/raid1/www/Hosts/bankrupt/TCR_Public/100405.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Monday, April 5, 2010, Vol. 14, No. 93
Headlines
155 EAST TROPICANA: Ernst & Young Raises Going Doubt
1764 SAN DIEGO AVENUE: Case Summary & 4 Largest Unsec. Creditors
717 OAK GROVE: Voluntary Chapter 11 Case Summary
3921 PLYERS MILL: Voluntary Chapter 11 Case Summary
ADVANTA CORP: Advanta Bank Inks Settlement Agreement with FDIC
ADVANTA CORP: Delays Filing of 2009 Annual Report
AFY INC: Case Summary & 10 Largest Unsecured Creditors
AGY HOLDING: Swings to $93.512 Million Net Loss for 2009
ALFONSO REYNOSO: Case Summary & 6 Largest Unsecured Creditors
ALAN BARRY: Case Summary & 13 Largest Unsecured Creditors
ALLIED SECURITY: Delays Filing of 2009 Annual Report on Form 10-K
AMERICAN INT'L: Prosecutors May Not Charge Execs for Bad Swaps
AMERICAN INT'L: Treasury Appoints Rittenmeyer and Layton to Board
AMERICAN INT'L: Hikes Cash Salaries for CFO Herzog, Exec. Moor
ARTURO RODRIGUEZ: Case Summary & 20 Largest Unsecured Creditors
AVAYA INC: Bank Debt Trades at 11% Off in Secondary Market
BABCOCK & WILCOX: Dist. Ct. Rejects Asset Buyer's CERCLA Claim
BLACK BULL RUN: Case Summary & 20 Largest Unsecured Creditors
BLAST ENERGY: GBH CPAs Raises Going Concern Doubt
BLUEKNIGHT ENERGY: Swings to $16.5MM Loss; Going Concern Raised
BOESER INC: Case Summary & 20 Largest Unsecured Creditors
BOSQUE POWER: Case Summary & 30 Largest Unsecured Creditors
BRYAN/MOORE DEV.: Case Summary & 19 Largest Unsecured Creditors
BUCKEYE DEVELOPMENT: Case Summary and 8 Largest Unsec. Creditors
CALIFORNIA COASTAL: Posts $22.4 Million Net Loss for 2009
CANWEST GLOBAL: CCAA Stay Period Extended Until June 15
CANWEST GLOBAL: Court OKs Sale of Aircraft to First Canadian
CANWEST GLOBAL: Gets Canada Court Nod to Pay Bonuses for Execs.
CARBON BEACH: Will Complete and Liquidate Assets to Pay Creditors
CAROLINA CARGO: Case Summary & 20 Largest Unsecured Creditors
CATHOLIC CHURCH: Court OKs More Withdrawals by Wilmington
CATHOLIC CHURCH: Fairbanks Wants Panel Lawsuit Dismissed
CATHOLIC CHURCH: Pope Benedict Hit for Ignoring Sexual Abuses
CATHOLIC CHURCH: Spokane Diocese Held in Contempt
CHINA IVY: Posts $814,928 Net Loss for 2009
CIENA CAPITAL: Plan Gives Up Ownership to Lenders
CINRAM INT'L: Bank Debt Trades at 21% Off in Secondary Market
CIRCUIT CITY: Settles $4M Billing Fight with Sony
CITADEL BROADCASTING: Bank Debt Trades at 11% Off
CLAIRE'S STORES: Bank Debt Trades at 11% Off in Secondary Market
CLEARPOINT BUSINESS: Delays 10-K; Expects Adverse Auditor Opinion
COACHMEN INDUSTRIES: Finalizing Amendment to HIG Loan Agreement
COACHMEN INDUSTRIES: Narrows Net Loss to $4,730,000 for 2009
COACHMEN INDUSTRIES: McGladrey & Pullen Raises Going Concern Doubt
COLLIER LAND & COAL: Voluntary Chapter 11 Case Summary
COMMUNITY HEALTH: Bank Debt Trades at 3% Off in Secondary Market
CONSTITUTION MINING: James Stafford Raises Going Concern Doubt
CORD BLOOD AMERICA: Acquires Series B Shares in StellacureGmbH
CORD BLOOD AMERICA: Extends Consulting Agreement with Pyrenees
CORD BLOOD AMERICA: Issues $1.5-Mil. Note to Private Investor
CORD BLOOD AMERICA: Net Loss Increases to $9.8-Mil. for 2009
COVER-ALL HOLDING CORP: Chapter 15 Case Summary
CRESCENT BANKING: Dixon Hughes Raises Going Concern Doubt
CRESTRIDGE ESTATES: Case Summary & 7 Largest Unsecured Creditors
CRYSTALLEX INT'L: Dec. 31 Balance Sheet Upside-Down by US$44.7MM
DESIGNER LICENSE: Can Borrow Money from Unit to Deliver Orders
DOLLAR THRIFTY: Kenneth Griffin's Citadel Holds 5.4% of Shares
DOLLAR THRIFTY: PAR Investment Holds 5.06% of Common Stock
DOUGLAS PAUL TROVILLION: Voluntary Chapter 11 Case Summary
DOWNTOWN MAITLAND: Voluntary Chapter 11 Case Summary
DRAGON PHARMACEUTICAL: 2009 Net Income Increases 21% to $8.26-Mil.
DUNHILL ENTITIES: Case Summary & 20 Largest Unsecured Creditors
EAT AT JOE'S: Recurring Operating Losses Cue Going Concern Doubt
EDDY-BELL COMMERCIAL: Case Summary & 3 Largest Unsecured Creditors
EDWARD JOHN HARTSON: Case Summary & 20 Largest Unsecured Creditors
EFIGENIA PARKER: Case Summary & 12 Largest Unsecured Creditors
ENDEAVOUR HIGHRISE: Claimant Counterclaim Waived Jury Trial Right
ENTREMED INC: Recurring Losses Prompt Going Concern Doubt
ERDMANN LAND MANAGEMENT: Voluntary Chapter 11 Case Summary
ERICKSON RETIREMENT: Plan Fine-Tuned; Douglas County Objects
ERICKSON RETIREMENT: Proposes to Release 2 PNC Letters of Credit
ERICKSON RETIREMENT: Sues Sovereign Bank to Take Escrowed Funds
EVERGREEN ENERGY: Recurring Losses Cue Going Concern Doubt
EXTENDED STAY: Accepts $905MM Revised Offer From Centerbridge
FAIRPOINT COMMS: Bank Debt Trades at 18% Off in Secondary Market
FOCUS TEN: Files for Bankruptcy in Florida
FOCUS TEN OF TAMPA: Voluntary Chapter 11 Case Summary
FOCUS TEN OF FLORIDA: Voluntary Chapter 11 Case Summary
FOCUS TEN OF RALEIGH: Voluntary Chapter 11 Case Summary
FOCUS TEN OF GREENSBORO: Voluntary Chapter 11 Case Summary
FONTAINEBLEAU LV: Moelis Charges $2.5 Mil. for June-Feb. Work
FORD MOTOR: U.S. Sales Up 43% in March 2010
FORD MOTOR: UAW Trust's Sale of Warrants to Close April 6
FRANKLIN INDUSTRIAL: 2nd Cir. Says Algonquin May Be Secured
FREEDOM COMMS: Wants Ch. 11 Plan Filing Extended Until May 30
FREESTYLE MUSIC: Missed April 1 Deadline to Pay $570,000 Debt
FREMONT GENERAL: Court Rejects Shareholder Suit
FRENCH BROAD PLACE: Case Summary & 7 Largest Unsecured Creditors
FRESENIUS AG: Bank Debt Trades at 0.46% Off in Secondary Market
GENERAL GROWTH: Proposes More Appraisal Work for Cushman
GENERAL GROWTH: Proposes to Enter Into AFCO Insurance Pact
GENERAL GROWTH: Settles Taxes With City of Chicago
GENTA INC: Narrows Net Loss to $86.301 Million for 2009
GLASSEL PROPERTIES: Voluntary Chapter 11 Case Summary
GLOBALEYES TELECOM: Bankr. Court Can't Decide Verizon Dispute
GMAC INC: Names Mackey as Interim Chief Financial Officer
GOLF PLUS: Case Summary & 3 Largest Unsecured Creditors
GRANT U.S.: Follows Canadian Parent Into Bankruptcy
HOTELS UNION SQUARE: Case Summary & 1 Largest Unsecured Creditor
H & M RENTALS INC: Case Summary & 20 Largest Unsecured Creditors
HABERSHAM BANCORP: Porter Keadle Raises Going Concern Doubt
HAROLD HENDERSON: Case Summary & 20 Largest Unsecured Creditors
HARRAH'S ENTERTAINMENT: HOC Bank Debt Trades at 103.32%
HEALTHSOUTH CORP: Bank Debt Trades at 2% Off in Secondary Market
HEARTLAND PUBLICATIONS: Governmental Bar Date Set
HOTELS UNION SQUARE: Case Summary & 1 Largest Unsecured Creditors
INNATECH LLC: Case Summary & 20 Largest Unsecured Creditors
INTERTAPE POLYMER: Brandes Investment Holds 7.89% of Common Stock
INTERTAPE POLYMER: Letko Brosseau Holds 22.99% of Common Stock
INTERTAPE POLYMER: Narrows Net Loss to $14.4 Million in 2009
INTERTAPE POLYMER: Rutabaga Capital Holds 6.39% of Common Stock
INTERWEST DEVELOPMENT: Case Summary & 6 Largest Unsec. Creditors
J AND J HARRISON: Case Summary & 4 Largest Unsecured Creditors
JAMES WILLIS CARRIE: Case Summary & 20 Largest Unsecured Creditors
JUMA TECHNOLOGY: Dec. 31 Balance Sheet Upside-Down by $12.1MM
KEENE BROTHERS: Case Summary & 3 Largest Unsecured Creditors
KIRKLAND HUTCHESON: Wants Until April 14 to File Chapter 11 Plan
KPT ENTERPRISES: Gets Final OK to Access Lenders' Cash Collateral
LAS VEGAS SANDS: Bank Debt Trades at 9% Off in Secondary Market
LATSHAW DRILLING: Wants to Resolve LCPI Claims Before Filing Plan
LEVEL 3 COMMS: Bank Debt Trades at 7% Off in Secondary Market
LEXINGTON PRECISION: Filing of Form 10-K for 2009 to be Delayed
LINK DEVELOPMENT: Court Dismisses Chapter 11 Reorganization Case
LIQUIDATION OUTLET: Case Summary & 20 Largest Unsecured Creditors
LKA INTERNATIONAL: MaloneBailey Raises Going Concern Doubt
LODGENET INTERACTIVE: Annual Stockholders' Meeting on May 12
LODGENET INTERACTIVE: Young Steps Down as Sr. Vice President
LOVELAND ENTERTAINMENT: Case Summary & Largest Unsecured Creditor
LPATH INC: Earns $4.0 Million in 2009
LYONDELL CHEMICAL: Conoco Seeks to Exercise Recoupment Rights
LYONDELL CHEMICAL: Former Basell Chair Wants Claim Allowed
LYONDELL CHEMICAL: Parent Names SVP for Olefins Americas
LYONDELL CHEMICAL: Wins Nod to Scrap Commercial Investment Leases
MALIBU ASSOCIATES: Has Until June 3 to Propose Chapter 11 Plan
MAUI LAND: Deloitte & Touche Raises Going Concern Doubt
MEGA BRANDS: Court Acknowledges Chapter 15 Proceedings
MERUELO MADDUX: Delays Filing of 2009 Annual Report
MESA AIR: Court Approves Some Payments Under Incentive Plan
MESA AIR: Stipulation Signed to Allow UAL Suit to Proceed
MESA AIR: Wants Until August 3 to Remove Civil Actions
METALDYNE CORP: Liquidating Plan Declared Effective
METRO-GOLDWYN-MAYER: Plan Says $1-Bil. Needed to Make New Films
METRO-GOLDWYN-MAYER: Bank Debt Trades at 53% Off
METROPCS WIRELESS: Bank Debt Trades at 2% Off in Secondary Market
MICHAELS STORES: Bank Debt Trades at 5% Off in Secondary Market
MILACRON INC: Will Not Be Able to Timely File 2009 Annual Report
MIRANT CORP: Bank Debt Trades at 2% Off in Secondary Market
MISSION REAL: Case Summary & 3 Largest Unsecured Creditors
OSI RESTAURANT: Bank Debt Trades at 8% Off in Secondary Market
PARMANAND PERSAUD: Case Summary & 20 Largest Unsecured Creditors
PHILLIPS ELECTRIC CO: Case Summary & 20 Largest Unsec. Creditors
PINNACLE FOODS: Bank Debt Trades at 3% Off in Secondary Market
PLEASANT VIEW DEVELOPMENT: Voluntary Chapter 11 Case Summary
PORT OF ISLANDS: Case Summary & 3 Largest Unsecured Creditors
RANDOLPH DUNHAM: Case Summary & 3 Largest Unsecured Creditors
REGGIE PINK PROPERTIES: Case Summary & 2 Largest Unsec. Creditors
RIPON SELF STORAGE: Case Summary & 20 Largest Unsecured Creditors
ROCK & REPUBLIC: Files for Bankruptcy to Improve Balance Sheet
ROSE LEA INTERNATIONAL: Case Summary & 4 Largest Unsec. Creditors
SAINT VINCENTS: Mount Sinai Backs Out of Possible Partnership
SAN SAVINO VILLAGE: Case Summary & 8 Largest Unsecured Creditors
SAPPHIRE NATIONAL LLC: Involuntary Chapter 11 Case Summary
SCHEHERAZADE INC: Case Summary & 20 Largest Unsecured Creditors
SENSATA TECHNOLOGIES: Debt Trades at 4% Off in Secondary Market
SEQUOIA CAPITAL FUND: Voluntary Chapter 11 Case Summary
SERVICE MASTER: Bank Debt Trades at 5% Off in Secondary Market
SHANNON'S RESTAURANT: Case Summary & 3 Largest Unsecured Creditors
SORIN JIVA: Case Summary & 12 Largest Unsecured Creditors
SOUTH BAY EXPRESSWAY: Proposes to Pay Business Taxes & Fees
SOUTH BAY EXPRESSWAY: To Make $40,000 Deposit for Utilities
SOUTH BAY EXPRESSWAY: Wants Benefits for 4 Insiders
SPANSION INC: Appoints SL Chan as VP for Sales & Field Marketing
SPANSION INC: Longacre, et al., Buy Claims
WASHINGTON MUTUAL: Ex-Officers to Testify in D.C. This April
STAAR SURGICAL: Posts $6.2 Million Net Loss in 2009
STUART LEDIS: Case Summary & 7 Largest Unsecured Creditors
SULTAN OHIO LLC: Case Summary & 20 Largest Unsecured Creditors
SWIFT TRANSPORTATION: Debt Trades at 5% Off in Secondary Market
SWINGING DELI: Voluntary Chapter 11 Case Summary
TWIN WINGS: Case Summary & 17 Largest Unsecured Creditors
UNITED AIR LINES: Bank Debt Trades at 13% Off in Secondary Market
UNIVAR NV: Bank Debt Trades at 4% Off in Secondary Market
US DISPOSAL: Case Summary & 4 Largest Unsecured Creditors
US FOODSERVICE: Bank Debt Trades at 8% Off in Secondary Market
WESTERN REFINING: Bank Debt Trades at 4% Off in Secondary Market
ZAHIR HUSSAIN: Case Summary & 13 Largest Unsecured Creditors
* Kathy Yeatter Joins Berger Singerman's Business Reorg. Team
*********
155 EAST TROPICANA: Ernst & Young Raises Going Doubt
----------------------------------------------------
On March 31, 2010, 155 East Tropicana, LLC, filed its annual
report on Form 10-K for the year ended December 31, 2009.
Ernst & Young LLP, in Las Vegas, Nev., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has incurred
recurring operating losses, has a working capital deficiency and
has an accumulated deficit. In addition, on April 7, 2009, the
Company received a notice of default in connection with the
Company's credit facility. "The Company has been unable to meet
2009 payment obligations under certain debt agreements and
anticipates they will be unable to meet 2010 payment obligations
under certain debt agreements, which, absent forbearance or waiver
from the creditors, will result in additional events of default."
The Company reported a net loss of $18.8 million on $46.8 million
of revenue for 2009, compared with a net loss of $13.3 million on
$60.1 million of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$123.1 million in assets and $168.2 million of debts, for a
stockholders' deficit of $45.1 million.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5d88
Las Vegas, Nev.-based 155 East Tropicana, LLC, was formed in
June 2004 to acquire the Hotel San Remo Casino and Resort, a
casino hotel located in Las Vegas, Nevada, from Eastern & Western
Hotel Corporation. The Hotel San Remo was renovated and re-
branded and is now known as Hooters Casino Hotel.
1764 SAN DIEGO AVENUE: Case Summary & 4 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: 1764 San Diego Avenue, LLC
1764 San Diego Avenue, Suite 200
San Diego, CA 92110
Bankruptcy Case No.: 10-04611
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Southern District of California (San Diego)
Judge: Laura S. Taylor
Debtor's Counsel: Craig E. Dwyer, Esq.
8745 Aero Drive, Suite 301
San Diego, CA 92123
Tel: (858) 268-9909
Fax: (858) 268-4230
Email: craigedwyer@aol.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A full-text copy of the Debtor's petition, including a list of its
4 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/casb10-04611.pdf
The petition was signed by Jeff Lundstrom, managing member of the
Company.
717 OAK GROVE: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: 717 Oak Grove Corporation
1450 El Camino Real
Menlo Park, CA 94025
Bankruptcy Case No.: 10-31003
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Northern District of California (San Francisco)
Debtor's Counsel: Guy A. Odom, Jr., Esq.
Law Offices of Guy A. Odom Jr.
800 W El Camino Real #180
Mountain View, CA 94040
Tel: (650) 965-4400
Email: odomlawoffices@aol.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Debtor did not file a list of its 20 largest unsecured
creditors when it filed its petition.
The petition was signed by William F. Garlock, president of the
Company.
3921 PLYERS MILL: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: 3921 Plyers Mill, LLC
3921 Plyers Mill Road
Kensington, MD 20895
Bankruptcy Case No.: 10-16155
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
District of Maryland (Greenbelt)
Judge: Thomas J. Catliota
Debtor's Counsel: Richard B. Rosenblatt, Esq.
The Law Offices of Richard B. Rosenblatt
30 Courthouse Square, Ste. 302
Rockville, MD 20850
Tel: (301) 838-0098
Email: rrosenblatt@rosenblattlaw.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Company says it does not have unsecured creditors who are non
insiders when they filed their petition.
The petition was signed by Prem Chohda, president of the Company.
ADVANTA CORP: Advanta Bank Inks Settlement Agreement with FDIC
--------------------------------------------------------------
In a regulatory filing Thursday, Advant Corp. disclosed that on
March 26, 2010, Advanta Bank, an inactive indirect subsidiary of
the Company, entered into a Settlement Agreement with the Federal
Deposit Insurance Corporation.
As previously disclosed by the Company, the FDIC assessed cross-
guarantee liability against Advanta Bank in relation to deposit
liabilities of Advanta Bank Corp., based on the common ownership
of the two banks. Advanta Bank was also, as previously disclosed,
involved in regulatory, administrative and judicial proceedings
with the FDIC related to, among other things, the issuance of a
Temporary Cease and Desist Order issued against it by the FDIC and
a Notice of Charges and of Hearing that was filed by the FDIC to
initiate an administrative proceeding against Advanta Bank. On
January 6, 2010, Advanta Bank filed its response to the Notice
denying the allegations in the Notice.
On February 16, 2010, upon motion by Advanta Bank, the U.S.
District Court for the District of Columbia enjoined the FDIC from
enforcing the Temporary Order. The FDIC appealed that decision to
the U.S. Court of Appeals for the District of Columbia Circuit.
Pursuant to the Settlement Agreement, among other things, the FDIC
agreed to withdraw its appeal and Advanta Bank agreed to transfer
to the FDIC all of the cash, loans, securities, accounts
receivable and other assets of AB with the parties agreeing that
this transfer would fully satisfy the cross-guarantee liability
that was asserted by the FDIC. The Settlement Agreement also
contains mutual releases from each of the parties against the
other.
About Advanta Corp.
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.
In June 2009, the Federal Deposit Insurance Corporation placed
significant restrictions on the activities and operations of
Advanta Bank Corp., a wholly owned subsidiary of the Company, as
the Bank's capital ratios were below required regulatory levels.
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 Corp. The petition says that Advanta Corp.'s assets
totaled $363,000,000 while debts totaled $331,000,000 as of
Sept. 30, 2009.
ADVANTA CORP: Delays Filing of 2009 Annual Report
-------------------------------------------------
In a regulatory filing Wednesday, Advanta Corp. disclosed that the
filing of its annual report on Form 10-K for the year ended
December 31, 2009, will be delayed due to its bankruptcy filing
and its lack of access to reliable information regarding its only
material operating subsidiary, Advanta Bank Corp.
On March 19, 2010, the Federal Deposit Insurance Corporation and
the Utah Division of Financial Institutions closed Advanta Bank
Corp., a wholly-owned subsidiary of Advanta Corp., and the FDIC
was appointed as the receiver of ABC effective March 19, 2010. As
a result, the FDIC has assumed all of ABC's deposits and controls
all of ABC's assets.
Based on the Debtors' February 2010 monthly operating report,
which was filed with the Bankruptcy Court on March 31, 2010, as of
February 28, 2010, the Debtors had $339,214,000 in assets,
$312,583,000 of debts, and $26,631,000 of stockholders equity.
As reported in the Troubled Company Reporter on November 12, 2009,
Advanta Corp. posted a net loss of $76,485,000 on $4,501,000 of
net interest income for the three months ended September 30, 2009,
compared to a net loss of $19,258,000 on $22,263,000 of net
interest income for the same period of 2008.
At September 30, 2009, the Company's balance sheet showed
$2,497,897,000 in total assets, $2,465,936,000 of debts, and
$31,961,000 of stockholders' equity, but the figures included
those of the banking units.
About Advanta Corp.
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.
In June 2009, the Federal Deposit Insurance Corporation placed
significant restrictions on the activities and operations of
Advanta Bank Corp., a wholly owned subsidiary of the Company, as
the Bank's capital ratios were below required regulatory levels.
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 Corp. The petition says that Advanta Corp.'s assets
totaled $363,000,000 while debts totaled $331,000,000 as of
Sept. 30, 2009.
AFY INC: Case Summary & 10 Largest Unsecured Creditors
------------------------------------------------------
Debtor: AFY, Inc.
dba Ainsworth Feed Yards Company, Inc.
Rr 1/Po Box 267
Ainsworth, NE 69210
Bankruptcy Case No.: 10-40875
Type of Business:
Chapter 11 Petition Date: March 25, 2010
Court: United States Bankruptcy Court
District of Nebraska (Lincoln Office)
Debtor's Counsel: Jerrold L. Strasheim, Esq.
Attorney at Law
3610 Dodge Street
Omaha, NE 68131-3218
Tel: (402) 346-9330
E-mail: jls@strasheimlaw.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
The petition was signed by Robert A. Sears, the company's
president.
Debtor-affiliate that filed separate Chapter 11 petition:
Petition
Debtor Case No. Date
------ -------- ----
Robert A. Sears/Korley B. Sears 10-40275/10-40277 2/12/10
AFY, Inc.'s List of 10 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Brown County Treasurer Property Taxes $203,144
Dakota Feeders Trade with Related $54,931
Party
DK Cattle, Inc. Trade with Related $101,912
Party
Northern Plains Feeders Trade with Related $250,000
PO Box 267 Party
Ainsworth, NE 69210
Sears, Dane Personal Loan/ $234,100
Disputed Buyout
Sears-Dunn, Kelli Personal Loan/ $128,470
Disputed Buyout
Sears, Myrtle Personal Loan/ $104,667
Disputed Buyout
Sears, Rhett Personal Loan/ $2,162,000
19414 Willow Creek Circle Disputed Buyout
Sun City, AZ 85373
Sears, Ron Personal Loan/ $2,799,977
240 S. Hall Disputed Buyout
Ainsworth, NE 69210
Summit Farms, LLC Trade $400,000
c/o Brian Buescher
1650 Farnam Street
Omaha, NE 68102
-------------
$6,439,201
AGY HOLDING: Swings to $93.512 Million Net Loss for 2009
--------------------------------------------------------
AGY Holding Corporation reported a net loss of $93.512 million for
the year ended December 31, 2009, from net income of $170,000 for
2008. AGY Holding reported a net loss of $50.396 million for the
three months ended December 31, 2009, from a net loss of $267,000
for the 2008 quarter.
Net sales were $153.852 million for 2009 from $236.487 million for
2008. Net sales were $39.674 million for the 2009 quarter from
$53.310 million for the 2008 quarter.
At December 31, 2009, the Company had total assets of
$330.866 million against total liabilities of $294.035 million and
Obligations under put/call for noncontrolling interest of
$11.320 million, resulting in shareholder's equity of
$25.511 million. At December 31, 2008, the Company had
shareholder's equity of $98.305 million.
The Company's consolidated cash balance as of December 31, 2009,
was $3.4 million. Operating activities used $11.1 million in cash
during 2009 compared to cash provided by operations of
$22.6 million during the comparable period of 2008. In 2009, the
$11.0 million of cash flow generated through reductions in our
working capital, including a $12.8 million reduction in the
Company's inventory levels, were more than offset by the reported
net loss of the Company. Excluding the net cash consideration
associated with the acquisition of AGY Asia, cash provided by
investing activities was $3.8 million, compared to cash used in
investing activities of $38.0 million during the comparable period
of 2008. In 2009, investing activities were favorably impacted by
the sale of $15.9 million of excess alloy metals, while 2008
results included the purchase of $28.2 million of alloy metals
necessary for defense-related programs.
AGY Holding Corp. dismissed Deloitte & Touche LLP as its
registered public accounting firm on January 20, 2010. Deloitte
had concluded that it was not currently independent with respect
to the Company as a result of a communication to Deloitte from
Kohlberg Capital Corporation on January 4, 2010, and that
Deloitte's conclusion did not relate to any action or activity of
the Company. Investment funds associated with Kohlberg & Company,
L.L.C., control the Company through their ownership of
substantially all of the equity of the Company's parent company,
KAGY Holding Company, Inc. Two of the Company's directors are
both partners of Kohlberg & Co. and directors of Kohlberg Capital.
As reported by Kohlberg Capital in its public filings, the two
directors also have an ownership interest in Kohlberg Capital.
The Company understands that Deloitte was independent of the
Company during all periods covered by the Company's previously
issued financial statements with which Deloitte was associated as
its registered public accounting firm and that Deloitte was
independent when it performed its work and issued its audit
reports.
A full-text copy of the Company's earnings release is available at
no charge at http://ResearchArchives.com/t/s?5d8d
A full-text copy of the Company's annual report on Form 10-K is
available at no charge at http://ResearchArchives.com/t/s?5d8e
About AGY Holding
Aiken, South Carolina-based AGY Holding Corp. manufactures
advanced glass fibers that are used as reinforcing materials in
numerous diverse, high-value applications, including aircraft
laminates, ballistic armor, pressure vessels, roofing membranes,
insect screening, architectural fabrics, and specialty
electronics. AGY is focused on serving end-markets that require
glass fibers for applications with demanding performance criteria,
such as the aerospace, defense, construction, electronics,
automotive, and industrial end-markets.
* * *
As reported by the Troubled Company Reporter on December 28, 2009,
Standard & Poor's Ratings Services lowered its ratings on AGY
Holding Corp., including its corporate credit rating, to 'CCC+'
from 'B'. "The downgrade follows S&P's ongoing concern on
operating performance, including S&P's expectation for very weak
credit metrics for 2009, weak liquidity relative to interest
payments and operating requirements in 2010, and integration
concerns related to the large $72 million acquisition -- with a
$20 million cash component -- of AGY Hong Kong Ltd.," said
Standard & Poor's credit analyst Paul Kurias.
ALFONSO REYNOSO: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------------
Joint Debtors: Alfonso Reynoso
Julianne Saxton Reynoso
18627 E. Leadora
Glendora, CA 91741
Bankruptcy Case No.: 10-22272
Chapter 11 Petition Date: March 31, 2010
Court: United States Bankruptcy Court
Central District Of California (Los Angeles)
Judge: Richard M. Neiter
Debtor's Counsel: Robert B Rosenstein, Esq.
Rosenstein & Hitzeman
28600 Mercedes St Ste 100
Temecula, CA 92590
Tel.: 951-296-3888
Fax: 951-296-3889
E-mail: robert@rosenhitz.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A copy of the Joint Debtors' list of 6 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/cacb10-22272.pdf
The petition was signed by the Joint Debtors.
ALAN BARRY: Case Summary & 13 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Alan Barry
13 Dogwood Drive
Danbury, CT 06810
Bankruptcy Case No.: 10-50712
Chapter 11 Petition Date: March 31, 2010
Court: U.S. Bankruptcy Court
District of Connecticut (Bridgeport)
Judge: Alan H.W. Shiff
Debtor's Counsel: James M. Nugent, Esq.
Harlow, Adams, and Friedman
300 Bic Drive
Milford, CT 06460
Tel.: 203-878-0661
E-mail: jmn@quidproquo.com
Estimated Assets: $0 to $50,000
Estimated Debts: $1,000,001 to $10,000,000
A copy of the Debtor's list of 13 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/ctb10-50712.pdf
The petition was signed by the Debtor.
ALLIED SECURITY: Delays Filing of 2009 Annual Report on Form 10-K
-----------------------------------------------------------------
Allied Security Innovations, Inc., last week informed the
Securities and Exchange Commission that its Annual Report on Form
10-K for the year ended December 31, 2009, cannot be filed within
the prescribed time period because the Company requires additional
time for compilation and review to insure adequate disclosure of
certain information required to be included in the Form 10-K. The
report will be filed on or before the 15th calendar day following
the prescribed due date.
The Company anticipates that a significant change in results of
operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in the
subject report. The Company provided clues:
1. Expense for change in Fair Market value is significantly
lower.
2. Loss on extinguishment of debit is zero this year.
About Allied Security Innovations
Based in Farmingdale, New Jersey, Allied Security Innovations,
Inc. -- http://www.cgm-ast.com/-- provides homeland security
products and proprietary criminal justice software to over 3,000
clients worldwide. It is composed of the original DDSI Company, a
public company since 1995, and its wholly owned subsidiary, CGM-
Applied Security Technologies, Inc., (established in 1978). With
manufacturing in Staten Island, ASI is a manufacturer and
distributor of Homeland Security products, including indicative
and barrier security seals, security tapes and related packaging
security systems, protective security products for palletized
cargo, physical security systems for tractors, trailers and
containers, as well as a number of highly specialized
authentication products. Allied Security Innovations stock trades
on the OTC Bulletin Board under the symbol "ADSV".
As of Sept. 30, 2009, the company has $3,114,181 in total assets
and $53,271,783 in total liabilities resulting to a $50,157,602
stockholder's deficit.
AMERICAN INT'L: Prosecutors May Not Charge Execs for Bad Swaps
--------------------------------------------------------------
The Wall Street Journal's Amir Efrati reports that people familiar
with the matter said federal prosecutors, after a two-year
investigation, may soon decide not to charge American
International Group Inc. executives for their role surrounding
financial contracts that nearly brought down the company. Sources
told the Journal recently obtained evidence has prosecutors
leaning against pursuing charges, though no final decision has
been made by Justice Department prosecutors in Washington, these
people said. A Justice Department spokeswoman declined to
comment, the Journal says.
The sources told the Journal the high-profile probe has centered
on Joseph Cassano, who headed a London-based unit of AIG called
AIG Financial Products. The unit entered into credit-default swap
contracts with other financial institutions that ended up being
financially disastrous for AIG. According to the Journal, people
familiar with the matter have said at issue in the investigation
was whether, starting in 2007, Mr. Cassano and his colleagues
deceived investors and the firm's outside auditor about AIG's
financial exposure from credit-default swaps, which were tied in
part to mortgages.
Another source told the Journal that Mr. Cassano, who no longer
works at AIG, is expected to meet with prosecutors this upcoming
week to discuss his reasoning behind making the accounting
adjustment and other issues related to the swaps.
About AIG
Based in New York, American International Group, Inc., is an
international insurance organization with operations in more than
130 countries and jurisdictions. AIG companies serve commercial,
institutional, and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies provide life insurance and retirement
services around the world. AIG common stock is listed on the New
York Stock Exchange, as well as the stock exchanges in Ireland and
Tokyo.
In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings. On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG. The credit facility was eventually
increased to as much as $182.5 billion.
AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.
AMERICAN INT'L: Treasury Appoints Rittenmeyer and Layton to Board
-----------------------------------------------------------------
American International Group disclosed in a regulatory filing that
effective April 1, 2010, the United States Department of the
Treasury, as the sole holder of the AIG Series E Preferred Stock
and AIG Series F Preferred Stock, exercised its right and elected
Ronald A. Rittenmeyer and Donald H. Layton to the Board of
Directors of AIG by written consent. The Directors are to hold
office until the next annual meeting -- or special meeting called
for the purpose of electing directors -- or until all the
dividends payable on all outstanding shares of the AIG Series E
Preferred Stock and the AIG Series F Preferred Stock have been
declared and paid in full for four consecutive quarters.
The terms of each of the AIG Series E Fixed Rate Non-Cumulative
Perpetual Preferred Stock, par value $5.00 per share, and the AIG
Series F Fixed Rate Non-Cumulative Perpetual Preferred Stock, par
value $5.00 per share, provide for the election of the greater of
two additional directors or up to 20% of the total number of AIG
directors upon a failure of AIG to make four quarterly dividend
payments on the AIG Series E Preferred Stock and the AIG Series F
Preferred Stock, whether or not consecutive. Because AIG has not
paid any dividends on the AIG Series E Preferred Stock or the AIG
Series F Preferred Stock -- or the AIG Series D Fixed Rate
Cumulative Perpetual Preferred Stock, par value $5.00 per share,
when it was outstanding, which is included in the calculation of
unpaid dividends -- the right of the holders of the AIG Series E
Preferred Stock and AIG Series F Preferred Stock to elect
directors arose no later than February 1, 2010.
About AIG
Based in New York, American International Group, Inc., is an
international insurance organization with operations in more than
130 countries and jurisdictions. AIG companies serve commercial,
institutional, and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies provide life insurance and retirement
services around the world. AIG common stock is listed on the New
York Stock Exchange, as well as the stock exchanges in Ireland and
Tokyo.
In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings. On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG. The credit facility was eventually
increased to as much as $182.5 billion.
AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.
AMERICAN INT'L: Hikes Cash Salaries for CFO Herzog, Exec. Moor
--------------------------------------------------------------
The Wall Street Journal's Serena Ng reports that American
International Group Inc. boosted cash salaries for David Herzog,
its chief financial officer, and Kristian Moor, a senior insurance
executive who heads AIG's global property-and-casualty-insurance
business, by 41% and 56% respectively in 2010 from 2009, even as
many of AIG's top earners saw salaries drop.
Ms. Ng reports that AIG, in a regulatory filing on Friday,
detailed 2010 pay packages for Mr. Herzog and Mr. Moor. Their
compensation packages were among a batch approved in March by U.S.
pay czar Kenneth Feinberg.
According to Ms. Ng, Mr. Herzog will receive an annual cash salary
of $495,000 and an annual stock salary of $4.49 million in 2010 to
the filing. He also is eligible for a long-term incentive award
of as much as $1.02 million this year. In an October 2009
regulatory filing, AIG listed Mr. Herzog's annual cash salary as
$350,000 and stock salary at $3.1 million.
According to Ms. Ng, Mr. Moor will get a cash salary of $700,000
this year and $5 million in stock salary. In 2009, his annual
cash salary was $450,000 and he had a stock salary of about $4.69
million. He is eligible for a long-term incentive award of as much
as $1.9 million this year.
AIG said in the filing that on March 23, 2010, the Office of the
Special Master for TARP Executive Compensation issued a
Determination Memorandum with respect to the compensation of its
top 25 most highly compensated employees. On March 29, 2010, AIG
began implementing the required changes to the compensation of
this group, which includes Mr. Herzog and Mr. Moor.
The Determination Memorandum sets annual cash salary levels for
the covered employees. These salary levels were implemented
effective January 1, 2010 as provided in the Determination
Memorandum, including cash salary levels for Messrs. Herzog and
Moor of $495,000 and $700,000, respectively.
The Determination Memorandum also sets annual stock salary levels
for the covered employees, to be granted in the form of stock
units designed to serve as a proxy for the long-term value of AIG.
The units are intended to reflect the value of AIG's common stock
and so-called "hybrid" securities, will be vested at grant and
will be cash-settled in three equal, annual installments beginning
on the first anniversary of the date of grant. The terms and
conditions of these units are subject to the approval of the
Office of the Special Master, and awards in respect of 2010 stock
salary will be issued on approval. AIG said the Determination
Memorandum set annual stock salary levels for Messrs. Herzog and
Moor of $4,485,000 and $5,000,000, respectively.
Some of the covered employees are also eligible under the
Determination Memorandum to receive 2010 annual long-term
incentive awards payable in long-term restricted stock if they
achieve performance goals for 2010 and the grants are determined
appropriate at that time in light of AIG's overall circumstances.
The Determination Memorandum provides that Messrs. Herzog and Moor
are eligible for awards of up to $1,020,000 and $1,900,000,
respectively.
A full-text copy of the Determination Memorandum, dated March 23,
2010, from the Office of the Special Master for TARP Executive
Compensation to AIG is available at no charge at
http://ResearchArchives.com/t/s?5e0a
About AIG
Based in New York, American International Group, Inc., is an
international insurance organization with operations in more than
130 countries and jurisdictions. AIG companies serve commercial,
institutional, and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies provide life insurance and retirement
services around the world. AIG common stock is listed on the New
York Stock Exchange, as well as the stock exchanges in Ireland and
Tokyo.
In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings. On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG. The credit facility was eventually
increased to as much as $182.5 billion.
AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.
ARTURO RODRIGUEZ: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Arturo Rodriguez
3710 Montana
El Paso, TX 79903
Bankruptcy Case No.: 10-30617
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Western District of Texas (El Paso)
Debtor's Counsel: Sidney J. Diamond, Esq.
3800 N Mesa C-4
El Paso, TX 79902
Tel: (915) 532-3327
Fax: (915) 532-3355
Email: usbc@sidneydiamond.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A full-text copy of Mr. Rodriguez's petition, including a list of
his 20 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/txwb10-30617.pdf
The petition was signed by Mr. Rodriguez.
Debtor-affiliate that filed separate Chapter 11 petition:
Petition
Debtor Case No. Date
------ -------- ----
Rodan Investments, Inc. 10-30618 3/23/10
Assets: $1 million to $10 million
Debts: $1 million to $10 million
Marart Enterprises, LLC 10-30619 3/23/10
AVAYA INC: Bank Debt Trades at 11% Off in Secondary Market
----------------------------------------------------------
Participations in a syndicated loan under which Avaya, Inc., is a
borrower traded in the secondary market at 89.18 cents-on-the-
dollar during the week ended Friday, April 2, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal. This represents an increase of 1.65 percentage
points from the previous week, The Journal relates. The Company
pays 275 basis points above LIBOR to borrow under the facility.
The bank loan matures on Oct. 26, 2014, and is not rated by
Moody's and Standard & Poor's. The debt is one of the biggest
gainers and losers among 196 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.
Avaya, Inc., based in Basking Ridge, New Jersey, is a supplier of
communications systems and software for enterprise customers.
The Troubled Company Reporter stated on Dec. 23, 2009, that
Moody's downgraded Avaya's corporate family rating to 'B3' from
'B2'. The downgrade was driven by challenges presented by the
acquisition of Nortel's enterprise assets as well as the large
amount of additional debt incurred to finance the acquisition
(approximately $1 billion).
In September 2009, Standard & Poor's placed its ratings, including
the 'B' corporate credit rating, on Avaya on CreditWatch with
negative implications, following the Company's announcement that
it has been accepted as the buyer of Nortel Networks' (not rated)
Enterprise Solutions businesses, for $900 million.
BABCOCK & WILCOX: Dist. Ct. Rejects Asset Buyer's CERCLA Claim
--------------------------------------------------------------
WestLaw reports that an "exclusivity of remedy" clause in a
prepetition purchase-and-sales agreement for the sale of
industrial property of the Chapter 11 debtor that was recognized
to have significant environmental problems, when viewed as a whole
in the context of provisions in the agreement broadly and
comprehensively outlining all potential environmental liability,
both for problems discovered prior to and after closing, had to be
interpreted as barring any non-contractual claim by the buyer
under the Comprehensive Environmental Response, Compensation, and
Liability Act (CERCLA). Thus, a proof of claim filed by buyer for
non-contractual CERCLA damages had to be disallowed, as barred by
the terms of the prepetition purchase-and-sales agreement. In re
Babcock & Wilcox Co., --- B.R. ----, 2010 WL 724177 (E.D. La.).
This decision affirms the Bankruptcy Court's ruling reported in
the Oct. 12, 2009, edition of the Troubled Company Reporter.
Babcock & Wilcox Company, together with its debtor-affiliates,
filed for Chapter 11 protection on February 22, 2000, (Bankr. E.D.
La. Case No. 00-10992), and emerged from Chapter 11 on Feb. 22,
2006. Jan Marie Hayden, Esq., at Heller, Draper, Hayden,
Patrick & Horn, L.L.C., represented the Debtors.
BLACK BULL RUN: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Black Bull Run Development LLC
P.O. Box 10969
Bozeman, MT 59771-0969
Bankruptcy Case No.: 10-60593
Chapter 11 Petition Date: March 26, 2010
Court: United States Bankruptcy Court
U.S. Bankruptcy Court, District of Montana (Butte)
Judge: Ralph B. Kirscher
Debtor's Counsel: James A. Patten, Esq.
Ste 300, The Fratt Bldg
2817 2nd Ave N
Billings, MT 59101
Tel: (406) 252-8500
Fax: (406) 294-9500
E-mail: japatten@ppbglaw.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
According to the schedules, the Company has assets of $16,317,641,
and total debts of $42,764,571.
The petition was signed by Stephen M. Barrett, the Company's vice
president.
