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/raid1/www/Hosts/bankrupt/TCR_Public/120616.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, June 16, 2012, Vol. 16, No. 166 Headlines DEWITT REHABILITATION: Nursing Home Has $175,000 Profit in April DYNEGY HOLDINGS: Discloses $6.54-Bil. in Assets at April 30 EASTMAN KODAK: Files Operating Report for April FRANCISCAN COMMUNITIES: Has $774,000 Net Loss in February-March FRIENDLY ICE CREAM: Held $10.4 Million Cash at End of February GLOBAL AVIATION: Reports $4.9 Million April Operating Loss HUDSON HEALTHCARE: Ends the First Quarter With $208K in Cash LOS ANGELES DODGERS: Had $13.5 Million Net Loss in March MORGAN INDUSTRIES: Submits 13-Week Projections MSR RESORT: Reports $2.6 Million Net Loss in April ********* DEWITT REHABILITATION: Nursing Home Has $175,000 Profit in April ---------------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that DeWitt Nursing & Nursing Center Inc. filed an operating report showing net income of $175,000 in April on net revenue of $4.7 million. The home filed a proposed reorganization plan in December promising to pay unsecured creditors at least 30 percent on their $18.6 million in claims. The explanatory disclosure statement was approved in March. The plan was most recently modified in May. About Dewitt Rehabilitation New York-based DeWitt Rehabilitation and Nursing Center runs a 499-bed nursing home on East 79th Street in Manhattan. The nursing home is owned by Marilyn Lichtman, who has been the operator since the facility opened in 1967. DeWitt Rehabilitation filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 11-10253) on Jan. 25, 2011. Marc A. Pergament, Esq., at Weinberg, Gross & Pergament, LLP, serves as the Debtor's bankruptcy counsel. The Debtor estimated its assets at up to $50,000 and debts at $10 million to $50 million. The Debtor filed a proposed reorganization plan in December 2011 promising to pay unsecured creditors at least 30 percent on their $18.6 million in claims. DYNEGY HOLDINGS: Discloses $6.54-Bil. in Assets at April 30 ----------------------------------------------------------- Dynegy Holdings, LLC, and its affiliated debtors filed with the U.S. Bankruptcy Court for the Southern District of New York their operating report for the month ended April 30, 2012. Dynegy Holdings disclosed that as of April 30, it had $102,700,000 in current assets and $1,335,286,000 in current liabilities. The company also disclosed it had $6,541,170,000 in total assets, ($422,214,000) in Dynegy Inc. equity, and $6,963,384,000 in total liabilities. The company and its affiliated debtors also disclosed these losses from operations for the month ended April 30 and for the prior month: April 2012 March 2012 ---------- ---------- Dynegy Holdings LLC ($23,374,000) ($736,517,000) Hudson Power LLC ($0) ($0) Dynegy Roseton LLC ($2,262,000) ($731,304,000) Dynegy Danskammer LLC ($2,373,000) ($157,437,000) Dynegy Northeast Generation Inc. ($575,000) ($525,000) At the beginning of the month, Dynegy Holdings had $19,827,000 cash, which increased to $24,367,000 at the end of the month. Dynegy Holdings paid a total of $169,273 to professionals during the month. A full-text copy of the April 2012 MOR is available for free at http://bankrupt.com/misc/Dynegy_MORApril2012.pdf About Dynegy Inc. Through its subsidiaries, Houston, Texas-based Dynegy Inc. (NYSE: DYN) -- http://www.dynegy.com/-- produces and sells electric energy, capacity and ancillary services in key U.S. markets. The power generation portfolio consists of approximately 12,200 megawatts of baseload, intermediate and peaking power plants fueled by a mix of natural gas, coal and fuel oil. In August, Dynegy implemented an internal restructuring that created two units, one owning eight primarily natural gas-fired power generation facilities and another owning six coal-fired plants. Dynegy missed a $43.8 million interest payment Nov. 1, 2011, and said it was discussing