/raid1/www/Hosts/bankrupt/TCR_Public/090627.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 27, 2009, Vol. 13, No. 176
Headlines
AGT ACQUISITION: Reports $2.7 Million Net Loss in May 2009
ATHEROGENICS INC: Posts $364,317 Net Loss in May 2009
BALLY TOTAL: Files Monthly Operating Report for May 31, 2009
CMR MORTGAGE II: Posts $61,212 Net Loss in May 2009
CAPITAL CORP: Posts $30,885 Net Loss -- May 11 to May 31
CATHOLIC CHURCH: Fairbank Files Operating Report for February 2009
CATHOLIC CHURCH: Fairbank Files Operating Report for March 2009
CIRCUIT CITY: Files Operating Report for March 2009
CIRCUIT CITY: Files Operating Report for April 2009
CHEMTURA CORP: Files Operating Report for May 2009
FRONTIER AIRLINES: Reports $1.1 Million Net Profit in May 2009
INDALEX HOLDINGS: Reports $2MM Profit in Four Weeks Ended May 24
LTV CORP: Files Monthly Operating Report for May 2009
LANDAMERICA FINANCIAL: Posts $10.2 Million Net Loss in April 2009
MUZAK HOLDINGS: Reports $3.5 Million Net Loss in May 2009
PROPEX INC: Files Operating Report -- May 3, 2009
QUEBECOR WORLD: Incurs $23 Million Net Loss in March 2009
QUEBECOR WORLD: Incurs $14 Million Net Loss in Month Ended May 2
SPECTRUM BRANDS: Monthly Operating Report -- Ended May 24, 2009
STAR TRIBUNE: Earns $171,000 From May 4 to May 31
TOUSA INC: Reports $18 Million Net Loss in May 2009
TRONOX INC: Monthly Operating Report for May 2009
TRUMP ENTERTAINMENT: Posts $7.1 Million Net Loss in May 2009
YOUNG BROADCASTING: Incurs $667,262 Net Loss in May 2009
*********
AGT ACQUISITION: Reports $2.7 Million Net Loss in May 2009
----------------------------------------------------------
According to Bill Rochelle at Bloomberg News, AGT Crunch
Acquisition LLC filed its first operating report showing a
$2.7 million net loss from the Chapter 11 filing on May 6 to the
end of May. The loss before reorganization items was $2 million.
Net revenue was $5.4 million.
AGT Crunch Acquisition Co. and its affiliates own Crunch Fitness,
a chain of 19 high-end fitness clubs. The clubs, with 73,000
members, are located in New York, Chicago, Los Angeles and Rock
Creek, Maryland.
New York-based AGT Crunch Acquisition LLC and its affiliates filed
for Chapter 11 on May 6, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-
12889). Davin J. Hall, Esq., at Dechert LLP represents the
Debtors in their restructuring efforts. Diana G. Adams, the U.S.
Trustee for Region 2, appointed seven creditors to serve on the
official committee of unsecured creditors in the Debtors' Chapter
11 cases. The Debtors have assets and debts both ranging from
$100 million to $500 million.
ATHEROGENICS INC: Posts $364,317 Net Loss in May 2009
-----------------------------------------------------
Atherogenics, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Georgia on June 16, 2009, its monthly
operating report for the month ended May 31, 2009.
Atherogenics incurred a net loss of $364,317 on zero revenues
for the month of May 2009.
At May 31, 2009, the Debtor had total assets of $46,767,942,
total liabilities of $307,393,392, and a stockholders' deficit of
$260,625,450.
A full-text copy of the Debtor's monthly operating report for
May 2009 is available at http://researcharchives.com/t/s?3e2d
About Atherogenics
Headquartered in Alpharetta, Georgia, AtheroGenics, Inc. --
http://www.atherogenics.com/-- is a research-based pharmaceutical
company focused on the discovery, development and
commercialization of drugs for the treatment of chronic
inflammatory diseases, including diabetes and coronary heart
disease. It has one late stage clinical drug development program.
On September 15, 2008, five creditors holding claims totaling
$20,413,000 pursuant to the company's 4.5% Convertible Notes due
2008 filed an involuntary Chapter 7 petition against the Debtor
(Bankr. N.D. Georgia Case No. 08-78200). The petitioning
noteholders were:
-- AQR Absolute Return Master Account, L.P.,
-- CNH CA Master Account, L.P.,
-- Tamalpais Global Partner Master Fund, LTD,
-- Tang Capital Partners, LP, and
-- Zazove High Yield Convertible Securities Fund, L.P.
On October 6, the Debtor filed a motion to convert its Chapter 7
case to one under Chapter 11 (Bankr. N.D. Ga. Case No. 08-78200).
James A. Pardo, Jr., Esq., and Michelle Carter, Esq., at King &
Spalding, LLP, represent the Debtor as counsel. Akin Gump Strauss
Hauer & Feld LLP, and Frank W. DeBorde, Esq., at Morris, Manning &
Martin, LLP, represent the Official Committee of Unsecured
Creditors as counsel. Administar Services Group LLC is the
Claims, Noticing, and Balloting Agent for the Debtor.
As reported in the Troubled Company Reporter on February 21, 2009,
at December 31, 2008, the Debtor had total assets of $51,659,219,
total liabilities of $307,171,466, and a stockholders' deficit of
$255,512,247.
BALLY TOTAL: Files Monthly Operating Report for May 31, 2009
------------------------------------------------------------
Bally Total Fitness Holding Corporation, et al.
Condensed Combined Balance Sheet
As of May 31, 2009
ASSETS
Current assets
Cash and cash equivalents $55,950,000
Deferred income taxes 17,801,000
Prepaid expenses 15,500,000
Other current assets 20,443,000
---------------
Total current assets 109,695,000
Long-term assets
Property and equipment, net 266,445,000
Member relationship asset, net 149,594,000
Other intangible assets, net 211,571,000
Trademarks 86,376,000
Goodwill 257,460,000
Other assets 40,609,000
---------------
Total long-term assets 1,012,054,000
---------------
Total assets $1,121,749,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise
Accounts payable $17,443,000
Income taxes payable 2,089,000
Accrued liabilities 45,767,000
Current maturities of long-term debt 1,668,000
Deferred revenues 133,253,000
---------------
Total current liabilities not subject
to compromise 200,221,000
Long-term liabilities not subject to compromise
Deferred rent liability 20,410,000
Deferred income taxes 49,476,000
Other liabilities 24,036,000
Deferred revenues 374,999,000
Long-term debt, less current maturities 1,000
Liabilities subject to compromise 926,835,000
---------------
Total liabilities 1,595,977,000
---------------
Stockholders' deficit (474,228,000)
---------------
Total liabilities and stockholders' deficit $1,121,749,000
===============
Bally Total Fitness Holding Corporation, et al.
Condensed Combined Statement of Operations
Month Ended May 31, 2009
Net revenues
Membership services $45,458,000
Retail products 2,047,000
Miscellaneous 1,326,000
---------------
48,831,000
Operating costs and expenses:
Membership services 41,014,000
Retail products 1,696,000
Marketing and advertising 3,003,000
General and administrative 3,898,000
Depreciation and amortization 5,798,000
---------------
55,409,000
---------------
Operating loss (6,578,000)
Interest expense (448,000)
Other, net 48,000
---------------
(400,000)
---------------
Loss reorganization items and income taxes (6,978,000)
Reorganization items, net (7,560,000)
Income tax expense (65,000)
---------------
Net loss ($14,603,000)
===============
Bally Total Fitness Holding Corporation, et al.
Cash Receipts and Disbursements
For the Period May 1 to 31, 2009
Cash, beginning of month $54,877,491
Receipts
Cash sales 55,062,762
Accounts receivable - Prepetition 0
Accounts receivable - Postpetition 0
Loans and advances 0
Sales of assets 0
Others 367,550
Transfers (from DIP accounts) 17,155,721
---------------
Total receipts 72,586,033
Disbursements
Net payroll 12,140,614
Payroll taxes 4,272,755
Sales, use, and other taxes 1,626,638
Inventory purchases 1,334,469
Secured rental/leases 13,541,044
Insurance 2,810,987
Administrative 7,064,017
Selling & Marketing 4,096,748
Others 3,437,992
Owner draw 0
Transfers (to DIP accounts) 18,634,197
Professional fees 2,553,751
U.S. Trustee quarterly fees 0
Court costs 0
---------------
Total disbursements 71,513,212
---------------
Net cash flow 1,072,822
---------------
Cash, end of month $55,950,313
===============
About Bally Total Fitness
Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates
fitness centers in the U.S., with over 375 facilities located in
26 states, Mexico, Canada, Korea, China, and the Caribbean under
the Bally Total Fitness(R), Bally Sports Clubs(R), and Sports
Clubs of Canada (R) brands.
Bally Total and its affiliates filed for Chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged Chapter 11 plan. Joseph Furst, III, Esq., at Latham &
Watkins, L.L.P., represents the Debtors in their restructuring
efforts. As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.
The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007. The Court confirmed the Plan in
September 2007. The Plan was declared effective October 1, 2007.
Bally Total Fitness Holding Corp. and its debtor-affiliates and
subsidiaries again filed voluntary petitions under Chapter 11 on
December 3, 2008 (Bankr. S.D.N.Y., Lead Case No. 08-14818).
Their counsel is Kenneth H. Eckstein, Esq., at Kramer Levin
Naftalis & Frankel LLP, in New York. As of September 30, 2008,
the Company (including non-debtor affiliates) had consolidated
assets totaling approximately $1.376 billion and recorded
consolidated liabilities totaling approximately $1.538 billion.
