/raid1/www/Hosts/bankrupt/TCR_Public/100306.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, March 6, 2010, Vol. 14, No. 64
Headlines
ABITIBIBOWATER INC: Records $14,691,289 Net Loss for January
ADFITECH INC: Ends January With $10,642,288 Cash
ADVANTA CORP: Posts $41.5 Million Net Loss in January
AVENTINE RENEWABLE: Earns $2.2 Million in January
BANKUNITED FINANCIAL: Earns $15,486,383 in January
CITADEL BROADCASTING: Reports $4,600,676 Net Income for January
CRESCENT RESOURCES: Reports $14.8MM Loss for January
DISTRIBUTED ENERGY: NPS Liquidating Files Amended Nov-Dec. Report
DISTRIBUTED ENERGY: Ends January With $594,329 Cash
ERICKSON RETIREMENT: Reports $10,661,823 Loss for January
EXTENDED STAY: Reports $37,030,000 Loss for December
FEDERAL-MOGUL: Global Has $684.2 Million Cash at End of December
FINLAY ENTERPRISES: Posts $6,448,125 Net Loss in January
FONTAINEBLEAU LV: Has $4.39MM Remaining Cash at End of January
FREEDOM COMMUNICATIONS: Posts $9.8 Million Net Loss in January
GENERAL GROWTH: Posts $539.6 Million Net Loss in December
HAWKEYE RENEWABLES: Posts $88,000 Net Loss in January
LTV CORP: Ends January 2010 With $9,354,000 Cash
MAGNA ENTERTAINMENT: Earns $50.5 Million in Jan. 1 - Feb. 7 Period
MAJESTIC STAR: Posts $3.8 Million Net Loss in January
MESA AIR: Reports $542,000 Net Income for January
NEXTMEDIA GROUP: Ends January With $8.2 Million in Cash
PACIFIC ENERGY: Earns $238.8 Million in January
PROLIANCE INTERNATIONAL: Posts $477,000 Net Loss in January
SPANSION INC: LLC Has $10,505,808 Loss for January
THORNBURG MORTGAGE: Ends January With $43,462,015 Cash
TRONOX INC: Records $1.2 Million Loss for January
TROPICANA ENTERTAINMENT: NJ Debtors Incur $2.74MM January Loss
VION PHARMACEUTICALS: Ends January With $13,819,872 Cash
WASHINGT0N MUTUAL: Posts $13.3 Million Net Loss in January
*********
ABITIBIBOWATER INC: Records $14,691,289 Net Loss for January
------------------------------------------------------------
AbitibiBowater Inc., et al.
Consolidated Balance Sheet
As of January 31, 2010
ASSETS
Cash and cash equivalents $470,315,755
Receivables - Net 314,897,776
Inventories 274,969,305
Prepaid Expense and Other 48,642,339
Notes Receivable from Affiliates 3,379,351,838
Income Tax Receivable -
Deferred Income Taxes -
----------------
Total Current Assets 4,488,177,013
Plant and Equipment 5,111,998,015
Less Accumulated Depreciation (3,434,155,888)
----------------
Plant and Equipment, Net 1,677,842,127
Good will/Intangible Assets 56,076,761
Investment in Subsidiaries 14,509,799,116
Other Assets 187,249,566
----------------
Total Assets $20,919,144,583
================
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade Accounts Payable $45,787,269
Accrued Liabilities 198,899,921
Current Portion of Long Term Debt 206,000,000
Due to Affiliates 228,590,986
Income Tax Payable (7,731,745)
----------------
Total Current Liabilities 671,546,431
Long Term Debt -
Reclassification to Current Portion -
----------------
Long Term Debt Net of Current Installments -
Loans from Affiliates -
Other Liabilities 140,814,037
Deferred Income Taxes (28,200,987)
Liabilities Subject to Compromise
Debt 2,974,875,299
Debt - Affiliate 3,686,439,684
Accounts Payable 98,602,380
Other 740,336,009
----------------
Total Liabilities 8,285,412,853
Shareholder Equity - Net 12,633,731,730
----------------
Total Liabilities & Shareholders' Equity $20,919,144,583
================
AbitibiBowater Inc., et al.
Consolidated Statement of Operations
For the period from Jan. 1, 2010 to Jan. 31, 2010
Sales - Net $315,751,305
Cost of Sales 328,355,573
----------------
Gross Profit (Loss) (12,604,268)
Operating Expenses
Selling, General and Administrative 5,705,122
Research and Development -
Restructuring and Other Costs 4,655,514
----------------
Total Operating Expenses 10,360,636
----------------
Operating Income (Loss) (22,964,904)
Interest Income (Expense) (13,327,966)
Other Income (Expense) Net 22,136,367
Equity in Earnings of Subsidiaries (566,427)
----------------
Income Before Taxes (14,722,930)
Income Tax Expense 31,641
----------------
Net income before Discontinued Operations (14,691,289)
Discontinued Operations -
----------------
Net Income (Loss) ($14,691,289)
================
AbitibiBowater Inc., et al.
Consolidated Schedule of Receipts and Disbursements
For the period from Jan. 1, 2010 to Jan. 31, 2010
Total Cash Receipts $304,726,000
Disbursements:
Payroll & Payroll Taxes (42,687,000)
Non-Payroll Labor (6,279,000)
Raw Materials (59,033,000)
Utilities (11,405,000)
Freight (11,373,000)
SG&A (15,339,000)
Supplies (13,030,000)
Rent (41,000)
Customer Rebates (900,000)
Interest (8,872,000)
Security Deposits -
Taxes -
Other (31,686,000)
----------------
Total Cash Disbursements ($200,645,000)
================
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).
ADFITECH INC: Ends January With $10,642,288 Cash
------------------------------------------------
On February 19, 2010, ADFITECH, Inc. filed a report covering the
period from January 1, 2010, through January 31, 2010, with the
U.S. Bankruptcy Court for the District of Maryland.
The Company ended January 2010 with $10,642,288 in cash. The
Company reported net income of $269,968 in January. The Company's
balance sheet at January 31, 2010, showed $31,434,630 in total
assets and total liabilities of $1,639,904,358.
A full-text copy of the January monthly operating report is
available at no charge at:
http://researcharchives.com/t/s?56ec
As reported in the Troubled Company Report on March 4, 2010, the s
Bankruptcy Court for the District of Maryland confirmed ADFITECH,
Inc.'s second amended Chapter 11 plan of reorganization. The
Company expects to emerge from bankruptcy March 15, 2010.
About ADFITECH
ADFITECH, Inc. was an independently operated, wholly owned
subsidiary of TMST Home Loans, Inc., formerly known as Thornburg
Mortgage Home Loans, Inc., and provides mortgage-related auditing
and quality control consulting services to financial institutions.
ADFITECH is self-funded, has its own separate workforce and bank
accounts, and operates independently from the TMST Debtors
including TMST and TMHL at offices located in Edmond, Oklahoma on
unencumbered real estate owned by ADFITECH.
As of October 31, 2009, ADFITECH had total assets of $30,807,613
against total liabilities of $1,639,994,390. As of the petition
date, ADIFTECH had total assets of $28,026,037 against total
liabilities of $1,639,832,523.
Thornburg Mortgage, Inc., now known as TMST, Inc., and its four
affiliates filed for Chapter 11 on May 1 (Bankr. D. Md. Lead Case
No. 09-17787). Judge Duncan W. Keir is handling the case.
On November 2, 2009, the Bankruptcy Court entered an Order
severing joint administration with respect to the ADFITECH Chapter
11 case. As a result, ADFITECH's Chapter 11 case is no longer
jointly administered with the cases of the TMST Debtors.
ADVANTA CORP: Posts $41.5 Million Net Loss in January
-----------------------------------------------------
On February 26, 2010, Advanta Corp. and certain of its
subsidiaries filed their unaudited monthly operating report for
the month ended January 31, 2010, with the U.S. Bankruptcy Court
for the District of Delaware.
Advanta Corp. reported a net loss of $41.5 million for the
month of January.
At January 31, 2010, Advanta Corp. had $381.2 million in total
assets and $311.1 in total liabilities.
A copy of the Debtors' January monthly operating report is
available at no charge at http://researcharchives.com/t/s?56a0
Advanta Corp. -- http://www.advanta.com/-- has had a 59-year
history of being a leading innovator in the financial services
industry and of providing great value to its stakeholders,
including its senior retail note holders and shareholders, prior
to the recent reversals. It has also been a major civic and
charitable force in the communities in which it is based,
particularly in the Greater Philadelphia area.
The Federal Deposit Insurance Corporation placed significant
restrictions on the activities of Advanta Corp.'s Advanta Bank
Corp. following financial woes by the banking unit.
As of Sept. 30, 2009, the Company had $2,497,897,000 in assets
against total liabilities of $2,465,936,000 but the figures
included those of the banking units.
On November 8, 2009, Advanta Corp. filed for Chapter 11 (Bankr. D.
Del. Case No. 09-13931). Attorneys at Weil, Gotshal & Manges LLP,
and Richards, Layton & Finger, P.A., serve as bankruptcy counsel.
Alvarez & Marsal serves as financial advisor. The Garden City
Group, Inc., serves as claims agent. The filing did not include
Advanta Bank. The petition says that Advanta Corp.'s assets
totalled $363,000,000 while debts totalled $331,000,000 as of
Sept. 30, 2009.
AVENTINE RENEWABLE: Earns $2.2 Million in January
-------------------------------------------------
Aventine Renewable Energy Holdings, Inc., and subsidiaries
reported net income of $2.2 million on total sales of
$42.6 million for the month of January 2010.
Operating income was $4.4 million. The Company incurred interest
expense of $624,928 for the month of January. Total
reorganization expense was $1.2 million. Income taxes were
$358,224.
At January 31, 2010, the Debtors had total assets of
$718.0 million, $448.0 million in total liabilities, and
$269.9 million in total shareholders' equity.
The Debtors ended the period with $70.19 million in cash and cash
equivalents, which includes roughly $7.45 million in restricted
cash.
A full-text copy of the January operating report is available for
free at http://researcharchives.com/t/s?56a2
About Aventine Renewable
Pekin, Illinois-based Aventine Renewable Energy Holdings, Inc.
(Pink Sheets: AVRN) -- http://www.aventinerei.com/-- is a
producer and marketer of ethanol to many leading energy companies
in the United States. In addition to ethanol, Aventine also
produces distillers grains, corn gluten meal, corn gluten feed,
corn germ and brewers' yeast.
Morgan Stanley Capital Partners IV bought Aventine in May 2003
from Williams Cos. Aventine had a public offering in May 2006.
The Morgan Stanley group retained 28% of the stock at year's end.
