/raid1/www/Hosts/bankrupt/TCR_Public/100619.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 19, 2010, Vol. 14, No. 168
Headlines
ABITIBIBOWATER INC: Reports $449,563 Net Income for April
BASHAS' INC: Reports $393,000 Net Loss in April
BLACK GAMING: Posts $681,027 Net Loss in April
BROADSTRIPE LLC: Reports $2.8 Million Net Loss in April
CHEMTURA CORP: Reports $2 Million Net Profit in May
GREEKTOWN HOLDINGS: March Operating Report Amended
GREEKTOWN HOLDINGS: Reports $223,215 Net Loss for April
GUARANTY FINANCIAL: Incurs $48,021 Net Loss in May
HEARTLAND PUBLICATIONS: Posts $1.3 Million Net Loss in April
JEVIC TRANSPORTATION: Earns $39,011 in April
LAKE AT LAS: Posts $2.9 Million Net Loss in April
LEXINGTON PRECISION: Posts $111,000 Net Loss in March
LEXINGTON PRECISION: Earns $54,000 in April
MIDDLEBROOK PHARMA: Files Initial Monthly Operating Report
MOVIE GALLERY: Has $92,662,000 Cash as of May 9
NORTEL NETWORKS: Earns $22 Million in April
OPUS WEST: Files Operating Report for April
OPUS WEST: Files Operating Report for May
PNG VENTURES: Posts $368,036 Net Loss in February
PRECISION PARTS: Posts $11,188 Net Loss in March
PRECISION PARTS: Earns $264,812 in April
SMURFIT-STONE: Reports $62,859,000 Net Loss for April
TARRAGON CORP: Ends April 2010 With $2.1 Mln in Unrestricted Cash
TRICOM SA: Ends April With $11,984,636 Cash
TRIDENT RESOURCES: Earns $12,081,038 in April
TROPICANA ENT: NJ Debtors Report $226,000 Net Loss for March
TROPICANA ENT: NJ Debtors Report $76,000 Net Loss for April
VINEYARD NATIONAL: Ends May With $1,122,045 Cash
VISTEON CORP: Reports $57,076,000 Net Loss for April
*********
ABITIBIBOWATER INC: Reports $449,563 Net Income for April
---------------------------------------------------------
AbitibiBowater Inc., et al.
Consolidated Balance Sheet
As of April 30, 2010
ASSETS
Cash and cash equivalents $457,181,508
Receivables - Net 324,973,832
Inventories 272,276,021
Prepaid Expense and Other 35,707,862
Notes Receivable from Affiliates 3,636,413,417
Income Tax Receivable -
Deferred Income Taxes -
-----------------
Total Current Assets 4,726,552,640
Plant and Equipment 5,244,428,690
Less Accumulated Depreciation (3,627,762,198)
-----------------
Plant and Equipment, Net 1,616,666,492
Good will/Intangible Assets 56,065,231
Investment in Subsidiaries 14,891,143,931
Other Assets 229,127,903
-----------------
Total Assets $21,519,556,197
=================
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade Accounts Payable $41,154,840
Accrued Liabilities 232,790,367
Current Portion of Long Term Debt 206,000,000
Due to Affiliates 255,738,411
Income Tax Payable 1,548,756
-----------------
Total Current Liabilities 737,232,374
Long Term Debt 0
Reclassification to Current Portion 0
-----------------
Long Term Debt Net of Current Installments 0
Loans from Affiliates -
Other Liabilities 147,869,819
Deferred Income Taxes (160,721,780)
Liabilities Subject to Compromise
Debt 3,019,652,337
Debt - Affiliate 3,711,155,299
Accounts Payable 100,615,196
Other 754,098,308
-----------------
Total Liabilities 8,309,901,553
Shareholder Equity - Net 13,209,654,644
-----------------
Total Liabilities & Shareholders' Equity $21,519,556,197
=================
AbitibiBowater Inc., et al.
Consolidated Statement of Operations
For the period from April 1, 2010 to April 30, 2010
Sales - Net $349,344,818
Cost of Sales 342,079,444
-----------------
Gross Profit (Loss) 7,265,374
Operating Expenses
Selling, General and Administrative (2,921,568)
Research and Development -
Restructuring and Other Costs 5,252,482
-----------------
Total Operating Expenses 2,330,914
-----------------
Operating Income (Loss) 4,934,460
Interest Income (Expense) (12,280,004)
Other Income (Expense) Net 8,268,424
Equity in Earnings of Subsidiaries (504,984)
-----------------
Income Before Taxes 417,896
Income Tax Expense 31,667
-----------------
Net income before Discontinued Operations 449,563
Discontinued Operations -
-----------------
Net Income (Loss) $449,563
=================
AbitibiBowater Inc., et al.
Consolidated Schedule of Receipts and Disbursements
For the period from April 1, 2010 to April 30, 2010
Total Cash Receipts $340,031,000
Disbursements:
Payroll & Payroll Taxes 42,709,000
Non-Payroll Labor 6,360,000
Raw Materials 70,700,000
Utilities 16,021,000
Freight 15,889,000
SG&A 19,677,000
Supplies 13,729,000
Rent 58,000
Customer Rebates 564,000
Interest 8,725,000
Security Deposits -
Taxes -
Other 10,217,000
-----------------
Total Cash Disbursements $204,647,000
=================
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).
BASHAS' INC: Reports $393,000 Net Loss in April
-----------------------------------------------
Bill Rochelle at Bloomberg News reports that Bashas' Inc. reported
a $393,000 net loss in April. The month would have been
profitable were it not for $395,000 in reorganization costs.
Total revenue in April was $113.4 million. The gross profit in the
month was $36.9 million.
According to Bloomberg, Bashas' said in a court filing that it
expects to hold a confirmation hearing for approval of the
reorganization plan in "late summer." The bankruptcy judge in
Phoenix approved the explanatory disclosure statement and
originally scheduled confirmation for April 6. The company has
put off plan approval while it works on securing exit financing.
About Bashas' Inc.
Bashas' Inc. is a 77-year-old grocery chain that owns 158 retail
stores located throughout Arizona. It is doing business as
National Grocery, Bashas Food, Bashas' United Drug, Food City,
Eddie's Country Store, A,.J. Fine Foods, Western Produce, Bashas'
Distribution Center, Sportsman's, and Bashas' Dine.
The Company and its affiliates filed for Chapter 11 bankruptcy
protection on July 12, 2009 (Bankr. D. Ariz. Case No. 09-16050).
Frederick J. Petersen, Esq., at Mesch, Clark & Rothschild, P.C.,
assists the Debtors in their restructuring efforts. Michael W.
Carmel, Ltd., is the Debtors' co-counsel. Deloitte Financial
Advisory LLP serves as financial advisors. Epiq Bankruptcy
Solutions, LLC, serves as claims and notice agent. In its
bankruptcy petition, Bashas' listed $100 million to $500 million
each in assets and debts.
BLACK GAMING: Posts $681,027 Net Loss in April
----------------------------------------------
Black Gaming, LLC, filed with the U.S. Bankruptcy Court for the
District of Nevada on May 25, 2010, a monthly operating report for
April 2010.
The Debtor reported a net loss of $681,027 for the month ended
April 30, 2010.
At April 30, 2010, the Debtor's balance sheet showed $16,839,279
in assets, $26,894,342 of liabilities, and ($10,055,062) of owners
equity. The Debtor ended April 2010 with $7,975,383 in cash,
compared to $7,619,745 at the beginning of the period.
A full-text copy of the April 2010 monthly operating report is
available for free at:
http://bankrupt.com/misc/blackgaming.aprilmor.pdf
About Black Gaming
Headquartered in Las Vegas, Nev., Black Gaming, LLC, is a holding
company and is an owner and operator of three gaming entertainment
properties located in Mesquite, Nevada.
The Company filed for Chapter 11 bankruptcy protection on March 1,
2010 (Bankr. D. Nev. Case No. 10-13301). Gregory E. Garman, Esq.,
and Talitha B. Gray, Esq., at Gordon & Silver, Ltd., assist the
Company in its restructuring effort. Kurtzman Carson Consultants
is the Company's claims and notice agent. In its petition, the
Company listed $10,000,001 to $50,000,000 in assets and
$100,000,001 to $500,000,000 in liabilities.
