/raid1/www/Hosts/bankrupt/TCR_Public/100501.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, May 1, 2010, Vol. 14, No. 119
Headlines
ACCENTIA BIOPHARMA: Files March 2010 Operating Report
ACCENTIA BIOPHARMA: Biovest Files March 2010 Operating Report
ACCREDITED HOME: Ends January With $13,786,741 Cash
ACCREDITED HOME: Ends February With $13,254,405 Cash
ACCREDITED HOME: Ends March With $13,323,769 Cash
BH S&B: Posts $200,924 Net Loss in March
EXTENDED STAY: Reports $26.24 Million Loss for March
FONTAINEBLEAU LV: Has $106,000,618 Cash at End of March
GLOBAL MOTORSPORT: Posts $446,761 Net Loss in March
GOODY'S LLC: Posts $312,366 Net Loss in January
GREEKTOWN HOLDINGS: Amends January & December Operating Reports
GREEKTOWN HOLDINGS: Casino Reports $2,344,999 Loss for February
HAWKEYE RENEWABLES: Posts $8.6 Million Net Loss in March
INTERLAKE MATERIAL: Ends March 2010 With $372,543 Cash
INTERLAKE MATERIAL: Ends December 2009 With $466,296 Cash
LEXINGTON PRECISION: Posts $315,000 Net Loss in February
MAJESTIC STAR: Posts $1.9 Million Net Loss in February
MORRIS PUBLISHING: Ends March With $14,791,028 Cash
NORTEL NETWORKS: Reports US$112 Mln. Net Profit for December
NORTEL NETWORKS: Reports Break Even for January
NORTEL NETWORKS: Reports US$186 Mil. Net Loss for February
PACIFIC ENERGY: Posts $1,301,916 Net Loss in February
PFF BANCORP: Posts $132,042 Net Loss in March
PROVIDENT ROYALTIES: Posts $101.0 Million Net Loss in February
QIMONDA NA: Posts $156,086 Net Loss in Month Ended April 2
QIMONDA RICHMOND: Posts $302.9MM Net Loss in Month Ended April 2
THORNBURG MORTGAGE: Ends March With $118,585,569 Cash
TRICOM SA: Ends January With $13,267,663 Cash
TRICOM SA: Ends February With $14,673,932 Cash
TOUSA INC: Reports $11.7 Mil. Net Loss for March
TRONOX INC: Reports $3,000,000 Net Income for February
TRONOX INC: Reports $53,000,000 Net Loss for March
UNO RESTAURANT: Posts $2,652,200 Net Loss in February
UNO RESTAURANT: Posts $1,144,330 Net Loss in Month Ended March 28
*********
ACCENTIA BIOPHARMA: Files March 2010 Operating Report
-----------------------------------------------------
On April 20, 2010, Accentia BioPharmaceuticals, Inc., and
certain of its affiliates filed their unaudited combined monthly
operating report for March 2010 with the United States
Bankruptcy Court for the Middle District of Florida, Tampa
Division.
Their schedule of receipts and disbursements for March 2010
showed:
Funds at beginning of period $8,355
Total Receipts $2,705,356
Total Funds Available for Operations $2,713,711
Total Disbursements $954,553
Funds at March 31, 2010 $1,759,157
A full-text copy of the Debtors' monthly operating report for
March 2010 is available at no charge at:
http://researcharchives.com/t/s?60d8
Headquartered in Tampa, Florida, Accentia Biopharmaceuticals Inc.
(Nasdaq: ABPI) -- http://www.accentia.net/--is biopharmaceutical
company focused on the development and commercialization of drug
candidates that are in late-stage clinical development and
typically are based on active pharmaceutical ingredients that have
been previously approved by the FDA for other indications. The
Company's lead product candidate is SinuNase(TM), a novel
application and formulation of a known therapeutic to treat
chronic rhinosinusitis.
The Company has acquired the majority ownership interest in
Biovest International Inc. and a royalty interest in Biovest's
lead drug candidate, BiovaxID(TM) and any other biologic products
developed by Biovest. The Company also has a specialty
pharmaceutical business, which markets products focused on
respiratory disease and an analytical consulting business that
serves customers in the biopharmaceutical industry.
Accentia Biopharmaceuticals and nine affiliates filed for Chapter
11 protection on November 10, 2008 (Bankr. M.D. Fla., Lead Case
No. 08-17795). Charles A. Postler, Esq., and Elena P. Ketchum,
Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida; and
Jonathan B. Sbar, Esq., at Rocke, McLean & Sbar, P.A., represent
the Debtors as counsel. Attorneys at Olshan Grundman Frome
Rosenzweig, and Genovese Joblove & Battista PA, represent the
official committee of unsecured creditors. The Debtors said
assets totalled $134,919,728 while debts were $77,627,355 as of
June 30, 2008.
ACCENTIA BIOPHARMA: Biovest Files March 2010 Operating Report
-------------------------------------------------------------
Biovest International Inc. and certain of its debtor-affiliates
filed with the U.S. Bankruptcy Court for the Middle District of
Florida, Tampa Division on April 20, 2010, their unaudited
combined monthly operating report for the month of March 2010.
Their schedule of receipts and disbursements for March 2010
showed:
Funds at beginning of period $374,863
Total Receipts $626,330
Total Funds Available for Operations $1,001,193
Total Disbursements $622,770
Funds at March 31, 2010 $378,423
A full-text copy of Biovest International Inc. and its debtor-
affiliates' monthly operating report for March 2010 is
available for free http://researcharchives.com/t/s?60da
Headquartered in Tampa, Florida, Accentia Biopharmaceuticals Inc.
(Nasdaq: ABPI) -- http://www.accentia.net/--is biopharmaceutical
company focused on the development and commercialization of drug
candidates that are in late-stage clinical development and
typically are based on active pharmaceutical ingredients that have
been previously approved by the FDA for other indications. The
Company's lead product candidate is SinuNase(TM), a novel
application and formulation of a known therapeutic to treat
chronic rhinosinusitis.
The Company has acquired the majority ownership interest in
Biovest International Inc. and a royalty interest in Biovest's
lead drug candidate, BiovaxID(TM) and any other biologic products
developed by Biovest. The Company also has a specialty
pharmaceutical business, which markets products focused on
respiratory disease and an analytical consulting business that
serves customers in the biopharmaceutical industry.
Accentia Biopharmaceuticals and nine affiliates filed for Chapter
11 protection on November 10, 2008 (Bankr. M.D. Fla., Lead Case
No. 08-17795). Charles A. Postler, Esq., and Elena P. Ketchum,
Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida; and
Jonathan B. Sbar, Esq., at Rocke, McLean & Sbar, P.A., represent
the Debtors as counsel. Attorneys at Olshan Grundman Frome
Rosenzweig, and Genovese Joblove & Battista PA, represent the
official committee of unsecured creditors. The Debtors said
assets totalled $134,919,728 while debts were $77,627,355 as of
June 30, 2008.
ACCREDITED HOME: Ends January With $13,786,741 Cash
---------------------------------------------------
Accredited Home Lenders Holding Co. filed with the U.S. Bankruptcy
Court for the District of Delaware on February 23, 2010, its
monthly operating report for the filing period ended
January 31, 2010.
At January 31, 2010, the Debtors' condensed combined balance
sheet showed $183,464,131 in total assets and $376,862,145 in
total liabilities, for a stockholders' deficit of $193,398,014.
The Debtors ended the period with cash of $13,786,740:
Beginning Cash $13,396,240
Total Cash Receipts $1,445,029
Total Cash Disbursements $1,054,528
Net Cash Flow $390,501
Ending Cash $13,786,741
AHL disbursements for January include $580,455 for post-petition
professional fees.
A copy of the Debtors' monthly operating report for January 2010
is available for free at:
http://bankrupt.com/misc/accreditedhome.januarymor.pdf
About Accredited Home
Accredited Home Lenders Holding Co. -- http://www.accredhome.com/
-- is a mortgage banker servicing U.S. markets for conforming and
non-prime residential mortgage loans operating throughout the U.S.
and in Canada. Founded in 1990, the company is headquartered in
San Diego. The Company was acquired by Lone Star Funds for
$300 million in October 2007. Lone Star also owns Bruno's
Supermarkets LLC and Bi-Lo LLC, two grocery retailers in Chapter
11.
Accredited Home and its affiliates filed for Chapter 11 on May 1,
2009 (Bankr. D. Del. Lead Case No. 09-11516). Gregory G. Hesse,
Esq., Lynnette R. Warman, Esq., and Jesse T. Moore, Esq., at
Hunton & William LLP, represent the Debtors as counsel. Laura
Davis Jones, Esq., James E. O'Neill, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as Delaware
counsel. Kurtzman Carson Consultants is the Debtors' claims
agent. Andrew I Silfen, Esq., Schuyler G. Carroll, Esq., Robert
M. Hirsch, Esq., at Arent Fox LLP in New York, and Jeffrey N.
Rothleder, Esq., at Arent Fox LLP in Washington, DC, represent the
official committee of unsecured creditors as co-counsel. Neil R.
Lapinski, Esq., and Shelley A. Kinsella, Esq., at Elliott
Greenleaf, represent the Committee as Delaware and conflicts
counsel.
According to its bankruptcy petition, Accredited Home's assets
range from $10 million to $50 million and its debts from
$100 million to $500 million.
ACCREDITED HOME: Ends February With $13,254,405 Cash
----------------------------------------------------
Accredited Home Lenders Holding Co. filed with the U.S. Bankruptcy
Court for the District of Delaware on March 23, 2010, its
monthly operating report for the filing period ended February 28,
2010.
At February 28, 2010, the Debtors' condensed combined balance
sheet showed $236,659,270 in total assets and $374,483,956 in
total liabilities, for a stockholders' deficit of $137,824,686.
The Debtors ended the period with cash of $13,254,405:
Beginning Cash $13,786,741
Total Cash Receipts $33,386
Total Cash Disbursements $565,721
Net Cash Flow ($532,335)
Ending Cash $13,254,405
AHL disbursements for February include $416,614 for post-
petition professional fees.
A copy of the Debtors' monthly operating report for February 2010
is available for free at:
http://bankrupt.com/misc/accreditedhome.februarymor.pdf
About Accredited Home
Accredited Home Lenders Holding Co. -- http://www.accredhome.com/
-- is a mortgage banker servicing U.S. markets for conforming and
non-prime residential mortgage loans operating throughout the U.S.
and in Canada. Founded in 1990, the company is headquartered in
San Diego. The Company was acquired by Lone Star Funds for
$300 million in October 2007. Lone Star also owns Bruno's
Supermarkets LLC and Bi-Lo LLC, two grocery retailers in Chapter
11.
Accredited Home and its affiliates filed for Chapter 11 on May 1,
2009 (Bankr. D. Del. Lead Case No. 09-11516). Gregory G. Hesse,
Esq., Lynnette R. Warman, Esq., and Jesse T. Moore, Esq., at
Hunton & William LLP, represent the Debtors as counsel. Laura
Davis Jones, Esq., James E. O'Neill, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as Delaware
counsel. Kurtzman Carson Consultants is the Debtors' claims
agent. Andrew I Silfen, Esq., Schuyler G. Carroll, Esq., Robert
M. Hirsch, Esq., at Arent Fox LLP in New York, and Jeffrey N.
Rothleder, Esq., at Arent Fox LLP in Washington, DC, represent the
official committee of unsecured creditors as co-counsel. Neil R.
Lapinski, Esq., and Shelley A. Kinsella, Esq., at Elliott
Greenleaf, represent the Committee as Delaware and conflicts
counsel.
According to its bankruptcy petition, Accredited Home's assets
range from $10 million to $50 million and its debts from
$100 million to $500 million.
ACCREDITED HOME: Ends March With $13,323,769 Cash
-------------------------------------------------
Accredited Home Lenders Holding Co. filed with the U.S. Bankruptcy
Court for the District of Delaware on April 21, 2010, its
monthly operating report for the filing period ended March 31,
2010.
At March 31, 2010, the Debtors' condensed combined balance
sheet showed $234,421,111 in total assets and $373,931,491 in
total liabilities, for a stockholders' deficit of $139,510,381.
The Debtors ended the period with cash of $13,323,769:
Beginning Cash $13,254,405
Total Cash Receipts $1,652,308
Total Cash Disbursements $1,582,943
Net Cash Flow $69,364
Ending Cash $13,323,769
AHL disbursements for March include $1,337,499 for post-
petition professional fees and $20,000 fees paid to US Trustee for
previous quarters.
A copy of the Debtors' monthly operating report for March 2010 is
available for free at:
http://bankrupt.com/misc/accreditedhome.marchmor.pdf
About Accredited Home
Accredited Home Lenders Holding Co. -- http://www.accredhome.com/
-- is a mortgage banker servicing U.S. markets for conforming and
non-prime residential mortgage loans operating throughout the U.S.
and in Canada. Founded in 1990, the company is headquartered in
San Diego. The Company was acquired by Lone Star Funds for
$300 million in October 2007. Lone Star also owns Bruno's
Supermarkets LLC and Bi-Lo LLC, two grocery retailers in Chapter
11.