Debtor's List of 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
La Jolla Bank Mortgage $18,950,448
390 Wesi Valley Parkway Secured Value:
Escondido, CA 92025 $13,000,000
Circle F, LLC $171,237
Fortuna Investments LLC $150,000
Brody Bryant $61,727
Clayton Cole $60,000
Alternative Staffing $52,332
dba LC Staffing
Allan & Rassaby & Jennifer $45,853
Ryan
Crop Production Services $25,839
Career Concepts $23,608
aka Express Personnel
J.R. Simplot Partners $20,839
Brickhouse $15,944
Attn: Kaylyn
Advantage Tennis $14,782
Greenhaus Inc. $14,670
Wagner, Eubank, & Nichols $13,958
McLees Inc. $10,700
Richard & Nancy Block $10,000
Family Trust
Winstead PC $9,329
Locati Interiors $8,931
CLB Capital Partners $8,131
Big Sky Journal $5,960
BLAST ENERGY: GBH CPAs Raises Going Concern Doubt
-------------------------------------------------
On April 1, 2010, Blast Energy Services, Inc. filed its annual
report on Form 10-K for the year ended December 31, 2009.
GBH CPAs, PC, in Houston, expressed substantial doubt about the
Company's ability to continue as a going concern. The independent
auditors noted that the Company incurred a loss from continuing
operations for the year ended December 31, 2009, and has an
accumulated deficit at December 31, 2009.
The Company reported a net loss of $1,677,915 on $330,908 of
revenue for 2009, compared with net income of $7,011,000 on
$432,012 of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$4,338,889 in assets, $1,676,687 of debts, and $2,662,202 of
stockholders' equity.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5db3
Based in Houston, Blast Energy Services, Inc. is an emerging
technology company in the energy sector. The Company's primary
business is providing satellite communication services to energy
companies. The Company's secondary business is the provision of
Applied Fluid Jetting services to stimulate production and
increase reservoir recoveries on behalf of oil and gas operators
primarily in North America.
BLUEKNIGHT ENERGY: Swings to $16.5MM Loss; Going Concern Raised
---------------------------------------------------------------
On March 30, 2010, Blueknight Energy Partners, L.P., filed its
annual report on Form 10-K for the year ended December 31, 2009.
PricewaterhouseCoopers LLP, in Tulsa, Okla., expressed substantial
doubt about the Partnership's ability to continue as a going
concern. The independent auditors noted that the Partnership has
substantial long-term debt, a deficit in partners' capital, and
significant litigation uncertainties.
The Partnership reported a net loss of $16.5 million on
$156.8 million of revenue for 2009, compared with net income of
$17.8 million on $192.2 million of revenue for 2008.
For the fourth quarter of 2009, the Partnership reported a net
loss of $5.6 million on $37.1 million of revenue, compared to a
net loss $1.7 million on $42.9 million of revenue for the same
period of 2008.
"We are making steady progress with our transition and generating
new business from third parties to replace the business lost from
the Partnership's former parent company," commented James Dyer,
BKEP's CEO. "We recognize that we continue to face challenges
relating to rebuilding the business. Even so, we believe the
strides we have made to regain trucking and pipeline volumes in a
relatively short period of time, speaks well of the strength of
our assets and the abilities of the management team we are putting
into place."
The Partnership's balance sheet as of December 31, 2009, showed
$310.7 million in assets and $452.9 million of debts, for a
partners' deficit of $142.2 million.
A full-text copy of the Annual Report is available for free at:
http://researcharchives.com/t/s?5d78
A full-text copy of the press release disclosing the Partnership's
financial results for the quarter and year ended December 31,
2009, is available for free at:
http://researcharchives.com/t/s?5d79
About Blueknight Energy
Blueknight Energy Partners, L.P. (Pink Sheets: BKEP)
-- http://www.bkep.com/-- provides integrated terminalling,
storage, processing, gathering and transportation services for
companies engaged in the production, distribution and marketing of
crude oil and asphalt products. The Partnership manages its
operations through three operating segments: (i) crude oil
terminalling and storage services, (ii) crude oil gathering and
transportation services and (iii) asphalt services.
BOESER INC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Boeser, Inc.
2901 S E Fourth Street
Minneapolis, MN 55414
Bankruptcy Case No.: 10-42136
Chapter 11 Petition Date: March 25, 2010
Court: United States Bankruptcy Court
District of Minnesota (Minneapolis)
Judge: Gregory F. Kishel
Debtor's Counsel: Joseph Anthony Wentzell, Esq.
Wentzell Law Office, PLLC
2812 Anthony Lane S
St Anthony, MN 55418
Tel: (612) 436.3292
Fax: (612) 788.9879
E-mail: jwentzell@fosterbrever.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $1,000,001 to $10,000,000
According to the schedules, the Company has assets of $12,343,304,
and total debts of $3,538,695.
The petition was signed by Lawrence Boeser, the Company's
president.
Debtor's List of 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
New Process Steel $153,700
Clarcor Air Filtration $44,854
PROD
Majestic Steel USA Inc. $22,600
Firestone Metal $18,331
Products LLC
Hart and Cooley Inc. $15,448
Imperial Manufacturing $9,659
Group
Health Partners $8,458
United Electric $7,777
Duro Dyne Corp $6,142
LSE-Network CNC $5,356
Services LLC
Honeywell International $4,266
Inc. ECC
Steel Sales Corp. $4,085
Northwest Packaging Inc. $3,674
Metalab Inc. $3,000
Venture Tape Corp. $2,756
Easy Air Products $2,751
First Alert BRK $2,610
Electronics
Braeburn Systems LLC $2,475
Convalence Adhesives $2,223
Dominic Inc. $1,046
BOSQUE POWER: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Bosque Power Company LLC
c/o Arcapita
75 Fourteenth St., 23rd Floor
Atlanta, GA 30309
Bankruptcy Case No.: 10-60348
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
Western District of Texas (Waco)
Judge: Chief Bkptcy Judge Ronald B. King
About the Business: Laguna Park, Texas-based Bosque Power Company,
LLC, owns and operates a natural gas fired
power plant with a capacity of 800 megawatts.
The power-generating facility, located in
Laguna Park, commenced operations as a
natural-gas power plant in 2000. Bosque sells
its energy and ancillary services in the Texas
power market. Bosque Power Partners owns 100%
of the membership interest in Bosque Power.
Debtors' Counsel: Henry J. Kaim, Esq.
King & Spalding LLP
1100 Louisiana, Suite 4000
Houston, TX 77002
Tel: (713) 751-3225
Fax: (713) 751-3290
Email: hkaim@kslaw.com
Debtors' Special Finance Counsel: King and Spalding LLP
Debtors' Special Corporate Counsel: Morgan, Lewis & Bockius LLP
Debtors' Financial Advisor: Greenhill & Co. LLC
Debtors' Claims agent: Kurtzman Carson Consultants LLC
Estimated Assets: $100,000,001 to $500,000,000
Estimated Debts: $100,000,001 to $500,000,000
A list of the Company's 30 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/txwb10-60348.pdf
Debtor's List of 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
General Electric Trade Debt $257,277
International
3202 Manor Way
Dallas, TX 75235
Fortune Electric Co. Ltd Trade Debt $245,320
Markwest Pinnacle Trade Debt $180,162
C&D Technologies Inc. Trade Debt $3,875
Safety Kleen Systems Inc Trade Debt $3,212
-TX
Etox Inc. Trade Debt $2,743
Grainger-TX Trade Debt $2,111
Intercontinentalexchange, Trade Debt $2,000
Inc.
Emerson Process Trade Debt $1,912
Management Rosemont Inc.
McMaster Carr Supply Co. Trade Debt $1,894
Mercer Thompson LLC Trade Debt $1,890
Zokman Products Inc. Trade Debt $1,165
Davis Steel Services Trade Debt $1,091
Texas Valve & Fitting Co Trade Debt $1,009
Genesis Systems Inc. Trade Debt $912
Motion Industries Inc. Trade Debt $891
Univar USA Inc. Trade Debt $592
Qwest Communications Trade Debt $485
Business Services
Ana Lab Corp. Trade Debt $420
Aramark Uniform Services Trade Debt $391
Inc.
J M Test Systems, Inc. Trade Debt $307
Vinson & Elkins Trade Debt $300
First City Tower
CTWP Trade Debt $238
Lawson Products Inc. Trade Debt $237
Allied Waste Services of Trade Debt $199
Itasca #071
Parentebeard LLC Trade Debt $199
Applied Industrial Tech Trade Debt $164
-TX
Office Depot Trade Debt $164
New Pig Corp. Trade Debt $153
Federal Express Trade Debt $150
The petition was signed by Brian McCabe, the company's authorized
representative.
Debtor-affiliates that filed separate Chapter 11 petitions:
Petition
Debtor Case No. Date
------ -------- ----
BosPower Development LLC 10-60349 3/24/10
Assets: $0 to $50,000
Debts: $0 to $50,000
BosPower Development Blocker I Inc. 10-60350 3/24/10
BosPower Development Blocker II Inc. 10-60351 3/24/10
BosPower Partners LLC 10-60352 3/24/10
Fulcrum Marketing and Trade LLC 10-60353 3/24/10
BRYAN/MOORE DEV.: Case Summary & 19 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Bryan/Moore Development, LLC
2910 Power Road # 104
Mesa, AZ 85215
Case No.: 10-09233
Chapter 11 Petition Date: March 31, 2010
Court: U.S. Bankruptcy Court
District of Arizona (Phoenix)
Judge: Redfield T. Baum Sr.
Debtor's Counsel: McGuire Gardner, PLLC
320 N. Leroux, Suite A
Flagstaff, AZ 86001
Telephone: (928) 779-1173
Facsimile: (928) 779-1175
Pernell W. Mcguire, Esq.
E-mail: pmcguire@mcguiregardner.com
Total Assets: $15,525,000
Total Debts: $13,166,621
Bryan/Moore Development's List of 19 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Allen Commercial LLC Tenant Improvements $21,800.00
Arizona Department of $690.98
Revenue
PO Box 29085
Phoenix, AZ 85038-9085
City of Mesa Water Bill $3,348.32
PO BOX 1878
Mesa, AZ 85211-1878
City of Mesa $2,409.42
JBS Mechanical Maintenance Services $96.61
Ken Black Maintenance Services $8,809.58
Kraemer Engineering Professional Services $2,577.50
Landscape Plus Landscaping $1,785.00
Metering Services $690.00
Mobile Mini $113.67
Pioneer Telephone Telephone $44.62
Power Postal Postal $226.19
Qwest Telephone $238.29
Robyns Designs LLC Day Porter Services $2,754.05
Salt River Project Utilities $4,064.63
Snell and Wilmer Legal Fees $15,970.50
Sparklets Water $45.38
Truly Nolen Pest Control $156.00
Valley View Maintenance Maintenance $800.00
BUCKEYE DEVELOPMENT: Case Summary and 8 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: Buckeye Development Corp
Post Office Box 1566
Dublin, GA 31040
Bankruptcy Case No.: 10-30156
Chapter 11 Petition Date: March 31, 2010
Court: U.S. Bankruptcy Court
Southern District of Georgia (Dublin)
Debtor's Counsel: Jon A. Levis, Esq.
Merrill & Stone, LLC
P O Box 129
Swainsboro, GA 30401
Tel.: 478-237-7029
Fax: 478-237-9211
E-mail: bkymail@merrillstonehamilton.com
Estimated Assets: $500,001 to $1,000,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Company's 8 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/gasb10-30156.pdf
The petition was signed by Harold Jack Henderson, Jr., president.
CALIFORNIA COASTAL: Posts $22.4 Million Net Loss for 2009
---------------------------------------------------------
On March 30, 2010, California Coastal Communities, Inc. filed its
annual report on Form 10-K for the year ended December 31, 2009,
showing a net loss of $22.4 million on $47.2 million of revenue
for 2009, compared with a net loss of $44.7 million on
$46.0 million of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$249.9 million in assets, $216.5 million of debts, and
$33.4 million of stockholders' equity.
In view of the continuing significant economic downturn in the
housing market, during 2010 the Company's new home construction
will be limited to its 356-home Brightwater project located on the
Bolsa Chica mesa in Huntington Beach, California.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5d76
About California Coastal
Irvine, Calif.-based California Coastal Communities, Inc.
-- http://www.californiacoastalcommunities.com/-- is a
residential land development and homebuilding company with
properties owned or controlled primarily in Orange County,
California, and also in Lancaster in Los Angeles county. The
Company's primary asset is a 356-home luxury coastal community
known as Brightwater in Huntington Beach, California.
California Coastal Communities, Inc. and certain of its direct and
indirect wholly-owned subsidiaries filed for Chapter 11 bankruptcy
protection on October 27, 2009 (Bankr. C.D. Calif. Case No. 09-
21712). Joshua M. Mester, Esq., who has an office in Los Angeles,
California, assists the Debtors in their restructuring efforts.
In their petition, the Debtors listed between
$100 million and $500 million in assets and between $100 million
and $500 million of debts.
On March 26, 2010, the Debtors filed a proposed disclosure
statement and joint plan of reorganization with the Bankruptcy
Court. The plan provides for the extension of the Revolving Loan
and the Term Loan to enable the Company to complete construction
and sale of the homes at its Brightwater project.
CANWEST GLOBAL: CCAA Stay Period Extended Until June 15
-------------------------------------------------------
Canwest Global Communications Corp. and the other applicants and
partnerships -- the CMI Entities -- sought and obtained from the
Honorable Madam Justice Sarah E. Pepall of the Ontario Superior
Court of Justice an order extending the stay provided under the
Companies' Creditors Arrangement Act up to and until June 15,
2010.
In its Initial Order obtained on October 6, 2009, the Court
provided a 30 day Stay Period which was subsequently extended to
January 22, 2010, and then to March 31, 2010.
In an affidavit accompanying their request for an extension of the
Stay Period, John E. Maguire, chief financial officer of Canwest
Global Communications Corp. and Canwest Media Inc., explained that
since the last motion for an extension of the Stay Period, the CMI
Entities, with the assistance of the Monitor and the CMI Chief
Restructuring Advisor, have made significant progress in achieving
resolutions with respect to disputed claims of Unknown Creditors
and disputed claims of Known Creditors. Specifically, significant
progress has been made in resolving disputed trade creditor Claims
with the assistance of FTI Consulting Canada Inc., the Court-
appointed monitor under the proceeding under Companies' Creditors
Arrangement Act.
Mr. Maguire said the CMI Entities continue to act diligently and
in good faith to resolve claims that have not been accepted and
have yet to be resolved as between the claimants and the CMI
Entities.
The CMI Entities have been and continue to act in good faith and
with due diligence in pursuing a recapitalization transaction in
accordance with the terms of the Shaw Transaction Documents, in
order to ensure that as many as possible of the CMI Entities, and
the businesses they operate, continue as going concerns -- thereby
preserving and maximizing enterprise value and maintaining
employment for as many employees as possible, he added.
Mr. Maguire further noted that certain key dates with respect to
the Amended Recapitalization Transaction will arise after
March 31, 2010, including (i) the resolution of Outstanding Claims
filed pursuant to the Claims Procedure Order, (ii) the
finalization of a plan of arrangement or compromise; (iii) the
holding of a creditors' meeting; and (iv) obtaining court approval
of a plan of arrangement or compromise; (v) obtaining Canadian
Radio-television and Telecommunications Commission (CRTC) approval
pursuant to its standard public hearing process; and (vi) the
preparation of all corporate documentation required to implement
the Amended Recapitalization Transaction.
The Monitor also noted that the DIP Facility sets out certain
conditions which must be fulfilled by April 15, 2010. The Monitor
said it has been advised that the CMI Entities are currently in
discussions with CIT Business Credit Canada Inc. with respect to
extending the milestone dates.
According to Mr. Maguire, the extended Stay Period will allow the
CMI Entities to continue to work towards the implementation of a
plan of compromise or arrangement based on the Amended
Recapitalization Transaction.
Moreover, Mr. Maguire continued, the extended Stay Period will
allow the CMI Entities to continue to deal with creditor claims as
required by the Claims Procedure Order, and to deal with other
matters inherent in the proposed restructuring, all in
consultation with the Monitor, with the objective of obtaining the
best possible result for a restructuring for the benefit of all
stakeholders.
About Canwest Global
Canwest Global Communications Corp. (TSX: CGS and CGS.A) --
http://www.canwest.com/-- an international media company, is
Canada's largest media company. In addition to owning the Global
Television Network, Canwest is Canada's largest publisher of
English language daily newspapers and owns, operates and holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, web sites and radio
stations and networks in Canada, New Zealand, Australia, Turkey,
Indonesia, Singapore, the United Kingdom and the United States.
On October 6, 2009, Canwest Global, Canwest Media Inc., Canwest
Television Limited Partnership (including Global Television,
MovieTime, DejaView and Fox Sports World), The National Post
Company and certain subsidiaries voluntarily entered into, and
successfully obtained an Order from the Ontario Superior Court of
Justice (Commercial Division) commencing proceedings under the
Companies' Creditors Arrangement Act. The CMI Entities'
commencement of these proceedings was undertaken in furtherance of
a proposed recapitalization transaction that is supported by over
70% of holders of the 8% senior subordinated notes issued by CMI.
On the same day, FTI Consulting Canada Inc., the Court-appointed
Monitor in the CCAA proceedings, sought protection in the United
States Bankruptcy Court under Chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 09-15994) for
certain of the entities involved in Canwest's television business
that filed for protection under the CCAA, including Canwest,
Canwest Media Inc. and Canwest Global Broadcasting
Inc./Radiodiffusion Canwest Global Inc.
Judge Stuart M. Bernstein presides over the Chapter 15 cases.
Evan D. Flaschen, Esq., at Bracewell & Giuliani LLP, in Hartford,
Connecticut, serves as Chapter 15 Petitioner's counsel. The
Chapter 15 Debtors disclosed estimated assets of $500 million to
$1 billion and estimated debts of $50 million to $100 million.
In a regulatory filing with the U.S. Securities and Exchange
Commission, Canwest Media disclosed C$4,847,020,000 in total
assets and C$5,826,522,000 in total liabilities at May 31, 2009.
Bankruptcy Creditors' Service, Inc., publishes Canwest Bankruptcy
News. The newsletter tracks the CCAA proceedings and Chapter 15
proceedings undertaken by Canwest Global Communications Corp. and
its affiliates (http://bankrupt.com/newsstand/or 215/945-7000).
CANWEST GLOBAL: Court OKs Sale of Aircraft to First Canadian
------------------------------------------------------------
The U.S. Bankruptcy Court has approved the sale transaction
contemplated by the Aircraft Sale Agreement by and between Canwest
Global and First Canadian Aviation Inc. and Tribal Councils
Investment Group of Manitoba Ltd., dated March 1, 2010.
Canwest Global is the current legal owner of a 1988 British
Aerospace model BAE 125 Series 800A, serial no. 258123, Canadian
registration C-GCGS, known in the airline industry as a Hawker
800A, including the engines, propellers and avionics.
The Sale Agreement provides that the Purchaser offers and agrees
to purchase the Purchased Assets on an "as is, where is" basis,
subject to certain warranties and representations contained in the
Sale Agreement.
Upon delivery of a Monitor's certificate to the Purchaser, all of
Canwest Global's right, title and interest in and to the Purchased
Assets described in the Sale Agreement will vest absolutely in the
Purchaser, free and clear of and from any right, title or interest
of any Person in the Purchased Assets, including any security
interests, mortgages, trusts, liens, executions, levies, charges,
and claims. The Court orders that all of the Encumbrances
affecting or relating to the Purchased Assets are expunged and
discharged as against the Purchased Assets.
The Monitor will file with the Court a copy of the Monitor's
Certificate as soon as reasonably practicable after delivery of
the Certificate to the Purchaser.
That Court held that the Transaction is exempt from the
application of the Bulk Sales Act (Ontario) and any equivalent or
applicable legislation under any other province or territory in
Canada and is exempt from the application of Section 6 of the
Retail Sales Tax Act (Ontario) and any equivalent or corresponding
provision under any other applicable tax legislation.
About Canwest Global
Canwest Global Communications Corp. (TSX: CGS and CGS.A) --
http://www.canwest.com/-- an international media company, is
Canada's largest media company. In addition to owning the Global
Television Network, Canwest is Canada's largest publisher of
English language daily newspapers and owns, operates and holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, web sites and radio
stations and networks in Canada, New Zealand, Australia, Turkey,
Indonesia, Singapore, the United Kingdom and the United States.
On October 6, 2009, Canwest Global, Canwest Media Inc., Canwest
Television Limited Partnership (including Global Television,
MovieTime, DejaView and Fox Sports World), The National Post
Company and certain subsidiaries voluntarily entered into, and
successfully obtained an Order from the Ontario Superior Court of
Justice (Commercial Division) commencing proceedings under the
Companies' Creditors Arrangement Act. The CMI Entities'
commencement of these proceedings was undertaken in furtherance of
a proposed recapitalization transaction that is supported by over
70% of holders of the 8% senior subordinated notes issued by CMI.
On the same day, FTI Consulting Canada Inc., the Court-appointed
Monitor in the CCAA proceedings, sought protection in the United
States Bankruptcy Court under Chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 09-15994) for
certain of the entities involved in Canwest's television business
that filed for protection under the CCAA, including Canwest,
Canwest Media Inc. and Canwest Global Broadcasting
Inc./Radiodiffusion Canwest Global Inc.
Judge Stuart M. Bernstein presides over the Chapter 15 cases.
Evan D. Flaschen, Esq., at Bracewell & Giuliani LLP, in Hartford,
Connecticut, serves as Chapter 15 Petitioner's counsel. The
Chapter 15 Debtors disclosed estimated assets of $500 million to
$1 billion and estimated debts of $50 million to $100 million.
In a regulatory filing with the U.S. Securities and Exchange
Commission, Canwest Media disclosed C$4,847,020,000 in total
assets and C$5,826,522,000 in total liabilities at May 31, 2009.
Bankruptcy Creditors' Service, Inc., publishes Canwest Bankruptcy
News. The newsletter tracks the CCAA proceedings and Chapter 15
proceedings undertaken by Canwest Global Communications Corp. and
its affiliates (http://bankrupt.com/newsstand/or 215/945-7000).
CANWEST GLOBAL: Gets Canada Court Nod to Pay Bonuses for Execs.
----------------------------------------------------------------
Canwest Publishing Inc./Publications Canwest Inc., Canwest Books
Inc., Canwest (Canada) Inc., and Canwest Limited
Partnership/Canwest Societe en Commandite -- the LP Entities --
sought an order from Madam Justice Pepall:
(a) authorizing them, subject to availability under the LP DIP
Facility, the LP DIP Definitive Documents and the Approved
Cash Flow, to make payments not to exceed a maximum
aggregate amount of $1,000,000 to employees with the prior
consent of FTI Consulting Canada Inc., the Court-appointed
monitor under the proceeding under the Companies'
Creditors Arrangement Act and The Bank of Nova Scotia in
its capacity as Administrative Agent for the senior
lenders to the Limited Partnership;
(b) approving the schedule of proposed employee payments and
authorizing the LP Entities to make the payments;
(c) amending the initial order made on January 8, 2010, as
necessary to reflect recent changes to the management
of the LP Entities;
(d) approving amendments to the LP Management Incentive Plan
and the Special Arrangements, and authorizing the LP
Entities to enter into the agreements, and make payments,
as are contemplated by the LP MIP and the Special
Arrangements, as amended;
(e) increasing the size of the LP MIP Charge to a maximum
aggregate amount of $4.3 million that the key employees
under the LP MIP and the Special Arrangements are entitled
to the benefit of the LP MIP Charge to secure amounts
owing to them under the LP MIP and the Special
Arrangements;
(f) authorizing the LP Entities to enter into a consulting
agreement with Dennis Skulsky; and
(g) authorizing Douglas E.J. Lamb to execute the Skulsky
Consulting Agreement on behalf of the LP Entities.
The LP Entities currently provide certain shared services to
related entities including Canwest Media Inc.
Pursuant to the Agreement on Shared Services and Employees dated
as of October 26, 2009, the extent of Shared Services provided is
being significantly reduced.
The LP Entities currently employ approximately 417 full-time
equivalent employees who work in Shared Services functions in
Toronto, Ontario and Winnipeg, Manitoba.
Lyndon A.J. Barnes, Esq., at Osler, Hoskin & Harcourt LLP, in
Toronto, Ontario -- lbarnes@osler.com -- relates that certain of
the employees that work in Shared Services and in other business
units of the LP Entities perform functions that are critical to
the conduct, transition or orderly wind-down of the Shared
Services arrangements or the relocation of related business units
and cannot be easily replaced without causing disruptions to the
businesses of the LP Entities.
FTI Consulting Canada Inc., the Court-appointed monitor under the
proceeding under the Companies' Creditors Arrangement Act,
reported that the LP Entities have already identified 77 employees
to be critical to the on-going performance, transition or wind-
down of certain Shared Services and are seeking authorization to
make Retention Payments to the employees aggregating $400,000.
The LP Entities assert that it would be difficult to hire and
train replacement employees to perform the jobs within the
timeframe required to prevent serious disruptions to the
businesses of the LP Entities.
According to Mr. Barnes, the proposed retention payments will
incentivize the employees to remain in their current employment
for the periods as are required to avoid disruptions.
On the other hand, the current President of CPI, Dennis Skulsky,
has indicated that he is resigning effective April 30, 2010.
Mr. Barnes says certain changes to the Initial Order will be
required as a result of Mr. Skulsky's resignation. Also, certain
changes to the LP MIP and the Special Arrangements, as they
pertain to Mr. Skulsky, will also be required as a result of Mr.
Skulsky's resignation.
Mr. Skulsky has indicated that he is prepared to offer his
services as a consultant until August 31, 2010, and he and the LP
Entities, in consultation with the Administrative Agent and the
Monitor, have agreed on the terms on which the services would be
provided.
Mr. Barnes says it is in the overall best interests of the
restructuring, and particularly the successful conclusion of the
Sale and Investor Solicitation Process, to have Mr. Skulsky
provide his services to the LP Entities pursuant to the proposed
agreement.
Meanwhile, the directors and officers of the LP Entities all
resigned on March 1, 2010, and have not been replaced.
According to Mr. Barnes, the Initial Order should be amended to
clarify that the protections afforded to the directors and
officers of the LP Entities in the Initial Order extend to anyone
who, whether by statute, operation of law or otherwise, is deemed
to be or is a de facto director or officer.
Certain changes to the LP MIP and Special Arrangements are
required to reflect the resignations of the directors and officers
of the LP Entities and the consequential realignment of roles and
responsibilities within the remaining senior employees of the LP
Entities.
The LP MIP Charge should be increased to reflect the changes to
the LP MIP and the Special Arrangements, Mr. Barnes avers.
* * *
The Court has approved the payment of bonuses to executives and
other employees, The Globe And Mail reports.
The report says Madam Justice Pepall approved the motion on
March 26, 2010, allowing CanWest to dole out $4.3-million in
retention bonuses to 27 top executives, on top of $1.7-million
already paid out in January.
The Judge also approved up to $1-million in bonuses to non-
management workers who provide crucial services.
The payments are "mind-boggling," The Globe And Mail quoted Peter
Murdoch, vice-president of media for the Communications, Energy &
Paperworkers Union of Canada, as saying. "Employees have been
adversely affected by CCAA, and here we're rewarding executives,"
Mr. Murdoch said. "The key employees are the people who are
actually producing the news stories. Without those employees, you
don't have the newspapers."
About Canwest Global
Canwest Global Communications Corp. (TSX: CGS and CGS.A) --
http://www.canwest.com/-- an international media company, is
Canada's largest media company. In addition to owning the Global
Television Network, Canwest is Canada's largest publisher of
English language daily newspapers and owns, operates and holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, web sites and radio
stations and networks in Canada, New Zealand, Australia, Turkey,
Indonesia, Singapore, the United Kingdom and the United States.
On October 6, 2009, Canwest Global, Canwest Media Inc., Canwest
Television Limited Partnership (including Global Television,
MovieTime, DejaView and Fox Sports World), The National Post
Company and certain subsidiaries voluntarily entered into, and
successfully obtained an Order from the Ontario Superior Court of
Justice (Commercial Division) commencing proceedings under the
Companies' Creditors Arrangement Act. The CMI Entities'
commencement of these proceedings was undertaken in furtherance of
a proposed recapitalization transaction that is supported by over
70% of holders of the 8% senior subordinated notes issued by CMI.
On the same day, FTI Consulting Canada Inc., the Court-appointed
Monitor in the CCAA proceedings, sought protection in the United
States Bankruptcy Court under Chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 09-15994) for
certain of the entities involved in Canwest's television business
that filed for protection under the CCAA, including Canwest,
Canwest Media Inc. and Canwest Global Broadcasting
Inc./Radiodiffusion Canwest Global Inc.
Judge Stuart M. Bernstein presides over the Chapter 15 cases.
Evan D. Flaschen, Esq., at Bracewell & Giuliani LLP, in Hartford,
Connecticut, serves as Chapter 15 Petitioner's counsel. The
Chapter 15 Debtors disclosed estimated assets of $500 million to
$1 billion and estimated debts of $50 million to $100 million.
In a regulatory filing with the U.S. Securities and Exchange
Commission, Canwest Media disclosed C$4,847,020,000 in total
assets and C$5,826,522,000 in total liabilities at May 31, 2009.
Bankruptcy Creditors' Service, Inc., publishes Canwest Bankruptcy
News. The newsletter tracks the CCAA proceedings and Chapter 15
proceedings undertaken by Canwest Global Communications Corp. and
its affiliates (http://bankrupt.com/newsstand/or 215/945-7000).
CARBON BEACH: Will Complete and Liquidate Assets to Pay Creditors
-----------------------------------------------------------------
Carbon Beach Partners, LLC, filed with the U.S. Bankruptcy Court
for the Central District of California a Disclosure Statement in
relation to its proposed Plan of Reorganization.
The Debtor proposes a hearing on the approval of the Disclosure
Statement on May 18, 2010, at 10:00 a.m. at Courtroom 303, 21041
Burbank Boulevard, Woodland Hills, California.
The Debtor will begin soliciting votes on the Plan following
approval of the adequacy of the information in the Disclosure
Statement.
According to the Disclosure Statement, the Plan provides for the
completion of its primary asset's construction, liquidation of the
asset and distribution of the proceeds to creditors in their order
of priority. Payments under the Plan will be made from the
Reorganized Debtor's cash on hand from post-bankruptcy financing
and from cash to be generated by the sale of the condominiums.
Treatment of Claims
Holders of Class 1 Secured Claims will be paid in full.
Holders of Class 2 Priority Unsecured Claims ($75,000) will be
paid in full.
Holders of Class 3 General Unsecured Claims ($75,000) will be paid
their pro rata share of any liquidation proceeds after payment of
all other creditor claims as proceeds become available. Holders
of Class 3 General Unsecured Claims will receive no interest on
their claims.
There will be no distributions to holders of equity interests
in the Reorganized Debtor until all other allowed Class 1, Class 2
and Class 3 claims have been paid in full.
A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/CarbonBeach_DS.pdf
The Debtor is represented by:
Cynthia Futter
Anne E. Wells
Futter-Wells, PC
2463 Ashland Avenue
Santa Monica, CA 90405
Tel: (310) 450-6857
Fax: (888) 900-9077
About Carbon Beach Partners, LLC
Calabasas, California-based Carbon Beach Partners, LLC, filed for
Chapter 11 on November 3, 2009 (Bankr. C.D. Calif. Case No. 09-
24657). Anne Wells, Esq., represents the Debtor in its
restructuring effort. In its petition, the Debtor listed assets
and debts both ranging from $10,000,001 to $50,000,000.
CAROLINA CARGO: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Carolina Cargo Inc. of Rock Hill
2310 Crowder Road
Rock Hill, SC 29730
Bankruptcy Case No.: 10-02054
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
District of South Carolina (Spartanburg)
Judge: Helen E. Burris
Debtor's Counsel: Barbara George Barton, Esq.
1715 Pickens Street (29201)
PO Box 12046
Columbia, SC 29211-2046
Tel: (803) 256-6582
Email: bbarton@bartonlawsc.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $10,000,001 to $50,000,000
According to the schedules, the Company has assets of $4,176,412,
and total debts of $10,996,249.
A full-text copy of the Debtor's petition, including a list of its
20 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/scb10-02054.pdf
The petition was signed by James W. Crowder III, president of the
Company.
CATHOLIC CHURCH: Court OKs More Withdrawals by Wilmington
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
the Catholic Diocese of Wilmington, Inc., on a fifth and sixth
interim bases, to make certain withdrawals from the pooled
investment account for the benefit of the Diocese and certain
pooled investors.
Subject to the terms of the Custody Agreement, Judge Sontchi
authorized the Diocese to make withdrawals from the pooled
investment account and to process withdrawal requests of non-
debtor pooled investors without further Court order, up to these
applicable amounts:
Pooled Investor Aggregate Cap
--------------- -------------
Diocese $5,400,000
Foundation 414,500
Charities 231,768
Cemeteries 207,500
Holy Family 135,897
Siena Hall 85,665
Children's Home 79,140
Corpus Christi 75,000
Seton Villa 62,600
Holy Cross 50,000
Our Lady of Lourdes 40,000
Our Mother of Sorrows 23,620
St. Ann (Wilmington) 10,000
---------
Total $6,815,690
Judge Sontchi also authorized the Diocese to continue to invest
and deposit funds into the pooled investment account in accordance
with its prepetition practices, without the need for a bond or
other collateral as required by Section 345(b). The entities with
which the Diocese's pooled investment funds are deposited and
invested will be excused from full compliance with the
requirements of Section 345(b) until 45 days following the
docketing of a final order directing compliance with Section
345(b) as to specific accounts following the next hearing on the
relief requested.
Nothing contained in the Interim Orders will prevent the Diocese
from establishing any additional sub-funds within the Pooled
Investment Account as it may deem necessary and appropriate, and
the Account's Custodian is authorized to process the Diocese's
request to account for transactions with respect to the sub-fund.
In the event Pooled Investment Funds or their proceeds transferred
by the Diocese to a non-debtor Pooled Investor pursuant to the
Interim Orders are determined to have been property of the
bankruptcy estate at the time of transfer, the transfer will be
presumed to have been an unauthorized postpetition transfer within
the meaning of Section 549(a)(2)(B) of the Bankruptcy Code,
provided that the presumption may be rebutted by a showing that
the transfer was made in the ordinary course of business within
the meaning of Section 363(c)(1) of the Bankruptcy Code.
Notwithstanding Rule 6004(h) of the Federal Rules of Bankruptcy
Procedure, Judge Sontchi held that the terms and provisions of
Interim Orders will be effective as of March 26, 2010.
About the Diocese of Wilmington
The Diocese of Wilmington covers Delaware and the Eastern Shore of
Maryland and serves about 230,000 Catholics. The Delaware diocese
is the seventh Roman Catholic diocese to file for Chapter 11
protection to deal with lawsuits for sexual abuse. Previous
filings were by the dioceses in Spokane, Washington; Portland,
Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and
San Diego, California.
The bankruptcy filing automatically stayed eight consecutive abuse
trials scheduled in Delaware scheduled to begin October 19. There
are 131 cases filed against the Diocese, with 30 scheduled for
trial.
The Diocese filed for Chapter 11 on Oct. 18, 2009 (Bankr. D. Del.
Case No. 09-13560). Attorneys at Young Conaway Stargatt & Taylor,
LLP, serve as counsel to the Diocese. The Ramaekers Group, LLC is
the financial advisor. The petition says assets range $50,000,001
to $100,000,000 while debts are between $100,000,001 to
$500,000,000. (Catholic Church Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
CATHOLIC CHURCH: Fairbanks Wants Panel Lawsuit Dismissed
--------------------------------------------------------
The Catholic Bishop of Northern Alaska, Monroe Foundation and
CBNA's defendant-parishes, collectively known as the Catholic
Church Communities of Northern Alaska, ask the U.S. Bankruptcy
Court for the District of Alaska in separate requests to dismiss
the adversary proceeding commenced against them by the Official
Committee of Unsecured Creditors.
The action relates to ownership of real and personal property, and
substantive consolidation of the defendants.
"The Complaint in this adversary proceeding does not go beyond an
unadorned the-Committee-disagrees-with-the-Debtor's-schedules
accusation and, therefore, must be dismissed under the
Twombly/Iqbal standard," Kasey C. Nye, Esq., at Quarles & Brady
LLP, in Tucson, Arizona, argues citing Bell Atlantic Corp. v.
Twombly, 550 U.S. 544, 127 S.Ct. 1955, 167 L.Ed.2d 929 (2007) and
Ashcroft v. Iqbal, __ U.S. ___, 129 S.Ct. 1937, 173 L.Ed.2d 868
(2009).
Other than saying that the separateness of Parishes and their
property from the Diocese and its property "is contradicted by the
2,000 year history of the Catholic Church, and the Diocese's own
history, practices and procedures," the complaint sets forth
virtually no factual basis to support the relief requested, Mr.
Nye contends. He points out that the fact that the Creditors
Committee disagrees with how the Diocese scheduled property does
not even articulate a possible claim, much less sufficient factual
content to "nudge" the Creditors Committee "across the line from
conceivable to plausible" as required by Twombly and Iqbal.
The CCCNA contends that the complaint is legally deficient for
these reasons:
(a) The Creditors Committee alleges only that it disputes that
real and personal property listed by the Diocese is a
complete list of the assets of its bankruptcy estate and
that other properties identified in the complaint should
be included in the CBNA estate;
(b) The Creditors Committee fails to assert any facts, which
support its allegation that the Disputed Properties should
be included in the CBNA estate, and states merely that it
disagrees;
(c) In its general allegations, the Creditors Committee makes
an unsupported, conclusory allegation of a transfer of
assets by unidentified "settlors," who allegedly created a
trust and then funneled $3 million from the [CBNA's] own
accounts. All the while, the [CBNA] continued to transfer
its funds to its parishes"; and
(d) The Creditors Committee also makes an unsupported,
conclusory allegation that "the 2,000-year history of the
Catholic Church" contradicts any contention that CBNA and
CCCNA are separate legal entities. The Committee does not
assert a single fact in support of the allegation.
Ford Elsaesser, Esq., at Elsaesser Jarzabek Anderson Marks &
Elliott, Chartered, in Sandpoint, Idaho -- ford@ejame.com --
contends that the complaint did not assert any facts and did not
assert any allegations, conclusory or non-conclusory for the Court
to review for purposes of determining whether the allegations
state a claim for relief against Monroe. In short, he points out,
the only time Monroe appears in the complaint is in the case
caption.
The standard set out under Iqbal, provides for a two step review
of the sufficiency of a claim, however, as to Monroe, there is
nothing to review as nothing has been plead, Mr. Elsaesser argues.
Under any reading of the complaint as against Monroe, the entire
complaint should be dismissed as a matter of law for failure to
state a claim upon which relief can be granted, he adds.
About the Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for Chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts. Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel. Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case. The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.
The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008. Its exclusive plan filing period
expires on January 15, 2009. (Catholic Church Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Pope Benedict Hit for Ignoring Sexual Abuses
-------------------------------------------------------------
Pope Benedict XVI is accused of ignoring pleas from bishops in the
United States of America to defrock a priest, who admitted of
abusing up to 200 deaf boys.
Father Lawrence C. Murphy, who worked at the St. John's School for
the Deaf in St. Francis, Wisconsin, from 1950 to 1974, allegedly
molested pupils and preyed on his victims in their dormitories and
on class trips, Times Online reports.
The Pope has also been accused that he and his direct subordinates
often did not alert civilian authorities or discipline priests
involved in sexual abuse when he served as an archbishop in
Germany and as the Vatican's chief doctrinal enforcer, The New
York Times says.
The Murphy case is only one of the thousand of cases sent by
bishops to the Vatican office known as the Congregation for the
Doctrine of the Faith, which the then Cardinal Joseph Ratzinger
led from 1981 to 2005. The office decides whether accused priests
should be given full canonical trials and defrocked, Laurie
Goldstein of the New York Times reports citing Church files.
Ms. Goldstein relates that in 1996, Cardinal Ratzinger failed to
respond to letters about the Murphy case from Milwaukee's bishops.
Months later, she says, Cardinal Tarcisio Bertone, then second in
command in the doctrinal office and now the Vatican's secretary of
state, instructed the Wisconsin bishops to begin a secret
canonical trial that could lead to Father Murphy's dismissal.
The process, however, was stopped after Father Murphy personally
wrote to Cardinal Ratzinger protesting that he should not be put
on trial because he had already repented and was in poor health
and that the case was beyond the Church's own statute of
limitations.
"I simply want to live out the time that I have left in the
dignity of my priesthood," the New York Times quoted Father Murphy
saying in his letter written near the end of his life. "I ask
your kind assistance in this matter," he added.
"This Dicastery [Vatican administrative department] has every hope
that the priest in question will demonstrate a willingness to co-
operate in the solution to this painful case which will favour the
good of souls and avoid scandal," Times Online quoted Monsignor
Bertone as saying in his reply letter.
The Church files, which the New York Times says it obtained from
the lawyers for five men that brought four lawsuits against the
Archdiocese of Milwaukee, contain no response from Cardinal
Ratzinger.
Citing Church documents and interviews with victims,
Ms. Goldstein said Father Murphy was never tried or disciplined by
the Church's own justice system, and also got a pass from the
police and prosecutors, who ignored reports from his victims. She
adds that Father Murphy was quietly moved to the Diocese of
Superior in northern Wisconsin in 1974, where he spent his last 24
years working freely with children and died in 1998 -- still a
priest.
Father Murphy's victims, however, said that the Pope should be
held responsible, Times Online reports. "The Pope knew about
this. He should be held accountable. I believe somebody should
be punished," Arthur Budzinksi, one of Father Murphy's victims, is
quoted as saying.
CATHOLIC CHURCH: Spokane Diocese Held in Contempt
-------------------------------------------------
Judge Patricia C. Williams of the United States Bankruptcy Court
for the Eastern District of Washington found the Diocese of
Spokane; Paine, Hamblen, Coffin, Brooke & Miller LLP; and Gregory
J. Arpin, Esq., to be in contempt of Court.
Judge Williams held that all remedies for the contempt are imposed
jointly and severally on the three, and they may work out the
details of payment.
The motion for contempt arises from an e-mail, which was sent on
January 13, 2010, by Mr. Arpin to the Plan Trustee Gloria Z.
Nagler.
In her 13-page findings of fact and order, Judge Williams opined
that the purpose of the e-mail was improper, and was clearly an
attempt to prevent the Plan Trustee from disbursing funds after
January 6, 2010. She noted, however, that she is optimistic that
this was an isolated incident of willful misconduct, and that it
will not reoccur.