options for managing its debt load with certain bondholders. Dynegy Holdings LLC and four other affiliates of Dynegy Inc. sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-38111) Nov. 7 to implement an agreement with a group of investors holding more than $1.4 billion of senior notes issued by Dynegy's direct wholly-owned subsidiary, Dynegy Holdings, regarding a framework for the consensual restructuring of more than $4.0 billion of obligations owed by DH. If this restructuring support agreement is successfully implemented, it will significantly reduce the amount of debt on the Company's consolidated balance sheet. Dynegy Holdings disclosed assets of $13.77 billion and debt of $6.18 billion, while Roseton LLC and Dynegy Danskammer LLC each estimated $100 million to $500 million in assets and debt. Dynegy Holdings and its affiliated debtor-entities are represented in the Chapter 11 proceedings by Sidley Austin LLP as their reorganization counsel. Dynegy and its other subsidiaries are represented by White & Case LLP, who is also special counsel to the Debtor Entities with respect to the Roseton and Danskammer lease rejection issues. Dynegy was advised by Lazard Freres & Co. LLC and the Debtor Entities' financial advisor is FTI Consulting. The Official Committee of Unsecured Creditors has tapped Akin Gump Strauss Hauer & Feld LLP as counsel nunc pro tunc to November 16, 2011. Bankruptcy Creditors' Service, Inc., publishes DYNEGY BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding undertaken by affiliates of Dynegy Inc. (http://bankrupt.com/newsstand/or 215/945-7000). EASTMAN KODAK: Files Operating Report for April ----------------------------------------------- Eastman Kodak Co. and its affiliated debtors filed with the U.S. Bankruptcy Court in Manhattan their operating report disclosing these cash receipts and disbursements for the month ended April 30, 2012: Receipts Disbursements Total ----------- ------------- ----------- Kodak Realty, Inc. $- $- $- Eastman Kodak Company 182,090,340 (213,353,895) (31,263,555) Creo Manufacturing America - - - Eastman Kodak International Capital Company, Inc. - - - Far East Development Ltd. - - - FPC Inc. 889,650 (413,189) 476,461 Kodak (Near East), Inc. 1,990,802 (2,603,333) (612,531) Kodak Americas, Ltd. - (1,965) (1,965) Kodak Aviation Leasing LLC - - - Kodak Imaging Network, Inc. - (5,303,931) (5,303,931) Kodak Philippines, Ltd. 241,902 (229,869) 12,033 Kodak Portuguesa Limited - - - Laser-Pacific Media Corporation - - - NPEC Inc. - (321,536) (321,536) Pakon, Inc. - - - Qualex Inc. 2,909,186 (2,179,959) 729,227 Eastman Kodak Company also reported a $91,339,000 net loss for the month ended April 30, 2012. The previous month it reported $128,661,000 net loss. A copy of the April 2012 operating report is available for free at http://bankrupt.com/misc/1282_April2012MOR.pdf About Eastman Kodak Rochester, New York-based Eastman Kodak Company and its U.S. subsidiaries on Jan. 19, 2012, filed voluntarily Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 12-10202) in Manhattan. Subsidiaries outside of the U.S. were not included in the filing and are expected to continue to operate as usual. Kodak, founded in 1880 by George Eastman, was once the world's leading producer of film and cameras. Kodak sought bankruptcy protection amid near-term liquidity issues brought about by steeper-than-expected declines in Kodak's historically profitable traditional businesses, and cash flow from the licensing and sale of intellectual property being delayed due to litigation tactics employed by a small number of infringing technology companies with strong balance sheets and an awareness of Kodak's liquidity challenges. In recent years, Kodak has been working to transform itself from a business primarily based on film and consumer photography to a smaller business with a digital growth strategy focused on the commercialization of proprietary digital imaging and printing technologies. Kodak