/raid1/www/Hosts/bankrupt/TCR_Public/140524.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, May 24, 2014, Vol. 18, No. 142
Headlines
ABLEST INC: Projected Cash Receipts to Total $640MM thru May 25
ATP OIL: Reports $12.81 Million Net Income in March
EDGENET INC: Net Loss Increases to $1.50 Million in February
EDGENET INC: Reports $1.12 Million Net Income in March
FAIRMONT GENERAL: Records $683,692 Profit in March
FAIRMONT GENERAL: Ends April with $38,079 Cash
FISKER AUTOMOTIVE: Records $130.08MM Net Income in March
FISKER AUTOMOTIVE: Ends April With $114.41 Million Cash
LANDAUER HEALTHCARE: Ends March With $1.25 Million Cash
METEX MFG: Has $1.84 Million Cash Balance at April 30
ORECK CORP: Ends April With $4.58 Million Cash
OVERSEAS SHIPHOLDING: Suffers $15.50 Million Net Loss in March
POINT BLANK: Had $563,583 Cash Balance in May 2013
POINT BLANK: Posted $131,775 Net Loss in June 2013
POINT BLANK: Net Loss Decreases to $74,686 in July 2013
POINT BLANK: Listed $34.66MM in Total Liabilities in August 2013
POINT BLANK: Recorded $213,668 Net Loss in September 2013
POINT BLANK: Ended October 2013 With $513,442 Cash
POINT BLANK: Cash Balance Down to $485,218 in November 2013
POINT BLANK: Reported $32,900 Net Income in December 2013
POINT BLANK: Incurs $124,509 Net Loss in January
POINT BLANK: Has $398,368 Cash at Feb. 28
POINT BLANK: Ending Cash Balance Increases to $428,119 in March
REGIONAL CARE: Reports $83,276 Total Operating Revenue in April
RG STEEL: Incurs $3.549 Million Net Loss in March
RG STEEL: Incurs $4.201 Million Net Loss in April
SOUND SHORE: Ends November With $2.84 Million Cash
SOUND SHORE: Has $922,659 Cash at Dec. 31
SOUND SHORE: Ends January with $1.77 Million Cash Balance
SOUND SHORE: February Cash Balance Slightly Down to $1.64 Million
ST FRANCIS' HOSPITAL: Cash Balance Down to $1.87 Million in March
*********
ABLEST INC: Projected Cash Receipts to Total $640MM thru May 25
---------------------------------------------------------------
Ablest Inc., et al., filed an initial monthly operating report on
April 14, 2014, which included the Debtors' financial projections.
The Debtors project both total sources and uses of cash to total
$640.4 million through May 25, 2014. Cash uses include $365
million in Repayment to First Lien, $138.5 million in Estimated
Deferred Payroll Related Obligations, and $35 million in Repayment
of DIP Loan.
The Initial MOR also includes a schedule of retainers paid to
professionals as of April 1, 2014. Among the Debtors' bankruptcy
professionals are AlixPartners, LLP, Paculski Stang Ziehl & Jones,
and Skadden, Arps, Slate, Meagher & Flom LLP.
A copy of the Initial MOR is available at:
http://bankrupt.com/misc/ABLESTINCmor.pdf
About Ablest Inc.
Ablest Inc. and its debtor-affiliates sought bankruptcy protection
(Bankr. D. Del. Lead Case No. 14-10717) on April 1, 2014, with a
prepackaged plan of reorganization that will reduce debt by $300
million.
Ablest together with its affiliates is a leading national provider
of temporary staffing services in the United States and is the
largest provider of temporary staffing services in California. It
provides staffing services on temporary, "temp-to-hire", and
project-by-project basis through a network of 312 offices in 48
states. The company currently employs 75,000 full and part time
employees in hourly, salaried, supervisory, management and sales
positions plus 1,500 corporate and branch employees.
During the fiscal year ended Dec. 29, 2013, the Debtors placed
approximately 300,000 temporary employees and provided staffing
services to 11,500 customers. For fiscal year 2013, the Debtors
had $2 billion in gross revenue.
The Debtors have tapped (i) the law firm of Pachulski Stang Ziehl
& Jones LLP as co-restructuring counsel; (ii) Skadden, Arps,
Slate, Meagher & Flom LLP as co-restructuring counsel and
corporate and securities counsel; (iii) AlixPartners LLP as
restructuring advisors; (iv) Goldman, Sachs & Co., as financial
advisor; and (v) Kurtzman Carson Consultants LLC as claims and
noticing agent.
As of April 1, 2014, the Debtors have outstanding secured
debt in an aggregate amount, including accrued interest, of
approximately $651 million. Ablest's assets are estimated at $100
million to $500 million.
* * *
This concludes the Troubled Company Reporter's coverage of Ablest
Inc. until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
ATP OIL: Reports $12.81 Million Net Income in March
---------------------------------------------------
ATP Oil & Gas Corporation, on April 25, 2014, filed its monthly
operating report for March 2014.
The Debtor reported a $12.81 million net income on zero revenues
for March, a reverse of the $3.06 net loss incurred in February.
The Debtor listed total assets of $26.73 million, total
liabilities of $2.01 billion, and a total shareholders' deficit of
-($1.99 billion).
The Debtor started March with $2.90 million cash. It recorded
$6,750 in total receipts and $391,596 in total disbursements. At
the end of the month, the Debtor had $2.52 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/ATPOil_3070_MOR.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.
EDGENET INC: Net Loss Increases to $1.50 Million in February
------------------------------------------------------------
Edgenet, Inc., on March 24, 2014, filed its monthly operating
report for February 2014.
The Debtor listed a net loss of $1.50 million on total revenue of
$921,000 for the month, an increase from the $695,00 net loss
incurred in January.
The Debtor recorded total assets of $36.07 million, total
liabilities of $113.97 million, and a total shareholders' deficit
of -($212.55 million).
The Debtor had $11.69 million cash at the beginning of the month.
It posted total receipts of $747,061 and total disbursements of
$1.07 million. At the end of the month, the Debtor had $11.47
million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/Edgenet_159_morfeb2014.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.
EDGENET INC: Reports $1.12 Million Net Income in March
------------------------------------------------------
Edgenet, Inc., on March 24, 2014, filed a monthly operating report
for March 2014.
The Debtor reported a net income of $1.12 million on total revenue
of $1.13 million, an improvement from the previous month's
recorded net loss of $1.50 million.
At March 31, the Debtor declared total assets of $36.09 million,
total liabilities of $112.87 million, and a total shareholders'
deficit of -($209.90 million).
The Debtor started the month with $11.47 million cash. It listed
total receipts of $2.92 million and total disbursements of $1.21
million. At month end, the Debtor had $13.18 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/Edgenet_213_mormarch2014.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.
FAIRMONT GENERAL: Records $683,692 Profit in March
--------------------------------------------------
Fairmont General Hospital, Inc., and its subsidiaries, on
April 18, 2014, filed a monthly operating report for March 2014.
For March, the Debtors listed a $7.47 million total income and
$6.78 million total expenses for the month, resulting to a
$683,692 cash profit.
