,000
  Goodwill                                                    -
  Intangible Assets                               3,496,000,000
  Deferred Taxes                                    146,000,000
  Other Assets                                    1,056,000,000
                                                 --------------
     TOTAL OTHER ASSETS                           7,204,000,000
                                                 --------------
TOTAL ASSETS                                    $39,336,000,000
                                                 ==============

                 LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
  Trade Liabilities                              $5,739,000,000
  Accrued Expenses & Other Current Liabilities   12,095,000,000
  Current Maturities of Financial Liabilities    11,308,000,000
  Deferred Income                                 1,516,000,000
  Deferred Taxes                                      6,000,000
                                                 --------------
     Total Current Liabilities                   30,664,000,000

LONG-TERM LIABILITIES:
  Accrued Expenses and Other Liabilities         20,859,000,000
  Financial Liabilities                           2,599,000,000
  Deferred Income                                   957,000,000
  Deferred Taxes                                    154,000,000
                                                 --------------
     Total Long-Term Liabilities                 24,569,000,000

MEMBER'S INTEREST:
  Contributed Capital                             2,471,000,000
  Accumulated Losses                            (17,483,000,000)
  Accumulated Other Comprehensive Loss             (885,000,000)
                                                 --------------
     Total Member's Interest (Deficit)          (15,897,000,000)
                                                 --------------
TOTAL LIABILITIES & MEMBER'S INTEREST (DEFICIT) $39,336,000,000
                                                 ==============

                       About Chrysler

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- manufactures Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.  The company has dealers
worldwide, including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan, and Australia.

In 2007, Cerberus Capital Management LP acquired an 80.1% stake in
Chrysler for $7.2 billion.  Daimler AG kept a 19.9% stake.  Late
in 2008, Daimler attempted to sell its remaining stake to
Cerberus, but talks have been stalled.

Pursuant to the U.S. Government's Automotive Industry Financing
Program, the U.S. Department of the Treasury made emergency loans
to General Motors Corp., Chrysler Holding LLC, and Chrysler
Financial Services Americas LLC.  The Treasury purchased senior
preferred stock from GMAC LLC.  In exchange, Chrysler and GM
submitted restructuring plans to the Treasury on February 17,
2009.  Upon submission, President Obama's Designee on the Auto
Industry determined that the restructuring plans did not meet the
threshold for long-term viability.  However, on March 30, 2009,
both GM and Chrysler were granted extensions to complete the
restructuring plans to comply with the requirements set forth
under the Automotive Industry Financing Program.

The Government has told Chrysler it would provide up to $6 billion
in financing if Chrysler and Fiat SpA could complete a deal by the
end of April -- on top of the $4 billion Chrysler has already
received.  Fiat originally agreed to take 35% of Chrysler, but it
was subsequently reduced to 20%.

Chrysler LLC and 24 of its debtor-affiliates filed for Chapter 11
relief of April 30, 2009 (Bankr. S.D. N.Y. Case Nos. 09-50000 to
09-50024, inclusive).  Judge Arthur Gonzales is handling the case.

Chrysler's Mexican, Canadian and other international operations
are not part of the of the bankruptcy filing.

Chrysler has hired:

  -- Jones Day, as lead counsel;
  -- Togut Segal & Segasl, as conflicts counsel;
  -- Capstone Advisory Group LLC, and
  -- Greenhil & Co., LLC, for financial advisory services; and
  -- Epiq Bankruptcy Solutions LLC, as its claims agent.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


CIRCUIT CITY: Files Monthly Operating Report for February 2009
--------------------------------------------------------------

               Circuit City Stores, Inc., et al.
                         Balance Sheet
                    As of February 28, 2009

ASSETS

CURRENT ASSETS
  Cash and cash equivalents                         $46,535,000
  Restricted cash                                     1,300,000
  Cash held by Bank of America                      326,071,000
  Short-term investments                                655,000
  Accounts receivable, net                          571,524,000
  Merchandise inventory                             153,498,000
  Deferred income taxes, net                         25,202,000
  Income tax receivable                              83,701,000
  Prepaid expenses & other current assets            30,192,000
  Intercompany receivables and
     investments in subsidiaries                    522,273,000
                                                  -------------
TOTAL CURRENT ASSETS                              1,760,951,000

  Property and equipment                          1,804,437,000
  Accumulated depreciation                       (1,317,740,000)
                                                  -------------
  Net property and equipment                        486,697,000

  Other assets                                      148,832,000
                                                  -------------
TOTAL ASSETS                                     $2,396,480,000
                                                  =============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Merchandise payable                               $50,212,000
  Expenses payable                                   72,467,000
  Accrued expenses and other
     current liabilities                             97,889,000
  Accrued compensation                               20,921,000
  Intercompany payables                              15,149,000
  Accrued income taxes                                1,457,000
                                                  -------------
TOTAL CURRENT LIABILITIES                           258,095,000

  Deferred rent credits                             121,860,000
  Deferred income taxes, net                         18,834,000
  Other liabilities                                  26,510,000
                                                  -------------
LIABILITIES NOT SUBJECT TO COMPROMISE               425,299,000
LIABILITIES SUBJECT TO COMPROMISE                 1,169,709,000
                                                  -------------
TOTAL LIABILITIES                                 1,595,008,000