The Company and its affiliates filed for Chapter 11 on April 7,
2009 (Bankr. D. Del. Lead Case No. 09-11214). Joel A. Waite,
Esq., and Ryan M. Bartley, Esq., at Young, Conaway, Stargatt &
Taylor, serves as bankruptcy counsel to the Debtors. Davis Polk
& Wardwell is special tax counsel and Houlihan, Lokey, Howard &
Zukin, Inc., is the financial advisor. Garden City Group, Inc.,
has been engaged as claims agent. Scott D. Cousins, Esq., and
Donald J. Detweiler, Esq., at Greenberg Traurig, LLP, serve as
counsel to the official committee of unsecured creditors. When it
filed for bankruptcy protection from its creditors, Aventine
Renewable listed between $100 million and $500 million each in
assets and debts.
BANKUNITED FINANCIAL: Earns $15,486,383 in January
--------------------------------------------------
On February 26, 2010, BankUnited Financial Corporation filed its
monthly operating report for January 2010 with the United States
Bankruptcy Court for the Southern District of Florida.
Funds at January 31, 2010, were $15,486,383.
BankUnited Financial Corporation, et al., reported a net loss of
$266,585 for the period. At January 31, 2010, BankUnited
Financial Corporation, et al., had $45,046,008 in total assets and
$576,827,103 in total liabilities.
The January 2010 monthly operating report is available at no
charge at http://researcharchives.com/t/s?567e
About BankUnited Financial
BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) --
http://www.bankunited.com/-- was the holding company for
BankUnited FSB, the largest banking institution headquartered in
Coral Gables, Florida. On May 21, 2009, BankUnited FSB was closed
by regulators and the Federal Deposit Insurance Corporation
facilitated a sale of the bank to a management team headed by John
Kanas, a veteran of the banking industry and former head of North
Fork Bank, and a group of investors led by W.L. Ross & Co.
BankUnited, FSB, had assets of $12.8 billion and deposits of
$8.6 billion as of May 2, 2009.
The Company and its affiliates filed for Chapter 11 on May 22,
2009 (Bankr. S.D. Fla. Lead Case No. 09-19940). Stephen P.
Drobny, Esq., and Peter Levitt, Esq., at Shutts & Bowen LLP; Mark
D. Bloom, Esq., and Scott M. Grossman, Esq., at Greenberg Traurig,
LLP; and Michael C. Sontag, at Camner, Lipsitz, P.A., represent
the Debtors as counsel. Corali Lopez-Castro, Esq., David Samole,
Esq., at Kozyak Tropin & Throckmorton, P.A.; and Todd C. Meyers,
Esq., at Kilpatrick Stockton LLP, serve as counsel to the official
committee of unsecured creditors.
In its bankruptcy petition, BankUnited Financial Corp. said it has
assets of $37,729,520 against debts of $559,740,185.
Wilmington Trust Co., U.S. Bank, N.A., and the Bank of New York
were listed among the company's largest unsecured creditors in
their roles as trustees for security issues. BankUnited estimated
the Bank of New York claim tied to convertible securities at
$184 million. U.S. Bank and Wilmington Trust are owed
$120,000,000 and $118,171,000 on account of senior notes.
CITADEL BROADCASTING: Reports $4,600,676 Net Income for January
---------------------------------------------------------------
Citadel Broadcasting Corporation
Balance Sheet
As of January 31, 2010
ASSET
Current assets:
Cash $80,220,953
Accounts receivable 138,618,764
Prepaid expenses and other current assets 21,374,550
---------------
Total current assets $240,214,267
Property & equipment:
Real property and improvements 159,603,901
Towers and transmitters 194,777,835
Furniture, fixtures and office equipment 30,199,971
Leasehold improvements 35,672,863
Vehicles 9,173,452
less: Accumulated depreciation (229,299,598)
---------------
Total property and equipment $200,128,424
Other assets:
FCC Licenses 598,457,766
Goodwill 321,975,708
Other tangibles 22,984,926
Other non current assets 49,038,941
---------------
Total other assets 992,457,341
Total assets $1,432,800,032
===============
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Liabilities not subject to compromise:
Accounts payable $7,548,255
Taxes payable 1,516,546
Compensation and benefits payable 10,208,551
Deferred tax liability 180,390,310
Other liabilities 19,629,178
---------------
Total liabilities not subject to compromise $219,292,837
Liabilities subject to compromise:
AP and accrued liabilities $77,625,577
Notes payable 2,144,387,154
Convertible notes 48,310,000
---------------
Total liabilities subject to compromise $2,270,322,731
Total liabilities $2,489,615,568
Shareholders equity (deficit):
Common stock $2,940,365
Treasury stock (344,373,971)
Additional paid-in capital 2,447,435,486
Retained earnings - prepetition (3,167,418,092)
Retained earnings - postpetition 4,600,676
---------------
Shareholders' equity (deficit) ($1,056,815,535)
Total liabilities & shareholders' $1,432,800,032
equity (deficit) ===============
Citadel Broadcasting Corporation
Statement of Operations
For the month ended January 31, 2010
Revenues:
Cash $70,964,521
Trade 2,007,127
---------------
Net revenue $72,971,647
Operating expenses:
Advertising and promotions $436,037
Bad debts 730,581
Compensation and benefits 30,561,117
Depreciation and amortization 3,281,049
General and administrative 6,650,237
Programming costs 9,508,001
Real estate, property, and other taxes 571,360
Rent 2,626,630
Payroll taxes 2,450,378
Trade expenses 2,006,783
Utilities 1,999,682
---------------
Total operating expenses $60,821,854
Operating income 12,149,794
Interest expense, net 5,074,493
Reorganization items 3,101,208
---------------
Income before taxes 3,974,093
Income taxes (626,584)
---------------
Net income $4,600,676
===============
Citadel Broadcasting Corporation
Schedule of Cash Receipts and Disbursements
For the month ended January 31, 2010
Cash beginning of period (12/20/09) $49,145,742
Receipts:
Cash sales -
Accounts receivable 98,484,390
Transfers from operations -
---------------
Total receipts $98,484,390
Disbursements:
Net payroll ($17,523,782)
Payroll taxes (8,877,139)
Operating expenses (21,248,610)
Rent (2,083,045)
Interest & debt related charges (17,581,910)
Professional fees (35,544)
U.S. Trustee quarterly fees (59,150)
---------------
Total disbursements ($67,409,179)
Net cash flow 31,075,211
Cash end of month $80,220,953
===============
About Citadel Broadcasting
Citadel Broadcasting Corporation (OTC BB: CTDB) --
http://www.citadelbroadcasting.com/-- is the third largest radio
group in the United States, with a national footprint reaching
more than 50 markets. Citadel is comprised of 166 FM stations and
58 AM stations in the nation's leading markets, in addition to
Citadel Media, which is one of the three largest radio networks in
the United States.
Citadel Broadcasting filed for Chapter 11 with 50 affiliates on
Dec. 20, 2009, in Manhattan (Bankr. S.D.N.Y. Case No. 09-17422).
The Company listed assets of $1.4 billion and debt of $2.5 billion
in its Chapter 11 filing. Kirkland & Ellis LLP is serving as
legal counsel and Lazard Freres & Co. LLC as financial advisor for
the restructuring. Kurtzman Carson Consultants is serving as
claims and notice agent.
Bankruptcy Creditors' Service, Inc., publishes Citadel
Broadcasting Bankruptcy News. The newsletter tracks the Chapter
11 proceeding undertaken by Citadel Broadcasting Corp. and other
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
CRESCENT RESOURCES: Reports $14.8MM Loss for January
----------------------------------------------------
Bill Rochelle at Bloomberg News reports that Crescent Resources
LLC reported a $14.8 million net loss in January on revenue of
$1.05 million. The operating loss for the month was $4.5 million.
From inception of the reorganization in June, the cumulative
operating loss is $47.2 million on revenue of $53.4 million.
About Crescent Resources
Crescent Resources, LLC -- http://www.crescent-resources.com/--
is a land management and real estate development company with
interests in 10 states in the southeastern and southwestern United
States. Crescent Resources is a joint venture between Duke Energy
and Morgan Stanley Real Estate Fund. Established in 1969,
Crescent creates mixed-use developments, country club communities,
single-family neighborhoods, apartment and condominium
communities, Class A office space, business and industrial parks
and shopping centers.
Crescent Resources, LLC, and its debtor-affiliates filed for
Chapter 11 protection on June 10, 2009, with the U.S. Bankruptcy
Court for the Western District of Texas (Austin), lead case number
09-11507, before Judge Craig A. Gargotta. Eric J. Taube, Esq., at
Hohmann, Taube & Summers, L.L.P., is serves as the Debtors'
bankruptcy counsel.
Crescent Resources, LLC -- http://www.crescent-resources.com/--
is a land management and real estate development company with
interests in 10 states in the southeastern and southwestern United
States. Crescent Resources is a joint venture between Duke Energy
and Morgan Stanley Real Estate Fund. Established in 1969,
Crescent creates mixed-use developments, country club communities,
single-family neighborhoods, apartment and condominium
communities, Class A office space, business and industrial parks
and shopping centers.
Crescent Resources, LLC, and its debtor-affiliates filed for
Chapter 11 protection on June 10, 2009, with the U.S. Bankruptcy
Court for the Western District of Texas (Austin), lead case number
09-11507, before Judge Craig A. Gargotta. Eric J. Taube, Esq., at
Hohmann, Taube & Summers, L.L.P., is serves as the Debtors'
bankruptcy counsel.
DISTRIBUTED ENERGY: NPS Liquidating Files Amended Nov-Dec. Report
-----------------------------------------------------------------
On February 18, 2010, Distributed Energy Systems Corp. filed with
the U.S. Bankruptcy Court for the District of Delaware an amended
monthly operating report for the filing period ended November 30,
2009, and for the filing period ended December 31, 2009. The
monthly operating reports for November and December 2009 were
revised on February 10, 2010, to show escrow transfer to the bank.
NPS Liquidating's amended schedule of cash receipts and
disbursements for November 2009 showed:
Cash Beginning of November $1,077,821
Total Receipts $295,295
Total Disbursements $139,033
Net Cash Flow $156,262
Cash End of November $1,234,083
NPS Liquidating's amended schedule of cash receipts and
disbursements for December showed:
Cash beginning of December $1,234,083
Total Receipts $0
Total Disbursements $28,600
Net Cash Flow ($28,600)
Cash End of January $1,205,483
A copy of NPS Liquidating Inc.'s monthly operating report is
available for free at:
http://bankrupt.com/misc/nps.amendednov-dec.mor.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.
DISTRIBUTED ENERGY: Ends January With $594,329 Cash
---------------------------------------------------
Distributed Energy Systems Corp. filed with the U.S. Bankruptcy
Court for the District of Delaware on February 18, 2010, a monthly
operating report for the filing period ended January 31, 2010.
The Company's schedule of cash receipts and disbursements for
January 2010 showed:
Cash Beginning of January $586,090
Total Receipts $8,247
Total Disbursements $8
Net Cash Flow $8,239
Cash End of January $594,329
A copy of Distributed Energy's monthly operating report is
available for free at:
http://bankrupt.com/misc/distributedenergy.januarymor.pdf
Distributed Energy also filed on February 18, 2010, a monthly
operating report for the filing period ended January 31, 2010, for
Debtor NPS Liquidating Inc.