Accredited Home and its affiliates filed for Chapter 11 on May 1,
2009 (Bankr. D. Del. Lead Case No. 09-11516). Gregory G. Hesse,
Esq., Lynnette R. Warman, Esq., and Jesse T. Moore, Esq., at
Hunton & William LLP, represent the Debtors as counsel. Laura
Davis Jones, Esq., James E. O'Neill, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as Delaware
counsel. Kurtzman Carson Consultants is the Debtors' claims
agent. Andrew I Silfen, Esq., Schuyler G. Carroll, Esq., Robert
M. Hirsch, Esq., at Arent Fox LLP in New York, and Jeffrey N.
Rothleder, Esq., at Arent Fox LLP in Washington, DC, represent the
official committee of unsecured creditors as co-counsel. Neil R.
Lapinski, Esq., and Shelley A. Kinsella, Esq., at Elliott
Greenleaf, represent the Committee as Delaware and conflicts
counsel.
According to its bankruptcy petition, Accredited Home's assets
range from $10 million to $50 million and its debts from
$100 million to $500 million.
BH S&B: Posts $200,924 Net Loss in March
----------------------------------------
BH S&B Holdings LLC filed with U.S. Bankruptcy Court for the
Southern District of New York on April 21, 2010, a monthly
operating report for the month of March 2010.
The Company reported a net loss of $200,924 in March.
At March 31, 2010, the Debtor had $9,566,035 in total assets and
$140,885,002 in total liabilities.
The Company ended March with $3,097,112 in unrestricted cash and
cash equivalents, from $3,756,077 at the beginning of the period.
The Company paid a total of $646,527 in professional fees in
March.
A copy of the Debtor' monthly operating report for the month of
March is available at no charge at:
http://bankrupt.com/misc/bhs&b.marchmor.pdf
The Company reported a net loss of $227,482 in February.
At February 28, 2010, the Debtor had $10,162,648 in total assets
and $144,448,702 in total liabilities.
The Company ended February with $3,756,077 in unrestricted cash
and cash equivalents, from $3,767,616 at the beginning of the
period.
A copy of the Debtor' monthly operating report for the month of
February is available at no charge at:
http://bankrupt.com/misc/bhs&b.februarymor.pdf
BH S&B Holdings LLC and seven affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Case No. 08-14604) on Nov. 19, 2008.
BH S&B was formed by investment firms Bay Harbour Management and
York Capital Management in August 2008 to acquire the business
operations and assets of bankrupt retailer Steve & Barry's for
$163 million in August 2008. Steve and Barry's, based in Port
Washington, New York, was a specialty retailer of apparel and
accessories, selling, among other things, university apparel and
lifestyle brands, private-label casual clothing, and exclusive
celebrity endorsed apparel.
Steve & Barry's had 240 locations when it was bought and the new
owners had planned to cut that down to 173 stores. BH S&B had
intended to operate certain Steve & Barry's stores as going
concerns and to liquidate inventory at other locations. Since the
sale closing, however, for various reasons, including the general
health of the American economy and the state of the retail market
in particular, sales at all stores have been disappointing, and BH
S&B's revenue has suffered. As a result, BH S&B was not in
compliance with certain covenants under their senior secured
credit facility and had no prospects for continued financing of
their business as a going concern. In consultation with its
lenders, BH S&B decided the appropriate course of action to
maximize value for the benefit of all of its stakeholders was an
orderly liquidation in Chapter 11.
Joel H. Levitin, Esq., and Richard A. Stieglitz, Jr., Esq., at
Cahill Gordon & Reindel LLP, in Manhattan, serve as bankruptcy
counsel to BH S&B and its affiliates. RAS Management Advisors
LLC is the company's restructuring advisors, and Kurtzman
Carson Consultants LLC is the claims and noticing agent.
EXTENDED STAY: Reports $26.24 Million Loss for March
----------------------------------------------------
Extended Stay Inc., et al.
Combined Balance Sheet
As of March 31, 2010
ASSETS
Current assets
Cash and cash equivalents, unrestricted $2,964,000
Debtor in possession cash account 50,890,000
Cash management account, including
deposits in transit 14,719,000
Accounts receivable-net of allowance
for doubtful accounts 12,964,000
Restricted cash, escrows and reserves -
Other current assets 26,669,000
Investment in derivative instruments, at
fair value -
Due from insiders - non-debtor affiliates -
--------------
Total current assets 108,206,000
Property and equipment, net of depreciation 6,261,329,000
Undeveloped land 1,100,000
Deferred financing costs, net of amortization -
Trademarks 13,182,000
License of trademarks, net of amortization 8,487,000
Under market trademark licenses, net of amortization 11,804,000
Intangible assets, net of accumulated amortization 16,659,000
Other assets 7,224,000
--------------
Total assets $6,427,991,000
==============
LIABILITIES AND SHAREHOLDERS/MEMBERS' (DEFICIT) EQUITY
Liabilities not subject to compromise
Current liabilities
Accounts payable 62,000
Accrued occupancy taxes payable 4,406,000
Accrued state franchise tax 1,478,000
Accrued sales and use taxes payable 4,825,000
Accrued property & general liability
insurance reserves 4,058,000
Accrued utilities 5,785,000
Other property accruals 2,007,000
Deferred revenue 11,273,000
General and administrative accruals 1,884,000
Accrued professional fees - billings rendered 9,946,000
Accrued professional fees - accrual estimate 2,900,000
Accrued real estate taxes 20,094,000
Accrued interest payable 9,884,000
Income taxes payable - state 690,000
Advance from insider, including accrued interest of
$1,429 at March 31, 2010 7,929,000
Due to insiders - non-debtor affiliates 32,341,000
--------------
Total current liabilities 119,562,000
Other liabilities 4,864,000
Deferred income tax liability - noncurrent 1,101,047,000
--------------
Total liabilities not subject to compromise 1,225,473,000
Liabilities subject to compromise
Accounts payable 545,000
Accrued interest payable 9,577,000
Mortgages payable 4,108,349,000
Mezzanine loans 3,295,456,000
Subordinated notes 8,149,000
--------------
Total liabilities subject to compromise 7,422,076,000
Shareholders'/Members' (deficit) equity
Additional paid in capital 573,141,000
Retained deficit - pre-petition (1,370,408,000)
Retained deficit - post-petition (1,422,291,000)
--------------
Total shareholders'/members' (deficit) equity (2,219,558,000)
--------------
Total liabilities and shareholders'/members'
(deficit equity) $6,427,991,000
==============
Extended Stay Inc., et al.
Combined Statement of Operations
For the period March 1 to 31, 2010
Revenues
Room revenues $71,065,000
Other property revenues 1,552,000
--------------
Total revenues 72,617,000
Operating expenses
Property operating expenses 36,596,000
Corporate operating expenses 1,104,000
Officer/Insider Compensation -
Trademark license fees expense 77,000
Management fees and G&A reimbursement expense 7,197,000
Depreciation and amortization 31,780,000
Loss on disposition of property and equipment -
Impairment of property and equipment -
Impairment of intangibles/allowances 925,000
--------------
Total operating expenses 77,679,000
Other income 487,000
--------------
Operating loss (4,575,000)
Interest expense (18,009,000)
Loss on investments in debt securities &
interest rate caps -
Interest income 1,000
Tax expense - current 13,000
Tax expense - deferred (115,000)
--------------
Net loss before reorganization items (22,685,000)
Reorganization items
Professional fees 3,513,000
Professional fees - YE GAAP accrual estimate -
U.S. Trustee quarterly fees 41,000
Reorganization expense - deferred financing cost -
Reorganization expense - discount write-off -
Interest earned on accumulated cash
from Chapter 11 -
--------------
Total reorganization items 3,554,000
--------------
Net loss ($26,239,000)
==============
The Debtors reported $79,241,290 in total cash receipts and
$71,821,354 in total disbursements for March 2010.
About Extended Stay
Extended Stay is the largest owner and operator of mid-price
extended stay hotels in the United States, holding one of the most
geographically diverse portfolios in the lodging sector with
properties located across 44 states (including 11 hotels located
in New York) and two provinces in Canada. As a result of
acquisitions and mergers, Extended Stay's portfolio has expanded
to encompass over 680 properties, consisting of hotels directly
owned or leased by Extended Stay or one of its affiliates.
Extended Stay currently operates five hotel brands: (i) Crossland
Economy Studios, (ii) Extended Stay America, (iii) Extended Stay
Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe
Studios.
Extended Stay Inc. and its affiliates filed for Chapter 11 on
June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764). Judge James M.
Peck handles the case. Marcia L. Goldstein, Esq., at Weil Gotshal
& Manges LLP, in New York, represents the Debtors. Lazard Freres
& Co. LLC is the Debtors' financial advisors. Kurtzman Carson
Consultants LLC is the claims agent. Extended Stay had assets of
$7.1 billion and debts of $7.6 billion as of the end of 2008.
Bankruptcy Creditors' Service, Inc., publishes Extended Stay
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Extended Stay Inc. and
its various affiliates. (http://bankrupt.com/newsstand/or
215/945-7000).
FONTAINEBLEAU LV: Has $106,000,618 Cash at End of March
-------------------------------------------------------
FONTAINEBLEAU LAS VEGAS, LLC
Schedule of Receipts and Disbursements
For The Period From March 1 to 31, 2010
Cumulative
to the
As of Petition
March 2010 Date
------------- -------------
Funds At Beginning Period $106,891,951 $191,916,782
------------- -------------
Receipts
(a) Cash Sales 0 0
Minus: Cash Refunds 0 0
Net Cash Sales 0 0
(b) Accounts Receivable 0 0
(c) Other Receipts 1,627,415 146,700,173
------------- -------------
Total Receipts 1,627,415 146,700,173
------------- -------------
Total Funds Available For 108,519,366 338,616,955
Operations ------------- -------------
Disbursement
(a) Advertising 0 0
(b) Bank Charges 0 32,409
(c) Contract Labor 0 1,550,315
(d) Fixed Asset Payments 0 3,863,877
(e) Insurance 0 1,151,915
(f) Inventory 0 0
(g) Leases 0 0
(h) Manufacturing Supplies 0 0
(i) Office Supplies 8,776 1,777,242
(j) Payroll - Net 121,396 3,838,258
(k) Professional Fees 2,155,880 11,502,378
(l) Rent 2,713 3,138,339
(m) Repairs 19,304 5,937,679
(n) Secured Creditor Payments 0 192,985,545
(o) Taxes Paid - Payroll 30,011 1,347,046
(p) Taxes Paid - Sales 0 0
(q) Taxes Paid - Other 32,642 3,019,368
(r) Telephone 0 0
(s) Travel & Entertainment 0 0
(y) U.S. Trustee Quarterly Fees 0 62,350
(u) Utilities 129,598 2,125,091
(v) Vehicle Expenses 0 0
(w) Other Operating Expenses 18,424 284,517
------------- -------------
Total Disbursements 2,518,747 232,616,336
------------- -------------
Ending Balance $106,000,618 $106,000,618
============= =============
FONTAINEBLEAU LAS VEGAS RETAIL, LLC
Schedule of Receipts and Disbursements
For The Period From March 1 to 31, 2010
Cumulative
to the
As of Petition
March 2010 Date
------------- -------------
Funds At Beginning Period $150 $93
------------- -------------
Receipts
(a) Cash Sales 0 0
Minus: Cash Refunds 0 0
Net Cash Sales 0 0
(b) Accounts Receivable 0 0
(c) Other Receipts 18,424 284,542
------------- -------------
Total Receipts 18,424 284,542
------------- -------------
Total Funds Available For 18,575 284,636
Operations ------------- -------------
Disbursement
(a) Advertising 0 0
(b) Bank Charges 0 24
(c) Contract Labor 0 0
(d) Fixed Asset Payments 0 0
(e) Insurance 0 0
(f) Inventory 0 0
(g) Leases 0 0
(h) Manufacturing Supplies 0 0
(i) Office Supplies 0 520
(j) Payroll - Net 12,002 54,930
(k) Professional Fees 0 200,792
(l) Rent 0 0
(m) Repairs 0 0
(n) Secured Creditor Payments 0 93
(o) Taxes Paid - Payroll 6,422 26,499
(p) Taxes Paid - Sales 0 0
(q) Taxes Paid - Other 0 0
(r) Telephone 0 0
(s) Travel & Entertainment 0 0
(y) U.S. Trustee Quarterly Fees 0 1,625
(u) Utilities 0 0
(v) Vehicle Expenses 0 0
(w) Other Operating Expenses 0 0
------------- -------------
Total Disbursements 18,424 284,485
------------- -------------
Ending Balance $150 $150
============= =============
Fontainebleau Las Vegas Holdings, LLC, Fontainebleau Las Vegas
Capital Corp., Fontainebleau Las Vegas Retail Mezzanine, LLC, and
Fontainebleau Las Vegas Retail Parent, LLC, also delivered to the
Court on April 20, 2010, a copy of their Monthly Operating Report
for the period from March 1 to 31, 2010. However, since the
Debtors have no business activity, the report contains zero
figures for all financial reports.
Full-text copies of the Debtors' March Monthly Operating Reports
may be accessed for free at:
http://bankrupt.com/misc/FB_HoldingsLLCMOR032010.pdf
http://bankrupt.com/misc/FB_CapitalCorpMOR032010.pdf
http://bankrupt.com/misc/FB_RetailParentMOR032010.pdf
http://bankrupt.com/misc/FB_RetailMezzanineMOR032010.pdf
About Fontainebleau Las Vegas
Fontainebleau Las Vegas -- http://www.fontainebleau.com/-- is
constructing a luxury resort, Fontainebleu Las Vegas, on the
northern end of the Las Vegas Strip.
