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/raid1/www/Hosts/bankrupt/TCR_Public/140322.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 22, 2014, Vol. 18, No. 80 Headlines ARCHDIOCESE OF MILWAUKEE: Incurs $1.13 Million Net Loss in January ATP OIL: Reports $3.68 Million Net Income for August ATP OIL: Ends September with $16.13 Million Cash Balance ATP OIL: Had -($159,145) Cash at Oct. 31 ATP OIL: Incurs $1.51 Billion Net Loss in November ATP OIL: December Net Loss Decreases to $178.37 Million ATP OIL: Net Loss Further Decreases to $5.20 Million in January ECOTALITY INC: ETEC Ends January with $32,484 Net Loss EDGENET INC: Reports $695,000 Net Loss in January GLOBAL AVIATION: Amends December Monthly Operating Report GLOBAL AVIATION: Ends January with $835,082 in Revenues LEHMAN BROTHERS: Reports $19BB in Cash & Inventory as of Jan. 31 LIFE CARE: December Net Loss Increases to $665,664 LIGHTSQUARED INC: February Net Loss Increased to $66.73 Million RESTORA HEALTHCARE: Projects $7.30-Mil. Total Receipts Thru April RG STEEL: Incurs $4.785 Million Net Loss in February ********* ARCHDIOCESE OF MILWAUKEE: Incurs $1.13 Million Net Loss in January ------------------------------------------------------------------ The Archdiocese of Milwaukee, on Feb. 14, 2014, filed its monthly operating report for January 2014. The Debtor's profit and loss statement showed a net loss of $1.13 million on $749,974 of net sales. At Jan. 31, 2014, the Debtor reported $45.28 million in total assets, $37.03 million in total liabilities, and $8.25 million in total shareholders' equity. At the beginning of January, the Debtor had $10.18 million cash. The Debtor had cash inflow which includes $2.04 million in receipts and $$39,595 in funds held for others. The Debtor also had cash outflow which includes $1.89 million in disbursements and $128,137 in funds held for others. At month end, the Debtor reported $10.47 million in cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ARCHDIOCESEOFMILWAUKEEjan2014mor.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) ATP OIL: Reports $3.68 Million Net Income for August ---------------------------------------------------- ATP Oil & Gas Corporation filed its monthly operating report for August 2013, listing a $3,689,379 net income on $36,262,768 of revenues for the month. At Aug. 31, the Debtor had $2.79 billion in total assets, $3.09 billion in total liabilities and -($300 million) in total owners' equity. At the beginning of the month, the Debtor had $13.88 million in cash. It reported a total of $42.10 million in total receipts and $33.22 million in total disbursements for the reporting period. Thus, cash at the end of the month for the Debtor was $22.77 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ATPOILaug2013mor.pdf About ATP Oil Houston, Texas-based ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 12-36187) on Aug. 17, 2012. Attorneys at Mayer Brown LLP, serve as bankruptcy counsel. Munsch Hardt Kopf & Harr, P.C., is the conflicts counsel. Motley Rice LLC and Fayard & Honeycutt, APC serve as special counsel. Opportune LLP is the financial advisor and Jefferies & Company is the investment banker. Kurtzman Carson Consultants LLC is the claims and notice agent. ATP disclosed assets of $3.6 billion and $3.5 billion of liabilities as of March 31, 2012. Debt includes $365 million on a first-lien loan where Credit Suisse AG serves as agent. There is $1.5 billion on second-lien notes with Bank of New York Mellon Trust Co. as agent. ATP's other debt includes $35 million on convertible notes and $23.4 million owing to third parties for their shares of production revenue. Trade suppliers have claims for $147 million, ATP said in a court filing. An official committee of unsecured creditors has been appointed in the case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley & McCloy, in New York, represents the Creditors Committee as counsel. A seven-member panel of equity security holders has also been appointed in the case. Kyung S. Lee, Esq., and Charles M. Rubio, Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel to the Equity Committee. ATP OIL: Ends September with $16.13 Million Cash Balance -------------------------------------------------------- ATP Oil & Gas Corporation filed its monthly operating