/raid1/www/Hosts/bankrupt/TCR_Public/090815.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 15, 2009, Vol. 13, No. 225
Headlines
ABITIBIBOWATER INC: Posts $80.5 Million Net Loss in June 2009
ACCEPTANCE INSURANCE: Posts $16,246 Net Loss in July 2009
ALERIS INT'L: Incurs June $8.26MM Operating Loss, $17.5MM Net Loss
BH S&B: Posts $843,843 Net Loss in May 2009
BH S&B: Posts $283,082 Net Loss in June 2009
CAPITAL CORP: Posts $48,817 Net Loss in July 2009
CATHOLIC CHURCH: Fairbanks Operating Report for April 2009
CATHOLIC CHURCH: Fairbanks Operating Report for May 2009
CHARTER COMM: Records $41,000,000 Net Loss for June 2009
DAYTON SUPERIOR: Posts $3,254,000 Net Loss in Month Ended July 3
GENERAL GROWTH: Posts $114.5 Million Net Loss in June 2009
GLOBAL MOTORSPORT: Files Monthly Operating Report for June 2009
GLOBAL MOTORSPORT: Files Monthly Operating Report for May 2009
GLOBAL MOTORSPORT: Files Monthly Operating Report for April 2009
GLOBAL MOTORSPORT: Files Monthly Operating Report for March 2009
HERBST GAMING: Posts $1.8 Million Net Loss in June 2009
METALDYNE CORP: Posts $7.9 Million Net Loss from May 27 to June 28
MIDWAY GAMES: Posts $2.3 Million Net Loss in June 2009
NORTEL NETWORKS: NN CALA Delivers Projections in Initial MOR
NORWOOD PROMOTIONAL: Nets $27.1 Million in June 2009
PFF BANCORP: Incurs $106,162 Net Loss in June 2009
PILGRIM'S PRIDE: Posts $4.1MM Net Profit For Month Ended June 27
SMURFIT-STONE: June Income Cut to $17.3MM on Reorganization Costs
TARRAGON CORP: Incurs $5.5 Million Net Loss in June 2009
TOUSA INC: Records $11.38 Mil. Net Loss for June 2009
*********
ABITIBIBOWATER INC: Posts $80.5 Million Net Loss in June 2009
-------------------------------------------------------------
On July 31, 2009, AbitibiBowater Inc. and certain of its U.S.
subsidiaries filed a monthly operating report for the period
June 1, 2009, to June 30, 2009, with the United States Bankruptcy
Court for the District of Delaware.
The Debtors reported a consoidated net loss of $80.5 million on
net sales of $301.1 million. Operating loss was $51.5 million.
At June 30, 2009, AbitibiBowater Inc. had $21.67 billion in total
assets, $8.24 billion in total liabilities, and $13.43 billion in
net stockholder equity.
AbitibiBowater Inc., et al.
Consolidated Balance Sheet
As of June 30, 2009
ASSETS
Cash and cash equivalents $345,230,416
Receivables - Net 285,504,639
Inventories 330,445,121
Prepaid Expense and Other 68,395,353
Notes Receivable from Affiliates 3,539,267,738
Income Tax Receivable 0
Deferred Income Taxes 0
-----------------
Total Current Assets 4,568,843,267
Plant and Equipment 6,360,941,441
Less Accumulated Depreciation (4,240,937,231)
-----------------
Plant and Equipment, Net 2,120,004,210
Good will/Intangible Assets 56,094,774
Investment in Subsidiaries 14,744,208,283
Other Assets 185,498,287
-----------------
Total Assets $21,674,648,821
=================
LIABILITIES AND SHAREHOLDERS' EQUITY
Postpetition Trade Accounts Payable $51,938,122
Accrued Liabilities 177,932,045
Current Portion of Long Term Debt 206,000,000
Due to Affiliates 246,365,623
Income Tax Payable (Receivable) (8,251,220)
-----------------
Total Current Liabilities 673,984,570
Long Term Debt 0
Reclassification to Current Portion 0
Long Term Debt Net of Current Installments 0
Loans from Affiliates 0
Other Liabilities 278,807,398
Deferred Income Taxes (56,358,274)
Liabilities Subject to Compromise 0
Debt 2,913,335,508
Debt - Affiliate 3,861,479,738
Accounts Payable 83,961,267
Other 488,555,577
-----------------
Total Liabilities 8,243,765,784
Shareholder Equity - Net 13,430,883,037
-----------------
Total Liabilities & Shareholders' Equity $21,674,648,821
=================
AbitibiBowater Inc., et al.
Consolidated Statement of Operations
For the period from June 1 to 30, 2009
Sales - Net $301,139,832
Cost of Sales 319,837,865
-----------------
Gross Profit (Loss) (18,698,033)
Operating Expenses
Selling, General and Administrative (12,447,194)
Research and Development 0
Restructuring and Other Costs 45,274,878
-----------------
Total Operating Expenses 32,827,684
-----------------
Operating Income (Loss) (51,525,717)
Interest Income (Expense) (39,166,740)
Other Income (Expense) Net 21,201,352
Equity in Earnings of Subsidiaries (623,415)
-----------------
Income Before Taxes (70,114,520)
Income Tax Expense (10,386,644)
Net income before Discontinued Operations (80,501,164)
Discontinued Operations 0
-----------------
Net Income (Loss) ($80,501,164)
=================
AbitibiBowater Inc., et al.
Consolidated Schedule of Receipts and Disbursements
For the period from June 1 to 30, 2009
Beginning Cash Balance $241,354,000
Total Cash Receipts 226,386,000
Disbursements:
Payroll & Payroll Taxes (37,498,000)
Non-Payroll Labor (6,028,000)
Raw Materials (52,542,000)
Utilities (19,361,000)
Freight (20,048,000)
SG&A (15,368,000)
Supplies (15,264,000)
Rent (239,000)
Customer Rebates (6,723,000)
Interest (33,857,000)
Other (10,756,000)
-----------------
Total Cash Disbursements (217,683,000)
-----------------
Ending Cash Balance $250,057,000
=================
About AbitibiBowater Inc.
Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products. It is the eighth largest publicly traded pulp and paper
manufacturer in the world. AbitibiBowater owns or operates
27 pulp and paper facilities and 34 wood products facilities
located in the United States, Canada, the United Kingdom and South
Korea. Marketing its products in more than 90 countries, the
Company is also among the world's largest recyclers of old
newspapers and magazines, and has more third-party certified
sustainable forest land than any other company in the world.
The Company and several of its affiliates filed for protection
under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009
(Bankr. D. Del. Lead Case No. 09-11296). Judge Kevin J. Carey
presides over the case. The Company and its Canadian affiliates
commenced parallel restructuring proceedings under the Companies'
Creditors Arrangement Act before the Quebec Superior Court
Commercial Division the next day. Alex F. Morrison at Ernst &
Young, Inc., was appointed CCAA monitor.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the
Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as
the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, serves as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, serves as the Debtors' conflicts
counsel in the Chapter 11 proceedings. The Debtors' financial
advisors are Advisory Services LP, and their noticing and claims
agent is Epiq Bankruptcy Solutions LLC. The CCAA Monitor's
counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario.
Abitibi-Consolidated Inc. and various Canadian subsidiaries filed
for protection under Chapter 15 of the U.S. Bankruptcy Code on
April 17, 2009 (Bankr. D. Del. 09-11348). Judge Carey also handles
the Chapter 15 case. Pauline K. Morgan, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in
Wilmington, represent the Chapter 15 Debtors.
As of September 30, 2008, the Company had $9,937,000,000 in total
assets and $8,783,000,000 in total debts.
Bankruptcy Creditors' Service, Inc., publishes Abitibibowater
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings and parallel proceedings under the
Companies' Creditors Arrangement Act in Canada undertaken by
Abitibibowater Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
ACCEPTANCE INSURANCE: Posts $16,246 Net Loss in July 2009
---------------------------------------------------------
Acceptance Insurance Companies Inc. filed with the U.S.
Bankruptcy Court for the District of Nebraska on August 11, 2009,
its monthly operating report for July 2009.
For the month ended July 31, 2009, Acceptance Insurance Companies
Inc. posted a net loss of $16,246 on net investment income of
$542.
The Debtor reported total assets of $23,410,874, total
liabilities of $138,183,960, and stockholders' deficit of
$114,773,086 as of July 31, 2009.
A full-text copy of the Debtor's July 2009 monthly report is
available at http://researcharchives.com/t/s?41bf
About Acceptance Insurance
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either
directly or indirectly, several companies, one of which is an
insurance company that accounts for substantially all of the
business operations and assets of the corporate groups.
The Company filed for Chapter 11 protection on January 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services, Inc., and American Agrisurance,
Inc. -- each filed Chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on January 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC, LLO,
represent the Official Committee of Unsecured Creditors in
Acceptance Insurance's case.
ALERIS INT'L: Incurs June $8.26MM Operating Loss, $17.5MM Net Loss
------------------------------------------------------------------
Aleris International, Inc., Et Al.
