/raid1/www/Hosts/bankrupt/TCR_Public/131012.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, October 12, 2013, Vol. 17, No. 283
Headlines
710 LONG RIDGE: Posts $177,264 Net Loss in August
AGFEED USA: Lists $1.9 Million Net Loss in August
AMERICAN AIRLINES: Reports $71 Million Income for August
ARCHDIOCESE OF MILWAUKEE: Incurs $1MM Net Loss in August
ATLS ACQUISITION: Had $35.38 Million Cash Balance in August
BETSEY JOHNSON: Ends August with $837,990 Cash
BLITZ USA: Reports $41.96MM Stockholders' Deficit at Aug. 31
CENGAGE LEARNING: Lists $81.44 Million Income in August
DEVONSHIRE PGA: Files Initial Monthly Operating Report
FLAT OUT: Lists $497,143 Stockholders' Equity at Aug. 28
FIBERTOWER NETWORK: Lists $246,091 Net Loss in August
HOSTESS BRANDS: OLD HB Shows $9 Million Loss for August
IBAHN CORP: Files Initial Monthly Operating Report
METEX MFG: Had $1.49 Million Cash Balance in August
NEOGENIX ONCOLOGY: Records $3,774 Net Loss in August
RESIDENTIAL CAPITAL: Lists $29 Million Operating Loss at Aug. 31
REVSTONE INDUSTRIES: Posts $820,987 Net Income at Aug. 3
SAND SPRING: Records $22,129 Net Income in August
TRINITY COAL: Lists $128.33MM Stockholders' Equity in August
VERTIS HOLDINGS: Ends August with $12.99 Million Cash
*********
710 LONG RIDGE: Posts $177,264 Net Loss in August
-------------------------------------------------
710 Long Ridge Road Operating Co. II LLC, on Sept. 25, 2013, filed
its monthly operating report for the month of August 2013.
The Debtor posted a net loss of $177,264 on net revenue of
$1.06 million at the end of August.
For August, the Debtor had total assets of $2.75 million, total
liabilities of $19.44 million, and total stockholders' deficit of
$16.69 million.
At the beginning of August, 710 Long Ridge had $885,413 in cash.
The Debtor had total cash receipts of $10.07 million and total
cash disbursements of $10.16 million. As a result, at the end of
August, the Debtor had total cash of $769,911.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/710LONG_augmor.pdf
About 710 Long Ridge Road Operating Company II
710 Long Ridge Road Operating Company II, LLC and four affiliates
own sub-acute and long-term nursing care facilities for the
elderly in Connecticut. The facilities, which are managed by
HealthBridge Management LLC, are Long Ridge of Stamford, Newington
Health Care Center, Westport Health Care Center, West River Health
Care Center, and Danbury Health Care Center.
710 Long Ridge Road Operating Company II and its affiliates sought
Chapter 11 protection (Bankr. D.N.J. Case Nos. 13-13653 to 13-
13657) on Feb. 24, 2013, to modify their collective bargaining
agreements with the New England Health Care Employees Union,
District 1199, SEIU.
The Debtors owe $18.9 million to M&T Bank and $7.99 million on
loans from the U.S. Department of Housing and Urban Development
Federal Housing Administration.
Michael D. Sirota, Esq., at Cole, Schotz, Meisel, Forman &
Leonard, serve as counsel to the Debtors. Logan & Company, Inc.
is the claims and notice agent. Alvarez & Marsal Healthcare
Industry Group, LLC, is the financial advisor.
Porzio, Bromberg & Newman, P.C., represents the Official Committee
of Unsecured Creditors. The Committee tapped to retain
EisnerAmper LLP as accountant.
AGFEED USA: Lists $1.9 Million Net Loss in August
-------------------------------------------------
AgFeed USA, LLC, and its affiliates, on Oct. 3, 2013, filed its
monthly operating report for the period from Aug. 3 to 30, 2013.
The Debtors' consolidated statement of operations showed a net
loss from continuing operations of $1.9 million on $15.46 million
of net revenues for the reporting period.
For August, AgFeed USA had $105.56 million in total assets,
$80.66 million in total liabilities, and $24.89 million in total
equity.
At the start of August, the Debtor had $4 million in cash. For
the reporting period, AgFeed USA had $16.39 million in total cash
receipts and $15.07 million in total disbursements resulting to a
$5.33 million cash balance at the end of August.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/AGFEEDUSA_augmor.pdf
About AgFeed Industries
AgFeed Industries, Inc., and its affiliates filed voluntary
petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Case No. 13-11761) on July 15, 2013, with a deal to sell most of
its subsidiaries to The Maschhoffs, LLC, for cash proceeds of
$79 million, absent higher and better offers. The Debtors
estimated assets of at least $100 million and debts of at least
$50 million.
Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case. Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' counsel. BDA Advisors
Inc. acts as the Debtors' financial advisor. The Debtors' claims
and noticing agent is BMC Group, Inc.
The U.S. Trustee has appointed a five-member official committee of
unsecured creditors to the Chapter 11 cases. The Creditors'
Committee tapped Lowenstein Sandler as lead bankruptcy counsel and
Greenberg Traurig, LLP, as co-counsel. CohnReznick LLP serves as
the Creditors' Committee's financial advisor.
A three-member official committee of equity security holders was
also appointed to the Chapter 11 cases. The Equity Committee
tapped Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf
as co-counsel.
AMERICAN AIRLINES: Reports $71 Million Income for August
--------------------------------------------------------
AMR Corporation, et al.
