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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 11, 2009, Vol. 13, No. 190
Headlines
ASARCO LLC: Monthly Operating Report for May 31, 2009
ACCEPTANCE INSURANCE: Posts $60,385 Net Loss in June 2009
ASARCO LLC: Monthly Operating Report for May 31, 2009
AUTOBACS STRAUSS: Reports $1.17 Million Net Loss in May
BEARINGPOINT INC: Earns $92.1 Million in May 2009
CHRYSLER LLC: Operating Report for Month Ended May 31
LUMINENT MORTGAGE: Files Operating Report for May 2009
LUMINENT MORTGAGE: Files Operating Report for April 2009
LUMINENT MORTGAGE: Files Operating Report for March 2009
LUMINENT MORTGAGE: Files Operating Report for February 2009
LUMINENT MORTGAGE: Files Operating Report for January 2009
NORTEL NETWORKS: Operating Report for May 3 to 30, 2009
PFF BANCORP: Files Monthly Operating Report For May 2009
QUEBECOR WORLD: Operating Report for Month Ended May 30
REFCO LLC: Chapter 7 Trustee's Operating Report for May
SEMGROUP LP: Operating Report for Month Ended April 30
TOUSA INC: Operating Report for April 2009
TOUSA INC: Operating Report for May 2009
TROPICANA ENT: Operating Report for May 2009
*********
ASARCO LLC: Monthly Operating Report for May 31, 2009
-----------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of May 31, 2009
ASSETS
Current Assets:
Cash $1,277,232,000
Restricted Cash 27,132,000
Accounts receivable, net 106,794,000
Inventory 275,206,000
Prepaid expenses 7,197,000
Other current assets 19,659,000
---------------
Total Current Assets 1,713,221,000
Net property, plant and equipment 525,461,000
Other Assets:
Investments in subs & other investments 93,864,000
Advances to affiliates 603,000
Prepaid pension & retirement plan -
Other 21,248,000
---------------
Total assets $2,354,397,000
===============
LIABILITIES
Postpetition liabilities:
Account payable - trade $82,943,000
Accrued liabilities 1,186,137,000
---------------
Total postpetition liabilities 1,269,080,000
Prepetition liabilities:
Not subject to compromise - credit 3,280,000
Not subject to compromise - other 107,250,000
Advances from affiliates 24,429,000
Subject to compromise 2,816,729,000
---------------
Total prepetition liabilities 2,951,688,000
---------------
Total liabilities 4,220,768,000
===============
MEMBER'S EQUITY (DEFICIT):
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive loss (386,150,000)
Retained earnings: filing date (3,189,857,000)
---------------
Total prepetition member's equity (2,963,105,000)
Retained earnings: post-filing date 1,096,734,000
---------------
Total member's equity (net worth) (1,866,371,000)
Total liabilities and member's equity $2,354,397,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended May 31, 2009
Sales $75,227,000
Cost of products and services 67,649,000
---------------
Gross profit (loss) 7,578,000
Operating expenses:
Selling and general & admin. expenses 2,302,000
Depreciation & amortization 3,127,000
Accretion expense 98,000
---------------
Operating income (loss) 2,050,000
Interest expense 37,000
Interest income (491,000)
Reorganization expenses 8,970,000
Other miscellaneous (income) expense (3,407,000)
---------------
Income (loss) before taxes (3,058,000)
Income taxes (1,201,000)
---------------
Net income (loss) ($1,857,000)
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended May 31, 2009
Receipts
Disbursements:
Inventory material $30,286,000
Operating disbursements 43,193,000
Capital expenditures 9,222,000
---------------
Total operating disbursements 82,701,000
Operating cash flow (7,491,000)
Reorganization disbursements 6,441,000
---------------
Net cash flow (13,932,000)
Net (borrowings) payments to secured Lenders -
---------------
Net change in cash (13,932,000)
Beginning cash balance 1,318,296,000
---------------
Ending cash balances $1,304,364,000
===============
About ASARCO LLC
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.
ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.
When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.
ASARCO LLC has five affiliates that filed for Chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525). They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors. Former judge Robert C. Pate
has been appointed as the future claims representative. Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for Chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
Chapter 11 case. On October 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on December 12, 2006. (Bankr. S.D. Tex. Case No.
06-20774 to 06-20776).
Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).
ASARCO LLC filed a plan of reorganization on July 31, 2008,
premised on the sale of the Debtors' assets to Sterlite USA for
$2.6 billion. By October 2008, ASARCO LLC informed the Court that
Sterlite refused to close the proposed sale and thus, the Original
Plan could not be confirmed. The parties has since renewed their
purchase and sale agreement and ASARCO LLC has obtained Court
approval of a settlement and release contained in the new PSA for
the sale of the ASARCO assets for $1.1 billion in cash and a $600
million note.
Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted its own plan which allows it to keep its equity
interest in ASARCO LLC by offering full payment to ASARCO's
creditors. AMC offered provide up to $2.7 billion in cash and a
$440 million guarantee to assure payment of all allowed creditor
claims, including payment of liabilities relating to asbestos and
environmental claims. AMC's plan is premised on the estimation of
the approximate allowed amount of the claims against ASARCO.
Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
ACCEPTANCE INSURANCE: Posts $60,385 Net Loss in June 2009
---------------------------------------------------------
Acceptance Insurance Companies Inc. filed with the U.S.
Bankruptcy Court for the District of Nebraska on July 7, 2009,
its monthly operating report for June 2009.
For the month ended June 30, 2009, Acceptance Insurance Companies
Inc. posted a net loss of $60,385 on net investment income of
$597.
The Debtor reported total assets of $23,426,132, total
liabilities of $138,182,972, and stockholders' deficit of
$114,756,840 as of June 30, 2009.
A full-text copy of the Debtor's June 2009 monthly report is
available at http://researcharchives.com/t/s?3ee0
About Acceptance Insurance
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either
directly or indirectly, several companies, one of which is an
insurance company that accounts for substantially all of the
business operations and assets of the corporate groups.
The Company filed for Chapter 11 protection on January 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services, Inc., and American Agrisurance,
Inc. -- each filed Chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on January 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC, LLO,
represent the Official Committee of Unsecured Creditors in
Acceptance Insurance's case.
ASARCO LLC: Monthly Operating Report for May 31, 2009
-----------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of May 31, 2009
ASSETS
Current Assets:
Cash $1,277,232,000
Restricted Cash 27,132,000
Accounts receivable, net 106,794,000
Inventory 275,206,000
Prepaid expenses 7,197,000
Other current assets 19,659,000
---------------
Total Current Assets 1,713,221,000
Net property, plant and equipment 525,461,000
Other Assets:
Investments in subs & other investments 93,864,000
Advances to affiliates 603,000
Prepaid pension & retirement plan -
Other 21,248,000
---------------
Total assets $2,354,397,000
===============
LIABILITIES
Postpetition liabilities:
Account payable - trade $82,943,000
Accrued liabilities 1,186,137,000
---------------
Total postpetition liabilities 1,269,080,000
Prepetition liabilities:
Not subject to compromise - credit 3,280,000
Not subject to compromise - other 107,250,000
Advances from affiliates 24,429,000
Subject to compromise 2,816,729,000
---------------
Total prepetition liabilities 2,951,688,000
---------------
Total liabilities 4,220,768,000
===============
MEMBER'S EQUITY (DEFICIT):
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive loss (386,150,000)
Retained earnings: filing date (3,189,857,000)
---------------
Total prepetition member's equity (2,963,105,000)
Retained earnings: post-filing date 1,096,734,000
---------------
Total member's equity (net worth) (1,866,371,000)
Total liabilities and member's equity $2,354,397,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended May 31, 2009
Sales $75,227,000
Cost of products and services 67,649,000
---------------
Gross profit (loss) 7,578,000
Operating expenses:
Selling and general & admin. expenses 2,302,000
Depreciation & amortization 3,127,000
Accretion expense 98,000
---------------
Operating income (loss) 2,050,000
Interest expense 37,000
Interest income (491,000)
Reorganization expenses 8,970,000
Other miscellaneous (income) expense (3,407,000)
---------------
Income (loss) before taxes (3,058,000)
Income taxes (1,201,000)
---------------
Net income (loss) ($1,857,000)
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended May 31, 2009
Receipts
Disbursements:
Inventory material $30,286,000
Operating disbursements 43,193,000
Capital expenditures 9,222,000
---------------
Total operating disbursements 82,701,000
Operating cash flow (7,491,000)
Reorganization disbursements 6,441,000
---------------
Net cash flow (13,932,000)
Net (borrowings) payments to secured Lenders -
---------------
Net change in cash (13,932,000)
Beginning cash balance 1,318,296,000
---------------
Ending cash balances $1,304,364,000
===============
About ASARCO LLC
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.
ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.
When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.
ASARCO LLC has five affiliates that filed for Chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525). They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors. Former judge Robert C. Pate
has been appointed as the future claims representative. Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for Chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
Chapter 11 case. On October 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on December 12, 2006. (Bankr. S.D. Tex. Case No.
06-20774 to 06-20776).
Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).
ASARCO LLC filed a plan of reorganization on July 31, 2008,
premised on the sale of the Debtors' assets to Sterlite USA for
$2.6 billion. By October 2008, ASARCO LLC informed the Court that
Sterlite refused to close the proposed sale and thus, the Original
Plan could not be confirmed. The parties has since renewed their
purchase and sale agreement and ASARCO LLC has obtained Court
approval of a settlement and release contained in the new PSA for
the sale of the ASARCO assets for $1.1 billion in cash and a
$600 million note.
Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted its own plan which allows it to keep its equity
interest in ASARCO LLC by offering full payment to ASARCO's
creditors. AMC offered provide up to $2.7 billion in cash and a
$440 million guarantee to assure payment of all allowed creditor
claims, including payment of liabilities relating to asbestos and
environmental claims. AMC's plan is premised on the estimation of
the approximate allowed amount of the claims against ASARCO.
Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
AUTOBACS STRAUSS: Reports $1.17 Million Net Loss in May
-------------------------------------------------------
Autobacs Strauss Inc., doing business as Strauss Discount Auto,
incurred a $1.17 million net loss in May on $13 million in sales.
The loss before interest, taxes, depreciation and amortization was
almost $200,000. The store contribution was $1 million.
Headquartered in South River, New Jersey, Autobacs Strauss Inc. --
http://www.straussauto.com/-- sells after-market automotive parts
and accessories, and operate automotive service centers located in
New York, New Jersey, and Philadelphia and Bethlehem in
Pennsylvania. The Company operates 86 retail store locations and
has about 1,450 employees. The Company filed for Chapter 11
protection on February 4, 2009 (Bankr. D. Del. Case No. 09-10358).
Edward J. Kosmowski, Esq., at Young Conaway Stargatt & Taylor,
LLP, represents the Debtor in its restructuring efforts. As of
January 3, 2009, the Debtor had total assets of $75,000,000 and
total debts of $72,000,000.
The Chapter 11 filing is Strauss's third. The preceding Chapter
11 case ended with confirmation of a Chapter 11 plan in April
2007. The Company was then named R&S Parts & Service Inc.
BEARINGPOINT INC: Earns $92.1 Million in May 2009
-------------------------------------------------
On June 30, 2009, BearingPoint, Inc., and certain of its domestic
U.S. subsidiaries filed their unaudited monthly operating report
for the month ended May 31, 2009, with the United States
Bankruptcy Court for the Southern District of New York.
For the month ended May 31, 2009, BearingPoint reported net income
before affiliate earnings (loss) of $92.1 million on revenue of
$74.1 million. Results for the month included income from
discontinued operations, net of $146.1 million. For the period,
the Company reported operating income of $3.9 million. As of
May 31, 2009, the Company had $115.4 million in cash and cash
equivalents. Cash and cash equivalents were $81.8 million
at April 30, 2007.
At May 31 2009, BearingPoint had $1.06 billion in total assets
and $2.03 billion in total liabilities.
A full-text copy of the Debtors' monthly operating report for
May 2009 is available at http://researcharchives.com/t/s?3ee1
About BearingPoint Inc.
BearingPoint, Inc. -- http://www.BearingPoint.com/-- is currently
one of the world's largest providers of management and technology
consulting services to Global 2000 companies and government
organizations in more than 60 countries worldwide. Based in
McLean, Va., BearingPoint -- a former consulting arm of KPMG LLP -
- has approximately 15,000 employees focusing on the Public
Services, Commercial Services and Financial Services industries.
BearingPoint professionals have built a reputation for knowing
what it takes to help clients achieve their goals, and working
closely with them to get the job done. The Company's service
offerings are designed to help clients generate revenue, increase
cost-effectiveness, manage regulatory compliance, integrate
information and transition to "next-generation" technology.
BearingPoint, Inc., fka KPMG Consulting, Inc., together with its
units, filed for Chapter 11 protection on February 18, 2009
(Bankr. S.D. N.Y., Case No. 09-10691). Alfredo R. Perez, Esq., at
Weil Gotshal & Manges LLP, has been tapped as counsel. Greenhill
& Co., LLC, and AP Services LLC, have also been tapped as
advisors. Davis Polk & Wardell is special corporate counsel.
BearingPoint disclosed total assets of $1,762,689,000, and debts
of $2,231,839,000 as of September 30, 2008.
Contemporaneous with their bankruptcy petitions, the Debtors filed
a pre-packaged Joint Plan of Reorganization under Chapter 11 to
implement the terms of their agreement with the secured lenders.
BearingPoint intended a traditional reorganization by proposing to
issue new stock to unsecured creditors and holders of $690 million
in subordinated notes, pursuant to a Chapter 11 plan. The
Debtors, however, changed their course and sold off certain units.
The Debtors sold their public services group to Deloitte LLP for
$350 million.
