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/raid1/www/Hosts/bankrupt/TCR_Public/131116.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, November 16, 2013, Vol. 17, No. 318 Headlines AFA INVESTMENT: Reports $946,812 Net Loss in September AGFEED INDUSTRIES: Lists $10.48 Million Net Loss in September ALLIED SYSTEMS: Incurs $339,526 Consolidated Net Loss in September ATLS ACQUISITION: Ends September with $54.72 Million Cash Balance EXIDE TECHNOLOGIES: Ends September with $1.49 Billion in Assets FRIENDFINDER NETWORKS: Ends September with $25.19 Million Cash FURNITURE BRANDS: Incurs $30.73 Million Net Loss in September GREEN FIELD ENERGY: Projects $3.7MM in Total Receipts Thru January LANDAUER HEALTHCARE: Incurs $815,174 Net Loss in September LIFE CARE: Ends September with $9.16 Million Cash NATIONAL ENVELOPE: Reports $43.11-Mil. Net Loss for Sept. 16-30 SOUND SHORE: Reports $4.99 Million Net Loss in September ********* AFA INVESTMENT: Reports $946,812 Net Loss in September ------------------------------------------------------ AFA Investment, Inc., and its subsidiaries, on oct. 31, 2013, filed their monthly operating report for the period from August 26 to September 29, 2013. The Debtors incurred a net loss of $946,812 on zero revenues for the period. At September 29, the Debtors had $18.53 million in total assets, $156.71 million in total liabilities and a $138.74 million total shareholders' deficit. At the beginning of the period, the Debtors had $14.72 million. The Debtors had total cash receipts of $173,488 and total cash disbursements of $237,719 for the reporting period. Thus, at month end, the Debtors had $14.65 million cash. A big chunk of disbursements was for professional services and fees amounting to $195,973. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/AFA_INVESTMENT_aug-septmor.pdf About AFA Investment King of Prussia, Pennsylvania-based AFA Foods Inc. was one of the largest processors of ground beef products in the United States. AFA had seven facilities capable of producing 800 million pound of ground beef annually. Revenue in 2011 was $958 million. Yucaipa Cos. acquired the business in 2008 and currently owns 92% of the common stock and all of the preferred stock. AFA Foods, AFA Investment Inc. and other affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-11127) on April 2, 2012, after recent changes in the market for its ground beef products and the impact of negative media coverage related to boneless lean beef trimmings (BLBT) affected sales. Judge Mary Walrath presides over the case. Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware; Tobias S. Keller, Esq., at Jones Day, in San Francisco; and Jeffrey B. Ellman, Esq., and Brett J. Berlin, Esq., at Jones Day, in Atlanta, Georgia, represent the Debtors. FTI Consulting Inc. serves as the Debtors' financial advisors and Imperial Capital LLC serves as marketing consultants. Kurtzman Carson Consultants LLC serves as noticing and claims agent. As of Feb. 29, 2012, the Debtors' books and records on a consolidated basis, reflected approximately $219 million in assets and $197 million in liabilities. AFA Foods, Inc., disclosed $615,859,574 in assets and $544,499,689 in liabilities as of the Petition Date. Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed seven members to the official committee of unsecured creditors in the Debtors' cases. The Committee has obtained approval to hire McDonald Hopkins LLC as lead counsel and Potter Anderson & Corroon LLP serves as co-counsel. The Committee also obtained approval to retain J.H. Cohn LLP as its financial advisor. AFA, in its Chapter 11 case, sold plants and paid off the first- lien lenders and the loan financing the Chapter 11 effort. Remaining assets are $14 million cash and the right to file lawsuits. General Electric Capital Corp. and Bank of America Corp. provided about $60 million in DIP financing. The loan was paid off in July 2012. In October 2012, the Bankruptcy Court denied a settlement that would have released Yucaipa Cos., the owner and junior lender to AFA Foods, from claims and lawsuits the creditors might otherwise bring, in exchange for cash to pay unsecured creditors' claims under a liquidating Chapter 11 plan. Under the deal, Yucaipa would receive $11.2 million from the $14 million, with the remainder earmarked for unsecured creditors. Asset recoveries above $14 million would be split with Yucaipa receiving 90% and creditors 10%. Proceeds from lawsuits would be divided roughly 50-50. AGFEED INDUSTRIES: Lists $10.48 Million Net Loss in September ------------------------------------------------------------- AgFeed USA, LLC, et al., on Oct. 31, 2013, filed their monthly operating report for September 2013. AgFeed reported a net loss of $10.48 million on net revenues of $15.19 million for