Bally Total Fitness Holding and its 42 debtor-affiliates delivered
their Joint Plan of Reorganization and Disclosure Statement with
the U.S. Bankruptcy Court for the Southern District of New York on
June 10, 2009.
Bankruptcy Creditors' Service, Inc., publishes Bally Bankruptcy
News. The newsletter provides gavel-to-gavel coverage of the
Chapter 11 proceedings of Bally Total Fitness Holding Corp. and
its debtor-affiliates (http://bankrupt.com/newsstand/or
215/945-7000)
CMR MORTGAGE II: Posts $61,212 Net Loss in May 2009
---------------------------------------------------
On June 19, 2009, CMR Mortgage Fund II, LLC, filed with the U.S.
Bankruptcy Court for the Northern District of California a monthly
operating report for the month ended May 31, 2009.
The Company reported a net loss of $61,212 on total revenues of
$104,019 for the month of May.
At May 31, 2009, the Debtor had total assets of $73,457,766,
total liabilities of $34,623,421, and total equity of $38,834,345.
A full-text copy of the Debtor's monthly operating report for
May 2009 is available at http://researcharchives.com/t/s?3e30
San Francisco, California-based CMR Mortgage Fund II, LLC, is a
limited liability company organized for the purpose of making or
investing in business loans secured by deeds of trust or mortgages
on real properties located primarily in California. The Company
previously funded lending activities through loan pay downs or pay
offs, as well as by selling its membership interests, and by
selling all or a portion of interests in the loans to individual
investors. The Company commenced operations in February 2004.
The Company ceased accepting new members in the third quarter of
2006.
The Company filed for Chapter 11 protection on March 31, 2009
(Bankr. N. D. Calif. Case No. 09-30788). Robert G. Harris, Esq.,
at the Law Offices of Binder and Malter, represents the Debtor as
counsel. The Debtor listed between $10 million and $50 million
each in assets and debts.
CAPITAL CORP: Posts $30,885 Net Loss -- May 11 to May 31
--------------------------------------------------------
Capital Corp of the West filed its monthly report of operations
for the period from May 11 to May 31, 2009, on June 12, 2009, with
the United States Bankruptcy Court for the Eastern District of
California, Fresno Division.
Capital Corp posted a net loss of $30,885 on zero income for the
partial month ended May 31, 2009.
As of May 31, 2009, Capital Corp. had $6,710,264 in total
assets,$57,734,000 in total liabilities, resulting in a
$51,023,735 equity deficit.
At May 11, 2009, Capital Corp had $6,741,150 in total assets,
$57,734,000 in total liabilities, resulting in a $50,992,849
equity deficit.
A full-text copy of Capital Corp's initial monthly operating
report is available at http://researcharchives.com/t/s?3e2f
About Capital Corp of the West
Capital Corporation of the West is a bank holding company, whose
primary asset and source of income is County Bank of Merced. The
Bank is a community bank with operations located mainly in the San
Joaquin Valley of Central California with additional business
banking operations in the San Francisco Bay Area. The corporate
headquarters of the Company and the Bank's main branch facility
are located at 550 West Main Street, Merced, California.
County Bank was closed February 6, 2009, by the California
Department of Financial Institutions, which appointed the Federal
Deposit Insurance Corporation as receiver. To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with Westamerica Bank, based in San Rafael, California,
to assume all of the deposits of County Bank. As of February 2,
2009, County Bank had total assets of approximately $1.7 billion
and total deposits of $1.3 billion. In addition to assuming all
of the failed bank's deposits, including those from brokers,
Westamerica Bank agreed to purchase all of County Bank's assets.
Capital Corp of the West filed for bankruptcy on May 11, 2009
(Bankr. E.D. Calif. Case No. 09-14298). Judge W. Richard Lee
presides over the case. Paul J. Pascuzzi, Esq., at Felderstein
Fitzgerald Willoughby & Pascuzzi, serves as the Debtor's
bankruptcy counsel. As of September 30, 2008, Capital Corp of
the West had $1.87 million in total assets, $1.80 million in total
liabilities and shareholders' equity of $73,896. In its Chapter
11 petition, the Company disclosed $6,789,058 in total assets and
$68,096,190 in total debts.
CATHOLIC CHURCH: Fairbank Files Operating Report for February 2009
------------------------------------------------------------------
Catholic Bishop of Northern Alaska
Statement of Financial Position
As of February 28, 2009
CBNA Held for
ASSETS Total Others
----- --------
Cash and cash equivalents $565,013 $110,353
Investments:
Valuables in safe 168 -
Trust account @ market 736,137 -
457 Plan assets @ market - 103,163
Endowment Fund @ market - 14,323,870
Endowment Fund - earnings @ market (3,605,703) -
Stocks 5,551 -
Limited partnerships 261,324 -
Accounts receivable, net of allowance:
Tuition, fees and others 564,034 -
For parishes and school 78,642 -
Other 7,501 -
Notes and other receivables 65,260 -
Grants pledged 62,500 -
Fixed assets, net at cost:
Land and building 8,096,219 -
Aircraft 123,341 -
Equipment - -
Other assets 291,867 -
---------- ----------
Total Assets $7,251,860 $14,537,387
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable/accrued liabilities $511,488 -
Notes payable 216,966 -
D.I.P. Loan 1,000,000 -
Benefits payable 60,875 -
Deferred revenue 546,142 -
Annuities payable 215,684 -
Other liabilities 40,726 -
Payroll-related liabilities:
Payroll taxes 54,561 -
General vacation accrual account 16,339 -
Tax sheltered annuity - -
Accrued leave 269,685 -
Insurance:
Long term disability 444 -
Insurance deposits payables 77,719 -
Insurance reserves expense 39,348 -
Indemnity insurance reserves 41 -
Medical/Dental payroll deduction 205,370 -
CBNA building loan - -
---------- ----------
Total Liabilities 3,255,394 -
---------- ----------
Total net assets 3,996,466 14,537,387
---------- ----------
Total Liabilities and Net Assets $7,251,860 $14,537,387
========== ==========
Catholic Bishop of Northern Alaska
Statement of Activities
For the month ending February 28, 2009
CBNA Held for
Total Others
Support and revenue: ----- --------
Parish assessments $33,121 -
Tuition, net of tuition assistance 174,525 -
Curricular income 36,047 -
Donations 388,802 -
Investment income (508,788) ($83,647)
Other income 26,021 4,450
Temporarily restricted gifts 184,779 -
---------- ----------
Total support and revenue 334,509 (79,197)
Expenses:
Operating expenses 76,296 -
Supplies 5,127 -
Repair & Maintenance 16,591 -
Utilities 33,283 -
Insurance 30,666 -
Staff Expenses:
Salaries & Wages 380,477 -
Payroll Taxes 24,324 -
Employee Benefits 92,330 -
Curricular Expenses 18,497 -
Recruiting, advertising and PRs 1,027 -
Travel Expenses 5,358 -
Student related expenses - -
Contributions - -
Professional and technical fees 12,931 -
Investment services 7,895.18 $1,043
Subsidies 121,991 -
Rental/Lease Expense 92,518 -
Assessments 79 -
Fund Raising Expense 20,060 -
Radio Programming Expense 5,831 -
Radio Technical Dept. Expenses 11,834 -
Miscellaneous Expense 2,648 -
---------- ----------
Total General 959,772 1,043
Funds released from restricted funds - -
Net change in designated funds - -
---------- ----------
Total Expenses 959,772 1,043
---------- ----------
Increase (decrease) in net assets (625,263) (80,241)
---------- ----------
Re-organization costs 205,510 -
Increase (decrease) in net assets (830,773) (80,241)
after Re-org costs ---------- ----------
(830,773) (80,241)
Net assets:
Beginning of month 4,827,240 14,617,628
---------- ----------
End of month $3,996,466 $14,537,387
========== ==========
Catholic Bishop of Northern Alaska
Cash Receipts and Disbursements
For the month ending February 28, 2009
CBNA Held for
Total Others
----- --------
Beginning balance - February 2008 $485,237 $77,681
Total receipts - prior
gen. account reports 14,443,110 1,501,167
Less total disbursements 14,044,990 1,353,854
---------- ----------
Beginning balance - January 31, 2009 883,356 224,994
Receipts during current period:
Transfers between internal accounts 38,550 -
Funds received by CBNA from KNOM 55,256 -
Funds received from Catholic Schools 35,591 -
Funds received by Catholic Schools 29,287 -
Funds collected from others 142,710 142,710
Custodial funds 7,229 7,229
Accounts receivable 152,580 -
Restricted funds and endowment gifts 187,004 -
Donations 389,535 -
Interest & dividends 386 -
Proceeds from the sale of stock 82 -
Payment refund/return 2,886 -
Programs 10,574 -
Weather service income 150 -
Co-curricular income 16,408 -
Stop payment 243 -
Other income/fees 3,835 -
Miscellaneous 2,495 -
Sale of books and cards 2,971 -
---------- ----------
Total receipts this period 1,077,780 149,940
---------- ----------
Balance 1,961,137 374,935
Less total disbursements:
Transfers between internal accounts 38,550 -
Transfers from KNOM to CBNA for payroll 55,246 -
Transfers from Catholic Schools to CBNA 35,591 -
Transfers from CBNA to Catholic Schools 29,287 -
Funds disbursed for others 131,148 131,148
Custodial funds 16,949 16,949
Co-curricular expense 8,304 -
Curricular expense 6,121 -
Programming - News service 18,661 -
Wages & salaries 342,494 -
Employee benefits 76,833 -
Staff development 1,882 -
Supplies: office 1,571 -
Administrative 128 -
Maintenance/repairs 24,588 -
Rent 68,817 -
Fundraising 6,760 -
Telephone/Internet 4,965 -
Utilities 29,716 -
Dues/Fees 368 -
Refunds 434 -
Travel 6,657 -
Postage 27,286 -
Medical reimbursements 520 -
Liability insurance 28,291 -
Taxes 34,188 -
NSF's 200 -
Bank fees and charges 3,845 -
Interest expense 672 -
Music license fee 217 -
List rental and copy leases 22,500 -
Annuities 1,406 -
Professional fees - Chapter 11 92,522 -
Professional fees 12,671 -
US Trustees fees 10,400 -
Supplies: food 2,314 -
Subscriptions 145 -
Advertising 5,836 -
Mass stipends 535 -
Reimbursements 9 -
Subsidies 132,503 -
Supplies: religious 999 -
Assessments: ACCB, USCCB 80 -
Charitable contributions 5,145 -
---------- ----------
Total disbursements this period 1,287,371 148,097
---------- ----------
Ending balance - February 28, 2009 $673,765 $226,837
========== ==========
About Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts. Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel. Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case. The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.
