/raid1/www/Hosts/bankrupt/TCR_Public/130803.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, August 3, 2013, Vol. 17, No. 213
Headlines
GMX RESOURCES: Posts $7.59 Million Net Loss in June
HANDY HARDWARE: Reports $13.26MM Stockholders Deficit for June
INTERFAITH MEDICAL: Lists $840,670 Net Loss at May 31
INTERFAITH MEDICAL: Net Loss Increases to $2.63 Million at June 30
METEX MFG: Had $1.38 Million Cash Balance at June 30
NE OPCO: Files Initial Monthly Operating Report
PMI GROUP: Lists $541.73 Million Stockholders Deficit for June
RESIDENTIAL CAPITAL: Incurs $251-Mil. Operating Loss in June
RG STEEL: Incurs $1.83 Million Net Loss in June
SAAB CARS: Has $25.26 Million Cash Balance at May 31
VALENCE TECHNOLOGY: Posts $318,650 Net Income in June
*********
GMX RESOURCES: Posts $7.59 Million Net Loss in June
---------------------------------------------------
GMX Resources Inc. and its affiliates, filed on July 25, 2013, its
monthly operating report for the month of June.
The Company incurred a net loss of $7.59 million on $2.97 million
of total revenues for the period ended June 30, 2013.
The Company's balance sheet at June 30, 2013, showed $328.3
million in total assets, $508.64 million in total liabilities, and
a $180.33 million total shareholders' deficit.
At the start of the reporting period, GMX Resources had a
$6.51 million cash balance. The Company had total receipts of
$4.8 million and total disbursements of $7.59 million for the
whole month of June. Thus, ending cash balance for the Company at
June 30 is $3.72 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/GMX_RESOURCES_junemor.pdf
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. David A. Zdunkewicz, Esq. at Andrews Kurth LLP represented
the Debtors as counsel.
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.
Looper Reed is substituted as counsel for the Official Committee
of Unsecured Creditors in place of Winston & Strawn LLP, effective
as of April 25, 2013. The Committee tapped Conway MacKenzie,
Inc., as financial advisor
HANDY HARDWARE: Reports $13.26MM Stockholders Deficit for June
--------------------------------------------------------------
Handy Hardware Wholesale, Inc., on July 26, 2013, filed its
monthly operating report for the month of June.
The Debtor posted a net pretax loss of $1.7 million for June 2013.
As of the end of June, the Debtor had total assets of
$66.67 million, total liabilities of $79.93 million, and total
stockholders' deficit of $13.26 million.
At the beginning of June, the Debtor had $3.32 million in cash.
Handy Hardware had total cash receipts of $21.81 million and total
cash disbursements of $23.97 million. As a result, at the end of
June, the Debtor had total cash of $1.16 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/HANDY_732_MOR.pdf
About Handy Hardware
Handy Hardware Wholesale, Inc., filed a Chapter 11 petition
(Bankr. D. Del. Case No. 13-10060) on Jan. 11, 2013.
Handy Hardware is engaged in the business of buying goods from
vendors and selling those goods at a discounted price to its
members for sale in their retail stores. Handy Hardware, which
has 300 employees, is operating on a cooperative basis and is
completely member-owned, with over 1,000 members. The Debtor's
warehouse facilities are located in Houston, Texas, and in
Meridian, Mississippi. Trucking services are provided by Averitt
Express, Inc., and Trans Power Corp. Its members operate 1,300
retail stores, home centers, and lumber yards. The members are
located in 14 states throughout the U.S. as well as in Mexico,
South America, and Puerto Rico.
Bankruptcy Judge Mary F. Walrath oversees the case. William P.
Bowden at Ashby & Geddes, P.A., serve as the Debtor's counsel.
MCA Financial serves as financial advisor. Donlin Recano serves
as claims and noticing agent. The Debtor disclosed $79,169,106 in
assets and $77,605,085 plus an unknown in liabilities as of the
Chapter 11 filing.
A seven-member official committee of unsecured creditors has been
appointed in the case. Gellert Scali Busenkell & Brown, LLC
represents the Committee.
Wells Fargo is providing a $30 million revolving credit to finance
operations in Chapter 11.
INTERFAITH MEDICAL: Lists $840,670 Net Loss at May 31
-----------------------------------------------------
Interfaith Medical Center, Inc., on June 21, 2013, filed its
monthly operating report for the month ended May 31, 2013.
The Company recorded a $840,670 operating loss on total
revenues of $17.86 million for May.
For May, the Company had total assets of $137.22 million, total
liabilities of $356.22 million, and total stockholders' deficit of
$219 million.
At the beginning of the year, the Company had $13.51 million in
cash and cash equivalents. For May, it expended $3.48 million in
total for operating and financing activities. As a result, the
Company has $10.02 million in cash and cash equivalents at May 31.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/INTERFAITH_543_MOR.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.
