/raid1/www/Hosts/bankrupt/TCR_Public/091107.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, November 7, 2009, Vol. 13, No. 308
Headlines
ASARCO LLC: Posts $10,655,000 Net Profit for September
BEARINGPOINT INC: Incurs $570,000 Net Loss in September
CARITAS HEALTH: Posts $1,058,086 Net Loss in September
CHARTER COMMS: Records $41 Million Net Loss for September
CHEMTURA CORP: Posts $12 Million Net Loss for September
EUROFRESH INC: Posts $5.5 Million Net Loss in September
FEDERAL-MOGUL: Global Has $485.4 Mil. Cash at September 30
FINLAY ENTERPRISES: Posts $62.1MM Net Loss in Month Ended Oct. 3
FREEDOM COMMUNICATIONS: Posts $5.4 Million Net Loss in September
FREMONT GENERAL: Files Amended Operating Report for September
GOODY'S LLC: Posts $1,632,162 Net Loss in August
GUARANTY FINANCIAL: Posts $486,639 Net Loss in September
LANDAMERICA FIN'L: Reports $12.53 Mil. Loss for August
LANDAMERICA FIN'L: LAC Reports $23,000 Net Loss for August
LANDAMERICA FIN'L: LCS Reports $3,064,000 Cash at Aug. 31
LANDAMERICA FIN'L: LES Reports $955,000 Loss for August
LANDAMERICA FIN'L: LTC Reports $110,000 Net Loss for August
LANDAMERICA FIN'L: Southland Has $57,000 Loss for August
LEAR CORP: Records $69 Million Income for September
LEHMAN BROTHERS: Has $13.4 Billion Cash at September 30
LEXINGTON PRECISION: Posts $807,000 Net Loss in September
LYONDELL CHEMICAL: Reports $436 Million Loss for September
MAGNA ENTERTAINMENT: Posts $6.5MM Net Loss in September
METALDYNE CORP: Posts $125.1MM Net Loss in Period Ended Sept. 27
MIDWAY GAMES: Reports Net Income of $13.8 Million in August
NEWPOWER HOLDINGS: Files Monthly Operating Report for September
PACIFIC ENERGY: Posts $2.9 Million Net Loss in August
PAPER INTERNATIONAL: Files September 2009 Post-Confirmation Report
PNG VENTURES: Posts $875,528 Net Loss in September
POWERMATE CORP: Posts $110,992 Net Loss in August
POWERMATE CORP: Powermate Holding Posts $110,992 Loss in August
POWERMATE CORP: Powermate Int'l Files August Operating Report
PROVIDENT ROYALTIES: Posts $148,494 Net Loss in September
QIMONDA NA: Posts $1,753,664 Net Loss in September
QIMONDA RICHMOND: Posts $34.6 Million Net Loss in September
WASHINGTON MUTUAL: Incurs $5.3 Mil. Net Loss for September
WHITE ENERGY: Reports $1.9 Million September Net Profit
YOUNG BROADCASTING: Posts $631,026 Net Loss in September
*********
ASARCO LLC: Posts $10,655,000 Net Profit for September
------------------------------------------------------
ASARCO LLC posted revenues of $96,358,000 for the month of
September, with a gross profit of $37,739,000. In August, ASARCO
posted $99,522,000 in revenues and $42,578,000 in gross profit.
ASARCO LLC, et al.
Balance Sheet
As of September 30, 2009
ASSETS
Current Assets:
Cash $1,283,734,000
Restricted Cash 27,865,000
Accounts receivable, net 136,800,000
Inventory 304,634,000
Prepaid expenses 6,130,000
Other current assets 14,136,000
---------------
Total Current Assets 1,773,299,000
Net property, plant and equipment 525,655,000
Other Assets:
Investments in subs & other investments 103,833,000
Advances to affiliates 408,000
Prepaid pension & retirement plan -
Other 37,041,000
---------------
Total assets $2,440,235,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable - trade $68,350,000
Accrued settlements & postp. interest 172,463,000
Accrued liabilities 2,437,213,000
---------------
Total postpetition liabilities 2,678,025,000
Prepetition liabilities:
Not subject to compromise - credit 3,005,000
Not subject to compromise - other 123,380,000
Advances from affiliates 36,559,000
Long-term bonds 447,751,000
Subject to compromise 1,724,472,000
---------------
Total prepetition liabilities 2,335,166,000
---------------
Total liabilities 5,013,192,000
MEMBER'S EQUITY (DEFICIT):
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive loss (383,094,000)
Retained earnings: filing date (3,426,157,000)
---------------
Total prepetition member's equity (3,196,350,000)
Retained earnings: post-filing date 623,392,000
---------------
Total member's equity (net worth) (2,572,958,000)
Total liabilities and member's equity $2,440,235,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended September 30, 2009
Sales $96,358,000
Cost of products and services 58,619,000
---------------
Gross profit (loss) 37,739,000
Operating expenses:
Selling and general & admin. expenses 2,473,000
Depreciation & amortization 3,644,000
Accretion expense 98,000
---------------
Operating income (loss) 31,524,000
Interest expense 12,921,000
Interest income (425,000)
Reorganization expenses 6,847,000
Other miscellaneous (income) expense (5,359,000)
---------------
Income (loss) before taxes 17,541,000
Income taxes 6,885,000
---------------
Net income (loss) $10,655,000
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended September 30, 2009
Receipts $116,244,000
Disbursements:
Inventory material 18,336,000
Operating disbursements 73,365,000
Capital expenditures 3,613,000
---------------
Total operating disbursements 95,314,000
Operating cash flow 20,930,000
Reorganization disbursements 9,530,000
---------------
Net cash flow 11,400,000
Net (borrowings) payments to secured Lenders -
---------------
Net change in cash 11,400,000
Beginning cash balance 1,300,199,000
---------------
Ending cash balances $1,311,599,000
===============
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. 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)
BEARINGPOINT INC: Incurs $570,000 Net Loss in September
-------------------------------------------------------
On October 30, 2009, BearingPoint, Inc., and certain of its
domestic U.S. subsidiaries filed their unaudited monthly operating
report for the month ended September 30, 2009, with the United
States Bankruptcy Court for the Southern District of New York.
BearingPoint reported a net loss of $570,000 on revenue of
$1,208,000 for the month of September.
At September 30, 2009, BearingPoint, had $803,427,000 in total
assets and $1,850,184,000 in total liabilities.
BearingPoint has completed the sales of substantially all of its
businesses and assets to a number of parties and is pursuing sales
of its remaining businesses and assets. As a result, BearingPoint
filed the Second Amended Joint Plan and a proposed disclosure
statement related to the Amended Plan with the Bankruptcy Court on
October 5, 2009. The Amended Plan, among other things, provides
that (i) all, or substantially all, of the Debtors' assets will be
transferred to a liquidating trust for the benefit of the Debtors'
creditors, (ii) the holders of certain unsecured claims will
receive beneficial interests in the Liquidating Trust that will
entitle such holders to receive distributions from the Liquidating
Trust and (iii) all existing equity interests in the Company will
be terminated and that holders of equity interests will receive no
distribution under the Amended Plan.
A full-text copy of the operating report is available at no charge
at http://researcharchives.com/t/s?4874
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). The Debtors' legal advisor
is Weil, Gotshal & Manges, LLP, their restructuring advisor is
AlixPartners LLP, and their financial advisor and investment
banker is Greenhill & Co., LLC. Jeffrey S. Sabin, Esq., at Bingham
McCutchen LLP represents the Creditors' Committee. Garden City
Group serves as claims and notice agent.
BearingPoint disclosed total assets of $1,762,689,000, and debts
of $2,231,839,000 as of September 30, 2008.
CARITAS HEALTH: Posts $1,058,086 Net Loss in September
------------------------------------------------------
On October 20, 2009, Carital Health Care, Inc., filed a monthly
operating report for the month ended September 30, 2009, with the
U.S. Bankruptcy Court for the Eastern District of New York.
The Company reported a net loss of $1,058,086 for the month ended
September 30, 2009. The Company paid $366,589 in professional
fees for the month.
At September 30, 2009, the Company had $53,330,580 in total assets
and $184,858,387 in total liabilities.
A full-text copy of Caritas Health's operating report for the
month ended September 30, is available for free at:
http://bankrupt.com/misc/caritashealth.septembermor.pdf
About Caritas Health Care Inc.
Caritas Health Care Inc. is the owner of Mary Immaculate Hospital
and St. John's Queens Hospital. Caritas, created by Wyckoff
Heights Medical Center, purchased the two hospitals in a
bankruptcy sale in early 2007 from St. Vincent Catholic Medical
Centers of New York. St. John's has 227 generate acute-care beds
while Mary Immaculate has 189.
Caritas Health Care and eight of its affiliates filed for Chapter
11 on February 6, 2009 (Bankr. E.D. N.Y., Lead Case No. 09-40901).
Adam T. Berkowitz, Esq., at Proskauer Rose LLP, has been tapped as
counsel. JL Consulting LLC is the Debtors' restructuring
advisors. Caritas in its bankruptcy petition estimated assets of
$50 million to $100 million, and debts of $100 million to
$500 million.
CHARTER COMMS: Records $41 Million Net Loss for September
---------------------------------------------------------
Charter Communications, Inc., and Subsidiaries
Consolidated Balance Sheet
As of September 30, 2009
ASSETS
Current Assets:
Cash and cash equivalents $1,075,000,000
Accounts receivable, net 211,000,000
Prepaid expenses & other current assets 73,000,000
--------------
Total Current Assets 1,359,000,000
Investment in Cable Properties:
Property, plant and equipment, net 4,822,000,000
Franchises, net 7,374,000,000
--------------
Total investment in cable properties, net 12,196,000,000
--------------
Other Noncurrent Assets 204,000,000
--------------
Total assets $13,759,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise:
Current Liabilities:
Accounts payable and accrued expenses $1,458,000,000
Current portion of long-term debt 11,740,000,000
--------------
Total Current Liabilities 13,198,000,000
Other Long-Term Liabilities 787,000,000
Liabilities subject to compromise 10,675,000,000
Temporary equity 268,000,000
--------------
11,730,000,000
Shareholders' deficit
Charter shareholders' deficit (10,934,000,000)
Noncontrolling interest (235,000,000)
--------------
Total Shareholders' deficit (11,169,000,000)
--------------
Total Liabilities and Shareholders' Deficit $13,759,000,000
==============
Charter Communications, Inc., and Subsidiaries
Consolidated Statement of Operations
Month Ended September 30, 2009
REVENUES $569,000,000
COSTS AND EXPENSES:
Operating, excl. depreciation & amortization 245,000,000
Selling, general and administrative 117,000,000
Depreciation and amortization 109,000,000
Other operating expense 8,000,000
--------------
Income from operations 90,000,000
--------------
OTHER INCOME (EXPENSES):
Interest expense, net (68,000,000)
Reorganization items, net (59,000,000)
--------------
(127,000,000)
--------------
Loss before income taxes (37,000,000)
--------------
Income tax expense (21,000,000)
--------------
Consolidated net loss (58,000,000)
--------------
Less: Net loss - noncontrolling interest 17,000,000
--------------
Net loss - Charter shareholders ($41,000,000)
==============
For the month of September 2009, the Debtors received $565,159,000
from Charter Communications Operating LLC, and $109,000 from
Charter Communications Holding Company LLC, for a total cash
receipt of $565,268,000. The Debtors disbursed a total of
$565,041,000.
A full-text copy of Charter's September Operating Report is
available for free at:
http://bankrupt.com/misc/CCI_MOR_September2009.pdf
About Charter Communications
Based in St. Louis, Missouri, Charter Communications, Inc. (Pink
OTC: CHTRQ) -- http://www.charter.com/-- is a broadband
communications company and the fourth-largest cable operator in
the United States. Charter provides a full range of advanced
broadband services, including advanced Charter Digital Cable(R)
video entertainment programming, Charter High-Speed(R) Internet
access, and Charter Telephone(R). Charter Business(TM) similarly
provides scalable, tailored, and cost-effective broadband
communications solutions to business organizations, such as
business-to-business Internet access, data networking, video and
music entertainment services, and business telephone. Charter's
advertising sales and production services are sold under the
Charter Media(R) brand.
Charter Communications and more than a hundred affiliates filed
voluntary Chapter 11 petitions on March 27, 2009 (Bankr. S.D.N.Y.
Case No. 09-11435). As of March 31, 2009, the Debtors had total
assets of $13,650,000,000, and total liabilities of
$24,501,000,000. Pacific Microwave filed for bankruptcy April 20,
2009, disclosing assets of not more than $50,000 and debts of more
than $1 billion.
Charter filed its Chapter 11 petitions to implement a financial
restructuring, which, upon approval, would reduce the Company's
debt by approximately $8 billion.
The Hon. James M. Peck presides over the cases. Richard M. Cieri,
Esq., Paul M. Basta, Esq., and Stephen E. Hessler, Esq., at
Kirkland & Ellis LLP, in New York, serve as counsel to the
Debtors, excluding Charter Investment Inc. Albert Togut, Esq., at
Togut, Segal & Segal LLP in New York, serves as Charter
Investment, Inc.'s bankruptcy counsel. Curtis, Mallet-Prevost,
Colt & Mosel LLP, in New York, is the Debtors' conflicts counsel.
