/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/140719.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 19, 2014, Vol. 18, No. 199 Headlines AGFEED INDUSTRIES: Has $8.08 Million Cash Balance at May 31 BROOKSTONE HOLDINGS: Ends May With $8.59 Million Cash Balance CONSTAR INT'L: U.S. Operations Net Loss Down to $968,000 in May DOTS LLC: Net Loss Down to $1.75 Million at May 3 DOTS LLC: Gains $3.39 Million Net Profit at May 31 ENERGY FUTURE: Incurs $283.98 Million Net Loss at May 31 GENCO SHIPPING: Incurs $17.18 Million Net Loss at May 31 GSE ENVIRONMENTAL: Incurs $4.58 Million Net Loss at May 31 JAMES RIVER: Net Loss Decreases to $13.84MM at May 31 HOSTESS BRANDS: Incurs $3.63 Million Net Loss for May LIGHTSQUARED INC: Lists $53.82 Million Net Loss in June LONG BEACH MEDICAL: Ends May with $4.21 Million Cash METRO AFFILIATES: Lists $3.38 Million Net Loss at May 31 METRO FUEL: Ends May with $7.59 Million Cash MMODAL INC: Net Loss Increases to $10.21 Million in May MOMENTIVE PERFORMANCE: Incurs $27,590 Net Loss for April MOMENTIVE PERFORMANCE: Net Loss Down to $20,423 at May 31 RG STEEL: Incurs $4.692 Million Net Loss in June SOUND SHORE: Has $1.85 Million Cash Balance at May 31 TUSCANY INTERNATIONAL: Files Operating Report for April USEC INC: Has $4.34 Million Cash at May 31 ********* AGFEED INDUSTRIES: Has $8.08 Million Cash Balance at May 31 ----------------------------------------------------------- AgFeed USA, LLC, et al., on June 30, 2014, filed their monthly operating report for May 2014. The Debtors incurred a net loss of $507,927 on total net revenues of $46,865 in May, a slight increase from the $486,879 net loss posted at April 31. At May 31, the Debtors had $11.69 million in total assets, $4.02 million in total liabilities, and $7.67 million in total shareholders' equity. The Debtors started the month with $9.02 million cash. They reported zero receipts and $936,544 in total disbursements. At month end, the Debtors had $8.08 million cash. Agfeed Industries, Inc., the parent company of AgFeed USA, LLC, also filed a monthly operating report for the same period. The parent company suffered a net loss of $661,365 on revenues of $468,750. The parent declared total assets of $55.45 million, total liabilities of $19.66 million, and a total shareholders' equity of $35.78 million. The parent company had $37.89 million cash at May 1. It posted total receipts of $890,415 and total disbursements of $730,455. At month end, it had $38.05 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/AgFeedUSALLCmorMay2014.pdf About AgFeed Industries AgFeed Industries, Inc., has 21 farms and five feed mills in China producing more than 250,000 hogs annually. In the U.S., the business included 10 sow farms in three states and two feed mills producing more than one million hogs a year. AgFeed's revenue in 2012 was $244 million. AgFeed and its affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on July 15, 2013, with a deal to sell most of its subsidiaries to The Maschhoffs, LLC, for cash proceeds of $79 million, absent higher and better offers. The Debtors estimated assets of at least $100 million and debts of at least $50 million. Keith A. Maib signed the petition as chief restructuring officer. Hon. Brendan Linehan Shannon presides over the case. Donald J. Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, serve as the Debtors' counsel. BDA Advisors Inc. acts as the Debtors' financial advisor. The Debtors' claims and noticing agent is BMC Group, Inc. The U.S. Trustee has appointed a five-member official committee of unsecured creditors to the Chapter 11 cases. The Creditors' Committee tapped Lowenstein Sandler as lead bankruptcy counsel and Greenberg Traurig, LLP, as co-counsel. CohnReznick LLP serves as the Creditors' Committee's financial advisor. An official committee of equity security holders was also appointed to the Chapter 11 cases. The Equity Committee tapped Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as co-counsel. In October 2013, AgFeed completed the sale of the U.S. operations to three buyers for $79.45 million, including $53.4 million in cash. In November 2013, the Court authorized AgFeed to sell its Chinese assets to Hong Kong firm Good Charm International Development Ltd. in a deal that is expected to net the debtor $45 million once several highly negotiated price adjustments are factored in. An auction was held for the Chinese facilities on Nov. 20, although no one emerged to top what was originally a $50.5 million bid. The price was lowered by $3.45 million in view of what the contract called "newly discovered" operational problems and "deterioration of the performance" of feed mills. * * * In December 2013, AgFeed filed a proposed plan of liquidation showing all creditors as being paid in full, with interest. The Plan proposes to create a trust to prosecute lawsuits and collect remaining assets. As reported by the Troubled Company Reporter on May 21, 2014, the Debtors filed their First Amended Chapter 11 Plan of Liquidation and accompanying disclosure statement. The Plan is supported by the Official Committee of Equity Security Holders. A copy of the Disclosure Statement is available for free at: http://bankrupt.com/misc/Agfeed_1076_DS.PDF BROOKSTONE HOLDINGS: Ends May With $8.59 Million Cash Balance ------------------------------------------------------------- Brookstone Holdings Corp., et al., on June 20, 2014, filed a monthly operating report for May 2014. Brookstone Company Inc.'s income statement showed a net loss of $5,860 on net sales of $24,020 for May. For May, the Debtors posted $345.93 million in total consolidated assets, $299.11 million in total consolidated liabilities, and $46.83 million in total equity. The Debtors had $10 million cash at the beginning of the month. They recorded total receipts of $31.92 million and total disbursements of $33.34 million, which include $2.09 million in professional fees. As a result, the Debtors had $8.59 million cash balance at the end of the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/BROOKSTONEINCmay2014mor.pdf About Brookstone Holdings Brookstone Holdings Corp. and its affiliated debtors on April 3, 2013, filed for relief under Chapter 11 (Bankr. D. Del. Lead Case No. 14-10752) with a plan to sell its business to another retailer. Specialty retailer Brookstone operated 242 retail stores across 40 states and Puerto Rico as of Feb. 1, 2014. Of those stores, 195 are generally located near "center court" in America's top retail centers and 47 are located in airports. Brookstone also operates an e-commerce business that includes the Brookstone catalog and http://www.Brookstone.com/ An affiliate of Spencer Spirit Holdings Inc., the parent of gift- shop chain Spencer's, has signed a deal to pay $147 million in exchange for 100% of the reorganized debtor's equity, absent higher and better offers from other parties. As of Dec. 31, 2013, Spencer operated 644 stores in 49 states and Canada. As of the bankruptcy filing, the Debtors owe more than $50 million on a senior secured prepetition credit facility ($34.1 million on a revolver, $12.3 million on a term loan and $4.7 million on account of letters of credit), and $137.3 million to holders of junior notes. The Debtors estimate that their unsecured debt is between $75 million and $85 million. The agreement with Spencer contemplates that Brookstone, headquartered in New Hampshire, will continue to operate its mall and airport stores, catalog, website, and wholesale channels, under the Brookstone brand with current employees remaining at their respective locations. The