/raid1/www/Hosts/bankrupt/TCR_Public/100213.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, February 13, 2010, Vol. 14, No. 43
Headlines
ABITIBIBOWATER INC: Reports $187.6MM Net Loss for December
ACCEPTANCE INSURANCE: Posts $11,987 Net Loss in January 2010
ATRIUM CORP: Files Initial Monthly Operating Report
AUTOBACS STRAUSS: Reports $2.3 Million December Net Loss
CATHOLIC CHURCH: Fairbanks Has Net Assets of $4.89MM at Oct. 31
CATHOLIC CHURCH: Fairbanks Has Net Assets of $5.32MM at Nov. 30
CHEMTURA CORP: Reports $7 Million Net Loss for December
COOPER-STANDARD: CSA FHS Reports $410,297 Profit for December
COOPER-STANDARD: CSA Inc. Reports $14 Mil. Net Loss for December
COOPER-STANDARD: CSA OH Reports $2,628,003 Profit for December
CHRYSLER LLC: Has $146 Million Cash at December 31
DECODE GENETICS: Earns $11,519,778 From Nov. 17 - Dec. 31
DISTRIBUTED ENERGY: Ends December With $586,090 Cash
ERICKSON RETIREMENT: Reports $6.44 Million Net Loss for December
ESCADA AG: EUSA Reports $413,956 Loss for December
FAIRFIELD RESIDENTIAL: Posts $313.6MM Net Loss From Dec. 13 - 31
FLYING J: Posts $4.8 Million Net Loss in November
FREEDOM COMMUNICATIONS: Earns $25.4 Million in December
HAIGHTS CROSS: Files Initial Monthly Operating Report
HERBST GAMING: Posts $5.1 Million Net Loss in December
MAGNA ENTERTAINMENT: Earns $5.5 Million in December
NEWPOWER HOLDINGS: Files Monthly Operating Report for December
NTK HOLDINGS: All Debtors' Disbursements at $230.6MM for December
PROLIANCE INTERNATIONAL: Posts $509,000 Net Loss in December
QHB HOLDINGS: Ends December With $9.8 Million Cash
READER'S DIGEST: Reports $7,300,000 Net Loss for December
SAMSONITE COMPANY: Ends December 2009 With $619,252 Cash
TARRAGON CORP: Posts $3,591,908 Net Loss in December
TRIBUNE CO: Reports $21,364,000 Net Income for December
TRICOM SA: Ends December With $12,812,479 Cash
TRIDENT RESOURCES: Earns C$7,112,361 in December
TRONOX INC: Records $59.4 Million Net Loss for December
TXCO RESOURCES: Posts $3,624,568 Net Loss in December
VALUE CITY: Reports $1,264,000 Net Income From Nov. 29 - Jan. 2
VISTEON CORP: Reports $111,392,000 Net Income for December
WHITEHALL Jewelers: Posts $477,000 Net Loss From Nov. 29 - Jan. 2
*********
ABITIBIBOWATER INC: Reports $187.6MM Net Loss for December
----------------------------------------------------------
On February 1, 2010, AbitibiBowater Inc. and certain of its U.S.
subsidiaries filed a monthly operating report for the period
from December 1, 2009, to December 31, 2009, with the United
States Bankruptcy Court for the District of Delaware.
The Debtors reported a consolidated net loss of $187.6 million on
net sales of $356.4 million in December. Gross profit was
$42.3 million. The operating loss for the month was $2.3 million
including restructuring and other costs of $19.4 million.
At December 31, 2009, the Debtors had $21.465 billion in total
assets, $8.221 billion in total liabilities, and $13.244 billion
in shareholders' equity.
For December 2009, the Debtors paid a total of $3,920,293 in
professional fees and expenses.
AbitibiBowater Inc., et al.
Consolidated Balance Sheet
As of December 31, 2009
ASSETS
Cash and cash equivalents $445,061,510
Receivables - Net 325,507,786
Inventories 264,430,421
Prepaid Expense and Other 66,478,239
Notes Receivable from Affiliates 3,637,968,939
Income Tax Receivable -
Deferred Income Taxes -
-----------------
Total Current Assets 4,739,446,895
Plant and Equipment 5,158,777,743
Less Accumulated Depreciation (3,424,873,434)
-----------------
Plant and Equipment, Net 1,733,904,309
Good will/Intangible Assets 56,080,604
Investment in Subsidiaries 14,768,965,587
Other Assets 166,703,705
-----------------
Total Assets $21,465,101,100
=================
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade Accounts Payable $50,561,081
Accrued Liabilities 157,467,999
Current Portion of Long Term Debt 206,000,000
Due to Affiliates 219,348,649
Income Tax Payable (9,225,995)
-----------------
Total Current Liabilities 624,151,734
Long Term Debt -
Reclassification to Current Portion -
-----------------
Long Term Debt Net of Current Installments -
Loans from Affiliates -
Other Liabilities 256,927,184
Deferred Income Taxes (40,690,768)
Liabilities Subject to Compromise
Debt 2,970,594,297
Debt - Affiliate 3,693,120,336
Accounts Payable 96,991,778
Other 619,977,034
-----------------
Total Liabilities 8,221,071,595
Shareholder Equity - Net 13,244,029,505
-----------------
Total Liabilities & Shareholders' Equity $21,465,101,100
=================
AbitibiBowater Inc., et al.
Consolidated Statement of Operations
For the period from Dec. 1, 2009 to Dec. 31, 2009
Sales - Net $356,353,375
Cost of Sales 320,711,813
-----------------
Gross Profit (Loss) (sic) 42,341,562
Operating Expenses
Selling, General and Administrative 18,527,722
Research and Development -
Restructuring and Other Costs 19,378,742
-----------------
Total Operating Expenses (sic) 44,606,484
-----------------
Operating Income (Loss) (2,264,902)
Interest Income (Expense) (11,292,578)
Other Income (Expense) Net 5,735,416
Equity in Earnings of Subsidiaries (178,831,104)
-----------------
Income Before Taxes (sic)(187,013,168)
Income Tax Expense (580,226)
-----------------
Net income before Discontinued Operations (sic)(187,593,394)
Discontinued Operations -
-----------------
Net Income (Loss) (sic)($187,593,394)
=================
AbitibiBowater Inc., et al.
Consolidated Schedule of Receipts and Disbursements
For the period from Dec. 1, 2009 to Dec. 31, 2009
Total Cash Receipts $365,295,000
Disbursements:
Payroll & Payroll Taxes (36,757,000)
Non-Payroll Labor (6,432,000)
Raw Materials (66,162,000)
Utilities (19,568,000)
Freight (7,588,000)
SG&A (19,694,000)
Supplies (13,132,000)
Rent (95,000)
Customer Rebates (3,425,000)
Interest (8,063,000)
Security Deposits -
Taxes -
Other (24,682,000)
-----------------
Total Cash Disbursements ($205,598,000)
=================
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 $11,987 Net Loss in January 2010
------------------------------------------------------------
Acceptance Insurance Companies Inc. filed with the U.S.
Bankruptcy Court for the District of Nebraska on February 9, 2010,
its monthly operating report for January 2010.
For the month ended January 31, 2010, Acceptance Insurance
Companies Inc. posted a net loss of $11,987 on net investment
income of $209. Legal fees and expenses totaled $5,006.
The Debtor reported total assets of $1,960,309, total liabilities
of $138,176,877, and stockholders' deficit of $136,216,568 as of
January 31, 2010.
A full-text copy of the Debtor's January 2010 operating report is
available for free at http://researcharchives.com/t/s?51f9
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.
ATRIUM CORP: Files Initial Monthly Operating Report
---------------------------------------------------
On February 4, 2010, Atrium Corporation filed its initial monthly
operating report with the U.S. Bankruptcy Court for the District
of Delaware.
Atrium Corporation submitted a 13-week cash flow projection
covering the period from the week ending January 15, 2010, through
April 9, 2010.
A full-text copy of the Debtor's initial monthly operating report
is available at no charge at:
http://bankrupt.com/misc/atriumcorp.initialmor.pdf
About Atrium
Headquartered in Dallas, Texas, Atrium Corporation --
http://www.atrium.com/-- is a manufacturer and supplier of
residential windows and doors in North America. The Company has
5,100 employees and 63 manufacturing facilities and distribution
centers in 21 U.S. states, Canada and Mexico.
Atrium Corporation and various affiliates filed for Chapter 11
bankruptcy protection on January 20, 2010 (Bankr. D. Del. Case No.
10-10150). Richard M. Cieri, Esq.; Joshua A. Sussberg, Esq.; and
Brian E. Schartz, Esq., at Kirkland & Ellis LLP, and Dominic E.
Pacitti, Esq.; and Michael W. Yurkewicz, Esq., at Klehr Harrison
Harvey Branzburg LLP, assist the Debtors in their restructuring
efforts. Deloitte Financial Advisory Services LLP is the Debtors'
financial advisor. Moelis & Company is the Debtors' investment
banker. Goodmans LLP is the Debtors' Canadian counsel. Garden
City Group Inc. is the Debtors' claims agent.
As of December 31, 2009, the Debtors listed $655.9 million in
consolidated debts, but didn't state their consolidated assets.
Atrium Corp.'s petition says assets are up to $500,000 while debts
range from $100 million to $500 million.
AUTOBACS STRAUSS: Reports $2.3 Million December Net Loss
--------------------------------------------------------
Bill Rochelle at Bloomberg News reported that Autobacs Strauss
Inc., doing business as Strauss Discount Auto, reported a
$2.3 million net loss in December on total sales of $9 million.
The loss before interest, taxes, depreciation and amortization for
the month was $340,000. Restructuring expense totaled
$1.6 million while depreciation was $264,000.
About Autobacs Strauss
Headquartered in South River, New Jersey, Autobacs Strauss Inc. --
http://www.straussauto.com/-- sells after-market automotive
parts and accessories, and operate automotive service centers
located in New York, New Jersey, Philadelphia, Bethlehem and
Pennsylvania. The Company operates 86 retail store locations and
has about 1,450 employees. The Company filed for Chapter 11
protection on February 4, 2009 (Bankr. D. Del. Case No.
09-10358). Edward J. Kosmowski, Esq., at Young Conaway Stargatt &
Taylor, LLP, represents the Debtor in its restructuring
efforts. As of January 3, 2009, the Debtor had total assets of
$75,000,000 and total debts of $72,000,000.
The Chapter 11 case is Strauss's third. The preceding Chapter 11
case ended with confirmation of a Chapter 11 plan in April 2007.
The Company was then named R&S Parts & Service Inc.
