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/raid1/www/Hosts/bankrupt/TCR_Public/130601.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 1, 2013, Vol. 17, No. 150 Headlines ALLEN FAMILY: Has $3.28 Million Cash at March 31 AMERICAN AIRLINES: Operating Profit Falls to $14 Million in April ATARI INC: Net Loss Down to $1.4 Million in April ATP OIL: March Net Loss Revised to $44.03 Million ATP OIL: Net Loss in April Drops to $15.73 Million CARL'S PATIO: Posts $758,000 Net Loss at Feb. 28 CARL'S PATIO: Net Loss Increases to $1.9 Million in March CARL'S PATIO: Records $6.44 Million in Liabilities in April EDISON MISSION: Reports $23.5 Million April Operating Loss FIBERTOWER CORP: Posts $1.26 Million Net Loss in April FIBERTOWER NETWORK: Has $1.44 Million Cash in April FLAT OUT: Net Loss Up to $485,657 for Period Ended May 1 INTERFAITH MEDICAL: Has $11.95 Million Cash at April 30 K-V PHARMACEUTICAL: K-V Discovery Ends April with $35.75MM Cash KIT DIGITAL: Posts $50,389 Net Loss at April 30 METEX MFG: Records $$53,401 Net Profit for April MF GLOBAL: Has Total Assets of $3.53 Billion as of April 30 NORTEL NETWORKS: Has $989 Million Cash Balance at March 31 NORTHSTAR AEROSPACE: Has $818,000 Cash Balance at April 30 PMI GROUP: Posts $1.37 Million Net Loss in April RAPID-AMERICAN CORP: Lists $4.41 Million Cash at April 30 RODEO CREEK: Posts $4.68 Million Net Loss in April SYNAGRO TECHNOLOGIES: Files Initial Monthly Operating Report THQ INC: Has $60.41 Million Cash as of March 30 TOUSA INC: Lists $1.58 Million Net Loss in April TRINITY COAL: Net Loss Increases to $5.15 Million in April VALENCE TECHNOLOGY: Ends April with $1.02 Million in Cash ********* ALLEN FAMILY: Has $3.28 Million Cash at March 31 ----------------------------------------------- Allen Family Foods, Inc., et al., on Apr. 18, 2013, filed its post-confirmation quarterly operating report for the period from January 13, 2013 through March 31, 2013. For the reporting period, the Debtor had total cash receipts of $4.33 million and total cash disbursements of $1.05 million. As a result, as of March 31, the Debtor had total cash of $3.28 million. About Allen Family Foods Allen Family Foods Inc. is a 92-year-old Seaford, Del., poultry company. Allen Family Foods and two affiliates, Allen's Hatchery Inc. and JCR Enterprises Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 11-11764) on June 9, 2011. Allen estimated assets and liabilities between $50 million and $100 million in its petition. Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in Wilmington, Delaware, serve as counsel to the Debtors. FTI Consulting is the financial advisor. BMO Capital Markets is the Debtors' investment banker. Epiq Bankruptcy Solutions LLC is the claims and notice agent. Roberta DeAngelis, U.S. Trustee for Region 3, appointed seven creditors to serve on an Official Committee of Unsecured Creditors in the Debtors' cases. Lowenstein Sandler PC and Womble Carlyle Sandridge & Rice, PLLC, serve as counsel for the committee. J.H. Cohn LLP serves as the Committee's financial advisor. The Debtors' Chapter 11 plan was confirmed by the bankruptcy judge in December. The Plan provided for the creation of a trustee to liquidate the remaining assets, claims and causes of action the Debtors and distribute the proceeds to creditors. The Debtors sold their business in September 2011 to Korean poultry producer Harim Co., generating $45.2 million. A settlement with the lender gave unsecured creditors $5 million. The bank also agreed to waive claims, so it won't share in distributions to unsecured creditors as a result of a shortfall in payment of the secured claim. Under the plan, unsecured creditors with $32.2 million in claims were projected to make a 10% recovery. AMERICAN AIRLINES: Operating Profit Falls to $14 Million in April ----------------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that AMR Corp., parent of American Airlines Inc., reported a $14 million operating profit in April, a decline from the $91 million of operating income in March. According to the report, the monthly operating report filed with the bankruptcy court in New York showed a $105 million net loss, narrower than the $193 million net loss in March. The net loss is attributable to $66 million in reorganization costs and $56 million in interest expense. AMR ended April with $4.42 billion in unrestricted cash, an increase of $177 million from the end of March. Restricted cash at April 30 was another $852 million, little changed from the month before. The report notes that there will be a hearing on June 4 in U.S. Bankruptcy Court in Manhattan for approval of the disclosure statement explaining the reorganization plan founded on a merger with US Airways Group Inc. At the same hearing, AMR will also seek court approval for an agreement whereby creditors with $1.6 billion in claims oblige themselves to support the plan. AMR stakeholders are to receive 72 percent of the stock of the merged airlines. Depending on the price the stock commands in the market, AMR creditors could be paid in full. AMR shareholders are to receive a minimum of 3.5 percent of the stock, and more depending on how high it trades. The report relates that AMR's existing stock fell 5.9 percent May 29 at $5.46 in over-the-counter trading. Following the Chapter 11 filing in November 2011, the high for the stock was $6.85 on May 16. The stock could have been purchased for 40 cents in October and rose to $1.30 before the merger was disclosed. About American Airlines AMR Corp. and its subsidiaries including American Airlines, the third largest airline in the United States, filed for bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan on Nov. 29, 2011, after failing to secure cost-cutting labor agreements. AMR, previously the world's largest airline prior to mergers by other airlines, is the last of the so-called U.S. legacy airlines to seek court protection from creditors. American Airlines, American Eagle and the AmericanConnection carrier serve 260 airports in more than 50 countries and territories with, on average, more than 3,300 daily flights. The combined network fleet numbers more than 900 aircraft. The Company reported a net loss of $884 million on $18.02 billion of total operating revenues for the nine months ended Sept. 30, 2011. AMR recorded a net loss of $471 million in the year 2010, a net loss of $1.5 billion in 2009, and a net loss of $2.1 billion in 2008. AMR's balance sheet at Sept. 30, 2011, showed $24.72 billion in total assets, $29.55 billion in total liabilities, and a $4.83 billion stockholders' deficit. Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the Debtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law Group, Chartered, are on board as special counsel. Rothschild Inc., is the financial advisor. Garden City Group Inc. is the claims and notice agent. Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., and Jay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP serve as counsel to the Official Committee of Unsecured Creditors in AMR's chapter 11 proceedings. Togut, Segal & Segal LLP is the co-counsel for conflicts and other matters; Moelis & Company LLC is the investment banker, and Mesirow Financial Consulting, LLC, is the financial advisor. Bankruptcy Creditors' Service, Inc., publishes AMERICAN AIRLINES BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding undertaken by AMR Corp. and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). ATARI INC: Net Loss Down to $1.4 Million in April ------------------------------------------------- Atari Inc, on May 15, 2013, filed its monthly operating report for the month ended April 30, 2013. The Company posted net loss of $1.4 million on net revenue of $2.1 million for the month ended April 30, 2013, as compared to a $5.19 million net loss for March. As of April 30, 2013, the Company had total assets of $33.30 million, total liabilities of $329.47 million and total stockholders' deficit of $296.17 million. At the beginning of the month, the Company had $3.09 million in cash. Atari had total cash receipts of $5.34 million and total cash disbursements of $6.12 million. As a result, at the end of April, the Company had total cash of $2.31 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/ATARI_INC_aprilmor.pdf About Atari Atari -- http://www.atari.com-- is a multi-platform, global interactive entertainment and licensing company. Atari owns and/or