The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008. Its exclusive plan filing period
expires on Jan. 15, 2009. (Catholic Church Bankruptcy News, Issue
No. 133; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Fairbank Files Operating Report for March 2009
---------------------------------------------------------------
Catholic Bishop of Northern Alaska
Statement of Financial Position
As of March 31, 2009
CBNA Held for
ASSETS Total Others
----- --------
Cash and cash equivalents $424,890 $68,879
Investments:
Valuables in safe 168 -
Trust account @ market 739,496 -
457 Plan assets @ market - 110,742
Endowment Fund @ market - 14,391,495
Endowment Fund - earnings @ market (3,224,940) -
Stocks 5,551 -
Limited partnerships 261,324 -
Accounts receivable, net of allowance:
Tuition, fees and others 437,682 -
For parishes and school 59,464 -
Other 12,236 -
Notes and other receivables 64,524 -
Grants pledged 62,500 -
Fixed assets, net at cost:
Land and building 8,096,219 -
Aircraft 123,341 -
Equipment - -
Other assets 278,336 -
---------- ----------
Total Assets $7,340,798 $14,571,117
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable/accrued liabilities $797,611 -
Notes payable 216,966 -
D.I.P. Loan 1,000,000 -
Benefits payable 69,913 -
Deferred revenue 382,452 -
Annuities payable 215,684 -
Other liabilities 36,941 -
Payroll-related liabilities:
Payroll taxes 50,915 -
General vacation accrual account 16,339 -
Tax sheltered annuity - -
Accrued leave 270,892 -
Insurance:
Long term disability 444 -
Insurance deposits payables 75,300 -
Insurance reserves expense 39,348 -
Indemnity insurance reserves 600 -
Medical/Dental payroll deduction 205,677 -
CBNA building loan - -
---------- ----------
Total Liabilities 3,379,088 -
---------- ----------
Total net assets 3,961,709 $14,571,117
---------- ----------
Total Liabilities and Net Assets $7,340,798 $14,571,117
========== ==========
Catholic Bishop of Northern Alaska
Statement of Activities
For the month ending March 31, 2009
CBNA Held for
Total Others
Support and revenue: ----- --------
Parish assessments $14,357 -
Tuition, net of tuition assistance 196,263 -
Curricular income 12,529 -
Donations 329,169 -
Investment income 395,768 $65,343
Other income 92,511 3,525
Temporarily restricted gifts 38,486 -
---------- ----------
Total support and revenue 1,079,085 68,868
Expenses:
Operating expenses 62,561 -
Supplies 20,942 -
Repair & Maintenance 24,962 -
Utilities 27,584 -
Insurance 15,306 -
Staff Expenses:
Salaries & Wages 380,439 -
Payroll Taxes 24,034 -
Employee Benefits 90,998 -
Curricular Expenses 19,089 -
Recruiting, advertising and PRs 1,678 -
Travel Expenses 28,533 -
Student related expenses - -
Contributions - -
Professional and technical fees 8,272 -
Investment services 9,057 $1,243
Subsidies 5,602 -
Rental/Lease Expense 23,494 -
Assessments 4,499 -
Fund Raising Expense 68,020 -
Radio Programming Expense 9,622 -
Radio Technical Dept. Expenses 8,687 -
Miscellaneous Expense 5,383 -
---------- ----------
Total General 838,773 1,243
Funds released from restricted funds - -
Net change in designated funds - -
---------- ----------
Total Expenses 838,773 1,243
---------- ----------
Increase (decrease) in net assets 240,312 67,625
---------- ----------
Re-organization costs 275,069 -
Increase (decrease) in net assets
after Re-org costs ---------- ----------
(34,756) 67,625
Net assets:
Beginning of month 3,996,466 14,503,492
---------- ----------
End of month $3,961,709 $14,571,117
========== ==========
Catholic Bishop of Northern Alaska
Cash Receipts and Disbursements
For the month ending March 31, 2009
CBNA Held for
Total Others
----- --------
Beginning balance - February 2008 $485,237 $77,681
Total receipts - prior gen.
account reports 15,520,890 1,651,107
Less total disbursements 15,332,362 1,501,951
---------- ----------
Beginning balance - February 28, 2009 673,765 226,837
Receipts during current period:
Transfers between internal accounts 79,517 -
Funds received by CBNA from KNOM 59,572 -
Funds received from Catholic Schools 33,753 -
Funds received by Catholic Schools 24,287 -
Funds collected from others 127,266
127,266.11
Custodial funds 19,906 19,906
Accounts receivable 153,293 -
Restricted funds and endowment gifts 39,161 -
Donations 336,461 -
Interest & dividends 398 -
Payment refund/return 8,242 -
Weather service income 150 -
Co-curricular income 12,529 -
Curricular income 14,381 -
Other income/fees 5,844 -
Miscellaneous 303 -
Sale of books and cards 1,359 -
---------- ----------
Total receipts this period 916,428 147,172
---------- ----------
Balance 1,590,193 374,009
Less total disbursements:
Transfers between internal accounts 79,517 41,393
Transfers from KNOM to CBNA for payroll 59,572 -
Transfers from Catholic Schools to CBNA 33,753 -
Transfers from CBNA to Catholic Schools 24,117 -
Funds disbursed for others 107,227 107,227
Custodial funds 18,126 18,126
Co-curricular expense 20,999 -
Curricular expense 3,881 -
Programming - News service 8,960 -
Wages & salaries 342,439 -
Employee benefits 77,713 -
Staff development 5,696 -
Supplies: maintenance/repairs 13,118 -
Supplies: office 15,560 -
Scholarships - donations/financial aid 2,444 -
Maintenance/repairs 3,563 -
Rent 14,748 -
Fundraising 67,355 -
Telephone/Internet 2,816 -
Utilities 26,364 -
Dues/Fees 601 -
Refunds 7,336 -
Travel 22,208 -
Printing and copying 3,105 -
Postage 35,696 -
Services and insurance 2,350 -
Medical reimbursements 209 -
Education expenses 400 -
Taxes 41,991 -
NSF's 239 -
Bank fees and charges 2,713 -
Interest expense 1,707 -
Music license fee 207 -
List rental and copy leases 21,094 -
Annuities 2,543 -
Professional fees 13,544 -
Miscellaneous 341 -
Supplies: food 3,899 -
Subscriptions 457 -
Advertising 289 -
Mass stipends 570 -
Subsidies 7,616 -
Supplies: religious 921 -
---------- ----------
Total disbursements this period 1,098,022 166,746
---------- ----------
Ending balance - March 31, 2009 $492,171 $207,263
========== ==========
About Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts. Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel. Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case. The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.
The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008. Its exclusive plan filing period
expires on Jan. 15, 2009. (Catholic Church Bankruptcy News, Issue
No. 133; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CIRCUIT CITY: Files Operating Report for March 2009
---------------------------------------------------
Circuit City Stores, Inc., et al.
Balance Sheet
As of March 31, 2009
ASSETS
Current Assets
Cash and cash equivalents $48,549,000
Restricted cash 2,328,000
Cash held by Bank of America 296,744,000
Short-term investments 712,000
Accounts receivable, net 476,919,000
Merchandise inventory 11,000
Income tax receivable 71,959,000
Prepaid expenses and other current assets 28,648,000
Intercompany receivables and investments 521,910,000
in subsidiaries
--------------
Total Current Assets 1,447,780,000
Property and Equipment 518,672,000
Accumulated depreciation (341,761,000)
--------------
Net Property and Equipment 176,911,000
Other Assets 142,531,000
--------------
TOTAL ASSETS $1,767,222,000
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Merchandise payable $27,830,000
Expenses payable 51,099,000
Accrued expenses and other current 33,516,000
liabilities
Accrued compensation 1,381,000
Intercompany payables 15,074,000
Accrued income taxes 1,457,000
--------------
Total Current Liabilities 130,357,000
Deferred rent credits 1,388,000
Deferred income taxes 7,927,000
Other Liabilities 25,427,000
--------------
Liabilities Not Subject to Compromise 165,099,000
Liabilities Subject to Compromise 1,615,442,000
--------------
Total Liabilities 1,780,541,000
Stockholders' Equity
Common stock 435,612,000
Additional paid-in capital 304,915,000
Retained deficit (783,408,000)
Accumulated other comprehensive income 29,562,000
--------------
Total Stockholders' Equity (13,319,000)
--------------
Total Liabilities & Shareholders' Deficit $1,767,222,000
==============
Circuit City Stores, Inc., et al.
