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/raid1/www/Hosts/bankrupt/TCR_Public/140315.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, March 15, 2014, Vol. 18, No. 73 Headlines AGFEED INDUSTRIES: Net Loss Down to $1.03 Million in January CENGAGE LEARNING: Posts $40.93 Million Net Loss for December GREEN FIELD: Net Loss Up to $11.20 Million in January LIFE UNIFORM: Reports $23,458 Net Loss in January LONGVIEW POWER: Ends January with $3.99 Million Net Income METRO FUEL: Net Loss Decreases to $76,012 in January NORTEL NETWORKS: Ends October with $867 Million Cash ST FRANCIS' HOSPITAL: Incurs $887,775 Net Loss in December TUSCANY INT'L: Projects $41.64 Million Total Receipts Thru May VERTIS HOLDINGS: Net Loss Down to $687,786 in January ********* AGFEED INDUSTRIES: Net Loss Down to $1.03 Million in January ------------------------------------------------------------ AgFeed USA, LLC, et al., on Feb. 28, 2014, filed their monthly operating report for the month of January 2014. The Debtors suffered a net loss of $1.03 million on zero net revenue for January, as compared to a $2.34 million net loss the previous month. At January 31, the Debtors had $14.98 million in total assets, $5.32 million in total liabilities, and a $9.66 million total shareholders' equity. The Debtors had $13.63 million cash at the beginning of the month. They reported total cash receipts of $294,787 and total cash disbursements of $2.56 million. The Debtors incurred professional fees of $93,565. Thus, at month end, the Debtors had $11.37 million cash. They also filed a monthly operating report for Agfeed Industries, Inc., the parent company of AgFeed USA, LLC, for the same period. Its consolidated statement of operation showed a net loss of $558,895 on revenue of $468,750. At Jan. 31, 2014, AgFeed Industries listed $65.62 million in total assets, $29.18 million in total liabilities, and $36.14 million in total shareholders' equity. Agfeed Industries had $44.12 million cash at the beginning of the month. It reported $1.86 million in total receipts and $1.38 million in total disbursements. At month end, it had $45.10 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/AGFEEDUSAjan2014mor.pdf About AgFeed Industries AgFeed Industries, Inc., has 21 farms and five feed mills in China producing more than 250,000 hogs annually. In the U.S., the business included 10 sow farms in three states and two feed mills producing more than one million hogs a year. AgFeed's revenue in 2012 was $244 million. AgFeed and its affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on July 15, 2013, with a deal to sell most of its subsidiaries to The Maschhoffs, LLC, for cash proceeds of $79 million, absent higher and better offers. The Debtors estimated assets of at least $100 million and debts of at least $50 million. Keith A. Maib signed the petition as chief restructuring officer. Hon. Brendan Linehan Shannon presides over the case. Donald J. Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, serve as the Debtors' counsel. BDA Advisors Inc. acts as the Debtors' financial advisor. The Debtors' claims and noticing agent is BMC Group, Inc. The U.S. Trustee has appointed a five-member official committee of unsecured creditors to the Chapter 11 cases. The Creditors' Committee tapped Lowenstein Sandler as lead bankruptcy counsel and Greenberg Traurig, LLP, as co-counsel. CohnReznick LLP serves as the Creditors' Committee's financial advisor. An official committee of equity security holders was also appointed to the Chapter 11 cases. The Equity Committee tapped Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as co-counsel. CENGAGE LEARNING: Posts $40.93 Million Net Loss for December ------------------------------------------------------------ Cengage Learning, Inc., et al., recorded a $40.93 million net loss and its affiliates at Dec. 31, 2013 on $164.67 million revenues. The Debtors listed $5.39 billion in total assets, $6.63 billion in total liabilities, and -($1.23 billion) in equity deficit. A copy of the December MOR is available at http://is.gd/NNJmyS About Cengage Learning Stamford, Connecticut-based Cengage Learning -- http://www.cengage.com/-- provides innovative teaching, learning and research solutions for the academic, professional and library markets worldwide. Cengage Learning's brands include Brooks/Cole, Course Technology, Delmar, Gale, Heinle, South Western and Wadsworth, among others. Apax Partners LLP bought Cengage in 2007 from