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/raid1/www/Hosts/bankrupt/TCR_Public/090808.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, August 8, 2009, Vol. 13, No. 218 Headlines ATHEROGENICS INC: Posts $665,882 Net Loss from June 1 to June 22 AVENTINE RENEWABLE: Posts $53,743,414 Net Loss in June 2009 BALLY TOTAL: Posts $29 Million Net Loss for June 2009 CERIUM LABORATORIES: $107,000 Net Profit for Month Ended May 24 CHARTER COMM: Posts $60 Million June Loss on Costs, Debt EDDIE BAUER: Files Operating Report for June 17 to July 4 Period FRONTIER AIRLINES: Earns $7.16 Million for Month of June GREEKTOWN CASINO: Incurs $3.67 Million Net Loss for June 2009 GREEKTOWN HOLDINGS: Incurs $1.65 Million Net Loss for June 2009 HAYES LEMMERZ: Files Monthly Operating Report for June 2009 LANDAMERICA FIN'L: Monthly Reports Not for Investment Decisions LYONDELL CHEMICAL: Posts $210 Million Net Loss for June 2009 MAGNA ENTERTAINMENT: Posts $6,841,060 Net Loss in June 2009 MILACRON INC: Posts $8,571,000 Net Loss in June 2009 NEWPOWER HOLDINGS: Files Monthly Operating Report for June 2009 PLIANT CORP: Records Combined Net Loss of $47MM for January-June SPANSION INC: Has $1.48 Million Net Loss for Month Ended May 24 SPANSION INT'L: Has $151,000 Net Profit for Month Ended May 24 SPANSION LLC: Has $3.7 Million Net Profit for April 2009 SPANSION TECHNOLOGY: No Revenues for Month Ended May 24 TRIBUNE CO: Posts $43.88 Million Profit for Month Ending June 28 TROPICANA ENTERTAINMENT: Posts $2.36MM Net Loss for June 2009 TRUMP ENTERTAINMENT: Posts $3.3 Million Net Loss in June 2009 TXCO RESOURCES: Posts $22,894,974 Net Loss in June 2009 VERASUN ENERGY: Records $2.12MM Combined Net Loss for June 2009 VISTEON CORP: Records $88.7 Mil. Net Loss for Month Ended June 30 ********* ATHEROGENICS INC: Posts $665,882 Net Loss from June 1 to June 22 ---------------------------------------------------------------- Atherogenics, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Georgia on July 28, 2009, its monthly operating report for the period from June 1 to June 22, 2009. Atherogenics incurred a net loss of $665,882 on zero revenues for the period. Reorganization items totaled $447,328. At June 22, 2009, the Debtor had total assets of $45,878,190, total liabilities of $307,169,522, and a stockholders' deficit of $261,291,332. A full-text copy of the Debtor's monthly operating report for period ended June 22, 2009, is available at: http://bankrupt.com/misc/atherogenics.June1-22mor.pdf About Atherogenics Headquartered in Alpharetta, Georgia, AtheroGenics, Inc. -- http://www.atherogenics.com/-- is a research-based pharmaceutical company focused on the discovery, development and commercialization of drugs for the treatment of chronic inflammatory diseases, including diabetes and coronary heart disease. It has one late stage clinical drug development program. On September 15, 2008, five creditors holding claims totaling $20,413,000 pursuant to the company's 4.5% Convertible Notes due 2008 filed an involuntary Chapter 7 petition against the Debtor (Bankr. N.D. Georgia Case No. 08-78200). The petitioning noteholders were: -- AQR Absolute Return Master Account, L.P., -- CNH CA Master Account, L.P., -- Tamalpais Global Partner Master Fund, LTD, -- Tang Capital Partners, LP, and -- Zazove High Yield Convertible Securities Fund, L.P. On October 6, the Debtor filed a motion to convert its Chapter 7 case to one under Chapter 11 (Bankr. N.D. Ga. Case No. 08-78200). James A. Pardo, Jr., Esq., and Michelle Carter, Esq., at King & Spalding, LLP, represent the Debtor as counsel. Akin Gump Strauss Hauer & Feld LLP, and Frank W. DeBorde, Esq., at Morris, Manning & Martin, LLP, represent the Official Committee of Unsecured Creditors as counsel. Administar Services Group LLC is the Claims, Noticing, and Balloting Agent for the Debtor. As reported in the Troubled Company Reporter on February 21, 2009, at December 31, 2008, the Debtor had total assets of $51,659,219, total liabilities of $307,171,466, and a stockholders' deficit of $255,512,247. AVENTINE RENEWABLE: Posts $53,743,414 Net Loss in June 2009 ----------------------------------------------------------- Aventine Renewable Energy Holdings Inc. and subsidiaries reported a net loss of $53,743,414 in June on total sales of $40,801,920. Gross profit was $645,752 and operating loss was $3,608,680. Reorganization expense for the month totalled $43,510,426. At June 30, 2009, the Debtors had $699,956,459 in total assets, $473,746,668 in total liabilities, and $226,209,790 in total stockholders' equity. A full-text copy of the Debtors' monthly operating report for June 2009, is available for free at: http://bankrupt.com/misc/aventine.junemor.pdf 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. BALLY TOTAL: Posts $29 Million Net Loss for June 2009 ----------------------------------------------------- Bally Total Fitness Holding Corporation, et al. Condensed Combined Balance Sheet As of June 30, 2009 ASSETS Current assets Cash and cash equivalents $59,694,000 Deferred income taxes 17,801,000 Prepaid expenses 14,501,000 Other current assets 20,046,000 --------------- Total current assets 112,042,000 Long-term assets Property and equipment, net 261,760,000 Member relationship asset, net 145,310,000 Other intangible assets, net 202,188,000 Trademarks 86,376,000 Goodwill 257,460,000 Other assets 40,838,000 --------------- Total long-term assets 993,931,000 --------------- Total assets $1,105,973,000 =============== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities not subject to compromise Accounts payable $20,190,000 Income taxes payable 2,109,000 Accrued liabilities 50,036,000 Current maturities of long-term debt 1,645,000 Deferred revenues 135,156,000 --------------- Total current liabilities not subject to compromise 209,136,000 Long-term liabilities not subject to compromise Deferred rent liability 20,086,000 Deferred income taxes 49,491,000 Other liabilities 22,456,000 Deferred revenues 370,492,000 Long-term debt, less current maturities 0 Liabilities subject to compromise 937,681,000 --------------- Total liabilities 1,609,342,000 --------------- Stockholders' deficit (503,369,000) --------------- Total liabilities and stockholders' deficit $1,105,973,000 =============== Bally Total Fitness Holding Corporation, et al. Condensed Combined Statement of Operations June 1 through June 30, 2009 Net revenues Membership services $47,600,000 Retail products 2,122,000 Miscellaneous 1,287,000 --------------- 51,009,000 Operating costs and expenses: Membership services 40,411,000 Retail products 1,893,000 Marketing and advertising 2,649,000 General and administrative 4,251,000 Depreciation and amortization 5,821,000 --------------- 55,025,000 --------------- Operating loss (4,016,000) Interest expense (447,000) Other, net 1,000 --------------- (446,000) --------------- Loss reorganization items and income taxes (4,462,000) Reorganization items, net (24,611,000) Income tax expense (66,000) --------------- Net loss ($29,139,000) =============== Bally Total Fitness Holding Corporation, et al. Cash Receipts and Disbursements June 1 through June 30, 2009 Cash, beginning of month $55,950,313 Receipts Cash sales 54,747,692 Accounts receivable - Prepetition 0 Accounts receivable - Postpetition 0 Loans and advances 0 Sales of assets 0 Others 381,846 Transfers (from DIP accounts) 15,976,086 --------------- Total receipts 71,105,624 Disbursements Net payroll 11,925,919 Payroll taxes 4,152,737 Sales, use, and other taxes 1,405,014 Inventory purchases 1,802,077 Secured rental/leases 13,636,720 Insurance 2,527,200 Administrative 7,003,659 Selling & Marketing 3,307,851 Others 4,670,167 Owner draw 0 Transfers (to DIP accounts) 15,193,818 Professional fees 1,736,848 U.S. Trustee quarterly fees 0 Court costs 0 --------------- Total disbursements 67,362,011 --------------- Net cash flow 3,743,613 --------------- Cash, end of month $59,693,926 =============== About Bally Total Fitness Based in Chicago, Illinois, Bally Total Fitness Holding Corp. (Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates fitness centers in the U.S., with over 375 facilities located in 26 states, Mexico, Canada, Korea, China, and the Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R), and Sports Clubs of Canada (R) brands. Bally Total and its affiliates filed for Chapter 11 protection on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite number of votes in favor of their pre- packaged Chapter 11 plan. Joseph Furst, III, Esq., at Latham & Watkins, L.L.P., represents the Debtors in their restructuring efforts. As of June 30, 2007, the Debtors had US$408,546,205 in total assets and US$1,825,941,54627 in total liabilities. The Debtors filed their Joint Prepackaged Plan & Disclosure Statement on July 31, 2007. The Court confirmed the Plan in September 2007. The Plan was declared effective October 1, 2007. Bally Total Fitness Holding Corp. and its debtor-affiliates and subsidiaries again filed voluntary petitions under Chapter 11 on December 3, 2008 (Bankr. S.D.N.Y., Lead Case No. 08-14818). Their counsel is Kenneth H. Eckstein, Esq., at Kramer Levin Naftalis & Frankel LLP, in New York. As of September 30, 2008, the Company (including non-debtor affiliates) had consolidated assets totaling approximately $1.376 billion and recorded consolidated liabilities totaling approximately $1.538 billion. Bally Total Fitness Holding and its 42 debtor-affiliates delivered their Joint Plan of Reorganization and Disclosure Statement with the U.S. Bankruptcy Court for the Southern District of New York on June 10, 2009. Bankruptcy Creditors' Service, Inc., publishes Bally Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings of Bally Total Fitness Holding Corp. and its debtor-affiliates (http://bankrupt.com/newsstand/or 215/945-7000) CERIUM LABORATORIES: $107,000 Net Profit for Month Ended May 24 --------------------------------------------------------------- Spansion Executive Vice President and Chief Financial Officer Randy Furr relates that even though Cerium Laboratories LLC does not have its own employees, it conducts business that provides technical support to companies in the fields of semiconductors, alternative fuels and the nanosciences. It also does not file any separate income or payroll tax returns, he adds. A full-text copy of Cerium Laboratories' May Monthly Operating Report is available for free at: http://bankrupt.com/misc/Cerium_MayMOR.pdf Cerium Laboratories LLC Balance Sheet As of May 24, 2009 ASSETS Unrestricted Cash & Cash Equivalents $128,423 Restricted Cash & Cash Equivalents 0 Accounts Receivable (net) 827,789 Notes Receivable 0 Inventories 0 Prepaid Expenses 104,525 Professional Retainers 0 Amount due from Intercompany 1,752,609 Other Current Assets 0 ------------- Total current assets 2,813,346 Property and Equipment Real Property & Improvements 0 Machinery and Equipment 20,896,291 Furniture, fixtures & Office Equipment 0 Leasehold Improvements 83,120 Vehicles 0 Less Accumulated Depreciation (20,218,648) ------------- Total Property and Equipment 760,763 Other Assets Loans to Insiders 0 Other Assets 0 ------------- Total