/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160123.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, January 23, 2016, Vol. 20, No. 23 Headlines ALLIED SYSTEMS: Net Loss Decreases to $12,339 in October ALPHA NATURAL: Posts $70.16 Million Net Loss in November BOOMERANG TUBE: Incurs $11.65 Million Net Loss in September BOOMERANG TUBE: Reports $11.54 Million Net Loss in October BPZ RESOURCES: Reports $1.94 Million Net Loss in September COLT DEFENSE: Had $504.96 Million in Total Liabilities at Nov. 1 FILMED ENTERTAINMENT: Reports $469,000 Net Loss at October 31 LIFE PARTNERS: Records $113,762 Net Loss in October PITT PENN: Incurs $7,159 Net Loss in August PITT PENN: Net Loss Decreases to $4,304 in September PITT PENN: Records $3,239 Net Loss in October RAPID AMERICAN: Had $3.94 Million Cash at November 30 SEAL123: Incurs $219,000 Net Loss in November SOUTHERN REGIONAL: Ends October With $5.37 Million Cash WALTER ENERGY: Incurs $55.68 Million Net Loss in September ZUCKER GOLDBERG: Ends September With $728,074 Cash ********* ALLIED SYSTEMS: Net Loss Decreases to $12,339 in October -------------------------------------------------------- ASHINC Corporation, f/k/a Allied Systems Holdings, Inc., et. al., on November 20, 2015, filed its monthly operating report for October 2015. The Debtors' consolidated statement of operations showed a net loss of $12,339 on zero revenues for October, a decrease from the $121,287 net loss recorded in September. At October 31, 2015, the Debtors had $196.65 million in total assets; $117.85 million in total liabilities not subject to compromise; $353.23 million in total liabilities subject to compromise; and $274.44 million in total shareholders' deficit. For the month of October, the Debtors reported total consolidated deposits of $216,784 and total consolidated disbursements of $204,433. A copy of the monthly operating report is available at: http://bankrupt.com/misc/AlliedSystems_oct2015mor.pdf About Allied Systems Holdings BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary petitions for Allied Systems Holdings Inc. and Allied Systems Ltd. (Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012. The signatories of the involuntary petitions assert claims of at least $52.8 million for loan defaults by the two companies. Allied Systems, through its subsidiaries, provides logistics, distribution, and transportation services for the automotive industry in North America. Allied Holdings Inc. first filed for chapter 11 protection (Bankr. N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005. Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented the Debtors in the 2005 case. Allied won confirmation of a reorganization plan and emerged from bankruptcy in May 2007 with $265 million in first-lien debt and $50 million in second-lien debt. The petitioning creditors said Allied defaulted on payments of $57.4 million on the first lien debt and $9.6 million on the second. They hold $47.9 million, or about 20% of the first-lien debt, and about $5 million, or 17%, of the second-lien obligation. They are represented by Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., and Robert J. Ward, Esq., at Schulte Roth & Zabel LLP. Allied Systems Holdings Inc. formally put itself and 18 subsidiaries into bankruptcy reorganization June 10, 2012, following the filing of the involuntary Chapter 11 petition. The Company is being advised by Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., and Jeffrey W. Kelley, Esq., at Troutman Sanders, Gowling Lafleur Henderson. The bankruptcy court process does not include captive insurance company Haul Insurance Limited or any of the Company's Mexican or Bermudan subsidiaries. The Company also announced that it intends to seek foreign recognition of its Chapter 11 cases in Canada. An official committee of unsecured creditors has been appointed in the case. The Committee consists of Pension Benefit Guaranty Corporation, Central States Pension Fund, Teamsters National Automobile Transporters Industry Negotiating Committee, and General Motors LLC. The Committee is represented by Sidley Austin LLP. In January 2014, the U.S. Trustee for Region 3 appointed a three-member Official Committee of Retirees. Yucaipa Cos. has 55% of the senior debt and took the position it had the right to control actions the indenture trustee would take on behalf of debt holders. The state court ruled in March 2013 that the loan documents didn't allow Yucaipa to vote. In March 2013, the bankruptcy court gave the official creditors' committee authority to sue Yucaipa. The suit includes claims that the debt held by Yucaipa should be treated as equity or subordinated so everyone else is paid before the Los Angeles-based owner. The judge allowed Black Diamond to participate in the lawsuit against Yucaipa and Allied directors. Yucaipa American Alliance Fund I, L.P., Yucaipa American Alliance (Parallel) Fund I, L.P., Yucaipa American Alliance Fund II, L.P., Yucaipa American Alliance (Parallel) Fund II, L.P., represented by Michael R. Nestor, Esq., and Edmund L. Morton, Esq., at Young Conaway Stargatt & Taylor, LLP; and Robert