/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/141025.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, October 25, 2014, Vol. 18, No. 297 Headlines ARCHDIOCESE OF MILWAUKEE: Net Loss Down to $487,859 in September CLOUDEEVA INC: Records $289,199 Net Profit at Aug. 31 FL 6801 SPIRITS: Has $313,135 Net Loss in August HDOS ENTERPRISES: Cash Balance Increases to $8.51MM at Aug. 31 LIGHTSQUARED INC: Lists $64.8 Million Net Loss in September MACKEYSER HOLDINGS: Incurs $3.28 Million Net Loss in July NE OPCO: Cash Balance Slightly Down to $751,074 at Sept. 30 PSL-NORTH AMERICA: Suffers $3.27 Million Net Loss in August RAPID-AMERICAN CORP: Cash Balance Down to $4.39MM at Sept. 30 RG STEEL: Incurs $2.008 Million Net Loss in September SGK VENTURES: Ends September with $24.27 Million Cash STELERA WIRELESS: Had $12.23 Million in Total Assets at Aug. 31 VERTIS HOLDINGS: Posts $49,390 Net Loss in August ********* ARCHDIOCESE OF MILWAUKEE: Net Loss Down to $487,859 in September ---------------------------------------------------------------- The Archdiocese of Milwaukee, on Oct. 15, 2014, filed its monthly operating report for the month of Sept. 2014. The Archdiocese incurred a net loss of $487,859 in September on net sales of $1.34 million, a decrease from the $1.26 million net loss suffered for the previous month. At Sept. 30, the Archdiocese declared total assets of $40.16 million, total liabilities of $43.04 million, and a total shareholders' equity of -$2.88 million. The Archdiocese had $8.65 million cash at Sept. 1. It posted total receipts of $2.19 million and total disbursements of $2.73 million for the month. The Archdiocese ended September with $8.27 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ARCHDIOCESEOFMILWAUKEEsept2014mor.pdf About Archdiocese of Milwaukee The Diocese of Milwaukee was established on Nov. 28, 1843, and was elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius IX. The region served by the Archdiocese consists of 4,758 square miles in southeast Wisconsin which includes counties Dodge, Fond du Lac, Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth, Washington and Waukesha. There are 657,519 registered Catholics in the Region. The Catholic Archdiocese of Milwaukee, in Wisconsin, filed for Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case No. 11-20059) on Jan. 4, 2011, to address claims over sexual abuse by priests on minors. The Archdiocese became at least the eighth Roman Catholic diocese in the U.S. to file for bankruptcy to settle claims from current and former parishioners who say they were sexually molested by priests. Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., in Milwaukee, Wisconsin, serves as the Archdiocese's counsel. The Official Committee of Unsecured Creditors in the bankruptcy case has retained Pachulski Stang Ziehl & Jones LLP as its counsel, and Howard, Solochek & Weber, S.C., as its local counsel. The Archdiocese estimated assets and debts of $10 million to $50 million in its Chapter 11 petition. CLOUDEEVA INC: Records $289,199 Net Profit at Aug. 31 ----------------------------------------------------- Cloudeeva, Inc. filed, on Oct. 10, 2014, a monthly operating report for the period from July 21 through August 31, 2014. The Debtor recorded a net profit of $289,199 on net revenues of $2.35 million for the current reporting period. At August 31, the Debtor had total assets of $42 million, total liabilities of $9.58 million, and a total shareholders' equity of $32.42 million. The Debtor started the period with a cash balance of -$139,839. It posted total receipts of $1.91 million and total disbursements of $1.31 million. At August 31, the Debtor had a cash balance of $458,657. A copy of the monthly operating report is available at: http://bankrupt.com/misc/CloudeevamorAugust.pdf About Cloudeeva, Inc. Cloudeeva, Inc., a public company previously known as Systems America, Inc., is a global cloud services and technology solutions company specializing in cloud, big data and mobility solutions and services. The company provides information technology staffing services to major clients and third party vendors in the United States and India. The company headquarters are in East Windsor, New Jersey, with regional offices in California, Illinois and international offices in India. Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton, New Jersey, on July 21, 2014. The cases are assigned to Judge Kathryn C. Ferguson. Cloudeeva estimated assets of at least $10 million and debt of less than $10 million. The company said only $209,000 is owing to its lender Prestige Capital Corp. and more than $5.2 million is owed for trade vendor payables. The Debtors originally tapped Lowenstein Sandler LLP as counsel. However, they are now seeking the retention of Trenk, DiPasquale, Della Fera & Sodono, P.C., to replace Lowenstein Sandler, who retention was not formally approved by order of the Court. The Debtors have also tapped Cole, Schotz, Meisel, Forman & Leonard, P.A. as appellate counsel. Kurtzman Carson Consultants LLC serves as claims and noticing agent. * * * On Aug. 22, 2014, Judge Ferguson entered an order dismissing the Debtors' Chapter 11 cases at the behest of Bartronics Asia PTE Ltd. BAPL asserted that the cases were not filed in good faith. The Debtors subsequently filed an appeal challenging the dismissal of their cases. Since then, District Judge Joel A. Pisano for the District of New Jersey entered an order staying the Case Dismissal Order pending further proceedings. Simultaneously, Judge Pisano reinstated the Debtors' bankruptcy cases and authorized the Debtors to be in possession of their assets and the management of their business as debtors-in-possession, subject to the continuing jurisdiction of the Bankruptcy Court and any further orders of the Bankruptcy Court or the District Court. According to the docket, the Debtors' exclusive right to file a plan expires on Nov. 18, 2014. FL 6801 SPIRITS: Has $313,135 Net Loss in August ------------------------------------------------ FL 6801 Spirits, LLC, et al., filed, on Sept. 30, 2014, their monthly operating report for August 2014. The Debtors' consolidated statement of operations showed a net loss of $313,135 in September on net revenues of $1,701. At Aug. 31, the Debtors declared total assets of $13.59 million, total liabilities of $20.74 million, and a total shareholders' equity of $7.15 million. FL 6801 Spirits LLC had $4,177 cash at August 1. It recorded total receipts of $338,221 and total disbursements of $339,768. The disbursements include professional fees of $288,855. At the end of the month, the Debtors had $2,631 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FL6801SpiritsmorAugust.pdf About FL 6801 Spirits FL 6801 Spirits LLC, a wholly owned subsidiary of Lehman Brothers Holdings Inc. and three of its wholly owned subsidiaries filed voluntary Chapter 11 petitions, seeking bankruptcy protection for their condominium hotel property in Miami Beach. The affiliates are FL 6801 Collins North LLC, FL 6801 Collins Central LLC, and FL 6801 Collins South LLC. FL Spirits' Canyon Ranch Living Hotel and Spa is a luxury full- service, ocean front condominium hotel located at the site of the old Carillon Hotel in Miami Beach, Florida. The current operator of the hotel, Canyon Ranch Living, is not a debtor, and operations at the property are expected to continue without interruption. FL Spirits and the three affiliates companies have sought joint administration, with pleadings to be maintained at FL 6801's case docket (Bankr. S.D.N.Y. Lead Case No. 14-11691). FL Spirits has tapped Togut, Segal & Segal LLP as general bankruptcy counsel, Shutts & Bowen LLP as special real estate counsel, CBRE, Inc., as real estate broker, and Prime Clerk as claims and notice agent. Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 08-13555) on Sept. 15, 2008. Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Lehman's Chapter 11 plan became effective on March 6, 2012. HDOS ENTERPRISES: Cash Balance Increases to $8.51MM at Aug. 31 -------------------------------------------------------------- HDOS Enterprises filed, on Oct. 3, 2014, filed its monthly operating report for the month of August 2014. The Debtor had $1.14 million cash at August 1. It posted total receipts of $9.66 million and total disbursements of $2.29 million. At month end, the Debtor had $8.51 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/HDOSEnterprisesmorAugust.pdf About Hot Dog On A Stick Established in 1946 in Southern California, Hot Dog On A Stick -- http://www.hotdogonastick.com-- is known for its fair-inspired menu of corn dogs, lemonades, and a sampling of other menu items such as cheese on a stick, hot dog in a bun, fries, and funnel cake sticks. HDOS is owned by its employees. HDOS Enterprises sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 14-12028) on Feb. 3, 2014. The case is assigned to Judge Neil W. Bason. The Debtor's counsel is represented by Jerome Bennett Friedman, Esq., Stephen F. Biegenzahn, Esq., and Michael D. Sobkowiak, Esq., at Friedman Law Group, P.C., in Los Angeles, California. Rust Consulting Omni Bankruptcy, a division of Rust Consulting, serves as claims, noticing and balloting agent. The Law Offices