TCR_Public/090516.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 16, 2009, Vol. 13, No. 134

                            Headlines



ACCEPTANCE INSURANCE: Posts $739,417 Net Loss in April 2009
GOTTSCHALKS INC: Posts $59.8 MM Net Loss from March 1 to April 4
HERCULES CHEMICAL: Posts $132,000 Net Loss in March 2009
LANDSOURCE COMMUNITIES: Monthly Operating Report for February
LYONDELL CHEMICAL: Files Monthly Operating Report for March 2009

MIDWAY GAMES: Posts $28.2 MM Net Loss from Feb. 12 to March 31
MILACRON INC: Files Initial Monthly Operating Report
PROPEX INC: Monthly Operating Report for March 2009
REFCO INC: Refco LLC's Monthly Operating Report for March 2009
REUNION INDUSTRIES: Posts $179,000 Net Loss in March 2009

RITZ CAMERA: Posts $14 Million Net Loss From Feb. 22 to March 31
SMURFIT-STONE: Files Monthly Operating Report for March 2009
SPANSION INC: Cerium Laboratories' Monthly Report for March 2009
SPANSION INC: Spansion International's Monthly Report for March
SPANSION INC: Spansion Technology's Operating Report for March



                            *********

ACCEPTANCE INSURANCE: Posts $739,417 Net Loss in April 2009
-----------------------------------------------------------
Acceptance Insurance Companies Inc. filed with the U.S.
Bankruptcy Court for the District of Nebraska on May 13, 2009,
its monthly operating report for April 2009.

For the month ended April 30, 2009, Acceptance Insurance
Companies Inc. posted a net loss of $739,417 on net investment
income of $611.

The Debtor reported total assets of $23,501,098, total
liabilities of $138,174,960, and stockholders' deficit of
$114,673,862 as of April 30, 2009.

A full-text copy of the Debtor's April 2009 monthly report is
available at http://researcharchives.com/t/s?3cea

                  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.


GOTTSCHALKS INC: Posts $59.8 MM Net Loss from March 1 to April 4
----------------------------------------------------------------
On May 5, 2009, Gottschalks Inc. filed with the U.S. Bankruptcy
Court for the District of Delaware its monthly operating report
for the period March 1, 2009, to April 4, 2009.

Gottschalks reported a net loss of $59.8 million on $41.8 million
in revenues for the period from March 1, 2009, to April 4, 2009.

At April 4, 2009, the company had $149.4 million in total
assets, $136.5 million in total liabilities, and $12.9 million in
stockholders' equity.

A full-text copy of the company's monthly operating report for
the period from March 1, 2009, to April 4, 2009, is available
at http://researcharchives.com/t/s?3ce6

Headquartered in Fresno, California, Gottschalks Inc. (Pink
Sheets: GOTTQ.PK) -- http://www.gottschalks.com-- is a regional
department store chain, operating 58 department stores and three
specialty apparel stores in six western states.  Gottschalks
offers better to moderate brand-name fashion apparel, cosmetics,
shoes, accessories and home merchandise.

The Company filed for Chapter 11 protection on January 14, 2009
(Bankr. D. Del. Case No. 09-10157).  O'Melveny & Myers LLP
represents the Debtor in its Chapter 11 case.  Lee E. Kaufman,
Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., will serve as the Debtors' co-counsel.  The Debtor selected
Kurtzman Carson Consultants LLC as its claims agent.  The U.S.
Trustee for Region 3 appointed seven creditors to serve on an
Official Committee of Unsecured Creditors.  When the Debtor filed
for protection from its creditors, it listed $288,438,000 in
total assets and $197,072,000 in total debts as of January 3,
2009.


HERCULES CHEMICAL: Posts $132,000 Net Loss in March 2009
--------------------------------------------------------
Bloomberg's Bill Rochelle reports that Hercules Chemical Co.
reported a net loss of $12,000 before reorganization items in
March on net revenue of $1.9 million.

After reorganization items, the net loss was $132,000.  From the
inception of the case in August, the cumulative net loss is
$357,000.

                      About Hercules Chemical

Headquartered in Passaic, New Jersey, Hercules Chemical Company
Inc. makes products for plumbing, hearing air conditioning and
electrical trades.  The company filed for Chapter 11 protection
on August 22, 2008 (Bankr. W.D. Penn. Case No. 08-25553).
Gregory L. Taddonio, Esq., and Paul M. Singer, Esq., at Reed
Smith LLP, represent the Debtor.  Meyer, Unkovic & Scott LLP
represents the Debtor's Future Asbestos Personal Injury
Claimants.  When the Debtor filed for protection from its
creditors, it listed assets and debts between $10 million and
$50 million.


LANDSOURCE COMMUNITIES: Monthly Operating Report for February
-------------------------------------------------------------

             LandSource Communities Development, LLC
                   Consolidated Balance Sheet
                     As of February 28, 2009

Assets

  Cash                                            $7,032,895
  Receivables                                     25,913,602
  Inventories                                  1,354,251,320
  Operating Properties, net                       85,567,600
  Investment in unconsolidated entities           20,756,724
  Other assets                                    47,000,396
                                             ---------------
     Total Assets                             $1,540,522,537
                                             ===============

Liabilities and Members' Capital
  Accounts payable & Accrued Liabilities          94,452,118
  Deferred Revenue                                60,112,144
  Debt                                            95,663,349
                                             ---------------
  Total Liabilities Not Subject to Comp          250,227,611

  Total Liabilities Subject to Compromise      1,390,703,600
                                             ---------------
  Total Liabilities                            1,640,931,211

  Members' Capital/(Deficit)                    (100,408,675)
                                             ---------------
  Total Liabilities and Members' Capital      $1,540,522,536
                                             ===============

