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/raid1/www/Hosts/bankrupt/TCR_Public/140125.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, January 25, 2014, Vol. 18, No. 24 Headlines 710 LONG RIDGE: Incurs $202,422 Net Loss in October 710 LONG RIDGE: Cash Balance Increases to $429,073 in November 710 LONG RIDGE: Net Loss Further Increases to $367,697 in December ATLS ACQUISITION: Reports $2.31 Million Net Loss in November ARCHDIOCESE OF MILWAUKEE: Posts $187K Net Loss in December BETSEY JOHNSON: Net Loss Increases to $2.22-Mil. in November CONSTAR INT'L: Projects $38MM in Disbursements Thru Mid-February ECOTALITY INC: ETEC Amends September Monthly Operating Report ECOTALITY INC: ETEC Amends October Monthly Operating Report ECOTALITY INC: ETEC Incurs $72,696 Net Loss in November EXCEL MARITIME: December Net Loss Increases to $11.07 Million FIRST REGIONAL: Ends December with $53,531 Net Loss FISKER AUTOMOTIVE: Reports $647,225 Net Loss at Dec. 31 FLAT OUT: Posts $347,680 Cash at October 2 FLAT OUT: Ends October with $777,712 in Assets FURNITURE BRANDS: Reports $12.37-Mil. Cash Balance at Nov. 24 HOSTESS BRANDS: Reports $21MM Net Loss for Nov.17 to Dec.14 Period IBAHN CORP: Incurs $221,000 Net Loss in November INT'L FOREIGN EXCHANGE: Ends October with $438,376 Cash Balance NORTHSTAR AEROSPACE: Incurs $5.32 Million Net Loss in November ORECK CORP: Net Loss Decreases to $411,866 in December OVERSEAS SHIPHOLDING: Incurs $9.93 Million Net Loss in November RAPID-AMERICAN CORP: Ends December with $5.55-Mil. Cash Balance REVSTONE INDUSTRIES: Ends August with $239,844 Cash REVSTONE INDUSTRIES: Reports $1.79-Mil. Cash Balance at Sept. 28 REVSTONE INDUSTRIES: Has $1.35 Million Cash at Nov. 2 REVSTONE INDUSTRIES: Posts $880,116 November Ending Balance RIH ACQUISITIONS: Reports $650,842 Net Profit in November SIMPLY WHEELZ: Has $9.96 Million Cash at Nov. 30 THORNBURG MORTGAGE: Ends October with $31.03 Million Cash THORNBURG MORTGAGE: Incurs $565,650 Net Loss in November THORNBURG MORTGAGE: Lists $62,737 Net Loss in December YARWAY CORPORATION: Posts $629,578 Net Income for December ********* 710 LONG RIDGE: Incurs $202,422 Net Loss in October --------------------------------------------------- 710 Long Ridge Road Operating Co. II LLC, on Nov. 20, 2013, filed its monthly operating report for October 2013. The Debtor's statement of operations showed $202,422 in net losses on $1.06 million in net revenues. At October 31, the Debtors posted $2.35 million in total assets, $19.37 million in total liabilities, and a -($17.02 million) total shareholders' deficit. At the beginning of the month, the Debtor had $489,593 cash. It posted $2.16 million in total receipts and $2.46 million in total disbursements. At the end of the month, the Debtor reported $193,966 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/710LONGoctmor.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. 710 LONG RIDGE: Cash Balance Increases to $429,073 in November -------------------------------------------------------------- 710 Long Ridge Road Operating Co. II LLC filed on Dec. 19, 2013, its monthly operating report for November 2013. The Debtor incurred $283,906 in net losses on net revenues of $1.01 million. At November 30, the Debtors posted $2.44 million in total assets, $19.74 million in total liabilities, and a -($17.30 million) total shareholders' deficit. At the beginning of the month, the Debtor had $193,966 cash. It posted $2.62 million in total receipts and $2.38 million in total disbursements. At Nov. 30, the Debtor reported $429,073 cash, a two-fold increase from the previous month's $193,966 ending cash balance. A copy of the monthly operating report is available at: http://bankrupt.com/misc/710LONGnovmor.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. 710 LONG RIDGE: Net Loss Further Increases to $367,697 in December ------------------------------------------------------------------ 710 Long Ridge Road Operating Co. II LLC, on Jan. 21, 2014, filed its monthly operating report for December 2013. The Debtor listed $367,697 in net losses on $1.02 million of net revenues in December, as compared to net losses of $283,906 in November, and $202,422 in October. At Dec. 31, the Debtors reported $2.09 million in total assets, $19.77 million in total liabilities, and a -($17.67 million) total shareholders' deficit. At the start of the month, the Debtor posted $429,073 in cash. It had $2.69 million in total receipts and $2.97 million in total disbursements. At month end, the Debtor reported $152,549. A copy of the monthly operating report is available at: http://bankrupt.com/misc/710LONGdecmor.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. ATLS ACQUISITION: Reports $2.31 Million Net Loss in November ------------------------------------------------------------ ATLS Acquisition, LLC, and its affiliates, on Jan. 17, 2014, filed their monthly operating report for the month ending November 30, 2013. The Debtors' consolidated statement of operations showed a net loss of $2.31 million on $22.86 million of net revenue. At November 30, the Debtors reported $173.87 million in total assets, $80.42 million in total liabilities, and $90.45 million in total shareholders' equity. At the beginning of the month, the Debtor had a cash balance of $51.55 million. It reported total receipts and disbursements of $24.07 million and $20.47 million, resepectively. At the end of the month, the Debtor reported $55.15 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ATLSACQUISITIONnovmor.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. ARCHDIOCESE OF MILWAUKEE: Posts $187K Net Loss in December ---------------------------------------------------------- The Archdiocese of Milwaukee reported a net loss of $187,149 for the month ended December 31, 2013. At Dec. 31, the archdiocese had total assets of $45,885,424 and total liabilities of $36,512,570. A full-text copy of the monthly operating report is available for free at: http://bankrupt.com/misc/Church_milmordec2013.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) BETSEY JOHNSON: Net Loss Increases to $2.22-Mil. in November ------------------------------------------------------------ Betsey Johnson, LLC, on Jan. 6, 2014, filed its monthly operating report for November 2013. Betsey Johnson incurred a net loss of $2.22 million on $8.97 million of net sales for November, a big increase from the previous month's $80,795 recorded net loss. About $2.5 million in total store operating expenses and a $2.1 million in net agency fee expense contributed to the November net loss. At Nov. 30, the Debtors posted $918,424 in total assets, $9.47 million in total liabilities, and total shareholders' deficit of -($8.55 million). At the November 1, the Debtor had $743,944 cash. It listed total cash inflow of $42 and total outflow of $15,054 for the reporting period. Thus, at the end of November, the Debtor reported $728,931 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/BETSEYJOHNSONnovmor.