TCR_Public/130928.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, September 28, 2013, Vol. 17, No. 269


                            Headlines

AMERICANWEST BANCORP: Incurs $6,000 Net Loss in August
ATARI INC: Gains $4.33 Million Net Profit for August
EXIDE TECHNOLOGIES: Ends August with $37.24 Million Cash
K-V PHARMACEUTICAL: Reports $1.2 Million Net Income for August
KIDSPEACE CORPORATION: Has $7.18 Million Cash Balance in July

LIGHTSQUARED INC: Lists $56.7 Million Net Loss in August
LONGVIEW POWER: Files Initial Monthly Operating Report
METRO FUEL: Posts $111,180 Net Loss at Aug. 31
OVERSEAS SHIPHOLDING: Ends July with $594.41 Million Cash
PATRIOT COAL: Reports $33.2 Million August Operating Loss

PITT PENN: Records $71,204 Net Loss in July
RAPID-AMERICAN CORP: Has $3.67 Million Cash Balance in August
RG STEEL: Incurs $2.191 Million Net Loss in August
SAND SPRING: Incurs $60,332 Net Loss at July 31
THORNBURG MORTGAGE: Lists $1.48 Million Net Loss at Aug. 31

VALENCE TECHNOLOGY: Reports $630,600 Net Loss for August
YARWAY CORPORATION: Lists $4.51 Million Net Loss in August


                            *********

AMERICANWEST BANCORP: Incurs $6,000 Net Loss in August
------------------------------------------------------
AmericanWest Bancorporation filed with the U.S. Securities and
Exchange Commission its monthly operating report for August 2013.

The Company disclosed a net loss of $6,082 on zero income for the
month.

As of Aug. 31, 2013, the Company had $6.64 million in total
assets, $47.44 million in total liabilities and a $40.79 million
total owners' deficit.

At the beginning of the month, the Company had $5.22 million in
cash.  The Company reported zero cash receipts and cash
disbursements.  As a result, there was no change in the Company's
cash at Aug. 31.

A copy of the monthly operating report is available at:

                        http://is.gd/h7xmtS

                 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: Gains $4.33 Million Net Profit for August
----------------------------------------------------
Atari Inc., on Sept. 16, 2013, filed its monthly operating report
for the month ended Aug. 31, 2013.

The Company posted a net profit of $4.33 million on net revenue of
$5.6 million for August, compared to a $599,000 net loss on net
revenue of $2.99 million the previous month.

As of Aug. 31, 2013, the Company had total assets of $37.83
million, total liabilities of $333.94 million, and total
stockholders' deficit of $296.07 million.

At the beginning of August, the Company had $2.7 million in cash.
Atari had total cash receipts of $13.16 million and total cash
disbursements of $7.65 million.  As a result, at the end of Aug.,
the Company had total cash of $8.2 million.

A full-text copy of the monthly operating report is available at:

         http://bankrupt.com/misc/SANDSPRING_julymor3.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.

On Feb. 15, 2013, the Court entered the order authorizing the
employment and retention of Hunton & Williams LLP as counsel to
the Debtors.  On Feb. 5, 2013, the Debtors' board of directors was
reconstituted.  The reconstituted board of directors elected to
retain alternate bankruptcy counsel.  Hunton's retention as the
Debtors' counsel terminated on Feb. 6, 2013.

Ira S. Dizengoff, Esq., and Kristine G. Manoukian, Esq., at Akin
Gump Strauss Hauer & Feld LLP, in New York, N.Y.; and Soctt L.
Alberino, Esq., at Akin Gump Strauss Hauer & Feld, LLP, in
Waqshington, D.C., represent the Debtors as counsel.

BMC Group is the claims and notice agent.  Guy Davis and Susan
Roski at Protiviti Inc. serve as financial advisors.

Duff & Phelps Securities LLC serves as financial advisor to the
Official Committee of Unsecured Creditors.  Cathy Hershcopf, Esq.,
Jeffrey L. Cohen, Esq., and Robert B. Winning, Esq., at Cooley LLP
serve as the Committee's counsel.

Ken Coleman, Esq., and Jonathan Cho, Esq., at Allen & Overy LLP,
serve as counsel to Atari S.A.


EXIDE TECHNOLOGIES: Ends August with $37.24 Million Cash
--------------------------------------------------------
Exide Technologies, on Sept. 23, 2013, filed a monthly operating
report for the month ended August 2013.

