/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/140802.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, August 2, 2014, Vol. 18, No. 213 Headlines ALLONHILL LLC: Cash Balance Increases to $8.12MM at June 30 BUCCANEER ENERGY: Incurs $21,754 Net Loss at June 30 COLOR STAR: Reports $3.72 Million in Total Assets at June 30 EDGENET INC: Net Loss Rises to $764,000 at May 31 EVENT RENTALS: Ends June with $8.93 Million Cash Balance FISKER AUTOMOTIVE: Suffers $272,626 Net Loss at June 30 FRESH & EASY: Posts $116.40-Mil. Ending Cash Balance at June 29 GOLDKING HOLDINGS: Reports $681,594 Net Loss for June 30 METRO FUEL: Has $102,857 Net Loss at June 30 OVERSEAS SHIPHOLDING: Net Loss Increases to $10.55MM at May 31 REVSTONE INDUSTRIES: Posts $53.17MM Total Assets at June 29 SIMPLEXITY LLC: Incurs $960,179 Net Loss in May STELERA WIRELESS: Had $23.99 Million in Total Expenses for May STELERA WIRELESS: Posts $12,825 in Total Expenses for June UNIVERSAL COOPERATIVES: Net Loss Balloons to $10.21MM at June 30 YARWAY CORPORATION: Posts $763,630 Net Loss in June ********* ALLONHILL LLC: Cash Balance Increases to $8.12MM at June 30 ----------------------------------------------------------- Allonhill LLC, on July 21, 2014, filed a monthly operating report for June 2014. The Debtor reported a net loss of $13,532 on zero revenue for June, a reversal from the $11,685 net profit recorded at May 31. At June 30, the Debtor listed total assets of $10.20 million, total liabilities of $32.95 million, and a total shareholders' equity of -$22.75 million. The Debtor, at June 1, had a cash balance of $5.32 million. It posted total receipts of $8.75 million and total disbursements of $5.95 million for the reporting period. At the end of the month, the Debtor had $8.12 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ALLONHILLLLCjune2014mor.pdf About Allonhill LLC Allonhill LLC, a professional services firm based in Denver, Colorado, that previously provided loan due diligence and credit risk management services for institutions that invest in, sell, securitize or service mortgage loans, sought protection under Chapter 11 of the Bankruptcy Code on March 26, 2014. The case is In re Allonhill, LLC, Case No. 14-bk-10663 (Bankr. D. Del.). The Debtor's General Counsel is HOGAN LOVELLS US LLP. The Debtor's Local Counsel is Neil B. Glassman, Esq., Justin R. Alberto, Esq., and Evan T. Miller, Esq., at BAYARD, P.A., in Wilmington, Delaware. Upshot Services LLC serves as the Debtor's Claims and Noticing Agent. The Debtor disclosed $19,205,062 in assets and $32,918,294 in liabilities as of the Chapter 11 filing. Roberta A. DeAngelis, U.S. Trustee for Region 3, notified the Bankruptcy Court that she was unable to appoint an official committee of unsecured creditors in the case of Allonhill, LLC. The U.S. Trustee explained that there were insufficient response to the communication/contact for service on the committee. BUCCANEER ENERGY: Incurs $21,754 Net Loss at June 30 ---------------------------------------------------- Buccaneer Resources, LLC, et al., on July 22, 2014, filed their monthly operating report for June 2014. Buccaneer Resources incurred $1.50 million in net losses on zero revenue for the month. Its affiliate, Buccaneer Energy Limited listed a $21,754 net loss on zero revenues for the same period. At June 30, Buccaneer Resources declared total assets of $48.59 million, total liabilities of $92.06 million, and total equity of -$43.47 million. Meanwhile, Buccaneer Energy declared total assets of $130.73 million, total liabilities of $7.08 million, and total equity of $123.64 million for the same period. For the current reporting period, Buccaneer Resources had $4 in cash receipts and $328,295 in cash disbursements. Buccaneer Energy had $4.06 million in cash receipts and $551 in cash disbursements for the same period. A copy of the monthly operating report is available at: http://bankrupt.com/misc/BUCCANEERRESOURCESjune2014mor.pdf About Buccaneer Energy Buccaneer Resources, LLC, and eight affiliates, including Buccaneer Energy Ltd. sought Chapter 11 bankruptcy protection in Victoria, Texas (Bankr. S.D. Tex. Lead Case No. 14-60041) on May 31, 2014. Buccaneer listed assets of up to $50,000 and liabilities between $50 million and $100 million in its petition. Founded in 2006, Buccaneer Energy, Ltd. is a publicly traded independent oil and gas company listed on the Australian Securities Exchange under the symbol "BCC". Although BCC is an Australian listed entity, the company operates exclusively through its eight U.S. subsidiary debtors, each of which are headquartered in the U.S. and which maintain offices in Houston and Dallas, Texas, and Kenai and Anchorage, Alaska. The Debtors' primary business is the exploration for and production of oil and natural gas in North America. Operations have historically focused on both onshore and offshore opportunities in the Cook Inlet of Alaska as well as the development of offshore