/raid1/www/Hosts/bankrupt/TCR_Public/090606.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, June 6, 2009, Vol. 13, No. 155
Headlines
ASARCO LLC: Files Monthly Operating Report for April 2009
BEARINGPOINT INC: Posts $56.7 Million in April 2009
CHEMTURA CORP: Monthly Operating Report for March 2009
CHEMTURA CORP: Monthly Operating Report for April 2009
CHRYSLER LLC: Reports May 2009 Sales; Posted 47% Losses
FOAMEX INT'L: Posts $4.1 Million Net Loss in Month Ended April 26
GENERAL MOTORS: Consolidated Balance Sheet as of March 31, 2009
MAGNA ENTERTAINMENT: Posts $5.7MM Net Loss From March 30 - May 3
NORTEL NETWORKS: Earns $6MM for Period from April 1 to May 2
PFF BANCORP: Posts $81,630 Net Loss in April 2009
RH DONNELLEY: Balance Sheet as of March 31, 2009
TRIBUNE CO: Debtors' Monthly Operating Report -- Ending April 26
TROPICANA ENTERTANMENT: Monthly Operating Report for April 2009
VERASUN ENERGY: Posts $1.05 Billion Net Loss in April 2009
VISTEON CORP: Balance Sheet as of March 31, 2009
WASHINGTON MUTUAL: Monthly Operating Report for April 2009
*********
ASARCO LLC: Files Monthly Operating Report for April 2009
---------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of April 30, 2009
ASSETS
Current Assets:
Cash $1,291,165,000
Restricted Cash 27,131,000
Accounts receivable, net 100,832,000
Inventory 259,649,000
Prepaid expenses 6,927,000
Other current assets 6,675,000
---------------
Total Current Assets 1,692,379,000
Net property, plant and equipment 519,530,000
Other Assets:
Investments in subs & other investments 90,318,000
Advances to affiliates 443,000
Prepaid pension & retirement plan -
Other 35,292,000
---------------
Total assets $2,337,961,000
===============
LIABILITIES
Postpetition liabilities:
Account payable - trade $65,025,000
Accrued liabilities 1,187,798,000
---------------
Total postpetition liabilities 1,252,823,000
Prepetition liabilities:
Not subject to compromise - credit 3,433,000
Not subject to compromise - other 106,986,000
Advances from affiliates 24,165,000
Subject to compromise 2,816,729,000
---------------
Total prepetition liabilities 2,951,313,000
---------------
Total liabilities 4,204,136,000
===============
MEMBER'S EQUITY (DEFICIT):
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive loss (386,332,000)
Retained earnings: filing date (3,009,565,000)
---------------
Total prepetition member's equity (2,782,995,000)
Retained earnings: post-filing date 916,820,000
---------------
Total member's equity (net worth) (1,866,174,000)
Total liabilities and member's equity $2,337,961,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended April 30, 2009
Sales $90,130,000
Cost of products and services 68,861,000
---------------
Gross profit (loss) 21,269,000
Operating expenses:
Selling and general & admin. expenses 2,417,000
Depreciation & amortization 3,354,000
Accretion expense 98,000
---------------
Operating income (loss) 15,400,000
Interest expense 4,000
Interest income (458,000)
Reorganization expenses 7,062,000
Other miscellaneous (income) expense (2,216,000)
---------------
Income (loss) before taxes 11,009,000
Income taxes 4,321,000
---------------
Net income (loss) $6,688,000
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended April 30, 2009
Receipts $99,312,000
Disbursements:
Inventory material 22,318,000
Operating disbursements 64,958,000
Capital expenditures 7,400,000
---------------
Total operating disbursements 94,676,000
Operating cash flow 4,636,000
Reorganization disbursements 4,101,000
---------------
Net cash flow 535,000
Net (borrowings) payments to secured Lenders -
---------------
Net change in cash 535,000
Beginning cash balance 1,317,760,000
---------------
Ending cash balances $1,318,296,000
===============
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).
ASARCO LLC filed a plan of reorganization on July 31, 2008,
premised on the sale of the Debtors' assets to Sterlite USA for
$2.6 billion. By October 2008, ASARCO LLC informed the Court that
Sterlite refused to close the proposed sale and thus, the Original
Plan could not be confirmed. The parties has since renewed their
purchase and sale agreement and ASARCO LLC has obtained Court
approval of a settlement and release contained in the new PSA for
the sale of the ASARCO assets for $1.1 billion in cash and a $600
million note.
Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted its own plan which allows it to keep its equity
interest in ASARCO LLC by offering full payment to ASARCO's
creditors. AMC offered provide up to $2.7 billion in cash and a
$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)
BEARINGPOINT INC: Posts $56.7 Million in April 2009
---------------------------------------------------
On June 1, 2009, BearingPoint, Inc., and certain of its domestic
U.S. subsidiaries filed their unaudited monthly operating report
for the month ended April 30, 2009, with the United States
Bankruptcy Court for the Southern District of New York.
BearingPoint reported a net loss before affiliate earnings (loss)
of $56.7 million on revenue of $132.7 million.
At April 30, 2009, BearingPoint had $1.20 billion in total assets
and $2.27 billion in total liabilities.
A full-text copy of the Debtors' monthly operating report for
April 2009 is available at http://researcharchives.com/t/s?3d9f
About BearingPoint Inc.
BearingPoint, Inc. -- http://www.BearingPoint.com/-- is currently
one of the world's largest providers of management and technology
consulting services to Global 2000 companies and government
organizations in more than 60 countries worldwide. Based in
McLean, Va., BearingPoint -- a former consulting arm of KPMG LLP -
- has approximately 15,000 employees focusing on the Public
Services, Commercial Services and Financial Services industries.
BearingPoint professionals have built a reputation for knowing
what it takes to help clients achieve their goals, and working
closely with them to get the job done. The Company's service
offerings are designed to help clients generate revenue, increase
cost-effectiveness, manage regulatory compliance, integrate
information and transition to "next-generation" technology.
BearingPoint, Inc., fka KPMG Consulting, Inc., together with its
units, filed for Chapter 11 protection on February 18, 2009
(Bankr. S.D. N.Y., Case No. 09-10691). Alfredo R. Perez, Esq., at
Weil Gotshal & Manges LLP, has been tapped as counsel. Greenhill
& Co., LLC, and AP Services LLC, have also been tapped as
advisors. Davis Polk & Wardell is special corporate counsel.
BearingPoint disclosed total assets of $1,762,689,000, and debts
of $2,231,839,000 as of September 30, 2008.
Contemporaneous with their bankruptcy petitions, the Debtors filed
a pre-packaged Joint Plan of Reorganization under Chapter 11 to
implement the terms of their agreement with the secured lenders.
BearingPoint intended a traditional reorganization by proposing to
issue new stock to unsecured creditors and holders of $690 million
in subordinated notes, pursuant to a Chapter 11 plan. The
Debtors, however, changed their course and sold off certain units.
The Debtors sold their public services group to Deloitte LLP for
$350 million.
CHEMTURA CORP: Monthly Operating Report for March 2009
-------------------------------------------------------
Chemtura Corporation and its debtor-affiliates filed with the
U.S. Bankruptcy Court for the Southern District of New York their
combined balance sheets as of March 31, 2009, and their combined
statements of operations and statements of cash flows for the
period from March 1 to 31, 2009.
In a filing with the Securities and Exchange Commission, Chemtura
cautioned its investors and potential investors not to place
undue reliance on the information in the Monthly Operating
Report, saying that the statements in the Report were not
prepared for the purpose of providing the basis for an investment
decision, relating to any of the securities of any of Chemtura or
its subsidiaries, or any other affiliate of Chemtura.
