/raid1/www/Hosts/bankrupt/TCR_Public/100116.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, January 16, 2010, Vol. 14, No. 15
Headlines
ABITIBIBOWATER INC: Posts $32.6 Million Net Loss in November
ACCEPTANCE INSURANCE: Posts $43,311 Net Loss in December
ALERIS INTERNATIONAL: Reports $18.4 Mil. Loss for November
CHRYSLER LLC: Raises Cash by $24 Million in November
ERICKSON RETIREMENT: Records $12.98 Mil. Loss for October
ERICKSON RETIREMENT: Records $8.85 Mil. Loss for November
ESCADA AG: U.S. Unit Reports $442,513 Net Loss for November
FAIRFIELD RESIDENTIAL: Files Initial Monthly Operating Report
FREEDOM COMMUNICATIONS: Posts $4.1 Million Net Loss in November
GENERAL GROWTH: Reports $6,384,000 Net Loss for November
GENERAL MOTORS: Old GM Reports $2.48BB Reorg. Gain for November
GREEKTOWN HOLDINGS: Casino Records $5.96MM Net Loss for November
METROMEDIA INT'L: Posts $2.1 Million Net Loss in November
NEWPOWER HOLDINGS: Files Monthly Operating Report for November
OPUS SOUTH: Reports $287,193 Net Income for November
PNG VENTURES: Posts $221,950 Net Loss in November
TLC VISION: Files Initial Monthly Operating Report
TRIBUNE CO: Reports $39.7 Mil. Operating Income for November
TRIDENT RESOURCES: Reports C$68.1 Million Net Profit in October
TROPICANA ENTERTAINMENT: Reports $4,391,000 Loss for November
TXCO RESOURCES: Posts $4,320,890 Net Loss in November
VION PHARMACEUTICALS: Files Initial Monthly Operating Report
WASHINGTON MUTUAL: Reports $7.5 Million Loss for November
*********
ABITIBIBOWATER INC: Posts $32.6 Million Net Loss in November
------------------------------------------------------------
On January 7, 2010, AbitibiBowater Inc. and certain of its U.S.
subsidiaries filed a monthly operating report for the period
from November 1, 2009, to November 30, 2009, with the United
States Bankruptcy Court for the District of Delaware.
AbitibiBowater Inc., et al.
Consolidated Balance Sheet
As of November 30, 2009
ASSETS
Cash and cash equivalents $417,797,851
Receivables - Net 334,006,409
Inventories 280,250,906
Prepaid Expense and Other 51,706,970
Notes Receivable from Affiliates 3,364,797,771
Income Tax Receivable -
Deferred Income Taxes -
-----------------
Total Current Assets 4,448,559,907
Plant and Equipment 5,172,965,199
Less Accumulated Depreciation (3,431,778,947)
-----------------
Plant and Equipment, Net 1,741,186,252
Good will/Intangible Assets 56,084,447
Investment in Subsidiaries 14,698,145,759
Other Assets 166,711,178
-----------------
Total Assets $21,110,687,543
=================
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade Accounts Payable $45,274,985
Accrued Liabilities 150,773,152
Current Portion of Long Term Debt 206,000,000
Due to Affiliates 214,387,764
Income Tax Payable (7,551,506)
-----------------
Total Current Liabilities 608,884,395
Long Term Debt -
Reclassification to Current Portion -
-----------------
Long Term Debt Net of Current Installments -
Loans from Affiliates -
Other Liabilities 234,267,625
Deferred Income Taxes (41,353,558)
Liabilities Subject to Compromise
Debt 2,964,532,267
Debt - Affiliate 3,669,443,217
Accounts Payable 97,386,804
Other 643,705,739
-----------------
Total Liabilities 8,176,866,489
Shareholder Equity - Net 12,933,821,054
-----------------
Total Liabilities & Shareholders' Equity $21,110,687,543
=================
AbitibiBowater Inc., et al.
Consolidated Statement of Operations
For the period from Nov. 1, 2009 to Nov. 30, 2009
Sales - Net $331,823,286
Cost of Sales 318,213,555
-----------------
Gross Profit (Loss) 13,609,731
Operating Expenses
Selling, General and Administrative 6,030,025
Research and Development -
Restructuring and Other Costs 6,503,038
-----------------
Total Operating Expenses 12,533,063
-----------------
Operating Income (Loss) 1,076,668
Interest Income (Expense) (12,985,098)
Other Income (Expense) Net (19,751,100)
Equity in Earnings of Subsidiaries (889,003)
-----------------
Income Before Taxes (32,548,533)
Income Tax Expense (13,423)
-----------------
Net income before Discontinued Operations (32,561,956)
Discontinued Operations -
-----------------
Net Income (Loss) ($32,561,956)
=================
AbitibiBowater Inc., et al.
Consolidated Schedule of Receipts and Disbursements
For the period from Nov. 1, 2009 to Nov. 30, 2009
Total Cash Receipts $225,762,000
Disbursements:
Payroll & Payroll Taxes (28,252,000)
Non-Payroll Labor (11,567,000)
Raw Materials (57,985,000)
Utilities (11,774,000)
Freight (11,185,000)
SG&A (19,392,000)
Supplies (16,591,000)
Rent (39,000)
Customer Rebates (2,432,000)
Interest (7,799,000)
Security Deposits -
Taxes -
Other (26,828,000)
-----------------
Total Cash Disbursements ($193,845,000)
=================
About AbitibiBowater Inc.
Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products. It is the eighth largest publicly traded pulp and paper
manufacturer in the world. AbitibiBowater owns or operates 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).
ACCEPTANCE INSURANCE: Posts $43,311 Net Loss in December
--------------------------------------------------------
Acceptance Insurance Companies Inc. filed with the U.S.
Bankruptcy Court for the District of Nebraska on January 12, 2010,
its monthly operating report for December 2009.
For the month ended December 31, 2009, Acceptance Insurance
Companies Inc. posted a net loss of $43,311 on net investment
income of $331. Legal fees and expenses totaled $30,344.
The Debtor reported total assets of $1,984,019, total liabilities
of $138,188,599, and stockholders' deficit of $136,204,580 as of
December 31, 2009.
A full-text copy of the Debtor's December 2009 operating report is
available at http://researcharchives.com/t/s?4d65
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either
directly or indirectly, several companies, one of which is an
insurance company that accounts for substantially all of the
business operations and assets of the corporate groups.
The Company filed for Chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services, Inc., and American Agrisurance,
Inc. -- each filed Chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on January 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC, LLO,
represent the Official Committee of Unsecured Creditors in
Acceptance Insurance's case.
ALERIS INTERNATIONAL: Reports $18.4 Mil. Loss for November
----------------------------------------------------------
Aleris International, Inc., Et Al.
Consolidated Balance Sheet
As of November 30, 2009
ASSETS
Current Assets:
Cash and cash equivalents $19,871,234
Accounts receivable, net 140,988,317
Intercompany Receivable 86,761,799
Net Inventories 157,969,764
Other current assets 43,797,720
--------------
Total current assets 449,388,834
Property, plant and equipment, net 295,027,848
Goodwill & Org. Costs, Net 79,446,152
Other Intangibles, Net 58,425,712
Total Long Term Intercompany Receivable 10,146,146
Other Long-Term Assets 1,532,109,640
--------------
Total L/T Assets 1,975,155,498
--------------
Total Assets $2,424,544,332
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $58,196,583
Accrued & Other Current Liabilities 66,248,462
Toll Liability 9,630,633
Accrued Interest 9,326,148
Total current Interco Payable 47,867,800
Current Maturities of L/T Debt 843,020,626
Other current liabilities 3,487,989
--------------
Total current liabilities 1,037,778,241
Total Long-term debt 23,585
Intercompany payable (86,519,239)
Other long-term liabilities 44,849,539
--------------
Total Long-term liabilities (41,646,115)
Liabilities subject to compromise-external 1,703,638,532
Liabilities subject to compromise-internal 490,603,524
--------------
Total Liabilities Subject to Compromise 2,194,242,056
--------------
Total Liabilities 3,190,374,182
Stockholders' Equity:
Additional paid-in Capital 858,173,225
Retained earnings (1,581,513,942)
Total other comprehensive income(loss) (42,489,133)
Other stockholders' equity 0
--------------
Total stockholders' equity (765,829,850)
--------------
Total Liabilities and Stockholders' Equity $2,424,544,332
==============
Aleris International, Inc., Et Al.
Consolidated Statement of Operations
For the Period From Nov. 1 Through Nov. 30, 2009
Gross Revenue $108,897,000
Total costs of sales 97,879,000
--------------
Gross profits 11,018,000
Selling, general and administrative:
Labor 3,639,000
Professional fees 272,000
Consulting expense 92,000
Depreciation & Amortization 481,000
Other 1,470,000
--------------
Total SG&A Expense 5,954,000
Restructuring & Merger-related items 100,000
Losses (gains) on Derivatives (978,000)
--------------
Operating (loss) Income 5,942,000
Net Interest Expense 18,925,000
Other (Income) and Expense 4,579,000
Reorganization Items 1,215,000
--------------
Income before taxes (18,777,000)
Income Tax Expenses (350,000)
--------------
Net (loss) income ($18,427,000)
==============
Aleris International, Inc., Et Al.
