/raid1/www/Hosts/bankrupt/TCR_Public/090704.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, July 4, 2009, Vol. 13, No. 183
Headlines
ACCENTIA BIOPHARMA: Files Monthly Operating Report for May 2009
ACCENTIA BIOPHARMA: Biovest Int'l Files May Operating Report
ALERIS INTERNATIONAL: Monthly Operating Report -- April 30, 2009
ASYST TECHNOLOGIES: Posts $1.2 Million Net Loss in May 2009
AVENTINE RENEWABLE: Reports $840,000 Net Loss in May
CHARTER COMMUNICATIONS: Reports $62 Million Net Loss for May
CRUSADER ENERGY: Reports $6.8MM Net Loss in May
FRONTIER AIRLINES: Monthly Operating Report -- May 31, 2009
GENERAL GROWTH: Posts Net Loss of $23.9 Million in May 2009
GOTTSCHALKS INC: Posts $4,845,000 Net Loss in April 2009
HAYES LEMMERZ: Files Monthly Operating Report for May 2009
LEHMAN BROTHERS: BNC Mortgage LLC's Balance Sheet at Jan. 8, 2009
LEHMAN BROTHERS: LBSF's Balance Sheet at Oct. 2, 2008
LEHMAN BROTHERS: LCPI's Balance Sheet at October 2, 2008
LEHMAN BROTHERS: Operating Report for Month Ended April 30
MAGNA ENTERTAINMENT: Posts $7,900,950 Net Loss in May 2009
MERUELO MADDUX: Files Amended Report for March 27 - March 31
MERUELO MADDUX: Files Amended Monthly Operating Report for April
MERUELO MADDUX: Posts $1,808,225 Net Loss in May 2009
MILACRON INC: Posts $8,530,000 Net Loss in May 2009
NEWPOWER HOLDINGS: Files Monthly Operating Report for May 2009
NOBLE INTERNATIONAL: Posts $1,238,106 Net Loss in May 2009
NORTEL NETWORKS: Earns $21 Million in May 2009
PILGRIM'S PRIDE: Reports 16.7 Mil. Profit for Month Ended May 23
SHARPER IMAGE: Earns $5,150 in May 2009
SIX FLAGS: Initial Monthly Operating Report
TROPICANA ENTERTAINMENT: Adamar of NJ Records $4.5MM Loss for May
VERASUN ENERGY: Posts $1,485,000 Net Loss in May 2009
VERMILLION INC: Posts $564,456 Net Loss in May 2009
VISTEON CORP: Files Initial Monthly Operating Report
WASHINGTON MUTUAL: Posts $5.7 Million Net Loss in May 2009
*********
ACCENTIA BIOPHARMA: Files Monthly Operating Report for May 2009
---------------------------------------------------------------
On June 22, 2009, Accentia Biopharmaceuticals, Inc., and certain
of its affiliates filed their unaudited combined monthly operating
report for the period May 1, 2009, through May 31, 2009, with the
United States Bankruptcy Court for the Middle District of Florida,
Tampa Division.
Their schedule of receipts and disbursements for May 2009,
showed:
Funds at beginning of period ($25,753)
Total Receipts $256,947
Total Funds Available for Operations $231,194
Total Disbursements $226,458
Funds at May 31, 2009 $4,735
A full-text copy of the Debtors' monthly operating report for May
2009 is available at http://researcharchives.com/t/s?3e96
Headquartered in Tampa, Florida, Accentia BioPharmaceuticals Inc.
(Nasdaq: ABPI) -- http://www.accentia.net/-- is a vertically
integrated biopharmaceutical company focused on the development
and commercialization of drug candidates that are in late-stage
clinical development and typically are based on active
pharmaceutical ingredients that have been previously approved by
the FDA for other indications. The Company's lead product
candidate is SinuNase(TM), a novel application and formulation of
a known therapeutic to treat chronic rhinosinusitis.
Additionally, the Company has acquired the majority ownership
interest in Biovest International Inc. and a royalty interest in
Biovest's lead drug candidate, BiovaxID(TM) and any other biologic
products developed by Biovest. The Company also has a specialty
pharmaceutical business, which markets products focused on
respiratory disease and an analytical consulting business that
serves customers in the biopharmaceutical industry.
Accentia BioPharmaceuticals and nine affiliates filed for
Chapter 11 protection on November 10, 2008 (Bankr. M.D. Florida,
Lead Case No. 08-17795). Charles A. Postler, Esq., and Elena P.
Ketchum, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa,
Florida; and Jonathan B. Sbar, Esq., at Rocke, McLean & Sbar,
P.A., represent the Debtors as counsel. Adam H. Friedman, Esq.,
at Olshan Grundman Frome Rosenzweig, and Paul J. Battista, Esq.,
at Genovese Joblove & Battista PA, represent the official
committee of unsecured creditors as counsel. In their bankruptcy
petition, the Debtors listed assets of $134,919,728 and debts of
$77,627,355 as of June 30, 2008.
ACCENTIA BIOPHARMA: Biovest Int'l Files May Operating Report
------------------------------------------------------------
Biovest International Inc. and certain of its debtor-affiliates
filed with the U.S. Bankruptcy Court for the Middle District of
Florida on June 22, 2009, their unaudited combined monthly
operating report for the period May 1, 2009, through May 31, 2009.
Their schedule of receipts and disbursements for May 2009,
showed:
Funds at beginning of period $240,736
Total Receipts $493,654
Total Funds Available for Operations $734,390
Total Disbursements $447,884
Funds at April 30, 2009 $286,506
A full-text copy of Biovest International Inc. and its debtor-
affiliates' monthly operating report for April 2009 is
available for free at http://researcharchives.com/t/s?3e93
Headquartered in Tampa, Florida, Accentia BioPharmaceuticals Inc.
(Nasdaq: ABPI) -- http://www.accentia.net/-- is a vertically
integrated biopharmaceutical company focused on the development
and commercialization of drug candidates that are in late-stage
clinical development and typically are based on active
pharmaceutical ingredients that have been previously approved by
the FDA for other indications. The Company's lead product
candidate is SinuNase(TM), a novel application and formulation of
a known therapeutic to treat chronic rhinosinusitis.
Additionally, the Company has acquired the majority ownership
interest in Biovest International Inc. and a royalty interest in
Biovest's lead drug candidate, BiovaxID(TM) and any other biologic
products developed by Biovest. The Company also has a specialty
pharmaceutical business, which markets products focused on
respiratory disease and an analytical consulting business that
serves customers in the biopharmaceutical industry.
Accentia BioPharmaceuticals and nine affiliates filed for
Chapter 11 protection on November 10, 2008 (Bankr. M.D. Florida,
Lead Case No. 08-17795). Charles A. Postler, Esq., and Elena P.
Ketchum, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa,
Florida; and Jonathan B. Sbar, Esq., at Rocke, McLean & Sbar,
P.A., represent the Debtors as counsel. Adam H. Friedman, Esq.,
at Olshan Grundman Frome Rosenzweig, and Paul J. Battista, Esq.,
at Genovese Joblove & Battista PA, represent the official
committee of unsecured creditors as counsel. In their bankruptcy
petition, the Debtors listed assets of $134,919,728 and debts of
$77,627,355 as of June 30, 2008.
ALERIS INTERNATIONAL: Monthly Operating Report -- April 30, 2009
----------------------------------------------------------------
Aleris International, Inc., Et Al.
Consolidated Balance Sheet
As of April 30, 2009
ASSETS
Current Assets:
Cash and cash equivalents $23,317,641
Accounts receivable, net 100,351,139
Intercompany Receivable 126,891,125
Net Inventories 118,584,713
Other current assets 66,668,642
-------------
Total current assets 435,813,260
Property, plant and equipment, net 334,590,721
Goodwill & Org. Costs, Net 79,776,473
Other Intangibles, Net 60,064,114
Total Long Term Intercompany Receivable 58,521,745
Other Long-Term Assets 1,485,609,482
-------------
Total L/T Assets 2,018,562,535
-------------
$2,454,375,795
=============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $30,937,467
Accrued & Other Current Liabilities 56,789,336
Toll Liability 5,844,962
Accrued Interest 2,065,740
Total current Interco Payable 14,290,640
Current Maturities of L/T Debt 761,129,216
Other current liabilities 6,834,709
-------------
Total current liabilities 877,892,070
Total Long-term debt 23,421
Intercompany payable (57,912,483)
Other long-term liabilities 59,271,738
-------------
Total Long-term liabilities 1,382,676
Liabilities subject to compromise-external 1,705,710,398
Liabilities subject to compromise-internal 490,457,853
-------------
Total Liabilities Subject to Compromise 2,196,168,251
-------------
Total Liabilities 3,075,442,997
Additional paid-in Capital 856,179,514
Retained earnings (1,429,647,089)
Total other comprehensive income(loss) (47,599,627)
Other stockholders' equity 0
-------------
Total Liabilities and Stockholders' Equity $2,454,375,795
=============
Aleris International, Inc., Et Al.