has 8,900 patent and trademark registrations and applications in the United States, as well as 13,100 foreign patents and trademark registrations or pending registration in roughly 160 countries. Kodak disclosed $5.10 billion in assets and $6.75 billion in liabilities as of Sept. 30, 2011. The net book value of all assets located outside the United States as of Dec. 31, 2011 is $13.5 million. Attorneys at Sullivan & Cromwell LLP and Young Conaway Stargatt & Taylor, LLP, serve as counsel to the Debtors. FTI Consulting, Inc., is the restructuring advisor. Lazard Freres & Co. LLC, is the investment banker. Kurtzman Carson Consultants LLC is the claims agent. A group of second lien lenders are represented by Akin Gump Strauss Hauer & Feld LLP. The Official Committee of Unsecured Creditors has tapped Milbank, Tweed, Hadley & McCloy LLP, as its bankruptcy counsel. Bankruptcy Creditors' Service, Inc., publishes EASTMAN KODAK BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding undertaken by affiliates of Eastman Kodak and its affiliates (http://bankrupt.com/newsstand/or 215/945-7000 ). FRANCISCAN COMMUNITIES: Has $774,000 Net Loss in February-March --------------------------------------------------------------- Franciscan Communities St. Mary of the Woods, Inc., reported a net loss of $226,000 on $576,000 of revenues for the month ended February 2012. The following month, it incurred a net loss of $548,000 on $547,000 of revenue. As of March 31, the Company's balance sheet showed $24.2 million in total assets, including $270,000 cash, $50.91 million in total liabilities, and a deficit of $26.7 million. Cash was $597,000 as of Feb. 29. Copies of the operating reports are available for free at: http://bankrupt.com/misc/Franciscan_Comm_MOR_Feb2012.pdf http://bankrupt.com/misc/Franciscan_Comm_MOR_Mar2012.pdf About Franciscan Communities Illinois-based Franciscan Communities St. Mary of the Woods, Inc., owns and operates a senior living community in Avon, Ohio. The not-for-profit community is owned and managed by the Franciscan Sisters of Chicago Service Corp. Franciscan Communities St. Mary of the Woods filed for Chapter 11 bankruptcy (Bankr. N.D. Ohio Case No. 11-19865) on Nov. 21, 2011, after it failed to negotiate an out-of-court workout with holders of tax-free bonds. Judge Jessica E. Price Smith oversees the case. The Debtor disclosed assets of $36 million and debt totaling $48 million as of the Chapter 11 filing. In its schedules, the Debtor disclosed $22,314,854 in assets and $49,555,487 in liabilities. The Debtor is represented by Heather Lennox, Esq., Carl E. Black, Esq., and Daniel M. Syphard, Esq., at Jones Day, as bankruptcy counsel. The Garden City Group, Inc., is the claims and noticing agent. The Debtor tapped Deloitte Financial Advisory Services LLP as restructuring advisor, and Houlihan Lokey Capital, Inc., as its investment banker. The U.S. Trustee appointed Beverly Laubert as patient care ombudsman. Franciscan Sisters of Chicago, the sole member of the Debtor, is provided $4.5 million in DIP loans. The DIP Lender is represented by George Mesires, Esq., and Daniel P. Strzalka, Esq., at Ungaretti & Harris LLP. The Bank of New York Mellon Trust Company, N.A., the bond trustee, is represented by Bruce H. White, Esq., and Clifton R. Jessup, Esq., at Greenberg Traurig LLP. Wells Fargo Bank, N.A., as Master Trustee, is represented by Daniel S. Bleck, Esq., at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., and John R. Weiss, Esq., at Duane Morris LLP. Sovereign Bank, provider of the Debtor's letter of credit facility, is also represented by John R. Weiss, Esq., at Duane Morris LLP. The Official Committee of Unsecured Creditors in the Chapter 11 cases of the Debtor is represented by McDonald Hopkins LLC as counsel. The Debtor in April 2012 received formal approval from the bankruptcy court in Cleveland to sell the facility for $18.8 million to Orion Properties Eleven LLC. The auction