Ernst & Young LLP is the Debtors' tax advisors. KPMG LLP is the
Debtors' independent auditors. The Debtors' valuation consultants
are Duff & Phelps LLC; the Debtors' financial advisors are Lazard
Freres & Co. LLC; and the Debtors' restructuring consultants are
AlixPartners LLC. The Debtors' regulatory counsel is Davis Wright
Tremaine LLP, and Friend Hudak & Harris LLP. The Debtors' claims
agent is Kurtzman Carson Consultants LLC.
Judge James M. Peck of the U.S. Bankruptcy Court for the Southern
District of New York approved the Debtors' pre-arranged joint plan
of reorganization in a bench ruling on October 15, 2009.
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)
CHEMTURA CORP: Posts $12 Million Net Loss for September
-------------------------------------------------------
Chemtura Corporation, Et Al.
Condensed Combined Balance Sheets (Unaudited)
As of September 30, 2009
Assets
Current Assets $646,000,000
Intercompany receivables 491,000,000
Investment in subsidiaries 1,995,000,000
Property, plan and equipment 434,000,000
Goodwill 149,000,000
Other assets 414,000,000
--------------
Total assets 4,129,000,000
Liabilities and Stockholders' Equity
Current liabilities 432,000,000
Intercompany payables 47,000,000
Other long-term liabilities 79,000,000
--------------
Total liabilities
not subject to compromise 558,000,000
Liabilities subject to compromise 3,243,000,000
Total stockholders' equity 328,000,000
--------------
Total liabilities
and stockholders' equity $4,129,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Operations (Unaudited)
For the Period from September 1 to 31, 2009
Net sales $171,000,000
Cost of goods sold 142,000,000
Selling, general and
administrative expenses 19,000,000
Depreciation and amortization 10,000,000
Research and development 1,000,000
--------------
Operating profit (1,000,000)
Interest expense (7,000,000)
Other income (expense) 8,000,000
Reorganization items, net (9,000,000)
Equity in net earnings (loss)
of subsidiaries (3,000,000)
--------------
Income (loss) before income taxes (12,000,000)
Income tax benefit -
--------------
Net income (loss) ($12,000,000)
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Cash Flows (Unaudited)
For the Period from September 1 to 31, 2009
Cash Flows from Operating Activities:
Net income (loss) ($12,000,000)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation and amortization 10,000,000
Reorganization items, net 9,000,000
Changes in assets and debts, net (8,000,000)
--------------
Net cash provided in
operating activities (1,000,000)
--------------
Cash flows from Investing Activities:
Capital expenditures (2,000,000)
--------------
Cash Flows from Financing Activities:
Proceeds from credit facility, net 10,000,000
--------------
Cash and Cash Equivalents:
Change in cash and cash equivalents 7,000,000
Cash and cash equivalents, beg. 70,000,000
--------------
Cash and cash equivalents, end $77,000,000
==============
About Chemtura Corp.
Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.
Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel. The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.
As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.
Bankruptcy Creditors' Service, Inc., publishes Chemtura
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings undertaken by Chemtura Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
EUROFRESH INC: Posts $5.5 Million Net Loss in September
-------------------------------------------------------
Eurofresh, Inc., reported a net loss of $5,511,079 on net revenue
of $9,906,284 for the month ended September 30, 2009.
At September 30, 2009, the Company had $186,496,291 in total
assets and $407,968,968 in total liabilities.
Eurofresh's current month's receipts and disbursements showed:
Cash, beginning $8,339,960
Total receipts $9,828,870
Total disbursements $12,289,376
Cash, end $5,879,453
A full-text copy of the Company's September operating report is
available for free at:
http://bankrupt.com/misc/eurofresh.septembermor.pdf
About Eurofresh Inc.
Headquartered in Snowflake, Arizona, Eurofresh, Inc. --
http://www.eurofresh.com/-- produces and sells tomatoes. The
Company and Eurofresh Produce Ltd., its affiliate, filed for
Chapter 11 on April 21, 2009 (Bankr. D. Ariz. Lead Case No.
09-07970). Craig D. Hansen, Esq., at Squire, Sanders & Dempsey
L.L.P. represents the Debtors in their restructuring effort.
Ilene J. Lashinsky, U.S. Trustee for Region 14, appointed five
creditors to serve on the official committee of unsecured
creditors in the Debtors' Chapter 11 cases. The Committee
retained Stutman, Treister & Glatt P.C. as counsel, and Lewis &
Roca L.L.P. as co-counsel. The Eurofresh Inc., in its bankruptcy
petition, said it has assets worth $50 million to $100 million and
debts of $100 million to $500 million.
FEDERAL-MOGUL: Global Has $485.4 Mil. Cash at September 30
----------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of September 30, 2009
(In millions)
Assets
Cash and equivalents $485.4
Accounts receivable 594.8
Inventories 390.7
Deferred taxes 203.3
Prepaid expenses and other current assets 32.7
--------
Total current assets 1,706.9
Summary of Unpaid Postpetition Debits 78.5
I/C Loans Receivable (Payable) 140.6
--------
Intercompany Balances 219.1
Property, plant and equipment 625.1
Goodwill 7.4
Other intangible assets -
Insurance recoverable -
Other non-current assets 223.6
--------
Total Assets $2,782.1
========
Liabilities and Shareholders' Equity
Short-term debt $29.6
Accounts payable 223.6
Accrued compensation 53.8
Restructuring and rationalization reserves 11.2
Current portion of asbestos liability -
Interest payable 5.2
Other accrued liabilities 285.2
--------
Total current liabilities 608.6
Long-term debt 2,754.5
Post-employment benefits 919.4
Other accrued liabilities 670.2
Liabilities subject to compromise -
Shareholders' equity:
Preferred stock 1,023.2
Common stock 90.9
Treasury shares (16.7)
Additional paid-in capital 7,824.3
Accumulated deficit (10,778.4)
Accumulated other comprehensive income (314.0)
Other 0.1
--------
Total Shareholders' Equity (2,170.6)
--------
Total Liabilities and Shareholders' Equity $2,782.1
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the Month Ended September30, 2009
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($14.8)
Adjustments to reconcile net earnings
(loss) to net cash:
Depreciation and amortization 30.3
Adjustment of assets held for sale and
other long-lived assets to fair value 0.2
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits 9.4
Decrease (increase) in accounts receivable (8.2)
Decrease (increase) in inventories 26.9
Increase (decrease) in accounts payable 3.2
Change in other assets & other liabilities (26.5)
Change in restructuring charge (2.9)
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From (Used By) Operating Activities 17.6
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (7.0)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (7.0)
Cash Provided From (Used By) Financing Activities:
Increase / (decrease) in debt (1.6)
Sale (repurchase) of accounts receivable
under securitization -
Dividends -
Other -
--------
Net Cash Provided From (Used By) Financing Activities (1.6)
Increase (Decrease) in Cash and Equivalents 9.0
Cash and equivalents at beginning of period 476.4
--------
Cash and equivalents at end of period $485.4
========
About Federal-Mogul
Federal-Mogul Corporation is a leading global supplier of
powertrain and safety technologies, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket. The company's
leading technology and innovation, lean manufacturing expertise,
as well as marketing and distribution deliver world-class
products, brands and services with quality excellence at a
competitive cost. Federal-Mogul is focused on its sustainable
global profitable growth strategy, creating value and satisfaction
for its customers, shareholders and employees. Federal-Mogul was
founded in Detroit in 1899. The company is headquartered in
Southfield, Michigan, and employs nearly 39,000 people in 36
countries. Visit the company's Web site at:
http://www.federalmogul.com/
The Company filed for Chapter 11 protection on October 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on November 21, 2006, and
the Bankruptcy Court approved that Disclosure Statement on
February 6, 2007. The Fourth Amended Plan was confirmed by the
Bankruptcy Court on November 8, 2007, and affirmed by the District
Court on November 14. Federal-Mogul emerged from Chapter 11 on
December 27, 2007.
(Federal-Mogul Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
* * *
As reported by the TCR on June 5, 2009, Standard & Poor's Ratings
Services said it has lowered its corporate credit rating on
Federal-Mogul Corp. to 'B+' from 'BB-'. S&P also lowered the
ratings on the company's senior secured debt; the recovery ratings
are unchanged. The outlook is negative. "The ratings reflect
Federal-Mogul's weak business risk profile as
a major participant in the highly competitive global auto
industry, and its aggressive financial risk profile," S&P said.
FINLAY ENTERPRISES: Posts $62.1MM Net Loss in Month Ended Oct. 3
----------------------------------------------------------------
On October 30, 2009, Finlay Enterprises, Inc., and a wholly-owned
subsidiary of the Company, Finlay Fine Jewelry Corporation filed
their unaudited monthly operating reports for the fiscal months
ended August 29, 2009, and October 3, 2009, with the United States
Bankruptcy Court for the Southern District of New York.
For the fiscal month ended August 29, 2009, the Company reported a
net loss of $12,799,000 on total revenue of $26,431,000. For the
fiscal month ended October 3, 2009, the Company reported a net
loss of $62,109,000 on total revenue of $34,024,000.
At October 3, 2009, the Company had $256,875,757 in total assets
and $386,202,528 in total liabilities.
A full-text copy of the Debtors' monthly opeating reports for the
fiscal months ended August 29, 2009, and October 3, 2009, is
available for free at http://researcharchives.com/t/s?4875
Finlay Enterprises, Inc. (OTC Bulletin Board: FNLY) through its
wholly owned subsidiary, Finlay Fine Jewelry Corporation, is a
retailer of fine jewelry operating luxury stand-alone specialty
jewelry stores and licensed fine jewelry departments in department
stores throughout the United States and achieved sales of
$754.3 million in fiscal 2008. The number of locations at the end
of the second quarter ended August 1, 2009, totaled 182, including
67 Bailey Banks & Biddle, 34 Carlyle and four Congress specialty
jewelry stores and 77 licensed departments with The Bon Ton.
The Company and seven affiliates filed for Chapter 11 on August 5,
2009 (Bankr. S. D. N.Y. Case No. 09-14873). Weil, Gotshal &
Manges LLP, serves as bankruptcy counsel. Alvarez & Marsal North
America, LLC, is engaged as restructuring advisor in the Chapter
11 case, and the firm's David Coles is appointed as chief
restructuring officer. Epiq Bankruptcy Solutions, LLC, serves as
claims and notice agent. Judge James Peck presides over the case.
In its bankruptcy petition, Finlay Enterprises disclosed assets of
$331,824,000 against debts of $385,476,000 as of July 4, 2009. As
of the petition date, Finlay owes $38 million outstanding under a
first lien credit agreement, $24.7 million under second lien
notes, $176.6 million outstanding under third lien notes (in
addition to $17.5 million to secured vendors), and $40.6 million
under remaining unsecured obligations under the senior notes.
On September 25, 2009, the Bankruptcy Court appointed Gordon
Brothers Retail Partners, LLC, as agent for Finlay Enterprises and
its affiliates and subsidiaries to conduct "store closing" or
similar sales of merchandise located at all of the Company's
retail store locations and the Company's two distribution centers.
The transaction is expected to be completed by February 28, 2010.
Gordon Brothers bid 85.75 cents on the dollar for inventory valued
at an estimated $116 million for closings sales of 49 Finlay
stores. Gordon had a prepetition contract to conduct store
closings sales for 55 other stores.
FREEDOM COMMUNICATIONS: Posts $5.4 Million Net Loss in September
----------------------------------------------------------------
Freedom Communications Holdings Inc., et al., reported a net loss
of $5.4 million on total operating revenue of $46.9 million for
the month of September 2009.
At September 30, 2009, the Debtors had $795.1 million in total
assets and $1.126 billion in total liabilities. Cash and cash
equivalents were $84.2 million at September 30, 2009.
Freedom Communications, headquartered in Irvine, Calif., is a
national privately owned information and entertainment company of
print publications, broadcast television stations and interactive
businesses. The company's print portfolio includes approximately
90 daily and weekly publications, including approximately 30 daily
newspapers, plus ancillary magazines and other specialty
publications. The broadcast company's stations -- five CBS, two
ABC network affiliates and one CW affiliate -- reach more than
3 million households across the country. The Company's news,
information and entertainment Web sites complement its print and
broadcast properties.
Freedom Communications filed for Chapter 11 on Sept. 1, 2009
(Bankr. D. Del. Case No. 09-13046). Attorneys at Young Conaway
Stargatt & Taylor, and Latham & Watkins LLP serve as Chapter 11
counsel. Houlihan, Lokey, Howard & Zukin, Inc., serves as
financial advisor while AlixPartners LLC is restructuring
consultant. Logan & Co. serves as claims and notice agent.
Freedom Communications had $757,000,000 in assets against debts of
$1,077,000,000 as of July 31, 2009.
FREMONT GENERAL: Files Amended Operating Report for September
-------------------------------------------------------------
On October 28, 2009, Fremont General Corporation filed an amended
monthly operating report for the month ended September 30, 2009,
with the United States Trustee for the Central District of
California, Santa Ana Division.