Debtors have tapped K&L Gates LLP and Landis Rath & Cobb LLP as attorneys, Deloitte Financial Advisory Services LLP as their financial advisors, Jefferies LLC as their investment banker, and Kurtzman Carson Consultants as claims agent. The DIP lenders are represented by Stroock & Stroock & Lavan LLP and Young Conaway Stargatt & Taylor LLP. CONSTAR INT'L: U.S. Operations Net Loss Down to $968,000 in May --------------------------------------------------------------- Capsule International Holdings, LLC, et al. filed, on June 20, 2014, a monthly operating report for May 2014. The Debtors suffered a net loss of $968,000 on zero sales for May, a four-fold decrease from the previous month's $4.61 million net loss. At May 31, the Debtors listed total assets of $40.08 million, total liabilities of $220.44 million, and a total shareholders' deficit of $180.37 million. For their U.S. Operations, the Debtors had $1.12 million cash at the beginning of the month. They reported $680,000 in net cash used in operating activities and $800,000 used in financing activities. At the end of the month, the Debtors had $1.24 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/CONSTARINTERNATIONALmay2014mor.pdf About Constar Int'l Privately held Constar International Holdings and nine affiliated debtors filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-13281) on Dec. 19, 2013. This is Constar International's third bankruptcy. Constar, which manufactures plastic containers, first filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-13432) in December 2008, with a pre-negotiated Chapter 11 Plan and emerged from bankruptcy in May 2009. Constar and its affiliates returned to Chapter 11 protection (Bankr. D. Del. Case No. 11-10109) on Jan. 11, 2011, with a pre-negotiated Chapter 11 plan and emerged from bankruptcy in June 2011. The 2013 petition listed assets worth less than $100 million against $123 million on three layers of secured debt. Judge Christopher S. Sontchi oversees the 2013 case. Constar is represented by Michael J. Sage, Esq., Brian E. Greer, Esq., Stephen M. Wolpert, Esq., and Janet Bollinger Doherty, Esq., at Dechert LLP; and Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor, LLP. Prime Clerk LLC serves as Constar's claims and noticing agent, and administrative advisor. Lincoln Partners Advisors LLC serves as the Debtors' financial advisor. Attorneys at Brown Rudnick LLP represent the official committee of unsecured creditors. The Committee retained Alvarez & Marsal North America LLC as its financial advisor. Counsel to Wells Fargo Capital Finance, LLC, the revolving loan agent, is Andrew M. Kramer, Esq., at Otterbourg P.C. In February 2014, the Bankruptcy Court authorized Constar to sell certain assets to Plastipak Packaging, Inc., a global manufacturer of rigid plastic packaging. The Court determined that Plastipak's $102,450,000 offer for the Debtors' U.S. assets bested the offers from Amcor Rigid Plastics USA, Inc., and Envases Universales De Mexico S.A.P.I. De C.V. during a Feb. 6 auction. Separately, the Court authorized Constar to sell a facility in Havre de Grace, Maryland, to Smucker Natural Foods, Inc., for $3 million. There was no other bidder for the Maryland facility. The sole director of debtor Constar International U.K. Limited has appointed Daniel Francis Butters and Nicolas Guy Edwards of Deloitte LLP as administrators. The U.K. Administration Proceeding follows the closing of the sale of the U.K. assets to Sherburn Acquisition Limited. The Delaware Bankruptcy Judge authorized the U.S. Debtors to sell the U.K. Assets to Sherburn for GBP3,512,727, (or US$7,046,000), less the deposit in the sum of US$1,250,000. Secured lender Black Diamond Commercial Finance, LLC, as DIP note agent, and Wells Fargo Capital Finance, LLC, as DIP revolving agent and agent under the revolving loan facility, consented to the administration of Constar U.K. and the appointment of the Joint Administrators. DOTS LLC: Net Loss Down to $1.75 Million at May 3 ------------------------------------------------- Dots, LLC, et al., on May 24, 2014, filed their monthly operating report for the period from April 6 through May 3, 2014. The Debtors' statement of operations showed a $1.75 million net loss on zero sales for the current reporting period, a decrease from the $2.35 million net loss recorded at April 5. At May 3, the Debtors declared $51.22 million in total assets, $83.70 million in total liabilities, and -$32.48 million in total shareholders' equity. The Debtors listed total receipts of $9.36 million and total disbursements of $11.02 million for the reporting period. A copy of the monthly operating report is available at: http://bankrupt.com/misc/DOTSLLCapril-maymor.pdf About DOTS LLC Dots is a retailer of fashionable clothing, accessories, and footwear for price-conscious women. Dots provides missy and plus size choices to fashion savvy 25 to 35 year old women at approximately 400 retail stores throughout the Midwest, East, and South United States. Dots' workforce includes 3,500 individuals in their stores, distribution center, and corporate headquarters. Dots, LLC, and its affiliates sought bankruptcy protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 14-11016) on Jan. 20, 2014, to sell some or all of their assets. Lowenstein Sandler LLP serves as counsel to the Debtors. PricewaterhouseCoopers LLP is financial advisor and investment banker. Donlin, Recano & Company, Inc., is the claims and notice agent. As of the Petition Date, the Debtors have outstanding secured debt owed to senior lender Salus Capital Partners, LLC, of which $14.5 million remains outstanding under a revolving facility and $16.1 million is owed under a term facility. The Debtors also have not less than $17 million outstanding under subordinated term loan agreements with Irving Place Capital Partners III L.P. ("IPC") and related entities. Moreover, the Debtors have aggregate unsecured debts of $47.0 million. The Debtors disclosed $51,574,560 in assets and $85,442,656 in liabilities as of the Chapter 11 filing. Salus, the prepetition senior lender and the DIP lender, is represented by Morgan, Lewis & Bockius, LLP. The prepetition subordinated lenders are represented by Okin Hollander & DeLuca, LLP. The Company has arranged to borrow $36 million to keep operating as it reorganizes under court protection. Otterbourg P.C. serves as counsel to the Official Committee of Unsecured Creditors; and FTI Consulting, Inc., serves as its financial advisor. DOTS LLC: Gains $3.39 Million Net Profit at May 31 -------------------------------------------------- Dots, LLC, et al., filed, on June 26, 2014, a monthly operating report for the period from May 4 through May 31, 2014. The Debtors recorded a net profit of $3.39 million on zero sales for the current reporting period, an improvement from the $1.75 million net loss incurred at May 3. The Debtors had total assets of $40.83 million, total liabilities of $69.92 million, and a total shareholders' equity of -$29.09 million. The Debtors reported total receipts of $3.53 million and total disbursements of $5.74 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/DOTSLLCmay2014mor.pdf About DOTS LLC Dots is a retailer of fashionable clothing, accessories, and footwear for price-conscious women. Dots provides missy and plus size choices to fashion savvy 25 to 35 year old women at approximately 400 retail stores throughout the Midwest, East, and South United States. Dots' workforce includes 3,500 individuals in their stores, distribution center, and corporate headquarters. Dots, LLC, and its