of Brian H. Cole serves as special counsel. The petition was signed by Dan Smith, president and CEO. The U.S. Trustee has appointed three members to an official committee of unsecured creditors. The Committee retained Jeffrey N. Pomerantz, Esq., at Pachulski Stang Ziehl & Jones LLP, in Los Angeles, California, as counsel. LIGHTSQUARED INC: Lists $64.8 Million Net Loss in September ----------------------------------------------------------- LightSquared Inc., et al., filed on October 15, 2014, a monthly operating report for the month ended September 30, 2014. The Company reported a net loss of $64.8 million on net revenue of $1.534 million for September, as compared to a $81.448 million net loss for the previous month. As of September 30, 2014, the Company had total assets of $3.57 billion, total liabilities of $3.392 billion, and total stockholders' equity of $178.38 million. At the beginning of the month, LightSquared had $17.78 million in cash. The Company had total cash receipts of $23.94 million and total cash disbursements of $6.66 million for September. As a result, at the end of September, the Company had total cash of $35.06 million. A full-text copy of the September monthly operating report is available at http://is.gd/D5FfPx 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. MACKEYSER HOLDINGS: Incurs $3.28 Million Net Loss in July --------------------------------------------------------- MacKeyser Holdings LLC, et al. on Oct. 3, 2014, filed their monthly operating report for the month of July 2014. The Debtors incurred a net loss of $3.28 million on net revenues of $2.48 million for the month. At July end, the Debtors posted total assets of $21.06 million, total liabilities of $55.68 million, and a total shareholders' equity of -$34.62 million. The Debtors had $1.24 million cash at the beginning of the month. They reported total receipts of $2.42 million and total disbursements of $3.51 million. At the end of the month, the Debtors had $379,452 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/MACKEYSERHOLDINGSjuly2014mor.pdf About MacKeyser Holdings MacKeyser Holdings, LLC and its operating affiliates -- American Optical Services, LLC, and Exela Hearing Services, LLC -- manage integrated eye care and hearing systems providers with over 80 optical retail, optometry and ophthalmology locations in 14 states. Within certain of the Company's locations, dedicated audiology and dispensing staff conduct diagnostics, fitting and dispensing of hearing systems. MacKeyser Holdings, LLC, American Optical Services, Inc. and their affiliates filed for Chapter 11 bankruptcy (Bankr. D. Del. Case Nos. 14-11528 to 14-11550) on June 20, 2014. David R. Hurst, Esq., and Marion M. Quirk, Esq., at Cole, Schotz, Meisel, Forman & Leonard, PA. The Debtors' financial advisor is GlassRatner Advisory & Capital Group. The investment banker is Hammond Hanlon Camp LLC. The noticing and claims management agent is American Legal Claim Services, LLC. In its petition, MacKeyser Holdings estimated $50 million to $100 million in both assets and liabilities. The petitions were signed by Thomas J. Allison, authorized officer. The U.S. Trustee for Region 3 has appointed three creditors to serve on the official committee of unsecured creditors. NE OPCO: Cash Balance Slightly Down to $751,074 at Sept. 30 ----------------------------------------------------------- NE Opco, Inc., dba National Envelope, and its debtor-affiliates, on Oct. 14, 2014, filed a monthly operating report for the month of September 2014. The Debtors' statement of operations showed a net loss of $27,880 on zero sales for the month. At Sept. 30, the Debtors posted $953,366 in total assets, $135.72 million in total liabilities, and -$134.77 million in total shareholders' equity. The Debtors had $838,858 cash at Sept. 1. They recorded $87,784 in net cash used in operating activites for the month. Thus, at the end of the month, the Debtors had $751,074 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/NEOPCOsept2014mor.pdf About NE OPCO, Inc. National Envelope is the largest privately-held manufacturer of envelopes in North America. Headquartered in Frisco, Texas, National Envelope has eight plants and 15 percent of the envelope market. Revenue of $427 million in 2012 resulted in a $60.1 million net loss, continuing an unbroken string of losses since 2007. NE OPCO, Inc., doing business as National Envelope, along with affiliate NEV Credit Holdings, Inc., filed petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 13-11483) on June 10, 2013. The company disclosed liabilities including $148.4 million in secured