report for September 2013, disclosing $6,009,709 net income on $32,890,050 of revenues for the month. The posted net income for September is an increase from the previous month's $3.69 million net income. At Sept. 30, the Debtor had $2.79 billion in total assets, $3.09 million in total liabilities, and -($299.58 million) in total owners' equity. At the start of the month, the Debtor had $22.77 million in cash. It had $33.37 million in total receipts and $40.01 million in total disbursements. Thus, at month end, the Debtor had $16.13 million. A copy of the monthly operating report is: http://bankrupt.com/misc/ATPOILsept2013mor.pdf About ATP Oil Houston, Texas-based ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 12-36187) on Aug. 17, 2012. Attorneys at Mayer Brown LLP, serve as bankruptcy counsel. Munsch Hardt Kopf & Harr, P.C., is the conflicts counsel. Motley Rice LLC and Fayard & Honeycutt, APC serve as special counsel. Opportune LLP is the financial advisor and Jefferies & Company is the investment banker. Kurtzman Carson Consultants LLC is the claims and notice agent. ATP disclosed assets of $3.6 billion and $3.5 billion of liabilities as of March 31, 2012. Debt includes $365 million on a first-lien loan where Credit Suisse AG serves as agent. There is $1.5 billion on second-lien notes with Bank of New York Mellon Trust Co. as agent. ATP's other debt includes $35 million on convertible notes and $23.4 million owing to third parties for their shares of production revenue. Trade suppliers have claims for $147 million, ATP said in a court filing. An official committee of unsecured creditors has been appointed in the case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley & McCloy, in New York, represents the Creditors Committee as counsel. A seven-member panel of equity security holders has also been appointed in the case. Kyung S. Lee, Esq., and Charles M. Rubio, Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel to the Equity Committee. ATP OIL: Had -($159,145) Cash at Oct. 31 ---------------------------------------- ATP Oil & Gas Corporation filed its monthly operating report for October 2013, listing $273,701 net income for the month. At Oct. 31, the Debtor had $2.78 billion in total assets, $3.09 billion in total liabilities, and -($305 million) in total owners' equity. At the start of the month, the Debtor had $16.13 million in cash. It had $27.03 million in total receipts and $43.32 million in total disbursements for the reporting period. Thus, at month end, the Debtor had -($159,145) cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ATPOILoct2013mor.pdf About ATP Oil Houston, Texas-based ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 12-36187) on Aug. 17, 2012. Attorneys at Mayer Brown LLP, serve as bankruptcy counsel. Munsch Hardt Kopf & Harr, P.C., is the conflicts counsel. Motley Rice LLC and Fayard & Honeycutt, APC serve as special counsel. Opportune LLP is the financial advisor and Jefferies & Company is the investment banker. Kurtzman Carson Consultants LLC is the claims and notice agent. ATP disclosed assets of $3.6 billion and $3.5 billion of liabilities as of March 31, 2012. Debt includes $365 million on a first-lien loan where Credit Suisse AG serves as agent. There is $1.5 billion on second-lien notes with Bank of New York Mellon Trust Co. as agent. ATP's other debt includes $35 million on convertible notes and $23.4 million owing to third parties for their shares of production revenue. Trade suppliers have claims for $147 million, ATP said in a court filing. An official committee of unsecured creditors has been appointed in the case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley & McCloy, in New York, represents the Creditors Committee as counsel. A seven-member panel of equity security holders has also been appointed in the case. Kyung S. Lee, Esq., and Charles M. Rubio, Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel to the Equity Committee. ATP OIL: Incurs $1.51 Billion Net Loss in November -------------------------------------------------- ATP Oil & Gas Corporation, on Dec. 20, 2013, filed its monthly operating report for November 2013. The MOR was subsequently amended on Jan. 21, 2014. The Company incurred a net loss of $1.51 billion on $181,623 in revenue. At Nov. 30, 