Thomson Reuters Corp. in a $7.75 billion transaction. The acquisition was funded in part with $5.6 billion in new debt financing. Cengage Learning Inc. filed a petition for Chapter 11 reorganization (Bankr. E.D.N.Y. Case No. 13-bk-44106) on July 2, 2013, in Brooklyn, New York, after signing an agreement where holders of $2 billion in first-lien debt agree to support a reorganization plan. The plan will eliminate more than $4 billion of $5.8 billion in debt. First-lien lenders who signed the so-called plan-support agreement include funds affiliated with BlackRock Inc., Franklin Mutual Adviser LLC, KKR & Co. and Oaktree Capital Management LP. Second- lien creditors and holders of unsecured notes aren't part of the agreement. The Debtors have tapped Kirkland & Ellis LLP as counsel, Lazard Freres & CO. LLC as financial advisor, Alvarez & Marsal North America, LLC, as restructuring advisor, and Donlin, Recano & Company, Inc., as claims and notice agent. The Debtors filed a Joint Plan of Reorganization and Disclosure Statement dated Oct. 3, 2013, which provides that the Debtors took extreme care to advance and protect the interest of unsecured creditors -- including seeking to protect four primary sources of potential recoveries for unsecured creditors and providing them with appropriate time to conduct diligence, and discuss their conclusions on, among other things, the value of those sources of potential recoveries. GREEN FIELD: Net Loss Up to $11.20 Million in January ----------------------------------------------------- Green Field Energy Services, Inc., et al, on Feb. 28, 2014, filed their monthly operating report for January 2014. The Debtor' consolidated statement of operations showed a net loss of $11.20 million on net sales of $630,998 for January, an increase from the previous month's net loss of $10.78 million. At Jan. 31, the Debtors reported total assets of $311.69 million, total liabilities of $465.03 million, and a total shareholders' deficit of -($153.35 million). The Debtors started the month with $25.54 million cash. They listed total cash receipts of $1.24 million and total cash disbursements of $5.92 million. At the end of January, the Debtors had $21.42 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/GREENFIELDjan2014mor.pdf About Green Field Energy Green Field Energy Services, Inc., is an independent oilfield services company that provides a wide range of services to oil and natural gas drilling and production companies to help develop and enhance the production of hydrocarbons. The Company's services include hydraulic fracturing, cementing, coiled tubing, pressure pumping, acidizing and other pumping services. Green Field Energy and two affiliates filed Chapter 11 petitions in Delaware on Oct. 27, 2013, after defaulting on an $80 million credit provided by an affiliate of Royal Dutch Shell Plc (Bankr. D. Del. Case No. 13-bk-12783). The Debtors are represented by Michael R. Nestor, Esq., and Kara Hammon Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware; and Josef S. Athanas, Esq., Caroline A. Reckler, Esq., Sarah E. Barr, Esq., and Matthew L. Warren, Esq., at Latham & Watkins LLP, in Chicago, Illinois. The Debtors' investment banker is Carl Marks Advisory Group LLC. Thomas E. Hill, from Alvarez & Marsal North America, LLC, serves as the Debtors' chief restructuring officer. In its schedules, Green Field disclosed $306,960,039 in total assets and $447,199,869 in total liabilities. Roberta A. Deangelis, The U.S. Trustee for Region 3, appointed six members to the official committee of unsecured creditors in the Chapter 11 cases of Green Field Energy Services, Inc., et al. Green Field's bankruptcy is being financed with a $30 million loan from BG Credit Partners LLC and ICON Capital LLC. The Bankruptcy Court authorized the United States Trustee for Region 3 to appoint Steven A. Felsenthal, Esq., as examiner. LIFE UNIFORM: Reports $23,458 Net Loss in January ------------------------------------------------- Life Uniform Holding Corp., and its affiliates, filed on Feb. 5 2014, their monthly operating report for January 2014. The Debtors incurred a net loss of $23,458 for the month. At Jan. 31, the Debtors declared total assets of $1.97 million, total liabilities of $65.16 million, a total shareholders' deficit of $67.14 million. The Debtors reported total cash receipts of $23,604 and total disbursements of $23,458. A copy of the monthly operating report is available at: http://bankrupt.com/misc/LIFEUNIFORMjan2014mor.pdf