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/raid1/www/Hosts/bankrupt/TCR_Public/110716.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, July 16, 2011, Vol. 15, No. 195 Headlines BARZEL INDUSTRIES: Posts $630,484 Net Loss in April 30 - May 28 BEAR ISLAND: Reports $355,160 Net Income in May 2011 EVANS OIL: Long Run LLC Posts $1,514 Net Loss in May 2011 EVANS OIL: Octane LLC Reports $49,731 Net Loss in May 2011 EVANS OIL: Posts $333,678 Net Loss in May 2011 EVANS OIL: RML LLC Reports $0 Net Income in May 2011 HARRY & DAVID: Bear Creek Earns $1,230 in April 24 - May 21 HARRY & DAVID: H&D Posts $12.1 Million Loss in April 24 - May 21 HARRY & DAVID: Holdings Earns $76,588 in April 24 - May 21 HARRY & DAVID: Operations Posts $217,954 Loss in April 24 - May 21 IMPERIAL CAPITAL: Posts $238,943 Net Loss in May 2011 PROFESSIONAL VETERINARY: Ends June 2011 With $11.7 Million Cash RCLC INC: Posts $8,247 Net Loss in May 2011 SEAHAWK DRILLING: Reports $10.3 Million Net Income in May 2011 TRICO MARINE: Files Operating Reports for May 2011 ********* BARZEL INDUSTRIES: Posts $630,484 Net Loss in April 30 - May 28 --------------------------------------------------------------- Barzel Industries, Inc., et al., reported a net loss of $630,484 on $0 revenue for the filing period April 30, 2011, through May 28, 2011. A copy of the monthly operating report is available at: http://bankrupt.com/misc/barzel.may2011mor.pdf About Barzel Industries Norwood, Massachusetts-based Barzel Industries, Inc., was in the business of processing and distributing steel. The Company manufactured steel for the construction and industrial manufacturing industries, and produces finished commercial racking products. Barzel Industries -- aka Novamerican Steel Inc. and Symmetry Holdings Inc. -- and seven affiliates filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-13204) on Sept. 15, 2009. Judge Christopher S. Sontchi presides over the cases. J. Kate Stickles, Esq., and Patrick J. Reilley, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington, Delaware, and Gerald H. Gline, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Hackensack, N.J., serve as the Debtors' counsel. On the same day, Barzel Industries filed applications for relief under the Canadian Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice -- Commercial List. Barzel Industries recorded assets of $370,145,000 against debts of $375,412,000 as of May 30, 2009. Barzel sold most of the assets in November 2009 for $75 million to Norwood, Massachusetts-based Chriscott USA Inc. Secured lenders agreed to a settlement later where they received a release of claims in return for giving up $800,000. BEAR ISLAND: Reports $355,160 Net Income in May 2011 ---------------------------------------------------- Bear Island Paper Company, L.L.C., reported net income of $355,160 on net sales of $12.3 million for May 2011. Gross profit was $1.1 million. At May 31, 2011, the Company had $143.4 million in total assets, $155.4 million in total liabilities, and a stockholders' deficit of $12.0 million. A copy of the operating report is available at: http://bankrupt.com/misc/bearisland.may2011mor.pdf Bear Island Paper Company, L.L.C., reported a net loss of $228,174 on net sales of $11.1 million for April 2011. Gross profit was $332,062. At April 30, 2011, the Company had $143.1 million in total assets, $155.5 million in total liabilities, and a stockholders' deficit of $12.4 million. A copy of the operating report is available at: http://bankrupt.com/misc/bearisland.april2011mor.pdf About White Birch & Bear Island Canada-based White Birch Paper Company is the second-largest newsprint producer in North America. As of Dec. 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. Jason William Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia, represents the Official Committee of Unsecured Creditors. Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and Chapter 15 cases. EVANS OIL: Long Run LLC Posts $1,514 Net Loss in May 2011 --------------------------------------------------------- Long Run LLC reported a net loss of $1,514 on $0 revenue for the month of May 2011. At May 31, 2011, the Debtor had $1.04 million in total assets, $1.58 million in total liabilities, and an equity deficit of $543,817. A copy of Long Run LLC's monthly operating report is available for free at http://bankrupt.com/misc/longrun.may2011mor.pdf About Evans Oil Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC, distributes bulk oil, gas, diesel and lubricant products. Evans Oil, together with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30, 2011. Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve as bankruptcy counsel to the Debtors. Garden City Group Inc. is the claims and notice agent. The Parkland Group Inc. is the restructuring advisor. Evans Oil estimated assets and debts at $10 million to $50 million as of the Chapter 11 filing. There has been no committees formed in the Debtor's case at the present time. EVANS OIL: Octane LLC Reports $49,731 Net Loss in May 2011 ---------------------------------------------------------- Octane LLC reported a net loss of $49,731 on $0 revenue for the month of May 2011. At May 31, 2011, the Debtor had $3.33 million in total assets, $3.76 million in total liabilities, and an equity deficit of $427,282. A copy of Octane LLC's monthly operating report is available for free at http://bankrupt.com/misc/octanellc.may2011mor.pdf About Evans Oil Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC, distributes bulk oil, gas, diesel and lubricant products. Evans Oil, together with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30, 2011. Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve as bankruptcy counsel to the Debtors. Garden City Group Inc. is the claims and notice agent. The Parkland Group Inc. is the restructuring advisor. Evans Oil estimated assets and debts at $10 million to $50 million as of the Chapter 11 filing. There has been no committees formed in the Debtor's case at the present time. EVANS OIL: Posts $333,678 Net Loss in May 2011 ---------------------------------------------- Evans Oil Company LLC reported a net loss of $333,678 on $14.54 million of revenue for the month of May 2011. At May 31, 2011, the Debtor had $22.68 million in total assets, $36.99 million in total liabilities, and an equity deficit of $14.31 million. A copy of Evans Oil's operating report is available for free at http://bankrupt.com/misc/evansoil.may2011mor.pdf About Evans Oil Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC, distributes bulk oil, gas, diesel and lubricant products. Evans Oil, together with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30, 2011. Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve as bankruptcy counsel to the Debtors. Garden City Group Inc. is the claims and notice agent. The Parkland Group Inc. is the restructuring advisor. Evans Oil estimated assets and debts at $10 million to $50 million as of the Chapter 11 filing. There has been no committees formed in the Debtor's case at the present time. EVANS OIL: RML LLC Reports $0 Net Income in May 2011 ---------------------------------------------------- RML LLC reported $0 net income on lease income of $113,125 for the month of May 2011. At May 31, 2011, the Debtor had $4.45 million in total assets, $2.49 million in total liabilities, and total equity of $1.96 million. A copy of RML LLC's monthly operating report is available for free at http://bankrupt.com/misc/rmlllc.may2011mor.pdf About Evans Oil Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC, distributes bulk oil, gas, diesel and lubricant products. Evans Oil, together with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30, 2011. Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve as bankruptcy counsel to the Debtors. Garden City Group Inc. is the claims and notice agent. The Parkland Group Inc. is the restructuring advisor. Evans Oil estimated assets and debts at $10 million to $50 million as of the Chapter 11 filing. There has been no committees formed in the Debtor's case at the present time. HARRY & DAVID: Bear Creek Earns $1,230 in April 24 - May 21 ----------------------------------------------------------- Bear Creek Orchards, Inc., reported net income of $1,230 on $0 revenue for the reporting period April 24, 2011 through May 21, 2011. At May 21, 2011, the Debtor's balance sheet showed $39.57 million in total assets, $39.16 million in total liabilities, and stockholders' equity of $408,893. A copy of Bear Creek's operating report is available at: http://bankrupt.com/misc/bearcreek.apr24-may21mor.pdf About Harry & David Medford, Oregon-based Harry & David Holdings, Inc. -- aka Bear Creek Corporation; Bear Creek Direct Marketing, Inc.; Bear Creek Stores, Inc.; Bear Creek Operations, Inc.; and Bear Creek Orchards, Inc. -- is a multi-channel specialty retailer and producer of branded premium gift-quality fruit and gourmet food products and gifts marketed under the Harry & David(R), Wolferman's(R) and Cushman's(R) brands. It has 70 stores across the country. Harry & David Holdings filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 11-10884) on March 28, 2011. Affiliates Harry and David (Bankr. D. Del. Case No. 11-10885), Harry & David Operations, Inc. (Bankr. D. Del. Case No. 11-10886), and Bear Creek Orchards, Inc. (Bankr. D. Del. Case No. 11-10887) filed separate Chapter 11 petitions. The cases are jointly administered, with Harry David Holdings as lead case. David G. Heiman, Esq., Brad B. Erens, Esq., and Timothy W. Hoffman, Esq., at Jones Day, are the Debtors' lead counsel. Daniel J. DeFranceschi, Esq., Paul Noble Heath, Esq., and Zachary Shapiro, Esq., at Richards Layton & Finger, serve as the Debtors' local counsel. Rothschild Inc. is the Debtors' investment banker. Alvarez & Marsal LLC is the Debtors' financial advisor. Garden City Group Inc. is the Debtors' claims and notice agent. McKinsey Recovery & Transformation Services U.S. LLC is being tapped as management consultants. The Debtor also tapped DJM Realty Services, LLC, as real estate consultants; Alvarez & Marsal North America to provide the Debtors an interim chief executive officer and chief restructuring officer and certain additional officers; and McKinsey Recovery & Transformation Services U.S. LLC as their management consultant. Kristopher M. Hansen, Esq., and Erez E. Gilad, Esq., at Stroock & Stroock & Lavan LLP; Thomas B. Walper, Esq., at Munger, Tolles & Olson LLP; and Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP are counsel to principal noteholders. Moelis & Company is the financial advisor to the principal noteholders. Lowenstein Sandler has been retained as counsel to the unsecured creditors committee. The Debtors disclosed $304.3 million in total assets and $360.8 million in total debts as of Dec. 25, 2010. The Debtors' proposed Plan of Reorganization will allow the Company to convert all of its approximately $200 million of outstanding public notes into equity of the reorganized company. The Plan also includes an equity capital raise that will generate $55 million in equity financing upon the Company's emergence from chapter 11. The Plan has the support of the Official Committee of Unsecured Creditors and the holders of approximately 81% of the Company's public notes. On April 7, 2011, the U.S. Trustee appointed an official committee of unsecured creditors in the Debtors' cases. HARRY & DAVID: H&D Posts $12.1 Million Loss in April 24 - May 21 ---------------------------------------------------------------- Harry & David reported a net loss of $12.10 million on $11.69 million of sales for the reporting period April 24, 2011 through May 21, 2011. At May 21, 2011, the Debtor's balance sheet showed $225.64 million in total assets, $9.67 million in total liabilities, and stockholders' equity of $215.97 million. A copy of Harry & David's operating report is available at: http://bankrupt.com/misc/harry&david.apr24-may21mor.pdf About Harry & David Medford, Oregon-based Harry & David Holdings, Inc. -- aka Bear Creek Corporation; Bear Creek Direct Marketing, Inc.; Bear Creek Stores, Inc.; Bear Creek Operations, Inc.; and Bear Creek Orchards, Inc. -- is a multi-channel specialty retailer and producer of branded premium gift-quality fruit and gourmet food products and gifts marketed under the Harry & David(R), Wolferman's(R) and Cushman's(R) brands. It has 70 stores across