STOCKHOLDERS' EQUITY
  Common stock                                      435,612,000
  Additional paid-in capital                        304,915,000
  Retained deficit                                   31,383,000
  Accumulated other comprehensive income             29,562,000
                                                  -------------
TOTAL STOCKHOLDERS' EQUITY                          801,472,000
                                                  -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       $2,396,480,000
                                                  =============

               Circuit City Stores, Inc., et al.
                       Income Statement
            For the month ending February 28, 2009

Net sales                                          $643,138,000
Cost of sales, buying and warehousing               646,885,000
                                                  -------------
Gross profit (loss)                                  (3,747,000)

Selling, general and admin. expenses                159,858,000
                                                  -------------
Operating loss                                     (163,605,000)

Interest income                                          11,000
Interest expense                                        826,000
                                                  -------------
Loss before reorg. items & income taxes            (164,420,000)
Reorganization items, net                          (163,433,000)
GAAP Reversals                                       70,848,000
Income tax benefit                                   (1,546,000)
                                                  -------------
Net loss                                          ($255,459,000)
                                                  =============

               Circuit City Stores, Inc., et al.
                Cash Receipts and Disbursements
            For the month ending February 28, 2009

Operating Activities:
  Net loss                                        ($255,459,000)

Adjustments to reconcile net income to
net cash provided by operating activities:
  Net loss from reorganization items                163,433,000
  Net gain from GAAP reversals                      (70,848,000)
  Depreciation expense                                6,581,000
  Stock-based compensation expense                       30,000
  Loss on dispositions of property & equipment       28,563,000
  Provision for deferred income taxes                (5,309,000)
  Other                                                 (49,000)
                                                  -------------
                                                    122,401,000
Changes in operating assets and liabilities:
  Restricted cash and cash held by BOA             (327,371,000)
  Accounts receivable, net                           (5,383,000)
  Merchandise inventory                             629,887,000
  Prepaid expenses & other current assets             7,026,000
  Other assets                                       (9,616,000)
  Merchandise payable                                32,954,000
  Expenses payable                                   (7,992,000)
  Accrued expenses, liabilities & income taxes      (14,400,000)
  Intercompany receivables                            5,933,000
  Other long-term liabilities                       (13,362,000)
                                                  -------------
                                                    297,676,000
                                                  -------------
Net cash provided by operating activities           164,618,000
before reorganization items

Cash effect of reorg. Items, professional fees         (144,000)
                                                  -------------
Net cash provided by operating activities           164,474,000
                                                  -------------

Investing Activities:
  Proceeds from sales of property & equipment        14,313,000
                                                  -------------
Net cash provided by investing activities            14,313,000

Financing Activities:
  Proceeds from DIP borrowings                      216,820,000
  Principal payments on DIP borrowings             (380,859,000)
  Principal payments on long-term debt                 (351,000)
  Change in overdraft balances                          828,000
                                                  -------------
  Net cash used in financing activities            (163,562,000)
                                                  -------------
Increase in cash and cash equivalents                15,225,000
Cash and cash equivalents at beginning of period     31,310,000
                                                  -------------
Cash and cash equivalents at end of period          $46,535,000
                                                  =============

                     About Circuit City Stores

Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- was a specialty
retailer of consumer electronics, home office products,
entertainment software and related services in the U.S. and
Canada.

Circuit City Stores together with 17 affiliates filed a voluntary
petition for reorganization relief under Chapter 11 of the
Bankruptcy Code on November 10 (Bankr. E.D. Va. Lead Case No. 08-
35653). InterTAN Canada, Ltd., which runs Circuit City's Canadian
operations, also sought protection under the Companies' Creditors
Arrangement Act in Canada.

Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden,
Arps, Slate, Meagher & Flom, LLP, are the Debtors' general
restructuring counsel.  Dion W. Hayes, Esq., and Douglas M. Foley,
Esq., at McGuireWoods LLP, are the Debtors' local counsel.  The
Debtors also tapped Kirkland & Ellis LLP as special financing
counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special
securities counsel; and FTI Consulting, Inc., and Rotschild Inc.
as financial advisors.  The Debtors' Canadian general
restructuring counsel is Osler, Hoskin & Harcourt LLP.  Kurtzman
Carson Consultants LLC is the Debtors' claims and voting agent.
The Debtors disclosed total assets of $3,400,080,000 and debts of
$2,323,328,000 as of August 31, 2008.

Circuit City has opted to liquidate its 721 stores.  It has
obtained the Bankruptcy Court's approval to pursue going-out-of-
business sales, and sell its store leases.

Bankruptcy Creditors' Service, Inc., publishes Circuit City
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Circuit City Stores Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


CONSTAR INTERNATIONAL: Posts $1,817,000 Net Loss in March 2009
--------------------------------------------------------------
On April 24, 2009, Constar International Inc. and certain of its
affiliates filed their unaudited combined monthly operating report
for the period March 1, 2009, through March 31, 2009, with the
U.S. Bankruptcy Court for the District of Delaware.

The company reported a consolidated net loss of $1,817,000 on net
sales of $57,050,000 for the month of March 2009.

At March 31, 2008, the company had $421.4 million in total assets,
$585.1 million in total liabilities, and $163.7 million in
stockholders' deficit.