"There can be no assurance that, from the perspective of an
investor or potential investor in Chemtura's securities, the
Monthly Operating Report is complete," said Billie S. Flaherty,
senior vice president, general counsel and corporate secretary of
Chemtura said. Ms. Flaherty also disclosed that the Operating
Report was not audited or reviewed by independent accountants, as
is prescribed by applicable bankruptcy laws, and is subject to
future adjustment and reconciliation.
Moreover, the Operating Report contains information for periods
which are shorter or otherwise different from those required in
Chemtura's reports pursuant to the Securities Exchange Act of
1934, as amended, she added, saying those information might not
be indicative of Chemtura's financial condition or operating
results for the period that would be reflected in Chemtura's
financial statements or in its reports pursuant to the Exchange
Act. Results set forth in the Monthly Operating Report should
not be viewed as indicative of future results, Ms. Flaherty
warned users of the report.
Chemtura Corporation, et al.
Condensed Combined Balance Sheets (Unaudited)
As of March 31, 2009
Assets
Current Assets $648,000,000
Intercompany receivables 387,000,000
Investment in subsidiaries 1,883,000,000
Property, plan and equipment 504,000,000
Goodwill 149,000,000
Other assets 429,000,000
--------------
Total assets $4,000,000,000
==============
Liabilities and Stockholders' Equity
Current liabilities 260,000,000
Intercompany payables 12,000,000
Other long-term liabilities 35,000,000
--------------
Total liabilities
not subject to compromise 307,000,000
Liabilities subject to compromise 3,355,000,000
Total stockholders' equity 338,000,000
--------------
Total liabilities
and stockholders' equity $4,000,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Operations (Unaudited)
For the Period from March 1 to 31, 2009
Net sales $140,000,000
Cost of goods sold 132,000,000
Selling, general and
administrative expenses 17,000,000
Depreciation and amortization 9,000,000
Research and development 1,000,000
Antitrust costs 1,000,000
-------------
Operating loss (20,000,000)
Interest expense (6,000,000)
Other expense (4,000,000)
Reorganization items, net (40,000,000)
Equity in net earnings (loss)
of subsidiaries 14,000,000
-------------
Loss before income taxes ($56,000,000)
Income tax expense (2,000,000)
-------------
Net loss ($58,000,000)
=============
Chemtura Corporation, et al.
Condensed Combined Statement of Cash Flows (Unaudited)
For the Period from March 1 to 31, 2009
Cash Flows from Operating Activities
Net loss ($58,000,000)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation and amortization 9,000,000
Stock-based compensation expense (1,000,000)
Reorganization items, net 40,000,000
Changes in assets and debts, net (74,000,000)
------------
Net cash used
in operating activities (84,000,000)
Cash flows from Investing Activities
Capital expenditures (2,000,000)
------------
Cash Flows from Financing Activities
Proceeds from DIP facility 165,000,000
Proceeds from credit facility (1,000,000)
Payments of long-term borrowings (1,000,000)
Deferred debt issuance costs (19,000,000)
------------
Net cash provided
by financing activities 144,000,000
------------
Change in cash and cash equivalents 58,000,000
Cash and cash equivalents, beg. 8,000,000
------------
Cash and cash equivalents, end $66,000,000
============
About Chemtura Corp
Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.
Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D. N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel. The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.
As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.
Bankruptcy Creditors' Service, Inc., publishes Chemtura Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Chemtura Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
CHEMTURA CORP: Monthly Operating Report for April 2009
------------------------------------------------------
Chemtura Corporation, Et Al.
Condensed Combined Balance Sheets (Unaudited)
As of April 30, 2009
Assets
Current Assets $666,000,000
Intercompany receivables 378,000,000
Investment in subsidiaries 1,917,000,000
Property, plan and equipment 498,000,000
Goodwill 149,000,000
Other assets 428,000,000
--------------
Total assets $4,036,000,000
==============
Liabilities and Stockholders' Equity
Current liabilities 309,000,000
Intercompany payables 10,000,000
Other long-term liabilities 157,000,000
-------------
Total liabilities
not subject to compromise 476,000,000
Liabilities
subject to compromise 3,203,000,000
Total stockholders' equity 357,000,000
--------------
Total liabilities
and stockholders' equity $4,036,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Operations (Unaudited)
For the Period from April 1 to 30, 2009
Net sales $142,000,000
Cost of goods sold 120,000,000
Selling, general and
administrative expenses 14,000,000
Depreciation and amortization 9,000,000
Research and development 2,000,000
Antitrust costs 0
------------
Operating loss (3,000,000)
Interest expense (5,000,000)
Other expense (4,000,000)
Reorganization items, net (1,000,000)
Equity in net earnings (loss)
of subsidiaries (1,000,000)
------------
Loss before income taxes (14,000,000)
Income tax expense 0
-------------
Net loss ($14,000,000)
=============
Chemtura Corporation, et al.
Condensed Combined Statement of Cash Flows (Unaudited)
For the Period from April 1 to 30, 2009
Cash Flows from Operating Activities
Net loss ($14,000,000)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation and amortization 9,000,000
Stock-based compensation expense -
Reorganization items, net 1,000,000
Changes in assets and debts, net (18,000,000)
------------
Net cash used in
operating activities (22,000,000)
Cash flows from Investing Activities
Capital expenditures (1,000,000)
------------
Cash Flows from Financing Activities
Proceeds from DIP facility 0
Proceeds from credit facility 9,000,000
Payments of long-term borrowings (9,000,000)
Deferred debt issuance costs 0
------------
Net cash provided
by financing activities 0
------------
Change in cash and cash equivalents (23,000,000)
Cash and cash equivalents, beg. 66,000,000
------------
Cash and cash equivalents, end $43,000,000
============
In a Form 8-K filed with the Securities and Exchange Commission,
Chemtura Corporation warned its investors and potential investors
not to place undue reliance on the information contained in the
Monthly Operating Report, as "they were not prepared for the
purpose of providing the basis for an investment decision"
relating to any of the securities of any of Chemtura or its
subsidiaries, or any other affiliate of Chemtura. The Monthly
Operating Report should not be viewed as indicative of future
results, said Billie S. Flaherty, Chemtura's senior vice
president, general counsel and corporate secretary, noting that
the Operating Report was not audited or reviewed by independent
accountants, so that its completeness cannot be assured. The
Monthly Operating Report should not be viewed as indicative of
future results, she said.
About Chemtura Corp
Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.
Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D. N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel. The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.
As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.
Bankruptcy Creditors' Service, Inc., publishes Chemtura Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Chemtura Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
CHRYSLER LLC: Reports May 2009 Sales; Posted 47% Losses
-------------------------------------------------------
Chrysler LLC reported May U.S. total sales of 79,010 units,
representing the best retail sales month of 2009 and a retail
performance that was better than the industry average. Compared
to May 2008, retail sales decreased 30%. During the month of May,
Chrysler LLC did not produce any vehicles for fleet sales which
resulted in a fleet sales reduction of 90% year-over-year for the
same period.
"We are pleased that consumers responded to Chrysler's
reorganization by purchasing our products, resulting in our best
retail sales month of the year," said Jim Press, Vice Chairman and
President of Chrysler LLC. "Overall our sales were above
expectations during this month of transition."
On June 1, the U.S. Bankruptcy Court approved the sale of the
majority of Chrysler LLC's assets to a new company, Chrysler Group
LLC in alliance with Fiat S.p.A.
"The uncertainty that has been surrounding Chrysler for the last
few months is coming to an end, and a vibrant, new company is
beginning to take shape," Press added. "One that will better
serve our customers and dealers with a broader and more
competitive lineup of environmentally friendly, fuel-efficient,
high-quality vehicles."
