TCR_Public/120630.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 30, 2012, Vol. 16, No. 180

                            Headlines

AMERICAN LASER: CLA Hold Has $175,000 Cash at End of April
BICENT HOLDINGS: Reports $8.6 Million Net Loss on Power Plants
BLITZ USA: Has $11.2 Million Cash at April 30
CAGLE'S INC: Has $732,000 Net Profit in March
DEWITT REHABILITATION: Turns $502,000 Profit in May

EVANS OIL: Has $357,500 Cash at End of April
HUSSEY COPPER: Has $24.85 Million Cash at Dec. 31
JER/JAMESON: Has $1.28 Million Profit in April
MONTANA ELECTRIC: Has $2.8 Million Operating Income in May
NEVADA CANCER: Has $1.39 Million Cash at End of April

NORTEL NETWORKS: Has $1.043 Billion Cash at March 31
PMI GROUP: Has $163.4 Million Cash as of April 30
SAINT VINCENT: Has $2.62 Million Operating Gain in March
SHENGDATECH INC: Has $5.71 Million in Cash at April 30
SMF ENERGY: Has $70,600 Net Income from April 16-30

TOUSA INC: Has $319.6 Million Cash as of April 30





                          *********


AMERICAN LASER: CLA Hold Has $175,000 Cash at End of April
----------------------------------------------------------
ALC Holdings LLC, now known as CLA Hold LLC after the sale of its
business, and its affiliates said they had $175,000 cash at the
end of April.   There were no revenue and expenses during the past
two months.  Since Dec. 1, 2011, the Debtors had incurred net loss
of $5.55 million on $13.8 million of revenue.  A copy of the
operating report is available for free at:

http://bankrupt.com/misc/ALC_Holdings_MOR_Apr2012.pdf

                        About ALC Holdings

Farmington Hills, Michigan-based ALC Holdings LLC dba American
Laser Centers, and American Laser Skincare, provides laser hair
removal treatments.

The Company and its affiliates filed for Chapter 11 protection
(Bankr. D. Del. Lead Case No. 11-13853) on Dec. 8, 2011.
Bankruptcy Judge Mary F. Walrath presides over the case.  Landis
Rath & Cobb LLP represents the Debtors in their restructuring
efforts.  BMC Group Inc. serves as claims agent; SSG Capital
Advisors, LLC serves as financial advisors; and Traverse, LLC
serves as restructuring crisis manager.   MBC Consulting and
Melanie B. Cox serve as interim chief executive officer.  Qorval
and Eric Glassman serve as restructuring consultant.

The Debtors disclosed total assets of $80.4 million and total
liabilities including $40.3 million owing on a first-lien debt,
$51 million in subordinated notes, and $17.9 million is owing to
trade suppliers, as of Oct. 31, 2011.  American Laser Centers of
California LLC disclosed $21.0 million in assets and
$99.96 million in liabilities as of the Chapter 11 filing.  ALC
Holdings LLC disclosed $15,000 in assets and $93.7 million in
liabilities.

The Official Committee of Unsecured Creditors has tapped Herrick,
Feinstein LLP as bankruptcy counsel; Ashby & Geddes, P.A. as
Delaware counsel; and J.H. Cohn LLP as its financial advisor.

American Laser Centers in February 2012 completed a sale of
substantially all of its assets to private equity investment firm
Versa Capital Management, LLC.  The company received Court
approval of the sale on Jan. 31.  Private equity lender Versa
Capital is paying $39.5 million.  A planned auction failed to turn
up additional bids.


BICENT HOLDINGS: Reports $8.6 Million Net Loss on Power Plants
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Bicent Holdings LLC reported an $8.6 million net loss
from the filing of the Chapter 11 case on April 23 through the end
of May.  The operating statement filed with the bankruptcy court
in Delaware shows total revenue of $3.1 million and an operating
loss of $3.2 million. The larger net loss was the result of
$3.5 million in interest expense and a $2 million unrealized loss
on derivative transactions.

                       About Bicent Power

Bicent Holdings LLC and 12 of its affiliates sought bankruptcy
protection under Chapter 11 (Bankr. D. Del. Lead Case No.
12-11304) on April 23, 2012.  Bicent, based in Lafayette,
Colorado, owns and operates two generating facilities: Hardin, a
120-megawatt coal-fired plant about 40 miles southeast of
Billings, Montana, and San Joaquin, a 48-megawatt natural gas-
fired facility about 70 miles east of San Francisco in Lathrop,
California.

