/raid1/www/Hosts/bankrupt/TCR_Public/131123.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 23, 2013, Vol. 17, No. 325
Headlines
ARCHDIOCESE OF MILWAUKEE: Has $6.47 Million Profit in October
ATARI INC: Reports $416,000 Net Income for October
CENGAGE LEARNING: Made $87.84MM in Cash Disbursements in September
FIRST REGIONAL: Incurs $14,271 Net Loss in October
HIGHWAY TECHNOLOGIES: Reports $12.59 Million Net Loss for July
HIGHWAY TECHNOLOGIES: Net Loss Drops to $1.58 Million in August
HIGHWAY TECHNOLOGIES: Net Loss Down to $889,112 in September
KIDSPEACE CORP: Ends August with $529,654 Net Profit
LIGHTSQUARED INC: Lists $59.52 Million Net Loss in October
ORCHARD SUPPLY: Reports $22.54 Million Cash Balance at Oct. 5
OVERSEAS SHIPHOLDING: Ends September with $570.6MM in Cash
RURAL METRO: Incurs $726,000 Net Loss for September
*********
ARCHDIOCESE OF MILWAUKEE: Has $6.47 Million Profit in October
-------------------------------------------------------------
The Archdiocese of Milwaukee reported a net income of $6,465,291
for the month ended October 31, 2013.
As of October 31, Milwaukee had total assets of $46,939,791 and
total liabilities of $36,686,599.
A full-text copy of the monthly operating report is available for
free at http://bankrupt.com/misc/Church_milmoroct2013.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)
ATARI INC: Reports $416,000 Net Income for October
--------------------------------------------------
Atari, Inc., et al, filed on Nov. 15, 2013, a monthly operating
report for October 2013.
Atari reported a net profit of $416,000 with net revenues of $1.06
million for the month.
As of October 31, the Debtors had $35.34 million in total assets,
$331.20 million in total liabilities, and $295.86 million in total
shareholders' deficit.
At the beginning of the month, the Debtors had $8.04 million cash.
They reported total cash receipts of $4.47 million and total cash
disbursements of $7.19 million. Among the month's disbursements
were $2.59 million paid for professional fees. At the end of the
month, the Debtors had a cash balance of $5.33 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/ATARIINCoctmor.pdf
About Atari
Atari -- http://www.atari.com/-- is a multi-platform, global
interactive entertainment and licensing company. Atari owns
and/or manages a portfolio of more than 200 games and franchises,
including world renowned brands like Asteroids(R), Centipede(R),
Missile Command(R), Pong(R), Test Drive(R), Backyard Sports(R),
and Rollercoaster Tycoon(R).
Atari Inc. and its U.S. affiliates filed for Chapter 11
bankruptcy (Bankr. S.D.N.Y. Lead Case No. 13-10176) on Jan. 21,
2013, to break away from their unprofitable French parent company
and secure independent capital.
A day after its American unit filed for Chapter 11 bankruptcy
protection, Paris-based Atari S.A. took a similar measure under
Book 6 of that country's commercial code. Atari S.A. said it
was filing for legal protection because its longtime backer
BlueBay has sought to sell its 29% stake and demanded repayment
by March 31 on a credit line of US$28 million that it cut off in
December.
On Feb. 15, 2013, the Court entered the order authorizing the
employment and retention of Hunton & Williams LLP as counsel to
the Debtors. On Feb. 5, 2013, the Debtors' board of directors
was reconstituted. The reconstituted board of directors elected
to retain alternate bankruptcy counsel. Hunton's retention as
the Debtors' counsel terminated on Feb. 6, 2013.
Ira S. Dizengoff, Esq., and Kristine G. Manoukian, Esq., at Akin
Gump Strauss Hauer & Feld LLP, in New York, N.Y.; and Scott L.
Alberino, Esq., at Akin Gump Strauss Hauer & Feld, LLP, in
Washington, D.C., represent the Debtors as counsel.