NPS Liquidating's schedule of cash receipts and disbursements for
the reporting period showed:
Cash beginning of January $1,205,483
Total December Receipts $0
Total December Disbursements $0
Net Cash Flow $0
Cash End of January $1,205,483
A copy of NPS Liquidating Inc.'s monthly operating report is
available for free at:
http://bankrupt.com/misc/npsliquidating.januarymor.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 $10,661,823 Loss for January
---------------------------------------------------------
Erickson Retirement Communities, LLC
Balance Sheet
As of January 31, 2010
Assets
Unrestricted cash $15,836,000
Restricted cash 15,432,000
--------------
Total cash 31,268,000
Accounts receivable, net 0
Inventory 0
Notes receivable 32,401,000
Prepaid expenses 3,368,000
Other 18,444,597
--------------
Total current assets 85,481,597
Property, Plant & Equipment 86,707,993
Less: Accumulated depreciation (32,510,993)
--------------
Net property, plant & equipment 54,197,000
Due from insiders (319,218,794)
Other assets - Net of amortization 2,263,000
Other 62,185,000
--------------
Total assets ($115,092,197)
==============
Liabilities and Equity:
Postpetition Liabilities
Accounts payable $2,421,939
Taxes payable 0
Notes payable 0
Professional fees 0
Secured debt 3,908,000
Other 7,914,591
--------------
Total postpetition liabilities 14,244,530
Prepetition Liabilities
Secured debt 216,083,588
Priority debt 0
Unsecured debt 89,820,930
Other 20,231,911
--------------
Total prepetition liabilities 326,136,430
--------------
Total liabilities 340,380,960
--------------
Equity:
Prepetition owner's equity (416,545,000)
Postpetition cumulative profit or (loss) (38,928,156)
Direct charges to equity 0
--------------
Total equity (455,473,156)
--------------
Total liabilities and equity ($115,092,196)
==============
Erickson Retirement Communities, LLC
Statement of Income
For the Month ended January 31, 2010
Revenues:
Gross revenues $2,615,799
Less returns & discounts 0
--------------
Net revenue 2,615,799
Cost of goods sold
Material 0
Direct labor 0
Direct overhead 0
Real estate taxes 0
--------------
Total cost of goods sold 0
--------------
Gross profit 2,615,799
Operating expenses
Officer/insider compensation 929,586
Selling & marketing 0
General & administrative (1,326,606)
Rent & lease 116,325
Other 0
--------------
Total operating expenses sic (279,720)
--------------
Income before non-operating income & expense 2,895,519
Other Income & expenses
Non-operating income (rent) (215,143)
Non-operating expense 0
Interest expense 1,767,000
Depreciation 707,294
Amortization 66,823
Other 10,282,647
--------------
Net other income & expenses 12,608,621
Reorganization expenses
Professional fees 948,720
U.S. Trustee fees 975
Other 0
--------------
Total reorganization expenses sic 948,720
Income tax 0
--------------
Net profit (loss) ($10,661,823)
==============
Erickson Retirement Communities, LLC
Cash Receipts and Disbursements
For the Month Ended January 31, 2010
Cash - beginning of month $33,528,000
Receipts from operations
Cash sales 5,483,764
Collection of accounts receivable
Prepetition 0
Postpetition 0
--------------
Total operating receipts 5,483,764
Non-operating receipts
Loans & advances (DIP Funding), net (1,558,576)
Sale of assets 0
Other 3,549,290
--------------
Total non-operating receipts 1,990,713
Total receipts 7,474,477
--------------
Total cash available 41,002,477
Operating disbursements
Net payroll 4,702,389
Payroll taxes paid 0
Sales, use & other taxes paid 0
Secured/rental/leases 0
Utilities 243,257
Insurance 2,634,780
Inventory purchases 0
Vehicle expenses 0
Travel 85,362
Entertainment 0
Repairs & maintenance 39,878
Supplies 43,774
Advertising 451,107
Other 584,234
--------------
Total operating disbursements 8,784,782
Reorganization expenses
Professional fees 948,720
U.S. Trustee fees 975
Other 0
--------------
Total reorganization expenses 949,695
Total disbursements 9,743,477
--------------
Net cash flow (2,260,000)
--------------
Cash - end of month $31,268,000
==============
Other Erickson Retirement Affiliates
Fifteen affiliates of Erickson Retirement also delivered
separate individual monthly operating reports to the Court.
The Erickson Retirement affiliates reported these assets and
liabilities as of January 31, 2010:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- ------------
Warminster Campus, LP $299,441,455 $299,441,455
Concord Campus, LP $281,804,457 $281,804,457
Novi Campus, LLC $239,114,758 $239,114,758
Littleton Campus, LLC $228,537,531 $228,537,531
Ashburn Campus, LLC $184,799,588 $184,799,588
Houston Campus, LP $163,814,525 $163,814,525
Dallas Campus, LP $155,935,167 $155,935,167
Kansas Campus, LLC $126,894,851 $126,894,851
Columbus Campus, LLC $75,498,136 $75,498,136
Erickson Construction, LLC $17,616,972 $17,616,972
Concord Campus GP, LLC $0 $0
Dallas Campus GP, LLC $0 $0
Senior Campus Services, LLC $0 $0
Warminster Campus GP, LLC $0 $0
Erickson Group, LLC $0 $0
The Debtor affiliates listed their net income or loss for the
period from January 1 to 31, 2010:
Company Net Income(Loss)
------------- ----------------
Ashburn Campus, LLC ($1,398,336)
Concord Campus, LP ($1,092,415)
Warminster Campus, LP ($992,785)
Dallas Campus, LP ($878,758)
Kansas Campus, LLC ($877,916)
Littleton Campus, LLC ($853,148)
Houston Campus, LP ($785,273)
Novi Campus, LLC ($660,853)
Columbus Campus, LLC ($636,068)
Erickson Construction, LLC ($30,845)
Erickson Group, LLC $0
Senior Campus Services, LLC $0
Warminster Campus GP, LLC $0
Concord Campus GP, LLC $0
Dallas Campus GP, LLC $0
The Debtor affiliates also reported their cash receipts and
disbursements for the period from January 1 to 31, 2010:
Company Receipts Disbursements Cash Flow
------- -------- ------------- ---------
Littleton Campus, LLC $616,144 $704,543 ($88,399)
Houston Campus, LP $434,845 $555,042 ($120,197)
Kansas Campus, LLC $354,939 $340,026 $14,913
Dallas Campus, LP $308,042 $275,203 $32,839
Novi Campus, LLC $178,204 $151,691 $26,513
Concord Campus, LP $151,092 $330,118 ($179,026)
Warminster Campus, LP $106,343 $17,670 $88,673
Ashburn Campus, LLC $63,189 $751,165 ($687,976)
Columbus Campus, LLC $0 $392 ($717)
Erickson Construction, LLC $0 $23,988 ($23,988)
Concord Campus GP, LLC $0 $0 $0
Dallas 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 Erickson Retirement
The Baltimore, Maryland-based Erickson Retirement Communities LLC
owns 20 continuing care retirement communities in 11 states.
Among Erickson's 20 communities, eight are completed, 11 are open
although in construction, and one is in development. They have
23,000 residents in total.
Erickson, along with affiliates, filed for Chapter 11 on Oct. 19,
2009 (Bankr. N.D. Tex. Case No. 09-37010). DLA Piper LLP (US)
serves as counsel to the Debtors. BMC Group Inc. serves as claims
and notice agent. Houlihan, Lokey, Howard & Zoukin, Inc., is also
serving as investment and financial consultant. Alvarez & Marsal
is serving as restructuring adviser.
As of September 30, 2009, on a book value basis, ERC had
approximately $2.7 billion in assets, including $2.2 billion of
property and equipment, and $3.0 billion in liabilities.
Liabilities include $195.8 million on the revolving credit,
$347.5 million on construction credit, $64 million in accounts
payable, $47.8 million in subordinate debt, and $475 million in
purchase option deposits.
Bankruptcy Creditors' Service, Inc., publishes Erickson Retirement
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Erickson Retirement Communities LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
EXTENDED STAY: Reports $37,030,000 Loss for December
----------------------------------------------------
Extended Stay Inc., et al.
Combined Balance Sheet
As of January 31, 2010
ASSETS
Current assets
Cash and cash equivalents, unrestricted $1,327,000
Debtor in possession cash account 49,304,000
Cash management account, including
deposits in transit 13,318,000
Accounts receivable-net of allowance
for doubtful accounts 12,898,000
Restricted cash, escrows and reserves -
Other current assets 25,762,000
Investment in derivative instruments, at
fair value -
Due from insiders - non-debtor affiliates -
--------------
Total current assets 102,609,000
Property and equipment, net of
accumulated depreciation 6,317,437,000
Land available for sale 1,100,000
Deferred financing costs, net of
accumulated amortization 14,922,000
Trademarks 13,200,000
License of trademarks, net of
accumulated amortization 8,218,000
Under market trademark licenses,
net of accumulated amortization 11,430,000
Intangible assets, net of accumulated amortization 16,847,000
Other assets 7,184,000
--------------
Total assets $6,492,947,000
==============
LIABILITIES AND SHAREHOLDERS/MEMBERS' (DEFICIT) EQUITY
Liabilities not subject to compromise
Current liabilities
Accounts payable $402,000
Accrued occupancy taxes payable 3,501,000
Accrued state franchise tax 1,146,000
Accrued sales and use taxes payable 3,605,000
Accrued property & general liability
insurance reserves 4,145,000
Accrued utilities 6,042,000
Other property accruals 2,406,000
Deferred revenue 10,784,000
General and administrative accruals 1,540,000
Accrued professional fees - billings rendered 7,064,000
Accrued professional fees - accrual estimate 2,900,000
Accrued real estate taxes 22,022,000
Accrued interest payable 9,885,000
Income taxes payable - state 703,000
Advance from insider, including accrued interest
of $1,419 at January 31, 2010 7,919,000
Due to insiders - non-debtor affiliates 29,345,000
--------------
Total current liabilities 113,409,000
Other liabilities 4,823,000
Deferred income tax liability - noncurrent 1,100,991,000
--------------
Total liabilities not subject to compromise 1,219,223,000
Liabilities subject to compromise
Accounts payable 558,000
Accrued interest payable 9,577,000
Mortgages payable 4,108,349,000
Mezzanine loans 3,295,456,000
Subordinated notes, net of discount 7,408,000
--------------
Total liabilities subject to compromise 7,421,348,000
Shareholders'/Members' (deficit) equity
Additional paid in capital 573,141,000
Retained deficit - pre-petition (1,369,013,000)
Retained deficit - post-petition (1,351,752,000)
--------------
Total shareholders'/members' (deficit) equity (2,147,624,000)
--------------
Total liabilities and shareholders'/members'
(deficit equity) $6,492,947,000
==============
Extended Stay Inc., et al.