             LandSource Communities Development, LLC
              Consolidated Statements of Operations
                  Month Ended February 28, 2009

Statistical Information
  Homesites sold to related parties                        0
  Homesites sold to third parties                          0
  Acreage sold to related parties                          0
  Acreage sold to third parties                            0
  Homes sold to third parties                              0

Land Sale Operations
  Sales related parties                               $5,828
  Sales to third parties                              11,971
                                             ---------------
     Total Land Sale Revenue                          17,799

  Cost of sales to related parties                    54,069
  Cost of sales to third parties                      18,400
  Loss on Impaired Real State Inventories                  0
                                             ---------------
     Total Cost of Land Sales                         72,469
                                             ---------------
Gross Margin on Land Sales Operations                (54,670)

Home Sale Operations
  Sales                                                    0
  Cost of sales                                            0
                                             ---------------
Gross Margin on Home Sale Operations                       0

Operating Cost and Expenses
  Field, selling, general & administration         2,516,484
  Management fees to related parties                 466,667
                                             ---------------
     Total Operating Costs and Expenses            2,983,151

Other Operations, net
  Equity in earnings of unconsolidated               (85,802)
  Rental operations                                  424,703
  Valencia Water Company                                   0
  Club operations                                   (150,399)
  Interest income                                      2,354
  Interest expense                                         0
  Loss on debt restructuring                               0
  Loss on interest rate swap termination                   0
  Miscellaneous                                      273,688
                                             ---------------
     Total Other Operations, net                     464,544
                                             ---------------
Earnings (Loss) before Reorganization It          (2,573,276)

Reorganization Expenses                            2,881,200
                                             ---------------
Net Earnings (Loss)                              ($5,454,476)
                                             ===============

             LandSource Communities Development, LLC
    Consolidated Schedule of Cash Receipts and Disbursements
                  Month Ended February 28, 2009

Net Operating Cash Flow
  Housing revenue                                         $0
  Commercial Revenue                               1,728,370
  Other                                                    0
  Option deposits                                          0
  Less: Closing Costs                                      0
                                             ---------------
     Total Operating Inflows                       1,728,370

Operating Cash Outflows
  Master improvements & CFDs                      (7,387,920)
  Property tax                                      (466,443)
  General & Administrative                        (2,254,170)
  Other                                             (833,526)
  Management fees                                   (466,667)
                                             ---------------
     Total Operating Outflows                    (11,408,726)

     Total Net Operating Cash Flow                (9,680,356)

Bankruptcy Disbursements
  Bankruptcy Payments
  Utility Deposits                                         0
  Mechanic's liens/Other                                   0
                                             ---------------
     Total Bankruptcy Payments                             0

DIP Interest and Fees
  DIP Facility interest                             (646,429)
  Undrawn fee                                        (18,771)
  DIP Facility fees                                 (250,000)
                                             ---------------
     Total DIP Interest and Fees                    (915,200)

  Restructuring professionals                       (595,615)

     Total Bankruptcy Disbursements               (1,510,815)
                                             ---------------
     Total Net Cash Flow                        ($11,191,171)
                                             ===============
DIP Facility
  Beginning Balance                               84,349,044
  Borrowings                                       8,900,000
  (Repayments)                                             0
                                             ---------------
  Ending Balance                                 $93,249,044
                                             ===============
Disbursement Per Debtor
  LandSource Communities Development, L            1,369,499
  California Land Company                                  0
  Friendswood Development Company, LLC                 4,590
  Lennar Land Partners II                             35,372
  Kings Wood Development Company, L.C.                     0
  LSC Associates, LLC                                      0
  Lennar Mare Island, LLC                          1,074,848
  LandSource Communities Development Su                    0
  Lennar Moorpark, LLC                                     0
  Lennar Stevenson Holdings, LLC                           0
  The Newhall Land and Farming Company                     0
  LandSource Holding Company, LLC                  2,160,303
  LNR-Lennar Washington Square, LLC                2,789,338
  Lennar Bressi Ranch Venture, LLC                         0
  The Newhall Land and Farming Company             5,007,504
  NWI-IL GP, LLC                                           0
  Tournament Players Club at Valencia,               458,986
  Southwest Communities Development, LL                    0
  Valencia Corporation                                     0
  Stevenson Ranch Venture, LLC                        19,099
  Valencia Realty Company                                  0
                                             ---------------
     Total Disbursement                          $12,919,539
                                             ===============

                  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, Issue No. 21;
http://bankrupt.com/newsstand/or 215/945-7000).


LYONDELL CHEMICAL: Files Monthly Operating Report for March 2009
----------------------------------------------------------------

           Lyondell Chemical Company and affiliates
               Unaudited Combined Balance Sheets
                    As of March 31, 2009
                         (in millions)

Assets
Current assets:
Cash and cash equivalents                                 $419
Short-term investments                                      20
Accounts receivable:
Trade, net                                               1,049
Non-debtor affiliates                                      292
Inventories                                              1,825
Short-term loan receivables -Non-debtor affiliates         466
Current deferred income tax assets                         545
Prepaid expenses and other current assets                  441
                                                   ------------
  Total current assets                                    5,057

Property, plant and equipment, net                       10,192
Investments and long-term receivables:
Investment in PO joint ventures                            568
Long-term loan receivables - intercompany                1,008
Investments in non-debtor affiliates                     4,743
Other investments and long-term receivables                 27
Intangible assets, net                                    1,722
Other assets                                                184
                                                   ------------
  Total Assets                                          $23,501
                                                   ============