Fontainebleau Las Vegas Holdings, LLC and its units filed for
Chapter 11 protection on June 9, 2009 (Bankr. S.D. Fla. Lead Case
No. 09-21481). Scott L Baena, Esq., at Bilzin Sumberg Baena
Price & Axelrod LLP, represented the Debtors in their
restructuring effort. The Debtors' claims agent is Kurtzman
Carson Consulting LLC. Attorneys at Genovese Joblove & Battista,
P.A., and Fox Rothschild, LLP, represent the Official Committee of
Unsecured Creditors. Fontainebleau Las Vegas LLC listed more than
$1 billion in debt and a similar amount in assets, while each of
Fontainebleau Las Vegas Capital Corp. and Fontainebleau Las Vegas
Holdings, LLC, listed less than $50,000 in assets and more than
$1 billion in debts.
In February 2010, Icahn Enterprises L.P. acquired from
Fontainebleau Las Vegas and certain affiliated entities, the
Fontainebleau property and improvements thereon located in Las
Vegas, Nevada, for an aggregate purchase price of approximately
$150 million.
Bankruptcy Creditors' Service, Inc., publishes Fontainebleau
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Fontainebleau Las Vegas Holdings, LLC, and its debtor-
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GLOBAL MOTORSPORT: Posts $446,761 Net Loss in March
---------------------------------------------------
On April 9, 2010, Global Motorsport Group Inc. filed its
monthly operating reports for the months of March 2010, February
2010, January 2010, December 2009, and November 2009 with the U.S.
Bankruptcy Court for the District of Delaware.
Global Motorsport reported a net loss of $446,761 for the month of
March 2010. At March 31, 2010, the Company had total assets
of $1,727,216 and total liabilities of $134,564,305, for a
stockholders' deficit of $132,837,090.
The Company reported net income of $1,459,738 for the month of
February 2010, a net loss of $14,444 for the month of January
2010, a net loss of $14,443 for the month of December 2009, and a
net loss of $14,443 for the month of November 2009.
Full-text copies of Global Motorsport's monthly operating reports
are available at no charge at:
http://bankrupt.com/misc/globalmotorsport.marchmor.pdf
http://bankrupt.com/misc/globalmotorsport.februarymor.pdf
http://bankrupt.com/misc/globalmotorsport.januarymor.pdf
http://bankrupt.com/misc/globalmotorsport.decembermor.pdf
http://bankrupt.com/misc/globalmotorsport.novembermor.pdf
Headquartered in Morgan Hill, California, Global Motorsport Group
Inc. -- http://www.gmgracing.com/-- is a dealer of European model
sports cars. The Company is also known as Global Motorsport Parts
Inc. The Company and three of its affiliates filed for protection
on January 31, 2008 (Bankr. D. Del. Lead Case No. 08-10192).
Laura Davis Jones, Esq., James O'Neill, Esq., and Joshua Fried,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as counsel to
the Debtors. T. Scott Avil, Esq., at CRG Partners Group LLC, is
the Debtors' restructuring services provider. Federico G.M.
Mennella, Esq., at Lincoln International Advisors, LLC, is the
Debtors' investment banker. The Debtors selected Epiq Bankruptcy
Solution LLC as their claims agent.
The U.S. Trustee for Region 3 has appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Fox
Rothschild LLP and Andrews Kurth LLP serve as the Committee's
counsel. Edward T. Gavin, CTP, at NachmanHaysBrownstein, Inc., is
the Committee's financial advisor. Adam Harris, Esq., and David
Hillman, Esq., at Schulte Roth & Zabel LLP, serve as counsel to
the prepetition and postpetition secured lenders.
When the Debtors filed for protection from their creditors, they
listed assets of between $50 million and $100 million and debts of
between $100 million and $500 million.
GOODY'S LLC: Posts $312,366 Net Loss in January
-----------------------------------------------
Goody's LLC reported a net loss of $312,366 for the month of
January 2010.
At January 31, 2010, the Debtor had total assets of $56,355,071,
total liabilities of $74,869,539, and stockholders' deficit of
$18,514,467.
During the month of January 2010, the Company's schedule of cash
receipts and disbursements showed:
Cash, beginning $7,812,805
Total Receipts $118,176
Total Disbursements $178,981
Net Cash Flow ($60,804)
Cash, end $7,752,001
A full-text copy of the Debtor's monthly operating report for
January 2010 is available at no charge at:
http://bankrupt.com/misc/goody'sllc.januarymor.pdf
Goody's LLC reported net income of $345,884 for the month of
December 2009.
At December 31, 2009, the Debtor had total assets of $56,465,383,
total liabilities of $74,667,485, and stockholders' deficit of
$18,202,102.
During the month of December 2009, the Company's schedule of cash
receipts and disbursements showed:
Cash, beginning $7,083,178
Total Receipts $1,089,948
Total Disbursements $360,321
Net Cash Flow $729,627
Cash, end $7,812,805
A full-text copy of the Debtor's monthly operating report for
December 2009 is available at no charge at:
http://bankrupt.com/misc/goody'sllc.decembermor.pdf
About Goody's LLC
Headquartered in Wilmington, Delaware, Goody's LLC, successor to
Goody's Family Clothing Inc., operates a chain of clothing stores.
Goody's Family Clothing Inc., and 19 of its affiliates filed for
Chapter 11 protection on June 9, 2008 (Bankr. D. Del. Lead Case
No. 08-11133). Gregg M. Galardi, Esq., and Marion M. Quirk, Esq.,
at Skadden Arps Slate Meagher & Flom LLP, and Paul G. Jennings,
Esq., at Bass, Berry & Sims PLC, represented the Debtors. The
Company emerged from bankruptcy October 20, 2008, after closing
more than 70 stores. The reorganized entity was named Goody's
LLC, and headquartered in Wilmington, Delaware.
Goody's subsequently announced plans to liquidate in January
2009 when it was unable to restructure terms with creditors.
Goody's LLC and 13 of its affiliates filed for Chapter 11
protection on January 13, 2009 (Bankr. D. Del. Lead Case No.
09-10124). M. Blake Cleary, Esq., at Young, Conaway, Stargatt &
Taylor, LLP; Paul G. Jennings, Esq., Gene L. Humphreys, Esq.,
Edward C. Meade, Esq., and Kristen C. Wright, Esq., at Bass Berry
& Sims PLC represent the Debtors as counsel. Skadden, Arps, Slate
Meagher & Flom, LLP, is the Debtors' special counsel; FTI
Consulting Inc. is the Debtors' financial advisor. Goody's has
closed its 282 stores and liquidated its inventory and other
assets. In its schedules, Goody's LLC listed assets of
$542,231,601 and liabilities of $510,471,005.
GREEKTOWN HOLDINGS: Amends January & December Operating Reports
---------------------------------------------------------------
In separate filings, Greektown Holdings LLC and its debtor
affiliates submitted amended operating reports for December 2009
and January 2010 as a result of adjustments to previously
recorded December 2009 amounts.
As a result of a significant subsequent event and because the
annual financial statements were not yet issued, the Debtors were
required to record the $16,629,000 settlement amount with the
City of Detroit as an accrued liability.
In addition, the Debtors were required to record the
corresponding tax rollback owed as a result of the City of
Detroit Settlement Agreement and the approval received from the
Michigan Gaming Control Board. The amount aggregates $15,409,880
and resulted in a decreased gaming tax expense for December 2009
and increased the other current asset balance.
The second adjustment was related to the treatment of a "paid-in-
kind" interest on the prepetition secured debt, which was
initially calculated using the simple method and was reconciled
to the prior administrative agent's calculation. However, when
the new administrative agent replaced the prior agent, it was
determined that the interest should have been compounded.
As a result, an adjustment was made to accrue an additional
$684,119 as of December 2009. The already existing accrued
interest amount with a net zero effect to the balance sheet. The
accrual of the additional PIK interest of $684,119 increased the
prepetition secured debt balance and increased the interest
expense for December 2009.
Greektown Holdings, LLC
Balance Sheet
As of December 31, 2009
Assets
Cash $0
Inventory
Accounts receivable
Insider Receivables 3,442,586
Property and Equipment
Land and buildings 0
Furniture, fixtures and equipment 0
Other Assets
Financing Fees 0
Notes receivables from affiliates 532,090,401
Investments in affiliate (54,559,652)
--------------
Total Assets $480,973,334
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $0
Rent and lease payable 0
Wages and salaries 0
Taxes payable 0
Other 1,350,000
--------------
Total postpetition liabilities 1,350,000
Secured liabilities subject to postpetition
collateral or financing order 190,036,945
All other secured liabilities 342,053,456
--------------
Total secured liabilities 532,090,401
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 238,452,348
Discount on bonds 0
--------------
Total prepetition liabilities 238,452,348
Kewadin equity (99,399,607)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (220,913,650)
--------------
Total stockholders' equity (290,919,415)
--------------
Total liabilities 771,892,749
--------------
Total Liabilities & Shareholders' Deficit $480,973,334
==============
Greektown Holdings, LLC
Income Statement
For the month ended December 31, 2009
Total revenue/sales $0
Cost of sales 0
--------------
Gross profit 0
Operating Expenses
Interest expense 1,657,292
Accounting fees - credit 0
--------------
Total expenses 1,657,292
Net operating profit/(loss)
Add: Non-operating income 0
Interest income 0
Other income 0
Less: Non-operating expenses 0
--------------
Net Income (Loss) ($1,657,292)
==============
Greektown Holdings, LLC
Cash Flow Statement
For the month ended December 31, 2009
Cash - beginning of month $0
Receipts 0
Balance available 0
--------------
Less disbursements 0
--------------
Cash - end of month $0
==============
Greektown Casino LLC
Balance Sheet
As of December 31, 2009
Assets
Cash $25,692,357
Inventory 432,903
Accounts receivable 4,670,936
Insider Receivables -
Property and Equipment
Land and buildings 518,369,555
Furniture, fixtures and equipment 106,897,315
Accumulated depreciation (152,995,783)
Other current 34,816,233
Other long term 10,978,588
--------------
Total Assets $548,862,105
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $26,393,145
Notes payable 1,890,415
Rent and lease payable 0
Wages and salaries 2,253,046
Taxes payable 427,796
Other 86,586
--------------
Total postpetition liabilities 31,050,988
Secured liabilities subject to postpetition
collateral or financing order 190,036,944
All other secured liabilities 342,053,456
--------------
Total secured liabilities 532,090,401
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 36,674,153
Other 3,606,217
--------------
Total prepetition liabilities 40,280,370
Equity 47,575,616
Owner's capital 0
Retained earnings prepetition 82,744,007
Retained earnings postpetition (184,879,277)
--------------
Total shareholders' equity (54,559,654)
--------------
Total liabilities 603,421,759
--------------
Total Liabilities & Shareholders' Equity $548,862,105
==============
Greektown Casino LLC
Income Statement
For the month ended December 31, 2009
Total revenue/sales $29,682,360
Cost of sales 2,951,825
--------------
Gross profit 26,730,536
Operating Expenses
Officer compensation 26,849
Salary expenses, other employees 5,033,311
Employees benefits & pensions 2,421,214
Payroll taxes 583,924
Other taxes 618,483
Rent and lease expense 7,989
Interest expense 6,556,611
Insurance 261,072
Automobile & truck expense -
Utilities 313,724
Depreciation 3,388,969
Travel and entertainment 5,045
Repairs and maintenance 45,472
Advertising 822,884
Supplies, office expense, etc. 24,060
Gaming taxes (7,790,516)
G&A expenses 3,068,253
F&B expenses 852,778
MGCB Fee 852,778
Parking/other -
City of Detroit Settlement Agreement 16,629,000
Pre-opening expenses -
Impairment of intangible assets -
--------------
Total expenses 33,707,840
Net operating profit (loss) (6,977,304)
Add: Non-operating income:
Interest income 1,509
Other income -
Less: Non-operating expenses
Professional fees 3,074,067
Other 189,221
--------------
Net Income (Loss) ($10,239,082)
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended December 31, 2009
Cash - beginning of month $10,284,359
Receipts 29,072,604
Balance available 39,356,963
--------------
Less disbursements 31,370,255
--------------
Cash - end of month $7,986,709
==============
Greektown Holdings, LLC
Balance Sheet
As of January 31, 2010
Assets
Cash $0
Inventory
Accounts receivable
Insider Receivables 3,442,586
Property and Equipment
Land and buildings 0
Furniture, fixtures and equipment 0
Other Assets
Financing Fees 0
Notes receivables from affiliates 532,663,151
Investments in affiliate (58,190,467)
--------------
Total Assets $477,915,270
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $0
Rent and lease payable 0
Wages and salaries 0
Taxes payable 0
Other 1,350,000
--------------
Total postpetition liabilities 1,350,000
Secured liabilities subject to postpetition
collateral or financing order 190,609,695
All other secured liabilities 342,053,456
--------------
Total secured liabilities 532,663,151
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 240,109,640
Discount on bonds 0
--------------
Total prepetition liabilities 240,109,640
Kewadin equity (99,399,607)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (226,201,757)
--------------
Total stockholders' equity (296,207,522)
--------------
Total liabilities 774,122,791
--------------
Total Liabilities & Shareholders' Deficit $477,915,269
==============
Greektown Holdings, LLC
Income Statement
For the month ended January 31, 2010
Total revenue/sales $0
Cost of sales 0
--------------
Gross profit 0
Operating Expenses
Interest expense 1,657,292
Accounting fees - credit 0
--------------
Total expenses 1,657,292
Net operating profit/(loss)
Add: Non-operating income 0
Interest income 0