CATHOLIC CHURCH: Fairbanks Has Net Assets of $4.89MM at Oct. 31
---------------------------------------------------------------
Catholic Bishop of Northern Alaska
Statement of Financial Position
As of October 31, 2009
CBNA Held for
ASSETS Total Others
----- --------
Cash and cash equivalents $699,973 $77,626
Investments:
Valuables in safe 168 -
Trust account @ market 757,958 -
457 Plan assets @ market - 118,126
Endowment Fund @ market - 14,774,272
Endowment Fund - earnings @ market (1,244,882) -
Stocks 12,673 -
Limited partnerships 261,324 -
Accounts receivable, net of allowance:
Tuition, fees and others 78,441 -
For parishes and school 141,666 -
Other 2,400 -
Notes and other receivables 51,837 -
Grants pledged - -
Fixed assets, net at cost:
Land and building 7,410,546 -
Aircraft 123,341 -
Equipment 9,826 -
Other assets 412,014 -
---------- ----------
Total Assets $8,717,291 $14,970,025
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable/accrued liabilities $1,781,349 -
Notes payable 216,966 -
D.I.P. Loan 1,000,000 -
Benefits payable 99,308 -
Deferred revenue 3,194 -
Annuities payable 186,527 -
Other liabilities 88,939 -
Payroll-related liabilities:
Payroll taxes 44,456 -
General vacation accrual account 16,106 -
Tax sheltered annuity - -
Accrued leave 225,876 -
Insurance:
Long term disability 1,001 -
Insurance deposits payables 33,527 -
Insurance reserves expense 71,706 -
Indemnity insurance reserves 261 -
Medical/Dental payroll deduction 55,383 -
CBNA building loan - -
---------- ----------
Total Liabilities 3,824,605 -
---------- ----------
Total net assets 4,892,686 14,970,025
---------- ----------
Total Liabilities and Net Assets $8,717,291 $14,970,025
========== ==========
Catholic Bishop of Northern Alaska
Statement of Activities
For the month ending October 31, 2009
CBNA Held for
Total Others
Support and revenue: ----- --------
Parish assessments $11,206 -
Tuition, net of tuition assistance 161,376 -
Curricular income 36,006 -
Donations 536,736 -
Investment income (79,202) ($14,470)
Other income 18,833 2,960
Temporarily restricted gifts 1,973 -
---------- ----------
Total support and revenue 686,929 (11,510)
Expenses:
Operating expenses 68,841 -
Supplies (4,254) -
Repair & Maintenance 21,302 -
Utilities 45,518 -
Insurance 17,470 -
Staff Expenses:
Salaries & Wages 399,556 -
Payroll Taxes 23,149 -
Employee Benefits 86,123 -
Curricular Expenses 30,132 -
Recruiting, advertising and PRs 3,581 -
Travel Expenses 14,457 -
Student related expenses 1,739 -
Contributions 100 -
Professional and technical fees 7,140 -
Investment services 7,839 1,162
Subsidies 10,000 -
Rental/Lease Expense 10,502 -
Assessments 12,101 -
Fund Raising Expense 12,196 -
Radio Programming Expense 6,828 -
Radio Technical Dept. Expenses 8,700 -
Miscellaneous Expense 7,422 -
---------- ----------
Total General 790,449 1,162
Funds released from restricted funds - -
Net change in designated funds - -
---------- ----------
Total Expenses 790,449 1,162
---------- ----------
Increase (decrease) in net assets (103,519) (12,672)
---------- ----------
Re-organization costs - -
Increase (decrease) in net assets ---------- ----------
after Re-org costs (103,519) (12,672)
Net assets:
Beginning of month 4,752,727 14,982,697
---------- ----------
End of month $4,649,208 $14,970,025
========== ==========
Catholic Bishop of Northern Alaska
Cash Receipts and Disbursements
For the month ending October 31, 2009
CBNA Held for
Total Others
----- --------
Beginning balance - February 2008 $433,719 $31,975
Total receipts - prior gen. account
reports 23,156,387 2,517,317
Less total disbursements 22,824,525 2,400,388
---------- ----------
Beginning balance - September 30, 2009 765,581 148,904
Receipts during current period:
Transfers between internal accounts 131,645 -
Funds received by CBNA from KNOM 61,883 -
Funds received from Catholic Schools 34,802 -
Funds received by Catholic Schools 16,666 -
Funds collected from others 130,535 130,535
Custodial funds 8,275 8,275
Accounts receivable 196,671 -
Restricted funds and endowment gifts 4,156 -
Donations 344,838 -
Interest & dividends 1,274 -
Payment refund/return 1,839 -
Programs 185,500 -
Weather service income 150 -
Co-curricular income 5,726 -
Curricular income 2,589 -
Other income/fees 4,031 -
Miscellaneous 585 -
Sale of books and cards 3,044 -
Sale of merchandise 1,320 -
Susan's PPA to cash, donation revenue 1,837 -
---------- ----------
Total receipts this period 1,137,373 138,810
---------- ----------
Balance 1,902,954 287,715
Less total disbursements:
Transfers between internal accounts 131,645 -
Transfers from KNOM to CBNA for payroll 61,883 -
Transfers from Cath. schools to CBNA 36,494 -
Transfers from CBNA to Cath. schools 21,961 -
Funds disbursed for others 84,439 84,439
Custodial funds 8,800 8,800
Co-curricular expense 3,074 -
Curricular expense 2,694 -
Programming - News service 7,239 -
Wages & salaries 289,772 -
Employee benefits 143,654 -
Staff development 5,790 -
Furniture, fixtures & equipments 659 -
Supplies: maintenance/repairs 25,310 -
Supplies: school 8,038 -
Supplies: office 14,452 -
Scholarships/donations/financial aids 10 -
Maintenance/repairs 2,890 -
Rent 4,500 -
Fundraising 2,641 -
Telephone/Internet 6,844 -
Utilities 46,743 -
Dues/Fees 4,679 -
Refunds 1,950 -
Travel 31,186 -
Printing & copying 12,989 -
Postage 18,244 -
Services & insurance 218 -
Medical reimbursements 925 -
Education expenses 6,600 -
Taxes 81,300 -
Bank fees and charges 5,516 -
Interest expense 1,173 -
Music license fee 33 -
List rental and copy leases 3,023 -
Annuities 3,048 -
Professional fees 16,196 -
US Trustees fees 9,750 -
Miscellaneous 1,924 -
Supplies: food 4,071 -
Advertising 2,745 -
Reimbursements 460 -
Subsidies 10,000 -
Supplies: religious 308 -
Assessments: ACCB, USCCB 894 -
---------- ----------
Total disbursements this period 1,126,784 93,240
---------- ----------
Ending balance - October 31, 2009 $776,170 $194,474
========== ==========
About the Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts. Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel. Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case. The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.
The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008. Its exclusive plan filing period
expires on January 15, 2009. (Catholic Church Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Fairbanks Has Net Assets of $5.32MM at Nov. 30
---------------------------------------------------------------
Catholic Bishop of Northern Alaska
Statement of Financial Position
As of November 30, 2009
CBNA Held for
ASSETS Total Others
----- --------
Cash and cash equivalents $692,838 $68,698
Investments:
Valuables in safe 168 -
Trust account @ market 763,672 -
457 Plan assets @ market - 124,530
Endowment Fund @ market - 14,845,697
Endowment Fund - earnings @ market (822,271) -
Stocks 13,074 -
Limited partnerships 261,324 -
Accounts receivable, net of allowance:
Tuition, fees and others 82,078 -
For parishes and school 72,414 -
Other 1,400 -
Notes and other receivables 50,982 -
Grants pledged - -
Fixed assets, net at cost:
Land and building 7,410,546 -
Aircraft 123,341 -
Equipment 9,826 -
Other assets 400,855 -
---------- ----------
Total Assets $9,060,251 $15,038,926
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable/accrued liabilities $1,717,850 -
Notes payable 216,966 -
D.I.P. Loan 1,000,000 -
Benefits payable 73,056 -
Deferred revenue 3,194 -
Annuities payable 186,527 -
Other liabilities 94,891 -
Payroll-related liabilities:
Payroll taxes 39,340 -
General vacation accrual account 16,051 -
Tax sheltered annuity - -
Accrued leave 234,904 -
Insurance:
Long term disability 1,537 -
Insurance deposits payables 34,346 -
Insurance reserves expense 73,927 -
Indemnity insurance reserves 261 -
Medical/Dental payroll deduction 47,034 -
CBNA building loan - -
---------- ----------
Total Liabilities 3,739,891 -
---------- ----------
Total net assets 5,320,360 15,038,926
---------- ----------
Total Liabilities and Net Assets $9,060,251 $15,038,926
========== ==========
Catholic Bishop of Northern Alaska
Statement of Activities
For the month ending November 30, 2009
CBNA Held for
Total Others
Support and revenue: ----- --------
Parish assessments $38,378 -
Tuition, net of tuition assistance 188,002 -
Curricular income 16,775 -
Donations 587,615 -
Investment income 429,870 $72,102
Other income 30,037 3,015
Temporarily restricted gifts 4,926 -
---------- ----------
Total support and revenue 1,295,606 75,117
Expenses:
Operating expenses 52,970 -
Supplies 9,803 -
Repair & Maintenance 25,638 -
Utilities 32,965 -
Insurance 10,954 -
Staff Expenses:
Salaries & Wages 339,336 -
Payroll Taxes 21,458 -
Employee Benefits 88,919 -
Curricular Expenses 10,566 -
Recruiting, advertising and PRs 3,143 -
Travel Expenses 24,420 -
Student related expenses 1,134 -
Contributions - -
Professional and technical fees 12,123 -
Investment services 5,041 $593
Subsidies 107,926 -
Rental/Lease Expense 9,500 -
Assessments - -
Fund Raising Expense 19,145 -
Radio Programming Expense 5,375 -
Radio Technical Dept. Expenses 8,048 -
Miscellaneous Expense 21,274 -
---------- ----------
Total General 809,747 593
Funds released from restricted funds - -
Net change in designated funds - -
---------- ----------
Total Expenses 809,747 593
---------- ----------
Increase (decrease) in net assets 485,858 74,523
---------- ----------
Re-organization costs 58,184 -
Increase (decrease) in net assets ---------- ----------
after Re-org costs 427,674 74,523
Net assets:
Beginning of month 4,892,686 14,964,403
---------- ----------
End of month $5,320,360 $15,038,926
========== ==========
Catholic Bishop of Northern Alaska
Cash Receipts and Disbursements
For the month ending November 30, 2009
CBNA Held for
Total Others
----- --------
Beginning balance - February 2008 $433,719 $31,975
Total receipts - prior gen.
account reports 24,293,760 2,656,128
Less total disbursements 23,951,309 2,493,628
---------- ----------
Beginning balance - October 31, 2009 776,170 194,474
Receipts during current period:
Transfers between internal accounts 104,402 -
Funds received by CBNA from KNOM 63,457 -
Funds received from Catholic Schools 60,913 -
Funds received by Catholic Schools 23,435 -
Funds collected from others 115,676 115,676
Custodial funds 20,071 20,071
Accounts receivable 240,658 -
Restricted funds and endowment gifts 4,991 -
Donations 559,621 -
Interest & dividends 147 -
Proceeds from the sale of stock 279 -
Payment refund/return 4,268 -
Programs 40,443 -
Weather service income 150 -
Co-curricular income 6,055 -
Curricular income 292 -
Health insurance 3,855 -
Other income/fees 2,891 -
Miscellaneous 1,752 -
Sale of books and cards 1,310 -
Sale of merchandise 3,014 -
---------- ----------
Total receipts this period 1,257,687 135,748
---------- ----------
Balance 2,033,857 330,223
Less total disbursements:
Transfers between internal accounts 104,402 -
Transfers from KNOM to CBNA for payroll 63,457 -
Transfers from Cath. schools to CBNA 59,221 -
Transfers from CBNA to Cath. schools 20,961 -
Funds disbursed for others 120,506 120,506
Custodial funds 13,243 13,243
Co-curricular expense 103 -
Curricular expense 1,290 -
Programming - News service 22,852 -
Wages & salaries 264,139 -
Employee benefits 139,750 -
Staff development 7,443 -
Furniture, fixtures & equipments 3,577 -
Supplies: maintenance/repairs 22,211 -
Supplies: school 1,687 -
Supplies: office 2,540 -
Scholarships/donations/financial aids 528 -
Administrative 430 -
Maintenance/repairs 11,121 -
Rent 5,066 -
Telephone/Internet 5,115 -
Utilities 34,510 -
Dues/Fees 1,274 -
Refunds 740 -
Travel 38,529 -
Printing & copying 19,738 -
Postage 1,536 -
Services & insurance 70,466 -
Medical reimbursements 726 -
Education expenses 3,938 -
Taxes 80,824 -
NSF's 85 -
Bank fees and charges 4,261 -
Interest expense 487 -
Music license fee 97 -
List rental and copy leases 5,968 -
Restricted 10,964 -
Annuities 617 -
Professional fees 11,522 -
Miscellaneous 715 -
Supplies: food 4,444 -
Advertising 75 -
Reimbursements 195 -
Subsidies 111,926 -
Supplies: religious 222 -
Business meals 252 -
---------- ----------
Total disbursements this period 1,273,775 133,749
---------- ----------
Ending balance - November 30, 2009 $760,082 $196,473
========== ==========
About the Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts. Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel. Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case. The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.
The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008. Its exclusive plan filing period
expires on January 15, 2009. (Catholic Church Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CHEMTURA CORP: Reports $7 Million Net Loss for December
-------------------------------------------------------
Chemtura Corporation, Et Al.