About Life Uniform Life Uniform was founded in 1965 when Angelica Corporation decided to enter the retail uniform industry. The first Life Uniform store opened in 1965 in Clayton, Missouri. At present, Life Uniform is the nation's largest independently owned medical professional supplier. Sun Uniform LLC acquired Life Uniform in July 2004. Since the acquisition by Sun the company addressed sagging profitability and overhead issues and quickly drove increases in profitability through a combination of store rationalization and sensible corporate overhead initiatives. However, recent performance has been declining in terms of revenue. This is due to the company's liquidity issues, which prevented the company from completing its e-commerce system upgrade, encourage better pricing from vendors, and maintain sufficient capital. Life Uniform Holding Corp., Healthcare Uniform Company, Inc., and Uniform City National Inc. filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 13-11391 to 13-11393) on May 29, 2013. The petitions were signed by Bryan Graiff, COO, CFO, VP, secretary, and treasurer. Life Uniform Holding disclosed $10,695,870 in assets and $36,821,034 in liabilities as of the Chapter 11 filing. Life Uniform and Uniform City received court authority on July 26 to sell the business for $22.6 million to Scrubs & Beyond LLC. There were no competing bids, so an auction wasn't held. First lien lender CapitalSource Finance LLC is owed on a $11.5 million revolver and $26 million term loan. CapitalSource is represented by Brian T. Rice, Esq., at Brown Rudnick LLP; and Jeffrey C. Wisler, Esq., at Connolly Gallagher LLP. Sun Uniforms Finance LLC is owed $6.1 million in principal on a second lien note and holds two additional notes, each in the original principal of $1.08 million. Angelica Corp. holds an unsecured junior subordinate not in the principal amount of $5.48 million. Domenic E. Pacitti, Esq., at Klehr Harrison Harvey Branzburg, LLP, serves as the Debtors' counsel. Epiq Bankruptcy Solutions acts as the Debtors' administrative agent, and claims and noticing agent. The Debtors' financial advisor is Capstone Advisory Group, LLC. The Official Committee of Unsecured Creditors is represented by Seth Van Aalten, Esq., at Cooley LLP, and Ann M. Kashishian, Esq., at Cousins Chipman & Brown, LLP as counsel. The U.S. Bankruptcy Court for the District of Delaware has authorized changes to the name and caption in the Chapter 11 cases of Life Uniform Holding Corp., et al. As of Aug. 26, 2013, the name and caption of the Debtors' cases has been changed -- (1) Life Uniform Holding Corp. changed to LUHC Wind Down Corp.; (2) Healthcare Uniform Company, Inc. changed to HUCI Wind Down, Inc.; and (3) Uniform City National, Inc., changed to UCNI Wind Down, Inc. LONGVIEW POWER: Ends January with $3.99 Million Net Income ---------------------------------------------------------- Longview Power, LLC, et al., on Feb. 25, 2014, filed their monthly operating report for the month of January 2014. The Debtors reported a net income of $3.99 million on $25.18 million total revenue. At Jan. 31, 2014, the Debtors reported total assets of $1.75 billion, total liabilities of $1.09 billion, and a total shareholders' equity of $666.54 million. At Jan. 1, the Debtors had $30.64 million cash. They reported total cash receipts of $62.67 million and total cash disbursements of $59.63 million. The Debtors spent $2.91 million in professional fees. Thus, at month end, they Debtors had $33.58 million cash. http://bankrupt.com/misc/LONGVIEWPOWERjan2014mor.pdf About Longview Power LLC Longview Power LLC is a special purpose entity created to construct, own, and operate a 695 MW supercritical pulverized coal-fired power plant located in Maidsville, West Virginia, just south of the Pennsylvania border and approximately 70 miles south of Pittsburgh. The project is owned 92% by First Reserve Corporation (First Reserve or sponsor), a private equity firm specializing in energy industry investments, through its affiliate GenPower Holdings (Delaware), L.P., and 8% by minority interests. Longview Power, LLC, filed a Chapter 11 (Bank. D. Del. Lead Case. 13-12211) on Aug. 30, 2013. The petitions were signed by Jeffery L. Keffer, the Company's chief executive officer, president, treasurer and secretary. The Debtor estimated assets and debts of more than $1 billion. Judge Brendan Linehan Shannon presides over the case. Kirkland & Ellis LLP and Richards, Layton & Finger, P.A., serve as the Debtors' counsel. Lazard Freres & Company LLC acts as the Debtors' investment bankers. Alvarez & Marsal North America, LLC, is the Debtors' restructuring advisors. Ernst & Young serves as the Debtors' accountants. The Debtors' claims agent is Donlin, Recano & Co. Inc. The Debtor disclosed assets of $1,717,906,595 plus undisclosed amounts and liabilities of $1,075,748,155 plus undisclosed amounts. Roberta A. DeAngelis, U.S. Trustee for Region 3, disclosed that as of September 11, 2013, a committee of unsecured creditors has not been appointed in the case due to insufficient response to the U.S. Trustee's communication/contact for service on the committee. METRO FUEL: Net Loss Decreases to $76,012 in January ---------------------------------------------------- Metro Fuel Oil Corp., et al., on Feb. 20, 2014, filed their monthly operating report for January 2014. The Debtors' statement of operations showed a net loss of $76,012 in January, an improvement from the $144,058 net loss incurred in December. At Jan. 31, 2014, the Debtors posted total assets of $17.74 million, total liabilities of $74.76 million, and a total shareholders' deficit of -($57.02 million). The Debtors had $17.58 million cash at the beginning of the month. They listed $6,427 in total cash receipts and $46,361 in total cash disbursements. Thus, at Jan. 31, the Debtors reported $17.54 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/METROFUELjan2014mor.pdf About Metro Fuel Metro Fuel Oil Corp., is a family-owned energy company, founded in 1942, that supplies and delivers bioheat, biodiesel, heating oil, central air conditioning units, ultra low sulfur diesel fuel, natural gas and gasoline throughout the New York City metropolitan area and Long Island. Owned by the Pullo family, Metro has 55 delivery trucks and a 10 million-gallon fuel terminal in Brooklyn. Financial problems resulted in part from cost overruns in building an almost-complete biodiesel plant with capacity of producing 110 million gallons a year. Based in Brooklyn, New York, Metro Fuel Oil Corp., fka Newtown Realty Associates, Inc., and several of its affiliates filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Lead Case No. 12-46913) on Sept. 27, 2012. Judge Elizabeth S. Stong presides over the case. Nicole Greenblatt, Esq., at Kirkland & Ellis LLP, represents the Debtor. The Debtor selected Epiq Bankruptcy Solutions LLC as notice and claims agent. Th Debtor tapped Carl Marks Advisory Group LLC as financial advisor and investment banker, Curtis, Mallet-Prevost, Colt & Mosle LLP as co-counsel, AP Services, LLC as crisis managers for the Debtors, and David Johnston as their chief restructuring officer. The petition showed assets of $65.1 million and debt totaling $79.3 million. Liabilities include $58.8 million in secured debt, with $48.3 million owing to banks and $10.5 million on secured industrial development bonds. Metro Terminals Corp., affiliate of Metro Fuel Oil Corp., disclosed $38,613,483 in assets and $71,374,410 in liabilities as of the Chapter 11 filing. The U.S. Trustee appointed a seven-member creditors committee. Kelley Drye & Warren LLP represents the Committee. The Committee tapped FTI Consulting, Inc. as its financial advisor. On Feb. 15, 2013, the Bankruptcy Court entered an order approving the sale of substantially all of the assets of the Debtors to United Refining Energy Corp., for the base purchase price of $27,000,000, subject to adjustments. NORTEL NETWORKS: Ends October with $867 Million Cash ---------------------------------------------------- Nortel Networks Inc., et. al., on March 3, 2014, filed its monthly operating report for October 2013. At Oct. 31, the Debtors reported total assets of $1.12 billion, total liabilities of $5.40 billion, and a total shareholders' deficit of -($4.28 billion). At the beginning of the month, the Debtors had $868.5 million cash. They listed total cash receipts of $2 million and total cash disbursements of $3.4 million. At month end, the Debtors had $867.1 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/NORTELNETWORKSoct2013mor.pdf About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation and its various affiliated entities provided next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel did business in more than 150 countries around the world. Nortel Networks Limited was the principal direct operating subsidiary of Nortel Networks Corporation. On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent Nortel Networks Corporation, NNI's direct corporate parent Nortel Networks Limited and certain of their Canadian affiliates commenced a proceeding with the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada) seeking relief from their creditors. Ernst & Young was appointed to serve as monitor and foreign representative of the Canadian Nortel Group. That same day, the Monitor sought recognition of the CCAA Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter 15 of the U.S. Bankruptcy Code. That same day, NNI and certain of its affiliated U.S. entities filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 09-10138). In addition, the High Court of England and Wales placed 19 of NNI's European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world. On May 28, 2009, at the request of administrators, the Commercial Court of Versailles, France, ordered the commencement of secondary proceedings in respect of Nortel Networks S.A. On June 8, 2009, Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Court for recognition of the English Proceedings as foreign main proceedings under Chapter 15. U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and 15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. In the Chapter 11 case, James L. Bromley, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as the U.S. Debtors' general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The United States Trustee appointed an Official Committee of Unsecured Creditors in respect of the U.S. Debtors. An ad hoc group of bondholders also was organized. Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, and Christopher M. Samis, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, represent the Official Committee of Unsecured Creditors. An Official Committee of Retired Employees and the Official Committee of Long-Term Disability Participants tapped Alvarez & Marsal Healthcare Industry Group as financial advisor. The Retiree Committee is represented by McCarter & English LLP as Delaware counsel, and Togut Segal & Segal serves as the Retiree Committee. The Committee retained Alvarez & Marsal Healthcare Industry Group as financial advisor, and Kurtzman Carson Consultants LLC as its communications agent. Several entities, particularly, Nortel Government Solutions Incorporated and Nortel Networks (CALA) Inc., have material operations and are not part of the bankruptcy proceedings. As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated assets of $11.6 billion and consolidated liabilities of $11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNI had assets of about $9 billion and liabilities of $3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about $4.2 billion of unsecured public debt. Since the commencement of the various insolvency proceedings, Nortel has sold its business units and other assets to various purchasers. Nortel has collected roughly $9 billion for distribution to creditors. Of the total, $4.5 billion came from the sale of Nortel's patent portfolio to Rockstar Bidco, a consortium consisting of Apple Inc., EMC Corporation, Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In Motion Limited, and Sony Corporation. The consortium defeated a $900 million stalking horse bid by Google Inc. at an auction. The deal closed in July 2011. Nortel has filed a proposed plan of liquidation in the U.S. Bankruptcy Court. The Plan generally provides for full payment on secured claims with other distributions going in accordance with the priorities in bankruptcy law. Judge Gross and the court in Canada scheduled trials in 2014 on how to divide proceeds among creditors in the U.S., Canada, and Europe. ST FRANCIS' HOSPITAL: Incurs $887,775 Net Loss in December ---------------------------------------------------------- St. Francis' Hospital, Poughkeepsie, New York, on March 4, 2014, filed its monthly operating report for the period from Dec. 17 to 31, 2013. St. Francis incurred a net loss from operations of $887,775 with net patient service revenue of $4.27 million for the period. At Dec. 31, the Company listed total assets of $142.99 million, total liabilities of $132.70 million, and a total shareholders' equity of $10.29 million. At Dec. 17, the Debtor reported $2.93 million cash. It reported total cash receipts of $16.14 million and total disbursements of $12.88 million. Thus, the Debtor ended the period with $6.17 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STFRANICSdec2013mor.pdf