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/raid1/www/Hosts/bankrupt/TCR_Public/140426.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, April 26, 2014, Vol. 18, No. 114 Headlines ARCHDIOCESE OF MILWAUKEE: Records $273,800 Net Income in March LANDAUER HEALTHCARE: Net Loss Down to $1.22 Million in December LANDAUER HEALTHCARE: Net Loss Balloons to $32.73 Million at Feb. 7 LANDAUER HEALTHCARE: Net Loss Decreases to $1.31-Mil. at Feb. 28 NORTEL NETWORKS: Ends December With $827 Million Cash OPTIM ENERGY: Projects $26,110 Total Receipts Through May 2014 OPTIM ENERGY: Reports $2.76 Million Net Loss at Feb. 28 OVERSEAS SHIPHOLDING: Lists $6.32 Million Net Income in February VERTIS HOLDINGS: Ends February with $4.17 Million Cash VICTOR OOLITIC: Projects $3,239 Total Receipts Through May 2014 ********* ARCHDIOCESE OF MILWAUKEE: Records $273,800 Net Income in March -------------------------------------------------------------- The Archdiocese of Milwaukee, on April 16, 2014, filed its monthly operating report for March 2014. The Archdiocese recorded a net income of $273,800 on net sales of $1.77 million for the month. At March 31, the Archdiocese listed total assets of $46.12 million, total liabilities of $37.90 million, and a total shareholders' equity of $8.22 million. At March 1, the Archdicese had $10.96 million cash. It reported total receipts of $3.25 million and total disbursements of $1.89 million. At the end of the month, the Archdiocese had $12.43 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ARCHDIOCESEOFMILWAUKEEmarch2014mor.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. LANDAUER HEALTHCARE: Net Loss Down to $1.22 Million in December --------------------------------------------------------------- Landauer Healthcare Holdings, Inc., et al., on January 31, 2014, filed their monthly operating report for December 2013. The Debtor suffered a $1.22 million net loss on $6.96 million total net revenue for the current reporting period, a five-fold decrease from the $6.76 million net loss reported in November. At Dec. 31, the Debtors recorded total assets of $59.35 million, total liabilities of $48.18 million, and a total shareholders' equity of $11.18 million. At December 1, the Debtors had $2.19 million cash. They listed $16.67 million in total receipts and $17.18 million in total disbursements. Thus, at month end, the Debtors had $1.68 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/LANDAUERHEALTHCAREdec2013mor.pdf About Landauer Healthcare Home medical equipment provider Landauer Healthcare Holdings, Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-12098) on Aug. 16, 2013, with a deal to sell all assets to Quadrant Management Inc. for $22 million, absent higher and better offers. The Company has 32 operating locations, with 50% of inventory concentrated in Mount Vernon, New York; Great Neck, New York; Warwick, Rhode Island; and Philadelphia, Pennsylvania. Landauer, which derives revenues by reimbursement from insurers, Medicare and Medicaid, reported net revenues of $128.5 million in fiscal year ended March 31, 2013. Landauer disclosed $2,978,495 in assets and $53,636,751 in liabilities as of the Chapter 11 filing. The Debtors are represented by Justin H. Rucki, Esq., Michael R. Nestor, Esq., and Matthew B. Lunn, Esq., at Young Conaway Stargatt & Taylor LLP, in Wilmington, Delaware; John A. Bicks, Esq., at K&L Gates LLP, in New York; and Charles A. Dale III, Esq., and Mackenzie L. Shea, Esq., in Boston, Massachusetts. Carl Marks Advisory Group serves as the Debtor's financial advisors, and Epiq Systems as claims and notice agent. Maillie LLP serves as the Debtors' tax accountants. The Debtor filed a Chapter 11 restructuring plan that would transfer ownership of the home medical supply company to Quadrant Management Inc., whose $22 million bid for the company went unchallenged. Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed five members to the official committee of unsecured creditors in the Chapter 11 cases. The Committee retained Landis Rath & Cobb LLP as counsel. Deloitte Financial Advisory Services LLP serves as its financial advisor. LANDAUER HEALTHCARE: Net Loss Balloons to $32.73 Million at Feb. 7 ------------------------------------------------------------------ Landauer Healthcare Holdings, Inc., et al., on March 6, 2014, filed their monthly operating report for the period from January 1 to February 7, 2014. The Debtors listed a $32.73 million net loss on $7.77 million total net revenue for the current reporting period, a big increase from the $1.22 million net loss recorded in December. At Feb. 7, the Debtors listed total assets of $3.49 million, total liabilities of $27.56 million, and a total shareholders' deficit of -($24.07 million). The Debtors had $1.68 million cash at the beginning of the period. They recorded $20.41 million in total receipts