TCR_Public/100417.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Saturday, April 17, 2010, Vol. 14, No. 105

                            Headlines

ACCEPTANCE INSURANCE: Posts $59,474 Net Loss in March
BLACK CROW: Reports Pretax Earnings of $87,985 in January
CARITAS HEALTH: Posts $295,056 Net Loss in January
DISTRIBUTED ENERGY: Ends February With $594,252 Cash
FAIRFIELD RESIDENTIAL: Posts $1.2 Million Net Loss in February

FAIRPOINT COMMS: Has $154,471,145 Cash at End of February
FLYING J: Posts $322 Million Net Loss in January
GENERAL MOTORS: Old GM Has $991,590,000 Cash at End of February
LEHMAN BROTHERS: Has $16.775 Bil. Cash at End of February
NORTEL NETWORKS: Posts $186 Million Net Loss in February

PENN TRAFFIC: Posts $761,000 Net Loss in February
PRECISION PARTS: Posts $118,613 Net Loss in December
REGENT COMMS: February 28 Balance Sheet Upside-Down by $48.6 Mln
SMURFIT-STONE: Has $683,772,000 Cash at End of February
SPHERIS INC: Makes February Profit Before Interest & Fees

TOUSA INC: Reports $14,367,689 Net Loss for February
VISTEON CORP: Reports $59,674,000 Net Loss for February
WALKING COMPANY: Posts $1.4 Million Net Loss in February



                            *********



ACCEPTANCE INSURANCE: Posts $59,474 Net Loss in March
-----------------------------------------------------
Acceptance Insurance Companies Inc. filed with the U.S.
Bankruptcy Court for the District of Nebraska on April 13, 2010,
its monthly operating report for March 2010.

For the month ended March 31, 2010, Acceptance Insurance
Companies Inc. reported a net loss of $59,474 on net investment
income of $120.

The Debtor reported total assets of $3,106,510, total liabilities
of $138,183,110, and stockholders' deficit of $135,076,600 as of
February 28, 2010.

A full-text copy of the Debtor's March 2010 monthly operating
report is available for free at:

               http://researcharchives.com/t/s?600c

Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either
directly or indirectly, several companies, one of which is an
insurance company that accounts for substantially all of the
business operations and assets of the corporate groups.

The Company filed for Chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059).  The Debtor's affiliates --
Acceptance Insurance Services, Inc., and American Agrisurance,
Inc. -- each filed Chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on January 7, 2005.  John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts.  Lawyers at McGrath North Mullin & Kratz PC, LLO,
represent the Official Committee of Unsecured Creditors in
Acceptance Insurance's case.


BLACK CROW: Reports Pretax Earnings of $87,985 in January
---------------------------------------------------------
Black Crow Media Group, LLC, filed on March 19, 2010, a monthly
operating report for the period ended January 31, 2010.

The Company's consolidating balance sheet at January 31, 2009,
showed $38.8 million in assets and $47.1 million in total debts,
for a stockholders' deficit of $8.3 million.

The Debtors reported pretax earnings of $87,985 on $621,526 of
revenue for January 2010.

A full-text copy of the Debtors' monthly operating report for the
period ended January 31, 2010, is available at no charge at:

        http://bankrupt.com/misc/blackcrow.januarymor.pdf

Daytona Beach, Florida-based Black Crow Media Group, LLC, owns and
operates 17 FM and 5 AM radio stations in Daytona Beach, Live Oak,
Valdosta, Huntsville, Alabama, and Jackson, Tennessee.

The Company filed for Chapter 11 bankruptcy protection on
January 11, 2010 (Bankr. M.D. Fla. Case No. 10-00172).  The
Company's affiliates -- Black Crow Media, LLC, et al. -- also
filed separate Chapter 11 petitions.

Mariane L. Dorris, Esq., and R Scott Shuker, Esq., at Latham
Shuker Eden & Beaudine LLP, assist the Company in its
restructuring effort.  The Company listed $10,000,001 to
$50,000,000 in assets and $50,000,001 to $100,000,000 in
liabilities.


CARITAS HEALTH: Posts $295,056 Net Loss in January
--------------------------------------------------
On March 11, 2010, Carital Health Care, Inc., filed a monthly
operating report for the filing period ended January 31, 2010,
with the U.S. Bankruptcy Court for the Eastern District of New
York.

The Company reported a net loss of $295,056 for the month ended
January 31, 2010.  Professional fees totaled $261,139.

At January 31, 2010, the Company had $31,861,578 in total assets
and $164,479,457 in total liabilities.

A full-text copy of Caritas Health's operating report for the
month ended January 31, 2010, is available for free at:

      http://bankrupt.com/misc/caritashealth.januarymor.pdf

Caritas Health Care Inc. is the owner of Mary Immaculate Hospital
and St. John's Queens Hospital.  Caritas, created by Wyckoff
Heights Medical Center, purchased the two hospitals in a
bankruptcy sale in early 2007 from St. Vincent Catholic Medical
Centers of New York.  St. John's has 227 generate acute-care beds
while Mary Immaculate has 189.