A full-text copy of Constar International's monthly operating
report for March 2009 is available at:

               http://researcharchives.com/t/s?3c4c

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 as 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 March 2009
----------------------------------------------------------------
On April 28, 2009, Frontier Airlines Holdings, Inc., filed its
monthly operating report for the month of March 31, 2009, with the
United States Bankruptcy Court for the Southern District of New
York.  Frontier Airlines issued this press release:

  DENVER (April 28, 2009) -- Frontier Airlines Holdings, Inc. (OTC
  Bulletin Board: FRNTQ) today reported its fifth consecutive
  monthly operating profit and, excluding special items, its
  second successive quarterly net profit.  The results were filed
  in the Company's unaudited Monthly Operating Report for March
  2009.

  For the month of March, Frontier reported a consolidated
  operating profit of $20.7 million and a total consolidated net
  loss of $129.9 million.  Excluding special items, the Company
  reported an operating profit of $16.7 million and a net profit
  of $15.2 million for the month.

  Frontier also reported a consolidated operating profit of
  $25.1 million and a net loss of $161.0 million for the March
  quarter.  Excluding special items, the Company reported an
  operating profit of $13.7 million and a net profit of
  $7.5 million for the quarter.

  Special items for the month of March included:

  -- $149.0 million in reorganization expense, primarily
     attributable to a Republic Airways unsecured claim allowed by
     the bankruptcy court

  -- Non-cash mark-to-market gains on fuel hedge contracts of
     $4.0 million

  Operational results for the month of March included:

  -- A 19.7 percent year-over-year mainline capacity reduction

  -- Mainline unit cost excluding fuel (CASM ex-fuel) of 5.80
     cents, a reduction of 8.5 percent from the prior year

  -- Mainline total unit cost of 7.82 cents, a reduction of 25.2
     percent compared to March 2008

  -- Mainline passenger revenue (PRASM) of 9.53 cents, down 12.4
     percent from the previous year

  -- Mainline total unit revenue (RASM) 10.31 cents, 10.0 percent
     lower than March 2008

  "I am very proud of our March performance," said Frontier
  President and CEO Sean Menke.  "Despite a near 20 percent
  reduction in capacity, we were able to achieve one of the lowest
  unit costs in the industry.  At the same time, our AirFairs
  product and other revenue initiatives helped offset a decline in
  bookings and enabled us to produce a net profit and our highest
  operating margin for any March since 2000.  Posting an operating
  profit of $21 million in the face of a double-digit unit revenue
  reduction is proof positive that our business model positions
  Frontier as a leader among low-cost carriers."

  Special items for the three months ended March 2009 included:

  -- Reorganization costs of $179.8 million, primarily
     attributable to a Republic Airways unsecured claim allowed by
     the bankruptcy court

  -- Non-cash mark-to-market gains of $11.4 million on fuel
     hedging activity

  Operational results for the March quarter included:

  -- A 20.3 percent year-over-year mainline capacity reduction

  -- Mainline unit cost excluding fuel (CASM ex-fuel) of 6.08
     cents, a 7.3 percent reduction from the prior year

  -- Mainline total unit cost of 8.32 cents, a reduction of 19.8
     percent compared to March 2008

  -- Mainline passenger revenue (PRASM) of 8.71 cents, down 6.1
     percent from the previous year

  -- Mainline total unit revenue (RASM) 9.50 cents, 3.4 percent
     lower than March 2008

  Frontier's cash position increased to $71.8 million for the
  period ending March 2009.

  "Frontier is one of only a few carriers posting profits in the
  first quarter of the year," said Menke.  "We continue to prove
  that our restructuring efforts have positioned us to
  consistently make money in the most competitive market in the
  country and in the face of the most trying of economic times.
  Clearly, maintaining our low cost structure allows our operation
  to buck industry trends and make money in a difficult revenue
  environment."

  Menke concluded, "It is a tribute to every Frontier employee
  that we accomplished these financial results while maintaining
  the operational excellence that has earned us top marks for our
  on-time performance, mishandled bags ratio, flight completion,
  and few customer complaints."

A full-text copy of Frontier Airlines' monthly operating report
for March 2009 is available at:

               http://researcharchives.com/t/s?3c43

                     About Frontier Airlines

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)


NEWPOWER HOLDINGS: Files Monthly Operating Report for March 2009
----------------------------------------------------------------
NewPower Holdings, Inc., filed with the U.S. Bankruptcy Court for
the Northern District of Georgia on April 28, 2009, its monthly
operating report for March 2009.  The Debtor had an opening
cash balance of $834 and an ending cash balance of $821.

A full-text copy of the Debtor's March 2009 monthly operating
report is available for free at:

               http://researcharchives.com/t/s?3c4d

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 October 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.


