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/raid1/www/Hosts/bankrupt/TCR_Public/090905.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, September 5, 2009, Vol. 13, No. 246 Headlines ABITIBIBOWATER INC: Posts $120.9 Million Net Loss for July ASARCO LLC: Records $20.5 Mil. Operating Income for July ASYST TECHNOLOGIES: Posts $1,694,733 Net Loss in July 2009 AUTOBACS STRAUSS: Has $1.3MM Net Loss on Sales of $10MM in July BALLY TOTAL: Incurs $1,864,000 Operating Loss for July BEARINGPOINT INC: Files Monthly Report for July 2009 BROADSTRIPE LLC: Reports $4.4 Million Net Loss for July CHARTER COMM: Reports Loss Due to Interest and Reorg. Costs CIRCUIT CITY: Incurs $424MM Loss for June Due to Asset Charges CRUSADER ENERGY: Reports $5.34MM Net Loss in July EXTENDED STAY: Incurs $11 Million Loss for 2nd Half of June EXTENDED STAY: Incurs $20.6 Million Loss for July EZ LUBE: Incurs $977,000 Net Loss for June FLEETWOOD ENTERPRISES: Had $68.5 Million Cash by July 26 FONTAINEBLEAU LAS VEGAS: Zero Business Activity for July FRONTIER AIRLINES: Records 9th Straight Monthly Profit GENERAL GROWTH: Posts Net Loss of $27.6 Million in July HAWAIIAN TELCOM: Records $2.79MM Loss Due to Reorganization Costs HERCULES CHEMICAL: Posts $69,800 Net Profit in July LTV CORP: Files Monthly Operating Report for July MAGNA ENTERTAINMENT: Posts $8.8MM Net Loss From June 29 to Aug 2 MERISANT WORLDWIDE: Reports $26.3 Million Net Loss in July MILACRON INC: Posts $7,568,000 Net Loss in July 2009 MUZAK HOLDINGS: Reports $5.3 Million Net Loss in July NEUMANN HOMES: Disbursement Total $504,802 in May NEUMANN HOMES: Disbursement Total $88,598 in June NEUMANN HOMES: Disbursement Total $102,200 in July NORTEL NETWORKS: Earns $4 Million in July 1 to August 1 Period OPUS SOUTH: Records $7.9 Mil. Net Loss for July OPUS WEST: Records $162,000 Net Loss for July PILGRIM'S PRIDE: Records $18.36 Million Profit for July QSGI INC: Files Initial Monthly Operating Report RATHGIBSON INC: Loses $3.9 Million for Last Half of July REFCO INC: Refco LLC Trustee Has $48.8-Mil. In Cash at June's End SILICON GRAPHICS: Ends July 2009 with $4,777,603 Cash STAR TRIBUNE: Reports $831,000 Net Loss in August THORNBURG MORTGAGE: ADFITECH Unit Posts $177,904 July Net Income THORNBURG MORTGAGE: Posts $135,544 Net Income in July 2009 TOUSA INC: Reports $21.7MM Net Loss for July TROPICANA ENT: Adamar of NJ Incurs $2.48MM Loss in July TVI CORPORATION: Posts $911,760 Net Loss in July 2009 TXCO RESOURCES: July Loss of $5.3 Million Exceeds Revenue VERASUN ENERGY: Posts $498,000 Net Loss in July VISTEON CORP: Records $50.4 Mil. Net Loss for July WASHINGTON MUTUAL: Incurs $912,097 Net Loss for July WHITE ENERGY: Posts Operating and Net Losses in July YOUNG BROADCASTING: Files $4.6MM Consolidated Net Loss in July ********* ABITIBIBOWATER INC: Posts $120.9 Million Net Loss for July ---------------------------------------------------------- According to Bill Rochelle at Bloomberg News, AbitibiBowater Inc. reported a $120.9 million net loss in July on $312.6 million in sales. Gross profit for the month was $11.3 million, while restructuring and other costs were almost $88 million. Interest expense was $14.6 million. The Debtors reported a consoidated net loss of $80.5 million on net sales of $301.1 million. Operating loss was $51.5 million. 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). ASARCO LLC: Records $20.5 Mil. Operating Income for July -------------------------------------------------------- ASARCO LLC, et al. Balance Sheet As of July 31, 2009 ASSETS Current Assets: Cash $1,266,843,000 Restricted Cash 27,169,000 Accounts receivable, net 121,712,000 Inventory 282,634,000 Prepaid expenses 6,279,000 Other current assets 16,800,000 --------------- Total Current Assets 1,721,436,000 Net property, plant and equipment 528,521,000 Other Assets: Investments in subs & other investments 97,739,000 Advances to affiliates 535,000 Prepaid pension & retirement plan - Other 18,269,000 --------------- Total assets $2,366,500,000 =============== LIABILITIES Postpetition liabilities: Account payable - trade $66,801,000 Accrued liabilities 2,577,022,000 --------------- Total postpetition liabilities 2,643,823,000 Prepetition liabilities: Not subject to compromise - credit 3,105,000 Not subject to compromise - other 117,747,000 Advances from affiliates 32,426,000 Subject to compromise 1,684,568,000 --------------- Total prepetition liabilities 1,837,846,000 --------------- Total liabilities 4,481,669,000 MEMBER'S EQUITY (DEFICIT): Common stock 508,324,000 Additional paid-in capital 104,578,000 Other comprehensive loss (383,780,000) Retained earnings: filing date (3,450,884,000) --------------- Total prepetition member's equity (3,221,762,000) Retained earnings: post-filing date 1,106,594,000 --------------- Total member's equity (net worth) (2,115,169,000) Total liabilities and member's equity $2,366,500,000 =============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ended July 31, 2009 Sales $75,550,000 Cost of products and services 48,984,000 --------------- Gross profit (loss) 26,566,000 Operating expenses: Selling and general & admin. expenses 2,477,000 Depreciation & amortization 3,527,000 Accretion expense 98,000 --------------- Operating income (loss) 20,464,000 Interest expense 35,000 Interest income (369,000) Reorganization expenses 6,021,000 Other miscellaneous (income) expense (3,585,000) --------------- Income (loss) before taxes 18,362,000 Income taxes 7,207,000 --------------- Net income (loss) $11,155,000 =============== ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ended July 31, 2009 Receipts Disbursements: Inventory material $18,827,000 Operating disbursements 60,157,000 Capital expenditures 4,398,000 --------------- Total operating disbursements 83,382,000 Operating cash flow 5,483,000 Reorganization disbursements 7,720,000 --------------- Net cash flow (2,236,000) Net (borrowings) payments to secured Lenders - --------------- Net change in cash (2,236,000) Beginning cash balance 1,296,248,000 --------------- Ending cash balances $1,294,011,000 =============== About ASARCO LLC Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. ASARCO LLC filed for Chapter 11 protection on August 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services and investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When ASARCO LLC filed for protection from its creditors, it listed US$600 million in total assets and US$1 billion in total debts. ASARCO LLC has five affiliates that filed for Chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Sander L. Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in Dallas, Texas, represents the Official Committee of Unsecured Creditors for the Asbestos Debtors. Former judge Robert C. Pate has been appointed as the future claims representative. Details about their asbestos-driven Chapter 11 filings have appeared in the Troubled Company Reporter since April 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05- 21346) also filed for Chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its Chapter 11 case. On October 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for Chapter 11 protection on December 12, 2006. (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining & Development Co., Ltd., Peru Mining Exploration & Development Co., and Green Hill Cleveland Mining Co. filed for Chapter 11 protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197 to 08-20202). Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by ASARCO LLC and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) ASYST TECHNOLOGIES: Posts $1,694,733 Net Loss in July 2009 ---------------------------------------------------------- Asyst Technologies, Inc., has filed with the United States Bankruptcy Court for the Northern District of California in Oakland, a Monthly Operating Report for the month ending July 31, 2009. Asyst Technologies recorded a net loss of $1,694,733 on total business unit generated sales of $1,887,862 in July 2009. As of July 31, 2009, Asyst Technologies had total assets of $91,698,000 and total liabilities of $39,921,000. The July balance sheet showed strained liquidity with $26,605,000 in total current assets against $32,235,000 in total current liabilities. During July 2009, a payment of roughly $13,000 was made without court approval. The payment was related to a payroll check issued to an employee who deposited the check after the company's bank accounts were re-opened pursuant to the Court order authorizing the Debtor to maintain components of Existing Cash Management System and Certain Pre-Petition Bank Accounts. The Company has sent a letter to the employee requesting the funds be returned. During July 2009, payments of roughly $135,000 were issued to professionals pursuant to the Court order establishing procedures for Interim Compensation and Reimbursement of Expense of Professionals. Post-petition payroll and expense reimbursements have been made to current officers of the Company in the ordinary course of the Company's business. No post-petition taxes were due as of July 31, 2009. Tax returns will be prepared in due course. Any required extension of time has been obtained from the applicable taxing authority. A full-text copy of the July report is available at no charge at http://ResearchArchives.com/t/s?43bb Headquartered in Fremont, California, Asyst Technologies, Inc. -- http://www.asyst.com/-- is a leading provider of integrated automation solutions primarily for the semiconductor and flat panel display manufacturing industries. The Company is the parent company of seven subsidiaries located in various jurisdictions worldwide. Principally, the Company is the owner of a non- operating holding company organized under the laws of Japan, Asyst Technologies Holdings Company, Inc. ("Asyst Japan Holdings"). Asyst Japan Holdings in turn owns the operating company Asyst Technologies Japan, Inc. The Company filed for Chapter 11 on April 20, 2009 (Bankr. N.D. Calif. Case No. 09-43246). Ali M.M. Mojdehi, Esq., Janet D. Gertz, Esq., and Rayla Dawn Boyd, Esq., at the Law Offices of Baker and McKenzie, serve as the Debtor's bankruptcy counsel. Epiq Bankruptcy Solutions LLC is the Debtors' notice and claims agent. AlixPartners, LLP serves as financial advisor. Andrew I. Silfen, Esq., Mette H. Kurth, Esq., Michael S. Cryan, Esq., and Schuyler G. Carroll, Esq., at Arent Fox LLP, represent the official committee of unsecured creditors. As of December 31, 2008, Asyst had total assets of $295,782,000 and total debts of $315,364,000. The Company's Japanese subsidiaries, Asyst Technologies Holdings Company, Inc., and Asyst Technologies Japan, Inc., entered into related voluntary proceedings under Japan's Corporate Reorganization Law (Kaisha Kosei Ho) on April 20, 2009. Kosei Watanabe was appointed as Trustee of Asyst Japan Holdings and ATJ. AUTOBACS STRAUSS: Has $1.3MM Net Loss on Sales of $10MM in July --------------------------------------------------------------- According to Bill Rochelle at Bloomberg News, Autobacs Strauss Inc., doing business as Strauss Discount Auto, reported a $1.3 million net loss in July on sales of $10.1 million. The operating loss for the month was $1.2 million. From the inception of the case in February, the cumulative net loss is $8.5 million. Headquartered in South River, New Jersey, Autobacs Strauss Inc. -- http://www.straussauto.com/-- sells after-market automotive parts and accessories, and operate automotive service centers located in New York, New Jersey, Philadelphia, Bethlehem and Pennsylvania. The Company operates 86 retail store locations and has about 1,450 employees. The Company filed for Chapter 11 protection on February 4, 2009 (Bankr. D. Del. Case No. 09-10358). Edward J. Kosmowski, Esq., at Young Conaway Stargatt & Taylor, LLP, represents the Debtor in its restructuring efforts. As of January 3, 2009, the Debtor had total assets of $75,000,000 and total debts of $72,000,000. The Chapter 11 case is Strauss's third. The preceding Chapter 11 case ended with confirmation of a Chapter 11 plan in April 2007. The Company was then named R&S Parts & Service Inc. BALLY TOTAL: Incurs $1,864,000 Operating Loss for July ------------------------------------------------------ Bally Total Fitness Holding Corporation, et al. Condensed Combined Balance Sheet As of July 31, 2009 ASSETS Current assets Cash and cash equivalents $52,356,000 Deferred income taxes 17,801,000 Prepaid expenses 13,366,000 Other current assets 19,805,000 --------------- Total current assets 103,328,000 Long-term assets Property and equipment, net 258,694,000 Member relationship asset, net 140,906,000 Other intangible assets, net 198,881,000 Trademarks 86,376,000 Goodwill 257,460,000 Other assets 39,609,000 --------------- Total long-term assets 981,927,000 --------------- Total assets $1,085,255,000 =============== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities not subject to compromise Accounts payable $17,289,000 Income taxes payable 2,159,000 Accrued liabilities 53,099,000 Current maturities of long-term debt 1,622,000 Deferred revenues 131,668,000 --------------- Total current liabilities not subject to compromise 205,868,000 Long-term liabilities not subject to compromise Deferred rent liability 20,265,000 Deferred income taxes 49,507,000 Other liabilities 22,091,000 Deferred revenues 370,492,000 Long-term debt, less current maturities 0 Liabilities subject to compromise 920,723,000 --------------- Total liabilities 1,588,915,000 --------------- Stockholders' deficit (503,660,000) --------------- Total liabilities and stockholders' deficit $1,085,255,000 =============== Bally Total Fitness Holding Corporation, et al. Condensed Combined Statement of Operations July 1 through July 31, 2009 Net revenues Membership services $46,098,000 Retail products 2,087,000 Miscellaneous 1,163,000 --------------- 49,348,000 Operating costs and expenses: Membership services 37,950,000 Retail products 1,827,000 Marketing and advertising 2,167,000 General and administrative 3,503,000 Depreciation and amortization 5,765,000 --------------- 51,212,000 --------------- Operating loss (1,864,000) Interest expense (389,000) Other, net 1,000 --------------- (388,000) --------------- Loss reorganization items and income taxes (2,252,000) Reorganization items, net 1,506,000 Income tax expense (65,000) --------------- Net loss ($811,000) =============== Bally Total Fitness Holding Corporation, et al. Cash Receipts and Disbursements June 1 through July 31, 2009 Cash, beginning of month $59,693,926 Receipts Cash sales 50,968,256 Accounts receivable - Prepetition 0 Accounts receivable - Postpetition 0 Loans and advances 0 Sales of assets 0 Others 2,337,126 Transfers (from DIP accounts) 13,300,798 --------------- Total receipts 66,606,180 Disbursements Net payroll 10,171,032 Payroll taxes 3,279,028 Sales, use, and other taxes 2,647,548 Inventory purchases 1,064,672 Secured rental/leases 22,587,945 Insurance 2,796,127 Administrative 7,858,596 Selling & Marketing 2,930,087 Others 3,759,556 Owner draw 0 Transfers (to DIP accounts) 15,278,757 Professional fees 1,570,383 U.S. Trustee quarterly fees 0 Court costs 0 --------------- Total disbursements 73,943,731 --------------- Net cash flow (7,337,551) --------------- Cash, end of month $52,356,375 =============== About Bally Total Fitness Bally Total Fitness operates nearly 300 fitness centers across the United States. With more than 3 million active members and over 30 years of experience, Bally is among the most popular health club brands in America. The professionals at Bally Total Fitness help motivate members to improve their physical health and reach their personal fitness goals with many affordable membership choices - including options with no long-term commitment. 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. The Bankruptcy Court confirmed the Company's Chapter 11 plan and the Company emerged from bankruptcy 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. The Plan was confirmed August 19, 2009, and the Company emerged from bankruptcy September 1, 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) BEARINGPOINT INC: Files Monthly Report for July 2009 ---------------------------------------------------- BearingPoint, Inc., and certain of its domestic U.S. subsidiaries filed on August 31, 2009, their unaudited monthly operating report for the month ended July 31, with the United States Bankruptcy Court for the Southern District of New York. Debtor BearingPoint Inc. posted net income before affiliate earnings of $1,988,000 on revenue of $7,558,000 in July 2009. As of July 31, 2009, Debtor BearingPoint Inc. had $877,226,000 in total assets and $1,922,750,000 in total liabilities, resulting in stockholders' deficit of $1,045,524,000. A full-text copy of the July report is available at no charge at: http://ResearchArchives.com/t/s?43c8 BearingPoint is pursuing the sale of all or substantially all of its businesses and assets to a number of parties. BearingPoint expects that the sale transactions will result in modification of the plan of reorganization filed with the Bankruptcy Court on February 18, 2009, and, if BearingPoint is successful in selling all or substantially all of its assets, in the liquidation of BearingPoint's business and BearingPoint ceasing to operate as a going concern. About BearingPoint BearingPoint, Inc. -- http://www.BearingPoint.com/-- was one of the world's largest providers of management and technology consulting services to Global 2000 companies and government organizations in more than 60 countries worldwide. Based in McLean, Va., BearingPoint -- a former consulting arm of KPMG LLP - - has approximately 15,000 employees focusing on the Public Services, Commercial Services and Financial Services industries. The Company's service offerings are designed to help clients generate revenue, increase cost-effectiveness, manage regulatory compliance, integrate information and transition to "next- generation" technology. BearingPoint, Inc., fka KPMG Consulting, Inc., together with its units, filed for Chapter 11 protection on February 18, 2009 (Bankr. S.D.N.Y., Case No. 09-10691). Alfredo R. Perez, Esq., at Weil Gotshal & Manges LLP, in Houston; Marcia J. Goldstein, Esq., Ronit J. Berkovich, Esq., and Jose R. Alcantar, Esq., at Weil Gotshal & Manges LLP, in New York, represent the Debtors as restructuring counsel. AlixPartners, LLP, is the Debtors' restructuring advisors. Greenhill & Co., LLC, is the Debtor's financial advisor & investment banker. Jeffrey S. Sabin, Esq., at Bingham McCutchen LLP represents the Creditors' Committee as counsel. BearingPoint disclosed total assets of US$1,762,689,000, and debts of US$2,231,839,000 as of September 30, 2008. BROADSTRIPE LLC: Reports $4.4 Million Net Loss for July ------------------------------------------------------- According to Bill Rochelle at Bloomberg News, Broadstripe LLC reported a $4.4 million net loss in July on $8 million in revenue. Interest expense in the month was $2.9 million while reorganization costs were $1.2 million. Broadstripe already filed a reorganization plan to carry out an agreement reached before the Chapter 11 filing with holders of the first- and second-lien debt. However, a lawsuit by the official committee of unsecured creditors that seeks to invalidate the lenders' liens remains unresolved, delaying the plan process. Headquartered in Chesterfield, Missouri, Broadstripe LLC -- http://www.broadstripe.com/-- provides videos and telephone services to consumers and business in Maryland, Michigan, Washington and Oregon. The Company and five of its affiliates filed for Chapter 11 protection on January 2, 2009 (Bankr. D. Del. Lead Case No. 09-10006). Attorneys at Ashby & Geddes, and Gardere Wynne Sewell LLP represent the Debtors in their restructuring efforts. The Debtors proposed FTI Consulting Inc. as their restructuring consultant, and Epiq Bankruptcy Consultants LLC as their claims agent. When the Debtors filed for protection from their creditors, they listed assets and debts between $100 million and $500 million in their petition The U.S. Bankruptcy Court for the District of Delaware has approved sale procedures proposed by the Chapter 7 trustee, under which Emaar Properties PJSC will be the lead bidder at an August 20 auction for WL Homes LLC. CHARTER COMM: Reports Loss Due to Interest and Reorg. Costs ----------------------------------------------------------- According to Bill Rochelle at Bloomberg News, Charter Communications Inc. reported a $70 million consolidated net loss in July on $560 million revenue. Interest expense and reorganization costs totaled $138 million. Charter Communications has filed a Chapter 11 plan negotiated with lenders prepetition. The Plan has not been confirmed by the Bankruptcy Court, and bondholders are opposing the Plan. 