Combined Statement of Operations
For the period January 1 to 31, 2010
Revenues
Room revenues $60,314,000
Other property revenues 1,341,000
--------------
Total revenues 61,655,000
Operating expenses
Property operating expenses 36,118,000
Corporate operating expenses 827,000
Officer/Insider Compensation -
Trademark license fees expense 65,000
Management fees and G&A reimbursement expense 8,165,000
Depreciation and amortization 31,746,000
Loss on disposition of property and equipment -
Impairment of property and equipment -
Impairment of intangibles/allowances -
--------------
Total operating expenses 76,921,000
Other income -
--------------
Operating loss (15,266,000)
Interest expense (18,549,000)
Loss on investments in debt securities &
interest rate caps -
Interest income 1,000
Tax expense - current -
Tax expense - deferred (416,000)
--------------
Net loss before reorganization items (34,230,000)
Reorganization items
Professional fees 2,759,000
Professional fees - YE GAAP accrual estimate -
U.S. Trustee quarterly fees 41,000
Interest earned on accumulated cash
from Chapter 11 -
--------------
Total reorganization items 2,800,000
--------------
Net loss ($37,030,000)
==============
The Debtors reported $66,950,485 in total cash receipts and
$78,808,666 in total disbursements for January 2010.
About Extended Stay
Extended Stay is the largest owner and operator of mid-price
extended stay hotels in the United States, holding one of the most
geographically diverse portfolios in the lodging sector with
properties located across 44 states (including 11 hotels located
in New York) and two provinces in Canada. As a result of
acquisitions and mergers, Extended Stay's portfolio has expanded
to encompass over 680 properties, consisting of hotels directly
owned or leased by Extended Stay or one of its affiliates.
Extended Stay currently operates five hotel brands: (i) Crossland
Economy Studios, (ii) Extended Stay America, (iii) Extended Stay
Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe
Studios.
For the year ending December 31, 2008, Extended Stay's audited
financial statements show consolidated assets (including nondebtor
affiliates) totaling approximately $7.1 billion and consolidated
liabilities totaling approximately $7.6 billion. Consolidated
revenues for the 12 months ending December 31, 2008 were
approximately $1 billion.
Extended Stay Inc. and its affiliates filed for Chapter 11 on
June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764). Judge James M.
Peck handles the case. Marcia L. Goldstein, Esq., at Weil Gotshal
& Manges LLP, in New York, represents the Debtors. Lazard Freres
& Co. LLC is the Debtors' financial advisors. Kurtzman Carson
Consultants LLC is the claims agent.
Bankruptcy Creditors' Service, Inc., publishes Extended Stay
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Extended Stay Inc. and
its various affiliates. (http://bankrupt.com/newsstand/or
215/945-7000).
FEDERAL-MOGUL: Global Has $684.2 Million Cash at End of December
----------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of December 31, 2009
(In millions)
Assets
Cash and equivalents $684.2
Accounts receivable 505.2
Inventories 401.7
Deferred taxes 178.3
Prepaid expenses and other current assets 40.9
--------
Total current assets 1,810.4
Summary of Unpaid Postpetition Debits (30.0)
I/C Loans Receivable (Payable) 121.8
--------
Intercompany Balances 91.9
Property, plant and equipment 605.4
Goodwill 7.4
Other intangible assets -
Insurance recoverable -
Other noncurrent assets 236.9
--------
Total Assets $2,751.9
========
Liabilities and Shareholders' Equity
Short-term debt $29.6
Accounts payable 219.3
Accrued compensation 48.3
Restructuring and rationalization reserves 8.1
Current portion of asbestos liability -
Interest payable 5.0
Other accrued liabilities 263.2
--------
Total current liabilities 573.4
Long-term debt 2,752.7
Postemployment benefits 942.3
Other accrued liabilities 669.2
Liabilities subject to compromise -
Shareholders' equity:
Preferred stock 1,023.2
Common stock 90.9
Treasury shares (16.7)
Additional paid-in capital 7,540.0
Accumulated deficit (10,515.9)
Accumulated other comprehensive income (308.7)
Other 1.6
--------
Total Shareholders' Equity (2,185.6)
--------
Total Liabilities and Shareholders' Equity $2,751.9
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flow
For the Month Ended December 31, 2009
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($0.8)
Adjustments to reconcile net earnings (loss)
to net cash provided from (used by)
operating activities:
Depreciation and amortization 31.4
Adjustment of assets held for sale and
other long-lived assets to fair value 0.3
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in postemployment benefits 22.9
Decrease (increase) in accounts receivable 90.2
Decrease (increase) in inventories (10.7)
Increase (decrease) in accounts payable (4.4)
Change in other assets & other liabilities 83.9
Change in restructuring charge (2.5)
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From (Used By) Operating Activities 210.2
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (9.8)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (9.8)
Cash Provided From (Used By) Financing Activities:
Increase / (decrease) in debt (1.6)
Sale (repurchase) of accounts receivable
under securitization -
Dividends -
Other -
--------
Net Cash Provided From (Used By) Financing Activities (1.6)
--------
Increase (Decrease) in Cash and Equivalents 198.8
Cash and equivalents at beginning of period 485.4
--------
Cash and equivalents at end of period $684.2
========
About Federal-Mogul
Federal-Mogul Corporation -- http://www.federalmogul.com/-- is a
global supplier of powertrain and safety technologies, serving the
world's foremost original equipment manufacturers of automotive,
light commercial, heavy-duty, agricultural, marine, rail, off-road
and industrial vehicles, as well as the worldwide aftermarket.
The company's leading technology and innovation, lean
manufacturing expertise, as well as marketing and distribution
deliver world-class products, brands and services with quality
excellence at a competitive cost. Federal-Mogul is focused on its
sustainable global profitable growth strategy, creating value and
satisfaction for its customers, shareholders and employees.
Federal-Mogul was founded in Detroit in 1899. The company is
headquartered in Southfield, Michigan, and employs nearly 39,000
people in 36 countries.
The Company filed for Chapter 11 protection on October 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represented the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86 billion
in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson,
Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis,
Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The
Bayard Firm represented the Official Committee of Unsecured
Creditors.
The Debtors' Fourth Amended Plan was confirmed by the Bankruptcy
Court on November 8, 2007, and affirmed by the District Court on
November 14, 2007. Federal-Mogul emerged from Chapter 11 on
December 27, 2007. (Federal-Mogul Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
* * *
As reported by the TCR on June 5, 2009, Standard & Poor's Ratings
Services said it has lowered its corporate credit rating on
Federal-Mogul Corp. to 'B+' from 'BB-'. S&P also lowered the
ratings on the company's senior secured debt; the recovery ratings
are unchanged. The outlook is negative. "The ratings reflect
Federal-Mogul's weak business risk profile as
a major participant in the highly competitive global auto
industry, and its aggressive financial risk profile," S&P said.
FINLAY ENTERPRISES: Posts $6,448,125 Net Loss in January
--------------------------------------------------------
On February 26, 2010, Finlay Enterprises, Inc. and Finlay Fine
Jewelry Corporation filed their unaudited monthly operating
reports for the fiscal month ended January 30, 2010, with the
United States Bankruptcy Court for the Southern District of New
York.
For the fiscal month ended January 30, 2010, the Company reported
a net loss of $6,448,125.
At January 30, 2010, the Company had $120,386,310 in total assets
and $266,157,048 in total liabilities. Cash held at the end of
January was $74.0 million, which was down from $92.9 million at
January 2, 2010. Including A/P overdraft and credit card
receivables, unrestricted cash and equivalents were $74.3 million
at January 30, 2010.
A full-text copy of the Debtors' monthly operating report for the
fiscal month January 30, 2010, is available for free at:
http://researcharchives.com/t/s?569f
Finlay Enterprises, Inc. (OTC Bulletin Board: FNLY) through its
wholly owned subsidiary, Finlay Fine Jewelry Corporation, is a
retailer of fine jewelry operating luxury stand-alone specialty
jewelry stores and licensed fine jewelry departments in department
stores throughout the United States and achieved sales of
$754.3 million in fiscal 2008. The number of locations at the end
of the second quarter ended August 1, 2009, totaled 182, including
67 Bailey Banks & Biddle, 34 Carlyle and four Congress specialty
jewelry stores and 77 licensed departments with The Bon Ton.
The Company and seven affiliates filed for Chapter 11 on August 5,
2009 (Bankr. S. D. N.Y. Case No. 09-14873). Weil, Gotshal &
Manges LLP, serves as bankruptcy counsel. Alvarez & Marsal North
America, LLC, is engaged as restructuring advisor in the Chapter
11 case, and the firm's David Coles is appointed as chief
restructuring officer. Epiq Bankruptcy Solutions, LLC, serves as
claims and notice agent. Judge James Peck presides over the case.
In its bankruptcy petition, Finlay Enterprises disclosed assets of
$331,824,000 against debts of $385,476,000 as of July 4, 2009. As
of the petition date, Finlay owes $38 million outstanding under a
first lien credit agreement, $24.7 million under second lien
notes, $176.6 million outstanding under third lien notes (in
addition to $17.5 million to secured vendors), and $40.6 million
under remaining unsecured obligations under the senior notes.
On September 25, 2009, the Bankruptcy Court appointed Gordon
Brothers Retail Partners, LLC, as agent for Finlay Enterprises and
its affiliates and subsidiaries to conduct 'store closing" or
similar sales of merchandise located at all of the Company's
retail store locations and the Company's two distribution centers.
The transaction is expected to be completed by February 28, 2010.
Gordon Brothers bid 85.75 cents on the dollar for inventory valued
at an estimated $116 million for closings sales of 49 Finlay
stores. Gordon had a prepetition contract to conduct store
closings sales for 55 other stores.