Other income 0
Less: Non-operating expenses 0
--------------
Net Income (Loss) ($1,657,292)
==============
Greektown Holdings, LLC
Cash Flow Statement
For the month ended January 31, 2010
Cash - beginning of month $0
Receipts 0
Balance available 0
--------------
Less disbursements 0
--------------
Cash - end of month $0
==============
Greektown Casino LLC
Balance Sheet
As of January 31, 2010
Assets
Cash $28,024,291
Inventory 392,316
Accounts receivable 4,383,647
Insider Receivables -
Property and Equipment
Land and buildings 518,622,212
Furniture, fixtures and equipment 107,475,480
Accumulated depreciation (154,979,613)
Other current 37,207,037
Other long term 10,715,430
--------------
Total Assets $551,840,801
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $27,730,478
Notes payable 1,740,948
Rent and lease payable -
Wages and salaries 2,870,208
Taxes payable 1,214,127
Other 294,672
--------------
Total postpetition liabilities 33,850,435
Secured liabilities subject to postpetition
collateral or financing order 190,609,695
All other secured liabilities 342,053,456
--------------
Total secured liabilities 532,663,151
Prepetition liabilities:
Taxes and other priority liabilities -
Unsecured liabilities 39,911,467
Other 3,606,217
--------------
Total prepetition liabilities 43,517,684
Equity 47,575,616
Owner's capital -
Retained earnings prepetition 82,744,007
Retained earnings postpetition (188,510,092)
--------------
Total shareholders' equity (58,190,469)
--------------
Total liabilities 610,031,270
--------------
Total Liabilities & Shareholders' Equity $551,840,801
==============
Greektown Casino LLC
Income Statement
For the month ended January 31, 2010
Total revenue/sales $30,577,092
Cost of sales 3,329,640
--------------
Gross profit 27,247,453
Operating Expenses
Officer compensation 42,582
Salary expenses, other employees 5,080,760
Employees benefits & pensions 2,591,316
Payroll taxes 735,626
Other taxes 624,209
Rent and lease expense 7,989
Interest expense 4,697,743
Insurance 231,035
Automobile & truck expense -
Utilities 360,882
Depreciation 1,983,830
Travel and entertainment 5,279
Repairs and maintenance 63,819
Advertising 723,263
Supplies, office expense, etc. 18,731
Gaming taxes 7,356,248
G&A expenses 2,483,249
F&B expenses 811,339
MGCB Fee 852,778
Parking/other -
Pre-opening expenses -
Impairment of intangible assets -
--------------
Total expenses 28,670,679
Net operating profit (loss) (1,423,226)
Add: Non-operating income:
Interest income -
Other income -
Less: Non-operating expenses
Professional fees 1,987,589
Other 220,000
--------------
Net Income (Loss) ($3,630,815)
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended January 31, 2010
Cash - beginning of month $7,986,709
Receipts 29,810,077
Balance available 37,796,786
--------------
Less disbursements 27,329,155
--------------
Cash - end of month $10,467,632
==============
GREEKTOWN HOLDINGS: Casino Reports $2,344,999 Loss for February
---------------------------------------------------------------
Greektown Holdings, LLC
Balance Sheet
As of February 28, 2010
Assets
Cash $0
Inventory
Accounts receivable
Insider Receivables 3,442,586
Property and Equipment
Land and buildings 0
Furniture, fixtures and equipment 0
Other Assets
Financing Fees 0
Notes receivables from affiliates 536,878,213
Investments in affiliate (60,535,467)
--------------
Total Assets $479,785,335
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $0
Rent and lease payable 0
Wages and salaries 0
Taxes payable 0
Other 1,350,000
--------------
Total postpetition liabilities 1,350,000
Secured liabilities subject to postpetition
collateral or financing order 191,128,577
All other secured liabilities 345,749,636
--------------
Total secured liabilities 536,878,213
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 241,766,932
Discount on bonds 0
--------------
Total prepetition liabilities 241,766,932
Kewadin equity (99,399,607)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (230,204,048)
--------------
Total stockholders' equity (300,209,813)
--------------
Total liabilities 779,995,144
--------------
Total Liabilities & Shareholders' Deficit $479,785,332
==============
Greektown Holdings, LLC
Income Statement
For the month ended February 28, 2010
Total revenue/sales $0
Cost of sales 0
--------------
Gross profit 0
Operating Expenses
Interest expense 1,657,292
Accounting fees - credit 0
--------------
Total expenses 1,657,292
Net operating profit/(loss)
Add: Non-operating income 0
Interest income 0
Other income 0
Less: Non-operating expenses 0
--------------
Net Income (Loss) ($1,657,292)
==============
Greektown Holdings, LLC
Cash Flow Statement
For the month ended February 28, 2010
Cash - beginning of month $0
Receipts 0
Balance available 0
--------------
Less disbursements 0
--------------
Cash - end of month $0
==============
Greektown Casino LLC
Balance Sheet
As of February 28, 2010
Assets
Cash $28,073,895
Inventory 394,127
Accounts receivable 3,836,037
Insider Receivables -
Property and Equipment
Land and buildings 516,891,908
Furniture, fixtures and equipment 110,732,989
Accumulated depreciation (156,562,133)
Other current 37,033,486
Other long term 10,452,271
--------------
Total Assets $550,852,580
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $24,626,928
Notes payable 1,590,367
Rent and lease payable -
Wages and salaries 2,931,828
Taxes payable 1,686,100
Other 77,736
--------------
Total postpetition liabilities 30,912,959
Secured liabilities subject to postpetition
collateral or financing order 191,128,577
All other secured liabilities 345,749,636
--------------
Total secured liabilities 536,878,213
Prepetition liabilities:
Taxes and other priority liabilities -
Unsecured liabilities 39,990,658
Other 3,606,217
--------------
Total prepetition liabilities 43,596,875
Equity 47,575,616
Owner's capital -
Retained earnings prepetition 82,744,007
Retained earnings postpetition (190,855,090)
--------------
Total shareholders' equity (60,535,467)
--------------
Total liabilities 611,388,047
--------------
Total Liabilities & Shareholders' Equity $550,852,580
==============
Greektown Casino LLC
Income Statement
For the month ended February 28, 2010
Total revenue/sales $31,827,917
Cost of sales 4,288,558
--------------
Gross profit 27,539,359
Operating Expenses
Officer compensation 42,582
Salary expenses, other employees 4,658,730
Employees benefits & pensions 2,271,889
Payroll taxes 624,967
Other taxes 626,872
Rent and lease expense 7,989
Interest expense 4,483,409
Insurance 280,553
Automobile & truck expense -
Utilities 403,864
Depreciation 1,704,931
Travel and entertainment 1,440
Repairs and maintenance 65,995
Advertising 892,425
Supplies, office expense, etc. 23,050
Gaming taxes 7,824,961
G&A expenses 2,101,956
F&B expenses 811,665
MGCB Fee 852,778
Parking/other -
Pre-opening expenses -
Impairment of intangible assets -
--------------
Total expenses 27,680,056
Net operating profit (loss) (140,697)
Add: Non-operating income:
Interest income -
Other income -
Less: Non-operating expenses
Professional fees 2,004,302
Other 200,000
--------------
Net Income (Loss) ($2,344,999)
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended February 28, 2010
Cash - beginning of month $10,467,632
Receipts 29,896,806
Balance available 40,364,438
--------------
Less disbursements 31,565,988
--------------
Cash - end of month $8,798,450
==============
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC, and its
affiliates -- http://www.greektowncasino.com/-- operate world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring more than 75,000 square feet of
casino gaming space with more than 2,400 slot machines, over 70
tables games, a 12,500-square foot salon dedicated to high limit
gaming and the largest live poker room in the metropolitan Detroit
gaming market. Greektown Casino employs approximately 1,971
employees, and estimates that it attracts over 15,800 patrons each
day, many of whom make regular visits to its casino complex and
related properties. In 2007, Greektown Casino achieved a 25.6%
market share of the metropolitan Detroit gaming market. Greektown
Casino has also been rated as the "Best Casino in Michigan" and
"Best Casino in Detroit" numerous times in annual readers' polls
in Detroit's two largest newspapers.
The Company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent. Clark
Hill PLC serves as counsel to the Official Committee of Unsecured
Creditors.
Greektown Holdings listed assets and debts of $100 million to
$500 million in its bankruptcy petition.
Bankruptcy Creditors' Service, Inc., publishes Greektown Casino
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings undertaken by Greektown Casino and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
HAWKEYE RENEWABLES: Posts $8.6 Million Net Loss in March
--------------------------------------------------------
On April 20, 2010, Hawkeye Renewables, LLC, et al., filed with
the U.S. Bankruptcy Court for the District of Delaware their
monthly operating report for the filing period ended March 31,
2010.
Hawkeye Renewables reported a net loss of $8.6 million on net
sales of $40.1 million in March.
At March 31, 2010, Hawkeye had $310.8 million in total assets and
$789.8 million in total liabilities, for an equity deficit of
$479.0 million
A copy of the Company's monthly operating report for March 2010 is
available at no charge at:
http://bankrupt.com/misc/hawkeyerenewables.marchmor.pdf
Hawkeye Renewables reported a net loss of $3.5 million on net
sales of $39.9 million for the month of February.
A copy of the Company's monthly operating report for February is
available at no charge at:
http://bankrupt.com/misc/hawkeyerenewables.februarymor.pdf
About Hawkeye Renewables
Ames, Iowa-based Hawkeye Renewables, LLC -- dba Iowa Falls Ethanol
Plant, LLC -- filed for Chapter 11 bankruptcy protection on
December 21, 2009 (Bankr. D. Delaware Case No. 09-14461). L.
Katherine Good, Esq., and Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., assist the Company in its restructuring
effort. Blackstone Advisory Partners, LP, is the Company's
financial advisor. Epiq Bankruptcy Solutions, LLC, is the
Company's claims agent. The Company listed $100,000,001 to
$500,000,000 in assets and $500,000,001 to $1,000,000,000 in
liabilities.
INTERLAKE MATERIAL: Ends March 2010 With $372,543 Cash
------------------------------------------------------
On April 26, 2010, Interlake Material Handling, Inc., filed a
monthly operating report for the filing period ended March 31,
2010, with the U.S. Bankruptcy Court for the District of Delaware.
Interlake Material ended the period with $372,543 cash. Beginning
cash was $466,296.
A copy of Interlake Material's March 2010 monthly operating report
is available at no cost at:
http://bankrupt.com/misc/interlakematerial.march2010mor.pdf
Headquartered in Naperville, Illinois, Interlake Material
Handling, Inc. -- http://www.interlake.com/-- makes steel storage
racks in the United States. The Company, United Fixtures Company,
Inc., UFC Interlake Holding Co., and Conco-Tellus, Inc., filed
for Chapter 11 relief on January 5, 2009, with the U.S. Bankruptcy
Court for the District of Delaware. On May 30, 2009, J&D Company,
LLC, a wholly owned subsidiary of United Fixtures Company, Inc.,
filed for Chapter 11 protection with the same Court. The original
Debtors' cases together with J&D's Chapter 11 case are being
jointly administered under Case No. 09-11751.
Winston & Strawn LLP represents the Debtors in their restructuring
efforts. Young, Conaway, Stargatt & Taylor LLP is the Debtors'
local counsel. Lake Pointe Partners, LLC, is the Debtors'
financial advisor. Kurtzman Carson Consultants LLC is the claims
agent for the Debtors. Lowenstein Sandler PC represents the
official committee of unsecured creditors as counsel. Stevens &
Lee, P.C., represents the Committee as Delaware counsel.
When the original Debtors filed for protection from their
creditors, they listed between $50 million and $100 million in
assets, and between $100 million and $500 million in debts. In
its petition, J&D listed between $1 million and $10 million each
in assets and debts.
The original Debtors sold their business for $30 million to
Mecalux SA, Spain's largest maker of warehouse equipment. The
sale closed on March 9, 2009.
INTERLAKE MATERIAL: Ends December 2009 With $466,296 Cash
---------------------------------------------------------
On February 12, 2010, Interlake Material Handling, Inc., filed a
monthly operating report for the filing period ended December 31,
2009, with the U.S. Bankruptcy Court for the District of Delaware.
Interlake Material ended the period with $466,296.60 cash.
Beginning cash was $1,126,609.
A copy of Interlake Material's December 2009 monthly operating
report is available at no cost at:
http://bankrupt.com/misc/interlakematerial.decembermor.pdf
Headquartered in Naperville, Illinois, Interlake Material
Handling, Inc. -- http://www.interlake.com/-- makes steel storage
racks in the United States. The Company, United Fixtures Company,
Inc., UFC Interlake Holding Co., and Conco-Tellus, Inc., filed
for Chapter 11 relief on January 5, 2009, with the U.S. Bankruptcy
Court for the District of Delaware. On May 30, 2009, J&D Company,
LLC, a wholly owned subsidiary of United Fixtures Company, Inc.,
filed for Chapter 11 protection with the same Court. The original
Debtors' cases together with J&D's Chapter 11 case are being
jointly administered under Case No. 09-11751.
Winston & Strawn LLP represents the Debtors in their restructuring
efforts. Young, Conaway, Stargatt & Taylor LLP is the Debtors'
local counsel. Lake Pointe Partners, LLC, is the Debtors'
financial advisor. Kurtzman Carson Consultants LLC is the claims
agent for the Debtors. Lowenstein Sandler PC represents the
official committee of unsecured creditors as counsel. Stevens &
Lee, P.C., represents the Committee as Delaware counsel.