A. Klyman, Esq., at Gibson, Dunn & Crutcher LLP. First Lien Agent, Black Diamond Commercial Finance, L.L.C., represented by Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., Robert J. Ward, Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP. Allied Systems Holdings, Inc., has changed its name to ASHINC Corporation. * * * ASHINC Corporation, f/k/a Allied Systems Holdings, Inc., and its debtor affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a joint Chapter 11 plan of reorganization, co-proposed by the Committee and the first lien agents. The Plan provides that certain of the Debtors' assets, the Litigation Trust Assets, will vest in the Allied Litigation Trust, and the remainder of the Debtors' assets, including the proceeds from the sale of substantially all of the Debtors' assets, will either revest in the Reorganized Debtors or be distributed to the Debtors' creditors. ALPHA NATURAL: Posts $70.16 Million Net Loss in November -------------------------------------------------------- Alpha Natural Resources, Inc., et al., filed with the U.S. Securities and Exchange Commission their monthly operating report for November 2015. The Debtors reported a November net loss of $70.16 million on $198.46 million of total revenues. As of November 30, 2015, the Debtors had $9.97 billion in total assets, $8.34 billion in total liabilities, and $1.63 billion in total stockholders' equity. The Debtors started the month with $830.94 million cash. They listed $26.68 million used in operating activities, $61.14 million used in investing activities, and $3.81 million used in financing activities. They ended the month with $739.30 million. A copy of the monthly operating report is available at the SEC at http://is.gd/XkRnRD About Alpha Natural Alpha Natural -- http://www.alphanr.com/-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers as measured by 2014 consolidated revenues of $4.3 billion. As of Dec. 31, 2014, the Company operated 60 mines and 22 coal preparation plants in Northern and Central Appalachia and the Powder River Basin, with approximately 8,900 employees. Alpha Natural Resources, Inc. and certain of its wholly-owned subsidiaries filed voluntary petitions (Bankr. E.D. Va. Lead Case No. 15-33896) on Aug. 3, 2015. The petition was signed by Richard H. Verheij, executive vice president, general counsel and corporate secretary. Jones Day serves as general counsel to the Debtors. Hunton & Williams LLP acts as the Debtors' local counsel. Rothschild Group represents as the Debtors' financial advisor. The Debtors' investment banker is Alvarez & Marsal Holdings, LLC. Kurtzman Carson Consultants serves as the Debtors' claims and noticing agent. BOOMERANG TUBE: Incurs $11.65 Million Net Loss in September ----------------------------------------------------------- Boomerang Tube, LLC, et al., on October 30, 2015, filed a monthly operating report for September 2015. The Debtors incurred a net loss of $15.23 million on $11.65 million of total net sales in September. At September 30, 2015, the Debtors' balance sheet for the period recorded total assets of $289.67 million, total liabilities of $522.21 million, and total shareholders' deficit of $232.53 million. Boomerang Tube, LLC reported cash receipts of $9.97 million and total cash disbursements of $10.75 million for the month. A copy of the operating report is available at: http://bankrupt.com/misc/BoomerangTube_sept2015mor.pdf About Boomerang Tube Boomerang Tube, LLC, is a manufacturer of welded Oil Country Tubular Goods ("OCTG") in the United States. OCTG are used by drillers in exploration and production of oil and natural gas and consist of drill pipe, casing and tubing. Boomerang has corporate offices in Chesterfield, Missouri and manufacturing facilities in Liberty, Texas, strategically located near major steel production centers and end-user markets. With a 487,000 square foot plant that houses two mills and heat treat lines and a contingent 119 acres, these facilities constitute the second largest alloy OCTG mill in North America. Access Tubulars, LLC, owns 81% of the equity interests in Boomerang. Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 15-11247) on June 9, 2015, with a deal with lenders on a balance sheet restructuring that would convert $214 million of debt to 100% of the common stock of the reorganized company. The cases are assigned to Judge Mary F. Walrath. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as attorneys; Lazard Freres & Co. LLC, as financial advisor; and Donlin, Recano & Co., Inc., as claims and noticing agent. BOOMERANG TUBE: Reports $11.54 Million Net Loss in October ---------------------------------------------------------- Boomerang Tube, LLC, et al., on November 30, 2015, filed a monthly operating report for October 2015. The Debtors incurred a net loss of $11.54 million on $6.30 million of total net sales in October. As of October 30, 2015, the Debtors' balance sheet for the period recorded total assets of $277.77 million, total liabilities of $523.12 million, and total shareholders' deficit of $245.35 million. Boomerang Tube, LLC reported cash receipts of $9.39 million and total cash disbursements of $13.59 million for the month. A copy of the operating report is available at: http://bankrupt.com/misc/BoomerangTube_oct2015mor.pdf About Boomerang Tube Boomerang Tube, LLC, is a manufacturer of welded Oil Country Tubular Goods ("OCTG") in the United States. OCTG are used by drillers in exploration and production of oil and natural gas and consist of drill pipe, casing and tubing. Boomerang has corporate offices in Chesterfield, Missouri and manufacturing facilities in Liberty, Texas, strategically located near major steel production centers and end-user markets. With a 487,000 square foot plant that houses two mills and heat treat lines and a contingent 119 acres, these facilities constitute the second largest alloy OCTG mill in North America. Access Tubulars, LLC, owns 81% of the equity interests in Boomerang. Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 15-11247) on June 9, 2015, with a deal with lenders on a balance sheet restructuring that would convert $214 million of debt to 100% of the common stock of the reorganized company. The cases are assigned to Judge Mary F. Walrath. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as attorneys; Lazard Freres & Co. LLC, as financial advisor; and Donlin, Recano & Co., Inc., as claims and noticing agent. BPZ RESOURCES: Reports $1.94 Million Net Loss in September ---------------------------------------------------------- BPZ Resources, Inc., on October 20, 2015, filed with the U.S. Securities and Exchange Commission their monthly operating report for September 2015. The Debtor's statement of operations showed a net loss of $1.94 million on zero revenue in September. At September 30, 2015, the Debtor recorded total assets of $99.47 million, total liabilities of $613.34 million, and $513.87 million in total stockholders' deficit. The Debtor had $12.38 million cash at the start of the period. It listed total receipts of $3,596 and total disbursements of $2.16 million. Disbursements include $1.87 million in professional fees. As a result, the Debtor had $10.23 million at the end of the month. A copy of the monthly operating report is available at the SEC at: http://is.gd/537Gby About BPZ Resources BPZ Energy -- http://www.bpzenergy.com/-- is an independent oil and gas exploration and production company which had license contracts covering 1.9 million net acres in offshore and onshore Peru. BPZ Resources maintains an office in Victoria, Texas, and through its subsidiaries maintains offices in Lima and Tumbes, Peru, and Quito, Ecuador. BPZ Resources sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 15-60016) in Victoria, Texas, on March 9, 2015. The case is pending before the Honorable David R. Jones. The Debtor disclosed total assets of $364 million and debt of $275 million. The Debtor tapped Stroock & Stroock & Lavan LLP as bankruptcy Counsel; Hawash Meade Gaston Neese & Cicack LLP, as local Texas Counsel; Houlihan Lokey Capital, Inc., as investment banker; Opportune LLP, as restructuring advisor; Baker Hostetler, as the audit committee's special counsel; and Kurtzman Carson Consultants as claims and noticing agent. The Official Committee of Unsecured Creditors retained Akin Gump Strauss Hauer & Feld LLP as legal counsel, and Blackstone Advisory Partners L.P. as its financial advisor. * * * Following an auction on June 30 to July 1, 2015, the Debtor won court approval, and later closed, the sale of its equity interests in its non-debtor subsidiaries for $8,500,000 to Zedd Energy Holdco Ltd. The Debtor also sold assets relating to the onshore blocks in northwestern Peru, all equity interests in the power generation subsidiary EENE and, subject to Ecuadorian government approval and applicable rights of first refusal, all equity interests in SMC Ecuador, Inc., for $750,000 million to Zorritos Peru Holdings, Inc. The Debtor on July 30, 2015, won approval to implement a key employee retention plan and a key employee incentive plan and to pay severance claims to certain critical employees. On Sept. 7, 2015, the Debtor and the Committee filed an agreed order extending the exclusive period to solicit acceptances of a chapter 11 plan through Oct. 23, 2015. The Court entered the agreed order on Sept. 8. The Debtor filed a Plan of Liquidation on Sept. 8, 2015, and then an Amended Plan on Sept. 25, 2015. On Nov. 12, 2015, the Bankruptcy Court entered an order confirming the Company's Second Amended Plan of Liquidation. As of Dec. 31, 2015, all conditions to the occurrence of the effective date set forth in the Debtors' Plan and the Confirmation Order were satisfied or waived in accordance therewith and the effective date of the Plan occurred. On the same date, the Company filed a Notice of Effective Date of the Plan with the Bankruptcy Court. COLT DEFENSE: Had $504.96 Million in Total Liabilities at Nov. 1 ---------------------------------------------------------------- Colt Holding Company LLC, et al., on November 30, 2015, filed a monthly operating report for the period October 5, 2015, to November 1, 2015. The Debtors incurred a net loss of $3.97 million for the reporting period. The