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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 28, 2019, Vol. 23, No. 270
Headlines
INSYS THERAPEUTICS: Posts $11.36 Million Net Loss in July
MONITRONICS INT'L: Incurs $40.31MM Net Loss in June
MONITRONICS INT'L: Posts $20.83 Million Net Loss in July
PREMIER EXHIBITIONS: Files Monthly Operating Report for July
VANGUARD RESOURCES: Incurs $5.59 Million Net Loss in July
WEATHERFORD INT'L: Net Loss Drops to $1.5 Million in August
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INSYS THERAPEUTICS: Posts $11.36 Million Net Loss in July
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Insys Therapeutics, Inc., et al., filed with the U.S. Securities
and Exchange Commission their monthly operating report for the
period July 1 to 31, 2019.
The Debtors suffered a net loss of $11.36 million on net revenues
of $3.56 million for July.
At July 31, 2019, the Debtors listed $124.58 million in total
assets, $421.67 million in total liabilities, and $297.10 million
in total stockholders' deficit.
The Debtors had $36.95 million at July 1. They listed $4.25
million in total operating receipts and $3.65 million in total
operating disbursements for the month. At month end, the Debtors
had $37.55 million cash.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/7wsQTy
About Insys Therapeutics
Headquartered in Chandler, Ariz., Insys Therapeutics, Inc. --
http://www.insysrx.com/-- is a specialty pharmaceutical company
that develops and commercializes innovative drugs and novel drug
delivery systems of therapeutic molecules that improve patients'
quality of life. Using proprietary spray technology and
capabilities to develop pharmaceutical cannabinoids, Insys is
developing a pipeline of products intended to address unmet
medical needs and the clinical shortcomings of existing commercial
products. Insys is committed to developing medications for
potentially treating anaphylaxis, epilepsy, Prader-Willi syndrome,
opioid addiction and overdose, and other disease areas with a
significant unmet need.
As of March 31, 2019, Insys had $172.6 million in total assets,
$336.3 million in total liabilities, and a total stockholders'
deficit of $163.7 million.
On June 10, 2019, Insys Therapeutics and six affiliated companies
filed petitions seeking relief under Chapter 11 of the Bankruptcy
Code (D. Del. Lead Case No. 19-11292). Insys intends to conduct
the asset sales in accordance with Section 363 of the U.S.
Bankruptcy Code.
The Debtors' cases are assigned to Judge Kevin Gross.
The Debtors tapped Weil, Gotshal & Manges LLP and Richards, Layton
& Finger, P.A., as legal counsel; Lazard Freres & Co. LLC as
investment banker; FTI Consulting, Inc. as financial advisor; and
Epiq Corporate Restructuring, LLC as claims agent.
Andrew Vara, acting U.S. trustee for Region 3, on June 20, 2019,
appointed nine creditors to serve on an official committee of
unsecured creditors in the Chapter 11 cases. Akin Gump Strauss
Hauer & Feld LLP, and Bayard, P.A., serve as the Committee's
attorneys; and Province, Inc., is the financial advisor.
MONITRONICS INT'L: Incurs $40.31MM Net Loss in June
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Monitronics International Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for June 2019.
The Debtors' statement of operations showed a net loss of $40.31
million on $42.51 million in total revenue for June.
The Debtors reported $1.28 billion in total assets; $201.51 million
in total liabilities; $1.76 billion in total liabilities subject to
compromise; and -$678.86 million in total shareholders' equity as
of June 30, 2019.
A copy of the monthly operating report is available at the SEC at
https://is.gd/yvDYDg
About Monitronics International
Headquartered in the Dallas-Fort Worth area, Monitronics
International, Inc. provides security alarm monitoring services to
approximately 900,000 residential and commercial customers as of
March 31, 2019. Ascent Capital Group, Inc. is a holding company
that owns Monitronics, doing business as Brinks Home Security.
