TCR_Public/110122.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, January 22, 2011, Vol. 15, No. 21

                            Headlines

BEAR ISLAND: Ends November With $9.4 Million Cash
CB HOLDING: EBITDA Was $790,000 in December
DISTRIBUTED ENERGY: Ends September 2010 With $2,649 Cash
GENERAL MOTORS: Old GM Has $250 Mil. Cash at Nov. 30
GSC GROUP: Ends November 2010 With $26,356,139 Cash

LEHMAN BROTHERS: Cash Grows to $22.1 Billion at Dec. 31
LOCAL INSIGHT: Files Initial Monthly Operating Report
MEDICAL STAFFING: HNI Staffing Has $783,736 Cash at November 21
PROFESSIONAL VETERINARY: Has $6,384,000 Cash in December
SCHUTT SPORTS: Posts $1,761,000 Net Loss in November

                            *********

BEAR ISLAND: Ends November With $9.4 Million Cash
-------------------------------------------------
Bear Island Paper Company, L.L.C., reported net income of $676,173
on net sales of $11.2 million for November 2010.

At November 30, 2010, the Company had $143.2 million in total
assets, $155.7 million in total liabilities, and a stockholders'
deficit of $12.5 million.

The Debtors ended the period with $9.4 million cash, from
$7.8 million at the beginning of the period.  The Debtors paid a
total of $559,541 in reorganization-related professional fees
during the month.

A copy of the Debtors' monthly operating report is available for
free at http://bankrupt.com/misc/bearisland.november2010mor.pdf

                  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.  Garden City Group is
the claims and notice agent.  Chief Judge Douglas O. Tice, Jr.,
handles the Chapter 11 and Chapter 15 cases.


CB HOLDING: EBITDA Was $790,000 in December
-------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Charlie Brown's Steakhouse reported that for the
month ended December 26 it incurred a net loss of $1.47 million on
sales of $7.54 million.  For the month, earnings before interest,
taxes, depreciation, and amortization totaled $790,000.  Interest
expense was $822,500 and reorganization costs were $208,000.

                         About CB Holding

New York-based CB Holding Corp. owns and operates the Charlie
Brown's Steakhouse, Bugaboo Steak House, and The Office Beer Bar &
Grill.  The Company currently operates 20 Charlie Brown's
Steakhouse, 12 Bugaboo Creek Steak House and seven The Office
outlets.

The Company and its affiliates filed for Chapter 11 bankruptcy
protection on November 17, 2010 (Bankr. D. Del. Case No.
10-13683).  Christopher M. Samis, Esq., and Mark D. Collins, Esq.,
at Richards, Layton & Finger, P.A., assist the Debtors in their
restructuring effort.  The Garden City Group, Inc., is the
Debtors' notice, claims and solicitation agent.  CB Holding
estimated its assets at $100 million to $500 million and debts at
$50 million to $100 million.


DISTRIBUTED ENERGY: Ends September 2010 With $2,649 Cash
--------------------------------------------------------
Distributed Energy Systems Corp. has filed its monthly operating
report for September 30, 2010.  The report included a schedule of
cash receipts and disbursements which showed:

    Cash Beginning                    $10,160
    Total Receipts                         $0
    Total Disbursements                $7,510
    Net Cash Flow                     ($7,510)
    Cash End                           $2,649

A copy of Distributed Energy's monthly operating report is
available for free at:

     http://bankrupt.com/misc/distributedenergy.septembermor.pdf

Distributed Energy also filed a monthly operating report for the
filing period ended September 30, 2010, for Debtor Northern Power
Systems.

Northern Power's schedule of cash receipts and disbursements for
the reporting period showed:

    Cash beginning                    $15,302
    Total Receipts                         $0
    Total Disbursements               $10,952
    Net Cash Flow                    ($10,952)
    Cash End                           $4,350