INTERFAITH MEDICAL: Net Loss Increases to $2.63 Million at June 30
------------------------------------------------------------------
Interfaith Medical Center, Inc., on July 23, 2013, filed its
monthly operating report for the month of June.
The Company posted an operating loss of $2.63 million on total
revenue of $14.48 million for the month ended June 30, 2013, as
compared to a $840,670 operating loss in May.
As of June 30, 2013, the Company had total assets of $136.51
million, total liabilities of $358.57 million, and total
stockholders' deficit of $222.05 million.
At the beginning of the year, the Company had $13.51 million in
cash and cash equivalents. For June, it expended $2.02 million in
total for operating and financing activities. As a result, the
Company has $11.49 million in cash and cash equivalents at
June 30.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/INTERFAITH_586_MOR.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.
METEX MFG: Had $1.38 Million Cash Balance at June 30
----------------------------------------------------
Metex Mfg. Corporation, on July 18, 2013, filed its monthly
operating report for June 2013.
The Company reported a net income of $63,460 for the month ended
June 30.
As of June 30, 2013, the Company had total assets of
$5.5 million, total liabilities of $9.31 million, and total
stockholders' deficit of $3.81 million.
At the beginning of the month, the Company had $1.32 million in
cash. It earned income totaling $63,460 from cash and credit
transactions and had $10,357 in expenses for the reporting period,
Thus, at the end of the period, Metex had total cash of
$1.38 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/METEX_262_MOR.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.
NE OPCO: Files Initial Monthly Operating Report
-----------------------------------------------
NE OPCO, Inc., et al., filed an initial monthly operating
report on July 3, 2013, a full-text copy of which is available at:
http://bankrupt.com/misc/NEOPCO_116_MOR.pdf
The Debtors forecast $84,583 in operating costs for the period
from June 16, 2013 to Sept. 8, 2013. The Debtors also estimate
cash sources to total $81,360 for the 13-week period ending Sept.
8, 2013.
The Debtors also included a list of retainers paid to their
bankruptcy professionals like Richards, Layton & Finger,
PricewaterhouseCoopers LLP and Epiq Bankruptcy Systems for the
period covering May 13, 2013 to June 7, 2013.
About National Envelope
National Envelope is the largest privately-help manufacturer of
envelopes in North America. Headquartered in Frisco, Texas,
National Envelope has eight plants and 15 percent of the envelope
market. Revenue of $427 million in 2012 resulted in a $60.1
million net loss, continuing an unbroken string of losses since
2007.
NE OPCO, Inc., doing business as National Envelope, along with
affiliate NEV Credit Holdings, Inc., filed petitions seeking
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 13-11483) on June 10, 2013.
The company disclosed liabilities including $148.4 million in
secured debt, with $37.5 million owing on a revolving credit and
$15.6 million on a secured term loan. There is a $55.7 million
second-lien debt 82 percent held by a Gores Group LLC affiliate.
National Envelope, then known as NEC Holdings Corp., first sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 10-11890) on
June 10, 2010. The business was bought by Gores Group LLC for
$208 million in a bankruptcy sale.
National Envelope, through NE OPCO, has returned to bankruptcy to
pursue a plan of reorganization or sell the assets as a going
concern via 11 U.S.C. Sec. 363. The Debtor plans to facilitate a
sale of the business with publicly traded competitor Cenveo Inc.
In the new Chapter 11 case, the company has tapped the law firm
Richards, Layton & Finger as counsel, PricewaterhouseCoopers LLP
as financial adviser, and Epiq Bankruptcy Solutions as claims and
notice agent.
The Gores Group is represented by Weil, Gotshal and Manges LLP and
Lowenstein Landler LLP. Salus Capital Partners, the DIP agent, is
represented by Choate, Hall & Stewart LLP and Morris Nichols Arsht
& Tunnell LLP. Wells Fargo Capital Finance, LLC, the prepetition
senior agent, is represented by Goldberg Kohn Ltd and DLA Piper.
PMI GROUP: Lists $541.73 Million Stockholders Deficit for June
--------------------------------------------------------------
The PMI Group, Inc., on July 26, 2013, filed its monthly operating
report for the month ended June 30, 2013.
The Company posted net loss of $788,174 for the month ended
June 30, 2013.
As of June 30, 2013, the Company had total assets of $211.74
million, total liabilities of $753.46 million, and total
stockholders' deficit of $541.73 million.
At the beginning of the month, the Company had $194.74 million in
cash. PMI had total cash receipts of $28,058 and total cash
disbursements of $917,738. As a result, at the end of June,
the Company had total cash of $193.85 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/1020_PMI_MOR.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.
RESIDENTIAL CAPITAL: Incurs $251-Mil. Operating Loss in June
------------------------------------------------------------
Residential Capital, LLC, and its debtor affiliates disclosed that
for the period from June 1 to 30, 2013, they incurred $251,309,150
in operating loss, compared to the $67,848,482, operating loss the
previous month.