The Company's affiliates -- B&BB, Inc.; R. Black, Inc.; Casablanca
Resorts, LLC; Casablanca Resorts, LLC; Oasis Interval Ownership,
LLC; Oasis Interval Management, LLC; Oasis Recreational
Properties, Inc.; RBG, LLC; and Virgin River Casino Corporation --
filed separate Chapter 11 petitions.
BROADSTRIPE LLC: Reports $2.8 Million Net Loss in April
-------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Broadstripe LLC
reported a $2.8 million net loss in April on revenue of
$7.7 million. Depreciation and amortization in the month were
$2.4 million while reorganization costs were $625,000.
Bloomberg notes that Broadstripe's exclusive period to propose a
plan expires July 2, when Broadstripe will have been in
reorganization for 18 months. The case hasn't progressed to
conclusion in view of a suit where the unsecured creditors'
committee contends that secured lenders' claims should be
subordinated or recharacterized as equity.
About Broadstripe LLC
Headquartered in Chesterfield, Missouri, Broadstripe LLC --
http://www.broadstripe.com/-- provides videos and telephone
services to consumers and business in Maryland, Michigan,
Washington and Oregon. The Company and five of its affiliates
filed for Chapter 11 protection on January 2, 2009 (Bankr. D. Del.
Lead Case No. 09-10006). Attorneys at Ashby & Geddes, and Gardere
Wynne Sewell LLP represent the Debtors in their restructuring
efforts. The Debtors tapped FTI Consulting Inc. as their
restructuring consultant, and Epiq Bankruptcy Consultants LLC as
their claims agent. In its petition, Broadstripe listed assets
and debts between $100 million and $500 million.
CHEMTURA CORP: Reports $2 Million Net Profit in May
---------------------------------------------------
Bill Rochelle at Bloomberg Chemtura Corp. reported a $3 million
operating profit and a $2 million net profit in May on net sales
of $209 million.
Chemtura said in May it planned to file a reorganization plan by
June 17 that would pay creditors nearly in full and might include
a distribution for shareholders. In court June 15, the company
said it hopes to have environmental claims settled with state
authorities by mid-July.
About Chemtura Corp.
Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.
Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel. The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.
As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.
Bankruptcy Creditors' Service, Inc., publishes Chemtura
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings undertaken by Chemtura Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
GREEKTOWN HOLDINGS: March Operating Report Amended
--------------------------------------------------
The March 2010 monthly operating report for Greektown Casino LLC
was amended as a result of quarterly audit adjustments which were
recorded subsequent to the filing of the MOR. The adjustments
relate to legal costs resulting from both the new DIP financing
and the exit financing.
According to the Debtors, the legal costs were originally
expensed as reorganization costs. Later, it was determined that
the legal costs relate to the financing and needed to be properly
capitalized and amortized over the lives of the respective loans.
The first adjustment, amounting to $500,000, relates to the DIP
financing and decreased reorganization costs and increased
deferred financing fees.
The Debtors explain that the DIP Facility has a life of six
months so Greektown Casino has amortized three months of the
capitalized cost or $250,000, which increased interest expense
and decreased deferred financing fees.
The second adjustment, amounting to $290,000, relate to legal
costs for the exit financing. The Debtors note that the costs
were initially expensed as reorganization costs but when it was
determined that the costs were related to the exit financing,
they made an adjustment to decrease reorganization costs and
increase the deferred financing fees asset. The costs will be
amortized over the life of the exit financing, which is five
years from the date the loan is effective.
The March 2010 MORs for Greektown Holdings LLC, Kewadin Greektown
Casino LLC, and Monroe Partners LLC have also been amended to
reflect the flow-through impact of the adjustments made at
Greektown Casino LLC.
Greektown Holdings, LLC
Balance Sheet
As of March 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 540,697,297
Investments in affiliate (61,507,890)
--------------
Total Assets $483,631,993
==============
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 191,723,142
All other secured liabilities 348,974,156
--------------
Total secured liabilities 540,697,297
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 243,424,223
Discount on bonds 0
--------------
Total prepetition liabilities 243,424,223
Kewadin equity (99,399,607)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (231,833,763)
--------------
Total stockholders' equity (301,839,527)
--------------
Total liabilities 785,471,520
--------------
Total Liabilities & Shareholders' Deficit $483,631,993
==============
Greektown Holdings, LLC
Income Statement
For the month ended March 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 March 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 March 31, 2010
Assets
Cash $20,063,170
Inventory 377,975
Accounts receivable 3,867,888
Insider Receivables -
Property and Equipment
Land and buildings 516,760,757
Furniture, fixtures and equipment 111,354,381
Accumulated depreciation (158,090,372)
Other current 36,028,637
Other long term 17,897,946
--------------
Total Assets $548,260,382
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $23,269,081
Notes payable 1,438,661
Rent and lease payable -
Wages and salaries 3,378,612
Taxes payable 1,969,713
Other 167,400
--------------
Total postpetition liabilities 30,223,467
Secured liabilities subject to postpetition
collateral or financing order 191,723,141
All other secured liabilities 348,974,156
--------------
Total secured liabilities 540,697,297
Prepetition liabilities:
Taxes and other priority liabilities -
Unsecured liabilities 35,514,869
Other 2,332,640
--------------
Total prepetition liabilities 37,847,509
Equity 47,575,616
Owner's capital -
Retained earnings prepetition 82,744,007
Retained earnings postpetition (190,827,514)
--------------
Total shareholders' equity (60,507,891)
--------------
Total liabilities 608,768,273
--------------
Total Liabilities & Shareholders' Equity $548,260,382
==============
Greektown Casino LLC
Income Statement
For the month ended March 31, 2010
Total revenue/sales $35,416,957
Cost of sales 4,083,604
--------------
Gross profit 31,333,354
Operating Expenses
Officer compensation 42,582
Salary expenses, other employees 5,281,183
Employees benefits & pensions 2,224,385
Payroll taxes 661,093
Other taxes 626,872
Rent and lease expense 7,989
Interest expense 5,693,669
Insurance 310,380
Automobile & truck expense -
Utilities 345,235
Depreciation 1,528,239
Travel and entertainment 3,329
Repairs and maintenance 80,090
Advertising 698,753
Supplies, office expense, etc. 17,586
Gaming taxes 4,436,982
G&A expenses 2,614,429
F&B expenses 1,157,557
MGCB Fee 852,778
Parking/other -
Pre-opening expenses -
Impairment of intangible assets -
--------------
Total expenses 26,583,132
Net operating profit (loss) 4,750,221
Add: Non-operating income:
Interest income -
Other income -
Less: Non-operating expenses
Professional fees 4,121,174
Other 298,264
Other - MBT(Benefit)/Expense 303,207
--------------
Net Income (Loss) $27,576
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended March 31, 2010
Cash - beginning of month $8,798,450
Receipts 37,433,101
Balance available 46,231,551
--------------
Less disbursements 42,425,185
--------------
Cash - end of month $3,806,366
==============
GREEKTOWN HOLDINGS: Reports $223,215 Net Loss for April
-------------------------------------------------------
Greektown Holdings, LLC
Balance Sheet
As of April 30, 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 543,278,948
Investments in affiliate (60,731,105)
--------------
Total Assets $485,990,429
==============
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 192,257,835
All other secured liabilities 351,021,114
--------------
Total secured liabilities 543,278,948
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 245,081,515
Discount on bonds 0
--------------
Total prepetition liabilities 245,081,515
Kewadin equity (99,399,607)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (233,714,270)
--------------
Total stockholders' equity (303,720,035)
--------------
Total liabilities 789,710,463
--------------
Total Liabilities & Shareholders' Deficit $485,990,429
==============
Greektown Holdings, LLC
Income Statement
For the month ended April 30, 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 April 30, 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 April 30, 2010
Assets
Cash $25,878,511
Inventory 408,860
Accounts receivable 4,100,766
Insider Receivables -
Property and Equipment
Land and buildings 516,998,693
Furniture, fixtures and equipment 112,538,882
Accumulated depreciation (160,133,893)
Other current 31,453,084
Other long term 17,676,454
--------------
Total Assets $548,921,356
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $20,706,773
Notes payable 1,285,822
Rent and lease payable -
Wages and salaries 3,759,867
Taxes payable 691,021
Other 148,764
--------------
Total postpetition liabilities 26,592,248
Secured liabilities subject to postpetition
collateral or financing order 192,257,834
All other secured liabilities 351,021,114
--------------
Total secured liabilities 543,278,948
Prepetition liabilities:
Taxes and other priority liabilities -
Unsecured liabilities 37,448,625
Other 2,332,640
--------------
Total prepetition liabilities 39,781,265
Equity 47,575,616
Owner's capital -
Retained earnings prepetition 82,744,007
Retained earnings postpetition (191,050,728)
--------------
Total shareholders' equity (60,731,105)
--------------
Total liabilities 609,652,461
--------------
Total Liabilities & Shareholders' Equity $548,921,356
==============
Greektown Casino LLC
Income Statement
For the month ended April 30, 2010
Total revenue/sales $33,990,507
Cost of sales 4,143,100
--------------
Gross profit 29,847,407
Operating Expenses
Officer compensation 42,582
Salary expenses, other employees 5,074,255
Employees benefits & pensions 2,078,691
Payroll taxes 614,999
Other taxes 390,925
Rent and lease expense 7,989
Interest expense 4,808,953
Insurance 260,851
Automobile & truck expense -
Utilities 493,867
Depreciation 2,043,521
Travel and entertainment 10,697
Repairs and maintenance 70,312
Advertising 751,960
Supplies, office expense, etc. 17,523
Gaming taxes 6,796,173
G&A expenses 2,663,998
F&B expenses 958,712
MGCB Fee 852,778
Parking/other -
Pre-opening expenses -
Impairment of intangible assets -
--------------
Total expenses 27,938,784
Net operating profit (loss) 1,908,623
Add: Non-operating income:
Interest income -
Other income -
Less: Non-operating expenses
Professional fees 1,881,838
Other -
Other - MBT(Benefit)/Expense 250,000
--------------
Net Income (Loss) ($223,215)
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended April 30, 2010
Cash - beginning of month $3,806,366
Receipts 9,129,387
Balance available 12,935,753
--------------
Less disbursements 8,703,426
--------------
Cash - end of month $4,232,327
==============
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)
GUARANTY FINANCIAL: Incurs $48,021 Net Loss in May
--------------------------------------------------
On June 10, 2010, Guaranty Financial Group Inc. and each of its
wholly owned subsidiaries, Guaranty Group Ventures Inc., Guaranty
Holdings Inc., and Guaranty Group Capital Inc. filed their
unaudited monthly operating reports for May 2010 with the United
States Bankruptcy Court for the Northern District of Texas, Dallas
Division.
