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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, June 18, 2016, Vol. 20, No. 170
Headlines
CAESARS ENTERTAINMENT: Reports $48.6 Million Net Income in April
EMERALD OIL: Lists $5.61 Million Net Loss in April
EMERALD OIL: Reports $76.43 Million Net Loss at March 31
MOLYCORP INC: Net Loss Widens to $179.69 Million in April
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CAESARS ENTERTAINMENT: Reports $48.6 Million Net Income in April
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Caesars Entertainment Operating Company, Inc. (CEOC), a majority
owned subsidiary of Caesars Entertainment Corporation, et. al.,
filed with the U.S. Securities and Exchange Commission its monthly
operating report for April 2016.
The Debtor's statement of operations for the month showed a net
income of $48.6 million on net revenue of $345.8 million, a huge
increase from $14.3 million net income gained in March.
As of Apr. 30, 2016, the Debtor posted $11.52 billion in total
assets, $22.08 billion in total liabilities, and a $10.56 billion
total shareholders' deficit.
A copy of the monthly operating report is available for free at
the
SEC at:
https://is.gd/jh6Hxn
About Caesars Entertainment
Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,
is one of the world's largest casino companies. Caesars casino
resorts operate under the Caesars, Bally's, Flamingo, Grand
Casinos, Hilton and Paris brand names. The Company has its
corporate headquarters in Las Vegas. Harrah's announced its
re-branding to Caesar's in mid-November 2010.
In January 2015, Caesars Entertainment and subsidiary Caesars
Entertainment Operating Company, Inc., announced that holders of
more than 60% of claims in respect of CEOC's 11.25% senior secured
notes due 2017, CEOC's 8.5% senior secured notes due 2020 and
CEOC's 9% senior secured notes due 2020 have signed the Amended and
Restated Restructuring Support and Forbearance Agreement, dated as
of Dec. 31, 2014, among Caesars Entertainment, CEOC and the
Consenting Creditors. As a result, The RSA became effective
pursuant to its terms as of Jan. 9, 2015.
Appaloosa Investment Limited, et al., owed $41 million on account
of 10% second lien notes in the company, filed an involuntary
Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case
No. 15-10047) on Jan. 12, 2015. The bondholders are represented
by Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
LLP.
CEOC and 172 other affiliates -- operators of 38 gaming and resort
properties in 14 U.S. states and 5 countries -- filed Chapter 11
bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) on
Jan. 15, 2015. CEOC disclosed total assets of $12.3 billion and
total debt of $19.8 billion as of Sept. 30, 2014.
Delaware Bankruptcy Judge Kevin Gross entered a ruling that the
bankruptcy proceedings will proceed in the U.S. Bankruptcy Court
for the Northern District of Illinois.
Kirkland & Ellis serves as the Debtors' counsel. AlixPartners is
the Debtors' restructuring advisors. Prime Clerk LLC acts as the
Debtors' notice and claims agent. Judge Benjamin Goldgar presides
over the cases.
The U.S. Trustee has appointed seven noteholders to serve in the
Official Committee of Second Priority Noteholders and nine members
to serve in the Official Unsecured Creditors' Committee.
The U.S. Trustee appointed Richard S. Davis as Chapter 11
examiner.
EMERALD OIL: Lists $5.61 Million Net Loss in April
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Emerald Oil, Inc., et al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for April 2016.
The Debtors' consolidated statement of operations showed a net loss
of $5.61 million on $2 million revenues for the month.
As of April 30, 2016, the Debtors listed consolidated total assets
of $188.39 million, consolidated total liabilities $326 million,
and -$137.61 million in consolidated total shareholders' equity.
At the start of the month, the Debtors had $4.35 million cash. They
reported total receipts of $7.40 million and total disbursements of
$5.26 million. At month end, the Debtors had $6.49 million cash.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/60Tz5f
About Emerald Oil
Emerald is a Denver-based independent exploration and production
company that is focused on acquiring acreage and developing wells
in the Williston Basin of North Dakota.
Emerald Oil, Inc., Emerald DB, LLC, Emerald NWB, LLC, Emerald WB
LLC and EOX Marketing, LLC filed separate Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10704 to 16-10708) on March
22, 2016. Ryan Smith signed the petitions as chief financial
officer.
The Debtors have hired Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel, Pachulski Stang
Ziehl & Jones LLP as local counsel, Intrepid Financial Partners,
LLC as investment banker, Opportune LLP as restructuring advisor
and Donlin Recano & Company, Inc., as claims and noticing agent.
Judge Kevin Gross has been assigned the cases.
Andrew Vara, acting U.S. trustee for Region 3, appointed seven
creditors of Emerald Oil, Inc., to serve on the official committee
of unsecured creditors.
EMERALD OIL: Reports $76.43 Million Net Loss at March 31
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Emerald Oil, Inc., et al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for the period
from March 22, 2016 to March 31, 2016.
The Debtors' consolidated statement of operations showed a net loss
of $76.43 million on $1.14 million revenues for the period.