manages a portfolio of more than 200 games and franchises, including world renowned brands like Asteroids(R), Centipede(R), Missile Command(R), Pong(R), Test Drive(R), Backyard Sports(R), and Rollercoaster Tycoon(R). Atari Inc. and its U.S. affiliates filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Lead Case No. 13-10176) on Jan. 21, 2013, to break away from their unprofitable French parent company and secure independent capital. A day after its American unit filed for Chapter 11 bankruptcy protection, Paris-based Atari S.A. took a similar measure under Book 6 of that country's commercial code. Atari S.A. said it was filing for legal protection because its longtime backer BlueBay has sought to sell its 29% stake and demanded repayment by March 31 on a credit line of $28 million that it cut off in December. Peter S. Partee, Sr. and Michael P. Richman of Hunton & Williams LLP are proposed to serve as lead counsel for the U.S. companies in their Chapter 11 cases. BMC Group is the claims and notice agent. Protiviti Inc. is the financial advisor. Duff & Phelps Securities LLC serves as financial advisor to the Official Committee of Unsecured Creditors. Cooley LLP serves as the Committee's counsel. ATP OIL: March Net Loss Revised to $44.03 Million ------------------------------------------------- ATP Oil & Gas Corporation, on April 25, 2013, filed a revised monthly operating report for the month ended March 31, 2013, to report a net loss of $44.03 million from $50.44 million that was previously reported. Total stockholders' deficit was also revised from $198.75 million to $192.34 million, with revised retained earnings (post-filing date) of ($161.78) million. The Company's revenues, assets, liabilities, cash receipts, cash disbursements, and total cash for March 2013 remain the same. About ATP Oil Houston, Tex.-based ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 12-36187) on Aug. 17, 2012. Attorneys at Mayer Brown LLP, serve as bankruptcy counsel. Munsch Hardt Kopf & Harr, P.C., is the conflicts counsel. Opportune LLP is the financial advisor and Jefferies & Company is the investment banker. Kurtzman Carson Consultants LLC is the claims and notice agent. ATP disclosed assets of $3.6 billion and $3.5 billion of liabilities as of March 31, 2012. Debt includes $365 million on a first-lien loan where Credit Suisse AG serves as agent. There is $1.5 billion on second-lien notes with Bank of New York Mellon Trust Co. as agent. ATP's other debt includes $35 million on convertible notes and $23.4 million owing to third parties for their shares of production revenue. Trade suppliers have claims for $147 million, ATP said in a court filing. An official committee of unsecured creditors has been appointed in the case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley & McCloy, in New York, represents the Creditors Committee as counsel. A 7-member panel of equity security holders has also been appointed in the case. Kyung S. Lee, Esq., and Charles M. Rubio, Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel to the Equity Committee. ATP OIL: Net Loss in April Drops to $15.73 Million -------------------------------------------------- ATP Oil & Gas Corporation, on May 20, 2013, filed its monthly operating report for the month ended April 30, 2013. The Company reported a net loss of $15.73 million on revenues of $50.06 million for April 2013, as compared to a $44.03 million net loss on revenues of $39.71 million for March. Under the Company's reorganization expenses for April, professional fees totaled $11.29 million. As of April 30, 2013, the Company had total assets of $2.96 billion, total liabilities of $3.17 billion, and total stockholders' deficit of $209.28 million. At the beginning of April, ATP Oil had $19.17 million in cash. The Company had total cash receipts of $77.43 million and total cash disbursements of $74.08 million. As a result, at the end of the month, ATP Oil had total cash of $22.52 million. About ATP Oil Houston, Tex.-based ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 12-36187) on Aug. 17, 2012. Attorneys at Mayer Brown LLP, serve as bankruptcy counsel. Munsch Hardt Kopf & Harr, P.C., is the conflicts counsel. Opportune LLP is the financial advisor and Jefferies & Company is the investment banker. Kurtzman Carson Consultants LLC is the claims and notice agent. ATP disclosed assets of $3.6 billion and $3.5 billion of liabilities as of March 31, 2012. Debt includes $365 million on a first-lien loan where Credit Suisse AG serves as agent. There is $1.5 billion on second-lien notes with Bank of New York Mellon Trust Co. as agent. ATP's other debt includes $35 million on convertible notes and $23.4 million owing to third parties for their shares of production revenue. Trade suppliers have claims for $147 million, ATP said in a court filing. An official committee of unsecured creditors has been appointed in the case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley & McCloy, in New York, represents the Creditors Committee as counsel. A 7-member panel of equity security holders has also been appointed in the case. Kyung S. Lee, Esq., and Charles M. Rubio, Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel to the Equity Committee. CARL'S PATIO: Posts $758,000 Net Loss at Feb. 28 ------------------------------------------------ Carl's Patio Inc., now known as CP Liquidating, Inc., on April 2, 2013, filed its amended monthly operating report for the period Jan. 22, 2013 through Feb. 28, 2013. The Company posted net loss of $758,000 on net sales of $2.68 million for the period Jan. 22, 2013 to Feb. 28, 2013. As of Feb. 28, 2013, the Company had total assets of $16.85 million, total liabilities of $12.39 million and total stockholders' equity of $4.39 million. As of Jan. 22, 2013, the Company had $918,000 cash. From Jan. 22, 2013 to Feb. 28, 2013, the Company and its affiliates had total cash receipts of $6.118 million and total cash disbursements of $6.118 million. They also recorded a $352,000 accrual adjustment. As a result, total cash balance at the end of the period $566,000. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/CARLS_PATIO_febmor.pdf About Carl's Patio Founded in 1993, Carl's Patio claims to be a leading retailer of upscale outdoor furniture and accessories. The company operates 10 retail locations and a warehouse in South Florida. The company has 68 employees. The company leases all its locations and do not own any real property. Carl's Patio, Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. 13-10102) on Jan. 21, 2013, and immediately conveyed plans to sell the business to Weinberg Capital, absent higher and better offers. On April 10, 2013, the Debtor changed its name to CP Liquidating, Inc. and its affiliates -- Carl's Patio West, Inc. to CPW Liquidating, Inc. and Terrace 436, Inc. to T436 Liquidating, Inc. Bayard, P.A., represents the Debtor in its restructuring efforts. BGA Management, LLC, doing business as Alliance Management, serves as financial advisor, and Epiq Bankruptcy Solutions LLC serves as claims and noticing agent. Carl's Patio estimated total assets and total debts of $10 million to $50 million. The Debtor owes $2.19 million on a secured revolver, and $3.01 million on a term loan from Fifth Third. The Debtor also has $600,000 of subordinated debt. CARL'S PATIO: Net Loss Increases to $1.9 Million in March --------------------------------------------------------- CP Liquidating Inc., formerly known as Carl's Patio, Inc., on April 22, 2013, filed its monthly operating report for the month ended March 31, 2013. The Company posted net loss of $1.9 million on net sales of $310,000 for the month ended March 31, 2013, as compared to a $758,000 net loss at Feb. 28. As of March 31, 2013, the Company had total assets of $12.7 million, total liabilities of $6.44 million and total stockholders' equity of $6.25 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/CARLS_PATIO_marchmor.pdf About Carl's Patio Founded in 1993, Carl's Patio claims to be a leading retailer of upscale outdoor furniture and accessories. The company operates 10 retail locations and a warehouse in South Florida. The company has 68 employees. The company leases all its locations and do not own any real property. Carl's Patio, Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. 