When the original Debtors filed for protection from their
creditors, they listed between $50 million and $100 million in
assets, and between $100 million and $500 million in debts. In
its petition, J&D listed between $1 million and $10 million each
in assets and debts.
The original Debtors sold their business for $30 million to
Mecalux SA, Spain's largest maker of warehouse equipment. The
sale closed on March 9, 2009.
LEXINGTON PRECISION: Posts $315,000 Net Loss in February
--------------------------------------------------------
On April 2, 2010, Lexington Precision Corp. and Lexington
Rubber Group, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of New York a preliminary corporate monthly
operating report for the month of February 2010.
The Debtors reported a net loss of $315,000 on net sales of
$5.6 million for the month ended February 28, 2010.
At February 28, 2010, the Debtors had total assets of
$45.4 million and total liabilities of $103.5 million, for a
shareholders' deficit of $58.1 milllion.
A full-text copy of the Debtor's monthly operating report for
February is available for free at:
http://bankrupt.com/misc/lexingtonprecision.februarymor.pdf
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.
MAJESTIC STAR: Posts $1.9 Million Net Loss in February
------------------------------------------------------
The Majestic Star Casino, LLC, filed on March 31, 2010, a monthly
operating report for February 2010.
The Company reported a net loss of $1,907,263 on net revenue of
$8,598,995 in February.
At February 28, 2010, the Company had $289,487,214 in total assets
and $770,920,013 in total liabilities.
A copy of the Company's February monthly operating report is
available at no charge at:
http://bankrupt.com/misc/majesticstar.februarymor.pdf
About Majestic Star
The Majestic Star Casino, LLC -- aka Majestic Star Casino, aka
Majestic Star -- is based in Las Vegas, Nevada. It is a wholly
owned subsidiary of Majestic Holdco, LLC, which is a wholly owned
subsidiary of Barden Development, Inc. The Company was formed on
December 8, 1993, as an Indiana limited liability company to
provide gaming and related entertainment to the public. The
Company commenced gaming operations in the City of Gary at
Buffington Harbor, located in Lake County, Indiana on June 7,
1996. The Company is a multi-jurisdictional gaming company with
operations in three states -- Indiana, Mississippi and Colorado.
The Company filed for Chapter 11 bankruptcy protection on
November 23, 2009 (Bankr. D. Del. Case No. 09-14136).
The Company's affiliates -- The Majestic Star Casino II, Inc., The
Majestic Star Casino Capital Corp., Majestic Star Casino Capital
Corp. II, Barden Mississippi Gaming, LLC, Barden Colorado Gaming,
LLC, Majestic Holdco, LLC, and Majestic Star Holdco, Inc. -- also
filed separate Chapter 11 petitions.
Kirkland & Ellis LLP is the Debtors' bankruptcy counsel. James E.
O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP are the Debtors'
Delaware counsel. Xroads Solutions Group, LLC, is the Debtors'
financial advisor, while EPIQ Bankruptcy Solutions LLC are the
Debtors' claims and notice agent.
The Majestic Star Casino, LLC's balance sheet at June 30, 2009,
showed total assets of $406.42 million and total liabilities of
$749.55 million. When it filed for bankruptcy, the Company listed
up to $500 million in assets and up to $1 billion in debts.
MORRIS PUBLISHING: Ends March With $14,791,028 Cash
---------------------------------------------------
Morris Publishing Group, LLC, and its subsidiaries filed with the
U.S.Bankruptcy Court for the Southern District of Georgia, Augusta
Division, on April 21, 2010, an amended post-confirmation
operating report for March 2010.
The Debtors' schedule of receipts and disbursements for March 2010
showed:
Cash, Beginning $30,568,633
Receipts $22,164,183
Disbursements $37,941,788
Cash, End $14,791,028
Plan payments for the month of March 2010 amounted to $20,016,000.
A full-text copy of the monthly operating report is available at
no charge at:
http://bankrupt.com/misc/morrispublishing.marchmor.pdf
Augusta, Ga.-based Morris Publishing Group, LLC, owns and operates
13 daily newspapers as well as non-daily newspapers, city
magazines and free community publications in the Southeast,
Midwest, Southwest and Alaska.
The Company filed for Chapter 11 bankruptcy protection on
January 19, 2010 (Bankr. S.D. Ga. Case No. 10-10134). James T.
Wilson, Jr., Esq., who has an office in Augusta, Ga., is the
Debtor's co-counsel. Lazard Ltd. is the Debtor's financial
advisor, while Kurtzman Carson Consultants is its claims agent.
The Company listed $100,000,001 to $500,000,000 in assets and
$100,000,001 to $500,000,000 in liabilities.
On January 19, 2010, the Debtors filed their joint prepackaged
plan of reorganization pursuant to Chapter 11 of the Bankruptcy
Code. The Plan was confirmed by the Bankruptcy Court on
February 17, 2010. The Debtors emerged from bankruptcy on
March 1, 2010.
NORTEL NETWORKS: Reports US$112 Mln. Net Profit for December
------------------------------------------------------------
Nortel Networks Inc., et al.
Condensed Combined Balance Sheet
As of December 31, 2009
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
ASSETS
Current assets
Cash & cash equivalents $1,030 - -
Short-term investments 18 - -
Restricted cash & cash equivalents 36 1 -
Accounts receivable, net 195 - -
Intercompany accounts receivable 722 47 (6)
Inventories, net 60 - -
Other current assets 121 - -
Assets held for sale 159 - -
Assets of discontinued operations 92 - -
----- ---------- -----
Total current assets 2,433 48 (6)
Investments in non-Debtor subsidiaries 47 1 (1)
Investments, other 21 - -
Plant and equipment, net 205 - -
Goodwill - 1 -
Other assets 49 - -
----- ---------- -----
Total assets $2,755 $50 ($7)
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject
to compromise
Trade and other accounts payable $78 - -
Intercompany accounts payable 78 10 (6)
Payroll and benefit-related
liabilities 64 - -
Contractual liabilities 3 - -
Restructuring liabilities 3 - -
Other accrued liabilities 258 - -
Income taxes 11 - -
Liabilities held for sale 159 - -
Liabilities of discontinued operations 108 1 -
----- ---------- -----
Total current liabilities not
subject to compromise 762 11 (6)
Restructuring 4 - -
Deferred income and other credits 10 - -
Deferred revenue 11 - -
Post-employment benefits 8 - -
----- ---------- -----
Total liabilities not subject to
compromise 795 11 (6)
Liabilities subject to compromise 5,965 53 127
----- ---------- -----
Total liabilities 6,760 64 121
SHAREHOLDERS' DEFICIT
Common shares - 719 32
Preferred shares - 16 47
Additional paid-in capital 17,746 7,330 5,252
Accumulated deficit (21,744) (8,079)(5,458)
Accumulated other comprehensive
income (loss) (7) - (1)
----- ---------- -----
Total U.S. Debtors shareholders'
deficit (4,005) (14) (128)
Non-controlling interests - - -
----- ---------- -----
Total shareholders' deficit (4,005) (14) (128)
Total liabilities & shareholders'
deficit $2,755 $50 ($7)
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Operations
For the Period November 29 to December 31, 2009
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
Total revenues $181 - -
Total cost of revenues 118 - -
----- ---------- -----
Gross profit 63 - -
Selling, general & admin expense (53) - 1
Research & development expense 21 (8) -
Amortization of intangible assets - - -
Loss (gain) on sales of businesses
& assets 3 - -
Other operating expense(income), net - - -
----- ---------- -----
Operating earnings (loss) 92 8 (1)
Other income (expense), net 54 - -
Interest expense (1) - -
----- ---------- -----
Earnings (loss) from continuing
operations before reorganization
items, income taxes & equity in
net earnings (loss) of associated
companies 145 8 (1)
Reorganization items - net 217 - -
----- ---------- -----
Earnings (loss) from continuing
operations before income taxes
& equity in net earnings (loss)
of associated companies 362 8 (1)
Income tax expense (46) - -
----- ---------- -----
Earnings (loss) from continuing
operations before equity in net
earnings (loss) of associated
companies 316 8 (1)
Equity in net earnings (loss) of
associated companies, net of tax - - -
Equity in net earnings (loss) of
non-Debtor subsidiaries, net
of tax 57 - -
----- ---------- -----
Net earnings (loss) from continuing
operations $373 8 (1)
Net earnings (loss) from discontinued
operations, net of tax (261) - -
----- ---------- -----
Net earnings (loss) 112 8 (1)
Income attributable to non-
controlling interests - - -
----- ---------- -----
Net earnings (loss) attributable
to U.S. Debtors $112 $8 (1)
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Cash Flows
For the Period November 29 to December 31, 2009
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
Cash flows from (used in) operating
activities:
Net earnings (loss) attributable
to U.S. Debtors 112 8 (1)
Net loss (earnings) from
discontinued operations, net of tax 261 - -
Adjustments to reconcile net loss
from continuing operations to
net cash from (used in) operating
activities, net of effects from
acquisitions and divestitures of
businesses:
Amortization and depreciation 5 - -
Loss on sales and write downs of
investments, businesses &
assets, net 1 - -
Equity in net loss (earnings) of
associated companies (57) - -
Pension and other accruals (1) - -
Reorganization items, non-cash (231) - -
Other, net (63) - -
Change in operating assets
and liabilities (45) (8) 1
----- ---------- -----
Net cash from (used in) operating
activities,continuing operations (18) - -
Net cash from (used in) operating
activities,discontinued operations (7) - -
----- ---------- -----
Net cash from (used in) (11) - -
operating activities
Cash flows from (used in)
investing activities:
Change in restricted cash & cash
equivalents 9 - -
Acquisitions of investments &
businesses, net 1 - -
Proceeds from the sales of
investments & businesses
and assets, net 11 - -
----- ---------- -----
Net cash from (used in) investing
activities,continuing operations 21 - -
Net cash from (used in) investing
Activities,discontinued operations (7) - -
----- ---------- -----
Net cash from (used in) investing
activities 14 - -
Cash flows from (used in)
financing activities:
Decrease in capital leases
Obligations (1) - -
----- ---------- -----
Net cash from (used in) financing
activities,continuing operations (1) - -
Net cash from (used in) financing
Activities,discontinued operations - - -
----- ---------- -----
Net cash from (used in) financing
activities (1) - -
Effect of foreign exchange rate
changes on cash & cash equivalents - - -
----- ---------- -----
Net cash from (used in)
continuing operations 2 - -
Net cash from (used in)
discontinued operations - - -
Net increase (decrease) in cash
& cash equivalents 2 - -
Cash & cash equivalents, beginning 1,028 - -
----- ---------- -----
Cash & cash equivalents, end 1,030 - -
Less cash & cash equivalents of
discontinued operations, end - - -
----- ---------- -----
Cash & cash equivalents of
continuing operations, end $1,030 - -
====== ====== =====
About Nortel Networks
Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers. The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.
The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection. The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986. The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England. Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion. The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies. As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.
Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
NORTEL NETWORKS: Reports Break Even for January
-----------------------------------------------
Nortel Networks Inc., et al.