projects in the Gulf of Mexico and onshore oil opportunities in Texas and Louisiana. CEO Curtis Burton was terminated in May 2014. Manning the Debtors' operations is Conway MacKenzie senior managing director John T. Young, who was appointed chief restructuring officer in March 2014. The bankruptcy cases are assigned to Judge David R Jones. The Debtors have sought and obtained an order authorizing joint administration of their Chapter 11 cases. The Debtors have tapped Robert Andrew Black, Esq., Jason Lee Boland, Esq., Robert Bernard Bruner, and William R Greendyke, Esq., at Fulbright Jaworski LLP as counsel. Norton Rose Fulbright Australia will render legal services related to cross-border insolvency and general corporate and litigation matters to Buccaneer Energy Ltd. Epiq Systems is the claims and notice agent. COLOR STAR: Reports $3.72 Million in Total Assets at June 30 ------------------------------------------------------------ Color Star Growers of Colorado, Inc., filed, on July 21, 2014, its monthly operating report for June 2014. At June 30, the Debtor reported total assets of $3.72 million and a scheduled amount of $62.21 million for total prepetition liabilities. At June 1, the Debtor had $2.17 million cash. It recorded total receipts of $206,252 and total disbursements of $39,398 during the month. As a result, the Debtor had $2.33 million cash at the end of the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/COLORSTARGROWERSjune2014mor.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. EDGENET INC: Net Loss Rises to $764,000 at May 31 ------------------------------------------------- Edgenet, Inc., on June 16, 2014, filed its monthly operating report for May 2014. The Debtor incurred a net loss of $764,000 on total revenue of $1.07 million for May, an increase from the $430,000 net loss posted for the previous month. The Debtor declared $36.04 million in total assets, $114.01 million in total liabilities, and a total shareholders' equity of -$211.10 million. The Debtor started the month with a cash balance of $12.66 million. It listed total receipts of $651,424 and total disbursements of $1.20 million. The Debtor incurred professional fees of $88,743. At the end of the month, the Debtor had $12.11 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/EDGENETINCmay2014mor.pdf About Edgenet Inc. Edgenet, Inc., and Edgenet Holding Corp. are providers of cloud- based content and applications that enable companies to sell more products and services with greater ease across multiple channels and devices. Edgenet has three business locations: Waukesha, WI, Brentwood, TN, and its main office in Atlanta, GA. The Company has 80 employees. Edgenet Inc. and Edgenet Holding filed for Chapter 11 bankruptcy protection in Delaware (Lead Case No. 14-10066) on Jan. 14, 2014. Edgenet Inc. estimated assets of at least $10 million and liabilities of $100 million to $500 million. Raymond Howard Lemisch, Esq., at Klehr Harrison Harvey Branzburg LLP, in Wilmington, Delaware, serves as counsel to the Debtors; Glass Ratner Advisory & Capital Group LLC is the financial advisor; JMP Securities, LLC, is the investment banker, and Phase Eleven Consultants, LLC, is the claims and noticing agent. The U.S. Trustee has been unable to appoint an official unsecured creditors committee as no sufficient interest has been generated from creditors. Fred Marxer, Timothy Choate and Davis Carr, individuals and holders of a segment of the promissory notes issued in 2004 that have been referred to by Edgenet, Inc., et al., requested that the Court issue an order appointing an official committee of Seller Noteholders, or in the alternative, an official committee of unsecured creditors, with members appointed from the Seller Noteholders who agree to waive any continued security interest arising from the Seller Notes. Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed on March 13, 2014, five noteholders to serve on the Official Committee of Note Holders. In May, Bankruptcy Judge Brendan L. Shannon denied Edgenet Inc., et al.'s motion to disband the Noteholders Committee. The Noteholders Committee has retained Morris James LLP's Jeffrey R. Waxman, Esq.; and Cooley LLP's Cathey Hershcopf, Esq., and Jeffrey L. Cohen, Esq., as co-counsel to the Committee. EVENT RENTALS: Ends June with $8.93 Million Cash Balance -------------------------------------------------------- After-Party2, Inc., f/k/a Event, Rentals, Inc., et al., filed, on July 21, 2014, their monthly operating report for June 2014. The Debtors reported an adjusted net income of -$504,000 on zero revenue for the month. As of June 29, the Debtors had total assets of $9.53 million, total liabilities of $43.20 million, and a total shareholders' capital of -$33.67 million. The Debtors had a cash balance of $10.38 million at May 26, 2014. They listed total disbursements of $1.45 million for the period from May 26 to June 29. Thus, at June 29, the Debtors had an ending