/raid1/www/Hosts/bankrupt/TCR_Public/121229.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, December 29, 2012, Vol. 16, No. 360
Headlines
A123 SYSTEMS: Ends October With $31.79 Million in Cash
AHERN RENTALS: Ends October With $4.34 Million in Cash
AMERICANWEST BANCORP: Ends November With $5.43 Million in Cash
ARCAPITA BANK: Ends November With $1.9 Million in Cash
BEAR ISLAND: Ends October With $9.38 Million in Cash
GLOBAL AVIATION: Ends October With $2.01 Million in Cash
DAYTOP VILLAGE: Ends August With $1.03 Million in Cash
DAYTOP VILLAGE: Ends September With $750,287 in Cash
DIGITAL DOMAIN: Ends October With $34.39 Million in Cash
IRWIN MORTGAGE: Ends October With $4.6 Million in Cash
MONITOR COMPANY: Expects $13.44 Million in Cash on Jan. 11, 2013
PURE BEAUTY: Has $29.27 Million Stockholders Deficit as of Oct. 27
RCR PLUMBING: Ends September With $1.54 Million in Total Cash
RCR PLUMBING: Ends October With $572,272 in Total Cash
REAL MEX: Ends April 24 With $693,903 in Total Cash
REAL MEX: Ends May 22 With $654,560 in Total Cash
REAL MEX: Ends June 26 With $280,611 in Total Cash
REAL MEX: Ends July 24 With $236,550 in Total Cash
REAL MEX: Ends August 21 With $197,208 in Total Cash
REAL MEX: Ends September 25 With $199,358 in Total Cash
RG STEEL: WP Ventures Ends October With $3 Million in Cash
VERTIS HOLDINGS: Ends October 31 With $7.19 Million in Cash
*********
A123 SYSTEMS: Ends October With $31.79 Million in Cash
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A123 Systems, Inc., et al., on Nov. 30, 2012, filed its monthly
operating report for the period from Oct. 16 through Oct. 31,
2012.
The Company posted a net loss of $8.58 million on total revenue of
$604,000 for the period ended Oct. 31, 2012.
As of Oct. 31, 2012, the Company had total assets of
$511.09 million, total liabilities of $159.71 million and total
stockholders' equity of $140.62 million.
At the beginning of the period, A123 Systems had $19.45 million in
cash. The Company had total cash receipts of $3.81 million and
total operating disbursements of $7.87 million. It also had
interim DIP loan borrowings of $15.5 million for October. As a
result, as of Oct. 31, 2012, the Company had total cash of
$31.79 million.
About A123 Systems
Based in Waltham, Massachusetts, A123 Systems Inc. designs,
develops, manufactures and sells advanced rechargeable lithium-ion
batteries and battery systems and provides research and
development services to government agencies and commercial
customers.
A123 is the recipient of a $249 million federal grant from the
Obama administration. Pre-bankruptcy, A123 had an agreement to
sell an 80% stake to Chinese auto-parts maker Wanxiang Group Corp.
U.S. lawmakers opposed the deal over concerns on the transfer of
American taxpayer dollars and technology to China.
A123 didn't make a $2.7 million payment due Oct. 15 on $143.75
million in 3.75% convertible subordinated notes due 2016.
A123 and U.S. affiliates, A123 Securities Corporation and Grid
Storage Holdings LLC, sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 12-12859 to 12-12861) on Oct. 16, 2012.
A123 disclosed assets of $459.8 million and liabilities totaling
$376 million. Debt includes $143.8 million on 3.75% convertible
subordinated notes. Other liabilities include $22.5 million on a
bridge loan owing to Wanziang. About $33 million is owed to trade
suppliers.
The Hon. Kevin J. Carey presides over the case. Lawyers at
Richards, Layton & Finger, P.A., and Latham & Watkins LLP serve as
the Debtors' counsel. Lazard Freres & Co. LLC acts as the
Debtors' financial advisors, while Alvarez & Marsal serves as
restructuring advisors. Logan & Company Inc. serves as the
Debtors' claims and noticing agent. Wanxiang America Corporation
and Wanxiang Clean Energy USA Corp. are represented in the case by
lawyers at Young Conaway Stargatt & Taylor, LLP, and Sidley Austin
LLP. JCI is represented in the case by Josh Feltman, Esq., at
Wachtell Lipton Rosen & Katz LLP.
An official committee of unsecured creditors has been appointed in
the case. The Committee is represented by lawyers at Brown
Rudnick LLP and Saul Ewing LLP.
A123 sought bankruptcy protection with a deal to sell its auto-
business assets to Johnson Controls Inc. The deal with JCI is
valued at $125 million, and subject to higher offers at a
bankruptcy auction. At an auction early in December, JCI's bid
was topped by Wanxiang America's $256.6 million offer.
The Bankruptcy Court approved the sale on Dec. 11. Wanxiang is
buying most of A123, except for its government business. Navitas
Systems, a Chicago-area company spun off from Sun MicroSystems, is
buying A123's government business for $2.25 million.
JCI has filed an appeal from the sale approval.
AHERN RENTALS: Ends October With $4.34 Million in Cash
------------------------------------------------------
Ahern Rentals, Inc., Dec. 7, 2012, filed its monthly operating
report for the month ended Oct. 31, 2012.
The Debtor reported a net profit of $15,231 on total revenues of
$34.8 million for the month ended Oct. 31, 2012.
As of Oct. 31, 2012, the Debtor had total assets of
$436.28 million, total liabilities of $640.03 million and total
stockholders' deficit of $203.75 million.
At the beginning of the month, the Debtor had $4.89 million in
cash. Ahern Rentals had total cash receipts of $74.78 million and
total cash disbursements of $75.33 million. As a result, at the
end of October, Ahern Rentals had total cash of $4.34 million.
About Ahern Rentals
Founded in 1953 with one location in Las Vegas, Nevada, Ahern
Rentals Inc. -- http://www.ahern.com/-- now offers rental
equipment to customers through its 74 locations in Arizona,
Arkansas, California, Colorado, Georgia, Kansas, Maryland,
Nebraska, Nevada, New Jersey, New Mexico, North Carolina, North
Dakota, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee,
Texas, Utah, Virginia and Washington.
Ahern Rentals filed a voluntary Chapter 11 petition (Bankr. D.
Nev. Case No. 11-53860) on Dec. 22, 2011, after failing to obtain
an extension of the Aug. 21, 2011 maturity of its revolving credit
facility. Judge Bruce T. Beesley presides over the case. Lawyers
at Gordon Silver serve as the Debtor's counsel. The Debtor's
financial advisors are Oppenheimer & Co. and The Seaport Group.
Kurtzman Carson Consultants LLC serves as claims and notice agent.
Counsel to Bank of America, as the DIP Agent and First Lien Agent,
are Albert M. Fenster, Esq., and Marc D. Rosenberg, Esq., at Kaye
Scholer LLP, and Robert R. Kinas, Esq., at Snell & Wilmer.
Attorneys for the Majority Term Lenders are Paul Aronzon, Esq.,
and Robert Jay Moore, Esq., at Milbank, Tweed, Hadley & McCloy
LLP. Counsel for the Majority Second Lienholder are Paul V.
Shalhoub, Esq., Joseph G. Minias, Esq., and Ana M. Alfonso, Esq.,
at Willkie Farr & Gallagher LLP. Attorney for GE Capital is James
E. Van Horn, Esq., at McGuirewoods LLP. Wells Fargo Bank is
represented by Andrew M. Kramer, Esq., at Otterbourg, Steindler,
Houston & Rosen, P.C. Allan S. Brilliant, Esq., and Glenn E.
Siegel, Esq., at Dechert LLP argue for certain revolving lenders.
Attorneys for U.S. Bank National Association, as successor to
Wells Fargo Bank, as collateral agent and trustee for the benefit
of holders of the 9-1/4% Senior Secured Notes Due 2013 under the
Indenture dated Aug. 18, 2005, is Kyle Mathews, Esq., at Sheppard,
Mullin, Richter & Hampton LLP and Timothy Lukas, Esq., at Holland
& Hart.
