/raid1/www/Hosts/bankrupt/TCR_Public/140705.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, July 5, 2014, Vol. 18, No. 185
Headlines
BEAR ISLAND: Has $7.70 Million Cash at January 31
BEAR ISLAND: Cash Balance Stays at $7.70 Million at February 28
BEAR ISLAND: Has $5,851 Net Loss at March 31
BEAR ISLAND: Net Loss Rises to $40,317 in April
BEAR ISLAND: Cash Balance Remains at $7.65-Mil. at June 30
COLOR STAR: Cash Balance Increases to $2.17 Million at May 31
FRESH & EASY: Cash Balance Down to $117.44 Million at May 31
GLOBAL GEOPHYSICAL: Net Loss Down to $18.17 Million in May
LIFE UNIFORM: Incurs $160,992 Net Loss in April
LIFE UNIFORM: Net Loss Down to $20,881 in May
NORTHSTAR AEROSPACE: Ends May with $141,000 Cash Balance
ORECK CORP: Lists $343,839 Net Loss for May
PACIFIC STEEL: Ends April with $1.94 Million Cash
*********
BEAR ISLAND: Has $7.70 Million Cash at January 31
-------------------------------------------------
Bear Island Paper Company, LLC, n/k/a Estate BIPCO, LLC, on
June 12, 2014, filed their monthly operating report for the month
of January 2014.
The Debtors incurred net losses of $41,065 on zero sales for the
current reporting period, a decrease from the $200,015 net loss
suffered in December last year.
The Debtors declared total assets of $27.21 million, total
liabilities of $137.95 million, and a total shareholders' deficit
of $110.74 million.
The Debtors had $7.74 million cash at the beginning of the month.
They listed zero receipts and $41,065 in total disbursements. The
Debtors incurred professional fees of $36,190. As a result, the
Debtors had $7.70 million cash at the end of the month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BEARISLANDjan2014mor.pdf
About Bear Island
Canada-based White Birch Paper Company was the second largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at
Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to
Bear Island.
AlixPartners LLP serves as financial and restructuring advisors to
Bear Island, and Lazard Freres & Co., serves as investment banker.
Garden City Group is the claims and notice agent. Jason William
Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia,
represents the Official Committee of Unsecured Creditors.
Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and
Chapter 15 cases.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG and Caspian Capital
Advisors LLC. The sale closed in September 2012.
The caption for Bear Island's case was changed to "Estate BIPCO,
LLC" as required by the asset sale agreement.
Under a plan proposed for Bear Island, first- and second-lien
creditors with $424.9 million and $105.1 million in claims,
respectively, are expected to recover between 0.5 percent and
4 percent. Unsecured creditors with $1.4 million in claims are to
receive the same dividend.
BEAR ISLAND: Cash Balance Stays at $7.70 Million at February 28
---------------------------------------------------------------
Bear Island Paper Company, LLC, n/k/a Estate BIPCO, LLC, on
June 12, 2014, filed a monthly operating report for February 2014.
The Debtors reported zero losses and zero sales for the month.
The Debtors posted $27.21 million in total assets, $137.95 million
in total liabilities, and a -$110.74 million total shareholders'
equity.
The Debtors had $7.70 million cash at February 1. They reported
zero receipts and zero disbursements for the month. Hence, the
Debtors still had $7.70 million cash at month end.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BEARISLANDfeb2014mor.pdf
About Bear Island
Canada-based White Birch Paper Company was the second largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at
Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to
Bear Island.
AlixPartners LLP serves as financial and restructuring advisors to
Bear Island, and Lazard Freres & Co., serves as investment banker.
Garden City Group is the claims and notice agent. Jason William
Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia,
represents the Official Committee of Unsecured Creditors.
Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and
Chapter 15 cases.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG and Caspian Capital
Advisors LLC. The sale closed in September 2012.
The caption for Bear Island's case was changed to "Estate BIPCO,
LLC" as required by the asset sale agreement.
Under a plan proposed for Bear Island, first- and second-lien
creditors with $424.9 million and $105.1 million in claims,
respectively, are expected to recover between 0.5 percent and
4 percent. Unsecured creditors with $1.4 million in claims are to
receive the same dividend.