Liabilities and Stockholder's Equity
Current liabilities:
Current maturities of long-term debt                     8,702
Short-term debt                                          5,235
Short-term payables - intercompany                         269
Accounts payable:
Trade                                                      874
Related parties                                              7
Non-debtor affiliates                                      660
Accrued liabilities                                        414
                                                   ------------
  Total current liabilities                              16,161
Other liabilities                                          519
Deferred income taxes                                    2,992
Liabilities subject to compromise                        10,850
Commitments and contingencies                                 -
Minority interests                                           94
Stockholders equity:
Common stock                                                21
Additional paid-in capital                               5,711
Retained deficit                                       (12,762)
Accumulated other comprehensive income                     (85)
                                                   ------------
  Total stockholder's equity                             (7,115)
                                                   ------------
Total liabilities and stockholder's equity              $23,501
                                                   ============

           Lyondell Chemical Company and affiliates
                Unaudited Statement of Income
              For the month ended March 31, 2009
                        (in millions)

Sales and other operating revenues:
Trade                                                   $1,172
Related parties                                             31
                                                   ------------
                                                          1,203
Operating costs and expenses:
Cost of sales                                            1,177
Selling, general and admin. Expenses                        33
Research and development expenses                            6
                                                   ------------
                                                          1,216
                                                   ------------
Operating loss                                              (13)
                                                   ------------
Interest expense                                           (75)
Interest income                                              4
Other income (expense), net                                100
                                                   ------------
Income before reorganization items, equity
investments and income taxes                                 16
                                                   ------------
Reorganization items                                       (534)
Loss from equity investments                                (32)
                                                   ------------
Loss before income taxes                                   (550)
Benefit from income taxes                                  (107)
                                                   ------------
Loss from continuing operations                            (443)
Discontinued operations                                      (3)
                                                   ------------
Net Loss                                                  ($446)
                                                   ============

          Lyondell Chemical Company and its affiliates
              Unaudited Statement of Cash Flows
             For the month ended March 31, 2009
                         (in millions)

Cash flows from operating activities:
Net loss                                                 ($446)
Net loss - discontinued operations                           3
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
  Depreciation and amortization                              83
  Reorganization charges                                   (128)
  Reorganization-related payments                           (11)
  Asset impairments                                         661
  Equity investments - loss                                  33
  Deferred income taxes                                    (107)
  Foreign currency exchange gain on Term Loan B
  - German Tranche                                          (89)
Changes in assets and liabilities
that provided (used ) cash:
  Accounts receivable                                      (118)
  Inventories                                                15
  Accounts payable                                          159
  Prepayments to vendors                                   (103)
Other, net                                                  (45)
                                                   ------------
Net cash used in operating activities -
continuing operations                                       (93)
                                                   ------------
Net cash used in operating activities -
discontinued operations                                      (3)
                                                   ------------

Cash flows from investing activities:
Expenditures for property, plant and equipment             (32)
Distributions from affiliates in excess of earnings        (14)
Proceeds from disposal of assets                            10
Other                                                       (3)
                                                   ------------
Net cash used in investing activities                       (39)
                                                   ------------

Cash flows from financing activities:
Short-term borrowings                                      (14)
Net repayments under prepetition revolving
credit facilities                                         (608)
Payment of debt issuance costs                             (39)
Other, net                                                   1
                                                   ------------
Net cash used in financing activities                      (660)

Effect of exchange rate changes on cash                       -
                                                   ------------
Decrease in cash and cash equivalents                      (795)
Cash and cash equivalents at beginning of period          1,214
                                                   ------------
Cash and cash equivalents at end of period                 $419
                                                   ============

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  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.

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.

Lyondell has obtained approximately $8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a $6.5 billion term loan (comprising
$3.25 billion in new loans and a $3.25 billion roll-up of
existing loans) and a $1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24 in order to
seek protection against claims by certain financial and U.S.
trade creditors.

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)


MIDWAY GAMES: Posts $28.2 MM Net Loss from Feb. 12 to March 31
--------------------------------------------------------------
On May 8, 2009, Midway Games Inc. and its United States
subsidiaries filed with the United States Bankruptcy Court for
the District of Delaware their monthly operating report for the
period February 12, 2009, through and including March 31, 2009.

For the period, the Debtors reported a net loss of $28.2 million
on net revenues of $23.8 million.  Net loss before reorganization
items was $27.6 million.

At March 31, 2009, the Debtors had $1.37 billion in total assets
and $1.56 billion in total liabilities.

A full-text copy of the Debtors' monthly operating report for the
period February 12, 2009, to March 31, 2009, is available at:

               http://researcharchives.com/t/s?3ce9

Headquartered in Chicago, Illinois, Midway Games Inc. --
http://www.midway.com/-- develops video games for sale primarily
in North America, Europe, Asia and Australia.  The company and
nine of its affiliates filed for Chapter 11 protection on
February 12, 2009 (Bankr. D. Del. Lead Case No. 09-10465).  David
W. Carickhoff, Jr., Esq., Michael David Debaecke, Esq., and
Victoria A. Guilfoyle, Esq., at Blank Rome LLP, represent the
Debtors in their restructuring efforts.  The Debtors proposed
Lazard as their investment banker, Dewey & LeBoeuf LLP as special
counsel, and Epiq Bankruptcy Solutions LLC as claims agent.


MILACRON INC: Files Initial Monthly Operating Report
----------------------------------------------------
On May 6, 2009, Milacron Inc. filed with the U.S. Bankruptcy
Court for the Southern District of Ohio its monthly operating
report for March 2009.

The company reported a net loss of $9,612,000 on total sales of
$22,260,000 for the period from March 10, 2009, to March 31,
2009.

At March 31, 2009, the company had $535,259,000 in total assets
and $803,571,000 in total liabilities.

A full-text copy of the company's monthly operating report for
the period from March 10, 2009, to March 31, 2009, is available
for free at http://researcharchives.com/t/s?3ce5

                       About Milacron Inc.

