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/raid1/www/Hosts/bankrupt/TCR_Public/110521.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, May 21, 2011, Vol. 15, No. 139 Headlines AMERICANWEST BANCORP: Ends April 2011 With $5.81 Million Cash BLOCKBUSTER INC: Has $74.1 Million Cash at April 3 BROWN PUBLISHING: Posts $268,030 Net Loss in 5-Weeks Ended April 3 CAPITAL GROWTH: Posts $2.2 Million Net Loss in March 2011 GREAT ATLANTIC & PACIFIC: Reports $9.46MM Net Income in February GUARANTY FINANCIAL: Posts $168,729 Net Loss in April 2011 GULFSTREAM INTERNATIONAL: Files March 2011 Operating Report GULFSTREAM INTERNATIONAL: GIA Has Funds of $2.16MM at March 31 GULFSTREAM INTERNATIONAL: GCI Files March 2011 Operating Report GULFSTREAM INTERNATIONAL: GTA Files March 2011 Operating Report MSR RESORT: Reports $25,953 Net Income in March 2011 POINT BLANK: Ends March 2011 With $3.25 Million Cash PROFESSIONAL VETERINARY: Ends April 2011 With $11,368,247 Cash RCLC INC: Ends March 2011 With $305,830 Cash SEAHAWK DRILLING: Ends March 2011 With $2.66 Million Cash TOWNSENDS INC: Posts $4.7MM Net Loss in 5-Weeks Ended April 3 TRICO MARINE: Reports $186,272 Net Income in March 2011 ********* AMERICANWEST BANCORP: Ends April 2011 With $5.81 Million Cash ------------------------------------------------------------- On May 6, 2011, AmericanWest Bancorporation filed with the U.S. Bankruptcy Court for the Eastern District of Washington its monthly operating report for April 2011. The Debtor reported a net loss of $27,375 on $0 revenue for the month of April. The net loss for the month of March was $31,189. At April 30, 2011, the Debtor had total assets of $7.24 million, total liabilities of $47.58 million, and a stockholders' deficit of $40.34 million. The book balance of cash at April 30, 2011, was $5.81 million compared to $5.83 million at March 31, 2011. Payments to attorneys and other professionals totaled $1,031 for the month. A full-text copy of the April 2011 monthly operating report is available for free at http://is.gd/5KeXO2 About AmericanWest Bancorporation Headquartered in Spokane, Washington, AmericanWest Bancorporation (OTC BB: AWBC) -- http://www.awbank.net/-- is a bank holding company whose principal subsidiary is AmericanWest Bank, which includes Far West Bank in Utah operating as an integrated division of AmericanWest Bank. AmericanWest Bank is a community bank with 58 financial centers located in Washington, Northern Idaho and Utah. AmericanWest Bancorporation filed for Chapter 11 protection (Bankr. E.D. Wash. Case No. 10-06097) on Oct. 28, 2010. The banking subsidiary was not including in the Chapter 11 filing. Christopher M. Alston, Esq., and Dillon E. Jackson, Esq., at Foster Pepper Shefelman PLLC, in Seattle, Washington, serve as bankruptcy counsel. G. Larry Engel, Esq., at Morrison & Foerster LLP, also serve as counsel. The Debtor estimated assets of $1 million to $10 million and debts of $10 million to $50 million in its Chapter 11 petition. AmericanWest Bancorporation's estimates exclude its banking unit's assets and debts. In its Form 10-Q filed with the Securities and Exchange Commission before the Petition Date, AmericanWest Bancorporation reported consolidated assets -- including its bank unit's -- of $1.536 billion and consolidated debts of $1.538 billion as of Sept. 30, 2010. In December 2010, AmericanWest Bancorporation completed the sale of all outstanding shares of its wholly-owned subsidiary, AmericanWest Bank, to a wholly owned subsidiary of SKBHC Holdings LLC, in a transaction approved by the U.S. Bankruptcy Court. BLOCKBUSTER INC: Has $74.1 Million Cash at April 3 -------------------------------------------------- On May 4, 2011, Blockbuster Inc. and certain of its domestic subsidiaries filed their monthly operating report for the 5-week period ended April 3, 2011, with the U.S. Bankruptcy Court for the Southern District of New York. The Debtors reported a net loss of $46.2 million on total revenues of $173.0 million for the period. The Company had an operating loss of $67.2 million for the period. At April 3, 2011, the Debtors had $947.4 million in total assets, $1.596 billion in total liabilities, and a stockholders' deficit of $649.0 million. At April 3, 2011, the Debtors had $74.1 million in cash and cash equivalents, compared to $61.2 million at Feb. 27, 2011. A complete text of the monthly operating report is available for free at http://bankrupt.com/misc/blockbuster.march2011mor.pdf About Blockbuster Inc. Based in Dallas, Texas, Blockbuster Inc. (Pink Sheets: BLOKA, BLOKB) -- http://www.blockbuster.com/-- is a global provider of rental and retail movie and game entertainment. It has a library of more than 125,000 movie and game titles. Blockbuster Inc. and 12 U.S. affiliates initiated Chapter 11 bankruptcy proceedings with a pre-arranged reorganization plan in Manhattan (Bankr. S.D.N.Y. Case No. 10-14997) on Sept. 23, 2010. It disclosed assets of $1 billion and debts of $1.4 billion at the time of the filing. Blockbuster's non-U.S. operations and its domestic and international franchisees, all of which are legally separate entities, were not included in the filings and are not parties to the Chapter 11 proceedings. Martin A. Sosland, Esq., and Stephen Karotkin, Esq., at Weil, Gotshal & Manges, serve as counsel to