/raid1/www/Hosts/bankrupt/TCR_Public/101009.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, October 9, 2010, Vol. 14, No. 280
Headlines
ADVANTA CORP: Ends August 2010 With $106.6 Million Cash
AMERICAN SAFETY: Earns $820,000 in July 28 - August 31 Period
CANAL CORPORATION: Has $7.4 Million Cash at September 5
GARLOCK SEALING: Has $14,720,279 in Receivables at Aug. 28
GENERAL GROWTH: Posts $40.3 Million Net Loss in August
GOODY'S LLC: Earns $393,500 in June
GOODY'S LLC: Posts $49,800 Net Loss in July
IMPERIAL CAPITAL: Posts $570,600 Net Loss in August
IMPERIAL CAPITAL: Earns $2.4 Million in July
MOVIE GALLERY: Posts $9,463,000 Net Loss in August
NORTEL NETWORKS: Ends August 2010 With $901 Million Cash
OPUS SOUTH: Has $568,926 Cash at July 31
OPUS SOUTH: Has $515,455 Cash at August 31
OPUS WEST: OWP Has $246,970 in Assets at July 31
OPUS WEST: OWP Has $246,970 in Assets at August 31
PENN TRAFFIC: Posts $839,000 Net Loss in Month Ended August 28
REFCO INC: LLC Has $6,708,000 Cash at End of July
REFCO INC: LLC Has $6,709,000 Cash at End of August
SOUTH BAY: Posts $2,033,698 Net Income in August
TRIBUNE CO: Posts $14,851,000 Net Income in August
WASHINGTON MUTUAL: Ends August 2010 With $4.537 Billion Cash
*********
ADVANTA CORP: Ends August 2010 With $106.6 Million Cash
-------------------------------------------------------
Advanta Corp. and certain of its subsidiaries filed on
September 30, 2010, their unaudited monthly operating report for
August 2010 with the U.S. Bankruptcy Court for the District of
Delaware.
The Debtors ended August 2010 with $106.6 million in cash, from
$107.2 million at the beginning of the period. The Company paid a
total of $439,594 in professional fees and $16,349 in professional
expenses in August.
Advanta reported a net loss of $3.6 million for August 2010.
At August 31, 2010, Advanta Corp. had $278.8 million in total
assets, $341.2 million in total liabilities, and a stockholders'
deficit of $62.4 million.
A copy of the Debtors' August 2010 monthly operating report is
available at no charge at http://researcharchives.com/t/s?6c25
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.
AMERICAN SAFETY: Earns $820,000 in July 28 - August 31 Period
-------------------------------------------------------------
American Safety Razor Company, LLC, et al., filed on September 27,
2010, their monthly operating report for the period July 28, 2010,
to August 31, 2010.
American Safety Razor Company, LLC, reported net income of
$820,000 on total net sales of $18.9 million for the reporting
period.
At August 31, 2010, the Debtor's balance sheet showed
$879.2 million in total assets, $571.8 million in total
liabilities, and stockholders' equity of $307.3 million.
Tne Debtor ended the period with $21.0 million cash, which
includes $137,000 of restricted cash. During the period, the
Debtor paid a total of $1.7 million in professional fees and
expenses.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/ameicansafety.august2010mor.pdf
About American Safety
American Safety Razor Company, LLC, doing business as Personna
American Safety Razor, manufactures private-label shaving razors
and blades. ASR also makes and distributes blades and bladed hand
tools for a variety of industrial uses and specialty industrial
and medical blades. The Company has roots going back to 1875.
American Safety, along with affiliates, sought Chapter 11 relief
(Bankr. D. Del. Case No. 10-12351) on July 28, 2010. Mark
J. Thompson, Esq., and Morris J. Massel, Esq., at Simpson Thacher
& Bartlett LLP, serve as bankruptcy attorneys. Howard A. Cohen,
Esq., at Drinker Biddle & Reath LLP, is co-counsel. In addition,
Lazard Middle Market LLC is the investment banker and Kurtzman
Carson Consultants LLC is the claims and notice agent. American
Safety estimated assets at $100 million to $500 million and debts
at $500 million to $1 billion in its Chapter 11 petition.
CANAL CORPORATION: Has $7.4 Million Cash at September 5
-------------------------------------------------------
On August 27, 2010, Canal Corporation filed with the U.S.
Bankruptcy Court for the Eastern District of Virginia in Richmond
its unaudited monthly operating report for August 9, 2010, to
September 5, 2010.
The Debtor reported a net loss of $351,352 for the period.
As of September 5, 2010, the Company had $41.5 million in total
assets, $420.1 million in total liabilities, and a stockholders'
deficit of $378.6 million. The Company had cash and cash
equivalents of $7.4 million at September 5, 2010, compared to
$7.5 million at August 8, 2010.
A full-text copy of the monthly operating report for the period
August 9, 2010, to September 5, 2010, is available for free at:
http://researcharchives.com/t/s?6c2c
About Canal Corp.
Headquartered in Richmond, Virginia, Canal Corp., formerly
Chesapeake Corporation, supplies specialty paperboard packaging
products in Europe and an international supplier of plastic
packaging products to niche end-use markets. The Company has 44
locations in Europe, North America, Africa and Asia.
Chesapeake and 18 affiliates filed Chapter 11 petitions (Bankr.
E.D. Va. Lead Case No. 08-336642) on Dec. 29, 2008. Lawyers at
Hunton & Williams LLP represent the Debtors. Chesapeake tapped
Alvarez and Marsal North America LLC, and Goldman Sachs & Co. as
financial advisors. Tavenner & Beran PLC serves as conflicts
counsel and Hammonds LLP as special counsel. Kurtzman Carson
Consultants LLC serves as claims agent. The United States Trustee
for Region 4 appointed seven creditors to serve on an Official
Committee of Unsecured Creditors for the Debtors' Chapter 11
cases. Lawyers at Greenberg Traurig LLP represent the Committee.