Condensed Consolidated Balance Sheet
As of August 31, 2013
ASSETS
Current Assets
Cash $643,000,000
Short-term investments 5,537,000,000
Restricted cash and short-term investments 935,000,000
Receivables, net 1,336,000,000
Inventories, net 669,000,000
Fuel derivative contracts 115,000,000
Other current assets 612,000,000
------------------
9,847,000,000
Equipment and property
Flight equipment, net 10,503,000,000
Other equipment and property, net 2,081,000,000
Purchase deposits for flight equipment 716,000,000
------------------
13,300,000,000
Equipment and property under capital leases
Flight equipment, net 194,000,000
Other equipment and property, net 56,000,000
------------------
250,000,000
International slots and route authorities 709,000,000
Domestic slots and airport operating and gate
lease rights, less accumulated amortization,
net 146,000,000
Other assets 2,236,000,000
------------------
TOTAL ASSETS $26,488,000,000
==================
Liabilities and stockholders' equity (deficit)
Current liabilities
Accounts payable $1,378,000,000
Accrued liabilities 2,170,000,000
Air traffic liability 5,165,000,000
Current maturities of long-term debt 1,303,000,000
Current obligations under capital leases 25,000,000
------------------
Total current liabilities 10,041,000,000
Long-term debt, less current maturities 8,501,000,000
Obligations under capital leases, less
current obligations 347,000,000
Pension and postretirement benefits 6,680,000,000
Other liabilities, deferred gains and
deferred credits 1,860,000,000
Liabilities subject to compromise 6,841,000,000
Stockholders' Equity (deficit)
Preferred stock -
Common stock 342,000,000
Additional paid-in capital 4,488,000,000
Treasury stock (367,000,000)
Accumulated other comprehensive income (loss) (3,023,000,000)
Accumulated deficit (9,222,000,000)
------------------
(7,782,000,000)
------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $26,488,000,000
==================
AMR Corporation, et al.
Consolidated Statement of Operations
Month Ended August 31, 2013
Revenues
Passenger -- American Airlines $1,802,000,000
-- Regional Affiliates 263,000,000
Cargo 54,000,000
Other revenues 222,000,000
------------------
Total operating revenues 2,341,000,000
Expenses
Aircraft fuel 775,000,000
Wages, salaries and benefits 546,000,000
Other rentals and landing fees 116,000,000
Maintenance, materials and repairs 112,000,000
Depreciation and amortization 84,000,000
Commissions, booking fees and credit card expense 99,000,000
Aircraft rentals 64,000,000
Food service 53,000,000
Special charges and merger related 3,000,000
Other operating expenses 266,000,000
------------------
Total operating expenses 2,118,000,000
------------------
Operating income 223,000,000
Other income (expense)
Interest income 2,000,000
Interest expense (84,000,000)
Interest capitalized 3,000,000
Miscellaneous -- net (33,000,000)
------------------
(112,000,000)
------------------
Income before reorganization items 111,000,000
Reorganization items, net (40,000,000)
------------------
Income before income taxes 71,000,000
Income tax (benefit) -
------------------
Net income $71,000,000
==================
AMR Corporation, et al.
Condensed Consolidated Statement of Cash Flows
Month Ended August 31, 2013
Net cash provided by (used for) operating
activities ($160,000,000)
Cash flow from investing activities:
Capital expenditures, including aircraft
lease deposits (208,000,000)
Disposal of equipment and property 5,000,000
Net (increase) decrease in short-term
investments (327,000,000)
------------------
Net cash used for investing activities (530,000,000)
Cash flow from financing activities:
Payments on long-term debt and capital
lease obligations (389,000,000)
Proceeds from:
Issuance of debt 990,000,000
Sale leaseback transactions 121,000,000
Other (4,000,000)
------------------
Net cash provided by financing activities 718 ,000,000
------------------
Net increase (decrease) in cash 28,000,000
Cash at beginning of period 615,000,000
------------------
Cash at end of period $643,000,000
==================
Disbursements to Chapter 11 professionals during the operating
period totaled $9.329 million, which included $8.133 million paid
to professionals employed by the Debtors and $1.196 million paid
to professionals retained by the Official Committee of Unsecured
Creditors.
A full-text copy of August 2013 monthly operating report is
available at http://bankrupt.com/misc/AMR_August2013MOR.pdf
About American Airlines
AMR Corp. and its subsidiaries including American Airlines, the
third largest airline in the United States, filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan
on Nov. 29, 2011, after failing to secure cost-cutting labor
agreements. AMR, previously the world's largest airline prior to
mergers by other airlines, is the last of the so-called U.S.
legacy airlines to seek court protection from creditors.
Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law
Group, Chartered, are on board as special counsel. Rothschild
Inc., is the financial advisor. Garden City Group Inc. is the
claims and notice agent.
Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., and
Jay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP
serve as counsel to the Official Committee of Unsecured Creditors
in AMR's chapter 11 proceedings. Togut, Segal & Segal LLP is the
co-counsel for conflicts and other matters; Moelis & Company LLC
is the investment banker, and Mesirow Financial Consulting, LLC,
is the financial advisor.
The Retiree Committee is represented by Jenner & Block LLP's
Catherine L. Steege, Esq., Charles B. Sklarsky, Esq., and Marc B.
Hankin, Esq.
AMR and US Airways Group, Inc., on Feb. 14, 2013, announced a
definitive merger agreement under which the companies will combine
to create a premier global carrier, which will have an implied
combined equity value of approximately $11 billion.
The bankruptcy judge on Sept. 12, 2013, confirmed AMR Corp.'s plan
to exit bankruptcy through a merger with US Airways. By
distributing stock in the merged airlines, the plan is designed to
pay all creditors in full, with interest.
Judge Sean Lane confirmed the Plan despite the lawsuit filed by
the U.S. Department of Justice and several states' attorney
general complaining that the merger violates antitrust laws. The
plan confirmation order means that if AMR and US Airways win the
Justice Department lawsuit or settle with the government, the
merger plan can go into effect.
The antitrust suit is U.S. v. US Airways Group Inc., 13-cv-1236,
U.S. District Court, District of Columbia (Washington).
Bankruptcy Creditors' Service, Inc., publishes AMERICAN AIRLINES
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by AMR Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
ARCHDIOCESE OF MILWAUKEE: Incurs $1MM Net Loss in August
--------------------------------------------------------
The Archdiocese of Milwaukee reported a net loss of
$1,081,793 for the month ended August 31, 2013.
As of August 31, 2013, Milwaukee had total assets of $40,670,199
and total liabilities of $35,838,524. A full-text copy of the
monthly operating report is available for free at:
http://bankrupt.com/misc/Church_milmoraugust2013.pdf
About Archdiocese of Milwaukee
The Diocese of Milwaukee was established on Nov. 28, 1843, and
was elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius
IX. The region served by the Archdiocese consists of 4,758 square
miles in southeast Wisconsin which includes counties Dodge, Fond
du Lac, Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth,
Washington and Waukesha. There are 657,519 registered Catholics
in the Region.