BEAR ISLAND: Has $5,851 Net Loss at March 31
--------------------------------------------
Bear Island Paper Company, LLC, n/k/a Estate BIPCO, LLC, filed, on
June 12, 2014, their monthly operating report for the month of
March 2014.
The Debtors' income statement showed a $5,851 net loss on zero
sales for the month.
At March 31, the Debtors had total assets of $27.21 million, total
liabilities of $137.95 million, and a total shareholders' deficit
of $110.75 million.
The Debtors started March with $7.70 million cash. They recorded
zero receipts and $5,851 in total disbursements for the month,
which were mainly spent for professional fees. At the end of the
month, the Debtors had $7.69 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BEARISLANDmarch2014mor.pdf
About Bear Island
Canada-based White Birch Paper Company was the second largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at
Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to
Bear Island.
AlixPartners LLP serves as financial and restructuring advisors to
Bear Island, and Lazard Freres & Co., serves as investment banker.
Garden City Group is the claims and notice agent. Jason William
Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia,
represents the Official Committee of Unsecured Creditors.
Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and
Chapter 15 cases.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG and Caspian Capital
Advisors LLC. The sale closed in September 2012.
The caption for Bear Island's case was changed to "Estate BIPCO,
LLC" as required by the asset sale agreement.
Under a plan proposed for Bear Island, first- and second-lien
creditors with $424.9 million and $105.1 million in claims,
respectively, are expected to recover between 0.5 percent and
4 percent. Unsecured creditors with $1.4 million in claims are to
receive the same dividend.
BEAR ISLAND: Net Loss Rises to $40,317 in April
-----------------------------------------------
Bear Island Paper Company, LLC, n/k/a Estate BIPCO, LLC, on June
12, 2014, filed their monthly operating report for the month of
April, 2014.
The Debtors recorded a net loss of $40,317 on zero sales for the
current reporting period, a big increase from the $5,851 net loss
suffered in March.
At the end of April, the Debtors listed total assets of $27.17
million, total liabilities of $137.95 million, and a total
shareholders' deficit of $110.79 million.
The Debtors had $7.69 million cash at the start of the month.
They posted zero receipts and $40,317 in total disbursements,
which were mainly for professional fees. At month end, the
Debtors had $7.65 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BEARISLANDapril2014mor.pdf
About Bear Island
Canada-based White Birch Paper Company was the second largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at
Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to
Bear Island.
AlixPartners LLP serves as financial and restructuring advisors to
Bear Island, and Lazard Freres & Co., serves as investment banker.
Garden City Group is the claims and notice agent. Jason William
Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia,
represents the Official Committee of Unsecured Creditors.
Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and
Chapter 15 cases.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG and Caspian Capital
Advisors LLC. The sale closed in September 2012.
The caption for Bear Island's case was changed to "Estate BIPCO,
LLC" as required by the asset sale agreement.
Under a plan proposed for Bear Island, first- and second-lien
creditors with $424.9 million and $105.1 million in claims,
respectively, are expected to recover between 0.5 percent and
4 percent. Unsecured creditors with $1.4 million in claims are to
receive the same dividend.
BEAR ISLAND: Cash Balance Remains at $7.65-Mil. at June 30
----------------------------------------------------------
Bear Island Paper Company, LLC, n/k/a Estate BIPCO, LLC, on
June 12, 2014, filed their monthly operating report for June 2014.
The Debtors reported zero losses and zero sales for the current
reporting month.
At May 31, the Debtors had total assets of $27.17 million, total
liabilities of $137.95 million, and a total shareholders' deficit
of $110.79 million.
The Debtors started the month with $7.65 million cash. They
recorded zero receipts and zero disbursements for the month.
Hence, the Debtors' cash balance remained at $7.65 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/BEARISLANDmay2014mor.pdf
About Bear Island
Canada-based White Birch Paper Company was the second largest
newsprint producer in North America. As of Dec. 31, 2009, the
White Birch Group held a 12% share of the North American newsprint
market and employed roughly 1,300 individuals (the majority of
which reside in Canada). Bear Island Paper Company, L.L.C., is a
U.S.-based unit of White Birch.
Bear Island filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on
Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million
in total assets, $153.2 million in total liabilities, and a
stockholders' deficit of $11.3 million.
