/raid1/www/Hosts/bankrupt/TCR_Public/100911.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, September 11, 2010, Vol. 14, No. 252
Headlines
ABITIBIBOWATER INC: Posts $11.1 Million Net Loss in July
ADVANTA CORP: Posts $3.3 Million Net Loss in July
BANKUNITED FINANCIAL: Posts $522,000 Net Loss in July
BEAR ISLAND: Reports $774,400 Net Loss in July
BLACK CROW: Reports $326,700 EBITDA for July
BROADSTRIPE LLC: Incurs $3 Million Loss in July
GENERAL GROWTH: Posts $944,599,000 Net Loss in July
LTV CORP: Ends July 2010 With $8,177,000 Cash
MEDICAL STAFFING: Posts $3.5MM Net Loss in Period Ended July 25
MOVIE GALLERY: Has $110,504,000 Cash at August 8
NEC HOLDINGS: Has $5 Million Net Loss in July
NORTH AMERICAN PETROLEUM: Posts $1.7 Million Net Loss in July
POINT BLANK: Reports $3 Million Net Loss in July
TEXAS RANGERS: Reports $3.5 Million Net Income in July
TRIBUNE CO: Reports $6,374,000 Net Profit for August
TRONOX INC: Posts $6,200,000 Net Loss in July
VISTEON CORP: Has $258,890,000 Cash at End of July
*********
ABITIBIBOWATER INC: Posts $11.1 Million Net Loss in July
--------------------------------------------------------
On September 1, 2010, AbitibiBowater Inc. and certain of its U.S.
subsidiaries filed the monthly operating report for July 2010 with
the United States Bankruptcy Court for the District of Delaware.
The Debtors reported a consolidated net loss of $11.1 million on
net sales of $375.3 million in July. Gross profit was
$24.1 million. Operating income was $11.6 million, including
restructuring and other costs of $6.6 million.
At July 31, 2010, the Debtors had $21.226 billion in total
assets, $8.259 billion in total liabilities, and $12.967 billion
in shareholders' equity.
For July 2009, the Debtors paid a total of $1.65 million in
professional fees and expenses.
A full-text copy of the Company's July 2010 monthly operating
report is available at no charge at:
http://researcharchives.com/t/s?6b06
About AbitibiBowater Inc.
AbitibiBowater (OTC: ABWTQ) produces 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. The Company also recycles old newspapers and
magazines.
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). 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). Pauline K. Morgan,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt &
Taylor, in Wilmington, represent the Chapter 15 Debtors.
U.S. Bankruptcy Judge Kevin Carey handles the Chapter 11 cases of
AbitibiBowater Inc. and its U.S. affiliates and the Chapter 15
case of ACI, et al.
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).
ADVANTA CORP: Posts $3.3 Million Net Loss in July
-------------------------------------------------
Advanta Corp. and certain of its subsidiaries filed on August 31,
2010, their unaudited monthly operating report for July 2010 with
the U.S. Bankruptcy Court for the District of
Delaware.
The Company ended July 2010 with $104.4 million in cash, from
$105.7 million at the beginning of the period. The Company paid a
total of $1.6 million in restructure fees for the period.
Advanta reported a net loss of $3.3 million for July 2010.
At July 31, 2010, Advanta Corp. had $244.6 million in total
assets, $303.4 million in total liabilities, and a stockholders'
deficit of $58.8 million.
A copy of the Debtors' July 2010 monthly operating report is
available at no charge at http://researcharchives.com/t/s?6b02
About Advanta Corp.
Advanta Corp. -- http://www.advanta.com/-- has had a 59-year
history of being a leading innovator in the financial services
industry and of providing great value to its stakeholders,
including its senior retail note holders and shareholders, prior
to the recent reversals. It has also been a major civic and
charitable force in the communities in which it is based,
particularly in the Greater Philadelphia area.
In June 2009, the Federal Deposit Insurance Corporation placed
significant restrictions on the activities and operations of
Advanta Bank Corp., a wholly owned subsidiary of the Company, as
the Bank's capital ratios were below required regulatory levels.
On November 8, 2009, Advanta Corp. filed for Chapter 11 (Bankr. D.
Del. Case No. 09-13931). Attorneys at Weil, Gotshal & Manges LLP,
and Richards, Layton & Finger, P.A., serve as bankruptcy counsel.
Alvarez & Marsal serves as financial advisor. The Garden City
Group, Inc., serves as claims agent. The filing did not include
Advanta Bank Corp. The petition says that Advanta Corp.'s assets
totaled $363,000,000 while debts totaled $331,000,000 as of
September 30, 2009.
BANKUNITED FINANCIAL: Posts $522,000 Net Loss in July
-----------------------------------------------------
On September 1, 2010, BankUnited Financial Corporation, together
with its subsidiaries BankUnited Financial Services, Inc., and CRE
America Corporation, filed its monthly operating report for
July 2010 with the United States Bankruptcy Court for the
Southern District of Florida.