The Debtors started March with $731,301 million cash. They paid
$781,054 in professional fees. At month end, the Debtors had
$1.41 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FAIRMONTGENERALmarch2014mor.pdf
About Fairmont General Hospital Inc.
Fairmont General Hospital Inc. and Fairmont Physicians, Inc.,
which operate a 207-bed acute-care facility in Fairmont, West
Virginia, sought Chapter 11 bankruptcy protection (Bankr. N.D.
W.Va. Case No. 13-01054) on Sept. 3, 2013. The fourth-largest
employer in Marion County, West Virginia, filed for bankruptcy as
it looks to partner with another hospital or health system.
The Debtors are represented by Rayford K. Adams, III, Esq., and
Casey H. Howard, Esq., at Spilman Thomas & Battle, PLLC, in
Winston-Salem, North Carolina; David R. Croft, Esq., at Spilman
Thomas & Battle, PLLC, in Wheeling, West Virginia, and Michael S.
Garrison, Esq., at Spilman Thomas & Battle, PLLC, in Morgantown,
West Virginia. The Debtors' financial analyst is Gleason &
Associates, P.C. The Debtors' claims and noticing agent is Epiq
Bankruptcy Solutions. Hammond Hanlon Camp, LLC, has been engaged
as investment banker and financial advisor.
UMB Bank is represented by Nathan F. Coco, Esq., and Suzanne Jett
Trowbridge, Esq., at McDermott Will & Emery LLP.
The Committee of Unsecured Creditors is represented by Andrew
Sherman, Esq., and Boris I. Mankovetskiy, Esq., at Sills Cummis &
Gross P.C. and Kirk B. Burkley, Esq., Bernstein Burkley, P.C.
Janet Smith Holbrook, Esq., at Huddleston Bolen LLP, represents
the Committee as local counsel.
The Bankruptcy Court has named Suzanne Koenig at SAK Management
Services, LLC, as patient care ombudsman. Ms. Koenig has hired
her own firm as medical operations advisor; and Greenberg Traurig,
LLP, as her counsel.
The Debtors are engaged in the process of locating a buyer or
strategic partner for the hospital, through the Debtors'
investment bankers. The Debtors believe that by the end of
March 2014 that process will be complete and a plan can be filed.
The Debtors have scheduled $48,568,863 in total assets and
$54,774,365 in total liabilities.
FAIRMONT GENERAL: Ends April with $38,079 Cash
----------------------------------------------
Fairmont General Hospital, Inc., and its subsidiaries, on May 19,
2014, filed their monthly operating report for the month of April
2014.
The Debtors reported a total income of $5.02 million and total
expenses of $6.39 million with a result of -($1.38 million) cash
profit for the month.
The Debtors had $1.41 million cash at the beginning of the month.
They also incurred professional fees of $157,189. At the end of
the month, the Debtors had $38,079 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FAIRMONTGENERALapril2014mor.pdf
About Fairmont General Hospital Inc.
Fairmont General Hospital Inc. and Fairmont Physicians, Inc.,
which operate a 207-bed acute-care facility in Fairmont, West
Virginia, sought Chapter 11 bankruptcy protection (Bankr. N.D.
W.Va. Case No. 13-01054) on Sept. 3, 2013. The fourth-largest
employer in Marion County, West Virginia, filed for bankruptcy as
it looks to partner with another hospital or health system.
The Debtors are represented by Rayford K. Adams, III, Esq., and
Casey H. Howard, Esq., at Spilman Thomas & Battle, PLLC, in
Winston-Salem, North Carolina; David R. Croft, Esq., at Spilman
Thomas & Battle, PLLC, in Wheeling, West Virginia, and Michael S.
Garrison, Esq., at Spilman Thomas & Battle, PLLC, in Morgantown,
West Virginia. The Debtors' financial analyst is Gleason &
Associates, P.C. The Debtors' claims and noticing agent is Epiq
Bankruptcy Solutions. Hammond Hanlon Camp, LLC, has been engaged
as investment banker and financial advisor.
UMB Bank is represented by Nathan F. Coco, Esq., and Suzanne Jett
Trowbridge, Esq., at McDermott Will & Emery LLP.
The Committee of Unsecured Creditors is represented by Andrew
Sherman, Esq., and Boris I. Mankovetskiy, Esq., at Sills Cummis &
Gross P.C. and Kirk B. Burkley, Esq., Bernstein Burkley, P.C.
Janet Smith Holbrook, Esq., at Huddleston Bolen LLP, represents
the Committee as local counsel.
The Bankruptcy Court has named Suzanne Koenig at SAK Management
Services, LLC, as patient care ombudsman. Ms. Koenig has hired
her own firm as medical operations advisor; and Greenberg Traurig,
LLP, as her counsel.
The Debtors are engaged in the process of locating a buyer or
strategic partner for the hospital, through the Debtors'
investment bankers. The Debtors believe that by the end of
March 2014 that process will be complete and a plan can be filed.
The Debtors have scheduled $48,568,863 in total assets and
$54,774,365 in total liabilities.
FISKER AUTOMOTIVE: Records $130.08MM Net Income in March
--------------------------------------------------------
Fisker Automotive, Inc., et al., on April 21, 2014, filed a
monthly operating report for March 2014.
The Debtors recorded a $130.08 million net income on $54,250 net
sales for the month, a large improvement from the $6.05 million
net loss incurred in the previous month.
At March 31, the Debtor reported total asset of $324.13 million,
total liabilities of $500.71 million, and a total shareholders'
equity of $176.57 million.
The Debtors had $796,993 cash at March 1. They posted total
receipts of $139.92 million, and total disbursments of $22.59
million. At the end of the month, the Debtors had $118.12 million
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FiskerAutomotive_806_morMarch2014.pdf
About Fisker Automotive
Fisker Automotive Holdings, Inc., developer of the Karma plug-in
hybrid electric sedan, filed a petition for Chapter 11 protection
(Bankr. D. Del. Case No. 13-13087) on Nov. 22, 2013.
Fisker estimated assets of more than $100 million and listed debt
of $500 million in its bankruptcy petition. The assets include an
assembly plant purchased for $21 million from General Motors Corp.
The plant never operated. The cars were assembled in Finland.
Fisker received a $529 million loan from the Department of
Energy's Advanced Technology Vehicles Manufacturing Loan Program
and drew down about $192 million before the department froze the
loan after Fisker failed to hit several development targets. The
company defaulted on its loan in April 2013.
Bankruptcy Judge Kevin Gross presides over the case. The Debtors
have tapped James H.M. Sprayregen, P.C., Esq., Anup Sathy, P.C.,
Esq., and Ryan Preston Dahl, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, as co-counsel; Laura Davis Jones, Esq., James
E. O'Neill, Esq., and Peter J. Keane, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, as co-counsel;
Beilinson Advisory Group as restructuring advisors; and Rust
Consulting/Omni Bankruptcy, as notice and claims agent and
administrative advisor.
On Nov. 5, 2013, the Official Committee of Unsecured Creditors
was appointed. The members are: (a) David M. Cohen; (b) Sven
Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna
E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc.
The Committee is represented by William R. Baldiga, Esq., and
Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti,
Esq., at Saul Ewing LLP. Emerald Capital Advisors Corp. is the
financial advisors for the Committee.