September. Reorganization expenses for the month totaled $11.33 million. At September 28, the Debtors had $43.60 million in total assets, $29.20 million in total liabilities, and $14.41 in total shareholders' equity. At the beginning of the month, the Debtors had $5.33 million cash. The Debtors had total cash receipts of $63.03 million and total cash disbursements of $62.34 million for the reporting period. Thus, at the end of the month, the Debtors had $6.03 million cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/AGFEED_USA_septmor.pdf About AgFeed Industries AgFeed Industries, Inc., has 21 farms and five feed mills in China producing more than 250,000 hogs annually. In the U.S., the business included 10 sow farms in three states and two feed mills producing more than one million hogs a year. AgFeed's revenue in 2012 was $244 million. AgFeed 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. ALLIED SYSTEMS: Incurs $339,526 Consolidated Net Loss in September ------------------------------------------------------------------ Allied Systems Holdings, Inc., et al., filed on Oct 30, 2013, their monthly operating report for September 2013. The Debtors' statement of operations showed a net loss of 339,526 on $24.82 million in revenues for the month. As of September 30, the Debtors had $226.93 million in total assets, $193.28 million in total liabilities, and $358.27 million in total shareholders' deficit. For the entire month, the Debtors had total receipts of $28.93 million and total disbursements of $29 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/ALLIED_SYSTEMS_septmor.pdf About Allied Systems BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary petitions for Allied Systems Holdings Inc. and Allied Systems Ltd. (Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012. The signatories of the involuntary petitions assert claims of at least $52.8 million for loan defaults by the two companies. Allied Systems, through its subsidiaries, provides logistics, distribution, and transportation services for the automotive industry in North America. Allied Holdings Inc. first filed for chapter 11 protection (Bankr. N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005. Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented the Debtors in the 2005 case. Allied won confirmation of a reorganization plan and emerged from bankruptcy in May 2007 with $265 million in first-lien debt and $50 million in second- lien debt. The petitioning creditors said Allied defaulted on payments of $57.4 million on the first lien debt and $9.6 million on the second. They hold $47.9 million, or about 20% of the first-lien debt, and about $5 million, or 17%, of the second-lien obligation. They are represented by Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., and Robert J. Ward, Esq., at Schulte Roth & Zabel LLP. Allied Systems Holdings Inc. formally put itself and 18 subsidiaries into bankruptcy reorganization June 10, 2012, following the filing of the involuntary Chapter 11 petition. The Company is being advised by the law firms of Troutman Sanders, Gowling Lafleur Henderson, and Richards Layton & Finger. The bankruptcy court process does not include captive insurance company Haul Insurance Limited or any of the Company's Mexican or Bermudan subsidiaries. The Company also announced that it intends to seek foreign recognition of its Chapter 11 cases in Canada. An official committee of unsecured creditors has been appointed in the case. The Committee consists of Pension Benefit Guaranty Corporation, Central States Pension Fund, Teamsters National Automobile Transporters Industry Negotiating Committee, and General Motors LLC. The Committee is represented by Sidley Austin LLP. Yucaipa Cos. has 55 percent of the senior debt and took the position it had the right to control actions the indenture trustee would take on behalf of debt holders. The state court ruled in March 2013 that the loan documents didn't allow Yucaipa to vote. In March 2013, the bankruptcy court also gave the official creditors' committee authority to sue Yucaipa. The suit includes claims that the debt held by Yucaipa should be treated as equity or subordinated so everyone else is paid before the Los Angeles- based owner. The judge allowed Black Diamond to participate in the lawsuit against Yucaipa and Allied directors. ATLS ACQUISITION: Ends September with $54.72 Million Cash Balance ----------------------------------------------------------------- ATLS Acquisition, LLC, et al., filed on Nov. 1, 2013, their monthly operating report for September 2013. At the beginning of the month, the Debtors had $38.97 million cash. The Debtors had total cash receipts of $42.92 million and total cash disbursements of $23.58 million. Thus, at Sept. 30, the Debtors had $54.72 million cash. The monthly operating report did not contain a statement of operations and balance sheet. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/ATLS_ACQUISITION_septmor.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. EXIDE TECHNOLOGIES: Ends September with $1.49 Billion in Assets --------------------------------------------------------------- Exide Technologies and its subsidiaries, filed on Oct. 31, 2013, their monthly operating report for September 2013. The Debtors' statement of operations reported a net loss of $3.59 million on $120.96 million in net sales for the month. As of September 30, the Debtors had $1.49 billion in total assets, $1.45 billion in total liabilities, and $42.61 million in total shareholders' equity. At the beginning of the month, the Debtors had $37.24 million cash. The Debtors had total cash receipts of $86.17 million and total cash disbursements of $90.07 million for the reporting period. The Debtors paid over $6.04 million in professional fees. At Sept. 30, the Debtors had an ending cash balance of $33.35 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/EXIDE_TECHNOLOGIES_septmor.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. FRIENDFINDER NETWORKS: Ends September with $25.19 Million Cash -------------------------------------------------------------- FriendFinder Networks Inc., et al., filed with the U.S. Securities and Exchange Commission their monthly operating report for the period of September 17 to 30 2013. The Debtors' consolidated statement of operations showed a net loss from continuing operations of $2.87 million with total revenues of $9.29 million. On September 30, the Debtors had $459.25 million in total assets, $692.71 million in total liabilities and a $233.46 million total shareholders' deficit. At the beginning of the period, the Debtors had $20.46 million cash. The Debtors had total cash receipts of $17.93 million and total cash disbursements of $13.19 million for the reporting period. Thus, at the end of the month, the Debtors had $25.19 million cash. A full-text copy of the September monthly operating report is available at the SEC at http://is.gd/z4VSl4 About FriendFinder Networks FriendFinder Networks and affiliates, including lead debtor PMGI Holdings Inc., sought bankruptcy protection (Bankr. D. Del. Lead Case No. 13-12404) on Sept. 17, 2013, estimating assets of $465.3 million and debt totaling $662 million. The Debtors are represented by Nancy A. Mitchell. Esq., Matthew L. Hinker, Esq., and Paul T. Martin, Esq., at Greenberg Traurig, LLP, in New York, as lead bankruptcy counsel; and Dennis A. Meloro, Esq., in Wilmington, Delaware, as local Delaware counsel. Akerman Senterfitt serves as the Debtors' special and conflicts counsel. The Debtors' financial advisor is SSG Capital Advisors LLC. BMC Group, Inc., is the Debtors' claims and noticing agent. On Sept. 21, 2013, the Debtors filed a plan of reorganization containing details on a reorganization worked out with about 80 percent of first and second-lien lenders before the Sept. 17 Chapter 11 filing. Under the Plan, holders of the $234.3 million in 14 percent first-lien notes will receive accrued interest plus an equal amount in new 14 percent first-lien notes to mature in five years. Excess cash will be used in part to pay down principal on the notes before maturity. Holders of $330.8 million in two issues of second-lien notes are to receive all the new equity. U.S. Bankruptcy Judge Christopher Sontchi approved the company's disclosure statement, a description of the reorganization plan, at a hearing on Nov. 5 in Wilmington, Delaware. FriendFinder will seek court approval of its reorganization plan to exit bankruptcy at a hearing scheduled for Dec. 16. Objections to the plan have to be filed by Dec. 9. FURNITURE BRANDS: Incurs $30.73 Million Net Loss in September ------------------------------------------------------------- Furniture Brands International, Inc., et al., filed on October 31, 2013, their monthly operating report for September 2013. The Debtors' consolidated statement of operations reported a net loss of $30.73 million with operating revenues of $72.67 million. As of September 30, the Debtors had $529.80 million in total assets, $363.67 million in total liabilities subject to compromise, $21 million in total liabilities not subject to compromise, and $50.22 million in total shareholders' deficit. For the month of September, the Debtors had total cash receipts of $48.52 million and total cash disbursements of $41.61 million. More than 30% of the disbursements or $15.26 million was used for payroll expenses and benefits while $1.5 million was spent on professional/transaction fees. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/FURNITURE_BRANDS_septmor.pdf About Furniture Brands Furniture Brands International (NYSE:FBN) -- http://www.furniturebrands.com-- engages in the designing, manufacturing, sourcing and retailing home furnishings. Furniture Brands markets products through a wide range of channels, including company owned Thomasville retail stores and through interior designers, multi-line/ independent retailers and mass merchant stores. Furniture Brands serves its customers through some of the best known and most respected brands in the furniture industry, including Thomasville, Broyhill, Lane, Drexel Heritage, Henredon, Pearson, Hickory Chair, Lane Venture, Maitland-Smith and LaBarge. On Sept. 9, 2013, Furniture Brands International, Inc. and 18 affiliated companies sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-12329). Attorneys at Paul Hastings LLP and Young Conaway Stargatt & Taylor, LLP, serve as counsel to the Debtors. Alvarez and Marsal North America, LLC, is the restructuring advisors. Miller Buckfire & Co., LLC is the investment Banker. Epiq Systems Inc. dba Epiq Bankruptcy Solutions is the claims and notice agent. Furniture Brands' balance sheet at June 29, 2013, showed $546.73 million in total assets against $550.13 million in total liabilities. The company has an official creditor's committee with seven members. The creditors' panel includes the Pension Benefit Guaranty Corp., Milberg Factors Inc. and five suppliers. GREEN FIELD ENERGY: Projects $3.7MM in Total Receipts Thru January ------------------------------------------------------------------ Green Field Energy Services, Inc., et al., filed an initial monthly operating report on Nov. 11, 2013. The Initial MOR includes a cash flow projection for the 13-week period covering the week ended Nov. 3, 2013 through the week ended Jan. 26, 2014. The Debtors project total cash receipts for the 13-week period to total $3.75 million, and disbursements to total $25.76 million for the same period. The disbursements include $6.90 million in payroll costs, $7.92 million in rental, utilities, insurance, tax and other costs and $3.14 million in restructuring professional fees. The Initial MOR also include a schedule of retainer fees paid to bankruptcy professionals as of Nov. 11, 2013, which total about $1.58 million. Among the Debtors' bankruptcy professionals are Alvarez & Marsal North America LLC, Jones Day, and Latham & Watkins. A copy of the Initial MOR is available for free at: http://bankrupt.com/misc/GREEN_FIELD_mor.pdf About Green Field Energy Green Field is an independent oilfield services company that provides a wide range of services to oil and natural gas drilling and production companies to help develop and enhance the production of hydrocarbons. The Company's services include hydraulic fracturing, cementing, coiled tubing, pressure pumping, acidizing and other pumping services. Green Field Energy and two affiliates filed Chapter 11 petitions in Delaware on Oct. 27, 2013, after defaulting on an $80 million credit provided by an affiliate of Royal Dutch Shell Plc (Case No. 13-bk-12783, Bankr. D. Del.). The Debtors are represented by Michael R. Nestor, Esq., and Kara Hammon Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware; and Josef S. Athanas, Esq., Caroline A. Reckler, Esq., Sarah E. Barr, Esq., and Matthew L. Warren, Esq., at Latham & Watkins LLP, in Chicago, Illinois. The Debtors' investment banker is Carl Marks Advisory Group LLC. Thomas E. Hill, from Alvarez & Marsal North America, LLC, serves as the Debtors' chief restructuring officer. LANDAUER HEALTHCARE: Incurs $815,174 Net Loss in September ---------------------------------------------------------- Landauer Healthcare Holdings, Inc., et al., filed on Oct. 30, 2013, their monthly operating report for month ended Sept. 30, 2013. The Debtors' consolidated income statement showed a net loss of $815,174 with total revenues of $7.20 million for the month. At Sept. 30, the Debtors had $67.67 million in total assets, $51.47 million in total liabilities and a $16.21 million total shareholders' equity. At the beginning of the month, the Debtors had $1.97 million cash. They had total cash receipts of $16.19 million and total cash disbursements of $14.71 million. Thus, at month end, the Debtors had $3.45 million cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/LANDAUER_HEALTHCARE_septmor.pdf About Landauer Healthcare Home medical equipment provider Landauer Healthcare Holdings, Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-12098) on Aug. 16, 2013, with a deal to sell all assets to Quadrant Management Inc. for $22 million, absent higher and better offers. The Company has 32 operating locations, with 50% of inventory concentrated in Mount Vernon, New York; Great Neck, New York; Warwick, Rhode Island; and Philadelphia, Pennsylvania. Landauer, which derives revenues by reimbursement from insurers, Medicare and Medicaid, reported