The Catholic Archdiocese of Milwaukee, in Wisconsin, filed for
Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case No.
11-20059) on Jan. 4, 2011, to address claims over sexual abuse
by priests on minors.
The Archdiocese became at least the eighth Roman Catholic diocese
in the U.S. to file for bankruptcy to settle claims from current
and former parishioners who say they were sexually molested by
priests.
Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., in
Milwaukee, Wisconsin, serves as the Archdiocese's counsel. The
Official Committee of Unsecured Creditors in the bankruptcy case
has retained Pachulski Stang Ziehl & Jones LLP as its counsel, and
Howard, Solochek & Weber, S.C., as its local counsel.
The Archdiocese estimated assets and debts of $10 million to
$50 million in its Chapter 11 petition.
(Catholic Church Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
ATLS ACQUISITION: Had $35.38 Million Cash Balance in August
-----------------------------------------------------------
ATLS Acquisition, LLC, on Oct. 7, 2013, filed its monthly
operating report for the month of August.
At the beginning of August, the Debtor had $40.69 million in cash.
ATLS Acquisition had $20.81 million in total receipts and total
cash disbursements of $26.13 million for the reporting period,
resulting to $35.38 million cash at the end of Aug..
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/ATLSACQUISITION_augmor.pdf
About Liberty Medical
Entities that own diabetics supply provider Liberty Medical led by
ATLS Acquisition, LLC, sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 13-10262) on Feb. 15, 2013, just less than
three months after a management buy-out and amid a notice by the
lender who financed the transaction that it's exercising an option
to acquire the business.
Liberty has been in business for 22 years serving the needs of
both type 1 and type 2 diabetic patients. Liberty is a mail order
provider of diabetes testing supplies. In addition to diabetes
testing supplies, the Debtors also sell insulin pumps and insulin
pump supplies, ostomy, catheter and CPAP supplies and operate a
large mail order pharmacy. Liberty operates in seven different
locations and has 1,684 employees.
Dennis A. Meloro, Esq., at Greenberg Traurig, LLP, serves as the
Debtor's counsel; Ernst & Young LLP to provide investment banking
advice; and Epiq Bankruptcy Solutions, LLC, as claims and noticing
agent for the Clerk of the Bankruptcy Court.
An official committee of unsecured creditors has been appointed in
the case and consists of LifeScan, Inc., Abbott Laboratories, and
Teva Pharmaceuticals USA, Inc. They are represented by Joseph H.
Huston Jr., Esq., Maria Aprile Sawczuk, Esq., and Camille C. Bent,
Esq. of Stevens & Lee P.C. as well as Bruce Buechler, Esq., S.
Jason Teele, Esq., and Nicole Stefanelli, Esq. of Lowenstein
Sandler LLP. The Committee has tapped Mesirow Financial
Consulting, LLC, as financial advisors.
BETSEY JOHNSON: Ends August with $837,990 Cash
----------------------------------------------
Betsey Johnson LLC, on Sept. 23, 2013, filed its monthly operating
report for the month of August.
The Debtor reported a net loss of $62,416 for August.
As of Aug. 31, 2013, the Debtor had total assets of $1.03 million,
total liabilities of $9.44 million, and total stockholders'
deficit of $8.41 million.
The Debtor had a book balance of $964,111 at the start of August.
For the month, there was no total inflow while total outflow was
$126,120. Betsey Johnson had total ending cash balance of
$837,990 at the end of the period.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/BETSEYJOHNSON_augmor.pdf
About Betsey Johnson
New York-based women's fashion retailer Betsey Johnson LLC filed a
Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 12-11732)
on April 26, 2012, to effectuate a sale of its assets.
Formed as B.J. Vines by its namesake, iconic fashion designer
Betsey Johnson in 1978, the Debtor sells clothing, footwear,
handbags and a signature fragrance through 63 Betsey Johnson
retail stores and outlets in the U.S. The Company, which has 400
employees, also sells its products in department and specialty
stores worldwide, including Macy's and Lord & Taylor, and online
at http://www.betseyjohnson.com/ Non-debtor subsidiaries operate
five stores in Canada and one store in England.
In 2010, Steven Madden Ltd. a footwear designer and marketer,
swapped US$27.4 million of secured debt for ownership of Betsey
Johnson's trademarks and intellectual property. The deal
satisfied all outstanding debt under a US$50 million term loan
used to finance the business' acquisition by Castanea Partners.
At the same time, Castanea, the company's majority owner, made a
new capital investment of US$3 million as part of the deal with
Madden.
Betsey Johnson estimated assets and debts of US$10 million to
US$50 million as of the Chapter 11 filing.
Judge James Peck oversees the case. The Debtor tapped the law
firm of Goulston & Storrs, as counsel; Togut, Segal & Segal, LLP,
as co-counsel; and Donlin Recano & Company as claims and notice
agent. The petition was signed by Jonathan Friedman, chief
financial officer.
Hahn & Hessen LLP serves as the Official Committee of Unsecured
Creditors' counsel.
In May 2012, Betsey Johnson received court approval to begin
liquidation after the Debtor failed to attract going concern
bidders. Liquidators Gordon Brothers Group Inc. and Hilco
Merchant Resources LLC offered the top bid for the right to run
the chain's going-out-of-business sales. The bid will bring the
Debtor about $5.2 million immediately, and more money could
trickle in to pay off its debts if the liquidation effort brings
in more money than expected.
Hilco is represented by Chris L. Dickerson, Esq., at DLA Piper
LLP (US). Counsel for Steven Madden, Ltd., is Neil Herman, Esq.,
at Morgan, Lewis & Bockius LLP. Counsel for First Niagara
Commercial Finance, Inc., the DIP Lender, is James C. Fox, Esq.,
at Ruberto, Israel & Weiner.
BLITZ USA: Reports $41.96MM Stockholders' Deficit at Aug. 31
------------------------------------------------------------
Blitz U.S.A., Inc., et al., on Oct. 2, 2013, filed its monthly
operating report for the month ended Aug. 31, 2013.