Bicent Holdings is owned by non-debtor Bicent Prime Holdings,
which is 87.1%-owned by Natural Gas Partners VIII LP, Natural Gas
Partners IX LP and NGP IX Offshore Holdings LP and 12.9 percent-
owned by Beowulf (Bicent) LLC.

Bicent Power LLC disclosed $7.022 million in assets and
$308 million in liabilities in its schedules.  The schedule was
filed before the June 22 deadline.

Judge Kevin Gross oversees the case.  The Debtors have tapped
Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel; Moelis
& Company LLC, as financial advisor, and Paul, Weiss, Rikfind,
Wharton & Garrison LLP as corporate counsel.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.

Bicent scheduled a July 30 confirmation hearing for approval of a
reorganization plan worked out before bankruptcy.  The plan calls
for transferring ownership of its two power plants in California
to secured lenders.  The plan is supported by holders of more than
two-thirds of the first- and second-lien debt.  Holders of
mezzanine debt owed $65.2 million are to receive nothing.
Likewise, general unsecured creditors with $25.4 million in claims
are to have no recovery.


BLITZ USA: Has $11.2 Million Cash at April 30
---------------------------------------------
Blitz USA, Inc., et al., ended the month of April with $11.17
million in cash.  The company reported net profit of $969,700 on
$3.507 million of revenue in April.  The Debtors reported a net
loss of $992,600 on $6.185 million of revenue in March.  Payments
to professional fees totaled $718,700 in April and $505,000 in
March.  The Debtors had total assets of $55.53 million and total
liabilities of $63.08 million as of April 30, 2012.  Copies of the
operating reports for March and April are:

http://bankrupt.com/misc/BLITZ_USA_MOR_Apr2012.pdf

http://bankrupt.com/misc/BLITZ_USA_MOR_Mar2012.pdf

                        About Blitz U.S.A.

Blitz U.S.A. Inc., is a Miami, Oklahoma-based manufacturer of
plastic gasoline cans.  The company, controlled by Kinderhook
Capital Fund II LP, filed for bankruptcy protection to stanch a
hemorrhage resulting from 36 product-liability lawsuits.

Parent Blitz Acquisition Holdings, Inc., and its affiliates filed
for Chapter 11 protection (Bankr. D. Del. Case Nos. 11-13602 thru
11-13607) on Nov. 9, 2011.  The Hon. Peter J. Walsh presides over
the case.

Blitz USA disclosed $36,194,434 in assets and $41,428,577 in
liabilities in its schedules.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
represents the Debtors in their restructuring efforts.  The
Debtors tapped Zolfo Cooper, LLC, as restructuring advisor; and
Kurtzman Carson Consultants LLC serves as notice and claims agent.
Lowenstein Sandler PC from Roseland, New Jersey, represents the
Official Committee of Unsecured Creditors.

The Chapter 11 case is financed with a $5 million secured loan
from Bank of Oklahoma.  Bank of Oklahoma, as DIP agent, is
represented by Samuel S. Ory, Esq., at Frederic Dorwart Lawyers in
Tulsa.

In April 2012, Hopkins Manufacturing Corp. acquired the assets of
Blitz USA's unit, F3 Brands LLC, a major manufacturer of oil
drains, drain pans, lifting aids and automotive ramps.  Blitz USA
said in court documents the sale netted the Debtors $14.6 million,
which was applied against secured debt.


CAGLE'S INC: Has $732,000 Net Profit in March
---------------------------------------------
Cagle's Inc. and Cagle's Farms Inc. ended the month of March with
$2.928 million in cash.  The Debtors had net income of $732,000 on
$24.04 million of net sales during the period March 4 to 31.  The
Debtors had total assets of $80.69 million and total liabilities,
all current, of $73.98 million as of March 31, 2012.  A copy of
the operating report is available for free at:

http://bankrupt.com/misc/CAGLES_INC_MOR_Mar2012.pdf

                           About Cagle's

Cagle's Farms (NYSE: CGL.A) -- http://www.cagles.net/-- engages
in the production, marketing, and distribution of fresh and frozen
poultry products in the United States.