A copy of Northern Power Systems Inc.'s monthly operating report
is available for free at:

      http://bankrupt.com/misc/northernpower.novembermor.pdf

Distributed Energy Systems Corp. and its wholly owned subsidiary,
Northern Power Systems Inc., now known as NPS Liquidating Inc.
filed for Chapter 11 bankruptcy protection on May 4, 2008 (Bankr.
D. Del. Lead Case No. 08-11101).  Robert S. Brady, Esq., Edward J.
Kosmowski, Esq., and Robert F. Poppiti, Jr., at Young, Conaway,
Stargatt & Taylor LLP serve as the Debtors' bankruptcy counsel.
The Debtors selected Epiq Systems as their claims agent.  The U.S.
Trustee for Region 3 appointed three creditors to serve on an
Official Committee of Unsecured Creditors.  Schuyler G. Carroll,
Esq., Robert M. Hirsh, Esq., and Karen McKinley, Esq., at Arent
Fox LLP, in New York, and John V. Fiorella, Esq., Charles C.
Brown, III, Esq., and "J" Jackson Shrum, Esq., at Archer &
Greiner, P.C., in Wilmington, Delaware, represent the Committee.
The Debtors disclosed in their schedules, assets of $19,593,387
and debts of $43,558,713.


GENERAL MOTORS: Old GM Has $250 Mil. Cash at Nov. 30
----------------------------------------------------

                Motors Liquidation Company, et al.
      Unaudited Condensed Combined Statement of Net Assets
                    As of November 30, 2010

ASSETS:
Cash and cash equivalents                          $250,970,000
Short term investments in U.S. Treasury securities  346,174,000
Due from affiliates                                      15,000
Prepaid expenses                                      2,178,000
Other current assets                                 23,814,000
                                              -----------------
Total Current Assets                               623,151,000

Property, plant and equipment
Land and building                                   79,878,000
Machinery and equipment                             46,842,000
                                              -----------------
Total property, plant and equipment                126,720,000

Investment in GMC                                             -
Investments in U.S. Treasury securities             346,511,000
Restricted cash                                      73,760,000
Other assets                                            215,000
                                              -----------------
Total Assets                                     $1,170,357,000
                                              =================

LIABILITIES:
DIP Financing                                    $1,252,184,000
Accounts payable                                      8,425,000
Due to GM LLC                                           325,000
Due to affiliates                                       959,000
Accrued sales, use and other taxes                    2,962,000
Accrued professional fees                            41,408,000
Environmental reserves                              525,262,000
Other accrued liabilities                             8,839,000
                                              -----------------
Total current liabilities                        1,840,364,000

Liabilities subject to compromise                35,020,222,000
                                              -----------------
Total Liabilities                                36,860,586,000
                                              -----------------
Net Assets (Liabilities)                       ($35,690,229,000)
                                             =================

                 Motors Liquidation Company, et al.
    Unaudited Condensed Combined Statement of Operations
             For the Month Ended November 30, 2010

Rental and other income                              $1,108,000
Selling, administrative and other expenses            2,066,000
                                              -----------------
Operating loss                                         (958,000)

Interest expense                                      5,217,000
Interest income                                        (866,000)
                                              -----------------
Loss before reorganization items
& income taxes                                      (5,309,000)

Reorganization items (gain)/loss                      4,865,000
                                              -----------------
Income (Loss) before income taxes                   (10,174,000)
Income taxes                                                  -
                                              -----------------
Net Income (Loss)                                  ($10,174,000)
                                              =================

                 Motors Liquidation Company, et al.
      Unaudited Condensed Combined Statement of Cash Flows
             For the Month Ended November 30, 2010

Cash Flows from Operating Activities:
Net loss                                          ($10,174,000)

Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Non-cash interest expense                            5,217,000
Amortization of premium/(discount) on investments
in U.S. Treasury securities                            273,000
Reorganization items (gain)/loss                     4,865,000
Reorganization related payments                     (3,228,000)

Changes in assets & liabilities:
Due from affiliates                                     (2,000)
Prepaid expenses                                       322,000
Due to /(due from) GM LLC                               67,000
Other current assets                                  (730,000)
Accounts payable                                      (215,000)
Accrued payroll and employee benefits                 (520,000)
Accrued sales, use and other types                     516,000
Environmental reserves                                (341,000)
Other accrued liabilities                           (1,014,000)
                                              -----------------
Net Cash used in Operating Activities                (4,964,000)