13-10102) on Jan. 21, 2013, and immediately conveyed plans to sell the business to Weinberg Capital, absent higher and better offers. On April 10, 2013, the Debtor changed its name to CP Liquidating, Inc. and its affiliates -- Carl's Patio West, Inc. to CPW Liquidating, Inc. and Terrace 436, Inc. to T436 Liquidating, Inc. Bayard, P.A., represents the Debtor in its restructuring efforts. BGA Management, LLC, doing business as Alliance Management, serves as financial advisor, and Epiq Bankruptcy Solutions LLC serves as claims and noticing agent. Carl's Patio estimated total assets and total debts of $10 million to $50 million. The Debtor owes $2.19 million on a secured revolver, and $3.01 million on a term loan from Fifth Third. The Debtor also has $600,000 of subordinated debt. CARL'S PATIO: Records $6.44 Million in Liabilities in April ----------------------------------------------------------- CP Liquidating, Inc., formerly known as Carl's Patio, Inc., on May 20, 2013, filed its monthly operating report for the month ended April 30, 2013. As of April 30, 2013, the Company had total assets of $12.7 million, total liabilities of $6.44 million and total stockholders' equity of $6.25 million. The Company had zero net sales and zero net profit or loss for April. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/CARLS_PATIO_aprilmor.pdf About Carl's Patio Founded in 1993, Carl's Patio claims to be a leading retailer of upscale outdoor furniture and accessories. The company operates 10 retail locations and a warehouse in South Florida. The company has 68 employees. The company leases all its locations and do not own any real property. Carl's Patio, Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. 13-10102) on Jan. 21, 2013, and immediately conveyed plans to sell the business to Weinberg Capital, absent higher and better offers. On April 10, 2013, the Debtor changed its name to CP Liquidating, Inc. and its affiliates -- Carl's Patio West, Inc. to CPW Liquidating, Inc. and Terrace 436, Inc. to T436 Liquidating, Inc. Bayard, P.A., represents the Debtor in its restructuring efforts. BGA Management, LLC, doing business as Alliance Management, serves as financial advisor, and Epiq Bankruptcy Solutions LLC serves as claims and noticing agent. Carl's Patio estimated total assets and total debts of $10 million to $50 million. The Debtor owes $2.19 million on a secured revolver, and $3.01 million on a term loan from Fifth Third. The Debtor also has $600,000 of subordinated debt. EDISON MISSION: Reports $23.5 Million April Operating Loss ---------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, Edison Mission Energy, which doesn't predict emerging from bankruptcy reorganization until the end of 2014, reported a $23.5 million operating loss in April on revenue of $72.6 million. The net loss for the month was $21.5 million. Adding to the net loss was $8.4 million in reorganization costs. The net loss was minimized by a $14.8 million tax benefit. About Edison Mission Santa Ana, California-based Edison Mission Energy is a holding company whose subsidiaries and affiliates are engaged in the business of developing, acquiring, owning or leasing, operating and selling energy and capacity from independent power production facilities. EME also engages in hedging and energy trading activities in power markets through its subsidiary Edison Mission Marketing & Trading, Inc. EME was formed in 1986 and is an indirect subsidiary of Edison International. Edison International also owns Southern California Edison Company, one of the largest electric utilities in the United States. EME and its affiliates sought Chapter 11 protection (Bankr. N.D. Ill. Lead Case No. 12-49219) on Dec. 17, 2012. EME has reached an agreement with the holders of a majority of EME's $3.7 billion of outstanding public indebtedness and its parent company, Edison International EIX, that, pursuant to a plan of reorganization and pending court approval, would transition Edison International's equity interest to EME's creditors, retire existing public debt and enhance EME's access to liquidity. The Company's balance sheet at Sept. 30, 2012, showed $8.17 billion in total assets, $6.68 billion in total liabilities and $1.48 billion in total equity. In its schedules, Edison Mission Energy disclosed total assets of assets of $5,721,559,170 and total liabilities of $6,202,215,094 as of the Petition Date. Kirkland & Ellis LLP is serving as legal counsel to EME, Perella Weinberg Partners, LP is acting as financial advisor and McKinsey Recovery & Transformation Services U.S., LLC is acting as restructuring advisor. GCG, Inc., is the claims and notice agent. An official committee of unsecured creditors has been appointed in the case and is represented by the law firms Akin Gump and Perkins Coie. The Committee also has tapped Blackstone Advisory Partners as investment banker and FTI Consulting as financial advisor. EME said it doesn't plan to emerge from Chapter 11 until December 2014 to receive benefits from a tax-sharing agreement with parent Edison International Inc. FIBERTOWER CORP: Posts $1.26 Million Net Loss in April ------------------------------------------------------ FiberTower Corporation, on May 17, 2013, filed its monthly operating report for the month ended April 30, 2013. The Company posted net loss of $1.26 million on net revenue of $1,217 million for the month ended April 30, 2013. As of April 30, 2013, the Company had total assets of $325.18 million, total liabilities of $199.46 million and total stockholders' equity of $125.71 million. At the beginning of the month, the Company had $1.35 million in cash. Fibertower had total cash receipts of $4.5 million and total cash disbursements of $5.55 million. As a result, at the end of April, the Company had total cash of $302,000. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/FIBERTOWER_NETWORK_aprilmorc.pdf About FiberTower Corporation FiberTower Corporation, FiberTower Network Services Corp., FiberTower Licensing Corp., and FiberTower Spectrum Holdings LLC filed for Chapter 11 protection (Bankr. N.D. Tex. Case Nos. 12-44027 to 12-44031) on July 17, 2012, together with a plan support agreement struck with prepetition secured noteholders. FiberTower is an alternative provider of facilities-based backhaul services, principally to wireless carriers, and a national provider of millimeter-band spectrum services. Backhaul is the transport of voice, video and data traffic from a wireless carrier's mobile base station, or cell site, to its mobile switching center or other exchange point. FiberTower provides spectrum leasing services directly to other carriers and enterprise clients, and also offer their spectrum services through spectrum brokerage arrangements and through fixed wireless equipment partners. FiberTower's significant asset is the ownership of a national spectrum portfolio of 24 GHz and 39 GHz wide-area spectrum licenses, including over 740 MHz in the top 20 U.S. metropolitan areas and, in the aggregate, roughly 1.72 billion channel pops (calculated as the number of channels in a given area multiplied by the population, as measured in the 2010 census, covered by these channels). FiberTower believes the Spectrum Portfolio represents one of the largest and most comprehensive collections of millimeter wave spectrum in the U.S., covering areas with a total population of over 300 million. As of the Petition Date, FiberTower provides service to roughly 5,390 customer locations at 3,188 deployed sites in 13 markets throughout the U.S. The fixed wireless portion of these hybrid services is predominantly through common carrier spectrum in the 11, 18 and 23 GHz bands. FiberTower's biggest service markets are Dallas/Fort Worth and Washington, D.C./Baltimore, with additional markets in Atlanta, Boston, Chicago, Cleveland, Denver, Detroit, Houston, New York/New Jersey, Pittsburgh, San Antonio/Austin/Waco and Tampa. As of June 30, 2012, FiberTower's books and records reflected total combined assets, at book value, of roughly $188 million and total combined liabilities of roughly $211 million. As of the Petition Date, FiberTower had unrestricted cash of roughly $23 million. For the six months ending June 30, 2012, FiberTower had total revenue of roughly $33 million. With the help of FTI Consulting Inc., FiberTower's preliminary valuation work shows that the Company's enterprise value is materially less than $132 million -- i.e., the approximate principal amount of the 9.00% Senior Secured Notes due 2016 