and $19.44 million in total disbursements. At the end of the period, the Debtors had $2.65 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/LANDAUERHEALTHCAREjan-feb2014mor.pdf About Landauer Healthcare Home medical equipment provider Landauer Healthcare Holdings, Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-12098) on Aug. 16, 2013, with a deal to sell all assets to Quadrant Management Inc. for $22 million, absent higher and better offers. The Company has 32 operating locations, with 50% of inventory concentrated in Mount Vernon, New York; Great Neck, New York; Warwick, Rhode Island; and Philadelphia, Pennsylvania. Landauer, which derives revenues by reimbursement from insurers, Medicare and Medicaid, reported net revenues of $128.5 million in fiscal year ended March 31, 2013. Landauer disclosed $2,978,495 in assets and $53,636,751 in liabilities as of the Chapter 11 filing. The Debtors are represented by Justin H. Rucki, Esq., Michael R. Nestor, Esq., and Matthew B. Lunn, Esq., at Young Conaway Stargatt & Taylor LLP, in Wilmington, Delaware; John A. Bicks, Esq., at K&L Gates LLP, in New York; and Charles A. Dale III, Esq., and Mackenzie L. Shea, Esq., in Boston, Massachusetts. Carl Marks Advisory Group serves as the Debtor's financial advisors, and Epiq Systems as claims and notice agent. Maillie LLP serves as the Debtors' tax accountants. The Debtor filed a Chapter 11 restructuring plan that would transfer ownership of the home medical supply company to Quadrant Management Inc., whose $22 million bid for the company went unchallenged. Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed five members to the official committee of unsecured creditors in the Chapter 11 cases. The Committee retained Landis Rath & Cobb LLP as counsel. Deloitte Financial Advisory Services LLP serves as its financial advisor. LANDAUER HEALTHCARE: Net Loss Decreases to $1.31-Mil. at Feb. 28 ---------------------------------------------------------------- Landauer Healthcare Holdings, Inc., et al., on March 21, 2014, filed their monthly operating report for the period from Feb. 8 to 28, 2014. The Debtors incurred net losses of $1.61 million on total net revenue of $71 for the current reporting period, a substantial decrease from the $32.73 net loss recorded at Feb. 7. At Feb. 28, the Debtors recorded total assets of $3.22 million, total liabilities of $27.52 million, and a total shareholders' deficit of -($24.30 million). At Feb. 8, the Debtors had $2.65 million cash. They reported $7.23 million in total receipts and $7.42 million in total disbursements. At the end of the period, the Debtors had $2.46 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/LANDAUERHEALTHCAREfeb2014mor.pdf About Landauer Healthcare Home medical equipment provider Landauer Healthcare Holdings, Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-12098) on Aug. 16, 2013, with a deal to sell all assets to Quadrant Management Inc. for $22 million, absent higher and better offers. The Company has 32 operating locations, with 50% of inventory concentrated in Mount Vernon, New York; Great Neck, New York; Warwick, Rhode Island; and Philadelphia, Pennsylvania. Landauer, which derives revenues by reimbursement from insurers, Medicare and Medicaid, reported net revenues of $128.5 million in fiscal year ended March 31, 2013. Landauer disclosed $2,978,495 in assets and $53,636,751 in liabilities as of the Chapter 11 filing. The Debtors are represented by Justin H. Rucki, Esq., Michael R. Nestor, Esq., and Matthew B. Lunn, Esq., at Young Conaway Stargatt & Taylor LLP, in Wilmington, Delaware; John A. Bicks, Esq., at K&L Gates LLP, in New York; and Charles A. Dale III, Esq., and Mackenzie L. Shea, Esq., in Boston, Massachusetts. Carl Marks Advisory Group serves as the Debtor's financial advisors, and Epiq Systems as claims and notice agent. Maillie LLP serves as the Debtors' tax accountants. The Debtor filed a Chapter 11 restructuring plan that would transfer ownership of the home medical supply company to Quadrant Management Inc., whose $22 million bid for the company went unchallenged. Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed five members to the official committee of unsecured creditors in the Chapter 11 cases. The Committee retained Landis Rath & Cobb LLP as counsel. Deloitte Financial Advisory Services LLP serves as its financial advisor. NORTEL NETWORKS: Ends December With $827 Million Cash ----------------------------------------------------- Nortel Networks Inc., et. al., on April 4, 2014, filed their monthly operating report for December 2013. The Debtors' monthly operating report does not contain a statement of operations. At Dec. 31, the Debtors recorded total assets of $975.3 million, total liabilities of $5.40 billion, and a total shareholders' deficit of -($4.42 billion). At Dec. 1, the Debtors had $858.70 million cash. They listed $700,000 in total cash receipts and $32.4 million in total cash disbursements. At month end, the Debtors had $827 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/NORTELNETWORKSdec2013mor.