2013, the Company posted $58.56 million in total assets, $1.87 billion in total liabilities, and a -($1.81 billion) total shareholders' deficit. At Nov. 1, the Company had -($159,145) in cash. It reported $8.16 million in total receipts and $6.08 million in total disbursements for the reporting period. At month end, the Company had $1.92 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ATPOILnov2013mor.pdf A copy of the amended monthly operating report is available at: http://bankrupt.com/misc/ATPOILamendednov2013mor.pdf About ATP Oil Houston, Texas-based ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 12-36187) on Aug. 17, 2012. Attorneys at Mayer Brown LLP, serve as bankruptcy counsel. Munsch Hardt Kopf & Harr, P.C., is the conflicts counsel. Motley Rice LLC and Fayard & Honeycutt, APC serve as special counsel. Opportune LLP is the financial advisor and Jefferies & Company is the investment banker. Kurtzman Carson Consultants LLC is the claims and notice agent. ATP disclosed assets of $3.6 billion and $3.5 billion of liabilities as of March 31, 2012. Debt includes $365 million on a first-lien loan where Credit Suisse AG serves as agent. There is $1.5 billion on second-lien notes with Bank of New York Mellon Trust Co. as agent. ATP's other debt includes $35 million on convertible notes and $23.4 million owing to third parties for their shares of production revenue. Trade suppliers have claims for $147 million, ATP said in a court filing. An official committee of unsecured creditors has been appointed in the case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley & McCloy, in New York, represents the Creditors Committee as counsel. A seven-member panel of equity security holders has also been appointed in the case. Kyung S. Lee, Esq., and Charles M. Rubio, Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel to the Equity Committee. ATP OIL: December Net Loss Decreases to $178.37 Million ------------------------------------------------------- ATP Oil & Gas Corporation, filed on Jan. 20, 2014, its monthly operating report for December 2013. The Company reported a $178.37 million net loss on $793,254 in revenue for December, an improvement from the $1.51 billion net loss incurred the previous month. At Dec. 31, 2013, the Company had $73.51 million in total assets, $2.07 billion in total liabilities, and a -($1.99 billion) total shareholders' deficit. At the beginning of the month, the Company had $1.92 million cash. It had total receipts of $14.77 million and total disbursements of $100,098. At Dec. 31, the Company had a cash balance of $16.59 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ATPOILdec2013mor.pdf About ATP Oil Houston, Texas-based ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 12-36187) on Aug. 17, 2012. Attorneys at Mayer Brown LLP, serve as bankruptcy counsel. Munsch Hardt Kopf & Harr, P.C., is the conflicts counsel. Motley Rice LLC and Fayard & Honeycutt, APC serve as special counsel. Opportune LLP is the financial advisor and Jefferies & Company is the investment banker. Kurtzman Carson Consultants LLC is the claims and notice agent. ATP disclosed assets of $3.6 billion and $3.5 billion of liabilities as of March 31, 2012. Debt includes $365 million on a first-lien loan where Credit Suisse AG serves as agent. There is $1.5 billion on second-lien notes with Bank of New York Mellon Trust Co. as agent. ATP's other debt includes $35 million on convertible notes and $23.4 million owing to third parties for their shares of production revenue. Trade suppliers have claims for $147 million, ATP said in a court filing. An official committee of unsecured creditors has been appointed in the case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley & McCloy, in New York, represents the Creditors Committee as counsel. A seven-member panel of equity security holders has also been appointed in the case. Kyung S. Lee, Esq., and Charles M. Rubio, Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel to the Equity Committee. ATP OIL: Net Loss Further Decreases to $5.20 Million in January --------------------------------------------------------------- ATP Oil & Gas Corporation, on Feb. 20, 2014, filed its monthly operating report for January 2014. The Company's statement of operations showed a net loss of $5.20 