/raid1/www/Hosts/bankrupt/TCR_Public/180929.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 29, 2018, Vol. 22, No. 271
Headlines
IHEARTMEDIA INC: Incurs $119.66 Million Net Loss in June
IHEARTMEDIA INC: Reports $49.55 Million Net Income in July
OREXIGEN THERAPEUTICS: Incurs $5.47 Million Net Loss in June
OREXIGEN THERAPEUTICS: Net Loss Widens to $136.59 Million in July
RMS TITANIC: Had $711,173 in Bank Funds at Aug. 31
[*] Mark That Calendar! Distressed Investing Conference on Nov. 26
*********
IHEARTMEDIA INC: Incurs $119.66 Million Net Loss in June
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iHeartMedia, Inc., filed with the U.S. Securities and Exchange
Commission its monthly operating report for June 2018.
The Debtor's statement of operations reflected a net loss of
$119.66 million on $305.88 million in revenue for the month.
As of June 30, 2018, the Debtor posted $7.46 billion in total
assets, $18.28 billion in total liabilities, and -$10.82 billion in
total shareholders' equity.
The Debtor listed total receipts of $268.2 million and total
operating disbursements of $225.8 million for the month.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/IPJ0ue
About iHeartMedia, Inc. and iHeartCommunications, Inc.
iHeartMedia, Inc. (PINK:IHRT), the parent company of
iHeartCommunications, Inc., is a global media and entertainment
company. Based in San Antonio, Texas, iHeartCommunications
specializes in radio, digital, outdoor, mobile, social, live
events, on-demand entertainment and information services for local
communities, and uses its unparalleled national reach to target
both nationally and locally on behalf of its advertising partners.
The Company operates 849 radio stations. The Company's outdoor
business reaches over 34 countries across five continents.
To implement a balance sheet restructuring, iHeartMedia and 38 of
its subsidiaries, including iHeartCommunications, Inc., filed
voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 18-31274) on March
14, 2018. The cases are pending before the Honorable Marvin Isgur,
and the Debtors have requested joint administration of the cases.
Clear Channel Outdoor Holdings, Inc. and its subsidiaries did not
commence Chapter 11 proceedings.
As of Sept. 30, 2017, iHeartCommunications had $12.25 billion in
total assets, $23.93 billion in total liabilities, and a total
stockholders' deficit of $11.67 billion.
The Debtors have hired Kirkland & Ellis LLP as legal counsel;
Jackson Walker L.L.P. as local bankruptcy counsel; Munger, Tolles &
Olson LLP as conflicts counsel; Moelis & Company and Perella
Weinberg Partners L.P as financial advisors; Alvarez & Marsal as
restructuring advisor; and Prime Clerk LLC as notice & claims
agent.
The 2021 Noteholder Group is represented by Gibson Dunn & Crutcher
LLP and Quinn Emanuel Urquhart & Sullivan, LLP as co-counsel; and
GLC Advisors & Co. as financial advisor. The ad hoc group of Term
Loan Lenders is represented by Arnold & Porter Kaye Scholer LLP as
counsel; and Ducera Partners as financial advisor. The Legacy
Noteholder Group is represented by White & Case LLP as counsel.
The Debtors' equity sponsors are represented by Weil, Gotshal &
Manges LLP as counsel.
The Office of the U.S. Trustee for Region 7 on March 21 appointed
seven creditors to serve on the official committee of unsecured
creditors in the Chapter 11 cases of iHeartMedia, Inc. and its
affiliates. The Committee tapped Akin Gump Strauss Hauer & Feld LLP
as its legal counsel, FTI Consulting, Inc., as its financial
advisor, and Jefferies LLC as its investment banker.
IHEARTMEDIA INC: Reports $49.55 Million Net Income in July
----------------------------------------------------------
iHeartMedia, Inc., filed with the U.S. Securities and Exchange
Commission its monthly operating report for July 2018.
The Debtor's statement of operations showed a net income of $49.55
million on $281.12 million in revenue for July, a swing from
$119.66 million net loss reported in June.
As of July 31, 2018, the Debtor posted $7.52 billion in total
assets, $18.29 billion in total liabilities, and -$10.77 billion in
total shareholders' equity.
The Debtor listed total receipts of $331.0 million and total
operating disbursements of $233.1 million for the month.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/v8eTaK
About iHeartMedia, Inc. and iHeartCommunications, Inc.
iHeartMedia, Inc. (PINK:IHRT), the parent company of
iHeartCommunications, Inc., is a global media and entertainment
company. Based in San Antonio, Texas, iHeartCommunications
specializes in radio, digital, outdoor, mobile, social, live
events, on-demand entertainment and information services for local
communities, and uses its unparalleled national reach to target
both nationally and locally on behalf of its advertising partners.
The Company operates 849 radio stations. The Company's outdoor
business reaches over 34 countries across five continents.
