/raid1/www/Hosts/bankrupt/TCR_Public/100612.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, June 12, 2010, Vol. 14, No. 161
Headlines
ABITIBIBOWATER INC: Reports $450,000 Net Income in April
ACCEPTANCE INSURANCE: Posts $11,219 Net Loss in May
CHRYSLER LLC: Has $137,000,000 Cash at End of April
DISTRIBUTED ENERGY: Ends March With $594,163 Cash
DRUG FAIR: Reports $132,517 Net Income in February 23 - March 26
FAIRPOINT COMMS: Has $146,124,355 Cash at End of April
FIRSTFED FINANCIAL: Posts $67,689 Net Loss in April
FIRSTFED FINANCIAL: Posts $45,384 Net Loss in May
GENERAL GROWTH: Reports $789,961,000 Net Loss for April
GENERAL MOTORS: Old GM Has $990,159,000 Cash at End of March
IMPERIAL CAPITAL: Posts $5,995 Net Loss in March
IMPERIAL CAPITAL: Posts $114,099 Net Loss in April
MAJESTIC STAR: Posts $2.0 Million Net Loss in March
MAJESTIC STAR: Posts $3.1 Million Net Loss in April
MIDWAY GAMES: Posts $526,174 Net Loss in April
MIG INC: Earns $16.7 Million in April
MOVIE GALLERY: Cash Falls by $3.37 Million in April
NEENAH FOUNDRY: Narrows Net Loss in April to $982,000
NEWPOWER HOLDINGS: Files Monthly Operating Report for March
NEWPOWER HOLDINGS: Files Monthly Operating Report for April
NORTEL NETORKS: Reports $49 Million Net Loss for March
POINT BLANK: Has $2.4 Million April Operating Loss
PROLIANCE INTERNATIONAL: Posts $191,000 Net Loss in March
PROLIANCE INTERNATIONAL: Posts $174,000 Net Loss in April
PROVIDENT ROYALTIES: Posts $103,976 Net Loss in April
SMURFIT-STONE: Reports $62.9 Million Net Loss in April
SOUTH BAY: Reports $1,453,264 Net Loss for April
STATION CASINOS: Reports $21,183,000 Net Loss for April
TOUSA INC: Ending 401(k); Cash Almost $490 Million in April
WHITE ENERGY: Has $1.06 Million Net Loss in April
WHITE BIRCH: Bear Island Reports $396,000 Net Loss in April
*********
ABITIBIBOWATER INC: Reports $450,000 Net Income in April
--------------------------------------------------------
Bill Rochelle at Bloomberg News reports that AbitibiBowater Inc.
reported net income of $450,000 in April on sales of $349 million.
Operating income in the month was $4.9 million.
About AbitibiBowater
AbitibiBowater produces a wide range of newsprint, commercial
printing papers, market pulp and wood products. It is the eighth
largest publicly traded pulp and paper manufacturer in the world.
AbitibiBowater owns or operates 22 pulp and paper facilities and
26 wood products facilities located in the United States, Canada
and South Korea. Marketing its products in more than 90
countries, the Company is also among the world's largest recyclers
of old newspapers and magazines, and has third-party certified
100% of its managed woodlands to sustainable forest management
standards. AbitibiBowater's shares trade over-the-counter on the
Pink Sheets and on the OTC Bulletin Board under the stock symbol
ABWTQ.
The Company and several of its affiliates filed for protection
under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009
(Bankr. D. Del. Lead Case No. 09-11296). Judge Kevin J. Carey
presides over the case. The Company and its Canadian affiliates
commenced parallel restructuring proceedings under the Companies'
Creditors Arrangement Act before the Quebec Superior Court
Commercial Division the next day. Alex F. Morrison at Ernst &
Young, Inc., was appointed CCAA monitor.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the
Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as
the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, serves as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, serves as the Debtors' conflicts
counsel in the Chapter 11 proceedings. The Debtors' financial
advisors are Advisory Services LP, and their noticing and claims
agent is Epiq Bankruptcy Solutions LLC. The CCAA Monitor's
counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario.
Abitibi-Consolidated Inc. and various Canadian subsidiaries filed
for protection under Chapter 15 of the U.S. Bankruptcy Code on
April 17, 2009 (Bankr. D. Del. 09-11348). Judge Carey also
handles the Chapter 15 case. Pauline K. Morgan, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in
Wilmington, represent the Chapter 15 Debtors.
As of Sept. 30, 2008, the Company had $9,937,000,000 in total
assets and $8,783,000,000 in total debts.
Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings and parallel proceedings under the
Companies' Creditors Arrangement Act in Canada undertaken by
AbitibiBowater Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
ACCEPTANCE INSURANCE: Posts $11,219 Net Loss in May
---------------------------------------------------
Acceptance Insurance Companies Inc. filed with the U.S. Bankruptcy
Court for the District of Nebraska on June 7, 2010, its monthly
operating report for May 2010.
For the month of May, Acceptance Insurance Companies Inc.
reported a net loss of $11,219 on net investment income of $57.
As of May 31, 2010, the Debtor had total assets of $2,368,701
and total liabilities of $138,189,551, for a stockholders' deficit
of $135,820,850.
A full-text copy of the Debtor's May 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?6499
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either
directly or indirectly, several companies, one of which is an
insurance company that accounts for substantially all of the
business operations and assets of the corporate groups.
The Company filed for Chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services, Inc., and American Agrisurance,
Inc. -- each filed Chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on January 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC, LLO,
represent the Official Committee of Unsecured Creditors in
Acceptance Insurance's case.
CHRYSLER LLC: Has $137,000,000 Cash at End of April
---------------------------------------------------
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Balance Sheet
As of April 30, 2010
CURRENT ASSETS:
Cash and cash equivalents $137,000,000
Restricted cash 92,000,000
Inventories 14,000,000
Prepaid expenses and other current assets 476,000,000
Deferred taxes 17,000,000
--------------
TOTAL CURRENT ASSETS 736,000,000
OTHER ASSETS:
Property, plant and equipment, net 313,000,000
Investments, notes and advances 909,000,000
Restricted cash 2,000,000
Deferred taxes 13,000,000
Other assets 3,000,000
--------------
TOTAL OTHER ASSETS 1,240,000,000
--------------
TOTAL ASSETS $1,976,000,000
==============
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Accrued expenses & other current liabilities $746,000,000
Debtor-in-possession financing 3,344,000,000
Deferred taxes 4,000,000
--------------
TOTAL CURRENT LIABILITIES 4,094,000,000
LONG-TERM LIABILITIES NOT SUBJECT TO COMPROMISE:
Accrued expenses and other liabilities 133,000,000
Deferred taxes 248,000,000
--------------
TOTAL LONG-TERM LIABILITIES 381,000,000
Liabilities subject to compromise 17,664,000,000
--------------
TOTAL LIABILITIES 22,139,000,000
MEMBER'S DEFICIT:
Capital stock 316,000,000
Contributed capital 7,735,000,000
Accumulated losses (32,907,000,000)
Accumulated other comprehensive loss (income) 4,693,000,000
--------------
TOTAL MEMBER'S DEFICIT (20,163,000,000)
--------------
TOTAL LIABILITIES & MEMBER'S DEFICIT $1,976,000,000
==============
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Statement of Operations
Two Months Ended April 30, 2010
Revenues $1,000,000
Cost of sales (6,000,000)
--------------
GROSS MARGIN 7,000,000
Selling, administrative & other expenses 5,000,000
Research and development -
Other income (loss), net -
Gain on Daimler pension settlement -
Restructuring (income) expense -
--------------
INCOME (LOSS) BEFORE FINANCIAL EXPENSE, 2,000,000
REORGANIZATION ITEMS AND INCOME TAXES
Financial expense, net (57,000,000)
--------------
INCOME (LOSS) BEFORE REORG.
