/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/100403.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, April 3, 2010, Vol. 14, No. 91 Headlines ADFITECH INC: Ends February 2010 With $12,290,093 in Cash AGE REFINING: Reports $3.6 Million Loss for February ASYST TECHNOLOGIES: Files Final Report; Has $1.6 Million Cash FONTAINEBLEAU LV: Has $106,891,951 Cash at End of February GREEKTOWN HOLDINGS: Reports $1,657,292 Net Loss for January IMPERIAL CAPITAL: Posts $27,458 Net Loss in February 2010 INTERNATIONAL ALUMINUM: Posts $2.2 Million Net Loss in February LTV CORP: Ends February 2010 With $9,222,000 Cash ORLEANS HOMEBUILDERS: Files Initial Monthly Operating Report PROLIANCE INTERNATIONAL: Posts $19,743,000 Net Loss in February PROTOSTAR LTD: Posts $3.1 Million Net Loss in February PROTOSTAR LTD: ProtoStar I Posts $1.3 Million Net Loss in February PROTOSTAR LTD: ProtoStar II Posts $874,192 Net Loss in February PROTOSTAR LTD: ProtoStar Asia Posts $54,058 Net Loss in February PROTOSTAR LTD: ProtoStar Dev't Files February Operating Report PROTOSTAR SATELLITE: Posts $10,189 Net Loss in February PTC ALLIANCE: Reports $1.26 Million Net Loss in February REGENT COMMUNICATIONS: Files Initial Monthly Operating Report SIX FLAGS: Reports $44,464,085 Net Loss for January SPANSION INC: Spansion LLC Has $14 Mil. Loss for Jan. 25-Feb. 21 THORNBURG MORTGAGE: Ends February 2010 With $123.8 Million in Cash VION PHARMACEUTICALS: Ends February 2010 With $13,502,580 in Cash WASHINGTON MUTUAL: Has $4,567,683,505 Cash at End of February ********* ADFITECH INC: Ends February 2010 With $12,290,093 in Cash --------------------------------------------------------- On March 22, 2010, ADFITECH, Inc. filed a report covering the period from February 1, 2010, through February 28, 2010, with the U.S. Bankruptcy Court for the District of Maryland. The Company ended February 2010 with $12,290,093 in cash. The Company reported net income of $439,942 on total operating revenue of $2,468,347 in February. The Company's balance sheet at February 28, 2010, showed $32,062,746 in total assets and $1,640,181,882 in total liabilities. A full-text copy of the February monthly operating report is available at no charge at: http://researcharchives.com/t/s?5cc4 As reported in the Troubled Company Report on March 4, 2010, the U.S. Bankruptcy Court for the District of Maryland confirmed ADFITECH, Inc.'s second amended Chapter 11 plan of reorganization. About ADFITECH, Inc. 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. AGE REFINING: Reports $3.6 Million Loss for February ---------------------------------------------------- Bill Rochelle at Bloomberg News reports that Age Refining Inc. filed an operating report for February showing a $2.7 million loss before interest, taxes, depreciation and amortization on revenue of $15.2 million. The net loss for the month was $3.6 million. According to the report, Age was given final authority last week to hire an investment banker, although the bankruptcy judge changed some of the terms of the engagement. The banker, Global Hunter Securities LLC, must have all its fees ultimately approved by the bankruptcy judge and cannot be reimbursed for legal expenses in negotiating the engagement or defending a fee application, unless it comes out on top in the fee objection. Age Refining Inc. obtained approval from the Bankruptcy Court to commence a sale process for its business. It has set an April 15 deadline for initial bids in order to select the stalking horse bidder. Parties are to submit competing bids against the stalking horse bidder by May 1, and an auction will be held May 5 if bids are received. The sale will be approved as part of the process of confirming a Chapter 11 plan. A syndicate of lenders led by JPMorgan Chase Bank, N.A., as administrative agent, is providing the Debtor with $35 million of financing to fund the Chapter 11 case. The terms of the DIP financing, however, requires a quick sale. A plan is also required by March 31. About Age Refining Age Refining, Inc., based in San Antonio, Texas, manufactures, refines and markets jet fuels, diesel products, solvents and other highly specialized fuels. The Company's clients cover a variety of sectors, including commercial, local municipalities and the federal government. Founded in 1991 by Al Gonzalez, AGE is a family owned and operated business in the heart of the San Antonio community. Starting on a shoe-string budget and a bushel of determination, AGE is proud to have posted over 22% growth per year since 1991. The Company filed for Chapter 11 bankruptcy protection on February 8, 2010 (Bankr. W.D. Texas Case No. 10-50501). Aaron Michael Kaufman, Esq.; Carol E. Jendrzey, Esq.; and Mark E. 7Andrews, Esq., at Cox Smith Matthews Incorporated, assist the Company in its restructuring effort. The Company listed $10,000,001 to $50,000,000 in assets and $100,000,001 to $500,000,000 in liabilities. ASYST TECHNOLOGIES: Files Final Report; Has $1.6 Million Cash ------------------------------------------------------------- On March 29, 2010, Asyst Technologies, Inc., filed its final operating report for the filing period February 2, 2010, through March 4, 2010. The company reported a net loss of $14,850,126 for the period. During February 2010, the Company made a distribution of $14.6 million to Keybank, the secured lender pursuant to the Liquidating Plan. At March 4, 2010, Asyst had $2,547,703 in total assets and $9,130,180 in total liabilities, for a stockholders' deficit of $6,582,477. The Debtor had $1,596,268 in cash at March 4, 2010, from $17,088,126 at the beginning of the period. The difference between this amount and the $1,752,342 balance as shown on the balance sheet represents outstanding checks of $156,102 and petty cash of $28. A full-text copy of the final operating report is available at no charge at http://bankrupt.com/misc/asyst.finaloperatingreport.pdf About Asyst Technologies Headquartered in Fremont, California, Asyst Technologies, Inc. -- http://www.asyst.com/-- is a leading provider of integrated automation solutions primarily for the semiconductor and flat panel display manufacturing industries. The Company is the