/raid1/www/Hosts/bankrupt/TCR_Public/160924.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, September 24, 2016, Vol. 20, No. 267
Headlines
BIND THERAPEUTICS: Incurs $17.06 Million Net Loss in July
PACIFIC SUNWEAR: Posts $17.60 Million Net Loss at July 30
*********
BIND THERAPEUTICS: Incurs $17.06 Million Net Loss in July
---------------------------------------------------------
BIND Therapeutics, Inc., filed with the U.S. Securities and
Exchange Commission its monthly operating report for July 2016.
The Debtor's statement of operations showed a net loss of $17.06
million on $11.58 million of total revenue for the month.
As of July 31, 2016, the Debtor listed total assets of $31.25
million, total liabilities of $21.05 million, and $10.20 million in
total shareholders' equity.
At the start of the month, the Debtor had $6.51 million cash. It
reported total disbursements of $2.17 million and zero receipts.
Disbursements include $446,108 in professional fees. At month end,
the Debtor had $4.34 million cash.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/Hw0wVY
About BIND Therapeutics
BIND Therapeutics is a biotechnology company developing novel
targeted therapeutics, primarily for the treatment of cancer.
BIND Therapeutics, Inc., aka BIND Biosciences, Inc., and BIND
Biosciences Security Corporation filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case Nos. 16-11084 and 16-11085) on May
1, 2016.
Peter M. Gilhuly, Esq., Kimberly A. Posin, Esq., and Adam E.
Malatesta, Esq., at Latham & Watkins LLP, and John Henry Knight,
Esq., and Amanda R. Steele, Esq., at Richards, Layton & Finger,
P.A., serve as Chapter 11 counsel.
The Debtors' financial advisor is Cowen and Company, LLC. Prime
Clerk LLC serves as claims and noticing agent. In its petition,
the Debtors estimated $10 million to $50 million in both assets
and liabilities.
The petitions were signed by Andrew Hircsh, president and chief
executive officer.
PACIFIC SUNWEAR: Posts $17.60 Million Net Loss at July 30
---------------------------------------------------------
Pacific Sunwear of California, Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for the period July 3 to 30, 2016.
The Debtors' consolidated statement of operations showed a net
loss of $17.60 million on $57.11 million net sales for the
reporting period.
As of July 30, 2016, the Debtors listed consolidated total assets
of $281.31 million, consolidated total liabilities of $336.59
million, and -$55.28 million in consolidated total shareholders'
equity.
At July 3, the Debtors had a $2 million beginning balance. It
listed $60.51 million in total receipts and $120.58 million in
total disbursements. Taking into account $29.32 million in
borrowings and $29.49 million in intercompany receipts/adjustments,
the Debtors had an ending balance of $739,000 at July 30.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/AoGo9y
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
investmentbanker; and Prime Clerk LLC as claims and noticing
agent.
Andrew Vara, acting U.S. trustee for Region 3, on April 19, 2016,
appointed seven creditors of Pacific Sunwear of California 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.
*********
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.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
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 ***