May Sales Highlights
* May was the best retail sales month of 2009, with 74,741
retail units sold
* Chrysler's retail market share is higher than May of last
year and also stronger than last month
* Jeep Wrangler continued its strong upward sales trend for
the fifth month in a row, with May retail sales up 4
% year-over-year compared to May 2008 and up 8
% compared to the previous month. Wrangler also
increased its share of the segment for the fifth month in
a row
* Chrysler brand retail sales improved 32% compared
to the previous month
* Dodge brand retail sales increased 23% compared to
the previous month
* Jeep brand retail sales were up 21% compared to
April 2009
"May was a very encouraging retail month for Chrysler and the
industry," said Steven Landry, Executive Vice President North
American Sales and Marketing, Service and Parts of Chrysler LLC.
"Retail sales for the industry came in stronger than expected and
our retail performance during our restructuring was even stronger
than the industry, giving us improved share and optimism that the
market is showing signs of life."
Compared to the same time period in 2008, Chrysler LLC's total
sales decreased 47%. The Company finished the month with 260,407
units representing an 86 day supply. Inventory is down 37%
compared with May 2008 when it totaled 412,009 units.
Product Redistribution
Chrysler is taking actions to assist in the redistribution of
remaining eligible inventory of dealers who had their sales and
service agreements rejected. The inventory from the rejected
dealers will be matched with dealers who are moving forward with
the new company and need to replenish their inventory or acquire
inventory for additional brand lines they may add.
Chrysler LLC U.S. Sales Summary Thru May 2009
---------------------------------------------
Month Sales Vol %
Model Curr Yr Pr Yr Change
----- ------- ----- ------
Sebring 1,977 7,124 -72%
300 3,679 4,763 -23%
Crossfire 58 250 -77%
PT Cruiser 1,276 5,203 -75%
Aspen 678 2,037 -67%
Pacifica 347 530 -35%
Town & Country 7,972 12,869 -38%
CHRYSLER BRAND 15,987 32,776 -51%
-------------- ------ ------ ---
Compass 936 3,114 -70%
Patriot 2,347 8,199 -71%
Wrangler 9,294 9,260 0%
Liberty 4,615 6,228 -26%
Grand Cherokee 3,480 6,979 -50%
Commander 952 2,061 -54%
JEEP BRAND 21,624 35,841 -40%
---------- ------ ------ ---
Caliber 2,991 12,856 -77%
Avenger 2,512 6,354 -60%
Charger 4,082 10,134 -60%
Challenger 2,695 71 3696%
Viper 44 126 -65%
Magnum 8 274 -97%
Dakota 863 3,605 -76%
Ram P/U 15,516 19,727 -21%
Journey 4,023 7,520 -47%
Caravan 5,660 13,655 -59%
Durango 596 1,360 -56%
Nitro 1,845 2,667 -31%
Sprinter 564 1,781 -68%
DODGE BRAND 41,399 80,130 -48%
----------- ------ ------ ---
TOTAL CHRYSLER LLC 79,010 148,747 -47%
TOTAL CAR 18,046 42,124 -57%
TOTAL TRUCK 60,964 106,623 -43%
----------- ------ ------- ---
Selling Days 26 27
------------ -- --
Sales CYTD Vol %
Model Curr Yr Pr Yr Change
----- ------- ----- ------
Sebring 8,933 42,911 -79%
300 16,382 35,486 -54%
Crossfire 235 905 -74%
PT Cruiser 7,488 26,614 -72%
Aspen 4,484 12,289 -64%
Pacifica 1,486 3,888 -62%
Town & Country 36,559 57,973 -37%
CHRYSLER BRAND 75,567 180,066 -58%
-------------- ------ ------- ---
Compass 4,795 16,318 -71%
Patriot 10,733 31,795 -66%
Wrangler 44,080 39,773 11%
Liberty 19,890 35,917 -45%
Grand Cherokee 19,467 36,739 -47%
Commander 4,875 14,352 -66%
JEEP BRAND 103,840 174,894 -41%
---------- ------- ------- ---
Caliber 13,769 53,012 -74%
Avenger 12,430 37,266 -67%
Charger 25,972 50,173 -48%
Challenger 13,713 71 19214%
Viper 289 515 -44%
Magnum 85 6,061 -99%
Dakota 6,098 14,936 -59%
Ram P/U 80,038 112,795 -29%
Journey 22,153 17,569 26%
Caravan 35,927 61,591 -42%
Durango 2,458 13,186 -81%
Nitro 8,414 21,321 -61%
Sprinter 2,147 6,913 -69%
DODGE BRAND 223,493 395,409 -43%
----------- ------- ------- ---
TOTAL CHRYSLER LLC 402,900 750,369 -46%
TOTAL CAR 91,810 227,289 -60%
TOTAL TRUCK 311,090 523,080 -41%
----------- ------- ------- ---
Selling Days 127 129
------------ --- ---
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.
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 U.S. Government told Chrysler March 31, 2009, it would provide
up to $6 billion in financing if (i) Chrysler and Fiat SpA could
complete a deal by the end of April -- on top of the
$4 billion Chrysler has already received -- and (ii) Chrysler
would obtain concessions from constituents to establish a viable
out-of-court plan.
On April 30, Chrysler LLC and 24 affiliates sought Chapter 11
protection from creditors (Bankr. S.D. N.Y (Mega-case), Lead Case
No. 09-50002). U.S. President Barack Obama said that Chrysler had
to file for bankruptcy after the automaker's smaller
lenders, including hedge funds that he didn't name -- "a small
group of speculators" -- refused to make the concessions agreed to
by the Company's major debt holders and workers.
In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.
Chrysler has hired Jones Day, as lead counsel; Togut Segal & Segal
LLP, as conflicts counsel; Capstone Advisory Group LLC, and
Greenhill & Co. LLC, for financial advisory services; and Epiq
Bankruptcy Solutions LLC, as its claims agent.
Chrysler says that as of December 31, 2008, it had
$39,336,000,000 in assets and $55,233,000,000 in debts. Chrysler
had $1.9 billion in cash at that time.
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)
FOAMEX INT'L: Posts $4.1 Million Net Loss in Month Ended April 26
-----------------------------------------------------------------
On May 26, 2009, Foamex International Inc. filed a monthly
operating report for the reporting period ended April 26, 2009,
with the United States Bankruptcy Court for the District of
Delaware.
Foamex International and debtor subsidiaries reported a net loss
of $4.1 million on net sales of $42.5 million for the month ended
April 26, 2009.
At April 26, 2009, the Debtors had total assets $252.1 million and
total liabilities $583.0 million.
A full-text copy of the monthly operating report is available for
free at http://researcharchives.com/t/s?3d9c
Foamex International Inc. (FMXL) -- http://www.foamex.com/--
headquartered in Media, PA, produces polyurethane foam-based
solutions and specialty comfort products. The Company services
the bedding, furniture, carpet cushion and automotive markets and
also manufactures high-performance polymers for diverse
applications in the industrial, aerospace, defense, electronics
and computer industries.
Foamex and eight affiliates first filed for Chapter 11 protection
on September 19, 2005 (Bankr. Del. Case Nos. 05-12685 through
05-12693). On February 2, 2007, the U.S. Bankruptcy Court for the
District of Delaware confirmed the Debtors' reorganization plan.
The Plan became effective and the Company emerged from Chapter 11
bankruptcy on February 12, 2007.
Foamex missed $7.3 million in interest payments due at the end of
the January 21 grace periods on the Company's $325 million first-
lien term loan and the $47 million second-lien term loan.