The Debtor reported a net loss of $56,680 on zero net revenues for
Aug., as compared to a $18,520 net loss in July.
As of Aug. 31, 2013, the Debtor had total assets of $977,222,
total liabilities of $42.94 million, and total stockholders'
deficit of $41.96 million.
For August, the Debtor had zero cash receipts while total
disbursements was $56,680.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/BLITZUSA_augmor.pdf
About Blitz U.S.A.
Blitz U.S.A. Inc., is a Miami, Oklahoma-based manufacturer of
plastic gasoline cans. The company, controlled by Kinderhook
Capital Fund II LP, filed for bankruptcy protection to stanch a
hemorrhage resulting from 36 product-liability lawsuits.
Parent Blitz Acquisition Holdings, Inc., and its affiliates filed
for Chapter 11 protection (Bankr. D. Del. Case Nos. 11-13602 thru
11-13607) on Nov. 9, 2011. The Hon. Peter J. Walsh presides over
the case.
Blitz USA disclosed $36,194,434 in assets and $41,428,577 in
liabilities in its schedules.
Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
represents the Debtors in their restructuring efforts. The
Debtors tapped Zolfo Cooper, LLC, as restructuring advisor; and
Kurtzman Carson Consultants LLC serves as notice and claims agent.
SSG Capital Advisors LLC serves as investment banker.
Lowenstein Sandler PC from Roseland, New Jersey, represents the
Official Committee of Unsecured Creditors.
The Chapter 11 case is financed with a $5 million secured loan
from Bank of Oklahoma. Bank of Oklahoma, as DIP agent, is
represented by Samuel S. Ory, Esq., at Frederic Dorwart Lawyers in
Tulsa.
In April 2012, Hopkins Manufacturing Corp. acquired the assets of
Blitz USA's unit, F3 Brands LLC, a major manufacturer of oil
drains, drain pans, lifting aids and automotive ramps. Blitz USA
said in court documents the sale netted the Debtors $14.6 million,
which was applied against secured debt.
Blitz announced in June it would abandon its efforts to reorganize
and instead to shut down operations by the end of July. In
September, the Troubled Company Reporter, citing Sheila Stogsdill
at Tulsa World, reported that the Bankruptcy Court approved a $9.5
million offer from Toronto, Canada-based Scepter Corporation to
purchase Blitz USA, according to Philip Monckton, Scepter's vice
president of sales and marketing. Scepter bought land, equipment
and other assets. Scepter supplies about 20% of the USA market
with gas cans. The report said the sale was to become final on
Sept. 28, 2012.
CENGAGE LEARNING: Lists $81.44 Million Income in August
-------------------------------------------------------
Cengage Learning, Inc., and its affiliates, on Sept. 30, 2013,
filed a monthly operating report for August 2013.
The Debtors' consolidated statement of operations showed a net
income from continuing operations of $70.3 million on $226.93
million of net revenues for the month. Operating income in the
month was $81.44 million.
As of Aug. 31, the Debtors had $5.48 billion in total assets,
$6.62 billion in total liabilities, and a $1.14 billion total
shareholders' deficit.
The Debtors had total receipts of $187.46 million and total cash
disbursements of $104.89 million for the entire month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/CENGAGELEARNING_augmor.pdf
About Cengage Learning
Stamford, Connecticut-based Cengage Learning --
http://www.cengage.com/-- provides innovative teaching, learning
and research solutions for the academic, professional and library
markets worldwide. Cengage Learning's brands include
Brooks/Cole, Course Technology, Delmar, Gale, Heinle, South
Western and Wadsworth, among others. Apax Partners LLP bought
Cengage in 2007 from Thomson Reuters Corp. in a $7.75 billion
transaction. The acquisition was funded in part with $5.6 billion
in new debt financing.
Cengage Learning Inc. filed a petition for Chapter 11
reorganization (Bankr. E.D.N.Y. Case No. 13-bk-44106) on July 2,
2013, in Brooklyn, New York, after signing an agreement where
holders of $2 billion in first-lien debt agree to support a
reorganization plan. The plan will eliminate more than $4 billion
of $5.8 billion in debt.
First-lien lenders who signed the so-called plan-support agreement
include funds affiliated with BlackRock Inc., Franklin Mutual
Adviser LLC, KKR & Co. and Oaktree Capital Management LP. Second-
lien creditors and holders of unsecured notes aren't part of the
agreement.
The Debtors have tapped Kirkland & Ellis LLP as counsel, Lazard
Freres & CO. LLC as financial advisor, Alvarez & Marsal North
America, LLC, as restructuring advisor, and Donlin, Recano &
Company, Inc., as claims and notice agent.
DEVONSHIRE PGA: Files Initial Monthly Operating Report
------------------------------------------------------
Devonshire PGA Holdings LLC and its affiliates filed an initial
monthly operating report on Oct. 4, 2013.
The Initial MOR presents 13-week cash flow. The Debtor forecasts
$5.57 million beginning cash balance, total cash receipts of $6.3
million and total disbursements of $7.65 million resulting to
$4.31 million ending cash balance.
A full-text copy of the Initial MOR is available at:
http://bankrupt.com/misc/DEVONSHIREPGA_mor.pdf
Devonshire PGA Holdings LLC (Case No. 13-12460), the owner of an
assisted-living facility in Florida, and based in Palm Beach
Gardens, estimated under $50,000 in assets and up to $50 million
in debts. Another entity, Devonshire at PGA National LLC,
estimated more than $100 million in both assets and debt.
The Debtors are represented by M. Blake Cleary, Esq., at Young
Conaway Stargatt & Taylor, LLP, as counsel. Epiq Bankruptcy
Solutions, LLC, serves as claims agent, and as administrative
advisor for the Debtors. Alvarez & Marsal Healthcare Industry
Group, LLC, serves as restructuring advisors, and Alvarez's Paul
Rundell serves as Chief Restructuring Officer.
An official committee of unsecured creditors has not yet been
appointed in these cases by the Office of the United States
Trustee.