Guaranty Financial Group reported a net loss of $48,021 for the
month of May 2010. The Debtor incurred a total of $33,608 in
professional fees for the month.
At May 31, 2010, Guaranty Financial Group had $12,353,084 in
total assets, $329,145,773 in total liabilities, and
($316,792,689) in total equity.
A full-text copy of Guaranty Financial Group's monthly operating
report is available for free at:
http://researcharchives.com/t/s?64d1
Guaranty Group Ventures reported net income of $640 for the month
of May 2010.
At May 31, 2010, Guaranty Group Ventures had $12,238,867 in
total assets, $371,185 in total liabilities, and $11,867,682 in
total equity.
A full-text copy of Guaranty Group Ventures' monthly operating
report is available for free at:
http://researcharchives.com/t/s?64d2
Guaranty Holdings reported $0 profit for the month of
May 2010.
At May 31, 2010, Guaranty Holdings had $7,495 in total assets
and $7,495 in total equity.
A full-text copy of Guaranty Holdings' monthly operating report is
available for free at http://researcharchives.com/t/s?64d3
Guaranty Group Capital reported net income of $319 for the month
of May 2010.
At May 31, 2010, Guaranty Group Capital had $4,172,197 in total
assets and $4,172,197 in total equity.
A full-text copy of Guaranty Group Capital's monthly operating
report is available for free at:
http://researcharchives.com/t/s?64d4
Guaranty Financial Group Inc. -- http://www.guarantygroup.com/--
is based in Dallas, Texas. Guaranty Financial is a unitary
savings and loan holding company. The Company's primary operating
entities are Guaranty Bank and Guaranty Insurance Services, Inc.
Guaranty Financial filed for bankruptcy after the Guaranty bank
was seized by regulators and sent to receivership under the
Federal Deposit Insurance Corporation. Before the bank was taken
over, the balance sheet of the holding company had $15.4 billion
in assets as of Sept. 30, 2008.
Guaranty Financial together with affiliates filed for Chapter 11
on Aug. 27, 2009 (Bankr. N.D. Tex. Case No. 09-35582). Attorneys
at Haynes & Boone, LLP, represent the Debtors. According to the
schedules attached to its petition, the Company has assets of at
least $24,295,000, and total debts of $323,413,428, including
$305 million in trust preferred security.
HEARTLAND PUBLICATIONS: Posts $1.3 Million Net Loss in April
------------------------------------------------------------
Heartland Publications, LLC, reported a net loss of $1,330,129 on
$4,491,106 of revenue for the month of April 2010.
The Debtor ended April 2010 with $3,948,728 in cash.
A copy of the April 2010 monthly operating report is available at
no charge at:
http://bankrupt.com/misc/heartlandpublications.april2010mor.pdf
Headquartered in Clinton, Connecticut, Heartland Publications, LLC
-- http://www.heartlandpublications.com/-- operates 50 paid-
circulation newspapers and numerous free or controlled
distribution products in Georgia, Kentucky, North and South
Carolina, Ohio, Oklahoma, Tennessee, Virginia and West Virginia.
The Company reaches more than 250,000 print subscribers each month
and many others via interactive Web sites. The Company operates
50 paid-circulation newspapers and numerous free or controlled
distribution products in nine states.
Heartland Publications LLC's First Amended Joint Plan of
Reorganization was confirmed by the Bankruptcy Court on April 16,
2010. The Debtor emerged from Chapter 11 bankruptcy on May 1,
2010.
Heartland Publications, LLC -- aka Macon County Times, et al. --
filed for Chapter 11 bankruptcy protection on December 21, 2009
(Bankr. D. Del. Case No. 09-14459). Kenneth J. Enos, Esq., and
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor,
assist the Company in its restructuring effort. Duff & Phelps,
Securities LLC is the Debtor's financial advisor. Epiq Bankruptcy
Solutions is the Debtor's claims and notice agent. As of
October 31, 2009, the Debtor has $134.3 million in assets and
$166.2 million in liabilities.
JEVIC TRANSPORTATION: Earns $39,011 in April
--------------------------------------------
Jevic Transportation, Inc., filed with the U.S. Bankruptcy Court
for the District of Delaware on June 14, 2010, its monthly
operating report for the month of April 2010.
The Company reported net income of $39,011 for the period.
At April 30, 2010, the Company had total assets of $608,228 and
total liabilities of $12,206,497, for a stockholders' deficit of
$11,598,269.
A full-text copy of the Company's monthly operating report for the
month ended April 30, 2010, is available at no charge at:
http://bankrupt.com/misc/jevictransportation.aprilmor.pdf
Based in Delanco, New Jersey, Jevic Transportation Inc. --
http://www.jevic.com/-- provides trucking services. The company
has two units: Jevic Holding Corp. and Creek Road Properties.
Neither of the units have assets nor operations. The company and
its affiliates filed for chapter 11 protection on May 20, 2008
(Bankr. D. Del. Case No. 08-11008). Domenic E. Pacitti, Esq., and
Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg &
Ellers, in Wilmington, Delaware, represent Jevic Transportation.
The U.S. Trustee for Region 3 has appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Robert J.
Feinstein, Esq., Bruce Grohsgal, Esq., and Maria A. Bove, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware,
represent the Official Committee of Unsecured Creditors.
Before filing for bankruptcy, the Debtors initiated an orderly
wind-down process. As a part of the wind-down process, the
Debtors have ceased substantially all of their business and
terminated approximately 90% of their employees. The Debtors
continue to manage the wind-down process in attempt to deliver all
of the freight that is in their system and to retrieve their
assets.
When the Debtors filed for protection against their creditors,
they listed assets and debts between $50 million and $100 million.
As reported in the Troubled Company Reporter on Jan. 3, 2009,
The company reported a net loss of $296,469 on $0 revenues for the
month of September 2008. At Sept. 30, 2008, the company had total
assets of $28,934,350, total liabilities of $36,188,467, and
stockholders' deficit of $7,254,117.
LAKE AT LAS: Posts $2.9 Million Net Loss in April
-------------------------------------------------
Lake at Las Vegas Joint Venture, LLC, reported a net loss of
$2,921,606 for the month ended April 30, 2010.