Cagle's Inc. and its wholly owned subsidiary Cagle's Farms filed
on Oct. 19, 2011, voluntary petitions for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 11-80202 and
11-80203).  Paul K. Ferdinands, Esq., at King & Spalding, in
Atlanta, Georgia, serves as counsel.  FTI Consulting, Inc., serves
as the Debtors' financial advisors.  Kurtzman Carson LLC serves as
their claims, noticing, and balloting agent.

In its schedules, Cagle's Inc. disclosed $82.0 million in assets
and $55.3 million in liabilities as of the Petition Date.

The Official Committee of Unsecured Creditors is represented by
McKenna Long & Aldridge LLP and Lowenstein Sandler as counsel.
J.H. Cohn LLP serves as its financial advisors.

The bankruptcy court approved the sale of the business for not
less than $69.5 million to an affiliate of Koch Foods Inc., a
chicken processor based in Park Ridge, Illinois.


DEWITT REHABILITATION: Turns $502,000 Profit in May
---------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that DeWitt Rehabilitation & Nursing Center Inc. filed an
operating report showing net income of $502,000 in May on net
revenue of $5.2 million.

                    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.


EVANS OIL: Has $357,500 Cash at End of April
--------------------------------------------
Evans Oil Company LLC ended April with $357,500 cash.  There were
no cash sales during the month, but there were $16.11 million in
receipts from accounts receivable.  Disbursements totaled $16.06
million, including $186,400 for professional fees.  Fees paid were
$140,500 in January, $154,500 in February, and $106,000 in March.
Evans' subsidiaries filed their own operating reports.  Copies of
Evans' MORs are available at:

http://bankrupt.com/misc/Evans_Oil_MOR_Apr2012.pdf
http://bankrupt.com/misc/Evans_Oil_MOR_Feb2012.pdf
http://bankrupt.com/misc/Evans_Oil_MOR_Jan2012.pdf
http://bankrupt.com/misc/Evans_Oil_MOR_Mar2012.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 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.

Fifth Third Bank failed in its bid for appointment of a Chapter 11
trustee to replace management.

Soneet Kapila was appointed by the bankruptcy judge as facilitator
effective on May 10, 2012 for Evans Oil.  All due diligence
regarding any plan of reorganization or any sale of the Debtors'
assets will be facilitated by Mr. Kapila until the earlier of
consummation of a sale of all or substantially all of the assets,
or (2) confirmation of a plan of reorganization.


HUSSEY COPPER: Has $24.85 Million Cash at Dec. 31
-------------------------------------------------
Hussey Copper Ltd, now known as HCL Liquidation Ltd., disclosed
total assets of $31.34 million, including $24.85 million cash
against total liabilities of $38.37 million as of Dec. 31, 2011.
The Debtor had a net loss of $5.692 million on $2.295 million of
revenue in December.  Copies of the MOR of HCL and its affiliates
are available for free at:

http://bankrupt.com/misc/Hussey_Copper_Ltd_MOR_Dec2011.pdf
http://bankrupt.com/misc/Hussey_Corp_MOR_Dec2011.pdf
http://bankrupt.com/misc/Hussey_Cougar_MOR_Dec2011.pdf
http://bankrupt.com/misc/Hussey_Exports_MOR_Dec2012.pdf
http://bankrupt.com/misc/Hussey_OAP_MOR_Dec2011.pdf
http://bankrupt.com/misc/Hussey_OrbieTrading_MOR_Dec2011.pdf

                        About Hussey Copper

Hussey Copper Corp., based in Leetsdale, Pennsylvania, is one of
the leading manufacturers of copper products in the United States.
Hussey Copper was founded in Pittsburgh in 1848.  The Company and
its affiliates, which operate one manufacturing facility in
Leetsdale and two facilities in Eminence, Kentucky, manufacture "a
wide range of value-added copper products and copper-nickel
products.  The Company has more than 500 full-time employees.

Hussey Copper Corp. filed a Chapter 11 petition (Bankr D. Del.
Case No. 11-13010) on Sept. 27, 2011, with a deal to sell
substantially all assets.  Five other affiliates also filed
separate petitions (Case Nos. 11-13012 to 11-13016).  Hussey
Copper Ltd. estimated $100 million to $500 million in assets and
debts.  Hussey Copper Corp. estimated up to $50,000 in assets and
up to $100 million in debts.