White Birch filed for bankruptcy protection under Canada's
Companies' Creditors Arrangement Act, before the Superior Court
for the Province of Quebec, Commercial Division, Judicial District
of Montreal, Canada. White Birch and five other affiliates --
F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners,
Limited Partnership; Papier Masson Ltee; Stadacona Limited
Partnership; and Stadacona General Partner, Inc. -- also sought
bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at
Troutman Sanders LLP, in Virginia Beach, Virginia Beach, serves as
counsel to White Birch in the Chapter 11 case.
Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael
A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as
counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman
Sanders LLP, in Virginia Beach, Virginia, serve as co-counsel to
Bear Island.
AlixPartners LLP serves as financial and restructuring advisors to
Bear Island, and Lazard Freres & Co., serves as investment banker.
Garden City Group is the claims and notice agent. Jason William
Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia,
represents the Official Committee of Unsecured Creditors.
Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and
Chapter 15 cases.
Bear Island was authorized by the bankruptcy judge in November
2010 to sell the business to a group consisting of Black Diamond
Capital Management LLC, Credit Suisse Group AG and Caspian Capital
Advisors LLC. The sale closed in September 2012.
The caption for Bear Island's case was changed to "Estate BIPCO,
LLC" as required by the asset sale agreement.
Under a plan proposed for Bear Island, first- and second-lien
creditors with $424.9 million and $105.1 million in claims,
respectively, are expected to recover between 0.5 percent and
4 percent. Unsecured creditors with $1.4 million in claims are to
receive the same dividend.
COLOR STAR: Cash Balance Increases to $2.17 Million at May 31
-------------------------------------------------------------
Color Star Growers of Colorado, Inc., on June 20, 2014, filed its
monthly operating report for the month of May 2014.
The Debtor listed total assets of $3.59 million while the
scheduled amount for total prepetition liabilities is $62.21
million.
The Debtor started the month with $1.09 million cash. It posted
total receipts of $1.15 million and total disbursements of
$72,271. At month end, the Debtor had $2.17 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/COLORSTARGROWERSmay2014mor.pdf
About Color Star
Color Star, a grower and wholesaler of flowers and nursery stock
with greenhouses and distribution centers in Colorado, Missouri
and Texas, filed for Chapter 11 bankruptcy protection in December
2013.
Color Star Growers of Colorado, Inc., and two affiliates filed
Chapter 11 bankruptcy petitions (Bankr. E.D. Tex. Case Nos. 13-
42959 to 13-42961) on Dec. 15, 2013, in Sherman, Texas. The
petitions were signed by Brad Walker, chief restructuring officer.
The Debtors estimated assets of at least $10 million and
liabilities of at least $50 million.
Marcus A. Helt, Esq., and Evan R. Baker, Esq., at Gardere Wynne
Sewell LLP, serve as the Debtors' counsel. Simon, Ray & Winikka
LLP serves as special conflicts counsel. SSG Advisors, LLC
provides investment banking services, and UpShot Services LLC
serves as claims, noticing and balloting agent.
The Official Committee of Unsecured Creditors appointed in the
Debtors' cases retained Gavin/Solmonese, LLC as financial
advisors; and Raymond J. Urbanik, Esq., Deborah M. Perry, Esq.,
Thomas Berghman, Esq., and Isaac J. Brown, Esq., at Munsch Hardt
Kopf & Harr, PC as attorneys.
FRESH & EASY: Cash Balance Down to $117.44 Million at May 31
------------------------------------------------------------
Old FENM Inc. (fka Fresh & Easy Neighborhood Market Inc.) and its
affiliate, on June 20, 2014, filed their monthly operating report
for the reporting period from April 28 through May 31, 2014.
The Operating Debtor's statement of operations showed a $8.26
million net loss on zero sales for the period.
At May 31, the Operating Debtor's listed total assets of $118.33
million, total liabilities of -$819.84 million, and a total
shareholders' equity of $701.51 million.