Consolidated Statement of Operations
For the Period From April 1 through April 30
Gross Revenue $88,164,000
Total costs of sales 81,060,000
-------------
Gross profits 7,104,000
Selling, general and administrative:
Labor 5,616,000
Professional fees 700,000
Consulting expense 182,000
Depreciation & Amortization 784,000
Other 2,135,000
-------------
Total SG&A Expense 9,417,000
Restructuring & Merger-related items 703,000
(Gains) losses on Derivatives 6,096,000
-------------
Operating Income (loss) (9,112,000)
Net Interest Expense 13,398,000
Other Income and Expense (558,000)
Reorganization Intems 118,000
-------------
Income before taxes (22,070,000)
Income Tax Expenses (646,000)
-------------
Net Income ($21,424,000)
=============
Aleris International, Inc., Et Al.
Consolidated Schedule of
Cash Receipts and Disbursements
For the Period From April 1 through April 30
Receipts
Cash Sales $0
Accounts Receivable 97,211,288
Affiliates 745,980
Sale of Assets 0
Other 4,406,490
Transfer (From DIP Accts) 73,210,129
-------------
Total Receipts 175,573,887
Disbursements
Benefits 4,188,484
Payroll 10,976,660
Primary 14,151,271
Recycling/Scrap 18,741,685
Hardners 2,090,959
Flux 766,506
Insurance 432,769
MRO 6,561,075
Freight 3,447,598
Energy 4,974,208
Taxes 750,525
By Product 706,486
Capex 167,815
Other accounts payable 3,438,794
Chapter 11 professional fees 42,517
Chapter 11 adjustments 35,182
Collateral Returns 0
Collateral Disbursements 0
Hedge Premiums 4,213,200
Affiliates 0
Interest & Fees 865,957
Extraordinaries 0
Other 0
Transfers (To DIP Accts) 114,599,932
-------------
Total Disbursements 191,151,621
-------------
Net Cash Flow ($15,577,734)
=============
About Aleris International
Aleris International, Inc., produces and sells aluminum rolled and
extruded products. Aleris operates primarily through two
reportable business segments: (i) global rolled and extruded
products and (ii) global recycling. Headquartered in Beachwood,
Ohio, a suburb of Cleveland, the Company operates over 40
production facilities in North America, Europe, South America and
Asia, and employs approximately 8,400 employees. Aleris operates
27 production facilities in the United States with eight
production facilities that provided rolled and extruded aluminum
products and 19 recycling production plants.
Aleris International, Inc., aka IMCO Recycling Inc., and various
affiliates filed for bankruptcy on February 12, 2009 (Bankr. D.
Del. Case No. 09-10478). The Hon. Brendan Linehan Shannon
presides over the cases. Stephen Karotkin, Esq., and Debra A.
Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve
as lead counsel for the Debtors. L. Katherine Good, Esq., and
Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A. In
Wilmington, Delaware, serves as local counsel. Moelis & Company
LLC, acts as financial advisors; Alvarez & Marsal LLC a as
restructuring advisors, and Kurtzman Carson Consultants LLC as
claims and noticing agent for the Debtors. As of December 31,
2008, the Debtors had total assets of $4,168,700,000; and total
debts of $3,978,699,000.
Bankruptcy Creditors' Service, Inc., publishes Aleris
International Bankruptcy News. The newsletter tracks the chapter
11 proceeding undertaken by Aleris International, Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000)
ASYST TECHNOLOGIES: Posts $1.2 Million Net Loss in May 2009
-----------------------------------------------------------
On June 19, 2009, Asyst Technologies, Inc., filed a monthly
operating report for the month ended May 31, 2009, with the United
States Bankruptcy Court for the Northern District
of California.
For the period, the Company reported a net loss of $1.2 million on
total sales of $2.2 million.
At May 31, 2009, the Company had $88.9 million in total assets,
$32.9 million in total liabilities, and $56.0 million in total
equity.
A full-text copy of the Company's monthly operating report for May
2009 is available at http://researcharchives.com/t/s?3e9f
Headquartered in Fremont, California, Asyst Technologies, Inc. --
http://www.asyst.com/-- makes, sells and supports integrated
hardware and software systems primarily for semiconductor and flat
panel display manufacturing industries.
The Company filed for Chapter 11 on April 20, 2009 (Bankr. N.D.
Calif. Case No. 09-43246). Ali M.M. Mojdehi, Esq., Janet D.
Gertz, Esq., and Rayla Dawn Boyd, Esq., at the Law Offices of
Baker and McKenzie, represent the Debtor as counsel. Andrew I.
Silfen, Esq., Mette H. Kurth, Esq., Michael S. Cryan, Esq., and
Schuyler G. Carroll, Esq., at Arent Fox LLP, represent the
official committee of unsecured creditors as counsel. As of
December 31, 2008, the Debtor reported total assets of
$295,782,000 and total debts of $315,364,000.
The company's Japanese subsidiaries, Asyst Technologies Japan
Holdings Company, Inc., and Asyst Technologies Japan, Inc.,
entered into related voluntary proceedings under Japan's Corporate
Reorganization Law (Kaisha Kosei Ho) on April 20, 2009.
Kosei Watanabe was appointed as Trustee of Asyst Japan Holdings
and ATJ.
AVENTINE RENEWABLE: Reports $840,000 Net Loss in May
----------------------------------------------------
According to Bill Rochelle at Bloomberg News, Aventine Renewable
Energy Holdings Inc. reported a $840,000 net loss in May on sales
of $41.6 million. The gross profit was $1.9 million while
operating income was $261,000.
The report relates that Aventine has $30 million in secured
financing provided by the holders of 75% of the $300 million in
unsecured notes. First-lien lenders are owed $40.3 million.
Pekin, Illinois-based Aventine Renewable Energy Holdings, Inc.
(Pink Sheets:AVRN) -- http://www.aventinerei.com/-- is a producer
and marketer of ethanol to many leading energy companies in the
United States. In addition to ethanol, Aventine also produces
distillers grains, corn gluten meal, corn gluten feed, corn germ
and brewers' yeast.
Morgan Stanley Capital Partners IV bought Aventine in May 2003
from Williams Cos. Aventine had a public offering in May 2006.
The Morgan Stanley group retained 28% of the stock at year's end.
The Company and its affiliates filed for Chapter 11 on April 7,
2009 (Bankr. D. Del., Lead Case No. 09-11214). The Debtors have
tapped Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor,
as counsel. Davis Polk & Wardwell is special tax counsel and
Houlihan, Lokey, Howard & Zukin, Inc., is the financial advisor.
Garden City Group, Inc., has been engaged as claims agent. In its
bankruptcy petition, Aventine disclosed $799,459,000 in assets and
$490,663,000 in debts as of December 31, 2008.