CHRYSLER LLC: Operating Report for Month Ended May 31
-----------------------------------------------------
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Balance Sheet
As of May 31, 2009
CURRENT ASSETS:
Cash and cash equivalents $1,063,000,000
Restricted cash 13,000,000
Trade receivables, net 703,000,000
Inventories 1,797,000,000
Prepaid expenses and other current assets 2,118,000,000
Intercompany receivables from non-debtors 309,000,000
Deferred taxes 18,000,000
--------------
TOTAL CURRENT ASSETS 6,021,000,000
OTHER ASSETS:
Property, plant and equipment, net 11,243,000,000
Advances to related parties and others 1,200,000,000
Investments, notes and advances 1,384,000,000
Restricted cash 1,115,000,000
Intangible assets, net 3,345,000,000
Original issue discount on DIP Financing 159,000,000
Deferred taxes 5,000,000
Other assets 632,000,000
--------------
TOTAL OTHER ASSETS 19,083,000,000
--------------
TOTAL ASSETS $25,104,000,000
==============
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Accrued expenses & other current liabilities $1,709,000,000
Debtor-in-possession financing 3,042,000,000
Deferred income 607,000,000
Deferred taxes 4,000,000
--------------
TOTAL CURRENT LIABILITIES 5,362,000,000
LONG-TERM LIABILITIES NOT SUBJECT TO COMPROMISE:
Accrued expenses and other liabilities 2,612,000,000
Deferred income 658,000,000
Deferred taxes 78,000,000
--------------
TOTAL LONG-TERM LIABILITIES 3,348,000,000
Liabilities subject to compromise 31,668,000,000
--------------
TOTAL LIABILITIES 40,378,000,000
MEMBER'S DEFICIT:
Capital stock 316,000,000
Contributed capital 7,035,000,000
Accumulated losses (20,869,000,000)
Accumulated other comprehensive loss (1,756,000,000)
--------------
Total MEMBER'S DEFICIT (15,274,000,000)
--------------
TOTAL LIABILITIES & MEMBER'S DEFICIT $25,104,000,000
==============
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Statement of Operations
Month Ended May 31, 2009
Revenues $589,000,000
Cost of sales 1,963,000,000
--------------
GROSS MARGIN (1,374,000,000)
Selling, administrative & other expenses 174,000,000
Research and development 58,000,000
Other income, net (8,000,000)
Restructuring income (364,000,000)
--------------
LOSS BEFORE FINANCIAL EXPENSE, (1,234,000,000)
REORGANIZATION ITEMS AND INCOME TAXES
Financial expense, net (179,000,000)
--------------
LOSS BEFORE REORG. ITEMS & INCOME TAXES (1,413,000,000)
Reorganization items 25,000,000
Provision for income taxes 44,000,000
--------------
NET LOSS ($1,482,000,000)
==============
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Statement of Cash Flows
For the month ending May 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($1,482,000,000)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation and amortization 259,000,000
Changes in deferred taxes (9,000,000)
Amortization of original issue
discount on DIP Financing 171,000,000
Net loss on disposal of fixed assets 4,000,000
Other non-cash income and expense (432,000,000)
Changes in accrued expenses and others (1,057,000,000)
Changes in other operating assets
& liabilities:
* inventories 571,000,000
* trade receivables 28,000,000
* trade liabilities (832,000,000)
* payments for reorganization items -
* other assets and liabilities 284,000,000
--------------
NET CASH USED IN OPERATING ACTIVITIES (2,495,000,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant & (76,000,000)
equipment, equipment on operating
leases & intangible assets
Proceeds from disposals of property, plant 26,000,000
and equipment, equipment on operating
leases and intangible assets
Proceeds from disposals of equipment on 34,000,000
operating leases
Net change in restricted cash (51,000,000)
--------------
NET CASH USED IN INVESTING ACTIVITIES (67,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from DIP Financing 3,042,000,000
Net repayments of financial liabilities (4,000,000)
- third party
Original issue discount on DIP Financing (330,000,000)
--------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,708,000,000
--------------
Net increase in cash and cash equivalents 146,000,000
--------------
Cash & cash equiv. at beginning of period 917,000,000
--------------
Cash and cash equivalents at end of period $1,063,000,000
==============
About Chrysler LLC
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- manufactures Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products. The Company has dealers
worldwide, including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan, and Australia. In
2007, Cerberus Capital Management LP acquired an 80.1% stake in
Chrysler for $7.2 billion. Daimler AG kept a 19.9% stake.
On April 30, Chrysler LLC and 24 affiliates sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002). Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent. Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company. As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts. Chrysler
had $1.9 billion in cash at that time.
In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat. Under the terms
approved by the Bankruptcy Court, the company formerly known as
Chrysler LLC on June 10, 2009, formally sold substantially all of
its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC. Fiat has a 20
percent equity interest in Chrysler Group.
Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LUMINENT MORTGAGE: Files Operating Report for May 2009
------------------------------------------------------
Luminent Mortgage Capital, Inc. and certain of its subsidiaries
have filed with the Office of the United States Trustee -
Baltimore Division, a monthly operating report for May 2009.
For the period May 1, 2009, to May 31, 2009, Luminent Mortgage's
cash receipts and disbursements statement showed:
Beginning Cash Balance $37,711
--------
Cash receipts
Operations $12,285
Sale of assets -
Loans/advances 300,250
Other -
--------
Total Cash Receipts $312,535
--------
Cash Disbursements
Operations $320,126
Debt Service/Secured loan payment -
Professional Fees/U.S. Trustee Fees 1,725
Other 4,656
--------
Total Cash Disbursements $326,507
--------
Net Cash Flow ($13,972)
--------
Ending Cash balance $23,739
A full-text copy of the Debtors' monthly operating report for May
2009, is available at http://researcharchives.com/t/s?3edb
About Luminent Mortgage
Luminent Mortgage Capital, Inc. (OTCBB: LUMCE), is a real estate
investment trust, or REIT, which, together with its subsidiaries,
has historically invested in two core mortgage investment
strategies. Under its Residential Mortgage Credit strategy, the
company invests in mortgage loans purchased from selected high-
quality providers within certain established criteria as well as
subordinated mortgage-backed securities and other asset-backed
securities that have credit ratings below AAA. Under its Spread
strategy, the company invests primarily in U.S. agency and other
highly-rated single-family, adjustable-rate and hybrid adjustable-
rate mortgage-backed securities.
Luminent and nine subsidiaries filed on September 5, 2008, for
relief under Chapter 11 of the U.S Bankruptcy Code in the United
States Bankruptcy Court for the District of Maryland, Baltimore
Division (Lead Case No. 08-21389). Immediately prior to the
filing, the Debtor executed a Plan Support and Forbearance
Agreement with secured creditor Arco Capital Corp., Ltd., WAMU
Capital Corp. and convertible noteholders representing 100% of the
outstanding principal amount of its convertible notes.
Joel I. Sher, Esq., at Shapiro Sher Guinot & Sandler, represents
the Debtors as counsel. The U.S. Trustee for Region 4 appointed
creditors to serve on an Official Committee of Unsecured
Creditors. Jeffrey Neil Rothleder, Esq., at Arent Fox LLP,
represents the Creditors Committee as counsel.
In its operating report for the month of September 2008, Luminent
Mortgage Capital, Inc., reported $1,960,516 in total assets and
$374,868,632 in total liabilities, resulting in a $372,908,116
stockholders' deficit.
LUMINENT MORTGAGE: Files Operating Report for April 2009
--------------------------------------------------------
Luminent Mortgage Capital, Inc., and certain of its subsidiaries
have filed with the Office of the United States Trustee -
Baltimore Division, a monthly operating report for April 2009.
For the period Apri1 1, 2009, to April 30, 2009, Luminent
Mortgage's cash receipts and disbursements statement showed:
Beginning Cash Balance $114,338
--------
Cash receipts
Operations $51,059
Sale of assets -
Loans/advances -
Other -
--------
Total Cash Receipts $51,059
--------
Cash Disbursements
Operations $127,686
Debt Service/Secured loan payment -
Professional Fees/U.S. Trustee Fees -
Other -
--------
Total Cash Disbursements $127,686
--------
Net Cash Flow ($76,627)
--------
Ending Cash balance $37,711
A full-text copy of the Debtors' monthly operating report for
April 2009, is available at http://researcharchives.com/t/s?3edc
About Luminent Mortgage
Luminent Mortgage Capital, Inc. (OTCBB: LUMCE), is a real estate
investment trust, or REIT, which, together with its subsidiaries,
has historically invested in two core mortgage investment
strategies. Under its Residential Mortgage Credit strategy, the
company invests in mortgage loans purchased from selected high-
quality providers within certain established criteria as well as
subordinated mortgage-backed securities and other asset-backed
securities that have credit ratings below AAA. Under its Spread
strategy, the company invests primarily in U.S. agency and other
highly-rated single-family, adjustable-rate and hybrid adjustable-
rate mortgage-backed securities.
Luminent and nine subsidiaries filed on September 5, 2008, for
relief under Chapter 11 of the U.S Bankruptcy Code in the United
States Bankruptcy Court for the District of Maryland, Baltimore
Division (Lead Case No. 08-21389). Immediately prior to the
filing, the Debtor executed a Plan Support and Forbearance
Agreement with secured creditor Arco Capital Corp., Ltd., WAMU
Capital Corp. and convertible noteholders representing 100% of the
outstanding principal amount of its convertible notes.
Joel I. Sher, Esq., at Shapiro Sher Guinot & Sandler, represents
the Debtors as counsel. The U.S. Trustee for Region 4 appointed
creditors to serve on an Official Committee of Unsecured
Creditors. Jeffrey Neil Rothleder, Esq., at Arent Fox LLP,
represents the Creditors Committee as counsel.