Condensed Combined Balance Sheets (Unaudited)
As of December 31, 2009
Assets
Current Assets $672,000,000
Intercompany receivables 538,000,000
Investment in subsidiaries 1,950,000,000
Property, plan and equipment 422,000,000
Goodwill 149,000,000
Other assets 411,000,000
--------------
Total assets $4,142,000,000
==============
Liabilities and Stockholders' Equity
Current liabilities $448,000,000
Intercompany payables 65,000,000
Other long-term liabilities 68,000,000
--------------
Total liabilities
not subject to compromise 581,000,000
Liabilities subject to compromise 3,316,000,000
Total stockholders' equity 245,000,000
--------------
Total liabilities
and stockholders' equity $4,142,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Operations (Unaudited)
For the Period from December 1 to 31, 2009
Net sales $225,000,000
Cost of goods sold 155,000,000
Selling, general and
administrative expenses 14,000,000
Depreciation and amortization 9,000,000
Research and development 2,000,000
Impairment of long-lived assets 5,000,000
--------------
Operating profit 40,000,000
Interest expense (6,000,000)
Other income (expense) (2,000,000)
Reorganization items, net (24,000,000)
Equity in net earnings (loss)
of subsidiaries (15,000,000)
--------------
Income (loss) before income taxes (7,000,000)
Income tax benefit -
--------------
Net income (loss) ($7,000,000)
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Cash Flows (Unaudited)
For the Period from December 1 to 31, 2009
Cash Flows from Operating Activities:
Net income (loss) ($7,000,000)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation and amortization 5,000,000
Stock-based compensation expense 9,000,000
Reorganization items, net 17,000,000
Changes in assets and debts, net (23,000,000)
--------------
Net cash provided in
operating activities 1,000,000
--------------
Cash flows from Investing Activities:
Capital expenditures (10,000,000)
--------------
Cash Flows from Financing Activities:
Proceeds from credit facility, net 1,000,000
--------------
Cash and Cash Equivalents:
Change in cash and cash equivalents (8,000,000)
Cash and cash equivalents, beg. 89,000,000
--------------
Cash and cash equivalents, end $81,000,000
==============
About Chemtura Corp.
Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.
Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel. The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.
As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.
Bankruptcy Creditors' Service, Inc., publishes Chemtura
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings undertaken by Chemtura Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
COOPER-STANDARD: CSA FHS Reports $410,297 Profit for December
-------------------------------------------------------------
Cooper-Standard Automotive FHS Inc.
Unaudited Balance Sheet
As of December 31, 2009
ASSETS
Current Assets
Cash and cash equivalents $672,288
Account receivable, net 20,411,061
Inventories, net 10,099,343
Prepaid expenses 31,758
Intercompany receivable 80,158,165
Others -
--------------
Total current assets 111,372,615
Property, plant and equipment, net 37,340,612
Goodwill -
Intangibles, net 640,498
Intercompany investments 2,405,255
Long-term intercompany receivable -
Other assets 8,762
--------------
Total assets $151,767,742
==============
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
Liabilities not subject to compromise:
Current liabilities:
Debt Payable within One Year -
Accounts payable 5,255,857
Payroll liabilities 828,678
Accrued liabilities 1,347,289
Intercompany payable -
--------------
Total current liabilities 7,431,824
Long-term debt -
Pension benefits -
Post-retirement benefits other than pensions -
Deferred tax liabilities 5,853,239
Other long-term liabilities 179,522
Liabilities subject to compromise 2,213,585
--------------
Total liabilities 15,678,170
Common stock -
Intercompany common stock -
Additional paid-in capital -
Intercompany paid-in capital 120,302,465
Retained Earnings (Accumulated deficit) 15,767,768
Accumulated other comprehensive income (loss) 19,339
--------------
Total stockholders' equity (deficit) 136,089,572
--------------
Total liabilities and equity (deficit) $151,767,742
==============
Cooper-Standard Automotive FHS Inc.
Unaudited Income Statement
For the Period Ended December 31, 2009
Sales $12,996,242
Material 5,493,282
Labor 916,443
Overhead 3,396,623
Scrap & Other 268,873
--------------
Cost of products sold 10,075,221
Gross profit 2,921,021
Salary & Benefits -
Supplies/Occupancy -
Travel & Entertainment -
Contract Services -
Other 1,883,063
Impairment -
Amortization of intangibles 6,585
Restructuring 602,921
--------------
Total SG&A Expenses 2,492,569
Operating profit (loss) 428,452
Reorganization Items, net 20,633
Royalty income (loss) -
Other income (expense) (47,048)
Equity earnings (losses) -
--------------
EBIT 402,037
Interest income (expense) -
--------------
Income (loss) before income taxes 402,037
Provision for income tax (benefit) (8,260)
--------------
Net income (loss) $410,297
==============
CS Automotive FHS also reported total receipts of $665,604 and
total disbursements of -$42,435,821 for December 2009.
About Cooper-Standard
Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry. Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share. The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.
Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.
Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors. Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor. Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total $1,733,017,000 while debts total
$1,785,039,000 as of March 31, 2009.
The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.
Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
COOPER-STANDARD: CSA Inc. Reports $14 Mil. Net Loss for December
----------------------------------------------------------------
Cooper-Standard Automotive Inc.
Unaudited Balance Sheet
As of December 31, 2009
ASSETS
Current Assets
Cash and cash equivalents $91,509,924
Account receivable, net 83,324,561
Inventories, net 26,332,932
Prepaid expenses 3,256,892
Intercompany receivable -
Others 10,777,906
--------------
Total current assets 215,202,215
Property, plant and equipment, net 90,795,633
Goodwill 87,728,335
Intangibles, net 1,038,008
Intercompany investments 526,825,393
Long-term intercompany receivable 206,467,717
Other assets 24,594,648
--------------
Total assets 1,152,651,949
==============
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
Liabilities not subject to compromise:
Current liabilities:
Debt Payable within One Year $75,046,768
Accounts payable 43,501,697
Payroll liabilities 17,851,209
Accrued liabilities 15,741,709
Intercompany payable 646,767,283
--------------
Total current liabilities 798,908,666
Long-term debt 2,333,011
Pension benefits 71,337,753
Post-retirement benefits other than pensions 54,049,000
Deferred tax liabilities 2,626,590
Other long-term liabilities 10,012,551
Liabilities subject to compromise 1,077,401,813
--------------
Total liabilities 2,016,669,384
Common stock 35
Intercompany common stock (1,515,999)
Additional paid-in capital 690,389
Intercompany paid-in capital (324,748,712)
Retained Earnings (Accumulated deficit) (419,968,900)
Accumulated other comprehensive income (loss) (118,474,248)
--------------
Total stockholders' equity (deficit) (864,017,435)
--------------
Total liabilities and equity (deficit) $1,152,651,949
==============
Cooper-Standard Automotive Inc.
Unaudited Income Statement
For the Period Ended December 31, 2009
Sales $40,367,396
Material 22,512,065
Labor 2,871,670
Overhead 7,389,816
Scrap & Other 2,082,425
--------------
Cost of products sold 34,855,976
Gross profit 5,511,420
Salary & Benefits 5,905,005
Supplies/Occupancy 1,554,714
Travel & Entertainment 204,104
Contract Services 2,604,229
Other 1,523,263
Impairment -
Amortization of intangibles 28,833
Restructuring (2,613,758)
--------------
Total SG&A Expenses 9,206,390
Operating profit (loss) (3,694,970)
Reorganization Items, net (2,940,603)
Royalty income (loss) 506,270
Other income (expense) (1,217,303)
Equity earnings (losses) -
--------------
EBIT (7,346,606)
Interest income (expense) (2,019,611)
--------------
Income (loss) before income taxes (9,366,217)
Provision for income tax (benefit) 4,655,138
--------------
Net income (loss) ($14,021,355)
==============
CS Automotive Inc. also reported total receipts of $442,001,010
and total disbursements of -$266,179,256 for December 2009.
About Cooper-Standard
Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry. Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share. The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.
Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.
Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors. Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor. Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total $1,733,017,000 while debts total
$1,785,039,000 as of March 31, 2009.
The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.
Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
COOPER-STANDARD: CSA OH Reports $2,628,003 Profit for December
--------------------------------=-----------------------------
Cooper-Standard Automotive OH, LLC
Unaudited Balance Sheet
As of December 31, 2009
ASSETS
Current Assets
Cash and cash equivalents $3,292
Account receivable, net 20,987,459
Inventories, net 4,526,736
Prepaid expenses 357,413
Intercompany receivable 506,700,972
Others -
--------------
Total current assets 532,575,872
Property, plant and equipment, net 40,226,203
Goodwill -
Intangibles, net -
Intercompany investments -
Long-term intercompany receivable -
Other assets 36,491
--------------
Total assets $572,838,566
==============
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
Liabilities not subject to compromise:
Current liabilities:
Debt Payable within One Year -
Accounts payable 4,235,546
Payroll liabilities 1,899,325
Accrued liabilities 398,678
Intercompany payable -
--------------
Total current liabilities 6,533,549
Long-term debt -
Pension benefits (3,969)
Post-retirement benefits other than pensions -
Deferred tax liabilities -
Other long-term liabilities 67,670
Liabilities subject to compromise 556,457
--------------
Total liabilities 7,153,707
Common stock -
Intercompany common stock -
Additional paid-in capital -
Intercompany paid-in capital 18,336,000
Retained Earnings (Accumulated deficit) 547,348,859
Accumulated other comprehensive income (loss) -
--------------
Total stockholders' equity (deficit) 565,684,859
--------------
Total liabilities and equity (deficit) $572,838,566
==============
Cooper-Standard Automotive OH, LLC
Unaudited Income Statement
For the Period Ended December 31, 2009
Sales $13,769,649
Material 5,275,953
Labor 1,973,751
Overhead 3,120,560
Scrap & Other 773,218
--------------
Cost of products sold 11,143,482
Gross profit 2,626,167
Salary & Benefits -
Supplies/Occupancy -
Travel & Entertainment -
Contract Services -
Other
Impairment -
Amortization of intangibles -
Restructuring -
--------------
Total SG&A Expenses 0
Operating profit (loss) 2,626,167
Reorganization Items, net 1,836
Royalty income (loss) -
Otber income (expense) -
Equity earnings (losses) -
--------------
EBIT 2,628,003
Interest income (expense)
--------------
Income (loss) before income taxes 2,628,003
Provision for income tax (benefit)
--------------
Net income (loss) $2,628,003
==============
CS Automotive OH also reported total disbursements of
-$50,597,503 for December 2009.
About Cooper-Standard
Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry. Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share. The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.
Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.
Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors. Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor. Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total $1,733,017,000 while debts total
$1,785,039,000 as of March 31, 2009.
The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.
Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
CHRYSLER LLC: Has $146 Million Cash at December 31
--------------------------------------------------
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Balance Sheet
As of December 31, 2009
CURRENT ASSETS:
Cash and cash equivalents $146,000,000
Restricted cash 101,000,000
Inventories 20,000,000
Prepaid expenses and other current assets 473,000,000
Deferred taxes 17,000,000
--------------
TOTAL CURRENT ASSETS 757,000,000
OTHER ASSETS:
Property, plant and equipment, net 516,000,000
Investments, notes and advances 909,000,000
Restricted cash 2,000,000
Deferred taxes 20,000,000
Other assets 13,000,000
--------------
TOTAL OTHER ASSETS 1,460,000,000
--------------
TOTAL ASSETS $2,217,000,000
==============
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Accrued expenses & other current liabilities $645,000,000
Debtor-in-possession financing 3,344,000,000
Deferred taxes 4,000,000
--------------
TOTAL CURRENT LIABILITIES 3,993,000,000
LONG-TERM LIABILITIES NOT SUBJECT TO COMPROMISE:
Accrued expenses and other liabilities 208,000,000
Deferred taxes 244,000,000
--------------
TOTAL LONG-TERM LIABILITIES 452,000,000
Liabilities subject to compromise 17,728,000,000
--------------
TOTAL LIABILITIES 22,173,000,000
MEMBER'S DEFICIT:
Capital stock 316,000,000
Contributed capital 7,735,000,000
Accumulated losses (32,701,000,000)
Accumulated other comprehensive loss (income) 4,694,000,000
--------------
TOTAL MEMBER'S DEFICIT (19,956,000,000)
--------------
TOTAL LIABILITIES & MEMBER'S DEFICIT $2,217,000,000
==============
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Statement of Operations
Month Ended December 31, 2009
Revenues ($62,000,000)
Cost of sales 140,000,000
--------------
GROSS MARGIN (202,000,000)
Selling, administrative & other expenses (3,000,000)
Research and development 5,000,000
Other (income) loss, net -
Gain on Daimler pension settlement -
Restructuring (income) expense (31,000,000)
--------------
INCOME (LOSS) BEFORE FINANCIAL EXPENSE, (173,000,000)
REORGANIZATION ITEMS AND INCOME TAXES
Financial expense, net (29,000,000)
--------------
INCOME (LOSS) BEFORE REORG. ITEMS &
INCOME TAXES (202,000,000)
Reorganization items (203,000,000)
Provision (credit) for income taxes 2,000,000
--------------
NET INCOME (LOSS) ($1,000,000)
==============
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Statement of Cash Flows
For the month ending December 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($1,000,000)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 8,000,000
Changes in deferred taxes -
Amortization of original issue
discount on DIP Financing -
Net (gain) loss on Fiat transaction (206,000,000)
Net (gain) loss on disposal of fixed assets -
Other non-cash income and expense -
Changes in accrued expenses & other liabilities (4,000,000)
Changes in other operating assets & liabilities:
* inventories 6,000,000
* trade receivables -
* trade liabilities -
* payments for reorganization items (7,000,000)
* other assets and liabilities 201,000,000
--------------
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES (3,000,000)
CASH FLOWS FROM INVESTING (FINANCING) ACTIVITIES:
Proceeds from Fiat transaction -
Purchases of property, plant &
equipment, equipment on operating
leases & intangible assets -
Proceeds from disposals of property, plant
and equipment and intangible assets -
Proceeds from disposals of equipment on
operating leases -
Net change in restricted cash 1,000,000
Other -
--------------
NET CASH PROVIDED BY INVESTING ACTIVITIES 1,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from DIP Financing -
Repayment of first lien credit facility (117,000,000)
Change in financial liabilities - 3rd party -
Original issue discount on DIP Financing -
--------------
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES (117,000,000)
--------------
Net increase (decrease) in cash and cash equiv. (119,000,000)
--------------
Cash & cash equiv. at beginning of period 265,000,000
--------------
Cash and cash equivalents at end of period $146,000,000
==============
About Chrysler Group LLC
Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products. Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck. Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.
