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/raid1/www/Hosts/bankrupt/TCR_Public/130706.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, July 6, 2013, Vol. 17, No. 185 Headlines 710 LONG RIDGE: Posts $63,118 Net Loss in May ALLIED SYSTEMS: Has May Operating Loss AMERICAN AIRLINES: Posts $65 Million Net Income in May ATARI INC: Net Loss Down to $1.21 Million in May BETSEY JOHNSON: Has $1.05 Million Cash Balance at May 31 BLITZ USA: Posts $41.86 Million Stockholders' Deficit for May DIGITAL DOMAIN: Net Loss Down to $1.27 Million in April DIGITAL DOMAIN: Net Loss Drops to $945,463 at May 31 DYNEGY HOLDINGS: Net Loss Increases to $639,000 in March EASTMAN KODAK: Had $47.8 Million Net Loss in May EXIDE TECHNOLOGIES: Files Initial Monthly Operating Report GMX RESOURCES: Incurs $9.1 Million Net Loss in May HI-WAY EQUIPMENT: Ends May with $3.96 Million Cash IRWIN MORTGAGE: Ends April with $3.9 Million Cash LIGHTSQUARED INC: Lists $55.47 Million Net Loss in May METEX MFG: Ends May with $1.32 Million Cash NORTEL NETWORKS: Reports $4.34BB Stockholders Deficit for April ORCHARD SUPPLY: Files Initial Monthly Operating Report ORECK CORPORATION: Records $4.78 Million Net Loss for May OVERSEAS SHIPHOLDING: Reports April Operating Loss of $9 Million POINT BLANK: Reports $118,579 Net Loss for February POINT BLANK: Gains $4,440 Net Income in March POINT BLANK: Lists $115,296 Net Loss for April PROMMIS SOLUTIONS: Lists $1.9 Million Net Loss at April 30 REVSTONE INDUSTRIES: Reports $25.4MM Stockholders Deficit for May RG STEEL: WP Steel Ends May With $$4.536 Million Cash RODEO CREEK: Lists $2.75 Million Net Loss at May 19 THQ INC: Lists $19.3 Million Net Income in April TOUSA INC: Ends May with $306.56 Million Cash VALENCE TECHNOLOGY: Incurs $775,000 Net Loss in May YARWAY CORPORATION: Posts $3.26 Million Net Loss in May ********* 710 LONG RIDGE: Posts $63,118 Net Loss in May --------------------------------------------- 710 Long Ridge Road Operating Co. II LLC, on June 24, 2013, filed its monthly operating report for the month of May 2013. The Debtor posted a net loss of $63,118 on net revenue of $1.07 million for the end of May, compared to a net profit of $110,559 for April. For May, the Debtor had total assets of $3.09 million, total liabilities of $19.21 million and total stockholders' deficit of $16.13 million. At the beginning of May, 710 Long Ridge had $1.31 million in cash. The Debtor had total cash receipts of $2.15 million and total cash disbursements of $2.43 million. As a result, at the end of May, the Debtor had total cash of $1.03 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/710_LONG_maymor.pdf The four affiliates of 710 Long Ridge also filed amended monthly operating reports for May 2013. Copies of the amended MORs are available at: * 107 Osborne St operating Company II LLC http://bankrupt.com/misc/710_LONG_maymor_e.pdf * 240 Church Street Operating Company II LLC http://bankrupt.com/misc/710_LONG_maymorb.pdf * 1 Burr Road Operating Company II LLC http://bankrupt.com/misc/710_LONG_maymorc.pdf * 245 Orange Avenue Operating Co II LLC http://bankrupt.com/misc/710_LONG_maymord.pdf About 710 Long Ridge 710 Long Ridge Road Operating Company II, LLC and four affiliates own sub-acute and long-term nursing care facilities for the elderly in Connecticut. The facilities, which are managed by HealthBridge Management LLC, are Long Ridge of Stamford, Newington Health Care Center, Westport Health Care Center, West River Health Care Center, and Danbury Health Care Center. 710 Long Ridge and its affiliates sought Chapter 11 protection (Bankr. D.N.J. Case Nos. 13-13653 to 13-13657) on Feb. 24, 2013 to modify their collective bargaining agreements with the New England Health Care Employees Union, District 1199, SEIU. The Debtors owe $18.9 million to M&T Bank and $7.99 million on loans from the U.S. Department of Housing and Urban Development Federal Housing Administration. Michael D. Sirota, Esq., at Cole, Schotz, Meisel, Forman & Leonard, serve as counsel to the Debtors. Logan & Company, Inc. is the claims and notice agent. Alvarez & Marsal Healthcare Industry Group, LLC, is the financial advisor. Porzio, Bromberg & Newman, P.C., represents the Official Committee of Unsecured Creditors. The Committee tapped to retain EisnerAmper LLP as accountant. ALLIED SYSTEMS: Has May Operating Loss -------------------------------------- Allied Systems Holdings Inc., reported an operating loss in May. Bill Rochelle, the bankruptcy columnist for Bloomberg News, says that Allied filed an operating report showing a $444,000 operating loss in May on revenue of $26.2 million. The net loss for the month was $4 million. Reorganization costs were $1.6 million. Black Diamond and Spectrum were Yucaipa's adversaries even before the Chapter 11 reorganization started 13 months ago. About Allied Systems BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary petitions for Allied Systems Holdings Inc. and Allied Systems Ltd. (Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012. The signatories of the involuntary petitions assert claims of at least $52.8 million for loan defaults by the two companies. Allied Systems, through its subsidiaries, provides logistics, distribution, and transportation services for the automotive industry in North America. Allied Holdings Inc. previously filed for chapter 11 protection (Bankr. N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005. Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented the Debtors in the 2005 case. Allied won confirmation of a reorganization plan and emerged from bankruptcy in May 2007 with $265 million in first-lien debt and $50 million in second- lien debt. The petitioning creditors said Allied has defaulted on payments of $57.4 million on the first lien debt and $9.6 million on the second. They hold $47.9 million, or about 20% of the first-lien debt, and about $5 million, or 17%, of the second-lien obligation. They are represented by Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., and Robert J. Ward, Esq., at Schulte Roth & Zabel LLP. Allied Systems Holdings Inc. formally put itself and 18 subsidiaries into bankruptcy reorganization June 10, 2012, following the filing of the involuntary Chapter 11 petition. The Company is being advised by the law firms of Troutman Sanders, Gowling Lafleur Henderson, and Richards Layton & Finger. The bankruptcy court process does not include captive insurance company Haul Insurance Limited or any of the Company's Mexican or Bermudan subsidiaries. The Company also announced that it intends to seek foreign recognition of its Chapter 11 cases in Canada. An official committee of unsecured creditors has been appointed in the case. The Committee consists of Pension Benefit Guaranty Corporation, Central States Pension Fund, Teamsters National Automobile Transporters Industry Negotiating Committee, and General Motors LLC. The Committee is represented by Sidley Austin LLP. Yucaipa Cos. has 55 percent of the senior debt and took the position it had the right to control actions the indenture trustee would take on behalf of debt holders. The state court ruled in March 2013 that the loan documents didn't allow Yucaipa to vote. In March, the bankruptcy court also gave the official creditors' committee authority to sue Yucaipa. The suit includes claims that the debt held by Yucaipa should be treated as equity or subordinated so everyone else is paid before the Los Angeles-based owner. The judge is allowing Black Diamond to participate in the lawsuit against Yucaipa and Allied directors. AMERICAN AIRLINES: Posts $65 Million Net Income in May ------------------------------------------------------ AMR Corporation, et al., filed with the U.S. Securities and Exchange Commission their monthly operating report for May 2013. The Debtors reported $124 of operating income and $65 million of net income on $2.11 billion of total revenues for the month of May. Reorganization costs in the month depressed net income by $26 million, Bloomberg News cited. As of May 31, 2013, the Debtors had $24.36 billion in total assets, $32.85 billion in total liabilities and a $8.49 billion stockholders' deficit. At May 1, 2013, the Debtors had $657 million in cash. The Debtors' cash decreased by $29 million at the end of the month. Bloomberg News relates that AMR ended the month with unrestricted cash of $4.555 billion, an increase of $134 million from April. Restricted cash was $863 million, an $11 million increase from April. Late last week AMR received bankruptcy court approval for sale and leaseback financing from SMBC Aviation Capital Ltd. to cover the cost of eight new Boeing 737-800 aircraft to be delivered between July 2013 and December 2014, the report added. A copy of the monthly operating report is available at: http://is.gd/gsVfMO 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. 