parent company of seven subsidiaries located in various jurisdictions worldwide. Principally, the Company is the owner of a non- operating holding company organized under the laws of Japan, Asyst Technologies Holdings Company, Inc. Asyst Japan Holdings in turn owns the operating company Asyst Technologies Japan, Inc. The Company filed for Chapter 11 on April 20, 2009 (Bankr. N.D. Calif. Case No. 09-43246). Ali M.M. Mojdehi, Esq., Janet D. Gertz, Esq., and Rayla Dawn Boyd, Esq., at the Law Offices of Baker and McKenzie, serve as the Debtor's bankruptcy counsel. Epiq Bankruptcy Solutions LLC is the Debtors' notice and claims agent. AlixPartners, LLP serves as financial advisor. Andrew I. Silfen, Esq., Mette H. Kurth, Esq., Michael S. Cryan, Esq., and Schuyler G. Carroll, Esq., at Arent Fox LLP, represent the official committee of unsecured creditors. As of December 31, 2008, Asyst had total assets of $295,782,000 and total debts of $315,364,000. The Company's Japanese subsidiaries, Asyst Technologies Holdings Company, Inc., and Asyst Technologies Japan, Inc., entered into related voluntary proceedings under Japan's Corporate Reorganization Law (Kaisha Kosei Ho) on April 20, 2009. Kosei Watanabe was appointed as Trustee of Asyst Japan Holdings and ATJ. On February 18, 2010, the Bankruptcy Court entered an order confirming Asyst Technologies, Inc.'s Chapter 11 plan of liquidation, dated December 23, 2009. Asyst emerged from bankruptcy on March 5, 2010. FONTAINEBLEAU LV: Has $106,891,951 Cash at End of February ---------------------------------------------------------- FONTAINEBLEAU LAS VEGAS, LLC Schedule of Receipts and Disbursements For The Period From February 1 to 28, 2010 Cumulative to the As of Petition Feb. 2010 Date ------------- ------------- Funds At Beginning Period $4,385,627 $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 106,214,085 145,072,757 ------------- ------------- Total Receipts 106,214,085 145,072,757 ------------- ------------- Total Funds Available For 106,214,085 145,072,757 Operations ------------- ------------- Disbursement (a) Advertising 0 0 (b) Bank Charges 12,918 32,409 (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 123,435 1,768,465 (j) Payroll - Net 123,097 3,716,861 (k) Professional Fees 789,435 9,346,498 (l) Rent 196,612 3,135,625 (m) Repairs 2,191,432 5,918,375 (n) Secured Creditor Payments 0 192,985,545 (o) Taxes Paid - Payroll 64,101 1,317,035 (p) Taxes Paid - Sales 0 0 (q) Taxes Paid - Other 1,206 2,986,726 (r) Telephone 0 0 (s) Travel & Entertainment 0 0 (y) U.S. Trustee Quarterly Fees 0 62,350 (u) Utilities 184,552 1,995,492 (v) Vehicle Expenses 0 0 (w) Other Operating Expenses 20,970 266,093 ------------- ------------- Total Disbursements 3,707,762 230,097,588 ------------- ------------- Ending Balance $106,891,951 $106,891,951 ============= ============= FONTAINEBLEAU LAS VEGAS RETAIL, LLC Schedule of Receipts and Disbursements For The Period From February 1 to 28, 2010 Cumulative to the As of Petition Feb. 2010 Date ------------- ------------- Funds At Beginning Period $150 $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 20,970 266,117 ------------- ------------- Total Receipts 20,970 266,117 ------------- ------------- Total Funds Available For 21,121 266,211 Operations ------------- ------------- Disbursement (a) Advertising 0 0 (b) Bank Charges 0 0 (c) Contract Labor 0 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 42,928 (k) Professional Fees 0 200,792 (l) Rent 0 0 (m) Repairs 0 0 (n) Secured Creditor Payments 0 93 (o) Taxes Paid - Payroll 6,902 20,076 (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 0 1,625 (u) Utilities 0 0 (v) Vehicle Expenses 0 0 (w) Other Operating Expenses 0 0 ------------- ------------- Total Disbursements 20,970 266,060 ------------- ------------- 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 February 1 to 28, 2010. However, since the Debtors have no business activity, the report contains zero figures for all financial reports. Full-text copies of the Debtors' February Monthly Operating Reports may be accessed for free at: http://bankrupt.com/misc/FB_CapitalCorpMOR0210.pdf http://bankrupt.com/misc/FB_RetailParentMOR0210.pdf http://bankrupt.com/misc/FB_HoldingsLLCMOR0210.pdf http://bankrupt.com/misc/FB_RetailMezzanineMOR0210.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) GREEKTOWN HOLDINGS: Reports $1,657,292 Net Loss for January ----------------------------------------------------------- Greektown Holdings, LLC Balance Sheet As of January 31, 2010 Assets Cash $0 Inventory Accounts receivable Insider Receivables 3,442,586 Property and Equipment Land and buildings 0 Furniture, fixtures and equipment 0 Other Assets Financing Fees 0 Notes receivables from affiliates 504,575,459 Investments in affiliate (56,287,228) -------------- Total Assets $451,730,817 ============== Liabilities and Stockholder's Equity Postpetition liabilities: Accounts payable $0 Rent and lease payable 0 Wages and salaries 0 Taxes payable 0 Other 1,350,000 -------------- Total postpetition liabilities 1,350,000 Secured liabilities subject to postpetition collateral or financing order 190,609,695 All other secured liabilities 313,965,764 -------------- Total secured liabilities 504,575,459 Prepetition liabilities: Taxes and other priority liabilities 0 Unsecured liabilities 240,109,640 Discount on bonds 0 -------------- Total prepetition liabilities 240,109,640 Kewadin equity (99,399,607) Monroe equity (87,697,011) Owner's capital 488,947 Retained earnings prepetition 116,601,907 Retained earnings postpetition (224,298,518) -------------- Total stockholders' equity (294,304,282) -------------- Total liabilities 746,035,099 -------------- Total Liabilities & Shareholders' Deficit $451,730,817 ============== Greektown Holdings, LLC Income Statement For the month ended January 31, 2010 Total revenue/sales $0 Cost of sales 0 -------------- Gross profit 0 Operating Expenses Interest expense 1,657,292 Accounting fees - credit 0 -------------- Total expenses 1,657,292 Net operating profit/(loss) Add: Non-operating income 0 Interest income 0 Other income 0 Less: Non-operating expenses 0 -------------- Net Income (Loss) ($1,657,292) ============== Greektown Holdings, LLC Cash Flow Statement For the month ended January 31, 2010 Cash - beginning of month $0 Receipts 0 Balance available 0 -------------- Less disbursements 0 -------------- Cash - end of month $0 ============== Greektown Casino LLC Balance Sheet As of January 31, 2010 Assets Cash $28,024,291 Inventory 392,316 Accounts receivable 4,383,647 Insider Receivables - Property and Equipment Land and buildings 518,622,212 Furniture, fixtures and equipment 107,475,480 Accumulated depreciation (154,979,613) Other current 24,879,133 Other long term 10,715,430 -------------- Total Assets $539,512,897 ============== Liabilities and Stockholder's Equity Postpetition liabilities: Accounts payable $14,183,454 Notes payable 1,740,948 Rent and lease payable - Wages and salaries 2,870,208 Taxes payable 1,214,127 Other 294,672 -------------- Total postpetition liabilities 20,303,411 Secured liabilities subject to postpetition collateral or financing order 190,609,695 All other secured liabilities 313,965,764 -------------- Total secured liabilities 504,575,459 Prepetition liabilities: Taxes and other priority liabilities - Unsecured liabilities 67,315,039 Other 3,606,217 -------------- Total prepetition liabilities 70,921,256 Equity 47,575,616 Owner's capital - Retained earnings prepetition 82,744,007 Retained earnings postpetition (186,606,852) -------------- Total shareholders' equity (56,287,229) -------------- Total liabilities 595,800,126 -------------- Total Liabilities & Shareholders' Equity $539,512,897 ============== Greektown Casino LLC Income Statement For the month ended January 31, 2010 Total revenue/sales $30,577,092 Cost of sales 3,329,640 -------------- Gross profit 27,247,453 Operating Expenses Officer compensation 42,582 Salary expenses, other employees 5,080,760 Employees benefits & pensions 2,591,316 Payroll taxes 735,626 Other taxes 624,209 Rent and lease expense 7,989 Interest expense 4,697,743 Insurance 231,035 Automobile & truck expense - Utilities 360,882 Depreciation 1,983,830 Travel and entertainment 5,279 Repairs and maintenance 63,819 Advertising 723,263 Supplies, office expense, etc. 18,731 Gaming taxes 7,356,248 G&A expenses 2,483,249 F&B expenses 811,339 MGCB Fee 852,778 Parking/other - Pre-opening expenses - Impairment of intangible assets - -------------- Total expenses 28,670,679 Net operating profit (loss) (1,423,226) Add: Non-operating income: Interest income - Other income - Less: Non-operating expenses Professional fees 1,987,589 Other 220,000 -------------- Net Income (Loss) ($3,630,815) ============== Greektown Casino LLC Cash Flow Statement For the month ended January 31, 2010 Cash - beginning of month $7,986,709 Receipts 29,810,077 Balance available 37,796,786 -------------- Less disbursements 27,329,155 -------------- Cash - end of month $10,467,632 ============== About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC, and its affiliates -- http://www.greektowncasino.com/-- operates world-class casino gaming facilities located in Detroit's historic Greektown district featuring more than 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. Greektown Casino employs approximately 1,971 employees, and estimates that it attracts over 15,800 patrons each day, many of whom make regular visits to its casino complex and related properties. In 2007, Greektown Casino achieved a 25.6% market share of the metropolitan Detroit gaming market. Greektown Casino has also been rated as the "Best Casino in Michigan" and "Best Casino in Detroit" numerous times in annual readers' polls in Detroit's two largest newspapers. The Company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC as claims, noticing, and balloting agent. Clark Hill PLC serves as counsel to the Official Committee of Unsecured Creditors. Greektown Holdings listed assets and debts of $100 million to $500 million in its bankruptcy petition. Bankruptcy Creditors' Service, Inc., publishes Greektown Casino Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Greektown Casino and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) IMPERIAL CAPITAL: Posts $27,458 Net Loss in February 2010 --------------------------------------------------------- On March 19, 2010, Imperial Capital Bancorp, Inc., filed its unaudited monthly operating report for the month of February 2010. The Company reported a net loss of $27,458 for the period 2010. At February 28, 2010, the Company had total assets of $44,084,657 and total liabilities of $101,777,236. A full-text copy of the Company's February 2010 monthly operating report is available at no charge at: http://researcharchives.com/t/s?5cc2 La Jolla, Calif.-based Imperial Capital Bancorp, Inc. was a diversified bank holding company. The Company owns 100% of the common stock of Imperial Capital Bank, a California state chrtered commercial bank that had roughly $4.4 million in assets and nine retail branches. On December 18, 2009, the FDIC seized the Bank and entered into a puchase and assumption agreement with City National Bank. Imperial Capital Bancorp, Inc. filed for Chapter 11 bankruptcy protection on December 18, 2009 (Bankr. S.D. Calif. Case No. 09-19431). Gregory K. Jones, Esq., at Stutman, Treister & Glatt, P.C., assists the Company in its restructuring effort. In its amended schedules of assets and liabilities, Imperial Capital Bancorp reported total assets of $40.4 million and liabilities of $98.7 million. INTERNATIONAL ALUMINUM: Posts $2.2 Million Net Loss in February --------------------------------------------------------------- International Aluminum Corp. reported a net loss of $2.2 million in February 2010. At February 28, 2010, the Debtor had $267.2 million in total assets and $292.5 million in total liabilities. The Debtor ended February 2010 with $36.7 million in cash, which includes $875,000 of restricted cash. . A full-text copy of the Debtor's monthly operating report for February 2010 is available for free at: http://bankrupt.com/misc/int%27laluminum.februarymor.pdf About International Aluminum International Aluminum Corp. is a U.S. producer of aluminum and vinyl products. The Company filed for Chapter 11 bankruptcy