the Debtors. Rothschild Inc. is the financial advisor. Alvarez & Marsal is the restructuring advisor with A&M managing director Jeffery J. Stegenga as chief restructuring officer. Kurtzman Carson Consultants LLC is the claims and notice agent. A steering group of senior secured noteholders is represented by James P. Seery, Esq., and Paul S. Caruso, Esq., at Sidley Austin LLP. U.S. Bank National Association as trustee and collateral agent for the senior secured notes is represented by David McCarty, Esq., and Kyle Mathews, Esq., at Sheppard Mullin Richter & Hampton LLP. BDO Consulting is the financial advisor for U.S. Bank. Lenders led by Wilmington Trust FSB are providing the DIP financing. The DIP Agent is represented by Peter Neckles, Esq. and Alexandra Margolis, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in New York. The Official Committee of Unsecured Creditors has retained Cooley LLP as its counsel. The Bank of New York Trust Company, N.A., as trustee under that certain indenture, dated as of Aug. 20, 2004, with respect to the 9% Senior Subordinated Notes due 2012 issued by Blockbuster Inc., is represented by Edward P. Zujkowski, Esq., at Emmet, Marvin & Martin, LLP. The Ad Hoc Studio Committee of Blockbuster Inc. et al. is represented by Robert J. Feinstein, Esq., at Pachulski Stang Ziehl & Jones LLP. Blockbuster on Feb. 21, 2011, entered into an Asset Purchase and Sale Agreement providing for the sale of substantially all of their assets or the proceeds of those assets to a newly formed entity named Cobalt Video Holdco LLC. For purposes of entering into the Purchase Agreement, the Purchaser was established by Monarch Alternative Capital LP, Owl Creek Asset Management LP, Stonehill Capital Management, LLC, and Varde Partners, Inc. who collectively hold more than 50% of the Senior Secured Notes and each of which is a member of the Steering Committee. Cobalt Video Holdco LLC, the stalking horse purchaser, was represented by Mark Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP. The auction was held earlier in April and Dish Network Corp. won with an offer having a gross value of $320 million. BROWN PUBLISHING: Posts $268,030 Net Loss in 5-Weeks Ended April 3 ------------------------------------------------------------------ The Brown Publishing Company, et al., reported a net loss of $268,030 on $9,355 of total revenue for the filing period Feb. 28, 2011, to April 3, 2011. At April 3, 2011, The Brown Publishing Company's balance sheet showed $27.18 million in total assets, $48.87 million in total liabilities, and a stockholders' deficit of $21.69 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/brownpublishing.march2011mor.pdf About Brown Publishing The Brown Publishing Company, Brown Media Holdings Company and their subsidiaries filed for Chapter 11 bankruptcy (Bankr. E.D.N.Y. Lead Case No. 10-73295) on April 30, 2010 and May 1, 2010. BPC estimated $10 million to $50 million in assets and debts in its Chapter 11 petition. Edward M. Fox, Esq., and Eric T. Moser, Esq., at K&L Gates LLP, serve as counsel for the Debtors. BPC is a privately held community news and information corporation, organized under the laws of the State of Ohio that, prior to the sale of its assets, had been one of the largest newspaper publishers in Ohio, and also operated publications in Illinois, South Carolina, Texas and Utah. On Sept. 3, 2010, the Debtors completed the sale of substantially all of their assets. Brown Publishing sold most of its assets to Ohio Community Media LLC, which was formed by the Company's lenders, for about $21.8 million. Brown Publishing's New York newspaper group, Dan's Papers Inc., was sold to Dan's Papers Holdings LLC for about $1.8 million. CAPITAL GROWTH: Posts $2.2 Million Net Loss in March 2011 --------------------------------------------------------- Capital Growth Systems, Inc., reported a consolidated net loss of $2.2 million on $4.4 million of revenues for the month of March 2011. The Debtor's balance sheet at March 31, 2011, showed $26.4 million in total assets, $66.3 million in total liabilities, and a stockholders' deficit of $39.9 million. The Debtor ended March 2011 with $2,054,996 in cash. A complete text of the March 2011 monthly operating report is available for free at http://is.gd/QpJlQr About Global Capacity Headquartered in Chicago, Illinois, Capital Growth Systems, Inc., known as Global Capacity, and its subsidiaries operate in one reportable segment as a single source telecom logistics provider in North America and the European Union. The Company helps customers improve efficiency, reduce cost, and simplify operations of their complex global networks -- with a particular focus on access networks. Capital Growth Systems and its affiliates filed for Chapter 11 protection on. The lead debtor is Global Capacity Holdco LLC (Bankr. D. Del. Case No. 10-12302). Global Capacity Group Inc. estimated $10 million to $50 million in assets and debts in its petition. As reported in the TCR on May 18, 2011, Global Capacity has completed the sale of substantially all of its assets to GC Pivotal, LLC, an affiliate of Pivotal Group, Inc. Pivotal had previously acquired 100% of the secured debt of Global Capacity. GREAT ATLANTIC & PACIFIC: Reports $9.46MM Net Income in February ---------------------------------------------------------------- On