In its petition, Chesapeake listed $936,600,000 in total assets
and $937,100,000 in total debts as of September 28, 2008.
In May 2009, the Debtors completed the sale of all the assets of
its operating business to a group of investors including units of
Irving Place Capital Management and Oaktree Capital Management for
$485 million. The Company's name was changed to Canal following
the sale.
GARLOCK SEALING: Has $14,720,279 in Receivables at Aug. 28
----------------------------------------------------------
Garlock Sealing Technologies LLC, Garrison Litigation Management
Group, Ltd., and The Anchor Packing Company submitted to the Court
their operating reports for the August 1 to 28, 2010 period.
Garlock disclosed that per agreement with Linda W. Simpson, U.S.
Bankruptcy Administrator for the Western District of North
Carolina, certain information are presented in a modified or
abridged format.
The Debtors note that for the reporting period, they paid these
amounts in Salary, Wage and Commission Payments:
Garlock Sealing $2,738,841
Garrison Litigation $68,041
Anchor Packing $0
Garlock reported that as of August 28, 2010, it had $14,720,279,
in account receivables. Meanwhile, Garrison Litigation and Anchor
Packing disclosed $0 account receivables for the August 1 to 28,
2010 period.
Full-text copies of Garlock Sealing's, Garrison's and Anchor
Packing's reports are available for free at:
http://bankrupt.com/misc/Garlock_Aug1to28MOR.pdf
http://bankrupt.com/misc/GarrisonAug1to28MOR.pdf
http://bankrupt.com/misc/AnchorPackingAug1to28MOR.pdf
About Garlock Sealing
Headquartered in Palmyra, NY, Garlock Sealing Technologies LLC is
an EnPro Industries, Inc. company (NYSE: NPO). For more than a
century, Garlock has been helping customers efficiently seal the
toughest process fluids in the most demanding applications.
On June 5, Garlock filed a voluntary Chapter 11 petition (Bankr.
W.D. N.C. Case No. 10-31607) in Charlotte, North Carolina, to
establish a trust to resolve all current and future asbestos
claims against Garlock under Section 524(g) of the U.S. Bankruptcy
Code. The Debtor estimated $500 million to $1 billion in assets
and up to $500 million in debts as of the Petition Date.
Affiliates The Anchor Packing Company and Garrison Litigation
Management Group, Ltd., also filed for bankruptcy.
The filing covers only Garlock operations in Palmyra, New York and
Houston, Texas. Garlock Rubber Technologies, Garlock Helicoflex,
Pikotek, Technetics, Garlock Europe and Garlock operations in
Canada, Mexico or Australia are not affected by the filing, nor is
EnPro Industries or any other EnPro operating subsidiary.
Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A.,
represents the Debtor in its Chapter 11 effort. Garland S.
Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel
for Asbestos matters.
Bankruptcy Creditors' Service, Inc., publishes Garlock Sealing
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by Garlock Sealing Technologies LLC and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GENERAL GROWTH: Posts $40.3 Million Net Loss in August
------------------------------------------------------
On September 30, 2010, General Growth Properties, Inc., and
certain of the Company's domestic subsidiaries filed their monthly
operating report for August 2010 with the U.S. Bankruptcy Court
for the Southern District of New York.
The Debtors reported a net loss attributable to common
shareholders of $40.3 million on total revenues of $210.5 million
for the month ended August 31, 2010. Operating income was
$73.3 million.
At August 31, 2010, the Debtors had $25.795 billion in total
assets, $24.071 billion in total liabilities, $138.2 million in
in total redeemable noncontrolling interests, and $1.586 billion
in total equity.
A full-text copy of August 2010 monthly operating report is
available at no charge at http://researcharchives.com/t/s?6c28
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)
GOODY'S LLC: Earns $393,500 in June
-----------------------------------
Goody's, LLC, et al., filed on September 24, 2010, their monthly
operating report for June 2010.
The Debtors reported net income of $393,522 for the month.
At June 30, 2010, the Debtors had total assets of $55.8 million,
total liabilities of $74.2 million, and a stockholders' deficit of
$18.3 million.
The Debtors ended the period with $9,624,344 in unrestricted cash
and equivalents, as compared to $9,218,968 at May 31, 2010. The
Debtors paid a total of $54,721 in professional fees and expenses
during the month.
A full-text copy of the Debtor's monthly operating report for
July 2010 is available at no charge at:
http://bankrupt.com/misc/goody'sllc.june2010mor.pdf
About Goody's LLC
Headquartered in Wilmington, Delaware, Goody's LLC, successor to
Goody's Family Clothing Inc., operates a chain of clothing stores.
Goody's Family Clothing Inc. and 19 of its affiliates filed for
Chapter 11 protection on June 9, 2008 (Bankr. D. Del. Lead Case
No. 08-11133). Gregg M. Galardi, Esq., and Marion M. Quirk, Esq.,
at Skadden Arps Slate Meagher & Flom LLP, and Paul G. Jennings,
Esq., at Bass, Berry & Sims PLC, represented the Debtors. The
Company emerged from bankruptcy October 20, 2008, after closing
more than 70 stores. The reorganized entity was named Goody's
LLC, and headquartered in Wilmington, Delaware.
Goody's subsequently announced plans to liquidate in January
2009 when it was unable to restructure terms with creditors.
Goody's LLC and 13 of its affiliates filed for Chapter 11
protection on January 13, 2009 (Bankr. D. Del. Lead Case No.