BMC Group is the claims and notice agent. Guy Davis and Susan
Roski at Protiviti Inc. serve as financial advisors.
Duff & Phelps Securities LLC serves as financial advisor to the
Official Committee of Unsecured Creditors. Cathy Hershcopf,
Esq., Jeffrey L. Cohen, Esq., and Robert B. Winning, Esq., at
Cooley LLP serve as the Committee's counsel.
Ken Coleman, Esq., and Jonathan Cho, Esq., at Allen & Overy LLP,
serve as counsel to Atari S.A.
CENGAGE LEARNING: Made $87.84MM in Cash Disbursements in September
------------------------------------------------------------------
Cengage Learning, Inc., et al., filed on October 30 a limited
monthly operating report for September 2013.
The Debtors reported total cash receipts of $224.16 million and
total cash disbursements of $87.84 million.
The monthly operating report did not contain a Statement of
Operations and Balance Sheet for the month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/CENGAGELEARNINGseptmor.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.
The Debtors filed a Joint Plan of Reorganization and Disclosure
Statement dated Oct. 3, 2013, which provides that the Debtors took
extreme care to advance and protect the interest of unsecured
creditors -- including seeking to protect four primary sources of
potential recoveries for unsecured creditors and providing them
with appropriate time to conduct diligence, and discuss their
conclusions on, among other things, the value of those sources of
potential recoveries.
FIRST REGIONAL: Incurs $14,271 Net Loss in October
--------------------------------------------------
First Regional Bancorp filed with the U.S. Securities and Exchange
Commission their monthly operating report for October 2013.
The Debtor reported a $14,271 net loss on zero revenue for the
month.
At October 31, the Debtors had $623,025 in total assets, $97.59
million in total liabilities and a -($96.97 million) total
shareholders' deficit.
The Debtors had a beginning cash balance for the month of
$133,838. They had total cash receipts of $400,000 and total cash
disbursements of $285,813. At the end of the month, the Debtors
had $248,025 cash.
A copy of the monthly operating report is available at the SEC at:
http://is.gd/LKV6aq
About First Regional Bancorp
First Regional Bancorp (NASDAQ-GSM: FRGB) is the bank holding
company for First Regional Bank, Los Angeles, California.
First Regional Bank was closed at the end of January 2010 by the
California Department of Financial Institutions, which appointed
the Federal Deposit Insurance Corporation as receiver.
First Regional Bancorp filed for Chapter 11 protection
(Bankr. C.D. Calif. Case No. 12-31372) on June 19, 2012.
Jon L Dalberg, Esq., at Landau Gottfried & Berger LLP, represents
the Debtor in its Chapter 11 case.
The Debtor estimated assets of $1 million to $10 million and debts
of $100 million to $500 million in its Chapter 11 petition.
HIGHWAY TECHNOLOGIES: Reports $12.59 Million Net Loss for July
--------------------------------------------------------------
Highway Technologies, Inc., et al, filed on Oct. 25, 2013, their
monthly operating report for July 2013.
The Debtors incurred a net loss of 12.59 million on
-($2.89 million) of net revenues for the month.
As of July 31, the Debtors had $24.35 million in total assets,
$95.21 million in total liabilities, and a $70.86 million total
shareholders' deficit.
At the beginning of the month, the Debtors had $781,706 cash. They
reported total cash receipts of $9.81 million and total cash
disbursements of $4.75 million. The Debtors paid $1.34 million in
professional fees. At July 31, the Debtors had an ending cash
balance of $5.85 million.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/HIGHWAY_TECHNOLOGIES_julymor.pdf
About Highway Technologies
Highway Technologies Inc. and affiliate HTS Acquisition Inc.
sought Chapter 11 protection (Bankr. D. Del. Case Nos. 13-11325 to
13-11326) on May 22, 2013, to conduct an orderly liquidation.
Richard M. Pachuiski, Esq., Debra I. Grassgreen, Esq., Bruce
Grohsgal, Esq., Maria A. Bove, Esq., and John W. Lucas, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as counsel to the
Debtors. Kurtzman Carson Consultants LLC is the claims and notice
agent.