CHARTER COMMUNICATIONS: Reports $62 Million Net Loss for May
------------------------------------------------------------
Charter Communications, Inc., and Subsidiaries
Consolidated Balance Sheet
As of May 31, 2009
ASSETS
Current Assets:
Cash and cash equivalents $952,000,000
Accounts receivable, net 218,000,000
Prepaid expenses & other current assets 101,000,000
--------------
Total Current Assets 1,271,000,000
Investment in Cable Properties:
Property, plant and equipment, net 4,877,000,000
Franchises, net 7,377,000,000
--------------
Total investment in cable properties, net 12,254,000,000
--------------
Other Noncurrent Assets 206,000,000
--------------
Total assets $13,731,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise:
Current Liabilities:
Accounts payable and accrued expenses $1,359,000,000
Current portion of long-term debt 11,774,000,000
--------------
Total Current Liabilities 13,133,000,000
Other Long-Term Liabilities 715,000,000
Liabilities subject to compromise 10,561,000,000
Temporary equity 258,000,000
--------------
11,534,000,000
Shareholders' deficit
Charter shareholders' deficit (10,769,000,000)
Noncontrolling interest (167,000,000)
--------------
Total Shareholders' deficit (10,936,000,000)
--------------
Total Liabilities and Shareholders' Deficit $13,731,000,000
==============
Charter Communications, Inc., and Subsidiaries
Consolidated Statement of Operations
Month Ended May 31, 2009
REVENUES $565,000,000
COSTS AND EXPENSES:
Operating, excl. depreciation & amortization 239,000,000
Selling, general and administrative 115,000,000
Depreciation and amortization 109,000,000
Other operating expense 1,000,000
--------------
Income from operations 101,000,000
--------------
OTHER INCOME (EXPENSES):
Interest expense, net (72,000,000)
Reorganization items, net (71,000,000)
--------------
(143,000,000)
--------------
Loss before income taxes (42,000,000)
--------------
Income tax expense (20,000,000)
--------------
Consolidated net loss (62,000,000)
--------------
Less: Net loss - noncontrolling interest 20,000,000
--------------
Net loss - Charter shareholders ($42,000,000)
==============
For the month of May 2009, the Debtors received $526,987,000 from
Charter Communications Operating LLC, and $130,000 from
Charter Communications Holding Company, LLC, for a total cash
receipt of $527,117,000. The Debtors disbursed a total of
$412,620,000.
A full-text copy of Charter's May Operating Report is available
for free at http://bankrupt.com/misc/CCI_MOR_May2009.pdf
About Charter Communications
Based in St. Louis, Missouri, Charter Communications, Inc. (Pink
OTC: CHTRQ) -- http://www.charter.com/-- is a broadband
communications company and the fourth-largest cable operator in
the United States. Charter provides a full range of advanced
broadband services, including advanced Charter Digital Cable(R)
video entertainment programming, Charter High-Speed(R) Internet
access, and Charter Telephone(R). Charter Business(TM) similarly
provides scalable, tailored, and cost-effective broadband
communications solutions to business organizations, such as
business-to-business Internet access, data networking, video and
music entertainment services, and business telephone. Charter's
advertising sales and production services are sold under the
Charter Media(R) brand.
On March 16, 2009, Charter Communications filed its annual report
on Form 10-K, which contained a going concern modification to the
audit opinion from its independent registered public accounting
firm.
Charter Communications and more than a hundred affiliates filed
voluntary Chapter 11 petitions on March 27, 2009 (Bankr. S.D. N.Y.
Case No. 09-11435). Pacific Microwave filed for bankruptcy
protection on April 20, 2009, disclosing assets of not more than
$50,000 and debts of more than $1 billion.
The Hon. James M. Peck presides over the cases. Richard M. Cieri,
Esq., Paul M. Basta, Esq., and Stephen E. Hessler, Esq., at
Kirkland & Ellis LLP, in New York, serve as counsel to the
Debtors, excluding Charter Investment Inc. Albert Togut, Esq., at
Togut, Segal & Segal LLP in New York, serves as Charter
Investment, Inc.'s bankruptcy counsel. Curtis, Mallet-Prevost,
Colt & Mosel LLP, in New York, is the Debtors' conflicts counsel.
Ernst & Young LLP is the Debtors' tax advisors. KPMG LLP is the
Debtors' independent auditors. The Debtors' valuation
consultants are Duff & Phelps LLC; the Debtors' financial advisors
are Lazard Freres & Co. LLC; and the Debtors' restructuring
consultants are AlixPartners LLC. The Debtors' regulatory counsel
is Davis Wright Tremaine LLP, and Friend Hudak & Harris LLP. The
Debtors' claims agent is Kurtzman Carson Consultants LLC. As of
March 31, 2009, the Debtors had total assets of $13,650,000,000,
and total liabilities of $24,501,000,000.
Bankruptcy Creditors' Service, Inc., publishes Charter
Communications Bankruptcy News. The newsletter tracks the Chapter
11 proceedings undertaken by Charter Communications and more than
100 of its affiliates. (http://bankrupt.com/newsstand/or
215/945-7000)
CRUSADER ENERGY: Reports $6.8MM Net Loss in May
-----------------------------------------------
Bill Rochelle at Bloomberg News reports that Crusader Energy Group
Inc. reported a $6.8 million net loss in May on revenue of
$4.5 million. The April loss was $3.9 million.
Based in Oklahoma City, Oklahoma, Crusader Energy Group Inc. --
http://www.ir.crusaderenergy.com/-- explores, develops and
acquires oil and gas properties, primarily in the Anadarko Basin,
Williston Basin, Permian Basin, and Fort Worth Basin in the United
States. Crusader Energy and its affiliates filed for Chapter 11
protection on March 30, 2009 (Bankr. N.D. Tex. Lead Case No. 09-
31797). The Debtors' financial condition as of September 30,
2008, showed total assets of $749,978,331 and total debts of
$325,839,980.
Beth Lloyd, Esq., Richard H. London, Esq., and William Louis
Wallander, Esq., at Vinson & Elkins, L.L.P., represent the Debtors
as counsel. Holland N. Oneil, Esq., Michael S. Haynes, Esq., and
Richard McCoy Roberson, Esq., at Gardere, Wynne & Sewell,
represent the official committee of unsecured creditors as
counsel.
FRONTIER AIRLINES: Monthly Operating Report -- May 31, 2009
-----------------------------------------------------------
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Condensed Consolidated Balance Sheet
As of May 31, 2009
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $65,854,000
Restricted cash and investments 151,724,000
Receivables, net of allowance 42,853,000
Deposits on fuel hedges 3,660,000
Prepaid expenses and other assets 22,835,000
Inventories, net of allowance 13,122,000
Assets held for sale 664,000
--------------
Total current assets 300,712,000
Property and other equipment, net 577,346,000
Security and other deposits 27,192,000
Maintenance reserve deposits 129,571,000
Aircraft pre-delivery payments 7,836,000
Restricted investments 2,987,000
Deferred loan expenses and other assets 9,209,000
--------------
Total Assets $1,054,853,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise:
CURRENT LIABILITIES:
Accounts payable $40,064,000
Air traffic liability 160,717,000
Other accrued expenses 51,653,000
Deferred revenue & other current liabilities 14,498,000
Short-term borrowings 3,000,000
DIP financing 40,000,000
--------------
Total current liabilities not subject
to compromise 309,932,000
Deferred revenue and other liabilities 18,436,000
Other long-term debt -- postpetition 3,000,000
--------------
Total liabilities not subject to compromise 331,368,000
Liabilities subject to compromise 686,645,000
--------------
Total Liabilities 1,018,013,000
STOCKHOLDERS' EQUITY
Preferred stock -
Common stock 37,000
Additional paid-in capital 197,274,000
Cumulative effect of change in
accounting principle 125,122,000
Accumulated deficit (285,593,000)
--------------
Total Stockholders' Deficit 36,840,000
--------------
Total Liabilities and Stockholders' Deficit $1,054,853,000
==============
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Condensed Consolidated Statement of Operations
Month Ended May 31, 2009
Revenues:
Passenger $81,150,000
Cargo 505,000
Other 6,840,000
--------------
Total revenues 88,495,000
Operating expenses:
Flight operations 13,120,000
Aircraft fuel 18,403,000
Aircraft lease 9,363,000
Aircraft and traffic servicing 14,138,000
Maintenance 4,831,000
Promotion and sales 9,133,000
General and administrative 4,859,000
Operating expenses -- regional partner -
Loss (gain) on sales of assets, net (3,000)
Employee separation and other charges -
Depreciation 2,908,000
--------------
Total operating expenses 76,752,000
--------------
Operating income (loss) 11,743,000
Non-operating income (expense):
Interest income 93,000
Interest expense (1,761,000)
Loss from early extinguishment of debt (185,000)
Other, net 71,000
--------------
Total non-operating expense, net (1,782,000)
Income before reorganization items & income tax 9,961,000
Reorganization items 8,519,000
Income tax expense 380,000
--------------
Net Income (Loss) $1,062,000
==============
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Condensed Consolidated Statement of Cash Flows
Month Ended May 31, 2009
Cash flows from operating activities:
Net Income (Loss) $1,062,000
Adjustments to reconcile net income(loss) to net cash
used in operating activities:
ESOP and stock option compensation expense 94,000
Depreciation and amortization 3,117,000
Assets beyond economic repair 88,000
Mark to market adjustments on
derivative contracts (4,162,000)
Amounts paid for settled derivative contracts -
Gain on disposal of equipment &
other assets, net (3,000)
Loss on early extinguishment of debt 185,000
Reorganization items 8,519,000
Changes in operating assets and liabilities:
Restricted cash and investments (9,242,000)
Receivables (5,204,000)
Fuel and other deposits (25,000)
Maintenance reserve deposits (2,394,000)
Prepaid expenses and other assets (270,000)
Inventories (747,000)
Accounts payable 155,000
Air traffic liability 4,816,000
Other accrued expenses 3,629,000
Deferred revenue and other liabilities (730,000)
--------------
Net cash used in operating activities (1,112,000)
Cash flows from reorganization activities
Net cash used in reorganization activities (2,421,000)
Total net cash used in operating activities (3,533,000)
Cash flows from investing activities:
Aircraft purchase deposits made -
Aircraft purchase deposits returned -
Sale of short-term investment -
Proceeds from the sale of property and
equipment and assets held for sale 60,000
Capital expenditures (182,000)
Proceeds from the sale of aircraft
-- reorganization 20,056,000
--------------
Net cash provided by investing activities 19,934,000
Cash flows from financing activities:
Proceeds from DIP financing (postpetition) -
Extinguishment of long-term borrowings -
Principal payments on long-term borrowings (1,621,000)
Principal payments on short-term borrowing -
Payment of financing fees -
Extinguishment of long-term borrowings
-- reorganization (18,960,000)
--------------
Net cash used in financing activities (20,581,000)
Decrease in cash and cash equivalents (4,180,000)
Cash and cash equivalents at beginning
of period 70,034,000
--------------
Cash and cash equivalents at end of period $65,854,000
==============
A copy of Frontier Airlines' Monthly Operating Report is available
for free at: http://ResearchArchives.com/t/s?3e24
About Frontier Airlines Holdings
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. In conjunction with a fleet of 10 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.