09-10124). M. Blake Cleary, Esq., at Young, Conaway, Stargatt &
Taylor, LLP; Paul G. Jennings, Esq., Gene L. Humphreys, Esq.,
Edward C. Meade, Esq., and Kristen C. Wright, Esq., at Bass Berry
& Sims PLC represent the Debtors as counsel. Skadden, Arps, Slate
Meagher & Flom, LLP, is the Debtors' special counsel; FTI
Consulting Inc. is the Debtors' financial advisor. Goody's has
closed its 282 stores and liquidated its inventory and other
assets. In its schedules, Goody's LLC listed assets of
$542,231,601 and liabilities of $510,471,005.
GOODY'S LLC: Posts $49,800 Net Loss in July
-------------------------------------------
Goody's, LLC, et al., filed on September 24, 2010, their monthly
operating report for July 2010.
The Debtors reported a net loss of $49,824 for the month.
At July 31, 2010, the Debtors had total assets of $55.8 million,
total liabilities of $74.2 million, and a stockholders' deficit of
$18.4 million.
The Debtors ended the period with $9,615,272 in unrestricted cash
and equivalents, as compared to $9,624,344 at June 30, 2010.
A full-text copy of the Debtor's monthly operating report for
July 2010 is available at no charge at:
http://bankrupt.com/misc/goody'sllc.july2010mor.pdf
About Goody's LLC
Headquartered in Wilmington, Delaware, Goody's LLC, successor to
Goody's Family Clothing Inc., operates a chain of clothing stores.
Goody's Family Clothing Inc. and 19 of its affiliates filed for
Chapter 11 protection on June 9, 2008 (Bankr. D. Del. Lead Case
No. 08-11133). Gregg M. Galardi, Esq., and Marion M. Quirk, Esq.,
at Skadden Arps Slate Meagher & Flom LLP, and Paul G. Jennings,
Esq., at Bass, Berry & Sims PLC, represented the Debtors. The
Company emerged from bankruptcy October 20, 2008, after closing
more than 70 stores. The reorganized entity was named Goody's
LLC, and headquartered in Wilmington, Delaware.
Goody's subsequently announced plans to liquidate in January
2009 when it was unable to restructure terms with creditors.
Goody's LLC and 13 of its affiliates filed for Chapter 11
protection on January 13, 2009 (Bankr. D. Del. Lead Case No.
09-10124). M. Blake Cleary, Esq., at Young, Conaway, Stargatt &
Taylor, LLP; Paul G. Jennings, Esq., Gene L. Humphreys, Esq.,
Edward C. Meade, Esq., and Kristen C. Wright, Esq., at Bass Berry
& Sims PLC represent the Debtors as counsel. Skadden, Arps, Slate
Meagher & Flom, LLP, is the Debtors' special counsel; FTI
Consulting Inc. is the Debtors' financial advisor. Goody's has
closed its 282 stores and liquidated its inventory and other
assets. In its schedules, Goody's LLC listed assets of
$542,231,601 and liabilities of $510,471,005.
IMPERIAL CAPITAL: Posts $570,600 Net Loss in August
---------------------------------------------------
On September 20, 2010, Imperial Capital Bancorp, Inc., filed its
unaudited monthly operating report for the month of August 2010
with the Office of the United States Trustee as required by the
OUST Guidelines.
The Company reported net loss of $570,635 for the month of August.
At August 31, 2010, the Company had total assets of $42.5 million,
total liabilities of $99.8 million, and a stockholders' deficit of
$57.3 million.
A full-text copy of the Company's August 2010 monthly operating
report is available at no charge at:
http://researcharchives.com/t/s?6c2a
About Imperial Capital
La Jolla, California-based Imperial Capital Bancorp, Inc., filed
for Chapter 11 bankruptcy protection on December 18, 2009 (Bankr.
S.D. Calif. Case No. 09-19431). Gregory K. Jones, Esq., at
Stutman, Treister & Glatt, P.C., assists the Company in its
restructuring effort. The Company estimated $10 million to
$50 million in assets and up to $100 million in debts in its
Chapter 11 petition.
IMPERIAL CAPITAL: Earns $2.4 Million in July
--------------------------------------------
On August 20, 2010, Imperial Capital Bancorp, Inc., filed its
unaudited monthly operating report for the month of July 2010 with
the Office of the United States Trustee as required by the OUST
Guidelines.
The Company reported net income of $2.4 million for the month of
July.
At July 31, 2010, the Company had total assets of $45.0 million,
total liabilities of $101.7 million, and a stockholders' deficit
of $56.7 million.
A full-text copy of the Company's July 2010 monthly operating
report is available at no charge at:
http://researcharchives.com/t/s?6c29
About Imperial Capital
La Jolla, California-based Imperial Capital Bancorp, Inc., filed
for Chapter 11 bankruptcy protection on December 18, 2009 (Bankr.
S.D. Calif. Case No. 09-19431). Gregory K. Jones, Esq., at
Stutman, Treister & Glatt, P.C., assists the Company in its
restructuring effort. The Company estimated $10 million to
$50 million in assets and up to $100 million in debts in its
Chapter 11 petition.
MOVIE GALLERY: Posts $9,463,000 Net Loss in August
--------------------------------------------------
Movie Gallery, Inc.
Unaudited Consolidated Balance Sheet
As of September 5, 2010
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents $110,493
Merchandise inventory 1,234
Prepaid expenses 13,509
Accounts receivable and other 20,145
Intercompany receivable 950
Assets held for sale 430
Income tax receivable 1,248
---------
Total current assets 148,009
Rental inventory, net 30,051
Property, furnishings and equipment, net 4,516
Other intangibles, net 16,745
Deposits and other assets 15,922
Investment in subsidiaries 38,258
---------
Total assets $253,501
=========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Current maturities of long-term obligations $55,000
Accounts payable 5,130
Accrued liabilities 16,582
Accrued payroll 1,922
Accrued interest 487
---------
Total current liabilities 79,121
Other accrued liabilities 115
---------
Total liabilities not subject to compromise 79,236
Liabilities subject to compromise 938,054
Total liabilities 1,017,290
Stockholders' deficit:
Common stock 37
Additional paid-in capital 384,407
Accumulated deficit (1,140,338)
Accumulated other comprehensive loss (7,895)
Total stockholders' deficit (763,789)
Total liabilities and stockholders' deficit $253,501
=========
Movie Gallery, Inc.