In its schedules, the Debtor disclosed $485.8 million in assets
and $649.9 million in liabilities.
The Official Committee of Unsecured Creditors has tapped Covington
& Burling LLP as counsel, Downey Brand LLP as local counsel, and
FTI Consulting as financial advisor.
AMERICANWEST BANCORP: Ends November With $5.43 Million in Cash
--------------------------------------------------------------
AmericanWest Bancorporation, on Dec. 18, 2012, filed its monthly
operating report for the month ended Nov. 30, 2012.
The Company posted a net loss of $25,741 for the month ended
Nov. 30, 2012.
As of Nov. 30, 2012, AmericanWest Bancorp had total assets of
$6.86 million, total liabilities of $47.5 million and total
stockholders' deficit of $40.65 million.
At the beginning of the month, AmericanWest Bancorp had
$5.44 million in cash. By the end of November, AmericanWest
Bancorp had total cash of $5.43 million.
A full-text copy of the monthly operating report is available at:
http://is.gd/sdJZuB
About AmericanWest Bancorporation
Headquartered in Spokane, Washington, AmericanWest Bancorporation
(OTC BB: AWBC) -- http://www.awbank.net/-- was a bank holding
company whose principal subsidiary was AmericanWest Bank, which
included Far West Bank in Utah operating as an integrated division
of AmericanWest Bank. AmericanWest Bank was a community bank with
58 financial centers located in Washington, Northern Idaho and
Utah.
AmericanWest Bancorporation filed for Chapter 11 protection
(Bankr. E.D. Wash. Case No. 10-06097) on Oct. 28, 2010. The
banking subsidiary was not included in the Chapter 11 filing.
Christopher M. Alston, Esq., and Dillon E. Jackson, Esq., at
Foster Pepper Shefelman PLLC, in Seattle, Washington, serve as
bankruptcy counsel. G. Larry Engel, Esq., at Morrison & Foerster
LLP, also serves as counsel.
The Debtor estimated assets of $1 million to $10 million and debts
of $10 million to $50 million in its Chapter 11 petition.
AmericanWest Bancorporation's estimates exclude its banking unit's
assets and debts. In its Form 10-Q filed with the Securities and
Exchange Commission before the Petition Date, AmericanWest
Bancorporation reported consolidated assets -- including its bank
unit's -- of $1.536 billion and consolidated debts of
$1.538 billion as of Sept. 30, 2010.
In December 2010, AmericanWest completed the sale of all
outstanding shares of AmericanWest Bank to a wholly owned
subsidiary of SKBHC Holdings LLC, in a transaction approved by the
U.S. Bankruptcy Court.
American West filed a Chapter 11 plan hammered out with secured
lenders owed $177.5 million. The lenders will take ownership and
receive a new $49.6 million mortgage in return for existing debt.
They will invest $10 million to be used as working capital to make
payments under the plan.
ARCAPITA BANK: Ends November With $1.9 Million in Cash
------------------------------------------------------
Arcapita Investment Holdings Limited, on Dec. 20, 2012, filed its
monthly operating report for the month ended Nov. 30, 2012.
The Company posted a net loss of $1.69 million on total income of
$40,075 for the month ended Nov. 30, 2012.
As of Nov. 30, 2012, the Company had total assets of
$2.68 billion, total liabilities of $493.12 million and total
stockholders' equity of $2.19 billion.
As of Nov. 30, 2012, Arcapita Investment had total cash of
$1.9 million.
About Arcapita Bank
Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,
2012. The Debtors said they do not have the liquidity necessary
to repay a US$1.1 billion syndicated unsecured facility when it
comes due on March 28, 2012.
Falcon Gas Storage Company, Inc., later filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.
Falcon Gas is an indirect wholly owned subsidiary of Arcapita that
previously owned the natural gas storage business NorTex Gas
Storage Company LLC. In early 2010, Alinda Natural Gas Storage I,
L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural Gas
Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.)
acquired the stock of NorTex from Falcon Gas for $515 million.
Arcapita guaranteed certain of Falcon Gas' obligations under the
NorTex Purchase Agreement.
The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP
as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors. Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.
Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank. Arcapita is not a domestic bank licensed in the United
States. Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain. The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition to
its Bahrain headquarters. The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.
The Arcapita Group has roughly US$7 billion in assets under
management. On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion. The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.
Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.
Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from the
Grand Court of the Cayman Islands with a view to facilitating the
Chapter 11 cases. AIHL sought the appointment of Zolfo Cooper as
provisional liquidator.
On Dec. 21, 2012, the Bankruptcy Court extended the Debtors'
Exclusive Filing Period through and including Jan. 5, 2013, and
further extended the Debtors' Exclusive Solicitation Period
through and including March 5, 2013.
BEAR ISLAND: Ends October With $9.38 Million in Cash
----------------------------------------------------
Bear Island Paper Company, LLC, on Dec. 3, 2012, filed its monthly
operating report for the month ended Oct. 31, 2012.
The Company reported a net loss of $229,785 for the month ended
Oct. 31, 2012.
As of Oct. 31, 2012, the Company had total assets of
$29.36 million, total liabilities of $137.95 million and total
stockholders' deficit of $108.59 million.
At the beginning of October, the Company had $9.38 million in
cash. Bear Island had total cash disbursements of $3,500. As a
result, at the end of the month, Bear Island had total cash of
$9.38 million.
About 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
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
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 Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-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.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG and Caspian Capital
Advisors LLC.
Bear Island's Chapter 11 plan is currently scheduled for approval
at a Feb. 14, 2012 confirmation hearing. Under the plan proposed
by the subsidiary of Canada's White Birch Paper Co., first- and
second-lien creditors with $424.9 million and $105.1 million in
claims, respectively, are expected to recover between 0.5 percent
and 4 percent. Unsecured creditors with $1.4 million in claims
are to receive the same dividend.
GLOBAL AVIATION: Ends October With $2.01 Million in Cash
--------------------------------------------------------
Global Aviation Holdings Inc., et al., on Dec. 6, 2012, filed
its monthly operating report for the month ended Oct. 31, 2012.
The Debtor posted a net loss of $10.37 million on total operating
revenue of $48.97 million for the month ended Oct. 31, 2012.
As of Oct. 31, 2012, the Debtor had total assets of
$433.01 million, total liabilities of $522.81 million and total
stockholders' deficit of $89.8 million.
At the beginning of October, the Debtor had $3.84 million in cash.
Global Aviation had total cash disbursements of $1.83 million. At
the end of the month, Global Aviation had total cash of
$2.01 million.
About Global Aviation
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.
DAYTOP VILLAGE: Ends August With $1.03 Million in Cash
------------------------------------------------------
Daytop Village Inc., on Nov. 1, 2012, filed its monthly operating
report for the month ended Aug. 31, 2012.
The Company posted a net loss of $1.01 million on net revenue of
$2.38 million for the month ended Aug. 31, 2012.
As of Aug. 31, 2012, the Company had total assets of
$5.75 million, total liabilities of $55.13 million and total
stockholders' deficit of $49.38 million.
At the beginning of August, the Company had $1.73 million in cash.
Daytop Village had total cash receipts of $6.1 million and total
cash disbursements of $6.79 million. As a result, at the
end of the month, the Company had total cash of $1.03 million.
About Daytop Village
Daytop Village Foundation Incorporated, along with affiliate
Daytop Village Inc., filed a Chapter 11 petition (Bankr. S.D.N.Y.
Case No. 12-11436) on April 5, 2012, in Manhattan.
In 1963, Father William O'Brien and Dr. Alexander Bassin founded
the Daytop Lodge, a substance abuse treatment facility, in Staten
Island. Today, Daytop is the third largest substance abuse agency
operating in the State of New York and the only substance abuse
agency operating world-wide under a contract with the Unites
States State Department. It provides family-oriented substance
abuse treatment for adults and adolescents. Through six
residential facilities and eight outreach clinics in New York,
Daytop offers individual treatment plans by providing professional
counseling, medical, social and spiritual attention.