About Chrysler LLC
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)
DECODE GENETICS: Earns $11,519,778 From Nov. 17 - Dec. 31
--------------------------------------------------------
On January 29, 2010, DGI Resolution, Inc., formerly known as
deCODE genetics, Inc., filed a monthly operating report for the
period November 17, 2009, through and including December 31, 2009.
deCode genetics reported reported net income of $11,519,778 for
the period.
At December 31, 2009, deCODE genetics had total assets of
($28,683,588), total liabilities of $245,515,946, and net owner
equity of ($274,199,534).
A full-text copy of deCODE's operating report for the period ended
December 31, 2009, is available at no charge at:
http://researcharchives.com/t/s?51a5
About deCODE Genetics
deCODE Genetics Inc. is a global leader in analyzing and
understanding the human genome. deCODE has identified key
variations in the sequence of the genome conferring increased risk
of major public health challenges from cardiovascular disease to
cancer, and employs its gene discovery engine to develop DNA-based
tests to assess individual risk of common diseases; to license its
tests and intellectual property to partners; and to provide
comprehensive, leading- edge contract services to companies and
research institutions around the globe. The Company was founded
in 1996 and is headquartered in Reykjavik, Iceland.
deCODE's balance sheet at June 30, 2009, showed total assets of
$69.85 million and total liabilities of $313.92 million,
resulting in a stockholders' deficit of $244.07 million.
The Company filed for Chapter 11 on November 16, 2009 (Bankr. D.
Del. Case No. 09-14063). The petition listed assets of
$69.9 million against debt of $314 million. Liabilities
include $230 million on 3.5% senior convertible notes.
DISTRIBUTED ENERGY: Ends December With $586,090 Cash
----------------------------------------------------
Distributed Energy Systems Corp. filed with the U.S. Bankruptcy
Court for the District of Delaware on February 2, 2010, a monthly
operating report for filing period November 1, 2009, through
December 31, 2009.
The Company's schedule of cash receipts and disbursements for the
reporting period November 1, 2009, through December 31, 2009,
showed:
Cash Beginning of Period $586,112
Total Receipts $0
Total Disbursements $22
Cash End of Period $586,090
A copy of Distributed Energy's monthly operating report is
available for free at:
http://bankrupt.com/misc/distributedenergy.nov1-dec31mor.pdf
Distributed Energy also filed on February 2, 2010, a monthly
operating report for filing period November 1, 2009, through
December 31, 2009 for Debtor NPS Liquidating Inc.
NPS Liquidating's schedule of cash receipts and disbursements for
the reporting period October 1, 2009, through October 31, 2009,
showed:
Cash beginning of November $1,077,821
Total November Receipts $295,295
Total November Disbursements $10,450
Net Cash Flow $284,845
Cash End of November $1,362,666
Cash beginning of December $1,362,666
Total December Receipts $0
Total December Disbursements $28,600
Net Cash Flow ($28,600)
Cash End of December $1,334,066
A copy of NPS Liquidating Inc.'s monthly operating report is
available for free at:
http://bankrupt.com/misc/nps.nov1-dec31mor.pdf
About Distributed Energy
Distributed Energy Systems Corp. and its wholly owned subsidiary,
Northern Power Systems Inc., now known as NPS Liquidating Inc.
filed for Chapter 11 bankruptcy protection on May 4, 2008 (Bankr.
D. Del. Lead Case No. 08-11101). Robert S. Brady, Esq., Edward J.
Kosmowski, Esq., and Robert F. Poppiti, Jr., at Young, Conaway,
Stargatt & Taylor LLP represent the Debtors in their restructuring
efforts. The Debtors selected Epiq Systems as their claims agent.
The U.S. Trustee for Region 3 appointed three creditors to serve
on an Official Committee of Unsecured Creditors. Schuyler G.
Carroll, Esq., Robert M. Hirsh, Esq., and Karen McKinley, Esq., at
Arent Fox LLP, in New York, and John V. Fiorella, Esq., Charles C.
Brown, III, Esq., and "J" Jackson Shrum, Esq., at Archer &
Greiner, P.C., in Wilmington, Delaware, represent the Committee.
The Debtors disclosed in their schedules, assets of $19,593,387
and debts of $43,558,713.
ERICKSON RETIREMENT: Reports $6.44 Million Net Loss for December
----------------------------------------------------------------
Erickson Retirement Communities, LLC
Balance Sheet
As of December 31, 2009
Assets
Unrestricted cash $18,309,000
Restricted cash 15,219,000
--------------
Total cash 33,528,000
Accounts receivable, net 0
Inventory 0
Notes receivable 32,401,000
Prepaid expenses 3,370,000
Other 17,163,760
--------------
Total current assets 86,462,760
Property, Plant & Equipment 86,707,699
Less: Accumulated depreciation (31,803,699)
--------------
Net property, plant & equipment 54,904,000
Due from insiders (310,607,274)
Other assets - Net of amortization (2,330,000)
Other 62,126,000
--------------
Total assets ($104,784,514)
==============
Liabilities and Equity:
Postpetition Liabilities
Accounts payable $2,169,309
Taxes payable 0
Notes payable 0
Professional fees 0
Secured debt 5,518,000
Other 6,244,038
--------------
Total postpetition liabilities 13,931,347
Prepetition Liabilities
Secured debt 216,083,588
Priority debt 0
Unsecured debt 89,779,973
Other 20,231,911
--------------
Total prepetition liabilities 326,095,473
--------------
Total liabilities 340,026,820
--------------
Equity:
Prepetition owner's equity (416,545,000)
Postpetition cumulative profit or (loss) (28,266,334)
Direct charges to equity 0
--------------
Total equity (444,811,333)
--------------
Total liabilities and equity $104,784,514
==============
Erickson Retirement Communities, LLC
Statement of Income
For the Month ended December 31, 2009
Revenues:
Gross revenues $2,220,682
Less returns & discounts 0
--------------
Net revenue 2,220,682
Cost of goods sold
Material 0
Direct labor 0
Direct overhead 0
Real estate taxes 0
--------------
Total cost of goods sold 0
--------------
Gross profit 2,220,682
Operating expenses
Officer/insider compensation 1,387,230
Selling & marketing 0
General & administrative 526,377
Rent & lease 116,325
Other 0
--------------
Total operating expenses 2,029,931
--------------
Income before non-operating income & expense 190,750
Other Income & expenses
Non-operating income (rent) (404,692)
Non-operating expense 0
Interest expense 659,000
Depreciation 676,265
Amortization 66,823
Other 4,055,311
--------------
Net other income & expenses 5,052,707
Reorganization expenses
Professional fees 1,574,358
U.S. Trustee fees 0
Other 0
--------------
Total reorganization expenses 1,574,358
Income tax 0
--------------
Net profit (loss) ($6,436,415)
==============
Erickson Retirement Communities, LLC
Cash Receipts and Disbursements
For the Month Ended December 31, 2009
Cash - beginning of month $31,636,000
Receipts from operations
Cash sales 5,733,726
Collection of accounts receivable
Prepetition 0
Postpetition 0
--------------
Total operating receipts 5,733,726
Non-operating receipts
Loans & advances (DIP Funding), net 3,966,742
Sale of assets 0
Other 3,211,482
--------------
Total non-operating receipts 7,178,224
Total receipts 12,911,950
--------------
Total cash available 44,547,950
Operating disbursements
Net payroll 3,053,203
Payroll taxes paid 1,640,479
Sales, use & other taxes paid 0
Secured/rental/leases 20,464
Utilities 400,771
Insurance 2,371,282
Inventory purchases 0
Vehicle expenses 0
Travel 98,746
Entertainment 11,586
Repairs & maintenance 12,334
Supplies 61,506
Advertising 613,455
Other 1,161,667
--------------
Total operating disbursements 9,445,493
Reorganization expenses
Professional fees 1,574,458
U.S. Trustee fees 0
Other 0
--------------
Total reorganization expenses 1,574,458
Total disbursements 11,019,951
--------------
Net cash flow 1,892,000
--------------
Cash - end of month $33,527,999
==============
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 December 31, 2009:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- ------------
Warminster Campus, LP $299,222,378 $299,222,378
Concord Campus, LP $282,301,991 $282,301,991
Novi Campus, LLC $237,053,899 $237,053,898
Littleton Campus, LLC $227,493,215 $227,493,215
Ashburn Campus, LLC $183,500,778 $183,500,778
Houston Campus, LP $163,348,503 $163,348,503
Dallas Campus, LP $154,675,414 $154,675,414
Kansas Campus, LLC $126,606,558 $126,606,558
Columbus Campus, LLC $75,519,136 $75,519,136
Erickson Construction, LLC $17,654,144 $17,654,144
Concord Campus GP, LLC $0 $0
Dallas Campus GP, LLC $0 $0
Erickson Group, LLC $0 $0
Senior Campus Services, LLC $0 $0
Warminster Campus GP, LLC $0 $0
The Debtor affiliates listed their net income or loss for the
period from December 1 to 31, 2009:
Company Net Income(Loss)
------------- ----------------
Ashburn Campus, LLC ($1,381,380)
Novi Campus, LLC ($983,184)
Warminster Campus, LP ($934,820)
Dallas Campus, LP ($919,844)
Littleton Campus, LLC ($891,255)
Concord Campus, LP ($768,485)
Kansas Campus, LLC ($664,138)
Erickson Construction, LLC ($550,376)
Houston Campus, LP ($385,609)
Columbus Campus, LLC ($3,913)
Concord Campus GP, LLC $0
Dallas Campus GP, LLC $0
Erickson Group, LLC $0
Senior Campus Services, LLC $0
Warminster Campus GP, LLC $0
The Debtor affiliates also reported their cash receipts and
disbursements for the period from December 1 to 31, 2009:
Company Receipts Disbursements Cash Flow
------------- ----------- ------------- ---------
Kansas Campus, LLC $217,397 $201,160 $16,237
Dallas Campus, LP $152,323 $849,763 ($697,439)
Novi Campus, LLC $118,120 58,667 $59,453
Littleton Campus, LLC $74,385 $36,048 $38,337
Houston Campus, LP $45,629 $7,379 $38,250
Ashburn Campus, LLC $39,561 $2,860,381 ($2,820,820)
Concord Campus, LP $11,652 $4,446 $107,206
Erickson Construction, LLC $5,273 $68,767 ($63,494)
Warminster Campus, LP $0 $5,152 ($5,152)
Columbus Campus, LLC $0 $2,633 ($2,633)
Dallas Campus GP, LLC $0 $0 $0
Concord Campus GP, LLC $0 $0 $0
Erickson Group, LLC $0 $0 $0
Senior Campus Services, LLC $0 $0 $0
Warminster Campus GP, LLC $0 $0 $0
About Fontainebleau Las Vegas
Fontainebleau Las Vegas -- http://www.fontainebleau.com/-- is
constructing a luxury resort, Fontainebleu Las Vegas, on the
northern end of the Las Vegas Strip.