Income Statement
For the Month Ended March 31, 2009
Net sales $98,236,000
Cost of sales, buying and warehousing 175,831,000
--------------
Gross profit (loss) (77,595,000)
Selling, general and administrative expenses 287,355,000
--------------
Operating loss (364,950,000)
Interest income 0
Interest expense 0
--------------
Loss before reorganization items, GAAP (364,950,000)
reversals and income taxes
Reorganization items, net (435,895,000)
GAAP reversals, net (12,090,000)
Income tax provision 1,856,000
--------------
NET LOSS ($814,791,000)
==============
About Circuit City Stores
Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- was a specialty
retailer of consumer electronics, home office products,
entertainment software and related services in the U.S. and
Canada.
Circuit City Stores together with 17 affiliates filed a voluntary
petition for reorganization relief under Chapter 11 of the
Bankruptcy Code on November 10 (Bankr. E.D. Va. Lead Case No.
08-35653). InterTAN Canada, Ltd., which runs Circuit City's
Canadian operations, also sought protection under the Companies'
Creditors Arrangement Act in Canada.
Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden,
Arps, Slate, Meagher & Flom, LLP, are the Debtors' general
restructuring counsel. Dion W. Hayes, Esq., and Douglas M. Foley,
Esq., at McGuireWoods LLP, are the Debtors' local counsel. The
Debtors also tapped Kirkland & Ellis LLP as special financing
counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special
securities counsel; and FTI Consulting, Inc., and Rotschild Inc.
as financial advisors. The Debtors' Canadian general
restructuring counsel is Osler, Hoskin & Harcourt LLP. Kurtzman
Carson Consultants LLC is the Debtors' claims and voting agent.
The Debtors disclosed total assets of $3,400,080,000 and debts of
$2,323,328,000 as of Aug. 31, 2008.
Circuit City has opted to liquidate its 721 stores. It has
obtained the Bankruptcy Court's approval to pursue going-out-of-
business sales, and sell its store leases.
Bankruptcy Creditors' Service, Inc., publishes Circuit City
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Circuit City Stores Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
CIRCUIT CITY: Files Operating Report for April 2009
---------------------------------------------------
Circuit City Stores, Inc., et al.
Balance Sheet
As of April 30, 2009
ASSETS
Current Assets
Cash and cash equivalents $45,107,000
Restricted cash 1,434,000
Cash held by Bank of America 214,274,000
Short-term investments 802,000
Accounts receivable, net 474,116,000
Income tax receivable 71,429,000
Prepaid expenses and other current assets 34,453,000
Intercompany receivables and investments 521,911,000
in subsidiaries
--------------
Total Current Assets 1,363,526,000
Property and Equipment 40,414,000
Accumulated depreciation (18,235,000)
--------------
Net Property and Equipment 22,179,000
Other Assets 123,726,000
--------------
TOTAL ASSETS $1,509,431,000
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Merchandise payable $22,821,000
Expenses payable 21,474,000
Accrued expenses and other current 45,571,000
liabilities
Accrued compensation 361,000
Intercompany payables 607,000
Accrued income taxes 1,447,000
--------------
Total Current Liabilities 92,281,000
Deferred income taxes 7,084,000
Other Liabilities 155,000
--------------
Liabilities Not Subject to Compromise 99,520,000
Liabilities Subject to Compromise 1,590,359,000
--------------
Total Liabilities 1,689,879,000
Stockholders' Equity
Common stock 435,612,000
Additional paid-in capital 304,915,000
Retained deficit (950,537,000)
Accumulated other comprehensive income 29,562,000
--------------
Total Stockholders' Equity (180,448,000)
--------------
Total Liabilities & Shareholders' Deficit $1,509,431,000
==============
Circuit City Stores, Inc., et al.
Income Statement
For the Month Ended April 30, 2009
Net sales $0
Cost of sales, buying and warehousing 0
--------------
Gross profit (loss) 0
Selling, general and administrative expenses 170,796,000
--------------
Operating loss (170,796,000)
Interest income 0
Interest expense 0
--------------
Loss before reorganization items, GAAP (170,796,000)
reversals and income taxes
Reorganization items, net (11,439,000)
GAAP reversals, net 1,204,000
Income tax provision (1,000)
--------------
NET LOSS ($181,030,000)
==============
About Circuit City Stores
Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- was a specialty
retailer of consumer electronics, home office products,
entertainment software and related services in the U.S. and
Canada.
Circuit City Stores together with 17 affiliates filed a voluntary
petition for reorganization relief under Chapter 11 of the
Bankruptcy Code on November 10 (Bankr. E.D. Va. Lead Case No.
08-35653). InterTAN Canada, Ltd., which runs Circuit City's
Canadian operations, also sought protection under the Companies'
Creditors Arrangement Act in Canada.
Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden,
Arps, Slate, Meagher & Flom, LLP, are the Debtors' general
restructuring counsel. Dion W. Hayes, Esq., and Douglas M. Foley,
Esq., at McGuireWoods LLP, are the Debtors' local counsel. The
Debtors also tapped Kirkland & Ellis LLP as special financing
counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special
securities counsel; and FTI Consulting, Inc., and Rotschild Inc.
as financial advisors. The Debtors' Canadian general
restructuring counsel is Osler, Hoskin & Harcourt LLP. Kurtzman
Carson Consultants LLC is the Debtors' claims and voting agent.
The Debtors disclosed total assets of $3,400,080,000 and debts of
$2,323,328,000 as of Aug. 31, 2008.
Circuit City has opted to liquidate its 721 stores. It has
obtained the Bankruptcy Court's approval to pursue going-out-of-
business sales, and sell its store leases.
Bankruptcy Creditors' Service, Inc., publishes Circuit City
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Circuit City Stores Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
CHEMTURA CORP: Files Operating Report for May 2009
--------------------------------------------------
Chemtura Corporation, Et Al.
Condensed Combined Balance Sheets (Unaudited)
As of May 31, 2009
Assets
Current Assets $670,000,000
Intercompany receivables 424,000,000
Investment in subsidiaries 1,976,000,000
Property, plan and equipment 493,000,000
Goodwill 149,000,000
Other assets 426,000,000
--------------
Total assets 4,138,000,000
Liabilities and Stockholders' Equity
Current liabilities 411,000,000
Intercompany payables 14,000,000
Other long-term liabilities 70,000,000
--------------
Total liabilities
not subject to compromise 495,000,000
Liabilities subject to compromise 3,239,000,000
Total stockholders' equity 404,000,000
--------------
Total liabilities
and stockholders' equity $4,138,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Operations (Unaudited)
For the Period from May 1 to 31, 2009
Net sales $177,000,000
Cost of goods sold 143,000,000
Selling, general and
administrative expenses 15,000,000
Depreciation and amortization 10,000,000
Research and development 1,000,000
Antitrust costs 1,000,000
------------
Operating loss 7,000,000
Interest expense (6,000,000)
Other expense (10,000,000)
Reorganization items, net 3,000,000
Equity in net earnings (loss)
of subsidiaries (1,000,000)
-------------
Loss before income taxes (7,000,000)
Income tax benefit 0
-------------
Net loss ($7,000,000)
=============
Chemtura Corporation, et al.
Condensed Combined Statement of Cash Flows (Unaudited)
For the Period from May 1 to 31, 2009
Cash Flows from Operating Activities
Net loss ($7,000,000)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation and amortization 10,000,000
Reorganization items, net (3,000,000)
Changes in assets and debts, net (1,000,000)
------------
Net cash used in
operating activities (1,000,000)
------------
Cash flows from Investing Activities
Capital expenditures (3,000,000)
------------
Cash Flows from Financing Activities
Proceeds from DIP facility 85,000,000
Proceeds from credit facility (85,000,000)
Deferred debt issuance costs (9,000,000)
------------
Net cash provided
by financing activities (9,000,000)
Change in cash and cash equivalents (13,000,000)
Cash and cash equivalents, beg. 43,000,000
-------------
Cash and cash equivalents, end $30,000,000
=============
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)
FRONTIER AIRLINES: Reports $1.1 Million Net Profit in May 2009
--------------------------------------------------------------
Frontier Airlines Holdings, Inc., reported a net profit of
$1.1 million for the month of May and its seventh consecutive
monthly operating profit. The results were filed in the Company's
unaudited Monthly Operating Report for May 2009.
Frontier reported a consolidated operating profit of
$11.7 million for the month of May 2009, compared to an operating
loss of $16.5 million for the same period in 2008, and a total
consolidated net income of $1.1 million compared to a net loss of
$22.0 million for May 2008. Excluding special items, the Company
would have reported net income of $5.6 million, or a net margin of
6.3 percent in May 2009, compared to a net loss of
$4.9 million, or a negative margin of 4.1 percent in 2008.
Excluding special items, the operating profit for the month was
$7.6 million versus an operating loss of $2.5 million in May 2008.