the country. Harry & David Holdings filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 11-10884) on March 28, 2011. Affiliates Harry and David (Bankr. D. Del. Case No. 11-10885), Harry & David Operations, Inc. (Bankr. D. Del. Case No. 11-10886), and Bear Creek Orchards, Inc. (Bankr. D. Del. Case No. 11-10887) filed separate Chapter 11 petitions. The cases are jointly administered, with Harry David Holdings as lead case. David G. Heiman, Esq., Brad B. Erens, Esq., and Timothy W. Hoffman, Esq., at Jones Day, are the Debtors' lead counsel. Daniel J. DeFranceschi, Esq., Paul Noble Heath, Esq., and Zachary Shapiro, Esq., at Richards Layton & Finger, serve as the Debtors' local counsel. Rothschild Inc. is the Debtors' investment banker. Alvarez & Marsal LLC is the Debtors' financial advisor. Garden City Group Inc. is the Debtors' claims and notice agent. McKinsey Recovery & Transformation Services U.S. LLC is being tapped as management consultants. The Debtor also tapped DJM Realty Services, LLC, as real estate consultants; Alvarez & Marsal North America to provide the Debtors an interim chief executive officer and chief restructuring officer and certain additional officers; and McKinsey Recovery & Transformation Services U.S. LLC as their management consultant. Kristopher M. Hansen, Esq., and Erez E. Gilad, Esq., at Stroock & Stroock & Lavan LLP; Thomas B. Walper, Esq., at Munger, Tolles & Olson LLP; and Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP are counsel to principal noteholders. Moelis & Company is the financial advisor to the principal noteholders. Lowenstein Sandler has been retained as counsel to the unsecured creditors committee. The Debtors disclosed $304.3 million in total assets and $360.8 million in total debts as of Dec. 25, 2010. The Debtors' proposed Plan of Reorganization will allow the Company to convert all of its approximately $200 million of outstanding public notes into equity of the reorganized company. The Plan also includes an equity capital raise that will generate $55 million in equity financing upon the Company's emergence from chapter 11. The Plan has the support of the Official Committee of Unsecured Creditors and the holders of approximately 81% of the Company's public notes. On April 7, 2011, the U.S. Trustee appointed an official committee of unsecured creditors in the Debtors' cases. HARRY & DAVID: Holdings Earns $76,588 in April 24 - May 21 ---------------------------------------------------------- Harry & David Holdings, Inc., reported net income of $76,588 on $0 revenue for the filing period April 24, 2011, through May 21, 2011. The net income for the month represents income taxes benefit of $76,588 recorded by the companies during the period. The Debtors' normal-course accounting practice is to record tax entries at Harry & David Holdings, Inc., versus recording taxes at each individual company. At May 21, 2011, the Debtor's balance sheet showed $86.05 million in total assets, $159.39 million in total liabilities, and a stockholders' deficit of $73.34 million. A copy of Harry & David Holdings' monthly operating report is available at: http://bankrupt.com/misc/harry&davidholdings.apr24-may21mor.pdf About Harry & David Medford, Oregon-based Harry & David Holdings, Inc. -- aka Bear Creek Corporation; Bear Creek Direct Marketing, Inc.; Bear Creek Stores, Inc.; Bear Creek Operations, Inc.; and Bear Creek Orchards, Inc. -- is a multi-channel specialty retailer and producer of branded premium gift-quality fruit and gourmet food products and gifts marketed under the Harry & David(R), Wolferman's(R) and Cushman's(R) brands. It has 70 stores across the country. Harry & David Holdings filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 11-10884) on March 28, 2011. Affiliates Harry and David (Bankr. D. Del. Case No. 11-10885), Harry & David Operations, Inc. (Bankr. D. Del. Case No. 11-10886), and Bear Creek Orchards, Inc. (Bankr. D. Del. Case No. 11-10887) filed separate Chapter 11 petitions. The cases are jointly administered, with Harry David Holdings as lead case. David G. Heiman, Esq., Brad B. Erens, Esq., and Timothy W. Hoffman, Esq., at