Fontainebleau Las Vegas Holdings, LLC, Fontainebleau Las Vegas,
LLC, Fontainebleau Las Vegas Capital Corp. filed for Chapter 11
protection on June 9, 2009 (Bankr. S.D. Fla. Lead Case No.
09-21481). Judge A. Jay Cristol presides over the Debtors' cases.
Scott L Baena, Esq., at Bilzin Sumberg Baena Price & Axelrod LLP,
represents the Debtors in their restructuring efforts. The
Debtors' Financial Advisor are Moelis & Company LLC and Citadel
Derivatives Group LLC. The Debtors' Special Litigation Counsel is
David M. Friedman, Esq., at Kasowitz, Benson, Torres & Friedman
LLP and the Debtors' Special Counsel is Jack J. Kessler, Esq., and
Alan Rubin, Esq., at Buchanan Ingersoll & Rooney PC. The Debtors'
Claims Agent is Kurtzman Carson Consulting LLC. Attorneys at
Genovese Joblove & Battista, P.A., and Fox Rothschild, LLP,
represent the Official Committee of Unsecured Creditors.
As of June 9, 2009, Fontainebleau Las Vegas LLC listed more than
$1 billion in debt and a similar amount in assets, while each of
Fontainebleau Las Vegas Capital Corp. and Fontainebleau Las Vegas
Holdings, LLC, listed less than $50,000 in assets and more than
$1 billion in debts.
Bankruptcy Creditors' Service, Inc., publishes Fontainebleau
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Fontainebleau Las Vegas Holdings, LLC, and its debtor-
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
ESCADA AG: EUSA Reports $413,956 Loss for December
--------------------------------------------------
Escada (USA), Inc., now known as EUSA Liquidation Inc., as filed
with the U.S. Bankruptcy Court for the Southern District of New
York its monthly operating report for the period from December 1
to December 31, 2009.
Christian D. Marques, a member of the Board of Directors at EUSA
Liquidation, related that the Company's beginning balance in its
working fund and disbursement account at JPMorgan Chase Bank,
N.A., PNC Lockbox and local store accounts totaled $5,469,681 at
the beginning of the Reporting Period.
EUSA Liquidation held $6,741,773 at the end of the Period.
Escada (USA) Inc.
Balance Sheet
As of December 31, 2009
ASSETS
CURRENT ASSETS:
Unrestricted cash & cash equivalents $6,741,773
Restricted cash & cash equivalents -
Petty cash & register funds 27,313
Accounts receivable (net) 417,895
Notes receivable -
Inventories 16,037,398
Prepaid expenses 691,148
Professional retainers -
Other current assets 7,496,428
-------------
Total Current Assets 31,411,955
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 1,988,900
Less: Accumulated Depreciation (43,883,057)
-------------
Total Property & Equipment 1,988,900
OTHER ASSETS
Amounts due from insiders -
Other assets 8,324,992
-------------
Total Other Assets 8,324,992
-------------
TOTAL ASSETS $41,725,847
=============
LIABILITIES AND OWNER EQUITY
LIABILITIES NOT SUBJECT TO COMPROMISE:
Accounts payable $462,184
Accounts payable - intercompany -
Taxes payable 246,452
Accrued payroll 260,934
Accrued bonuses 476,184
Notes payable -
Rent/Leases - building equipment -
Secured debt/Adequate protection payments -
Professional fees 1,338,589
Amounts due to insiders 1,876,785
Other postpetition liabilities 41,278,227
-------------
Total Postpetition Liabilities 45,939,355
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 1,210,262
Unsecured debt - intercompany 37,368,373
-------------
Total Prepetition Liabilities 427,610,030
-------------
TOTAL LIABILITIES 473,549,385
OWNERS' EQUITY
Capital stock 4,700,000
Additional paid-in capital 21,316,288
Partners' capital account -
Owner's equity account -
Retained earnings - prepetition (435,743,784)
Retained earnings - postpetition (22,096,042)
Adjustments to owner equity -
Postpetition contributions -
-------------
NEW OWNERS' EQUITY (431,823,538)
-------------
TOTAL LIABILITIES AND OWNERS' EQUITY $41,725,847
=============
Escada (USA) Inc.
Statement of Operations
December 1 through December 31, 2009
REVENUES:
Gross revenues $6,057,419
Less: returns and allowances 411,879
-------------
Net revenue 5,645,540
Cost of Goods Sold:
Beginning Inventory -
Add: purchases -
Add: cost of labor -
Add: other costs -
Less: ending inventory -
Cost of goods sold 2,122,155
-------------
Gross profit 3,523,385
Operating Expenses:
Advertising 66,749
Auto and truck expense 5,546
Bad debts 10,680
Contributions 505
Employee benefits programs 183,000
Officer/insider compensation 128,418
Insurance 61,077
Management fees/bonuses 27,940
Office expense -
Pension & profit sharing plans 3,156
Repairs and maintenance 64,116
Rent and lease expense 774,880
Salaries/commissions/fees 1,436,378
Supplies 27,623
Taxes - payroll 119,199
Taxes - real estate 157,800
Taxes - other 80,080
Travel and entertainment 82,173
Utilities 75,379
Other 318,131
-------------
Total Operating Expenses Before Depreciation 3,622,830
Depreciation/depletion/amortization 207
-------------
Net Loss Before Other Income & Expenses (99,652)
Other Income and Expenses:
Other income -
Interest expense 14,304
Other expense -
-------------
Net Loss Before Reorganization Items (113,956)
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) ($413,956)
=============
Escada (USA) Inc.
Schedule of Cash Receipts and Disbursements
December 1 through December 31, 2009
CASH, BEGINNING OF MONTH $5,469,681
RECEIPTS
Cash Sales 500,061
Accounts Receivable - prepetition -
Accounts Receivable - postpetition 7,647,794
Loans and Advances -
Sales of Assets -
Other -
Transfers (from DIP Accounts) 5,867,117
-------------
TOTAL RECEIPTS 14,014,972
DISBURSEMENTS
Net Payroll 976,560
Payroll Taxes 441,735
Sales, Use and Other taxes 219,943
Inventory Purchases 2,282,008
Secured/Rental/Leases -
Insurance -
Administrative 2,771,496
Selling -
Other (3,674)
Owner Draw -
Transfers (to DIP Accounts) 5,867,067
Professional Fees 187,745
U.S. Trustee Quarterly Fees -
Court Costs -
-------------
TOTAL DISBURSEMENTS 12,742,880
-------------
Net Cash Flow (Receipts Less Disbursements) 1,272,092
-------------
Cash - End of Month $6,741,773
=============
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: Posts $313.6MM Net Loss From Dec. 13 - 31
----------------------------------------------------------------
Fairfield Residential LLC, et al., filed on February 3, 2010, a
monthly operating report for the period December 13, 2009, through
December 31, 2009, with the U.S. Bankruptcy Court for the District
of Delaware.
Fairfiedl Residential reported a net loss of $313,552,536 on
construction contracts revenue of $16,004,049 for the period. The
net loss for the period includes a total of $312,649,528 million
in impairment charges.
At December 31, 2009, the Company has total assets of $367,785,884
in total assets and $545,206,338 in total liabilities. The
Company ended December with $82,965,670 in cash and cash
equivalents and $776,399 in restricted cash. The Company had no
restructuring disbursements for the period.
A copy of the Debtors' monthly operating report for the period is
available for free at:
http://bankrupt.com/misc/fairfield.dec13-dec31mor.pdf
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. The Official Committee of
Unsecured Creditors is represented by Brett H. Miller, Esq.,
Stefan W. Engelhardt, Esq., and Melissa A. Hager, Esq., at
Morrison & Foerster LLP; and William E. Chipman Jr., Esq., Kerri
K. Mumford, Esq., and Kimberly A. Brown, Esq., at Landis Rath &
Cobb LLP. Fairfield Residential listed $100,000,001 to
$500,000,000 in assets and more than $1,000,000,000 in
liabilities. Dow Jones says Fairfield listed assets worth
$958 million and liabilities of nearly $835 million.
FLYING J: Posts $4.8 Million Net Loss in November
-------------------------------------------------
Flying J Inc. reported a net loss of $4.8 million on sales of
$180.0 million for the month ended November 30, 2009.
At November 30, 2009, Flying J had $1.260 billion in total assets,
$747.5 million in total liabilities, and $512.6 million in total
shareholders' equity.
The Company ended the period with $24.1 million in cash.
A full-text copy of Flying J's monthly operating report for
November 2009, is available at:
http://bankrupt.com/misc/flyingj.novembermor.pdf
About Flying J
Based in Ogden, Utah, Flying J Inc. -- http://www.flyingj.com/ --
is among the 20 largest private companies in America, with 2007
sales exceeding $16 billion. The fully integrated oil company
employs approximately 14,700 people in the U.S. and Canada through
its interstate operations, transportation, refining and supply,
exploration and production, as well as its financial services and
communications, divisions.
Flying J and six of its affiliates filed for bankruptcy on
December 22, 2008 (Bankr. D. Del. Lead Case No. 08-13384). Flying
J sought Chapter 11 protections after a precipitous drop in oil
prices and disruption in the credit markets brought to bear
significant short-term pressure on the company's liquidity
position.
Attorneys at Kirkland & Ellis LLP represent the Debtors as
counsel. Young, Conaway, Stargatt & Taylor LLP is the Debtors'
Delaware Counsel. Blackstone Advisory Services L.P. is the
Debtors' investment banker and financial advisor. Epiq Bankruptcy
Solutions LLC is the Debtors' notice, claims and balloting agent.
In its formal schedules submitted to the Bankruptcy Court, Flying
J listed assets of $1,433,724,226 and debts of $640,958,656.
An official committee of unsecured creditors has been appointed in
the case. Pachulski Stang Ziehl & Jones LLP has been tapped as
counsel for the creditors' panel.
Magellan Midstream Partners LP was authorized by the Bankruptcy
Court in July to buy Flying J's Longhorn pipeline that runs 700
miles from Houston to El Paso, Texas.
FREEDOM COMMUNICATIONS: Earns $25.4 Million in December
-------------------------------------------------------
Freedom Communications Holdings Inc., et al., reported net income
of $25.4 million on total operating revenue of $50.8 million for
the month of December 2009.
The Debtors ended December 2009 with approximately $98.6 million
in cash and cash equivalents. The Debtor paid a total of
$2.2 million in professional fees and expenses during the month.
At December 31, 2009, the Debtors had $821.8 million in total
assets, $136.2 million in total current liabilities,
$196.5 million in total long-term liabilities, $804.0 million in
liabilities subject to compromise, and $191,000 in minority
interests, resulting in a $315.1 million stockholders' deficiency.
A copy of the Company's December 2009 operating report is
available for free at :
http://bankrupt.com/misc/freedomcomms.decembermor.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.
HAIGHTS CROSS: Files Initial Monthly Operating Report
-----------------------------------------------------
On January 27, 2010, Haights Cross Communications, Inc., et al,
filed an initial monthly operating report with the U.S. Bankruptcy
Court for the District of Delaware.
The Debtors submitted a 13-week cash flow budget commencing from
the week ending Jan. 15, 2010, though April 9, 2010, disclosing:
Receipts $26,549,406
Disbursements $34,141,866
Operating Cash Flow ($7,592,460)
Total Restructuring Items $25,329,935
Net Cash Flow ($32,922,395)
Beginning Cash $40,395,117
Net Cash Flow ($32,922,395)
Ending Cash $7,472,722
A full-text copy of the Debtors' initial monthly operating report
is available at no charge at:
http://bankrupt.com/misc/haightscross.initialmor.pdf
Haights Cross Communications, Inc., develops and publishes
products for the kindergarten through grade 12 education and
public library markets. Their products include state-specific
test preparation materials, skills assessment and intervention
books and unabridged audiobooks, and are sold primarily to schools
and public libraries.
