/raid1/www/Hosts/bankrupt/TCR_Public/100419.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 19, 2010, Vol. 14, No. 107
Headlines
222 WEST: Case Summary & 13 Largest Unsecured Creditors
ADVANCE FOOD: S&P Puts 'B' Rating on CreditWatch Positive
APACHE CORPORATION: Moody's Reviews 'B2' Corporate Family Rating
ALAMO IRON: Gets Interim Nod to Hire L&B as Bankruptcy Counsel
ALAMO IRON: Hiring of Snell as Special Counsel Gets Interim OK
ALL AMERICAN SEMICON: Dismissal of Samsung Arbitration Affirmed
ALTER COMMUNICATIONS: Case Summary & 20 Largest Unsec. Creditors
ANITA HONRADE: Case Summary & 20 Largest Unsecured Creditors
ANNALY BAY CORP: Case Summary & 8 Largest Unsecured Creditors
ANNALY BAY DEV'T: Case Summary & 9 Largest Unsecured Creditors
ANTONIO ROBERSON: Case Summary & 20 Largest Unsecured Creditors
ARTHUR GILT: Case Summary & 20 Largest Unsecured Creditors
CRESSON SWD: Files $18-Mil. Suit vs. Basic Energy
BAYSHORE YACHT: Case Summary & 4 Largest Unsecured Creditors
BERRY CHILL: Case Summary & 20 Largest Unsecured Creditors
BIG TOY: Case Summary & Three Largest Unsecured Creditors
BRIGHAM EXPLORATION: S&P Raises Corporate Credit Rating to 'B'
BULOVA TECH: Voluntary Chapter 11 Case Summary
CAMERON-811 RUSK: Files Amended List of Unsecured Creditors
CABLEVISION SYSTEMS: Unit's Amended Loans Get S&P's 'BBB-' Rating
CAREMORE HOLDINGS: S&P Gives Positive Outlook; Affirms 'B' Rating
CEASAR RICASATA: Case Summary & 20 Largest Unsecured Creditors
CHRYSLER LLC: Court OKs Retention of Experts on Daimler Litigation
CINEDIGM DIGITAL: Moody's Assigns 'Ba1' Rating on Loan Facility
CORRADI ARMS: Section 341(a) Meeting Scheduled for May 24
DAVID LONG: Case Summary & 20 Largest Unsecured Creditors
DAVID MEARS: Case Summary & 7 Largest Unsecured Creditors
DAVID PROCTOR: Voluntary Chapter 11 Case Summary
DAYSPRINGS, LLC: Voluntary Chapter 11 Case Summary
DBO HOLDINGS: S&P Puts 'B' Corp. Rating on CreditWatch Negative
DIGITALGLOBE INC: Moody's Affirms 'Ba3' Corporate Family Rating
DOREEN MAZZARELLA: Voluntary Chapter 11 Case Summary
DOUGLAS DYNAMICS: S&P Puts 'B+' Rating on CreditWatch Positive
DOUGLAS HALL: Case Summary & 14 Largest Unsecured Creditors
DUC HOANG: Voluntary Chapter 11 Case Summary
EDGEHILL RANCH: Voluntary Chapter 11 Case Summary
EDWARD RAKOWSKI: Case Summary & 12 Largest Unsecured Creditors
ELEKTRA DEL CARIBE: Case Summary & 20 Largest Unsecured Creditors
ELEVATOR TECHNOLOGY: Voluntary Chapter 11 Case Summary
FREMONT GENERAL: Judge Certifies Stock-Drop Class Suit
FREMONT GENERAL: Two Plan Proponents Team Up
GALAXY GAMING: December 31 Balance Sheet Upside-Down by $478,667
GDMAC CORP: Case Summary & Seven Largest Unsecured Creditors
GINA BUILDING: Case Summary & 10 Largest Unsecured Creditors
GOLDBERG-BAYMEADOWS: To Pay Gen. Unsecured Claims in 12 Months
GOTTSCHALKS INC: Wants GE Capital to Return $936,000
GREATER GERMANTOWN: Taps Ciardi Ciardi as Bankruptcy Counsel
GSI GROUP: Files 2008 Annual Report, Posts $203.8MM Net Loss
HABIB RASHED: Case Summary & 11 Largest Unsecured Creditors
HARMAN INTERNATIONAL: QNX Deal Won't Affect Moody's 'B1' Rating
HCP INC: Fitch Affirms 'BB+' Rating on Preferred Stock
HEARTLAND PUBLICATIONS: Court Confirms Plan of Reorganization
HOLLEY PERFORMANCE: Judge Approves Disclosure Statement
HOWARD MCGUIRE: Case Summary & 20 Largest Unsecured Creditors
HYTHIAM INC: Recurring Losses Prompt Going Concern Doubt
INTERNATIONAL COMMERCIAL: Posts $3.2 Million Net Loss in 2008
IVOICE INC: Rosenberg Rich Raises Going Concern Doubt
JADCO ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
JAMIE GRIES: Case Summary & 13 Largest Unsecured Creditors
JERRY PETTY: Voluntary Chapter 11 Case Summary
JESUS VENEGRAS: Case Summary & 18 Largest Unsecured Creditors
JOE SPEARMAN JR: Case Summary & 8 Largest Unsecured Creditors
JOE SPEARMAN SR: Case Summary & 7 Largest Unsecured Creditors
JOSE VASQUEZ: Case Summary & 20 Largest Unsecured Creditors
JOSHUA FARMER: Section 341(a) Meeting Scheduled for May 21
JULIE PALMER: Case Summary & 20 Largest Unsecured Creditors
KELLAND INVESTMENTS: Voluntary Chapter 11 Case Summary
KEYLAND INVESTMENT: Voluntary Chapter 11 Case Summary
KEYLAND INVESTMENT II: Voluntary Chapter 11 Case Summary
KIMBERLEY MANUFACTURING: Case Summary & Creditors List
KRONOS INTERNATIONAL: Fitch Upgrades Issuer Default Rating to 'B-'
LBJ LAKEFRONT: Court to Consider Plan Confirmation on April 28
LEHMAN BROTHERS: Gets Court OK to Set Up Asset Management Unit
LEHMAN BROTHERS: Unsecured Creditors to Get 14.7% Recovery
LEXINGTON PRECISION: Gets Interim Access to Lenders' Cash
LYDIA CLADEK: U.S. Trustee Appoint Phelan as Ch. 11 Trustee
LYONDELL CHEMICAL: Bayer, AT&T, Others Oppose Lyondell Cures
M & S: Case Summary & 20 Largest Unsecured Creditors
MARINER ENERGY: S&P Puts 'B+' Rating on CreditWatch Positive
MARSH HAWK: Wants to Hire Willcox & Savage as Bankruptcy Counsel
MEDIACOM LLC: Moody's Assigns 'Ba3' Rating on Proposed Notes
MEDIACOM LLC: S&P Assigns 'BB-' Rating on $250 Mil. Loan E
MESA AIR: Court Lifts Stay on United Airlines' Suit
MGM MIRAGE: Moody's Assigns 'Caa1' Rating on $750 Mil. Notes
MGM MIRAGE: S&P Assigns 'CCC+' Rating on $750 Mil. Senior Notes
MICHAEL MORGAN: Case Summary & 4 Largest Unsecured Creditors
MOUNTAIN RESORT: Taps F. Kelly Smith as Bankruptcy Counsel
MPG GATEWAY: Section 341(a) Meeting Scheduled for May 3
MURRAY ENERGY: Moody's Affirms 'Caa1' Corporate Family Rating
MURRAY ENERGY: S&P Affirms Corporate Credit Rating at 'B'
NANCY EDWARDS: Case Summary & 20 Largest Unsecured Creditors
NEW YORK CHOCOLATE: Case Summary & 12 Largest Unsecured Creditors
NEWBURGH, NY: Moody's Downgrades Ratings on Bonds to 'Ba1'
NMI INDUSTRIAL: Voluntary Chapter 11 Case Summary
NORTEL NETWORKS: Ontario Court Extends CCAA Stay Until July 22
OCEAN TIDE: Case Summary & 7 Largest Unsecured Creditors
OCHOA POULTRY: Case Summary & 10 Largest Unsecured Creditors
PACIFIC GALVESTON: May Use Fannie Mae Collateral Until April 30
PCAA PARENT: Court Approves Disclosure Statement
PEARL ART: Case Summary & 20 Largest Unsecured Creditors
PEARL ARTIST: Case Summary & 20 Largest Unsecured Creditors
PEARL COMPANIES: Case Summary & 20 Largest Unsecured Creditors
PINE MOUNTAIN: Voluntary Chapter 11 Case Summary
PM PROPERTIES: Voluntary Chapter 11 Case Summary
POINT BLANK: To Hire Venable as Special Government Counsel
POINT BLANK: To Hire Olshan Grundman as Special Corp. Counsel
PPA HOLDINGS: Thomas Casey Appointed as Chapter 11 Trustee
PROLIANCE INTERNATIONAL: Files Plan of Liquidation
PROTOSTAR LTD: Judge OKs Additional $2.5-Mil. DIP Financing
RADIENT PHARMACEUTICALS: Posts $16.6 Million Net Loss in 2009
REDHILLS DEVELOPMENT: Case Summary & 8 Largest Unsecured Creditors
RICHARD KERR: Case Summary & 20 Largest Unsecured Creditors
ROBERT GLADNEY: Case Summary & 20 Largest Unsecured Creditors
ROCK & REPUBLIC: Files List of 25 Largest Unsecured Creditors
ROCK & REPUBLIC: Taps Todtman Nachamie as Gen. Bankr. Counsel
ROCK & REPUBLIC: Wants Manderson Schafer as Special Counsel
RSCS INC: Case Summary & 11 Largest Unsecured Creditors
RYLAND GROUP: Moody's Assigns 'Ba3' Rating on $300 Mil. Notes
SANFORD SIMON: Case Summary & 16 Largest Unsecured Creditors
SCOTSMAN INDUSTRIES: Moody's Assigns 'B1' Corporate Family Rating
SERGIO ACLE: Voluntary Chapter 11 Case Summary
SETTLES ASSOCIATES: Case Summary & 20 Largest Unsecured Creditors
SHANDI SMITH: Case Summary & 19 Largest Unsecured Creditors
SHEARIN FAMILY: Bid to Dismiss or Convert Case Withdrawn
SMURFIT-STONE: Court Won't Reconsider Unit's Chapter 7 Conversion
SOLO CUP: Moody's Gives Positive Outlook; Affirms 'B3' Rating
SPEARMAN FOOD: Case Summary & 20 Largest Unsecured Creditors
SPHERIS INC: Court Approves Sale to MedQuist, CBay for $116M
SPRINT NEXTEL: Moody's Assigns 'Baa2' on $2.25 Bil. Senior Notes
SS&C TECHNOLOGIES: S&P Raises Corporate Credit Rating to 'BB-'
SUNDOWN COMMERCE: Case Summary & 20 Largest Unsecured Creditors
SURFUN ENTERPRISES: Voluntary Chapter 11 Case Summary
SURYA HOSPITALITY: Case Summary & Two Largest Unsecured Creditors
WHEATLAND GROUP: Case Summary & 20 Largest Unsecured Creditors
TIMOTHY RAY: To Refinance or Sell Property to Pay Secured Claims
TIMOTHY RAY: Wants Access to BofA's Cash Collateral Until August 1
VEBLEN WEST: Section 341(a) Meeting Scheduled for May 11
VEBLEN WEST: Taps Leonard Street as Bankruptcy Counsel
WESTLAND DEVCO: Taps Cole Schotz as Bankruptcy Counsel
WESTLAND DEVCO: Wants to Hire Katten Muchin as Special Counsel
WIDEOPENWEST FINANCE: S&P Affirms 'B-' Corporate Credit Rating
WOODCREST CLUB: Promises to Pay 100% of Unsecured Creditors Claims
* BOND PRICING -- For the Week From April 12 to 16, 2010
*********
222 WEST: Case Summary & 13 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: 222 West Monument, LLC
c/o Business Filing International, Inc.
351 W. Camden Street
Baltimore, MD 21201
Bankruptcy Case No.: 10-17936
Chapter 11 Petition Date: April 12, 2010
Court: U.S. Bankruptcy Court
District of Maryland (Baltimore)
Judge: Nancy V. Alquist
Debtor's Counsel: Jeffrey M. Sirody, Esq.
Sirody, Freiman & Feldman
1777 Reisterstown Road, Suite 360 E
Baltimore, MD 21208
Tel: (410) 415-0445
Fax: (410) 415-0744
E-mail: smeyers5@hotmail.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 13 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/mdb10-17936.pdf
The petition was signed by Allan J. Ackerman, partner/member.
ADVANCE FOOD: S&P Puts 'B' Rating on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'B'
corporate credit rating and other ratings on Enid, Okla.-based
Advance Food Co. on CreditWatch with positive implications. S&P
could raise or affirm the ratings on the company following
completion of S&P's review. Advance Food develops, manufactures,
and markets processed food items, including meat products and
ready-to-serve nonmeat productions.
"The CreditWatch placement reflects S&P's view that Advance Food's
operating performance has improved despite lingering weak economic
conditions and credit metrics have strengthened and are stronger
than the rating following debt reduction efforts," said Standard &
Poor's credit analyst Jean C. Stout. For the year ended Dec. 26,
2009, S&P estimates that total debt to EBITDA is 2.5x and funds
from operations to total debt is about 35%. This compares with
3.4x and 22.1%, respectively, for the 12 months ended Sept. 26,
2009.
To resolve the CreditWatch listing, Standard & Poor's will meet
with management to discuss its business and financial strategy,
including reviewing its 2010 expectations amid expected continued
weak economic conditions to assess the company's ability to
maintain improved credit metrics.
APACHE CORPORATION: Moody's Reviews 'B2' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service affirmed Apache Corporation's A3 senior
unsecured ratings, P-2 commercial paper rating, and stable rating
outlook following its announcement that it will acquire Mariner
Energy in a $3.9 billion transaction. Moody's also placed
Mariner's B2 Corporate Family Rating and B3 senior note ratings
under review for upgrade. The acquisition marks Apache's first
large scale entry into the Gulf of Mexico deep waters and it adds
to Apache's existing holdings in the GOM shallow water and the
Permian Basin.
Compensation to Mariner's shareholders includes the exchange of
Apache common stock for Mariner common valued at approximately
$1.9 billion, $800 million in cash, and Apache's assumption of
approximately $1.2 billion in Mariner debt.
The ratings are supported by Apache's sound capital reinvestment
performance; large scale and wide diversification by geography,
geology and commodity price exposure; large visible project
inventory; Moody's expectation that pro-forma leverage on
production and reserves will be reduced this year, partly by debt
reduction and partly through production and reserve growth; the
cost benefits of increased operating intensity in Apache's shallow
water GOM and oil-weighted Permian operations; and added portfolio
diversification from Mariner's deep water GOM operations. By
number of projects, Apache believes Mariner has been the fourth
most active firm in the GOM deepwater.
"While the Mariner acquisition and Apache's recent $1.05 billion
all-cash acquisition of Devon Energy's remaining shallow water
Gulf of Mexico properties add net leverage, Apache carried
approximately $2 billion of cash at year-end 2009, the leverage
increase is manageable and will be reduced in any case and the
acquisitions add important dimensions to Apache's asset
portfolio," said Andrew Oram, a Moody's vice president and lead
analyst for Apache.
The review for possible upgrade for Mariner's ratings reflects the
improved credit profile of Mariner debt if the merger closes. If
Apache fully assumes Mariner's notes and they become pari passu
with Apache's debt in all respects, the notes would likely rise to
Apache's ratings. However, if the Mariner notes become
unguaranteed obligations of a wholly-owned Apache subsidiary, they
would likely be rated below Apache's ratings but well within
investment grade.
Based on fourth quarter 2009 daily average production, Apache is
paying approximately $68,000 per boe of Mariner daily production.
Fully loading Mariner's reserves for its reported $1.260 billion
of capital spending needed to bring existing proven reserves to
production, Apache is paying approximately $28.50 per boe of
Mariner proven reserves.
Several notable aspects to the Mariner acquisition include that it
marks Apache's first major entry into the high impact though
higher risk and cost deepwater GOM, it adds visibility to future
production growth, it further intensifies Apache's vast acreage,
reserve and production infrastructure holdings across the more
mature shallow water regions of the GOM, it intensifies its
existing Permian Basin holdings, and it brings a significant
exposure to strong oil prices. The earlier Devon acquisition was
exclusively focused on the shallow GOM, itself intensifying
Apache's holdings there.
Pro-forma for Mariner and Devon, Moody's estimate that Apache's
leverage on PD reserves rises materially to approximately $4.13/PD
Boe of reserves from $3.26/PD Boe of reserves. The leverage
increase on total proven reserves is proportionately less but it
starts from a less attractive base. Leverage on total proven
reserves rises to $6.96/Boe of total proven reserves from
$6.21/Boe of proven reserves, adding to pro-forma debt Apache's,
Mariner's and the Devon properties' capital spending needed to
bring existing proven non-producing reserves to production).
Leverage on daily production rises to approximately $11,145/Boe of
daily production from $9,144/Boe.
Approximately 37% of Mariner's production is in the GOM shallow
waters, 40% in the GOM deepwater, 16% in the Permian Basin and 7%
elsewhere onshore U.S. From Devon, Apache acquired approximately
41 mmboe of proven reserves (85% proven developed) and 42 mmboe of
probable reserves. Pro-forma for the Mariner merger and Apache's
recent acquisition of Devon Energy's GOM shallow water assets,
Apache's production mix moves modestly from 50% oil and liquids
and 50% natural gas to 49% oil and liquids and 51% natural gas.
North America generates 52% of Apache's production.
The last rating action for Apache was January 18, 2007, when
Moody's affirmed its A3 senior unsecured rating following Apache's
announced $1 billion acquisition of Permian Basin properties. The
last rating action for Mariner was June 3, 2009, when Moody's
assigned a B3, LGD5 (74%) rating to Mariner's senior unsecured
note offering and affirmed its B2 Corporate Family Rating.
Apache Corporation amd Mariner Energy are headquartered in
Houston, Texas.
ALAMO IRON: Gets Interim Nod to Hire L&B as Bankruptcy Counsel
--------------------------------------------------------------
Alamo Iron Works, Inc. and its debtor-affiliates sought and
obtained interim approval from the U.S. Bankruptcy Court for the
Western District of Texas to employ Langley & Banack, Inc., as
bankruptcy counsel.
L&B will:
a. take all necessary action to protect and preserve the
estates of the Debtors, including the prosecution of
actions on the Debtors' behalf, the defense of any action
commenced against the Debtors, the negotiation of disputes
in which the Debtors are involved, and the preparation of
objections to claims filed against the Debtors' estates;
b. prepare motions, applications, answers, orders, reports,
and papers in connection with the administration and
prosecution of the Debtors' cases;
c. advise the Debtors in respect of bankruptcy, real estate,
corporate, regulatory, labor law, intellectual property,
licensing, and tax matters or other services as requested;
and
d. perform other necessary legal services in connection with
the cases.
No work performed by L&B will be unnecessarily duplicative of work
performed by any other counsel retained by the Debtors.
L&B will be paid based on the hourly rates of its personnel:
Dvid S. Gragg, Shareholder $450
Steven R. Brook, Shareholder $450
Allen DeBard, Associate $225
Catherine Johnston, Paralegal $100
David S. Gragg, a shareholder at L&B, assures the Court that the
firm is "disinterested" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The Court rules that if any supplemental declarations or
affidavits are filed and served after the entry of this Order,
absent any objections filed within 21 days after the filing and
service of the supplemental declarations or affidavits, L&B's
employment will continue.
A hearing on the Debtors' request to hire L&B as bankruptcy
counsel will be held on April 29, 2010, at 2:00, p.m.
San Antonio, Texas-based Alamo Iron Works, Inc., filed for Chapter
11 bankruptcy protection on April 5, 2010 (Bankr. W.D. Texas Case
No. 10-51269). The Company estimated its assets and debts at
$10,000,001 to $50,000,000.
ALAMO IRON: Hiring of Snell as Special Counsel Gets Interim OK
---------------------------------------------------------------
Alamo Iron Works, Inc., and its debtor-affiliates sought and
obtained interim approval from the Hon. Ronald B. King of the U.S.
Bankruptcy Court for the Western District of Texas to employ Snell
& Snell, L.P., as special litigation counsel.
Snell & Snell will assist and represent the Debtors in connection
with claims currently pending against Praxair Distribution, Inc.
The Debtors are seeking to pursue the pending claims against
Praxair and to preserve assets of the Debtors' bankruptcy estates.
No work performed by Snell & Snell will be unnecessarily
duplicative of work performed by any other counsel retained by the
Debtors.
Snell & Snell will be compensated upon appropriate application in
accordance with U.S. Bankruptcy Code, the Bankruptcy Rules, the
Local Bankruptcy Rules, including the Guidelines for Compensation
and Expense Reimbursement of Professionals in Complex Chapter 11
Cases, the U.S. Trustee Fee Guidelines and any applicable
procedures and orders of the Court.
To the best of the Debtors' knowledge, Snell & Snell is
"disinterested" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The Court rules that if any supplemental declarations or
affidavits are filed and served after the entry of the Court
Order, absent any objections filed within 21 days after the filing
and service of the supplemental declarations or affidavits, Snell
& Snell's employment will continue. A hearing to on the Debtors'
request to employ Snell & Snell will be held on April 29, 2010, at
2:00 p.m.
San Antonio, Texas-based Alamo Iron Works, Inc., filed for Chapter
11 bankruptcy protection on April 5, 2010 (Bankr. W.D. Texas Case
No. 10-51269). The Company estimated its assets and debts at
$10,000,001 to $50,000,000.
ALL AMERICAN SEMICON: Dismissal of Samsung Arbitration Affirmed
---------------------------------------------------------------
According to Bankruptcy Law360, a federal court has affirmed the
dismissal of Samsung Electronics Co. Ltd.'s bid to block
arbitration proceedings with All American Semiconductor Inc. The
report says the decision could potentially overturn a previous
settlement over dynamic random access memory chips and put Samsung
back on the hook for antitrust claims. The report says the U.S.
District Court for the Southern District of Florida told Samsung
on Thursday that a bankruptcy judge correctly decided not to stay
the arbitration.
Based in Miami, Florida, All American Semiconductor Inc. (Pink
Sheets: SEMI.PK) -- http://www.allamerican.com/-- distributed
electronic components manufactured by other firms. In total, the
company offered approximately 40,000 products produced by
approximately 60 manufacturers. The company had 36 strategic
locations throughout North America and Mexico, as well as
operations in China and Western Europe.
The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963). Jason Z. Jones, Esq., Mindy A. Mora, Esq., at Bilzin
Sumberg; and Tina M. Talarchyk, Esq., at Squire Sanders,
represented the Debtors as counsel. Adrian C. Delancy, Esq.,
Jerry M. Markowitz, Esq., Rachel Lopate Rubio, Esq., Rilyn A.
Carnahan, Esq., Ross R. Hartog, Esq., at Markowitz, Davis, Ringel
& Trusty; and Stanley F. Orszula, Esq., at Loeb & Loeb,
represented the Official Committee of Unsecured Creditors as
counsel. As of June 30, 2007, the company posted total assets of
$4,071,000, consisting solely of cash; total liabilities of
$18,348,000; and total stockholders' deficit of $14,277,000.
The Bankruptcy Court confirmed on April 8, 2009, the Third Amended
Plan of Liquidation proposed by the official committee of
unsecured creditors appointed in the bankruptcy cases of All
American Semiconductor. The Plan contemplated the liquidation of
all assets of the consolidated estate for the benefit of the
holders of allowed claims and allowed interests.
ALTER COMMUNICATIONS: Case Summary & 20 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: Alter Communications, Inc.
1040 Park Avenue, Suite 200
Baltimore, MD 21201
Bankruptcy Case No.: 10-18241
Chapter 11 Petition Date: April 14, 2010
Court: U.S. Bankruptcy Court
District of Maryland (Baltimore)
Debtor's Counsel: Alan M. Grochal, Esq.
Tel: (410)752-9700
Fax: (410)727-5460
E-mail: agrochal@tydingslaw.com
Maria Ellena Chavez-Ruark, Esq.
Tel: (410) 752-9739
Fax: (410) 727-5460
E-mail: mruark@tydingslaw.com
Tydings and Rosenberg
100 East Pratt Street, 26th Floor
Baltimore, MD 21202
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,001
A list of the Debtor's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/mdb10-18241.pdf
The petition was signed by Andrew A. Buerger, vice president.
ANITA HONRADE: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Joint Debtors: Anita Quintos Honrade
Benjamin Escueta Honrade
437 River Rock Court
San Jose, CA 95136
Bankruptcy Case No.: 10-53684
Chapter 11 Petition Date: April 10, 2010
Court: U.S. Bankruptcy Court
Northern District of California (San Jose)
Judge: Roger L. Efremsky
Debtor's Counsel: Kenneth R. Graham, Esq.
Law Office of Kenneth R. Graham
171 Mayhew Way #208
Pleasant Hill, CA 94523
Tel: (925) 932-0170
E-mail: krg@elaws.com
Total Assets: $1,090,599
Total Debts: $1,396,702
A copy of the Debtors' list of 20 largest unsecured creditors
filed together with the petition is available for free at:
http://bankrupt.com/misc/canb10-53684.pdf
The petition was signed by the Joint Debtors.
ANNALY BAY CORP: Case Summary & 8 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Annaly Bay Corporation
431 N. Brand Boulevard
Glendale, CA 91203
Bankruptcy Case No.: 10-10003
Chapter 11 Petition Date: April 11, 2010
Court: US States Bankruptcy Court
District Court of the Virgin Islands (St. Croix)
Debtor's Counsel: Benjamin A. Currence, Esq.