Debtors' balance sheet for the period recorded total assets of $168.99 million, total liabilities of $504.96 million, and total shareholders' deficit of $335.96 million. Colt Defense - USA had $6.86 million cash at the start of the period. It had total receipts of $12.72 million and total disbursements of $14.34 million. Disbursements include $2.20 million in net payroll. Colt Defense - USA ended the month with $5.24 million. A copy of the operating report is available at: http://bankrupt.com/misc/ColtDefense_oct2015mor.pdf About Colt Defense Colt Defense LLC is one of the world's oldest and most iconic designers, developers, and manufacturers of firearms for military, law enforcement, personal defense, and recreational purposes and was founded over 175 years ago by Samuel Colt, who patented the first commercial successful revolving cylinder firearm in 1836 and began supplying U.S. and international military customers with firearms in 1847. Colt is incorporated in Delaware and headquartered in West Hartford, Connecticut. In 1992, Colt Manufacturing Company, then the principal operating subsidiary, filed chapter 11 petitions (Bankr. D. Conn.). An investment by Zilkha & Co. allowed CMC to confirm a chapter 11 plan and emerge from Bankruptcy in 1994. Sometime after 1994, majority ownership of the Company transitioned from Zilkha & Co. to Sciens Capital Management. Colt Holding Company LLC and nine affiliates, including Colt Defense LLC, on June 14, 2015, filed voluntary petitions (Bankr. D. Del. Lead Case No. 15-11296) for relief under Chapter 11 of the Bankruptcy Code to pursue a sale of the assets as a going concern. Colt Defense estimated $100 million to $500 million in assets and debt. On June 16, 2015, the Court directed the joined administration of the assets. The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny & Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as claims and noticing agent. Perella Weinberg Partners L.P. is acting as financial advisor of the Company, and Mackinac Partners LLC is acting as its restructuring advisor. Wilmington Savings Fund Society, FSB, as agent under the $13.3 million Term DIP Loan Agreement, is represented by Pryor Cashman LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's Leonard Klingbaum, Esq. Cortland Capital Market Services LLC, as agent under the $6.67 million Senior DIP Credit Agreement, is represented by Holland & Knight LLP's Joshua M. Spencer, Esq.; Stroock & Stroock & Lavan LLP's Brett Lawrence, Esq.; and Osler, Hoskin & Harcourt LLP's Richard Borins, Esq., and Tracy Sandler, Esq. The U.S. Trustee for Region 3 appointed five creditors of Colt Defense Inc. and its affiliates to serve on the official committee of unsecured creditors. MagPul Industries Corp. has resigned from the committee leaving only four Committee members. Sciens Capital is represented by Skadden, Arps, Slate, Meagher & Flom LLP's Anthony W. Clark, Esq., and Jason M. Liberi, Esq. * * * Colt's equity sponsor, Sciens Capital Management, has agreed to act as a stalking horse bidder in a proposed asset sale. The Debtors called off the bankruptcy auction after no potential buyers emerged by an Oct. 16, 2015 deadline. The Debtors on Oct. 9 filed a proposed plan of reorganization premised on a $50 million exit financing facility from private-equity owner Sciens Capital Management, LLC, Fidelity National Financial Inc., Newport Global Advisors LP, and certain other lenders. The Plan secures options for the Company to continue operations in West Hartford, Connecticut on a long-term basis. FILMED ENTERTAINMENT: Reports $469,000 Net Loss at October 31 ------------------------------------------------------------- Filmed Entertainment Inc., on December 16, 2015, filed a monthly operating report for October 2015. Filmed Entertainment incurred a $469,000 net loss on $257,000 net revenue for October 2015. At October 31, 2015, Filmed Entertainment recorded $1.26 million in total assets, $18.84 million in total liabilities, and -$62.26 million in net owners' equity. The statement of cash flows shows that Filmed Entertainment had $618,688 cash at the beginning of the month. They listed total cash receipts of $740,528 and total cash disbursements of $523,755 for the period. They ended September with $835,481 in cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/FilmedEntertainment_oct2015mor.pdf About Filmed Entertainment Filmed Entertainment Inc. owns and operates the "Columbia House DVD Club," a direct-to-customer distributor of movies and television series in the United States. FEI conducts its business through physical catalogues and through the -- http://www.columbiahouse.com/Web site. FEI was historically active in the musical compact disc business, but exited the music business in 2010. Founded in 1955 as a division of CBS Inc. to sell vinyl records and cassette tapes, FEI is a unit of Pride Tree Holdings, Inc., which acquired FEI in December 2012. On Aug. 10, 2015 FEI filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 15-12244) in Manhattan, New York. The case is pending before the Honorable Shelley C. Chapman. The Debtor tapped Griffin Hamersky