On February 18, 2009, Foamex International Inc. and seven
affiliates filed separate voluntary Chapter 11 petitions (Bankr.
D. Del. Lead Case No. 09-10560). The Hon. Kevin J. Carey presides
over the cases. Ira S. Dizengoff, Esq., Phillip M. Abelson, Esq.,
and Brian D. Geldert, Esq., at Akin Gump Strauss Hauer, in New
York, represent the Debtors as counsel. Mark E. Felger, Esq., and
Jeffrey R. Waxman, Esq., at Cozen O'Connor, in Wilmington,
Delaware, represent the Debtors as Delaware counsel. Investment
banker is Houlihan Lokey; accountant is McGladrey & Pullen LLP;
and claims and noticing agent is Epiq Bankruptcy Solutions LLC.
Sharon L. Levine, Esq., at Lowenstein Sandler, is counsel to the
Official Committee of Unsecured Creditors. David M. Fournier,
Esq., Evelyn J. Meltze, Esq., and Leigh-Anne M. Raport, Esq., at
Pepper Hamilton LLP, is the Committee's Delaware counsel. As of
September 28, 2008, the Debtors had $363,821,000 in assets, and
$379,710,000 in debts.
GENERAL MOTORS: Consolidated Balance Sheet as of March 31, 2009
---------------------------------------------------------------
General Motors Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
As of March 31, 2009
ASSETS
Current Assets
Cash and cash equivalents $11,448,000,000
Marketable securities 132,000,000
---------------
Total cash and marketable securities 11,580,000,000
Accounts and notes receivable, net 7,567,000,000
Inventories 11,606,000,000
Equipment on operating leases, net 3,430,000,000
Other current assets & deferred income taxes 2,593,000,000
---------------
Total current assets 36,776,000,000
Non-current assets
Equity in net assets of
nonconsolidated affiliates 2,447,000,000
Property, net 37,625,000,000
Goodwill and intangible assets, net 242,000,000
Deferred income taxes 89,000,000
Prepaid pension 106,000,000
Equipment on operating leases, net 375,000,000
Other assets 4,630,000,000
---------------
Total non-current assets 45,514,000,000
---------------
Total Assets $82,290,000,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts payable $18,253,000,000
Short-term debt and current
portion of long-term debt 25,556,000,000
Accrued expenses 36,989,000,000
---------------
Total current liabilities 80,798,000,000
Non-current Liabilities
Long-term debt 28,846,000,000
Post-retirement benefits
other than pensions 22,503,000,000
Pensions 24,476,000,000
Other liabilities & deferred income taxes 16,187,000,000
---------------
Total non-current liabilities 92,012,000,000
---------------
Total Liabilities 172,810,000,000
Commitments and contingencies -
Stockholders' Deficit:
Preferred stock, no par -
Preferred stock, $0.10 par value -
Common stock 1,018,000,000
Capital surplus 16,489,000,000
Accumulated deficit (76,703,000,000)
Accumulated other comprehensive loss (31,946,000,000)
---------------
Total GM stockholders' deficit (91,142,000,000)
Non-controlling interest 622,000,000
---------------
Total stockholders' deficit (90,520,000,000)
---------------
Total Liabilities and Stockholders' Deficit $82,290,000,000
===============
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.
As reported by the Troubled Company Reporter, GM reported net loss
of $6.0 billion, including special items, in the first quarter of
2009. This compares with a reported net loss of
$3.3 billion in the year-ago quarter. As of March 31, 2009, GM
had $82.2 billion in total assets and $172.8 billion in total
liabilities, resulting in $90.5 billion in stockholders' deficit.
On April 27, General Motors presented the U.S. Department of
Treasury with an updated plan as required by the loan agreement
signed by GM and the U.S. Treasury on December 31, 2008. The plan
addresses the key restructuring targets required by the loan
agreement, including a number of the critical elements of the plan
that was submitted to the U.S. government on December 2, 2008.
Among these are: U.S. market competitiveness; fuel economy and
emissions; competitive labor cost; and restructuring of the
company's unsecured debt. It also includes a timeline for
repayment of the Federal loans, and an analysis of the Company's
positive net present value. The plan details the future reduction
of GM's vehicle brands and nameplates in the U.S., further
consolidation in its workforce and dealer network, accelerated
capacity actions and enhanced manufacturing competitiveness, while
maintaining GM's strong commitment to high-quality, fuel-efficient
vehicles and advanced propulsion technologies. A full-text copy
of GM's viability plan presented in February 2009 is available at
http://researcharchives.com/t/s?39a4
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026). The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer. GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors. GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.
MAGNA ENTERTAINMENT: Posts $5.7MM Net Loss From March 30 - May 3
----------------------------------------------------------------
On May 29, 2009, Magna Entertainment Corp. and several other
direct and indirect U.S. subsidiaries filed their monthly
operating report for the period from March 30, 2009, to May 3,
2009, with the United States Bankruptcy Court for the District of
Delaware.
Magna Entertainment reported a net loss of $5,744,645 on zero
revenue for the period from March 30, 2009, to May 3, 2009,
Cumulative filing to date net loss was $16,283,701 on zero
revenue.
At May 3, 2009, the Company had $1,049,876,700 in total assets,
$475,318,304 in total liabilities, and $574,558,396 in net owner
equity.
A full-text copy of the monthly operating report is available for
free at http://researcharchives.com/t/s?3d9a
About Magna Entertainment
Based in Aurora, Ontario, Magna Entertainment Corp. is North
America's largest owner and operator of horse racetracks based on
revenue. The Company develops, owns and operates horse racetracks
and related pari-mutuel wagering operations, including off-track
betting facilities. MEC also develops, owns and operates casinos
in conjunction with its racetracks where permitted by law.
MEC owns and operates AmTote International, Inc., a provider of
totalisator services to the pari-mutuel industry, XpressBet(R), a
national Internet and telephone account wagering system, as well
as MagnaBet(TM) internationally. Pursuant to joint ventures, MEC
has a fifty% interest in HorseRacing TV(R), a 24-hour horse racing
television network, and TrackNet Media Group LLC, a content
management company formed for distribution of the full breadth of
MEC's horse racing content.
As of December 31, 2008, the Company had total assets of
$1,049,387,000 and total debts of $958,591,000.
Following its failure to meet obligations to lenders led by PNC
Bank, National Association, and Wells Fargo Bank, National
Association, and controlling shareholder MI Developments Inc.'s
decision not to provide further financial backing, Magna
Entertainment Corp. and 24 affiliates filed for Chapter 11 on
March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720).
Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges LLP, have been engaged as bankruptcy counsel.
L. Katherine Good, Esq., and Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., are the Debtors' local counsel. Miller
Buckfire & Co. LLC, has been tapped as financial advisor and
Kurtzman Carson Consultants LLC, as claims agent.
NORTEL NETWORKS: Earns $6MM for Period from April 1 to May 2
----------------------------------------------------------
On May 29, 2009, Nortel Networks Inc., and certain of its U.S.
affiliates, filed their monthly operating report for the period
from April 1, 2009, to May 2, 2009, with the U.S. Bankruptcy
Court for the District of Delaware,
For the period, Nortel Networks Inc. reported net income of
$6 million on total revenues of $250 million.
At May 2, 2009, Nortel Networks Inc. reported $2.91 billion
in total assets, $7.25 billion in total liabilities, and
$4.34 billion in shareholders' deficit.
A full-text copy of the Debtors' monthly operating report for the
for the period from April 1, 2009, to May 2, 2009, is available at
http://researcharchives.com/t/s?3d9b
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)
PFF BANCORP: Posts $81,630 Net Loss in April 2009
-------------------------------------------------
On May 19, 2009, and May 27, 2009, PFF Bancorp, Inc., et al.,
filed their monthly operating reports for the month ended
April 30, 2009, with the U.S. Bankruptcy Court for the
District of Delaware.