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. CONSTAR INT'L: Projects $38MM in Disbursements Thru Mid-February ---------------------------------------------------------------- Constar International Holdings LLC, et al., filed an initial monthly operating report on Jan. 9, 2014. The Initial MOR includes a cash flow projection for the 8-week period covering the week ended Dec. 29, 2013 through the week ended Feb. 16, 2014. The Debtors project cash receipts to total $23.19 million and cash disbursements to total $38.60 million for the 8-week period. The disbursements include $1.59 million in supplies and services, $811,000 in repair parts and $464,000 in other materials. The Initial MOR also include an estimated professional fee schedule. Pofessional fees are estimated to total $4.93 million by the week ended Feb. 16, 2014. Among the Debtors' bankruptcy professionals are Dechert, LLP and Young Conaway Stargatt & Taylor, LLP. A copy of the monthly operating report is available at: http://bankrupt.com/misc/CONSTARINTERNATIONALmor.pdf About Constar International Privately held Constar International Holdings and nine affiliated debtors filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-13281) on Dec. 19, 2013. Constar, which manufactures plastic containers, is represented by Michael J. Sage, Esq., Brian E. Greer, Esq., Stephen M. Wolpert, Esq., and Janet Bollinger Doherty, Esq., at Dechert LLP; and Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor, LLP. Prime Clerk LLC serves as the Debtors' claims and noticing agent, and administrative advisor. Lincoln Partners Advisors LLC serves as the Debtors' financial advisor. Judge Christopher S. Sontchi oversees the 2013 case. This is Constar International's third bankruptcy. Constar first filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-13432) in December 2008, with a pre-negotiated Chapter 11 Plan and emerged from bankruptcy in May 2009. Constar and its affiliates returned to Chapter 11 protection (Bankr. D. Del. Case No. 11-10109) on Jan. 11, 2011, with a pre-negotiated Chapter 11 plan and emerged from bankruptcy in June 2011. The new petition listed assets worth less than $100 million against $123 million on three layers of secured debt. Attorneys at Brown Rudnick LLP represent the official committee of unsecured creditors. Counsel to Wells Fargo Capital Finance, LLC, the revolving loan agent, is Andrew M. Kramer, Esq., at Otterbourg P.C. ECOTALITY INC: ETEC Amends September Monthly Operating Report ------------------------------------------------------------- Electronic Transportation Engineering Corporation, lead debtor of in the Chapter 11 cases of Ecotality, Inc., et. al, on Dec. 19, 2013, filed an amendment to its monthly operating report for September 2013. ETEC filed an updated September income statement, correcting some amounts in the year-to-date figures, a copy of which is available at http://bankrupt.com/misc/ECOTALITYINCseptamendmentmor.pdf As reported by The Troubled Company Reporter on Dec. 7, 2013, ETEC posted a $16.60 million net loss on $483,432 net revenues for the second half of September 2013. About Ecotality Inc. Headquartered in San Francisco, California, Ecotality, Inc. (Nasdaq: ECTY) -- http://www.ecotality.com-- is a provider of electric transportation and storage technologies. Ecotality Inc. along with affiliates including lead debtor Electric Transportation Engineering Corp. sought Chapter 11 protection (Bankr. D. Ariz. Lead Case No. 13-16126) on Sept. 16, 2013, with plans to sell the business at an auction. The cases are assigned to Chief Judge Randolph J. Haines. The Debtors' lead counsel are Charles R. Gibbs, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas; and David P. Simonds, Esq., and Arun Kurichety, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Los Angeles, California. The Debtors' local counsel is Jared G. Parker, Esq., at Parker Schwartz, PLLC, in Phoenix, Arizona. FTI Consulting, Inc. serves as the Debtors' crisis manager and financial advisor. The Debtors' claims and noticing agent is Kurtzman Carson Consultants LLC. Electric Transportation estimated assets of $10 million to $50 million and debt of $100 million to $500 million. Unlike most companies in bankruptcy, Ecotality has no secured debt. It simply ran out of money. There's $5 million owing on convertible notes, plus liability on leases. Part of pre-bankruptcy financing took the form of a $100 million cost-sharing grant from the U.S. Energy Department. In view of the San Francisco-based company's financial problems, the government cut off the grant when $84.8 million had been drawn. On Sept. 24, 2013, the Office of the United States Trustee for Region 14 appointed a committee of unsecured creditors. In October 2013, the bankruptcy judge cleared Ecotality to sell most of the business to Car Charging Group Inc. for $3.3 million. Two other buyers purchased other assets for $1 million in total. ECOTALITY INC: ETEC Amends October Monthly Operating Report ----------------------------------------------------------- Electronic Transportation Engineering Corporation, lead debtor in the Chapter 11 cases of Ecotality, Inc., et al., on Dec. 19, 2013, filed an amendment to its monthly operating report for October 2013. ETEC filed an updated October income statement, correcting some amounts in the year-to-date figures. It also filed an updated table on the Status of Liabilities and Sensitive Payments. A copy of the October MOR amendments is available for free at: http://bankrupt.com/misc/ECOTALITYINCoctamendmentmor.pdf About Ecotality Inc. Headquartered in San Francisco, California, Ecotality, Inc. (Nasdaq: ECTY) -- http://www.ecotality.com-- is a provider of electric transportation and storage technologies. Ecotality Inc. along with affiliates including lead debtor Electric Transportation Engineering Corp. sought Chapter 11 protection (Bankr. D. Ariz. Lead Case No. 13-16126) on Sept. 16, 2013, with plans to sell the business at an auction. The cases are assigned to Chief Judge Randolph J. Haines. The Debtors' lead counsel are Charles R. Gibbs, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas; and David P. Simonds, Esq., and Arun Kurichety, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Los Angeles, California. The Debtors' local counsel is Jared G. Parker, Esq., at Parker Schwartz, PLLC, in Phoenix, Arizona. FTI Consulting, Inc. serves as the Debtors' crisis manager and financial advisor. The Debtors' claims and noticing agent is Kurtzman Carson Consultants LLC. Electric Transportation estimated assets of $10 million to $50 million and debt of $100 million to $500 million. Unlike most companies in bankruptcy, Ecotality has no secured debt. It simply ran out of money. There's $5 million owing on convertible notes, plus liability on leases. Part of pre-bankruptcy financing took the form of a $100 million cost-sharing grant from the U.S. Energy Department. In view of the San Francisco-based company's financial problems, the government cut off the grant when $84.8 million had been drawn. On Sept. 24, 2013, the Office of the United States Trustee for Region 14 appointed a committee of unsecured creditors. In October 2013, the bankruptcy judge cleared Ecotality to sell most of the business to Car Charging Group Inc. for $3.3 million. Two other buyers purchased other assets for $1 million in total. ECOTALITY INC: ETEC Incurs $72,696 Net Loss in November ------------------------------------------------------- Electronic Transportation Engineering Corporation, lead debtor in the Chapter 11 cases of Ecotality, Inc., et al., filed on Dec. 18, 2013, its monthly operating report for November 2013. ETEC's statement of operations showed a net loss of $72,696 on zero revenue for the month. At November 30, the Debtor posted $5.11 million in total assets, $96.70 million in total liabilities, and a -($91.59 million) total shareholders' deficit. At the beginning of the month, the Debtor had $978,915 cash. It reported total receipts of $48,554 and total disbursements of $200,584. At the end of the month, the Debtor had $826,884 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ECOTALITYINCnovmor.pdf About Ecotality Inc. Headquartered in San Francisco, California, Ecotality, Inc. (Nasdaq: ECTY) -- http://www.ecotality.com-- is a provider of electric transportation and storage technologies. Ecotality Inc. along with affiliates including lead debtor Electric Transportation Engineering Corp. sought Chapter 11 protection (Bankr. D. Ariz. Lead Case No. 13-16126) on Sept. 16, 2013, with plans to sell the business at an auction. The cases are assigned to Chief Judge Randolph J. Haines. The Debtors' lead counsel are