NORTEL NETWORKS: Monthly Operating Report -- Jan. 14 to Feb. 28
---------------------------------------------------------------

                  Nortel Networks Inc., et al.
                Condensed Combined Balance Sheet
                    As of February 28, 2009
                         (Unaudited)
                 (In millions of U.S. dollars)

                                         NNI   Alteon   Other
                                       -----   ------   -----
ASSETS
Current Assets
Cash and cash equivalents              $720        -       -
Short-term investments                   42        -       -
Restricted cash and cash equivalents      4        -       -
Accounts receivable-net                 393        -       -
Intercompany accounts receivable        406       40      (6)
Inventories - net                       378        -       -
Other current assets                    100        -       -
                                       -----   ------   -----
Total current assets                  2,043       40      (6)

Investments in non-Debtor subsidiaries  407        1       1
Investments - other                      23        -       -
Plant and equipment - net               349        1       -
Intangible assets - net                  24        -       -
Other assets                             54        -       -
                                       -----   ------   -----
Total assets                         $2,900      $42     $(5)

LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities not subject to compromise
Trade and other accounts payable         41        -       -
Intercompany accounts payable            48        2       -
Payroll and benefit-related liabilities 145        1       -
Contractual liabilities                  26        -       -
Restructuring liabilities                19        1       -
Other accrued liabilities               796        6       -
Income taxes                              1        -       -
                                       -----   ------   -----
Total current liabilities not
subject to compromise                 1,076       10       -

Restructuring                            72        -       -
Deferred income and other credits         2        -       -
Deferred revenue                         31        -       -
Post-employment benefits                 73        -       -
                                       -----   ------   -----
Total liabilities not subject
to compromise                         1,254       10       -

Liabilities subject to compromise     1,848       53     120
                                       -----   ------   -----
Total liabilities                     3,102       63     120

SHAREHOLDERS' EQUITY (DEFICIT)
Common shares                           199      719      32
Preferred shares                          -       16      47
Additional paid-in capital           17,556    7,330   5,252
Accumulated deficit                 (17,796)  (8,086) (5,455)
Accumulated other comprehensive
income (loss)                          (161)       -      (1)
                                       -----   ------   -----
Total shareholders' equity (deficit)   (202)     (21)   (125)

TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY DEFICIT                       $2,900      $42     ($5)
                                      ======   ======   =====

                  Nortel Networks Inc., et al.
           Condensed Combined Statement of Operations
         For the Period January 14 to February 28, 2009
                           (Unaudited)
                 (In millions of U.S. dollars)

                                         NNI   Alteon   Other
                                       -----   ------   -----
Total revenues                          $318        -       -
Total cost of revenues                   256        -       -
                                       -----   ------   -----
Gross profit                             62        -       -

Selling, general and admin expense        98        -       -
Research and development expense          44        1       -
Amortization of intangible assets          2        -       -
Special charges                           60        1       -
Other operating expense (income)- net     (4)       -       -
                                       -----   ------   -----
Operating earnings (loss)              (138)      (2)      -

Other income (expense) - net              11        -       -
Interest expense                          (1)       -       -
                                       -----   ------   -----
Earnings (loss) from operations before
reorganization items, income taxes,
minority interests & equity in net
earnings (loss) of assoc. companies    (128)      (2)      -
Reorganization items - net                23        -       -
                                       -----   ------   -----
Earnings (loss) from operations before
income taxes, minority interests and
equity in net earnings'(loss) of
associated companies                   (l05)      (2)      -
Income tax benefit (expense)              (1)       -       -
                                       -----   ------   -----
Earnings (loss) from operations before
minority interests and equity in net
earnings (loss) of assoc. companies    (106)      (2)      -
Minority interests - net of tax            -        -       -
                                       -----   ------   -----
Earnings (loss) from operations before
net earnings (loss) of associated
companies - net of tax                 (106)      (2)      -
Equity in net earnings (loss) from
associated companies -net of tax          3        -       -
Equity in net earnings (loss) from
non-Debtor subsidiaries - net of tax      -        -       -
                                       -----   ------   -----
Net earnings (loss)                    ($103)     ($2)      -
                                      ======   ======   =====

                  Nortel Networks Inc., et al.
           Condensed Combined Statement of Cash Flows
         For the Period January 14 to February 28, 2009
                           (Unaudited)
                 (In millions of U.S. dollars)

                                        NNI   Alteon   Other
                                      -----   ------   -----
Cash flows from (used in) operating
activities:
Net earnings (loss)                  $(103)     $(1)      -

Adjustments to reconcile net earnings
(loss) from continuing operations to
net cash from (used in) operating
activities, net of effects from
acquisitions and divestitures of
businesses:
  Amortization and depreciation          15        -       -
  Equity in net (earnings)/loss
   of associated companies               (3)       -       -
  Equity in net earnings from non-Debtor
   subsidiaries - net of tax              -        -       -
  Share-based compensation expense       44        -       -
  Pension and other accruals              2        -       -
  Reorganization items                  (23)       -       -
  Other - net                             3        -       -
  Change in operating assets
    and liabilities                     170        1       -
                                      -----   ------   -----
Net cash from (used in) operating
   activities                           105        -       -


Cash flows from (used in) investing activities:
Expenditures for plant and equipment    (3)       -       -
Change in restricted cash and
  cash equivalents                       (4)       -       -
Decrease in short-term and long-term
  investments                            24        -       -
                                      -----   ------   -----
Net cash from (used in) investing
activities                              17        -       -

Cash flows from (used in) financing activities:
Decrease in capital leases obligations  (1)       -       -
Net cash from (used in) financing
  activities                             (1)       -       -
Effect of foreign exchange rate changes
  on cash and cash equivalents            -        -       -
                                      -----   ------   -----
Net increase (decrease) in cash
  and cash equivalents                  121        -       -
Cash and cash equivalents, beginning    599        -       -
                                      -----   ------   -----

Cash and cash equivalents, end         $720        -       -
                                     ======   ======   =====

The financial statements represent the unaudited condensed
combined financial statements for the U.S Debtors only.  The U.S.
Debtors' non-debtor subsidiaries are treated as non-consolidated
subsidiaries in these financial statements and thus, their net
loss is included as "Equity in net earnings (loss) from non-
Debtor subsidiaries, net of tax" in the statement of operations
and their net assets are included as "Investments in non-Debtor
subsidiaries" in the balance sheet.

