/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/091212.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, December 12, 2009, Vol. 13, No. 343 Headlines ABITIBIBOWATER: Posts Consolidated Net Loss of $9.8MM in October ASARCO LLC: Reports $14,882,000 Net Income for October AUTOBACS STRAUSS: Reports $1.2 Mil. Net Loss for October CATHOLIC CHURCH: CBNA Has $765,581 Cash at End of September ESCADA AG: US Unit Records $15.47 Million Loss for October G-I HOLDINGS: Reports $25,162,737 Net Income in Month Ended Nov. 1 LAKE AT LAS: Incurs $2,706,751 Net Loss in October LYONDELL CHEMICAL: Records $25 Million Loss for October MAGNA ENTERTAIMENT: Posts $8,147,847 Net Loss From Sept 28 - Nov 1 MAJESTIC STAR: Predicts 3-Month Operating Cash Flow MERISANT WORLDWIDE: Reports $35,791,921 Net Loss for October METALDYNE CORP: $3.6MM Net Profit for 18-Day Period Ended Oct. 15 NORTEL NETWORKS: Reports $12 Million Net Income in October OPUS SOUTH: Reports $215,623 Net Income for October OPUS WEST: Reports $74.9 Million Net Loss for October PLIANT CORP: Has $61.7 Million Net Loss from January to October PNG VENTURES: Posts $259,430 Net Loss in October PRECISION PARTS: Posts $14.2 Million Net Loss in September PROVIDENT ROYALTIES: Posts $728,040 Net Loss for October 2009 QIMONDA NA: Posts $1.0 Million Net Loss in October QIMONDA RICHMOND: Posts $151.4 Million Net Loss in October R.H. DONNELLEY: Records $8.42 Million Net Income for October SIX FLAGS: Reports $8.34 Mil. Loss for October SMURFIT-STONE: Records $30.4 Million Net Income for October SPANSION INC: Records $772,000 Loss for October SPANSION INC: Spansion LLC Records $13.2 Mil. Loss for October TARRAGON CORP: Posts $4 Million Net Loss in October TRICOM SA: Posts $2.1 Million Net Loss in October TRONOX INC: Reports $3.7 Million Net Income for October TROPICANA ENTERTAINMENT: Reports $4,389,000 Net Loss for October VELOCITY EXPRESS: Posts $5,843,000 Net Loss in Month Ended Oct. 24 VISTEON CORP: Incurs $47.9 Mil. Loss for October ********* ABITIBIBOWATER: Posts Consolidated Net Loss of $9.8MM in October ---------------------------------------------------------------- On November 30, 2009, AbitibiBowater Inc. and certain of its U.S. subsidiaries filed a monthly operating report for the period from October 1, 2009, to October 31, 2009, with the United States Bankruptcy Court for the District of Delaware. The Debtors reported a consolidated net loss of $9.8 million on net sales of $332.8 million in October. Gross profit was $4.7 million. The operating loss for the month was $7.9 million including restructuring and other costs of $6.6 million.] At October 31, 2009, the Debtors had $21.149 billion in total assets, $8.155 billion in total liabilities, and $12.994 billion in shareholders' equity. The Debtors had cash and cash equivalents of $$404.2 million at October 31, 2009. For October 2009, the Debtors paid a total of $518,811 in professional fees and expenses. A full-text copy of the Debtors' monthly operating report for October 2009 is available for free at: http://researcharchives.com/t/s?4b8c About AbitibiBowater Headquartered in Montreal, Canada, AbitibiBowater Inc. -- http://www.abitibibowater.com/-- produces a wide range of newsprint, commercial printing papers, market pulp and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. AbitibiBowater owns or operates 23 pulp and paper facilities and 28 wood products facilities located in the United States, Canada, the United Kingdom and South Korea. Marketing its products in more than 90 countries, the Company is also among the world's largest recyclers of old newspapers and magazines, and has third-party certified 100% of its managed woodlands to sustainable forest management standards. AbitibiBowater's shares trade over-the-counter on the Pink Sheets and on the OTC Bulletin Board under the stock symbol ABWTQ. The Company and several of its affiliates filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009 (Bankr. D. Del. Lead Case No. 09-11296). Judge Kevin J. Carey presides over the case. The Company and its Canadian affiliates commenced parallel restructuring proceedings under the Companies' Creditors Arrangement Act before the Quebec Superior Court Commercial Division the next day. Alex F. Morrison at Ernst & Young, Inc., was appointed CCAA monitor. Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in Wilmington, Delaware, serves as the Debtors' co-counsel, while Troutman Sanders LLP in New York, serves as the Debtors' conflicts counsel in the Chapter 11 proceedings. The Debtors' financial advisors are Advisory Services LP, and their noticing and claims agent is Epiq Bankruptcy Solutions LLC. The CCAA Monitor's counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario. Abitibi-Consolidated Inc. and various Canadian subsidiaries filed for protection under Chapter 15 of the U.S. Bankruptcy Code on April 17, 2009 (Bankr. D. Del. 09-11348). Judge Carey also handles the Chapter 15 case. Pauline K. Morgan, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in Wilmington, represent the Chapter 15 Debtors. As of Sept. 30, 2008, the Company had $9,937,000,000 in total assets and $8,783,000,000 in total debts. Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings and parallel proceedings under the Companies' Creditors Arrangement Act in Canada undertaken by Abitibibowater Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). ASARCO LLC: Reports $14,882,000 Net Income for October ------------------------------------------------------ ASARCO LLC, et al. Balance Sheet As of October 31, 2009 ASSETS Current Assets: Cash $1,340,704,000 Restricted Cash 27,890,000 Accounts receivable, net 109,630,000 Inventory 318,629,000 Prepaid expenses 5,788,000 Other current assets 12,356,000 --------------- Total Current Assets 1,814,997,000 Net property, plant and equipment 522,514,000 Other Assets: Investments in subs & other investments 98,982,000 Advances to affiliates 754,000 Prepaid pension & retirement plan - Other 36,776,000 --------------- Total assets $2,474,024,000 =============== LIABILITIES Postpetition liabilities: Accounts payable - trade $67,530,000 Accrued settlements & postpetition interest 176,302,000 Accrued liabilities 2,366,302,000 --------------- Total postpetition liabilities 2,610,134,000 Prepetition liabilities: Not subject to compromise - credit 2,969,000 Not subject to compromise - other 136,323,000 Advances from affiliates 46,502,000 Long-term bonds 447,751,000 Subject to compromise 1,733,898,000 --------------- Total prepetition liabilities 2,367,443,000 --------------- Total liabilities 4,977,577,000 MEMBER'S EQUITY (DEFICIT): Common stock 508,324,000 Additional paid-in capital 104,578,000 Other comprehensive loss (382,724,000) Retained earnings: filing date (3,442,055,000) --------------- Total prepetition member's equity (3,211,877,000) Retained earnings: post-filing date 708,325,000 --------------- Total member's equity (net worth) (2,503,553,000) Total liabilities and member's equity $2,474,024,000 =============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ended October 31, 2009 Sales $99,513,000 Cost of products and services 61,246,000 --------------- Gross profit (loss) 38,268,000 Operating expenses: Selling and general & admin. expenses 2,577,000 Depreciation & amortization 3,942,000 Accretion expense 98,000 --------------- Operating income (loss) 31,651,000 Interest expense 12,921,000 Interest income (430,000) Reorganization expenses 322,000 Other miscellaneous (income) expense (5,660,000) --------------- Income (loss) before taxes 24,499,000 Income taxes 9,616,000 --------------- Net income (loss) $14,882,000 =============== ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ended October 31, 2009 Receipts $158,763,000 Disbursements: Inventory material 20,881,000 Operating disbursements 72,897,000 Capital expenditures 1,308,000 --------------- Total operating disbursements 95,086,000 Operating cash flow 63,677,000 Reorganization disbursements 6,682,000 --------------- Net cash flow 56,995,000 Net (borrowings) payments to secured Lenders - --------------- Net change in cash 56,995,000 Beginning cash balance 1,311,599,000 --------------- Ending cash balances $1,368,594,000 =============== 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). On December 9, 2009, Grupo Mexico, S.A.B. consummated the Chapter 11 plan that it sponsored for Asarco LLC. The Plan, which was confirmed both by the bankruptcy and district courts, reintegrated Asarco LLC back to parent Grupo Mexico concluding the four-year Chapter 11 proceeding. 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) About Grupo Mexico Grupo Mexico SA de C.V. -- http://www.grupomexico.com/-- through its ownership of Asarco and the Southern Peru Copper Company, Grupo Mexico is the world's third largest copper producer, fourth largest silver producer and fifth largest producer of zinc and molybdenum. * * * As of August 14, 2009, Grupo Mexico continues to carry Fitch Ratings' BB+ Issuer Default ratings. AUTOBACS STRAUSS: Reports $1.2 Mil. Net Loss for October -------------------------------------------------------- Bill Rochelle at Bloomberg reports that Autobacs Strauss Inc. filed an operating report showing a $1.2 million net loss in October on sales of $9.3 million. The operating loss in the month was slightly under $1.2 million. The so-called store contribution was $714,400 while the loss before interest, taxes, depreciation and amortization for the month was $185,400. From the inception of the case in February, the cumulative net loss is $11.9 million on total sales of $98.2 million. Headquartered in South River, New Jersey, Autobacs Strauss Inc. -- http://www.straussauto.com/-- sells after-market automotive parts and accessories, and operate automotive service centers located in New York, New Jersey, Philadelphia, Bethlehem and Pennsylvania. The Company operates 86 retail store locations and has about 1,450 employees. The Company filed for Chapter 11 protection on February 4, 2009 (Bankr. D. Del. Case No. 09-10358). Edward J. Kosmowski, Esq., at Young Conaway Stargatt & Taylor, LLP, represents the Debtor in its restructuring efforts. As of January 3, 2009, the Debtor had total assets of $75,000,000 and total debts of $72,000,000. The Chapter 11 case is Strauss's third. The preceding Chapter 11 case ended with confirmation of a Chapter 11 plan in April 2007. The Company was then named R&S Parts & Service Inc. CATHOLIC CHURCH: CBNA Has $765,581 Cash at End of September ----------------------------------------------------------- Catholic Bishop of Northern Alaska Statement of Financial Position As of September 30, 2009 CBNA Held for ASSETS Total Others ----- -------- Cash and cash equivalents $713,205 $53,929 Investments: Valuables in safe 168 - Trust account @ market 755,722 - 457 Plan assets @ market - 119,962 Endowment Fund @ market - 14,786,110 Endowment Fund - earnings @ market (1,177,181) - Stocks 12,703 - Limited partnerships 261,324 - Accounts receivable, net of allowance: Tuition, fees and others 88,925 - For parishes and school 143,683 - Other 2,400 - Notes and other receivables 52,693 - Grants pledged - - Fixed assets, net at cost: Land and building 7,410,546 - Aircraft 123,341 - Equipment 9,826 - Other assets 400,738 - ---------- ---------- Total Assets $8,798,097 $14,960,002 LIABILITIES AND NET ASSETS Liabilities: Accounts payable/accrued liabilities $1,749,505 - Notes payable 216,966 - D.I.P. Loan 1,000,000 - Benefits payable 83,040 - Deferred revenue 3,194 - Annuities payable 186,527 - Other liabilities 84,710 - Payroll-related liabilities: Payroll taxes 42,296 - General vacation accrual account 16,329 - Tax sheltered annuity - - Accrued leave 223,645 - Insurance: Long term disability 452 - Insurance deposits payables 33,527 - Insurance reserves expense 72,486 - Indemnity insurance reserves 261 - Medical/Dental payroll deduction 60,649 - CBNA building loan - - ---------- ---------- Total Liabilities 3,773,595 - ---------- ---------- Total net assets 5,024,501 14,960,002 ---------- ---------- Total Liabilities and Net Assets $8,798,097 $14,960,002 ========== ========== Catholic Bishop of Northern Alaska Statement of Activities For the month ending September 30, 2009 CBNA Held for Total Others Support and revenue: ----- -------- Parish assessments $27,171 - Tuition, net of tuition assistance 171,443 - Curricular income 24,954 - Donations 464,375 - Investment income 295,260 $49,441 Other income 50,179 27,950 Temporarily restricted gifts 163,052 - ---------- ---------- Total support and revenue 1,196,437 77,391 Expenses: Operating expenses 47,954 - Supplies 40,365 - Repair & Maintenance 32,026 - Utilities 22,099 - Insurance 18,802 - Staff Expenses: Salaries & Wages 370,703 - Payroll Taxes 22,674 - Employee Benefits 87,903 - Curricular Expenses 41,390 - Recruiting, advertising and PRs 1,046 - Travel Expenses 8,438 - Student related expenses 1,224 - Contributions - - Professional and technical fees 7,016 - Investment services 23,409 $2,658 Subsidies 107,926 - Rental/Lease Expense 5,644 - Assessments 1,252 - Fund Raising Expense 72,730 - Radio Programming Expense 5,967 - Radio Technical Dept. Expenses 13,035 - Miscellaneous Expense (6,948) - ---------- ---------- Total General 924,663 2,658 Funds released from restricted funds - - Net change in designated funds - - ---------- ---------- Total Expenses 924,663 2,658 ---------- ---------- Increase (decrease) in net assets 271,774 74,733 ---------- ---------- Re-organization costs - - Increase (decrease) in net assets ---------- ---------- after Re-org costs 271,774 74,733 Net assets: Beginning of month 4,752,727 14,885,269 ---------- ---------- End of month $5,024,501 $14,960,002 ========== ========== Catholic Bishop of Northern Alaska Cash Receipts and Disbursements For the month ending September 30, 2009 CBNA Held for Total Others ----- -------- Beginning balance - February 2008 $433,719 $31,975 Total receipts - prior gen. account reports 21,706,738 2,348,139 Less total disbursements 21,276,732 2,225,976 ---------- ---------- Beginning balance - August 31, 2009 863,726 154,138 Receipts during current period: Transfers between internal accounts 232,281 - Funds received by CBNA from KNOM 64,927 - Funds received from Catholic Schools 35,261 - Funds received by Catholic Schools 16,666 - Funds collected from others 147,636 147,636 Custodial funds 21,542 21,542 Accounts receivable 215,310 - Restricted funds and endowment gifts 188,437 - Donations 379,232 - Interest & dividends 226 - Proceeds from the sale of stock 4,960 - Payment refund/return 31,462 - Programs 68,000 - Weather service income 150 - Curricular income 8,007 - Parish & school funds and endowments 691 - Other income/fees 3,367 - Miscellaneous 3,959 - Sale of books and cards 84 - Sale of merchandise 2,832 - Sale of Alakanuk - claimants' fund 24,609 - ---------- ---------- Total receipts this period 1,449,648 169,178 ---------- ---------- Balance 2,313,374 323,317 Less total disbursements: Transfers between internal accounts 232,281 - Transfers from KNOM to CBNA, payroll 62,868 - Transfers from Cath. schools to CBNA 35,261 - Transfers from CBNA to Cath. schools 16,666 - Funds disbursed for others 166,635 166,635 Custodial funds 7,777 7,777 Curricular expense 36,557 - Programming - News service 8,890 - Mission & program support 423 - Wages & salaries 278,740 - Employee benefits 91,950 - Staff development 2,867 - Furniture, fixtures & equipments 5,114 - Supplies: maintenance/repairs 58,151 - Supplies: school 13,088 - Supplies: office 34,832 - Scholarships/donations/financial aids 155 - Administrative 176 - Maintenance/repairs 4,694 - Rent 7,854 - Telephone/Internet 18,890 - Utilities 23,519 - Dues/Fees 1,536 - Refunds 870 - Travel 20,939 - Printing & copying 67,617 - Postage 8,406 - Services & insurance 78,881 - Medical reimbursements 468 - Taxes 76,319 - NSF's 2,854 - Bank fees and charges 7,462 - Interest expense 2,686 - Music license fee 114 - List rental and copy leases 19,011 - Annuities 3,661 - Professional fees 18,987 - Miscellaneous 6,781 - Supplies: food 3,560 - Subscriptions 111 - Advertising 2,659 - Mass stipends 225 - Reimbursements 900 - Subsidies 109,295 - Supplies: religious 5 - Assessments: ACCB, USCCB 4,294 - Charitable contributions 2,743 - ---------- ---------- Total disbursements this period 1,547,793 174,412 ---------- ---------- Ending balance - September 30, 2009 $765,581 $148,904 ========== ========== About Diocese of Fairbanks The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/-- filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady LLP represents the Debtor in its restructuring efforts. Michael R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's local counsel and Cook, Schuhmann & Groseclose Inc. as its special counsel. Judge Donald MacDonald, IV, of the United States Bankruptcy Court for the District of Alaska presides over Fairbanks' Chapter 11 case. The Debtor's schedules show total assets of $13,316,864 and total liabilities of $1,838,719. The church's plans to file its bankruptcy plan and disclosure statement on July 15, 2008. Its exclusive plan filing period expires on January 15, 2009. (Catholic Church Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ESCADA AG: US Unit Records $15.47 Million Loss for October ---------------------------------------------------------- Escada (USA), Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York its monthly operating report for the period from October 1 to October 31, 2009. According to Christian D. Marques, a member of the Board of Directors at Escada USA, the Company's beginning balance in its working fund and disbursement account at JPMorgan Chase Bank, N.A., PNC Lockbox and local store accounts totaled $$5,180,925 at the beginning of the Reporting Period. Escada held $3,714,611 at the end of the Period. Escada (USA) Inc. Balance Sheet As of October 31, 2009 ASSETS CURRENT ASSETS: Unrestricted cash & cash equivalents $3,714,611 Restricted cash & cash equivalents 350,000 Petty cash & register funds 27,313 Accounts receivable (net) 463,890 Notes receivable - Inventories 19,634,204 Prepaid expenses 367,340 Professional retainers - Other current assets 6,960,820 ------------- Total Current Assets 31,518,178 PROPERTY & EQUIPMENT Real Property & improvements - Machinery & equipment - EDP hardware 1,605,832 EDP software 1,449,069 Furniture, fixtures & office equipment 19,248,895 Leasehold improvements 20,090,923 Wholesale shop in shops 1,488,338 Vehicles - Construction in progress 2,143,005 Less: Accumulated Depreciation (43,917,307) ------------- Total Property & Equipment 2,108,755 OTHER ASSETS Amounts due from insiders 0 Other assets 9,159,368 ------------- Total Other Assets 9,159,368 ------------- TOTAL ASSETS $42,786,301 ============= LIABILITIES AND OWNER EQUITY LIABILITIES NOT SUBJECT TO COMPROMISE: Accounts payable $852,672 Accounts payable - intercompany - Taxes payable 183,022 Accrued payroll 166,006 Accrued bonuses 508,184 Notes payable - Rent/Leases - building equipment 878,721 Secured debt/Adequate protection payments - Professional fees 1,292,553 Amounts due to insiders 2,230,485 Other postpetition liabilities 40,079,341 ------------- Total Postpetition Liabilities 46,190,984 LIABILITIES SUBJECT TO COMPROMISE: Secured debt - Priority debt - US Customs 13,711,413 Unsecured debt - bonds/senior credit facility estimate 367,800,000 Unsecured debt - letters of credit 7,519,982 Unsecured debt - accounts payable 1,162,618 Unsecured debt - intercompany 37,368,373 ------------- Total Prepetition Liabilities 427,562,386 ------------- TOTAL LIABILITIES 473,753,370 OWNERS' EQUITY Capital stock 4,700,000 Additional paid-in capital 21,316,288 Partners' capital account - Owner's equity account - Retained earnings - prepetition (438,420,596) Retained earnings - postpetition (18,562,761) Adjustments to owner equity - Postpetition contributions - ------------- NEW OWNERS' EQUITY (430,967,069) ------------- TOTAL LIABILITIES AND OWNERS' EQUITY $42,786,301 ============= Escada (USA) Inc. Statement of Operations October 1 through October 31, 2009 REVENUES: Gross revenues $11,150,244 Less: returns and allowances 4,807,861 ------------- Net revenue 6,342,383 Cost of Goods Sold: Beginning Inventory - Add: purchases - Add: cost of labor - Add: other costs - Less: ending inventory - Cost of goods sold 4,250,674 ------------- Gross profit 2,091,709 Operating Expenses: Advertising 635,343 Auto and truck expense 5,963 Bad debts 43,615 Contributions 200 Employee benefits programs 165,794 Officer/insider compensation 128,418 Insurance 98,388 Management fees/bonuses 118,389 Office expense - Pension & profit sharing plans 4,109 Repairs and maintenance 104,261 Rent and lease expense 1,354,166 Salaries/commissions/fees 955,678 Supplies 75,365 Taxes - payroll 69,609 Taxes - real estate 92,437 Taxes - other 2,193 Travel and entertainment 130,481 Utilities 141,203 Other 956,701 ------------- Total Operating Expenses Before Depreciation 5,082,313 Depreciation/depletion/amortization 11,534,198 ------------- Net Loss Before Other Income & Expenses (14,524,802) Other Income and Expenses: Other income - Interest expense 29,884 Other expense - ------------- Net Loss Before Reorganization Items (14,554,686) Reorganization Items: Professional fees 826,663 U.S. Trustee quarterly fees 39,000 Interest earned on accumulated cash from Chapter 11 - Gain (Loss) from sale of equipment - Other reorganization expenses - Total reorganization expenses 865,663 Income taxes 46,083 ------------- Net Profit (Loss) ($15,466,432) ============= Escada (USA) Inc. Schedule of Cash Receipts and Disbursements October 1 through October 31, 2009 CASH, BEGINNING OF MONTH $5,180,925 RECEIPTS Cash Sales 313,590 Accounts Receivable - prepetition - Accounts Receivable - postpetition 5,469,318 Loans and Advances - Sales of Assets - Other - Transfers (from DIP Accounts) 3,325,631 ------------- TOTAL RECEIPTS 9,108,539 DISBURSEMENTS Net Payroll 1,267,438 Payroll Taxes 524,481 Sales, Use and Other taxes 230,084 Inventory Purchases 3,380,932 Secured/Rental/Leases - Insurance - Administrative 1,849,934 Selling - Other (3,647) Owner Draw - Transfers (to DIP Accounts) 3,325,631 Professional Fees - U.S. Trustee Quarterly Fees - Court Costs - ------------- TOTAL DISBURSEMENTS 10,574,853 ------------- Net Cash Flow (Receipts Less Disbursements) (1,466,314) ------------- Cash - End of Month $3,714,611 ============= About Escada AG The ESCADA Group -- http://www.escada.com/-- is an international fashion group for women's apparel and accessories, which is active on the international luxury goods market. It has pursued a course of steady expansion since its founding in 1976 by Margaretha and Wolfgang Ley and today has 182 own shops and 225 franchise shops/corners in more than 60 countries. As of August 10, 2009, the Escada Group operated 176 owned stores and so-called shop in shops, of which 26 owned stores are located in the United States and operated by Escada (USA) Inc. and 2 stores are planned to be opened in the United States before year end. Escada Group products are also sold in 163 stores worldwide which are operated by franchisees. Escada Group had total assets of EUR322.2 million against total liabilities of 338.9 million as of April 30, 2009. Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008). Judge Stuart M. Bernstein handles the case. O'Melveny & Myers LLP has been tapped as bankruptcy counsel. Kurtzman Carson Consultants serves as claims and notice agent. Escada US listed US$50 million to US$100 million in assets and US$100 million to US$500 million in debts in its petition. Bankruptcy Creditors' Service, Inc., publishes Escada USA Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Escada USA, and the insolvency proceedings of ESCADA AG and its units. (http://bankrupt.com/newsstand/or 215/945-7000) G-I HOLDINGS: Reports $25,162,737 Net Income in Month Ended Nov. 1 ------------------------------------------------------------------ G-I Holdings, Inc., filed with the United States Trustee for Region 3 on November 30, 2009, its monthly operating report for the month ended November 1, 2009, and October 4, 2009. G-I Holdings reported net income of $25,162,737 for the month ended November 1, 2009. At November 1, 2009, G-I Holdings had $326,040,752 in total assets, $410,312,925 in total liabilities, and $84,272,173 in stockholders' deficit. A full-text copy of G-I Holdings' monthly operating report for the month November 1, 2009, is available at: http://bankrupt.com/misc/g-iholdings.octobermor.pdf For the month ended October 4, 2009, the Company reported net income of $24,722,200. A full-text copy of G-I Holdings' monthly operating report for the month ended October 4, 2009, is available at: http://bankrupt.com/misc/g-iholdings.septembermor.pdf About G-I Holdings Based in Wayne, New Jersey, G-I Holdings, Inc., is a holding company that indirectly owns Building Materials Corporation of America, a manufacturer of premium residential and commercial roofing products. The Company filed for bankruptcy after already spending $1.5 billion paying asbestos claims from the 1967 acquisition of Ruberoid Co. The Company filed for Chapter 11 protection on Jan. 5, 2001 (Bankr. D. N.J. Case No. 01-30135). An affiliate, ACI, Inc., filed its own voluntary Chapter 11 petition on August 3, 2001. The cases were consolidated on October 10, 2001. Martin J. Bienenstock, Esq., Irena Goldstein, Esq., and Timothy Q. Karcher, Esq., at Dewey & Leboeuf LLP, represent the Debtors as counsel. Dennis J. O'Grady, Esq., and Mark E. Hall, Esq., at Riker, Danzig, Scherer, Hyland, represent the Debtors as co- counsel. Lowenstein Sandler PC represents the Official Committee of Unsecured Creditors. Judson Hamlin was appointed by the Court as the Legal Representative for Present and Future Holders of Asbestos Related Demands. Keating, Muething & Klekamp, P.L.L., is the principal counsel to the Legal Representative of Present and Future Asbestos-Related Demands. LAKE AT LAS: Incurs $2,706,751 Net Loss in October -------------------------------------------------- Lake at Las Vegas Joint Venture, LLC, reported a net loss of $2,706,751 for the month ended October 31, 2009. At September 30, 2009, Lake at Las Vegas had total assets of $610,159,448, total liabilities of $792,327,690, and stockholders' deficit of $182,168,242. A full-text copy of the report is available for free at: http://bankrupt.com/misc/lakeatlas.octobermor.pdf Headquartered in Henderson, Nevada, Lake at Las Vegas Joint Venture, LLC and 14 of its debtor-affiliates -- http://www.lakelasvegas.com/-- are owners and developers of 3,592-acre residential and resort destination Lake Las Vegas Resort in Las Vegas, Nevada. Centered around a 320-acre man-made lake, Lake Las Vegas contains more than 9,000 residential units, and also includes two luxury resort hotels (a Loews and a Ritz- Carlton), a casino, a specialty retail village shopping area, marinas, three signature golf courses and related clubhouses, and other real property. The Debtors filed separate petitions for Chapter 11 relief on July 17, 2008 (Bankr. D. Nev. Lead Case No. 08-17814). When Lake at Las Vegas Joint Venture, LLC filed for protection from its creditors, it listed assets of $100 million to $500 million, and debts of $500 million to $1.0 billion. Courtney E. Pozmantier, Esq., Martin R. Barash, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, Jason D. Smith, Esq., at Santoro, Driggs, Walch, Kearney, Holley & Thompson, Jeanette E. McPherson, Esq., Lenard E. Schwartzer, Esq., at Schwartzer & McPherson Law Firm, represent the Debtors as counsel. Kurtzman Carson Consultants serves as claims and notice agent. Kaaran E. Thomas, Esq., and Ryan J. Works, Esq., at McDonald Carano Wilson LLP, represent the official committee of unsecured creditors as counsel. LYONDELL CHEMICAL: Records $25 Million Loss for October ------------------------------------------------------- Lyondell Chemical Company and affiliates Unaudited Combined Balance Sheet (in millions) As of October 31, 2009 Assets Current assets: Cash and cash equivalents $344 Short-term investments 9 Accounts receivable: Trade, net 1,282 Related parties 1 Non-debtor affiliates 375 Inventories 1,629 Current deferred income tax assets 6 Prepaid expenses and other current assets 787 ------------ Total current assets 4,433 Property, plant