Condensed Combined Balance Sheet
As of January 31, 2010
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
ASSETS
Current Assets
Cash & cash equivalents $1,079 - -
Restricted cash & cash equivalents 37 1 -
Accounts receivable, net 128 - -
Intercompany accounts receivable 708 47 (6)
Inventories, net 34 - -
Other current assets 98 - -
Assets held for sale 199 - -
Assets of discontinued operations 45 - -
----- ---------- -----
Total current assets 2,328 48 (6)
Investments in non-Debtor
subsidiaries 48 1 (1)
Investments, other 21 - -
Plant and equipment, net 194 - -
Goodwill - 1 -
Other assets 48 - -
----- ---------- -----
Total assets $2,639 50 (7)
LIABILITIES AND SHAREHOLDERS' DEFICIT
Trade and other accounts payable 35 - -
Intercompany accounts payable 47 10 (6)
Payroll & benefit-related liabilities 43 - -
Contractual liabilities 1 - -
Restructuring liabilities 2 - -
Other accrued liabilities 166 - -
Income taxes 11 - -
Liabilities held for sale 250 - -
Liabilities of discontinued
operations 31 - -
----- ---------- -----
Total current liabilities not 586 10 (6)
subject to compromise
Restructuring 4 - -
Deferred income and other credits 7 - -
Post-employment benefits 7 - -
----- ---------- -----
Total liabilities not subject
to compromise 604 10 6
Liabilities subject to
compromise 5,962 53 127
Liabilities subject to compromise
of discontinued operations 79 1 -
----- ---------- -----
Total liabilities 6,645 64 121
SHAREHOLDERS' DEFICIT
Common shares - 719 32
Preferred shares - 16 47
Additional paid-in capital 17,746 7,330 5,252
Accumulated deficit (21,744) (8,079)(5,458)
Accumulated other comprehensive
income (loss) (8) - (1)
----- ---------- -----
Total U.S. Debtors'
shareholders' deficit (4,006) (14) (128)
Non-controlling interests - - -
Total shareholders' deficit (4,006) (14) (128)
----- ---------- -----
Total liabilities & shareholders'
deficit $2,639 $50 ($7)
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Operations
For the Period January 1 to 31, 2010
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
Total revenues $81 - -
Total cost of revenues 45 - -
----- ---------- -----
Gross profit 36 - -
Selling, general & admin expense 26 - -
Research & development expense 7 - -
----- ---------- -----
Operating earnings (loss) 3 - -
Other income (expense), net 6 - -
Interest expense (1) - -
----- ---------- -----
Earnings from continuing operations
before reorganization items, income
taxes & equity in net earnings
(loss) of associated companies 8 - -
Reorganization items" net (5) - -
----- ---------- -----
Earnings from continuing operations
before income taxes & equity in
net earnings (loss) of associated
companies 3 - -
Income tax expense - - -
----- ---------- -----
Earnings (loss) from continuing
operations before equity in net
earnings (loss) of associated
companies 3 - -
Equity in net earnings (loss) of
associated companies, net of tax - - -
Equity in net earnings (loss) of
non-Debtor subsidiaries, net of tax 1 - -
----- ---------- -----
Net earnings (loss) from
continuing operations 4 - -
Net earnings (loss) from
discontinued operations
net of tax (4) - -
----- ---------- -----
Net earnings (loss) - - -
Income attributable to non-
controlling interests - - -
----- ---------- -----
Net earnings (loss) attributable
to U.S. Debtors - - -
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Cash Flows
For the Period January 1 to 31, 2010
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
Cash flows from (used in) operating
activities:
Net earnings (loss) attributable
to U.S. Debtors - - -
Net loss (earnings) from
discontinued operations, net 4 - -
Adjustments to reconcile net loss
from continuing operations to
net cash from (used in) operating
activities, net of effects from
acquisitions and divestitures of
businesses:
Amortization and depreciation 4 - -
Equity in net loss (earnings) of
associated companies (1) - -
Reorganization items - non cash 1 - -
Other - net 48 - -
Change in operating assets and
liabilities (28) - -
----- ---------- -----
Net cash from (used in) operating
activities,continuing operations 28 - -
Net cash from (used in) operating
activities,discontinued operations - - -
----- ---------- -----
Net cash from (used in)
operating activities 28 - -
Cash flows from (used in)
investing activities:
Change in restricted cash &
cash equivalents (2) - -
Decrease in short-term &
long-term investments 24 - -
----- ---------- -----
Net cash from (used in) investing
activities-continuing operations 22 - -
Net cash from (used in) investing
activities-discontinued operations - - -
----- ---------- -----
Net cash from (used in)
investing activities 22 - -
Cash flows from (used in)
financing activities:
Decrease in capital leases
Obligations (1) - -
----- ---------- -----
Net cash from (used in) financing
activities,continuing operations (1) - -
Net cash from (used in) financing
activities,discontinued operations - - -
----- ---------- -----
Net cash from (used in) financing
activities (1) - -
Effect of foreign exchange rate
changes on cash & cash equivalents - - -
----- ---------- -----
Net cash from (used in)
continuing operations 49 - -
Net cash from (used in)
discontinued operations - - -
Net increase (decrease) in cash
& cash equivalents 49 - -
Cash & cash equivalents, beginning 1,030 - -
----- ---------- -----
Cash & cash equivalents, end 1,079 - -
Less cash & cash equivalents of
discontinued operations, end - - -
----- ---------- -----
Cash & cash equivalents of
continuing operations, end $1,079 - -
====== ====== =====
About Nortel Networks
Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers. The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.
The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection. The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986. The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England. Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion. The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies. As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.
Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
NORTEL NETWORKS: Reports US$186 Mil. Net Loss for February
----------------------------------------------------------
Nortel Networks Inc., et al.
Condensed Combined Balance Sheet
As of February 28, 2010
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
ASSETS
Current Assets
Cash & cash equivalents $894 - -
Restricted cash & cash equivalents 36 1 -
Accounts receivable - net 96 - -
Intercompany accounts receivable 704 47 (6)
Inventories - net 45 - -
Other current assets 95 - -
Assets held for sale 208 - -
Assets of discontinued operations 32 - -
----- ---------- -----
Total current assets 2,110 48 (6)
Investments in non-Debtor
subsidiaries 48 1 (1)
Investments - other 21 - -
Plant and equipment - net 190 - -
Goodwill - 1 -
Other assets 47 - -
----- ---------- -----
Total assets $2,416 $50 ($7)
LIABILITIES AND SHAREHOLDERS' DEFICIT
Trade and other accounts payable 55 - -
Intercompany accounts payable 60 10 (6)
Payroll & benefit-related liabilities 34 - -
Contractual liabilities (2) - -
Restructuring liabilities 2 - -
Other accrued liabilities 130 - -
Income taxes 11 - -
Liabilities held for sale 252 - -
Liabilities of discontinued
operations 31 - -
----- ---------- -----
Total current liabilities not
subject to compromise 573 10 (6)
Restructuring 4 - -
Deferred income and other credits 7 - -
Deferred revenue (1) - -
Post-employment benefits 7 - -
----- ---------- -----
Total liabilities not subject
to compromise 590 10 (6)
Liabilities subject to compromise 5,938 53 127
Liabilities subject to compromise
of discontinued operations 80 1 -
----- ---------- -----
Total liabilities 6,608 64 121
SHAREHOLDERS' DEFICIT
Common shares - 719 32
Preferred shares - 16 47
Additional paid-in capital 17,746 7,330 5,252
Accumulated deficit (21,930) (8,079)(5,458)
Accumulated other comprehensive
income (loss) (8) - (1)
----- ---------- -----
Total U.S. Debtors'
shareholders' deficit (4,192) (14) (128)
Noncontrolling interests - - -
Total shareholders' deficit (4,192) (14) (128)
----- ---------- -----
Total liabilities & shareholders'
deficit $2,416 $50 ($7)
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Operations
For the Period February 1 to 28, 2010
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
Total revenues $74 - -
Total cost of revenues 52 - -
----- ---------- -----
Gross profit 22 - -
Selling, general & admin expense 26 - -
Research & development expense 5 - -
Loss (gain) on sales of businesses
and assets 2 - -
----- ---------- -----
Operating earnings (loss) (11) - -
Other income (expense) - net 15 - -
Interest expense (1) - -
----- ---------- -----
Earnings from continuing operations
before reorganization items, income
taxes & equity in net earnings
(loss) of associated companies 3 - -
Reorganization items - net (191) - -
----- ---------- -----
Loss from continuing operations
before income taxes & equity in
net earnings (loss) of associated
companies (188) - -
Income tax expense - - -
----- ---------- -----
Loss from continuing operations
before equity in net earnings
(loss) of associated companies (188) - -
Equity in net earnings (loss) of
assoc. companies - net of tax - - -
Equity in net earnings (loss) of
non-Debtor subsidiaries - net
of tax - - -
----- ---------- -----
Net earnings (loss) from continuing
operations ($188) - -
Net earnings (loss) from
discontinued operations
net of tax 2 - -
----- ---------- -----
Net earnings (loss) ($186) - -
Income attributable to
noncontrolling interests - - -
----- ---------- -----
Net earnings (loss) attributable
to U.S. Debtors ($186) - -
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Cash Flows
For the Period February 1 to 28, 2010
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
Cash flows from (used in) operating
activities:
Net earnings (loss) attributable
to U.S. Debtors ($186) - -
Net loss (earnings) from
discontinued operations -
net of tax (2) - -
Adjustments to reconcile net loss
from continuing operations to
net cash from (used in) operating
activities, net of effects from
acquisitions and divestitures of
businesses:
Amortization and depreciation 3 - -
Pension and other accruals 2 - -
Loss on sales & write downs of
investments, businesses &
assets - net 2 - -
Reorganization items - non-cash 23 - -
Other - net 16 - -
Change in operating assets and
liabilities (42) - -
----- ---------- -----
Net cash from (used in) operating
activities-continuing operations (184) - -
Net cash from (used in) operating
activities-discontinued operations - - -
----- ---------- -----
Net cash from (used in)
operating activities (184) - -
Cash flows from (used in)
investing activities:
Expenditures for plant & equipment (1) - -
Change in restricted cash & cash
equivalents 1 - -
----- ---------- -----
Net cash from (used in) investing
activities,continuing operations - - -
Net cash from (used in) investing
activities,discontinued operations - - -
----- ---------- -----
Net cash from (used in) investing
activities - - -
Cash flows from (used in)
financing activities:
Decrease in capital leases
obligations (1) - -
----- ---------- -----
Net cash from (used in) financing
activities-continuing operations (1) - -
Net cash from (used in) financing
activities-discontinued operations - - -
----- ---------- -----
Net cash from (used in) financing
activities (1) - -
Effect of foreign exchange rate
changes on cash & cash equivalents - - -
----- ---------- -----
Net cash from (used in)
continuing operations (185) - -
Net cash from (used in)
discontinued operations - - -
Net increase (decrease) in cash
& cash equivalents (185) - -
Cash & cash equivalents, beginning 1,079 - -
----- ---------- -----
Cash & cash equivalents, end $894 - -
Less cash & cash equivalents of
discontinued operations, end - - -
----- ---------- -----
Cash & cash equivalents of
continuing operations, end $894 - -
====== ====== =====
About Nortel Networks
Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers. The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.
The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection. The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986. The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England. Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion. The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies. As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.
Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
PACIFIC ENERGY: Posts $1,301,916 Net Loss in February
-----------------------------------------------------
Pacific Energy Resources Ltd. filed with the U.S. Bankruptcy Court
for the District of Delaware on March 31, 2010, a monthly
operating report for February 2009.
Pacific Energy Resources Ltd. reported a net loss of $1,301,916
for the month of February 2010.
At February 28, 2010, the Company had total assets of
$525.3 million, total liabilities of $153.7 million, and net
stockholders' equity of $371.6 million.
During the month of February, the Company's schedule of cash
receipts and disbursement showed:
Cash, beginning $15,124,505
Total Receipts $10,600,692
Total Disbursements $13,146,640
Net Cash Flow ($2,545,949)
Cash, end $12,578,557
During February, the Company paid $935,600 in professional fees
and reimbursed $50,794 in professional expenses.
A full-text copy of the Debtor's February 2010 operating report is
available for free at:
http://bankrupt.com/misc/pacificenergy.februarymor.pdf
Pacific Energy Resources Ltd. reported a net loss of $1,136,938
for the month of January 2010.
At January 31, 2010, the Company had total assets of
$529.3 million, total liabilities of $156.4 million, and net
stockholders' equity of $372.9 million.
During the month of January, the Company's schedule of cash
receipts and disbursement showed:
Cash, beginning $16,275,574
Total Receipts $16,482,788
Total Disbursements $17,633,857
Net Cash Flow ($1,151,069)
Cash, end $15,124,505
During January, the Company paid $355,235 in professional fees
and reimbursed $39,899 in professional expenses.
A full-text copy of the Debtor's January 2010 operating report is
available for free at:
http://bankrupt.com/misc/pacificenergy.januarymor.pdf
About Pacific Energy
Headquartered in Long Beach, California, Pacific Energy Resources
Ltd. -- http://www.pacenergy.com/-- engaged in the acquisition
and development of oil and gas properties, primarily in the United
States.
The Company and seven of its affiliates filed for
Chapter 11 protection on March 8, 2009 (Bankr. D. Del. Lead Case
No. 09-10785). Attorneys at Pachulski Stang Ziehl & Jones LLP,
represent the Debtors as counsel. The Debtors proposed Rutan &
Tucker LLP as special corporation and litigation counsel;
Schully, Roberts, Slattery & Marino, PLC, as special oil and gas
and transactional counsel; Devlin Jensen as special Canadian
counsel; Scott W. Winn, at Zolfo Cooper Management, LLC, as chief
restructuring officer; Lazard Freres & Co. LLC as investment
banker; and Albrecht & Associates, Inc., as agent for the Debtors
in the sale of their oil and gas properties. Omni Management
Group, LLC, is the claims, balloting, notice and administrative
agent for the Debtors. When the Debtors filed for protection from
their creditors, they listed between $100 million and
$500 million each in assets and debts.
PFF BANCORP: Posts $132,042 Net Loss in March
---------------------------------------------
On April 19,2010, PFF Bancorp, Inc., and Glencrest Investment
Advisors, Inc., Glencrest Insurance Services, Inc., Diversified
Builder Services, Inc., and PFF Real Estate Services, Inc., filed
their monthly operating reports for the period March 1, 2010,
to March 31, 2010, with the United States Bankruptcy Court for
the District of Delaware.
PFF Bancorp reported a net loss of $132,042 for the month of
March 2010.
PFF Bancorp paid a total of $84,996 in professional fees and
expenses for the month of March 2010.
At March 31, 2010, PFF Bancorp had total assets of $15,008,211 and
total liabilities of $117,430,056.
A full-text copy of the Debtors' March 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?60d7
PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non-
diversified unitary savings and loan holding company within the
meaning of the Home Owners' Loan Act with headquarters formerly
located in Rancho Cucamonga, California. Bancorp is the direct
parent of each of the remaining Debtors.
Prior to filing for bankruptcy, Bancorp was also the direct parent
of PFF Bank & Trust, a federally chartered savings institution,
and said bank's subsidiaries.
PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on December 5, 2008 (Bankr. D. Del. Case No. 08-13127 to 08-
13131). Chun I. Jang, Esq., and Paul N. Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors in their
restructuring efforts. Kurtzman Carson Consultants LLC serves as
the Debtors' claims agent. Jason W. Salib, Esq., at Blank Rome
LLP, represents the official committee of unsecured creditors as
counsel.
PROVIDENT ROYALTIES: Posts $101.0 Million Net Loss in February
--------------------------------------------------------------
Provident Royalties LLC, et al., posted a net loss of
$101,026,160 on net revenue of $27,646 for the month of
February. Results for the month included a $100,220,538 loss on
sale of assets.