Caritas Health Care and eight of its affiliates filed for
Chapter 11 on Feb. 6, 2009 (Bankr. E.D.N.Y., Lead Case No. 09-
40901).  Jeffrey W. Levitan, Esq., and Adam T. Berkowitz, Esq., at
Proskauer Rose, LLP, represent the Debtors in their restructuring
effort.  Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at
Alston & Bird LLP, represent the official committee of unsecured
creditors.  Caritas in its bankruptcy petition estimated assets of
$50 million to $100 million, and debts of $100 million to
$500 million.


DISTRIBUTED ENERGY: Ends February With $594,252 Cash
----------------------------------------------------
Distributed Energy Systems Corp. filed with the U.S. Bankruptcy
Court for the District of Delaware on March 18, 2010, a monthly
operating report for the filing period ended February 28, 2010.

The Company's schedule of cash receipts and disbursements for
January 2010 showed:

    Cash Beginning of February       $594,329
    Total Receipts                         $0
    Total Disbursements                   $76
    Net Cash Flow                         $76
    Cash End of February             $594,252

A copy of Distributed Energy's monthly operating report is
available for free at:

    http://bankrupt.com/misc/distributedenergy.februarymor.pdf

Distributed Energy also filed on March 18, 2010, a monthly
operating report for the filing period ended February 28, 2010,
for Debtor Northern Power Systems Inc.

Northern Power's schedule of cash receipts and disbursements for
the reporting period showed:

    Cash beginning of February     $1,205,483
    Total February Receipts                $0
    Total February Disbursements           $0
    Net Cash Flow                          $0
    Cash End of February           $1,205,483

A copy of Northern Power Systems Inc.'s monthly operating report
is available for free at:

     http://bankrupt.com/misc/northernpower.februarymor.pdf

                     About Distributed Energy

Distributed Energy Systems Corp. and its wholly owned subsidiary,
Northern Power Systems Inc., now known as NPS Liquidating Inc.
filed for Chapter 11 bankruptcy protection on May 4, 2008 (Bankr.
D. Del. Lead Case No. 08-11101).  Robert S. Brady, Esq., Edward J.
Kosmowski, Esq., and Robert F. Poppiti, Jr., at Young, Conaway,
Stargatt & Taylor LLP represent the Debtors in their restructuring
efforts.  The Debtors selected Epiq Systems as their claims agent.
The U.S. Trustee for Region 3 appointed three creditors to serve
on an Official Committee of Unsecured Creditors.  Schuyler G.
Carroll, Esq., Robert M. Hirsh, Esq., and Karen McKinley, Esq., at
Arent Fox LLP, in New York, and John V. Fiorella, Esq., Charles C.
Brown, III, Esq., and "J" Jackson Shrum, Esq., at Archer &
Greiner, P.C., in Wilmington, Delaware, represent the Committee.
The Debtors disclosed in their schedules, assets of $19,593,387
and debts of $43,558,713.


FAIRFIELD RESIDENTIAL: Posts $1.2 Million Net Loss in February
--------------------------------------------------------------
Fairfield Residential LLC, et al., filed on March 31, 2010, a
monthly operating report for the month ended February 28, 2010,
with the U.S. Bankruptcy Court for the District of Delaware.

The Debtors reported a net loss of $1,167,358 for the month of
February.

At February 28, 2010, the Debtors had $341,572,138 in total
assets, $551,009,702 in total liabilities, and $209,437,563 in
members' deficit.  The Debtors ended February with $85,589,625 in
cash and cash equivalents and $776,399 in restricted cash.
Restructuring disbursements totaled $240,000 in February.

A copy of the Debtors' monthly operating report for the period is
available for free at:

        http://bankrupt.com/misc/fairfield.februarymor.pdf

San Diego, California-based Fairfield Residential LLC is a fully
integrated multifamily housing company that through its various
subsidiaries provides a diverse mix of services to a wide range of
investors, joint venture partners and clients.  FFR either
directly or indirectly acts as a general partner or managing
member of, and owns varying stakes in, a number of project level
operating companies.

The Company and its affiliates -- FF Development, Inc., et al. --
filed for Chapter 11 bankruptcy protection on December 13, 2009
(Bankr. D. Delaware Case No. 09-14378).  Daniel J. DeFranceschi,
Esq.; Lee E. Kaufman, Esq.; Paul Noble Heath, Esq.; and Travis A.
McRoberts, Esq., at Richards, Layton & Finger, P.A., assist the
Debtors in their restructuring efforts.  The Official Committee of
Unsecured Creditors is represented by Brett H. Miller, Esq.,
Stefan W. Engelhardt, Esq., and Melissa A. Hager, Esq., at
Morrison & Foerster LLP; and William E. Chipman Jr., Esq., Kerri
K. Mumford, Esq., and Kimberly A. Brown, Esq., at Landis Rath &
Cobb LLP.  Fairfield Residential listed $100,000,001 to
$500,000,000 in assets and more than $1,000,000,000 in
liabilities.  Dow Jones says Fairfield listed assets worth
$958 million and liabilities of nearly $835 million.