and equipment, net 9,714 Investments and long-term receivables: Investment in PO joint ventures 569 Investments in non-debtor affiliates 5,353 Other investments and long-term receivables 29 Intangible assets, net 1,343 Noncurrent deferred tax assets 3 Other assets 183 ------------ Total Assets $21,627 ============ Liabilities and Stockholder's Equity Current liabilities: Current maturities of long-term debt - Short-term debt $5,232 Accounts payable: Trade 1,020 Related parties 14 Non-debtor affiliates 615 Accrued liabilities 623 Short-term loans payable - non-Debtor affiliates 121 Deferred income taxes 142 ------------ Total current liabilities 7,767 Long-term debt - Other liabilities 220 Deferred income taxes 1,865 Liabilities subject to compromise 22,258 Commitments and contingencies - Stockholders equity: Common stock 60 Additional paid-in capital 563 Retained deficit (8,275) Receivables - non-debtor affiliates (2,665) Accumulated other comprehensive loss (292) ------------ Total stockholder's equity (10,609) Noncontrolling interests 126 ------------ Total equity (10,483) ------------ Total liabilities and stockholder's equity $21,627 ============ Lyondell Chemical Company and affiliates Unaudited Statement of Income (in millions) For month ended October 31, 2009 Sales and other operating revenues: Trade $1,581 Non-Debtor affiliates 92 ------------ 1,673 Operating costs and expenses: Cost of sales 1,625 Selling, general and admin. Expenses 43 Research and development expenses 3 ------------ 1,671 ------------ Operating income 2 Interest expense (133) Interest income - non-Debtor affiliates 16 Other income, net 19 ------------ Loss before reorganization items, equity investments and income taxes (96) ------------ Reorganization items (46) Income from equity investments - non-Debtor affiliates 64 ------------ Loss before income taxes (78) Benefit from income taxes (53) ------------ Net loss from continuing operations (25) Discontinued operations - ------------ Net loss from continuing operations ($25) ============ Lyondell Chemical Company and its affiliates Unaudited Statement of Cash Flows (in millions) For the month ended October 31, 2009 Cash flows from operating activities: Net loss ($25) Net income - discontinued operations - Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 90 Reorganization charges 46 Reorganization-related payments (36) Equity investments - income (64) Deferred income taxes (47) Amortization of debt-related costs 42 Foreign currency exchange loss (38) Changes in assets and liabilities that provided (used ) cash: Accounts receivable 33 Inventories 96 Accounts payable 11 Other, net (5) ------------ Net cash provided by operating activities - continuing operations 103 Net cash used in operating activities discontinued operations - ------------ Net cash provided by operating activities 103 ------------ Cash flows from investing activities: Expenditures for property, plant and equipment (23) Loan repayments from non-Debtor affiliates 67 Proceeds from disposal of assets 4 Short-term investments 3 ------------ Net cash provided by investing activities 51 ------------ Cash flows from financing activities: Net repayments under DIP Revolving Facility (160) Payment of debt issuance costs (10) ------------ Net cash used in financing activities (170) ------------ Effect of exchange rate changes on cash - ------------ Decrease in cash and cash equivalents (16) Cash and cash equivalents at beginning of period 360 ------------ Cash and cash equivalents at end of period $344 ============ 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 ENTERTAIMENT: Posts $8,147,847 Net Loss From Sept 28 - Nov 1 ------------------------------------------------------------------ On November 30, 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 September 28, 2009, to November 1, 2009, with the United States Bankruptcy Court for the District of Delaware. Magna Entertainment reported a net loss of $8,147,847 for the period. At November 1, 2009, the Company had $1,035,901,064 in total assets, $512,386,496 in total liabilities, and $523,514,568 in net owner equity. A full-text copy of the Company's monthly operating report is available for free at: http://bankrupt.com/misc/magna.sept28-nov1mor.pdf 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 $1.054 billion and total liabilities of $947.3 million based on unaudited consolidated financial statements as of December 31, 2008. MAJESTIC STAR: Predicts 3-Month Operating Cash Flow --------------------------------------------------- According to Bill Rochelle at Bloomberg, Majestic Star Casino LLC, the owner of four casinos, filed its initial report with the U.S. Trustee projecting revenue of $77.2 million over the first 13 weeks of the Chapter 11 case that began Nov. 23. Majestic predicts net operating cash flow for the period will be $11.5 million. About Majestic Star The Majestic Star Casino, LLC -- aka Majestic Star Casino, aka Majestic Star -- is based in Las Vegas, Nevada. It is a wholly owned subsidiary of Majestic Holdco, LLC, which is a wholly owned subsidiary of Barden Development, Inc. The Company was formed on December 8, 1993, as an Indiana limited liability company to provide gaming and related entertainment to the public. The Company commenced gaming operations in the City of Gary at Buffington Harbor, located in Lake County, Indiana on June 7, 1996. The Company is a multi-jurisdictional gaming company with operations in three states -- Indiana, Mississippi and Colorado. The Company filed for Chapter 11 bankruptcy protection on November 23, 2009 (Bankr. D. Delaware Case No. 09-14136). The Company's affiliates -- The Majestic Star Casino II, Inc., The Majestic Star Casino Capital Corp., Majestic Star Casino Capital Corp. II, Barden Mississippi Gaming, LLC, Barden Colorado Gaming, LLC, Majestic Holdco, LLC, and Majestic Star Holdco, Inc. -- also filed separate Chapter 11 petitions. Kirkland & Ellis LLP is the Debtors' bankruptcy counsel. James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP are the Debtors' Delaware counsel. Xroads Solutions Group, LLC, is the Debtors' financial advisor, while EPIQ Bankruptcy Solutions LLC are the Debtors' claims and notice agent. The Majestic Star Casino, LLC's balance sheet at June 30, 2009, showed total assets of $406.42 million and total liabilities of $749.55 million. When it filed for bankruptcy, the Company listed up to $500 million in assets and up to $1 billion in debts. MERISANT WORLDWIDE: Reports $35,791,921 Net Loss for October ------------------------------------------------------------ Merisant Worldwide Inc. and its affiliates reported a net loss of $35,791,921 on net sales of $78,185,835 for October 2009. As of October 31, 2009, the Debtors had $313,883,000 in total assets, including $34,394,000 in cash and cash equivalents, against $770,520,000 in total liabilities. A full-text copy of the Debtors' October 2009 report is available at no charge at http://bankrupt.com/misc/MerisantOctMOR.pdf Merisant's Plan Merisant has obtained approval of the disclosure statement explaining its Chapter 11 plan. This allows Merisant to begin soliciting votes on the Plan. Ballots are due December 4. Merisant will present its plan for confirmation on December 16. Under the Plan, holders of bank claims aggregating $205 million will recover 100% of their claims in the form of new notes, cash and majority of the preferred stock. All bank lenders may elect to convert their $205 million in claims into new stock. While the prior version of the Plan allowed Wayzata Investment Partners LLC, the holder of two-thirds of the secured debt to exchange for 75% of the new equity, the option is now available to all lenders. Holders of unsecured claims aggregating $235.3 million against Merisant Company will recover 5.5% in the form of 12.5% of the new common stock of Reorganized Merisant and may participate in the rights offering. Holders of unsecured trade claims will receive payment of 60% of the claim in cash provided they vote in favor of the Plan. Holders of unsecured claims aggregating $137.1 million against Merisant Worldwide will receive distributions in the form of "contingent value rights" if they vote in favor of the Plan. About Merisant Worldwide Headquartered in Chicago, Illinois, Merisant Worldwide Inc. -- http://www.merisant.com/-- sells low-calorie tabletop sweetener. The Debtor's brands are Equal(R) and Canderel(R). The Debtor has principal regional offices in Mexico City, Mexico; Neuchatel, Switzerland; Paris, France; and Singapore. In addition, the Debtor owns and operates manufacturing facilities in Manteno, Illinois, and Zarate, Argentina, and own processing lines that are operated exclusively for the Debtor at plants located in Bergisch and Stendal, Germany and Bangkrason, Thailand. As of March 28, 2008, the Debtor has 20 active direct and indirect subsidiaries, including five subsidiaries in the United States, six subsidiaries in Europe, five subsidiaries in Mexico, Central America and South America, and three subsidiaries in the Asia Pacific region, including Australia and India. Furthermore, the Debtor's Swiss subsidiary holds a 50% interest in a joint venture in the Philippines. Merisant Worldwide holds 100% interest in Merisant Company. Merisant Worldwide and five of its units filed for Chapter 11 protection on January 9, 2009 (Bankr. D. Del. Lead Case No. 09-10059). Sidley Austin LLP represents the Debtors in their restructuring efforts. Young, Conaway, Stargatt & Taylor LLP represents the Debtors' as co-counsel. Blackstone Advisory Services LLP is the Debtors' financial advisor. Epiq Bankruptcy Solutions, LLC, is the Debtors' Claims and Noticing Agent. Winston & Strawn LLP represents the official committee of unsecured creditors as counsel. Ashby & Geddes, P.A., is the Committee's Delaware counsel. The Debtors had US$331,077,041 in total assets and US$560,742,486 in total debts as of November 30, 2008. METALDYNE CORP: $3.6MM Net Profit for 18-Day Period Ended Oct. 15 ----------------------------------------------------------------- Oldco M Corporation, f/k/a Metaldyne Corporation, reported a net profit of $3,642,000 for the period from September 28, 2009, through October 15, 2009. For the 18 days ended October 15, 2009, Oldco posted net sales of $61,477,000 and incurred reorganization expenses of $1,330,000. During the 18-day period ended October 15, 2009, the Debtors paid $2,579,000 to professionals retained in the bankruptcy cases, including $1,254,000 to Jones Day, $436,000 to BMC, $240,000 to Alix Partners and $231,000 to Huron Consulting. At October 15, 2009, Oldco had $1,003,289,000 in total assets, including $61,390,000 in cash and cash equivalents, against $154,425,000 in total current liabilities and $788,581,000 in liabilities subject to compromise. At October 15, Oldco had shareholders' equity of $45,059,000. The Debtors disclosed they are evaluating the claims that have been submitted on or before the August 14, 2009 bar date and subsequent claims as may be permitted by motions of the Bankruptcy Court. In light of the substantial number and amount s of claims filed, the review is not complete. At this time, in conjunction with preparing the disclosure statement, the Debtors are in the process of estimating the value of the claims that will ultimately be allowed by the Court. The Debtors do not currently have these estimates readily available. A full-text copy of the Debtors' operating report is available at no charge at http://bankrupt.com/misc/MetaldyneOctMOR.pdf Metaldyne Corp. -- http://www.metaldyne.com/-- 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. 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 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 $927 million. Judge Glenn approved the sale of substantially all assets to Carlyle Group in November 2009 for approximately $496.5 million. NORTEL NETWORKS: Reports $12 Million Net Income in October ---------------------------------------------------------- Nortel Networks Inc., a direct subsidiary of Nortel Networks Ltd., and several other direct and indirect U.S. subsidiaries and certain affiliates of Nortel Networks Limited filed on December 7, 2009, their unaudited condensed combined debtors-in-possession financial statements included in the monthly operating report for the period from October 1, 2009, to October 31, 2009, with the United States Bankruptcy Court for the District of Delaware. Nortel Networks Inc. posted net income of $12 million on total revenues of $144 million. As of September 30, 2009, Nortel Networks Inc. had $3.2 billion in total assets and $7.4 billion in total liabilities. A full-text copy of the monthly operating report is available at no charge at http://researcharchives.com/t/s?4b8d About Nortel Networks Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/-- delivers communications capabilities that make the promise of Business Made Simple a reality for our customers. The Company's next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate the barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel Networks Corp., Nortel Networks Inc., and other affiliated corporations in Canada sought insolvency protection under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice (Commercial List). Ernst & Young has been appointed to serve as monitor and foreign representative of the Canadian Nortel Group. The Monitor also sought recognition of the CCAA Proceedings in the Bankruptcy Court under Chapter 15 of the Bankruptcy Code. Nortel Networks Inc. and 14 affiliates filed separate Chapter 11 petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138). Judge Kevin Gross presides over the case. James L. Bromley, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The Chapter 15 case is Bankr. D. Del. Case No. 09-10164. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. Certain of Nortel's European subsidiaries have also made consequential filings for creditor protection. The Nortel Companies related in a press release that Nortel Networks UK Limited and certain subsidiaries of the Nortel group incorporated in the EMEA region have each obtained an administration order from the English High Court of Justice under the Insolvency Act 1986. The applications were made by the EMEA Subsidiaries under the provisions of the European Union's Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings and on the basis that each EMEA Subsidiary's centre of main interests is in England. Under the terms of the orders, representatives of Ernst & Young LLP have been appointed as administrators of each of the EMEA Companies and will continue to manage the EMEA Companies and operate their businesses under the jurisdiction of the English Court and in accordance with the applicable provisions of the Insolvency Act. Several entities, particularly, Nortel Government Solutions Incorporated have material operations and are not part of the bankruptcy proceedings. As of September 30, 2008, Nortel Networks Corp. reported consolidated assets of $11.6 billion and consolidated liabilities of $11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of September 30, 2008, NNI had assets of about $9 billion and liabilities of $3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about $4.2 billion of unsecured public debt. Bankruptcy Creditors' Service, Inc., publishes Nortel Networks Bankruptcy News. The newsletter tracks the Chapter 11 proceeding and ancillary foreign proceedings undertaken by Nortel Networks Corp. and its various affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) OPUS SOUTH: Reports $215,623 Net Income for October --------------------------------------------------- Opus South Corporation Balance Sheet As of October 31, 2009 ASSETS: Cash & cash equivalents $706,125 Receivables: Construction contracts 8,589,340 Related party - Management fees - Other (2,014,686) ------------ Total receivables 6,574,654 Costs & estimated earnings 22,022 Prepaid expenses & other assets 546,990 Pursuit costs - Real estate: Completed - Under construction - Land held for development 412,969 Real estate held for investment - Investment in real estate ventures 1,949,659 Accumulated depreciation - ------------ Total real estate 2,362,628 Notes receivable - Investment in subsidiaries 56,592,196 Property & equipment, net 18,230 ------------ Total assets $66,822,845 ============ LIABILITIES: Accounts payable $10,991,423 Accrued expenses 1,856,547 Accrued income taxes - Billings in excess of costs - Mortgages and notes payable 61,000,000 Subordinated notes payable - Postpetition accounts payable 393,891 Postpetition accrued expenses (47,384) ------------ Total liabilities 74,194,477 Minority interest in subsidiary - EQUITY: Common stock 9,660 Additional paid-in capital 71,674,223 Prepetition retained earnings (70,232,399) Postpetition retained earnings (8,823,116) ------------ Total equity (7,371,632) ------------ Total liabilities & equity $66,822,845 ============ Opus South Corporation Income Statement For the month ended October 31, 2009 Gross Revenues: Construction - related party $0 Construction - 3rd party 0 Real estate 0 Rental property 0 Management fee 0 ------------ Total gross revenues 0 Gross Margin: Construction - related party 0 Construction - 3rd party (1,670) Real estate (2,941) Rental property 0 Management fee 0 ------------ Total gross margin (4,611) Other Income: Interest - Real estate ventures - Other 163,272 ------------ Total income 158,661 Expenses: Salary and related 26,143 General & administrative (105,576) Reorganization expenses - Project costs capitalized - Interest - Interest capitalized - Corporate overhead & variable compensation 22,832 Charitable contributions - ------------ Total expenses (56,602) Income(Loss) before minority interest & taxes 215,263 Minority Int. in income(loss) loss of cons sub - ------------ Income(Loss) before taxes 215,623 ------------ Net income(loss) $215,623 ============ Opus South Corporation's October 2009 operating report also includes a Cash Receipts & Disbursements statement. A copy is available for free at http://bankrupt.com/misc/OpS10MORCD.pdf Headquartered in Atlanta, Georgia, Opus South Corporation -- http://www.opuscorp.com/-- provides an array of real estate related services across the United States including real estate development, architecture & engineering, construction and project management, property management and financial services. The Company and its affiliates filed for Chapter 11 on April 22, 2009 (Bankr. D. Del. Lead Case No. 09-11390). Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors in their restructuring efforts. The Debtors propose to employ Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial Corporation as real estate broker, Delaware Claims Agency LLC as claims agent. The Debtors have assets and debts both ranging from $50 million to $100 million. Bankruptcy Creditors' Service, Inc., publishes Opus West Bankruptcy News. The newsletter tracks the separate Chapter 11 proceedings of Opus West Corp. and Opus South Corp. and their related debtor-affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) OPUS WEST: Reports $74.9 Million Net Loss for October ----------------------------------------------------- Opus West Corporation Balance Sheet As of October 31, 2009 ASSETS: Unrestricted cash $7,278,849 Restricted cash 0 ------------ Total cash 7,278,849 Accounts receivable 1,305,013 Inventory 0 Notes receivable 2,219,600 Prepaid expenses 88,489 Other security deposits 24,792 ------------ Total current assets 10,916,743 Property, plant, & equipment 196,969 Less: accumulated depreciation/depletion 111,667 ------------ Net property, plant, & equipment 85,302 Due from insiders 0 Other assets 25,790,985 ------------ Total assets $36,793,030 ============ POSTPETITION LIABILITIES: Accounts payable $17,443 Taxes payable 16,028 Notes payable 0 Professional fees 0 Secured debt 0 Other - employee benefits 28,195 ------------ Total postpetition liabilities $61,666 PREPETITION LIABILITIES: Secured debt $26,551,747 Priority debt 433,628 Unsecured debt 186,900,045 Other - GAAP accruals 3,064,127 ------------ Total prepetition liabilities 216,949,547 ------------ Total liabilities 217,011,213 EQUITY: Prepetition owners' equity 49,771,507 Postpetition cumulative profit (loss) (229,989,690) Direct charges to equity 0 ------------ Total equity (180,218,183) ------------ Total liabilities & owners' equity $36,793,030 ============ Opus West Corporation Income Statement For the month ended October 31, 2009 Revenues: Gross revenue $0 Less: returns & discounts 0 ------------ Net revenue 0 Cost of Goods Sold: Material 0 Direct labor 0 Direct overhead 0 ------------ Total cost of goods sold 0 Gross profit 0 Operating Expenses: Officer/insider compensation 29,743 Selling & marketing 0 General & administrative 432,735 Rent & lease 10,072 Other 0 ------------ Total operating expenses 472,550 Income before non-operating income & expense (472,550) Other Income & Expenses: Non-operating income 74,467,981 Non-operating expense 0 Interest expense 0 Depreciation/depletion 0 Amortization 0 Other - interest income (89,189) ------------ Net other income & expenses 74,378,792 Reorganization Expenses: Professional fees 0 U.S. Trustee fees 0 Other 0 ------------ Total reorganization expenses 0 ------------ Income tax 0 ------------ Net profit (loss) ($74,851,342) ============ Opus West Corporation Cash Receipts & Disbursements For the month ended October 31, 2009 Cash - beginning of period $5,667,991 Receipts From Operations: Cash sales 10,000 Collection of Accounts Receivable: Prepetition 0 Postpetition 0 ------------ Total operating receipts 10,000 Non-operating Receipts: Loans & advances 0 Sale of assets 89,819 Other 2,058,968 ------------ Total non-operating receipts 2,148,787 Total receipts 2,158,787 Total cash available 7,826,778 Operating Disbursements: Net payroll 95,431 Payroll taxes paid 65,345 Sales, use & other taxes paid 0 Secured/rental/leases 33,451 Utilities 2,941 Insurance 23,792 Inventory purchases 0 Vehicle expenses 0 Travel 7,781 Entertainment 1,262 Repairs & maintenance 1,293 Supplies 441 Advertising 0 Other 116,992 ------------ Total operating disbursements 348,729 Reorganization Expenses: Professional fees 94,187 U.S. Trustee fees 650 Other 104,363 ------------ Total reorganization expenses 199,200 ------------ Total disbursements 547,929 ------------ Net cash flow 1,610,858 ------------ Cash - end of period $7,278,849 ============ Opus West L.P. Balance Sheet As of October 31, 2009 ASSETS: Unrestricted cash $330,006 Restricted cash 0 ------------ Total cash 330,006 Accounts receivable 6,065,529 Inventory 0 Notes receivable 0 Prepaid expenses 0 Other security deposits 0 ------------ Total current assets 6,395,535 Property, plant, & equipment 0 Less: accumulated depreciation/depletion 0 ------------ Net property, plant, & equipment 0 Due from insiders 0 Other assets 6,896,334 ------------ Total assets $13,291,869 ============ POSTPETITION LIABILITIES: Accounts payable $2,258 Taxes payable 40,924 Notes payable 0 Professional fees 0 Secured debt 0 Other - employee benefits 0 ------------ Total postpetition liabilities 43,182 PREPETITION LIABILITIES: Secured debt $7,536,140 Priority debt 0 Unsecured debt 1,618,500 Other - GAAP accruals 1,541,924 ------------ Total prepetition liabilities 10,696,564 ------------ Total liabilities 10,739,746 EQUITY: Prepetition owners' equity 32,065,283 Postpetition cumulative profit(loss) (26,444,660) Direct charges to equity (3,068,500) ------------ Total equity 2,552,123 ------------ Total liabilities & owners' equity $13,291,869 ============ Opus West L.P. Income Statement For the month ended October 31, 2009 Revenues: Gross revenue ($311,083) Less: returns & discounts 0 ------------ Net revenue (311,083) Cost of Goods Sold: Material (26,929) Direct labor 0 Direct overhead (270,158) ------------ Total cost of goods sold (297,087) Gross profit (13,996) Operating Expenses: Officer/insider compensation 0 Selling & marketing 0 General & administrative 8,320 Rent & lease 0 Other 0 ------------ Total operating expenses 8,320 Income before non-operating income & expense (22,316) Other Income & Expenses: Non-operating income 29,546,276 Non-operating expense 0 Interest expense 0 Depreciation/depletion 0 Amortization 0 Other - interest income 0 ------------ Net other income & expenses 29,546,276 Reorganization Expenses: Professional fees 0 U.S. Trustee fees 0 Other 0 ------------ Total reorganization expenses 0 ------------ Income tax 0 ------------ Net profit (loss) ($29,568,592) ============ Opus West L.P. Cash Receipts & Disbursements For the month ended October 31, 2009 Cash - beginning of period $332,755 Receipts from Operations: Cash sales 0 Collection of Accounts Receivable: Prepetition 0 Postpetition 0 ------------ Total operating receipts 0 Non-operating Receipts: Loans & advances 0 Sale of assets 0 Other 1,076 ------------ Total non-operating receipts 1,076 Total receipts 1,076 Total cash available 333,831 Operating Disbursements: Net payroll 0 Payroll taxes paid 0 Sales, use & other taxes paid 0 Secured/rental/leases 0 Utilities 0 Insurance 0 Inventory purchases 0 Vehicle expenses 0 Travel 0 Entertainment 0 Repairs & maintenance 0 Supplies 0 Advertising 0 Other 3,500 ------------ Total operating disbursements 3,500 Reorganization Expenses: Professional fees 0 U.S. Trustee fees 325 Other 0 ------------ Total reorganization expenses 325 ------------ Total disbursements 3,825 ------------ Net cash flow ($2,749) ------------ Cash - end of period $330,006 ============ Other Opus West Affiliates Three affiliates of Opus West Corporation also delivered separate individual monthly operating reports to the Court. The Opus West affiliates reported these assets and liabilities as of October 31, 2009: Debtor Affiliate Total Assets Total Debts ---------------- -------------- -------------- Opus West Construction Corp. $9,382,538 $40,174,662 OW Commercial, Inc. 16,905,348 26,321,956 Opus West Partners, Inc. 381,900 0 The Debtor affiliates listed net income or loss for the period from October 1 to 31, 2009: Company Net Income (Loss) ------- ---------------- Opus West Construction Corp. $205,263 OW Commercial Inc. (325) Opus West Partners Inc. (325) The Debtor affiliates also reported their cash receipts and disbursements for the reporting period: Company Receipts Disbursements Cash Flow ------- -------- ------------- --------- Opus West Construction $737,792 $48,702 $689,090 OW Commercial Inc. 0 3,325 (3,325) Opus West Partners Inc. 5,000 3,000 2,000 About Opus West Corporation Based in Phoenix, Arizona, Opus West Corporation is a full-service real estate development firm that focuses on acquiring, constructing, operating, managing, leasing and/or disposing of real estate development projects primarily located in the western United States. Opus West and its affiliates filed for Chapter 11 on July 6, 2009 (Bankr. N.D. Tex. Case No. 09-34356). Clifton R. Jessup, Jr., at Greenberg Traurig, LLP, represents the Debtors in their restructuring efforts. Franklin Skierski Lovall Hayward, LLP, is co-counsel to the Debtors. Pronske & Patel, P.C., is conflicts counsel. Chatham Financial Corp. is financial advisor. BMC Group is the Company's claims and notice agent. As of May 31, Opus West -- together with its non-debtor affiliates -- had $1,275,334,000 in assets against $1,462,328,000 in debts. In its bankruptcy petition, Opus West said it had assets and debts both ranging from $100 million to $500 million. Opus West joins affiliates that previously filed for bankruptcy. Opus East LLC, a real estate operator from Rockville, Maryland, commenced a Chapter 7 liquidation on July 1 in Delaware. Opus South Corp., a Florida condominium developer based in Atlanta, filed a Chapter 11 petition April 22 in Delaware. Bankruptcy Creditors' Service, Inc., publishes Opus West Bankruptcy News. The newsletter tracks the separate Chapter 11 proceedings of Opus West Corp. and Opus South Corp. and their related debtor-affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) PLIANT CORP: Has $61.7 Million Net Loss from January to October --------------------------------------------------------------- Pliant Corporation and its affiliated debtors filed with the U.S. Bankruptcy Court for the District of Delaware on December 1, 2009, a monthly