FONTAINEBLEAU LV: Has $4.39MM Remaining Cash at End of January
--------------------------------------------------------------
FONTAINEBLEAU LAS VEGAS, LLC
Schedule of Receipts and Disbursements
For The Period From January 1 to 31, 2010
Cumulative
to the
As of Petition
Jan. 2010 Date
------------- -------------
Funds At Beginning Period $7,398,966 $191,916,782
------------- -------------
Receipts
(a) Cash Sales 0 0
Minus: Cash Refunds 0 0
Net Cash Sales 0 0
(b) Accounts Receivable 0 0
(c) Other Receipts 3,012,075 38,858,671
------------- -------------
Total Receipts 3,012,075 38,858,671
------------- -------------
Total Funds Available For 10,411,041 230,775,454
Operations ------------- -------------
Disbursement
(a) Advertising 0 0
(b) Bank Charges 0 19,491
(c) Contract Labor 0 1,550,315
(d) Fixed Asset Payments 0 3,863,877
(e) Insurance 0 1,151,915
(f) Inventory 0 0
(g) Leases 0 0
(h) Manufacturing Supplies 0 0
(i) Office Supplies 201,408 1,645,030
(j) Payroll - Net 175,099 3,593,763
(k) Professional Fees 962,143 8,557,063
(l) Rent 319,699 2,939,013
(m) Repairs 2,522,365 3,726,942
(n) Secured Creditor Payments 0 192,985,545
(o) Taxes Paid - Payroll 67,625 1,252,934
(p) Taxes Paid - Sales 0 0
(q) Taxes Paid - Other 1,440,136 2,985,520
(r) Telephone 0 0
(s) Travel & Entertainment 0 0
(y) U.S. Trustee Quarterly Fees 30,650 62,350
(u) Utilities 182,141 1,810,939
(v) Vehicle Expenses 0 0
(w) Other Operating Expenses 124,143 245,122
------------- -------------
Total Disbursements 6,025,414 226,389,826
------------- -------------
Ending Balance $4,385,627 $4,385,627
============= =============
FONTAINEBLEAU LAS VEGAS RETAIL, LLC
Schedule of Receipts and Disbursements
For The Period From January 1 to 31, 2010
Cumulative
to the
As of Petition
Jan. 2010 Date
------------- -------------
Funds At Beginning Period $175 $93
------------- -------------
Receipts
(a) Cash Sales 0 0
Minus: Cash Refunds 0 0
Net Cash Sales 0 0
(b) Accounts Receivable 0 0
(c) Other Receipts 124,144 245,147
------------- -------------
Total Receipts 124,144 245,147
------------- -------------
Total Funds Available For 124,144 245,147
Operations ------------- -------------
Disbursement
(a) Advertising 0 0
(b) Bank Charges 0 0
(c) Contract Labor 24 24
(d) Fixed Asset Payments 0 0
(e) Insurance 0 0
(f) Inventory 0 0
(g) Leases 0 0
(h) Manufacturing Supplies 0 0
(i) Office Supplies 0 520
(j) Payroll - Net 14,068 28,860
(k) Professional Fees 100,792 200,792
(l) Rent 0 0
(m) Repairs 0 0
(n) Secured Creditor Payments 0 93
(o) Taxes Paid - Payroll 7,658 13,174
(p) Taxes Paid - Sales 0 0
(q) Taxes Paid - Other 0 0
(r) Telephone 0 0
(s) Travel & Entertainment 0 0
(y) U.S. Trustee Quarterly Fees 1,625 1,625
(u) Utilities 0 0
(v) Vehicle Expenses 0 0
(w) Other Operating Expenses 0 0
------------- -------------
Total Disbursements 124,168 245,090
------------- -------------
Ending Balance $150 $150
============= =============
Fontainebleau Las Vegas Holdings, LLC, Fontainebleau Las Vegas
Capital Corp., Fontainebleau Las Vegas Holdings, LLC,
Fontainebleau Las Vegas Retail Mezzanine, LLC, and Fontainebleau
Las Vegas Retail Parent, LLC also delivered to the Court on
February 22, 2010, a copy of their Monthly Operating Report for
the period January 1 to 31, 2010. However, since the Debtors
have no business activity, the report contains zero figures for
all financial reports.
Full-text copies of the Debtors' December Monthly Operating
Reports may be accessed for free at:
http://bankrupt.com/misc/FB_CapitalCorpMOR0110.pdf
http://bankrupt.com/misc/FB_HoldingsLLCMOR0110.pdf
http://bankrupt.com/misc/FB_RetailParentMOR0110.pdf
http://bankrupt.com/misc/FB_RetailMezzanineMOR0110.pdf
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)
FREEDOM COMMUNICATIONS: Posts $9.8 Million Net Loss in January
--------------------------------------------------------------
Freedom Communications Holdings Inc., et al., reported a net loss
of $9.8 million on total operating revenue of $44.6 million for
the month of January 2010.
The Debtors ended January 2010 with approximately $100.3 million
in cash and cash equivalents. The Debtor paid a total of
$4.3 million in professional fees and expenses during the month.
At January 31, 2010, the Debtors had $817.3 million in total
assets, $140.4 million in total current liabilities,
$197.7 million in total long-term liabilities, $804.0 million in
liabilities subject to compromise, and $196,000 in minority
interests, resulting in a $325.0 million stockholders' deficiency.
A copy of the Company's December 2009 operating report is
available for free at:
http://bankrupt.com/misc/freedomcommunicatins.januarymor.pdf
About Freedom Communications
Freedom Communications, headquartered in Irvine, California, is a
national privately owned information and entertainment company of
print publications, broadcast television stations and interactive
businesses. The company's print portfolio includes approximately
90 daily and weekly publications, including approximately 30 daily
newspapers, plus ancillary magazines and other specialty
publications. The broadcast company's stations -- five CBS, two
ABC network affiliates and one CW affiliate -- reach more than
3 million households across the country. The Company's news,
information and entertainment Web sites complement its print and
broadcast properties.
Freedom Communications filed for Chapter 11 on Sept. 1, 2009
(Bankr. D. Del. Case No. 09-13046). Attorneys at Young Conaway
Stargatt & Taylor, and Latham & Watkins LLP serve as Chapter 11
counsel. Houlihan, Lokey, Howard & Zukin, Inc., serves as
financial advisor while AlixPartners LLC is restructuring
consultant. Logan & Co. serves as claims and notice agent.
Freedom Communications had $757,000,000 in assets against debts of
$1,077,000,000 as of July 31, 2009.
GENERAL GROWTH: Posts $539.6 Million Net Loss in December
---------------------------------------------------------
General Growth Properties, Inc., reported a net loss attributable
to common shareholders of $539.6 million on total revenues of
$228.8 million for the month ended December 31, 2009. Operating
loss was $635.7 million.
At December 31, 2009, the Company had $25.881 billion in total
assets, $24.320 billion in total liabilities, $206.8 million in
total redeemable noncontrolling interests, and $1.354 billion in
total equity.
A full-text copy of December monthly operating report is available
at no charge at http://researcharchives.com/t/s?56e5
About General Growth Properties
Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- currently has ownership interest in, or
management responsibility for, over 200 regional shopping malls in
43 states, as well as ownership in master planned community
developments and commercial office buildings. The Company's
portfolio totals approximately 200 million square feet of retail
space and includes over 24,000 retail stores nationwide. The
Company's common stock is currently traded in the over-the-counter
securities market operated by Pink OTC Markets Inc. using the
symbol GGWPQ.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants
LLC has been engaged as claims agent. The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers. The Debtors disclosed $29,557,330,000 in
assets and $27,293,734,000 in debts as of December 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
HAWKEYE RENEWABLES: Posts $88,000 Net Loss in January
-----------------------------------------------------
On February 22, 2010, Hawkeye Renewables, LLC, et al., filed with
the U.S. Bankruptcy Court for the District of Delaware their
monthly operating report for the filing period ended January 31,
2010.
Hawkeye Renewables reported a net loss of $88,000 on net sales of
$44,267,000 in January.
At January 31, 2010, Hawkeye had $312.6 million in total assets
and $779.7 million in total liabilities.
A copy of the Company's monthly operating report is available at
no charge at:
http://bankrupt.com/misc/hawkeye.januarymor.pdf
Ames, Iowa-based Hawkeye Renewables, LLC -- dba Iowa Falls Ethanol
Plant, LLC -- filed for Chapter 11 bankruptcy protection on
December 21, 2009 (Bankr. D. Delaware Case No. 09-14461). L.
Katherine Good, Esq., and Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., assist the Company in its restructuring
effort. Blackstone Advisory Partners, LP, is the Company's
financial advisor. Epiq Bankruptcy Solutions, LLC, is the
Company's claims agent. The Company listed $100,000,001 to
$500,000,000 in assets and $500,000,001 to $1,000,000,000 in
liabilities.
LTV CORP: Ends January 2010 With $9,354,000 Cash
------------------------------------------------
On February 17, 2010, The LTV Corporation, et al., submitted to
the United States Bankruptcy Court for the Northern District of
Ohio, Eastern Division their operating report for the period ended
January 31, 2010.
LTV ended the period with a $9,354,000 cash balance. LTV reported
$34,000 in receipts and $285,000 in disbursements in January,
including $208,000 paid to Chapter 11 professionals.
A full-text copy of LTV's January 2010 operating report is
available at no charge at http://researcharchives.com/t/s?567d
Headquartered in Cleveland, Ohio, The LTV Corp. is a manufacturer
with interests in steel and steel-related businesses, employing
some 17,650 workers and operating 53 plants in Europe and the
Americas. The Company filed for chapter 11 protection on
December 29, 2000 (Bankr. N.D. Ohio, Case No. 00-43866). On
August 31, 2001, the company listed $4,853,100,000 in assets and
$4,823,200,000 in liabilities.
MAGNA ENTERTAINMENT: Earns $50.5 Million in Jan. 1 - Feb. 7 Period
------------------------------------------------------------------
On March 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 January 1, 2010, to February 7, 2010, with the
United States Bankruptcy Court for the District of Delaware.
Magna Entertainment reported net income of $50.5 million for the
period. Results include a $54.0 million gain from sale of
Remington Park.
At January 31, 2010, the Company had $1.073 billion in total
assets, $499.7 million in total liabilities, and $573.3 million in
net owner equity.
The Company ended the period with $52.4 million in cash and
equivalents, including restricted cash and cash equivalents of
$51.3 million. At December 31, 2009, the Company had cash and
equivalents of $57.1 million.
During the month, the Company paid a total of $3.2 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?56a3
About Magna Entertainment
Based in Aurora, Ontario, Magna Entertainment Corp. is North
America's largest owner and operator of horse racetracks based on
revenue. The Company develops, owns and operates horse racetracks
and related pari-mutuel wagering operations, including off-track
betting facilities. MEC also develops, owns and operates casinos
in conjunction with its racetracks where permitted by law.
MEC owns and operates AmTote International, Inc., a provider of
totalisator services to the pari-mutuel industry, XpressBet(R), a
national Internet and telephone account wagering system, as well
as MagnaBet(TM) internationally. Pursuant to joint ventures, MEC
has a 50% interest in HorseRacing TV(R), a 24-hour horse racing
television network, and TrackNet Media Group LLC, a content
management company formed for distribution of the full breadth of
MEC's horse racing content.
Following its failure to meet obligations to lenders led by PNC
Bank, National Association, and Wells Fargo Bank, National
Association, and controlling shareholder MI Developments Inc.'s
decision not to provide further financial backing, Magna
Entertainment Corp. and 24 affiliates filed for Chapter 11 on
March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720).
Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges LLP, have been engaged as bankruptcy counsel.
Mark D. Collins, Esq., L. Katherine Good, Esq., and Maris J.
Finnegan, Esq., at Richards, Layton & Finger, P.A., are the
Debtors' local counsel. Miller Buckfire & Co. LLC is the Debtors'
investment banker and financial advisor. Kurtzman Carson
Consultants LLC is the claims and noticing agent for the Debtors.
Magna Entertainment Corp. had total assets of $1.054 billion and
total liabilities of $947.3 million based on unaudited
consolidated financial statements as of December 31, 2008.
MAJESTIC STAR: Posts $3.8 Million Net Loss in January
-----------------------------------------------------
On March 2, 2010, The Majestic Star Casino, LLC, filed a monthly
operating report for January 2010.
The Company reported a net loss of $3,831,800 on net revenue of
$7,302,893 in January.