FAIRPOINT COMMS: Has $154,471,145 Cash at End of February
---------------------------------------------------------
       FairPoint Communications, Inc., and Subsidiaries
         Schedule of Cash Receipts and Disbursements
             For the Period February 1 - 28, 2010

Cash Beginning of the Month                       $127,673,082

Receipts:
Cash                                               105,339,977
Intra-debtor transfers                             314,083,619
                                                --------------
Total Receipts                                     419,423,597

Disbursements:
Employee Expenses                                  (27,296,021)
Restructuring                                       (4,003,074)
Operating Taxes                                     (2,841,369)
Marketing Expenses                                  (1,090,745)
Insurance                                              (62,686)
Other Expenses                                     (36,236,233)
Capital Expenditures                                (6,977,643)
Intra-debtor transfers                            (314,083,619)
                                                 -------------
Total Disbursements                               (392,591,393)
                                                 -------------
Net Cash Flow                                       26,798,063
                                                 -------------
Cash - End of the month                           $154,471,145
                                                 =============

The Debtors' February 2010 Monthly Operating Report does not
include a balance sheet table and an income statement table.

According to Lisa R. Hood, FairPoint Communications' senior vice
president and corporate controller, the Debtors' financial
results for February 2010 are subject to the completion of the
Debtors' financial statements and the completion of the annual
audit by their independent accounting firm for the year ended
December 31, 2009.

                  About FairPoint Communications

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. S.D.N.Y. 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)


FLYING J: Posts $322 Million Net Loss in January
------------------------------------------------
Flying J Inc. reported a net loss of $322.0 million on sales of
$189.2 for the month ended January 31, 2010.  Results include a
loss from investment in affiliated companies of $524.0 million.
Income tax benefit was $206.3 million.

At January 31, 2010, Flying J had $833.9 million in total assets,
$634.1 million in total liabilities, and $199.8 million in total
shareholders' equity.

The Company ended January 2010 with $83.9 million in cash.
Payment for professional fees totaled $3.34 million for the month.

A full-text copy of Flying J's monthly operating report for
January 2010 is available at:

         http://bankrupt.com/misc/flyingj.januarymor.pdf

Flying J Inc. reported a net loss of $38.8 million on sales of
$2.879 billion for the month ended December 31, 2009.

At December 31, 2009, Flying J had $1.248 billion in total assets,
$725.4 million in total liabilities, and $523.0 million in total
shareholders' equity.

The Company ended December 2009 with $65.1 million in cash.
Payment for professional fees totaled $4.15 million for the month.

A full-text copy of Flying J's monthly operating report for
December 2009 is available at:

       http://bankrupt.com/misc/flyingj.december2009mor.pdf

Based in Ogden, Utah, Flying J Inc. -- http://www.flyingj.com/--
is among the 20 largest private companies in America, with 2007
sales exceeding $16 billion.  The fully integrated oil company
employs approximately 14,700 people in the U.S. and Canada through
its interstate operations, transportation, refining and supply,
exploration and production, as well as its financial services and
communications, divisions.

Flying J and six of its affiliates filed for bankruptcy on
December 22, 2008 (Bankr. D. Del. Lead Case No. 08-13384).  Flying
J sought Chapter 11 protections after a precipitous drop in oil
prices and disruption in the credit markets brought to bear
significant short-term pressure on the company's liquidity
position.

Attorneys at Kirkland & Ellis LLP represent the Debtors as
counsel.  Young, Conaway, Stargatt & Taylor LLP is the Debtors'
Delaware Counsel.  Blackstone Advisory Services L.P. is the
Debtors' investment banker and financial advisor.  Epiq Bankruptcy
Solutions LLC is the Debtors' notice, claims and balloting agent.
In its formal schedules submitted to the Bankruptcy Court, Flying
J listed assets of $1,433,724,226 and debts of $640,958,656.

An official committee of unsecured creditors has been appointed in
the case.  Pachulski Stang Ziehl & Jones LLP has been tapped as
counsel for the creditors' panel.


GENERAL MOTORS: Old GM Has $991,590,000 Cash at End of February
---------------------------------------------------------------

              Motors Liquidation Company, et al.
      Unaudited Condensed Combined Statement of Net Assets
                    As of Feb. 28, 2010

ASSETS:
Cash and cash equivalents                           $991,590,000
Due from affiliates                                       14,000
Other receivables                                         51,000
Prepaid expenses                                       4,009,000
Other current assets                                  26,411,000
                                               -----------------
Total Current Assets                              1,022,075,000

Property, plant and equipment
Land and building                                    81,080,000
Machinery and equipment                              47,014,000
                                               -----------------
Total property, plant and equipment                 128,094,000

Investment in GMC                                              -
Investments in subsidiaries                              231,000
Restricted Cash                                       89,600,000
                                               -----------------
Total Assets                                      $1,240,000,000
                                               =================

LIABILITIES:
DIP Financing                                     $1,198,775,000
Accounts payable                                       7,650,000
Due to GM LLC                                            550,000
Due to affiliates                                      1,394,000
Accrued sales, use and other taxes                       605,000
Accrued professional fees                             38,597,000
Other accrued liabilities                             16,297,000
                                               -----------------
Total current liabilities                         1,263,868,000

Liabilities subject to compromise                 32,217,810,000
                                               -----------------
Total Liabilities                                 33,481,678,000
                                               -----------------
Net Assets (Liabilities)                        ($32,241,678,000)
                                               =================

              Motors Liquidation Company, et al.
      Unaudited Condensed Combined Statement of Operations
              For the Month Ended Feb. 28, 2010