protection on January 4, 2010 (Bankr. D. Del. Case No. 10-10003). The Company's affiliates, including IAC Holding Co. and United States Aluminum Corporation, also filed Chapter 11 bankruptcy petitions. John Henry Knight, Esq., and L. Katherine Good, Esq., at Richards, Layton & Finger, P.A., assist the Debtors in their restructuring efforts. Weil, Gotshal & Manges LLP is the Debtor's co-counsel. Moelis & Company is the Debtor's financial advisor. Kurtzman Carson Consultants LLC is the Debtor's claims agent. The Debtor listed $198 million in assets and $217 million in liabilities as of November 30, 2009. LTV CORP: Ends February 2010 With $9,222,000 Cash ------------------------------------------------- On March 18, 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 February 28, 2010. LTV ended the period with a $9,222,000 cash balance. LTV reported $1,000 in receipts and $133,000 in disbursements in February, including $88,000 paid to Chapter 11 professionals. A full-text copy of LTV's February 2010 operating report is available at no charge at http://researcharchives.com/t/s?5cba 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. ORLEANS HOMEBUILDERS: Files Initial Monthly Operating Report ------------------------------------------------------------ On March 15, 2010, Orleans Homebuilders, Inc., et al., filed its initial monthly operating report with the Bankruptcy Court. The Debtors provided a 12-month cash flow projection for the 12 month period from March 2010 through February 2011, disclosing: Cash Beginning $0 Total Receipts $142,168,333 Total Disbursements $97,800,529 Net Cash Flow $44,367,804 Cash End $44,367,804 A full-text copy of the Debtors' initial monthly operating report is available at no charge at: http://bankrupt.com/misc/orleanshomebuilders.initialmor.pdf About Orleans Homebuilders Orleans Homebuilders, Inc. -- aka FPA Corporation, OHB, Parker & Lancaster, Masterpiece Homes, Realen Homes and Orleans -- develops, builds and markets high-quality single-family homes, townhouses and condominiums. From its headquarters in suburban Philadelphia, the Company serves a broad customer base including first-time, move-up, luxury, empty-nester and active adult homebuyers. The Company currently operates in these 11 distinct markets: Southeastern Pennsylvania; Central and Southern New Jersey; Orange County, New York; Charlotte, Raleigh and Greensboro, North Carolina; Richmond and Tidewater, Virginia; Chicago, Illinois; and Orlando, Florida. The Company's Charlotte, North Carolina operations also include adjacent counties in South Carolina. Orleans Homebuilders employs approximately 300 people. The Company filed for Chapter 11 bankruptcy protection on March 1, 2010 (Bankr. D. Delaware Case No. 10-10684). Cahill Gordon & Reindell LLP is the Debtor's bankruptcy and restructuring counsel. Curtis S. Miller, Esq., and Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell, are the Debtor's Delaware and restructuring counsel. Blank Rome LLP is the Debtor's special corporate counsel. Garden City Group Inc. is the Debtor's claims and notice agent. The Company estimated assets and debts at $100,000,001 to $500,000,000. PROLIANCE INTERNATIONAL: Posts $19,743,000 Net Loss in February --------------------------------------------------------------- On March 24, 2010, Proliance International, Inc., filed its monthly operating report for the filing period ended February 28, 2010. The Company reported a net loss of $19,743,000 for the month of February 2010. Included in the net loss are bankruptcy related costs of $425,000, loss on sale of assets of $15,105,000, and debt extinguishment expense of $4,119,000. At February 28, 2010, the Company had $3,859,000 in total assets and $75,740,000 in total liabilities. The Company ended February with $2,997,000 in cash, from beginning cash of $1,317,000. On February 19, 2010, the Company, through its wholly-owned subsidiary 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 Nederlandse Radiateuren Fabriek B.V. ("NRF") to the buyer for EUR17.7 million. On February 19, 2010, the Court approved the sale transaction. A full-text copy of the Company's February 2010 operating report is available for free at: http://bankrupt.com/misc/proliance.februarymor.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. PROTOSTAR LTD: Posts $3.1 Million Net Loss in February ----------------------------------------------------- ProtoStar Ltd. reported a net loss of $3.1 million for the month of February 2010. Interest expense was roughly $3.3 million. At February 28, 2010, ProtoStar Ltd. had total assets of $352.3 million, total liabilities of $315.7 million, and net owner equity of $36.6 million. A full-text copy of the February monthly operating report is available at no charge at: http://bankrupt.com/misc/protostarltd.februarymor.pdf Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR LTD: ProtoStar I Posts $1.3 Million Net Loss in February ----------------------------------------------------------------- ProtoStar I Ltd. had unrestricted cash and cash equivalents of $1.2 million at February 28, 2010. Beginning cash was $2.2 million. ProtoStar I reported a net loss of $1.3 million for the month of January. Interest expense totaled $533,893. Intercompany expenses totaled $142,856. At February 28, 2010, ProtoStar I had total assets of $214.8 million and total liabilities of $263.1 million. A full-text copy of the February monthly operating report is available at no charge at: http://bankrupt.com/misc/protostarI.februarymor.pdf Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR LTD: ProtoStar II Posts $874,192 Net Loss in February -------------------------------------------------------------- ProtoStar II Ltd. had cash and cash equivalents of $38.9 million at February 28, 2010. Beginning cash was $41.6 million. ProtoStar II reported a net loss of $874,192 on net revenue of $1.8 million for the month of February. Interest expense totaled $64,495. Other expense, consisting of intercompany expenses, totaled $386,091. At February 28, 2010, ProtoStar II had total assets of $307.8 million, total liabilities of $234.0 million, and net owner equity of $73.8 million. A