At January 31, 2010, the Company had $485,474,727 in total assets
and $965,000,263 in total liabilities.
A copy of the Company's January monthly operating report is
available at no charge at:
http://bankrupt.com/misc/majesticstar.januarymor.pdf
About Majestic Star
The Majestic Star Casino, LLC -- aka Majestic Star Casino, aka
Majestic Star -- is based in Las Vegas, Nevada. It is a wholly
owned subsidiary of Majestic Holdco, LLC, which is a wholly owned
subsidiary of Barden Development, Inc. The Company was formed on
December 8, 1993, as an Indiana limited liability company to
provide gaming and related entertainment to the public. The
Company commenced gaming operations in the City of Gary at
Buffington Harbor, located in Lake County, Indiana on June 7,
1996. The Company is a multi-jurisdictional gaming company with
operations in three states -- Indiana, Mississippi and Colorado.
The Company filed for Chapter 11 bankruptcy protection on
November 23, 2009 (Bankr. D. Delaware Case No. 09-14136).
The Company's affiliates -- The Majestic Star Casino II, Inc., The
Majestic Star Casino Capital Corp., Majestic Star Casino Capital
Corp. II, Barden Mississippi Gaming, LLC, Barden Colorado Gaming,
LLC, Majestic Holdco, LLC, and Majestic Star Holdco, Inc. -- also
filed separate Chapter 11 petitions.
Kirkland & Ellis LLP is the Debtors' bankruptcy counsel. James E.
O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP are the Debtors'
Delaware counsel. Xroads Solutions Group, LLC, is the Debtors'
financial advisor, while EPIQ Bankruptcy Solutions LLC are the
Debtors' claims and notice agent.
The Majestic Star Casino, LLC's balance sheet at June 30, 2009,
showed total assets of $406.42 million and total liabilities of
$749.55 million. When it filed for bankruptcy, the Company listed
up to $500 million in assets and up to $1 billion in debts.
MESA AIR: Reports $542,000 Net Income for January
-------------------------------------------------
Mesa Air Group, Inc., et al.
Condensed Consolidated Balance Sheet
As of January 31, 2010
ASSETS
Current Assets
Cash and cash equivalents $67,471,000
Short-term investments 885,000
Restricted investments 12,764,000
Receivables, net of allowance 10,130,000
Inventories, net of allowance 27,267,000
Prepaid expenses and other assets 141,547,000
--------------
Total current assets 260,063,000
Property and equipment, net 552,378,000
Security and other deposits 11,786,000
Other assets 133,964,000
--------------
TOTAL ASSETS $958,191,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities Not Subject to Compromise:
Current Liabilities
Accounts payable $4,817,000
Air traffic liability 3,791,000
Other accrued expenses 41,659,000
Income tax payable 3,597,000
Deferred revenue & other current liabilities 0
--------------
Total current liabilities not subject to 53,863,000
compromise
Deferred credits and other liabilities 104,612,000
Long-term deferred income tax 156,719,000
Other long-term debt postpetition 0
--------------
Total liabilities not subject to compromise 261,332,000
Liabilities subject to compromise 537,002,000
--------------
Total Liabilities 852,196,000
Stockholders' Equity
Preferred stock, no par value, authorized 0
2,000,000 shares, none issued
Common stock, no par value and additional 118,676,000
paid-in capital, 900,000,000 shares
authorized; 175,217,249 and 175,217,249
shares issued and outstanding, respectively
Deferred stock compensation 1,417,000
Retained earnings (14,098,000)
--------------
Total shareholders' equity 105,995,000
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $958,191,000
==============
Mesa Air Group, Inc., et al.
Condensed Consolidated Statement of Operations
As of January 31, 2010
Revenues
Passenger $61,488,000
Cargo 0
Other 381,000
--------------
Total revenue 61,869,000
--------------
Operating Expenses
Flight operations 20,719,000
Flight operations - nonoperating aircraft 2,163,000
Aircraft fuel 15,953,000
Aircraft and traffic servicing 3,897,000
Maintenance 10,826,000
Promotion and sales 190,000
General and administrative 3,040,000
Depreciation and amortization 2,926,000
impairment of long-lived asset 0
--------------
Total operating expenses 59,714,000
Operating Income (Loss) 2,155,000
Nonoperating Income (Expense)
Interest income 322,000
Interest expense (1,343,000)
Other, net (323,000)
--------------
Total nonoperating income (expense) (1,344,000)
--------------
Income (Loss) before reorganization items and 811,000
income Taxes
Income Taxes (87,000)
Loss (Gain) on reorganization items 1,060,000
--------------
Income (Loss) before discontinued operations (162,000)
Loss (Gain) from discontinued operations (704,000)
--------------
NET INCOME (LOSS) $542,000
==============
Mesa Air Group, Inc., et al.
Condensed Consolidated Statement of Cash Flows
For the Month Ended January 31, 2010
Cash Flows from Operating Activities:
Net income (loss) from continuing operations ($162,000)
Net income (loss) from discontinued operations 704,000
--------------
Net income (loss) 542,000
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 3,362,000
Impairment charges (1,080,000)
Amortization of deferred credits (1,338,000)
Amortization of restricted stock awards 65,000
Amortization of contract incentive payments 27,000
Provisions for obsolete expendable parts 127,000
and supplies
Changes in operating assets and liabilities:
Net (purchase) sales of investment securities (885,000)
Receivables 3,626,000
Expendable parts and supplies (13,000)
Prepaid expenses and other assets 19,133,000
Other assets 50,000
Accounts payable 9,026,000
Income taxes payable 569,000
Air traffic liability 0
Other accrued liabilities 9,188,000
Reorganization items (1,060,000)
--------------
Net cash provided by (used in) operating 41,339,000
activities
Cash Flows from Reorganization Activities:
Net cash provided by (used in) reorganization 0
activities
--------------
Total net cash provided by (used in) operating 0
activities
Cash Flows from Investing Activities:
Capital expenditures (1,538,000)
Proceeds from sale of flight equipment and 0
expendable inventory
Change in restricted cash 0
Equity method investment 340,000
Investment deposits 0
Change in other assets 11,000
Net returns (payments) of lease and equipment (47,000)
deposits
--------------
Net cash (used in) provided by investing (1,235,000)
activities
Cash Flows from Financing Activities:
Principal payments on long-term borrowings (1,867,000)
--------------
Net cash (used in) provided by financing (1,867,000)
activities
Increase (decrease) in cash and cash 38,238,000
equivalents
Cash and cash equivalents at beginning of 29,233,000
period
--------------
Cash and cash equivalents at end of period $67,471,000
==============
About Mesa Air Group
Mesa currently operates 130 aircraft with approximately 700 daily
system departures to 127 cities, 41 states, Canada, and Mexico.
Mesa operates as Delta Connection, US Airways Express and United
Express under contractual agreements with Delta Air Lines, US
Airways and United Airlines, respectively, and independently as
Mesa Airlines and go! Mokulele. This operation links Honolulu to
the neighbor island airports of Hilo, Kahului, Kona and Lihue. The
Company, founded by Larry and Janie Risley in New Mexico in 1982,
has approximately 3,500 employees.
Mesa Air Group Inc. and its units filed their Chapter 11 petitions
Jan. 5 in New York (Bankr. S.D.N.Y. Case No. 10-10018), listing
assets of $976 million against debt totaling $869 million as of
Sept. 30, 2009.
Richard M. Pachulski, Esq., and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel.
Imperial Capital LLC is the investment banker. Epiq Bankruptcy
Solutions is claims and notice agent.
Bankruptcy Creditors' Service, Inc., publishes Mesa Air Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Mesa Air Group Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000)
NEXTMEDIA GROUP: Ends January With $8.2 Million in Cash
-------------------------------------------------------
NextMedia Group, Inc., et al., ended January 2010 with
$8.2 million in unrestricted cash and cash equivalents.
At January 31, 2009, the Debtors had $216.1 million in total
assets, $267.9 million in total liabilities, and ($51.8 million)
in net owners' equity.
NextMedia Operating, Inc., reported a net loss of $1,311,515 on
net revenue of $2,952,562 r the month of January.
NextMedia Outdoor, Inc., reported net income of $245,237 on net
sales of $1,978,661 for the month of January.
A full-text copy of the Debtors' January operating report is
available for free at:
http://bankrupt.com/misc/nextmedia.januarymor.pdf
Greenwood Village, Colorado-based NextMedia Group, Inc., provides
out-of-home media services through radio broadcasting and outdoor
advertising. The Debtors operate an aggregate of 36 AM and FM
radio stations in a total of seven rated and unrated small, mid-
size and suburban markets, including the Greenville-New Bern-
Jacksonville, North Carolina area; the Saginaw-Bay City-Midland,
Michigan area; Canton, Ohio; Myrtle Beach, South Carolina; San
Jose, California; suburban Chicago; and suburban Dallas.
NextMedia Group filed for Chapter 11 bankruptcy protection on
December 21, 2009 (Bankr. D. Delaware Case No. 09-14463). The
Debtor's affiliates, NextMedia Investors LLC, et al., also filed
Chapter 11 bankruptcy petitions. Paul N. Heath, Esq.; Michael J.
Merchant, Esq.; and Chun I. Jang, Esq., at Richards Layton &
Finger, assist the Debtors in their restructuring efforts.
NextMedia Group listed $50,000,001 to $100,000,000 in assets and
$100,000,001 to $500,000,000 in liabilities.
PACIFIC ENERGY: Earns $238.8 Million in January
-----------------------------------------------
Pacific Energy Resources Ltd. filed with the U.S. Bankruptcy Court
for the District of Delaware on February 17, 2010, a monthly
operating report for December 2009.
Pacific Energy Resources Ltd. reported net income of
$238.3 million on net revenue of $5.2 million for the month of
December 2009. Results for the month include a gain on Beta sale
of $139 million and debt forgiveness of $98.0 million.
At December 31, 2009, the Company had total assets of
$517.3 million, total liabilities of $143.3 million, and net
stockholders' equity of $374.0 million.
During the month of December, the Company's schedule of cash
receipts and disbursement showed:
Cash, beginning $8,517,953
Total Receipts $44,128,047
Total Disbursements $36,369,425
Net Cash Flow $7,758,622
Cash, end $16,276,574
During the month, the Company paid $2,300,327 in professional fees
and reimbursed $69,312 in professional expenses.
A full-text copy of the Debtor's December operating report is
available for free at:
http://bankrupt.com/misc/pacificenergy.decembermor.pdf
Headquartered in Long Beach, California, Pacific Energy Resources
Ltd. -- http://www.pacenergy.com/-- engages in the acquisition
and development of oil and gas properties, primarily in the United
States. The Company and seven of its affiliates filed for
Chapter 11 protection on March 8, 2009 (Bankr. D. Del. Lead Case
No. 09-10785). Attorneys at Pachulski Stang Ziehl & Jones LLP,
represent the Debtors as counsel. The Debtors proposed Rutan &
Tucker LLP as special corporation and litigation counsel;
Schully, Roberts, Slattery & Marino, PLC, as special oil and gas
and transactional counsel; Devlin Jensen as special Canadian
counsel; Scott W. Winn, at Zolfo Cooper Management, LLC, as chief
restructuring officer; Lazard Freres & Co. LLC as investment
banker; and Albrecht & Associates, Inc., as agent for the Debtors
in the sale of their oil and gas properties. Omni Management
Group, LLC, is the claims, balloting, notice and administrative
agent for the Debtors. When the Debtors filed for protection from
their creditors, they listed between $100 million and
$500 million each in assets and debts.