Cash Flows from Investing Activities:
Purchases of U.S. Treasury securities                 (408,000)
Maturities of U.S. Treasury securities                       -
Proceeds from disposal of assets                     5,692,000
Proceeds from sale and dissolution of subsidiaries           -
Changes in restricted cash                                   -
                                              -----------------
Net cash provided by investing activities            5,284,000

Decrease in cash & cash equivalents                     320,000
Cash & cash equivalents
at beginning of period                             250,650,000
                                              -----------------
Cash & cash equivalents at end of period           $250,970,000
                                              =================

According to Motors Liquidation Co. Vice President and Treasurer
James Selzer, the Debtors paid a total of $3,063,000 to seven
professionals retained in their Chapter 11 cases the month ended
November 30, 2010:

  Firm                                          Fees
  ----                                    ----------
  AP Services, LLC                        $2,539,000
  Caplin & Drysdale, Chartered               281,000
  Legal Analysis Systems                      95,000
  Butzel Long, PC                             71,000
  Brownfield Partners, LLC                    41,000
  Claro Group, LLC                            26,000
  Dean M. Trafelet                            10,000

A full-text copy of the November 2010 Operating Report is
available for free at http://bankrupt.com/misc/GMNov2010MOR.pdf

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GSC GROUP: Ends November 2010 With $26,356,139 Cash
---------------------------------------------------
GSC Group, Inc., et al., filed on December 30, 2010, their monthly
operating report for November 2010.

GSCP Group, Inc., GSC Active Partners, Inc., and GSCP (NJ), Inc.,
had no income or expense transactions for the month of
November 2010.

GSCP (NJ), L.P., reported a net loss of $739,841 on $1,986,644 of
net revenue for the month.

GSCP (NJ) Holdings, L.P., reported a net loss of $1,412,461 for
the month.

GSCP, LLC, reported a net loss of $131,196 on $16,756 of revenue
for the month.

GSC Secondary Interest Fund, LLC, reported a net loss of $60,000
on $0 revenue for the month.

The Debtors had total cash of $26,356,139 at November 30, 2010,
compared to $20,755,944 at the beginning of the month.  The
Debtors paid a total of $1,556,992 in professional fees during the
month.

A copy of the November 2010 monthly operating report is available
for free at http://bankrupt.com/misc/gscgroup.november2010mor.pdf

                         About GSC Group

Florham Park, New Jersey-based GSC Group, Inc. --
http://www.gsc.com/-- is a private equity firm specializing in
mezzanine and fund of fund investments.  It filed for Chapter 11
bankruptcy protection on August 31, 2010 (Bankr. S.D.N.Y. Case No.
10-14653).  Michael B. Solow, Esq., at Kaye Scholer LLP, serves as
the Debtor's bankruptcy counsel.  Epiq Bankruptcy Solutions, LLC,
is the Debtor's notice and claims agent.  Capstone Advisory Group,
LLC, is the Debtor's financial advisor.  The Debtor estimated its
assets at $1 million to $10 million and debts at $100 million to
$500 million.


LEHMAN BROTHERS: Cash Grows to $22.1 Billion at Dec. 31
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Lehman Brothers Holdings Inc. reported January 19
that cash grew $710 million in December to end the month at
$22.1 billion.

According to Mr. Rochelle, in a status report given the bankruptcy
judge last week, Lehman said cash totaled $24 billion.  Cash
receipts in December were $4.96 billion, the operating report
said.  Lehman Brothers Special Financing Inc. leads the Lehman
companies with $8.6 billion cash.  In second place is Lehman
Commercial Paper Inc. with $4.3 billion, followed by the holding
company with $2.3 billion.

Mr. Rochelle relates that professional fees and expenses since the
case began more than two years ago now total $1.13 billion.
Alvarez & Marsal LLC, the financial advisers, billed $10.9 million
in December, bringing the total since September 2008 to
$393.4 million.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LOCAL INSIGHT: Files Initial Monthly Operating Report
-----------------------------------------------------
Local Insight Midia Holdings, Inc., included a 26-week DIP Budget
in the initial monthly operating report it filed with the U.S.
Bankruptcy Court for the District of Delaware.