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. The Retiree Committee is represented by Jenner & Block LLP's Catherine L. Steege, Esq., Charles B. Sklarsky, Esq., and Marc B. Hankin, Esq. AMR and US Airways Group, Inc., on Feb. 14, 2013, announced a definitive merger agreement under which the companies will combine to create a premier global carrier, which will have an implied combined equity value of approximately $11 billion. The deal is subject to clearance by U.S. and foreign regulators and by the bankruptcy judge overseeing AMR's bankruptcy case. In April 2013, AMR filed a Chapter 11 plan of reorganization that will carry out the merger. By distributing stock in the merged airlines, the plan is designed to pay all creditors in full, with interest. The hearing before the Court to consider confirmation of the Plan is scheduled for Aug. 15, 2013. 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 $1.21 Million in May ------------------------------------------------ Atari Inc., on June 17, 2013, filed its monthly operating report for the month ended May 31, 2013. The Company posted a net loss of $1.21 million on net revenue of $1.21 million for the month ended May 31, 2013, as compared to a $1.4 million net loss for April. As of May 31, 2013, the Company had total assets of $31.87 million, total liabilities of $329.26 million and total stockholders' deficit of $297.38 million. At the beginning of May, the Company had $2.31 million in cash. Atari had total cash receipts of $4.04 million and total cash disbursements of $4.61 million. As a result, at the end of May, the Company had total cash of $1.74 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/ATARI_INC_maymor.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. BETSEY JOHNSON: Has $1.05 Million Cash Balance at May 31 -------------------------------------------------------- Betsey Johnson LLC, on June 14, 2013, filed its monthly operating report for the period from May 1, 2013, to May 31, 2013. The Debtor reported a net loss of $26,357 for May. As of May 31, 2013, the Debtor had total assets of $1.25 million, total liabilities of $9.54 million, and total stockholders' deficit of $8.29 million. The Debtor had a book balance of $1.06 million at the start of May. For the month, total inflow was $56,913 while total outflow was $64,435. Betsey Johnson had total ending cash balance of $1.05 million at the end of the period. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/BETSEY_JOHNSON_maymor.pdf About Betsey Johnson New York-based women's fashion retailer Betsey Johnson LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 12-11732) on April 26, 2012, to effectuate a sale of its assets. Formed as B.J. Vines by its namesake, iconic fashion designer Betsey Johnson in 1978, the Debtor sells clothing, footwear, handbags and a signature fragrance through 63 Betsey Johnson retail stores and outlets in the U.S. The Company, which has 400 employees, also sells its products in department and specialty stores worldwide, including Macy's and Lord & Taylor, and online at http://www.betseyjohnson.com/ Non-debtor subsidiaries operate five stores in Canada and one store in England. In 2010, Steven Madden Ltd. a footwear designer and marketer, swapped US$27.4 million of secured debt for ownership of Betsey Johnson's trademarks and intellectual property. The deal satisfied all outstanding debt under a US$50 million term loan used to finance the business' acquisition by Castanea Partners. At the same time, Castanea, the company's majority owner, made a new capital investment of US$3 million as part of the deal with Madden. Betsey Johnson estimated assets and debts of US$10 million to US$50 million as of the Chapter 11 filing. Judge James Peck oversees the case. The Debtor tapped the law firm of Goulston & Storrs, as counsel; Togut, Segal & Segal, LLP, as co-counsel; and Donlin Recano & Company as claims and notice agent. The petition was signed by Jonathan Friedman, chief financial officer. Hahn & Hessen LLP serves as the Official Committee of Unsecured Creditors' counsel. In May 2012, Betsey Johnson received court approval to begin liquidation after the Debtor failed to attract going concern bidders. Liquidators Gordon Brothers Group Inc. and Hilco Merchant Resources LLC offered the top bid for the right to run the chain's going-out-of-business sales. The bid will bring the Debtor about $5.2 million immediately, and more money could trickle in to pay off its debts if the liquidation effort brings in more money than expected. Hilco is represented by Chris L. Dickerson, Esq., at DLA Piper LLP (US). Counsel for Steven Madden, Ltd., is Neil Herman, Esq., at Morgan, Lewis & Bockius LLP. Counsel for First Niagara Commercial Finance, Inc., the DIP Lender, is James C. Fox, Esq., at Ruberto, Israel & Weiner. BLITZ USA: Posts $41.86 Million Stockholders' Deficit for May ------------------------------------------------------------- Blitz U.S.A., Inc., et al., on June 18, 2013, filed its monthly operating report for the month ended May 31, 2013. The Debtor reported a net loss of $632,035 for the month ended May 31, 2013. As of May 31, 2013, the Debtor had total assets of $568,015, total liabilities of $42.43 million, and total stockholders' deficit of $41.86 million. For the month of May, the Debtor had zero cash receipts and total disbursements of $632,036. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/BLITZ_USA_maymor.pdf About Blitz U.S.A. Blitz U.S.A. Inc., is a Miami, Oklahoma-based manufacturer of plastic gasoline cans. The company, controlled by Kinderhook Capital Fund II LP, filed for bankruptcy protection to stanch a hemorrhage resulting from 36 product-liability lawsuits. Parent Blitz Acquisition Holdings, Inc., and its affiliates filed for Chapter 11 protection (Bankr. D. Del. Case Nos. 11-13602 thru 11-13607) on Nov. 9, 2011. The Hon. Peter J. Walsh presides over the case. Blitz USA disclosed $36,194,434 in assets and $41,428,577 in liabilities in its schedules. Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger, represents the Debtors in their restructuring efforts. The Debtors tapped Zolfo Cooper, LLC, as restructuring advisor; and Kurtzman Carson Consultants LLC serves as notice and claims agent. SSG Capital Advisors LLC serves as investment banker. Lowenstein Sandler PC from Roseland, New Jersey, represents the Official Committee of Unsecured Creditors. The Chapter 11 case is financed with a $5 million secured loan from Bank of Oklahoma. Bank of Oklahoma, as DIP agent, is represented by Samuel S. Ory, Esq., at Frederic Dorwart Lawyers in Tulsa. In April 2012, Hopkins Manufacturing Corp. acquired the assets of Blitz USA's unit, F3 Brands LLC, a major manufacturer of oil drains, drain pans, lifting aids and automotive ramps. Blitz USA said in court documents the sale netted the Debtors $14.6 million, which was applied against secured debt. Blitz announced in June it would abandon its efforts to reorganize and instead to shut down operations by the end of July. In September, the Troubled Company Reporter, citing Sheila Stogsdill at Tulsa World, reported that the Bankruptcy Court approved a $9.5 million offer from Toronto, Canada-based Scepter Corporation to purchase Blitz USA, according to Philip Monckton, Scepter's vice president of sales and marketing. Scepter bought land, equipment and other assets. Scepter supplies about 20% of the USA market with gas cans. The report said the sale was to become final on Sept. 28, 2012. DIGITAL DOMAIN: Net Loss Down to $1.27 Million in April ------------------------------------------------------- DDMG Estate, f/k/a/ Digital Domain Media Group, Inc., et al., on June 10, 2013, filed its monthly operating report for the month ended April 30, 2013. DDMG Estate reported a net loss of $1.27 million for the month ended April 30, 2013, compared to a net loss of $3.19 million in March. As of April 30, 2013, the Debtor had total assets of $15.93 million, total liabilities of $119.05 million, and total stockholders' deficit of $103.12 million. At the beginning of April, the Debtor had $5.6 million in cash. The Debtor had total cash receipts of $116,087 and total cash disbursements of $436,528. As a result, as of April 30, 2013, DDMG Estate had total cash of $5.28 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/DIGITAL_DOMAIN_aprilmor.pdf 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. The company disclosed assets of $205 million and liabilities totaling $214 million. 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. 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. At a bankruptcy auction, 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. As the result of a settlement negotiated by the unsecured creditors' committee with secured lenders, there will be some recovery for the committee's constituency. DIGITAL DOMAIN: Net Loss Drops to $945,463 at May 31 ---------------------------------------------------- DDMG Estate, f/k/a/ Digital Domain Media Group, Inc., et al., on June 11, 2013, filed its monthly operating report for the month ended May 31, 2013. DDMG Estate reported a net loss of $945,463 for the month ended May 31, 2013, compared to a net loss of $1.27 million in April. As of May 31, 2013, the Debtor had total assets of $15.65 million, total liabilities of $119.72 million and total stockholders' deficit of $104.07 million. At the beginning of May, the Debtor had $5.28 million in cash. The Debtor had total cash receipts of $1.12 million and total cash disbursements of $1.15 million. As a result, as of May 31, 2013, DDMG Estate had total cash of $5.25 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/DIGITAL_DOMAIN_maymor.pdf 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. The company disclosed assets of $205 million and liabilities totaling $214 million. 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. 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. At a bankruptcy auction, 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. As the result of a settlement negotiated by the unsecured creditors' committee with secured lenders, there will be some recovery for the committee's constituency. DYNEGY HOLDINGS: Net Loss Increases to $639,000 in March -------------------------------------------------------- Dynegy Northeast Generation, Inc., et al., on June 22, 2103, filed its monthly operating report for the month ended March 31, 2013. Dynegy Northeast reported a net loss of $639,000 for March, as compared to a $358,000 loss for February. As of March 31, Dynegy Northeast had total assets of $303.65 million, total liabilities of $34.99 million, and total stockholders' equity of $2668.66 million. At the beginning of March, Dynegy Northeast had $21.59 million in cash. The Company had total cash receipts of $3.11 million and total cash disbursements of $9.61 million. As a result, at March 31, Dynegy Northeast had total cash of $15.074 million. About Dynegy Through its subsidiaries, Houston, Texas-based Dynegy Inc. (NYSE: DYN) -- http://www.dynegy.com/-- produces and sells electric energy, capacity and ancillary services in key U.S. markets. The power generation portfolio consists of approximately 12,200 megawatts of baseload, intermediate and peaking power plants fueled by a mix of natural gas, coal and fuel oil. Dynegy Holdings LLC and four other affiliates of Dynegy Inc. sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-38111) on Nov. 7, 2011, to implement an agreement with a group of investors holding more than $1.4 billion of senior notes issued by Dynegy's direct wholly-owned subsidiary, Dynegy Holdings, regarding a framework for the consensual restructuring of more than $4.0 billion of obligations owed by DH. If this restructuring support agreement is successfully implemented, it will significantly reduce the amount of debt on the Company's consolidated balance sheet. Dynegy Holdings disclosed assets of $13.77 billion and debt of $6.18 billion. Dynegy Inc. on July 6, 2012, filed a voluntary petition to reorganize under Chapter 11 (Bankr. S.D.N.Y. Case No. 12-36728) to effectuate a merger with Dynegy Holdings, pursuant to Holdings' Chapter 11 plan. Dynegy Holdings and its affiliated debtor-entities are represented in the Chapter 11 proceedings by Sidley Austin LLP as their reorganization counsel. Dynegy and its other subsidiaries are represented by White & Case LLP, who is also special counsel to the Debtor Entities with respect to the Roseton and Danskammer lease rejection issues. The financial advisor is FTI Consulting. The Official Committee of Unsecured Creditors in Holdings' cases has tapped Akin Gump Strauss Hauer & Feld LLP as counsel. Dynegy Holdings and its parent, Dynegy Inc., completed their Chapter 11 reorganization and emerged from bankruptcy Oct. 1, 2012. Under the terms of the DH/Dynegy Plan, DH merged with and into Dynegy, with Dynegy, Inc., remaining as the surviving entity. Dynegy Northeast Generation, Inc., Hudson Power, L.L.C., Dynegy Danskammer, L.L.C. and Dynegy Roseton, L.L.C., won confirmation of their plan of liquidation in March 2013, allowing the former operating units of Dynegy to consummate a settlement agreement resolving some lease trustee claims and sell their facilities. EASTMAN KODAK: Had $47.8 Million Net Loss in May ------------------------------------------------ Eastman Kodak Company and its affiliates filed with the U.S. Securities and Exchange Commission their monthly operating report for May 2013. The Debtors incurred a net loss of $47.87 million on $137.30 million of revenues for the month. As of May 31, 2013, the Debtors had $3.41 billion in total assets, $4.85 billion in total liabilities and a $1.44 billion shareholders' deficit. For the month of May, Eastman Kodak had cash receipts of $135.81 million and cash disbursements of $160.53 million. Bill Rochelle, the bankruptcy columnist for Bloomberg News, cites that Kodak ended May with $296.4 million cash among the domestic companies in bankruptcy. Cash declined $43.6 million during the month. The loss from continuing operation in May was $18.7 million. Reorganization costs in the month totaled $12.5 million. A copy of the monthly operating report is available for free at: http://is.gd/6dBgeS About Eastman Kodak Rochester, New York-based Eastman Kodak Company and its U.S. subsidiaries on Jan. 19, 2012, filed voluntarily Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 12-10202) in Manhattan. Subsidiaries outside of the U.S. were not included in the filing and are expected to continue to operate as usual. Kodak, founded in 1880 by George Eastman, was once the