Other Assets 0 ------------- Total Assets $3,574,109 ============= LIABILITIES AND OWNER EQUITY Liabilities Not Subject to Compromise Postpetition Accounts Payable $71,915 Taxes Payable 15,271 Wages Payable 0 Accrued liabilities 0 Rent/Lease-Building/Equipment 0 Secured Debt 0 Professional Fees 0 Intercompany Payable 41,965 Amounts Due to Insiders 0 Other Postpetition Liabilities 0 ------------ Total Postpetition Liabilities 129,151 Liabilities Subject to Compromise Prepetition Secured Debt 0 Priority Debt 22,608 Intercompany Payable 80,100 Unsecured Debt 432,634 ------------- Total Prepetition Liabilities 535,342 ------------- Total Liabilities 664,493 OWNER EQUITY Capital Stock 335,453 Additional Paid-in Capital 0 Partners' Capital Account 0 Owner's Equity Account 0 Retained Earnings-Prepetition 2,136,090 Retained Earnings-Postpetition 438,072 Adjustments to Owner Equity 0 Postpetition Contributions 0 ------------- Net Owner Equity 2,909,616 ------------- Total Liabilities and Owner Equity $3,574,109 ============= Cerium Laboratories LLC Statement Of Operations For The Period From April 27, 2009 to May 24, 2009 REVENUES Gross Revenues $483,564 Less: Returns and Allowances 0 ------------ Net Revenue 483,564 Cost of Goods Sold Beginning Inventory 0 Add: Purchases 0 Add: Cost of Labor 0 Add: Other Costs 0 Less: Ending Inventory 0 Cost of Goods Sold 0 ------------ Gross Profit 483,564 OPERATING EXPENSES Advertising 0 Auto and Truck Expense 0 Bad Debts 0 Contributions 0 Employee Benefits Programs 33,656 Insider Compensation 0 Insurance 0 Management Fees/Bonuses 0 Office Expense 0 Pension & Profit-Sharing Plans 0 Repairs and Maintenance 33,745 Rent and Lease Expense 43,165 Salaries/Commissions/Fees 195,445 Supplies 5,079 Taxes-Payroll 0 Taxes-Real Estate 4,988 Taxes-Others 0 Travel and Entertainment 0 Utilities 0 Other 41,988 ------------ Total Operating Expense Before Depreciation 358,065 Depreciation/Depletion/Amortization 17,847 ------------ Net Profit(Loss) Before Other Income & Expenses 107,651 OTHER INCOME AND EXPENSES Other Income 0 Interest Expense 0 Other Expense 0 ------------ Net Profit (loss) Before Reorganization Items 107,651 Reorganization Items Professional Fees 0 U.S. Trustee Quarterly Fees 0 Interest Earned on Accumulated Cash From Chapter 11 0 Gain(loss) From Sale of Equipment 0 Other Reorganization Expenses 0 Total Reorganization Expenses 0 Income Taxes 0 ------------ Net Profit(loss) $107,651 ============ Cerium Laboratories LLC Schedule of Cash Receipts and Disbursements For The Period From April 27, 2009 to May 24, 2009 Cash Beginning Month $20,742 Receipts Customer Receipts 136,511 Intercompany Receipts 8,500 Other Receipts 0 ------------ Total Receipts 145,011 Disbursements Buildings 0 Foundry & Subcon 0 Labor & Benefits 0 Material 0 Other 2,896 Outside Services 12,960 Repair & Maintenance 21,473 Capital Expenditure 0 Debt Obligations & Capital Leases 0 Taxes 0 Facility Closure Costs 0 Key Employee Incentive Plan 0 Reduction in Force 0 Restructuring Professional Fees 0 Set-off Liabilities 0 Utilities Deposit 0 Intercompany Transfers 0 ------------ Total Disbursements 37,330 Net Cash Inflow(Outflow) 107,682 ------------ Cash End of Month $128,423 ============ About Spansion Inc. Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion International, Inc., and Cerium Laboratories LLC filed voluntary petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No. 09-10690). On February 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan are included in the U.S. or Japan filings. Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at Latham & Watkins LLP, have been tapped as bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is the claims agent. The United States Trustee has appointed an official committee of unsecured creditors in the case. As of September 30, 2008, Spansion disclosed total assets of US$3,840,000,000, and total debts of US$2,398,000,000. Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009 (Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said that Spansion Japan had US$10 million to US$50 million in assets CHARTER COMM: Posts $60 Million June Loss on Costs, Debt -------------------------------------------------------- Carla Main at Bloomberg News reports that Charter Communications Inc. had a net loss of $60 million in June because of reorganization costs and debt expenses. Charter's income from operations was $94 million in June. Expenses included $63 million tied to its reorganization and $71 million for interest, leading to the net loss. Costs included $10.5 million in fees to 18 law firms or financial advisers, including lead bankruptcy counsel Kirkland & Ellis LLP, paid $3.3 million for the month. Charter also paid Chief Executive Officer Neil Smit $117,000 in June. 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. 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). As of March 31, 2009, the Debtors had total assets of $13,650,000,000, and total liabilities of $24,501,000,000. Pacific Microwave filed for bankruptcy April 20, 2009, disclosing assets of not more than $50,000 and debts of more than $1 billion. Charter filed its Chapter 11 petitions to implement a financial restructuring, which, upon approval, would reduce the Company's debt by approximately $8 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. 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) EDDIE BAUER: Files Operating Report for June 17 to July 4 Period ---------------------------------------------------------------- On July 30, 2009, Eddie Bauer Holdings, Inc., and certain other debtor-in-possession susidiaries of the Company filed unaudited monthly operating reports for the period beginning on June 17, 2009, and ending on July 4, 2009, with the U.S. Bankruptcy Court for the District of Delaware. For the period, Eddie Bauer Holdings, Inc., reported $0 income and $0 net revenue. At July 4, 2009, Eddie Bauer Holdings, Inc., had $216,619,000 in total assets, total laibilities of $22,875,000, and net owner equity of $193,744,000. Intercompany receivables from affiliates accounted for $214,560,000 of total assets. Eddie Bauer, Inc., earned $2,109,000 on net revenue of $39,853,000 for the period from June 17 to July 4, 2009. Professional fees for the period amounted to $624,000. At July 4, 2009, Eddie Bauer, Inc., had $442,972,000 in total assets, $897,665,000 in total liabilities, and ($454,693,000) in net owner equity. Eddie Bauer, Inc. had $6,146,000 in unrestricted cash and equivalents at July 4, 2009. A full-text copy of the Debtors monthly operating report for the period from June 17 to July 4, 2009, is avalable for free at: http://researcharchives.com/t/s?40f9 About Eddie Bauer Established in 1920 in Seattle, Washington, Eddie Bauer is a specialty retailer that sells outerwear, apparel and accessories for the active outdoor lifestyle. The Eddie Bauer brand is a nationally recognized brand that stands for high quality, innovation, style and customer service. Eddie Bauer products are available at 371 stores throughout the United States and Canada, through catalog sales and online at http://www.eddiebauer.com/ Eddie Bauer participates in a joint venture in Japan and has licensing agreements across a variety of product categories. Eddie Bauer, Inc., was a subsidiary of Spiegel, Inc. Eddie Bauer Inc. emerged from Spiegel's 2003 Chapter 11 case as a separate, reorganized entity under the control and ownership of Eddie Bauer Holdings, Inc. Eddie Bauer Holdings, Inc., and eight affiliates filed for bankruptcy on June 17, 2009 (Bankr. D. Del. Lead Case No. 09-12099). Judge Mary F. Walrath presides over the case. David S. Heller, Esq., Josef S. Athanas, Esq., and Heather L. Fowler, Esq., at Latham & Watkins LLP, serve as the Debtors' general counsel. Kara Hammond Coyle, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor LLP, serve as local counsel. The Debtors' restructuring advisors are Alvarez and Marsal North America LLC. Their financial advisors are Peter J. Solomon Company. Kurtzman Carson Consultants LLC acts as claims and notice agent. As of April 4, 2009, Eddie Bauer had $525,224,000 in total assets and $448,907,000 in total liabilities. Eddie Bauer Canada, Inc., and Eddie Bauer Customer Services filed for protection from their creditors in Canada on June 17, 2009, the same day the U.S. Debtors filed for protection from their creditors. The Canadian Debtors have obtained an initial order of the Canadian Court staying the proceedings against the Canadian Debtors and their property in Canada. RSM Richter Inc. was appointed as monitor in the Canadian proceedings. FRONTIER AIRLINES: Earns $7.16 Million for Month of June -------------------------------------------------------- Frontier Airlines Holdings, Inc., reported its eighth consecutive monthly operating profit and, excluding special items, its third successive quarterly net profit. The results were filed in the Company's unaudited Monthly Operating Report for June 2009. For the month of June, Frontier reported an operating profit of $14.2 million compared to an operating loss of $3.2 million for the same period last year, and net income of $7.2 million compared to a net loss of $8.8 million for June 2008. Excluding special items, the Company would have reported an operating profit of $13.3 million, or an operating margin of 13.2%. This compares to a $2.2 million operating loss, or a negative 1.7% margin, in 2008 and net income of $11.6 million as compared to a net loss of $4.5 million the prior year. Special items for the month of June included: * $5.4 million in reorganization expense (which includes $3.4 million in accelerated depreciation for a planned aircraft sale), compared to $3.4 million in the prior year * Non-cash mark-to-market gains on fuel hedge contracts of $1.0 million Operational results for the month of June included: * A 14.9 percent year-over-year mainline capacity reduction * Excluding special items, mainline unit cost excluding fuel (CASM ex-fuel) of 6.01 cents, an increase of 6.6 percent from the prior year * Excluding special items, mainline total unit cost of 8.81 cents, a reduction of 23.7 percent compared to June 2008 * Mainline passenger revenue (PRASM) of 9.52 cents, down 14.5 percent from the previous year * Mainline total unit revenue (RASM) 10.39 cents, 10.0 percent lower than June 2008 "I am very proud of our impressive financial performance," said Frontier President and CEO Sean Menke. "Achieving eight months of operating profit and three quarters of net profit, and one of the industry's lowest unit costs despite double-digit capacity reductions, positions Frontier well as we move to emerge from bankruptcy later this year." June Quarter 2009 Frontier also reported an operating profit of $33.0 million and net income of $12.6 million for the June quarter. This compares to an operating loss of $41.5 million and a net loss of $57.7 million for the 2008 June quarter. Excluding special items, the Company would have reported an operating profit of $27.9 million, or an operating margin of 10.1%. This compares to a $33.9 million operating loss, or a negative 9.4% margin, in 2008 