Funds at July 31, 2010, were $13.9 million, compared to funds of
$14.4 million at June 30, 2010.
BankUnited Financial Corporation, et al., reported a net loss of
$521,978 for the period. At July 31, 2010, BankUnited Financial
Corporation, et al., had $38.7 million in total assets,
$576.8 million in total liabilities, and a stockholders' deficit
of $538.1 million.
The July 2010 monthly operating report is available at no charge
at http://researcharchives.com/t/s?6b07
About BankUnited Financial
BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) --
http://www.bankunited.com/-- was the holding company for
BankUnited FSB, the largest banking institution headquartered in
Coral Gables, Florida. On May 21, 2009, BankUnited FSB was closed
by regulators and the Federal Deposit Insurance Corporation
facilitated a sale of the bank to a management team headed by John
Kanas, a veteran of the banking industry and former head of North
Fork Bank, and a group of investors led by W.L. Ross & Co.
BankUnited, FSB, had assets of $12.8 billion and deposits of
$8.6 billion as of May 2, 2009.
The Company and its affiliates filed for Chapter 11 on May 22,
2009 (Bankr. S.D. Fla. Lead Case No. 09-19940). Stephen P.
Drobny, Esq., and Peter Levitt, Esq., at Shutts & Bowen LLP; Mark
D. Bloom, Esq., and Scott M. Grossman, Esq., at Greenberg Traurig,
LLP; and Michael C. Sontag, at Camner, Lipsitz, P.A., represent
the Debtors as counsel. Corali Lopez-Castro, Esq., David Samole,
Esq., at Kozyak Tropin & Throckmorton, P.A.; and Todd C. Meyers,
Esq., at Kilpatrick Stockton LLP, serve as counsel to the official
committee of unsecured creditors.
In its bankruptcy petition, BankUnited Financial Corp. disclosed
$37,729,520 in assets against $559,740,185 in debts.
Wilmington Trust Co., U.S. Bank, N.A., and the Bank of New York
were listed among the company's largest unsecured creditors in
their roles as trustees for security issues. BankUnited estimated
the Bank of New York claim tied to convertible securities at
$184 million. U.S. Bank and Wilmington Trust are owed
$120 million and $118.171 million on account of senior notes.
BEAR ISLAND: Reports $774,400 Net Loss in July
----------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Bear Island Paper Co. filed an operating report for
July showing a $774,400 net loss on sales of $10.6 million. The
gross profit was $360,000.
About White Birch & Bear Island
Canada-based White Birch Paper Company is the second-largest
newsprint producer in North America. As of December 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
February 24, 2010. Bear Island estimated assets of $100 million
to $500 million and debts of $500 million to $1 billion in its
Chapter 11 petition.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234).
Jonathan L. Hauser, Esq., at Troutman Sanders LLP, in Virginia
Beach, Virginia; and Richard M. Cieri, Esq., Christopher J.
Marcus, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP,
in New York, serve as counsel to White Birch, as Foreign
Representative. Kirkland & Ellis and Troutman Sanders also serve
as Chapter 11 counsel to Bear Island. AlixPartners LLP serves as
financial and restructuring advisors to Bear Island, and Lazard
Freres & Co., serves as investment banker. Chief Judge Douglas O.
Tice, Jr., handles the Chapter 11 and Chapter 15 cases.
BLACK CROW: Reports $326,700 EBITDA for July
--------------------------------------------
Black Crow Media Group, Inc., filed an operating report showing
earnings before interest, taxes, depreciation and amortization in
July of $326,700 on revenue of $1.125 million.
About Black Crow
Daytona Beach, Florida-based Black Crow Media Group, LLC, owns and
operates 17 FM and 5 AM radio stations in Daytona Beach, Live Oak,
Valdosta, Huntsville, Alabama, and Jackson, Tennessee.
The Company filed for Chapter 11 bankruptcy protection on
January 11, 2010 (Bankr. M.D. Fla. Case No. 10-00172). The
Company's affiliates -- Black Crow Media, LLC, et al. -- also
filed separate Chapter 11 petitions. Mariane L. Dorris, Esq., and
R Scott Shuker, Esq., at Latham Shuker Eden & Beaudine LLP, assist
the Company in its restructuring effort. The Company estimated
assets of $10 million to $50 million and debts of $50 million to
$100 million in its Chapter 11 petition.
BROADSTRIPE LLC: Incurs $3 Million Loss in July
-----------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Broadstripe LLC incurred a $3.02 million net loss in
July on revenue of $7.79 million. Depreciation and amortization
for the month was $2.29 million. Interest expense was
$1.83 million. The balance sheet showed $5.02 million cash at the
end of July.
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 estimated assets
and debts between $100 million and $500 million.
Broadstripe has been in Chapter 11 more than 18 months thus any
creditor can file a plan.
GENERAL GROWTH: Posts $944,599,000 Net Loss in July
---------------------------------------------------
General Growth Properties, Inc.