Fisker sought bankruptcy protection to pursue a private sale of
its business to Hybrid Tech Holdings, LLC. The Committee,
however, wants a sale public sale, and has identified Wanxiang
America Corporation as stalking horse bidder.
Hybrid was initially under contract to buy Fisker in exchange for
$75 million of the $168.5 million government loan it acquired
immediately before the Debtor's Chapter 11 filing. Hybrid later
raised its offer by adding an additional $1 million cash and
agreeing to share proceeds from the sale of a facility in Delaware
it doesn't intend to operate. Hybrid also offered to pay real
estate taxes on the Delaware plant. Hybrid also will waive $90
million in deficiency claims that otherwise would dilute unsecured
creditors' recovery.
Wanxiang, as stalking horse bidder, initially offered $25.8
million in cash. However, Wanxiang has said it has raised its
offer by $10 million and is willing to go higher.
After the hearings on Jan. 10 and 13, the Court directed a public
auction, and capped Hybrid's credit bid to $25 million.
In response, Hybrid raised its offer to $55 million.
Hybrid is represented by Tobias Keller, Esq., and Peter
Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco,
California.
Wanxiang, which bought A123 Systems, Inc., a manufacturer of
lithium-ion batteries used in electric vehicles such as the Fisker
Karma, in a bankruptcy auction early in 2013 for $256.6 million,
is represented in Fisker's case by Sidley Austin LLP's Bojan
Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway
Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady,
Esq., and Kenneth J. Enos, Esq.
On Feb. 19, 2014, the Bankruptcy Court approved the sale of
Fisker's assets to Wanxiang America Corporation. The sale closed
on March 24. The sale to Wanxiang is valued at approximately $150
million, Fisker said in a news statement.
On March 27, 2014, the Court authorized Fisker Automotive Holdings
to change its name to FAH Liquidating Corp. and its affiliate,
Fisker Automotive Inc., to FA Liquidating Corp., following the
sale.
FISKER AUTOMOTIVE: Ends April With $114.41 Million Cash
-------------------------------------------------------
Fisker Automotive, Inc., et al., on May 14, 2014, filed their
monthly operating report for the month of April 2014.
The Debtors posted a net loss of $3.68 million on zero net sales
for April, as compared to the $130.08 million net loss recorded
for the previous month.
The Debtors had $114.45 million in total assets, $321.97 million
in total liabilities, and a -($207.52 million) total shareholders'
deficit.
The Debtors started the month with $118.12 million cash. They
listed $111.01 million in total receipts and $114.71 million in
total disbursements. At month end, the Debtors had $114.41
million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FiskerAutomotive_905_morApril2014.pdf
About Fisker Automotive
Fisker Automotive Holdings, Inc., developer of the Karma plug-in
hybrid electric sedan, filed a petition for Chapter 11 protection
(Bankr. D. Del. Case No. 13-13087) on Nov. 22, 2013.
Fisker estimated assets of more than $100 million and listed debt
of $500 million in its bankruptcy petition. The assets include an
assembly plant purchased for $21 million from General Motors Corp.
The plant never operated. The cars were assembled in Finland.
Fisker received a $529 million loan from the Department of
Energy's Advanced Technology Vehicles Manufacturing Loan Program
and drew down about $192 million before the department froze the
loan after Fisker failed to hit several development targets. The
company defaulted on its loan in April 2013.
Bankruptcy Judge Kevin Gross presides over the case. The Debtors
have tapped James H.M. Sprayregen, P.C., Esq., Anup Sathy, P.C.,
Esq., and Ryan Preston Dahl, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, as co-counsel; Laura Davis Jones, Esq., James
E. O'Neill, Esq., and Peter J. Keane, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, as co-counsel;
Beilinson Advisory Group as restructuring advisors; and Rust
Consulting/Omni Bankruptcy, as notice and claims agent and
administrative advisor.
On Nov. 5, 2013, the Official Committee of Unsecured Creditors
was appointed. The members are: (a) David M. Cohen; (b) Sven
Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna
E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc.
The Committee is represented by William R. Baldiga, Esq., and
Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti,
Esq., at Saul Ewing LLP. Emerald Capital Advisors Corp. is the
financial advisors for the Committee.
Fisker sought bankruptcy protection to pursue a private sale of
its business to Hybrid Tech Holdings, LLC. The Committee,
however, wants a sale public sale, and has identified Wanxiang
America Corporation as stalking horse bidder.
Hybrid was initially under contract to buy Fisker in exchange for
$75 million of the $168.5 million government loan it acquired
immediately before the Debtor's Chapter 11 filing. Hybrid later
raised its offer by adding an additional $1 million cash and
agreeing to share proceeds from the sale of a facility in Delaware
it doesn't intend to operate. Hybrid also offered to pay real
estate taxes on the Delaware plant. Hybrid also will waive $90
million in deficiency claims that otherwise would dilute unsecured
creditors' recovery.
Wanxiang, as stalking horse bidder, initially offered $25.8
million in cash. However, Wanxiang has said it has raised its
offer by $10 million and is willing to go higher.
After the hearings on Jan. 10 and 13, the Court directed a public
auction, and capped Hybrid's credit bid to $25 million.
In response, Hybrid raised its offer to $55 million.
Hybrid is represented by Tobias Keller, Esq., and Peter
Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco,
California.
Wanxiang, which bought A123 Systems, Inc., a manufacturer of
lithium-ion batteries used in electric vehicles such as the Fisker
Karma, in a bankruptcy auction early in 2013 for $256.6 million,
is represented in Fisker's case by Sidley Austin LLP's Bojan
Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway
Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady,
Esq., and Kenneth J. Enos, Esq.
On Feb. 19, 2014, the Bankruptcy Court approved the sale of
Fisker's assets to Wanxiang America Corporation. The sale closed
on March 24. The sale to Wanxiang is valued at approximately $150
million, Fisker said in a news statement.
On March 27, 2014, the Court authorized Fisker Automotive Holdings
to change its name to FAH Liquidating Corp. and its affiliate,
Fisker Automotive Inc., to FA Liquidating Corp., following the
sale.
LANDAUER HEALTHCARE: Ends March With $1.25 Million Cash
-------------------------------------------------------
Landauer Healthcare Holdings, Inc., et al., on April 22, 2014,
filed their monthly operating report for March 2014.
The Debtors suffered a $1.61 million net loss on zero revenue for
the month.
The Debtors listed total assets of $1.97 million, total
liabilities of $26.67 million, and a total shareholders' deficit
of -($24.70 million).
The Debtors had $2.46 million cash at March 1. They posted $7.99
million in total receipts and $9.20 million in total disbursements
for the month. Thus, at month end, the Debtors had $1.25 million
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/Landauer_738_mormarch2014.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.
METEX MFG: Has $1.84 Million Cash Balance at April 30
-----------------------------------------------------
Metex Mfg. Corporation, on May 15, 2014, filed its monthly
operating report for April 2014.
The Debtor reported a $62,140 cash profit on $63,460 total income.
The Debtor declared total assets of $6 million, total liabilities
of $9.44 million, and a total shareholders' deficit of $3.44
million.