PROLIANCE INTERNATIONAL: Posts $477,000 Net Loss in January
-----------------------------------------------------------
On February 25, 2010, Proliance International, Inc., filed its
monthly operating report for the filing period ended January 31,
2010.
The Company reported a net loss of $477,000 for the month of
Janaury 2010. Included in the net loss are bankruptcy related
costs of $375,000.
At January 31, 2010, the Company had $50.6 million in total
assets and $98.7 million in total liabilities.
The balance sheet at January 31, 2010, includes a $43.9 million
investment in Nederlandse Radiateuren Fabriek B.V. ("NRF"), the
Company's wholy-owned subsidiary. On February 19, 2010, the
Company, through its wholly-owned subsidary Aftermarket Delaware
Corporation entered into a sale and purchase agreement with Banco
Products (India) Ltd. with respect to the sale of all of the
outstanding equity interest of NRF to the buyer for
Eur17.7 million. On February 19, 2010, the Court approved the
sale transaction. The financial statements do not reflect the
write-down of the investment in NRF to net realizable value, as
this will not be determined until the sale process is completed.
A full-text copy of the Company's January 2010 operating report
is available for free at:
http://bankrupt.com/misc/proliance.januarymor.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.
SPANSION INC: LLC Has $10,505,808 Loss for January
--------------------------------------------------
Spansion LLC Executive Vice President and Chief Financial Officer
Randy Furr filed on February 19, 2010, Spansion LLC's monthly
operating report for January 2010. Spansion LLC is the
principal operating company of the Debtors. It is the parent
company of Spansion International, Inc., and all other foreign
Spansion entities.
According to Mr. Furr, Spansion LLC has employees, and
conducts businesses that generate revenue. It files its own
payroll tax returns, and it is included in Spansion Inc.'s
federal consolidated and California worldwide unitary tax
returns.
Mr. Furr further notes that Spansion LLC recognizes the operating
results of its wholly owned subsidiaries worldwide based on the
equity method of accounting. However, since one of its
subsidiaries, Spansion Japan Limited, filed a proceeding under
the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan on
February 10, 2009, which was formally commenced on March 3,
Spansion LLC no longer "controls" SPJ. SPJ's results are no
longer consolidated in Spansion Inc.'s consolidated financial
results effective March 2009, and have never been reflected in
Spansion LLC's monthly Operating Reports.
Spansion LLC
Balance Sheet
As of January 24, 2010
ASSETS
Unrestricted Cash & Cash Equivalents $345,133,606
Short Term Investment 85,325,001
Restricted Cash & Cash Equivalents 8,763,528
Accounts Receivable (net) 68,669,292
Notes Receivable 0
Inventories 133,040,273
Prepaid Expenses 7,646,030
Professional Retainers 446,373
Intercompany Receivables 427,723,058
Other Current Assets 40,002,733
--------------
Total current assets 1,116,749,894
Property and Equipment
Real Property & Improvements 13,078,518
Machinery and Equipment 1,166,387,527
Furniture, fixtures & Office Equipment 0
Leasehold Improvements 734,469,848
Vehicles 0
Less Accumulated Depreciation (1,666,557,867)
--------------
Total Property and Equipment 247,378,026
OTHER ASSETS
Loans to Insiders 0
Intercompany Investments 148,681,457
Other assets 34,106,826
--------------
Total Other Assets 182,788,283
--------------
Total Assets $1,546,916,203
==============
LIABILITIES AND OWNER EQUITY
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable $35,554,742
Taxes Payable 13,330,022
Wages Payable 5,379,684
Secured Debt 46,887,663
Accrued Expense 32,775,150
Deferred Income 49,585,346
Intercompany 264,016,268
Other Postpetition Liabilities 79,977,648
--------------
Total Postpetition Liabilities 527,506,523
Liabilities Subject to Compromise Prepetition
Secured Debt 643,340,897
Priority Debt 14,678,840
Unsecured Debt 986,449,547
Intercompany 260,721,946
--------------
Total Prepetition Liabilities 1,905,191,230
--------------
Total Liabilities 2,432,697,753
OWNER EQUITY
Intercompany Common Stock 2,289,379,270
Additional Paid-in Capital 124,015,097
Partners' Capital Account 0
Owner's Equity Account 0
Retained Earnings-Prepetition (3,223,243,733)
Retained Earnings-Postpetition (81,448,844)
Retained Earnings-Adjustment 5,516,659
--------------
Net Owner Equity (885,781,550)
--------------
Total Liabilities and Owner Equity $1,546,916,203
==============
Spansion LLC
Statement of Operations
For the From Dec. 28, 2009 to Jan. 24, 2010
REVENUES
Gross Revenues $64,773,775
Less: Changes in reserves 1,052,758
--------------
Net Revenue 65,826,533
Cost of Goods Sold
Manufacturing expense 29,486,711
Disti/OEM cost adjustment 3,501,126
Intercompany purchase 32,681,542
Foreign currency gain/loss 590,795
Inventory change (7,840,612)
--------------
Cost of Goods Sold 58,419,562
--------------
Gross Profit 7,406,971
Operating Expenses
Building Expense 1,576,050
Labor & Benefits 5,490,258
Freight 9,372
Marketing and communications 19,323
Material 394,630
Outside Services 5,471,213
Repair & Maintenance 187,706
Telecom and Software 523,498
Travel 246,298
Other 152,005
--------------
Total Operating Expenses Before Depreciation 14,070,353
Depreciation/Depletion/Amortization 723,202
--------------
Net Profit (loss) Before Other Income & Expenses (7,386,584)
OTHER INCOME AND EXPENSES
Other loss (Income), net (2,065,593)
Interest Expense 2,337,191
Other Expense 0
--------------
Net Profit(loss)Before Reorganization Items (7,658,182)
Reorganization Items
Professional Fees 3,969,229
Interest Earned on Accumulated Cash
From Chapter 11 (31,819)
Other Reorganization Expenses (1,089,955)
--------------
Total reorganization expenses 2,847,455
Income Taxes 171
--------------
Net Profit (loss) ($10,505,808)
==============
Spansion LLC
Schedule of Cash Receipts and Disbursement
For the Period From Dec. 28, 2009 to Jan. 24, 2010
Cash Beginning of Month $323,531,806
Receipts
Customer Receipts 74,298,523
Intercompany Receipts 57,999
Other Receipts 9,537,469
--------------
Total Receipts 83,893,991
Disbursements
Buildings 3,746,737
Foundry & Subcon 4,741,086
Intercompany Disbursements 0
Labor & Benefits 13,097,611
Material 12,077,210
Other 2,025,992
Outside Services 6,058,702
Repair & Maintenance 2,373,782
Capital Expenditures 1,698,965
Debt Obligations & Capital Leases 1,194,515
Taxes 20,266
Facility Closure Costs 0
Key Employee Incentive Plan 0
Reduction in Force 837,942
Restructuring Professional Fees 2,361,862
Utilities Deposit 0
Intercompany Transfers(debtor entities) 2,047,177
Intercompany Transfers(non-debtor entities) 10,010,346
--------------
Total Disbursements 62,292,191
Net Cash Inflow/(Outflow) 21,601,801
--------------
Cash End of Month $345,133,606
==============
A full-text copy of Spansion LLC's January Operating Report is
available for free at:
http://bankrupt.com/misc/SpansionLLC_JanMOR.pdf
About Spansion Inc.
Spansion Inc. (Pink Sheets: SPSNQ) -- http://www.spansion.com/--
is a Flash memory solutions provider. Spansion is a former joint
venture of AMD and Fujitsu.
Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690). On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.
Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A.
Posin, Esq., at Latham & Watkins LLP, have been tapped as
bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris
LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is
the claims agent. The United States Trustee has appointed an
official committee of unsecured creditors in the case. As of
September 30, 2008, Spansion disclosed total assets of
US$3,840,000,000, and total debts of US$2,398,000,000.
Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.
Bankruptcy Creditors' Service, Inc., publishes Spansion Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding
undertaken by Spansion Inc. and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000)
THORNBURG MORTGAGE: Ends January With $43,462,015 Cash
------------------------------------------------------
On February 26, 2010, the Chapter 11 trustee for TMST, Inc.,
formerly known as Thornburg Mortgage, Inc., filed on behalf of the
Debtors, except for ADFITECH, Inc., a monthly operating report for
January 2010.
TMST, Inc., et al., ended January with $43,462,015 cash. The
Debtors posted a net loss of $705,643 on net operating revenue of
$1,934,127 for the month. At January 31, 2010, the Debtors had
$167,308,659 in total assets and $3,486,923,342 in total
liabilities.
A full-text copy of the TMST, Inc.'s January 2010 operating
report is available for free at:
http://researcharchives.com/t/s?56eb
Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages. It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets. Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.
Thornburg Mortgage, Inc., and its four affiliates filed for
Chapter 11 on May 1 (Bankr. D. Md. Lead Case No. 09-17787).
Thornburg has changed its name to TMST, Inc.
Judge Duncan W. Keir is handling the case. David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, has been tapped as
counsel. Orrick, Herrington & Sutcliffe LLP is employed as
special counsel. Jim Murray, and David Hilty, at Houlihan Lokey
Howard & Zukin Capital, Inc., have been tapped as investment
banker and financial advisor. Protiviti Inc. has also been
engaged for financial advisory services. KPMG LLP is the tax
consultant. Epiq Systems, Inc., is claims and noticing agent. In
its bankruptcy petition, Thornburg listed total assets of
$24,400,000,000 and total debts of $24,700,000,000, as of
January 31, 2009.
On October 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc. and TMST Hedging
Strategies, Inc.