million on revenue of $343 in January, compared to the net losses of $178.37 million and $1.51 billion in November and December, respectively. At Jan. 31, 2014, the Company recorded total assets of $73.81 million, total liabilities of $2.06 billion, and a -($2 billion) total shareholders' deficit. At the beginning of January, the Company had a cash balance of $16.59 million. It reported -($13.72 million) in total receipts and $180,246 in total disbursements. At the end of the month, the cash balance was pegged at $2.69 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ATPOILjan2014mor.pdf About ATP Oil Houston, Texas-based ATP Oil & Gas Corporation is an international offshore oil and gas development and production company focused in the Gulf of Mexico, Mediterranean Sea and North Sea. ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 12-36187) on Aug. 17, 2012. Attorneys at Mayer Brown LLP, serve as bankruptcy counsel. Munsch Hardt Kopf & Harr, P.C., is the conflicts counsel. Motley Rice LLC and Fayard & Honeycutt, APC serve as special counsel. Opportune LLP is the financial advisor and Jefferies & Company is the investment banker. Kurtzman Carson Consultants LLC is the claims and notice agent. ATP disclosed assets of $3.6 billion and $3.5 billion of liabilities as of March 31, 2012. Debt includes $365 million on a first-lien loan where Credit Suisse AG serves as agent. There is $1.5 billion on second-lien notes with Bank of New York Mellon Trust Co. as agent. ATP's other debt includes $35 million on convertible notes and $23.4 million owing to third parties for their shares of production revenue. Trade suppliers have claims for $147 million, ATP said in a court filing. An official committee of unsecured creditors has been appointed in the case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley & McCloy, in New York, represents the Creditors Committee as counsel. A seven-member panel of equity security holders has also been appointed in the case. Kyung S. Lee, Esq., and Charles M. Rubio, Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel to the Equity Committee. ECOTALITY INC: ETEC Ends January with $32,484 Net Loss ------------------------------------------------------ Electronic Transportation Engineering Corporation, lead debtor in the Chapter 11 cases of Ecotality, Inc., et al., on Feb. 24, 2014, filed its monthly operating report for January 2014. ETEC incurred a net loss of $32,484 on zero revenue in January, a decrease from the December net loss of $38,298. At Jan. 31, 2014, ETEC reported $5.15 million in total assets, $96.81 million in total liabilities, and a -($91.66 million) total shareholders' deficit. At the beginning of the month, ETEC posted had $877,109 in cash. It had $53,365 in total receipts and $4,498 in total disbursements. At month end, ETEC had $925,977 in cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ECOTALITYINCjan2014mor.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. EDGENET INC: Reports $695,000 Net Loss in January ------------------------------------------------- Edgenet, Inc., on March 11, 2014, filed its monthly operating report for January 2014. The Debtor incurred a $695,000 net loss on $735,000 total revenue. At Jan. 31, 2014, the Debtor had $36.78 million in total assets, $113.18 million in total liabilities, $133.70 million in preferred stock, and a -($210.10 million) shareholders' deficit. At the beginning of the month, the Debtor posted $11.96 million in cash. It had $333,507 in total receipts and $583,339 in total disbursements. At the end of January, the Debtor reported $11.79 million in cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/EDGENETINCjan2014mor.pdf About Edgenet Inc. Edgenet, Inc., and Edgenet Holding Corp. are providers of cloud- based content and applications that enable companies to sell more products and services with greater ease across multiple channels and devices. Edgenet has three business locations: Waukesha, WI, Brentwood, TN, and its main office in Atlanta, GA. The Company has 80 employees. Edgenet Inc. and Edgenet Holding filed for Chapter 11 bankruptcy protection in Delaware (Lead Case No. 14-10066) on Jan. 14, 2014. Edgenet Inc. estimated assets of at least $10 million and liabilities of $100 million to $500 million. Raymond Howard