Consolidated Condensed Balance Sheet
As of July 31, 2010
Assets
Investment in real estate:
Land $2,903,473,000
Buildings and equipment 18,884,227,000
Less accumulated depreciation (4,024,396,000)
Developments in progress 358,226,000
------------------
Net property and equipment 18,121,530,000
Investment in and loans to/from Unconsolidated
Real Estate Affiliates 381,597,000
Investment property and property held for
development and sale 1,342,721,000
Investment in controlled non-debtor entities 4,122,878,000
------------------
Net investment in real estate 23,968,726,000
Cash and cash equivalents 496,719,000
Accounts and notes receivable, net 309,974,000
Goodwill 199,664,000
Deferred expenses, net 196,441,000
Prepaid expenses and other assets 572,527,000
------------------
Total assets $25,744,051,000
==================
Liabilities and Equity:
Mortgages, notes and loans payable $14,284,667,000
Investment in and loans to/from Unconsolidated
Real Estate Affairs 32,731,000
Deferred tax liabilities 831,438,000
Accounts payable and accrued expenses 929,587,000
------------------
Liabilities not subject to compromise 16,078,423,000
------------------
Liabilities subject to compromise 7,968,632,000
------------------
Total liabilities 24,047,055,000
------------------
Redeemable noncontrolling interests:
Preferred 120,756,000
Common 18,657,000
------------------
Total redeemable noncontrolling interests 139,413,000
------------------
Equity:
Common stock 3,188,000
Additional paid-in capital 3,849,994,000
Retained earnings (accumulated deficit) (2,241,127,000)
Accumulated other comprehensive loss 5,759,000
Less common stock in treasury, at cost (76,752,000)
------------------
Total stockholder's equity 1,541,062,000
Noncontrolling interests in consolidated real
estate affiliates 16,521,000
------------------
Total equity 1,557,583,000
------------------
Total liabilities and equity $25,744,051,000
==================
General Growth Properties, Inc.
Consolidated Statement of Income
For the Month ended July 31, 2010
Revenues:
Minimum rents $2,142,484,000
Tenant recoveries 959,440,000
Overage rents 55,406,000
Land sales 67,778,000
Management fees and other corporate revenues 12,920,000
Other 84,957,000
------------------
Total revenues 3,322,985,000
------------------
Expenses:
Real estate taxes 308,129,000
Property maintenance costs 131,298,000
Marketing 37,435,000
Ground and other rents 18,313,000
Other property operating costs 553,435,000
Land sales operations 138,643,000
Provision for doubtful accounts 29,413,000
Property management and other costs 126,618,000
General and administrative 64,896,000
Provisions for impairment 830,329,000
Depreciation and amortization 773,107,000
------------------
Total expenses 3,011,616,000
------------------
Operating income (loss) 311,369,000
Interest (expense) income, net (1,486,394,000)
------------------
Loss before income taxes, noncontrolling
interests, equity in income of Unconsolidated
Real Estate Affiliates and reorganization
items (1,175,025,000)
Benefit (provision) for income taxes (22,146,000)
Equity in income of Unconsolidated Real Estate
Affiliates 121,247,000
Reorganization items 125,781,000
------------------
Net loss (950,143,000)
Allocation to noncontrolling interests 5,544,000
------------------
Net (loss) income attributable to common
stockholders ($944,599,000)
==================
The Debtors disclosed that for the month ended July 31, 2010, they
paid a total of $8,282,000 to about 29 bankruptcy professionals,
with $3,399,000 going to Weil, Gotshal & Manges, LLP, as the
Debtors' lead bankruptcy counsel.
A full-text copy of the July 2010 MOR is available for free
at http://bankrupt.com/misc/ggp_july2010mor.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 protection 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, serve 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)
LTV CORP: Ends July 2010 With $8,177,000 Cash
---------------------------------------------
On August 20, 2010, The LTV Corporation, et al., submitted to the
United States Bankruptcy Court for the Northern District of
Ohio, Eastern Division, their operating report for the period
ended July 31, 2010.
LTV ended the period with a $8,177,000 cash balance. LTV reported
$212,000 in receipts and $242,000 in disbursements in July,
including $177,000 paid to Chapter 11 professionals. Beginning
cash was $8,207,000.
A full-text copy of the Debtors' July 2010 operating report is
available at no charge at http://researcharchives.com/t/s?6a38
About The LTV Corporation
Headquartered in Cleveland, Ohio, The LTV Corp. operates as a
domestic integrated steel producer. The Company along with 48
subsidiaries filed for Chapter 11 protection on December 29, 2000
(Bankr. N.D. Ohio, Case No. 00-43866). On August 31, 2001, the
Company disclosed $4,853,100,000 in total assets and
$4,823,200,000 in total liabilities.
By order dated February 28, 2002, the Court approved the sale of
substantially all of the Debtors' integrated steel assets to WLR
Acquisition Corp. n/k/a International Steel Group, Inc., for a
purchase price of approximately $80 million, plus the assumption
of certain environmental and other obligations. ISG also
purchased inventories which were located at the integrated steel
facilities for approximately $52 million. The sale of the
Debtors' integrated steel assets to ISG closed in April 2002, and
a second closing related to the purchase of the inventory occurred
in May 2002.
