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/raid1/www/Hosts/bankrupt/TCR_Public/130824.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 24, 2013, Vol. 17, No. 234 Headlines AMERICANWEST BANCORP: Net Loss Down to $8,951 in July ATARI INC: Records $599,000 Net Loss for July FIRST REGIONAL: Ends July with $164,393 Cash Balance HI-WAY EQUIPMENT: Lists $10.49MM Stockholders' Deficit in June K-V PHARMACEUTICAL: Posts $746,000 Net Income in July REVSTONE INDUSTRIES: Records $172,857 Net Loss at June 29 THQ INC: Posts $1.28 Million Net Income in May THQ INC: Incurs $3.6 Million Net Loss in June ********* AMERICANWEST BANCORP: Net Loss Down to $8,951 in July ----------------------------------------------------- AmericanWest Bancorporation filed with the U.S. Securities and Exchange Commission its monthly operating report for July 2013. The Company reported a net loss of $8,951 on $0 of income for the month of July as compared with a net loss of $83,215 on $0 of income last month. As of July 31, 2013, the Company had $6.64 million in total assets, $47.43 million in total liabilities and a $40.78 million total owners' deficit. At the beginning of the month, the Company had $5.22 million in cash. The Company reported $0 of cash receipts and $5,719 of total cash disbursements. At July 31, 2013, the Company had $5.22 million in cash. A copy of the monthly operating report is available for free at: http://is.gd/eVogss About AmericanWest Bancorporation Headquartered in Spokane, Washington, AmericanWest Bancorporation (OTC BB: AWBC) -- http://www.awbank.net/-- was a bank holding company whose principal subsidiary was AmericanWest Bank, which included Far West Bank in Utah operating as an integrated division of AmericanWest Bank. AmericanWest Bank was a community bank with 58 financial centers located in Washington, Northern Idaho and Utah. AmericanWest Bancorporation filed for Chapter 11 protection (Bankr. E.D. Wash. Case No. 10-06097) on Oct. 28, 2010. The banking subsidiary was not included in the Chapter 11 filing. Christopher M. Alston, Esq., and Dillon E. Jackson, Esq., at Foster Pepper Shefelman PLLC, in Seattle, Washington, serve as bankruptcy counsel. G. Larry Engel, Esq., at Morrison & Foerster LLP, also serves as counsel. The Debtor estimated assets of $1 million to $10 million and debts of $10 million to $50 million in its Chapter 11 petition. AmericanWest Bancorporation's estimates exclude its banking unit's assets and debts. In its Form 10-Q filed with the Securities and Exchange Commission before the Petition Date, AmericanWest Bancorporation reported consolidated assets -- including its bank unit's -- of $1.536 billion and consolidated debts of $1.538 billion as of Sept. 30, 2010. In December 2010, AmericanWest completed the sale of all outstanding shares of AmericanWest Bank to a wholly owned subsidiary of SKBHC Holdings LLC, in a transaction approved by the U.S. Bankruptcy Court. The bank subsidiary was sold to SKBHC Holdings Inc. for $6.5 million cash. ATARI INC: Records $599,000 Net Loss for July --------------------------------------------- Atari Inc., on Aug. 15, 2013, filed its monthly operating report for the month ended July 31, 2013. The Company posted a net loss of $599,000 on net revenue of $2.99 million for July. As of July 31, 2013, the Company had total assets of $33.95 million, total liabilities of $333.22 million, and total stockholders' deficit of $299.27 million. At the beginning of July , the Company had $2.63 million in cash. Atari had total cash receipts of $1.75 million and total cash disbursements of $1.67 million. As a result, at the end of July, the Company had total cash of $2.7 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/ATARI_INC_julymor.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 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. The Debtors won court approval to sell seven video-game franchises for a total of about $5.1 million. Duff & Phelps Securities LLC serves as financial advisor to the Official Committee of Unsecured Creditors. Cooley LLP serves as the Committee's counsel. FIRST REGIONAL: Ends July with $164,393 Cash Balance ---------------------------------------------------- First Regional Bancorp filed with the U.S. Securities and Exchange Commission its monthly operating report for July 2013. The Company reported a net loss of $54,538 on $0 of net sales for the month of July. As of July 31, 2013, the Company had $939,393 in total assets, $97.65 million in total liabilities, and a $96.71 million total deficit. At the beginning of the month, the Company had $176,931 in cash. The Company had $0 of total receipts and $12,538 of total disbursements. At the end of the month, the Company had $164,393 in cash. A copy of the monthly operating report is available for free at: http://is.gd/1fvKa5 About First Regional Bancorp First Regional Bancorp (NASDAQ-GSM: FRGB) is the bank holding company for First Regional Bank, Los Angeles, California. First Regional Bank was closed at the end of January 2010 by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. First Regional Bancorp filed for Chapter 11 protection (Bankr. C.D. Calif. Case No. 12-31372) on June 19, 2012. Jon L Dalberg, Esq., at Landau Gottfried & Berger LLP, represents the Debtor in its Chapter 11 case. The Debtor estimated assets of $1 million to $10 million and debts of $100 million to $500 million in its Chapter 11 petition. HI-WAY EQUIPMENT: Lists $10.49MM Stockholders' Deficit in June -------------------------------------------------------------- Hi-Way Equipment Company, on Aug. 1, 2013, filed its monthly operating report for the month ended June 2013. As of June 2013, the Company had total assets of $2.94 million, total liabilities of $13.44 million, and total stockholders' deficit of $10.49 million. The Debtors also included a list of retainers paid to their bankruptcy professionals like Reeves, Koskiewicz, Sewell LLP and Upshot Services. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/HI-WAY_EQUIPMENT_junemor.pdf About Hi-Way Equipment 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, in Dallas, Texas, serves as the Debtor's counsel. The Debtor estimated assets and debts of at least $10 million. Shannon, Gracey, Ratliff & Miller represents the Official Committee of Unsecured Creditors as counsel. 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. K-V PHARMACEUTICAL: Posts $746,000 Net Income in July ----------------------------------------------------- K-V Discovery Solutions, Inc., et al., on Aug. 15, 2013, filed its monthly operating report for the period ended July 31, 2013. The Debtors' consolidated statement of operations showed a net income from continuing operations of $746,000 on $11.54 million of net revenues for the month. As of July 31, 2013, the Debtors had $217.24 million in total assets, $712.56 million in total liabilities, and a $495.32 million total shareholders' deficit. The Debtors had total cash receipts of $13.27 million and total cash disbursements of $13 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/K-V_PHARMA_julymor.pdf About K-V Pharmaceutical K-V Pharmaceutical Company (NYSE: KVa/KVb) -- http://www.kvpharmaceutical.com/-- is a fully integrated specialty pharmaceutical company that develops, manufactures, markets, and acquires technology-distinguished branded and generic/non-branded prescription pharmaceutical products. The Company markets its technology distinguished products through ETHEX Corporation, a subsidiary that competes with branded products, and Ther-Rx Corporation, the company's branded drug subsidiary. K-V Pharmaceutical Company and certain domestic subsidiaries on Aug. 4, 2012, filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 12-13346, under K-V Discovery Solutions Inc.) to restructure their financial obligations. K-V employed Willkie Farr & Gallagher LLP as bankruptcy counsel, Williams & Connolly LLP as special litigation counsel, and SNR Denton as special litigation counsel. In addition, K-V tapped Jefferies & Co., Inc., as financial advisor and investment banker. Epiq Bankruptcy Solutions LLC is the claims and notice agent. The U.S. Trustee appointed five members to serve in the Official Committee of Unsecured Creditors. Kristopher M. Hansen, Esq., Erez E. Gilad, Esq., and Matthew G. Garofalo, Esq., at Stroock & Stroock & Lavan LLP, represent the Creditors Committee. Weil, Gotshal & Manges LLP's Robert J. Lemons, Esq., and Lori R. Fife, Esq., represent an Ad Hoc Senior Noteholders Group. REVSTONE INDUSTRIES: Records $172,857 Net Loss at June 29 --------------------------------------------------------- Revstone Industries, LLC, on Aug. 19, 2013, filed its monthly operating report for the period between June 2 and June 29, 2013. The Company reported a net loss of $172,857 on management fee and shared service revenues of $490,512 for the period ended June 29, 2013. As of June 29, 2013, the Company had total assets of $80.77 million, total liabilities of $111.53 million and total stockholders' deficit of $30.76 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/REVSTONE_INDUSTRIES_junemor.pdf About Revstone Industries et al. 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. Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP represents Revstone. 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. 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. Metavation, also known as Hillsdale Automotive, LLC, joined parent Revstone in Chapter 11 on July 22, 2013 (Bankr. D. Del. Case No. 13-11831) to sell the bulk of its assets to industry rival Dayco for $25 million, absent higher and better offers. Metavation has tapped Pachulski as its counsel. Pachulski also serves as counsel to Revstone and Spara. Metavation also has tapped McDonald Hopkins PLC as special counsel, and Rust Consulting/Omni Bankruptcy as claims agent and to provide administrative services. Mark L. Desgrosseilliers, Esq., at Womble Carlyle Sandridge & Rice, LLP represents the Official Committee of Unsecured Creditors in Revstone's case. THQ INC: Posts $1.28 Million Net Income in May ---------------------------------------------- THQ Inc. filed with the U.S. Securities and Exchange Commission its monthly operating report for May 2013. The Company reported net income of $1.28 million on $1.52 million of total sales for the month. As of May 31, 2013, the Company had $87.02 million in total assets, $136.79 million in total liabilities, and a $49.77 million total deficit. At May 1, 2013, the Company had $65 million in cash. The Company reported total receipts of $12.96 million and total disbursements of $1.85 million. At the end of the month, the Company had $76.11 million in cash. A copy of the monthly operating report is available for free at: http://is.gd/qslmWY 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 Young 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. The Debtors' Second Amended Chapter 11 Plan of Liquidation became effective on Aug. 2, 2013. THQ INC: Incurs $3.6 Million Net Loss in June --------------------------------------------- THQ Inc. filed with the U.S. Securities and Exchange Commission its monthly operating report for June 2013. The Company reported a net loss of $3.62 million on $37,485 of total sales for the month. As of June 30, 2013, the Company had $77.87 million in total assets, $131.26 million in total liabilities, and a $53.39 million total deficit. At the beginning of the period, the Company had $76.11 million in cash. The Company reported cash receipts of $4.94 million and total disbursements of $3.29 million. As a result, the Company had $77.76 million in cash at June 30, 2013. A copy of the monthly operating report is available for free at: http://is.gd/UjSlg0 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 Young 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. The Debtors' Second Amended Chapter 11 Plan of Liquidation became effective on Aug. 2, 2013. ********* 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, Valerie Udtuhan, 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. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. *** End of Transmission ***