Headquartered in Batavia, Ohio, Milacron Inc. (Pink Sheets:
MZIAQ) supplies plastics-processing technologies and industrial
fluids, with major manufacturing facilities in North America,
Europe and Asia.  First incorporated in 1884, Milacron is also
manufactures synthetic water-based industrial fluids used in
metalworking applications.

The company and six of its affiliates filed for protection on
March 10, 2009 (Bankr. S.D. Ohio Lead Case No. 09-11235).  On the
same day, the company filed an ancillary proceeding for
reorganization of its Canadian subsidiary under the Companies'
Creditors Arrangement Act in the Ontario Superior Court of
Justice in Canada.  The Petitions include the company and its
U.S. and Canadian subsidiaries and its non-operating Dutch
holding company subsidiary only, and do not include any of the
company's operating subsidiaries outside the U.S. and Canada.

Kim Martin Lewis, Esq., Tim J. Robinson, Esq., and Patrick D.
Burns, Esq., at Dinsmore & Shohl LLP, represent the Debtors in
their restructuring efforts.  Conway, Del Genio, Gries Co., LLC,
is the Debtors' financial advisor.  Rothschild Inc. is the
Debtors' investment banker and financial advisor.  Kurtzman
Carson Consultants LLC is the noticing, balloting and disbursing
agent for the Debtors.  Paul, Hastings, Janofsky & Walker LLP,
represents DIP Lender General Electric Capital Corp.  Taft
Stettinius & Hollister LLP is counsel for the Official Committee
of Unsecured Creditors.

When the Debtors filed for protection from their creditors, they
listed assets and debts between $500 million to $1 billion.


PROPEX INC: Monthly Operating Report for March 2009
---------------------------------------------------

                           Propex Inc.
           Unaudited Condensed Consolidated Balance Sheet
                      As of March 29, 2009

ASSETS:
Current Assets:
   Cash and cash equivalents                       $32,400,000
   Restricted Cash                                     600,000
   Accounts Receivable, net                         59,300,000
   Accounts Receivable claims - prepetition                  0
   Inventories, net                                 76,100,000
   Deferred income taxes                             8,700,000
   Prepaid expenses and other current assets        28,000,000
   Assets held for sale                              6,200,000
                                                  ------------
Total current assets                               211,300,000

Other assets:
   Goodwill                                                  0
   Intangible assets, net                           15,200,000
   Deferred income taxes                                     0
   Investment in subsidiaries                                0
   Intercompany notes receivable                             0
   Other assets                                      7,800,000
                                                  ------------
Property, plant and equipment, net                 183,300,000
                                                  ------------
Total assets                                      $417,600,000
                                                  ============
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Prepetition
   Accounts payable                                 $8,000,000
   Accrued liabilities                               1,000,000
   Current portion of debt and accrued interest    382,100,000
   Accrued pension obligations                               0
   Restructuring and other similar costs               700,000
   Other current liabilities                         1,200,000
Postpetition
   Accounts payable                                 14,400,000
   Accrued liabilities                              16,500,000
   Current portion of debt and accrued interest     31,800,000
   Accrued pension obligations                               0
   Restructuring and other similar costs               600,000
   Other current liabilities                         1,600,000
                                                  ------------
Total current liabilities                          457,900,000

Non-current liabilities:
Prepetition
   Accrued pension and other postretirement
   benefit liabilities                              25,800,000
   Other non-current liabilities                             0
Postpetition
   Intercompany notes payable                                0
   Debt, less current portion                                0
   Deferred income taxes                            11,300,000
   Accrued pension and other postretirement
   benefit liabilities                              26,300,000
   Other non-current liabilities                     2,100,000
                                                  ------------
  Total non-current liabilities                     65,500,000

  Total stockholder's equity
   Common stock                                              0
   Paid-in capital                                  95,900,000
   Accumulated other comprehensive income          (15,300,000)
   Retained earnings - prior year                 (168,100,000)
   Retained earnings - current year                (18,300,000)
                                                  ------------
  Total stockholder's equity                      (105,800,000)
                                                  ------------
Total Liabilities and stockholder's equity       $417,600,000
                                                  ============

                          Propex Inc.
   Unaudited Condensed Consolidated Statements of Operations
                For Month Ended March 29, 2009

Net revenue                                        $27,800,000
Cost of sales                                       27,100,000
                                                  ------------
   Gross profit                                        700,000

Operating expenses:
   Selling, general and administrative               4,500,000
   Other(income) expense, net                                0
   Add Back depreciation and amortization            1,900,000

EBITDA                                             (1,900,000)
   Depreciation & Amortization                       1,900,000
   Interest expense                                  2,700,000
   Restructuring and similar costs                   1,800,000
   Non-cash pension and other expense                        0
   Other non-operating expense(income)
     Impairment of property, plant and equipment             0
     Pension curtailment(gain), net of settlement loss       0
     Debt forgiveness                                        0
     Other                                                   0
   Equity(income) loss from sub-earnings                     0
                                                  ------------
  Income(loss) before income taxes                  (8,300,000)
     Income tax provision (benefit)                    100,000
                                                  ------------
Net income (loss)                                 ($8,400,000)
                                                  ============

                         Propex Inc.
                   Statement of Cash Flows
                For Month Ended March 29, 2009

Cash flows from operating activities
  Net income(loss)                                 ($8,400,000)

  Adjustments to reconcile, net income to net cash
  provided by (used) in operating activities:
   Depreciation and amortization                     1,900,000
   Non-cash interest on debt                         1,300,000
   Amortization of bank fees                                 0
   Net gain on dispositions of property and
   and equipment
   Stock-based compensation                                  0
   Impairment of property, plant and equipment               0
   Impairment of goodwill                                    0
   Impairment of intangibles                                 0
   Pension and post-retirement benefit cost            200,000
   Deferred income taxes                                     0
  Changes in operating assets and liabilities
   Decrease(increase) in assets-prepetition                  0
   Decrease(increase) in assets-postpetition        (7,500,000)
   (Decrease) increase in liabilities-prepetition            0
   (Decrease)increase in liabilities-postpetition   (1,500,000)
                                                  ------------
Net cash provided (used) by operating activities  (14,000,000)