The Company filed for Chapter 11 bankruptcy protection on
January 11, 2010 (Bankr. D. Delaware Case No. 10-10062). The
Company's affiliates -- Haights Cross Operating Company; Triumph
Learning, LLC; Recorded Books, LLC; and SNEP, LLC -- also filed
bankruptcy petitions. Steven D. Pohl, Esq., and Tally Wiener,
Esq., at Brown Rudnick, assist the Debtors in their restructuring
efforts. Daniel J. DeFranceschi, Esq., Paul N. Heath, Esq., and
Christopher M. Samis, Esq., at Richards, Layton & Finger, P.A.,
are the co-counsel for the Debtors. Houlihan Lokey is the
Debtors' financial advisor.
The Company listed $232,388,000 in assets and $432,741,000 in
liabilities as of June 30, 2009.
HERBST GAMING: Posts $5.1 Million Net Loss in December
------------------------------------------------------
Herbst Gaming, Inc., has filed a monthly operating report for the
month ended December 31, 2009.
The Company reported a net loss of $5.1 million for the month of
December. Restructuring costs totaled $4.8 million for the
period.
At December 31, 2009, Herbst Gaming, Inc., had $612.8 million in
total assets and $1.232 billion in total liabilities. Cash and
cash equivalents were $32.6 million at December 31, 2009.
A copy of Herbst Gaming's December operating report is available
at http://bankrupt.com/misc/herbstgaming.decembermor.pdf
About Herbst Gaming
Headquartered in Reno, Nevada, Herbst Gaming, Inc. --
http://www.herbstgaming.com/-- is a diversified gaming company.
The Company and its subsidiaries focus on two business lines, slot
route operations and casino operations. The Company's route
operations involves the exclusive installation and, as of
Sept. 30, 2009, operation of approximately 6,300 slot machines in
non-casino locations, such as grocery stores, drug stores,
convenience stores, bars and restaurants. The casino operations
consist of 16 casinos located in Nevada, Iowa and Missouri.
The Company and 17 of its affiliates filed for Chapter 11
protection on March 22, 2009 (Bankr. D. Nev. Lead Case No.
09-50752). Thomas H. Fell, Esq., and Gerald M. Gordon, Esq., at
Gordon Silver, represent the Debtors in their restructuring
efforts. Herbst Gaming had $919.1 million in total assets; and
$33.5 million in total liabilities not subject to compromise and
$1.24 billion in liabilities subject to compromise, resulting in
$361.0 million in stockholders' deficiency as of March 31, 2009.
MAGNA ENTERTAINMENT: Earns $5.5 Million in December
---------------------------------------------------
On February 1, 2010, Magna Entertainment Corp. and several other
direct and indirect U.S. subsidiaries of the Company filed their
financial statements included in the monthly operating report for
the period from November 30, 2009, to December 31, 2009, with the
United States Bankruptcy Court for the District of Delaware.
Magna Entertainment reported net income of $5.5 million for the
period.
At December 31, 2009, the Company had $1.098 billion in total
assets, $575.2 million in total liabilities, and $522.9 million in
net owner equity.
The Company ended December with $57.1 million in cash and
equivalents. At November 29, 2009, the Company had cash and
equivalents of $3.1 million.
During the month, the Company paid a total of $3.4 million in
professional fees.
A full-text copy of the Company's monthly operating report is
available for free at http://researcharchives.com/t/s?50de
Based in Aurora, Ontario, Magna Entertainment Corp. is North
America's largest owner and operator of horse racetracks based on
revenue. The Company develops, owns and operates horse racetracks
and related pari-mutuel wagering operations, including off-track
betting facilities. MEC also develops, owns and operates casinos
in conjunction with its racetracks where permitted by law.
MEC owns and operates AmTote International, Inc., a provider of
totalisator services to the pari-mutuel industry, XpressBet(R), a
national Internet and telephone account wagering system, as well
as MagnaBet(TM) internationally. Pursuant to joint ventures, MEC
has a 50% interest in HorseRacing TV(R), a 24-hour horse racing
television network, and TrackNet Media Group LLC, a content
management company formed for distribution of the full breadth of
MEC's horse racing content.
Following its failure to meet obligations to lenders led by PNC
Bank, National Association, and Wells Fargo Bank, National
Association, and controlling shareholder MI Developments Inc.'s
decision not to provide further financial backing, Magna
Entertainment Corp. and 24 affiliates filed for Chapter 11 on
March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720).
Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges LLP, have been engaged as bankruptcy counsel.
Mark D. Collins, Esq., L. Katherine Good, Esq., and Maris J.
Finnegan, Esq., at Richards, Layton & Finger, P.A., are the
Debtors' local counsel. Miller Buckfire & Co. LLC is the Debtors'
investment banker and financial advisor. Kurtzman Carson
Consultants LLC is the claims and noticing agent for the Debtors.
Magna Entertainment Corp. had total assets of $1.054 billion and
total liabilities of $947.3 million based on unaudited
consolidated financial statements as of December 31, 2008.
NEWPOWER HOLDINGS: Files Monthly Operating Report for December
--------------------------------------------------------------
NewPower Holdings, Inc., filed its monthly operating report for
the period November 30, 2009, to December 31, 2009, with the
Bankruptcy Court on February 4, 2010.
The Debtor had an opening cash balance of $584 and an ending cash
balance of $574.
A full-text copy of the Debtor's December 2009 operating report
is available for free at http://researcharchives.com/t/s?51a6
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.
NTK HOLDINGS: All Debtors' Disbursements at $230.6MM for December
-----------------------------------------------------------------
NTK Holdings, Inc. and Affiliated Debtors
Schedule of Disbursements
As of December 31, 2009
NTK Holdings, Inc. $0
Magenta Research Ltd. 1,093,000
Broan-NuTone Storage Solutions LP 1,177,000
Pacific Zephyr Range Hood, Inc. 952,000
NORDYNE International, Inc. -
Panamax Inc. 2,648,000
Zephyr Corporation 803,000
LiteTouch, Inc. 973,000
Gefen, Inc. 2,690,000
Secure Wireless, Inc. 617,000
Broan-NuTone LLC 29,171,000
Operator Specialty Company, Inc. 1,135,000
OmniMount Systems, Inc. 4,855,000
CES International Ltd. -
Linear LLC 9,556,000
SpeakerCraft, Inc. 3,653,000
Governair Corporation 2,469,000
Nortek International, Inc -
NuTone LLC -
Nordyne Inc. 30,088,000
GTO, Inc. 2,149,000
Nortek Holdings, Inc -
Linear H.K. LLC -
Xantech Corporation 831,000
Niles Audio Corporation 2,878,000
Mammoth-Webco, Inc. 6,204,000
Huntair, Inc. 6,712,000
CES Group, Inc. 926,000
HC Installations, Inc -
Rangaire LP, Inc -
Cleanpak International, Inc. 639,000
Elan Home Systems, L.L.C. 2,617,000
Temtrol, Inc. 4,377,000
Broan-Mexico Holdings, Inc. -
International Electronics, LLC -
Rangaire GP, Inc -
Nortek, Inc 110,625,000
Aigis Mechtronics, Inc. 807,000
--------------
Total Disbursements $230,645,000
==============
A full-text copy of the December Monthly Operating Report is
available for free at http://bankrupt.com/misc/NTK_DecMOR.pdf
About NTK Holdings
NTK Holdings Inc., the parent company of Nortek Holdings and
Nortek Inc., is a diversified global manufacturer of branded
residential and commercial ventilation, HVAC and home technology
convenience and security products. NTK Holdings and Nortek offer
a broad array of products including range hoods, bath fans, indoor
air quality systems, medicine cabinets and central vacuums,
heating and air conditioning systems, and home technology
offerings, including audio, video, access control, security and
other products.
NTK Holdings Inc., together with affiliates, including Nortek
International, Inc., and Nortek Holdings, Inc., filed for Chapter
11 with a prepackaged plan accepted by all impaired creditors on
October 21, 2009 (Bankr. D. Del. Case No. 09-13611). The Company
tapped Blackstone Group and Weil, Gotshal & Manges to aid in
its restructuring effort. Mark D. Collins, Esq., at Richards
Layton & Finger P.A., serves as local counsel. Epiq Bankruptcy
Solutions is claims and notice agent.
Nortek, Inc. and its affiliated domestic companies announced they
completed their financial restructuring and emerged from
bankruptcy mid-December 2009. The emergence, which came only 57
days after the filing of a prepackaged plan of reorganization,
follows confirmation of the plan on December 4, 2009 by Judge
Kevin J. Carey of the United States Bankruptcy Court for the
District of Delaware.
Bankruptcy Creditors' Service, Inc., publishes NTK Holdings
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Nortek Holdings Inc., Nortek Internationa Inc., and
their affiliates (http://bankrupt.com/newsstand/or 215/945-7000).
PROLIANCE INTERNATIONAL: Posts $509,000 Net Loss in December
------------------------------------------------------------
On January 29, 2010, Proliance International, Inc., filed its
monthly operating report for the period ended December 31, 2009.
The Company reported a net loss of $509,000 for the month of
December 2009.
At December 31, 2009, the Company had $53.1 million in total
assets and $98.5 million in total liabilities.
A full-text copy of the Company's December 2009 operating report
is available for free at:
http://bankrupt.com/misc/proliance.decembermor.pdf
About Proliance International
Based in New Haven, Connecticut, Proliance International, Inc. --
http://www.pliii.com/-- aka Godan makes automobile parts. The
Company and its affiliates filed for Chapter 11 on July 2, 2009
(Bankr. D. Del. Lead Case No. 09-12278). Christopher M. Samis,
Esq., and Daniel J. DeFranceschi, Esq., at Richards, Layton &
Finger PA, represent the Debtors in their restructuring efforts.
The Debtors' financial condition as of June 22, 2009, showed total
assets of $160.3 million and total debts of $133.5 million.
The sale of Proliance's North American assets to Centrum Equities
XV, LLC, was consummated under the provisions of Section 363 of
the Bankruptcy Code on August 14, 2009.
QHB HOLDINGS: Ends December With $9.8 Million Cash
--------------------------------------------------
QHB Holdings LLC and subsidiaries ended December 2009 with
$9.8 million in cash and equivalents.
At December 31, 2009, QHB Holdings LLC and subsidiaries had total
assets of $554.8 million, total liabilities of $491.8 million, and
total stockholders' equity of $63.0 million.
A copy of the Debtors' monthly operating report for the period is
available for free at:
http://bankrupt.com/misc/qhbholdings.decembermor.pdf
Green Cary, North Carolina-based QHB Holdings LLC and its debtor-
affiliates filed for Chapter 11 on December 4, 2009, (Bankr. D.
Del. Lead Case No. 09-14312). Eric Michael Sutty, Esq., and
Jeffrey M. Schlerf, Esq., at Fox Rothschild LLP represent the
Debtors in their restructuring efforts. The Debtors listed assets
and debts both ranging from $500,000,001 to $1,000,000,000.
READER'S DIGEST: Reports $7,300,000 Net Loss for December
---------------------------------------------------------
The Reader's Digest Association, Inc., et al.
Combined Balance Sheet
As of December 31, 2009
Assets
Current assets:
Cash and cash equivalents $211,900,000
Restricted cash 2,300,000
Accounts receivable & other receivables, net 108,500,000
Inventories 53,200,000
Intercompany receivable 52,100,000
Investment in subsidiaries, at cost 1,688,500,000
Other current assets 91,000,000
Assets held for sale 16,800,000
--------------
Total current assets 2,224,300,000
Property, plant and equipment, net 35,200,000
Restricted cash 11,600,000
Goodwill 410,300,000
Other intangible assets, net 159,000,000
Other noncurrent assets 150,200,000
--------------
Total assets $2,990,600,000
==============
Liabilities and stockholder's deficit
Current liabilities:
Short-term borrowings $150,000,000
Accounts payable 78,600,000
Accrued expenses 69,100,000
Other current liabilities 264,800,000
Liabilities held for sale 21,500,000
--------------
Total current liabilities 584,000,000
Unearned revenues 143,400,000
Postretirement and postemployment
benefits other than pensions 12,700,000
Intercompany long-term 88,800,000
Other noncurrent liabilities 176,100,000
--------------
Liabilities not subject to compromise 1,005,000,000
Liabilities subject to compromise 2,396,300,000
--------------
Total Liabilities 3,401,300,000
--------------
Accumulated other comprehensive gain (loss) (189,500,000)
--------------
Total stockholder's deficit (410,700,000)
Total liabilities and stockholder's deficit --------------
$2,990,600,000
==============
The Reader's Digest Association, Inc., et al.