Benjamin A. Currence P.C.
P.O. Box 6143
St. Thomas, VI 00804-6143
Tel: (340) 775-3434
E-mail: currence@surfvi.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
The petition was signed by Serge Gharibian, manager.
A list of the Debtor's 8 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Adam Holwerda Trade debt $850,000
1717 Sabal Palm Drive
Boca Raton, FL 33432
Stefan Martirosian Trade debt $500,000
120 Aspen Oak Lane
Glendale, CA 91207
ARC Survey Trade debt $198,000
5202 St. Juan Avenue
Jacksonville, FL 32210
Barry Jonse Trade debt $180,000
Jason Ghulverdian Trade debt $100,000
Dhali Pavon Trade debt $91,000
Adorno & Yoss Trade debt $80,000
c/o Steven Cronig
Duane Morris Trade debt $41,000
ANNALY BAY DEV'T: Case Summary & 9 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Annaly Bay Development, LLC
431 N. Brand Boulevard, Suite 201
Glendale, CA 91203
Bankruptcy Case No.: 10-10002
Chapter 11 Petition Date: April 11, 2010
Court: US States Bankruptcy Court
District Court of the Virgin Islands (St. Croix)
Debtor's Counsel: Benjamin A. Currence, Esq.
Benjamin A. Currence P.C.
P.O. Box 6143
St. Thomas, VI 00804-6143
Tel: (340) 775-3434
E-mail: currence@surfvi.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
The petition was signed by Serge Gharibian, manager.
A list of the Debtor's 9 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Adam Holwerda Trade debt $850,000
1717 Sabal Palm Drive
Boca Raton, FL 33432
Stefan Martirosian Trade debt $500,000
120 Aspen Oak Lane
Glendale, CA 91207
ARC Survey
5202 St. Juan Avenue Trade debt $198,000
Jacksonville, FL 32210
Barry Jonse Trade debt $180,000
Kevin C. Kellow Trade debt $100,000
Jason Ghulverdian Trade debt $100,000
Dhali Pavon Trade debt $91,000
Adorno & Yoss Trade debt $80,000
c/o Steven Cronig
Duane Morris Trade debt $41,000
ANTONIO ROBERSON: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Antonio Roberson
415 11th Street, N.E.
Washington, DC 20002
Bankruptcy Case No.: 10-00359
Chapter 11 Petition Date: April 14, 2010
Court: U.S. Bankruptcy Court
District of Columbia (Washington, D.C.)
Judge: S. Martin Teel, Jr.
Debtor's Counsel: Kim Yvette Johnson, Esq.
Law Offices of Kim Y. Johnson
P.O. Box 643
Laurel, MD 20725
Tel: (443) 838-3614
Fax: (410) 332-8033
E-mail: kimyjcounsel@aol.com
Total Assets: $1,399,512
Total Debts: $1,713,560
A list of the Debtor's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/dcb10-00359.pdf
The petition was signed by the Debtor.
ARTHUR GILT: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Arthur Gilt Farms, LLC
1162 East 300 South
Greenfield, IN 46140
Bankruptcy Case No.: 10-05120
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
Southern District of Indiana (Indianapolis)
Judge: Anthony J. Metz III
Debtor's Counsel: Gary Lynn Hostetler, Esq.
E-mail: glh@hostetler-kowalik.com
Mark Alan Drummond, Esq.
E-mail: mad@hostetler-kowalik.com
Hostetler & Kowalik, P.C.
101 W Ohio St Ste 2100
Indianapolis, IN 46204
Tel: (317) 262-1001
Fax: (317) 262-1010
Total Assets: $2,348,370
Total Debts: $3,582,218
A list of the Company's 20 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/insb10-05120.pdf
The petition was signed by William J. Arthur, member.
CRESSON SWD: Files $18-Mil. Suit vs. Basic Energy
-------------------------------------------------
Bankruptcy Law360 reports that Cresson SWD Services LP has filed
an $18 million suit against Basic Energy Services LP, claiming
Basic Energy failed to fix a saltwater injection well, instead
destroying it and driving Cresson into bankruptcy.
Cresson SWD Services, LP filed for bankruptcy on January 28, 2010
(Bankr. N.D. Texas Case No. 10-40607). Richard W. Ward, Esq., in
Plano, Texas, serves as bankruptcy counsel.
BAYSHORE YACHT: Case Summary & 4 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Bayshore Yacht and Tennis Club Condominium
Association, Inc.
7904 West Drive
North Bay Village, FL 33141
Bankruptcy Case No.: 10-19450
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
Southern District of Florida (Miami)
Judge: A. Jay Cristol
Debtor's Counsel: Thomas L Abrams, Esq
1776 N Pine Island Rd #309
Plantation, FL 33322
Tel: (954) 523-0900
Fax: (954) 915-9016
E-mail: tabrams@tabramslaw.com
Estimated Assets: $0 to $50,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Company's 4 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/flsb10-19450.pdf
The petition was signed by Manuel Iturriaga, president.
BERRY CHILL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Berry Chill LLC
303 W Erie, Suite LL100
Chicago, IL 60654
Bankruptcy Case No.: 10-16142
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
Northern District of Illinois (Chicago)
Judge: Pamela S. Hollis
Debtor's Counsel: Teresa L. Einarson, Esq.
Thomas & Einarson Ltd.
29W204 Roosevelt Road
West Chicago, IL 60185
Tel: (630) 562-2280
Fax: (630) 562-2282
E-mail: tle@konewkoandassoc.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/ilnb10-16142.pdf
The petition was signed by Michael Farah, manager/CEO.
BIG TOY: Case Summary & Three Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Big Toy Storage Holding Company, LLC
6943 East Fowler Avenue
Tampa, FL 33617
Case No.: 10-08398
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
Middle District of Florida (Tampa)
Debtor's Counsel: Richard J. McIntyre, Esq.
McIntyre, Panzarella, Thanasides & Eleff
6943 East Fowler Avenue
Temple Terrace, FL 33617
Tel: (813) 899-6059
Fax: (813) 899-6069
E-mail: rich@mcintyrefirm.com
Estimated Assets: $1,000,000 to $10,000,000
Estimated Debts: $1,000,000 to $10,000,000
A list of the Debtor's three largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/flmb10-08398.pdf
The petition is signed by Graham Creech, the Debtor's managing
member.
BRIGHAM EXPLORATION: S&P Raises Corporate Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Austin-based Brigham Exploration Co. to 'B' from 'B-'.
The outlook is stable.
At the same time, S&P raised the issue-level rating on Brigham's
$160 million 9.625% senior notes due 2014 to 'B' (the same as the
corporate credit rating) from 'CCC+'. S&P also revised the
recovery rating on these notes to '4' from '5', indicating
expectations of an average (30% to 50%) recovery in the event of a
payment default.
The ratings actions follow Brigham's recent announcement of an
equity issuance netting approximately $277.5 million in cash.
"Together with the $121 million in cash and short-term investments
on its books as of Dec. 31, 2009, Brigham pro forma has cash and
short-term investments approaching $400 million, plus an
additional $110 in availability under its revolver, which S&P
believes will provide ample liquidity to accelerate its
development drilling program in the Williston Basin," said
Standard & Poor's credit analyst Patrick Y. Lee.
The ratings on Austin, Texas-based Brigham Exploration Co. reflect
its small reserve base, its modest production, and sizable capital
spending in 2010 and 2011. The ratings also reflect Brigham's
improved liquidity and its solid growth prospects in the Williston
Basin.
The outlook is stable based on S&P's expectation that Brigham will
have sufficient cash flow and liquidity over the near term to fund
capital expenditures and to pay interest and the $10.1 million in
mandatorily redeemable preferred stock. S&P could take a positive
ratings action if the company markedly improves its business
profile in terms of scale and scope, is able to maintain adequate
liquidity levels, and improves operating cash flow to support
capital expenditures and debt payments for an extended period of
time. S&P could lower the ratings if Brigham's liquidity
materially deteriorates from current levels, if capital spending
increases considerably, or if lower commodity prices cause a drop
in expected cash flow.
BULOVA TECH: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Bulova Tech Riverside LLC
fka USSEC Riverside II, LLC
6324 County Road 579
Seffner, FL 33584
Bankruptcy Case No.: 10-08500
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
Middle District of Florida (Tampa)
Debtor's Counsel: David S. Jennis, Esq.
Jennis & Bowen, P.L.
400 N Ashley Drive, Suite 2540
Tampa, FL 33602
Tel: (813) 229-1700
Fax: (813) 229-1707
E-mail: ecf@jennisbowen.com
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
The petition was signed by John Stanton, company's manager.
The Debtor did not file its list of largest unsecured creditors
when it filed its petition.
Debtor-affiliate that filed separate Chapter 11 petition:
Petition
Debtor Case No. Date
------ -------- ----
EarthFirst Technologies 08-08639 6/13/08
Incorporated (Lead Case)
CAMERON-811 RUSK: Files Amended List of Unsecured Creditors
-----------------------------------------------------------
Cameron-811 Rusk, L.P., filed with the U.S. Bankruptcy Court for
the Southern District of Texas an amended list of its 20 largest
unsecured creditors. A full-text copy of the list is available
for free at http://bankrupt.com/misc/txsb10-31856_amended.pdf
Houston, Texas-based Cameron-811 Rusk, L.P., filed for Chapter 11
bankruptcy protection on March 2, 2010 (Bankr. S.D. Texas Case No.
10-31856). Adrian Stanley Baer, Esq., who has an office in
Cordray Tomlin PC, assists the Company in its restructuring
effort. The Company estimated its assets and liabilities at
$10,000,001 to $50,000,000.
CABLEVISION SYSTEMS: Unit's Amended Loans Get S&P's 'BBB-' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services rates Cablevision Systems Corp.
subsidiary CSC Holdings LLC's amended and extended senior secured
credit facilities at 'BBB-', with a '1' recovery rating. The
changes to the facilities will extend maturities on a portion of
the existing terms loans, an aggregate $2.2 billion, by three
years. The amendments also increase the CSC Holdings revolver by
approximately $410 million to $1.4 billion and extend that
maturity by about three years. The credit facility changes do not
affect the ratings on Cablevision Systems Corp. and related
entities.
Ratings List
Cablevision Systems Corp.
Corporate Credit Rating BB/Stable/--
Ratings Assigned
CSC Holdings LLC
Senior Secured Credit Facilities BBB-
Recovery Rating 1
CAREMORE HOLDINGS: S&P Gives Positive Outlook; Affirms 'B' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
CareMore Holdings Inc. to positive from stable. At the same time,
S&P affirmed its 'B' counterparty credit and senior secured debt
ratings on the company.
"The positive outlook reflects S&P's expectation that CareMore
will sustain its business and earnings profile development, which
could improve the company's overall creditworthiness," said
Standard & Poor's credit analyst Hema Singh.
S&P expects HMOs to become an increasingly large and important
contributor to CareMore's competitive and earnings profiles
outside it core markets. Over the past four years, CareMore's
business profile has developed significantly, expanding into four
additional markets -- San Jose and Modesto in northern California,
Tucson, and Las Vegas. Previously, the company only operated in
Los Angeles and Orange counties in southern California. As of
March 2010, membership had grown from 20,000 to 46,000 members.
CareMore's intermediate growth strategies focus on replicating the
company's proprietary clinical "neighborhood" model and attracting
membership through product portfolio design. Unlike many of its
competitors, CareMore has an established integrated care model,
which is characterized by its branded clinical care centers that
are managed by clinicians and are designed to serve, support, and
care for the most costly patients: the chronically ill and frail.
The company derives a competitive advantage from this integrated
care management model, which has produced relatively good
operating earnings and a stable cash flow stream.
S&P believes that CareMore's well-established niche market
presence likely will be strong enough to enable the company to
maintain a stable level of cash flow in the near term.
Over the next 12 months, S&P could raise its rating on CareMore if
S&P believes the company is sustaining the improvements in its
business profile through revenue and membership growth, and if S&P
don't identify any signs of stress in its earnings profile.
By year-end 2010, the company's Medicare enrollment base likely
will grow by 30%-40% to about 49,000 members. Pretax income could
result in a return on revenue of 3%-5%, in which case debt to
EBITDA and interest coverage would remain moderately conservative
for the rating category and adequate relative to the company's
business and financial profiles. S&P expects that debt leverage
and interest coverage will be 1.9x-2.1x and 6x-8x, respectively.
CEASAR RICASATA: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Joint Debtors: Ceasar Cuevas Ricasata
Geraldyn Gaviola Ricasata
35584 Terrace Drive
Fremont, CA 94536
Bankruptcy Case No.: 10-44101
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
Northern District of California (Oakland)
Judge: Leslie J. Tchaikovsky
Debtor's Counsel: Kenneth R. Graham, Esq.
Law Offices of Kenneth R. Graham
171 Mayhew Way #208
Pleasant Hill, CA 94523-4363
Tel: (925) 932-0170
Fax: (925) 932-3940
E-mail: krg@elaws.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/canb10-44101.pdf
The petition was signed by Ceasar Cuevas Ricasata and Geraldyn
Gaviola Ricasata
CHRYSLER LLC: Court OKs Retention of Experts on Daimler Litigation
------------------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court approved
a motion by Chrysler's official committee of unsecured creditors
to retain experts in connection with ongoing Daimler litigation.
The order states, "The Committee, acting on behalf of the CarCo
estate pursuant to Bankruptcy Court order, is authorized to
immediately enter into agreements with one or more confidential
consulting and/or testifying Experts to assist the Committee in
connection with the ongoing Daimler Litigation being prosecuted by
the Committee on behalf of the CarCo estate."
In addition, "The Experts shall not be required to maintain or
submit to the Court records of detailed time entries in connection
with the services described in the Motion, or submit interim or
final fee applications."
About Chrysler Group LLC
Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products. Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck. Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.
About Chrysler LLC
Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002). Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent. Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company. As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts. Chrysler
had $1.9 billion in cash at that time.
In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat. Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC. Fiat has a 20
percent equity interest in Chrysler Group.
Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
CINEDIGM DIGITAL: Moody's Assigns 'Ba1' Rating on Loan Facility
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)Ba1 to a term loan facility being extended to Cinedigm Digital
Funding I, LLC, an indirect subsidiary of Cinedigm Digital Cinema
Corp. This transaction is a securitization of cash flows
consisting primarily of virtual print fees payable by motion
picture distributors. Proceeds from the TLF will be used to
refinance debt incurred in connection with the acquisition and
installation of approximately 3,700 digital cinema projectors and
related equipment in theaters as part of Cinedigm's 'Phase I'
deployment of digital cinema projectors.
The complete rating action is:
-- $172,500,000 Term Loan Facility, rated (P)Ba1
Cinedigm, founded in 2000, provides services and software
solutions to distributors and exhibitors of digital content,
primarily movie theater exhibitors. These services include
technology and software services, digital content delivery, and
financing, administrative and deployment services for digital
cinema projection systems. As part of its Phase I deployment,
approximately 3,700 cinema screens in the US owned by a specific
group of exhibitors (the Exhibitor Group), were upgraded from 35mm
projectors to digital projection systems. The exhibitors
participating in Phase I include Carmike Cinemas, Inc. (B2), Rave
Motion Pictures (NR), and Marquee Cinemas, Inc. (Marquee Holdings,
Inc. - B2) among others. Carmike theater screens represent about
58% of the pool while no other single exhibitor exceeds 13%. The
$172,500,000 TLF will be secured by the rights to VPFs payable by
film distributors for all digital prints exhibited at the theaters
where the digital cinema projectors are installed. By converting
exhibition to digital, film distributors can cut costs
considerably since the cost of distribution is much lower for
digital prints than for 35mm prints. In addition, fees from the
exhibition of non-film content, such as special concerts or live
sporting events, are an additional, albeit likely minor, source of
income securing the TLF.
The rating of the TLF is mainly derived from an assessment of the
strength of the film distributors, which are affiliates of the
major Hollywood studios, and to a lesser extent the Exhibitor
Group where the systems are installed. The main source of revenue
to the transaction are the VPFs, which are incurred as studios
release films. The ratings are based on a review of past release
frequency and the commitment of the studios to release digital
films (such as Avatar).
The main risk to this transaction is the risk that the major
motion picture studios slow their production and release of large
budget films which are widely released. This is measured as the
turnover rate, or films per screen per year. Large budget films
are typically released over thousands of screens and run for a
number of weeks until moving to DVD or pay-per-view. Over time,
the habits of film studios could change in ways that could reduce
average turnover, for instance releasing over fewer screens or
extending film runs at the box office for longer periods of time
(both subsequently reducing the number of digital prints).
Another significant risk is the viability and to a lesser extent,
the financial health, of the exhibitors. As seen in the 1990's,
theater circuits may close theaters during bankruptcies. As the
exhibitors are comprised of below investment grade companies,
theater closure continues to be a possibility and poses a risk to
this transaction. On the other hand, the alignment of all
parties' interests in digital conversion is a significant strength
for the transaction. The cost savings to film distributors is
considerable; the flexibility to change programming and offer
alternative content is appealing to the exhibitors; and movie
goers enjoy capabilities, such as 3D, enabled by digital
conversion. Finally, Cinedigm, not rated by Moody's, as servicer
is committed to digital cinema as shown by the reliance of its
other business lines on the success of their Phase I deployment.
CORRADI ARMS: Section 341(a) Meeting Scheduled for May 24
---------------------------------------------------------
The U.S. Trustee for Region 16 will convene a meeting of Corradi
Arms Inc.'s creditors on May 24, 2010, at 10:00 a.m. The meeting
will be held at Room 2610, 725 S Figueroa Street, in Los Angeles,
California.
This is the first meeting of creditors required under Section
341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.
All creditors are invited, but not required, to attend. This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.
Corradi Arms Inc. is a Burbank, California-based single-asset real
estate company. It filed a petition seeking protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case
No. 10-23313). The Company listed debts and assets of from
$10 million to $50 million, Carla Main at Bloomberg News says.
DAVID LONG: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: David A. Long
dba Top Coat Investments
Connie Lynn Long
aka Connie Robinson-Long
7845 MacDougall Drive
Jacksonville, FL 32244
Case No.: 10-02983
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
Middle District of Florida (Jacksonville)
Debtor's Counsel: Bryan K. Mickler, Esq.
5452 Arlington Expressway
Jacksonville, FL 32211
Tel: (904) 725-0822
Fax: (904) 725-0855
E-mail: court@planlaw.com
Estimated Assets: $1,000,000 to $10,000,000
Estimated Debts: $1,000,000 to $10,000,000
A list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/flmb10-02983.pdf
DAVID MEARS: Case Summary & 7 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: David George Mears
33W741 Mare Barn Lane
Wayne, IL 60184
Bankruptcy Case No.: 10-16088
Chapter 11 Petition Date: April 12, 2010
Court: U.S. Bankruptcy Court
Northern District of Illinois (Chicago)
Judge: Carol A. Doyle
Debtor's Counsel: Michael J. Davis, Esq.
Springer, Brown, Covey, Gaetner & Davis
400 S County Farm Road, Suite 330
Wheaton, IL 60187
Tel: (630) 510-0000
Fax: (630) 510-0004
E-mail: mdavis@springerbrown.com
Total Assets: $10,249,350
Total Debts: $3,575,000
A list of the Debtor's 7 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Broadway Bank Cross collateral --
5960 N. Broadway for loan
Chicago, IL 60660
Ford Motor Credit Personal Guarantee --
PO Box 537901 on Elmhurst Lincoln
Livonia, MI 48153-7901 Mercury Floor Plan
Illinois Department of Revenue Potential Liability --
Bankruptcy Section Level 7-425 for state tax and
100 W. Randolph Street unpaid 941
Chicago, IL 60602
Illinois Secretary of State Issued tickets for --
Police failure to issue
titles
Internal Revenue Service Potential Liability --
Mail Stop 5010 CHI for 941 and unpaid 941
taxes
Mechanics Local 701 Alleged liability for --
Unpaid benefits
Midwest Bank and Trust Personal Guarantee --
On loans to Bright
Leasing Inc.
DAVID PROCTOR: Voluntary Chapter 11 Case Summary
------------------------------------------------
Joint Debtors: David Irving Proctor
dba Proctor Logging
Idamae Deloris Proctor
aka Deloris Proctor
3281 Williams Road
Elk, WA 99009
Bankruptcy Case No.: 10-02249
Chapter 11 Petition Date: April 14, 2010
Court: United States Bankruptcy Court
Eastern District of Washington (Spokane/Yakima)
Judge: Patricia C. Williams
Debtor's Counsel: Ian Ledlin, Esq.
Phillabaum Ledlin Matthews & Sheldon PLL
421 W Riverside Ave, Suite 900
Spokane, WA 99201
Tel: (509) 838-6055
Fax: (509) 625-1909
E-mail: ian@spokelaw.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 largest unsecured creditors
together with its petition.
The petition was signed by David Irving Proctor and Idamae Deloris
Proctor.
DAYSPRINGS, LLC: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Daysprings, LLC
119 East King Street
Johnson City, TN 37601
Bankruptcy Case No.: 10-50903
Chapter 11 Petition Date: April 9, 2010
Court: United States Bankruptcy Court
Eastern District of Tennessee (Greeneville)
Debtor's Counsel: Mark S. Dessauer, Esq.
Hunter, Smith & Davis
1212 North Eastman Road
P. O. Box 3740
Kingsport, TN 37664
Tel: (423) 378-8840
Fax: (423) 378-8801
E-mail: dessauer@hsdlaw.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Company did not file a list of creditors together with its
petition.
The petition was signed by Robert Garrett, member.
DBO HOLDINGS: S&P Puts 'B' Corp. Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its
ratings, including its 'B' corporate credit rating, on Beachwood,
Ohio-based tubular products manufacturer DBO Holdings Inc. on
CreditWatch with negative implications.
"The CreditWatch listing reflects S&P's assessment that DBO
Holdings' LIFO EBITDA, which is utilized for bank credit facility
covenant compliance, may continue to be significantly lower than
reported EBITDA in the near term resulting in heightened risk of a
covenant breach," said Standard & Poor's credit analyst Sherwin
Brandford.
The lower LIFO EBITDA stems from steel price increases over the
past few quarters. S&P believes the trend of increasing steel
prices could continue in the near term, given the demand and
supply dynamics, before reversing in the seasonally weak calendar
fourth quarter. As a result, the cushion relative to the net
leverage covenant governing its bank credit facility, which S&P
estimates to be around 5% currently, will likely remain thin and
could potentially decrease, increasing the risk of a covenant
breach.
The company has a high concentration of sales to the non-
residential construction market, but S&P expects to see
performance improve this year because the company is no longer
selling higher cost inventories in an environment of weak prices
since those older inventories have now been sold. However, given
continued end-market weakness, sales volumes are expected to
remain well below 2008 levels.
In resolving S&P's CreditWatch listing, S&P will meet with
management to discuss its near-to-intermediate term operating and
financial prospects, including end-market demand trends, its
overall liquidity position, and continued covenant compliance.
DIGITALGLOBE INC: Moody's Affirms 'Ba3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service upgraded DigitalGlobe, Inc.'s
Speculative Grade Liquidity rating to SGL- 1 from SGL-2,
indicating very good liquidity reflecting Moody's expectation of
the improvement in the company's free cash flow generation as a
result of a significant reduction in capital expenditures in 2010,
following the launch and successful deployment of its WorldView-2
imagery satellite. As part of the ratings action, Moody's
affirmed all other ratings, including the Ba3 corporate family
rating and a Ba3 probability of default rating and the Ba3 rating
on the senior secured notes.
Upgrades:
Issuer: DigitalGlobe, Inc.
-- Speculative Grade Liquidity Rating, Upgraded to SGL-1 from
SGL-2
DigitalGlobe's Ba3 CFR primarily reflects the company's leading
position in a relatively nascent market for satellite imagery, and
the strong stated support for the commercial satellite imagery
industry by the US government. The Ba3 rating also derives
support from the company's strong near-term financial metrics,
primarily adjusted Debt/EBITDA leverage in the 2x range, offset by
weak historic free cash flow generation as the company ramped up
capital expenditures towards the completion and launch of its
next-generation WorldView 2 satellite and early stage development
costs of a possible WorldView-3 satellite, expected to be deployed
in the 2012-2013 time frame. The ratings are tempered by the
technology and business risks manifest in the company's high
customer and asset concentration and the longer-term uncertainty
relating to the company's strategy to expand its satellite fleet
and meet shareholder return requirements.
DigitalGlobe's short-term liquidity is viewed as very good. Over
the 4-quarter horizon to March 31, 2011, DigitalGlobe's main
source of liquidity is expected to be cash on hand, which at
December 31, 2009, amounted to roughly $97 million and steadily
increasing free cash flow driven primarily by the run-off of high
capital expenditures in 2009 related to the launch and deployment
of WorldView-2. Therefore, Moody's expects the company to
generate about $70 million of free cash flow in 2010 with no
committed cash uses over this period. Moody's notes that similar
to other satellite providers, the company does not have
significant working capital swings, nor large maintenance capex
requirements once the satellites are deployed. Therefore, the
lack of an external credit facility does not impair the company's
very good liquidity position.
The stable outlook reflects Moody's view that continuing US
government backing of the commercial satellite industry especially
considering the increasing needs for high resolution surveillance
and mapping applications, along with the pledge of the insurance
proceeds on the satellites, mitigate the high emerging business
risk of the commercial satellite sector in the near-term.
DigitalGlobe's ratings were assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk. These
attributes were compared against other issuers both within and
outside of DigitalGlobe's core industry and DigitalGlobe's ratings
are believed to be comparable to those of other issuers of similar
credit risk.
Moody's most recent rating action on DigitalGlobe was on April 14,
2009, at which time Moody's assigned a Ba3 rating to the company's
new senior secured notes.