Cash flows from investing activities
   Cap March 2 and ending March 29, 2009 as show      (200,000)
   Proceeds from sale of property and equipment              0
   Acquisition of business(net of cash acquired)             0
                                                  ------------
     Net cash used in investing activities            (200,000)

Cash flows from financing activities
   Payments of long-term debt principal                      0
   Proceeds from issuance of debt                            0
   Payment of Revolving Debt                                 0
   Proceeds from Revolving Debt                     10,000,000
   Debt issuance costs                                       0
   Dividends                                                 0
   Net receipts from unconsolidated parent company           0
   Activity with Affiliates                           (300,000)
                                                 -------------
Net cash provided by (used in) finan. activities    9,700,000
   Effect of changes in foreign exchange rates on
    cash and cash equivalents                          400,000
                                                  ------------
  Change in cash and cash equivalents               (4,100,000)
                                                  ------------
  Cash and cash equivalents-beginning period        36,500,000
                                                  ------------
  Cash and cash equivalents- end period            $32,400,000
                                                  ============

                       About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on January 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249).  The Debtors selected Edward L. Ripley, Esq., Henry J.
Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors tapped Ira S. Dizengoff, Esq., at Akin Gump
Strauss Hauer & Feld, LLP, in New York, to be its counsel.

Propex Inc., and its affiliates delivered to the Court a Joint
Plan of Reorganization and Disclosure Statement on October 29,
2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.

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


REFCO INC: Refco LLC's Monthly Operating Report for March 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 March 1 to 31,
2009.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
in its Money Market account with JPMorgan Chase Bank, N.A.,
totaled $79,664,000 as of March 31.

During the Reporting Period, Refco LLC received $25,000 in
interest income.  No transfers were made, according to Mr. Togut.

The Debtor held $78,592,000 at the end of the period.

                          Refco, LLC
          Schedule of Cash Receipts and Disbursements
      Through JPMorgan Money Market and Checking Accounts
                March 1 through March 31, 2009

Beginning Balance, March 1, 2009                     $79,664,000

RECEIPTS
Interest Income                                           25,000
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                                         25,000

TRANSFERS
Money Market Account to checking account                       0
December 2008 cleared checks                                   0
                                                   -------------
   TOTAL TRANSFERS                                             0

DISBURSEMENTS
Operating expenses & other disbursements                 342,000
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                 750,000
Other disbursements                                            0

Reorganization Expenses
Attorney fees                                             5,000
Trustee bond premium                                          0
Other professional fees                                       0
                                                   -------------
   TOTAL DISBURSEMENTS                                 1,097,000
                                                   -------------
Ending Balance, March 31, 2009                       $78,592,000
                                                   =============

                    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 October 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 December 15, 2006.  That Plan became effective on
December 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 $179,000 Net Loss in March 2009
---------------------------------------------------------
Reunion Industries, Inc., posted a net loss of $179,000 on net
sales $1,020,000 for the month of March 2009.

As of March 31, 2009, the Debtor had $21,514,000 in total
assets, $12,704,000 in total liabilities, and $8,810,000 in total
stockholders' equity.

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

               http://researcharchives.com/t/s?3ce3

Reunion Industries filed for Chapter 11 protection on
November 26, 2007 (Bankr. D. Conn. Case No. 07-50727).  Two
Reunion Industries stockholders, Charles E. Bradley, Sr. Family
Limited Partnership, and John Grier Poole Family Limited
Partnership filed separate Chapter 11 petitions on the same day
(Bankr. D. Conn. Case Nos. 07-50725 and 07-50726).  Carol A.
Felicetta, Esq., David M. S. Shaiken, Esq., Eric A. Henzy, Esq.,
at Reid and Riege, P.C.; and Derek M. Johnson, Esq., at Ruben,
Johnson and Morgan, represent Reunion Industries as counsel.

As reported in the Troubled Company Reporter on April 11, 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.


RITZ CAMERA: Posts $14 Million Net Loss From Feb. 22 to March 31
----------------------------------------------------------------
Ritz Camera Centers Inc. filed with the U.S. Bankruptcy Court for
the District of Delaware on May 7, 2009, a monthly operating
report for the period from February 22, 2009, to March 31, 2009.

For the period, Ritz Camera reported a net loss of $13,984,983 on
sales of $55,285,575.  Net loss before an income tax benefit was
$23,095,106.

At March 31, 2009, the company had total assets of $315,427,120,
total liabilities of $229,069,386, and stockholders' equity of
$86,357,734.

A full-text copy of Ritz Camera's monthly operating report
is available at Ritz.MarchMOR.pdf

            http://bankrupt.com/misc/Ritz.MarchMOR.pdf

Headquartered in Beltsville, Maryland, Ritz Camera Centers, Inc.
-- http://www.ritzcamera.com/-- sells digital cameras and
accessories, and electronic products.  The Company filed for
Chapter 11 protection on February 22, 2009 (Bankr. D. Del. Case
No. 09-10617).  Irving E. Walker, Esq., Gary H. Leibowitz, Esq.,
at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Baltimore,
represent the Debtor as counsel.  Norman L. Pernick, Esq., and
Karen M. Mckinley, Esq., at Cole, Schotz, Meisel, Forman &
Leonard, P.A., in Wilmington, Delaware, represent the Debtor as
local counsel.  Thomas & Libowitz, P.A. is Debtor's special
corporate counsel and conflicts counsel.  Marc S. Seinsweig, at
FTI Consulting, Inc, acts as the Debtor's chief restructuring
officer.  Kurtzman Carson Consultants LLC is the claims and
noticing agent.  Attorneys at Cooley Godward Kronish LLP
represent the official committee of unsecured creditors as lead
counsel.  The Committee selected Bifferato LLC as Delaware
counsel.  When the Debtor filed for protection from its
creditors, it listed assets and debts between $100 million and
$500 million.