Consolidated Schedule of
Cash Receipts and Disbursements
For the Period From Nov. 1 Through Nov. 30, 2009
Receipts
Cash Sales $0
Accounts Receivable 128,152,886
Affiliates 237
Sale of Assets 0
Other 3,063,777
Transfer (From DIP Accts) 131,400,770
--------------
Total Receipts 262,617,671
Disbursements
Benefits 2,537,062
Payroll 13,821,229
Primary 25,548,359
Recycling/Scrap 43,406,315
Hardeners 2,810,453
Flux 1,312,920
Insurance 438,230
MRO 11,507,396
Freight 3,892,540
Energy 4,305,238
Taxes 809,098
By Product 990,146
Capex 2,602,518
Other accounts payable 3,153,652
U.S. Trustee Fees 282,925
Chapter 11 professional fees 1,492,195
Chapter 11 adjustments 0
Collateral Returns 0
Collateral Disbursements 3,913,704
Hedge Premiums 0
Affiliates 0
Interest & Fees 5,144,719
Extraordinaries 0
Other 0
Transfers (To DIP Accts) 131,956,596
--------------
Total Disbursements 259,925,294
---------------
Net Cash Flow $2,692,377
==============
About Aleris International
Aleris International, Inc., produces and sells aluminum rolled and
extruded products. Aleris operates primarily through two
reportable business segments: (i) global rolled and extruded
products and (ii) global recycling. Headquartered in Beachwood,
Ohio, a suburb of Cleveland, the Company operates over 40
production facilities in North America, Europe, South America and
Asia, and employs approximately 8,400 employees. Aleris operates
27 production facilities in the United States with eight
production facilities that provided rolled and extruded aluminum
products and 19 recycling production plants.
Aleris International, Inc., aka IMCO Recycling Inc., and various
affiliates filed for bankruptcy on February 12, 2009 (Bankr. D.
Del. Case No. 09-10478). The Hon. Brendan Linehan Shannon
presides over the cases. Stephen Karotkin, Esq., and Debra A.
Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve
as lead counsel for the Debtors. L. Katherine Good, Esq., and
Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A. In
Wilmington, Delaware, serves as local counsel. Moelis & Company
LLC, acts as financial advisors; Alvarez & Marsal LLC as
restructuring advisors, and Kurtzman Carson Consultants LLC as
claims and noticing agent for the Debtors. As of December 31,
2008, the Debtors had total assets of $4,168,700,000; and total
debts of $3,978,699,000.
Bankruptcy Creditors' Service, Inc., publishes Aleris
International Bankruptcy News. The newsletter tracks the chapter
11 proceeding undertaken by Aleris International, Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000)
CHRYSLER LLC: Raises Cash by $24 Million in November
----------------------------------------------------
Bill Rochelle at Bloomberg News reports that Chrysler LLC, now
named Old Carco LLC, increased cash during November by
$24 million, ending the month with $265 million in cash. Current
liabilities at the end of the month were $4 billion, including
$3.34 billion on a debtor-in-possession loan. Old Chrysler
produced $479 million of net income in November, due to a
$686 million gain on reorganization items.
About Chrysler LLC
Headquartered in Auburn Hills, Michigan, Chrysler Group LLC,
formed in 2009 from a global strategic alliance with Fiat Group,
produces Chrysler, Jeep, Ram, Dodge, Mopar and Global Electric
Motorcars (GEM) brand vehicles and products.
Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002). Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent. Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company. As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts. Chrysler
had $1.9 billion in cash at that time.
In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat. Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC. Fiat has a 20
percent equity interest in Chrysler Group.
Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
ERICKSON RETIREMENT: Records $12.98 Mil. Loss for October
---------------------------------------------------------
Erickson Retirement Communities, LLC
Balance Sheet
As of October 31, 2009
Assets
Unrestricted cash $15,612,000
Restricted cash 15,095,000
--------------
Total cash 30,707,000
Accounts receivable, net 0
Inventory 0
Notes receivable 32,401,000
Prepaid expenses 3,350,000
Other 15,786,721
--------------
Total current assets 82,244,721
Property, Plant & Equipment 86,714,464
Less: Accumulated depreciation (30,438,464)
--------------
Net property, plant & equipment 56,276,000
Due from insiders (301,168,653)
Other assets - Net of amortization 2,463,000
Other 62,210,000
--------------
Total assets ($97,974,932)
==============
Liabilities and Equity:
Postpetition Liabilities
Accounts payable $499,101
Taxes payable 0
Notes payable 0
Professional fees 0
Secured debt 0
Other 2,998,820
--------------
Total postpetition liabilities 3,497,921
Prepetition Liabilities
Secured debt 216,083,896
Priority debt 0
Unsecured debt 91,737,339
Other 20,231,911
--------------
Total prepetition liabilities 328,053,146
--------------
Total liabilities 331,551,067
--------------
Equity:
Prepetition owner's equity (416,545,000)
Postpetition cumulative profit or (loss) (12,980,999)
Direct charges to equity 0
--------------
Total equity (429,525,999)
--------------
Total liabilities and equity ($97,974,932)
==============
Erickson Retirement Communities, LLC
Statement of Income
For the Month ended October 31, 2009
Revenues:
Gross revenues $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 397,301
Selling & marketing 0
General & administrative 3,563,604
Rent & lease 0
Other 0
--------------
Total operating expenses 3,960,905
--------------
Income before non-operating income & expense (3,960,905)
Other Income & expenses
Non-operating income (rent) (57,000)
Non-operating expense 0
Interest expense 450,000
Depreciation 295,133
Amortization 25,867
Other 7,749,000
--------------
Net other income & expenses 8,463,000
Reorganization expenses
Professional fees 557,094
U.S. Trustee fees 0
Other 0
--------------
Total reorganization expenses 557,094
Income tax 0
--------------
Net profit (loss) ($12,980,999)
==============
Erickson Retirement Communities, LLC
Cash Receipts and Disbursements
For the Month Ended October 30, 2009
Cash - beginning of month $27,942,788
Receipts from operations
Cash sales 0
Collection of accounts receivable
Prepetition 0
Postpetition 0
--------------
Total operating receipts 0
Non-operating receipts
Loans & advances (DIP Funding), net 0
Sale of assets 0
Other 2,846,181
--------------
Total non-operating receipts 2,846,181
Total receipts 2,846,181
--------------
Total cash available 30,788,949
Operating disbursements
Net payroll 794,781
Payroll taxes paid 774,036
Sales, use & other taxes paid 0
Secured/rental/leases 0
Utilities 0
Insurance (1,625,349)
Inventory purchases 0
Vehicle expenses 0
Travel 99,523
Entertainment 0
Repairs & maintenance 0
Supplies 0
Advertising 0
Other 38,958
--------------
Total operating disbursements 81,949
Reorganization expenses
Professional fees 0
U.S. Trustee fees 0
Other 0
--------------
Total reorganization expenses 0
Total disbursements 81,949
--------------
Net cash flow 2,764,232
--------------
Cash - end of month $30,707,000
==============
Other Erickson Retirement Affiliates
Fifteen affiliates of Erickson Retirement also delivered
separate individual monthly operating reports to the Court.
The Erickson Retirement affiliates reported these assets and
liabilities as of October 31, 2009:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- ------------
Warminster Campus, LP $299,337,859 $299,337,859
Concord Campus, LP $282,572,167 $282,572,167
Novi Campus, LLC $236,006,203 $236,006,203
Littleton Campus, LLC $226,151,552 $226,151,552
Ashburn Campus, LLC $186,949,613 $186,949,613
Houston Campus, LP $161,934,732 $161,934,732
Dallas Campus, LP $154,194,436 $154,194,436
Kansas Campus, LLC $123,936,307 $123,936,307
Columbus Campus, LLC $75,551,105 $75,551,105
Erickson Construction, LLC $20,601,220 $20,601,220
Senior Campus Services, LLC $0 $0
Erickson Group, LLC $0 $0
Warminster Campus GP, LLC $0 $0
Concord Campus GP, LLC $0 $0
Dallas Campus GP, LLC $0 $0
The Debtor affiliates listed their net income or loss for the
period from October 1 to 31, 2009:
Company Net Income(Loss)
------------- ----------------
Ashburn Campus, LLC ($578,944)
Concord Campus, LP ($447,635)
Warminster Campus, LP ($429,000)
Novi Campus, LLC ($359,584)
Littleton Campus, LLC ($345,694)
Dallas Campus, LP ($344,078)
Houston Campus, LP ($304,053)
Kansas Campus, LLC ($316,338)
Columbus Campus, LLC ($287,559)
Warminster Campus GP, LLC $0
Senior Campus Services, LLC $0
Erickson Group, LLC $0
Erickson Construction, LLC $0
Concord Campus GP, LLC $0
Dallas Campus GP, LLC $0
The Debtor affiliates also reported their cash receipts and
disbursements for the period from October 1 to 31, 2009:
Company Receipts Disbursements Cash Flow
------------- ----------- ------------- ---------
Ashburn Campus, LLC $4,944,787 $0 $4,944,787
Concord Campus, LP $111,652 $0 $111,652
Novi Campus, LLC $93,739 $11,264 $82,475
Littleton Campus, LLC $87,442 $1,661 $85,781
Houston Campus, LP $48,149 $1,622 $46,527
Dallas Campus, LP $37,323 $0 $37,323
Kansas Campus, LLC $17,397 $921 $16,476
Warminster Campus, LP $0 $862 ($862)
Warminster Campus GP, LLC $0 $0 $0
Erickson Construction, LLC $0 $0 $0
Concord Campus GP, LLC $0 $0 $0
Dallas Campus GP, LLC $0 $0 $0
Senior Campus Services, LLC $0 $0 $0
Erickson Group, LLC $0 $0 $0
Columbus Campus, LLC $0 $0 $0
About Erickson Retirement
The Baltimore, Maryland-based Erickson Retirement Communities LLC
owns 20 continuing care retirement communities in 11 states.
Among Erickson's 20 communities, eight are completed, 11 are open
although in construction, and one is in development. They have
23,000 residents in total.
Erickson, along with affiliates, filed for Chapter 11 on
October 19, 2009 (Bankr. N.D. Tex. Case No. 09-37010). DLA Piper
LLP (US) serves as counsel to the Debtors. BMC Group Inc. serves
as claims and notice agent. Houlihan, Lokey, Howard & Zoukin,
Inc., is also serving as investment and financial consultant.
Alvarez & Marsal is serving as restructuring adviser.
As of September 30, 2009, on a book value basis, ERC had
approximately $2.7 billion in assets, including $2.2 billion of
property and equipment, and $3.0 billion in liabilities.