Rental Income                                         $1,616,000
Selling, administrative and other expenses             4,189,000
                                               -----------------
Operating loss                                        (2,573,000)

Interest expense                                       4,662,000
Interest income                                         (318,000)
                                               -----------------
Loss before reorganization items
& income taxes                                       (6,917,000)

Reorganization items (gain)/loss                       7,432,000
                                               -----------------
Income (Loss) before income taxes                    (14,349,000)
Income taxes                                                  -
                                               -----------------
Net Income (Loss)                                   ($14,349,000)
                                               =================

              Motors Liquidation Company, et al.
      Unaudited Condensed Combined Statement of Cash Flows
              For the Month Ended Feb. 28, 2010

Cash Flows from Operating Activities:
Net Income                                         ($14,349,000)

Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Non-cash interest expense                             4,662,000
Gain on disposal of assets                             (177,000)
Reorganization items (gain)/loss                      7,432,000
Reorganization related payments                      (4,898,000)

Changes in assets & liabilities
Due to / (due from) affiliates                        1,380,000
Prepaid expenses                                        274,000
Due to /(due from) GM LLC                               585,000
Other receivables                                             -
Other current assets                                          -
Accounts payable                                        449,000
Accrued payroll & employee benefits                           -
Accrued sales, use and other taxes                     (598,000)
Other accrued liabilities                              (179,000)
                                               -----------------
Net Cash used in Operating Activities                 (5,419,000)

Cash Flows from Investing Activities:
Proceeds from disposal of assets                        268,000
Proceeds from sale & dissolution
of subsidiaries                                               -
Changes in restricted cash                                    -
                                               -----------------
Net cash used in investing activities                   268,000
                                               -----------------
Decrease in cash & cash equivalents                   (5,151,000)
Cash & cash equivalents at
beginning of period                                 996,741,000
                                               -----------------
Cash & cash equivalents at end of period            $991,590,000
                                               =================

Motors Liquidation Corp. Vice President and Treasurer James Selzer
disclosed that for the month ended February 28, 2010, the Debtors
paid a total of $4,554,000 to eight professionals retained in
their Chapter 11 cases:

Professional                            Payment
------------                            -------
AP Services, LLC                     $3,340,000
Claro Group, LLC                        459,000
FTI Consulting, Inc.                    413,000
Kramer Levin Naftalis & Frankel LLP     182,000
Butzel Long, PC                          95,000
Brownfield Partners, LLC                 35,000
Jenner & Block LLP                       25,000
Jones Day                                 5,000

A full-text copy of the Debtors' February 2010 Operating Report
is available for free at:

             http://bankrupt.com/misc/GMFeb2010MOR.pdf

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Has $16.775 Bil. Cash at End of February
---------------------------------------------------------
Lehman Brothers Holdings Inc. and its affiliated debtors
disclosed these cash receipts and disbursements for the month
ended February 28, 2010:

Beginning Cash & Investments (02/01/10)  $17,554,000,000
Receipts                                  1,040,000,000
Disbursements                            (1,788,000,000)
FX Fluctuation                              (13,000,000)
                                         ---------------
Ending cash & Investments (02/28/10)    $16,775,000,000

LBHI reported $2.927 billion in cash as of February 1, 2010, and
$2.709 billion in cash as of February 28, 2010.

The monthly operating report also showed that from September 15,
2008 to February 28, 2010, a total of $678,481,000 had been paid
to professionals, including ordinary course professionals,
employed by the Debtors, the Official Committee of Unsecured
Creditors, the Chapter 11 examiner and the Fee Examiner.  Of the
amount, Alvarez & Marsal LLC, the Debtors' turnaround manager,
raked in $246,657,000, while Weil Gotshal & Manges LLP, the
Debtors' lead bankruptcy counsel, earned $157,535,000.

A full-text copy of the February 2010 Operating Report is
available for free at:

         http://bankrupt.com/misc/LehmanMORFebruary2010.pdf

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


NORTEL NETWORKS: Posts $186 Million Net Loss in February
--------------------------------------------------------
Nortel Networks Inc. an indirect subsidiary of Nortel Networks
Corporation, and several other direct and indirect U.S.
subsidiaries of the Company, filed their monthly operating report
for February 2010 with the U.S. Bankruptcy Court for the District
of Delaware.

Nortel Networks Inc. reported a net loss of $186 million on total
revenues of $74 million for the period.  Reorganization items
totaled $191 million, which includes $23 million in professional
fees directly related to the Debtors' reorganization.

As of February 28, 2010, Nortel Networks Inc. had $2.416 billion
in total assets and $6.608 billion in total liabilities.

A full-text copy of the monthly operating report is available at
no charge at http://researcharchives.com/t/s?600f


                      About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986.  The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England.  Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


PENN TRAFFIC: Posts $761,000 Net Loss in February
-------------------------------------------------
On April 2, 2010, The Penn Traffic Company, et al., filed
their monthly operating report for the month ended February 27,
2010, with the U.S. Bankruptcy Court for the District of Delaware.

For the period the Debtors reported a net loss of $761,000 on
revenues of $2,000.

At February 27, 2010, the Debtors had total assets of
$112,772,000, total liabilities of $118,751,000, and shareholders'
deficit of $5,979,000.