In its operating report for the month of September 2008, Luminent
Mortgage Capital, Inc., reported $1,960,516 in total assets and
$374,868,632 in total liabilities, resulting in a $372,908,116
stockholders' deficit.
LUMINENT MORTGAGE: Files Operating Report for March 2009
--------------------------------------------------------
Luminent Mortgage Capital, Inc., and certain of its subsidiaries
have filed with the Office of the United States Trustee -
Baltimore Division, a monthly operating report for March 2009.
For the period March 1, 2009, to March 31, 2009, Luminent
Mortgage's cash receipts and disbursements statement showed:
Beginning Cash Balance $150,444
--------
Cash receipts
Operations $27,066
Sale of assets -
Loans/advances 180,000
Other -
--------
Total Cash Receipts $207,066
--------
Cash Disbursements
Operations $199,160
Debt Service/Secured loan payment -
Professional Fees/U.S. Trustee Fees 30,182
Other 13,829
--------
Total Cash Disbursements $326,507
--------
Net Cash Flow ($36,106)
--------
Ending Cash balance $114,338
A full-text copy of the Debtors' monthly operating report for
March 2009, is available at http://researcharchives.com/t/s?3edd
About Luminent Mortgage
Luminent Mortgage Capital, Inc. (OTCBB: LUMCE), is a real estate
investment trust, or REIT, which, together with its subsidiaries,
has historically invested in two core mortgage investment
strategies. Under its Residential Mortgage Credit strategy, the
company invests in mortgage loans purchased from selected high-
quality providers within certain established criteria as well as
subordinated mortgage-backed securities and other asset-backed
securities that have credit ratings below AAA. Under its Spread
strategy, the company invests primarily in U.S. agency and other
highly-rated single-family, adjustable-rate and hybrid adjustable-
rate mortgage-backed securities.
Luminent and nine subsidiaries filed on September 5, 2008, for
relief under Chapter 11 of the U.S Bankruptcy Code in the United
States Bankruptcy Court for the District of Maryland, Baltimore
Division (Lead Case No. 08-21389). Immediately prior to the
filing, the Debtor executed a Plan Support and Forbearance
Agreement with secured creditor Arco Capital Corp., Ltd., WAMU
Capital Corp. and convertible noteholders representing 100% of the
outstanding principal amount of its convertible notes.
Joel I. Sher, Esq., at Shapiro Sher Guinot & Sandler, represents
the Debtors as counsel. The U.S. Trustee for Region 4 appointed
creditors to serve on an Official Committee of Unsecured
Creditors. Jeffrey Neil Rothleder, Esq., at Arent Fox LLP,
represents the Creditors Committee as counsel.
In its operating report for the month of September 2008, Luminent
Mortgage Capital, Inc., reported $1,960,516 in total assets and
$374,868,632 in total liabilities, resulting in a $372,908,116
stockholders' deficit.
LUMINENT MORTGAGE: Files Operating Report for February 2009
-----------------------------------------------------------
Luminent Mortgage Capital, Inc. and certain of its subsidiaries
have filed with the Office of the United States Trustee -
Baltimore Division, a monthly operating report for February 2009.
For the period February 1, 2009, to February 28, 2009, Luminent
Mortgage's cash receipts and disbursements statement showed:
Beginning Cash Balance $134,799
--------
Cash receipts
Operations $16,974
Sale of assets -
Loans/advances 390,000
Other 50,000
--------
Total Cash Receipts $456,974
--------
Cash Disbursements
Operations $281,155
Debt Service/Secured loan payment -
Professional Fees/U.S. Trustee Fees 122,755
Other 37,419
--------
Total Cash Disbursements $326,507
--------
Net Cash Flow 15,645
--------
Ending Cash balance $150,444
A full-text copy of the Debtors' monthly operating report for
February 2009, is available at:
http://researcharchives.com/t/s?3ede
About Luminent Mortgage
Luminent Mortgage Capital, Inc. (OTCBB: LUMCE), is a real estate
investment trust, or REIT, which, together with its subsidiaries,
has historically invested in two core mortgage investment
strategies. Under its Residential Mortgage Credit strategy, the
company invests in mortgage loans purchased from selected high-
quality providers within certain established criteria as well as
subordinated mortgage-backed securities and other asset-backed
securities that have credit ratings below AAA. Under its Spread
strategy, the company invests primarily in U.S. agency and other
highly-rated single-family, adjustable-rate and hybrid adjustable-
rate mortgage-backed securities.
Luminent and nine subsidiaries filed on September 5, 2008, for
relief under Chapter 11 of the U.S Bankruptcy Code in the United
States Bankruptcy Court for the District of Maryland, Baltimore
Division (Lead Case No. 08-21389). Immediately prior to the
filing, the Debtor executed a Plan Support and Forbearance
Agreement with secured creditor Arco Capital Corp., Ltd., WAMU
Capital Corp. and convertible noteholders representing 100% of the
outstanding principal amount of its convertible notes.
Joel I. Sher, Esq., at Shapiro Sher Guinot & Sandler, represents
the Debtors as counsel. The U.S. Trustee for Region 4 appointed
creditors to serve on an Official Committee of Unsecured
Creditors. Jeffrey Neil Rothleder, Esq., at Arent Fox LLP,
represents the Creditors Committee as counsel.
In its operating report for the month of September 2008, Luminent
Mortgage Capital, Inc., reported $1,960,516 in total assets and
$374,868,632 in total liabilities, resulting in a $372,908,116
stockholders' deficit.
LUMINENT MORTGAGE: Files Operating Report for January 2009
----------------------------------------------------------
Luminent Mortgage Capital, Inc., and certain of its subsidiaries
have filed with the Office of the United States Trustee -
Baltimore Division, a monthly operating report for January 2009.
For the period January 1, 2009, to January 31, 2009, Luminent
Mortgage's cash receipts and disbursements statement showed:
Beginning Cash Balance $198,095
--------
Cash receipts
Operations $93,757
Sale of assets -
Loans/advances 235,000
Other -
--------
Total Cash Receipts $328,757
--------
Cash Disbursements
Operations $263,493
Debt Service/Secured loan payment -
Professional Fees/U.S. Trustee Fees 128,560
Other -
--------
Total Cash Disbursements $392,053
--------
Net Cash Flow ($63,296)
--------
Ending Cash balance $134,799
A full-text copy of the Debtors' monthly operating report for
January 2009, is available at:
http://researcharchives.com/t/s?3edf
About Luminent Mortgage
Luminent Mortgage Capital, Inc. (OTCBB: LUMCE), is a real estate
investment trust, or REIT, which, together with its subsidiaries,
has historically invested in two core mortgage investment
strategies. Under its Residential Mortgage Credit strategy, the
company invests in mortgage loans purchased from selected high-
quality providers within certain established criteria as well as
subordinated mortgage-backed securities and other asset-backed
securities that have credit ratings below AAA. Under its Spread
strategy, the company invests primarily in U.S. agency and other
highly-rated single-family, adjustable-rate and hybrid adjustable-
rate mortgage-backed securities.
Luminent and nine subsidiaries filed on September 5, 2008, for
relief under Chapter 11 of the U.S Bankruptcy Code in the United
States Bankruptcy Court for the District of Maryland, Baltimore
Division (Lead Case No. 08-21389). Immediately prior to the
filing, the Debtor executed a Plan Support and Forbearance
Agreement with secured creditor Arco Capital Corp., Ltd., WAMU
Capital Corp. and convertible noteholders representing 100% of the
outstanding principal amount of its convertible notes.
Joel I. Sher, Esq., at Shapiro Sher Guinot & Sandler, represents
the Debtors as counsel. The U.S. Trustee for Region 4 appointed
creditors to serve on an Official Committee of Unsecured
Creditors. Jeffrey Neil Rothleder, Esq., at Arent Fox LLP,
represents the Creditors Committee as counsel.