Consolidated Balance Sheet
As of June 30, 2009
ASSETS
Current Assets:
Cash and cash equivalents $16,746,069
Accounts receivable, net 108,745,979
Intercompany Receivable 110,050,015
Net Inventories 122,173,780
Other current assets 47,450,198
--------------
Total current assets 405,166,041
Property, plant and equipment, net 324,338,177
Goodwill & Org. Costs, Net 79,776,473
Other Intangibles, Net 59,535,545
Total Long Term Intercompany Receivable 8,848,308
Other Long-Term Assets 1,532,611,389
--------------
Total L/T Assets 2,005,109,892
--------------
Total Assets $2,410,275,933
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $41,977,139
Accrued & Other Current Liabilities 61,704,539
Toll Liability 10,012,615
Accrued Interest 2,234,196
Total current Interco Payable 26,608,199
Current Maturities of L/T Debt 753,935,182
Other current liabilities 6,723,132
--------------
Total current liabilities 903,195,002
Total Long-term debt 21,755
Intercompany payable (67,804,374)
Other long-term liabilities 51,742,952
--------------
Total Long-term liabilities (16,039,667)
Liabilities subject to compromise-external 1,704,344,423
Liabilities subject to compromise-internal 490,710,748
--------------
Total Liabilities Subject to Compromise 2,195,055,171
--------------
Total Liabilities 3,082,210,506
Additional paid-in Capital 856,776,165
Retained earnings (1,485,531,609)
Total other comprehensive income(loss) (43,179,129)
Other stockholders' equity 0
--------------
Total Liabilities and Stockholders' Equity $2,410,275,933
==============
Aleris International, Inc., Et Al.
Consolidated Statement of Operations
For the Period From June 1 through June 30
Gross Revenue $94,576,000
Total costs of sales 82,434,000
-------------
Gross profits 12,142,000
Selling, general and administrative:
Labor 4,610,000
Professional fees (435,000)
Consulting expense 51,000
Depreciation & Amortization 610,000
Other 2,907,000
-------------
Total SG&A Expense 7,743,000
Restructuring & Merger-related items 2,699,000
Losses (gains) on Derivatives 9,958,000
-------------
Operating (loss) Income (8,258,000)
Net Interest Expense 6,128,000
Other (Income) and Expense (1,685,000)
Reorganization Items 1,598,000
-------------
Income before taxes (14,299,000)
Income Tax Expenses 3,195,000
-------------
Net (loss) Income ($17,494,000)
=============
Aleris International, Inc., Et Al.
Consolidated Schedule of Cash Receipts and Disbursements
For the Period From June 1 through June 30
Receipts
Cash Sales -
Accounts Receivable $90,810,772
Affiliates 330,000
Sale of Assets 678,582
Other 3,493,323
Transfer (From DIP Accts) 93,682,693
-------------
Total Receipts 188,995,370
Disbursements
Benefits 3,471,832
Payroll 11,359,460
Primary 17,339,044
Recycling/Scrap 20,928,482
Hardners 2,867,214
Flux 970,000
Insurance 671,045
MRO 9,080,884
Freight 2,681,160
Energy 5,054,149
Taxes 267,997
By Product 785,670
Capex 107,256
Other accounts payable 4,283,858
U.S. Trustee Fees -
Chapter 11 professional fees 4,946,651
Chapter 11 adjustments -
Collateral Returns -
Collateral Disbursements -
Hedge Premiums -
Affiliates -
Interest & Fees 2,753,000
Extraordinaries -
Other -
Transfers (To DIP Accts) 101,899,759
-------------
Total Disbursements 189,467,462
-------------
Net Cash Flow ($472,092)
=============
About Aleris International
Aleris International, Inc., produces and sells aluminum rolled and
extruded products. Aleris operates primarily through two
reportable business segments: (i) global rolled and extruded
products and (ii) global recycling. Headquartered in Beachwood,
Ohio, a suburb of Cleveland, the Company operates over 40
production facilities in North America, Europe, South America and
Asia, and employs approximately 8,400 employees. Aleris operates
27 production facilities in the United States with eight
production facilities that provided rolled and extruded aluminum
products and 19 recycling production plants.
Aleris International, Inc., aka IMCO Recycling Inc., and various
affiliates filed for bankruptcy on February 12, 2009 (Bankr. D.
Del. Case No. 09-10478). The Hon. Brendan Linehan Shannon
presides over the cases. Stephen Karotkin, Esq., and Debra A.
Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve
as lead counsel for the Debtors. L. Katherine Good, Esq., and
Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A. In
Wilmington, Delaware, serves as local counsel. Moelis & Company
LLC, acts as financial advisors; Alvarez & Marsal LLC as
restructuring advisors, and Kurtzman Carson Consultants LLC as
claims and noticing agent for the Debtors. As of December 31,
2008, the Debtors had total assets of $4,168,700,000; and total
debts of $3,978,699,000.
Bankruptcy Creditors' Service, Inc., publishes Aleris
International Bankruptcy News. The newsletter tracks the chapter
11 proceeding undertaken by Aleris International, Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000)
BH S&B: Posts $843,843 Net Loss in May 2009
-------------------------------------------
BH S&B Holdings LLC, et al., has filed with U.S. Bankruptcy Court
for the Southern District of New York a consolidated corporate
monthly operating report for the month of May 2009.
For the month of May, the Debtors reported a net loss of $843,843
on zero revenue. Cumulative filing to date net loss was
$123,588,733 on net revenue of $72,104,196.
At May 31, 2009, the Debtors had $17,034,584 in total
assets and $149,002,336 in total liabilities, resulting in a
$131,967,753 stockholders' deficit.
At November 19, 2008, the Debtors had $198,695,446 in total
assets, $192,206,712 in total liabilities, and $6,488,734 in
stockholders' equity.
A copy of the Debtors' monthly operating report for the month of
May 2009 is available at:
http://bankrupt.com/misc/bhs&b.maymor.pdf
About BH S&B
BH S&B Holdings LLC filed for bankruptcy protection together with
seven other affiliates on November 19, 2008 (Bankr. S.D.N.Y. Lead
Case No. 08-14604). The seven debtor-affiliates are BH S&B
Distribution LLC, BH S&B Lico LLC, BH S&B Retail LLC, BHY S&B
Intermediate Holdco LLC, Cubicle Licensing LLC, Fashion Plate
Licensing LLC, and Heritage Licensing LLC.
BH S&B was formed by investment firms Bay Harbour Management and
York Capital Management in August 2008 to acquire the business
operations and assets of bankrupt retailer Steve & Barry's for
$163 million in August 2008. Steve & Barry's had 240 locations
when it was bought and the new owners had planned to cut that down
to 173 stores. Due to disappointing sales, Steve & Barry's
returned to bankruptcy in November 2008.
BH S&B and its affiliates' Chapter 11 cases are presided over by
the Honorable Martin Glenn. Joel H. Levitin, Esq., and Richard A.
Stieglitz, Jr., Esq., at Cahill Gordon & Reindel LLP, in New York,
serve as bankruptcy counsel to BH S&B and its affiliates. RAS
Management Advisors LLC acts as restructuring advisors, and
Kurtzman Carson Consultants LLC as claims and notice agent.
BH S&B: Posts $283,082 Net Loss in June 2009
--------------------------------------------
BH S&B Holdings LLC, et al., has filed with U.S. Bankruptcy Court
for the Southern District of New York a consolidated corporate
monthly operating report for the month of June 2009.
For the month of June, the Debtors reported a net loss of $283,082
on zero revenue. Cumulative filing to date net loss was
$123,871,815 on net revenue of $72,104,196.
At June 30, 2009, the Debtors had $16,751,502 in total
assets and $149,002,336 in total liabilities, resulting in a
$132,250,835 stockholders' deficit.
At November 19, 2008, the Debtors had $198,695,446 in total
assets, $192,206,712 in total liabilities, and $6,488,734 in
stockholders' equity.
A copy of the Debtors' monthly operating report for the month of
June 2009 is available at:
http://bankrupt.com/misc/bhs&b.junemor.pdf
About BH S&B
BH S&B Holdings LLC filed for bankruptcy protection together with
seven other affiliates on November 19, 2008 (Bankr. S.D.N.Y. Lead
Case No. 08-14604). The seven debtor-affiliates are BH S&B
Distribution LLC, BH S&B Lico LLC, BH S&B Retail LLC, BHY S&B
Intermediate Holdco LLC, Cubicle Licensing LLC, Fashion Plate
Licensing LLC, and Heritage Licensing LLC.
BH S&B was formed by investment firms Bay Harbour Management and
York Capital Management in August 2008 to acquire the business
operations and assets of bankrupt retailer Steve & Barry's for
$163 million in August 2008. Steve & Barry's had 240 locations
when it was bought and the new owners had planned to cut that down
to 173 stores. Due to disappointing sales, Steve & Barry's
returned to bankruptcy in November 2008.
BH S&B and its affiliates' Chapter 11 cases are presided over by
the Honorable Martin Glenn. Joel H. Levitin, Esq., and Richard A.
Stieglitz, Jr., Esq., at Cahill Gordon & Reindel LLP, in New York,
serve as bankruptcy counsel to BH S&B and its affiliates. RAS
Management Advisors LLC acts as restructuring advisors, and
Kurtzman Carson Consultants LLC as claims and notice agent.
CAPITAL CORP: Posts $48,817 Net Loss in July 2009
-------------------------------------------------
Capital Corp of the West filed its monthly report of operations
for the month ended July 31, 2009, with the United States
Bankruptcy Court for the Eastern District of California, Fresno
Division.