Special items for the month of May 2009 included:
-- Reorganization costs of $8.5 million, including a book
loss of $7.5 million on an aircraft sale
-- A charge of $0.2 million related to the retirement of
debt for an aircraft sold during the month
-- An unrealized mark-to-market gain of $4.2 million on fuel
hedge contracts
Special items for the month of May 2008 included:
-- Reorganization costs of $2.8 million, primarily related
to professional and other bankruptcy-related fees
-- A book gain of $9.2 million on the sale of two aircraft
-- A charge of $0.2 million related to the retirement of
debt on the two aircraft sold during the month
-- An unrealized mark-to-market gain of $23.1 million on
fuel hedge contracts
Operational results for the month of May 2009 included:
-- A 14.9 percent year-over-year mainline capacity reduction
-- Mainline unit cost excluding fuel (CASM ex-fuel) was 5.70
cents, compared to 5.41 cents in May 2008 (excluding
gains on aircraft sales in May 2008, CASM ex-fuel was
6.32 cents, resulting in 9.1 percent reduction in May
2009)
-- Mainline total unit cost (CASM) was 7.56 cents, a 30.8
percent reduction compared to May 2008 (excluding special
items in 2009, mainline CASM was 8.01 cents, a 16.8
percent reduction compared to mainline CASM ex-items in
May 2008)
-- Mainline passenger revenue (PRASM) was 8.22 cents, down
12.3 percent from the previous year
-- Mainline total unit revenue (RASM) was 9.02 cents, an 8.7
percent decrease from May 2008
"Despite continued capacity reductions and a year-over-year
decline in passenger revenue, we have managed to produce an
operating profit for seven consecutive months," said Frontier
President and CEO Sean Menke. "The positive results for the month
of May are the result of the Company's effort to be one of the
lowest cost operators in North America. The dedication and
efforts put forth by all employees has allowed us to achieve these
results once again."
On April 1, 2009, the beginning of the fiscal year, the Company
adopted EITF 08-3, "Accounting by Lessees for Maintenance
Deposits", on the accounting for maintenance deposits under an
arrangement accounted for as a lease. Prior to the implementation
of EITF 08-03, the Company recorded its maintenance deposits paid,
or supplemental monthly payments under aircraft lease agreements,
as an expense when paid. The Company recorded a cumulative effect
of a change in accounting principal in April 2009 of
$125.1 million as an adjustment to retained earnings, and will
record these payments as deposits on the balance sheet and expense
maintenance as incurred. The results for April and May 2009
include the adoption of this accounting standard.
Frontier Airlines Holdings, Inc. (Pink Sheets: FRNTQ) --
http://www.FrontierAirlines.com/-- is the parent company of
Denver-based Frontier Airlines. Currently in its 15th year of
operations, Frontier Airlines is the second-largest jet service
carrier at Denver International Airport, employing approximately
5,000 aviation professionals. Frontier Airlines' mainline
operation has 51 aircraft with one of the youngest Airbus fleets
in North America. Frontier Airlines' mainline operations offer
24 channels of DIRECTV(R) service in every seatback along with a
comfortable all-coach configuration. In conjunction with a fleet
of ten Bombardier Q400 aircraft operated by Lynx Aviation (a
subsidiary of Frontier Airlines Holdings, Inc.), Frontier offers
routes to more than 50 destinations in the U.S., Mexico and Costa
Rica. In November 2006, Frontier and AirTran announced a first-
of-its-kind integrated marketing partnership that offers travelers
the ability to reach more than 80 destinations across four
countries with low fares aboard two of the youngest fleets in the
industry.
Frontier Airlines and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008 (Bankr. S.D.N.Y. Case No. 08-11297
thru 08-11299). Benjamin S. Kaminetzky, Esq., and Hugh R.
McCullough, Esq., at Davis Polk & Wardwell, represent the Debtors
in their restructuring efforts. Togul, Segal & Segal LLP is the
Debtors' Conflicts Counsel, Faegre & Benson LLP is the Debtors'
Special Counsel, and Kekst and Company is the Debtors'
Communications Advisors.
The Debtors' exclusive period to file a plan of reorganization
will expire on October 9, 2009. Their exclusive period to solicit
and obtain acceptances of that plan will expire December 9, 2009.
Bankruptcy Creditors' Service, Inc., publishes Frontier Airlines
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Frontier Airlines Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
INDALEX HOLDINGS: Reports $2MM Profit in Four Weeks Ended May 24
----------------------------------------------------------------
According to Bill Rochelle at Bloomberg, Indalex Holdings Finance
Corp. reported a $2 million net profit for the four weeks ended
May 24 on net revenue of $27.9 million. From the inception of the
bankruptcy case, the accumulated net profit is $2.8 million.
About Indalex Holding
Indalex Holding Corp., a wholly-owned subsidiary of Indalex
Holdings Finance Inc., through its operating subsidiaries Indalex
Inc. and Indalex Ltd., with headquarters in Lincolnshire,
Illinois, is the second largest producer of soft alloy extrusion
products in North America. The Company's aluminum extrusion
products are widely used throughout industrial, commercial and
residential applications and are customized to meet specific end-
user requirements. Indalex operates 10 extrusion facilities, 29
extrusion presses with circle sizes up to 20 inches, a variety of
fabrication and close tolerance capabilities, two anodizing
operations, two billet casting facilities, and six electrostatic
paint lines, including powder coat capability.
Indalex is indirectly controlled by private-equity investor Sun
Capital Partners Inc. Sun Capital purchased Indalex in 2005 from
Honeywell International Inc. for $425 million. Indalex is the
12th investment by Boca Raton, Florida-based Sun Capital to file
in Chapter 11 since January 2006.
Indalex Holdings and four affiliates filed for Chapter 11 on
March 20 (Bankr. D. Del., Lead Case No. 09-10982). Donald J.
Bowman, Jr., Esq., at Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, has been tapped as counsel. Epiq Bankruptcy
Solutions LLC is the claims and noticing agent. In its bankruptcy
petition, Indalex listed assets of $356 million against debt
totaling $456 million.
LTV CORP: Files Monthly Operating Report for May 2009
-----------------------------------------------------
On June 18, 2009, The LTV Corporation, et al., submitted to the
U.S. Bankruptcy Court for the Northern District of Ohio their
operating report for the period ended May 31, 2009, for the LTV
Integrated Steel Business.
For the month of May 2009, the LTV Integrated Steel Business
reported total cash receipts of $19,000 and total cash
disbursements of $108,000. Ending cash balance was $11,022,000,
as shown below:
Beginning cash $11,111,000
Add: Receipts $19,000
Total Available Cash $11,130,000
Less: Disbursements $108,000
Ending cash $11,022,000
A full-text copy of the Debtors' May 2009 operating report is
available for free at http://researcharchives.com/t/s?3e28
Headquartered in Cleveland, Ohio, The LTV Corp. is a manufacturer
with interests in steel and steel-related businesses, employing
some 17,650 workers and operating 53 plants in Europe and the
Americas. The company filed for chapter 11 protection on
December 29, 2000 (Bankr. N.D. Ohio, Case No. 00-43866). On
August 31, 2001, the company listed $4,853,100,000 in assets and
$4,823,200,000 in liabilities.
LANDAMERICA FINANCIAL: Posts $10.2 Million Net Loss in April 2009
-----------------------------------------------------------------
On June 16, 2009, LandAmerica Financial Group, Inc., filed a
monthly operating report for the period from April 1, 2009, to
April 30, 2009, with the United States Bankruptcy Court for the
Eastern District of Virginia, Richmond Division.
LandAmerica reported a net loss of $10.2 million on total revenue
of ($3.8 million) for the month of April 2009.
At April 30, 2009, LandAmerica had $1.26 billion in total assets,
$516.9 million in total liabilities, and $744.0 million in total
shareholders' equity.
A full-text copy of the LandAmerica's monthly operating report for
April 2009 is available at:
http://researcharchives.com/t/s?3e2e
About LandAmerica Financial Group
LandAmerica Financial Group, Inc., is a leading provider of real
estate transaction services with offices nationwide and a vast
network of active agents. LandAmerica and its affiliates operate
through approximately 700 offices and a network of more than
10,000 active agents throughout the world, including Mexico,
Canada, the Caribbean, Latin America, Europe, and Asia.
LandAmerica Financial Group and its affiliate LandAmerica 1031
Exchange Services, Inc., filed for Chapter 11 protection
November 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Dion
W. Hayes, Esq., and John H. Maddock III, Esq., at McGuireWoods
LLP are the Debtors' bankruptcy counsel.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of
September 30, 2008.
On March 6, 2009, affiliate LandAmerica Assessment Corporation,
aka National Assessment Corporation, filed its own petition for
Chapter 11 relief. Affiliate LandAmerica Title Company filed for
for Chapter 11 relief on March 27, 2009.
Bankruptcy Creditors' Service, Inc., publishes LandAmerica
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by LandAmerica Financial and its affiliate LandAmerica
1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
MUZAK HOLDINGS: Reports $3.5 Million Net Loss in May 2009
---------------------------------------------------------
According to Bill Rochelle at Bloomberg, Muzak Holdings LLC
reported a $3.5 million net loss in May on revenue of
$19.2 million. Professional fees and reorganization expenses
totaled $3 million while interest expense was $3.7 million. Gross
profit for the month was $11.2 million.
Headquartered in Fort Mill, South Carolina, Muzak Holdings LLC --
http://www.muzak.com/-- creates a variety of music programming
from a catalog of over 2.6 million songs and produces targeted
custom in-store and on-hold messaging. Through its national
service and support network, Muzak designs and installs
professional sound systems, digital signage, drive-thru systems,
commercial television and more. The Company and 14 affiliates
filed for Chapter 11 protection on February 10, 2009 (Bankr. D.
Del. Lead Case No. 09-10422). Moelis & Company is serving as
financial advisor to the Company. Kirkland & Ellis LLP is the
Debtors' counsel. Klehr Harrison Harvey Branzburg & Ellers has
been tapped as local counsel. In its bankruptcy petition, the
Company estimated assets and debts of $100 million to
$500 million each.