and net income of $22.7 million for the quarter as compared to a loss of $41.2 million the prior year. Special items for the three months ended June 2009: * Reorganization costs of $14.9 million as compared to $8.7 million in the prior year * Non-cash mark-to-market gain of $5.1 million on fuel hedging contracts compared to a loss of $15.8 million in the prior year Operational results for the June quarter: * A 15.3 percent year-over-year mainline capacity reduction * Excluding special items, mainline unit cost excluding fuel (CASM ex-fuel) of 5.91 cents, a 2.7 percent reduction from the prior year * Excluding special items, mainline total unit cost of 8.37 cents, a reduction of 22.5 percent compared to June 2008 * Mainline passenger revenue (PRASM) of 8.75 cents, down 10.2 percent from the previous year * Mainline total unit revenue (RASM) 9.57 cents, 6.3 percent lower than June 2008 "Frontier has continued to demonstrate that our financial performance is not an anomaly; rather it is and will continue to be the result of our focused effort to become one of the lowest, if not the lowest-cost carrier in the industry," Mr. Menke said. "Posting net profits for both June and the quarter despite near double-digit unit revenue reductions is proof positive that Frontier has secured its position as a leader among low-cost carriers -- indeed, among all domestic carriers." Mr. Menke concluded, "We continue to consistently make money in the most competitive market in the country and in the face of the most trying economic times. Our success over the past eight months was a key factor in reaching an agreement with an investor to sponsor Frontier's emergence from bankruptcy." Companies in Chapter 11 bankruptcy protection are required to file monthly operating reports to the U.S. Trustee in addition to quarterly reports filed with the U.S. Securities and Exchange Commission. A copy of Frontier's Monthly Operating Report is available for free at http://ResearchArchives.com/t/s?406d FRONTIER AIRLINES HOLDINGS, INC., ET AL. Unaudited Condensed Balance Sheet As of June 30, 2009 ASSETS CURRENT ASSETS: Cash and cash equivalents $69,401,000 Restricted cash and investments 161,042,000 Receivables, net of allowance 37,473,000 Deposits on fuel hedges 3,660,000 Prepaid expenses and other assets 19,946,000 Inventories, net of allowance 13,387,000 Assets held for sale 639,000 --------------- Total current assets 305,548,000 Property and other equipment, net 571,048,000 Security and other deposits 27,097,000 Maintenance reserve deposits 132,062,000 Aircraft pre-delivery payments 7,835,000 Restricted investments 2,987,000 Deferred loan expenses and other assets 10,031,000 --------------- Total Assets $1,056,608,000 =============== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities not subject to compromise: CURRENT LIABILITIES: Accounts payable $41,440,000 Air traffic liability 159,682,000 Other accrued expenses 50,879,000 Deferred revenue & other current liabilities 14,070,000 Short-term borrowings 3,000,000 DIP financing 40,000,000 --------------- Total current liabilities not subject to compromise 309,071,000 Deferred revenue and other liabilities 18,051,000 Other long-term debt -- postpetition 3,000,000 --------------- Total liabilities not subject to compromise 330,122,000 Liabilities subject to compromise 682,300,000 --------------- Total Liabilities 1,012,422,000 STOCKHOLDERS' EQUITY Preferred stock - Common stock 37,000 Additional paid-in capital 197,328,000 Cumulative effect of change in accounting principle 125,247,000 Accumulated deficit (278,426,000) --------------- Total Stockholders' Deficit 44,186,000 --------------- Total Liabilities and Stockholders' Deficit $1,056,608,000 =============== FRONTIER AIRLINES HOLDINGS, INC., ET AL. Unaudited Condensed Consolidated Statement of Operations Month Ended June 30, 2009 Revenues: Passenger $92,756,000 Cargo 404,000 Other 7,411,000 --------------- Total revenues 100,571,000 Operating expenses: Flight operations 13,196,000 Aircraft fuel 26,080,000 Aircraft lease 9,350,000 Aircraft and traffic servicing 14,433,000 Maintenance 4,745,000 Promotion and sales 9,567,000 General and administrative 5,758,000 Operating expenses -- regional partner - Loss (gain) on sales of assets, net 70,000 Employee separation and other charges - Depreciation 3,198,000 --------------- Total operating expenses 86,397,000 --------------- Operating income (loss) 14,174,000 Non-operating income (expense): Interest income 60,000 Interest expense (1,612,000) Loss from early extinguishment of debt - Other, net 49,000 --------------- Total non-operating expense, net (1,503,000) Income before reorganization items & income tax 12,671,000 Reorganization items 5,351,000 Income tax expense 154,000 --------------- Net Income (Loss) $7,166,000 =============== FRONTIER AIRLINES HOLDINGS, INC., ET AL. Unaudited Condensed Consolidated Statement of Cash Flows Month Ended June 30, 2009 Cash flows from operating activities: Net income $7,166,000 Adjustments to reconcile net loss to net cash used in operating activities: ESOP and stock option compensation expense 55,000 Depreciation and amortization 3,411,000 Assets beyond economic repair 90,000 Mark to market adjustments on derivative contracts (953,000) Amounts paid for settled derivative contracts - Gain on disposal of equipment & other assets, net 70,000 Loss on early extinguishment of debt - Reorganization items 5,351,000 Changes in operating assets and liabilities: Restricted investments (9,317,000) Receivables 5,380,000 Security and other deposits 31,000 Maintenance reserve deposits (2,366,000) Prepaid expenses and other assets 2,889,000 Inventories (319,000) Accounts payable 1,968,000 Air traffic liability (1,035,000) Other accrued expenses & income tax payable (3,481,000) Deferred revenue and other liabilities (813,000) --------------- Net cash provided by operating activities 8,127,000 Cash flows from reorganization activities Net cash used in reorganization activities (1,485,000) --------------- Total net cash provided by operating activities 6,642,000 Cash flows from investing activities: Aircraft purchase deposits made - Aircraft purchase deposits returned 65,000 Sale of short-term investment - Proceeds from the sale of property and equipment and assets held for sale 24,000 Capital expenditures (302,000) Proceeds from the sale of aircraft -- reorganization - --------------- Net cash used in investing activities (213,000) Cash flows from financing activities: Proceeds from DIP financing (postpetition) - Extinguishment of long-term borrowings - Principal payments on long-term borrowings (2,801,000) Principal payments on short-term borrowing - Payment of financing fees (81,000) Extinguishment of long-term borrowings -- reorganization - --------------- Net cash used in financing activities (2,882,000) Increase in cash and cash equivalents 3,547,000 Cash and cash equivalents at beginning of period 65,854,000 --------------- Cash and cash equivalents at end of period $69,401,000 =============== 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) GREEKTOWN CASINO: Incurs $3.67 Million Net Loss for June 2009 ------------------------------------------------------------- Greektown Casino LLC Balance Sheet As of June 30, 2009 Assets Cash $19,990,082 Inventory 599,569 Accounts receivable 5,034,179 Insider Receivables 0 Property and Equipment Land and buildings 526,056,307 Furniture, fixtures and equipment 92,031,716 Accumulated depreciation (141,281,156) Other current 16,656,582 Other long term 14,450,491 -------------- Total Assets $533,537,769 ============== Liabilities and Stockholder's Equity Postpetition liabilities: Accounts payable $16,960,614 Notes payable 2,764,312 Rent and lease payable 0 Wages and salaries 1,642,866 Taxes payable 774,231 Other 27,471 -------------- Total postpetition liabilities 22,169,493 Secured liabilities subject to postpetition collateral or financing order 161,046,970 All other secured liabilities 313,965,764 -------------- Total secured liabilities 475,012,735 Prepetition liabilities: Taxes and other priority liabilities 927,537 Unsecured liabilities 51,623,529 Other 3,640,336 -------------- Total prepetition liabilities 56,191,402 Equity 47,575,616 Owner's capital 0 Retained earnings prepetition 82,744,007 Retained earnings postpetition (150,155,484) -------------- Total stockholders' equity (19,835,861) Total liabilities 553,373,630 -------------- Total Liabilities & Shareholders' Deficit $533,537,769 ============== Greektown Casino LLC Income Statement For the month ended June 30, 2009 Total revenue/sales $30,856,435 Cost of sales 3,105,004 -------------- Gross profit 27,751,431 Operating Expenses Officer compensation 26,849 Salary expenses, other employees 4,684,035 Employees benefits & pensions 1,845,078 Payroll taxes 574,755 Other taxes 520,648 Rent and lease expense 20,463 Interest expense 5,695,825 Insurance 280,938 Automobile & truck expense 0 Utilities 366,386 Depreciation 1,111,407 Travel and entertainment 2,228 Repairs and maintenance 35,475 Advertising 743,910 Supplies, office expense, etc. 13,689 Gaming taxes 7,915,181 G&A expenses 1,737,629 F&B expenses 975,950 MGCB Fee 833,605 Parking/other 8,600 Pre-opening expenses 0 -------------- Total expenses 27,392,650 Net operating profit/(loss) 358,782 Add: Non-operating income: Interest income 13,390 Other income 0 Less: Non-operating expenses 0 Professional fees 4,300,293 Other (257,812) -------------- Net Income (Loss) ($3,670,309) ============== Greektown Casino LLC Cash Flow Statement For the month ended June 30, 2009 Cash - beginning of month $9,298,252 Receipts 32,014,739 Balance available 41,312,991 -------------- Less disbursements 36,414,595 -------------- Cash - end of month $4,898,396 ============== About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC, and its affiliates -- http://www.greektowncasino.com/-- operates world-class casino gaming facilities located in Detroit's historic Greektown district featuring more than 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. Greektown Casino employs approximately 1,971 employees, and estimates that it attracts over 15,800 patrons each day, many of whom make regular visits to its casino complex and related properties. In 2007, Greektown Casino achieved a 25.6% market share of the metropolitan Detroit gaming market. Greektown Casino has also been rated as the "Best Casino in Michigan" and "Best Casino in Detroit" numerous times in annual readers' polls in Detroit's two largest newspapers. The Company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC as claims, noticing, and balloting agent. When the Debtor filed for protection from its creditors, it listed consolidated estimated assets and debts of $100 million to $500 million. Bankruptcy Creditors' Service, Inc., publishes Greektown Casino Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Greektown Casino and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) GREEKTOWN HOLDINGS: Incurs $1.65 Million Net Loss for June 2009 --------------------------------------------------------------- Greektown Holdings, LLC Balance Sheet As of June 30, 2009 Assets