At April 30, 2010, Lake at Las Vegas had total assets of
$601,873,705 and total liabilities of $796,051,143, for a
stockholders' deficit of $194,177,438. The Debtor ended
April 2010 with $1,118,067 in unrestricted cash and equivalents
compared with $533,093 at March 31, 2010.
A full-text copy of the April 2010 monthly operating report is
available for free at:
http://bankrupt.com/misc/lakeatlas.aprilmor.pdf
Headquartered in Henderson, Nevada, Lake at Las Vegas
JointVenture, LLC and 14 of its debtor-affiliates --
http://www.lakelasvegas.com/-- are owners and developers of
3,592-acre residential and resort destination Lake Las Vegas
Resort in Las Vegas, Nevada. Centered around a 320-acre man-made
lake, Lake Las Vegas contains more than 9,000 residential units,
and also includes two luxury resort hotels (a Loews and a Ritz-
Carlton), a casino, a specialty retail village shopping area,
marinas, three signature golf courses and related clubhouses, and
other real property.
The Debtors filed separate petitions for Chapter 11 relief on
July 17, 2008 (Bankr. D. Nev. Lead Case No. 08-17814). When Lake
at Las Vegas Joint Venture, LLC, filed for protection from its
creditors, it listed assets of $100 million to $500 million, and
debts of $500 million to $1.0 billion. Courtney E. Pozmantier,
Esq., Martin R. Barash, Esq., at Klee, Tuchin, Bogdanoff & Stern
LLP, Jason D. Smith, Esq., at Santoro, Driggs, Walch, Kearney,
Holley & Thompson, Jeanette E. McPherson, Esq., Lenard E.
Schwartzer, Esq., at Schwartzer & McPherson Law Firm, represent
the Debtors as counsel. Kaaran E. Thomas, Esq., Ryan J. Works,
Esq., at McDonald Carano Wilson LLP, represent the Official
Committee of Unsecured Creditors as counsel.
LEXINGTON PRECISION: Posts $111,000 Net Loss in March
-----------------------------------------------------
On May 5, 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 March 2010.
The Debtors reported a net loss of $111,000 on net sales of
$6.5 million for the month ended March 31, 2010.
At March 31, 2010, the Debtors had total assets of
$45.5 million and total liabilities of $103.7 million, for a
shareholders' deficit of $58.2 million.
A full-text copy of the Debtor's monthly operating report for
March is available for free at:
http://bankrupt.com/misc/lexingtonprecison.marchmor.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.
LEXINGTON PRECISION: Earns $54,000 in April
-------------------------------------------
On May 21, 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 April 2010.
The Debtors reported net income of $54,000 on net sales of
$6.7 million for the month ended April 30, 2010.
At April 30, 2010, the Debtors had total assets of
$45.8 million and total liabilities of $104.0 million, for a
shareholders' deficit of $58.2 milllion.
A full-text copy of the Debtor's monthly operating report for
April is available for free at:
http://bankrupt.com/misc/lexingtonprecision.aprilmor.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.
MIDDLEBROOK PHARMA: Files Initial Monthly Operating Report
----------------------------------------------------------
Middebrook Pharmaceuticals, Inc., filed on May 14, 2010, an
initial monthly operating report. The initial monthly report
contains copies of Certificates of Liability insurance issued to
MiddleBrook Pharmaceuticals, Inc. A supplement to the initial
monthly operating report was filed on May 19, 2010.
Full-text copies copy of the initial monthly operating report and
the supplement to the initial monthly operating report is
available at no charge at:
http://bankrupt.com/misc/middlebrookpharma.initialmor.pdf
http://bankrupt.com/misc/middlebrook.initialmorsupplement.pdf
About MiddleBrook Pharmaceuticals
Westlake, Texas-based Middlebrook Pharmaceuticals, Inc., aka
Advancis Pharmaceuticals Corporation, is a pharmaceutical company
focused on commercializing anti-infective products that fulfill
unmet medical needs. MiddleBrook's proprietary delivery
technology, PULSYS, enables the pulsatile delivery, or delivery in
rapid bursts, of certain drugs. MiddleBrook currently markets
MOXATAG, the first and only FDA-approved once-daily amoxicillin,
and KEFLEX, the immediate-release brand of cephalexin.
The Company filed for Chapter 11 bankruptcy protection on
April 30, 2010 (Bankr. D. Del. Case No. 10-11485). Joel A. Waite,
Esq., at Young, Conaway, Stargatt & Taylor, assists the Company in
its restructuring effort. The Company estimated its assets and
debts at $10,000,001 to $50,000,000.
MOVIE GALLERY: Has $92,662,000 Cash as of May 9
-----------------------------------------------
Movie Gallery, Inc.
Unaudited Consolidated Balance Sheet
As of May 9, 2010
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents $92,662
Merchandise inventory 46,265
Prepaid expenses 32,171
Accounts receivable and other 4,822
Assets held for sale 430
--------
Total current assets 176,350
Rental inventory, net 96,949
Property, furnishings and equipment, net 16,632
Goodwill 95,852
Other intangibles, net 17,674
Deferred income tax asset, net 1,126
Deposits and other assets 26,787
Investment in subsidiaries 38,258
--------
Total assets $469,628
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Current maturities of long-term obligations $55,000
Accounts payable 33,520
Intercompany payable 30
Accrued liabilities 27,980
Accrued payroll 7,502
Accrued interest 313
Deferred revenue 31,251
--------
Total current liabilities 155,596
Lease liability on closed stores 7,461
Other accrued liabilities 5,087
--------
Total liabilities not subject to compromise 168,144
Liabilities subject to compromise 837,740
Total liabilities 1,005,884
Stockholders' deficit:
Common stock 37
Additional paid-in capital 386,843
Accumulated deficit (915,241)
Accumulated other comprehensive loss (7,895)
Total stockholders' deficit (536,256)
Total liabilities and stockholders' deficit $469,628
========
Movie Gallery, Inc.
Unaudited Consolidated Statement of Operations
For the period April 5, 2010 to May 9, 2010
(in thousands)
Revenue:
Rentals $56,571
Product sales 12,253
-------
68,824
Cost of Sales:
Cost of rental revenues 29,792
Cost of product sales 12,156
--------
41,948
Gross margin 26,876
Gross margin % 39.1%
Rental margin 26,779
Rental margin % 47.3%
Product margin 97
Product margin % .8%
Operating costs and expenses:
Store operating expenses 71,952
General and administrative 5,841
Amortization of intangibles 310
---------
78,103
Operating loss (51,227)
Interest expense, net 986
Loss before reorganization items and income taxes (52,213)
Reorganization items, net (6,799)
---------
Loss before income taxes (45,414)
Income taxes -
Net loss ($45,414)
=======
Movie Gallery, Inc.
Unaudited Consolidated Statement of Cash Flows
For the period April 5, 2010 to May 9, 2010
(in thousands)
Net loss ($45,414)
Adjustments to reconcile net income to net cash
provided by operating activities
Rental inventory amortization 24,736
Purchases of rental inventory (4,884)
Reorganization items, net (11,093)
Depreciation and intangibles amortization 1,101
Loss on closed store write-offs 4,804
Gain on disposal of property, furnishings, equipment (1,086)
Amortization of debt issuance cost 649
Stock based compensation -
Changes in operating assets and liabilities
Merchandise inventory 9,360
Other current assets 5,751
Deposits and other assets (111)
Accounts payable (8,452)
Accrued interest 267
Lease liability on closed stores 37,898
Other accrued liabilities and deferred revenue (17,669)
--------
Net cash used in operating activities (4,143)
Investing Activities
Purchases of property, furnishings and equipment, net (2)
Proceeds from disposal of property,
furnishings and equipment 1,086
-------
Net cash provided by investing activities 1,084
Financing activities
Net borrowings(repayments) on revolving facilities -
Change in intercompany payable (308)
-------
Net cash used in financing activities (308)
Decrease in cash and cash equivalents (3,367)
Cash and cash equivalents at beginning of period 96,029
-------
Cash and cash equivalents at end of period $92,662
========
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).
NORTEL NETWORKS: Earns $22 Million in April
-------------------------------------------
Nortel Networks Inc., an indirect subsidiary of Nortel Networks
Corporation, and several other direct and indirect U.S.
subsidiaries of the Nortel Networks Corporation, filed their
monthly operating report for April 2010 with the U.S. Bankruptcy
Court for the District of Delaware.