Jones Day, are the Debtors' lead counsel. Daniel J. DeFranceschi, Esq., Paul Noble Heath, Esq., and Zachary Shapiro, Esq., at Richards Layton & Finger, serve as the Debtors' local counsel. Rothschild Inc. is the Debtors' investment banker. Alvarez & Marsal LLC is the Debtors' financial advisor. Garden City Group Inc. is the Debtors' claims and notice agent. McKinsey Recovery & Transformation Services U.S. LLC is being tapped as management consultants. The Debtor also tapped DJM Realty Services, LLC, as real estate consultants; Alvarez & Marsal North America to provide the Debtors an interim chief executive officer and chief restructuring officer and certain additional officers; and McKinsey Recovery & Transformation Services U.S. LLC as their management consultant. Kristopher M. Hansen, Esq., and Erez E. Gilad, Esq., at Stroock & Stroock & Lavan LLP; Thomas B. Walper, Esq., at Munger, Tolles & Olson LLP; and Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP are counsel to principal noteholders. Moelis & Company is the financial advisor to the principal noteholders. Lowenstein Sandler has been retained as counsel to the unsecured creditors committee. The Debtors disclosed $304.3 million in total assets and $360.8 million in total debts as of Dec. 25, 2010. The Debtors' proposed Plan of Reorganization will allow the Company to convert all of its approximately $200 million of outstanding public notes into equity of the reorganized company. The Plan also includes an equity capital raise that will generate $55 million in equity financing upon the Company's emergence from chapter 11. The Plan has the support of the Official Committee of Unsecured Creditors and the holders of approximately 81% of the Company's public notes. On April 7, 2011, the U.S. Trustee appointed an official committee of unsecured creditors in the Debtors' cases. HARRY & DAVID: Operations Posts $217,954 Loss in April 24 - May 21 ------------------------------------------------------------------ Harry & David Operations, Inc., reported a net loss of $217,954 on $1.41 million of revenue for the filing period April 24, 2011, through May 21, 2011. At May 21, 2011, the Debtor's balance sheet showed $94.39 million in total assets, $180.92 million in total liabilities, and a stockholders' deficit of $86.53 million. A copy of Harry & David Operations' monthly operating report is available at: http://bankrupt.com/misc/harry&davidoperations.apr24-may21mor.pdf About Harry & David Medford, Oregon-based Harry & David Holdings, Inc. -- aka Bear Creek Corporation; Bear Creek Direct Marketing, Inc.; Bear Creek Stores, Inc.; Bear Creek Operations, Inc.; and Bear Creek Orchards, Inc. -- is a multi-channel specialty retailer and producer of branded premium gift-quality fruit and gourmet food products and gifts marketed under the Harry & David(R), Wolferman's(R) and Cushman's(R) brands. It has 70 stores across the country. Harry & David Holdings filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 11-10884) on March 28, 2011. Affiliates Harry and David (Bankr. D. Del. Case No. 11-10885), Harry & David Operations, Inc. (Bankr. D. Del. Case No. 11-10886), and Bear Creek Orchards, Inc. (Bankr. D. Del. Case No. 11-10887) filed separate Chapter 11 petitions. The cases are jointly administered, with Harry David Holdings as lead case. David G. Heiman, Esq., Brad B. Erens, Esq., and Timothy W. Hoffman, Esq., at Jones Day, are the Debtors' lead counsel. Daniel J. DeFranceschi, Esq., Paul Noble Heath, Esq., and Zachary Shapiro, Esq., at Richards Layton & Finger, serve as the Debtors' local counsel. Rothschild Inc. is the Debtors' investment banker. Alvarez & Marsal LLC is the Debtors' financial advisor. Garden City Group Inc. is the Debtors' claims and notice agent. McKinsey Recovery & Transformation Services U.S. LLC is being tapped as management consultants. The Debtor also tapped DJM Realty Services, LLC, as real estate consultants; Alvarez & Marsal North America to provide the Debtors an interim chief executive officer and chief restructuring officer and certain additional officers; and McKinsey Recovery & Transformation Services U.S. LLC as