Monitronics reported a net loss of $678.8 million for the year
ended Dec. 31, 2018, compared to a net loss of $111.3 million for
the year ended Dec. 31, 2017. As of March 31, 2019, Monitronics
had $1.33 billion in total assets, $1.95 billion in total
liabilities, and a total stockholders' deficit of $623.8 million.
Monitronics International and certain of its domestic subsidiaries
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
19-33650) on June 30, 2019. The Hon. David R Jones is the case
judge.
The Debtors tapped Hunton Andrews Kurth LLP and Latham & Watkins
LLP as counsel; FTI Consulting Inc. as financial advisor; and
Moelis & Company as investment banker.
The Bankruptcy Court confirmed a prepackaged plan of reorganization
for the Debtors and the Debtors official emerged from bankruptcy on
Aug. 30, 2019.
MONITRONICS INT'L: Posts $20.83 Million Net Loss in July
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Monitronics International Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for July 2019.
The Debtors' statement of operations showed a net loss of $20.83
million on $42.35 million in total revenue for July.
The Debtors reported $1.29 billion in total assets; $1.11 billion
in total liabilities; $888.55 million in liabilities subject to
compromise; and -$705.98 million in total shareholders' equity as
of July 31, 2019.
At July 1, 2019, the Debtors had $11.59 million cash. They listed
total receipts of $46.34 million; total operating disbursements of
$29.97 million for the month; and non-operating disbursements of
$33.95 million. They also posted revolver repayment of $181.4
million and DIP borrowing of $205 million. The Debtors had $17.60
million cash at July 31.
A copy of the monthly operating report is available at the SEC at
https://is.gd/yvDYDg
About Monitronics International
Headquartered in the Dallas-Fort Worth area, Monitronics
International, Inc. provides security alarm monitoring services to
approximately 900,000 residential and commercial customers as of
March 31, 2019. Ascent Capital Group, Inc. is a holding company
that owns Monitronics, doing business as Brinks Home Security.
Monitronics reported a net loss of $678.8 million for the year
ended Dec. 31, 2018, compared to a net loss of $111.3 million for
the year ended Dec. 31, 2017. As of March 31, 2019, Monitronics
had $1.33 billion in total assets, $1.95 billion in total
liabilities, and a total stockholders' deficit of $623.8 million.
Monitronics International and certain of its domestic subsidiaries
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
19-33650) on June 30, 2019. The Hon. David R Jones is the case
judge.
The Debtors tapped Hunton Andrews Kurth LLP and Latham & Watkins
LLP as counsel; FTI Consulting Inc. as financial advisor; and
Moelis & Company as investment banker.
The Bankruptcy Court confirmed a prepackaged plan of reorganization
for the Debtors and the Debtors official emerged from bankruptcy on
Aug. 30, 2019.
PREMIER EXHIBITIONS: Files Monthly Operating Report for July
------------------------------------------------------------
Premier Exhibitions, Inc., filed with the U.S. Securities and
Exchange Commission its monthly operating report for July 2019, a
copy of which is available at https://is.gd/u6PEoe
The Company listed zero receipts and disbursements for the month.
It also did not post a list of its assets and liabilities.
About Premier Exhibitions
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.
The Chapter 11 Cases were originally jointly administered under the
lead case of In re: RMS Titanic, Inc. (Case No. 16-02230).
Following the dismissal of the RMST case on March 11, 2019, the
remaining Chapter 11 Cases became jointly administered under the
lead case of In re: Premier Exhibitions, Inc. (Case No. 16-2232).
VANGUARD RESOURCES: Incurs $5.59 Million Net Loss in July
---------------------------------------------------------
Vanguard Natural Resources, Inc., filed with the U.S. Securities
and Exchange Commission its monthly operating report for July
2019.
The Debtor's statement of operations showed a net loss of $5.59
million on $7.98 million in total revenues for July.
As of July 31, 2019, the Debtor listed $1.16 billion in total
assets, $1.23 billion in total liabilities, and -$74.71 million in
total shareholders' equity.