Charles R. Gibbs, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas; and David P. Simonds, Esq., and Arun Kurichety, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Los Angeles, California. The Debtors' local counsel is Jared G. Parker, Esq., at Parker Schwartz, PLLC, in Phoenix, Arizona. FTI Consulting, Inc. serves as the Debtors' crisis manager and financial advisor. The Debtors' claims and noticing agent is Kurtzman Carson Consultants LLC. Electric Transportation estimated assets of $10 million to $50 million and debt of $100 million to $500 million. Unlike most companies in bankruptcy, Ecotality has no secured debt. It simply ran out of money. There's $5 million owing on convertible notes, plus liability on leases. Part of pre-bankruptcy financing took the form of a $100 million cost-sharing grant from the U.S. Energy Department. In view of the San Francisco-based company's financial problems, the government cut off the grant when $84.8 million had been drawn. On Sept. 24, 2013, the Office of the United States Trustee for Region 14 appointed a committee of unsecured creditors. In October 2013, the bankruptcy judge cleared Ecotality to sell most of the business to Car Charging Group Inc. for $3.3 million. Two other buyers purchased other assets for $1 million in total. EXCEL MARITIME: December Net Loss Increases to $11.07 Million ------------------------------------------------------------- Excel Maritime Carriers Ltd., and its affliates, filed on Jan. 22, 2014, their monthly operating report for December 2013. The Debtors' statement of operations showed $11.07 million in net losses on net revenues of $16.56 million in December, a five-fold increase from the previous month's $1.85 net loss. At December 31, the Debtors reported $939.66 million in total assets, $967.04 million in total liabilities, and a -($27.38 million) total shareholders' deficit. At the beginning of the month, the Debtors had $31.81 million cash. They had total receipts of $35.20 million and total disbursements of $37.38 million. As a result, the Debtors had $29.63 million during month end. A copy of the monthly operating report is available at: http://bankrupt.com/misc/EXCELMARITIMEdecmor.pdf About Excel Maritime Based in Athens, Greece, Excel Maritime Carriers Ltd. -- http://www.excelmaritime.com/-- is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel owns a fleet of 40 vessels and, together with 7 Panamax vessels under bareboat charters, operates 47 vessels (5 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax vessels) with a total carrying capacity of approximately 3.9 million DWT. Excel Class A common shares have been listed since Sept. 15, 2005, on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998. The company blamed financial problems on low charter rates. The balance sheet for December 2011 had assets of $2.72 billion and liabilities totaling $1.16 billion. Excel owes $771 million to secured lenders with liens on almost all assets. There is $150 million owing on 1.875 percent unsecured convertible notes. Excel Maritime filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 13-23060) on July 1, 2013, in New York after signing an agreement where secured lenders owed $771 million support a reorganization plan filed alongside the petition. The Debtor disclosed $35,642,525 in assets and $1,034,314,519 in liabilities as of the Chapter 11 filing. Excel, which sought bankruptcy with a number of affiliates, has tapped Jay M. Goffman, Esq., Mark A. McDermott, Esq., Shana E. Elberg, Esq., and Suzanne D.T. Lovett, Esq,. at Skadden, Arps, Slate, Meagher & Flom LLP, as counsel; Miller Buckfire & Co. LLC, as investment banker; and Global Maritime Partners Inc., as financial advisor. A five-member official committee of unsecured creditors was appointed by the U.S. Trustee. The Creditors' Committee is represented by Michael S. Stamer, Esq., Sean E. O'Donnell, Esq., and Sunish Gulati, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York; and Sarah Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas, Texas. Jefferies LLC serves as the Committee's investment banker. John J. Monaghan, Esq. -- john.monaghan@hklaw.com -- at Holland & Knight LLP, serves as counsel to the Steering Committee. Roberston Maritime Investors LLC is represented by Hugh Ray, Esq., at McKool Smith. Oaktree Capital Management and certain of its affiliates are represented by Alan W. Kornberg, Esq., and Elizabeth R. McColm, Esq. -- akornberg@paulweiss.com and emccolm@paulweiss.com -- at Paul Weiss Rifkind Wharton & Garrison LLP. FIRST REGIONAL: Ends December with $53,531 Net Loss --------------------------------------------------- First Regional Bancorp filed with the U.S. Securities and Exchange Commission its monthly operating report for the month ending December 31, 2013. The Debtor's statement of income posted a net loss of $53,531 on zero revenue. At Dec. 31, 2013, the Debtor reported $598,148 in total assets, $97.68 million in total liabilities, and a -($97.08 million) total shareholders' deficit. At the beginning of the month, the Debtor had $234,679 in cash. It reported total receipts of $1.62 million and total disbursements of $1.38 million. At month end, the Debtor had $223,147 cash. A copy of the monthly operating report is available at the SEC at: http://is.gd/jIX2Y6 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. FISKER AUTOMOTIVE: Reports $647,225 Net Loss at Dec. 31 ------------------------------------------------------- Fisker Automotive, Inc., et al., on Jan. 17, 2014, filed their monthly operating report for the period from Nov. 23 to Dec. 31, 2013. The Debtors reported $647,225 in net losses for the month. At December 31, the Debtors posted $214.92 million in total assets, $504.94 million in total liabilities, and -($290.02 million) total shareholders' equity. At Nov. 23, the Debtors had $31,038 in cash. They had $5.48 million in total receipts and $3.61 million in total disbursements. At the end of December, the Debtors reported $1.91 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FISKERAUTOMOTIVEnov-decmor.pdf About Fisker Automotive Fisker Automotive Holdings, Inc., developer of the Karma plug-in hybrid electric sedan, filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 13-13087) on Nov. 22, 2013. Fisker estimated assets of more than $100 million and listed debt of $500 million in its bankruptcy petition. The assets include an assembly plant purchased for $21 million from General Motors Corp. The plant never operated. The cars were assembled in Finland. Fisker now has 21 employees. Fisker received a $529 million loan from the Department of Energy's Advanced Technology Vehicles Manufacturing Loan Program and drew down about $192 million before the department froze the loan after Fisker failed to hit several development targets. The company defaulted on its loan in April 2013. Bankruptcy Judge Kevin Gross presides over the case. The Debtors have tapped James H.M. Sprayregen, P.C., Esq., Anup Sathy, P.C., Esq., and Ryan Preston Dahl, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, as co-counsel; Laura Davis Jones, Esq., James E. O'Neill, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, as co-counsel; Beilinson Advisory Group as restructuring advisors; and Rust Consulting/Omni Bankruptcy, as notice and claims agent and administrative advisor. On November 5, 2013, the Official Committee of Unsecured Creditors was appointed. The members are: (a) David M. Cohen; (b) Sven Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc. The Committee is represented by William R. Baldiga, Esq., and Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti, Esq., at Saul Ewing LLP. Fisker sought bankruptcy protection to pursue a private sale of its business to Hybrid Tech Holdings, LLC. The Committee, however, wants a sale public sale, and has