The initial 26-week cash flow forecast commencing the week ending
November 19, 2010, and ending May 13, 2011, showed:

     Beginning Book Cash Balance          $11,302,000
     Net Cash Flow                       ($22,888,000)
     Ending Book Cash Balance
         (Before DIP Draws)              ($11,586,000)
     DIP Draws                            $22,500,000
     Ending Book Cash Balance
         (Including DIP Draws)            $10,914,000
     Less: Cash Collateralized LCs         $2,625,000
     Less: Lien Avoidance Carveout          ($500,000)
     Plus: Outstanding Checks                $500,000
     Ending Unrestricted Bank Cash
         Balance                           $8,289,000

A copy of the initial monthly operating report is available for
free at http://bankrupt.com/misc/localinsight.initialmor.pdf

                 About Local Insight Media Holdings

Wilmington, Delaware-based Local Insight Media Holdings, Inc., is
a publisher of print and online yellow page directories in the
United States.  It filed for Chapter 11 bankruptcy protection on
(Bankr. D. Del. Case No. 10-13677) on November 17, 2010.

Affiliates Local Insight Media Holdings II, Inc. (Bankr. D. Del.
Case No. 10-13679), Local Insight Media Holdings III, Inc. (Bankr.
D. Del. Case No. 10-13682), LIM Finance Holdings, Inc. (Bankr. D.
Del. Case No. 10-13680), LIM Finance, Inc. (Bankr. D. Del. Case
No. 10-13681), LIM Finance II, Inc. (Bankr. D. Del. Case No.
10-13687), Local Insight Regatta Holdings, Inc. (Bankr. D. Del.
Case No. 10-13686), The Berry Company LLC (Bankr. D. Del. Case No.
10-13678), Local Insight Listing Management, Inc. (Bankr. D. Del.
Case No. 10-13685), Regatta Investor Holdings, Inc. (Bankr. D.
Del. Case No. 10-13725), Regatta Investor Holdings II, Inc.
(Bankr. D. Del. Case No. 10-13741), Regatta Investor LLC (Bankr.
D. Del. Case No. 10-13684), Regatta Split-off I LLC (Bankr. D.
Del. Case No. 10-13721), Regatta Split-off II LLC (Bankr. D. Del.
Case No. 10-13753), Regatta Split-off III LLC (Bankr. D. Del. Case
No. 10-13737), Regatta Holding I, L.P. (Bankr. D. Del. Case No.
10-13748), Regatta Holding II, L.P. (Bankr. D. Del. Case No.
10-13715), and Regatta Holding III, L.P. (Bankr. D. Del. Case No.
10-13745) filed separate Chapter 11 petitions.

Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Ross M.
Kwasteniet, Esq., at Kirkland & Ellis LLP, serve as the Debtors'
bankruptcy counsel.  Curtis A. Hehn, Esq., Laura Davis Jones,
Esq., and Michael Seidl, Esq., at Pachulski Stang Ziehl & Jones
LLP, are the Debtors' co-counsel.

The Debtors' investment banker and financial advisor is Lazard
Freres & Co. LLC.  The Debtors' independent auditor is Deloitte &
Touche LLP.  The Debtors' interim management and restructuring
advisors are Alvarez & Marsal North America, LLC, and Avarez &
Marsal Private Equity Performance Improvement Group, LLC.
Kurtzman Carson Consultants LLC is the Debtors' notice and claims
agent.

Local Insight Media Holdings estimated assets of less than $50,000
and liabilities of $100 million to $500 million in its Chapter 11
petition.  Local Insight Regatta reported consolidated assets of
$796,270,000 against consolidated debts of $669,612,000 as of
September 30, 2010, according to its Form 10-Q filed with the
Securities and Exchange Commission.


MEDICAL STAFFING: HNI Staffing Has $783,736 Cash at November 21
---------------------------------------------------------------
HNI HoldCo, Inc., f/k/a Medical Staffing Network Holdings, Inc.,
filed with the U.S. Bankruptcy Court for the Southern District of
Florida on December 30, 2010, its monthly operating report for the
period October 25, 2010, through November 21, 2010.

HNI Staffing, Inc. (f/k/a Medical Staffing Network, Inc., ended
the period with $783,736.28 cash, from beginning cash of
$1,266,996.48.

The Debtor did not include information on its revenues and
expenses for the period, as well as balance sheet figures as of
November 21, 2010.