PROPEX INC: Files Operating Report -- May 3, 2009
-------------------------------------------------
Propex Inc.
Unaudited Condensed Consolidated Balance Sheet
As of May 3, 2009
ASSETS:
Current Assets:
Cash and cash equivalents $34,000,000
Restricted Cash 600,000
Accounts Receivable 60,800,000
Accounts Receivable claims - prepetition 0
Inventories, net 70,300,000
Deferred income taxes 8,700,000
Prepaid expenses and other current assets 18,900,000
Assets held for sale 0
------------
Total current assets 193,300,000
Other assets:
Goodwill 0
Intangible assets, net 15,000,000
Deferred income taxes 0
Investment in subsidiaries 0
Intercompany notes receivable 0
Other assets 7,000,000
------------
Property, plant and equipment, net 183,300,000
------------
Total assets $398,600,000
============
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Prepetition
Accounts payable $8,100,000
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 1,100,000
Postpetition
Accounts payable 1,600,000
Accrued liabilities 17,900,000
Current portion of debt and accrued interest 37,100,000
Accrued pension obligations 0
Restructuring and other similar costs 600,000
Other current liabilities 1,600,000
-----------
Total current liabilities 451,800,000
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 25,200,000
Other non-current liabilities 2,100,000
------------
Total non-current liabilities 64,400,000
Total stockholder's equity
Common stock 0
Paid-in capital 95,900,000
Accumulated other comprehensive income (16,300,000)
Retained earnings - prior year (171,100,000)
Retained earnings - current year (26,100,000)
------------
Total stockholder's equity (117,600,000)
------------
Total Liabilities and stockholder's equity $398,600,000
============
Propex Inc.
Unaudited Condensed Consolidated Statements of Operations
For Month Ended May 3, 2009
Net revenue $26,300,000
Cost of sales 27,300,000
------------
Gross profit (1,000,000)
Operating expenses:
Selling, general and administrative 4,100,000
Other(income) expense, net (100,000)
Add Back depreciation and amortization 1,300,000
EBITDA (3,700,000)
Depreciation & Amortization 1,300,000
Interest expense 2,300,000
Restructuring and similar costs 500,000
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 (7,800,000)
Income tax provision (benefit) 0
------------
Net income (loss) ($7,800,000)
============
Propex Inc.
Statement of Cash Flows
For Month Ended May 3, 2009
Cash flows from operating activities
Net income(loss) ($7,800,000)
Adjustments to reconcile, net income to net cash
provided by (used) in operating activities:
Depreciation and amortization 1,300,000
Non-cash interest on debt (1,300,000)
Amortization of bank fees 0
Net gain on dispositions of property and
and equipment 600,000
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 0
Deferred income taxes 200,000
Changes in operating assets and liabilities
Decrease(increase) in assets - prepetition 0
Decrease(increase) in assets - postpetition 15,100,000
(Decrease) increase in liabilities - prepetition 0
(Decrease)increase in liabilities-postpetition (11,200,000)
------------
Net cash provided (used) by operating activities (3,100,000)
Cash flows from investing activities
Capital expenditures (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 5,000,000
Payment of Revolving Debt 0
Proceeds from Revolving Debt 0
Debt issuance costs 0
Dividends 0
Net receipts from unconsolidated parent company 0
Activity with Affiliates (100,000)
------------
Net cash provided by (used in) financing activities 4,900,000
Effect of changes in foreign exchange rates on
cash and cash equivalents 0
------------
Change in cash and cash equivalents 1,600,000
------------
Cash and cash equivalents - beginning period 32,400,000
------------
Cash and cash equivalents - end period $34,000,000
============
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)
QUEBECOR WORLD: Incurs $23 Million Net Loss in March 2009
---------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of March 28, 2009
ASSETS
Current Assets:
Cash and Cash equivalents $233,800,000
Accounts receivables 472,300,000
Inventories 130,700,000
Future income taxes and tax receivable 32,200,000
Prepaid Expenses 39,100,000
---------------
Total current expenses 908,100,000
---------------
Property, plant and equipment 935,800,000
Restricted cash 32,500,000
Future income taxes 300,000
Other assets 351,600,000
---------------
TOTAL ASSETS $2,228,200,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank indebtedness $11,500,000
Trade payables and accrued liabilities 210,500,000
Income and other taxes payable 19,100,000
Current portion long-term debt 500,400,000
Liabilities subject to compromise 2,998,300,000
---------------
Total current liabilities 3,739,800,000
---------------
Other liabilities not subject to compromise:
Long-term debt 52,900,000
Other liabilities 155,100,000
Future income taxes 21,900,000
Shareholders equity:
Capital stock 1,031,300,000
Contributed surplus 470,000,000
Deficit (3,242,800,000)
---------------
Total Equity (1,741,500,000)
---------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,228,200,000
===============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the Month Ended March 28, 2009
OPERATING REVENUES $177,200,000
Operating expenses:
Cost of sales 154,100,000
Selling, general and administrative 14,300,000
Depreciation and amortization 9,100,000
Restructuring and other charges 13,200,000
---------------
Total operating expenses 190,700,000
---------------
Operating income (13,500,000)
---------------
Financial expenses 18,500,000
Reorganization items 2,700,000
Income taxes (11,700,000)
---------------
9,500,000
---------------
Net loss and comprehensive loss ($23,000,000)
===============
Quebecor World (USA), Inc., et al.
Combined Statement of Cash Flows
For Month Ended March 28, 2009
Cash flows from operating activities:
Net loss ($23,000,000)
Adjustments for:
Depreciation of property, plant and equipment 9,000,000
Future income taxes (13,600,000)
Amortization of other assets 1,000,000
Other 300,000
---------------
(26,300,000)
---------------
Net changes in non-cash balances to operations:
Accounts receivable 24,700,000
Inventories (900,000)
Trade payables and accrued liabilities 14,200,000
Other current assets and liabilities (3,200,000)
Other non-current assets and liabilities (2,600,000)
---------------
32,200,000
---------------
Cash flows provided by (used in)
operating activities 5,900,000
---------------
Cash flows from financing activities:
Net change in bank indebtedness 2,100,000
Net change in long-term debt (1,000,000)
---------------
Cash flows provided by (used in)
financing activities 1,100,000
Cash flows from investing activities:
Additions to property, plant and equipment (5,900,000)
---------------
Cash flows provided by (used in)
investing activities (5,900,000)
Net changes in cash and cash equivalents 1,100,000
Cash and cash equivalents, beginning of period 232,700,000
---------------
Cash and cash equivalents, end of period $233,800,000
===============
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (CA:IQW) --
http://www.quebecorworldinc.com/-- provides market solutions,
including marketing and advertising activities, well as print
solutions to retailers, branded goods companies, catalogers and to
publishers of magazines, books and other printed media. It has
127 printing and related facilities located in North America,
Europe, Latin America and Asia. In the United States, it has 82
facilities in 30 states, and is engaged in the printing of books,
magazines, directories, retail inserts, catalogs and direct mail.
The Company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina, and the British Virgin Islands.
Ernst & Young, Inc., the monitor of Quebecor World Inc., and its
affiliates' reorganization proceedings under the Canadian
Companies' Creditors Arrangement Act, filed a petition under
Chapter 15 of the Bankruptcy Code before the U.S. Bankruptcy Court
for the Southern District of New York on September 30, 2008, on
behalf of QWI (Bankr. S.D.N.Y. Case No. 08-13814). The Chapter 15
case is before Judge James M. Peck. Kenneth P. Coleman, Esq., at
Allen & Overy LLP, in New York, serves as counsel to the Chapter
15 petitioner.
QWI and certain of its subsidiaries commenced the CCAA proceedings
before the Quebec Superior Court (Commercial Division) on
January 20, 2008. The following day, 53 of QWI's U.S.
subsidiaries, including Quebecor World (USA), Inc., filed
petitions under Chapter 11 of the U.S. Bankruptcy Code.
The Honorable Justice Robert Mongeon oversees the CCAA case.
Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the
Company in the CCAA case. Ernst & Young Inc. was appointed as
Monitor.
Quebecor World (USA) Inc., its U.S. subsidiary, along with other
U.S. affiliates, filed for Chapter 11 bankruptcy before the U.S.
Bankruptcy Court for the Southern District of New York (Lead Case
No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter
LLP, represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The Company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective January 28, 2008.
QWI is the only entity involved in the CCAA proceedings that is
not a Debtor in the Chapter 11 Cases.
As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000 total
liabilities of US$4,326,500,000 preferred shares of US$62,000,000
and total shareholders' deficit of US$976,400,000.