ITEMS & INCOME TAXES (55,000,000)
Reorganization items 97,000,000
Provision (credit) for income taxes 1,000,000
--------------
NET INCOME (LOSS) ($153,000,000)
==============
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Statement of Cash Flows
For the two months ending April 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($153,000,000)
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization 10,000,000
Changes in deferred taxes -
Amortization of original issue
discount on DIP Financing -
Net loss (gain) on Fiat transaction 6,000,000
Net loss (gain) on disposal of fixed assets 85,000,000
Other non-cash income and expense -
Changes in accrued expenses & other liabilities 53,000,000
Changes in other operating assets & liabilities:
* inventories 8,000,000
* trade receivables -
* trade liabilities -
* payments for reorganization items (9,000,000)
* other assets and liabilities -
--------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES -
CASH FLOWS FROM INVESTING (FINANCING) ACTIVITIES:
Proceeds from Fiat transaction -
Purchases of property, plant &
equipment, equipment on operating
leases & intangible assets -
Proceeds from disposals of property, plant
and equipment and intangible assets 67,000,000
Proceeds from disposals of equipment on
operating leases -
Net change in restricted cash 7,000,000
Other -
--------------
NET CASH PROVIDED BY INVESTING ACTIVITIES 74,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from DIP Financing -
Repayment of first lien credit facility (75,000,000)
Change in financial liabilities - 3rd party -
Original issue discount on DIP Financing -
--------------
NET CASH PROVIDED BY (USED IN) FINANCING (75,000,000)
ACTIVITIES
--------------
Net increase (decrease) in cash & cash equiv. (1,000,000)
--------------
Cash & cash equiv. at beginning of period 138,000,000
--------------
Cash and cash equivalents at end of period $137,000,000
==============
About Chrysler Group
Based in Auburn Hills, Michigan, Chrysler Group LLC, formed in
2009 from a global strategic alliance with Fiat Group, produces
Chrysler, Jeep, Dodge, Ram Truck, Mopar(R) and Global Electric
Motorcars brand vehicles and products. Chrysler Group LLC's
product lineup features some of the world's most recognizable
vehicles, including the Chrysler 300, Jeep Wrangler and Ram Truck.
Fiat will contribute world-class technology, platforms and
powertrains for small- and medium-sized cars, allowing Chrysler
Group to offer an expanded product line including environmentally
friendly vehicles.
About Chrysler LLC
Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002). Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent. Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company. As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts. Chrysler
had $1.9 billion in cash at that time.
In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat. Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC. Fiat has a 20
percent equity interest in Chrysler Group.
Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
DISTRIBUTED ENERGY: Ends March With $594,163 Cash
-------------------------------------------------
Distributed Energy Systems Corp. filed with the U.S. Bankruptcy
Court for the District of Delaware on April 29, 2010, a monthly
operating report for the filing period ended March 31, 2010.
The Company's schedule of cash receipts and disbursements for
March 2010 showed:
Cash Beginning of March $594,252
Total Receipts $0
Total Disbursements $89
Net Cash Flow ($89)
Cash End of March $594,163
A copy of Distributed Energy's monthly operating report is
available for free at:
http://bankrupt.com/misc/distributedenergy.marchmor.pdf
Distributed Energy also filed on April 29, 2010, a monthly
operating report for the filing period ended March 31, 2010, for
Debtor Northern Power Systems/NPS Liquidating.
Northern Power's schedule of cash receipts and disbursements for
the reporting period showed:
Cash beginning of March $1,205,483
Total March Receipts $0
Total March Disbursements $0
Net Cash Flow $0
Cash End of March $1,205,483
A copy of Northern Power Systems Inc.'s monthly operating report
is available for free at:
http://bankrupt.com/misc/northernpower.marchmor.pdf
Distributed Energy Systems Corp. and its wholly owned subsidiary,
Northern Power Systems Inc., now known as NPS Liquidating Inc.
filed for Chapter 11 bankruptcy protection on May 4, 2008 (Bankr.
D. Del. Lead Case No. 08-11101). Robert S. Brady, Esq., Edward J.
Kosmowski, Esq., and Robert F. Poppiti, Jr., at Young, Conaway,
Stargatt & Taylor LLP represent the Debtors in their restructuring
efforts. The Debtors selected Epiq Systems as their claims agent.
The U.S. Trustee for Region 3 appointed three creditors to serve
on an Official Committee of Unsecured Creditors. Schuyler G.
Carroll, Esq., Robert M. Hirsh, Esq., and Karen McKinley, Esq., at
Arent Fox LLP, in New York, and John V. Fiorella, Esq., Charles C.
Brown, III, Esq., and "J" Jackson Shrum, Esq., at Archer &
Greiner, P.C., in Wilmington, Delaware, represent the Committee.
The Debtors disclosed in their schedules, assets of $19,593,387
and debts of $43,558,713.
DRUG FAIR: Reports $132,517 Net Income in February 23 - March 26
----------------------------------------------------------------
On April 28, 2010, Drug Fair Group, Inc., filed a monthly
operating report for the filing period February 23, 2010, through
March 26, 2010.
The Debtor reported net income of $132,517 for the period.
At March 26, 2010, the Debtor had $13,248,624 in total assets
and $55,096,638 in total liabilities.
A full-text copy of the monthly operating report is available at
no charge at http://bankrupt.com/misc/drugfair.march2010mor.pdf
About Drug Fair Group
Headquartered in Somerset, New Jersey, Drug Fair Group, Inc. --
http://www.drugfair.com/or http://www.costcuttersonline.com/--
fka Community Distributors, Inc., operates pharmacies and general
merchandise stores in northern and central New Jersey. The
Company, with stores in central and northern New Jersey, is
indirectly owned by Sun Capital Partners Inc., a private-equity
investor based in Boca Raton, Florida.
Drug Fair and CDI Group, Inc., filed for Chapter 11 protection on
March 18, 2009 (Bankr. D. Del. Lead Case No. 09-10897). Domenic
E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr
Harrison Harvey Branzburg & Ellers, represent the Debtors in their
restructuring efforts. Warren J. Martin, Jr., Esq., and Brett S.
Moore, Esq., at Porzio Bromberg & Newman, P.C., represent the
official committee of unsecured creditors as counsel. Norman L.
Pernick, Esq., and Patrick J. Reilley, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, P.A., represent the creditors committee
as Delaware counsel. J.H. Cohn LLP is the creditors committee's
financial advisors and forensic accountants. Epiq Bankruptcy
Solutions, LLC, is the Debtors' notice and claims agent. The
Debtors listed assets of $50 million to $100 million and debts of
$100 million to $500 million.
After commencing the Chapter 11 cases, the Debtors began going out
of business sales at approximately 24 locations. On April 27,
2009, the Court approved the sale of 31 remaining stores to
Walgreen Co. for about $54 million. The Debtors are winding down
assets not included in the transactions.
FAIRPOINT COMMS: Has $146,124,355 Cash at End of April
------------------------------------------------------
FairPoint Communications, Inc., and Subsidiaries
Schedule of Cash Receipts and Disbursements
For the Period April 1 - 31, 2010
Cash Beginning of the Month $150,701,849
Receipts:
Cash 89,422,221
Intra-debtor transfers 265,560,089
--------------
Total Receipts 354,982,311
Disbursements:
Employee Expenses (31,439,817)
Restructuring (5,794,356)
Operating Taxes (2,281,123)
Marketing Expenses (1,107,065)
Insurance (1,104.994)
Other Expenses (35,854,403)
Capital Expenditures (16,417,954)
Intra-debtor transfers (265,560,089)
-------------
Total Disbursements (359,559,804)
-------------
Net Cash Flow (4,577,493)
-------------
Cash - End of the month $146,124,355
=============
The Debtors' April 2010 Monthly Operating Report does not
include a balance sheet table and an income statement table.
According to Lisa R. Hood, FairPoint Communications' senior vice
president and corporate controller, the Debtors' financial
results for April 2010 are subject to the completion of the
Debtors' financial statements and the completion of the annual
audit by their independent accounting firm for the year ended
December 31, 2009.
FIRSTFED FINANCIAL: Posts $67,689 Net Loss in April
---------------------------------------------------
FirstFed Financial Corp. filed on May 13, 2010, a monthly
operating report for the month of April 2010 with the U.S.
Bankruptcy Court for the Central District of California, Los
Angeles Division. The April report is unaudited and is not
presented in accordance with generally accepted accounting
principles in the United States.