Cash $0 Inventory Accounts receivable Insider Receivables 3,442,586 Property and Equipment Land and buildings 0 Furniture, fixtures and equipment 0 Other Assets Financing Fees 0 Notes receivables from affiliates 475,012,735 Investments in affiliate (19,835,860) -------------- Total Assets $458,619,461 ============== Liabilities and Stockholder's Equity Postpetition liabilities: Accounts payable $0 Rent and lease payable 0 Wages and salaries 0 Taxes payable 0 Other 1,350,000 -------------- Total postpetition liabilities 1,350,000 Secured liabilities subject to postpetition collateral or financing order 161,046,971 All other secured liabilities 313,965,764 -------------- Total secured liabilities 475,012,735 Prepetition liabilities: Taxes and other priority liabilities 0 Unsecured liabilities 228,508,597 Discount on bonds 0 -------------- Total prepetition liabilities 228,508,597 Kewadin equity (99,399,607) Monroe equity (87,697,011) Owner's capital 488,947 Retained earnings prepetition 116,601,907 Retained earnings postpetition (176,246,106) -------------- Total stockholders' equity (246,251,870) Total liabilities 704,871,332 -------------- Total Liabilities & Shareholders' Deficit $458,619,461 ============== Greektown Holdings, LLC Income Statement For the month ended June 30, 2009 Total revenue/sales $0 Cost of sales 0 -------------- Gross profit 0 Operating Expenses Interest expense 1,657,292 Accounting fees - credit (9,117) -------------- Total expenses 1,648,175 Net operating profit/(loss) Add: Non-operating income 0 Interest income 0 Other income 0 Less: Non-operating expenses 0 -------------- Net Income (Loss) ($1,648,175) ============== Greektown Holdings, LLC Cash Flow Statement For the month ended June 30, 2009 Cash - beginning of month $0 Receipts 0 Balance available 0 -------------- Less disbursements 0 -------------- Cash - end of month $0 ============== About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC, and its affiliates -- http://www.greektowncasino.com/-- operates world-class casino gaming facilities located in Detroit's historic Greektown district featuring more than 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. Greektown Casino employs approximately 1,971 employees, and estimates that it attracts over 15,800 patrons each day, many of whom make regular visits to its casino complex and related properties. In 2007, Greektown Casino achieved a 25.6% market share of the metropolitan Detroit gaming market. Greektown Casino has also been rated as the "Best Casino in Michigan" and "Best Casino in Detroit" numerous times in annual readers' polls in Detroit's two largest newspapers. The Company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC as claims, noticing, and balloting agent. When the Debtor filed for protection from its creditors, it listed consolidated estimated assets and debts of $100 million to $500 million. Bankruptcy Creditors' Service, Inc., publishes Greektown Casino Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Greektown Casino and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) HAYES LEMMERZ: Files Monthly Operating Report for June 2009 ----------------------------------------------------------- On July 30, 2009, Hayes Lemmerz International, Inc., and certain of its subsidiaries filed a monthly operating report for the month ended June 30, 2009, with the United States Bankruptcy Court for the District of Delaware. Hayes Lemmerz International, Inc., reported $0 income on $0 sales for the month ended June 30, 2009. At June 30, 2009, Hayes Lemmerz had $392,730,000 in total assets, $17,000 in total liabilities and $392,714,000 in total equity. A full-text copy of the Debtors' monthly operating report for June 2009 is available at http://bankrupt.com/misc/hayes.junemor.pdf 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. LANDAMERICA FIN'L: Monthly Reports Not for Investment Decisions --------------------------------------------------------------- In Form 8-K filings submitted to the United States Securities and Exchange Commission, Debtor LandAmerica Financial Group, Inc., cautions investors and potential investors not to place undue reliance on information contained in the Monthly Operating Report for the months of February, March, April and May 2009, which were not prepared for the purpose of providing the basis for an investment decision relating to any of LFG's securities. Michelle H. Gluck, executive vice president and chief legal officer of LFG, disclose that the Monthly Operating Reports are limited in scope, cover a limited time period, and have been prepared solely for the purpose of complying with the monthly reporting requirements of the Office of the United States Trustee. The Reports were not audited or reviewed by independent accountants; are in a format prescribed by applicable requirements of the Office of the United States Trustee; and are subject to future adjustment and reconciliation. Ms. Gluck says that there can be no assurance that from the perspective of an investor or potential investor in the LFG's securities, the Reports contain any information beyond that required by the Office of the United States Trustee. The Reports also contain information for periods that are shorter or otherwise different from those required in LFG's reports pursuant to the Securities Exchange Act of 1934, as amended, and the information might not be indicative of LFG's financial condition or operating results for the period that would be reflected in LFG's financial statements or in its reports pursuant to the Exchange Act. Results set forth in the Reports should not be viewed as indicative of future results, Ms. Gluck relates. As reported by the TCR on July 25, LandAmerica posted these financial statements for the month ended May 31, 2009: LandAmerica Financial Group, Inc. Balance Sheet As of May 31, 2009 ASSETS Cash $80,712,000 Notes: Fidelity National Title 50,000,000 Other 12,957,000 Investments: Fidelity National Title stock 53,590,000 Taxes receivable 21,856,000 Property and equipment 15,122,000 Title Plans 945,000 Other assets 79,354,000 Investments in subsidiaries and consolidated joint ventures 649,582,000 Intercompany receivable 252,958,000 --------------- Total Assets $1,217,076,000 =============== Liabilities Accounts payable and accrued liabilities 17,813,000 Liabilities subject to compromise 484,116,000 --------------- Total Liabilities 501,929,000 Total Shareholders' Equity 715,147,000 --------------- Total Liabilities and Shareholders' Equity $1,217,076,000 =============== LandAmerica Financial Group, Inc. Statement of Operations For the month ended May 31, 2009 Revenue: Investment and other income $151,000 Valuation adjustment related to Fidelity National Title Stock (13,310,000) --------------- Total Revenue ($13,159,000) =============== Expenses General, administrative and other expenses 1,599,000 Professional fees 4,211,000 Impairment of assets (9,240,000) Depreciation and amortization 320,000 Interest Expense 0 Loss on disposal of subsidiaries (157,000) --------------- Total Expenses (3,266,000) --------------- Net Loss before income taxes (9,893,000) Income tax benefit 0 --------------- Net Loss ($9,893,000) =============== Loss on disposal of subsidiaries is related to the sale on certain subsidiaries to Fidelity National Title Insurance Company as part of the Asset Purchase Agreement LandAmerica Financial Group, Inc. Schedule of Cash Receipts and Disbursements For Month Ended May 31, 2009 Operating Cash and Cash Equivalents Held for the benefit; LandAmerica Financial Group, Inc. $67,677,000 Underwriters 18,043,000 Retained Subsidiaries 2,258,000 --------------- Opening Cash 87,978,000 --------------- Cash Receipts Collection received for the benefit of: Underwriters 0 Retained subsidiaries 1,318,000 Payment reimbursements by: Underwriters 0 Retained Subsidiaries 11,325,000 Proceeds from sale of the Underwriting business; LandAmerica Financial Group, Inc. 0 Retained Subsidiaries 0 Proceeds from sale LandAm Valuation 0 Other Receipts 1,222,000 --------------- Total Receipts 13,865,000 --------------- Cash Disbursement Related to LFG Payroll 779,000 Rent & other occupancy costs 433,000 Insurance 0 Leases 171,000 Information Technology 267,000 Payables 611,000 Bankruptcy Professional Fees 4,839,000 Return of Funds - Underwriters 2,117,000 Others 0 --------------- Total 9,218,000 --------------- Payments made for the benefit of; Underwriters (595,000) Retained subsidiaries 12,509,000 --------------- Total Disbursements 21,132,000 Net Cash Flow (7,267,000) --------------- Ending Cash and Cash Equivalents $80,712,000 =============== Ending Cash and Cash Equivalents Held for the benefit; LandAmerica Financial Group, Inc. $61,799,000 Underwriters 16,521,000 Retained subsidiaries 2,392,000 --------------- Total $80,712,000 =============== About LandAmerica Financial Group LandAmerica Financial Group, Inc., is a leading provider of real estate transaction services with offices nationwide and a vast network of active agents. LandAmerica and its affiliates operate through approximately 700 offices and a network of more than 10,000 active agents throughout the world, including Mexico, Canada, the Caribbean, Latin America, Europe, and Asia. LandAmerica Financial Group and its affiliate LandAmerica 1031 Exchange Services, Inc., filed for Chapter 11 protection November 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Dion W. Hayes, Esq., and John H. Maddock III, Esq., at McGuireWoods LLP are the Debtors' bankruptcy counsel. In its bankruptcy petition, LFG listed total assets of $3,325,100,000, and total debts of $2,839,800,000 as of September 30, 2008. On March 6, 2009, affiliate LandAmerica Assessment Corporation, aka National Assessment Corporation, filed its own petition for Chapter 11 relief. Affiliate LandAmerica Title Company filed for for Chapter 11 relief on March 27, 2009. Bankruptcy Creditors' Service, Inc., publishes LandAmerica Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandAmerica Financial and its affiliate LandAmerica 1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) LYONDELL CHEMICAL: Posts $210 Million Net Loss for June 2009 ------------------------------------------------------------ Lyondell Chemical Company and affiliates Unaudited Combined Balance Sheets As of June 30, 2009 (in millions) Assets Current assets: Cash and cash equivalents $495 Short-term investments 12 Accounts receivable: Trade, net 1,295 Related parties 1 Non-debtor affiliates 194 Inventories 1,679 Current deferred income tax assets 6 Prepaid expenses and other current assets 784 ------------ Total current assets 4,466 Property, plant and equipment, net 9,975 Investments and long-term receivables: Investment in PO joint ventures 569 Investments in non-debtor affiliates 4,969 Other investments and long-term receivables 27 Intangible assets, net 1,660 Other assets 186 ------------ Total Assets $21,852 ============ Liabilities and Stockholder's Equity Current liabilities: Current maturities of long-term debt 8,713 Short-term debt 5,534 Accounts payable: Trade 1,223 Related parties 17 Non-debtor affiliates 580 Accrued liabilities 