Judge Shelley C. Chapman presides over the Chapter 11 cases.
Lowenstein Sandler PC is the Debtors' counsel. Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent. The Debtors'
Restructuring and Management Officer is Marotta Gund Budd Dezera
LLC. The petition was signed by Michael Dailey, chief executive
officer.
Daytop Village Inc., as of Jan. 31, 2012 has $8.68 million in
assets and $45.03 million of liabilities. DVF has $42.20 million
in assets and $32.00 million in liabilities as of Jan. 31, 2012.
Island Funding II, the DIP lender, is represented by Paul R.
DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP. Counsel to the
prepetition lender Signature Bank is Stephen D. Brodie, Esq., at
Herrick Feinstein LLP; and Joshua I. Divack, Esq., at Hahn &
Hessen LLP. Counsel to the prepetition lender Hudson Valley Bank
is James P. Blose, Esq., at Griffin Coogan Blose & Sulzer P.C.
The Official Committee of Unsecured Creditors was formed April 17,
2012. Bendinger & Schlesinger, Inc., is the chair of the
Committee. Alvarez & Marsal Healthcare Industry Group LLC is the
Committee's financial advisor. Robinson Brog Leinwand Greene
Genovese & Gluck P.C. is the Committee's counsel.
Eric M. Huebscher was appointed Patient Care Ombudsman in the
case.
DAYTOP VILLAGE: Ends September With $750,287 in Cash
----------------------------------------------------
Daytop Village Inc., on Nov. 1, 2012, filed its monthly operating
report for the month ended Sept. 30, 2012.
The Debtor reported a net loss of $698,807 on net revenue of
$2.40 million for the month ended Sept. 30, 2012.
As of Sept. 30, 2012, Daytop Village had total assets of
$4.94 million, total liabilities of $55.02 million and total
stockholders' deficit of $50.08 million.
At the beginning of the month, Daytop Village had $1.03 million in
cash. The Debtor had total cash receipts of $5.02 million and
total cash disbursements of $5.3 million. As a result, at the
end of September, Daytop Village had total cash of $750,287.
About Daytop Village
Daytop Village Foundation Incorporated, along with affiliate
Daytop Village Inc., filed a Chapter 11 petition (Bankr. S.D.N.Y.
Case No. 12-11436) on April 5, 2012, in Manhattan.
In 1963, Father William O'Brien and Dr. Alexander Bassin founded
the Daytop Lodge, a substance abuse treatment facility, in Staten
Island. Today, Daytop is the third largest substance abuse agency
operating in the State of New York and the only substance abuse
agency operating world-wide under a contract with the Unites
States State Department. It provides family-oriented substance
abuse treatment for adults and adolescents. Through six
residential facilities and eight outreach clinics in New York,
Daytop offers individual treatment plans by providing professional
counseling, medical, social and spiritual attention.
Judge Shelley C. Chapman presides over the Chapter 11 cases.
Lowenstein Sandler PC is the Debtors' counsel. Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent. The Debtors'
Restructuring and Management Officer is Marotta Gund Budd Dezera
LLC. The petition was signed by Michael Dailey, chief executive
officer.
Daytop Village Inc., as of Jan. 31, 2012 has $8.68 million in
assets and $45.03 million of liabilities. DVF has $42.20 million
in assets and $32.00 million in liabilities as of Jan. 31, 2012.
Island Funding II, the DIP lender, is represented by Paul R.
DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP. Counsel to the
prepetition lender Signature Bank is Stephen D. Brodie, Esq., at
Herrick Feinstein LLP; and Joshua I. Divack, Esq., at Hahn &
Hessen LLP. Counsel to the prepetition lender Hudson Valley Bank
is James P. Blose, Esq., at Griffin Coogan Blose & Sulzer P.C.
The Official Committee of Unsecured Creditors was formed April 17,
2012. Bendinger & Schlesinger, Inc., is the chair of the
Committee. Alvarez & Marsal Healthcare Industry Group LLC is the
Committee's financial advisor. Robinson Brog Leinwand Greene
Genovese & Gluck P.C. is the Committee's counsel.
Eric M. Huebscher was appointed Patient Care Ombudsman in the
case.
DIGITAL DOMAIN: Ends October With $34.39 Million in Cash
--------------------------------------------------------
Digital Domain Media Group, Inc., on Dec. 7, 2012, filed its
monthly operating report for the month ended Oct. 31, 2012.
The Debtor posted a net loss of $5.39 for the month ended Oct. 31,
2012.
As of Oct. 31, 2012, the Debtor had total assets of
$129.02 million, total liabilities of $201.87 million and total
stockholders' deficit of $72.84 million.
At the beginning of the month, Digital Domain had $36.73 million
in cash. The Debtor had total cash receipts of $8.63 million and
total cash disbursements of $10.97 million. As a result, at the
end of October, Digital Domain had total cash of $34.39 million.
About Digital Domain
Port St. Lucie, Florida-based Digital Domain Media Group, Inc. --
http://www.digitaldomain.com/-- engaged in the creation of
original content animation feature films, and development of
computer-generated imagery for feature films and trans-media
advertising primarily in the United States.
Digital Domain Media Group, Inc. and 13 affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-12568) on
Sept. 11, 2012, to sell its business for $15 million to
Searchlight Capital Partners LP, subject to higher and better
offers.
At the auction on Sept. 21, the principal part of the business was
purchased by a joint venture between Galloping Horse America LLC,
an affiliate of Beijing Galloping Horse Co., and an affiliate of
Reliance Capital Ltd., based in Mumbai. The $36.7 million total
value of the contact includes $3.6 million to cure defaults on
contracts and $2.9 million in reimbursement of payroll costs.
Attorneys at Pachulski Stang Ziehl & Jones serve as counsel to the
Debtors. FTI Consulting, Inc.'s Michael Katzenstein is the chief
restructuring officer. Kurtzman Carson Consultants LLC is the
claims and notice agent.
An official committee of unsecured creditors appointed in the case
is represented by lawyers at Sullivan Hazeltine Allinson LLC and
Brown Rudnick LLP.
The company disclosed assets of $205 million and liabilities
totaling $214 million. Debt includes $40 million on senior
secured convertible notes plus $24.7 million in interest. There
is another issue of $8 million in subordinated secured convertible
notes.
The Debtors also have sought ancillary relief in Canada, pursuant
to the Companies' Creditors Arrangement Act in the Supreme Court
of British Columbia, Vancouver Registry.
IRWIN MORTGAGE: Ends October With $4.6 Million in Cash
------------------------------------------------------
Irwin Mortgage Corporation, on Nov. 19, 2012, filed its monthly
operating report for the month ended Oct. 31, 2012.
As of Oct. 1, 2012, the Debtor had $4.71 million in cash. The
Debtor had total cash receipts of $1,366 and total cash
disbursements of $105,694. As a result, at the end of the month,
Irwin Mortgage had total cash of $4.6 million.
About Irwin Mortgage
For a number of years, Irwin Mortgage Corporation, based in
Dublin, Ohio, originated, purchased, sold and serviced
conventional and government agency backed residential mortgage
loans throughout the United States. However, in 2006 and
continuing into early 2007, IMC sold substantially all of its
assets, including its mortgage origination business, its mortgage
servicing business, and its mortgage servicing rights portfolio,
to a number of third party purchasers. As a result of those
sales, IMC terminated its operations and has been winding down
since 2006.
Irwin Mortgage filed for Chapter 11 bankruptcy (Bankr. S.D. Ohio
Case No. 11-57191) on July 8, 2011. Judge Charles M. Caldwell
presides over the case. In its petition, the Debtor estimated
assets of $10 million to $50 million, and debts of $50 million to
$100 million. The petition was signed by Fred C. Caruso,
president.
Nick V. Cavalieri, Esq., Matthew T. Schaeffer, Esq., and Robert B.