Mark Minuti, Esq., at Saul Ewing LLP, serves as counsel to the
Debtors.  Donlin Recano & Company Inc. is the claims and notice
agent.  The Debtors tapped Winter Harbor, LLC in substitution for
Huron Consulting Services LLC.

An official creditors' committee has been appointed in the case.
The panel selected Lowenstein Sandler PC as counsel.  The panel
selected FTI Consulting, Inc. as restructuring and financial
advisor.

Hussey filed for bankruptcy with a deal to sell the assets to
stalking horse bidder, KHC Acquisitions LLC, a unit of Kataman
Metals LLC.  US private equity firm Patriarch Partners beat
Kataman at an auction and officially acquired Hussey on Dec. 16,
2011.  The buyout firm of distressed debt mogul Lynn Tilton
acquired Hussey for $107.8 million after a nine-hour, 34-round
auction.

Kataman is represented in the case by David D. Watson, Esq., and
Scott Opincar, Esq., at McDonald Hopkins LLC, in Cleveland.

Counsel to PNC Bank NA, as lender, issuer and agent for the
Debtors' secured lenders, are Lawrence F. Flick II, Esq., Blank
Rome LLP, in New York, and, Regina Stango Kelbon, Esq., at Blank
Rome LLP, in Wilmington.

Following the sale, Bankruptcy Judge Brendan L. Shannon approved
the name change of Hussey Copper Corp. et al., to HCL Liquidation
Ltd.


JER/JAMESON: Has $1.28 Million Profit in April
----------------------------------------------
JER/Jameson Properties, LLC, reported net profit of $1.281 million
on $5.828 million of total revenue in April 2012.  Reorganization
cost was $502,000.  As of April 30, 2012, the Debtor had $230.6
million in total assets and $186.7 million in total liabilities.
A copy of the operating report is available at:

    http://bankrupt.com/misc/JER_Jameson_MOR_Apr2012.pdf

                        About Jameson Inn

Founded in 1987, Jameson is a chain of 103 small, budget hotels
operating under the Jameson brand in the Southeast and Midwest.
The Jameson properties are operated under the names Jameson Inn
and Signature Inn.  The hotels are based in Smyrna, Georgia.

The chain was taken private in a 2006 buyout by JER Partners, a
unit of real-estate investor J.E. Robert Cos.  JER then put
$330 million of debt on the chain to finance the buyout.  At the
top of the list is a $175 million mortgage loan with Wells Fargo
Bank NA serving as special servicer.  There are four tranches of
mezzanine loans, each for $40 million.  The collateral for each of
the Mezz Loans is the equity interest in the entity or entities
immediately below the borrower of each Mezz Loan.  All of the
mezzanine loans matured in August.

JER/Jameson NC Properties LP and JER/Jameson Properties LLC are
borrowers under the loan with Wells Fargo.  The mortgage loan is
secured by mortgages on hotel properties.  The first set of
foreclosure sales were set for Nov. 1, 2011.  The Mortgage
Borrowers have not sought bankruptcy protection.
Colony Capital affiliates, CDCF JIH Funding LLC and ColFin JIH
Funding LLC, hold the first and second mezzanine loans.  The First
Mezz Loan is secured by a pledge of JER/Jameson Mezz Borrower I
LLC's 100% interest in the Mortgage Borrowers.

Prior to the maturity default, the Colony JIH Lenders purchased
the Second Mezz Loan from a previous holder.  The Second Mezz Loan
is secured by a pledge of JER/Jameson Mezz Borrower II's 100%
membership interest in the First Mezz Borrower.

Gramercy Warehouse Funding I LLC and Gramercy Loan Services LLC
hold a controlling participation interest in the Third Mezz and
Fourth Mezz Loans.  JER Investors Trust Inc. holds the remaining
participation interests in the Third Mezz and Fourth Mezz Loans.
JER/Jameson Holdco LLC, an affiliate of the Mortgage Borrowers,
owns the 100% equity interest in the Fourth Mezz Borrower.
Gramercy took over its mezzanine borrower in August.

JER/Jameson Mezz Borrower II LLC filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case No. 11-13338) on Oct. 18, 2011, to prevent
foreclosure by Colony.  The Chapter 11 filing had the effect of
preventing Colony from wiping out Gramercy's interest.

Seven days later, JER/Jameson Mezz Borrower I LLC filed for
bankruptcy (Bankr. D. Del. Case No. 11-13392) on Oct. 25, 2011.