net revenues of $128.5 million in fiscal year ended March 31, 2013. Landauer disclosed $2,978,495 in assets and $53,636,751 in liabilities as of the Chapter 11 filing. Michael R. Nestor, Esq., Matthew B. Lunn, Esq., and Justin H. Rucki, Esq., at Young Conaway Stargatt & Taylor, LLP; and John A. Bicks, Esq., Charles A. Dale III, Esq., and Mackenzie L. Shea, Esq., at K&L Gates LLP, serve as the Debtor's counsel. Carl Marks Advisory Group serves as the Debtor's financial advisors, and Epiq Systems as claims and notice agent. The Debtor has filed a Chapter 11 restructuring plan that would transfer ownership of the home medical supply company to Quadrant Management Inc., whose $22 million bid for the company went unchallenged. Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed five members to the official committee of unsecured creditors in the Chapter 11 cases. The Committee retained Landis Rath & Cobb LLP as counsel. Deloitte Financial Advisory Services LLP serves as its financial advisor. LIFE CARE: Ends September with $9.16 Million Cash ------------------------------------------------- Life Care St. Johns, Inc., filed on Nov. 4, 2013, its monthly operating report for September 2013. Life Care incurred a net loss from operations of $535,700 with total revenues of $871,231. At Sept. 30, the Debtor had $64.66 million in total assets, $118.10 million in total liabilities and a $54.44 million deficit. At the beginning of the month, the Debtor had $570,685 cash. It had total cash receipts from its financing activities of $341,392 and total cash disbursements for operations and investment activities of $512,271. At the end of the month, Life Care had a cash balance of $9.16 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/LIFE_CARE_septmor.pdf About Life Care St. Johns Life Care St. Johns, Inc., filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 13-04158) on July 3, 2013. The Debtor is the owner and operator of a continuing care retirement community known as Glenmoor consisting of 144 independent living units located on a 40-acre site in St. Johns County, Florida. Judge Jerry A. Funk presides over the case. Richard R. Thames, Esq., and Eric N. McKay, Esq., at Stutsman Thames & Markey, P.A., serves as the Debtor's counsel. Navigant Capital Advisors, LLC, acts as the Debtor's financial advisor. American Legal Claim Services, LLC, serves as claims and noticing agent. The Committee of Creditors Holding Unsecured Claims appointed in the bankruptcy case of Life Care St. Johns, Inc., is represented by Akerman Senterfitt's David E. Otero, Esq., and Christian P. George, Esq., in Jacksonville, Florida. Bruce Jones signed the petition as CEO. The Debtor estimated assets of at least $10 million and debts of at least $50 million. NATIONAL ENVELOPE: Reports $43.11-Mil. Net Loss for Sept. 16-30 --------------------------------------------------------------- NE Opco, Inc., dba National Envelope, and its affiliates, on Nov. 1, 2013, filed a monthly operating report for the period from August 1 to September 30, 2013. The Report contains financial information on operating results for the period from Aug. 1 to Sept. 15, and post-closing period from Sept. 16 to 30. For the period Aug. 1 to Sept. 15, the Debtors incurred a net loss of $10.75 million on total revenues of $38 million. For the Sept. 16 to 30, the Debtors reported a net loss of $43.11 million on zero revenues. At September 30, the Debtors had $7.98 million in total assets, $142.71 million in total liabilities and a $134.72 million total shareholders' deficit. The Debtors' total disbursements for Aug. 1 through Sept. 30 is $83.24 million while total disbursements for Sept. 16 to 30 is $64.46 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/NATIONAL_ENVELOPE_septmor.pdf About NE OPCO, Inc. National Envelope is the largest privately-held manufacturer of envelopes in North America. Headquartered in Frisco, Texas, National Envelope has eight plants and 15 percent of the envelope market. Revenue of $427 million in 2012 resulted in a $60.1 million net loss, continuing an unbroken string of losses since 2007. NE OPCO, Inc., doing business as National Envelope, along with affiliate NEV Credit Holdings, Inc., filed petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 13-11483) on June 10, 2013. The company disclosed liabilities including $148.4 million in secured debt, with $37.5 million owing on a revolving credit and $15.6 million on a secured term loan. There is a $55.7 million second-lien debt 82 percent held by a Gores Group LLC affiliate. National Envelope, then known as NEC Holdings Corp., first sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 10-11890) on June 10, 2010. The business was bought by Gores Group LLC for $208 million in a bankruptcy sale. National Envelope, through NE