Capital Corp posted a net loss of $48,817 on zero income for July
2009.
As of July 31, 2009, Capital Corp had $6,635,828 in total assets
and $57,734,000 in total liabilities, resulting in a $51,098,171
equity deficit.
A full-text copy of Capital Corp's July 2009 monthly operating
report is available at http://researcharchives.com/t/s?41be
About Capital Corp of the West
Incorporated on April 26, 2005, Capital Corp of the West is a bank
holding company whose primary asset and source of income is County
Bank. County Bank is a community bank with operations located
mainly in the San Joaquin Valley of Central California with
additional business banking operations in the San Francisco Bay
Area. The corporate headquarters of the Company and the Bank's
main branch facility are located at 550 West Main Street, Merced,
California.
County Bank was closed February 6, 2009, by the California
Department of Financial Institutions, which appointed the Federal
Deposit Insurance Corporation as receiver. To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with Westamerica Bank, based in San Rafael, California,
to assume all of the deposits of County Bank. As of February 2,
2009, County Bank had total assets of approximately $1.7 billion
and total deposits of $1.3 billion. In addition to assuming all
of the failed bank's deposits, including those from brokers,
Westamerica Bank agreed to purchase all of County Bank's assets.
According to Capital Corp, although County Bank made no "subprime
mortgages," it had made substantial loans to developers for
acquisition, development and construction of residential homes and
condominiums throughout California's Central Valley. Overbuilding
and an increase in foreclosures in the market resulted in rapidly
declining real property values, and contributed to the rise in
nonperforming loans.
Capital Corp of the West filed for bankruptcy on May 11, 2009
(Bankr. E.D. Calif. Case No. 09-14298). Judge W. Richard Lee
presides over the case. Paul J. Pascuzzi, Esq., at Felderstein
Fitzgerald Willoughby & Pascuzzi, serves as the Debtor's
bankruptcy counsel. Hagop T. Bedoyan, Esq., serves as counsel to
the official committee of unsecured creditors. As of
September 30, 2008, Capital Corp of the West had $1.87 million in
total assets, $1.80 million in total liabilities and shareholders'
equity of $73,896. In its Chapter 11 petition, the Company
disclosed $6,789,058 in total assets and $68,096,190 in total
debts.
CATHOLIC CHURCH: Fairbanks Operating Report for April 2009
----------------------------------------------------------
Catholic Bishop of Northern Alaska
Statement of Financial Position
As of April 30, 2009
CBNA Held for
ASSETS Total Others
----- --------
Cash and cash equivalents $348,911 $70,598
Investments:
Valuables in safe 168 -
Trust account @ market 743,219 -
457 Plan assets @ market - 118,337
Endowment Fund @ market - 14,491,790
Endowment Fund - earnings @ market (2,653,361) -
Stocks 5,551 -
Limited partnerships 261,324 -
Accounts receivable, net of allowance:
Tuition, fees and others 253,168 -
For parishes and school 40,299 -
Other 13,075 -
Notes and other receivables 55,930 -
Grants pledged 62,500 -
Fixed assets, net at cost:
Land and building 8,096,219 -
Aircraft 123,341 -
Equipment - -
Other assets 280,019 -
---------- ----------
Total Assets $7,630,369 $14,680,726
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable/accrued liabilities $976,493 -
Notes payable 216,966 -
D.I.P. Loan 1,000,000 -
Benefits payable 80,253 -
Deferred revenue 223,765 -
Annuities payable 215,684 -
Other liabilities 49,073 -
Payroll-related liabilities:
Payroll taxes 51,286 -
General vacation accrual account 16,339 -
Tax sheltered annuity - -
Accrued leave 276,564 -
Insurance:
Long term disability 439 -
Insurance deposits payables 94,890 -
Insurance reserves expense 39,348 -
Indemnity insurance reserves 32 -
Medical/Dental payroll deduction 205,386 -
CBNA building loan - -
---------- ----------
Total Liabilities 3,446,525 -
---------- ----------
Total net assets 4,183,843 14,680,726
---------- ----------
Total Liabilities and Net Assets $7,630,369 $14,680,726
========== ==========
Catholic Bishop of Northern Alaska
Statement of Activities
For the month ending April 30, 2009
CBNA Held for
Total Others
Support and revenue: ----- --------
Parish assessments $14,357 -
Tuition, net of tuition assistance 201,069 -
Curricular income 11,563 -
Donations 446,584 -
Investment income 634,842 $105,096
Other income 83,340 4,150
Temporarily restricted gifts 24,851 -
---------- ----------
Total support and revenue 1,416,609 109,246
Expenses:
Operating expenses 98,987 -
Supplies 13,452 -
Repair & Maintenance 38,689 -
Utilities 64,222 -
Insurance 43,228 -
Staff Expenses:
Salaries & Wages 379,239 -
Payroll Taxes 24,690 -
Employee Benefits 89,772 -
Curricular Expenses 20,813 -
Recruiting, advertising and PRs 2,100 -
Travel Expenses 33,035 -
Student related expenses - -
Contributions - -
Professional and technical fees 23,104 -
Investment services 54,839 $8,951
Subsidies 23,919 -
Rental/Lease Expense 16,915 -
Assessments 2,166 -
Fund Raising Expense 81,561 -
Radio Programming Expense 12,456 -
Radio Technical Dept. Expenses 6,974 -
Miscellaneous Expense 31,039 -
---------- ----------
Total General 1,061,209 8,951
Funds released from restricted funds - -
Net change in designated funds - -
---------- ----------
Total Expenses 1,061,209 8,951
---------- ----------
Increase (decrease) in net assets 355,399 100,295
---------- ----------
Re-organization costs 133,265 -
Increase (decrease) in net assets
after Re-org costs ---------- ----------
222,133 100,295
Net assets:
Beginning of month 3,961,709 14,580,431
---------- ----------
End of month $4,183,843 $14,680,726
========== ==========
Catholic Bishop of Northern Alaska
Cash Receipts and Disbursements
For the month ending April 30, 2009
CBNA Held for
Total Others
----- --------
Beginning balance - February 2008 $485,237 $77,681
Total receipts - prior gen. account
reports 16,437,318 1,798,279
Less total disbursements 16,430,384 1,668,698
---------- ----------
Beginning balance - March 31, 2009 492,171 207,263
Receipts during current period:
Transfers between internal accounts 111,468 -
Service fees 60,000 -
Funds received by CBNA from KNOM 51,878 -
Funds received from Catholic Schools 33,192 -
Funds received by KNOM from CBNA - -
Funds received by Catholic Schools 24,117 -
Funds collected from others 122,289 122,289
Custodial funds 20,650 20,650
Accounts receivable 171,521 -
Restricted funds and endowment gifts 26,234 -
Donations 457,589 -
Grants 500 -
Interest & dividends 301 -
Payment refund/return 3,007 -
Programs 2,100 -
Weather service income 150 -
Co-curricular income 8,363 -
Curricular income 20,943 -
NSF's - -
Other income/fees 4,792 -
Miscellaneous 944 -
Sale of merchandise 1,965 -
---------- ----------
Total receipts this period 1,122,009 142,939
---------- ----------
Balance 1,614,180 350,202
Less total disbursements:
Transfers between internal accounts 111,468 -
Transfers from KNOM to CBNA for payroll 51,868 -
Transfers from Catholic Schools to CBNA 33,192 -
Transfers from CBNA to KNOM 45 -
Transfers from CBNA to Catholic Schools 28,892 -
Funds disbursed for others 115,667 115,667
Custodial funds 18,932 18,932
Co-curricular expense 18,387 -
Curricular expense 8,045 -
Programming - News service 12,077 -
Mission and program support - -
Wages & salaries 348,970 -
Employee benefits 69,139 -
Staff development 4,512 -
Furniture, fixtures & equipments - -
Building and grounds - -
Supplies: maintenance/repairs 32,615 -
Supplies: school - -
Supplies: office 18,768 -
Scholarships - donations/financial aid 10 -
Administrative - -
Maintenance/repairs 4,011 -
Rent 3,038 -
Fundraising 80,660 -
Telephone/Internet 4,675 -
Utilities 53,040 -
Dues/Fees 1,199 -
Refunds 9,479 -
Travel 13,117 -
Printing and copying 5,580 -
Postage 26,730 -
Services and insurance 1,701 -
Taxes 36,205 -
NSF's 15 -
Bank fees and charges 3,255 -
Interest expense 1,405 -
Music license fee 113 -
List rental and copy leases 13,495 -
Annuities 1,477 -
Professional fees - Chapter 11 1,625 -
Professional fees 20,721 -
US Trustee's fees 6,240 -
Miscellaneous 42 -
Supplies: food 244 -
Advertising 7,252 -
Mass stipends 375 -
Subsidies 27,093 -
Supplies: religious 878 -
---------- ----------
Total disbursements this period 1,196,270 134,599
---------- ----------
Ending balance - April 30, 2009 $417,910 $215,603
========== ==========
About Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts. Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel. Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case. The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.