The amendment to the September monthly operating report consisted
of three explanatory footnotes that were added to Section "X.
Balance Sheet". These footnotes identify the source of certain
changes resulting from accruals recorded in accordance with
generally accepted accounting principals at September 30, 2009,
which include an accrual for litigation settlements totaling
$36.2 million that related to the following matters and related
proofs of claim: The Bank of New York v. Fremont General
Corporation; California Insurance Commissioner v. Rampino, et al.;
Enron Creditors Recovery Corp., et al. v. J.P. Morgan Securities,
et al.; and California Insurance Commissioner v. Fremont General
Corporation, et al. Each of these settlements were previously
reported by the Company in current reports on Form 8-K on
August 3, 2009, May 19, 2009, April 27, 2009, and April 17, 2009,
respectively.
A full-text copy of Fremont General's amended monthly operating
report for September 2009 is available for free at:
http://researcharchives.com/t/s?4877
As reported in the Troubled Company Reporter on October 24, 2009,
Fremont General Corporation filed with the United States Trustee
for the Central District of California, Santa Ana Division on
October 15, 2009, its monthly operating report for the month ended
September 30, 2009.
Fremont General posted a net loss of $12.6 million in September.
At September 30, 2009, the Company had $448.4 million in total
assets, $391.1 million in total liabilities, and $57.3 million in
total equity. Unrestricted cash was $26.6 million at
September 30, 2009, from $27.3 million at the beginning of the
period.
About Fremont General
Based in Santa Monica, California, Fremont General Corp. (OTC:
FMNTQ) -- http://www.fremontgeneral.com/-- was a financial
services holding company with $8.8 billion in total assets at
September 30, 2007. Fremont General ceased being a financial
services holding company on July 25, 2008, when its wholly owned
bank subsidiary, Fremont Reorganizing Corporation (f/k/a Fremont
Investment & Loan) completed the sale of its assets, including all
of its 22 branches, and 100% of its $5.2 billion of deposits to
CapitalSource Bank.
Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No. 08-13421). Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, Theodore
Stolman, Esq., Scott H. Yun, Esq., and Whitman L. Holt, Esq., at
Stutman Treister & Glatt, represent the Debtor as counsel.
Kurtzman Carson Consultants LLC is the Debtor's noticing
agent and claims processor. Lee R. Bogdanoff, Esq., Jonathan S.
Shenson, Esq., and Brian M. Metcalf, at Klee, Tuchin, Bogdanoff &
Stern LLP, represent the Official Committee of Unsecured
Creditors as counsel. Fremont's formal schedules showed
$330,036,435 in total assets and $326,560,878 in total debts.
GOODY'S LLC: Posts $1,632,162 Net Loss in August
------------------------------------------------
Goody's LLC reported a net loss of $1,632,162 for the month of
August 2009.
At August 31, 2009, the Debtor had total assets of $51,034,895,
total liabilities of $69,526,818, and stockholders' deficit of
$18,491,923.
During the month of August 2009, the Company's schedule of cash
receipts and disbursements showed:
Cash, beginning $7,726,189
Total Receipts $211,535
Total Disbursements $766,307
Net Cash Flow ($554,772)
Cash, end $7,171,417
Of the total cash disbursements of $766,307 for the month of
August, $285,434 represented payments made for professional fees.
A full-text copy of the Debtor's monthly operating report for
August 2009 is available for free at:
http://bankrupt.com/misc/goody'sllc.augustmor.pdf
About Goody's LLC
Headquartered in Wilmington, Delaware, Goody's LLC, successor to
Goody's Family Clothing Inc., operates a chain of clothing stores.
Goody's Family Clothing Inc., and 19 of its affiliates filed for
Chapter 11 protection on June 9, 2008 (Bankr. D. Del. Lead Case
No. 08-11133). Gregg M. Galardi, Esq., and Marion M. Quirk, Esq.,
at Skadden Arps Slate Meagher & Flom LLP, and Paul G. Jennings,
Esq., at Bass, Berry & Sims PLC, represented the Debtors. The
Company emerged from bankruptcy October 20, 2008, after closing
more than 70 stores. The reorganized entity was named Goody's
LLC, and headquartered in Wilmington, Delaware.
Goody's subsequently announced plans to liquidate in January
2009 when it was unable to restructure terms with creditors.
Goody's LLC and 13 of its affiliates filed for Chapter 11
protection on January 13, 2009 (Bankr. D. Del. Lead Case No.
09-10124). M. Blake Cleary, Esq., at Young, Conaway, Stargatt &
Taylor, LLP; Paul G. Jennings, Esq., Gene L. Humphreys, Esq.,
Edward C. Meade, Esq., and Kristen C. Wright, Esq., at Bass Berry
& Sims PLC represent the Debtors as counsel. Skadden, Arps, Slate
Meagher & Flom, LLP, is the Debtors' special counsel; FTI
Consulting Inc. is the Debtors' financial advisor. Goody's has
closed its 282 stores and liquidated its inventory and other
assets. In its schedules, Goody's LLC listed assets of
$542,231,601 and liabilities of $510,471,005.
GUARANTY FINANCIAL: Posts $486,639 Net Loss in September
--------------------------------------------------------
On October 16, 2009, Guaranty Financial Group Inc. and each of its
wholly owned subsidiaries, Guaranty Group Ventures Inc., Guaranty
Holdings Inc. I, and Guaranty Group Capital Inc. filed their
unaudited monthly operating reports for the period from
September 1, 2009, through September 30, 2009, with the United
States Bankruptcy Court for the Northern District of Texas, Dallas
Division.
Guaranty Financial Group reported a net loss of $486,639 for the
month of September 2009. During the month the Company expenses
$309,373 in professional fees.
At September 30, 2009, Guaranty Financial Group had $12,528,681 in
total assets and $329,035,603 in total liabilities.
A full-text copy of Guaranty Financial Group's monthly operating
report is available for free at:
http://researcharchives.com/t/s?486f
Guaranty Group Ventures reported net income of $555 for the month
of September 2009.
At September 30, 2009, the Company had $12,240,257 in total
assets, $371,185 in total liabilities, and $11,869,072 in total
equity.
A full-text copy of Guaranty Group Ventures' monthly operating
report is available for free at:
http://researcharchives.com/t/s?4870
Guaranty Holdings reported zero profit and zero revenue for the
month of September 2009.
At September 30, 2009, the Company had $8,472 in assets and $8,472
in total equity.
A full-text copy of Guaranty Holdings' monthly operating report is
available for free at:
http://researcharchives.com/t/s?4871
Guaranty Group Capital reported net income of $278 for the month
of September 2009.
At September 30, 2009, the Company had $4,170,672 in total assets
and $4,170,672 in total equity.
A full-text copy of Guaranty Group Capital's monthly operating
report is available at:
http://researcharchives.com/t/s?4872
Guaranty Financial Group Inc. -- http://www.guarantygroup.com/--
is based in Dallas, Texas. Guaranty Financial is a unitary
savings and loan holding company. The Company's primary operating
entities are Guaranty Bank and Guaranty Insurance Services, Inc.
Guaranty Financial filed for bankruptcy after the Guaranty bank
was seized by regulators and sent to receivership under the
Federal Deposit Insurance Corporation. Before the bank was taken
over, the balance sheet of the holding company had $15.4 billion
in assets as of Sept. 30, 2008.
Guaranty Financial together with affiliates filed for Chapter 11
on Aug. 27, 2009 (Bankr. N.D. Tex. Case No. 09-35582). Attorneys
at Haynes & Boone, LLP, represent the Debtors. According to the
schedules attached to its petition, the Company has assets of at
least $24,295,000, and total debts of $323,413,428, including
$305 million in trust preferred security.
LANDAMERICA FIN'L: Reports $12.53 Mil. Loss for August
------------------------------------------------------
LandAmerica Financial Group, Inc.
Balance Sheet
As of August 31, 2009
ASSETS
Cash $70,731,000
Restricted Cash 15,523,000
Notes:
Fidelity National Title 50,823,000
Other 12,957,000
Investments:
Fidelity National Title stock 57,020,000
Short Term Investments 0
Taxes receivable 21,462,000
Property and equipment 14,223,000
Title Plans 945,000
Other assets 51,336,000
Investments in subsidiaries and
consolidated joint ventures 651,318,000
Intercompany receivable 259,775,000
---------------
Total Assets $1,206,113,000
===============
Liabilities
Accounts payable and accrued liabilities 23,796,000
Liabilities subject to compromise 476,549,000
---------------
Total Liabilities 500,345,000
Total Shareholders' Equity 705,768,000
---------------
Total Liabilities and
Shareholders' Equity $1,206,113,000
===============
LandAmerica Financial Group, Inc.
Statement of Operations
For the month ended August 31, 2009
Revenue:
Investment and other income $15,117,000
Valuation adjustment related to
Fidelity National Title Stock 2,128,000
---------------
Total Revenue $17,245,000
===============
Expenses
General, administrative and other
expenses $614,000
Professional fees 3,803,000
Impairment of assets 0
Depreciation and amortization 295,000
Interest Expense 0
Loss (Gain) on disposal of
subsidiaries 0
---------------
Total Expenses 4,712,000
---------------
Net Loss before income taxes (12,533,000)
Income tax benefit 0
---------------
Net Loss ($12,533,000)
===============
LandAmerica Financial Group, Inc.
Schedule of Cash Receipts and Disbursements
For Month Ended August 31, 2009
Operating Cash and Cash Equivalents
Held for the benefit;
LandAmerica Financial Group, Inc. $62,620,000
PBGC 0
Underwriters 6,976,000
Retained Subsidiaries 11,632,000
---------------
Opening Cash 81,229,000
---------------
Cash Receipts
Collection received for the benefit of;
Underwriters 10,000
Retained subsidiaries (9,941,000)
Payment reimbursements by;
Underwriters 0
Retained Subsidiaries 4,572,000
Proceeds from sale of the Underwriting business
LandAmerica Financial Group, Inc. 0
Retained Subsidiaries 0
Proceeds from LandAm Valuation sale 0
Proceeds from LoanCare sale 0
Proceeds from RealEC 0
Other Receipts 15,442,000
---------------
Total Receipts 10,083,000
---------------
Cash Disbursement
Related to LFG
Payroll 1,022,000
Rent & other occupancy costs 158,000
Insurance 115,000
Leases 490,000
Information Technology 481,000
Payables 75,000
Bankruptcy Professional Fees 4,971,000
Return of Funds - Underwriters 0
Transfers to Restricted Cash 0
Others 11,949,000
---------------
Total 19,261,000
---------------
Payments made for the benefit of:
Underwriters 112,000
Retained subsidiaries 1,208,000
---------------
Total Disbursements 20,581,000
Net Cash Flow (10,498,000)
---------------
Ending Cash and Cash Equivalents $70,731,000
===============
Ending Cash and Cash Equivalents
Held for the benefit:
LFG $58,801,000
Underwriters 6,875,000
Retained subsidiaries 5,055,000
---------------
Total $70,731,000
===============
About LandAmerica Financial Group
LandAmerica Financial Group, Inc., provides real estate
transaction services with offices nationwide and a vast network of
active agents. LandAmerica and its affiliates operate through
approximately 700 offices and a network of more than 10,000 active
agents throughout the world, including Mexico, Canada, the
Caribbean, Latin America, Europe, and Asia.
LandAmerica Financial Group and its affiliate LandAmerica 1031
Exchange Services, Inc. filed for Chapter 11 protection Nov. 26,
2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Attorneys at
Willkie Farr & Gallagher LLP and McGuireWoods LLP serve as co-
counsel. Zolfo Cooper is the restructuring advisor. Epiq
Bankruptcy Solutions serves as claims and notice agent.
Attorneys at Akin Gump Strauss Hauer & Feld LLP and Tavenner &
Beran, PLC, serve as counsel to the Creditors Committee of 1031
Exchange. Bingham McCutchen LLP and LeClair Ryan serve as counsel
to the Creditors Committee of LFG.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of Sept. 30,
2008.
On March 6, 2009, affiliate LandAmerica Assessment Corporation,
aka National Assessment Corporation, filed its own petition for
Chapter 11 relief. Affiliate LandAmerica Title Company filed for
for Chapter 11 relief on March 27, 2009. LandAmerica Credit
Services, Inc., filed for Chapter 11 in July 2009.