On December 31, 2002, substantially all of the assets of the Pipe
and Conduit Business, consisting of LTV Tubular Company, a
division of LTV Steel Company, Inc., and Georgia Tubing
Corporation, were sold to Maverick Tube Corporation for cash of
approximately $120 million plus the assumption of certain
environmental and other obligations. On October 16, 2002, the
Debtors announced that they intended to reorganize the Copperweld
Business as a stand-alone business. The LTV Corporation no longer
exercised any control over the business or affairs of the
Copperweld Business. A separate plan of reorganization was
developed for the Copperweld Business. On August 5, 2003, the
Copperweld Business filed a disclosure statement for the Joint
Plan of Reorganization of Copperweld Corporation and certain of
its debtor affiliates. On October 8, 2003, the Court approved the
Second Amended Disclosure Statement. On November 17, 2003, the
Court confirmed the Second Amended Joint Plan, as modified, and on
December 17, 2003, the Effective Date occurred and the common
stock was canceled. Because The LTV Corporation received no
distributions under the Second Amended Plan, its equity in the
Copperweld Business is worthless and has been canceled.
In November 2002, the Debtors paid the DIP Lenders the remaining
balance due for outstanding loans and in December 2002, the
remaining letters of credit were canceled or cash collateralized.
Consequently, the Debtors have no remaining obligation to the DIP
Lenders. Pursuant to an order of the Court entered on
February 11, 2003, LTV Steel has continued the orderly liquidation
and wind down of its businesses.
On October 8, 2003, the Court entered an Order substantively
consolidating the Chapter 11 estates of LTV Steel and Georgia
Tubing Corporation for all purposes.
In November and December 2003, approximately $91.9 million was
distributed by LTV Steel to other Debtors pursuant to the
Intercompany Settlement Agreement that was approved by the Court
on November 17, 2003. On December 23, 2003, the Court entered an
Order authorizing LTV Steel and Georgia Tubing to make
distributions to their administrative creditors and, after the
final distribution, to dismiss their Chapter 11 cases and
dissolve.
On March 31, 2005, the Court entered an order that among other
things: (a) approved a distribution and dismissal plan for LTV and
certain other debtors; (b) authorized The LTV Corporation and LTV
Steel to take any and all actions that are necessary or
appropriate to implement the distribution and dismissal plan;
(c) established March 31, 2005, as the record date for identifying
shareholders of LTV that are entitled to any and all shareholder
rights with respect to the distribution and dismissal plan and the
eventual dissolution of LTV; and (d) authorized The LTV
Corporation to establish and fund a reserve account for the
conduct of post-dismissal activities and the payment of post-
dismissal claims.
LTV is in the process of liquidating, and its stock is worthless.
On March 28, 2007, the Official Committee of Administrative
Claimants filed a motion with the Court requesting an order to
approve the appointment of a Chapter 11 trustee. On April 11,
2007, April 12, 2007, and May 1, 2007, certain of the Defendants
filed motions to convert the case to Chapter 7. On June 28, 2007,
the ACC filed a motion to withdraw the Chapter 11 Trustee Motion;
the Court granted the ACC's withdrawal motion on August 1, 2007.
An evidentiary hearing on the Chapter 7 Trustee Motion was held in
August 2007. The Court has not yet issued its order.
MEDICAL STAFFING: Posts $3.5MM Net Loss in Period Ended July 25
---------------------------------------------------------------
Medical Staffing Network Holdings, Inc., et al., filed on
September 3, 2010, a monthly operating report for July 2010. The
monthly operating report started on July 3, 2010. The Debtors'
accounting month-end is as of July 25, 2010. The subsequent
month's operating report will begin on July 26, 2010, for
reporting continuity.
As of July 25, 2010, Medical Staffing Network Holdings, Inc.'s
consolidated balance sheet showed $84.36 million in total assets,
$151.86 million in total liabilities, and a stockholders' deficit
of $67.50million.
For the period ended July 25, 2010, Medical Staffing reported a
consolidated net loss of $3.51 million on service revenues of
$18.36 million. Operating loss was $2.25 million for the period
and includes a restructuring & goodwill impairment charge of
$1.90 million. For the period ended July 25, 2010, net interest
expense was $1.26 million.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/medicalstaffing.july2010mor.pdf
About Medical Staffing
Boca Raton, Florida-based Medical Staffing Network Holdings, Inc.,
provides temporary (predominantly healthcare) staffing services
including per diem, short term contracts and travel, in the United
States. Warburg Pincus Private equity VIII, L.P., owns a 45.4%
stake in the Company. The Company and its affiliates filed for
Chapter 11 bankruptcy protection on July 2, 2010 (Bankr. S.D. Fla.