cash balance of $8.93 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/AFTER-PARTY2INCjune2014mor.pdf About Event Rentals Event Rentals Inc., the largest event-rental provider in the U.S., filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 14-bk-10282) on Feb. 13, 2014. Event Rentals, which sought bankruptcy protection with affiliates, including Classic Midwest, Inc., has 39 locations across 22 markets. The company has the largest offering of event equipment, value-added event services, and temporary structure assets, and provide services for over 145,000 events for approximately 55,000 customers annually. The company taps 2,500 employees throughout the year and has total annual revenues of $235 million. Assets were listed for $148 million, with debt of $246 million. The Debtors owe $175 million in outstanding principal under a senior secured credit agreement; $36 million in outstanding principal under certain unsecured and subordinated liquidity notes; $5.5 million in outstanding principal under certain unsecured and subordinated seller financing relating to business acquisitions; and trade debt, as of Dec. 26, 2013, totaling $16.6 million. The Debtors have tapped Jeffrey M. Schlerf, Esq., and John H. Strock, Esq., at Fox Rothschild LLP as local counsel; John K. Cunningham, Esq., and Craig H. Averch, Esq., at White & Case LLP as bankruptcy counsel; Jefferies LLC as financial advisor; and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors sought bankruptcy protection as they seek a new owner to take over the business. Existing lenders led by Ableco Finance LLC, as administrative agent, have agreed to finance the bankruptcy with a DIP financing facility of up to $20 million. Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed seven creditors to serve on the Official Committee of Unsecured Creditors for the Debtors' Chapter 11 cases. The Debtors disclosed that funds managed by Apollo Global Management, LLC submitted the winning offer to acquire substantially all of the Debtors' business at the April 21, 2014 auction. Apollo acquired the business for $125.2 million in cash. FISKER AUTOMOTIVE: Suffers $272,626 Net Loss at June 30 ------------------------------------------------------- FAH Liquidating Corp., et al., formerly known as Fisker Automotive, Inc., et al., filed, on July 18, 2014, a monthly operating report for June 2014. The Debtor suffered a net loss of $272,626 on zero sales for June, a decrease from the $582,745 net loss incurred for the previous month. At June 30, the Debtors declared total assets of $113.60 million, total liabilities of $321.97 million, and a total shareholders' equity of -$208.38 million. The Debtors had $113.83 million cash at June 1. They listed total receipts of $29,386 and total disbursements of $302,013. At the end of the month, the Debtors had $113.56 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FISKERAUTOMOTIVEjune2014mor.pdf About Fisker Automotive Fisker Automotive Holdings, Inc., developer of the Karma plug-in hybrid electric sedan, filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 13-13087) on Nov. 22, 2013. Fisker estimated assets of more than $100 million and listed debt of $500 million in its bankruptcy petition. The assets include an assembly plant purchased for $21 million from General Motors Corp. The plant never operated. The cars were assembled in Finland. Fisker received a $529 million loan from the Department of Energy's Advanced Technology Vehicles Manufacturing Loan Program and drew down about $192 million before the department froze the loan after Fisker failed to hit several development targets. The company defaulted on its loan in April 2013. Bankruptcy Judge Kevin Gross presides over the case. The Debtors have tapped James H.M. Sprayregen, P.C., Esq., Anup Sathy, P.C., Esq., and Ryan Preston Dahl, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, as co-counsel; Laura Davis Jones, Esq., James E. O'Neill, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, as co-counsel; Beilinson Advisory Group as restructuring advisors; and Rust Consulting/Omni Bankruptcy, as notice and claims agent and administrative advisor. On Nov. 5, 2013, the Official Committee of Unsecured Creditors was appointed. The members are: (a) David M. Cohen; (b) Sven Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc. The Committee is represented by William R. Baldiga, Esq., and Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti, Esq., at Saul Ewing LLP. Emerald Capital Advisors Corp. is the financial advisors for the Committee. Fisker sought bankruptcy protection to pursue a private sale of its business to Hybrid Tech Holdings, LLC. The Committee, however, wants a sale public sale, and has identified Wanxiang America Corporation as stalking horse bidder. Hybrid was initially under contract to buy Fisker in exchange for $75 million of the $168.5 million government loan it acquired immediately before the Debtor's Chapter 11 filing. Hybrid