The e-mail was an attempt to obtain indirectly what the Diocese
had failed to do directly, Judge Williams said. Directly, she
noted, the Diocese had asked for a stay of Court orders on
distributions and that had been denied.
"The Debtor decided it would intimidate the Plan Trustee and thus,
attempt to prevent her compliance with the court order," Judge
Williams said. "The purpose of the e-mail was to delay
distributions based on approved claims, not through the orderly
judicial process, but through intimidation," she added.
The sanctions to be imposed are those necessary to compensate
those who suffered loss from the intimidation of the Plan Trustee,
Judge Williams ruled. Aside from the Plan Trustee, the Court also
ruled that Dillon E. Jackson, Esq., will be reimbursed for all
legal fees and expenses he incurred. Mr. Jackson represents
certain future claimants. His $450 hourly rate of compensation is
allowed for this purpose, the Court held.
The future tort claimants, who were suppose to receive the
distribution after January 6, 2010, are entitled to interest on
the amount which would have been disbursed but for the contempt,
the Court ruled. Judge Williams added that the entire class of
future tort claimants have been harmed, and thus, all legal fees
and costs incurred due to the Diocese's wrongful act are to be
paid by the Diocese, Paine Hamblen and Mr. Arpin, jointly and
severally.
Accordingly, the Court directed the Plan Trustee, her counsel, and
Mr. Jackson to submit a proposed order that quantifies the amounts
sought to be reimbursed pursuant to the Court's ruling. Judge
Williams noted that the Diocese, Paine Hamblen and Mr. Arpin may
submit written responses to the proposed order, if deemed
necessary, within three business days of submission. Thereafter,
she said, she will enter an order quantifying the monetary awards
without oral argument.
In separate filings, the Plan Trustee informs the Court that she
and her counsel incurred $13,239 in attorneys' fees and $1,194 in
expenses, while Mr. Jackson incurred $19,596 in fees and $346 in
expenses.
Prior to the entry of the contempt order, the Diocese opposed the
form of the proposed order submitted by the Plan Trustee. Paine
Hamblen and Mr. Arpin joined in and supported the objection, which
the Plan Trustee responded to by saying that the Diocese has a
different understanding of what the Court intended for the
contempt order.
Bankruptcy Appeal
The Catholic Bishop of Spokane, also known as The Catholic Diocese
of Spokane, notifies Judge Patricia C. Williams of the United
States Bankruptcy Court for the Eastern District of Washington
that it will take an appeal from her order (i) directing the
Diocese and its counsel to appear and show cause why a contempt
order should not be issued entered on February 2, 2010, and (ii)
regarding contempt of Court entered on March 19, 2010.
The Diocese elected to have their appeal heard at the U.S.
District Court for the Eastern District of Washington.
Meanwhile, Gregory J. Arpin, Esq., and his firm, Paine, Hamblen,
Coffin, Brooke & Miller LLP, notify Judge Patricia C. Williams of
the United States Bankruptcy Court for the Eastern District of
Washington that they will take an appeal from her order (i)
directing the Diocese of Spokane and its counsel to appear and
show cause why a contempt order should not be issued entered on
February 2, 2010, and (ii) regarding contempt of Court entered on
March 19, 2010. Mr. Arpin and Paine Hamblen elected to have their
appeal heard at the U.S. District Court for the Eastern District
of Washington.
About The Diocese of Spokane
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
December 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts.
The Diocese of Spokane, the Tort Claimants Committee, the Future
Claims Representative, and the Executive Committee of the
Association of Parishes delivered an Amended Plan of
Reorganization, and a Disclosure Statement describing that Plan to
the Court on Feb. 1, 2007. The Honorable Patricia C. Williams
approved the disclosure statement on March 8, 2007. On April 24,
2007, the Court confirmed Spokane's second amended joint plan.
That plan is effective May 31, 2007. (Catholic Church Bankruptcy
News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
CHINA IVY: Posts $814,928 Net Loss for 2009
-------------------------------------------
China Ivy School, Inc. filed its annual report on Form 10-K,
showing a net loss of $814,928 on $6,334,781 of revenue for 2009,
compared with a net loss of $5,210,395 on $6,080,777 of revenue
for 2008.
The Company's balance sheet as of December 31, 2009, showed
$15,548,867 in assets, $15,127,878 of debts, and $420,989 of
stockholders' equity.
"As of December 31, 2009, and 2008, the Company had cash of
$46,187 and $58,984, respectively, and working capital deficit of
$11,038,871 and $13,257,768, respectively. The Company had
accumulated deficit of $5,115,622 and $4,300,694 as of
December 31, 2009, and 2008, respectively. These factors create
substantial doubt as to the Company's ability to continue as a
going concern."
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5db2
Based in Jiangsu Province, P.R. China, China Ivy School, Inc. was
incorporated in the State of Nevada. The Company operates an
educational facility under the name "Blue Tassel School" which
provides a comprehensive curriculum required by the government of
the People's Republic of China, supplemented by a broad range of
elective courses which may be chosen from by the school's
students. To the present date, the Company has only operated
within the People's Republic of China.
CIENA CAPITAL: Plan Gives Up Ownership to Lenders
-------------------------------------------------
Bankruptcy Law360 reports that Ciena Capital LLC has filed a
Chapter 11 reorganization plan that would hand ownership of the
company over to its lenders and resolve numerous claims among it,
its secured lenders and unsecured creditors, and the federal
government.
Headquartered in New York City, Ciena Capital LLC --
http://www.cienacapital.com/-- offers commercial real estate
finance services including loans and long term investment property
financing. The Company and 11 affiliates files for Chapter 11
protection on Sept. 30, 2008 (Bankr. S.D. N.Y. Lead Case No. 08-
13783). Peter S. Partee, Esq., and Andrew Kamensky, Esq., at
Hunton & Williams LLP, represent the Debtors as counsel. Mark T.
Power, Esq., and Jeffrey Zawadzki, Esq., at Hahn & Hessen LLP,
represent the Official Committee of Unsecured Creditors as
counsel. When the Debtors filed for protection from their
creditors, they listed both assets and debts between $100 million
and $500 million.
About Allied Capital
Allied Capital (NYSE:ALD) is a business development company in the
U.S. that is regulated under the Investment Company Act of 1940.
Allied Capital invests long-term debt and equity capital in middle
market businesses nationwide. Founded in 1958 and operating as a
public company since 1960, Allied Capital has been investing in
the U.S. entrepreneurial economy for 50 years. At September 30,
2008, Allied Capital had $4.6 billion in total assets, $2.1
billion in total borrowings, $2.4 billion in total equity and a
net asset value per share of $13.51. Allied Capital has a diverse
portfolio of investments in 117 companies across a variety of
industries. For more information, please visit
www.alliedcapital.com, call Allied Capital investor relations
toll-free at (888) 818-5298, or e-mail us at ir@alliedcapital.com.
Moody's Investors Service on Jan. 28 lowered Allied's corporate
grade by two levels to junk at Ba2. For the second quarter in a
row, Allied announced it might need a loan covenant waiver or
amendment. Allied's total assets were more than $4.6 billion on
Sept. 30.
CINRAM INT'L: Bank Debt Trades at 21% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Cinram
International, Inc., is a borrower traded in the secondary market
at 79.40 cents-on-the-dollar during the week ended Friday, April
2, 2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal. This represents an increase
of 2.05 percentage points from the previous week, The Journal
relates. The Company pays 175 basis points above LIBOR to borrow
under the facility. The bank loan matures on April 26, 2011, and
carries Moody's B3 rating and Standard & Poor's B- rating. The
debt is one of the biggest gainers and losers among 196 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.
As reported by the Troubled Company Reporter on Feb. 3, 2010,
Standard & Poor's lowered its ratings on Scarborough, Ontario-
based Cinram International, Inc., including the long-term
corporate credit rating to 'B-' from 'B'. At the same time, S&P
placed all the ratings on CreditWatch with negative implications.
"The rating actions follow the announcement that Cinram received
notice that Warner Home Video, Inc., has exercised its option to
terminate its service agreements with Cinram on July 31, 2010,"
said Standard & Poor's credit analyst Lori Harris. Warner Home
Video (WHV; not rated) is a subsidiary of Time Warner, Inc.
(BBB/Stable/A-2).
On Feb. 5, 2010, the TCR said Moody's downgraded Cinram
International, Inc.'s corporate family and probability of default
ratings to Caa1 and Caa2 (previously B3 and Caa1). Individual
debt instruments were also downgraded by one notch. The rating
actions stem directly from Cinram's announcement that "it has
received written notice from Warner Home Video Inc. that WHV has
exercised its option to terminate its service agreements on July
31, 2010. The notice covers all Cinram entities globally and will
directly impact operations in North America, Mexico, UK, France,
Germany and Spain.
Cinram has not provided a clear explanation of the underlying
commercial issues that caused the WHV contract termination notice.
With headquarters in Toronto, Ontario, Canada, Cinram
International, Inc., is one of the world's largest independent
manufacturers, replicators and distributors of DVDs and audio CDs.
CIRCUIT CITY: Settles $4M Billing Fight with Sony
-------------------------------------------------
Continuing to work its way through a Chapter 11 liquidation
proceeding, Circuit City Stores Inc. has reached a settlement with
Sony Pictures Home Entertainment that resolves a squabble over
millions of dollars worth of DVD and Blu-Ray discs sold to the
former big-box retailer, according to Bankruptcy Law360.
Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- was a specialty
retailer of consumer electronics, home office products,
entertainment software and related services in the U.S. and
Canada.
Circuit City Stores together with 17 affiliates filed a voluntary
petition for reorganization relief under Chapter 11 of the
Bankruptcy Code on November 10 (Bankr. E.D. Va. Lead Case No. 08-
35653). InterTAN Canada, Ltd., which runs Circuit City's Canadian
operations, also sought protection under the Companies' Creditors
Arrangement Act in Canada.
Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden,
Arps, Slate, Meagher & Flom, LLP, are the Debtors' general
restructuring counsel. Dion W. Hayes, Esq., and Douglas M. Foley,
Esq., at McGuireWoods LLP, are the Debtors' local counsel. The
Debtors also tapped Kirkland & Ellis LLP as special financing
counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special
securities counsel; and FTI Consulting, Inc., and Rotschild Inc.
as financial advisors. The Debtors' Canadian general
restructuring counsel is Osler, Hoskin & Harcourt LLP. Kurtzman
Carson Consultants LLC is the Debtors' claims and voting agent.
The Debtors disclosed total assets of $3,400,080,000 and debts of
$2,323,328,000 as of August 31, 2008.
Circuit City has opted to liquidate its 721 stores. It has
obtained the Bankruptcy Court's approval to pursue going-out-of-
business sales, and sell its store leases.
In May 2009, Systemax Inc., a multi-channel retailer of computers,
electronics, and industrial products, acquired certain assets,
including the name Circuit City, from the Debtors through a Court-
approved auction.
Bankruptcy Creditors' Service, Inc., publishes Circuit City
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Circuit City Stores Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
CITADEL BROADCASTING: Bank Debt Trades at 11% Off
-------------------------------------------------
Participations in a syndicated loan under which Citadel
Broadcasting Corporation is a borrower traded in the secondary
market at 89.45 cents-on-the-dollar during the week ended Friday,
April 2, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal. This represents an
increase of 2.00 percentage points from the previous week, The
Journal relates. The Company pays 175 basis points above LIBOR to
borrow under the facility. The bank loan matures on June 1, 2014.
Moody's has withdrawn its rating, while Standard & Poor's has
assigned a default rating, on the bank debt. The debt is one of
the biggest gainers and losers among 196 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.
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)
CLAIRE'S STORES: Bank Debt Trades at 11% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Claire's Stores,
Inc., is a borrower traded in the secondary market at 88.81 cents-
on-the-dollar during the week ended Friday, April 2, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal. This represents an increase of 3.71
percentage points from the previous week, The Journal relates.
The Company pays 275 basis points above LIBOR to borrow under the
facility. The bank loan matures on May 29, 2014, and carries
Moody's Caa2 rating and Standard & Poor's B- rating. The debt is
one of the biggest gainers and losers among 196 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.
Claire's Stores, Inc. -- http://www.clairestores.com/-- operates
as a specialty retailer of fashion accessories and jewelry for
preteens and teenagers, as well as for young adults in North
America and internationally. It offers jewelry products that
comprise costume jewelry, earrings, and ear piercing services; and
accessories, including fashion accessories, hair ornaments,
handbags, and novelty items.
Based in Pembroke Pines, Florida, Claire's Stores operates under
two brands: Claire's(R), which operates worldwide and Icing(R),
which operates only in North America. As of Jan. 31, 2009,
Claire's Stores, Inc., operated 2,969 stores in North America and
Europe. Claire's Stores, Inc., also operates through its
subsidiary, Claire's Nippon, Co., Ltd., 213 stores in Japan as a
50:50 joint venture with AEON, Co., Ltd. The Company also
franchises 198 stores in the Middle East, Turkey, Russia, South
Africa, Poland and Guatemala.
CLEARPOINT BUSINESS: Delays 10-K; Expects Adverse Auditor Opinion
-----------------------------------------------------------------
ClearPoint Business Resources, Inc., has failed to file its annual
report on Form 10-K for the year ended December 31, 2009.
According to ClearPoint, management is in the process of
finalizing the financial statements and other disclosures in its
Annual Report and, therefore, it was unable to complete the Form
10-K within the prescribed time period without unreasonable effort
and expense. The Company anticipates that the report of the
independent registered public accounting firm on the Company's
consolidated financial statements for the fiscal year ended
December 31, 2009, that will be included in the Form 10-K is
likely to contain an explanatory paragraph indicating substantial
doubt about the Company's ability to continue as a going concern.
On February 9, 2010, the Company received a notice of certain
defaults from ComVest Capital, LLC, under the Company's Amended
and Restated Revolving Credit Agreement. As a result, ComVest
exercised its right under an Amended and Restated Warrant issued
to ComVest to acquire control of the Company. In connection with
this transaction, directors Brendan Calder, Dennis Cook, Parker
Drew, Harry Glasspiegel, Vahan Kololian and Michael Perrucci
resigned from the Company's board of directors and Gary E. Jaggard
was appointed to serve on the Board. Management's involvement in
the change in control and change in composition of the Board have
taken a considerable amount of time and effort that would normally
be devoted to the preparation of the Form 10-K and related
matters.
During 2009, the Company's new iLabor business model was fully
implemented. On a comparative basis to fiscal year 2008, which
included part of the year under the previous staffing model and
part of the year under the iLabor platform, year to year results
changed significantly from a revenue perspective. Revenues for
the fiscal years ended December 31, 2009 and 2008 were
approximately $5.2 million and $33.5 million, respectively, which
represented a decrease of $28.3 million, or 84.4%. Under the new
business model, all revenues are recorded on a net fee basis with
no cost of sales being recorded. Under the prior business model,
revenues were recorded on a gross basis with associated cost of
sales being recorded separately. As a percentage of revenues for
fiscal years ended December 31, 2009 and 2008, the Company's gross
profit was 100% and 13.1%, respectively. Net loss for the fiscal
years ended December 31, 2009 and 2008 was $3.1 million and
$38.8 million, respectively. The decrease in net loss was
primarily due to the change in the Company's business model and
significant deductions in overall SG&A costs. Also, during fiscal
year 2008, the Company recorded an impairment charge of
$16.8 million related to goodwill based upon management's
determination that the carrying amount of goodwill was less than
its fair value and the establishment of a valuation allowance
against the Company's deferred tax assets of $5.0 million based
upon management's assessment that it was more likely than not that
the deferred tax assets would not be realized.
About ClearPoint Business Resources
Halfont, Pennsylvania-based ClearPoint Business Resources, Inc.,
is a workplace management solutions company. Through the iLabor
Network, ClearPoint provides services to clients ranging from
small businesses to Fortune 500 companies. The iLabor Network
specializes in the highly transactional "go to work" or "on-
demand" segment of the temporary labor market. ClearPoint
considers the hospitality, distribution, warehouse, manufacturing,
logistics, transportation, convention services, hotel chains,
retail and administrative sectors among the segments best able to
be served by the iLabor Network.
During the fiscal year ended December 31, 2008, ClearPoint began
to transition its business model from a temporary staffing
provider through a network of branch-based offices or franchises
to a provider that manages clients' temporary staffing needs
through its open Internet portal-based iLabor Network. ClearPoint
completed this transition during the three months ended June 30,
2008. Under its new business model, ClearPoint acts as a broker
for its clients and network of temporary staffing suppliers.
ClearPoint derives its revenues from (i) royalty payments related
to client contracts which ClearPoint subcontracted or sold to
other providers of temporary staffing services; (ii) revenues
generated by the iLabor Network; and (iii) revenues related to
VMS.
As of September 30, 2009, the Company had $2,803,735 in total
assets and $27,426,894 in total liabilities, resulting in
$24,623,159 in stockholders' deficit.
COACHMEN INDUSTRIES: Finalizing Amendment to HIG Loan Agreement
---------------------------------------------------------------
Coachmen Industries, Inc., last week disclosed in a regulatory
filing that it is in the process of finalizing amendments to its
two-year $20.0 million loan agreement with H.I.G. All American,
LLC.
On March 11, 2010, the Company learned that HIG and the Company
had differing interpretations of the definition of EBITDA for
purposes of covenant calculations under the HIG All American
credit agreement. HIG views the Company's calculations prior to
February 2010 to have been erroneous and believes the Company
breached its financial covenants in December 2009. The Company
disagrees.
On March 25, 2010, the Company and HIG agreed to a term sheet
whereby HIG agreed to waive the covenants for December 2009. The
term sheet is subject to final documentation as an amendment to
the Credit Agreement. If the Company and HIG are unable to
finalize the amendment, HIG would have the rights accorded to them
under the terms of the loan agreement which include, among other
rights, the right to declare the Company in default of the
agreement and demand repayment of the $10 million note.
Subsequent to year-end, the Company failed to meet certain
financial covenants of the HIG All American Credit Agreement. HIG
did not declare the Company to be in default of any covenant and
on March 25, 2010, the Company and HIG reached agreement (subject
to final documentation) on revised covenants and other
modifications, including the issue of additional warrants to HIG,
to the credit agreement. As a result of the modifications, the
Company will only have partial access to the $10 million revolving
line of credit, for specified purposes, until the Company is in
compliance with the original financial covenants of the loan
agreement.
On October 27, 2009, the Company completed the loan agreement for
$10.0 million of senior secured revolving notes and $10.0 million
of convertible debt (Secured Subordinated Convertible Tranche B
Notes). The loan agreement is collateralized by substantially all
of the Company's assets.
About Coachmen Industries
Coachmen Industries, Inc., doing business as All American Group,
is one of America's premier systems-built construction companies
operating under the ALL AMERICAN BUILDING SYSTEMS(R), ALL AMERICAN
HOMES(R) and MOD-U-KRAF(R) brands, as well as a manufacturer of
specialty vehicles through a joint venture with ARBOC Mobility,
LLC. All American Group is a publicly held company with stock
quoted and traded on the over-the-counter markets under the ticker
COHM.PK.
All American Group includes All American Homes, LLC and Mod-U-
Kraf, LLC, which combined are one of the nation's largest builders
of systems-built residential homes. Models range from single-
story ranches to spacious two-story colonials to beautifully
rustic log homes, under the Ameri-Log(R) brand. A line of solar
homes that can generate low to zero energy bills is available
under the Solar Village(R) brand. All American Building Systems,
LLC, builds large scale projects such as apartments, condominiums,
dormitories, hotels, military and student housing. The Company's
construction facilities are located in Colorado, Indiana, Iowa,
North Carolina and Virginia.
* * *
McGladrey & Pullen LLP in Elkhart, Indiana, said in its March 29,
2010 report that the Company has suffered recurring losses from
operations and continues to operate in an industry where economic
recovery has been very slow. This raises substantial doubt about
the Company's ability to continue as a going concern.
COACHMEN INDUSTRIES: Narrows Net Loss to $4,730,000 for 2009
------------------------------------------------------------
Coachmen Industries, Inc., last week reported that net loss
narrowed to $4,730,000 for the year ended December 31, 2009, from
a net loss of $69,002,000 for 2008. Coachmen Industries said net
sales were $60,623,000 for 2009 from $119,596,000 for 2008.
As of December 31, 2009, the Company had total assets of
$90,049,000 against total liabilities of $41,692,000, resulting in
shareholders' equity of $48,357,000.
McGladrey & Pullen LLP in Elkhart, Indiana, said in its March 29,
2010 report that the Company has suffered recurring losses from
operations and continues to operate in an industry where economic
recovery has been very slow. This raises substantial doubt about
the Company's ability to continue as a going concern.
A full-text copy of the Company's annual report on Form 10-K is
available at no charge at http://ResearchArchives.com/t/s?5d51
The annual meeting of the Company's shareholders will be held at
the Christiana Creek Country Club, 116 West Bristol Street,
Elkhart, Indiana, on April 29, 2010, at 10:00 A.M., for these
purposes:
-- To elect three directors of the Company to hold office for
the terms indicated in the proxy statement.
-- To amend the Articles of Incorporation of the Company to
change the name of the Company to All American Group,
Inc.; and
-- To transact other business as may properly come before the
meeting or any adjournment thereof.
A full-text copy of the Company's proxy statement is available at
no charge at http://ResearchArchives.com/t/s?5d84
About Coachmen Industries
Coachmen Industries, Inc., doing business as All American Group,
is one of America's premier systems-built construction companies
operating under the ALL AMERICAN BUILDING SYSTEMS(R), ALL AMERICAN
HOMES(R) and MOD-U-KRAF(R) brands, as well as a manufacturer of
specialty vehicles through a joint venture with ARBOC Mobility,
LLC. All American Group is a publicly held company with stock
quoted and traded on the over-the-counter markets under the ticker
COHM.PK.
All American Group includes All American Homes, LLC and Mod-U-
Kraf, LLC, which combined are one of the nation's largest builders
of systems-built residential homes. Models range from single-
story ranches to spacious two-story colonials to beautifully
rustic log homes, under the Ameri-Log(R) brand. A line of solar
homes that can generate low to zero energy bills is available
under the Solar Village(R) brand. All American Building Systems,
LLC, builds large scale projects such as apartments, condominiums,
dormitories, hotels, military and student housing. The Company's
construction facilities are located in Colorado, Indiana, Iowa,
North Carolina and Virginia.
COACHMEN INDUSTRIES: McGladrey & Pullen Raises Going Concern Doubt
------------------------------------------------------------------
On March 29, 2010, Coachmen Industries, Inc., filed its annual
report on Form 10-K for the year ended December 31, 2009.
McGladrey & Pullen LLP, in Elkhart, Ind., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has suffered
recurring losses from operations and continues to operate in an
industry where economic recovery has been very slow.
The Company reported a net loss of $4.7 million on $60.6 million
of revenue for 2009, compared with a net loss of $69.0 million on
$119.6 million of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$90.0 million in assets, $41.7 million of debts, and $48.4 million
of stockholders' equity.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5d51
Elkhart, Ind.-based Coachmen Industries, Inc. is a manufacturer
and distributor of system-built modules for residential buildings,
as well as a manufacturer of specialty vehicles.
COLLIER LAND & COAL: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Collier Land & Coal Development, LP
633 Route 51
Clairton, PA 15025
Bankruptcy Case No.: 10-22059
Chapter 11 Petition Date: March 25, 2010
Court: United States Bankruptcy Court
Western District of Pennsylvania (Pittsburgh)
Debtor's Counsel: Robert S. Bernstein, Esq.
Bernstein Law Firm, P.C.
2200 Gulf Tower
Pittsburgh, PA 15219
Tel: (412) 456-8101
Fax: (412) 456-8251
E-mail: rbernstein@bernsteinlaw.com
Scott E. Schuster, Esq.
Bernstein Law Firm
2200 Gulf Tower
707 Grant Street
Pittsburgh, PA 15219
Tel: (412) 456-8119
Fax: (412) 456-8273
E-mail: sschuster@bernsteinlaw.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Debtor did not file a list of its 20 largest unsecured
creditors when it filed its petition.
COMMUNITY HEALTH: Bank Debt Trades at 3% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Community Health
Systems, Inc., is a borrower traded in the secondary market at
97.44 cents-on-the-dollar during the week ended Friday, April 2,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal. This represents an increase
of 0.92 percentage points from the previous week, The Journal
relates. The Company pays 225 basis points above LIBOR to borrow
under the facility. The bank loan matures on May 1, 2014, and
carries Moody's Ba3 rating and Standard & Poor's BB rating. The
debt is one of the biggest gainers and losers among 196 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.
Based in Franklin, Tennessee, Community Health Systems, Inc. --
http://www.chs.net/-- is the largest publicly traded operator of
hospitals in the United States in terms of number of facilities
and net operating revenues. The company provides healthcare
services through these hospitals that it owns and operates in non-
urban and selected urban markets throughout the United States.
The company also owns and operates home health agencies, including
four home health agencies located in markets where it does not
operate a hospital. Through its wholly owned subsidiary, Quorum
Health Resources, LLC, the company provides management and
consulting services to non-affiliated general acute care hospitals
located throughout the United States.
CONSTITUTION MINING: James Stafford Raises Going Concern Doubt
--------------------------------------------------------------
On March 31, 2010, Constitution Mining Corp. filed its annual
report on Form 10-K for the year ended December 31, 2009.
James Stafford Chartered Accountants, in Vancouver, Canada,
expressed substantial doubt about the Company's ability to
continue as a going concern. The independent auditors noted the
Company has a loss of $9,749,164 for the year ended December 31,
2009, and has a working capital deficit of $1,480,730 at December
31, 2009.
The Company reported a net loss of $9.7 million for 2009,
compared with a net loss of $5.3 million for 2008. The Company
has not generated any revenues from operations since the Company's
inception on March 6, 2000.
The Company's balance sheet as of December 31, 2009, showed
$20.4 million in assets, $2.6 million of debts, and $17.8 million
of stockholders' equity.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5e01
Based in Miraflores, Lima, Peru, Constitution Mining Corp.
(OTC BB: CMIN) is engaged in the acquisition, exploration, and
potential development of mining properties in Peru.
CORD BLOOD AMERICA: Acquires Series B Shares in StellacureGmbH
--------------------------------------------------------------
Cord Blood America, Inc., on March 24, 2010, acquired 138,712
Series B Shares in StellacureGmbH, a German Limited Liability
Company which is in the business of collecting, processing and
storing cord blood samples as a private bank for use in current or
future medical therapies in Germany, Spain, and other European and
Middle Eastern Countries. The shares represent 51% of the total
outstanding shares of Stellacure.
Cord Blood believes the acquisition may serve as a strategic
footprint into the growth of the stem cell business throughout
Europe. In addition to Germany which Stellacure started
processing and storing in 2006, additional Stellacure sales
channels established in 2009 in Spain and Italy provide immediate
market penetration and an opportunity for growth. Cord Blood
management intends to continue to pursue additional sales channels
in other markets in 2010, to the extent capital is available for
this purpose. Cord Blood views the established relationship
Stellacure has with the German Red Cross as a potential catalyst
for expansion of Cord Blood services throughout Europe.
In December 2009, the Company loaned Stellacure EUR200,000 to be
used for working capital at a rate of 7% per annum and a term of
36 months with both interest and principal paid on or before the
maturity date.
In the current transaction, the Cord Blood purchased the Series B
Shares in consideration for the agreement to contribute EUR362,288
in cash as a capital contribution and EUR138,712 in cash as
capital reserve to Stellacure, for a total commitment of
EUR501,000. Cord Blood also agreed to make available to
Stellacure, a Convertible Debt line which Stellacure may only used
for operating capital, in an amount up to total of US$1,000,000,
less any amount outstanding on the December Loan.
The holders of Series B Shares such as those acquired by the Cord
Blood are entitled to preferred payment in the event Stellacure is
sold to a third party, or if there is an event of insolvency or
liquidation of Stellacure. In either case Cord Blood as to its
Series B Shares, will have the right to preferred payment pro rata
with other Series B Share holders to the extend funds are
available, until Cord Blood has received a payment of EUR501,000.
As additional consideration for the Series B Shares, Cord Blood
granted to the original shareholders of Stellacure who now
represent approximately 39% of Stellacure's shareholders, a "Put
Option", whereby the Stellacure shareholders are entitled to "put"
their retained shares of Stellacure to Cord Blood for purchase,
provided more than 50% of the original Stellacure Shareholders
vote to exercise the put. If more then 50% of the shareholders
vote to exercise the put, all the original Stellacure shareholders
are required to put their shares to Cord Blood. The put may be
exercised at the earliest in fiscal year 2012 and at the latest in
fiscal year 2014 with a 30 day window period of exercise after
approval of Stellacure's annual financial statement by its
shareholders. The put purchase price for all of the outstanding
Stellacure shares is set in the aggregate at an amount equal to
(i) one half of the sum obtained by multiplying 1.5 times
Stellacure's revenues for its prior fiscal year; plus (ii) an
amount equal to one half of the sum obtained by multiplying by six
Stellacure's EBITDA for its prior fiscal year; (iii) less a sum
equal to 50% of the then outstanding Convertible Debt Line (iv)
less a sum equal to 50% of a cash balance that exceeds
EUR200,000. In the event that such put is exercised, each
original Stellacure shareholder is entitled to opt for a cash
payment, or payment in the form of issuance of Cord Blood
restricted Common Stock, valued at 110% of their market, or a
50/50 combination of cash and Cord Blood Common Stock.
About Cord Blood America
Based in Las Vegas, Nevada, Cord Blood America, Inc., is primarily
a holding company whose subsidiaries include Cord Partners, Inc.,
CorCell Co. Inc., CorCell Ltd.; CBA Professional Services, Inc.
D/B/A BodyCells, Inc.; CBA Properties, Inc.; and Career Channel
Inc, D/B/A Rainmakers International. Cord specializes in
providing private cord blood stem cell preservation services to
families. BodyCells is a developmental stage company and intends
to be in the business of collecting, processing and preserving
peripheral blood and adipose tissue stem cells allowing
individuals to privately preserve their stem cells for potential
future use in stem cell therapy. Properties was formed to hold
the corporate trademarks and other intellectual property of CBAI.
Rain specializes in creating direct response television and radio
advertising campaigns, including media placement and commercial
production.
As of December 31, 2009, the Company's total assets were $5.1
million against total liabilities of $5.2 million, resulting in
stockholders' deficit of $39,396.
In its March 30, 2010 report, Rose, Snyder & Jacobs, in Encino,
California, said the Company's recurring operating losses,
continued cash burn, and insufficient working capital and
accumulated deficit at December 31, 2009, raise substantial doubt
about the Company's ability to continue as a going concern.
CORD BLOOD AMERICA: Extends Consulting Agreement with Pyrenees
--------------------------------------------------------------
Cord Blood America, Inc., extended its previous Consulting
Agreement with Pyrenees Capital, LLC, for an additional 12 month
period. Pyrenees is a limited liability company owned by
Stephanie Schissler, CBAI's current Chief Operating Officer, and
Pyrenees engages in the business of providing strategic consulting
services to corporations such as the Company.
Ms. Schissler is also the spouse of the Company's Chief Executive
Officer, Matthew Schissler. The strategic planning and consulting
services to be rendered by Pyrenees will be render primarily by
Stephanie Schissler, acting as an employee of Pyrenees.
The agreement provides for the payment of consulting fees of
$12,500 per month over its renewed 12 month term to Pyrenees and
grants 20,000,000 incentive options to acquire the Company's
common stock, which can be exercised 12 months from the issuance
date and have a 10-year term, and an exercise price of $0.0087 per
share. The agreement automatically renews for a second 12-month
term, unless a 60-day written notice of cancellation is provided
by Pyrenees, or a 180-day written notice is provided by CBAI.
About Cord Blood America
Based in Las Vegas, Nevada, Cord Blood America, Inc., is primarily
a holding company whose subsidiaries include Cord Partners, Inc.,
CorCell Co. Inc., CorCell Ltd.; CBA Professional Services, Inc.
D/B/A BodyCells, Inc.; CBA Properties, Inc.; and Career Channel
Inc, D/B/A Rainmakers International. Cord specializes in
providing private cord blood stem cell preservation services to
families. BodyCells is a developmental stage company and intends
to be in the business of collecting, processing and preserving
peripheral blood and adipose tissue stem cells allowing
individuals to privately preserve their stem cells for potential
future use in stem cell therapy. Properties was formed to hold
the corporate trademarks and other intellectual property of CBAI.
Rain specializes in creating direct response television and radio
advertising campaigns, including media placement and commercial
production.
As of December 31, 2009, the Company's total assets were $5.1
million against total liabilities of $5.2 million, resulting in
stockholders' deficit of $39,396.
In its March 30, 2010 report, Rose, Snyder & Jacobs, in Encino,
California, said the Company's recurring operating losses,
continued cash burn, and insufficient working capital and
accumulated deficit at December 31, 2009, raise substantial doubt
about the Company's ability to continue as a going concern.
CORD BLOOD AMERICA: Issues $1.5-Mil. Note to Private Investor
-------------------------------------------------------------
Cord Blood America, Inc., said that on March 24, 2010, it issued a
$1,550,000 "Convertible Promissory Note" to a private investor.
The Company Note bears interest in the form of a one-time interest
charge of 10%, payable with the Company Note's principle amount on
the maturity date, March 24, 2013. All or a portion of the
Company Note principle and interest is convertible at the option
of the investor/holder from time to time, into shares of the
Company's common stock, at a per share conversion price equal to
85% of the average of the 5 lowest traded prices for the Company's
common stock in the 20 trading days previous to the effective date
of each such conversion.
At the same time, the investor issued and delivered to the
Company, a second "Secured & Collateralized Promissory Note",
which served as sole consideration to the Company for the
Company's issuance of the Company Note to the investor. This
Investor Note is in the principle amount of $1,500,000, bears
interest in the form of a one time interest charge of 10.33%, and
interest is payable with the Note's principle on its maturity
date, March 24, 2013. The Investor Note is to be secured by money
market funds (or similar equivalent), or any other assets having a
value of at least $1,500,000.
While no mandatory principal or interest payments are due on the
Investor Note until its maturity date, the Investor Note
contemplates further voluntary pre payments at the option of the
investor on the Investor Note to the Company at the approximate
rate of $100,000 per month, beginning 6 months after Investor Note
issuance, or about the end of September 2010, but only provided:
(i) all requests by the investor for conversion of principle and
interest on the Company Note are honored; and (ii) the Company's
common stock issued upon such conversions of portions of the
principle and interest on the Company Note is freely tradable in
the hands of the investor under Federal Securities laws and
regulations.
Exchange of $800,000 Notes
The Company also said that on March 26, 2010, it issued a $800,000
"Convertible Promissory Note" to a private investor. The Company
Note bears interest in the form of a one-time interest charge of
10%, payable with the Company Note's principle amount on the
maturity date, March 26, 2013. All or a portion of Company Note
principle and interest is convertible at the option of the
investor/holder from time to time, into shares of the Company's
common stock, at a per share conversion price equal to 85% of the
average of the 5 lowest traded prices for the Company's common
stock in the 20 trading days previous to the effective date of
each such conversion.
At the same time, this same investor issued and delivered to the
Company, a second "Secured & Collateralized Promissory Note",
which served as sole consideration to the Company for the
Company's issuance of the Company Note to the investor. This
Investor Note is in the principle amount of $750,000, bears
interest in the form of a one time interest charge of 10.67%, and
interest is payable with the Note's principle on its maturity
date, March 24, 2013. The Investor Note is to be secured by money
market funds (or similar equivalent), or any other assets having a
value of at least $750,000.
While no mandatory principal or interest payments are due on the
Investor Note until its maturity date, the Investor Note
contemplates further voluntary pre payments at the option of the
investor on the Investor Note to the Company at the approximate
rate of $100,000 per month, beginning 6 months after Investor Note
issuance, or about the end of September , 2010, but only provided:
(i) all requests by the investor for conversion of principle and
interest on the Company Note are honored; and (ii) the Company's
common stock issued upon such conversions of portions of the
principle and interest on the Company Note is freely tradable in
the hands of the investor under Federal Securities laws and
regulations.
About Cord Blood America
Based in Las Vegas, Nevada, Cord Blood America, Inc., is primarily
a holding company whose subsidiaries include Cord Partners, Inc.,
CorCell Co. Inc., CorCell Ltd.; CBA Professional Services, Inc.
D/B/A BodyCells, Inc.; CBA Properties, Inc.; and Career Channel
Inc, D/B/A Rainmakers International. Cord specializes in
providing private cord blood stem cell preservation services to
families. BodyCells is a developmental stage company and intends
to be in the business of collecting, processing and preserving
peripheral blood and adipose tissue stem cells allowing
individuals to privately preserve their stem cells for potential
future use in stem cell therapy. Properties was formed to hold
the corporate trademarks and other intellectual property of CBAI.
Rain specializes in creating direct response television and radio
advertising campaigns, including media placement and commercial
production.
As of December 31, 2009, the Company's total assets were $5.1
million against total liabilities of $5.2 million, resulting in
stockholders' deficit of $39,396.
In its March 30, 2010 report, Rose, Snyder & Jacobs, in Encino,
California, said the Company's recurring operating losses,
continued cash burn, and insufficient working capital and
accumulated deficit at December 31, 2009, raise substantial doubt
about the Company's ability to continue as a going concern.
CORD BLOOD AMERICA: Net Loss Increases to $9.8-Mil. for 2009
------------------------------------------------------------
Cord Blood America, Inc., reported that net loss increased from
$6.9 million for the year ended December 31, 2008, to $9.8 million
for the year ended December 31, 2009. For the year ended
December 31, 2009, total revenue decreased approximately $900,000
to $3.2 million or 22.4% from $4.2 million.
CBAI said it has experienced net losses from continuing operations
of approximately $9.8 million and $6.9 million for the years ended
December 31, 2009 and 2008, respectively. At December 31, 2009,
the Company had cash of approximately $0.7 million but a working
capital deficit of approximately $4.3 million.
The Company said, "Reducing the working capital deficit is our
long-term goal, and we cut the working capital deficit from $13.4
million at December 31, 2008 to $4.3 million at December 31, 2009.
We currently collect cash receipts from operations through both of
our subsidiaries: Cord and Rain. Cord's cash flows from
operations are not currently sufficient to fund operations in
combination with these corporate expenses. We have been
substantially reducing our notes payable by the issuance of
additional common stock."
"Since inception, we have financed cash flow requirements through
the issuance of common stock and warrants for cash, services and
loans. As we expand our operational activities, we may continue
to experience net negative cash flows from operations and we will
be required to obtain additional financing to fund operations
through equity offerings and borrowings to the extent necessary to
provide working capital. Financing may not be available, and, if
available, it may not be available on acceptable terms. Should we
secure such financing, it could have a negative impact on our
financial condition and our shareholders. The sale of debt would,
among other things, adversely impact our balance sheet, increase
our expenses and increase our cash flow requirements. The sale of
equity could, among other things, result in dilution to our
shareholders.
"If our cash flows from operations are significantly less than
projected, then we would either need to cut back on our budgeted
spending, look to outside sources for additional funding or a
combination of the two. If we are unable to access sufficient
funds when needed, obtain additional external funding or generate
sufficient revenue from the sale of our products, we could be
forced to curtail or possibly cease operations.
As of December 31, 2009, the Company's total assets were
$5.1 million as compared to $5.2 million as of December 31, 2008,
or a slight decrease of approximately 2%. This decrease is
primarily due to a decrease in the value of the customer contracts
of approximately $500,000, and a decrease in deferred financing
costs of approximately $600,000, resulting from the amortization
and expensing of these assets. This was offset by an increase in
cash of approximately $700,000 and an increase in equipment of
approximately $300,000.
As of December 31, 2009, total liabilities significantly decreased
62% to approximately $5.2 million as compared to approximately
$13.6 million as of December 31, 2008. The most significant item
was a reduction in promissory notes payable of approximately
$6.7 million and a decrease in accounts payable and accrued
expenses of approximately $2.2 million. The promissory notes
payable were reduced primarily by the issuance of common stock to
the holders.
At December 31, 2009, the Company had a working capital deficit of
approximately $4.3 million. The Company said it will continue to
carry a deficit until such time, if ever, that it can increase its
assets and reduce significant liabilities which are currently
composed of notes payable, accounts payable and accrued expenses.
Rose, Snyder & Jacobs, in Encino, California, said in its
March 30, 2010 report that the Company's recurring operating
losses, continued cash burn, and insufficient working capital and
accumulated deficit at December 31, 2009, raise substantial doubt
about the Company's ability to continue as a going concern.
A full-text copy of the Company's annual report on Form 10-K is
available at no charge at http://ResearchArchives.com/t/s?5d87
About Cord Blood America
Based in Las Vegas, Nevada, Cord Blood America, Inc., is primarily
a holding company whose subsidiaries include Cord Partners, Inc.,
CorCell Co. Inc., CorCell Ltd.; CBA Professional Services, Inc.
D/B/A BodyCells, Inc.; CBA Properties, Inc.; and Career Channel
Inc, D/B/A Rainmakers International. Cord specializes in
providing private cord blood stem cell preservation services to
families. BodyCells is a developmental stage company and intends
to be in the business of collecting, processing and preserving
peripheral blood and adipose tissue stem cells allowing
individuals to privately preserve their stem cells for potential
future use in stem cell therapy. Properties was formed to hold
the corporate trademarks and other intellectual property of CBAI.
Rain specializes in creating direct response television and radio
advertising campaigns, including media placement and commercial
production.
COVER-ALL HOLDING CORP: Chapter 15 Case Summary
-----------------------------------------------
Chapter 15 Petitioner: Nathan Stobbe
Chief Executive Officer of
Foreign Representative
Chapter 15 Debtor: Cover-All Holding Corp.
3815 Wanuskewin Road
Saskatoon, SK S7P1A4
Chapter 15 Case No.: 10-20835
Chapter 15 Petition Date: March 25, 2010
Court: Eastern District of Pennsylvania (Reading)
Judge: Richard E. Fehling
Chapter 15 Petitioner's Counsel: Morton R. Branzburg, Esq.