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) CIRCUIT CITY: Incurs $424MM Loss for June Due to Asset Charges -------------------------------------------------------------- Circuit City Stores, Inc., et al. Balance Sheet As of June 30, 2009 ASSETS Current Assets Cash and cash equivalents $52,014,000 Restricted cash 16,116,000 Cash held by Bank of America 212,106,000 Short-term investments 870,000 Accounts receivable, net 464,986,000 Income tax receivable 75,542,000 Prepaid expenses and other current assets 7,375,000 Intercompany receivables and investments 104,103,000 in subsidiaries -------------- Total Current Assets 933,112,000 Property and Equipment 39,887,000 Accumulated depreciation (18,247,000) -------------- Net Property and Equipment 21,640,000 Other Assets 12,115,000 -------------- TOTAL ASSETS $966,867,000 ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Merchandise payable $210,713,000 Expenses payable 24,468,000 Accrued expenses and other current 34,496,000 liabilities Accrued compensation 450,000 Intercompany payables 607,000 Accrued income taxes 570,000 -------------- Total Current Liabilities 271,304,000 Deferred income taxes 7,084,000 Other Liabilities 9,000 -------------- Liabilities Not Subject to Compromise 278,397,000 Liabilities Subject to Compromise 1,415,523,000 -------------- Total Liabilities 1,693,920,000 Stockholders' Equity Common stock 435,612,000 Additional paid-in capital 304,915,000 Retained deficit (1,439,921,000) Accumulated other comprehensive income (27,659,000) -------------- Total Stockholders' Equity (727,053,000) -------------- Total Liabilities & Shareholders' Deficit $966,867,000 ============== Circuit City Stores, Inc., et al. Income Statement For the Month Ended June 30, 2009 Net sales $0 Cost of sales, buying and warehousing 0 -------------- Gross profit (loss) 0 Selling, general and administrative expenses 4,631,000 Asset impairment charges 417,123,000 -------------- Operating loss (421,754,000) Interest income 0 Interest expense 0 -------------- Loss before reorganization items, GAAP (421,754,000) reversals and income taxes Net loss from reorganization items (2,548,000) Net gain from GAAP reversals 276,000 Income tax benefit 4,000 -------------- NET LOSS ($424,022,000) ============== During June 2009, the company recorded a non-cash impairment charge of $417,100,000 related to its investment in its Canadian subsidiary. About Circuit City Headquartered in Richmond, Virginia, Circuit City Stores Inc. (NYSE: CC) -- http://www.circuitcity.com/-- was a specialty retailer of consumer electronics, home office products, entertainment software and related services in the U.S. and Canada. Circuit City Stores together with 17 affiliates filed a voluntary petition for reorganization relief under Chapter 11 of the Bankruptcy Code on November 10 (Bankr. E.D. Va. Lead Case No. 08- 35653). InterTAN Canada, Ltd., which runs Circuit City's Canadian operations, also sought protection under the Companies' Creditors Arrangement Act in Canada. Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP, are the Debtors' general restructuring counsel. Dion W. Hayes, Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, are the Debtors' local counsel. The Debtors also tapped Kirkland & Ellis LLP as special financing counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special securities counsel; and FTI Consulting, Inc., and Rotschild Inc. as financial advisors. The Debtors' Canadian general restructuring counsel is Osler, Hoskin & Harcourt LLP. Kurtzman Carson Consultants LLC is the Debtors' claims and voting agent. The Debtors disclosed total assets of $3,400,080,000 and debts of $2,323,328,000 as of August 31, 2008. Circuit City has opted to liquidate its 721 stores. It has obtained the Bankruptcy Court's approval to pursue going-out-of- business sales, and sell its store leases. CRUSADER ENERGY: Reports $5.34MM Net Loss in July ------------------------------------------------- According to Bill Rochelle at Bloomberg News, Crusader Energy Group Inc. reported a $5.34 million net loss in July. Revenue was $4.24 million, generating a $3.07 million gross profit. Interest in the month was $2.83 million with depletion and amortization totaling $2.5 million. The net loss was $4 million in June on net revenue of $4.9 million. Based in Oklahoma City, Oklahoma, Crusader Energy Group Inc. -- http://www.ir.crusaderenergy.com/-- explores, develops and acquires oil and gas properties, primarily in the Anadarko Basin, Williston Basin, Permian Basin, and Fort Worth Basin in the United States. It has working interests in more than 1,000 wells. Crusader Energy and its affiliates filed for Chapter 11 protection on March 30, 2009 (Bankr. N.D. Tex. Lead Case No. 09-31797). The Debtors' financial condition as of September 30, 2008, showed total assets of $749,978,331 and total debts of $325,839,980. Beth Lloyd, Esq., Richard H. London, Esq., and William Louis Wallander, Esq., at Vinson & Elkins, L.L.P., represent the Debtors as counsel. Holland N. Oneil, Esq., Michael S. Haynes, Esq., and Richard McCoy Roberson, Esq., at Gardere, Wynne & Sewell, represent the official committee of unsecured creditors as counsel. EXTENDED STAY: Incurs $11 Million Loss for 2nd Half of June ----------------------------------------------------------- Extended Stay Inc., et al. Combined Balance Sheet As of June 30, 2009 ASSETS: Current assets Cash & cash equivalents, unrestricted $1,870,000 Debtor in possession cash account 53,784,000 Cash management account, including deposits in transit 18,464,000 Accounts receivable, net of allowance for doubtful accounts 18,891,000 Restricted cash, escrows and reserves - Other current assets 32,860,000 Investment in derivative instruments, at fair value 5,000 Due from insiders - non-debtor affiliates - --------------- Total current assets 125,874,000 Property and equipment, net of accumulated depreciation 6,528,958,000 Land available for sale 2,000,000 Deferred financing costs, net of accumulated amortization 18,685,000 Trademarks 15,000,000 License of trademarks, net of accumulated amortization 10,085,000 Under market trademark licenses, net of accumulated amortization 13,984,000 Intangible assets, net of accumulated amortization 17,506,000 Other assets 15,358,000 --------------- Total assets $6,747,450,000 =============== LIABILITIES AND SHAREHOLDERS/MEMBERS'(DEFICIT) EQUITY: Liabilities not subject to compromise Current liabilities Accounts payable - Accrued occupancy taxes payable $4,661,000 Accrued state franchise/income tax 1,382,000 Accrued sales and use taxes payable 6,220,000 Accrued property and general liability insurance reserves 6,604,000 Accrued utilities 4,706,000 Other property accruals 1,748,000 Deferred revenue 9,132,000 General and administrative accruals 1,102,000 Accrued professional fees 286,000 Accrued real estate taxes 29,603,000 Accrued interest payable 27,409,000 Advance from insider, including accrued interest of $1,386 at June 30, 2009 7,886,000 Due to insiders - non-debtor affiliates 27,921,000 --------------- Total current liabilities 128,660,000 --------------- Other liabilities 4,641,000 --------------- Total liabilities not subject to compromise 133,301,000 Liabilities subject to compromise Accounts payable 278,000 Accrued interest payable 9,577,000 Mortgages payable 4,108,349,000 Mezzanine loans 3,295,456,000 Subordinated notes, net of discount 7,408,000 --------------- Total liabilities subject to compromise 7,421,068,000 Shareholders'/Members' (deficit) equity: Additional paid in capital 573,141,000 Retained deficit, prepetition (1,369,013,000) Retained deficit, postpetition (11,047,000) --------------- Total shareholders/members' (deficit) equity (806,919,000) --------------- Total liabilities and shareholders or members' (deficit) equity $6,747,450,000 =============== Extended Stay Inc., et al. Combined Statement of Operations For the Period June 15 to 30, 2009 Revenues Room revenues $38,399,000 Other property revenues 996,000 --------------- Total revenues 39,395,000 Operating expenses Property operating expenses 19,154,000 Corporate operating expenses 1,308,000 Officer/Insider Compensation - Trademark license fees expense 41,000 Management fees and G&A reimbursement expense 2,390,000 Depreciation and amortization 16,464,000 --------------- Total operating expenses 39,357,000 Other income 8,000 --------------- Operating income 46,000 Interest expense (10,126,000) Loss on investments in debt securities and interest rate caps (494,000) Interest income 9,000 --------------- Net loss before reorganization items (10,565,000) Reorganization items Professional fees 482,000 U.S. Trustee quarterly fees - Interest earned on accumulated cash from Chapter 11 - --------------- Total reorganization items 482,000 --------------- Net loss ($11,047,000) =============== A full-text copy of the Debtors' June monthly operating report is available for free at http://bankrupt.com/misc/ESIMORJune.pdf About Extended Stay Extended Stay is the largest owner and operator of mid-price extended stay hotels in the United States, holding one of the most geographically diverse portfolios in the lodging sector with properties located across 44 states (including 11 hotels located in New York) and two provinces in Canada. As a result of acquisitions and mergers, Extended Stay's portfolio has expanded to encompass over 680 properties, consisting of hotels directly owned or leased by Extended Stay or one of its affiliates. Extended Stay currently operates five hotel brands: (i) Crossland Economy Studios, (ii) Extended Stay America, (iii) Extended Stay Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe Studios. For the year ending December 31, 2008, Extended Stay's audited financial statements show consolidated assets (including nondebtor affiliates) totaling approximately $7.1 billion and consolidated liabilities totaling approximately $7.6 billion. Consolidated revenues for the 12 months ending December 31, 2008 were approximately $1 billion. Extended Stay Inc. and its affiliates filed for Chapter 11 on June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764). Judge James M. Peck handles the case. Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, in New York, represents the Debtors. Lazard Freres & Co. LLC is the Debtors' financial advisors. Kurtzman Carson Consultants LLC is the claims agent. Bankruptcy Creditors' Service, Inc., publishes Extended Stay Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings undertaken by Extended Stay Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). EXTENDED STAY: Incurs $20.6 Million Loss for July ------------------------------------------------- Extended Stay Inc., et al. Combined Balance Sheet As of July 31, 2009 ASSETS: Current assets Cash & cash equivalents, unrestricted $2,998,000 Debtor in possession cash account 58,068,000 Cash management account, including deposits in transit 11,433,000 Accounts receivable, net of allowance for doubtful accounts 19,355,000 Restricted cash, escrows and reserves - Other current assets 31,870,000 Investment in derivative instruments, at fair value 3,000 Due from insiders - non-debtor affiliates - --------------- Total current assets 123,727,000 Property and equipment, net of accumulated depreciation 6,500,637,000 Land available for sale 2,000,000 Deferred financing costs, net of accumulated amortization 18,148,000 Trademarks 15,000,000 License of trademarks, net of accumulated amortization 10,031,000 Under market trademark licenses, net of accumulated amortization 13,913,000 Intangible assets, net of accumulated amortization 17,412,000 Other assets 15,391,000 --------------- Total assets $6,716,259,000 =============== LIABILITIES AND SHAREHOLDERS/MEMBERS' (DEFICIT)/EQUITY: Liabilities not subject to compromise Current liabilities Accounts payable $137,000 Accrued occupancy taxes payable 4,425,000 Accrued state franchise/income tax 1,567,000 Accrued sales and use taxes payable 5,097,000 Accrued property and general liability insurance reserves 6,118,000 Accrued utilities 5,138,000 Other property accruals 2,023,000 Deferred revenue 9,366,000 General and administrative accruals 1,266,000 Accrued professional fees 4,400,000 Accrued real estate taxes 31,311,000 Accrued interest payable 9,909,000 Advance from insider, including accrued interest of $1,391 at July 31, 2009 7,891,000 Due to insiders - non-debtor affiliates 29,343,000 --------------- Total current liabilities 117,991,000 Other liabilities 4,674,000 --------------- Total liabilities not subject to compromise 122,665,000 Liabilities subject to compromise Accounts payable 302,000 Accrued interest payable 9,577,000 Mortgages payable 4,108,349,000 Mezzanine loans 3,295,456,000 Subordinated notes, net of discount 7,408,000 --------------- Total liabilities subject to compromise 7,421,092,000 Shareholders'/Members' (deficit) equity: Additional paid in capital 573,141,000 Retained deficit, prepetition (1,369,013,000) Retained deficit, postpetition (31,626,000) --------------- Total shareholders/members' (deficit) equity (827,498,000) --------------- Total liabilities and shareholders/ members' (deficit) equity $6,716,259,000 =============== Extended Stay Inc., et al. Combined Statement of Operations For the Period July 1 to 31, 2009 Revenues Room revenues $74,221,000 Other property revenues 1,456,000 --------------- Total revenues 75,677,000 Operating expenses Property operating expenses 36,859,000 Corporate operating expenses 1,342,000 Officer/Insider Compensation - Trademark license fees expense 81,000 Management fees and G&A reimbursement expense 4,704,000 Depreciation and amortization 30,884,000 --------------- Total operating expenses 73,870,000 Other income - --------------- Operating income 1,807,000 Interest expense (18,603,000) Loss on investments in debt securities and interest rate caps (2,000) Interest income 4,000 --------------- Net loss before reorganization items (16,794,000) Reorganization items Professional fees 3,706,000 U.S. Trustee quarterly fees 79,000 Interest earned on accumulated cash from Chapter 11 - --------------- Total reorganization items 3,785,000 --------------- Net loss ($20,579,000) =============== The Debtors listed $82,595,274 in total cash receipts and $87,985,866 in total disbursements for the month of July 2009. A full-text copy of the Debtors' July monthly operating report is available for free at http://bankrupt.com/misc/ESIMORJuly.pdf About Extended Stay Extended Stay is the largest owner and operator of mid-price extended stay hotels in the United States, holding one of the most geographically diverse portfolios in the lodging sector with properties located across 44 states (including 11 hotels located in New York) and two provinces in Canada. As a result of acquisitions and mergers, Extended Stay's portfolio has expanded to encompass over 680 properties, consisting of hotels directly owned or leased by Extended Stay or one of its affiliates. Extended Stay currently operates five hotel brands: (i) Crossland Economy Studios, (ii) Extended Stay America, (iii) Extended Stay Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe Studios. For the year ending December 31, 2008, Extended Stay's audited financial statements show consolidated assets (including nondebtor affiliates) totaling approximately $7.1 billion and consolidated liabilities totaling approximately $7.6 billion. Consolidated revenues for the 12 months ending December 31, 2008 were approximately $1 billion. Extended Stay Inc. and its affiliates filed for Chapter 11 on June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764). Judge James M. Peck handles the case. Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, in New York, represents the Debtors. Lazard Freres & Co. LLC is the Debtors' financial advisors. Kurtzman Carson Consultants LLC is the claims agent. Bankruptcy Creditors' Service, Inc., publishes Extended Stay Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings undertaken by Extended Stay Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). EZ LUBE: Incurs $977,000 Net Loss for June ------------------------------------------ Bill Rochelle at Bloomberg News reports that EZ Lube LLC's operating report showed a $977,000 net loss in June on $6.2 million revenue. The loss was $396,000 before reorganization items. From the inception of the case, the cumulative loss before reorganization items is $3.35 million. EZ Lube in August filed with the Bankruptcy Court a proposed reorganization plan that would convert $94.5 million of claims into new stock. The Court will consider approval of the disclosure statement explaining the Plan on September 18. Headquartered in Santa Ana, California, EZ Lube LLC -- http://www.ezlube.com/-- provides oil change and related services for automobiles including: oil filter replacement, lubricating chassis, and gearbox and brake fluid level maintenance. On December 9, 2008, EZ Lube together with Xpress Lube-Tech, Inc., filed for Chapter 11 (Bankr. D. Del., Lead Case No. 08-13256). The company's attorneys are Curtis A. Hehn, Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP. Broadway Advisors LLC has been tapped as financial advisor, and Coffey Management Company as chief restructuring advisor. Kurtzman Carson Consultants LLC acts as claims and notice agent. In its petition EZ Lube estimated assets and debts of $100 million to $500 million each. As reported in the December 10 issue of the Troubled Company Reporter, EZ Lube along with its affiliate, Xpress Lube-Tech Inc., filed for bankruptcy to facilitate a sale transaction with EZ Lube Acquisition Company LLC, an affiliate of its existing lenders, funds managed by GSO Capital Partners LP. However, the sale di not push through. FLEETWOOD ENTERPRISES: Had $68.5 Million Cash by July 26 -------------------------------------------------------- Fleetwood Enterprises, Inc., on August 25, 2009, filed its monthly operating report for the period beginning on June 22, 2009 through July 26, 2009, with the United States Trustee for the Central District of California, Riverside Division. As of July 26, 2009, Fleetwood Enterprises had $68,569,006 in cash. Total receipts were $56,377,009 and disbursement was $26,640,589. As of July 26, the Company had total assets of $248,040,000 and $394,142,000 in total liabilities. A full-text copy of the July report is available at no charge at http://ResearchArchives.com/t/s?43c1 Based in Riverside, California, Fleetwood Enterprises, Inc., together with 19 of affiliates, filed for Chapter 11 protection on March 10, 2009 (Bankr. C.D. Calif. Lead Case No. 09-14254). Craig Millet, Esq., and Solmaz Kraus, Esq., at Gibson, Dunn & Crutcher LLP, represent the Debtors in their restructuring efforts. FTI Consulting Inc. is the financial advisors to the Debtors. The Debtors tapped Greenhill & Co.. LLC as its investment banker. Fleetwood was authorized in June to sell its recreational vehicle business for $53 million to private-equity investor American Industrial Partners. FONTAINEBLEAU LAS VEGAS: Zero Business Activity for July -------------------------------------------------------- Fontainebleau Las Vegas Holdings, LLC, delivered to the Court on August 20, 2009, a copy of their Monthly Operating Report for the period July 1 to 31, 2009. However, since the Debtor has no business activity, the report contains zero figures for all financial reports. A full-text copy of the Debtor's July Monthly Operating Report may be accessed for free at: http://bankrupt.com/misc/FB_MOR_July31.pdf About Fontainebleau Las Vegas Fontainebleau Las Vegas Holdings, LLC � http://www.fontainebleau.com/-- is constructing a luxury resort, Fontainebleu Las Vegas, on the northern end of the Las Vegas Strip. Fontainebleau Las Vegas Holdings, LLC, Fontainebleau Las Vegas, LLC, Fontainebleau Las Vegas Capital Corp. filed for Chapter 11 protection on June 9, 2009 (Bankr. S.D. Fla. Lead Case No. 09-21481). Judge A. Jay Cristol presides over the Debtors' cases. Scott L Baena, Esq., at Bilzin Sumberg Baena Price & Axelrod LLP, represents the Debtors in their restructuring efforts. The Debtors' Financial Advisor are Moelis & Company LLC and Citadel Derivatives Group LLC. The Debtors' Special Litigation Counsel is David M. Friedman, Esq., at Kasowitz, Benson, Torres & Friedman LLP and the Debtors' Special Counsel is Jack J. Kessler, Esq., and Alan Rubin, Esq., at Buchanan Ingersoll & Rooney PC. The Debtors' Claims Agent is Kurtzman Carson Consulting LLC. An official committee of unsecured creditors has been appointed in the Chapter 11 cases. As of June 9, 2009, Fontainebleau Las Vegas LLC listed more than $1 billion in debt and a similar amount in assets, while each of Fontainebleau Las Vegas Capital Corp. and Fontainebleau Las Vegas Holdings, LLC, listed less than $50,000 in assets and more than $1 billion in debts. Bankruptcy Creditors' Service, Inc., publishes Fontainebleau Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Fontainebleau Las Vegas Holdings, LLC, and its debtor- affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) FRONTIER AIRLINES: Records 9th Straight Monthly Profit ------------------------------------------------------ Frontier Airlines Holdings, Inc. (OTC Bulletin Board: FRNTQ) reported a net profit of $17.8 million for the month of July and its ninth consecutive monthly operating profit. Frontier reported a consolidated operating profit of $24.9 million for the month of July 2009, compared to an operating income of $1.2 million for the same period in 2008, and a total consolidated net income of $17.8 million compared to a net loss of $3.2 million for July 2008. Excluding special items, the Company would have reported net income of $23.1 million, or a net margin of 20.4 percent in July 2009, compared to a net loss of $0.3 million, or a negative margin of 0.2 percent in 2008. Excluding special items, the operating profit for the month was $24.7 million versus an operating profit of $1.8 million in July 2008. Special items for the month of July 2009 included: * $5.5 million of reorganization expense (which includes $3.4 million in accelerated depreciation for a planned aircraft sale), compared to $2.4 million in July 2008 * Non-cash mark-to-market gains on fuel hedge contracts of $0.1 million Operational results for the month of July 2009 included: * A 16.0 percent year-over-year mainline capacity reduction * Mainline unit cost excluding fuel (CASM ex-fuel) was 5.78 cents, compared to 5.74 cents in July 2008 * Mainline total unit cost (CASM) was 8.58 cents, a 27.0 percent reduction compared to July 2008 * Mainline passenger revenue (PRASM) was 10.33 cents, down 9.9 percent from the previous year * Mainline total unit revenue (RASM) was 11.26 cents, a 5.1 percent decrease from July 2008 "These results are absolutely outstanding," said Frontier President and CEO Sean Menke. "Our financial performance in July and over the past nine months was possible because of our continuous focus on achieving the lowest cost structure in the industry, developing alternative revenue streams through our branded AirFairs program as well as the introduction of ancillary revenues and our constant attention to quality customer service," These results attracted two major investors to vie for ownership of our company and bring us out of bankruptcy. I am proud of the effort put forth by every Frontier and Lynx employee; our success wouldn't have been possible without their tireless efforts," Mr. Menke added. Frontier expects to emerge from bankruptcy in late September as a wholly-owned subsidiary of Republic Airways Holdings, Inc. A copy of Frontier's Monthly Operating Report is available for free at http://ResearchArchives.com/t/s?4354 FRONTIER AIRLINES HOLDINGS, INC., ET AL. Unaudited Condensed Balance Sheet As of July 31, 2009 ASSETS CURRENT ASSETS: Cash and cash equivalents $67,779,000 Restricted cash and investments 170,015,000 Receivables, net of allowance 36,992,000 Prepaid expenses and other assets 25,053,000 Inventories, net of allowance 12,993,000 Assets held for sale 618,000 --------------- Total current assets 313,450,000 Property and other equipment, net 565,313,000 Security and other deposits 27,376,000 Maintenance reserve deposits 133,390,000 Aircraft pre-delivery payments 7,835,000 Restricted investments 2,987,000 Deferred loan expenses and other assets 11,056,000 --------------- Total Assets $1,061,407,000 =============== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities not subject to compromise: CURRENT LIABILITIES: Accounts payable $45,671,000 Air traffic liability 150,859,000 Other accrued expenses 53,635,000 Deferred revenue & other current liabilities 13,558,000 DIP financing 40,000,000 -------------- Total current liabilities not subject to compromise 303,723,000 Deferred revenue and other liabilities 17,578,000 Other long-term debt -- postpetition 3,000,000 -------------- Total liabilities not subject to compromise 324,301,000 Liabilities subject to compromise 679,472,000 -------------- Total Liabilities 1,003,773,000 STOCKHOLDERS' EQUITY Preferred stock - Common stock 37,000 Additional paid-in capital 197,411,000 Cumulative effect of accounting principle 124,511,000 Accumulated deficit (264,325,000) -------------- Total Stockholders' Deficit 57,634,000 -------------- Total Liabilities and Stockholders' Deficit $1,061,407,000 ============== FRONTIER AIRLINES HOLDINGS, INC., ET AL. Unaudited Condensed Consolidated Statement of Operations Month Ended July 31, 2009 Revenues: Passenger $104,762,000 Cargo 467,000 Other 8,330,000 -------------- Total revenues 113,559,000 Operating expenses: Flight operations 13,032,000 Aircraft fuel 28,037,000 Aircraft lease 9,339,000 Aircraft and traffic servicing 14,871,000 Maintenance 5,319,000 Promotion and sales 10,136,000 General and administrative 5,039,000 Operating expenses -- regional partner - Loss (gain) on sales of assets, net (3,000) Employee separation and other charges - Depreciation 2,935,000 -------------- Total operating expenses 88,705,000 -------------- Operating income (loss) 24,854,000 Non-operating income (expense): Interest income 100,000 Interest expense (1,660,000) Loss from early extinguishment of debt - Other, net 58,000 -------------- Total non-operating expense, net (1,502,000) Income before reorganization items & income tax 23,352,000 Reorganization items 5,486,000 Income tax expense 104,000 -------------- Net Income (Loss) $17,762,000 ============== FRONTIER AIRLINES HOLDINGS, INC., ET AL. Unaudited Condensed Consolidated Statement of Cash Flows Month Ended July 31, 2009 Cash flows from operating activities: Net income (loss) $17,762,000 Adjustments to reconcile net loss to net cash provided by (used in) operating activities: ESOP and stock option compensation expense 83,000 Depreciation and amortization 3,148,000 Assets beyond economic repair 46,000 Mark to market adjustments on derivative contracts (111,000) Amounts paid for settled derivative contracts - Gain on disposal of equipment & other assets, net (3,000) Loss on early extinguishment of debt - Reorganization items 5,486,000 Changes in operating assets and liabilities: Restricted investments (8,974,000) Receivables 480,000 Security and other deposits (1,105,000) Maintenance reserve payments (2,064,000) Prepaid expenses and other assets (5,107,000) Inventories 394,000 Accounts payable 3,066,000 Air traffic liability (8,822,000) Other accrued expenses & income tax payable 2,621,000 Deferred revenue and other liabilities (985,000) --------------- Net cash provided by (used in) operating activities 5,915,000 Cash flows from reorganization activities Net cash (provided by) used in reorganization activities (1,311,000) --------------- Total net cash provided by (used in) operating activities 4,604,000 Cash flows from investing activities: Aircraft purchase deposits made (285,000) Aircraft purchase deposits returned 16,000 Sale of short-term investment - Proceeds from the sale of property and equipment and assets held for sale 25,000 Capital expenditures (680,000) Proceeds from the sale of aircraft -- reorganization - --------------- Net cash provided by (used in) investing activities (924,000) Cash flows from financing activities: Proceeds from DIP financing (postpetition) - Extinguishment of long-term borrowings - Principal payments on long-term borrowings (2,271,000) Principal payments on short-term borrowing (3,000,000) Payment of financing fees (31,000) Extinguishment of long-term borrowings -- reorganization - --------------- Net cash used in financing activities (5,302,000) Increase in cash and cash equivalents (1,622,000) Cash and cash equivalents at beginning of period 69,401,000 --------------- Cash and cash equivalents at end of period $67,779,000 =============== 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. As reported by the TCR on August 14, Republic Airways Holdings, Inc. has been declared the winning bidder in the auction to acquire Frontier, beating Southwest Airlines. Bankruptcy Creditors' Service, Inc., publishes Frontier Airlines Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Frontier Airlines Inc. and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) GENERAL GROWTH: Posts Net Loss of $27.6 Million in July ------------------------------------------------------- On August 31, 2009, General Growth Properties, Inc. and certain of the Company's domestic subsidiaries filed their monthly operating report for the month ended July 31, 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 $27.6 million on total revenues of $210.1 million for the month ended July 31, 2009. Operating income was $74.8 million. Net loss for July includes interest expense of $88.7 million. Reorganization items totaled $15.4 million. At July 31, 2009, General Growth's consolidated balance sheet showed $26.66 billion in total assets, $24.52 billion in total liabilities, $158.5 million in total redeemable noncontrolling interests, and $1.98 billion in total equity. A full-text copy of the Debtors monthly operating report for the month ended July 31, 2009, is available at: http://researcharchives.com/t/s?43f1 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) HAWAIIAN TELCOM: Records $2.79MM Loss Due to Reorganization Costs ----------------------------------------------------------------- Hawaiian TelCom Communications, Inc. Balance Sheet As of July 31, 2009 Cash and cash equivalents $104,259,040 Accounts receivable - Materials and supplies - Prepaid expenses - Other current assets - Property and equipment - Investment in subsidiaries 971,215,616 Deferred charges and other assets 10,948,855 Intangible assets - --------------- Total assets $1,086,423,511 =============== Current portion of long-term debt $1,080,076,710 Accounts payable - Payroll and related benefits payable - Accrued other taxes - Accrued interest 31,113,180 Advance billings - Other current liabilities 15,476,634 Long-term debt - Employee benefit obligations - Deferred income taxes 370,745 Other liabilities - --------------- 1,127,037,269 --------------- Equity (399,039,386) Intercompany receivable (102,072,089) Intercompany payable 460,497,717 --------------- Net owner interest (40,613,758) --------------- Total liabilities and partners' capital $1,086,423,511 =============== Hawaiian TelCom Communications, Inc. Income Statement For the Month Ended July 31, 2009 Operating revenues - Operating expenses: Cost of goods sold - Salaries and wages $6,626 Pension and other benefits - Employee related expenses - Contracted services - Restructuring expenses - Rents - Materials - Advertising - Gross receipts and other taxes - Uncollectibles - All other 299 Depreciation and amortization - --------------- Total operating expenses 6,925 --------------- Operating income (loss) (6,925) --------------- Other (income) expense: Interest expense 2,594,335 Loss on early extinguishment of debt - Gain (loss) on interest rate swap - Other income and expense, net - --------------- Total other (income) expenses 2,594,335 --------------- Income (loss) from continuing operations before reorganization items and provision for income taxes (2,601,260) Reorganization items 9,770 --------------- Income (loss) from continuing operations before provision for income taxes (2,611,030) Provision (benefit) for income taxes 180,745 --------------- Net income (loss) ($2,791,775) =============== Hawaiian TelCom Communications, Inc. Cash Receipts and Disbursements For the Month Ended July 31, 2009 June 2009 ending book balance $98,268,803 Cash on hand beginning book balance 0 Adjustments 0 ---------------- June 2009 beginning book balance 98,268,803 Receipts Receipts from operations 954 Net change in deposits in transit 0 Other 0 ---------------- Total receipts 954 ---------------- Disbursements AP & Payroll disbursements Check (11,537) EFT 0 Wire 0 --------------- Total AP & Payroll disbursements (11,537) --------------- Bank debts Bank fees (63) Other 0 --------------- Total bank debts (63) --------------- Total disbursements (11,600) --------------- Other transfers 6,000,000 --------------- ZBA credits 882 ZBA debits 0 --------------- Total ZBAs 882 --------------- Adjustments 0 --------------- July 2009 ending book balance $104,259,040 =============== Other Hawaiian Telcom Affiliates Seven affiliates of Hawaiian Telcom Communications also delivered separate individual monthly operating reports to the Court. The Hawaiian Telcom affiliates reported these assets and liabilities as of July 31, 2009: Debtor Affiliate Total Assets Total Debts ---------------- -------------- -------------- Hawaiian Telcom, Inc. $1,097,361,563 $1,097,361,563 Hawaiian Telcom Services Company, Inc. $85,277,312 $85,277,312 Hawaiian Telcom Holdco, Inc. ($66,653,623) ($66,653,623) Hawaiian Telcom IP Service Delivery Investment, LLC $0 $0 Hawaiian Telcom IP Video Investment, LLC $0 $0 Hawaiian Telcom IP Video Research, LLC ($650) $650) Hawaiian Telcom IP Service Delivery Research, LLC ($685) ($685) The Debtor affiliates listed their net income or loss for the period from July 1 to 31, 2009: Company Net Income(Loss) ------------- --------------- Hawaiian Telcom, Inc. ($6,872,679) Hawaiian Telcom Services Company, Inc. ($856,161) Hawaiian Telcom IP Service Delivery Research, LLC ($55,515) Hawaiian Telcom IP Video Research, LLC ($20,023) Hawaiian Telcom Holdco, Inc. $0 Hawaiian Telcom IP Service Delivery Investment, LLC $0 Hawaiian Telcom IP Video Investment, LLC $0 The Debtor affiliates also reported their cash receipts and