Nortel Networks Inc. reported net income of $22 million on total
revenues of $30 million for the period. Professional fees
directly related to reorganization totaled $8 million.
As of April 30, 2010, Nortel Networks Inc. had $1.819 billion
in total assets and $6.040 billion in total liabilities.
A full-text copy of the monthly operating report is available at
no charge at http://researcharchives.com/t/s?64d0
About Nortel Networks
Nortel Networks (OTC BB: 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)
OPUS WEST: Files Operating Report for April
-------------------------------------------
Two affiliates of Opus West Corporation delivered separate
individual monthly operating reports to the Court for the month
of April 2010. The Opus West affiliates reported these assets
and liabilities as of April 30, 2010:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- --------------
Opus West Partners, Inc. $247,295 $0
OW Commercial, Inc. 1,664 11,212,832
OW Commercial recorded a loss of $325 while Opus West Partners
recorded a loss of $975 for the Reporting Period.
The Debtor affiliates also reported their cash receipts and
disbursements for the Reporting Period:
Company Receipts Disbursements Cash Flow
------------- ----------- ------------- ---------
Opus West Partners Inc. 0 $975 ($975)
OW Commercial, Inc. 0 0 0
About Opus West Corporation
Based in Phoenix, Arizona, Opus West Corporation is a full-service
real estate development firm that focuses on acquiring,
constructing, operating, managing, leasing and/or disposing of
real estate development projects primarily located in the western
United States.
Opus West and its affiliates filed for Chapter 11 on July 6, 2009
(Bankr. N.D. Tex. Case No. 09-34356). Clifton R. Jessup, Jr., at
Greenberg Traurig, LLP, represents the Debtors in their
restructuring efforts. Franklin Skierski Lovall Hayward, LLP, is
co-counsel to the Debtors. Pronske & Patel, P.C., is conflicts
counsel. Chatham Financial Corp. is financial advisor. BMC Group
is the Company's claims and notice agent. As of May 31, Opus West
-- together with its non-debtor affiliates -- had $1,275,334,000
in assets against $1,462,328,000 in debts. In its bankruptcy
petition, Opus West said it had assets and debts both ranging from
$100 million to $500 million.
Opus West joins affiliates that previously filed for bankruptcy.
Opus East LLC, a real estate operator from Rockville, Maryland,
commenced a Chapter 7 liquidation on July 1 in Delaware. Opus
South Corp., a Florida condominium developer based in Atlanta,
filed a Chapter 11 petition April 22 in Delaware.
Bankruptcy Creditors' Service, Inc., publishes Opus West
Bankruptcy News. The newsletter tracks the separate Chapter 11
proceedings of Opus West Corp. and Opus South Corp. and their
related debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000).
OPUS WEST: Files Operating Report for May
-----------------------------------------
Two affiliates of Opus West Corporation delivered separate
individual monthly operating reports to the Court for the month
of May 2010. The Opus West affiliates reported these assets
and liabilities as of May 31, 2010:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- --------------
Opus West Partners, Inc. $247,295 $0
OW Commercial, Inc. 1,339 11,212,507
The Debtor affiliates listed zero income for the Reporting
Period.
The Debtor affiliates also reported their cash receipts and
disbursements for the Reporting Period:
Company Receipts Disbursements Cash Flow
------------- ----------- ------------- ---------
Opus West Partners Inc. 0 0 0
OW Commercial, Inc. 0 $325 ($325)
About Opus West Corporation
Based in Phoenix, Arizona, Opus West Corporation is a full-service
real estate development firm that focuses on acquiring,
constructing, operating, managing, leasing and/or disposing of
real estate development projects primarily located in the western
United States.
Opus West and its affiliates filed for Chapter 11 on July 6, 2009
(Bankr. N.D. Tex. Case No. 09-34356). Clifton R. Jessup, Jr., at
Greenberg Traurig, LLP, represents the Debtors in their
restructuring efforts. Franklin Skierski Lovall Hayward, LLP, is
co-counsel to the Debtors. Pronske & Patel, P.C., is conflicts
counsel. Chatham Financial Corp. is financial advisor. BMC Group
is the Company's claims and notice agent. As of May 31, Opus West
-- together with its non-debtor affiliates -- had $1,275,334,000
in assets against $1,462,328,000 in debts. In its bankruptcy
petition, Opus West said it had assets and debts both ranging from
$100 million to $500 million.
Opus West joins affiliates that previously filed for bankruptcy.
Opus East LLC, a real estate operator from Rockville, Maryland,
commenced a Chapter 7 liquidation on July 1 in Delaware. Opus
South Corp., a Florida condominium developer based in Atlanta,
filed a Chapter 11 petition April 22 in Delaware.
Bankruptcy Creditors' Service, Inc., publishes Opus West
Bankruptcy News. The newsletter tracks the separate Chapter 11
proceedings of Opus West Corp. and Opus South Corp. and their
related debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000).
PNG VENTURES: Posts $368,036 Net Loss in February
-------------------------------------------------
On April 20, 2010, PNG Ventures, Inc., filed a monthly operating
report for the month ended February 28, 2010, with the U.S.
Bankruptcy Court for the District of Delaware.
PNG Ventures reported a net loss of $368,036 on total revenue of
$1,819,451 for the month of February 2010. Earnings before
interest, taxes, depreciation and amortization was a loss of
$123,304.
At February 28, 2010, PNG Ventures had $28,956,173 in total
assets, $46,006,846 in total liabilities, and ($17,050,673) of
equity.
A copy of the material portion of the monthly operating report is
available for free at http://researcharchives.com/t/s?64dd
About Applied Natural (fka "PNG Ventures, Inc.")
PNG Ventures, now known as Applied Natural, engages in the
production, distribution, and sale of liquefied natural gas
("LNG") to customers consisting of public utilities, industrial
end-users and other fleet customers within the transportation,
manufacturing, distribution, and municipal markets, primarily in
California, Arizona, and Nevada. The Company also offers turnkey
fuel solutions, including delivery, equipment storage, fuel
dispensing equipment, and fuel loading facilities.
PNG Ventures and its affiliates filed for Chapter 11 on
September 10, 2009 (Bankr. D. Del. Case No. 09-13162). Attorneys
at Fox Rothschild LLP represent the Debtors in their restructuring
effort. Logan & Co. serves as claims and notice agent. PNG won
confirmation of its reorganization plan in March 2010.
On March 12, 2010, the Bankruptcy Court entered an order
confirming the Debtors' First Amended Plan of Reorganization. On
March 24, 2010, the Plan became effective after each of the
conditions precedent enumerated in the Plan were satisfied or
waived.
The Plan gives the first-lien creditor $5.5 million cash, a new
$9.8 million secured loan, and 66% of the new stock in return for
a $35.5 million claim. In exchange for financing the plan,
lenders will receive a new four-year term loan and 26.5% of the
stock. Unsecured creditors are receiving about 28% in cash plus
7.5% of the new stock. Existing stock was canceled.
PRECISION PARTS: Posts $11,188 Net Loss in March
------------------------------------------------
Precision Parts International Services Corp., et al., filed with
the U.S. Bankruptcy Court for the District of Delaware on June 7,
2010, a monthly operating report for the month ended March 31,
2010.
The Debtors reported a net loss of $11,188 for the month of
March.
At March 31, 2010, the Debtors had total assets of
$4.1 million, total liabilities of $188.5 million, and
stockholders' deficit of $184.4 million.
A copy of the Debtors' monthly operating report for the month of
March 2010 is available for free at:
http://bankrupt.com/misc/ppi.marchmor.pdf
Headquartered in Rochester Hills, Michigan, Precision Parts
International Services Corp. -- http://www.precisionparts.com/--
sells products to major north American automotive and non-
automotive original equipment manufacturers and Tier 1 and 2
suppliers. PPI and its units operate six manufacturing facilities
throughout north America, including a facility in Mexico operated
on their behalf by Intermex Manufactura de Chihuahua under a
shelter and logistics agreement.
The Company and eight of its affiliates filed for Chapter 11
protection on December 12, 2008 (Bankr. D. Del. Lead Case No.
08-13289). Attorneys at Pepper Hamilton LLP are bankruptcy
counsel to the Debtors. Alvarez & Marsal North America LLC is the
Debtor's financial advisors and Kurtzman Carson Consultants LLC is
the claims, noticing and balloting agent. When PPI Holdings, Inc.
filed for protection from its creditors, it listed assets of
between $100 million and $500 million, and the same range of debt.