In its operating report for the month of September 2008, Luminent
Mortgage Capital, Inc., reported $1,960,516 in total assets and
$374,868,632 in total liabilities, resulting in a $372,908,116
stockholders' deficit.
NORTEL NETWORKS: Operating Report for May 3 to 30, 2009
-------------------------------------------------------
Nortel Networks Inc., et al.
Condensed Combined Balance Sheet
As of May 30, 2009
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
ASSETS
Current Assets
Cash and cash equivalents $783 - -
Short-term investments 6 - -
Restricted cash and cash equivalents 9 1 -
Accounts receivable - net 395 - -
Inter-company accounts receivable 669 39 (6)
Inventories - net 380 - -
Other current assets 136 - -
----- ------ -----
Total current assets 2,378 40 (6)
Investments in non-Debtor subsidiaries 81 1 (1)
Investments - other 41 - -
Plant and equipment- net 319 1 -
Intangible assets - net 23 - -
Other assets 53 - -
----- ------ -----
Total assets $2,895 $42 $(7)
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject to compromise
Trade and other accounts payable $63 - -
Inter-company accounts payable 78 5 (6)
Payroll & benefit-related liabilities 169 1 -
Contractual liabilities 27 - -
Restructuring liabilities 7 - -
Other accrued liabilities 808 - -
Income taxes - - -
----- ------ -----
Total current liabilities not
subject to compromise 1,152 6 (6)
Restructuring 65 - -
Deferred income and other credits 21 - -
Deferred revenue 33 - -
Post-employment benefits 74 - -
----- ------ -----
Total liabilities not subject 1,345 6 (6)
to compromise
Liabilities subject to compromise 5,867 54 126
----- ------ -----
Total liabilities 7,212 60 120
SHAREHOLDERS' DEFICIT
Common shares - 719 32
Preferred shares - 16 47
Additional paid-in capital 17,736 7,330 5,252
Accumulated deficit (21,890) (8,083)(5,457)
Accumulated other comprehensive
income (loss) (163) - (l)
----- ------ -----
Total U.S. Debtors shareholders'
deficit (4,317) (18) (127)
Non-controlling interests - - -
----- ------ -----
Total shareholders' deficit (4,317) (18) (127)
TOTAL LIABILITIES & SHAREHOLDERS'
DEFICIT $2,895 42 (7)
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Operations
For the Period May 3 to 30, 2009
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
Total revenues $280 - -
Total cost of revenues 146 - -
----- ------ -----
Gross profit 134 - -
Selling, general and admin expense 49 - -
Research and development expense 29 1 -
Amortization of intangible assets 1 - -
Other operating expense (income)-net (3) - -
----- ------ -----
Operating earnings (loss) 58 (1) -
Other income (expense) - net (25) - -
Interest expense (1) - -
----- ------ -----
Earnings (loss) from operations before
reorganization items, income taxes
and equity in net earnings (loss) of
associated companies 32 (1) -
Reorganization items - net (5) - -
----- ------ -----
Earnings (loss) from operations before
income taxes & equity in net earnings
(loss) of associated companies 27 (1) -
Income tax benefit (expense) - - -
----- ------ -----
Earnings (loss) from operations before
equity in net earnings (loss) of
associated companies 27 (1) -
Equity in net earnings (loss) from
associated companies - net of tax (6) - -
Equity in net earnings (loss) from
non-Debtor subsidiaries - net of tax - - -
----- ------ -----
Net earnings (loss) 21 (1) -
Income attributable to non-controlling
interests - - -
----- ------ -----
Net earnings (loss) attributable
to U.S. Debtors $21 (1) -
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Cash Flows
For the Period May 3 to 30, 2009
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
Cash flows from (used in) operating
activities:
Net earnings (loss) attributable
to U.S. Debtors $21 (1) -
Adjustments to reconcile net earnings
(loss) from continuing operations to
net cash from (used in) operating
activities, net of effects from
acquisitions and divestitures of
businesses:
Amortization and depreciation 9 - -
Equity in net loss (earnings) of
associated companies 6 - -
Pension and other accruals 3 - -
Reorganization items - noncash 2 - -
Other - net (2) - -
Change in operating assets
and liabilities (34) 1 -
----- ------ -----
Net cash from (used in)
operating activities 5 - -
Cash flows from (used in) investing activities:
Expenditures for plant and equipment (1) - -
Change in restricted cash and
cash equivalents (1) - -
----- ------ -----
Net cash from (used in) investing
activities (2) - -
Cash flows from (used in} financing activities:
Decrease in capital leases obligations (1) - -
----- ------ -----
Net cash from (used in) financing
activities (1) - -
----- ------ -----
Net increase (decrease) in cash
and cash equivalents 2 - -
Cash and cash equivalents, beginning 781 - -
----- ------ -----
Cash and cash equivalents, end $783 - -
====== ====== =====
About Nortel Networks
Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it. Nortel does business in more than 150 countries
around the world. Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group. The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
The Chapter 15 case is Bankr. D. Del. Case No. 09-10164. Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.
Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection. The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986. The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion. The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies. As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.
Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
PFF BANCORP: Files Monthly Operating Report For May 2009
--------------------------------------------------------
On June 26, 2009, PFF Bancorp, Inc. and Glencrest Investment
Advisors, Inc., Glencrest Insurance Services, Inc., Diversified
Builder Services, Inc., and PFF Real Estate Services, Inc., filed
their monthly operating reports for the period May 1, 2009, to
May 31, 2009, with the United States Bankruptcy Court for the
District of Delaware.
PFF Bancorp reported a net loss of $314,705 on TOTAL INOME OF
$10,000 for the month of May 2009. Net Loss for the period from
December 5, 2008, to May 31, 2009, was $731,816 on total income
of $20,563.
At May 31, 2009, PFF Bancorp had total assets of $159.3 million,
total liabilities of $117.4 million, and total equity of
$41.9 million.
A full-text copy of the Debtors' monthly operating report for the
month of May 2009, is available at:
http://researcharchives.com/t/s?3eda
PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non-
diversified unitary savings and loan holding company within the
meaning of the Home Owners' Loan Act with headquarters formerly
located in Rancho Cucamonga, California. Bancorp is the direct
parent of each of the remaining Debtors.
Prior to filing for bankruptcy, Bancorp was also the direct parent
of PFF Bank & Trust, a federally chartered savings institution,
and said bank's subsidiaries.
PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on December 5, 2008 (Bankr. D. Del. Case No. 08-13127 to
08-13131). Chun I. Jang, Esq., and Paul N. Heath, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors in their
restructuring efforts. Kurtzman Carson Consultants LLC serves as
the Debtors' claims agent. Jason W. Salib, Esq., at Blank Rome
LLP, represents the official committee of unsecured creditors as
counsel.
QUEBECOR WORLD: Operating Report for Month Ended May 30
-------------------------------------------------------
Quebecor World (USA), Inc., et al.
Combined Balance Sheet
As of May 30, 2009
ASSETS
Current Assets:
Cash and Cash equivalents $260,400,000
Accounts receivables 463,700,000
Inventories 108,100,000
Future income taxes and tax receivable 32,200,000
Prepaid Expenses 37,700,000
---------------
Total current expenses 902,100,000
---------------
Property, plant and equipment 917,000,000
Restricted cash 32,500,000
Future income taxes 300,000
Other assets 353,600,000
---------------
TOTAL ASSETS $2,205,500,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank indebtedness $3,100,000
Trade payables and accrued liabilities 211,100,000
Income and other taxes payable 11,700,000
Current portion long-term debt 500,500,000
Liabilities subject to compromise 3,032,800,000
---------------
Total current liabilities 3,759,200,000
---------------
Other liabilities not subject to compromise:
Long-term debt 51,500,000
Other liabilities 150,900,000
Future income taxes 13,400,000
Shareholders equity:
Capital stock 1,031,300,000
Contributed surplus 472,000,000
Deficit (3,272,800,000)
---------------
Total Equity (1,769,500,000)
---------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,205,500,000
===============
Quebecor World (USA), Inc., et al.