The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008. Its exclusive plan filing period
expires on January 15, 2009. (Catholic Church Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Fairbanks Operating Report for May 2009
--------------------------------------------------------
Catholic Bishop of Northern Alaska
Statement of Financial Position
As of May 31, 2009
CBNA Held for
ASSETS Total Others
----- --------
Cash and cash equivalents $750,316 $78,966
Investments:
Valuables in safe 168 -
Trust account @ market 744,810 -
457 Plan assets @ market - 126,741
Endowment Fund @ market - 14,537,698
Endowment Fund - earnings @ market (2,401,667) -
Stocks 10,904 -
Limited partnerships 261,324 -
Accounts receivable, net of allowance:
Tuition, fees and others 104,135 -
For parishes and school 54,618 -
Other 7,219 -
Notes and other receivables 55,485 -
Grants pledged - -
Fixed assets, net at cost:
Land and building 8,096,219 -
Aircraft 123,341 -
Equipment - -
Other assets 102,888 -
---------- ----------
Total Assets $7,909,764 $14,743,406
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable/accrued liabilities $1,223,921 -
Notes payable 216,966 -
D.I.P. Loan 1,000,000 -
Benefits payable 86,472 -
Deferred revenue 72,139 -
Annuities payable 215,684 -
Other liabilities 56,470 -
Payroll-related liabilities:
Payroll taxes 45,128 -
General vacation accrual account 15,918 -
Tax sheltered annuity - -
Accrued leave 260,331 -
Insurance:
Long term disability 439 -
Insurance deposits payables 94,082 -
Insurance reserves expense 39,348 -
Indemnity insurance reserves 32 -
Medical/Dental payroll deduction 290,031 -
CBNA building loan - -
---------- ----------
Total Liabilities 3,616,967 -
---------- ----------
Total net assets 4,292,796 14,743,406
---------- ----------
Total Liabilities and Net Assets $7,909,764 $14,743,406
========== ==========
Catholic Bishop of Northern Alaska
Statement of Activities
For the month ending May 31, 2009
CBNA Held for
Total Others
Support and revenue: ----- --------
Parish assessments $33,121 -
Tuition, net of tuition assistance 189,052 -
Curricular income 3,543 -
Donations 507,892 -
Investment income 263,942 $43,656
Other income 40,284 3,280
Temporarily restricted gifts 19,293 -
---------- ----------
Total support and revenue 1,057,130 46,936
Expenses:
Operating expenses 82,171 -
Supplies 26,804 -
Repair & Maintenance 20,967 -
Utilities 29,278 -
Insurance 17,398 -
Staff Expenses:
Salaries & Wages 373,476 -
Payroll Taxes 23,577 -
Employee Benefits 64,896 -
Curricular Expenses 20,474 -
Recruiting, advertising and PRs 3,491 -
Travel Expenses 26,944 -
Student related expenses - -
Contributions - -
Professional and technical fees 6,326 -
Investment services 1,133 $1,028
Subsidies 103,965 -
Rental/Lease Expense 14,350 -
Assessments - -
Fund Raising Expense 7,491 -
Radio Programming Expense 7,694 -
Radio Technical Dept. Expenses 3,323 -
Miscellaneous Expense 10,043 -
---------- ----------
Total General 843,812 1,028
Funds released from restricted funds - -
Net change in designated funds - -
---------- ----------
Total Expenses 843,812 1,028
---------- ----------
Increase (decrease) in net assets 213,317 45,907
---------- ----------
Re-organization costs 104,364 -
Increase (decrease) in net assets
after Re-org costs ---------- ----------
108,953 45,907
Net assets:
Beginning of month 4,183,843 14,697,498
---------- ----------
End of month $4,292,796 $14,743,406
========== ==========
Catholic Bishop of Northern Alaska
Cash Receipts and Disbursements
For the month ending May 31, 2009
CBNA Held for
Total Others
----- --------
Beginning balance - February 2008 $485,237 $77,681
Total receipts - prior gen. account
reports 17,559,327 1,941,219
Less total disbursements 17,626,655 1,803,298
---------- ----------
Beginning balance - April 30, 2009 417,910 215,602
Receipts during current period:
Transfers between internal accounts 50,000 -
Funds received by CBNA from KNOM 56,260 -
Funds received from Catholic Schools 35,396 -
Funds received by Catholic Schools 24,107 -
Funds collected from others 92,051 92,051
Custodial funds 29,554 29,554
Accounts receivable 173,688 -
Restricted funds and endowment gifts 19,823 -
Donations 726,960 -
Interest & dividends 277 -
Gains (losses) security sales 618 -
Proceeds from the sale of stock 5,548 -
Payment refund/return 17,051 -
Weather service income 150 -
Co-curricular income 3,518 -
Curricular income 13,435 -
Other income/fees 1,997 -
Miscellaneous 623 -
Sale of merchandise 1,674 -
---------- ----------
Total receipts this period 1,252,736 121,606
---------- ----------
Balance 1,670,646 337,209
Less total disbursements:
Transfers between internal accounts 50,000 -
Transfers from KNOM to CBNA for payroll 54,248 -
Transfers from Catholic Schools to CBNA 35,396 -
Transfers from CBNA to Catholic Schools 1,421 -
Funds disbursed for others 77,846 77,846
Custodial funds 15,226 15,226
Co-curricular expense 3,794 -
Curricular expense 15,505 -
Programming - News service 7,646 -
Wages & salaries 342,955 -
Employee benefits 10,795 -
Staff development 8,630 -
Supplies: maintenance/repairs 25,025 -
Supplies: office 4,586 -
Administrative 11,679 -
Maintenance/repairs 175 -
Telephone/Internet 2,679 -
Utilities 36,709 -
Dues/Fees 631 -
Travel 13,966 -
Postage 24,916 -
Services and insurance 414 -
Taxes 41,028 -
NSF's 35 -
Bank fees and charges 2,713 -
Interest expense 581 -
Music license fee 48 -
List rental and copy leases 14,350 -
Annuities 937 -
Professional fees - Chapter 11 1,248 -
Professional fees 9,700 -
Miscellaneous 237 -
Supplies: food 307 -
Mass stipends 1,400 -
Subsidies 25,864 -
Supplies: religious 258 -
---------- ----------
Total disbursements this period 842,962 93,073
---------- ----------
Ending balance - May 31, 2009 $827,683 $244,136
========== ==========
About Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts. Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel. Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case. The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.
The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008. Its exclusive plan filing period
expires on January 15, 2009. (Catholic Church Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CHARTER COMM: Records $41,000,000 Net Loss for June 2009
--------------------------------------------------------
Charter Communications, Inc., and Subsidiaries
Consolidated Balance Sheets
As of June 30, 2009
ASSETS
Current Assets:
Cash and cash equivalents $992,000,000
Accounts receivable, net 215,000,000
Prepaid expenses & other current assets 80,000,000
--------------
Total Current Assets 1,287,000,000
Investment in Cable Properties:
Property, plant and equipment, net 4,871,000,000
Franchises, net 7,377,000,000
--------------
Total investment in cable properties, net 12,248,000,000
--------------
Other Noncurrent Assets 205,000,000
--------------
Total assets $13,740,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise:
Current Liabilities:
Accounts payable and accrued expenses $1,388,000,000
Current portion of long-term debt 11,757,000,000
--------------
Total Current Liabilities 13,145,000,000
Other Long-Term Liabilities 738,000,000
Liabilities subject to compromise 10,587,000,000
Temporary equity 259,000,000
--------------
11,584,000,000
Shareholders' deficit
Charter shareholders' deficit (10,813,000,000)
Noncontrolling interest (176,000,000)
--------------
Total Shareholders' deficit (10,989,000,000)
--------------
Total Liabilities and Shareholders' Deficit $13,740,000,000
==============
Charter Communications, Inc., and Subsidiaries
Consolidated Statement of Operations
Month Ended June 30, 2009
REVENUES $563,000,000
COSTS AND EXPENSES:
Operating, excl. depreciation & amortization 238,000,000
Selling, general and administrative 119,000,000
Depreciation and amortization 111,000,000
Other operating expense 1,000,000
--------------
Income from operations 94,000,000
--------------
OTHER INCOME (EXPENSES):
Interest expense, net (71,000,000)
Reorganization items, net (63,000,000)
--------------
(134,000,000)
--------------
Loss before income taxes (40,000,000)
--------------
Income tax expense (20,000,000)
--------------
Consolidated net loss (60,000,000)
--------------
Less: Net loss - noncontrolling interest 19,000,000
--------------
Net loss - Charter shareholders ($41,000,000)
==============
For the month of June 2009, the Debtors received $585,405,000 from
Charter Communications Operating LLC, and $112,000 from
Charter Communications Holding Company, LLC, for a total cash
receipt of $585,517,000. The Debtors disbursed a total of
$543,975,000.
A full-text copy of Charter's June Operating Report is available
for free at http://bankrupt.com/misc/CCI_MOR_June2009.pdf
About Charter Communications
Based in St. Louis, Missouri, Charter Communications, Inc. (Pink
OTC: CHTRQ) -- http://www.charter.com/-- is a broadband
communications company and the fourth-largest cable operator in
the United States. Charter provides a full range of advanced
broadband services, including advanced Charter Digital Cable(R)
video entertainment programming, Charter High-Speed(R) Internet
access, and Charter Telephone(R). Charter Business(TM) similarly
provides scalable, tailored, and cost-effective broadband
communications solutions to business organizations, such as
business-to-business Internet access, data networking, video and
music entertainment services, and business telephone. Charter's
advertising sales and production services are sold under the
Charter Media(R) brand.