operating report for the month ended October 31, 2009. Pliant Corp. and its debtor-affiliates reported a year to date net loss of $61.7 on net sales of $711.9 million. Operating loss was $19.1 million. Interest expense totaled $62.1 million. At October 31, 2009, the Debtors had $485.3 million in total assets and $1.07 billion in total liabilities. A full-text copy of Pliant's October 2009 monthly operating report is available for free at: http://bankrupt.com/misc/pliant.octobermor.pdf About Pliant Corp Headquartered in Schaumburg, Illinois, Pliant Corporation produces value-added film and flexible packaging products for personal care, medical, food, industrial and agricultural markets. Pliant operates 16 manufacturing facilities around the world, and employs approximately 2,800 people with annual net sales of $900 million for the 12 months ended September 30, 2009. Barclays Capital acted as the exclusive financial advisor to Apollo Management, Graham Partners and Berry Plastics in conjunction with the Pliant restructuring process. Pliant and 10 of its affiliates filed for Chapter 11 protection on January 3, 2006 (Bankr. D. Del. Lead Case No. 06-10001). James F. Conlan, Esq., at Sidley Austin LLP, and Edmon L. Morton, Esq., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, represented the Debtors in their restructuring efforts. The Debtors tapped McMillan Binch Mendelsohn LLP, as Canadian counsel. As of September 30, 2005, the Company had $604.3 million in total assets and $1.19 billion in total debts. The Debtors emerged from Chapter 11 on July 19, 2006. Pliant Corp. and its affiliates again filed for Chapter 11 after reaching terms of a pre-packaged restructuring plan. The voluntary petitions were filed February 11, 2009 (Bank. D. Del. Case Nos. 09-10443 through 09-10451). The Hon. Mary F. Walrath presides over the cases. Jessica C.K. Boelter, Esq., at Sidley Austin LLP, in Chicago, Illinois, and Edmon L. Morton, Esq., at Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware, provide bankruptcy counsel to the Debtors. Epiq Bankruptcy Solutions LLC acts as claims and noticing agent. The U.S. Trustee for Region 3 appointed five creditors to serve on an official committee of unsecured creditors. The Creditors Committee selected Lowenstein Sandler PC as its counsel. As of September 30, 2008, the Debtors had $688.6 million in total assets and $1.03 billion in total debts. PNG VENTURES: Posts $259,430 Net Loss in October ------------------------------------------------ On November 30, 2009, PNG Ventures, Inc., et al., filed their monthly operating report for the filing period ended October 31, 2009. PNG Ventures reported a net loss of $259,430 on total revenue of $1,513,616 for the month of October 2009. At October 31, 2009, PNG Ventures had $37,590,782 in total assets and $46,188,609 in total liabilities. A full-text copy of the Debtors' October monthly operating report is available for free at: http://researcharchives.com/t/s?4b8b 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. PRECISION PARTS: Posts $14.2 Million Net Loss in September ---------------------------------------------------------- Precision Parts International Services Corp., et al., filed with the U.S. Bankruptcy Court for the District of Delaware on December 7, 2009, a monthly operating report for the month ended September 30, 2009. The Debtors reported a net loss of $14.2 million for the month of September 2009. At September 30, 2009, the Debtors had total assets of $19.0 million and total liabilities of $203.4 million. A copy of the Debtors' monthly operating report for the month of September 2009 is available for free at: http://bankrupt.com/misc/ppi.septembermor.pdf About Precision Parts Headquartered in Rochester Hills, Michigan, Precision Parts International Services Corp. -- http://www.precisionparts.com/-- sells products to major north American automotive and non- automotive original equipment manufacturers and Tier 1 and 2 suppliers. PPI and its units operate six manufacturing facilities throughout north America, including a facility in Mexico operated on their behalf by Intermex Manufactura de Chihuahua under a shelter and logistics agreement. The Company and eight of its affiliates filed for Chapter 11 protection on December 12, 2008 (Bankr. D. Del. Lead Case No. 08-13289). Attorneys at Pepper Hamilton LLP are bankruptcy counsel to the Debtors. Alvarez & Marsal North America LLC is the Debtor's financial advisors and Kurtzman Carson Consultants LLC is the claims, noticing and balloting agent. When PPI Holdings, Inc. filed for protection from its creditors, it listed assets of between $100 million and $500 million, and the same range of debt. PROVIDENT ROYALTIES: Posts $728,040 Net Loss for October 2009 ------------------------------------------------------------- Provident Royalties LLC posted a net loss of $728,040 on net revenue of $512,374 for October 2009. The Debtor ended the month with $3,400,825 in cash. Provident Royalties had total assets of $371,172,666 against total liabilities of $86,985,821 as of October 31, 2009. A full-text copy of the Debtors' October 209 Operating Report is available at no charge at: http://bankrupt.com/misc/ProvidentOctMOR1.pdf http://bankrupt.com/misc/ProvidentOctMOR2.pdf As reported in the Troubled Company Reporter on Oct. 19, 2009, Raymond James & Associates, Inc. was engaged to, among other things, conduct a strategic marketing of the Debtors' assets and restructuring efforts for the Debtors' business. As a part of the marketing efforts, the Debtors' assets were generally divided into: (i) the assets upon which Sinclair Oil and Gas Company asserts a lien; (ii) the Debtors' leasehold interests; and (iii) the Debtors' mineral interests. Also through the marketing efforts, the bid of Consul Properties emerged as the highest and best bid for the Debtors' mineral assets that are not a part of the Sinclair Assets. The purchase price for the assets is $12,535,308, payable by wire transfer of immediately available funds and subject to certain adjustments. Consul has deposited 10% of the Purchase Price with U.S. Bank National Association. The assets will be sold in their "As Is, Where Is" condition without representations or warranties of any kind whatsoever. About Provident Royalties 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 $1.0 Million Net Loss in October -------------------------------------------------- Qimonda North America Corp. reported a net loss of $1.0 million for the month ended October 30, 2009. At October 30, 2009, the Company had total assets of $301.4 million, total liabilities of $219.8 million, and total stockholders' equity of $81.6 million. The Company's schedule of cash receipts and disbursements for the month of September 2009 showed: Cash, beginning $9.4 million Total receipts $2.9 million Total disbursements $4.1 million Net Cash Flow ($1.1 million) Cash, end $8.3 million Professional fees paid during September amounted to roughly $1.04 million. A copy of Qimonda North America's October monthly operating report is available for free at: http://bankrupt.com/misc/qimondana.octobermor.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 $151.4 Million Net Loss in October ---------------------------------------------------------- Qimonda Richmond, LLC, reported a net loss of $151.4 million for the month ended October 30, 2009. Results for the period include a loss from sale of equipment of roughly $133.9 million. At October 30, 2009, the Company had $599.9 million in total assets and $1.08 billion in total liabilities. The Company's schedule of cash receipts and disbursements for the month of September 2009 showed: Cash, beginning $37.7 million Total receipts $219.6 million Total disbursements $161.5 million Net Cash Flow $58.1 million Cash, end $95.8 million The Company paid $876,304 in professional fees and reimbursed $11,702 in professional expenses during the month of October. A copy of Qimonda Richmond's October monthly operating report is available for free at: http://bankrupt.com/misc/qimondarichmond.octobermor.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. R.H. DONNELLEY: Records $8.42 Million Net Income for October ------------------------------------------------------------ R.H. Donnelley Corporation Balance Sheet As of October 31, 2009 ASSETS Cash and cash equivalents $1,561,000 Billed and accounts receivable - Unbilled accounts receivable - Allowance for doubtful accounts - Net accounts receivable - Intercompany loan receivable 5,000,000 Deferred directory costs - Short-term deferred income taxes, net 24,352,000 Prepaid expenses and other current assets 2,028,000 -------------- Total current assets 32,941,000 Fixed assets and computer software 5,323,000 Other non-current assets 2,346,437,000 Intangible assets - -------------- Total assets $2,384,701,000 ============== LIABILITIES & SHAREHOLDERS' EQUITY Accounts payable and accrued liabilities $6,805,000 Accrued interest - Deferred directory revenues - Due to parent, net (144,818,000) Short-term deferred tax - Current portion of long-term debt, intercompany - Current portion of long-term debt - -------------- (138,013,000) Long-term debt - Long-term debt, intercompany - Deferred income taxes, net 4,822,000 Other non-current liabilities 6,507,000 -------------- Total liabilities not subject to compromise (126,684,000) Liabilities subject to compromise 3,383,882,000 Common stock 88,169,000 Intercompany capital - Additional paid-in capital 2,634,446,000 Accumulated deficit (3,283,422,000) Treasury stock (256,140,000) Accumulated other comprehensive loss (55,501,000) -------------- Total shareholders' deficit (872,448,000) -------------- Total liabilities and shareholders' deficit $2,384,750,000 ============== R.H. Donnelley Corporation Income Statement For the Month Ended October 31, 2009 Net revenues $10,906,000 Production and distribution expenses - Selling and support expenses 11,000 General and administrative expenses 1,351,000 Depreciation and amortization 262,000 Impairment charges - -------------- Total expenses 1,624,000 Interest expense - -------------- Gain(Loss) before reorganization items, net 9,282,000 Reorganization items, net Professional fees - U.S. Trustee fees - Court fees 1,000 Other - -------------- Total 1,000 Provision for income taxes 856,000 -------------- Net income (loss) $8,424,000 ============== R.H. Donnelley Corporation Cash Receipts and Disbursements For the Month Ended October 31, 2009 Cash receipts RHD Corp. - -------------- Total cash receipts - Cash disbursements Trade payables ($400,000) Payroll and employee costs 600,000 Interest expense - notes - Interest expense - term loan - Interest expense - swaps - Term loan repayment (mandatory) - Intercompany 1,700,000 -------------- Total cash disbursements 1,900,000 Reorganization charges Adequate protection payment - Professional fees (3,800,000) -------------- Total reorganization charges (3,800,000) Total cash charges (1,900,000) Net cash flow (1,900,000) Beginning bank balance 177,700,000 Net cash flow (1,900,000) -------------- Ending bank balance $175,800,000 ============== About R.H. Donnelley Based in Cary, North Carolina, R.H. Donnelley Corp., fka The Dun & Bradstreet Corp. (NYSE: RHD) -- http://www.rhdonnelley.com/-- publishes and distributes print and online directories in the U.S. It offers print directory advertising products, such as yellow pages and white pages directories. R.H. Donnelley Inc., Dex Media, Inc. and Local Launch, Inc. are the company's only direct wholly owned subsidiaries. Dex Media East, LLC, is a publisher of the official yellow pages and white pages directories for Qwest Communications International Inc. (Qwest) in the states, where Qwest is the primary incumbent local exchange carrier, such as Colorado, Iowa, Minnesota, Nebraska, New Mexico, North Dakota and South Dakota. R.H. Donnelley Corp. and 19 of its affiliates, including Dex Media East LLC, Dex Media West LLC and Dex Media Inc., filed for Chapter 11 protection on May 28, 2009 (Bank. D. Del. Case No. 09- 11833 through 09-11852), after missing a $55 million interest payment on its senior unsecured notes due April 15. James F. Conlan, Esq., Larry J. Nyhan, Esq., Jeffrey C. Steen, Esq., Jeffrey E. Bjork, Esq., and Peter K. Booth, Esq., at Sidley Austin LLP, in Chicago, Illinois represent the Debtors in their restructuring efforts. Edmon L. Morton, Esq., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP, in Wilmington, Delaware, serve as the Debtors' local counsel. The Debtors' financial advisor is Deloitte Financial Advisory Services LLP while its investment banker is Lazard Freres & Co. LLC. The Garden City Group, Inc., is claims and noticing agent. As of March 31, 2009, the Company had $929,829,000 in total assets and $1,023,526,000 in total liabilities, resulting in $93,697,000 in total shareholders' deficit. Bankruptcy Creditors' Service, Inc., publishes R.H. Donnelley Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of R.H. Donnelley Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) SIX FLAGS: Reports $8.34 Mil. Loss for October ---------------------------------------------- Six Flags, Inc. Consolidating Balance Sheet As of Oct. 25, 2009 Assets Current Assets: Cash and Cash Equivalents $269,765,809 Accounts Receivable 39,144,535 Inventories 23,536,899 Prepaid Expenses 35,350,245 --------------- Total Current Assets 367,797,488 Other Assets: Notes Receivable 4,387,152 Intercompanies (351,043) Investment in Theme Parks 44,301,712 Deposits 47,616,528 --------------- Total Other Assets 95,954,349 Fixed Assets: Property Plant & Equipment 2,727,350,818 Accumulated Depreciation (1,201,172,742) --------------- Net Fixed Assets 1,526,178,076 Intangible Assets: Goodwill and Organization Costs 1,284,111,421 Less: Amortization (223,366,056) Deferred Charges 34,958,480 Less: Amortization (21,996,849) --------------- Net Intangible Assets 1,073,706,996 Total Assets $3,063,636,910 =============== Liabilities Current Liabilities: Short-Term Bank Borrowings $270,269,310 Accounts Payable Trade 43,016,037 Accrued Expenses 114,854,208 Accrued Interest Payable 60,688,662 Deferred Income 26,737,920 Current Portion - Long-Term Debt 164,858,650 Current Portion - Capitalized Leases 1,408,486 Asset Retirement Obligation - ST 3,000,000 -------------- Total Current Liabilities 684,833,274 Long-Term Liabilities: Notes Payable 1,979,776,307 Capitalized Leases 1,171,436 Other Liabilities 80,965,866 Minority Interest 10,770 Deferred Income Taxes 123,240,959 Asset Retirement Obligation - LT 0 --------------- Total Long Term Liabilities 2,185,165,338 Total Liabilities $2,869,998,611 =============== Redeemable Minority Interest 373,469,128 PIERS 306,649,669 Stockholders' Equity: Retained Earnings ($1,830,318,551) Year-to-Date Net Income (121,578,482) Common Stock 2,458,150 Foreign Currency Translation (42,769,454) Paid-in Capital in Excess of Par 1,505,727,838 --------------- Total Shareholders' Equity (486,480,499) Total Liabilities & Equity $3,063,636,910 =============== Six Flags, Inc. Consolidating Income Statement For the Period Sept. 28 to Oct. 25, 2009 Total Revenue $50,739,643 Cost of Products Sold 4,054,648 ------------- Gross Profit 46,684,995 Total Operating Expenses 28,326,842 Total S, G & A Expenses 10,992,445 Operating Income 7,365,708 Other Income (Expenses) 326,942 Reorganization Items (3,453,493) Total Depreciation & Amortization 8,052,504 Interest Expense 4,300,676 Interest Income (52,132) ------------- Total Interest Expense 4,248,544 Equity in Operations of Affiliates - Minority Interest in Earnings - Discontinued Operations 49,147 ------------- Earnings Before Taxes (8,111,038) Income Taxes 228,971 ------------- Net Income (Loss) ($8,340,009) ============= For the period September 28 to October 25, 2009, Six Flags, Inc., and its Debtor-affiliates made total disbursements of $40,655,647. About Six Flags Headquartered in New York City, Six Flags, Inc., is the world's largest regional theme park company with 20 parks across the United States, Mexico and Canada. Six Flags filed for Chapter 11 protection on June 13, 2009 (Bankr. D. Del. Lead Case No. 09-12019). Paul E. Harner, Esq., Steven T. Catlett, Esq., and Christian M. Auty, Esq., at Paul, Hastings, Janofsky & Walker LLP in Chicago, Illinois, act as the Debtors' lead counsel. Daniel J. DeFranceschi, Esq., and L. Katherine Good, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, act as local counsel. Cadwalader Wickersham & Taft LLP, serves as special counsel. Houlihan Lokey Howard & Zukin Capital Inc., serves as financial advisors, while KPMG LLC acts as accountants. Kurtzman Carson Consultants LLC serves as claims and notice agent. As of March 31, 2009, Six Flags had $2,907,335,000 in total assets and $3,431,647,000 in total liabilities. Bankruptcy Creditors' Service, Inc., publishes Six Flags Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings undertaken by Six Flags Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- 7000). SMURFIT-STONE: Records $30.4 Million Net Income for October ----------------------------------------------------------- Smurfit-Stone Container Corporation Combined Balance Sheet As of October 31, 2009 ASSETS Current Assets: Cash $588,436,000 Restricted cash 8,697,000 Receivables 612,107,000 Receivables for alt. energy tax credits 59,971,000 Inventories 457,470,000 Prepaid expenses and others 42,795,000 --------------- Total current assets 1,769,476,000 Net property 3,295,605,000 Timberlands, less depletion 2,406,000 Deferred income taxes 8,602,000 Investments in and advances to non-Debtor 76,412,000 affiliates Other assets 64,867,000 --------------- Total assets $5,217,368,000 =============== LIABILITIES & EQUITY (DEFICIT) Liabilities Not Subject to Compromise: Current liabilities: Current maturities of long-term debt $1,400,922,000 Accounts payable 352,972,000 Accrued compensation and payroll taxes 134,242,000 Interest payable 9,873,000 Income taxes payable 9,456,000 Current deferred taxes 21,052,000 Other current liabilities 133,107,000 --------------- Total current liabilities 2,061,624,000 Other long-term liabilities 124,026,000 --------------- Total liabilities not subject to compromise 2,185,650,000 Liabilities subject to compromise 4,323,312,000 --------------- Total liabilities 6,508,962,000 Total stockholders' equity (deficit) (1,291,594,000) --------------- Total liabilities & stockholders' equity $5,217,368,000 =============== Smurfit-Stone Container Corporation Combined Statement of Operations For the month ended October 31, 2009 Net sales $464,517,000 Costs and expenses: Cost of goods sold 423,531,000 Selling and administrative expenses 45,852,000 Restructuring charges 3,012,000 (Gain)loss on disposal of assets 16,000 Other operating income (63,700,000) --------------- Income from operations 55,806,000 Other income (expense): Interest expense, net (21,893,000) DIP debt issuance costs - Loss on early extinguishment of debt - Equity in gains (losses) of non-debtor affiliates (969,000) Foreign currency exchange losses - Other, net 1,837,000 --------------- Income before reorganization items and taxes 34,781,000 Reorganization items: Professional fees (4,500,000) Provision for executory contracts & leases - Accounts payable settlement gains 505,000 --------------- Reorganizational items, net (3,995,000) Income before income taxes 30,786,000 Provision for income taxes (378,000) --------------- Net Income $30,408,000 =============== Smurfit-Stone Container Corporation Schedule of Receipts and Disbursements For the month ended October 31, 2009 Beginning cash balance $552,014,000 Cash receipts 584,321,000 Proceeds from property disposals 27,160,000 Alternative energy tax credit 62,921,000 --------------- Total receipts 674,402,000 Disbursements: Payroll & benefits (106,688,000) Professional fees (4,512,000) Interest (2,519,000) Capital expenditures (15,155,000) Repayment of debt (79,435,000) Other disbursements (420,974,000) --------------- Total disbursements (629,283,000) Ending cash balance $597,133,000 =============== A full-text copy of the Debtors' October 2009 Operating Report is available for free at http://bankrupt.com/misc/SmurfOct09MOR.pdf About Smurfit-Stone Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/-- is one of the leading integrated manufacturers of paperboard and paper-based packaging in North America and one of the world's largest paper recyclers. The Company operates 162 manufacturing facilities that are primarily located in the United States and Canada. The Company also owns roughly one million acres of timberland in Canada and operates wood harvesting facilities in Canada and the United States. The Company employs roughly 21,250 employees, 17,400 of which are based in the United States. For the quarterly period ended September 30, 2008, the Company reported roughly $7.450 billion in total assets and $5.582 billion in total liabilities on a consolidated basis. Smurfit-Stone and its U.S. and Canadian subsidiaries filed for Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead Case No. 09-10235). Certain of the company's affiliates, including Smurfit-Stone Container Canada Inc., a wholly owned subsidiary of SSCE, and certain of its affiliates, filed to reorganize under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Canada. Smurfit-Stone joined pulp- and paper-related bankruptcies as rising Internet use hurts magazines and newspapers. Corporacion Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy in October. Quebecor World Inc., a magazine printer and Pope & Talbot Inc., a pulp-mill operator, also sought cross-border bankruptcies for their operations in the U.S. and Canada. James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M. Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton, Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware, serve as the Debtors' bankruptcy counsel. PricewaterhouseCooper LLC, serves as the Debtors' financial and investment consultants. Lazard Freres & Co. LLC acts as the Debtors' investment bankers. Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and claims agent. Bankruptcy Creditors' Service, Inc., publishes Smurfit-Stone Bankruptcy News. The newsletter tracks the Chapter 11 proceeding and ancillary foreign proceedings undertaken by Smurfit-Stone Container Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) SPANSION INC: Records $772,000 Loss for October ----------------------------------------------- Spansion Executive Vice President and Chief Financial Officer Randy Furr filed on November 20, 2009, Spansion Inc.'s monthly operating report for October 2009. Mr. Furr notes that Spansion Inc., is the holding company that directly and indirectly owns Spansion LLC, the principal operating company of Spansion. It does not have any employees, nor does it conduct any business that generates any revenue. It also does not file any separate income or payroll tax returns, he says. However, Spansion Inc., is the parent company for Spansion's federal consolidated and California worldwide unitary tax returns. A full-text copy of Spansion Inc.'s October Operating Report is available for free at: http://bankrupt.com/misc/SpansionInc_OctMOR.pdf Spansion Inc. Balance Sheet As of October 25, 2009 ASSETS Unrestricted Cash & Cash Equivalents $0 Restricted Cash & Cash Equivalents 0 Accounts Receivable (net) 0 Notes Receivable 0 Inventories 0 Prepaid Expenses 0 Professional Retainers 0 Other Current Assets 14,250,850 ------------ Total current assets 14,250,850 Property and Equipment 0 Real Property & Improvements 0 Machinery and Equipment 0 Furniture, fixtures & Office Equipment 0 Leasehold Improvements 0 Vehicles 0 Less Accumulated Depreciation 0 ------------ Total Property and Equipment 0 OTHER ASSETS Loans to Insiders OTHER ASSETS 0 ------------ Total Other Assets 0 ------------ Total Assets $14,250,850 ============ LIABILITIES AND OWNER EQUITY Liabilities Not Subject to Compromise (Postpetition) Accounts Payable $0 Taxes Payable 0 Wages Payable 0 Notes Payable 0 Rent/Lease 0 Secured Debt 0 Professional Fees 0 Amounts Due to Insiders 0 Other Postpetition Liabilities 0 ------------ Total Postpetition Liabilities 0 Liabilities Subject to Compromise Prepetition Secured Debt 0 Priority Debt 0 Intercompany Payable 64,907 Unsecured Debt 0 ------------ Total Prepetition Liabilities 64,907 ------------ Total Liabilities 64,907 OWNER EQUITY Capital Stock 162,030 Additional Paid-in Capital 2,361,675,933 Partners' Capital Account 0 Owner's Equity Account 0 Retained Earnings-Prepetition (2,340,367,595 Retained Earnings-Postpetition (7,284,424) Adjustments to Owner Equity 0 Postpetition Contributions 0 ------------ Net Owner Equity 14,185,943 ------------ Total Liabilities and Owner Equity $14,250,850 ============ Spansion Inc. Statement of Operations For the Period September 28 To October 25, 2009 REVENUES Gross Revenues $0 Less: Returns & Allowances 0 ------------ Net Revenue 0 Cost of Goods Sold Add: Other costs 271,450 Gross Profit 0 Cost of Goods Sold 271,450 ------------ Gross Profit (271,450) Operating Expenses Advertising 0 Auto and Truck Expense 0 Bad Debts 0 Contributions 0 Employee Benefits Programs 0 Insider Compensation 0 Insurance 0 Management Fees/Bonuses 0 Office Expense 0 Pension & Profit-sharing Plans 0 Repairs and Maintenance 0 Rent and Lease Expense 0 Salaries/Commissions/Fees 0 Supplies 0 Taxes-Payroll 0 Taxes-Real Estate 0 Taxes-Others 0 Travel and Entertainment 0 Utilities 0 Other 500,637 ------------ Total Operating Expense Before Depreciation 500,637 Depreciation/Depletion/Amortization 0 ------------ Net Profit(loss) Before Other Income & Expenses (772,087) OTHER INCOME AND EXPENSES Other Income 0 Interest Expense 0 Other Expense 0 ------------ Net Profit(loss)Before Reorganization Items (772,087) Reorganization Items Professional Fees 0 U.S. Trustee Quarterly Fees 0 Income Taxes 0 ------------ Net Profit(loss) ($772,087) ============ About Spansion Inc. Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion International, Inc., and Cerium Laboratories LLC filed voluntary petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No. 09-10690). On February 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan are included in the U.S. or Japan filings. Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at Latham & Watkins LLP, have been tapped as bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is the claims agent. The United States Trustee has appointed an official committee of unsecured creditors in the case. As of September 30, 2008, Spansion disclosed total assets of US$3,840,000,000, and total debts of US$2,398,000,000. Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009 (Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said that Spansion Japan had US$10 million to US$50 million in assets and US$50 million to US$100 million in debts. Bankruptcy Creditors' Service, Inc., publishes Spansion Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Spansion Inc. and its affiliates (http://bankrupt.com/newsstand/or 215/945-7000) SPANSION INC: Spansion LLC Records $13.2 Mil. Loss for October -------------------------------------------------------------- Spansion LLC Executive Vice President and Chief Financial Officer Randy Furr filed on November 20, 2009, Spansion LLC's monthly operating report for October 2009. Spansion LLC is the principal operating company of the Debtors. It is the parent company of Spansion International, Inc., and all other foreign Spansion entities. According to Mr. Furr, Spansion LLC has employees, and conducts businesses that generate revenue. It files its own payroll tax returns, and it is included in Spansion Inc.'s federal consolidated and California worldwide unitary tax returns. Mr. Furr further notes that Spansion LLC recognizes the operating results of its wholly owned subsidiaries worldwide based on the equity method of accounting. However, since one of its subsidiaries, Spansion Japan Limited, filed a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan on February 10, 2009, which was formally commenced on March 3, Spansion LLC no longer "controls" SPJ. SPJ's results are no longer consolidated in Spansion Inc.'s consolidated financial results effective March 2009, and have never been reflected in Spansion LLC's monthly Operating Reports. On November 25, 2009, Spansion LLC withdrew its October Operating Report filed on November 20, and filed an amended Report reflecting these figures: Spansion LLC Balance Sheet As of October 25, 2009 ASSETS Unrestricted Cash & Cash Equivalents $274,844,129 Short Term Investment 111,050,001 Restricted Cash & Cash Equivalents 4,204,096 Accounts Receivable (net) 74,272,131 Notes Receivable 0 Inventories 134,863,535 Prepaid Expenses 8,488,857 Professional Retainers 709,281 Intercompany Receivables 426,208,513 Other Current Assets 48,668,551 -------------- Total current assets 1,083,309,094 Property and Equipment Real Property & Improvements 13,078,518 Machinery and Equipment 1,114,429,524 Furniture, fixtures & Office Equipment 0 Leasehold Improvements 734,356,340 Vehicles 0 Less Accumulated Depreciation (1,594,219,078) --------------- Total Property and Equipment 267,645,303 OTHER ASSETS Loans to Insiders Intercompany Investments 145,112,896 Other assets 48,862,837 --------------- Total Other Assets 193,975,733 --------------- Total Assets $1,544,930,130 =============== LIABILITIES AND OWNER EQUITY Liabilities Not Subject to Compromise (Postpetition) Accounts Payable $27,143,612 Taxes Payable 3,240,228 Wages Payable 3,134,526 Secured Debt 68,181,697 Accrued Expense 26,450,423 Deferred Income 28,830,252 Intercompany 189,185,155 Other Postpetition Liabilities 17,735,107 --------------- Total Postpetition Liabilities 363,901,001 Liabilities Subject to Compromise Prepetition Secured Debt 666,732,849 Priority Debt 20,820,084 Unsecured Debt 651,136,526 Intercompany 278,065,357 --------------- Total Prepetition Liabilities 1,616,754,816 --------------- Total Liabilities 1,980,655,817 OWNER EQUITY Intercompany Common Stock 2,289,379,270 Additional Paid-in Capital 124,015,097 Partners' Capital Account 0 Owner's Equity Account 0 Retained Earnings-Prepetition (2,904,370,970) Retained Earnings-Postpetition 49,734,256 Retained Earnings-Adjustment 5,516,659 --------------- Net Owner Equity (435,725,688) --------------- Total Liabilities and Owner Equity $1,544,930,130 =============== Spansion LLC Statement of Operations For the Period September 28 To October 25, 2009 REVENUES Gross Revenues $87,639,624 Less: Changes in reserves 246,544 --------------- Net Revenue 87,886,168 Cost of Goods Sold Manufacturing expense 30,215,959 Disty/OEM cost adjustment 3,212,654 Intercompany purchase 48,171,710 Foreign currency gain/loss (1,681,861) Inventory change 1,213,581 --------------- Cost of Goods Sold 81,132,042 --------------- Gross Profit 6,754,126 Operating Expenses Building Expense 1,077,258 Labor & Benefits 7,809,431 Freight 6,345 Marketing and communications 44,739 Material 235,871 Outside Services 6,400,074 Repair & Maintenance 316,527 Telecom and Software 606,891 Travel 281,952 Other 848,412 --------------- Total Operating Expenses 17,627,501 Depreciation/Depletion/Amortization 736,669 --------------- Net Profit (loss) Before Income & Expenses (11,610,044) OTHER INCOME AND EXPENSES Other loss (Income), net (2,789,493) Interest Expense 1,694,050 Other Expense 0 --------------- Net Profit(loss)Before Reorganization Items (10,514,601) Reorganization Items Professional Fees 2,740,691 Interest Earned on Accumulated Cash From Chap. 11 (27,231) Other Reorganization Expenses 17,510 --------------- Total reorganization expenses 2,730,970 Income Taxes 184 --------------- Net Profit (loss) ($13,245,755) =============== Spansion LLC Schedule of Cash Receipts and Disbursement For the Period September 28 To October 25, 2009 Cash Beginning of Month $261,326,723 Receipts Customer Receipts 73,058,969 Intercompany Transfer 0 Other Receipts 8,284,474 --------------- Total Receipts 81,343,443 Disbursements Buildings 4,158,336 Foundry & Subcon 3,100,790 Intercompany Disbursements 0 Labor & Benefits 12,352,910 Material 14,644,206 Other 1,977,520 Outside Services 4,330,487 Repair & Maintenance 1,795,735 Capital Expenditures 4,372,988 Debt Obligations & Capital Leases 1,194,515 Taxes 1,369 Facility Closure Costs 0 Key Employee Incentive Plan 775,695 Reduction in Force 0 Restructuring Professional Fees 5,591,375 Utilities Deposit 0 Intercompany Transfers(debtor entities) 1,957,738 Intercompany Transfers(non-debtor entities) 11,572,373 --------------- Total Disbursements 67,826,037 Net Cash Inflow/(Outflow) 13,517,406 --------------- Cash End of Month $274,844,129 =============== A full-text copy of the October Report filed by Spansion LLC on November 20 is available for free at: http://bankrupt.com/misc/SpansionLLC_OrigOctMOR.pdf About Spansion Inc. Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion International, Inc., and Cerium Laboratories LLC filed voluntary petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No. 09-10690). On February 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan are included in the U.S. or Japan filings. Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at Latham & Watkins LLP, have been tapped as bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is the claims agent. The United States Trustee has appointed an official committee of unsecured creditors in the case. As of September 30, 2008, Spansion disclosed total assets of US$3,840,000,000, and total debts of US$2,398,000,000. Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009 (Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said that Spansion Japan had US$10 million to US$50 million in assets and US$50 million to US$100 million in debts. Bankruptcy Creditors' Service, Inc., publishes Spansion Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Spansion Inc. and its affiliates (http://bankrupt.com/newsstand/or 215/945-7000) TARRAGON CORP: Posts $4 Million Net Loss in October --------------------------------------------------- On December 3, 2009, Tarragon Corporation filed its monthly operating report for the period October 1, 2009, through October 31, 2009, with the United States Bankruptcy Court for the District of New Jersey. Tarragon Corporation reported a net loss of $4.0 million for the month ended October 31, 2009. At October 31, 2009, Tarragon Corporation's balance sheet showed $209.8 million in total assets, $564.2 million in total liabilities, and $354.4 million in stockholders' deficit. Cash and cash equivalents were $5.1 million at October 31, 2009. Restricted cash was $258,621 at October 31, 2008. A full-text copy of the Debtor's' monthly operating report for the month ended October 31, 2009, is available for free at: http://bankrupt.com/misc/tarragon.octobermor.pdf Based in New York City, Tarragon Corporation (NasdaqGS:TARR) -- http://www.tarragoncorp.com/-- is a leading developer of multifamily housing for rent and for sale. Tarragon's operations are concentrated in the Northeast, Florida, Texas, and Tennessee. Tarragon and its affiliates filed for Chapter 11 protection on January 12, 2009 (Bankr. D. N.J. Case No. 09-10555). The Hon. Donald H. Steckroth presides over the case. Michael D. Sirota, Esq., Warren A. Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz Meisel Forman & Leonard, P.A. TRICOM SA: Posts $2.1 Million Net Loss in October ------------------------------------------------- Tricom S.A., et. al., filed with the U.S. Bankruptcy Court for the Southern District of New York on November 30, a monthly operating report for the month of October 2009. The Debtors incurred a net loss of $2.1 million on operating revenues of $18.3 million for the month of October. As of the end of October 2009, the Debtors had $258.1 million in total assets and $762.9 million in total liabilities. The Debtors reported cash and cash equivalents of $14.2 million at the end of the period. A full-text copy of the Debtors' monthly operating report for October is available for free at: http://bankrupt.com/misc/tricom.octobermor.pdf The Debtors reported a net loss of $767,411 on operating revenues of $18.9 million for the month of September. A full-text copy of the Debtors' monthly operating report for September is available for free at: http://bankrupt.com/misc/tricom.septembermor.pdf About Tricom SA Tricom, S.A., was incorporated in the Dominican Republic on January 25, 1988, as a Sociedad Anonima. Tricom is one of the pre-eminent full service communications services providers in the Dominican Republic. Headquartered in Santo Domingo, Tricom offers local, long distance, and mobile telephone services, cable television and broadband data transmission and Internet services, which are provided to more than 729,000 customers. Tricom's wireless network covers about 90% of the Dominican Republic's population. Tricom's local service network is 100% digital. The company also owns interests in undersea fiber-optic cable networks that connect and transmit telecommunications signals between Central America, the Caribbean, the United States and Europe. Tricom USA, Inc., a wholly owned subsidiary of Tricom, was incorporated in Delaware in 1992, and at that time was known as Domtel Communications. A name change was effected in 1997 and Domtel Communications formally became Tricom USA, Inc. Tricom USA originates, transports and terminates international long-distance traffic using switching stations and other telecommunications equipment located in New York and Florida. Tricom S.A. and its U.S. affiliates filed for Chapter 11 protection on February 29, 2008 (Bankr. S.D.N.Y. Case No. 08-10720). The Debtors' legal advisors are Morrison & Foerster LLP and their financial advisors are FTI Consulting, Inc. Kurtzman Carson Consultants serves as claims and notice agent. An ad hoc committee consisting of certain holders of Unsecured Financial Claims is represented by Manatt, Phelps & Phillips LLP, as legal advisors, and Chanin Capital Partners, as financial advisors. . Affiliates of Tricom's largest shareholders are represented by White & Case LLP, as legal advisors, and Broadspan Capital LLC, as financial advisors. When the Debtors' filed for protection from their creditors, they listed total assets of US$327,600,000 and total debts of US$764,600,000. TRONOX INC: Reports $3.7 Million Net Income for October ------------------------------------------------------- TRONOX INCORPORATED CHAPTER 11 DEBTORS Unaudited Condensed Consolidated Balance Sheet As of October 31, 2009 ASSETS Cash and cash equivalents $44,900,000 Notes and accounts receivable intercompany 357,000,000 Accounts receivable, third parties 101,100,000 Inventories, net 118,400,000 Prepaid and other assets 13,100,000 Income tax receivable 500,000 Deferred income taxes 1,200,000 ---------------- Total Current Assets 636,200,000 Property, plant and equipment, net 183,900,000 Notes and advances receivable, intercompany 112,000,000 Other long-term assets 386,000,000 ---------------- Total Assets $1,318,100,000 ================ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable, third parties $38,300,000 Accrued liabilities 47,300,000 Long-term debt due within one year 30,000,000 Income taxes payable 1,400,000 Long-term debt classified as current 212,600,000 ---------------- Total Current Liabilities 329,600,000 Noncurrent liabilities: Deferred income taxes 24,300,000 Environmental remediation and restoration 133,800,000 Notes and advances payable, intercompany 9,700,000 Other 125,000,000 ---------------- Total Liabilities Not Subject to Compromise 622,400,000 Minority Interest 3,400,000 Liabilities Subject to compromise 435,600,000 Commitments and contingencies 0 Stockholders' equity Common stock 400,000 Capital in excess of par value 496,100,000 Retained earnings (accumulated deficit) (211,500,000) Accumulated other comprehensive income (loss) (21,100,000) Treasury stock, at cost (7,200,000) ---------------- Total Stockholders' Equity 256,700,000 ---------------- Total Liabilities and Stockholders' Equity $1,318,100,000 ================ TRONOX INCORPORATED CHAPTER 11 DEBTORS Unaudited Condensed Consolidated Statement of Operations Month Ended October 31, 2009 Net Sales $59,500,000 Cost of goods sold 48,100,000 ---------------- Gross margin 11,400,000 Selling, general and admin. Expenses 3,300,000 Gain on land sales 0 Restructuring charges 300,000 Provision for doubtful notes and accounts 0 ---------------- 7,800,000 Interest and debt expense 2,500,000 Other (income) expense, net (1,400,000) Reorganization items 2,700,000 ---------------- Income from continuing operations before income taxes 4,000,000 Income tax provision (benefit) 0 ---------------- Income (Loss) from continuing operations 4,000,000 Income (loss) from discontinued operations, net of tax (300,000) ---------------- Net income $3,700,000 ================ About Tronox Inc. Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets: TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer of titanium dioxide pigment, with an annual production capacity of 535,000 tonnes. Titanium dioxide pigment is an inorganic white pigment used in paint, coatings, plastics, paper and many other everyday products. The Company's four pigment plants, which are located in the United States, Australia and the Netherlands, supply high-performance products to approximately 1,100 customers in 100 countries. In addition, Tronox produces electrolytic products, including sodium chlorate, electrolytic manganese dioxide, boron trichloride, elemental boron and lithium manganese oxide. Tronox has $1.6 billion in total assets, including $646.9 million in current assets, as at September 30, 2008. The Company has $881.6 million in current debts and $355.9 million in total noncurrent debts. Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates filed for Chapter 11 protection on January 13, 2009 (Bankr. S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L. Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York, represent the Debtors. The Debtors also tapped Togut, Segal & Segal LLP as conflicts counsel; Rothschild Inc. as investment bankers; Alvarez & Marsal North America LLC, as restructuring consultants; and Kurtzman Carson Consultants serves as notice and claims agent. An official committee of unsecured creditors and an official committee of equity security holders have been appointed in the cases. The Creditors Committee has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel. Until September 30, 2008, Tronox Inc. was publicly traded on the New York Stock Exchange under the symbols TRX and TRX.B. Since then, Tronox Inc. has traded on the Over the Counter Bulletin Board under the symbols TROX.A.PK and TROX.B.PK. As of December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares of class A common stock and 22,889,431 outstanding shares of class B common stock. Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Tronox Inc. and its 14 affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TROPICANA ENTERTAINMENT: Reports $4,389,000 Net Loss for October ---------------------------------------------------------------- Tropicana Entertainment, LLC Balance Sheet As of October 31, 2009 Unaudited ASSETS Current Assets Accounts receivable - trade $13,000 Cash & temporary cash investments 7,948,000 Restricted cash 2,310,000 Deposits 10,978,000 Inventories 0 Other receivables 0 Prepaid expenses 140,000 -------------- Total Current Assets 21,388,000 Property and Equipment Buildings 0 Construction in progress 12,000 Furniture & fixtures 2,492,000 Land 0 Riverboats, barges & ramps 0 Vehicles 0 -------------- Total Property and Equipment 2,504,000 Reserve for Depreciation Boats, barges & ramp reserve for depreciation 0 Building reserve for depreciation 0 Furn. & fixtures reserve for depreciation (316,000) Gaming entertainment reserve for depreciation 0 Vehicle reserve for depreciation 0 -------------- Total Reserve for Depreciation (316,000) Other Assets Investments 2,775,215,000 Other assets 8,371,000 -------------- Total Other Assets 2,783,586,000 -------------- TOTAL ASSETS $2,807,161,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities Accounts payable $9,600,000 Accrued other expenses 1,058,000 Accrued payroll 2,275,000 Deferred income 0 Notes payable - Evansville 0 Payroll taxes payable 0 Sales tax payable (7,000) Current portion of long-term debt due 1 Yr 0 Amounts due to affiliated guarantors 49,140,000 -------------- Total Current Liabilities 62,067,000 Long Term Debt Due Beyond One Year DIP financing 65,219,000 -------------- Total Long Term Debt Due Beyond One Year 65,219,000 Other Liabilities Deferred fed taxes 0 Deferred rent 0 Deferred state inc taxes 0 Deferred tax liability 4,917,000 Intercompany 90,179,000 -------------- Total Other Liabilities 95,096,000 Total Liabilities not Subject to Compromise 222,382,000 Liabilities Subject to Compromise Non-intercompany 911,678,000 Intercompany 1,569,999,000 -------------- Total Liabilities Subject to Compromise 2,481,677,000 -------------- Total Liabilities 2,704,059,000 Total Stockholders' Equity 103,102,000 -------------- Total Liabilities & Shareholders' Deficit $2,807,161,000 ============== Tropicana Entertainment, LLC Income Statement For the Month Ended October 31, 2009 Unaudited Operating Revenues Casino revenue $0 Rooms revenue 0 Food & beverage revenue 0 Other casino & hotel revenue - less int income 0 -------------- Operating Revenues 0 Less promotional allowances 0 -------------- Net Operating Revenues 0 Operating Expenses Casino operating expenses 20,000 Rooms operating expenses 0 Food and beverage operating expenses 0 Other casino and hotel operating expenses (141,000) Utilities 0 Marketing, advertising and casino promotions 18,000 Repairs and maintenance 36,000 Insurance 81,000 Property and local taxes 0 Gaming tax and licenses 0 Administrative and general 1,755,000 Leased land and facilities 59,000 Depreciation and amortization 42,000 Loss on disposition of assets 0 Bad debt expense - loans 0 Impairment charge 0 Restructuring cost 0 Chapter 11 reorg. & other prof. fees 1,457,000 -------------- Total Operating Expense 3,325,000 Income from Operations (3,325,000) Other Income (Expense) Interest expense (923,000) Intercompany interest income 0 Intercompany interest expense (141,000) -------------- Total Other Income (Expense) (1,064,000) Federal Income Tax 0 Income Before Minority Interest (4,389,000) -------------- NET INCOME ($4,389,000) ============== For the reporting period, Tropicana Entertainment LLC and its debtor affiliates listed cash receipts totaling $37,098,000 and cash disbursements totaling $32,419,000. About Tropicana Entertainment Tropicana Entertainment LLC and its units owned eleven casino properties in eight distinct gaming markets with premier properties in Las Vegas, Nevada, and Atlantic City, New Jersey. Tropicana Entertainment LLC and certain affiliates filed for Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08- 10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at Richards Layton & Finger, represent the Debtors in their restructuring efforts. Their financial advisor is Lazard Ltd. Their notice, claims, and balloting agent is Kurtzman Carson Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors' Web site administration agent. AlixPartners LLP is the Debtors' restructuring advisor. Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell LLP represent the Official Committee of Unsecured Creditors in this case. Capstone Advisory Group LLC is financial advisor to the Creditors' Committee. The OpCo Debtors, a group of Tropicana entities owning casinos and resorts in Atlantic City, New Jersey and Evansville, Indiana have emerged from bankruptcy pursuant to a reorganization plan. A group of Tropicana entities, known as the LandCo Debtors, which own Tropicana casino property in Las Vegas, have emerged from Chapter 11 via a separate Chapter 11 plan. On April 29, 2009, non-debtor units of the OpCo Debtors, designated as the New Jersey Debtors -- Adamar of New Jersey, Inc., and its affiliate, Manchester Mall, Inc. -- filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to effectuate a sale of the Atlantic City Resort and Casino to a group of Investors-led by Carl Icahn. Judge Judith H. Wizmur presides over the cases. Manchester Mall is a wholly owned subsidiary of Adamar that owns and operates certain real property utilized in the New Jersey Debtors' business operations. Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz, Meisel, Forman & Leonard, in Hackensack, New Jersey, represent the New Jersey Debtors. Kurtzman Carson Consultants LLC acts as their claims and notice agent. Adamar disclosed $500 million to $1 billion both in total assets and debts in its petition. Manchester Mall disclosed $1 million to $10 million in total assets, and less than $50,000 in total debts in its petition. Bankruptcy Creditors' Service, Inc., publishes Tropicana Bankruptcy News. The newsletter tracks the chapter 11 restructuring proceedings commenced by Tropicana Entertainment LLC and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) VELOCITY EXPRESS: Posts $5,843,000 Net Loss in Month Ended Oct. 24 ------------------------------------------------------------------ Velocity Express Corporation filed with the U.S. Bankrupcty Court for the District of Delaware on December 2, 2009, a monthly operating report for the period of September 27, 2009, through October 24, 2009. On November 25, 2009, the Debtor completed the previously disclosed sale of substantially all of its assets (including the stock of its Canadian subsidiary) and its United States subsidiaries to ComVest Velocity Acquisition I, LLC, a Delaware limited liability company. The purchaser owned approximately 98% of the Company's Senior Secured Notes. The purchase price was approximately $20 million, including approximately $9.5 million which was repaid to the purchaser with respect to its Senior Notes and approximately $10.2 million to repay existing debt due (including interest, fees and expenses) under the DIP Credit Agreement and the Burdale Credit Agreement. Additionally, the purchaser assumed the Sellers' assumed liabilities, including the Determined Cure Cost for Assigned Contracts. The Asset Purchase Agreement, dated as of September 24, 2009, as amended and the sale were approved on November 3, 2009, by the United States Bankruptcy Court for the District of Delaware. The Debtor reported a net loss of $5,843,000 on revenue of $14,619,000 for the month ended October 24, 2009. At October 24, 2009, the Debtor had $88,091,000 in total assets and $147,779,000 in total liabilities. A full-text copy of the Debtor's operating report for the month ended October 24, 2009, is available for free at: http://researcharchives.com/t/s?4b8a About Velocity Express Velocity Express -- http://www.velocityexpress.com/-- has one of the largest nationwide networks of regional, time definite, ground delivery service areas, providing a national footprint for customers desiring same day service throughout the United States. The Company's services are supported by a customer-focused technology infrastructure, providing customers with the reliability and information they need to manage their transportation and logistics systems, including a proprietary package tracking system that enables customers to view the status of any package via a flexible web reporting system. Velocity, together with 12 affiliates, filed for Chapter 11 on Sept. 24, 2009 (Bankr. D. Del. Case No. 09-13294). The Company listed assets of $94.1 million and debt of $120.6 million as of Sept. 1. ComVest Velocity Acquisition I, LLC, buyer of the Debtors' assets, is represented in the case by Kenneth G. Alberstadt, Esq., at Akerman Senterfitt LLP in New York. DIP Lender Burdale is represented in the case by Jonathan M. Cooper, Esq., Randall L. Klein, Esq., and Sarah J. Risken, Esq., at Goldberg Kohn Bell Black Rosenbloom & Moritz, LTD., in Chicago, Illinois. VISTEON CORP: Incurs $47.9 Mil. Loss for October ------------------------------------------------ Visteon Corporation Debtor's Balance Sheet As of October 31, 2009 ASSETS Current Assets: Cash and cash equivalents $202,577,000 Restricted cash 80,872,000 Accounts receivable, net 4,189,927,000 Inventories, net 27,597,000 Other current assets 63,680,000 --------------- Total current assets 4,564,652,000 Property and equipment, net 153,189,000 Other non-current assets 1,376,948,000 --------------- Total Assets $6,094,790,000 =============== LIABILITIES & SHAREHOLDERS' DEFICIT Short-term debt, including current portion of long-term debt $10,665,082,000 Accounts payable 1,169,626,000 Accrued employee liabilities 23,964,000 Other current liabilities 42,520,000 --------------- Total current liabilities 11,901,192,000 Liabilities subject to compromise 2,831,907,000 LSC-Intercompany with Non-Debtors 55,092,000 Long-term debt 1,786,000 Employee benefits, including pensions 249,767,000 Deferred income taxes 91,394,000 Other non-current liabilities 255,618,000 --------------- Total liabilities 15,386,756,000 Shareholders' equity (deficit) Visteon Corporation Shareholders' equity(deficit) Preferred stock 0 Common stock 131,053,000 Stock warrants 127,024,000 Additional paid-in capital 2,225,775,000 Retained earnings (deficit) (11,446,605,000) Accumulated other comprehensive income(loss) (191,847,000) Other (4,445,000) --------------- Total Debtor shareholders' equity (deficit) (9,159,045,000) Non-controlling interests (132,921,000) --------------- Total shareholders' equity (deficit) (9,291,966,000) --------------- Total Liabilities and shareholders' equity $6,094,790,000 =============== Visteon Corporation Statements of Operations For the Period Ended October 31, 2009 Net sales Products $39,138,000 Services 18,411,000 --------------- 57,549,000 Cost of Sales Products Materials 25,974,000 Labor and overhead 6,023,000 Product engineering 22,447,000 Freight and duty 1,725,000 Manufacturing spending 498,000 Warranty and recall 158,000 Other 7,073,000 Services 18,457,000 --------------- $82,355,000 --------------- Gross margin (24,806,000) Selling, general and administrative expenses Personnel 6,426,000 Depreciation 1,525,000 Other 2,041,000 --------------- 9,992,000 Restructuring expenses 1,247,000 Reimbursement from Escrow Account 0 Reorganization costs 9,298,000 Deconsolidation (gain)/loss 0 --------------- Operating income (loss) (45,344,000) Interest expense 3,202,000 Interest income 687,000 Equity in net income of non-consolidated affiliates 0 --------------- Income(loss) before income taxes (47,859,000) Provision for income taxes 74,000 --------------- Net income (loss) ($47,933,000) =============== Visteon Corporation et al. Combined Schedules of Operating Cash Flow For the Month Ended October 31, 2009 Customer receipts $243,814,000 Other receipts 26,924,000 Intercompany receipts 44,655,000 --------------- Total receipts 315,393,000 Disbursements Payroll Related (33,280,000) Operating disbursements (120,336,000) Intercompany disbursements (160,280,000) Other disbursements (4,540,000) --------------- Total Disbursements (318,436,000) --------------- Net Cash Flow (3,043,000) =============== Beginning Balance 361,271,000 Net Cash Flow (3,043,000) Foreign Currency and Other Adjustments 1,098,000 --------------- Ending Cash Balance $359,326,000 =============== About Visteon Corp Headquartered in Van Buren Township, Michigan, Visteon Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. The company has corporate offices in Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen, Germany. It has facilities in 27 countries and employs roughly 35,500 people. The Company has assets of $4,561,000,000 and debts of $5,311,000,000 as of March 31, 2009. Visteon and 30 of its affiliates filed for Chapter 11 protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786 through 09-11818). Judge Christopher S. Sontchi oversees the Chapter 11 cases. James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, represent the Debtors in their restructuring efforts. Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors' local counsel. The Debtors' investment banker and financial advisor is Rothschild Inc. The Debtors' notice, claims, and solicitation agent is Kurtzman Carson Consultants LLC. The Debtors' restructuring advisor is Alvarez & Marsal North America, LLC. Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Visteon Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. 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For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2009. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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