Combined Statement of Operations
For the month ended May 30, 2009
OPERATING REVENUES $157,200,000
Operating expenses:
Cost of sales 132,000,000
Selling, general and administrative 12,300,000
Depreciation and amortization 10,300,000
---------------
Total operating expenses 154,600,000
---------------
Operating income 2,600,000
---------------
Financial expenses 19,100,000
Reorganization items 4,000,000
Income taxes (4,300,000)
---------------
18,800,000
---------------
Net loss and comprehensive loss ($16,200,000)
===============
Quebecor World (USA), Inc., et al.
Combined Statement of Cash Flows
For Month Ended May 30, 2009
Cash flows from operating activities:
Net loss ($16,200,000)
Adjustments for:
Depreciation of property, plant and equipment 10,300,000
Future income taxes (4,500,000)
Amortization of other assets 1,000,000
Other 300,000
---------------
(9,100,000)
---------------
Net changes in non-cash balances to
operations:
Accounts receivable (600,000)
Inventories 6,700,000
Trade payables and accrued liabilities 21,200,000
Other current assets and liabilities 2,000,000
Other non-current assets and liabilities (1,100,000)
---------------
28,200,000
---------------
Cash flows provided by (used in)
operating activities 19,100,000
---------------
Cash flows from financing activities:
Net change in bank indebtedness (9,700,000)
Net change in long-term debt 600,000
---------------
Cash flows provided by (used in)
financing activities (9,100,000)
Cash flows from investing activities:
Additions to property, plant and equipment (3,300,000)
Restricted cash related to insolvency proceedings 0
---------------
Cash flows provided by (used in)
investing activities (3,300,000)
Net changes in cash and cash equivalents 6,700,000
Cash and cash equivalents, beginning of period 253,700,000
---------------
Cash and cash equivalents, end of period $260,400,000
===============
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (CA:IQW) --
http://www.quebecorworldinc.com/-- provides market solutions,
including marketing and advertising activities, well as print
solutions to retailers, branded goods companies, catalogers and to
publishers of magazines, books and other printed media. It has
127 printing and related facilities located in North America,
Europe, Latin America and Asia. In the United States, it has 82
facilities in 30 states, and is engaged in the printing of books,
magazines, directories, retail inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina, and the British Virgin Islands.
Ernst & Young, Inc., the monitor of Quebecor World Inc., and its
affiliates' reorganization proceedings under the Canadian
Companies' Creditors Arrangement Act, filed a petition under
Chapter 15 of the Bankruptcy Code before the U.S. Bankruptcy Court
for the Southern District of New York on September 30, 2008, on
behalf of QWI (Bankr. S.D.N.Y. Case No. 08-13814). The Chapter 15
case is before Judge James M. Peck. Kenneth P. Coleman, Esq., at
Allen & Overy LLP, in New York, serves as counsel to the Chapter
15 petitioner.
QWI and certain of its subsidiaries commenced the CCAA proceedings
before the Quebec Superior Court (Commercial Division) on
January 20, 2008. The following day, 53 of QWI's U.S.
subsidiaries, including Quebecor World (USA), Inc., filed
petitions under Chapter 11 of the U.S. Bankruptcy Code.
The Honorable Justice Robert Mongeon oversees the CCAA case.
Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the
Company in the CCAA case. Ernst & Young Inc. was appointed as
Monitor.
Quebecor World (USA) Inc., its U.S. subsidiary, along with other
U.S. affiliates, filed for Chapter 11 bankruptcy before the U.S.
Bankruptcy Court for the Southern District of New York (Lead Case
No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter
LLP, represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The Company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective January 28, 2008.
QWI is the only entity involved in the CCAA proceedings that is
not a Debtor in the Chapter 11 Cases.
As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000 total
liabilities of US$4,326,500,000 preferred shares of US$62,000,000
and total shareholders' deficit of US$976,400,000.
Bankruptcy Creditors' Service, Inc., publishes Quebecor World
Bankruptcy News. The newsletter tracks the parallel proceedings
undertaken by QWI and its affiliates under United States and
Canadian bankruptcy laws. (http://bankrupt.com/newsstand/or
215/945-7000)
REFCO LLC: Chapter 7 Trustee's Operating Report for May
-------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of
Refco, LLC's estate, filed with the Court a monthly statement of
cash receipts and disbursements for the period from May 1 to 30,
2009.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
in its Money Market account with JPMorgan Chase Bank, N.A.,
totaled $49,301,000 as of May 1.
During the Reporting Period, Refco LLC received $14,000 in
interest income. No transfers were made, Mr. Togut reported.
The Debtor held $49,315,000 at the end of the period.
Refco, LLC
Schedule of Cash Receipts and Disbursements
Through JPMorgan Money Market and Checking Accounts
May 1 through 31, 2009
Beginning Balance, May 1, 2009 $49,301,000
RECEIPTS
Interest Income 14,000
Sale of Assets 0
Marshalling of Excess Capital 0
Man Financial - Excess Capital return 0
Membership and Clearing Deposits 0
Other Receivables 0
-------------
TOTAL RECEIPTS $14,000
TRANSFERS
Money Market Account to checking account 0
December 2008 cleared checks 0
-------------
TOTAL TRANSFERS 0
DISBURSEMENTS
Operating expenses & other disbursements 0
Executory contract cure payments 0
Pursuant to payment stipulation 0
Purchase price escrow deposit 0
Expected account escrow fund 0
Membership & clearing deposits 0
Payment on account of prepetition claims 0
Other disbursements 0
Reorganization Expenses
Attorney fees 0
Trustee bond premium 0
Other professional fees 0
-------------
TOTAL DISBURSEMENTS 0
-------------
Ending Balance, May 31, 2009 $49,315,000
=============
About Refco Inc.
Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base. Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore. In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives. The company has operations in Bermuda.
The company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No. 05-
60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, represented the Debtors in their restructuring
efforts. Milbank, Tweed, Hadley & McCloy LLP, represented the
Official Committee of Unsecured Creditors. Refco reported
US$16.5 billion in assets and US$16.8 billion in debts to the
Bankruptcy Court on the first day of its Chapter 11 cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006. That Plan became effective on Dec. 26,
2006. Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc. and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.
Bankruptcy Creditors' Service, Inc., publishes Refco Bankruptcy
News. The newsletter tracks the chapter 11 proceedings undertaken
by Refco Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
SEMGROUP LP: Operating Report for Month Ended April 30
------------------------------------------------------
SemCrude, L.P., et al.
Consolidated Balance Sheet
As of April 30, 2009
Cash $567,913,000
Accounts Receivable 63,813,000
Receivable from affiliate 140,358,000
Inventories 154,590,000
Derivative asset 1,609,000
Margin deposits 2,995,000
Other current assets 33,063,000
--------------
Total current assets 964,341,000
Property, plant and equipment 376,290,000
Accumulated depreciation (85,637,000)
Pipeline linefine 8,781,000
--------------
Net property, plant and equipment 299,434,000
Investment in subsidiaries 360,121,000
Goodwill 4,746,000
Investment in affiliates 110,641,000
Accounts receivable long-term 662,384,000
Note receivable - CAMS 132,994,000
Other assets, net 37,353,000
--------------
Total assets $2,572,014,000
==============
Subject to Compromise
Accounts payable $923,911,000
Accrued liabilities 1,117,986,000
Current portion of long-term debt 150,000,000
--------------
Total current liabilities 2,191,897,000
Revolver facility 665,000,000
Working capital facility 1,632,417,000
Term B notes 141,274,000
Senior Notes 600,000,000
Pension obligations 13,888,000
Not Subject to Compromise
Accounts payable 40,174,000
Accrued liabilities 68,796,000
Deferred revenue 652,000
Derivative liabilities 108,000
Current portion of long-term debt 124,609,000
--------------
Total current liabilities 234,339,000
Capital lease obligations 258,000
Deferred tax liability 20,000
Investment in affiliates 613,918,000
Other long-term liabilities 224,000
Accum other comprehensive income (37,647,000)
Partners' capital (3,483,574,000)
--------------
Total partners' capital (3,521,221,000)
--------------
Total liabilities and partners' capital $2,572,014,000
==============
SemCrude, L.P., et al.