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)
GENERAL GROWTH: Posts Net Loss of $23.9 Million in May 2009
-----------------------------------------------------------
On June 30, 2009, General Growth Properties, Inc., and certain of
the Company's domestic subsidiaries filed their monthly operating
report for the month ended May 31, 2009, with the U.S. Bankruptcy
Court for the Southern District of New York.
General Growth reported a consolidated net loss attributable to
common stockholders of $23.9 million on total revenues of
$217.8 million for the month ended May 31, 2009.
At May 31, 2009, General Growth's consolidated balance sheet
showed $25.22 billion in total assets, $24.34 billion in total
liabilities, $127.7 million in total redeemable noncontrolling
interests, and $757.8 million in total equity.
A full-text copy of the Debtors' monthly operating report is
available at http://researcharchives.com/t/s?3e90
About General Growth
Based in Chicago, Illinois, General Growth Properties, Inc.
(NYSE:GGP) -- http://www.ggp.com/-- is the second-largest U.S.
mall owner, having ownership interest in, or management
responsibility for, more than 200 regional shopping malls in 44
states, as well as ownership in master planned community
developments and commercial office buildings. The Company's
portfolio totals roughly 200 million square feet of retail space
and includes more than 24,000 retail stores nationwide. General
Growth is a self-administered and self-managed real estate
investment trust.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants
LLC has been engaged as claims agent. The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co.
LLC, as investment bankers. The Debtors disclosed
$29,557,330,000 in assets and $27,293,734,000 in debts as of
Dec. 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GOTTSCHALKS INC: Posts $4,845,000 Net Loss in April 2009
--------------------------------------------------------
On June 26, 2009, Gottschalks Inc. filed with the U.S. Bankruptcy
Court for the District of Delaware its monthly operating report
for the period April 5, 2009, to May 2, 2009.
Gottschalks reported a net loss of $4,845,000 on $452,000 in
revenues for the period. Net loss before reorganization items was
$2,577,000.
At May 2, 2009, the company had $131,134,000 in total
assets, $123,125,000 in total liabilities, and $8,009,000 in
net owner equity.
A full-text copy of the company's monthly operating report is
available at http://researcharchives.com/t/s?3e8f
Headquartered in Fresno, California, Gottschalks Inc. (Pink
Sheets: GOTTQ.PK) -- http://www.gottschalks.com/-- is a regional
department store chain, operating 58 department stores and three
specialty apparel stores in six western states. Gottschalks
offers better to moderate brand-name fashion apparel, cosmetics,
shoes, accessories and home merchandise.
The Company filed for Chapter 11 protection on January 14, 2009
(Bankr. D. Del. Case No. 09-10157). O'Melveny & Myers LLP
represents the Debtor in its Chapter 11 case. Lee E. Kaufman,
Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., serves as the Debtors' co-counsel. The Debtor selected
Kurtzman Carson Consultants LLC as its claims agent. The U.S.
Trustee for Region 3 appointed seven creditors to serve on an
official committee of unsecured creditors. When the Debtor filed
for protection from its creditors, it listed $288,438,000 in
total assets and $197,072,000 in total debts.
HAYES LEMMERZ: Files Monthly Operating Report for May 2009
----------------------------------------------------------
On June 30, 2009, Hayes Lemmerz International, Inc., and certain
of its subsidiaries filed a monthly operating report for the month
ended May 31, 2009, with the United States Bankruptcy Court for
the District of Delaware.
Hayes Lemmerz International, Inc., reported a net loss of $13,800
on zero revenue for the month ended May 31, 2009.
At May 31, 2009, Hayes Lemmerz had $390,867,000 in total assets,
($11,000) in total liabiities and $390,878,000 in total equity.
A full-text copy of the Debtors' monthly operating report for May
2009 is available at http://researcharchives.com/t/s?3e8e
About Hayes Lemmerz
Originally founded in 1908, Hayes Lemmerz International, Inc.
(NasdaqGM: HAYZ) is a worldwide producer of aluminum and steel
wheels for passenger cars and light trucks and of steel wheels for
commercial trucks and trailers. The Company is also a supplier of
automotive powertrain components. The Company has global
operations with 23 facilities, including business, sales offices
and manufacturing facilities, located in 12 countries around the
world. The Company sells products to every major North American,
Asian and European manufacturer of passenger cars and light trucks
and to commercial highway vehicle customers throughout the world.
The Company and certain affiliates filed for bankruptcy on
May 11, 2009 (Bankr. D. Del. Case No. 09-11655) after reaching
agreements with lenders holding a majority of the Company's
secured debt. The Company's principal bankruptcy attorneys are
Skadden, Arps, Slate, Meagher & Flom, LLP. Lazard Freres & Co.,
LLC, serves as the Company's financial advisors. AlixPartners,
LLP, serves as the Company's restructuring advisors. The Garden
City Group, Inc., serves as the Debtors' claims and notice agent.
As of January 31, 2009, the Debtors had total assets of
$1,336,600,000 and total debts of $1,405,200,000. This is the
Company's second trip to the bankruptcy court, dubbed a Chapter
22, which was precipitated by an unprecedented slowdown in
industry demand and a tightening of credit markets. The Company
plans to reduce its debt and restructure its balance sheet.
Hayes Lemmerz and its direct and indirect domestic subsidiaries
and one subsidiary in Mexico first filed for bankruptcy in
December 2001 before the U.S. Bankruptcy Court for the District of
Delaware. The Chapter 11 filings were precipitated by declining
market conditions and the Company's excessive debt burdens,
according to Mr. Clawson, who also served as chairman and chief
executive officer at that time. The Court confirmed the Company's
reorganization plan in May 2003, allowing the Company to exit
bankruptcy in June 2003. In accordance with the 2003 Plan,
approximately $2.1 billion in pre-petition debt and other
liabilities were discharged. The Plan provided for holders of
prepetition secured claims to receive $478.5 million in cash and
53.1% of the reorganized company common stock. Holders of senior
note claims were to receive $13 million in cash and 44.9% of the
New Common Stock, and holders of general unsecured claims were to
receive 2% of the New Common Stock. Hayes Lemmerz' prior common
stock and securities were cancelled as of June 3, 2003.