Amounts presented in the statement of cash flows for the period
from January 14, 2009, to February 28, 2009, were based on
estimated asset and liability balances as of the Petition Date
and actual balances as of February 28, 2009, as well as the
estimated results of operations for the period from January 14,
2009, to February 28, 2009.

The unaudited condensed combined financial statements have been
derived from the books and records of the U.S. Debtors.  The
presentation combines the U.S. Debtors into three reporting
groups consistent with the companies' ownership structure and
activities:

  * NNI Reporting Group: Nortel Networks Inc. and its U.S.
    Debtor subsidiaries of Nortel Networks Capital Corporation,
    Nortel Networks Cable Solutions Inc., Nortel Networks
    International Inc., Nortel Networks Optical Components Inc.,
    Nortel Networks HPOCS Inc., Northern Telecom International
    Inc. and Qtera Corporation.

  * Alteon Reporting Group: Alteon WebSystems, Inc. and Alteon
    WebSystems International Inc.

  * Other Reporting Group: Architel Systems (U.S.) Corporation,
    CoreTek Inc., Nortel Networks Applications Management
    Solutions Inc., Sonoma Systems and Xros Inc.

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc. and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


PILGRIM'S PRIDE: Monthly Operating Report -- Ended March 28, 2009
-----------------------------------------------------------------

                 Pilgrim's Pride Corporation
                        Balance Sheet
                    As of March 28, 2009

                           ASSETS

Current Assets:
Cash
Unrestricted                                       $17,111,360
Restricted                                           6,664,131
Accounts receivable - net                           275,183,146
Intercompany accounts receivable                    212,344,011
Inventory                                           761,378,062
Notes receivable                                              0
Prepaid expenses                                     12,638,728
                                                 --------------
Total current assets                              1,285,319,438

Property, plant and equipment                     1,332,134,206
Other assets                                                  -
Less: Accumulated depreciation                      738,425,373
                                                 --------------
Net Property, Plant & Equipment                     593,708,833

Other assets                                      1,321,151,132
                                                 --------------
Total assets                                     $3,200,179,404
                                                 ==============

                         LIABILITIES

Postpetition Liabilities:
Accrued expenses                                             $-
Taxes payable                                        15,770,964
Notes payable (DIP Financing)                        89,791,797
Professional fees (accrued est)                      13,716,769
Secured debt (accrued int)                           19,583,283
Others                                              202,057,748
                                                 --------------
Total postpetition liabilities                      340,920,561

Prepetition liabilities:
Secured debt                                      1,342,645,910
Priority debt                                           624,842
Unsecured debt                                      823,147,627
Other                                               658,599,417
                                                 --------------
Total prepetition liabilities                     2,825,017,796

Total Liabilities                                 3,165,938,357

Equity:
Prepetition owners' equity                          531,687,077
Postpetition cumulative profit(loss)               (103,962,749)
Direct charges to equity                           (393,483,282)
                                                 --------------
Total Equity                                         34,231,046

Total Liabilities & owners' equity               $3,200,179,404
                                                 ==============

                   Pilgrim's Pride Corporation
                      Income Statement
              For the Month Ended March 28, 2009

Revenues:
Gross Revenue                                      $638,376,072
Less: Returns and discounts                         12,324,705
                                                   ------------
Net Revenue                                         626,051,367

Cost of Goods Sold:
Cost of goods sold                                  575,889,915
                                                   ------------
Total cost of goods sold                            575,889,915

Gross profit                                         50,161,452

Operating Expenses:
Officer/insider compensation                            532,730
General & administrative                             27,255,383
Other                                                   709,801
                                                    -----------
Total operating expenses                             28,497,915

Income before non-operating income & expense        216,663,537

Other Income & Expenses:
Financing expenses                                   13,917,264

Reorganization Expenses:
Professional fees                                     3,065,000
U.S. Trustee fees                                             0
Other reorganization expenses                        17,459,999
                                                   ------------
Total reorganization expenses                        20,524,999
Income tax                                               13,444
                                                   ------------
Net Profit (Loss)                                  ($12,792,069)
                                                   ============

                Pilgrim's Pride Corporation
               Cash Receipts & Disbursements
              For the Month Ended March 28, 2009

Cash - Beginning of month                           $40,855,170
Cash sales                                                    0
Collection of Accounts Receivable:
Total operating receipts                            639,203,644
Non-Operating Receipts:
Loans & advances                                    (15,900,000)
Others (PPC Mexico reimbursements)                   20,487,923
                                                   ------------
Total Non-operating receipts                          4,587,923

Total receipts                                      643,791,566
Total Cash Available                                684,646,736