OPCO, has returned to bankruptcy to pursue a plan of reorganization or sell the assets as a going concern via 11 U.S.C. Sec. 363. The Debtor plans to facilitate a sale of the business with publicly traded competitor Cenveo Inc. In the new Chapter 11 case, the company has tapped the law firm Richards, Layton & Finger as counsel, PricewaterhouseCoopers LLP as financial adviser, and Epiq Bankruptcy Solutions as claims and notice agent. The Gores Group is represented by Weil, Gotshal and Manges LLP and Lowenstein Landler LLP. Salus Capital Partners, the DIP agent, is represented by Choate, Hall & Stewart LLP and Morris Nichols Arsht & Tunnell LLP. Wells Fargo Capital Finance, LLC, the prepetition senior agent, is represented by Goldberg Kohn Ltd and DLA Piper. The Official Committee of Unsecured Creditors is represented by Pachulski Stang Ziehl & Jones LLP's Laura Davis Jones, Esq., Bradford J. Sandier, Esq., Robert J. Feinstein, Esq., and Peter J. Keane, Esq. Guggenheim Securities, LLC, serves as its investment banker and financial advisor. National Envelope won court approval on July 19, 2013, for a global settlement permitting a sale of the company without objection from the official unsecured creditors' committee. The settlement ensures some recovery for unsecured creditors. The Company also won final approval for $67.5 million in bankruptcy financing being supplied by Salus Capital Partners LLC. Judge Sontchi authorized three buyers to acquire Frisco, Texas- based National Envelope's business for a total of about $70 million. Connecticut-based printer Cenveo Inc. acquired National Envelope's operating assets for $25 million, Hilco Receivables LLC picked up accounts receivable for $25 million and Southern Paper LLC took on its inventory for $15 million. SOUND SHORE: Reports $4.99 Million Net Loss in September -------------------------------------------------------- Sound Shore Medical Center of Westchester and its affiliates, filed on Oct. 25, 2013, their monthly operating report for September 2013. The Debtors' consolidated statement of operations showed a net loss from operations of $4.99 million with revenues of $17.11 million. On September 30, the Debtors had $133.16 million in total assets, $223.37 million in total liabilities, and a $90.21 million total deficit. At the beginning of the month, the Debtors had $1.91 million cash. They had total cash receipts from operations of $12.35 million and total cash disbursements from operations of $12.93 million. They also had receipts from non-recurring activities of $1.60 million, net financing activities that yielded $2.71 million and outstanding checks of $462,465. At month end, the Debtors had $6.11 million cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/SOUND_SHORE_septmor.pdf About Sound Shore Medical Center of Westchester Sound Shore Medical Center of Westchester, Mount Vernon Hospital Inc., Howe Avenue Nursing Home and related entities sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 13-22840) on May 29, 2013, in White Plains, New York. The Debtors are the largest "safety net" providers for Southern Westchester County in New York. Affiliated with New York Medical College, Sound Shore is a not-for-profit 242-bed, community based- teaching hospital located in New Rochelle, New York. Mountain Vernon Hospital is a voluntary, not-for-profit 176-bed hospital located in Mount Vernon, New York. Howe Avenue Nursing Home is a 150-bed, comprehensive facility. The Debtors tapped Burton S. Weston, Esq., at Garfunkel Wild, P.C. as counsel; Alvarez & Marsal Healthcare Industry Group, LLC, as financial advisors; and GCG Inc., as claims agent. The Debtors are seeking to sell their assets to the Montefiore health system. In June 2013, Montefiore added $4.75 million to its purchase offer for Sound Shore Medical Center and Mount Vernon Hospital to speed up the sale. Montefiore raised its bid to $58.75 million plus furniture and equipment as part of a request for a private sale of the bankrupt New Rochelle and Mount Vernon hospitals, which the Bronx-based health system would like to buy by August 2. Montefiore is represented by Togut, Segal & Segal LLP. Alston & Bird LLP represents the Official Committee of Unsecured Creditors. Deloitte Financial Advisory Services LLP serves as its as financial advisor. Sound Shore disclosed assets of $159.6 million and liabilities totaling $200 million. Liabilities include a $16.2 million revolving credit and a $5.8 million term loan with Midcap Financial LLC. There is $9 million in mortgages with Sun Life Assurance Co. of Canada (US) and $11.5 million owing to the New York State Dormitory Authority. Neubert, Pepe & Monteith, P.C., represents Daniel T. McMurray, the patient care ombudsman for Sound Shore. ********* 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 ***