To implement a balance sheet restructuring, iHeartMedia and 38 of
its subsidiaries, including iHeartCommunications, Inc., filed
voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 18-31274) on March
14, 2018. The cases are pending before the Honorable Marvin Isgur,
and the Debtors have requested joint administration of the cases.
Clear Channel Outdoor Holdings, Inc. and its subsidiaries did not
commence Chapter 11 proceedings.
As of Sept. 30, 2017, iHeartCommunications had $12.25 billion in
total assets, $23.93 billion in total liabilities, and a total
stockholders' deficit of $11.67 billion.
The Debtors have hired Kirkland & Ellis LLP as legal counsel;
Jackson Walker L.L.P. as local bankruptcy counsel; Munger, Tolles &
Olson LLP as conflicts counsel; Moelis & Company and Perella
Weinberg Partners L.P as financial advisors; Alvarez & Marsal as
restructuring advisor; and Prime Clerk LLC as notice & claims
agent.
The 2021 Noteholder Group is represented by Gibson Dunn & Crutcher
LLP and Quinn Emanuel Urquhart & Sullivan, LLP as co-counsel; and
GLC Advisors & Co. as financial advisor. The ad hoc group of Term
Loan Lenders is represented by Arnold & Porter Kaye Scholer LLP as
counsel; and Ducera Partners as financial advisor. The Legacy
Noteholder Group is represented by White & Case LLP as counsel.
The Debtors' equity sponsors are represented by Weil, Gotshal &
Manges LLP as counsel.
The Office of the U.S. Trustee for Region 7 on March 21 appointed
seven creditors to serve on the official committee of unsecured
creditors in the Chapter 11 cases of iHeartMedia, Inc. and its
affiliates. The Committee tapped Akin Gump Strauss Hauer & Feld LLP
as its legal counsel, FTI Consulting, Inc., as its financial
advisor, and Jefferies LLC as its investment banker.
OREXIGEN THERAPEUTICS: Incurs $5.47 Million Net Loss in June
------------------------------------------------------------
Orexigen Therapeutics, Inc., filed with the U.S. Securities and
Exchange Commission its monthly operating report for June 2018.
The Debtor's statement of operations showed a net loss of $5.47
million on $4.81 million in product sales for the month.
The Debtor posted $241.70 million in total assets, $32.79 million
in total liabilities not subject to compromise, $280.06 million in
total liabilities subject to compromise, and -$71.16 million in
total shareholders' equity as of June 30, 2018.
At June 1, 2018, the Debtor had $17.11 million cash. It listed
total cash receipts of $14.80 million and total disbursements of
$16.24 million. Taking into account lender professional fees of
$44,000, the Debtor had $15.62 million cash at June 30, 2018.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/HRVOaU
About Orexigen Therapeutics
Based in La Jolla, California, Orexigen Therapeutics, Inc. --
http://www.orexigen.com/-- is a biopharmaceutical company focused
on the treatment of weight loss and obesity. It is a publicly
traded company with its shares listed on The NASDAQ Global Select
Market under the ticker symbol "OREX". The company has 111
employees in the U.S.
Orexigen Therapeutics sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 18-10518) on March 12,
2018. In its petition signed by Michael A. Narachi, president and
CEO, the Debtor disclosed $265.1 million in assets and $226.4
million in liabilities.
Judge Kevin Gross presides over the cases.
The Debtor tapped Hogan Lovells US LLP as bankruptcy counsel;
Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel; Ernst &
Young LLP as financial advisor; Perella Weinberg Partners as
investment banker; and Kurtzman Carson Consultants LLC as claims
and noticing agent.
Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed three
creditors to serve on the official committee of unsecured
creditors.
OREXIGEN THERAPEUTICS: Net Loss Widens to $136.59 Million in July
-----------------------------------------------------------------
Orexigen Therapeutics, Inc., filed with the U.S. Securities and
Exchange Commission its monthly operating report for July 2018.
The Debtor's statement of operations showed a net loss of $136.59
million on $2.89 million in product sales for the month, a huge
increase from $5.47 million net loss reported for the previous
month.
The Debtor posted $48.07 million in total assets, $11.37 million
in total liabilities not subject to compromise, $245.42 million in
total liabilities subject to compromise, and -$208.73 million in
total shareholders' equity as of July 31, 2018.
The Debtor started the month with $15.62 million cash. It listed
total cash receipts of $84.50 million and total disbursements of
$62.45 million. Taking into account lender professional fees of
$794,000, the Debtor had $36.87 million cash at month end.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/LtFduH
About Orexigen Therapeutics
Based in La Jolla, California, Orexigen Therapeutics, Inc. --
http://www.orexigen.com/-- is a biopharmaceutical company focused
on the treatment of weight loss and obesity. It is a publicly
traded company with its shares listed on The NASDAQ Global Select
Market under the ticker symbol "OREX". The company has 111
employees in the U.S.
Orexigen Therapeutics sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 18-10518) on March 12,
2018. In its petition signed by Michael A. Narachi, president and
CEO, the Debtor disclosed $265.1 million in assets and $226.4
million in liabilities.