Operating Disbursement:
Customer programs                                     8,656,717
Growing and feeding                                 302,613,977
Contractors, repair and maintenance                  16,380,567
Fleet and freight                                    35,039,279
General insurance                                     5,804,608
Leases/rentals                                        7,095,449
Meat/food                                            14,299,218
Packaging/ingredients                                47,077,233
Gross payroll                                       127,499,659
Utilities                                            22,296,657
Other                                                35,893,920
Capital expenditure                                   7,099,893
                                                   ------------
Total Operating Disbursements                       629,757,177

Reorganization Expenses:
Professional fees                                     2,656,060
U.S. Trustee fees                                             0
Other reorganization                                  2,619,491
                                                   ------------
Total reorganization expenses                         5,275,551

Total disbursement                                  635,032,728
Securitization line pay-down                                  0
                                                   ------------
Net cash flow                                         8,758,838

Changes in management obligations                    (9,961,555)

Cash - End of Month                                 $39,652,453
                                                   ============

                  About Pilgrim's Pride Corp.

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  In addition, the company owns 34
processing plants in the United States and 3 processing plants in
Mexico.  The processing plants are supported by 42 hatcheries, 31
feed mills and 12 rendering plants in the United States and 7
hatcheries, 4 feed mills and 2 rendering plants in Mexico.
Moreover, the company owns 12 prepared food production facilities
in the United States.  The company employs about 40,000 people and
has major operations in Texas, Alabama, Arkansas, Georgia,
Kentucky, Louisiana, North Carolina, Pennsylvania, Tennessee,
Virginia, West Virginia, Mexico, and Puerto Rico, with other
facilities in Arizona, Florida, Iowa, Mississippi, and Utah.

Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664).  The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.

Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel.  The Debtors have also tapped Baker &
McKenzie LLP as special counsel.  Lazard Freres & Co., LLC, is the
company's investment bankers and William K. Snyder of CRG Partners
Group LLC as chief restructuring officer.  The Company's claims
and noticing agent is Kurtzman Carson Consulting LLC.

A nine-member committee of unsecured creditors has been appointed
in the case.

As of December 27, 2008, the Company had $3,215,103,000 in total
assets, $612,682,000 in total current liabilities, $225,991,000 in
total long-term debt and other liabilities, and $2,253,391,000 in
liabilities subject to compromise.

Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
of Pilgrim's Pride Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


SEMGROUP LP: Files Monthly Operating Report for February 2009
-------------------------------------------------------------

                     SemCrude, L.P., et al.
                   Consolidated Balance Sheet
                    As of February 28, 2009

Cash                                               $614,561,000
Accounts Receivable                                 769,102,000
Receivable from affiliate                           128,310,000
Inventories                                         166,730,000
Derivative asset                                      8,523,000
Margin deposits                                       4,800,000
Income taxes receivable                                      -
Deferred tax asset                                           -
Other current assets                                 29,157,000
Intercompany                                                 -
                                                 --------------
Total current assets                              1,721,183,000

Property, plant and equipment                       601,351,000
Accumulated depreciation                           (133,881,000)
Pipeline linefill                                    19,670,000
                                                 --------------
Net property, plant and equipment                   487,140,000

Investment in subsidiaries                          342,917,000
Long-term derivative assets                                 -
Goodwill                                             54,277,000
Investment in affiliates                            121,394,000
Note receivable - CAMS                              212,870,000
Deferred tax asset                                           -
Other assets, net                                    89,051,000
                                                 --------------
Total assets                                     $3,028,832,000
                                                 ==============

Subject to Compromise
Accounts payable                                   $921,183,000
Accrued liabilities                               1,101,187,000
Current portion of long-term debt                   150,000,000
                                                 --------------
Total current liabilities                         2,172,370,000

Revolver facility                                   665,000,000
Working capital facility                          1,627,921,000
Term B notes                                        141,274,000
Senior notes                                        600,000,000
Pension obligations                                  13,888,000

Not Subject to Compromise
Accounts payable                                     33,929,000
Accrued liabilities                                  57,477,000
Deferred revenue                                        905,000
Derivative liabilities                                3,350,000
Current portion of long-term debt                   126,207,000
                                                 --------------
Total current liabilities                           221,868,000

Capital lease obligations                               349,000
Deferred tax liability                                   21,000
DIP credit facility                                          -
Investment in affiliates                            594,942,000
Other long-term liabilities                             601,000
Accum. other comprehensive income                   (46,654,000)
Partners' capital                                (2,962,748,000)
                                                ---------------
Total partners' capital                          (2,413,489,000)

Total liabilities and partners' cap              $3,028,832,000
                                                ===============

                    SemCrude, L.P., et al.
              Consolidated Statement of Operations
                  Month Ended February 28, 2009

Sales
Operating Outside Sales
Product Sales                                       $57,615,000
Services                                              2,819,000
Other Operating Revenue                                 106,000
                                                   ------------
Total Outside Operating Sales                        60,540,000

Trading Activity                                       (250,000)
                                                   ------------
Total Outside Operating Revenue                      60,290,000
Operating Revenue InterCompany                        8,420,000
                                                   ------------
Total Operating Revenue                              68,710,000
Unrealized G/L on Derivatives                        (2,444,000)
                                                   ------------
Total Revenue                                        66,266,000