At July 1, 2019, the Debtor had $49.23 million cash. It listed
total cash receipts of $4.58 million and total disbursements of
$3.71 million. Thus, the Debtor had $50.10 million cash at July
31.
A copy of the monthly operating report is available at the SEC at
https://is.gd/8rEgoe
About Vanguard Natural Resources
Vanguard Natural Resources Inc. -- https://www.vnrenergy.com/ -- is
an independent exploration and production company focused on the
production and development of oil and natural gas properties in the
United States. Its assets consist primarily of producing and
non-producing oil and natural gas reserves located in the Green
River Basin in Wyoming, the Piceance Basin in Colorado, the Permian
Basin in West Texas and New Mexico, the Arkoma Basin in Oklahoma,
the Gulf Coast Basin in Texas, Louisiana and Alabama, the Big Horn
Basin in Wyoming and Montana, the Anadarko Basin in Oklahoma and
North Texas, the Wind River Basin in Wyoming, and the Powder River
Basin in Wyoming. Headquartered in Houston, the company and its
affiliates have 295 employees.
Vanguard Natural Resources and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 19-31786) on March 31, 2019. At the time of the filing, the
Debtors disclosed $1.478 billion in assets and $1.196 billion in
liabilities.
The cases are assigned to Judge David R. Jones.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as bankruptcy counsel; Blank Rome LLP as
co-counsel with Kirkland; Evercore Group LLC as financial advisor
and investment banker; Opportune LLP as restructuring advisor; and
Prime Clerk LLC as claims and balloting agent and administrative
advisor.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on April 11, 2019. The committee tapped Locke
Lord LLP as its legal counsel.
WEATHERFORD INT'L: Net Loss Drops to $1.5 Million in August
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Weatherford International plc, et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for August 2019.
The Debtors reported a net loss of $1.5 million on $nil of revenue
at Aug. 30, 2019.
The Debtors listed $440 million in total assets before investment
in subsidiaries; $1.73 billion in total current liabilities; $7.64
billion in total long term liabilities and $10.82 billion in equity
as of Aug. 30, 2019. The Debtors also posted $1.88 billion in
intercompany payables.
The Debtors started the month with $312.94 million in cash. They
reported $4.93 million in total operating receipts and $53,000
total operating disbursements for August. With the inclusion of
some financing cash flow, and restructuring and
intercompany-related amounts, the Debtor ended the month with
$207.62 million in cash.
A copy of the MOR is available at the SEC site at
https://bit.ly/2m82q4W
About Weatherford
Weatherford (NYSE: WFT), an Irish public limited company and Swiss
tax resident -- http://www.weatherford.com/-- is a multinational
oilfield service company providing innovative solutions, technology
and services to the oil and gas industry. The Company operates in
over 80 countries and has a network of approximately 650 locations,
including manufacturing, service, research and development and
training facilities and employs approximately 26,000 people.
Weatherford reported a net loss attributable to the company of
$2.81 billion for the year ended Dec. 31, 2018, compared to a net
loss attributable to the company of $2.81 billion for the year
ended Dec. 31, 2017.
As of March 31, 2019, Weatherford had $6.51 billion in total
assets, $10.62 billion in total liabilities, and a total
shareholders' deficiency of $4.10 billion.
On July 1, 2019, Weatherford International plc, Weatherford
International, LLC, and Weatherford International Ltd. sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 19-33694).
Thbe Hon. David R. Jones is the case judge.
The Debtors tapped Hunton Andrews Kurth LLP and Latham & Watkins
LLP as counsel; Alvarez & Marsal North America LLC as financial
advisor; Lazard Freres & Co. LLC as investment banker; and Prime
Clerk LLC as claims agent.
Henry Hobbs Jr., acting U.S. trustee for Region 7, on July 17,
2019, appointed three creditors to serve on the official committee
of unsecured creditors in the Chapter 11 cases.
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