FLAT OUT: Lists $497,143 Stockholders' Equity at Aug. 28
--------------------------------------------------------
Flat Out Crazy, LLC, on Sept. 30, 2013, filed its monthly
operating report for the period from Aug. 1 to 28, 2013.
The Company posted net loss of $20,736 for the month ended
Aug. 28, 2013.
At Aug. 28, the Company had total assets of $854,979, total
liabilities of $357,836, and total stockholders' equity of
$497,143.
At the start of August, the Company had $406,911 in cash. For the
reporting period, Flat Out had total cash receipts of $8,443 and
total cash disbursements of $29,179. As a result, at the end of
the month, the Company had total cash of $386,175.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/FLATOUT_augmor.pdf
About Flat Out Crazy
Flat Out Crazy LLC and its affiliates operate two Asian-inspired
restaurant chains that began in Chicago. Flat Top Grill, which
currently has 15 locations, is a full-service fast-casual create-
your-own stir-fry concept. Stir Crazy Fresh Asian Grill, which
has 11 locations, is a full-service casual Asian restaurant
offering the flavors of Chinese, Japanese, Thai and Vietnamese
food. The Debtors have 1,200 employees.
Flat Out Crazy and 13 affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 13-22094) in White Plains, New York
on Jan. 25, 2013. The Debtors have tapped Squire Sanders (US) LLP
as counsel; Kurtzman Carson Consultants, LLC, as claims, noticing
and administrative agent; William H. Henrich and Mark Samson from
Getzler Henrich as their co-chief restructuring officers; and J.H.
Chapman Group, L.L.C, as their investment bankers.
The Debtor disclosed $24,339,542 in assets and $15,899,166 in
liabilities as of the Chapter 11 filing.
An official committee of unsecured creditors has been appointed in
the Debtors' cases. The Committee tapped to retain Kelley Drye &
Warren LLP as its counsel and CBIZ Accounting, Tax and Advisory of
New York, LLC as financial advisor.
Tracy Hope Davis, the U.S. Trustee for Region 2, appointed Alan
Chapell, as the consumer privacy ombudsman in the Debtors' cases.
FIBERTOWER NETWORK: Lists $246,091 Net Loss in August
-----------------------------------------------------
Fibertower Network Services, on Sept. 20, 2013, filed its monthly
operating report for August 2013.
The Company reported a net loss of $246,091 on zero net revenue
for the period ended Aug. 31, 2013.
As of Aug. 31, the Company had total assets of $27.87 million,
total liabilities of $324.53 million, and total stockholders'
deficit of $296.65 million.
At the start of August, the Debtor had $6.03 million in cash.
Fibertower Network had total cash receipts of $198,184 and total
cash disbursements of $917,097. As a result, at the end of
August, the Debtor had total cash of $5.3 million.
A full-text copy of the August monthly operating report is
available at http://bankrupt.com/misc/FIBERTOWERNETWORK_augmor.pdf
About FiberTower Corp.
FiberTower Corporation, FiberTower Network Services Corp.,
FiberTower Licensing Corp., and FiberTower Spectrum Holdings
LLC filed for Chapter 11 protection (Bankr. N.D. Tex. Case Nos.
12-44027 to 12-44031) on July 17, 2012, together with a plan
support agreement struck with prepetition secured noteholders.
FiberTower is an alternative provider of facilities-based backhaul
services, principally to wireless carriers, and a national
provider of millimeter-band spectrum services. Backhaul is the
transport of voice, video and data traffic from a wireless
carrier's mobile base station, or cell site, to its mobile
switching center or other exchange point. FiberTower provides
spectrum leasing services directly to other carriers and
enterprise clients, and also offer their spectrum services through
spectrum brokerage arrangements and through fixed wireless
equipment partners.
FiberTower's significant asset is the ownership of a national
spectrum portfolio of 24 GHz and 39 GHz wide-area spectrum
licenses, including over 740 MHz in the top 20 U.S. metropolitan
areas and, in the aggregate, roughly 1.72 billion channel pops
(calculated as the number of channels in a given area multiplied
by the population, as measured in the 2010 census, covered by
these channels). FiberTower believes the Spectrum Portfolio
represents one of the largest and most comprehensive collections
of millimeter wave spectrum in the U.S., covering areas with a
total population of over 300 million.
As of the Petition Date, FiberTower provides service to roughly
5,390 customer locations at 3,188 deployed sites in 13 markets
throughout the U.S. The fixed wireless portion of these hybrid
services is predominantly through common carrier spectrum in the
11, 18 and 23 GHz bands. FiberTower's biggest service markets are
Dallas/Fort Worth and Washington, D.C./Baltimore, with additional
markets in Atlanta, Boston, Chicago, Cleveland, Denver, Detroit,
Houston, New York/New Jersey, Pittsburgh, San Antonio/Austin/Waco
and Tampa.
As of June 30, 2012, FiberTower's books and records reflected
total combined assets, at book value, of roughly $188 million and
total combined liabilities of roughly $211 million. As of the
Petition Date, FiberTower had unrestricted cash of roughly $23
million. For the six months ending June 30, 2012, FiberTower had
total revenue of roughly $33 million. With the help of FTI
Consulting Inc., FiberTower's preliminary valuation work shows
that the Company's enterprise value is materially less than $132
million -- i.e., the approximate principal amount of the 9.00%
Senior Secured Notes due 2016 outstanding as of the Petition Date.
The preliminary valuation work is based upon the assumption that
FiberTower's spectrum licenses will not be terminated. Fibertower
Spectrum disclosed $106,630,000 in assets and $175,501,975 in
liabilities as of the Chapter 11 filing.
Judge D. Michael Lynn oversees the Chapter 11 case. Lawyers at
Andrews Kurth LLP serve as the Debtors' lead counsel. Lawyers at
Hogan Lovells and Willkie Farr and Gallagher LLP serve as special
FCC counsel. FTI Consulting serve as financial advisor. BMC
Group Inc. serve as claims and noticing agent. The petitions were
signed by Kurt J. Van Wagenen, president.
