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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, September 3, 2016, Vol. 20, No. 247
Headlines
EMERALD OIL: Net Loss Continues at $4.33 Million in June
PACIFIC SUNWEAR: Gains $1.95 Million Net Income at July 2
WAVE SYSTEMS: Files Initial Monthly Operating Report
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EMERALD OIL: Net Loss Continues at $4.33 Million in June
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Emerald Oil, Inc., et al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for June 2016.
The Debtors' consolidated statement of operations showed a net loss
of $4.33 million on $3.64 million revenues for the month, as
compared to $3.43 million net loss on $3.71 million revenues posted
in May.
As of June 30, 2016, the Debtors posted consolidated total assets
of $188.75 million, consolidated total liabilities of $334.12
million, and -$145.37 million in consolidated total shareholders'
equity.
At the start of the month, the Debtors had $11.04 million cash.
They reported total receipts of $6.27 million and total
disbursements of $8.08 million. At month end, the Debtors had
$9.23 million cash.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/p44gXf
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. The Committee retains Whiteford, Taylor &
Preston LLC as Delaware counsel, and Akin Gump Strauss Hauer & Feld
LLP as co-counsel.
PACIFIC SUNWEAR: Gains $1.95 Million Net Income at July 2
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Pacific Sunwear of California, Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for the period from May 29, 2016 to July 2, 2016.
The Debtors' consolidated statement of operations showed a net
income of $1.95 million on $72.24 million net sales for the
reporting period.
As of July 2, 2016, the Debtors listed consolidated total assets
of $278.58 million, consolidated total liabilities of $316.39
million, and -$37.81 million in consolidated total shareholders'
equity.
At July 2, 2016, the Debtors had total cash receipts of $75.33
million and total disbursements of $89.43 million.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/ep1OpA
About Pacific Sunwear
Founded in 1982 in Newport Beach, California as a surf shop,
Pacific Sunwear of California, Inc. operates in the teen and young
adult retail sector, selling men's and womens apparel, accessories,
and footwear. The Company went public in 1993 (NASDAQ: PSUN), and
peaked with 965 stores in 2006. At present, the Company has
approximately 593 retail locations nationwide under the names
"Pacific Sunwear" and "PacSun," which stores are principally in
mall locations. The Company has 2,000 full-time workers. Through
its ecommerce business, the Company operates an e-commerce site at
http://www.pacsun.com/
Pacific Sunwear of California, Inc., and two affiliated debtors
each filed a voluntary petition for relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-10882) on
April 7, 2016. The cases are pending before the Honorable Laurie
Selber Silverstein.
The Debtors sought Chapter 11 protection with a Chapter 11 plan
that would convert debt into equity.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and Klee,
Tuchin, Bogdanoff & Stern LLP as attorneys; FTI Consulting, Inc.,
as financial advisor; Guggenheim Securities, LLC, as investment
banker; and Prime Clerk LLC as claims and noticing agent.
Andrew Vara, acting U.S. trustee for Region 3, on April 19
appointed seven creditors of Pacific Sunwear of California, Inc.,
to serve on the official committee of unsecured creditors. The
official committee of unsecured creditors retained Cooley LLP and
Bayard, P.A. as counsel; and Province Inc. as its financial
advisor.
WAVE SYSTEMS: Files Initial Monthly Operating Report
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Wave Systems Corp. filed an initial monthly operating report on
June 29, 2016.
The Debtor's Initial MOR includes a cash flow projection for the
13-week period covering the week ended May 27, 2016 through the
week ended Aug. 19, 2016.
The Debtor projects cash receipts to total $29,500 for the
13-week period ended August 19. Disbursements for the
same period is projected at $1.74 million.
The Initial MOR also include a schedule of retainers paid to
professionals. The Debtor's bankruptcy professional is Young
Conaway Stargat.
A copy of the initial monthly operating report is available at:
https://is.gd/VcIjG2
About Wave Systems
Lee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX)
--http://www.wave.com/--develops, produces and markets products
for hardware-based digital security, including security
applications and services that are complementary to and work with
the specifications of the Trusted Computing Group, an industry
standards organization comprised of computer and device
manufacturers, software vendors and other computing products
manufacturers.
The Debtor filed for Chapter 7 protection on February 1, 2016, and
the Court converted the liquidation to a reorganization under
Chapter 11 on May 16, 2016.
David W. Carickhoff was appointed as Chapter 11 trustee in May
2016. Mr. Carickhoff tapped Archer & Greiner P.C. as counsel. The
Trustee also tapped Giuliano Miller & Company, LLC as accountants
and financial advisors, and UpShot Services LLC as the claims agent
and administrative agent. Global IP Law Group, LLC serves as
intellectual property consultants
Baker & Hostetler LLP serve as corporate and securities counsel to
the Debtor.
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Monday's edition of the TCR delivers a list of indicative prices
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however, be complete or accurate. The Monday Bond Pricing table
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The Sunday TCR delivers securitization rating news from the week
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
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.
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