May 11, 2011, The Great Atlantic & Pacific Tea Company, Inc., and its U.S. subsidiaries filed their monthly operating report for the period from Jan. 30, 2011, to Feb. 26, 2011, with the U.S. Bankruptcy Court for the Southern District of New York. The Debtors reported net income of $9.46 million on $577.25 million of sales for the four weeks ended Feb. 26, 2011. The Debtors recorded income from discontinued operations of $112.76 million for the period. At Feb. 26, 2011, the Debtors' consolidated balance sheet showed $2.645 billion in total assets, $3.643 billion in total liabilities, $143.30 million in Series A redeemable preferred stock, and a stockholders' deficit of $1.141 billion. The Debtors ended the period with $352,607,000 in cash compared to $376,111,000 at Jan. 29, 2011. A full-text copy of the monthly operating report for the four weeks ended Feb. 26, 2011, is available for free at: http://is.gd/WVG5Fn About Great Atlantic & Pacific Founded in 1859, Montvale, New Jersey-based Great Atlantic & Pacific is a leading supermarket retailer, operating under a variety of well-known trade names, or "banners" across the mid- Atlantic and Northeastern United States. It operates 395 supermarkets, combination food and drug stores, beer, wine, and liquor stores, and limited assortment food stores in Connecticut, Delaware, Massachusetts, Maryland, New Jersey, New York, Pennsylvania, Virginia, and the District of Columbia. "Banners" include A&P (101 stores), Food Basics (12 stores), Pathmark (128 stores), Super Fresh (57 stores), The Food Emporium (16 stores), and Waldbaum's (59 stores). A&P employs roughly 41,000 employees, including roughly 28,000 part-time employees. Roughly 95% of the workforce are covered by collective bargaining agreements. A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010 in White Plains, New York. In its petition, A&P reported total assets of $2.5 billion and liabilities of $3.2 billion as of Sept. 11, 2010. Paul M. Basta, Esq., James H.M. Sprayregen, Esq., and Ray C. Schrock, Esq., at Kirkland & Ellis, LLP, in New York, and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, serve as counsel to the Debtors. Kurtzman Carson Consultants LLC is the claims and notice agent. Lazard Freres & Co. LLC is the financial advisor. Huron Consulting Group is the management consultant. Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and Abhilash M. Raval, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represent the Official Committee of Unsecured Creditors. GUARANTY FINANCIAL: Posts $168,729 Net Loss in April 2011 --------------------------------------------------------- On May 11, 2011, Guaranty Financial Group Inc. and each of its wholly owned subsidiaries, Guaranty Group Ventures Inc., Guaranty Holdings Inc., and Guaranty Group Capital Inc. filed their unaudited monthly operating reports for April 2011 with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. Guaranty Financial Group reported a net loss of $168,729 for the month of April 2011. The Debtor incurred a total of $167,536 in professional fees for the month. At April 30, 2011, Guaranty Financial Group had $14.36 million in total assets, $329.41 million in total liabilities, and a stockholders' deficit of $315.05 million. Guaranty Financial had unrestricted cash of $9.67 million and restricted cash of $2.13 million at April 30, 2011, for total cash of $11.80 million, compared to unrestricted cash of $9.70 million and restricted cash of $1.22 million at March 31, 2011, for total cash of $10.92 million. A full-text copy of Guaranty Financial Group's monthly operating report is available for free at http://is.gd/zZxZJA Guaranty Group Ventures reported a net loss of $325 for the month of April 2011. At April 30, 2011, Guaranty Group Ventures had $12.24 million in total assets, $371,385 in total liabilities, and stockholders' equity of $11.87 million. Guaranty Group Ventures ended the month with $6.29 million in cash. A full-text copy of Guaranty Group Ventures' monthly operating report is available for free at http://is.gd/ECiwOP Guaranty Holdings reported a net loss of $325 for the month of April 2011. At April 30, 2011, Guaranty Holdings had $6,196 in cash, $529 in total liabilities, and $5,667 in total equity. A full-text copy of Guaranty Holdings' monthly operating report is available for free at http://is.gd/YiWvqb Guaranty Group Capital reported a net loss of $325 for the month of April 2011. At April 30, 2011, Guaranty Group Capital had $4,173,743 in cash, $1,275 in total liabilities and $4,172,468 in total equity. A full-text copy of Guaranty Group Capital's monthly operating report is available for free at http://is.gd/CYMb7D About Guaranty Financial Dallas, Texas-based Guaranty Financial Group Inc. -- http://www.guarantygroup.com/-- was a unitary savings and loan holding company. The Company's primary operating entities were Guaranty Bank and Guaranty Insurance Services, Inc. Guaranty Financial filed for bankruptcy after the Guaranty bank was seized by regulators and sent to receivership under the Federal Deposit Insurance Corporation. Before the bank was taken over, the balance sheet of the holding company had $15.4 billion in assets as of Sept. 30, 2008. Guaranty Financial and its affiliates filed for Chapter 11 (Bankr. N.D. Tex. Case