A copy of the monthly operating report is available for free at:

   http://bankrupt.com/misc/medicalstaffing.oct25-nov21.mor.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.  An affiliate of Medical
Staffing scheduled total assets of $53,293,726 and total
liabilities of $129,862,111.

Paul Steven Singerman, Esq., and Jordi Guso, Esq., at Berger
Singerman, P.A., in Miami serve as the Debtors' bankruptcy
counsel.  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.


PROFESSIONAL VETERINARY: Has $6,384,000 Cash in December
--------------------------------------------------------
On January 12, 2010, Professional Veterinary Products, Ltd., and
its subsidiaries, ProConn, LLC, and Exact Logistics, LLC, filed
their unaudited monthly operating report for December 2010, with
the U.S. Bankruptcy Court for the District of Nebraska.

The Debtors submitted a summary of cash receipts and disbursements
for the period, showing:

     Beginning Balance                  $6,416,216
     Total Receipts                       $270,267
     Disbursements                        $302,440
     Net Cash Flow                        ($32,173)
     Ending Cash Balance                $6,384,043

A copy of the monthly operating report is available for free at:

               http://researcharchives.com/t/s?7257

              About Professional Veterinary Products

Professional Veterinary Products Ltd. -- http://www.pvpl.com/--
operates a veterinary supply company owned and managed by
veterinarians.

Professional Veterinary sought Chapter 11 protection from
creditors on August 20, 2010, in Omaha, Nebraska (Bankr. D. Neb.
Case No. 10-82436).  Affiliates ProConn and Exact Logistics also
filed for Chapter 11.

The Company reported $89.79 million in total assets,
$78.23 million in total liabilities, and $11.56 million in
stockholders' equity at April 30, 2010.

The Company hired McGrath North Mullin & Kratz PC LLC, as
bankruptcy counsel and Alliance Management as financial and
restructuring advisors.

As reported in the Troubled Company Reporter on December 29, 2010,
the Debtors and the Official Committee of Unsecured Creditors have
submitted to the Bankruptcy Court a proposed Plan of Liquidation
and an explanatory Disclosure Statement.


SCHUTT SPORTS: Posts $1,761,000 Net Loss in November
----------------------------------------------------
Schutt Sports, Inc., reported a net loss of $1,761,000 on
$2,047,000 of net revenue for November 2010.  The Debtor incurred
a total of $1,101,000 in professional fees for the month.

Bankruptcy professional fees and expenses paid during the month
totaled $485,279.

At November 30, 2010, the Debtor had $34,027,000 in total assets,
$53,411,000 in total liabilities, and a stockholders' deficit of
$19,384,000.

A copy of the November 2010 monthly operating report is available
for free at:

    http://bankrupt.com/misc/schuttsports.november2010mor.pdf

                        About Schutt Sports

Headquartered in Litchfield, Illinois, Schutt Sports, Inc. -- fka
Schutt Manufacturing Company, Schutt Sports Manufacturing Co.,
Schutt Sports Distribution Company, and Schutt Athletic Sales
Company -- and its affiliates manufacture team sporting equipment,
primarily for football, baseball and softball.

Schutt Sports filed for Chapter 11 bankruptcy protection on
September 6, 2010 (Bankr. D. Del. Case No. 10-12795).  The Company
was forced into Chapter 11 by a $29 million patent-infringement
judgment in favor of competitor Riddell Inc.

Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, serves
as the Debtor's bankruptcy counsel.  Ernst & Young is the
Debtor's financial advisor.  Oppenheimer & Co., Inc., is the
Debtor's investment banker. The Official Committee of Unsecured
Creditors tapped Lowenstein Sandler PC as its counsel.

The Debtor estimated its assets and debts at $50 million to
$100 million as of the Petition Date.

Platinum Equity in December 2010 completed the acquisition of
substantially all the assets of Schutt Sports through a
transaction conducted under Section 363 of the U.S. Bankruptcy
Code, and Schutt Sports, Inc.'s chapter 11 estate changed its
name to SSI Liquidating, Inc.

                           *********

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 by e-mail.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases by individuals and business entities estimating
assets and debts or disclosing assets and liabilities at less than
$1,000,000.  The list includes links to freely downloadable images
of the small-dollar business-related 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.  Jhonas Dampog, 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 2011.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


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