Berner, Esq., at Bailey Cavalieri LLC, serve as the Debtor's
counsel. Fred C. Caruso and Development Specialists Inc. provide
wind-down management services to the Debtor.
MONITOR COMPANY: Expects $13.44 Million in Cash on Jan. 11, 2013
----------------------------------------------------------------
Monitor Company Group LP, on Nov. 26, 2012, filed its initial
monthly operating report for the 10-week period from Nov. 9, 2012,
to Jan. 11, 2013.
As of Nov. 9, 2012, the Company had $12.12 million in cash. The
Company is forecasting total cash of $13.44 million at the end of
the period.
About Monitor Company Group
Monitor Company Group LP -- http://www.monitor.com/-- is a global
consulting firm with 1,200 personnel in offices across 17
countries worldwide. Founded in 1983 by six entrepreneurs, and
headquartered in Cambridge, Massachusetts, Monitor advises for-
profit, sovereign, and non-profit clients on growing their
businesses and economies and furthering their charitable purposes.
Monitor and several affiliates filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case Nos. 12-13042 to 12-13062) on Nov. 7, 2012.
Judge Hon. Christopher S. Sontchi presides over the case. Pepper
Hamilton LLP and Ropes & Gray LLP serve as the Debtors' counsel.
The financial advisor is Carl Marks Advisory Group LLC. Epiq
Bankruptcy Solutions, LLC is the claims and noticing agent.
The petitions were signed by Bansi Nagji, president.
Bank of America is represented in the case by Jinsoo Kim, Esq.,
and Timothy Graulich, Esq., at Davis Polk & Wardwell LLP; and Mark
D. Collins, Esq., at Richards Layton & Finger PA.
J. Gregory Milmoe, Esq., and Shana A. Elberg, Esq., at Skadden
Arps Slate Meagher & Flom LLP in New York; and Mark Chehi, Esq.,
and Christopher DiVirgilio, Esq., at Skadden Arps in Delaware,
represent Deloitte Consulting LLP.
Caltius Partners IV LP; Caltius Partners Executive IV, LP; and CP
IV Pass-Through (Monitor) LP are represented by John Sieger, Esq.,
at Katten Muchin Rosenman LLP.
Monitor's consolidated unaudited financial statements as of
June 30, 2012, which include the assets and liabilities of non-
Debtor foreign subsidiaries, reflected total assets of roughly
$202 million (including $93 million in current assets) and total
liabilities of roughly $200 million.
Monitor filed for bankruptcy to sell substantially all of their
businesses and assets to Deloitte Consulting LLP, a Delaware
registered limited liability partnership and DCSH Limited, a UK
company limited by shares, subject to higher or otherwise better
offers. The base purchase price set forth in the Stalking Horse
Agreement is $116.2 million, plus (i) assumption of certain
liabilities and (ii) certain cure costs for assumed contracts.
The Stalking Horse Agreement provides for the Stalking Horse
Bidder to receive a combined breakup fee and expense reimbursement
of $4 million.
The Debtors propose to hold an auction on Nov. 28, 2012, at the
offices of the Sellers' counsel, Ropes & Gray LLP in New York.
Closing of the deal must occur by the earlier of (i) 30 days
following entry of the Sale Order and (ii) Feb. 28, 2013.
PURE BEAUTY: Has $29.27 Million Stockholders Deficit as of Oct. 27
------------------------------------------------------------------
Pure Beauty Salons & Boutiques, Inc., et al., on Dec. 5, 2012,
filed its monthly operating report for the period from Sept. 30
through Oct. 27, 2012.
As of Oct. 27, 2012, the Debtor had total assets of $nil, total
liabilities of $29.27 million and total stockholders' deficit
$29.27 million.
About Pure Beauty
Pure Beauty Salons & Boutiques, Inc., and its affiliated company
BeautyFirst Franchise Corp., operate a chain of hair care and
beauty supply stores under the trade names Trade Secret, Beauty
Express, BeautyFirst, PureBeauty, and Winston's Barber Shop. Pure
Beauty Salons & Boutiques, Inc. operates and/or owns 436 stores
and BeautyFirst Franchise Corp. has agreements with 13 franchisees
that operate 22 BeautyFirst and 7 Trade Secret Stores.
Pure Beauty Salons & Boutiques, Inc., is back in Chapter 11 after
having been sold out of Chapter 11 last year. The prior case was
dismissed after the sale was completed. The previous case was In
re Trade Secret Inc., 10-12153, in the same court.
Pure Beauty Salons filed for bankruptcy (Bankr. D. Del. Case No.
11-13159) on Oct. 4, 2011. Affiliate BeautyFirst Franchise Corp.
filed a separate petition (Bankr. D. Del. Case No. 11-13160).
Joseph M. Barry, Esq., Kenneth J. Enos, Esq., and Ryan M. Bartley,
Esq., at Young Conaway Stargatt & Taylor, LLP, serve as the
Debtors' counsel. The Debtors' investment banker is SSG Capital
Advisors' J. Scott Victor -- jsvictor@ssgca.com The Debtors'
notice, claims solicitation, and balloting agent is Epiq
Bankruptcy Solutions.
In its schedules, Pure Beauty Salons disclosed $36,444,963 in
assets and $55,215,590 in liabilities as of the Petition Date.
In its schedules, BeautyFirst Franchise disclosed $1,716,985 in
assets and $36,761,086 in liabilities as of the Petition Date.
The Debtors owe $15 million to vendors and landlords. The
petition was signed by Brian Luborsky, chief executive officer.
Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed
seven unsecured creditors to serve on the Official Committee of
Unsecured Creditors of Pure Beauty Salons. Attorneys at Pachulski
Stang Ziehl & Jones LLP represent the Committee. LM+Co serves as
their financial advisor.
Secured lender Regis Corp. is represented in the case by Michael
L. Meyer, Esq., at Ravich Meyer Kirkman McGrath Nauman & Tansey
P.A., and Kathleen M. Miller, Esq., at Smith Katzenstein & Furlow
LLP.
RCR PLUMBING: Ends September With $1.54 Million in Total Cash
-------------------------------------------------------------
RCR Plumbing and Mechanical, Inc., on Oct. 17, 2012, filed its
monthly operating report for the month ended Sept. 30, 2012.
The Company reported a net loss of $367,473 on net revenue of
$304,005 for the month ended Sept. 30, 2012.
As of Sept. 30, 2012, the Company had total assets of
$7.76 million, total liabilities of $17.44 million and total
stockholders' deficit of $9.68 million.
At the beginning of September, the Company had $1.25 million in
cash. RCR Plumbing had total cash receipts of $1 million and
total cash disbursements of $722,696. As a result, at the end of
the month, the Company had total cash of $1.54 million.
About RCR Plumbing
Founded in 1977, Riverside, California-based RCR Plumbing and
Mechanical Inc. is one of the largest plumbing subcontractors in
the West Coast. In 1999, RCR Plumbing was acquired by American
Plumbing and Mechanical Inc. On Oct. 13, 2003, AMPAM and its
affiliated entities, including RCR Plumbing, filed for Chapter 11
bankruptcy (Bankr. W.D. Tex. Lead Case No. 03-55789) in San
Antonio. Pursuant to a plan of reorganization, RCR Plumbing
received a discharge of any liability arising from contracts
completed prior to Aug. 2, 2004, the date the plan was confirmed.
The plan disaggregated RCR Plumbing from AMPAM.
RCR Plumbing filed for Chapter 11 bankruptcy (Bankr. C.D. Calif.
Case No. 11-41853) on Oct. 12, 2011. RCR Plumbing blamed a weak
construction market and increased insurance costs. Judge Wayne E.
Johnson oversees the case. Evan D. Smiley, Esq., and Kyra E.
Andrassy, Esq. at Weiland, Golden, Smiley et al., serve as the
Debtor's counsel. Sidley Austin LLP as its special labor and
employment counsel BSW & Associates as financial advisor.