In its schedules, the Debtor listed total assets of $277 million
and total debts of $172.1 million.


SMURFIT-STONE: Files Monthly Operating Report for March 2009
------------------------------------------------------------

              Smurfit-Stone Container Corporation
                    Combined Balance Sheet
                     As of March 31, 2009

                             ASSETS

Current Assets:
Cash                                              $225,782,000
Receivables                                        634,221,000
Inventories                                        508,753,000
Prepaid expenses and others                         29,630,000
                                                ---------------
    Total current assets                          1,398,386,000

Net property                                      3,435,901,000
Timberlands, less depletion                          31,702,000
Deferred debt issuance costs                          2,314,000
Deferred income taxes                                34,917,000
Investments in and advances to non-Debtor            84,521,000
  affiliates
Other assets                                         66,662,000
                                                ---------------
Total assets                                     $5,054,403,000
                                                ===============

                 LIABILITIES & EQUITY (DEFICIT)

Liabilities Not Subject to Compromise:
Current liabilities:
  Current maturities of long-term debt           $1,789,637,000
  Accounts payable                                  248,084,000
  Accrued compensation and payroll taxes            132,681,000
  Interest payable                                    7,655,000
  Income taxes payable                                8,255,000
  Current deferred taxes                             21,052,000
  Other current liabilities                         122,996,000
                                                ---------------
     Total current liabilities                    2,330,360,000

Other long-term liabilities                         123,509,000
                                                ---------------
Total liabilities not subject to compromise       2,453,869,000

Liabilities subject to compromise                 4,194,511,000

Total stockholders' equity (deficit)             (1,593,977,000)
                                                ---------------
Total liabilities & stockholders' equity         $5,054,403,000
                                                ===============

              Smurfit-Stone Container Corporation
                Combined Statement of Operations
               For the month ended March 31, 2009

Net sales                                          $466,938,000

Costs and expenses:
Cost of goods sold                                  416,768,000
Selling and administrative expenses                  42,530,000
Restructuring charges                                 5,546,000
Loss on disposal of assets                              503,000
                                                ---------------
Income from operations                                1,591,000

Other income (expense):
Interest expense, net                               (25,535,000)
Equity in losses of non-debtor affiliates            (1,622,000)
Foreign currency exchange losses                     (1,300,000)
Loss on early extinguishment of debt (non-cash)               -
Other, net                                             (577,000)
                                                ---------------
Loss before reorganization items and income taxes   (27,443,000)

Reorganization items, net                           (45,710,000)
                                                ---------------
Loss before income taxes                            (73,153,000)
Provision for income taxes                           (1,000,000)
                                                ---------------
Net loss                                           ($74,153,000)
                                                ===============

              Smurfit-Stone Container Corporation
             Schedule of Receipts and Disbursements
              For the month ended March 31, 2009

Beginning cash balance                             $194,947,000

Cash receipts                                       587,919,000
Proceeds from net borrowings of long-term            29,365,000
  debt
                                                ---------------
Total receipts                                      617,284,000

Disbursements:
  Payroll & benefits                               (106,504,000)
  Professional fees                                  (1,148,000)
  Interest                                          (13,085,000)
  Capital expenditures                               (8,858,000)
  Advances to affiliates                            (18,000,000)
  Other disbursements                              (438,854,000)
                                                ---------------
Total disbursements                                (586,449,000)

Ending cash balance                                $225,782,000
                                                ===============

A copy of the Debtors' monthly operating report is available for
free at http://bankrupt.com/misc/SmurfMar09MOR.pdf

                   About Smurfit-Stone Container

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.

Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers.  Corporacion
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)


SPANSION INC: Cerium Laboratories' Monthly Report for March 2009
----------------------------------------------------------------

                   Cerium Laboratories LLC
                         Balance Sheet
                      As of March 29, 2009

ASSETS
Current Assets
Unrestricted Cash & Cash Equivalents                $102,318
Restricted Cash & Cash Equivalents                         0
Accounts Receivable (net)                            847,598
Notes Receivable                                           0
Inventories                                                0
Prepaid Expenses                                      31,632
Professional Retainers                                     0
Amount Due From Intercompany                       1,562,083
Other Current Assets                                       0
                                                -------------
Total current assets                                2,543,630

Property and Equipment
Real Property & Improvements                               0
Machinery and Equipment                           20,896,291
Furniture, fixtures & Office Equip.                        0
Leasehold Improvements                                83,120
Vehicles                                                   0
Less Accumulated Depreciation                    (20,182,953)
                                                -------------
Total Property and Equipment                         796,458

Other Assets
Loans to Insiders
Other Assets                                               0
                                                -------------
Total Other Assets                                          0
                                                -------------
Total Assets                                       $3,340,088
                                                =============

LIABILITIES AND OWNER EQUITY

Liabilities Not Subject to Compromise Postpetition
Accounts Payable                                     $15,812
Taxes Payable                                          5,026
Wages Payable                                              0
Notes Payable                                              0
Rent/Lease                                                 0
Secured Debt                                               0
Professional Fees                                          0
Amounts Due to Insiders                                    0
Other Postpetition Liabilities                             0
                                                -------------
Total Postpetition Liabilities                         20,838
Liabilities Subject to Compromise (Prepetition)
Secured Debt                                               0
Priority Debt                                         22,597
Intercompany Payable                                  80,100
Unsecured Debt                                       484,878
                                                -------------
Total Prepetition Liabilities                        587,575
                                                -------------
Total Liabilities                                     608,413