Lemisch, Esq., at Klehr Harrison Harvey Branzburg LLP, in Wilmington, Delaware, serves as counsel to the Debtors; Glass Ratner Advisory & Capital Group LLC is the financial advisor; JMP Securities, LLC, is the investment banker, and Phase Eleven Consultants, LLC, is the claims and noticing agent. The U.S. Trustee has been unable to appoint an official unsecured creditors committee as no sufficient interest has been generated from creditors. Fred Marxer, Timothy Choate and Davis Carr, individuals and holders of a segment of the promissory notes issued in 2004 that have been referred to by Edgenet, Inc., et al., requested that the Court will issue an order appointing an official committee of Seller Noteholders, or in the alternative, an official committee of unsecured creditors, with members appointed from the Seller Noteholders who agree to waive any continued security interest arising from the Seller Notes. GLOBAL AVIATION: Amends December Monthly Operating Report --------------------------------------------------------- Global Aviation Holdings, Inc., et al., on March 5, 2014, amended their monthly operating report for December 2013. The Debtors listed a zero net loss on $1.35 million in revenue, as compared to the $1.37 million net revenues previously reported. At Dec. 31, 2013, the Debtors posted $490.69 million in total assets, $339.93 million in total liabilities, and a $150.76 million total shareholders' equity. At the beginning of December, the Debtors had a cash balance of -($28,793). It reported $3.11 million in total receipts and $3.10 million in total disbursements. At the end of the month, the Debtors reported cash of -($10,681). A copy of the monthly operating report is available at: http://bankrupt.com/misc/GLOBALAVIATIONamendeddec2013mor.pdf About Global Aviation Holdings Global Aviation Holdings Inc. -- http://www.glah.com-- the parent company of North American Airlines and World Airways, sought Chapter 11 bankruptcy protection on Nov. 12, 2013. North American Airlines, founded in 1989, operates passenger charter flights using B767-300ER aircraft. Founded in 1948, World Airways -- http://www.woa.com-- operates cargo and passenger charter flights using B747-400 and MD-11 aircraft. The parent of World Airways Inc. and North American Airlines Inc. implemented a prior Chapter 11 reorganization in February 2013. The new case is In re Global Aviation Holdings Inc., 13-12945, U.S. Bankruptcy Court, District of Delaware (Wilmington). The prior case was In re Global Aviation Holdings Inc., 12-bk-40783, U.S. Bankruptcy Court, Eastern District New York (Brooklyn). Peachtree City, Georgia-based Global blamed the new bankruptcy on decreased flying for the government that reduced revenue for the first nine months of this year to $354 million from $486 million in the same period of 2012. The 2013 petition shows assets and debt both exceeding $500 million. In the first bankruptcy, Global listed $589.8 million in assets and debt of $493.2 million. In the 2013 case, the Debtors are represented by Kourtney Lyda, Esq., at Haynes and Boone, LLP, in Houston, Texas; and Christopher A. Ward, Esq., at Polsinelli PC, in Wilmington, Delaware. The first lien agent is represented by Michael L. Tuchin, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los Angeles, California. Wells Fargo Bank, National Association, agent to the second lienholders and third lienholders, is represented by Mildred Quinones-Holmes, Esq., at Thompson Hines LLP, in New York. GLOBAL AVIATION: Ends January with $835,082 in Revenues ------------------------------------------------------- Global Aviation Holdings, Inc., et al., on March 10, 2014, filed an their monthly operating report for January 2014. The Debtors incurred a $.02 net loss on $835,082 in revenue. At Jan. 31, the Debtors had $495.87 million in total assets, $345.14 million in total liabilities, and a $150.73 million total shareholders' equity. The Debtors started the month with a -($10,681) cash balance. They reported $3.07 million in total receipts and $3.09 in total disbursements. At the end of January, the Debtors had a cash balance of -($22,495). A copy of the monthly operating report is available at: http://bankrupt.com/misc/GLOBALAVIATIONjanmor.pdf About Global Aviation Holdings Global Aviation Holdings