Lead Case No. 10-29101). Medical Staffing estimated $100 million
to $500 million in assets and debts. In its schedules, an
affiliate of Medical Staffing listed total assets of $53,293,726
and total liabilities of $129,862,111.
The Debtors are represented by Paul Steven Singerman, Esq., and
Jordi Guso, Esq., at Berger Singerman, P.A., in Miami. Akerman
Senterfitt is the Debtors' special corporate and transactional
counsel. Loughlin Meghji + Company is the corporate restructuring
advisor. Ernst & Young LLP is the accounting and tax advisor.
The Garden City Group Inc. is the claims and notice agent.
MOVIE GALLERY: Has $110,504,000 Cash at August 8
------------------------------------------------
Movie Gallery, Inc.
Unaudited Consolidated Balance Sheet
As of August 8, 2010
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents $110,504
Merchandise inventory 5,016
Prepaid expenses 16,672
Accounts receivable and other 20,384
Intercompany receivable 951
Assets held for sale 430
Income tax receivable 1,200
---------
Total current assets 155,157
Rental inventory, net 33,168
Property, furnishings and equipment, net 8,036
Other intangibles, net 16,745
Deposits and other assets 15,921
Investment in subsidiaries 38,258
---------
Total assets $267,285
=========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Current maturities of long-term obligations $55,000
Accounts payable 5,926
Accrued liabilities 19,312
Accrued payroll 2,955
Accrued interest 286
---------
Total current liabilities 83,479
Other accrued liabilities 156
---------
Total liabilities not subject to compromise 83,635
Liabilities subject to compromise 937,976
Total liabilities 1,021,611
Stockholders' deficit:
Common stock 37
Additional paid-in capital 384,407
Accumulated deficit (1,130,875)
Accumulated other comprehensive loss (7,895)
Total stockholders' deficit (754,326)
Total liabilities and stockholders' deficit $267,285
=========
Movie Gallery, Inc.
Unaudited Consolidated Statement of Operations
For the period July 5, 2010 - August 8, 2010
(in thousands)
Revenue:
Rentals $14,754
Product sales 3,387
---------
18,141
Cost of Sales:
Cost of rental revenues 24,946
Cost of product sales 6,318
---------
31,264
Gross margin (13,123)
Gross margin % -72.3%
Rental margin (10,192)
Rental margin % -69.1%
Product margin (2,931)
Product margin % -86.5%
Operating costs and expenses:
Store operating expenses 90,660
General and administrative 2,443
Amortization of intangibles 310
Intercompany charges (261)
---------
93,152
Operating loss (106,231)
Interest expense, net 924
Loss before reorganization items and income taxes (107,199)
GAAP reversals -
Reorganization items, net (38,210)
---------
Loss before income taxes (68,989)
Income taxes -
Net loss ($68,989)
=========
Movie Gallery, Inc.
Unaudited Consolidated Statement of Cash Flows
For the period July 5, 2010 - August 8, 2010
(in thousands)
Net loss ($68,989)
Adjustments to reconcile net income to net cash
provided by operating activities
Rental inventory amortization 19,090
Purchases of rental inventory (280)
Reorganization items, net (41,363)
Depreciation and intangibles amortization 890
Loss on closed store write-offs 790
Gain on disposal of property, furnishings, equipment (1,034)
Amortization of debt issuance cost 649
Stock based compensation -
Changes in operating assets and liabilities
Merchandise inventory 11,162
Other current assets 16,789
Deposits and other assets 1,522
Accounts payable (7,690)
Accrued interest 250
Lease liability on closed stores 85,970
Other accrued liabilities and deferred revenue (4,182)
---------
Net cash provided by operating activities 13,574
Investing Activities
Purchases of property & equipment, net (58)
Proceeds from disposal of property,
furnishings and equipment 1,036
---------
Net cash provided by investing activities 978
Financing activities
Change in intercompany payable (263)
---------
Net cash used in financing activities (263)
Decrease in cash and cash equivalents 14,289
Cash and cash equivalents at beginning of period 96,215
---------
Cash and cash equivalents at end of period $110,504
=========
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 tracks the chapter 11 proceeding
undertaken by Movie Gallery Inc. and its various affiliates
(http://bankrupt.com/newsstand/or 215/945-7000).
NEC HOLDINGS: Has $5 Million Net Loss in July
---------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that National Envelope Corp. reported a $5 million net
loss in July on revenue of $51.8 million. Earnings before
interest, taxes, depreciation and amortization were $1.4 million.
It had restructuring charges of $3.8 million and interest expenses
of $1.4 million in July.
About NEC Holdings
Uniondale, New York-based National Envelope Corporation --
http://www.nationalenvelope.com/-- is the largest manufacturer of
envelopes in the world with 14 manufacturing facilities and 2
distribution centers and approximately 3,500 employees in the U.S.
and Canada. The Company is an environmental leader in the paper
and envelope converting industries with certifications from the
Forest Stewardship Council (FSC), Rainforest Alliance, Sustainable
Forestry Initiative (SFI), Programme for the Endorsement of Forest
Certification (PEFC), Chlorine Free Products Association, and
Green Seal.