OWNER EQUITY
Capital Stock                                        335,453
Additional Paid-in Capital                                 0
Dividend                                                   0
Partners' Capital Account                                  0
Owner's Equity Account                                     0
Retained Earnings-Prepetition                      2,136,090
Retained Earnings-Postpetition                       260,132
Adjustments to Owner Equity                                0
Postpetition Contributions                                 0
                                                -------------
Net Owner Equity                                   2,731,675
                                                -------------
Total Liabilities and Owner Equity                 $3,340,088
                                                =============

                    Cerium Laboratories LLC
                    Statement of Operations
                 For Month Ended March 29, 2009

Revenues
Gross Revenues                                      $597,258
Less: Returns & Allowances                                 0
                                                -------------
Net Revenue                                          597,258
Cost of Goods Sold                                          0
                                                -------------
Gross Profit                                          597,258
Operating Expenses
Advertising                                                0
Auto and Truck Expense                                     0
Bad Debts                                                  0
Contributions                                              0
Employee Benefits Programs                            35,078
Insider Compensation                                       0
Insurance                                                  0
Management Fees/Bonuses                                    0
Office Expense                                             0
Pension & Profit-sharing Plans                             0
Repairs and Maintenance                               32,653
Rent and Lease Expense                                33,572
Salaries/Commissions/Fees                            190,784
Supplies                                               5,540
Taxes-Payroll                                              0
Taxes-Real Estate                                      4,988
Taxes-Others                                               0
Travel and Entertainment                                   0
Utilities                                                  0
Other                                                 16,666
                                                -------------
Total Operating Expense Before Depreciation          319,280
Depreciation/Depletion/Amort.                          17,845
Net Profit(loss) Before Other
Income & Expenses                                     260,132

Other Income and Expenses
Other Income                                               0
Interest Expense                                           0
Other Expense                                              0
Net Profit(loss)Before                               260,132

Reorganization Items
Professional Fees                                          0
U.S. Trustee Quarterly Fees                                0
Income Taxes                                               0
                                                -------------
Net Profit(loss)                                     $260,132
                                                =============

                    Cerium Laboratories LLC
         Schedule of Cash Receipts and Disbursements
                 For Month Ended March 29, 2009

Cash Beginning of Month                               $27,953
Receipts
Customer Receipts                                    141,067
Intercompany Transfer                                      0
Other Receipts                                        10,740
                                                -------------
Total Receipts                                       151,807

Disbursements
Buildings                                                  0
Foundry & Subcon                                           0
Labor & Benefits                                           0
Material                                                   0
Other                                                    635
Outside Services                                           0
Repair & Maintenance                                   6,807
Capital Expenditures                                       0
Debt Obligations & Capital Leases                          0
Taxes Payable                                              0
Intercompany Transfers(debtor)                        70,000
Facility Closure Costs                                     0
                                                -------------
Total Disbursements                                   77,442

Net Cash Inflow/(Outflow)                              74,365
                                                -------------
Cash End of Month                                    $102,318
                                                =============

                       About Spansion Inc.

Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications.  Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.  Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel.  Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case.  As of September 30, 2008,
Spansion disclosed total assets of $3,840,000,000, and total
debts of $2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had $10 million to $50 million in assets and
$50 million to $100 million in debts.


SPANSION INC: Spansion International's Monthly Report for March
---------------------------------------------------------------

                  Spansion International Inc.
                          Balance Sheet
                       As of March 29, 2009

ASSETS
Unrestricted Cash & Cash Equivalents              $1,324,423
Restricted Cash & Cash Equivalents                     8,878
Accounts Receivable (net)                                  0
Notes Receivable                                           0
Inventories                                                0
Prepaid Expenses                                     142,700
Professional Retainers                                     0
Amount Due From Intercompany                               0
Other Current Assets                               6,258,594
                                                -------------
Total current assets                                7,734,596

Property and Equipment
Real Property & Improvements                       2,619,200
Machinery and Equipment                            1,994,723
Furniture, fixtures & Office Equipment               505,412
Leasehold Improvements                                     0
Vehicles                                                   0
Less Accumulated Depreciation                     (2,309,522)
                                                -------------
Total Property and Equipment                       2,809,812

Other Assets
Loans to Insiders                                          0
Other Assets                                         595,214
                                                -------------
Total Other Assets                                    595,214
                                                -------------
Total Assets                                      $11,139,622
                                                =============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable                                     $56,519
Taxes Payable                                              0
Wages Payable                                        381,467
Notes Payable                                        225,741
Rent/Lease                                                 0
Secured Debt                                               0
Professional Fees                                          0
Amounts Due to Insiders                                    0
Other Postpetition Liabilities                        40,004
                                                -------------
Total Postpetition Liabilities                        703,732
Liabilities Subject to Compromise (Prepetition)
Secured Debt                                               0
Priority Debt                                      2,567,330
Intercompany Payable                               1,458,191
Unsecured Debt                                     1,074,429
                                                -------------
Total Prepetition Liabilities                      5,099,950
                                                -------------
Total Liabilities                                   5,803,682
OWNER EQUITY
Capital Stock                                     (4,415,651)
Additional Paid-in Capital                                 0
Dividend                                          (4,574,812)
Partners' Capital Account                                  0
Owner's Equity Account                                     0
Retained Earnings-Prepetition                     14,134,680
Retained Earnings-Postpetition                       191,723
Adjustments to Owner Equity                                0
Postpetition Contributions                                 0
                                                -------------
Net Owner Equity                                   5,335,940
                                                -------------
Total Liabilities and Owner Equity                $11,139,622
                                                =============