Kurtzman Carson Consultants LLC serves as noticing agent. In its
petition, RCR Plumbing estimated $10 million to $50 million in
assets and debts. The petition was signed by Robert C. Richey,
president/CEO.
The Official Committee of Unsecured Creditors tapped Venable LLP
as its counsel.
RCR PLUMBING: Ends October With $572,272 in Total Cash
------------------------------------------------------
RCR Plumbing and Mechanical, Inc., on Nov. 20, 2012, filed its
monthly operating report for the month ended Oct. 31, 2012.
The Debtor posted a net income of $288,214 on net revenue of
$383,240 for the month ended Oct. 31, 2012.
At the beginning of the month, the Debtor had $1.54 million in
cash. The Debtor had total cash receipts of $330,532 and total
cash disbursements of $1.29 million. As a result, at the end of
October, RCR Plumbing had total cash of $572,272.
About RCR Plumbing
Founded in 1977, Riverside, California-based RCR Plumbing and
Mechanical Inc. is one of the largest plumbing subcontractors in
the West Coast. In 1999, RCR Plumbing was acquired by American
Plumbing and Mechanical Inc. On Oct. 13, 2003, AMPAM and its
affiliated entities, including RCR Plumbing, filed for Chapter 11
bankruptcy (Bankr. W.D. Tex. Lead Case No. 03-55789) in San
Antonio. Pursuant to a plan of reorganization, RCR Plumbing
received a discharge of any liability arising from contracts
completed prior to Aug. 2, 2004, the date the plan was confirmed.
The plan disaggregated RCR Plumbing from AMPAM.
RCR Plumbing filed for Chapter 11 bankruptcy (Bankr. C.D. Calif.
Case No. 11-41853) on Oct. 12, 2011. RCR Plumbing blamed a weak
construction market and increased insurance costs. Judge Wayne E.
Johnson oversees the case. Evan D. Smiley, Esq., and Kyra E.
Andrassy, Esq. at Weiland, Golden, Smiley et al., serve as the
Debtor's counsel. Sidley Austin LLP as its special labor and
employment counsel BSW & Associates as financial advisor.
Kurtzman Carson Consultants LLC serves as noticing agent. In its
petition, RCR Plumbing estimated $10 million to $50 million in
assets and debts. The petition was signed by Robert C. Richey,
president/CEO.
The Official Committee of Unsecured Creditors tapped Venable LLP
as its counsel.
REAL MEX: Ends April 24 With $693,903 in Total Cash
---------------------------------------------------
Real Mex Restaurants, Inc., and its affiliates, on Nov. 30, 2012,
filed its monthly operating report for the fiscal month ended
April 24, 2012.
As of March 27, 2012, the Company had a total book balance of
$1.88 million in cash. The Company had total cash receipts of
$13.39 million and total cash disbursements of $12.21 million. As
a result, as of Apr. 24, 2012, Real Mex had total cash of
$693,903.
About Real Mex
Based in Cypress, California, Real Mex Restaurants, Inc., owns and
operates restaurants, primarily through its major subsidiaries El
Torito Restaurants, Inc., Chevys Restaurants, LLC, and Acapulco
Restaurants, Inc. It has 178 restaurants, with 149 in California.
There are also 30 franchised locations. It acquired Chevys Inc.
for $90 million through confirmation of Chevy's Chapter 11 plan in
2004.
Real Mex Restaurants and 16 of its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Case Nos. 11-13122 to 11-
13138) on Oct. 4, 2011. Judge Brendan Linehan Shannon oversees
the case. Judge Peter Walsh was initially assigned to the case.
The Debtors are represented by Mark Shinderman, Esq., Fred
Neufeld, Esq., and Haig M. Maghakian, Esq., at Milbank, Tweed,
Hadley & McCloy LLP; and Laura Davis Jones, Esq., and Curtis A.
Helm, Esq., at Pachulski Stang Ziehl & Jones LLP as counsel. The
Debtors' financial advisors are Imperial Capital, LLC. The
Debtors' claims, noticing, soliciting and balloting agent is Epiq
Bankruptcy Solutions, LLC.
Assets are $272.2 million while debt totals $250 million,
according to the Chapter 11 petition. The petitions were signed
by Richard P. Dutkiewiez, chief financial officer and executive
vice president.
The Court has approved that certain asset purchase agreement
between the Debtors and RlvI Opco LLC dated as of Feb. 10, 2012,
for the sale of substantially all of the Debtors' assets.
Counsel to GE Capital Corp., the DIP Agent and the Prepetition
First Lien Secured Agent, are Jeffrey G. Moran, Esq., and Peter P.
Knight, Esq., at Latham & Watkins LLP; and Kurt F. Gwynne, Esq.,
at Reed Smith LLP as counsel.
Counsel to the Prepetition Secured Second Lien Trustee are Mark F.
Hebbeln, Esq., and Harold L. Kaplan, Esq., at Foley & Lardner LLP.
Counsel to the Majority Prepetition Second Lien Secured
Noteholders are Adam C. Harris, Esq., and David M. Hillman, Esq.,
at Schulte Roth & Zabel LLP; and Russell C. Silberglied, Esq., at
Richards Layton & Finger.
Z Capital Management LLC, which holds nearly 70% of the Opco term
loan, is represented by Derek C. Abbott, Esq., and Chad A. Fights,
Esq., at Morris Nichols Arsht & Tunnell LLP; and Lee R. Bogdanoff,
Esq., and Whitman L. Holt, Esq., at Klee Tuchin Bogdanoff & Stern
LLP.
The Official Committee of Unsecured Creditors tapped Kelley Drye &
Warren LLP as its counsel; Cole, Schotz, Meisel, Forman & Leonard
P.A. as its co-counsel, and Duff & Phelps Securities, LLC as its
financial advisor.
Early this year, the Bankruptcy Court authorized Real Mex to sell
substantially all of their assets to RM Opco, LLC, an entity
formed by a group of its bondholders. Pursuant to the Jan. 27,
2012 purchase agreement, the purchaser made a written offer to
acquire the assets in exchange for (i) an $80,000 credit bid, (ii)
$53,569,000 in cash, and (iii) the assumption of the assumed
liabilities.
REAL MEX: Ends May 22 With $654,560 in Total Cash
-------------------------------------------------
Real Mex Restaurants, Inc., and its affiliates, on Nov. 30, 2012,
filed its monthly operating report for the fiscal month ended
May 22, 2012.
As of Apr. 24, 2012, the Debtor had a total book balance of
$693,903 in cash. The Debtor had total cash receipts of
$2.45 million and total cash disbursements of $2.41 million. As a
result, as of May 22, 2012, Real Mex had total cash of $654,560.
About Real Mex
Based in Cypress, California, Real Mex Restaurants, Inc., owns and
operates restaurants, primarily through its major subsidiaries El
Torito Restaurants, Inc., Chevys Restaurants, LLC, and Acapulco
Restaurants, Inc. It has 178 restaurants, with 149 in California.
There are also 30 franchised locations. It acquired Chevys Inc.
for $90 million through confirmation of Chevy's Chapter 11 plan in
2004.
Real Mex Restaurants and 16 of its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Case Nos. 11-13122 to 11-
13138) on Oct. 4, 2011. Judge Brendan Linehan Shannon oversees
the case. Judge Peter Walsh was initially assigned to the case.
The Debtors are represented by Mark Shinderman, Esq., Fred
Neufeld, Esq., and Haig M. Maghakian, Esq., at Milbank, Tweed,
Hadley & McCloy LLP; and Laura Davis Jones, Esq., and Curtis A.
Helm, Esq., at Pachulski Stang Ziehl & Jones LLP as counsel. The
Debtors' financial advisors are Imperial Capital, LLC. The
Debtors' claims, noticing, soliciting and balloting agent is Epiq
Bankruptcy Solutions, LLC.
Assets are $272.2 million while debt totals $250 million,
according to the Chapter 11 petition. The petitions were signed
by Richard P. Dutkiewiez, chief financial officer and executive
vice president.