Judge Kevin Gross presides over the cases.
The Debtor tapped Hogan Lovells US LLP as bankruptcy counsel;
Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel; Ernst &
Young LLP as financial advisor; Perella Weinberg Partners as
investment banker; and Kurtzman Carson Consultants LLC as claims
and noticing agent.
Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed three
creditors to serve on the official committee of unsecured
creditors.
RMS TITANIC: Had $711,173 in Bank Funds at Aug. 31
--------------------------------------------------
RMS Titanic, Inc., filed with the U.S. Securities and Exchange
Commission its monthly operating report for August 2018.
In its schedule of receipts and disbursements, the Company had
$686,055 in bank funds at August 1, 2018. It posted $25,118 in
total receipts and no disbursements for the month. Thus, RMS
Titanic had a $711,173 in ending cash balance at August 31.
A copy of the monthly operating report is available at the SEC
https://is.gd/lNSQIO
About RMS Titanic
Premier Exhibitions, Inc. (Nasdaq: PRXI), located in Atlanta,
Georgia, is a presenter of museum quality exhibitions throughout
the world. Premier -- http://www.PremierExhibitions.com/--
develops and displays unique exhibitions for education and
entertainment including Titanic: The Artifact Exhibition, BODIES.
The Exhibition, Tutankhamun: The Golden King and the Great
Pharaohs, Pompeii The Exhibition, Extreme Dinosaurs and Real
Pirates in partnership with National Geographic. The success of
Premier Exhibitions lies in its ability to produce, manage, and
market exhibitions.
RMS Titanic and seven of its subsidiaries filed voluntary petitions
for reorganization under Chapter 11 of the Bankruptcy Code (Bankr.
M.D. Fla. Lead Case No. 16-02230) on June 14, 2016. In the
petitions signed by former CFO and COO Michael J. Little, the
Debtors estimated both assets and liabilities of $10 million to $50
million.
The Chapter 11 cases are assigned to Judge Paul M. Glenn.
Daniel F. Blanks, Esq., and Lee D. Wedekind, III, Esq., at Nelson
Mullins Riley & Scarborough LLP, serve as the Debtors' counsel. The
Debtors employ Brian A. Wainger, Esq., at Kaleo Legal as special
litigation counsel, outside general counsel, securities counsel,
and conflicts counsel; Robert W. McFarland, Esq., at McGuireWoods
LLP as special litigation counsel; Steven L. Berson, Esq., at
Dentons US LLP and Dentons Canada LLP as outside general counsel
and securities counsel; Oscar N. Pinkas, Esq., at Dentons LLP as
outside general counsel and securities counsel.
The Debtors also employed Ronald L. Glass as Chief Restructuring
Officer and GlassRatner Advisory & Capital Group, LLC, as financial
advisors.
Guy Gebhardt, acting U.S. trustee for Region 21, on Aug. 24, 2016,
appointed three creditors to serve on an official committee of
unsecured creditors. The Committee hired Avery Samet, Esq. and
Jeffrey Chubak, Esq., at Storch Amini & Munves PC, and Richard R.
Thames, Esq. and Robert A. Heekin, Jr., Esq., at Thames Markey &
Heekin, P.A., as counsel.
The official committee of equity security holders of Premier
Exhibitions Inc. retained Peter J. Gurfein, Esq., at Landau
Gottfried & Berger LLP as counsel; Jacob A. Brown, Esq., and
Katherine C. Fackler, Esq., at Akerman LLP as Co-Counsel; and Teneo
Securities LLC as financial advisor.
[*] Mark That Calendar! Distressed Investing Conference on Nov. 26
------------------------------------------------------------------
Come and join Beard Group's Distressed Investing conference on
November 26, 2018.
Now on its 25th year, this annual gathering is the oldest and most
established New York restructuring conference. The day-long
program will be held the Monday after Thanksgiving at The Harmonie
Club, 4 E. 60th St. in Midtown Manhattan.
Among the highlights of the Distressed Investing 2018 Conference --
https://www.distressedinvestingconference.com -- Nov. 26th in
midtown Manhattan will be an Investors' Roundtable featuring:
* Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL, LP
* Gary E. Hindes, Managing Director, THE DELAWARE BAY
COMPANY LLC
* Dave Miller, Portfolio Manager, ELLIOTT MANAGEMENT CORP.
* Richard M. Fels, Managing Director, ODEON CAPITAL
GROUP LLC
There's a high probability that you'll want to call your broker
with a buy or sell order following this roundtable discussion.
The conference will also feature:
* Luncheon presentation of the Harvey R. 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 Young
Restructuring Lawyers of 2018
Visit https://www.distressedinvestingconference.com/ for
registration details and information about this year's conference
agenda as well as highlights from past conferences.
This year's corporate sponsors include:
* Conway MacKenzie
* DSI
* Foley & Lardner
* Longford Capital
* Milford
* Pacer Monitor
Our media sponsors this year are Debtwire and Financial Times.
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.
*********
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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.
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Copyright 2018. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***