Liabilities include $195.8 million on the revolving credit,
$347.5 million on construction credit, $64 million in accounts
payable, $47.8 million in subordinate debt, and $475 million in
purchase option deposits.
Bankruptcy Creditors' Service, Inc., publishes Erickson Retirement
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Erickson Retirement Communities LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
ERICKSON RETIREMENT: Records $8.85 Mil. Loss for November
---------------------------------------------------------
Erickson Retirement Communities, LLC
Balance Sheet
As of November 30, 2009
Assets
Unrestricted cash $16,405,000
Restricted cash 15,231,000
--------------
Total cash 31,636,000
Accounts receivable, net 0
Inventory 0
Notes receivable 32,401,000
Prepaid expenses 3,251,000
Other 17,584,633
--------------
Total current assets 84,872,633
Property, Plant & Equipment 86,727,434
Less: Accumulated depreciation (31,127,434)
--------------
Net property, plant & equipment 55,600,000
Due from insiders (307,127,125)
Other assets - Net of amortization (2,396,000)
Other 62,140,000
--------------
Total assets ($102,118,492)
==============
Liabilities and Equity:
Postpetition Liabilities
Accounts payable $1,141,717
Taxes payable 0
Notes payable 0
Professional fees 0
Secured debt 1,383,000
Other 5,213,024
--------------
Total postpetition liabilities 7,737,741
Prepetition Liabilities
Secured debt 216,083,588
Priority debt 0
Unsecured debt 92,203,186
Other 20,231,911
--------------
Total prepetition liabilities 328,518,685
--------------
Total liabilities 336,256,426
--------------
Equity:
Prepetition owner's equity (416,544,999)
Postpetition cumulative profit or (loss) (21,829,919)
Direct charges to equity 0
--------------
Total equity (438,374,918)
--------------
Total liabilities and equity ($102,118,492)
==============
Erickson Retirement Communities, LLC
Statement of Income
For the Month ended November 30, 2009
Revenues:
Gross revenues $2,566,657
Less returns & discounts 0
--------------
Net revenue 2,566,657
Cost of goods sold
Material 0
Direct labor 0
Direct overhead 0
--------------
Total cost of goods sold 0
--------------
Gross profit 2,566,657
Operating expenses
Officer/insider compensation 912,421
Selling & marketing 0
General & administrative (1,216,746)
Rent & lease 116,325
Other 0
--------------
Total operating expenses (188,000)
--------------
Income before non-operating income & expense (2,754,657)
Other Income & expenses
Non-operating income (rent) (262,356)
Non-operating expense 0
Interest expense 1,118,611
Depreciation 688,971
Amortization 66,823
Other 8,091,528
--------------
Net other income & expenses 9,703,577
Reorganization expenses
Professional fees 150,000
U.S. Trustee fees 0
Other 1,750,000
--------------
Total reorganization expenses 1,900,000
--------------
Income tax 0
--------------
Net profit (loss) ($8,848,920)
==============
Erickson Retirement Communities, LLC
Cash Receipts and Disbursements
For the Month Ended November 30, 2009
Cash - beginning of month $30,707,000
Receipts from operations
Cash sales 5,314,221
Collection of accounts receivable
Prepetition 0
Postpetition 0
--------------
Total operating receipts 5,314,221
Non-operating receipts
Loans & advances (DIP Funding), net 1,383,000
Sale of assets 0
Other 1,005,940
--------------
Total non-operating receipts 2,388,940
Total receipts 7,703,161
--------------
Total cash available 38,410,161
Operating disbursements
Net payroll 1,629,601
Payroll taxes paid 1,211,236
Sales, use & other taxes paid 0
Secured/rental/leases 10,417
Utilities 89,851
Insurance 821,296
Inventory purchases 0
Vehicle expenses 0
Travel 290,844
Entertainment 0
Repairs & maintenance 1,224
Supplies 32,870
Advertising 432,557
Other 354,266
--------------
Total operating disbursements 4,874,162
Reorganization expenses
Professional fees 150,000
U.S. Trustee fees 0
Other 1,750,000
--------------
Total reorganization expenses 1,900,000
Total disbursements 6,774,162
--------------
Net cash flow 928,999
--------------
Cash - end of month $31,635,999
==============
Other Erickson Retirement Affiliates
Fifteen affiliates of Erickson Retirement also delivered
separate individual monthly operating reports to the Court.
The Erickson Retirement affiliates reported these assets and
liabilities as of November 30, 2009:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- ------------
Warminster Campus, LP $298,883,517 $298,883,517
Concord Campus, LP $282,443,621 $282,443,621
Novi Campus, LLC $236,116,674 $236,116,674
Littleton Campus, LLC $225,934,532 $225,934,532
Ashburn Campus, LLC $186,774,528 $186,774,528
Houston Campus, LP $161,735,635 $161,735,635
Dallas Campus, LP $154,058,349 $154,058,349
Kansas Campus, LLC $123,944,742 $123,944,742
Columbus Campus, LLC $75,539,544 $75,539,544
Erickson Construction, LLC $20,950,745 $20,950,745
Senior Campus Services, LLC $0 $0
Erickson Group, LLC $0 $0
Warminster Campus GP, LLC $0 $0
Concord Campus GP, LLC $0 $0
Dallas Campus GP, LLC $0 $0
The Debtor affiliates listed their net income or loss for the
period from November 1 to 30, 2009:
Company Net Income(Loss)
------------- ----------------
Dallas Campus, LP ($2,185,828)
Ashburn Campus, LLC ($1,293,712)
Concord Campus, LP ($1,086,586)
Warminster Campus, LP ($922,007)
Kansas Campus, LLC ($826,538)
Columbus Campus, LLC ($746,356)
Littleton Campus, LLC ($718,976)
Houston Campus, LP ($641,892)
Novi Campus, LLC ($585,593)
Erickson Construction, LLC ($8,606)
Concord Campus GP, LLC $0
Dallas Campus GP, LLC $0
Warminster Campus GP, LLC $0
Senior Campus Services, LLC $0
Erickson Group, LLC $0
The Debtor affiliates also reported their cash receipts and
disbursements for the period from November 1 to 30, 2009:
Company Receipts Disbursements Cash Flow
------------- ----------- ------------- ---------
Ashburn Campus, LLC $1,483,424 $2,189,607 ($706,183)
Novi Campus, LLC $489,344 $571,877 ($82,533)
Houston Campus, LP $168,803 $136,673 $32,130
Kansas Campus, LLC $119,396 $133,476 ($14,080)
Concord Campus, LP $111,652 $9,287 $102,365
Littleton Campus, LLC $74,384 $9,815 $64,570
Dallas Campus, LP $48,765 $23,231 $25,534
Erickson Construction, LLC $20 ($217,572) $217,592
Warminster Campus, LP $0 $9,958 ($9,958)
Columbus Campus, LLC $0 $14 ($14)
Warminster Campus GP, LLC $0 $0 $0
Senior Campus Services, LLC $0 $0 $0
Erickson Group, LLC $0 $0 $0
Concord Campus GP, LLC $0 $0 $0
Dallas Campus GP, LLC $0 $0 $0
About Erickson Retirement
The Baltimore, Maryland-based Erickson Retirement Communities LLC
owns 20 continuing care retirement communities in 11 states.
Among Erickson's 20 communities, eight are completed, 11 are open
although in construction, and one is in development. They have
23,000 residents in total.
Erickson, along with affiliates, filed for Chapter 11 on
October 19, 2009 (Bankr. N.D. Tex. Case No. 09-37010). DLA Piper
LLP (US) serves as counsel to the Debtors. BMC Group Inc. serves
as claims and notice agent. Houlihan, Lokey, Howard & Zoukin,
Inc., is also serving as investment and financial consultant.
Alvarez & Marsal is serving as restructuring adviser.
As of September 30, 2009, on a book value basis, ERC had
approximately $2.7 billion in assets, including $2.2 billion of
property and equipment, and $3.0 billion in liabilities.
Liabilities include $195.8 million on the revolving credit,
$347.5 million on construction credit, $64 million in accounts
payable, $47.8 million in subordinate debt, and $475 million in
purchase option deposits.
Bankruptcy Creditors' Service, Inc., publishes Erickson Retirement
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Erickson Retirement Communities LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
ESCADA AG: U.S. Unit Reports $442,513 Net Loss for November
-----------------------------------------------------------
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 November 1 to November 30, 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 $3,714,611 at
the beginning of the Reporting Period.
Escada held $5,469,681 at the end of the Period.
Escada (USA) Inc.
Balance Sheet
As of November 30, 2009
ASSETS
CURRENT ASSETS:
Unrestricted cash & cash equivalents $5,469,681
Restricted cash & cash equivalents -
Petty cash & register funds 27,313
Accounts receivable (net) 889,021
Notes receivable -
Inventories 16,732,571
Prepaid expenses 576,275
Professional retainers -
Other current assets 7,411,877
-------------
Total Current Assets 31,106,738
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 2,147,166
Less: Accumulated Depreciation (43,882,849)
-------------
Total Property & Equipment 2,147,374
OTHER ASSETS
Amounts due from insiders 0
Other assets 8,742,180
-------------
Total Other Assets 8,742,180
-------------
TOTAL ASSETS $41,996,292
=============
LIABILITIES AND OWNER EQUITY
LIABILITIES NOT SUBJECT TO COMPROMISE:
Accounts payable $685,308
Accounts payable - intercompany -
Taxes payable 265,374
Accrued payroll 255,323
Accrued bonuses 476,184
Notes payable -
Rent/Leases - building equipment 363,758
Secured debt/Adequate protection payments -
Professional fees 1,122,618
Amounts due to insiders 2,296,492
Other postpetition liabilities 40,362,975
-------------
Total Postpetition Liabilities 45,828,032
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 1,178,074
Unsecured debt - intercompany 37,368,373
-------------
Total Prepetition Liabilities 427,577,842
-------------
TOTAL LIABILITIES 473,405,874
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 (19,005,274)
Adjustments to owner equity -
Postpetition contributions -
-------------
NEW OWNERS' EQUITY (431,409,582)
-------------
TOTAL LIABILITIES AND OWNERS' EQUITY $41,996,292
=============
Escada (USA) Inc.