Bankruptcy Creditors' Service, Inc., publishes LandAmerica
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by LandAmerica Financial and its affiliate LandAmerica
1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
LANDAMERICA FIN'L: LAC Reports $23,000 Net Loss for August
----------------------------------------------------------
LandAmerica Assessment Corporation
Balance Sheet
As of August 31, 2009
Assets
Cash $2,964,000
Taxes receivable 48,000
Other Assets 557,000
Intercompany receivable 4,914,000
---------------
Total Assets ($8,484,000)
===============
Liabilities
Accounts payable and accrued liabilities $287,000
Liabilities subject to compromise 2,836,000
---------------
Total Liabilities 3,122,000
Total Shareholders' Equity 5,362,000
---------------
Total Liabilities and
Shareholders' Equity $8,484,000
===============
LandAmerica Assessment Corporation
Statement of Operations
For the month ended August 31, 2009
Revenue $0
Expenses
Salaries and employee benefits 4,000
General, administrative and other expenses 12,000
Professional fees and expenses 7,000
Depreciation and amortization 0
Impairment of assets 50,000
Loss (Gain) on sale of assets 0
---------------
Total Operating Expenses 73,000
---------------
Net Loss ($23,000)
===============
LandAmerica Assessment Corporation
Schedule of Cash Receipts and Disbursements
For the month ended August 31, 2009
Opening Cash $2,947,000
Cash Receipts
Proceeds from sale of assets 0
Collections received for the
benefit of;
Partner Assessment Corp. 3,000
LandAmerica Valuation Corp. 0
LandAm Assessment Germany Gmbh 0
Other 107,000
---------------
Total Receipts 110,000
---------------
Disbursements
Partner Assessment Corp. 0
LandAmerica Valuation Corp. 0
LFG 93,000
Other 0
---------------
Total Disbursements 93,000
---------------
Net Cash Flow 17,000
---------------
Ending Cash $2,964,000
===============
About LandAmerica Financial Group
LandAmerica Financial Group, Inc., provides real estate
transaction services with offices nationwide and a vast network of
active agents. LandAmerica and its affiliates operate through
approximately 700 offices and a network of more than 10,000 active
agents throughout the world, including Mexico, Canada, the
Caribbean, Latin America, Europe, and Asia.
LandAmerica Financial Group and its affiliate LandAmerica 1031
Exchange Services, Inc. filed for Chapter 11 protection Nov. 26,
2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Attorneys at
Willkie Farr & Gallagher LLP and McGuireWoods LLP serve as co-
counsel. Zolfo Cooper is the restructuring advisor. Epiq
Bankruptcy Solutions serves as claims and notice agent.
Attorneys at Akin Gump Strauss Hauer & Feld LLP and Tavenner &
Beran, PLC, serve as counsel to the Creditors Committee of 1031
Exchange. Bingham McCutchen LLP and LeClair Ryan serve as counsel
to the Creditors Committee of LFG.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of Sept. 30,
2008.
On March 6, 2009, affiliate LandAmerica Assessment Corporation,
aka National Assessment Corporation, filed its own petition for
Chapter 11 relief. Affiliate LandAmerica Title Company filed for
for Chapter 11 relief on March 27, 2009. LandAmerica Credit
Services, Inc., filed for Chapter 11 in July 2009.
Bankruptcy Creditors' Service, Inc., publishes LandAmerica
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by LandAmerica Financial and its affiliate LandAmerica
1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
LANDAMERICA FIN'L: LCS Reports $3,064,000 Cash at Aug. 31
---------------------------------------------------------
LandAm Credit Services, Inc.
Balance Sheet
As of August 31, 2009
Assets
Cash $3,064,000
Other Assets 49,000
---------------
Total Assets $3,113,000
===============
Liabilities
Accounts payable and accrued liabilities $94,000
Liabilities subject to compromise 15,160,000
---------------
Total Liabilities 15,254,000
Total Shareholders' Equity (12,141,000)
---------------
Total Liabilities and
Shareholders' Equity $3,113,000
===============
LandAm Credit Services, Inc.
Statement of Operations
For the month ended August 31, 2009
Revenue $0
Expenses
General, administrative and other
expenses 1,490,000
Professional fees and expenses 89,000
Depreciation and amortization 5,000
---------------
Total Operating Expenses 1,584,000
Gain on sale of assets 1,915,000
---------------
Net Loss $918,000
===============
LandAm Credit Services, Inc.
Schedule of Cash Receipts and Disbursements
For the month ended August 31, 2009
Opening Cash $53,000
Cash Receipts
Proceeds from sale of assets 3,267,000
Collections received 669,000
Disbursements
LFG 675,000
Payroll & related expenses 177,000
Other 72,000
---------------
Total Disbursements 925,000
Net Cash Flow 3,011,000
---------------
Ending Cash $3,064,000
===============
About LandAmerica Financial Group
LandAmerica Financial Group, Inc., provides real estate
transaction services with offices nationwide and a vast network of
active agents. LandAmerica and its affiliates operate through
approximately 700 offices and a network of more than 10,000 active
agents throughout the world, including Mexico, Canada, the
Caribbean, Latin America, Europe, and Asia.
LandAmerica Financial Group and its affiliate LandAmerica 1031
Exchange Services, Inc. filed for Chapter 11 protection Nov. 26,
2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Attorneys at
Willkie Farr & Gallagher LLP and McGuireWoods LLP serve as co-
counsel. Zolfo Cooper is the restructuring advisor. Epiq
Bankruptcy Solutions serves as claims and notice agent.
Attorneys at Akin Gump Strauss Hauer & Feld LLP and Tavenner &
Beran, PLC, serve as counsel to the Creditors Committee of 1031
Exchange. Bingham McCutchen LLP and LeClair Ryan serve as counsel
to the Creditors Committee of LFG.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of Sept. 30,
2008.
On March 6, 2009, affiliate LandAmerica Assessment Corporation,
aka National Assessment Corporation, filed its own petition for
Chapter 11 relief. Affiliate LandAmerica Title Company filed for
for Chapter 11 relief on March 27, 2009. LandAmerica Credit
Services, Inc., filed for Chapter 11 in July 2009.
Bankruptcy Creditors' Service, Inc., publishes LandAmerica
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by LandAmerica Financial and its affiliate LandAmerica
1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
LANDAMERICA FIN'L: LES Reports $955,000 Loss for August
-------------------------------------------------------
LandAmerica 1031 Exchange Services, Inc.
Balance Sheet
As of August 31, 2009
Assets
Cash and Cash Equivalents $128,185,000
Notes receivable 15,474,000
Auction Rate Securities 159,843,000
Taxes receivable 81,000
Property and Equipment 63,000
Other Assets 121,000
---------------
Total Assets $303,767,000
===============
Liabilities
Accounts payable and accrued liabilities $4,305,000
Intercompany payable 0
Liabilities subject to compromise 360,440,000
---------------
Total Liabilities 364,745,000
Total Shareholders' Deficit (60,978,000)
---------------
Total Liabilities and
Shareholders' Equity $303,767,000
===============
LandAmerica 1031 Exchange Services, Inc.
Statement of Operations
For the month ended August 2009
Revenue:
Investment Income $334,000
Settlement Income 0
---------------
Total Revenue 334,000
---------------
Expenses
Professional Fees 1,255,000
General, administrative and other
expenses 34,000
---------------
Total Operating Expenses 1,288,000
---------------
Operating Income (955,000)
Impairment and noncash adjustment 0
Income Taxes 0
---------------
Net Loss ($955,000)
===============
LandAmerica 1031 Exchange Services, Inc.
Schedule of Cash Receipts and Disbursements
For the month ended August 31, 2009
Opening Cash Balance $128,797,000
Receipts
Investment Income 334,000
Settlements 0
Other Receipts 0
---------------
Total Receipts 334,000
---------------
Disbursements
Professional Fees 630,000
Litigation Settlement 0
LFG 316,000
Other 0
---------------
Total Disbursements 946,000
---------------
Ending Cash $128,797,000
===============
About LandAmerica Financial Group
LandAmerica Financial Group, Inc., provides real estate
transaction services with offices nationwide and a vast network of
active agents. LandAmerica and its affiliates operate through
approximately 700 offices and a network of more than 10,000 active
agents throughout the world, including Mexico, Canada, the
Caribbean, Latin America, Europe, and Asia.
LandAmerica Financial Group and its affiliate LandAmerica 1031
Exchange Services, Inc. filed for Chapter 11 protection Nov. 26,
2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Attorneys at
Willkie Farr & Gallagher LLP and McGuireWoods LLP serve as co-
counsel. Zolfo Cooper is the restructuring advisor. Epiq
Bankruptcy Solutions serves as claims and notice agent.
Attorneys at Akin Gump Strauss Hauer & Feld LLP and Tavenner &
Beran, PLC, serve as counsel to the Creditors Committee of 1031
Exchange. Bingham McCutchen LLP and LeClair Ryan serve as counsel
to the Creditors Committee of LFG.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of Sept. 30,
2008.
On March 6, 2009, affiliate LandAmerica Assessment Corporation,
aka National Assessment Corporation, filed its own petition for
Chapter 11 relief. Affiliate LandAmerica Title Company filed for
for Chapter 11 relief on March 27, 2009. LandAmerica Credit
Services, Inc., filed for Chapter 11 in July 2009.
Bankruptcy Creditors' Service, Inc., publishes LandAmerica
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by LandAmerica Financial and its affiliate LandAmerica
1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
LANDAMERICA FIN'L: LTC Reports $110,000 Net Loss for August
-----------------------------------------------------------
LandAmerica Title Company
Balance Sheet
As of August 31, 2009
Assets
Cash $982,000
Trade accounts receivable 290,000
Short term investments 243,000
Property and equipment 620,000
Other Assets 371,000
---------------
Total Assets $2,506,000
===============
Liabilities
Accounts payable and accrued liabilities $198,000
Intercompany payable 0
Liabilities subject to compromise 6,393,000
---------------
Total Liabilities 6,591,000
Total Shareholders' Deficit (4,085,000)
---------------
Total Liabilities and
Shareholders' Deficit $2,506,000
===============
LandAmerica Title Company
Statement of Operations
For the month ended August 31, 2009
Revenue $0
Expenses
General, administrative and other
expenses 16,000
Professional fees and expenses 97,000
Depreciation and amortization 23,000
Impairment of assets (276,000)
---------------
Total Operating Expenses (140,000)
---------------
Net Loss ($111,000)
===============
LandAmerica Title Company
Schedule of Cash Receipts and Disbursements
For the month ended August 31, 2009
Opening Cash $1,108,000
Cash Receipts
Collections received 1,000
Disbursements
LFG 127,000
Other 0
---------------
Total Disbursements 127,000
---------------
Net Cash Flow (126,000)
---------------
Ending Cash $982,000
===============
About LandAmerica Financial Group
LandAmerica Financial Group, Inc., provides real estate
transaction services with offices nationwide and a vast network of
active agents. LandAmerica and its affiliates operate through
approximately 700 offices and a network of more than 10,000 active
agents throughout the world, including Mexico, Canada, the
Caribbean, Latin America, Europe, and Asia.
LandAmerica Financial Group and its affiliate LandAmerica 1031
Exchange Services, Inc. filed for Chapter 11 protection Nov. 26,
2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Attorneys at
Willkie Farr & Gallagher LLP and McGuireWoods LLP serve as co-
counsel. Zolfo Cooper is the restructuring advisor. Epiq
Bankruptcy Solutions serves as claims and notice agent.
Attorneys at Akin Gump Strauss Hauer & Feld LLP and Tavenner &
Beran, PLC, serve as counsel to the Creditors Committee of 1031
Exchange. Bingham McCutchen LLP and LeClair Ryan serve as counsel
to the Creditors Committee of LFG.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of Sept. 30,
2008.
On March 6, 2009, affiliate LandAmerica Assessment Corporation,
aka National Assessment Corporation, filed its own petition for
Chapter 11 relief. Affiliate LandAmerica Title Company filed for
for Chapter 11 relief on March 27, 2009. LandAmerica Credit
Services, Inc., filed for Chapter 11 in July 2009.
Bankruptcy Creditors' Service, Inc., publishes LandAmerica
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by LandAmerica Financial and its affiliate LandAmerica
1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
LANDAMERICA FIN'L: Southland Has $57,000 Loss for August
--------------------------------------------------------
Southland Title Corporation
Balance Sheet
As of August 31, 2009
Assets
Cash $1,939,000
Trade Accounts Receivable 41,000
Short Term Investments 45,000
Property and Equipment 276,000
Other Assets 279,000
---------------
Total Assets $2,580,000
===============
Liabilities
Accounts payable and accrued liabilities $254,000
Intercompany Payable 0
Liabilities subject to compromise 1,053,000
---------------
Total Liabilities 1,308,000
Total Shareholders' Equity 1,272,000
---------------
Total Liabilities and
Shareholders' Equity $2,580,000
===============
Southland Title Corporation
Statement of Operations
For the month ended August 31, 2009
Revenue $0
Expenses
General, administrative and other expenses 25,000
Professional fees and expenses 22,000
Depreciation and amortization 15,000
Impairment of assets (5,000)
---------------
Total Operating Expenses 57,000
---------------
Net Loss ($57,000)
===============
Southland Title Corporation
Schedule of Cash Receipts and Disbursements
For the month ended August 31, 2009
Opening Cash $2,054,000
Collections received 1,000
Disbursements
LFG 116,000
Fidelity National Title Insurance 0
Other 0
---------------
Total Disbursements 116,000
Net Cash Flow (115,000)
---------------
Ending Cash $1,939,000
===============
Other Southland Title Affiliates
Two affiliates of Southland Title Corporation also delivered
separate individual monthly operating reports to the Court. The
Southland Debtors reported these assets and liabilities as of
August 31, 2009:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- --------------
Southland Title of San Diego $2,063,000 $4,405,000
Southland Title of Orange County $685,000 $1,649,000
The Debtor affiliates listed their net income or loss for the
period from August 1 to 31, 2009:
Affiliate Net Income(Loss)
--------- ---------------
Southland Title of San Diego ($23,000)
Southland Title of Orange County ($3,000)
The Debtor affiliates also reported their cash receipts and cash
disbursements for the period from August 1 to 31, 2009:
Cash Cash
Affiliate Receipts Disbursements
--------- ------------ -------------
Southland Title of San Diego $0 $23,000
Southland Title of Orange County $0 $28,000
About LandAmerica Financial Group
LandAmerica Financial Group, Inc., provides real estate
transaction services with offices nationwide and a vast network of
active agents. LandAmerica and its affiliates operate through
approximately 700 offices and a network of more than 10,000 active
agents throughout the world, including Mexico, Canada, the
Caribbean, Latin America, Europe, and Asia.