713 Deferred income taxes 173 ------------ Total current liabilities 16,953 Long-term debt - Other liabilities 253 Deferred income taxes 2,207 Liabilities subject to compromise 12,134 Commitments and contingencies - Stockholders equity: Common stock 60 Additional paid-in capital 563 Retained deficit (7,852) Net receivables - non-debtor affiliates (2,271) Accumulated other comprehensive loss (316) ------------ Total stockholder's equity (9,816) Non-controlling interests 121 ------------ Total equity (9,695) ------------ Total liabilities and stockholder's equity $21,852 ============ Lyondell Chemical Company and affiliates Unaudited Statement of Income For month ended June 30, 2009 (in millions) Sales and other operating revenues: Trade $1,477 Non-Debtor affiliates 59 ------------ 1,536 Operating costs and expenses: Cost of sales 1,537 Selling, general and admin. Expenses 48 Research and development expenses 4 ------------ 1,589 ------------ Operating loss (53) Interest expense (124) Interest income 15 Other income, net 2 ------------ Loss before reorganization items, equity investments and income taxes (160) ------------ Reorganization items (128) Income from equity investments 99 ------------ Loss before income taxes (189) Provision for income taxes 20 ------------ Net loss from continuing operations (209) Discontinued operations (1) ------------ Net Loss ($210) ============ Lyondell Chemical Company and its affiliates Unaudited Statement of Cash Flows For the month ended June 30, 2009 (in millions) Cash flows from operating activities: Net loss ($210) Net loss - discontinued operations 1 Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 105 Reorganization charges 128 Equity investments - income (99) Deferred income taxes 3 Foreign currency exchange gain (14) Changes in assets and liabilities that provided (used ) cash: Accounts receivable (74) Inventories 49 Accounts payable 127 Reorganization-related payments (17) Other, net (164) ------------ Net cash used in operating activities - continuing operations (165) Net cash used in operating activities discontinued operations (1) ------------ Net cash used in operating activities (166) ------------ Cash flows from investing activities: Expenditures for property, plant and Equipment (19) Repayment of loans by non-Debtor affiliates (48) Other, net 1 ------------ Net cash used in investing activities (66) ------------ Cash flows from financing activities: Net borrowings under DIP Revolving Facility 200 Short-term borrowings 79 Other, net (1) ------------ Net cash provided by financing activities 278 ------------ Effect of exchange rate changes on cash - ------------ Increase in cash and cash equivalents 46 Cash and cash equivalents at beginning of period 449 ------------ Cash and cash equivalents at end of period $495 ============ MAGNA ENTERTAINMENT: Posts $6,841,060 Net Loss in June 2009 ----------------------------------------------------------- On July 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 June 1, 2009, to June 28, 2009, with the United States Bankruptcy Court for the District of Delaware. Magna Entertainment reported a net loss of $6,841,060 on zero revenue for the period. Cumulative filing to date net loss was $30,998,711 on zero revenue. At June 28, 2009, the Company had $1,048,913,205 in total assets, $489,069,819 in total liabilities, and $559,843,386 in net owner equity. A full-text copy of the monthly operating report is available for free at http://researcharchives.com/t/s?40fc 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. 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. Magna Entertainment Corp. had total assets of US$1.054 billion and total liabilities of US$947.3 million based on unaudited consolidated financial statements as of December 31, 2008. MILACRON INC: Posts $8,571,000 Net Loss in June 2009 ---------------------------------------------------- On August 4, 2009, Milacron Inc. filed with the U.S. Bankruptcy Court for the Southern District of Ohio its monthly operating report for June 2009. The Company reported a net loss of $8,571,000 on total sales of $24,208,000 for the month of June. At June 30, 2009, the Company had $528,548,000 in total assets and $818,577,000 in total liabilities. A full-text copy of the company's monthly operating report for June 2009 is available at: http://bankrupt.com/misc/milacron.junemor.pdf 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 June 2009 --------------------------------------------------------------- NewPower Holdings, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Georgia on August 3, 2009, its monthly operating report for June 2009. The Debtor had an opening cash balance of $754 and an ending cash balance of $694. A full-text copy of the Debtor's June operating report is available for free at http://researcharchives.com/t/s?40f8 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. PLIANT CORP: Records Combined Net Loss of $47MM for January-June ---------------------------------------------------------------- Pliant Corp. and its debtor-affiliates incurred a combined net loss of $47,091,000 from $420,000,000 of sales during period January 1, 2009, to June 30, 2009. From the $420,000,000 generated from sales, the Debtors made disbursements aggregating $389,120,000 to generate $30,889,000 cash operating activities. Net cash flow was $26,560,000 due to additional expenses, including $7,670,000 for professional fees. As of June 30, 2009, Pliant Corp. and its units have assets of $493,031,000 against liabilities of $1,067,363,000, which include $976,301,000 of debt subject to compromise. A full-text copy of Pliant's June 2009 MOR is available for free at http://bankrupt.com/misc/Pliant_June09_MOR.pdf About Pliant Headquartered in Schaumburg, Illinois, Pliant Corporation produces polymer-based films and flexible packaging products for food, beverage, personal care, medical, agricultural and industrial applications. The Company has operations in Australia, New Zealand, Germany, and Mexico. Pliant and 10 of its affiliates filed for Chapter 11 protection on January 3, 2006 (Bankr. D. Del. Lead Case No. 06-10001). James F. Conlan, Esq., at Sidley Austin LLP, and Edmon L. Morton, Esq., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, represented the Debtors in their restructuring efforts. The Debtors tapped McMillan Binch Mendelsohn LLP, as Canadian counsel. As of September 30, 2005, the Company had $604.3 million in total assets and $1.19 billion in total debts. The Debtors emerged from Chapter 11 on July 19, 2006. Pliant Corp. and its affiliates again filed for Chapter 11 after reaching terms of a pre-packaged restructuring plan. The voluntary petitions were filed February 11, 2009 (Bank. D. Del. Case Nos. 09-10443 through 09-10451). The Hon. Mary F. Walrath presides over the cases. Jessica C.K. Boelter, Esq., at Sidley Austin LLP, in Chicago, Illinois, and Edmon L. Morton, Esq., at Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware, provide bankruptcy counsel to the Debtors. Epiq Bankruptcy Solutions LLC acts as claims and noticing agent. The U.S. Trustee for Region 3 appointed five creditors to serve on an official committee of unsecured creditors. The Creditors Committee selected Lowenstein Sandler PC as its counsel. As of September 30, 2008, the Debtors had $688.6 million in total assets and $1.03 billion in total debts. SPANSION INC: Has $1.48 Million Net Loss for Month Ended May 24 --------------------------------------------------------------- Spansion Executive Vice President and Chief Financial Officer Randy Furr filed on July 17, 2009, Spansion Inc.'s monthly operating report for May 2009. Mr. Furr notes that Spansion Inc., is the holding company that directly and indirectly owns Spansion LLC, the principal operating company of Spansion. It does not have any employees, nor does it conduct any business that generates any revenue. It also does not file any separate income or payroll tax returns, he says. However, Spansion Inc., is the parent company for Spansion's federal consolidated and California worldwide unitary tax returns. A full-text copy of Spansion Inc.'s May Operating Report is available for free at: http://bankrupt.com/misc/SpansionInc_MayMOR.pdf Spansion Inc. Balance Sheet As of May 24, 2009 ASSETS Unrestricted Cash & Cash Equivalents $0 Restricted Cash & Cash Equivalents 0 Accounts Receivable (net) 0 Notes Receivable 0 Inventories 0 Prepaid Expenses 0 Professional Retainers 0 Other Current Assets 14,050,816 ------------ Total current assets 14,050,816 Property and Equipment 0 Real Property & Improvements 0 Machinery and Equipment 0 Furniture, fixtures & Office Equipment 0 Leasehold Improvements 0 Vehicles 0 Less Accumulated Depreciation 0 ------------ Total Property and Equipment 0 OTHER ASSETS Loans to Insiders Other Assets 0 ------------ Total Other Assets 0 ------------ Total Assets $14,050,816 ============ LIABILITIES AND OWNER EQUITY Liabilities Not Subject to Compromise (Postpetition) Accounts Payable $0 Taxes Payable 0 Wages Payable 0 Notes Payable 0 Rent/Lease 0 Secured Debt 0 Professional Fees 0 Amounts Due to Insiders 0 Other Postpetition Liabilities 0 ------------ Total Postpetition Liabilities 0 Liabilities Subject to Compromise Prepetition Secured Debt 0 Priority Debt 0 Intercompany Payable 64,907 Unsecured Debt 0 ------------ Total Prepetition Liabilities 64,907 ------------ Total Liabilities 64,907 OWNER EQUITY Capital Stock 161,809 Additional Paid-in Capital 2,359,107,217 Partners' Capital Account 0 Owner's Equity Account 0 Retained Earnings-Prepetition (2,340,367,595) Retained Earnings-Postpetition (4,915,521) Adjustments to Owner Equity 0 Postpetition Contributions 0 ------------ Net Owner Equity 13,985,909 ------------ Total Liabilities and Owner Equity $14,050,816 ============ Spansion Inc. Statement of Operations For the Period From April 27, 2009 to May 24, 2009 REVENUES Intercompany Revenue $0 Less: Returns & Allowances 0 ------------ Net Revenue 0 Cost of Goods Sold Add: Other costs 300,345 Gross Profit 0 Cost of Goods Sold 300,345 ------------ Gross Profit (300,345) Operating Expenses Advertising 0 Auto and Truck Expense 0 Bad Debts 0 Contributions 0 Employee Benefits Programs 0 Insider Compensation 0 Insurance 0 Management Fees/Bonuses 0 Office Expense 0 Pension & Profit-sharing Plans 0 Repairs and Maintenance 0 Rent and Lease Expense 0 Salaries/Commissions/Fees 0 Supplies 0 Taxes-Payroll 0 Taxes-Real Estate 0 Taxes-Others 0 Travel and Entertainment 0 Utilities 0 Other 1,177,086 ------------ Total Operating Expense Before Depreciation 1,177,086 Depreciation/Depletion/Amortization 0 ------------ Net Profit(loss) Before Other Income & Expenses (1,477,431) OTHER INCOME AND EXPENSES Other Income 0 Interest Expense 0 Other Expense 0 ------------ Net Profit(loss)Before Reorganization Items (1,477,431) Reorganization Items Professional Fees 0 U.S. Trustee Quarterly Fees 0 Income Taxes 0 ------------ Net Profit(loss) ($1,477,431) ============ About Spansion Inc. Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion International, Inc., and Cerium Laboratories LLC filed voluntary petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No. 09-10690). On February 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan are included in the U.S. or Japan filings. Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at Latham & Watkins LLP, have been tapped as bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is the claims agent. The United States Trustee has appointed an official committee of unsecured creditors in the case. As of September 30, 2008, Spansion disclosed total assets of US$3,840,000,000, and total debts of US$2,398,000,000. Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009 (Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said that Spansion Japan had US$10 million to US$50 million in assets and US$50 million to US$100 million in debts. SPANSION INT'L: Has $151,000 Net Profit for Month Ended May 24 -------------------------------------------------------------- Spansion International Inc. Balance Sheet As of May 24, 2009 ASSETS Unrestricted Cash & Cash Equivalents $1,533,611 Restricted Cash & Cash Equivalents 9,747 Accounts Receivable (net) 0 Notes Receivable 0 Inventories 0 Prepaid Expenses 152,696 Professional Retainers 0 Other Current Assets 7,413,539 ------------- Total current assets 9,109,592 Property and Equipment Real Property & Improvements 2,619,200 Machinery and Equipment 1,766,110 Furniture, fixtures & Office Equipment 505,412 Leasehold Improvements 0 Vehicles 0 Less Accumulated Depreciation (2,440,401) ------------- Total Property and Equipment 2,450,321 Other Assets Loans to Insiders 0 Other Assets 619,286 ------------- Total Other Assets 619,286 ------------- Total Assets $12,179,199 ============= LIABILITIES AND OWNER EQUITY Liabilities Not Subject to Compromise Postpetition Accounts Payable $77,753 Taxes Payable 76,923 Wages Payable 1,893,320 Accrued liabilities 446,579 Rent/Lease-Building/Equipment 0 Secured Debt 0 Professional Fees 0 Amounts Due to Insiders 0 Other Postpetition Liabilities 51,705 ------------ Total Postpetition Liabilities 2,546,281 Liabilities Subject to Compromise Prepetition Secured Debt 0 Priority Debt 2,116,985 Intercompany Payable 1,635,384 Unsecured Debt 323,638 ------------- Total Prepetition Liabilities 4,076,007 ------------- Total Liabilities 6,622,288 OWNER EQUITY Capital Stock (4,415,651) Additional Paid-in Capital 0 Dividend (4,574,812) Partners' Capital Account 0 Owner's Equity Account 14,134,680 Retained Earnings-Prepetition 412,693 Retained Earnings-Postpetition 0 Adjustments to Owner Equity 0 Postpetition Contributions 0 ------------- Net Owner Equity 5,556,910 ------------- Total Liabilities and Owner Equity $12,179,199 ============= Spansion International Inc. Statement of Operations For The Period From April 27, 2009 to May 24, 2009 Revenues Intercompany Revenue $1,306,693 Less: Returns & Allowances 0 ------------- Net Revenue 1,306,693 Cost of Goods Sold Beginning Inventory 0 Add: Purchases 0 Add: Cost of Labor 0 Add: Other costs 0 Less: Ending Inventory 0 ------------- Gross Profit 1,306,693 Operating Expenses Advertising 10,494 Auto and Truck Expense 56,930 Bad Debts 0 Contributions 0 Employee Benefits Programs 212,105 Insider Compensation 0 Insurance 15,630 Management Fees/Bonuses 72,744 Office Expense 6,801 Pension & Profit-sharing Plans 57,156 Repairs and Maintenance 22,899 Rent and Lease Expense 142,655 Salaries/Commissions/Fees 983,048 Supplies 961 Taxes-Payroll 611 Taxes-Real Estate 0 Taxes-Others 0 Travel and Entertainment 52,211 Utilities 39,023 Other 348 ------------ Total Operating Expense Before Depreciation 1,673,615 Depreciation/Depletion/Amortization 55,800 ------------ Net Profit(loss) Before Other Income & Expenses (422,722) OTHER INCOME AND EXPENSES Other Income 613,089 Interest Expense 0 Other Expense 0 ------------ Net Profit(loss)Before Reorganization Items 190,367 Reorganization Items Professional Fees 0 U.S. Trustee Quarterly Fees 0 Income Taxes 39,101 ------------ Net Profit(loss) $151,266 ============ Spansion International Inc. Schedule of Cash Receipts and Disbursements For The Period From April 27, 2009 to May 24, 2009 Cash Beginning of Month $611,775 Receipts Customer Receipts 0 Intercompany Transfer 1,077,173 Other Receipts 835,033 ------------- Total Receipts 1,912,206 Disbursements Buildings 212,667 Foundry & Subcon 0 Labor & Benefits 354,744 Material 0 Other 250,550 Outside Services 35,268 Repair & Maintenance 2,813 Capital Expenditures 81,169 Debt Obligations & Capital Leases 0 Taxes Payable 57,997 Facility Closure Costs 0 ------------- Total Disbursements 995,209 Net Cash Inflow/(Outflow) 916,997 ------------- Cash End of Month $1,528,772 ============= About Spansion Inc. Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion International, Inc., and Cerium Laboratories LLC filed voluntary petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No. 09-10690). On February 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan are included in the U.S. or Japan filings. Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at Latham & Watkins LLP, have been tapped as bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is the claims agent. The United States Trustee has appointed an official committee of unsecured creditors in the case. As of September 30, 2008, Spansion disclosed total assets of US$3,840,000,000, and total debts of US$2,398,000,000. Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009 (Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said that Spansion Japan had US$10 million to US$50 million in assets and US$50 million to US$100 million in debts. SPANSION LLC: Has $3.7 Million Net Profit for April 2009 -------------------------------------------------------- Spansion LLC Executive Vice President and Chief Financial Officer Randy Furr filed on July 10, 2009, Spansion LLC's monthly operating report for April 2009. Spansion LLC is the principal operating company of Spansion. It is the parent company of Spansion International, Inc. and all other foreign Spansion entities. According to Mr. Furr, Spansion LLC has employees, and conducts businesses that generate revenue. It filed its own payroll tax returns, and it is included in Spansion Inc.'s federal consolidated and California worldwide unitary tax returns. A full-text copy of Spansion LLC's April Operating Report may be accessed for free at: http://bankrupt.com/misc/SpansionLLC_AprilMOR.pdf Spansion LLC Balance Sheet As of April 26, 2009 ASSETS Unrestricted Cash & Cash Equiv. $115,930,597 Restricted Cash & Cash Equiv. 6,113,329 Accounts Receivable (net) 104,046,660 Inventories 147,102,711 Prepaid Expenses 16,983,572 Professional Retainers 6,013,150 Intercompany Receivables 326,068,664 Other Current Assets 17,860,795 ------------- Total current assets 740,119,479 Property and Equipment Real Property & Improvements 13,078,518 Machinery and Equipment 2,359,249,053 Furniture, fixtures & Office Equip. 0 Leasehold Improvements 741,256,759 Vehicles 0 Less Accumulated Depreciation (2,773,054,724) ------------- Total Property and Equipment 340,529,605 OTHER ASSETS Loans to Insiders 0 Intercompany Investments 207,002,467 Other Assets 173,269,486 ------------- Total Other Assets 380,271,953 ------------- Total Assets $1,460,921,036 ============= LIABILITIES AND OWNER EQUITY Liabilities Not Subject to Compromise Postpetition Accounts Payable ($19,714,081) Taxes Payable (3,207,870) Wages Payable (3,137,134) Secured Debt (79,122,647) Accrued expense (6,694,150) Deferred income (30,239,656) Amounts Due to Insiders 0 Intercompany (111,495,837) Other Postpetition Liabilities (422,262) ------------- Total Postpetition Liabilities (254,033,637) Liabilities Subject to Compromise Prepetition Secured Debt (676,797,018) Priority Debt (16,364,000) Unsecured Debt (659,320,289) Intercompany (281,801,150) ------------- Total Prepetition Liabilities (1,634,282,457) ------------- Total Liabilities (1,634,282,457) OWNER EQUITY Intercompany common stock (2,289,378,740) Additional Paid-in Capital (124,015,097) Partners' Capital Account 0 Owner's Equity Account 0 Retained Earnings-Prepetition 2,868,093,689 Retained Earnings-Postpetition (27,304,794) Postpetition Contributions 0 ------------- Net Owner Equity 427,395,058 ------------- Total Liabilities and Owner Equity ($1,460,921,036) ============= Spansion LLC Statement of Operations For the Period From March 30, 2009 to April 26, 2009 Revenues Gross revenues $109,943,587 Less: Changes in Reserves 2,672,310 ------------- Net Revenue 112,615,897 Cost of Goods Sold Manufacturing expense 38,441,148 OEM cost adjustment 3,214,671 Intercompany purchase 40,089,740 Foreign Currency gain/loss 220,100 Inventory change 3,225,266 ------------- Total Cost of Goods Sold 85,190,924 ------------- Gross Profit 27,424,973 Operating Expenses Building expense 1,787,417 Labor and benefits 7,417,857 Freight 13,944 Marketing and communications 113,589 Material 403,992 Outside Services 2,866,726 Repairs and Maintenance 728,670 Telecom and software 964,938 Travel 250,819 Other 303,813 ------------- Total Operating Expense Before Depreciation 14,851,766 Depreciation/Depletion/Amortization 2,441,099 ------------- Net Profit(loss) Before Other Income & Expenses 10,132,107 OTHER INCOME AND EXPENSES Other Income (200,626) Interest Expense 1,743,878 Other Expense 0 ------------- Net Profit(loss)Before Reorganization Items 8,588,855 Reorganization Items Professional Fees 4,624,112 U.S. Trustee Quarterly Fees 0 Interest earned on accumulated cash from Chapter 11 27,578 Other reorganization expenses 219,012 ------------- Total reorganization items 4,870,702 Income taxes 165 ------------- Net Profit(loss) $3,717,988 ============= Spansion LLC Schedule of Cash Receipts and Disbursements For the Period From March 30, 2009 to April 26, 2009 Cash Beginning of Month $78,317,906 Receipts Customer Receipts 103,451,813 Intercompany receipts 0 Other Receipts 121,518 ------------- Total Receipts 103,573,331 Disbursements Buildings 2,807,054 Foundry & Subcon 8,495,608 Intercompany disbursements 0 Labor and benefits 12,654,459 Material 13,196,420 Other 2,408,357 Outside Services 3,840,690 Repair and maintenance 1,198,797 Capital expenditures 241,285 Debt obligations & Capital leases 2,009,088 Taxes 1,907,419 Facility closure costs 0 Key Employee Incentive Plan 0 Reduction in Force 0 Restructuring Professional Fees 1,348,209 Set-Off Liabilities 0 Intercompany transfers(debtor) 978,014 Intercompany transfers(non-debtor) 14,875,240 ------------- Total Disbursements 65,960,640 Net Cash Inflow/(Outflow) 37,612,691 ------------- Cash End of Month $115,930,597 ============= About Spansion Inc. Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion International, Inc., and Cerium Laboratories LLC filed voluntary petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No. 09-10690). On February 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan are included in the U.S. or Japan filings. Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at Latham & Watkins LLP, have been tapped as bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is the claims agent. The United States Trustee has appointed an official committee of unsecured creditors in the case. As of September 30, 2008, Spansion disclosed total assets of US$3,840,000,000, and total debts of US$2,398,000,000. Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009 (Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said that Spansion Japan had US$10 million to US$50 million in assets and US$50 million to US$100 million in debts. SPANSION TECHNOLOGY: No Revenues for Month Ended May 24 ------------------------------------------------------- Spansion Executive Vice President and Chief Financial Officer Randy Furr says Spansion Technology Inc. does not have any employees, nor does it conduct any business that generates any revenue. Mr. Furr adds that the company does not file any separate income or payroll tax returns. However, he says, it is included in Spansion Inc.'s federal consolidated and California worldwide unitary tax returns. A full-text copy of Spansion Technology's May Monthly Operating Report is available for free at: http://bankrupt.com/misc/SpansionTechnologyMayMOR.pdf Spansion Technology LLC Balance Sheet As of May 24, 2009 ASSETS Unrestricted Cash & Cash Equivalents $0 Restricted Cash & Cash Equivalents 0 Accounts Receivable (net) 0 Notes Receivable 0 Inventories 0 Prepaid Expenses 0 Professional Retainers 0 Other Current Assets 0 ------------- Total current assets 0 Property and Equipment 0 Real Property & Improvements 0 Machinery and Equipment 0 Furniture, fixtures & Office Equipment 0 Leasehold Improvements 0 Vehicles 0 Less Accumulated Depreciation 0 ------------- Total Property and Equipment 0 Other Assets Loans to Insiders 0 Other Assets 0 ------------- Total Other Assets 0 ------------- Total Assets $0 ============= LIABILITIES AND OWNER EQUITY Liabilities Not Subject to Compromise Postpetition Accounts Payable $0 Taxes Payable 0 Wages Payable 0 Accrued liabilities 0 Rent/Lease-Building/Equipment 0 Secured Debt 0 Professional Fees 0 Amounts Due to Insiders 0 Other Postpetition Liabilities 0 ------------ Total Postpetition Liabilities 0 Liabilities Subject to Compromise Prepetition Secured Debt 0 Priority Debt 0 Intercompany Payable 0 Unsecured Debt 0 ------------- Total Prepetition Liabilities 0 ------------- Total Liabilities 0 OWNER EQUITY Intercompany Capital Stock 633,929,652 Additional Paid-in Capital 0 Partners' Capital Account 0 Owner's Equity Account 0 Retained Earnings-Prepetition (633,929,652) Retained Earnings-Postpetition 0 Adjustments to Owner Equity 0 Postpetition Contributions 0 ------------- Net Owner Equity 0 ------------- Total Liabilities and Owner Equity $0 ============= About Spansion Inc. Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion International, Inc., and Cerium Laboratories LLC filed voluntary petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No. 09-10690). On February 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan are included in the U.S. or Japan filings. Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at Latham & Watkins LLP, have been tapped as bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is the claims agent. The United States Trustee has appointed an official committee of unsecured creditors in the case. As of September 30, 2008, Spansion disclosed total assets of US$3,840,000,000, and total debts of US$2,398,000,000. Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009 (Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said that Spansion Japan had US$10 million to US$50 million in assets and US$50 million to US$100 million in debts. TRIBUNE CO: Posts $43.88 Million Profit for Month Ending June 28 ---------------------------------------------------------------- Tribune Company, et al. Condensed Combined Balance Sheet As of June 28, 2009 ASSETS Current Assets: Cash and cash equivalents $743,372,000 Accounts receivable, net 47,927,000 Inventories 31,154,000 Broadcast rights 177,760,000 Prepaid expenses and other 85,244,000 --------------- Total current assets 1,085,457,000 Property, plant and equipment, net 1,317,273,000 Other Assets: Broadcast rights 135,225,000 Goodwill & other intangible assets 3,156,797,000 Prepaid pension costs 1,139,000 Investments in non-debtor units 1,125,528,000 Other investments 20,931,000 Intercompany receivables from non-debtors 4,745,276,000 Other 117,491,000 --------------- Total Assets $11,705,117,000 =============== LIABILITIES & SHAREHOLDERS' EQUITY Current Liabilities: Contracts payable for broadcast rights $44,559,000 Current portion of long-term debt 1,938,000 Accounts payable, accrued expenses, and other 234,013,000 --------------- Total current liabilities 280,510,000 Pension obligations 189,389,000 Long-term debt 9,855,000 Other obligations 298,191,000 --------------- Total Liabilities 777,945,000 Liabilities Subject to Compromise: Intercompany payables to non-debtors 4,457,910,000 Obligations to third parties 13,560,472,000 --------------- Total Liabilities Subject to Compromise 18,018,382,000 Shareholders' Equity (Deficit) (7,091,210,000) --------------- Total Liabilities & Shareholders' Equity $11,705,117,000 =============== Tribune Company, et al. Condensed Combined Statement of Operations For the Period May 25 Through June 28, 2009 Total Revenue $289,681,000 Operating Expenses: Cost of sales 154,744,000 Selling, general and administrative 73,206,000 Depreciation 16,255,000 Amortization of intangible assets 1,821,000 ------------- Total operating expenses 246,026,000 ------------- Operating Profit 43,655,000 ------------- Net loss on equity investments (588,000) Interest income, net 190,000 Management fee (1,672,000) Non-operating income (loss), net 12,302,000 ------------- Income before income taxes and reorg. costs 53,887,000 Reorganization costs (8,441,000) ------------- Income (loss) before income taxes 45,446,000 Income taxes (1,568,000) ------------- Net Income (loss) $43,878,000 ============= Tribune Company, et al. Combined Schedule of Operating Cash Flow For the Period May 25 Through June 28, 2009 Beginning Cash Balance $702,009,000 Cash Receipts: Operating receipts 289,090,000 Other 15,041,000 ------------- Total Cash Receipts 304,131,000 Cash Disbursements Compensation and benefits 94,142,000 General disbursements 144,948,000 Reorganization, interest & fees 4,005,000 ------------- Total Disbursements 243,095,000 ------------- Debtors' Net Cash Flow 61,036,000 From/(To) Non-Debtors (26,227,000) ------------- Net Cash Flow 34,809,000 Other 3,669,000 ------------- Ending Available Cash Balance $740,487,000 ============= About Tribune Co. Headquartered in Chicago, Illinois, Tribune Co. -- http://www.tribune.com/-- is a media company, operating businesses in publishing, interactive and broadcasting, including ten daily newspapers and commuter tabloids, 23 television stations, WGN America, WGN-AM and the Chicago Cubs baseball team. The Company and 110 of its affiliates filed for Chapter 11 protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08- 13141). The Debtors proposed Sidley Austion LLP as their counsel; Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel; Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As of December 8, 2008, the Debtors have $7,604,195,000 in total assets and $12,972,541,148 in total debts. Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by Tribune Company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TROPICANA ENTERTAINMENT: Posts $2.36MM Net Loss for June 2009 ------------------------------------------------------------- Tropicana Entertainment, LLC Balance Sheet As of June 30, 2009 Unaudited ASSETS Current Assets Accounts receivable - trade $0 Cash & temporary cash investments 4,169,000 Restricted cash 2,200,000 Deposits 11,578,000 Inventories 0 Other receivables 0 Prepaid expenses 495,000 -------------- Total Current Assets 18,442,000 Property and Equipment Buildings 0 Construction in progress 0 Furniture & fixtures 2,477,000 Land 0 Riverboats, barges & ramps 0 Vehicles 0 -------------- Total Property and Equipment 2,477,000 Reserve for Depreciation Boats, barges & ramp reserve for depreciation 0 Building reserve for depreciation 0 Furn. & fixtures reserve for depreciation (151,000) Gaming entertainment reserve for depreciation 0 Vehicle reserve for depreciation 0 -------------- Total Reserve for Depreciation (151,000) Other Assets Investments 2,775,215,000 Other assets 7,965,000 -------------- Total Other Assets 2,783,180,000 -------------- TOTAL ASSETS $2,803,949,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities Accounts payable $13,767,000 Accrued other expenses 292,000 Accrued payroll 1,355,000 Deferred income 0 Notes payable - Evansville 0 Payroll taxes payable 0 Sales tax payable 13,000 Current portion of long-term debt due 1 Yr 0 Amounts due to affiliated guarantors 39,200,000 -------------- Total Current Liabilities 54,627,000 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 73,247,000 -------------- Total Other Liabilities 73,187,000 Total Liabilities not Subject to Compromise 193,033,000 Liabilities Subject to Compromise Non-intercompany 915,749,000 Intercompany 1,583,489,000 -------------- Total Liabilities Subject to Compromise 2,499,238,000 -------------- Total Liabilities 2,692,271,000 Total Stockholders' Equity 111,678,000 -------------- Total Liabilities & Shareholders' Deficit $2,803,949,000 ============== Tropicana Entertainment, LLC Income Statement For the Month Ended June 30, 2009 Unaudited 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 26,000 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 45,000 Insurance 36,000 Property and local taxes 0 Gaming tax and licenses 0 Administrative and general 1,277,000 Leased land and facilities 55,000 Depreciation and amortization 51,000 Loss on disposition of assets 0 Bad debt expense - loans 0 Impairment charge 0 Restructuring cost 0 Chapter 11 reorg. & other prof. Fees (18,000) -------------- Total Operating Expense 1,472,000 Income from Operations (1,472,000) Other Income (Expense) Interest expense (773,000) Intercompany interest income 0 Intercompany interest expense (114,000) -------------- Total Other Income (Expense) (887,000) Federal Income Tax 0 Income Before Minority Interest (2,359,000) -------------- NET INCOME ($2,359,000) ============== 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) TRUMP ENTERTAINMENT: Posts $3.3 Million Net Loss in June 2009 ------------------------------------------------------------- TCI 2 Holdings, LLC, et al., filed with the U.S. Bankruptcy Court for the District of New Jersey on July 20, 2009, a monthly operating report for June 2009. The Debtors reported a consolidated net loss of $3.3 million on net revenues of $62.5 million for the month ended June 30, 2009. At June 30, 2009, the Debtors had total assets of $1.989 billion, total liabilities of $2.079 billion, and a stocholders' deficit of $90.2 million. Consolidated cash balance was $65.4 million. At February 16, 2009, the Debtors had $2.035 billion in total assets, $2.054 billion in total liabilities, and a stocholders' deficit of $18.8 million. Consolidated cash balance was $71.2 million. A full-text copy of the Debtor's monthly operating report for the month ended June 30, 2009, is available at: http://bankrupt.com/misc/trump.junemor.pdf About Trump Entertainment Based in Atlantic City, New Jersey, Trump Entertainment Resorts Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and operates three casino hotel properties in Atlantic City, New Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and Trump Marina Hotel Casino. The Company conducts gaming activities and provides customers with casino resort and entertainment. Donald Trump is a shareholder of the Company and, as its non- executive Chairman, is not involved in the daily operations of the Company. The Company is separate and distinct from Mr. Trump's privately held real estate and other holdings. Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other affiliates filed for Chapter 11 on February 17, 2009 (Bankr. D. N.J., Lead Case No. 09-13654). The Company has tapped Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as lead counsel, and Weil Gotshal & Manges as co-counsel. Ernst & Young LLP is the Company's auditor and accountant and Lazard Freres & Co. LLC is the financial advisor. The Company disclosed assets of $2,055,555,000 and debts of $1,737,726,000 as of December 31, 2008. Trump Hotels & Casino Resorts, Inc., filed for chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Trump Hotels' obtained the Court's confirmation of its Chapter 11 plan on Apr. 5, 2005, and in May 2005, it exited from bankruptcy under the name Trump Entertainment Resorts Inc. TXCO RESOURCES: Posts $22,894,974 Net Loss in June 2009 ------------------------------------------------------- On July 31, 2009, TXCO Resources Inc. and its subsidiaries filed an unaudited consolidated monthly operating report for the period ended June 30, 2009, with the U.S. Bankruptcy Court for the Western District of Texas. The Debtors reported a net loss of $22,894,974 on revenues of $4,318,042 for the month of June. Results for the period include a impairment charge in the amount of $16,847,571. At June 30, 2009, the Debtors had $417,432,690 in total assets, $344,117,513 in total liabilities, and $73,315,178 in total owner's equity. The Debtors had cash of $6,566,244 as of June 30, 2009. A full-text copy of the Debtors' monthly operating report for June is available for free at http://researcharchives.com/t/s?40fa TXCO Resources Inc. is an independent oil and gas enterprise with interests in the Maverick Basin, the onshore Gulf Coast region and the Marfa Basin of Texas, and the Midcontinent region of western Oklahoma. TXCO's business strategy is to acquire undeveloped mineral interests and internally developing a multi-year drilling inventory through the use of advanced technologies, such as 3-D seismic and horizontal drilling. It accounts for its oil and gas operations under the successful efforts method of accounting and trades its common stock on Nasdaq's Global Select Market under the symbol "TXCO." The Company and its affiliates filed for Chapter 11 protection on May 17, 2009 (Bankr. W.D. Tex. Case No. 09-51807). The Debtors hired Deborah D. Williamson, Esq., and Lindsey D. Graham, Esq., at Cox Smith Matthews Incorporated, as general restructuring counsel; Fulbright and Jaworski, L.L.P., as corporate counsel & conflicts counsel; Albert S. Conly as chief restructuring officer and FTI Consulting Inc. as financial advisor; Goldman, Sachs & Co. as financial advisor for assets sale; Global Hunter Securities, LLC, as financial advisors and investment bankers; and Administar Services Group LLC as claims agent. Gardere Wynne Sewell LLP represents the Committee. As reported in Troubled Company Reporter on July 6, 2009, in their schedules of assets and liabilities, the Debtors have $357,855,952 in total assets and $331,422,792 in total liabilities. VERASUN ENERGY: Records $2.12MM Combined Net Loss for June 2009 --------------------------------------------------------------- VeraSun Energy Corp. and its affiliates disclose with the Court that they had an aggregate of $192,780,000 in assets, $700,814,000 in shareholders' deficit, and $893,597,000 in liabilities as of May 31, 2009. The Debtors also disclose that they had a net loss of $2,119,000 for the month ending June 30, 2009. Furthermore, the Debtors tell the Court that they received cash totaling $2,304,000 and disbursed cash totaling $4,734,000 for the month ending June 30, 2009. A full-text copy of the June 2009 Operating Report is available for free at http://bankrupt.com/misc/VerSJune09MOR.pdf About VeraSun Energy Headquartered in Sioux Falls, South Dakota, VeraSun Energy Corp. -- http://www.verasun.comor http://www.VE85.com/-- produces and markets ethanol and distillers grains. Founded in 2001, the company has a fleet of 16 production facilities in eight states, with 14 in operation. The Company and its debtor-affiliates filed for Chapter 11 protection on October 31, 2008 (Bankr. D. Del. Case No. 08-12606). Mark S. Chehi, Esq., at Skadden Arps Slate Meagher & Flom LLP represents the Debtors in their restructuring efforts. AlixPartners LLP serves as their restructuring advisor. Rothschild Inc. is their investment banker and Sitrick & Company is their communication agent. The Debtors' claims noticing and balloting agent is Kurtzman Carson Consultants LLC. The Debtors' total assets as of June 30, 2008, was $3,452,985,000 and their total debts as of June 30, 2008, was $1,913,214,000. VeraSun closed on April 1, 2009, the sale of substantially all of its assets to Valero Renewable Fuels, a subsidiary of Valero Energy Corporation, North America's largest petroleum refiner and marketer. The purchased assets included five ethanol production facilities and a development site. The facilities are located in Aurora, South Dakota; Fort Dodge, Charles City, and Hartley, Iowa; and Welcome, Minnesota, and the development site is in Reynolds, Indiana. Valero paid $350 million for the ethanol production facilities in Aurora, Fort Dodge, Charles City, Hartley and Welcome, in addition to the Reynolds site. Valero also successfully bid $72 million for the Albert City facility and $55 million for the Albion facility. The purchase price also includes working capital and other certain adjustments. VeraSun also completed on April 9 the sale to AgStar Financial Services PCA of substantially all of the assets relating to the company's production facilities in Dyersville, Iowa; Hankinson, North Dakota; Janesville, Minnesota; Central City and Ord, Nebraska; and Woodbury, Michigan. AgStar released the USBE Subsidiaries from their obligations under $319 million of existing indebtedness and assumed certain liabilities relating to the AgStar Facilities. On April 13, US BioEnergy Corporation and US Bio Marion LLC completed the sale to Marion Energy Investments LLC, as assignee of Dougherty and First Bank & Trust, of substantially all of the assets relating to the Debtors' production facility in Marion, South Dakota. The consideration for the acquired assets consisted of release of US Bio Marion from its obligations under approximately $93 million of existing indebtedness to the Marion Buyers, payment by MEI of $934,861 in cash and assumption by the Marion Purchasers of certain liabilities relating to the Marion facility. VeraSun Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). VISTEON CORP: Records $88.7 Mil. Net Loss for Month Ended June 30 ----------------------------------------------------------------- Visteon Corporation Balance Sheet As of June 30, 2009 ASSETS Cash and cash equivalents $254,107,000 Accounts receivable, net 4,202,441,000 Inventories, net 20,144,000 Other current assets 40,071,000 --------------- Total current assets 4,516,761,000 Property and equipment, net 188,200,000 Other non-current assets 1,333,494,000 --------------- Total Assets $6,038,454,000 =============== LIABILITIES & SHAREHOLDERS' DEFICIT Short-term debt, including current portion of long-term debt $10,573,664,000 Accounts payable 1,046,404,000 Accrued employee liabilities 26,150,000 Other current liabilities 17,081,000 --------------- Total current liabilities 11,663,299,000 Liabilities subject to compromise 2,807,752,000 LSC-Intercompany with Non-Debtors 59,963,000 Long-term debt 2,888,000 Employee benefits, including pensions 243,671,000 Deferred income taxes 91,394,000 Other non-current liabilities 253,968,000 --------------- Total liabilities 15,122,935,000 Shareholders' deficit Visteon Corporation Shareholders' deficit Preferred stock 0 Common stock 131,053,000 Stock warrants 127,024,000 Additional paid-in capital 2,225,655,000 Accumulated deficit (11,231,228,000) Accumulated other comprehensive income (186,107,000) Other (4,858,000) --------------- Total Debtor shareholders' deficit (8,938,460,000) Noncontrolling interests (146,021,000) --------------- Total shareholders' deficit (9,084,482,000) --------------- Total Liabilities and shareholders' deficit $6,038,454,000 =============== Visteon Corporation Statements of Operations For the Period of May 28, 2009 to June 30, 2009 Net sales Products $22,576,000 Services 29,107,000 --------------- 51,682,000 Cost of Sales Products Materials 14,980,000 Labor and overhead 8,477,000 Product engineering 27,918,000 Freight and duty 716,000 Manufacturing spending 4,778,000 Warranty and recall (494,000) Other 6,332,000 Services 28,762,000 --------------- 91,470,000 --------------- Gross margin (39,787,000) Selling, general and administrative expenses Personnel 8,591,000 Depreciation 3,051,000 Other (141,000) --------------- 11,501,000 Restructuring expenses 9,398,000 Reimbursement from Escrow Account 79,000 Reorganization costs 6,983,000 Deconsolidation gain (1,237,000) --------------- Operating income (loss) ($66,352,000) Interest expense 4,940,000 Interest income 546,000 Interest expense, net 4,394,000 --------------- Income (loss) before income taxes (70,746,000) Provision for income taxes 17,986,000 --------------- Net income (loss) ($88,732,000) =============== Visteon Corporation Operating Cash Flow For Period May 28, 2009 through June 30, 2009 Customer receipts $245,576,000 Other receipts 40,642,000 --------------- Total receipts 286,218,000 Disbursements Payroll Related (32,148,000) Operating disbursements (47,219,000) Other disbursements (1,161,000) --------------- Total Disbursements (80,528,000) Net Intercompany Settlements and Funding Debtors 68,000 Non-Debtors (101,214,000) --------------- Net Cash Flow $104,544,000 =============== Cash Balance at May 28, 2009 $214,713,000 Net Cash Flow 104,544,000 Foreign Currency and Other Adjustments 1,586,000 --------------- Ending Cash Balance $320,843,000 =============== About Visteon Corp. Headquartered in Van Buren Township, Michigan, Visteon Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. The company has corporate offices in Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen, Germany. It has facilities in 27 countries and employs roughly 35,500 people. The Company has assets of $4,561,000,000 and debts of $5,311,000,000 as of March 31, 2009. Visteon Corporation 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) ********* 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. Danilo Munnoz, 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. *** End of Transmission ***