debt, with $37.5 million owing on a revolving credit and $15.6 million on a secured term loan. There is a $55.7 million second-lien debt 82 percent held by a Gores Group LLC affiliate. National Envelope, then known as NEC Holdings Corp., first sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 10-11890) on June 10, 2010. The business was bought by Gores Group LLC for $208 million in a bankruptcy sale. National Envelope, through NE OPCO, has returned to bankruptcy to pursue a plan of reorganization or sell the assets as a going concern via 11 U.S.C. Sec. 363. The Debtor plans to facilitate a sale of the business with publicly traded competitor Cenveo Inc. In the 2013 case, the company tapped the law firm Richards, Layton & Finger as counsel, PricewaterhouseCoopers LLP as financial adviser, and Epiq Bankruptcy Solutions as claims and notice agent. The Gores Group is represented by Weil, Gotshal and Manges LLP and Lowenstein Landler LLP. Salus Capital Partners, the DIP agent, is represented by Choate, Hall & Stewart LLP and Morris Nichols Arsht & Tunnell LLP. Wells Fargo Capital Finance, LLC, the prepetition senior agent, is represented by Goldberg Kohn Ltd and DLA Piper. The Official Committee of Unsecured Creditors is represented by Pachulski Stang Ziehl & Jones LLP's Laura Davis Jones, Esq., Bradford J. Sandier, Esq., Robert J. Feinstein, Esq., and Peter J. Keane, Esq. Guggenheim Securities, LLC, serves as its investment banker and financial advisor. National Envelope won court approval on July 19, 2013, for a global settlement permitting a sale of the company without objection from the official unsecured creditors' committee. The settlement ensures some recovery for unsecured creditors. The Company also won final approval for $67.5 million in bankruptcy financing being supplied by Salus Capital Partners LLC. Judge Christopher Sontchi authorized three buyers to acquire National Envelope's business for a total of about $70 million. Connecticut-based printer Cenveo Inc. acquired National Envelope's operating assets for $25 million, Hilco Receivables LLC picked up accounts receivable for $25 million and Southern Paper LLC took on its inventory for $15 million. PSL-NORTH AMERICA: Suffers $3.27 Million Net Loss in August ----------------------------------------------------------- PSL-North America LLC filed, on Oct. 7, 2014, a monthly operating report for the month of August 2014. The Debtor suffered a net loss of $3.27 million over net revenues of $230,209 in August. At Aug. 31, the Debtor had total assets of $127.53 million, total liabilities of $137.80 million, and a total shareholders' equity of -$10.26 million. The Debtor started the month with a cash balance of $731,854. It listed $7.77 million in total receipts and $7.62 million in total disbursements. It spent $1.91 million in professional fees. At the end of the month, the Debtor had a cash balance of $882,635. Deducting prepetition cash of $401,562, the Debtor had $481,702 available cash at the end of the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/PSL-NorthAmericamorAugust.pdf About PSL-North America Founded in 2006, PSL-North America LLC is a manufacturer and coater of large diameter steel pipes. The company has a state-of- the-art facility located in Bay St. Louis, Mississippi, with the land leased for 99 years. The company is an American-based partially owned subsidiary of India's largest producer and manufacturer of steel piping, PSL Limited. On June 16, 2014, PSL-North America LLC and PSL USA Inc., filed voluntary petitions in Delaware (Lead Case No. 14-11477) seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases have been assigned to Judge Peter J. Walsh. The Debtors seek to have their cases jointly administered for procedural purposes. PSL-North America LL disclosed $93,343,085 in assets and $204,025,409 in liabilities as of the Chapter 11 filing. As of the Petition Date, the company had total outstanding debt obligations of $130 million, according to a court filing. Proposed counsel for the Debtor are John H. Knight, Esq., Paul N. Heath, Esq., Tyler D. Semmelman, Esq., Amanda R. Steele, Esq. and William A. Romanowicz, Esq. at Richards, Layton & Finger, P.A. of Wilmington, Delaware. Epiq Bankruptcy Solutions serves as claims agent. RAPID-AMERICAN CORP: Cash Balance Down to $4.39MM at Sept. 30 ------------------------------------------------------------- Rapid-American Corporation, on Oct. 15, 2014, filed its monthly operating report for September 2014. The Debtor reported a total income of $113 for the month. The Debtor had $4.46 million cash at the beginning of the month. It