Inc. -- http://www.glah.com-- the parent company of North American Airlines and World Airways, sought Chapter 11 bankruptcy protection on Nov. 12, 2013. North American Airlines, founded in 1989, operates passenger charter flights using B767-300ER aircraft. Founded in 1948, World Airways -- http://www.woa.com-- operates cargo and passenger charter flights using B747-400 and MD-11 aircraft. The parent of World Airways Inc. and North American Airlines Inc. implemented a prior Chapter 11 reorganization in February 2013. The new case is In re Global Aviation Holdings Inc., 13-12945, U.S. Bankruptcy Court, District of Delaware (Wilmington). The prior case was In re Global Aviation Holdings Inc., 12-bk-40783, U.S. Bankruptcy Court, Eastern District New York (Brooklyn). Peachtree City, Georgia-based Global blamed the new bankruptcy on decreased flying for the government that reduced revenue for the first nine months of this year to $354 million from $486 million in the same period of 2012. The 2013 petition shows assets and debt both exceeding $500 million. In the first bankruptcy, Global listed $589.8 million in assets and debt of $493.2 million. In the 2013 case, the Debtors are represented by Kourtney Lyda, Esq., at Haynes and Boone, LLP, in Houston, Texas; and Christopher A. Ward, Esq., at Polsinelli PC, in Wilmington, Delaware. The first lien agent is represented by Michael L. Tuchin, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los Angeles, California. Wells Fargo Bank, National Association, agent to the second lienholders and third lienholders, is represented by Mildred Quinones-Holmes, Esq., at Thompson Hines LLP, in New York. LEHMAN BROTHERS: Reports $19BB in Cash & Inventory as of Jan. 31 ---------------------------------------------------------------- Lehman Brothers Holdings Inc. disclosed these cash receipts and disbursements of the company, its affiliated debtors and controlled entities for the month ended Jan. 31, 2014: Beginning Total Cash & Investments (01/01/14) $18,507,000,000 Total Sources of Cash 830,000,000 Total Uses of Cash (103,000,000) FX Fluctuation (2,000,000) --------------- Ending Total Cash & Investments (01/31/14) $19,232,000,000 LBHI reported $9.416 billion in cash and investments as of Jan. 1, 2014, and $9.642 billion as of Jan. 31, 2014. The monthly operating report also showed that a total of $13.567 million was paid in January to bankruptcy professionals. A copy of the January 2014 Operating Report is available for free at http://is.gd/XBY6GF About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 08-13555) on Sept. 15, 2008. Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. The Debtors' bankruptcy cases were initially handled by Judge James M. Peck. In March 2014, the case was reassigned to Judge Shelley C. Chapman after Judge James M. Peck resigned to join Morrison & Foerster LLP as co-chairman of the restructuring and insolvency practice. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. The Chapter 11 plan for the Lehman companies other than the broker was confirmed in December 2011. Lehman made its first payment of $22.5 billion to creditors in April 2012, a second payment of $10.2 billion on Oct. 1, 2012, and a third distribution of $14.2 billion on April 4, 2013. The brokerage is yet to make a first distribution to non-customers, although customers are being paid in full. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). LIFE CARE: December Net Loss Increases to $665,664 -------------------------------------------------- Life Care St. Johns, Inc., dba Glenmoor, filed on March 3, 2014, its monthly operating report for January 2014. The Debtor incurred a $665,664 net loss on $895,345 total revenue in January, an increase from its December net loss of $484,535. At Jan. 31, 2014, the Debtor reported $62.31 million in total assets, $117.90 million in total liabilities, and a -($55.59 million) total shareholders' deficit. At the beginning of January, the it had a cash balance of $1.89 million. During the month, the Debtor reported a cash inflow of $448,014 from investing and financing activities, and cash outflow of $625,431 from operating activities. Thus, at month end, the Debtor had $1.72 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/LIFECAREjan2014mor.pdf About Life Care