later raised its offer by adding an additional $1 million cash and agreeing to share proceeds from the sale of a facility in Delaware it doesn't intend to operate. Hybrid also offered to pay real estate taxes on the Delaware plant. Hybrid also will waive $90 million in deficiency claims that otherwise would dilute unsecured creditors' recovery. Wanxiang, as stalking horse bidder, initially offered $25.8 million in cash. However, Wanxiang has said it has raised its offer by $10 million and is willing to go higher. After the hearings on Jan. 10 and 13, the Court directed a public auction, and capped Hybrid's credit bid to $25 million. In response, Hybrid raised its offer to $55 million. Hybrid is represented by Tobias Keller, Esq., and Peter Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco, California. Wanxiang, which bought A123 Systems, Inc., a manufacturer of lithium-ion batteries used in electric vehicles such as the Fisker Karma, in a bankruptcy auction early in 2013 for $256.6 million, is represented in Fisker's case by Sidley Austin LLP's Bojan Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady, Esq., and Kenneth J. Enos, Esq. On Feb. 19, 2014, the Bankruptcy Court approved the sale of Fisker's assets to Wanxiang America Corporation. The sale closed on March 24. The sale to Wanxiang is valued at approximately $150 million, Fisker said in a news statement. On March 27, 2014, the Court authorized Fisker Automotive Holdings to change its name to FAH Liquidating Corp. and its affiliate, Fisker Automotive Inc., to FA Liquidating Corp., following the sale. FRESH & EASY: Posts $116.40-Mil. Ending Cash Balance at June 29 --------------------------------------------------------------- Old FENM Inc., fka Fresh & Easy Neighborhood Market Inc., and its affiliate, on July 18, 2014, filed their monthly operating report for the period from June 1 through June 29, 2014. The Operating Debtor's statement of operations showed a net loss of $8,617 on zero sales for the current reporting period, an improvement from the $8.26 million net loss recorded at May 31. At June 29, the Operating Debtor had total assets of $116.96 million, total liabilities of $818.36 million, and a total shareholders' equity of -$701.40 million. The Operating Debtor had $117.44 million cash at June 1. It recorded total receipts of $434,468 and total disbursements of $1.48 million. The disbursements include professional fees of $1.39 million. As a result, at June 29, the Operating Debtor had $116.40 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FreshEasyNeighborhoodmorJune2014.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. Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware on July 2, 2014, issued an order confirming Old FENM, Inc., et al.'s second amended joint Chapter 11 plan of reorganization. GOLDKING HOLDINGS: Reports $681,594 Net Loss for June 30 -------------------------------------------------------- Goldking Holdings, et al., on July 21, 2014, filed their monthly operating report for the month of June 2014. The Debtors suffered $681,594 in net losses on $713,400 total revenue for June. At June 30, the Debtors recorded total assets of $59.59 million, total liabilities of $25.13 million, and a total shareholders' equity of $34.47 million. At June 1, the Debtors had a cash balance of $868,052. They posted $1.22 million in total receipts and $1.26 million in total disbursements. The Debtors incurred $260,632 in professional fees. As a result, the Debtors had $832,119 cash at the end of the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/GOLDKINGHOLDINGSjune2014mor.pdf About Goldking Holdings Goldking Holdings LLC, an oil-and-gas exploration company based in Houston, sought bankruptcy protection (Bankr. D. Del. Case No. 13-12820) in Wilmington, Delaware, on Oct. 30, 2013, from creditors with plans to sell virtually all its assets. Goldking Onshore Operating, LLC, and Goldking Resources, LLC, also sought creditor protection. The cases were initially assigned to Delaware Judge Brendan Linehan Shannon. On Nov. 20, 2013, Judge Shannon granted the request of Goldking's former CEO Leonard C. Tallerine Jr. and Goldking Capital LT Corp., to move the Chapter 11 case to Houston, Texas (Bankr. S.D. Tex. Case No. 13-37200) in Houston. Hon. David R. Jones presides over the case. Mr. Tallerine owns a nearly 6% stake in the company through an entity called Goldking LT Capital Corp. The Debtors are represented by Patrick L. Hughes, Esq., Charles A. Beckham, Jr., Esq. and Christopher L. Castillo, Esq. at Haynes & Boone, LLP of Houston, TX. Edmon L. Morton, Esq., and Robert F. Poppiti, Jr., Esq., at Young, Conaway, Stargatt & Taylor, LLP, in Wilmington, served as the Debtors' Delaware co-counsel. The Debtors' notice, claims, solicitation and balloting agent is Epiq Bankruptcy Solutions, LLC. Lantana Oil & Gas Partners was initially hired as the Debtors' financial advisors. In December 2013, the Debtors won Court