As of March 31, 2016, the Debtors listed consolidated total assets
of $187.69 million, consolidated total liabilities $319.47 million,
and -$131.78 million in consolidated total shareholders' equity.
At March 22, 2016, the Debtors had $3.53 million cash. They
reported total receipts of $3.18 million and total disbursements of
$2.36 million. Thus, the Debtors had $4.35 million at March 31,
2016.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/VjUF0t
About Emerald Oil
Emerald is a Denver-based independent exploration and production
company that is focused on acquiring acreage and developing wells
in the Williston Basin of North Dakota.
Emerald Oil, Inc., Emerald DB, LLC, Emerald NWB, LLC, Emerald WB
LLC and EOX Marketing, LLC filed separate Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10704 to 16-10708) on March
22, 2016. Ryan Smith signed the petitions as chief financial
officer.
The Debtors have hired Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel, Pachulski Stang
Ziehl & Jones LLP as local counsel, Intrepid Financial Partners,
LLC as investment banker, Opportune LLP as restructuring advisor
and Donlin Recano & Company, Inc., as claims and noticing agent.
Judge Kevin Gross has been assigned the cases.
Andrew Vara, acting U.S. trustee for Region 3, appointed seven
creditors of Emerald Oil, Inc., to serve on the official committee
of unsecured creditors.
MOLYCORP INC: Net Loss Widens to $179.69 Million in April
---------------------------------------------------------
Molycorp, Inc., et al., filed with the U.S. Securities and Exchange
Commission their monthly operating report for April 2016.
The Debtors' statement of operations showed a net loss of $179.69
million in April 2016 on $12.25 million in total revenues, as
compared to $29.34 million net loss listed in March.
As of April 30, 2016, the Debtors listed consolidated total assets
of $1.84 billion, consolidated total liabilities of $2.08 billion,
and -$240.41 million in consolidated total shareholders' equity.
The Debtors had a beginning book balance of $73.08 million at the
start of the month. They listed total cash receipts of $9.06
million and total disbursements of $15.94 million. Taking into
account net intercompany funds totaling $6.30 million, the Debtors
had an ending book balance of $72.49 million.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/v6SNHB
About Molycorp, Inc.
Molycorp Inc. -- http://www.molycorp.com/-- is a global rare
earths and rare metals producer. Molycorp owns several prominent
are earth processing facilities around the world. It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.
Molycorp has corporate offices in the United States, Canada and
China. CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada. Other senior management members are located at its U.S.
corporate headquarters in Greenwood Village, Colorado.
Molycorp reported a net loss of $623 million in 2014, a net loss of
$377 million in 2013 and a net loss of $475 million in 2012.
As of March 31, 2015, the Company had $2.49 billion in total
assets, $1.78 billion in total liabilities and $709 million in
total stockholders' equity.
Molycorp and its North American subsidiaries, together with certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring. The Chapter 11
cases of Molycorp and 20 affiliated debts are pending before Judge
Christopher S. Sontchi.
The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.
The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings. Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from the
filings as it is not 100% owned by the Company.
Molycorp is being advised by the investment banking firm of Miller
Buckfire & Co. and is receiving financial advice from AlixPartners,
LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act as
legal counsel to the Company in this process. Prime Clerk serves as
claims and noticing agent.
Secured creditor Oaktree Capital Management L.P., consented to the
use of cash collateral and to extend postpetition financing.
On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed eight creditors of the company to serve on
the official committee of unsecured creditors. The Creditors
Committee tapped Ashby & Geddes, P.A. and Paul Hastings LLP as
attorneys.
* * *
Molycorp, Inc.'s Fourth Joint Amended Plan of Reorganization has
been confirmed by the U.S. Bankruptcy Court for the District of
Delaware. The Plan contemplates two possible outcomes: (1) the
sale of substantially all of the Debtors' assets if certain
conditions set forth in the Plan are satisfied and (2) (a) the sale
of the assets associated with the Debtors' Mountain Pass mining
facility in San Bernardino County, California; and (b) the
stand-alone reorganization around the Debtors' other three business
units.
Judge Christopher Sontchi of the U.S. Bankruptcy Court for the
District of Delaware on April 8, 2016, issued a findings of fact,
conclusions of law, and order confirming the Fourth Amended Joint
Plan of Reorganization of Molycorp, Inc., and its debtor
affiliates.
The Plan has yet to be declared effective.
On April 13, 2016, Judge Sontchi directed the appointment of a
Chapter 11 trustee to oversee the operations of Industrial Minerals
LLC, Molycorp Advance Water Technologies LLC, Molycorp Minerals
LLC, PP IV Mountain Pass II Inc., PP IV Mountain Pass Inc., and RCF
Speedwagon Inc. Each of the bankruptcy cases of the companies are
no longer jointly administered with Molycorp's case under Case No.
15-11357.
On May 2, 2016, the Court entered an order in the Molycorp Minerals
Debtors' cases approving the appointment of Paul E. Harner as
chapter 11 trustee for Molycorp Mineral Debtors' bankruptcy
estates.
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then-ending.
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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
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Copyright 2016. All rights reserved. ISSN: 1520-9474.
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