LandAmerica Financial Group and its affiliate LandAmerica 1031
Exchange Services, Inc. filed for Chapter 11 protection Nov. 26,
2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Attorneys at
Willkie Farr & Gallagher LLP and McGuireWoods LLP serve as co-
counsel. Zolfo Cooper is the restructuring advisor. Epiq
Bankruptcy Solutions serves as claims and notice agent.
Attorneys at Akin Gump Strauss Hauer & Feld LLP and Tavenner &
Beran, PLC, serve as counsel to the Creditors Committee of 1031
Exchange. Bingham McCutchen LLP and LeClair Ryan serve as counsel
to the Creditors Committee of LFG.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of Sept. 30,
2008.
On March 6, 2009, affiliate LandAmerica Assessment Corporation,
aka National Assessment Corporation, filed its own petition for
Chapter 11 relief. Affiliate LandAmerica Title Company filed for
for Chapter 11 relief on March 27, 2009. LandAmerica Credit
Services, Inc., filed for Chapter 11 in July 2009.
Bankruptcy Creditors' Service, Inc., publishes LandAmerica
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by LandAmerica Financial and its affiliate LandAmerica
1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
LEAR CORP: Records $69 Million Income for September
---------------------------------------------------
A full-text copy of Lear Corp. and its debtor affiliates'
consolidated monthly operating report for the month ended
September 2009 is available for free at:
http://bankrupt.com/misc/Lear_SeptemberMOR.pdf
Lear Corporation et al.
Condensed Consolidated Balance Sheet
As of September [_], 2009
ASSETS
Current Assets:
Cash and cash equivalents $793,000,000
Accounts receivable 106,400,000
Inventories 176,400,000
Amounts due from non-Debtor subsidiaries 1,630,800,000
Other 62,100,000
--------------
Total current assets 2,768,700,000
Long-term Assets:
Property, plant and equipment, net 338,000,000
Goodwill 0
Investments in non-Debtor subsidiaries 1,732,300,000
Other 183,500,000
--------------
Total long-term assets 2,253,800,000
--------------
Total assets $5,022,500,000
==============
LIABILITIES AND DEFICIT ATTRIBUTABLE TO DEBTORS
CURRENT LIABILITIES:
Debtor-in-possession term loan $500,000,000
Accounts payable and drafts 430,900,000
Accrued liabilities 224,500,000
--------------
Total current liabilities 1,155,400,000
--------------
LONG-TERM LIABILITIES:
Other long-term liabilities 362,300,000
--------------
Liabilities Subject to Compromise 3,611,200,000
--------------
Deficit attributable to Debtors (106,400,000)
--------------
Total liabilities $5,022,500,000
==============
Lear Corporation et al.
Condensed Statement of Operations
For the Month of September
Net Sales $373,800,000
Cost of sales 267,700,000
Selling, general and administrative expenses 16,000,000
Intercompany interest income (4,700,000)
Interest expense 11,600,000
Other income, net (19,300,000)
Equity in net loss of non-Debtor subsidiaries 15,900,000
Reorganization items
Professional fees 8,500,000
Incentive compensation expense 9,100,000
Other (900,000)
--------------
Income before provision for income taxes 69,900,000
Provision for income taxes 900,000
--------------
Net income $69,000,000
==============
Lear Corporation et al.
Schedule of Cash Receipts
For the Month of September
Lear Corporation $34,858,000
Lear #50 Holdings, LLC 0
Lear Argentine Holdings Corporation #2 0
ear Automotive Dearborn, Inc. 0
Lear Automotive Manufacturing, LLC 0
Lear Canada 29,243,000
Lear Canada Investments Ltd. 0
Lear Corporation(Germany) Ltd. 0
Lear Corporation Canada Ltd. 0
Lear Corporation EEDS and Interiors 48,818,000
Lear Corporation Global Development, Inc. 0
Lear EEDS Holdings, LLC 0
Lear European Operations Corporation 0
Lear Holdings, LLC 0
Lear Investments Company, LLC 0
Lear Mexican Holdings Corporation 0
Lear Mexican Holdings, LLC 0
Lear Mexican Seating Corporation 2,229,000
Lear Operations Corporation 120,535,000
Lear Seating Holdings Corp. #50 0
Lear South Africa Limited 0
Lear South American Holdings Corporation 0
Lear Trim L.P. 11,248,000
Renosol Seating, LLC 1,045,000
--------------
Total $247,975,000
==============
Lear Corporation
Schedule of Disbursements
For the Month of September
Lear Corporation ($104,374,000)
Lear #50 Holdings, LLC 0
Lear Argentine Holdings Corporation #2 0
Lear Automotive Dearborn, Inc. 0
Lear Automotive Manufacturing, LLC 0
Lear Canada (41,402,000)
Lear Canada Investments Ltd. 0
Lear Corporation(Germany) Ltd. 0
Lear Corporation Canada Ltd. 0
Lear Corporation EEDS and Interiors (34,933,000)
Lear Corporation Global Development, Inc. 0
Lear EEDS Holdings, LLC 0
Lear European Operations Corporation 0
Lear Holdings, LLC 0
Lear Investments Company, LLC 0
Lear Mexican Holdings Corporation (41,822,000)
Lear Mexican Holdings, LLC 0
Lear Mexican Seating Corporation 0
Lear Operations Corporation (39,016,000)
Lear Seating Holdings Corp. #50 0
Lear South Africa Limited 0
Lear South American Holdings Corporation 0
Lear Trim L.P. (25,990,000)
Renosol Seating, LLC (3,859,000)
--------------
Total ($291,397,000)
==============
About Lear Corp
Lear Corporation -- http://www.lear.com/-- is one of the world's
leading suppliers of automotive seating systems, electrical
distribution systems and electronic products. The Company's
products are designed, engineered and manufactured by a diverse
team of 80,000 employees at 210 facilities in 36 countries.
Lear's headquarters are in Southfield, Michigan, and Lear is
traded on the New York Stock Exchange under the symbol [LEA].
Outside the United States, Lear has subsidiaries in Germany,
Luxembourg, Sweden, Singapore, China, India and Mexico, among
others.
Lear Corporation and its affiliates filed for Chapter 11 on
July 7, 2009 (Bankr. S.D.N.Y. Case No. 09-14326). Affiliates part
of the Chapter 11 filing include Lear South Africa Limited, Lear
Corporation (Germany) Ltd., Lear Corporation Canada Ltd., Lear
Mexican Holdings Corporation, and Lear South American Holdings
Corporation.
Attorneys at Kirkland & Ellis LLP, serve as the Debtors'
bankruptcy counsel. McCarthy Tetrault LLP has been engaged as
CCAA counsel. Bodman LLP has been hired as special Michigan
counsel. Winston & Strawn LLP and Brooks Kushman P.C. have also
been tapped as special counsel. Alvarez & Marsal North America,
LLC, is the Debtors' restructuring advisors. Ernst & Young LLP is
the Debtors' auditors and tax advisors. Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent. Simpson
Thacher & Bartlett LLP represents JP Morgan, as admin. agent for
senior secured lenders and DIP lenders.
As of May 30, 2009, Lear has assets of $1,270,800,000 against
debts of $4,536,000,000.
Bankruptcy Creditors' Service, Inc., publishes Lear Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Lear Corp. (http://bankrupt.com/newsstand/or 215/945-7000)
LEHMAN BROTHERS: Has $13.4 Billion Cash at September 30
-------------------------------------------------------
Lehman Brothers Holdings Inc. and its affiliated debtors
disclosed these cash receipts and disbursements for the month
ended September 30, 2009:
Beginning Cash & Investments 09/01/09 $12,706,000,000
Receipts 1,814,000,000
Transfers 16,000,000
Disbursements (1,118,000,000)
FX Fluctuation 8,000,000
Hedging Fluctuation (8,000,000)
---------------
Ending cash & Investments 09/30/09 $13,418,000,000
LBHI reported $2.531 billion in cash as of September 1, 2009, and
$2.55 billion in cash as of September 30, 2009.
A full-text copy of the September 2009 Operating Report is
available for free at:
http://bankrupt.com/misc/LehmanMORSeptember2009.pdf
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed $639 billion in assets and $613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LEXINGTON PRECISION: Posts $807,000 Net Loss in September
---------------------------------------------------------
On November 4, 2009, Lexington Precision Corp. and Lexington
Rubber Group, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of New York their monthly operating report for
the month of September 2009.
The Debtors reported a net loss of $807,000 on net sales of
$5,678,000 for the month ended September 30, 2009.
At September 30, 2009, the Debtors had total assets of $48,374,000
and total liabilities of $103,240,000.
A full-text copy of the Debtor's monthly operating report for the
month of August 2009, is available for free at:
http://bankrupt.com/misc/lexington.septembermor.pdf
As reported in the Troubled Company Reporter on November 4, 2009,
Lexington Precision Corporation and its wholly owned subsidiary
Lexington Rubber Group, Inc. filed their third amended joint plan
of reorganization under Chapter 11 of the Bankruptcy Code and an
explanatory disclosure statement.
The Plan provides repayment in full of all creditors while also
achieving a significant reduction in the Debtors' consolidated
indebtedness through a conversion of LPC's senior subordinated
notes and junior subordinated note into equity securities of LPC
at values based upon the valuation of the Debtors prepared by the
Debtors' financial advisor, W.Y. Campbell & Company.
A full-text copy of the Debtors' third amended plan is available
for free at http://bankrupt.com/misc/lexington.3rdamendedplan.pdf
A full-text copy of the proposed disclosure statement for the
Debtors' third amended plan is available at for free:
http://bankrupt.com/misc/lexington.DS3rdamendedplan.pdf
About Lexington Precision
Headquartered in New York, Lexington Precision Corp. --
http://www.lexingtonprecision.com/-- and its wholly-owned
subsidiary Lexington Rubber Group, Inc. conduct their operations
through two operating groups, the Rubber Group and the Metals
Group. The business of the Rubber Group is conducted by LRGI
while the business of the Metals Group is conducted by LPC.
The Rubber Group is a manufacturer of tight-tolerance, molder
rubber componets that are sold to customers who supply the
automotive aftermarket, to customers who supply the automotive
original-equipment manufacturers ("OEMs"), and to manufacturers of
medical devices. The Metals Group manufactures a variety of high-
volume components that are machined from aluminum, brass, steel,
and stainless steel bars and blanks. The components produced by
the Metals Group include airbag inflator components, solenoids for
transmissions, fluid handling couplings, hydraulic valve blocks,
power steering components, and wiper-system components, primarily
for use by the automotive OEMs.
The Company and its affiliate, Lexington Rubber Group Inc., filed
for Chapter 11 protection on April 1, 2008 (Bankr. S.D.N.Y. Lead
Case No.08-11153). Christopher J. Marcus, Esq., and Victoria
Vron, Esq., at Weil, Gotshal & Manges, represent the Debtors in
their restructuring efforts. The Debtors selected Epiq Systems -
Bankruptcy Solutions LLC as claims agent. The U.S. Trustee for
Region 2 appointed six creditors to serve on an official committee
of unsecured creditors. Paul N. Silverstein, Esq., and Jonathan
Levine, Esq., at Andrews Kurth LLP, represent the Committee as
counsel.
On June 30, 2008, the Debtors filed with the Bankruptcy Court a
plan of reorganization. Before this third amended plan, it was
amended twice, on August 8, 2008, and then on December 17, 2008.