LEHMAN BROTHERS: BNC Mortgage LLC's Balance Sheet at Jan. 8, 2009
-----------------------------------------------------------------
Assets:
Cash $2,000
Due from affiliates 17,649,000
Other assets 443,000
--------------
Total Assets $18,094,000
==============
Liabilities and Stockholder's Equity (Deficit):
Payables to affiliates $2,567,000
Other payables 15,673,000
--------------
Total Liabilities $18,240,000
==============
Total Stockholder's Equity (Deficit) $(146,000)
Total Liabilities & Stockholder's
Equity (Deficit) $18,094,000
==============
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- is the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide. Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity. Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region. The firm, through predecessor
entities, was founded in 1850.
Lehman filed for Chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
September 16 (Case No. 08-13600). Several other affiliates
followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL). James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI
Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion. Nomura Holdings Inc., the
largest brokerage house in Japan, on September 22 reached an
agreement to purchased Lehman Brothers Holdings, Inc.'s operations
in Europe and the Middle East less than 24 hours after it reached
a deal to buy Lehman's operations in the Asia Pacific for
US$225 million. Nomura paid only $2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration. Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion). Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition. Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.
Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice. The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis. A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.
(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., <http://bankrupt.com/newsstand/>or 215/945-7000).
LEHMAN BROTHERS: LBSF's Balance Sheet at Oct. 2, 2008
-----------------------------------------------------
Assets:
Cash restricted, segregated and on deposit $612,000,000
Securities & financial instruments owned 752,000,000
Derivative assets from customers 21,631,000,000
Receivables from affiliates 22,854,000,000
Investments in subsidiaries, other assets 2,701,000,000
--------------
Total Assets $48,550,000,000
==============
Liabilities and Stockholder's Equity:
Derivative liabilities to customers $11,932,000,000
Payables 340,000,000
Payables to affiliates 34,181,000,000
--------------
Total Liabilities $46,453,000,000
==============
Total Stockholder's Equity $2,097,000,000
Total Liabilities & Stockholder's Equity $48,550,000,000
==============
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- is the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide. Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity. Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region. The firm, through predecessor
entities, was founded in 1850.
Lehman filed for Chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
September 16 (Case No. 08-13600). Several other affiliates
followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL). James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI
Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion. Nomura Holdings Inc., the
largest brokerage house in Japan, on September 22 reached an
agreement to purchased Lehman Brothers Holdings, Inc.'s operations
in Europe and the Middle East less than 24 hours after it reached
a deal to buy Lehman's operations in the Asia Pacific for
US$225 million. Nomura paid only $2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration. Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion). Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition. Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.
Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice. The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis. A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.
(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., <http://bankrupt.com/newsstand/>or 215/945-7000).
LEHMAN BROTHERS: LCPI's Balance Sheet at October 2, 2008
--------------------------------------------------------
Assets:
Cash & restricted cash $500,000,000
Securities & financial instruments owned 5,805,000,000
Receivables from affiliates 15,902,000,000
Investments in subsidiaries, other assets 2,861,000,000
--------------
Total Assets $25,068,000,000
==============
Liabilities and Stockholder's Equity (Deficit):
Payables 399,000,000
Payables to affiliates 25,729,000,000
--------------
Total Liabilities $26,128,000,000
==============
Total Stockholder's Equity (Deficit) ($1,060,000,000)
Total Liabilities & Stockholder's
Equity (Deficit) $25,068,000,000
==============
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- is the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide. Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity. Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region. The firm, through predecessor
entities, was founded in 1850.
Lehman filed for Chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
September 16 (Case No. 08-13600). Several other affiliates
followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL). James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI
Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion. Nomura Holdings Inc., the
largest brokerage house in Japan, on September 22 reached an
agreement to purchased Lehman Brothers Holdings, Inc.'s operations
in Europe and the Middle East less than 24 hours after it reached
a deal to buy Lehman's operations in the Asia Pacific for
US$225 million. Nomura paid only $2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration. Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion). Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition. Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.
Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice. The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis. A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.
(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., <http://bankrupt.com/newsstand/>or 215/945-7000).
LEHMAN BROTHERS: Operating Report for Month Ended April 30
----------------------------------------------------------
Lehman Brothers Holdings Inc. and its affiliated debtors disclosed
these cash receipts and disbursements for the month ended
April 30, 2009:
Beginning cash, 04/01/09) $8,374,000,000
Receipts 1,525,000,000
Transfers 59,000,000
Disbursements (666,000,000)
FX Fluctuation (6,000,000)
--------------
Ending cash, 04/30/09 $9,286,000,000
Lehman Brothers Holdings Inc. reported $2.598 billion in cash as
of April 1, 2009, and $2.57 billion in cash as of April 30, 2009.
The Debtors also disclosed that they paid a total of $38,046,000
to bankruptcy professionals, ordinary course professionals and the
U.S. Trustee from September 15, 2008 to April 30, 2009.
A full-text copy of the April 2009 Operating Report is available
for free at http://bankrupt.com/misc/Lehman_MORApril2009.pdf
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- is the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide. Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity. Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region. The firm, through predecessor
entities, was founded in 1850.
Lehman filed for Chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
September 16 (Case No. 08-13600). Several other affiliates
followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL). James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI
Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion. Nomura Holdings Inc., the
largest brokerage house in Japan, on September 22 reached an
agreement to purchased Lehman Brothers Holdings, Inc.'s operations
in Europe and the Middle East less than 24 hours after it reached
a deal to buy Lehman's operations in the Asia Pacific for
US$225 million. Nomura paid only $2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration. Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008. The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion). Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition. Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.
Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice. The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis. A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.
(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., <http://bankrupt.com/newsstand/>or 215/945-7000).
MAGNA ENTERTAINMENT: Posts $7,900,950 Net Loss in May 2009
----------------------------------------------------------
On June 29, 2009, Magna Entertainment Corp. and several other
direct and indirect U.S. subsidiaries of the Company filed their
monthly operating report for the period from May 4, 2009, to
May 31, 2009, with the United States Bankruptcy Court for the
District of Delaware.
Magna Entertainment reported a net loss of $7,900,950 on zero
revenue for the period from May 4, 2009, to May 31, 2009,
Cumulative filing to date net loss was $24,184,651 on zero
revenue.
At May 31, 2009, the Company had $1,049,805,460 in total assets,
$483,148,014 in total liabilities, and $566,657,446 in net owner
equity.
A full-text copy of the monthly operating report is available for
free at http://researcharchives.com/t/s?3e8c
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.
MERUELO MADDUX: Files Amended Report for March 27 - March 31
------------------------------------------------------------
On June 22, 2009, Meruelo Maddux Properties, Inc., and certain of
its direct and indirect subsidiaries and affiliates filed their
amended unaudited condensed combined debtors-in-possession
financial statements included in the monthly operating report for
the period from March 27, 2009, through March 31, 2009, with the
United States Bankruptcy Court for the Central District of
California, San Fernando Valley Division.
As amended, the Debtors reported a net loss of $796,926 on total
revenue of $255,928 fro the period from March 27, 2009, through
March 31, 2009.
At March 31, 2009, the Debtors had $659,648,509 in total assets,
$302,039,235 in total liabilities, $405,702 in minority interest,
and $357,203,571 in total equity.
A full-text copy of the Debtors' amended monthly operating report
for the period from March 27, 2009, through March 31, 2009, is
available at http://researcharchives.com/t/s?3e97
About Meruelo Maddux
Based in Los Angeles, California, Meruelo Maddux Properties, Inc.
-- http://www.meruelomaddux.com/-- together with its affiliates,
engage in residential, commercial and industrial development.
Meruelo Maddux and its affiliates filed for Chapter 11 protection
on March 26, 2009 (Bankr. C. D. Calif. Lead Case No. 09-13356).