identified Wanxiang America Corporation as stalking horse bidder. Hybrid was initially under contract to buy Fisker in exchange for $75 million of the $168.5 million government loan it acquired immediately before the Debtor's Chapter 11 filing. Hybrid later raised its offer by adding an additional $1 million cash and agreeing to share proceeds from the sale of a facility in Delaware it doesn't intend to operate. Hybrid also offered to pay real estate taxes on the Delaware plant. Hybrid also will waive $90 million in deficiency claims that otherwise would dilute unsecured creditors' recovery. Wanxiang, as stalking horse bidder, initially offered $25.8 million in cash. However, Wanxiang has said it has raised its offer by $10 million and is willing to go higher. After the hearings on Jan. 10 and 13, the Court directed a public auction, and capped Hybrid's credit bid to $25 million. In response, Hybrid raised its offer to $55 million. Hybrid is represented by Tobias Keller, Esq., and Peter Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco, California. Wanxiang, which bought A123 Systems, Inc., a manufacturer of lithium-ion batteries used in electric vehicles such as the Fisker Karma, in a bankruptcy auction early in 2013 for $256.6 million, is represented in Fisker's case by Sidley Austin LLP's Bojan Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady, Esq., and Kenneth J. Enos, Esq. FLAT OUT: Posts $347,680 Cash at October 2 ------------------------------------------ Flat Out Crazy, LLC, on Oct. 29, 2013, filed an operating report covering the period from Aug. 29 to Oct. 2, 2013. The Debtor's statement of operations showed no income or loss for the month. At the end of the reporting period, the Debtors posted $816,484 in total assets, $357,836 in total liabilities, and $458,648 in total shareholders' equity. At Aug. 29, 2013, the Debtor had $386,175 cash. It reported no cash receipts and $38,495 in total disbursements. Thus, at Oct. 2, Flat Out Crazy reported $347,680 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FLATOUTaug-octmor.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. FLAT OUT: Ends October with $777,712 in Assets ---------------------------------------------- Flat Out Crazy, LLC, filed on Nov. 25, 2013, its monthly operating report for the period from October 3 to 30, 2013. Flat Out Crazy reported no income or loss with zero revenue for the 2nd succeeding month. At Oct. 30, 2013, the Debtors reported $777,712 in total assets, $357,836 in total liabilities, and $419,876 in total shareholders' equity. At October 2, the Debtor had a cash balance of $347,680. It reported total receipts of $18,945 and $39,096 in total disbursements for the month. At month end, the Debtor reported $327,529 in cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FLATOUToctmor.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. FURNITURE BRANDS: Reports $12.37-Mil. Cash Balance at Nov. 24 ------------------------------------------------------------- Furniture Brands International, Inc., et al., on Jan. 16, 2014, filed their monthly operating report for the period from Oct. 27 to Nov. 24, 2013. At Nov. 24, 2013, the Debtors listed $526.89 million in total assets, $678.84 million in total liabilities, and a -($76.27 million) total shareholders' deficit. The Debtors reported $68.81 million in total receipts and $64.19 million in total disbursements for the period. At Nov. 24, the Debtors had a cash balance of $12.37 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FURNITUREBRANDSnovmor.pdf About Furniture Brands Furniture Brands International (NYSE:FBN) -- http://www.furniturebrands.com-- engaged 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. Its brands include Thomasville, Broyhill, Lane, Drexel Heritage, Henredon, Pearson, Hickory Chair, Lane Venture, Maitland-Smith and LaBarge. The balance sheet at June 29, 2013, showed $546.73 million in total assets against $550.13 million in total liabilities. 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. The official creditor's committee is comprised of the Pension Benefit Guaranty Corp., Milberg Factors Inc. and five suppliers. The Committee tapped Blank Rome LLP as co-counsel, Hahn & Hessen LLP as lead counsel, BDO Consulting as financial advisor, and Houlihan Lokey Capital, Inc., as investment banker. In November 2013, Furniture Brands won bankruptcy court approval to sell the business to KPS Capital Partners LP for $280 million. Private-equity investor KPS formed a new company named Heritage Home Group LLC to operate the business. HOSTESS BRANDS: Reports $21MM Net Loss for Nov.17 to Dec.14 Period ------------------------------------------------------------------ Hostess Brands, Inc., et al., on Jan. 17, 2014, filed a monthly operating report for the period from Nov. 17 to Dec. 14, 2013. The Debtors incurred a net loss of $21.26 million with zero revenue. At Dec. 14, the Debtors posted $256.60 million in total assets, $2.68 billion in total liabilities, and total shareholders' deficit of -($2.42 billion). At November 17, the Debtors had $43.48 million cash. They reported total receipts of $2.84 million and total disbursements of $8.5 million, which include $6.74 million in professional fees. At the end of the month, the Debtor had $37.82 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/HOSTESSBRANDSnov-decmor.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. Debtor-affiliates that filed separate Chapter 11 petition are IBC Sales Corporation, IBC Trucking LLC, IBC Services LLC, Interstate Brands Corporation, and MCF Legacy Inc. Hostess Brands disclosed assets of $982 million and liabilities of $1.43 billion as of Dec. 10, 2011. Debt includes $860 million on four loan agreements. Trade suppliers are owed as much as $60 million. 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). Ripplewood Holding LLC, after providing $130 million to finance the plan, obtained control of IBC's business following the prior reorganization. Hostess Brands is privately held. The new owners pursued new Chapter 11 cases to escape from what they called "uncompetitive and unsustainable" union contracts, pension plans, and health benefit programs. In 2011, Hostess retained Houlihan Lokey to explore sales of its smaller assets and individual brands. Houlihan Lokey oversaw the sale of Mrs. Cubbison's to Sugar Foods Corporation for $12 million, but was unable to sell any of Hostess' core assets. Judge Robert D. Drain oversees the 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. An official committee of unsecured creditors has been appointed in the case. The committee 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. On Oct. 11, Hostess Brands and its five subsidiaries filed their Joint Plan of Reorganization and related Disclosure Statement wherein unsecured creditors with more than $2.5 billion in claims will receive nothing. Under the Plan, the Debtors will issue almost $700 million in various levels of new secured debt. Most will pay interest through issuance of more debt. The Debtors will raise $88 million in cash plus enough to pay off the amount outstanding under the $75 million loan financing the reorganization that began in January. The Plan also provides that holders of $80.4 million of first-lien debt will receive as much as $59 million in cash plus new first- lien notes. Holders of $340.7 million in other first-lien debt will also be offered new first-lien debt. In total, there is to be at least $361.8 million in new first-lien debt on the Company's emergence from Chapter 11. For $191.4 million in existing third- lien debt, holders will receive 75% of the new stock and about $172 million in new third-lien notes. The other 25%, plus a $100 million third-lien note, will go to the unions in return for contract concessions. Under the Plan, trade suppliers will receive $5 million in new third-lien debt. Other unsecured creditors receive nothing, although the creditors' committee will retain the right to sue lenders for invalidation of their claims or liens. IBAHN CORP: Incurs $221,000 Net Loss in November ------------------------------------------------ iBahn Corporation, et al., on Jan. 14, 2014, filed their monthly operating report for November 2013. The Debtors incurred net losses of $221,000 on $2.12 million of net revenue. At November 30, the Debtors reported $132.09 million in total assets, $25.44 million in total liabilities, and $106.65 million in total shareholders' equity. At November 1, the Debtors had $1.88 million cash. They had total receipts of $1.54 million and total disbursements of 2.28 million, which include $11,960 in professional fees. As a result, the Debtors had $1.13 million during month end. A copy of the monthly operating report is available at: http://bankrupt.com/misc/IBAHNCORPnovmor.pdf About iBahn Corp. 