affiliates sought bankruptcy protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 14-11016) on Jan. 20, 2014, to sell some or all of their assets. Lowenstein Sandler LLP serves as counsel to the Debtors. PricewaterhouseCoopers LLP is financial advisor and investment banker. Donlin, Recano & Company, Inc., is the claims and notice agent. As of the Petition Date, the Debtors have outstanding secured debt owed to senior lender Salus Capital Partners, LLC, of which $14.5 million remains outstanding under a revolving facility and $16.1 million is owed under a term facility. The Debtors also have not less than $17 million outstanding under subordinated term loan agreements with Irving Place Capital Partners III L.P. ("IPC") and related entities. Moreover, the Debtors have aggregate unsecured debts of $47.0 million. The Debtors disclosed $51,574,560 in assets and $85,442,656 in liabilities as of the Chapter 11 filing. Salus, the prepetition senior lender and the DIP lender, is represented by Morgan, Lewis & Bockius, LLP. The prepetition subordinated lenders are represented by Okin Hollander & DeLuca, LLP. The Company has arranged to borrow $36 million to keep operating as it reorganizes under court protection. Otterbourg P.C. serves as counsel to the Official Committee of Unsecured Creditors; and FTI Consulting, Inc., serves as its financial advisor. ENERGY FUTURE: Incurs $283.98 Million Net Loss at May 31 -------------------------------------------------------- Energy Future Holdings Corp., et al., on June 20, 2014, filed their operating report for the period from April 29 through May 31, 2014. Energy Future Holdings (EFH) incurred a $283.98 million net loss on zero revenues for the month. EFH declared total assets of -$9.33 billion, total liabilities of $4.98 billion, and a total equity of -$14.31 billion. The consolidated statement of cash flows show that the Debtors had $701 million cash at the beginning of the month. They posted total cash receipts of $804 million and total cash disbursements of $328 million. At the end of the month, the Debtors had $1.18 billion cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/EnergyFutureHoldingsmorMay2014.pdf About Energy Future Holdings, fka TXU Corp. Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt. The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). The Debtors are seeking to have their cases jointly administered for procedural purposes. As of Dec. 31, 2013, EFH Corp. reported total assets of $36.4 billion in book value and total liabilities of $49.7 billion. The Debtors have $42 billion of funded indebtedness. EFH's legal advisor for the Chapter 11 proceedings is Kirkland & Ellis LLP, its financial advisor is Evercore Partners and its restructuring advisor is Alvarez & Marsal. The TCEH first lien lenders supporting the restructuring agreement are represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, and Millstein & Co., LLC, as financial advisor. The EFIH unsecured creditors supporting the restructuring agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as legal advisor, and Centerview Partners, as financial advisor. The EFH equity holders supporting the restructuring agreement are represented by Wachtell, Lipton, Rosen & Katz, as legal advisor, and Blackstone Advisory Partners LP, as financial advisor. Epiq Systems is the claims agent. Wilmington Savings Fund Society, FSB, the successor trustee for the second-lien noteholders owed about $1.6 billion, is represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee represents the interests of the unsecured creditors of ONLY of Energy Future Competitive Holdings Company LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings Company LLC; and EFH Corporate Services Company, and of no other debtors. The Committee has selected Morrison & Foerster LLP and Polsinelli PC for representation in this high-profile energy restructuring. The lawyers working on the case are James M. Peck, Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC. GENCO SHIPPING: Incurs $17.18 Million Net Loss at May 31 -------------------------------------------------------- Genco Shipping & Trading Limited, et al., filed a monthly operating report with the U.S. Securities and Exchange Commission for the the period from April 21 through May 31 2014. The Debtors incurred a net loss of $17.18 million on total revenues of $14.51 million. At May 31, the Debtors had $2.38 billion in total assets, $1.47 billion in total liabilities, and $914.08 million in total shareholders' equity. The Debtors recorded total receipts of $36.27 million and total disbursements of $47.69 million. A copy of the monthly operating report is available at the SEC at: http://is.gd/AqmNNI About Genco Shipping & Trading New York-based Genco Shipping & Trading Limited (NYSE: GNK) transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Excluding Baltic Trading Limited's fleet, Genco Shipping owns a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize vessels, with an aggregate carrying capacity of approximately 3,810,000 dwt. In addition, Genco Shipping's subsidiary Baltic Trading Limited currently owns a fleet of 13 drybulk vessels, consisting of four Capesize, four Supramax, and five Handysize vessels. Genco Shipping & Trading sought bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 14-11108) on April 21, 2014, to implement a prepackaged financial restructuring that is expected to reduce the Company's total debt by $1.2 billion and enhance its financial flexibility. The company's subsidiaries other than Baltic Trading Limited (and related entities) also sought bankruptcy protection. Genco, owned and controlled by Peter Georgiopoulos, disclosed assets of $2.448 billion and debt of $1.475 billion as of Feb. 28, 2014. Adam C. Rogoff, Esq., and Anupama Yerramalli, Esq., at Kramer Levin Naftalis & Frankel LLP serve as the Debtors' bankruptcy counsel. Blackstone Advisory Partners, L.P., is the financial advisor. GCG Inc. is the claims and notice agent. Wilmington Trust, N.A., in its capacity as successor administrative and collateral agent under a 2007 credit agreement, is represented by Dennis Dunne, Esq., and Samuel Khalil, Esq., at Milbank Tweed Hadley & McCloy LLP. Credit Agricole Corporate & Investment Bank, as agent and security trustee under an August 2010 Loan Agreement; Deutsche Bank Luxembourg S.A., as agent, and Deutsche Bank AG Fillale Deutschlandgeschaft, as security agent and bookrunner under the August 2010 Loan Agreement, are represented by Alan Kornberg, Esq., Sarah Harnett, Esq., and Elizabeth McColm, Esq., at Paul Weiss Rifkind Wharton & Garrison LLP. Paul Weiss also represents the Pre-Petition $100 Million and $253 Million Credit Facilities. The Bank of New York Mellon, the indenture trustee for Genco's 5.00% Convertible Senior Notes due Aug. 15, 2014, and the informal group of 5.00% Convertible Senior Notes due August 15, 2014, are represented by Michael Stamer, Esq., and Sarah Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP. Akin Gump also represents the Informal Convertible Noteholder Group. Kirkland & Ellis LLP's Christopher J. Marcus, Esq., Paul M. Basta, Esq., Eric F. Leon, Esq., represent for Och-Ziff Management LP. Brown Rudnick LLP's William R. Baldiga, Esq., represents an Ad Hoc Consortium of Equity Holders. Orrick, Herrington & Sutcliffe LLP's Douglas S. Mintz, Esq., Washington, DC, represents Deutsche Bank as Pre-Petition Lender, and Credit Agricole, Corporate Investment Bank, as Post-Petition Bankruptcy Lender. Dechert LLP's Allan S. Brilliant, Esq., represents the Entities Managed by Aurelius