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring efforts. Peter C. Anderson, the
United States Trustee for Region 16, appointed five creditors to
serve on the Creditors Committee. Asa S. Hami, Esq., Tamar
Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A
Professional Corporation, represent the Creditors Committee as
counsel. The Debtors' financial condition as of December 31,
2008, showed estimated assets of $681,769,000 and estimated debts
of $342,022,000.
MERUELO MADDUX: Files Amended Monthly Operating Report for April
----------------------------------------------------------------
On June 22, 2009, Meruelo Maddux Properties, Inc. and certain of
its direct and indirect subsidiaries and affiliates filed their
amended unaudited condensed combined debtors-in-possession
financial statements included in the monthly operating report for
the month ended April 30, 2009, with the United States Bankruptcy
Court for the Central District of California, San Fernando Valley
Division.
As amended, the Debtors reported a consolidated net loss of
$2,769,143 on total revenue of $1,938,339 for the month of April
2009.
At April 30, 2009, the Debtors had $659,555,867 in total assets,
$304,560,921 in total liabilities, $394,706 in minority interest,
and $354,600,240 in total equity.
A full-text copy of the Debtors' amended monthly operating report
for April is available at http://researcharchives.com/t/s?3e98
About Meruelo Maddux
Based in Los Angeles, California, Meruelo Maddux Properties, Inc.
-- http://www.meruelomaddux.com/-- together with its affiliates,
engage in residential, commercial and industrial development.
Meruelo Maddux and its affiliates filed for Chapter 11 protection
on March 26, 2009 (Bankr. C. D. Calif. Lead Case No. 09-13356).
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring efforts. Peter C. Anderson, the
United States Trustee for Region 16, appointed five creditors to
serve on the Creditors Committee. Asa S. Hami, Esq., Tamar
Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A
Professional Corporation, represent the Creditors Committee as
counsel. The Debtors' financial condition as of December 31,
2008, showed estimated assets of $681,769,000 and estimated debts
of $342,022,000.
MERUELO MADDUX: Posts $1,808,225 Net Loss in May 2009
-----------------------------------------------------
On June 22, 2009, Meruelo Maddux Properties, Inc.and certain of
its direct and indirect subsidiaries and affiliates filed their
monthly operating report for the month ended May 31, 2009, with
the United States Bankruptcy Court for the Central District of
California, San Fernando Valley Division.
The Debtors reported a consolidated net loss of $1,808,225 on
total revenue of $2,384,992 for the month of May 2009.
At May 31, 2009, the Debtors had $660,468,269 in total assets,
$307,122,881 in total liabilities, $387,559 in minority interest,
and $352,957,829 in total equity.
A full-text copy of the Debtors' amended monthly operating report
for May is available at http://researcharchives.com/t/s?3e99
About Meruelo Maddux
Based in Los Angeles, California, Meruelo Maddux Properties, Inc.
-- http://www.meruelomaddux.com/-- together with its affiliates,
engage in residential, commercial and industrial development.
Meruelo Maddux and its affiliates filed for Chapter 11 protection
on March 26, 2009 (Bankr. C. D. Calif. Lead Case No. 09-13356).
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring efforts. Peter C. Anderson, the
United States Trustee for Region 16, appointed five creditors to
serve on the Creditors Committee. Asa S. Hami, Esq., Tamar
Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A
Professional Corporation, represent the Creditors Committee as
counsel. The Debtors' financial condition as of December 31,
2008, showed estimated assets of $681,769,000 and estimated debts
of $342,022,000.
MILACRON INC: Posts $8,530,000 Net Loss in May 2009
---------------------------------------------------
On June 23, 2009, Milacron Inc. filed with the U.S. Bankruptcy
Court for the Southern District of Ohio its monthly operating
report for May 2009.
The Company reported a net loss of $8,530,000 on total sales of
$18,333,000 for the month of May.
At May 31, 2009, the Company had $534,758,000 in total assets
and $817,250,000 in total liabilities.
A full-text copy of the company's monthly operating report for
May 2009 is available at http://researcharchives.com/t/s?3e94
About Milacron Inc.
Headquartered in Batavia, Ohio, Milacron Inc. (Pink Sheets: MZIAQ)
supplies plastics-processing technologies and industrial fluids,
with major manufacturing facilities in North America, Europe and
Asia. First incorporated in 1884, Milacron also manufactures
synthetic water-based industrial fluids used in metalworking
applications.
The Company and six of its affiliates filed for protection on
March 10, 2009 (Bankr. S.D. Ohio Lead Case No. 09-11235). On the
same day, the Company filed an ancillary proceeding for
reorganization of its Canadian subsidiary under the Companies'
Creditors Arrangement Act in the Ontario Superior Court of Justice
in Canada. The petitions include the Company and its U.S. and
Canadian subsidiaries and its non-operating Dutch holding company
subsidiary only, and do not include any of the Company's operating
subsidiaries outside the U.S. and Canada.
Kim Martin Lewis, Esq., Tim J. Robinson, Esq., and Patrick D.
Burns, Esq., at Dinsmore & Shohl LLP, represent the Debtors in
their restructuring efforts. Conway, Del Genio, Gries Co., LLC,
is the Debtors' financial advisor. Rothschild Inc. is the
Debtors' investment banker and financial advisor. Kurtzman Carson
Consultants LLC is the noticing, balloting and disbursing agent
for the Debtors. Paul, Hastings, Janofsky & Walker LLP,
represents DIP Lender General Electric Capital Corp. Taft
Stettinius & Hollister LLP is counsel for the Official Committee
of Unsecured Creditors.
At April 30, 2009, the Company had $527,497,000 in total assets
and $809,732,000 in total liabilities.
NEWPOWER HOLDINGS: Files Monthly Operating Report for May 2009
--------------------------------------------------------------
NewPower Holdings, Inc., filed with the U.S. Bankruptcy Court for
the Northern District of Georgia on June 25, 2009, its monthly
operating report for May 2009. The Debtor had an opening
cash balance of $786 and an ending cash balance of $754.
A full-text copy of the Debtor's May operating report is available
for free at http://researcharchives.com/t/s?3e95
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for Chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding, and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors as counsel. When the Debtors
filed for protection from their creditors, they reported
$231,837,000 in assets and $87,936,000 in debts.
On August 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary. That Plan became
effective on October 9, 2003, with respect to the company and
TNPC.
On February 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
NOBLE INTERNATIONAL: Posts $1,238,106 Net Loss in May 2009
----------------------------------------------------------
On June 17, 2009, Noble International, Ltd., and its domestic
subsidiaries filed their monthly operating report for the period
ended May 31, 2009, with the U.S. Bankruptcy Court for the Eastern
District of Michigan.
For the period, Noble International reported a net loss of
$1,238,106 on zero revenue.
At May 31, 2009, Noble International had $171.2 million in total
assets, $33.1 million in total liabilities, and $138.1 million in
total stockholders' equity.
A full-text copy of the Debtors' May 2009 monthly operating report
is available at http://researcharchives.com/t/s?3e9d
About Noble International
Headquartered in Warren, Michigan, Noble International, Ltd. --
http://www.nobleintl.com/home.html/-- provides flat, tubular,
shaped and enclosed formed structures to automotive original
equipment manufacturers and their suppliers, for use in automobile
applications, including doors, fenders, body side panels, pillars,
bumpers, door beams, load floors, windshield headers, door tracks,
door frames, and glass channels.
Noble International and its affiliates filed for Chapter 11
protection on April 15, 2009 (Bankr. E.D. Mich. Case No. 09-
51720). The Debtors proposed Foley & Lardner LLP as their general
bankruptcy counsel. Conway Mackenzie, Inc., has been tapped as
the Debtors' financial advisors. The official committee of
unsecured creditors is represented by Jaffe Raitt Heuer & Weiss,
P.C. The Debtors disclosed total assets of $190,763,000 and total
debts of $38,691,000, as of January 10, 2009.
NORTEL NETWORKS: Earns $21 Million in May 2009
----------------------------------------------
On June 30, 2009, Nortel Networks Inc. and several other direct
and indirect U.S. subsidiaries and certain affiliates of Nortel
Networks Limited filed their monthly operating report for the
period from May 3, 2009, to May 30, 2009, with the United
States Bankruptcy Court for the District of Delaware.
For the period, the Nortel Networks Inc. reported net earnings of
$21 million on total revenues of $280 million.