No. 09-35582) on Aug. 27, 2009. Attorneys at Haynes & Boone, LLP, serve as the Debtors' bankruptcy counsel. According to the schedules attached to its petition, the Company disclosed $24.3 million in total assets and $323.4 million in total debts, including $305.0 million in trust preferred securities. As reported in the TCR on May 13, 2011, the Bankruptcy Court, on May 11, 2011, confirmed the Debtors Second Amended Joint Plan of Liquidation. On May 13, 2011, the Debtors filed a Notice of Effective Date of the Plan with the Bankruptcy Court. As a result of the Plan being declared effective, the Company's existing equity interests, including all issued, unissued, authorized, or outstanding shares of stock, together with any warrants, options, or contractual rights to purchase or acquire such equity securities at any time and all rights arising with respect thereto, or partnership, limited liability company, or similar interests, have been canceled without consideration as of the Effective Date and have no value. No shares are being reserved for future issuance in respect of claims and interests filed and allowed under the Plan. Therefore, all existing equity interests, including common stock, of the Company are worthless. GULFSTREAM INTERNATIONAL: Files March 2011 Operating Report ----------------------------------------------------------- Lead Debtor Gulfstream International Group, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida on April 22, 2011, its monthly operating report for March 2011. The Lead Debtor did not attach a current balance sheet and income statement. A complete text of the Lead Debtor's March 2011 monthly report is available for free at: http://bankrupt.com/misc/gulfstreamiint'l.march2011mor.pdf About Gulfstream International Fort Lauderdale, Florida-based Gulfstream International Airlines (NYSE Amex: GIA) operated a fleet of turboprop Beechcraft 19000 aircraft, and specialized in providing travelers with access to niche locations not typically covered by major carriers. GIA operated more than 150 scheduled flights per day, serving nine destinations in Florida, 10 destinations in the Bahamas, five destinations from Continental Airline's hub under the Department of Transportation's Essential Air Service Program and supports charter service to Cuba through a services agreement with Gulfstream Air Charter, Inc., an entity otherwise unrelated to the Debtors. GIA operated as a Continental Connection carrier, as well as for United Airlines, Northwest Airlines and Copa Airlines, through code share agreements. GIA has 620 employees, including 530 working full-time. Gulfstream International Group, Inc., and its units including Gulfstream International Airline, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Lead Case No. 10-44131) on Nov. 4, 2010. Brian K. Gart, Esq., at Berger Singerman, P.A., serves as the Debtors' bankruptcy counsel. Jetstream Aviation Capital, LLC and Jetstream Aviation Management, LLC, serve as financial advisors to the Debtors. Robert A. Schatzman, Esq., Steven J. Solomon, Esq., and Frank P. Terzo, Esq., at GrayRobinson, P.A., in Miami, Florida, serve as counsel to the Official Committee of Unsecured Creditors. Gulfstream International Airlines disclosed $15,967,096 in total assets and $25,243,099 in total liabilities. Victory Park provided Gulfstream with up to $5 million debtor-in- possession financing to fund the Chapter 11 case. GULFSTREAM INTERNATIONAL: GIA Has Funds of $2.16MM at March 31 -------------------------------------------------------------- Gulfstream International Airlines, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida on April 22, 2011, its monthly operating report for March 2011. GIA had funds of $2.16 million at March 31, 2011, compared to $727,624 at Feb. 28, 2011. GIA reported a net loss of $251,856 on $15.96 million of operating revenue for the three months ended March 31, 2011. At March 31, 2011, GIA had $4.76 million in total assets, $16.69 million in total liabilities, and a stockholders' deficit of $11.93 million. A complete text of GIA's March 2011 monthly report is available for free at http://bankrupt.com/misc/GIA.march2011mor.pdf About Gulfstream International Fort Lauderdale, Florida-based Gulfstream International Airlines (NYSE Amex: GIA) operated a fleet of turboprop Beechcraft 19000 aircraft, and specialized in providing travelers with access to niche locations not typically covered by major carriers. GIA operated more than 150 scheduled flights per day, serving nine destinations in Florida, 10 destinations in the Bahamas, five destinations from Continental Airline's hub under the Department of Transportation's Essential Air Service Program and supports charter service to Cuba through a services agreement with Gulfstream Air Charter, Inc., an entity otherwise unrelated to the Debtors. GIA operated as a Continental Connection carrier, as well as for United Airlines, Northwest Airlines and Copa Airlines, through code share agreements. GIA has 620 employees, including 530 working full-time. Gulfstream International Group, Inc., and its units including Gulfstream International Airline, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Lead Case No. 10-44131) on Nov. 4, 2010. Brian K. Gart, Esq., at Berger Singerman, P.A., serves as the Debtors' bankruptcy