full-text copy of the February operating report is available at no charge at http://bankrupt.com/misc/protostarII.februarymor.pdf Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR LTD: ProtoStar Asia Posts $54,058 Net Loss in February --------------------------------------------------------------- ProtoStar Asia Pte. Ltd. reported a net loss of $54,058 in February. At February 28, 2010, the Company had $1,378,609 in total assets and $1,823,610 in total liabilities. A full-text copy of the February monthly operating report is available at no charge at: http://bankrupt.com/misc/protostardev%27t.februarymor.pdf Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR LTD: ProtoStar Dev't Files February Operating Report -------------------------------------------------------------- At February 28, 2010, ProtoStar Development Ltd. had $820,492 in total assets and $940,549 in total liabilities. ProtoStar Development reported a net loss of $325 in February. A full-text copy of the January operating report is available at no charge at: http://bankrupt.com/misc/protostardev%27t.februarymor.pdf Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR SATELLITE: Posts $10,189 Net Loss in February ------------------------------------------------------- ProtoStar Satellite Systems, Inc., reported a net loss of $10,189 for the month of February. Net income in February includes intercompany income of $310,713. At February 28, 2010, the Company had $17.2 million in total assets, $16.2 million in total liabilities, and $1.0 million in net owner equity. A full-text copy of the February monthly operating report is available at no charge at: http://bankrupt.com/misc/protostarsatellite.februarymor.pdf Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PTC ALLIANCE: Reports $1.26 Million Net Loss in February -------------------------------------------------------- Bill Rochelle at Bloomberg News reports that PTC Alliance Corp., reported a $1.26 million net loss in February on net sales of $15.2 million. Operating income in the month was $324,000. After the bankruptcy judge refused to sanction the first sale of assets, PTC will try again at a new auction on April 5. About PTC Alliance Headquartered in Wexford, Pennsylvania, PTC Alliance Corp. makes welded and cold drawn mechanical steel tubing and tubular shapes, chrome-plated bar products and precision components. The Company and its affiliates filed for Chapter 11 protection on October 1, 2009 (Bankr. D. Del. Lead Case No. 09-13395). The Debtors selected Reed Smith LLP as their counsel. PTC Alliance listed assets between $50 million and $100 million, and debts between $100 million and $500 million in its petition. REGENT COMMUNICATIONS: Files Initial Monthly Operating Report ------------------------------------------------------------- Regent Communications, Inc., et al., filed their initial monthly operating report with the Bankruptcy Court on March 15, 2010. The Debtord delivered a 13 week budget for week ending March 5, 2010, through the week ended May 28, 2010, disclosing: Total Receipts $17,844,000 Total Disbursements $17,852,000 Net Cash Flow (excl. Pro-Forma Impacts) 7,000 Professional and Restructuring Fees and Deposits $3,311,000 T&E and Other Restructuring Expenses 335,000 Total Pro-Forma Impacts $3,646,000 Net Cash Flow $3,653,000 Cash Beginning $10,609,000 Cash End $6,955,000 A full-text copy of the Debtors' initial monthly operating report is available at no charge at: http://bankrupt.com/misc/regentcommunications.initialmor.pdf About Regent Communications Headquartered in Cincinnati, Ohio, Regent Communications, Inc., is a radio broadcasting company that acquires, develops, and operates radio stations. There are 47 subsidiary entities with 62 radio stations in markets in Colorado, Illinois, Indiana, Kentucky, Louisiana, Michigan, Minnesota, New York, and Texas. Regent Communications focuses on radio stations in mid-sized market that are diversified in terms of geographic location, target demographics and format in order to minimize the effects of downturns in specific markets and changes in format preferences. The Company filed for Chapter 11 bankruptcy protection on March 1, 2010 (Bankr. D. Delaware Case No. 10-10632). Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, assists the Company in its restructuring effort. As of January 31, 2010, the Company had $166,506,000 in assets and $211,282,000 in liabilities. SIX FLAGS: Reports $44,464,085 Net Loss for January --------------------------------------------------- Six Flags, Inc. Consolidating Balance Sheet As of January 31, 2010 Assets Current Assets: Cash and Cash Equivalents $134,494,357 Accounts Receivable 12,203,620 Inventories 23,263,138 Prepaid Expenses 48,853,015 --------------- Total Current Assets 218,814,131 Other Assets: Notes Receivable 1,872,277 Intercompanies (105,049) Investment in Theme Parks 45,253,443 Deposits 49,760,470 --------------- Total Other Assets 96,781,141 Fixed Assets: Property Plant & Equipment 2,703,996,636 Accumulated Depreciation (1,229,415,024) --------------- Net Fixed Assets 1,474,581,613 Intangible Assets: Goodwill and Organization Costs 1,284,100,580 Less: Amortization (223,651,213) Deferred Charges 34,958,480 Less: Amortization (22,720,715) --------------- Net Intangible Assets 1,072,787,131 Total Assets $2,862,964,016 =============== Liabilities Current Liabilities: Short-Term Bank Borrowings $271,769,310 Accounts Payable Trade 38,635,572 Accrued Expenses 107,287,357 Accrued Interest Payable 66,233,256 Deferred Income 19,732,051 Current Portion - Long-Term Debt 168,140,370 Current Portion - Capitalized Leases 1,418,797 Asset Retirement Obligation - ST 0 -------------- Total Current Liabilities 673,216,712 Long-Term Liabilities: Notes Payable 1,965,736,482 Capitalized Leases 982,210 Other Liabilities 70,607,878 Minority Interest 10,770 Deferred Income Taxes 117,576,733 Asset Retirement Obligation - LT 0 --------------- Total Long Term Liabilities 2,154,914,073 Total Liabilities $2,828,130,786 =============== Redeemable Minority Interest 355,933,028 PIERS 306,649,669 Stockholders' Equity: Retained Earnings ($2,058,500,513) Year-to-Date Net Income (44,464,095) Common