Consolidated Statement of Operations
Month Ended April 30, 2009
Sales
Operating Outside Sales
Product Sales $40,013,000
Services 3,171,000
Other Operating Revenue 823,000
------------
Total Outside Operating Sales 44,007,000
Trading activity 253,000
------------
Total Outside Operating Revenue 44,260,000
Operating Revenue Intercompany 15,582,000
------------
Total Operating Revenue 59,842,000
Unrealized G/L on Derivatives 2,999,000
------------
Total Revenue 62,841,000
Cost of Goods Sold
COGS - Products 34,514,000
COGS - Transportation & Fuel 2,302,000
COGS - Other 2,000
------------
Total Outside Cost of Goods Sold 36,818,000
COGS Intercompany 14,564,000
------------
Total Cost of Sales 51,382,000
Gross Profit 11,459,000
Operating Expenses
Wages and benefits 2,503,000
Field Expenses 676,000
Maintenance & repairs 195,000
Outside Services 612,000
Property & Equipment Leases & Rents 2,974,000
Insurance Permits licenses Taxes 736,000
Office 133,000
Travel Lodging Meetings 76,000
Other (52,000)
------------
Total Operating Expenses 7,853,000
General & Administrative Expenses
Wages & Benefits 2,667,000
Miscellaneous 2,000
Maintenance & Repairs 13,000
Outside Services 1,763,000
Property & Equipment Leases & Rents 258,000
Insurance Permits licenses Taxes 638,000
Office 431,000
Travel Lodging Meetings 57,000
Other (160,000)
------------
Total General &
Administrative Expenses 5,669,000
Earnings before
interest Taxes Deprn Amort (2,063,000)
Other (Income) Expenses
Interest Income (6,000)
Other Income (39,000)
Foreign Currency Transaction (Income) (181,000)
Interest Expense 525,000
Depreciation 3,122,000
Amortization 399,000
Reorganization 14,018,000
------------
Net Income (19,901,000)
============
From April 1 to 30, 2009, the Debtors disbursed a total of
$26,974,481.
About SemGroup LP
SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream
service company providing the energy industry means to move
products from the wellhead to the wholesale marketplace. SemGroup
provides diversified services for end users and consumers of crude
oil, natural gas, natural gas liquids, refined products and
asphalt. Services include purchasing, selling, processing,
transporting, terminaling and storing energy. SemGroup serves
customers in the United States, Canada, Mexico, Wales, Switzerland
and Vietnam.
SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No.
08-11525). John H. Knight, Esq., L. Katherine Good, Esq. and Mark
D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller,
Esq., Michael P. Kessler, Esq., and Sherri L. Toub, Esq., at Weil,
Gotshal & Manges LLP; and Martin A. Sosland, Esq., and Sylvia A.
Mayer, Esq., at Weil Gotshal & Manges LLP, represent the Debtors
in their restructuring efforts. Kurtzman Carson Consultants
L.L.C. is the Debtors' claims agent. The Debtors' financial
advisors are The Blackstone Group L.P. and A.P. Services LLC.
Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represent the Debtors' prepetition
lenders.
SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude Company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act. The CCAA stay expires on
November 21, 2008.
SemGroup L.P.'s consolidated, unaudited financial conditions as of
June 30, 2007, showed $5,429,038,000 in total assets and
$5,033,214,000 in total debts. In their petition, they showed
more than $1,000,000,000 in estimated total assets and more than
$1,000,000,000 in total debts.
Bankruptcy Creditors' Service, Inc., publishes SemGroup Bankruptcy
News. The newsletter tracks the chapter 11 proceedings undertaken
by SemGroup L.P. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-700)
TOUSA INC: Operating Report for April 2009
------------------------------------------
TOUSA, INC., and Subsidiaries
Consolidated Balance Sheet
As of April 30, 2009
ASSETS
Cash and Cash Equivalents:
Cash in bank $248,860,500
Cash equivalents (due from title company 5,845,078
from closings)
Inventory:
Deposits 12,147,891
Land 112,300,408
Residences completed and under construction 258,468,417
Inventory not owned 6,286,449
---------------
389,203,165
Property and equipment, net 9,645,796
Investments in unconsolidated joint ventures 2,769,462
Receivables from unconsolidated joint ventures -
Accounts receivable 18,183,271
Other assets 48,553,297
Goodwill -
---------------
723,060,569
Net Assets of Financial Services 22,077,538
---------------
Total Assets $745,138,107
===============
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable and other liabilities $310,208,636
Customer deposits 9,326,031
Obligations for inventory not owned 8,346,605
Notes payable 1,600,925,397
Bank borrowings 211,748,143
--------------
Total Liabilities 2,140,554,812
Stockholders' Equity:
Preferred stock 17,715,869
Common stock 596,042
Additional paid in capital 560,325,692
Retained earnings (1,974,054,308)
---------------
Total Stockholders' Equity (1,395,416,705)
---------------
Total liabilities and Stockholders' Equity $745,138,107
===============
TOUSA, INC., and Subsidiaries
Consolidated Statement of Operations
For the Period April 1 to 30, 2009
Revenues:
Home sales $44,001,097
Land sales 1,544,856
---------------
45,545,953
Cost of Sales:
Home sales 38,242,073
Land sales 1,785,437
---------------
40,027,510
---------------
Gross Profit 5,518,443
Total selling, general and admin expenses 18,087,326
Income (loss) from joint ventures, net -
Interest expense, net 5,378,288
Other (income) expense, net 177,952
---------------
Homebuilding pretax income (loss) (18,125,123)
Financial services pretax income (loss) (201,416)
Income (loss) before income taxes (18,326,539)
Provision (benefit) for income taxes -
---------------
Net Income (loss) ($18,326,539)
===============
TOUSA, INC. and Subsidiaries
Consolidated Schedule of Receipts and Disbursements
For the Period April 1 to 30, 2009
Funds at beginning of period $250,138,687
RECEIPTS
Cash sales 46,092,585
Accounts receivable 16,250
Other receipts 4,757,961
---------------
Total receipts 50,866,796
---------------
Total funds available for operations 301,005,483
DISBURSEMENTS
Advertising 412,073
Bank charges 2,737
Contract labor 25,387
Fixed asset payments 99,530
Insurance 9,948,104
Inventory payments 20,758,474
Leases 326,355
Manufacturing supplies -
Office supplies 106,701
Payroll - net 5,154,411
Professional fees (accounting and legal) 5,727,807
Rent 384,393
Repairs & maintenance 340,147
Secured creditor payments 4,547,676
Taxes paid - payroll 32,863
Taxes paid - sales & use 427,969
Taxes paid - other 1,311,879
Telephone 182,433
Travel & entertainment 59,235
U.S. Trustee quarterly fees 144,600
Utilities 104,585
Vehicle expenses 19,133
Other operating expenses 2,028,491
---------------
Total disbursements 52,144,983
---------------
Ending Balance $248,860,500
===============
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on January 29, 2008 (Bankr. S.D. Fla. Case No.