outstanding as of the Petition Date. The preliminary valuation work is based upon the assumption that FiberTower's spectrum licenses will not be terminated. Fibertower Spectrum disclosed $106,630,000 in assets and $175,501,975 in liabilities as of the Chapter 11 filing. Judge D. Michael Lynn oversees the Chapter 11 case. Lawyers at Andrews Kurth LLP serve as the Debtors' lead counsel. Lawyers at Hogan Lovells and Willkie Farr and Gallagher LLP serve as special FCC counsel. FTI Consulting serve as financial advisor. BMC Group Inc. serve as claims and noticing agent. The petitions were signed by Kurt J. Van Wagenen, president. Wells Fargo Bank, National Association -- as indenture trustee and collateral agent to the holders of 9.00% Senior Secured Notes due 2016 owed roughly $132 million as of the Petition Date -- is represented by Eric A. Schaffer, Esq., at Reed Smith LLP. An Ad Hoc Committee of Holders of the 9% Secured Notes Due 2016 is represented by Kris M. Hansen, Esq., and Sayan Bhattacharyya, Esq., at Stroock & Stroock & Lavan LLP. Wells Fargo and the Ad Hoc Committee also have hired Stephen M. Pezanosky, Esq., and Mark Elmore, Esq., at Haynes and Boone, LLP, as local counsel. U.S. Bank, National Association -- in its capacity as successor indenture trustee and collateral agent to holders of the 9.00% Convertible Senior Secured Notes due 2012, owed $37 million as of the Petition Date -- is represented by Michael B. Fisco, Esq., at Faegre Baker Daniels LLP, as counsel and J. Mark Chevallier, Esq., at McGuire Craddock & Strother PC as local counsel. William T. Neary, the U.S. Trustee for Region 6 appointed five members to the Official Committee of Unsecured Creditors in the Debtors' cases. The Committee is represented by Otterbourg, Steindler, Houston & Rosen, P.C., and Cole, Schotz, Meisel, Forman & Leonard, P.A. Goldin Associates, LLC serves as its financial advisors. FIBERTOWER NETWORK: Has $1.44 Million Cash in April --------------------------------------------------- Fibertower Network Services, on May 17, 2013, filed its monthly operating report for the month ended April 30, 2013. The Company reported a net income of $1.44 million on net revenue of $4.72 million for the period ended April 30, 2013. For the current period, the Company had total assets of $76.14 million, total liabilities of $355.01 million, and total stockholders' deficit of $278.86 million. As of April 1, 2013, the Company had $14.46 million in cash. At the end of the period, Fibertower had total cash of $12.31 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/FIBERTOWER_NETWORK_aprilmord.pdf About FiberTower Corporation FiberTower Corporation, FiberTower Network Services Corp., FiberTower Licensing Corp., and FiberTower Spectrum Holdings LLC filed for Chapter 11 protection (Bankr. N.D. Tex. Case Nos. 12-44027 to 12-44031) on July 17, 2012, together with a plan support agreement struck with prepetition secured noteholders. FiberTower is an alternative provider of facilities-based backhaul services, principally to wireless carriers, and a national provider of millimeter-band spectrum services. Backhaul is the transport of voice, video and data traffic from a wireless carrier's mobile base station, or cell site, to its mobile switching center or other exchange point. FiberTower provides spectrum leasing services directly to other carriers and enterprise clients, and also offer their spectrum services through spectrum brokerage arrangements and through fixed wireless equipment partners. FiberTower's significant asset is the ownership of a national spectrum portfolio of 24 GHz and 39 GHz wide-area spectrum licenses, including over 740 MHz in the top 20 U.S. metropolitan areas and, in the aggregate, roughly 1.72 billion channel pops (calculated as the number of channels in a given area multiplied by the population, as measured in the 2010 census, covered by these channels). FiberTower believes the Spectrum Portfolio represents one of the largest and most comprehensive collections of millimeter wave spectrum in the U.S., covering areas with a total population of over 300 million. As of the Petition Date, FiberTower provides service to roughly 5,390 customer locations at 3,188 deployed sites in 13 markets throughout the U.S. The fixed wireless portion of these hybrid services is predominantly through common carrier spectrum in the 11, 18 and 23 GHz bands. FiberTower's biggest service markets are Dallas/Fort Worth and Washington, D.C./Baltimore, with additional markets in Atlanta, Boston, Chicago, Cleveland, Denver, Detroit, Houston, New York/New Jersey, Pittsburgh, San Antonio/Austin/Waco and Tampa. As of June 30, 2012, FiberTower's books and records reflected total combined assets, at book value, of roughly $188 million and total combined liabilities of roughly $211 million. As of the Petition Date, FiberTower had unrestricted cash of roughly $23 million. For the six months ending June 30, 2012, FiberTower had total revenue of roughly $33 million. With the help of FTI Consulting Inc., FiberTower's preliminary valuation work shows that the Company's enterprise value is materially less than $132 million -- i.e., the approximate principal amount of the 9.00% Senior Secured Notes due 2016 outstanding as of the Petition Date. The preliminary valuation work is based upon the assumption that FiberTower's spectrum licenses will not be terminated. Fibertower Spectrum disclosed $106,630,000 in assets and $175,501,975 in liabilities as of the Chapter 11 filing. Judge D. Michael Lynn oversees the Chapter 11 case. Lawyers at Andrews Kurth LLP serve as the Debtors' lead counsel. Lawyers at Hogan Lovells and Willkie Farr and Gallagher LLP serve as special FCC counsel. FTI Consulting serve as financial advisor. BMC Group Inc. serve as claims and noticing agent. The petitions were signed by Kurt J. Van Wagenen, president. Wells Fargo Bank, National Association -- as indenture trustee and collateral agent to the holders of 9.00% Senior Secured Notes due 2016 owed roughly $132 million as of the Petition Date -- is represented by Eric A. Schaffer, Esq., at Reed Smith LLP. An Ad Hoc Committee of Holders of the 9% Secured Notes Due 2016 is represented by Kris M. Hansen, Esq., and Sayan Bhattacharyya, Esq., at Stroock & Stroock & Lavan LLP. Wells Fargo and the Ad Hoc Committee also have hired Stephen M. Pezanosky, Esq., and Mark Elmore, Esq., at Haynes and Boone, LLP, as local counsel. U.S. Bank, National Association -- in its capacity as successor indenture trustee and collateral agent to holders of the 9.00% Convertible Senior Secured Notes due 2012, owed $37 million as of the Petition Date -- is represented by Michael B. Fisco, Esq., at Faegre Baker Daniels LLP, as counsel and J. Mark Chevallier, Esq., at McGuire Craddock & Strother PC as local counsel. William T. Neary, the U.S. Trustee for Region 6 appointed five members to the Official Committee of Unsecured Creditors in the Debtors' cases. The Committee is represented by Otterbourg, Steindler, Houston & Rosen, P.C., and Cole, Schotz, Meisel, Forman & Leonard, P.A. Goldin Associates, LLC serves as its financial advisors. FLAT OUT: Net Loss Up to $485,657 for Period Ended May 1 -------------------------------------------------------- Flat Out Crazy, LLC, on May 20, 2013, filed its monthly operating report for the period from April 4, 2013, to May 1, 2013. The Company posted net loss of $485,657 on net revenue of $3.6 million for the month ended May 1, 2013, as compared to a $200,171 net loss for period ended April 3. As of May 1, 2013, the Company had total assets of $17.76 million, total liabilities of $12.07 million, and total stockholders' equity of $5.7 million. As of April 4, 2013, the Company had $1.27 million in cash. For the reporting period, Flat Out had total cash receipts of $3.76 million and total cash disbursements of $3.86 million. As a result, as of May 1, the Company had total cash of $1.17 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/FLAT_OUT_aprilmay_mor.pdf About Flat Out Crazy Flat Out Crazy LLC and its affiliates operate two Asian-inspired restaurant chains that began in Chicago. Flat Top Grill, which currently has 15 locations, is a full-service fast-casual create- your-own stir-fry concept. Stir Crazy Fresh Asian Grill, which has 11 locations, is a full-service casual Asian restaurant offering the flavors of Chinese, Japanese, Thai and Vietnamese food. The Debtors have 