Klehr Harrison Harvey
Branzburg & Ellers
260 South Broad Street
Philadelphia, PA 19102-5003
Tel: (215) 568-6060
E-mail: mbranzburg@klehr.com
Estimated Assets: $50,000,001 to $100,000,000
Estimated Debts: $50,000,001 to $100,000,000,000
Debtor-affiliates that filed separate Chapter 15 petitions:
Petition
Debtor Case No. Date
------ -------- ----
Cover-All Building Systems Inc. 10-20837 3/25/10
Assets: $50 million to $100 million
Debts: $50 million to $100 million
Cover-All Holdings U.S., LLC 10-20838 3/25/10
Assets: $50 million to $100 million
Debts: $50 million to $100 million
Cover-All U.S. Holding Corp. 10-20839 3/25/10
Eastern Cover-All, Inc. 10-20840 3/25/10
NorthStar Cover-All, Inc. 10-20842 3/25/10
Assets: $50 million to $100 million
Debts: $50 million to $100 million
NorthStar Cover-All, LLC 10-20843 3/25/10
Assets: $50 million to $100 million
Debts: $50 million to $100 million
Quick Structures, LLC 10-20844 3/25/10
Summit Project Management, LLC 10-20845 3/25/10
Summit Structures U.S., LLC 10-20846 3/25/10
Summit Structures, LLC 10-20847 3/25/10
CRESCENT BANKING: Dixon Hughes Raises Going Concern Doubt
---------------------------------------------------------
On April 1, 2010, Crescent Banking Company filed its annual report
on Form 10-K, showing a net loss of $35.5 million on $11.6 million
of net interest income for 2009, compared with a net loss of
$31.7 million on $17.1 million of net interest income for 2008.
The Company's balance sheet as of December 31, 2009, showed
$993.9 million in assets, $993.1 million of debts, and
$727.8 million of stockholders' equity. The Company had net loans
of $703.6 million and total deposits of $931.5 million at
December 31, 2009.
Dixon Hughes PLLC, in Atlanta, Ga., expressed substantial doubt
about the Company's ability to continue as a going concern. The
independent auditors noted that the Company is operating under
regulatory orders to, among other items, increase capital and
maintain certain levels of minimum capital, and as of December 31,
2009, the Company was not in compliance with these capital
requirements. "In addition to its deteriorating capital position,
the Company has suffered significant losses from operations for
the years ended December 31, 2009, and 2008, and heightened levels
of nonperforming assets."
As of December 31, 2009, the most recent notification from the
FDIC categorized the Bank as significantly undercapitalized under
the regulatory framework for prompt corrective action for the
Total risk-based, Tier I risk-based and Tier 1 leverage ratios.
Currently, the Company is actively pursuing strategic plans to
retain and increase its capital ratios. As part of these efforts,
the Company has retained the services of investment bankers to
review all strategic opportunities available to the Company and
the Bank.
A full-text copy of the annual report on Form 10-K is available at
no charge at http://researcharchives.com/t/s?5db7
A full-text copy of the Company's annual report to shareholders is
available for free at http://researcharchives.com/t/s?5db6
Jasper, Ga.-based Crescent Banking Company is the parent holding
company of Crescent Bank & Trust Company. Crescent Bank provides
traditional commercial banking services in Jasper, Georgia, and
surrounding areas.
CRESTRIDGE ESTATES: Case Summary & 7 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Crestridge Estates, LLC
650 Town Center Drive, Suite 1200
Costa Mesa, CA 92626
Bankruptcy Case No.: 10-13689
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
Central District of California (Santa Ana)
Judge: Robert N. Kwan
Debtor's Counsel: David B. Golubchik, Esq.
Levene Neale Bender Rankin & Brill LLP
10250 Constellation Blvd, Ste. 1700
Los Angeles, CA 90067
Tel: (310) 229-1234
Email: dbg@lnbrb.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
The petition was signed by J. David Thomas, the company's managing
member.
Debtor-affiliate that filed separate Chapter 11 petition:
Petition
Debtor Case No. Date
------ -------- ----
In re 468 Ashton LLC 08-15323 08/29/08
Debtor's List of 7 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
SVI HLHS Properties, LLC unsecured loan $180,000
Pacific Soils professional services $16,336
Engineering, Inc.
Steve Kaplan professional services $10,000
KHR Associates professional services $7,000
MJS Design Group professional services $6,391
VisionScape Imaging, Inc. professional services $6,200
LG2WB Engineering Inc. professional services $4,657
CRYSTALLEX INT'L: Dec. 31 Balance Sheet Upside-Down by US$44.7MM
----------------------------------------------------------------
On April 1, 2010, Crystallex International Corporation filed its
annual report on Form 40-F for the year ended December 31, 2009.
The Company's balance sheet as of December 31, 2009, showed
$58.1 million in assets and $102.8 million of debts, for a
stockholders' deficit of $44.7 million.
The Company reported a net loss of $313.9 million for 2009,
compared with a net loss of $25.7 million for 2008. The Company
had no revenue from continuing operations in 2009 and 2008.
"As at December 31, 2009, the Company had positive working capital
of $7.2 million, including cash and cash equivalents of
$6.9 million. Management estimates that these funds, in addition
to the proceeds from the equipment held for sale and loan, will be
sufficient to meet the Company's obligations and budgeted
expenditures through the second quarter of 2010, but will not be
sufficient to cover the Company's obligations over the next twelve
months. This uncertainty raises substantial doubt as to the
ability of the Company to meet its obligations as they come due
and, accordingly, as to the appropriateness of the use of
accounting principles applicable to a going concern."
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5e08
Based in Toronto, Ontario, Canada, Crystallex International
Corporation and its subsidiaries are engaged in the development of
gold properties in Venezuela. The Company's principal asset is
its interest in the Las Cristinas gold project located in Bolivar
State, Venezuela.
DESIGNER LICENSE: Can Borrow Money from Unit to Deliver Orders
--------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York authorized Designer License Holding
Company, LLC to borrow $159,232 from its affiliate, Earl Clothing
Company LLC, on a straight administrative basis without super-
priority.
The Debtor would use the money to pay expenses to enable them to
deliver initial orders to TJ Maxx.
The Court also ordered that Israel Discount Bank will be granted
the authority to exercise to the extent applicable, all of the
rights, claims, liens, interests, remedies and protections.
The Court said that the proceeds received by the Debtor from TJ
Maxx from the sale of inventory will be first paid to Earl's
lockbox account with IDB.
About Designer License Holding
New York City based, Designer License Holding Company, LLC filed
for Chapter 11 on December 31, 2009, (Bankr. S.D. N.Y. Case No.
09-17661). In its petition, the Debtor listed assets and debts
both ranging from $10,000,001 to $50,000,000.
DOLLAR THRIFTY: Kenneth Griffin's Citadel Holds 5.4% of Shares
--------------------------------------------------------------
Kenneth Griffin's Citadel Advisors LLC, Citadel Holdings II LP,
and Citadel Investment Group II, L.L.C., disclosed that as of
March 8, 2010, they may be deemed to beneficially own 1,541,704
shares of Common Stock of Dollar Thrifty Automotive Group, Inc.
The number of shares Mr. Griffin may be deemed to beneficially own
constitutes approximately 5.4% of the Common Stock outstanding.
Citadel Advisors is the investment manager for CG, PPC and certain
segregated accounts, and the portfolio manager for CDT. CH-II is
the managing member of Citadel Advisors. Citadel Holdings I LP, a
Delaware limited partnership, is the non-member manager of Citadel
Securities. CIG-II is the general partner of CH-I and CH-II. Mr.
Griffin is the President and Chief Executive Officer of, and owns
a controlling interest in, CIG-II.
About Dollar Thrifty
Dollar Thrifty Automotive Group, Inc. is headquartered in Tulsa,
Oklahoma. Driven by the mission "Value Every Time," the Company's
brands, Dollar Rent A Car and Thrifty Car Rental, serve value-
conscious travelers in over 70 countries. Dollar and Thrifty have
over 600 corporate and franchised locations in the United States
and Canada, operating in virtually all of the top U.S. and
Canadian airport markets. The Company's approximately 6,400
employees are located mainly in North America, but global service
capabilities exist through an expanding international franchise
network.
The Company's balance sheet at Dec. 31, 2009, showed $2.64 billion
in total assets and $2.25 billion in total liabilities.
In November 2009, Standard & Poor's Ratings Services raised its
corporate credit rating of Dollar Thrifty to 'B-' from 'CCC', in
light of the Company's improved operating and financial
performance that began in mid-2009. Moody's Investors Service
also upgraded Dollar Thrifty's Probability of Default Rating to
'B3' from 'Caa2' and Corporate Family Rating to 'B3' from 'Caa3'
DOLLAR THRIFTY: PAR Investment Holds 5.06% of Common Stock
----------------------------------------------------------
PAR Investment Partners, L.P., PAR Group, L.P., and PAR Capital
Management, Inc., disclosed that as of March 17, 2010, they held
1,446,936 shares or roughly 5.06% of the common stock, $0.01 par
value, of Dollar Thrifty Automotive Group, Inc.
About Dollar Thrifty
Dollar Thrifty Automotive Group, Inc. is headquartered in Tulsa,
Oklahoma. Driven by the mission "Value Every Time," the Company's
brands, Dollar Rent A Car and Thrifty Car Rental, serve value-
conscious travelers in over 70 countries. Dollar and Thrifty have
over 600 corporate and franchised locations in the United States
and Canada, operating in virtually all of the top U.S. and
Canadian airport markets. The Company's approximately 6,400
employees are located mainly in North America, but global service
capabilities exist through an expanding international franchise
network.
The Company's balance sheet at Dec. 31, 2009, showed $2.64 billion
in total assets and $2.25 billion in total liabilities.
In November 2009, Standard & Poor's Ratings Services raised its
corporate credit rating of Dollar Thrifty to 'B-' from 'CCC', in
light of the Company's improved operating and financial
performance that began in mid-2009. Moody's Investors Service
also upgraded Dollar Thrifty's Probability of Default Rating to
'B3' from 'Caa2' and Corporate Family Rating to 'B3' from 'Caa3'
DOUGLAS PAUL TROVILLION: Voluntary Chapter 11 Case Summary
----------------------------------------------------------
Joint Debtors: Douglas Paul Trovillion
Julie Graft Trovillion
4 First Court
Windermere, FL 34786
Bankruptcy Case No.: 10-04722
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
Middle District of Florida (Orlando)
Debtors' Counsel: Jimmy D. Parrish, Esq.
Baker & Hostetler LLP
200 S Orange Avenue
SunTrust Center - Suite 2300
Orlando, FL 32801
Tel: (407) 649-4000
Fax: (407) 841-0168
Email: jparrish@bakerlaw.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $10,000,001 to $50,000,000
The Debtors did not file a list of their 20 largest unsecured
creditors when they filed their petition.
The petition was signed by the Joint Debtors.
DOWNTOWN MAITLAND: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Downtown Maitland Property Owner, LLC
G5 Captial Partners LLC
420 E. 54 St., 32 floor
New York, NY 10022
Bankruptcy Case No.: 10-11567
Chapter 11 Petition Date: March 26, 2010
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Judge: Robert E. Gerber
Debtor's Counsel: Bruce Weiner, Esq.
Rosenberg, Musso & Weiner, LLP
26 Court Street, Suite 2211
Brooklyn, NY 11242
Tel: (718) 855-6840
Fax: (718) 625-1966
E-mail: rmwlaw@att.net
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
According to the schedules, the Company has assets of $12,000,000,
and total debts of $9,388,000.
The Debtor did not file a list of its 20 largest unsecured
creditors when it filed its petition.
DRAGON PHARMACEUTICAL: 2009 Net Income Increases 21% to $8.26-Mil.
------------------------------------------------------------------
Dragon Pharmaceutical Inc. said net income was $8.26 million for
the year ended December 31, 2009, representing 21% of increase
from $6.82 million for the same period of 2008. The Company
reported $165.77 million of revenues for 2009, representing 9%
growth from $151.95 million for the same period in 2008. the
Company said $133.64 million, or approximately 81%, of the sales
for 2009 were generated from the sales of products in the Chinese
market, and the remaining $32.13 million, or approximately 19%,
were generated from the sales of products in the markets outside
of China.
At December 31, 2009, the Company had $186.638 million in total
assets against $120.987 million in total liabilities, resulting in
$65.651 million in stockholders' equity. The December 31, 2009
balance sheet showed strained liquidity: The Company had
$55.922 million in total current assets against $109.374 million
in total current liabilities.
On March 26, 2010, the Company entered into an Agreement and Plan
of Merger by and among, Chief Respect Ltd., Datong Investment
Inc., a wholly owned subsidiary of Chief Respect Ltd., and Yanlin
Han, the Company's Chairman, Chief Executive Officer and largest
shareholder. Mr. Yanlin holds 39.1% of the Company's common shares
as of March 26. Chief Respect Ltd. is a Hong Kong corporation
owned by Mr. Han.
Under the terms of the Agreement and Plan of Merger, Mr. Han will
acquire shares of Dragon common stock not owned by him for $0.82
per share. Consummation of the merger is condition upon a number
of items. If the merger is consummated, Mr. Han will be
responsible for, among other thing, providing for the financing
and relocating the new production facilities.
In the event that the merger is not consummated, the Company plans
to raise the $64 million to build the two new production
facilities. In addition, the Company plans to increase its
working capital and renegotiate and extend loans, when they become
due to allow the Company to continue operations. To meet these
objectives, the Company plans to raise funds through private
placements to build its new facilities and to support existing
operations. There is no assurance that funds will be available
for the Company on acceptable terms, if at all, or that the
Company will be able to negotiate and extend the loans. If
adequate funds are not available or not available on acceptable
terms or the Company is unable to negotiate or extend its loans,
the Company may be required to scale back or abandon some
activities.
Management believes that these proposed actions provide the
opportunity for the Company to continue as a going concern.
However, the Company's ability to achieve these objectives cannot
be determined at this time. As a result, these conditions raise a
substantial doubt about the Company's ability to continue as a
going concern.
In its March 29, 2010 report, Chang Lee LLP, Chartered
Accountants, in Vancouver, Canada, raised substantial doubt about
the Company's ability to continue as a going concern.
The Company will hold a special meeting to seek shareholders'
approval of the merger. No date has been set yet for the meeting.
A full-text copy of the Company's proxy statement is available at
no charge at http://ResearchArchives.com/t/s?5dfb
A full-text copy of Mr. Yanlin's SEC disclosure is available at no
charge at http://ResearchArchives.com/t/s?5dfc
A full-text copy of the Company's earnings release is available at
no charge at http://ResearchArchives.com/t/s?5db9
A full-text copy of the Company's annual report on Form 10-K is
available at no charge at http://ResearchArchives.com/t/s?5dda
About Dragon Pharmaceutical
Incorporated in Florida and headquartered in Vancouver, Canada,
Dragon Pharmaceutical -- http://www.dragonpharma.com/--
manufactures and distributes a broad line of antibiotic products
including Clavulanic Acid and 7-ACA, a key intermediate to produce
cephalosporin antibiotics and formulated drugs. Dragon Pharma is
the third largest 7-ACA producer and manufacturer and marketer of
Clavulanic Acid products in China.
DUNHILL ENTITIES: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Dunhill Entities, L.P.
450 C Government Street
Mobile, AL 36602
Bankruptcy Case No.: 10-01342
Type of Business: Dunhill Entities is the owner of two petroleum
storage facilities in Alabama. One terminal, in
Chickasaw, Alabama, has a capacity of 650,000
barrels. The second, in Mobile, has an 850,000-
barrel capacity.
Chapter 11 Petition Date: March 26, 2010
Court: United States Bankruptcy Court
Southern District of Alabama (Mobile)
Judge: Bankruptcy Judge William S. Shulman
Debtor's Counsel: Alexandra K. Garrett, Esq.
4317-A Midwest Dr.
Mobile, AL 36606
Tel: (251) 343-0800
Fax: (251) 343-0862
E-mail: agarrett@silvervoit.com
Lawrence B. Voit, Esq.
4317-A Midmost Dr.
Mobile, AL 36609-5507
Tel: (251) 343-0800
E-mail: lvoit@silvervoit.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $50,000,001 to $100,000,000
The petition was signed by Patricia A. Waters, the company's chief
financial officer.
Debtor-affiliates that filed separate Chapter 11 petitions:
Petition
Debtor Case No. Date
------ -------- ----
Dunhill Terminals, L.P. 10-01345 3/26/10
Assets: $10 million to $50 million
Debts: $50 million to $100 million
Dunhill Entities GP, LLC 10-01346 3/26/10
Assets: $0 to $50,000
Debts: $50,001 to $100,000
Dunhill Terminals GP, LLC 10-01350 3/26/10
Assets: $100,001 to $500,000
Debts: $500,000 to $1,000,000
Boiler-Tek, Inc. 10-01347 3/26/10
A. Dunhill Entities, L.P.'s List of 20 Largest Unsecured
Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
A & M Portables, Inc. $585
Ace Fabricators Mechanic Lien $9,377
(Unknown
secured)
Ace Paint Maintenance, For notices purposes Unknown
Inc. only.
c/o L. Daniel Mims, PC
952 Government Street
Mobile, AL 36604
Alabama Power $2,276
Aquaterra $14,772
Arc Terminals LP Notes & Security $57,542,498
3000 Research Forest Agreements All Asset ($19,167,229
Drive, Suite 250 Liens secured)
The Woodlands, TX 77381
City of Mobile Revenue Dept $2,529
Driven Engineering $1,238
Evergreen Tank $11,049
Solutions
Graherne, Inc. $18,403
H&H Electric Co., Inc. Mechanic Lien $26,117
(Unknown
secured)
Heggeman Realty Company $6,000
Kentwood Springs $42
Marilyn E. Wood $57,484
Mobile Area Water and $496
Sewer
Mobile Gas $53
Nature's Way $214,589
Smith Industrial Service $11,409
Sunbelt Rentals $540
Weeks Marine $13,734
B. Dunhill Terminals, L.P.'s List of 20 Largest Unsecured
Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
A & H Boiler Sales and $8,999
Service
Al Hill's Boiler Sales $11,066
Alabama Power $26,707
Arc Terminals LP Notes & Security $57,542,498
3000 Research Forest Agreements All Asset ($34,039,772
Drive, Suite 250 Liens secured)
The Woodlands, TX 77381
AT&T $2,110
Briggs Equipment $12,262
Freeman Security Company $15,950
G&K Services $3,273
Golden Railroad Const. Inc. $4,065
Golf Supply Co. Inc. $3,833
IREC $66,667
Marilyn E. Wood $84,544
Mobile Gas $241,172
Mod Space $4,882
Nature's Way $40,927
Rain For Rent $6,169
Safe Rack $40,611
Smith Industrial Service $21,982
Tax Trust Account $21,764
c/o RDS
Business License Department
Terminal Railway $17,957
C. Dunhill Entities GP, LLC's List of 20 Largest Unsecured
Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Nature's Way Marine, LLC Unknown
c/o Lyon, Pipes & Cook,
PC
2 Noth Royal Street
Mobile, AL 36602
D. Dunhill Terminals GP, LLC's List of 20 Largest Unsecured
Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
AL Dept of Industrial $1,049
Relation
Alabama Power $702
American International $10,168
Company
AT&T $39,328
Evans Leroy and Hackett, $22,746
PLLC
Express Scripts $1,669
Franklin, Cardwell & Jones $18,114
PC
Gulf Atlantic Capital $56,115
Jackson Key and $308
Associates, LL
Kentwood Springs $167
Lincoln National Life Ins $314
NBM Advisors, Inc. $4,476
The Lyric Center
McGinnis & Associates, $1,601
Inc.
PAETEC $3,379
Pitney Bowes Inc. $108
Seyfarth Shaw LLP $105,509
Smart Choice Office $302
Supply
State of Alabama Dept $60
of Revenue
Wade Office Products $12
YMCA of South Alabama $1,809
EAT AT JOE'S: Recurring Operating Losses Cue Going Concern Doubt
----------------------------------------------------------------
On April 1, 2010, Eat at Joe's Ltd. filed its annual report on
Form 10-K for the year ended December 31, 2009.
Robison, Hill & Co., in Salt Lake City, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that of the Company's recurring net
losses from operations and net capital deficiency.
The Company reported a net operating loss of $3,832 and net income
of $291,515 on $1,274,154 of revenue for 2009, compared with a net
operating loss of $365,713 and a net loss of $1,032,030 on
$1,555,690 of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$2,112,327 in assets and $5,139,827 of debts, for a
stockholders' deficit of $3,027,500.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5db4
Scarsdale, N.Y.-based Eat at Joe's, Ltd. presently owns and
operates one theme restaurant located in Philadelphia,
Pennsylvania.
EDDY-BELL COMMERCIAL: Case Summary & 3 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Eddy-Bell Commercial Properties, LLC
427 Main Street
Hartford, CT 06106
Bankruptcy Case No.: 10-21017
Chapter 11 Petition Date: March 30, 2010
Court: United States Bankruptcy Court
District of Connecticut (Hartford)
Judge: Albert S. Dabrowski
Debtor's Counsel: Gary J. Greene, Esq.
Greene Law, PC
11 Talcott Notch Road
Farmington, CT 06032
860-676-1336
Fax : 860-676-2250
Email: bankruptcy@greenelawpc.com
Estimated Assets: $100,001 to $500,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Company's 3 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/ctb10-21017.pdf
EDWARD JOHN HARTSON: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Joint Debtors: Edward John Hartson, Sr.
Kathleen Arcoleo Hartson
78261 Booth Road
Folsom, LA 70437
Bankruptcy Case No.: 10-10964
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
Eastern District of Louisiana (New Orleans)
Judge: Elizabeth W. Magner
Debtors' Counsel: Phillip K. Wallace, Esq.
2027 Jefferson Street
Mandeville, LA 70448
Tel: (985) 624-2824
Fax: (985) 624-2823
Email: PhilKWall@aol.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A full-text copy of the Debtors' petition, including a list of
their 20 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/laeb10-10964.pdf
The petition was signed by the Joint Debtors.
Debtor-affiliates that filed separate Chapter 11 petitions:
Petition
Debtor Case No. Date
------ -------- ----
Advanced Commercial Contracting, Inc. 08-10609 3/25/08
Northshore Service Center, Inc. 08-10610 3/25/08
EFIGENIA PARKER: Case Summary & 12 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Efigenia May Parker
1063 Victory Ct.
Oceanside, CA 92057
Bankruptcy Case No.: 10-05284
Chapter 11 Petition Date: March 31, 2010
Court: United States Bankruptcy Court
Southern District of California (San Diego)
Judge: James W. Meyers
Debtor's Counsel: Marjan Mortazavi, Esq.
Mortazavi & Associates
501 West Broadway, Suite 510
San Diego, CA 92101
Tel.: 619-233-4415
Fax: 619-233-4428
E-mail: attorneymarj@aol.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A copy of the Debtor's list of 12 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/casb10-05284.pdf
The petition was signed by the Debtor.
ENDEAVOUR HIGHRISE: Claimant Counterclaim Waived Jury Trial Right
-----------------------------------------------------------------
WestLaw reports that by filing a counterclaim against the trustee
in an interpleader action filed in bankruptcy court in which he
asserted a right to earnest money which was "arguable property" of
the Chapter 11 estate presumed to be estate property, an intended
purchaser of a condominium unit in the debtor-developer's
condominium complex performed the equivalent of filing a proof of
claim against the estate and thus waived his right to a jury
trial, a Texas bankruptcy court ruled as a matter of apparent
first impression. The intended purchaser's counterclaim directly
implicated the process of allowance or disallowance of claims
against the estate and the bankruptcy court's power to adjust
debtor-creditor and creditor-creditor relationships. In so
holding, the court acknowledged a split of authority on the issue
of whether a non-debtor defendant loses the right to a jury trial
by filing a counterclaim in an adversary proceeding and expressed
the hope that legislation would be passed eliminating or reducing
the difficulty of determining whether a jury trial has been
waived, noting that until such a statute was available, the courts
would "doubtless continue to spend much time wading though the
murky waters where jury trial rights and bankruptcy law converge."
In re Endeavour Highrise L.P., --- B.R. ----, 2010 WL 935359
(Bankr. S.D. Tex.) (Bohm, J.).
Classified as a single-asset, real estate debtor, Endeavour
Highrise, L.P., sought Chapter 11 protection (Bnakr. S.D.
Tex. Case No. 09-33151) on May 4, 2009. Matthew Hoffman, Esq.,
at the Law Offices of Matthew Hoffman, p.c., represents the
Debtor. Wonmore Ltd. has invested more than $10 million in
the Debtor post-petition in a variety of transactions.
ENTREMED INC: Recurring Losses Prompt Going Concern Doubt
---------------------------------------------------------
On March 29, 2010, EntreMed, Inc., filed its annual report on Form
10-K for the year ended December 31, 2009.
Ernst & Young LLP, in McLean, Va., expressed substantial doubt
about the Company's ability to continue as a going concern. The
independent auditors noted of the Company's recurring operating
losses and negative cash flows from operations.
The Company reported a net loss of $8.2 million on $5.3 million of
revenue for 2009, compared with a net loss of $23.9 million on
$7.5 million of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$10.1 million in assets and $12.0 million of debts, for a
stockholders' deficit of $1.9 million.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5d75
Rockville, Md.-based EntreMed, Inc., is a clinical-stage
pharmaceutical company focused on developing ENMD-2076, an Aurora
A and angiogenic kinase inhibitor for the treatment of cancer.
ENMD-2076 is currently in Phase 1 studies in advanced cancers,
multiple myeloma and leukemia.
ERDMANN LAND MANAGEMENT: Voluntary Chapter 11 Case Summary
----------------------------------------------------------
Debtor: Erdmann Land Management, Inc.
1800 Westview Road
Fort Collins, CO 80524
Bankruptcy Case No.: 10-16385
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
District of Colorado (Denver)
Judge: Elizabeth E. Brown
Debtor's Counsel: Aaron A. Garber, Esq.
303 E. 17th Ave., Ste. 500
Denver, CO 80203
Tel: (303) 832-2400
Email: aag@kutnerlaw.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $10,000,001 to $50,000,000
The Company says it does not have unsecured creditors who are non-
insiders when it filed its petition.
The petition was signed by Todd Erdmann, president of the Company.
ERICKSON RETIREMENT: Plan Fine-Tuned; Douglas County Objects
------------------------------------------------------------
Erickson Retirement Communities, LLC, and its debtor affiliates
filed with the United States Bankruptcy Court for the Northern
District of Texas on March 9, 2010, corrected pages of their
Fourth Amended Joint Plan of Reorganization and accompanying
Disclosure Statement.
The corrected pages deleted certain portions in the release
provisions of the Amended Plan. A full-text copy of the
Corrected Pages is available for free at:
http://bankrupt.com/misc/ERC_PlanCorrectedPages.pdf
In a separate filing, the Debtors served with the Court on
March 25, 2010, a schedule of contracts to be assumed under the
Amended Plan and the proposed cure amounts of those contracts.
The Contracts Schedule is available for free at:
http://bankrupt.com/misc/ERC_Mar25ContractsList.pdf
After the Court issued its approval of the Disclosure Statement
on March 8, 2010, Theodore Sirko renewed his objection to the
Disclosure Statement, reiterating his previous arguments.
Confirmation Objection
Sharon K. Jones, treasurer of Douglas County, Colorado, asserts
that Erickson Retirement Communities LLC and its units' Fourth
Amended Joint Plan of Reorganization does not disclose treatment
for Class 2 Secured Tax Claims against Debtor Littleton Campus,
LLC.
Douglas County says it holds a Class 2 Secured Tax Claim against
Littleton Campus for $1,202,542. Robert D. Clark, Esq., senior
assistant county attorney for Douglas County, in Castle Rock,
Colorado -- rclark@douglas.co.us -- reminds the Court that at a
March 5, 2010 hearing on the Disclosure Statement, the Debtors'
counsel stated that the Debtors intended to pay Douglas County's
Claim on the effective date of the Plan. If so, he asserts that
the Amended Plan should state that information unequivocally and
delete the provision stating that the Class 2 Secured Tax Claim
holders will receive (i) treatment that will not alter their
legal, equitable and contractual rights to their claims; or (ii)
other distribution as may be necessary.
Mr. Clark contends that the Amended Plan confers unfettered
discretion on the Debtors as to how to treat the Claim. That
unfettered discretion, he stresses, prevents Class 2 creditors
like Douglas County from testing at the confirmation hearing
whether the Amended Plan complies with Section 1129 of the
Bankruptcy Code.
The Douglas County complains that the Amended Plan treats
unsecured Priority Tax Claims more favorably than Secured Tax
Claims in that the Amended Plan pays unsecured Priority Tax
Claims in full in cash. For one, a $46,400,000 used to fund
payments to Class 4 Littleton Campus Construction Loan Claims
seem to constitute the proceeds of Littleton Campus' real
property, which secures the Class 2 Secured Tax Claims, Mr. Clark
points out. The Amended Plan also allows the Class 4 Littleton
Campus Construction Loan Claimants to be paid ahead of the Class
2 Secured Tax Claims, ignoring Douglas County's statutory lien
that is senior to any and all consensual liens, including those
of the Class 4 Claims, he argues.
Accordingly, Douglas County asks the Court to deny confirmation
of the Amended Plan unless necessary modifications are made.
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)
ERICKSON RETIREMENT: Proposes to Release 2 PNC Letters of Credit
----------------------------------------------------------------
Before the Petition Date, Erickson Retirement Communities LLC and
its units owned a parcel of property located in the Township of
Warminster referred to as Warminster Campus. The Debtors and the
Township entered into an agreement relating to infrastructure
improvements made by the Debtors on the Property. Pursuant to
the Agreement, the Debtors obtained two letters of credit -- an
Irrevocable Standby Letter of Credit for $115,007 and an
Irrevocable Standby Letter of Credit for $550,000 -- from PNC
Bank, National Association, naming the Township as beneficiary.
Upon the Debtors' completion of certain conditions precedent set
forth under the Agreement, the Township agreed to release the
Letters of Credit to the Debtors.
Vincent P. Slusher, Esq., at DLA Piper LLP, in Dallas, Texas --
vince.slusher@dlapiper.com -- tells the Court that the Debtors
have completed, or the Township has otherwise waived, all of the
conditions precedent to the release of the Letters of Credit.
The Debtors are thus entitled to the Township's release of the
Letters of Credit to them. He discloses that the Township has
agreed to release the Letters of Credit upon entry of an order by
the Court authorizing the release.
The Debtors thus ask the Court to authorize the Township's
release of the Letters of Credit to them.
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)
ERICKSON RETIREMENT: Sues Sovereign Bank to Take Escrowed Funds
---------------------------------------------------------------
Erickson Retirement Communities LLC filed a complaint, seeking
(i) a declaratory judgment against Sovereign Bank, and (ii) a
temporary restraining order and preliminary injunction against
Sovereign Bank and PPF MF 3900 Gracefield Road, LLC.
In May 2000, Point View Campus, LLC, a wholly owned subsidiary of
ERC, acquired about 143 acres in Pequannock Township, New Jersey,
for the development as a continuing care retirement community
known as the Cedar Crest Retirement Community. Subsequently,
Point View Campus sold the Cedar Crest Community to an entity
called Cedar Crest Village, Inc., which operates the Community.
Since the Cedar Crest Community was not fully developed at the
time of the sale, pursuant to an assignment agreement with Point
View Campus, Point View II, LLC, another wholly owned subsidiary
of ERC, assumed responsibility of Point View Campus' development
obligations. In November 2006, Point View II borrowed
$25,000,000 from PPF to complete construction of the Cedar Crest
Community under a loan agreement and promissory note, as amended.
Prior to CCVI's purchase of the Community, the New Jersey
Economic Development Authority issued municipal bonds in the
amount of $80,695,000 to CCVI. CCVI obtained a letter of credit
from Sovereign Bank to secure payment on the bonds. Point View
II and ERC executed a guaranty to Sovereign Bank for the
transaction.
In connection with CCVI's purchase of the Cedar Crest Community,
Sovereign Bank acted as escrow agent for an escrow account, which
was to hold initial entrance deposits made by residents in the
Community. Under an escrow agreement between Sovereign Bank and
Point View II, the Escrow Account was to be held in trust by
Sovereign Bank for Point View II's benefit and Point View II,
will, among others, pay for the development of the Cedar Crest
Community. A related escrow fund disbursement agreement further
provides that: (1) the money on deposit in the Escrow Account
will be the property of Point View II, subject to the security
interest granted in favor of Sovereign Bank; and (2) upon
termination of the escrow arrangements, the funds in the Escrow
Account would be distributed for the benefit of PPF to pay off
the loan it had extended to Point View.
In March 2010, PPF filed a lawsuit against Sovereign Bank, Point
View II, John Does 1 through 10, and ABC Corporations 1 through
10 in the Superior Court of New Jersey Law Division, alleging
that Point View II failed to comply with the terms of the loan
and seeking an order directing Sovereign Bank to release all of
the funds in the Escrow Account to PPF pursuant to the loan
documents and the escrow arrangements.
Since Point View II is owned by ERC and the Debtors' Fourth
Amended Joint Plan of Reorganization contemplates that holders of
certain allowed claims will be paid in part out of the funds on
deposit in the Escrow Account, and the remainder of the Cedar
Crest Receivable is being assigned to Redwood-ERC Senior Living
Holdings, LLC, the prosecution of the NJ Action will have direct,
adverse impact on the Debtors' reorganization efforts, Vincent P.
Slusher, Esq., at DLA Piper LLP, in Dallas, Texas, tells the
Court.
The Guaranty Agreement among Sovereign Bank, ERC, and Point View
II will be terminated on the earlier of: (i) the date on which
the Letter of Credit Obligations are indefeasibly paid in full;
or (ii) the later of (x) when a Purchase Price Adjustment Date
occurs, or (y) when Sovereign Bank receive evidence satisfactory
to it that Cedar Crest has Unrestricted Cash and Investments
equal to at least $10,000,000. Mr. Slusher reveals that on
September 3, 2009, ERC provided Sovereign Bank with an original
certification from CCVI, which states that: (x) the Purchase
Price Adjustment Date occurred June 30, 2008; and (y) CCVI has
Unrestricted Cash Investments equal to at least $10,000,000.
Thus, the Guaranty Agreement terminated by its own terms before
the Petition Date, Mr. Slusher maintains.
Accordingly, ERC asks the U.S. Bankruptcy Court for the Northern
District of Texas to enter:
(a) a declaratory judgment against Sovereign Bank, stating
that all of the conditions precedent to the termination of
the Guaranty Agreement have been met and thus, the
Guaranty Agreement has expired by its own terms; and
(b) a temporary restraining order and preliminary injunction
enjoining (i) PPF from prosecuting the NJ Action, and (ii)
Sovereign Bank from releasing the funds in the Escrow
Account.
Debtor Objects to Sovereign Claim
Sovereign Bank filed Claim No. 1148 against the Debtors based on
a guaranty agreement executed by Debtor Erickson Retirement
Communities, LLC, whereby ERC guaranteed certain obligations of
Cedar Crest Village, Inc. to Sovereign Bank.
The Debtors assert that in accordance with their Agreement with
Sovereign Bank, they provided Sovereign Bank with an original
certification stating that (i) a Purchase Price Adjustment Date
occurred June 30, 2008, and (ii) CCVI had Unrestricted Cash
Investments equal to at least $10,000,000. In this light, the
Debtors insist that the Guaranty Agreement terminated by its own
terms before the Petition Date and is not valid and enforceable
obligation of ERC.
Thus, the Debtors object to Claim No. 1148.
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)
EVERGREEN ENERGY: Recurring Losses Cue Going Concern Doubt
----------------------------------------------------------
On March 31, 2010, Evergreen Energy Inc. filed its annual report
on Form 10-K for the year ended December 31, 2009.
Deloitte & Touche LLP, in Denver, expressed substantial doubt
about the Company's ability to continue as a going concern. The
independent auditors noted of the Company's recurring losses from
operations and stockholders' deficit.
The Company reported a net loss of $58.5 million on $50.7 million
of revenue for 2009, compared with a net loss of $65.2 million on
$65.2 million of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$74.5 million in assets, $80.4 million of debts, and $2,000 of
temporary capital, for a stockholders' deficit of $5.9 million.
On March 12, 2010, the Company signed a definitive agreement with
Rosebud Mining Company for the sale of certain net assets of both
Buckeye Industrial Mining Co. and Evergreen for $27.9 million, in
addition to the release of $5.0 million of cash reclamation bonds.
Further, $2.8 million of the purchase price will be deposited into
escrow for a period of twelve months to cover amounts payable to
Rosebud pursuant to the indemnification provision of the sales
agreement. The closing is not subject to a financing condition,
but is subject to the satisfaction of customary closing
conditions. The sale is expected to close in April 2010.
The proceeds from the sale of Buckeye will be used to retire the
outstanding 2009 Notes including fees and accrued interest of
$21.1 million, to fund related transaction expenses estimated at
$2.5 million and for general working capital purposes.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5d7a
Denver, Colo.-based Evergreen Energy Inc. (NYSE Arca: EEE)
-- http://www.evgenergy.com/-- has developed two proven,
proprietary, patented, and transformative green technologies: the
GreenCert(TM) suite of software and services and K-Fuel(R).
GreenCert, which is owned exclusively by Evergreen, is a
scientifically accurate, scalable environment intelligence
solution that measures greenhouse gases and generates verifiable
emissions credits. K-Fuel technology significantly improves the
performance of low-rank coals yielding higher efficiency and
lowering emissions.
EXTENDED STAY: Accepts $905MM Revised Offer From Centerbridge
-------------------------------------------------------------
Dow Jones Newswires' Lingling Wei reports that the board of
directors of Extended Stay Inc. on Friday agreed to accept an
offer for the Company from creditors led by investment firms
Centerbridge Partners LP and Paulson & Co. Dow Jones says
Centerbridge and Paulson have matched a $905 million offer by
another creditor group led by Starwood Capital Group. The sources
told Dow Jones the board signed a commitment letter backing the
Centerbridge-Paulson plan for Extended Stay.
Dow Jones says new bids are possible from Starwood and other
parties. Extended Stay will hold an open auction in May as part
of Friday's agreement with the Centerbridge-Paulson group.
Bidders would need to make a $150 million deposit.
A spokesman for Starwood declined to comment, Dow Jones says.
As reported by the Troubled Company Reporter, Extended Stay
decided in March 2010 to accept a reorganization proposal from the
Starwood group -- which includes Five Mile Capital and TPG Capital
-- in favor of an investment as much as $905 million, thereby
terminating a previous deal with Centerbridge and Paulson. The
Starwood $905 million investment proposal consists of a $450
million equity investment, a $200 million backstop rights
offering, and a $255 million pool for creditors who will opt for
cash instead of equity.
ESI's earlier deal with Centerbridge and Paulson & Co. provided
for a $450 million investment, consisting of a $225 million cash
contribution in exchange for common interests in a new company of
reorganized ESI and a $225 million backstopped rights offering.
Dow Jones Newswires' Lingling Wei reported in March that Starwood
already holds about $131 million of the first-mortgage debt of
Extended Stay and an additional $123 million of the mezzanine, or
junior, debt.
Dow Jones recalls that when real-estate investor David
Lichtenstein bought Extended Stay from private-equity firm
Blackstone Group for $8 billion in 2007, he financed the purchase
by saddling the Company with $7.1 billion in debt.
According to Dow Jones, bankruptcy specialists say the bidding war
for Extended Stay should lead to better outcomes for its
creditors. Among them is the Federal Reserve. The nation's
central bank inherited about $900 million in Extended Stay debt
through a fund called Maiden Lane, as a result of the 2008 failure
of investment bank Bear Stearns. A team at the New York Fed is
working with BlackRock Inc. and other private-sector advisers to
try to maximize its recovery on that debt.
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.
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. Extended Stay had assets of
$7.1 billion and debts of $7.6 billion as of the end of 2008.
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).
FAIRPOINT COMMS: Bank Debt Trades at 18% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which FairPoint
Communications, Inc., is a borrower traded in the secondary market
at 82.04 cents-on-the-dollar during the week ended Friday, April
2, 2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal. This represents an increase
of 1.18 percentage points from the previous week, The Journal
relates. The Company pays 275 basis points above LIBOR to borrow
under the loan facility, which matures on March 31, 2015. Moody's
has withdrawn its rating, while Standard & Poor's has assigned a
default rating on the bank debt. The debt is one of the biggest
gainers and losers among 196 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.
FairPoint Communications, Inc. (NYSE: FRP) --
http://www.fairpoint.com/-- is an industry-leading provider of
communications services to communities across the country.
FairPoint owns and operates local exchange companies in 18 states
offering advanced communications with a personal touch, including
local and long distance voice, data, Internet, television and
broadband services. FairPoint is traded on the New York Stock
Exchange under the symbols FRP and FRP.BC.
FairPoint and its affiliates filed for Chapter 11 on Oct. 26, 2009
(Bankr. D. Del. Case No. 09-16335). Rothschild Inc. is acting as
financial advisor for the Company; AlixPartners, LLP as the
restructuring advisor; and Paul, Hastings, Janofsky & Walker LLP
is the Company's counsel. BMC Group is claims and notice agent.
As of June 30, 2009, FairPoint reported $3.24 billion in total
assets, $321.41 million in total current liabilities, $2.91
billion in total long-term liabilities, and $1.23 million in total
stockholders' equity.
Bankruptcy Creditors' Service, Inc., publishes FairPoint
Communications Bankruptcy News. The newsletter tracks the Chapter
11 proceedings of FairPoint Communications Inc. and its debtor-
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
FOCUS TEN: Files for Bankruptcy in Florida
------------------------------------------
Focus Ten of Tampa Inc., and three of its affiliates -- Focus Ten
of Florida, Inc., Focus Ten of Raleigh Inc. and Focus Ten of
Greensboro Inc. -- filed for Chapter 11 bankruptcy protection on
Wednesday before the U.S. Bankruptcy Court for the Middle District
of Florida. Based in Wesley Chapel, the companies operate 25
Arby's restaurants.
"It's mostly the economy. Sales have been dropping," Rod
Anderson, Esq., at Holland & Knight LLP, told Tampa Bay Business
Journal on the companies' behalf. "We are pretty optimistic we
are going to be able to successfully reorganize." Mr. Anderson
said part of the reorganization will include obtaining lease
concessions from landlords.
Eric Morath at Dow Jones' Daily Bankruptcy Review reports that
each of the four Focus Ten entities that filed for bankruptcy
listed assets of less than $1 million and debts between $1 million
and $10 million, according to court papers. Mr. Morath says the
largest creditor is Arby's Restaurant Group, which is collectively
owed more than $1.5 million in royalties and fees from Focus Ten.
FOCUS TEN OF TAMPA: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Focus Ten of Tampa, Inc.
dba Arby's Restaurant
28705 Bennington Drive
Wesley Chapel, FL 33544
Bankruptcy Case No.: 10-07365
Chapter 11 Petition Date: March 31, 2010
Court: U.S. Bankruptcy Court
Middle District of Florida (Tampa)
Judge: Michael G. Williamson
Debtor's Counsel: Rod Anderson, Esq.