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. OPTIM ENERGY: Projects $26,110 Total Receipts Through May 2014 -------------------------------------------------------------- Optim Energy, LLC, and its affiliates filed an initial monthly operating report on Feb. 27, 2014. The Initial MOR includes a cash flow projection for the 13-week period covering the week ended February 14 through the week ended May 9, 2014. The Debtors project cash receipts to total $26,110, and disbursements to total $39,987. The disbursements include 5,029 in capital expenditure, $4,980 in professional fees, and $900 in critical vendor payments. The Initial MOR also include a schedule of retainers paid to professionals in 2014. Among the Debtors' bankruptcy professionals are Bracewell & Giulianni LLP, Barclays Capital Inc., and Morris, Nichols, Arsht & Tunnell LLP. A copy of the Initial MOR is available at: http://bankrupt.com/misc/OPTIMENERGYmor.pdf About Optim Energy Optim Energy, LLC, and its affiliates are power plant owners principally engaged in the production of energy in Texas's deregulated energy market. Optim owns and operates three power plants in eastern Texas: the Twin Oaks plant in Robertson County, Texas, the Altura Cogen plant in Harris County, Texas and the Cedar Bayou plant in Chambers County, Texas. The Altura and Cear Bayou plants are fueled by natural gas, and the third is coal- fired. Optim Energy and its affiliates sought Chapter 11 protection from creditors (Bankr. D. Del. Lead Case No. 14-10262) on Feb. 12, 2014. The Debtors have tapped Bracewell & Giuliani LLP and Morris, Nichols, Arsht & Tunnell LLP as attorneys; Protiviti Inc. as restructuring advisors; and Prime Clerk LLC as claims agent. Optim Energy, LLC scheduled $6,948,418 in assets and $716,561,450 in liabilities. Optim Energy Cedar Bayou 4, LLC, disclosed $183,694,097 in assets and $717,646,180 in liabilities as of the Chapter 11 filing. The Debtors have $713 million of outstanding principal indebtedness. On Feb. 27, 2014, Roberta A. DeAngelis, U.S. Trustee for Region 3, notified the Bankruptcy Court that she was unable to appoint an official committee of unsecured creditors in the Debtors' cases. The U.S. Trustee explained that there were insufficient responses to her communication/contact for service on the committee. OPTIM ENERGY: Reports $2.76 Million Net Loss at Feb. 28 ------------------------------------------------------- Optim Energy, LLC, and its affiliates, on April 7, 2014, filed their monthly operating report for the period from Feb. 12 to 28, 2014. The Debtors' consolidated statement of operations showed a net loss of $2.76 million on operating revenues of $16.02 million. At Feb. 28, the Debtors reported $971.33 million in total assets, $771.46 million in total liabilities, and a $199.87 million total shareholders' equity. At Feb. 12, the Debtors had $5.90 million cash. They recorded zero total receipts and $238,382 in total disbursements. Thus, at the end of the period, the Debtors had $21.86 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/OPTIMENERGYfeb2014mor.pdf About Optim Energy Optim Energy, LLC, and its affiliates are power plant owners principally engaged in the production of energy in Texas's deregulated energy market. Optim owns and operates three power plants in eastern Texas: the Twin Oaks plant in Robertson County, Texas, the Altura Cogen plant in Harris County, Texas and the Cedar Bayou plant in Chambers County, Texas. The Altura and Cear Bayou plants are fueled by natural gas, and the third is coal- fired. Optim Energy and its affiliates sought Chapter 11 protection from creditors (Bankr. D. Del. Lead Case No. 14-10262) on Feb. 12, 2014. The Debtors have tapped Bracewell & Giuliani LLP and Morris, Nichols, Arsht & Tunnell LLP as attorneys; Protiviti Inc. as restructuring advisors; and Prime Clerk LLC as claims agent. Optim Energy, LLC scheduled $6,948,418 in assets and $716,561,450 in liabilities. Optim Energy Cedar Bayou 4, LLC, disclosed $183,694,097 in assets and $717,646,180 in liabilities as of the Chapter 11 filing. The Debtors have $713 million of outstanding principal indebtedness. On Feb. 27, 2014, Roberta A. DeAngelis, U.S. Trustee for Region 3, notified the Bankruptcy Court that she was unable to appoint an official committee of unsecured creditors in the Debtors' cases. The U.S. Trustee explained that there were insufficient responses to her communication/contact for service on the committee. OVERSEAS SHIPHOLDING: Lists $6.32 Million Net Income in February ---------------------------------------------------------------- Overseas Shipholding Group, Inc., et al., filed their monthly