1,200 employees. Flat Out Crazy and 13 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 13-22094) in White Plains, New York on Jan. 25, 2013. The Debtors have tapped Squire Sanders (US) LLP as counsel; Kurtzman Carson Consultants, LLC, as claims, noticing and administrative agent; William H. Henrich and Mark Samson from Getzler Henrich as their co-chief restructuring officers; and J.H. Chapman Group, L.L.C, as their investment bankers. The Debtor disclosed $24,339,542 in assets and $15,899,166 in liabilities as of the Chapter 11 filing. An official committee of unsecured creditors has been appointed in the Debtors' cases. The Committee tapped to retain Kelley Drye & Warren LLP as its counsel and CBIZ Accounting, Tax and Advisory of New York, LLC as financial advisor. Tracy Hope Davis, the U.S. Trustee for Region 2, appointed Alan Chapell, as the consumer privacy ombudsman in the Debtors' cases. INTERFAITH MEDICAL: Has $11.95 Million Cash at April 30 ------------------------------------------------------- Interfaith Medical Center, Inc., on May 22, 2013, filed its monthly operating report for the month ended April 30, 2013. The Company recorded a $2.53 million operating loss on total revenues of $16.61 million. About $1.39 million in reorganization costs contributed to the operating loss. For April, the Company had total assets of $139.68 million, total liabilities of $358.87 million, and total stockholders' deficit of $219.19 million. At the beginning of the year, the Company had $13.51 million in cash and cash equivalents. For April, it expended $1.5 million in total for operating and financing activities. As a result, the Company has $11.95 million in cash and cash equivalents at April 30. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/INTERFAITH_MEDICAL_aprilmor.pdf About Interfaith Medical Center Headquartered in Brooklyn, New York, Interfaith Medical Center, Inc., operates a 287-bed hospital on Atlantic Avenue in Bedford- Stuyvesant and an ambulatory care network of eight clinics in central Brooklyn, in Crown Heights and Bedford-Stuyvesant. The Company filed for Chapter 11 protection (Bankruptcy E.D. N.Y. Case No. 12-48226) on Dec. 2, 2012. The Debtor disclosed $111,872,972 in assets and $193,540,998 in liabilities as of the Chapter 11 filing. Alan J. Lipkin, Esq., at Willkie Farr & Gallagher LLP, serves as bankruptcy counsel to the Debtor. Nixon Peabody LLP is the special corporate and healthcare counsel. CohnReznick LLP serves as financial advisor. Donlin, Recano & Company, Inc. serves as administrative agent. The Official Committee of Unsecured Creditors tapped Alston & Bird LLP as its counsel, and CBIZ Accounting, Tax & Advisory of New York, LLC as its financial advisor. Eric M. Huebscher, the patient care ombudsman tapped the law firm of DiConza Traurig LLP, as his counsel. K-V PHARMACEUTICAL: K-V Discovery Ends April with $35.75MM Cash --------------------------------------------------------------- K-V Discovery Solutions, Inc., et al., on May 20, 2013, filed its monthly operating report for the month ended Apr. 30, 2013. K-V Discovery Solutions posted a net loss of $3.52 million on net revenues of $8.33 million for the month ended Apr. 30, 2013. As of Apr. 30, 2013, the Company had total assets of $213.31 million, total liabilities of $699.98 million and total stockholders' deficit of $486.67 million. For the current month, the Company had total cash receipts of $10.28 million and total cash disbursements of $11.8 million. At the end of April, the Company had total cash of $35.75 million. A full-text copy of the monthly operating report is available at: http://is.gd/TaUn55 About K-V Pharmaceutical K-V Pharmaceutical Company (NYSE: KVa/KVb) -- http://www.kvpharmaceutical.com/-- is a fully integrated specialty pharmaceutical company that develops, manufactures, markets, and acquires technology-distinguished branded and generic/non-branded prescription pharmaceutical products. The Company markets its technology distinguished products through ETHEX Corporation, a subsidiary that competes with branded products, and Ther-Rx Corporation, the company's branded drug subsidiary. K-V Pharmaceutical Company and certain domestic subsidiaries on Aug. 4, 2012, filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 12-13346, under K-V Discovery Solutions Inc.) to restructure their financial obligations. K-V employed Willkie Farr & Gallagher LLP as bankruptcy counsel, Williams & Connolly LLP as special litigation counsel, and SNR Denton as special litigation counsel. In addition, K-V tapped Jefferies & Co., Inc., as financial advisor and investment banker. Epiq Bankruptcy Solutions LLC is the claims and notice agent. The U.S. Trustee appointed five members to serve in the Official Committee of Unsecured Creditors. Kristopher M. Hansen, Esq., Erez E. Gilad, Esq., and Matthew G. Garofalo, Esq., at Stroock & Stroock & Lavan LLP, represent the Creditors Committee. Weil, Gotshal & Manges LLP's Robert J. Lemons, Esq., and Lori R. Fife, Esq., represent an Ad Hoc Senior Noteholders Group. KIT DIGITAL: Posts $50,389 Net Loss at April 30 ----------------------------------------------- KIT digital, Inc., on May 20, 2013, filed its monthly operating report for the period from April 26, 2013 to April 30, 2013. The Company posted net loss of $50,389 for the month ended April 30, 2013. As of April 30, 2013, the Company had total assets of $241.91 million, total liabilities of $58.16 million and total stockholders' equity of $183.75 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/KIT_DIGITAL_aprilmor.pdf About KIT digital New York-based KIT digital Inc. -- http://www.kitd.com/-- is a video management software and services company. KIT digital services nearly 2,500 clients in 50+ countries including some of the world's biggest brands, such as Airbus, The Associated Press, AT&T, BBC, BSkyB, Disney-ABC, Google, HP, MTV, News Corp, Sky Deutschland, Sky Italia, Telecom Argentina, Telecom Italia, Telefonica, Universal Studios, Verizon, Vodafone VRT and Volkswagen. KIT digital filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 13-11298) in Manhattan on April 25, 2013. The Debtor disclosed $310,206,684 in assets and $23,011,940 in liabilities. KIT's operating subsidiaries, including Ioko 365, Polymedia, Kewego, Multicast and Megahertz are not included in the Chapter 11 filing. Jennifer Feldsher, Esq., and Anna Rozin, Esq., at Bracewell & Giuliani LLP, in New York, serve as counsel to the Debtor. American Legal Claims Services LLC is the claims and noticing agent and the administrative agent. Under the Plan, General Unsecured Claims will be paid in full from available cash. METEX MFG: Records $$53,401 Net Profit for April ------------------------------------------------ Metex Mfg. Corporation, on May 20, 2013, filed its monthly operating report for the month ended April 30, 2013. The Company reported a net profit of $53,401 for the month ended April 30, 2013. For the current reporting period, the Company had total assets of $5.40 million, total liabilities of $9.27 million, and total stockholders' deficit of $3.89 million. At the beginning of the month, the Company had $1.21 million in cash. It earned income totaling $63,460 from cash and credit transactions and had $10,059 in expenses for the reporting period, Thus, at the end of the period, Metex had total cash of $1.26 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/METEX_MFG_aprilmor.pdf About Metex Great Neck, New York-based Metex Mfg. Corporation, formerly known as Kentile Floors, Inc., started business in the late 1800's as a manufacturer of cork tile, and thereafter progressed to making composite tile for commercial and residential use. It filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 12- 14554) on Nov. 9, 2012. The petition was signed by Anthony J. Miceli, president. The Debtor estimated its assets and debts at $100 million to $500 million. Judge Burton R. Lifland presides over the case. Affiliate Kentile Floors, Inc., filed a separate Chapter 11 petition (Bankr. S.D.N.Y. Case No. 92-46466) on Nov. 20, 1992. MF GLOBAL: Has Total Assets of $3.53 Billion as of April 30 ----------------------------------------------------------- MF Global Holdings Ltd., et al., on May 21, 2013, filed a monthly operating report for the month ended Apr. 30, 2013. The Debtor reported a net loss of $1.82 million for the month ended Apr. 30, 2013. As of Apr. 30, 