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/raid1/www/Hosts/bankrupt/TCR_Public/180811.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, August 11, 2018, Vol. 22, No. 222 Headlines COLOR SPOT: Ends June With $14.7 Million Cash Balance FIRESTAR DIAMOND: A. Jafee Incurs $796,670 Net Loss in June VER TEHCNOLOGIES: Net Loss Up in June to $18.9 Million [*] Discounted Tickets for 2018 Distressed Investing Conference! ********* COLOR SPOT: Ends June With $14.7 Million Cash Balance ----------------------------------------------------- BankruptcyData.com reported that Color Spot Nurseries filed with the U.S. Bankruptcy Court a monthly operating report for June 2018. For the month, the Debtors reported a $4.2 million net loss on $24.7 million in net sales. The Debtors further reported $768,000 in general & administrative costs and $2.9 million in selling & marketing costs; EBITDA of $594,000; and $709,000 in depreciation & amortization. Cash at the beginning and end of the period was $75,000 and $14.7 million, respectively, with net cash flow of $14.5 million. About Color Spot Color Spot Holdings, Inc., through its subsidiaries, owns and operates nurseries. It was incorporated in 2007 and is based in Fallbrook, California. Color Spot Holdings and its affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-11272) on May 29, 2018. In the petitions signed by CEO Paul Russo, the Debtors estimated $50 million to $100 million in assets and $100 million to $500 million in liabilities. Hon. Laurie Selber Silverstein presides over the Debtors' cases. The Debtors tapped Young Conaway Stargatt & Taylor LLP as their counsel; Raymond James & Associates, Inc., as investment banker; and Epiq Bankruptcy Solutions, Inc., as claims and noticing agent and administrative services advisor. FIRESTAR DIAMOND: A. Jafee Incurs $796,670 Net Loss in June ----------------------------------------------------------- BankruptcyData.com reported that Firestar Diamond filed with the U.S. Bankruptcy Court a monthly operating report for June 2018 in respect of Debtor A Jaffe. For the month, the Debtor reported a net loss of $796,670 on $821,610 in gross revenue. The Debtor paid $688,935 in professional fees; zero in total reorganization expenses and $473,838 in total operating expenses. The Debtor further reported $1.9 million in cash disbursements and $1.3 million in cash receipts. Cash at the beginning and end of the month was $1.1 million and $543,778, respectively, with a net cash flow of $570,320. About Firestar Diamond Firestar Diamond Inc. procures, designs, manufactures, and distributes diamond-studded jewelry. Firestar Diamond's operations span the USA, Europe, the Middle East, the Far East and India. The Company employs over 1200 people. Firestar Diamond has offices in Mumbai, Surat, New York, Chicago, Johannesburg, Antwerp, Yerevan, Dubai, and Hong Kong. A. Jaffe, Inc., a subsidiary of Firestar Diamond, designs and manufacturers wedding rings and wedding bands. Firestar Diamond, Inc., A. Jaffe, Inc., and Fantasy, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-10509) on Feb. 26, 2018. Firestar Diamond estimated assets and debt of $50 million to $100 million. The Hon. Sean H. Lane is the case judge. The Debtors tapped Ian R. Winters, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP as their bankruptcy counsel; Forchelli Deegan Terrana LLP as conflicts counsel; Lackenbach Siegel, LLP as special counsel; Getzler Henrich & Associates LLC and its managing director Mark Samson as chief restructuring officer; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. Richard Levin, Esq. has been appointed as Chapter 11 Trustee of Firestar Diamond, Inc. He has tapped Jenner & Block, LLP, as his attorneys; Alvarez & Marsal Disputes and Investigations, LLC, as financial advisors; and Gem Certification & Assurance Lab, Inc., as appraisers. John J. Carney, Esq., has been appointed as examiner in the Debtors' cases. Alvarez & Marsal Disputes and Investigations, LLC, has been tapped as his financial advisor. VER TEHCNOLOGIES: Net Loss Up in June to $18.9 Million ------------------------------------------------------ BankruptcyData.com reported that VER Technologies HoldCo filed with the U.S. Bankruptcy Court a monthly operating report for the month of June 2018. For the month, the consolidated Debtors reported a net loss of $18.9 million on $24.9 million in total revenue. The June net loss has increased as compared to the reported $13.5 million net loss in May on $29.7 million in total revenue. BankruptcyData added that the consolidated Debtors further reported (i) $15.1 million in total operating expenses, including $1.9 million in professional services (of which $1.6 million were restructuring expenses) and $520,000 in administrative expenses and (ii) reported $19.3 in total other income and expenses, including $2.5 million in interest expense and $16.7 million in depreciation/amortization expense. The consolidated Debtors reported $71.4 million in cash disbursements and $389.3 million in cash receipts. Cash at the beginning and end of the period was $7.5 million and $16.1 million, respectively, with a net cash flow of $13.1 million. About VER Technologies VER Technologies is a global provider of production equipment and engineering support. With the world's largest inventory of rental equipment, VER supplies the most advanced technology to a broad array of clients in the TV, cinema, live events, broadcast and corporate markets. Clients rely on VER's depth of experience in Broadcast, Audio, Video, Lighting, LED, Cameras, Rigging, Media Servers, Fiber and more. With 35 offices across North America and Europe, 24/7 support, and unparalleled expertise, VER can support any live or taped production anywhere in the world. VER Technologies, et al., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. Del. Case No. 18-10834) on April 5, 2018. The Hon. Kevin Gross presides over the case. The Debtors tapped Kirkland & Ellis LLP and Klehr Harrison Harvey Branzburg LLP as their legal counsel; AlixPartners LLP as restructuring advisor; PJT Partners as financial advisor; and Kurtzman Carson Consultants LLC as claims and noticing agent. Skadden, Arps, Slate, Meagher & Flom LLP, and Perella Weinberg Partners serve as advisors to Bank of America Merrill Lynch. FTI Consulting and Morgan, Lewis & Bockius LLP serve as advisors to GSO Capital Partners. The Office of the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors on April 12, 2018. The Trustee tapped Whiteford Taylor & Preston LLC and Sulmeyerkupetz, a Professional Corporation, as legal counsel. * * * On July 26, 2018, the Bankruptcy Court confirmed the Fourth Amended Joint Chapter 11 Plan of Reorganization of Ver Technologies Holdco LLC and its debtor affiliates. A blacklined version of the Fourth Amended Plan is available at: http://bankrupt.com/misc/deb18-10834-661.pdf [*] Discounted Tickets for 2018 Distressed Investing Conference! ---------------------------------------------------------------- Discounted tickets for Beard Group, Inc.'s Annual Distressed Investing 2018 Conference are available if you register by August 31. Your cost will be $695, a $200 savings. Visit https://www.distressedinvestingconference.com/ for registration details and information about this year's conference agenda as well as highlights from past conferences. Now on its 25th year, Beard Group's annual Distressed Investing conference is the oldest and most established New York restructuring conference. The day-long program will be held Monday, November 26, 2018, at The Harmonie Club, 4 E. 60th St. in Midtown Manhattan. For a quarter century, the focus of the conference has been on "Maximizing Profits in the Distressed Debt Market." The event also serves as a forum for leaders in corporate restructuring, lending and debt and equity investments to gather and discuss the latest topics and trends in the distressed investing industry, as well as exchange ideas about high-profile chapter 11 bankruptcy proceedings and out-of-court restructurings. They are distinguished professionals who place their resources and reputations at risk to produce stellar results by preserving jobs, rebuilding broken businesses, and efficiently redeploying underutilized assets in the marketplace. This year's conference will also feature: * A luncheon presentation of the Harvey K Miller Award to Edward I. Altman, Professor of Finance, Emeritus, New York University's Stern School of Business. (The award will be presented by last year's winner billionaire Marc Lasry, Altman's former student.) * Evening awards dinner recognizing the 12 Outstanding Restructuring Lawyers To learn how you can be a sponsor and participate in shaping the day-long program, contact: Bernard Tolliver at bernard@beardgroup.com or Tel: (240) 629-3300 x-149 To learn about media sponsorship opportunities to bring your outlet into the view of leaders in corporate restructuring, lending and debt and equity investments, and to expand your network of news sources, contact: Jeff Baxt at jeff@beardgroup.com or (240) 629-3300, ext 150 Beard Group, Inc., publishes Turnarounds & Workouts, Troubled Company Reporter, and Troubled Company Prospector. Visit http://bankrupt.com/freetrial/for a free trial subscription to one or more of Beard Group's corporate restructuring publications. ********* 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 2018. 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. *** End of Transmission ***