counsel. Jetstream Aviation Capital, LLC and Jetstream Aviation Management, LLC, serve as financial advisors to the Debtors. Robert A. Schatzman, Esq., Steven J. Solomon, Esq., and Frank P. Terzo, Esq., at GrayRobinson, P.A., in Miami, Florida, serve as counsel to the Official Committee of Unsecured Creditors. Gulfstream International Airlines disclosed $15,967,096 in total assets and $25,243,099 in total liabilities. Victory Park provided Gulfstream with up to $5 million debtor-in- possession financing to fund the Chapter 11 case. GULFSTREAM INTERNATIONAL: GCI Files March 2011 Operating Report --------------------------------------------------------------- Gulfstream Connection, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida on April 22, 2011, its monthly operating report for March 2011. GCI reported a net loss of $31,273 on $185,334 of operating revenues for the three months ended March 31, 2011. At March 31, GCI's balance sheet showed $81,751 in total assets, $782,475 in total liabilities, and a stockholders' deficit of $700,724. A complete text of the March 2011 monthly report is available for free at http://bankrupt.com/misc/GCI.march2011mor.pdf About Gulfstream International Fort Lauderdale, Florida-based Gulfstream International Airlines (NYSE Amex: GIA) operated a fleet of turboprop Beechcraft 19000 aircraft, and specialized in providing travelers with access to niche locations not typically covered by major carriers. GIA operated more than 150 scheduled flights per day, serving nine destinations in Florida, 10 destinations in the Bahamas, five destinations from Continental Airline's hub under the Department of Transportation's Essential Air Service Program and supports charter service to Cuba through a services agreement with Gulfstream Air Charter, Inc., an entity otherwise unrelated to the Debtors. GIA operated as a Continental Connection carrier, as well as for United Airlines, Northwest Airlines and Copa Airlines, through code share agreements. GIA has 620 employees, including 530 working full-time. Gulfstream International Group, Inc., and its units including Gulfstream International Airline, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Lead Case No. 10-44131) on Nov. 4, 2010. Brian K. Gart, Esq., at Berger Singerman, P.A., serves as the Debtors' bankruptcy counsel. Jetstream Aviation Capital, LLC and Jetstream Aviation Management, LLC, serve as financial advisors to the Debtors. Robert A. Schatzman, Esq., Steven J. Solomon, Esq., and Frank P. Terzo, Esq., at GrayRobinson, P.A., in Miami, Florida, serve as counsel to the Official Committee of Unsecured Creditors. Gulfstream International Airlines disclosed $15,967,096 in total assets and $25,243,099 in total liabilities. Victory Park provided Gulfstream with up to $5 million debtor-in- possession financing to fund the Chapter 11 case. GULFSTREAM INTERNATIONAL: GTA Files March 2011 Operating Report --------------------------------------------------------------- Gulfstream Training Academy, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida on April 22, 2011, its monthly operating report for March 2011. The Debtor reported a net loss of $24,144 on $57,026 of revenues for the month. At March 31, 2011, the Debtor's balance sheet showed $3.24 million in total assets, $2.60 million in total liabilities, and stockholders' equity of $640,518. A complete text of the the monthly operating report is available for free at http://bankrupt.com/misc/GTA.march2011mor.pdf About Gulfstream International Fort Lauderdale, Florida-based Gulfstream International Airlines (NYSE Amex: GIA) operated a fleet of turboprop Beechcraft 19000 aircraft, and specialized in providing travelers with access to niche locations not typically covered by major carriers. GIA operated more than 150 scheduled flights per day, serving nine destinations in Florida, 10 destinations in the Bahamas, five destinations from Continental Airline's hub under the Department of Transportation's Essential Air Service Program and supports charter service to Cuba through a services agreement with Gulfstream Air Charter, Inc., an entity otherwise unrelated to the Debtors. GIA operated as a Continental Connection carrier, as well as for United Airlines, Northwest Airlines and Copa Airlines, through code share agreements. GIA has 620 employees, including 530 working full-time. Gulfstream International Group, Inc., and its units including Gulfstream International Airline, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Lead Case No. 10-44131) on Nov. 4, 2010. Brian K. Gart, Esq., at Berger Singerman, P.A., serves as the Debtors' bankruptcy counsel. Jetstream Aviation Capital, LLC and Jetstream Aviation Management, LLC, serve as financial advisors to the Debtors. Robert A. Schatzman, Esq., Steven J. Solomon, Esq., and Frank P. Terzo, Esq., at GrayRobinson, P.A., in Miami, Florida, serve as counsel to the Official Committee of Unsecured Creditors. Gulfstream International Airlines disclosed $15,967,096 in total assets and $25,243,099 in total liabilities. Victory Park provided Gulfstream with up to $5 million debtor-in- possession financing to fund the Chapter 11 case MSR RESORT: Reports $25,953 Net Income in March 2011 ---------------------------------------------------- MSR Resort Golf Course LLC, et al., reported net income