world's leading producer of film and cameras. Kodak sought bankruptcy protection amid near-term liquidity issues brought about by steeper-than-expected declines in Kodak's historically profitable traditional businesses, and cash flow from the licensing and sale of intellectual property being delayed due to litigation tactics employed by a small number of infringing technology companies with strong balance sheets and an awareness of Kodak's liquidity challenges. In recent years, Kodak has been working to transform itself from a business primarily based on film and consumer photography to a smaller business with a digital growth strategy focused on the commercialization of proprietary digital imaging and printing technologies. Kodak has 8,900 patent and trademark registrations and applications in the United States, as well as 13,100 foreign patents and trademark registrations or pending registration in roughly 160 countries. Attorneys at Sullivan & Cromwell LLP and Young Conaway Stargatt & Taylor, LLP, serve as counsel to the Debtors. FTI Consulting, Inc., is the restructuring advisor. Lazard Freres & Co. LLC, is the investment banker. Kurtzman Carson Consultants LLC is the claims agent. The Official Committee of Unsecured Creditors has tapped Milbank, Tweed, Hadley & McCloy LLP, as its bankruptcy counsel. Michael S. Stamer, Esq., David H. Botter, Esq., and Abid Qureshi, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent the Unofficial Second Lien Noteholders Committee. The Retirees Committee has hired Haskell Slaughter Young & Rediker, LLC, and Arent Fox, LLC as Co-Counsel; Zolfo Cooper, LLC, as Bankruptcy Consultants and Financial Advisors; and the Segal Company, as Actuarial Advisors. Robert J. Stark, Esq., Andrew Dash, Esq., and Neal A. D'Amato, Esq., at Brown Rudnick LLP, represent Greywolf Capital Partners II; Greywolf Capital Overseas Master Fund; Richard Katz, Kenneth S. Grossman; and Paul Martin. Kodak completed the $527 million sale of digital-imaging technology on Feb. 1, 2013. Kodak intends to reorganize by focusing on the commercial printing business. At the end of April 2013, Kodak filed a proposed reorganization plan offering 85 percent of the stock to holders of the remaining $375 million in second-lien notes. The other 15 percent is for unsecured creditors with $2.7 billion in claims and retirees who have a $635 million claim from the loss of retirement benefits. EXIDE TECHNOLOGIES: Files Initial Monthly Operating Report ---------------------------------------------------------- Exide Technologies filed an initial monthly operating report on June 25, 2013, attaching a 13-week cash flow projection. For the 13-week period ended Sept. 6, 2013, Exide forecasts total adjusted cash receipts to aggregate $690,271,000. The Debtor's total adjusted operating cash flow is estimated to be -($151,541,000), and total adjusted cash flow to be -($370,215,000) at the end of the 13-week period. Exide expects to have a total liquidity of $129,320,000 at the end of the forecasted period. The Initial MOR also includes a list of retainers the Debtor has made to various law firms for the period from April 26, 2013 through June 6, 2013. A full-text copy of the monthly operating report is available for free at http://bankrupt.com/misc/EXIDE_TECHNOLOGIES_mor.pdf About Exide Technologies Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electrical energy storage products. Exide first sought Chapter 11 protection (Bankr. Del. Case No. 02-11125) on April 14, 2002 and exited bankruptcy two years alter. Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP represented the Debtors in their successful restructuring. Exide Technologies returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 13-11482) on June 10, 2013. For the new case, Exide has tapped Anthony W. Clark, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang Ziehl & Jones LLP as counsel; Alvarez & Marsal as financial advisor; Sitrick And Company Inc. as public relations consultant and GCG as claims agent. The Debtor disclosed $1.89 billion in assets and $1.14 billion in liabilities as of March 31, 2013. Exide's international operations were not included in the filing and will continue their business operations without supervision from the U.S. courts. GMX RESOURCES: Incurs $9.1 Million Net Loss in May -------------------------------------------------- GMX Resources Inc. and its affiliates, filed on June 25, 2013, its monthly operating report for the month of May. The Company incurred a net loss of $9.11 million on $1.54 million of total revenues for the period ended May 31, 2013. The Company's balance sheet at May 31, 2013, showed $329.754 million in total assets, $500.09 million in total liabilities, and a $170.34 million total shareholders' deficit. At the start of the reporting period, GMX Resources had a $5.88 miilion cash balance. The Company had total receipts of $6.22 million and total disbursements of $5.59 million for the whole month of May. Thus, ending cash balance for the Company at May 31 is $6.51 million. Copies of the monthly operating reports of GMX Resources, et al., are available at: * GMX Resources, http://is.gd/A8cAIV * Diamond Blue Drilling Company, http://is.gd/37P13z * Endeavor Pipeline Inc., http://is.gd/rtQG43 About GMX Resources GMX Resources Inc. -- http://www.gmxresources.com/-- is an independent natural gas production company headquartered in Oklahoma City, Oklahoma. GMXR has 53 producing wells in Texas & Louisiana, 24 proved developed non-producing reservoirs, 48 proved undeveloped locations and several hundred other development locations. GMXR has 9,000 net acres on the Sabine Uplift of East Texas. GMXR has 7 producing wells in New Mexico. The Company's strategy is to significantly increase production, revenues and reinvest in increasing production. GMXR's goal is to grow and build shareholder value every day. The Company reported net losses of $206.44 million in 2011, $138.29 million in 2010, and $181.08 million in 2009. GMX Resources filed a Chapter 11 petition in its hometown (Bankr. W.D. Okla. Case No. 13-11456) on April 1, 2013, so secured lenders can buy the business in exchange for $324.3 million in first-lien notes. GMX missed a payment due in March 2013 on $51.5 million in second- lien notes. Other principal liabilities include $48.3 million in unsecured convertible senior notes. The DIP financing provided by senior noteholders requires court approval of a sale within 75 days following approval of sale procedures. The lenders and principal senior noteholders include Chatham Asset Management LLC, GSO Capital Partners, Omega Advisors Inc. and Whitebox Advisors LLC. The Official Committee of Unsecured Creditors tapped Winston & Strawn LLP as its counsel. HI-WAY EQUIPMENT: Ends May with $3.96 Million Cash -------------------------------------------------- Hi-Way Equipment Company, on June 20, 2013, filed its monthly operating report for the month ended May 2013. The Company posted a net loss of $9.5 million on net revenues of $2.99 million for the month ended May 2013. As of May 2013, the Company had total assets of $4.1 million, total liabilities of $14.39 million, and total stockholders' deficit of $10.27 million. At the beginning of May, Hi-Way Equipment had $1.75 million cash. The company had total cash receipts of $5.45 million and total cash disbursements of $3.24 million. As a result, at the end of May, the Company had total cash of $3.96 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/HI-WAY_EQUIPMENT_maymor.pdf About Hi-Way Equipment Company Hi-Way Equipment Company LLC filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 13-41498) on April 1, 2013. Charles W. Reeves, Jr., signed the petition as chief restructuring officer. Gardere Wynne Sewell, LLP, serves as the Debtor's counsel. The Debtor estimated assets