The Debtor's consolidated statement of operations showed a
$24.22 million net loss attributable to the Debtor for the
reporting period.  Bill Rochelle of Bloomberg News relates that
the August net loss is almost twice as much as the July loss.

Mr. Rochelle adds that operating income for the month was $1.5
million, an improvement from $190,000 in July.  The net loss was
partly attributable to $9 million in reorganization costs and $9.5
million of interest expense.  Since the inception of the
bankruptcy reorganization in June, $229.2 million in sales threw
off a cumulative $1.8 million loss from operations, according to
the report.

As of Aug. 31, 2013, the Debtor had $1.22 billion in total assets,
$1.14 billion in total liabilities, and a $85.47 million total
shareholders' equity.

At Aug. 1, 2013, the Debtor had a beginning book balance of
$6.14 million.  Exide had total receipts of $186.83 million and
total cash disbursements of $155.73 million for the month.  As a
result, the Debtor had $37.24 million cash at the end of the
month.

A copy of the monthly operating report is available at:

       http://bankrupt.com/misc/EXIDETECHNOLOGIES_augmor.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 after.
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 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.

The Official Committee of Unsecured Creditors is represented by
Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as
co counsel.  Zolfo Cooper, LLC serves as its bankruptcy
consultants and financial advisors.


K-V PHARMACEUTICAL: Reports $1.2 Million Net Income for August
--------------------------------------------------------------
K-V Discovery Solutions, Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for August 2013.

The Debtors reported net income from continuing operations of
$1.15 million on $13.96 million of net revenues for the month.

As of August 31, 2013, the Debtors had $226.43 million in total
assets, $720.41 million in total liabilities and a $493.97 million
total shareholders' deficit.

The Debtors reported total cash receipts of $14.14 million and
total cash disbursements of $8.42 million during the month of
August.

A copy of the monthly operating report is available for free at:

                         http://is.gd/ztYupw

                      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.

K-V Pharmaceutical Company's plan of reorganization became
effective on Sept. 16, 2013.


KIDSPEACE CORPORATION: Has $7.18 Million Cash Balance in July
-------------------------------------------------------------
Kidspeace Corporation and its affiliates, on Sept. 20, 2013, filed
its operating report for the month ended July 2013.

The Debtors' consolidated statement of operations showed a net
profit of $623,351 on $169,532 of net revenues for the month.

As of July 31, 2013, the Debtor had total assets of
$162.12 million, total liabilities of $149.4 million, and total
stockholders' equity of $12.72 million.

The Debtor had a beginning cash balance of $6.68 million.
Kidspeace had total cash receipts of $10.89 million and total cash
disbursements of $10.39 million.  As a result, at the end of July,
the Debtor had total cash of $7.18 million.

A full-text copy of the monthly operating report is available at:

        http://bankrupt.com/misc/KIDSPEACECORP_julymor.pdf

                      About KidsPeace Corp.

KidsPeace Corp., a provider of behavioral services for children,
filed a petition for Chapter 11 reorganization (Bankr. E.D. Pa.
Case No. 13-14508) on May 21, 2013, in Reading, Pennsylvania.

KidsPeace operates a 96-bed pediatric psychiatric hospital in
Orefield, Pennsylvania.  Assets are $86.7 million, and debt on the
books is $158.6 million, according to a court filing.

The Debtor, which sought bankruptcy protection with eight
affiliates, tapped Norris McLaughlin & Marcus, P.A. as counsel;
EisnerAmper LLP as financial advisor, and Rust Omni as claims and
notice agent.

Assets total $158,587,999 at the end of 2012.  The Debtors owe
approximately $56,206,821 in bond debt, and they have been told
that their pension liability is allegedly about $100,000,000 of
which the Debtors currently reflect $83,049,412 on their books.

KidsPeace sought Chapter 11 (i) as a means to implement a
negotiated restructuring of bond debt currently aggregating
approximately $51,310,000 plus accrued interest to a reduced
amount of approximately $24 million in new 30-year bonds with
interest at 7.5 percent, and (ii) to continue on-going
negotiations with the Pension Benefit Guaranty Corporation  in
hopes of reducing the PBGC asserted obligation of $100+ million to
an amount that the Debtors can reasonably expect to satisfy.