Receipts for the month ended June 30, 2013, totaled $115,515,000,
while disbursements totaled $335,811,000. Total net revenue for
the period was $14,336,000, while reorganization items totaled
$24,612,000.
The Debtors said that, as of June 30, 2013, their consolidated
assets totaled $3,767,087,000, consolidated liabilities totaled
$4,519,979,000, and equity totaled $752,892,000.
Payments made to insiders during the month totaled
$1,139,504,983. Payments made to bankruptcy professionals during
the month totaled $9,764,351, while payments made to bankruptcy
professionals since the Petition Date totaled $194,511,602.
A full-text copy of the June 2013 Operating Report is available
for free at http://bankrupt.com/misc/RESCAPmorjune2013.pdf
About Residential Capital
Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.
Neither Ally Financial nor Ally Bank is included in the bankruptcy
filings.
ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.
ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities at March 31, 2012.
Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap. Morrison & Foerster LLP is acting as legal
adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel. Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.
Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.
ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.
Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).
RG STEEL: Incurs $1.83 Million Net Loss in June
-----------------------------------------------
WP Steel Ventures, LLC, et al., on July 19, 2013, filed their
monthly operating report for the month ended June 30, 2013.
The Company posted a net loss of $1.83 million for the month ended
June 30, 2013.
As of June 30, 2013, the Company had total assets of $255.816
million, total liabilities of $1.203 billion and total
stockholders' deficit of $947.119 million.
For the month of June, the Company had total cash receipts of
$3.508 million and total disbursements of $773,000. At the end of
the month, the Company had $2.59 million in unrestricted cash and
equivalents.
A full-text copy of the monthly operating report is available at:
http://is.gd/8d7xb1
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.
SAAB CARS: Has $25.26 Million Cash Balance at May 31
----------------------------------------------------
Saab Cars North America, Inc., on July 15, 2013, filed its monthly
operating report for the month ended May 31, 2013.
The Debtor posted a net loss of $169,129 for the month ended
May 31, 2013.
As of May 31, 2013, the Debtor had total assets of
$30.21 million, total liabilities of $56.29 million, and total
stockholders' deficit of $26.08 million.
At the beginning of May, the Debtor had $25.39 million in cash.
Saab Cars had total cash receipts of $8,577 and total cash
disbursements of $140,154. As a result, at the end of May, the
Debtor had total cash of $25.26 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/SAAB_741_MOR.pdf
About Saab Cars N.A.
More than 40 U.S.-based Saab dealerships have signed an
involuntary chapter 11 bankruptcy petition for Saab Cars North
America, Inc., (Bankr. D. Del. Case No. 12-10344) on Jan. 30,
2012. The petitioners, represented by Wilk Auslander LLP, assert
claims totaling $1.2 million on account of "unpaid warranty and
incentive reimbursement and related obligations" and/or "parts and
warranty reimbursement." Leonard A. Bellavia, Esq., at Bellavia
Gentile & Associates, in New York, signed the Chapter 11 petition
on behalf of the dealers.
Donlin, Recano & Company, Inc. (DRC), has been retained to provide
claims and noticing agent services to Saab Cars North America,
Inc. in its Chapter 11 case.
The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.
Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB. Saab Cars N.A. named in December an
outside administrator, McTevia & Associates, to run the company as
part of a plan to avoid immediate liquidation following its parent
company's bankruptcy filing.
Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV. Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.
On Feb. 24, 2012, the Court, in consideration of the petition
filed on Jan. 30, 2012, granted Saab Cars North America, Inc.,
relief under Chapter 11 of the Bankruptcy Code.
Attorneys Stevens & Lee, P.C., and Butzel Long, represent the
Debtors as counsel.
On March 9, 2012, the U.S. Trustee formed an official Committee of
Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc. The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli PC as its
Delaware counsel.
VALENCE TECHNOLOGY: Posts $318,650 Net Income in June
-----------------------------------------------------
Valence Technology, Inc., filed with the U.S. Securities and
Exchange Commission its monthly operating report for June 2013.
The Company reported net income of $318,650 on $3.02 million of
revenues for the month. As of June 30, 2013, the Company had
$21.99 million in total assets, $83.39 million in total
liabilities and a $61.39 million net owners' deficit.
At the beginning of the month, the Company had $169,508 in cash.
The Company reported total receipts of $9.74 million and total
disbursements of $9.48 million. At June 30, 2013, the Company had
$427,781 in cash.
A copy of the monthly operating report is available at:
http://is.gd/v49lMk
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 percent of the shares. ClearBridge Advisors LLC owns 5.5
percent.
Judge Craig A. Gargotta presides over the case. The Company is
being advised by Sabrina L. Streusand at 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
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then-ending.
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please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
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Copyright 2013. All rights reserved. ISSN: 1520-9474.
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