Bankruptcy Creditors' Service, Inc., publishes Quebecor World
Bankruptcy News. The newsletter tracks the parallel proceedings
undertaken by QWI and its affiliates under United States and
Canadian bankruptcy laws. (http://bankrupt.com/newsstand/or
215/945-7000)
QUEBECOR WORLD: Incurs $14 Million Net Loss in Month Ended May 2
----------------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of May 2, 2009
ASSETS
Current Assets:
Cash and Cash equivalents $253,700,000
Accounts receivables 457,900,000
Inventories 114,800,000
Future income taxes and tax receivable 32,200,000
Prepaid Expenses 38,900,000
---------------
Total current expenses 897,500,000
---------------
Property, plant and equipment 923,300,000
Restricted cash 32,500,000
Future income taxes 300,000
Other assets 352,000,000
---------------
TOTAL ASSETS $2,205,600,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank indebtedness $12,800,000
Trade payables and accrued liabilities 203,300,000
Income and other taxes payable 10,900,000
Current portion long-term debt 500,500,000
Liabilities subject to compromise 3,014,000,000
---------------
Total current liabilities 3,741,500,000
---------------
Other liabilities not subject to compromise:
Long-term debt 51,200,000
Other liabilities 150,400,000
Future income taxes 17,900,000
Shareholders equity:
Capital stock 1,031,300,000
Contributed surplus 470,000,000
Deficit (3,256,800,000)
---------------
Total Equity (1,755,500,000)
---------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,205,600,000
===============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended May 2, 2009
OPERATING REVENUES $216,000,000
Operating expenses:
Cost of sales 179,800,000
Selling, general and administrative 16,800,000
Depreciation and amortization 17,100,000
---------------
Total operating expenses 213,700,000
---------------
Operating income 2,300,000
---------------
Financial expenses 16,900,000
Reorganization items 3,500,000
Income taxes (4,100,000)
---------------
16,300,000
---------------
Net loss and comprehensive loss ($14,000,000)
===============
Quebecor World (USA), Inc., et al.
Combined Statement of Cash Flows
For Month Ended May 2, 2009
Cash flows from operating activities:
Net loss ($14,000,000)
Adjustments for:
Depreciation of property, plant and equipment 17,100,000
Future income taxes (4,100,000)
Amortization of other assets 1,200,000
Other 500,000
---------------
700,000
---------------
Net changes in non-cash balances to operations:
Accounts receivable 17,900,000
Inventories 15,900,000
Trade payables and accrued liabilities 5,600,000
Other current assets and liabilities (8,100,000)
Other non-current assets and liabilities (6,800,000)
---------------
24,500,000
---------------
Cash flows provided by (used in)
operating activities 25,200,000
---------------
Cash flows from financing activities:
Net change in bank indebtedness 1,300,000
Net change in long-term debt (1,900,000)
---------------
Cash flows provided by (used in)
financing activities (600,000)
Cash flows from investing activities:
Additions to property, plant and equipment (4,700,000)
---------------
Cash flows provided by (used in)
investing activities (4,700,000)
Net changes in cash and cash equivalents 19,900,000
Cash and cash equivalents, beginning of period 233,800,000
---------------
Cash and cash equivalents, end of period $253,700,000
===============
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (CA:IQW) --
http://www.quebecorworldinc.com/-- provides market solutions,
including marketing and advertising activities, well as print
solutions to retailers, branded goods companies, catalogers and to
publishers of magazines, books and other printed media. It has
127 printing and related facilities located in North America,
Europe, Latin America and Asia. In the United States, it has 82
facilities in 30 states, and is engaged in the printing of books,
magazines, directories, retail inserts, catalogs and direct mail.
The Company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina, and the British Virgin Islands.
Ernst & Young, Inc., the monitor of Quebecor World Inc., and its
affiliates' reorganization proceedings under the Canadian
Companies' Creditors Arrangement Act, filed a petition under
Chapter 15 of the Bankruptcy Code before the U.S. Bankruptcy Court
for the Southern District of New York on September 30, 2008, on
behalf of QWI (Bankr. S.D.N.Y. Case No. 08-13814). The Chapter 15
case is before Judge James M. Peck. Kenneth P. Coleman, Esq., at
Allen & Overy LLP, in New York, serves as counsel to the Chapter
15 petitioner.
QWI and certain of its subsidiaries commenced the CCAA proceedings
before the Quebec Superior Court (Commercial Division) on
January 20, 2008. The following day, 53 of QWI's U.S.
subsidiaries, including Quebecor World (USA), Inc., filed
petitions under Chapter 11 of the U.S. Bankruptcy Code.
The Honorable Justice Robert Mongeon oversees the CCAA case.
Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the
Company in the CCAA case. Ernst & Young Inc. was appointed as
Monitor.
Quebecor World (USA) Inc., its U.S. subsidiary, along with other
U.S. affiliates, filed for Chapter 11 bankruptcy before the U.S.
Bankruptcy Court for the Southern District of New York (Lead Case
No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter
LLP represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The Company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective January 28, 2008.
QWI is the only entity involved in the CCAA proceedings that is
not a Debtor in the Chapter 11 Cases.
As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000 total
liabilities of US$4,326,500,000 preferred shares of US$62,000,000
and total shareholders' deficit of US$976,400,000.
Bankruptcy Creditors' Service, Inc., publishes Quebecor World
Bankruptcy News. The newsletter tracks the parallel proceedings
undertaken by QWI and its affiliates under United States and
Canadian bankruptcy laws. (http://bankrupt.com/newsstand/or
215/945-7000)
SPECTRUM BRANDS: Monthly Operating Report -- Ended May 24, 2009
---------------------------------------------------------------
Spectrum Brands, Inc.
Consolidated Balance Sheet
As of May 24, 2009
Cash and cash equivalents $12,797,424
Net trade receivables 181,549,725
Intercompany receivables (1)
Other trade receivables - calc 8,686,897
Net inventories 410,875,764
Assets held for sale 316,225
Prepaid expenses & other 20,894,006
Total deferred tax assets - current 8,553,815
-------------
Total current assets 643,673,855
Net Property, Plant & Equipment 95,206,104
Long-term receivable 110,624
Long-term receivable - intercompany (0)
Total deferred tax assets - L/T -
Deferred charges - other 6,857,102
Debt issuance costs 19,257,236
Investments - partially owned co. 823,110
Miscellaneous - other assets 7,880,467
--------------
Deferred charges and other, net 34,928,539
Goodwill 60,976,962
Intangible assets - other 498,024,259
Investments - consolidated co. 0
Investments in subsidiaries 0
--------------
Total assets $1,332,809,719
==============
Current Liabilities:
Total current debt $159,797,702
Accounts payable - intercompany (0)
Total accounts payable 120,727,695
Accrued wages & benefits 34,556,320
Accrued taxes O/T Inc. Payroll 2,900,643
Accrued interest payable 74,672,728
Current deferred tax liabilities -
Income taxes payable 154,314
Other accrued expenses 41,611,258
Wages, benefits and other 153,895,263
Accrued special charges 31,374,026
--------------
Total current liabilities 465,794,686
Long term debt intercompany (0)
Total long term debt 2,409,918,828
Total employee benefit obligations 6,117,161
Total deferred tax liabilities 134,069,517
Other long-term liabilities 10,253,646
Minority interest -
Corporate control -
Other liabilities 144,323,163
--------------
Total liabilities $3,026,153,838
==============
Total equity (1,693,344,119)
--------------
Total liabilities and equity $1,332,809,719
==============
Spectrum Brands, Inc.
Consolidated Statement of Income from Operations
For the period ending May 24, 2009
Net Sales $134,597,768
Cost of goods sold 88,870,236
Restructuring and related charges 1,785,260
------------
Gross profit 43,942,272
Operating expenses:
Selling 14,792,250
General and Administrative 7,906,570
Research and development 1,449,048
Restructuring and related charges 408,826
Goodwill and intangibles impairment -
------------
Total operating expenses 24,556,694
Operating income 19,385,575
Interest expense 10,591,340
Other income, net (2,353,053)
------------
Income from continuing operations
before income taxes 11,147,288
Income tax expense (65,792)
------------
Income from continuing operations 11,213,079
Loss from discontinued operations, net 9,481
Reorganization items 3,003,598
------------
Net (loss)/income $8,200,000
============
Spectrum Brands, Inc.
Cash Receipts and Disbursements
For the period ending May 24, 2009
Cash, beginning of month $2,988,488
Receipts:
Cash sales 0
Collections of Accounts receivable 44,293,915
Loans & advances 113,915,623
Sale of assets -
Other 80,388,961
--------------
Total receipts 238,598,499
Disbursements:
Net payroll 3,321,351
Payroll taxes paid 1,685,123
Sales, use & other taxes paid 564,951
Secured/rental/leases 830,185
Utilities & telephone 306,248
Insurance 952,547
Inventory purchases 25,281,845
Vehicle expenses 0
Travel & entertainment 294,666
Repairs, maintenance & supplies 767,584
Administrative & selling 1,055,522
Adequate protection payment(s) 0
Other 194,433,491
-------------
Total disbursements from operations 229,493,518
Professional fees 1,734,376
U.S. Trustee fees 26,750
Other reorganization expenses 3,317,096
Total Disbursements 234,571,740
-------------
Net cash flow 4,026,758
Cash - end of month $7,015,246
=============
About Spectrum Brands
Based in Cibolo, Texas, Spectrum Brands, Inc. --
http://www.spectrumbrands.com/-- supplies consumer batteries,
lawn and garden care products, specialty pet supplies, shaving and
grooming products, household insect control products, personal
care products, and portable lighting. Spectrum Brands' business
is operated in three reportable segments: (a) Global Batteries and
Personal Car; (b) Global Pet Supplies; and (c) Home and Garden.
Spectrum Brands has roughly 5,960 employees worldwide, with about
2,700 of those employees working within the United States. In
addition, Spectrum Brands holds a 50% interest in a domestic
entity; minority interests (less than 25% each) in a domestic
entity and a foreign entity; a limited partnership interest in a
foreign entity; and a 100% interest in a foreign trust.
Spectrum Brands, Inc., and 13 subsidiaries filed separate
Chapter 11 petitions on February 3, 2009 (Bankr. W.D. Tex. Lead
Case No. 09-50455). The Hon. Ronald B. King presides over the
cases. D. J. Baker, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York; Harry A. Perrin, Esq., and D. Bobbitt Noel, Jr.,
Esq., at Vinson & Elkins LLP, in Houston, Texas; and William B.