approval to employ E-Spectrum Advisors LLC, led by its CEO Coy Gallatin, as asset sale advisor. Alvarez & Marsal Global Forensic and Dispute Services, LLC, has been engaged to provide computer forensics and related services. Goldking Holdings disclosed $16,170 in assets and $11,484,881 in liabilities as of the Chapter 11 filing. Judy A. Robbins, United States Trustee for the Southern District of Texas, appointed a three-member official committee of unsecured creditors. The Committee filed papers to retain Brinkman Portillo Ronk, APC, as counsel, and Okin & Adams LLP as local counsel. METRO FUEL: Has $102,857 Net Loss at June 30 -------------------------------------------- Metro Fuel Oil Corp., et al., filed, on July 21, 2014, their monthly operating report for June 2014. The Debtors' statement of operations showed a June net loss of $102,857 on zero sales, a decrease from the $215,965 net loss incurred in May. The Debtors declared total assets of $7.72 million, total liabilities of $60.83 million, and a total shareholders' equity of -$53.11 million. The Debtors started June with a cash balance of $7,586,076. They listed $15,002 in total receipts and $15,051 in total disbursements. At June 30, the Debtors had $7,586,027. A copy of the monthly operating report is available at: http://bankrupt.com/misc/METROFUELmorJune2014.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. OVERSEAS SHIPHOLDING: Net Loss Increases to $10.55MM at May 31 -------------------------------------------------------------- Overseas Shipholding Group, Inc., et al., filed a monthly operating report with the U.S. Securities and Exchange Commission for May 2014. The Debtors incurred $10.55 million in net losses on $81.42 million of total revenues for May, an increase from the $6.25 million net loss suffered in April. At May 31, the Debtors posted $3.66 billion in total assets, $3.73 billion in total liabilities, and $72.18 million in total shareholders' deficit. The Debtors had $650.20 million cash at May 1. They reported total receipts of $88.75 million and total disbursements of $91.25 million. At month end, the Debtors had $647.70 million cash. A copy of the April monthly operating report is available at the SEC at http://is.gd/TkDnoz About Overseas Shipholding Overseas Shipholding Group, Inc. (OTC: OSGIQ), headquartered in New York, is one of the largest publicly traded tanker companies in the world, engaged primarily in the ocean transportation of crude oil and petroleum products. OSG owns or operates 111 vessels that transport oil and petroleum products throughout the world. Overseas Shipholding Group and 180 affiliates filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67 billion in liabilities. Greylock Partners LLC Chief Executive John Ray serves as chief reorganization officer. James L. Bromley, Esq., and Luke A. Barefoot, Esq., at Cleary Gottlieb Steen & Hamilton LLP serve as OSG's Chapter 11 counsel. Derek C. Abbott, Esq., Daniel B. Butz, Esq., and William M. Alleman, Jr., at Morris, Nichols, Arsht & Tunnell LLP, serve as local counsel. Chilmark Partners LLC serves as financial adviser. Kurtzman Carson Consultants LLC is the claims and notice agent. The Export-Import Bank of China, owed $312 million used for the construction of five tankers, is represented by Louis R. Strubeck, Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & Jaworski LLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., at Fulbright & Jaworski in New York; and John Knight, Esq., and Christopher Samis, Esq., at Richards Layton & Finger PA. Chilmark Partners, LLC serves as financial and restructuring advisor. Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serve as co-counsel to the official committee of unsecured creditors. FTI Consulting, Inc., is the financial advisor and Houlihan Lokey Capital, Inc., is the investment banker. U.S. Bank National Association is the successor administrative agent under the $1.5 billion credit agreement, dated as of February 9, 2006 by and among (a) OSG, OSG Bulk Ships, Inc., and OSG International, Inc., as joint and several borrowers, (b) the Administrative Agent and (c) various lenders party thereto. Counsel to the Administrative Agent are Milbank, Tweed, Hadley & McCloy LLP; Holland & Knight LLP; and Drinker Biddle & Reath LLP. Lazard Freres & Co. LLC serves as advisor to the Administrative Agent. An official committee of Equity Security Holders has been appointed in the case. It is represented by Brown Rudnick LLP's Steven D. Pohl, Esq., James W. Stoll, Esq. and Jesse N. Garfinkle, Esq.; Fox Rothschild LLP's Jeffrey M. Schlerf, Esq., John H. Strock, Esq. and L. John Bird, Esq. Judge Walsh signed on July 18, 2014, a findings of fact, conclusions of law, and order confirming the First Amended Joint Plan of Reorganization of OSG and its debtor-affiliates. A blacklined version of the Plan dated July 17, 2014, is available at http://bankrupt.com/misc/OSGplan0716.pdf A full-text copy of Judge