Capital Management, LP. The U.S. Trustee has appointed an Official Committee of Equity Security Holders. The Equity Committee members are (1) Aurelius Capital Partners, LP; (2) Mohawk Capital LLC; and OZ Domestic Partners, LP. It is represented by Steven M. Bierman, Esq., Benjamin R. Nagin, Esq., Michael G. Burke, Esq., James F. Conlan, Esq., and Larry J. Nyhan, Esq., at Sidley Austin LLP. Genco has filed a motion to disband the Equity Committee, complaining that it is unnecessary and wasteful of the estates' resources. On July 9, 2014, the Debtors completed their financial restructuring and emerged from Chapter 11 through a series of transactions contemplated by the First Amended Prepackaged Plan of Reorganization, and the Plan became effective pursuant to its terms. Key components of the Plan include: (1) The conversion of 100% of the Claims under the Prepetition 2007 Facility into 81.1% of the New Genco Common Stock (subject to dilution by the warrants issued under the Plan); (2) The conversion of 100% of the Claims under the Convertible Notes into 8.4% of the New Genco Common Stock (subject to dilution by the warrants issued under the Plan); (3) A fully backstopped Rights Offering for approximately 8.7% of the New Genco Common Stock; (4) The amendment and restatement of the Prepetition $253 Million Facility and the Prepetition $100 Million Facility as of the Effective Date; (5) The cancellation of the old common stock of Genco as of the Effective Date; (6) Reinstatement, non-impairment or payment in full in the ordinary course of business during the pendency of the Chapter 11 Cases of all Allowed General Unsecured Claims; (7) The non-impairment of all other General Unsecured Claims under section 1124 of the Bankruptcy Code; and (8) A Management Incentive Program. GSE ENVIRONMENTAL: Incurs $4.58 Million Net Loss at May 31 ---------------------------------------------------------- GSE Environmental, Inc., et al., on June 30, 2014, filed a monthly operating report for the period from May 5 through May 31, 2014. The Debtors suffered a net loss of $4.58 million on total sales and operating revenues of $12.22 million. The Debtors had $226.38 million in total assets, $226.62 million in total liabilities, and -$497 million total shareholders' equity. The Debtors had $3.14 million cash at May 5. They posted total receipts of $14.73 million and total disbursements of $9.88 million. At May 31, the Debtors had $7.99 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/GSEEnvironmentalmorMay2014.pdf About GSE Environmental GSE Environmental -- http://www.gseworld.com-- is a global manufacturer and marketer of geosynthetic lining solutions, products and services used in the containment and management of solids, liquids and gases for organizations engaged in waste management, mining, water, wastewater and aquaculture. Headquartered in Houston, Texas, USA, GSE maintains sales offices throughout the world and manufacturing facilities in the US, Chile, Germany, Thailand, China and Egypt. GSE Environmental, Inc. and its affiliates filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-11126) on May 4, 2014 as part of a restructuring support agreement with their lenders. The Debtors are seeking joint administration of their Chapter 11 cases. GSE announced an agreement with its lenders to restructure its balance sheet by converting all of its outstanding first lien debt to equity, leaving the Company well-positioned for long-term growth and profitability. The Company has tapped Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP as counsel, Alvarez & Marsal North America, LLC, as restructuring advisor, and Moelis & Company, as financial advisor. The first lien lenders are represented by Wachtell, Lipton, Rosen & Katz. Prime Clerk is the Debtors' claims agent. Cantor Fitzgerald Securities as agent for a consortium of DIP lenders is represented by Nathan Z. Plotkin, Esq., at Shipman & Goodwin LLP, in Hartford, Connecticut. The DIP Lenders are represented by Scott K. Charles, Esq., Emily D. Johnson, Esq., and and Neil K. Chatani, Esq., at Wachtell, Lipton, Rosen & Katz, in New York. The local Delaware counsel to the DIP Lenders and the DIP Agent is Russell C. Silberglied, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware. GSE Environmental's non-U.S. subsidiaries are not included in the U.S. Chapter 11 filings and will continue to operate in the ordinary course without interruption. * * * The Bankruptcy Court has approved the disclosure statement filed by GSE Environmental Inc. for its plan of reorganization. The hearing at which the Court will consider confirmation of the Plan will commence at 10:30 a.m., prevailing Eastern Time, on July 25, 2014. JAMES RIVER: Net Loss Decreases to $13.84MM at May 31 ----------------------------------------------------- James River Coal Company filed with the U.S. Securities and Exchange Commission their monthly operating report for May 2014. The Debtor incurred a net loss of $13.84 million on total revenues of $28.92 million for the current reporting period, a large decrease from the $32.56 million net loss reported in April. At May 31, the Debtor listed total assets of $849.75 million, total liabilities of $862.36 million, and a total shareholders' deficit of $12.61 million. The Debtor recorded total receipts of $35.56 million and total disbursements of $35.32 million. A copy of the May monthly operating report is available at the SEC at: http://is.gd/iHb8l2 About James River James River Coal Company is a producer and marketer of coal in the Central Appalachia ("CAPP") and the Midwest coal regions of the United States. James River's principal business is the mining, preparation and sale of metallurgical coal, thermal coal (which is also known as steam coal) and specialty coal. James River and 33 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. E.D. Va. Case Nos. 14-31848 to 14-31886) in Richmond, Virginia, on April 7, 2014. The petitions were signed by Peter T. Socha as president and chief executive officer. Judge Kevin R. Huennekens oversees the Chapter 11 cases. On the petition date, James River Coal disclosed total assets of $1.06 billion and total liabilities of $818.6 million. Davis Polk & Wardwell LLP serves as the Debtors' counsel. Hunton & Williams, LLP, acts as the Debtors' local counsel. Kilpatrick Townsend & Stockton LLP serves as the Debtors' special counsel. Perella Weinberg Partners L.P. is the Debtors' financial advisor. Deutsche Bank Securities Inc. serves as the Debtors' investment banker and M&G advisor. Epiq Bankruptcy Solutions, LLC, acts as the debtors' notice, claims and administrative agent. The U.S. Trustee for Region 4 has appointed five creditors to the Official Committee of Unsecured Creditors. Michael S. Stamer, Esq., Alexis Freeman, Esq., and Jack M. Tracy II, Esq., at Akin Gump Strauss Hauer & Feld LLP; and Jonathan L. Gold, Esq., Christopher L. Perkins, Esq., and Christian K. Vogel, Esq., at LeClairRyan. HOSTESS BRANDS: Incurs $3.63 Million Net Loss for May ----------------------------------------------------- Hostess Brands, Inc., et al., on July 3, 2014, filed their monthly operating report for the period from May 4 to May 31, 2014. The Debtors incurred a net loss of $3.63 million on zero revenue for the current reporting period, a slight increase from the $3.15 million net loss reported at May 3. The Debtors recorded total assets of $208.65 million, total liabilities of $2.65 billion, and a total shareholders' equity of -$2.45 billion. The Debtors had $28.35 million cash at May 4. They posted total receipts of $1.88 million and