The Operating Debtor's had $120.13 million cash at April 28. It
posted total receipts of $79,766 and total disbursements of $2.77
million. The Disbursements include professional and transaction
fees of $1.27 million. At month end, the Operating Debtor had
$117.44 million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/FRESH_EASYmay2014mor.pdf
About Fresh & Easy
Fresh & Easy Neighborhood Market Inc., and its affiliate filed
Chapter 11 petitions (Bankr. D. Del. Case Nos. 13-12569 and
13-12570) on Sept. 30, 2013. The petitions were signed by James
Dibbo, chief financial officer. Judge Kevin J. Carey presides
over the case.
Fresh & Easy owes $738 million to Cheshunt, England-based Tesco,
the U.K.'s biggest retailer. Fresh & Easy never made a profit and
lost an average of $22 million a month in the 12 months ended in
February, according to court papers.
Jones Day serves as lead bankruptcy counsel. Richards, Layton &
Finger, P.A., serves as local Delaware counsel. Alvarez & Marsal
North America, LLC, serves as financial advisors, and Alvarez &
Marsal Securities, LLC, serves as investment banker. Prime Clerk
LLC acts as the Debtors' claims and noticing agent. Gordon
Brothers Group, LLC, and Tiger Capital Group, LLC, serves as the
Debtors' consultant. The Debtors estimated assets of at least $100
million and liabilities of at least $500 million.
Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed five
creditors to serve in the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Fresh & Easy Neighborhood
Market Inc., et al. Pachulski Stang Ziehl & Jones LLP serves as
counsel to the Committee. FTI Consulting, Inc. serves as its
financial advisor.
The Debtors closed, on or about Nov. 26, 2013, the sale of about
150 supermarkets plus a production facility in Riverside,
California, to Ron Buckle's Yucaipa Cos. Pursuant to the sale
terms, the bankruptcy company changed its name, and the name of
the case, to Old FENM Inc.
GLOBAL GEOPHYSICAL: Net Loss Down to $18.17 Million in May
----------------------------------------------------------
Global Geophysical Services, Inc. and its subsidiaries filed a
Form 8-K report with the U.S. Securities and Exchange Commission
for their monthly operating report for May 2014.
The Debtors incurred a net loss of $18.17 million on revenues of
$23.76 million for the current reporting period, a small decrease
from the $19.28 million suffered in April.
At April 30, the Debtors declared total assets of $438.54 million,
total liabilities of $467.53 million, and a total shareholders'
deficit of $28.99 million.
The Debtors started the month with $41.94 million cash. They
recorded total receipts of $19.08 million and total disbursements
of $24.06 million. At the end of the month, the Debtors had
$36.96 million cash.
A copy of the May 2014 monthly operating report is available at
the SEC at http://is.gd/rSUfsU
About Global Geophysical, Autoseis et al.
Global Geophysical Services Inc., a provider of seismic data for
the oil and gas drilling industry, sought bankruptcy protection,
intending to reorganize on its own with additional capital or
explore a sale or other transaction.
Based in Missouri City, Texas, Global Geophysical disclosed assets
of $468.7 million and liabilities totaling $407.3 million as of
Sept. 30, 2013. Liabilities include $81.8 million on a secured
term loan owing to TPG Specialty Lending Inc. and Tennenbaum
Capital Partners LLC. TPG is the lenders' agent. Global also
owes $250 million on two issues of 10.5 percent senior unsecured
notes, with Bank of New York Mellon Trust Co. as indenture
trustee.
Global Geophysical and five affiliates, including Autoseis, Inc.
(lead debtor), filed Chapter 11 petitions in Corpus Christi, Texas
(Bankr. S.D. Tex. Lead Case No. 14-20130) on March 25, 2014.
The Debtors are represented by C. Luckey McDowell, Esq., Omar
Alaniz, Esq., and Ian E. Roberts, Esq., at Baker Botts, LLP, in
Dallas, Texas; and Shelby A. Jordan, Esq., and Nathanial Peter
Holzer, Esq., at Jordan, Hyden, Womble, Culbreth, & Holzer, PC in
Corpus Christi, Texas. Alvarez & Marsal serves as the Debtors'
restructuring advisors, Fox Rothschild Inc. as financial advisor,
and Prime Clerk as claims and noticing agent.
Judy A. Robbins, the U.S. Trustee for Region 7, has selected seven
creditors to the Official Committee of Unsecured Creditors. The
Committee tapped Greenberg Traurig, LLP as counsel; and Lazard
Freres & Co. LLC and Lazard Middle Market LLC, as financial
advisors and investment bankers.