St. Johns, Inc. Life Care St. Johns, Inc., filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 13-04158) on July 3, 2013. The Debtor is the owner and operator of a continuing care retirement community known as Glenmoor consisting of 144 independent living units located on a 40-acre site in St. Johns County, Florida. Judge Jerry A. Funk presides over the case. Richard R. Thames, Esq., and Eric N. McKay, Esq., at Stutsman Thames & Markey, P.A., serves as the Debtor's counsel. American Legal Claim Services, LLC, serves as claims and noticing agent. The Debtor hired Navigant Capital Advisors, LLC, as financial advisors. Following Neil F. Luria's transfer to SOLIC Capital Advisors LLC, the Debtor replaced Navigant with SOLIC. The Committee of Creditors Holding Unsecured Claims appointed in the bankruptcy case of Life Care St. Johns, Inc., is represented by Akerman Senterfitt's David E. Otero, Esq., and Christian P. George, Esq., in Jacksonville, Florida. Bruce Jones signed the petition as CEO. The Debtor disclosed $36,308,406 in assets and $117,305,625 in liabilities as of the Chapter 11 filing. LIGHTSQUARED INC: February Net Loss Increased to $66.73 Million --------------------------------------------------------------- LightSquared Inc., et al., filed on March 14, 2014, a monthly operating report for the month ended February 28, 2014. The Company reported a net loss of $66.73 million on net revenue of $1.47 million for February, as compared to a $61.7 million net loss the previous month. As of February 28, 2014, the Company had total assets of $3.65 billion, total liabilities of $3.05 billion, and total stockholders' equity of $604.92 million. At the beginning of the month, LightSquared had $22.81 million in cash. The Company had total cash receipts of $37.29 million and total cash disbursements of $22.78 million. As a result, at the end of February, the Company had total cash of $37.33 million. A full-text copy of the monthly operating report is available at: http://is.gd/4hjEfg About LightSquared Inc. LightSquared Inc. and 19 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on May 14, 2012, to resolve regulatory issues that have prevented it from building its coast-to-coast integrated satellite 4G wireless network. LightSquared had invested more than $4 billion to deploy an integrated satellite-terrestrial network. In February 2012, however, the U.S. Federal Communications Commission told LightSquared the agency would revoke a license to build out the network as it would interfere with global positioning systems used by the military and various industries. In March 2012, the Company's partner, Sprint, canceled a master services agreement. LightSquared's lenders deemed the termination of the Sprint agreement would trigger cross-defaults under LightSquared's prepetition credit agreements. LightSquared and its prepetition lenders attempted to negotiate a global restructuring that would provide LightSquared with liquidity and runway necessary to resolve its issues with the FCC. Despite working diligently and in good faith, however, LightSquared and the lenders were not able to consummate a global restructuring on terms acceptable to all interested parties. Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to the Debtors. Alvarez & Marsal North America, LLC, is the financial advisor. Kurtzman Carson Consultants LLC serves as claims and notice agent. RESTORA HEALTHCARE: Projects $7.30-Mil. Total Receipts Thru April ----------------------------------------------------------------- Restora Healthcare Holdings, LLC, et al., on March 11, 2014, filed an initial monthly operating report. The initial MOR includes a cash flow projection for the 10-week period covering the week ended Feb. 28, 2014 through the week ended April 30, 2014. The Debtors project receipts to total $7.30 million for the 10- week period, and operating cash outflows to total $7.63 million for the same period. The cash outflows include $4.83 million in total payroll and staffing expense and $2.79 million in total other operating expenses. The Initial MOR also includes a schedule of professional fees paid in 2014. Among the Debtors' bankruptcy professionals are DLA Piper LLP (US), Alvarez and Marsal Healthcare Industry Group, LLC, and Rust Consulting/Omni Bankruptcy. A copy of the