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)
DAYTON SUPERIOR: Posts $3,254,000 Net Loss in Month Ended July 3
----------------------------------------------------------------
Dayton Superior Corporation has filed a monthly operating report
for the reporting period ended July 3, 2009, with the U.S.
Bankruptcy Court for the District of Delaware.
Dayton Superior Corporation reported a net loss of $3,254,000 on
net sales of $30,443,000 for the month ended July 3, 2009.
For the period, interest expense totaled $3,079,000 and
reorganization expense totaled $917,000.
As July 3, 2009, Dayton Superior had $274,347,000 in total
assets and $429,716,000 in total liabilities.
A full-text copy of Dayton Superior's monthly operating report for
the period ended July 3, 2009, is available at:
http://bankrupt.com/misc/dayton.july3mor.pdf
Headquartered in Dayton, Ohio, Dayton Superior Corporation (Pink
Sheets: DSUPQ) -- http://www.daytonsuperior.com/-- makes and
distributes construction products. Aztec Concrete Accessories
Inc., Dayton Superior Specialty Chemical Corporation, Dur-O-Wa
Inc., Southern Construction Products Inc., Symons Corporation and
Trevecca Holdings Inc. were merged with the Company December 31,
2004.
The Company filed for Chapter 11 protection on April 19, 2009
(Bankr. D. Del. Case No. 09-11351). Keith A. Simon, Esq., Jude M.
Gorman, Esq., and Joseph S. Fabiani, Esq., at Latham & Watkins LLP
serve as the Debtors' bankruptcy counsel. Russell C. Silberglied,
Esq., John H. Knight, Esq., Paul N. Heath, Esq., and Lee E.
Kaufman, Esq., at Richards, Layton & Finger, P.A., serve as
Delaware counsel. Dayton Superior had $288,709,000 in assets and
$405,867,000 in debts as of February 27, 2009.
GENERAL GROWTH: Posts $114.5 Million Net Loss in June 2009
----------------------------------------------------------
On August 10, 2009, General Growth Properties, Inc., and certain
of the Company's domestic subsidiaries filed their monthly
operating report for the month ended June 30, 2009, with the U.S.
Bankruptcy Court for the Southern District of New York.
General Growth reported a consolidated net loss attibutable to
common stockholders of $114.5 million on total revenues of
$205.4 million for the month ended June 30, 2009. Operating loss
was $23.6 million. Net loss for June includes interest expense of
$91.2 million. Reorganization items totaled $14.3 million.
At June 30, 2009, General Growth's consolidated balance sheet
showed $26.68 billion in total assets, $24.53 billion in total
liabilities, $158.9 million in total redeemable noncontrolling
interests, and $1.99 billion in total equity.
A full-text copy of the Debtors monthly operating report for the
month ended June 30, 2009, is available at:
http://researcharchives.com/t/s?41c0
About General Growth
Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings. The Company's portfolio totals roughly ]
200 million square feet of retail space and includes more than
24,000 retail stores nationwide. General Growth is a self-
administered and self-managed real estate investment trust. The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants
LLC has been engaged as claims agent. The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers. The Debtors disclosed
$29,557,330,000 in assets and $27,293,734,000 in debts as of
December 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GLOBAL MOTORSPORT: Files Monthly Operating Report for June 2009
---------------------------------------------------------------
On July 24, 2009, Global Motorsport Group Inc. filed its monthly
operating report for the month ended June 30, 2009, with the U.S.
Bankruptcy Court for the District of Delaware.
Global Motorsport reported a net loss of $1,727 on zero revenue
for the month of June.
At June 30, 2009, Global Motorsport had $811,395 in total assets
$134,564,305 in total liabilities, and $133,752,909 in
stockholders' deficit.
A full-text copy of Global Motorsport's monthly operating report
for June is available for free at:
http://bankrupt.com/misc/globalmotorsport.junemor.pdf
About Global Motorsport
Headquartered in Morgan Hill, California, Global Motorsport Group
Inc. -- http://www.gmgracing.com/-- is a dealer of European model
sports cars. The Company is also known as Global Motorsport Parts
Inc. The Company and three of its affiliates filed for protection
on January 31, 2008 (Bankr. D. Del. Lead Case No. 08-10192).
Laura Davis Jones, Esq., James O'Neill, Esq., and Joshua Fried,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as counsel to
the Debtors. T. Scott Avil, Esq., at CRG Partners Group LLC, is
the Debtors' restructuring services provider. Federico G.M.
Mennella, Esq., at Lincoln International Advisors, LLC, is the
Debtors' investment banker. The Debtors selected Epiq Bankruptcy
Solution LLC as their claims agent.
The U.S. Trustee for Region 3 has appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Fox
Rothschild LLP and Andrews Kurth LLP serve as the Committee's
counsel. Edward T. Gavin, CTP, at NachmanHaysBrownstein, Inc., is
the Committee's financial advisor. Adam Harris, Esq., and David
Hillman, Esq., at Schulte Roth & Zabel LLP, serve as counsel to
the prepetition and postpetition secured lenders.
When the Debtors filed for protection from their creditors, they
listed assets of between $50 million and $100 million and debts of
between $100 million and $500 million.
GLOBAL MOTORSPORT: Files Monthly Operating Report for May 2009
--------------------------------------------------------------
On July 24, 2009, Global Motorsport Group Inc. filed its monthly
operating report for the month ended May 31, 2009, with the U.S.
Bankruptcy Court for the District of Delaware.
Global Motorsport reported a net loss of $1,712 on zero revenue
for the month of May.
At May 31, 2009, Global Motorsport had $813,123 in total assets
$134,564,305 in total liabilities, and $133,751,182 in
stockholders' deficit.
A full-text copy of Global Motorsport's monthly operating report
for May is available for free at:
http://bankrupt.com/misc/globalmotorsport.maymor.pdf
About Global Motorsport
Headquartered in Morgan Hill, California, Global Motorsport Group
Inc. -- http://www.gmgracing.com/-- is a dealer of European model
sports cars. The Company is also known as Global Motorsport Parts
Inc. The Company and three of its affiliates filed for protection
on January 31, 2008 (Bankr. D. Del. Lead Case No. 08-10192).
Laura Davis Jones, Esq., James O'Neill, Esq., and Joshua Fried,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as counsel to
the Debtors. T. Scott Avil, Esq., at CRG Partners Group LLC, is
the Debtors' restructuring services provider. Federico G.M.
Mennella, Esq., at Lincoln International Advisors, LLC, is the
Debtors' investment banker. The Debtors selected Epiq Bankruptcy
Solution LLC as their claims agent.
The U.S. Trustee for Region 3 has appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Fox
Rothschild LLP and Andrews Kurth LLP serve as the Committee's
counsel. Edward T. Gavin, CTP, at NachmanHaysBrownstein, Inc., is
the Committee's financial advisor. Adam Harris, Esq., and David
Hillman, Esq., at Schulte Roth & Zabel LLP, serve as counsel to
the prepetition and postpetition secured lenders.
When the Debtors filed for protection from their creditors, they
listed assets of between $50 million and $100 million and debts of
between $100 million and $500 million.
GLOBAL MOTORSPORT: Files Monthly Operating Report for April 2009
----------------------------------------------------------------
On July 24, 2009, Global Motorsport Group Inc. filed its monthly
operating report for the month ended April 30, 2009, with the U.S.
Bankruptcy Court for the District of Delaware.
Global Motorsport reported a net loss of $1,710 on zero revenue
for the month of April.
At April 30, 2009, Global Motorsport had $814,835 in total assets,
$134,564,305 in total liabilities, and $133,749,470 in
stockholders' deficit.
A full-text copy of Global Motorsport's monthly operating report
for April is available for free at:
http://bankrupt.com/misc/globalmotorsport.aprilmor.pdf
About Global Motorsport
Headquartered in Morgan Hill, California, Global Motorsport Group
Inc. -- http://www.gmgracing.com/-- is a dealer of European model
sports cars. The Company is also known as Global Motorsport Parts
Inc. The Company and three of its affiliates filed for protection
on January 31, 2008 (Bankr. D. Del. Lead Case No. 08-10192).
Laura Davis Jones, Esq., James O'Neill, Esq., and Joshua Fried,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as counsel to
the Debtors. T. Scott Avil, Esq., at CRG Partners Group LLC, is
the Debtors' restructuring services provider. Federico G.M.
Mennella, Esq., at Lincoln International Advisors, LLC, is the
Debtors' investment banker. The Debtors selected Epiq Bankruptcy
Solution LLC as their claims agent.
The U.S. Trustee for Region 3 has appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Fox
Rothschild LLP and Andrews Kurth LLP serve as the Committee's
counsel. Edward T. Gavin, CTP, at NachmanHaysBrownstein, Inc., is
the Committee's financial advisor. Adam Harris, Esq., and David
Hillman, Esq., at Schulte Roth & Zabel LLP, serve as counsel to
the prepetition and postpetition secured lenders.