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. Laura Davis Jones, Esq., Davis M. Bertenthal, Esq., James E. O'Neill, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang, Ziehl Young & Jones, LLP, serve as the Debtors' counsel. The Debtors' claims and noticing agent is Epiq Bankruptcy Solutions. Epiq also serves as administrative agent. Houlihan Lokey Capital, Inc., serves as financial advisor and investment banker. INT'L FOREIGN EXCHANGE: Ends October with $438,376 Cash Balance --------------------------------------------------------------- International Foreign Exchange Concepts Holdings, Inc., et al., on Dec. 20, 2013, filed their monthly operating report for the period from October 28 to November 30, 2013. At October 28, the Debtors had a cash balance of $6,434. They reported $528,376 in total receipts and $90,000 in total disbursement. At the end of the period, the Debtors had $438,376 cash. The monthly operating report did not contain a Statement of Operations and a Balance Sheet for the period. A copy of the monthly operating report is available at: http://bankrupt.com/misc/INTERNATIONALFOREIGNoct-novmor.pdf About International Foreign Exchange International Foreign Exchange Concepts Holdings, Inc., and International Foreign Exchange Concepts, L.P., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 13-13380) on Oct. 17, 2013. Judge Robert Gerber oversees the case. Counsel to the Debtors is Henry P. Baer, Jr., Esq., at Finn Dixon & Herling LLP, in Stamford, Connecticut. The Debtors' restructuring advisors is CDG Group. DiConza Traurig LLP serves as conflicts counsel. The Debtors' special counsel is Withers Bergman LLP. The Debtors' notice, claims, solicitation and balloting agent is Logan & Company, Inc. Counsel to AMF-FXC Finance LLC, the DIP lender, is Michael L. Cook, Esq., and Christopher Harrison, Esq., at Schulte Roth & Zabel LLP, in New York. International Foreign Exchange Concepts Holdings Inc., the parent of investment adviser FX Concepts LLC, sold assets for $7.48 million to Ruby Commodities Inc., at an auction held Nov. 25, 2013. The sale was an old-fashioned auction with the assets first offered in six lots and then in bulk. The piecemeal auction fetched combined bids of $3.38 million. When the assets were offered in bulk, Ruby came out on top with an offer of $7.48 million, which the bankruptcy court in New York approved Nov. 26. NORTHSTAR AEROSPACE: Incurs $5.32 Million Net Loss in November -------------------------------------------------------------- Northstar Aerospace (USA) Inc., now known as NSA (USA) Liquidating Corp., et al., filed on Dec. 16, 2013, their monthly operating report for November 2013. The Debtors reported $5.32 million in net losses on zero revenue for the month. At November 30, the Debtors posted $102.12 million in total assets, $87.45 million in total liabilities, and a $14.68 million total shareholders' equity. At the beginning of the month, the Debtors had a cash balance of $282,000. The Debtors reported total receipts of ($2,000) and total disbursements and restructuring costs of $40,000. The disbursements include $14,000 in professional fees. As a result, at month end, the Debtors had $240,000 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/NORTHSTARAEROSPACEnovmor.pdf About Northstar Aerospace Chicago, Illinois-based Northstar Aerospace -- http://www.nsaero.com/-- is an independent manufacturer of flight critical gears and transmissions. With operating subsidiaries in the United States and Canada, Northstar produces helicopter gears and transmissions, accessory gearbox assemblies, rotorcraft drive systems and other machined and fabricated parts. It also provides maintenance, repair and overhaul of components and transmissions. Its plants are located in Chicago, Illinois; Phoenix, Arizona and Milton and Windsor, Ontario. Northstar employs over 700 people across its operations. Northstar Aerospace, along with affiliates, filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-11817) in Wilmington, Delaware, on June 14, 2012, to sell its business to affiliates of Wynnchurch Capital, Ltd., absent higher and better offers. The names of the Debtors were changed as contemplated by the approved sale transaction. Attorneys at SNR Denton US LLP and Bayard, P.A. serve as counsel to the Debtors. The Debtors have obtained approval to hire Logan & Co. Inc. as the claims and notice agent. Certain Canadian affiliates are also seeking protection pursuant to the Companies' Creditors Arrangement Act, R.S.C.1985, c. C-36, as amended. As of March 31, 2012, Northstar disclosed total assets of $165.1 million and total liabilities of $147.1 million. About 60% of the assets and business are with the U.S. Debtors. ORECK CORP: Net Loss Decreases to $411,866 in December ------------------------------------------------------ Oreck Corporation, et al., on Jan. 10, 2014, filed their monthly operating report for December 2013. The Debtors incurred a net loss of $411,866 without any revenue for December, a decrease of the previous month's net loss of $816,271. At December 31, the Debtors posted $7.52 million in total assets, $3.57 million in total liabilities, and a $3.95 million total shareholders' equity. At the beginning of the month, the Debtors had a cash balance of $4.64 million. They reported total receipts of $1,900 and total disbursements of $162,135. Thus, at month end, the Debtors had $4.48 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ORECKCORPdecmor.pdf About Oreck Corp. Oreck Corporation and eight affiliates sought Chapter 11 protection (Bankr. M.D. Tenn. Lead Case No. 13-04006) in Nashville, Tennessee, on May 6, 2013, with plans to sell the business as a going concern. Oreck has been in the business of manufacturing, marketing and selling vacuum cleaners and related products since the late 1960s. The corporate offices are located in Nashville, and the manufacturing and call center is located in Cookeville, Tennessee. Oreck has 70 employees in Nashville, 250 employees at its plant in Cookeville and 325 employees operating 96 company-owned and managed retail stores. The Debtor disclosed $18,013,249 in assets and $14,932,841 plus an unknown amount in liabilities as of the Chapter 11 filing. William L. Norton III, Esq., and Alexandra E. Dugan, Esq., at Bradley Arant Boult Cummings LLP, serve as counsel to the Debtor. BMC Group Inc. is the claims and notice agent. Sawaya Segalas & Co., LLC serves as financial advisor. The U.S. Trustee appointed six creditors to the Official Committee of Unsecured Creditors. Daniel H. Puryear, Esq., at Puryear Law Group, and Sharon L. Levine, Esq., and Kenneth A. Rosen, Esq., at Lowenstein Sandler LLP represent the Committee. The Committee tapped to retain Gavin/Solmonese LLC as its financial advisor. In July 2013, Royal Appliance Mfg. Co. (RAM), a subsidiary of the TTI