PRECISION PARTS: Earns $264,812 in April
----------------------------------------
Precision Parts International Services Corp., et al., filed with
the U.S. Bankruptcy Court for the District of Delaware on June 7,
2010, a monthly operating report for the month ended April 30,
2010.
The Debtors reported net income of $264,812 for the month of
April.
At April 30, 2010, the Debtors had total assets of
$4.4 million, total liabilities of $188.5 million, and
stockholders' deficit of $184.2 million.
A copy of the Debtors' monthly operating report for the month of
April 2010 is available for free at:
http://bankrupt.com/misc/ppi.aprilmor.pdf
Headquartered in Rochester Hills, Michigan, Precision Parts
International Services Corp. -- http://www.precisionparts.com/--
sells products to major north American automotive and non-
automotive original equipment manufacturers and Tier 1 and 2
suppliers. PPI and its units operate six manufacturing facilities
throughout north America, including a facility in Mexico operated
on their behalf by Intermex Manufactura de Chihuahua under a
shelter and logistics agreement.
The Company and eight of its affiliates filed for Chapter 11
protection on December 12, 2008 (Bankr. D. Del. Lead Case No.
08-13289). Attorneys at Pepper Hamilton LLP are bankruptcy
counsel to the Debtors. Alvarez & Marsal North America LLC is the
Debtor's financial advisors and Kurtzman Carson Consultants LLC is
the claims, noticing and balloting agent. When PPI Holdings, Inc.
filed for protection from its creditors, it listed assets of
between $100 million and $500 million, and the same range of debt.
SMURFIT-STONE: Reports $62,859,000 Net Loss for April
-----------------------------------------------------
Smurfit-Stone Container Corporation
Combined Balance Sheet
As of April 30, 2010
ASSETS
Current Assets:
Cash $633,500,000
Restricted cash 18,192,000
Receivables 691,284,000
Receivables for alternative energy tax credits 10,500,000
Inventories 433,214,000
Refundable income taxes 24,404,000
Prepaid expenses and others 47,687,000
---------------
Total current assets 1,858,781,000
Net property 2,982,320,000
Timberlands, less depletion 2,269,000
Deferred income taxes 21,797,000
Investments in and advances to non-Debtor 79,414,000
affiliates
Other assets 72,141,000
---------------
Total assets $5,016,722,000
===============
LIABILITIES & EQUITY (DEFICIT)
Liabilities Not Subject to Compromise:
Current liabilities:
Current maturities of long-term debt $1,348,125,000
Accounts payable 435,398,000
Accrued compensation and payroll taxes 134,256,000
Interest payable 13,031,000
Income taxes payable -
Current deferred taxes -
Other current liabilities 135,989,000
---------------
Total current liabilities 2,066,799,000
Other long-term liabilities 115,135,000
---------------
Total liabilities not subject to compromise 2,181,934,000
Liabilities subject to compromise 4,332,664,000
---------------
Total liabilities 6,514,598,000
Total stockholders' equity (deficit) (1,497,876,000)
---------------
Total liabilities & stockholders' equity $5,016,722,000
===============
Smurfit-Stone Container Corporation
Combined Statement of Operations
For the month ended April 30, 2010
Net sales $511,857,000
Costs and expenses:
Cost of goods sold 486,201,000
Selling and administrative expenses 49,375,000
Restructuring charges 7,091,000
(Gain)loss on disposal of assets (82,000)
Other operating income -
---------------
Income(Loss) from operations (30,728,000)
Other income (expense):
Interest expense, net (4,232,000)
DIP debt issuance costs -
Loss on early extinguishment of debt -
Equity in gains (losses) of non-debtor affiliates 463,000
Foreign currency exchange losses 700,000
Other, net 646,000
---------------
Income(Loss) before reorganization items and (33,151,000)
taxes
Reorganization items:
Professional fees (5,000,000)
Provision for executory contracts & leases (25,400,000)
Accounts payable settlement gains 1,313,000
Reversal of postpetition unsecured interest -
expense
---------------
Reorganizational items, net (29,087,000)
Income (loss) before income taxes (62,238,000)
Benefit from income taxes 50,000
---------------
Net Income(Loss) ($62,859,000)
===============
Smurfit-Stone Container Corporation
Schedule of Receipts and Disbursements
For the month ended April 30, 2010
Beginning cash balance $706,209,000
Total receipts 606,430,000
Disbursements:
Payroll & benefits (116,929,000)
Interest (5,075,000)
DDIC on Exit Credit Facilities (6,436,000)
Capital expenditures (18,411,000)
Repayment of debt (300,000)
Other disbursements (513,796,000)
---------------
Total disbursements (660,947,000)
Ending cash balance $651,692,000
===============
A full-text copy of the Debtors' April 2010 Operating Report
is available for free at:
http://bankrupt.com/misc/SmrftApr10MOR.pdf
About Smurfit-Stone
Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/--
is one of the leading integrated manufacturers of paperboard and
paper-based packaging in North America and one of the world's
largest paper recyclers. The Company operates 162 manufacturing
facilities that are primarily located in the United States and
Canada. The Company also owns roughly one million acres of
timberland in Canada and operates wood harvesting facilities in
Canada and the United States. The Company employs roughly 21,250
employees, 17,400 of which are based in the United States. For
the quarterly period ended September 30, 2008, the Company
reported roughly US$7.450 billion in total assets and
US$5.582 billion in total liabilities on a consolidated basis.
Smurfit-Stone and its U.S. and Canadian subsidiaries filed for
Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead
Case No. 09-10235). Certain of the company's affiliates,
including Smurfit-Stone Container Canada Inc., a wholly owned
subsidiary of SSCE, and certain of its affiliates, filed to
reorganize under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice in Canada.
Smurfit-Stone joined pulp- and paper-related bankruptcies as
rising Internet use hurts magazines and newspapers. Corporacion
Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy
in October. Quebecor World Inc., a magazine printer and Pope &
Talbot Inc., a pulp-mill operator, also sought cross-border
bankruptcies for their operations in the U.S. and Canada.
James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M.
Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in
Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware,
serve as the Debtors' bankruptcy counsel. 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)
TARRAGON CORP: Ends April 2010 With $2.1 Mln in Unrestricted Cash
-----------------------------------------------------------------
Tarragon Corporation and certain of its direct and indirect
subsidiaries and affiliates filed on June 3, 2010, their
unaudited monthly operating reports for the period April 1, 2010,
through April 30, 2010, with the United States Bankruptcy
Court for the District of New Jersey.
As previously disclosed, it is not expected that there will be any
distribution to Tarragon equity holders in conjunction with the
Debtors' bankruptcy cases pending before the Bankruptcy Court. In
this regard, the Debtors' proposed plan of reorganization
currently on file with the Bankruptcy Court does not provide for
any distribution to Tarragon equity holders.
Tarragon Corporation's consolidating income statement for the
sixteen months ended March 31, 2010, showed a net loss of
$142.2 million on total revenue of $141.7 million.
At April 30, 2010, Tarragon Corporation's consolidating balance
sheet showed $523.4 million in total assets, $895.5 million of
total liabilities, for a stockholders deficit of $372.0 million.
Tarragon Corporation's cash and cash equivalents were $2.1 million
at April 30, 2010, compared with cash and cash equivalents of
$3.1 million at March 31, 2010. Restricted cash was $12.4 million
at April 30, 2010, compared with $12.1 million at March 31, 2010.
A full-text copy of the Debtor's' monthly operating report for the
month ended April 30, 2010, is available for free at:
http://researcharchives.com/t/s?649a
Based in New York City, Tarragon Corporation (NasdaqGS:TARR) --
http://www.tarragoncorp.com/-- is a leading developer of
multifamily housing for rent and for sale. Tarragon's operations
are concentrated in the Northeast, Florida, Texas, and Tennessee.
Tarragon and its affiliates filed for Chapter 11 protection on
January 12, 2009 (Bankr. D. N.J. Case No. 09-10555). The Hon.
Donald H. Steckroth presides over the case.
Michael D. Sirota, Esq., Warren A. Usatine, Esq., and Felice R.
Yudkin, Esq., at Cole Schotz Meisel Forman & Leonard, P.A.
represent the Debtor as bankruptcy counsel.
TRICOM SA: Ends April With $11,984,636 Cash
-------------------------------------------
Tricom S.A., et. al., filed with the U.S. Bankruptcy Court for the
Southern District of New York on June 2, 2010, a post-confirmation
monthly operating report for April 2010.