A copy of the Debtors monthly operating report for the period
ended February 27, 2010, is available for free at:

               http://researcharchives.com/t/s?600d

Syracuse, New York-based The Penn Traffic Company -- dba P&C
Foods, Bi-Lo Foods, and Quality Markets -- operates supermarkets
in Pennsylvania, upstate New York, Vermont, and New Hampshire
under the Bilo, P&C and Quality trade names.  The Company filed
for Chapter 11 bankruptcy protection on November 18, 2009 (Bankr.
D. Del. Case No. 09-14078).  Ann C. Cordo, Esq., and Gregory W.
Werkheiser, Esq., at Morris, Nichols, Arsht & Tunnell assist the
Company in its restructuring effort.  Donlin Recano is the
Company's claims agent.  The Company listed $150,347,730 in assets
and $136,874,394 in liabilities as of May 4, 2009.

These affiliates also filed separate Chapter 11 petition: Sunrise
Properties, Inc.; Pennway Express, Inc.; Penny Curtiss Baking
Company, Inc.; Big M Supermarkets, Inc.; Commander Foods Inc.; P
and C Food Markets, Inc. of Vermont; and P.T. Development, LLC.


PRECISION PARTS: Posts $118,613 Net Loss in December
----------------------------------------------------
Precision Parts International Services Corp., et al., filed with
the U.S. Bankruptcy Court for the District of Delaware on
March 26, 2010, a monthly operating report for the month ended
December 31, 2009.

The Debtors reported a net loss of $118,613 for the month of
December 2009.

At December 31, 2009, the Debtors had total assets of
$4.0 million, total liabilities of $188.5 million, and
stockholders' deficit of $184.5 million.

A copy of the Debtors' monthly operating report for the month of
December 2009 is available for free at:

       http://bankrupt.com/misc/ppiholdings.decembermor.pdf

                     About Precision Parts

Headquartered in Rochester Hills, Michigan, Precision Parts
International Services Corp. -- http://www.precisionparts.com/--
sells products to major north American automotive and non-
automotive original equipment manufacturers and Tier 1 and 2
suppliers.  PPI and its units operate six manufacturing facilities
throughout north America, including a facility in Mexico operated
on their behalf by Intermex Manufactura de Chihuahua under a
shelter and logistics agreement.

The Company and eight of its affiliates filed for Chapter 11
protection on December 12, 2008 (Bankr. D. Del. Lead Case No.
08-13289).  Attorneys at Pepper Hamilton LLP are bankruptcy
counsel to the Debtors.  Alvarez & Marsal North America LLC is the
Debtor's financial advisors and Kurtzman Carson Consultants LLC is
the claims, noticing and balloting agent.  When PPI Holdings, Inc.
filed for protection from its creditors, it listed assets of
between $100 million and $500 million, and the same range of debt.


REGENT COMMS: February 28 Balance Sheet Upside-Down by $48.6 Mln
----------------------------------------------------------------
Regent Communications, Inc., delivered to the Securities and
Exchange Commission on April 13, 2010, its unaudited balance sheet
as of February 28, 2010.

At February 28, 2010, the Company's unaudited condensed
consolidated balance sheet showed $165.9 million in assets and
$214.5 million of debt, for a stockholders' deficit of
$48.6 million.

A full-text copy of the balance sheet as of February 28, 2010, is
available for free at http://researcharchives.com/t/s?600e

                   About Regent Communications

Headquartered in Cincinnati, Ohio, Regent Communications, Inc., is
a radio broadcasting company that acquires, develops, and operates
radio stations.  There are 47 subsidiary entities with 62 radio
stations in markets in Colorado, Illinois, Indiana, Kentucky,
Louisiana, Michigan, Minnesota, New York, and Texas.  Regent
Communications focuses on radio stations in mid-sized market that
are diversified in terms of geographic location, target
demographics and format in order to minimize the effects of
downturns in specific markets and changes in format preferences.

The Company filed for Chapter 11 bankruptcy protection on March 1,
2010 (Bankr. D. Delaware Case No. 10-10632).  Michael R. Nestor,
Esq., at Young Conaway Stargatt & Taylor, assists the Company in
its restructuring effort.  As of January 31, 2010, the Company had
$166,506,000 in assets and $211,282,000 in liabilities.

As reported in the Troubled Company Reporter on April 14, 2010,
the Bankrutpcy Court confirmed on April 12, 2010, the First
Amended Joint Chapter 11 Plan of the Debtors.  The Debtors
anticipate that they will likely emerge from Chapter 11 protection
on April 27, 2010.


SMURFIT-STONE: Has $683,772,000 Cash at End of February
-------------------------------------------------------
              Smurfit-Stone Container Corporation
                    Combined Balance Sheet
                    As of February 28, 2010

                             ASSETS

Current Assets:
Cash                                              $661,381,000
Restricted cash                                     22,391,000
Receivables                                        652,811,000
Inventories                                        439,943,000
Refundable income taxes                             24,419,000
Prepaid expenses and others                         46,337,000
                                                ---------------
    Total current assets                          1,847,282,000

Net property                                      3,010,265,000
Timberlands, less depletion                           2,272,000
Deferred income taxes                                20,288,000
Investments in and advances to non-Debtor            78,241,000
  affiliates
Other assets                                         58,585,000
                                                ---------------
Total assets                                     $5,016,933,000
                                                ===============