Group, finalized the purchase of Oreck Corp.'s assets. The Bankruptcy Court approved the sale on July 16, 2013. Royal, the maker of Dirt Devil floor-care products, won the auction for Oreck Corp. The second-place bidder was the Oreck family, which sold the business in a $272 million transaction in 2003. The Oreck family made the first bid at auction at $21.9 million, including $14.5 million cash. The terms of Royal's winning bid weren't disclosed publicly, according to a Bloomberg News report. Royal was acquired in 2003 by Hong Kong-based Techtronic Industries Co., the maker of Hoover vacuum cleaners. OVERSEAS SHIPHOLDING: Incurs $9.93 Million Net Loss in November --------------------------------------------------------------- Overseas Shipholding Group, Inc., et al., on Jan. 15, 2014, filed their monthly operating report for the month ending November 30, 2013. The Debtors' consolidated statement of operation showed a net loss of $9.93 million on $85.98 million of revenues in November, a more than five-fold increase of the previous month's $1.85 million net loss. At November 30, the Debtors posted $4.01 billion in total assets, $3.64 billion in total liabilities, and total shareholders' equity of $363. 28 million. The Debtors had a beginning cash balance of $581.73 million. They reported total receipts of $72.06 million and total disbursements of $70.94 million. Disbursements include $9.02 million in professional fees and expenses. As a result, at the end of the November, the Debtor had $582.85 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/OVERSEASSHIPHOLDINGnovmor.pdf About Overseas Shipholding Overseas Shipholding Group, Inc., headquartered in New York, is one of the largest publicly traded tanker companies in the world, engaged primarily in the ocean transportation of crude oil and petroleum products. OSG owns or operates 111 vessels that transport oil and petroleum products throughout the world. Overseas Shipholding Group and 180 affiliates filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67 billion in liabilities. Greylock Partners LLC Chief Executive John Ray serves as chief reorganization officer. James L. Bromley, Esq., and Luke A. Barefoot, Esq., at Cleary Gottlieb Steen & Hamilton LLP serve as OSG's Chapter 11 counsel. Derek C. Abbott, Esq., Daniel B. Butz, Esq., and William M. Alleman, Jr., at Morris, Nichols, Arsht & Tunnell LLP, serve as local counsel. Chilmark Partners LLC serves as financial adviser. Kurtzman Carson Consultants LLC is the claims and notice agent. The Export-Import Bank of China, owed $312 million used for the construction of five tankers, is represented by Louis R. Strubeck, Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & Jaworski LLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., at Fulbright & Jaworski in New York; and John Knight, Esq., and Christopher Samis, Esq., at Richards Layton & Finger PA. Chilmark Partners, LLC serves as financial and restructuring advisor. Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serve as co-counsel to the official committee of unsecured creditors. FTI Consulting, Inc., is the financial advisor and Houlihan Lokey Capital, Inc., is the investment banker. RAPID-AMERICAN CORP: Ends December with $5.55-Mil. Cash Balance --------------------------------------------------------------- Rapid-American Corporation, on Jan. 16, 2013, filed its monthly operating report for December 2013. At the beginning of the month, the Debtor reported $5.65 million cash. It posted total income of $148 and total expenses of $91,993 for the month. At Dec. 31, the Debtor had $5.55 million cash. The Debtor also paid $60,693 in professional fees for the month. Among the Debtor's bankruptcy professionals are Caplin & Drysdale and Reed Smith, LLP. A copy of the monthly operating report is available at: http://bankrupt.com/misc/RAPIDAMERICANdecmor.pdf About Rapid-American Corp. Rapid-American Corp. filed for Chapter 11 bankruptcy protection in Manhattan (Bankr. S.D.N.Y. Case No. 13-10687) on March 8, 2013, to deal with debt related to asbestos personal-injury claims. New York-based Rapid-American was formerly a holding company with subsidiaries primarily engaged in retail sales and consumer products and was never engaged in an asbestos business of any kind. Through a series of merger transactions going back more than 45 years, Rapid has nevertheless incurred successor liability for personal injury claims arising from plaintiffs' exposure to asbestos-containing products sold by The Philip Carey Manufacturing Company -- Old Carey -- as that entity existed prior to June 1, 1967. Attorneys at Reed Smith LLP serve as counsel to the Debtor. The Debtor disclosed assets in excess of $4,446,261 and unknown liabilities. The Official Committee of Unsecured Creditors retained Caplin & Drysdale, Chartered, as counsel. Young Conaway Stargatt & Taylor, LLP represents Lawrence Fitzpatrick, the Future Claimants' Representative, as counsel. REVSTONE INDUSTRIES: Ends August with $239,844 Cash --------------------------------------------------- Revstone Industries, LLC, on Dec. 19, 2013, filed its monthly operating report for the period from August 4 to 31, 2013. At August 31, the Debtor posted $82.58 million in total assets, $113.49 million in total liabilities, and a -($30.91 million) total shareholders' deficit. The Debtor's account summary for the month showed a beginning balance of $420,956. It reported total deposits of $506,410 and expenditures of $687,521. At the end of the month, the Debtor had a balance of $239,844. The August MOR does not have a statement of operations attached. The Debtor explains that considering its limited operations as a parent holding company, greater clarity of its activity during the reporting period is provided in a schedule included in the MOR filing that has copies of bank reconciliations and professional fees paid. A copy of the monthly operating report is available at: http://bankrupt.com/misc/REVSTONEINDUSTRIESaugmor.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. Stuart Maue is fee examiner. Mark L. Desgrosseilliers, Esq., at Womble Carlyle Sandridge & Rice, LLP, represents the Official Committee of Unsecured Creditors in Revstone's case. REVSTONE INDUSTRIES: Reports $1.79-Mil. Cash Balance at Sept. 28 ---------------------------------------------------------------- Revstone Industries, LLC, on Dec. 19, 2013, filed its monthly operating report for the period from September 1 to 28, 2013. At September 28, the Debtor posted $85.47 million in total assets, $114.87 million in total liabilities, and a -($29.40 million) total shareholders' deficit. The Debtor's account summary for its operating account showed a beginning balance of $239,844. It reported total deposits of $2.31 million and total expenditures of $762,979. At the end of the month, the Debtor had a balance of $1.79 million. The September MOR does not have a statement of operations attached. The Debtor explains that considering its limited operations as a parent holding company, greater clarity of its activity during the reporting period is provided in a schedule included in the MOR filing that has copies of bank reconciliations and professional fees paid. A copy of the monthly operating report is available at: http://bankrupt.com/misc/REVSTONEINDUSTRIESseptmor.