disbursements for the period from July 1 to 31, 2009: Company Receipts Disbursements Cash Flow ------------- ----------- ------------- --------- Hawaiian Telcom, Inc. $37,969,182 ($28,284,161) $4,385,285 Hawaiian Telcom Services Company, Inc. $289,952 ($4,486,412) ($369,251) Hawaiian Telcom IP Video Research, LLC $0 ($7,617) ($650) Hawaiian Telcom IP Service Delivery Research, LLC $0 ($20,266) ($685) Hawaiian Telcom Holdco, Inc. $0 $0 $0 Hawaiian Telcom IP Service Delivery Investment, LLC $0 $0 $0 Hawaiian Telcom IP Video Investment, LLC $0 $0 $0 About Hawaiian Telcom Based in Honolulu, Hawaii, Hawaiian Telcom Communications, Inc. -- http://www.hawaiiantel.com/-- operates a telecommunications company, which offers an array of telecommunications products and services including local and long distance service, high-speed Internet, wireless services, and print directory and Internet directory services. The Company and seven of its affiliates filed for Chapter 11 protection on December 1, 2008 (Bankr. D. Del. Lead Case No. 08-13086). As reported by the TCR on December 30, 2008, Judge Peter Walsh of the U.S. Bankruptcy Court for the District of Delaware approved the transfer of the Chapter 11 cases to the U.S. Bankruptcy Court for the District of Hawaii before Judge Lloyd King (Bankr. D. Hawaii Lead Case No. 08-02005). Richard M. Cieri, Esq., Paul M. Basta, Esq., and Christopher J. Marcus, Esq., at Kirkland & Ellis LLP, represent the Debtors in their restructuring efforts. The Debtors proposed Lazard Freres & Co. LLC as investment banker; Zolfo Cooper Management LLC as business advisor; Deloitte & Touche LLP as independent auditors; and Kurztman Carson Consultants LLC as notice and claims agent. An official committee of unsecured creditors has been appointed and is represented by Christopher J. Muzzi, Esq., at Moseley Biehl Tsugawa Lau & Muzzi LLC, in Honolulu, Hawaii. When the Debtors filed for protection from their creditors, they listed total assets of $1,352,000,000 and total debts of $1,269,000,000 as of September 30, 2008. Bankruptcy Creditors' Service, Inc., publishes Hawaiian Telcom Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Hawaiian Telcom Communications, Inc., and seven of its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) HERCULES CHEMICAL: Posts $69,800 Net Profit in July --------------------------------------------------- Hercules Chemical Co. reported a $69,800 net profit in July after spending $75,000 on reorganization expenses, Bill Rochelle at Bloomberg News reported. According to the report, net revenue for the month was $2.25 million. Since its bankruptcy filing in September 2008, it has incurred a cumulative net loss of $160,000 on aggregate net sales of $31.1 million. Reorganization expenses throughout the case total $1.4 million. Headquartered in Passaic, New Jersey, Hercules Chemical Company Inc. makes products for plumbing, hearing air conditioning and electrical trades. Owned by an employee stock ownership plan trust, Hercules resorted to bankruptcy protection in the face of more than 7,000 asbestos claims. Hercules Chemical Co., Inc., filed for Chapter 11 bankruptcy protection on September 18, 2008, with the U.S. Bankruptcy Court for the District of New Jersey (Case No. 08-27822), blaming the costs of asbestos-related lawsuits. The asbestos suits arose from a furnace cement product made between 1939 and 1983. The Debtor first filed for bankruptcy on August 22, 2008, in the U.S. Bankruptcy Court for the Western District of Pennsylvania (Case No. 08-25553)) but the case was transferred to New Jersey, where it is incorporated. Gregory L. Taddonio, Esq., and Paul M. Singer, Esq., at Reed Smith LLP, represent the Debtor. Meyer, Unkovic & Scott LLP represents the Debtor's Future Asbestos Personal Injury Claimants. When the Debtor filed for protection from its creditors, it listed assets and debts between $10 million and $50 million. LTV CORP: Files Monthly Operating Report for July ------------------------------------------------- On August 20, 2009, The LTV Corporation, et al., submitted to the U.S. Bankruptcy Court for the Northern District of Ohio their operating report for the period ended July 31, 2009, for the LTV Integrated Steel Business. For the month of July 2009, the LTV Integrated Steel Business reported total cash receipts of $26,000 and total cash disbursements of $204,000. Ending cash balance was $10,735,000, as shown below: Beginning cash $10,913,000 Add: Receipts 26,000 Total Available Cash $10,939,000 Less: Disbursements $204,000 Ending cash $10,735,000 A full-text copy of the Debtors' July 2009 operating report is available for free at http://researcharchives.com/t/s?43ec Headquartered in Cleveland, Ohio, The LTV Corp. is a manufacturer with interests in steel and steel-related businesses, employing some 17,650 workers and operating 53 plants in Europe and the Americas. The Company filed for chapter 11 protection on December 29, 2000 (Bankr. N.D. Ohio, Case No. 00-43866). On August 31, 2001, the company listed $4,853,100,000 in assets and $4,823,200,000 in liabilities. MAGNA ENTERTAINMENT: Posts $8.8MM Net Loss From June 29 to Aug 2 ---------------------------------------------------------------- On September 1, 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 29, 2009, to August 2, 2009, with the United States Bankruptcy Court for the District of Delaware. Magna Entertainment reported a net loss of $8,853,287 on zero revenue for the period. Cumulative filing to date net loss was $39,851,998. At August 2, 2009, the Company had $1,043,439,515 in total assets, $500,146,416 in total liabilities, and $543,293,099 in net owner equity. A full-text copy of the monthly operating report is available for free at http://researcharchives.com/t/s?43f2 About Magna Entertainment Based in Aurora, Ontario, Magna Entertainment Corp. is North America's largest owner and operator of horse racetracks based on revenue. The Company develops, owns and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. MEC also develops, owns and operates casinos in conjunction with its racetracks where permitted by law. MEC owns and operates AmTote International, Inc., a provider of totalisator services to the pari-mutuel industry, XpressBet(R), a national Internet and telephone account wagering system, as well as MagnaBet(TM) internationally. Pursuant to joint ventures, MEC has a 50% 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. Mark D. Collins, Esq., L. Katherine Good, Esq., and Maris J. Finnegan, Esq., at Richards, Layton & Finger, P.A., are the Debtors' local counsel. Miller Buckfire & Co. LLC is the Debtors' investment banker and financial advisor. Kurtzman Carson Consultants LLC is the claims and noticing agent for the Debtors. 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. MERISANT WORLDWIDE: Reports $26.3 Million Net Loss in July ---------------------------------------------------------- Merisant Worldwide Inc. incurred a $26.3 million net loss in July on net sales of $56.2 million, Bill Rochelle at Bloomberg News reported. According to the report, Gross profit was $25.2 million, while restructuring costs totaled $17.9 million. Merisant Worldwide has asked the Bankruptcy Court to extend the exclusive periods during which only it may file a Chapter 11 plan or plans of reorganization through and including October 20, 2009. Merisant says that it has conducted the extensive operational, financial, and legal analyses necessary to the formulation of a confirmable plan of reorganization. These efforts have resulted in the development of a mature plan of reorganization term sheet from which the Debtors continue to negotiate with (i) their agent and lender under the Debtor-in-Possession Credit Agreement dated February 13, 2009, Wayzata Investment Partners LLC, (ii) the Official Committee of Unsecured Creditors, and (iii) an ad hoc group of their prepetition secured lenders. Discussions are currently ongoing. About Merisant Worldwide Headquartered in Chicago, Illinois, Merisant Worldwide Inc. -- http://www.merisant.com/-- sells low-calorie tabletop sweetener. The Debtor's brands are Equal(R) and Canderel(R). The Debtor has principal regional offices in Mexico City, Mexico; Neuchatel, Switzerland; Paris, France; and Singapore. In addition, the Debtor owns and operates manufacturing facilities in Manteno, Illinois, and Zarate, Argentina, and own processing lines that are operated exclusively for the Debtor at plants located in Bergisch and Stendal, Germany and Bangkrason, Thailand. As of March 28, 2008, the Debtor has 20 active direct and indirect subsidiaries, including five subsidiaries in the United States, six subsidiaries in Europe, five subsidiaries in Mexico, Central America and South America, and three subsidiaries in the Asia Pacific region, including Australia and India. Furthermore, the Debtor's Swiss subsidiary holds a 50% interest in a joint venture in the Philippines. Merisant Worldwide holds 100% interest in Merisant Company. Merisant Worldwide and five of its units filed for Chapter 11 protection on January 9, 2009 (Bankr. D. Del. Lead Case No. 09-10059). Sidley Austin LLP represents the Debtors in their restructuring efforts. Young, Conaway, Stargatt & Taylor LLP represents the Debtors' as co-counsel. Blackstone Advisory Services LLP is the Debtors' financial advisor. Epiq Bankruptcy Solutions, LLC, is the Debtors' Claims and Noticing Agent. Winston & Strawn LLP represents the official committee of unsecured creditors as counsel. Ashby & Geddes, P.A., is the Committee's Delaware counsel. The Debtors had US$331,077,041 in total assets and US$560,742,486 in total debts as of November 30, 2008. MILACRON INC: Posts $7,568,000 Net Loss in July 2009 ---------------------------------------------------- MI 2009 Inc., formerly known as Milacron Inc., on August 21, 2009, filed with the United States Bankruptcy Court for the Southern District of Ohio, Western Division, its monthly operating report for July 2009. The Company posted a net loss of $7,568,000 in July on total sales of $20,672,000. As of July 31, 2009, the Company had $527,881,000 in total assets, and total post-petition liabilities of $128,270,000, total secured liabilities of $188,362,000, and total prepetition liabilities of $506,895,000, resulting in total deficit of $295,646,000. A full-text copy of the July report is available at no charge at: http://ResearchArchives.com/t/s?43c4 Milacron and certain of its subsidiaries sold their assets to Milacron LLC, a company formed by affiliates of Avenue Capital Group, certain funds or accounts managed by DDJ Capital Management LLC and certain other entities that together hold approximately 93% of the Company's 11-1/2% Senior Secured Notes, pursuant to a Purchase Agreement dated as of May 3, 2009, as amended. In return for the Debtors' assets, the Purchaser provided total consideration of approximately $180 million, consisting of repayment of the Company's debtor-in-possession loan facilities (one of which was provided by the Participating Noteholders), assumption of certain of the Debtors' other liabilities, including ordinary course liabilities and other debt, credit bid of a portion of the Participating Noteholders' Secured Notes and payment of additional consideration to non-Participating Noteholders. The amount and nature of the consideration were determined by arm's length negotiation between the parties. 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 June 30, 2009, the Company had $528,548,000 in total assets and $818,577,000 in total liabilities. Milacron Inc. asked the Bankruptcy Court to change its name to MI 2009 Inc. following the Court-sanctioned sale of its assets to an investor group. MUZAK HOLDINGS: Reports $5.3 Million Net Loss in July ----------------------------------------------------- According to reporting by Bloomberg's Bill Rochelle, Muzak Holdings LLC reported a $5.3 million net loss in July on revenue of $18 million. Professional fees totaled $3 million while interest expense was $3.8 million. Gross profit for the month was $10.4 million. Since filing, the cumulative net loss is $21.6 million. Headquartered in Fort Mill, South Carolina, Muzak Holdings LLC -- http://www.muzak.com/-- creates a variety of music programming from a catalog of over 2.6 million songs and produces targeted custom in-store and on-hold messaging. Through its national service and support network, Muzak designs and installs professional sound systems, digital signage, drive-thru systems, commercial television and more. The Company and 14 affiliates filed for Chapter 11 protection on February 10, 2009 (Bankr. D. Del. Lead Case No. 09-10422). Moelis & Company is serving as financial advisor to the Company. Kirkland & Ellis LLP is the Debtors' counsel. Klehr Harrison Harvey Branzburg & Ellers has been tapped as local counsel. Muzak's petition listed assets of $324 million against debt of $465 million, including $101 million owed on a senior secured credit facility, $220 million in senior notes and $115 million in subordinated notes. NEUMANN HOMES: Disbursement Total $504,802 in May ------------------------------------------------- Neumann Homes Inc., et al. Receipts and Disbursements Month Ended May 31, 2009 Beginning Balance in All Accounts Neumann Citibank Operating Account $334,765 Neumann Bank of America - old accounts (various) - Neumann Citibank - Customer Earnest Money Acct 15 Neumann Citibank - Funding/DIP Acct 52,530 Neumann Petty Cash Account 296 Neumann Citibank - Worker Comp Escrow 8,234 Neumann Citibank - DIP Funding - Professional Acct - Neumann Citibank-Clublands Antioch Clubhouse 158,469 -------------- 554,311 Restricted - Neumann Citibank - Glen at Lakemoor EM Acct 1,231 Restricted - IndyMac Escrow Acct - NeuVillage 125,609 Restricted - Chicago Title Escrow Acct - Closed Homes 224,435 Restricted - Chicago Title Escrow Acct - Lender Funded 1,377,147 Restricted - NHI KERP Account 14,896 Restricted - Land Title Guarantee Escrow - -------------- 1,743,319 -------------- 2,297,631 Receipts: Operating Acct 367,065 Customer Earnest Money Acct-Ckg - Customer Earnest Money Acct-MM - Funding/DIP Account - Neumann Petty Cash Account 650 Glen at Lakemoor EM acct 0 Clublands Antioch Clubhouse acct 14 DIP Funding - Professional Acct - Restricted Escrow held by CTT-Lender Funding - IndyMac Escrow for L/C-Leona's Neu Village - Restricted Escrow held by CTT-(closings) - NHI Worker Comp Escrow - NHI KERP Account - Employee Health Plan Contribution -------------- 367,730 Disbursements: Net Payroll: Officers - Others (9,514) -------------- (9,514) Taxes: Federal Income Tax Withholding (1,146) FICA/Medicare Withholdings EE (908) Employer's FICA/Medicare ER (908) Federal Unemployment Taxes ER - State Income Tax Withholding (306) State Unemployment Taxes ER - -------------- (3,269) Necessary expenses: Rent or mortgage payment(s) (3,546) Utilities & phones (803) Insurance (1,634) Merchandise/services bought for manufacture/sale - Other: Payroll Services (455) Benefit related including flex spending Miscellaneous (119) Expense Reimbursement (215) Postage, shipping, copying (57) Other - Transfer (219,233) Supplies & Storage & Misc. (56) Temporary Labor Consulting services (31,772) US Trustee Fees Legal - Professional Fees (226,151) Professional tax service fees Filing Fees, Extension Fees (7,972) Payroll tax adjustment -------------- (492,018) Total Disbursements: (504,802) Net Receipts (Disbursements) for the Current Period (137,071) -------------- Ending Balance in all Accounts $2,160,559 ============== About Neumann Homes Headquartered in Warrenville, Illinois, Neumann Homes Inc. -- http://www.neumannhomes.com/-- develops and builds residential real estate throughout the Midwest and West US. The company is active in the Chicago area, southeastern Wisconsin, Colorado, and Michigan. The Company has built more than 11,000 homes in some 150 residential communities. The Company offers formal business training to employees through classes, seminars, and computer- based training. The Company filed for Chapter 11 protection on November 1, 2007 (Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors has selected Paul, Hastings, Janofsky & Walker LLP, as its counsel in these bankruptcy proceeding. When the Debtors filed for protection from its creditors, they listed assets and debts of more than $100 million. (Neumann Bankruptcy News, Issue No. 29; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) NEUMANN HOMES: Disbursement Total $88,598 in June ------------------------------------------------- Neumann Homes Inc., et al. Receipts and Disbursements Month Ended June 30, 2009 Beginning Balance in All Accounts Neumann Citibank Operating Account $416,496 Neumann Citibank - Customer Earnest Money Acct 15 Neumann Citibank - Funding/DIP Acct - Neumann Petty Cash Account 713 Neumann Citibank - Worker Comp Escrow - Neumann Citibank - DIP Funding - Professional Acct - Neumann Citibank-Clublands Antioch Clubhouse 14 -------------- 417,239 Restricted - Neumann Citibank - Glen at Lakemoor EM Acct 1,231 Restricted - IndyMac Escrow Acct - NeuVillage 125,609 Restricted - Chicago Title Escrow Acct - Closed Homes 224,435 Restricted - Chicago Title Escrow Acct - Lender Funded 1,377,147 Restricted - NHI KERP Account 14,896 Restricted - Land Title Guarantee Escrow - -------------- 1,743,320 -------------- 2,160,559 Receipts: Operating Acct 159,294 Customer Earnest Money Acct-Ckg - Customer Earnest Money Acct-MM - Funding/DIP Account - Neumann Petty Cash Account 1,055 Glen at Lakemoor EM acct 0 Clublands Antioch Clubhouse acct - DIP Funding - Professional Acct - Restricted Escrow held by CTT-Lender Funding - IndyMac Escrow for L/C-Leona's Neu Village - Restricted Escrow held by CTT-(closings) - NHI Worker Comp Escrow - NHI KERP Account - Employee Health Plan Contribution -------------- 160,350 Disbursements: Net Payroll: Officers - Others (9,514) -------------- (9,514) Taxes: Federal Income Tax Withholding (1,146) FICA/Medicare Withholdings EE (908) Employer's FICA/Medicare ER (908) Federal Unemployment Taxes ER - State Income Tax Withholding (306) State Unemployment Taxes ER - -------------- (3,269) Necessary expenses: Rent or mortgage payment(s) (3,546) Utilities & phones (733) Insurance (26,502) Merchandise/services bought for manufacture or sale Other: Payroll Services (220) Benefit Related including flex spending Miscellaneous Expense Reimbursement (551) Postage, shipping, copying (14) Other - Transfer Supplies & Storage & Misc. (193) Temporary Labor Consulting services (41,415) US Trustee Fees Legal - Professional Fees Professional tax service fees (2,638) Filing Fees, Extension Fees Payroll tax adjustment -------------- (75,814) Total Disbursements: (88,598) Net Receipts (Disbursements) for the Current Period 71,751 -------------- Ending Balance in all Accounts $2,232,311 ============== About Neumann Homes Headquartered in Warrenville, Illinois, Neumann Homes Inc. -- http://www.neumannhomes.com/-- develops and builds residential real estate throughout the Midwest and West US. The company is active in the Chicago area, southeastern Wisconsin, Colorado, and Michigan. The Company has built more than 11,000 homes in some 150 residential communities. The Company offers formal business training to employees through classes, seminars, and computer- based training. The Company filed for Chapter 11 protection on November 1, 2007 (Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors has selected Paul, Hastings, Janofsky & Walker LLP, as its counsel in these bankruptcy proceeding. When the Debtors filed for protection from its creditors, they listed assets and debts of more than $100 million. (Neumann Bankruptcy News, Issue No. 29; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) NEUMANN HOMES: Disbursement Total $102,200 in July -------------------------------------------------- Neumann Homes Inc., et al. Receipts and Disbursements Month Ended July 31, 2009 Beginning Balance in All Accounts Neumann Citibank Operating Account $487,399 Neumann Citibank - Customer Earnest Money Acct 15 Neumann Citibank - Funding/DIP Acct - Neumann Petty Cash Account 1,561 Neumann Citibank - Worker Comp Escrow - Neumann Citibank - DIP Funding - Professional Acct - Neumann Citibank-Clublands Antioch Clubhouse 14 -------------- 488,991 Restricted - Neumann Citibank - Glen at Lakemoor EM Acct 1,231 Restricted - IndyMac Escrow Acct - NeuVillage 125,609 Restricted - Chicago Title Escrow Acct - Closed Homes 224,435 Restricted - Chicago Title Escrow Acct - Lender Funded 1,377,147 Restricted - NHI KERP Account 14,896 Restricted - Land Title Guarantee Escrow - -------------- 1,743,320 -------------- 2,232,311 Receipts: Operating Acct 51,902 Customer Earnest Money Acct-Ckg - Customer Earnest Money Acct-MM - Funding/DIP Account - Neumann Petty Cash Account 250 Glen at Lakemoor EM acct 0 Clublands Antioch Clubhouse acct - DIP Funding - Professional Acct - Restricted Escrow held by CTT-Lender Funding - IndyMac Escrow for L/C-Leona's Neu Village - Restricted Escrow held by CTT-(closings) - NHI Worker Comp Escrow - NHI KERP Account - Employee Health Plan Contribution -------------- 52,152 Disbursements: Net Payroll: Officers - Others (9,514) -------------- (9,514) Taxes: Federal Income Tax Withholding (1,146) FICA/Medicare Withholdings EE (908) Employer's FICA/Medicare ER (908) Federal Unemployment Taxes ER - State Income Tax Withholding (306) State Unemployment Taxes ER - -------------- (3,269) Necessary expenses: Rent or mortgage payment(s) (3,546) Utilities & phones (1,608) Insurance (580) Merchandise/services bought for manufacture or sale Other: Payroll Services (320) Benefit Related including flex spending Miscellaneous (137) Expense Reimbursement (808) Postage, shipping, copying Other - Transfer Supplies & Storage & Misc. Temporary Labor Consulting services (21,945) US Trustee Fees (6,500) Legal - Professional Fees (53,969) Professional tax service fees Filing Fees, Extension Fees Payroll tax adjustment -------------- (89,417) Total Disbursements: (102,200) Net Receipts (Disbursements) for the Current Period (50,048) -------------- Ending Balance in all Accounts $2,182,263 ============== About Neumann Homes Headquartered in Warrenville, Illinois, Neumann Homes Inc. -- http://www.neumannhomes.com/-- develops and builds residential real estate throughout the Midwest and West US. The company is active in the Chicago area, southeastern Wisconsin, Colorado, and Michigan. The Company has built more than 11,000 homes in some 150 residential communities. The Company offers formal business training to employees through classes, seminars, and computer- based training. The Company filed for Chapter 11 protection on November 1, 2007 (Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors has selected Paul, Hastings, Janofsky & Walker LLP, as its counsel in these bankruptcy proceeding. When the Debtors filed for protection from its creditors, they listed assets and debts of more than $100 million. (Neumann Bankruptcy News, Issue No. 29; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) NORTEL NETWORKS: Earns $4 Million in July 1 to August 1 Period -------------------------------------------------------------- On August 31, 2009, Nortel Networks Inc. and several other direct and indirect U.S. subsidiaries and certain affiliates of Nortel Networks Limited filed their monthly operating report for the period from July 1, 2009, to August 1, 2009, with the United States Bankruptcy Court for the District of Delaware. For the period, the Nortel Networks Inc. reported net income of $4 million on total revenues of $214 million. Reorganization items - net amounted to $9 million. At August 1, 2009, Nortel Networks Inc. had $3.23 billion in total assets, $7.50 billion in total liabilities, and $4.27 billion in shareholders' deficit. A full-text copy of the Debtors' monthly operating report for the period from July 1, 2009, to August 1, 2009, is available for free at http://researcharchives.com/t/s?43ee 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. As of September 30, 2008, Nortel Networks Corp. reported consolidated assets of US$11.6 billion and consolidated liabilities of US$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 US$9 billion and liabilities of US$3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about US$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) OPUS SOUTH: Records $7.9 Mil. Net Loss for July ----------------------------------------------- Opus South Corporation Balance Sheet As of July 31, 2009 ASSETS: Cash & cash equivalents $1,184,761 Receivables: Construction contracts 4,378,468 Related party 4,210,872 Management fees - Other (2,492,622) ------------ Total receivables 6,096,718 Costs & estimated earnings 153,232 Prepaid expenses & other assets 546,990 Pursuit costs - Real estate: Completed 153 Under construction - Land held for development 4,917,637 Real estate held for investment - Investment in real estate ventures 1,949,659 Accumulated depreciation - ------------ Total real estate 6,867,449 Notes receivable - Investment in subsidiaries 52,096,999 Property & equipment, net 22,059 ------------ Total assets $66,968,208 ============ LIABILITIES: Accounts payable $11,002,645 Accrued expenses 1,940,718 Accrued income taxes - Billings in excess of costs 2,458,653 Mortgages and notes payable 61,500,000 Subordinated notes payable - Postpetition accounts payable 112,550 Postpetition accrued expenses 60,932 ------------ Total liabilities 77,075,498 Minority interest in subsidiary - EQUITY: Common stock 9,660 Additional paid-in capital 71,174,223 Prepetition retained earnings (72,692,507) Postpetition retained earnings (8,598,666) ------------ Total equity (10,107,290) ------------ Total liabilities & equity $66,968,208 ============ Opus South Corporation Income Statement For the month ended July 31, 2009 Gross Revenues: Construction - related party $0 Construction - 3rd party 0 Real estate 0 Rental property 0 Management fee 0 ------------ Total gross revenues 0 Gross Margin: Construction - related party 590 Construction - 3rd party 0 Real estate (7,379,797) Rental property 0 Management fee 0 ------------ Total gross margin (7,379,207) Other Income: Interest - Real estate ventures - Other (363,545) ------------ Total income (7,742,753) Expenses: Salary and related 67,107 General & administrative 75,475 Reorganization expenses - Project costs capitalized - Interest 42,920 Interest capitalized - Corporate overhead & variable compensation 524 Charitable contributions - ------------ Total expenses 186,026 Income(Loss) before minority interest & taxes (7,928,779) Minority Int. in income(loss) loss of cons sub - ------------ Income(Loss) before taxes (7,928,779) ------------ Net income(loss) ($7,928,779) ============ Opus South Corporation Cash Receipts & Disbursements For the month ended July 31, 2009 Cash - beginning of period $1,515,686 Receipts: Cash sales - Accounts receivable - Loans & advances - Sale of assets 960 Other 25,536 Transfers from DIP accts. 4,238 Transfers from non-DIP accts. - ------------ Total receipts 30,734 Disbursements: Net payroll 62,602 Payroll taxes 25,106 Sales, use, & other taxes 20,078 Inventory purchases - Secured/rental/leases 200,000 Insurance - Administrative 36,322 Selling - Other - Owner draw - Transfers to DIP Accts. - Professional fees - U.S. Trustee quarterly fee 17,550 Court costs - ------------ Total disbursements 361,660 ------------ Net cash flow (330,925) ------------ Cash - end of period $1,184,761 ============ About Opus South Headquartered in Atlanta, Georgia, Opus South Corporation -- http://www.opuscorp.com/-- provides an array of real estate related services across the United States including real estate development, architecture & engineering, construction and project management, property management and financial services. The Company and its affiliates filed for Chapter 11 on April 22, 2009 (Bankr. D. Del. Lead Case No. 09-11390). Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors in their restructuring efforts. The Debtors propose to employ Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial Corporation as real estate broker, Delaware Claims Agency LLC as claims agent. The Debtors have assets and debts both ranging from $50 million to $100 million. Bankruptcy Creditors' Service, Inc., publishes Opus West Bankruptcy News. The newsletter tracks the separate Chapter 11 proceedings of Opus West Corp. and Opus South Corp. and their related debtor-affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) Smurfit Turns July Profit, Cash Rises to $672 Million Smurfit-Stone Container Corp., the corrugated container and containerboard maker that filed under Chapter 11 in January, reported net income of $29 million in July on sales of $481 million. Income before reorganization items for the month was $35.8 million. From the inception of the reorganization, net income is $34.6 million on $2.87 billion revenue. The July operating report showed Smurfit-Stone holding $672 million cash and equivalents. The Chapter 11 petition by the Chicago-based company listed assets of $7.45 billion against debt totaling $5.58 billion as of Sept. 30. Debt includes $1.2 billion under secured revolving-credit and term-loan agreements, five issues of unsecured notes totaling $2.275 billion, $388 million under an accounts receivable securitization facility, and $284 million owing on tax-exempt bonds. The case is In re Smurfit-Stone Container Corp., 09-10235, U.S. Bankruptcy Court, District of Delaware (Wilmington). OPUS WEST: Records $162,000 Net Loss for July --------------------------------------------- Opus West Corporation Balance Sheet As of July 31, 2009 ASSETS: Unrestricted cash $3,307,583 Restricted cash 0 ------------ Total cash 3,307,583 Accounts receivable 3,204,565 Inventory 0 Notes receivable 6,370,719 Prepaid expenses 345,943 Other security deposits 57,339 ------------ Total current assets 13,286,149 Property, plant, & equipment 702,509 Less: accumulated depreciation/depletion 496,990 ------------ Net property, plant, & equipment 205,519 Due from insiders 0 Other assets 230,516,267 ------------ Total assets $244,007,935 ============ POSTPETITION LIABILITIES: Accounts payable $644 Taxes payable 82,535 Notes payable 0 Professional fees 0 Secured debt 0 Other - employee benefits 58,158 ------------ Total postpetition liabilities $141,337 PREPETITION LIABILITIES: Secured debt $33,514,906 Priority debt 431,734 Unsecured debt 239,917,394 Other - GAAP accruals 5,242,975 ------------ Total prepetition liabilities 279,107,009 ------------ Total liabilities 279,248,346 EQUITY: Prepetition owners' equity (35,078,352) Postpetition cumulative profit (loss) (162,059) Direct charges to equity 0 ------------ Total equity (35,240,411) ------------ Total liabilities & owners' equity $244,007,935 ============ Opus West Corporation Income Statement For the month ended July 31, 2009 Revenues: Gross revenue $0 Less: returns & discounts 0 ------------ Net revenue 0 Cost of Goods Sold: Material 0 Direct labor 0 Direct overhead 0 ------------ Total cost of goods sold 0 Gross profit 0 Operating Expenses: Officer/insider compensation 38,263 Selling & marketing 0 General & administrative 400,439 Rent & lease 26,587 Other 0 ------------ Total operating expenses $465,269 Income before non-operating income & expense ($465,269) Other Income & Expenses: Non-operating income ($303,172) Non-operating expense 0 Interest expense 0 Depreciation/depletion 0 Amortization 0 Other - interest income (38) ------------ Net other income & expenses (303,210) Reorganization Expenses: Professional fees 0 U.S. Trustee fees 0 Other 0 ------------ Total reorganization expenses 0 ------------ Income tax 0 ------------ Net profit(loss) ($162,059) ============ Opus West Corporation Cash Receipts & Disbursements For the month ended July 31, 2009 Cash - beginning of period $3,573,628 Receipts From Operations: Cash sales 0 Collection of Accounts Receivable: Prepetition 0 Postpetition 0 ------------ Total operating receipts 0 Non-operating Receipts: Loans & advances 0 Sale of assets 0 Other 323,955 ------------ Total non-operating receipts 323,955 Total receipts 323,955 Total cash available 3,897,583 Operating Disbursements: Net payroll 239,991 Payroll taxes paid 64,657 Sales, use & other taxes paid 0 Secured/rental/leases 26,567 Utilities 0 Insurance 0 Inventory purchases 0 Vehicle expenses 0 Travel 6,437 Entertainment 866 Repairs & maintenance 0 Supplies 500 Advertising 844 Other 250,138 ------------ Total operating disbursements 590,000 Reorganization Expenses: Professional fees 0 U.S. Trustee fees 0 Other 0 ------------ Total reorganization expenses 0 ------------ Total disbursements 590,000 ------------ Net cash flow ($266,045) ------------ Cash - end of period $3,307,583 ============ Opus West L.P. Balance Sheet As of July 31, 2009 ASSETS: Unrestricted cash $244,288 Restricted cash 0 ------------ Total cash 244,288 Accounts receivable 231,288 Inventory 0 Notes receivable 0 Prepaid expenses 9,294 Other security deposits 2,000 ------------ Total current assets 486,870 Property, plant, & equipment 39,678 Less: accumulated depreciation/depletion 27,113 ------------ Net property, plant, & equipment 12,565 Due from insiders 0 Other assets 112,945,234 ------------ Total assets $113,444,669 ============ POSTPETITION LIABILITIES: Accounts payable $7,394 Taxes payable 0 Notes payable 0 Professional fees 0 Secured debt 0 Other - employee benefits 0 ------------ Total postpetition liabilities 7,394 PREPETITION LIABILITIES: Secured debt $60,731,305 Priority debt 0 Unsecured debt 47,064,107 Other - GAAP accruals 2,177,427 ------------ Total prepetition liabilities 109,972,839 ------------ Total liabilities 109,980,233 EQUITY: Prepetition owners' equity 3,414,226 Postpetition cumulative profit(loss) 50,210 Direct charges to equity 0 ------------ Total equity 3,464,436 ------------ Total liabilities & owners' equity $113,444,669 ============ Opus West L.P. Income Statement For the month ended July 31, 2009 Revenues: Gross revenue $211,322 Less: returns & discounts 0 ------------ Net revenue 211,322 Cost of Goods Sold: Material 0 Direct labor 0 Direct overhead 6,878 ------------ Total cost of goods sold 6,878 Gross profit 204,444 Operating Expenses: Officer/insider compensation 0 Selling & marketing 0 General & administrative 0 Rent & lease 0 Other 0 ------------ Total operating expenses 0 Income before non-operating income & expense 204,444 Other Income & Expenses: Non-operating income 27,712 Non-operating expense 0 Interest expense 126,522 Depreciation/depletion 0 Amortization 0 Other - interest income 0 ------------ Net other income & expenses 154,234 Reorganization Expenses: Professional fees 0 U.S. Trustee fees 0 Other 0 ------------ Total reorganization expenses 0 ------------ Income tax 0 ------------ Net profit(loss) $50,210 ============ Opus West L.P. Cash Receipts & Disbursements For the month ended July 31, 2009 Cash - beginning of period $0 Receipts From Operations: Cash sales 244,521 Collection of Accounts Receivable: Prepetition 0 Postpetition 0 ------------ Total operating receipts 244,521 Non-operating Receipts: Loans & advances 0 Sale of assets 0 Other 0 ------------ Total non-operating receipts 0 Total receipts 244,521 Total cash available 244,521 Operating Disbursements: Net payroll 0 Payroll taxes paid 0 Sales, use & other taxes paid 0 Secured/rental/leases 0 Utilities 133 Insurance 0 Inventory purchases 0 Vehicle expenses 0 Travel 0 Entertainment 0 Repairs & maintenance 0 Supplies 100 Advertising 0 Other 0 ------------ Total operating disbursements 233 Reorganization Expenses: Professional fees 0 U.S. Trustee fees 0 Other 0 ------------ Total reorganization expenses 0 ------------ Total disbursements 233 ------------ Net cash flow $244,288 ------------ Cash - end of period $244,288 ============ Other Opus West Affiliates Three affiliates of Opus West Corporation also delivered separate individual monthly operating reports to the Court. The Opus West affiliates reported these assets and liabilities as of July 31, 2009: Debtor Affiliate Total Assets Total Debts ---------------- -------------- -------------- Opus West Construction Corp. $8,848,744 $40,560,136 OW Commercial, Inc. 24,848,570 26,685,233 Opus West Partners, Inc. 13,192,558 0 The Debtor affiliates listed net income or loss for the period from July 1 to 31, 2009: Company Net Income (Loss) ------------- ---------------- Opus West Construction Corp. ($14,316) OW Commercial Inc. (2,307,399) Opus West Partners Inc. 245,779 The Debtor affiliates also reported their cash receipts and disbursements for the reporting period: Company Receipts Disbursements Cash Flow ------------- ----------- ------------- --------- Opus West Construction $705,050 $246,316 $458,734 OW Commercial Inc. 0 3,288 3,288 Opus West Partners Inc. 0 0 0 About Opus West Corporation Based in