their management consultant. Kristopher M. Hansen, Esq., and Erez E. Gilad, Esq., at Stroock & Stroock & Lavan LLP; Thomas B. Walper, Esq., at Munger, Tolles & Olson LLP; and Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP are counsel to principal noteholders. Moelis & Company is the financial advisor to the principal noteholders. Lowenstein Sandler has been retained as counsel to the unsecured creditors committee. The Debtors disclosed $304.3 million in total assets and $360.8 million in total debts as of Dec. 25, 2010. The Debtors' proposed Plan of Reorganization will allow the Company to convert all of its approximately $200 million of outstanding public notes into equity of the reorganized company. The Plan also includes an equity capital raise that will generate $55 million in equity financing upon the Company's emergence from chapter 11. The Plan has the support of the Official Committee of Unsecured Creditors and the holders of approximately 81% of the Company's public notes. On April 7, 2011, the U.S. Trustee appointed an official committee of unsecured creditors in the Debtors' cases. IMPERIAL CAPITAL: Posts $238,943 Net Loss in May 2011 ----------------------------------------------------- On June 20, 2011, Imperial Capital Bancorp, Inc., filed its unaudited monthly operating report for the month of May 2011 with the Office of the United States Trustee as required by the OUST Guidelines. The Company reported a net loss of $238,943 on $0 revenue for May 2011. At May 31, 2011, the Company had $40.4 million in total assets, $99.5 million in total liabilities, and a stockholders' deficit of $59.1 million. A copy of operating report is available at http://is.gd/xgSKrq About Imperial Capital Bancorp La Jolla, California-based Imperial Capital Bancorp, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Calif. Case No. 09-19431) on Dec. 18, 2009. Gregory K. Jones, Esq., at Stutman, Treister & Glatt, P.C., serves as the Company's bankruptcy counsel. FTI Consulting Inc. serves as its financial advisor. The Company disclosed $40,439,363 in assets and $98,721,610 in liabilities. Tiffany L. Carroll, the U.S. Trustee for Region 15, appointed three members to the official committee of unsecured creditors in the Debtor's case. The Debtor's proposed Liquidating Plan of Reorganization provides that based upon assets available for distribution, creditors of the Company will not be paid in full under the Plan. The Company predicts that, after payment to the Company's unsecured creditors, there will be no assets available for distribution to the holders of the Company's common stock. PROFESSIONAL VETERINARY: Ends June 2011 With $11.7 Million Cash --------------------------------------------------------------- On July 11, 2011, Professional Veterinary Products, Ltd., and its subsidiaries, ProConn, LLC, and Exact Logistics, LLC, filed their unaudited monthly operating report for June 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 $11,730,557 Total Receipts $94,063 Disbursements $116,312 Net Cash Flow ($22,249) Ending Cash Balance $11,708,308 Disbursements for professional and trustee fees totaled $74,982. A copy of the operating report is available at http://is.gd/A8T0ip 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 Aug. 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. RCLC INC: Posts $8,247 Net Loss in May 2011 ------------------------------------------- On June 30, 2011, RCLC, Inc., and certain of its subsidiaries filed their unaudited monthly operating reports for May 2011 with the U.S. Bankruptcy Court for the District of New Jersey. RCLC, Inc., reported a net loss of $8,247 on $74,221 of revenues for the month of May. At May 31, 2011, RCLC had $16.76 million in total assets, $10.36 million in total liabilities, and stockholders' equity of $6.40 million. RCLC ended May 2011 with $591,501 in cash. It paid a total of $28,967.40 in professional fees and reimbursed a total of $35.16 in professional expenses in May. A copy of RCLC's May 2011 monthly operating report is available at http://is.gd/L8Tdqr RCPC Liquidating Corp. reported a net loss of $70,048 on $0 revenue for May 