About St. Francis' Hospital St. Francis' Hospital, Poughkeepsie, New York, and four affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 13-37725) on Dec. 17, 2013. The case is assigned to Judge Cecelia G. Morris. The Debtors are represented by Christopher M. Desiderio, Esq., Daniel W. Sklar, Esq., and Lee Harrington, Esq., at Nixon Peabody LLP, in New York. Their financial adviser is CohnReznick Advisory Group; and the investment banker is Deloitte Corporate Finance LLC. BMC Group is the claims and notice agent. The U.S. Trustee has appointed a five-member official committee of unsecured creditors. The Creditors' Committee tapped Alston & Bird LLP as counsel, and CBIZ Accounting, Tax & Advisory of New York, LLC, as financial advisor. On Jan. 30, 2014, Barry Bliss of Gibbons, P.C., was named as patient care ombudsman in the Debtors' cases. St. Francis filed for bankruptcy to sell its 333-bed acute-care facility, which was founded in 1914, for $24.2 million to Health Quest Systems Inc., absent higher and better offers. An auction was slated for Feb. 13, 2014, if a rival offer is submitted. St. Francis, however, canceled the auction and decided to accept a higher and better bid from Westchester County Health Care Corporation. Under the deal with Westchester, the buyer will assume certain liabilities, plus pay $3,500,000 in cash at closing to cover the break-up fee of $1,000,000 and administrative costs of $2,500,000. The Westchester deal provides for the exchange of bonds in the amount of $27,352,000 at 5.00%. Westchester also will loan or arrange for the loan of funds to retire the Debtors' DIP facility up to a limit of $17,600,000, secured by the Accounts Receivable. Any DIP obligation in excess of $17,600,000 will be paid by the estate. Westchester also will provide a loan in the amount of $250,000 as a "Final Payment" on Bonds to be used to initially capitalize the liquidating trust of the Estate. TUSCANY INT'L: Projects $41.64 Million Total Receipts Thru May -------------------------------------------------------------- Tuscany International Holdings (U.S.A.) Ltd., et al., filed an initial monthly operating report on Feb. 18, 2014. The Initial MOR includes a cash flow projection for the 15-week period covering the week ended Feb. 7, 2014 through the week ended May 16, 2014. The Debtors project total cash receipts from customers to total $41.64 million for the 15-week period, and disbursements to total $76.75 million for the same period. The disbursements include $16.53 million in payroll costs, $10.10 million in Mob Expense, and $15.34 million in other operating expenses. The Initial MOR also includes a schedule of professional fees paid in 2014. Among the Debtors' bankruptcy professionals are Latham & Watkins LLP, Young Conaway Stargatt & Taylor, LLP, and FTI Consulting Canada Inc. A copy of the monthly operating report is available at: http://bankrupt.com/misc/TUSCANYINTERNATIONALmor.pdf About Tuscany International Tuscany International Holdings (U.S.A.) Ltd. and Tuscany International Drilling Inc. sought protection from creditors under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 14-10193) in Delaware on Feb. 2, 2014. Tuscany USA also intends to commence ancillary proceedings in the Court of Queen's Bench of Alberta under the Companies' Creditors Arrangement Act. Pursuant to a restructuring support agreement with prepetition lenders holding 95% of the prepetition loans, the Debtors have agreed to sell substantially all of the assets of TID to lenders in exchange for a credit bid of certain of their debt, effectuated through a plan of reorganization. Headquartered in Calgary, Alberta, Tuscany is engaged in the business of providing contract drilling and work-over services along with equipment rentals to the oil and gas industry. Tuscany is currently focused on providing services to oil and natural gas operators in South America. Tuscany has operating centers in Colombia, Brazil, and Ecuador. The Colombian and Brazilian businesses are operated by certain non-debtor affiliates, while the Ecuador business is operated by branch office of debtor TID. As of the Petition Date, Tuscany entities owned 26 rigs, of which 12 are located in Colombia, nine in Brazil and five in Ecuador. Of the 26 rigs, 15 were contracted and operational as of the Petition Date and five were directly owned by the Debtors. Latham & Watkins LLP's Mitchell A. Seider, Esq., Keith A. Simon, Esq., David A. Hammerman, Esq., and Annemarie