total disbursements of $957,000. The Debtors incurred professional fees of $462,000. At May 31, the Debtors had a cash balance of $29.27 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/HOSTESSBRANDSmay312014mor.pdf About Hostess Brands Founded in 1930, Irving, Texas-based Hostess Brands Inc., is known for iconic brands such as Butternut, Ding Dongs, Dolly Madison, Drake's, Home Pride, Ho Hos, Hostess, Merita, Nature's Pride, Twinkies and Wonder. Hostess has 36 bakeries, 565 distribution centers and 570 outlets in 49 states. Hostess filed for Chapter 11 bankruptcy protection early morning on Jan. 11, 2011 (Bankr. S.D.N.Y. Case Nos. 12-22051 through 12-22056) in White Plains, New York. Hostess Brands disclosed assets of $982 million and liabilities of $1.43 billion as of the Chapter 11 filing. The bankruptcy filing was made two years after predecessors Interstate Bakeries Corp. and its affiliates emerged from bankruptcy (Bankr. W.D. Mo. Case No. 04-45814). In the new Chapter 11 case, Hostess has hired Jones Day as bankruptcy counsel; Stinson Morrison Hecker LLP as general corporate counsel and conflicts counsel; Perella Weinberg Partners LP as investment bankers, FTI Consulting, Inc. to provide an interim treasurer and additional personnel for the Debtors, and Kurtzman Carson Consultants LLC as administrative agent. Matthew Feldman, Esq., at Willkie Farr & Gallagher, and Harry Wilson, the head of turnaround and restructuring firm MAEVA Advisors, are representing the Teamsters union. Attorneys for The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union and Bakery & Confectionery Union & Industry International Pension Fund are Jeffrey R. Freund, Esq., at Bredhoff & Kaiser, P.L.L.C.; and Ancela R. Nastasi, Esq., David A. Rosenzweig, Esq., and Camisha L. Simmons, Esq., at Fulbright & Jaworski L.L.P. The official committee of unsecured creditors selected New York law firm Kramer Levin Naftalis & Frankel LLP as its counsel. Tom Mayer and Ken Eckstein head the legal team for the committee. Hostess Brands in mid-November 2012 opted to pursue the orderly wind down of its business and sale of its assets after the Bakery, Confectionery, Tobacco and Grain Millers Union (BCTGM) commenced a nationwide strike. The Debtor failed to reach an agreement with BCTGM on contract changes. Hostess Brands sold its businesses and most of the plants to five different buyers for an aggregate of $860 million. Hostess still has some plants, depots and other facilities the buyers didn't acquire. The bankruptcy estate has changed its name to Old HB Inc. LIGHTSQUARED INC: Lists $53.82 Million Net Loss in June ------------------------------------------------------- LightSquared Inc., et al., filed on July 15, 2014, a monthly operating report for the month ended June 30, 2014. The Company reported a net loss of $53.82 million on net revenue of $1.53 million for June, as compared to a $59.14 million net loss for the previous month. As of June 30, 2014, the Company had total assets of $3.607 billion, total liabilities of $3.229 billion, and total stockholders' equity of $377.97 million. At the beginning of the month, LightSquared had $36.02 million in cash. The Company had total cash receipts of $3.607 million and total cash disbursements of $16.88 million for June. As a result, at the end of June, the Company had total cash of $22.749 million. A full-text copy of the June monthly operating report is available at http://is.gd/rh7Q2m About LightSquared Inc. LightSquared Inc. and 19 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on May 14, 2012, to resolve regulatory issues that have prevented it from building its coast-to-coast integrated satellite 4G wireless network. LightSquared had invested more than $4 billion to deploy an integrated satellite-terrestrial network. In February 2012, however, the U.S. Federal Communications Commission told LightSquared the agency would revoke a license to build out the network as it would interfere with global positioning systems used by the military and various industries. In March 2012, the Company's partner, Sprint, canceled a master services agreement. LightSquared's lenders deemed the termination of the Sprint agreement would trigger cross-defaults under LightSquared's prepetition credit agreements. LightSquared and its prepetition lenders attempted to negotiate a global restructuring that would provide LightSquared with liquidity and runway necessary to resolve its issues with the FCC. Despite working diligently and in good faith, however, LightSquared and the lenders were not able to consummate a global restructuring on terms acceptable to all interested parties. Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to the Debtors. Alvarez & Marsal North America, LLC, is the financial advisor. Kurtzman Carson Consultants LLC serves as claims and notice agent. LONG BEACH MEDICAL: Ends May with $4.21 Million Cash ---------------------------------------------------- Long Beach Medical Center, on June 23, 2014, filed its monthly operating report for May 2014. In its statement of operations, the Debtor posted a net loss of $414,448 on net revenues of $154,202 for May, a slight decrease from the $602,883 net loss incurred in April. The Debtor had total assets of $30.51 million, total liabilities of $81.93 million, and a total total shareholders' equity of -$51.41 million. The Debtor started the month with $8 million cash. It reported total receipts of $950,052 and total disbursements of $4.75 million. At month end, the Debtor had $4.21 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/LONGBEACHMEDICALmay2014mor.pdf About Long Beach Medical Center Long Beach Medical Center, formerly Long Beach Memorial Hospital, was a 162-bed, community-based hospital offering primary, acute, emergency and long-term health care to residents of Long Beach, New York. Founded in 1922, LBMC was a teaching facility for the New York College of Osteopathic Medicine. LBMC was shut down after superstorm Sandy devastated the hospital in October 2012. Long Beach Memorial Nursing Home Inc, runs the The Komanoff Center for Geriatric and Rehabilitative Medicine, a 200-bed skilled nursing facility affiliated with LBMC. It provides services for residents requiring long term nursing home care and short term post-acute (sub-acute) care. Currently there are 127 residents of Komanoff. Long Beach Medical Center and Long Beach Memorial Nursing Home d/b/a The Komanoff Center for Geriatric and Rehabilitative Medicine, sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case Nos. 14-70593 and 14-70597) on Feb. 19, 2014. Long Beach Medical Center scheduled $17,400,606 in total assets and $84,512,298 in total liabilities. Garfunkel Wild P.C. serves as the Debtors' counsel. GCG, Inc., is the Debtors' claims and noticing agent. The Hon. Alan S. Trust presides over the cases. The U.S. Trustee has appointed three members to the official committee of unsecured creditors. The panel retained Klestadt & Winters, LLP, led by Sean C. Southard, Esq., as counsel. * * * In May 2014, Long Beach Medical Center was sold at auction to two buyers. South Nassau Communities Hospital originally offered $21 million for both the hospital and the affiliated 200-bed Komanoff nursing home. South Nassau won the hospital auction with a bid of $10.25 million, plus the assumption of $1 million in employee liabilities. South Nassau will sell the hospital's equipment and guarantee Long Beach at least $500,000. The nursing home went to several individuals for $15.6 million, plus assumption of employee liabilities and as much as $1.1 million in known