The Debtor disclosed $157,930,467 in assets and $168,768,207 in
liabilities as of the Chapter 11 filing.

Since March 2012, MK has been exploring possible affiliation or
acquisition opportunities; however, no offer of an affiliation or
acquisition has been presented to the Debtors.

Gemino Healthcare Finance, LLC, the prepetition revolving lender,
is represented by James S. Rankin, Jr., Esq., at Parker, Hudson,
Rainer & Dobbs LLP; and Weir & Partners LLP's Walter Weir, Jr.,
Esq.

UMB Bank, N.A., on behalf of bondholders, Performance Food Group
d/b/a AFI, W.B. Mason Co., Inc., Pension Benefit Guaranty
Corporation, and Teresa Laudenslager were appointed to an official
committee of unsecured creditors in the Debtors' cases.  The
Official Committee of Unsecured Creditors is represented by
Fitzpatrick Lentz & Bubba, P.C., and Lowenstein Sandler LLP as
counsel.  FTI Consulting, Inc. serves as the panel's financial
advisor.


LIGHTSQUARED INC: Lists $56.7 Million Net Loss in August
--------------------------------------------------------
LightSquared Inc., et al., filed on September 16, 2013, a monthly
operating report for the month ended August 31, 2013.

The Company reported a net loss of $56.7 million on net revenue
of $1.73 million for August.

As of August 31, 2013, the Company had total assets of $3.79
billion, total liabilities of $2.83 billion, and total
stockholders' equity of $961.7 million.

At the beginning of the month, LightSquared had $108.4 million in
cash.  The Company had total cash receipts of $4.88 million and
total cash disbursements of $14.11 million.  As a result, at the
end of August, the Company had total cash of $99.2 million.

A full-text copy of the monthly operating report is available at:

                       http://is.gd/kj0snO

                      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.


LONGVIEW POWER: Files Initial Monthly Operating Report
------------------------------------------------------
Longview Power LLC and its affiliates filed an initial monthly
operating report on Sept. 16, 2013, which includes a 6-week cash
flow, a full-text copy of which is available at:

          http://bankrupt.com/misc/LONGVIEWPOWER_mor.pdf

The Debtor forecasts $19.42 million beginning cash balance, and
$5.68 million total net cash flow before restructuring resulting
to $25 million ending cash balance for the period from Sept. 6,
2013 to Oct. 11, 2013.

                        About Longview Power

Longview Power LLC is a special purpose entity created to
construct, own, and operate a 695 MW supercritical pulverized
coal-fired power plant located in Maidsville, West Virginia, just
south of the Pennsylvania border and approximately 70 miles south
of Pittsburgh.  The project is owned 92% by First Reserve
Corporation (First Reserve or sponsor), a private equity firm
specializing in energy industry investments, through its affiliate
GenPower Holdings (Delaware), L.P., and 8% by minority interests.

The company has engaged Lazard Ltd as its investment banker and
Alvarez & Marsal North America LLC as its restructuring advisor.
Longview is represented by Kirkland & Ellis LLP, as primary
restructuring counsel, and Dentons US LLP for all issues related
to company's pending arbitration proceedings.


METRO FUEL: Posts $111,180 Net Loss at Aug. 31
----------------------------------------------
Metro Fuel Oil Corp., et al., on Sept. 20, 2013, filed its monthly
operating report for the month ended Aug. 31, 2013.

The Debtor posted a net loss of $111,180 for the month ended
Aug. 31, 2013.

As of Aug. 31, 2013, the Debtor had total assets of $17.93
million, total liabilities of $74.34 million, and total
stockholders' deficit of $56.4 million.

At the beginning of August, Metro Fuel had a beginning book cash
balance of $17.61 million.  The Debtor had $31,817 cash receipts
and cash disbursements of $81,007.  As a result, at the end of
August, Metro Fuel had an ending book cash balance of $17.56
million.

A full-text copy of the monthly operating report is available at:

           http://bankrupt.com/misc/METROFUEL_augmor.pdf

                          About Metro Fuel

Metro Fuel Oil Corp., is a family-owned energy company, founded in
1942, that supplies and delivers bioheat, biodiesel, heating oil,
central air conditioning units, ultra low sulfur diesel fuel,
natural gas and gasoline throughout the New York City metropolitan
area and Long Island.  Owned by the Pullo family, Metro has 55
delivery trucks and a 10 million-gallon fuel terminal in Brooklyn.