PFF Bancorp reported a net loss of $81,630 on zero revenue for the
month of April 2009. Net Loss for the period from
December 5, 2008, to April 30, 2009, was $417,110 on total income
of $10,563.
At April 30, 2009, PFF Bancorp had total assets of
$159.6 million, total liabilities of $117.4 million, and total
equity of $42.2 million.
A full-text copy of the Debtors' monthly operating report for the
month of April 2009, is available at:
http://researcharchives.com/t/s?3d99
PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non-
diversified unitary savings and loan holding company within the
meaning of the Home Owners' Loan Act with headquarters formerly
located in Rancho Cucamonga, California. Bancorp is the direct
parent of each of the remaining Debtors.
Prior to filing for bankruptcy, Bancorp was also the direct parent
of PFF Bank & Trust, a federally chartered savings institution,
and said bank's subsidiaries.
PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on December 5, 2008 (Bankr. D. Del. Case No. 08-13127 to
08-13131). Chun I. Jang, Esq., and Paul N. Heath, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors in their
restructuring efforts. Kurtzman Carson Consultants LLC serves as
the Debtors' claims agent. Jason W. Salib, Esq., at Blank Rome
LLP, represents the official committee of unsecured creditors as
counsel.
RH DONNELLEY: Balance Sheet as of March 31, 2009
------------------------------------------------
R.H. Donnelley Corporation & Subsidiaries
Condensed Consolidated Balance Sheet
As of March 31, 2009
ASSETS
Current Assets
Cash and cash equivalents $533,301,000
Accounts receivable
Billed 279,024,000
Unbilled 770,501,000
Allowance for doubtful accounts & sales claims (50,886,000)
---------------
Net accounts receivable 998,639,000
Deferred directory costs 163,192,000
Short-term deferred income taxes, net 99,047,000
Prepaid expenses and other current assets 67,699,000
---------------
Total current assets 1,861,878,000
Fixed assets and computer software, net 178,408,000
Other non-current assets 154,393,000
Intangible assets, net 9,880,887,000
---------------
Total Assets $12,075,566,000
===============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities $180,650,000
Accrued interest 175,649,000
Deferred directory revenues 1,034,025,000
Current portion of long-term debt 408,568,000
---------------
Total current liabilities 1,798,892,000
Long-term debt 9,550,048,000
Deferred income taxes, net 1,366,072,000
Other non-current liabilities 250,888,000
---------------
Total liabilities 12,965,900,000
Commitments and contingencies
Shareholders' Equity
Common stock 88,169,000
Additional paid-in capital 2,435,265,000
Accumulated deficit (3,085,077,000)
Treasury stock (256,225,000)
Accumulated other comprehensive loss (72,466,000)
---------------
Total shareholders' equity (deficit) (890,334,000)
Total liabilities & Shareholders' Deficit $12,075,566,000
===============
About R.H. Donnelley
Headquartered in Cary, North Carolina, R.H. Donnelley Corp., fka
The Dun & Bradstreet Corp., -- http://www.rhdonnelley.com/--
(NYSE: RHD) publishes and distributes print and online directories
in the U.S. It offers print directory advertising products, such
as yellow pages and white pages directories. R.H. Donnelley Inc.,
Dex Media, Inc., and Local Launch, Inc., are the company's only
direct wholly owned subsidiaries.
KPMG LLP, the Company's independent auditor, in March 2009, raised
substantial doubt on the Company's ability to continue as a going
concern. "The Company has significant amounts of maturing debt
which it may be unable to satisfy commencing March 31, 2010,
significant negative impacts on operating results and cash flows
from the overall downturn in the global economy and higher
customer attrition, and possible debt covenant violations in 2009
that raise substantial doubt about its ability to continue as a
going concern," KPMG said in its March 27 report. R.H. Donnelley
reported a net loss of $2.29 billion for the year ended December
31, 2008, on net revenues of $2.61 billion.
As of March 31, 2009, the Company had $929,829,000 in total assets
and $1,023,526,000 in total liabilities, resulting in $93,697,000
in total shareholders' deficit.
R.H. Donnelley Corp. and 19 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11833
through 09-11852) after missing a $55 million interest payment on
its senior unsecured notes due April 15. James F. Conlan, Esq.,
Larry J. Nyhan, Esq., Jeffrey C. Steen, Esq., Jeffrey E. Bjork,
Esq., and Peter K. Booth, Esq., at Sidley Austin LLP, in Chicago,
Illinois represent the Debtors in their restructuring efforts.
Edmon L. Morton, Esq., and Robert S. Brady, Esq., at Young,
Conaway, Stargatt & Taylor LLP, in Wilmington, Delaware, serve as
the Debtors' local counsel. The Debtors' financial advisor is
Deloitte Financial Advisory Services LLP while its investment
banker is Lazard Freres & Co. LLC.
Bankruptcy Creditors' Service, Inc., publishes R.H. Donnelley
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of R.H. Donnelley Corp. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TRIBUNE CO: Debtors' Monthly Operating Report -- Ending April 26
----------------------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of April 26, 2009
ASSETS
Current Assets:
Cash and cash equivalents $717,031,000
Accounts receivable, net 51,383,000
Inventories 30,580,000
Broadcast rights 215,210,000
Prepaid expenses and other 84,734,000
---------------
Total current assets 1,098,938,000
Property, plant and equipment, net 1,343,012,000
Other Assets:
Broadcast rights 186,321,000
Goodwill & other intangible assets 3,160,215,000
Prepaid pension costs 1,014,000
Investments in non-debtor units 1,125,528,000
Other investments 22,664,000
Intercompany receivables from
non-debtors 4,714,892,000
Other 104,623,000
---------------
Total Assets $11,757,207,000
===============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Contracts payable for broadcast rights $20,841,000
Current portion of long-term debt 2,370,000
Accounts payable, accrued expenses, and other 206,437,000
--------------
Total current liabilities 229,648,000
Pension obligations 198,470,000
Long-term debt 11,474,000
Other obligations 287,911,000
---------------
Total Liabilities 727,503,000
Liabilities Subject to Compromise:
Intercompany payables to
non-debtors 4,457,910,000
Obligations to third parties 13,808,527,000
---------------
Total Liabilities Subject to Compromise 18,266,437,000
Shareholders' Equity (Deficit) (7,236,733,000)
---------------
Total Liabilities & Shareholders' Equity $11,757,207,000
===============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period March 30 through April 26, 2009
Total Revenue $235,310,000
Operating Expenses:
Cost of sales 132,975,000
Selling, general and administrative 86,176,000
Depreciation 12,683,000
Amortization of intangible assets 1,659,000
-------------
Total operating assets 233,493,000
-------------
Operating Loss 1,817,000
-------------
Net loss on equity investments 324,000
Interest income, net (664,000)
Management fee (1,647,000)
Non-operating loss, net (4,380,000)
-------------
Loss before income taxes and
reorganization costs (4,550,000)
Reorganization costs (3,629,000)
-------------
Loss before income taxes (8,179,000)
Income taxes 127,000
-------------
Net loss ($8,052,000)
=============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period March 30 through April 26, 2009
Beginning Cash Balance $710,942,000
Cash Receipts:
Operating receipts 248,641,000
Other 0
-------------
Total Cash Receipts 248,641,000
Cash Disbursements
Compensation and benefits 80,782,000
General disbursements 150,566,000
Reorganization, interest & fees 2,178,000
-------------
Total Disbursements 233,526,000
-------------
Debtors' Net Cash Flow 15,116,000
From/(To) Non-Debtors (11,697,000)
-------------
Net Cash Flow 3,419,000
Other (3,416,000)
-------------
Ending Available Cash Balance $710,944,000
=============
About Tribune Co.