Phoenix, Arizona, Opus West Corporation is a full-service real estate development firm that focuses on acquiring, constructing, operating, managing, leasing and/or disposing of real estate development projects primarily located in the western United States. Opus West and its affiliates filed for Chapter 11 on July 6, 2009 (Bankr. N.D. Tex. Case No. 09-34356). Clifton R. Jessup, Jr., at Greenberg Traurig, LLP, represents the Debtors in their restructuring efforts. Franklin Skierski Lovall Hayward, LLP, is co-counsel to the Debtors. Pronske & Patel, P.C., is conflicts counsel. Chatham Financial Corp. is financial advisor. BMC Group is the Company's claims and notice agent. As of May 31, Opus West -- together with its non-debtor affiliates -- had $1,275,334,000 in assets against $1,462,328,000 in debts. In its bankruptcy petition, Opus West said it had assets and debts both ranging from $100 million to $500 million. Opus West joins affiliates that previously filed for bankruptcy. Opus East LLC, a real estate operator from Rockville, Maryland, commenced a Chapter 7 liquidation on July 1 in Delaware. Opus South Corp., a Florida condominium developer based in Atlanta, filed a Chapter 11 petition April 22 in Delaware. Bankruptcy Creditors' Service, Inc., publishes Opus West Bankruptcy News. The newsletter tracks the separate Chapter 11 proceedings of Opus West Corp. and Opus South Corp. and their related debtor-affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) PILGRIM'S PRIDE: Records $18.36 Million Profit for July ------------------------------------------------------- Pilgrim's Pride Corporation Balance Sheet As of July 25, 2009 ASSETS Unrestricted Cash $73,246,447 Restricted 1,714 Accounts receivable - net 258,078,010 Intercompany accounts receivable 188,711,116 Inventory 754,023,220 Notes receivable 0 Prepaid expenses 12,863,207 -------------- Total current assets 1,286,923,713 Property, plant and equipment Other assets 1,309,063,477 Less: Accumulated depreciation 774,451,171 -------------- Net Property, Plant & Equipment 534,612,306 Other assets 1,206,213,960 -------------- Total assets $3,027,749,980 ============== LIABILITIES Postpetition Liabilities: Accrued expenses $- Taxes payable 19,019,312 Notes payable (DIP Financing) 0 Professional fees (accrued est) 12,310,500 Secured debt (accrued int) 21,345,083 Others 133,473,687 -------------- Total postpetition liabilities 186,148,582 Prepetition liabilities: Secured debt 1,343,159,972 Priority debt 283,775 Unsecured debt 829,436,313 Other 592,101,958 -------------- Total prepetition liabilities 2,764,982,018 Total Liabilities 2,951,130,600 Equity: Prepetition owners' equity 531,687,077 Postpetition cumulative profit (loss) (56,807,319) Direct charges to equity (398,260,377) -------------- Total Equity 76,619,380 Total Liabilities & owners' equity $3,027,749,980 ============== Pilgrim's Pride Corporation Income Statement For the Month Ended July 25, 2009 Revenues: Gross Revenue $476,333,086 Less: Returns and discounts 7,192,047 ------------- Net Revenue 469,141,039 Cost of Goods Sold: Cost of goods sold 412,768,639 ------------- Total cost of goods sold 412,768,639 Gross profit 56,372,400 Operating Expenses: Officer/insider compensation 674,590 General & administrative 19,615,790 Other 11,677 ------------- Total operating expenses 20,302,056 Income before non-operating income & expense 36,070,344 Other Income & Expenses: Financing expenses 11,388,265 Other 385,282 Reorganization Expenses: Professional fees 4,755,000 U.S. Trustee fees 0 Other reorganization items 1,172,409 ------------- Total reorganization expenses 5,927,409 Income tax 12,305 ------------- Net Profit (Loss) $18,357,084 ============= Pilgrim's Pride Corporation Cash Receipts & Disbursements For the Month Ended July 25, 2009 Cash - Beginning of month $86,929,737 Cash sales 0 Collection of Accounts Receivable: Total operating receipts 471,484,565 Non-Operating Receipts: Loans & advances 0 Others 8,199,878 ------------ Total Non-operating receipts 8,199,878 Total receipts 479,684,443 Total Cash Available 566,614,180 Operating Disbursement: Customer programs 7,548,861 Growing and feeding 224,266,150 Contractors, repair and maintenance 14,352,168 Fleet and freight 26,048,644 General insurance 2,085,976 Leases/rentals 3,008,977 Meat/food 14,475,015 Packaging/ingredients 36,051,154 Gross payroll 95,804,477 Utilities 16,603,260 Other 27,861,773 Capital expenditure 5,649,715 ------------ Total Operating Disbursements 473,756,169 Reorganization Expenses: Professional fees 1,892,809 U.S. Trustee fees 0 Other reorganization 12,250,356 ------------ Total reorganization expenses 14,143,166 Total disbursements 487,899,335 ------------ Net cash flow (8,214,892) Changes in cash management obligations (748,253) Cash - End of Month $77,966,592 ============ 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. QSGI INC: Files Initial Monthly Operating Report ------------------------------------------------ QSGI, Inc., filed on August 18, 2009, its monthly operating report for the period July 3, 2009, to July 31, 2009, with the U.S. Bankruptcy Court for the Southern District of Florida. At July 31, 2009, QSGI had ($10,520) ending cash balance, as follows: Funds at beginning of period $0 Total Receipts $358,578 Total Funds Available $358,578 Total Disbursements $369,099 Ending Balance ($10,520) At July 31, 2009, QSGI had $7,984,598 in total assets, $18,132,576 in total liabilities, and $10,147,978 in shareholders' deficit. A full-text copy of QSGI's initial monthly operating report is available at no cost at http://researcharchives.com/t/s?43ef Palm Beach, Florida-based QSGI, Inc., and its affiliates provide technology services and maintenance geared towards both uses of enterprise class hardware as well as the uses of business - competing hardware. The Debtors filed for Chapter 11 on July 2, 2009 (Bankr. S.D. Fla. Lead Case No. 09-23658). Bradley S. Shraiberg, Esq. at Shraiberg, Ferrara, Landau P.A. represents the Debtors in their restructuring efforts. The Debtors listed between $10 million and $50 million each in assets and debts. RATHGIBSON INC: Loses $3.9 Million for Last Half of July -------------------------------------------------------- RathGibson Inc. reported a $3.9 million net loss from the July 13 bankrutpcy filing date through the end of the month. The loss from operations was $5.4 million on net sales of $11.8 million. Based in Lincolnshire, Illinois, RathGibson Inc. -- http://www.RathGibson.com/, http://www.GreenvilleTube.com/and http://www.ControlLine.com/-- is a worldwide manufacturer of highly engineered stainless steel, nickel, and titanium tubing for diverse industries such as chemical, petrochemical, energy -- power generation, energy -- oil and gas, food, beverage, pharmaceutical, biopharmaceutical, medical, biotechnology, and general commercial. Manufacturing locations include: Janesville, Wisconsin, North Branch, New Jersey, Clarksville, Arkansas (Greenville Tube), and Marrero, Louisiana (Mid-South Control Line). In addition to the sales offices in Janesville, North Branch, and Marrero, RathGibson has also strategically placed sales offices in Houston, Texas, USA; Shanghai, China; Manama, Bahrain; Melbourne, Australia; Seoul, Republic of Korea; Mumbai, India; Singapore; Vienna, Austria; and Buenos Aires, Argentina. RathGibson, Inc., together with three affiliates, filed for Chapter 11 on June 13, 2009 (Bankr. D. Del. Case No. 09-12452). Attorneys at Young, Conaway, Stargatt & Taylor and Willkie Farr & Gallagher LLP serve as co-counsel. Jefferies & Company Inc. and Mesirow Financial Consulting LLC have been hired as financial advisors. Kelley Drye & Warren LLP serves as special corporate counsel. Garden City Group is claims and notice agent. The petition says that Rathgibson has assets and debts of $100 million to $500 million. Scott Welkis, Esq., Kristopher M. Hansen, Esq., and Jayme T. Goldstein, Esq., at Stroock & Stroock & Lavan represent Wilmington Trust FSB, as administrative agent, and an ad hoc committee of certain holders of Senior Notes. Attorneys at Richards, Layton & Finger P.A., also represent the ad hoc noteholders committee. REFCO INC: Refco LLC Trustee Has $48.8-Mil. In Cash at June's End ----------------------------------------------------------------- Albert Togut, the Chapter 7 Trustee overseeing the liquidation of Refco, LLC's estate, filed with the U.S. Bankruptcy Court for the Southern District of New York a monthly statement of cash receipts and disbursements for the period from June 1 to 30, 2009. The Chapter 7 Trustee reported that Refco LLC's beginning balance in its Money Market account with JPMorgan Chase Bank, N.A., totaled $49,315,000, as of June 1. During the Reporting Period, Refco LLC received $12,000 in interest income. No transfers were made, Mr. Togut noted. Refco LLC held $48,880,000 at the end of the period. Refco, LLC Schedule of Cash Receipts and Disbursements Through JPMorgan Money Market and Checking Accounts June 1 through 30, 2009 Beginning Balance, June 1, 2009 $49,315,000 RECEIPTS Interest Income 12,000 Sale of Assets 0 Marshalling of Excess Capital 0 Man Financial - Excess Capital return 0 Membership and Clearing Deposits 0 Other Receivables 6,000 ------------- TOTAL RECEIPTS 18,000 TRANSFERS Money Market Account to checking account 0 December 2008 cleared checks 0 ------------- TOTAL TRANSFERS 0 DISBURSEMENTS Operating expenses & other disbursements 443,000 Executory contract cure payments 0 Pursuant to payment stipulation 0 Purchase price escrow deposit 0 Expected account escrow fund 0 Membership & clearing deposits 0 Payment on account of prepetition claims 0 Other disbursements 0 Reorganization Expenses Attorney fees 0 Trustee bond premium 0 Other professional fees 10,000 ------------- TOTAL DISBURSEMENTS $453,000 ------------- Ending Balance, May 31, 2009 $48,880,000 ============= About Refco Inc. Headquartered in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company has operations in Bermuda. The Company and 23 of its affiliates filed for Chapter 11 protection on October 17, 2005 (Bankr. S.D.N.Y. Case No. 05- 60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represented the Debtors in their restructuring efforts. Milbank, Tweed, Hadley & McCloy LLP, represented the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its Chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on December 15, 2006. That Plan became effective on Dec. 26, 2006. Pursuant to the plan, RJM, LLC, was named plan administrator to reorganized Refco, Inc. and its affiliates, and Marc S. Kirschner as plan administrator to Refco Capital Markets, Ltd. Bankruptcy Creditors' Service, Inc., publishes Refco Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Refco Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) SILICON GRAPHICS: Ends July 2009 with $4,777,603 Cash ----------------------------------------------------- Graphics Properties Holdings, Inc. f/k/a Silicon Graphics, Inc., and certain other debtor-in-possession subsidiaries filed unaudited unconsolidated Monthly Operating Reports for the period from July 1, 2009 to July 31, 2009, with the United States Bankruptcy Court for the Southern District of New York. Graphics Properties ended July 2009 with cash of $4,777,603, after total disbursements of $817,576 and $0 receipts. It began the month with $5,595,179 cash. A full-text copy of the July report is available at no charge at: http://ResearchArchives.com/t/s?43bf As reported by the Troubled Company Reporter on August 25, 2009, Silicon Graphics and its affiliated debtors filed with the Bankruptcy Court a disclosure statement for its joint Chapter 11 plan of reorganization, wherein (i) holders of allowed claims will receive a greater recovery from the estates of the Debtors than the recovery that they would receive in a liquidation of the Debtors under chapter 7 of the Bankruptcy Code, and (ii) the Debtors will afford the opportunity and ability to restructure and operate its businesses going forward as a viable going concern. According to the disclosure statement, if Plan is not confirmed, the Debtors will be forced to liquidate all assets and distribute the proceeds to the holders of prepetition credit agreement secured claims. There would be a significantly reduced recovery for the holders of prepetition credit agreement secured claims and no recovery for holders of priority tax claims, priority claims, and general unsecured claims. Shares of new common stock describe in the Debtors' disclosure statement will be issued without registration under the Securities Act of 1933, as amended. A hearing is set for Sept. 15, 2009, at 10:00 a.m., to consider approval of the disclosure statement. Objections, if any, are due Sept. 10, 2009, at 5:00 p.m. A full-text copy of the disclosure statement is available for free at http://ResearchArchives.com/t/s?42d6 A full-text copy of the plan of reorganization is available for free at http://ResearchArchives.com/t/s?42d7 About Silicon Graphics Headquartered in Sunnyvale, California, Silicon Graphics Inc. -- http://www.sgi.com/-- delivers an array of server, visualization, and storage software. This is the second bankruptcy filing for Silicon Graphics. The Debtors first filed for Chapter 11 on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977 through 06-10990). Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal & Manges LLP, represent the Debtors in their restructuring efforts. The Court confirmed the Debtors' Plan of Reorganization on September 19, 2006. When the Debtors filed for protection from their creditors, they listed total assets of $369,416,815 and total debts of $664,268,602. The Company and 14 of its affiliates filed for protection for the second time on April 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-11701). Mark R. Somerstein, Esq., at Ropes & Gray LLP, represents the Debtors in their restructuring efforts. The Debtors proposed AlixPartners LLC as restructuring advisor; Houlihan Lokey Howard & Zukin Capital, Inc., as financial advisor; and Donlin, Recano & Company, Inc., as claims and noticing agent. When the Debtors filed for protection from their creditors, they listed $390,462,000 in total assets and $526,548,000 in total debts as of 2008. On June 4, 2009, the Company amended its Amended and Restated Certificate of Incorporation pursuant to the Certificate of Amendment of Amended and Restated Certificate of Incorporation of Silicon Graphics, Inc., to change its name to Graphics Properties Holdings, Inc. STAR TRIBUNE: Reports $831,000 Net Loss in August ------------------------------------------------- According to Bill Rochelle at Bloomberg News, Minneapolis Star Tribune reported an $831,000 net loss for the month ended Aug. 2 on revenue of $16.6 million. Operating income for the month was $24,000. Star Tribune will seek the Bankruptcy Court's confirmation of its proposed going concern plan at hearings scheduled to begin September 17. The reorganization plan offers a 29.8% to 36.1% recovery to first- lien lenders in the form of new common stock and secured notes. Unsecured creditors will recover between 0.5% and 1.3% of their claims with cash or stock and warrants. Holders of convenience claims will be paid 0.9% of the allowed amount of their claims. Holders of administrative and priority tax claims and holders of other priority claims and other secured claims will be paid in full. The first lien lenders and unsecured creditors will be entitled to vote on the Plan. Holders of equity interests will not receive any distributions under the Plan and will be deemed to reject the Plan. Headquartered in Minneapolis, Minnesota, The Star Tribune Company -- http://www.startribune.com/-- operates the largest newspaper in the state of Minnesota and published seven days each week in an edition for the Minneapolis-Saint Paul metropolitan area. The Company and its affiliate, Star Tribune Holdings Corporation, filed for Chapter 11 protection on January 15, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-10244). Marshall Scott Huebner, Esq., James I. McClammy, Esq., and Lynn Poss, Esq., at Davis Polk & Wardwell, represent the Debtors in their restructuring efforts. Blackstone Advisory Services L.P. is the Debtors' financial advisor. The Garden City Group, Inc., serves as noticing and claims agent. Scott Cargill, Esq., and Sharon L. Levine, Esq., at Lowenstein Sandler PC, represent the official committee of unsecured creditors. When the Debtors filed for protection from their creditors, they listed assets and debts between $100 million and $500 million each. THORNBURG MORTGAGE: ADFITECH Unit Posts $177,904 July Net Income ---------------------------------------------------------------- Mortgage auditor ADFITECH Inc., subsidiary of TMST, Inc., formerly known as Thornburg Mortgage, Inc., filed with the U.S. Bankruptcy Court for the District of Maryland an operating report covering the period from July 1, 2009 through July 31, 2009. A full-text copy of the ADFITECH Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?4374 At the end of July 2009, ADFITECH had total assets of $29,156,358 and total liabilities of $1,639,685,128. It posted net income of $177,904 in July from $191,587 in June. Since filing for bankruptcy, it posted net income of $918,945. ADFITECH ended the period with $8,743,841 cash after recording $3,138,354 in total cash receipts and $3,137,824 in total cash disbursements. ADFITECH began the period with $8,743,312 cash. TMST has disclosed that at the request of the unsecured creditors' committee appointed in its bankruptcy cases, the sale process for ADFITECH has been terminated. TMST said on May 1, 2009, it intended to sell the business operations of ADFITECH as a going concern. TMST said ADFITECH and the unsecured creditors' committee are working on a consensual plan of reorganization of ADFITECH, subject to approval by the Bankruptcy Court in accordance with the Chapter 11 plan confirmation requirements of the Bankruptcy Code. The Debtors filed an emergency motion on July 29, 2009, requesting court approval of termination of the sale process for ADFITECH based upon an agreement with the Committee which had requested termination of the sale process and negotiation of a Chapter 11 plan of reorganization for ADFITECH. A hearing on the motion was held on August 12, 2009, following which the court held (i) court authorization for stopping the ADFITECH sale process was not required, (ii) court approval for a release by the Committee of the debtors and their officers and directors from liability relating to stopping the ADFITECH sale process was not required, and (iii) allowance of fees paid or to be paid to Houlihan Lokey Howard & Zukin Capital, Inc., required the filing of an appropriate application and notice and hearing thereon. Subsequently, ADFITECH and the other debtors decided to stop the sale process for ADFITECH and engage in plan negotiations with the Committee, and terminated the engagement of Houlihan Lokey. ADFITECH, the Committee, and their advisor's continue to work together in a collaborative manner. The parties' advisors were in frequent contact during the month and made progress in addressing the Committee's information requests. As reported by the Troubled Company Reporter on August 12, 2009, according to Law360, U.S. Trustee W. Clarkson McDow Jr. objected to the Debtors' request to halt the sale process of ADFITECH, saying it should not pay Houlihan Lokey for stopping work. The U.S. Trustee protested to the payment of almost $300,000 to the firm. TMST has indicated it is not expected that there will be any distribution to the Company's equity holders in connection with the Debtors' bankruptcy cases. Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA) -- http://www.thornburgmortgage.com/-- is a single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable rate mortgages. It originates, acquires, and retains investments in adjustable and variable rate mortgage assets. Its ARM assets comprise of purchased ARM assets and ARM loans, including traditional ARM assets and hybrid ARM assets. Thornburg Mortgage, Inc., and its four affiliates filed for Chapter 11 on May 1 (Bankr. D. Md. Lead Case No. 09-17787). Judge Duncan W. Keir is handling the case. David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, has been tapped as counsel. Orrick, Herrington & Sutcliffe LLP is employed as special counsel. Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin Capital, Inc., have been tapped as investment banker and financial advisor. Protiviti Inc. has also been engaged for financial advisory services. KPMG LLP is the tax consultant. Epiq Systems, Inc., is claims and noticing agent. In its bankruptcy petition, Thornburg listed total assets of $24,400,000,000 and total debts of $24,700,000,000, as of January 31, 2009. THORNBURG MORTGAGE: Posts $135,544 Net Income in July 2009 ---------------------------------------------------------- TMST, Inc., formerly known as Thornburg Mortgage, Inc., and its other debtor-affiliates excluding ADFITECH, filed with the U.S. Bankruptcy Court for the District of Maryland an operating report covering the period from July 1, 2009, through July 31, 2009. A full-text copy of the July 2009 Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?4375 At the end of July 2009, the Debtors had total assets of $157,673,785 and total liabilities of $3,468,578,321. The Debtors posted net income of $135,544 in July. Since filing for bankruptcy, the Debtors posted net income of $2,623,947. The Debtors ended the period with roughly $23,570,320 cash after recording $3,645,034 in total cash receipts and $2,015,158 in total cash disbursements. The Debtors began the period with $21,940,444 cash. TMST has disclosed that at the request of the unsecured creditors' committee appointed in its bankruptcy cases, the sale process for ADFITECH has been terminated. TMST said on May 1, 2009, it intended to sell the business operations of ADFITECH as a going concern. TMST said ADFITECH and the unsecured creditors' committee are working on a consensual plan of reorganization of ADFITECH, subject to approval by the Bankruptcy Court in accordance with the Chapter 11 plan confirmation requirements of the Bankruptcy Code. The Debtors filed an emergency motion on July 29, 2009, requesting court approval of termination of the sale process for ADFITECH based upon an agreement with the Committee which had requested termination of the sale process and negotiation of a Chapter 11 plan of reorganization for ADFITECH. A hearing on the motion was held on August 12, 2009, following which the court held (i) court authorization for stopping the ADFITECH sale process was not required, (ii) court approval for a release by the Committee of the debtors and their officers and directors from liability relating to stopping the ADFITECH sale process was not required, and (iii) allowance of fees paid or to be paid to Houlihan Lokey Howard & Zukin Capital, Inc., required the filing of an appropriate application and notice and hearing thereon. Subsequently, ADFITECH and the other debtors decided to stop the sale process for ADFITECH and engage in plan negotiations with the Committee, and terminated the engagement of Houlihan Lokey. ADFITECH, the Committee, and their advisor's continue to work together in a collaborative manner. The parties' advisors were in frequent contact during the month and made progress in addressing the Committee's information requests. As reported by the Troubled Company Reporter on August 12, 2009, according to Law360, U.S. Trustee W. Clarkson McDow Jr. objected to the Debtors' request to halt the sale process of ADFITECH, saying it should not pay Houlihan Lokey for stopping work. The U.S. Trustee protested to the payment of almost $300,000 to the firm. TMST has indicated it is not expected that there will be any distribution to the Company's equity holders in connection with the Debtors' bankruptcy cases. Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA) -- http://www.thornburgmortgage.com/-- is a single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable rate mortgages. It originates, acquires, and retains investments in adjustable and variable rate mortgage assets. Its ARM assets comprise of purchased ARM assets and ARM loans, including traditional ARM assets and hybrid ARM assets. Thornburg Mortgage, Inc., and its four affiliates filed for Chapter 11 on May 1 (Bankr. D. Md. Lead Case No. 09-17787). Judge Duncan W. Keir is handling the case. David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, has been tapped as counsel. Orrick, Herrington & Sutcliffe LLP is employed as special counsel. Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin Capital, Inc., have been tapped as investment banker and financial advisor. Protiviti Inc. has also been engaged for financial advisory services. KPMG LLP is the tax consultant. Epiq Systems, Inc., is claims and noticing agent. In its bankruptcy petition, Thornburg listed total assets of $24,400,000,000 and total debts of $24,700,000,000, as of January 31, 2009. TOUSA INC: Reports $21.7MM Net Loss for July -------------------------------------------- TOUSA, INC., and Subsidiaries Consolidated Balance Sheet As of July 31, 2009 ASSETS Cash and Cash Equivalents: Cash in bank $282,849,729 Cash equivalents (due from title company from closings) 9,330,655 Inventory: Deposits 11,271,882 Land 132,078,747 Residences completed and under construction 157,113,556 Inventory not owned 6,286,449 --------------- 306,750,634 Property and equipment, net 6,077,045 Investments in unconsolidated joint ventures 2,781,462 Receivables from unconsolidated joint ventures - Accounts receivable 17,352,063 Other assets 39,536,963 Goodwill - --------------- 664,678,551 Net Assets of Financial Services 22,797,304 --------------- Total Assets $687,475,855 =============== LIABILITIES & STOCKHOLDERS' EQUITY Accounts payable and other liabilities $304,946,422 Customer deposits 6,018,401 Obligations for inventory not owned 8,346,605 Notes payable 1,605,527,852 Bank borrowings 203,356,671 --------------- Total Liabilities 2,128,195,951 Stockholders' Equity: Preferred stock 20,382,934 Common stock 596,042 Additional paid in capital 557,658,626 Retained earnings (2,019,357,698) --------------- Total Stockholders' Equity (1,440,720,096) --------------- Total liabilities and Stockholders' Equity $687,475,855 =============== TOUSA, INC., and Subsidiaries Consolidated Statement of Operations For the Period July 1 to 31, 2009 Revenues: Home sales $39,819,941 Land sales 2,549,345 --------------- 42,369,286 Cost of Sales: Home sales 38,108,385 Land sales 4,201,299 --------------- 42,309,684 --------------- Gross Profit 59,602 Total selling, general and admin expenses 15,667,524 Income (loss) from joint ventures, net - Interest expense, net 5,922,575 Other (income) expense, net 161,066 --------------- Homebuilding pretax income (loss) (21,691,563) Equity in Financial services pretax income (loss) (15,014) Income (loss) before income taxes (21,706,577) Provision (benefit) for income taxes - --------------- Net Income (loss) ($21,706,577) =============== TOUSA, INC. and Subsidiaries Consolidated Schedule of Receipts and Disbursements For the Period July 1 to 31, 2009 Funds at beginning of period $257,774,255 RECEIPTS Cash sales 44,374,999 Accounts receivable 1,787,611 Other receipts 2,330,064 --------------- Total receipts 48,492,674 --------------- Total funds available for operations 306,266,929 DISBURSEMENTS Advertising 319,119 Bank charges 2,699 Contract labor 46,637 Fixed asset payments 3,875 Insurance 536,386 Inventory payments 6,952,752 Leases 200,778 Manufacturing supplies - Office supplies 69,792 Payroll - net 4,433,137 Professional fees (accounting and legal) 6,753,072 Rent 299,792 Repairs & maintenance 255,126 Secured creditor payments 2,015,138 Taxes paid - payroll 32,849 Taxes paid - sales & use 251,569 Taxes paid - other 130,605 Telephone 92,944 Travel & entertainment 30,970 U.S. Trustee quarterly fees 113,550 Utilities 98,507 Vehicle expenses 10,349 Other operating expenses 767,554 --------------- Total disbursements 23,417,200 --------------- Ending Balance $282,849,729 =============== 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) TROPICANA ENT: Adamar of NJ Incurs $2.48MM Loss in July ------------------------------------------------------- Adamar of New Jersey, Inc. DBA Tropicana Casino and Resort Consolidated Balance Sheet As of July 31, 2009 ASSETS Current Assets Cash and cash equivalents $60,624,000 Receivables, gaming, hotel and other, net 15,749,000 Inventories 2,154,000 Prepaid expenses and other 12,341,000 Deferred income taxes 5,189,000 -------------- Total current assets 96,057,000 Property and equipment, at cost, net 711,822,000 Investments 29,618,000 Tenant allowances and other assets 22,427,000 -------------- TOTAL ASSETS $859,924,000 ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accruals $23,108,000 Accrued payroll and employee benefits 4,393,000 Current portion of long-term debt 786,000 Casino reinvestment obligation 394,000 Advances from TE and other affiliates, net 604,494,000 Advances from NJ affiliates, net 24,230,000 Other current liabilities 813,000 Liabilities subject to compromise 21,170,000 -------------- Total current liabilities 679,388,000 Long-term debt, net of current portion 186,000 Deferred income taxes 24,786,000 -------------- Total Liabilities 704,360,000 Stockholders' Equity Common stock, no par value (100 shares 1,000 authorized, issued and outstanding) Paid-in capital 283,086,000 Accumulated deficit (127,523,000) -------------- Total shareholders' equity 155,564,000 -------------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $859,924,000 ============== Adamar of New Jersey, Inc. DBA Tropicana Casino and Resort Consolidated Statement of Operations For the Month Ended July 31, 2009 Revenues Casino $25,595,000 Rooms 3,569,000 Food and beverage 1,426,000 Other 1,466,000 -------------- Total revenues 32,056,000 -------------- Costs and Expenses Casino 11,249,000 Rooms 1,515,000 Food and beverage 1,222,000 Other 355,000 Marketing 4,917,000 General and administrative 2,060,000 Utilities 982,000 Repairs and maintenance 847,000 Provision for doubtful accounts 107,000 Property taxes and insurance 2,200,000 Rent 67,000 Rent to New Jersey affiliate 403,000 Depreciation and amortization 3,902,000 -------------- Total 29,826,000 Operating profit 2,230,000 License denial expense (295,000) Interest income, net 43,000 Interest expense (4,463,000) -------------- Income before income taxes (2,485,000) Income taxes benefit/(provision) 0 -------------- NET (LOSS) ($2,485,000) ============== Adamar of New Jersey, Inc. DBA Tropicana Casino and Resort Consolidated Statement of Cash Flows For the Month Ended July 31, 2009 Cash flows from operating activities: Net Loss ($2,485,000) Adjustments to reconcile net loss to net cash (used in)/provided by operating activities: Depreciation and amortization 3,902,000 Amortization of CRDA bond discount/interest - Deferred income taxes - Amortization of deferred rental income (3,000) Rent/interest expense amortization 1,000 Loss on disposal of property and equipment and other asses 18,000 Loss on reinvestment obligation 124,000 Provision for doubtful accounts 107,000 Increase in accrued interest to parent company 4,449,000 Sales & luxury tax rebates - Changes in operating assets and liabilities: Increase in receivables (951,000) Increase in inventories (122,000) Increase in prepaid expenses and other (4,237,000) (Increase)/Decrease in other assets 177,000 (Decrease)/Increase in accounts payable, accrued expenses and other 6,172,000 -------------- Net cash provided by operating activities 7,152,000 -------------- Cash flows from investing activities: Proceeds from sale of property and equipment - Acquisition of property and equipment (713,000) Sales & luxury tax rebates - Proceeds from reduction in investments 15,000 Reductions in other long term assets 25,000 Additions to investments (397,000) -------------- Net cash used in investing activities 1,070,000 -------------- Cash flows from financing activities: Advances from NJ affiliates, net 404,000 Advances to affiliates, net 1,000 Principal payments to long-term debt (8,000) -------------- Net cash provided by financing activities 397,000 -------------- Net increase in cash 6,479,000 -------------- Cash and cash equivalents at beginning of period 54,145,000 -------------- Cash and cash equivalents at end of period $60,624,000 ============== 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) TVI CORPORATION: Posts $911,760 Net Loss in July 2009 ----------------------------------------------------- TVI Corporation and its three debtor-affiliates filed separate operating reports for the month ended July 31, 2009. The Debtors posted a consolidated net loss of $911,760 in July 2009 on consolidated net revenues of $1,480,583. As of July 31, 2009, the Debtors had $22,888,018 in total assets and $42,181,046 in total liabilities. A full-text copy of the July report is available at no charge at: http://ResearchArchives.com/t/s?43c5 About TVI Corporation Headquartered in Glenn Dale, Maryland, TVI Corporation -- http://www.tvicorp.com/-- supplies military and civilian emergency first responder and first receiver products, personal protection products and quick-erect shelter systems. The products include powered air-purifying respirators, respiratory filters and quick-erect shelter systems used for decontamination, hospital surge systems and command and control. The users of these products include military and homeland defense/homeland security customers. The Company and two of its affiliates filed for Chapter 11 protection on April 1, 2009 (Bankr. D. Md. Lead Case No. 09-15677). Christopher William Mahoney, Esq., Jeffrey W. Spear, Esq., and Joel M. Walker, Esq., at Duane Morris LLP, represent the Debtors in their restructuring efforts. Alan M. Grochal, Esq., and Maria Ellena Chavez-Ruark, Esq., at Tydings and Rosenberg, serve as counsel to the official committee of unsecured creditors. When the Debtor filed for protection from its creditors, it listed $10 million to $50 million in assets and $1 million to $10 million in debts. TXCO RESOURCES: July Loss of $5.3 Million Exceeds Revenue --------------------------------------------------------- According to Bloomberg's Bill Rochelle, TXCO Resources Inc. reported a $5.3 million net loss in July on revenue of $4.1 million. Interest, depreciation and �other items� totaled $5.2 million in the month. TXCO Resources and its Official Committee of Unsecured Creditors are trying to block a bid by Western National Bank for lifting of the automatic stay and foreclose on three drilling rigs. 