The Debtor had $1.78 million cash at April 1. It listed total
receipts of $63,460 and total disbursements of $1,320. The
disbursements include $108,193 in professional fees. Thus, at
month end, the Debtor had $1.84 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/MetexMfg_513_morApril2014.pdf
About Metex
Great Neck, New York-based Metex Mfg. Corporation, formerly known
as Kentile Floors, Inc., started business in the late 1800's as a
manufacturer of cork tile, and thereafter progressed to making
composite tile for commercial and residential use.
Metex filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y.
Case No. 12-14554) on Nov. 9, 2012. The petition was signed by
Anthony J. Miceli, president. The Debtor estimated its assets and
debts at $100 million to $500 million. Judge Burton R. Lifland
presides over the case.
Paul M. Singer, Esq., and Gregory L. Taddonio, Esq., at Reed Smith
LLP, in Pittsburgh, Pa.; and Paul E. Breene, Esq., and Michael J.
Venditto, Esq., at Reed Smith LLP, in New York, N.Y., represent
the Debtor as counsel.
In connection with the case, the U.S. Trustee appointed a
committee of five individual asbestos plaintiffs asserting claims
against Kentile. The plaintiffs are represented by five law
firms: Belluck & Fox; Weitz & Luxenberg, P.C.; Early Lucarelli
Sweeney & Strauss; Cooney & Conway; and Gori Julian & Associates,
PC. The Asbestos Claimants Committee engaged Caplin & Drysdale,
Chartered, as its bankruptcy counsel, Gilbert LLP as its special
insurance counsel, Legal Analysis Systems, Inc., as its
consultant, and Charter Oak Financial Consultants, LLC, as its
financial advisor.
On Jan. 16, 2013, the Bankruptcy Court appointed Lawrence
Fitzpatrick as the Future Claimants' Representative. Mr.
Fitzpatrick engaged Young Conaway Stargatt & Taylor, LLP as his
counsel, and Analysis Research & Planning as his econometrician.
ORECK CORP: Ends April With $4.58 Million Cash
----------------------------------------------
Oreck Corporation, et al., on May 14, 2014, filed their monthly
operating report for April 2014.
The Debtors declared $7.55 million in total assets, $3.47 million
in total liabilities, and a $4.08 million total shareholders'
equity.
The Debtors had $4.74 million cash at April 1. They listed $7,087
in total receipts and $169,358 in total disbursements. At the end
of the month, the Debtors had $4.58 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/ORECKCORPapril2014mor.pdf
About Oreck Corp.
Oreck Corporation and eight affiliates sought Chapter 11
protection (Bankr. M.D. Tenn. Lead Case No. 13-04006) in
Nashville, Tennessee, on May 6, 2013, with plans to sell the
business as a going concern.
Oreck has been in the business of manufacturing, marketing and
selling vacuum cleaners and related products since the late 1960s.
The corporate offices are located in Nashville, and the
manufacturing and call center is located in Cookeville, Tennessee.
Oreck has 70 employees in Nashville, 250 employees at its plant in
Cookeville and 325 employees operating 96 company-owned and
managed retail stores. The Debtor disclosed $18,013,249 in assets
and $14,932,841 plus an unknown amount in liabilities as of the
Chapter 11 filing.
William L. Norton III, Esq., and Alexandra E. Dugan, Esq., at
Bradley Arant Boult Cummings LLP, serve as counsel to the Debtor.
BMC Group Inc. is the claims and notice agent. Sawaya Segalas &
Co., LLC serves as financial advisor.
The U.S. Trustee appointed six creditors to the Official Committee
of Unsecured Creditors. Daniel H. Puryear, Esq., at Puryear Law
Group, and Sharon L. Levine, Esq., and Kenneth A. Rosen, Esq., at
Lowenstein Sandler LLP represent the Committee. The Committee
tapped to retain Gavin/Solmonese LLC as its financial advisor.
In July 2013, Royal Appliance Mfg. Co. (RAM), a subsidiary of the
TTI Group, finalized the purchase of Oreck Corp.'s assets. The
Bankruptcy Court approved the sale on July 16, 2013.
Royal, the maker of Dirt Devil floor-care products, won the
auction for Oreck Corp. The second-place bidder was the Oreck
family, which sold the business in a $272 million transaction in
2003. The Oreck family made the first bid at auction at
$21.9 million, including $14.5 million cash.
The terms of Royal's winning bid weren't disclosed publicly,
according to a Bloomberg News report. Royal was acquired in 2003
by Hong Kong-based Techtronic Industries Co., the maker of Hoover
vacuum cleaners.
OVERSEAS SHIPHOLDING: Suffers $15.50 Million Net Loss in March
--------------------------------------------------------------
Overseas Shipholding Group, Inc., et al., on May 15, 2014, filed a
monthly operating report for March 2014.
The Debtors reported a $15.50 million net loss on $91.68 million
total revenues for the month, a reversal from the $6.32 million
net income reported for the previous month.
At March 31, the Debtors had $3.66 billion in total assets, $3.71
billion in total liabilities, and -($51.33 million) total
shareholders' deficit.
The Debtors started March with $624.27 million cash. They posted
$100.79 million in total receipts and $86.38 million in total
disbursements. At month end, the Debtors had $638.68 million
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/OVERSEASSHIPHOLDINGmarch2014mor.pdf
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.
U.S. Bank National Association is the successor administrative
agent under the $1.5 billion credit agreement, dated as of
February 9, 2006 by and among (a) OSG, OSG Bulk Ships, Inc., and
OSG International, Inc., as joint and several borrowers, (b) the
Administrative Agent and (c) various lenders party thereto.
Counsel to the Administrative Agent are Milbank, Tweed, Hadley &
McCloy LLP; Holland & Knight LLP; and Drinker Biddle & Reath LLP.
Lazard Freres & Co. LLC serves as advisor to the Administrative
Agent.
An official committee of Equity Security Holders has been
appointed in the case. It is represented by Brown Rudnick LLP's
Steven D. Pohl, Esq., James W. Stoll, Esq. and Jesse N. Garfinkle,
Esq.; Fox Rothschild LLP's Jeffrey M. Schlerf, Esq., John H.
Strock, Esq. and L. John Bird, Esq.
* * *
In March 2014, OSG filed a plan of reorganization that hinges on a
plan support agreement it struck with lenders holding an aggregate
of approximately 77% of amounts outstanding under the Company's
Unsecured Revolving Credit Facility. The Debtors and the so-
called Consenting Lenders also agreed to the terms of a
$300,000,000 rights offering, which would be backstopped by the
Consenting Lenders. The Original Plan generally provided that
creditors' allowed non-subordinated claims against the Debtors
other than claims under the Unsecured Revolving Credit Facility,
would be paid in full, in cash, including post-petition interest,
or reinstated and holders of equity interests and claims
subordinated pursuant to section 510(b) of the Bankruptcy Code
would receive a combination of shares of common stock and warrants
issued by reorganized OSG valued at approximately $61,400,000.
Under the Original Plan, holders of claims arising out of the
Unsecured Revolving Credit Facility would receive their pro rata
share of stock and warrants of the reorganized OSG. In addition,
the Original Plan provided that the 7.50% Unsecured Senior Notes
due in 2024 issued by OSG and the 8.125% Unsecured Senior Notes
due in 2018 issued by OSG will be reinstated, following payment of
outstanding interest. The Debtors also entered into a commitment
letter with Goldman Sachs Bank USA to provide $935,000,000 in exit
financing to the fund the Debtors' emergence from bankruptcy.