monthly operating report is available at: http://bankrupt.com/misc/RESTORAHEALTHCAREmor.pdf About Restora Healthcare Restora Healthcare Holdings, LLC, and two of its affiliates filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 14-10367 to 14-10369) on Feb. 24, 2014. The petitions were signed by George W. Dunaway as chief financial officer. Restora Healthcare estimated assets and debts of at least $10 million. DLA Piper LLP (US) serves as the Debtors' counsel. RG STEEL: Incurs $4.785 Million Net Loss in February ---------------------------------------------------- WP Steel Ventures, LLC, et al., on March 12, 2014, filed their monthly operating report for the month ended February 28, 2014. The Company posted a net loss of $4.785 million for February on zero sales, a slight increase from January's $4.55 million net loss. As of February 28, 2014, the Company had total assets of $174.162 million, total liabilities of $1.227 billion, and total stockholders' deficit of -($1.052 billion). For the month of February, the Company had total cash receipts of $5.628 million and total disbursements of $1.004 million. A full-text copy of the monthly operating report is available at: http://is.gd/MhwcbB About RG Steel RG Steel LLC -- http://www.rg-steel.com/-- is the United States' fourth-largest flat-rolled steel producer with annual steelmaking capacity of 7.5 million tons. It was formed in March 2011 following the purchase of three steel facilities located in Sparrows Point, Maryland; Wheeling, West Virginia and Warren, Ohio, from entities related to Severstal US Holdings LLC. RG Steel also owns finishing facilities in Yorkville and Martins Ferry, Ohio. It also owned Wheeling Corrugating Company and has a 50% ownership in Mountain State Carbon and Ohio Coatings Company. RG Steel along with affiliates, including WP Steel Venture LLC, sought bankruptcy protection (Bankr. D. Del. Lead Case No. 12- 11661) on May 31, 2012. Bankruptcy was precipitated by liquidity shortfall and a dispute with Mountain State Carbon, LLC, and a Severstal affiliate, that restricted the shipment of coke used in the steel production process. The Debtors estimated assets and debts in excess of $1 billion. As of the bankruptcy filing, the Debtors owe (i) $440 million, including $16.9 million in outstanding letters of credit, to senior lenders led by Wells Fargo Capital Finance, LLC, as administrative agent, (ii) $218.7 million to junior lenders, led by Cerberus Business Finance, LLC, as agent, (iii) $130.5 million on account of a subordinated promissory note issued by majority owner The Renco Group, Inc., and (iv) $100 million on a secured promissory note issued by Severstal. Judge Kevin J. Carey presides over the case. The Debtors are represented in the case by Robert J. Dehney, Esq., and Erin R. Fay, Esq., at Morris, Nichols, Arsht & Tunnell LLP, and Matthew A. Feldman, Esq., Shaunna D. Jones, Esq., Weston T. Eguchi, Esq., at Willkie Farr & Gallagher LLP, represent the Debtors. Conway MacKenzie, Inc., serves as the Debtors' financial advisor and The Seaport Group serves as lead investment banker. Donald MacKenzie of Conway MacKenzie, Inc., as CRO. Kurtzman Carson Consultants LLC is the claims and notice agent. Wells Fargo Capital Finance LLC, as Administrative Agent, is represented by Jonathan N. Helfat, Esq., and Daniel F. Fiorillo, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C.; and Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachuiski Stang Ziehi & Jones LLP. Renco Group is represented by lawyers at Cadwalader, Wickersham & Taft LLP. Kramer Levin Naftalis & Frankel LLP represents the Official Committee of Unsecured Creditors. Huron Consulting Services LLC serves as the Committee's financial advisor. The Debtor has sold off the principal plants. The sale of the Wheeling Corrugating division to Nucor Corp. brought in $7 million. That plant in Sparrows Point, Maryland, fetched the highest price, $72.5 million. CJ Betters Enterprises Inc. paid $16 million for the Ohio plant. RG Steel Sparrows Point LLC has received the green light to sell some of its assets to Siemens Industry, Inc., which include equipment and related spare parts, for $400,000. ********* 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. 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