Headquartered in Longmont, CO, DigitalGlobe is a commercial
satellite imagery company which operates a constellation of three
Earth imaging satellites -- WorldView-1, WorldView-2 and
QuickBird.
DOREEN MAZZARELLA: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Doreen Bernadette Mazzarella
aka Doreen Cox-Mazzarella
820 Dancer Lane
Manalapan, NJ 07726
Bankruptcy Case No.: 10-20760
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
District of New Jersey (Trenton)
Judge: Raymond T. Lyons Jr.
Debtor's Counsel: Lawrence W. Luttrell, Esq.
Law Offices of Lawrence W. Luttrell
2137 State Highway 35
Holmdel, NJ 07733
Tel: (732) 872-6900
E-mail: larryluttrell@lwlpc.com
Estimated Assets: $500,001 to $1,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Debtor did not file a list of creditors together with its
petition.
The petition was signed by the Debtor.
DOUGLAS DYNAMICS: S&P Puts 'B+' Rating on CreditWatch Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Milwaukee-based Douglas Dynamics LLC, a
manufacturer of snow- and ice-control products, on CreditWatch
with positive implications. In addition, S&P affirmed the 'BB'
issue-level rating on the company's existing senior secured term
loan due 2013.
At the same time, S&P assigned a 'BB' issue-level rating to the
company's proposed new $40 million senior secured term loan due
2016, based on proposed terms and conditions. The recovery rating
on this debt is '2', indicating S&P's expectation of substantial
(70% to 90%) recovery in a payment default scenario.
The CreditWatch placement reflects S&P's expectation that the
proposed IPO and repayment of senior notes would, if completed as
planned, result in meaningful financial leverage reduction. While
the operating performance of Douglas Dynamics will remain highly
correlated to unpredictable weather patterns, the company has a
track record of consistent free cash flow generation, and S&P
expects that the company will adhere to financial policies that
would result in credit measures that are consistent with S&P's
expectation for the 'BB-' rating, including adjusted total debt to
EBITDA of less than 4x.
"The CreditWatch positive placement reflects S&P's view that the
contemplated IPO and debt transactions, if completed in accordance
to the terms that S&P has reviewed, would result in meaningful
debt and financial leverage reduction," said Standard & Poor's
credit analyst Gregoire Buet. S&P would then expect to raise the
corporate credit rating by one notch. "S&P expects to resolve the
CreditWatch placement on completion of the IPO, repayment of the
existing senior notes, and closing of the proposed new senior
secured term loan," he continued. S&P could remove the ratings
from CreditWatch if the proposed transactions are delayed,
cancelled, or completed on materially different terms than
currently proposed.
DOUGLAS HALL: Case Summary & 14 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Douglas J. Hall
37 New Glouster Road
Durham, ME 04222
Bankruptcy Case No.: 10-20555
Chapter 11 Petition Date: April 14, 2010
Court: U.S. Bankruptcy Court
District of Maine (Portland)
Debtor's Counsel: Peter L. Hatem, Esq.
258 U.S. Route One
Scarborough, ME 04074-8904
Tel: (207) 885-8822
Fax: (207) 885-9901
E-mail: phatem@maine.rr.com
Total Assets: $1,120,860
Total Debts: $922,587
A list of the Debtor's 14 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/meb10-20555.pdf
The petition was signed by the Debtor.
DUC HOANG: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: Duc Hoang Ong
10376 East Hillery Drive
Scottsdale, AZ 85255
Bankruptcy Case No.: 10-10498
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
District of Arizona (Phoenix)
Judge: James M. Marlar
Debtor's Counsel: Allan D. Newdelman, Esq.
Allan D. Newdelman P.C.
80 E. Columbus Avenue
Phoenix, AZ 85012
Tel: (602) 264-4550
Fax: (602) 277-0144
E-mail: anewdelman@qwestoffice.net
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 largest unsecured creditors
together with its petition.
The petition was signed by Duc Hoang Ong.
EDGEHILL RANCH: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Edgehill Ranch Estates, LLC
1248 W. 15th Avenue
Escondido, CA 92025
Tel: (949) 375-3833
Bankruptcy Case No.: 10-05899
Chapter 11 Petition Date: April 11, 2010
Court: U.S. Bankruptcy Court
Southern District of California (San Diego)
Judge: Peter W. Bowie
Debtor's Counsel: Amy L. Butters, Esq.
Butter & Bye
4025 Porte de Palmas, #75
San Diego, CA 92122
Tel: (858) 750-5932
E-mail: amy@duihotline.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Company did not file a list of creditors together with its
petition.
The petition was signed by Richard R. Ethell, managing member.
EDWARD RAKOWSKI: Case Summary & 12 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Edward Rakowski
513 Pond Gate Dr
Barrington Hills, IL 60010
Bankruptcy Case No.: 10-15715
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
Northern District of Illinois (Chicago)
Judge: Pamela S. Hollis
Debtor's Counsel: Robert J. Adams, Esq.
Robert J. Adams & Associates
125 S Clark, Suite 1810
Chicago, IL 60603
Tel: (312) 346-0100
E-mail: bankruptcy713@yahoo.com
Estimated Assets: $500,001 to $1,000,000
Estimated Debts: $1,000,000 to $10,000,000
A list of the Debtor's 12 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/ilnb10-15715.pdf
ELEKTRA DEL CARIBE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Elektra Del Caribe, Inc.
P.O. Box 3981
Carolina, PR 00984
Bankruptcy Case No.: 10-02868
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Victor Gratacos Diaz, Esq.
P.O. Box 7571
Caguas, PR 00726
Tel: (787) 746-4772
E-mail: vgratacd@coqui.net
Total Assets: $550,810
Total Debts: $1,486,500
A list of the Debtor's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/prb10-02868.pdf
The petition was signed by Rebecca Hernandez Figueroa, president.
ELEVATOR TECHNOLOGY: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Elevator Technology, Inc.
4628 St. Aubin
Detroit, MI 48207
Bankruptcy Case No.: 10-51729
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
Eastern District of Michigan (Detroit)
Judge: Marci B. McIvor
Debtor's Counsel: Anthony James Miller, Esq.
645 Griswold, Suite 3900
Detroit, MI 48226
Tel: (313) 237-0850
E-mail: amiller@schneidermiller.com
Estimated Assets: $0 to $50,000
Estimated Debts: $1,000,000 to $10,000,000
The Debtor did not file its list of largest unsecured creditors
when it filed its petition.
The petition is signed by Ervin Wayne Bolen, the Debtor's
president.
FREMONT GENERAL: Judge Certifies Stock-Drop Class Suit
------------------------------------------------------
Bankruptcy Law360 reports that a judge has certified a class of
retirement and stock-ownership plan participants at Fremont
General Corp. in a stock-drop suit against the lender. The report
says Jacqueline H. Nguyen of the U.S. District Court for the
Central District of California approved the plaintiffs' motion for
class certification on Thursday, overruling Fremont's objections.
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.
FREMONT GENERAL: Two Plan Proponents Team Up
--------------------------------------------
American Bankruptcy Institute reports that the jockeying to
reorganize Fremont General Corp. continues as two of the plan
proponents in the case have teamed up, leaving three competing
restructuring proposals on the table as an April 27 confirmation
hearing nears.
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.
GALAXY GAMING: December 31 Balance Sheet Upside-Down by $478,667
----------------------------------------------------------------
Galaxy Gaming, Inc. filed on April 13, 2010, 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
$1,725,661 in total assets and $2,204,328 in total debts, for a
stockholders' deficit of $478,667.
The Company reported a net loss of $447,711 on $2,765,674 of
revenue for 2009, compared with a net loss of $504,204 on
$2,067,445 of revenue for 2008.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?602b
Based in Las Vegas, Galaxy Gaming, Inc., develops proprietary
casino table games and electronically enhanced table game
products. The Company licenses or leases its products to land-
based and cruise ship casinos in the United States and
internationally. Currently, the Company has an installed base of
its products on more than 1,700 gaming tables.
GDMAC CORP: Case Summary & Seven Largest Unsecured Creditors
------------------------------------------------------------
Debtor: G.D.M.A.C. Corp.
c/o George McNamara
180 Heyers Mill Road
Colts Neck, NJ 07722
Case No.: 10-20695
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
District of New Jersey (Trenton)
Judge: Michael B. Kaplan
Debtor's Counsel: Richard M. Meth, Esq.
Fox Rothschild LLP
75 Eisenhower Parkway, Suite 200
Roseland, NJ 07068-1600
Tel: (973) 992-4800
Fax: (973) 992-9125
E-mail: msteen@foxrothschild.com
Estimated Assets: $1,000,000 to $10,000,000
Estimated Debts: $1,000,000 to $10,000,000
A list of the Debtor's seven largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/njb10-20695.pdf
The petition is signed by George McNamara, the Debtor's president.
GINA BUILDING: Case Summary & 10 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Gina Building, LLC
fka Gina Plaza, Inc.
7221 Titonka Way
Derwood, MD 20855
Bankruptcy Case No.: 10-17950
Chapter 11 Petition Date: April 12, 2010
Court: U.S. Bankruptcy Court
District of Maryland (Greenbelt)
Judge: Thomas J. Catliota
Debtor's Counsel: Daniel M. Press, Esq.
Chung & Press, P.C.
6718 Whittier Avenue, Suite 200
McLean, VA 22101
Tel: (703) 734-3800
Fax: (703) 734-0590
E-mail: dpress@chung-press.com
Total Assets: $2,706,757
Total Debts: $1,773,337
A list of the Debtor's 10 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/mdb10-17950.pdf
The petition was signed by Baljit Kochhar, managing member.
GOLDBERG-BAYMEADOWS: To Pay Gen. Unsecured Claims in 12 Months
--------------------------------------------------------------
Goldberg-Baymeadows, LLC, filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Disclosure Statement explaining
its proposed Plan of Reorganization.
The Debtor will begin soliciting votes on the Plan following
approval of the adequacy of information in the Disclosure
Statement.
According to the Disclosure Statement, general unsecured claims
($100,000) will be paid in full, without interest over a 12-month
period. The Plan also provides for the extension of payment of
the Allowed Claim of Wells Fargo ($9,497,971) from its maturity
date of January 10, 2012, to January 10, 2020. Wells Fargo Bank,
N.A., is trustee for the registered holders of TIAA Seasoned
Commercial Mortgage Trust 2007-C4, Commercial Mortgage Pass-
Through Certificates, Series 2007-C4, by Centerline Servicing,
Inc. The Plan also will modify the interest rate from 7.83%
amortized to 5.50% interest only, through January 10, 2013. The
Debtors will fund the reserves by making monthly payments into an
interest bearing combined Capital Expense and TI/Leasing
Commission Reserve account. The Debtors may use, at their
discretion, cash on hand as of the plan effective date to
establish and fund a portion of this account.
C.S.S. Landscaping, Inc. ($7,376) will be paid over a period of
six months, without interest.
Under the Plan, the Debtors' sole members -- the Robert B.
Goldberg Trust, Schuck Properties, L.P. and Villa Sangria Company,
respectively -- will retain their membership interests in the
Reorganized Debtors.
All amounts payable to holders of allowed claims under the Plan
will receive payments from the Reorganized Debtors from cash on
hand and cash earned through operations in connection with the
real property, unless any holder and the Debtors or Reorganized
Debtors have agreed upon different treatment. The Reorganized
Debtors will serve as the disbursing agent under the Plan
responsible for payment of all distributions to holders of
allowed claims.
Distributions to allowed general unsecured claims will be made
from cash on hand and cash earned through operations in connection
with the real property.
A full-text copy of Disclosure Statement is available for free at
http://bankrupt.com/misc/Goldberg_DS.pdf
About Goldberg-Baymeadows
Rancho Mirage, California-based Goldberg-Baymeadows, LLC, filed
for Chapter 11 bankruptcy protection on March 2, 2010 (Bankr. M.D.
Fla. Case No. 10-01637). Jason B. Burnett, Esq., at GrayRobinson,
P.A., 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.
GOTTSCHALKS INC: Wants GE Capital to Return $936,000
----------------------------------------------------
Bankruptcy Law360 reports that Gottschalks Inc. has condemned
former debtor-in-possession lender General Electric Capital Corp.
for refusing to return nearly $1 million, even though the Debtor
has repaid the funds and provided requisite releases for the
lender. According to Law360, Gottschalks has asked Judge Kevin J.
Carey to force GE Capital to relinquish about $936,000 it has
allegedly retained.
Headquartered in Fresno, California, Gottschalks Inc. (Pink
Sheets: GOTTQ.PK) -- http://www.gottschalks.com/-- is a regional
department store chain, operating 58 department stores and three
specialty apparel stores in six western states. Gottschalks
offers better to moderate brand-name fashion apparel, cosmetics,
shoes, accessories and home merchandise.
The Company filed for Chapter 11 protection on January 14, 2009
(Bankr. D. Del. Case No. 09-10157). O'Melveny & Myers LLP
represents the Debtor in its Chapter 11 case. Lee E. Kaufman,
Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., serves as the Debtors' co-counsel. The Debtor selected
Kurtzman Carson Consultants LLC as its claims agent. The U.S.
Trustee for Region 3 appointed seven creditors to serve on an
official committee of unsecured creditors. When the Debtor filed
for protection from its creditors, it listed $288,438,000 in total
assets and $197,072,000 in total debts.
GREATER GERMANTOWN: Taps Ciardi Ciardi as Bankruptcy Counsel
------------------------------------------------------------
Greater Germantown Housing Development Corporation has asked for
permission from the U.S. Bankruptcy Court for the Eastern District
of Pennsylvania to employ Ciardi Ciardi & Astin as bankruptcy
counsel.
Ciardi Ciardi will, among other things:
a. prepare papers and legal documents required to be filed in
connection with the Debtor's bankruptcy case;
b. negotiate with creditors;
c. pursue exiting litigation; and
d. assist the Debtor in its investigation of the acts,
conduct, assets, liabilities and financial condition of
the Debtor, the operation of the Debtor's business and the
desirability of the continuance of the business, and any
other matter relevant to the case of the formation of a
plan.
Albert A. Ciardi, Esq., a partner at Ciardi Ciardi, says that
Ciardi will be paid based on the hourly rates of its personnel:
Albert A. Ciardi, II $465
Thomas D. Bielli $275
Alex Giuliano, Paralegal $120
Mr. Ciardi assures the Court that Ciardi Ciardi is "disinterested"
as that term is defined in Section 101(14) of the Bankruptcy Code.
Philadelphia, Pennsylvania-based Greater Germantown Housing
Development Corporation filed for Chapter 11 bankruptcy protection
on April 1, 2010 (Bankr. E.D. Pa. Case No. 10-12614). The Company
estimated its assets and debts at $10,000,000 to $50,000,000.
GSI GROUP: Files 2008 Annual Report, Posts $203.8MM Net Loss
------------------------------------------------------------
GSI Group Inc. filed on April 13, 2010, its annual report on Form
10-K for the fiscal year ended December 31, 2008.
The Company reported a net loss of $203.8 million on
$288.5 million of revenue for 2008, compared with net income of
$15.2 million on $291.1 million of revenue for 2007.
The Company recorded an impairment charge of $215.1 million to
reduce the carrying values of its goodwill, intangible assets and
property, plant and equipment to their fair value. Goodwill was
impaired by $131.2 million. Intangible assets and property, plant
and equipment were impaired by $78.5 million and $5.4 million,
respectively. No impairments of these assets were recorded in
2007 or 2006.
The Company's balance sheet as of December 31, 2008, showed
$520.3 million in assets, $367.6 million of debts, and
$152.7 million of stockholders' equity.
Update on Chapter 11 Bankruptcy
On November 20, 2009, the Company and two of its U.S.
subsidiaries, GSI US and MES International, Inc., filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code in
the U.S. Bankruptcy Court for the District of Delaware.
On March 16, 2010, the Debtors entered into an Amended and
Restated Plan Noteholder Restructuring Support Agreement with
consenting noteholders holding roughly 88.1% of the outstanding
principal amount of the Senior Notes. Pursuant to the Plan
Support Agreement, the consenting noteholders have agreed to
support a modified plan, in substantially the form of the Second
Modified Joint Chapter 11 Plan of Reorganization for the Debtors
as filed with the Court on March 16, 2010,
On April 9, 2010, the Debtors filed their Third Modified Joint
Chapter 11 Plan of Reorganization with the Court, which reflected
further modifications to the Second Modified Plan.
Under the proposed Third Modified Joint Plan, all classes of
claims, including all claims by vendors and suppliers, would be
unimpaired and paid in full, except for the Senior Note Claims,
the GSI UK Note Claim and the equity interest in GSIG.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?601b
Bedford, Mass.-based GSI Group Inc. -- http://www.gsig.com/--
designs, develops, manufactures and sells photonics-based
solutions (consisting of lasers, laser systems and electro-optical
components), precision motion devices, associated precision motion
control technology and systems. The Company's customers
incorporate the Company's technology into their products or
manufacturing processes, for a wide range of applications in the
industrial, scientific, electronics, semiconductor, medical and
aerospace.
The Company and two of its affiliates filed for Chapter 11
protection on Nov. 20, 2009 (Bankr. D. Del. Lead Case No.
09-14110). William R. Baldiga, Esq., at Brown Rudnick LLP,
represents the Debtors as lead counsel. Mark Minuti, Esq., at
Saul Ewing LLP, as its local counsel. The Debtors selected Garden
City Group Inc. as their claims and notice agent. In their
petition, the Debtors posted $555,000,000 in total assets and
$370,000,000 in total liabilities as of Nov. 6, 2009.
HABIB RASHED: Case Summary & 11 Largest Unsecured Creditors
-----------------------------------------------------------
Joint Debtors: Habib Rashed
Kamelia Nasser
dba Lute's Market
1830 Canyon Dr.
Merced, CA 95340
Bankruptcy Case No.: 10-13828
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
Eastern District of California (Fresno)
Judge: Whitney Rimel
Debtor's Counsel: T. Scott Belden, Esq.
Klein, DeNatale, Goldner, Cooper,
Rosenlieb & Kimball, LLP
4550 California Avenue, Second Floor
Bakersfield, CA 93309
Tel: (661) 395-1000
Fax: (661) 326-0418
E-mail: sbelden@kleinlaw.com
Scheduled Assets: $1,776,258
Scheduled Debts: $1,522,331
A list of the Company's 11 largest unsecured creditors is
available for free at http://bankrupt.com/misc/caeb10-13828.pdf
The petition was signed by Habib Rashed and Kamelia Nasser.
HARMAN INTERNATIONAL: QNX Deal Won't Affect Moody's 'B1' Rating
---------------------------------------------------------------
Moody's Investors Service said Harman International Industries,
Inc.'s B1 Corporate Family Rating and positive rating outlook
remain unchanged following the company's announcement of entering
into a purchase agreement for the sale of QNX Software Systems.
The last rating action for Harman was on March 25, 2010, when the
Corporate Family Rating was affirmed at B1 and the outlook changed
to positive.
Harman International Industries, Incorporated, headquartered in
Stamford, Conn., is a leading manufacturer of high quality, high
fidelity audio products and electronic systems for the consumer,
automotive, and professional markets. Revenues for fiscal year
2009 were approximately $2.9 billion.
HCP INC: Fitch Affirms 'BB+' Rating on Preferred Stock
------------------------------------------------------
Fitch Ratings has affirmed the ratings for HCP, Inc.:
-- Issuer Default Rating at 'BBB';
-- Unsecured bank credit facility at 'BBB';
-- Senior unsecured notes at 'BBB';
-- Preferred stock at 'BB+'.
The Rating Outlook remains Positive.
The rating affirmations are supported by HCP's solid credit
profile with good operating performance throughout the recession,
a well-diversified portfolio of high-quality investments, strong
management track record, solid property cash flow coverage, a
large pool of unencumbered assets, strong debt service coverage
ratios, and reasonable leverage.
The Positive Outlook reflects a significant improvement in HCP's
fixed charge coverage in recent quarters as the company reduced
its leverage significantly, combined with Fitch's expectation that
its credit metrics will remain at or improved from current levels.
HCP has continued to record positive same-property performance
during the recession. In 2009, cash same-property performance was
3.2%, up from 2.6% in 2008. Fitch anticipates same-property
performance to remain solid in 2010.
HCP's portfolio is well-diversified across the health care real
estate spectrum, including senior housing, medical office, life
science, hospitals, and skilled nursing. Each property type is
subject to varying supply and demand drivers, lowering risk at the
portfolio level. In conjunction with portfolio repositioning in
recent years, HCP has significantly reduced its exposure to assets
with higher levels of acuity, and particularly Medicaid
reimbursement risk.
Cash flow coverage for the bulk of HCP's portfolio has remained
solid, indicating that its facilities are generally performing
well.
HCP maintains good financial flexibility with a large unencumbered
pool of assets across its investment platform with good coverage
of unsecured debt. Using a blended 9.2% cap rate, Fitch
calculated that HCP's unencumbered assets covered unsecured debt
by approximately 2.1 times as of Dec. 31, 2009.
Additionally, the company's ratios related to the financial
covenants under its unsecured credit facilities do not hinder its
financial flexibility.
Fitch calculated that for the period Jan. 1, 2010, to Dec. 31,
2011, HCP's sources of liquidity (unrestricted cash, availability
under HCP's unsecured revolving credit facility and expected
retained cash flows from operating activities after dividend
payments) exceeded uses of liquidity (debt maturities, expected
development and recurring capital expenditures) by 1.03x, assuming
HCP's unsecured revolving credit facility with a final maturity
date of August 2011 is reduced by one-third. HCP's dividends
exceeded cash flows from operating activities for the year ended
Dec. 31, 2009, contributing to the company's thin liquidity
coverage ratio. This stressed analysis assumes that no additional
capital is raised to repay obligations and HCP has demonstrated
good access to a variety of capital sources over time. If 80% of
maturing secured debt was refinanced, HCP's liquidity coverage
ratio (total sources divided by total uses) would be 1.12x.
HCP also has manageable debt maturities, with less than 11% of
HCP's share of pro rata debt maturities coming due annually over
the next three years.
HCP's debt service coverage and leverage ratios have improved
meaningfully over the past several quarters. For the year ended
Dec. 31, 2009, Fitch calculated that HCP's fixed charge coverage
(measured as recurring operating EBITDA less straight line rents
less capitalized expenditures divided by total interest incurred
plus preferred stock dividends) was 2.4x, up from 2.0x and 1.6x
for the years ended Dec. 31, 2008 and 2007, respectively. Net
debt to recurring operating EBITDA declined to 5.9x at Dec. 31,
2009, from 6.4x and 10.1x at Dec. 31, 2008 and 2007, respectively.
Fitch's primary credit concerns include HCP's exposure to two
large health care operators, Sunrise Senior Living and HCR Manor
Care, with sizable corporate debt obligations as well as some
geographic concentration inherent in the portfolio. At Dec. 31,
2009, Sunrise represented approximately 12% of HCP's revenue while
HCR Manor Care represented approximately 6% of HCP revenue. Fitch
anticipates that HCP's exposure to these operators could decline
in future periods.
While HCP maintains a diversified investment platform, its
portfolio is concentrated geographically. As of Dec. 31, 2009,
approximately 32% of HCP's consolidated revenue from wholly owned
assets was generated from properties located in California and
approximately 13% of revenue was generated from properties located
in Texas. This increases the risk that statewide or regional
events or economic downturns could have a disproportionate effect
on the company's investments.
The two-notch differential between HCP's IDR and its perpetual
preferred stock rating is consistent with Fitch's criteria for
corporate entities with hybrid securities. Based on Fitch's
criteria reports 'Rating Hybrid Securities' and 'Equity Credit for
Hybrids & Other Capital Securities- Amended,' both dated Dec. 29,
2009, the company's cumulative preferred stock has loss absorption
elements that would likely result in poor recoveries in the event
of a corporate default.
These factors may have a positive impact on the ratings:
-- Net debt to recurring operating EBITDA sustaining below 6.0x
(leverage was 6.2x and 5.9x for the trailing 12 months and
three months ended Dec. 31, 2009, respectively);
-- Fitch-defined fixed charge coverage maintaining above 2.5x
(coverage was 2.4x and 2.5x for the year and quarter ended
Dec. 31, 2009, respectively);
-- Reduction in revenue generated from a single tenant below
10%.
These factors may have a negative impact on the ratings and/or
Outlook:
-- Net debt to recurring operating EBITDA sustaining above 7.0x;
-- Fitch-defined fixed charge coverage maintaining below 2.0x.
-- A liquidity shortfall.
HCP, Inc. is an equity REIT based in Long Beach, CA. The company
acquires, develops, leases, and manages health care real estate
and provides mortgage and other financing to health care
operators. As of Dec. 31, 2009, HCP's portfolio of investments
included 675 properties in 42 states and Mexico as well as large
investment positions in the capital stack of HCR Manor Care. Of
these assets, 575 are wholly owned, including 231 senior housing
facilities, 184 medical office buildings, 94 life science assets,
18 hospitals, and 48 skilled nursing facilities.
HEARTLAND PUBLICATIONS: Court Confirms Plan of Reorganization
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
confirmed Heartland Publications, LLC's amended, pre-negotiated
Plan of Reorganization. The confirmation hearing was held
following voting in which no creditors voted against the Plan.
The Plan is expected to become effective on or about April 30, at
which time Heartland will emerge from Chapter 11 protection as a
newly reorganized company with continuing management and all
publications intact. Distributions will be made after that time
to satisfy general unsecured claims in full.
"This is exciting news for Heartland and our communities," said
Michael C. Bush, president and chief executive officer. "We will
soon complete this process and emerge with nearly half of our
prior debt eliminated. With this new, healthy balance sheet, we
look forward to exploring growth opportunities once again in
existing and new markets."
Mr. Bush continued: "We have completed this process on an
expedited basis, and throughout this process we have maintained
the same high level of quality for which our publications are
known. We are proud of these accomplishments, and I commend our
employees for their hard work in continuing to serve our
subscribers, advertisers and communities."