The Company reported a net loss of $67,689 on zero revenue for the
period.
At April 30, 2010, the Company had $4,508,345 in assets,
$159,622,153 of liabilities, and ($155,113,807) of equity. The
Company ended the period with $4,339,628 in cash.
A full-text copy of the April 2010 operating report is available
for free at http://researcharchives.com/t/s?6462
About FirstFed Financial
Woodland Hills, Calif.-based FirstFed Financial Corp. is the bank
holding company for First Federal Bank of Califorinia and its
subsidiaries. The Bank was closed by federal regulators on
December 18, 2009. The Company filed for Chapter 11 protection on
Jan. 6, 2010 (Bankr. C.D. Calif. Case No. 10-10150). Jon L.
Dalberg, Esq., at Landau Gottfried & Berger LLP, represents the
Debtor in its restructuring efforts. In its petition, the Debtor
listed assets of of between $1 million and $10 million, and debts
of between $100 million and $500 million.
FIRSTFED FINANCIAL: Posts $45,384 Net Loss in May
-------------------------------------------------
FirstFed Financial Corp. filed on June 3, 2010, a monthly
operating report for the month of May 2010 with the U.S.
Bankruptcy Court for the Central Deistrict of California, Los
Angeles Division. The May report is unaudited and is not
presented in accordance with generally accepted accounting
principles in the United States.
The Company reported a net loss of $45,384 on zero revenue for the
period.
At May 31, 2010, the Company had $4,463,741 in assets,
$159,622,934 of liabilities, and ($155,159,192) of equity. The
Company ended the period with $4,315,336 in cash.
A full-text copy of the May 2010 operating report is available for
free at http://researcharchives.com/t/s?6461
About FirstFed Financial
Woodland Hills, Calif.-based FirstFed Financial Corp. is the bank
holding company for First Federal Bank of Califorinia and its
subsidiaries. The Bank was closed by federal regulators on
December 18, 2009. The Company filed for Chapter 11 protection on
Jan. 6, 2010 (Bankr. C.D. Calif. Case No. 10-10150). Jon L.
Dalberg, Esq., at Landau Gottfried & Berger LLP, represents the
Debtor in its restructuring efforts. In its petition, the Debtor
listed assets of of between $1 million and $10 million, and debts
of between $100 million and $500 million.
GENERAL GROWTH: Reports $789,961,000 Net Loss for April
-------------------------------------------------------
General Growth Properties, Inc.
Consolidated Condensed Balance Sheet
As of April 30, 2010
Assets
Investment in real estate:
Land $2,906,498,000
Buildings and equipment 18,861,446,000
Less accumulated depreciation (3,896,803,000)
Developments in progress 374,330,000
-----------------
Net property and equipment 18,245,471,000
Investment in and loans to/from Unconsolidated
Real Estate Affiliates 381,401,000
Investment property and property held for
development and sale 1,206,076,000
Investment in controlled non-debtor entities 3,986,394,000
-----------------
Net investment in real estate 23,819,342,000
Cash and cash equivalents 507,111,000
Accounts and notes receivable, net 326,611,000
Goodwill 199,664,000
Deferred expenses, net 220,321,000
Prepaid expenses and other assets 566,053,000
-----------------
Total assets $25,639,102,000
=================
Liabilities and Equity:
Mortgages, notes and loans payable $11,626,560,000
Investment in and loans to/from
Unconsolidated Real Estate Affairs 33,264,000
Deferred tax liabilities 903,046,000
Accounts payable and accrued expenses 1,044,652,000
-----------------
Liabilities not subject to compromise 13,607,522,000
-----------------
Liabilities subject to compromise 10,335,883,000
-----------------
Total liabilities 23,943,405,000
-----------------
Redeemable noncontrolling interests:
Preferred 120,756,000
Common 115,855,000
-----------------
Total redeemable noncontrolling interests 236,611,000
-----------------
Equity:
Common stock 3,188,000
Additional paid-in capital 3,753,998,000
Retained earnings (accumulated deficit) (2,243,359,000)
Accumulated other comprehensive loss 7,149,000
Less common stock in treasury, at cost (76,752,000)
-----------------
Total stockholder's equity 1,444,224,000
Noncontrolling interests in consolidated real
estate affiliates 14,862,000
-----------------
Total equity 1,459,086,000
-----------------
Total liabilities and equity $25,639,102,000
=================
General Growth Properties, Inc.
Consolidated Statement of Income
For the Month ended April 30, 2010
Revenues:
Minimum rents $1,731,971,000
Tenant recoveries 773,396,000
Overage rents 48,396,000
Land sales 10,305,000
Management fees and other corporate revenues 10,083,000
Other 76,756,000
-----------------
Total revenues 2,650,907,000
-----------------
Expenses:
Real estate taxes 247,558,000
Repairs and maintenance 201,078,000
Marketing 31,078,000
Ground and other rents 14,906,000
Other property operating costs 354,041,000
Land sales operations 23,075,000
Provision for doubtful accounts 24,544,000
Property management and other costs 89,270,000
General and administrative 59,160,000
Provisions for impairment 866,477,000
Depreciation and amortization 632,605,000
-----------------
Total expenses 2,543,792,000
-----------------
Operating income (loss) 107,115,000
Interest (expense) income, net (1,216,071,000)
-----------------
Loss before income taxes, noncontrolling
interests, equity income of Unconsolidated
Real Estate Affiliates and reorganization
items (1,108,956,000)
Benefit (provision) for income taxes (10,391,000)
Equity in income of Unconsolidated Real
Estate Affiliates 89,943,000
Reorganization items 233,836,000
-----------------
Net (loss) income (795,568,000)
Allocation to noncontrolling interests 5,607,000
-----------------
Net (loss) income attributable to common
Stockholders ($789,961,000)
=================
A full-text copy of the April 2010 MOR is available for free
at http://bankrupt.com/misc/ggpapril2010mor.pdf
About General Growth
Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings. The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide. General Growth is a self-
administered and self-managed real estate investment trust. The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, have been tapped as bankruptcy counsel.
Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants
LLC has been engaged as claims agent. The Company also hired
AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC,
as investment bankers. The Debtors disclosed $29,557,330,000 in
assets and $27,293,734,000 in debts as of December 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GENERAL MOTORS: Old GM Has $990,159,000 Cash at End of March
------------------------------------------------------------
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Net Assets
As of March 31, 2010
ASSETS:
Cash and cash equivalents $990,159,000
Due from affiliates 3,000
Other receivables 51,000
Prepaid expenses 3,835,000
Other current assets 26,411,000
-----------------
Total Current Assets 1,020,459,000
Property, plant and equipment
Land and building 78,010,000
Machinery and equipment 47,013,000
-----------------
Total property, plant and equipment 125,023,000
Investment in GMC -
Investments in subsidiaries 231,000
Restricted cash 89,600,000
Other assets 224,000
-----------------
Total Assets $1,235,537,000
=================
LIABILITIES:
DIP Financing $1,213,759,000
Accounts payable 8,754,000
Due to GM LLC 1,718,000
Due to affiliates 1,378,000
Accrued sales, use and other taxes 1,107,000
Accrued professional fees 44,086,000
Other accrued liabilities 6,616,000
-----------------
Total current liabilities 1,277,418,000
Liabilities subject to compromise 32,217,810,000
-----------------
Total Liabilities 33,495,228,000
-----------------
Net Assets (Liabilities) ($32,259,691,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Operations
For the Month Ended March 31, 2010
Rental Income $1,434,000
Selling, administrative and other expenses 6,495,000
-----------------
Operating loss (5,061,000)
Interest expense 5,224,000
Interest income (359,000)
-----------------
Loss before reorganization items &
income taxes (9,926,000)
Reorganization items (gain)/loss 8,087,000
-----------------
Income (Loss) before income taxes (18,013,000)
Income taxes -
-----------------
Net Income (Loss) ($18,013,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Cash Flows
For the Month Ended March 31, 2010
Cash Flows from Operating Activities:
Net Income $18,013,000)
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Non-cash interest expense 5,224,000
Gain on disposal of assets (116,000)
Reorganization items (gain)/loss 8,087,000
Reorganization related payments (2,371,000)
Changes in assets & liabilities
Due to / (due from) affiliates (5,000)
Prepaid expenses 174,000
Due to /(due from) GM LLC 941,000
Other receivables -
Other current assets -
Other assets (224,000)
Accounts payable 1,104,000
Accrued payroll & employee benefits -
Accrued sales, use and other taxes 502,000
Other accrued liabilities 80,000
-----------------
Net Cash used in Operating Activities (4,617,000)
Cash Flows from Investing Activities:
Proceeds from disposal of assets 3,186,000
Proceeds from sale & dissolution
of subsidiaries -
Changes in restricted cash -
-----------------
Net cash provided by investing activities 3,186,000
-----------------
Decrease in cash & cash equivalents (1,431,000)
Cash & cash equivalents
at beginning of period 991,590,000
-----------------
Cash & cash equivalents at end of period $990,159,000
=================
Motors Liquidation Corp. Vice President and Treasurer James Selzer
said that for the month ended March 31, 2010, the Debtors paid a
total of $2,074,000 to eight professionals retained in their
Chapter 11 cases:
Professional Payment
------------ -------
LFR, Inc. $790,000
FTI Consulting, Inc. 401,000
Garden City Group 294,000
Brownfield Partners, LLC 219,000
Togut, Segal & Segal LLP 113,000
Kramer Levin Naftalis & Frankel LLP 94,000
Butzel Long, PC 89,000
Claro Group, LLC 74,000
A full-text copy of the Debtors' March 2010 Operating Report
is available for free at:
http://bankrupt.com/misc/GMMar2010MOR.pdf
About General Motors
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At December 31, 2009, GM had total assets of US$136.295 billion
against total liabilities of US$107.340 billion. At December 31,
2009, total equity was US$21.249 million.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
IMPERIAL CAPITAL: Posts $5,995 Net Loss in March
------------------------------------------------
On April 20, 2010, Imperial Capital Bancorp, Inc., filed its
unaudited monthly operating report with the Office of United
States Trustee for the month of March 2010.