Headquartered in Chicago, Illinois, Tribune Company --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball
team. The Company and 110 of its affiliates filed for Chapter 11
protection on December 8, 2008 (Bankr. D. Del. Lead Case No.
08-13141). The Debtors proposed Sidley Austion LLP as their
counsel; Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware
counsel; Lazard Ltd. and Alvarez & Marsal North Americal LLC as
financial advisors; and Epiq Bankruptcy Solutions LLC as claims
agent. As of December 8, 2008, the Debtors have $7,604,195,000 in
total assets and $12,972,541,148 in total debts.
Bankruptcy Creditors' Service, Inc., publishes Tribune
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TROPICANA ENTERTANMENT: Monthly Operating Report for April 2009
---------------------------------------------------------------
Tropicana Entertainment, LLC
Balance Sheet
As of April 30, 2009
ASSETS
Current Assets
Accounts receivable - trade $443,000
Cash & temporary cash investments 19,372,000
Restricted cash 2,200,000
Deposits 11,780,000
Inventories 0
Other receivables 0
Prepaid expenses 514,000
--------------
Total Current Assets 34,309,000
Property and Equipment
Buildings 0
Construction in progress 0
Furniture & fixtures 2,159,000
Land 0
Riverboats, barges & ramps 0
Vehicles 0
--------------
Total Property and Equipment 2,159,000
Reserve for Depreciation
Boats, barges & ramp reserve for depreciation 0
Building reserve for depreciation 0
Furn. & fixtures reserve for depreciation (64,000)
Gaming entertainment reserve for depreciation 0
Vehicle reserve for depreciation 0
--------------
Total Reserve for Depreciation (64,000)
Other Assets
Investments 2,775,215,000
Other assets 751,000
--------------
Total Other Assets 2,775,966,000
--------------
TOTAL ASSETS $2,812,371,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts payable $19,568,000
Accrued other expenses 1,040,000
Accrued payroll 1,029,000
Deferred income 0
Notes payable - Evansville 0
Payroll taxes payable 0
Sales tax payable 0
Current portion of long-term debt due 1 Yr 0
Amounts due to affiliated guarantors 34,200,000
--------------
Total Current Liabilities 55,844,000
Long Term Debt Due Beyond One Year
DIP financing 65,219,000
--------------
Total Long Term Debt Due Beyond One Year 65,219,000
Other Liabilities
Deferred fed taxes 0
Deferred rent 0
Deferred state inc taxes 0
Intercompany 72,714,000
--------------
Total Other Liabilities 72,714,000
Total Liabilities not Subject to Compromise 193,778,000
Liabilities Subject to Compromise
Non-intercompany 839,608,000
Intercompany 1,592,937,000
--------------
Total Liabilities Subject to Compromise 2,432,545,000
--------------
Total Liabilities 2,626,323,000
Total Stockholders' Equity 186,048,000
--------------
Total Liabilities & Shareholders' Deficit $2,812,371,000
==============
Tropicana Entertainment, LLC
Income Statement
For the Month Ended April 30, 2009
Operating Revenues
Casino revenue $0
Rooms revenue 0
Food & beverage revenue 0
Other casino & hotel revenue - less int income 0
--------------
Opening Revenues 0
Less promotional allowances 0
--------------
Net Operating Revenues 0
Operating Expenses
Casino operating expenses 25,000
Rooms operating expenses 0
Food and beverage operating expenses 0
Other casino and hotel operating expenses 0
Utilities 0
Marketing, advertising and casino promotions 0
Repairs and maintenance 47,000
Insurance 36,000
Property and local taxes 0
Gaming tax and licenses 0
Administrative and general 2,802,000
Leased land and facilities 32,000
Depreciation and amortization 36,000
Loss on disposition of assets 0
Bad debt expense - loans 0
Impairment charge 0
Restructuring cost 0
Chapter 11 reorg. & other prof. fees 3,114,000
--------------
Total Operating Expense 6,091,000
Income from Operations (6,091,000)
Other Income (Expense)
Interest expense (1,501,000)
Intercompany interest income 0
Intercompany interest expense (93,000)
--------------
Total Other Income (Expense) (1,593,000)
Federal Income Tax 0
Income Before Minority Interest (7,685,000)
--------------
NET INCOME ($7,685,000)
==============
Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts. The company is one of the largest
privately-held gaming entertainment providers in the United
States. Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada, and Atlantic City, New Jersey.
Tropicana Entertainment LLC and its debtor-affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No.
08-10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts. Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor.
Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case. Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.
On April 29, 2009, Adamar of New Jersey, Inc., doing business as
Tropicana Casino and Resort, and its affiliate, Manchester Mall,
Inc., filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09-
20711). Judge Judith H. Wizmur presides over the cases. Adamar
and Manchester Mall or the New Jersey Debtors are both affiliates
of Tropicana Entertainment LLC. Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
The New Jersey Debtors own and operate one of the largest, and one
of the most established, destination casino resorts in Atlantic
City, New Jersey, known as Tropicana Casino and Resort - Atlantic
City, which ranks third in gaming positions among Atlantic City's
11 casino properties. The New Jersey Debtors initiated the
Chapter 11 cases to effectuate a sale of substantially all their
assets in accordance with a mandate issued by the New Jersey
Casino Control Commission pursuant to the New Jersey Casino
Control Act.
Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represent the
New Jersey Debtors. Kurtzman Carson Consultants LLC acts as their
claims and notice agent. Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.
Bankruptcy Creditors' Service, Inc., publishes Tropicana
Bankruptcy News. The newsletter tracks the Chapter 11
restructuring proceedings commenced by Tropicana Entertainment LLC
and its affiliates. (http://bankrupt.com/newsstand/or
215/945-7000)
VERASUN ENERGY: Posts $1.05 Billion Net Loss in April 2009
----------------------------------------------------------
On May 29, 2009, VeraSun Energy Corporation and certain of its
subsidiaries filed an unaudited consolidated monthly operating
report for the month April 30, 2009, 2009, with the United States
Bankruptcy Court for the District of Delaware.
VeraSun Energy Corporation reported a net loss of $1,053,783,000
on zero revenue for the month ended April 30, 2009.
At April 30, 2009, VeraSun Energy Corporation had total assets
of $97,757,000, total liabilities of ($320,707,000), and
stockholders equity of $418,465,000.
A full-text copy of the monthly operating report is available for
free at http://researcharchives.com/t/s?3d9d
About VeraSun Energy
Headquartered in Sioux Falls, South Dakota, VeraSun Energy Corp.
-- http://www.verasun.comor http://www.VE85.com/-- produces and
markets ethanol and distillers grains. Founded in 2001, the
company has a fleet of 16 production facilities in eight states,
with 14 in operation.
The Company and its debtor-affiliates filed for Chapter 11
protection on October 31, 2008 (Bankr. D. Del. Case No. 08-12606).
Mark S. Chehi, Esq., at Skadden Arps Slate Meagher & Flom LLP
represents the Debtors in their restructuring efforts.
AlixPartners LLP serves as their restructuring advisor.
Rothschild Inc. is their investment banker and Sitrick & Company
is their communication agent. The Debtors' claims noticing and
balloting agent is Kurtzman Carson Consultants LLC. The Debtors'
total assets as of June 30, 2008, was $3,452,985,000 and their
total debts as of June 30, 2008, was $1,913,214,000.