Financial problems resulted in part from cost overruns in building
an almost-complete biodiesel plant with capacity of producing 110
million gallons a year.

Based in Brooklyn, New York, Metro Fuel Oil Corp., fka Newtown
Realty Associates, Inc., and several of its affiliates filed for
Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Lead Case No.
12-46913) on Sept. 27, 2012.  Judge Elizabeth S. Stong presides
over the case.  Nicole Greenblatt, Esq., at Kirkland & Ellis LLP,
represents the Debtor.  The Debtor selected Epiq Bankruptcy
Solutions LLC as notice and claims agent.  Th Debtor tapped Carl
Marks Advisory Group LLC as financial advisor and investment
banker, Curtis, Mallet-Prevost, Colt & Mosle LLP as co-counsel, AP
Services, LLC as crisis managers for the Debtors, and appoint
David Johnston as their chief restructuring officer.

The petition showed assets of $65.1 million and debt totaling
$79.3 million.  Liabilities include $58.8 million in secured debt,
with $48.3 million owing to banks and $10.5 million on secured
industrial development bonds.  Metro Terminals Corp., affiliate of
Metro Fuel Oil Corp., disclosed $38,613,483 in assets and
$71,374,410 in liabilities as of the Chapter 11 filing.

The U.S. Trustee appointed seven-member creditors committee.
Kelley Drye & Warren LLP represents the Committee.  The Committee
tapped FTI Consulting, Inc. as its financial advisor.

On Feb. 15, 2013, the Bankruptcy Court entered an order approving
the sale of substantially all of the assets of the Debtors to
United Refining Energy Corp., for base purchase price of
$27,000,000, subject to adjustments.


OVERSEAS SHIPHOLDING: Ends July with $594.41 Million Cash
---------------------------------------------------------
Overseas Shipholding Group, Inc., and its affiliates, on
Sept. 13, 2013, filed its monthly operating report for July.
2013.

Overseas Shipholding reported a net income of $1.35 million on
$77.91 million of shipping revenues for the month.

As of July 31, 2013, the Debtor had $4.33 billion in total
assets, $3.48 billion in total liabilities and $845.25 million in
total equity.

At the beginning of the month, the Debtor had $586.78 million in
cash.  The Debtor reported total receipts of $88.09 million and
total disbursements of $80.47 million.  At July 31, 2013, the
Debtor had $594.41 million in cash.

A copy of the July monthly operating report is available at:

     http://bankrupt.com/misc/OVERSEASSHIPHOLDING_julymor.pdf

                     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.  James L.
Bromley, Esq., and Luke A. Barefoot, Esq., at Cleary Gottlieb
Steen & Hamilton LLP serve as OSG's Chapter 11 counsel.  Derek C.
Abbott, Esq., Daniel B. Butz, Esq., and William M. Alleman, Jr.,
at Morris, Nichols, Arsht & Tunnell LLP, serve as local counsel.
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.



PATRIOT COAL: Reports $33.2 Million August Operating Loss
---------------------------------------------------------
Patriot Coal Corporation and its subsidiaries filed with the U.S.
Securities and Exchange Commission a monthly operating report for
August 2013, a copy of which is available at http://is.gd/0n1DIj

The Debtors reported a net loss of $50.90 million on $119.85
million of total revenues for the month.  Operating loss for the
month is $33.2 million.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
relates that factors contributing to the net loss were $4.2
million in bankruptcy expenses, $4.7 million of interest expense,
and $8.8 million in financing fees for the bankruptcy loan.
Patriot filed a bare-bones reorganization plan this month and
promised to provide details in disclosure materials by Oct. 2.
Generally speaking, the plan offers creditors new stock and debt.

As of Aug. 31, 2013, the Debtors had $3.51 billion in total
assets, $3.96 billion in total liabilities and a $446.67 million
stockholders' deficit.

Patriot reported cash receipts of $131.47 million and cash
disbursements of $40.34 million.

                         About Patriot Coal

St. Louis-based Patriot Coal Corporation (NYSE: PCX) is a producer
and marketer of coal in the eastern United States, with 13 active
mining complexes in Appalachia and the Illinois Basin.  The
Company ships to domestic and international electricity
generators, industrial users and metallurgical coal customers, and
controls roughly 1.9 billion tons of proven and probable coal
reserves.