The prepetition lenders are represented by David M. Hilllman,
Esq., at Schulte Roth & Zabel, in New York.
The Company's balance sheet as of March 31, 2013, showed
$55 million in total assets and $102 million in liabilities. In
its amended schedules, Highway Technologies disclosed $41,350,616
in assets and $91,780,181 in liabilities.
Mark D. Collins, Esq., at Richards, Layton & Finger, P.A.
represents the Official Unsecured Creditors' Committee as counsel.
Gavin/Solmonese LLC serves as its financial advisor.
The Debtors have asked the Court to convert their cases into
Chapter 7 proceedings.
The company completed the sale of its principal assets in August
2013.
HIGHWAY TECHNOLOGIES: Net Loss Drops to $1.58 Million in August
---------------------------------------------------------------
Highway Technologies, Inc., et al, filed on Oct. 25, 2013, their
monthly operating report for August 2013.
The Debtors incurred a net loss of $1.58 million on net revenue of
-($152,036) for August as compared to a $12.59 million net loss in
July.
At month end, the Debtors had $13.73 million in total assets,
$93.66 million in total liabilities and a -($79.94 million) total
shareholders' deficit.
At the beginning of the month, the Debtors had $5.85 million. The
Debtors had total cash receipts of $4.95 million and total cash
disbursements of $9.32 million. The Debtors paid $1.21 million in
professional fees. At August 30, the Debtors had $1.48 million
cash.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/HIGHWAY_TECHNOLOGIES_augmor.pdf
About Highway Technologies
Highway Technologies Inc. and affiliate HTS Acquisition Inc.
sought Chapter 11 protection (Bankr. D. Del. Case Nos. 13-11325 to
13-11326) on May 22, 2013, to conduct an orderly liquidation.
Richard M. Pachuiski, Esq., Debra I. Grassgreen, Esq., Bruce
Grohsgal, Esq., Maria A. Bove, Esq., and John W. Lucas, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as counsel to the
Debtors. Kurtzman Carson Consultants LLC is the claims and notice
agent.
The prepetition lenders are represented by David M. Hilllman,
Esq., at Schulte Roth & Zabel, in New York.
The Company's balance sheet as of March 31, 2013, showed
$55 million in total assets and $102 million in liabilities. In
its amended schedules, Highway Technologies disclosed $41,350,616
in assets and $91,780,181 in liabilities.
Mark D. Collins, Esq., at Richards, Layton & Finger, P.A.
represents the Official Unsecured Creditors' Committee as counsel.
Gavin/Solmonese LLC serves as its financial advisor.
The Debtors have asked the Court to convert their cases into
Chapter 7 proceedings. An Oct. 16 hearing has been set for the
matter.
HIGHWAY TECHNOLOGIES: Net Loss Down to $889,112 in September
------------------------------------------------------------
Highway Technologies, Inc., et al, filed on Oct. 25, 2013, their
monthly operating report for September 2013.
Highway Technologies reported a net loss of $889,112 on $22,726
net revenues for September, as compared to a $1.58 million net
loss the previous month.
At September 30, the Debtors had $10.64 million in total assets,
$93.66 million in total liabilities and a -($83.02 million) in
total shareholders' deficit.
The Debtors had $1.48 million beginning cash balance for the
month. They had total cash receipts of $3.04 million and total
cash disbursements of $3.73 million. The Debtors paid $663,625 in
professional fees. At the end of the month, the Debtors had
$787,259 cash.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/HIGHWAY_TECHNOLOGIES_septmor.pdf
About Highway Technologies
Highway Technologies Inc. and affiliate HTS Acquisition Inc.
sought Chapter 11 protection (Bankr. D. Del. Case Nos. 13-11325 to
13-11326) on May 22, 2013, to conduct an orderly liquidation.