Statement of Operations
November 1 through November 30, 2009
REVENUES:
Gross revenues $8,182,668
Less: returns and allowances 1,092,592
-------------
Net revenue 7,090,076
Cost of Goods Sold:
Beginning Inventory -
Add: purchases -
Add: cost of labor -
Add: other costs -
Less: ending inventory -
Cost of goods sold 3,994,199
-------------
Gross profit 3,095,877
Operating Expenses:
Advertising 125,490
Auto and truck expense 4,092
Bad debts 8,880
Contributions 1,866
Employee benefits programs 181,983
Officer/insider compensation 128,418
Insurance 61,065
Management fees/bonuses (4,228)
Office expense -
Pension & profit sharing plans 2,383
Repairs and maintenance 63,031
Rent and lease expense 918,405
Salaries/commissions/fees 1,251,274
Supplies 32,886
Taxes - payroll 80,249
Taxes - real estate 51,785
Taxes - other 2,193
Travel and entertainment 61,671
Utilities 77,433
Other 173,373
-------------
Total Operating Expenses Before Depreciation 3,222,249
Depreciation/depletion/amortization 1,864
-------------
Net Loss Before Other Income & Expenses (128,236)
Other Income and Expenses:
Other income -
Interest expense 14,277
Other expense -
-------------
Net Loss Before Reorganization Items (142,513)
Reorganization Items:
Professional fees 300,000
U.S. Trustee quarterly fees -
Interest earned on accumulated cash
from Chapter 11 -
Gain (Loss) from sale of equipment -
Other reorganization expenses -
Total reorganization expenses 300,000
Income taxes -
-------------
Net Profit (Loss) ($442,513)
=============
Escada (USA) Inc.
Schedule of Cash Receipts and Disbursements
November 1 through November 30, 2009
CASH, BEGINNING OF MONTH $3,714,611
RECEIPTS
Cash Sales 356,145
Accounts Receivable - prepetition -
Accounts Receivable - postpetition 7,372,530
Loans and Advances -
Sales of Assets -
Other -
Transfers (from DIP Accounts) 5,438,255
-------------
TOTAL RECEIPTS 13,166,930
DISBURSEMENTS
Net Payroll 969,715
Payroll Taxes 414,194
Sales, Use and Other taxes 190,969
Inventory Purchases 1,391,842
Secured/Rental/Leases 590,000
Insurance -
Administrative 2,304,932
Selling -
Other (37,764)
Owner Draw -
Transfers (to DIP Accounts) 5,438,255
Professional Fees 149,717
U.S. Trustee Quarterly Fees -
Court Costs -
-------------
TOTAL DISBURSEMENTS 11,411,860
-------------
Net Cash Flow (Receipts Less Disbursements) 1,755,070
-------------
Cash - End of Month $5,469,681
=============
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)
FAIRFIELD RESIDENTIAL: Files Initial Monthly Operating Report
-------------------------------------------------------------
Fairfield Residential LLC, et al., filed on January 4, 2010, an
initial monthly with the U.S. Bankruptcy Court for the District of
Delaware.
The Debtors submitted cash flow projections for the 15 week period
December 13, 2009, through March 27, 2010, disclosing:
Beginning Cash $82,455,038
-----------
Total Cash Receits $15,790,984
Total Cash Disbursements $29,345,326
Net Intercompany Transactions ($30,000)
-----------
Cash Source (Use) $13,584,342
-----------
Ending Cash $68,870,697
A copy of the Debtors' initial monthly operating report is
available for free at:
http://bankrupt.com/misc/fairfieldresidential.initialmor.pdf
About Fairfield Residential
San Diego, California-based Fairfield Residential LLC is a fully
integrated multifamily housing company that through its various
subsidiaries provides a diverse mix of services to a wide range of
investors, joint venture partners and clients. FFR either
directly or indirectly acts as a general partner or managing
member of, and owns varying stakes in, a number of project level
operating companies.
The Company and its affiliates -- FF Development, Inc., et al. --
filed for Chapter 11 bankruptcy protection on December 13, 2009
(Bankr. D. Delaware Case No. 09-14378). Daniel J. DeFranceschi,
Esq.; Lee E. Kaufman, Esq.; Paul Noble Heath, Esq.; and Travis A.
McRoberts, Esq., at Richards, Layton & Finger, P.A., assist the
Debtors in their restructuring efforts. As of December 31, 2008,
the Company had $1.2 billion in total assets and $978 million in
total liabilities, exclusive of $3 billion of contingent guaranty
liabilities.
FREEDOM COMMUNICATIONS: Posts $4.1 Million Net Loss in November
---------------------------------------------------------------
Freedom Communications Holdings Inc., et al., reported a net loss
of $4.1 million on total operating revenue of $52.2 million for
the month of November 2009.
The Debtors ended November 2009 with approximately $100.8 million
in cash and cash equivalents. The Debtor paid a total of $399,769
in professional fees and expenses during the month.
At November 30, 2009, the Debtors had $801.7 million in total
assets, $143.2 million in total current liabilities,
$194.8 million in total long-term liabilities, $804.0 million in
liabilities subject to compromise, and $185,000 in minority
interests, resulting in a $340.5 million stockholders' deficiency.
A copy of the Company's November 2009 operating report is
available for free at :
http://bankrupt.com/misc/fchi.novembermor.pdf
Freedom Communications, headquartered in Irvine, California, is a
national privately owned information and entertainment company of
print publications, broadcast television stations and interactive
businesses. The company's print portfolio includes approximately
90 daily and weekly publications, including approximately 30 daily
newspapers, plus ancillary magazines and other specialty
publications. The broadcast company's stations -- five CBS, two
ABC network affiliates and one CW affiliate -- reach more than 3
million households across the country. The Company's news,
information and entertainment Web sites complement its print and
broadcast properties.
Freedom Communications filed for Chapter 11 on Sept. 1, 2009
(Bankr. D. Del. Case No. 09-13046). Attorneys at Young Conaway
Stargatt & Taylor, and Latham & Watkins LLP serve as Chapter 11
counsel. Houlihan, Lokey, Howard & Zukin, Inc., serves as
financial advisor while AlixPartners LLC is restructuring
consultant. Logan & Co. serves as claims and notice agent.
Freedom Communications had $757,000,000 in assets against debts of
$1,077,000,000 as of July 31, 2009.
GENERAL GROWTH: Reports $6,384,000 Net Loss for November
--------------------------------------------------------
General Growth Properties, Inc.
Consolidated Condensed Balance Sheet
As of November 30, 2009
Assets
Investment in real estate:
Land $2,946,948,000
Buildings and equipment 19,475,610,000
Less accumulated depreciation (4,074,153,000)
Developments in progress 780,120,000
----------------
Net property and equipment 19,128,525,000
Investment in and loans to/from
Unconsolidated Real Estate Affiliates 390,402,000
Investment property and property held for
development and sale 1,188,232,000
Investment in controlled non-debtor entities 3,982,625,000
----------------
Net investment in real estate 24,689,784,000
Cash and cash equivalents 739,157,000
Accounts and notes receivable, net 332,173,000
Goodwill 205,257,000
Deferred expenses, net 238,635,000
Prepaid expenses and other assets 546,753,000
----------------
Total assets $26,751,759,000
================
Liabilities and Equity:
Mortgages, notes and loans payable $400,000,000
Investment in and loans to/from
Unconsolidated Real Estate Affairs 32,363,000
Deferred tax liabilities 906,021,000
Accounts payable and accrued expenses 735,374,000
----------------
Liabilities not subject to compromise 2,073,758,000
----------------
Liabilities subject to compromise 22,508,578,000
----------------
Total liabilities 24,582,336,000
----------------
Redeemable noncontrolling interests:
Preferred 120,756,000
Common 35,686,000
----------------
Total redeemable noncontrolling interests 156,442,000
----------------
Equity:
Common stock 3,138,000
Additional paid-in capital 3,793,991,000
Retained earnings (accumulated deficit) (1,717,855,000)
Accumulated other comprehensive loss (3,617,000)
Less common stock in treasury, at cost (76,752,000)
----------------
Total stockholder's equity 1,998,905,000
Noncontrolling interests in consolidated
real estate affiliates 14,076,000
----------------
Total equity 2,012,981,000
----------------
Total liabilities and equity $26,751,759,000
================
General Growth Properties, Inc.
Consolidated Statement of Income
For the Month ended November 30, 2009
Revenues:
Minimum rents $141,206,000
Tenant recoveries 62,657,000
Overage rents 5,776,000
Land sales 746,000
Other 6,414,000
----------------
Total revenues 216,799,000
----------------
Expenses:
Real estate taxes 20,157,000
Repairs and maintenance 18,143,000
Marketing 3,625,000
Ground and other rents 932,000
Other property operating costs 25,680,000
Land sales operations 1,511,000
Provision for doubtful accounts 75,000
Property management and other costs 9,329,000
General and administrative 1,475,000
Provisions for impairment -
Depreciation and amortization 50,700,000
----------------
Total expenses 131,627,000
----------------
Operating income 85,172,000
Interest (expense) income, net (94,645,000)
----------------
Loss before income taxes, noncontrolling
interests, equity in income of Unconsolidated
Real Estate Affiliates and reorganization items (9,473,000)
Benefit (provision) from income taxes (1,831,000)
Equity in income of Unconsolidated Real Estate
Affiliates 10,889,000
Reorganization items (4,977,000)
----------------
Net loss (5,392,000)
Allocation to noncontrolling interests (992,000)
----------------
Net loss attributable to common stockholders ($6,384,000)
================
About General Growth Properties
Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings. The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide. General Growth is a self-
administered and self-managed real estate investment trust. The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants
LLC has been engaged as claims agent. The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers. The Debtors disclosed
$29,557,330,000 in assets and $27,293,734,000 in debts as of
December 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GENERAL MOTORS: Old GM Reports $2.48BB Reorg. Gain for November
---------------------------------------------------------------
On January 11, 2010, Motors Liquidation Company and certain of its
subsidiaries filed their unaudited monthly operating report for
the month ending November 30, 2009, with the United States
Bankruptcy Court for the Southern District of New York.