Unaudited Consolidated Statement of Operations
For the period August 9, 2010 - September 5, 2010
(in thousands)
Revenue:
Rentals $3,537
Product sales -
---------
3,537
Cost of Sales:
Cost of rental revenues 7,192
Cost of product sales -
---------
7,192
Gross margin (3,655)
Gross margin % -103.3%
Rental margin (3,655)
Rental margin % -103.3%
Product margin -
Product margin % -0.0%
Operating costs and expenses:
Store operating expenses 277
General and administrative 5,115
---------
5,392
Operating loss (9,047)
Interest expense, net 850
Loss before reorganization items and income taxes (9,897)
Reorganization items, net (425)
---------
Loss before income taxes (9,472)
Income taxes (9)
Net loss ($9,463)
=========
Movie Gallery, Inc.
Unaudited Consolidated Statement of Cash Flows
For the period August 9, 2010 - September 5, 2010
(in thousands)
Net loss ($9,463)
Adjustments to reconcile net income to net cash
provided by operating activities
Rental inventory amortization 3,146
Purchases of rental inventory (29)
Loss on disposal of property & equipment 3,270
Amortization of debt issuance cost 649
Changes in operating assets and liabilities
Merchandise inventory 3,782
Other current assets 3,354
Deposits and other assets (650)
Accounts payable (796)
Accrued interest 201
Other accrued liabilities and deferred revenue (3,725)
---------
Net cash provided by operating activities (261)
Investing Activities
Proceeds from disposal of property,
furnishings and equipment 250
---------
Net cash provided by investing activities 250
Financing activities
Change in intercompany payable -
---------
Net cash used in financing activities -
Decrease in cash and cash equivalents (11)
Cash and cash equivalents at beginning of period 110,504
---------
Cash and cash equivalents at end of period $110,493
=========
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).
NORTEL NETWORKS: Ends August 2010 With $901 Million Cash
--------------------------------------------------------
On September 30, 2010, Nortel Networks Inc., a Delaware
corporation and an indirect subsidiary of Nortel Networks Corp.,
and several other direct and indirect U.S. subsidiaries of Nortel
Networks Corp., filed their unaudited condensed combined debtors-
in-possession financial statements included in the Monthly
Operating Report for August 2010 with the United States Bankruptcy
Court for the District of Delaware.
Nortel Networks Inc. reported net earnings of $3.0 million on
total revenues of $8.0 million for the period. Professional fees
directly related to the U.S. Debtors' Chapter 11 proceedings
totaled $8.0 million.
The Company ended August 2010 with $901.0 million in cash and cash
equivalents, as compared to $885.0 million at the beginning of the
month.
As of August 31, 2010, Nortel Networks Inc. had $1.609 billion in
total assets, $5.901 billion in total liabilities, and a
stockholders' deficit of $4.292 billion.
A full-text copy of the monthly operating report is available at
no charge at http://researcharchives.com/t/s?6c24
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 SOUTH: Has $568,926 Cash at July 31
----------------------------------------
Opus South Corporation
Balance Sheet
As of July 31, 2010
ASSETS:
Cash & cash equivalents $568,926
Receivables:
Construction contracts 8,589,340
Related party -
Management fees -
Other (2,052,788)
------------
Total receivables 6,536,553
Costs & estimated earnings -
Prepaid expenses & other assets 516,081
Pursuit costs -
Real estate:
Completed -
Under construction -
Land held for development 412,969
Real estate held for investment -
Investment in real estate ventures 1,949,659
Accumulated depreciation -
------------
Total real estate 2,362,628
Notes receivable -
Investment in subsidiaries 56,592,196
Property & equipment, net -
------------
Total assets $66,576,385
============
LIABILITIES:
Accounts payable $11,000,248
Accrued expenses 1,872,117
Accrued income taxes -
Billings in excess of costs -
Mortgages and notes payable 61,000,000
Subordinated notes payable -
Postpetition accounts payable 56,886
Postpetition accrued expenses (82,501)
------------
Total liabilities 73,846,750
Minority interest in subsidiary -
EQUITY:
Common stock 9,660
Additional paid-in capital 71,674,223
Prepetition retained earnings (70,303,142)
Postpetition retained earnings (8,651,107)
------------
Total equity (7,270,366)
------------
Total liabilities & equity $66,576,385
============
Opus South Corporation
Income Statement
For the month ended July 31, 2010
Gross Revenues:
Construction - related party $0
Construction - 3rd party 0
Real estate 0
Rental property 0
Management fee 0
------------
Total gross revenues 0
Gross Margin:
Construction - related party 0
Construction - 3rd party 0
Real estate 0
Rental property 0
Management fee 0
------------
Total gross margin 0
Other Income:
Interest 16
Real estate ventures -
Other 4,866
------------
Total income 4,882
Expenses:
Salary and related 12,106
General & administrative 32,295
Reorganization expenses -
Project costs capitalized -
Interest -
Interest capitalized -
Corporate overhead & variable compensation -
Charitable contributions -
------------
Total expenses 44,401
Income(Loss) before minority interest & taxes (35,519)
Minority Int. in income(loss) loss of cons sub -
------------
Income(Loss) before taxes (35,519)
------------
Net income(loss) ($35,519)
============
Opus South Corporation's July 2010 operating report also
includes an illegible Cash Receipts & Disbursements statement, a
copy of which is available for free at:
http://bankrupt.com/misc/OpS0710CD.pdf
About Opus South
Headquartered in Atlanta, Georgia, Opus South Corporation --
http://www.opuscorp.com/-- provides an array of real estate
related services across the United States including real estate
development, architecture & engineering, construction and project
management, property management and financial services.