The Company reported a net loss of $5,995 for the period.
At March 31, 2010, the Company had total assets of $43,862,335
and total liabilities of $101,786,895.
A full-text copy of the Company's March 2010 monthly operating
report is available at no charge at:
http://researcharchives.com/t/s?6493
La Jolla, California-based Imperial Capital Bancorp, Inc., was a
diversified bank holding company. The Company owned 100% of the
common stock of Imperial Capital Bank, a California state
chartered commercial bank that had roughly $4.4 million in assets
and nine retail branches. On December 18, 2009, the FDIC seized
the Bank and entered into a puchase and assumption agreement with
City National Bank. Imperial Capital Bancorp, Inc. filed for
Chapter 11 bankruptcy protection on December 18, 2009 (Bankr. S.D.
Calif. Case No. 09-19431). Gregory K. Jones, Esq., at Stutman,
Treister & Glatt, P.C., assists the Company in its restructuring
effort. The Company listed $10,000,001 to $50,000,000 in assets
and $50,000,001 to $100,000,000 in liabilities.
IMPERIAL CAPITAL: Posts $114,099 Net Loss in April
--------------------------------------------------
On May 20, 2010, Imperial Capital Bancorp, Inc., filed its
unaudited monthly operating report with the Office of United
States Trustee for the month of April 2010.
The Company reported a net loss of $114,099 for the period.
At April 30, 2010, the Company had total assets of $43,662,753
and total liabilities of $101,695,589.
A full-text copy of the Company's April 2010 monthly operating
report is available at no charge at:
http://researcharchives.com/t/s?6494
La Jolla, California-based Imperial Capital Bancorp, Inc., was a
diversified bank holding company. The Company owned 100% of the
common stock of Imperial Capital Bank, a California state
chartered commercial bank that had roughly $4.4 million in assets
and nine retail branches. On December 18, 2009, the FDIC seized
the Bank and entered into a puchase and assumption agreement with
City National Bank. Imperial Capital Bancorp, Inc. filed for
Chapter 11 bankruptcy protection on December 18, 2009 (Bankr. S.D.
Calif. Case No. 09-19431). Gregory K. Jones, Esq., at Stutman,
Treister & Glatt, P.C., assists the Company in its restructuring
effort. The Company listed $10,000,001 to $50,000,000 in assets
and $50,000,001 to $100,000,000 in liabilities.
MAJESTIC STAR: Posts $2.0 Million Net Loss in March
---------------------------------------------------
The Majestic Star Casino, LLC, filed on May 4, 2010, a monthly
operating report for March 2010.
The Company reported a net loss of $2,009,544 on net revenues of
$9,396,297 in March.
At March 31, 2010, the Company had $290,386,934 in total assets
and $773,829,277 in total liabilities.
A copy of the Company's March monthly operating report is
available at no charge at:
http://bankrupt.com/misc/majesticstar.marchmor.pdf
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.
MAJESTIC STAR: Posts $3.1 Million Net Loss in April
---------------------------------------------------
The Majestic Star Casino, LLC, filed on May 29, 2010, a monthly
operating report for April 2010.
The Company reported a net loss of $3,123,814 on net revenues of
$8,511,103 in April.
At April 30, 2010, the Company had $292,393,797 in total assets
and $778,331,629 in total liabilities.
A copy of the Company's April monthly operating report is
available at no charge at:
http://bankrupt.com/misc/majesticstar.aprilmor.pdf
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.
MIDWAY GAMES: Posts $526,174 Net Loss in April
----------------------------------------------
On May 27, 2010, Midway Games Inc. and its United States
subsidiaries filed their monthly operating report for April 2010
with the United States Bankruptcy Court for the District of
Delaware.
The Debtors reported a net loss of $526,174 on net revenues of
$333 for the month of April. For the month, the Debtors incurred
$395,134 in professional fees.
At April 30, 2010, the Company had $1.308 billion in total
assets, $3.3 million in total post-petition liabilities,
$1.365 billion in total pre-petition liabilities, $83.7 million
in due to debtors, and $13.0 million in deferred income taxes,
resulting in a $157.7 million stockholders' deficit.
The Debtors' schedules of cash receipts and disbursements for the
month ended April 30, 2010, showed:
Cash, beginning $37.270 million
Total receipts $0.016 million
Total disbursements $0.701 million
Receipts less disbursements $0.685 million
Cash, end $36.585 million
Payments for professional fees and expenses totaled $518,792 for
the month of April. Payment to Epiq Bankruptcy Solutions
totaled $69,860. US Trustee fees totaled $13,650.
A full-text copy of the Company's April 2010 monthly operating
report is available for free at :
http://researcharchives.com/t/s?645c
Headquartered in Chicago, Illinois, Midway Games Inc. (OTC Pink
Sheets: MWYGQ) -- http://www.midway.com/-- was a leading
developer and publisher of interactive entertainment software for
major videogame systems and personal computers.
The Company and nine of its affiliates filed for Chapter 11
protection on February 12, 2009 (Bankr. D. Del. Lead Case No.
09-10465). Michael D. DeBaecke, Esq., Jason W. Staib, Esq, and
Victoria A. Guilfoyle, Esq., at Blank Rome LLP, in Wilmington,
Delaware; and Marc E. Richards, Esq., and Pamela E. Flaherty,
Esq., at Blank Rome LLP, in New York, represent the Debtors in
their restructuring efforts. Attorneys at Milbank, Tweed, Hadley
& McCloy LLP and Richards, Layton & Finger, P.A. represent the
official committee of unsecured creditors as counsel. Epiq
Bankruptcy Solutions, LLC, is the Debtors' claims, noticing, and
balloting agent.
On July 10, 2009, Midway and certain of its U.S. subsidiaries
completed the sale of substantially all of their assets to Warner
Bros. Entertainment Inc. in a sale approved by the Court. The
aggregate gross purchase price was roughly $49 million, including
the assumption of certain liabilities. Midway is disposing of its
remaining assets.
Judge Kevin Gross, in Wilmington, Delaware, confirmed the Joint
Chapter 11 Plan of Liquidation for Midway Games Inc. at a
hearing held on May 21. Pursuant to the Plan, the Midway
Liquidating Trust is being established to complete the liquidation
and distribute proceeds to creditors. Buchwald Capital Advisors
LLC is the Liquidating Trustee for the Trust.