Late in April, following negotiations with equity holders and the
official committee of equity security holders, OSG abandoned the
agreement with the Consenting Lenders as well as the Original
Plan, and filed an amended Plan premised on an equity commitment
agreement with the Equity Holders, who collectively hold
approximately 30% of the outstanding shares of the Company. Each
Commitment Party has agreed to purchase shares in a rights
offering with an aggregate offering amount of $1,500,000,000, and
committed to purchase shares in respect of unexercised
subscription rights in the rights offering. The Debtors will
distribute to each Equity Holder one subscription right in respect
of each existing equity interest held by such Equity Holder. So-
called Class B securities carry an entitlement to distribution of
up to 10 % of the net litigation recovery in the malpractice
lawsuit against Proskauer Rose LLP and four of its partners.
The Debtors also abandoned the financing deal with Goldman Sachs
and, instead, accepted the funding offer from Jefferies Finance
LLC, which consisted of (a) a $600,000,000 term loan secured by a
first lien on the Debtors' U.S. Flag assets; (b) a $600,000,000
term loan secured by a first lien on the Debtors' International
Flag assets; (c) a $75,000,000 asset based revolving loan
facility; and (d) a $75,000,000 revolving loan facility.
Hearing on the disclosure statement explaining the Amended Plan as
well as the Equity Commitment Agreement and the exit financing
commitments is scheduled for May 23, 2014. The Debtors have
proposed a July 14, 2014 Plan confirmation hearing.
POINT BLANK: Had $563,583 Cash Balance in May 2013
--------------------------------------------------
SS Body Armor I, Inc., et al., formerly known as Point Blank
Solutions Inc., on July 23, 2013, filed their monthly operating
report for May 2013.
The Debtors posted a $202,068 net loss on zero sales for the
month.
The Debtors declared $5.11 million in total assets, $34.35 million
in total liabilities, and -($49.03 million) in total shareholders'
deficit.
At May 1, the Debtors had $623,005 cash. They recorded zero cash
receipts and $59,423 in total disbursements for the month. At the
end of the month, the Debtors had $563,583 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/POINTBLANKmay2013mor.pdf
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. Epiq Bankruptcy Solutions serves as claims
and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.
In October 2011, the Debtors sold substantially all assets to
Point Blank Enterprises, Inc. The lead debtor changed its name to
SS Body Armor I, Inc. following the sale.
POINT BLANK: Posted $131,775 Net Loss in June 2013
--------------------------------------------------
SS Body Armor I, Inc., et al., formerly known as Point Blank
Solutions Inc., filed, on July 24, 2013, a monthly operating
report for the month of June 2013.
The Debtors incurred net losses of $131,775 on zero sales for the
month.
At June 30, the Debtors reported total assets of $5.11 million,
total liabilities of $34.48 million, and a total shareholders'
deficit of -($49.16 million).
The Debtors had $563,583 cash at the beginning of the month. They
listed zero cash receipts and $1,241 in total disbursements for
the month. At month end, the Debtors had $562,342 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/POINTBLANKjune2013mor.pdf
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. Epiq Bankruptcy Solutions serves as claims
and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.
In October 2011, the Debtors sold substantially all assets to
Point Blank Enterprises, Inc. The lead debtor changed its name to
SS Body Armor I, Inc. following the sale.
POINT BLANK: Net Loss Decreases to $74,686 in July 2013
-------------------------------------------------------
SS Body Armor I, Inc., et al., formerly known as Point Blank
Solutions Inc., on Dec. 2, 2013, filed their monthly operating
report for July 2013.
The Debtor suffered a $74,686 net loss on zero sales for the
month, a decrease from the $131,775 net loss incurred in June.
At July 31, the Debtors listed total assets of $5.09 million,
total liabilities of $34.54 million, and a total shareholders'
deficit of -($49.24 million).
The Debtors started the month with $562,342 cash. They recorded
zero cash receipts and total disbursements of $8,006. Thus, end
the end of the month, the Debtors had $554,335 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/POINTBLANKjuly2013mor.pdf
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. Epiq Bankruptcy Solutions serves as claims
and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.
In October 2011, the Debtors sold substantially all assets to
Point Blank Enterprises, Inc. The lead debtor changed its name to
SS Body Armor I, Inc. following the sale.
POINT BLANK: Listed $34.66MM in Total Liabilities in August 2013
----------------------------------------------------------------
SS Body Armor I, Inc., et al., formerly known as Point Blank
Solutions Inc., filed, on Dec. 2, 2013, a monthly operating report
for August 2013.
The Debtors recorded a $123,126 net loss on zero sales.
The Debtors posted $5.09 million in total assets, $34.66 million
total liabilities, and -($49.36 million) total shareholders'
deficit.
Th Debtors had $554,335 cash at August 1. They reported zero
total receipts and $2,095 in total disbursements for the month.
At month end, the Debtors had $552,240 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/POINTBLANKaug2013mor.pdf
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. Epiq Bankruptcy Solutions serves as claims
and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.
In October 2011, the Debtors sold substantially all assets to
Point Blank Enterprises, Inc. The lead debtor changed its name to
SS Body Armor I, Inc. following the sale.
POINT BLANK: Recorded $213,668 Net Loss in September 2013
---------------------------------------------------------
SS Body Armor I, Inc., et al., formerly known as Point Blank
Solutions Inc., on Dec.2 .2013, filed a monthly operating report
for September 2013.
The Debtors incurred net losses of $213,668 on zero sales for
September.
At Sept. 30, the Debtors had $5.06 million in total assets, $34.84
million in total liabilities, and a -($49.57 million) total
shareholders' deficit.
The Debtors posted a beginning cash balance of $552,240. They
recorded zero receipts and $26,980 in total disbursements for the
month. Thus, at the end of the month, the Debtors had $525,261
cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/POINTBLANKsept2013mor.pdf
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. Epiq Bankruptcy Solutions serves as claims
and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.
In October 2011, the Debtors sold substantially all assets to
Point Blank Enterprises, Inc. The lead debtor changed its name to
SS Body Armor I, Inc. following the sale.
POINT BLANK: Ended October 2013 With $513,442 Cash
--------------------------------------------------
SS Body Armor I, Inc., et al., formerly known as Point Blank
Solutions Inc., on April 16, 2014, filed their monthly operating
report for the month of October 2013.
The Debtors incurred a net loss of $161,130 on zero sales for the
month.
The Debtors recorded total assets of $5.04 million, total
liabilities of $34.98 million, and a total shareholders' deficit
of -($49.73 million).
The Debtors had $525,561 cash at the beginning of the month. They
listed zero total receipts and $11,819 in total disbursements for
the month. At month end, the Debtors had $513,442 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/POINTBLANKoct2013.pdf
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. Epiq Bankruptcy Solutions serves as claims
and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.
In October 2011, the Debtors sold substantially all assets to
Point Blank Enterprises, Inc. The lead debtor changed its name to
SS Body Armor I, Inc. following the sale.