Holland & Knight LLP
Post Office Box 1288
Tampa, FL 33601
Tel.: 813-227-6721
E-mail: rod.anderson@hklaw.com
Estimated Assets: $500,001 to $1,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Company did not file a list of unsecured creditors together
with its petition.
The petition was signed by Donna J. Doyle, secretary treasurer.
FOCUS TEN OF FLORIDA: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Focus Ten of Florida, Inc.
dba Arby's Restaurant
28705 Bennington Drive
Wesley Chapel, FL 33544
Bankruptcy Case No.: 10-07372
Chapter 11 Petition Date: March 31, 2010
Court: U.S. Bankruptcy Court
Middle District of Florida (Tampa)
Judge: Michael G. Williamson
Debtor's Counsel: Rod Anderson, Esq.
Holland & Knight LLP
Post Office Box 1288
Tampa, FL 33601
Tel.: 813-227-6721
E-mail: rod.anderson@hklaw.com
Estimated Assets: $500,001 to $1,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Company did not file a list of unsecured creditors together
with its petition.
The petition was signed by Donna J. Doyle, secretary treasurer.
FOCUS TEN OF RALEIGH: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Focus Ten of Raleigh, Inc.
dba Arby's Restaurant
28705 Bennington Drive
Wesley Chapel, FL 33544
Bankruptcy Case No.: 10-07377
Chapter 11 Petition Date: March 31, 2010
Court: U.S. Bankruptcy Court
Middle District of Florida (Tampa)
Judge: Michael G. Williamson
Debtor's Counsel: Rod Anderson, Esq.
Holland & Knight LLP
Post Office Box 1288
Tampa, FL 33601
Tel.: 813-227-6721
E-mail: rod.anderson@hklaw.com
Estimated Assets: $100,001 to $500,000
Estimated Debts: $1,000,001 to $10,000,000
The Company did not file a list of unsecured creditors together
with its petition.
The petition was signed by Donna J. Doyle, secretary treasurer.
FOCUS TEN OF GREENSBORO: Voluntary Chapter 11 Case Summary
----------------------------------------------------------
Debtor: Focus Ten of Greensboro, LLC
dba Arby's Restaurant
28705 Bennington Drive
Wesley Chapel, FL 33544
Bankruptcy Case No.: 10-07382
Chapter 11 Petition Date: March 31, 2010
Court: U.S. Bankruptcy Court
Middle District of Florida (Tampa)
Judge: Michael G. Williamson
Debtor's Counsel: Rod Anderson, Esq.
Holland & Knight LLP
Post Office Box 1288
Tampa, FL 33601
Tel.: 813-227-6721
E-mail: rod.anderson@hklaw.com
Estimated Assets: $100, 001 to $500,000
Estimated Debts: $1,000,001 to $10,000,000
The Company did not file a list of unsecured creditors together
with its petition.
The petition was signed by Donna J. Doyle, secretary treasurer.
FONTAINEBLEAU LV: Moelis Charges $2.5 Mil. for June-Feb. Work
-------------------------------------------------------------
These professionals retained in Fontainebleau Las Vegas Holdings
LLC's bankruptcy cases filed final fee applications for the
allowance of fees and expenses incurred for the period from
June 9, 2009, through March 11, 2010:
A. Debtors
Professional Period Fees Expenses
------------ ------ ---- --------
Moelis & Company LLC 06/09/2009- $2,505,206 $91,029
02/18/2010
Fulbright & Jaworski, L.L.P 06/09/2009- $418,160 $47,523
03/11/2010
Moelis & Company LLC serves as the financial advisor and
investment banker to the Debtors. Fulbright & Jaworski, L.L.P,
serves as the LEED and Tax Incentive Counsel to the Debtors.
The Debtors ask the Court to schedule a hearing on the Final Fee
Application of Moelis & Company LLC and Fulbright & Jaworski,
L.L.P., on April 1, 2010, and shorten the notice period applicable
to the hearing on the Moelis Application.
The Court will conduct a hearing on the Final Fee Applications on
April 1, 2010, at 3:00 p.m., together with the first and second
interim fee applications filed by various Chapter 11
professionals.
The Debtors aver that by combining a hearing on the first and
second interim fee applications and the Final Fee Applications on
April 1, their estate will benefit to the extent that additional
fees and costs associated with a separate hearing will be avoided.
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)
FORD MOTOR: U.S. Sales Up 43% in March 2010
-------------------------------------------
Ford Motor Company reported a strong first quarter with a 43%
sales increase in March. Ford, Lincoln and Mercury dealers
delivered 178,546 new vehicles in March. First quarter sales
totaled 428,596, up 37%. The 43% gain matches a similar increase
in February. These are the highest monthly sales increases since
February 1984.
In March, Ford gained retail market share for the 17th time in the
last 18 months.
"Our dealers welcome more new customers every day with the
strongest lineup of products in our history," said Ken Czubay,
Ford vice president, U.S. Marketing Sales and Service. "We are
working to build further on this sales momentum by delivering even
more new products with industry-leading quality, smart
technologies and fuel-efficient powertrains this year."
New or significantly upgraded U.S. vehicles this year include the
Ford Fiesta, Focus, Edge and Edge Sport, Explorer, F-Series Super
Duty, Transit Connect Electric, Lincoln MKX crossover and the
brand's first luxury hybrid vehicle, the Lincoln MKZ Hybrid
midsize sedan.
In addition, the company is introducing nine new or upgraded fuel-
efficient engines and six new transmissions this year. These
include the new 2.0-liter EcoBoost engine, new Mustang V-6 and V-
8, new Super Duty 6.7-liter diesel and 6.2-liter gasoline engines.
Once again, sales were higher throughout Ford's lineup in March.
Cars were up 53% versus a year ago, utilities were up 46%, and
trucks were up 30%. Among brands, Ford sales were up 46%, Lincoln
sales were up 19%, and Mercury sales were up 26%.
In March, Ford sales to retail customers were 38% higher than a
year ago, and fleet sales were up 53%. Individuals, small
businesses and large fleet customers are turning to Ford to meet
their needs knowing that high-quality, class-leading fuel economy
and strong resale values reduce ownership costs and provide a
compelling value proposition.
In the first quarter, Ford, Lincoln and Mercury sales totaled
428,596, up 37% versus a year ago. Ford estimates its first-
quarter market share was 16.5%, up more than percentage points
compared with a year ago.
"Ford's plan is working," Mr. Czubay said. "People increasingly
are discovering that the Ford difference is the strength of our
fresh, new product lineup, especially our leadership in quality,
fuel efficiency, safety, smart technologies and value."
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents. With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo. The Company provides financial
services through Ford Motor Credit Company.
At December 31, 2009, the Company had US$194.850 billion in total
assets against US$201.365 billion in total liabilities. Total
deficit attributable to Ford Motor at December 31, 2009, was
US$7.820 billion.
On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.
In March 2010, Moody's Investors Service raised Ford's Corporate
Family Rating (CFR) and Probability of Default Rating (PDR) to B2
from B3, secured credit facility to Ba2 from Ba3, senior unsecured
debt to B3 from Caa1, trust preferred to Caa1 from Caa2, and
Speculative Grade Liquidity rating to SGL-2 from SGL-3. Also
raised is Ford Credit's senior debt rating to B1 from B2.
On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'. Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.
FORD MOTOR: UAW Trust's Sale of Warrants to Close April 6
---------------------------------------------------------
UAW Retiree Medical Benefits Trust disclosed that on March 30,
2010, an auction was held in which the Trust sold all of its
362,391,305 warrants to purchase 362,391,305 shares of Ford Motor
Company Common Stock.
The Trust said the trade date for the sale of the Warrants will be
recorded as March 31, 2010, and the closing is expected to occur
on or about April 6, 2010, subject to customary closing
conditions. The Warrants have been listed for trading on The New
York Stock Exchange under the symbol "F WS."
Until January 29, 2010, the Trust, organized as a 501(c)(9)
Voluntary Employee Beneficiary Association, indirectly held the
warrants through a wholly owned subsidiary, VEBA-F Holdings, a
Delaware limited liability company. On January 29, 2010, VEBA-F
Holdings was formally dissolved and all of its assets, including
the Warrants, were transferred to its sole shareholder, the UAW
RMBT.
Independent Fiduciary Services, Inc., is an investment advisor to
the VEBA with respect to the Warrants.
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents. With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo. The Company provides financial
services through Ford Motor Credit Company.
At December 31, 2009, the Company had US$194.850 billion in total
assets against US$201.365 billion in total liabilities. Total
deficit attributable to Ford Motor at December 31, 2009, was
US$7.820 billion.
On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.
In March 2010, Moody's Investors Service raised Ford's Corporate
Family Rating (CFR) and Probability of Default Rating (PDR) to B2
from B3, secured credit facility to Ba2 from Ba3, senior unsecured
debt to B3 from Caa1, trust preferred to Caa1 from Caa2, and
Speculative Grade Liquidity rating to SGL-2 from SGL-3. Also
raised is Ford Credit's senior debt rating to B1 from B2.
On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'. Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.
FRANKLIN INDUSTRIAL: 2nd Cir. Says Algonquin May Be Secured
-----------------------------------------------------------
WestLaw reports that a bankruptcy court order determining that
creditors did not have a security interest in the escrowed
proceeds of a judgment that was obtained by Chapter 11 debtors in
a prepetition malpractice action was, for all practical purposes,
a final order in the creditors' prepetition action against the
debtors for conversion and fraudulent transfer, which was based
upon the creditors' claimed security interest in the judgment
proceeds. Therefore, collateral estoppel did not apply under New
York law to preclude the creditors from litigating the issue of
whether they had the claimed security interest in the debtors'
adversary proceeding seeking a determination that the claimed
interest was invalid. Algonquin Power Income Fund v. Christine
Falls of New York, Inc., 2010 WL 177244 (2nd Cir.).
Franklin Industrial Complex, Inc., Christine Falls of New York,
Inc., and Trafalgar Power, Inc., sought chapter 11 protection
(Bankr. N.D.N.Y. Case Nos. 01-67457 through 01-67459), and then
sued (Bankr. N.D.N.Y. Adv. Pro. No. 06-80302) Algonquin Power
Corporation, Inc., Algonquin Power U.S. Holdings, Inc., Algonquin
Power Fund (Canada), Inc., and Algonquin Power Systems, Inc. That
adversary proceeding sought an order from the Bankruptcy Court
declaring that the creditors did not have security interest in
escrowed proceeds of a judgment obtained by the debtors against an
engineering firm. The Honorable Stephen D. Gerling, 377 B.R. 32,
held that a judge's finding in a prior action that creditors did
not have a security interest was sufficiently final to be accorded
preclusive effect, and found in favor of the Debtors. In the
U.S. District Court for the Northern District of New YOrk, the
Honorable David N. Durd, 396 B.R. 106, affirmed the Bankruptcy
Court's ruling. The United States Court of Appeals for the Second
Circuit reversed those rulings, vacated the lower court's orders,
and remanded the proceedings.
FREEDOM COMMS: Wants Ch. 11 Plan Filing Extended Until May 30
-------------------------------------------------------------
Freedom Communications Holdings, Inc., and its debtor-affiliates
ask the U.S. Bankruptcy Court for the District of Delaware to
extend their exclusive periods to file a Chapter 11 Plan and to
solicit acceptances of that Plan until May 30, 2010, and July 30,
2010, respectively.
Absent the extension, the Debtors' exclusive plan filing period
expired on March 30, 2010.
The Debtors relate that they need sufficient time to consummate
the Plan without relinquishing their exclusive right to file and
solicit acceptances for a Chapter 11 Plan or Plans.
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.
FREESTYLE MUSIC: Missed April 1 Deadline to Pay $570,000 Debt
-------------------------------------------------------------
The Sun News reports that Freestyle Music Park missed its deadline
Thursday to pay off a $570,000 debt, according to a park attorney,
bringing creditors one step closer to possibly foreclosing on the
park.
"Currently, the park has no ability to make the payment," said
David Slough, Esq., at Nexsen Pruet who represents the park,
according to Sun News. "They're working on this like they're
working on all their payment obligation."
Sun News reports that Freestyle inherited the debt when it bought
Hard Rock Park out of bankruptcy in 2009. Fred Giuliano, the
trustee appointed by a Delaware bankruptcy court to oversee Hard
Rock's case, confirmed that he had not received the payment.
According to Sun News, the park doesn't plan to open for the 2010
season, unless a deal with new investors can be finalized, Mr.
Slough said earlier this week.
Sun News also relates that Steve Baker, president of FPI MB
Entertainment, the owner of the park, declined to comment, citing
a non-disclosure statement.
FREMONT GENERAL: Court Rejects Shareholder Suit
-----------------------------------------------
Bankruptcy Law360 reports that a federal court in California has
dismissed a shareholder suit against Fremont General Corp. that
alleged the company's officers made false and misleading
statements and misrepresented the business practices of what had
been one of the nation's largest subprime lenders.
Meanwhile, BankruptcyData.com reports that Signature Group
Holdings and New World Holdings filed with the U.S. Bankruptcy
Court separate statements of opposition to Fremont General's
official committee of equity security holders seeking an order
approving (1) a settlement agreement with certain TOPrS and (2)
further non-material modification to the equity committee's Fourth
Amended Chapter 11 Plan of Reorganization.
Based in Santa Monica, California, Fremont General Corp. (OTC:
FMNTQ) -- http://www.fremontgeneral.com/-- was a financial
services holding company with $8.8 billion in total assets at
September 30, 2007. Fremont General ceased being a financial
services holding company on July 25, 2008, when its wholly owned
bank subsidiary, Fremont Reorganizing Corporation (f/k/a Fremont
Investment & Loan) completed the sale of its assets, including all
of its 22 branches, and 100% of its $5.2 billion of deposits to
CapitalSource Bank.
Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No. 08-13421). Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, Theodore
Stolman, Esq., Scott H. Yun, Esq., and Whitman L. Holt, Esq., at
Stutman Treister & Glatt, represent the Debtor as counsel.
Kurtzman Carson Consultants LLC is the Debtor's noticing
agent and claims processor. Lee R. Bogdanoff, Esq., Jonathan S.
Shenson, Esq., and Brian M. Metcalf, at Klee, Tuchin, Bogdanoff &
Stern LLP, represent the Official Committee of Unsecured
Creditors as counsel. Fremont's formal schedules showed
$330,036,435 in total assets and $326,560,878 in total debts.
FRENCH BROAD PLACE: Case Summary & 7 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: French Broad Place LLC
29 West French Broad St., Suite 206
Brevard, NC 28712
Bankruptcy Case No.: 10-10335
Chapter 11 Petition Date: March 25, 2010
Court: United States Bankruptcy Court
Western District of North Carolina (Asheville)
Judge: George R. Hodges
Debtor's Counsel: Edward C. Hay, Jr., Esq.
Pitts, Hay & Hugenschmidt, P.A.
137 Biltmore Avenue
Asheville, NC 28801
Tel: (828) 255-8085
Fax: (828) 251-2760
E-mail: ehay@phhlawfirm.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
According to the schedules, the Company has assets of $20,171,100,
and total debts of $14,395,245.
The petition was signed by Joshua Burdette, the Company's managing
member.
Debtor's List of 7 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Callaway Johnson Moore $41,972
West
Gary Paddick Promissory Note $369,724
Main Street
Brevard, NC 28712
Hafler Land Surveying $8,005
Harris Architects $49,356
Heart of Brevard $2,500
Michael Eubanks Atty $14,011
at Law
Mountain 1st Bank & Trust $144,837
FRESENIUS AG: Bank Debt Trades at 0.46% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Fresenius Medical
Care AG & Co. is a borrower traded in the secondary market at
99.54 cents-on-the-dollar during the week ended Friday, April 2,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal. This represents a drop of
0.98 percentage points from the previous week, The Journal
relates. The Company pays 350 basis points above LIBOR to borrow
under the facility. The bank loan matures on Sept. 26, 2014, and
is not rated by Moody's and Standard & Poor's. The debt is one of
the biggest gainers and losers among 196 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.
Headquartered in Bad Hamburg, Germany, Fresenius Medical Care AG &
Co. KGaA -- http://www.fmc-ag.com/-- is a kidney dialysis
company, operating in both the field of dialysis products and the
field of dialysis services. The Company's dialysis business is
vertically integrated, providing dialysis treatment at its own
dialysis clinics and supplying these clinics with a range of
products. In addition, the Company sells dialysis products to
other dialysis service providers. At December 31, 2008, it
provided dialysis treatment to 184,086 patients in 2,388 clinics
worldwide located in more than 30 countries. In the United
States, it also performs clinical laboratory testing and provides
inpatient dialysis services and other services under contract to
hospitals. During the year ended December 31, 2008, it provided
27.9 million dialysis treatments. It also develops and
manufactures a range of equipments, systems and disposable
products, which it sells to customers in over 115 countries.
GENERAL GROWTH: Proposes More Appraisal Work for Cushman
--------------------------------------------------------
General Growth Properties Inc. and its units seek to employ
Cushman & Wakefield, Inc., for appraisal, consulting, litigation
and related services concerning their master planned community
located in Summerlin, Nevada, which comprises about 7,400 acres
of undeveloped land zoned for mixed residential and commercial
use.
Along with the original application and engagement letter, the
Court previously approved an itemized list of appraisal services
and associated appraisal fees known as the Property List
Addendum. Per the Property List Addendum, the appraisal fees for
the Summerlin MPC were originally scheduled for a flat fee of
$65,000, with any consulting and litigation services to be paid
separately on an hourly basis if necessary.
In 2009, the Debtors determined that contingent, unliquidated
claims filed by the heirs of the estate of Howard Hughes and their
successors and assigns could make the appraised value of the
Summerlin MPC a significant factor in the allocation of value
under any chapter 11 plan, Adam P. Strochak, Esq,, at Weil,
Gotshal & Manges LLP, in New York -- adam.strochak@weil.com --
tells the Court. In light of a possible dispute with the Hughes
Heirs over the value of the Summerlin MPC, the Debtors believe
that appraisal of the Summerlin MPC under the fixed fee
arrangement set forth in the Engagement Letter likely would not be
cost-effective for their estates because extensive litigation
support services, charged on an hourly basis, would be necessary
in addition to the fixed-fee appraisal.
Thus, the Debtors agreed with C&W to utilize the services of
C&W's Dispute Analysis & Litigation Support department for the
entire Summerlin MPC valuation, to be charged at an hourly rate,
and to delete the Summerlin MPC from the list of fixed-fee
appraisals.
The Debtors also seek that C&W's Amendment be made effective nunc
pro tunc to January 1, 2010, to clarify that all C&W work on the
Summerlin MPC appraisal, which is already well under way, will be
charged on an hourly basis.
Although the Debtors' believe that the Engagement Letter
previously approved by the Court authorized the Debtors to
utilize the C&W Litigation Team to conduct appraisal work and
related support services in excess of the original estimate for
the Summerlin MPC, the Debtors have filed the Supplemental
Application out of an abundance of caution and in the interests
of full disclosure.
The Debtors will pay C&W's professionals according to their
customary hourly rates:
Name Rate per Hour
---- -------------
Marvin Wolverton, Richard Marchitelli $500
Raymond Murray $425
Cynthia Ganiere $385
Kaye Cuba $325
The Debtors will also reimburse C&W for expenses incurred.
Although the Amendment states that C&W will bill travel time at
its regular hourly rates, C&W has agreed to a request from the
U.S. Trustee for Region 2 to bill nonworking travel time at half
C&W's regular hourly rates. The Amendment does not cap expenses
for hourly work on the Summerlin MPC, but C&W's billing for
expenses will conform to the U.S. Trustee's guidelines. With
respect to the Summerlin MPC, C&W will file interim and
final fee applications for allowance of its compensation and
expenses, with respect to its services.
Richard Latella, executive managing director of C&W, discloses
that Glenn Rufrano who recently had been named president and chief
executive officer of the firm served on the board of General
Growth Properties, Inc. Mr. Rufrano resigned from GGP's board on
March 19, 2010, and has no ongoing employment, management or
consulting relationship with GGP, Mr. Latella relates.
Mr. Latella says Mr. Rufrano has not been involved in any of the
work C&W has performed for GGP's property-level subsidiaries in
connection with these Chapter 11 cases. Once he joins C&W, Mr.
Rufrano will recuse himself from participation in any aspect of
the work C&W performs for GGP and its subsidiaries pursuant to
the firm's retention in these Chapter 11 cases and will be
screened from information relating to the engagement, Mr. Latella
notes. By imposing certain obligations and screen on individual
appraisers to refrain from sharing information with Mr. Rufrano,
these restrictions ensure that C&W will screen Mr. Rufrano
effectively from all information relating to the engagement, Mr.
Latella assures the Court.
About General Growth
Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings. The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide. General Growth is a self-
administered and self-managed real estate investment trust. The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants
LLC has been engaged as claims agent. The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers. The Debtors disclosed
$29,557,330,000 in assets and $27,293,734,000 in debts as of
December 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GENERAL GROWTH: Proposes to Enter Into AFCO Insurance Pact
----------------------------------------------------------
General Growth Properties Inc. and its units seek the Court's
authority to enter into an insurance premium finance agreement
with AFCO Premium Credit LLC for financing of certain of their
insurance premiums for the policy year April 1, 2010, through
April 1, 2011.
Several of the Debtors' property insurance policies expire on
April 1, 2010. The Debtors, in the ordinary course of business
and as permitted by the Insurance Order, made arrangements to
renew those expired policies and purchase replacement policies
from various insurers for an additional one-year period through
March 31, 2010. The total amount of premiums due under the
Insurance Policies for the upcoming policy year is about
$13.85 million, subject to a further adjustment in premium taxes,
inclusive of all taxes and policy fees.
In light of the magnitude of the Insurance Premiums, the Debtors
determined to conserve cash and finance the payment of the
Insurance Premiums, Stephen A. Youngman, Esq., at Weil, Gotshal &
Manges LLP, in New York -- stephen.youngman@weil.com -- relates.
As it is not customary for premium financing to be made available
on an unsecured basis, the Debtors thus asked their insurance
broker, Marsh USA, Inc., to solicit quotes from insurance premium
finance companies for premium financing on a secured basis. Based
on the quotes they received, the Debtors determined that the best
terms available with respect to financing the Insurance Premiums
on a secured basis were from AFCO, he says.
After arm's-length, good faith negotiations, the Debtors and AFCO
entered into the Agreement, whereby AFCO will finance the
aggregate amount of the Insurance Premiums payable by the Debtors
pursuant to the Insurance Policies on a secured basis. If the
Agreement is terminated prior to the expiration of its terms, all
unearned Insurance Premiums will be returned to AFCO, and AFCO
will refund any surplus to the Debtors.
Other terms of the Agreement are:
(1) The Debtors will pay (i) a cash down payment of
$3,462,500, which is equal to 25% of the Financed
Insurance Premiums; and (ii) a first monthly installment
payment for $1,169,863 to AFCO on or before to May 1,
2010. An aggregate financed amount of $10,387,500 will
be repaid in nine equal monthly installments of
$1,169,853, including the First Installment. The annual
percentage rate is 3.250%. Though all amounts are subject
to change due to the final calculation of premium taxes,
the APR will not change.
(2) The Agreement also provides that the Debtors will grant
AFCO a first priority security interest, which extends to:
(i) any and all unearned premiums and dividends which
may become payable under the Insurance Policies for
whatever reason: and
(ii) loss payments which reduce the unearned premiums
subject to any mortgagee or loss payee interests.
AFCO's willingness to finance the Insurance Premiums is expressly
conditioned upon entry of an order of the Court that:
(i) approves the Debtors' entry into, and payment of all sums
due under, the Agreement and authorizes and approves the
Security Interest in the Collateral;
(ii) permits AFCO to cancel the Insurance Policies in the event
of default, and apply any unearned premiums due under the
Insurance Policies to any amount owed by the Debtors to
AFCO without further application to the Court; and
(iii) grants to AFCO an administrative expense claim in the
amount, if any, by which the unearned premiums are
insufficient to pay AFCO the total amount owed by the
Debtors under the Agreement.
AFCO has required this relief because the value of the Collateral
decreases each day that the Insurance Policies are in effect, Mr.
Youngman explains. Consequently, upon default under the
Agreement, AFCO asserts it must be able to cancel the Insurance
Policies without obtaining further relief from the Court.
Continuation of the Insurance Policies is necessary to protect
the Debtors from a variety of liabilities, including property
liabilities, and without the protection of the Insurance
Policies, the Debtors would be directly liable for all such
losses, Mr. Youngman asserts. Maintenance of appropriate
insurance coverage is also required under the Operating
Guidelines issued by the Office of the U. S. Trustee for all
cases under Chapter 11 of the Bankruptcy Code, he adds.
To comply with the terms of the Insurance Policies, the Debtors
are required to obtain a Court order on or prior to April 21,
2010. Since the hearing is scheduled to be held on April 21,
2010, the Debtors seek to waive a 10-day stay under Rule 6004(h)
of the Federal Rule of Bankruptcy Procedure.
About General Growth
Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings. The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide. General Growth is a self-
administered and self-managed real estate investment trust. The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants
LLC has been engaged as claims agent. The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers. The Debtors disclosed
$29,557,330,000 in assets and $27,293,734,000 in debts as of
December 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GENERAL GROWTH: Settles Taxes With City of Chicago
--------------------------------------------------
General Growth Properties, Inc., and its debtor affiliates seek
the Court's approval of a settlement agreement it entered with the
City of Chicago resolving certain alleged prepetition transfer
taxes.
In September 2008, the City issued GGP a notice of tax
determination and assessment alleging that the company owed and
had failed to pay certain transfer taxes for $4,616,871,
including interest and penalties, pursuant to the Chicago Real
Property Transfer Tax Ordinance. According to the Notice, the
Transfer Tax Liability stems from GGP's purchase of The Rouse
Company in November 2004. The Rouse Company had an interest in
Water Tower LLC, and it was GGP's acquisition of this interest
that allegedly triggered the Transfer Tax Liability. In October
2008, GGP filed a protest to the Notice in the Chicago Department
of Administrative Hearings, and raised substantial defenses
against the assessment of the Transfer Tax Liability.
In February 2009, the Parties entered into the Settlement
Agreement, which includes these salient terms:
(a) The City accepts the amount of $300,920 as full and
complete satisfaction and settlement of the Transfer Tax
Liability.
(b) GGP withdraws its Protest and waives its right to an
administrative hearing on the Notice and Protest.
(c) GGP agrees not to make any claim for a credit or refund,
or otherwise bring or join any action to recover any
amounts paid to the City under the Settlement Agreement.
The City agrees not to make any further claims with
respect to the Transfer Tax Liability, or interest,
penalty, fines or other amounts relating to the Alleged
Taxable Transfer.
(d) If by April 30, 2010 (a) the Settlement Agreement is not
approved by the Court, and (b) the City has not received
payment of the Settlement Amount then the City may cancel
the Settlement Agreement upon written notice to GGP.
The total savings to the Debtors' estates and their creditors
under the Settlement Agreement is $4,315,951, Gary T. Holtzer,
Esq., at Weil, Gotshal & Manges LLP, in New York, points out.
The Debtors believe that settling the Transfer Tax Liability now,
under the Settlement Agreement, provides an opportunity for the
their estates to realize a more favorable resolution than waiting
until later in the reorganization process, he points out. The
Settlement Agreement will also save time and allow the Debtors to
avoid the uncertainty and expense of protracted litigation, he
adds.
The Debtors further ask the Court that any order granting the
Settlement Agreement Motion waive the stay pursuant to Rule
6004(h) of the Federal Rules of Bankruptcy Procedure so as to
facilitate timely payment of the Settlement Amount to the City.
About General Growth
Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings. The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide. General Growth is a self-
administered and self-managed real estate investment trust. The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants
LLC has been engaged as claims agent. The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers. The Debtors disclosed
$29,557,330,000 in assets and $27,293,734,000 in debts as of
December 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GENTA INC: Narrows Net Loss to $86.301 Million for 2009
-------------------------------------------------------
Genta Incorporated reported a net loss of $86.301 million for the
year ended December 31, 2009, from a net loss of $505.838 million
for 2008. Genta reported a net loss of $11.721 million for the
three months ended December 31, 2009, from net income of $29.569
million for the 2008 quarter.
Product sales - net were $218,000 for 2009 from $363,000 for 2008.
Product sales - net were $38,000 for the three months ended
December 31, 2009, from $0 for the 2008 quarter.
The Company issued convertible notes and warrants in June 2008 and
in April 2009 and issued shares of common stock, convertible notes
and warrants in July 2009 and in September 2009. At the time of
the financings in June 2008 and in April 2009, there was an
insufficient number of authorized shares of common stock in order
to permit conversion of all notes and warrants. Accordingly, the
conversion obligation for the notes and warrants were classified
as liabilities and measured at fair value on the balance sheet.
The liabilities were then marked-to-market up until the dates that
the Company's stockholders approved changes in the corporate
structure, resulting in income of $40.8 million for the fourth
quarter of 2008 and expense of $26.7 million and $462.0 million
for the twelve months ended December 31, 2009 and 2008,
respectively.
At December 31, 2009, the Company had total assets of $12.229
million against total current liabilities of $10.501 billion and
total long-term liabilities of $4.590 million, resulting in
stockholders' deficit of $2.862 million.
At December 31, 2009, Genta had cash and cash equivalents totaling
$1.2 million compared with $4.9 million at December 31, 2008. As
recently reported, on March 9, 2010, the Company closed on a
financing, whereby it issued $25 million of units consisting of
various senior unsecured convertible notes, and warrants to
purchase additional senior unsecured convertible notes with an
aggregate principal amount of $10.0 million. The Company's
current cash position is approximately $21 million, exclusive of
an additional $5 million in a blocked account that can be released
subject to certain terms and conditions. Net cash used in
operating activities through December 31, 2009 was $21.5 million,
which represents an average monthly outflow of $1.8 million. The
average monthly outflow during 2010 is expected to be $1.2
million.
A full-text copy of the Company's annual report on Form 10-K is
available at no charge at http://ResearchArchives.com/t/s?5d8a
A full-text copy of the Company's earnings release is available at
no charge at http://ResearchArchives.com/t/s?5d8b
About Genta
Berkeley Heights, New Jersey, Genta Incorporated (OTCBB: GETA.OB)
-- http://www.genta.com/-- is a biopharmaceutical company with a
diversified product portfolio that is focused on delivering
innovative products for the treatment of patients with cancer.
GLASSEL PROPERTIES: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Glassel Properties, LLC
122 N. Glassel
Orange, CA 92683
Bankruptcy Case No.: 10-13660
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Central District of California (Santa Ana)
Debtor's Counsel: Alan L. Armstrong, Esq.
18652 Florida St., #225
Huntington Beach, CA 92648-6006
Tel: (714) 375-1147
Email: alan@alanarmstrong.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
According to the schedules, the Company has assets of $2,400,000,
and total debts of $1,585,850.
The Company says it does not have unsecured creditors who are non
insiders when it filed its petition.
The petition was signed by Steve Xenos, manager of the Company.
GLOBALEYES TELECOM: Bankr. Court Can't Decide Verizon Dispute
-------------------------------------------------------------
WestLaw reports that a Chapter 11 debtor's claims against a
telecommunications services provider for prepetition breach of
contract and for relief under the Illinois Consumer Fraud and
Deceptive Business Practices Act did not come within the
bankruptcy court's non-core "related to" jurisdiction. The claims
were asserted after the debtor's plan was confirmed and its
bankruptcy estate no longer existed, and sought affirmative
monetary relief over and above the disallowance of the provider's
proof of claim, despite the debtor's characterization of the
claims as seeking recoupment and setoff. Globaleyes
Telecommunications, Inc. v. Verizon North, Inc., --- B.R. ----,
2010 WL 746989 (S.D. Ill.) (Reagan, J.).
After obtaining confirmation of a Chapter 11 plan and closing its
chapter 11 case (Bankr. S.D. Ill. Case No. 03-42797) in 2005,
telecommunications carrier Globaleyes Telecommunications, Inc.,
reopened its case in 2006 and sued (Bankr. S.D. Ill. Adv. Pro. No.
06-4129) telecommunications services provider Verizon, asserting
state-law claims for alleged breaches of contract and violation of
Illinois Consumer Fraud and Deceptive Business Practices Act, and
also objecting to and seeking disallowance of provider's claim
against estate. Judge Meyers in the U.S. Bankruptcy Court for the
Southern District of Illinois dismissed state-law claims for lack
of subject matter jurisdiction and granted summary judgment for
provider on remaining claim. The Debtor appealed, an Verison
prevailed. At issue is about $750,000 Globaleyes claims Verizon
overcharged under various agreements. Verizon refunded about
$200,000 of that amount. Globaleyes is still trying to collect
the remaining $550,000.
GMAC INC: Names Mackey as Interim Chief Financial Officer
---------------------------------------------------------
GMAC Inc. said James Mackey, group vice president and senior
Finance executive, has been appointed interim chief financial
officer, effective April 2, 2010.
Mr. Mackey, 42, joined GMAC in March 2009 and has responsibility
for Financial Planning and Analysis, Investor Relations and
Finance support for the company's Treasury and Risk activities.
He will continue to have oversight for these areas in addition to
serving as interim chief financial officer.
Before joining GMAC, Mr. Mackey served as the chief financial
officer of the Corporate Investments, Treasury and Private Equity
divisions at Bank of America from 2007 to March 2009. Prior to
this, from 1998 to 2007, he held several roles in the Global
Structured Products group at Banc of America Securities with
increasing responsibility, serving as a managing director since
2006. Mr. Mackey began his Finance career in 1992 at
PriceWaterhouseCoopers.
GMAC's search for a permanent chief financial officer is ongoing.
The appointment of an interim chief financial officer is to ensure
that the company has appropriate Finance leadership during the
quarterly financial review process and to aid in the transition of
a permanent chief financial officer.
About GMAC Inc
GMAC Inc. -- http://www.gmacfs.com/-- is a bank holding company
with 15 million customers worldwide. As a global, independent
financial services institution, GMAC's diversified business
operations include automotive finance, mortgage operations,
insurance, commercial finance and online banking.
GMAC Inc. was founded in 1919 as a wholly owned subsidiary of
General Motors Corporation. On November 30, 2006, General Motors
Corporation sold a 51% interest in the Company to FIM Holdings
LLC, an investment consortium led by Cerberus FIM Investors, LLC,
the sole managing member. On December 24, 2008, the Board of
Governors of the Federal Reserve System approved the Company's
application to become a bank holding company under the Bank
Holding Company Act of 1956, as amended. In connection with this
approval, GM and FIM Holdings were required to significantly
reduce their voting equity ownership interests in GMAC. These
reductions in ownership occurred in 2009.
Ally Bank, a unit of GMAC Financial Services, is an online U.S.
bank that provides an array of products, including online savings
accounts, money-market savings accounts and a variety of no
penalty certificates of deposit. The bank was founded on three
core values: talking straight, doing what's right and being
obviously better than the competition. Ally Bank's total assets
were $42.5 billion at the end of the second quarter of 2009.
Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by GMAC
LLC.
* * *
For the 2009 full year, GMAC reported a net loss of $10.3 billion,
compared to net income of $1.9 billion in 2008. GMAC reported
that as of Dec. 31, 2009, it had $172.306 billion in total assets
and total debt of $98.313 billion.
GMAC says there is substantial doubt about ResCap's ability to
continue as a going concern. GMAC says that should ResCap file
for bankruptcy, its investment related to ResCap's equity position
would likely be reduced to zero.
Dow Jones notes GMAC has received $16.3 billion of federal aid as
part of an effort to avoid bankruptcy. It converted into a bank-
holding company at the end of 2008 to help make it through the
financial crisis.
In February 2010, Moody's Investors Service upgraded the senior
unsecured rating of GMAC and GMAC-supported subsidiaries to B3
from Ca, with a stable rating outlook. At the end of January,
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on both GMAC and Residential Capital to
'B' from 'CCC'.
GOLF PLUS: Case Summary & 3 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Golf Plus, Inc.
dba Skyview Golf & Country Club
951 Hamilton Place Lane
Lakeland, FL 3381
Bankruptcy Case No.: 8:10-bk-07238
Chapter 11 Petition Date: March 30, 2010
Court: United States Bankruptcy Court
Middle District of Florida (Tampa)
Debtor's Counsel: Buddy D. Ford, Esq.
115 N. MacDill Avenue
Tampa, FL 33609-1521
813-877-4669
Fax : 813-877-5543
Email: Buddy@tampaesq.com
Estimated Assets: $500,001 to $1,000,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Company's 3 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flmb8-10-bk-07238.pdf
GRANT U.S.: Follows Canadian Parent Into Bankruptcy
----------------------------------------------------
Bankruptcy Law360 reports that Grant U.S. Holdings GP filed for
Chapter 15 protection on, just one day after its bankrupt Canadian
parent was given the green light to sell its wood products
facilities to paper products manufacturer Georgia-Pacific Corp.
for $400 million.
HOTELS UNION SQUARE: Case Summary & 1 Largest Unsecured Creditor
----------------------------------------------------------------
Debtor: Hotels Union Square Mezz 2 LLC
dba Istithmar Hotels Union Square Mezz 2 LLC
Cira Center
2929 Arch Street
Philadelphia, PA 19104
Bankruptcy Case No.: 10-11001
Type of Business: Hotels Union owns the W New York Union Square
hotel, located on Park Avenue South. The W in
Union Square has been hit by the recession.
Chapter 11 Petition Date: March 25, 2010
Court: United States Bankruptcy Court
District of Delaware (Delaware)
Judge: Kevin J. Carey
Debtor's Counsel: Steven M. Yoder, Esq.
Potter Anderson & Corroon LLP
Hercules Plaza
1313 North Market Street
Wilmington, DE 19801
Tel: (302) 984-6107
Fax: (302) 778-6107
E-mail: syoder@potteranderson.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
The petition was signed by Herbert L. Miller Jr., the company's
authorized person.
Debtor's List of 1 Largest Unsecured Creditor:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Sandelman Partners CRE $37,500,000
CDO I, Ltd.
Walkers SPV Limited
Walker House 87 Mary Street
George Town
Grand Cayman KY1-9002
Cayman Islands
Sandelman Partners CRE
CDO I, Ltd.
c/o Sandelman Partners, LP
Attn: William Brown Note Payable
500 Park Avenue, 3rd Floor
New York, NY 10022
Sandelman Partners CRE
CDO I, Ltd.
c/o Dechert LLP
Attn: David Linder, Esq.
One Maritime Plaza,
Suite 2300
San Francisco, CA 94111
H & M RENTALS INC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: H & M Rentals Inc.
dba WGSR Inc Kredit Care
6460 Van Buren Street
Daphne, AL 36526
Bankruptcy Case No.: 10-01290
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
Southern District of Alabama (Mobile)
Judge: Bankruptcy Judge Margaret A. Mahoney
Debtor's Counsel: Barry A. Friedman, Esq.
Barry A. Friedman and Associates P.C.
P.O. Box 2394
Mobile, AL 36652-2394
Tel: (251) 439-7400
Email: bky@bafmobile.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
According to the schedules, the Company has assets of $1,550,500,
and total debts of $2,388,551.
A full-text copy of the Debtor's petition, including a list of its
20 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/alsb10-01290.pdf
The petition was signed by Z Wayne Gatlin, president of the
Company.
HABERSHAM BANCORP: Porter Keadle Raises Going Concern Doubt
-----------------------------------------------------------
On March 29, 2010, Habersham Bancorp filed its annual report on
Form 10-K for the year ended December 31, 2009.
Porter Keadle Moore, LLP, in Atlanta, Ga., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that at Dec. 31, 2009, Habersham
Bank's total capital to risk-weighted assets and Tier I capital to
average assets ratios are below the required levels as established
by regulation. In addition, the Bank has suffered recurring
operating losses. To date, notification from the Georgia
Department of Banking and Finance regarding acceptance or
rejection of its capital plan has not been received. Failure to
meet the capital requirements and interim capital targets included
in the capital plan exposes the Bank to regulatory sanctions that
may include restrictions on operations and growth, mandatory asset
dispositions, and seizure of the institution. "These matters
raise substantial doubt about the ability of Habersham Bancorp to
continue as a going concern."
The Company reported a net loss of $26.1 million on $8.6 million
of net interest income for 2009, compared with a net loss of
$14.8 million on $11.8 million of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$456.0 million in assets, $438.9 million of debts, and
$17.1 million of stockholders' equity.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5d73
A full-text copy of the consolidated financial statements for 2009
and 2008 is available for free at:
http://researcharchives.com/t/s?5d74
Cornelia, Ga.-based Habersham Bancorp operates as the bank holding
company for Habersham Bank, a full-service commercial banking
business based in Habersham, White, Cherokee, Warren, Stephens,
Forsyth and Hall Counties, Georgia.
HAROLD HENDERSON: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Joint Debtors: Harold Jackson Henderson, Jr.
Jo Anne Henderson
Post Office Box 1566
Dublin, GA 31040-1566
Bankruptcy Case No.: 10-30157
Chapter 11 Petition Date: March 31, 2010
Court: U.S. Bankruptcy Court
Southern District of Georgia (Dublin)
Debtor's Counsel: Jon A. Levis, Esq.
Merrill & Stone, LLC
P O Box 129
Swainsboro, GA 30401
Tel.: 478-237-7029
Fax: 478-237-9211
E-mail: bkymail@merrillstonehamilton.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A copy of the Joint Debtors' list of 20 largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/gasb10-30157.pdf
The petition was signed by the Joint Debtors.
HARRAH'S ENTERTAINMENT: HOC Bank Debt Trades at 103.32%
-------------------------------------------------------
Participations in a syndicated loan under which Harrah's Operating
Company, Inc., is a borrower traded in the secondary market at
103.32 cents-on-the-dollar during the week ended Friday, April 2,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal. This represents an increase
of 0.94 percentage points from the previous week, The Journal
relates. The Company pays 750 basis points above LIBOR to borrow
under the facility. The bank loan matures on Oct. 23, 2016, and
carries Moody's Caa1 rating and Standard & Poor's B- rating. The
debt is one of the biggest gainers and losers among 196 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.
Las Vegas, Nevada-based Harrah's Entertainment, Inc. --
http://www.harrahs.com/-- through its wholly owned subsidiary,
Harrah's Operating Company, Inc., operates nearly 40 casinos
across the United States, primarily under the Harrah's(R),
Caesars(R) and Horseshoe(R) brand names; Harrah's also owns the
London Clubs International family of casinos and the World Series
of Poker(R). Private equity firms Apollo Global Management and
TPG Capital LP acquired Harrah's in January for $31 billion.