The Company and its affiliates filed for Chapter 11 on April 22,
2009 (Bankr. D. Del. Lead Case No. 09-11390). Victoria Watson
Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors
in their restructuring efforts. The Debtors propose to employ
Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial
Corporation as real estate broker, Delaware Claims Agency LLC as
claims agent. The Debtors have assets and debts both ranging from
$50 million to $100 million.
The U.S. Bankruptcy Court for the District of Delaware confirmed
the Chapter 11 Plan of Liquidation filed by Wachovia Bank,
National Association, as administrative agent, and certain lender
parties for Waters Edge One, L.L.C., one of the Opus South
Debtors, on February 18, 2010.
Opus South sought and obtained an order from the U.S. Bankruptcy
Court for the District of Delaware converting its case from
Chapter 11 to Chapter 7 of the Bankruptcy Code on August 27,
2010.
Roberta A. DeAngelis, the Acting U.S. Trustee for Region 3, has
appointed Jeoffrey L. Burtch as interim trustee of the Chapter 7
estate of Opus South Corp.
OPUS SOUTH: Has $515,455 Cash at August 31
------------------------------------------
Opus South Corporation
Balance Sheet
As of August 31, 2010
ASSETS:
Cash & cash equivalents $515,455
Receivables:
Construction contracts 8,589,340
Related party -
Management fees -
Other (2,052,788)
------------
Total receivables 6,536,553
Costs & estimated earnings -
Prepaid expenses & other assets 516,081
Pursuit costs -
Real estate:
Completed -
Under construction -
Land held for development 412,969
Real estate held for investment -
Investment in real estate ventures 1,949,659
Accumulated depreciation -
------------
Total real estate 2,362,628
Notes receivable -
Investment in subsidiaries 56,592,196
Property & equipment, net -
------------
Total assets $66,522,914
============
LIABILITIES:
Accounts payable $11,000,248
Accrued expenses 1,872,117
Accrued income taxes -
Billings in excess of costs -
Mortgages and notes payable 61,000,000
Subordinated notes payable -
Postpetition accounts payable 10,587
Postpetition accrued expenses (81,243)
------------
Total liabilities 73,801,709
Minority interest in subsidiary -
EQUITY:
Common stock 9,660
Additional paid-in capital 71,674,223
Prepetition retained earnings (70,303,142)
Postpetition retained earnings (8,659,537)
------------
Total equity (7,278,796)
------------
Total liabilities & equity $66,522,914
============
Opus South Corporation
Income Statement
For the month ended August 31, 2010
Gross Revenues:
Construction - related party $0
Construction - 3rd party 0
Real estate 0
Rental property 0
Management fee 0
------------
Total gross revenues 0
Gross Margin:
Construction - related party 0
Construction - 3rd party 0
Real estate 0
Rental property 0
Management fee 0
------------
Total gross margin 0
Other Income:
Interest 17
Real estate ventures -
Other -
------------
Total income 17
Expenses:
Salary and related 17,371
General & administrative 28,906
Reorganization expenses -
Project costs capitalized -
Interest -
Interest capitalized -
Corporate overhead & variable compensation -
Charitable contributions -
------------
Total expenses 46,277
Income(Loss) before minority interest & taxes (46,260)
Minority Int. in income(loss) loss of cons sub -
------------
Income(Loss) before taxes (46,260)
------------
Net income(loss) ($46,260)
============
Opus South Corporation's August 2010 operating report also
includes an illegible Cash Receipts & Disbursements statement, a
copy of which is available for free at:
http://bankrupt.com/misc/OpS0810CD.pdf
About Opus South
Headquartered in Atlanta, Georgia, Opus South Corporation --
http://www.opuscorp.com/-- provides an array of real estate
related services across the United States including real estate
development, architecture & engineering, construction and project
management, property management and financial services.
The Company and its affiliates filed for Chapter 11 on April 22,
2009 (Bankr. D. Del. Lead Case No. 09-11390). Victoria Watson
Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors
in their restructuring efforts. The Debtors propose to employ
Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial
Corporation as real estate broker, Delaware Claims Agency LLC as
claims agent. The Debtors have assets and debts both ranging from
$50 million to $100 million.
The U.S. Bankruptcy Court for the District of Delaware confirmed
the Chapter 11 Plan of Liquidation filed by Wachovia Bank,
National Association, as administrative agent, and certain lender
parties for Waters Edge One, L.L.C., one of the Opus South
Debtors, on February 18, 2010.
Opus South sought and obtained an order from the U.S. Bankruptcy
Court for the District of Delaware converting its case from
Chapter 11 to Chapter 7 of the Bankruptcy Code on August 27,
2010.
Roberta A. DeAngelis, the Acting U.S. Trustee for Region 3, has
appointed Jeoffrey L. Burtch as interim trustee of the Chapter 7
estate of Opus South Corp.
OPUS WEST: OWP Has $246,970 in Assets at July 31
------------------------------------------------
Two affiliates of Opus West Corporation delivered separate
individual monthly operating reports to the Court for the month
of July 2010. The Opus West affiliates reported these assets
and liabilities as of July 31, 2010:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- --------------
Opus West Partners, Inc. $246,970 $0
OW Commercial, Inc. 1,014 11,212,507
Both Debtor affiliates reported a net loss of $325.