Walsh's Confirmation Order is available at http://bankrupt.com/misc/OSGplanord0718.pdf REVSTONE INDUSTRIES: Posts $53.17MM Total Assets at June 29 ----------------------------------------------------------- Revstone Industries, LLC, filed, on July 29, 2014, a monthly operating report for the period from May 25 through June 29, 2014. At June 29, the Debtor had total assets of $53.17 million, total liabilities of $217.49 million, and a total shareholders' equity of -$164.32 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/REVSTONEINDUSTRIESmay-june2014mor.pdf About Revstone Industries et al. Lexington, Kentucky-based Revstone Industries LLC, a maker of truck parts, filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No. 12-13262) on Dec. 3, 2012. Judge Brendan Linehan Shannon oversees the case. Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Colin Robinson, Esq., at Pachulski Stang Ziehl & Jones LLP represent Revstone. In its petition, Revstone estimated under $50 million in assets and debts. Affiliate Spara LLC filed its Chapter 11 petition (Bankr. D. Del. Case No. 12-13263) on Dec. 3, 2012. Lexington-based Greenwood Forgings, LLC (Bankr. D. Del. Case No. 13-10027) and US Tool & Engineering LLC (Bankr. D. Del. Case No. 13-10028) filed separate Chapter 11 petitions on Jan. 7, 2013. Judge Shannon also oversees the cases. Duane David Werb, Esq., at Werb & Sullivan, serves as bankruptcy counsel to Greenwood and US Tool. Greenwood estimated $1 million to $10 million in assets and $10 million to $50 million in debts. US Tool & Engineering estimated under $1 million in assets and $1 million to $10 million in debts. The petitions were signed by George S. Homeister, chairman. Metavation, also known as Hillsdale Automotive, LLC, joined parent Revstone in Chapter 11 on July 22, 2013 (Bankr. D. Del. Case No. 13-11831) to sell the bulk of its assets to industry rival Dayco for $25 million, absent higher and better offers. Metavation has tapped Pachulski as its counsel. Pachulski also serves as counsel to Revstone and Spara. Metavation also has tapped McDonald Hopkins PLC as special counsel, and Rust Consulting/Omni Bankruptcy as claims agent and to provide administrative services. Stuart Maue is fee examiner. Mark L. Desgrosseilliers, Esq., Ericka Fredricks Johnson, Esq., Steven K. Kortanek, Esq., and Matthew P. Ward, Esq., at Womble Carlyle Sandridge & Rice, LLP, represent the Official Committee of Unsecured Creditors in Revstone's case. Boston Finance Group, LLC, a committee member, also has hired as counsel Gregg M. Galardi, Esq., and Sarah E. Castle, Esq., at DLA Piper LLP. SIMPLEXITY LLC: Incurs $960,179 Net Loss in May ----------------------------------------------- Simplexity, LLC, et al., on July 22, 2014, filed its monthly operating report for the month of May 2014. Simplexity LLC incurred a net loss of $960,179 on zero revenue in May, a slight improvement from the $1.31 million net loss suffered in April. Simplexity LLC declared, at May 31, total assets of $23.49 million, total liabilities of $102.45 million, and a total shareholders' equity of -$78.96 million. Simplexity LLC had $695,930 cash at May 1. It listed total receipts of $11.82 million, and total disbursements of $814,721. At month end, the Debtor had $11.71 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SIMPLEXITYLLCmay2014mor.pdf About Simplexity Simplexity, LLC, sought protection under Chapter 11 of the Bankruptcy Code on March 16, 2014 (Case No. 14-10569, Bankr. D.Del.). The case is before Judge Kevin Gross. The Debtors' counsel is Kenneth J. Enos, Esq., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, LLP, in Wilmington, Delaware. Prime Clerk LLC serves as claims and noticing agent. Simplexity hired Rutberg & Co. as investment banker. Simplexity LLC and Simplexity Services LLC both estimated $10 million to $50 million in assets, and $50 million to $100 million in liabilities. The U.S. Trustee for Region 3 appointed five members to an official committee of unsecured creditors. Peter S. Partee, Sr., Esq., and Michael P. Richman, Esq., at Hunton & Williams LLP, in New York; and Christopher A. Ward, Esq., and Shanti M. Katona, Esq., at Polsinelli PC, in Wilmington, Delaware, represent the Committee. STELERA WIRELESS: Had $23.99 Million in Total Expenses for May -------------------------------------------------------------- Stelera Wireless, LLC, on July 14, 2014, filed its monthly operating report for May 2014. For May 2014, the Debtor posted $12.93 million in total assets and $12,631 in total current liabilities. At May 1, the Debtor had $30.49 million cash. It listed zero total income and $23.99 million in total expenses for the reporting period. As a result, the Debtor had $6.51 million cash at the end of the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STELERAWIRELESSmay2014mor.pdf About Stelera Wireless, LLC Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D. Okla. Case No. 13-13267) on July 18, 2013. Tim