Judge Mary F. Walrath presides over the case.  The Debtors tapped
Ashby & Geddes, P.A. to represent their restructuring efforts.
Epiq Bankruptcy Solutions, LLC, serves as its noticing, claims and
balloting agent.

Each of the Debtors estimated $100 million to $500 million in
assets and $10 million to $50 million in debts.  The petitions
were signed by James L. Gregory, vice president.

Colony specializes in real estate and has roughly $34 billion of
assets under management.  Colony is represented in the case by
Pauline K. Morgan, Esq., John T. Dorsey, Esq., Margaret Whiteman
Greecher, Esq., and Patrick A. Jackson, Esq., at Young Conaway
Stargatt & Taylor LLP; and Lindsee P. Granfield, Esq., Sean A.
O'Neil, Esq., and Jane VanLare, Esq., at Cleary Gottlieb Steen &
Hamilton LLP.

As of the date hereof, the U.S. Trustee has not appointed an
official Committee of unsecured creditors in any of the Debtors'
cases.


MONTANA ELECTRIC: Has $2.8 Million Operating Income in May
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the trustee for Southern Montana Electric Generation
& Transmission Cooperative Inc. filed an operating report for May
showing operating revenue of $4.15 million and operating income of
$2.8 million. The report filed with the bankruptcy court lists
"net margins" of $1.28 million, after deducting interest expense
of $1.05 million.

                  About Southern Montana Electric

Based in Billings, Montana, Southern Montana Electric Generation
and Transmission Cooperative, Inc., was formed to serve five
other electric cooperatives.  The city of Great Falls later joined
as the sixth member.  Including the city, the co-op serves a
population of 122,000.  In addition to Great Falls, the service
area includes suburbs of Billings, Montana.

Southern Montana filed for Chapter 11 bankruptcy (Bankr. D.
Mont. Case No. 11-62031) on Oct. 21, 2011.  Southern Montana
estimated assets of $100 million to $500 million and estimated
debts of $100 million to $500 million.  Timothy Gregori signed the
petition as general manager.

Jon E. Doak, Esq., at Doak & Associates, P.C., in Billings,
Montana, serves as the Debtor's counsel.  In December 2011,
Southern Montana also sought permission to employ the Goodrich Law
Firm, P.C., as general co-counsel.

The United States Trustee for Region 18 has appointed an Official
Committee of Unsecured Creditors in the case.

After filing for reorganization in October, the co-op agreed to a
request for appointment of a Chapter 11 trustee.  Lee A. Freeman
was appointed as the Chapter 11 trustee in December 2011.  He is
represented by Joseph V. Womack, Esq., at Waller & Womack, and
John Cardinal Parks, Esq., Bart B. Burnett, Esq., Robert M.
Horowitz, Esq., and Kevin S. Neiman, Esq., at Horowitz & Burnett,
P.C.


NEVADA CANCER: Has $1.39 Million Cash at End of April
-----------------------------------------------------
Nevada Cancer Institute, which has sold its assets, has $1.387
million cash at the end of April.  The Debtor had a net loss of
$480,842, after incurring professional fees of $405,000 and other
expenses during the month.  Total assets were $92.20 million and
total liabilities were $141.17 million as of April 30, 2012.
A copy of the operating report is available at:
http://bankrupt.com/misc/Nevada_Cancer_MOR_Apr2012.pdf

                        About Nevada Cancer

Founded in 2002, Nevada Cancer Institute is a nonprofit cancer
institute committed to advancing the frontiers of knowledge of
cancer and reducing the burden of cancer on the people of Nevada..
It formerly maintained a state-of-the-art outpatient cancer
treatment and research facility in the Summerlin area of Las
Vegas.

Nevada Cancer Institute filed for bankruptcy (Bankr. D. Nev. Case
No. 11-28676) on Dec. 2, 2011, blaming mounting financial
pressures arising from the protracted decline in the economy,
decreases in medical reimbursement rates from managed care payor
entities, increases in operational costs, decreases in the amount
and availability of charitable donations, a reduction in research
funding opportunities and increased competition.  Lisa Madar
signed the petition as secretary.

Klee, Tuchin, Bogdanoff & Stern LLP, serves as the Debtor's
bankruptcy counsel; Lewis and Roca LLP as reorganization co-
counsel; Alvarez & Marsal Healthcare Industry Group LLC as the
Debtor's restructuring advisors.  Kurtzman Carson Consultants LLC
serves as the Debtor's claims and noticing agent.