of $25,953 on total revenue of $55.86 million for March 2011. Net income from continuing operations was $1.17 million. Reorganization items totaled $1.14 million for the month, which consisted primarily of professional fees associated with the Chapter 11 cases. At March 31, 2011, the Debtors had total assets of $2.204 billion, total liabilities of $1.931 billion, and members' capital of $272.90 million. A copy of the March 2011 monthly operating report is available for free http://bankrupt.com/misc/msrresort.march2011mor.pdf About MSR Resort MSR Hotels & Resorts, formerly known as CNL Hotels & Resorts Inc., owns a portfolio of eight luxury hotels with over 5,500 guest rooms, including the Arizona Biltmore Resort & Spa in Phoenix, the Ritz-Carlton in Orlando, Fla., and Hawaii's Grand Wailea Resort Hotel & Spa in Maui. On Jan. 28, 2011, CNL-AB LLC acquired the equity interests in the portfolio through a foreclosure proceeding. CNL-AB LLC is a joint venture consisting of affiliates of Paulson & Co. Inc., a joint venture affiliated with Winthrop Realty Trust, and affiliates of Capital Trust, Inc. Morgan Stanley's CNL Hotels & Resorts Inc. owned the resorts before the Jan. 28 foreclosure. Following the acquisition, five of the resorts with mortgage debt scheduled to mature on Feb. 1, 2011, were sent to Chapter 11 by the Paulson and Winthrop joint venture affiliates. MSR Resort Golf Course LLC and its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 11-10372) in Manhattan on Feb. 1. The resorts subject to the filings are Grand Wailea Resort and Spa, Arizona Biltmore Resort and Spa, La Quinta Resort and Club and PGA West, Doral Golf Resort and Spa, and Claremont Resort and Spa. James H.M. Sprayregen, P.C., Esq., Paul M. Basta, Esq., Edward O. Sassower, Esq., and Chad J. Husnick, Esq., at Kirkland & Ellis, LLP, serve as the Debtors' bankruptcy counsel. Houlihan Lokey Capital, Inc., is the Debtors' financial advisor. Kurtzman Carson Consultants LLC is the Debtors' claims agent. The five resorts had $2.2 billion in assets and $1.9 billion in debt as of Nov. 30, 2010, according to court filings. In its schedules, debtor MSR Resort disclosed $59,399,666 in total assets and $1,013,213,968 in total liabilities. POINT BLANK: Ends March 2011 With $3.25 Million Cash ---------------------------------------------------- Point Blank Solutions, Inc., and its subsidiaries reported a consolidated net loss of $509,833 on sales of $13.8 million for the month ended March 31, 2011. At March 31, 2011, the Debtors had $46.1 million in total assets and $74.0 million in total liabilities. The Debtors ended the period with $3,254,148 cash, compared to $7,535,218 at Feb. 28, 2011. Debtor professional fees totaled $260,292. EC Professional fees totaled $300,000. UCC professional fees totaled $17,000. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/pointblank.march2011mor.pdf About Point Blank Headquartered in Pompano Beach, Florida, Point Blank Solutions, Inc. -- http://www.pointblanksolutionsinc.com/-- designs and produces body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company maintains facilities in Pompano Beach, Florida, and Jacksboro, Tennessee. The Company's former chief executive officer and chief operating officer were convicted in September 2010 of orchestrating a $185 million fraud. Point Blank Solutions, formerly DHB Industries, filed for Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on April 14, 2010. Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves as corporate counsel. T. Scott Avila of CRG Partners Group LLC is the restructuring officer. Epiq Bankruptcy Solutions serves as claims and notice agent. The U.S. Trustee has appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Equity Security Holders in the case. The Equity Committee has tapped Morrison Cohen LLP, Baker & McKenzie LLP, and The Bayard, P.A., as its counsel. Robert M. Hirsh, Esq., and Heike M. Vogel, Esq., at Arent Fox LLP, serve as counsel to the Creditors Committee, and Frederick B. Rosner, Esq., and Brian L. Arban, Esq., at Messana Rosner & Stern LLP, serve as co-counsel. PROFESSIONAL VETERINARY: Ends April 2011 With $11,368,247 Cash -------------------------------------------------------------- On May 12, 2011, Professional Veterinary Products, Ltd., and its subsidiaries, ProConn, LLC, and Exact Logistics, LLC, filed their unaudited monthly operating report for April 2011 with the U.S. Bankruptcy Court for the District of Nebraska. The Debtors submitted a summary of cash receipts and disbursements for the period, disclosing: Beginning Balance $11,450,137 Total Receipts $142,122 Disbursements $224,011 Net Cash Flow ($81,889) Ending Cash Balance $11,368,247 Disbursements for professional and trustee fees totaled $175,714. A copy of the monthly operating report is available for free at: http://is.gd/1Lns8L 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 Dec. 