NEC Holdings Corp., together with affiliates, including National
Envelope Inc., filed for Chapter 11 on June 10, 2010 (Bankr. D.
Del. Lead Case No. 10-11890). Kara Hammond Coyle, Esq., at Young
Conaway Stargatt & Taylor LLP, serves as bankruptcy counsel.
David S. Heller, Esq., at Josef S. Athanas, Esq., and Stephen R.
Tetro II, Esq., at Latham & Watkins LLP, serve as co-counsel. The
Garden City Group is the claims and notice agent.
NEC Holdings estimated assets and debts of $100 million to
$500 million in its Chapter 11 petition.
NORTH AMERICAN PETROLEUM: Posts $1.7 Million Net Loss in July
-------------------------------------------------------------
North American Petroleum Corp. USA filed on August 20, 2010, a
monthly operating report for July 2010.
The Debtor reported a net loss of $1.7 million on net revenue of
$1.4 million for the period. At July 31, 2010, the Debtor had
$143.9 million in total assets, $128.3 million in total
liabilities, and $15.6 million in net owner equity.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/northamericanpetroleum.july2010mor.pdf
About North American Petroleum Corp. USA
Denver, Colorado-based North American Petroleum Corp. USA is a
natural gas driller. North American Petroleum and Prize Petroleum
are subsidiaries of Petroflow Energy Corporation.
North American Petroleum filed for Chapter 11 bankruptcy
protection on May 25, 2010 (Bankr. D. Del. Case No. 10-11707).
Attorneys at Kirkland & Ellis LLP serve as bankruptcy counsel.
Domenic E. Pacitti, Esq., at Klehr Harrison Harvey Branzburg LLP,
is the Debtor's Delaware counsel. Kinetic Advisors LLC is the
Company's restructuring advisor. Epiq Bankruptcy Solutions, LLC,
is the Debtor's notice, claims and balloting agent. The Debtor
estimated its assets and debts at $100 million to $500 million as
of the Petition Date.
The Debtor's affiliate, Prize Petroleum LLC, filed a separate
Chapter 11 petition on May 25, 2010 (Case No. 10-11708).
POINT BLANK: Reports $3 Million Net Loss in July
------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News reports
that Point Blank Solutions Inc., reported a gross loss of $320,000
on net revenue of $7.94 million for July. The months' net loss
was $3.05 million. Reorganization costs in the month were
$2.75 million. Point Blank ended July with cash of $914,000. Net
accounts receivable are $9.3 million.
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, 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, Florida and Jacksboro, Tennessee.
Point Blank Solutions filed for Chapter 11 protection on April 14,
2010 (Bankr. D. Del. Case No. 10-11255). Laura Davis Jones, Esq.,
and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP
serve as bankruptcy counsel to the Debtor. Olshan Grundman Frome
Rosenweig & Wolosky LLP serves as corporate counsel. T. Scott
Avila of CRG Partners Group LLC is the restructuring officer.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. The Equity Committee has tapped Morrison
Cohen LLP, and The Bayard, P.A., as counsel.
TEXAS RANGERS: Reports $3.5 Million Net Income in July
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Texas Rangers baseball club reported net income
of $3.5 million in July on revenue of $111 million. The gross
profit in the month was $35.8 million.
About Texas Rangers Baseball
Texas Rangers Baseball Partners owns and operates the Texas
Rangers Major League Baseball Club, a professional baseball club
in the Dallas/Fort Worth Metroplex. TRBP is a Texas general
partnership, in which subsidiaries of HSG Sports Group LLC own a
100% stake. Controlled by Thomas O. Hicks, HSG also indirectly
wholly-owns Dallas Stars, L.P., which owns and operates the Dallas
Stars National Hockey League franchise. The Texas Rangers have
had five owners since the club moved to Arlington in 1972. Mr.
Hicks became the fifth owner in the history of the Texas Rangers
on June 16, 1998.
In its petition, Texas Rangers Baseball Partners said it had both
assets and debt of less than $500 million.
Martin A. Sosland, Esq., at Weil, Gotshal & Manges LLP, serves as
bankruptcy counsel to the Debtor. Forshey & Prostok LLP is the
conflicts counsel. Parella Weinberg Partners LP serves as
financial advisor.
Lenders to the Texas Rangers sought to force the baseball team's
equity owners -- Rangers Equity Holdings, L.P. and Rangers Equity
Holdings GP, LLC -- into bankruptcy court protection (Bankr. N.D.
Tex. Case No. 10-43624 and 10-43625). The lenders, a group that
includes investment funds Monarch Alternative Capital and
Kingsland Capital Management, filed an involuntary bankruptcy
petition on May 28 against the two companies. The two companies
were not included in the May 24 Chapter 11 filing of TRBP.