Chief Bankruptcy Judge Mike K. Nakagawa, who oversees the case,
ruled in January that the appointment of a patient care ombudsman
is not necessary.

Robert J. Feinstein, Esq., Samuel R. Maizel, Esq., and Shirley s.
Cho., at Pachulski Stang Ziehl & Jones LLP, represent the
Official Committee of Unsecured Creditors as counsel.  Lenard E.
Schwartzer, Esq., and Jeanette E. McPherson, Esq., at Schwartzer &
McPherson Law Firm, represents the Committee as local counsel.

Counsel for Bank of America, N.A., as agent for the prepetition
lenders, are Craig A. Barbarosh, Esq., and Karen B. Dine, Esq., at
Pillsbury Winthrop Shaw Pittman LLP.

The Debtor underwent a significant prepetition operational
restructuring, and, after filing for bankruptcy, sold key assets
to the Regents of the University of California, on behalf of its
UC San Diego Health System, for $18 million in a Court-approved
sale pursuant to Bankruptcy Code section 363 that closed Jan. 31,
2012.  The Regents of the University of California on behalf of
its UC San Diego Health System, is represented by James W. Kapp,
III, Esq., and Gary B. Gertler, Esq., at McDermott Will & Emery.


NORTEL NETWORKS: Has $1.043 Billion Cash at March 31
----------------------------------------------------
Nortel Networks Inc. was left with $1.043 billion cash at the end
of March 2012.  The Debtor, which has sold most of its assets,
spent $9.8 million for Chapter 11 professional fees and $19.3
million for retention/incentive plans during the month of March.
A copy of the operating report is available at:

http://bankrupt.com/misc/Nortel_Networks_MOR_Mar2012.pdf

                     About Nortel Networks

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions (Bankr. D. Del. Case No. 09-10138) on Jan. 14, 2009.
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Office of the United States Trustee for the District of
Delaware has appointed an Official Committee of Unsecured
Creditors in respect of the Debtors, and an ad hoc group of
bondholders has been organized.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
New York, and Christopher M. Samis, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, represent the Official
Committee of Unsecured Creditors.

The Official Committee of Retired Employees and the Official
Committee of Long-Term Disability Participants tapped Alvarez &
Marsal Healthcare Industry Group as financial advisor.  The
Retiree Committee is represented by McCarter & English LLP as
Delaware counsel, and Togut Segal & Segal serves as the Retiree
Committee.  The Committee retained Alvarez & Marsal Healthcare
Industry Group as financial advisor, and Kurtzman Carson
Consultants LLC as its communications agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  On May 28, 2009, at the request
of the Administrators, the Commercial Court of Versailles, France
ordered the commencement of secondary proceedings in respect of
Nortel Networks S.A.  On June 8, 2009, Nortel Networks UK Limited
filed petitions in this Court for recognition of the English
Proceedings as foreign main proceedings under chapter 15 of the
Bankruptcy Code.

Nortel has collected almost $9 billion for distribution to
creditors. Of the total, US$4.5 billion came from the sale of
Nortel's patent portfolio to Rockstar Bidco, a consortium
consisting of Apple Inc., EMC Corporation, Telefonaktiebolaget LM
Ericsson, Microsoft Corp., Research In Motion Limited, and Sony
Corporation.  The consortium defeated a $900 million stalking
horse bid by Google Inc. at an auction.  The deal closed in July
2011.

Nortel Networks has filed a proposed plan of liquidation in the
U.S. Bankruptcy Court.  The Plan generally provides for full
payment on secured claims with other distributions going in
accordance with the priorities in bankruptcy law.


PMI GROUP: Has $163.4 Million Cash as of April 30
-------------------------------------------------
The PMI Group Inc. held $163.4 million in cash as of April 30,
2012.  During the month ended April 30, it paid $280,800 to
professionals.  It reported net income of $128,400 on $0 revenue
primarily on account of equity earnings of $999,700 during the
month.  PMI Group disclosed total assets of $234.4 million and
total liabilities of $768 million as of April 30, 2012.  A copy of
the operating report is available for free at:
http://bankrupt.com/misc/The_PMI_Group_MOR_Apr2012.pdf

                        About The PMI Group

Del.-based The PMI Group, Inc., is an insurance holding company
whose stock had, until Oct. 21, 2011, been publicly-traded on the
New York Stock Exchange.  Through its principal regulated
subsidiary, PMI Mortgage Insurance Co., and its affiliated
companies, the Debtor provides residential mortgage insurance in
the United States.