Patriot Coal and nearly 100 affiliates filed voluntary Chapter 11
petitions in U.S. bankruptcy court in Manhattan (Bankr. S.D.N.Y.
Lead Case No. 12-12900) on July 9, 2012.  Patriot said it had
$3.57 billion of assets and $3.07 billion of debts, and has
arranged $802 million of financing to continue operations during
the reorganization.

Davis Polk & Wardwell LLP serves as lead restructuring counsel.
Bryan Cave LLP serves as local counsel to the Debtors.  Blackstone
Advisory Partners LP is serving as financial advisor, and AP
Services, LLC is providing interim management services to Patriot
in connection with the reorganization.  Ted Stenger, a Managing
Director at AlixPartners LLP, the parent company of AP Services,
has been named Chief Restructuring Officer of Patriot, reporting
to the Chairman and CEO.  GCG, Inc. serves as claims and noticing
agent.

The U.S. Trustee appointed a seven-member creditors committee.
Kramer Levin Naftalis & Frankel LLP serves as its counsel.
HoulihanLokey Capital, Inc., serves as its financial advisor and
investment banker.  Epiq Bankruptcy Solutions, LLC, serves as its
information agent.

On Nov. 27, 2012, the New York bankruptcy judge moved Patriot's
bankruptcy case to St. Louis.  The order formally sending the
reorganization to Missouri was signed December 19 by the
bankruptcy judge.  The New York Judge in a Jan. 23, 2013 order
denied motions to transfer the venue to the U.S. Bankruptcy Court
for the Southern District of West Virginia.

Patriot Coal Corporation on Sept. 6, 2013, filed a bare-bones
reorganization plan and promised to provide details in disclosure
materials by Oct. 2.  The plan in general terms said creditors
will be paid with new stock and debt.  Patriot previously said it
was talking with Knighthead Capital Management LLC and Aurelius
Capital Management LP about a rights offering to supply some of
the financing to emerge from bankruptcy.


PITT PENN: Records $71,204 Net Loss in July
-------------------------------------------
Pitt Penn Holding Company, Inc., on Sept. 13, 2013, filed a
monthly operating report for July 2013.

The Company's consolidated statement of operations showed a net
loss from continuing operations of $71,204 for the month.

As of July 31, 2013, the Company had $7.4 million in total assets,
$17.22 million in total liabilities, and a $9.81 million total
shareholders' deficit.

At July 1, the Company had a beginning book balance of $22,730.
They had total receipts of $79,055 and total cash disbursements of
$76,885 for the entire month.  About $34,128 in professional fees
contributed to the disbursements.  As a result, the Company had
$24,900 cash at the end of the month.

A copy of the monthly operating report is available at: [link]

           http://bankrupt.com/misc/PITTPENN_julymor.pdf

          About Pitt Penn and Industrial Enterprises

Pitt Penn Holding Co., Inc., and Pitt Penn Oil Co., LLC, each
filed voluntary petitions for Chapter 11 relief (Bankr. D. Del.
Case Nos. 09-11475 and 09-11476) on April 30, 2009.  Industrial
Enterprises of America, Inc., f/k/a Advanced Bio/Chem, Inc., filed
for Chapter 11 protection (Bankr. D. Del. Case No. 09-11508) on
May 1, 2009.  EMC Packaging, Inc., filed a voluntary petition for
Chapter 11 relief (Bankr. D. Del. Case No. 09-11524) on May 4,
2009.  Unifide Industries, LLC, and Today's Way Manufacturing LLC,
each filed a voluntary petition for Chapter 11 relief (Bankr. D.
Del. Case Nos. 09-11587 and 09-11586) on May 6, 2009.

PPH, PPO, EMC, Unifide, and Today's Way are each subsidiaries of
IEAM.  The cases are jointly administered under Case No. 09-11475.

Christopher D. Loizides, Esq., at Loizides, P.A., in Wilmington,
Del., represents the Debtors as counsel.  In its petition,
Industrial Enterprises disclosed total assets of $50,476,697 and
total debts of $17,853,997.

Industrial Enterprises originally operated as a holding company
with four wholly owned subsidiaries, PPH, EMC, Unifide, and
Today's Way.  PPH, through its wholly owned subsidiary, PPO, was a
leading manufacturer, marketer and seller of automotive chemicals
and additives.