U.S. Bankruptcy Judge Stacey G. C. Jernigan on August 5 confirmed
the fourth amended version of the Prepackaged Plan of
Reorganization of Texas Rangers Baseball Partners. The judge's
confirmation order clears the way for a group of Hall of Fame
pitcher Nolan Ryan, and Pittsburgh sports attorney and minor-
league team owner Charles Greenberg to purchase the Texas Rangers.
The Ryan group paid $385 million in cash and assumed $208 million
in liabilities. The Ryan group outbid Dallas Mavericks owner Mark
Cuban at an auction.
TRIBUNE CO: Reports $6,374,000 Net Profit for August
----------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of August 1, 2010
ASSETS
Current Assets:
Cash and cash equivalents $907,624,000
Accounts receivable, net 438,333,000
Inventories 20,137,000
Broadcast rights 152,356,000
Prepaid expenses and other 187,466,000
--------------
Total current assets 1,705,916,000
Property, plant and equipment, net 967,179,000
Other Assets:
Broadcast rights 75,956,000
Goodwill & other intangible assets 795,872,000
Prepaid pension costs 2,493,000
Investments in non-debtor units 1,515,179,000
Other investments 44,152,000
Intercompany receivables from non-debtors 3,152,949,000
Restricted cash 732,217,000
Other 73,650,000
--------------
Total Assets $9,065,563,000
==============
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current portion of broadcast rights $72,207,000
Current portion of long-term debt 6,200,000
Accounts payable, accrued expenses, and other 382,447,000
--------------
Total current liabilities 460,854,000
Pension obligations 176,568,000
Long-term broadcast rights 42,548,000
Long-term debt 7,508,000
Other obligations 198,835,000
--------------
Total Liabilities 886,313,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,117,000
Obligations to third parties 13,211,552,000
--------------
Total Liabilities Subject to Compromise 16,670,669,000
Shareholders' Equity (Deficit) (8,500,419,000)
--------------
Total Liabilities & Shareholders' Equity(Deficit)$9,056,563,000
==============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period From June 28, 2010 to August 1, 2010
Total Revenue $272,788,000
Operating Expenses:
Cost of sales 152,442,000
Selling, general and administrative 79,105,000
Depreciation 16,940,000
Amortization of intangible assets 1,331,000
--------------
Total operating expenses 249,818,000
--------------
Operating Profit (Loss) 22,970,000
--------------
Income on equity investments, net 694,000
Interest expense, net (3,669,000)
Management fee (1,819,000)
Non-operating income(loss), net 247,000
--------------
Income (loss) before income taxes & Reorg. Costs 18,423,000
Reorganization costs (11,293,000)
--------------
Income (loss) before income taxes 7,130,000
Income taxes (756,000)
--------------
Income (loss) from continuing operations 6,374,000
Income from discontinued operations, net of tax 0
--------------
Net Income (Loss) $6,374,000
==============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period June 28, 2010 to August 1, 2010
Beginning Cash Balance $1,554,206,000
Cash Receipts:
Operating receipts 285,291,000
Other 2,000,000
--------------
Total Cash Receipts 287,291,000
Cash Disbursements
Compensation and benefits 96,771,000
General disbursements 142,737,000
Reorganization related disbursements 7,641,000
--------------
Total Disbursements 247,150,000
--------------
Debtors' Net Cash Flow 40,142,000
From/(To) Non-Debtors 5,012,000
--------------
Net Cash Flow 45,154,000
Other (69,000)
--------------
Ending Available Cash Balance $1,599,291,000
==============
About Tribune Co
Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.
The Company and 110 of its affiliates filed for Chapter 11
protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141). The Debtors proposed Sidley Austion LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. And Alvarez & Marsal North Americal LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As
of December 8, 2008, the Debtors have $7,604,195,000 in total
assets and $12,972,541,148 in total debts.
Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TRONOX INC: Posts $6,200,000 Net Loss in July
---------------------------------------------
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Balance Sheet
As of July 31, 2010
ASSETS
Cash and cash equivalents $66,100,000
Notes and accounts receivable intercompany 363,300,000
Accounts receivable, third parties 137,500,000
Inventories, net 91,400,000
Prepaid and other assets 149,400,000
----------------
Total Current Assets 807,400,000
Property, plant and equipment, net 164,900,000
Notes and advances receivable, intercompany 111,700,000
Other long-term assets 346,100,000
----------------
Total Assets $1,430,100,000
================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, third parties $58,000,000
Accrued liabilities 106,100,000
Long-term debt due within one year 3,400,000
Income taxes payable 800,000
----------------
Total Current Liabilities 168,300,000
Noncurrent liabilities:
Environmental remediation and restoration 95,900,000
Long-term Debt 421,700,000
Notes and advances payable, intercompany 9,400,000
Deferred income taxes 1,100,000
Other 123,900,000
----------------
Total Liabilities
Not Subject to Compromise 820,300,000
Liabilities Subject to compromise 442,100,000
Commitments and contingencies -
Stockholders' equity
Common stock 400,000
Capital in excess of par value 496,600,000
Retained earnings (accumulated deficit) (279,600,000)
Accumulated other comprehensive
income (42,500,000)
Treasury stock, at cost (7,200,000)
----------------
Total Stockholders' Equity 167,700,000
----------------
Total Liabilities and Stockholders' Equity $1,430,100,000
================
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Statement of Operations
Month Ended July 31, 2010
Net Sales $59,600,000
Cost of goods sold 44,600,000
----------------
Gross margin 15,000,000
Selling, general and admin. Expenses 2,900,000
Restructuring charges -
Provision for environmental remediation -
----------------
12,100,000
Interest and debt expense 5,000,000
Other (income) expense, net (2,300,000)
Reorganization items 15,300,000
----------------
Income (loss) from continuing operations
before income taxes (5,900,000)
Income tax provision (benefit) -
----------------
Income (loss) from continuing operations (5,900,000)
Income (loss) from discontinued operations,
net of tax (300,000)
----------------
Net income (loss) ($6,200,000)
================
The Debtors disclosed that for the month ended July 31, 2010,
they paid a total of $1,904,266 to their professionals with
Kirkland & Ellis LLP, their counsel, getting $1,197,380.