As of June 30, 2009, the Company had $30.7 billion in total assets
and total current liabilities of $1.71 billion, long-term debt of
$19.3 billion, deferred credits and other of $718.2 million,
deferred income taxes of $5.74 billion, and preferred stock of
$2.46 billion.
Harrah's Entertainment carries a 'Caa3' Corporate Family rating,
and a 'Caa3' Probability of default rating from Moody's. The
ratings "reflect very high leverage and a negative outlook for
gaming demand over the next year," Moody's said in September 2009.
HEALTHSOUTH CORP: Bank Debt Trades at 2% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which HealthSouth
Corporation is a borrower traded in the secondary market at 98.30
cents-on-the-dollar during the week ended Friday, April 2, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal. This represents an increase of 1.11
percentage points from the previous week, The Journal relates.
The Company pays 225 basis points above LIBOR to borrow under the
facility. The bank loan matures on March 10, 2013, and carries
Moody's Ba3 rating and Standard & Poor's BB- rating. The debt is
one of the biggest gainers and losers among 196 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.
Birmingham, Alabama-based HealthSouth Corporation (NYSE: HLS) --
http://www.healthsouth.com/-- is the nation's largest provider of
inpatient rehabilitative healthcare services. Operating in 26
states across the country and in Puerto Rico, HealthSouth serves
patients through its network of inpatient rehabilitation
hospitals, long-term acute care hospitals, outpatient
rehabilitation satellites, and home health agencies.
At Sept. 30, 2009, the Company had $1.754 billion in total assets
against $2.288 billion in total liabilities and $387.4 million of
convertible perpetual preferred stock. At Sept. 30, 2009, the
Company had accumulated deficit of $3.756 billion, healthsouth
shareholders' deficit of $1.002 billion, noncontrolling interests
of $80.8 million and total shareholders' deficit of $921.9
million.
HEARTLAND PUBLICATIONS: Governmental Bar Date Set
-------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
established at 4:00 p.m. (prevailing Eastern Time), of the
30th day after the date of service of the bar dates notice
package, as the last day for any individual or entity to file
proofs of claim against Heartland Publications, LLC, et al. The
Court order was dated March 12.
Governmental unit bar date is also set simultaneously as the
general claims bar date.
Proofs of claim must be sent:
if first-class mail:
Heartland Publications, LLC, Claims Processing Center
c/o Epiq Bankruptcy Solutions, LLC
FDR Station
P.O. Box 5071
New York, NY 10150-5071
if by overnight courier or hand-delivery:
Heartland Publications, LLC, Claims Processing Center
c/o Epiq Bankruptcy Solutions, LLC
757 Third Avenue, Third Floor
New York, NY 10017
Headquartered in Clinton, Connecticut, Heartland Publications, LLC
-- http://www.heartlandpublications.com/-- operates 50 paid-
circulation newspapers and numerous free or controlled
distribution products in Georgia, Kentucky, North and South
Carolina, Ohio, Oklahoma, Tennessee, Virginia and West Virginia.
The Company reaches more than 250,000 print subscribers each month
and many others via interactive Web sites. The Company operates
50 paid-circulation newspapers and numerous free or controlled
distribution products in nine states.
Heartland Publications, LLC -- aka Macon County Times, et al. --
filed for Chapter 11 bankruptcy protection on December 21, 2009
(Bankr. D. Del. Case No. 09-14459). Kenneth J. Enos, Esq., and
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor,
assist the Company in its restructuring effort. Duff & Phelps,
Securities LLC is the Debtor's financial advisor. Epiq Bankruptcy
Solutions is the Debtor's claims and notice agent. As of
October 31, 2009, the Debtor has $134.3 million in assets and
$166.2 million in liabilities.
HOTELS UNION SQUARE: Case Summary & 1 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Hotels Union Square Mezz 1 LLC
dba Istithmar Hotels Union Square Mezz 1 LLC
Cira Center
2929 Arch Street
Philadelphia, PA 19104
Bankruptcy Case No.: 10-10971
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
District of Delaware (Delaware)
Judge: Kevin J. Carey
About the Business: Hotels Union owns the W New York Union Square
hotel, located on Park Avenue South. Hotels
Union is controlled by an affiliate of Lubert-
Adler Real Estate Funds known as LEM.
Debtors' Counsel: Steven M. Yoder, Esq.
Potter Anderson & Corroon LLP
Hercules Plaza
1313 North Market Street
Wilmington, DE 19801
Tel: (302) 984-6107
Fax: (302) 778-6107
Email: syoder@potteranderson.com
Estimated Assets: $50,000,001 to $100,000,000
Estimated Debts: $50,000,001 to $100,000,000
A full-text copy of the Debtor's petition, including a list of its
1 largest unsecured creditor, is available for free at:
http://bankrupt.com/misc/deb10-10971.pdf
Debtor's List of 1 Largest Unsecured Creditor:
Entity Nature of Claim Claim Amount
------ --------------- ------------
DekaBank Deutsche Note Payable $60,000,000
Girozentrale
Mainzer Landstrasse 16
60325 Frankfurt am
Main, Germany
c/o R. John Wilcox II,
Managing Director
Savills LLC
599 Lexington Avenue,
36th Floor
New York, NY 10022
The petition was signed by Herbert L. Miller Jr., the company's
authorized person.
INNATECH LLC: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Innatech, LLC
dba Dynamic
750 Letica Drive
Rochester, MI
Bankruptcy Case No.: 10-49380
Type of Business: Headquartered in Rochester, Michigan, Innatech
LLC manufactures and designs "highly-engineered
injection molded components and assemblies."
Innatech's are sold to Tier I and Tier II
automotive suppliers and to customers in the
packaging, office furniture, appliances,
household goods, toys, and personal care
markets. Innatech employs almost 150 people at
three facilities located in Michigan, Indiana
and Ohio.
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Eastern District of Michigan (Detroit)
Judge: Thomas J. Tucker
Debtor's Counsel: Robert D. Gordon, Esq.
151 South Old Woodward Ave., Suite 200
Birmingham, MI 48009
Tel: (248) 988-5882
Fax: (248) 988-2502
Email: rgordon@clarkhill.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
The petition was signed by Willard B. McCardell Jr., the company's
president.
Debtor's List of 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Asplundh, Ed K Loans $750,000
230 El Pueblo Way
Palm Beach, FL 33480
Brickman, Jr. Theodore W. Loans $500,000
c/o Pitcairn Trust
One Pitcairn Place,
Suite 3000
Jenkintown, PA 19046
Abbott Nutrition Rent $375,403
75 Remittance Dr Ste
Chicago, IL 60675-1310
Erler Industries Trade $243,621
Dawda, Mann, Mulcahy, Legal Services $238,020
& Sadler
Infor Global Solutions Trade $183,900
Hexin Electric Appliance Trade $160,530
Co., Ltd
Polyone Distribution Trade $124,014
IACNA Trade $122,229
Blue Cross Blue Shield Insurance $110,728
of Michigan (expired plan)
Bank of America
Moore, C.P.A., David G. Accounting services $104,174
Advanced Composites Trade $97,614
A. Schulman, Inc. Trade $87,919
City of Lebanon, Ohio Electric/Utility $80,574
Unique Fabricating, Inc. Trade $71,739
Product Action Trade $70,117
International
Frank Rewold and Son, Trade $64,598
Inc.
TPS Logistics, Inc. Trade $56,745
Miami Valley Packaging Trade $55,181
Solutions
Rhetech Trade $50,116
INTERTAPE POLYMER: Brandes Investment Holds 7.89% of Common Stock
-----------------------------------------------------------------
Brandes Investment Partners, L.P.; Brandes Investment Partners,
Inc.; Brandes Worldwide Holdings, L.P.; Charles H. Brandes; Glenn
R. Carlson; and Jeffrey A. Busby disclosed that as of December 31,
2009, they may be deemed to beneficially own 4,650,255 shares or
roughly 7.89% of the common stock of Intertape Polymer Group Inc.
About Intertape Polymer Group
Intertape Polymer Group Inc. (TSX:ITP) (NYSE:ITP) develops and
manufactures specialized polyolefin plastic and paper based
packaging products and complementary packaging systems for
industrial and retail use. Headquartered in Montreal, Quebec and
Sarasota/Bradenton, Florida, the Company employs approximately
2,100 employees with operations in 17 locations, including 13
manufacturing facilities in North America and one in Europe.
* * *
As reported by the Troubled Company Reporter on April 6, 2009,
Standard & Poor's Ratings Services lowered its ratings, including
its corporate credit rating, to 'CCC+' from 'B' on Intertape
Polymer Group Inc. and related entities. At the same time, S&P
removed the ratings from CreditWatch with negative implications,
where S&P placed them on March 23, 2009. The outlook is negative.
INTERTAPE POLYMER: Letko Brosseau Holds 22.99% of Common Stock
--------------------------------------------------------------
Letko, Brosseau & Ass. Inc., in Montreal, Quebec, Canada,
disclosed that as of December 31, 2009, it may be deemed to
beneficially own 13,517,913 shares or roughly 22.99% of the common
stock of Intertape Polymer Group Inc.
About Intertape Polymer Group
Intertape Polymer Group Inc. (TSX:ITP) (NYSE:ITP) develops and
manufactures specialized polyolefin plastic and paper based
packaging products and complementary packaging systems for
industrial and retail use. Headquartered in Montreal, Quebec and
Sarasota/Bradenton, Florida, the Company employs approximately
2,100 employees with operations in 17 locations, including 13
manufacturing facilities in North America and one in Europe.
* * *
As reported by the Troubled Company Reporter on April 6, 2009,
Standard & Poor's Ratings Services lowered its ratings, including
its corporate credit rating, to 'CCC+' from 'B' on Intertape
Polymer Group Inc. and related entities. At the same time, S&P
removed the ratings from CreditWatch with negative implications,
where S&P placed them on March 23, 2009. The outlook is negative.
INTERTAPE POLYMER: Narrows Net Loss to $14.4 Million in 2009
------------------------------------------------------------
Intertape Polymer Group, Inc., reported a net loss for the fourth
quarter ended December 31, 2009, of $8.5 million compared to a net
loss of $99.8 million for the same period in 2008. Results for
the quarter were negatively impacted by several items including
increases in resin-based raw materials and $3.4 million in other
costs which were higher than normal. In addition, the on-going
strike in Brantford, Ontario, continued to impact results. The
strike costs are expected to continue, but decline over time. The
Company said net loss for the full year totaled $14.4 million
compared to a net loss of $92.8 million in 2008.
Fourth quarter sales were $160.8 million, a 5.0% increase compared
to $153.1 million for the fourth quarter of 2008 and down
sequentially by only 1.8% from the third quarter of 2009, a
percentage decline far below historical levels. For the year
2009, sales were $615.5 million, representing a decrease of 16.5%
compared to $737.2 million for 2008.
At December 31, 2009, the Company has $535.853 million in total
assets against $298.050 million in total liabilities.
During the fourth quarter of 2009, the Company repurchased Senior
Subordinated Notes having a notational amount of $6.3 million.
Total debt for 2009 decreased by $34.4 million to $217.0 million
from $251.4 million at the end of 2008. As of December 31, 2009,
although it was not in effect, the Company was in compliance with
the financial covenant of its asset based loan, a fixed charge
coverage ratio of 1.0 to 1.0. As of December 31, 2009, the fixed
charge coverage ratio was 1.38. This covenant becomes effective
only when unused availability drops below $25.0 million. As of
December 31, 2009, cash and unused availability under the ABL was
$45.1 million. During the first quarter of 2010, the Company has
maintained availability under the ABL in excess of $25.0 million
and expects to remain above that level throughout the year.
Outlook
"As our operations show steady improvement, Intertape's two
principal goals in 2010 are to continue to grow sales and reduce
debt through stringent cash management," said Intertape's
Executive Director, Melbourne F. Yull. "Sales growth through the
second half of 2009 was partially due to restocking by customers.
Increased sales of our new products and new market penetrations
also contributed to the sales increase and we anticipate both
factors will continue into 2010. While the extent of any
improvement in the economy remains unclear, we nonetheless
anticipate sequential growth from the fourth quarter of 2009 to
the first quarter of 2010 in sales and EBITDA. We are confident
that the ECP Division will benefit going forward from its new
product launches in the building and construction sectors, as well
as more normalized operations in Brantford."
"The Company plans to continue to reduce costs throughout 2010 by
approximately $12.5 million as a part of its ongoing productivity
improvement programs, although not all such improvements are
expected to contribute to an increase in earnings. Some of these
savings will be offset by increased manufacturing costs and by
pricing pressure in the marketplace. Gross margins will continue
to be affected by expected additional resin-based raw material
cost increases, thereby making improvement to our bottom line a
function of pricing power. Current industry pressures preclude
any immediate product selling price increases.
"The most significant improvement the Company has seen in the
first quarter of 2010 compared to the fourth quarter of 2009, is
increased sales and improved product mix. Additionally, the
fourth quarter of 2009 included $3.4 million of costs that should
not reoccur in the first quarter of 2010," concluded Mr. Yull.
A full-text copy of the Company's earnings release is available at
no charge at http://ResearchArchives.com/t/s?5d81
A full-text copy of the Company's Annual 2009 Financial Statements
is available at no charge at http://ResearchArchives.com/t/s?5d82
About Intertape Polymer Group
Intertape Polymer Group Inc. (TSX:ITP) (NYSE:ITP) develops and
manufactures specialized polyolefin plastic and paper based
packaging products and complementary packaging systems for
industrial and retail use. Headquartered in Montreal, Quebec and
Sarasota/Bradenton, Florida, the Company employs approximately
2,100 employees with operations in 17 locations, including 13
manufacturing facilities in North America and one in Europe.
* * *
As reported by the Troubled Company Reporter on April 6, 2009,
Standard & Poor's Ratings Services lowered its ratings, including
its corporate credit rating, to 'CCC+' from 'B' on Intertape
Polymer Group Inc. and related entities. At the same time, S&P
removed the ratings from CreditWatch with negative implications,
where S&P placed them on March 23, 2009. The outlook is negative.
INTERTAPE POLYMER: Rutabaga Capital Holds 6.39% of Common Stock
---------------------------------------------------------------
Rutabaga Capital Management in Boston, Massachusetts, disclosed
that at end-2009, it may be deemed to beneficially own 3,768,815
shares or roughly 6.39% of the common stock of Intertape Polymer
Group Inc.
About Intertape Polymer Group
Intertape Polymer Group Inc. (TSX:ITP) (NYSE:ITP) develops and
manufactures specialized polyolefin plastic and paper based
packaging products and complementary packaging systems for
industrial and retail use. Headquartered in Montreal, Quebec and
Sarasota/Bradenton, Florida, the Company employs approximately
2,100 employees with operations in 17 locations, including 13
manufacturing facilities in North America and one in Europe.
* * *
As reported by the Troubled Company Reporter on April 6, 2009,
Standard & Poor's Ratings Services lowered its ratings, including
its corporate credit rating, to 'CCC+' from 'B' on Intertape
Polymer Group Inc. and related entities. At the same time, S&P
removed the ratings from CreditWatch with negative implications,
where S&P placed them on March 23, 2009. The outlook is negative.
INTERWEST DEVELOPMENT: Case Summary & 6 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: Interwest Development Corporation
3350 Americana Terrace, Suite 200
Boise, ID 83706
Bankruptcy Case No.: 10-00718
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
District of Idaho (Boise)
Judge: Chief Judge Terry L. Myers
Debtor's Counsel: Brian John Coffey, Esq.
Best Bankruptcy Service
3350 Americana Terrace, Ste. 205
Boise, ID 83706
Tel: (208) 991-8043
Fax: (208) 439-7435
Email: brian@bestbkservice.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $10,000,001 to $50,000,000
A full-text copy of the Debtor's petition, including a list of its
6 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/idb10-00718.pdf
The petition was signed by A. Leon Blaser, president of the
Company.
Debtor-affiliates that filed separate Chapter 11 petitions:
Petition
Debtor Case No. Date
------ -------- ----
Knoll Acres Associates, LLC 10-00720 3/23/10
Assets: $1 million to $10 million
Debts: $1 million to $10 million
Northwest Equity, Inc. 10-00721 3/23/10
Assets: $1 million to $10 million
Debts: $1 million to $10 million
J AND J HARRISON: Case Summary & 4 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: J and J Harrison, LLC
4340 Stockton Blvd
Sacramento, CA 95820
Bankruptcy Case No.: 10-27195
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Eastern District of California (Sacramento)
Judge: Michael S. McManus
Debtor's Counsel: James L. Brunello, Esq.
PO Box 4155
El Dorado Hills, CA 95762
Tel: (916) 358-8585
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $500,001 to $1,000,000
A full-text copy of the Debtor's petition, including a list of its
4 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/caeb10-27195.pdf
The petition was signed by Ardell Harrison, president of the
Company.
JAMES WILLIS CARRIE: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Joint Debtors: James Willis Carrie
Esther Sharlene Carrie
1365 South 18 East
P.O. Box 624
Mountain Home, ID 83647
Bankruptcy Case No.: 10-00743
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
District of Idaho [LIVE] (Boise)
Debtors' Counsel: Randal J. French, Esq.
POB 2730
Boise, ID 83701-2730
Tel: (208) 383-0090
Fax: (208) 383-0412
Email: rfrench@bauerandfrench.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Company's 20 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/idb10-00743.pdf
The petition was signed by the Joint Debtors.
JUMA TECHNOLOGY: Dec. 31 Balance Sheet Upside-Down by $12.1MM
-------------------------------------------------------------
On March 29, 2010, Juma Technology Corp. filed its annual report
on Form 10-K for the year ended December 31, 2009.
The Company's balance sheet as of December 31, 2009, showed
$4.9 million in assets and $17.1 million of debts, for a
stockholders' deficit of $12.1 million
The Company reported a net loss of $12.4 million on $13.1 million
of revenue for 2009, compared with a net loss of $9.0 million on
$21.4 million of revenue for 2008.
Seligson & Giannattasio, LLP, in White Plains, N.Y., expressed
substantial doubt about the Company's ability to continue as a
going concern. The independent auditors noted that the Company
has incurred significant recurring losses.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5d50
Farmingdale, N.Y.-based Juma Technology Corp. is a highly
specialized convergence systems integrator with a complete suite
of services for the implementation and management of an entity's
data, voice and video requirements.
KEENE BROTHERS: Case Summary & 3 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Keene Brothers, Inc.
4946 Land O' Lakes Blvd
Land O Lakes, FL 34639
Bankruptcy Case No.: 8:10-bk-07202
Chapter 11 Petition Date: March 30, 2010
Court: United States Bankruptcy Court
Middle District of Florida (Tampa)
Debtor's Counsel: David W Steen, Esq.
David W Steen, PA
13902 N. Dale Mabry Hwy., Suite 110
Tampa, FL 33618
813-251-3000
Fax : 813-251-3100
Email: dwslaw@yahoo.com
Estimated Assets: $1,000,001 to $10 million
Estimated Debts: $1,000,001 to $10 million
A list of the Company's 3 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/flmb8-10-bk-07202.pdf
KIRKLAND HUTCHESON: Wants Until April 14 to File Chapter 11 Plan
----------------------------------------------------------------
Kirkland Hutcheson, LLC, asks the U.S. Bankruptcy Court for the
Western District of Missouri to extend until April 14, 2010, its
exclusive period to file a disclosure statement explaining the
proposed Chapter 11 Plan.
The Debtor said that the proposed Plan and Disclosure Statement
still has to be incorporated with financial information and
projections.
The Debtor is represented by:
David Schroeder Law Offices, P.C.
1524 East Primrose, Suite A
Springfield, Missouri, 65804
Tel: (417) 890-1000
Fax: (417) 886-8563
E-Mail: bk1@dschroederlaw.com
Branson, Missouri-based Kirkland Hutcheson, LLC -- dba Castle Rock
Resort and fka Atrium Inn -- operates a hotel facility. The
Company filed for Chapter 11 bankruptcy protection on November 24,
2009 (Bankr. W.D. Mo. Case No. 09-62695). The Company listed
$10,000,001 to $50,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.
KPT ENTERPRISES: Gets Final OK to Access Lenders' Cash Collateral
-----------------------------------------------------------------
The Hon. Marcia Phillips Parsons of the Eastern District of
Tennessee, in a final order, authorized KPT Enterprises, LLC, to
access cash in which Andrew Johnson Bank and Central Leasing
affiliated banks, Bank East, Renaissance Bank fka Capital Bank and
Trust, and First Bank, claim an interest in.
The lenders claim either a first and prior lien and security
interest on certain pieces of equipment or a true lease, the
Debtor leases the equipment to MDS.
The Debtor contended that as of the petition date, the lenders,
have a part of the total secured indebtedness of $3.5 million.
The Debtor currently has the equipment insured for in excess of
$6.0 million.
As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant the lenders adequate protection
liens in all property and assets of the Debtor. The Debtor will
continue to keep all equipment insured and maintained during the
lease of equipment to MDS.
The Court also ordered that the final order will no way effect the
rights of Andrew Johnson Bank with respect to its loan to the
Debtor secured by the real estate.
The Debtor is represented by:
Hodges, Doughty & Carson, PLLC
617 West Main Street
P.O. Box 869
Knoxville, Tennessee 37901
Tel: (865) 292-2307
About KPT Enterprises, LLC
Morristown, Tennessee-based KPT Enterprises, LLC, owns certain
over-the-road tractors and trailer rigs which it utilizes in
hauling freight on a commercial basis. The Company filed for
Chapter 11 bankruptcy protection on December 30, 2009 (Bankr. E.D.
Tenn. Case No. 09-53521). Dean B. Farmer, Esq., at Hodges,
Doughty & Carson PLLC, assists the Company in its restructuring
effort. The Company listed $10,000,001 to $50,000,000 in assets
and $1,000,001 to $10,000,000 in liabilities.
LAS VEGAS SANDS: Bank Debt Trades at 9% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Las Vegas Sands
Corp. is a borrower traded in the secondary market at 91.41 cents-
on-the-dollar during the week ended Friday, April 2, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal. This represents an increase of 1.15
percentage points from the previous week, The Journal relates.
The Company pays 175 basis points above LIBOR to borrow under the
facility. The bank loan matures on May 1, 2014, and carries
Moody's B3 rating and Standard & Poor's B- rating. The debt is
one of the biggest gainers and losers among 196 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.
Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center. The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.
As reported by the TCR on Aug. 4, 2009, Moody's placed Las Vegas
Sands Corp.'s ratings, including its 'B3' Corporate Family Rating,
on review for possible downgrade. Moody's cited weak operating
results and heightened concern regarding the Company's ability to
maintain compliance with financial covenants, among other things.
Las Vegas Sands also carries 'B-' issuer credit ratings from
Standard & Poor's.
LATSHAW DRILLING: Wants to Resolve LCPI Claims Before Filing Plan
-----------------------------------------------------------------
Latshaw Drilling Company, LLC, and Latshaw Drilling & Exploration
Company, Inc. ask the U.S. Bankruptcy Court for the Northern
District of Oklahoma to extend their exclusive periods to file a
Chapter 11 Plan and to solicit acceptances for the proposed Plan
until April 8, 2010, and June 7, 2010, respectively.
Absent the extension, the Debtors' exclusive right to propose a
Chapter 11 Plan expired on March 11, 2010, and their solicitation
period will expire on May 10, 2010.
The Debtors relate that they are still negotiating with Lehman
Commercial Paper, Inc. matters that will result in a Plan
acceptable to parties and resolve the disputes regarding the LCPI
claims.
The Debtors are represented by:
Mark A. Craige
MorrelSaffaCraige, P.C.
3501 South Yale Avenue
Tulsa, OK 74135-8014
Tel: (918) 664-0800
Fax: (918) 663-1383
E-mail: mark@law-office.com
Tulsa, Oklahoma-based Latshaw Drilling Company LLC filed for
Chapter 11 bankruptcy protection on November 11, 2009 (Bankr. N.D.
Okla. Case No. 09-13572). Mark A. Craige, Esq., at
MorrelSaffaCraige, PC, assists the Company in its restructuring
effort. The Company listed $193,549,066 in assets and
$77,940,788 in liabilities in its petition.
LEVEL 3 COMMS: Bank Debt Trades at 7% Off in Secondary Market
-------------------------------------------------------------
Participations in a syndicated loan under which Level 3
Communications, Inc., is a borrower traded in the secondary market
at 93.23 cents-on-the-dollar during the week ended Friday, April
2, 2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal. This represents an increase
of 1.42 percentage points from the previous week, The Journal
relates. The Company pays 225 basis points above LIBOR to borrow
under the facility. The bank loan matures on March 1, 2014, and
carries Moody's B1 rating and Standard & Poor's B+ rating. The
debt is one of the biggest gainers and losers among 196 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.
Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc., is a publicly traded international communications company
with one of the world's largest communications and Internet
backbones.
Level 3 Communications carries a 'Caa1' corporate family rating,
and 'Caa2' probability of default rating, with negative outlook
from Moody's, a 'B-' issuer default rating from Fitch, and 'B-'
long term issuer credit ratings from Standard & Poor's.
LEXINGTON PRECISION: Filing of Form 10-K for 2009 to be Delayed
---------------------------------------------------------------
In a regulatory filing Thursday, Lexington Precision Corp.
disclosed that the filing of its annual report on From 10-K for
the year ended December 31, 2009, will be delayed due to the
additional demands placed on its accounting professionals as a
result of its bankruptcy filing.
Net sales for 2009 were $61,567,000, compared to net sales of
$73,029,000 for 2008. Income from operations for 2009 was roughly
$1,060,000, compared to income from operations of $3,237,000 for
2008.
The Company reported a net loss of $8,554,000 on $46,190,000 of
revenue for the nine months ended September 30, 2009, compared
with a net loss of $6,607,000 on $59,223,000 of revenue for the
same period of 2008. Income from operations was $695,000 for the
nine months ended September 30, 2009, compared with income from
operations of $3,630,000 for the same period of 2008.
As of September 30, 2009, the Company's balance sheet showed
$48.4 million in assets and $103.2 million of debts, for a
stockholders' deficit of $54.9 million.
About Lexington Precision
Headquartered in New York, Lexington Precision Corp. --
http://www.lexingtonprecision.com/-- manufactures tight-tolerance
rubber and metal components for use in medical, automotive, and
industrial applications. As of February 29, 2008, the Company
employed about 651 regular and 22 temporary personnel.
The Company and its affiliate, Lexington Rubber Group Inc., filed
for Chapter 11 protection on April 1, 2008 (Bankr. S.D.N.Y. Lead
Case No.08-11153). Christopher J. Marcus, Esq., and Victoria
Vron, Esq., at Weil, Gotshal & Manges, represent the Debtors in
their restructuring efforts. The Debtors selected Epiq Systems -
Bankruptcy Solutions LLC as claims agent. The U.S. Trustee for
Region 2 appointed six creditors to serve on an official committee
of unsecured creditors. Paul N. Silverstein, Esq., and Jonathan
Levine, Esq., at Andrews Kurth LLP, represent the Committee as
counsel.
On June 30, 2008, the Debtors filed with the Bankruptcy Court a
plan of reorganization. It was amended twice, the latest
amendment dated December 8, 2008. The Debtors currently plan to
complete the liquidation of their connector-seal business before
seeking approval of the Amended Plan.
LINK DEVELOPMENT: Court Dismisses Chapter 11 Reorganization Case
----------------------------------------------------------------
The Hon. William C. Hillman of the U.S. Bankruptcy Court granted
the Assistant U.S. Trustee John Fitzgerald's motion to dismiss the
Chapter 11 case of Link Development, LLC.
Boston, Massachusetts-based Link Development, LLC, filed for
Chapter 11 bankruptcy protection on January 28, 2010 (Bankr. D.
Mass. Case No. 10-10786). Scott R. Stevenson, Esq., at Stevenson
& Lynch, P.C., assists the Company in its restructuring effort.
The Company listed $10,000,001 to $50,000,000 in assets and
$1,000,001 to $10,000,000 in liabilities.
LIQUIDATION OUTLET: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Liquidation Outlet, Inc.
PO Box 39620
Lakewood, WA 98496
Bankruptcy Case No.: 10-42279
Chapter 11 Petition Date: March 25, 2010
Court: United States Bankruptcy Court
Western District of Washington (Tacoma)
Judge: Paul B. Snyder
Debtor's Counsel: Benjamin J. Riley, Esq.
Brian L Budsberg PLLC
1801 West Bay Drive Ste 301
Olympia, WA 98507
Tel: (360) 584-9093
E-mail: ben@budsberg.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $1,000,001 to $10,000,000
According to the schedules, the Company has assets of $16,053,250,
and total debts of $7,434,413.
The petition was signed by Gary Woodring, the Company's president.
Debtor's List of 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
ABC Pacific Default Lease $53,764
B&G Sales, Inc. Vendor $57,973
Betty, Inc. Vendor $52,673
Blue Cross Laboratories Vendor $47,857
Charlie's Produce Vendor $315,000
PO Box 24606
Seattle, WA 98124
EH Greetings Vendor $112,692
Hulco Sales Corp. Vendor $322,080
PO Box 150
Terre Haute, IN 47808
Imperial Plastics Vendor $41,312
Inland US Management Default Lease $95,719
Kole Imports Vendor $61,806
ML Weiner & Assoc. Vendor $33,247
Olympic Gateway Default Lease $33,672
PK II Sunset Square Default Lease $34,012
Poly Bag LLC Vendors $34,311
Rosen Properties Default Lease $36,860
Santa Clara Square Default Lease $55,602
Client Trust
Selected Trading Vendors $48,370
Sound Properties Default Lease $44,178
South Bay International Vendors $40,315
University City Default Lease $35,932
LKA INTERNATIONAL: MaloneBailey Raises Going Concern Doubt
----------------------------------------------------------
On April 1, 2010, LKA International, Inc., filed its annual report
on Form 10-K for the year ended December 31, 2009.
MaloneBailey, LLP, in Houston, expressed substantial doubt about
the Company's ability to continue as a going concern. The
independent auditors noted that of the Company's losses from
operations and working capital deficit.
The Company reported a net loss of $1,344,768 on $236,757 of
revenue for 2009, compared with a net loss of $413,397 on $747,216
of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$1,035,900 in assets and $1,116,153 of debts, for a stockholders'
deficit of $80,253.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5db5
Gig Harbor, Wash.-based LKA International, Inc. owns certain real
and personal property interests including patented and unpatented
mining claims, water rights, buildings, fixtures, improvements,
equipment, and permits situated in Lake City, Colorado. LKA's
activities associated with these properties have been sporadic
since they were acquired by its predecessor in December 1982.
LODGENET INTERACTIVE: Annual Stockholders' Meeting on May 12
------------------------------------------------------------
The Annual Meeting of Stockholders of LodgeNet Interactive
Corporation will be held at LodgeNet's Corporate Offices, 3900
West Innovation Street, in Sioux Falls, South Dakota, on May 12,
2010, at 9:00 a.m., Central Daylight Time, for the purpose of
considering and voting upon these matters:
-- To receive and consider management's report on the
business of the Company and the Company's audited
financial statements for the fiscal year ended
December 31, 2009, together with the report of
PricewaterhouseCoopers LLP, the Company's independent
registered public accounting firm.
-- To act on:
(A) Election of Directors. To elect three persons to the
Board of Directors of the Company to serve for three-
year terms expiring in 2013 and until the persons'
successors are elected and qualified. The Board's
nominees are:
* J. Scott Kirby
* Scott C. Petersen
* Scott H. Shlecter
(B) Ratification of Appointment of Independent Registered
Public Accounting Firm. To ratify the appointment of
PricewaterhouseCoopers as the Company's independent
registered public accounting firm for the fiscal year
ending December 31, 2010.
(C) Other Business. To transact other business as may
properly come before the Meeting and at any and all
adjournments thereof.
Stockholders of record on March 19, 2010, will be entitled to
notice of and to vote in person or by proxy at the Meeting.
A full-text copy of the Company's proxy statement is available at
no charge at http://ResearchArchives.com/t/s?5d83
About LodgeNet Interactive
Sioux Falls, South Dakota-based LodgeNet Interactive Corporation
(Nasdaq:LNET) -- http://www.lodgenet.com/-- provides media and
connectivity solutions designed to meet the unique needs of
hospitality, healthcare and other guest-based businesses.
LodgeNet Interactive serves more than 1.9 million hotel rooms
worldwide in addition to healthcare facilities throughout the
United States. The Company's services include: Interactive
Television Solutions, Broadband Internet Solutions, Content
Solutions, Professional Solutions and Advertising Media Solutions.
LodgeNet Interactive Corporation owns and operates businesses
under the industry leading brands: LodgeNet, LodgeNetRX, and The
Hotel Networks.
LodgeNet Interactive's balance sheet at December 31, 2009, showed
$508.3 million in total assets and $579.3 million in total
liabilities for a $70.9 million stockholders' deficit.
* * *
According to the Troubled Company Reporter on September 30, 2009,
Moody's Investors Service upgraded LodgeNet Interactive
Corporation's speculative grade liquidity rating to SGL-3
(indicating adequate liquidity) from SGL-4 (indicating poor
liquidity) while revising the outlook for all ratings to stable
from negative. Concurrently, Moody's also affirmed LodgeNet's B3
corporate family rating and Caa1 probability of default rating.
LODGENET INTERACTIVE: Young Steps Down as Sr. Vice President
------------------------------------------------------------
LodgeNet Interactive Corporation disclosed that on March 23, 2010,
Scott E. Young informed the Company of his intention to resign
from his position as the Senior Vice President of the Company, in
which he serves as president of the Company's hospitality business
and Chief Marketing Officer. Mr. Young's employment terminated
April 2, 2010, but he has agreed to continue to be available to
assure an orderly transition of his responsibilities. The Company
plans to engage a firm to conduct an executive search, and in the
interim, Scott Petersen, the Company's President and Chief
Executive Officer will oversee the activities of the hospitality
business.
About LodgeNet Interactive
Sioux Falls, South Dakota-based LodgeNet Interactive Corporation
(Nasdaq:LNET) -- http://www.lodgenet.com/-- provides media and
connectivity solutions designed to meet the unique needs of
hospitality, healthcare and other guest-based businesses.
LodgeNet Interactive serves more than 1.9 million hotel rooms
worldwide in addition to healthcare facilities throughout the
United States. The Company's services include: Interactive
Television Solutions, Broadband Internet Solutions, Content
Solutions, Professional Solutions and Advertising Media Solutions.
LodgeNet Interactive Corporation owns and operates businesses
under the industry leading brands: LodgeNet, LodgeNetRX, and The
Hotel Networks.
LodgeNet Interactive's balance sheet at December 31, 2009, showed
$508.3 million in total assets and $579.3 million in total
liabilities for a $70.9 million stockholders' deficit.
* * *
According to the Troubled Company Reporter on September 30, 2009,
Moody's Investors Service upgraded LodgeNet Interactive
Corporation's speculative grade liquidity rating to SGL-3
(indicating adequate liquidity) from SGL-4 (indicating poor
liquidity) while revising the outlook for all ratings to stable
from negative. Concurrently, Moody's also affirmed LodgeNet's B3
corporate family rating and Caa1 probability of default rating.
LOVELAND ENTERTAINMENT: Case Summary & Largest Unsecured Creditor
-----------------------------------------------------------------
Debtor: Loveland Entertainment, Inc.
4250 Byrd Drive
Loveland, CO 80538
Bankruptcy Case No.: 10-16383
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
District of Colorado (Denver)
Judge: Elizabeth E. Brown
Debtor's Counsel: Aaron A. Garber, Esq.
303 E. 17th Ave., Ste. 500
Denver, CO 80203
Tel: (303) 832-2400
Email: aag@kutnerlaw.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Debtor identified Pinnacol Assurance with debt claim for $129
as its largest unsecured creditor. A list of the Company's largest
unsecured creditor is available for free at:
http://bankrupt.com/misc/cob10-16383.pdf
The petition was signed by Todd Erdmann, president of the Company.
LPATH INC: Earns $4.0 Million in 2009
-------------------------------------
Lpath, Inc. filed its annual report on Form 10-K, showing net
income of $4.0 million on $11.9 million of revenue for 2009,
compared with a net loss of $11.5 million on $2.9 million of
revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$7.9 million in assets, $6.0 million of debts, and $1.9 million of
stockholders' equity.
Moss Adams LLP, in San Diego, Calif., expressed substantial doubt
about the Company's ability to continue as a going concern. The
independent auditors noted that the Company had incurred
significant cash losses from operations since inception and
expects to continue to incur cash losses from operations in 2010
and beyond.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5d4f
San Diego, Calif.-based Lpath, Inc. is a biotechnology company
focused on the discovery and development of lipidomic-based
therapeutics, an emerging field of medical science whereby
bioactive lipids are targeted to treat human diseases.
LYONDELL CHEMICAL: Conoco Seeks to Exercise Recoupment Rights
-------------------------------------------------------------
Debtor Basell USA, Inc., and ConocoPhillips Company entered into a
Purchase and Sale Agreement whereby Basell, on behalf of
ConocoPhillips, sold product produced by ConocoPhillips, in
exchange for certain fees and compensation. The Agreement was
deemed effected as of December 31, 20009. ConocoPhillips and the
Debtors are conducting a final accounting and reconciliation of
sums owing by each party under the Agreement. Pending final
accounting, ConocoPhillips estimates that under the Agreement,
Basell owes it $35,904,006 -- the Unpaid Amounts Claim -- and that
it owes Basell $3,694,830 consisting of:
(i) $984,342 -- the Postpetition Adjustments; and
(ii) $2,710,488 -- the Price Incentive Debts.
In addition to those amounts, ConocoPhillips filed a rejection
claim for $39,521,277 for damages arising from Basell's rejection
of the Agreement.
Despite ConocoPhillips' attempt to resolve this matter
consensually before filing a motion, the Debtors did not provide a
response, Allen C. Wasserman, Esq., at Locke Lord Bissell &
Liddell LLP, in New York, tells the Court.
By this motion, ConocoPhillips seeks the Court's authority to
recoup both (b) the Postpetition Adjustments and (ii) Price
Incentives Debt against the unsecured portion of the Unpaid
Amounts Claim. The recoupment will result in a reduction of the
Unpaid Amounts Claim to $32,209,175.
The requested netting and recoupment is fully consistent with the
netting provisions of the agreement as well as with the historical
practices of the parties, Mr. Wasserman points out. The Unpaid
Amounts Claim, Postpetition Adjustments and Price Incentive Debt
are all corresponding reciprocal obligations, he says. All of
these amounts (i) are directly related to each other and are
fundamental components of the basic exchange in the Agreement; and
(ii) arise from the sales of ConocoPhillips' Product under the
Agreement, he adds.
ConocoPhillips further asks the Court to allow its administrative
expense claim against the Debtors for $8,243,741 for goods sold to
the Debtors prepetition. ConocoPhillips does not seek immediate
payment of the Section 503(b)(9) Claim at this time.
In the event that the Court does not authorize recoupment,
ConocoPhillips asks the Court to allow it to apply the
Postpetition Adjustments and Price Incentives Debt to the Section
503(b)(9) Claim, resulting to a total Section 503(b)(9) Claim for
$4,548,910 and total remaining unsecured claim for $31,355,096.
In a related request, ConocoPhillips sought and obtained the
Court's authority to file under seal Rajiv Singh's declaration in
support of the Recoupment Motion and a copy of the Agreement. The
Documents contain sensitive, confidential information regarding
the businesses and strategies of the Debtors and ConocoPhillips,
public disclosure of which would be detrimental to ConocoPhillps,
Mr. Wasserman told the Court.
About Lyondell Chemical
LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies. It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels. Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.
Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company. LyondellBasell became saddled with
debt as part of the US$12.7 billion merger. On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts. The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11. In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.
The Hon. Robert E. Gerber presides over the case. Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel. Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors. AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities. Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.
Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations. The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.
LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors. On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code. All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.
Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LYONDELL CHEMICAL: Former Basell Chair Wants Claim Allowed
----------------------------------------------------------
Randy Woelfel is former president and chairman of the board of
Basell North America, Inc., and president of Basell USA, Inc.
As of the Petition Date, Mr. Woelfel was employed by Basell USA as
an advisor under an employment agreement.
Mr. Woelfel says that the Employment Agreement contained
substantial obligations for which he was compensated. Mr. Woelfel
complains that he performed under the Employment Agreement from
January 2007 through November 19, 2009, yet he only received his
salary and other benefits through the Petition Date. Mr. Woelfel
asserts that he is entitled to an administrative claim for
postpetition wages and benefits under Section 503(b)(1)(A) of the
Bankruptcy Code..
Accordingly, Mr. Woelfel asks the Court to allow his
administrative expense claim for $127,607, consisting of $80,561
for postpetition wages and $47,045 for non-executive severance
benefits pursuant to Section 503(b)(1)(A).
In another request, Mr. Woelfel seeks the Court's authority to
file under seal the Employment Agreement, citing that the
Employment Agreement contains a confidentiality clause. Mr.
Woelfel adds that the confidentiality clause was necessary due to
his terms of compensation and other benefits and the ongoing
relationship between him and the Basell Debtors.
About Lyondell Chemical
LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies. It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels. Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.
Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company. LyondellBasell became saddled with
debt as part of the US$12.7 billion merger. On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts. The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11. In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.
The Hon. Robert E. Gerber presides over the case. Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel. Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors. AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities. Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.
Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations. The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.
LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors. On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code. All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.
Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LYONDELL CHEMICAL: Parent Names SVP for Olefins Americas
--------------------------------------------------------
LyondellBasell announced that Bhavesh V. (Bob) Patel has been
named Senior Vice President, Olefins and Polyolefins - Americas.
He will be based in Houston.
"I'm pleased that Bob will be joining our leadership team at this
important time in our company's history," said Jim Gallogly, CEO
of LyondellBasell.
"I'm looking forward to helping to build a stronger LyondellBasell
as we prepare to emerge from Chapter 11 protection," said Mr.
Patel.
Mr. Patel was most recently General Manager, Olefins and NGLs for
Chevron Phillips Chemical Company where he was responsible for
all aspects of one of the company's largest business lines
including strategic planning, feedstock procurement, base
chemicals marketing and pipeline system management. Previously he
served as General Manager, Asia Pacific Region, based in
Singapore, where he led all of the company's activities in the
region including joint ventures, manufacturing and marketing.