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. RCLC INC: Ends March 2011 With $305,830 Cash -------------------------------------------- On May 4, 2011, RCLC, Inc., and certain of its subsidiaries filed their unaudited monthly operating reports for March 2011 with the U.S. Bankruptcy Court for the District of New Jersey. RCLC, Inc., reported a net loss of $12,452 on $92,450 of revenues for the month of March 2011. At March 31, 2011, RCLC had $17.1 million in total assets, $10.7 million in total liabilities, and stockholders' equity of $6.4 million. RCLC ended March 2011 with $305,830 in cash. It paid a total of $58,657.66 in professional fees and reimbursed a total of $1,077.44 in professional expenses in March 2011. A full-text copy of RCLC's March 2011 monthly operating report is available for free at http://is.gd/F4GR8J RCPC Liquidating Corp. reported a net loss of $94,369 on $0 revenue for March 2011. At March 31, 2011, RCPC had $4.2 million in total assets, $2.9 million in total liabilities, and stockholders' equity of $1.3 million. RCPC ended March 2011 with $1.6 million in unrestricted cash. It paid a total of $58,657.66 in professional fees and reimbursed a total of $1,077.44 in professional expenses in March. A full-text copy of RCPC Liquidating Corp.'s March 2011 monthly operating report is available for free at http://is.gd/00g17s RA Liquidating Corp. reported a net loss of $99,675 on $0 revenue for March 2011. At March 31, 2011, RA had $5.6 million in total assets, $1.4 million in total liabilities, and stockholders' equity of $4.2 million. RA ended March 2011 with $1.6 million cash. It paid a total of $91,636.89 in professional fees and reimbursed a total of $1,077.77 in professional expenses in March. A full-text copy of RA Liquidating's March 2011 monthly operating report is available for free at http://is.gd/qSQYz2 About RCLC Inc. RCLC, Inc., formerly known as Ronson Corporation, in Woodbridge, New Jersey, historically, has been engaged principally in these businesses -- Consumer Products; and Aviation-Fixed Wing and Helicopter Services. Trenton, New Jersey-based Ronson Aviation, Inc., now known as RA Liquidating Corp., filed for Chapter 11 protection on Aug. 17, 2010 (Bankr. D. N.J. Case No. 10-35315). The Debtor disclosed $17,140,000 in assets and $11,290,000 in liabilities as of the Chapter 11 filing. Affiliates RCLC, Inc. (Bankr. D. N.J. Case No. 10-35313), and RCPC Liquidating Corporation (Bankr. D. N.J. Case No. 10-35318) filed separate Chapter 11 petitions on Aug. 17, 2010, each estimating their assets at $1 million to $10 million and debts at $1 million to $10 million. The cases, along with RCLC, Inc.'s, are jointly administered, with RCLC, Inc., as the lead case. Michael D. Sirota, Esq., and David M. Bass, Esq., and Felice R. Yudkin, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Hackensack, N.J., represent the Debtors as counsel. Attorneys at Lowenstein Sandler, PC, represent the Creditors' Committee as counsel. The Company's foreign subsidiary, RCC, Inc., formerly known as Ronson Corporation of Canada Ltd., is not included in the filing. Upon the closing of the sale of the Company's Aviation Division on Oct. 15, 2010, the Company ceased to have operations, other than to effectuate its wind-down and approve its liquidation plan by the Bankruptcy Court. SEAHAWK DRILLING: Ends March 2011 With $2.66 Million Cash --------------------------------------------------------- Seahawk Drilling, Inc., et al., reported a net loss of $2.98 million on $9.36 million of revenues for the month ended March 31, 2011. At March 31, 2011, the Debtor had $145.22 million in total assets, $441.11 million in total liabilities, and a stockholders' deficit of $295.89 million. The Debtor ended the period with $2.66 million cash, compared with $3.30 million cash at the beginning of the period. A copy of the monthly operating report is available for free at: http://is.gd/EZadeq About Seahawk Drilling Houston, Texas-based Seahawk Drilling, Inc., engages in a jackup rig business in the United States, Gulf of Mexico, and offshore Mexico. It offers rigs and drilling crews on a day rate contractual basis. The Company and several affiliates filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 11-20089) on Feb. 11, 2011. Berry D. Spears, Esq., and Jonathan C. Bolton, Esq., at Fullbright & Jaworkski L.L.P., in Houston, serve as the Debtors' bankruptcy counsel. Shelby A. Jordan, Esq., and Nathaniel Peter Holzer, Esq. at Jordan, Hyden, Womble, Culbreth & Holzer, P.C., in Corpus Christi, Texas, serve as the Debtors' co-counsel. Alvarez and Marsal North America, LLC, is the Debtors' restructuring advisor. Simmons & Company International is the Debtors' transaction advisor. Kurtzman Carson Consultants LLC is the Debtors' claims agent. Judy A. Robbins, U.S. Trustee for Region 7, appointed three creditors to serve on an Official Committee of Unsecured Creditors of Seahawk Drilling Inc. and its debtor- affiliates. Heller, Draper, Hayden, Patrick & Horn, L.L.C., represents the creditors committee. In its amended schedules, Seahawk Drilling disclosed $208,190,199 in assets and $438,458,460 in liabilities as of the petition date. Seahawk filed for Chapter 11 protection to complete the sale of all assets to Hercules Offshore, Inc. As reported by the Troubled Company Reporter on April 11, 2011, the Bankruptcy Court approved an Asset Purchase Agreement between Hercules Offshore and its wholly owned subsidiary, SD Drilling LLC, and Seahawk Drilling, pursuant to which Seahawk agreed to sell to Hercules, and Hercules agreed to acquire from Seahawk, all 20 of Sellers' jackup rigs and related assets, accounts receivable and cash and certain liabilities of Sellers in a