Tricom, S.A., et al., ended the period with cash of $11,984,636:
Cash beginning $18,109,597
Income or Receipts $18,022,591
Total Disbursements $24,147,552
Cash End $11,984,636
Restructuring payments totaled $6,071,188 in April.
A full-text copy of the Debtors' April 2010 post-confirmation
operating report is available for free at:
http://bankrupt.com/misc/tricomsa.aprilmor.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.
TRIDENT RESOURCES: Earns $12,081,038 in April
---------------------------------------------
Trident Resources Corp. reported net profit of C$12,081,038 for
the month ending April 30, 2010. Professional fees totaled
C$1,058,448.
At April 30, 2010, Trident Resources had C$392,216,262 in total
assets and C$577,784,908 in total liabilities.
At April 30, 2010, Trident Resources had unrestricted cash and
cash equivalents of C$589,311.
Trident Resources' schedule of cash receipts and disbursements for
April 2010 showed:
Cash Beginning C$631,741
Total Transfers C$883,117
Total Disbursements C$913,036
Net Cash Flow (C$29,918)
U.S. Trustee Fees (C$11,760)
Foreign Exchange Changes (C$750)
Cash End C$589,311
A copy of Trident Resources Corp., et al.'s April operating
report is available for free at:
http://bankrupt.com/misc/tridentresources.aprilmor.pdf
Trident Resources reported net income of C$478,202,124 for the
month of March.
At March 31, 2009, Trident Resources had C$378,996,001 in total
assets and C$577,375,685 in total liabilities.
Trident Resources ended March with C$631,741 cash.
A copy of Trident Resources Corp., et al.'s March operating
report is available for free at:
http://bankrupt.com/misc/tridentresources.marchmor.pdf
Trident Resources reported net income of C$23,093,947 for the
month of February.
At February 28, 2010, Trident Resources had C$377,198,869 in total
assets and C$597,798,880 in total liabilities.
Trident Resources ended March with C$857,430 cash.
A copy of Trident Resources Corp., et al.'s February operating
report is available for free at:
http://bankrupt.com/misc/tridentresources.februarymor.pdf
Trident Resources reported a net loss of C$17,003,103 for the
month of January.
At January 31, 2010, Trident Resources had C$376,658,510 in total
assets and C$606,684,905 in total liabilities.
Trident Resources ended January with C$1,245,301 cash.
A copy of Trident Resources Corp., et al.'s January operating
report is available for free at:
http://bankrupt.com/misc/tridentresources.januarymor.pdf
About Trident Resources
Calgary, Alberta-based Trident Resources Corp. operates a natural
gas exploration and development company. The Company and its
affiliates filed for Chapter 11 on September 8, 2009 (Bankr. D.
Del. Case Nos. 09-13150 to 09-13154). Trident Exploration Corp.
and certain of TEC's Canadian subsidiaries filed an application
with the Court of Queen's Bench of Alberta, Judicial District of
Calgary, under the Companies' Creditors Arrangement Act (Canada).
Trident on December 3, 2009, obtained an extension from the
Canadian Court of the "stay period" in its Canadian proceedings
until January 15, 2010, to allow the Debtors to focus on their
restructuring efforts.
In their petition, the Debtors listed $10,000,001 to $50,000,000
in assets and $500,000,001 to $1,000,000,000 in debts. As of
October 31, 2009, the Debtors had $374,484,559 in total assets
against $612,233,705 in total liabilities.
TROPICANA ENT: NJ Debtors Report $226,000 Net Loss for March
------------------------------------------------------------
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Balance Sheet
As of March 31, 2010
ASSETS
Current Assets
Cash and cash equivalents $8,874,000
Receivables, gaming, hotel and other, net 0
Inventories 0
Prepaid expenses and other 0
Deferred income taxes 0
--------------
Total current assets 8,874,000
Property and equipment, at cost, net 0
Investments 0
Tenant allowances and other assets 0
--------------
TOTAL ASSETS $8,874,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accruals $5,674,000
Accrued payroll and employee benefits 0
Current portion of long-term debt 0
Casino reinvestment obligation 0
Advances from TE and other affiliates, net 0
Advances from NJ affiliates, net 0
Other current liabilities 0
Liabilities subject to compromise 9,560,000
--------------
Total current liabilities 15,235,000
Long-term debt, net of current portion 0
Deferred income taxes 0
--------------
Total Liabilities 15,235,000
Stockholders' Equity
Common stock, no par value (100 shares 0
authorized, issued and outstanding)
Paid-in capital 0
Accumulated deficit (6,361,000)
--------------
Total shareholders' equity (6,361,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $8,874,000
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Statement of Operations
For the Month Ended March 31, 2010
Revenues
Casino $0
Rooms 0
Food and beverage 0
Other 0
--------------
Total revenues 0
Costs and Expenses
Casino 0
Rooms 0
Food and beverage 0
Other 0
Marketing 0
General and administrative 0
Utilities 0
Repairs and maintenance 0
Provision for doubtful accounts 0
Property taxes and insurance 0
Rent 0
Rent to New Jersey affiliate 0
Depreciation and amortization 0
Reorganization expense 226,000
--------------
Total 226,000
Operating profit (loss) (226,000)
License denial expense 0
Interest income, net 0
Interest expense 0
--------------
Income before income taxes (226,000)
Income taxes benefit/(provision) 0
--------------
NET (LOSS) ($226,000)
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Cash Flows
For the Month Ended March 31, 2010
Beginning cash $71,240,000
Cash transferred to Buyer pursuant to APA (59,751,000)
--------------
Cash to Adamar escrow account 11,489,000
Disbursements:
Professional fees disbursements 2,539,000
ACMUA claim settlement 79,000
--------------
Total disbursements 2,618,000
Interest income 3,000
--------------
Ending Cash $8,874,000
==============
About Tropicana Entertainment
Tropicana Entertainment LLC and its units owned eleven casino
properties in eight distinct gaming markets with premier
properties in Las Vegas, Nevada, and Atlantic City, New Jersey.
Tropicana Entertainment LLC and certain affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08-
10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts. Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor. Stroock & Stroock & Lavan LLP and Morris
Nichols Arsht & Tunnell LLP represent the Official Committee of
Unsecured Creditors in this case. Capstone Advisory Group LLC is
financial advisor to the Creditors' Committee.
The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana
obtained confirmation from the Bankruptcy Court of a
reorganization plan. On April 29, 2009, non-debtor units of the
OpCo Debtors, designated as the New Jersey Debtors -- Adamar of
New Jersey, Inc., and its affiliate, Manchester Mall, Inc. --
filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to
effectuate a sale of the Atlantic City Resort and Casino to a
group of Investors-led by Carl Icahn. Judge Judith H. Wizmur
presides over the cases. Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
Effective March 8, Tropicana Entertainment successfully emerged
from the Chapter 11 reorganization process as an Carl Icahn-owned
entity.
A group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have obtained approval
of a separate Chapter 11 plan.
Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represented
the New Jersey Debtors. Kurtzman Carson Consultants LLC acts as
their claims and notice agent. Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.