                  Spansion International Inc.
                    Statement of Operations
                For Month Ended March 29, 2009

Revenues
Intercompay Revenue                               $1,261,510
Less: Returns & Allowances                                 0
                                                -------------
Net Revenue                                        1,261,510
Cost of Goods Sold                                          0
                                                -------------
Gross Profit                                        1,261,510

Operating Expenses
Advertising                                            5,951
Auto and Truck Expense                                43,314
Bad Debts                                                  0
Contributions                                              0
Employee Benefits Programs                           211,664
Insider Compensation                                       0
Insurance                                              5,429
Management Fees/Bonuses                               73,229
Office Expense                                        12,644
Pension & Profit-sharing Plans                        57,795
Repairs and Maintenance                                3,072
Rent and Lease Expense                               108,861
Salaries/Commissions/Fees                          1,002,779
Supplies                                               5,502
Taxes-Payroll                                            627
Taxes-Real Estate                                          0
Taxes-Others                                               0
Travel and Entertainment                              51,974
Utilities                                             22,249
Other Assets                                          61,139
                                                -------------
Total Operating Expense
Before Depreciation                                1,666,229
Depreciation/Depletion/Amort.                          76,688
Net Profit(loss) Before Other Income & Expenses      (481,408)

Other Income and Expenses
Other Income                                         723,989
Interest Expense                                        (524)
Other Expense                                              0
Net Profit(loss)Before Reorganization Items          242,057

Reorganization Items
Professional Fees                                          0
U.S. Trustee Quarterly Fees                                0
Income Taxes                                          50,335
                                                -------------
Net Profit(loss)                                     $191,723
                                                =============

                   Spansion International Inc.
          Schedule of Cash Receipts and Disbursements
                 For Month Ended March 29, 2009

Cash Beginning of Month                            $1,924,521
Receipts
Customer Receipts                                          0
Intercompany Transfer                              1,182,103
Other Receipts                                             0
                                                -------------
Total Receipts                                     1,182,103
Disbursements
Buildings                                            121,878
Foundry & Subcon                                           0
Labor & Benefits                                     936,723
Material                                                  73
Other                                                190,775
Outside Services                                      69,884
Repair & Maintenance                                     638
Capital Expenditures                                  94,261
Debt Obligations & Capital Leases                          0
Taxes                                                367,969
Facility Closure Costs                                     0
                                                -------------
Total Disbursements                                1,782,201
Net Cash Inflow/(Outflow)                            (600,098)
                                                -------------
Cash End of Month                                  $1,324,423
                                                =============

                       About Spansion Inc.

Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications.  Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.  Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel.  Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case.  As of September 30, 2008,
Spansion disclosed total assets of $3,840,000,000, and total
debts of $2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had $10 million to $50 million in assets and
$50 million to $100 million in debts.


SPANSION INC: Spansion Technology's Operating Report for March
--------------------------------------------------------------

                    Spansion Technology LLC
                         Balance Sheet
                     As of March 29, 2009

ASSETS
Unrestricted Cash & Cash Equiv.                           $0
Restricted Cash & Cash Equiv.                              0
Accounts Receivable (net)                                  0
Notes Receivable                                           0
Inventories                                                0
Prepaid Expenses                                           0
Professional Retainers                                     0
Amount Due From Intercompany                               0

Other Current Assets                             633,929,652
                                                -------------
Total current assets                              633,929,652

Property and Equipment
Real Property & Improvements                               0
Machinery and Equipment                                    0
Furniture, fixtures & Office Equip.                        0
Leasehold Improvements                                     0
Vehicles                                                   0
Less Accumulated Depreciation                              0
                                                -------------
Total Property and Equipment                               0
Other Assets
Loans to Insiders
OTHER ASSETS                                               0
                                                -------------
Total Other Assets                                          0
                                                -------------
Total Assets                                     $633,929,652
                                                =============

LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to
Compromise Postpetition
Accounts Payable                                          $0
Taxes Payable                                              0
Wages Payable                                              0
Notes Payable                                              0
Rent/Lease                                                 0
Secured Debt                                               0
Professional Fees                                          0
Amounts Due to Insiders                                    0
Other Postpetition Liabilities                             0
                                                -------------
Total Postpetition Liabilities                              0
Liabilities Subject to
Compromise Prepetition
Secured Debt                                               0
Priority Debt                                              0
Intercompany Payable                                       0
Unsecured Debt                                             0
                                                -------------
Total Prepetition Liabilities                              0
                                                -------------
Total Liabilities                                           0
OWNER EQUITY
Capital Stock                                    633,929,652
Additional Paid-in Capital                                 0
Dividend                                                   0
Partners' Capital Account                                  0
Owner's Equity Account                                     0
Retained Earnings-Prepetition                              0
Retained Earnings-Postpetition                             0
Adjustments to Owner Equity                                0
Postpetition Contributions                                 0
                                                -------------
Net Owner Equity                                 633,929,652
                                                -------------
Total Liabilities and Owner Equity               $633,929,652
                                                =============

Spansion Technology LLC tells the Court that its Balance Sheet is
to be completed on an accrual basis only.

Spansion Technology did not file a statement of operations and a
schedule of cash receipts and disbursements because it does not
have any employees, nor conducts any business that generates any
revenue.  It also does not file any separate income or payroll
tax returns.  However, it is included in Spansion Inc.'s federal
consolidated and California worldwide unitary tax returns.

                       About Spansion Inc.

Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications.  Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.  Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel.  Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case.  As of September 30, 2008,
Spansion disclosed total assets of $3,840,000,000, and total
debts of $2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had $10 million to $50 million in assets and
$50 million to $100 million in debts.



                           *********

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
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                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
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