VeraSun closed on April 1, 2009, the sale of substantially all of
its assets to Valero Renewable Fuels, a subsidiary of Valero
Energy Corporation, North America's largest petroleum refiner and
marketer. The purchased assets included five ethanol production
facilities and a development site. The facilities are located in
Aurora, South Dakota; Fort Dodge, Charles City, and Hartley, Iowa;
and Welcome, Minnesota, and the development site is in Reynolds,
Indiana.
Valero paid $350 million for the ethanol production facilities in
Aurora, Fort Dodge, Charles City, Hartley and Welcome, in addition
to the Reynolds site. Valero also successfully bid
$72 million for the Albert City facility and $55 million for the
Albion facility. The purchase price also includes working capital
and other certain adjustments.
VeraSun also completed on April 9 the sale to AgStar Financial
Services PCA of substantially all of the assets relating to the
company's production facilities in Dyersville, Iowa; Hankinson,
North Dakota; Janesville, Minnesota; Central City and Ord,
Nebraska; and Woodbury, Michigan. AgStar released the USBE
Subsidiaries from their obligations under $319 million of existing
indebtedness and assumed certain liabilities relating to the
AgStar Facilities.
On April 13, US BioEnergy Corporation and US Bio Marion LLC
completed the sale to Marion Energy Investments LLC, as assignee
of Dougherty and First Bank & Trust, of substantially all of the
assets relating to the Debtors' production facility in Marion,
South Dakota. The consideration for the acquired assets consisted
of release of US Bio Marion from its obligations under
approximately $93 million of existing indebtedness to the Marion
Buyers, payment by MEI of $934,861 in cash and assumption by the
Marion Purchasers of certain liabilities relating to the Marion
facility. VeraSun Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
VISTEON CORP: Balance Sheet as of March 31, 2009
------------------------------------------------
Visteon Corporation and Subsidiaries
Consolidated Balance Sheet
As of March 31, 2009
ASSETS
Cash and equivalents $604,000,000
Restricted Cash 163,000,000
Accounts receivable, net 887,000,000
Inventories, net 328,000,000
Other current assets 265,000,000
--------------
Total current assets 2,247,000,000
Property and equipment, net 2,008,000,000
Equity in net assets of non-consolidated
affiliates 226,000,000
Other non-current assets 80,000,000
--------------
Total assets $4,561,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Short-term debt, including current portion
of long-term debt and debt in default $2,655,000,000
Accounts payable 813,000,000
Accrued employee liabilities 191,000,000
Other current liabilities 301,000,000
--------------
Total current liabilities 3,960,000,000
Long-term debt 60,000,000
Employee benefits, including pensions 435,000,000
Postretirement benefits other than pensions 400,000,000
Deferred income taxes 138,000,000
Other non-current liabilities 318,000,000
Shareholders' deficit
Preferred stock 0
Common stock 131,000,000
Stock warrants 127,000,000
Additional paid-in capital 3,407,000,000
Accumulated deficit (4,702,000,000)
Accumulated other comprehensive income 47,000,000
Other (5,000,000)
--------------
Total Visteon shareholders' deficit (995,000,000)
Noncontrolling interests 245,000,000
--------------
Total shareholders' deficit (750,000,000)
--------------
Total liabilities and shareholders' deficit $4,561,000,000
==============
About Visteon Corp.
Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers. The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany. It has facilities in 27 countries and employs roughly
35,500 people. The Company has assets of $4,561,000,000 and debts
of $5,311,000,000 as of March 31, 2009.
Visteon Corp. and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818). Judge Christopher S. Sontchi oversees the
Chapter 11 cases. James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts. Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel. The Debtors' investment banker and financial
advisor is Rothschild Inc. The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC. The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.
Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
WASHINGTON MUTUAL: Monthly Operating Report for April 2009
----------------------------------------------------------
WASHINGTON MUTUAL, INC.
Unaudited Balance Sheet
As of Apri1 30, 2009
ASSETS
Unrestricted cash and cash equivalents $4,613,295,307
Restricted cash and cash equivalents 97,284,266
Investment Securities 67,354,344
Accrued interest receivable 887,785
Accounts receivable 0
Income tax receivable 479,979,473
Prepaid expenses 4,428,333
Cash surrender value of BOLI/COLI 87,485,871
Funded Pension 39,173,922
Other investments 2,092,488
Investment in subsidiaries 1,469,966,475
Notes receivable, intercompany 12,093,556
Other assets 78,992,428
----------------
Total Assets $6,953,034,249
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $3,100,817
Taxes payable 0
Accrued wages and benefits 559,544
Other accrued liabilities 11,484,220
Rent and equipment lease payable 0
Deferred tax liability (asset) 0
Other liabilities - intercompany 0
Other postpetition liabilities 0
Minority interest 3,113,466
----------------
Total Postpetition Liabilities 18,258,047
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt 4,108,911,139
Subordinated debt 1,613,991,512
Junior subordinated debt 742,476,453
Accrued interest payable 75,907,764
Intercompany payables 684,095,259
Accounts payable 4,480,720
Taxes payable 550,080,833
Payroll and benefit accruals 407,236,707
Other accrued liabilities 86,421,167
Other prepetition liabilities 223
----------------
Total Prepetition Liabilities 8,273,601,777
----------------
Total Liabilities 8,291,859,824
SHAREHOLDERS' EQUITY
Preferred stock 3,392,341,954
Common stock 12,988,753,556
Other comprehensive income (750,494,214)
Retained earnings - prepetition (16,746,337,943)
Retained earnings - postpetition (223,088,928)
----------------
Total Shareholders' Equity (133,825,576)
----------------
Total Liabilities and Shareholders' Equity $6,953,034,249
================
WASHINGTON MUTUAL, INC.
Unaudited Statement of Operations
For the period April 1 to April 30, 2009
REVENUES
Interest income:
Cash equivalents $825,524
Securities 289,299
Notes receivable - intercompany 46,341
Other 0
----------------
Total Interest Income 1,161,164
Earnings from subsidiaries and other
equity investments 976,210
Gains (losses) from securities (390,214)
Other income 6,752
----------------
Total Revenues 1,753,911
OPERATING EXPENSES
Compensation and benefits 507,787
Occupancy and equipment 107,055
Professional fees 302,539
Loss (Income) from BOLI/COLI policies (278,808)
Management fees/transition services 0
Insurance 1,684,475
Other 190,269
----------------
Total Operating Expenses 2,513,317
Net profit (loss) before other income
and expenses (759,406)
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany 0
Borrowings 0
----------------
Total Interest Expense 0
Other expense (income) (55,028,000)
----------------
Net profit (loss) before
reorganization items 54,268,594
REORGANIZATION ITEMS
Professional fees 5,601,351
U.S. Trustee quarterly fees 13,000
Gains (losses) from sale of assets 0
Other reorganization expenses 941,216
----------------
Total Reorganization Items 6,555,567
----------------
Net profit (loss) before income taxes 47,713,027
Income taxes 50
----------------
NET PROFIT (LOSS) $47,712,977
================
WASHINGTON MUTUAL, INC.