TRONOX INC: Records $1.2 Million Loss for January
-------------------------------------------------
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Balance Sheet
As of January 31, 2010
ASSETS
Cash and cash equivalents $77,000,000
Notes and accounts receivable intercompany 362,200,000
Accounts receivable, third parties 89,200,000
Inventories, net 115,100,000
Prepaid and other assets 131,300,000
Income tax receivable 500,000
Deferred income taxes 1,200,000
----------------
Total Current Assets 776,500,000
Property, plant and equipment, net 175,200,000
Notes and advances receivable, intercompany 106,500,000
Other long-term assets 379,700,000
----------------
Total Assets $1,437,900,000
================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, third parties $64,500,000
Accrued liabilities 76,200,000
Long-term debt due within one year 1,700,000
Income taxes payable 1,400,000
Long-term debt classified as current 0
----------------
Total Current Liabilities 143,800,000
Noncurrent liabilities:
Deferred income taxes 4,700,000
Environmental remediation and restoration 104,800,000
Long-term Debt 423,300,000
Notes and advances payable, intercompany 9,200,000
Other 121,200,000
----------------
Total Liabilities
Not Subject to Compromise 807,000,000
Minority Interest 3,400,000
Liabilities Subject to compromise 437,900,000
Commitments and contingencies 0
Stockholders' equity
Common stock 400,000
Capital in excess of par value 496,400,000
Retained earnings (accumulated deficit) (275,600,000)
Accumulated other comprehensive
income (24,400,000)
Treasury stock, at cost (7,200,000)
----------------
Total Stockholders' Equity 189,600,000
----------------
Total Liabilities and Stockholders' Equity $1,437,900,000
================
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Statement of Operations
Month Ended January 31, 2010
Net Sales $49,700,000
Cost of goods sold 40,100,000
----------------
Gross margin 9,600,000
Selling, general and admin. Expenses 2,600,000
Gain on land sales 0
Impairment of goodwill 0
Restructuring charges 600,000
Provision for doubtful notes and accounts 0
----------------
6,400,000
Interest and debt expense 4,200,000
Other (income) expense, net (800,000)
Reorganization items 3,800,000
----------------
Income from continuing operations
before income taxes (800,000)
Income tax provision (benefit) 0
----------------
Income (Loss) from continuing operations (800,000)
Income (loss) from discontinued operations,
net of tax (400,000)
----------------
Net income (loss) ($1,200,000)
================
About Tronox Inc.
Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets:
TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer
of titanium dioxide pigment, with an annual production capacity of
535,000 tonnes. Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products. The Company's four pigment plants, which are
located in the United States, Australia and the Netherlands,
supply high-performance products to approximately 1,100 customers
in 100 countries. In addition, Tronox produces electrolytic
products, including sodium chlorate, electrolytic manganese
dioxide, boron trichloride, elemental boron and lithium manganese
oxide.
Tronox has $1.6 billion in total assets, including $646.9 million
in current assets, as at September 30, 2008. The Company has
$881.6 million in current debts and $355.9 million in total
noncurrent debts.
Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors. The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.
An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases. The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.
Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B. Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK. As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.
Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TROPICANA ENTERTAINMENT: NJ Debtors Incur $2.74MM January Loss
--------------------------------------------------------------
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Balance Sheet
As of January 31, 2010
ASSETS
Current Assets
Cash and cash equivalents $72,536,000
Receivables, gaming, hotel and other, net 16,733,000
Inventories 1,978,000
Prepaid expenses and other 10,294,000
Deferred income taxes 5,189,000
--------------
Total current assets 106,730,000
Property and equipment, at cost, net 691,549,000
Investments 31,018,000
Tenant allowances and other assets 18,655,000
--------------
TOTAL ASSETS $847,952,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accruals $25,816,000
Accrued payroll and employee benefits 7,428,000
Current portion of long-term debt 37,000
Casino reinvestment obligation 298,000
Advances from TE and other affiliates, net 591,145,000
Advances from NJ affiliates, net 26,653,000
Other current liabilities 1,139,000
Liabilities subject to compromise 15,267,000
--------------
Total current liabilities 667,783,000
Long-term debt, net of current portion 167,000
Deferred income taxes 24,786,000
--------------
Total Liabilities 692,736,000
Stockholders' Equity
Common stock, no par value (100 shares 1,000
authorized, issued and outstanding)
Paid-in capital 283,086,000
Accumulated deficit (127,871,000)
--------------
Total shareholders' equity 155,216,000
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $847,952,000
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Statement of Operations
For the Month Ended January 31, 2010
Revenues
Casino $20,484,000
Rooms 2,305,000
Food and beverage 1,454,000
Other 1,277,000
--------------
Total revenues 25,520,000
--------------
Costs and Expenses
Casino 9,774,000
Rooms 1,133,000
Food and beverage 1,394,000
Other 341,000
Marketing 4,220,000
General and administrative 2,163,000
Utilities 1,444,000
Repairs and maintenance 953,000
Provision for doubtful accounts 199,000
Property taxes and insurance 2,339,000
Rent 77,000
Rent to New Jersey affiliate 404,000
Depreciation and amortization 3,614,000
Reorganization expense 103,000
--------------
Total 28,158,000
Operating profit (2,638,000)
License denial expense (137,000)
Interest income, net 32,000
Interest expense (1,000)
--------------
Income before income taxes (2,744,000)
Income taxes benefit/(provision) 0
--------------
NET (LOSS) ($2,744,000)
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Statement of Cash Flows
For the Month Ended January 31, 2010
Cash Flows from Operating Activities:
Net loss ($2,744,000)
Adjustments to reconcile net loss to net cash
(used in)/provided by operating activities:
Depreciation and amortization 3,614,000
Amortization of CRDA bond discount/interest (1,000)
Deferred income taxes 0
Amortization of deferred rental income (159,000)
Rent/interest expense amortization 0
Loss on disposal of property and equipment 0
and other assets
Loss on reinvestment obligation 146,000
Provision for doubtful accounts 199,000
Increase in accrued interest to parent 0
company
Sales & luxury tax rebates 0
Changes in operating assets and liabilities:
(Increase) Decrease in receivables (586,000)
(Increase) Decrease in inventories 204,000
(Increase) Decrease in prepaid expenses and (2,870,000)
other
Decrease in other assets 345,000
(Decrease)/Increase in accounts payable, 4,777,000
accrued expenses and other
--------------
Net cash provided by operating activities 2,925,000
--------------
Cash Flows from Investing Activities:
Proceeds from sale of property and equipment 0
Acquisition of property and equipment (269,000)
Sales & luxury tax rebates 0
Proceeds from reduction in investments 0
(Additions) Reductions in other long term 0
assets
Additions to investments (298,000)
--------------
Net cash used in investing activities (567,000)
--------------
Cash Flows from Financing Activities:
Advances from NJ affiliates, net 403,000
Advances from/(to) affiliates, net 0
Principal payments on long-term debt (3,000)
--------------
Net cash provided by financing activities 400,000
--------------
Net increase in cash 2,758,000
Cash and cash equivalents at beginning of 69,778,000
period
--------------
Cash and cash equivalents at end of period $72,536,000
==============
About Tropicana Entertainment
Tropicana Entertainment LLC and its units owned eleven casino
properties in eight distinct gaming markets with premier
properties in Las Vegas, Nevada, and Atlantic City, New Jersey.
Tropicana Entertainment LLC and certain affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08-
10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts. Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor. Stroock & Stroock & Lavan LLP and Morris
Nichols Arsht & Tunnell LLP represent the Official Committee of
Unsecured Creditors in this case. Capstone Advisory Group LLC is
financial advisor to the Creditors' Committee.
The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana have
obtained confirmation from the Bankruptcy Court of a
reorganization plan. A group of Tropicana entities, known as the
LandCo Debtors, which own Tropicana casino property in Las Vegas,
have obtained approval of a separate Chapter 11 plan.
On April 29, 2009, non-debtor units of the OpCo Debtors,
designated as the New Jersey Debtors -- Adamar of New Jersey,
Inc., and its affiliate, Manchester Mall, Inc. -- filed for
Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to effectuate
a sale of the Atlantic City Resort and Casino to a group of
Investors-led by Carl Icahn. Judge Judith H. Wizmur presides
over the cases. Manchester Mall is a wholly owned subsidiary of
Adamar that owns and operates certain real property utilized in
the New Jersey Debtors' business operations.
Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represent the
New Jersey Debtors. Kurtzman Carson Consultants LLC acts as their
claims and notice agent. Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.
Bankruptcy Creditors' Service, Inc., publishes Tropicana
Bankruptcy News. The newsletter tracks the chapter 11
restructuring proceedings commenced by Tropicana Entertainment LLC
and its affiliates. (http://bankrupt.com/newsstand/or
215/945-7000)
VION PHARMACEUTICALS: Ends January With $13,819,872 Cash
--------------------------------------------------------
On February 25, 2010, Vion Pharmaceuticals, Inc. filed its
unaudited monthly operating report for the month of January 2010
with the U.S. Bankruptcy Court for the District of Delaware.
The Company ended January with $13,819,872 in cash, from
$14,247,921 as of December 31, 2009.
The Company reported a net loss of $973,652 in January 2010.
At January 31, 2010, the Company had $14,194,291 in total assets
and $66,349,175 in total liabilities.
A full-text copy of the Company's monthly operating report for
January 2010 is available at no charge at:
http://researcharchives.com/t/s?56e6
On March 1, 2010, the Bankruptcy Court entered an order (i)
approving the adequacy of information in the Disclosure Statement
and (ii) approving the Company's procedures for soliciting votes
on the Plan and authorizing the Company to send the Disclosure
Statement, the Plan and ballots to creditors entitled to vote on
the Plan. The deadline for voting on the Plan is March 30, 2010,
at 4:00 P.M. and the hearing on confirmation of the Plan is
scheduled for April 6, 2010.
About the Company
New Haven, Connecticut-based Vion Pharmaceuticals Inc. is a
developer of cancer drug therapies. Vion Pharmaceuticals filed
for Chapter 11 bankruptcy protection on December 17, 2009 (Bankr.
D. Del. Case No. 09-14429). Christopher M. Samis, Esq., and John
Henry Knight, Esq., at Richards, Layton & Finger, P.A., assist the
Company in its restructuring effort. Roth Capital Partners, LLC,
assisted the Debtor with the sale of all or key assets during the
Chapter 11 proceeding. The Company listed $10,000,001 to
$50,000,000 in assets and $50,000,001 to $100,000,000 in
liabilities.
WASHINGT0N MUTUAL: Posts $13.3 Million Net Loss in January
----------------------------------------------------------
On February 25, 2010, Washington Mutual, Inc., and WMI Investment
Corp. filed their monthly operating report for January 2010 with
the United States Bankruptcy Court for the District of Delaware.
Washington Mutual reported a net loss of $13.3 million on total
revenues of $6.6 million for the month of January.
At January 31, 2010, Washington Mutual had $6.933 billion in
total assets, $8.313 billion in total liabilities, and
shareholders' deficit of $1.380 billion.
WMI Investment reported a net loss of $42,857 on total
revenues of ($1,376) for the month of January.
At January 31, 2010, WMI Investment had $921.9 million in total
assets, $41,418 in total liabilities, and 921.8 million in
stockholders' equity.
A full-text copy of Washington Mutual and WMI Investment's monthly
operating report for January 2010 is available at:
http://researcharchives.com/t/s?56a1
About Washington Mutual
Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries. The Company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.
Washington Mutual Bank was taken over September 25 by U.S.
government regulators. The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns
100% of the equity in WMI Investment. Weil Gotshal & Manges
represents the Debtors as counsel. When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695. WMI Investment listed assets of $500,000,000
to $1,000,000,000 with zero debts.
Bankruptcy Creditors' Service Inc. publishes Washington Mutual
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Washington Mutual Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
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On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
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Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2010. All rights reserved. ISSN: 1520-9474.
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