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. Stuart Maue is fee examiner. Mark L. Desgrosseilliers, Esq., at Womble Carlyle Sandridge & Rice, LLP, represents the Official Committee of Unsecured Creditors in Revstone's case. REVSTONE INDUSTRIES: Has $1.35 Million Cash at Nov. 2 ------------------------------------------------------ Revstone Industries, LLC, on Dec. 19, 2013, filed its monthly operating report for the period from September 29 to November 2, 2013. At November 2, the Debtor posted $87.29 million in total assets, $116.47 million in total liabilities, and a -($29.18 million) total shareholders' deficit. The Debtor's account summary for its operating account showed a beginning balance for the period of $1.79 million. It reported total deposits of $112,780 and expenditures of $556,990. At November 2, the Debtor had a balance of $1.35 million. The October MOR does not have a statement of operations attached. The Debtor explains that considering its limited operations as a parent holding company, greater clarity of its activity during the reporting period is provided in a schedule included in the MOR filing that has copies of bank reconciliations and professional fees paid. A copy of the monthly operating report is available at: http://bankrupt.com/misc/REVSTONEINDUSTRIESsept-novmor.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. Stuart Maue is fee examiner. Mark L. Desgrosseilliers, Esq., at Womble Carlyle Sandridge & Rice, LLP, represents the Official Committee of Unsecured Creditors in Revstone's case. REVSTONE INDUSTRIES: Posts $880,116 November Ending Balance ----------------------------------------------------------- Revstone Industries, LLC, on Dec. 27, 2013, filed its monthly operating report for the period from November 3 to 30, 2013. At November 30, the Debtor posted $88.72 million in total assets, $118.04 million in total liabilities, and a -($29.32 million) total shareholders' deficit. The Debtor's account summary for its operating account showed a beginning balance of $1.35 million. It had total deposits of $21,200 and total expenditures of $486,120. At November 30, the Debtor had a balance of $880,116. The November MOR does not have a statement of operations attached. The Debtor explains that considering its limited operations as a parent holding company, greater clarity of its activity during the reporting period is provided in a schedule included in the MOR filing that has copies of bank reconciliations and professional fees paid. A copy of the monthly operating report is available at: http://bankrupt.com/misc/REVSTONEINDUSTRIESnovmor.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. Stuart Maue is fee examiner. Mark L. Desgrosseilliers, Esq., at Womble Carlyle Sandridge & Rice, LLP, represents the Official Committee of Unsecured Creditors in Revstone's case. RIH ACQUISITIONS: Reports $650,842 Net Profit in November --------------------------------------------------------- RIH Acquisitions NJ, LLC, dba The Atlantic Club Casino Hotel, on Dec. 27, 2013, filed its monthly operating report for the period from November 7 to 30, 2013. The Debtor's statement of operations showed a net profit of $650,842 on net revenues of $6.75 million. At November 30, the Debtor reported $101.98 million in total assets, $31.97 million in total liabilities, and a $70.01 million total shareholders' equity. At November 7, the Debtor had a cash balance of $2.50 million. It reported total cash receipts of $11.97 million and total cash disbursements of $9.48 million. The Debtor paid $898,255 in professional retainers. At month end, the Debtor had $4.99 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/RIHACQUISITIONSnovmor.pdf About RIH Acquisitions RIH Acquisitions NJ LLC, doing business as the Atlantic Club Casino Hotel in Atlantic City, New Jersey, filed a Chapter 11 petition (Bankr. D.N.J. Case No. 13-34483) on Nov. 6, 2013, in Camden, New Jersey, to sell the property in the near term. The Debtors are represented by Michael D. Sirota, Esq., and Warren A. Ustaine, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Hackensack, New Jersey; and Paul V. Shalhoub, Esq., at Willkie Farr & Gallagher LLP, in New York. Duane Morris, LLP, serves as the Debtors' special gaming regulatory counsel. Imperial Capital, LLC, serves as financial advisor and investment banker to the Debtors, while Mercer (US) Inc. serves as compensation consultant. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent. Northlight Financial LLC, as DIP Lender, is represented by Harlan W. Robins, Esq., at Dickinson Wright PLLC, in Columbus, Ohio; Kristi A. Katsma, Esq., at Dickinson Wright PLLC, in Detroit, Michigan; and Bruce Buechler, Esq., and Kenneth A. Rosen, Esq., at Lowenstein Sandler LLP, in Roseland, New Jersey. Financing for the Chapter 11 reorganization is being provided by Northlight Financial LLC. An official committee of unsecured creditors appointed in the case is represented by Morton R. Branzburg, Esq., Carol Ann Slocum, Esq., and Richard M. Beck, Esq., at Klehr Harrison Harvey Branzburg LLP. The Committee hired PricewaterhouseCoopers, LLC, as financial advisor. RIH Acquisitions NJ LLC scheduled $17,776,359 in total assets and $16,813,022 in total liabilities. On Dec. 23, 2013, Judge Gloria M. Burns approved the sale of Atlantic Club Casino Hotel's casino property and fixtures to Caesars Entertainment Corp. for $15 million; and the slot machines and other gambling equipment to Tropicana Entertainment Inc. for $8.4 million. SIMPLY WHEELZ: Has $9.96 Million Cash at Nov. 30 ------------------------------------------------ Simply Wheelz, LLC, dba Advantage Rent-A-Car, filed on Jan. 14, 2014, its monthly operating report covering the period from November 5 to 30, 2013. At November 5, the Debtor had a cash balance of $5.85 million. It reported $25.88 million in total cash receipts and $21.77 million in total cash disbursements for the month. At the end of November, the Debtor reported $9.96 million cash. The Debtor did not include its statement of operations and balance sheet for the current reporting period. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SIMPLYWHEELZnovmor.pdf About Simply Wheelz LLC Simply Wheelz LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 13-03332) on Nov. 5, 2013. The case is assigned to Judge Edward Ellingon. The Debtor disclosed $413,502,259 in assets and $322,230,695 in liabilities as of the Chapter 11 filing. The Debtors are represented by Christopher R. Maddux, Esq., and Stephen W. Rosenblatt, Esq., at Butler Snow O'Mara Stevens & Cannada, in Ridgeland, Mississippi. THORNBURG MORTGAGE: Ends October with $31.03 Million Cash --------------------------------------------------------- TMST, Inc., fka Thornburg Mortgage, Inc., filed on Nov. 25, 2013, its montly operating report for October 2013. The Debtor reported a net loss of $325,414 with $1,092 in net revenue for the month. At October 31, the Debtor listed $27.15 million in total assets, $3.36 billion in total liabilities, and a -($3.33 billion) total shareholders' deficit. At October 1, the Debtor had $30.86 million cash. It reported $41,947 in total cash receipts and $870,552 in total cash disbursements. Disbursements include professional fees of $537,814. At the end of the month, the Debtor had $31.03 million in cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/THORNBURGMORTGAGEoctmor2.pdf About Thornburg Mortgage Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA) -- http://www.thornburgmortgage.com/-- was a single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable rate mortgages. It originated, acquired, and retained investments in adjustable and variable rate mortgage assets. Its ARM assets comprised of purchased ARM assets and ARM loans, including traditional ARM assets and hybrid ARM assets. Thornburg Mortgage and its four affiliates filed for Chapter 11 bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009. Thornburg changed its name to TMST, Inc. Judge Duncan W. Keir is handling the case. David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, served as counsel to Thornburg Mortgage. Orrick, Herrington & Sutcliffe LLP served as special counsel. Jim Murray and David Hilty of Houlihan Lokey Howard & Zukin Capital, Inc., served as investment banker and financial advisor. Protiviti Inc. served as financial advisory services. KPMG LLP served