The Ad Hoc Group of Noteholders and the DIP Lenders are
represented by Marty L. Brimmage, Jr., Esq., Charles R. Gibbs,
Esq., Michael S. Haynes, Esq., and Lacy M. Lawrence, Esq., at Akin
Gump Strauss Hauer & Feld LLP.
Prepetition secured lender TPG is represented by David M. Bennett,
Esq., Tye C. Hancock, Esq., and Joseph E. Bain, Esq., at Thompson
& Knight LLP; and Adam C. Harris, Esq., Lawrence V. Gelber, Esq.,
David M. Hillman, Esq., and Brian C. Tong, Esq., at Schulte Roth &
Zabel LLP.
LIFE UNIFORM: Incurs $160,992 Net Loss in April
-----------------------------------------------
Life Uniform Holding Corp. and its affiliates, on May 19, 2014,
filed a monthly operating report for April 2014.
The Debtors' statement of operations showed a $160,992 net loss
for the current month.
The Debtors posted $1.89 million in total assets, $65.17 million
in total liabilities, and $67.06 million in total shareholders'
deficit.
The Debtors recorded total cash receipts of $19,114 and total
disbursements of $160,992.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/LIFEUNIFORMapril2014mor.pdf
About Life Uniform
Life Uniform was founded in 1965 when Angelica Corporation decided
to enter the retail uniform industry. The first Life Uniform
store opened in 1965 in Clayton, Missouri. At present, Life
Uniform is the nation's largest independently owned medical
professional supplier.
Sun Uniform LLC acquired Life Uniform in July 2004. Since the
acquisition by Sun the company addressed sagging profitability and
overhead issues and quickly drove increases in profitability
through a combination of store rationalization and sensible
corporate overhead initiatives. However, recent performance has
been declining in terms of revenue. This is due to the company's
liquidity issues, which prevented the company from completing its
e-commerce system upgrade, encourage better pricing from vendors,
and maintain sufficient capital.
Life Uniform Holding Corp., Healthcare Uniform Company, Inc., and
Uniform City National Inc. filed Chapter 11 petitions (Bankr. D.
Del. Case Nos. 13-11391 to 13-11393) on May 29, 2013. The
petitions were signed by Bryan Graiff, COO, CFO, VP, secretary,
and treasurer. Life Uniform Holding disclosed $10,695,870 in
assets and $36,821,034 in liabilities as of the Chapter 11 filing.
Life Uniform and Uniform City received court authority on July 26
to sell the business for $22.6 million to Scrubs & Beyond LLC.
There were no competing bids, so an auction wasn't held.
First lien lender CapitalSource Finance LLC is owed on a $11.5
million revolver and $26 million term loan. CapitalSource is
represented by Brian T. Rice, Esq., at Brown Rudnick LLP; and
Jeffrey C. Wisler, Esq., at Connolly Gallagher LLP.
Sun Uniforms Finance LLC is owed $6.1 million in principal on a
second lien note and holds two additional notes, each in the
original principal of $1.08 million. Angelica Corp. holds an
unsecured junior subordinate not in the principal amount of $5.48
million.
Domenic E. Pacitti, Esq., at Klehr Harrison Harvey Branzburg, LLP,
serves as the Debtors' counsel. Epiq Bankruptcy Solutions acts as
the Debtors' administrative agent, and claims and noticing agent.
The Debtors' financial advisor is Capstone Advisory Group, LLC.
Crowe Horwath LLP serves as tax accountants and Brown Smith
Wallace LLC as wind-down tax accountants.
Richard Stern, Esq., at Luskin Stern & Eisler LLP, was appointed
independent fee examiner in the case. Luskin, Stern & Eisler LLP
serves as his counsel and The Rosner Law Group LLC, serves as his
Delaware counsel.
The Official Committee of Unsecured Creditors is represented by
Seth Van Aalten, Esq., at Cooley LLP, and Ann M. Kashishian, Esq.,
at Cousins Chipman & Brown, LLP as counsel.
The U.S Trustee for Region 3 appointed Boris Segalis of
InfoLawGroup LLP as consumer privacy ombudsman in the case.