Richard M. Pachuiski, Esq., Debra I. Grassgreen, Esq., Bruce
Grohsgal, Esq., Maria A. Bove, Esq., and John W. Lucas, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as counsel to the
Debtors. Kurtzman Carson Consultants LLC is the claims and notice
agent.
The prepetition lenders are represented by David M. Hilllman,
Esq., at Schulte Roth & Zabel, in New York.
The Company's balance sheet as of March 31, 2013, showed
$55 million in total assets and $102 million in liabilities. In
its amended schedules, Highway Technologies disclosed $41,350,616
in assets and $91,780,181 in liabilities.
Mark D. Collins, Esq., at Richards, Layton & Finger, P.A.
represents the Official Unsecured Creditors' Committee as counsel.
Gavin/Solmonese LLC serves as its financial advisor.
The Debtors have asked the Court to convert their cases into
Chapter 7 proceedings. An Oct. 16 hearing has been set for the
matter.
KIDSPEACE CORP: Ends August with $529,654 Net Profit
----------------------------------------------------
KidsPeace Corporation filed on Nov. 19, 2013, its monthly
operating report for August 2013.
The Debtor reported a net profit of $529,654 on net revenues of
$75,699 for the month.
At the end of the month, the Debtors had $164.81 million in total
assets, $151.76 million in total liabilities and a $13.05 million
total shareholders' equity.
At the beginning of the month, the Debtor had $7.18 million cash.
It reported total cash receipts of $8.70 million and total cash
disbursements of $9.19 million. At August 31, the Debtors had
$6.69 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/KIDSPEACECORPaugmor.pdf
About KidsPeace Corp.
KidsPeace Corp., a provider of behavioral services for children,
filed a petition for Chapter 11 reorganization (Bankr. E.D. Pa.
Case No. 13-14508) on May 21, 2013, in Reading, Pennsylvania.
KidsPeace operates a 96-bed pediatric psychiatric hospital in
Orefield, Pennsylvania. Assets are $86.7 million, and debt on the
books is $158.6 million, a ccording to a court filing.
The Debtor, which sought bankruptcy protection with eight
affiliates, tapped Norris McLaughlin & Marcus, P.A. as counsel;
EisnerAmper LLP as financial advisor, and Rust Omni as claims and
notice agent.
Assets total $158,587,999 at the end of 2012. The Debtors owe
approximately $56,206,821 in bond debt, and they have been told
that their pension liability is allegedly about $100,000,000 of
which the Debtors currently reflect $83,049,412 on their books.
KidsPeace sought Chapter 11 (i) as a means to implement a
negotiated restructuring of bond debt currently aggregating
approximately $51,310,000 plus accrued interest to a reduced
amount of approximately $24 million in new 30-year bonds with
interest at 7.5 percent, and (ii) to continue on-going
negotiations with the Pension Benefit Guaranty Corporation in
hopes of reducing the PBGC asserted obligation of $100+ million to
an amount that the Debtors can reasonably expect to satisfy.
The Debtor disclosed $157,930,467 in assets and $168,768,207 in
liabilities as of the Chapter 11 filing.
Since March 2012, MK has been exploring possible affiliation or
acquisition opportunities; however, no offer of an affiliation or
acquisition has been presented to the Debtors.
Gemino Healthcare Finance, LLC, the prepetition revolving lender,
is represented by James S. Rankin, Jr., Esq., at Parker, Hudson,
Rainer & Dobbs LLP; and Weir & Partners LLP's Walter Weir, Jr.,
Esq.
UMB Bank, N.A., on behalf of bondholders, Performance Food Group
d/b/a AFI, W.B. Mason Co., Inc., Pension Benefit Guaranty
Corporation, and Teresa Laudenslager were appointed to an official
committee of unsecured creditors in the Debtors' cases. The
Official Committee of Unsecured Creditors is represented by
Fitzpatrcik Lentz & Bubba, P.C., and Lowenstein Sandler LLP as
counsel. FTI Consulting, Inc. serves as the panel's financial
advisor.