started with a $15 million bid from Orion. It was bidding against Franciscan Communities Inc., which came in second with a $18.6 million bid. FRIENDLY ICE CREAM: Held $10.4 Million Cash at End of February -------------------------------------------------------------- Friendly Ice Cream Corp., now known as Amicus Wind Down Corp., and its affiliates, held a total of $10.4 million cash as of Feb. 26, 2012. During the month, $1.09 million were paid to professionals, including $557,000 for Epiq Bankruptcy Solutions. As the business has been sold, assets mostly constitute cash on hand. Liabilities subject to compromise total $370.4 million while current liabilities total $5.17 million. A copy of the operating report is available at: http://bankrupt.com/misc/Friendly_Ice_MOR_Feb2012.pdf About Friendly Ice Cream Friendly Ice Cream Corp. -- http://www.friendlys.com/-- the owner and franchiser of 490 full-service, family-oriented restaurants and provider of ice cream products in the Eastern United States, filed for Chapter 11 reorganization together with four affiliates (Bankr. D. Del. Lead Case No. 11-13167) on Oct. 5, 2011, to sell the business mostly in exchange for debt to Sundae Group Holdings II LLC, a unit of Sun Capital Partners Inc. The existing owner and holder of the Debtors' second-lien debt are also affiliates of Sun Capital. Friendly's, based in Wilbraham, Massachusetts, also announced the closing of 63 stores, leaving about 424 operating. Franchise operators have about 230 of the locations. Judge Kevin Gross oversees the case. James A. Stempel, Esq., Ross M. Kwasteniet, Esq., and Jeffrey D. Pawlitz, Esq., at Kirkland & Ellis LLP; and Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Kathleen P. Makowski, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as the Debtors' bankruptcy counsel. Zolfo Cooper serves as the Debtors' financial advisors. In its petition, Friendly Ice Cream Corp. estimated $100 million to $500 million in assets and debts. The petitions were signed by Steven C. Sanchioni, executive vice president, chief financial officer, treasurer, and assistant secretary. Friendly's is one of two companies under Sun Capital's portfolio to file for bankruptcy in a span of two days. Mexican-food chain Real Mex, which operates restaurants such as Chevys, filed in Delaware bankruptcy court on Oct. 3, 2011. On Oct. 12, 2011, the U.S. Trustee appointed the Committee. The Committee currently consists of seven members. The Committee selected Akin Gump Straus Hauer & Feld LLP and Blank Rome LLP to serve as co-counsel to the Committee, and FTI Consulting to serve as the Committee's financial advisor. A Sun Capital affiliate, Sundae Group Holdings, offered to pay about $120 million for the business. The price includes enough cash to pay first-lien debt and an amount of cash for unsecured creditors to be negotiated with the official creditors' committee. Aside from cash, Sun Capital made a credit bid from the $267.7 million in second-lien, pay-in-kind notes. On Dec. 29, 2011, the Bankruptcy Court entered an order approving the sale to Sundae Group. The sale closed on Jan. 9, 2012. Friendly Ice Cream Corp. was renamed to Amicus Wind Down Corporation following the sale. Friendly's was one of two companies under Sun Capital's portfolio to file for bankruptcy in a span of two days. Mexican-food chain Real Mex, which operates restaurants such as Chevys, filed in Delaware bankruptcy court on Oct. 3, 2011. In early June 2012, the Debtor won approval of its liquidating Chapter 11 plan where unsecured creditors were told to expect a recovery between 1.6% and 3.2%. The plan is partly based on a settlement where existing owner Sun Capital receives releases of claims in return for reducing its $279 million second-lien claim to $50 million and subordinating the remaining secured claim. GLOBAL AVIATION: Reports $4.9 Million April Operating Loss ---------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Global Aviation