V. Reilly, Esq.; and Young Conaway Stargatt & Taylor, LLP's Michael R. Nestor, Esq., and Kara Hammond Coyle, Esq., serve as the Debtors' co-counsel. FTI Consulting Canada, Inc.'s Deryck Helkaa is the chief restructuring officer. Prime Clerk LLC is the claims and notice agent, and administrative agent. McCarthy Tetrautt LLP is the special Canadian counsel. Deloitte & Touche LLP provides tax services. VERTIS HOLDINGS: Net Loss Down to $687,786 in January ----------------------------------------------------- Vertis Holdings, Inc., at al., on March 4, 2014 filed their monthly operating report for the month of January 2014. The Debtors incurred a net loss of $687,786 on zero sales in January, a substantial drop from the previous month's $57.55 million net loss. At Jan. 31, the Debtors had total assets of $15.83 million, total liabilities of $438.36 million, and a total shareholders' deficit of -($422.53 million). The Debtors started January with $8.70 million cash. They reported total cash receipts of $84,640 and total disbursements of $3.84 million. The Debtors incurred $221,958 in professional fees. Thus, at month end, the Debtors had $4.94 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/VERTISHOLDINGSjan2014mor.pdf About Vertis Holdings Vertis Holdings Inc. -- http://www.thefuturevertis.com/-- provides advertising services in a variety of print media, including newspaper inserts such as magazines and supplements. Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821), returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to sell the business to Quad/Graphics, Inc., for $258.5 million, subject to higher and better offers in an auction. As of Aug. 31, 2012, the Debtors' unaudited consolidated financial statements reflected assets of approximately $837.8 million and liabilities of approximately $814.0 million. Bankruptcy Judge Christopher Sontchi presides over the 2012 case. Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal, and Cadwalader, Wickersham & Taft LLP. Quad/Graphics is advised by Blackstone Advisory Partners, Arnold & Porter LLP and Foley & Lardner LLP, special counsel for antitrust advice. Kurtzman Carson Consultants LLC is the Debtors' claims agent. Quad/Graphics is a global provider of print and related multichannel solutions for consumer magazines, special interest publications, catalogs, retail inserts/circulars, direct mail, books, directories, and commercial and specialty products, including in-store signage. Headquartered in Sussex, Wis. (just west of Milwaukee), the Company has approximately 22,000 full-time equivalent employees working from more than 50 print-production facilities as well as other support locations throughout North America, Latin America and Europe. Vertis first filed for bankruptcy (Bankr. D. Del. Case No. 08- 11460) on July 15, 2008, to complete a merger with American Color Graphics. ACG also commenced separate bankruptcy proceedings. In August 2008, Vertis emerged from bankruptcy, completing the merger. Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 10-16170) on Nov. 17, 2010. The Debtor estimated its assets and debts of more than $1 billion. Affiliates also filed separate Chapter 11 petitions -- American Color Graphics, Inc. (Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case No. 10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10- 16172), Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and Webcraft Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174). The bankruptcy court approved the prepackaged Chapter 11 plan on Dec. 16, 2010, and Vertis consummated the plan on Dec. 21. The plan reduced Vertis' debt by more than $700 million or 60%. GE Capital Corporation, which serves as DIP Agent and Prepetition Agent, is represented in the 2012 case by lawyers at Winston & Strawn LLP. Morgan Stanley Senior Funding Inc., the agent under the prepetition term loan, and as term loan collateral agent, is represented by lawyers at White & Case LLP, and Milbank Tweed Hadley & McCloy LLP. On Jan. 16, 2013, Quad/Graphics completed the acquisition of Vertis Holdings for a net purchase price of $170 million. This assumes the purchase price of $267 million less the payment of $97 million for current assets that are in excess of normalized working capital requirements. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com 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. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. *** End of Transmission ***