LIGHTSQUARED INC: Lists $59.52 Million Net Loss in October
----------------------------------------------------------
LightSquared Inc., et al., filed on November 15, 2013, a monthly
operating report for the month ended October 31, 2013.
The Company reported a net loss of $59.52 million on net revenue
of $1.54 million for October.
As of October 31, 2013, the Company had total assets of $3.73
billion, total liabilities of $2.88 billion, and total
stockholders' equity of $847.14 million.
At the beginning of the month, LightSquared had $87.5 million in
cash. The Company had total cash receipts of $4.65 million and
total cash disbursements of $27.4 million. As a result, at the
end of October, the Company had total cash of $64.76 million.
A full-text copy of the monthly operating report is available at:
http://is.gd/ozLJpg
About LightSquared Inc.
LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, to resolve regulatory issues that have prevented it
from building its coast-to-coast integrated satellite 4G wireless
network.
LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network. In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries. In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.
LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with
liquidity and runway necessary to resolve its issues with the FCC.
Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties.
Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors. Alvarez & Marsal North America, LLC, is the
financial advisor. Kurtzman Carson Consultants LLC serves as
claims and notice agent.
ORCHARD SUPPLY: Reports $22.54 Million Cash Balance at Oct. 5
-------------------------------------------------------------
OSH 1 Liquidating Corporation, fka Orchard Supply Hardware Stores
Corporation, et al., filed with the Securities and Exchange
Commission their monthly operating report for the period from
Aug. 30 through Oct. 5, 2013.
At the beginning of the month, the Debtors had $5.40 million. The
Debtors reported total cash receipts of $224.43 million and total
cash disbursements of $207.29 million. At the end of the month,
the Debtors had $22.54 million cash.
The monthly operating report did not contain a Statement of
Operations and an updated Balance Sheet for the period.
A copy of the monthly operating report is available at the SEC at:
http://is.gd/EIgllD
About Orchard Supply
San Jose, Calif.-based Orchard Supply Hardware Stores Corporation
operates neighborhood hardware and garden stores focused on paint,
repair and the backyard. It was spun off from Sears Holdings
Corp. in 2012.
Orchard Supply and two affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 13-11565) on June 16, 2013, to
facilitate a restructuring of the company's balance sheet and a
sale of its assets for $205 million in cash to Lowe's Companies,
Inc., absent higher and better offers. In addition to the $205
million cash, Lowe's has agreed to assume payables owed to nearly
all of Orchard's supplier partners.
Bankruptcy Judge Christopher S. Sontchi oversees the case.
Michael W. Fox signed the petitions as senior vice president and
general counsel. The Debtors disclosed total assets of
$441,028,000 and total debts of $480,144,000.
Stuart M. Brown, Esq., at DLA Piper LLP (US), in Wilmington,
Delaware; and Richard A. Chesley, Esq., Chun I. Jang, Esq., and
Daniel M. Simon, Esq., at DLA Piper LLP (US), in Chicago,
Illinois, are the Debtors' counsel. Moelis & Company LLC serves
as the Debtors' investment banker. FTI Consulting, Inc., serves
as the Debtors' financial advisors. A&G Realty Partners, LLC,
serves as the Debtors' real estate advisors. BMC Group Inc. is
the Debtors' claims and noticing agent.
The Official Committee of Unsecured Creditors appointed in case
has retained Pachulski Stang Ziehl & Jones LLP as counsel, and
Alvarez & Marsal as financial advisors.
Lowe's Cos. completed the $205 million acquisition of 72 of
Orchard Supply's 91 stores.
The Company changed its name to OSH 1 Liquidating Corporation and
reduced the size and simplified the structure of the Board of
Directors effective as of Aug. 20, 2013.
OVERSEAS SHIPHOLDING: Ends September with $570.6MM in Cash
----------------------------------------------------------
Overseas Shipholding Group, Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for September 2013.
The Debtors' consolidated statement of operations reported a $1.38
million net loss on $111.69 million of shipping revenues for the
month.