According to the Disclosure Statement, unsecured creditors of the
parent stand to recover 16.5%. Unsecured creditors of
subsidiaries should see 25%. Midway sold assets to generate
$43 million cash, leaving no substantial secured claims unpaid.
MIG INC: Earns $16.7 Million in April
-------------------------------------
MIG, Inc., reported net income of $16.7 million on net revenue of
$18.4 million for the month ended April 30, 2010.
At April 30, 2010, MIG had $1.038 billion in total assets,
$206.8 million in total liabilities, and $831.0 million in total
equity.
The Company ended April 2010 with roughly $53.7 million
in unrestricted cash. For the month, the Company paid a total of
$935,754 in professional fees and expenses.
A copy of the Company's operating report is available for
free at http://bankrupt.com/misc/miginc.april2010mor.pdf
About MIG Inc.
Based in Charlotte, North Carolina, MIG Inc. (PINK SHEETS: MTRM,
MTRMP) -- http://www.metromedia-group.com/-- through its wholly
owned subsidiaries, owns interests in several communications
businesses in the country of Georgia. The Company's core
businesses include Magticom Ltd., a mobile telephony operator
located in Tbilisi, Georgia, Telecom Georgia, a long distance
telephony operator, and Telenet, which provides Internet access,
data communications, voice telephony and international access
services.
MIG, Inc., fka Metromedia International Group, Inc., filed for
Chapter 11 bankruptcy protection on June 18, 2009 (Bankr. D. Del.
Case No. 09-12118). Scott D. Cousins, Esq., at Greenberg Traurig
LLP assists the Company in its restructuring efforts. Debevoise &
Plimpton LLP is the Company's special corporate counsel, while
Potter Anderson & Corroon LLP is the Company's special litigation
counsel. The official committee of unsecured creditors of MIG,
Inc., has retained Baker & McKenzie LLP as its bankruptcy
counsel, nunc pro tunc to June 30, 2009.
In its petition, the Company said it had US$100 million to
US$500 million in assets and US$100 million to US$500 million in
debts. In its formal schedules, the Company said it had assets of
$54,820,681 against debts of $210,183,657.
MOVIE GALLERY: Cash Falls by $3.37 Million in April
---------------------------------------------------
Bill Rochelle at Bloomberg News reports that Movie Gallery Inc.
filed an operating report showing a $92.7 million cash balance on
May 9, a decline of $3.37 million from the prior month. Great
American Group Inc. is closing the remaining stores while
guaranteeing Movie Gallery a recovery of no less than
$74.2 million.
About Movie Gallery
Based in Wilsonville, Ore., Movie Gallery, Inc., is the second
largest North American video and game rental company, operating
stores in the U.S. and Canada under the Movie Gallery, Hollywood
Video and Game Crazy brands.
Movie Gallery first filed for Chapter 11 on Oct. 16, 2007 (Bankr.
E.D. Va. Case Nos. 07-33849 to 07-33853). Kirkland & Ellis LLP
and Kutak Rock LLP represented the Debtors. The Company emerged
from bankruptcy on May 20, 2008, with private-investment firms
Sopris Capital Advisors LLC and Aspen Advisors LLC as its
principal owners. William Kaye was appointed plan administrator
and litigation trustee.
Movie Gallery returned to Chapter 11 protection on February 3,
2009 (Bankr. E.D. Va. Case No. 10-30696). Attorneys at
Sonnenschein Nath & Rosenthal LLP and Kutak Rock LLP represent the
Debtors in their second restructuring effort. Kurtzman Carson
Consultants serves as claims and notice agent.
Bankruptcy Creditors' Service, Inc., publishes Movie Gallery
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings undertaken by Movie Gallery Inc. and
its various affiliates. (http://bankrupt.com/newsstand/or
215/945-7000).
NEENAH FOUNDRY: Narrows Net Loss in April to $982,000
-----------------------------------------------------
Neenah Foundry Co. reported a $982,000 net loss in April on net
sales of $31.4 million. The operating loss in the month was
$801,000, due to $975,000 in restructuring costs. In March, the
net loss was $3.5 million.
Neenah's reorganization plan is scheduled for approval at a June
23 confirmation hearing. The plan was negotiated with holders of
55% of secured notes and all the subordinated notes before the
Chapter 11 filing in February.
About Neenah Enterprises
Headquartered in Neenah, Wisconsin, Neenah Enterprises, Inc. --
http://www.nfco.com/-- is the indirect parent holding company of
Neenah Foundry Company. Neenah Foundry Company and its
subsidiaries manufacture and market a wide range of iron castings
and steel forgings for the heavy municipal market and selected
segments of the industrial markets. Neenah is one of the largest
independent foundry companies in the United States, with
substantial market share in the municipal and various industrial
markets for gray and ductile iron castings and forged steel
products.
The Company filed for Chapter 11 bankruptcy protection on
February 3, 2010 (Bankr. D. Del. Case No. 10-10360). Edmon L.
Morton, Esq., and Kenneth J. Enos, Esq., assist the Company in its
restructuring effort. The Company had $286,611,000 in total
assets against total liabilities of $449,435,000, resulting in
stockholder's deficit of $162,824,000.
The Company's affiliates -- NFC Castings, Inc.; Neenah Foundry
Company; Cast Alloys, Inc.; Neenah Transport, Inc.; Advanced Cast
Products, Inc.; Gregg Industries, Inc.; Mercer Forge Corporation;
Deeter Foundry, Inc.; and Dalton Corporation -- filed separate
Chapter 11 petitions.
NEWPOWER HOLDINGS: Files Monthly Operating Report for March
-----------------------------------------------------------
NewPower Holdings, Inc., has filed its monthly operating report
for the period February 28, 2010, to March 31, 2010, with the
Bankruptcy Court for the Northern District of Georgia.
The Debtor had an opening cash balance of $550 and an ending cash
balance of $513.
A full-text copy of the Debtor's March 2010 operating report
is available for free at http://researcharchives.com/t/s?645f
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for Chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding, and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors as counsel. When the Debtors
filed for protection from their creditors, they reported
$231,837,000 in assets and $87,936,000 in debts.
On August 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary of the Company. That
Plan became effective on October 9, 2003, with respect to the
company and TNPC.
On February 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
NEWPOWER HOLDINGS: Files Monthly Operating Report for April
-----------------------------------------------------------
NewPower Holdings, Inc., filed its monthly operating report for
the period March 31, 2010, to April 30, 2010, with the
Bankruptcy Court for the Northern District of Georgia on June 2,
2010.
The Debtor had an opening cash balance of $513 and an ending cash
balance of $496.
A full-text copy of the Debtor's April 2010 operating report
is available for free at http://researcharchives.com/t/s?645d
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for Chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding, and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors as counsel. When the Debtors
filed for protection from their creditors, they reported
$231,837,000 in assets and $87,936,000 in debts.
On August 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary of the Company. That
Plan became effective on October 9, 2003, with respect to the
company and TNPC.
On February 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
NORTEL NETORKS: Reports $49 Million Net Loss for March
------------------------------------------------------
Nortel Networks Inc., et al.