as the tax consultant. Epiq Systems, Inc., serves claims and noticing agent. Thornburg disclosed total assets of $24.4 billion and total debts of $24.7 billion, as of Jan. 31, 2009. On Oct. 28, 2009, the Court approved the appointment of Joel I. Sher as the Chapter 11 Trustee for the Company, TMST Acquisition Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging Strategies, Inc. He is represented by his firm, Shapiro Sher Guinot & Sandler. THORNBURG MORTGAGE: Incurs $565,650 Net Loss in November -------------------------------------------------------- TMST, Inc., fka Thornburg Mortgage, Inc., on Dec. 19, 2013, filed its montly operating report for the month ending November 30, 2013. The Debtor incurred $565,650 in net losses on $997 of revenues. At Nov. 30, 2013, the Debtor posted $26.77 million in total assets, $3.36 billion in total liabilities, and a -($3.33 billion) total shareholders' deficit. At the beginning of the month, the Debtor had a cash balance of $31.03 million cash. It reported total cash receipts of $998 and total cash disbursements of $377,577, which include $253,307 in professional fees. Thus, at month end, the Debtor had $30.66 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/THORNBURGMORTGAGEnovmor2.pdf About Thornburg Mortgage Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA) -- http://www.thornburgmortgage.com/-- was a single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable rate mortgages. It originated, acquired, and retained investments in adjustable and variable rate mortgage assets. Its ARM assets comprised of purchased ARM assets and ARM loans, including traditional ARM assets and hybrid ARM assets. Thornburg Mortgage and its four affiliates filed for Chapter 11 bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009. Thornburg changed its name to TMST, Inc. Judge Duncan W. Keir is handling the case. David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, served as counsel to Thornburg Mortgage. Orrick, Herrington & Sutcliffe LLP served as special counsel. Jim Murray and David Hilty of Houlihan Lokey Howard & Zukin Capital, Inc., served as investment banker and financial advisor. Protiviti Inc. served as financial advisory services. KPMG LLP served as the tax consultant. Epiq Systems, Inc., serves claims and noticing agent. Thornburg disclosed total assets of $24.4 billion and total debts of $24.7 billion, as of Jan. 31, 2009. On Oct. 28, 2009, the Court approved the appointment of Joel I. Sher as the Chapter 11 Trustee for the Company, TMST Acquisition Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging Strategies, Inc. He is represented by his firm, Shapiro Sher Guinot & Sandler. THORNBURG MORTGAGE: Lists $62,737 Net Loss in December ------------------------------------------------------ TMST, Inc., fka Thornburg Mortgage, Inc., filed on Jan. 17, 2014, its montly operating report for December 2013. The Debtor's profit and loss statement showed $621,737 in net losses on $983 of revenues. At December 31, the Debtor had $26.24 million in total assets, $3.36 billion in total liabilities, and a -($3.33 billion) total shareholders' deficit. At the start of the month, the Debtor had $30.66 million cash. It reported $963 in total cash receipts and $511,860 in total cash disbursements. Disbursements include professional fees of $180,272. As a result, the Debtor had $30.15 million at month end. A copy of the monthly operating report is available at: http://bankrupt.com/misc/THORNBURGMORTGAGEdecmor2.pdf About Thornburg Mortgage Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA) -- http://www.thornburgmortgage.com/-- was a single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable rate mortgages. It originated, acquired, and retained investments in adjustable and variable rate mortgage assets. Its ARM assets comprised of purchased ARM assets and ARM loans, including traditional ARM assets and hybrid ARM assets. Thornburg Mortgage and its four affiliates filed for Chapter 11 bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009. Thornburg changed its name to TMST, Inc. Judge Duncan W. Keir is handling the case. David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, served as counsel to Thornburg Mortgage. Orrick, Herrington & Sutcliffe LLP served as special counsel. Jim Murray and David Hilty of Houlihan Lokey Howard & Zukin Capital, Inc., served as investment banker and financial advisor. Protiviti Inc. served as financial advisory services. KPMG LLP served as the tax consultant. Epiq Systems, Inc., serves claims and noticing agent. Thornburg disclosed total assets of $24.4 billion and total debts of $24.7 billion, as of Jan. 31, 2009. On Oct. 28, 2009, the Court approved the appointment of Joel I. Sher as the Chapter 11 Trustee for the Company, TMST Acquisition Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging Strategies, Inc. He is represented by his firm, Shapiro Sher Guinot & Sandler. YARWAY CORPORATION: Posts $629,578 Net Income for December ---------------------------------------------------------- Yarway Corporation, filed on Jan. 21, 2014, its monthly operating report for December 2013. The Debtors reported net income of $629,578 for the month. At December 31, the Debtors had $103.18 million in total assets, $257.74 million in total liabilities, and a -($154.90 million) in total shareholders' deficit. At the beginning of the month, the Debtor had $11.07 million in cash. It reported zero receipts and disbursements of 191,267. The Debtor paid $190,784 in professional fees. As a result, at month end, the Debtor reported $10.88 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/YARWAYCORPORATIONdecmor.pdf About Yarway Corporation Yarway Corporation sought Chapter 11 protection (Bankr. D. Del. Case No. 13-11025) on April 22, 2013, to deal with claims arising from asbestos containing products it allegedly sold as early as the 1920s. Yarway was founded in 1908 by Robert Yarnall and Bernard Waring as the Simplex Engineering Company and originally manufactured pipe clamps, steam traps, valves and controls. Based in Pennsylvania, Yarway was a privately-owned company until 1986 when KeyStone International, Inc. bought equity in the company. Yarway became a unit of Tyco International Ltd. when Tyco purchased KeyStone in 1997. Yarway's asbestos-related liabilities derive from Yarway's (i) purported use of asbestos-containing gaskets and packing, manufactured by others, in its production of steam valves and traps from the 1920s to 1970s, and (ii) alleged manufacture of expansion joint packing that was allegedly made up of a compound of Teflon and asbestos from the 1940s to the 1970s. Over the past five years, about 10,021 new asbestos claims have been asserted against Yarway, including 1,014 in Yarway's 2013 fiscal year ending March 31, 2013. The Debtor estimated assets and debts in excess of $100 million as of the Chapter 11 filing. Attorneys at Cole, Schotz, Meisel, Forman & Leonard, P.A. and Sidley Austin LLP serve as the Debtor's counsel in the Chapter 11 case. Logan and Co. is the claims and notice agent. On May 6, 2013, the U.S. Trustee for Region 3, appointed an official committee of asbestos personal injury claimants. The Committee tapped Elihu Inselbuch, Esq. at Caplin & Drysdale, Chartered, as lead bankruptcy counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com by e-mail. 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 the nation's bankruptcy courts. The list includes links to freely downloadable of these small-dollar petitions in Acrobat PDF documents. 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. ********* 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, 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 2014. 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. 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