The Company cautions investors and potential investors not to
place undue reliance upon the information contained in the monthly
operating report, which was not prepared for the purpose of
providing the basis for an investment decision relating to any of
the securities of the Company.
The monthly operating report has been prepared solely for the
purpose of complying with the monthly reporting requirements
applicable in the Debtors' Chapter 11 cases and is in a format
acceptable to the Office of the United States Trustee for the
Southern District of New York.
The monthly operating report is limited in scope and only covers a
limited time period.
The financial statements in the monthly operating report were not
audited or reviewed by independent accountants and were not
prepared in accordance with accounting principles generally
accepted in the United States of America (GAAP).
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Net Assets
As of November 30, 2009
ASSETS:
Cash and cash equivalents $1,032,811,000
Due from affiliates 332,000
Prepaid expenses 4,814,000
Other current assets 26,411,000
-----------------
Total Current Assets 1,064,368,000
Property, plant and equipment
Land and building 207,223,000
Machinery and equipment 46,639,000
-----------------
Total property, plant and equipment 253,862,000
Investment in GMC -
Investments in subsidiaries 14,570,000
Restricted Cash 89,600,000
-----------------
Total Assets $1,422,400,000
=================
LIABILITIES:
DIP Financing $1,183,813,000
Accounts payable 3,981,000
Due to GM LLC 3,714,000
Accrued payroll and employee benefits 35,468,000
Accrued professional fees 38,176,000
Other accrued liabilities 16,552,000
-----------------
Total current liabilities 1,281,704,000
Liabilities subject to compromise 32,288,992,000
-----------------
Total Liabilities 33,570,696,000
-----------------
Net Assets (Liabilities) ($32,148,296,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Operations
For the Month Ended Nov. 30, 2009
Rental Income $1,806,000
Selling, administrative and other expenses 12,743,000
-----------------
Operating loss (10,937,000)
Interest expense 4,932,000
Interest income (353,000)
-----------------
Loss before reorganization items
& income taxes (15,516,000)
Reorganization items (gain)/loss (2,482,449,000)
-----------------
Income before income taxes 2,466,933,000
Income taxes -
-----------------
Net Income $2,466,933,000
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Cash Flows
For the Month Ended Nov. 30, 2009
Cash Flows from Operating Activities:
Net Income $2,466,933,000
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Reorganization charges (2,482,448,000)
Reorganization-related payments (5,183,000)
Changes in assets & liabilities
Due from affiliates -
Prepaid expenses 275,000
Other current assets 20,000
Accounts payable 1,259,000
Due to GM LLC (867,000)
Accrued payroll & employee benefits (12,715,000)
Other accrued liabilities 5,257,000
-----------------
Net Cash used in Operating Activities (27,469,000)
Cash Flows from Investing Activities:
Proceeds from disposal of assets 576,000
Proceeds from sale of investment
in subsidiaries 2,218,000
Changes in restricted cash -
-----------------
Net cash provided by (used in) investing
activities 2,794,000
-----------------
Decrease in cash & cash equivalents (24,675,000)
Cash & cash equivalents at beginning of period 1,057,486,000
-----------------
Cash & cash equivalents at end of period $1,032,811,000
=================
About General Motors
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
GREEKTOWN HOLDINGS: Casino Records $5.96MM Net Loss for November
----------------------------------------------------------------
Greektown Holdings, LLC
Balance Sheet
As of November 30, 2009
Assets
Cash $0
Inventory
Accounts receivable
Insider Receivables 3,442,586
Property and Equipment
Land and buildings 0
Furniture, fixtures and equipment 0
Other Assets
Financing Fees 0
Notes receivables from affiliates 500,475,307
Investments in affiliate (44,320,571)
--------------
Total Assets $459,597,322
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $0
Rent and lease payable 0
Wages and salaries 0
Taxes payable 0
Other 1,350,000
--------------
Total postpetition liabilities 1,350,000
Secured liabilities subject to postpetition
collateral or financing order 186,509,542
All other secured liabilities 313,965,764
--------------
Total secured liabilities 500,476,307
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 236,795,057
Discount on bonds 0
--------------
Total prepetition liabilities 236,795,057
Kewadin equity (99,399,607)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (209,017,277)
--------------
Total stockholders' equity (279,023,041)
--------------
Total liabilities 738,620,363
--------------
Total Liabilities & Shareholders' Deficit $459,597,322
==============
Greektown Holdings, LLC
Income Statement
For the month ended November 30, 2010
Total revenue/sales $0
Cost of sales 0
--------------
Gross profit 0
Operating Expenses
Interest expense 1,657,292
Accounting fees - credit 0
--------------
Total expenses 1,657,292
Net operating profit/(loss)
Add: Non-operating income 0
Interest income 0
Other income 0
Less: Non-operating expenses 0
--------------
Net Income (Loss) ($1,657,292)
==============
Greektown Holdings, LLC
Cash Flow Statement
For the month ended November 30, 2009
Cash - beginning of month $0
Receipts 0
Balance available 0
--------------
Less disbursements 0
--------------
Cash - end of month $0
==============
Greektown Casino LLC
Balance Sheet
As of November 30, 2009
Assets
Cash $23,682,709
Inventory 383,807
Accounts receivable 4,714,491
Insider Receivables -
Property and Equipment
Land and buildings 539,564,168
Furniture, fixtures and equipment 85,402,357
Accumulated depreciation (149,606,815)
Other current 23,939,266
Other long term 11,351,801
--------------
Total Assets $539,431,784
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $13,986,560
Notes payable 2,054,457
Rent and lease payable 0
Wages and salaries 1,510,461
Taxes payable 442,531
Other 86,671
--------------
Total postpetition liabilities 18,080,681
Secured liabilities subject to postpetition
collateral or financing order 186,509,542
All other secured liabilities 313,965,764
--------------
Total secured liabilities 500,475,306
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 61,542,083
Other 3,654,286
--------------
Total prepetition liabilities 65,196,369
Equity 47,575,616
Owner's capital 0
Retained earnings prepetition 82,744,007
Retained earnings postpetition (174,641,195)
--------------
Total shareholders' equity (44,320,572)
--------------
Total liabilities 583,752,356
--------------
Total Liabilities & Shareholders' Equity $539,431,784
==============
Greektown Casino LLC
Income Statement
For the month ended November 30, 2009
Total revenue/sales $30,530,848
Cost of sales 3,413,363
--------------
Gross profit 27,117,485
Operating Expenses
Officer compensation 26,849
Salary expenses, other employees 4,901,137
Employees benefits & pensions 2,076,139
Payroll taxes 553,578
Other taxes 618,483
Rent and lease expense 7,989
Interest expense 5,159,324
Insurance 257,073
Automobile & truck expense 0
Utilities 239,026
Depreciation 2,981,628
Travel and entertainment 5,888
Repairs and maintenance 55,756
Advertising 1,347,538
Supplies, office expense, etc. 14,155
Gaming taxes 7,474,055
G&A expenses 2,773,151
F&B expenses 854,543
MGCB Fee 846,387
Parking/other 2,000
Pre-opening expenses -
Impairment of intangible assets -
--------------
Total expenses 30,192,698
Net operating profit (loss) (3,075,213)
Add: Non-operating income:
Interest income -
Other income -
Less: Non-operating expenses
Professional fees 2,708,606
Other 175,000
--------------
Net Income (Loss) ($5,958,819)
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended November 30, 2009
Cash - beginning of month $10,246,739
Receipts 44,284,869
Balance available 54,531,608
--------------
Less disbursements 44,247,250
--------------
Cash - end of month $10,284,359
==============
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC, and its
affiliates -- http://www.greektowncasino.com/-- operates
world-class casino gaming facilities located in Detroit's
historic Greektown district featuring more than 75,000 square
feet of casino gaming space with more than 2,400 slot machines,
over 70 tables games, a 12,500-square foot salon dedicated to
high limit gaming and the largest live poker room in the
metropolitan Detroit gaming market. Greektown Casino employs
approximately 1,971 employees, and estimates that it attracts
over 15,800 patrons each day, many of whom make regular visits to
its casino complex and related properties. In 2007, Greektown
Casino achieved a 25.6% market share of the metropolitan Detroit
gaming market. Greektown Casino has also been rated as the "Best
Casino in Michigan" and "Best Casino in Detroit" numerous times
in annual readers' polls in Detroit's two largest newspapers.
The Company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent. Clark
Hill PLC serves as counsel to the Official Committee of Unsecured
Creditors.
Greektown Holdings listed assets and debts of $100 million to
$500 million in its bankruptcy petition.
Bankruptcy Creditors' Service, Inc., publishes Greektown Casino
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings undertaken by Greektown Casino and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
METROMEDIA INT'L: Posts $2.1 Million Net Loss in November
---------------------------------------------------------
MIG, Inc., reported a net loss of $2.1 million on net revenue of
$13,760 for the month ended November 30, 2009. Professional fees
incurred in November and included in reorganization items totaled
$1.9 million.
At November 30, 2009, MIG had $1.03 billion in total assets,
$205.4 million in total liabilities, and $824.1 million in total
equity.
The Company ended November with approximately $49.3 million in
cash, which includes $3.6 million of restricted cash. For the
month, the Company paid a total of $743,474 in professional fees.
A copy of the Company's November operating report is available for
free at http://bankrupt.com/misc/mig.novembermor.pdf
About MIG Inc.
Based in Charlotte, North Carolina, MIG Inc. (PINK SHEETS: MTRM,
MTRMP) -- http://www.metromedia-group.com/-- through its wholly
owned subsidiaries, owns interests in several communications
businesses in the country of Georgia. The Company's core
businesses include Magticom Ltd., a mobile telephony operator
located in Tbilisi, Georgia, Telecom Georgia, a long distance
telephony operator, and Telenet, which provides Internet access,
data communications, voice telephony and international access
services.