Unaudited Schedule of Cash Receipts and Disbursements
For the period April 1 to April 30, 2009
Opening Balance 03/31/09 $4,242,352,784
RECEIPTS
Interest & investment returns 2,254,494
Tax refunds 79,629
Reimbursements from WMB 0
Reimbursements/distributions from subs 55,000,000
Sales of assets/securities 2,500,000
Death benefit proceeds 1,049,753
Miscellaneous receipts 60
----------------
Total Receipts 60,883,936
TRANSFERS
Sweep to Money Market account 0
To new bank account 0
----------------
Total Transfers 0
DISBURSEMENTS
Salaries and benefits 354,930
Travel and other expenses 27,972
Occupancy and supplies 144,270
Professional fees 10,351,301
Other outside services 991,172
Bank fees 124,841
U.S. trustee quarterly fees 0
Directors fees 135,000
Miscellaneous adjustments 0
----------------
Total Disbursements 12,129,487
----------------
Net Cash Flow 48,754,449
----------------
Cash - End of Month 4,291,107,233
GL Balance 4,291,107,233
Net value -- Money Market Accounts 322,188,074
----------------
Total Cash and Cash Equivalents $4,613,295,307
================
WMI INVESTMENT CORP.
Unaudited Balance Sheet
As of Apri1 30, 2009
ASSETS
Unrestricted cash and cash equivalents $274,094,950
Restricted cash and cash equivalents 0
Investment Securities 0
Accrued interest receivable 50,950
Accounts receivable 0
Income tax receivable 22,187,560
Prepaid expenses 0
Cash surrender value of BOLI/COLI 0
Funded Pension 0
Other investments 40,211,903
Investment in subsidiaries 0
Notes receivable, intercompany 565,844,197
Other assets 0
----------------
Total Assets $902,319,561
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $387
Taxes payable 0
Wages payable 0
Other accrued liabilities 325
Rent and equipment lease payable 0
Deferred tax liability (asset) 0
Other liabilities - intercompany 0
Other postpetition liabilities 0
Minority interest 0
----------------
Total Postpetition Liabilities 712
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt 0
Subordinated debt 0
Junior subordinated debt 0
Accrued interest payable 0
Intercompany payables 0
Accrued interest payable - intercompany 0
Accounts payable 0
Accounts payable - intercompany 0
Taxes payable 0
Payroll and benefit accruals 0
Other accrued liabilities 0
Other prepetition liabilities 0
----------------
Total Prepetition Liabilities 0
----------------
Total Liabilities 712
SHAREHOLDERS' EQUITY
Preferred stock 0
Common stock 1,000,000,000
Other comprehensive income 22,187,560
Retained earnings - prepetition 14,133,260
Retained earnings - postpetition (134,001,971)
----------------
Total Shareholders' Equity 902,318,849
----------------
Total Liabilities and Shareholders' Equity $902,319,561
================
WMI INVESTMENT CORP.
Unaudited Statement of Operations
For the period April 1 to April 30, 2009
REVENUES
Interest income:
Cash equivalents $3,313
Securities 0
Notes receivable - intercompany 0
Other 0
----------------
Total Interest Income 3,313
Earnings from subsidiaries and other
equity investments 0
Gains (losses) from securities 0
Other income 0
----------------
Total Revenues 3,313
OPERATING EXPENSES
Compensation and benefits 0
Occupancy and equipment 0
Professional fees 62
Loss (Income) from BOLI/COLI policies 0
Management fees/transition services 0
Insurance 0
Other 0
----------------
Total Operating Expenses 62
Net profit (loss) before other income
and expenses 3,251
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany 0
Borrowings 0
----------------
Total Interest Expense 0
Other expense (income) 0
----------------
Net profit (loss) before
reorganization items 3,251
REORGANIZATION ITEMS
Professional fees 0
U.S. Trustee quarterly fees 0
Gains (losses) from sale of assets 325
Other reorganization expenses 0
----------------
Total Reorganization Items 325
----------------
Net profit (loss) before income taxes 2,926
Income taxes 0
----------------
NET PROFIT (LOSS) $2,926
================
WMI INVESTMENT CORP.
Unaudited Schedule of Cash Receipts and Disbursements
For the period April 1 to April 30, 2009
Opening Balance 03/31/09 $56,742,917
RECEIPTS
Interest & investment returns 74,318
Tax refunds 0
Reimbursements from WMB 0
Reimbursements/distributions from subs 0
Sales of assets/securities 0
Death benefit proceeds 0
Miscellaneous receipts 0
----------------
Total Receipts 74,318
TRANSFERS
Sweep to Money Market account 0
To new bank account 0
----------------
Total Transfers 0
DISBURSEMENTS
Salaries and benefits 0
Travel and other expenses 0
Occupancy and supplies 0
Professional fees 0
Other outside services 0
Bank fees 0
U.S. trustee quarterly fees 0
Directors fees 0
Miscellaneous adjustments 0
----------------
Total Disbursements 0
----------------
Net Cash Flow 74,318
----------------
Cash - End of Month 56,817,235
GL Balance 56,817,235
Net value -- Money Market Accounts 217,207,715
----------------
Total Cash and Cash Equivalents $274,024,950
================
John Maciel, WaMu's chief financial officer, reported that as of
April 30, 2009, WaMu paid these vendors an aggregate of
$10,351,300 on account of services rendered in the Debtors'
cases:
Professional Fees Expenses
------------ --------- --------
Akin, Gump, Strauss, Hauer & Fled $1,190,135 $21,930
Alvarez & Marsal 2,329,552 111,507
Davis Wright Tremaine LLP 132,313 17,555
FTI Consulting, Inc. 470,502 2,580
Gibson, Dunn & Crutcher LLP 92,312 144
Grant Thornton 97,229 3,044
Joele Frank, Wilkinson Brimmer Katcher 0 0
John W. Wolfe, P.S. 56,502 0
Kurtzman Carson Consultants LLC 130,778 0
Miller & Chevalier Chartered 24,191 0
McKee Nelson 96,496 0
Milliman 2,157 0
Pepper Hamilton 344,730 10,493
Perkins Coie LLP 180,628 4,902
Richards, Layton & Finger, P.A. 37,842 2,945
Shearman & Sterling LLP 41,201 3,478
Simpson Thacher & Bartlett LLP 61,455 773
Towers, Perrin, Forster & Crosby, Inc. 819 0
Weil Gotshal & Manges LLP 4,770,716 112,381
In addition, WaMu paid a total of $3,100,817 to 35 vendors for
certain postpetition accounts. A complete list of the Vendor
Payments is available for free at:
http://bankrupt.com/misc/WaMu_April2009VendorPayments.pdf
Mr. Maciel reported that as of April 2009, WaMu had a closing
balance of $54,072 in postpetition state, local and federal
taxes. The Debtors reported no property tax returns during the
period from April 1 to April 30, 2009.
According to Mr. Maciel, the Debtors booked sales and use taxes
in Washington and the City of Seattle on April 29, 2009. Their
payroll tax filings constituted withholding and unemployment
summary of deposits and filings, as well as labor and industries,
on semi-weekly and quarterly basis. Moreover, the Debtors made
filings with respect to corporate income, franchise, tax return,
excise tax returns in Arizona, Hawaii, Florida, Washington and
the City of Portland and Multnomah County.
On April 24, 2009, WaMu closed the sale interests its direct
investment in Financial Engines for approximately $2.5 million in
cash. There was no assumption of liabilities associated with the
Transaction, Mr. Maciel told the SEC.
A full-text copy of WaMu's April 2009 Operating Report is
available for free at the U.S. Securities and Exchange Commission
at http://ResearchArchives.com/t/s?3d71
About Washington Mutual
Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries. The Company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.
Washington Mutual Bank was taken over September 25 by U.S.
government regulators. The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns
100% of the equity in WMI Investment. Weil Gotshal & Manges
represents the Debtors as counsel. When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695. WMI Investment listed assets of $500,000,000
to $1,000,000,000 with zero debts.
Bankruptcy Creditors' Service Inc. publishes Washington Mutual
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Washington Mutual Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Ma. Theresa Amor J. Tan Singco, Ronald C. Sy, Joel Anthony
G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.
Copyright 2009. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
*** End of Transmission ***