LIFE UNIFORM: Net Loss Down to $20,881 in May
---------------------------------------------
Life Uniform Holding Corp. and its affiliates, filed, on June 11,
2014, their monthly operating report for May 2014.
The Debtors suffered a net loss of $20,881 for the month, a big
decrease from the $160,992 net loss reported in April.
The Debtors recorded total assets of $1.87 million, total
liabilities subject to compromise of $65.17 million, and total
shareholders' deficit of $67.04 million.
The Debtors listed zero receipts and $20,881 in total
disbursements for the month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/LIFEUNIFORMmay2014mor.pdf
About Life Uniform
Life Uniform was founded in 1965 when Angelica Corporation decided
to enter the retail uniform industry. The first Life Uniform
store opened in 1965 in Clayton, Missouri. At present, Life
Uniform is the nation's largest independently owned medical
professional supplier.
Sun Uniform LLC acquired Life Uniform in July 2004. Since the
acquisition by Sun the company addressed sagging profitability and
overhead issues and quickly drove increases in profitability
through a combination of store rationalization and sensible
corporate overhead initiatives. However, recent performance has
been declining in terms of revenue. This is due to the company's
liquidity issues, which prevented the company from completing its
e-commerce system upgrade, encourage better pricing from vendors,
and maintain sufficient capital.
Life Uniform Holding Corp., Healthcare Uniform Company, Inc., and
Uniform City National Inc. filed Chapter 11 petitions (Bankr. D.
Del. Case Nos. 13-11391 to 13-11393) on May 29, 2013. The
petitions were signed by Bryan Graiff, COO, CFO, VP, secretary,
and treasurer. Life Uniform Holding disclosed $10,695,870 in
assets and $36,821,034 in liabilities as of the Chapter 11 filing.
Life Uniform and Uniform City received court authority on July 26
to sell the business for $22.6 million to Scrubs & Beyond LLC.
There were no competing bids, so an auction wasn't held.
First lien lender CapitalSource Finance LLC is owed on a $11.5
million revolver and $26 million term loan. CapitalSource is
represented by Brian T. Rice, Esq., at Brown Rudnick LLP; and
Jeffrey C. Wisler, Esq., at Connolly Gallagher LLP.
Sun Uniforms Finance LLC is owed $6.1 million in principal on a
second lien note and holds two additional notes, each in the
original principal of $1.08 million. Angelica Corp. holds an
unsecured junior subordinate not in the principal amount of $5.48
million.
Domenic E. Pacitti, Esq., at Klehr Harrison Harvey Branzburg, LLP,
serves as the Debtors' counsel. Epiq Bankruptcy Solutions acts as
the Debtors' administrative agent, and claims and noticing agent.
The Debtors' financial advisor is Capstone Advisory Group, LLC.
Crowe Horwath LLP serves as tax accountants and Brown Smith
Wallace LLC as wind-down tax accountants.
Richard Stern, Esq., at Luskin Stern & Eisler LLP, was appointed
independent fee examiner in the case. Luskin, Stern & Eisler LLP
serves as his counsel and The Rosner Law Group LLC, serves as his
Delaware counsel.
The Official Committee of Unsecured Creditors is represented by
Seth Van Aalten, Esq., at Cooley LLP, and Ann M. Kashishian, Esq.,
at Cousins Chipman & Brown, LLP as counsel.
The U.S Trustee for Region 3 appointed Boris Segalis of
InfoLawGroup LLP as consumer privacy ombudsman in the case.
NORTHSTAR AEROSPACE: Ends May with $141,000 Cash Balance
--------------------------------------------------------
Northstar Aerospace (USA) Inc., now known as NSA (USA) Liquidating
Corp., et al., on June 19, 2014, filed their monthly operating
report for the month of May 2014.
The Debtors listed a consolidated $1,000 net loss for May.
At May 31, NSA (USA) Liquidating Corp. recorded total assets of
$102.02 million in assets, total liabilities of $87.69 million and
a total shareholders' equity of $14.32 million.