Heartland filed for Chapter 11 protection on December 21, 2009,
and filed its pre-negotiated Plan of Reorganization and Disclosure
Statement shortly thereafter.
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.
HOLLEY PERFORMANCE: Judge Approves Disclosure Statement
-------------------------------------------------------
Bankruptcy Law360 reports that a bankruptcy judge has given the
green light to Holley Performance Products Holdings Inc.'s
disclosure statement. The report says the plan would see secured
creditors make a full or partial recovery but would cancel $11
million in general unsecured claims.
Holley Performance and its affiliates are leading suppliers of
performance automotive products. The Company designs,
manufactures, and markets a diversified line of performance
automotive products, including carburetors, fuel pumps, fuel
injection systems, nitrous oxide injection systems, superchargers,
exhaust headers, mufflers, and automotive performance plumbing
products.
Holley Performance and its affiliates filed for Chapter 11 on
September 28, 2009 (Bankr. D. Del. Case No. 09-13333). Pepper
Hamilton LLP represents the Debtors in their restructuring effort.
Ropes & Gray LLP is corporate counsel. Epiq Bankruptcy Solutions
LLC serves as claims and notice agent. The Debtors' cases have
been assigned to Judge Peter J. Walsh. The petition says assets
and debts are between $100 million and $500 million.
Holley Performance returned to the bankruptcy court 19 months
after winning court approval of its last reorganization plan.
HOWARD MCGUIRE: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Joint Debtors: Howard McGuire
Rose-Marie McGuire
13973 Gore Orphanage Road
Wakeman, OH 44889
Bankruptcy Case No.: 10-32544
Chapter 11 Petition Date: April 14, 2010
Court: United States Bankruptcy Court
Northern District of Ohio (Toledo)
Judge: Mary Ann Whipple
Debtor's Counsel: Robert J. Fedor, Jr., Esq.
Robert J. Fedor, Esq., LLC
2001 Crocker Rd., Suite 216
Westlake, OH 44145
Tel: (440) 250-9709
Fax: (440) 250-9714
E-mail: rjfedor@fedortax.com
Scheduled Assets: $940,880
Scheduled Debts: $11,853,634
A list of the Company's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/ohnb10-32544.pdf
The petition was signed by Howard McGuire and Rose-Marie McGuire.
HYTHIAM INC: Recurring Losses Prompt Going Concern Doubt
--------------------------------------------------------
Hythiam, Inc. filed on April 13, 2010, its annual report on Form
10-K for the year ended December 31, 2009.
BDO Seidman, LLP, in Los Angeles, 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 negative cash flows from operating
activities.
The Company reported a net loss of $9.2 million on $1.5 million of
revenue for 2009, compared with a net loss of $50.4 million on
$6.1 million of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$19.1 million in assets, $16.5 million in debts, and $2.6 million
in stockholders' equity.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?602a
Based in Los Angeles, Hythiam, Inc. is a healthcare services
management company, providing through its Catasys(R) subsidiary
specialized behavioral health management services for substance
abuse to health plans, employers and unions through a network of
licensed and company managed healthcare providers.
INTERNATIONAL COMMERCIAL: Posts $3.2 Million Net Loss in 2008
-------------------------------------------------------------
International Commercial Television Inc. filed on April 13, 2010,
its annual report on Form 10-K for the year ended December 31,
2008.
The Company reported a net loss of $3,156,244 on $15,370,765 of
revenue for 2008, compared with a net loss of $1,081,988 on
$8,488,209 of revenue for 2007.
The Company's balance sheet as of December 31, 2008, showed
$3,606,634 in assets and $3,671,100 of debts, for a
stockholders' deficit of $64,466.
Amper, Politziner & Mattia LLP, in Edison, N.J., in its report on
the Company's financial statements for the year ended December 31,
2008, 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 from operations and negative
cash flows from operations.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?601a
Bainbridge Island, Wash.-based International Commercial Television
Inc. produces long-form infomercials and short-form advertising
spots and sells its proprietary brands of advertised products
directly to its viewing audience. In addition, the Company sells
products via televised shopping networks, the internet, and retail
distribution channels. The Company has a worldwide exclusive
license to sell the DermaWand, a skin care appliance that reduces
fine lines and wrinkles and improves overall skin appearance.
IVOICE INC: Rosenberg Rich Raises Going Concern Doubt
-----------------------------------------------------
iVoice, Inc. filed on April 13, 2010, its annual report on Form
10-K for the year ended December 31, 2009.
Rosenberg Rich Baker Berman & Co., in Somerset, N.J., expressed
substantial doubt about the Company's ability to continue as a
going concern. The independent auditors noted that the Company
has negative cash flows from operations, negative working capital
and recurring losses from operations.
The Company reported net income of $219,780 on $108,120 of revenue
for 2009, compared with a net loss of $2,565,001 on $173,424 of
revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$2,118,305 in assets and $2,794,137 in debts, for a stockholders'
deficit of $675,832.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?601c
Matawan, N.J.-based iVoice, Inc. (OTC BB: IVOI) Inc.
-- http://www.ivoice.com/-- focuses on the development and
licensing of proprietary technologies in the United States. The
Company has nine patent applications with the United States Patent
and Trademark Office for speech enabled applications that were
developed internally. The Company also licenses its software
product and offers optional customer support service. It has an
agreement with GlynnTech, Inc., to provide assistance in
developing a DVD of the patents capabilities.
JADCO ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Jadco Enterprises, Inc.
P.O. Box 952
Hyden, KY 41749
Bankruptcy Case No.: 10-60595
Chapter 11 Petition Date: April 14, 2010
Court: United States Bankruptcy Court
Eastern District of Kentucky (London)
Debtor's Counsel: Dean A. Langdon, Esq.
DelCotto Law Group PLLC
200 North Upper Street
Lexington, KY 40507
Tel: (859) 231-5800
E-mail: dlangdon@dlgfirm.com
Estimated Assets: $500,001 to $1,000,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Debtor's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/kyeb10-60595.pdf
The petition was signed by Charlie Collins, the Debtor's
president.
JAMIE GRIES: Case Summary & 13 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Jamie Beth Gries
PMB #349, #2 Greglen Ave
Nantucket, MA 02554-2830
Bankruptcy Case No.: 10-21185
Chapter 11 Petition Date: April 14, 2010
Court: United States Bankruptcy Court
District of New Jersey (Newark)
Debtor's Counsel: Leonard C. Walczyk, Esq.
Wasserman, Jurista & Stolz
225 Millburn Ave., Suite 207
P.O. Box 1029
Millburn, NJ 07041-1712
Tel: (973) 467-2700
Fax: (973) 467-8126
E-mail: lwalczyk@wjslaw.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 13 largest unsecured creditors is
available for free at http://bankrupt.com/misc/njb10-21185.pdf
The petition was signed by Jamie Beth Gries.
JERRY PETTY: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Jerry Lebron Petty
fdba Jerry Petty Realty, Inc.
P.O. Box 91355
Chattanooga, TN 37412
Bankruptcy Case No.: 10-12126
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
Eastern District of Tennessee (Chattanooga)
Judge: John C. Cook
Debtor's Counsel: David J. Fulton, Esq.
Scarborough, Fulton & Glass
701 Market Street, Suite 1000
Chattanooga, TN 37402
Tel: (423) 648-1880
Fax: (423) 648-1881
E-mail: djf@sfglegal.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $500,001 to 1,000,000
The Debtor did not file a list of creditors together with its
petition.
The petition was signed by the Debtor.
JESUS VENEGRAS: Case Summary & 18 Largest Unsecured Creditors
-------------------------------------------------------------
Joint Debtors: Jesus J. Venegras
Amelia Venegras
17378 Serene Drive
Morgan Hill, CA 95037
Bankruptcy Case No.: 10-53686
Chapter 11 Petition Date: April 11, 2010
Court: U.S. Bankruptcy Court
Northern District of California (San Jose)
Judge: Arthur S. Weissbrodt
Debtor's Counsel: Michael H. Luu, Esq.
Law Offices of Michael H. Luu
1340 Tully Rd. #309
San Jose, CA 95122
Tel: (408) 425-6221
E-mail: mikeluu63@yahoo.com
Total Assets: $1,559,559
Total Debts: $2,297,624
A list of the Debtors' 18 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/canb10-53686.pdf
The petition was signed by the Joint Debtors.
JOE SPEARMAN JR: Case Summary & 8 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Joe D. Spearman, Jr.
980 Upward Road
Flat Rock, NC 28731
Bankruptcy Case No.: 10-10412
Chapter 11 Petition Date: April 14, 2010
Court: U.S. Bankruptcy Court
Western District of North Carolina (Asheville)
Judge: George R. Hodges
Debtor's Counsel: H. Trade Elkins, Esq.
Elkins and Elkins
228 6th Avenue East, Suite 1B
Hendersonville, NC 28792
Tel: (828) 692-2205
Fax: (828) 692-8469
Email: htelkins@prodigy.net
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Debtor's 8 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/ncwb10-10412.pdf
The petition was signed by the Debtor.
Debtor-affiliates filing separate Chapter 11 petition:
Entity Case No. Petition Date
------ -------- -------------
Joe D. Spearman, Sr. 10-10411 04/14/10
Spearman Food Distributors, Inc. 10-10409 04/14/10
Spearman Furniture, Inc. 10-10410 04/14/10
JOE SPEARMAN SR: Case Summary & 7 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Joe D. Spearman, Sr.
980 Upward Road
Flat Rock, NC 28731
Bankruptcy Case No.: 10-10411
Chapter 11 Petition Date: April 14, 2010
Court: U.S. Bankruptcy Court
Western District of North Carolina (Asheville)
Judge: George R. Hodges
Debtor's Counsel: H. Trade Elkins, Esq.
Elkins and Elkins
228 6th Avenue East, Suite 1B
Hendersonville, NC 28792
Tel: (828) 692-2205
Fax: (828) 692-8469
E-mail: htelkins@prodigy.net
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Debtor's 7 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/ncwb10-10411.pdf
The petition was signed by the Debtor.
Debtor-affiliates filing separate Chapter 11 petition:
Entity Case No. Petition Date
------ -------- -------------
Joe D. Spearman, Jr. 10-10412 04/14/10
Spearman Food Distributors, Inc. 10-10409 04/14/10
Spearman Furniture, Inc. 10-10410 04/14/10
JOSE VASQUEZ: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Joint Debtors: Jose Vasquez
Angelica Vasquez
3041 Garehime Street
Las Vegas, NV 89108
Bankruptcy Case No.: 10-16218
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
District of Nevada (Las Vegas)
Judge: Mike K. Nakagawa
Debtor's Counsel: Barry Levinson, Esq.
2810 S. Rainbow Boulevard
Las Vegas, NV 89146
Tel: (702) 836-9696
Fax: (702) 836-9699
E-mail: michael@lawbybarry.com
Estimated Assets: $500,001 to $1,000,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Joint Debtors' 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/nvb10-16218.pdf
The petition was signed by the Joint Debtors.
JOSHUA FARMER: Section 341(a) Meeting Scheduled for May 21
----------------------------------------------------------
The U.S. Trustee for the Western District of North Carolina will
convene a meeting of Joshua B. Farmer, et al.'s creditors on
May 21, 2010, at 2:00 p.m. The meeting will be held at Cleveland
County Courthouse, 100 Justice Place, 3rd Floor, Courtroom 5, in
Shelby, North Carolina.
This is the first meeting of creditors required under Section
341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.
All creditors are invited, but not required, to attend. This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.
Rutherfordton, North Carolina-based Joshua Farmer and Andrea
Farmer -- dba Two Mile Properties, LLC, et al. -- filed for
Chapter 11 bankruptcy protection on April 5, 2010 (Bankr. W.D.
N.C. Case No. 10-40270). The Company listed $10,000,001 to
$50,000,000 in assets and $50,000,001 to $100,000,000 in
liabilities.
Raymond Farmer and Diane Farmer filed a separate Chapter 11
petition on April 5, 2010 (Case No. 10-40269), listing $10,000,001
to $50,000,000 in assets and $50,000,001 to $100,000,000 in
liabilities.
Travis W. Moon, Esq., at Hamilton Moon Stephens Steele Martin,
assists the Debtors in their restructuring efforts.
JULIE PALMER: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Julie Marie Palmer
fka Julie Marie Palmer-Mudgett
P.O. BOX 175
Powers Lake, WI 53159
Bankruptcy Case No.: 10-25464
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
Eastern District of Wisconsin (Milwaukee)
Debtor's Counsel: Mark Bromley, Esq.
Bromley & Nason
W5838 Greening Road
Whitewater, WI 53190-4026
Tel: (262) 495-8530
Fax: (262) 495-8532
E-mail: bromley.mark@gmail.com
Total Assets: $916,048
Total Debts: $1,533,518
A list of the Debtor's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/wieb10-25464.pdf
The petition was signed by the Debtor.
KELLAND INVESTMENTS: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Kelland Investments, LLC
2554 E. 23rd Lane
Yuma, AZ 85364
Bankruptcy Case No.: 10-10541
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
District of Arizona (Yuma)
Judge: Eileen W. Hollowell
Debtor's Counsel: Thomas H. Allen, Esq.
Allen, Sala & Bayne, PLC
1850 N. Central Avenue, Suite 1150
Phoenix, AZ 85004
Tel: (602) 256-6000
Fax: (602) 252-4712
E-mail: tallen@asbazlaw.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $100,001 to $500,000
The Debtor did not file a list of its largest unsecured creditors
together with its petition.
The petition was signed by Don W. Kelland, managing member.
Debtor-affiliate that filed separate Chapter 11 petition:
Petition
Debtor Case No. Date
------ -------- ----
Donald and Noel Kelland 09-29392 11/15/09
KEYLAND INVESTMENT: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Keyland Investment Properties LLC
1451 East Lansing Drive Suite 218
East Lansing, MI 49923
Tel: (517) 351-3973
Bankruptcy Case No.: 10-04725
Chapter 11 Petition Date: April 12, 2010
Court: U.S. Bankruptcy Court
Western District of Michigan (Grand Rapids)
Judge: Jeffrey R. Hughes
Debtor's Counsel: George C. Cushingberry Jr., Esq.
Attorney at Law
3200 Hepfer
Lansing, MI 48911
Tel: (517) 887-6111
Fax: (202) 315-3053
E-mail: gccushingberry@peoplepc.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Company did not file a list of creditors together with its
petition.
The petition was signed by Thomas S. Mulholland, member.
Debtor-affiliates filing separate Chapter 11 petition:
Entity Case No. Petition Date
------ -------- -------------
James C. Mulholland Jr. 10-01275 02/05/2010
KEYLAND INVESTMENT II: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: Keyland Investment Properties II LLC
1451 East Lansing Drive Suite 218
East Lansing, MI 48823
Tel: (517) 351-3973
Bankruptcy Case No.: 10-04728
Chapter 11 Petition Date: April 12, 2010
Court: U.S. Bankruptcy Court
Western District of Michigan (Grand Rapids)
Judge: Jeffrey R. Hughes
Debtor's Counsel: George C. Cushingberry Jr., Esq.
Attorney at Law
3200 Hepfer
Lansing, MI 48911
Tel: (517) 887-6111
Fax: (202) 315-3053
E-mail: gccushingberry@peoplepc.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Company did not file a list of creditors together with its
petition.
The petition was signed by Thomas S. Mulholland, member.
Entity Case No. Petition Date
------ -------- -------------
James C. Mulholland Jr. 10-01275 02/05/2010
KIMBERLEY MANUFACTURING: Case Summary & Creditors List
------------------------------------------------------
Debtor: Kimberley Manufacturing Company
7510 Melrose Lane
Oklahoma City, OK 73127
Bankruptcy Case No.: 10-12094
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
Western District of Oklahoma (Oklahoma City)
Judge: T.M. Weaver
Debtor's Counsel: O. Clifton Gooding, Esq.
The Gooding Law Firm
1200 City Place Building
204 N Robinson Avenue
Oklahoma City, OK 73102
Tel: (405) 948-1978
Fax: (405) 948.0864
E-mail: cgooding@goodingfirm.com
Total Assets: $2,569,159
Total Debts: $3,462,204
A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/okwb10-12094.pdf
The petition was signed by Julie Matthews, president.
KRONOS INTERNATIONAL: Fitch Upgrades Issuer Default Rating to 'B-'
------------------------------------------------------------------
Fitch Ratings has upgraded Kronos International, Inc.'s Issuer
Default Rating to 'B-' from 'CCC' and its securities ratings:
-- Senior secured revolving credit facility to 'BB-/RR1' from
'B+/RR1';
-- Senior secured notes to 'B-/RR4' from 'CCC/RR4'.
The Rating Outlook has been revised to Stable from Negative.
The ratings reflect high financial leverage at Kronos
International, Inc., as well as Kronos Worldwide, Inc.'s solid
market position in the titanium dioxide (TiO2) industry, the fifth
largest globally with 10% of global capacity. The ratings also
reflect the early stages of a recovery in the TiO2 industry and
Fitch's expectations that earnings over the next 24 months will
remain below the average over the period from 2005 through 2008.
Free cash flow generation was $48 million in 2009 on a working
down of inventory, reduced costs and reduced capital expenditures
and dividends. In particular, capital expenditures were
$19.5 million in 2009 compared to an annual average of
$47.5 million over the period 2005 through 2008 and dividends have
been suspended. For 2010, Fitch expects Kronos International's
cash balances and internally generated cash flow to support
working capital builds and capital expenditures closer to the
average over the period from 2005 through 2008. The revolver is
expected to be sufficient to support seasonal needs.
As of Dec. 31, 2009, Kronos International had cash on hand
equivalent to $29.4 million and roughly $60.5 million available
under its EUR80 million revolving credit facility, subject to the
interim limit of EUR51 million. The facility expires May 2011.
Total liquidity of nearly $90 million compares to 2010 capital
expenditure guidance of $38 million, Fitch's expectation that
EBITDA will be at least $50 million, and Fitch's estimate of
interest expense of $40 million.
The Stable Outlook reflects Fitch's view that trading conditions
are slowly improving.
The revolving credit facility is supported by a good security
package; the structure limits borrowing and appears to inhibit
cash flow leakage from the obligors under the facility. Failure
to meet the original leverage test by June 30, 2010 would pressure
the company's ability to service the senior secured notes, which
are structurally subordinate to revolver borrowings.
Over the next 12-18 months, Fitch expects Kronos International to
continue to manage its cash flows closely; an unexpected cash burn
would result in a review of the ratings.
While the company has no material debt maturities over the next 24
months, Fitch expects Kronos International to require external
financing to repay the senior secured notes due 2013. Refinancing
risk will be closely monitored.
Kronos International, Inc., is Europe's second largest producer of
TiO2 pigments. The company is a wholly owned subsidiary of Kronos
Worldwide, Inc., a holding company which has additional ownership
interests in certain North American TiO2 producers. TiO2 pigments
are used in paints, paper, plastics, fibers and ceramics.
LBJ LAKEFRONT: Court to Consider Plan Confirmation on April 28
--------------------------------------------------------------
The Hon. Craig A. Gargotta of the U.S. Bankruptcy Court for
the Western District of Texas will consider the confirmation of
LBJ Lakefront Inc.'s Plan of Reorganization at a hearing on
April 28, 2010, at 9:00 a.m. The hearing will be held at Austin
Courtroom 1. Ballots and any objections to the confirmation of
the Plan are due on April 19, 2010, at 5:00 p.m. Central Standard
Time.
The Bankruptcy Court has approved an amended disclosure statement
explaining the Debtor's plan, allowing allows the Debtor to
commence the solicitation of votes for confirmation of the Plan.
According to the amended Disclosure Statement, the Plan proposes
that the Debtor convey a sufficient amount of the property pledged
to the debt of ABT and Lot 151-A by special warranty deed to ABT
and Compass, respectively, in full satisfaction of the
indebtedness owed to ABT and Compass, and the notes, agreements,
deeds of trust and lien secured by the assets will be deemed fully
paid and cancelled.
Under the Plan, the secured claim of American Bank of Texas will
be paid, in full on the effective date of the Plan by transfer of
the property, to fully satisfy the claim of ABT. The Debtor
intends to convey at least the house at 415 Matern Island to ABT.
If the value of the property, as determined by the Court, is
insufficient to fully satisfy the allowed claim of ABT, the Debtor
will determine at the confirmation hearing, which additional
property will be conveyed to ABT to fully satisfy ABT's allowed
secured Claim.
The secured claim of Compass Bank will be satisfied by the
transfer of Lot 151-A to Compass.
The allowed secured claim of the Trust will be paid by agreement
between the Trust and the Debtor. It is anticipated that Debtor
and the Trust will enter into a balloon note which will be due on
the sale of real estate not conveyed to ABT or Compass.
Allowed unsecured claims will be paid one-half of the allowed
amount of each claim on the 60th day after the effective date and
the balance 120 days after the effective date.
Equity Interests of the Debtor will continue unchanged.
A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/LBJLakefront_AmendedDS.pdf
The Debtor is represented by:
Eric J. Taube
Mark C. Taylor
Hohmann, Taube & Summers, L.L.P.
100 Congress Avenue, 18th Floor
Austin, Texas 78701
Tel: (512) 472-5997
Fax: (512) 472-5248
About LBJ Lakefront Inc.
Horseshoe Bay, Texas-based LBJ Lakefront Inc. filed for Chapter 11
bankruptcy protection on January 4, 2010 (Bankr. W.D. Texas Case
No. 10-10023). Mark Curtis Taylor, Esq., at Hohmann, Taube &
Summers, LLP, assists the Company in its restructuring effort.
The Company listed $10,000,001 to $50,000,000 in assets and
$10,000,001 to $50,000,000 in liabilities.
LEHMAN BROTHERS: Gets Court OK to Set Up Asset Management Unit
--------------------------------------------------------------
Bankruptcy Law360 reports that a federal bankruptcy judge has
signed off on a revised version of Lehman Brothers Holdings Inc.'s
plan to launch a new asset management unit, which had originally
drawn criticism from several major banks over a provision giving
Lehman sole ownership and control of the company.
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)
LEHMAN BROTHERS: Unsecured Creditors to Get 14.7% Recovery
----------------------------------------------------------
According to Bankruptcy Law360, Lehman Brothers Holdings Inc. has
filed a disclosure statement for its Chapter 11 plan, estimating
that its unsecured creditors will receive up to 14.7% recovery,
with unsecured creditors of some other Lehman units receiving
more.
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)
LEXINGTON PRECISION: Gets Interim Access to Lenders' Cash
---------------------------------------------------------
The Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York issued a bridge order authorizing
Lexington Precision Corporation and Lexington Rubber Group, Inc.,
to continue using cash collateral of the prepetition senior
lenders until the Court rules on the Debtors' proposed tenth cash
collateral order.
As reported in the Troubled Company Reporter on Aug. 19, 2009, the
Debtors will use cash collateral for (a) working capital and
capital expenditures, (b) other general corporate purposes of the
Debtors, and (c) the costs of administration of the bankruptcy
cases, in accordance with a budget.
The prepetition senior lenders are:
-- CapitalSource Finance LLC, as lender and revolver agent for
itself and other lenders, and co-documentation agent, and
Webster Business Credit Corporation, as lender and co-
dumentation agent under that certain Credit and Security
Agreement, dated May 31, 2006.
-- CSE Mortgage LLC, as lender and collateral agent for itself
and each other lender, and DMD Special Situations Funding
LLC, as lender under that certain Loan and Security
Agreement, dated May 31, 2006.
The Debtors related that as of Oct. 1, 2009, they were obligated
to the prepetition secured lenders in the principal amount of
$31.5 million, plus accrued and unpaid interest in the amount of
$5,000. The value of the assets encumbered by the prepetition
secured lenders' liens significantly exceeds the aggregate amount
of the obligations owed under the prepetition credit agreements.
The Debtor further said that the only alternative to continued use
of cash collateral is a sale of a portion of the Debtors' core
business.
As adequate protection, the prepetition senior lenders will be
granted (a) continued replacement security interests upon all of
the Debtors' assets, (b) first priority security interests in all
unencumbered assets of the Debtors, and (c) liens on all
encumbered assets that were not otherwise subject to the
prepetition senior lenders' liens as of the commencement date.
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.
LYDIA CLADEK: U.S. Trustee Appoint Phelan as Ch. 11 Trustee
-----------------------------------------------------------
Donald F. Walton, the U.S. Trustee for Region 21, sought and
obtained authorization from the Hon. Paul M. Glenn of the U.S.
Bankruptcy Court for the Middle District of Florida to appoint
Michael Phelan -- mphelan@moecker.com -- chief operating officer
of Michael Moecker & Associates as Chapter 11 trustee for Lydia
Cladek, Inc.
Mr. Phelan will have the authority to operate the Debtor's
business and will be responsible for filing with the Court and
submitting to the U.S. Trustee all monthly reports required by the
U.S. Trustee and any other information necessary to allow the U.S.
Trustee to monitor the case.
Mr. Phelan will be paid $300 per hour for his services.
Mr. Phelan assured the Court that he is "disinterested" as that
term is defined in Section 101(14) of the Bankruptcy Code.
St. Augustine, Florida-based Lydia Cladek, Inc., filed for Chapter
11 bankruptcy protection on April 5, 2010 (Bankr. M.D. Fla. Case
No. 10-02805). Lawrence Lilly, Esq., who has an office in St.
Augustine, Florida, assists the Company in its restructuring
effort. The Company estimated its assets and debts at $10,000,001
to $50,000,000.
LYONDELL CHEMICAL: Bayer, AT&T, Others Oppose Lyondell Cures
------------------------------------------------------------
Bankruptcy Law360 reports that Bayer Corp., AT&T Corp. and other
companies have added their voices to the cacophony over Lyondell
Chemical Co.'s proposed cure amounts, arguing that they're being
shortchanged and that the chemical company's requests are too
vague.