At May 30, 2009, Nortel Networks Inc. reported $2.89 billion
in total assets, $7.21 billion in total liabilities, and
$4.32 billion in shareholders' deficit.
A full-text copy of the Debtors' monthly operating report for the
period from May 3, 2009, to May 30, 2009, is available for free at
http://researcharchives.com/t/s?3e8d
About Nortel Networks
Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it. Nortel does business in more than 150 countries
around the world. Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group. The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
The Chapter 15 case is Bankr. D. Del. Case No. 09-10164. Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.
Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection. The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986. The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion. The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies. As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.
Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
PILGRIM'S PRIDE: Reports 16.7 Mil. Profit for Month Ended May 23
----------------------------------------------------------------
Pilgrim's Pride Corporation
Balance Sheet
As of May 23, 2009
ASSETS
Current Assets:
Cash
Unrestricted $99,377,905
Restricted 6,676,993
Accounts receivable - net 280,288,187
Intercompany accounts receivable 191,066,599
Inventory 711,423,268
Notes receivable 0
Prepaid expenses 4,939,115
--------------
Total current assets 1,293,772,068
As tabulated: 1,293,772,067
Property, plant and equipment 1,305,243,514
Other assets -
Less: Accumulated depreciation 750,238,522
--------------
Net Property, Plant & Equipment 555,004,992
Other assets 1,264,156,908
--------------
Total assets $3,112,933,968
==============
LIABILITIES
Postpetition Liabilities:
Accrued expenses $-
Taxes payable 16,309,124
Notes payable (DIP Financing) 0
Professional fees (accrued est) 16,828,372
Secured debt (accrued int) 19,265,976
Others 202,859,842
--------------
Total postpetition liabilities 255,263,315
255,263,314
Prepetition liabilities:
Secured debt 1,342,645,910
Priority debt 609,909
Unsecured debt 814,565,898
Other 645,605,072
--------------
Total prepetition liabilities 2,803,426,789
Total Liabilities 3,058,690,105
3,058,690,104
Equity:
Prepetition owners' equity 531,687,077
Postpetition cumulative profit (loss) (79,036,413)
Direct charges to equity (398,406,801)
--------------
Total Equity 54,243,863
Total Liabilities & owners' equity $3,112,933,968
==============
Pilgrim's Pride Corporation
Income Statement
For the Month Ended May 23, 2009
Revenues:
Gross Revenue $531,302,641
Less: Returns and discounts 10,364,359
------------
Net Revenue 520,938,282
Cost of Goods Sold:
Cost of goods sold 478,400,428
------------
Total cost of goods sold 478,400,428
Gross profit 42,537,854
Operating Expenses:
Officer/insider compensation 897,261
General & administrative 16,777,273
Other 599,609
-----------
Total operating expenses 18,274,142
18,274,143
Income before non-operating income & expense 24,263,712
Other Income & Expenses:
Financing expenses 11,995,429
Other 353,100
Reorganization Expenses:
Professional fees 4,899,375
U.S. Trustee fees 130,625
Other reorganization items (9,872,011)
------------
Total reorganization expenses (4,842,011)
Income tax 15,313
------------
Net Profit (Loss) $16,741,881
============
Pilgrim's Pride Corporation
Cash Receipts & Disbursements
For the Month Ended May 23, 2009
Cash - Beginning of month $33,357,917
Cash sales 0
Collection of Accounts Receivable:
Total operating receipts 543,179,540
Non-Operating Receipts:
Loans & advances (50,591,797)
Others 78,261,975
------------
Total Non-operating receipts 27,670,178
Total receipts 570,849,719
Total Cash Available 604,207,636
Operating Disbursement:
Customer programs 6,552,767
Growing and feeding 220,474,696
Contractors, repair and maintenance 13,343,221
Fleet and freight 28,140,333
General insurance 5,946,376
Leases/rentals 4,081,114
Meat/food 10,391,948
Packaging/ingredients 39,746,043
Gross payroll 104,404,732
Utilities 15,424,574
Other 31,539,261
Capital expenditure 4,223,903
------------
Total Operating Disbursements 484,268,970
484,268,968
Reorganization Expenses:
Professional fees 2,101,890
U.S. Trustee fees 130,625
Other reorganization 4,575,568
------------
Total reorganization expenses 6,808,083
Total disbursement 491,077,053
Securitization line pay-down 0
------------
Net cash flow 79,772,666
Changes in cash management obligations 8,600,545
Cash - End of Month $121,731,128
============
About Pilgrim's Pride Corp.
Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico. In addition, the Company owns 34
processing plants in the United States and 3 processing plants in
Mexico. The processing plants are supported by 42 hatcheries, 31
feed mills and 12 rendering plants in the United States and 7
hatcheries, 4 feed mills and 2 rendering plants in Mexico.
Moreover, the company owns 12 prepared food production facilities
in the United States. The Company employs about 40,000 people and
has major operations in Texas, Alabama, Arkansas, Georgia,
Kentucky, Louisiana, North Carolina, Pennsylvania, Tennessee,
Virginia, West Virginia, Mexico, and Puerto Rico, with other
facilities in Arizona, Florida, Iowa, Mississippi, and Utah.
Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664). The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.
Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel. The Debtors have also tapped Baker &
McKenzie LLP as special counsel. Lazard Freres & Co., LLC, is the
company's investment bankers and William K. Snyder of CRG Partners
Group LLC as chief restructuring officer. The Company's claims
and noticing agent is Kurtzman Carson Consulting LLC.
A nine-member committee of unsecured creditors has been appointed
in the case.
As of December 27, 2008, the Company had $3,215,103,000 in total
assets, $612,682,000 in total current liabilities, $225,991,000 in
total long-term debt and other liabilities, and $2,253,391,000 in
liabilities subject to compromise.
Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
of Pilgrim's Pride Corp. and its various affiliates.
SHARPER IMAGE: Earns $5,150 in May 2009
---------------------------------------
On June 22, 2009, TSIC, Inc., formerly known as The Sharper Image
Corporation, filed with the U.S. Bankruptcy Court for the District
of Delaware its monthly operating report for May 2009.
The company reported a net loss before reorganization items of
$156,769 for May. Including reorganization items, the Company
reported net profit of $5,150 for the month of May. The company
generated zero revenue during the period.
At May 31, 2009, the company had $10.6 million in total assets
and $101.7 million in total liabilities.
A full-text copy of TSIC's monthly operating report for the month
ended May 31, 2009, is available at:
http://researcharchives.com/t/s?3e9e
The Sharper Image
Headquartered in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- was a multi-channel specialty
retailer. It operated in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet. The Company has operations in
Australia, Brazil and Mexico. In addition, through its Brand
Licensing Division, it was also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.
The Company filed for Chapter 11 protection on February 19, 2008
(Bankr. D.D., Case No. 08-10322). Judge Kevin Gross presides
over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel. Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.
An official committee of unsecured creditors has been appointed in
the case. Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel. Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.
When the Debtor filed for bankruptcy, it listed total assets of
$251,500,000 and total debts of $199,000,000. As of June 30,
2008, the Debtor listed $52,962,174 in total assets and
$39,302,455 in total debts.
Sharper Image sought and obtained the Court's approval to change
its name to "TSIC, Inc." in relation to an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners, LLC,
GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer
Capital, LLC.
(Sharper Image Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
SIX FLAGS: Initial Monthly Operating Report
-------------------------------------------
Six Flags Inc. and its affiliates filed with the U.S. Bankruptcy
Court for the District of Delaware their initial monthly operating
report disclosing details of their use of cash collateral, their
insurance coverage, and a schedule of retainer they paid to
professionals.
The Debtors use of the Cash Collateral is based on 13-week
forecast, as authorized by the Court on June 15, 2009. A full-
text copy of the 13-Week Cash Flow Budget is available for free at
http://bankrupt.com/misc/SixF_13wk_cashcoll_budget.pdf
James Coughlin, the Debtors' General Counsel, disclosed that the
Debtors maintain insurance of the type and in amounts that they
believe are commercially reasonable and that are available to
businesses in their industry. The Debtors maintain multi-layered
general liability policies that provide for excess liability
coverage of up to $100,000,000 per occurrence.