The PMI Group filed for Chapter 11 bankruptcy (Bankr. D. Del. Case
No. 11-13730) on Nov. 23, 2011.  In its schedules, the Debtor
disclosed $167,963,354 in assets and $770,362,195 in liabilities.
Stephen Smith signed the petition as chairman, chief executive
officer, president and chief operating officer.

The Debtor said in the filing that it does not have the financial
resources to pay the outstanding principal amount of the 4.50%
Convertible Senior Notes, 6.000% Senior Notes and the 6.625%
Senior Notes if those amounts were to become due and payable.

The Debtor is represented by James L. Patton, Esq., Pauline K.
Morgan, Esq., Kara Hammond Coyle, Esq., and Joseph M. Barry, Esq.,
at Young Conaway Stargatt & Taylor LLP.

The Official Committee of Unsecured Creditors appointed in the
case retained Morrison & Foerster LLP and Womble Carlyle Sandridge
& Rice, LLP, as bankruptcy co-counsel.  Peter J. Solomon Company
serves as the Committee's financial advisor.


SAINT VINCENT: Has $2.62 Million Operating Gain in March
--------------------------------------------------------
Saint Vincent Medical Centers of New York reported and operating
gain of $2.616 million on $13.86 million of operating revenue in
the month ended March 31, 2012.  EBIDA was $2.811 million at the
end of March, down from $6.28 million at the end of February.  The
Debtor disclosed total assets of $125.08 million, including $23.35
million in cash, against total liabilities of $643.6 million as of
March 31, 2012.  A copy of the operating report is available for
free at: http://bankrupt.com/misc/Saint_Vincents_MOR_Mar2012.pdf

                       About Saint Vincents

Saint Vincents Catholic Medical Centers of New York, doing
business as St. Vincent Catholic Medical Centers --
http://www.svcmc.org/-- was anchored by St. Vincent's Hospital
Manhattan, an academic medical center located in Greenwich Village
and the only emergency room on the Westside of Manhattan from
Midtown to Tribeca, St. Vincent's Westchester, a behavioral health
hospital in Westchester County, and continuing care services that
include two skilled nursing facilities in Brooklyn, another on
Staten Island, a hospice, and a home health agency serving the
Metropolitan New York area.

Saint Vincent Catholic Medical Centers of New York and six of its
affiliates first filed for Chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case Nos. 05-14945 through 05-14951).

St. Vincents Catholic Medical Centers returned to bankruptcy court
by filing another Chapter 11 petition (Bankr. S.D.N.Y. Case No.
10-11963) on April 14, 2010.  The Debtor estimated assets of
$348 million against debts totaling $1.09 billion in the new
petition.

Although the hospitals emerged from the prior reorganization in
July 2007 with a Chapter 11 plan said to have "a realistic chance"
of paying all creditors in full, the bankruptcy left the medical
center with more than $1 billion in debt.  The new filing occurred
after a $64 million operating loss in 2009 and the last potential
buyer terminated discussions for taking over the flagship
hospital.

Adam C. Rogoff, Esq., and Kenneth H. Eckstein, Esq., at Kramer
Levin Naftalis & Frankel LLP, represent the Debtor in its
Chapter 11 effort.


SHENGDATECH INC: Has $5.71 Million in Cash at April 30
------------------------------------------------------
ShengdaTech Inc. reported a net loss of $8.197 million on $0
revenue for April 2012.  Professional fees in the Chapter 11 case
of $7.86 million contributed to most of the expenses.  The company
disclosed total assets of $6.578 million and total liabilities of
$165.1 million as of April 30, 2012.  The Debtor has $5.715
million cash at the end of the month.  A copy of the operating
report is available at:
http://bankrupt.com/misc/Shengdatech_MOR_Apr2012.pdf

                         About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in by the Troubled Company Reporter on Sept. 7, 2011,
the United States Trustee appointed AG Ofcon, LLC, The Bank of
New York, Mellon (in its role as indenture trustee for
bondholders), and Zazove Associates, LLC, to serve on the
Official Committee of Unsecured Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.