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)
M & S: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------
Debtor: M & S Fine Foods, Inc.
Post Office Box 28852
Henrico, VA 23229
Bankruptcy Case No.: 10-32610
Chapter 11 Petition Date: April 12, 2010
Court: U.S. Bankruptcy Court
Eastern District of Virginia (Richmond)
Judge: Kevin R. Huennekens
Debtor's Counsel: David K. Spiro, Esq.
Hirschler Fleischer
Post Office Box 500
Richmond, VA 23218-0500
Tel: (804) 771-9500
Fax: (804) 644-0957
E-mail: dspiro@hf-law.com
Estimated Assets: $500,001 to $1,000,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/vaeb10-32610.pdf
The petition was signed by Bernard H. La Lone Jr., treasurer and
director.
MARINER ENERGY: S&P Puts 'B+' Rating on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services placed all its ratings on
Mariner Energy Inc., including the 'B+' corporate credit rating,
on CreditWatch with positive implications.
"The rating action follows the announcement that Apache Corp. [A-
/Stable/A-2] will acquire Mariner," said Standard & Poor's credit
analyst Marc Bromberg. The agreement is subject to regulatory
clearance and Mariner stockholder approval.
Under the terms of the agreement, Apache has agreed to issue
0.17043 common shares of Apache and $7.80 in cash for each
outstanding share of Mariner common stock for a total transaction
value of $3.9 billion (including the assumption of about
$1.2 billion of existing Mariner debt). The $2.7 billion offer
for Mariner's equity places a 45% premium on the shares, based on
the prior day's closing price.
The combination will increase Apache's existing Gulf Shelf and
Permian Basin positions and provide deepwater exploration and
production growth opportunities. At year-end 2009, Mariner had
1.1Tcfe of proved reserves (66% proved developed, 53% natural
gas).
Key elements in resolving the CreditWatch will be Mariner's credit
profile and its strategic importance to Apache and whether Apache
will provide a guarantee, integrate Mariner into the company, or
leave it as a stand-alone subsidiary. S&P expects to comment on
any notching implications upon or near the close of the
transaction.
MARSH HAWK: Wants to Hire Willcox & Savage as Bankruptcy Counsel
----------------------------------------------------------------
Marsh Hawk Golf Club, LLC, and Ford's Colony Country Club, Inc.,
have sought permission from the U.S. Bankruptcy Court for the
Eastern District of Virginia to employ Willcox & Savage, P.C., as
bankruptcy counsel.
W&S will, among other things:
a. prepare the required petitions, lists, schedules and
statements, as well as any pleadings, motions, notices,
and orders required in these proceedings;
b. consult and advise the Debtors on issues concerning the
administration of these cases;
c. assist the Debtors in their investigation of pre-petition
acts, conduct, liabilities, and financial matters;
d. prosecute, defend, and represent the Debtors' interests in
all claims objections, contested matters, adversary
proceedings, and other motions and applications related to
these cases.
W&S will be paid based on the hourly rates of its personnel:
Ross C. Reeves $425
Laura C. Pyle $220
Associate $175-$240
Paralegal $130-$165
W&S assures the Court that it is "disinterested" as that term is
defined in Section 101(14) of the Bankruptcy Code.
Williamsburg, Virginia-based Marsh Hawk Golf Club, LLC, aka Ford's
Colony Country Club, filed for Chapter 11 bankruptcy protection on
April 1, 2010 (Bankr. E.D. Va. Case No. 10-50632). The Company
estimated its assets and debts at $10,000,000 to $50,000,000.
MEDIACOM LLC: Moody's Assigns 'Ba3' Rating on Proposed Notes
------------------------------------------------------------
Moody's Investors Service assigned Ba3 ratings to the proposed
$250 million incremental Term Loan E due 2017 and $200 million
revolving credit facility due 2014 to be issued by Mediacom, LLC
and the $550 million incremental Term Loan F due 2017 to be issued
by Mediacom Broadband, LLC, both wholly-owned subsidiaries of
Mediacom Communications Corporation (B1 Corporate Family Rating).
All existing ratings for Mediacom, LLC and Broadband were
affirmed, other than the SGL-2 Speculative Grade Liquidity Rating,
which was raised to SGL-1. In addition, while they remain subject
to change pending final outcomes of the proposed transactions,
Moody's adjusted the LGD point estimates for Mediacom's
individually rated long-term debt securities to reflect the
expected liability mix. The rating outlook remains stable
Net proceeds from the offerings will be used to term out existing
revolver borrowings and refinance LLC's Term Loan A due 2012 and
Broadband's Term Loan E due 2016, whose ratings will be withdrawn
upon successful completion of the pending transactions and the
ensuing repayment of current outstandings under these facilities.
In conjunction with the new $200 million LLC revolving credit
facility offering, the company is expected to reduce the size of
LLC's existing revolving credit facility due 2011 to $110 million
from $400 million, thereby leaving LLC with revolving credit
facilities totaling $310 million. The existing $430 million
Broadband revolving credit facility due 2012 will remain
unchanged.
"The proposed refinancing lengthens Mediacom's maturity profile,
reduces the company's required term loan amortization and, in
Moody's view, demonstrates prudent balance sheet management and
improves liquidity," according to Russell Solomon, Moody's Senior
Vice President. Mediacom's revised maturity schedule, sizable
cash balances and undrawn revolving credit facility availability,
in conjunction with a projected continuation of strong and growing
free cash flow generation support the upgrade of the company's
speculative grade liquidity rating to SGL-1 from SGL-2.
This is a summary of Moody's current ratings for Mediacom and
related entities, and the rating actions:
Assignments:
Issuer: Mediacom, LLC
-- $200 Million Senior Secured Revolving Credit Facility due
2014, Assigned Ba3 (LGD3-39%)
-- $250 Million Senior Secured Term Loan E due 2017, Assigned
Ba3 (LGD3-39%)
Issuer: Mediacom Broadband, LLC
-- $550 Million Senior Secured Term Loan F due 2017, Assigned
Ba3 (LGD3-39%)
Upgrades:
Issuer: Mediacom Communications Corporation
-- Speculative Grade Liquidity Rating, Upgraded to SGL-1 from
SGL-2
Affirmations:
Issuer: Mediacom Communications Corporation
-- Corporate Family Rating, Affirmed at B1
-- Probability of Default Rating, Affirmed at B1
Issuer: Mediacom, LLC
-- $110 Million Senior Secured Revolving Credit Facility due
2011, Affirmed at Ba3 (LGD3-39%)
-- $144 Million Senior Secured Term Loan A due 2012, Affirmed at
Ba3 (LGD3-39%)
-- $629 Million Senior Secured Term Loan C due 2015, Affirmed at
Ba3 (LGD3-39%)
-- $299 Million Senior Secured Term Loan D due 2017, Affirmed at
Ba3 (LGD3-39%)
-- $350 Million of 9.125% Secured Unsecured Notes due 2019,
Affirmed at B3 (LGD6-91%)
Issuer: Mediacom Broadband, LLC
-- $430 Million Senior Secured Revolving Credit Facility due
2012, Affirmed at Ba3 (LGD3-39%)
-- $774 Million Senior Secured Term Loan D due 2015, Affirmed at
Ba3 (LGD3-39%)
-- $500 Million of 8.5% Secured Unsecured Notes due 2015,
Affirmed at B3 (LGD6-91%)
Mediacom's B1 CFR continues to reflect its high debt-to-EBITDA
leverage (6.3x as of 12/31/09 incorporating Moody's standard
adjustments) and weaker operating performance relative to higher-
rated cable operators. These risks are offset by the company's
solid liquidity profile, underscored by its improving free cash
flow generation and excess availability under revolving lines of
credit, prospects for further growth and operating improvements,
and moderate perceived loan-to-value.
The last rating action for Mediacom was on August 11, 2009, when
Moody's assigned a Ba3 rating to Mediacom LLC's incremental Term
Loan D.
Headquartered in Middletown, New York, Mediacom Communications
Corporation, through its two wholly-owned subsidiaries Mediacom,
LLC and Mediacom Broadband, LLC, is a domestic cable multiple
system operator serving approximately 1.2 million basic video
subscribers in a wide variety of small to mid sized markets. The
company generated $1.46 billion in revenue over the twelve months
ended 12/31/2009.
MEDIACOM LLC: S&P Assigns 'BB-' Rating on $250 Mil. Loan E
----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
issue-level and '2' recovery ratings to Middletown, N.Y.-based
Mediacom LLC's proposed $250 million term loan E due 2017 and
$300 million revolving credit facility due 2014. S&P also
assigned its 'BB-' issue-level and '2' recovery ratings to
Mediacom Broadband Group's proposed $550 million term loan F due
2017. At the same time, S&P affirmed all ratings, including the
'B+' corporate credit rating, on parent Mediacom Communications
Corp. (Mediacom), a cable TV operator. The outlook is stable.
The Mediacom LLC term loan E and revolving credit facility and the
Mediacom Broadband Group term loan F are being issued under the
company's existing credit facilities. The '2' recovery rating
indicates expectations for substantial (70%-90%) recovery in the
event of a payment default. The proceeds from the Mediacom LLC
term loan E will be used to pay down the Mediacom LLC term loan A
and the outstanding balance on the Mediacom LLC revolver. The
proceeds from the Mediacom Broadband Group term loan F will be
used to pay down the Mediacom Broadband Group term loan E and
partially pay down the Mediacom Broadband Group revolver. The
ratings are based on preliminary documentation and are subject to
review of final documents. S&P will withdraw its ratings on the
repaid term loans and the existing Mediacom LLC revolving credit
facility when the transaction closes. Mediacom LLC and Mediacom
Broadband Group are wholly owned subsidiaries of Mediacom
Communications Corp.
"The ratings on Mediacom reflect an aggressive financial profile
and a mature core basic video services business with modest
revenue growth prospects," said Standard & Poor's credit analyst
Naveen Sarma. Other factors include below-industry-average high-
speed data and telephony penetration, and competitive pressures on
both the video customer base from direct-to-home satellite TV
providers and HSD customers from telephone companies. Partly
tempering these factors are the company's position as the still-
dominant provider of pay-TV services in its markets, expectations
for limited video competition from the local telephone operators,
and solid liquidity due to availability of substantial bank
financing. Mediacom, which services about 1.2 million basic video
subscribers, has $3.4 billion of debt, pro forma for the
transaction.
MESA AIR: Court Lifts Stay on United Airlines' Suit
---------------------------------------------------
A federal bankruptcy judge has agreed to revive a dispute over a
regional air service contract between United Air Lines Inc. and
Mesa Air Group Inc, according to Bankruptcy Law360.
As reported by the Troubled Company Reporter on April 5, 2010,
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 had asked the Court to approve a stipulation between
the parties. Mesa and United agreed that the automatic stay will
be modified 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.
About Mesa Air Group
Mesa Air Group Inc. 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)
MGM MIRAGE: Moody's Assigns 'Caa1' Rating on $750 Mil. Notes
------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to MGM MIRAGE's
proposed $750 million senior convertible notes due 2015. Moody's
affirmed the company's Caa2 Probability of Default Rating and Caa1
Corporate Family Rating. Moody's also affirmed MGM's senior
secured ratings at B1, senior unsecured ratings at Caa1, and
senior subordinate ratings at Caa3. The rating outlook is stable.
MGM will use the net proceeds from the proposed offering to repay
outstandings under its senior bank credit facilities.
"As a result of the proposed debt issuance, MGM's liquidity
profile has improved by creating sufficient revolver capacity to
meets its 2010 and 2011 debt maturities," stated Peggy Holloway,
Vice President and Senior Credit Officer. "Nevertheless, MGM's
ratings acknowledge the company's high leverage, difficult
operating environment in Las Vegas, potentially large guaranty
funding for CityCenter, need to close CityCenter condominium sales
to offset guaranty funding, and need to obtain additional
liquidity by 2011."
The stable outlook anticipates that MGM will be able to address
its need for additional liquidity by late 2011 through additional
capital market transactions, possible proceeds from the sale of
its 50% interest in The Borgata, and/or a partial initial public
offering of its Macau joint venture.
Rating assigned:
MGM MIRAGE
-- $750 million convertible senior notes due 2015 at Caa1 (LGD
3, 43%)
Ratings affirmed and LGD assessments revised where applicable:
MGM MIRAGE
-- Corporate Family Rating at Caa1
-- Probability of Default Rating at Caa2
-- Senior unsecured notes at Caa1 (LGD 3, 42%) to (LGD 3, 43%)
-- Senior subordinated at Caa3 (LGD 5, 85%)
-- Senior secured notes at B1 (LGD 1, 3%)
-- Speculative Grade Liquidity at SGL-3
Mandalay Resort Group
-- Senior unsecured notes at Caa1 (LGD 3, 42%) to (LGD 3, 43%)
-- Senior subordinated at Caa3 (LGD 5, 85%)
The last rating action for MGM occurred on March 18, 2010, when
Moody's affirmed MGM's Corporate Family Rating at Caa1 and its
Probability of Default Rating at Caa2.
MGM MIRAGE owns and operates casino and hotel properties
throughout the US. The company also has a 50% interest in
CityCenter Holdings, LLC, a mixed-use project on the Las Vegas
Strip and a 50% interest in MGM Grand Paradise Macau, a hotel-
casino resort in Macau S.A.R. MGM generates approximately
$6.0 billion of net revenue annually.
MGM MIRAGE: S&P Assigns 'CCC+' Rating on $750 Mil. Senior Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'CCC+'
issue-level rating to Las Vegas-based casino operator MGM MIRAGE's
proposed up to $750 million convertible senior notes due 2015. In
addition, S&P assigned the notes a recovery rating of '4',
indicating S&P's expectation of average (30%-50%) recovery for
noteholders in the event of a payment default. The company will
use proceeds from the notes offering to reduce borrowings under
the senior credit facility and for general corporate purposes.
The company's corporate credit rating remains unchanged.
S&P's corporate credit rating on MGM MIRAGE is 'CCC+', reflecting
a significant debt burden, S&P's expectation for continued
declines in cash flow generation in 2010, and the company's tight
liquidity position. While the proposed convertible notes offering
improves MGM MIRAGE's liquidity position as it continues to
address its challenging debt maturity schedule, operating
conditions on the Las Vegas Strip remain challenging. The company
announced preliminary results for the quarter ended March 31,
2010, which indicated a decline in wholly owned property EBITDA in
excess of 20%. Furthermore, in its first full quarter of
operations, CityCenter was not cash flow positive and may require
further investment from MGM MIRAGE as it continues to ramp up.
S&P's rating incorporates the expectation that consolidated EBITDA
will decline by at least 10% in 2010, which would result in
little, if any, free operating cash flow. Given scheduled debt
maturities of $1.1 billion and $1.7 billion in 2010 and 2011,
respectively, MGM MIRAGE will likely need to revisit the capital
markets to meet a meaningful portion of these maturities.
Additional potential sources of liquidity include the sale of its
50% ownership in Borgata Hotel Casino & Spa and related land in
Atlantic City, as well as an IPO of its Macau assets.
Ratings List
MGM MIRAGE
Corporate Credit Rating CCC+/Developing/--
Ratings Assigned
MGM MIRAGE
Convertible Senior Unsecured Notes
due 2015 CCC+
Recovery Rating 4
MICHAEL MORGAN: Case Summary & 4 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Michael Joseph Morgan
dba Trinidad Bay Bed and Breakfast
P.O. Box 1115
Trinidad, CA 95570
Bankruptcy Case No.: 10-11302
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
Northern District of California (Santa Rosa)
Judge: Alan Jaroslovsky
Debtor's Counsel: Christopher G. Metzger, Esq.
Law Office of Christopher G. Metzger
707 K Street
Eureka, CA 95501
Tel: (707) 441-1185
Fax: (707) 441-8470
E-mail: MetzgerLaw@sbcglobal.net
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A list of the Company's 4 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/canb10-11302.pdf
The petition was signed by Michael Joseph Morgan.
MOUNTAIN RESORT: Taps F. Kelly Smith as Bankruptcy Counsel
----------------------------------------------------------
Mountain Resort Properties, LLC, seeks permission from the U.S.
Bankruptcy Court for the District of Colorado to employ F. Kelly
Smith, Esq. as bankruptcy counsel.
Mr. Smith will:
(a) provide legal advice to the Debtor with respect to its
powers and duties concerning the reorganization of the
estate;
(b) prepare motions, complaints, answers, orders, reports and
other legal papers as may be required during the
administration of this estate;
(c) perform other legal services for the Debtor as may be
necessary in this case.
Mr. Smith will be paid $325 per hour for his services.
Mr. assures the Court that he is "disinterested" as that term is
defined in Section 101(14) of the Bankruptcy Code.
San Diego, California-based Mountain Resort Properties, LLC, filed
for Chapter 11 bankruptcy protection on April 5, 2010 (Bankr. D.
Colo. Case No. 10-17709). The Company listed $10,000,001 to
$50,000,000 in assets and $1,000,001 to $10,000,000 in
liabilities.
MPG GATEWAY: Section 341(a) Meeting Scheduled for May 3
-------------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of MPG
Gateway, Ltd's creditors on May 3, 2010, at 9:30 a.m. The meeting
will be held at Room 100-B, 501 East Polk Street, (Timberlake
Annex), Tampa, Florida.
This is the first meeting of creditors required under Section
341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.
All creditors are invited, but not required, to attend. This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.
MPG Gateway Ltd. filed for Chapter 11 protection in the U.S.
Bankruptcy Court in Tampa, Florida (Bankr. M.D. Fla. Case No.
10-08075). Safety Harbor, Florida-based MPG Gateway listed assets
and debts ranging from $10 million to $50,000.
MURRAY ENERGY: Moody's Affirms 'Caa1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service affirmed the Caa1 corporate family
rating and probability of default rating on Murray Energy
Corporation while assigning a Caa1 to the company's incremental
$40 million senior secured note offering which follows the
$500 million senior secured note offering completed in October
2009. The rating outlook is stable. Proceeds from the offering
are expected to be used for general corporate purposes including
funding the upgrade of the company's longwall mining systems.
The stable outlook is contingent upon Murray successfully
executing the upgrade of its longwall mining system and achieving
the projected cost savings. Murray is embarking on an aggressive
capital spending program that will significantly increase the
originally planned spending over the next few years in order to
improve productivity and lower cash cost per ton with the
introduction of a new, wider standard longwall panel. Since
initially announcing a $440 million senior secured note offering
in October 2009, Murray has increased debt levels by $100 million.
While the financings have allowed the company to maintain an
adequate liquidity position including pro-forma unrestricted cash
of over $130 million, there is little flexibility in the current
outlook and rating for any financial or operational missteps. The
outlook and/or rating could be pressured if cash consumption is
greater than expected or the company was to conduct any further
leveraging transactions.
The Caa1 rating continues to reflect Moody's concerns about
Murray's significant debt levels relative to its EBITDA generating
capabilities, concentration of EBITDA at a few, key coal mines,
production risk stemming from challenging operating conditions and
geologic risks, and, in Moody's opinion, the weak external
liquidity given the absence of a committed revolving credit
facility. The ratings are supported by the company's long-term
contracts with highly rated utility customers, experience with
longwall mining, freight advantages associated with water-based
transportation and proximity to customers, and largely union-free
workforce. In addition, the ratings positively consider Murray's
production, sale, and delivery of high heat, high sulfur coal
which is able to meet the requirements of its utility customers
with scrubbers.
Ratings affected include:
-- Corporate Family Rating Affirmed at Caa1
-- Probability of Default Rating Affirmed at Caa1
-- $40 million second lien senior secured note due 2015 assigned
rating of Caa1 (LGD 3; 45%)
-- 10.25% $500 million second lien senior secured note due 2015
rating of Caa1 affirmed (point estimate changed to LGD 3; 45%
from LGD 3; 44%)
-- Outlook remains stable
The last rating action was on October 23, 2009, when the ratings
of Murray Energy Corporation were affirmed, including the Caa1
corporate family rating.
Murray Energy Corporation is a privately owned coal mining company
which produced approximately 25 million tons in 2009. The company
controls approximately 900 million tons of assigned and unassigned
reserves.
MURRAY ENERGY: S&P Affirms Corporate Credit Rating at 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Pepper
Pike, Ohio-based Murray Energy Corp., including the 'B' corporate
credit rating. The outlook is stable.
S&P has affirmed its 'B+' issue-level rating on the company's
second-lien secured notes due 2015, one notch higher than the
corporate credit rating. The company has proposed a $40 million
add-on to its existing $500 million second-lien secured notes due
2015. The recovery rating on this debt remains '2', indicating
its expectation of substantial (70%-90%) recovery for noteholders
in the event of a payment default.
"The rating affirmation takes into account the company's plans to
use proceeds from the proposed notes to finance current coal
production, to upgrade its long-wall mining systems, and to
provide additional near- to intermediate-term liquidity," said
Standard & Poor's credit analyst Maurice Austin.
The ratings on Murray reflect the combination of its vulnerable
business risk profile and aggressive financial risk profile. The
'B' rating is also based on its relatively small size, lack of
operating diversity, high customer concentration, and high debt
levels. Still, the company maintains a relatively favorable cost
profile, benefits from long-term contracts, and is expected to
maintain appropriate liquidity for its 'B' rating.
The stable outlook reflects S&P's expectation that despite lower
demand for coal because of recession-induced declines in
electricity consumption, Murray's credit measures will remain at a
level S&P would consider appropriate for a 'B' rating.
Specifically, S&P expects 2011 adjusted debt to EBITDA of about
4x, primarily because of an increase in 2011 EBITDA to about
$190 million -- as a result of higher production due to estimates
of about a 1% increase in coal consumption in the electric power
sector in 2011.
S&P would consider a negative rating action if, as a result of
deterioration in operating performance during the next several
quarters, the company's credit measures weaken to a level that S&P
would consider inconsistent with the current 'B' rating.
Specifically, if adjusted debt to EBITDA were to exceed and likely
remain at more than 5.5x, which could occur if electricity
consumption declines, resulting in lower coal prices. A positive
rating action, though less likely in the near term given recent
production curtailments and coal price weakness, could occur if
coal demand increases faster than expected and results in higher
coal prices and increased production.
NANCY EDWARDS: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Nancy Cooley Edwards
dba Cambridge Partners, Ltd.
6100 Wendover Glen
Brentwood, TN 37027
Bankruptcy Case No.: 10-03963
Chapter 11 Petition Date: April 14, 2010
Court: United States Bankruptcy Court
Middle District of Tennessee (Nashville)
Judge: Keith M. Lundin
Debtor's Counsel: Steven L. Lefkovitz, Esq.
Law Offices Lefkovitz & Lefkovitz
618 Church St. Suite 410
Nashville, TN 37219
Tel: (615) 256-8300
Fax: (615) 255-4516
E-mail: slefkovitz@lefkovitz.com
Scheduled Assets: $2,625,511
Scheduled Debts: $2,488,063
A list of the Company's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/tnmb10-03963.pdf
The petition was signed by Nancy Cooley Edwards.
NEW YORK CHOCOLATE: Case Summary & 12 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: The New York Chocolate & Confections Company
555 South Fourth Street
Fulton, NY 13069
Bankruptcy Case No.: 10-30963
Chapter 11 Petition Date: April 14, 2010
Court: United States Bankruptcy Court
Northern District of New York (Syracuse)
Debtor's Counsel: Geoffrey Raicht, Esq.
McDermott Will & Emery, LLP
340 Madison Avenue
New York, NY 10173
Tel: (212) 547-5400
E-mail: graicht@mwe.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $500,001 to $1,000,000
A list of the Company's 12 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/nynb_10-30963.pdf
The petition was signed by Richard F. McCormick, chief
restructuring officer.
NEWBURGH, NY: Moody's Downgrades Ratings on Bonds to 'Ba1'
----------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the City
of Newburgh's (NY) general obligation rating, affecting
approximately $35 million in outstanding parity debt. The bonds
are secured by an unlimited ad valorem tax pledge. The downgrade
reflects the severe deterioration of the city's financial
position, limited liquidity, and heavy reliance on cash flow
borrowing and extraordinary measures to fund operations. The
financial problems coupled with a stagnant tax base and weak
socioeconomic characteristics, contribute the Ba1 rating.
The Watchlist action reflects the possibility of further downward
credit deterioration. Given the decline of Newburgh's financial
position it is not clear to Moody's that the city will continue to
benefit from continued access to the capital markets to fund
operations potentially threatening the ability to roll outstanding
notes, issue deficit reduction notes, and finance government
operations.
Resolution of the Watchlist will reflect Moody's evaluation of the
audited 2008 results, fiscal 2010 cash flows, and management's
plan to restore financial stability and flexibility moving
forward. The review will also focus on an assessment of the
city's ability to adjust revenues, and/or reduce expenditures to
close the fiscal 2010 budget gap. Moody's anticipates taking
rating action within approximately 90 days.
Poor Budgetary Controls Lead To Projections
For $10 Million Accumulated Deficit;
Viable Recovery Plan Yet To Be Adopted
Moody's believes Newburgh's management will be challenged to
return city operations to structural balance or restore reserves
to minimally adequate levels in the near term, given the
relatively weak socioeconomic profile of the city and the absence
of a concrete plan to close current budgetary gaps, cure an
expected cumulative deficit, or improve liquidity. The city's
lack of internal controls, aggressive forecasting, and poor
financial monitoring have led to a projected deficit -$10 million
General Fund balance or -26% of budgeted 2010 General Fund
revenues, down from a peak $12 million or 32% of revenues in 2006.