Holdings Inc. reported a $4.9 million operating loss in April on operating revenue of $55.2 million. Interest expense of $5 million and $65.1 million of "reorganization items" resulted in a net loss of $65.2 million, according to the operating report filed with the bankruptcy court in Brooklyn. The net loss would have been greater without a $9.3 million tax benefit in April. About Global Aviation Holdings Global Aviation Holdings Inc., based in Peachtree City, Ga., is the parent company of North American Airlines and World Airways. Global is the largest commercial provider of charter air transportation for the U.S. military, and a major provider of worldwide commercial global passenger and cargo air transportation services. North American Airlines, founded in 1989 and based in Jamaica, N.Y., operates passenger charter flights using B757-200ER and B767-300ER aircraft. World Airways, founded in 1948 and based in Peachtree City, Ga., operates cargo and passenger charter flights using B747-400 and MD-11 aircraft. Global Aviation, along with affiliates, filed Chapter 11 petitions (Bankr. E.D.N.Y. Case No. 12-40783) on Feb. 5, 2012. Global's lead counsel in connection with the restructuring is Kirkland & Ellis LLP and its financial advisor is Rothschild. Kurtzman Carson Consultants LLC is the claims agent. The Debtors disclosed $589.8 million in assets and $493.2 million in liabilities as of Dec. 31, 2011. Liabilities include $146.5 million on 14% first-lien secured notes and $98.1 million on a second-lien term loan. Wells Fargo Bank NA is agent for both. Global said it will use Chapter 11 to shed 16 of 30 aircraft. In addition, Global said it will use Chapter 11 to negotiate new collective bargaining agreements with its unions and deal with liabilities on multi-employer pension plans. On Feb. 13, 2012, the U.S. Trustee for Region 2 appointed a seven member official committee of unsecured creditors in the case. The Committee tapped Lowenstein Sandler PC as its counsel, and Imperial Capital, LLC as its financial advisor. HUDSON HEALTHCARE: Ends the First Quarter With $208K in Cash ----------------------------------------------------------- Hudson Healthcare Inc., which filed -- but has yet to obtain approval of -- a liquidating Chapter 11 plan, ended March with $208,000 in cash. Since the filing of the Chapter 11 case until March 2012, it paid $13.8 million for payroll, and $922,000 for professional fees. The balance sheet says that assets at the end of March total $7.43 million and liabilities total $32.0 million. Copies of the operating reports are available at: http://bankrupt.com/misc/Hudson_Health_MOR_Feb2012.pdf http://bankrupt.com/misc/Hudson_Health_MOR_Jan2012.pdf http://bankrupt.com/misc/Hudson_Health_MOR_Mar2012.pdf About Hudson Healthcare Hudson Healthcare Inc. is a non-for-profit corporation formed under the laws of the State of New Jersey. Until the sale of Hoboken University Medical Center by the Hoboken Municipal Hospital Authority, the Debtor owned and managed the day-today operations of the Hospital on the Authority's behalf pursuant to a Manager Agreement dated Feb. 1, 2007. Other than certain contract rights, other intangibles, and approximately 12 vehicles, the Debtor did not own any Hospital assets. Hudson Healthcare filed for Chapter 11 protection (Bankr. D. N.J. Case No. 11-33014) in Newark on Aug. 1, 2011, estimating assets and debt of less than $50 million. Affiliate Hoboken Municipal Hospital Authority also sought Chapter 11 protection. Attorneys at Trenk, DiPasquale, Webster, Della Fera & Sodono, P.C., in West Orange, N.J., serve as counsel to the Debtor. Daniel T. McMurray, the patient care ombudsman, has tapped Neubert, Pepe & Monteith, P.C., as his counsel effective Aug. 25, 2011. The Official Committee of Unsecured Creditors of Hudson Healthcare has retained Sills Cummis & Gross P.C., in Newark, N.J., as its counsel, nunc pro tunc to Aug. 12, 2011. JH Cohn LLP serves as Financial