Cost of Goods Sold
COGS - Products                                      54,623,000
COGS - Transportation & Fuel                          3,484,000
COGS - Other                                              8,000
                                                   ------------
Total Outside Cost of Goods Sold                     58,115,000

COGS InterCompany                                     7,085,000
                                                   ------------
Total Cost of Sales                                  65,200,000
                                                   ------------
Gross Profit                                          1,066,000

Operating Expenses
Wages & Benefits                                      2,770,000
Field Expenses                                        1,232,000
Maintenance & Repairs                                   305,000
Outside Services                                        761,000
Property & Equipment Leases & Rents                   6,105,000
Insurance Permits Licenses Taxes                        662,000
Office                                                  139,000
Travel Lodging Meetings                                 143,000
Other                                                  (324,000)
                                                   ------------
Total Operating Expenses                             11,793,000

General & Administrative Expenses
Wages & Benefits                                      3,846,000
Miscellaneous                                                -
Maintenance & Repairs                                    70,000
Outside Services                                      1,909,000
Property & Equipment Leases & Rents                     348,000
Insurance Permits Licenses Taxes                        482,000
Office                                                  357,000
Travel Lodging Meetings                                 183,000
Other                                                  (755,000)
                                                  -------------
Total General & Administrative Expe                   6,440,000
                                                  -------------
Earnings before Interest Taxes Depr                 (17,167,000)

Other (Income) Expenses
Interest Income                                          (7,000)
Other Income                                            167,000
Foreign Currency Transaction (Inc) Loss                 135,000
Interest Expense                                        699,000
Depreciation                                          4,240,000
Amortization                                          1,330,000
Reorganization                                       11,587,000
                                                 --------------
Net Income                                         ($35,318,000)
                                                 ==============

From February 1 to 28, 2009, the Debtors disbursed a total of
$13,038,765.

                         About SemGroup LP

SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream
service company providing the energy industry means to move
products from the wellhead to the wholesale marketplace.  SemGroup
provides diversified services for end users and consumers of crude
oil, natural gas, natural gas liquids, refined products and
asphalt.  Services include purchasing, selling, processing,
transporting, terminaling and storing energy.  SemGroup serves
customers in the United States, Canada, Mexico, Wales, Switzerland
and Vietnam.

SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No.
08-11525).  John H. Knight, Esq., L. Katherine Good, Esq. and Mark
D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller,
Esq., Michael P. Kessler, Esq., and Sherri L. Toub, Esq., at Weil,
Gotshal & Manges LLP; and Martin A. Sosland, Esq., and Sylvia A.
Mayer, Esq., at Weil Gotshal & Manges LLP, represent the Debtors
in their restructuring efforts.  Kurtzman Carson Consultants
L.L.C. is the Debtors' claims agent.  The Debtors' financial
advisors are The Blackstone Group L.P. and A.P. Services LLC.

Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represent the Debtors' prepetition
lenders.

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude Company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act.  The CCAA stay expires on
Nov. 21, 2008.

SemGroup L.P.'s consolidated, unaudited financial conditions as of
June 30, 2007, showed $5,429,038,000 in total assets and
$5,033,214,000 in total debts.  In their petition, they showed
more than $1,000,000,000 in estimated total assets and more than
$1,000,000,000 in total debts.

Bankruptcy Creditors' Service, Inc., publishes SemGroup Bankruptcy
News.  The newsletter tracks the chapter 11 proceedings undertaken
by SemGroup L.P. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-700)


SHARPER IMAGE: Posts $408,883 Net Loss for March 2009
-----------------------------------------------------
On April, TSIC, Inc., formerly known as The Sharper Image
Corporation, filed with the U.S. Bankruptcy Court for the District
of Delaware its monthly operating report for March 2009.

The company reported a net loss of before reorganization items of
$274,530 and a net loss of $408,883 for the month ended
March 31, 2009.  The company generated zero revenues during the
period.

At March 31, 2009, the company had $33.2 million in total assets,
$9.4 million in total liabilities, and $23.8 million in net
owner's equity.

A full-text copy of TSIC's monthly operating report for the month
ended March 31, 2009, is available at:

               http://researcharchives.com/t/s?3c4b

                         The Sharper Image

Headquartered in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- was a multi-channel specialty
retailer.  It operated in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The Company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it was also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.

The Company filed for Chapter 11 protection on February 19, 2008
(Bankr. D.D., Case No. 08-10322).  Judge Kevin Gross presides
over the case.  Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel.  Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.

An Official Committee of Unsecured Creditors has been appointed in
the case.  Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel.  Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.

When the Debtor filed for bankruptcy, it listed total assets of
$251,500,000 and total debts of $199,000,000.  As of June 30,
2008, the Debtor listed $52,962,174 in total assets and
$39,302,455 in total debts.

The Court extended the exclusive period during which the Debtor
may file a Plan through and including September 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its name
to "TSIC, Inc." in relation to an Asset Purchase Agreement by
the Debtor with Gordon Brothers Retail Partners, LLC, GB Brands,
LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital,
LLC.