Stock 2,458,048 Foreign Currency Translation (33,569,336) Paid-in Capital in Excess of Par 1,506,346,431 --------------- Total Shareholders' Equity (627,749,466) Total Liabilities & Equity $2,862,964,016 =============== Six Flags, Inc. Consolidating Income Statement For the Period Jan. 4 to 31, 2010 Total Revenue $8,416,842 Cost of Products Sold 534,299 ------------- Gross Profit 7,882,542 Total Operating Expenses 22,918,431 Total S, G & A Expenses 8,736,642 Operating Income (23,772,531) Other Income (Expenses) 389,780 Reorganization Items (7,472,527) Total Depreciation & Amortization 8,501,660 Interest Expense 4,998,064 Interest Intercompany 1,814 Interest Income (62,445) ------------- Total Interest Expense 4,937,433 Equity in Operations of Affiliates - Minority Interest in Earnings - Discontinued Operations 26,277 ------------- Earnings Before Taxes (44,320,648) Income Taxes 143,447 ------------- Net Income (Loss) ($44,464,085) ============= For the period January 4 to 31, 2010, Six Flags, Inc., and its Debtor-affiliates made total disbursements of $45,395,553. For the period from January 4 through 31, 2010, the Debtors also paid $10,162,584 to their bankruptcy professionals' fees and expenses. A full-text copy of the MOR for January 4 to 31 is available for free at http://bankrupt.com/misc/SixF_MORJan4_31.pdf About Six Flags Headquartered in New York City, Six Flags, Inc., is the world's largest regional theme park company with 20 parks across the United States, Mexico and Canada. Six Flags filed for Chapter 11 protection on June 13, 2009 (Bankr. D. Del. Lead Case No. 09-12019). Paul E. Harner, Esq., Steven T. Catlett, Esq., and Christian M. Auty, Esq., at Paul, Hastings, Janofsky & Walker LLP in Chicago, Illinois, act as the Debtors' lead counsel. Daniel J. DeFranceschi, Esq., and L. Katherine Good, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, act as local counsel. Cadwalader Wickersham & Taft LLP, serves as special counsel. Houlihan Lokey Howard & Zukin Capital Inc., serves as financial advisors, while KPMG LLC acts as accountants. Kurtzman Carson Consultants LLC serves as claims and notice agent. As of March 31, 2009, Six Flags had $2,907,335,000 in total assets and $3,431,647,000 in total liabilities. Bankruptcy Creditors' Service, Inc., publishes Six Flags Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings undertaken by Six Flags Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- 7000). SPANSION INC: Spansion LLC Has $14 Mil. Loss for Jan. 25-Feb. 21 ---------------------------------------------------------------- Spansion LLC Executive Vice President and Chief Financial Officer Randy Furr filed on March 23, 2010, Spansion LLC's monthly operating report for February 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 February 21, 2010 ASSETS Unrestricted Cash & Cash Equivalents $312,428,354 Short Term Investment 80,025,001 Restricted Cash & Cash Equivalents 79,941,829 Accounts Receivable (net) 51,569,256 Notes Receivable 0 Inventories 142,484,538 Prepaid Expenses 10,041,976 Professional Retainers 446,373 Intercompany Receivables 413,320,456 Other Current Assets 39,304,686 -------------- Total current assets 1,129,562,468 Property and Equipment Real Property & Improvements 13,078,518 Machinery and Equipment 1,163,649,658 Furniture, fixtures & Office Equipment 0 Leasehold Improvements 734,469,848 Vehicles 0 Less Accumulated Depreciation (1,669,715,705) -------------- Total Property and Equipment 241,482,319 OTHER ASSETS Loans to Insiders 0 Intercompany Investments 149,846,617 Other assets 42,211,057 -------------- Total Other Assets 192,057,674 -------------- Total Assets $1,563,102,462 ============== LIABILITIES AND OWNER EQUITY Liabilities Not Subject to Compromise (Postpetition) Accounts Payable $38,362,552 Taxes Payable 11,524,973 Wages Payable 6,113,779 Secured Debt 36,891,562 Accrued Expense 37,817,517 Deferred Income 35,562,907 Intercompany 257,943,906 Other Postpetition Liabilities 150,351,326 -------------- Total Postpetition Liabilities 574,568,521 Liabilities Subject to Compromise Prepetition Secured Debt 642,599,391 Priority Debt 14,377,261 Unsecured Debt 987,331,670 Intercompany 254,468,560 -------------- Total Prepetition Liabilities 1,898,776,881 -------------- Total Liabilities 2,473,345,403 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 (3,232,999,769) Retained Earnings-Postpetition (96,154,198) Retained Earnings-Adjustment 5,516,659 -------------- Net Owner Equity (910,242,941) -------------- Total Liabilities and Owner Equity $1,563,102,462 ============== Spansion LLC Statement of Operations For the From Jan. 25 to Feb. 21, 2010 REVENUES Gross Revenues $75,947,961 Less: Changes in reserves (114,148) -------------- Net Revenue 75,833,813 Cost of Goods Sold Manufacturing expense 30,075,953 Disti/OEM cost adjustment 10,359,291 Intercompany purchase 27,956,837 Foreign currency gain/loss (1,011,323) Inventory change (6,881,512) -------------- Cost of Goods Sold 60,499,247 -------------- Gross Profit 15,334,566 Operating Expenses Building Expense 260,136 Labor & Benefits 9,049,281 Freight 52,066 Marketing and communications 176,642 Material 233,040 Outside Services 5,920,438 Repair & Maintenance 232,937 Telecom and Software 628,937 Travel 291,442 Other 7,725,090 -------------- Total Operating Expenses Before Depreciation 24,570,009 Depreciation/Depletion/Amortization 677,716 -------------- Net Profit (loss) Before Income & Expenses (9,913,159) OTHER INCOME AND EXPENSES Other loss (Income), net (5,335,879) Interest Expense 1,326,901 Other Expense 0 -------------- Net Profit(loss)Before Reorganization Items (5,904,181) Reorganization Items Professional Fees 5,129,967 Interest Earned on Accumulated Cash From Chapter 11 (20,886) Other Reorganization Expenses 3,517,446 -------------- Total reorganization expenses 8,626,528 Income Taxes (480,785) -------------- Net Profit (loss) ($14,049,923) ============== Spansion LLC Schedule of Cash Receipts and Disbursement For the Period From Jan. 25 to Feb. 21, 2010 Cash Beginning of Month $345,133,606 Receipts Customer Receipts 54,243,743 Intercompany Receipts 0 Other Receipts 142,516 -------------- Total