                 LIABILITIES & EQUITY (DEFICIT)

Liabilities Not Subject to Compromise:
Current liabilities:
  Current maturities of long-term debt           $1,349,001,000
  Accounts payable                                  438,206,000
  Accrued compensation and payroll taxes            127,028,000
  Interest payable                                   12,327,000
  Income taxes payable                                        -
  Current deferred taxes                                      -
  Other current liabilities                         133,791,000
                                                ---------------
     Total current liabilities                    2,060,353,000

Other long-term liabilities                         112,660,000
                                                ---------------
Total liabilities not subject to compromise       2,173,013,000

Liabilities subject to compromise                 4,282,439,000
                                                ---------------
Total liabilities                                 6,455,452,000

Total stockholders' equity (deficit)             (1,438,519,000)
                                                ---------------
Total liabilities & stockholders' equity         $5,016,933,000
                                                ===============

              Smurfit-Stone Container Corporation
                Combined Statement of Operations
             For the month ended February 28, 2010

Net sales                                          $445,460,000

Costs and expenses:
Cost of goods sold                                  422,095,000
Selling and administrative expenses                  51,458,000
Restructuring charges                                (5,323,000)
(Gain)loss on disposal of assets                         85,000
Other operating income                                        -
                                                ---------------
Income(Loss) from operations                        (22,855,000)

Other income (expense):
Interest expense, net                                (4,378,000)
DIP debt issuance costs                                       -
Loss on early extinguishment of debt                          -
Equity in gains (losses) of non-debtor affiliates      (194,000)
Foreign currency exchange losses                      1,000,000
Other, net                                              674,000
                                                ---------------
Loss before reorganization items and taxes          (25,753,000)

Reorganization items:
  Professional fees                                  (5,000,000)
  Provision for executory contracts & leases         (3,400,000)
  Accounts payable settlement gains                     838,000
  Reversal of postpetition unsecured interest                 -
     expense
                                                ---------------
Reorganizational items, net                          (7,562,000)

Income (loss) before income taxes                   (33,315,000)
Benefit from income taxes                                83,000
                                                ---------------
Net Income(Loss)                                   ($33,232,000)
                                                ===============

              Smurfit-Stone Container Corporation
             Schedule of Receipts and Disbursements
             For the month ended February 28, 2010

Beginning cash balance                             $719,528,000

Total receipts                                      495,369,000

Disbursements:
  Payroll & benefits                               (113,983,000)
  Professional fees                                  (7,234,000)
  Interest                                           (2,763,000)
  Capital expenditures                               (9,934,000)
  Repayment of debt                                    (302,000)
  Other disbursements                              (396,909,000)
                                                ---------------
Total disbursements                                (531,125,000)

Ending cash balance                                $683,772,000
                                                ===============

A full-text copy of the Debtors' February 2010 Operating Report
is available for free at:

           http://bankrupt.com/misc/SmrftFeb10MOR.pdf

                      About Smurfit-Stone

Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers.  The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada.  The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States.  The Company employs roughly 21,250
employees, 17,400 of which are based in the United States.  For
the quarterly period ended September 30, 2008, the Company
reported roughly US$7.450 billion in total assets and
US$5.582 billion in total liabilities on a consolidated basis.

Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235).  Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.

Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers.  Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October.  Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.

James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel.  PricewaterhouseCooper
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.

Bankruptcy Creditors' Service, Inc., publishes Smurfit-Stone
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Smurfit-Stone
Container Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


SPHERIS INC: Makes February Profit Before Interest & Fees
---------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Spheris Inc. reported
a $2.1 million net loss in February following the Chapter 11
filing Feb. 3.  Net revenue in the month was $10.97 million,
resulting in $1.16 million in earnings before interest, taxes,
depreciation, amortization and reorganization costs.  For the
month, interest expense was $1.85 million, and professional fees
were $1.45 million.

The business will be sold for $75.25 million cash to subsidiaries
of CBay Holding Ltd., absent higher and better bids.  An auction
was scheduled for April 13.

                         About Spheris Inc.

Based in Franklin, Tennessee, Spheris Inc. --
http://www.spheris.com/-- is a global provider of clinical
documentation technology and services.

Spheris Inc., along with five affiliates, filed for Chapter 11 on
Feb. 3, 2010 (Bankr. D. Del. Case No. 10-10352).  Attorneys at
Young Conaway Stargatt & Taylor, LLP, and Willkie Farr & Gallagher
LLP represent the Debtors in their Chapter 11 effort.  Jefferies &
Company serve as financial advisors to the Debtors.  Attorneys at
Schulte Roth & Zabel LLP and Landis Rath & Cobb LLP serve as
counsel to the prepetition and DIP lenders.  Garden City Group
Inc. is claims and notice agent.  The petition says that assets
range from $50,000,001 to $100,000,000 while debts range from
$100,000,001 to $500,000,000.