Advisor to the Committee. Epiq Bankruptcy Solutions, LLC, is the Claims and Noticing Agent and Solicitation Agent. Hudson Healthcare completed the sale of its New Jersey Hospital in November 2011. HUMC Holdco, a private group that also owns Bayonne Medical Center, was the buyer. The Chapter 11 plan, sponsored by the Debtor and the unsecured creditors committee, proposes a liquidating trust that will administer the remaining assets of the Debtor. A copy of the explanatory disclosure statement is available at http://bankrupt.com/misc/hudsonhealthcare.doc474.pdf LOS ANGELES DODGERS: Had $13.5 Million Net Loss in March -------------------------------------------------------- The Los Angeles Dodgers opened the 2012 baseball season in April 2012 so it only had $817,000 in revenue, mostly from national licensing, for the month of March. During the month it incurred a net loss of $13.5 million after spending $10.9 million for operations and incurring $1.70 million in bankruptcy related expenses. The Dodgers, which opened the new season with new owners, declared total assets of $168 million and total liabilities of $310 million as of March 31. The Dodgers emerged from bankruptcy at the end of April and has a restructured balance sheet. A copy of the operating report is available for free at http://bankrupt.com/misc/LA_Dodgers_MOR_Mar2012.pdf About Los Angeles Dodgers Los Angeles Dodgers LLC operates the Los Angeles Dodgers, a professional Major League Baseball club in the Los Angeles metropolitan area. Frank McCourt, a Boston real-estate developer who unsuccessfully bid for the Boston Red Sox, bought the Dodgers from Rupert Murdoch's Fox Entertainment Group Inc. in 2004 for $330 million. Mr. McCourt also bought the Dodgers Stadium from Fox for $100 million. Los Angeles Dodgers LLC filed for bankruptcy protection (Bankr. D. Del. Lead Case No. 11-12010) on June 27, 2011, after MLB Commissioner Bud Selig rejected a television deal with News Corp.'s Fox Sports, leaving Mr. McCourt unable to make payroll for June 30 and July 1. Fox Sports has exclusive cable television rights for Dodgers games until the end of 2013 baseball season. Chapter 11 filings were also made for LA Real Estate LLC, an affiliated entity which owns Dodger Stadium, and three other related holding companies. The petition estimated assets of up to $500 million and debts of up to $1 billion. In its schedules, the LA Dodgers baseball club disclosed $78.0 million in assets and $4.70 million in liabilities. LA Real Estate LLC disclosed $161.8 million in assets and $0 in liabilities. According to Forbes, the Dodgers is worth about $800 million, making it the third most valuable baseball team after the New York Yankees and the Boston Red Sox. Judge Kevin Gross presides over the case. Lawyers at Young, Conaway, Stargatt & Taylor and Dewey & LeBoeuf LLP serve as the Debtors' bankruptcy counsel. Epiq Bankruptcy Solutions LLC is the claims and notice agent. Public relations specialist Kekst and Company has been hired for crisis support. Covington & Burling LLP serves as special counsel. An official committee of unsecured creditors has been appointed in the case. The panel has tapped Lazard Freres & Co. as financial adviser and investment banker, and Morrison & Foerster LLP and Pinckney, Harris & Weidinger, LLC as counsel. The LA Dodgers is the 12th sports team in North America to have sought bankruptcy protection. The reorganization is being financed with a $150 million unsecured loan from the Commissioner of Major League Baseball. The loan gives the Commissioner few of the controls lenders often demanded from bankrupt companies. The Dodgers emerged from bankruptcy on April 30, 2012. The plan is based on a $2.15 billion sale of the baseball club and Dodger Stadium to Guggenheim Baseball Management. The plan pays all creditors in full, with the excess going to Mr. McCourt. MORGAN INDUSTRIES: Submits 13-Week Projections ---------------------------------------------- Morgan