The Court has approved that certain asset purchase agreement
between the Debtors and RlvI Opco LLC dated as of Feb. 10, 2012,
for the sale of substantially all of the Debtors' assets.
Counsel to GE Capital Corp., the DIP Agent and the Prepetition
First Lien Secured Agent, are Jeffrey G. Moran, Esq., and Peter P.
Knight, Esq., at Latham & Watkins LLP; and Kurt F. Gwynne, Esq.,
at Reed Smith LLP as counsel.
Counsel to the Prepetition Secured Second Lien Trustee are Mark F.
Hebbeln, Esq., and Harold L. Kaplan, Esq., at Foley & Lardner LLP.
Counsel to the Majority Prepetition Second Lien Secured
Noteholders are Adam C. Harris, Esq., and David M. Hillman, Esq.,
at Schulte Roth & Zabel LLP; and Russell C. Silberglied, Esq., at
Richards Layton & Finger.
Z Capital Management LLC, which holds nearly 70% of the Opco term
loan, is represented by Derek C. Abbott, Esq., and Chad A. Fights,
Esq., at Morris Nichols Arsht & Tunnell LLP; and Lee R. Bogdanoff,
Esq., and Whitman L. Holt, Esq., at Klee Tuchin Bogdanoff & Stern
LLP.
The Official Committee of Unsecured Creditors tapped Kelley Drye &
Warren LLP as its counsel; Cole, Schotz, Meisel, Forman & Leonard
P.A. as its co-counsel, and Duff & Phelps Securities, LLC as its
financial advisor.
Early this year, the Bankruptcy Court authorized Real Mex to sell
substantially all of their assets to RM Opco, LLC, an entity
formed by a group of its bondholders. Pursuant to the Jan. 27,
2012 purchase agreement, the purchaser made a written offer to
acquire the assets in exchange for (i) an $80,000 credit bid, (ii)
$53,569,000 in cash, and (iii) the assumption of the assumed
liabilities.
REAL MEX: Ends June 26 With $280,611 in Total Cash
--------------------------------------------------
Real Mex Restaurants, Inc., and its affiliates, on Nov. 30, 2012,
filed its monthly operating report for the fiscal month ended
June 26, 2012.
As of May 22, 2012, the Company had a total book balance of
$654,560 in cash. The Company had total cash receipts of $224,362
and total cash disbursements of $149,317. As a result, as of
June 26, 2012, Real Mex had total cash of $280,611.
About Real Mex
Based in Cypress, California, Real Mex Restaurants, Inc., owns and
operates restaurants, primarily through its major subsidiaries El
Torito Restaurants, Inc., Chevys Restaurants, LLC, and Acapulco
Restaurants, Inc. It has 178 restaurants, with 149 in California.
There are also 30 franchised locations. It acquired Chevys Inc.
for $90 million through confirmation of Chevy's Chapter 11 plan in
2004.
Real Mex Restaurants and 16 of its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Case Nos. 11-13122 to 11-
13138) on Oct. 4, 2011. Judge Brendan Linehan Shannon oversees
the case. Judge Peter Walsh was initially assigned to the case.
The Debtors are represented by Mark Shinderman, Esq., Fred
Neufeld, Esq., and Haig M. Maghakian, Esq., at Milbank, Tweed,
Hadley & McCloy LLP; and Laura Davis Jones, Esq., and Curtis A.
Helm, Esq., at Pachulski Stang Ziehl & Jones LLP as counsel. The
Debtors' financial advisors are Imperial Capital, LLC. The
Debtors' claims, noticing, soliciting and balloting agent is Epiq
Bankruptcy Solutions, LLC.
Assets are $272.2 million while debt totals $250 million,
according to the Chapter 11 petition. The petitions were signed
by Richard P. Dutkiewiez, chief financial officer and executive
vice president.
The Court has approved that certain asset purchase agreement
between the Debtors and RlvI Opco LLC dated as of Feb. 10, 2012,
for the sale of substantially all of the Debtors' assets.
Counsel to GE Capital Corp., the DIP Agent and the Prepetition
First Lien Secured Agent, are Jeffrey G. Moran, Esq., and Peter P.
Knight, Esq., at Latham & Watkins LLP; and Kurt F. Gwynne, Esq.,
at Reed Smith LLP as counsel.
Counsel to the Prepetition Secured Second Lien Trustee are Mark F.
Hebbeln, Esq., and Harold L. Kaplan, Esq., at Foley & Lardner LLP.
Counsel to the Majority Prepetition Second Lien Secured
Noteholders are Adam C. Harris, Esq., and David M. Hillman, Esq.,
at Schulte Roth & Zabel LLP; and Russell C. Silberglied, Esq., at
Richards Layton & Finger.
Z Capital Management LLC, which holds nearly 70% of the Opco term
loan, is represented by Derek C. Abbott, Esq., and Chad A. Fights,
Esq., at Morris Nichols Arsht & Tunnell LLP; and Lee R. Bogdanoff,
Esq., and Whitman L. Holt, Esq., at Klee Tuchin Bogdanoff & Stern
LLP.
The Official Committee of Unsecured Creditors tapped Kelley Drye &
Warren LLP as its counsel; Cole, Schotz, Meisel, Forman & Leonard
P.A. as its co-counsel, and Duff & Phelps Securities, LLC as its
financial advisor.
Early this year, the Bankruptcy Court authorized Real Mex to sell
substantially all of their assets to RM Opco, LLC, an entity
formed by a group of its bondholders. Pursuant to the Jan. 27,
2012 purchase agreement, the purchaser made a written offer to
acquire the assets in exchange for (i) an $80,000 credit bid, (ii)
$53,569,000 in cash, and (iii) the assumption of the assumed
liabilities.
REAL MEX: Ends July 24 With $236,550 in Total Cash
--------------------------------------------------
Real Mex Restaurants, Inc., and its affiliates, on Nov. 30, 2012,
filed its monthly operating report for the fiscal month ended
July 24, 2012.
As of June 26, 2012, the Debtor had a total book balance of
$280,611 in cash. The Debtor had total cash receipts of $49,873
and total cash disbursements of $5,813. As a result, as of
July 24, 2012, Real Mex had total cash of $236,550.
About Real Mex
Based in Cypress, California, Real Mex Restaurants, Inc., owns and
operates restaurants, primarily through its major subsidiaries El
Torito Restaurants, Inc., Chevys Restaurants, LLC, and Acapulco
Restaurants, Inc. It has 178 restaurants, with 149 in California.
There are also 30 franchised locations. It acquired Chevys Inc.
for $90 million through confirmation of Chevy's Chapter 11 plan in
2004.
Real Mex Restaurants and 16 of its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Case Nos. 11-13122 to 11-
13138) on Oct. 4, 2011. Judge Brendan Linehan Shannon oversees
the case. Judge Peter Walsh was initially assigned to the case.
The Debtors are represented by Mark Shinderman, Esq., Fred
Neufeld, Esq., and Haig M. Maghakian, Esq., at Milbank, Tweed,
Hadley & McCloy LLP; and Laura Davis Jones, Esq., and Curtis A.
Helm, Esq., at Pachulski Stang Ziehl & Jones LLP as counsel. The
Debtors' financial advisors are Imperial Capital, LLC. The
Debtors' claims, noticing, soliciting and balloting agent is Epiq
Bankruptcy Solutions, LLC.
Assets are $272.2 million while debt totals $250 million,
according to the Chapter 11 petition. The petitions were signed
by Richard P. Dutkiewiez, chief financial officer and executive
vice president.
The Court has approved that certain asset purchase agreement
between the Debtors and RlvI Opco LLC dated as of Feb. 10, 2012,
for the sale of substantially all of the Debtors' assets.
Counsel to GE Capital Corp., the DIP Agent and the Prepetition
First Lien Secured Agent, are Jeffrey G. Moran, Esq., and Peter P.
Knight, Esq., at Latham & Watkins LLP; and Kurt F. Gwynne, Esq.,
at Reed Smith LLP as counsel.
