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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, December 28, 2013, Vol. 17, No. 358
Headlines
EXIDE TECHNOLOGY: Net Loss Grows in November to $16.7 Million
FAIRMONT GENERAL: Lists $837,610 Cash Profit in September
FAIRMONT GENERAL: Reports $125,047 Net Income for October
SAVIENT PHARMACEUTICALS: Incurs $2.92-Mil. Net Loss in November
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EXIDE TECHNOLOGY: Net Loss Grows in November to $16.7 Million
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Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that battery maker Exide Technologies reported a net loss
of $16.7 million in November, larger that the October loss of
$12.1 million.
According to the report, the operating report filed with the U.S.
Bankruptcy Court in Delaware shows November revenue of $86.1
million, an $11 million decline from the prior month. The
operating loss in November was $1 million, five times higher than
October.
From inception of the Chapter 11 reorganization in June, the
cumulative net loss is $92 million on revenue of $539.7 million.
Total Chapter 11 costs so far are $42.8 million.
The $674 million of 8.625 percent first-lien notes due 2018 traded
at 2:35 p.m. on Dec. 20 for 72 cents on the dollar, according to
Trace, the bond-price reporting system of the Financial Industry
Regulatory Authority. The bonds are up 27 percent since the last
trade before bankruptcy at 56.672 cents. The convertible
subordinated notes due in September traded at 11:56 a.m. on Dec.
20 for 22.25 cents on the dollar, compared with 10.5 cents in the
last trade before bankruptcy.
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.
FAIRMONT GENERAL: Lists $837,610 Cash Profit in September
---------------------------------------------------------
Fairmont General Hospital, Inc., and its subsidiaries, on Nov. 22,
2013, filed their monthly operating report for September 2013.
For the reporting period, the Debtors listed a $837,610 cash
profit.
The Debtors also listed $5.4 million in total income and $4.80
million in total expenses for the month.
A copy of the September monthly operating report is available at:
http://bankrupt.com/misc/FAIRMONTGEN_SeptMOR.PDF
FAIRMONT GENERAL: Reports $125,047 Net Income for October
---------------------------------------------------------
Fairmont General Hospital, Inc., and its subsidiaries, on Nov. 22,
2013, filed their monthly operating report for October 2013.
Fairmont General's October consolidated statement of operations
showed a net income from operations of $125,047 on total revenues
of $7.57 million.
At October 31, the Debtors reported total assets of $49.74
million, total liabilities of $41.48 million, and a $8.26 million
total shareholders' equity.
At the beginning of the month, the Debtors had a beginning cash
balance of $1.02 million. The Debtors had receipts from operating
and investing activities of $1.90 million and total disbursements
from financing activities of $414,662. As a result, on October
31, the Debtor had $2.50 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FAIRMONTGENERALoctmor6.pdf
About Fairmont General
Fairmont General Hospital Inc. and Fairmont Physicians, Inc.,
which operate a 207-bed acute-care facility in Fairmont, West
Virginia, sought Chapter 11 bankruptcy protection (Bankr. N.D.
W.Va. Case No. 13-01054) on Sept. 3, 2013, listing between
$10 million and $50 million in both assets and debts.
The fourth-largest employer in Marion County, West Virginia, filed
for bankruptcy as it looks to partner with another hospital or
health system.
The Debtors are represented by Rayford K. Adams, III, Esq., and
Casey H. Howard, Esq., at Spilman Thomas & Battle, PLLC, in
Winston-Salem, North Carolina; David R. Croft, Esq., at Spilman
Thomas & Battle, PLLC, in Wheeling, West Virginia, and Michael S.
Garrison, Esq., at Spilman Thomas & Battle, PLLC, in Morgantown,
West Virginia. The Debtors' financial analyst is Gleason &
Associates, P.C. The Debtors' claims and noticing agent is Epiq
Bankruptcy Solutions.
UMB Bank is represented by Nathan F. Coco, Esq., and Suzanne Jett
Trowbridge, Esq., at McDermott Will & Emery LLP.
The Committee of Unsecured Creditors is represented by Andrew
Sherman, Esq., and Boris I. Mankovetskiy, Esq., at Sills Cummis &
Gross P.C. and Kirk B. Burkley, Esq., Bernstein Burkley, P.C.
Janet Smith Holbrook, Esq., at HUDDLESTON BOLEN LLP, represents
the Committee as local counsel.
SAVIENT PHARMACEUTICALS: Incurs $2.92-Mil. Net Loss in November
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Savient Pharmaceuticals, Inc., et al., on Dec., 20, 2013, filed
with the U.S. Securities and Exchange Commission their monthly
operating report for the month ended November 30, 2013.
The Debtors reported a net loss of $2.92 million on $1.65 million
net revenues.
At November 30, the Debtor reported $179.24 million in total
assets, $295.16 million in total liabilities, and -($115.91
million) total shareholders' deficit.
At the beginning of the month, the Debtors had a cash balance of
$17.32 million. They had total cash receipts of $1.80 million and
total cash disbursements of $2.40 million for the reporting
period. Among the disbursed amounts were $193,379 in professional
fees. Thus, at month end, the Debtors had $16.73 million cash.
A copy of the November monthly operating report is available at
the SEC at http://is.gd/Vye7pc
About Savient Pharmaceuticals
Headquartered in Bridgewater, New Jersey, Savient Pharmaceuticals,
Inc. -- http://www.savient.com/-- is a specialty
biopharmaceutical company focused on developing and
commercializing KRYSTEXXA(R) (pegloticase) for the treatment of
chronic gout in adult patients refractory to conventional therapy.
Savient has exclusively licensed worldwide rights to the
technology related to KRYSTEXXA and its uses from Duke University
and Mountain View Pharmaceuticals, Inc.
The Company and its affiliate, Savient Pharma Holdings, Inc.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Case No. 13-12680) on Oct. 14, 2013.
The Debtors are represented by Kenneth S. Ziman, Esq., and David
M. Turetsky, Esq., at Skadden Arps Slate Meagher & Flom LLP, in
New York; and Anthony W. Clark, Esq., at Skadden Arps Slate
Meagher & Flom LLP, in Wilmington, Delaware. Cole, Schotz,
Meisel, Forman & Leonard P.A., also serves as the Company's
conflicts counsel, and Lazard Freres & Co. LLC serves as its
financial advisor. GCG Inc. serves as the Debtors' claims agent.
U.S. Bank National Association, as Indenture Trustee and
Collateral Agent, is represented by Clark T. Whitmore, Esq., at
Maslon Edelman Borman & Brand, LLP, in Minneapolis, Minnesota.
The Unofficial Committee of Senior Secured Noteholders is
represented by Andrew N. Rosenberg, Esq., Elizabeth McColm, Esq.,
and Jacob A. Adlerstein, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison LLP, in New York; and Pauline K. Morgan, Esq., at Young,
Conaway, Stargatt & Taylor LLP, in Wilmington, Delaware.
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then-ending.
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*********
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