EMC's original business consisted of converting hydrofluorocarbon
gases R134a and R152a into branded private label refrigerant and
propellant products.  Unifide was a leading marketer and seller of
automotive chemicals and additives.  Today's Way manufactured and
packaged the products which were sold by Unifide.

Norman L. Pernick was appointed as the chapter 11 trustee for the
Debtors.  The trustee tapped Cole, Schotz, Meisel, Forman &
leonard, P.A., as counsel, and CohnReznick LLP as his exclusive
financial advisor.


RAPID-AMERICAN CORP: Has $3.67 Million Cash Balance in August
-------------------------------------------------------------
Rapid-American Corporation, on Sept. 10, 2013, filed its monthly
operating report for the month ended Aug. 2013.

As of start of the month, the company had $3.84 million cash.  It
spent $169,152 in expenses.  Thus, for the end of August, the
Company had total cash of $3.67 million.

A full-text copy of the monthly operating report is available at:

         http://bankrupt.com/misc/RAPIDAMERICAN_augmor.pdf

                  About Rapid-American Corp.

Rapid-American Corp. filed for Chapter 11 bankruptcy protection in
Manhattan (Bankr. S.D.N.Y. Case No. 13-10687) on March 8, 2013, to
deal with debt related to asbestos personal-injury claims.

New York-based Rapid-American was formerly a holding company with
subsidiaries primarily engaged in retail sales and consumer
products and was never engaged in an asbestos business of any
kind.  Through a series of merger transactions going back more
than 45 years, Rapid has nevertheless incurred successor liability
for personal injury claims arising from plaintiffs' exposure to
asbestos-containing products sold by The Philip Carey
Manufacturing Company -- Old Carey -- as that entity existed prior
to June 1, 1967.

Attorneys at Reed Smith LLP serve as counsel to the Debtor.

The Debtor disclosed assets in excess of $4,446,261 and unknown
liabilities.

The Official Committee of Unsecured Creditors retained Caplin &
Drysdale, Chartered, as counsel.

Young Conaway Stargatt & Taylor, LLP represents Lawrence
Fitzpatrick, the Future Claimants' Representative, as counsel.


RG STEEL: Incurs $2.191 Million Net Loss in August
--------------------------------------------------
WP Steel Ventures, LLC, et al., on September 25, 2013, filed their
monthly operating report for the month ended August 31, 2013.

The Company posted a net loss of $2.191 million for the month
ended August 31, 2013.

As of August 31, 2013, the Company had total assets of $251.239
million, total liabilities of more than $1.204 billion and total
stockholders' deficit of $953.009 million.

For the month of August, the Company had total cash receipts of
$2.781 million and total disbursements of $590,000.  At the
end of the month, the Company had $841,000 in unrestricted cash
and equivalents.

A full-text copy of the monthly operating report is available at:

                        http://is.gd/AMXM3K

                          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.


SAND SPRING: Incurs $60,332 Net Loss at July 31
-----------------------------------------------
Sand Spring Capital III, LLC, et al., on Sept. 13, 2013, filed its
monthly operating report for the month ended July 31, 2012.

The Company reported a net loss of $60,332 for July.

As of July 31, 2013, the Company had total net assets of
$6.05 million.

A full-text copy of the monthly operating report is available at:

         http://bankrupt.com/misc/SANDSPRING_julymor5.pdf

                        About Sand Spring

Nine funds advised by Commonwealth Advisors Inc. of Baton Rouge,
Louisiana, sought Chapter 11 protection on Oct. 25, 2011, after
failing to work out a reorganization plan acceptable to all
investors.  Lead Debtor is Sand Spring Capital III, LLC (Bankr. D.
Del. Case No. 11-13393).

Kenneth J. Enos, Esq., and Michael R. Nestor, Esq., at Young,
Conaway, Stargatt & Taylor, in Wilmington, Delaware, serve as
counsel to the Debtors.  Epiq Bankruptcy Solutions LLC serves as
claims and notice agent.

The funds were formed from 2005 to 2007 under Walter Morales,
president and chief investment manager, and attracted 456
investors, according to filings in U.S. Bankruptcy Court in
Wilmington, Delaware.  Last year, investors filed class-action
and derivative suits alleging mismanagement, misrepresentation,
and breach of fiduciary duty.