The Debtor affiliates also reported their cash receipts and
disbursements for the Reporting Period:
Company Receipts Disbursements Cash Flow
------------- ----------- ------------- ---------
Opus West Partners Inc. 0 $325 ($325)
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.
OPUS WEST: OWP Has $246,970 in Assets at August 31
--------------------------------------------------
Two affiliates of Opus West Corporation delivered separate
individual monthly operating reports to the Court for the month
of August 2010. The Opus West affiliates reported these assets
and liabilities as of August 31, 2010:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- --------------
Opus West Partners, Inc. $246,970 $0
OW Commercial, Inc. 1,014 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 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.
PENN TRAFFIC: Posts $839,000 Net Loss in Month Ended August 28
--------------------------------------------------------------
On September 27, 2010, The Penn Traffic Company, et al., filed
their monthly operating report for August 2010 with the U.S.
Bankruptcy Court for the District of Delaware.
The Debtors reported a net loss of $839,000 on revenues of $8,000
for the period. Reorganization expense totaled $295,000.
At August 28, 2010, the Debtors had total assets of $81.2 million,
total liabilities of $97.4 million, and a stockholders' deficit of
$16.2 million.
A full-text copy of the Debtors' monthly operating report for the
period ended August 28, 2010, is available for free at:]
http://researcharchives.com/t/s?6c2d
About Penn Traffic
Syracuse, New York-based The Penn Traffic Company -- dba P&C
Foods, Bi-Lo Foods, and Quality Markets -- operates supermarkets
in Pennsylvania, upstate New York, Vermont, and New Hampshire
under the Bilo, P&C and Quality trade names. The Company filed
for Chapter 11 bankruptcy protection on November 18, 2009 (Bankr.
D. Del. Case No. 09-14078). Ann C. Cordo, Esq., and Gregory W.
Werkheiser, Esq., at Morris, Nichols, Arsht & Tunnell assist the
Company in its restructuring effort. Donlin Recano is the
Company's claims agent. The Company disclosed $150,347,730 in
assets and $136,874,394 in liabilities as of May 4, 2009.
The Company's affiliates also filed separate Chapter 11 petitions
-- Sunrise Properties, Inc.; Pennway Express, Inc.; Penny Curtiss
Baking Company, Inc.; Big M Supermarkets, Inc.; Commander Foods
Inc.; P and C Food Markets, Inc. of Vermont; and P.T. Development,
LLC.
Following a bankruptcy court-sanctioned auction, Tops Markets LLC
purchased almost all of Penn Traffic's stores as a going concern
by paying $85 million cash. The sale was structured so Penn
Traffic avoided a $72 million claim for pension plan termination
and a $27 million claim by the principal supplier.
REFCO INC: LLC Has $6,708,000 Cash at End of July
-------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of
Refco, LLC's estate, filed with the U.S. Bankruptcy Court for the
Southern District of New York a monthly statement of cash
receipts and disbursements for the period from July 1 to 31, 2010.
The Chapter 7 Trustee reported that Refco LLC's beginning balance
in its Money Market account with Union Bank, totaled $6,707,000 as
of July 1.
During the Reporting Period, Refco LLC received a total of $1,000
in interest income. No transfers were made, according to Mr.
Togut.
Refco LLC held $6,708,000 at the end of the period.
Refco, LLC
Schedule of Cash Receipts and Disbursements
Through Union Bank Money Market and Checking Accounts
July 1 to 31, 2010
Beginning Balance, July 1, 2010 $6,707,000
RECEIPTS
Interest Income $1,000
Sale of Assets 0
Marwilling of Excess Capital 0
Man Financial - Excess Capital return 0
Membership and Clearing Deposits 0
Other Receivables 0
-------------
TOTAL RECEIPTS $1,000
TRANSFERS
Transfer funds to Union Bank $0
-------------
TOTAL TRANSFERS $0
DISBURSEMENTS
Operating expenses & other disbursements $0
Executory contract cure payments 0
Pursuant to payment stipulation 0
Purchase price escrow deposit 0
Expected account escrow fund 0
Membership & clearing deposits 0
Payment on account of prepetition claims 0
Other disbursements 0
Reorganization Expenses
Attorney fees 0
Trustee bond premium 0
Other professional fee 0
--------------
TOTAL DISBURSEMENTS 0
--------------
Ending Balance, July 31, 2010 $6,708,000
==============
About Refco Inc.
Headquartered in New York, Refco Inc. -- http://www.refco.com/--
was a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries were members of
principal U.S. and international exchanges, and were among the
most active members of futures exchanges in Chicago, New York,
London and Singapore. Refco was also a major broker of cash
market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products. Refco was one of the largest global clearing firms for
derivatives. The Company had operations in Bermuda.
The Company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No. 05-
60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, represented the Debtors in their restructuring
efforts. Milbank, Tweed, Hadley & McCloy LLP, represented the
Official Committee of Unsecured Creditors. Refco reported
US$16.5 billion in assets and US$16.8 billion in debts to the
Bankruptcy Court on the first day of its Chapter 11 cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006. That Plan became effective on Dec. 26,
2006. Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc., and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.
Bankruptcy Creditors' Service, Inc., publishes Refco Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Refco Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
REFCO INC: LLC Has $6,709,000 Cash at End of August
---------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of
Refco, LLC's estate, filed with the U.S. Bankruptcy Court for the
Southern District of New York a monthly statement of cash
receipts and disbursements for the period from August 1 to 31,
2010.
The Chapter 7 Trustee reported that Refco LLC's beginning balance
in its Money Market account with Union Bank, totaled $6,708,000 as
of August 1.
During the Reporting Period, Refco LLC received a total of $1,000
in interest income. No transfers were made, according to Mr.
Togut.
Refco LLC held $6,709,000 at the end of the period.