2011. At May 31, 2011, RCPC Liquidating had $3.88 million in total assets, $2.76 million in total liabilities, and stockholders' equity of $1.11 million. RCPC Liquidating ended May 2011 with $1.34 million in unrestricted cash. It paid a total of $27,301.51 in professional fees and reimbursed a total of $35.43 in professional expenses in May. A copy of RCPC Liquidating Corp.'s May 2011 monthly operating report is available at http://is.gd/c59B5j RA Liquidating Corp. reported a net loss of $87,615 on $0 revenue for May. At May 31, 2011, RA Liquidating had $5.31 million in total assets, $1.26 million in total liabilities, and stockholders' equity of $4.05 million. RA Liquidating ended April 2011 with $1.28 million cash. It paid a total of $27,310 in professional fees and reimbursed a total of $35.16 in professional expenses in May. A copy of RA Liquidating Corp.'s May 2011 monthly operating report is available at http://is.gd/ztJGjz 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 estimated its assets at $10 million to $50 million and its debts at $1 million to $10 million. 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: Reports $10.3 Million Net Income in May 2011 -------------------------------------------------------------- Seahawk Drilling, Inc., et al., reported income from continuing operations of $10.29 million on $0 revenues for the month ended May 31, 2011. At May 31, 2011, the Debtor had $161.77 million in total assets, $429.25 million in total liabilities, and a stockholders' deficit of $267.48 million. The Debtor ended the period with $15.29 million cash, compared with $14.44 million cash at the beginning of the period. A copy of the operating report is available at http://is.gd/RAdrWd 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. TRICO MARINE: Files Operating Reports for May 2011 -------------------------------------------------- On July 8, 2011, Trico Marine Services, Inc., and certain of its 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 the period May 1, 2011, through May 31, 2011, with the U.S. Bankruptcy Court for the District of Delaware. The Debtors' Statements of operations reflected the following revenue and net income (loss) figures: Name of Debtor Revenue Income (Loss) -------------- ------- ------------- Trico Marine Services, Inc. $0 ($308,294,588) Trico Marine Assets, Inc. $25,313 ($2,512,075) Trico Marine Operators, Inc. $195,590 ($177,179,144) Trico Holdco, LLC $0 $0 Trico Marine Cayman, LP $0 ($113,301,143) Trico Marine International, Inc. $0 ($523) Restructuring costs in May were: Trico Marine Services, Inc. $308,873,619 Trico Marine Assets, Inc. $325 Trico Marine Operators, Inc. $176,672,955 Trico Holdco, LLC $0 Trico Marine Cayman, LP $113,341,689 Trico Marine International, Inc. $0 Restructuring costs include effects of the OpCo transaction completed on May 15, 2011. Payments to professionals totaled $2,548,640 during the month. Payments to insiders totaled $1,137,367 during the month. Payments to insiders exclude intercompany transfers between Debtor entities. A copy of the operating report is available at http://is.gd/FQBi9k 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. The financial advisors are Evercore Partners and AP Services LLC. 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 were not 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. The Trico Supply Group -- which includes Trico Supply AS, Trico Shipping AS, DeepOcean AS, CTC Marine Projects Ltd. and other subsidiaries -- completed an out-of-court restructuring in May 2011. Pursuant to the out-of-court restructuring, $399,500,000 or 99.88%, of Trico Shipping's 11-7/8% Senior Secured Notes due 2014, the Trico Supply Group's working capital facility debt and intercompany claims and interests held by Trico Marine entities, were equitized and the holders received common stock of DeepOcean Group Holding AS, a new Norwegian private limited company. DeepOcean Holding and its subsidiaries, including Trico Supply, Trico Shipping, DeepOcean, CTC and other subsidiaries, were spun off Trico Marine. ********* 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 ***