When the Debtors filed for protection from their creditors, they
listed assets of between $50 million and $100 million and debts of
between $100 million and $500 million.
GLOBAL MOTORSPORT: Files Monthly Operating Report for March 2009
----------------------------------------------------------------
On July 24, 2009, Global Motorsport Group Inc. filed its monthly
operating report for the month ended March 31, 2009, with the U.S.
Bankruptcy Court for the District of Delaware.
Global Motorsport reported a net loss of $1,875 on zero revenue
for the month of March.
At March 31, 2009, Global Motorsport had $816,545 in total assets,
$134,564,305 in total liabilities, and $133,747,760 in
stockholders' deficit.
A full-text copy of Global Motorsport's monthly operating report
for March is available for free at:
http://bankrupt.com/misc/globalmotorsport.marchmor.pdf
About Global Motorsport
Headquartered in Morgan Hill, California, Global Motorsport Group
Inc. -- http://www.gmgracing.com/-- is a dealer of European model
sports cars. The Company is also known as Global Motorsport Parts
Inc. The Company and three of its affiliates filed for protection
on January 31, 2008 (Bankr. D. Del. Lead Case No. 08-10192).
Laura Davis Jones, Esq., James O'Neill, Esq., and Joshua Fried,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as counsel to
the Debtors. T. Scott Avil, Esq., at CRG Partners Group LLC, is
the Debtors' restructuring services provider. Federico G.M.
Mennella, Esq., at Lincoln International Advisors, LLC, is the
Debtors' investment banker. The Debtors selected Epiq Bankruptcy
Solution LLC as their claims agent.
The U.S. Trustee for Region 3 has appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Fox
Rothschild LLP and Andrews Kurth LLP serve as the Committee's
counsel. Edward T. Gavin, CTP, at NachmanHaysBrownstein, Inc., is
the Committee's financial advisor. Adam Harris, Esq., and David
Hillman, Esq., at Schulte Roth & Zabel LLP, serve as counsel to
the prepetition and postpetition secured lenders.
When the Debtors filed for protection from their creditors, they
listed assets of between $50 million and $100 million and debts of
between $100 million and $500 million.
HERBST GAMING: Posts $1.8 Million Net Loss in June 2009
-------------------------------------------------------
Herbst Gaming, Inc., has filed a monthly operating report for the
month ended June 30, 2009.
The Company reported a net loss of $1.8 million on zero revenue
for the month of June. Restructuring costs accounted for
$1.1 million of total expenses for the period.
At June 30, 2009, Herbst Gaming, Inc., had $574.8 million in total
assets, $3.9 million in total liabilities not subject to
compromise, $1.24 billion in total liabilities subject to
compromise, and $669.2 million in stockholders' deficit.
A full-text copy of Herbst Gaming's June 2009 monthly operating
report is available for free at:
http://bankrupt.com/misc/herbst.junemor.pdf
Headquartered in Reno, Nevada, Herbst Gaming, Inc. --
http://www.herbstgaming.com/-- is a diversified gaming company.
The Company and its subsidaries focuses on two business lines,
slot route operations and casino operations.
The slot route business involves the exclusive installation and
operation of slot machines in non-casino locations, such as
grocery stores, drug stores, convenience stores, bars and
restaurants throughout Nevada. As of March 31, 2009, the slot
route Debtors operated approximately 6,900 slot machines machines
through Nevada.
The casino business consists of 12 casinos in Nevada, and two in
Missouri and one in Iowa. As of the petition date, the Nevada
casinos had an aggregate of roughly 5,082 hotel rooms, 329
recreational vehicle spaces/hookups, 6,800 slot machines and 138
table games. As of the petition date, the non-Nevada casinos had
an aggregate of roughly 2,300 slot machines and 47 table games.
The Iowa casino also offers roughly 60 all-suite hotel rooms and
65 RV spaces with utility hookups.
The Company and 17 of its affiliates filed for Chapter
11 protection on March 22, 2009 (Bankr. D. Nev. Lead Case No.
09-50752). Thomas H. Fell, Esq., and Gerald M. Gordon, Esq., at
Gordon Silver, represent the Debtors in their restructuring
efforts. Herbst Gaming had $919.1 million in total assets; and
$33.5 million in total liabilities not subject to compromise and
$1.24 billion in liabilities subject to compromise, resulting in
$361.0 million in stockholders' deficiency as of March 31, 2009.
METALDYNE CORP: Posts $7.9 Million Net Loss from May 27 to June 28
------------------------------------------------------------------
On July 30, 2009, Metaldyne Corporation and its affiliated debtors
filed a monthly operating report for the period May 27, 2009, to
June 28, 2009, with the U.S. Bankruptcy Court for the Southern
District of New York.
For the period, Metaldyne Corporation reported a consolidated net
loss of $7,871,000 on net sales of $62,587,000. Reorganization
items totaled $3,947,000 for the period.
At June 28, 2009, Metaldyne Corporation had $993,424,000 in total
assets, $151,067,000 in total current liabilities, $695,583,000 in
liabilities subject to compromise, $71,355,000 in deferred income
taxes, $31,973,000 in other long-term liabilities, $683,000 in
minority interest in consolidated subsidiaries, and $42,763,000 in
shareholders' equity.
A full-text copy of Metaldyne Corporation's monthly operating
report for the period from May 27, 2009, to June 28, 2009, is
available for free at:
http://bankrupt.com/misc/metaldyne.june28mor.pdf
About Metaldyne Corporation
Headquartered in Plymouth, Michigan, Metaldyne Corporation --
http://www.metaldyne.com/-- is a wholly owned subsidiary of Asahi
Tec, a Shizuoka, Japan-based chassis and powertrain component
supplier in the passenger car/light truck and medium/heavy truck
segments. Asahi Tec is listed on the Tokyo Stock Exchange.
Metaldyne is a global designer and supplier of metal based
components, assemblies and modules for transportation related
powertrain and chassis applications including engine,
transmission/transfer case, wheel end, and suspension, axle and
driveline, and noise and vibration control products to the motor
vehicle industry.
On January 11, 2007, in connection with a plan of merger, Asahi
Tee Corporation in Japan acquired the shares of Metaldyne. On the
same date, Asahi Tee contributed those shares to Metaldyne
Holdings, and Asahi Tee thereby became the indirect parent of
Metaldyne and its other units. RHJ International S.A. of Belgium
now holds approximately 60.1% of the outstanding capital stock of
Asahi Tec.
The Company owns 23 different properties, including 14 domestic
manufacturing facilities in six states, and more than 10
manufacturing facilities North America, Europe, South America and
Asia.
Metaldyne Corporation aka MascoTech, Inc., aka MascoTech Harbor,
Inc., Riverside Acquisition Corporation and Metaldyne Subsidiary
Inc. and its affiliates filed for Chapter 11 on May 27, 2009
(Bankr. S.D.N.Y. Lead Case No. 09-13412). The filing did not
include the company's non-U.S. entities or operations. Richard H.
Engman, Esq., at Jones Day represents the Debtors in their
restructuring efforts. Judy A. O'Neill, Esq., at Foley & Lardner
LLP serves as conflicts counsel; Lazard Freres & Co. LLC and
AlixPartners LLP as financial advisors; and BMC Group Inc. as
claims agent. For the fiscal year ended March 29, 2009, the
company recorded annual revenues of approximately US$1.32 billion.
As of March 29, 2009, utilizing book values, the company had
assets of approximately US$977 million and liabilities of
US$927 million.
MIDWAY GAMES: Posts $2.3 Million Net Loss in June 2009
------------------------------------------------------
On August 6, 2009, Midway Games Inc., et al filed their monthly
operating report for the period June 1, 2009, through and
including June 30, 2009, with the United States Bankruptcy Court
for the District of Delaware.
For the period, the Debtors reported a net loss of $2.3 million on
net revenues of $3.6 million. Professional fees totaled $303,562.
At June 30, 2009, the Debtors had $1.39 billion in total assets
and $1.59 billion in total liabilities.
A full-text copy of the Debtors' monthly operating report for the
month ended June 30, is available at:
http://researcharchives.com/t/s?41c1
About Midway Games
Midway Games Inc. (OTC Pink Sheets: MWYGQ) --
http://www.midway.com/-- headquartered in Chicago, Illinois, with
offices throughout the world, is a leading developer and publisher
of interactive entertainment software for major videogame systems
and personal computers.
The Company and nine of its affiliates filed for Chapter 11
protection on February 12, 2009 (Bankr. D. Del. Lead Case No.
09-10465). David W. Carickhoff, Jr., Esq., Michael David
Debaecke, Esq., and Victoria A. Guilfoyle, Esq., at Blank Rome
LLP, represent the Debtors in their restructuring efforts. The
Debtors proposed Lazard as their investment banker, Dewey &
LeBoeuf LLP as special counsel, and Epiq Bankruptcy Solutions LLC
as claims agent.
NORTEL NETWORKS: NN CALA Delivers Projections in Initial MOR
------------------------------------------------------------
Nortel Networks (CALA) Inc., an affiliated debtor of Nortel
Networks Inc., delivered to the Court its initial monthly
operating report disclosing a weekly cash flow projection for the
18-week period starting on the week ending July 19, 2009, copies
of certificates of insurance, and a list of bank accounts.