Counsel to the Prepetition Secured Second Lien Trustee are Mark F.
Hebbeln, Esq., and Harold L. Kaplan, Esq., at Foley & Lardner LLP.
Counsel to the Majority Prepetition Second Lien Secured
Noteholders are Adam C. Harris, Esq., and David M. Hillman, Esq.,
at Schulte Roth & Zabel LLP; and Russell C. Silberglied, Esq., at
Richards Layton & Finger.
Z Capital Management LLC, which holds nearly 70% of the Opco term
loan, is represented by Derek C. Abbott, Esq., and Chad A. Fights,
Esq., at Morris Nichols Arsht & Tunnell LLP; and Lee R. Bogdanoff,
Esq., and Whitman L. Holt, Esq., at Klee Tuchin Bogdanoff & Stern
LLP.
The Official Committee of Unsecured Creditors tapped Kelley Drye &
Warren LLP as its counsel; Cole, Schotz, Meisel, Forman & Leonard
P.A. as its co-counsel, and Duff & Phelps Securities, LLC as its
financial advisor.
Early this year, the Bankruptcy Court authorized Real Mex to sell
substantially all of their assets to RM Opco, LLC, an entity
formed by a group of its bondholders. Pursuant to the Jan. 27,
2012 purchase agreement, the purchaser made a written offer to
acquire the assets in exchange for (i) an $80,000 credit bid, (ii)
$53,569,000 in cash, and (iii) the assumption of the assumed
liabilities.
REAL MEX: Ends August 21 With $197,208 in Total Cash
----------------------------------------------------
Real Mex Restaurants, Inc., and its affiliates, on Nov. 30, 2012,
filed its monthly operating report for the fiscal month ended
Aug. 21, 2012.
As of July 24, 2012, the Debtor had a total book balance of
$236,550 in cash. The Debtor had total cash receipts of $1,013
and total cash disbursements of $38,329. As a result, as of
Aug. 21, 2012, Real Mex had total cash of $197,208.
About Real Mex
Based in Cypress, California, Real Mex Restaurants, Inc., owns and
operates restaurants, primarily through its major subsidiaries El
Torito Restaurants, Inc., Chevys Restaurants, LLC, and Acapulco
Restaurants, Inc. It has 178 restaurants, with 149 in California.
There are also 30 franchised locations. It acquired Chevys Inc.
for $90 million through confirmation of Chevy's Chapter 11 plan in
2004.
Real Mex Restaurants and 16 of its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Case Nos. 11-13122 to 11-
13138) on Oct. 4, 2011. Judge Brendan Linehan Shannon oversees
the case. Judge Peter Walsh was initially assigned to the case.
The Debtors are represented by Mark Shinderman, Esq., Fred
Neufeld, Esq., and Haig M. Maghakian, Esq., at Milbank, Tweed,
Hadley & McCloy LLP; and Laura Davis Jones, Esq., and Curtis A.
Helm, Esq., at Pachulski Stang Ziehl & Jones LLP as counsel. The
Debtors' financial advisors are Imperial Capital, LLC. The
Debtors' claims, noticing, soliciting and balloting agent is Epiq
Bankruptcy Solutions, LLC.
Assets are $272.2 million while debt totals $250 million,
according to the Chapter 11 petition. The petitions were signed
by Richard P. Dutkiewiez, chief financial officer and executive
vice president.
The Court has approved that certain asset purchase agreement
between the Debtors and RlvI Opco LLC dated as of Feb. 10, 2012,
for the sale of substantially all of the Debtors' assets.
Counsel to GE Capital Corp., the DIP Agent and the Prepetition
First Lien Secured Agent, are Jeffrey G. Moran, Esq., and Peter P.
Knight, Esq., at Latham & Watkins LLP; and Kurt F. Gwynne, Esq.,
at Reed Smith LLP as counsel.
Counsel to the Prepetition Secured Second Lien Trustee are Mark F.
Hebbeln, Esq., and Harold L. Kaplan, Esq., at Foley & Lardner LLP.
Counsel to the Majority Prepetition Second Lien Secured
Noteholders are Adam C. Harris, Esq., and David M. Hillman, Esq.,
at Schulte Roth & Zabel LLP; and Russell C. Silberglied, Esq., at
Richards Layton & Finger.
Z Capital Management LLC, which holds nearly 70% of the Opco term
loan, is represented by Derek C. Abbott, Esq., and Chad A. Fights,
Esq., at Morris Nichols Arsht & Tunnell LLP; and Lee R. Bogdanoff,
Esq., and Whitman L. Holt, Esq., at Klee Tuchin Bogdanoff & Stern
LLP.
The Official Committee of Unsecured Creditors tapped Kelley Drye &
Warren LLP as its counsel; Cole, Schotz, Meisel, Forman & Leonard
P.A. as its co-counsel, and Duff & Phelps Securities, LLC as its
financial advisor.
Early this year, the Bankruptcy Court authorized Real Mex to sell
substantially all of their assets to RM Opco, LLC, an entity
formed by a group of its bondholders. Pursuant to the Jan. 27,
2012 purchase agreement, the purchaser made a written offer to
acquire the assets in exchange for (i) an $80,000 credit bid, (ii)
$53,569,000 in cash, and (iii) the assumption of the assumed
liabilities.
REAL MEX: Ends September 25 With $199,358 in Total Cash
-------------------------------------------------------
Real Mex Restaurants, Inc., and its affiliates, on Nov. 30, 2012,
filed its monthly operating report for the fiscal month ended
Sept. 25, 2012.
As of Aug. 21, 2012, the Company had a total book balance of
$197,208 in cash. The Company had total cash receipts of $3,000
and total cash disbursements of $5,149. As a result, as of
Sept. 25, 2012, Real Mex had total cash of $199,358.
About Real Mex
Based in Cypress, California, Real Mex Restaurants, Inc., owns and
operates restaurants, primarily through its major subsidiaries El
Torito Restaurants, Inc., Chevys Restaurants, LLC, and Acapulco
Restaurants, Inc. It has 178 restaurants, with 149 in California.
There are also 30 franchised locations. It acquired Chevys Inc.
for $90 million through confirmation of Chevy's Chapter 11 plan in
2004.
Real Mex Restaurants and 16 of its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Case Nos. 11-13122 to 11-
13138) on Oct. 4, 2011. Judge Brendan Linehan Shannon oversees
the case. Judge Peter Walsh was initially assigned to the case.
The Debtors are represented by Mark Shinderman, Esq., Fred
Neufeld, Esq., and Haig M. Maghakian, Esq., at Milbank, Tweed,
Hadley & McCloy LLP; and Laura Davis Jones, Esq., and Curtis A.
Helm, Esq., at Pachulski Stang Ziehl & Jones LLP as counsel. The
Debtors' financial advisors are Imperial Capital, LLC. The
Debtors' claims, noticing, soliciting and balloting agent is Epiq
Bankruptcy Solutions, LLC.
Assets are $272.2 million while debt totals $250 million,
according to the Chapter 11 petition. The petitions were signed
by Richard P. Dutkiewiez, chief financial officer and executive
vice president.
The Court has approved that certain asset purchase agreement
between the Debtors and RlvI Opco LLC dated as of Feb. 10, 2012,
for the sale of substantially all of the Debtors' assets.
Counsel to GE Capital Corp., the DIP Agent and the Prepetition
First Lien Secured Agent, are Jeffrey G. Moran, Esq., and Peter P.
Knight, Esq., at Latham & Watkins LLP; and Kurt F. Gwynne, Esq.,
at Reed Smith LLP as counsel.
Counsel to the Prepetition Secured Second Lien Trustee are Mark F.
Hebbeln, Esq., and Harold L. Kaplan, Esq., at Foley & Lardner LLP.
Counsel to the Majority Prepetition Second Lien Secured
Noteholders are Adam C. Harris, Esq., and David M. Hillman, Esq.,
at Schulte Roth & Zabel LLP; and Russell C. Silberglied, Esq., at
Richards Layton & Finger.