POINT BLANK: Cash Balance Down to $485,218 in November 2013
-----------------------------------------------------------
SS Body Armor I, Inc., et al., formerly known as Point Blank
Solutions Inc., filed, on April 16, 2014, their monthly operating
report for November 2013.
The Debtors suffered a $132,467 net loss on zero sales.
The Debtors declared $5 million in total assets, $35.08 million in
total liabilities, and -($49.87 million) in total shareholders'
deficit.
The Debtors started the month with $513,442 cash. They recorded
zero total receipts and $28,223 in total disbursements. At the
end of the month, the Debtors had $485,218 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/POINTBLANKnov2013.pdf
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. Epiq Bankruptcy Solutions serves as claims
and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.
In October 2011, the Debtors sold substantially all assets to
Point Blank Enterprises, Inc. The lead debtor changed its name to
SS Body Armor I, Inc. following the sale.
POINT BLANK: Reported $32,900 Net Income in December 2013
---------------------------------------------------------
SS Body Armor I, Inc., et al., formerly known as Point Blank
Solutions Inc., on April 16, 2014, filed a monthly operating
report for December 2013.
The Debtors recorded a net income of $32,900 on zero sales for the
reporting period, an improvement from the $132,467 net loss listed
for the previous month.
The Debtors had $4.98 million in total assets, $35.03 million in
total liabilities, and a -($49.83 million) total shareholders'
deficit.
At Dec. 1, the Debtors had $584,218 cash. They reported zero
total receipts and $19,129 in total disbursements. Thus, at month
end, the Debtors had $466,090 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/POINTBLANKdec2013.pdf
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. Epiq Bankruptcy Solutions serves as claims
and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.
In October 2011, the Debtors sold substantially all assets to
Point Blank Enterprises, Inc. The lead debtor changed its name to
SS Body Armor I, Inc. following the sale.
POINT BLANK: Incurs $124,509 Net Loss in January
------------------------------------------------
SS Body Armor I, Inc., et al., formerly known as Point Blank
Solutions Inc., on May 1, 2014, filed their monthly operating
report for January 2014.
The Debtors reported a $124,509 net loss on zero sales for the
month.
At Jan. 31, the Debtors declared total assets of $4.96 million,
total liabilities of $35.13 million, and a total total
shareholders' deficit of -($49.96 million).
The Debtors had $466,090 cash to start the month. They recorded
zero total receipts and $67,242 in total disbursements for
January. At the end of the month, the Debtors had $398,848 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/POINTBLANKjan2014.pdf
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. Epiq Bankruptcy Solutions serves as claims
and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.
In October 2011, the Debtors sold substantially all assets to
Point Blank Enterprises, Inc. The lead debtor changed its name to
SS Body Armor I, Inc. following the sale.
POINT BLANK: Has $398,368 Cash at Feb. 28
-----------------------------------------
SS Body Armor I, Inc., et al., formerly known as Point Blank
Solutions Inc., on May 1, 2014, filed a monthly operating for the
month of February 2014.
The Debtors incurred a $124,510 net loss on zero sales for the
month.
The Debtors listed total assets of $4.96 million, total
liabilities of $35.25 million, and a total shareholders' deficit
of -($50.08 million).
The Debtors started February with $398,848 cash. They had zero
receipts and $480 in total disbursements. At month end, the
Debtors had $398,368 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/POINTBLANKfeb2014.pdf
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. Epiq Bankruptcy Solutions serves as claims
and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.
In October 2011, the Debtors sold substantially all assets to
Point Blank Enterprises, Inc. The lead debtor changed its name to
SS Body Armor I, Inc. following the sale.
POINT BLANK: Ending Cash Balance Increases to $428,119 in March
---------------------------------------------------------------
SS Body Armor I, Inc., et al., formerly known as Point Blank
Solutions Inc., filed, on May 1, 2014, their monthly operating
report for March 2014.
The Debtors' consolidated statement of operations showed a net
loss of $94,942 on zero sales for the reporting period.
The Debtors recorded total assets of $4.98 million, total
liabilities of $35.37 million, and a total shareholders' deficit
of -($50.18 million).
The Debtors had $398,368 cash at March 1. They listed total
receipts of $35,187 and total disbursements of $5,436. At the end
of the month, the Debtors had $428,119 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/POINTBLANKmarch2014.pdf
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq.,
David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to
the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves
as corporate counsel. Epiq Bankruptcy Solutions serves as claims
and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. Ian Connor Bifferato, Esq., and Thomas F.
Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein,
Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq.,
at Baker & McKenzie LLP, serve as counsel for the Official
Committee of Equity Security Holders. Robert M. Hirsh, Esq., and
George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to
the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as
co-counsel.
In October 2011, the Debtors sold substantially all assets to
Point Blank Enterprises, Inc. The lead debtor changed its name to
SS Body Armor I, Inc. following the sale.
REGIONAL CARE: Reports $83,276 Total Operating Revenue in April
---------------------------------------------------------------
Regional Care Services Corporation, on May 15, 2014, filed its
monthly operating report for April 2014.
The Debtor reported zero net loss on $83,276 total operating
revenue.
At April 30, the Debtor listed $476,628 in total assets and
$476,628 in total liabilities.
The Debtor recorded total disbursements of $41,312.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/RegionalCare_403_morapril2014.pdf
About Casa Grande Community Hospital
and Regional Care Services
Regional Care Services Corp., Casa Grande Community Hospital d/b/a
Casa Grande Regional Medical Center, Regional Care Physician's
Group, Inc., and Casa Grande Regional Retirement Community sought
Chapter 11 protection (Bankr. D. Ariz. Lead Case No. 14-01383) in
Tucson, Arizona, on Feb. 4, 2014.
The Debtors, one of the largest employers in Pinal County, operate
an award winning, full service non-profit community hospital
serving more than 65,000 patients each year from the largely rural
communities of Casa Grande, Sacaton, Eloy, Florence and
surrounding communities.
CGRMC is a 177-licensed bed, general acute care hospital located
in Casa Grande, Arizona. RCSC is the sole member and sponsor of
CGRMC, RCPG and CGRRC.
As of the Petition Date, CGRRC's management consists of Rona
Curphy as President, Cherie McGlynn as Chairman, David Fitzgibbons
as Vice Chairman, and John Robert McEvoy as Secretary/Treasurer.
Michael McGrath, Esq., and Kasey C. Nye, Esq., at Mesch, Clark &
Rothschild, P.C., in Tucson, Arizona; and Michael J. Pankow, Esq.,
and Joshua M. Hantman, Esq., at Brownstein Hyatt Farber Schreck,
LLP, in Denver, Colorado, serve as counsel to the Debtor.
Casa Grande Hospital estimated $50 million to $100 million in
assets and liabilities.
The Debtors have filed a Plan of Reorganization to effectuate the
sale of substantially all of their assets to Phoenix-based Banner
Health pursuant to a binding Asset Purchase Agreement dated
Feb. 4, 2014.
Banner Health is also providing $6.2 million of DIP financing.
Banner Health is represented in the case by Robert M. Charles,
Jr., Esq., and Susan M. Freeman, Esq., at Lewis Roca Rothgerber
LLP, as counsel.