The primary driver of the annual operating fund deficits from
fiscal 2007 to 2009 were unbudgeted capital spending, inaccurate
budgeting of property taxes, sales taxes, mortgage taxes, overruns
related to several expenditure categories and the annual
appropriation of fund balance. Fiscal 2007 ended with a $980,000
operating deficit due to $2.15 million appropriation of General
Fund balance and the absorption of Internal Service Fund
liabilities and assets. Notably, auditors expressed concerns of
material weaknesses in the internal controls of the city during
the fiscal 2007 audit process. Audited financial statements for
fiscal 2008 have not been issued and accounting records for fiscal
2009 are still incomplete.
However, fiscal distress is evident in the cash preservation
strategies implemented during fiscal 2009 which included the
issuance of a $5.6 million tax anticipation note to cover four
years of delinquent property taxes; a $5.5 million bond
anticipation note issue to reimburse capital expenditures for
which the city could only document $2.9 million of spending; and a
delay in making the Orange County (G.O. rated Aa1) and Newburgh
City School District (G.O. rated A2) on annual property tax
property tax levies whole, as legally required. Further financial
deterioration is anticipated in the current fiscal year, given the
New York State Comptroller's Office estimate of a large $6.3
million budget gap in 2010. The gap was driven by the under-
budgeting of debt service expenditures ($227,000), and aggressive
forecasting of sales, mortgage, PILOT, and property tax
collections; as well as a $5.5 million appropriation of an already
depleted fund balance.
City liquidity has declined substantially due to delayed in-rem
foreclosure proceedings, use of reserves to fund capital spending,
and a trend of operating deficits. Net cash fell sharply during
the last three years; the city ended fiscal 2009 year with
$1.6 million (4% of budgeted revenues) in cash, net of a
$5.6 million tax anticipation note. Moreover, the city plans to
roll its outstanding TANs due to insufficient cash to make payment
on maturing notes without a new borrowing, since a portion of the
2005-2009 taxes remain delinquent.
The City has experienced significant turnover in its
administration in the last fiscal year, especially in the roles of
city manager and comptroller. There have been six acting city
managers since January 2009, and several key management positions
remain unfilled including the assessor and the head of the water
department. The recently appointed city comptroller is a member
of the fiscal advisory committee tasked with development of the
financial stabilization plan. The city is currently exploring the
possibility of issuing deficit financing bonds for the third time
since 1987. Moving forward, the new management team intends to
monitor and assess expenditures in order to restore fiscal
stability. Moody's notes that the city is in the beginning stages
of addressing its fiscal issues and future rating reviews will
factor the effective implementation of any financial improvement
plan to restore structural balance and replenish reserves to
adequate levels.
Stagnant Tax Base Challenged By High Unemployment And
Weak Socioeconomic Indicators
The City of Newburgh's economic base remains stagnant reflecting
contracting taxable values, low income levels, and an above-
average poverty rate (25.6% as of 2000 census). Net of the
effects of the fiscal 2009 reassessment, assessed valuation
declined at an average annual rate of -3.4% since 2004.
Comparatively, full value growth has slowed to an average rate of
10% annually over the same time period, to $1.3 billion,
reflecting a prior period of healthy market appreciation followed
by a rapid -16.6% decrease in fiscal 2010. Valuations are
expected fall another 10% in 2011 reflecting a continued slowing
of the residential real estate market and Moody's expectation that
economic recovery in New York State (G.O. rated Aa3/stable
outlook) will lag that for the nation. City wealth indices are
well below average as evident in median family income at 63% of
the state median and a 25.8% poverty rate, which is almost double
the state average. Full value per capita is modest at $47,556.
Debt Position to Increase With Future Borrowing
Moody's expects that the city's high 4.5% overall debt burden
will increase due to tax base contraction and plans to borrow
$16 million to finance various water and road construction
projects. Excluding the overlapping obligations of Orange County
(G.O. rated Aa1) and the Newburgh City School District (G.O. rated
A2), the city's direct debt burden is a still above-average
average 3.6% of full valuation. Principal amortization is slow
with 48% retired within 10 years, and all debt repaid within 28
years. Favorably, the city has no exposure to variable rate debt
or derivative products.
Key Statistics:
* 2008 Census population estimate: 28,101
* 2010 Full valuation: $1.3 billion
* 2010 Full value per capita: $47,556
* 2000 Per Capita Income: $13,360 (57.1% of state and 61.9% of US)
* 2000 Median Family Income: 32,519 (62.9% of state and 65.0% of
US)
* FY 2006 General Fund balance: $12 million (32.4% of General Fund
revenues)
* Direct debt burden: 3.6%
* Overall debt burden: 4.5%
* Payout of principal (10 years): 48.2%
* Post-sale Parity Debt Outstanding (includes bonds and notes):
$57.3 million
Recalibration of Rating to the Global Rating Scale;
Rating Methodology Used and Last Rating Action Taken
The rating assigned to the City of Newburgh's outstanding general
obligation bonds was issued on Moody's municipal rating scale.
Moody's has announced its plans to recalibrate all U.S. municipal
ratings to its global scale and therefore, upon implementation of
the methodology published in conjunction with this initiative, the
rating will be recalibrated to a global scale rating comparable to
other credits with a similar risk profile. Market participants
should not view the recalibration of municipal ratings as rating
upgrades, but rather as a recalibration of the ratings to a
different rating scale. This recalibration does not reflect an
improvement in credit quality or a change in Moody's credit
opinion for rated municipal debt issuers.
The last rating action on the City of Newburgh's outstanding
general obligation debt was on August 22, 2008, when the Baa3
rating was affirmed.
NMI INDUSTRIAL: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: NMI Industrial Contractors
8503 Weyand Ave
Sacramento, CA 95828
Bankruptcy Case No.: 10-29301
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
Eastern District of California (Sacramento)
Judge: Thomas Holman
Debtor's Counsel: Anthony Asebedo, Esq.
Meegan, Hanschu & Kassenbrock
11341 Gold Express Drive, Suite 110
Gold River, CA 95670-4492
Tel: (916) 925-1800
Fax: (916) 925-1265
Estimated Assets: $100,001 to $500,000
Estimated Debts: $1,000,001 to $10,000,000
The Debtor did not file a list of its largest unsecured creditors
together with its petition.
The petition was signed by Scott E. Chastain, president.
NORTEL NETWORKS: Ontario Court Extends CCAA Stay Until July 22
--------------------------------------------------------------
BankruptcyData.com reports that Nortel Networks' principal
operating subsidiary Nortel Networks Limited and other Canadian
subsidiaries that filed for creditor protection under the
Companies' Creditors Arrangement Act obtained an order from the
Ontario Superior Court of Justice extending, until July 22, 2010,
the stay of proceedings that was previously granted by the
Canadian Court. The purpose of the stay of proceedings is to
provide stability to the Nortel companies to continue with their
divestiture and other restructuring efforts.
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)
OCEAN TIDE: Case Summary & 7 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Ocean Tide, LLC
4465 S Buffalo Drive, Suite 2
Las Vegas, NV 89147
Bankruptcy Case No.: 10-16468
Chapter 11 Petition Date: April 14, 2010
Court: United States Bankruptcy Court
District of Nevada (Las Vegas)
Judge: Linda B. Riegle
Debtor's Counsel: Roger P. Croteau, Esq.
Roger P. Croteau & Associates Ltd.
720 South Fourth Street, Suite 202
Las Vegas, NV 89101
Tel: (702) 254-7775
Fax: (702) 228-7719
E-mail: croteau@croteaulaw.com
Scheduled Assets: $930,588
Scheduled Debts: $3,172,551.47
A list of the Company's 7 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/nvb10-16468.pdf
The petition was signed by Daniel Shannon, managing member.
OCHOA POULTRY: Case Summary & 10 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Ochoa Poultry Farms, Inc.
P.O. Box 11593
San Juan, PR 00922
Bankruptcy Case No.: 10-03011
Chapter 11 Petition Date: April 14, 2010
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Sergio Sanchez Pagan, Esq.
Sergio Sanchez Pagan Law Offices
P.O. Box 36304
San Juan, Puerto Rico 00936-3034
Tel: (787) 579-5808
Scheduled Assets: $3,769,102
Scheduled Debts: $2,046,873
A list of the Company's 10 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/prb10-03011.pdf
The petition was signed by Cristina Ochoa, company's secretary and
treasurer.
PACIFIC GALVESTON: May Use Fannie Mae Collateral Until April 30
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, in a
second interim order, authorized Pacific Galveston Properties L.P.
to use Fannie Mae's cash collateral until April 30, 2010, or on
the occurrence of a termination event.
As of the petition date, the Debtor owes Fannie Mae $13,993,620
plus unpaid accrued interest and fees. The loan was secured by
substantially all of the Debtor's personal property, including
cash and cash collateral, all proceeds paid or to be paid by any
insurer of the Debtor.
The Debtor would use the money to fund its business postpetition.
As adequate protection for any diminution in value of the lender's
collateral, the Debtors will grant Fannie Mae a replacement lien
on the Debtor's assets and a superpriority administrative expense
claim status.
About Pacific Galveston Properties
Dallas, Texas-based Pacific Galveston Properties, LP, dba Island
Bay Apartments, filed for Chapter 11 bankruptcy protection on
January 4, 2010 (Bankr. N.D. Texas Case No. 10-30122). John P.
Lewis, Jr., Esq., at Law Office of John P. Lewis, Jr., assists the
Company in its restructuring effort. The Company listed
$10,000,001 to $50,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.
PCAA PARENT: Court Approves Disclosure Statement
------------------------------------------------
Bankruptcy Law360 reports that the judge overseeing the bankruptcy
proceedings of Macquarie Infrastructure Co. Inc. unit PCAA Parent
LLC approved the Debtor's disclosure statement, giving PCAA a
green light to start soliciting support for a plan that calls for
the $111 million sale of its airport parking lot business Parking
Corp. of America Airports.
The Plan, as reported by the Troubled Company Reporter, provides
for the creation of a liquidating trust that will be funded with
the (i) remaining assets, (ii) causes of action and proceeds
thereof, and (iii) cash in the sum of $25,000 from the sale
proceeds that would otherwise be distributed to holders of general
unsecured claims, on the effective date of the Plan.
Treatment of Claims
Class 1 Priority Non-Tax Claims -- Estimated percentage recovery
is 100%
The Plan did not provide for the estimated percentage recovery by
Class 2 Term Loan Secured Claims ($199,495,292.)
Class 3 - Chicago Secured Claims ($3,975,586) -- Estimated
percentage recovery is 100%
Class 4 - RCL Secured Claims ($2,036,197) -- Estimated percentage
recovery is 100%
Class 5 - Other Secured Claims -- Estimated percentage recovery is
100%
Classes 6 - 19 - General Unsecured Claims -- will receive pro rata
share of (i) distributable value allocated to the specific Debtor
entity; and (ii) 100% of the liquidating trust interest in the
liquidating trust.
The Plan did not provide for the estimated percentage recovery by
Class 20- Equity Interests and Related Claims.
No distributions will be made under the Plan on account of Class
21 - Intercompany Claims among the Debtors or any of their
subsidiaries. Any and all liability on account of the
Intercompany Claims will be deemed discharged on the effective
date.
A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/PCAAParent_DS.pdf
A full-text copy of the Chapter 11 Plan is available for free
at http://bankrupt.com/misc/PCAAParent_Plan.pdf
About PCAA Parent
Essington, Pennsylvania-based PCAA Parent, LLC, runs the largest
domestic off-site airport parking business, operating 31 off-site
airport parking facilities comprising over 40,000 parking spaces
near 20 major airports across the U.S. The Company owns or leases
its off-airport parking facilities in, among other states,
California, Arizona, Colorado, Texas, Georgia, Tennessee,
Pennsylvania, Connecticut, New York, New Jersey, and Illinois.
The Company filed for Chapter 11 bankruptcy protection on
January 28, 2010 (Bankr. D. Del. Case No. 10-10250). John Henry
Knight, Esq.; Lee E. Kaufman, Esq.; and Mark D. Collins, Esq.; and
Zachary I. Shapiro, Esq., at Richards, Layton & Finger, P.A.,
assist the Company in its restructuring effort. The Company
listed $50,000,001 to $100,000,000 in assets and $100,000,001 to
$500,000,000 in liabilities.
The Company's affiliates -- PCAA Chicago, LLC; Parking Company of
America Airports, LLC; PCA Airports, Ltd.; PCAA GP, LLC; Parking
Company of America Airports Phoenix, LLC; RCL Properties, LLC;
PCAA LP, LLC; PCAA Properties, LLC; Airport Parking Management,
Inc.; PCAA SP-OK, LLC; PCAA SP, LLC; PCAA Oakland, LLC; and PCAA
Missouri, LLC -- filed separate Chapter 11 bankruptcy petitions.
PEARL ART: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Pearl Art & Craft Supplies of California, Inc.
1033 E Oakland Park Boulevard
Fort Lauderdale, FL 33334
Bankruptcy Case No.: 10-19359
Chapter 11 Petition Date: April 10, 2010
Court: U.S. Bankruptcy Court
Southern District of Florida (Fort Lauderdale)
Judge: Raymond B. Ray
Debtor's Counsel: Martin L. Sandler, Esq.
P.O. Box 402727
Miami Beach, FL 33140
Tel: (305) 379-6655
Fax: (786) 472-7077
E-mail: martin@sandler-sandler.com
Estimated Assets: $0 to $50,000
Estimated Debts: $10,000,001 to $50,000,000
A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/flsb10-19359.pdf
The petition was signed by Rosalind Perlmutter, its president.
Debtor-affiliates filing separate Chapter 11 petition:
Entity Case No. Petition Date
------ -------- -------------
Pearl Artist & Craft Supply Corp. 10-19358 04/10/10
Pearl Companies, Inc. 10-19336 04/09/10
PEARL ARTIST: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Pearl Artist & Craft Supply Corp.
1033 E Oakland Park Boulevard
Fort Lauderdale, FL 33334
Bankruptcy Case No.: 10-19358
Chapter 11 Petition Date: April 10, 2010
Court: U.S. Bankruptcy Court
Southern District of Florida (Fort Lauderdale)
Judge: John K. Olson
Debtor's Counsel: Martin L. Sandler, Esq.
P.O. Box 402727
Miami Beach, FL 33140
Tel (305) 379-6655
Fax: (786) 472-7077
E-mail: martin@sandler-sandler.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $10,000,001 to $50,000,000
A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/flsb10-19358.pdf
The petition was signed by Rosalind Perlmutter, its president.
Debtor-affiliates filing separate Chapter 11 petition:
Entity Case No. Petition Date
------ -------- -------------
Pearl Companies, Inc. 10-19336 04/09/10
PEARL COMPANIES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Pearl Companies, Inc.
1033 E Oakland Boulevard
Fort Lauderdale, FL 33334
Case No.: 10-19336
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
Southern District of Florida (Fort Lauderdale)
Judge: John K. Olson
Debtor's Counsel: Martin L Sandler, Esq.
P.O. Box 402727
Miami Beach, FL 33140
Tel: (305) 379-6655
Fax: (786) 472-7077
E-mail: martin@sandler-sandler.com
Estimated Assets: $1,000,000 to $10,000,000
Estimated Debts: $10,000,000 to $50,000,000
A list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/flsb10-19336.pdf
The petition is signed by Rosalind Perlmutter, the Debtor's
president.
PINE MOUNTAIN: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Pine Mountain Properties, LLC
dba Pine Mountain Properties
1010 William Blount Dr.
Maryville, TN 37801
Bankruptcy Case No.: 10-31898
Chapter 11 Petition Date: April 14, 2010
Court: United States Bankruptcy Court
Eastern District of Tennessee (Knoxville)
Judge: Richard Stair Jr.
Debtor's Counsel: Steven G. Shope, Esq.
620 West Hill Avenue
Knoxville, TN 37902
Tel: (865) 522-1800
Estimated Assets: $10,000,001 to $50,000,000
Estimated Debts: $10,000,001 to $50,000,000
The Company did not file a list of creditors together with its
petition.
The petition was signed by Michael L. Ross, manager.
PM PROPERTIES: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: PM Properties of Tennessee, L.P.
100 Rarity Bay Parkway
Vonore, TN 37885
Bankruptcy Case No.: 10-31897
Chapter 11 Petition Date: April 14, 2010
Court: United States Bankruptcy Court
Eastern District of Tennessee (Knoxville)
Judge: Richard Stair Jr.
Debtor's Counsel: Steven G. Shope, Esq.
620 West Hill Avenue
Knoxville, TN 37902
Tel: (865) 522-1800
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $10,000,001 to $50,000,000
The Debtor did not file a list of its largest unsecured creditors
together with its petition.
The petition was signed by Michael L. Ross, partner.
POINT BLANK: To Hire Venable as Special Government Counsel
----------------------------------------------------------
BankruptcyData.com reports that Point Blank Solutions seeks
permission from the Bankruptcy Court to employ Venable (Contact:
Nancy R. Grunberg) as special government contracting, litigation
and government investigation counsel at these hourly rates:
Hourly Rate
-----------
Partner and counsel $420 - $685
Associate $280 - $475
Paraprofessionals and staff $190 - $295
Point Blank Solutions, Inc. --
http://www.pointblanksolutionsinc.com/ -- designs and produces
body armor systems for the U.S. Military, Government and law
enforcement agencies, as well as select international markets.
The Company is recognized as the largest producer of soft body
armor in the U.S. The Company maintains facilities in Pompano
Beach, FL and Jacksboro, TN.
POINT BLANK: To Hire Olshan Grundman as Special Corp. Counsel
-------------------------------------------------------------
BankruptcyData.com reports that Point Blank Solutions seeks
permission from the Bankruptcy Court to employ Olshan Grundman
Frome Rosenweig & Wolosky (Contact: Jeffrey Spindler) as special
corporate counsel at these hourly rates:
Hourly Rate
-----------
Partner $450 - $750
Counsel $500
Associate $295 - $450
Legal assistant & paralegal $125 - $195
Point Blank Solutions, Inc. --
http://www.pointblanksolutionsinc.com/ -- designs and produces
body armor systems for the U.S. Military, Government and law
enforcement agencies, as well as select international markets.
The Company is recognized as the largest producer of soft body
armor in the U.S. The Company maintains facilities in Pompano
Beach, FL and Jacksboro, TN.
PPA HOLDINGS: Thomas Casey Appointed as Chapter 11 Trustee
----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
approved the appointment of Thomas H. Casey, Esq., as the
Chapter 11 trustee in the bankruptcy cases of PPA Holdings, LLC,
and its debtor-affiliates.
Irvine, California-based PPA Holdings LLC and its affiliates
collectively owned and managed 47 multi-family apartment
complexes, consisting of 2,398 individual apartment units, three
office/commercial buildings, and a condominium unit.
The Company and its affiliates filed for Chapter 11 on June 26,
2009 (Bankr. C.D. Calif. Lead Case No. 09-16353). Nanette D.
Sanders, Esq., and Todd C. Ringstad, Esq., at Ringstand & Sanders
LLP, represent the Debtors in their restructuring efforts.
Richard W. Esterkin, Esq., at Morgan Lewis & Bockius LLP,
represents the official committee of unsecured creditors as
counsel. The Debtors listed $10 million to $50 million in assets
and $50 million to $100 million in debts.
PROLIANCE INTERNATIONAL: Files Plan of Liquidation
--------------------------------------------------
BankruptcyData.com reports that Proliance International filed with
the U.S. Bankruptcy Court a Plan of Liquidation and related
Disclosure Statement. The Plan calls for liquidating the
Company's estates and distributing sale proceeds to creditors.
According to the Plan, creditor treatment includes: (a) holders of
administrative claims and priority claims will be paid in full in
cash, (b) holders of secured lender claims have already recovered
100% from sale proceeds, (c) holders of other secured claims will
receive the collateral securing the claim or cash equal to the
value of the collateral, (d) priority Pension Benefit Guaranty
Corp. claims will be paid in full by the liquidating trustee and
will recover less than 1% on its unsecured claim from a share of
the liquidating trust fund, (e) holders of general unsecured
claims will recover less than 1% from the liquidating trust fund
and (d) holders of canceled inter-company claims and equity
interests will receive no distribution.
A hearing for the Disclosure Statement is scheduled for May 19,
2010.
About Proliance International
Based in New Haven, Connecticut, Proliance International, Inc. --
http://www.pliii.com/-- aka Godan makes automobile parts. The
Company and its affiliates filed for Chapter 11 on July 2, 2009
(Bankr. D. Del. Lead Case No. 09-12278). Christopher M. Samis,
Esq., and Daniel J. DeFranceschi, Esq., at Richards, Layton &
Finger PA, represent the Debtors in their restructuring efforts.
The Debtors' financial condition as of June 22, 2009, showed total
assets of $160.3 million and total debts of $133.5 million.
The sale of Proliance's North American assets to Centrum Equities
XV, LLC, was consummated under the provisions of Section 363 of
the Bankruptcy Code on August 14, 2009.
PROTOSTAR LTD: Judge OKs Additional $2.5-Mil. DIP Financing
-----------------------------------------------------------
Bankruptcy Law360 reports that a bankruptcy court judge has signed
off on ProtoStar Ltd.'s request for an additional $2.5 million in
debtor-in-possession financing plus an extension of the financing
until May 31 at the latest.
Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.
The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.
Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda. John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.
In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts. As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.
RADIENT PHARMACEUTICALS: Posts $16.6 Million Net Loss in 2009
-------------------------------------------------------------
Radient Pharmaceuticals Corporation filed its annual report on
Form 10-K, showing a net loss of $16.6 million on $8.6 million of
revenue for 2009, compared with a net loss of $1.2 million on
$23.8 million of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$26.3 million in assets, $5.6 million of debts, and $20.7 million
of stockholders' equity.
KMJ Corbin & Company LLP, in Costa Mesa, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern. The independent auditors noted that the Company
has incurred a significant operating loss in 2009 and negative
cash flows from operations in 2009 and has a working capital
deficit of approximately $4.2 million at December 31, 2009.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?6028
Headquartered in Tustin, Calif., Radient Pharmaceuticals
Corporation -- http://www.Radient-Pharma.com/-- is an integrated
pharmaceutical company devoted to the research, development,
manufacturing, and marketing of diagnostic, and premium skin care
products.
REDHILLS DEVELOPMENT: Case Summary & 8 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Redhills Development Company, LLC
16350 Hillsboro Way
Newberg, OR 97132
Bankruptcy Case No.: 10-33070
Chapter 11 Petition Date: April 12, 2010
Court: U.S. Bankruptcy Court
District of Oregon
Judge: Randall L. Dunn
Debtor's Counsel: James K. Hein, Esq.
Tel: (503) 802-2129
E-mail: james.hein@tonkon.com
Timothy J. Conway
Tel: (503) 802-2027
E-mail: tim.conway@tonkon.com
888 SW 5th Avenue #1600
Portland, OR 97204
Estimated Assets: $1,000,001 to $10,000,000
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/orb10-33070.pdf
The petition was signed by Michael Raine, shareholder.
RICHARD KERR: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Richard Lee Kerr
244 Cardinal Drive
Bloomingdale, IL 60108
Bankruptcy Case No.: 10-16591
Chapter 11 Petition Date: April 14, 2010
Court: U.S. Bankruptcy Court
Northern District of Illinois (Chicago)
Judge: Carol A. Doyle
Debtor's Counsel: Michael J. Davis, Esq.
Springer, Brown, Covey, Gaetner & Davis
400 S County Farm Road, Suite 330
Wheaton, IL 60187
Tel: (630) 510-0000
Fax: (630) 510-0004
E-mail: mdavis@springerbrown.com
Total Assets: $5,056,106
Total Debts: $2,060,555
A list of the Debtor's 18 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/ilnb10-16591.pdf
The petition was signed by the Debtor.
ROBERT GLADNEY: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Joint Debtors: Robert Louis Gladney
Tina Rene Malara
703 South Morris Street,
P.O. Box 266
Oxford, MD 21654
Bankruptcy Case No.: 10-18016
Chapter 11 Petition Date: April 12, 2010
Court: U.S. Bankruptcy Court
District of Maryland (Baltimore)
Debtor's Counsel: Tate M. Russack, Esq.
Russack Associate, LLC
100 Severn Avenue, Suite 101
Annapolis, MD 21403
Tel: (410) 505-4150
Fax: (410) 510-1390
E-mail: Tate@russacklaw.com
Total Assets: $636,343
Total Debts: $1,409,970
A list of the Joint Debtors' 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/mdb10-18016.pdf
The petition was signed by the Joint Debtors.
ROCK & REPUBLIC: Files List of 25 Largest Unsecured Creditors
-------------------------------------------------------------
Rock & Republic Enterprises, Inc., has filed with the U.S.
Bankruptcy Court for the Southern District of New York a list of
its 25 largest unsecured creditors, disclosing:
Entity Claim Amount
------ ------------
Isko Textiles, Inc.
Attn: Hakan Anuk
860 S. Los Angeles Street
Suite 707
Los Angeles, CA 90014
Phone: (213) 622-3996
E-mail: hanuk@isko.com.tr $3,271,045
Conde Nast Publications
P.O. Box 88965
Chicago, IL 60695-1965
Phone: (302) 830-9338
E-mail Deborah_Kane@condenast.com $1,265,658
Tavex Algodonera
112 W 9th Street, #626
Los Angeles, CA 90015
Phone: (213) 489-2622
E-mail george.hayos@tavex.com $725,678
Tag Trends
970 S. Via Rodeo
Placentia, CA 92870
Phone: (714) 524-9000
E-mail: rob@tagtrends.com $664,434
PCCA/Denimatrix
dba Plains Cotton
Cooperative
3301 E. 50th Street
Lubbock, TX 79404
Phone: (502) 242-04600 xt 1228
E-mail: Carolina.melendez@denimatrix.com $565,028
Sewing Trends
5615 McKinley Avenue
Los Angeles, CA 90011
Phone: (323) 233-9324
E-mail: sewingtrends@sbcglobal.net $326,927
Blue River Denim Inc
13200 S Avalon Boulevard
Los Angeles, CA 90061-1227
Phone: (310) 856-0777
E-mail: imeldap@blueriverdenim.com $320,098
Plains Cotton Cooperative
Association
dba American Cotton
Growers
P.O. Box 2827
Lubbock, TX 79408
Phone: (806) 385-6401
E-mail: lori.fudge@pcca.com $260,100
Stoelt Productions LLC $232,573
CBS Outdoor $175,000
Barteluce Architects &
Associates $166,987
Gibson, Dunn & Crutcher LLP $165,270
Brand ID $152,877
Zabin Industries, Inc. $151,765
American Express $145,565
Top Jeans Corp. $134,245
Les Publications Conde Nast S.A.