The Debtors started and ended May with $141,000. They reported
zero operating receipts and disbursements for the month.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/NORTHSTARAEROSPACEmay2014mor.pdf
About Northstar Aerospace
Chicago, Illinois-based Northstar Aerospace --
http://www.nsaero.com/-- is an independent manufacturer of flight
critical gears and transmissions. With operating subsidiaries in
the United States and Canada, Northstar produces helicopter gears
and transmissions, accessory gearbox assemblies, rotorcraft drive
systems and other machined and fabricated parts. It also provides
maintenance, repair and overhaul of components and transmissions.
Its plants are located in Chicago, Illinois; Phoenix, Arizona and
Milton and Windsor, Ontario. Northstar employs over 700 people
across its operations.
Northstar Aerospace, along with affiliates, filed for Chapter 11
protection (Bankr. D. Del. Lead Case No. 12-11817) in Wilmington,
Delaware, on June 14, 2012, to sell its business to affiliates of
Wynnchurch Capital, Ltd., absent higher and better offers.
The names of the Debtors were changed as contemplated by the
approved sale transaction. The new names are NSA (USA)
Liquidating Corp., NSA (CHI) Liquidating Corp., D-Velco
Manufacturing of Arizona, Inc., and DUSA Liquidating Corp.
Attorneys at Dentons US LLP and Bayard, P.A. serve as counsel to
the Debtors. The Debtors have obtained approval to hire Logan
& Co. Inc. as the claims and notice agent.
Certain Canadian affiliates are also seeking protection pursuant
to the Companies' Creditors Arrangement Act, R.S.C.1985, c. C-36,
as amended.
As of March 31, 2012, Northstar disclosed total assets of
$165.1 million and total liabilities of $147.1 million. About 60%
of the assets and business are with the U.S. Debtors.
ORECK CORP: Lists $343,839 Net Loss for May
-------------------------------------------
Oreck Corporation, et al., on June 9, 2014, filed a monthly
operating report for the month of May 2014.
The Debtors incurred a net loss of $343,839 on zero sales.
The Debtors recorded total assets of $7.21 million, total
liabilities of $3.47 million, and a total shareholders' equity of
$3.74 million.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/ORECKCORPmay2014mor.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.
PACIFIC STEEL: Ends April with $1.94 Million Cash
-------------------------------------------------
Pacific Steel Casting Company, on May 23, 2014, filed its monthly
operating report for April 2014.
The Debtor incurred a $383,814 net loss on total revenues of $1.26
million for the month.
The Debtor declared $35.26 million in total assets, $46.63 million
in total liabilities, and a -$11.36 million total shareholders'
equity.
The Debtor started April with $5.30 million cash. It listed $9.42
million in total receipts and $12.77 million in total
disbursements. At the end of the month, the Debtor had $1.94
million cash.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/PACIFICSTEELCASTINGapril2014mor.pdf
About Pacific Steel Casting,
Berkeley Properties
Pacific Steel Casting Company and Berkeley Properties, LLC,
separately filed Chapter 11 bankruptcy petitions (Bankr. N.D.
Cal. Case Nos. 14-41045 and 14-41048) on March 10, 2014. Pacific
Steel's petition was signed by Charles H. Bridges, Jr., chief
financial officer and director.
Michael W. Malter, Esq., at Binder & Malter, LLP serves as the
Debtors' counsel. Littler Mendelson P.C. and Chang, Ruthenberg &
Long PC serve as special counsel for the Debtors. Epiq Bankruptcy
Solutions, LLC, is the Debtors' claims, noticing and balloting
agent. Burr Pilger Mayer, a certified public accounting firm,
serves as financial consultants.
Pacific Steel makes carbon, low-alloy and stainless steel castings
for U.S. and international customers, largely for heavy-duty
trucks and construction equipment.
Tracy Hope Davis, the United States Trustee for Region 17,
appointed seven creditors to serve on the Official Committee of
Unsecured Creditors. The Committee is represented by Ori Katz,
Esq., and Michael M. Lauter, Esq., at Sheppard, Mullin, Richter &
Hampton LLP. Arch & Beam Global LLC serves as financial advisors
for the Committee.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
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A list of Meetings, Conferences and Seminars appears in each
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On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to the nation's bankruptcy courts. The
list includes links to freely downloadable of these small-dollar
petitions in Acrobat PDF documents.
Each Friday's edition of the TCR includes a review about a book of
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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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