Since joining Chevron Phillips Chemical and Chevron Chemical
Company in 1990, he held a number of manufacturing, marketing,
strategic planning, business management and general management
positions. Mr. Patel received a Bachelor of Science degree in
chemical engineering from The Ohio State University. He also
holds a Master's in Business Administration from Temple
University.
About Lyondell Chemical
LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies. It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels. Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.
Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company. LyondellBasell became saddled with
debt as part of the US$12.7 billion merger. On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts. The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11. In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.
The Hon. Robert E. Gerber presides over the case. Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel. Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors. AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities. Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.
Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations. The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.
LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors. On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code. All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.
Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LYONDELL CHEMICAL: Wins Nod to Scrap Commercial Investment Leases
-----------------------------------------------------------------
Lyondell Chemical Co. and its units obtained the Court's authority
to reject 430 unexpired leases, effective as of March 31, 2010:
* 351 lease agreements between Lyondell and Commercial
Investment Trust; and
* 79 lease agreements between Houston Refining and Commercial
Investment Trust.
Full-text copies of the Lyondell CIT Leases and Houston CIT Leases
is available for free at:
* http://bankrupt.com/misc/LyondellCITLeases
* http://bankrupt.com/misc/Lyondell_HoustonCITLeases
Peter M. Friedman, Esq., at Cadwalader, Wickersham & Taft LLP, in
New York, explains that Lyondell and Houston Refining filed their
motions to reject separately, out of abundance of caution, and to
comply with Rule 6006(e) of the Federal Rules of Bankruptcy
Procedure.
Essentially, Lyondell and Houston Refining are parties to Leases
of copier equipment and their maintenance with CIT. As part of
their broad-based evaluation of contracts during their Chapter 11
cases, the Debtors have found an alternative source for this
equipment on more favorable terms, Mr. Friedman says.
Accordingly, the Debtors need to reject the Leases to avoid the
incurrence of additional administrative expense liability and to
be relieved of a burdensome contract, he relates. Moreover, the
Debtors believe that rejection of the Leases at this time will
enhance their efforts to reorganize successfully by reducing
their exposure to further administrative expenses on their
estates. In addition, the Debtors believe that no third party
would be interested in taking an assignment of any of the Leases,
or that any other opportunity exists by which they could realize
value for their estates from these Leases.
Consistent with Section 362 of the Bankruptcy Code and any other
applicable law, to the extent that any of the Debtors have
deposited amounts with CIT as a security deposit, or if CIT owes
any of the Debtors any amount pursuant to the Leases or other
agreement between the same parties, the Debtors ask the Court to
prohibit CIT from offsetting or using the amounts from the
deposit, or other amount owed to the Debtors without further
Court order.
The Debtors further ask the Court to direct CIT to file a
consolidated proof of claim arising from the rejection of the
Leases on or before the first business day that is 30 days after
the date of entry of an order rejecting the Leases. Without this
request, the Debtors may need to seek estimation of the amount of
CIT's rejection damages claims, Mr. Friedman points out. He adds
that CIT will not be prejudiced by having to file a Rejection
Claim prior to March 31, 2010, because it will have the right to
amend its Rejection Claim for up to 30 days after the effective
date of the rejection of the leases, which is the same amount of
time provided under the Bar Date Order.
About Lyondell Chemical
LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies. It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels. Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.
Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company. LyondellBasell became saddled with
debt as part of the US$12.7 billion merger. On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts. The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11. In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.
The Hon. Robert E. Gerber presides over the case. Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel. Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors. AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities. Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.
Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations. The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.
LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors. On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code. All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.
Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
MALIBU ASSOCIATES: Has Until June 3 to Propose Chapter 11 Plan
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
extended Malibu Associates, LLC's exclusive period to file and
solicit acceptances of the proposed Chapter 11 Plan until June 3,
2010; and August 3, 2010, respectively.
Malibu, California-based Malibu Associates, LLC, dba Malibu
Country Club and Malibu Country Club filed for Chapter 11 on
November 3, 2009 (Bankr. C.D. Calif. Case No. No. 09-24625).
Ashleigh A. Danker, Esq., at Kaye Scholer LLP represents the
Debtor in its restructuring effort. According to the schedules,
the Company has assets of $42,853,592, and total debts of
$35,758,538 as of the petition date.
MAUI LAND: Deloitte & Touche Raises Going Concern Doubt
-------------------------------------------------------
On March 29, 2010, Maui Land & Pineapple Company, Inc., filed its
annual report on Form 10-K for the year ended December 31, 2009.
Deloitte & Touche LLP, in Honolulu, Hawaii, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that of the Company's recurring
losses and negative cash flows from operations and deficiency in
stockholders' equity at December 31, 2009.
The Company reported a net loss of $123.3 million on $50.4 million
of revenue for 2009, compared with a net loss of $79.4 million on
$51.1 million of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$128.0 million in assets and of $205.0 million of debts, for a
stockholders' deficit of $76.9 million.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5d72
Maui, Hawaii-based Maui Land & Pineapple Company, Inc. (NYSE: MLP)
-- http://mauiland.com/--through its principal operating
subsidiary, Kapalua Land Company, Ltd., is a real estate
development company and operator of Kapalua Resort, a master-
planned resort community in West Maui.
MEGA BRANDS: Court Acknowledges Chapter 15 Proceedings
------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware recognized Mega Brands, Inc., et al.'s:
-- reorganization proceedings under the Canadian law pending
before the Superior Court, Commercial Division, for the
Judicial District of Montreal, Canada as foreign main
proceeding with respect to the Canadian Chapter 15 Debtors;
and
-- foreign non-main proceeding with respect to the Chapter 15
Debtors.
The Court also ordered that until the earlier of the Plan of
Arrangement and the Arrangement having been fully implemented, and
May 15, 2010, at 11:59 p.m. (Eastern Time), or the later date as
the Canadian Court of this Court may order, all parties-in-
interest's rights to the Debtors' assets are stayed.
MEGA Brands Inc. claims to be a trusted family of leading global
brands in construction toys, games & puzzles, arts & crafts and
stationery. The Company employs from 1,300 to 1,500 people, more
than half of them in Canada.
Mega Brands has commenced a proposed recapitalization, which will
repay the secured lenders at 70 cents on the dollar (including the
cash and equity portions) and extinguish all of the current debt.
MERUELO MADDUX: Delays Filing of 2009 Annual Report
---------------------------------------------------
In a regulatory filing Tuesday, Meruelo Maddux Properties, Inc.
disclosed that the filing of its annual report on Form 10-K for
the year ended December 31, 2009, will be delayed as substantially
all of its financial reporting resources are focused on its
proposed reorganization plan and other bankruptcy-related demands.
As reported in the Troubled Company Reporter on November 30, 2009,
the Company reported a net loss of $11.0 million on $5.9 million n
of revenue for the three months ended September 30, 2009, compared
with net income of $178,000 on $6.1 million of revenue for the
same period of 2008.
At September 30, 2009, the Company's balance sheet showed
$605.7 million in assets, $414.1 million of debts, and
$191.6 million of stockholders' equity.
About Meruelo Maddux
Based in Los Angeles, Calif., Meruelo Maddux Properties, Inc.,
-- http://www.meruelomaddux.com/-- together with its affiliates,
engage in residential, commercial and industrial development.
Meruelo Maddux and its affiliates filed for Chapter 11 protection
on March 26, 2009 (Bankr. C. D. Calif. Lead Case No. 09-13356).
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring efforts. Asa S. Hami, Esq., Tamar
Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A
Prof Corp, represent the official committee of unsecured creditors
as counsel. The Debtors' financial condition as of December 31,
2008, showed $681,769,000 in assets and $342,022,000 of debts.
MESA AIR: Court Approves Some Payments Under Incentive Plan
-----------------------------------------------------------
In an order dated March 25, 2010, pursuant to Sections 105(a) and
363(b) of the Bankruptcy Code, the Court authorized Mesa Air Group
Inc. and its units to pay the prepetition amounts under the
Incentive Plan.
Prepetition
Name Bonus Amount
---- ------------
Gary W. Appling, Sr. VP - Technical Operations $2,400
David K. Butler, Sr. VP Admin / Human Resources 3,000
Michael L. Ferverda, Vice President Operations 4,000
Paul F. Foley, Chief Operating Officer 4,000
Brian S. Gillman, Exec. VP - General Counsel 6,104
Keith C. Kranzow, Vice President Finance 2,400
The Debtors will not make any payments with respect to
prepetition Executive Bonus amounts.
The Debtors will not pay any postpetition amounts pursuant to the
Incentive Plan or postpetition Executive Bonuses, the payment of
which, and the continuation by the Debtors of the Incentive Plan
and Executive bonuses on a postpetition basis, will be considered
at the hearing scheduled on April 15, 2010.
The Banks and any other banks authorized to administer the
Debtors' bank accounts under the Cash Management Motion will be,
and are authorized, when the Debtors request in their sole
discretion, to receive, process, honor, and pay any and all
checks drawn on the Debtors' payroll or disbursement accounts and
any other transfers that are related to the Prepetition Incentive
Plan Obligations, and the related costs and expenses, whether the
checks or transfers were presented before or after the Petition
Date, provided that sufficient funds are available in the
accounts to make those payments. A list of the Banks is
available at no charge at:
http://bankrupt.com/misc/Mesa_OrdIncenPlanBanks032510.pdf
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)
MESA AIR: Stipulation Signed to Allow UAL Suit to Proceed
---------------------------------------------------------
United Airlines, Inc., filed a complaint for declaratory judgment
and other relief in the United States District Court for the
Northern District of Illinois on November 23, 2009, seeking a
declaration with respect to the rights of United and Mesa Air
Group, Inc., under an Amended and Restated United Express
Agreement dated January 28, 2004, as amended by a certain
Amendment to the Agreement dated June 3, 2005.
As a result of Mesa's bankruptcy filing, the Declaratory Judgment
Action is stayed pursuant to the automatic stay of Section 362 of
the Bankruptcy Code.
The Debtors ask the U.S. Bankruptcy Court for the Southern
District of New York to approve a stipulation between the
parties.
Mesa and United stipulate and agree to modify the automatic stay
solely to permit the request for declaratory relief and
reformation of the Agreement, as currently pled in the
Declaratory Judgment Action, to proceed to judgment and through
any appeals thereof.
Nothing in the Stipulation will be deemed a modification of the
automatic stay to permit any claims, other than the existing
requests for declaratory relief or reformation of the contract,
to be pursued in connection with the Declaratory Judgment Action.
The automatic stay will remain in effect for all other purposes.
Any declaratory judgment of the District Court with respect to
the rights of the parties under the Agreement will be binding
upon them without the need for further action in the Bankruptcy
Court.
MESA AIR: Wants Until August 3 to Remove Civil Actions
------------------------------------------------------
Mesa Air Group Inc. and its units seek a 120-day extension, to and
including August 3, 2010, of the time within which they may remove
actions pursuant to Section 1452 of the Judiciary and Judicial
Procedure Code and Rule 9027 of the Federal Rules of Bankruptcy
Procedure.
The current Prepetition Removal Deadline is April 5, 2010.
The Debtors also seek an order extending the time by which they
may file notices of removal with respect to civil actions
initiated after the Petition Date to the later of (i) August 3,
2010, and (ii) the time period specified in Bankruptcy Rule
9027(a)(3)(A) and (B).
The Debtors ask that the Prepetition Removal Deadline apply to
all matters specified in Rule 9027(a)(2)(A), (B), (C), and that
the Postpetition Removal Deadline apply to all matters specified
in Rule 9027(a)(3). The Debtors tell the Court that their
extension motion is without prejudice to their right to seek
further extensions.
The Debtors believe it is prudent to seek an extension of the
time periods to file notices of removal in order to protect their
right to remove the Actions.
Since the Petition Date, the Debtors have been occupied with
matters of immediate importance to their Chapter 11 cases. The
extension of time for removing Actions will afford them the
opportunity necessary to make fully informed decisions concerning
removal of any Action, and will assure that they do not forfeit
valuable rights under Section 1452 of the Judiciary and Judicial
Procedure Code, Maria A. Bove, Esq., at Pachulski Stang Ziehl &
Jones LLP, in New York, says.
The rights of the Debtors' adversaries will not be prejudiced by
an extension because any party to an Action that is removed may
seek to have it remanded to the state court pursuant to Section
1452(b) of the Judiciary and Judicial Procedure Code, Ms. Bove
adds.
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)
METALDYNE CORP: Liquidating Plan Declared Effective
---------------------------------------------------
BankruptcyData.com reports that Metaldyne's Second Amended Joint
Plan of Liquidation became effective.
According to the Plan, "The primary objectives of the Plan are to
(1) maximize the value of the ultimate recoveries to all creditor
groups on a fair and equitable basis in accordance with the
priorities established by the Bankruptcy Code and (2) settle,
compromise or otherwise dispose of certain claims and interests on
terms that the Debtors believe to be fair and reasonable and in
the best interests of the Debtors' respective Estates and
creditors."
About Metaldyne Corp.
Metaldyne Corp. -- http://www.metaldyne.com/-- is a global
designer and supplier of metal based components, assemblies and
modules for transportation related powertrain applications
including engine, transmission/transfer case, driveline, and noise
and vibration control products to the motor vehicle industry. The
new Metaldyne company has approximately $650 million in revenue
with 26 facilities in 12 countries.
Metaldyne was previously a wholly-owned subsidiary of Asahi Tec, a
Shizuoka, Japan-based chassis and powertrain component supplier in
the passenger car/light truck and medium/heavy truck segments.
Asahi Tec is listed on the Tokyo Stock Exchange.
Metaldyne and its affiliates filed for Chapter 11 protection on
May 27, 2009 (Bankr. S.D.N.Y. Case No. 09-13412). The filing did
not include the company's non-U.S. entities or operations.
Richard H. Engman, Esq., at Jones Day represents the Debtors in
their restructuring efforts. Judy A. O'Neill, Esq., at Foley &
Lardner LLP serves as conflicts counsel; Lazard Freres & Co. LLC
and AlixPartners LLP as financial advisors; and BMC Group Inc. as
claims agent. A committee of Metaldyne creditors is represented
by Mark D. Silverschotz, Esq., and Kurt F. Gwynne, Esq., at Reed
Smith LLP, and the committee tapped Huron Consulting Services,
LLC, as its financial advisor. For the fiscal year ended
March 29, 2009, the company recorded annual revenues of
approximately US$1.32 billion. As of March 29, 2009, utilizing
book values, the Company had assets of US$977 million and
liabilities of $927 million. Judge Glenn approved the sale of
substantially all assets to Carlyle Group in November 2009 for
approximately $496.5 million.
METRO-GOLDWYN-MAYER: Plan Says $1-Bil. Needed to Make New Films
---------------------------------------------------------------
The Wall Street Journal's Lauren A.E. Schuker reports that Metro-
Goldwyn-Mayer Inc.'s steering committee held a marathon meeting
Thursday at the Company's Century City headquarters. People close
to the situation told the Journal the steering committee is
weighing a plan that would allow the studio to survive as a
standalone entity. Ms. Schuker recalls the decision to move ahead
with a restructuring plan follows a botched auction process which
drew several bids that came in well below creditors' expectations.
According to Ms. Schuker, MGM executives Mary Parent and Stephen
Cooper presented at the meeting a plan that requires MGM to make
six to eight movies a year and raise $1 billion for new film
production. The plan left open who would fill the role of chief
executive in a restructured company. Ms. Schuker notes that Ms.
Parent would run MGM's motion picture group.
Ms. Schuker reports that people close to the situation say nine
parties have indicated interest in forging strategic partnerships
with MGM. The sources say most of those parties are already
involved in the media business and include News Corp. as well as
billionaire industrialist Len Blavatnik's Access Industries.
Ms. Schuker relates that the steering committee in the coming
weeks will communicate the plan to MGM's creditors and weigh
different options with the various possible strategic partners.
Ms. Schuker notes that if the creditors pursue a standalone plan,
it remains unclear how much of that nearly $4 billion in debt they
will convert to equity. That decision relies in part on who the
company partners with and how much equity they raise, she adds.
As reported by the Troubled Company Reporter on April 1, 2010, Dow
Jones Newswires' Nat Worden said MGM creditors agreed to extend
the studio's debt deadline as it explores strategic options, like
a sale of the company. Dow Jones said the extension -- the fourth
such move in the past few months -- allows MGM to put off payments
on its nearly $4 billion debt load until May 14, according to
Susie Arons, an outside spokeswoman for company.
MGM is also facing an April 8 deadline for a $250 million credit
facility.
As widely reported, creditors have been disappointed with the bids
that came in for MGM. Bloomberg, citing an unidentified person,
relates that Time Warner Inc. offered $1.5 billion. Billionaire
Len Blavatnik's Access Industries proposed to reduce MGM's debt
and provide cash for film production. Lions Gate Entertainment
Corp. dropped out of the bidding. Liberty Media Corp. and Elliott
Management Corp. are also out.
MGM put itself up for sale last year after failing to make
payments on $3.7 billion in debt.
The Wall Street Journal reported early in March that MGM is
readying a backup plan should bids for its assets come in too low.
Sources told the Journal, MGM creditors are increasingly willing
to assume control over the studio. The sources said that under
that scenario, MGM would likely pursue a "standalone" plan in
which lenders would convert their debt to equity.
MGM has hired investment bank Moelis & Company and the law firm
Skadden, Arps, Slate, Meagher & Flom. In August, it hired the
restructuring expert Stephen F. Cooper to help lead the company.
About Metro-Goldwyn-Mayer
Metro-Goldwyn-Mayer, Inc., is an independent, privately held
motion picture, television, home video, and theatrical production
and Distribution Company. The Company owns the world's largest
library of modern films, comprising approximately 4,000 titles,
and over 10,400 episodes of television programming. An investor
consortium, comprised of Providence Equity Partners, TPG Capital,
Sony Corporation of America, Comcast Corporation, DLJ Merchant
Banking Partners and Quadrangle Group, owns MGM.
METRO-GOLDWYN-MAYER: Bank Debt Trades at 53% Off
------------------------------------------------
Participations in a syndicated loan under which Metro-Goldwyn-
Mayer, Inc., is a borrower traded in the secondary market at 47.28
cents-on-the-dollar during the week ended Friday, April 2, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal. This represents a drop of 1.87
percentage points from the previous week, The Journal relates.
The Company pays 275 basis points above LIBOR to borrow under the
facility. The bank loan matures on April 8, 2012, and is not
rated by Moody's and Standard & Poor's. The debt is one of the
biggest gainers and losers among 196 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.
Metro-Goldwyn-Mayer, Inc., is an independent, privately held
motion picture, television, home video, and theatrical production
and Distribution Company. The Company owns the world's largest
library of modern films, comprising approximately 4,000 titles,
and over 10,400 episodes of television programming. An investor
consortium, comprised of Providence Equity Partners, TPG Capital,
Sony Corporation of America, Comcast Corporation, DLJ Merchant
Banking Partners and Quadrangle Group, owns MGM.
As reported by the Troubled Company Reporter on Sept. 30, 2009,
The New York Post, citing multiple sources, said discussions
between debt holders and equity owners on a restructuring of
Metro-Goldwyn-Mayer's massive debt load have begun on a
contentious note, with both sides threatening to force MGM into
bankruptcy in order to gain leverage and extract better terms from
the other.
Bloomberg also said that MGM is in talks to skip interest payments
and restructure $3.7 billion in bank loans. MGM asked creditors
to waive $12 million monthly interest payments until Feb. 15,
2010.
METROPCS WIRELESS: Bank Debt Trades at 2% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which MetroPCS Wireless
is a borrower traded in the secondary market at 97.90 cents-on-
the-dollar during the week ended Friday, April 2, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal. This represents an increase of 1.00 percentage
points from the previous week, The Journal relates. The Company
pays 225 basis points above LIBOR to borrow under the facility.
The bank loan matures on Oct. 11, 2013, and carries Moody's Ba1
rating and Standard & Poor's BB- rating. The debt is one of the
biggest gainers and losers among 196 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.
MetroPCS Communications, Inc., is a wireless communications
provider that offers wireless broadband mobile services under the
MetroPCS brand in selected metropolitan areas in the United States
over its own licensed networks or networks of entities, in which
the Company holds a substantial non-controlling ownership
interest. The Company provides an array of wireless
communications services to its subscribers on a no long-term
contract, paid-in-advance, flat rate, unlimited usage basis. As
of Dec. 31, 2008, it had approximately 5.4 million subscribers in
eight states.
MetroPCS carries 'B' issuer credit ratings from Standard & Poor's.
MICHAELS STORES: Bank Debt Trades at 5% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Michaels Stores,
Inc., is a borrower traded in the secondary market at 95.02 cents-
on-the-dollar during the week ended Friday, April 2, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal. This represents an increase of 1.75
percentage points from the previous week, The Journal relates.
The Company pays 225 basis points above LIBOR to borrow under the
facility. The bank loan matures on Oct. 31.2013, and carries
Moody's B3 rating and Standard & Poor's B rating. The debt is one
of the biggest gainers and losers among 196 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.
Headquartered in Irving, Texas, Michaels Stores, Inc., is the
largest arts and crafts specialty retailer in North America. As
of March 9, 2009, the Company operated 1,105 "Michaels" retail
stores in the United States and Canada and 161 Aaron Brothers
Stores.
MILACRON INC: Will Not Be Able to Timely File 2009 Annual Report
----------------------------------------------------------------
In a regulatory filing Thursday, MI 2009 Inc., formerly known as
Milacron Inc., disclosed that its annual report on Form 10-K for
the year ended December 31, 2009, could not be filed within the
prescribed period. The Company also has not filed its annual
report for the year ended December 31, 2008, and its periodic
reports for the three months ended March 31, June 30, and
September 30, 2009.
At September 30, 2008, the Company's balance sheet showed
$586.1 million in assets and $648.5 million of debts, for a
stockholders' deficit of $62.4 million.
On August 21, 2009, the Company completed a sale of substantially
all of its assets to Milacron LLC, a company formed by affiliates
of Avenue Capital Group, certain funds and accounts managed by DDJ
Capital Management LLC and certain other entities that held
roughly 93% of the Company's 11.5% Senior Secured Notes, and is no
longer conducting business operations.
About Milacron Inc.
Headquartered in Batavia, Ohio, Milacron Inc. (Pink Sheets: MZIAQ)
supplies plastics-processing technologies and industrial fluids,
with major manufacturing facilities in North America, Europe and
Asia. First incorporated in 1884, Milacron also manufactures
synthetic water-based industrial fluids used in metalworking
applications.
The Company and six of its affiliates filed for protection on
March 10, 2009 (Bankr. S.D. Ohio Lead Case No. 09-11235). On the
same day, the Company filed an ancillary proceeding for
reorganization of its Canadian subsidiary under the Companies'
Creditors Arrangement Act in the Ontario Superior Court of Justice
in Canada. The petitions include the Company and its U.S. and
Canadian subsidiaries and its non-operating Dutch holding company
subsidiary only, and do not include any of the Company's operating
subsidiaries outside the U.S. and Canada.
Kim Martin Lewis, Esq., Tim J. Robinson, Esq., and Patrick D.
Burns, Esq., at Dinsmore & Shohl LLP, represent the Debtors in
their restructuring efforts. Conway, Del Genio, Gries Co., LLC,
is the Debtors' financial advisor. Rothschild Inc. is the
Debtors' investment banker and financial advisor. Kurtzman Carson
Consultants LLC is the noticing, balloting and disbursing agent
for the Debtors. Paul, Hastings, Janofsky & Walker LLP,
represents DIP Lender General Electric Capital Corp. Taft
Stettinius & Hollister LLP is counsel for the Official Committee
of Unsecured Creditors.
Milacron Inc. asked the Bankruptcy Court to change its name to MI
2009 Inc. following the Court-sanctioned sale of its assets to an
investor group.
MIRANT CORP: Bank Debt Trades at 2% Off in Secondary Market
-----------------------------------------------------------
Participations in a syndicated loan under which Mirant Corporation
is a borrower traded in the secondary market at 98.00 cents-on-
the-dollar during the week ended Friday, April 2, 2010, according
to data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal. This represents an increase of 1.44 percentage
points from the previous week, The Journal relates. The Company
pays 175 basis points above LIBOR to borrow under the facility.
The bank loan matures on Dec. 30, 2012, and carries Moody's Ba2
rating and Standard & Poor's BB rating. The debt is one of the
biggest gainers and losers among 196 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.
Mirant Corporation -- http://www.mirant.com/-- produces and sells
electricity in the United States. Mirant owns or leases
approximately 10,097 megawatts of electric generating capacity.
The company operates an asset management and energy marketing
organization from its headquarters in Atlanta, Georgia.
Mirant Corporation filed for Chapter 11 protection on July 14,
2003 (Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006. Thomas E. Lauria,
Esq., at White & Case LLP, represented the Debtor in its
restructuring. When the Debtor filed for protection from its
creditors, it listed $20,574,000,000 in assets and $11,401,000,000
in debts. The Debtors emerged from bankruptcy on Jan. 3, 2006.
On March 7, 2007, the Court entered a final decree closing 46
Mirant cases.
Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included in the parent's bankruptcy exit plan.
In February 2007, Mirant NY-Gen filed its Chapter 11 Plan of
Reorganization and Disclosure Statement. The Court confirmed an
amended version of the Plan on May 7, 2007. Mirant NY-Gen emerged
from Chapter 11 on May 7, 2007.
On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan. The
Court confirmed Mirant Lovett's Plan on Sept. 19, 2007. Mirant
Lovett emerged from bankruptcy on Oct. 2, 2007.
MISSION REAL: Case Summary & 3 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Mission Real Associates, LLC
R. Todd Neilson
c/o LECG, LLC
2049 Century Park East, Ste 2300
Los Angeles, CA 90067
Case No.: 10-22370
Chapter 11 Petition Date: March 31, 2010
Court: U.S. Bankruptcy Court
Central District of California (Los Angeles)
Judge: Barry Russell
Debtor's Counsel: Danning, Gill, Diamond & Kolitz, LLP
2029 Century Pk E 3rd Fl
Los Angeles, CA 90067-3005
Telephone: (310) 277-0077
Fax: (310) 277-5735
Richard K. Diamond, Esq.
E-mail: rdiamond@dgdk.com
Estimated Assets: $10,000,001 to $50 million
Estimated Debts: $10,000,001 to $50 million
Debtor-affiliates filing separate Chapter 11 petitions:
Petition
Entity Case No. Date
------ -------- ----
Bundy Dimes, LLC 10-22149 3/31/10
Assets: $10-mil. to $50-mil.
Debts: $10-mil. to $50-mil.
Bunwil Capital, LLC 10-22153 3/31/10
Assets: $10-mil. to $50-mil.
Debts: $10-mil. to $50-mil.
Dimes, LLC 09-25517 9/19/09
Ezri Namvar 08-32349 12/28/08
Namco Capital Group 08-32333 12/28/08
A. Mission Real's List of 14 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Starpoint Properties LLC State Court Action- $5,000,000
Anthony J. Oliva, Esq. Superior Court of CA
c/o Allen Matkins Leck Cross Complaint
Gamble et al BC 410017
515 S. Figueroa St., 9th Flr.
Los Angeles, CA 90071
Safeco Holding Corp. State Court Action- $5,000,000
Anthony J. Oliva, Esq. Superior Court of CA
c/o Allen Matkins Leck Cross Complaint
Gamble et al BC 410017
515 S. Figueroa St., 9th Flr.
Los Angeles, CA 90071
Brickwalk, LLC State Court Action- $5,000,000
K. Joseph Shabani, Esq. Superior Court of CA
c/o Shabani & Shabani LLP Cross Complaint
Los Angeles, CA 90067 BC 410017
Rolling Capital Hills, LLC State Court Action- $5,000,000
Superior Court of CA
Cross Complaint
BC 410017
Robert Hanasab State Court Action- $5,000,000
Superior Court of CA
Cross Complaint
BC 410017
Boyle Avenue, LLC State Court Action- $5,000,000
Superior Court of CA
Cross Complaint
BC 410017
Moiz Ashourpour State Court Action- $1,922,663
Superior Court of CA
Moiz Ashourpour and
Saraly Anavim v. Ezri
Namvar et al.,
SC101281
Saraly Anavim State Court Action- $1,922,663
Superior Court of CA
Moiz Ashourpour and
Saraly Anavim v. Ezri
Namvar et al.,
SC101281
Khalil Varastephour State Court Action- $350,000
Superior Court of CA
Khalil Varastephour v.
Civic Palm, LLC et al.,
BC410781
Buckingham Heights Loan for Wilshire $6,000
Lease LLC Bundy Plaza
Namco Capital Group Adjustments $2,000
McConnell Marina Lease, LLC Loan for Wilshire $500
Bundy Plaza
Watt Leed Lease, LLC Loan for Wilshire $500
Bundy Plaza
Culver Marina Lease, LLC Loan for Wilshire $350
Bundy Plaza
B. Bundy Dime's List of 9 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Starpoint Properties State Court Action- $5,000,000
Anthony J. Oliva, Esq. Superior Court of CA
c/o Allen Matkins Leck Cross Complaint
Gamble et al BC 410017
515 S. Figueroa St., 9th Flr.
Los Angeles, CA 90071
Safeco Holding Corp. State Court Action- $5,000,000
Anthony J. Oliva, Esq. Superior Court of CA
c/o Allen Matkins Leck Cross Complaint
Gamble et al BC 410017
515 S. Figueroa St., 9th Flr.
Los Angeles, CA 90071
Brickwalk, LLC State Court Action- $5,000,000
K. Joseph Shabani, Esq. Superior Court of CA
c/o Shabani & Shabani LLP Cross Complaint
Los Angeles, CA 90067 BC 410017
Rolling Capital Hills, LLC State Court Action- $5,000,000
Superior Court of CA
Cross Complaint
BC 410017
Boyle Avenue, LLC State Court Action- $5,000,000
Superior Court of CA
Cross Complaint
BC 410017
Robert Hanasab State Court Action- $5,000,000
Superior Court of CA
Cross Complaint
BC 410017
Moiz Ashourpour State Court Action- $1,922,663
Superior Court of CA
Moiz Ashourpour and
Saraly Anavim v. Ezri
Namvar et al.,
SC101281
Saraly Anavim State Court Action- $1,922,663
Superior Court of CA
Moiz Ashourpour and
Saraly Anavim v. Ezri
Namvar et al.,
SC101281
Khalil Varastephour State Court Action- $350,000
Superior Court of CA
Khalil Varastephour v.
Civic Palm, LLC et al.,
BC410781
Dimes, LLC $164,735
C. Bunwill Capital's List of 14 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Starpoint Properties LLC State Court Action- $5,000,000
Anthony J. Oliva, Esq. Superior Court of CA
c/o Allen Matkins Leck Cross Complaint
Gamble et al BC 410017
515 S. Figueroa St., 9th Flr.
Los Angeles, CA 90071
Safeco Holding Corp. State Court Action- $5,000,000
Anthony J. Oliva, Esq. Superior Court of CA
c/o Allen Matkins Leck Cross Complaint
Gamble et al BC 410017
515 S. Figueroa St., 9th Flr.
Los Angeles, CA 90071
Rolling Capital Hills, LLC State Court Action- $5,000,000
K. Joseph Shabani, Esq. Superior Court of CA
c/o Shabani & Shabani, Esq. Cross Complaint
1801 Avenue of th BC 410017
Brickwalk, LLC State Court Action- $5,000,000
Superior Court of CA
Cross Complaint
BC 410017
Boyle Avenue, LLC State Court Action- $5,000,000
Superior Court of CA
Cross Complaint
BC 410017
Robert Hanasab State Court Action- $5,000,000
Superior Court of CA
Cross Complaint
BC 410017
Saraly Anavim State Court Action- $1,922,663
Superior Court of CA
Moiz Ashourpour and
Saraly Anavim v. Ezri
Namvar et al.,
SC101281
Moiz Ashourpour State Court Action- $1,922,663
Superior Court of CA
Moiz Ashourpour and
Saraly Anavim v. Ezri
Namvar et al.,
SC101281
Starpoint Properties, LLC Earnest Money Deposit $50,0000
Buckingham Heights Lease LLC Loan for Wilshire $6,000
Namco Capital Group, Inc. Bundy Plaza
Namco Capital Group, Inc. Adjustments $2,000
Bradley D. Sharp, Trustee
Watt Leed Lease, LLC Loan for Wilshire $500
Namco Capital Group, Inc. Bundy Plaza
McConnell Marina Lease, LLC Loan for Wilshire $500
Namco Capital Group, Inc. Bundy Plaza
Culver Marina Lease, LLC Loan for Wilshire $350
Namco Capital Group, Inc. Bundy Plaza
OSI RESTAURANT: Bank Debt Trades at 8% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which OSI Restaurant
Partners, Inc., is a borrower traded in the secondary market at
92.46 cents-on-the-dollar during the week ended Friday, April 2,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal. This represents an increase
of 2.54 percentage points from the previous week, The Journal
relates. The Company pays 225 basis points above LIBOR to borrow
under the facility. The bank loan matures on May 9 , 2014, and
carries Moody's B3 rating and Standard & Poor's B+ rating. The
debt is one of the biggest gainers and losers among 196 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.
OSI Restaurant Partners, Inc., is the #3 operator of casual-dining
spots (behind Darden Restaurants and Brinker International), with
more than 1,400 locations in the U.S. and 20 other countries. Its
flagship Outback Steakhouse chain boasts more than 950 locations
that serve steak, chicken, and seafood in Australian-themed
surroundings. OSI also operates the Carrabba's Italian Grill
chain, with about 240 locations. Other concepts include Bonefish
Grill, Fleming's Prime Steakhouse, and Cheeseburger In Paradise.
Most of the restaurants are company owned. A group led by
chairman Chris Sullivan took the company private in 2007.
As reported by the Troubled Company Reporter on Feb. 24, 2009,
Moody's Investors Service downgraded OSI Restaurant's Probability
of Default rating to Ca from Caa1 and lowered the rating on its
$550 million 10% senior unsecured notes to C from Caa3. Moody's
also placed OSI's Corporate Family and senior secured ratings on
review for possible downgrade.
The review was prompted by the recent announcement that OSI
continues to experience a substantial decline in earnings and
store traffic to levels worse than Moody's previously expected.
The company also announced that it will likely need to take an
impairment charge of between $480 and $540 million for goodwill
due to a reduction in its projected results for future periods as
a result of poor overall economic conditions.
PARMANAND PERSAUD: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Parmanand Persaud
aka Parmanand Paul Persaud
dba Tate Haulers of SW Florida
dba Professional Auto-Truck Transmission Service
dba Naples Painting & Sandblasting
aka Paul Persaud
aka Rhino Linings of Lee County
fdba American Classic Industries
fdba GAP Transport
fdba Vincents Towing
533 S 17th Place
Cape Coral, FL 33990
Bankruptcy Case No.: 10-06606
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
Middle District of Florida (Ft. Myers)
Judge: Alexander L. Paskay
Debtor's Counsel: Charles PT Phoenix, Esq.
Phoenix Law, PA
12800 University Drive, Suite 260
Fort Myers, FL 33907
Tel: (239) 461-0101
Fax: (239) 461-0083
E-mail: phoenixlawpa@gmail.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
According to the schedules, the Company has assets of $1,162,157,
and total debts of $1,623,442.
A full-text copy of the Debtor's petition, including a list of its
20 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/flmb10-06606.pdf
The petition was signed by Parmanand Persaud.
PHILLIPS ELECTRIC CO: Case Summary & 20 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: The Phillips Electric Co.
dba Phillips Electric
dba Redmond Waltz Electric Company
dba Phillips Industries
4126 St. Clair Avenue
Cleveland, OH 44103
Bankruptcy Case No.: 10-12406
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Northern District of Ohio (Cleveland)
Judge: Pat E. Morgenstern-Clarren
Debtor's Counsel: Jeffrey M. Levinson, Esq.
Levinson LLP
3783 S. Green Road
Beachwood, OH 44122
Tel: (216) 514.4935
Fax: (216) 514.4936
Email: jml@jml-legal.com
Scott H. Scharf, Esq.
3783 South Green Road
Cleveland, OH 44122
Tel: (216) 514-2225
Fax: (216) 514-3142
Email: scharf@scharflegal.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
According to the schedules, the Company has assets of $1,086,500,
and total debts of $1,986,349.
A full-text copy of the Debtor's petition, including a list of its
20 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/ohnb10-12406.pdf
The petition was signed by Susan H. Wagner, CEO of the Company.
PINNACLE FOODS: Bank Debt Trades at 3% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Pinnacle Foods is
a borrower traded in the secondary market at 96.54 cents-on-the-
dollar during the week ended Friday, April 2, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal. This represents an increase of 0.86 percentage
points from the previous week, The Journal relates. The Company
pays 275 basis points above LIBOR to borrow under the facility.
The bank loan matures on April 2, 2014, and carries Moody's B2
rating and Standard & Poor's B rating. The debt is one of the
biggest gainers and losers among 196 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.
On Nov. 24, 2009, the Troubled Company Reporter said that Standard
& Poor's placed its rating on Pinnacle Foods Group LLC, including
its 'B-' corporate credit rating, on CreditWatch with positive
implications. "We placed the ratings on CreditWatch positive when
Pinnacle Foods announced an agreement to acquire Birds Eye Foods,
Inc., in a transaction valued at $1.3 billion," said Standard &
Poor's credit analyst Christopher Johnson. "We believe that the
acquisition will likely be leverage neutral." S&P estimates that
pro forma debt to EBITDA, excluding any EBITDA synergies, would be
about 7.8x compared with a ratio of about 7.7x for the 12 months
ended Sept. 30, 2009, and that potential synergies from the
combination could result in reduced leverage following the close
of the transaction.
Based in Mt. Lakes, N.J., Pinnacle Foods Group LLC manufactures,
markets and distributes branded food products. It was formerly
referred as Pinnacle Foods Group, Inc., prior to April 2, 2007.
PLEASANT VIEW DEVELOPMENT: Voluntary Chapter 11 Case Summary
------------------------------------------------------------
Debtor: Pleasant View Development, LLC
650 Marquette Ave.
Baton Rouge, LA 70806
Bankruptcy Case No.: 10-10382
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Middle District of Louisiana (Baton Rouge)
Debtor's Counsel: Brandon A. Brown, Esq.
Stewart Robbins & Brown, LLC
247 Florida Street
P.O. Box 66498
Baton Rouge, LA 70896
Tel: (225) 231-9998
Fax: (225) 709-9467
Email: bbrown@stewartrobbins.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Debtor did not file a list of its 20 largest unsecured
creditors when it filed its petition.
The petition was signed by Michael Schexnayder, managing member of
the Company.
PORT OF ISLANDS: Case Summary & 3 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Port of Islands Hotel & Resort, LLC
1158 Peregrine Way
Weston, FL 33327
Bankruptcy Case No.: 10-18230-RBR
Chapter 11 Petition Date: March 30, 2010
Court: United States Bankruptcy Court
Southern District of Florida (Fort Lauderdale)
Judge: Raymond B Ray
Debtor's Counsel: Stan Riskin, Esq.
950 S Pine Island Rd #A-150
Plantation, FL 33324
954.727.8271
Fax : 954.727.8274
Email: slriskin@aol.com
Estimated Assets: $1,000,001 to $10 million
Estimated Debts: $1,000,001 to $10 million
A list of the Company's 3 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/flsb10-18230-RBR.pdf
RANDOLPH DUNHAM: Case Summary & 3 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Randolph F. Dunham
169 Lancaster Dr
Franklin, TN 37064
Bankruptcy Case No.: 10-03163
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
Middle District of Tennessee (Nashville)
Judge: George C. Paine II
Debtor's Counsel: Elliott Warner Jones, Esq.
Drescher & Sharp Pc
1720 West End Avenue, Suite 300
Nashville, TN 37203
Tel: (615) 425-7121
Fax: (615) 425-7111
Email: ejones@dsattorneys.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Company's 3 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/tnmb10-03163.pdf
The petition was signed by Mr. Dunham.
REGGIE PINK PROPERTIES: Case Summary & 2 Largest Unsec. Creditors
-----------------------------------------------------------------
Debtor: Reggie Pink Properties, LLC
300 Central Avenue
White Plains, NY 10606
Bankruptcy Case No.: 10-22560
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Southern District of New York (White Plains)
Debtor's Counsel: Lawrence R. Reich, Esq.
Reich Reich & Reich, P.C.
235 Main Street, Suite 450
White Plains, NY 10601
Tel: (914) 949--2126
Fax: (914) 949-1604
Email: reichlaw@aol.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Company's 2 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/nysb10-22560.pdf
The petition was signed by Leslie Dessauer, managing member of the
company.
RIPON SELF STORAGE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Ripon Self Storage, LLC
1290 Hammerwood Ave
Sunnyvale, CA 94089
Bankruptcy Case No.: 10-27215
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Eastern District of California (Sacramento)
Judge: Robert S. Bardwil
Debtor's Counsel: Arthur L. Barnes, Esq.
205 W Yosemite Ave
Manteca, CA 95336
Tel: (209) 825-8157
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A full-text copy of the Debtor's petition, including a list of its
20 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/caeb10-27215.pdf
The petition was signed by Theodore J. Madzey, managing member of
the Company.
ROCK & REPUBLIC: Files for Bankruptcy to Improve Balance Sheet
--------------------------------------------------------------
Andrea Chang at Los Angeles Times reports that Rock & Republic
said Thursday that it had filed for Chapter 11 bankruptcy
protection before the U.S. Bankruptcy Court for the Southern
District of New York.
"The Chapter 11 filing is a strategic action that will alleviate
balance sheet burdens and enable us to adopt the financial and
operational initiatives needed to support the brand's growth
needs," said Geoffrey D. Lurie, the privately held company's newly
named chief restructuring officer, according to LA Times. "We are
confident that this is the right move for Rock & Republic."
The report says Mr. Lurie added that the company was exploring
"financial relationships" and would sharpen its focus to emphasize
its core apparel and footwear businesses. The report notes the
Company said it had obtained a commitment for a line of credit
from CIT Group/Commercial Services Inc.
Based in Culver City, Rock & Republic was a fashion brand known
for its pricey designer denim and other apparel. Los Angeles
Times says Rock & Republic was founded in 2002 by Chief Executive
Michael Ball and has become known for its edgy and sexy clothing,
including premium jeans priced at $200 or more.
ROSE LEA INTERNATIONAL: Case Summary & 4 Largest Unsec. Creditors
-----------------------------------------------------------------
Debtor: Rose Lea International Services, Inc.
7120 Forrest City Road
Orlando, FL 32810
Bankruptcy Case No.: 10-04773
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
Middle District of Florida (Orlando)
Debtor's Counsel: Philip Duston Bartlett, III, Esq.