(Sharper Image Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


TRONOX INC: Debtors' Monthly Operating Report for March 2009
------------------------------------------------------------

            TRONOX INCORPORATED CHAPTER 11 DEBTORS
       Unaudited Condensed Consolidated Balance Sheet
                     As of March 31, 2009

ASSETS
Cash and cash equivalents                           $22,700,000
Notes and accounts receivable intercompany          321,200,000
Accounts receivable, third parties                  117,300,000
Inventories, net                                    171,200,000
Prepaid and other assets                             16,600,000
Income tax receivable                                   500,000
Deferred income taxes                                 1,200,000
                                                ----------------
Total Current Assets                                650,700,000

Property, plant and equipment, net                  204,000,000
Notes and advances receivable, intercompany         111,200,000
Other long-term assets                              369,500,000
                                                ----------------
Total Assets                                      $1,335,400,000
                                                ================

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, third parties                     $42,900,000
Accrued liabilities                                  62,400,000
Long-term debt due within one year                   50,000,000
Income taxes payable                                  1,200,000
Long-term debt classified as current                212,600,000
                                                ----------------
Total Current Liabilities                           369,100,000

Noncurrent liabilities:
Deferred income taxes                                13,000,000
Environmental remediation and restoration           131,800,000
Notes and advances payable, intercompany              8,500,000
Other                                               117,400,000
                                                ----------------
Total Liabilities
  Not Subject to Compromise                          639,800,000

Minority Interest                                     3,400,000

Liabilities Subject to compromise                   433,600,000

Commitments and contingencies                                 0

Stockholders' equity
Common stock                                            400,000
Capital in excess of par value                      495,800,000
Retained earnings (accumulated deficit)            (200,700,000)
Accumulated other comprehensive
  income (loss)                                      (30,100,000)
Treasury stock, at cost                              (6,800,000)
                                                ----------------
Total Stockholders' Equity                          258,600,000
                                                ----------------
Total Liabilities and Stockholders' Equity        $1,335,400,000
                                                ================

            TRONOX INCORPORATED CHAPTER 11 DEBTORS
  Unaudited Condensed Consolidated Statement of Operations
                 Month Ended March 31, 2009

Net Sales                                            $49,600,000
Cost of goods sold                                    42,700,000
                                                ----------------
Gross margin                                          6,900,000

Selling, general and admin. Expenses                   6,600,000
Provision for doubtful notes and accounts             14,800,000
                                                ----------------
                                                     (14,500,000)

Interest and debt expense                              3,000,000
Other (income) expense, net                           (4,500,000)
Reorganization items                                   2,200,000
                                                ----------------
Loss from continuing operations
before income taxes                                 (15,200,000)

Income tax provision (benefit)                           200,000
                                                ----------------
Loss from continuing operations                      (15,400,000)

Income (loss) from discontinued operations,
net of tax                                              500,000
                                                ----------------
Net loss                                            ($14,900,000)
                                                ================

Gary Barton, chief restructuring officer in the Debtors' cases,
discloses that for the period from February 1 to 28, 2009, these
Debtors disbursed a total of $50,685,993:

Debtor                                          Amount Disbursed
------                                          ----------------
Tronox Luxembourg S.ar.L.                                 $1,648
Tronox Worldwide LLC                                     366,762
Tronox LLC                                            44,370,692
Tronox Pigments (Savannah), Inc.                       5,946,891

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. Barton notes.

Mr. Barton reports that the Debtors collected, withheld or paid
these state and local taxes for the month ended March 31, 2009:

                           Prepetition   Postpetition    Total
Taxes                        Amount        Amount       Amount
-----                     -----------   ------------    ------
Gross salaries and wages           $0     $5,289,910  $5,289,910
Payroll taxes withheld              0      1,196,312   1,196,312
Employer payroll tax
Contributed                                  392,062     392,062
Use tax Paid                  129,699        130,159     259,858
Property Taxes paid            97,875              0      97,875
Franchise Taxes paid               50        778,638     778,688
Other Taxes Paid                  300         19,275      19,575

A schedule of the Debtors' tax transactions is available for free
at http://bankrupt.com/misc/Tronox_March2009TaxesSched.pdf

From the month and year-to-date period ended March 31, 2009, the
Debtors paid an aggregate of $233,572 and $565,332 to nine
insiders on account of payroll or expense reimbursements:

                             Current Period       Total Amount
Insider                      Amount Paid         Paid to Date
-------                     --------------       ------------
Wanlass, Dennis L.               $61,361           $162,399
Green, Kelly A.                        0             46,037
Mikkelson, Mary A.                26,846             67,119
Romano, John D.                   20,461             51,153
Wachnowsky, Stephen T.           69,625              99,625
Corbett, Patrick S.              15,027              38,681
Foster, Michael J.               21,233              52,998
Gibney, Robert C.                18,894              47,071
Agdem, Bon                          123                 246

According to Mr. Barton, the Debtors made payments, aggregating
$968,676, to professionals on account of services rendered in
their Chapter 11 cases, as of March 31, 2009:

                            Current Period       Total Amount
Professional                Amount Paid         Paid to Date
------------                --------------      ------------
Kirkland & Ellis               $562,470            $562,470
Paul, Weiss Law Firm            17,297               17,297
Zolfo Cooper LLC                53,930               53,930
Ernst & Young                  233,831              233,831
Kurtzman Carson Consultants    101,147              101,147

                       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
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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
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Each Friday's edition of the TCR includes a review about a book of
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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
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The TCR subscription rate is $775 for 6 months delivered via e-
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