The Debtors ended the month with $58,950,225 in cash. The Debtors
paid a total of $2,106,823 in professional fees in February.
At February 28, 2010, the Debtors had total assets of
$170,545,405, total liabilities of $84,217,194, and total equity
of $86,328,212.
A copy of the Debtors' February montly operating report is
available for free at:
http://bankrupt.com/misc/providentroyalties.februarymor.pdf
Provident Royalties LLC, et al., posted a net loss of
$6,768,030 on net revenue of $133,394 for the month of
January. Results for the month included a $5,776,186 loss on
sale of assets.
The Debtors ended the month with $17,297,318 in cash. The Debtors
paid a total of $394,549 in professional fees and $18,850 in U.S.
Trustee fees in January.
At January 31, 2010, the Debtors had total assets of
$274,349,957, total liabilities of $86,995,587, and total equity
of $187,354,370.
A copy of the Debtors' February montlhy operating report is
available for free at:
http://bankrupt.com/misc/providentroyalties.januarymor.part1.pdf
http://bankrupt.com/misc/providentroyalties.januarymor.part2.pdf
About Provident Royalties
Based in Dallas, Texas, Provident Royalties LLC owns working
interests in oil and gas properties primarily in Oklahoma.
Provident and its affiliates filed for Chapter 11 on June 22, 2009
(Bankr. N.D. Tex. Case No. 09-33886). Judge Harlin DeWayne Hale
presides over the case. Epiq Bankruptcy Solutions, LLC is
the claims and noticing agent. The United States Trustee for
the Northern District of Texas appointed nine members to the
Official Committee of Unsecured Creditors.
On July 2, 2009, the Securities and Exchange Commission filed,
under seal, a complaint in District Court for the Northern
District of Texas against the Debtors and certain of their
principals and managing partners on allegations that they sold
stock and limited partnership interest to over 7,700 investors as
part of a $485 million Ponzi scheme.
On July 2, 2009, the District Court for the Northern District of
Texas appointed Dennis L. Roossien, Jr., at Munsch Hardt Kopf &
Harr P.C. in Dallas, Texas, as receiver for the Debtors. On
July 20, 2009, the Bankruptcy Court appointed the receiver as the
Debtors' Chapter 11 trustee. Mr. Roossien, Jr., has taken
possession and control of the Debtors' property and business.
Mr. Roossien, Jr., has selected Patton Boggs, LLP, as his special
counsel. Patton Boggs, LLP, was Debtors' counsel before the
appointment of Mr. Roossien, Jr., as Chapter 11 trustee. Mr.
Roossien, Jr., has selected Munsch Hardt Koph & Harr, P.C., as
counsel. Gardere, Wynne, Sewell, LLP represents the official
committee of unsecured creditors. Rochelle McCullough, LLP
represents the official investors committee.
The Company, in its petition, listed between $100 million and
$500 million each in assets and debts.
QIMONDA NA: Posts $156,086 Net Loss in Month Ended April 2
----------------------------------------------------------
Qimonda North America Corp. reported a net loss of $156,086 for
the filing period ended April 2, 2010.
At April 2, 2010, the Company had total assets of $296.4 million,
total liabilities of $217.8 million, and total stockholders'
equity of $78.6 million.
The Company's schedule of cash receipts and disbursements for the
period ended April 2, 2010, showed:
Cash, beginning $6,227,745
Total receipts $745,660
Total disbursements $585,591
Net Cash Flow $160,069
Cash, end $6,387,814
A copy of Qimonda North America's monthly operating report for the
period ended April 2, 2010, is available at no charge at:
http://bankrupt.com/misc/qimondana.marchmor.pdf
Qimonda North America Corp. reported a net loss of $679,724 for
the filing period ended February 26, 2010.
At February 26, 2010, the Company had total assets of
$296.3 million, total liabilities of $217.6 million, and total
stockholders' equity of $78.7 million.
The Company's schedule of cash receipts and disbursements for the
period ended February 26, 2010, showed:
Cash, beginning $6,911,884
Total receipts $354,394
Total disbursements $1,038,532
Net Cash Flow ($684,138)
Cash, end $6,227,745
A copy of Qimonda North America's monthly operating report for the
period ended February 26, 2010, is available at no charge at:
http://bankrupt.com/misc/qimondana.februarymor.pdf
Qimonda North America Corp. reported a net loss of $753,014 for
the filing period ended January 29, 2010.
At January 29, 2010, the Company had total assets of
$297.1 million, total liabilities of $217.7 million, and total
stockholders' equity of $79.4 million.
The Company's schedule of cash receipts and disbursements for the
period ended January 29, 2010, showed:
Cash, beginning $7,178,787
Total receipts $763,892
Total disbursements $1,030,796
Net Cash Flow ($266,903)
Cash, end $6,911,884
The Company paid a total of $10,400 in U.S. Trustee quarterly fees
for the period ended January 29, 2010.
A copy of Qimonda North America's monthly operating report for the
period ended January 29, 2010, is available at no charge at:
http://bankrupt.com/misc/qimondana.januarymor.pdf
Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA). The Company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs. Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.
Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009. On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).
Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG. QNA is also the parent company of Qimonda
Richmond LLC. QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589). Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors. Jones Day and Ashby & Geddes represent the
Committee. In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts. The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.
QIMONDA RICHMOND: Posts $302.9MM Net Loss in Month Ended April 2
----------------------------------------------------------------
Qimonda Richmond, LLC, reported a net loss of $302.9 million for
the filing period ended April 2, 2010 .
At April 2, 2010, the Company had $242.7 million in total
assets and $1.087 billion in total liabilities, for a net owner
equity (deficit) of ($844.2 million).
The Company's schedule of cash receipts and disbursements for the
period ended April 2, 2010, showed:
Cash, beginning $93,862,219
Total receipts $47,300,598
Total disbursements $9,955,935
Net Cash Flow $37,344,663
Cash, end $131,206,882
The Company paid a total of $827,589 in professional fees for
the period ended April 2, 2010.
A copy of Qimonda Richmond's operating report for the period
ended April 2, 2010, is available for free at:
http://bankrupt.com/misc/qimondarichmond.marchmor.pdf
Qimonda Richmond, LLC, reported a net loss of $13.8 million for
the filing period ended February 26, 2010.
At February 26, 2010 , the Company had $541.5 million in total
assets and $1.083 billion in total liabilities, for a net owner
equity (deficit) of ($541.2 million).
The Company's schedule of cash receipts and disbursements for the
period ended February 26, 2010, showed:
Cash, beginning $94,382,376
Total receipts $1,315,740
Total disbursements $1,835,897
Net Cash Flow ($520,158)
Cash, end $93,862,219
The Company paid a total of $836,454 in professional fees and
$30,000 in U.S. Trustee quarterly fees for the period ended
February 26, 2010.
A copy of Qimonda Richmond's monthly operating report for the
period ended February 26, 2010, is available for free at:
http://bankrupt.com/misc/qimondarichmond.februarymor.pdf
Qimonda Richmond, LLC, reported a net loss of $13.8 million for
the filing period ended January 29, 2010 .
At January 29, 2010, the Company had $554.3 million in total
assets and $1.082 billion in total liabilities, for a net owner
equity (deficit) of ($527.4 million).
The Company's schedule of cash receipts and disbursements for the
period ended January 29, 2010, showed:
Cash, beginning $95,429,719
Total receipts $1,417,570
Total disbursements $2,464,912
Net Cash Flow ($1,047,342)
Cash, end $94,382,376
The Company paid a total of $1,160,130 in professional fees and
$30,000 in U.S. Trustee quarterly fees for the period ended
January 29, 2010.
A copy of Qimonda Richmond's monthly operating report for the
period ended January 29, 2010, is available for free at:
http://bankrupt.com/misc/qimondarichmond.januarymor.pdf
Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA). The Company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs. Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.
Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009. On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).
Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG. QNA is also the parent company of Qimonda
Richmond LLC. QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589). Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors. Jones Day and Ashby & Geddes represent the
Committee. In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts. The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.
THORNBURG MORTGAGE: Ends March With $118,585,569 Cash
-----------------------------------------------------
On April 21, 2010, the Chapter 11 trustee for TMST, Inc.,
formerly known as Thornburg Mortgage, Inc., et al., filed on
behalf of the Debtors, except for ADFITECH, Inc., a monthly
operating report for March 2010.
TMST, Inc., et al., ended March with $118,585,569 cash. The
Debtors reported net income of $7,299,840 on net operating revenue
of $61,960 for the month. Current month income includes a
$8 million gain on the reorganization of Adfitech, Inc.
At March 31, 2010, the Debtors had $121,072,102 in total assets
and $3,428,773,499 in total liabilities.
On March 2, 2010, the Bankruptcy Court entered an Order confirming
the Second Amended Chapter 11 Plan of Reorganization for ADFITECH
(Case No. 09-17788). Pursuant to the Plan, ADFITECH is no longer
a wholly-owned subsidiary of the Company. The effective date of
the Plan occurred on March 15, 2010. A complete copy of the Plan
may be found through the Bankruptcy Court or at:
http://chapter11.epiqsystems.com/adfitech
A full-text copy of the TMST, Inc.'s March 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?60db
Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages. It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets. Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.
Thornburg Mortgage, Inc., and its four affiliates filed for
Chapter 11 on May 1 (Bankr. D. Md. Lead Case No. 09-17787).
Thornburg has changed its name to TMST, Inc.
Judge Duncan W. Keir is handling the case. David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, has been tapped as
counsel. Orrick, Herrington & Sutcliffe LLP is employed as
special counsel. Jim Murray, and David Hilty, at Houlihan Lokey
Howard & Zukin Capital, Inc., have been tapped as investment
banker and financial advisor. Protiviti Inc. has also been
engaged for financial advisory services. KPMG LLP is the tax
consultant. Epiq Systems, Inc., is claims and noticing agent. In
its bankruptcy petition, Thornburg listed total assets of
$24,400,000,000 and total debts of $24,700,000,000, as of
January 31, 2009.
On October 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc. and TMST Hedging
Strategies, Inc.
TRICOM SA: Ends January With $13,267,663 Cash
---------------------------------------------
Tricom S.A., et. al., filed with the U.S. Bankruptcy Court for the
Southern District of New York on March 1, 2010, a post-
confirmation monthly operating report for January 2010.
Tricom, S.A., et al., ended the period with cash of $13,267,663:
Cash beginning $12,812,480
Income or Receipts $17,052,706
Total Disbursements $16,597,523
Cash End $13,267,663
Restructuring payments totaled $796,040 in January.
A full-text copy of the Debtors' January 2010 post-confirmation
operating report is available for free at:
http://bankrupt.com/misc/tricomsa.januarymor.pdf
About Tricom SA
Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The Company also owns interests in undersea fiber-optic
cable networks that connect and transmit telecommunications
signals between Central America, the Caribbean, the United States
and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc. Tricom USA
originates, transports and terminates international long-distance
traffic using switching stations and other telecommunications
equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on February 29, 2008 (Bankr. S.D.N.Y. Case No.
08-10720). The Debtors' legal advisors are Morrison & Foerster LLP
and their financial advisors are FTI Consulting, Inc. Kurtzman
Carson Consultants serves as claims and notice agent. An ad hoc
committee consisting of certain holders of Unsecured Financial
Claims is represented by Manatt, Phelps & Phillips LLP, as legal
advisors, and Chanin Capital Partners, as financial advisors. .
Affiliates of Tricom's largest shareholders are represented by
White & Case LLP, as legal advisors, and Broadspan Capital LLC, as
financial advisors.
When the Debtors' filed for protection from their creditors, they
listed total assets of US$327,600,000 and total debts of
US$764,600,000.
TRICOM SA: Ends February With $14,673,932 Cash
----------------------------------------------
Tricom S.A., et. al., filed with the U.S. Bankruptcy Court for the
Southern District of New York on April 23, 2010, a post-
confirmation monthly operating report for February 2010.
Tricom, S.A., et al., ended the period with cash of $14,673,932:
Cash beginning $13,267,663
Income or Receipts $18,057,468
Total Disbursements $16,651,199
Cash End $14,673,932
Restructuring payments totaled $788,997 in February.
A full-text copy of the Debtors' February 2010 post-confirmation
operating report is available for free at:
http://bankrupt.com/misc/tricomsa.februarymor.pdf
About Tricom SA
Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The Company also owns interests in undersea fiber-optic
cable networks that connect and transmit telecommunications
signals between Central America, the Caribbean, the United States
and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc. Tricom USA
originates, transports and terminates international long-distance
traffic using switching stations and other telecommunications
equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on February 29, 2008 (Bankr. S.D.N.Y. Case No.
08-10720). The Debtors' legal advisors are Morrison & Foerster LLP
and their financial advisors are FTI Consulting, Inc. Kurtzman
Carson Consultants serves as claims and notice agent. An ad hoc
committee consisting of certain holders of Unsecured Financial
Claims is represented by Manatt, Phelps & Phillips LLP, as legal
advisors, and Chanin Capital Partners, as financial advisors. .
Affiliates of Tricom's largest shareholders are represented by
White & Case LLP, as legal advisors, and Broadspan Capital LLC, as
financial advisors.
When the Debtors' filed for protection from their creditors, they
listed total assets of US$327,600,000 and total debts of
US$764,600,000.