A full-text copy of the NN CALA Initial Monthly Operating Report
is available for free at:
http://bankrupt.com/misc/NortelInitialReportNNCI.pdf
About Nortel Networks
Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel does business in more than 150 countries around the world.
Nortel Networks Limited is the principal direct operating
subsidiary of Nortel Networks Corporation.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group. The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
The Chapter 15 case is Bankr. D. Del. Case No. 09-10164. Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.
Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection. The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986. The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion. The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies. As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.
Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
NORWOOD PROMOTIONAL: Nets $27.1 Million in June 2009
----------------------------------------------------
Norwood Promotional Products Holdings, Inc., has filed a monthly
operating report for the fiscal month ended July 4, 2009, with the
U.S. Bankruptcy Court for the District of Delaware.
On July 3, 2009, the Company completed the sale of substantially
all of its assets to Bic Graphic USA. Accordingly, the balance
sheet shows only the assets and liabilities not purchased by Bic.
Norwood Promotional reported net profit of $27,109,150 on net
revenue of $17,146,500 for the fiscal month ended July 4, 2009.
Net loss before reorganization items was $89,447. Gain from sale
of assets totaled $37,070,742 and reorganization expenses totaled
$9,866,510 for the period.
As of July 4, 2009, the Company had $116,576,201 in total assets,
$168,637,396 in total liabilities, and stockholders' deficit of
$52,061,195. Unrestricted cash and cash equivalents were
$103,403,937, and restricted cash and cash equivalents were
$9,168,576.
On the liability side, secured debt were $154,055,287.
A copy of the Company's monthly operating report for the period
ended July 4, 2009, is available at:
http://bankrupt.com/misc/norwood.july4mor.pdf
Norwood Promotional Products -- http://www.norwood.com/-- was an
industry leading supplier of imprinted promotional products. The
Company offered nearly 5,000 products and is a market leader in
several of the industry's major product categories. Norwood also
offers hundreds of products on 24-Hour service at no extra charge.
Norwood Promotional Products Holdings, Inc., and five affiliates
filed for Chapter 11 on May 5 (Bankr. D. Del. Case No. 09-11547).
Judge Peter Walsh is handling the case. The Debtors hired
Margaret Whiteman Greecher, Esq., and Pauline K. Morgan, Esq., at
Young, Conaway, Stargatt & Taylor, as counsel. Kirkland & Ellis
LLP is general counsel and Mackinax Partners LLC is the
restructuring consultant. Epiq Bankruptcy Solutions, LLC, has
been hired as claims and noticing agent. The Company said its
assets are $150 million while debt totals $295 million.
Norwood Promotional Products Holdings Inc. changed its formal name
to NPPI Holdings Inc. following the sale of its assets. Norwood
sold its business, including its name, for $123 million to a unit
of pen and lighter maker Societe Bic SA.
PFF BANCORP: Incurs $106,162 Net Loss in June 2009
--------------------------------------------------
On August 4, 2009, PFF Bancorp, Inc. and Glencrest Investment
Advisors, Inc., Glencrest Insurance Services, Inc., Diversified
Builder Services, Inc., and PFF Real Estate Services, Inc., filed
their monthly operating reports for the period June 1, 2009, to
June 30, 2009, with the United States Bankruptcy Court for the
District of Delaware.
PFF Bancorp reported a net loss of $106,162 on zero income for
the month of June 2009. Net Loss for the period from
December 5, 2008, to June 30, 2009, was $837,978 on total income
of $20,563.
At June 30, 2009, PFF Bancorp had total assets of $159.2 million,
total liabilities of $117.4 million, and total equity of
$41.8 million.
A full-text copy of the Debtors' monthly operating report for the
month of June 2009 is available at:
http://researcharchives.com/t/s?41c6
PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non-
diversified unitary savings and loan holding company within the
meaning of the Home Owners' Loan Act with headquarters formerly
located in Rancho Cucamonga, California. Bancorp is the direct
parent of each of the remaining Debtors.
Prior to filing for bankruptcy, Bancorp was also the direct parent
of PFF Bank & Trust, a federally chartered savings institution,
and said bank's subsidiaries.
PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on December 5, 2008 (Bankr. D. Del. Case No. 08-13127 to 08-
13131). Chun I. Jang, Esq., and Paul N. Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors in their
restructuring efforts. Kurtzman Carson Consultants LLC serves as
the Debtors' claims agent. Jason W. Salib, Esq., at Blank Rome
LLP, represents the official committee of unsecured creditors as
counsel.
PILGRIM'S PRIDE: Posts $4.1MM Net Profit For Month Ended June 27
----------------------------------------------------------------
Pilgrim's Pride Corporation
Balance Sheet
As of June 27, 2009
ASSETS
Current Assets:
Cash
Unrestricted $118,730,172
Restricted 12,858,670
Accounts receivable - net 257,209,813
Intercompany accounts receivable 187,792,912
Inventory 737,691,687
Notes receivable -
Prepaid expenses 910,365
--------------
Total current assets 1,315,193,619
Property, plant and equipment 1,305,520,437
Other assets -
Less: Accumulated depreciation 763,547,588
--------------
Net Property, Plant & Equipment 541,972,849
Other assets 1,204,986,886
--------------
Total assets $3,062,153,354
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities:
Accrued expenses $-
Taxes payable 17,878,503
Notes payable (DIP Financing) 0
Professional fees (accrued est) 15,723,229
Secured debt (accrued int) 26,536,185
Others 189,857,152
--------------
Total postpetition liabilities 249,995,069
Prepetition liabilities:
Secured debt 1,343,159,972
Priority debt 283,989
Unsecured debt 829,269,642
Other 581,249,329
--------------
Total prepetition liabilities 2,753,962,931
Total Liabilities 3,003,958,000
Equity:
Prepetition owners' equity 531,687,077
Postpetition cumulative profit (loss) (74,916,127)
Direct charges to equity (398,575,596)
--------------
Total Equity 58,185,354
Total Liabilities & owners' equity $3,062,153,354
==============
Pilgrim's Pride Corporation
Income Statement
For the Month Ended June 27, 2009
Revenues:
Gross Revenue $600,570,909
Less: Returns and discounts 8,578,456
------------
Net Revenue 591,992,453
Cost of Goods Sold:
Cost of goods sold 537,526,871
------------
Total cost of goods sold 537,526,871
Gross profit 54,465,582
Operating Expenses:
Officer/insider compensation 940,023
General & administrative 30,891,258
Other 1,253,371
-----------
Total operating expenses 33,084,652
Income before non-operating income & expense 21,380,930
Other Income & Expenses:
Financing expenses 12,701,557
Other 544,267
Reorganization Expenses:
Professional fees 5,135,000
U.S. Trustee fees 0
Other reorganization items (1,273,290)
------------
Total reorganization expenses 3,861,710
Income tax 153,111
------------
Net Profit (Loss) $4,120,285
============
Pilgrim's Pride Corporation
Cash Receipts & Disbursements
For the Month Ended June 27, 2009
Cash - Beginning of month $121,731,128
Cash sales 0
Collection of Accounts Receivable:
Total operating receipts 615,412,499
Non-Operating Receipts:
Loans & advances 0
Others 2,670,344
------------
Total Non-operating receipts 2,670,344
Total receipts 618,082,842
Total Cash Available 739,813,970
Operating Disbursement:
Customer programs 7,487,420
Growing and feeding 284,586,757
Contractors, repair and maintenance 16,629,900
Fleet and freight 32,431,847
General insurance 6,565,168
Leases/rentals 7,323,936
Meat/food 13,078,337
Packaging/ingredients 44,857,491
Gross payroll 120,902,761
Utilities 16,147,521
Other 42,048,629
Capital expenditure 7,746,393
------------
Total Operating Disbursements 599,806,160
Reorganization Expenses:
Professional fees 5,710,328
U.S. Trustee fees 0
Other reorganization 3,336,878
------------
Total reorganization expenses 9,047,206
Total disbursement 608,853,366
Securitization line pay-down 0
------------
Net cash flow 9,229,477
Changes in cash management obligations 13,371,674
Cash - End of Month $144,332,278
============
About Pilgrim's Pride
Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.
Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664). The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.
Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel. The Debtors have also tapped Baker &
McKenzie LLP as special counsel. Lazard Freres & Co., LLC, is the
company's investment bankers and William K. Snyder of CRG Partners
Group LLC as chief restructuring officer. The Company's claims
and noticing agent is Kurtzman Carson Consulting LLC.
A nine-member committee of unsecured creditors has been appointed
in the case.
As of December 27, 2008, the Company had $3,215,103,000 in total
assets, $612,682,000 in total current liabilities, $225,991,000 in
total long-term debt and other liabilities, and $2,253,391,000 in
liabilities subject to compromise.
Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
of Pilgrim's Pride Corp. and its various affiliates.