The Debtors related that:
(a) for incidents arising after November 15, 2003, at their
U.S. parks, the self-insured retention is $2,500,000 per
occurrence;
(b) for incidents at those parks during the 12 months prior to
November 15, 2003, the retention is $2,000,000 per
occurrence; and
(c) for incidents during the 12 months ended November 15,
2002, the retention is $1,000,000 per occurrence.
Retention levels for the international parks are nominal, Mr.
Coughlin said. Six Flags, Inc.'s self-insured retention after
November 15, 2003, is $750,000 for workers compensation claims.
Six Flags' general liability policies cover the cost of punitive
damages only in certain jurisdictions in which claim occurs.
The Debtors retain four professionals for which retainer fees are
paid:
Amount
Professional Retainer Applied Balance
------------ -------- ------- -------
Kurtzman Carson
Consultants LLC $50,000 - -
Paul, Hastings, Janofsky
& Walker, LLP 500,000 - -
Richards, Layton
& Finger 203,453 $84,899 $118,544
Cadwaladar, Wickersham
& Taft LLP 50,000 - -
About Six Flags Inc.
Headquartered in New York City, Six Flags, Inc., is the world's
largest regional theme park company with 20 parks across the
United States, Mexico and Canada.
Six Flags filed for Chapter 11 protection on June 13, 2009 (Bankr.
D. Del. Lead Case No. 09-12019). Paul E. Harner, Esq., Steven T.
Catlett, Esq., and Christian M. Auty, Esq., at Paul, Hastings,
Janofsky & Walker LLP in Chicago, Illinois, act as the Debtors'
lead counsel. Daniel J. DeFranceschi, Esq., and L. Katherine
Good, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware, act as local counsel. Cadwalader Wickersham & Taft LLP,
serves as special counsel. Houlihan Lokey Howard & Zukin Capital
Inc., serves as financial advisors, while KPMG LLC acts as
accountants. Kurtzman Carson Consultants LLC serves as claims and
notice agent. As of March 31, 2009, Six Flags had $2,907,335,000
in total assets and $3,431,647,000 in total liabilities.
Bankruptcy Creditors' Service, Inc., publishes Six Flags
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Six Flags Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000).
TROPICANA ENTERTAINMENT: Adamar of NJ Records $4.5MM Loss for May
-----------------------------------------------------------------
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Balance Sheet
As of May 31, 2009
(includes land held by Manchester Mall)
ASSETS
Current Assets
Cash and cash equivalents $50,290,000
Receivables, gaming, hotel and other, net 17,063,000
Inventories 2,187,000
Prepaid expenses and other 8,670,000
Deferred income taxes 5,189,000
--------------
Total current assets 83,399,000
Property and equipment, at cost, net 719,381,000
Investments 29,072,000
Tenant allowances and other assets 22,630,000
--------------
TOTAL ASSETS $854,482,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accruals $13,466,000
Accrued payroll and employee benefits 4,004,000
Current portion of long-term debt 857,000
Casino reinvestment obligation 356,000
Advances from TE and other affiliates, net 595,595,000
Advances from NJ affiliates, net 23,423,000
Other current liabilities 473,000
Liabilities subject to compromise 26,714,000
--------------
Total current liabilities 664,888,000
Long-term debt, net of current portion 192,000
Deferred income taxes 24,786,000
--------------
Total Liabilities 689,866,000
Stockholders' Equity
Common stock, no par value (100 shares 1,000
authorized, issued and outstanding)
Paid-in capital 283,086,000
Accumulated deficit (118,471,000)
--------------
Total shareholders' equity 164,616,000
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $854,482,000
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Statement of Operations
For the Month Ended May 31, 2009
Revenues
Casino $23,781,000
Rooms 2,660,000
Food and beverage 1,448,000
Other 1,144,000
--------------
Total revenues 29,033,000
--------------
Costs and Expenses
Casino 10,739,000
Rooms 1,361,000
Food and beverage 1,425,000
Other 298,000
Marketing 4,390,000
General and administrative 2,179,000
Utilities 809,000
Repairs and maintenance 835,000
Provision for doubtful accounts 271,000
Property taxes and insurance 2,221,000
Rent 175,000
Rent to New Jersey affiliate 404,000
Depreciation and amortization 3,947,000
--------------
Total 29,054,000
Operating profit (21,000)
License denial expense (44,000)
Interest income, net 67,000
Interest expense (4,464,000)
--------------
Income before income taxes (4,462,000)
Income taxes benefit/(provision) 0
--------------
NET (LOSS) ($4,462,000)
==============
About Tropicana Entertainment
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 $1,485,000 Net Loss in May 2009
-----------------------------------------------------
On June 29, 2009, VeraSun Energy Corporation and certain of its
subsidiaries filed an unaudited consolidated monthly operating
report for the month ended May 31, 2009, with the United States
Bankruptcy Court for the District of Delaware.
VeraSun Energy Corporation reported a net loss of $1,485,000 on
zero revenue for the month ended May 31, 2009.
At May 31, 2009, VeraSun Energy Corporation had total assets
of $96,030,000, total liabilities of ($320,950,000), and
stockholders equity of $416,979,000.
A full-text copy of the monthly operating report is available for
free at http://researcharchives.com/t/s?3e91
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).
VERMILLION INC: Posts $564,456 Net Loss in May 2009
---------------------------------------------------
On June 25, 2009, Vermillion, Inc., filed its monthly operating
report for the period from May 1, 2009, to May 31, 2009, with the
United States Bankruptcy Court for the District of Delaware.
Vermillion reported a net loss of $564,456 on zero revenue for
the month of May 2009.
At May 31, 2009, the Debtor had total assets of $9,924,187 and
total liabilities of $32,834,196, resulting in a $22,910,009.
stockholders' deficit.
A full-text copy of the Debtor's monthly operating report for
May 2009 is available at http://researcharchives.com/t/s?3e9a
Headquartered in Fremont, California, Vermillion, Inc. --
http://www.vermillion.com/-- engages in the development and
commercialization of diagnostic tests to aid physicians diagnose
and treat results for patients. The Company filed for Chapter 11
on March 30, 2009 (Bankr. D. Del. Case No. 09-11091). Francis A.
Monaco Jr., Esq., and Mark L. Desgrosseilliers, Esq., at Womble
Carlyle Sandridge & Rie, PLLC, represent the Debtor as counsel.
At September 30, 2008, the Debtor had $7,150,000 in total assets
and $32,015,000 in total liabilities.
VISTEON CORP: Files Initial Monthly Operating Report
----------------------------------------------------
Visteon Corporation and its debtor affiliates presented to the
U.S. Bankruptcy Court for the District of Delaware an initial
monthly operating report on June 12, 2009.
The Initial Report incorporated a five-week cash flow projection
for the period from June 1, 2009, through July 3, 2009, whereby
the Debtors estimated:
-- receipts to total $211 million;
-- disbursements to aggregate a negative $179 million;
-- a negative net cash flow of $74 million; and
-- an ending cash of $131 million.
The Debtors also attached to the Initial Report copies of
certificates of insurance, evidence of debtor-in-possession bank
accounts, and a list of retainers they paid as of the Petition
Date.
A full-text copy of the Visteon Initial Monthly Operating Report
is available for free at http://ResearchArchives.com/t/s?3e78
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: Posts $5.7 Million Net Loss in May 2009
----------------------------------------------------------
On June 26, 2009, Washington Mutual, Inc. and WMI Investment Corp.
filed their monthly operating report for the period May 1, 2009,
to May 31, 2009, With the United States Bankruptcy Court for the
District of Delaware.
Washington Mutual reported a net loss of $5,720,436 and total
revenues of $3,058,128 for the month of May.
At May 31, Washington Mutual had $6.95 billion in total
assets, $8.29 billion in total liabilities, and shareholders'
deficit of $1.34 billion.
WMI Investment reported net income of $39,559 on total revenues of
$39,645.
At May 31, 2009, WMI Investment had $902.4 million in total
assets, $412 in total liabilities, and 902.4 million in
stockholders' equity.
A full-text copy of Washington Mutual and WMI Investment's monthly
operating report for May 2009 is available at:
http://researcharchives.com/t/s?3e9c
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
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A list of Meetings, Conferences and Seminars appears in each
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related conferences are encouraged. Send announcements to
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On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links 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
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re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
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*** End of Transmission ***