Wells Fargo Bank, National Association -- as indenture trustee and
collateral agent to the holders of 9.00% Senior Secured Notes due
2016 owed roughly $132 million as of the Petition Date -- is
represented by Eric A. Schaffer, Esq., at Reed Smith LLP. An Ad
Hoc Committee of Holders of the 9% Secured Notes Due 2016 is
represented by Kris M. Hansen, Esq., and Sayan Bhattacharyya,
Esq., at Stroock & Stroock & Lavan LLP. Wells Fargo and the Ad
Hoc Committee also have hired Stephen M. Pezanosky, Esq., and Mark
Elmore, Esq., at Haynes and Boone, LLP, as local counsel.
U.S. Bank, National Association -- in its capacity as successor
indenture trustee and collateral agent to holders of the 9.00%
Convertible Senior Secured Notes due 2012, owed $37 million as of
the Petition Date -- is represented by Michael B. Fisco, Esq., at
Faegre Baker Daniels LLP, as counsel and J. Mark Chevallier, Esq.,
at McGuire Craddock & Strother PC as local counsel.
William T. Neary, the U.S. Trustee for Region 6 appointed five
members to the Official Committee of Unsecured Creditors in the
Debtors' cases. The Committee is represented by Otterbourg,
Steindler, Houston & Rosen, P.C., and Cole, Schotz, Meisel, Forman
& Leonard, P.A. Goldin Associates, LLC serves as its financial
advisors.
In May 2013, FiberTower sought and obtained Court authority to
sell their telecommunications equipment and employ American
Communications, LLC, as telecommunications equipment reseller.
According to the Debtors, the telecommunications equipment, which
was a part of their backhaul business, is no longer necessary in
the conduct of their business. They, however, believe that the
equipment may have resale value that would benefit their estates.
In February 2013, FiberTower filed with the Court a motion to sell
assets that are primarily utilized by the Debtors to provide
wireless backhaul services in the State of Ohio to Cellco
Partnership (dba Verizon Wireless) free and clear for $1.5
million. Verizon Wireless will also pay the pre-closing, monthly
operating costs incurred by the Debtors in connection with
operating the business in an amount not to exceed $258,000 per
month and a monthly fee of $20,000 for certain transition services
relating to the assets following the closing.
HOSTESS BRANDS: OLD HB Shows $9 Million Loss for August
-------------------------------------------------------
Michael Bathon, substituting for Bloomberg bankruptcy columnist
Bill Rochelle, reports that Old HB Inc., the former maker of
Twinkies snacks and Wonder bread, had a $9 million net loss for
the four weeks ended Aug. 24, according to court documents.
According to the report, the company which hasn't been operating
since November 2012, when strikes forced it to shut down and sell
off virtually all its assets, spent about $3.8 million on
professionals related to its restructuring, court papers show.
The company had about $371.1 million in assets and about $2.7
billion in debt, of which about $2.4 billion is subject to
compromise, according to court documents. The company has about
$2.1 billion in pension liabilities included in those liabilities
subject to compromise. Old HB, formerly known as Hostess Brands,
has received withdrawal notices for $1.96 billion from about 25
pension funds, court papers show. It has not yet accrued
obligations from 15 funds, where a withdrawal or termination
notice hasn't been received.
The Debtor had $51.06 million in unrestricted cash at the
beginning of the reporting period. It had total cash receipts
of $10.3 million and total cash disbursements of $17.52 million
for the reporting period. At the end of the period, Hostess
Brands had total cash of $43.85 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/HOSTESSBRANDS_julyaugmor.pdf
About Hostess Brands
Founded in 1930, Irving, Texas-based Hostess Brands Inc., is known
for iconic brands such as Butternut, Ding Dongs, Dolly Madison,
Drake's, Home Pride, Ho Hos, Hostess, Merita, Nature's Pride,
Twinkies and Wonder. Hostess has 36 bakeries, 565 distribution
centers and 570 outlets in 49 states.
Hostess filed for Chapter 11 bankruptcy protection early morning
on Jan. 11, 2011 (Bankr. S.D.N.Y. Case Nos. 12-22051 through
12-22056) in White Plains, New York. Hostess Brands disclosed
assets of $982 million and liabilities of $1.43 billion as of the
Chapter 11 filing.
The bankruptcy filing was made two years after predecessors
Interstate Bakeries Corp. and its affiliates emerged from
bankruptcy (Bankr. W.D. Mo. Case No. 04-45814).
In the new Chapter 11 case, Hostess has hired Jones Day as
bankruptcy counsel; Stinson Morrison Hecker LLP as general
corporate counsel and conflicts counsel; Perella Weinberg Partners
LP as investment bankers, FTI Consulting, Inc. to provide an
interim treasurer and additional personnel for the Debtors, and
Kurtzman Carson Consultants LLC as administrative agent.
Matthew Feldman, Esq., at Willkie Farr & Gallagher, and Harry
Wilson, the head of turnaround and restructuring firm MAEVA
Advisors, are representing the Teamsters union.
Attorneys for The Bakery, Confectionery, Tobacco Workers and Grain
Millers International Union and Bakery & Confectionery Union &
Industry International Pension Fund are Jeffrey R. Freund, Esq.,
at Bredhoff & Kaiser, P.L.L.C.; and Ancela R. Nastasi, Esq., David
A. Rosenzweig, Esq., and Camisha L. Simmons, Esq., at Fulbright &
Jaworski L.L.P.
The official committee of unsecured creditors selected New York
law firm Kramer Levin Naftalis & Frankel LLP as its counsel. Tom
Mayer and Ken Eckstein head the legal team for the committee.
Hostess Brands in mid-November 2012 opted to pursue the orderly
wind down of its business and sale of its assets after the Bakery,
Confectionery, Tobacco and Grain Millers Union (BCTGM) commenced a
nationwide strike. The Debtor failed to reach an agreement with
BCTGM on contract changes.
Hostess Brands sold its businesses and most of the plants to five
different buyers for an aggregate of $860 million. Hostess still
has some plants, depots and other facilities the buyers didn't
acquire.
The bankruptcy estate has changed its name to Old HB Inc.
IBAHN CORP: Files Initial Monthly Operating Report
--------------------------------------------------
IBahn Corp and its affiliates filed an initial monthly operating
report on Oct. 7, 2013.