RG STEEL: Incurs $3.549 Million Net Loss in March
-------------------------------------------------
WP Steel Ventures, LLC, et al., on April 14, 2014, filed their
monthly operating report for the month ended March 31, 2014.
The Company posted a net loss of $3.549 million for March on
zero sales, a decrease from February's $4.785 million net loss.
As of March 31, 2014, the Company had total assets of $173.735
million, total liabilities of $1.23 billion, and total
stockholders' deficit of -($1.056 billion).
For the month of March, the Company had total cash receipts of
$1.155 million and total disbursements of $466,000.
A full-text copy of the monthly operating report is available at:
http://is.gd/BKl0a5
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.
RG STEEL: Incurs $4.201 Million Net Loss in April
-------------------------------------------------
WP Steel Ventures, LLC, et al., on May 19, 2014, filed their
monthly operating report for the month ended April 30, 2014.
The Company posted a net loss of $4.201 million for April on
zero sales, an increase from March's $3.549 million net loss.
As of April 30, 2014, the Company had total assets of $173.603
million, total liabilities of $1.234 billion, and total
stockholders' deficit of -($1.06 billion).
For the month of April, the Company had total cash receipts of
$1.916 million and total disbursements of $557,000.
A full-text copy of the monthly operating report is available at:
http://is.gd/iSt9gs
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.
SOUND SHORE: Ends November With $2.84 Million Cash
--------------------------------------------------
Sound Shore Medical Center of Westchester and its affiliates, on
Jan. 10, 2014, filed their monthly operating report for the month
of November 2013.
The Debtors declared $84.04 million in total assets, $171.25
million in total liabilities, and a -($87.21 million) total
shareholders' deficit.
The Debtors had $3.21 million cash at the beginning of the month.
They listed $72.83 million in total receipts from operations and
$80.12 million in total disbursements from operations. At month
end, the Debtors had $2.48 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/SOUNDSHOREnov2013mor.pdf
About Sound Shore Medical Center
Sound Shore Medical Center of Westchester, Mount Vernon Hospital
Inc., Howe Avenue Nursing Home and related entities sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 13-22840) on
May 29, 2013, in White Plains, New York.
The Debtors were the largest "safety net" providers for Southern
Westchester County in New York. Affiliated with New York Medical
College, Sound Shore is a not-for-profit 242-bed, community based-
teaching hospital located in New Rochelle, New York. Mountain
Vernon Hospital is a voluntary, not-for-profit 176-bed hospital
located in Mount Vernon, New York. Howe Avenue Nursing Home is a
150-bed, comprehensive facility.
The Debtors tapped Burton S. Weston, Esq., at Garfunkel Wild, P.C.
as counsel; Alvarez & Marsal Healthcare Industry Group, LLC, as
financial advisors; and GCG Inc., as claims agent.
Alston & Bird LLP represents the Official Committee of Unsecured
Creditors. Deloitte Financial Advisory Services LLP serves as the
Committee's as financial advisor.
Sound Shore disclosed assets of $159.6 million and liabilities
totaling $200 million. Liabilities include a $16.2 million
revolving credit and a $5.8 million term loan with Midcap
Financial LLC. There is $9 million in mortgages with Sun Life
Assurance Co. of Canada (US) and $11.5 million owing to the New
York State Dormitory Authority.
Neubert, Pepe & Monteith, P.C., represents Daniel T. McMurray, the
patient care ombudsman for Sound Shore.
The Debtors filed for bankruptcy to sell their assets, including
their hospital and nursing home operations, to the Montefiore
health system. On Aug. 8, 2013, the Bankruptcy Court entered an
order, as affirmed and ratified by a Supplemental Sale Order
entered on Oct. 15, 2013, approving the sale to Montefiore New
Rochelle Hospital, Inc., Schaffer Extended Care Center, Inc.,
Montefiore Mount Vernon Hospital, Inc. and certain related
affiliates.
In June 2013, Montefiore added $4.75 million to its purchase offer
to speed up the sale. Montefiore raised its bid to $58.75 million
plus furniture and equipment as part of a request for a private
sale of the hospitals.
On Nov. 6, 2013 at 12:01 a.m. the closing of the Sale occurred and
the sale became effective.
Montefiore is represented by Togut, Segal & Segal LLP.
SOUND SHORE: Has $922,659 Cash at Dec. 31
-----------------------------------------
Sound Shore Medical Center of Westchester and its affiliates, on
Feb. 11, 2014, filed their monthly operating report for December
2013.
The Debtors reported total operating revenues of $683,000 and
total operating expenses of $1.66 million.
The Debtors recorded $67.21 million in total assets, $158.93
million in total liabilities, and a -($90.72 million) total
shareholders' deficit.
The Debtors had $2.63 million cash at the beginning of the month.
They listed $5.26 million in total receipts from operations and
$3.59 million in total disbursements from operations. At the end
of the month, the Debtors had $922,659 cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/SOUNDSHOREdec2013mor.pdf
About Sound Shore Medical Center
Sound Shore Medical Center of Westchester, Mount Vernon Hospital
Inc., Howe Avenue Nursing Home and related entities sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 13-22840) on
May 29, 2013, in White Plains, New York.
The Debtors were the largest "safety net" providers for Southern
Westchester County in New York. Affiliated with New York Medical
College, Sound Shore is a not-for-profit 242-bed, community based-
teaching hospital located in New Rochelle, New York. Mountain
Vernon Hospital is a voluntary, not-for-profit 176-bed hospital
located in Mount Vernon, New York. Howe Avenue Nursing Home is a
150-bed, comprehensive facility.
The Debtors tapped Burton S. Weston, Esq., at Garfunkel Wild, P.C.
as counsel; Alvarez & Marsal Healthcare Industry Group, LLC, as
financial advisors; and GCG Inc., as claims agent.
Alston & Bird LLP represents the Official Committee of Unsecured
Creditors. Deloitte Financial Advisory Services LLP serves as the
Committee's as financial advisor.
Sound Shore disclosed assets of $159.6 million and liabilities
totaling $200 million. Liabilities include a $16.2 million
revolving credit and a $5.8 million term loan with Midcap
Financial LLC. There is $9 million in mortgages with Sun Life
Assurance Co. of Canada (US) and $11.5 million owing to the New
York State Dormitory Authority.
Neubert, Pepe & Monteith, P.C., represents Daniel T. McMurray, the
patient care ombudsman for Sound Shore.
The Debtors filed for bankruptcy to sell their assets, including
their hospital and nursing home operations, to the Montefiore
health system. On Aug. 8, 2013, the Bankruptcy Court entered an
order, as affirmed and ratified by a Supplemental Sale Order
entered on Oct. 15, 2013, approving the sale to Montefiore New
Rochelle Hospital, Inc., Schaffer Extended Care Center, Inc.,
Montefiore Mount Vernon Hospital, Inc. and certain related
affiliates.
In June 2013, Montefiore added $4.75 million to its purchase offer
to speed up the sale. Montefiore raised its bid to $58.75 million
plus furniture and equipment as part of a request for a private
sale of the hospitals.
On Nov. 6, 2013 at 12:01 a.m. the closing of the Sale occurred and
the sale became effective.