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: Posts $498,000 Net Loss in July ----------------------------------------------- On August 31, 2009, VeraSun Energy Corporation and certain of its subsidiaries filed an unaudited consolidated monthly operating report for the month ended July 31, 2009, with the U.S. Bankruptcy Court for the District of Delaware. VeraSun Energy Corporation reported a net loss of $498,000 on zero revenue for the month ending July 31, 2009. At July 31, 2009, VeraSun Energy had $91,349,000 in total assets, and ($325,870,000) in total liabilities, and $417,219,000 in total shareholders' equity. A full-text copy of the July 2009 Operating Report is available for free at http://researcharchives.com/t/s?43ed 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 $50.4 Mil. Net Loss for July -------------------------------------------------- Visteon Corporation Balance Sheet As of July 31, 2009 ASSETS Current Assets: Cash and cash equivalents $282,238,000 Accounts receivable, net 4,180,035,000 Inventories, net 19,136,000 Other current assets 38,487,000 --------------- Total current assets $4,519,897,000 Property and equipment, net 179,546,000 Other non-current assets 1,351,344,000 --------------- Total Assets $6,050,787,000 =============== LIABILITIES & SHAREHOLDERS' DEFICIT Short-term debt, including current portion of long-term debt $10,611,597,000 Accounts payable 1,088,679,000 Accrued employee liabilities 22,946,000 Other current liabilities 23,724,000 --------------- Total current liabilities 11,746,946,000 Liabilities subject to compromise 2,791,431,000 LSC-Intercompany with Non-Debtors 54,685,000 Long-term debt 2,632,000 Employee benefits, including pensions 245,157,000 Deferred income taxes 91,394,000 Other non-current liabilities 253,780,000 --------------- Total liabilities 15,186,026,000 Shareholders' deficit Visteon Corporation Shareholders' deficit Preferred stock 0 Common stock 131,053,000 Stock warrants 127,024,000 Additional paid-in capital 2,225,685,000 Accumulated deficit (11,317,153,000) Accumulated other comprehensive income (186,107,000) Other (4,750,000) --------------- Total Debtor shareholders' deficit (9,024,247,000) Noncontrolling interests (146,021,000) --------------- Total shareholders' deficit (9,170,269,000) --------------- Total Liabilities and shareholders' deficit $6,015,757,000 =============== Visteon Corporation Statements of Operations For the Month Ended July 31, 2009 Net sales Products $23,254,000 Services 19,759,000 --------------- 43,013,000 Cost of Sales Products Materials 15,252,000 Labor and overhead 5,717,000 Product engineering 23,470,000 Freight and duty 607,000 Manufacturing spending 1,654,000 Warranty and recall 103,000 Other 6,117,000 Services 19,388,000 --------------- 72,308,000 --------------- Gross margin (29,295,000) Selling, general and administrative expenses Personnel 7,034,000 Depreciation 2,697,000 Other 6,930,000 --------------- 16,660,000 Restructuring expenses (1,242,000) Reimbursement from Escrow Account 0 Reorganization costs 2,799,000 Deconsolidation gain (207,000) --------------- Operating income (loss) (47,306,000) Interest expense 3,594,000 Interest income 493,000 Equity in net income of non-consolidated affiliates 0 --------------- Income(loss) before income taxes (50,406,000) Provision for income taxes 25,000 --------------- Net Income (loss) (50,431,000) --------------- Net income attributable to non-controlling assets - --------------- Net loss attributable to Debtor ($50,431,000) =============== Visteon Corporation Operating Cash Flow For the Month Ended July 31, 2009 Customer receipts $168,756,000 Other receipts 64,299,000 --------------- Total receipts 233,055,000 Disbursements Payroll Related (31,646,000) Operating disbursements (71,751,000) Other disbursements (1,562,000) --------------- Total Disbursements (104,960,000) Net Intercompany Settlements and Funding Non-Debtors (88,450,000) --------------- Net Cash Flow $39,646,000 =============== Beginning Balance $298,843,000 Net Cash Flow 39,646,000 Foreign Currency and Other Adjustments (589,000) --------------- Ending Cash Balance $337,900,000 =============== 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) WASHINGTON MUTUAL: Incurs $912,097 Net Loss for July ---------------------------------------------------- WASHINGTON MUTUAL, INC. Unaudited Balance Sheet As of July 31, 2009 ASSETS Unrestricted cash and cash equivalents $4,607,964,964 Restricted cash and cash equivalents 98,303,994 Investment securities 65,679,021 Accrued interest receivable 870,604 Accounts receivable 0 Income tax receivable 477,979,473 Prepaid expenses 1,910,522 Cash surrender value of BOLI/COLI 88,000,345 Funded Pension 39,173,922 Other investments 2,092,488 Investment in subsidiaries 1,475,193,890 Notes receivable, intercompany 12,229,590 Fixed assets 108,175 Other assets 79,057,611 ---------------- Total Assets $6,948,564,599 ================ LIABILITIES NOT SUBJECT TO COMPROMISE Accounts payable $6,723,731 Taxes payable 0 Accrued wages and benefits 912,405 Other accrued liabilities 15,349,508 Rent and equipment lease payable 0 Deferred tax liability (asset) 0 Other liabilities - intercompany 0 Other postpetition liabilities 0 Minority interest 1,113,019 ---------------- Total Postpetition Liabilities 24,098,663 LIABILITIES SUBJECT TO COMPROMISE Senior debt 4,108,911,139 Subordinated debt 1,613,991,512 Junior subordinated debt 742,476,453 Accrued interest payable 75,907,764 Intercompany payables 684,095,259 Accounts payable 4,480,720 Taxes payable 550,080,833 Payroll and benefit accruals 407,236,707 Other accrued liabilities 86,421,167 Other prepetition liabilities 198 ---------------- Total Prepetition Liabilities 8,273,601,752 ---------------- Total Liabilities 8,297,700,415 SHAREHOLDERS' EQUITY Preferred stock 3,392,341,954 Common stock 12,988,753,556 Other comprehensive income (755,124,817) Retained earnings - prepetition (16,741,804,781) Retained earnings - postpetition (233,301,727) ---------------- Total Shareholders' Equity (1,349,135,816) ---------------- Total Liabilities and Shareholders' Equity $6,948,564,599 ================ WASHINGTON MUTUAL, INC. Unaudited Statement of Operations For the period July 1 to July 31, 2009 REVENUES Interest income: Cash equivalents $726,865 Securities 291,158 Notes receivable - intercompany 44,846 Other 182 ---------------- Total Interest Income 1,063,052 Earnings (losses) from subsidiaries and other equity investments 5,232,067 Gains (losses) from securities 14,196 Other income (17,077) ---------------- Total Revenues 6,292,237 OPERATING EXPENSES Compensation and benefits 420,066 Occupancy and equipment 102,113 Professional fees 317,194 Loss (Income) from BOLI/COLI policies (260,451) Management fees/transition services 256,249 Insurance 416,668 Other 272,441 ---------------- Total Operating Expenses 1,524,280 Net profit (loss) before other income and expenses 4,767,957 OTHER INCOME AND EXPENSES Interest expense: Notes payable - intercompany 0 Borrowings 0 ---------------- Total Interest Expense 0 Other expense/(income) 0 ---------------- Net profit (loss) before reorganization items 4,767,957 REORGANIZATION ITEMS Professional fees 5,396,968 U.S. Trustee quarterly fees 10,400 Gains (losses) from sale of assets 0 Other reorganization expenses 272,686 ---------------- Total Reorganization Items 5,680,054 ---------------- Net profit (loss) before income taxes (912,097) Income taxes 0 ---------------- NET PROFIT (LOSS) ($912,097) ================ WASHINGTON MUTUAL, INC. Unaudited Schedule of Cash Receipts and Disbursements For the period July 1 to July 31, 2009 Opening Balance 06/30/09 $4,061,929,213 RECEIPTS Interest & investment returns 2,170,903 Tax refunds 0 Interest - BNY Mellon trust account 182 Reimbursements/distributions from subs 6,293 Sales of assets/securities 0 Return of funds from debt trustee 0 Death benefit proceeds 0 Miscellaneous receipts 1,227 ---------------- Total Receipts 2,178,605 TRANSFERS Sweep to Money Market account 0 Sweep to Wells Managed account (100,000,000) ---------------- Total Transfers (100,000,000) DISBURSEMENTS Salaries and benefits 327,634 Travel and other expenses 17,576 Occupancy and supplies 147,028 Professional fees 1,958,715 Other outside services 973,973 Bank fees 128,053 U.S. trustee quarterly fees 20,000 Directors fees 65,000 Miscellaneous adjustments 0 ---------------- Total Disbursements 3,637,978 ================ Net Cash Flow (101,459,373) ---------------- Cash - End of Month 3,960,469,840 GL Balance 3,960,469,840 Net value -- Short Term Securities 647,495,125 ---------------- Total Cash and Cash Equivalents $4,607,964,964 ================ WMI INVESTMENT CORP. Unaudited Balance Sheet As of July 31, 2009 ASSETS Unrestricted cash and cash equivalents $274,500,210 Restricted cash and cash equivalents 0 Investment Securities 0 Accrued interest receivable 10,427 Accounts receivable 0 Income tax receivable 22,187,560 Prepaid expenses 0 Cash surrender value of BOLI/COLI 0 Funded Pension 0 Other investments 40,715,371 Investment in subsidiaries 0 Notes receivable, intercompany 565,844,197 Other assets 0 ---------------- Total Assets $903,257,765 ================ LIABILITIES NOT SUBJECT TO COMPROMISE Accounts payable $0 Taxes payable 0 Wages payable 0 Other accrued liabilities 15,125 Rent and equipment lease payable 0 Deferred tax liability (asset) 0 Other liabilities - intercompany 0 Other postpetition liabilities 0 Minority interest 0 ---------------- Total Postpetition Liabilities 15,125 LIABILITIES NOT SUBJECT TO COMPROMISE Senior debt 0 Subordinated debt 0 Junior subordinated debt 0 Accrued interest payable 0 Intercompany payables 0 Accrued interest payable - intercompany 0 Accounts payable 0 Accounts payable - intercompany 0 Taxes payable 0 Payroll and benefit accruals 0 Other accrued liabilities 0 Other prepetition liabilities 0 ---------------- Total Prepetition Liabilities 0 ---------------- Total Liabilities 15,125 SHAREHOLDERS' EQUITY Preferred stock 0 Common stock 1,000,000,000 Other comprehensive income 22,187,560 Retained earnings - prepetition 14,133,260 Retained earnings - postpetition (133,078,180) ---------------- Total Shareholders' Equity 903,242,640 ---------------- Total Liabilities and Shareholders' Equity $903,257,765 ================ WMI INVESTMENT CORP. Unaudited Statement of Operations For the period July 1 to July 31, 2009 REVENUES Interest income: Cash equivalents $34,658 Securities 4,286 Notes receivable - intercompany 0 Other 0 ---------------- Total Interest Income 38,944 Earnings (losses) from subsidiaries and other equity investments 0 Gains (losses) from securities 4,633 Other income 0 ---------------- Total Revenues 43,577 OPERATING EXPENSES Compensation and benefits 0 Occupancy and equipment 0 Professional fees 0 Loss (Income) from BOLI/COLI policies 0 Management fees/transition services 0 Insurance 0 Other 15,640 ---------------- Total Operating Expenses 15,640 Net profit (loss) before other income and expenses 27,937 OTHER INCOME AND EXPENSES Interest expense: Notes payable - intercompany 0 Borrowings 0 ---------------- Total Interest Expense 0 Other expense/(income) 0 ---------------- Net profit (loss) before reorganization items 27,937 REORGANIZATION ITEMS Professional fees 0 U.S. Trustee quarterly fees 325 Gains (losses) from sale of assets 0 Other reorganization expenses 0 ---------------- Total Reorganization Items 325 ---------------- Net profit (loss) before income taxes 27,612 Income taxes 0 ---------------- NET PROFIT (LOSS) $27,612 ================ WMI INVESTMENT CORP. Unaudited Schedule of Cash Receipts and Disbursements For the period July 1 to July 31, 2009 Opening Balance 06/30/09 $57,141,779 RECEIPTS Interest & investment returns 25,596 Tax refunds 0 Reimbursements from WMB 0 Reimbursements/distributions from subs 0 Sales of assets/securities 0 Death benefit proceeds 0 Miscellaneous receipts 0 ---------------- Total Receipts 25,596 TRANSFERS Sweep to Money Market account 0 Sweep to Wells Managed account 0 ---------------- Total Transfers 0 DISBURSEMENTS Salaries and benefits 0 Travel and other expenses 0 Occupancy and supplies 0 Professional fees 0 Other outside services 0 Bank fees 839 U.S. trustee quarterly fees 325 Directors fees 0 Miscellaneous adjustments 0 ---------------- Total Disbursements 1,164 ================ Net Cash Flow 24,431 ---------------- Cash - End of Month 57,166,210 GL Balance 57,166,210 Net value -- Short Term Securities 217,334,000 ---------------- Total Cash and Cash Equivalents $274,500,210 ================ John Maciel, WaMu Chief Financial Officer, disclosed that as of July 31, 2009, the Debtors paid these vendors an aggregate of $1,958,713 on account of services rendered in the Debtors' cases: Professional Fees Expenses ------------ --------- -------- Akin, Gump, Strauss, Hauer & Fled $381,814 $30,871 CONSOR Intellectual Asset Mgmt. 108,386 3,249 Davis Wright Tremaine LLP 32,905 217 Elliott Greenleaf 45,763 2,784 FTI Consulting, Inc. 198,264 167 Joele Frank, Wilkinson Brimmer Katcher 13,433 1,066 John W. Wolfe, P.S. 62,979 109 Kurtzman Carson Consultants LLC 107,548 - Pepper Hamilton 75,758 5,119 Perkins Coie LLP 95,563 - Quinn Emmanuel 682,644 17,755 Shearman & Sterling LLP 92,311 - As of May 31, 2009, WaMu paid a total of $6,723,731 to 28 vendors for certain postpetition accounts. A complete list of the Vendor Payments is available for free at: http://bankrupt.com/misc/WaMu_June2009VendorPayments.pdf Mr. Maciel reported that for the period from July 1 to July 31, 2009, WaMu did not file any property or sales and use tax returns. Withholding summaries of deposits and filings, unemployment summary of deposits and filings as well as filings related to labor and industries were made during the Reporting Period. Similarly, business and occupation tax returns were also filed. A full-text copy of WaMu's May 2009 Operating Report is available for free at the U.S. Securities and Exchange Commission at http://ResearchArchives.com/t/s?433f Key Lawsuits Among Parties Washington Mutual filed a suit in March against the FDIC before the U.S. District Court in Washington after its claim in the bank receivership was denied. The Debtor seeks to recover $6.5 billion in capital contributions, $4 billion in preferred securities and $3 billion in tax refunds. The lawsuit contends the FDIC sold the bank for substantially less than the assets were worth. The holding company believes the bank's assets were worth more than the bank's debt. In April 2009, JPMorgan, which acquired Washington Mutual Bank, filed in the Bankruptcy Court a complaint against Washington Mutual and WMI Investment Corp., and Federal Deposit Insurance Corporation, seeking (i) to ensure that it is not divested of the assets and interests purchased in good faith from the FDIC, as receiver for WMB; and (ii) for indemnification and recovery against the Debtors for certain liabilities that may be asserted against JPMorgan, as successor by merger to WMB, pursuant to a Purchase and Assumption Agreement dated September 25, 2008, with the FDIC. In mid-April 2009, Washington Mutual countered with its own lawsuit against JPM in the Bankruptcy Court, seeking recovery of $4 billion it was holding in deposit accounts at its bank unit when the thrift unit was taken over in September by the FDIC and immediately transferred to JPMorgan Chase & Co. About Washington Mutual Based in Seattle, Washington, Washington Mutual Inc. -- http://www.wamu.com/-- is a holding company for Washington Mutual Bank as well as numerous non-bank subsidiaries. The Company operates in four segments: the Retail Banking Group, which operates a retail bank network of 2,257 stores in California, Florida, Texas, New York, Washington, Illinois, Oregon, New Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and Connecticut; the Card Services Group, which operates a nationwide credit card lending business; the Commercial Group, which conducts a multi-family and commercial real estate lending business in selected markets, and the Home Loans Group, which engages in nationwide single-family residential real estate lending, servicing and capital markets activities. Washington Mutual Bank was taken over September 25 by U.S. government regulators. The next day, WaMu and its affiliate, WMI Investment Corp., filed separate petitions for Chapter 11 relief (Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns 100% of the equity in WMI Investment. Weil Gotshal & Manges represents the Debtors as counsel. When WaMu filed for protection from its creditors, it listed assets of $32,896,605,516 and debts of $8,167,022,695. WMI Investment listed assets of $500,000,000 to $1,000,000,000 with zero debts. Bankruptcy Creditors' Service Inc. publishes Washington Mutual Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Washington Mutual Inc. (http://bankrupt.com/newsstand/or 215/945-7000). WHITE ENERGY: Posts Operating and Net Losses in July ---------------------------------------------------- Bill Rochelle at Bloomberg News reported that White Energy Inc. incurred a $1.1 million net loss in July on net sales of $31.5 million. The operating loss for the month was $288,000. Since filing, the cumulative net loss is $4.5 million on $80.2 million net sales. As of the petition date, the Debtors owed $300 million to West LB AG, New York Branch, as administrative agent, and the prepetition lenders under the amended and restated credit agreement dated as of July 31, 2006, as amended, in respect to loans made and letters of credit issued and other financial accommodations made. Headquartered in Dallas, Texas, White Energy, Inc. -- http://www.white-energy.com/-- builds and acquires ethanol production projects. White Energy's plants have a combined capacity of producing 240 million gallons of ethanol a year, making it one of the 10 largest ethanol producers in the U.S. and the second-largest gluten maker. Two plants are in Texas with the third in Kansas. White spent $323 million building the plants in Texas. The Company and its debtor-affiliates filed for Chapter 11 on May 7, 2009 (Bankr. D. Del. Lead Case No. 09-11601). Michael R. Lastowski, Esq., at Duane Morris LLP, represents the Debtors in their restructuring efforts. The Debtors tapped The Garden City Group Inc. as claims agent. On the petition date, the Debtors disclosed assets and debts ranging from $100 million to $500 million. YOUNG BROADCASTING: Files $4.6MM Consolidated Net Loss in July -------------------------------------------------------------- Young Broadcasting Inc. and its subsidiaries filed with the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York on August 24, 2009, its monthly operating report for the month ended July 31, 2009. The Company posted consolidated net loss of $4,605,456 on net operating revenues of $11,606,852. As of July 31, 2009, the Company had $324,362,217 in total assets; and $24,072,505 in total liabilities not subject to compromise, and total liabilities subject to Compromise of $903,906,118. A full-text copy of the Company's July report is available at no charge at http://ResearchArchives.com/t/s?43c2 Young Broadcasting, Inc. -- http://www.youngbroadcasting.com/-- owns 10 television stations and the national television representation firm, Adam Young, Inc. Five stations are affiliated with the ABC Television Network (WKRN-TV -Nashville, TN, WTEN-TV - Albany, NY, WRIC-TV - Richmond, VA, WATE-TV - Knoxville, TN, and WBAY-TV - Green Bay, WI), three are affiliated with the CBS Television Network (WLNS-TV - Lansing, MI, KLFY-TV - Lafayette, LA and KELO-TV - Sioux Falls, SD), one is affiliated with the NBC Television Network (KWQC-TV - Davenport, IA) and one is affiliated with MyNetwork (KRON-TV - San Francisco, CA). In addition, KELO- TV- Sioux Falls, SD is also the MyNetwork affiliate in that market through the use of its digital channel capacity. The Company and its affiliates filed for Chapter 11 protection on February 13, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-10645). Jo Christine Reed, Esq., at Sonnenschein Nath & Rosenthal LLP, represents the Debtors in their restructuring efforts. Andrew N. Rosenberg, Esq., at Paul Weiss Rifkind Wharton & Harrison LLP, represents the official committtee of unsecured creditors as counsel. The Debtors selected UBS Securities LLC as consultant; Ernst & Young LLP as accountant; Epiq Bankruptcy Solutions LLC as claims agent; and David Pauker chief restructuring officer. ********* 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. 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