LYONDELL CHEMICAL: Reports $436 Million Loss for September
----------------------------------------------------------
Lyondell Chemical Company and affiliates
Unaudited Combined Balance Sheets
(in millions)
As of September 30, 2009
Assets
Current assets:
Cash and cash equivalents $360
Short-term investments 12
Accounts receivable:
Trade, net 1,320
Related parties 2
Non-debtor affiliates 327
Inventories 1,728
Current deferred income tax assets 6
Prepaid expenses and other current assets 696
------------
Total current assets 4,451
Property, plant and equipment, net 9,771
Investments and long-term receivables:
Investment in PO joint ventures 569
Investments in non-debtor affiliates 5,243
Other investments and long-term receivables 28
Intangible assets, net 1,380
Noncurrent deferred tax assets 3
Other assets 189
------------
Total Assets $21,634
============
Liabilities and Stockholder's Equity
Current liabilities:
Current maturities of long-term debt -
Short-term debt 5,390
Accounts payable:
Trade 985
Related parties 7
Non-debtor affiliates 615
Accrued liabilities 630
Short-term loans payable - non-Debtor affiliates 114
Deferred income taxes 142
------------
Total current liabilities 7,883
Long-term debt -
Other liabilities 226
Deferred income taxes 1,904
Liabilities subject to compromise 22,243
Commitments and contingencies -
Stockholders equity:
Common stock 60
Additional paid-in capital 563
Retained deficit (8,244)
Receivables - non-debtor affiliates (2,794)
Accumulated other comprehensive loss (331)
------------
Total stockholder's equity (10,746)
Noncontrolling interests 124
------------
Total equity (10,622)
------------
Total liabilities and stockholder's equity $21,634
============
Lyondell Chemical Company and affiliates
Unaudited Statement of Income
(in millions)
For month ended September 30, 2009
Sales and other operating revenues:
Trade $1,549
Non-Debtor affiliates 45
------------
1,594
Operating costs and expenses:
Cost of sales 1,509
Selling, general and admin. Expenses 17
Research and development expenses 4
------------
1,530
------------
Operating income 64
Interest expense (131)
Interest income - non-Debtor affiliates 22
Other income, net 47
------------
Income before reorganization items,
equity investments and income taxes 2
------------
Reorganization items (821)
Income from equity investments - non-Debtor
affiliates 12
------------
Loss before income taxes (807)
Benefit from income taxes (371)
------------
Net loss from continuing operations (436)
Discontinued operations -
------------
Net loss from continuing operations ($436)
============
Lyondell Chemical Company and its affiliates
Unaudited Statement of Cash Flows
(in millions)
For the month ended September 30, 2009
Cash flows from operating activities:
Net loss ($436)
Net income - discontinued operations -
Adjustments to reconcile net income to
net cash used in operating activities:
Depreciation and amortization 90
Reorganization charges 821
Reorganization-related payments (35)
Equity investments - income (12)
Deferred income taxes (337)
Amortization of debt-related costs 42
Foreign currency exchange loss (63)
Changes in assets and liabilities
that provided (used ) cash:
Accounts receivable 73
Inventories (96)
Accounts payable 17
Other, net 106
------------
Net cash provided by operating
activities - continuing operations 170
Net cash used in operating activities
discontinued operations -
------------
Net cash provided by operating
activities 170
------------
Cash flows from investing activities:
Expenditures for property, plant and
equipment (20)
Loan repayments from non-Debtor affiliates 120
Proceeds from disposal of assets 2
------------
Net cash provided by investing activities 102
------------
Cash flows from financing activities:
Net repayments under DIP Revolving Facility (135)
------------
Net cash used in financing activities (135)
------------
Effect of exchange rate changes on cash -
------------
Increase in cash and cash equivalents 137
Cash and cash equivalents at beginning of period 223
------------
Cash and cash equivalents at end of period $360
============
About Lyondell Chemical
LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies. It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels. Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.
Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company. LyondellBasell became saddled with
debt as part of the US$12.7 billion merger. On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts. The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11. In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.
The Hon. Robert E. Gerber presides over the case. Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel. Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors. AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities. Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.
Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations. The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.
Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors. On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code. All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes. The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.
Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
MAGNA ENTERTAINMENT: Posts $6.5MM Net Loss in September
-------------------------------------------------------
On October 28, 2009, Magna Entertainment Corp. and several other
direct and indirect U.S. subsidiaries of the Company filed their
financial statements included in the monthly operating report for
the period from August 31, 2009, to September 27, 2009, with the
United States Bankruptcy Court for the District of Delaware.
Magna Entertainment reported a net loss of $6,520,158 for the
period. Cumulative filing to date net loss was $51,482,682.
At September 27, 2009, the Company had $1,040,137,845 in total
assets, $508,475,430 in total liabilities, and $531,662,415 in net
owner equity.
A full-text copy of the Company's monthly operating report is
available for free at http://researcharchives.com/t/s?4873
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.
METALDYNE CORP: Posts $125.1MM Net Loss in Period Ended Sept. 27
----------------------------------------------------------------
On October 30, 2009, Metaldyne Corporation and its affiliated
debtors filed a monthly operating report for the period August 31,
2009, through September 27, 2009, with the U.S. Bankruptcy Court
for the Southern District of New York.
For the period, Metaldyne Corporation reported a net loss of
$125.1 million on net sales of $88.9 million. Reorganization
items, net totaled $125.4 million for the period.
At September 27, 2009, Metaldyne Corporation had $1.001 billion in
total assets, $157.2 milion in total current liabilities,
$790.4 million in liabilities subject to compromise, $73.6 million
in deferred income taxes, $31.1 million in other long-term
liabilities, and $692,000 in minority interest in consolidated
subsidiaries, resulting in a $52.0 million shareholders' deficit.
A full-text copy of Metaldyne Corporation's monthly operating
report is available for free at:
http://bankrupt.com/misc/metaldyne.september27mor.pdf
About Metaldyne Corp.
Metaldyne was previously a wholly-owned subsidiary of Asahi Tec, a
Shizuoka, Japan-based chassis and powertrain component supplier in
the passenger car/light truck and medium/heavy truck segments.
Asahi Tec is listed on the Tokyo Stock Exchange.
Metaldyne Corporation and its affiliates filed for Chapter 11
protection on May 27, 2009 (Bankr. S.D.N.Y. Case No. 09-13412).
The filing did not include the company's non-U.S. entities or
operations. Richard H. Engman, Esq., at Jones Day represents the
Debtors in their restructuring efforts. Judy A. O'Neill, Esq., at
Foley & Lardner LLP serves as conflicts counsel; Lazard Freres &
Co. LLC and AlixPartners LLP as financial advisors; and BMC Group
Inc. as claims agent. A committee of Metaldyne creditors is
represented by Mark D. Silverschotz, Esq., and Kurt F. Gwynne,
Esq., at Reed Smith LLP, and the committee tapped Huron Consulting
Services, LLC, as its financial advisor. For the fiscal year
ended March 29, 2009, the company recorded annual revenues of
approximately US$1.32 billion. As of March 29, 2009, utilizing
book values, the company had assets of US$977 million and
liabilities of US$927 million. Judge Glenn approved the sale of
substantially all assets to Carlyle Group earlier this month for
approximately $496.5 million.
Metaldyne is a leading global designer and supplier of metal based
components, assemblies and modules for transportation related
powertrain applications including engine, transmission/transfer
case, driveline, and noise and vibration control products to the
motor vehicle industry. The new Metaldyne company has
approximately $650 million in revenue with 26 facilities in 12
countries. For more information go to http://www.metaldyne.com/
MIDWAY GAMES: Reports Net Income of $13.8 Million in August
-----------------------------------------------------------
On November 3, 2009, Midway Games Inc. and its United States
subsidiaries filed their monthly operating report for the period
August 1, 2009, through and including August 31, 2009, with the
United States Bankruptcy Court for the District of Delaware.
The Debtors reported net income of $13.8 million for the month of
August 2009. Results include a gain of $18.5 million related to
the sale of assets to THQ Inc. and the sale of stock in the
Debtors' European subsidiaries.
At August 31, 2009, the Company had $1.305 billion in total
assets, $7.4 million in total post-petition liabilities,
$1.365 billion in total pre-petition liabilities, $68.8 million in
due to debtors, and $12.9 million in deferred income taxes,
resulting in a $149.2 million stockholders' deficit.
The Debtors' schedules of cash receipts and disbursements for the
month ended August 31, 2009, showed:
Cash, beginning $45.59 million
Total receipts $2.41 million
Total disbursements $2.04 million
Cash, end $45.96 million
There were no payments for professional fees and expenses for the
month of August 2009.
A full-text copy of the Company's August operating report is
available for free at http://researcharchives.com/t/s?488b
Headquartered in Chicago, Illinois, Midway Games Inc. (OTC Pink
Sheets: MWYGQ) -- http://www.midway.com/-- was a leading
developer and publisher of interactive entertainment software for
major videogame systems and personal computers.
The Company and nine of its affiliates filed for Chapter 11
protection on February 12, 2009 (Bankr. D. Del. Lead Case No.
09-10465). Michael D. DeBaecke, Esq., Jason W. Staib, Esq, and
Victoria A. Guilfoyle, Esq., at Blank Rome LLP, in Wilmington,
Delaware; and Marc E. Richards, Esq., and Pamela E. Flaherty,
Esq., at Blank Rome LLP, in New York, represent the Debtors in
their restructuring efforts. Attorneys at Milbank, Tweed, Hadley
& McCloy LLP and Richards, Layton & Finger, P.A. represent the
official committee of unsecured creditors as counsel. Epiq
Bankruptcy Solutions, LLC, is the Debtors' claims, noticing, and
balloting agent.
On July 10, 2009, Midway and certain of its U.S. subsidiaries
completed the sale of substantially all of their assets to
Warner Bros. Entertainment Inc. in a sale approved by the Court.
The aggregate gross purchase price is roughly $49 million,
including the assumption of certain liabilities. Midway is
disposing of its remaining assets.
At June 30, 2009, the Debtors had $1.39 billion in total assets
and $1.59 billion in total liabilities. A full-text copy of the
Debtors' monthly operating report for the month ended June 30, is
available at http://researcharchives.com/t/s?41c1
NEWPOWER HOLDINGS: Files Monthly Operating Report for September
---------------------------------------------------------------
NewPower Holdings, Inc., filed its monthly operating report for
the period August 31, 2009, to September 30, 2009, with the
Bankruptcy Court on November 2, 2009.
The Debtor had an opening cash balance of $664 and an ending cash
balance of $630.
A full-text copy of the Debtor's September 2009 operating report
is available for free at http://researcharchives.com/t/s?4876
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for Chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding, and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors as counsel. When the Debtors
filed for protection from their creditors, they reported
$231,837,000 in assets and $87,936,000 in debts.
On August 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary of the Company. That
Plan became effective on October 9, 2003, with respect to the
company and TNPC.
On February 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
PACIFIC ENERGY: Posts $2.9 Million Net Loss in August
-----------------------------------------------------
Pacific Energy Resources Ltd. reported a net loss of $2,901,530 on
net revenue of $4,851,425 for the month ended August 31, 2009.
Net profit before other income and expenses was $1,188,806.
At August 31, 2009, the Company had $520,930,224 in total assets,
total liabilities of $381,172,808, and net stockholders' equity of
$139,757,416.
During the month of August 2009, the Company's schedule of cash
receipts and disbursement showed:
Cash, beginning $8,525,750
Total Receipts $15,915,013
Total Disbursements $16,003,680
Net Cash Flow ($88,667)
Cash, end $8,437,083
During the month, the Company paid $1,628,784 in professional fees
and reimbursed $225,847 in professional expenses. The Company
also incurred interest expense of $2,012,713, of which $539,933
was paid in cash.
Headquartered in Long Beach, California, Pacific Energy Resources
Ltd. -- http://www.pacenergy.com/-- engages in the acquisition
and development of oil and gas properties, primarily in the United
States. The Company and seven of its affiliates filed for
Chapter 11 protection on March 8, 2009 (Bankr. D. Del. Lead Case
No. 09-10785). Attorneys at Pachulski Stang Ziehl & Jones LLP,
represent the Debtors as counsel. The Debtors proposed Rutan &
Tucker LLP as special corporation and litigation counsel;
Schully, Roberts, Slattery & Marino, PLC, as special oil and gas
and transactional counsel; Devlin Jensen as special Canadian
counsel; Scott W. Winn, at Zolfo Cooper Management, LLC, as chief
restructuring officer; Lazard Freres & Co. LLC as investment
banker; and Albrecht & Associates, Inc., as agent for the Debtors
in the sale of their oil and gas properties. Omni Management
Group, LLC, is the claims, balloting, notice and administrative
agent for the Debtors. When the Debtors filed for protection from
their creditors, they listed between $100 million and
$500 million each in assets and debts.
PAPER INTERNATIONAL: Files September 2009 Post-Confirmation Report
------------------------------------------------------------------
On October 30, 2009, Paper International, Inc., et al., filed
their post-confirmation monthly operating report for September
2009.
The Debtors ended the period with $2,027,018 in cash:
Cash, beginning $8,287,288
Income or receipts $818
Total disbursements $6,261,088
Cash, end $2,027,018
Payments for federal taxes and state taxes for the period were
$5,512,483 and $340,000, respectively.
A full-text copy of the Company's post-confirmation monthly
operating report for September 2009 is available for free at:
http://bankrupt.com/misc/paperint'l.postconfirmationmor.pdf
As reported in the Troubled Company Reporter on August 31, 2009,
Paper International, Inc., et al., said in a filing with the U.S.
Bankruptcy Court for the Southern District of New York that their
first amended joint Chapter 11 plan of reorganization co-proposed
by Corporacion Durango, became effective August 27, 2009.
As reported by the TCR on June 24, 2009, the Hon. Robert R. Drain
confirmed the Debtors' first amended joint Chapter 11 plan of
reorganization proposed by their parent company Corporacion
Durango on May 15, 2009.
About Paper International
Headquartered in Prewitt, New Mexico, Paper International, Inc.