TOUSA INC: Reports $14,367,689 Net Loss for February
----------------------------------------------------
                   TOUSA, INC., and Subsidiaries
                    Consolidated Balance Sheet
                      As of February 28, 2010

                             ASSETS

Cash and Cash Equivalents:
  Cash in bank                                   $487,734,401
  Cash equivalents (due from title company
     from closings)                                   348,107

Inventory:
  Deposits                                         10,848,962
  Land                                             61,748,543
  Residences completed and under construction      40,076,866
  Inventory not owned                                       -
                                              ---------------
                                                  112,674,371

Property and equipment, net                         2,081,352
Investments in unconsolidated joint ventures        2,085,688
Receivables from unconsolidated joint ventures              -
Accounts receivable                                15,248,217
Other assets                                       29,743,757
Goodwill                                                    -
                                              ---------------
                                                  649,915,873

Net Assets of Financial Services                    5,139,182
                                              ---------------
Total Assets                                     $655,055,055
                                              ===============

               LIABILITIES & STOCKHOLDERS' EQUITY

Accounts payable and other liabilities           $269,704,139
Customer deposits                                   3,118,004
Obligations for inventory not owned                         -
Notes payable                                   1,615,711,159
Bank borrowings                                   194,413,120
                                              ---------------
Total Liabilities                               2,082,946,422

Stockholders' Equity:
  Preferred stock                                  27,114,609
  Common stock                                        596,042
  Additional paid in capital                      550,926,951
  Retained earnings                            (2,006,528,969)
                                              ---------------
Total Stockholders' Equity                     (1,413,523,678)
                                              ---------------
Total liabilities and Stockholders' Equity       $655,055,055
                                              ===============

                  TOUSA, INC., and Subsidiaries
              Consolidated Statement of Operations
              For the Period February 1 to 28, 2010

Revenues:
  Home sales                                       $8,783,094
  Land sales                                       77,438,901
                                              ---------------
                                                   86,221,995

Cost of Sales:
  Home sales                                       10,453,928
  Land sales                                       83,556,871
                                              ---------------
                                                   94,010,799
                                              ---------------
Gross Profit                                       (7,788,804)

Total selling, general and admin expenses           4,879,744
Income (loss) from joint ventures, net                      -
Interest expense, net                               1,749,851
Other (income) expense, net                           (64,431)
                                              ---------------
Homebuilding pretax income (loss)                 (14,353,968)

Equity in Financial services pretax income (loss)     (13,721)

Income (loss) before income taxes                 (14,367,689)
Provision (benefit) for income taxes                        -
                                              ---------------
Net Income (loss)                                ($14,367,689)
                                              ===============

                  TOUSA, INC. and Subsidiaries
       Consolidated Schedule of Receipts and Disbursements
               For the Period February 1 to 28, 2010

Funds at beginning of period                     $409,673,057

RECEIPTS
  Cash sales                                       80,448,360
  Accounts receivable                                 255,249
  Other receipts                                    2,502,107
                                              ---------------
Total receipts                                     83,205,716
                                              ---------------
Total funds available for operations              492,878,773

DISBURSEMENTS
  Advertising                                           8,913
  Bank charges                                        387,194
  Contract labor                                       72,609
  Fixed asset payments                                      -
  Insurance                                                 -
  Inventory payments                                  478,450
  Leases                                               21,195
  Manufacturing supplies                                    -
  Office supplies                                      32,756
  Payroll - net                                       638,364
  Professional fees (accounting and legal)          1,536,484
  Rent                                                134,760
  Repairs & maintenance                                 6,284
  Secured creditor payments                         1,238,770
  Taxes paid - payroll                                 71,973
  Taxes paid - sales & use                             17,455
  Taxes paid - other                                   41,111
  Telephone                                            58,411
  Travel & entertainment                               18,071
  U.S. Trustee quarterly fees                               -
  Utilities                                            31,662
  Vehicle expenses                                      1,668
  Other operating expenses                            348,242
                                              ---------------
Total disbursements                                 5,144,372
                                              ---------------
Ending Balance                                   $487,734,401
                                              ===============

                        About Tousa Inc.

Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.

The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on January 29, 2008 (Bankr. S.D. Fla. Case No. 08-
10928).  The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M. Basta,
Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at
Berger Singerman, to represent them in their restructuring
efforts.  Lazard Freres & Co. LLC is the Debtors' investment
banker.  Ernst & Young LLP is the Debtors' independent auditor and
tax services provider.  Kurtzman Carson Consultants LLC acts as
the Debtors' Notice, Claims & Balloting Agent.

TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746).  It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.


VISTEON CORP: Reports $59,674,000 Net Loss for February
-------------------------------------------------------
                      Visteon Corporation
                     Debtor's Balance Sheet
                    As of February 28, 2010

ASSETS
Current Assets:
  Cash and cash equivalents                       $308,836,000
  Restricted cash                                   93,792,000
  Accounts receivable, net                       4,341,704,000
  Inventories, net                                  26,121,000
  Other current assets                              56,769,000
                                                --------------
Total current assets                             4,827,222,000

Property and equipment, net                        111,934,000
Equity in net asset of non-consolidated units                0
Other non-current assets                         1,357,978,000
                                                --------------
Total Assets                                    $6,297,133,000
                                                ==============

LIABILITIES & SHAREHOLDERS' DEFICIT

Short-term debt, including current portion
of long-term debt                             $10,997,586,000
Accounts payable                                 1,201,937,000
Accrued employee liabilities                        24,855,000
Other current liabilities                           61,443,000
                                                --------------
Total current liabilities                       12,285,821,000