Condensed Combined Balance Sheet
As of March 31, 2010
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
ASSETS
Current assets
Cash and cash equivalents $871 - -
Restricted cash and cash equivalents 36 1 -
Accounts receivable - net 123 - -
Intercompany accounts receivable 723 47 (6)
Inventories - net 32 - -
Other current assets 110 - -
Assets held for sale 103 - -
Assets of discontinued operations 22 - -
----- ---------- -----
Total current assets 2,020 48 (6)
Investments in non-Debtor
subsidiaries 45 1 (1)
Investments - other 19 - -
Plant and equipment - net 81 - -
Goodwill - 1 -
Other assets 50 - -
----- ---------- -----
Total assets $2,215 $50 ($7)
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject to compromise
Trade and other accounts payable 28 - -
Intercompany accounts payable 64 10 (6)
Payroll and benefit-related liabilities 52 - -
Contractual liabilities 4 - -
Restructuring liabilities 3 - -
Other accrued liabilities 150 - -
Income taxes 15 - -
Liabilities held for sale 86 - -
Liabilities of discontinued operations 28 - -
----- ---------- -----
Total current liabilities not
subject to compromise 430 10 (6)
Restructuring 4 - -
Deferred income and other credits 7 - -
Deferred revenue 4 - -
Post-employment benefits 8 - -
----- ---------- -----
Total liabilities not subject to
compromise 453 10 (6)
Liabilities subject to compromise 5,923 54 127
Liabilities subject to compromise
of discontinued operations 82 - -
----- ---------- -----
Total liabilities $6,458 $64 $121
SHAREHOLDERS' DEFICIT
Common shares - 719 32
Preferred shares - 16 47
Additional paid-in capital 17,746 7,330 5,252
Accumulated deficit (21,979) (8,079)(5,458)
Accumulated other comprehensive
income (loss) (10) - (1)
----- ---------- -----
Total U.S. Debtors shareholders'
deficit (4,243) (14) (128)
Noncontrolling interests - - -
Total shareholders' deficit (4,243) (14) (128)
----- ---------- -----
Total liabilities & shareholders'
deficit $2,215 $50 ($7)
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Operations
For the Period March 1 to 31, 2010
(Unaudited)
(In millions of U.S. dollars)
NNI AltSystems Other
----- ---------- -----
Total revenues $139 - -
Total cost of revenues 100 - -
----- ---------- -----
Gross profit 39 - -
Selling, general and admin expense 10 - -
Research and development expense 5 - -
Other operating expense (income)-net (24) - -
----- ---------- -----
Operating earnings (loss) 48 - -
Other income (expense) - net (3) - -
Interest expense (1) - -
----- ---------- -----
Earnings from continuing operations
before reorganization items, income
taxes and equity in net earnings
(loss) of associated companies 44 - -
Reorganization items, net (79) - -
----- ---------- -----
Loss from continuing operations
before income taxes and equity
in net earnings (loss) of
associated companies (35) - -
Income tax expense (5) - -
----- ---------- -----
Loss from continuing operations
before equity in net earnings
(loss) of associated companies (40) - -
Equity in net earnings (loss) of
associated companies, net of tax - - -
Equity in net earnings (1oss) of
non-Debtor subsidiaries, net of tax (4) - -
----- ---------- -----
Net earnings (loss) from continuing
operations ($44) - -
Net earnings (loss) from discontinued
Operations, net of tax (5) - -
----- ---------- -----
Net earnings (loss) ($49) - -
Income attributable to
non-controlling interests - - -
----- ---------- -----
Net earnings (loss) attributable
to U.S. Debtors ($49) - -
====== ====== =====
Nortel Networks Inc., et al.
Condensed Combined Statement of Cash Flows
For the Period March 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 ($49) - -
Net loss (earnings) from
discontinued operations, net of tax 5 - -
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 2 - -
Equity in net loss of associated
companies 4 - -
Pension and other accruals 1 - -
Reorganization items, non cash 47 - -
Other, net (3) - -
Change in operating assets
and liabilities (31) - -
----- ---------- -----
Net cash from (used in) operating
activities, continuing operations (24) - -
Net cash from (used in) operating
Activities, discontinued operations - - -
----- ---------- -----
Net cash from (used in) operating (24) - -
activities
Cash flows from (used in) investing
activities:
Expenditures for plant and equipment (1) - -
Proceeds on sale of businesses
and investments 2 - -
Change in restricted cash and cash
equivalents 1 - -
----- ---------- -----
Net cash from (used in) investing
activities, continuing operations 2 - -
Net cash from (used in) investing
activities, discontinued operations - - -
----- ---------- -----
Net cash from (used in) investing
Activities 2 - -
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 and cash equivalents - - -
----- ---------- -----
Net cash from (used in) continuing
operations (23) - -
Net cash from (used in) discontinued
operations - - -
----- ---------- -----
Net increase (decrease) in cash and
cash equivalents (23) - -
Cash and cash equivalents, beginning 894 - -
----- ---------- -----
Cash and cash equivalents, end 871 - -
Less cash and cash equivalents of
discontinued operations, end - - -
----- ---------- -----
Cash and cash equivalents of
continuing operations, end $871 - -
====== ====== =====
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)
POINT BLANK: Has $2.4 Million April Operating Loss
--------------------------------------------------
Bill Rochelle at Bloomberg News reports that Point Blank Solutions
Inc. incurred a $2.4 million operating loss in April on net sales
of $12.6 million. The net loss of $1.4 million resulted from a
$747,000 tax benefit.
Point Blank Solutions, Inc. --
http://www.pointblanksolutionsinc.com/-- designs and produces
body armor systems for the U.S. Military, Government and law
enforcement agencies, as well as select international markets.
The Company is recognized as the largest producer of soft body
armor in the U.S. The Company maintains facilities in Pompano
Beach, FL and Jacksboro, TN.
Point Blank Solutions filed for Chapter 11 on April 14, 2010
(Bankr. D. Del. Case No. 10-11255).
PROLIANCE INTERNATIONAL: Posts $191,000 Net Loss in March
---------------------------------------------------------
On April 22, 2010, Proliance International, Inc., filed a
monthly operating report for the filing period ended March 31,
2010.
The Company reported a net loss of $191,000 for the month of
March.
At March 31, 2010, the Company had $2,873,000 in total assets and
$74,945,000 in total liabilities. The Company ended March 2010
with $2,080,000 in cash, from beginning cash of $2,997,000.
On February 19, 2010, the Company, through its wholly-owned
subsidiary Aftermarket Delaware Corporation, entered into a sale
and purchase agreement with Banco Products (India) Ltd. with
respect to the sale of all of its outstanding equity interests in
its wholly-owned subsidiary, Nederlandse Radiateuren Fabriek B.V.,
to the buyer for EUR17.7 million. On February 19, 2010, the Court
approved the sale transaction which closed on February 22, 2010.
Proceeds from the sale transaction were principally utilized to
repay outstanding secured debt obligations of the Debtors.
A full-text copy of the Company's March 2010 operating report
is available for free at:
http://bankrupt.com/misc/prolianceinternational.marchmor.pdf
About Proliance International
Based in New Haven, Connecticut, Proliance International, Inc. --
http://www.pliii.com/-- aka Godan makes automobile parts. The
Company and its affiliates filed for Chapter 11 on July 2, 2009
(Bankr. D. Del. Lead Case No. 09-12278). Christopher M. Samis,
Esq., and Daniel J. DeFranceschi, Esq., at Richards, Layton &
Finger PA, represent the Debtors in their restructuring efforts.
The Debtors' financial condition as of June 22, 2009, showed total
assets of $160.3 million and total debts of $133.5 million.
The sale of Proliance's North American assets to Centrum Equities
XV, LLC, was consummated under the provisions of Section 363 of
the Bankruptcy Code on August 14, 2009.
PROLIANCE INTERNATIONAL: Posts $174,000 Net Loss in April
---------------------------------------------------------
On May 21, 2010, Proliance International, Inc., filed a
monthly operating report for the filing period ended April 30,
2010.
The Company reported a net loss of $174,000 for the month of
April. Included in the net loss are bankruptcy related
costs of $102,000.
The April 2010 monthly operating report did not include balance
sheet information as of April 30, 2010.
On February 19, 2010, the Company, through its wholly-owned
subsidiary Aftermarket Delaware Corporation, entered into a sale
and purchase agreement with Banco Products (India) Ltd. with
respect to the sale of all of its outstanding equity interests in
its wholly-owned subsidiary, Nederlandse Radiateuren Fabriek B.V.,
to the buyer for EUR17.7 million. On February 19, 2010, the Court
approved the sale transaction which closed on February 22, 2010.
Proceeds from the sale transaction were principally utilized to
repay outstanding secured debt obligations of the Debtors.