-- http://www.internationalpaper.com/-- is the wholly-owned
direct subsidiary of Corporacion Durango, S.A.B. de C.V., a
corporation organized under the laws of Mexico, which maintains
its principal place of business in Durango, Mexico. The Debtor
currently owns 100% of the equity shares in Fiber Management of
Texas, Inc., a corporation organized under the laws of Texas, as
well as 100% of the equity shares in non-debtor Durango McKinley
Paper Company, a New Mexico company. Paper International is a
holding company which has no employees, no operations, and whose
primary assets are its ownership interests in Durango McKinley and
Fiber Management.
Before August 2008, Fiber Management's primary business was the
procurement of paper materials to manufacture recycled paper
products for use by Durango McKinley and other paper manufacturing
affiliates of Corporacion Durango located in Mexico. In August
2008, Fiber Management ceased procuring fiber and began winding up
all of its business operations.
Paper International and Fiber Management filed for Chapter 11
protection on October 6, 2008 (Bankr. S.D. N.Y. Lead Case No.08-
13917). Larren M. Nashelsky, Esq., and Lorenzo Marinuzzi, Esq.,
at Morrison & Foerster LLP, represent the Debtors as counsel.
Eric Kate Mautner, Esq., at Bingham McCutchen LLP, represents the
Official Committee of Unsecured Creditors as counsel. APS
Services, LLC, serves as the Debtors' crisis managers. The
Debtors designated Meade Monger, a managing director of
AlixPartners, LLP, an affiliate of AP Services, as its chief
restructuring officer. The Court appointed Kurtzman Carson
Consultants, LLC, as claims agent in the Debtors' bankruptcy case.
At March 31, 2009, the Debtors had $123,365,705 in total assets,
$552,348,876 in total liabilities, and $428,983,171 in
stockholders' deficit.
PNG VENTURES: Posts $875,528 Net Loss in September
--------------------------------------------------
On October 28, 2009, PNG Ventures, Inc., et al., filed their
monthly operating report for the filing period ended September 30,
2009.
PNG Ventures reported a net loss $875,528 on total revenue of
$1,413,047 for the month of September 2009.
At September 30, 2009, PNG Ventures had $38,886,289 in total
assets and $47,941,305 in total liabilities, resulting in a
$9,055,016 shareholders' deficit.
A full-text copy of PNG Ventures' September monthly operating
report is available for free at:
http://bankrupt.com/misc/png.septembermor.part1.pdf
http://bankrupt.com/misc/png.septembermor.part2.pdf
http://bankrupt.com/misc/png.septembermor.part3.pdf
About PNG Ventures
Through its Applied LNG Technologies and other subsidiaries, PNG
Ventures, Inc., engages in the production, distribution, and sale
of liquefied natural gas to customers consisting of public
utilities, industrial end-users and other fleet customers within
the transportation, manufacturing, distribution, and municipal
markets, primarily in California, Arizona, and Nevada. The Company
also offers turnkey fuel solutions, including delivery, equipment
storage, fuel dispensing equipment, and fuel loading facilities.
PNG Ventures and its affiliates filed for Chapter 11 on
September 10, 2009 (Bankr. D. Del. Case No. 09-13162). Attorneys
at Fox Rothschild LLP represent the Debtors in their restructuring
effort. Logan & Co. serves as claims and notice agent.
As of June 30, 2009, PNG had total assets of $41,416,000 against
total debts of $47,519,000.
POWERMATE CORP: Posts $110,992 Net Loss in August
-------------------------------------------------
Powermate Corporation reported a net loss of $110,992 for the
month of August 2009.
At August 31, 2009, the Company had $14,864,663 in total assets
and $85,078,727 in total liabilities.
A full-text copy of the Company's August operating report is
available for free at:
http://bankrupt.com/misc/powermatecorp.augustmor.pdf
As reported in the Troubled Company Reporter on October 22, 2009,
Powermate Corp. has obtained confirmation of its liquidating
Chapter 11 plan.
On or after the Plan's effective date, a Plan administrator will
wind up the Debtors' affairs and liquidate any remaining estate
assets. The Debtors estimate that they will have approximately
$7,000,000 in cash and a book value of $1 million in uncollected
accounts receivable on or about the effective date.
Under the Plan, unsecured creditors are splitting $4.7 million
cash. Equity interests will not receive or retain any property
under the Plan.
As of the petition date, Powermate Corp. had total outstanding
secured debt in the approximate principal sum of $40.0 million.
Roughly $11.9 million is owed to Wachovia Bank, N.A. As a result
of the sales of the Debtors' assets since the petition date,
Wachovia has been paid in full.
Other secured creditors are expected to recover their collateral.
Copies of the Disclosure Statement and Plan are available at:
http://bankrupt.com/misc/powermate.ch11plan.pdf
http://bankrupt.com/misc/powermate.ds.pdf
Headquartered in Aurora, Illinois, Powermate Holding Corp.,
Powermate Corp., and Powermate International, Inc. --
http://www.powermate.com/-- were, prior to the petition date, one
on the world's leading manufacturers of portable and standby
electric generators, pressure washers and accessories. Prior to
the sale of a portion of their business in March 2008, the Debtors
also were a leading supplier of air compressors and air tools.
Products were distributed through mass retailers, home centers,
specialty store chains, industry buying co-operatives, on-line e-
Dealers, and independent hardware retailers.
Powermate Holding is the 100% owner of Powermate Corp. and two
non-debtor entities, Powermate Canada, Inc., a Canadian
corporation, and Powermate S. de R.L. de C.V., a Mexican
corporation. Powermate Corp., in turn is the 100% owner of
Powermate International.
The three companies filed for Chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498). Neil Herman, Esq.,
at Morgan, Lewis & Bokius, represents the Debtors as counsel.
Kenneth Enos, Esq., and Michael Nestor, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as local counsel. Monika
J. Machen, Esq., at Sonnenschein Nath Rosenthal LLP, represents
the official committee of unsecured creditors as counsel.
Charlene D. Davis, Esq., Eric M. Sutty, Esq., and Daniel A.
O'Brien, Esq., at Bayard P.A., represent the Creditors Committee
as local counsel. In its schedules filed with the Bankruptcy
Court on May 23, 2008, Powermate Corporation disclosed assets of
$60,139,442 against debts of $85,700,759.
POWERMATE CORP: Powermate Holding Posts $110,992 Loss in August
---------------------------------------------------------------
Powermate Holding Corporation reported a net loss of $110,992 for
the month of August 2009.
At August 31, 2009, the Company had $9,868,708 in total assets and
$87,314,543 in total liabilities.
A full-text copy of the Company's August operating report is
available for free at:
http://bankrupt.com/misc/powermateholding.augustmor.pdf
Headquartered in Aurora, Illinois, Powermate Holding Corp.,
Powermate Corp., and Powermate International, Inc. --
http://www.powermate.com/-- were, prior to the petition date, one
on the world's leading manufacturers of portable and standby
electric generators, pressure washers and accessories. Prior to
the sale of a portion of their business in March 2008, the Debtors
also were a leading supplier of air compressors and air tools.
Products were distributed through mass retailers, home centers,
specialty store chains, industry buying co-operatives, on-line e-
Dealers, and independent hardware retailers.
Powermate Holding is the 100% owner of Powermate Corp. and two
non-debtor entities, Powermate Canada, Inc., a Canadian
corporation, and Powermate S. de R.L. de C.V., a Mexican
corporation. Powermate Corp., in turn is the 100% owner of
Powermate International.
The three companies filed for Chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498). Neil Herman, Esq.,
at Morgan, Lewis & Bokius, represents the Debtors as counsel.
Kenneth Enos, Esq., and Michael Nestor, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as local counsel. Monika
J. Machen, Esq., at Sonnenschein Nath Rosenthal LLP, represents
the official committee of unsecured creditors as counsel.
Charlene D. Davis, Esq., Eric M. Sutty, Esq., and Daniel A.
O'Brien, Esq., at Bayard P.A., represent the Creditors Committee
as local counsel. In its schedules filed with the Bankruptcy
Court on May 23, 2008, Powermate Corporation disclosed assets of
$60,139,442 against debts of $85,700,759.
POWERMATE CORP: Powermate Int'l Files August Operating Report
-------------------------------------------------------------
Powermate International Corporation reported zero loss and zero
revenue for the month of August 2009.
Cumulative filing to date net loss was $183,462 on net revenue of
$408,954.
At August 31, 2009, the Company had $607,544 in total assets,
$110,420 in total liabilities, and $497,124 in net owner equity.
A full-text copy of the Company's August operating report is
available for free at:
http://bankrupt.com/misc/powermateint'l.augustmor.pdf
Headquartered in Aurora, Illinois, Powermate Holding Corp.,
Powermate Corp., and Powermate International, Inc. --
http://www.powermate.com/-- were, prior to the petition date, one
on the world's leading manufacturers of portable and standby
electric generators, pressure washers and accessories. Prior to
the sale of a portion of their business in March 2008, the Debtors
also were a leading supplier of air compressors and air tools.
Products were distributed through mass retailers, home centers,
specialty store chains, industry buying co-operatives, on-line e-
Dealers, and independent hardware retailers.
Powermate Holding is the 100% owner of Powermate Corp. and two
non-debtor entities, Powermate Canada, Inc., a Canadian
corporation, and Powermate S. de R.L. de C.V., a Mexican
corporation. Powermate Corp., in turn is the 100% owner of
Powermate International.
The three companies filed for Chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498). Neil Herman, Esq.,
at Morgan, Lewis & Bokius, represents the Debtors as counsel.
Kenneth Enos, Esq., and Michael Nestor, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as local counsel. Monika
J. Machen, Esq., at Sonnenschein Nath Rosenthal LLP, represents
the official committee of unsecured creditors as counsel.
Charlene D. Davis, Esq., Eric M. Sutty, Esq., and Daniel A.
O'Brien, Esq., at Bayard P.A., represent the Creditors Committee
as local counsel. In its schedules filed with the Bankruptcy
Court on May 23, 2008, Powermate Corporation disclosed assets of
$60,139,442 against debts of $85,700,759.
PROVIDENT ROYALTIES: Posts $148,494 Net Loss in September
---------------------------------------------------------
On October 20, 2009, Dennis L. Roossien, Jr., the duly appointed
chapter 11 trustee for Provident Royalties, LLC, et al., filed a
monthly operating report for the filing period September 1, 2009,
to September 30, 2009, with the U.S. Bankruptcy Court for the
Northern District of Texas.
At September 30, 2009, Provident Royalties LLC, et al., had
$371,779,882 in total assets, $86,864,896 in total liabilities,
and $284,914,986 in total equity.
The Debtors reported a net loss of $148,494 on net revenue of
$432,106 for the month of September 2009.
The Company's schedule of cash receipts and disbursements for the
month of September 2009 showed:
Cash, beginning $5,364,735
Total Receipts $89,953
Total Disbursements $1,428,372
Net Cash Flow ($1,338,419)
Cash, end $4,026,316
Reorganization disbursements amounted to $1,072,936 during the
month of September.
A full-copy of the Debtors' monthly operating report for September
2009 is available for free at:
http://bankrupt.com/misc/provident.septembermor.part1.pdf
http://bankrupt.com/misc/provident.septembermor.part2.pdf
Based in Dallas, Texas, Provident Royalties LLC owns working
interests in oil and gas properties primarily in Oklahoma.
Provident and its affiliates filed for Chapter 11 on June 22, 2009
(Bankr. N.D. Tex. Case No. 09-33886). Judge Harlin DeWayne Hale
presides over the case. Epiq Bankruptcy Solutions, LLC is
the claims and noticing agent. The United States Trustee for
the Northern District of Texas appointed nine members to the
Official Committee of Unsecured Creditors.
On July 2, 2009, the Securities and Exchange Commission filed,
under seal, a complaint in District Court for the Northern
District of Texas against the Debtors and certain of their
principals and managing partners on allegations that they sold
stock and limited partnership interest to over 7,700 investors as
part of a $485 million Ponzi scheme.
On July 2, 2009, the District Court for the Northern District of
Texas appointed Dennis L. Roossien, Jr., at Munsch Hardt Kopf &
Harr P.C. in Dallas, Texas, as receiver for the Debtors. On
July 20, 2009, the Bankruptcy Court appointed the receiver as the
Debtors' Chapter 11 trustee. Mr. Roossien, Jr., has taken
possession and control of the Debtors' property and business.
Mr. Roossien, Jr., has selected Patton Boggs, LLP, as his special
counsel. Patton Boggs, LLP, was Debtors' counsel before the
appointment of Mr. Roossien, Jr., as Chapter 11 trustee. Mr.
Roossien, Jr., has selected Munsch Hardt Koph & Harr, P.C., as
counsel. Gardere, Wynne, Sewell, LLP, is the proposed counsel to
the official committee of unsecured creditors.
The Company, in its petition, listed between $100 million and
$500 million each in assets and debts.
QIMONDA NA: Posts $1,753,664 Net Loss in September
--------------------------------------------------
Qimonda North America Corp. reported a net loss of $1,753,664
for the month ended September 30, 2009.
At September 30, 2009, the Company had total assets of
$302,758,319, total liabilities of $220,08,95, and total
stockholders' equity of $82,673,374.