transaction pursuant to Section 363 of the U.S. Bankruptcy Code. According to DBR Small Cap, the deal was valued at about $176 million when it received court approval. Based on previous TCR reports, the purchase price for the Acquisition will be funded by the issuance of roughly 22.3 million shares of Hercules Offshore common stock and cash consideration of $25 million, which will be used primarily to pay off Seahawk's Debtor-in-Possession loan. The number of shares of Hercules Offshore common stock to be issued will be proportionally reduced at closing, based on a fixed price of $3.36 per share, if the outstanding amount of the DIP loan exceeds $25 million, with the total cash consideration not to exceed $45 million. The deal closed on April 27, 2011. TOWNSENDS INC: Posts $4.7MM Net Loss in 5-Weeks Ended April 3 ------------------------------------------------------------- Townsends Inc. and subsidiaries reported a consolidated net loss of $4.7 million on $0 revenue for the 5-week period ended April 3, 2011. The Debtors accrued $945,000 in professional fees, and $42,000 in U.S. Trustee Quarterly fees for the period. At April 3, 2011, the Debtors had $25.8 million in total assets, $90.2 million in total liabilities, and stockholders' deficit of $64.4 million. Townsend paid a total of $760,000 in professional fees for the period. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/townsends.march2011mor.pdf About Townsends Inc. Founded in 1891, Townsends Inc. is a third-generation, family- owned poultry company. Headquartered in Georgetown, Delaware, Townsends operates production and processing facilities in Arkansas and North Carolina. Townsends Inc. -- fka Townsend Speciality Foods -- and several affiliates filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 10-14092) on Dec. 19, 2010. As of Dec. 5, 2010, the Debtors disclosed $131 million in total assets and $127 million in total debts. Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, serves as the Debtors' bankruptcy counsel. McKenna Long & Aldridge LLP serves as special counsel. Huron Consulting Group's Dalton T. Edgecomb serves as the Debtors' chief restructuring officer. SSG Capital Advisors, LLC, serves as investment banker. Donlin, Recano & Company, Inc., is the Debtors' claims, noticing and balloting agent. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee has tapped Lowenstein Sandler PC as its counsel and J.H. Cohn LLP as its financial advisor. TRICO MARINE: Reports $186,272 Net Income in March 2011 ------------------------------------------------------- On May 11, 2011, Trico Marine Services, Inc., and subsidiaries Trico Marine Assets, Inc., Trico Holdco, LLC, Trico Marine Operators, Inc., Trico Marine Cayman, LP, and Trico Marine International, Inc., filed their unaudited combined monthly operating report for March 2011 with the U.S. Bankruptcy Court for the District of Delaware. Trico Marine Services reported net income of $186,272 on $0 revenue for the period. At March 31, 2011, Trico Marine Services' balance sheet showed $419.9 million in total assets, $161.6 million in total liabilities, and stockholders' equity of $258.3 million. Trico Marine Operators reported a net loss of $5.6 million on $382,639 of revenues for the month. At March 31, 2011, Trico Marine Operators' balance sheet showed ($44.5 million) in assets, $26.8 million in total liabilities, and a stockholders' deficit of $71.3 million. A copy of the monthly operating report is available for free at http://is.gd/kkErDn About Trico Marine Headquartered in Texas, Trico Marine Services, Inc. -- http://www.tricomarine.com/-- provides subsea services, subsea trenching and protection services, and towing and supply vessels. Trico filed for Chapter 11 protection (Bankr. D. Del. Case No. 10- 12653) on Aug. 25, 2010. John E. Mitchell, Esq., Angela B. Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP, serve as the Debtor's bankruptcy counsel. The Debtor disclosed US$30,562,681 in assets and US$353,606,467 in liabilities as of the Petition Date. Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No. 10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico Marine International, Inc. (Case No. 10-12650), Trico Marine Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No. 10-12652) filed separate Chapter 11 petitions. Cahill Gordon & Reindell LLP is the Debtors' special counsel. Alix Partners Services, LLC, is the Debtors' chief restructuring officer. Epiq Bankruptcy Solutions is the Debtors' claims and notice agent. Postlethwaite & Netterville serves as the Debtors' accountant and Ernst & Young LLP serves as tax advisors. Pricewaterhousecoopers LLC provides the independent accountants and tax advisors for the Debtors. Aside from the Cayman Islands holding company, Trico's foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. The Official Committee of Unsecured Creditors tapped Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl & Jones LLP, in Wilmington, Delaware, and Andrew K. Glenn, Esq., David J. Mark, Esq., and Daniel A. Fliman, Esq., at Kasowitz, Benson, Torres & Friedman LLP, in New York, as counsel. ********* 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. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez, 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. *** End of Transmission ***