Bartlett & Nazareth PA
625 E Colonial Drive
Orlando, FL 32803
Tel: (321) 319-0587
Fax: (866) 449-8042
Email: philip@bartnazlaw.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
According to the schedules, the Company has assets of $1,820,286,
and total debts of $5,824,659.
A full-text copy of the Debtor's petition, including a list of its
4 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/flmb10-04773.pdf
The petition was signed by Rosemarie Morris, vice president of the
Company.
SAINT VINCENTS: Mount Sinai Backs Out of Possible Partnership
-------------------------------------------------------------
The New York Times reports that Mount Sinai Medical Center on
Wednesday decided not to pursue a partnership with St. Vincent's
Hospital Manhattan.
"We have concluded that we are not going to pursue the acquisition
of the inpatient operations of St. Vincent Catholic Medical
Centers, but we will continue to consider other health care
options for the communities served by St. Vincent's," Mount Sinai
said in a statement, according to the NY Times. It did not
elaborate.
NY Times says over the next several days, the St. Vincent's board
will meet to discuss if any option short of bankruptcy still
exists for the nonprofit charity hospital, which has provided
health care to its surrounding community for over 160 years.
"As the leadership of Mount Sinai has concluded that it will not
pursue the operation of St. Vincent's as an acute-care hospital,
our board will be in discussions with our management, legal and
financial advisers to quickly access our strategic options moving
forward," St. Vincent's said in a press release, NY Times notes.
NY Times says declaring bankruptcy might not be enough to save St.
Vincents, which emerged from bankruptcy only three years ago.
According to NY Times, St. Vincents' creditors could force it to
close, with its assets -- principally its valuable Village real
estate -- sold off to satisfy some of its $700 million debt.
NY Times recalls St. Vincents had been set to declare bankruptcy
the first week of February, but a total of about $20 million in
emergency loans from the state and the hospital's main creditors,
GE Capital and TD Bank, helped give it a few more weeks to make
payroll and search for a partner.
According to NY Times, St. Vincents, which is running at a deficit
of $7 million to $10 million a month, has spent nearly all that
money, and with Albany deep in its own financial trouble, more
state money is unlikely, people close to the process said on
Thursday.
According to the Troubled Company Reporter on January 27, 2010,
Crain's said SVCMC is in default of its reorganization plan. It
missed a $10 million payment to a trust fund created to deal with
medical malpractice cases. According to the TCR, Crain's reported
that SVCMC failed to transfer $10 million to the MedMal Trusts on
August 30, the anniversary of the plan's effective date. Crain's
said lawyers tried to work with SVCMC to cure the default,
including an asset sale.
According to the TCR, Crain's said SVCMC on January 19 informed
the fund that it would not cure the default with a $10 million
payment. Instead, SVMC is distributing $18.6 million to other
creditors, according to court documents. Crain's said lawyers
sought to keep the issue out of court dockets "in an effort to
protect the sensitivity of these matters and to provide SVCMC with
an opportunity to avoid a second bankruptcy filing."
About Saint Vincent Catholic Medical Centers
Saint Vincent Catholic Medical Centers -- http://www.svcmc.org/--
is anchored by St. Vincent's Hospital Manhattan, an academic
medical center located in Greenwich Village and the only emergency
room on the Westside of Manhattan from Midtown to Tribeca, St.
Vincent's Westchester, a behavioral health hospital in Westchester
County, and continuing care services that include two skilled
nursing facilities in Brooklyn, another on Staten Island, a
hospice, and a home health agency serving the Metropolitan New
York area. Its behavioral health services also provide supportive
housing programs for people with mental illness throughout the
Metropolitan area. Saint Vincent's is the designated provider for
the New York and New Jersey region of the US Family Health Plan
sponsored by the US Department of Defense.
Saint Vincent's serves as the academic medical center of New York
Medical College in New York City. The healthcare organization is
sponsored by the Roman Catholic Bishop of Brooklyn and the
president of the Sisters of Charity of New York.
Saint Vincent Catholic Medical Centers of New York and six of its
affiliates filed for Chapter 11 protection on July 5, 2005 (Bankr.
S.D.N.Y. Case No. 05-14945 through 05-14951). Gary Ravert, Esq.,
and Stephen B. Selbst, Esq., at McDermott Will & Emery, LLP, filed
the Debtors' Chapter 11 cases. On September 12, 2005, John J.
Rapisardi, Esq., at Weil, Gotshal & Manges LLP took over
representing the Debtors in their restructuring efforts. Martin
G. Bunin, Esq., at Thelen Reid & Priest LLP, represented the
Official Committee of Unsecured Creditors. As of April 30, 2005,
the Debtors listed $972 million in total assets and $1 billion in
total debts. The Court confirmed the Debtors' Chapter 11 plan on
July 27, 2007.
SAN SAVINO VILLAGE: Case Summary & 8 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: San Savino Village, L.L.C.
10405 E. Mtn Ranch Road #201
Scottsdale, AZ 85255
Bankruptcy Case No.: 10-07984
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
District of Arizona (Phoenix)
Debtor's Counsel: Thomas E. Littler, Esq.
Warnicke & Littler, P.L.C.
1411 N. Third St.
Phoenix, AZ 85004
Tel: (602) 256-0400
Fax: (602) 256-0345
Email: administrator@warnickelittler.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
According to the schedules, the Company has assets of $4,126,871,
and total debts of $4,770,897.
A full-text copy of the Debtor's petition, including a list of its
8 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/azb10-07984.pdf
The petition was signed by David R. Slogar, manager of the
Company.
SAPPHIRE NATIONAL LLC: Involuntary Chapter 11 Case Summary
----------------------------------------------------------
Alleged Debtor: Sapphire National, LLC
aka Sapphire National Golf Club
aka Sapphire National Golf Course
c/o Roy Gaddy
50 Slicer's Avenue
Sapphire, NC 28774
Case Number: 10-20080
Involuntary Chapter 11 Petition Date: March 23, 2010
Court: Western District of North Carolina (Bryson City)
Judge: George R. Hodges
Petitioner's Counsel: D. Rodney Kight, Jr., Esq.
Kight Law Office
9 SW Pack Square, Suite 200
Asheville, NC 28801
Tel: (828) 255-9881
Fax: (828) 255-9886
Email: info@kightlaw.com
Debtor's Counsel: None. Debtor Filed Petition as Pro Se.
Sapphire National, LLC, and debtor-affiliates' petitioners:
Petitioners Nature of Claim Claim Amount
----------- --------------- ------------
Todd L. Nelson Legal Fees $6,221
reimbursal
Peter A. Paul, PC Attorney's fees $20,221
Hansen & Associates Invoices for $5,450
c/o Eugene B. Hansen services
SCHEHERAZADE INC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Scheherazade, Inc.
3525 West 69th St.
Edina, MN 55435
Bankruptcy Case No.: 10-42100
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
District of Minnesota (Minneapolis)
Judge: Gregory F. Kishel
Debtor's Counsel: Ralph Mitchell, Esq.
Lapp Libra Thomson Stoebner & Pusch
One Financial Plaza, Suite 2500
120 S 6th St
Minneapolis, MN 55402
Tel: (612) 338-5815
Email: rmitchell@lapplibra.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A full-text copy of the Debtor's petition, including a list of its
20 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/mnb10-42100.pdf
The petition was signed by Scott Rudd, president of the Company.
SENSATA TECHNOLOGIES: Debt Trades at 4% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Sensata
Technologies B.V. is a borrower traded in the secondary market at
96.06 cents-on-the-dollar during the week ended Friday, April 2,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal. This represents an increase
of 1.11 percentage points from the previous week, The Journal
relates. The Company pays 175 basis points above LIBOR to borrow
under the facility. The bank loan matures on April 27, 2 013, and
carries Moody's B1 rating and Standard & Poor's BB- rating. The
debt is one of the biggest gainers and losers among 196 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.
As reported by the Troubled Company Reporter on January 28, 2010,
Sensata Technologies said fourth quarter 2009 net income was $14.1
million versus a net loss of $52.2 million for the same period in
2008. Full year 2009 net loss was $27.0 million versus a net loss
of $134.5 million for the same period in 2008.
Fourth quarter 2009 net revenue was $338.1 million, an increase of
$70.5 million or 26.3% from the fourth quarter 2008 net revenue of
$267.6 million. Full year 2009 net revenue was $1.134 billion, a
decrease of $287.7 million or 20.2% from the full year 2008 net
revenue of $1.422 billion.
As of December 31, 2009, the Company had total assets of
$3,163,127,000 against total liabilities of $2,776,380,000,
resulting in shareholder's equity of $386,747,000.
As reported by the TCR on December 7, 2009, Moody's Investors
Service has upgraded Sensata Technologies B.V.'s Corporate Family
and Probability of Default ratings to Caa1 from Caa2, as well as
the company's senior secured credit facility to B2, senior
unsecured notes to Caa2, and senior subordinated notes to Caa3.
In a related rating action, Moody's affirmed the Company's
Speculative Grade Liquidity rating at SGL-3. The outlook is
positive.
The TCR on Nov. 4, 2009, said that Standard & Poor's affirmed the
ratings on Attleboro, Massachusetts-based Sensata Technologies,
Inc., including the 'CCC+' corporate credit rating. At the same
time, S&P revised the outlook on the company to stable from
negative.
Almelo, Netherlands-based Sensata Technologies B.V. --
http://www.sensata.com/-- supplies sensing, electrical
protection, control and power management solutions. Owned by
affiliates of Bain Capital Partners, LLC, a global private
investment firm, and its co-investors, Sensata employs
approximately 9,500 people in nine countries. Sensata's products
improve safety, efficiency and comfort for millions of people
every day in automotive, appliance, aircraft, industrial,
military, heavy vehicle, heating, air-conditioning, data,
telecommunications, recreational vehicle and marine applications.
SEQUOIA CAPITAL FUND: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Sequoia Capital Fund, LLC
5960 Stoneridge Dr., #200
Pleasanton, CA 94588
Bankruptcy Case No.: 10-43182
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Northern District of California (Oakland)
Judge: Edward D. Jellen
Debtor's Counsel: Harold M. Jaffe, Esq.
Law Offices of Harold M. Jaffe
3521 Grand Ave.
Oakland, CA 94610-2011
Tel: (510) 452-2610
Email: jaffe510@aol.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Debtor did not file a list of its 20 largest unsecured
creditors when it filed its petition.
The petition was signed by James A. Neighbor.
SERVICE MASTER: Bank Debt Trades at 5% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which The ServiceMaster
Co. is a borrower traded in the secondary market at 95.25 cents-
on-the-dollar during the week ended Friday, April 2, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal. This represents an increase of 1.69
percentage points from the previous week, The Journal relates.
The Company pays 300 basis points above LIBOR to borrow under the
facility. The bank loan matures on July 24, 2014, and carries
Moody's B1 rating and Standard & Poor's B+ rating. The debt is
one of the biggest gainers and losers among 196 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.
The ServiceMaster Co. -- http://www.servicemaster.com/-- serves
residential and commercial customers through a network of over
5,500 company-owned locations and franchised licenses. The
Company's brands include TruGreen, TruGreen LandCare, Terminix,
American Home Shield, ServiceMaster Clean, Merry Maids, Furniture
Medic, and AmeriSpec. The core services of the Company include
lawn care and landscape maintenance, termite and pest control,
home warranties, disaster response and reconstruction, cleaning
and disaster restoration, house cleaning, furniture repair, and
home inspection.
SHANNON'S RESTAURANT: Case Summary & 3 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Shannon's Restaurant Co., Inc.
300 Shartom Drive
Augusta, GA 30907
Bankruptcy Case No.: 10-10779
Chapter 11 Petition Date: March 30, 2010
Court: United States Bankruptcy Court
District of Connecticut (Hartford)
Judge: Not available
Debtor's Counsel: Todd Boudreaux, Esq.
Shepard Plunkett Hamilton Boudreaux
7013 Evans Town Center Blvd
Suite 303
Evans, GA 30809
706-869-1334
Fax : 706-868-6788
Email: tboudreaux@shepardplunkett.com
Estimated Assets: $0 to $50,000
Estimated Debts: $1,000,001 to $10 million
A list of the Company's 3 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/gasb10-10779.pdf
SORIN JIVA: Case Summary & 12 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Sorin Jiva
103 SW 128 Avenue
Plantation, FL 33325
Bankruptcy Case No.: 10-17456
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
Southern District of Florida (Fort Lauderdale)
Judge: John K. Olson
Debtor's Counsel: Grace E. Robson, Esq.
2450 Hollywood Blvd # 706
Hollywood, FL 33020
Tel: (954) 239-4760
Fax: (954) 239-4761
Email: grobson@houghrobson.com
Julie E. Hough, Esq.
2450 Hollywood Blvd # 706
Hollywood, Fl 33020
Tel: (954) 239-4760
Email: jhough@houghrobson.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A full-text copy of the Debtor's petition, including a list of its
12 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/flsb10-17456.pdf
The petition was signed by Sorin Jiva.
SOUTH BAY EXPRESSWAY: Proposes to Pay Business Taxes & Fees
-----------------------------------------------------------
South Bay Expressway, L.P., and California Transportation
Ventures, Inc., ask the Court to allow, but not direct, them to
remit and pay franchise, real and personal property, and
employment taxes, business license and other similar fees.
In the ordinary course of business, the Debtors:
(a) incur and collect taxes, including franchise, property and
miscellaneous taxes in the operation of their business;
(b) incur business license and permit fees and other similar
assessments in connection with obtaining licenses and
permits necessary to operate their business; and
(c) remit the Taxes and Fees to various taxing, licensing and
other governmental authorities and make payments to
various third parties for Taxes and Fees who, in turn,
remit the Taxes and Fees to the Taxing Authorities.
The Debtors pay the Taxes and Fees monthly, quarterly, or
annually, in each case as required by applicable laws and
regulations.
R. Alexander Pilmer, Esq., at Kirkland & Ellis LLP, in Los
Angeles, California, contends that payment of the Taxes and Fees
in the ordinary course of business is justified because, among
other things:
-- certain of the Taxes and Fees are not property of the
bankruptcy estate pursuant to Section 541(d) of the
Bankruptcy Code;
-- payment of the Taxes and Fees will avoid unnecessary
distractions in the Debtors' Chapter 11 cases;
-- certain of the Taxes and Fees may constitute secured or
priority claims entitled to special treatment under the
Bankruptcy Code; and
-- the Debtors have authority to remit payment on account of
the Taxes and Fees in the ordinary course of business.
About South Bay Expressway
South Bay Expressway, L.P., dba San Diego Expressway, L.P., filed
for Chapter 11 on March 22, 2010 (Bankr. S.D. Calif. Case No. 10-
04516). Its affiliate, California Transportation Ventures Inc.,
also filed for bankruptcy.
The Debtors developed and operate a four lane, nine mile express
toll road in Southern California commonly referred to as the South
Bay Expressway or State Road 125. Both estimated assets and debts
of $500 million to $1 billion in their bankruptcy petitions.
Robert Pilmer, Esq., at Kirkland & Ellis LLP, represents the
Debtors in their restructuring effort. PricewaterhouseCoopers LLP
is auditor and tax advisor. Imperial Capital LLC is financial
advisor. Epiq Bankruptcy Solutions LLC serves as claims and notice
agent.
The Debtors say that as of the bankruptcy filing, they have
roughly $640 million in book value of total assets and roughly
$570 million in book value of total liabilities.
Bankruptcy Creditors' Service, Inc., publishes South Bay
Expressway Bankruptcy News. The newsletter tracks the Chapter 11
proceeding undertaken by South Bay Expressway LP and California
Transportation Ventures Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
SOUTH BAY EXPRESSWAY: To Make $40,000 Deposit for Utilities
-----------------------------------------------------------
South Bay Expressway, L.P., and California Transportation
Ventures, Inc., ask the United States Bankruptcy Court for the
Southern District of California for interim and final orders:
(a) determining that their utility providers have been
provided with adequate assurance of payment within the
meaning of Section 366 of the Bankruptcy Code;
(b) approving their proposed offer of adequate assurance and
procedures governing the Utility Providers' requests for
additional or different adequate assurance;
(c) prohibiting the Utility Providers from altering, refusing
or discontinuing services on account of prepetition
amounts outstanding and on account of any perceived
inadequacy of the Debtors' proposed adequate assurance
pending entry of the Final Order;
(d) determining that the Debtors are not required to provide
any additional adequate assurance beyond what is proposed
by the request, pending entry of the Final Order; and
(e) setting a final hearing on the Debtors' request.
In the ordinary course of business, the Debtors incur expenses for
water, sewer, electric, telecommunications and other similar
utility services, which are provided by eight utility providers:
No. of Type of
Utility Provider Accounts Service
---------------- -------- -------
San Diego Gas & Electric 44 Electric
Otay Water District 16 Water
Sweetwater Authority 1 Water
Allied Waste 1 Trash
City of San Diego 1 Sewer
Cox Communications 1 Internet, Cable
AT&T 4 Internet, Telephone
Telepacific Communications 1 Telephone
In the preceding three months, the Debtors have spent an average
of approximately $80,000 per month on utility services. Based on
a review of utilities usage, the Debtors estimate that an
aggregate amount of approximately $34,000 may have accrued
prepetition on account of utility services as of the Petition
Date. The Debtors do not believe they owe any past due amounts to
the Utility Providers.
R. Alexander Pilmer, Esq., at Kirkland & Ellis LLP, in Los
Angeles, California, contends that uninterrupted utility services
are essential to the Debtors' ongoing operations and, therefore,
to the success of their reorganization. He points out that any
interruption of utility services, even for a brief period of time,
would negatively affect the Debtors' operations, and ultimately,
the value of the Debtor' business and creditor recoveries.
The Debtors intend to pay postpetition obligations owed to the
Utility Providers in a timely manner. The Debtors expect that
their cash flow from operations and access to cash collateral will
be sufficient to pay postpetition obligations related to their
utility services.
Nevertheless, to provide additional assurance of payment for
future services to the Utility Providers, the Debtors propose to
deposit $40,050, into a newly created, segregated, interest-
bearing account. The amount of the Adequate Assurance Deposit
equals the estimated aggregate cost for two weeks of utility
service, calculated as a historical average over the most recent
three months. The Adequate Assurance Deposit will be held for the
benefit of Utility Providers during the pendency of the Chapter 11
cases.
The Debtors submit that the Adequate Assurance Deposit, in
conjunction with the Debtors' demonstrated ability to pay for
future utility services in the ordinary course of business,
constitutes sufficient adequate assurance to the Utility
Providers.
If any Utility Provider believes additional assurance is required,
Mr. Pilmer says, that Utility Provider may request assurance
pursuant to certain procedures, including these:
-- If a Utility Provider is not satisfied with the Proposed
Adequate Assurance, it must serve an "Additional Assurance
Request upon the Debtors and their counsel;
-- Any Additional Assurance Request must, among other things,
include a summary of the Debtors' payment history relevant
to the affected accounts and an explanation why the Utility
Provider believes the Adequate Assurance is not sufficient
for future payment;
-- Upon the Debtors' receipt of any Additional Assurance
Request, they will have 20 days from the receipt to
negotiate with the Utility Provider to resolve the request
for additional assurance of payment;
-- The Debtors may, in their sole discretion, resolve any
Additional Assurance Request by mutual agreement with the
Utility Provider and without further Court order, may
provide a Utility Provider with additional adequate
assurance of future payment;
-- If the Debtors determine that an Additional Assurance
Request is not reasonable and are not able to reach an
alternative resolution with the Utility Provider during the
Resolution Period, the Debtors will request a hearing to
determine the adequacy of assurances of payment with
respect to a particular Utility Provider pursuant to
Section 366(c)(3) of the Bankruptcy Code; and
-- Pending resolution of any Determination Hearing, the
Utility Provider filing the Additional Assurance Request
will be prohibited from altering, refusing or discontinuing
service to the Debtors on account of unpaid charges for
prepetition services or on account of any objections to the
Debtors' Adequate Assurance.
To the extent that the Debtors subsequently identify additional
providers of utility services, the Debtors seek authority, in
their sole discretion, to amend the Utility Service List to add or
remove any Utility Provider.
* * *
The Court granted the Debtors' request on an interim basis. The
Final Hearing is set to commence April 22, 2010. Objections are
due April 8.
About South Bay Expressway
South Bay Expressway, L.P., dba San Diego Expressway, L.P., filed
for Chapter 11 on March 22, 2010 (Bankr. S.D. Calif. Case No. 10-
04516). Its affiliate, California Transportation Ventures Inc.,
also filed for bankruptcy.
The Debtors developed and operate a four lane, nine mile express
toll road in Southern California commonly referred to as the South
Bay Expressway or State Road 125. Both estimated assets and debts
of $500 million to $1 billion in their bankruptcy petitions.
Robert Pilmer, Esq., at Kirkland & Ellis LLP, represents the
Debtors in their restructuring effort. PricewaterhouseCoopers LLP
is auditor and tax advisor. Imperial Capital LLC is financial
advisor. Epiq Bankruptcy Solutions LLC serves as claims and notice
agent.
The Debtors say that as of the bankruptcy filing, they have
roughly $640 million in book value of total assets and roughly
$570 million in book value of total liabilities.
Bankruptcy Creditors' Service, Inc., publishes South Bay
Expressway Bankruptcy News. The newsletter tracks the Chapter 11
proceeding undertaken by South Bay Expressway LP and California
Transportation Ventures Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
SOUTH BAY EXPRESSWAY: Wants Benefits for 4 Insiders
---------------------------------------------------
South Bay Expressway, L.P., and California Transportation
Ventures, Inc., seek on interim and final bases, the Court's
permission to pay compensation and provide certain benefits to
four SBX insiders for 60 days:
SBX Insider Position Salary/year
----------- -------- -----------
Greg Hulsizer Chief Executive Officer $275,000
Anthony G. Evans Chief Financial Officer 240,000
Theresa Weekes Chief Accounting Officer 139,000
Shane Savgur Chief Technology Officer 139,000
R. Alexander Pilmer, Esq., at Kirkland & Ellis LLP, in Los
Angeles, California, notes that the SBX Insiders' (i) salaries
represent the same amount that was paid to them prior to the
Petition Date in the ordinary course of business, and (ii)
benefits are at the same level that they received prepetition.
The Debtors inform the Court that the U.S. Trustee has no
objection to the relief requested.
SBX's management team is comprised of the SBX Insiders, which SBX
employed pursuant to an employment agreement. Of the four SBX
Insiders, only Messrs. Hulsizer and Evans are officers of the
Debtors.
The continued employment of each of the SBX Insiders is not only
critical to the success of the Debtors' reorganization efforts, it
is also critical to the continued operation of the Debtors'
business operations and oversight, Mr. Pilmer asserts. He points
out that if the Debtors are not permitted to compensate the SBX
Insiders in the ordinary course of business, then the SBX Insiders
will be forced to seek employment elsewhere, resulting in a
significant negative impact on the Debtors' ability to maintain
business operations during a critical point in their
reorganization process.
Without the Debtors' key management team, which fully knows and
understands the Debtors' business, the Debtors will be unable to
accomplish a smooth transition into Chapter 11 and will risk
significant harm to their businesses, to the detriment of all
parties-in-interest, Mr. Pilmer contends. He adds that the
requested compensation is entirely consistent with the
compensation, which is generally available for persons holding the
same or similar experience and qualifications as the SBX Insiders.
* * *
Judge Louise DeCarl Adler granted the request on an interim basis,
saying that the Order will be effective for 60 days from the date
of entry of the Order last March 24, 2010.
"All interim compensation awarded pursuant to this order may be
subject to disgorgement," Judge Adler further held.
About South Bay Expressway
South Bay Expressway, L.P., dba San Diego Expressway, L.P., filed
for Chapter 11 on March 22, 2010 (Bankr. S.D. Calif. Case No. 10-
04516). Its affiliate, California Transportation Ventures Inc.,
also filed for bankruptcy.
The Debtors developed and operate a four lane, nine mile express
toll road in Southern California commonly referred to as the South
Bay Expressway or State Road 125. Both estimated assets and debts
of $500 million to $1 billion in their bankruptcy petitions.
Robert Pilmer, Esq., at Kirkland & Ellis LLP, represents the
Debtors in their restructuring effort. PricewaterhouseCoopers LLP
is auditor and tax advisor. Imperial Capital LLC is financial
advisor. Epiq Bankruptcy Solutions LLC serves as claims and
notice
agent.
The Debtors say that as of the bankruptcy filing, they have
roughly $640 million in book value of total assets and roughly
$570 million in book value of total liabilities.
Bankruptcy Creditors' Service, Inc., publishes South Bay
Expressway Bankruptcy News. The newsletter tracks the Chapter 11
proceeding undertaken by South Bay Expressway LP and California
Transportation Ventures Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
SPANSION INC: Appoints SL Chan as VP for Sales & Field Marketing
----------------------------------------------------------------
Spansion Inc. announced the appointment of SL Chan to vice
president for Sales and Field Marketing, Asia. Mr. Chan will be
responsible for sales and marketing in the region and serve as a
liaison with strategic customers, government officials and
ecosystem partners. With more than 25 years of semiconductor
expertise working with top OEM customers in Asia, Chan further
strengthens Spansion's global leadership team and is expected to
significantly contribute to the company's new business model in
the region.
"Asia is a very strategic region for Spansion in the fast growing
embedded electronics markets," said John Kispert, president and
CEO of Spansion. "With the addition of SL Chan, we have
strengthened our team with a veteran sales and marketing executive
who will be a key asset for the company's new business strategy,
focused on delivering more value to embedded and targeted wireless
applications."
Mr. Chan brings more than two decades of sales and marketing
experience in the non-volatile memory field to Spansion. Most
recently, he was the director of the Memory Product Group at
STMicroelectronics, covering both the Asia Pacific and Greater
China regions, where he spent the past 18 years spearheading the
marketing of STMicroelectronics Flash memory in a broad range of
electronics segments since its first inception in the early
1990s. An electronic engineer by training, Chan also holds a
bachelors of science degree from the University of London and a
master's of science degree in Marketing from the National
University of Ireland.
"Asia is in the midst of an electronics revolution that is driving
a new wave of growth in Flash memory," said Mr. Chan. "I look
forward to building off Spansion's strong momentum in Asia,
working with customers and partners to collaborate on new
innovations using our MirrorBit(R) technology to meet this growing
demand."
Spansion is one of the leading Flash memory solution providers,
working with the top consumer electronics OEMs and wireless
handset manufacturers in Asia. Spansion has over 1,750 employees
in Asia, with final manufacturing locations in Malaysia and
Thailand, as well as sales and marketing offices in China, Japan,
Korea, Singapore, and Taiwan. Chan will be based out of
Spansion's Shanghai sales office.
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)
SPANSION INC: Longacre, et al., Buy Claims
------------------------------------------
In separate Court filings, creditors disclosed that they intend
to transfer each of their claims against Spansion Inc. to these
parties:
Transferor Transferee Amount
---------- ---------- -----------
General Electric hfc Limited $12,351,269
Capital Corporation
GE Capital Financial, American Express Travel
Inc. Related Services Co. 6,039,403
Daw Technologies, LLC Longacre Opportunity Fund,
L.P. 44,648
Daw Tech Acquisition, Longacre Opportunity Fund,
LLC L.P. 44,286
Sumco USA Sales Longacre Opportunity Fund,
Corporation L.P. 205,971
Sumco Phoenix Longacre Opportunity Fund,
Corporation L.P. 205,971
SV Probe, Inc. Contrarian Funds, LLC 23,169
Dupont Air Products
Nano Materials LLC Contrarian Funds, LLC 20,643
Signal Integrity Hain Capital
Software, Inc. Holdings, Ltd. 49,000
ICON Capital Corp. Contrarian Funds, LLC 268,987
United States Tech. Contrarian Funds, LLC 32,000
Manco Systems, Inc Blue Opportunities Fund, LP 473
American Express Travel R3 Capital Partners
Related Services Co. Master, L.P. 6,038,369
American Express Travel R3 Capital Partners
Related Services Co. Master, L.P. 9,589
American Express Travel R3 Capital Partners
Related Services Co. Master, L.P. 115,342
Orix Commercial Finance, LLC also sought to transfer a
$71,505 administrative claim and $529,530 unsecured claim to
Contrarian Funds, LLC .
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)
WASHINGTON MUTUAL: Ex-Officers to Testify in D.C. This April
------------------------------------------------------------
Washington Mutual's former chief executive Kerry Killinger and
former president Steve Rotella will be forced to testify publicly
on April 13, 2010 -- the first time since the failure of
Washington Mutual Bank which was seized on September 25, 2008,
reported the Puget Sound Business Journal.
The April 13 hearing will be hosted by the Permanent Subcommittee
on Investigations in Washington, D.C, as part of the PSI's
"months-long, secret examination into [WMB's] collapse."
Investigators for the Committee -- which is part of the Senate
Homeland Security Committee -- have also obtained hundreds of
internal documents related to WaMu, the report said.
The PSI appears to be, among other things, looking into the role
of the Federal Deposit Insurance Corp. in the seizure of WMB,
according to the newspaper.
Other Washington Mutual executives who will testify include James
Vanasek, former chief risk officer; Ronald Cathcart, former chief
risk officer; Randy Melby, former general auditor; David
Schneider, former president of home loans; and David Beck, former
division head of capital markets, reported the Puget Sound
Business Journal.
Certain of the former WaMu executives have been interviewed by
the PSI in Washington, D.C., according to a former executive who
spoke to the newspaper on condition of anonymity.
The April 13 Hearing "is expected to last more than two hours and
U.S. senators who are part of the Committee will be able to ask
questions of the panel," the newspaper added.
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).
STAAR SURGICAL: Posts $6.2 Million Net Loss in 2009
---------------------------------------------------
On April 1, 2010, Staar Surgical Company filed its annual report
on Form 10-K for the year ended January 1, 2010, showing a
net loss of $6.2 million on $41.9 million of revenue for 2009,
compared with a net loss of $23.2 million on $40.1 million of
revenue for 2008.
The Company's balance sheet as of January 1, 2010, showed
$58.7 million in assets, $30.8 million of debts, $6.8 million of
Series A redeemable convertible preferred stock, and $21.1 million
of stockholders' equity.
BDO Seidman, LLP's April 1, 2010 audit report for the fiscal year
ended January 1, 2010, did not include an explanatory paragraph
regarding substantial doubt about the Company's ability to
continue as a going concern, as the Company had initially
anticipated.
In a regulatory filing on March 18, 2010, the Company said that
because of its limited capital resources, significant financial
obligations that mature in 2010, the need to satisfy or post a
bond to appeal the $6.5 million judgment entered against it on
December 8, 2009, and its history of losses, the Company believes
that the report of its independent auditors of its financial
statements for 2009 will again include an explanatory paragraph
indicating that substantial doubt exists regarding its ability to
continue as a going concern.
On March 30, 2010, the Company settled both the Parallax and Moody
outstanding lawsuits. As a result of the global settlement of the
Parallax and Moody matters, STAAR will voluntarily dismiss its
appeal of the Moody judgment.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5d7b
Monrovia, Calif.-based STAAR Surgical Company (NASDAQ: STAA) --
http://www.staar.com/-- designs, develops, manufactures and sells
implantable lenses for the eye.
* * *
This concludes the Troubled Company Reporter's coverage of STAAR
Surgical Company until facts and circumstances, if any, emerge
that demonstrate financial or operational strain or difficulty at
a level sufficient to warrant renewed coverage.
STUART LEDIS: Case Summary & 7 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Stuart M. Ledis, LLC
6562 Belvedere Rd
West Palm Beach, FL 33413
Bankruptcy Case No.: 10-17230
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Southern District of Florida (West Palm Beach)
Judge: Paul G. Hyman Jr.
Debtor's Counsel: Brian K. McMahon, Esq.
6801 Lake Worth Rd #315
Lake Worth, FL 33467
Tel: (561) 642.3000
Fax: (561) 965.4966
Email: briankmcmahon@gmail.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A full-text copy of the Debtor's petition, including a list of its
7 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/flsb10-17230.pdf
The petition was signed by Stuart M. Ledis, managing member of the
Company.
SULTAN OHIO LLC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Sultan Ohio, LLC
5 Tewkesbury Lane
South Barrington, IL 60010
Bankruptcy Case No.: 10-12835
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
Northern District of Illinois (Chicago)
Judge: Pamela S. Hollis
Debtor's Counsel: David J. Schwab, Esq.
Ralph, Schwab & Schiever, Chtd
175 E Hawthorn Pkwy, Ste 345
Vernon Hills, IL 60061
Tel: (847) 367-9699 Ext. 15
Fax: (847) 367-9621
Email: djschwab@rss-chtd.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A full-text copy of the Debtor's petition, including a list of its
20 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/ilnb10-12835.pdf
The petition was signed by Saad Sindhu, president of the Company.
SWIFT TRANSPORTATION: Debt Trades at 5% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Swift
Transportation Co., Inc., is a borrower traded in the secondary
market at 95.49 cents-on-the-dollar during the week ended Friday,
April 2, 2010, according to data compiled by Loan Pricing Corp.
and reported in The Wall Street Journal. This represents an
increase of 1.14 percentage points from the previous week, The
Journal relates. The Company pays 325 basis points above LIBOR to
borrow under the facility. The bank loan matures on March 15,
2014, and carries Moody's B3 rating and Standard & Poor's B-
rating. The debt is one of the biggest gainers and losers among
196 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.
Swift Transportation Co., Inc. -- http://www.swifttrans.com/--
hauls freight such as building materials, paper products, and
retail merchandise throughout the U.S. and in Mexico. The Company
operates a fleet of about 18,000 tractors and 48,000 trailers from
a network of about 40 terminals. Its services include dedicated
contract carriage, in which drivers and equipment are assigned to
a customer long-term. Besides standard dry ans, Swift's fleet
includes refrigerated, flatbed, and other specialized trailers, as
well as about 5,800 intermodal containers.
SWINGING DELI: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Swinging Deli, LLC
779 South Third Avenue
Mount Vernon, NY 10553
Bankruptcy Case No.: 10-20002
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Southern District of New York (White Plains)
Judge: Robert D. Drain
Debtor's Counsel: Reginald A. Jacobs, Esq.
Law Offices of Reginald A. Jacobs, PLLC
1324 E. Gun Hill Road
Bronx, NY 10469
Tel: (718) 652-0706
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Debtor did not file a list of its 20 largest unsecured
creditors when it filed its petition.
The petition was signed by Bobbie Acoff Richards, president of the
Company.
TWIN WINGS: Case Summary & 17 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Twin Wings of Minneapolis, LLC
600 Hennepin Avenue #250
Minneapolis, MN 55403
Bankruptcy Case No.: 10-42352
Chapter 11 Petition Date: March 31, 2010
Court: US Bankruptcy Court
District of Minnesota (Minneapolis)
Judge: Nancy C. Dreher
Debtor's Counsel: Steven B Nosek, Esq.
Steven Nosek
2855 Anthony Ln S
Ste 201
St Anthony, MN 55418
Tel.: 612-335-9171
Fax: 612-789-2109
E-mail: snosek@visi.com
Estimated Assets: $0 to $50,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Company's 17 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/mnb10-42352.pdf
The petition was signed by John P. Marso, president.
UNITED AIR LINES: Bank Debt Trades at 13% Off in Secondary Market
-----------------------------------------------------------------
Participations in a syndicated loan under which United Airlines,
Inc., is a borrower traded in the secondary market at 86.50 cents-
on-the-dollar during the week ended Friday, April 2, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal. This represents an increase of 0.96
percentage points from the previous week, The Journal relates.
The Company pays 200 basis points above LIBOR to borrow under the
facility. The bank loan matures on Feb. 13, 2013, and carries
Moody's B3 rating and Standard & Poor's B+ rating. The debt is
one of the biggest gainers and losers among 196 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.
Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc. United Airlines is the world's second largest air
carrier. The airline flies to Brazil, Korea and Germany.
The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191). James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts. Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.
Judge Eugene R. Wedoff confirmed the Debtors' Second Amended Plan
on Jan. 20, 2006. The company emerged from bankruptcy protection
on Feb. 1, 2006. (United Airlines Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
UAL Corp. carries a 'Caa1' probability of default rating from
Moody's, 'B-' long term foreign issuer credit rating from Standard
& Poor's, and 'CCC' long term issuer default rating from Fitch.
UNIVAR NV: Bank Debt Trades at 4% Off in Secondary Market
---------------------------------------------------------
Participations in a syndicated loan under which Univar N.V. is a
borrower traded in the secondary market at 96.43 cents-on-the-
dollar during the week ended Friday, April 2, 2010, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal. This represents an increase of 1.24 percentage
points from the previous week, The Journal relates. The Company
pays 300 basis points above LIBOR to borrow under the facility.
The bank loan matures on Oct. 10, 2014, and is not rated by
Moody's and Standard & Poor's. The debt is one of the biggest
gainers and losers among 196 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.
Univar N.V. -- http://www.univarcorp.com/-- is one of the largest
distributors of industrial chemicals and providers of related
services to a diverse set of end markets in the US, Canada and
Europe. In April 2007, the company purchased ChemCentral
Corporation, the fourth largest chemicals distributor in the US,
for a purchase price of about $650 million, which resulted in the
combined entities becoming the largest chemicals distributor in
North America. The company had pro forma revenues (including
ChemCentral Corporation) of $8.3 billion for the LTM ended June
30, 2007.
US DISPOSAL: Case Summary & 4 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: U.S. Disposal, Inc.
P.O. Box 200969
San Antonio, TX 78220
Bankruptcy Case No.: 10-51059
Chapter 11 Petition Date: March 23, 2010
Court: United States Bankruptcy Court
Western District of Texas (San Antonio)
Judge: Bankruptcy Judge Leif M. Clark
Debtor's Counsel: Dean William Greer, Esq.
2929 Mossrock, Suite 117
San Antonio, TX 78230
Tel: (210) 342-7100
Fax: (210) 342-3633
Email: dwgreer@sbcglobal.net
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $500,001 to $1,000,000
A full-text copy of the Debtor's petition, including a list of its
4 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/txwb10-51059.pdf
The petition was signed by Craig Santanna, president of the
Company.
US FOODSERVICE: Bank Debt Trades at 8% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which U.S. Foodservice,
Inc., is a borrower traded in the secondary market at 91.50 cents-
on-the-dollar during the week ended Friday, April 2, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal. This represents an increase of 2.40
percentage points from the previous week, The Journal relates.
The Company pays 275 basis points above LIBOR to borrow under the
facility. The bank loan matures on July 3, 2014, and carries
Moody's B2 rating while it is not rated by Standard & Poor's. The
debt is one of the biggest gainers and losers among 196 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.
U.S. Foodservice, Inc. -- http://www.usfoodservice.com/-- is a
foodservice supplier serving some 250,000 customers from more than
70 distribution facilities. The Company supplies restaurants,
hotels, school, and other foodservice operators with a wide
variety of food products, including canned and dry foods, meats,
frozen foods, and seafood. It also distributes kitchen equipment
and cleaning supplies among other non-food supplies. U.S.
Foodservice distributes both national brand products and its own
private labels. Tracing its roots to 1853, the company is owned
by private equity firms KKR & Co. and Clayton, Dubilier & Rice.
WESTERN REFINING: Bank Debt Trades at 4% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Western Refining,
Inc., is a borrower traded in the secondary market at 95.79 cents-
on-the-dollar during the week ended Friday, April 2, 2010,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal. This represents an increase of 1.97
percentage points from the previous week, The Journal relates.
The Company pays 600 basis points above LIBOR to borrow under the
facility. The bank loan matures on May 31, 2014, and carries
Moody's B3 rating and Standard & Poor's B+ rating. The debt is
one of the biggest gainers and losers among 196 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.
Western Refining, Inc., headquartered in El Paso, Texas, is an
independent refining and marketing company. Western owns and
operates a 128,000-barrel per day low complexity light sweet
refinery at El Paso, Texas, a medium sized relatively complex
coking refinery at Yorktown, Virginia, and two very small light
sweet crude oil refineries in the Four Corners region of New
Mexico.
ZAHIR HUSSAIN: Case Summary & 13 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Zahir Hussain
508 Oak Landing Boulevard
Mulberry, FL 33860
Bankruptcy Case No.: 10-06580
Chapter 11 Petition Date: March 24, 2010
Court: United States Bankruptcy Court
Middle District of Florida (Tampa)
Judge: K. Rodney May
Debtor's Counsel: William J. Rinaldo, Esq.
The Rinaldo Law Firm, PA
1102 South Florida Avenue
Lakeland, FL 33803
Tel: (863) 686-7101
Fax: (863) 686-7323
Email: william.rinaldo@rinaldo-law.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A full-text copy of the Debtor's petition, including a list of its
13 largest unsecured creditors, is available for free at:
http://bankrupt.com/misc/flmb10-06580.pdf
The petition was signed by Zahir Hussain.
* Kathy Yeatter Joins Berger Singerman's Business Reorg. Team
-------------------------------------------------------------
Kathy L. Yeatter has joined the Florida business law firm Berger
Singerman. Ms. Yeatter is an associate resident in Berger
Singerman's Fort Lauderdale office and a member of the firm's
Business Reorganization Team.
Ms. Yeatter concentrates her practice in debt and capital
restructuring for financially troubled businesses; debtor and
trustee representation in corporate reorganization and liquidation
cases; representation of secured and unsecured creditors,
landlords, financial institutions, and acquirors of assets in
bankruptcy proceedings; lender workouts; structuring and
negotiation of loans and credit facilities; and bankruptcy and
reorganization-related litigation and appeals.
"We are delighted to have Kathy on our team," said Paul Steven
Singerman, Co-CEO of the firm. "She will provide additional
talent to our already strong Business Reorganization Team."
Ms. Yeatter received her undergraduate degree from the University
of Florida with high honors, and her law degree from the
University of Florida Levin College of Law where she was Order of
the Coif.
Ms. Yeatter is a member of The Florida Bar, the U.S. District
Courts for the Southern and Middle Districts of Florida, and the
U.S. Bankruptcy Courts for the Southern and Middle Districts of
Florida.
Berger Singerman is a Florida business law firm with more than 60
attorneys working out of offices in Boca Raton, Fort Lauderdale,
Miami and Tallahassee. Members of the firm have expertise in all
areas of commercial law, including banking, creditors' rights,
business reorganization, bankruptcy, corporate & securities,
dispute resolution and litigation, white collar crime, real
estate, environmental and land use, health care, tax, estate
planning, and probate.
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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.
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S U B S C R I P T I O N I N F O R M A T I O N
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.
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