operating report with the U.S. Securities and Exchange Commission for February 2014. The Debtor reported a net income of $6.32 million on total revenues of $94 million for Februray, a decrease from the $19.59 million net income earned in the previous month. At Feb. 28, the Debtors listed total assets of $3.67 billion, total liabilities of $3.71 billion, and a total shareholders' deficit of -($39.85 million). At Feb. 1, the Debtors had $607.65 million cash. They recorded total receipts of $90 million and total disbursements of $73.39 million. At month end, the Debtors had $624.27 million cash. A copy of the monthly operating report is available at the SEC at: http://is.gd/qNUAJY About Overseas Shipholding Overseas Shipholding Group, Inc. (OTC: OSGIQ), 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. VERTIS HOLDINGS: Ends February with $4.17 Million Cash ------------------------------------------------------ Vertis Holdings, Inc., at al., on April 7, 2014, filed their monthly operating report for the month of February 2014. The Debtors reported a $1.40 million net loss on zero sales for February, an increase from the $687,786 net loss incurred in the previous month. At Feb. 28, the Debtors listed total assets of $14 million, total liabilities of $438.04 million, and a total shareholders' deficit of -($423.94 million). The Debtors had $4.94 million cash at the beginning of the month. They recorded $196,276 in total receipts and $971,588 in total disbursements. The Debtors also incurred professional fees of $380,560. Thus, at the end of the month, the Debtors had $4.17 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/VERTISHOLDINGSfeb2014mor.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. VICTOR OOLITIC: Projects $3,239 Total Receipts Through May 2014 --------------------------------------------------------------- Victor Oolitic Stone Company filed an initial monthly operating report on March 28, 2014. The Initial MOR includes a cash flow projection for the 9-week period ended May 9, 2014. The Debtors project cash receipts to total $3,239, and disbursements to total $4,997 for the projected period. The Disbursements include $1,140 in trade payables, $1,713 in payroll and payroll taxes, and $932 in capital expenditure. The Initial MOR also includes a schedule of retainers paid to professionals in 2013 and 2014. Among the Debtor's bankruptcy professionals are McDonald Hopkins LLC, LS Associates, LLC, and Morris, Nichols, Arsht & Tunnel LLP. A copy of the initial MOR is available at: http://bankrupt.com/misc/VICTOROOLITICmor.pdf About Victor Oolitic Victor Oolitic Stone Company began as a supplier of raw block limestone and evolved into the leading provider of a full range of dimensional limestone products in North America. The company owns 10 quarry sites totaling over 4,000 acres and is largest dimensional Indiana limestone quarrier and fabricator in North America. Victor Oolitic and VO Stone Holdings, Inc., sought bankruptcy protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 14-10311) on Feb. 17, 2014. Judge Christopher S. Sontchi presides over the cases. Victor Oolitic hired Paul W. Linehan, Esq., and T. Daniel Reynolds, Esq., at tapped McDonald Hopkins LLC as counsel; Derek C. Abbott, Esq., Andrew R. Remming, Esq., and Renae M. Fusco, Esq., at Morris, Nichols, Arsht & Tunnell, as Delaware counsel; Stuart Buttrick, Esq., Gregory Dale, Esq., and Jay Jaffe, Esq., at Faegre Baker Daniels LLP as labor and employment counsel; Quarton Partners, LLC, an affiliate of Spearhead Capital LLC, a regulated broker dealer, as investment banker; and Kurtzman Carson Consultants as claims and noticing agent. Victor Oolitic estimated $50 million to $100 million in assets and liabilities. As of Jan. 1, 2014, the aggregate outstanding principal and accrued interest under the Debtors' prepetition credit agreement was $53 million. The Debtors also have approximately $6 million in general unsecured debt primarily consisting of outstanding notes owed to former owners of the legacy Indiana Limestone Company and trade debt. This is Victor Oolitic's second trip to the Bankruptcy Court. This time, Victor Oolitic filed for bankruptcy with plans to sell assets to Indiana Commercial Finance, LLC, in exchange for $26 million in debt. Victor Oolitic Stone Company and Victor Oolitic Holdings, Inc., sought Chapter 11 protection in (Bankr. S.D. Ind. Case Nos. 09-05786 and 09-05787) on April 28, 2009. Judge Frank J. Otte presided over the 2009 case. The 2009 Debtors were represented by Henry A. Efroymson, Esq., at Ice Miller LLP. ICF is represented by Vedder Price PC and Pepper Hamilton LLP. ********* 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. 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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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