Vogue $132,382
Lighting Management, Inc. $127,114
Board of Equalization $119,860
William Morris Agency $115,058
Artistic Dyers Inc. $110,180
Starside Sec & Invest, Inc. $98,278
On Target Laundry LLC $97,897
World Jumbo Limited $96,382
Bank of America $90,740
New York-based Rock & Republic Enterprises, Inc., is a wholesale
and retail apparel company specializing in an avant-garde and
distinctive line of clothing. Originally started in 2002 by its
Chief Executive Officer, Michael Ball, primarily as an American
jeans company, the Debtors have expanded their lines to include
high fashion clothing for men, women and children as well as
shoes, cosmetics and accessories. The Company's merchandise can
be found at most high end retail stores such as Nordstrom, Neiman
Marcus, Bergdorf Goodman, Bloomingdales, Lord & Taylor, Harvey
Nichols and Saks Fifth Avenue, as well as in small upscale
boutiques.
The Company filed for Chapter 11 bankruptcy protection on April 1,
2010 (Bankr. S.D.N.Y. Case No. 10-11728).
Alex Spizz, Esq., and Arthur Goldstein, Esq., at Todtman,
Nachamie, Spizz & Johns, P.C., assist the Company in its
restructuring effort. Manderson, Schaefer & McKinlay, LLP, is the
Company's special corporate counsel. The Company listed
$50,000,000 to $100,000,000 in assets and $10,000,000 to
$50,000,000 in liabilities.
The Company's affiliate, Triple R, Inc., filed a separate Chapter
11 petition on April 1, 2010 (Case No. 10-11729).
ROCK & REPUBLIC: Taps Todtman Nachamie as Gen. Bankr. Counsel
-------------------------------------------------------------
Rock & Republic Enterprises, Inc., et al., have sought permission
from the U.S. Bankruptcy Court for the Southern District of New
York to employ Todtman, Nachamie, Spizz & Johns, P.C., as general
bankruptcy counsel.
TNSJ will, among other things:
(a) take necessary action to protect and preserve the
Debtors' estates including the prosecution of actions on
behalf of the Debtors and the defense of actions
commenced against the Debtors;
(b) prepare, present and respond to applications, motions,
answers, orders, reports and other legal papers in
connection with the administration of the estates in this
case;
(c) negotiate and prepare, on the Debtors' behalf, plan(s) of
reorganization, disclosure statement(s), and related
agreements and/or documents, and take any necessary
action on behalf of the Debtors to obtain confirmation of
the plan; and
(d) appear in Court and to protect the interests of the
Debtors before the Court.
TNSJ will be paid based on the hourly rates of its personnel:
Alex Spizz, Partner $520
Arthur Goldstein, Partner $495
Jill Makower, Counsel $405
Alex Spizz, Esq., a member at TNSJ, assures the Court that the
firm is "disinterested" as that term is defined in Section 101(14)
of the Bankruptcy Code.
New York-based Rock & Republic Enterprises, Inc., is a wholesale
and retail apparel company specializing in an avant-garde and
distinctive line of clothing. Originally started in 2002 by its
Chief Executive Officer, Michael Ball, primarily as an American
jeans company, the Debtors have expanded their lines to include
high fashion clothing for men, women and children as well as
shoes, cosmetics and accessories. The Company's merchandise can
be found at most high end retail stores such as Nordstrom, Neiman
Marcus, Bergdorf Goodman, Bloomingdales, Lord & Taylor, Harvey
Nichols and Saks Fifth Avenue, as well as in small upscale
boutiques.
The Company filed for Chapter 11 bankruptcy protection on April 1,
2010 (Bankr. S.D.N.Y. Case No. 10-11728). The Company listed
$50,000,000 to $100,000,000 in assets and $10,000,000 to
$50,000,000 in liabilities.
The Company's affiliate, Triple R, Inc., filed a separate Chapter
11 petition on April 1, 2010 (Case No. 10-11729).
ROCK & REPUBLIC: Wants Manderson Schafer as Special Counsel
-----------------------------------------------------------
Rock & Republic Enterprises, Inc., et al., have asked for
authorization from the U.S. Bankruptcy Court for the Southern
District of New York to employ Manderson, Schafer & McKinlay LLP
as special corporate counsel.
MSM will provide the Debtors services on corporate matters like
vendor contracts and leases. MSM's services will constitute
conducting or administering the Debtors' bankruptcy proceedings.
MSM will work with the Debtors' bankruptcy counsel and Chief
Restructuring Officer Geoffrey D. Lurie by providing counsel on
strategic decision-making, on creditor negotiations, and on debt
financing or equity transactions pursuant to which the Debtor will
raise working capital during the Chapter 11 cases or ultimately
exit bankruptcy.
MSM will consult with the Debtors' management and other
professionals retained in the Debtors' bankruptcy cases to
minimize the possibility that services provided by MSM will
duplicate those provided by other professionals retained by the
Debtors.
MSM will be paid based on the hourly rates of its personnel:
Partners $395
Associates $350 - $375
Law Clerks $125
Paraprofessionals $150
Chris Manderson, Esq., a member at MSM, assures the Court that the
firm is "disinterested" as that term is defined in Section 101(14)
of the Bankruptcy Code.
New York-based Rock & Republic Enterprises, Inc., is a wholesale
and retail apparel company specializing in an avant-garde and
distinctive line of clothing. Originally started in 2002 by its
Chief Executive Officer, Michael Ball, primarily as an American
jeans company, the Debtors have expanded their lines to include
high fashion clothing for men, women and children as well as
shoes, cosmetics and accessories. The Company's merchandise can
be found at most high end retail stores such as Nordstrom, Neiman
Marcus, Bergdorf Goodman, Bloomingdales, Lord & Taylor, Harvey
Nichols and Saks Fifth Avenue, as well as in small upscale
boutiques.
The Company filed for Chapter 11 bankruptcy protection on April 1,
2010 (Bankr. S.D.N.Y. Case No. 10-11728). The Company listed
$50,000,000 to $100,000,000 in assets and $10,000,000 to
$50,000,000 in liabilities.
The Company's affiliate, Triple R, Inc., filed a separate Chapter
11 petition on April 1, 2010 (Case No. 10-11729).
RSCS INC: Case Summary & 11 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: RSCS, Inc.
5725 SW 8th Street
Miami, FL 33144
Case No.: 10-19334
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
Southern District of Florida (Miami)
Judge: A. Jay Cristol
Debtor's Counsel: Jacqueline Calderin, Esq.
501 Brickell Key Drive #300
Miami, FL 33131
Tel: (305) 722-2002
Fax: (305) 722-2001
E-mail: jc@ecccounsel.com
Estimated Assets: $1,000,000 to $10,000,000
Estimated Debts: $1,000,000 to $10,000,000
A list of the Debtor's 11 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/flsb10-19334.pdf
The petition is signed by Carmen Sanders, the Debtor's president.
RYLAND GROUP: Moody's Assigns 'Ba3' Rating on $300 Mil. Notes
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 to the proposed
$300 million issue of 6.625% senior unsecured notes due 2020 of
The Ryland Group, Inc. while at the same time it affirmed the
company's Ba3 corporate family and senior unsecured notes' ratings
and SGL-2 speculative grade liquidity rating. Proceeds will be
used to call the remaining $200 million outstanding of Ryland's
senior notes due 2012, with a portion of the remainder used to
finance some of its senior notes due 2013 and 2015. The outlook
remains stable.
The Ba3 corporate family reflects continued weakness in several of
Ryland's key credit metrics -- including adjusted gross margin,
debt-to-capitalization, interest coverage, and return on assets -
but acknowledges that each of these metrics should show some
modest improvement in 2010 and 2011. In addition, the ratings
recognize that the company's ability to generate robust cash flow
from inventory reduction and tax refunds has largely come to an
end, and that it will need to begin generating most of its cash
flow from actual earnings. Lastly, the ratings incorporate the
company's ongoing operating losses, which Moody's expect to
continue into the latter part of 2010, its small size relative to
its peer group, and the cyclicality of the homebuilding industry.
At the same time, while Moody's expects Ryland to generate
negative cash flow in 2010 and 2011, Moody's believe that a
gradually improving operating environment should allow the company
to narrow its pre-impairment operating losses in 2010. In
addition, the ratings acknowledge that the company's strong
liquidity position allows it the flexibility to continue investing
cash back into the business and to focus on margin improvement.
Also, the ratings reflect the company's highly disciplined growth
strategy, which avoids acquisitions; its conservative land policy
that typically limits speculative building to less than 20% of
inventory and strives to maintain a 2-3 year supply of lots,
thereby precluding its having to take large impairment charges;
and tight cost controls which help contain margin erosion in
periods of rapid revenue decline.
Going forward, the outlook and/or ratings could improve if the
company were to maintain its strong liquidity position, restore
homebuilding profitability before charges, and make it through
2010 without substantial additional impairment charges, which
could enable the company to stabilize, and potentially improve,
its debt leverage.
The outlook and/or ratings could be lowered if the company were to
jeopardize its liquidity position by engaging in large land
purchases or substantial share buy-backs, experience a material
erosion in pre-impairment operating performance, or substantially
reverse its recent trend of booking fewer and smaller impairment
charges.
These rating actions were taken:
-- Corporate family rating affirmed at Ba3;
-- Probability of default rating affirmed at Ba3;
-- Ba3 (LGD4, 53%) rating assigned to proposed 6.75% $300
million senior unsecured notes due 2020;
-- Senior unsecured notes rating affirmed at Ba3 (LGD4, 53%);
-- Speculative grade liquidity rating affirmed at SGL-2.
The Ryland Group's homebuilding debt is guaranteed by all of its
100%-owned homebuilding operating subsidiaries.
Moody's most recent announcement concerning the ratings for Ryland
was on November 12, 2009, when the company's outlook was revised
to stable from negative.
Founded in 1967 and headquartered in Calabasas, CA, The Ryland
Group, Inc., is a mid-sized homebuilder with homebuilding revenues
and consolidated net income for the year ended December 31, 2009
of $1.24 billion and ($162) million, respectively.
SANFORD SIMON: Case Summary & 16 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Sanford Jay Simon
17416 Ventura Boulevard
Encino, CA 91316
Bankruptcy Case No.:10-14159
Chapter 11 Petition Date: April 10, 2010
Court: U.S. Bankruptcy Court
Central District of California (San Fernando Valley)
Judge: Geraldine Mund
Debtor's Counsel: Michael R Totaro, Esq.
Totaro & Shanahan
P.O. Box 789
Pacific Palisades, CA 90272
Tel: (310) 573-0276
Fax: (310) 496-1260
E-mail: mtotaro@aol.com
Total Assets: $3,817,660
Total Debts: $4,845,833
A list of the Debtor's 16 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/cacb10-14159.pdf
The petition was signed by the Debtor.
SCOTSMAN INDUSTRIES: Moody's Assigns 'B1' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a B1 Corporate Family
Rating and B1 Probability of Default Rating to Scotsman
Industries, Inc. Concurrently, Moody's has assigned a B1 to the
company's new $30 million senior secured revolving credit facility
and a B1 to the company's $115 million senior secured term loan.
The company was assigned a stable outlook.
The ratings balance Scotsman's low leverage and good coverage
metrics against its small size and recent year's business
contraction due primarily to the difficult economy. The company's
ratings benefit from its model as a pure play ice machine maker
with an entrenched market position and significant replacement
revenues in North America and Western Europe. The ratings
contemplate a slow growth environment in the company's primary
markets which should enable the company to effectively manage its
inventory and working capital needs as the economy recovers. The
ratings also consider that the contemplated refinancing will
dramatically reduce its sponsor's exposure to the company as the
debt that is being raised will refinance a facility that was
previously held by the sponsor and fund a capital withdrawal from
the company through a $28 million dividend.
The stable outlook reflects the view that the company is well
positioned in the current ratings category and that the company is
unlikely to be upgraded from current levels without a meaningful
reduction in its debt. The ratings outlook may benefit from a
meaningful improvement in the company's free cash flow to debt of
over 12% on a consistent basis.
Assignments:
Issuer: Scotsman Industries, Inc.
-- Probability of Default Rating, Assigned B1
-- Corporate Family Rating, Assigned B1
-- $30 million Senior Secured Revolver, Assigned a B1, LGD LGD3-
48
-- $115 million Senior Secured Term Loan, Assigned a B1, LGD
LGD3-48
This is an initial ratings assignment for Scotsman.
Scotsman Industries, Inc., headquartered in Vernon Hills, IL, is a
global manufacturer of industrial, commercial, and high-end
consumer ice machines and related products. Revenue for the LTM
period ended 2/28/10 was approximately $260 million.
SERGIO ACLE: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Sergio A. Acle
4606 Prospect Avenue
P.O. Box 103
Glyndon, MD 21071
Case No.: 10-17724
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
District of Maryland (Baltimore)
Judge: Duncan W. Keir
Debtor's Counsel: Karen H. Moore, Esq.
Davis, Agnor, Rapaport & Skalny, LLC
10211 Wincopin Circle, 6th Floor
Columbia, MD 21044
Tel: (410) 309-0505
E-mail: kmoore@darslaw.com
Estimated Assets: $1,000,000 to $10,000,000
Estimated Debts: $10,000,000 to $50,000,000
The Debtor did not file its list of largest unsecured creditors
when it filed its petition.
SETTLES ASSOCIATES: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Settles Associates, Inc.
dba Matrix Settles, PC
1220 N. Fillmore Street, Suite 300
Arlington, VA 22201
Bankruptcy Case No.: 10-12852
Chapter 11 Petition Date: April 12, 2010
Court: U.S. Bankruptcy Court
Eastern District of Virginia (Alexandria)
Judge: Robert G. Mayer
Debtor's Counsel: Derek K. Prosser, Esq.
Tyler, Bartl, Ramsdell & Counts, PLC
300 N. Washington Street, Suite 202
Alexandria, VA 22314
Tel: (703) 842-0538
E-mail: dprosser@tbrclaw.com
Estimated Assets: $0 to $50,000
Estimated Debts: $1,000,001 to $10,000,000
A copy of the Company's list of 20 largest unsecured creditors
filed together with the petition is available for free at:
http://bankrupt.com/misc/vaeb10-12852.pdf
The petition was signed by Steven L. Biegel, president.
SHANDI SMITH: Case Summary & 19 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Shandi Lanette Smith
aka Shandi L. Smith
8806 Chelmsford Way, # F
Inglewood, CA 90305
Bankruptcy Case No.: 10-24052
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
Central District Of California (Los Angeles)
Judge: Victoria S. Kaufman
Debtor's Counsel: Kahlil J. McAlpin, Esq.
1608 Centinela Ave #6
Inglewood, CA 90302-1099
Tel: (310) 338-0554
Fax: (310) 338-0527
E-mail: kahlil24@aol.com
Scheduled Assets: $2,654,970
Scheduled Debts: $2,851,759
A list of the Company's 19 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/cacb10-24052.pdf
The petition was signed by Shandi Lanette Smith.
SHEARIN FAMILY: Bid to Dismiss or Convert Case Withdrawn
--------------------------------------------------------
Marjorie K. Lynch, the bankruptcy administrator for the Eastern
District of North Carolina, has withdrawn her motion to convert
Shearin Family Investments, LLC's Chapter 11 bankruptcy case to
Chapter 7 or, in the alternative, dismiss the Debtor's case.
As reported in the Troubled Company Reporter on March 1, 2010,
Ms. Lynch asked the U.S. Bankruptcy Court for the Eastern District
of North Carolina because the Debtor failed to pay its quarterly
fees for the fourth quarter of 2009.
Based in Rocky Mount, North Carolina, Shearin Family Investments,
LLC owns and operates a condominium resort in Carteret County, in
North Carolina. The company filed for Chapter 11 relief on
Oct. 13, 2008 (Bankr. E.D. N.C. Case No. 08-07082). Amy M. Faber,
Esq., at Stubbs & Perdue, P.A., and Trawick H. Stubbs, Jr., Esq.,
at Stubbs & Perdue, P.A., represent the Debtor as counsel. When
the Debtor filed for protection from its creditors, it listed
assets of $46,327,546 and debts of $49,260,007.
SMURFIT-STONE: Court Won't Reconsider Unit's Chapter 7 Conversion
-----------------------------------------------------------------
Bankruptcy Law360 reports that the bankruptcy judge overseeing
Smurfit-Stone Container Corp.'s Chapter 11 proceeding said he
would not reconsider his earlier denial of two creditors' request
to convert a financing subsidiary's case to Chapter 7 on Thursday,
the same day a confirmation hearing on Smurfit-Stone's
reorganization plan kicked off.
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)
SOLO CUP: Moody's Gives Positive Outlook; Affirms 'B3' Rating
-------------------------------------------------------------
Moody's Investors Service revised the ratings outlook of Solo Cup
Company to positive from stable and affirmed the B3 corporate
family rating.
The revision of the ratings outlook to positive reflects the
company's success maintaining credit metrics that are strong for
the rating category and an expectation that they will remain so.
Although credit metrics may weaken near term, they should remain
strong for the rating category over the rating horizon. Continued
cost cuts, the commercialization of new business, recent price
increases, and earnings from the recent acquisition should help
maintain credit metrics. These positive factors should help
offset continuing weakness in the company's primary end market and
any further potential losses of existing business. The rating
outlook also contemplates that all free cash flow will be used to
pay down acquisition debt.
The B3 rating reflects Solo Cup's concentration of sales,
cyclicality in the company's primary end market and difficult
competitive environment. The rating also reflects the risks
inherent in the company's plan to transition to new business
contracts and lines while exiting certain existing business,
integration risk for the recent acquisition and the lack of long-
term contracts for a high percentage of business. Also reflected
in the rating is the fragmented structure of the industry and
strong price competition.
The ratings are supported by ongoing performance improvement
initiatives, the recent acquisition and a comparatively broad
product portfolio. The recent Innoware acquisition will fill an
important hole in the company's product portfolio. The company
has continued to focus on profitability and diversifying its
business including the development of some new products and an
emphasis on more robust channels.
Moody's took these rating actions for Solo Cup Company:
-- Affirmed CFR at B3.
-- Affirmed PDR at B3.
-- Revised ratings outlook to positive from stable.
-- Affirmed speculative grade liquidity rating SGL-2.
-- Affirmed $200 million asset-based revolver due 2013 at Ba2
(LGD 2, 17%).
-- Affirmed $300 million of senior secured notes due 2013 at B2
(LGD3, 40% from 43%).
-- Affirmed $323 million senior subordinated notes due 2014 at
Caa2 (LGD 5, 86%)
Moody's last rating action on Solo Cup occurred on June 19, 2009,
when Moody's rated the company's new asset based revolver and
senior secured notes and affirmed the company's B3 corporate
family rating and ratings outlook.
Headquartered in Lake Forest, Illinois, Solo Cup Company is one of
the largest domestic manufacturers of disposable paper and plastic
food and beverage containers used in the foodservice and retail
consumer markets. Products include cups, lids, napkins, cutlery,
and plates. Revenues were approximately $1.5 billion for the
twelve months ended December 27, 2009.
SPEARMAN FOOD: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Spearman Food Distributors, Inc.
980 Upward Road
Flat Rock, NC 28731
Bankruptcy Case No.: 10-10409
Chapter 11 Petition Date: April 14, 2010
Court: U.S. Bankruptcy Court
Western District of North Carolina (Asheville)
Judge: George R. Hodges
Debtor's Counsel: H. Trade Elkins, Esq.
Elkins and Elkins
228 6th Avenue East, Suite 1B
Hendersonville, NC 28792
Tel: (828) 692-2205
Fax: (828) 692-8469
Email: htelkins@prodigy.net
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
A list the Company's 20 largest unsecured creditors filed together
with the petition is available for free at:
http://bankrupt.com/misc/ncwb10-10409.pdf
The petition was signed by Joe D. Spearman Jr., president.
Debtor-affiliates filing separate Chapter 11 petition:
Entity Case No. Petition Date
------ -------- -------------
Joe D. Spearman, Jr. 10-10412 04/14/10
Joe D. Spearman, Sr. 10-10411 04/14/10
Spearman Furniture, Inc. 10-10410 04/14/10
SPHERIS INC: Court Approves Sale to MedQuist, CBay for $116M
------------------------------------------------------------
MedQuist Inc. and its majority shareholder CBay Inc., providers of
technology-enabled clinical documentation services and Spheris
said last week the United States Bankruptcy Court for the District
of Delaware has approved the sale of substantially all of Spheris'
assets to MedQuist Inc. and CBay Inc. Under the terms of the
sale, MedQuist will acquire Spheris' U.S. assets and CBay will
acquire the stock of Spheris India Private Limited, a subsidiary
of Spheris. The purchase price is $98,833,900 in cash and an
unsecured subordinated promissory note issued by MedQuist
Transcriptions, Ltd. in an aggregate principal amount of
$17,500,000. The Companies expect the transaction to close in
April.
Bankruptcy Law360 says the approved $116.3 million bid is a
substantial premium over the $75 million the stalking horse
bidders initially proposed.
"MedQuist is a natural partner for Spheris," said Peter Masanotti,
MedQuist CEO. "Spheris' customers can look forward to receiving
the same great service and outstanding quality from a company with
a strong financial position, which will allow for increased
investment in the business. We believe that Spheris' customers
will also benefit from MedQuist's extensive suite of services and
technologies, experience, knowledge, and culture of best-in-class
service. MedQuist expects to maintain Spheris' strong commitment
to customer support and service continuity in a seamless
transition for current customers."
"We are pleased to receive Court approval of this transaction,"
said Robert Butler, Chief Restructuring Officer of Spheris. "As
was our goal from the outset, we want to maximize recoveries for
our stakeholders. We believe this transaction will help us reach
that goal. In addition, as a result of this transaction, Spheris
will be part of a stronger, more competitive company, and we
believe this is a positive outcome for Spheris, our employees,
customers and other stakeholders."
Tony James, Chief Operating Officer of Spheris, added, "We are
confident that this transaction advances the interests of our
customers by transitioning Spheris' assets to an entity with
greater financial flexibility. We expect a smooth transition and
we appreciate our customers' continued support. I would also like
to thank the dedicated employees of Spheris for their continuing
commitment and focus on serving our customers."
Spheris' financial advisor was Jefferies & Company, Inc. Its
restructuring advisor was Capstone Advisory Group and its legal
counsel was Willkie Farr & Gallagher. MedQuist's financial
advisors were Lazard and Piper Jaffray & Co., and its legal
counsel was Wachtell, Lipton, Rosen & Katz.
About MedQuist
MedQuist Inc. (Nasdaq: MEDQ) -- http://www.medquist.com/--
provides medical transcription services, and a leader in
technology-enabled clinical documentation workflow. MedQuist's
enterprise solutions -- including mobile voice capture devices,
speech recognition, Web-based workflow platforms, and global
network of medical editors -- help healthcare facilities improve
patient care, increase physician satisfaction, and lower
operational costs.
About CBay Holdings
CBay Holdings, together with its subsidiaries and equity
investees, provides technology-enabled medical transcription
services and related revenue cycle solutions. CBay Holdings
partners with healthcare providers to deliver outsourced
transcription solutions designed to improve the quality and
timeliness of clinical data and information, reduce operational
costs, increase physician satisfaction, and enhance revenue cycle
performance. The Company serves more than 2,400 health systems,
hospitals, and physician groups in the U.S. CBaySystems Holdings
Ltd is composed of a portfolio of businesses, including CBay
Systems & Services Inc, CBay Systems (India) Private Ltd, Mirrus
Systems Inc. and a majority shareholding of approximately 69.5%
percent in MedQuist Inc. CBaySystems Holdings Ltd trades under
the CBAY symbol on the AIM market of the London Stock Exchange.
About Spheris
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.
SPRINT NEXTEL: Moody's Assigns 'Baa2' on $2.25 Bil. Senior Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a Baa2 rating to Sprint
Nextel Corporation's proposed $2.25 billion senior unsecured
revolving credit facility. The new facility will mature in the
later half of 2013 and will replace the existing $4.5 billion
credit facility that was due to expire in December 2010. The
reduction in the size of the revolving credit facility partly
reflects the expectations of lower utilization of credit
facilities to issue letters of credit. As of 12/31/2009, Sprint
Nextel had approximately $1.7 billion in letters of credit
outstanding reflecting its remaining obligation in connection with
the reconfiguration of 800 MHz spectrum, as required by the order
of the Federal Communications Commission. The letters of credit
are expected to wind down as the Company makes progress in
migrating incumbents into the 800 MHz band over the next couple of
years. Apart from the issuance of letters of credit, Moody's does
not expect Sprint Nextel to borrow under the revolving credit
facility, at least over the next 12-to-18 months. In conjunction
with the rating action, Moody's has affirmed the Company's Ba2
corporate family rating with a negative outlook, along with the
SGL-1 short term liquidity assessment.
Moody's analyst, Dennis Saputo said, "The new multi-year credit
facility will enhance the Company's already strong liquidity while
it is attempting to execute a turnaround."