posted $69,795 in total expenses, which includes $27,681 in professional fees. At the end of the month, the Debtor had $4.39 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/RapidAmericanmorSeptember.pdf About Rapid-American Corp. Rapid-American Corp. filed for Chapter 11 bankruptcy protection in Manhattan (Bankr. S.D.N.Y. Case No. 13-10687) on March 8, 2013, to deal with debt related to asbestos personal-injury claims. New York-based Rapid-American was formerly a holding company with subsidiaries primarily engaged in retail sales and consumer products and was never engaged in an asbestos business of any kind. Through a series of merger transactions going back more than 45 years, Rapid has nevertheless incurred successor liability for personal injury claims arising from plaintiffs' exposure to asbestos-containing products sold by The Philip Carey Manufacturing Company -- Old Carey -- as that entity existed prior to June 1, 1967. Attorneys at Reed Smith LLP serve as counsel to the Debtor. The Debtor disclosed assets in excess of $4,446,261 and unknown liabilities. The Official Committee of Unsecured Creditors retained Caplin & Drysdale, Chartered, as counsel. Gilbert LLP serves as special insurance counsel. Young Conaway Stargatt & Taylor, LLP, represents Lawrence Fitzpatrick, the Future Claimants' Representative, as counsel. RG STEEL: Incurs $2.008 Million Net Loss in September ----------------------------------------------------- WP Steel Ventures, LLC, et al., on Oct. 13, 2014, filed their monthly operating report for the month ended September 30, 2014. The Company posted a net loss of $2.008 million for September on zero sales, a decrease from the $2.998 million net loss incurred in August. As of September 30, 2014, the Company had total assets of $23.825 million, total liabilities of $1.035 billion, and total stockholders' deficit of $1.011 billion. The Company had total cash receipts of $1.997 million and total disbursements of $247,000 for the month of September. A full-text copy of the monthly operating report is available at: http://is.gd/oKlDU3 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. SGK VENTURES: Ends September with $24.27 Million Cash ---------------------------------------------------- SGK Ventures, LLC, f/k/a Keywell LLC, on Oct. 21, 2014, filed a monthly operating report for the month of September 2014. The Debtor started September with a cash balance of $24.46 million. It posted total receipts of $572,779 and total disbursements of $764,328. At the end of the month, the Debtor had $24.27 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SGKVenturesmorSeptember.pdf About Keywell L.L.C. Keywell L.L.C., a supplier of scrap titanium and stainless steel, filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 13-37603) on Sept. 24, 2013. Mark Lozier signed the petition as president and CEO. Keywell LLC first filed schedules disclosing $22,515,017 in total assets, and $35,025,633 in total liabilities. In its amended schedules, Keywell disclosed $22,546,386 in total assets and $39,361,793 in total liabilities. As reported in the Troubled Company Reporter on May 12, 2014, the Debtor filed an amended summary of schedules disclosing assets of $22,602,974 and liabilities of $37,181,354. Judge Eugene R. Wedoff presides over the case. Howard L. Adelman, Esq., Chad H. Gettleman, Esq., Henry B. Merens, Esq., Brad A. Berish, Esq., Mark A. Carter, Esq., Adam P. Silverman, Esq., and Nathan Q. Rugg, Esq., at Adelman & Gettleman Ltd. serve as the Debtor's counsel. Alan B. Patzik, Esq., Steven M. Prebish, Esq., and David J. Schwartz, Esq., at Patzik, Frank & Samotny Ltd. serve as the Debtor's special counsel. Eureka Capital Markets, LLC, serves as the Debtor's investment banker, while Conway MacKenzie, Inc., serves as its financial advisors. The Debtor's lenders are represented by Steven B. Towbin, Esq., and Gordon E. Gouveia, Esq., at Shaw Fishman Glantz & Towbin LLC, in Chicago, Illinois. The United States Trustee for Region 11 appointed an Official Committee of Unsecured Creditors. The panel has hired David A. Agay, Esq., Sean D. Malloy, Esq., Scott N. Opincar, Esq., Joshua A. Gadharf, Esq., and T. Daniel Reynolds, Esq., at McDonald Hopkins LLC as counsel. Alvarez & Marsal North America, LLC, serves as financial advisors to the Committee. In December 2013, the Bankruptcy Court formally approved the sale of the Debtor's assets to KW Metals Acquisition LLC for $15.8 million. The original offer was from Cronimet Holdings Inc. for $12.5 million cash. Keywell LLC changed its name and case caption to "SGK Ventures, LLC" following the sale. STELERA WIRELESS: Had $12.23 Million in Total Assets at Aug. 31 --------------------------------------------------------------- Stelera Wireless, LLC, filed, on Oct. 10, 2014, filed its monthly operating report for the month of August 2014. At Aug. 31, the Debtors had $12.23 million in total assets and $14,673 in total current liabilities. The Debtor started August with a cash balance of $12.27 million. It listed zero receipts and $31,261 in total disbursements for the month. As a result, the Debtor had a cash balance of $23.23 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/STELERAWIRELESSaug2014mor.