2013, MF Global Holdings had total assets of $3.53 billion, total liabilities of $3.78 billion and total stockholders' deficit of $249.09 million. For the current month, MF Global Holdings had total cash disbursements of $986,815. At the end of April, the Debtor had total cash of $797,647. A full-text copy of the monthly operating report is available at: http://is.gd/vITMVo About MF Global New York-based MF Global -- http://www.mfglobal.com/-- was one of the world's leading brokers of commodities and listed derivatives. MF Global provides access to more than 70 exchanges around the world. The firm also was one of 22 primary dealers authorized to trade U.S. government securities with the Federal Reserve Bank of New York. MF Global's roots go back nearly 230 years to a sugar brokerage on the banks of the Thames River in London. On Oct. 31, 2011, MF Global Holdings Ltd. and MF Global Finance USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15059 and 11-5058), after a planned sale to Interactive Brokers Group collapsed. As of Sept. 30, 2011, MF Global had $41,046,594,000 in total assets and $39,683,915,000 in total liabilities. On Nov. 7, 2011, the United States Trustee appointed the statutory creditors' committee in the Debtors' cases. At the behest of the Statutory Creditor's Committee, the Court directed the U.S. Trustee to appoint a chapter 11 trustee. On Nov. 28, 2011, the Bankruptcy Court entered an order approving the appointment of Louis J. Freeh, Esq., of Freeh Group International Solutions, LLC, as Chapter 11 trustee. On Dec. 19, 2011, MF Global Capital LLC, MF Global Market Services LLC and MF Global FX Clear LLC filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15808, 11-15809 and 11-15810). On Dec. 27, the Court entered an order installing Mr. Freeh as Chapter 11 Trustee of the New Debtors. On March 2, 2012, MF Global Holdings USA Inc. filed a voluntary Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-10863), and Mr. Freeh also was installed as its Chapter 11 Trustee. Judge Honorable Martin Glenn presides over the Chapter 11 case. J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve as bankruptcy counsel. The Garden City Group, Inc., serves as claims and noticing agent. The petition was signed by Bradley I. Abelow, Executive Vice President and Chief Executive Officer of MF Global Finance USA Inc. The Chapter 11 Trustee has tapped (i) Freeh Sporkin & Sullivan LLP, as investigative counsel; (ii) FTI Consulting Inc., as restructuring advisors; (iii) Morrison & Foerster LLP, as bankruptcy counsel; and (iv) Pepper Hamilton as special counsel. The Official Committee of Unsecured Creditors has retained Capstone Advisory Group LLC as financial advisor, while lawyers at Proskauer Rose LLP serve as counsel. The Securities Investor Protection Corporation commenced liquidation proceedings against MF Global Inc. to protect customers. James W. Giddens was appointed as trustee pursuant to the Securities Investor Protection Act. He is a partner at Hughes Hubbard & Reed LLP in New York. Jon Corzine, the former New Jersey governor and co-CEO of Goldman Sachs Group Inc., stepped down as chairman and chief executive officer of MF Global just days after the bankruptcy filing. In April 2013, the Bankruptcy Court approved MF Global Holdings' plan to liquidate its assets. Bloomberg News reported that the court-approved disclosure statement initially told creditors with $1.134 billion in unsecured claims against the parent holding company why they could expect a recovery of 13.4% to 39.1% from the plan. As a consequence of a settlement with JPMorgan, supplemental materials informed unsecured creditors their recovery was reduced to the range of 11.4% to 34.4%. Bank lenders will have the same recovery on their $1.174 billion claim against the holding company. As a consequence of the settlement, the predicted recovery became 18% to 41.5% for holders of $1.19 billion in unsecured claims against the finance subsidiary, one of the companies under the umbrella of the holding company trustee. Previously, the predicted recovery was 14.7% to 34% on bank lenders' claims against the finance subsidiary. NORTEL NETWORKS: Has $989 Million Cash Balance at March 31 ---------------------------------------------------------- Nortel Networks, Inc., on May 9, 2013, filed its monthly operating report for the month ended March 31, 2013. As of March 31, the Company had total assets of $1.24 billion, total liabilities of $5.57 billion, and total stockholders' deficit of $4.32 billion. At the beginning of the month, the Company had $1.03 billion in cash. For March, Nortel had total cash receipts of $3.1 million and total cash disbursements of $44.2 million. As a result, at the end of March, the Company had total cash of $989 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/NORTEL_NETWORKS_marchmor.pdf About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation and its various affiliated entities provided next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel did business in more than 150 countries around the world. Nortel Networks Limited was the principal direct operating subsidiary of Nortel Networks Corporation. On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent Nortel Networks Corporation, NNI's direct corporate parent Nortel Networks Limited and certain of their Canadian affiliates commenced a proceeding with the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada) seeking relief from their creditors. Ernst & Young was appointed to serve as monitor and foreign representative of the Canadian Nortel Group. That same day, the Monitor sought recognition of the CCAA Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter 15 of the U.S. Bankruptcy Code. That same day, NNI and certain of its affiliated U.S. entities filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 09-10138). In addition, the High Court of England and Wales placed 19 of NNI's European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world. On May 28, 2009, at the request of 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 U.S. Bankruptcy Court for recognition of the English Proceedings as foreign main proceedings under Chapter 15. U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and 15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. In the Chapter 11 case, James L. Bromley, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as the U.S. Debtors' 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 United States Trustee appointed an Official Committee of Unsecured Creditors in respect of the U.S. Debtors. An ad hoc group of bondholders also was 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. An 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. Several entities, particularly, Nortel Government Solutions Incorporated and Nortel Networks (CALA) Inc., have material operations and are not part of the bankruptcy proceedings. As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated assets of $11.6 billion and consolidated liabilities of $11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNI had assets of about $9 billion and liabilities of $3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about $4.2 billion of unsecured public debt. Since the commencement of the various insolvency proceedings, Nortel has sold its business units and other assets to various purchasers. Nortel has collected roughly $9 billion for distribution to creditors. Of the total, $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 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. NORTHSTAR AEROSPACE: Has $818,000 Cash Balance at April 30 ---------------------------------------------------------- Northstar Aerospace (USA) Inc., now known as NSA (USA) Liquidating Corp., et al., on May 19, 2013, filed its monthly operating report for period from April 1, 2013, to April 30, 2013. At the beginning of the month, the Company had $855,000 in cash. The company had total operating receipts of $39,000 and total cash disbursements of $37,000. As a result, at the end of April, the Company had total cash of $818,000. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/NORTHSTAR_AEROSPACE_aprilmor.pdf About Northstar Aerospace Chicago, Illinois-based Northstar Aerospace -- http://www.nsaero.com/-- is an independent manufacturer of flight critical gears and transmissions. With operating subsidiaries in the United States and Canada, Northstar produces helicopter gears and transmissions, accessory gearbox assemblies, rotorcraft drive systems and other machined and fabricated parts. It also provides maintenance, repair and overhaul of components and transmissions. Its plants are located in Chicago, Illinois; Phoenix, Arizona and Milton and Windsor, Ontario. Northstar employs over 700 people across its operations. Northstar Aerospace, along with affiliates, filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-11817) in Wilmington, Delaware, on June 14, 2012, to sell its business to affiliates of Wynnchurch Capital, Ltd., absent higher and better offers. The names of the Debtors were changed as contemplated by the approved sale transaction. Attorneys at SNR Denton US LLP and Bayard, P.A. serve as counsel to the Debtors. The Debtors have obtained approval to hire Logan & Co. Inc. as the claims and notice agent. Certain Canadian affiliates are also seeking protection pursuant to the Companies' Creditors Arrangement Act, R.S.C.1985, c. C-36, as amended. As of March 31, 2012, Northstar disclosed total assets of $165.1 million and total liabilities of $147.1 million. About 60% of the assets and business are with the U.S. Debtors. PMI GROUP: Posts $1.37 Million Net Loss in April ------------------------------------------------ The PMI Group, Inc., on May 23, 2013, filed its monthly operating report for the month ended April 30, 2013. The Company posted net loss of $1.37 million for the month ended April 30, 2013. As of April 30, 2013, the Company had total assets of $213.46 million, total liabilities of $753.46 million and total stockholders' deficit of $540 million. At the beginning of the month, the Company had $197.67 million in cash. PMI had total cash receipts of $150,002 and total cash disbursements of $2.46 million. As a result, at the end of April, the Company had total cash of $195.37 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/THE_PMI_GROUP_aprilmor.pdf About The PMI Group 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. The Plan provides that, generally, each holder of an allowed secured claim will be paid in full in cash. The Debtor did not schedule any claims as secured claims, but notes that approximately $129,000 in fixed amount has been asserted on an aggregate basis in proofs of claim filed against it, all subject to review and possible objection. RAPID-AMERICAN CORP: Lists $4.41 Million Cash at April 30 --------------------------------------------------------- Rapid-American Corporation, on May 13, 2013, filed its monthly operating report for the month ended April 30, 2013. As of start of the month, the Company had $4.45 million cash. It had $190 in dividend income and spent $30,343 in expenses. Thus, at April 30, the Company had total cash of $4.41 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/RAPID-AMERICAN_aprilmor.pdf About Rapid-American Corp. Rapid-American Corp. filed for bankruptcy protection in Manhattan (Bankr. S.D.N.Y. Case No. 13-10687) on March 8, 2013, to deal with debt related to asbestos personal-injury claims. New York-based Rapid-American was formerly a holding company with subsidiaries primarily engaged in retail sales and consumer products and was never engaged in an asbestos business of any kind. Through a series of merger transactions going back more than 45 years, Rapid has nevertheless incurred successor liability for personal injury claims arising from plaintiffs' exposure to asbestos-containing products sold by The Philip Carey Manufacturing Company -- Old Carey -- as that entity existed prior to June 1, 1967. Attorneys at Reed Smith LLP serve as counsel to the Debtor. The Debtor disclosed assets in excess of $4,446,261 and unknown liabilities. The Official Committee of Unsecured Creditors retained Caplin & Drysdale, Chartered, as counsel. RODEO CREEK: Posts $4.68 Million Net Loss in April -------------------------------------------------- Rodeo Creek Gold Inc, on May 20, 2013, filed its monthly operating report for the month ended April 30, 2013. The Company posted net loss of $4.68 million on total revenue of $4.4 million for the month ended April 30, 2013. For the current reporting period, the Company had total assets of $66.76 million, total liabilities of $202.16 million, and total stockholders' deficit of $135.40 million. As of April 1, 2013, the Company had $1.42 million in cash. It had total receipts of $9 million and $8.52 million in total disbursements. Thus, at April 30, Rodeo had total cash of $1.89 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/RODEO_CREEK_aprilmor.pdf About Rodeo Creek and Great Basin Canada-based The Great Basin Gold Ltd and its subsidiaries are engaged in the exploration, development, and operation of high- quality gold properties. The GBG Group's primary projects are a trial mine and a recently constructed start-up mine, both of which are located in rich gold-producing regions: the Hollister trial mine in Nevada and the Burnstone start-up mine in South Africa. The GBG Group also holds interests in early-stage mineral prospects located in Canada and Mozambique. On Sept. 18, 2012, the GBG Group's primary South African operating subsidiary and owner of the Burnstone Start-up Mine, Southgold Exploration (Pty) Ltd., commenced business rescue proceedings under chapter 6 of the South African Companies Act, 2008. On Sept. 19, 2012, Great Basin Gold Ltd., the ultimate parent company, applied for protection from its creditors in Canada pursuant to the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36 in the Supreme Court of British Columbia Vancouver Registry. GBG arranged -- and the U.S. debtors cross-guaranteed -- DIP financing from Credit Suisse and Standard Chartered Bank in the amount of $51 million, of which $10 million was made available to the U.S. subsidiaries and $25 million for South Africa. On Feb. 25, 2013, Rodeo Creek Gold Inc., which operates and owns the Hollister Trial-Mine, along with other U.S. subsidiaries of Great Basin, filed petitions for Chapter 11 protection (Bankr. D. Nev. Case No. 13-50301), in Reno, Nevada, as cash ran out before they could complete the sale of the mine. Rodeo Creek estimated assets worth less than $100 million and debt in excess of $100 million. Credit Suisse is the agent under the Debtors' secured prepetition credit facilities: (i) the Existing Hollister Credit Facility, under which the Debtors had $52.5 million outstanding at the end of 2012 and (ii) the Canadian DIP Facility, under which the Debtors had guaranteed $35 million outstanding as of the Petition Date. The Debtors also had $13.5 million in outstanding trade debt, in addition to certain intercompany obligations. SYNAGRO TECHNOLOGIES: Files Initial Monthly Operating Report ------------------------------------------------------------ Synagro Technologies, Inc. filed an initial monthly operating report on May 9, 2013, which included a 12-month cash flow, a full-text copy of which is available at: http://bankrupt.com/misc/SYNAGRO_TECHNOLOGIES_mor.pdf The Company forecasts $339.239 million in total receipts for the period from May 2013 to April 2014. Operating disbursements for the 12-month period are estimated to total $297.53 million while non-operating disbursements, which include professional fees, are estimated to total $316.10 million for the same period. Estimated ending unrestricted cash for each month end in the 12- month period ranges from $7.5 million to $7.9 million. About Synagro Technologies Synagro Technologies, Inc., based in Houston, Texas, is the recycler of bio-solids and other organic residuals in the U.S. and is one of the largest national companies focused exclusivity on biosolids recycling, which has a market size of $2 billion. The Company was formed in 1986, under the name RPM Marketing, Inc. Synagro's corporate headquarters is currently located in Houston, Texas but is in the process of being transferred to White Marsh, Maryland. The Company also has offices in Lansdale, Pennsylvania, Rayne, Louisiana, and Watertown, Connecticut. Synagro Technologies and 29 affiliates sought Chapter 11 protection (Bankr. D. Del. Case no. 13-11041) on April 24, 2013. Synagro is being advised by the law firm of Skadden Arps Slate Meagher & Flom, along with financial adviser AlixPartners and investment bankers Evercore Partners. Kurtzman Carson & Consultants serves as notice and claims agent. Synagro was owned by The Carlyle Group at