A full-text copy of the Company's April 2010 operating report
is available for free at:
http://bankrupt.com/misc/prolianceinternational.aprilmor.pdf
About Proliance International
Based in New Haven, Connecticut, Proliance International, Inc. --
http://www.pliii.com/-- aka Godan makes automobile parts. The
Company and its affiliates filed for Chapter 11 on July 2, 2009
(Bankr. D. Del. Lead Case No. 09-12278). Christopher M. Samis,
Esq., and Daniel J. DeFranceschi, Esq., at Richards, Layton &
Finger PA, represent the Debtors in their restructuring efforts.
The Debtors' financial condition as of June 22, 2009, showed total
assets of $160.3 million and total debts of $133.5 million.
The sale of Proliance's North American assets to Centrum Equities
XV, LLC, was consummated under the provisions of Section 363 of
the Bankruptcy Code on August 14, 2009.
PROVIDENT ROYALTIES: Posts $103,976 Net Loss in April
-----------------------------------------------------
Provident Royalties LLC, et al., reported a net loss of $103,976
on net revenue of $475,514 for the month ended April 30, 2010.
The Debtors ended the month with $49,534,127 in cash. The Debtors
paid a total of $525,359 in professional fees in April.
At April 30, 2010, the Debtors had total assets of $157,578,577,
total post petition liabilities of ($811,908), total prepetition
liabilities of $57,630,864, and total equity of $100,759,621.
A copy of Provident Royalties' April montly operating report is
available for free at:
http://bankrupt.com/misc/providentroyalties.aprilmor.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.
SMURFIT-STONE: Reports $62.9 Million Net Loss in April
------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Smurfit-Stone
Container Corp. reported a $62.9 million net loss in April on
sales of $512 million. The operating loss for the month was
$30.7 million. Before taxes and reorganization costs, the loss
was $33.2 million. Reorganization costs were $29.1 million.
Smurfit reached a settlement in May allowing common and preferred
shareholders to retain 4.5% of the stock, thus removing what the
company believed to be the last major objections to the
reorganization plan.
About Smurfit-Stone
Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers. The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada. The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States. The Company employs roughly 21,250
employees, 17,400 of which are based in the United States. For
the quarterly period ended September 30, 2008, the Company
reported roughly US$7.450 billion in total assets and
US$5.582 billion in total liabilities on a consolidated basis.
Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235). Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.
Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers. Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October. Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.
James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel. PricewaterhouseCoopers
LLC, serves as the Debtors' financial and investment consultants.
Lazard Freres & Co. LLC acts as the Debtors' investment bankers.
Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and
claims agent.
Bankruptcy Creditors' Service, Inc., publishes Smurfit-Stone
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Smurfit-Stone
Container Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
SOUTH BAY: Reports $1,453,264 Net Loss for April
------------------------------------------------
South Bay Expressway, L.P.
Balance Sheet
As of April 30, 2010
Assets
Cash and cash equivalents $406,000
Restricted cash 1,768,794
Short-term investments, restricted 41,109,875
Accounts receivable 15,289,696
Unbilled accounts receivable 1,316,402
Franchise development costs 20,000
Due from affiliates 638,217
Debt issuance costs, net 9,251,018
Property and equipment, net 560,334,542
Land 6,078,972
Prepaid expenses and other assets 1,438,822
-------------
Total assets $637,652,338
=============
Liabilities and partners capital
Postpetition liabilities
Accounts payable $811,176
Accrued liabilities 3,484,976
Unearned revenue 1,205,505
-------------
Total prepetition liabilities 5,501,658
Prepetition liabilities
Accounts payable 3,865,222
Accrued liabilities 30,185,124
Interest rate swaps, at fair value 22,345,000
Notes payable 510,320,019
Related party note payable 3,476,271
-------------
Total prepetition liabilities 570,191,635
Equity
Partners capital 99,666,474
Prepetition net income/(loss) (34,956,944)
Postpetition net income/(loss) (2,750,485)
-------------
Total equity 61,959,045
-------------
Total liabilities and partners capital $637,652,338
=============
South Bay Expressway, L.P.
Profit and Loss Statement
For the month ending April 30, 2010
Revenues
Toll Revenue, net $2,000,972
Interest Income 351
-------------
Total Revenues 2,001,323
Operating Expense
Salaries & Benefits 418,142
Credit Card Processing 28,017
Armored Car Service 10,093
CHP Services 16,000
Other Services 40,511
Maintenance 37,405
Facility 3,582
Office Supplies & Leasing 15,096
Insurance 103,880
Postage/Mailing/Courier 11,608
Communications 7,636
Information Systems Services 449
Technical Support 8,973
Utilities & Electric 30,786
Professional Fees & Services 57,224
Marketing & Public Relations 28,232
Taxes 295,001
Travel & Entertainment 2,549
Other G&A Costs 9,345
-------------
Total Operating Expense 1,124,529
Other Income/Expense
Depreciation & Amortization 1,829,216
Gain/Loss on Val of Derivatives -
Extraordinary Legal Expenses 976,897
Interest Expense (476,055)
-------------
Total Other Income/Expense 2,330,058
-------------
Net Income (loss) ($1,453,264)
=============
South Bay Expressway, L.P.
Cash Receipts and Disbursements
For the month ending April 30, 2010
Ending Balances for Period:
Collections Account $124,393
Project Account 2,574,844
Payments Account (26,043)
Payroll Account 2,666
Sweep Account 296,843
SANDAG Account 3,590
Construction Reserve Account 8,323,000
Debt Service Reserve Account 17,000,000
Litigation Reserve Sub Account 458,030
BBVA New York Litigation Account 1,728,742
Additional Equity Account 12,754,000
Utility Deposit Account 40,051
Petty Cash 4,550
-------------
Total Cash Available $43,284,668
=============
California Transportation Ventures, Inc., also delivered to the
Court a copy of its Monthly Operating Report for the period from
April 1 to 30, 2010. However, since the Debtor has no business
activity, the report contains zero figures.
About South Bay Expressway
South Bay Expressway, L.P., dba San Diego Expressway, L.P., filed
for Chapter 11 on March 22, 2010 (Bankr. S.D. Calif. Case No.
10-04516). Its affiliate, California Transportation Ventures
Inc., also filed for bankruptcy.
The Debtors developed and operate a four lane, nine mile express
toll road in Southern California commonly referred to as the South
Bay Expressway or State Road 125. Both estimated assets and debts
of $500 million to $1 billion in their bankruptcy petitions.
Robert Pilmer, Esq., at Kirkland & Ellis LLP, represents the
Debtors in their restructuring effort. PricewaterhouseCoopers LLP
is auditor and tax advisor. Imperial Capital LLC is financial
advisor. Epiq Bankruptcy Solutions LLC serves as claims and notice
agent.
The Debtors say that as of the bankruptcy filing, they have
roughly $640 million in book value of total assets and roughly
$570 million in book value of total liabilities.
Bankruptcy Creditors' Service, Inc., publishes South Bay
Expressway Bankruptcy News. The newsletter tracks the Chapter 11
proceeding undertaken by South Bay Expressway LP and California
Transportation Ventures Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
STATION CASINOS: Reports $21,183,000 Net Loss for April
-------------------------------------------------------
Station Casinos, Inc.
Balance Sheet
As of April 30, 2010
Cash and cash equivalents $2,225,000
Restricted cash 10,337,000
Accounts and notes receivable, net 22,430,000
Interco (payables) receivables (764,923,000)
Prepaid expenses 4,149,000
Inventories 14,000
Deferred tax asset current 114,000
--------------
Total current assets (725,654,000)
Property & equipment, net 93,688,000
Land held for development 0
Intangible assets 2,485,000
Debt issuance costs 0
Other assets 72,206,000
Investments in subsidiaries 4,117,755,000
Long-term deferred tax asset 38,468,000
--------------
Total assets $3,598,948,000
==============
Debtor-in-possession financing 300,008,000
I/C note & deferred rent payable 0
Current portion of LT debt 0
Accounts payable 501,000
Accrued expenses and other current liabilities 7,404,000
Accrued FIT payable (receivable) 4,201,000
Accrued interest payable 0
DIP interest payable 3,480,000
Payroll & related liabilities 4,950,000
Swap market value current 0
Deferred tax liability current (459,000)
--------------
Total current liabilities 320,085,000
LT debt less current portion 0
Long term accrued benefits 0
Deferred tax liability noncurrent 224,457,000
Other long-term liabilities, net 6,670,000
--------------
Total liabilities not subject to compromise 551,212,000
--------------
Liabilities subject to compromise 3,461,549,000
--------------
Total liabilities 4,012,761,000
--------------
Common stock 417,000
Restricted stock 321,274,000
Additional paid-in capital 2,662,113,000
Beginning retained earnings(deficit) (3,346,313,000)
Current year earnings(loss) (52,318,000)
Other comprehensive income(loss) 1,014,000
--------------
Total stockholders' equity (413,813,000)
--------------
Total liabilities and equity $3,598,948,000
==============
Station Casinos, Inc.