A full-text copy of the July 2010 MOR is available for free
at http://bankrupt.com/misc/tronoxjul2010mor.pdf
About Tronox Inc.
Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors. The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.
An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases. The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.
Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B. Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK. As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.
Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
VISTEON CORP: Has $258,890,000 Cash at End of July
--------------------------------------------------
Visteon Corporation
Debtor's Balance Sheet
As of July 31, 2010
ASSETS
Current Assets:
Cash and cash equivalents $258,890,000
Restricted cash 94,429,000
Accounts receivable, net 4,389,741,000
Inventories, net 16,288,000
Other current assets 59,894,000
--------------
Total current assets 4,819,242,000
Property and equipment, net 91,801,000
Equity in net asset of non-consolidated units 10,260,000
Other non-current assets 1,343,691,000
--------------
Total Assets $6,264,994,000
==============
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Short-term debt, including current portion
of long-term debt $11,227,166,000
Accounts payable 1,218,193,000
Accrued employee liabilities 41,070,000
Other current liabilities 53,885,000
--------------
Total current liabilities 12,540,314,000
Liabilities subject to compromise 2,983,744,000
Long-term debt 23,000
Employee benefits, including pensions 280,005,000
Deferred income taxes 92,194,000
Other non-current liabilities 181,012,000
--------------
Total Liabilities 16,077,293,000
Shareholders' equity (deficit)
Debtor's Shareholders' equity (deficit)
Common stock 131,053,000
Stock warrants 127,024,000
Additional paid-in capital 2,219,807,000
Retained earnings (deficit) (11,888,031,000)
Accumulated other comprehensive income (265,314,000)
Other (3,845,000)
--------------
Total Debtor shareholders' equity(deficit) (9,679,306,000)
Non-controlling interests (132,992,000)
--------------
Total shareholders' equity (deficit) (9,812,298,000)
--------------
Total Liabilities and shareholders' equity $6,264,994,000
==============
Visteon Corporation
Statements of Operations
For the Period Ended July 31, 2010
Net sales
Products ($16,636,000)
Services 17,152,000
--------------
516,000
Cost of Sales
Products
Materials 0
Labor and overhead (11,196,000)
Product engineering (2,004,000)
Freight and duty 0
Manufacturing spending 0
Warranty and recall 0
Other (10,000)
Services 17,000,000
--------------
3,790,000
--------------
Gross margin (3,273,000)
Selling, general and administrative expenses
Personnel (2,840,000)
Depreciation 0
Other (434,000)
--------------
(3,273,000)
Restructuring expenses 0
Reimbursement from Escrow Account 0
Reorganization items 0
Deconsolidation gain 0
Asset impairments and other (gains)/losses 0
--------------
Operating income(loss) 0
Interest expense 0
Interest income 0
Equity in net income of non-consolidated affiliates 0
--------------
Income(loss) before income taxes 0
Provision for income taxes 0
--------------
Net Income (loss) 0
Net income attributable to noncontrolling interest 0
--------------
Net income (loss) attributable to Debtor $0
==============
Visteon Corporation et al.
Combined Schedules of Operating Cash Flow
For the Month Ended July 31, 2010
Customer receipts $150,005,000
Other receipts 22,503,000
Intercompany receipts 55,302,000
--------------
Total receipts 227,810,000
Disbursements
Payroll related (25,544,000)
Operating disbursements (65,620,000)
Intercompany disbursements (141,390,000)
Other disbursements (35,019,000)
--------------
Total Disbursements (267,573,000)
--------------
Net Cash Flow (39,763,000)
Beginning Cash Balance 561,430,000
Net Cash Flow (39,763,000)
Foreign Currency and other Adjustments 5,924,000
--------------
Ending Cash Balance $527,591,000
==============
About Visteon Corp
Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for automakers. 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
disclosed 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
effort. 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).
*********
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
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On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
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Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2010. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***