According to Bloomberg News, the U.S. Securities and Exchange
Commission initiated a formal investigation in July 2009.  The
funds were unable or unwilling to satisfy investors' redemption
demands, which would have required liquidation of "their
holdings in an illiquid market and at depressed prices."

The funds, Commonwealth and Morales negotiated a prepackaged
Chapter 11 plan, which was accepted by all classes of creditors
except one.  Because third-party contributions required unanimous
approval, the funds said they filed in Chapter 11 so they could
have "further discussions with their investors with the oversight
of this court."

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
represents the Debtor.


THORNBURG MORTGAGE: Lists $1.48 Million Net Loss at Aug. 31
-----------------------------------------------------------
TMST, Inc., f/k/a Thornburg Mortgage, Inc., on Sept. 20, 2013,
filed its monthly operating report for the period ended Aug. 31,
2013.

TMST posted a net loss of $1.48 million for the month ended
Aug. 31, 2013 on net operating revenue of $1,109.

As of Aug. 31, 2013, TMST had total assets of $28.48 million,
total liabilities of $3.35 billion, resulting in a stockholders'
deficit of $3.23 billion.

At the beginning of the month, TMST had $29.63 million in cash.
The company had total cash receipts of $1 million and total
cash disbursements of $483,418.  As a result, at the end of
Aug., TMST had total cash of $30.15 million.

A full-text copy of the monthly operating report is available at:

      http://bankrupt.com/misc/THORNBURGMORTGAGE_augmor2.pdf

                     About Thornburg Mortgage

Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages.  It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets.  Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.

Thornburg Mortgage and its four affiliates filed for Chapter 11
bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009.
Thornburg changed its name to TMST, Inc.

Judge Duncan W. Keir is handling the case.  David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, served as counsel to
Thornburg Mortgage.  Orrick, Herrington & Sutcliffe LLP served as
special counsel.  Jim Murray and David Hilty of Houlihan Lokey
Howard & Zukin Capital, Inc., served as investment banker and
financial advisor.  Protiviti Inc. served as financial advisory
services.  KPMG LLP served as the tax consultant.  Epiq Systems,
Inc., serves claims and noticing agent.  Thornburg disclosed total
assets of $24.4 billion and total debts of $24.7 billion, as of
Jan. 31, 2009.

On Oct. 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging
Strategies, Inc.  He is represented by his firm, Shapiro Sher
Guinot & Sandler.


VALENCE TECHNOLOGY: Reports $630,600 Net Loss for August
--------------------------------------------------------
Valence Technology Inc. filed with the U.S. Securities and
Exchange Commission its monthly operating report for August 2013.

The Company incurred a net loss of $630,679 on $3.87 million of
revenues for the month.  As of Aug. 31, 2013, the Company had
$21.15 million in total assets, $84.11 million in total
liabilities and a $62.95 million total owners' deficit.

At the beginning of the month, Valence had $625,153 in cash.  The
Company reported total receipts of $7.51 million and total
disbursements of $7.86 million.  As a result, the Company had
$268,486 in cash at Aug. 31, 2013.

A copy of the monthly operating report is available for free at:

                        http://is.gd/g7pWCk

                      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.


YARWAY CORPORATION: Lists $4.51 Million Net Loss in August
----------------------------------------------------------
Yarway Corporation, on Sept. 20, 2013, filed its monthly operating
report for the month ended Aug. 2013.

The Debtor reported a net loss of $4.51 million in August.

As of Aug. 2013, the Debtor had total assets of $104.98 million,
total liabilities of $257.72 million, and total stockholders'
deficit of $152.74 million.

At the beginning of the period, the Debtor had $14.41 million in
cash.  Yarway had zero cash receipts and $1.72 million cash
disbursements.  As a result, at the end of Aug., the Debtor had
$12.69 million in cash.

A full-text copy of the monthly operating report is available at:

      http://bankrupt.com/misc/YARWAY_CORPORATION_julymor.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.

On May 6, 2013, the U.S. Trustee for Region 3, appointed an
official committee of asbestos personal injury claimants.  The
Committee tapped Elihu Inselbuch, Esq. at Caplin & Drysdale,
Chartered, as lead bankruptcy counsel.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  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 ***