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. VERTIS HOLDINGS: Posts $49,390 Net Loss in August ------------------------------------------------- Vertis Holdings, Inc., at al., on Oct. 16, 2014, filed their monthly operating report for August 2014. The Debtors posted a net loss of $49,390 with zero sales in August, an improvement from the $557,122 net loss incurred for the previous month. At Aug. 31, the Debtors had total assets of $5.48 million, total liabilities of $429.50 million, and a total shareholders' equity of -$424.02 million. The Debtors started the month with $757,760 cash. They listed total receipts of $21,076 nad total disbursements of $70,466. The disbursements include professional fees of $55,620. At August 31, the Debtors had $708,280 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/VERTISHOLDINGSaug2014mor.pdf About Vertis Holdings Vertis Holdings Inc. -- http://www.thefuturevertis.com/-- provides advertising services in a variety of print media, including newspaper inserts such as magazines and supplements. Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821), returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to sell the business to Quad/Graphics, Inc., for $258.5 million, subject to higher and better offers in an auction. As of Aug. 31, 2012, the Debtors' unaudited consolidated financial statements reflected assets of approximately $837.8 million and liabilities of approximately $814.0 million. Bankruptcy Judge Christopher Sontchi presides over the 2012 case. Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal, and Cadwalader, Wickersham & Taft LLP. Quad/Graphics is advised by Blackstone Advisory Partners, Arnold & Porter LLP and Foley & Lardner LLP, special counsel for antitrust advice. Kurtzman Carson Consultants LLC is the Debtors' claims agent. Quad/Graphics is a global provider of print and related multichannel solutions for consumer magazines, special interest publications, catalogs, retail inserts/circulars, direct mail, books, directories, and commercial and specialty products, including in-store signage. Headquartered in Sussex, Wis. (just west of Milwaukee), the Company has approximately 22,000 full-time equivalent employees working from more than 50 print-production facilities as well as other support locations throughout North America, Latin America and Europe. Vertis first filed for bankruptcy (Bankr. D. Del. Case No. 08- 11460) on July 15, 2008, to complete a merger with American Color Graphics. ACG also commenced separate bankruptcy proceedings. In August 2008, Vertis emerged from bankruptcy, completing the merger. Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 10-16170) on Nov. 17, 2010. The Debtor estimated its assets and debts of more than $1 billion. Affiliates also filed separate Chapter 11 petitions -- American Color Graphics, Inc. (Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case No. 10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10- 16172), Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and Webcraft Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174). The bankruptcy court approved the prepackaged Chapter 11 plan on Dec. 16, 2010, and Vertis consummated the plan on Dec. 21. The plan reduced Vertis' debt by more than $700 million or 60%. GE Capital Corporation, which serves as DIP Agent and Prepetition Agent, is represented in the 2012 case by lawyers at Winston & Strawn LLP. Morgan Stanley Senior Funding Inc., the agent under the prepetition term loan, and as term loan collateral agent, is represented by lawyers at White & Case LLP, and Milbank Tweed Hadley & McCloy LLP. On Jan. 16, 2013, Quad/Graphics completed the acquisition of Vertis Holdings for a net purchase price of $170 million. This assumes the purchase price of $267 million less the payment of $97 million for current assets that are in excess of normalized working capital requirements. ********* 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. 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