P.C. as counsel, and Prime Clerk LLC as claims and noticing agent. The Debtor estimated assets of $1 million to $10 million and debt of $50 million to $100 million. The U.S. Trustee for Region 2 appointed five creditors of Filmed Entertainment Inc. to serve on the official committee of unsecured creditors. LIFE PARTNERS: Records $113,762 Net Loss in October --------------------------------------------------- Life Partners Holdings, Inc., filed with the U.S. Securities and Exchange Commission their monthly operating report for October 2015. The Debtor reported a net loss of $113,762 on zero revenue for the period. As of October 31, 2015, the Debtor had $2.26 million in total assets, $9.13 million in total liabilities, and $6.87 million in total stockholders' deficit. The Debtor had $326,670 cash at the start of the month. They reported total receipts of $77,117 and total disbursements of $49,030. Thus, the Debtor had $354,758 ending cash balance at October 31, 2015. A copy of the monthly operating report is available at the SEC at: http://is.gd/K9ZLmM About Life Partners Headquartered in Waco, Texas, Life Partners Holdings, Inc. -- http://www.lphi.com/-- is the parent company engaged in the secondary market for life insurance, commonly called "life settlements." Since its incorporation in 1991, Life Partners, Inc. has completed over 162,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value. LPHI is a publicly traded company incorporated in Texas and its common stock has been delisted from the NASDAQ (formerly trading under the symbol LPHI). Life Partners Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20, 2015. The case is assigned to Judge Russell F. Nelms. J. Robert Forshey, Esq., at Forshey & Prostok, LLP, serves as counsel to the Debtor. LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilities as of the Chapter 11 filing. The official committee of unsecured creditors formed in the case tapped Munsch Hardt Kopf & Harr, P.C., as counsel. Tracy A. Bolt of BDO USA, LLP was named as examiner for the Debtor's case. At the behest of the U.S. Securities and Exchange Commission, the U.S. Trustee, and the Creditors Committee, the Court ordered the appointment of a Chapter 11 trustee. On March 13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee in LPHI's case. The trustee is represented by Thompson & Knight LLP. The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No. 15-41995) and LPI Financial Services, Inc. (Case No. 15-41996). Life Partners is estimated to have $100 million to $500 million in assets and more than $1 billion in debt. LPI Financial estimated less than $50,000. PITT PENN: Incurs $7,159 Net Loss in August ------------------------------------------- Pitt Penn Holding Company, Inc., on November 4, 2015, filed an operating report for August 2015. The Debtor incurred a net loss of $7,159 in August on zero net revenue. For the month of August, the Debtor had $9.98 million in total assets, $15.42 million in total liabilities, and $5.44 million in total shareholders' deficit. At the start of the month, the Debtor had a cash balance of $33,785. It had total receipts of $20,000 and total disbursements of $31,016. At the end of the month, the Debtor had $22,769 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/PittPennHolding_aug2015mor.pdf About Pitt Penn Pitt Penn Holding Co., Inc., and Pitt Penn Oil Co., LLC, each filed voluntary petitions for Chapter 11 relief (Bankr. D. Del. Case Nos. 09-11475 and 09-11476) on April 30, 2009. Industrial Enterprises of America, Inc., f/k/a Advanced Bio/Chem, Inc., filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-11508) on May 1, 2009. EMC Packaging, Inc., filed a voluntary petition for Chapter 11 relief (Bankr. D. Del. Case No. 09-11524) on May 4, 2009. Unifide Industries, LLC, and Today's Way Manufacturing LLC, each filed a voluntary petition for Chapter 11 relief (Bankr. D. Del. Case Nos. 09-11587 and 09-11586) on May 6, 2009. PPH, PPO, EMC, Unifide, and Today's Way are each subsidiaries of IEAM. The cases are jointly administered under Case No. 09-11475. Christopher D. Loizides, Esq., at Loizides, P.A., in Wilmington, Del., represents the Debtors as counsel. In its petition, Industrial Enterprises disclosed total assets of $50,476,697 and total debts of $17,853,997. Industrial Enterprises originally operated as a holding company with four wholly owned subsidiaries, PPH, EMC, Unifide, and Today's Way. PPH, through its wholly owned subsidiary, PPO, was a leading manufacturer, marketer and seller of automotive chemicals and additives. EMC's original business consisted of converting hydrofluorocarbon gases R134a and R152a into branded private label refrigerant and propellant products. Unifide was a leading marketer and seller of automotive chemicals and additives. Today's Way manufactured and packaged the products which were sold by Unifide. Norman L. Pernick was appointed as the chapter 11 trustee for the Debtors. The trustee tapped Cole, Schotz, Meisel, Forman & Leonard, P.A., as counsel, and CohnReznick LLP as his exclusive financial advisor. PITT PENN: Net Loss Decreases to $4,304 in September ---------------------------------------------------- Pitt Penn Holding Company, Inc., on December 9, 2015, filed an operating report for September 2015. The Debtor incurred a net loss of $4,304 in September on zero net revenue. For the month of September, the Debtor had $9.99 million in total assets, $15.43 million in total liabilities, and $5.44 million in total shareholders' deficit. At the start of the month, the Debtor had a cash balance of $22,769. It had total receipts of $10,000 and total disbursements of $9,767. At the end of the month, the Debtor had $23,001 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/PittPennHolding_sept2015mor.pdf About Pitt Penn Pitt Penn Holding Co., Inc., and Pitt Penn Oil Co., LLC, each filed voluntary petitions for Chapter 11 relief (Bankr. D. Del. Case Nos. 09-11475 and 09-11476) on April 30, 2009. Industrial Enterprises of America, Inc., f/k/a Advanced Bio/Chem, Inc., filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-11508) on May 1, 2009. EMC Packaging, Inc., filed a voluntary petition for Chapter 11 relief (Bankr. D. Del. Case No. 09-11524) on May 4, 2009. Unifide Industries, LLC, and Today's Way Manufacturing LLC, each filed a voluntary petition for Chapter 11 relief (Bankr. D. Del. Case Nos. 09-11587 and 09-11586) on May 6, 2009. PPH, PPO, EMC, Unifide, and Today's Way are each subsidiaries of IEAM. The cases are jointly administered under Case No. 09-11475. Christopher D. Loizides, Esq., at Loizides, P.A., in Wilmington, Del., represents the Debtors as counsel. In its petition, Industrial Enterprises disclosed total assets of $50,476,697 and total debts of $17,853,997. Industrial Enterprises originally operated as a holding company with four wholly owned subsidiaries, PPH, EMC, Unifide, and Today's Way. PPH, through its wholly owned subsidiary, PPO, was a leading manufacturer, marketer and seller of automotive chemicals and additives. EMC's original business consisted of converting hydrofluorocarbon gases R134a and R152a into branded private label refrigerant and propellant products. Unifide was a leading marketer and seller of automotive chemicals and additives. Today's Way manufactured and packaged the products which were sold by Unifide. Norman L. Pernick was appointed as the chapter 11 trustee for the Debtors. The trustee tapped Cole, Schotz, Meisel, Forman & Leonard, P.A., as counsel, and CohnReznick LLP as his exclusive financial advisor. PITT PENN: Records $3,239 Net Loss in October --------------------------------------------- Pitt Penn Holding Company, Inc., on December 9, 2015, filed an operating report for October 2015. The Debtor incurred a net loss of $3,239 in October on zero net revenue. For the month of October, the Debtor had $9.99 million in total assets, $15.43 million in total liabilities, and $5.44 million in total shareholders' deficit. At the start of the month, the Debtor had a cash balance of $23,001. It listed zero total receipts and zero total disbursements. At the end of the month, the Debtor had $23,001 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/PittPennHolding_oct2015mor.pdf About Pitt Penn Pitt Penn Holding Co., Inc., and Pitt Penn Oil Co., LLC, each filed voluntary petitions for Chapter 11 relief (Bankr. D. Del. Case Nos. 09-11475 and 09-11476) on April 30, 2009. Industrial Enterprises of America, Inc., f/k/a Advanced Bio/Chem, Inc., filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-11508) on May 1, 2009. EMC Packaging, Inc., filed a voluntary petition for Chapter 11 relief (Bankr. D. Del. Case No. 09-11524) on May 4, 2009. Unifide Industries, LLC, and Today's Way Manufacturing LLC, each filed a voluntary petition for Chapter 11 relief (Bankr. D. Del. Case Nos. 09-11587 and 09-11586) on May 6, 2009. PPH, PPO, EMC, Unifide, and Today's Way are each subsidiaries of IEAM. The cases are jointly administered under Case No. 09-11475. Christopher D. Loizides, Esq., at Loizides, P.A., in Wilmington, Del., represents the Debtors as counsel. In its petition, Industrial Enterprises disclosed total assets of $50,476,697 and total debts of $17,853,997. Industrial Enterprises originally operated as a holding company with four wholly owned subsidiaries, PPH, EMC, Unifide, and Today's Way. PPH, through its wholly owned subsidiary, PPO, was a leading manufacturer, marketer and seller of automotive chemicals and additives. EMC's original business consisted of converting hydrofluorocarbon gases R134a and R152a into branded private label refrigerant and propellant products. Unifide was a leading marketer and seller of automotive chemicals and additives. Today's Way manufactured and packaged the products which were sold by Unifide. Norman L. Pernick was appointed as the chapter 11 trustee for the Debtors. The trustee tapped Cole, Schotz, Meisel, Forman & Leonard, P.A., as counsel, and CohnReznick LLP as his exclusive financial advisor. RAPID AMERICAN: Had $3.94 Million Cash at November 30 ----------------------------------------------------- Rapid-American Corporation, on December 16, 2015, filed a monthly operating report for November 2015. The Debtor listed total income of $196.85 for the month. At the start of November, the Debtor had $4.02 million in cash. It reported total expenses of $81,267, which include $46,900 in professional fees. At the end of the month, the Debtor had $3.94 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/RapidAmerican_nov2015mor.