Refco, LLC
Schedule of Cash Receipts and Disbursements
Through Union Bank Money Market and Checking Accounts
August 1 to 31, 2010
Beginning Balance, August 1, 2010 $6,708,000
RECEIPTS
Interest Income $1,000
Sale of Assets 0
Marwilling of Excess Capital 0
Man Financial - Excess Capital return 0
Membership and Clearing Deposits 0
Other Receivables 0
-------------
TOTAL RECEIPTS $1,000
TRANSFERS
Transfer funds to Union Bank $0
-------------
TOTAL TRANSFERS $0
DISBURSEMENTS
Operating expenses & other disbursements $0
Executory contract cure payments 0
Pursuant to payment stipulation 0
Purchase price escrow deposit 0
Expected account escrow fund 0
Membership & clearing deposits 0
Payment on account of prepetition claims 0
Other disbursements 0
Reorganization Expenses
Attorney fees 0
Trustee bond premium 0
Other professional fee 0
--------------
TOTAL DISBURSEMENTS 0
--------------
Ending Balance, August 31, 2010 $6,709,000
==============
About Refco Inc.
Headquartered in New York, Refco Inc. -- http://www.refco.com/--
was a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries were members of
principal U.S. and international exchanges, and were among the
most active members of futures exchanges in Chicago, New York,
London and Singapore. Refco was also a major broker of cash
market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products. Refco was one of the largest global clearing firms for
derivatives. The Company had operations in Bermuda.
The Company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No. 05-
60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, represented the Debtors in their restructuring
efforts. Milbank, Tweed, Hadley & McCloy LLP, represented the
Official Committee of Unsecured Creditors. Refco reported
US$16.5 billion in assets and US$16.8 billion in debts to the
Bankruptcy Court on the first day of its Chapter 11 cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006. That Plan became effective on Dec. 26,
2006. Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc., and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.
Bankruptcy Creditors' Service, Inc., publishes Refco Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Refco Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
SOUTH BAY: Posts $2,033,698 Net Income in August
------------------------------------------------
South Bay Expressway, L.P.
Balance Sheet
As of August 31, 2010
Assets
Cash and cash equivalents $256,092
Restricted cash 1,768,717
Short-term investments, restricted 38,389,124
Accounts receivable 22,589,390
Unbilled accounts receivable 1,235,677
Franchise development costs 20,000
Due from affiliates 663,917
Property and equipment, net 553,682,092
Land 6,078,972
Prepaid expenses and other assets 826,561
--------------
Total assets $625,510,542
==============
Liabilities and partners capital
Postpetition liabilities
Accounts payable 1,078,170
Accrued liabilities 5,151,204
Unearned revenue 1,160,275
--------------
Total prepetition liabilities 7,389,649
Prepetition liabilities
Accounts payable 3,938,031
Accrued liabilities 28,430,867
Interest rate swaps, at fair value 22,345,000
Notes payable 512,005,767
Related party note payable 3,476,271
--------------
Total prepetition liabilities 570,195,936
Equity
Partners capital 101,333,474
Prepetition net income/(loss) (34,999,708)
Postpetition net income/(loss) (18,408,809)
--------------
Total equity 47,924,957
--------------
Total liabilities and partners capital $625,510,542
==============
South Bay Expressway, L.P.
Profit and Loss Statement
For the Month Ending August 31, 2010
Revenues
Toll Revenue, net $2,086,148
Interest Income 2,192
--------------
Total Revenues 2,088,340
Operating Expense
Salaries & Benefits 341,872
Credit Card Processing 36,303
Armored Car Service 11,880
CHP Services 18,818
Other Services 46,503
Maintenance 74,386
Facility 5,371
Office Supplies & Leasing 9,866
Insurance 102,340
Postage/Mailing/Courier 11,942
Communications 7,784
Information Systems Services 635
Technical Support 6,131
Utilities & Electric 32,047
Professional Fees & Services 30,811
Marketing & Public Relations 15,966
Taxes (4,477,600)
Travel & Entertainment 2,171
Other G&A Costs 6,653
--------------
Total Operating Expense (3,716,122)
Other Income/Expense
Depreciation & Amortization 1,835,210
Extraordinary Legal Expenses 935,553
Adequate Assurance - Senior Lenders 1,000,000
--------------
Total Other Income/Expense 3,770,763
--------------
Net Income (loss) $2,033,698
==============
South Bay Expressway, L.P.
Cash Receipts and Disbursements
For the Month Ending August 31, 2010
Ending Balances for Period:
Collections Account $131,747
Projects Account 4,872,041
Payments Account (67,912)
Payroll Account 2,956
Sweep Account 178,051
SANDAG Account 6,698
Construction Reserve Account 7,357,000
Debt Service Reserve Account 13,000,000
Litigation Reserve Sub Account 406,082
BBVA New York Litigation Account 1,728,956
Additional Equity Account 12,754,000
Utility Deposit Account 39,760
Petty Cash 4,550
--------------
Total Cash Available $40,413,933
==============
California Transportation Ventures, Inc., also delivered to the
Court a copy of its Monthly Operating Report for the period from
August 1 to 31, 2010. However, since the Debtor has no business
activity, the report contains zero figures.
About South Bay Expressway
South Bay Expressway, L.P., dba San Diego Expressway, L.P., filed
for Chapter 11 on March 22, 2010 (Bankr. S.D. Calif. Case No.
10-04516). Its affiliate, California Transportation Ventures
Inc., also filed for bankruptcy.
The Debtors developed and operate a four lane, nine mile express
toll road in Southern California commonly referred to as the South
Bay Expressway or State Road 125. Both estimated assets and debts
of $500 million to $1 billion in their bankruptcy petitions.
Robert Pilmer, Esq., at Kirkland & Ellis LLP, represents the
Debtors in their restructuring effort. PricewaterhouseCoopers LLP
is auditor and tax advisor. Imperial Capital LLC is financial
advisor. Epiq Bankruptcy Solutions LLC serves as claims and notice
agent.