The Company's schedule of cash receipts and disbursements for the
month of September 2009 showed:
Cash, beginning $10,087,757
Total receipts $1,253,602
Total disbursements $1,892,075
Net Cash Flow ($638,472)
Cash, end $9,449,285
Professional fees paid during September amounted to $688,144.
A copy of Qimonda North America's September monthly operating
report is available for free at:
http://bankrupt.com/misc/qimondana.septembermor.pdf
Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA). The Company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs. Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.
Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009. On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).
Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG. QNA is also the parent company of Qimonda
Richmond LLC. QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589). Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors. Jones Day and Ashby & Geddes represent the
Committee. In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts. The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.
QIMONDA RICHMOND: Posts $34.6 Million Net Loss in September
------------------------------------------------------------
Qimonda Richmond, LLC, reported a net loss of $34,636,127 for the
month ended September 30, 2009.
The Company charged $32,007,599 in depreciation, depletion and
amortization expenses to operations during the month of September.
At September 30, 2009, the Company had $847,879,231 in total
assets and $1,177,253,099 in total liabilities.
The Company's schedule of cash receipts and disbursements for the
month of September 2009 showed:
Cash, beginning $41,795,714
Total receipts $2,237,172
Total disbursements $6,334,349
Net Cash Flow ($4,097,177)
Cash, end $37,698,637
The Company paid $242,066 in professional fees and reimbursed
$12,497 in professional expenses during the month of September.
A copy of Qimonda Richmond's September monthly operating report is
available for free at:
http://bankrupt.com/misc/qimondarichmond.septembermor.pdf
Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA). The Company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs. Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.
Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009. On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).
Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG. QNA is also the parent company of Qimonda
Richmond LLC. QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589). Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors. Jones Day and Ashby & Geddes represent the
Committee. In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts. The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.
WASHINGTON MUTUAL: Incurs $5.3 Mil. Net Loss for September
----------------------------------------------------------
WASHINGTON MUTUAL, INC.
Unaudited Balance Sheet
As of September 30, 2009
ASSETS
Unrestricted cash and cash equivalents $4,593,320,439
Restricted cash and cash equivalents 94,959,339
Investment securities 68,958,843
Accrued interest receivable 819,302
Accounts receivable 0
Income tax receivable 477,457,483
Prepaid expenses 1,077,187
Cash surrender value of BOLI/COLI 88,392,418
Funded Pension 39,173,922
Other investments -
Investment in subsidiaries 1,475,000,431
Notes receivable, intercompany 12,322,273
Fixed assets 101,717
Other assets 81,325,666
----------------
Total Assets $6,932,908,747
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $6,021,311
Taxes payable -
Accrued wages and benefits 1,036,012
Other accrued liabilities 10,276,183
Rent and equipment lease payable -
Deferred tax liability (asset) -
Other liabilities - intercompany -
Other postpetition liabilities -
Minority interest 1,111,992
----------------
Total Postpetition Liabilities 18,445,499
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 8,292,047,250
SHAREHOLDERS' EQUITY
Preferred stock 3,392,341,954
Common stock 12,988,753,556
Other comprehensive income (754,344,362)
Retained earnings - prepetition (16,741,804,781)
Retained earnings - postpetition (244,084,871)
----------------
Total Shareholders' Equity (1,359,138,504)
----------------
Total Liabilities and Shareholders' Equity $6,932,908,747
================
WASHINGTON MUTUAL, INC.
Unaudited Statement of Operations
For the period September 1 to September 30, 2009
REVENUES
Interest income:
Cash equivalents $702,452
Securities 277,065
Notes receivable - intercompany 46,341
Other 155
----------------
Total Interest Income 1,026,014
Earnings (losses) from subsidiaries and
other equity investments 1,109,392
Gains (losses) from securities 174,715
Other income 70,707
----------------
Total Revenues 2,380,827
OPERATING EXPENSES
Compensation and benefits 435,682
Occupancy and equipment 93,380
Professional fees 1,198,444
Loss (Income) from BOLI/COLI policies (115,366)
Management fees/transition services (45,019)
Insurance 416,668
Other 186,376
----------------
Total Operating Expenses 2,170,164
Net profit (loss) before other income
and expenses 210,663
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany -
Borrowings -
----------------
Total Interest Expense -
Other expense/(income) -
----------------
Net profit (loss) before
reorganization items 210,663
REORGANIZATION ITEMS
Professional fees 5,005,984
U.S. Trustee quarterly fees 7,000
Gains (losses) from sale of assets -
Other reorganization expenses 542,710
----------------
Total Reorganization Items 5,555,694
----------------
Net profit (loss) before income taxes (5,345,031)
Income taxes -
----------------
NET PROFIT (LOSS) ($5,345,031)
================
WASHINGTON MUTUAL, INC.
Unaudited Schedule of Cash Receipts and Disbursements
For the period September 1 to September 30, 2009
Opening Balance 08/31/09 $3,953,609,691
RECEIPTS
Interest & investment returns 803,077
Tax refunds -
Reimbursements/distributions from subs -
Sales of assets/securities 521,990
Death benefit proceeds -
Other miscellaneous receipts 392
----------------
Total Receipts 1,325,459
TRANSFERS
Sweep to/(from) Money Market account -
Sweep to Wells Managed account -
----------------
Total Transfers -
DISBURSEMENTS
Salaries and benefits 282,240
Travel and other expenses 28,579
Occupancy and supplies 128,763
Professional fees 8,323,438
Other outside services 640,193
Bank fees 27,770
U.S. trustee quarterly fees -
Directors fees 65,000
Miscellaneous adjustments -
----------------
Total Disbursements 9,495,983
----------------
Net Cash Flow (8,170,524)
----------------
Cash - End of Month 3,945,439,167
GL Balance 3,945,439,167
Net value -- Short Term Securities 647,881,272
----------------
Total Cash and Cash Equivalents $4,593,320,439
================
WMI INVESTMENT CORP.
Unaudited Balance Sheet
As of September 30, 2009
ASSETS
Unrestricted cash and cash equivalents $274,815,647
Restricted cash and cash equivalents -
Investment Securities -
Accrued interest receivable 3,758
Accounts receivable -
Income tax receivable 22,187,560
Prepaid expenses -
Cash surrender value of BOLI/COLI -
Funded Pension -
Other investments 40,549,853
Investment in subsidiaries -
Notes receivable, intercompany 565,844,197
Fixed Assets -
Other assets -
----------------
Total Assets $903,401,016
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $0
Taxes payable -
Accrued wages and benefits -
Other accrued liabilities 15,725
Rent and equipment lease payable -
Deferred tax liability (asset) -
Other liabilities - intercompany -
Other postpetition liabilities -
Minority interest -
----------------
Total Postpetition Liabilities 15,725
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt -
Subordinated debt -
Junior subordinated debt -
Accrued interest payable -
Intercompany payables -
Accrued interest payable - intercompany -
Accounts payable -
Accounts payable - intercompany -
Taxes payable -
Payroll and benefit accruals -
Other accrued liabilities -
Other prepetition liabilities -
----------------
Total Prepetition Liabilities -
----------------
Total Liabilities 15,725
SHAREHOLDERS' EQUITY
Preferred stock -
Common stock 1,000,000,000
Other comprehensive income 22,187,560
Retained earnings - prepetition 14,133,260
Retained earnings - postpetition (132,935,529)
----------------
Total Shareholders' Equity 903,385,291
----------------
Total Liabilities and Shareholders' Equity $903,401,016
================
WMI INVESTMENT CORP.
Unaudited Statement of Operations
For the period September 1 to September 30 2009
REVENUES
Interest income:
Cash equivalents $45,510
Securities -
Notes receivable - intercompany -
Other -
----------------
Total Interest Income 45,510
Earnings (losses) from subsidiaries and
other equity investments -
Gains (losses) from securities 71,996
Other income -
----------------
Total Revenues 117,506
OPERATING EXPENSES
Compensation and benefits -
Occupancy and equipment -
Professional fees -
Loss (Income) from BOLI/COLI policies -
Management fees/transition services -
Insurance -
Other 14,308
----------------
Total Operating Expenses 14,308
Net profit (loss) before other income
and expenses 103,198
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany -
Borrowings -
----------------
Total Interest Expense -
Other expense/(income) -
----------------
Net profit (loss) before
reorganization items 103,198
REORGANIZATION ITEMS
Professional fees -
U.S. Trustee quarterly fees -
Gains (losses) from sale of assets -
Other reorganization expenses -
----------------
Total Reorganization Items -
----------------
Net profit (loss) before income taxes 103,198
Income taxes -
----------------
NET PROFIT (LOSS) $103,198
================
WMI INVESTMENT CORP.
Unaudited Schedule of Cash Receipts and Disbursements
For the period September 1 to September 30, 2009
Opening Balance 08/31/09 $53,726,460
RECEIPTS
Interest & investment returns 72,542
Tax refunds -
Reimbursements/distributions from subs -
Sales of assets/securities -
Return of funds from debt trustee -
Death benefit proceeds -
Other miscellaneous receipts -
----------------
Total Receipts 72,542
TRANSFERS
Sweep to/(from) Money Market account -
Sweep to Wells Managed account -
----------------
Total Transfers -
DISBURSEMENTS
Salaries and benefits -
Travel and other expenses -
Occupancy and supplies -
Professional fees -
Other outside services -
Bank fees -
U.S. trustee quarterly fees -
Directors fees -
Miscellaneous adjustments -
----------------
Total Disbursements -
----------------
Net Cash Flow 72,542
----------------
Cash - End of Month 53,799,002
GL Balance 53,799,001
Net value -- Short Term Securities 221,016,646
----------------
Total Cash and Cash Equivalents $274,815,647
================
WaMu Chief Financial Officer John Maciel disclosed that as of
September 30, 2009, the Debtors paid these firms an aggregate of
$8,323,437 on account of services rendered in the Debtors' cases:
Professional Fees Expenses
------------ --------- --------
Akin, Gump, Strauss, Hauer & Fled $941,094 $20,467
Alvarez & Marsal 2,701,857 151,665
CONSOR Intellectual Asset Mgmt. 47,352 -
CP Energy Group, LLC 16,000 64
Davis Wright Tremaine LLP 19,467 -
Elliott Greenleaf 65,012 15,070
FTI Consulting, Inc. 260,636 1,367
Gibson, Dunn & Crutcher LLP 46,769 1,907
Grant Thornton 71,992 9,560
Joele Frank 7,036 1,110
John W. Wolfe, P.S. 72,453 185
Kurtzman Carson Consultants LLC 63,114 -
Miller & Chevalier Chartered 14,595 -
McKee Nelson LLP 225,102 17,256
Pepper Hamilton LLP 89,246 4,160
PricewaterhouseCoppers LLP 178,857 26,344
Richards, Layton & Finger, P.A. 38,313 3,698
Shearman & Sterling 50,829 68
Weil, Gotshal & Manges LLP 3,050,555 108,324
As of September 30, 2009, WaMu paid a total of $6,021,311 to 38
vendors for certain postpetition accounts. A complete list of
the Vendor Payments is available for free at:
http://bankrupt.com/misc/WaMu_Sep2009VendorPayments.pdf
Mr. Maciel reported that for the period from September 1 to 30,
2009, WaMu did not file property tax returns and sales and use
tax returns. Withholding summaries of deposits were filed under
payroll tax filings, as well as corporate income tax and
corporate tax returns during the Reporting Period.
A full-text copy of WaMu's September 2009 Operating Report is
available for free at the U.S. Securities and Exchange Commission
at http://ResearchArchives.com/t/s?481f
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: Reports $1.9 Million September Net Profit
-------------------------------------------------------
Bill Rochelle at Bloomberg reported that White Energy Inc.
generated net income of $1.9 million in September on sales of
$26.1 million. Since the filing, the Company has lost a total of
$1.9 million on sales of $132 million.
The Company, according to the report, said it's in "advanced
multilateral negotiations" with secured lenders and the official
creditors' committee over a reorganization plan.
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, White Energy
disclosed assets and debts ranging from $100 million to
$500 million.
YOUNG BROADCASTING: Posts $631,026 Net Loss in September
--------------------------------------------------------
On October 28, 2009, Young Broadcasting Inc. and its subsidiaries
filed their monthly operating report for the month ended
September 30, 2009, with the United States Bankruptcy Court for
the Southern District of New York.
The Debtors posted a consolidated net loss of $631,026 on net
operating revenues of $13,464,761 for the month of September.
Reorganization costs were $1,209,218 while interest expense was
$1,361,293.
As of September 30, 2009, the Company had $331,206,196 in total
assets, $32,399,052 in total liabilities not subject to
compromise, and $906,672,208 in total liabilities subject to
compromise, resulting in a $607,865,064 stockholders' deficit.
A full-text copy of Young Broadcasting's September operating
report is available at http://researcharchives.com/t/s?4878
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 effort. 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 Andrew N. Rosenberg,
Esq., at Paul Weiss Rifkind Wharton & Harrison LLP, serves as
counsel to the official unsecured creditors committee.
*********
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,
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Each Tuesday edition of the TCR contains a list of companies with
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The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
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of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2009. All rights reserved. ISSN: 1520-9474.
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