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. Young Conaway Stargatt & Taylor, LLP represents Lawrence Fitzpatrick, the Future Claimants' Representative, as counsel. SEAL123: Incurs $219,000 Net Loss in November --------------------------------------------- Seal123, Inc., formerly known as Wet Seal, Inc., et al., filed with the U.S. Securities and Exchange Commission their monthly operating report for November 2015. The Debtors listed a consolidated net loss of $219,000 on zero revenue for the month. As of November 30, 2015, the Debtors posted consolidated total assets of $7.7 million consolidated total liabilities of $1.47 million, and consolidated total shareholders' equity of $6.23 million. The Debtors listed consolidated total receipts of $57,000 consolidated total cash disbursements of $7,000 and total non-operating disbursements of $212,000 for November. A copy of the monthly operating report is available at the SEC at http://is.gd/qa5dr9 About Seal123, Inc. The Wet Seal, Inc., and three affiliates The Wet Seal Retail, Inc., Wet Seal Catalog, Inc., and Wet Seal GC, LLC, filed separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 15-10081 to 15-10084) on Jan. 15, 2015. The Debtors are a national multi-channel retailer selling fashion apparel and accessory items designed for female customers aged 13 to 24 years old. The Wet Seal, Inc., disclosed $215,254,952 in assets and $60,598,968 in liabilities as of the Chapter 11 filing. The Hon. Christopher S. Sontchi presides over the jointly administered cases. Maris J. Kandestin, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP; Lee R. Bogdanoff, Esq., Michael L. Tuchin, Esq., David M. Guess, Esq., and Jonathan M. Weiss, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP; and Paul Hastings LLP, serve as the Debtors' Chapter 11 counsel. FTI Consulting serves as the Debtors' restructuring advisor. The Debtors' investment banker is Houlihan Lokey. The Debtors tapped Donlin, Recano & Co., Inc., as claims and noticing agent. The petitions were signed by Thomas R. Hillebrandt, interim chief financial officer. B. Riley, the original DIP lender and plan sponsor, is represented by Van C. Durrer, II, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP. Versa Capital Management, LLC, and its affiliate, Mador Lending, LLC, which was selected as the successful bidder at an auction, is being advised by Greenberg Traurig LLP, Klehr Harrison Harvey Branzburg LLP, and KPMG LLP. The U.S. Trustee has appointed an Official Committee of Unsecured Creditors. The Committee retained Pachulski Stang Ziehl & Jones LLP as its counsel and Province Inc. as its financial advisor. The Wet Seal, Inc., changed its name to "Seal123, Inc." on April 17, 2015, in accordance with the Asset Purchase Agreement with Mador Lending, LLC, an affiliate of Versa Capital Management, LLC as buyer. SOUTHERN REGIONAL: Ends October With $5.37 Million Cash ------------------------------------------------------- Southern Regional Health System, Inc., dba Southern Regional Medical Center, et. al., on November 23, 2015, filed a monthly operating report for October 2015. At the start of October, the Debtor had $7.78 million in cash. It reported total receipts of $14.14 million and total disbursements of $16.55 million, which include $295,578 in professional fees. At the end of the month, the Debtor had $5.37 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SOUTHERNREGIONALoct2015mor.pdf About Southern Regional Health System Southern Regional Health System, Inc., owns the Southern Regional Medical Center, a 331-licensed bed full-service hospital located in Riverdale, Georgia. Managed by Emory Healthcare, Inc., the hospital serves residents throughout the region south of Atlanta. As a leader in neurologic, heart & vascular, bariatric, and women's healthcare services, Southern Regional's medical staff is comprise of more than 480 physicians that blend their passion for healing with advanced technology to offer the latest procedures and treatments. Southern Regional and its subsidiaries sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 15-64266) on July 30, 2015, in Atlanta, Georgia. The cases are assigned to Judge Wendy L. Hagenau. Southern Regional Health System, Inc. disclosed total assets of $41,996,075 and total liabilities of $42,884,499. The Debtors' secured creditors are Gemino Healthcare Finance, LLC, and U.S. Foods, Inc. Gemino claims to be owed in excess of $10 million, while U.S. Foods has a $60,000 claim. The Debtors tapped Scroggins & Williamson, P.C., as bankruptcy attorneys, Nelson Mulins Riley & Scarborough LLP, as outside general counsel, and Kurtzman Carson Consultants LLC as claims and balloting agent. GGG Partners, LLC serves as financial advisors to the Debtors. The Official Committee of Unsecured Creditors tapped Lamberth, ifelli, Ellis & Nason, P.A., and Pepper Hamilton, LLP, as attorneys. PricewaterhouseCoopers LLP serves as its financial advisors. * * * Prime Healthcare has submitted a letter of intent to purchase most of Southern Regional's assets, and would operate the hospital after the proposed sale. Prime has agreed to provide the Debtors with $9.2 million of DIP financing. WALTER ENERGY: Incurs $55.68 Million Net Loss in September ---------------------------------------------------------- Walter Energy, et al., filed with the U.S. Securities and Exchange Commission their monthly operating report for September 2015. As of September 30, 2015, the Debtors reported a net loss of $55.68 million on $72.64 million of total revenues. As of September 30, 2015, the Debtors had $1.98 billion in total assets, $4.37 billion in total liabilities, and $2.40 billion in total stockholders' deficit. The Debtors had $167.55 million cash at the start of the month. They reported total cash receipts of $69.21 million and total cash disbursements of $90.76 million. Thus, the Debtors had $146.01 million for the four-week period ended September 26, 2015. A copy of the monthly operating report is available at the SEC at: http://is.gd/AfixzB About Walter Energy Walter Energy -- http://www.walterenergy.com/-- is a publicly traded "pure-play" metallurgical coal producer for the global steel industry with strategic access to steel producers in Europe, Asia and South America. The Company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Walter Energy employs approximately 2,700 employees, with operations in the United States, Canada and the United Kingdom. For the year ended Dec. 31, 2014, the Company reported a net loss of $471 million following a net loss of $359 million in 2013. Walter Energy, Inc., and its affiliates sought Chapter 11 protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham, Alabama on July 15, 2015, after signing a restructuring support agreement with first-lien lenders. Walter Energy disclosed total assets of $5.2 billion and total debt of $5 billion as of March 31, 2015. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree Deakins LLP, as labor and employment counsel; Maynard, Cooper & Gale, P.C., as special counsel; Blackstone Advisory Services, L.P., as investment banker; AlixPartners, LLP, as financial advisor, and Kurtzman Carson Consultants LLC, as claims and noticing agent. The Bankruptcy Administrator for the Northern District of Alabama appointed an Official Committee of Unsecured Creditors and an Official Committee of Retirees. The Creditors Committee tapped Morrison & Foerster LLP and Christian & Small LLP as attorneys. The Retiree Committee retained Adams & Reese LLP and Jenner & Block LLP as attorneys. The informal group of certain unaffiliated First Lien Lenders and First Lien Noteholders (the "Steering Committee") retained Akin, Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard Freres & Co. LLC as financial advisor. ZUCKER GOLDBERG: Ends September With $728,074 Cash -------------------------------------------------- Zucker Goldberg & Ackerman LLC, on November 12, 2015, filed a monthly operating report for September 2015. As of September 30, 2015, the Debtor listed total assets of $6.55 million, total liabilities of $51.14 million, and $44.59 million in total shareholders' deficit. At the start of September, the Debtor had $1.64 million in cash. It reported total receipts of $1.81 million and total disbursements of $2.72 million, which include $62,390 in professional fees. At the end of the month, the Debtor had $728,074 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/ZuckerGoldberg_sept2015mor.pdf About Zucker Goldberg Formed in 1923 as Zucker & Goldberg, law firm Zucker, Goldberg & Ackerman, LLC, is primarily engaged in the representation of lenders and secured parties in foreclosure matters, insolvency proceedings and related matters. The sole members of ZGA are Michael S. Ackerman, Esq. and Joel Ackerman, Esq. Michael S. Ackerman is the managing member of the firm. ZGA's primary offices are in Mountainside, New Jersey. Zucker, Goldberg & Ackerman, LLC, sought Chapter 11 protection (Bankr. D.N.J. Case No. 15-24585) in Newark, New Jersey, on Aug. 3, 2015, to complete the orderly liquidation of the business. The case is assigned to Judge Christine M. Gravelle. The Debtor disclosed total assets of $11.5 million and total liabilities of $53.3 million as of June 30, 2015. ZGA tapped Wasserman, Jurista & Stolz, P.C. as bankruptcy counsel; Brown, Moskowitz & Kallen, P.C., as special litigation counsel; Genova Burns as labor counsel; and BMC Group, Inc., as noticing and balloting agent. The U.S. Trustee for Region 3 appointed seven creditors to serve on an official committee of unsecured creditors. ********* 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. 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 nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. 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, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2016. 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 202-362-8552. *** End of Transmission ***