As of September 30, the Debtors had $3.99 billion in total assets,
$3.62 billion in total liabilities and $373,254 in total
shareholders' equity.
At Sept. 1, the Debtors had a beginning cash balance of $620.54
million. They reported total cash receipts of $75 million and
total cash disbursements of $124.91 million. The Debtors paid
almost $2 million in professional fees and expenses for the month.
At Sept. 30, the Debtors had an ending cash balance of $570.63
million.
A copy of the monthly operating report is available at the SEC at:
http://is.gd/6yUavM
About Overseas Shipholding
Overseas Shipholding Group, Inc., headquartered in New York, is
one of the largest publicly traded tanker companies in the world,
engaged primarily in the ocean transportation of crude oil and
petroleum products. OSG owns or operates 111 vessels that
transport oil and petroleum products throughout the world.
Overseas Shipholding Group and 180 affiliates filed voluntary
Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on
Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67
billion in liabilities. Greylock Partners LLC Chief Executive
John Ray serves as chief reorganization officer. James L.
Bromley, Esq., and Luke A. Barefoot, Esq., at Cleary Gottlieb
Steen & Hamilton LLP serve as OSG's Chapter 11 counsel. Derek C.
Abbott, Esq., Daniel B. Butz, Esq., and William M. Alleman, Jr.,
at Morris, Nichols, Arsht & Tunnell LLP, serve as local counsel.
Chilmark Partners LLC serves as financial adviser. Kurtzman
Carson Consultants LLC is the claims and notice agent.
The Export-Import Bank of China, owed $312 million used for the
construction of five tankers, is represented by Louis R. Strubeck,
Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & Jaworski
LLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., at
Fulbright & Jaworski in New York; and John Knight, Esq., and
Christopher Samis, Esq., at Richards Layton & Finger PA. Chilmark
Partners, LLC serves as financial and restructuring advisor.
Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serve
as co-counsel to the official committee of unsecured creditors.
FTI Consulting, Inc., is the financial advisor and Houlihan Lokey
Capital, Inc., is the investment banker.
RURAL METRO: Incurs $726,000 Net Loss for September
---------------------------------------------------
Rural Metro Corporation and its affiliates filed on Nov. 14, 2013,
its filed its monthly operating report for September.
The Debtors reported a net loss of $726,000 on net revenues of
$52.57 million for the month.
At September 30, the Debtors had $974.41 million in total assets,
$946.55 million in total liabilities, and a $27.86 million in
total shareholders' equity.
At the beginning of the month, the Debtors had $50.45 million
cash. They had total cash receipts from operating and financing
activities of $17.76 million and total cash disbursements for
investing activities of $834,000. At the end of the month, the
Debtors had $67.38 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/RURAL_METRO_CORP_septmor.pdf
About Rural/Metro Corporation
Headquartered in Scottsdale, Arizona, Rural/Metro Corporation --
http://www.ruralmetro.com-- is a national provider of 911-
emergency and non-emergency interfacility ambulance services and
private fire protection services, operating in 21 states and
nearly 700 communities.
Rural/Metro Corp. and 59 affiliates sought Chapter 11 protection
on Aug. 4, 2013, before the U.S. Bankruptcy Court for the District
of Delaware.
The Debtors' lead bankruptcy counsel are Matthew A. Feldman, Esq.,
Rachel C. Strickland, Esq., and Daniel Forman, Esq., at Willkie
Farr & Gallagher LLP, in New York. Maris J. Kandestin, Esq., and
Edmon L. Morton, Esq., at Young, Conaway, Stargatt & Taylor, LLP,
in Wilmington, Delaware, serve as the Debtors' local Delaware
counsel.
Alvarez & Marsal Healthcare Industry Group, LLC, and FTI
Consulting, Inc., are the Debtors' financial advisors, while
Lazard Freres & Co. L.L.C. is their investment banker. Donlin,
Recano & Company, Inc., is the Debtors' claims and noticing agent.
The U.S. Trustee has appointed a three-member official committee
of unsecured creditors in the Chapter 11 case.
*********
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 ***