The Initial MOR includes a 12-month cash flow. The Debtor
forecasts $127,000 beginning cash balance, total cash receipts of
$21.75 million and total disbursements of $20.73 million resulting
to $1.15 million ending cash balance.
A full-text copy of Initial MOR is available at:
http://bankrupt.com/misc/IBAHNCORP_mor.pdf
Salt Lake City, Utah-based IBahn Corp., a provider of Internet
services to hotels, sought bankruptcy protection (Bankr. D. Del.
Case No. 13-12285), citing a loss of contracts with largest
customer Marriott International Inc. and patent litigation costs.
IBahn Chief Financial Officer Ryan Jonson said the company had
assets of $13.6 million and it listed liabilities of as much as
$50 million in the Chapter 11 filing on Sept. 6, 2013. The
petitions were signed by Ryan Jonson as chief financial officer.
Judge Peter J. Walsh presides over the case.
Pachulski Stang, Ziehl Young & Jones, LLP, serves as the Debtors'
counsel. The Debtors' claims and noticing agent is Epiq
Bankruptcy Solutions.
METEX MFG: Had $1.49 Million Cash Balance in August
---------------------------------------------------
Metex Mfg. Corporation, on Sept. 25, 2013, filed its monthly
operating report for Aug. 2013.
The Company reported a net profit of $61,270 for the month ended
Aug. 31.
At the beginning of the month, the Company had $1.43 million in
cash. It earned income totaling $63,460 from cash and credit
transactions and had $2,190 in expenses for the reporting period,
Thus, at the end of the period, Metex had total cash of
$1.49 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/METEXMFG_augmor.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.
Paul M. Singer, Esq., and Gregory L. Taddonio, Esq., at Reed Smith
LLP, in Pittsburgh, Pa.; and Paul E. Breene, Esq., and Michael J.
Venditto, Esq., at Reed Smith LLP, in New York, N.Y., represent
the Debtor as counsel.
NEOGENIX ONCOLOGY: Records $3,774 Net Loss in August
----------------------------------------------------
Neogenix Oncology, Inc., on Oct. 7, 2013, filed its monthly
operating report for the month ended Aug. 31, 2013.
The Debtor reported $3,774 net loss for the month of August.
Neogenix reported a beginning and ending cash balance of $7,318
for August.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/NEOGENIXONCOLOGY_augmor.pdf
About Neogenix Oncology
Neogenix Oncology Inc. in Rockville, Maryland, filed a Chapter 11
petition (Bankr. D. Md. Case No. 12-23557) on July 23, 2012, in
Greenbelt with a deal to sell the assets to Precision Biologics
Inc., absent higher and better offers.
Founded in December 2003, Neogenix is a clinical stage, pre-
revenue generating, biotechnology company focused on developing
therapeutic and diagnostic products for the early detection and
treatment of cancer. Neogenix, which has 10 employees, says it
its approach and portfolio of three unique monoclonal antibody
therapeutics -- mAb -- hold the potential for novel and targeted
therapeutics and diagnostics for the treatment of a broad range of
tumor malignancies.
Thomas J. McKee, Jr., Esq., at Greenberg Traurig, LLP, in McLean,
Virginia, serves as counsel. Kurtzman Carson Consultants LLC is
the claims and notice agent.
The Debtor estimated assets of $10 million to $50 million and
debts of $1 million to $10 million.
W. Clarkson McDow, Jr., U.S. Trustee for Region 4, appointed seven
members to the committee of equity security holders.
Sands Anderson PC represents the Official Committee of Equity
Security Holders. The Committee tapped FTI Consulting, Inc., as
its financial advisor.
RESIDENTIAL CAPITAL: Lists $29 Million Operating Loss at Aug. 31
----------------------------------------------------------------
Residential Capital, LLC, and its debtor affiliates disclosed that
for the period from Aug. 1 to 31, 2013, they incurred $29,099,116
in operating loss, compared to the $44,989,539 operating loss the
previous month.
Receipts for the month ended Aug. 31, 2013, totaled $152,940,000,
while disbursements totaled -($103,363,000). Total net revenue
for the period was $7,452,000, while reorganization items totalled
$10,918,000.
The Debtors said that, as of Aug. 31, 2013, their consolidated
assets totaled $3,101,958,000, consolidated liabilities totaled
$3,928,786,000, and equity totaled -($826,748,000).
Payments made to insiders during the month totaled $6,033,242.
Payment made to bankruptcy professionals during the month was
$33,115,730, while payments made to bankruptcy professionals since
the Petition Date totaled $255,552,419.
A full-text copy of the August 2013 Operating Report is available
for free at http://bankrupt.com/misc/RESCAPmoraug2013.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).
REVSTONE INDUSTRIES: Posts $820,987 Net Income at Aug. 3
--------------------------------------------------------
Revstone Industries, LLC, on Sept. 25, 2013, filed its monthly
operating report for the period between June 30 and Aug. 3, 2013.
The Company reported a net income of $820,987 on management fee
and shared service revenues of $1.52 million for the period ended
Aug. 3, 2013.
As of Aug. 3, the Company had total assets of $81.24 million,
total liabilities of $111.86 million, and total stockholders'
deficit of $30.63 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/REVSTONEINDUSTRIES_june-augmor.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.
SAND SPRING: Records $22,129 Net Income in August
-------------------------------------------------
Sand Spring Capital III, LLC, et al., on Oct. 4, 2013, filed its
monthly operating report for the month ended Aug. 31, 2012.
The Company reported a net income of $22,129 for August.
At Aug. 31, the Company had total net assets of $6.08 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/SAND_SPRING_augmor5
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.
TRINITY COAL: Lists $128.33MM Stockholders' Equity in August
------------------------------------------------------------
Trinity Coal Corporation, on Sept. 30, 2013, filed its monthly
operating report for the month ended Aug. 31, 2013.
The Company posted a net loss of $4.66 million on net revenue of
$3.33 million for the month ended Aug. 31, 2013.
As of Aug. 31, 2013, the Company had total assets of $563.92
million, total liabilities of $435.59 million and total
stockholders' equity of $128.33 million.