The summary of rating actions is:
Issuer: Sprint Nextel Corporation
* Corporate Family Rating -- Affirmed Ba2
* Probability of Default Rating -- Affirmed Ba2
* Speculative Grade Liquidity Rating -- SGL - 1
* New $2.25 Billion Senior Unsecured Bank Credit Facility --
Assigned Baa2, LGD2 - 10%
* Senior Unsecured Regular Bond/Debenture -- Affirmed Ba3, LGD5 -
- 74% (changed from 75%)
Issuer: NEXTEL Communications, Inc.
* Senior Unsecured Regular Bond/Debenture -- Affirmed Ba2, LGD3 -
39%
Issuer: Sprint Capital Corporation
* Senior Unsecured Regular Bond/Debenture -- Affirmed Ba3, LGD5
-- 74% (changed from 75%)
Outlook Actions:
* Outlook, Negative
Moody's last rating action on Sprint Nextel was on November 20,
2009, when the rating agency downgraded its corporate family
rating to Ba2 from Ba1, and maintained the negative outlook.
Spring Nextel Corporation, with headquarters in Overland Park,
Kansas, is one of the largest telecommunications companies in the
United States. It offers digital wireless services under the
Sprint master brand name in addition to a broad suite of wireline
communication services. The Company operates two wireless
networks, one based on CDMA technology and the other over the
former Nextel Communication's iDEN network. As of 12/31/2009,
Sprint Nextel had 48.1 million wireless customers, including
wholesale and affiliate subscribers. The Company generated
$32.3 billion in annual revenues in 2009.
SS&C TECHNOLOGIES: S&P Raises Corporate Credit Rating to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Windsor, Conn.-based financial software provider
SS&C Technologies Inc. to 'BB-' from 'B+'. The outlook is stable.
At the same time, because of that upgrade, S&P raised the issue-
level rating on the company's first-lien facility to 'BB+' from
'BB-'. S&P revised the recovery rating on the issue to '1' from
'2'. In addition, S&P raised the issue-level rating on the
company's senior subordinated notes to 'B+' from 'B-' and revised
the recovery rating on the issue to '5' from '6'.
The upgrade reflects positive operating trends. The IPO also
provides for enhanced liquidity and reduced leverage as well as an
exit strategy for the sponsors that, in S&P's view, does not
impair credit quality. The company will use approximately
$72 million of the $134.8 million of IPO proceeds to redeem a
portion of its 11 3/4% senior subordinated notes, pushing adjusted
pro forma leverage to the 3.1x area.
SUNDOWN COMMERCE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Sundown Commerce, LLC
6859 Stone Meadows Avenue
Las Vegas, NV 89142
Bankruptcy Case No.: 10-16250
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
District of Nevada (Las Vegas)
Judge: Mike K. Nakagawa
Debtor's Counsel: Timothy S. Cory, Esq.
8831 W. Sahara Avenue
Lakes Business Park
Las Vegas, NV 89117
Tel: (702) 388-1996
E-mail: tim.cory@corylaw.us
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 filed
together with the petition is available for free at:
http://bankrupt.com/misc/nvb10-16250.pdf
The petition was signed by Gary Stewart, member and manager.
SURFUN ENTERPRISES: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Surfun Enterprises LLC
3703 Camino Del Rio South, Suite 200
San Diego, CA 92108
Tel: (619) 282-0185
Bankruptcy Case No.: 10-05954
Chapter 11 Petition Date: April 12, 2010
Court: United States Bankruptcy Court
Southern District of California (San Diego)
Judge: Peter W. Bowie
Debtor's Counsel: Matthew D. Rifat, Esq.
Law Offices of Matthew D. Rifat, LLP
3703 Camino Del Rio So., Suite 100B
San Diego, CA 92108
Tel: (619) 282-0185
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 largest unsecured creditors
together with its petition.
The petition was signed by David J. Smith, managing member.
SURYA HOSPITALITY: Case Summary & Two Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Surya Hospitality, LLC
dba Best Western All Suites
3001 University Center Dr.
Tampa, FL 33612
Case No.: 10-08289
Chapter 11 Petition Date: April 9, 2010
Court: U.S. Bankruptcy Court
Middle District of Florida (Tampa)
Judge: K. Rodney May
Debtor's Counsel: Herbert R Donica, Esq.
Donica Law Firm PA
106 S Tampania Avenue #250
Tampa, FL 33609
Tel: (813) 878-9790
Fax: (813) 878-9746
E-mail: ecf-hrd@donicalaw.com
Estimated Assets: $1,000,000 to $10,000,000
Estimated Debts: $1,000,000 to $10,000,000
A list of the Debtor's two largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/flmb10-08289.pdf
The petition is signed by Dilip M. Patel, the Debtor's general
manager/managing member.
WHEATLAND GROUP: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: The Wheatland Group, LLC
38168 Millstone Drive
Purcellville, VA 20134
Bankruptcy Case No.: 10-12856
Chapter 11 Petition Date: April 12, 2010
Court: U.S. Bankruptcy Court
Eastern District of Virginia (Alexandria)
Judge: Robert G. Mayer
Debtor's Counsel: Christopher L. Rogan, Esq.
RoganLawFirm, PLLC
30-D Catoctin Circle, S.E.
Leesburg, VA 20175
Tel: (703) 771-9191
Fax: (703) 771-9797
E-mail: crogan@roganfirm.com
Total Assets: $2,790,000
Total Debts: $3,253,220
A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/vaeb10-12856.pdf
The petition was signed by Joseph Evangelisto, manager.
TIMOTHY RAY: To Refinance or Sell Property to Pay Secured Claims
----------------------------------------------------------------
Timothy Ray Wright filed with the U.S. Bankruptcy Court for the
District of Arizona a Disclosure Statement explaining its Plan of
Reorganization.
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 that the
Debtor will have the authority to sell or refinance individual
real properties subject to the secured claims of Classes 2.A.
through 2.Y. The secured claims of Classes 2.A. through 2.V. will
be satisfied from the sales or refinancing of individual real
properties.
General unsecured claims will receive distributions from the
initial distribution and the quarterly distributions thereafter
based on these in the minimum amount of 1% of their allowed claim.
Under the Plan, Mr. Wright will retain his interest in his
property subject to the terms of the Plan subject to the rights of
creditors and the Debtor's compliance with the obligations imposed
upon him pursuant to the Plan.
Under the Plan, funds to be used to make payments will be derived
from these sources: (a) operation of the business prior to the
effective date including the collection of rents on the Debtor's
real properties leased to third-party tenants; (b) the operation
of the Debtor's business on and after the effective date including
the collection of rents on the Debtor's real properties leased to
third-party tenants; (c) the sale of real property in the ordinary
course of the Debtor's business on and after the effective date;
(d) the refinancing of real property in the ordinary course of the
Debtor's business on and after the effective date; and (e) the
enforcement of the Debtor's rights as a creditor against debtor
tenants and other debtors owing money to the Debtor.
A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/TimothyRayWright_DS.pdf
About Timothy Ray Wright
Phoenix, Arizona-based Timothy Ray Wright -- dba Timothy R. Wright
and Timothy Wright -- filed for Chapter 11 bankruptcy protection
on December 14, 2009 (Bankr. D. Ariz. Case No. 09-32244). Howard
C. Meyers, Esq., at Burch & Cracchiolo, P.A., assists the Company
in its restructuring effort. The Company listed $10,000,001 to
$50,000,000 in assets and $10,000,001 to $50,000,000 in
liabilities.
TIMOTHY RAY: Wants Access to BofA's Cash Collateral Until August 1
------------------------------------------------------------------
Timothy Ray Wright asks the U.S. Bankruptcy Court for the District
of Arizona for permission to extend interim authorization to use
his lender's cash collateral from May 1, 2010, until August 1,
2010.
Bank of America, N.A. holds a lien on the Debtor's properties as
security for repayment of an indebtedness in an aggregate amount
of at least $9,832,349.
The Debtor's authorization to use BofA's cash collateral will
expire on May 1.
The Debtor proposes a hearing on the cash collateral use on
April 28, at 2:30 p.m. at Courtroom 701.
About Timothy Ray Wright
Phoenix, Arizona-based Timothy Ray Wright -- dba Timothy R. Wright
and Timothy Wright -- filed for Chapter 11 bankruptcy protection
on December 14, 2009 (Bankr. D. Ariz. Case No. 09-32244). Howard
C. Meyers, Esq., at Burch & Cracchiolo, P.A., assists the Company
in its restructuring effort. The Company listed $10,000,001 to
$50,000,000 in assets and $10,000,001 to $50,000,000 in
liabilities.
VEBLEN WEST: Section 341(a) Meeting Scheduled for May 11
--------------------------------------------------------
The U.S. Trustee for Region 10 will convene a meeting of Veblen
West Dairy LLP's creditors on May 11, 2010, at 1:00 p.m. The
meeting will be held at 115 4th Avenue SE, Room 206-7, Federal
Building, Aberdeen, SD 57401.
This is the first meeting of creditors required under Section
341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.
All creditors are invited, but not required, to attend. This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.
Veblen West Dairy LLP, based in Veblen, South Dakota, filed a
petition April 7 seeking protection under Chapter 11 (Bankr. D.
S.D. Case No. 10-10071). Veblen West listed assets and debts of
$10 million to $50 million.
VEBLEN WEST: Taps Leonard Street as Bankruptcy Counsel
------------------------------------------------------
Veblen West Dairy, LLP, seeks permission from the U.S. Bankruptcy
Court for the District of South Dakota to employ Leonard, Street
and Deinard Professional Association as bankruptcy counsel.
Bryant D. Tchida, Esq., a shareholder at Leonard Street, says that
the firm will, among other things:
(a) analyze the Debtor's financial situation and rendering
advice and assistance in determining how to proceed,
which has included advice, negotiation, and preparation
of documents for a Chapter 11 filing;
(b) assist in the preparation of filing the petition,
exhibits, attachments, schedules, statements, and lists,
first day motions, and other required documents;
(c) represent the Debtor at the meeting of creditors; and
(d) negotiate with creditors and other parties in interest.
Mr. Tchida says that Leonard Street will be paid based on the
hourly rates of its personnel:
Robert T. Kugler, Shareholder $460
Bryant D. Tchida, Shareholder $340
Lara O. Glaesman, Associate $325
Edwin H. Caldie, Associate $270
Mr. Tchida assures the Court that Leonard Street is
"disinterested" as that term is defined in Section 101(14) of the
Bankruptcy Code.
Veblen West Dairy LLP, based in Veblen, South Dakota, filed a
petition April 7 seeking protection under Chapter 11 (Bankr. D.
S.D. Case No. 10-10071). Veblen West listed assets and debts of
$10 million to $50 million.
WESTLAND DEVCO: Taps Cole Schotz as Bankruptcy Counsel
------------------------------------------------------
Westland DevCo, LP, seeks authorization from the U.S. Bankruptcy
Court for the District of Delaware to employ Cole, Schotz, Meisel,
Forman & Leonard, P.A., as bankruptcy counsel, nunc pro tunc to
the Petition Date.
Cole Schotz will, among other things:
a. represent the Debtor in proceedings and hearings in the
Court;
b. prepare motions, applications, orders, responses, and
other legal papers;
c. prepare and pursue confirmation of a Chapter 11 plan and
approval of a disclosure statement and provide advice and
representation; and
d. review the nature and validity of liens asserted against
the property of the Debtor and advise the Debtor
concerning the enforceability of the liens.
Cole Schotz will be paid based on the hourly rates of its
personnel:
Members $355 - $725
Special Counsel $335 - $415
Associates $195 - $415
Paralegals $140 - $230
Michael D. Sirota, Esq., a shareholder of Cole Schotz, assures the
Court that the firm is "disinterested" as that term is defined in
Section 101(14) of the Bankruptcy Code.
Albuquerque, New Mexico-based Westland Devco, LP -- aka Westland,
Petroglyphs, Watershed, Strom Cloud, Sundoro South, and Grasslands
-- filed for Chapter 11 bankruptcy protection on April 5, 2010
(Bankr. D. Del. Case No. 10-11166). Norman L. Pernick, Esq., and
Patrick J. Reilley, Esq., at Cole, Schotz, Meisel, Forman &
Leonard, assist the Company in its restructuring effort. Katten
Muchin Rosenmann LLP is the Company's corporate & finance
attorneys. Navigant Capital Advisors, LLC, is the Company's
financial advisor. The Company estimated its assets and debts at
$100,000,001 to $500,000,000.
WESTLAND DEVCO: Wants to Hire Katten Muchin as Special Counsel
--------------------------------------------------------------
Westland DevCo, LP, seeks permission from the U.S. Bankruptcy
Court for the District of Delaware to employ Katten Muchin
Rosenman LLP as special corporate counsel, nunc pro tunc to the
Petition Date.
Katten Muchin will assist the Debtor in connection with (i)
property-related matters; (ii) financing-related matters,
including negotiation with lenders, amendments to loan agreements,
if required, and debtor-in-possession financing, if necessary; and
(iii) to perform other legal services for the Debtor as may be
necessary and appropriate in the administration of the bankruptcy
case.
Katten Muchin will coordinate its discrete efforts with the
general bankruptcy counsel Cole, Schotz, Meisel, Forman & Leonard,
P.A., and the Debtor to prevent duplication of effort.
Andrew D. Small, Esq., a partner with Katten Muchin, says that the
firm will be paid based on the hourly rates of its personnel:
Andrew D. Small $685
Blake E. Schulman $465
Partners $440-$780
Associates $270-$485
Legal Assistants $50-$360
Paraprofessionals $50-$360
Mr. Small assures the Court that Katten Muchin is "disinterested"
as that term is defined in Section 101(14) of the Bankruptcy Code.
Albuquerque, New Mexico-based Westland Devco, LP -- aka Westland,
Petroglyphs, Watershed, Strom Cloud, Sundoro South, and Grasslands
-- filed for Chapter 11 bankruptcy protection on April 5, 2010
(Bankr. D. Del. Case No. 10-11166). Norman L. Pernick, Esq., and
Patrick J. Reilley, Esq., at Cole, Schotz, Meisel, Forman &
Leonard, assist the Company in its restructuring effort. Katten
Muchin Rosenmann LLP is the Company's corporate & finance
attorneys. Navigant Capital Advisors, LLC, is the Company's
financial advisor. The Company estimated its assets and debts at
$100,000,001 to $500,000,000.
WIDEOPENWEST FINANCE: S&P Affirms 'B-' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Englewood, Colo.-based cable overbuilder WideOpenWest Finance LLC
to stable from positive. At the same time, S&P affirmed its
ratings on the company, including the 'B-' corporate credit
rating.
The company had previously signed a letter of intent to acquire an
unidentified cable system and subsequently issued a $250 million
as an add-on to its first-lien term loan. However, given that the
acquisition was not consummated and the company used only a
portion of the final proceeds for debt reduction, the resultant
elevated leverage of about 7x is not supportive of a positive
outlook and the company is unlikely to deleverage to below 6x over
the next year. Additionally, S&P remain concerned that WOW could
use existing cash balances to fund a distribution to its
shareholders. Total debt outstanding is about $1.4 billion.
"The ratings on WOW continue to reflect a high degree of business
risk due to the company's vulnerable market position as a cable
overbuilder and significant competition from financially stronger
incumbent cable operators and AT&T Inc. (A/Negative/A-1),"
explained Standard & Poor's credit analyst Allyn Arden. The
ratings also reflect the company's elevated leverage and cost
disadvantages, particularly in negotiating programming contracts.
"WOW's demonstrated ability to increase market penetration amid
significant competition because of its reputation for excellent
customer service partially mitigates those factors," added Mr.
Arden, "as does its solid revenue and EBITDA growth associated
with bundling enhanced video, telephony, and high-speed data
services."
WOODCREST CLUB: Promises to Pay 100% of Unsecured Creditors Claims
------------------------------------------------------------------
The Woodcrest Club, Inc., filed with the U.S. Bankruptcy Court for
the Eastern District of New York a Disclosure Statement explaining
its proposed Plan of Liquidation.
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
auction of the Debtor's assets. The Debtor relates that the
proceeds of the sale will provide the Debtor funds with which to
(a) pay 100% of allowed unsecured creditor claims with interest
from the petition date; and (b) establish a disputed claims
reserve with cash sufficient to pay the full amount of disputed
claims. The Debtor also expects that its bondholders will receive
full payment as provided by their respective bonds.
Under the Plan, the Debtor will pay Class 1 and 3 Claims,
administrative claims and professional fees in cash after the
effective date with cash on hand from the closing of the sale of
the Debtor's property.
Payments to be made to time insurance on account of Class 2(a)
Claim and the DIP Lenders on account of their Class 2(b) Claims
will be made at the closing of the sale of the Debtor's real
property.
A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/WoodcrestClub_DS.pdf
About The Woodcrest Club, Inc.
Headquartered in Syosset, New York, The Woodcrest Club, Inc.,
operates storage units. The Company filed for Chapter 11
bankruptcy protection on December 10, 2009 (Bankr. E.D. N.Y. Case
No. 09-79481). Kenneth P. Silverman, Esq., and Gerard R. Luckman,
Esq., at Silverman Acampora LLP assist 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.
* BOND PRICING -- For the Week From April 12 to 16, 2010
--------------------------------------------------------
Company Coupon Maturity Bid Price
------- ------ -------- ---------
155 E TROPICANA 8.750% 4/1/2012 5.000
ABITIBI-CONS FIN 7.875% 8/1/2009 12.000
ACARS-GM 8.100% 6/15/2024 20.000
ADVANTA CAP TR 8.990% 12/17/2026 13.125
AMBAC INC 7.500% 5/1/2023 16.500
AMBAC INC 9.375% 8/1/2011 64.500
AMER GENL FIN 5.200% 6/15/2010 94.762
ARCO CHEMICAL CO 10.250% 11/1/2010 82.900
AT HOME CORP 0.525% 12/28/2018 0.504
BALLY TOTAL FITN 14.000% 10/1/2013 1.000
BANK NEW ENGLAND 8.750% 4/1/1999 12.500
BANK NEW ENGLAND 9.875% 9/15/1999 9.000
BANK UNITED 8.000% 3/15/2009 1.000
BANKUNITED FINL 3.125% 3/1/2034 7.875
BANKUNITED FINL 6.370% 5/17/2012 8.250
BLOCKBUSTER INC 9.000% 9/1/2012 24.000
BOWATER INC 6.500% 6/15/2013 38.500
BOWATER INC 9.500% 10/15/2012 38.250
CAPMARK FINL GRP 5.875% 5/10/2012 34.750
CHANDLER USA INC 8.750% 7/16/2014 20.000
CITADEL BROADCAS 4.000% 2/15/2011 53.050
COLLINS & AIKMAN 10.750% 12/31/2011 0.050
COLONIAL BANK 6.375% 12/1/2015 0.438
CONGOLEUM CORP 8.625% 8/1/2008 20.250
CPE-CALL04/10 9.750% 12/8/2010 99.000
DECODE GENETICS 3.500% 4/15/2011 6.375
DECODE GENETICS 3.500% 4/15/2011 6.375
FAIRPOINT COMMUN 13.125% 4/1/2018 15.250
FAIRPOINT COMMUN 13.125% 4/2/2018 18.690
FEDDERS NORTH AM 9.875% 3/1/2014 0.977
FINLAY FINE JWLY 8.375% 6/1/2012 0.625
FLEETWOOD ENTERP 14.000% 12/15/2011 17.250
GASCO ENERGY INC 5.500% 10/5/2011 60.000
GENERAL MOTORS 7.125% 7/15/2013 34.425
GENERAL MOTORS 9.450% 11/1/2011 30.750
GPI-CALL04/10 8.250% 8/15/2013 103.050
HAWAIIAN TELCOM 9.750% 5/1/2013 3.000
INN OF THE MOUNT 12.000% 11/15/2010 47.000
KEYSTONE AUTO OP 9.750% 11/1/2013 46.000
LEHMAN BROS HLDG 1.500% 3/23/2012 18.250
LEHMAN BROS HLDG 4.375% 11/30/2010 21.750
LEHMAN BROS HLDG 4.500% 8/3/2011 20.960
LEHMAN BROS HLDG 4.700% 3/6/2013 20.850
LEHMAN BROS HLDG 4.800% 2/27/2013 21.500
LEHMAN BROS HLDG 4.800% 3/13/2014 22.500
LEHMAN BROS HLDG 5.000% 1/14/2011 22.000
LEHMAN BROS HLDG 5.000% 1/22/2013 19.350
LEHMAN BROS HLDG 5.000% 2/11/2013 20.325
LEHMAN BROS HLDG 5.000% 3/27/2013 20.860
LEHMAN BROS HLDG 5.000% 8/5/2015 20.300
LEHMAN BROS HLDG 5.100% 1/28/2013 20.350
LEHMAN BROS HLDG 5.150% 2/4/2015 21.500
LEHMAN BROS HLDG 5.250% 2/6/2012 22.035
LEHMAN BROS HLDG 5.250% 1/30/2014 20.910
LEHMAN BROS HLDG 5.250% 2/11/2015 21.800
LEHMAN BROS HLDG 5.500% 4/4/2016 22.000
LEHMAN BROS HLDG 5.625% 1/24/2013 22.250
LEHMAN BROS HLDG 5.750% 4/25/2011 22.000
LEHMAN BROS HLDG 5.750% 7/18/2011 23.000
LEHMAN BROS HLDG 5.750% 5/17/2013 21.500
LEHMAN BROS HLDG 6.000% 7/19/2012 22.500
LEHMAN BROS HLDG 6.000% 6/26/2015 18.250
LEHMAN BROS HLDG 6.000% 12/18/2015 21.800
LEHMAN BROS HLDG 6.200% 9/26/2014 23.000
LEHMAN BROS HLDG 6.500% 7/19/2017 0.510
LEHMAN BROS HLDG 6.625% 1/18/2012 22.250
LEHMAN BROS HLDG 6.875% 7/17/2037 0.350
LEHMAN BROS HLDG 7.500% 5/11/2038 1.250
LEHMAN BROS HLDG 7.875% 11/1/2009 21.250
LEHMAN BROS HLDG 8.000% 3/17/2023 16.000
LEHMAN BROS HLDG 8.050% 1/15/2019 20.135
LEHMAN BROS HLDG 8.500% 8/1/2015 20.000
LEHMAN BROS HLDG 8.500% 6/15/2022 22.000
LEHMAN BROS HLDG 8.750% 12/21/2021 19.100
LEHMAN BROS HLDG 8.800% 3/1/2015 20.400
LEHMAN BROS HLDG 8.920% 2/16/2017 19.000
LEHMAN BROS HLDG 9.000% 3/7/2023 18.250
LEHMAN BROS HLDG 9.500% 12/28/2022 21.500
LEHMAN BROS HLDG 9.500% 1/30/2023 21.500
LEHMAN BROS HLDG 9.500% 2/27/2023 21.500
LEHMAN BROS HLDG 10.000% 3/13/2023 21.750
LEHMAN BROS HLDG 10.375% 5/24/2024 19.570
LEINER HEALTH 11.000% 6/1/2012 10.500
MAGNA ENTERTAINM 8.550% 6/15/2010 42.750
MERRILL LYNCH 3.450% 3/9/2011 97.100
MTH-CALL05/10 7.000% 5/1/2014 102.525
NEFF CORP 10.000% 6/1/2015 10.375
NEWPAGE CORP 12.000% 5/1/2013 40.500
NORTH ATL TRADNG 9.250% 3/1/2012 48.510
NYNEX CORP 9.550% 5/1/2010 97.000
OSCIENT PHARM 12.500% 1/15/2011 9.500
PALM HARBOR 3.250% 5/15/2024 66.375
RAFAELLA APPAREL 11.250% 6/15/2011 65.000
RASER TECH INC 8.000% 4/1/2013 43.750
SIX FLAGS INC 9.625% 6/1/2014 30.500
SIX FLAGS INC 9.750% 4/15/2013 33.000
SPHERIS INC 11.000% 12/15/2012 31.500
STATION CASINOS 6.000% 4/1/2012 6.000
STATION CASINOS 6.500% 2/1/2014 2.522
STATION CASINOS 6.625% 3/15/2018 2.000
STATION CASINOS 6.875% 3/1/2016 0.750
STATION CASINOS 7.750% 8/15/2016 7.313
SUBURBAN PROPANE 6.875% 12/15/2013 100.500
THORNBURG MTG 8.000% 5/15/2013 1.100
TIMES MIRROR CO 7.250% 3/1/2013 30.000
TOUSA INC 7.500% 3/15/2011 7.750
TOUSA INC 7.500% 1/15/2015 6.679
TOUSA INC 9.000% 7/1/2010 69.500
TOUSA INC 9.000% 7/1/2010 65.000
TOUSA INC 10.375% 7/1/2012 7.500
TRANS-LUX CORP 8.250% 3/1/2012 36.863
TRANSMERIDIAN EX 12.000% 12/15/2010 7.500
TRIBUNE CO 4.875% 8/15/2010 30.500
TRUMP ENTERTNMNT 8.500% 6/1/2015 1.000
VERASUN ENERGY 9.375% 6/1/2017 6.625
VERENIUM CORP 5.500% 4/1/2027 37.000
WASH MUT BANK FA 5.125% 1/15/2015 1.009
WASH MUT BANK FA 5.650% 8/15/2014 0.750
WASH MUT BANK NV 5.500% 1/15/2013 0.260
WASH MUT BANK NV 5.550% 6/16/2010 49.500
WASH MUT BANK NV 5.950% 5/20/2013 0.800
WASH MUT BANK NV 6.750% 5/20/2036 1.000
WCI COMMUNITIES 7.875% 10/1/2013 1.000
WCI COMMUNITIES 9.125% 5/1/2012 1.125
WERNER HOLDINGS 10.000% 11/15/2007 2.000
YELLOW CORP 5.000% 8/8/2023 90.000
*********
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.
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related conferences are encouraged. Send announcements to
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On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2010. All rights reserved. ISSN: 1520-9474.
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