Montefiore is represented by Togut, Segal & Segal LLP.
SOUND SHORE: Ends January with $1.77 Million Cash Balance
---------------------------------------------------------
Sound Shore Medical Center of Westchester and its affiliates, on
March 4, 2014, filed a monthly operating report for January 2014.
The Debtors' consolidated statement of operations showed total
operating revenues of $193,000 and total operating expenses of
$1.48 million.
At Jan. 31, the Debtors declared total assets of $61.65 million,
total liabilities of $155.35 million, and a total shareholders'
deficit of -($93.69 million).
The Debtors started the month with $922,659 cash. They reported
total receipts from operations of $2.79 million and total
disbursements from operations of $1.10 million. Thus, at month
end, the Debtors had $1.77 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/SOUNDSHOREjan2014mor.pdf
About Sound Shore Medical Center
Sound Shore Medical Center of Westchester, Mount Vernon Hospital
Inc., Howe Avenue Nursing Home and related entities sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 13-22840) on
May 29, 2013, in White Plains, New York.
The Debtors were the largest "safety net" providers for Southern
Westchester County in New York. Affiliated with New York Medical
College, Sound Shore is a not-for-profit 242-bed, community based-
teaching hospital located in New Rochelle, New York. Mountain
Vernon Hospital is a voluntary, not-for-profit 176-bed hospital
located in Mount Vernon, New York. Howe Avenue Nursing Home is a
150-bed, comprehensive facility.
The Debtors tapped Burton S. Weston, Esq., at Garfunkel Wild, P.C.
as counsel; Alvarez & Marsal Healthcare Industry Group, LLC, as
financial advisors; and GCG Inc., as claims agent.
Alston & Bird LLP represents the Official Committee of Unsecured
Creditors. Deloitte Financial Advisory Services LLP serves as the
Committee's as financial advisor.
Sound Shore disclosed assets of $159.6 million and liabilities
totaling $200 million. Liabilities include a $16.2 million
revolving credit and a $5.8 million term loan with Midcap
Financial LLC. There is $9 million in mortgages with Sun Life
Assurance Co. of Canada (US) and $11.5 million owing to the New
York State Dormitory Authority.
Neubert, Pepe & Monteith, P.C., represents Daniel T. McMurray, the
patient care ombudsman for Sound Shore.
The Debtors filed for bankruptcy to sell their assets, including
their hospital and nursing home operations, to the Montefiore
health system. On Aug. 8, 2013, the Bankruptcy Court entered an
order, as affirmed and ratified by a Supplemental Sale Order
entered on Oct. 15, 2013, approving the sale to Montefiore New
Rochelle Hospital, Inc., Schaffer Extended Care Center, Inc.,
Montefiore Mount Vernon Hospital, Inc. and certain related
affiliates.
In June 2013, Montefiore added $4.75 million to its purchase offer
to speed up the sale. Montefiore raised its bid to $58.75 million
plus furniture and equipment as part of a request for a private
sale of the hospitals.
On Nov. 6, 2013 at 12:01 a.m., the closing of the Sale occurred
and the sale became effective.
Montefiore is represented by Togut, Segal & Segal LLP.
SOUND SHORE: February Cash Balance Slightly Down to $1.64 Million
-----------------------------------------------------------------
Sound Shore Medical Center of Westchester and its affiliates,
filed, on April 2, 2014, their monthly operating report for
February 2014.
The Debtors listed total assets of $59.64 million, total
liabilities of $154.67 million, and a total shareholders' deficit
of -($95.03 million).
The Debtors had $1.77 million cash at Feb. 1. They recorded total
receipts from operations of $2.63 million and total disbursements
from operations of $1.76 million. At month end, the Debtors had
$1.64 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/SOUNDSHOREfeb2014mor.pdf
About Sound Shore Medical Center
Sound Shore Medical Center of Westchester, Mount Vernon Hospital
Inc., Howe Avenue Nursing Home and related entities sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 13-22840) on
May 29, 2013, in White Plains, New York.
The Debtors were the largest "safety net" providers for Southern
Westchester County in New York. Affiliated with New York Medical
College, Sound Shore is a not-for-profit 242-bed, community based-
teaching hospital located in New Rochelle, New York. Mountain
Vernon Hospital is a voluntary, not-for-profit 176-bed hospital
located in Mount Vernon, New York. Howe Avenue Nursing Home is a
150-bed, comprehensive facility.
The Debtors tapped Burton S. Weston, Esq., at Garfunkel Wild, P.C.
as counsel; Alvarez & Marsal Healthcare Industry Group, LLC, as
financial advisors; and GCG Inc., as claims agent.
Alston & Bird LLP represents the Official Committee of Unsecured
Creditors. Deloitte Financial Advisory Services LLP serves as the
Committee's as financial advisor.
Sound Shore disclosed assets of $159.6 million and liabilities
totaling $200 million. Liabilities include a $16.2 million
revolving credit and a $5.8 million term loan with Midcap
Financial LLC. There is $9 million in mortgages with Sun Life
Assurance Co. of Canada (US) and $11.5 million owing to the New
York State Dormitory Authority.
Neubert, Pepe & Monteith, P.C., represents Daniel T. McMurray, the
patient care ombudsman for Sound Shore.
The Debtors filed for bankruptcy to sell their assets, including
their hospital and nursing home operations, to the Montefiore
health system. On Aug. 8, 2013, the Bankruptcy Court entered an
order, as affirmed and ratified by a Supplemental Sale Order
entered on Oct. 15, 2013, approving the sale to Montefiore New
Rochelle Hospital, Inc., Schaffer Extended Care Center, Inc.,
Montefiore Mount Vernon Hospital, Inc. and certain related
affiliates.
In June 2013, Montefiore added $4.75 million to its purchase offer
to speed up the sale. Montefiore raised its bid to $58.75 million
plus furniture and equipment as part of a request for a private
sale of the hospitals.
On Nov. 6, 2013 at 12:01 a.m. the closing of the Sale occurred and
the sale became effective.
Montefiore is represented by Togut, Segal & Segal LLP.
ST FRANCIS' HOSPITAL: Cash Balance Down to $1.87 Million in March
-----------------------------------------------------------------
St. Francis' Hospital, Poughkeepsie, New York, on May 1, 2014,
filed a monthly operating report for March 2014.
The Debtor posted a $1.37 million net loss from operations on
$10.31 million net patient service revenue for the month, a
decrease from the previous month's net loss of $3.33 million.
At March 31, the Debtor declared total assets of $139.16 million,
total liabilities of $138.18 million, and a total shareholders'
equity of $972,541.
The Debtor had $2.51 million cash at the beginning of the month.
It listed total receipts of $24.85 million and total disbursements
of $25.28 million. The Debtor also spent $98,475 in professional
fees. Thus, at month end, the Debtor had $1.87 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/STFRANCISmarch2014mor.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.
*********
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
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Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
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public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
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share in public markets. At first glance, this list may look like
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Don't be fooled. Assets, for example, reported at historical cost
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On Thursdays, the TCR delivers a list of recently filed
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liabilities delivered to the nation's bankruptcy courts. The
list includes links to freely downloadable of these small-dollar
petitions in Acrobat PDF documents.
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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
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