The Company had a $653,530 beginning cash balance and a
$849,626 ending cash balance.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/TRINITYCOAL_augmor.pdf
About Trinity Coal
Trinity Coal Corp. is a coal mining company that owns coal
deposits located in the Appalachian region of the eastern United
States, specifically, in Breathitt, Floyd, Knott Magoffin, and
Perry Counties in eastern Kentucky and in Boone, Fayette, Mingo,
McDowell and Wyoming Counties in West Virginia.
Trinity's coal mining operations are organized into six distinct
coal mining complexes. Three complexes are located in Kentucky and
are referred to as Prater Branch Resources, Little Elk Mining and
Levisa Fork. The Kentucky Operations produced compliance and low
sulfur steam coal. Three complexes are located in West Virginia
and are referred to as Deep Water Resources, North Springs
Resources and Falcon Resources.
Trinity is a wholly owned subsidiary of privately held
multinational conglomerate Essar Global Limited.
Credit Agricole Corporate & Investment Bank, ING Capital LLC and
Natixis, New York Branch filed an involuntary petition for relief
under Chapter 11 against Trinity Coal Corporation and 15
affiliates (Bankr. E.D. Ky. Lead Case No. 13-50364). The three
entities say they are owed a total of $104 million on account
loans provided to Trinity.
On Feb. 14, 2013, Austin Powder Company, Whayne Supply Company and
Cecil I. Walker Machinery Co. filed an involuntary petition for
relief under Chapter 11 (Bankr. E.D. Ky. Case No. 13-50335)
against Frasure Creek Mining, LLC. On Feb. 19, 2013, Credit
Agricole, ING Capital and Natixis joined as petitioning creditors.
On March 4, 2013, the Debtors filed their consolidated answer to
involuntary petitions and consent to an order for relief and
reservation of rights, thereby consenting to the entry of an order
for relief in each of their respective Chapter 11 cases. An order
for relief in each of the Debtors was entered by the Court on
March 4, 2013, which converted the involuntary cases to voluntary
Chapter 11 cases.
Steven J. Reisman, Esq., L. P. Harrison 3rd, Esq., Jerrold L.
Bregman, Esq., and Dienna Ching, Esq., at CURTIS, MALLET-PREVOST,
COLT & MOSLE LLP, in New York, N.Y.; and John W. Ames, Esq., C.R.
Bowles, Jr., Esq., and Bruce Cryder, Esq., at BINGHAM GREENEBAUM
DOLL LLP, in Lexington, Ky., represent the Debtors as counsel.
Attorneys at Foley & Lardner LLP, in Chicago, Ill., represent the
Official Committee of Unsecured Creditors as counsel. Sturgill,
Turner, Barker & Maloney, PLLC, in Lexington, Ky., represents the
Official Committee of Unsecured Creditors as local counsel.
VERTIS HOLDINGS: Ends August with $12.99 Million Cash
-----------------------------------------------------
Vertis Holdings, Inc., on Oct. 1, 2013, filed its monthly
operating report for August 2013.
The Debtor reported a net loss of $514,122 on net sales of
$39,547 for the month ended August 2013.
As of Aug. 31, 2013, Vertis Holdings had total assets of
$105.04 million, total liabilities of $538.33 million, and total
stockholders' deficit of $433.29 million.
At the beginning of August, Vertis Holdings had $13.4 million in
cash. The Debtor had a total receipts of $1.89 million and
$2.31 million total disbursements. As a result, at the end of the
month, Vertis Holdings had total cash of $12.99 million.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/VERTISHOLDINGS_augmor.pdf
About Vertis
Vertis Holdings Inc. -- http://www.thefuturevertis.com/--
provides advertising services in a variety of print media,
including newspaper inserts such as magazines and supplements.
Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821),
returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to
sell the business to Quad/Graphics, Inc., for $258.5 million,
subject to higher and better offers in an auction.
As of Aug. 31, 2012, the Debtors' unaudited consolidated financial
statements reflected assets of approximately $837.8 million and
liabilities of approximately $814.0 million.
Bankruptcy Judge Christopher Sontchi presides over the 2012 case.
Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal,
and Cadwalader, Wickersham & Taft LLP. Quad/Graphics is advised
by Blackstone Advisory Partners, Arnold & Porter LLP and Foley &
Lardner LLP, special counsel for antitrust advice. Kurtzman
Carson Consultants LLC is the Debtors' claims agent.
Quad/Graphics is a global provider of print and related
multichannel solutions for consumer magazines, special interest
publications, catalogs, retail inserts/circulars, direct mail,
books, directories, and commercial and specialty products,
including in-store signage. Headquartered in Sussex, Wis. (just
west of Milwaukee), the Company has approximately 22,000 full-time
equivalent employees working from more than 50 print-production
facilities as well as other support locations throughout North
America, Latin America and Europe.
Vertis first filed for bankruptcy (Bankr. D. Del. Case No.
08-11460) on July 15, 2008, to complete a merger with American
Color Graphics. ACG also commenced separate bankruptcy
proceedings. In August 2008, Vertis emerged from bankruptcy,
completing the merger.
Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 10-16170) on Nov. 17, 2010. The Debtor estimated its
assets and debts of more than $1 billion. Affiliates also filed
separate Chapter 11 petitions -- American Color Graphics, Inc.
(Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr.
S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case
No. 10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No.
10-16172), Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and
Webcraft Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174). The
bankruptcy court approved the prepackaged Chapter 11 plan on
Dec. 16, 2010, and Vertis consummated the plan on Dec. 21. The
plan reduced Vertis' debt by more than $700 million or 60%.
GE Capital Corporation, which serves as DIP Agent and Prepetition
Agent, is represented in the 2012 case by lawyers at Winston &
Strawn LLP. Morgan Stanley Senior Funding Inc., the agent under
the prepetition term loan, and as term loan collateral agent, is
represented by lawyers at White & Case LLP, and Milbank Tweed
Hadley & McCloy LLP.
On Jan. 16, 2013, Quad/Graphics completed the acquisition of
Vertis Holdings for a net purchase price of $170 million. This
assumes the purchase price of $267 million less the payment of
$97 million for current assets that are in excess of normalized
working capital requirements.
*********
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 ***