Duffy signed the petition as chief technology officer/manager. Judge Niles L. Jackson presides over the case. The Debtor disclosed $18,005,000 in assets and $30,809,314 in liabilities as of the Chapter 11 filing. Christensen Law Group, PLLC, serves as the Debtor's primary counsel. Mulinix Ogden Hall & Ludlam, PLLC, serves as additional bankruptcy counsel. Wilkinson Barker Knauer, LLP, serves as the Debtor's special counsel. American Legal Claims Services, LLC serves as official noticing agent. Falkenberg Capital Corporation serves as the Debtor's broker. The official committee of unsecured creditors is represented by attorneys G. Blaine Schwabe, III, Esq., John (Jake) M. Krattiger, Esq., at GableGotnals' Oklahoma City office; and Sidney K. Surinson, Esq., Mark D.G. Sanders, Esq., and Brandon C. Bickle, Esq., at GableGotnals' Tulsa office. * * * The Troubled Company Reporter reported on Dec. 10, 2013, the Hon. Niles Jackson of the U.S. Bankruptcy Court for the Western District of Oklahoma authorized Stelera Wireless to sell its Federal Communications Commission licenses to: AT&T Mobility Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as backup purchaser. In an auction held Nov. 20, 2013, AT&T's bid was the highest and best offer for the FCC licenses, while Atlantic's, the stalking horse purchaser, was the second highest. Pursuant to the APA, the aggregate purchase price to be paid by AT&T will be $6,020,000. As reported by the TCR, Stelera Wireless on April 29, filed with the U.S. Bankruptcy Court a joint plan of liquidation and accompanying disclosure statement. The Plan is co-proposed by the Official Committee of Unsecured Creditors. The Plan is proposed as a reasonable means to liquidate the remainder of the Debtor's assets in order to maximize value for creditors and provide an orderly wind-down and distribution of the Debtor's assets. Any remaining assets of the Debtor not previously transferred by sale, including the litigation claims, will be transferred to the Debtor. STELERA WIRELESS: Posts $12,825 in Total Expenses for June ---------------------------------------------------------- Stelera Wireless, LLC, on July 14, 2014, filed its monthly operating report for the month of June 2014. For June 2014, the Debtor declared $12.93 million in total assets and $21,829 in total current liabilities. The Debtor had $6.51 million cash at the beginning of the month. It recorded zero income and $12,825 in total expenses. At month end, the Debtor had a cash balance of $6.49 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STELERAWIRELESSjune2014mor.pdf About Stelera Wireless, LLC Stelera Wireless, LLC, filed a Chapter 11 petition (Bankr. W.D. Okla. Case No. 13-13267) on July 18, 2013. Tim Duffy signed the petition as chief technology officer/manager. Judge Niles L. Jackson presides over the case. The Debtor disclosed $18,005,000 in assets and $30,809,314 in liabilities as of the Chapter 11 filing. Christensen Law Group, PLLC, serves as the Debtor's primary counsel. Mulinix Ogden Hall & Ludlam, PLLC, serves as additional bankruptcy counsel. Wilkinson Barker Knauer, LLP, serves as the Debtor's special counsel. American Legal Claims Services, LLC serves as official noticing agent. Falkenberg Capital Corporation serves as the Debtor's broker. The official committee of unsecured creditors is represented by attorneys G. Blaine Schwabe, III, Esq., John (Jake) M. Krattiger, Esq., at GableGotnals' Oklahoma City office; and Sidney K. Surinson, Esq., Mark D.G. Sanders, Esq., and Brandon C. Bickle, Esq., at GableGotnals' Tulsa office. * * * The Troubled Company Reporter reported on Dec. 10, 2013, the Hon. Niles Jackson of the U.S. Bankruptcy Court for the Western District of Oklahoma authorized Stelera Wireless to sell its Federal Communications Commission licenses to: AT&T Mobility Spectrum LLC, as purchaser; and Atlantic Tele-Network, Inc., as backup purchaser. In an auction held Nov. 20, 2013, AT&T's bid was the highest and best offer for the FCC licenses, while Atlantic's, the stalking horse purchaser, was the second highest. Pursuant to the APA, the aggregate purchase price to be paid by AT&T will be $6,020,000. As reported by the TCR, Stelera Wireless on April 29, filed with the U.S. Bankruptcy Court a joint plan of liquidation and accompanying disclosure statement. The Plan is co-proposed by the Official Committee of Unsecured Creditors. The Plan is proposed as a reasonable means to liquidate the remainder of the Debtor's assets in order to maximize value for creditors and provide an orderly wind-down and distribution of the Debtor's assets. Any remaining assets of the Debtor not previously transferred by sale, including the litigation claims, will be transferred to the Debtor. UNIVERSAL COOPERATIVES: Net Loss Balloons to $10.21MM at June 30 ---------------------------------------------------------------- Universal Cooperatives, Inc., et al., on July 21, 2014, filed their monthly operating report