Bankruptcy Creditors' Service, Inc., publishes Tropicana
Bankruptcy News. The newsletter tracks the chapter 11
restructuring proceedings commenced by Tropicana Entertainment LLC
and its affiliates. (http://bankrupt.com/newsstand/or
215/945-7000
TROPICANA ENT: NJ Debtors Report $76,000 Net Loss for April
-----------------------------------------------------------
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Balance Sheet
As of April 30, 2010
ASSETS
Current Assets
Cash and cash equivalents $8,642,000
Receivables, gaming, hotel and other, net 0
Inventories 0
Prepaid expenses and other 0
Deferred income taxes 0
--------------
Total current assets 8,642,000
Property and equipment, at cost, net 0
Investments 0
Tenant allowances and other assets 0
--------------
TOTAL ASSETS $8,642,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accruals $5,518,000
Accrued payroll and employee benefits 0
Current portion of long-term debt 0
Casino reinvestment obligation 0
Advances from TE and other affiliates, net 0
Advances from NJ affiliates, net 0
Other current liabilities 0
Liabilities subject to compromise 9,560,000
--------------
Total current liabilities 15,079,000
Long-term debt, net of current portion 0
Deferred income taxes 0
--------------
Total Liabilities 15,079,000
Stockholders' Equity
Common stock, no par value (100 shares 0
authorized, issued and outstanding)
Paid-in capital 0
Accumulated deficit (6,436,000)
--------------
Total shareholders' equity (6,436,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $8,643,000
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Statement of Operations
For the Month Ended April 30, 2010
Revenues
Casino $0
Rooms 0
Food and beverage 0
Other 0
--------------
Total revenues 0
--------------
Costs and Expenses
Casino 0
Rooms 0
Food and beverage 0
Other 0
Marketing 0
General and administrative 0
Utilities 0
Repairs and maintenance 0
Provision for doubtful accounts 0
Property taxes and insurance 0
Rent 0
Rent to New Jersey affiliate 0
Depreciation and amortization 0
Reorganization expense 76,000
--------------
Total 76,000
Operating profit (loss) (76,000)
License denial expense 0
Interest income, net 0
Interest expense 0
--------------
Income before income taxes (76,000)
Income taxes benefit/(provision) 0
--------------
NET (LOSS) ($76,000)
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Cash Flows
For the Month Ended April 30, 2010
Beginning cash $8,874,000
Disbursements:
Professional fees disbursements 229,000
Alpha Message administrative claim settlement 3,000
--------------
Total disbursements 232,000
Interest income 0
--------------
Ending Cash $8,642,000
==============
About Tropicana Entertainment
Tropicana Entertainment LLC and its units owned eleven casino
properties in eight distinct gaming markets with premier
properties in Las Vegas, Nevada, and Atlantic City, New Jersey.
Tropicana Entertainment LLC and certain affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08-
10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts. Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor. Stroock & Stroock & Lavan LLP and Morris
Nichols Arsht & Tunnell LLP represent the Official Committee of
Unsecured Creditors in this case. Capstone Advisory Group LLC is
financial advisor to the Creditors' Committee.
The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana
obtained confirmation from the Bankruptcy Court of a
reorganization plan. On April 29, 2009, non-debtor units of the
OpCo Debtors, designated as the New Jersey Debtors -- Adamar of
New Jersey, Inc., and its affiliate, Manchester Mall, Inc. --
filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to
effectuate a sale of the Atlantic City Resort and Casino to a
group of Investors-led by Carl Icahn. Judge Judith H. Wizmur
presides over the cases. Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
Effective March 8, Tropicana Entertainment successfully emerged
from the Chapter 11 reorganization process as an Carl Icahn-owned
entity.
A group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have obtained approval
of a separate Chapter 11 plan.
Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represented
the New Jersey Debtors. Kurtzman Carson Consultants LLC acts as
their claims and notice agent. Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.
Bankruptcy Creditors' Service, Inc., publishes Tropicana
Bankruptcy News. The newsletter tracks the chapter 11
restructuring proceedings commenced by Tropicana Entertainment LLC
and its affiliates. (http://bankrupt.com/newsstand/or
215/945-7000
VINEYARD NATIONAL: Ends May With $1,122,045 Cash
------------------------------------------------
On June 15, 2010, Vineyard National Bancorp filed its unaudited
report for the month of May 2010 with the Office of the
United States Trustee.
The Company ended April with $1,122,045 cash in its general
account. The Company had total assets of $1,296,001 and total
liabilities of $181,635,863.
The Company reported a net loss of $32,678 in May 2010.
A full-text copy of the Company's May monthly operating
report is available for free at:
http://researcharchives.com/t/s?64ef
Vineyard National Bancorp (NASDAQ: VNBC) (AMEX: VXC.PR.D) --
http://www.vineyardbank.com/-- was the financial holding company,
which provides a variety of lending and depository services to
businesses and individuals through its wholly owned subsidiary,
Vineyard Bank, National Association.
Vineyard Bank was closed July 17 by regulators, which appointed
the Federal Deposit Insurance Corporation as receiver. To protect
the depositors, the FDIC entered into a purchase and assumption
agreement with California Bank & Trust, San Diego, California, to
assume all of the deposits of Vineyard Bank, N.A., excluding those
from brokers.
As of March 31, 2009, Vineyard Bank, N.A., had total assets of
$1.9 billion and total deposits of roughly $1.6 billion. In
addition to assuming all of the deposits of the failed bank,
California Bank & Trust agreed to purchase roughly $1.8 billion of
assets. The FDIC will retain the remaining assets for later
disposition. California Bank & Trust purchased all deposits,
except about $134 million in brokered deposits, held by Vineyard
Bank, N.A.
Vineyard National Bancorp filed for Chapter 11 on June 21, 2009
(Bankr. C.D. Calif. Case No. 09-26401).
VISTEON CORP: Reports $57,076,000 Net Loss for April
----------------------------------------------------
Visteon Corporation
Debtor's Balance Sheet
As of April 30, 2010
ASSETS
Current Assets:
Cash and cash equivalents $312,157,000
Restricted cash 94,418,000
Accounts receivable, net 4,349,760,000
Inventories, net 19,173,000
Other current assets 50,147,000
--------------
Total current assets 4,825,655,000
Property and equipment, net 100,800,000
Equity in net asset of non-consolidated units 0
Other non-current assets 1,354,339,000
--------------
Total Assets $6,280,794,000
==============
LIABILITIES & SHAREHOLDERS' DEFICIT
Short-term debt, including current portion
of long-term debt $11,095,361,000
Accounts payable 1,197,895,000
Accrued employee liabilities 27,773,000
Other current liabilities 58,031,000
--------------
Total current liabilities 12,379,061,000
Liabilities subject to compromise 2,858,656,000
Long-term debt 23,000
Employee benefits 280,310,000
Deferred income taxes 92,194,000
Other non-current liabilities 188,640,000
--------------
Total Liabilities 15,798,883,000
Shareholders' equity (deficit)
Debtor's Shareholders' equity (deficit)
Common stock 131,053,000
Stock warrants 127,024,000
Additional paid-in capital 2,220,624,000
Retained earnings (11,585,623,000)
Accumulated other comprehensive income (274,050,000)
Other (4,125,000)
--------------
Total Debtor shareholders' equity (9,385,097,000)
Noncontrolling interests (132,992,000)
--------------
Total shareholders' equity(deficit) (9,518,089,000)
--------------
Total Liabilities and shareholders' equity $6,280,794,000
==============
Visteon Corporation
Statements of Operations
For the Period Ended April 30, 2010
Net sales
Products $30,414,000
Services 18,613,000
--------------
49,028,000
Cost of Sales
Products
Materials 18,763,000
Labor and overhead 8,989,000
Product engineering 18,287,000
Freight and duty 1,528,000
Manufacturing spending 894,000
Warranty and recall 76,000
Other 11,376,000
Services 18,527,000
--------------
78,439,000
--------------
Gross margin (29,412,000)
Selling, general and administrative expenses
Personnel 10,253,000
Depreciation 2,322,000
Other 2,990,000
--------------
15,564,000
Restructuring expenses 280,000
Reimbursement from Escrow Account 0
Reorganization items 8,558,000
Deconsolidation gain 0
Asset impairments and other (gains)/losses (65,000)
--------------
Operating income(loss) (53,749,000)
Interest expense 3,847,000
Interest income 555,000
Equity in net income of non-consolidated affiliates 0
--------------
Income(loss) before income taxes (57,040,000)
Provision (credit) for income taxes 36,000
--------------
Net Income (loss) (57,076,000)
--------------
Net income attributable to noncontrolling interests 0
--------------
Net income (loss) attributable to Debtor ($57,076,000)
==============
Visteon Corporation et al.
Combined Schedules of Operating Cash Flow
For the Month Ended April 30, 2010
Customer receipts $196,898,000
Other receipts 28,723,000
Intercompany receipts 112,482,000
--------------
Total receipts 338,103,000
Disbursements
Payroll related (28,770,000)
Operating disbursements (78,565,000)
Intercompany disbursements (159,782,000)
Other disbursements (8,001,000)
--------------
Total Disbursements (275,118,000)
--------------
Net Cash Flow 62,985,000
Beginning Cash Balance 495,973,000
Net Cash Flow 62,985,000
Foreign Currency and other Adjustments (1,850,000)
--------------
Ending Cash Balance $557,108,000
==============
About Visteon Corp.
Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers. The Company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany. It has facilities in 27 countries and employs roughly
35,500 people. The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.
Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818). Judge Christopher S. Sontchi oversees the
Chapter 11 cases. James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts. Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel. The Debtors' investment banker and financial
advisor is Rothschild Inc. The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC. The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.
Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
*********
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