Combined Statement of Operations
Month Ended December 31, 2009
Revenues $95,000,000
Product, distribution and editorial expenses 42,400,000
Promotion, marketing and admin. expenses 44,700,000
Other operating items, net 4,900,000
--------------
Operating profit 3,000,000
Interest expense, including amortization 6,900,000
Other expense (income), net (22,700,000)
--------------
Income before reorganization items, 18,800,000
income taxes and discontinued operations
Reorganization items:
Professional fees 4,200,000
Rejected contracts/leases 17,900,000
Gains on LSTC (200,000)
Compensation and retention 900,000
Other 900,000
--------------
Total Reorganization items 23,700,000
--------------
Income (loss) before income taxes and (4,900,000)
discontinued operations
Income tax provision 900,000
--------------
Income (loss) from continuing operations (5,800,000)
Income (loss) from discontinued operations,
net of tax (1,500,000)
--------------
Net Income (loss) ($7,300,000)
==============
The Reader's Digest Association, Inc., et al.
Combined Statement of Cash Flows
Month Ended December 31, 2009
Cash flows from operating activities:
Net Income (loss) ($7,300,000)
Adjustments to reconcile net loss to
operating cash flows:
Income (loss) from discont'd operations, net 1,500,000
Depreciation and amortization 3,900,000
Amortization of debt issuance costs 4,900,000
Stock-based compensation 400,000
Changes in assets and liabilities, net:
Restricted cash (2,500,000)
Accounts receivable, net (4,500,000)
Inventories 600,000
Other assets 8,000,000
Unearned revenues (6,700,000)
Income taxes 6,400,000
Intercompany payables/receivables (21,200,000)
Accounts payable and accrued expenses 28,200,000
Other liabilities (2,200,000)
--------------
Net change in cash due to 9,500,000
continuing operating activities
Net change in cash due to discontinued
operating activities (1,400,000)
--------------
Net change in cash due to operating activities 8,100,000
Cash flows from investing activities:
Proceeds from Note 5,900,000
Capital expenditures (200,000)
--------------
Net change in cash due to investing activities 5,700,000
Short-term borrowings, net -
Effect of exchange rate changes on cash 2,100,000
--------------
Net change in cash and cash equivalents 15,900,000
Cash & cash equiv. at beginning of period 196,000,000
--------------
Cash & cash equivalents at end of period $211,900,000
==============
About The Reader's Digest Association
RDA is a global multi-brand media and marketing company that
educates, entertains and connects audiences around the world. The
company builds multi-platform communities based on branded
content. With offices in 44 countries, it markets books,
magazines, and music, video and educational products reaching a
customer base of 130 million in 78 countries. It publishes 94
magazines, including 50 editions of Reader's Digest, the world's
largest-circulation magazine, operates 65 branded Web sites
generating 22 million unique visitors per month, and sells
40 million books, music and video products across the world each
year. Its global headquarters are in Pleasantville, N.Y.
Reader's Digest said that as of June 30, 2009, it had total assets
of US$2.2 billion against total debts of US$3.4 billion.
Reader's Digest, together with its 47 affiliates, filed for
Chapter 11 on August 24 (Bankr. S.D.N.Y. Case No. 09-23529).
Kirkland & Ellis LLP has been engaged as general restructuring
counsel. Mallet-Prevost, Colt & Mosle LLP has been tapped as
conflicts counsel. Ernst & Young LLP is auditor. Miller Buckfire
& Co, LLC, is financial advisor. AlixPartners, LLC, is
restructuring consultant. Kurtzman Carson Consultants is notice
and claims agent.
The Official Committee of Unsecured Creditors is tapping BDO
Seidman, LLP, as financial advisor, Trenwith Securities, LLP, as
investment banker and Otterbourg, Steindler, Houston & Rosen,
P.C., as counsel.
Bankruptcy Creditors' Service, Inc., publishes Reader's Digest
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Reader's Digest and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000)
SAMSONITE COMPANY: Ends December 2009 With $619,252 Cash
--------------------------------------------------------
Samsonite Company Stores, LLC has filed a Post-Confrimation Report
for the Period October 2009 through December 2009 with the Office
of the United States Trustee - Region 3.
The Company ended the quarter with $619,252 in cash:
Cash, beginning $1,028,607
Total receipts $30,899,733
Total disbursements $24,193,494
Net cash flow $6,706,239
Cash, end of quarter $7,734,846
Excess cash swept by
corporate $7,115,594
Adj cash end of quarter $619,252
At December 31, 2009, the Company had total assets of $251,508,687
and total liabilities of $290,195,316.
A full-text copy of the Company's Post-Confirmation Report is
available for free at:
http://bankrupt.com/misc/samsonite.postconfirmationreport.pdf
Samsonite Corp. is the worldwide leader in superior travel bags,
luggage and accessories, combining notable style with the latest
design technology and the utmost attention to quality and
durability. In 2006 and 2007, the Company had sales of
$1.1 billion and $1.2 billion, respectively.
Offering superior travel bags, luggage and accessories, under the
Samsonite, Samsonite Black Label, and American Tourister brands,
Samsonite Company Stores LLC operates full-price and outlet stores
in 38 states across the U.S. The Company is a wholly-owned
subsidiary of Samsonite Corporation.
As of July 31, 2009, Samsonite Company Stores leased 173 retail
stores in the United States located in 38 states. It employs
approximately 650 people and had sales of $112 million and
$108.1 million in 2007 and 2008, respectively. As of July 31,
2009, it had $233 million in total assets and $1.5 billion in
total liabilities.
Samsonite Company Stores filed for Chapter 11 on September 2, 2009
(Bankr. D. Del. Case No. 09-13102). Attorneys at Young Conaway
Stargat & Taylor LLP and Paul, Wess, Rifkin, Wharton & Garrison
LLP serve as bankruptcy counsel to the Debtor. Hilco Merchant
Resources LLC is liquidation agent. Epiq Bankruptcy Solutions LLC
serves as claims and notice agent.
U.S. Bankruptcy Judge Peter Walsh has confirmed a reorganization
plan for Samsonite Company Stores. All creditors and interest
holders are to recover 100% of their claims or interests.
TARRAGON CORP: Posts $3,591,908 Net Loss in December
----------------------------------------------------
On February 1, 2010, Tarragon Corporation filed its monthly
operating report for the period December 1, 2009, through
December 31, 2009, with the United States Bankruptcy Court for
the District of New Jersey.
Tarragon Corporation reported a net loss of $3,591,908 for the
month of December.
At December 31, 2009, Tarragon Corporation's balance sheet showed
$206,137,200 in total assets, $567,775,102 in total liabilities,
and $361,637,903 in stockholders' deficit.
Cash and cash equivalents were $3,140,919 at December 31, 2009.
Restricted cash was $259,385 at December 31, 2009.
A full-text copy of the Debtor's' monthly operating report for the
month ended December 31, 2009, is available for free at:
http://bankrupt.com/misc/tarragon.decembermor.pdf
Based in New York City, Tarragon Corporation (NasdaqGS: TARR) --
http://www.tarragoncorp.com/-- is a leading developer of
multifamily housing for rent and for sale. Tarragon's operations
are concentrated in the Northeast, Florida, Texas, and Tennessee.
Tarragon and its affiliates filed for Chapter 11 protection on
January 12, 2009 (Bankr. D. N.J. Case No. 09-10555). The Hon.
Donald H. Steckroth presides over the case.
Michael D. Sirota, Esq., Warren A. Usatine, Esq., and Felice R.
Yudkin, Esq., at Cole Schotz Meisel Forman & Leonard, P.A.
TRIBUNE CO: Reports $21,364,000 Net Income for December
-------------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of December 27, 2009
ASSETS
Current Assets:
Cash and cash equivalents $1,379,190,000
Accounts receivable, net 75,384,000
Inventories 24,811,000
Broadcast rights 182,584,000
Prepaid expenses and other 189,191,000
--------------
Total current assets 1,851,160,000
Property, plant and equipment, net 1,029,524,000
Other Assets:
Broadcast rights 134,862,000
Goodwill & other intangible assets 813,694,000
Prepaid pension costs 1,461,000
Investments in non-debtor units 1,515,179,000
Other investments 37,259,000
Intercompany receivables from non-debtors 2,610,596,000
Other 91,601,000
--------------
Total Assets $8,085,336,000
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of broadcast rights $66,710,000
Current portion of long-term debt 6,202,000
Accounts payable, accrued expenses, and other 424,201,000
--------------
Total current liabilities 497,113,000
Pension obligations 199,617,000
Long-term broadcast rights 59,212,000
Long-term debt 8,622,000
Other obligations 177,581,000
--------------
Total Liabilities 942,145,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 2,421,911,000
Obligations to third parties 13,302,901,000
--------------
Total Liabilities Subject to Compromise 15,724,812,000
Shareholders' Equity (Deficit) (8,581,621,000)
--------------
Total Liabilities & Shareholders'
Equity (Deficit) $8,085,336,000
==============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period Nov. 23 through Dec. 27, 2009
Total Revenue $341,259,000
Operating Expenses:
Cost of sales 148,952,000
Selling, general and administrative 123,422,000
Depreciation 16,251,000
Amortization of intangible assets 1,468,000
--------------
Total operating expenses 290,093,000
--------------
Operating Profit (Loss) 51,166,000
--------------
Net income on equity investments (107,000)
Interest income, net (399,000)
Management fee 745,000
Non-operating loss, net (6,913,000)
--------------
Income (loss) before income taxes & Reorg. Costs 44,492,000
Reorganization costs (4,683,000)
--------------
Income (loss) before income taxes 39,809,000
Income taxes 43,000
--------------
Income (loss) from continuing operations 39,852,000
Income from discontinued operations, net of tax (18,488,000)
--------------
Net Income (Loss) $21,364,000
==============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period Nov. 23 through Dec. 27, 2009
Beginning Cash Balance $1,337,528,000
Cash Receipts:
Operating receipts 310,193,000
Other 1,100,000
--------------
Total Cash Receipts 311,293,000
Cash Disbursements
Compensation and benefits 87,321,000
General disbursements 169,933,000
Reorganization related disbursements 10,653,000
--------------
Total Disbursements 267,907,000
--------------
Debtors' Net Cash Flow 43,386,000
From/(To) Non-Debtors 2,614,000
--------------
Net Cash Flow 46,000,000
Other (203,000)
--------------
Ending Available Cash Balance $1,383,325,000
==============
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)
TRICOM SA: Ends December With $12,812,479 Cash
----------------------------------------------
Tricom S.A., et. al., filed with the U.S. Bankruptcy Court for the
Southern District of New York on February 1, 2010, a post-
confirmation monthly operating report for December 2009.
Tricom, S.A., et al., ended the period with cash of $12,812,479:
Cash beginning $15,265,207
Income or Receipts $18,961,846
Total Disbursements $21,414,574
Cash End $12,812,479
A full-text copy of the Debtors' December post-confirmation
operating report is available for free at:
http://bankrupt.com/misc/tricom.decembermor.pdf
About Tricom SA
Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The Company also owns interests in undersea fiber-optic
cable networks that connect and transmit telecommunications
signals between Central America, the Caribbean, the United States
and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc. Tricom USA
originates, transports and terminates international long-distance
traffic using switching stations and other telecommunications
equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on February 29, 2008 (Bankr. S.D.N.Y. Case No.
08-10720). The Debtors' legal advisors are Morrison & Foerster LLP
and their financial advisors are FTI Consulting, Inc. Kurtzman
Carson Consultants serves as claims and notice agent. An ad hoc
committee consisting of certain holders of Unsecured Financial
Claims is represented by Manatt, Phelps & Phillips LLP, as legal
advisors, and Chanin Capital Partners, as financial advisors. .
Affiliates of Tricom's largest shareholders are represented by
White & Case LLP, as legal advisors, and Broadspan Capital LLC, as
financial advisors.
When the Debtors' filed for protection from their creditors, they
listed total assets of US$327,600,000 and total debts of
US$764,600,000.
TRIDENT RESOURCES: Earns C$7,112,361 in December
------------------------------------------------
Trident Resources Corp. reported net profit of C$7,112,361 for the
month ending December 31, 2009. Professional fees totaled
C$103,963.
At December 31, 2009, Trident Resources had C$374,375,440 in total
assets and C$596,782,867 in total liabilities.