Statement of Operations
For the Month Ended April 30, 2010
Operating revenue:
Other $0
--------------
Net revenue 0
Operating costs and expenses 3,419,000
--------------
EBITDAR (3,419,000)
Land leases 0
Earnings(losses) from JV's 0
--------------
EBITDA (3,419,000)
Depreciation 666,000
Amortization 0
Severance 42,000
Preopening expenses 0
--------------
EBIT (4,127,000)
Cancelled debt offering costs 0
Early retirement of debt 0
Loss on lease termination (6,100,000)
I/C Interest income (2,136,000)
Interest income 0
Interest expense (2,942,000)
Less: capitalized interest 696,000
Interest expense-JV 0
Change in swap fair value 0
Gain(loss) on disposal 0
--------------
Income before fees, reorg & inc tax (14,609,000)
Management fees 1,883,000
Reorganization costs (6,210,000)
Federal tax expense (2,247,000)
--------------
Net income(loss) ($21,183,000)
==============
Station Casinos, Inc.
Statement of Cash Flows
For the Month Ended April 30, 2010
Cash flows from operating activities:
Net income ($21,183,000)
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation and amortization 666,000
Shared-based compensation 1,154,000
Change in fair value of derivative instrument 0
Loss on disposal of assets 0
Loss on early retirement of debt 0
Amortization of debt discount 0
Reorganization items 6,210,000
Changes in assets and liabilities:
Decrease(increase) in restricted cash (1,000)
Decrease(increase) in accounts and notes
receivables, net (3,513,000)
Decrease(increase)in inventories and
prepaid expenses and other 47,000
Increase(decrease) in deferred income taxes 10,701,000
Increase(decrease) in liability subject
to compromise 0
Increase(decrease) in accounts payable (55,000)
Increase(decrease) in accrued interest (68,000)
Increase(decrease) in accrued expenses and
other current liabilities 17,031,000
Increase(decrease)in intercompany payables (34,071,000)
Other, net (28,000)
--------------
Total adjustments (1,927,000)
Net cash provided by (used in) operating
activities, before reorganization items (23,110,000)
--------------
Cash used for reorganization items (4,023,000)
--------------
Net cash provided by (used in) operating actv. (27,133,000)
Cash flows from investing activities:
Capital expenditures (1,058,000)
Intangible assets 0
Proceeds from intercompany sale of land 0
Distributions from subsidiaries, net of investments 379,000
Native American development costs 0
Other, net (696,000)
--------------
Net cash provided by investing activities (1,375,000)
Cash flows from financing activities:
Borrowings under DIP Financing, net 30,044,000
Payments under term loan, maturity 3 mos. 0
Payments of debt issue costs 0
Capital contributions 0
Other, net (5,000)
--------------
Net cash provided by(used in) financing activities 30,039,000
Cash and cash equivalents:
Increase(decrease) in cash and cash equivalents 1,531,000
Balance, beginning period 694,000
--------------
Balance, end of period $2,225,000
==============
About Station Casinos
Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.
The Company owns and operates Red Rock Casino Resort Spa, Palace
Station Hotel & Casino, Boulder Station Hotel & Casino, Santa Fe
Station Hotel & Casino, Wildfire Rancho and Wild Wild West
Gambling Hall & Hotel in Las Vegas, Nevada, Texas Station Gambling
Hall & Hotel and Fiesta Rancho Casino Hotel in North Las Vegas,
Nevada, and Sunset Station Hotel & Casino, Fiesta Henderson Casino
Hotel, Wildfire Boulder, Gold Rush Casino and Lake Mead Casino in
Henderson, Nevada. Station also owns a 50% interest in Green
Valley Ranch Station Casino, Aliante Station Casino and Hotel,
Barley's Casino & Brewing Company, The Greens and Wildfire Lanes
in Henderson, Nevada and a 6.7% interest in the joint venture that
owns the Palms Casino Resort in Las Vegas, Nevada. In addition,
the Company manages Thunder Valley Casino near Sacramento,
California on behalf of the United Auburn Indian Community.
Station Casinos Inc., together with its affiliates, filed for
Chapter 11 on July 28, 2009 (Bankr. D. Nev. Case No. 09-52477).
Station Casinos has hired Milbank, Tweed, Hadley & McCloy LLP as
legal counsel in the Chapter 11 case; Brownstein Hyatt Farber
Schreck, LLP, as regulatory counsel; and Lewis and Roca LLP as
local counsel. The Debtor is also hiring Lazard Freres & Co. LLC
as investment banker and financial advisor. Kurtzman Carson
Consultants LLC is the claims and noticing agent.
In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009. About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.
Bankruptcy Creditors' Service, Inc., publishes Station Casinos
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Station Casinos Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TOUSA INC: Ending 401(k); Cash Almost $490 Million in April
-----------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Tousa Inc., which is
liquidating and which has reduced 1,000 workers to 29, is
terminating the 401(k) savings plan for employees. The Company
had been matching contributions as much as 6 percent of a worker's
wages.
According to the report, Tousa reported cash of $489.7 million on
April 30, an increase of $700,000 over the month.
Additional recoveries for creditors may come from a lawsuit the
creditors committee successfully brought against lenders,
contending that a bailout and refinancing in mid-2007 of a joint
venture in Transeastern Properties Inc. resulted in fraudulent
transfers. To take an appeal, the bankruptcy judge required the
banks to post $700 million in bonds to hold up enforcement of the
judgment pending appeal.
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.
WHITE ENERGY: Has $1.06 Million Net Loss in April
-------------------------------------------------
Bill Rochelle at Bloomberg News reports that White Energy Inc.
reported a $1.06 million net loss in April on sales of
$39 million. The operating loss in the month was $207,000.
Reorganization costs for April were $857,000. From the outset of
the reorganization in May 2009, cumulative net income is
$14.6 million on sales of $418 million.
Headquartered in Dallas, Texas, White Energy, Inc. --
http://www.white-energy.com/-- owns three ethanol plants. White
Energy's plants have a combined capacity of producing 240 million
gallons of ethanol a year, making it one of the 10 largest ethanol
producers in the U.S. and the second-largest gluten maker. Two
plants are in Texas with the third in Kansas. White spent
$323 million building the plants in Texas.
The Company and its debtor-affiliates filed for Chapter 11 on
May 7, 2009 (Bankr. D. Del. Lead Case No. 09-11601). Michael R.
Lastowski, Esq., at Duane Morris LLP, represents the Debtors in
their restructuring efforts. The Debtors tapped The Garden City
Group Inc. as claims agent. On the petition date, White Energy
disclosed assets and debts ranging from $100 million to
$500 million.
WHITE BIRCH: Bear Island Reports $396,000 Net Loss in April
-----------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Bear Island Paper Co.
filed an operating report for April showing a net loss of $396,000
on sales of $9.05 million. The operating loss was the same as the
net loss.
White Birch Paper Company -- http://www.whitebirchpaper.com/-- is
the second largest newsprint manufacturer in North America with
operations in both Canada and the United States.
The Company filed for Chapter 15 on February 24, 2010 (Chapter 15
E.D. Va. Case No. 10-31234.) White Birch's assets range from
$100,000,001 to $500,000,000 and liabilities range from
$500,000,001 to $1,000,000,000.
Its debtor-affiliate, Bear Island Paper Company, L.L.C., filed for
Chapter 11 (Bankr. Case No. 10-31202). In its petition, Bear
Island listed assets between $100,000,001 to $500,000,000 and
debts ranging from $500,000,001 to $1,000,000,000.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2010. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
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