Kingman, Esq., in San Antonio, serve as the Debtors' counsel.
Sutherland Asbill & Brennan LLP acts as special counsel; Perella
Weinberg Partners LP, as financial advisor; Deloitte Tax LLP as
tax consultant; and Logan & Company Inc. as claims and noticing
agent. As of September 30, 2008, Spectrum Brands had
$2,247,479,000 in total assets and $3,274,717,000 in total
liabilities.
An official committee of equity security holders -- composed of
Mittleman Brothers, LLC, Ralston H. Coffin, Cookie Jar LLC and the
Peter and Karen Locke Living Trust -- was appointed by the U.S.
Trustee in Spectrum's bankruptcy cases on March 11, 2009. The
Equity Committee has tapped Alston & Bird LLP as its bankruptcy
counsel.
The U.S. Trustee was unable to appoint an Official Committee of
Unsecured Creditors as too few creditors expressed an interest in
being appointed to the Committee.
Bankruptcy Creditors' Service, Inc., publishes Spectrum Brands
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Spectrum Brands Inc. and its various subsidiaries.
(http://bankrupt.com/newsstand/or 215/945-7000)
STAR TRIBUNE: Earns $171,000 From May 4 to May 31
-------------------------------------------------
On June 22, 2009, Star Tribune Holdings Corporation, et al., filed
with the U.S. Bankruptcy Court for the Southern District of New
York a monthly operating report for the period May 4 to May 31,
2009.
The Debtors earned $171,000 on net revenue of $15.4 million for
the period from May 4 to May 31, 2009.
At May 31, 2009, the Debtors had $434.5 million in total assets
and $677.2 million in total liabilities.
A full-text copy of the Debtors' monthly operating report for the
period from May 4 to May 31, 2009, is available at:
http://bankrupt.com/misc/startribune.May2009MOR.pdf
Headquartered in Minneapolis, Minnesota, The Star Tribune Company
-- http://www.startribune.com/-- operates the largest newspaper
in the state of Minnesota and published seven days each week in an
edition for the Minneapolis-Saint Paul metropolitan area. The
Company and its affiliate, Star Tribune Holdings Corporation,
filed for Chapter 11 protection on January 15, 2009 (Bankr.
S.D.N.Y. Lead Case No. 09-10245). Marshall Scott Huebner, Esq.,
James I. McClammy, Esq., and Lynn Poss, Esq., at Davis Polk &
Wardwell, represent the Debtors in their restructuring efforts.
Blackstone Advisory Services L.P. is the Debtors' financial
advisor. Diana G. Adams, the U.S. Trustee for Region 2, selected
seven members to the official committee of unsecured creditors in
the Debtors' Chapter 11 cases. Scott Cargill, Esq., and Sharon L.
Levine, Esq., at Lowenstein Sandler PC, represent the Committee as
counsel. When the Debtors filed for protection from their
creditors, they listed between $100 million and $500 million each
in assets and debts.
The Court has extended the Debtors' exclusive periods to file a
plan of reorganization until August 13, 2009.
TOUSA INC: Reports $18 Million Net Loss in May 2009
---------------------------------------------------
According to Bill Rochelle at Bloomberg, Tousa Inc. disclosed in
an operating report that the net loss in May was $18 million, on
revenue of $48.4 million. Gross profit of $4.5 million resulted
in a loss given $17.1 million in selling, general, and
administrative expenses and $5.5 million in interest costs. The
cumulative net loss for the year is $87.5 million. Tousa ended
the month with $250 million cash and cash equivalents.
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on January 29, 2008 (Bankr. S.D. Fla. Case No. 08-
10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M. Basta,
Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at
Berger Singerman, to represent them in their restructuring
efforts. Lazard Freres & Co. LLC is the Debtors' investment
banker. Ernst & Young LLP is the Debtors' independent auditor and
tax services provider. Kurtzman Carson Consultants LLC acts as
the Debtors' Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746). It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
Bankruptcy Creditors' Service, Inc., publishes TOUSA Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by TOUSA Inc. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TRONOX INC: Monthly Operating Report for May 2009
-------------------------------------------------
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Balance Sheet
As of May 31, 2009
ASSETS
Cash and cash equivalents $18,000,000
Notes and accounts receivable intercompany 329,500,000
Accounts receivable, third parties 104,000,000
Inventories, net 171,800,000
Prepaid and other assets 17,700,000
Income tax receivable 500,000
Deferred income taxes 1,200,000
----------------
Total Current Assets 642,700,000
Property, plant and equipment, net 198,800,000
Notes and advances receivable, intercompany 111,400,000
Other long-term assets 389,300,000
----------------
Total Assets $1,342,200,000
================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, third parties $48,100,000
Accrued liabilities 60,800,000
Long-term debt due within one year 55,000,000
Income taxes payable 1,900,000
Long-term debt classified as current 212,600,000
----------------
Total Current Liabilities 378,400,000
Noncurrent liabilities:
Deferred income taxes 13,700,000
Environmental remediation and restoration 128,700,000
Notes and advances payable, intercompany 9,100,000
Other 118,100,000
----------------
Total Liabilities
Not Subject to Compromise 648,000,000
Minority Interest 3,400,000
Liabilities Subject to compromise 430,400,000
Commitments and contingencies 0
Stockholders' equity
Common stock 400,000
Capital in excess of par value 495,900,000
Retained earnings (accumulated deficit) (211,100,000)
Accumulated other comprehensive
income (loss) (18,000,000)
Treasury stock, at cost (6,800,000)
----------------
Total Stockholders' Equity 260,400,000
----------------
Total Liabilities and Stockholders' Equity $1,342,200,000
================
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Statement of Operations
Month Ended May 31, 2009
Net Sales $48,500,000
Cost of goods sold 42,300,000
----------------
Gross margin 6,200,000
Selling, general and admin. expenses 5,400,000
Provision for doubtful notes and accounts (800,000)
----------------
1,600,000
Interest and debt expense 2,400,000
Other (income) expense, net (2,400,000)
Reorganization items 4,500,000
----------------
Loss from continuing operations
before income taxes (3,800,000)
Income tax provision (benefit) 0
----------------
Loss from continuing operations (3,800,000)
Income (loss) from discontinued operations,
net of tax (500,000)
----------------
Net loss ($4,300,000)
================
About Tronox Inc.
Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets:
TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer
of titanium dioxide pigment, with an annual production capacity of
535,000 tonnes. Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products. The Company's four pigment plants, which are
located in the United States, Australia and the Netherlands,
supply high-performance products to approximately 1,100 customers
in 100 countries. In addition, Tronox produces electrolytic
products, including sodium chlorate, electrolytic manganese
dioxide, boron trichloride, elemental boron and lithium manganese
oxide.
Tronox has $1.6 billion in total assets, including $646.9 million
in current assets, as at September 30, 2008. The Company has
$881.6 million in current debts and $355.9 million in total
noncurrent debts.
Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr. S.D.
N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors. The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.
An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases. The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.
Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B. Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK. As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of
class B common stock.
Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TRUMP ENTERTAINMENT: Posts $7.1 Million Net Loss in May 2009
------------------------------------------------------------
TCI 2 Holdings, LLC, et al., filed with the U.S. Bankruptcy Court
for the District of New Jersey on June 19, 2009, a monthly
operating report for May 2009.
The Debtors reported a consolidated net loss of $7.1 million on
net revenues of $70.4 million for the month ended May 31, 2009.
At May 31, 2009, the Debtors had total assets of $2.006 billion,
total liabilities of $2.089 billion, and a stocholders' deficit of
$83.1 million. Consolidated cash balance was $73.2 million.
At February 16, 2009, the Debtors had $2.035 billion in total
assets, $2.054 billion in total liabilities, and a stocholders'
deficit of $18.8 million. Consolidated cash balance was
$71.2 million.
A full-text copy of the Debtor's monthly operating report for the
month ended May 31, 2009, is available at:
http://bankrupt.com/misc/tci2.May2009MOR.pdf
About Trump Entertainment
Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino. The company
conducts gaming activities and provides customers with casino
resort and entertainment.
Donald Trump is a shareholder of the company and, as its non-
executive Chairman, is not involved in the daily operations of the
company. The company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.
Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 on February 17, 2009 (Bankr. D.
N.J., Lead Case No. 09-13654). The Company has tapped Charles A.
Stanziale, Jr., Esq., at McCarter & English, LLP, as lead counsel,
and Weil Gotshal & Manges as co-counsel. Ernst & Young LLP is the
Company's auditor and accountant and Lazard Freres & Co. LLC is
the financial advisor. The Company disclosed assets of
$2,055,555,000 and debts of $1,737,726,000 as of December 31,
2008.
YOUNG BROADCASTING: Incurs $667,262 Net Loss in May 2009
--------------------------------------------------------
On June 19, 2009, Young Broadcasting, Inc., filed its monthly
operating report for the month ended May 31, 2009, with the
United States Bankruptcy Court for the Southern District of New
York.
The Debtors reported a net loss of $667,262 on net operating
revenues of $13.7 million for the month ended May 31, 2009.
At May 31, 2009, the Debtors had $332.7 million in total
assets and $929.1 million in total liabilities.
A full-text copy of the Debtors' monthly operating report for the
month of April 2009 is available for free at:
http://researcharchives.com/t/s?3e2a
*********
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.
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*** End of Transmission ***