Liabilities subject to compromise                2,830,831,000

Long-term debt                                         450,000
Employee benefits                                  291,173,000
Deferred income taxes                               92,194,000
Other non-current liabilities                      187,761,000
                                                --------------
Total Liabilities                               15,688,229,000

Shareholders' equity (deficit)
Debtor's Shareholders' equity (deficit)
Common stock                                      131,053,000
Stock warrants                                    127,024,000
Additional paid-in capital                      2,230,862,000
Retained earnings                             (11,442,169,000)
Accumulated other comprehensive income           (300,565,000)
Other                                              (4,308,000)
                                                --------------
Total Debtor shareholders' equity (deficit)     (9,258,104,000)
Non-controlling interests                         (132,992,000)
                                                --------------
Total shareholders' equity (deficit)            (9,391,096,000)
                                                --------------
Total Liabilities and shareholders' deficit     $6,297,133,000
                                                ==============

                      Visteon Corporation
                    Statements of Operations
             For the Period Ended February 28, 2010

Net sales
Products                                          $37,837,000
Services                                           18,474,000
                                                --------------
                                                    56,311,000

Cost of Sales
  Products
    Materials                                       24,121,000
    Labor and overhead                              12,501,000
    Product engineering                             24,182,000
    Freight and duty                                 1,191,000
    Manufacturing spending                           1,049,000
    Warranty and recall                                 76,000
    Other                                           12,550,000
  Services                                          17,913,000
                                                --------------
                                                    93,582,000
                                                --------------
Gross margin                                       (37,271,000)

Selling, general and administrative expenses
Personnel                                           8,677,000
Depreciation                                        2,161,000
Other                                               5,694,000
                                                --------------
                                                    16,531,000

Restructuring expenses                                 578,000
Reimbursement from Escrow Account                            0
Reorganization items                                 2,553,000
Deconsolidation gain                                         0
Asset impairments and other gains (losses)                   0
                                                --------------
Operating income (loss)                            (56,933,000)

Interest expense                                     3,618,000
Interest income                                        882,000
Equity in net income of non-consolidated affiliates          0
                                                --------------
Income (loss) before income taxes                  (59,668,000)
Provision for income taxes                               6,000
                                                --------------
Net Income (loss)                                 ($59,674,000)
                                                ==============

                    Visteon Corporation et al.
           Combined Schedules of Operating Cash Flow
             For the Month Ended February 28, 2010

Customer Receipts                                 $158,361,000
Other receipts                                      21,053,000
Intercompany receipts                               60,856,000
                                                --------------
Total receipts                                     240,270,000

Disbursements
Payroll related                                    (31,638,000)
Operating disbursements                            (87,520,000)
Intercompany disbursements                        (152,108,000)
Other disbursements                                (11,418,000)
                                                --------------
Total Disbursements                               (282,684,000)
                                                --------------
Net Cash Flow                                      (42,414,000)

Beginning Cash Balance                             538,492,000
Net Cash Flow                                      (42,414,000)
Foreign Currency and other Adjustments                (250,000)
                                                --------------
Ending Cash Balance                               $495,828,000
                                                ==============

                    About Visteon Corporation

Visteon Corporation is a leading global automotive supplier that
designs, engineers and manufactures innovative climate, interior,
electronic and lighting products for vehicle manufacturers. With
corporate offices in Van Buren Township, Mich. (U.S.); Shanghai,
China; and Chelmsford, UK; the company has facilities in 25
countries and employs approximately 29,500 people.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


WALKING COMPANY: Posts $1.4 Million Net Loss in February
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The Walking Company and Big Dog USA, Inc., filed on April 6,,
2010, their monthly operating reports for the month ending
February 28, 2010.

The Walking Company reported a net loss of $1.4 million on sales
of $11.6 million in February.  At February 28, 2010, the Company's
balance sheet showed $92.2 million in total assets, $69.4 million
of total liabilities, $10.1 million of intercompany payable, and
$12.6 million of stockholders' equity.

Big Dog reported a net loss of $5,000 on sales of $162,000 in
February.  At February 28, 2010, Big Dog had $19.6 million in
assets, $836,000 in debts, and $18.8 million in stockholders'
equity.

A full-text copy of the Debtors' monthly operating reports for
February 2010 is available at no charge at:

     http://bankrupt.com/misc/walkingcompany.februarymor.pdf

Headquartered in Santa Barbara, California, The Walking Company --
dba Alan's Shoes, Footworks, Overland Trading Co, Sole Outdoors,
Martini Shoes, and TWC Acquisition Corporation -- consists of two
distinct retail operations, which are largely focused on TWC,
which is a leading specialty retailer of comfort footwear,
operating 210 stores in premium malls across the nation.

The Walking Company filed for Chapter 11 bankruptcy protection on
December 7, 2009 (Bankr. C.D. Calif. Case No. 09-15138).  Its
affiliate, Big Dog USA, Inc., also filed for bankruptcy (Case No.
09-15137).  Andy Kong, Esq., at Arent Fox LLP assists the Debtors
in their restructuring efforts.  The Walking Company listed
$100,000,001 to $500,000,000 in assets and $50,000,001 to
$100,000,000 in liabilities.



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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
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Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
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Don't be fooled.  Assets, for example, reported at historical cost
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
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The TCR subscription rate is $775 for 6 months delivered via e-
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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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