for June 2014. UCI incurred in June a net loss of $10.21 million on total net revenue of $95,919, a five-fold increase from the $2.05 million suffered at May 31. The consolidated balance sheet shows that at June 30, the Debtors had $42.87 million in total assets, $65.87 million in total liabilities, and -$16.42 million total patrons' equity. UCI had $397,656 cash at June 1. It reported $1.61 million in total receipts and $1.58 million in total disbursements. The disbursements include professional fees of $161,359. As a result, the Debtor ended the month with $427,339 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/UNIVERSALCOOPERATIVESjunemor.pdf About Universal Cooperatives As an inter-regional farm supply cooperative, Universal Cooperatives, Inc. consolidates the purchasing power of its members to procure, and/or manufacture, and distribute high quality products at competitive prices. Universal has 14 voting members and over 50 associate members. Eagan, Minnesota-based Universal Cooperatives and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 14- 11187) on May 11, 2014. The debtor-affiliates are Heritage Trading Company, LLC; Bridon Cordage LLC; Universal Crop Protection Alliance, LLC; Agrilon International, LLC; and Pavalon, Inc. UCI do Brasil, a majority-owned subsidiary located in Brazil, is not a debtor in the Chapter 11 cases The cases are assigned to Judge Mary F. Walrath. Universal estimated $1 million to $10 million in assets and $10 million to $50 million in debt. Heritage estimated less than $10 million in assets and debt. The Debtors have tapped Travis G. Buchanan, Esq., Robert S. Brady, Esq., Andrew L. Magaziner, Esq., and Travis G. Buchanan, Esq., at Young Conaway Stargatt & Taylor, LLP; and Mark L. Prager, Esq., Michael J. Small, Esq., and Emil P. Khatchatourian, Esq., at Foley & Lardner LLP, as counsel; The Keystone Group, as financial advisor and Prime Clerk as notice and claims agent. Bank of America, N.A., as agent for the DIP Lenders, is represented by Daniel J. McGuire, Edward Kosmowski, Esq., and Gregory M. Gartland, Esq., at Winston & Strawn, LLP. The United States Trustee for Region 3 has appointed seven members to the Official Committee of Unsecured Creditors, which is represented by Sharon Levine, Esq., Bruce S. Nathan, Esq., and Timothy R. Wheeler, Esq., at LOWENSTEIN SANDLER LLP, in Roseland, New Jersey; and Jamie L. Edmonson, Esq., and Daniel A. O'Brien, Esq., at VENABLE LLP, in Wilmington, Delaware. YARWAY CORPORATION: Posts $763,630 Net Loss in June --------------------------------------------------- Yarway Corporation filed, on July 21, 2014, its monthly operating report for June 2014. The Debtor incurred a net loss of $763,630 in June. At June 30, the Debtor listed $101.33 million in total assets, $257.78 million in total liabilities, and a total equity of -$155.85 million. The Debtor started the month with a cash balance of $9.87 million cash. It listed zero receipts and $836,630 in total disbursements. Among the disbursements made were for $835,733 in professional fees. At month end, the Debtor had $9.04 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/YarwayCorporation_539_morJune2014.pdf About Yarway Corporation Yarway Corporation sought Chapter 11 protection (Bankr. D. Del. Case No. 13-11025) on April 22, 2013, to deal with claims arising from asbestos containing products it allegedly sold as early as the 1920s. Yarway was founded in 1908 by Robert Yarnall and Bernard Waring as the Simplex Engineering Company and originally manufactured pipe clamps, steam traps, valves and controls. Based in Pennsylvania, Yarway was a privately-owned company until 1986 when KeyStone International, Inc. bought equity in the company. Yarway became a unit of Tyco International Ltd. when Tyco purchased KeyStone in 1997. Yarway's asbestos-related liabilities derive from Yarway's (i) purported use of asbestos-containing gaskets and packing, manufactured by others, in its production of steam valves and traps from the 1920s to 1970s, and (ii) alleged manufacture of expansion joint packing that was allegedly made up of a compound of Teflon and asbestos from the 1940s to the 1970s. Over the past five years, about 10,021 new asbestos claims have been asserted against Yarway, including 1,014 in Yarway's 2013 fiscal year ending March 31, 2013. The Debtor estimated assets and debts in excess of $100 million as of the Chapter 11 filing. Attorneys at Cole, Schotz, Meisel, Forman & Leonard, P.A. and Sidley Austin LLP serve as the Debtor's counsel in the Chapter 11 case. Logan and Co. is the claims and notice agent. On May 6, 2013, the U.S. Trustee for Region 3, appointed an official committee of asbestos personal injury claimants. The Committee tapped Elihu Inselbuch, Esq. at Caplin & Drysdale, Chartered, as lead bankruptcy counsel. ********* 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. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. *** End of Transmission ***