and debts of at least $10 million. Hi-Way Equipment has been providing rental and sales of equipment since 1948. In 2008, Hi-Way Equipment acquired Equipment Support Services, Inc. As part of that acquisition, Hi-Way Equipment expanded to become a dealer of Case and Case IH equipment through CNH America LLC. With the acquisition of ESS, Hi-Way Equipment acquired ESS' subsidiaries: CDI Equipment, Ltd., Carruth-Doggett Industries Partners Acquisition, LLC, Future Equipment Holdings, LLC, Future Equipment Partners, LLC, Equipment Support Services, Inc., ESS Acquisition LLC, Carruth-Doggett Industries Holdings Acquisition, LLC and Southern Power Acquisition, Inc. In 2011, Hi-Way Equipment merged with the Subsidiaries and Hi-Way Equipment was the sole surviving entity. Hi-Way Equipment serves as the non- exclusive dealer of Case and Case IH equipment in numerous counties across Texas. IRWIN MORTGAGE: Ends April with $3.9 Million Cash ------------------------------------------------- Irwin Mortgage Corporation, on May 20, 2013, filed its monthly operating report for the period ended April 30, 2013. At the beginning of April, Irwin Mortgage had $3.94 million in cash. The Debtor had total cash receipts of $3,052 and total cash disbursements of $42,476. As a result, at the end of April, the Debtor had total cash of $3.9 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/IRWIN_MORTGAGE_aprilmor.pdf 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. In its schedules, the Debtor disclosed $25,661,329 in assets and $219,353,376 in liabilities. 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. LIGHTSQUARED INC: Lists $55.47 Million Net Loss in May ------------------------------------------------------ LightSquared Inc., et al., filed on June 17, 2013, a monthly operating report for the month ended May 31, 2013. The Company reported a net loss of $55.47 million on net revenue of $2.56 million for May. As of May 31, 2013, the Company had total assets of $3.84 billion, total liabilities of $2.72 billion, and total stockholders' equity of $1.13 billion. At the beginning of the month, LightSquared had $139.48 million in cash. The Company had total cash receipts of $2.46 million and total cash disbursements of $11.63 million. As a result, at the end of May, the Company had total cash of $130.31 million. A full-text copy of the monthly operating report is available at: http://is.gd/MEWqJW About LightSquared Inc. LightSquared Inc. and 19 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on May 14, 2012, to resolve regulatory issues that have prevented it from building its coast-to-coast integrated satellite 4G wireless network. LightSquared had invested more than $4 billion to deploy an integrated satellite-terrestrial network. In February 2012, however, the U.S. Federal Communications Commission told LightSquared the agency would revoke a license to build out the network as it would interfere with global positioning systems used by the military and various industries. In March 2012, the Company's partner, Sprint, canceled a master services agreement. LightSquared's lenders deemed the termination of the Sprint agreement would trigger cross-defaults under LightSquared's prepetition credit agreements. LightSquared and its prepetition lenders attempted to negotiate a global restructuring that would provide LightSquared with liquidity and runway necessary to resolve its issues with the FCC. Despite working diligently and in good faith, however, LightSquared and the lenders were not able to consummate a global restructuring on terms acceptable to all interested parties. Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to the Debtors. Alvarez & Marsal North America, LLC, is the financial advisor. Kurtzman Carson Consultants LLC serves as claims and notice agent. METEX MFG: Ends May with $1.32 Million Cash ------------------------------------------- Metex Mfg. Corporation, on June 17, 2013, filed its monthly operating report for the month ended May 2013. The Company reported a net income of $63,460 for the month ended May 31, 2013. At the beginning of the month, the Company had $1.27 million in cash. It earned income totaling $63,460 from cash and credit transactions and had $4,457 in expenses for the reporting period, Thus, at the end of the period, Metex had total cash of $1.32 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/METEX_MFG_maymor.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. Metex 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. NORTEL NETWORKS: Reports $4.34BB Stockholders Deficit for April --------------------------------------------------------------- Nortel Networks Inc., et. al., on June 17, 2013, filed its monthly operating report for the period from April 1 to 30, 2013. At the beginning of April, the Company had $989.2 million in cash. Nortel had total cash receipts of $2 million and total cash disbursements of $5 million. As a result, at the end of April, the Debtor had total cash of $986.2 million. As of April 30, the Company had total assets of $1.2 billion, total liabilities of $5.58 billion, and total stockholders' deficit of $4.34 billion. A full-text copy of the monthly operating report is available for free at http://bankrupt.com/misc/NORTEL_NETWORKS_aprilmor.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. ORCHARD SUPPLY: Files Initial Monthly Operating Report ------------------------------------------------------ Orchard Supply Hardware Stores Corporation, et al., filed with the U.S. Securities and Exchange Commission an initial monthly operating report, disclosing a cash flow projection among other things. For the 9-week period ended Aug. 17, 2013, Orchard Supply estimates cash flow from sales receipts, closing store inventory and credit card holdback to total $134.47 million. The Debtor expects disbursements for the same period to total $132.29 million, which include $7.43 million in bankruptcy/emergence expenditures. The Initial MOR also discloses certificates of insurance, evidence of the Debtors' bank accounts, and a list of retainers paid. Orchard Supply reveals that for the period from Feb. 6, 2013, through May 20, 2013, it issued checks totalling $2.2 million for retainers of their bankruptcy professionals. Of that amount, approximately $1.76 million has been applied as of July 2, 2013. Recipients of the retainer checks are FTI Consulting, Dechert LLP, DLA Piper LLP, Zolfo Cooper and BMC Group, Inc. A copy of Orchard Supply's Initial MOR is available for free at: http://is.gd/7UlqHh About Orchard Supply San Jose, Cal.-based Orchard Supply Hardware Stores Corporation operates neighborhood hardware and garden stores focused on paint, repair and the backyard. It was spun off from Sears Holdings Corp. in 2012. Orchard Supply and two affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-11565) on June 16 to facilitate a restructuring of the company's balance sheet and a sale of its assets for $205 million in cash to Lowe's Companies, Inc., absent higher and better offers. In addition to the $205 million cash, Lowe's has agreed to assume payables owed to nearly all of Orchard's supplier partners. Bankruptcy Judge Christopher S. Sontchi oversees the case. Michael W. Fox signed the petitions as senior vice president and general counsel. The Debtors disclosed total assets of $441,028,000 and total debts of $480,144,000. Stuart M. Brown, Esq., at DLA Piper LLP (US), in Wilmington, Delaware; and Richard A. Chesley, Esq., Chun I. Jang, Esq., and Daniel M. Simon, Esq., at DLA Piper LLP (US), in Chicago, Illinois, are the Debtors' counsel. Moelis & Company LLC serves as the Debtors' investment banker. FTI Consulting, Inc., serves as the Debtors' financial advisors. A&G Realty Partners, LLC, serves as the Debtors' real estate advisors. BMC Group Inc. is the Debtors' claims and noticing agent. ORECK CORPORATION: Records $4.78 Million Net Loss for May --------------------------------------------------------- Oreck Corporation, et. al., on June 17, 2013, filed its monthly operating report for the month ended May 2013. The Debtor posted a net loss of $4.78 million for May. As of May 31, 2013, the Debtor had total assets of $69.05 million, total liabilities of $16.77 million, and total stockholders' equity of $32.46 million. The Debtor had a beginning book balance of -($80,078) at the start of May. For the reporting period, Oreck had total receipts of $8.78 million, total disbursements of $5.94 million, and $2.08 million in interbank transfers. Thus, at the end of May, the Debtor's ending book balance is $676,069. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/ORECK_CORPORATION_maymor.pdf About Oreck Corp. Oreck Corporation and eight affiliates sought Chapter 11 protection (Bankr. M.D. Tenn. Lead Case No. 13-04006) in Nashville, Tennessee, on May 6, 2013, with plans to sell the business as a going concern. Oreck has been in the business of manufacturing, marketing and selling vacuum cleaners and related products since the late 1960s. The corporate offices are located in Nashville, and the manufacturing and call center is located in Cookeville, Tennessee. Oreck has 70 employees in Nashville, 250 employees at its plant in Cookeville and 325 employees operating 96 company-owned and managed retail stores. The Debtor estimated at least $10 million in assets and liabilities as of the Chapter 11 filing. William L. Norton III, Esq., and Alexandra E. Dugan, Esq., at Bradley Arant Boult Cummings LLP, serve as counsel to the Debtor. BMC Group Inc. is the claims and notice agent. Sawaya Segalas & Co., LLC serves as financial advisor. The U.S. Trustee appointed six creditors to the Official Committee of Unsecured Creditors. Daniel H. Puryear, Esq., at Puryear Law Group, and Sharon L. Levine, Esq., and Kenneth A. Rosen, Esq., at Lowenstein Sandler LLP represent the Committee. The Committee tapped to retain Gavin/Solmonese LLC as it financial advisor. OVERSEAS SHIPHOLDING: Reports April Operating Loss of $9 Million ---------------------------------------------------------------- Overseas Shipholding Group, Inc., filed with the U.S. Securities and Exchange Commission its monthly operating report for April 2013. The Company incurred a net loss before income taxes of $8.99 million on $70.58 million of voyage charter revenues for the month of April. As of April 30, 2013, the Company had $4.33 billion in total assets, $2.98 billion in total liabilities and $1.34 billion in total equity. At the beginning of the month, the Company had $556.61 million in cash. The Company had total receipts of $85.92 million and total disbursements of $77.73 million. As a result, the Company ended April with $564.81 million in cash. Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that although ship owner Overseas Shipholding reported a $9 million loss in April before income taxes, the stock continues trading at values seldom seen for companies in Chapter 11. OSG generated revenue of $70.6 million in April, producing a $6 million loss from vessel operations. Including income from affiliates, the operating loss in the month was $3.3 million. Since inception of the Chapter 11 reorganization in mid-November, the cumulative loss before taxes has been $52.2 million on revenue of $455.2 million. According to the report, the shares rose 4.8 percent July 1 to $4.35 in over-the-counter trading. After the bankruptcy filing, OSG's stock traded around $1 until it began rising in early March, reaching a post-bankruptcy peak of $4.51 on April 11. The stock declined until early June when the shares began climbing again. The dip in the price during April occurred after OSG allowed senior executives to sell stock. A copy of the monthly operating report is available at: http://is.gd/l1qdvi About Overseas Shipholding Overseas Shipholding Group, Inc., headquartered in New York, is one of the largest publicly traded tanker companies in the world, engaged primarily in the ocean transportation of crude oil and petroleum products. OSG owns or operates 111 vessels that transport oil and petroleum products throughout the world. Overseas Shipholding Group and 180 affiliates filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67 billion in liabilities. Greylock Partners LLC Chief Executive John Ray serves as chief reorganization officer. Cleary Gottlieb Steen & Hamilton LLP serves as OSG's Chapter 11 counsel, while Chilmark Partners LLC serves as financial adviser. Kurtzman Carson Consultants LLC is the claims and notice agent. The Export-Import Bank of China, owed $312 million used for the construction of five tankers, is represented by Louis R. Strubeck, Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & Jaworski LLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., at Fulbright & Jaworski in New York; and John Knight, Esq., and Christopher Samis, Esq., at Richards Layton & Finger PA. Chilmark Partners, LLC serves as financial and restructuring advisor. Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serve as co-counsel to the official committee of unsecured creditors. FTI Consulting, Inc., is the financial advisor and Houlihan Lokey Capital, Inc., is the investment banker. POINT BLANK: Reports $118,579 Net Loss for February --------------------------------------------------- SS Body Armor I, Inc., et al., formerly known as Point Blank Solutions Inc., on March 5, 2013, filed its monthly operating report for the month ended February 2013. SS Body Armor posted a net loss of $118,579 for the month ended Feb. 28, 2013. As of Feb. 28, 2013, the Debtor had total assets of $6.98 million, total liabilities of $33.99 million, and total stockholders' deficit of $46.8 million. At the beginning of Feb., the Debtor had $684,995 in cash. It spent $58,141 in total cash disbursements. At the end of February, the Debtor had total cash of $626,854. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/POINT_BLANK_febmor.pdf About Point Blank Headquartered in Pompano Beach, Florida, Point Blank Solutions, Inc. -- http://www.pointblanksolutionsinc.com/-- designs and produces body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company maintains facilities in Pompano Beach, Florida, and Jacksboro, Tennessee. The Company's former chief executive officer and chief operating officer were convicted in September 2010 of orchestrating a $185 million fraud. Point Blank Solutions, formerly DHB Industries, filed for Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq., David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves as corporate counsel. Epiq Bankruptcy Solutions serves as claims and notice agent. The U.S. Trustee has appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Equity Security Holders in the case. Ian Connor Bifferato, Esq., and Thomas F. Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein, Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq., at Baker & McKenzie LLP, serve as counsel for the Official Committee of Equity Security Holders. Robert M. Hirsh, Esq., and George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to the Creditors Committee, and Frederick B. Rosner, Esq., and Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as co-counsel. In October 2011, the Debtors sold substantially all assets to Point Blank Enterprises, Inc. The lead debtor changed its name to SS Body Armor I, Inc. following the sale. POINT BLANK: Gains $4,440 Net Income in March --------------------------------------------- SS Body Armor I, Inc., et al., formerly known as Point Blank Solutions Inc., on April 4, 2013, filed its monthly operating report for the month ended March 2013. SS Body Armor posted a net income of $4,440 for the month ended March 2013. As of March 31, 2013, the Debtor had total assets of $5.18 million, total liabilities of $34.1 million, and total stockholders' deficit of $48.71 million. At the beginning of March, the Debtor had $626,854 in cash. It made total cash disbursements of $3,368. At the end of March, the Debtor had total cash of $623,486. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/POINT_BLANK_marchmor.pdf Headquartered in Pompano Beach, Florida, Point Blank Solutions, Inc. -- http://www.pointblanksolutionsinc.com/-- designs and produces body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company maintains facilities in Pompano Beach, Florida, and Jacksboro, Tennessee. The Company's former chief executive officer and chief operating officer were convicted in September 2010 of orchestrating a $185 million fraud. Point Blank Solutions, formerly DHB Industries, filed for Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq., David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves as corporate counsel. Epiq Bankruptcy Solutions serves as claims and notice agent. The U.S. Trustee has appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Equity Security Holders in the case. Ian Connor Bifferato, Esq., and Thomas F. Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein, Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq., at Baker & McKenzie LLP, serve as counsel for the Official Committee of Equity Security Holders. Robert M. Hirsh, Esq., and George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to the Creditors Committee, and Frederick B. Rosner, Esq., and Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as co-counsel. In October 2011, the Debtors sold substantially all assets to Point Blank Enterprises, Inc. The lead debtor changed its name to SS Body Armor I, Inc. following the sale. POINT BLANK: Lists $115,296 Net Loss for April ---------------------------------------------- SS Body Armor I, Inc., et al., formerly known as Point Blank Solutions Inc., on May 21, 2013, filed its monthly operating report for the month ended April 30, 2013. SS Body Armor posted a net loss of $115,296 for the month ended April 30, 2013. As of April 30, 2013, the Debtor had total assets of $5.17 million, total liabilities of $34.21 million, and total stockholders' deficit of $48.82 million. At the beginning of the month, the Debtor had $623,486 in cash. SS Body Armor had total cash disbursements of $481. At the end of April, the Debtor had total cash of $623,005. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/POINT_BLANK_aprilmor.pdf About Point Blank Headquartered in Pompano Beach, Florida, Point Blank Solutions, Inc. -- http://www.pointblanksolutionsinc.com/-- designs and produces body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company maintains facilities in Pompano Beach, Florida, and Jacksboro, Tennessee. The Company's former chief executive officer and chief operating officer were convicted in September 2010 of orchestrating a $185 million fraud. Point Blank Solutions, formerly DHB Industries, filed for Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq., David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves as corporate counsel. Epiq Bankruptcy Solutions serves as claims and notice agent. The U.S. Trustee has appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Equity Security Holders in the case. Ian Connor Bifferato, Esq., and Thomas F. Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein, Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq., at Baker & McKenzie LLP, serve as counsel for the Official Committee of Equity Security Holders. Robert M. Hirsh, Esq., and George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to the Creditors Committee, and Frederick B. Rosner, Esq., and Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as co-counsel. PROMMIS SOLUTIONS: Lists $1.9 Million Net Loss at April 30 ---------------------------------------------------------- Prommis Solutions LLC, on May 24, 2013, filed its monthly operating report for the period from April 1 to 30, 2013. The Debtor posted net loss of $1.9 million on net revenue of $2.84 million for the month ended April 30, 2013. As of April 30, 2013, the Debtor had total assets of $32.59 million, total liabilities of $93.61 million, and total stockholders' deficit of $61.02 million. At the beginning of April, the Debtor had $3.57 million in cash. Prommis Solutions had total cash receipts of $9.63 million and total cash disbursements of $9.43 million. As a result, at the end of April, the Debtor had total cash of $3.77 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/PROMMIS_HOLDINGS_aprilmor.pdf About Prommis Holdings Atlanta, Georgia-based Prommis Holdings LLC and its 10 affiliates filed separate Chapter 11 petitions (Bankr. D. Del. Case No. 13-10551) on March 18, 2013. Judge Brendan Linehan Shannon presides over the case. Steven K. Kortanek, Esq., at Womble Carlyle Sandridge & Rice, LLP, serves as the Debtors' counsel, while Kirkland & Ellis LLP serves as co-counsel. The Debtors' restructuring advisor is Huron Consulting Services, LLC. Donlin Recano & Company, Inc., is the Debtors' claims agent. Prommis Holdings estimated between $10 million and $50 million in assets and $50 million and $100 million in liabilities. The petitions were signed by Charles T. Piper, chief executive officer. REVSTONE INDUSTRIES: Reports $25.4MM Stockholders Deficit for May ----------------------------------------------------------------- Revstone Industries, LLC, on June 14, 2013, filed its monthly operating report for the period between March 31 and May 4, 2013. The Company reported a net loss of $713,718 on management fee and shared service revenues of $607,638 for the period ended May 4, 2013. As of May 4, 2013, the Company had total assets of $79.92 million, total liabilities of $105.32 million and total stockholders' deficit of $25.4 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/REVSTONE_INDUSTRIES_marchmaymor.pdf An affiliate of Revstone Industries, Spara LLC, also filed monthly operating report for April 2013, a copy of which is available for free at http://bankrupt.com/misc/REVSTONE_INDUSTRIES_aprilmor.pdf About Revstone Industries, Greenwood Forgings, & US Tool & Engineering Lexington, Kentucky-based Revstone Industries LLC, a maker of truck parts, filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No. 12-13262) on Dec. 3, 2012. Judge Brendan Linehan Shannon oversees the case. In its petition, Revstone estimated under $50 million in assets and debts. Affiliate Spara LLC filed its Chapter 11 petition (Bankr. D. Del. Case No. 12-13263) on Dec. 3, 2012. Lexington-based Greenwood Forgings, LLC (Bankr. D. Del. Case No. 13-10027) and US Tool & Engineering LLC (Bankr. D. Del. Case No. 13-10028) filed separate Chapter 11 petitions on Jan. 7, 2013. Judge Shannon also oversees the cases. A motion for joint administration of the cases has been filed. Duane David Werb, Esq., at Werb & Sullivan, serves as bankruptcy counsel to Greenwood and US Tool. Greenwood estimated $1 million to $10 million in assets and $10 million to $50 million in debts. US Tool & Engineering estimated under $1 million in assets and $1 million to $10 million in debts. The petitions were signed by George S. Homeister, chairman. RG STEEL: WP Steel Ends May With $$4.536 Million Cash ----------------------------------------------------- WP Steel Ventures, LLC, et al., on June 19, 2013, filed their monthly operating report for the month ended May 31, 2013. The Company posted a net loss of $2.749 million on total sales of $172,000 million for the month ended May 31, 2013. As of May 31, 2013, the Company had total assets of $262.806 million, total liabilities of $1.208 billion and total stockholders' deficit of $945.285 million. For the month of May, the Company had total cash receipts of $4.536 million and total disbursements of $619,000. At the end of the month, the Company had $753,000 in unrestricted cash and equivalents. A full-text copy of the monthly operating report is available at: http://is.gd/HJ3ODF 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 owned 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. 