Receipts 54,386,259 Disbursements Buildings 664,550 Foundry & Subcon 1,914,594 Intercompany Disbursements 9,136,824 Labor & Benefits 13,035,524 Material 10,147,706 Other 1,430,404 Outside Services 4,170,915 Repair & Maintenance 2,564,685 Capital Expenditures 1,360,206 Debt Obligations & Capital Leases 864,066 Taxes 6,632,787 Facility Closure Costs 0 Key Employee Incentive Plan 0 Reduction in Force 0 Restructuring Professional Fees 5,872,825 Utilities Deposit 0 Term loan accrued interest and fee 18,016,085 Intercompany Transfers(debtor entities) 1,192,283 Intercompany Transfers(non-debtor entities) 10,088,058 -------------- Total Disbursements 87,091,511 Net Cash Inflow/(Outflow) (32,705,252) -------------- Cash End of Month $312,428,354 ============== 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 February 2010 With $123.8 Million in Cash ------------------------------------------------------------------ On March 24, 2010, the Chapter 11 trustee for TMST, Inc., formerly known as Thornburg Mortgage, Inc., et al., filed on behalf of the Debtors, except for ADFITECH, Inc., a monthly operating report for February 2010. TMST, Inc., et al., ended February with $123,824,526 cash. The Debtors reported net income of $4,683,506 on net operating revenue of $2,105,919 for the month. At February 28, 2010, the Debtors had $157,034,979 in total assets and $3,471,966,217 in total liabilities. A full-text copy of the TMST, Inc.'s February 2010 monthly operating report is available for free at: http://researcharchives.com/t/s?5cc3 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. VION PHARMACEUTICALS: Ends February 2010 With $13,502,580 in Cash ----------------------------------------------------------------- On March 22, 2010, Vion Pharmaceuticals, Inc., filed its unaudited monthly operating report for the month of February 2010 with the U.S. Bankruptcy Court for the District of Delaware. The Company ended February with $13,502,580 in cash, from $13,819,872 as of the beginning of the month. The Company reported a net loss of $589,620 in January 2010. At January 31, 2010, the Company had $13,808,535 in total assets and $66,563,236 in total liabilities. A full-text copy of the Company's monthly operating report for February 2010 is available at no charge at: http://researcharchives.com/t/s?5cbb 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. WASHINGTON MUTUAL: Has $4,567,683,505 Cash at End of February ------------------------------------------------------------- WASHINGTON MUTUAL, INC. Unaudited Balance Sheet As of February 28, 2010 ASSETS Unrestricted cash and cash equivalents $4,567,683,505 Restricted cash and cash equivalents 95,403,332 Investment securities 68,670,977 Accrued interest receivable 877,149 Income tax receivable 475,616,366 Prepaid expenses 3,443,628 Cash surrender value of BOLI/COLI 89,723,856 Funded Pension 39,173,922 Other investments - Investment in subsidiaries 1,478,388,802 Notes receivable, intercompany 12,607,350 Fixed assets 85,571 Other assets 96,356,327 ---------------- Total Assets $6,928,030,786 ================ LIABILITIES NOT SUBJECT TO COMPROMISE Accounts payable $4,418,434 Accrued wages and benefits 319,708 Other accrued liabilities 11,521,893 Minority interest 1,113,064 ---------------- Total Postpetition Liabilities 17,373,099 LIABILITIES SUBJECT TO COMPROMISE Senior debt 4,132,421,622 Subordinated debt 1,666,464,970 Junior subordinated debt 765,674,200 Intercompany payables 684,095,259 Accounts payable 4,480,720 Taxes payable 550,080,833 Payroll and benefit accruals 407,236,707 Other accrued liabilities 86,364,578 Other prepetition liabilities 198 ---------------- Total Prepetition Liabilities 8,296,819,086 ---------------- Total Liabilities 8,314,192,185 SHAREHOLDERS' EQUITY Preferred stock 3,392,341,954 Common stock 12,988,763,556 Other comprehensive income (754,454,605) Retained earnings - prepetition (16,741,804,781) Retained earnings - postpetition (270,997,523) ---------------- Total Shareholders' Equity (1,386,161,399) ---------------- Total Liabilities and Shareholders' Equity $6,928,030,786 ================ WASHINGTON MUTUAL, INC. Unaudited Statement of Operations For the period February 1 to February 28, 2010 REVENUES Interest income: Cash equivalents $519,827 Securities 249,789 Notes receivable - intercompany 48,480 Other 155 ---------------- Total Interest Income 818,250 Earnings (losses) from subsidiaries and other equity investments (1,627,210) Gains (losses) from securities/investments 55,171 Other income 845,511 ---------------- Total Revenues 91,723 OPERATING EXPENSES Compensation and benefits 449,812 Occupancy and equipment 126,192 Professional fees 780,211 Loss (Income) from BOLI/COLI policies (143,575) Management fees/transition services 30,000 Insurance 240,834 Other 167,816 ---------------- Total Operating Expenses 1,651,289 Net profit (loss) before other income and expenses (1,559,566) OTHER INCOME AND EXPENSES Interest expense: Notes payable - intercompany - Borrowings - ---------------- Total Interest Expense - Other expense/(income) - ---------------- Net profit (loss) before reorganization items (1,559,566) REORGANIZATION ITEMS Professional fees 4,839,182 Claims adjustments - U.S. Trustee quarterly fees - Gains (losses) from sale of assets - Other reorganization expenses 254,235 ---------------- Total Reorganization Items 5,093,417 Net profit (loss) before income taxes (6,652,984) Income taxes - ---------------- NET PROFIT (LOSS) ($6,652,984) ================ WASHINGTON MUTUAL, INC. Unaudited Schedule of Cash Receipts and Disbursements For the period February 1 to February 28, 2010 Opening Balance 12/31/09 $3,959,789,243 RECEIPTS Interest & investment returns 470,421 Tax refunds 334,168 Reimbursements/distributions from subs - Sales of assets/securities - Rebates - Other miscellaneous receipts 13,840 ---------------- Total Receipts 818,429 TRANSFERS Sweep to/(from) Money Market account - Sweep (to)from Wells Managed account - ---------------- Total Transfers - DISBURSEMENTS Salaries and benefits 326,833 Travel and other expenses 23,108 Occupancy and supplies 221,612 Professional fees 4,917,176 Other outside services 537,251 