SMURFIT-STONE: June Income Cut to $17.3MM on Reorganization Costs
-----------------------------------------------------------------
Smurfit-Stone Container Corporation
Combined Balance Sheet
As of June 30, 2009
ASSETS
Current Assets:
Cash $570,915,000
Restricted cash 13,551,000
Receivables 612,474,000
Receivables for alt. energy tax credits 89,318,000
Inventories 486,004,000
Prepaid expenses and others 31,433,000
---------------
Total current assets 1,803,695,000
Net property 3,372,416,000
Timberlands, less depletion 31,617,000
Deferred income taxes 22,931,000
Investments in and advances to non-Debtor 76,229,000
affiliates
Other assets 68,554,000
---------------
Total assets $5,375,442,000
===============
LIABILITIES & EQUITY (DEFICIT)
Liabilities Not Subject to Compromise:
Current liabilities:
Current maturities of long-term debt $1,779,087,000
Accounts payable 315,855,000
Accrued compensation and payroll taxes 141,061,000
Interest payable 9,125,000
Income taxes payable 11,679,000
Current deferred taxes 21,052,000
Other current liabilities 128,437,000
---------------
Total current liabilities 2,406,296,000
Other long-term liabilities 122,757,000
---------------
Total liabilities not subject to compromise 2,529,053,000
Liabilities subject to compromise 4,256,073,000
---------------
Total liabilities 6,785,126,000
Total stockholders' equity (deficit) (1,409,684,000)
---------------
Total liabilities & stockholders' equity $5,375,442,000
===============
Smurfit-Stone Container Corporation
Combined Statement of Operations
For the month ended June 30, 2009
Net sales $482,224,000
Costs and expenses:
Cost of goods sold 422,453,000
Selling and administrative expenses 50,023,000
Restructuring charges 3,479,000
Gain on disposal of assets (58,000)
Other operating income (58,300,000)
---------------
Income from operations 64,627,000
Other income (expense):
Interest expense, net (24,489,000)
DIP debt issuance costs (225,000)
Loss on early extinguishment of debt -
Equity in gains (losses) of non-debtor affiliates 152,000
Foreign currency exchange losses 2,000,000
Other, net 2,628,000
---------------
Income before reorganization items and taxes 44,693,000
Reorganization items:
Professional fees (5,500,000)
Provision for executory contracts & leases (19,400,000)
Accounts payable settlement gains 592,000
---------------
Reorganizational items, net (24,308,000)
Income before income taxes 20,385,000
Provision for income taxes (3,100,000)
---------------
Net Income $17,285,000
===============
Smurfit-Stone Container Corporation
Schedule of Receipts and Disbursements
For the month ended June 30, 2009
Beginning cash balance $515,712,000
Cash receipts 547,316,000
Alternative energy tax credit 51,282,000
---------------
Total receipts 598,598,000
Disbursements:
Payroll & benefits (94,897,000)
Professional fees (7,695,000)
Interest (11,651,000)
Capital expenditures (12,218,000)
Repayment of debt (5,833,000)
Other disbursements (397,500,000)
---------------
Total disbursements (529,844,000)
Ending cash balance $584,466,000
===============
A copy of the Debtors' June 2009 Operating Report is available
for free at http://bankrupt.com/misc/SmurfJuneMOR.pdf
About Smurfit-Stone Container
Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers. The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada. The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States. The Company employs approximately
21,250 employees, 17,400 of which are based in the United States.
For the quarterly period ended September 30, 2008, the Company
reported approximately $7.450 billion in total assets and
$5.582 billion in total liabilities on a consolidated basis.
Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235). Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.
Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers. Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October. Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.
James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel. PricewaterhouseCooper
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.
Bankruptcy Creditors' Service, Inc., publishes Smurfit-Stone
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Smurfit-Stone
Container Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TARRAGON CORP: Incurs $5.5 Million Net Loss in June 2009
--------------------------------------------------------
On August 3, 2009, Tarragon Corporation and certain of its direct
and indirect subsidiaries and affiliates filed their monthly
operating report for the month ended June 30, 2009, with the U.S.
Bankruptcy Court for the District of New Jersey.
At June 30, 2009, Tarragon Corporation's consolidating balance
sheet showed $296,175,390 in total assets, $574,819,688 in total
liabilities, and shareholders' deficit of $278,644,298.
Tarragon Corportion reported a net loss of $5,549,013 on total
revenue of $8,324 for the month of June. Results include equity
in loss of subsidiaries of $2,804,305.
For the six months ended June 30, 2009, net loss was $31,013,600
on total revenue of $127,790. Equity in loss of subsidiaries
totaled $17,638,275.
A full-text copy of the Debtor's monthly operating report for the
month ended June 30, 2009, is available for free at:
http://bankrupt.com/misc/tarragon.junemor.pdf
Based in New York City, Tarragon Corporation (NasdaqGS:TARR) --
http://www.tarragoncorp.com/-- is a leading developer of
multifamily housing for rent and for sale. Tarragon's operations
are concentrated in the Northeast, Florida, Texas, and Tennessee.
Tarragon and its affiliates filed for Chapter 11 protection on
January 12, 2009 (Bankr. D. N.J. Case No. 09-10555). The Hon.
Donald H. Steckroth presides over the case.
Michael D. Sirota, Esq., Warren A. Usatine, Esq., and Felice R.
Yudkin, Esq., at Cole Schotz Meisel Forman & Leonard, P.A.,
represent the Debtor as bankruptcy counsel. Kurztman Carson
Consultants LLC serves as notice and claims agent. Daniel A.
Lowenthal, Esq., at Patterson Belknap Webb & Tyler, LLP, in New
York, represents the official committee of unsecured creditors
appointed in the case. Tarragon has said equity holders are out
of the money with regard to its bankruptcy case. As of
September 30, 2008, the Debtors had $840,688,000 in total assets
and $1,035,582,000 in total debts.
TOUSA INC: Records $11.38 Mil. Net Loss for June 2009
-----------------------------------------------------
TOUSA, INC., and Subsidiaries
Consolidated Balance Sheet
As of June 30, 2009
ASSETS
Cash and Cash Equivalents:
Cash in bank $257,774,255
Cash equivalents (due from title company
from closings) 14,874,622
Inventory:
Deposits 11,311,619
Land 137,236,408
Residences completed and under construction 189,451,248
Inventory not owned 6,286,449
---------------
344,285,724
Property and equipment, net 6,820,220
Investments in unconsolidated joint ventures 2,781,462
Receivables from unconsolidated joint ventures -
Accounts receivable 18,592,174
Other assets 42,536,398
Goodwill -
---------------
687,664,855
Net Assets of Financial Services 22,635,946
---------------
Total Assets $710,300,801
===============
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable and other liabilities $304,459,583
Customer deposits 6,946,665
Obligations for inventory not owned 8,346,605
Notes payable 1,609,156,258
Bank borrowings 194,808,257
---------------
Total Liabilities 2,123,717,368
Stockholders' Equity:
Preferred stock 19,469,790
Common stock 596,042
Additional paid in capital 558,571,770
Retained earnings (1,992,054,169)
---------------
Total Stockholders' Equity (1,413,416,567)
---------------
Total liabilities and Stockholders' Equity $710,300,801
===============
TOUSA, INC., and Subsidiaries
Consolidated Statement of Operations
For the Period June 1 to 30, 2009
Revenues:
Home sales $49,708,872
Land sales 5,190,351
---------------
54,899,223
Cost of Sales:
Home sales 48,116,588
Land sales 5,679,230
---------------
53,795,818
---------------
Gross Profit 1,103,405
Total selling, general and admin expenses 22,531,085
Income (loss) from joint ventures, net 15,344,066
Interest expense, net 5,259,845
Other (income) expense, net 519,814
---------------
Homebuilding pretax income (loss) (11,863,273)
Equity in Financial services pretax income (loss) (336,539)
Income (loss) before income taxes (12,199,812)
Provision (benefit) for income taxes (815,877)
---------------
Net Income (loss) ($11,383,935)
===============
TOUSA, INC. and Subsidiaries
Consolidated Schedule of Receipts and Disbursements
For the Period June 1 to 30, 2009
Funds at beginning of period $250,202,651
RECEIPTS
Cash sales 48,267,934
Accounts receivable 343,582
Other receipts 3,328,684
---------------
Total receipts 51,940,200
---------------
Total funds available for operations 302,142,851
DISBURSEMENTS
Advertising 421,127
Bank charges 4,305
Contract labor 26,531
Fixed asset payments 15,134
Insurance 2,480,983
Inventory payments 10,124,715
Leases 209,940
Manufacturing supplies -
Office supplies 61,565
Payroll - net 4,120,312
Professional fees (accounting and legal) 8,131,677
Rent 276,938
Repairs & maintenance 331,568
Secured creditor payments 16,058,513
Taxes paid - payroll 30,133
Taxes paid - sales & use 362,210
Taxes paid - other 186,353
Telephone 145,167
Travel & entertainment 27,742
U.S. Trustee quarterly fees -
Utilities 91,612
Vehicle expenses 10,671
Other operating expenses 1,251,400
---------------
Total disbursements 44,368,596
---------------
Ending Balance $257,774,255
===============
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on January 29, 2008 (Bankr. S.D. Fla. Case No. 08-
10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M. Basta,
Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at
Berger Singerman, to represent them in their restructuring
efforts. Lazard Freres & Co. LLC is the Debtors' investment
banker. Ernst & Young LLP is the Debtors' independent auditor and
tax services provider. Kurtzman Carson Consultants LLC acts as
the Debtors' Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746). It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
Bankruptcy Creditors' Service, Inc., publishes TOUSA Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by TOUSA Inc. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
*********
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 ***