The Plan provides for the wind-down of the Debtor's affairs and
the Distribution of the Debtor's remaining assets to Creditors.


SMF ENERGY: Has $70,600 Net Income from April 16-30
---------------------------------------------------
SMF Energy Corp. reported net income of $70,600 on $3.988 million
of revenue for the period April 16 to 30, 2012.  SMF Energy
disclosed total assets of $35.30 million and total liabilities of
$29.27 million as of April 30, 2012.  The Debtor had $8.90 million
in cash at the end of the month. A copy of the operating report is
available at http://bankrupt.com/misc/SMF_Energy_MOR_Apr2012.pdf

                         About SMF Energy

SMF Energy Corporation, a provider of fuel and lubricants for the
trucking, manufacturing and construction industries, and three of
its subsidiaries filed for Chapter 11 bankruptcy (Bankr. S.D. Fla.
Lead Case No. 12-19084) on April 15, 2012.  The affiliates are SMF
Services, Inc., H&W Petroleum Company, Inc., and Streicher Realty,
Inc.  Fort Lauderdale, Florida-based SMF Energy -- dba Streicher
Mobile Fueling and SMF Generator Fueling Services -- disclosed
$37.0 million in assets and $25.17 million in liabilities as of
Dec. 31, 2011.

SMF sought bankruptcy protection after Wells Fargo Bank, N.A. shut
off access to a revolving credit loan and declared a default.  The
bank is owed $11.2 million, including $8 million on a revolving
credit secured by all assets.

On March 22, 2012, the Company appointed Soneet Kapila of Kapila &
Company, Ft. Lauderdale, Florida, as its Chief Restructuring
Officer.

Judge Raymond B. Ray oversees the case.  Lawyers at Genovese
Joblove & Battista, P.A., serves as the Debtors' counsel.  Trustee
Services Inc. serves as claims agent.  The petition was signed by
Soneet R. Kapila, the CRO.

Steven R. Turner, the Assistant U.S. Trustee 21, appointed three
members to the Official Committee of Unsecured Creditors.


TOUSA INC: Has $319.6 Million Cash as of April 30
-------------------------------------------------
Tousa Inc. reported total cash of $319.6 million as of April 30,
2012.  During the month, it paid $620,900 for professional fees.
In the statement of operations, the Debtor disclosed a net loss of
$1.755 million on $0 revenue during the month.  A copy of the
operating report is available for free at
http://bankrupt.com/misc/Tousa_Inc_MOR_Apr2012.pdf

                         About TOUSA Inc.

Headquartered in Hollywood, Florida, TOUSA, Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. was a leading homebuilder
in the United States before it sought Chapter 11 protection.

Tousa and its affiliates filed Chapter 11 petitions (Bankr. S.D.
Fla. Lead Case No. 08-10928) on Jan. 29, 2008.  Richard M. Cieri,
Esq., M. Natasha Labovitz, Esq., and Joshua A. Sussberg, Esq., at
Kirkland & Ellis LLP, in New York, N.Y.; and Paul S. Singerman,
Esq., at Berger Singerman, in Miami, Fla., represent the Debtors
in their restructuring efforts.  Lazard Freres & Co. LLC is the
Debtors' investment banker.  Ernst & Young LLP is the Debtors'
independent auditor and tax services provider.  Kurtzman Carson
Consultants LLC acts as the Debtors' Notice, Claims & Balloting
Agent.

TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746).  It estimated assets and
debts of $1 million to $10 million in its Chapter 11 petition.

The official committee of unsecured creditors has filed a proposed
chapter 11 liquidating plan for Tousa.  However, the committee
said it would no longer pursue approval of its liquidation plan
because of the pending appeal of its fraudulent transfer case in
the U.S. Court of Appeals for the Eleventh Circuit.  A district
court in February 2011 held that the bankruptcy judge was wrong in
ruling that lenders who were paid off received fraudulent
transfers when Tousa gave liens on subsidiaries' properties to
bail out and refinance a joint venture.  Daniel H. Golden, Esq.,
and Philip C. Dublin, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, N.Y., represent the creditors committee.

The Tousa committee filed a Chapter 11 plan in July 2010 based on
an assumption it would win the appeal.



                          *********

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
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related conferences are encouraged.  Send announcements to
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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
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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-
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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 ***