Bank fees 23,820 U.S. trustee quarterly fees - Directors fees 60,000 Taxes paid 6,318 ---------------- Total Disbursements 6,116,118 ---------------- Net Cash Flow (5,297,689) ---------------- Cash - End of Month 3,954,491,554 GL Balance 3,954,491,553 Net value -- Short Term Securities 613,191,952 ---------------- Total Cash and Cash Equivalents $4,567,683,505 ================ WMI INVESTMENT CORP. Unaudited Balance Sheet As of February 28, 2010 ASSETS Unrestricted cash and cash equivalents $275,245,601 Restricted cash and cash equivalents - Investment Securities - Accrued interest receivable 3,290 Income tax receivable 22,187,560 Prepaid expenses - Cash surrender value of BOLI/COLI - Funded Pension - Other investments 58,572,087 Investment in subsidiaries - Notes receivable, intercompany 565,844,197 Fixed Assets - Other assets - ---------------- Total Assets $921,852,736 ================ LIABILITIES NOT SUBJECT TO COMPROMISE Accounts payable $6,000 Accrued wages and benefits - Other accrued liabilities 19,375 Minority interest - ---------------- Total Postpetition Liabilities 25,375 LIABILITIES NOT SUBJECT TO COMPROMISE Senior debt - Subordinated debt - Junior subordinated debt - Intercompany payables - Accounts payable - Taxes payable - Payroll and benefit accruals - Other accrued liabilities - Other prepetition liabilities - ---------------- Total Prepetition Liabilities - ---------------- Total Liabilities 25,375 SHAREHOLDERS' EQUITY Preferred stock - Common stock 1,000,000,000 Other comprehensive income 22,187,560 Retained earnings - prepetition 14,133,260 Retained earnings - postpetition (114,493,459) ---------------- Total Shareholders' Equity 921,827,361 ---------------- Total Liabilities and Shareholders' Equity $921,852,736 ================ WMI INVESTMENT CORP. Unaudited Statement of Operations For the period February 1 to February 28, 2010 REVENUES Interest income: Cash equivalents $35,268 Securities - Notes receivable - intercompany - Other - ---------------- Total Interest Income 35,268 Earnings (losses) from subsidiaries and other equity investments (41,563) Gains (losses) from securities/investments 21,713 Other income - ---------------- Total Revenues 15,418 OPERATING EXPENSES Compensation and benefits - Occupancy and equipment - Professional fees - Loss (Income) from BOLI/COLI policies - Management fees/transition services - Insurance - Other 14,483 ---------------- Total Operating Expenses 14,483 Net profit (loss) before other income and expenses 935 OTHER INCOME AND EXPENSES Interest expense: Notes payable - intercompany - Borrowings - ---------------- Total Interest Expense - Other expense/(income) - ---------------- Net profit (loss) before reorganization items 935 REORGANIZATION ITEMS Professional fees - Claims adjustments - U.S. Trustee quarterly fees - Gains (losses) from sale of assets - Other reorganization expenses - ---------------- Total Reorganization Items - ---------------- Net profit (loss) before income taxes 935 Income taxes - ---------------- NET PROFIT (LOSS) $935 ================ WMI INVESTMENT CORP. Unaudited Schedule of Cash Receipts and Disbursements For the period February 1 to February 28, 2010 Opening Balance 01/31/10 $53,645,057 RECEIPTS Interest & investment returns 241,319 Tax refunds - Reimbursements/distributions from subs - Sales of assets/securities - Rebates - Other miscellaneous receipts - ---------------- Total Receipts 241,319 TRANSFERS Sweep to/(from) Money Market account - Sweep (to) from Wells Managed account - ---------------- Total Transfers - DISBURSEMENTS Salaries and benefits - Travel and other expenses - Occupancy and supplies - Professional fees 16,043 Other outside services - Bank fees 47 U.S. trustee quarterly fees - Directors fees - Taxes paid - ---------------- Total Disbursements 16,090 ---------------- Net Cash Flow 225,228 ---------------- Cash - End of Month 53,870,285 GL Balance 53,870,285 Net value -- Short Term Securities 221,375,316 ---------------- Total Cash and Cash Equivalents $275,245,601 ================ WaMu Chief Financial Officer John Maciel disclosed that as of February 28, 2010, the Debtors paid these firms an aggregate of $4,917,175 on account of services rendered in their cases: Professional Fees Expenses ------------ --------- -------- Akin, Gump, Strauss, Hauer & Fled $214,081 $7,706 Alvarez & Marsal 1,175,579 85,748 Davis Wright Tremaine LLP 4,629 - FTI Consulting, Inc. 63,430 114 Gibson Dunn & Crutcher LLP 27,559 41 Grant Thornton 6,255 John W. Wolfe, P.S. 118,125 245 Kurtzman Carson Consultants LLC 171,342 - McKee Nelson LLP/Bingham McCutchen LLP 121,346 82,616 Miller & Chevalier Chartered 45,254 14 Perkins Coie LLP 96,894 5,358 PricewaterhouseCoppers LLP 59,274 6,580 Quinn Emmanuel Urquhart Oliver & Hedges 653,688 22,866 Richards Layton & Finger P.A. 33,996 3,376 Shearman & Sterling LLP 48,353 1,332 Simpson Thacher & Barlett LLP 7,824 16 Towers, Perrin, Forster & Crosby, Inc. 47,000 - Weil, Gotshal & Manges LLP 1,134,243 72,076 As of February 28, 2010, WaMu paid a total of $4,418,324 to 27 vendors for certain postpetition accounts. A complete list of the Vendor Payments is available for free at: http://bankrupt.com/misc/WaMu_Feb2010VendorPayments.pdf According to Mr. Maciel, for the period from February 1 to 28, 2010, WaMu did not file property tax returns; sales and use tax returns and corporate income; and franchise and gross receipt tax filings. Payroll taxes were filed during the Reporting Period. A full-text copy of WaMu's February 2010 Operating Report is available for free at: http://bankrupt.com/misc/WaMu_MORFeb2010.pdf 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. Peter Calamari, Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver & Hedges, LLP served as legal counsel to WMI with responsibility for the litigation. Brian Rosen, Esq., at Weil, Gotshal & Manges LLP served as legal counsel to WMI with responsibility for the chapter 11 case. Bankruptcy Creditors' Service Inc. publishes Washington Mutual Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Washington Mutual Inc. (http://bankrupt.com/newsstand/or 215/945-7000). ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***