MIG, Inc., fka Metromedia International Group, Inc., filed for
Chapter 11 bankruptcy protection on June 18, 2009 (Bankr. D. Del.
Case No. 09-12118). Scott D. Cousins, Esq., at Greenberg Traurig
LLP assists the Company in its restructuring efforts. Debevoise &
Plimpton LLP is the Company's special corporate counsel, while
Potter Anderson & Corroon LLP is the Company's special litigation
counsel. The official committee of unsecured creditors of MIG,
Inc., has retained Baker & McKenzie LLP as its bankruptcy
counsel, nunc pro tunc to June 30, 2009.
In its petition, the Company said it had US$100 million to
US$500 million in assets and US$100 million to US$500 million in
debts. In its formal schedules, the Company said it had assets of
$54,820,681 against debts of $210,183,657.
NEWPOWER HOLDINGS: Files Monthly Operating Report for November
--------------------------------------------------------------
NewPower Holdings, Inc., filed its monthly operating report for
the period October 31, 2009, to November 30, 2009, with the
Bankruptcy Court on January 11, 2010.
The Debtor had an opening cash balance of $610 and an ending cash
balance of $584.
A full-text copy of the Debtor's November 2009 operating report
is available for free at http://researcharchives.com/t/s?4d61
On November 30, 2009, the Company filed its monthly operating
report for the period from September 30, 2009, to October 31,
2009.
The Debtor had an opening cash balance of $630 and an ending cash
balance of $610.
A full-text copy of the Debtor's October 2009 operating report
is available for free at http://researcharchives.com/t/s?4d63
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for Chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding, and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors as counsel. When the Debtors
filed for protection from their creditors, they reported
$231,837,000 in assets and $87,936,000 in debts.
On August 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary of the Company. That
Plan became effective on October 9, 2003, with respect to the
company and TNPC.
On February 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
OPUS SOUTH: Reports $287,193 Net Income for November
----------------------------------------------------
Opus South Corporation
Balance Sheet
As of November 30, 2009
ASSETS:
Cash & cash equivalents $830,528
Receivables:
Construction contracts 8,589,340
Related party -
Management fees -
Other (1,826,761)
------------
Total receivables 6,762,580
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 16,013
------------
Total assets $67,132,956
============
LIABILITIES:
Accounts payable $10,990,220
Accrued expenses 1,872,118
Accrued income taxes -
Billings in excess of costs -
Mortgages and notes payable 61,000,000
Subordinated notes payable -
Postpetition accounts payable 446,047
Postpetition accrued expenses (76,771)
------------
Total liabilities 74,231,614
Minority interest in subsidiary -
EQUITY:
Common stock 9,660
Additional paid-in capital 71,674,223
Prepetition retained earnings (70,246,617)
Postpetition retained earnings (8,532,923)
------------
Total equity (7,098,657)
------------
Total liabilities & equity $67,132,956
============
Opus South Corporation
Income Statement
For the month ended November 30, 2009
Gross Revenues:
Construction - related party $0
Construction - 3rd party 0
Real estate 235,000
Rental property 0
Management fee 0
------------
Total gross revenues 235,000
Gross Margin:
Construction - related party 0
Construction - 3rd party (425)
Real estate 86,876
Rental property 0
Management fee 0
------------
Total gross margin 86,451
Other Income:
Interest -
Real estate ventures -
Other (740)
------------
Total income 85,711
Expenses:
Salary and related 28,342
General & administrative (229,824)
Reorganization expenses -
Project costs capitalized -
Interest -
Interest capitalized -
Corporate overhead & variable compensation -
Charitable contributions -
------------
Total expenses (201,482)
Income(Loss) before minority interest & taxes 287,193
Minority Int. in income(loss) loss of cons sub -
------------
Income(Loss) before taxes 287,193
------------
Net income(loss) $287,193
============
Opus South Corporation's November 2009 operating report also
includes a Cash Receipts & Disbursements statement. A copy is
available for free at http://bankrupt.com/misc/OpS11MORCD.pdf
About Opus South
Headquartered in Atlanta, Georgia, Opus South Corporation --
http://www.opuscorp.com/-- provides an array of real estate
related services across the United States including real estate
development, architecture & engineering, construction and project
management, property management and financial services.
The Company and its affiliates filed for Chapter 11 on April 22,
2009 (Bankr. D. Del. Lead Case No. 09-11390). Victoria Watson
Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors
in their restructuring efforts. The Debtors propose to employ
Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial
Corporation as real estate broker, Delaware Claims Agency LLC as
claims agent. The Debtors have assets and debts both ranging from
$50 million to $100 million.
Bankruptcy Creditors' Service, Inc., publishes Opus West
Bankruptcy News. The newsletter tracks the separate Chapter 11
proceedings of Opus West Corp. and Opus South Corp. and their
related debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
PNG VENTURES: Posts $221,950 Net Loss in November
-------------------------------------------------
On January 4, 2010, PNG Ventures, Inc., et al., filed their
monthly operating report for the month ended November 30, 2009.
PNG Ventures reported a net loss of $221,950 on total revenue of
$1,410,640 for the month of November 2009.
At November 30, 2009, PNG Ventures had $79,701,913 in total
assets and $73,219,786 in total liabilities.
A full-text copy of the Debtors' November monthly operating
report is available for free at
http://researcharchives.com/t/s?4d5c
PNG Ventures, Inc., produces, distributes, and sells liquefied
natural gas to customers within the transportation, industrial,
and municipal markets in the western United States and parts of
Mexico. The Company sells substantially all of its LNG to fleet
customers, who typically own and operate their fueling stations.
The Company also sells a small volume of LNG to customers for non-
vehicle use. The Company owns one public LNG fueling station from
which it sells LNG to numerous parties. The Company produces LNG
at its liquefaction plant in Arizona, but also purchases, from
time to time, LNG supplies from third parties, typically on spot
contracts. The Company sells LNG principally through supply
contracts that are normally on an index-plus basis, although it
also occasionally enters into fixed-price contracts.
The Company is headquartered in Dallas, Texas. The LNG business
conducts its operations principally in Arizona and California.
Through the Company's LNG business, the Company offers turnkey
fuel solutions to its customers, including clean LNG fuel (99%
methane gas) and 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.
TLC VISION: Files Initial Monthly Operating Report
--------------------------------------------------
On January 5, 2010, TlC Vision (USA) Corporation, et al., filed an
initial monthly operating report with the Bankruptcy Court.
The Debtors submitted cash flow projections for the 22 week period
from December 21, 2009, through May 21, 2010, disclosing:
Beginning Cash Balance $2,413,000
Net Cash Flows ($1,244,000)
Dip Loan Borrowings/(Repayments) $6,271,000
Ending Cash $7,440,000
A copy of the Company's initial monthly operating report is
available for free at
http://bankrupt.com/misc/tlcvision.initialmor.pdf
TLC Vision -- http://www.tlcvision.com/-- is North America's
premier eye care services company, providing eye doctors with the
tools and technologies needed to deliver high-quality patient
care. Through its centers' management, technology access service
models, extensive optometric relationships, direct to consumer
advertising and managed care contracting strength, TLCVision
maintains leading positions in Refractive, Cataract and Eye Care
markets.
TLC Vision (USA) Corporation, and two of its corporate affiliates
filed petitions for Chapter 11 on Dec. 21, 2009 (Bankr. D. Del.
Case No. 09-14473). The petition says assets and debts are
$100 million to $500 million.
The Company's lead U.S. restructuring counsel is the law firm of
Proskauer Rose LLP and Canadian restructuring counsel is the law
firm of Torys LLP. The Company's financial advisor is Conway Del
Genio Gries & Co., LLC. Epiq Bankruptcy Solutions is claims and
notice agent.
TRIBUNE CO: Reports $39.7 Mil. Operating Income for November
------------------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of November 22, 2009
ASSETS
Current Assets:
Cash and cash equivalents $1,342,016,000
Accounts receivable, net 74,841,000
Inventories 19,665,000
Broadcast rights 209,615,000
Prepaid expenses and other 106,409,000
--------------
Total current assets 1,752,546,000
Property, plant and equipment, net 1,026,567,000
Other Assets:
Broadcast rights 132,205,000
Goodwill & other intangible assets 815,160,000
Prepaid pension costs 1,425,000
Investments in non-debtor units 1,515,179,000
Other investments 48,109,000
Intercompany receivables from non-debtors 3,617,040,000
Other 99,547,000
--------------
Total Assets $9,007,778,000
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of broadcast rights $74,414,000
Current portion of long-term debt 5,938,000
Accounts payable, accrued expenses, and other 386,905,000
--------------
Total current liabilities 467,257,000
Pension obligations 183,603,000
Long-term broadcast rights 58,180,000
Long-term debt 13,205,000
Other obligations 166,335,000
--------------
Total Liabilities 888,580,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,687,000
Obligations to third parties 13,371,725,000
--------------
Total Liabilities Subject to Compromise 16,831,412,000
Shareholders' Equity (Deficit) (8,712,214,000)
--------------
Total Liabilities & Shareholders' Equity $9,007,778,000
==============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period October 26, 2009 through November 22, 2009
Total Revenue $251,779,000
Operating Expenses:
Cost of sales 119,809,000
Selling, general and administrative 79,049,000
Depreciation 12,089,000
Amortization of intangible assets 1,132,000
--------------
Total operating expenses 212,079,000
--------------
Operating Profit (Loss) 39,700,000
--------------
Net income on equity investments (111,000)
Interest income, net 631,000
Management fee (1,588,000)
Non-operating loss, net (3,934,000)
--------------
Income (loss) before income taxes & Reorg. Costs 34,698,000
Reorganization costs (5,869,000)
--------------
Income (loss) before income taxes 28,829,000
Income taxes (519,000)
--------------
Income (loss) from continuing operations 28,310,000
Income from discontinued operations, net of tax 471,457,000
--------------
Net Income (Loss) $499,767,000
==============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period October 26, 2009 through November 22, 2009
Beginning Cash Balance $795,826,000
Cash Receipts:
Operating receipts 220,140,000
Other 700,030,000
--------------
Total Cash Receipts 920,170,000
Cash Disbursements
Compensation and benefits 74,587,000
General disbursements 128,732,000
Reorganization related disbursements 4,650,000
--------------
Total Disbursements 207,969,000
--------------
Debtors' Net Cash Flow 712,201,000
From/(To) Non-Debtors (170,884,000)
--------------
Net Cash Flow 541,317,000
Other 385,000
--------------
Ending Available Cash Balance $1,337,528,000
==============
About Tribune Co.
Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.
The Company and 110 of its affiliates filed for Chapter 11
protection on Dec. 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141). The Debtors proposed Sidley Austion LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As
of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets
and $12,972,541,148 in total debts.
Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TRIDENT RESOURCES: Reports C$68.1 Million Net Profit in October
---------------------------------------------------------------
Trident Resources Corp. reported net profit of C$68,087,883 on no
revenues for the month ending October 31, 2009. Professional fees
totaled C$645,414.
At October 31, 2009, Trident Resources had C$374,454,818 in total
assets and C$612,233,705 in total liabilities.
At October 31, 2009, Trident Resources had unrestricted cash and
cah equivalents of C$316,779.
Trident Resources' schedule of cash receipts and disbursements for
October 2009 showed:
Cash Beginning $800,162.78
Total Transfers ($312,978.23)
Total Disbursements $173,104.12
Net Cash Flow ($486,082.35)
Foreign Exchange Changes $2,698.64
Cash End $316,779.07
A copy of Trident Resources Corp., et al.'s October operating
report is available for free at:
http://bankrupt.com/misc/trident.octobermor.pdf
About Trident Resources
Calgary, Alberta-based Trident Resources Corp. operates a natural
gas exploration and development company. The Company and its
affiliates filed for Chapter 11 on Sept. 8, 2009 (Bankr. D. Del.
Case Nos. 09-13150 to 09-13154). Trident Exploration Corp. and
certain of TEC's Canadian subsidiaries filed an application with
the Court of Queen's Bench of Alberta, Judicial District of
Calgary, under the Companies' Creditors Arrangement Act (Canada).
Trident on December 3, 2009, obtained an extension from the
Canadian Court of the "stay period" in its Canadian proceedings
until January 15, 2010, to allow the Debtors to focus on their
restructuring efforts.
In their petition, the Debtors listed $10,000,001 to $50,000,000
in assets and $500,000,001 to $1,000,000,000 in debts. As of
October 31, 2009, the Debtors had $374,484,559 in total assets
against $612,233,705 in total liabilities.
TROPICANA ENTERTAINMENT: Reports $4,391,000 Loss for November
-------------------------------------------------------------
Tropicana Entertainment, LLC
Balance Sheet
As of November 30, 2009
Unaudited
ASSETS
Current Assets
Accounts receivable - trade $15,000
Cash & temporary cash investments 4,355,000
Restricted cash 2,772,000
Deposits 10,978,000
Inventories 0
Other receivables 0
Prepaid expenses 192,000
--------------
Total Current Assets 18,312,000
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 (358,000)
Gaming entertainment reserve for depreciation 0
Vehicle reserve for depreciation 0
--------------
Total Reserve for Depreciation (358,000)
Other Assets
Investments 2,775,215,000
Other assets 8,239,000
--------------
Total Other Assets 2,783,453,000
--------------
TOTAL ASSETS $2,803,912,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts payable $10,696,000
Accrued other expenses 1,735,000
Accrued payroll 2,472,000
Deferred income 0
Notes payable - Evansville 0
Payroll taxes payable 0
Sales tax payable (3,000)
Current portion of long-term debt due 1 Yr 0
Amounts due to affiliated guarantors 51,540,000
--------------
Total Current Liabilities 66,440,000
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 5,941,000
Intercompany 85,922,000
--------------
Total Other Liabilities 91,864,000
Total Liabilities not Subject to Compromise 223,523,000
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 2,705,200,000
Total Stockholders' Equity 98,712,000
--------------
Total Liabilities & Shareholders' Deficit $2,803,912,000
==============
Tropicana Entertainment, LLC
Income Statement
For the Month Ended November 30, 2009
Unaudited
Operating Revenues
Casino revenue $0
Rooms revenue 0
Food & beverage revenue 0
Other casino & hotel revenue - less int income 0
--------------
Operating Revenues 0
Less promotional allowances 0
--------------
Net Operating Revenues 0
Operating Expenses
Casino operating expenses 21,000
Rooms operating expenses 0
Food and beverage operating expenses 0
Other casino and hotel operating expenses (143,000)
Utilities 0
Marketing, advertising and casino promotions 10,000
Repairs and maintenance 34,000
Insurance (45,000)
Property and local taxes 0
Gaming tax and licenses 0
Administrative and general 1,946,000
Leased land and facilities 58,000
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 401,000
--------------
Total Operating Expense 2,322,000
Income from Operations (2,322,000)
Other Income (Expense)
Interest expense (901,000)
Intercompany interest income 0
Intercompany interest expense (143,000)
--------------
Total Other Income (Expense) (1,044,000)
Federal Income Tax 1,025,000
Income Before Minority Interest (4,391,000)
--------------
NET INCOME ($4,391,000)
==============
For the reporting period, Tropicana Entertainment LLC and its
debtor affiliates listed cash receipts totaling $28,738,000 and
cash disbursements totaling $28,858,000.
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)
TXCO RESOURCES: Posts $4,320,890 Net Loss in November
-----------------------------------------------------
On January 7, 2010, TXCO Resources Inc. and its subsidiaries
filed an unaudited consolidated monthly operating report for the
period ended November 30, 2009.
The Debtors reported a net loss of $4,320,890 on revenues of
$4,729,384 for the month of November.
At November 30, 2009, the Debtors had $364,872,640 in total
assets, $366,235,879 in total liabilities, and ($1,363,238) in
total owner's equity. The Debtors had cash of $11,463,128 at
November 30, 2009.
A full-text copy of the Debtors' monthly operating report for
November 2009 is available for free at:
http://researcharchives.com/t/s?4d5e
The Debtors reported a net loss of $4,304,310 on revenues of
$4,407,598 for the month of October 2009.
A full-text copy of the Debtors' monthly operating report for
October 2009 is available for free at:
http://researcharchives.com/t/s?4d5f
About TXCO Resources
TXCO Resources Inc. is an independent oil and natural gas
enterprise with interests in the Maverick Basin of Southwest
Texas, the Fort Trinidad area of East Texas, the onshore Gulf
Coast region and the Marfa Basin of Texas, the Midcontinent region
of Western Oklahoma and willow Gulf of Mexico waters. The
Company's business strategy is to acquire undeveloped mineral
interests and internally develop a multi-year drilling inventory
through the use of advanced technologies, such as 3-D seismic and
horizontal drilling. The Company accounts for its oil and natural
gas operations under the successful efforts method of accounting
and trade its common stock under the symbol "TXCOQ.pk."
The Company and its subsidiaries filed for Chapter 11 protection
on May 17, 2009 (Bankr. W.D. Tex. Case No. 09-51807). The Debtors
hired Deborah D. Williamson, Esq., and Lindsey D. Graham, Esq., at
Cox Smith Matthews Incorporated, as general restructuring counsel;
Fulbright and Jaworski, L.L.P., as corporate counsel & conflicts
counsel; Albert S. Conly as chief restructuring officer and FTI
Consulting Inc. as financial advisor; Goldman, Sachs & Co. as
financial advisor for assets sale; Global Hunter Securities, LLC,
as financial advisors and investment bankers; and Administar
Services Group LLC as claims agent. Gardere Wynne Sewell LLP
represents the Committee.
VION PHARMACEUTICALS: Files Initial Monthly Operating Report
------------------------------------------------------------
On January 7, 2010, Vion Pharmaceuticals, Inc., filed its
unaudited initial monthly operating report with the U.S.
Bankruptcy Court for the District of Delaware.
The Company provided a 13-week budget for the period December 17,
2009, through March 19, 2010, disclosing:
Cash, Beginning $14,365,000
Total Receipts 59,256
Total Disbursements $2,528,682
Net Cash Flow $2,469,426
Cash, Ending $11,895,574
A full-text copy of the Company's initial monthly operating report
is available for free at http://researcharchives.com/t/s?4d60
Vion Pharmaceuticals, Inc., a development-stage pharmaceutical
company, develops and commercializes therapeutics for the
treatment of cancer.
New Haven, Connecticut-based Vion Pharmaceuticals, Inc., filed for
Chapter 11 bankruptcy protection on December 17, 2009 (Bankr. D.
Delaware Case No. 09-14429). Christopher M. Samis, Esq., and John
Henry Knight, Esq., at Richards, Layton & Finger, P.A., assist the
Company in its restructuring effort. Vion has retained the
services of Roth Capital Partners, LLC to assist with the sale of
the Company or its key assets during the Chapter 11 proceeding.
The Company listed $10,000,001 to $50,000,000 in assets and
$50,000,001 to $100,000,000 in liabilities.