the time of the bankruptcy filing. The Debtor has a deal to sell the assets to private-equity investor EQT Partners AB for $455 million, absent higher and better offers in a bankruptcy court-sanctioned auction. THQ INC: Has $60.41 Million Cash as of March 30 ----------------------------------------------- THQ Inc., on May 22, 2013, filed its monthly operating report for the period between March 3 and 30, 2013. The Company posted a net income of $12.91 million on net sales of $284.47 million for the period ended March 30, 2013. As of March 30, 2013, the Company had total assets of $67.39 million and total stockholders' equity of $70.68 million. For this period, THQ had total cash receipts of $8.89 million and total disbursements of $8.33 million. As of March 30, 2013, the Company had $60.41 million in cash and cash equivalents. A full-text copy of the monthly operating report is available at: http://is.gd/eC4mJG About THQ Inc. THQ Inc. (NASDAQ: THQI) -- http://www.thq.com/-- is a worldwide developer and publisher of interactive entertainment software. The Company develops its products for all popular game systems, personal computers, wireless devices and the Internet. Headquartered in Los Angeles County, California, THQ sells product through its network of offices located throughout North America and Europe. THQ Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-13398) on Dec. 19, 2012. Attorneys at Young Conaway Stargatt & Taylor, LLP and Gibson, Dunn & Crutcher LLP serve as counsel to the Debtors. FTI Consulting and Centerview Partners LLC are the financial advisors. Kurtzman Carson Consultants is the claims and notice agent. Before bankruptcy, Clearlake signed a contract to buy Agoura THQ for a price said to be worth $60 million. After a 22-hour auction with 10 bidders, the top offers brought a combined $72 million from several buyers who will split up the company. Judge Walrath approved the sales in January. Some of the assets didn't sell, including properties the company said could be worth about $29 million. Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed five persons to serve in the Official Committee of Unsecured Creditors. The Committee tapped Houlihan Lokey Capital as its financial advisor and investment banker, Landis Rath & Cobb as co-counsel and Andrews Kurth as counsel. TOUSA INC: Lists $1.58 Million Net Loss in April ------------------------------------------------ Tousa Inc., on May 17, 2013, filed its monthly operating report for the month ended April 30, 2013. The Company posted net loss of $1.58 million for the month ended April 30, 2013. As of April 30, 2013, the Company had total assets of $338.29 million, total liabilities of $1.9 billion, and total stockholders' deficit of $1.58 billion. At the beginning of the month, the Company had $308.14 million in cash. For April, Tousa had total cash receipts of $117,130 and total cash disbursements of $1.13 million. As a result, at the end of April, the Company had total cash of $307.13 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/TOUSA_INC_aprilmor.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. is a leading homebuilder in the United States, operating in various metropolitan markets in 10 states located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. The Debtor and its debtor-affiliates filed for separate Chapter 11 protection on Jan. 29, 2008 (Bankr. S.D. Fla. Case No. 08-10928). 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. TRINITY COAL: Net Loss Increases to $5.15 Million in April ---------------------------------------------------------- Trinity Coal Corporation, on May 20, 2013, filed its monthly operating report for the month ended April 30, 2013. The Company posted a net loss of $5.14 million on net revenue of $3.20 million for the month ended April 30, 2013, as compared to $3.39 million net loss on net revenues of $6.44 million for March. As of April 30, 2013, the Company had total assets of $576.14 million, total liabilities of $434.61 million and total stockholders' equity of $1,874. At the beginning of April, the Company had $1.23 million in cash. For the entire month, it generated total cash of $2.78 million and expended $2.13 million. As a result, at April 30, the Company had a cash balance of $1.91 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/TRINITY_COAL_aprilmor.pdf About Trinity Coal Trinity Coal Corp. is a coal mining company that owns coal deposits located in the Appalachian region of the eastern United States, specifically, in Breathitt, Floyd, Knott Magoffin, and Perry Counties in eastern Kentucky and in Boone, Fayette, Mingo, McDowell and Wyoming Counties in West Virginia. Trinity's coal mining operations are organized into six distinct coal mining complexes. Three complexes are located in Kentucky and are referred to as Prater Branch Resources, Little Elk Mining and Levisa Fork. The Kentucky Operations produced compliance and low sulfur steam coal. Three complexes are located in West Virginia and are referred to as Deep Water Resources, North Springs Resources and Falcon Resources. Trinity is a wholly owned subsidiary of privately held multinational conglomerate Essar Global Limited. Credit Agricole Corporate & Investment Bank, ING Capital LLC and Natixis, New York Branch filed an involuntary petition for relief under Chapter 11 against Trinity Coal Corporation and 15 affiliates (Bankr. E.D. Ky. Lead Case No. 13-50364). The three entities say they are owed a total of $104 million on account loans provided to Trinity. On Feb. 14, 2013, Austin Powder Company, Whayne Supply Company and Cecil I. Walker Machinery Co. filed an involuntary petition for relief under Chapter 11 (Bankr. E.D. Ky. Case No. 13-50335) against Frasure Creek Mining, LLC. On Feb. 19, 2013, Credit Agricole, ING Capital and Natixis joined as petitioning creditors. On March 4, 2013, the Debtors filed their consolidated answer to involuntary petitions and consent to an order for relief and reservation of rights, thereby consenting to the entry of an order for relief in each of their respective Chapter 11 cases. An order for relief in each of the Debtors was entered by the Court on March 4, 2013, which converted the involuntary cases to voluntary Chapter 11 cases. VALENCE TECHNOLOGY: Ends April with $1.02 Million in Cash --------------------------------------------------------- Valence Technology, Inc., on May 24, 2013, filed its monthly operating report for the month ended Apr. 30, 2013. The Debtor posted a net loss of $493,445 on revenues of $2.75 million for the month ended Apr. 30, 2013. As of Apr. 30, 2013, the Debtor had total assets of $23.38 million, total liabilities of $84.72 million and total stockholders' deficit of $60.36 million. At the beginning of April, the Debtor had $946,231 in cash. Valence Technology had total cash receipts of $6.93 million and total cash disbursements of $6.85 million. As a result, at the end of the month, the Debtor had total cash of $1.02 million. A full-text copy of the monthly operating report is available at: http://is.gd/iwff0w About Valence Technology Valence Technology, Inc., filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 12-11580) on July 12, 2012, in its home-town in Austin. Founded in 1989, Valence develops lithium iron magnesium phosphate rechargeable batteries. Its products are used in hybrid and electric vehicles, as well as hybrid boats and Segway personal transporters. The Debtor disclosed debt of $82.6 million and assets of $31.5 million as of March 31, 2012. The Debtor disclosed $24,858,325 in assets and $78,520,831 in liabilities as of the Chapter 11 filing. Chairman Carl E. Berg and related entities own 44.4% of the shares. ClearBridge Advisors, LLC owns 5.5%. Judge Craig A. Gargotta presides over the case. The Company is being advised by Streusand, Landon & Ozburn, LLP with respect to bankruptcy matters. The petition was signed by Robert Kanode, CEO. On Aug. 8, 2012, the U.S. Trustee for Region 7 appointed five creditors to serve on the Official Committee of Unsecured Creditors of the Debtor. Brinkman Portillo Ronk, PC, serves as its counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. 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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., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2013. All rights reserved. ISSN: 1520-9474. 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