Industries Corp. projects Hunter Boat sales of $3.24 million in the 13-weeks ending July 27, 2012. During the period it expects total operating disbursements of $3.38 million. It expects to incur restructuring costs, including professional fees, totaling $1.19 million during the period. Copies of the initial monthly operating reports of Morgan Industries and its affiliates are available for free at: http://bankrupt.com/misc/Morgan_Industries_MOR.pdfLINK http://bankrupt.com/misc/Morgan_H_MOR.pdfLINK http://bankrupt.com/misc/Morgan_HC_MOR.pdfLINK http://bankrupt.com/misc/Morgan_Luhrs_MOR.pdfLINK http://bankrupt.com/misc/Morgan_M_MOR.pdfLINK http://bankrupt.com/misc/Morgan_O_MOR.pdfLINK http://bankrupt.com/misc/Morgan_S_MOR.pdfLINK http://bankrupt.com/misc/Morgan_S10_MOR.pdfLINK http://bankrupt.com/misc/Morgan_Silverton_MOR.pdfLINK About Morgan Industries Morgan Industries Corporation, along with affiliates, sought Chapter 11 protection (Bankr. D. N.J. Lead Case No. 12-21156) in Trenton, New Jersey, on April 30, 2012. Affiliates that filed separate bankruptcy petitions are Hunter Composite Technologies Corporation; Hunter Marine Corporation; Luhrs Corporation; Mainship Corporation; Ovation Yachts Corporation; Salisbury 10 Acres, L.L.C.; Salisbury 20 Acres, L.L.C.; and Silverton Marine Corporation. The Debtors, through their trade name the Luhrs Marine Group, produce and sell recreational powerboats and sailboats under the iconic brand names of Silverton, Ovation, Luhrs, Mainship, and Hunter Marine. In 2010, Silverton, Mainship and Luhrs, collectively, held roughly 5.3% of the U.S. market for fiberglass, in-board engine powerboats greater than 27 feet in length. Additionally, Hunter Marine was the largest manufacturer of sailboats in the U.S., accounting for an estimated 32% of new sailboat registrations in 2010, making it the sixth consecutive year Hunter Marine represented roughly 30% of all new sailboat registrations in the U.S. The Debtors have a network of 90 dealers in the U.S. and 80 dealers in 40 other countries. Judge Michael B. Kaplan oversees the case. Robert Hirsh, Esq., and George Angelich, Esq., at Arent Fox LLP serve as bankruptcy general counsel to the Debtors; Capstone Advisory Group, LLC, acts as financial advisors; Katz, Kane & Co. as investment bankers; and Donlin Recano & Company, Inc. as claims agent. In their petition, the Debtors listed $53 million in total assets and $80 million in total liabilities. The petitions were signed by John T. Peterson, treasurer. Stuart M. Brown, Esq., at DLA Piper LLP (US), represents primary lender Bank of America N.A. MSR RESORT: Reports $2.6 Million Net Loss in April -------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that the five resorts taken over last year by Paulson & Co. and Winthrop Realty Trust filed an operating report with the bankruptcy court showing a $2.6 million net loss in April on revenue of $44.1 million. The month's loss from continuing operations was $1.9 million. Reorganization costs in the month were $1 million. 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 bankruptcy 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, 2011. 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. The resorts have agreement with lenders allowing the companies to remain in Chapter 11 at least until September 2012. Donald Trump has a contract to buy the Doral Golf Resort and Spa in Miami for $170 million. There will be an auction to learn if there is a better bid. The resorts have said that Trump's offer price implies a value for all the properties "significantly" exceeding the $1.5 billion in debt. The Official Committee of Unsecured Creditors is represented by Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at Alston & Bird LLP, in New York. ********* 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 2012 . 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 Peter Chapman at 240/629-3300. *** End of Transmission ***