TOUSA INC: Reports $11.7 Mil. Net Loss for March
------------------------------------------------
TOUSA, INC., and Subsidiaries
Consolidated Balance Sheet
As of March 31, 2010
ASSETS
Cash and Cash Equivalents:
Cash in bank $489,034,635
Cash equivalents (due from title company
from closings) 194,004
Inventory:
Deposits 10,755,299
Land 55,530,264
Residences completed and under construction 37,176,780
Inventory not owned -
---------------
103,462,343
Property and equipment, net 1,931,914
Investments in unconsolidated joint ventures 2,085,668
Receivables from unconsolidated joint ventures -
Accounts receivable 15,239,343
Other assets 27,832,159
Goodwill -
---------------
639,780,066
Net Assets of Financial Services 4,727,496
---------------
Total Assets $644,507,562
===============
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable and other liabilities $270,526,555
Customer deposits 3,083,004
Obligations for inventory not owned -
Notes payable 1,616,084,101
Bank borrowings 194,413,120
---------------
Total Liabilities 2,084,106,780
Stockholders' Equity:
Preferred stock 28,250,449
Common stock 596,042
Additional paid in capital 549,791,112
Retained earnings (2,018,236,821)
---------------
Total Stockholders' Equity (1,439,599,218)
---------------
Total liabilities and Stockholders' Equity $644,507,562
===============
TOUSA, INC., and Subsidiaries
Consolidated Statement of Operations
For the Period March 1 to 31, 2010
Revenues:
Home sales $1,427,420
Land sales 5,151,744
---------------
6,579,164
Cost of Sales:
Home sales 664,660
Land sales 8,536,945
---------------
9,201,605
---------------
Gross Profit (2,622,441)
Total selling, general and admin expenses 7,041,464
Income (loss) from joint ventures, net -
Interest expense, net 1,941,562
Other (income) expense, net 27,780
---------------
Homebuilding pretax income (loss) (11,633,247)
Equity in Financial services pretax income (loss) (74,605)
Income (loss) before income taxes (11,707,852)
Provision (benefit) for income taxes -
---------------
Net Income (loss) ($11,707,852)
===============
TOUSA, INC. and Subsidiaries
Consolidated Schedule of Receipts and Disbursements
For the Period March 1 to 31, 2010
Funds at beginning of period $487,734,401
RECEIPTS
Cash sales 6,970,550
Accounts receivable 264,937
Other receipts 779,252
---------------
Total receipts 8,014,739
---------------
Total funds available for operations 495,749,140
DISBURSEMENTS
Advertising -
Bank charges 100
Contract labor 103,554
Fixed asset payments -
Insurance -
Inventory payments 504,770
Leases 5,922
Manufacturing supplies -
Office supplies 53,054
Payroll - net 1,640,020
Professional fees (accounting and legal) 2,411,535
Rent 209,675
Repairs & maintenance 8,498
Secured creditor payments 1,118,359
Taxes paid - payroll 30,693
Taxes paid - sales & use 13,069
Taxes paid - other 81,642
Telephone 63,670
Travel & entertainment 19,596
U.S. Trustee quarterly fees -
Utilities 34,565
Vehicle expenses 3,388
Other operating expenses 412,395
---------------
Total disbursements 6,714,505
---------------
Ending Balance $489,034,635
===============
About Tousa Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on January 29, 2008 (Bankr. S.D. Fla. Case No. 08-
10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M. Basta,
Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at
Berger Singerman, to represent them in their restructuring
efforts. Lazard Freres & Co. LLC is the Debtors' investment
banker. Ernst & Young LLP is the Debtors' independent auditor and
tax services provider. Kurtzman Carson Consultants LLC acts as
the Debtors' Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746). It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.
TRONOX INC: Reports $3,000,000 Net Income for February
------------------------------------------------------
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Balance Sheet
As of February 28, 2010
ASSETS
Cash and cash equivalents $63,100,000
Notes and accounts receivable intercompany 359,000,000
Accounts receivable, third parties 89,400,000
Inventories, net 109,000,000
Prepaid and other assets 128,900,000
Income tax receivable 500,000
Deferred income taxes 1,200,000
----------------
Total Current Assets 751,100,000
Property, plant and equipment, net 173,700,000
Notes and advances receivable, intercompany 109,200,000
Other long-term assets 377,800,000
----------------
Total Assets $1,411,800,000
================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, third parties $51,400,000
Accrued liabilities 68,900,000
Long-term debt due within one year 1,700,000
Income taxes payable 1,400,000
Long-term debt classified as current 0
----------------
Total Current Liabilities 123,400,000
Noncurrent liabilities:
Deferred income taxes 4,500,000
Environmental remediation and restoration 103,800,000
Long-term Debt 423,300,000
Notes and advances payable, intercompany 9,800,000
Other 120,800,000
----------------
Total Liabilities
Not Subject to Compromise 785,600,000
Minority Interest 3,400,000
Liabilities Subject to compromise 436,300,000
Commitments and contingencies 0
Stockholders' equity
Common stock 400,000
Capital in excess of par value 496,400,000
Retained earnings (accumulated deficit) (273,700,000)
Accumulated other comprehensive
income (29,400,000)
Treasury stock, at cost (7,200,000)
----------------
Total Stockholders' Equity 186,500,000
----------------
Total Liabilities and Stockholders' Equity $1,411,800,000
================
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Statement of Operations
Month Ended February 28, 2010
Net Sales $53,200,000
Cost of goods sold 42,700,000
----------------
Gross margin 10,500,000
Selling, general and admin. Expenses 2,000,000
Gain on land sales 0
Impairment of goodwill 0
Restructuring charges 0
Provision for doubtful notes and accounts 0
----------------
8,500,000
Interest and debt expense 3,700,000
Other (income) expense, net (2,000,000)
Reorganization items 3,500,000
----------------
Income (loss) from continuing operations
before income taxes 3,300,000
Income tax provision (benefit) 0
----------------
Income (Loss) from continuing operations 3,300,000
Income (loss) from discontinued operations,
net of tax (300,000)
----------------
Net income (loss) $3,000,000
================
About Tronox Inc.
Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets:
TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer
of titanium dioxide pigment, with an annual production capacity of
535,000 tonnes. Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products. The Company's four pigment plants, which are
located in the United States, Australia and the Netherlands,
supply high-performance products to approximately 1,100 customers
in 100 countries. In addition, Tronox produces electrolytic
products, including sodium chlorate, electrolytic manganese
dioxide, boron trichloride, elemental boron and lithium manganese
oxide.
Tronox has US$1.6 billion in total assets, including
US$646.9 million in current assets, as at September 30, 2008. The
Company has US$881.6 million in current debts and US$355.9 million
in total noncurrent debts.
Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors. The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.
An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases. The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.
Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B. Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK. As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.
Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TRONOX INC: Reports $53,000,000 Net Loss for March
--------------------------------------------------
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Balance Sheet
As of March 31, 2010
ASSETS
Cash and cash equivalents $59,400,000
Notes and accounts receivable intercompany 366,000,000
Accounts receivable, third parties 91,500,000
Inventories, net 101,700,000
Prepaid and other assets 127,600,000
Income tax receivable 500,000
Deferred income taxes 2,500,000
----------------
Total Current Assets 749,200,000
Property, plant and equipment, net 171,900,000
Notes and advances receivable, intercompany 111,900,000
Other long-term assets 376,700,000
----------------
Total Assets $1,409,700,000
================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, third parties $50,400,000
Accrued liabilities 70,300,000
Long-term debt due within one year 2,500,000
Income taxes payable 700,000
Long-term debt classified as current 0
----------------
Total Current Liabilities 123,900,000
Noncurrent liabilities:
Deferred income taxes 4,700,000
Environmental remediation and restoration 155,300,000
Long-term Debt 422,500,000
Notes and advances payable, intercompany 9,900,000
Other 125,600,000
----------------
Total Liabilities
Not Subject to Compromise 841,900,000
Minority Interest 3,400,000
Liabilities Subject to compromise 435,800,000
Commitments and contingencies 0
Stockholders' equity
Common stock 400,000
Capital in excess of par value 496,400,000
Retained earnings (accumulated deficit) (327,500,000)
Accumulated other comprehensive
income (33,500,000)
Treasury stock, at cost (7,200,000)
----------------
Total Stockholders' Equity 128,600,000
----------------
Total Liabilities and Stockholders' Equity $1,409,700,000
================
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Statement of Operations
Month Ended March 31, 2010
Net Sales $65,500,000
Cost of goods sold 51,800,000
----------------
Gross margin 13,700,000
Selling, general and admin. Expenses 5,100,000
Gain on land sales 0
Impairment of goodwill 0
Restructuring charges 0
Provision for doubtful notes and accounts 55,600,000
----------------
(47,000,000)
Interest and debt expense 4,300,000
Other (income) expense, net (800,000)
Reorganization items 2,000,000
----------------
Income (loss) from continuing operations
before income taxes (52,500,000)
Income tax provision (benefit) 200,000
----------------
Income (loss) from continuing operations (52,700,000)
Income (loss) from discontinued operations,
net of tax (300,000)
----------------
Net income (loss) ($53,000,000)
================
About Tronox Inc.
Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets:
TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer
of titanium dioxide pigment, with an annual production capacity of
535,000 tonnes. Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products. The Company's four pigment plants, which are
located in the United States, Australia and the Netherlands,
supply high-performance products to approximately 1,100 customers
in 100 countries. In addition, Tronox produces electrolytic
products, including sodium chlorate, electrolytic manganese
dioxide, boron trichloride, elemental boron and lithium manganese
oxide.
Tronox has US$1.6 billion in total assets, including
US$646.9 million in current assets, as at September 30, 2008. The
Company has US$881.6 million in current debts and US$355.9 million
in total noncurrent debts.
Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors. The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.
An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases. The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.
Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B. Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK. As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.
Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
UNO RESTAURANT: Posts $2,652,200 Net Loss in February
-----------------------------------------------------
Uno Restaurant filed on March 26, 2010, a monthly operating report
for the filing period ended February 2010.
The Debtors reported a net loss of $2,652,200 on net revenue of
$19,511,600 for the period. At February 28, 2010, the Debtors had
total assets of $137,178,529, total liabilities of $244,674,738,
for a stockholders' deficit of 107,496,209.
The Debtors had $186,209 in unrestricted cash and equivalents and
$1,500,000 in restricted cash and equivalents at February 28,
2010, for a total book balance of cash of $1,686,209.
A full-text copy of the Debtors' monthly operating report for
February 2010 is available at no charge at:
http://bankrupt.com/misc/unorestaurant.februarymor.pdf
About Uno Restaurant
Boston, Massachusetts-based Uno Restaurant Holdings Corporation --
http://www.unos.com/-- has 179 company-owned and franchised
full-service Uno Chicago Grill restaurants located in 28 states,
the District of Columbia, Puerto Rico, South Korea, the United
Arab Emirates, Honduras, Kuwait, and Saudi Arabia. The company
also operates a fast casual concept called Uno Due Go(R), a quick
serve concept called Uno Express, and a consumer foods division
which supplies airlines, movie theaters, hotels, airports, travel
plazas, schools and supermarkets with both frozen and refrigerated
private-label foods and branded Uno products.
The Company and 152 affiliates filed for Chapter 11 bankruptcy
protection on January 20, 2010 (Bankr. S.D.N.Y. Lead Case No.
10-10209). The Company listed $100,000,001 to $500,000,000 in
assets and $100,000,001 to $500,000,000 in liabilities.
Weil, Gotshal & Manges LLP assist the Debtors in their
restructuring effort. CRG Partners Group LLC is the restructuring
advisor. Kurtzman Carson Consultants LLC serves as noticing and
claims agent.
UNO RESTAURANT: Posts $1,144,330 Net Loss in Month Ended March 28
-----------------------------------------------------------------
Uno Restaurant Holdings Corporation and its subsidiaries filed on
April 19, 2010, a monthly operating report for the period March 1,
2010, through March 28, 2010.
The Debtors reported a net loss of $1,144,330 on net revenue of
$19,633,200 for the period. At March 28, 2010, the Debtors had
total assets of $136,436,166, total liabilities of $245,076,705,
for a stockholders' deficit of $108,640,539.
The Debtors had $378,004 in unrestricted cash and equivalents and
$1,499,367 in restricted cash and equivalents at March 28, 2010,
for a total book balance of cash of $1,877,371.
A full-text copy of the Debtors' monthly operating report for
March 2010 is available at no charge at:
http://bankrupt.com/misc/unorestaurant.marchmor.pdf
About Uno Restaurant
Boston, Massachusetts-based Uno Restaurant Holdings Corporation --
http://www.unos.com/-- has 179 company-owned and franchised
full-service Uno Chicago Grill restaurants located in 28 states,
the District of Columbia, Puerto Rico, South Korea, the United
Arab Emirates, Honduras, Kuwait, and Saudi Arabia. The company
also operates a fast casual concept called Uno Due Go(R), a quick
serve concept called Uno Express, and a consumer foods division
which supplies airlines, movie theaters, hotels, airports, travel
plazas, schools and supermarkets with both frozen and refrigerated
private-label foods and branded Uno products.
The Company and 152 affiliates filed for Chapter 11 bankruptcy
protection on January 20, 2010 (Bankr. S.D.N.Y. Lead Case No.
10-10209). The Company listed $100,000,001 to $500,000,000 in
assets and $100,000,001 to $500,000,000 in liabilities.
Weil, Gotshal & Manges LLP assist the Debtors in their
restructuring effort. CRG Partners Group LLC is the restructuring
advisor. Kurtzman Carson Consultants LLC serves as noticing and
claims agent.
*********
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
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On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
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Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2010. All rights reserved. ISSN: 1520-9474.
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