08-10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M. Basta,
Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at
Berger Singerman, to represent them in their restructuring
efforts. Lazard Freres & Co. LLC is the Debtors' investment
banker. Ernst & Young LLP is the Debtors' independent auditor and
tax services provider. Kurtzman Carson Consultants LLC acts as
the Debtors' Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746). It listed between
$1 million and $10 million each in assets and debts.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
Bankruptcy Creditors' Service, Inc., publishes TOUSA Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by TOUSA Inc. and its affiliates. http://bankrupt.com/newsstand/
or 215/945-7000)
TOUSA INC: Operating Report for May 2009
----------------------------------------
TOUSA, INC., and Subsidiaries
Consolidated Balance Sheet
As of May 31, 2009
ASSETS
Cash and Cash Equivalents:
Cash in bank $250,202,651
Cash equivalents (due from title company
from closings) 12,598,487
Inventory:
Deposits 11,911,369
Land 134,429,186
Residences completed and under construction 228,626,091
Inventory not owned 6,286,449
---------------
381,253,095
Property and equipment, net 8,340,851
Investments in unconsolidated joint ventures 2,769,462
Receivables from unconsolidated joint ventures -
Accounts receivable 20,548,295
Other assets 47,065,246
Goodwill -
---------------
722,778,087
Net Assets of Financial Services 22,267,516
---------------
Total Assets $745,045,603
===============
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable and other liabilities $315,852,955
Customer deposits 8,502,577
Obligations for inventory not owned 8,346,605
Notes payable 1,605,091,558
Bank borrowings 208,697,657
---------------
Total Liabilities 2,146,491,352
Stockholders' Equity:
Preferred stock 18,592,828
Common stock 596,042
Additional paid in capital 559,448,732
Retained earnings (1,980,083,351)
---------------
Total Stockholders' Equity (1,401,445,749)
---------------
Total liabilities and Stockholders' Equity $745,045,603
===============
TOUSA, INC., and Subsidiaries
Consolidated Statement of Operations
For the Period May 1 to 31, 2009
Revenues:
Home sales $42,046,181
Land sales 6,340,000
---------------
48,386,181
Cost of Sales:
Home sales 37,424,560
Land sales 6,432,437
---------------
43,856,997
---------------
Gross Profit 4,529,184
Total selling, general and admin expenses 17,099,105
Income (loss) from joint ventures, net -
Interest expense, net 5,455,641
Other (income) expense, net (72,796)
---------------
Homebuilding pretax income (loss) (17,952,766)
Financial services pretax income (loss) (2,685)
Income (loss) before income taxes (17,955,451)
Provision (benefit) for income taxes -
---------------
Net Income (loss) ($17,955,451)
===============
TOUSA, INC. and Subsidiaries
Consolidated Schedule of Receipts and Disbursements
For the Period May 1 to 31, 2009
Funds at beginning of period $248,860,500
RECEIPTS
Cash sales 36,919,624
Accounts receivable 205,119
Other receipts 3,090,696
---------------
Total receipts 40,215,439
---------------
Total funds available for operations 289,075,939
DISBURSEMENTS
Advertising 288,398
Bank charges 13,985
Contract labor 25,042
Fixed asset payments 75
Insurance 598,779
Inventory payments 12,665,849
Leases 276,018
Manufacturing supplies -
Office supplies 64,139
Payroll - net 5,933,756
Professional fees (accounting and legal) 11,513,032
Rent 340,695
Repairs & maintenance 270,167
Secured creditor payments 5,168,433
Taxes paid - payroll 45,021
Taxes paid - sales & use 442,092
Taxes paid - other 178,083
Telephone 202,112
Travel & entertainment 39,108
U.S. Trustee quarterly fees -
Utilities 80,651
Vehicle expenses 18,511
Other operating expenses 709,342
---------------
Total disbursements 38,873,288
---------------
Ending Balance $250,202,651
===============
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on January 29, 2008 (Bankr. S.D. Fla. Case No.
08-10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M. Basta,
Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at
Berger Singerman, to represent them in their restructuring
efforts. Lazard Freres & Co. LLC is the Debtors' investment
banker. Ernst & Young LLP is the Debtors' independent auditor and
tax services provider. Kurtzman Carson Consultants LLC acts as
the Debtors' Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746). It listed between
$1 million and $10 million each in assets and debts.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
Bankruptcy Creditors' Service, Inc., publishes TOUSA Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by TOUSA Inc. and its affiliates. http://bankrupt.com/newsstand/
or 215/945-7000)
TROPICANA ENT: Operating Report for May 2009
--------------------------------------------
Tropicana Entertainment, LLC
Balance Sheet
As of May 31, 2009
ASSETS
Current Assets
Accounts receivable - trade $177,000
Cash & temporary cash investments 8,702,000
Restricted cash 2,200,000
Deposits 11,773,000
Inventories 0
Other receivables 0
Prepaid expenses 440,000
--------------
Total Current Assets 23,292,000
Property and Equipment
Buildings 0
Construction in progress 8,000
Furniture & fixtures 2,173,000
Land 0
Riverboats, barges & ramps 0
Vehicles 0
--------------
Total Property and Equipment 2,181,000
Reserve for Depreciation
Boats, barges & ramp reserve for depreciation 0
Building reserve for depreciation 0
Furn. & fixtures reserve for depreciation (100,000)
Gaming entertainment reserve for depreciation 0
Vehicle reserve for depreciation 0
--------------
Total Reserve for Depreciation (100,000)
Other Assets
Investments 2,775,215,000
Other assets 7,965,000
--------------
Total Other Assets 2,783,180,000
--------------
TOTAL ASSETS $2,808,553,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts payable $20,526,000
Accrued other expenses 1,841,000
Accrued payroll 1,239,000
Deferred income 0
Notes payable - Evansville 0
Payroll taxes payable 0
Sales tax payable 10,000
Current portion of long-term debt due 1 Yr 0
Amounts due to affiliated guarantors 37,200,000
--------------
Total Current Liabilities 60,816,000
Long Term Debt Due Beyond One Year
DIP financing 65,219,000
--------------
Total Long Term Debt Due Beyond One Year 65,219,000
Other Liabilities
Deferred fed taxes 0
Deferred rent 0
Deferred state inc taxes 0
Deferred tax liability (60,000)
Intercompany 73,804,000
--------------
Total Other Liabilities 73,744,000
Total Liabilities not Subject to Compromise 199,779,000
Liabilities Subject to Compromise
Non-intercompany 911,069,000
Intercompany 1,583,489,000
--------------
Total Liabilities Subject to Compromise 2,494,558,000
--------------
Total Liabilities 2,694,337,000
Total Stockholders' Equity 114,216,000
--------------
Total Liabilities & Shareholders' Deficit $2,808,553,000
==============
Tropicana Entertainment, LLC
Income Statement
For the Month Ended May 31, 2009
Operating Revenues
Casino revenue $0
Rooms revenue 0
Food & beverage revenue 0
Other casino & hotel revenue - less int income 0
--------------
Operating Revenues 0
Less promotional allowances 0
--------------
Net Operating Revenues 0
Operating Expenses
Casino operating expenses 28,000
Rooms operating expenses 0
Food and beverage operating expenses 0
Other casino and hotel operating expenses 0
Utilities 0
Marketing, advertising and casino promotions 0
Repairs and maintenance 41,000
Insurance 36,000
Property and local taxes 0
Gaming tax and licenses 0
Administrative and general 1,464,000
Leased land and facilities 58,000
Depreciation and amortization 36,000
Loss on disposition of assets 0
Bad debt expense - loans 0
Impairment charge 0
Restructuring cost 0
Chapter 11 reorg. & other prof. fees 4,086,000
--------------
Total Operating Expense 5,749,000
Income from Operations (5,749,000)
Other Income (Expense)
Interest expense (1,484,000)
Intercompany interest income 0
Intercompany interest expense (109,000)
--------------
Total Other Income (Expense) (1,593,000)
Federal Income Tax 0
Income Before Minority Interest (7,342,000)
--------------
NET INCOME ($7,342,000)
==============
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)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Joseph Medel C. Martirez, Denise Marie Varquez, Philline
Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug,
and Peter A. Chapman, Editors.
Copyright 2009. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
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