or unknown health-care program debt. As a breakup fee, South Nassau receives $450,000 and repayment of as much as $4.5 million in loans it made to finance the Chapter 11 case. METRO AFFILIATES: Lists $3.38 Million Net Loss at May 31 -------------------------------------------------------- Metro Affiliates, Inc., et al, on June 30, 2014, filed their monthly operating report for May 2014. The Debtors incurred a $3.38 million net loss on $286,071 net revenue for the month, as compared to the At May 31, the Debtors declared total assets of $30.20 million, total liabilities of $175.39 million, and a total shareholders' equity of -$145.19 million. The Debtors started May with $212,353 cash. They listed total receipts of $6.59 million and total disbursements of $6.60 million. Among the disbursements were $401,864 in professional fees. At month end, the Debtors had $205,902 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/METROAFFILIATESmay2014mor.pdf About Metro Affiliates Staten Island, New York-based Metro Affiliates, Inc., and its subsidiaries sought protection under Chapter 11 of the Bankruptcy Code on Nov. 4, 2013 (Bankr. S.D.N.Y. Case No. 13-13591). The case is assigned to Judge Sean Lane. In its schedules, Metro Affiliates disclosed $14,438,351 in total assets and $163,562,007 total liabilities. Lisa G. Beckerman, Esq., and Rachel Ehrlich Albanese, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York; and Scott L. Alberino, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Washington, D.C., represent the Debtors. Silverman Shin & Byrne PLLC serves as special counsel. Rothschild Inc. serves as the Debtors' investment banker, while Kurtzman Carson Consultants LLC serves as their claims and noticing agent. The Joint Chapter 11 Plan of Liquidation filed by Metro Affiliates, Inc. and its debtor affiliates embodies a global settlement among the Debtors, the Creditors Committee, Wells Fargo and Wayzata for a fair allocation of the Debtors' remaining assets. Wayzata holds a substantial majority of the Debtors' Notes. Among other things, the Settlement provides that proceeds of the Noteholders' Collateral will be used to pay certain administrative expenses. Wells Fargo Bank, National Association, as agent for a consortium of DIP lenders, is represented by Jonathan N. Helfat, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C., in New York. The Bank of New York Mellon as indenture trustee and collateral agent for prepetition noteholders, is represented by James Gadsden, Esq., at Carter, Ledyard & Milburn LLP, in New York. Certain Noteholders are represented by Kristopher M. Hansen, Esq., at Stroock & Stroock & Lavan LLP, in New York. The U.S. appointed a three-member official committee of unsecured creditors represented by Farrell Fritz, P.C. PricewaterhouseCoopers LLP serves as the Committee's Financial advisors. This is Metro Affiliates' third trip to Chapter 11. The Company, together with its subsidiaries, previously sought protection under Chapter 11 of the Bankruptcy Code on Aug. 16, 2002 (In re Metro Affiliates, Inc., Case No. 02-42560 (PCB), Bankr. S.D.N.Y.). A plan in the second Chapter 11 case was confirmed in September 2003. The first bankruptcy was in 1994. METRO FUEL: Ends May with $7.59 Million Cash -------------------------------------------- Metro Fuel Oil Corp., et al., on June 20, 2014, filed their monthly operating report for May 2014. The Debtors reported a net loss of $215,965 over zero net sales for the current reporting period, an increase from the $163,994 net loss incurred in April. At May 31, the Debtor declared total assets of $7.72 million, total liabilities of $60.73 million, and a total shareholders' equity of -$53.01 million. The Debtors had $17.56 million cash at the beginning of the month. They recorded $4.90 million in total receipts of $14.88 million in total disbursements. At month end, the Debtors had $7.59 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/METROFUELOILmay2014mor.pdf About Metro Fuel Metro Fuel Oil Corp., is a family-owned energy company, founded in 1942, that supplies and delivers bioheat, biodiesel, heating oil, central air conditioning units, ultra low sulfur diesel fuel, natural gas and gasoline throughout the New York City metropolitan area and Long Island. Owned by the Pullo family, Metro has 55 delivery trucks and a 10 million-gallon fuel terminal in Brooklyn. Financial problems resulted in part from cost overruns in building an almost-complete biodiesel plant with capacity of producing 110 million gallons a year. Based in Brooklyn, New York, Metro Fuel Oil Corp., fka Newtown Realty Associates, Inc., and several of its affiliates filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Lead Case No. 12-46913) on Sept. 27, 2012. Judge Elizabeth S. Stong presides over the case. Nicole Greenblatt, Esq., at Kirkland & Ellis LLP, represents the Debtor. The Debtor selected Epiq Bankruptcy Solutions LLC as notice and claims agent. Th Debtor tapped Carl Marks Advisory Group LLC as financial advisor and investment banker, Curtis, Mallet-Prevost, Colt & Mosle LLP as co-counsel, AP Services, LLC as crisis managers for the Debtors, and David Johnston as their chief restructuring officer. The petition showed assets of $65.1 million and debt totaling $79.3 million. Liabilities include $58.8 million in secured debt, with $48.3 million owing to banks and $10.5 million on secured industrial development bonds. Metro Terminals Corp., affiliate of Metro Fuel Oil Corp., disclosed $38,613,483 in assets and $71,374,410 in liabilities as of the Chapter 11 filing. The U.S. Trustee appointed a seven-member creditors committee. Kelley Drye & Warren LLP represents the Committee. The Committee tapped FTI Consulting, Inc. as its financial advisor. On Feb. 15, 2013, the Bankruptcy Court entered an order approving the sale of substantially all of the assets of the Debtors to United Refining Energy Corp., for the base purchase price of $27,000,000, subject to adjustments. MMODAL INC: Net Loss Increases to $10.21 Million in May ------------------------------------------------------- MModal Inc., on June 27, 2014, filed a monthly operating report for May 2014. The Debtor reported a net loss of $10.21 million on zero revenue for the month, an increase from the $9.06 million net loss incurred in April. The Debtor posted, at May 31, total assets of $700.04 million, total liabilities of $944.89 million, and a total shareholders' equity of -$244.85 million. The Debtor $62 in total receipts and $8.26 million in total disbursements for May. A copy of the monthly operating report is available at: http://bankrupt.com/misc/MModalIncmorMay2014.pdf About M*Modal Headquartered in Franklin, Tennessee, M*Modal provides clinical documentation solutions for the U.S. healthcare industry. It has operations in six countries and employs more than 9,900 employees, most of whom are medical transcriptionists or medical editors. M*Modal, a medical-services company owned by J.P. Morgan Chase Co.'s private-equity arm, filed for Chapter 11 bankruptcy protection, following a decline in sales and mounting debt. MModal disclosed $627 million in total assets and $876 million in total liabilities as of Feb. 28, 2014. MModal Inc., disclosed, in its schedules, assets of $36,128,041 plus undetermined amount, and liabilities of $808,089,536 plus undetermined amount. Legend Parent Inc. and other M*Modal entities, including MModal Inc., sought bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 14-10701) on March 20, 2014. The Debtors have tapped Dechert LLP as attorneys, Alvarez & Marsal North