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 bankruptcy 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. Kramer Levin Naftalis & Frankel LLP represents the Official Committee of Unsecured Creditors. Huron Consulting Services LLC serves as the Committee's 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. CJ Betters Enterprises Inc. paid $16 million for the Ohio plant. RODEO CREEK: Lists $2.75 Million Net Loss at May 19 --------------------------------------------------- Rodeo Creek Gold Inc, on June 20, 2013, filed its monthly operating report for the month ended May 19, 2013. The Company posted net loss of $2.75 million on total revenue of $2.39 million for the month ended May 19, 2013. For the current reporting period, the Company had total assets of $62.8 million, total liabilities of $200.95 million, and total stockholders' deficit of $138.15 million. As of May 19, 2013, the Company had $1.89 million in cash. It had total receipts of $5.63 million and $5.07 million in total disbursements. Thus, at May 19, Rodeo had total cash of $2.46 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/RODEO_CREEK_maymor.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. A three-member Official Committee of Unsecured Creditors, composed of Quality Transportation Inc., Prometheus Energy Group, Inc., and F & H Mine Supply, was appointed in the Debtors' Chapter 11 cases. The Committee is represented by Pachulski Stang Ziehl & Jones LLP as counsel, Armstrong Teasdale LLP as its local Nevada counsel, and BDO Consulting as its financial advisor. THQ INC: Lists $19.3 Million Net Income in April ------------------------------------------------ THQ Inc. filed with the U.S. Securities and Exchange Commission its monthly operating report for April 2013. THQ reported net income of $19.35 on $7.78 million of total sales for the month. As of April 30, 2013, the Company had $86.38 million in total assets, $137.44 million in total liabilities, and a $51.05 million total deficit. At the beginning of the month, the Company had $60.94 million in cash. THQ had $8.51 million in cash receipts and $4.45 million in total disbursements. As a result, the Company had $65 million in cash at April 30. A copy of THQ's April monthly operating report is available at: http://is.gd/sG2nnL About THQ Inc. THQ Inc. (NASDAQ: THQI) -- http://www.thq.com/-- was a worldwide developer and publisher of interactive entertainment software. The Company developed its products for all popular game systems, personal computers, wireless devices and the Internet. Headquartered in Los Angeles, California, THQ sold 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. Michael R. Nestor, M. Blake Cleary and Jaime Luton Chapman at Ypung Conaway Stargatt & Taylor, LLP; and Oscar Garza at Gibson, Dunn & Crutcher LLP represent the Debtors. FTI Consulting and Centerview Partners LLC are the financial advisors. Kurtzman Carson Consultants is the claims and notice agent. Before the 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: Ends May with $306.56 Million Cash --------------------------------------------- Tousa Inc., on June 20, 2013, filed its monthly operating report for the month ended May 31, 2013. The Company posted net loss of $619,159 for the month ended May 31, 2013. As of May 31, 2013, the Company had total assets of $337.5 million, total liabilities of $1.9 billion, and total stockholders' deficit of $1.58 billion. At the beginning of May, the Company had $307.13 million in cash. Tousa had total cash receipts of $169,829 and total cash disbursements of $737,714. As a result, at the end of May, the Company had total cash of $306.56 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/TOUSA_INC_maymor.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. Tousa and the official committee of unsecured creditors has filed a proposed chapter 11 liquidating plan following a settlement between the Debtor and creditors and other settlements crafted by mediator Peter L. Borowitz. The settlement was made after a May 2012 U.S. Court of Appeals in Atlanta decision that found that banks received fraudulent transfers exceeding $400 million. Tousa intends to have a confirmation hearing for the Plan in August. VALENCE TECHNOLOGY: Incurs $775,000 Net Loss in May -------------------------------------------------- Valence Technology, Inc., filed its monthly operating report with the U.S. Securities and Exchange Commission for May 2013. The Company incurred a net loss of $775,026 on $2.04 million of revenues for the month. As of May 31, 2013, the Company had $21.84 million in total assets, $83.18 million in total liabilities and a $61.34 million total owner's deficit. At the beginning of the month, the Company had $1.01 million in cash. The Company reported $5.17 million of total receipts and $6.02 million of total disbursements. As a result, the Company had $169,508 in cash as May 31, 2013. A copy of the monthly operating report is available at: http://is.gd/XM8AaM 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. YARWAY CORPORATION: Posts $3.26 Million Net Loss in May ------------------------------------------------------- Yarway Corporation, on June 20, 2013, filed its monthly operating report for the period from April 22, 2013 to May 31, 2013. The Debtor reported a net loss of $3.26 million for the period ended May 31, 2013. As of May 31, 2013, the Debtor had total assets of $106.56 million, total liabilities of $258.05 million, and total stockholders' deficit of $151.49 million. At the beginning of the period, the Debtor had $14.26 million in cash. Yarway had zero cash receipts and zero cash disbursements. As a result, at the end of May, the Debtor had total cash of $14.26 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/YARWAY_CORPORATION_aprilmaymor.pdf About Yarway Corporation Yarway Corporation sought Chapter 11 protection (Bankr. D. Del. Case No. 13-11025) on April 22, 2013, to deal with claims arising from asbestos containing products it allegedly sold as early as the 1920s. Yarway was founded in 1908 by Robert Yarnall and Bernard Waring as the Simplex Engineering Company and originally manufactured pipe clamps, steam traps, valves and controls. Based in Pennsylvania, Yarway was a privately-owned company until 1986 when KeyStone International, Inc. bought equity in the company. Yarway became a unit of Tyco International Ltd. when Tyco purchased KeyStone in 1997. Yarway's asbestos-related liabilities derive from Yarway's (i) purported use of asbestos-containing gaskets and packing, manufactured by others, in its production of steam valves and traps from the 1920s to 1970s, and (ii) alleged manufacture of expansion joint packing that was allegedly made up of a compound of Teflon and asbestos from the 1940s to the 1970s. Over the past five years, about 10,021 new asbestos claims have been asserted against Yarway, including 1,014 in Yarway's 2013 fiscal year ending March 31, 2013. The Debtor estimated assets and debts in excess of $100 million as of the Chapter 11 filing. Attorneys at Cole, Schotz, Meisel, Forman & Leonard, P.A. and Sidley Austin LLP serve as the Debtor's counsel in the Chapter 11 case. Logan and Co. is the claims and notice agent. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers" public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors" Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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