The Debtors say that as of the bankruptcy filing, they have
roughly $640 million in book value of total assets and roughly
$570 million in book value of total liabilities.
Bankruptcy Creditors' Service, Inc., publishes South Bay
Expressway Bankruptcy News. The newsletter tracks the Chapter 11
proceeding undertaken by South Bay Expressway LP and California
Transportation Ventures Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
TRIBUNE CO: Posts $14,851,000 Net Income in August
--------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of August 29, 2010
ASSETS
Current Assets:
Cash and cash equivalents $929,140,000
Accounts receivable, net 444,189,000
Inventories 20,866,000
Broadcast rights 149,755,000
Prepaid expenses and other 190,657,000
---------------
Total current assets 1,734,607,000
Property, plant and equipment, net 964,775,000
Other Assets:
Broadcast rights 62,764,000
Goodwill & other intangible assets, net 794,752,000
Prepaid pension costs 2,493,000
Investments in non-debtor units 1,515,179,000
Other investments 45,114,000
Intercompany receivables from non-debtors 3,144,112,000
Restricted cash 725,217,000
Other 73,970,000
---------------
Total Assets $9,062,983,000
===============
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current portion of broadcast rights $66,681,000
Current portion of long-term debt 6,188,000
Accounts payable, accrued expenses, and other 393,629,000
---------------
Total current liabilities 466,498,000
Pension obligations 173,272,000
Long-term broadcast rights 37,119,000
Long-term debt 7,374,000
Other obligations 198,722,000
---------------
Total Liabilities 882,985,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,117,000
Obligations to third parties 13,202,124,000
---------------
Total Liabilities Subject to Compromise 16,661,241,000
Shareholders' Equity (Deficit) (8,481,243,000)
---------------
Total Liabilities & Shareholders' Equity(Deficit)$9,062,983,000
===============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period From August 2 to August 29, 2010
Total Revenue $230,183,000
Operating Expenses:
Cost of sales 125,501,000
Selling, general and administrative 66,083,000
Depreciation 11,395,000
Amortization of intangible assets 1,119,000
---------------
Total operating expenses 204,098,000
---------------
Operating Profit (Loss) 26,085,000
---------------
Income on equity investments, net 963,000
Interest expense, net (2,937,000)
Management fee (1,438,000)
Non-operating income(loss), net 500,000
---------------
Income (loss) before income taxes & Reorg. Costs 23,173,000
Reorganization costs (7,462,000)
---------------
Income (loss) before income taxes 15,711,000
Income taxes (860,000)
---------------
Income (loss) from continuing operations 14,851,000
Income from discontinued operations, net of tax 0
---------------
Net Income (Loss) $14,851,000
===============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period August 2 to August 29, 2010
Beginning Cash Balance $1,599,291,000
Cash Receipts:
Operating receipts 229,237,000
Other 2,000,000
---------------
Total Cash Receipts 231,237,000
Cash Disbursements
Compensation and benefits 73,517,000
General disbursements 130,374,000
Reorganization related disbursements 4,084,000
---------------
Total Disbursements 207,974,000
---------------
Debtors' Net Cash Flow 23,263,000
From/(To) Non-Debtors 7,063,000
---------------
Net Cash Flow 30,326,000
Other (373,000)
---------------
Ending Available Cash Balance $1,629,244,000
===============
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 had $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)
WASHINGTON MUTUAL: Ends August 2010 With $4.537 Billion Cash
------------------------------------------------------------
On September 29, 2010, Washington Mutual, Inc., and WMI Investment
Corp. filed their monthly operating report for August 2010, with
the United States Bankruptcy Court for the District of Delaware.
Washington Mutual reported a net loss of $6.3 million on total
revenues of $5.1 million for the month of August.
At August 31, 2010, Washington Mutual had $6.860 billion in
total assets, $8.291 billion in total liabilities, and a
shareholders' deficit of $1.431 billion. Washington Mutual ended
August 2010 with $4.537 billion in unrestricted cash and cash
equivalents, compared to $4.548 billion in cash and cash
equivalents at July 31, 2010. Washington Mutual paid a total of
$10.8 million in professional fees and reimbursed a total of
$680,851 in professional expenses for the month.
WMI Investment reported a net loss of $10,993 on total revenues of
$3,535 for the month of August.
At August 31, 2010, WMI Investment had $921.43 million in total
assets, $14,285 in total liabilities, and $921.41 million in
stockholders' equity. WMI Investment ended August 2010 with
$275.64 million in cash and cash equivalents, compared to cash and
cash equivalents of $275.61 million at July 31, 2010.
A full-text copy of Washington Mutual and WMI Investment's monthly
operating report for August 2010 is available at:
http://researcharchives.com/t/s?6c27
About Washington Mutual
Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries. The Company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.
Washington Mutual Bank was taken over September 25 by U.S.
government regulators. The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns
100% of the equity in WMI Investment. Weil Gotshal & Manges
represents the Debtors as counsel. When WaMu filed for protection
from its creditors, it disclosed assets of $32,896,605,516 and
debts of $8,167,022,695. WMI Investment estimated assets of
$500,000,000 to $1,000,000,000 with zero debts.
Peter Calamari, Esq., and David Elsberg, Esq., at Quinn Emanuel
Urquhart Oliver & Hedges, LLP, served as legal counsel to WMI with
responsibility for the litigation. Brian Rosen, Esq., at Weil,
Gotshal & Manges LLP served as legal counsel to WMI with
responsibility for the Chapter 11 case.
Bankruptcy Creditors' Service Inc. publishes Washington Mutual
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Washington Mutual Inc. (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
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2010. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
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firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
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