America, LLC, as restructuring advisor, Lazard Freres & Co LLC as investment banker, Deloitte Tax LLP as tax advisor, and Prime Clerk LLC as claims and noticing agent, and administrative advisor. The Joint Plan of Reorganization dated April 25, 2014, provides that First Lien Claims will be allowed in the aggregate amount of $507,680,532. On the effective date, holders of First Lien Claim will also receive their pro rata share of (i) the New Term Loan, (ii) 93% of Reorganized Holdings Equity Interests, subject to dilution solely on account of the New Warrants and Management Stock Option Plan; and (iii) $8,197,801 in Cash. Holders of Allowed General Unsecured Claims will receive their pro rata share of (i) 7% of the Reorganized Holdings Equity Interests; (ii) the New A Warrants and New B Warrants; and (iii) $617,039 in Cash. A Steering Committee for Secured Lenders under the Prepetition Credit Agreement is represented by Richard Levy, Esq., at Latham & Watkins LLP. An Ad Hoc Committee of certain unaffiliated holders of (i) the Term B loan under the Prepetition Credit Agreement and (ii) Notes issued under the Indenture is represented by Michael Stamer, Esq., and James Savin, Esq., at Akin Gump Strauss Hauer & Feld LLP. The U.S. Trustee for Region 2 has appointed three members to the Official Committee of Unsecured Creditors. Kristopher M. Hansen, Esq., Frank A. Merola, Esq., and Matthew G. Garofalo, Esq., at Stroock & Stroock & Lavan LLP, in New York, serve as counsel to the Committee. Michael Diaz of FTI Consulting leads the team of financial advisors to the Creditors' Committee. MOMENTIVE PERFORMANCE: Incurs $27,590 Net Loss for April -------------------------------------------------------- MPM Silicones, LLC, et al. filed a monthly operating report with the U.S. Securities and Exchange Commission for the period from April 13 through April 30, 2014. The Debtors incurred a $27,590 net loss on $94,599 net sales for the current reporting period. At April 30, the Debtors declared total assets of $2.62 million, total liabilities of $5.05 million, and a total shareholders' deficit of $2.43 million. The Debtors posted total cash receipts of $287.49 million and total cash disbursements of $252.21 million. A copy of the April 2013 monthly operating report is available at the SEC at http://is.gd/gHAgoq About Momentive Performance Momentive Performance is one of the world's largest producers of silicones and silicone derivatives, and is a global leader in the development and manufacture of products derived from quartz and specialty ceramics. Momentive has a 70-year history, with its origins as the Advanced Materials business of General Electric Company. In 2006, investment funds affiliated with Apollo Global Management, LLC, acquired the company from GE. As of Dec. 31, 2013, the Company had 4,500 employees worldwide, of which 46% of the Company's employees are members of a labor union or are represented by workers' councils that have collective bargaining agreements. Momentive Performance Materials Inc., Momentive Performance Materials Holdings Inc., and their affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 14-22503) on April 14, 2014, with a deal with noteholders on a balance-sheet restructuring. As of Dec. 31, 2013, the Debtors had $4.114 billion of consolidated outstanding indebtedness, including payments due within the next 12 months and short-term borrowings. The Debtors said that the restructuring will eliminate $3 billion in debt. The Debtors have tapped Willkie Farr & Gallagher LLP as bankruptcy counsel with regard to the filing and prosecution of these chapter 11 cases; Sidley Austin LLP as special litigation counsel; Moelis & Company LLC as financial advisor and investment banker; AlixPartners, LLP as restructuring advisor; PricewaterhouseCoopers as auditor; and Crowe Horwath LLP as benefit plan auditor. Kurtzman Carson Consultants LLC is the notice and claims agent. The U.S. Trustee for Region 2 appointed seven members to serve on the Official Committee of Unsecured Creditors of the Debtors' cases. Klee, Tuchin, Bogdanoff & Stern LLP serves as its counsel. FTI Consulting, Inc., serves as its financial advisor. Rust Consulting Omni Bankruptcy serves as its information agent. MOMENTIVE PERFORMANCE: Net Loss Down to $20,423 at May 31 --------------------------------------------------------- MPM Silicones, LLC, et al., filed a monthly operating report with the U.S. Securities and Exchange Commission for the month of May 2014. The Debtors recorded a net loss of $20,423 on net sales of $96,513 for May, a decrease from the $27.59 million net loss incurred for the previous month. The Debtors had $2.62 million in total assets, $5.08 million in total liabilities, and a total deficit of $2.46 million. The Debtors listed $337.78 million in total cash receipts and $358.67 million in total cash disbursements for the month. A copy of the May 2014 monthly operating report is available at the SEC at http://is.gd/LTjqoF About Momentive Performance Momentive Performance is one of the world's largest producers of silicones and silicone derivatives, and is a global leader in the development and manufacture of products derived from quartz and specialty ceramics. Momentive has a 70-year history, with its origins as the Advanced Materials business of General Electric Company. In 2006, investment funds affiliated with Apollo Global Management, LLC, acquired the company from GE. As of Dec. 31, 2013, the Company had 4,500 employees worldwide, of which 46% of the Company's employees are members of a labor union or are represented by workers' councils that have collective bargaining agreements. Momentive Performance Materials Inc., Momentive Performance Materials Holdings Inc., and their affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 14-22503) on April 14, 2014, with a deal with noteholders on a balance-sheet restructuring. As of Dec. 31, 2013, the Debtors had $4.114 billion of consolidated outstanding indebtedness, including payments due within the next 12 months and short-term borrowings. The Debtors said that the restructuring will eliminate $3 billion in debt. The Debtors have tapped Willkie Farr & Gallagher LLP as bankruptcy counsel with regard to the filing and prosecution of these chapter 11 cases; Sidley Austin LLP as special litigation counsel; Moelis & Company LLC as financial advisor and investment banker; AlixPartners, LLP as restructuring advisor; PricewaterhouseCoopers as auditor; and Crowe Horwath LLP as benefit plan auditor. Kurtzman Carson Consultants LLC is the notice and claims agent. The U.S. Trustee for Region 2 appointed seven members to serve on the Official Committee of Unsecured Creditors of the Debtors' cases. Klee, Tuchin, Bogdanoff & Stern LLP serves as its counsel. FTI Consulting, Inc., serves as its financial advisor. Rust Consulting Omni Bankruptcy serves as its information agent. RG STEEL: Incurs $4.692 Million Net Loss in June ------------------------------------------------ WP Steel Ventures, LLC, et al., on July 16, 2014, filed their monthly operating report for the month ended June 30, 2014. The Company posted a net loss of $4.692 million for June on zero sales, a decrease from the $4.841 million net loss incurred in May. As of June 30, 2014, the Company had total assets of $172.155 million, total liabilities of $1.24 billion, and total stockholders' deficit of $1.07 billion. For the month of June, the Company had total cash receipts of $2.465 million and total disbursements of $478,000. A full-text copy of the monthly operating report is available at: http://is.gd/VXq226 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: Has $1.85 Million Cash Balance at May 31 ----------------------------------------------------- Sound Shore Medical Center of Westchester and its affiliates filed, on June 30, 2014, their monthly operating report for May 2014. The Debtors' consolidated statement of operations listed $542 in total operating revenues and $1,640 in total operating expenses. The Debtors' consolidated balance sheets recorded $53.64 million in total assets, $148.89 million in total liabilities, and -$95.25 million in total shareholders' equity. Sound Shore listed total receipts from operations of $770,928 and total disbursements from operations of $1.36 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SoundShoreMedicalCenterMORMay2014.