At December 31, 2009, Trident Resources had unrestricted cash and
cash equivalents of C$776,416.
Trident Resources' schedule of cash receipts and disbursements for
October 2009 showed:
Cash Beginning C$935,581
Total Transfers C$312,978
Total Disbursements C$469,200
Net Cash Flow (C$156,222)
Foreign Exchange Changes (C$2,943)
Cash End C$776,416
A copy of Trident Resources Corp., et al.'s December operating
report is available for free at:
http://bankrupt.com/misc/trident.decembermor.pdf
Trident Resources reported net income of C$24,157,867 for the
month of November.
At November 30, 2009, Trident Resources had C$372,486,009 in total
assets and $599,543,904 in total liabilities.
Trident Resources ended November with $935,582 cash.
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.
TRONOX INC: Records $59.4 Million Net Loss for December
-------------------------------------------------------
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Balance Sheet
As of December 31, 2009
ASSETS
Cash and cash equivalents $78,800,000
Notes and accounts receivable intercompany 365,500,000
Accounts receivable, third parties 83,600,000
Inventories, net 106,200,000
Prepaid and other assets 131,000,000
Income tax receivable 500,000
Deferred income taxes 1,200,000
----------------
Total Current Assets 766,800,000
Property, plant and equipment, net 177,500,000
Notes and advances receivable, intercompany 106,800,000
Other long-term assets 383,500,000
----------------
Total Assets $1,434,600,000
================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, third parties $51,100,000
Accrued liabilities 76,000,000
Long-term debt due within one year 1,700,000
Income taxes payable 1,300,000
Long-term debt classified as current 0
----------------
Total Current Liabilities 130,100,000
Noncurrent liabilities:
Deferred income taxes 13,400,000
Environmental remediation and restoration 106,100,000
Long-term Debt 423,300,000
Notes and advances payable, intercompany 9,500,000
Other 123,400,000
----------------
Total Liabilities
Not Subject to Compromise 805,800,000
Minority Interest 3,400,000
Liabilities Subject to compromise 436,600,000
Commitments and contingencies 0
Stockholders' equity
Common stock 400,000
Capital in excess of par value 496,200,000
Retained earnings (accumulated deficit) (282,900,000)
Accumulated other comprehensive
income (loss) (17,700,000)
Treasury stock, at cost (7,200,000)
----------------
Total Stockholders' Equity 188,800,000
----------------
Total Liabilities and Stockholders' Equity $1,434,600,000
================
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Statement of Operations
Month Ended December 31, 2009
Net Sales $48,300,000
Cost of goods sold 39,200,000
----------------
Gross margin 9,100,000
Selling, general and admin. Expenses 8,900,000
Gain on land sales 0
Impairment of goodwill 16,500,000
Restructuring charges 11,900,000
Provision for doubtful notes and accounts (400,000)
----------------
(27,800,000)
Interest and debt expense 7,100,000
Other (income) expense, net (1,300,000)
Reorganization items 27,100,000
----------------
Income from continuing operations
before income taxes 60,700,000
Income tax provision (benefit) 0
----------------
Income (Loss) from continuing operations (60,700,000)
Income (loss) from discontinued operations,
net of tax 1,300,000
----------------
Net income (loss) ($59,400,000)
================
About Tronox Inc.
Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets:
TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer
of titanium dioxide pigment, with an annual production capacity of
535,000 tonnes. Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products. The Company's four pigment plants, which are
located in the United States, Australia and the Netherlands,
supply high-performance products to approximately 1,100 customers
in 100 countries. In addition, Tronox produces electrolytic
products, including sodium chlorate, electrolytic manganese
dioxide, boron trichloride, elemental boron and lithium manganese
oxide.
Tronox has $1.6 billion in total assets, including $646.9 million
in current assets, as at September 30, 2008. The Company has
$881.6 million in current debts and $355.9 million in total
noncurrent debts.
Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors. The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.
An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases. The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.
Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B. Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK. As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.
Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TXCO RESOURCES: Posts $3,624,568 Net Loss in December
-----------------------------------------------------
On February 4, 2010, TXCO Resources Inc. and its subsidiaries
filed an unaudited consolidated monthly operating report for the
period ended December 31, 2009.
The Debtors reported a net loss of $3,624,568 on revenues of
$5,186,898 for the month of December.
At December 31, 2009, the Debtors had $364,277,585 in total
assets, $369,326,265 in total liabilities, and ($5,048,681) in
total owner's equity.
A full-text copy of the Debtors' monthly operating report for
December 2009 is available for free at:
http://researcharchives.com/t/s?5108
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.
VALUE CITY: Reports $1,264,000 Net Income From Nov. 29 - Jan. 2
---------------------------------------------------------------
On January 29, 2009, Value City Holdings, Inc., et al., filed a
monthly operating report for the period from November 29, 2009,
through January 2, 2010, with the U.S. Bankruptcy Court for the
Southern District of New York.
Value City Holdings, Inc., et al., reported net income of
$1,264,000 for the period.
At January 2, 2010, the Debtors had $20,946,000 in total assets
and $108,377,000 in total liabilities.
For the period, payments to professionals amounted to $165,278.
A full-text copy of the Debtors' monthly operating report for the
period ended January 2, 2010, is available for free at:
http://bankrupt.com/misc/valuecity.decembermor.pdf
About Value City
Headquartered in Columbus, Ohio, Value City Holdings Inc. --
http://www.valuecity.com/-- operates a chain of department stores
in the United States. The company and eight of its affiliates
filed for Chapter 11 protection on Oct. 26, 2008 (Bankr. S.D.N.Y.
Lead Case No. 08-14197). John Longmire, Esq., and Lauren C.
Cohen, Esq., at Willkie Farr & Gallagher LLP, represent the
Debtors' in their restructuring efforts. Epiq Bankruptcy
Solutions LLC is the claims, noticing and balloting agent for the
Debtors. Glenn R. Rice, Esq., at Otterbourg Steindler Houston &
Rosen, PC, represents the official committee of unsecured
creditors as counsel. When the Debtors filed for protection from
their creditors, they listed assets and debts between $100 million
and $500 million each.
In November 2008, Judge James M. Peck of the U.S. Bankruptcy Court
for the Southern District of New York granted Value City Holdings
permission to conduct going-out-of-business sales to be managed by
liquidator and financial consultant Tiger Capital Group LLC.
VISTEON CORP: Reports $111,392,000 Net Income for December
----------------------------------------------------------
Visteon Corporation
Debtor's Balance Sheet
As of December 31, 2009
ASSETS
Current Assets:
Cash and cash equivalents $353,114,000
Restricted cash 93,787,000
Accounts receivable, net 4,271,075,000
Inventories, net 26,104,000
Other current assets 58,262,000
---------------
Total current assets 4,802,343,000
Property and equipment, net 121,473,000
Other non-current assets 1,364,010,000
---------------
Total Assets $6,287,826,000
===============
LIABILITIES & SHAREHOLDERS' DEFICIT
Short-term debt, including current portion
of long-term debt $10,923,348,000
Accounts payable 1,177,289,000
Accrued employee liabilities (334,253,000)
Other current liabilities 58,338,000
---------------
Total current liabilities 11,824,722,000
Liabilities subject to compromise 2,787,737,000
LSC-Intercompany with Non-Debtors 53,838,000
Long-term debt 1,242,000
Postretirement benefits other than pensions 344,333,000
Employee benefits, including pensions 302,270,000
Deferred income taxes 91,394,000
Other non-current liabilities 243,228,000
---------------
Total liabilities 15,648,763,000
Shareholders' deficit
Visteon Corporation Shareholders' deficit
Preferred stock 0
Common stock 131,053,000
Stock warrants 127,024,000
Additional paid-in capital 2,226,418,000
Retained earnings (deficit) (11,385,568,000)
Accumulated other comprehensive income(loss) (322,538,000)
Other (4,405,000)
---------------
Total Debtor shareholders' equity (deficit) (9,228,015,000)
Noncontrolling interests (132,921,000)
---------------
Total shareholders' equity (deficit) (9,360,937,000)
---------------
Total Liabilities and shareholders' equity $6,287,826,000
===============
Visteon Corporation
Statements of Operations
For the Period Ended December 31, 2009
Net sales
Accounts receivable, net $34,473,000
Services 22,972,000
---------------
57,445,000
Cost of Sales
Products
Materials $23,044,000
Labor and overhead (67,803,000)
Product engineering 23,515,000
Freight and duty 589,000
Manufacturing spending 13,625,000
Warranty and recall (3,615,000)
Other 18,938,000
Services 22,402,000
---------------
$30,694,000
---------------
Gross margin 26,750,000
Selling, general and administrative expenses
Personnel 897,000
Depreciation 2,460,000
Other (87,210,000)
---------------
(83,853,000)
Restructuring expenses 2,828,000
Reimbursement from Escrow Account 0
Reorganization costs 10,144,000
Deconsolidation (gain) loss (19,776,000)
---------------
Operating income (loss) $117,407,000
Interest expense 4,087,000
Interest income 500,000
Equity in net income of non-consolidated affiliates 0
---------------
Income(loss) before income taxes $113,819,000
Provision for income taxes 2,428,000
---------------
Net Income (loss) $111,392,000
===============
Visteon Corporation et al.
Combined Schedules of Operating Cash Flow
For the Month Ended December 31, 2009
Customer receipts $227,262,000
Other receipts 31,943,000
Intercompany receipts 94,869,000
DIP Financing 0
---------------
Total receipts 354,074,000
Disbursements
Payroll Related (33,702,000)
Operating disbursements (120,853,000)
Intercompany disbursements (189,454,000)
Other disbursements (5,905,000)
---------------
Total Disbursements (349,914,000)
---------------
Net Cash Flow $4,160,000
Beginning Balance 557,303,000
Net Cash Flow 4,160,000
Foreign Currency and Other Adjustments (3,581,000)
---------------
Ending Cash Balance $557,882,000
===============
About Visteon Corp
Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers. The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany. It has facilities in 27 countries and employs roughly
35,500 people. The Company has assets of $4,561,000,000 and debts
of $5,311,000,000 as of March 31, 2009.
Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818). Judge Christopher S. Sontchi oversees the
Chapter 11 cases. James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts. Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel. The Debtors' investment banker and financial
advisor is Rothschild Inc. The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC. The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.
Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
WHITEHALL Jewelers: Posts $477,000 Net Loss From Nov. 29 - Jan. 2
-----------------------------------------------------------------
On January 29, 2010, Whitehall Jewelers Holdings, Inc., et al.,
filed their monthly operating report for the period November 29,
2009, to January 2, 2010.
The Debtor posted a net loss of $477,000 for the period.
At January 2, 2010, the Debtor had total assets of $3,645,000
and total liabilities of $102,515,000, resulting in a
stockholders' deficit of $98,870,000.
A full-text copy of Whitehall Jewelers' operating report is
available for free at:
http://bankrupt.com/misc/wjh.nov29-jan2mor.pdf
Headquartered in Chicago, Illinois, Whitehall Jewelers Holdings,
Inc. -- http://www.whitehalljewellers.com/-- through its
subsidiary, Whitehall Jewelers, Inc., operates as a specialty
retailer of fine jewelry in the United States. It offers a
selection of merchandise, including diamonds, gold, precious and
semi-precious jewelry, and watches. As of June 23, 2008, it
operated 373 stores in regional and super-regional shopping malls
under the names Whitehall and Lundstrom.
The Company and Whitehall Jewelers, Inc., filed for Chapter 11
relief on June 23, 2008 (Bankr. D. Del. Lead Case No. 08-11261).
Scott Rutsky, Esq., Peter Antoszyk, Esq., Adam T. Berkowitz, Esq.,
and Jesse I. Redlener, Esq., at Proskauer Rose LLP, represent the
Debtors as bankruptcy counsel. James E. O'Neill, Esq., and Laura
Davis Jones, Esq., at Pachulski, Stang Ziehl & Jones, LLP,
represent the Debtors as Delaware counsel. Epiq Bankruptcy
Solutions LLC is the claims, noticing and balloting agent.
In its schedules, Whitehall Jewelers, Inc., listed total assets of
$246,571,775 and total debts of $173,694,918.
*********
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
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are not intended to reflect actual trades. Prices for actual
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Each Tuesday edition of the TCR contains a list of companies with
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then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
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*********
S U B S C R I P T I O N I N F O R M A T I O N
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