WASHINGTON MUTUAL: Reports $7.5 Million Loss for November
---------------------------------------------------------
Unaudited Balance Sheet
As of November 30, 2009
ASSETS
Unrestricted cash and cash equivalents $4,580,569,810
Restricted cash and cash equivalents 94,741,216
Investment securities 70,348,048
Accrued interest receivable 695,367
Accounts receivable -
Income tax receivable 477,528,528
Prepaid expenses 4,010,524
Cash surrender value of BOLI/COLI 88,810,116
Funded Pension 39,173,922
Other investments -
Investment in subsidiaries 1,483,675,777
Notes receivable, intercompany 12,413,460
Fixed assets 95,258
Other assets 80,154,466
---------------
Total Assets $6,932,216,493
===============
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $6,867,480
Taxes payable -
Accrued wages and benefits 1,215,820
Other accrued liabilities 12,220,419
Rent and equipment lease payable -
Deferred tax liability (asset) -
Other liabilities - intercompany -
Other postpetition liabilities -
Minority interest 1,112,436
---------------
Total Postpetition Liabilities 21,416,154
LIABILITIES SUBJECT TO COMPROMISE
Senior debt 4,108,911,139
Subordinated debt 1,613,991,512
Junior subordinated debt 742,476,453
Accrued interest payable 75,907,764
Intercompany payables 684,095,259
Accounts payable 4,480,720
Taxes payable 550,080,833
Payroll and benefit accruals 407,236,707
Other accrued liabilities 86,362,520
Other prepetition liabilities 198
---------------
Total Prepetition Liabilities 8,273,543,104
---------------
Total Liabilities 8,294,959,259
SHAREHOLDERS' EQUITY
Preferred stock 3,392,341,954
Common stock 12,988,753,556
Other comprehensive income (753,790,541)
Retained earnings - prepetition (16,741,804,781)
Retained earnings - postpetition (248,242,954)
---------------
Total Shareholders' Equity (1,362,742,766)
---------------
Total Liabilities and Shareholders' Equity $6,932,216,493
===============
WASHINGTON MUTUAL, INC.
Unaudited Statement of Operations
For the period November 1 to November 30, 2009
REVENUES
Interest income:
Cash equivalents $601,954
Securities 276,102
Notes receivable - intercompany 46,341
Other 155
---------------
Total Interest Income 924,552
Earnings (losses) from subsidiaries and
other equity investments (2,198,010)
Gains (losses) from securities (2,430)
Other income 297,607
---------------
Total Revenues (978,281)
OPERATING EXPENSES
Compensation and benefits 409,181
Occupancy and equipment 93,979
Professional fees 125,724
Loss (Income) from BOLI/COLI policies (232,602)
Management fees/transition services 50,000
Insurance 225,000
Other 194,067
---------------
Total Operating Expenses 865,349
Net profit (loss) before other income
and expenses (1,843,630)
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany -
Borrowings -
---------------
Total Interest Expense -
Other expense/(income) -
---------------
Net profit (loss) before
reorganization items (1,843,630)
REORGANIZATION ITEMS
Professional fees 5,136,918
U.S. Trustee quarterly fees 7,000
Gains (losses) from sale of assets -
Other reorganization expenses 526,316
---------------
Total Reorganization Items 5,670,234
Net profit (loss) before income taxes (7,513,864)
Income taxes -
---------------
NET PROFIT (LOSS) ($7,513,864)
===============
WASHINGTON MUTUAL, INC.
Unaudited Schedule of Cash Receipts and Disbursements
For the period November 1 to November 30, 2009
Opening Balance 10/31/09 $3,947,171,449
RECEIPTS
Interest & investment returns 588,520
Tax refunds 5,047
Reimbursements/distributions from subs -
Sales of assets/securities -
Life insurance proceeds 67,011
Other miscellaneous receipts 187
---------------
Total Receipts 660,766
TRANSFERS
Sweep to/(from) Money Market account -
Sweep (to)from Wells Managed account -
---------------
Total Transfers -
DISBURSEMENTS
Salaries and benefits 303,244
Travel and other expenses 44,511
Occupancy and supplies 145,190
Professional fees 4,227,870
Other outside services 448,767
Bank fees 22,817
U.S. trustee quarterly fees -
Directors fees 60,000
Taxes paid -
---------------
Total Disbursements 5,252,398
===============
Net Cash Flow (4,591,633)
---------------
Cash - End of Month 3,942,579,816
GL Balance 3,942,579,816
Net value -- Short Term Securities 637,989,995
---------------
Total Cash and Cash Equivalents $4,580,569,810
===============
WMI INVESTMENT CORP.
Unaudited Balance Sheet
As of November 30, 2009
ASSETS
Unrestricted cash and cash equivalents $275,234,178
Restricted cash and cash equivalents -
Investment Securities -
Accrued interest receivable (2,291)
Accounts receivable -
Income tax receivable 22,187,560
Prepaid expenses -
Cash surrender value of BOLI/COLI -
Funded Pension -
Other investments 40,189,032
Investment in subsidiaries -
Notes receivable, intercompany 565,844,197
Fixed Assets -
Other assets -
---------------
Total Assets $903,452,677
===============
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $0
Taxes payable -
Accrued wages and benefits -
Other accrued liabilities 14,825
Rent and equipment lease payable -
Deferred tax liability (asset) -
Other liabilities - intercompany -
Other postpetition liabilities -
Minority interest -
---------------
Total Postpetition Liabilities 14,825
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt -
Subordinated debt -
Junior subordinated debt -
Accrued interest payable -
Intercompany payables -
Accrued interest payable - intercompany -
Accounts payable -
Accounts payable - intercompany -
Taxes payable -
Payroll and benefit accruals -
Other accrued liabilities -
Other prepetition liabilities -
---------------
Total Prepetition Liabilities -
---------------
Total Liabilities 14,825
SHAREHOLDERS' EQUITY
Preferred stock -
Common stock 1,000,000,000
Other comprehensive income 22,187,560
Retained earnings - prepetition 14,133,260
Retained earnings - postpetition (132,882,969)
---------------
Total Shareholders' Equity 903,437,852
---------------
Total Liabilities and Shareholders' Equity $903,452,677
===============
WMI INVESTMENT CORP.
Unaudited Statement of Operations
For the period November 1 to November 30, 2009
REVENUES
Interest income:
Cash equivalents $39,412
Securities -
Notes receivable - intercompany -
Other -
---------------
Total Interest Income 39,412
Earnings (losses) from subsidiaries and
other equity investments -
Gains (losses) from securities -
Other income -
---------------
Total Revenues 39,412
OPERATING EXPENSES
Compensation and benefits -
Occupancy and equipment -
Professional fees -
Loss (Income) from BOLI/COLI policies -
Management fees/transition services -
Insurance -
Other 14,386
---------------
Total Operating Expenses 14,386
Net profit (loss) before other income
and expenses 25,026
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany -
Borrowings -
---------------
Total Interest Expense -
Other expense/(income) -
---------------
Net profit (loss) before
reorganization items 25,026
REORGANIZATION ITEMS
Professional fees -
U.S. Trustee quarterly fees -
Gains (losses) from sale of assets -
Other reorganization expenses -
---------------
Total Reorganization Items -
---------------
Net profit (loss) before income taxes 25,026
Income taxes -
---------------
NET PROFIT (LOSS) $25,026
===============
WMI INVESTMENT CORP.
Unaudited Schedule of Cash Receipts and Disbursements
For the period November 1 to November 30, 2009
Opening Balance 10/31/09 $54,011,577
RECEIPTS
Interest & investment returns 167,789
Tax refunds -
Reimbursements/distributions from subs -
Sales of assets/securities -
Life insurance proceeds -
Other miscellaneous receipts -
---------------
Total Receipts 167,789
TRANSFERS
Sweep to/(from) Money Market account -
Sweep (to) from Wells Managed account -
---------------
Total Transfers -
DISBURSEMENTS
Salaries and benefits -
Travel and other expenses -
Occupancy and supplies -
Professional fees -
Other outside services -
Bank fees -
U.S. trustee quarterly fees -
Directors fees -
Taxes paid -
Miscellaneous adjustments -
---------------
Total Disbursements -
===============
Net Cash Flow 167,789
---------------
Cash - End of Month 54,179,367
GL Balance 54,179,367
Net value -- Short Term Securities 221,054,810
---------------
Total Cash and Cash Equivalents $275,234,177
===============
WaMu Chief Financial Officer John Maciel disclosed that as
of November 30, 2009, the Debtors paid these firms an aggregate
of $4,227,869 on account of services rendered in their cases:
Professional Fees Expenses
------------ --------- --------
Akin, Gump, Strauss, Hauer & Fled $351,568 $14,121
Alvarez & Marsal 2,231,164 94,818
CP Energy Group, LLC 8,000 -
FTI Consulting, Inc. 187,454 217
Grant Thornton 27,067 3,358
Joele Frank, Wilkinson Brimmer Katcher 28,151 1,417
John W. Wolfe, P.S. 97,727 159
Kurtzman Carson Consultants LLC 58,492 -
McKee Nelson LLP/Bingham McCutchen 312,542 1,379
Miller & Chevalier Chartered 22,792 75
Pepper Hamilton LLP 48,418 3,571
Perkins Coie LLP 54,419 4,106
PricewaterhouseCoppers LLP 138,977 16,616
Silverstein & Pomerantz LLP 9,826 77
Simpson Thacher & Barlett LLP 4,552 -
Weil, Gotshal & Manges LLP 486,326 20,471
As of November 30, 2009, WaMu paid a total of $6,867,479 to 29
vendors for certain postpetition accounts. A complete list of
the Vendor Payments is available for free at:
http://bankrupt.com/misc/WaMu_Nov2009VendorPayments.pdf
Mr. Maciel reported that for the period from November 1 to 30,
2009, WaMu did not file property tax returns and sales and use
tax returns. Withholding summaries of deposits and corporate
license tax returns were filed during the Reporting Period.
A full-text copy of WaMu's November 2009 Operating Report is
available for free at the U.S. Securities and Exchange Commission
at http://ResearchArchives.com/t/s?4ce8
About Washington Mutual
Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries. The Company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.
Washington Mutual Bank was taken over September 25 by U.S.
government regulators. The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns
100% of the equity in WMI Investment. Weil Gotshal & Manges
represents the Debtors as counsel. When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695. WMI Investment listed assets of $500,000,000
to $1,000,000,000 with zero debts.
Bankruptcy Creditors' Service Inc. publishes Washington Mutual
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Washington Mutual Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
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On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. 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 2010. All rights reserved. ISSN: 1520-9474.
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