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. TUSCANY INTERNATIONAL: Files Operating Report for April ------------------------------------------------------- Tuscany International Holdings (U.S.A.) Ltd., et al., on June 18, 2014, filed their monthly operating report for April 2014. At April 30, Tuscany International Drilling Inc. declared $295.27 million, total liabilities of -$6.41 million, and a total shareholders' equity of $301.68 million. The Debtors started the month with a cash balance of -$15,948. They posted total receipts of $4.15 million and total disbursements of $7.08 million. Thus, ending cash for the month before intercompany transfers was -$2.94 million. After cumulative intercompany transfers of -$11.75 million was accounted for, ending cash was at -$14.69 million. Tuscany International Drilling Inc.'s income statement report for April posted a $3.51 million net loss on total revenues of $2.18 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/TUSCANYINTERNATIONALapril2014mor.pdf About Tuscany International Tuscany International Holdings (U.S.A.) Ltd. and Tuscany International Drilling Inc. sought protection from creditors under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 14-10193) in Delaware on Feb. 2, 2014. Tuscany also commenced ancillary proceedings in the Court of Queen's Bench of Alberta under the Companies' Creditors Arrangement Act. Pursuant to a restructuring support agreement with prepetition lenders holding 95% of the prepetition loans, the Debtors have agreed to sell substantially all of the assets of TID to lenders in exchange for a credit bid of certain of their debt, effectuated through a plan of reorganization. Headquartered in Calgary, Alberta, Tuscany is engaged in the business of providing contract drilling and work-over services along with equipment rentals to the oil and gas industry. Tuscany is currently focused on providing services to oil and natural gas operators in South America. Tuscany has operating centers in Colombia, Brazil, and Ecuador. The Debtor disclosed $414,624,292 in assets and $207,332,530 in liabilities as of the Chapter 11 filing. The Colombian and Brazilian businesses are operated by certain non-debtor affiliates, while the Ecuador business is operated by branch office of debtor TID. As of the Petition Date, Tuscany entities owned 26 rigs, of which 12 are located in Colombia, nine in Brazil and five in Ecuador. Of the 26 rigs, 15 were contracted and operational as of the Petition Date and five were directly owned by the Debtors. Latham & Watkins LLP's Mitchell A. Seider, Esq., Keith A. Simon, Esq., David A. Hammerman, Esq., and Annemarie V. Reilly, Esq.; and Young Conaway Stargatt & Taylor, LLP's Michael R. Nestor, Esq., and Kara Hammond Coyle, Esq., serve as the Debtors' co-counsel. FTI Consulting Canada, Inc.'s Deryck Helkaa is the chief restructuring officer. Prime Clerk LLC is the claims and notice agent, and administrative agent. McCarthy Tetrautt LLP is the special Canadian counsel. Deloitte & Touche LLP provides tax services. GMP Securities, LLC serves as investment banker. The Debtors' plan of reorganization dated March 3, 2014, proposes that a newly-formed entity organized by certain prepetition lenders will credit bid a principal amount of the Prepetition Credit Agreement Claims or DIP Facility Claims to be determined in exchange for all or substantially all of the assets of the HoldCo. The Bankruptcy Court has entered an order approving the bidding procedures for the sale of all or any portion of the Debtors' assets or the new capital stock of Reorganized HoldCo, as reorganized under the Plan. These bidding procedures are to be utilized by the Debtors in the postpetition sale process in an effort to secure the highest or otherwise best offer for the sale of the Debtors' businesses. The U.S. Trustee said that an official committee of unsecured creditors has not been appointed in the Debtors' cases. An Official Committee of Equity Security Holders has been appointed in the case. The Equity Committee has tapped as bankruptcy counsel Adam G. Landis, Esq., Kerri K. Mumford, Esq., James S. Green Jr., Esq., J. Landon Ellis, Esq., and Joseph D. Wright, Esq., at Landis Rath & Cobb LLP. USEC INC: Has $4.34 Million Cash at May 31 ------------------------------------------ Usec Inc., on June 30, 2014, filed a monthly operating report for May 2014. The Debtor incurred a net loss of $3.51 million on total revenues of $6.74 million, a decrease from the $4.81 million net loss reported at April 30. At May 31, the Debtor recorded total assets of $558.80 million, total liabilities of $1.08 billion, and a total shareholders' equity of -$516.60 million. The Debtor started May with $13.68 million cash. It posted total operating receipts of $9.08 million, total operating disbursements of $13.97 million, total non-operating disbursements of $1.09 million, and total funding activities of $4.07 million. Thus, at month end, the Debtor had a cash balance (book balance) of $3.61 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/USECINCmay2014mor.pdf About USEC Inc. USEC Inc. filed a Chapter 11 bankruptcy petition (Bank. D. Del. Case No. 14-10475) on March 5, 2014. John R. Castellano signed the petition as chief restructuring officer. The Hon. Christopher S. Sontchi presides over the case. D. J. Baker, Esq., Rosalie Walker Gray, Esq., Adam S. Ravin, Esq., and Annemarie V. Reilly, Esq., at Latham & Watkins LLP, serve as the Debtor's general counsel. Amanda R. Steele, Esq., Mark D. Collins, Esq., and Michael J. Merchant, Esq., at Richards, Layton & Finger, P.A., serve as the Debtor's Delaware counsel. Vinson & Elkins is the Debtor's special counsel. Lazard Freres & Co. LLC acts as the Debtor's investment banker. AP Services, LLC, provides management services to the Debtor. Logan & Company Inc. serves as the Debtor's claims and noticing agent. Deloitte Tax LLP are the Debtor's tax professionals. The Debtor's independent auditor is PricewaterhouseCoopers LLP. KPMG LLP provides fresh start accounting services to the Debtors. * * * The Court approved the disclosure statement explaining USEC Inc.'s plan of reorganization on July 7, 2014. The Confirmation Hearing is scheduled for Sept. 5, 2014, at 1:00 p.m. (Eastern time). The Plan Objection Deadline is Aug. 22, and the deadline for filing a reply to objections to confirmation of the Plan, if any, is Sept. 2. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com by e-mail. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to the nation's bankruptcy courts. The list includes links to freely downloadable of these small-dollar petitions in Acrobat PDF documents. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2014. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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