Z Capital Management LLC, which holds nearly 70% of the Opco term
loan, is represented by Derek C. Abbott, Esq., and Chad A. Fights,
Esq., at Morris Nichols Arsht & Tunnell LLP; and Lee R. Bogdanoff,
Esq., and Whitman L. Holt, Esq., at Klee Tuchin Bogdanoff & Stern
LLP.
The Official Committee of Unsecured Creditors tapped Kelley Drye &
Warren LLP as its counsel; Cole, Schotz, Meisel, Forman & Leonard
P.A. as its co-counsel, and Duff & Phelps Securities, LLC as its
financial advisor.
Early this year, the Bankruptcy Court authorized Real Mex to sell
substantially all of their assets to RM Opco, LLC, an entity
formed by a group of its bondholders. Pursuant to the Jan. 27,
2012 purchase agreement, the purchaser made a written offer to
acquire the assets in exchange for (i) an $80,000 credit bid, (ii)
$53,569,000 in cash, and (iii) the assumption of the assumed
liabilities.
RG STEEL: WP Ventures Ends October With $3 Million in Cash
----------------------------------------------------------
WP Steel Ventures, LLC, et al., on Dec. 3, 2012, filed its monthly
operating report for the month ended Oct. 31, 2012.
The Company posted a net loss of $5.01 million on total sales of
$4.9 million for the month ended Oct. 31, 2012.
As of Oct. 31, 2012, the Company had total assets of
$357.44 million, total liabilities of $1.26 billion and total
stockholders' deficit of $906.94 million.
WP Steel Ventures had total cash receipts of $27.7 million and
total disbursements of $27.62 million for the month of October.
As of Oct. 31, 2012, the Company had $3 million in unrestricted
cash and equivalents.
About RG Steel
RG Steel LLC -- http://www.rg-steel.com/-- is the United States'
fourth-largest flat-rolled steel producer with annual steelmaking
capacity of 7.5 million tons. It was formed in March 2011
following the purchase of three steel facilities located in
Sparrows Point, Maryland; Wheeling, West Virginia and Warren,
Ohio, from entities related to Severstal US Holdings LLC. RG
Steel also owns finishing facilities in Yorkville and Martins
Ferry, Ohio. It also owns Wheeling Corrugating Company and has a
50% ownership in Mountain State Carbon and Ohio Coatings Company.
RG Steel along with affiliates, including WP Steel Venture LLC,
sought bankruptcy protection (Bankr. D. Del. Lead Case No. 12-
11661) on May 31, 2012, to pursue a sale of the business. The
bankruptcy was precipitated by liquidity shortfall and a dispute
with Mountain State Carbon, LLC, and a Severstal affiliate, that
restricted the shipment of coke used in the steel production
process.
The Debtors estimated assets and debts in excess of $1 billion as
of the Chapter 11 filing. The Debtors owe (i) $440 million,
including $16.9 million in outstanding letters of credit, to
senior lenders led by Wells Fargo Capital Finance, LLC, as
administrative agent, (ii) $218.7 million to junior lenders, led
by Cerberus Business Finance, LLC, as agent, (iii) $130.5 million
on account of a subordinated promissory note issued by majority
owner The Renco Group, Inc., and (iv) $100 million on a secured
promissory note issued by Severstal.
Judge Kevin J. Carey presides over the case.
The Debtors are represented in the case by Robert J. Dehney, Esq.,
and Erin R. Fay, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
and Matthew A. Feldman, Esq., Shaunna D. Jones, Esq., Weston T.
Eguchi, Esq., at Willkie Farr & Gallagher LLP, represent the
Debtors.
Conway MacKenzie, Inc., serves as the Debtors' financial advisor
and The Seaport Group serves as lead investment banker. Donald
MacKenzie of Conway MacKenzie, Inc., as CRO. Kurtzman Carson
Consultants LLC is the claims and notice agent.
Wells Fargo Capital Finance LLC, as Administrative Agent, is
represented by Jonathan N. Helfat, Esq., and Daniel F. Fiorillo,
Esq., at Otterbourg, Steindler, Houston & Rosen, P.C.; and Laura
Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachuiski Stang
Ziehi & Jones LLP.
Renco Group is represented by lawyers at Cadwalader, Wickersham &
Taft LLP.
An official committee of unsecured creditors has been appointed in
the case. Kramer Levin Naftalis & Frankel LLP represents the
Committee. Huron Consulting Services LLC serves as its financial
advisor.
The Debtor has sold off the principal plants. The sale of the
Wheeling Corrugating division to Nucor Corp. brought in $7
million. That plant in Sparrows Point, Maryland, fetched the
highest price, $72.5 million.
VERTIS HOLDINGS: Ends October 31 With $7.19 Million in Cash
-----------------------------------------------------------
Vertis Holdings Inc. et al., on Dec. 3, 2012, filed its monthly
operating report for the period from Oct. 11 through Oct. 31,
2012.
The Debtor reported a net loss of $4.68 million on net sales of
$69.5 million for the period ended Oct. 31, 2012.
As of Oct. 31, 2012, the Debtor had total assets of
$866.95 million, total liabilities of $870.31 million and total
stockholders' deficit of $3.36 million.
At the beginning of the period, the Debtor had $9.35 million in
cash. Vertis Holdings had total cash receipts of $125.57 million
and total cash disbursements of $127.74 million. As a result, as
of Oct. 31, 2012, Vertis Holdings had total cash of $7.19 million.
About Vertis
Vertis Holdings Inc. -- http://www.thefuturevertis.com/--
provides advertising services in a variety of print media,
including newspaper inserts such as magazines and supplements.
Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821),
returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to
sell the business to Quad/Graphics, Inc., for $258.5 million,
subject to higher and better offers in an auction.
As of Aug. 31, 2012, the Debtors' unaudited consolidated financial
statements reflected assets of approximately $837.8 million and
liabilities of approximately $814.0 million.
Bankruptcy Judge Christopher Sontchi presides over the 2012 case.
Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal,
and Cadwalader, Wickersham & Taft LLP. Quad/Graphics is advised
by Blackstone Advisory Partners, Arnold & Porter LLP and Foley &
Lardner LLP, special counsel for antitrust advice. Kurtzman
Carson Consultants LLC is the Debtors' claims agent.
Quad/Graphics is a global provider of print and related
multichannel solutions for consumer magazines, special interest
publications, catalogs, retail inserts/circulars, direct mail,
books, directories, and commercial and specialty products,
including in-store signage. Headquartered in Sussex, Wis. (just
west of Milwaukee), the Company has approximately 22,000 full-time
equivalent employees working from more than 50 print-production
facilities as well as other support locations throughout North
America, Latin America and Europe.
Vertis first filed for bankruptcy (Bankr. D. Del. Case No.
08-11460) on July 15, 2008, to complete a merger with American
Color Graphics. ACG also commenced separate bankruptcy
proceedings. In August 2008, Vertis emerged from bankruptcy,
completing the merger.
Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 10-16170) on Nov. 17, 2010. The Debtor estimated its
assets and debts of more than $1 billion. Affiliates also filed
separate Chapter 11 petitions -- American Color Graphics, Inc.
(Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr.
S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case
No. 10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No.
10-16172), Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and
Webcraft Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174). The
bankruptcy court approved the prepackaged Chapter 11 plan on
Dec. 16, 2010, and Vertis consummated the plan on Dec. 21. The
plan reduced Vertis' debt by more than $700 million or 60%.
GE Capital Corporation, which serves as DIP Agent and Prepetition
Agent, is represented in the 2012 case by lawyers at Winston &
Strawn LLP. Morgan Stanely Senior Funding Inc., the agent under
the prepetition term loan, and as term loan collateral agent, is
represented by lawyers at White & Case LLP, and Milbank Tweed
Hadley & McCloy LLP.
*********
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.
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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
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Don't be fooled. Assets, for example, reported at historical cost
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petitions in Acrobat PDF format.
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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
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Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
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Editors.
Copyright 2012. All rights reserved. ISSN: 1520-9474.
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