Bankruptcy News

Toys "R" Us – Plan Supplement Includes Amended Schedule of Executory Contracts and Unexpired Leases

August 19, 2018 – Toys "R" Us filed a Plan Supplement to the Toys “R” Us Property Company II and Giraffe Junior Holdings Plan [Docket No. 4240]. The supplement contains the following documents: (i) Exhibit A: Amended Exhibit A of the Plan Supplement (Schedule of Executory Contracts and Unexpired Leases to be Assumed or Assumed and Assigned) and (ii) Exhibit A(i): Blackline of Revised Exhibit A of the Plan Supplement (Schedule of Executory Contracts and Unexpired Leases to be Assumed or Assumed and Assigned).

EXCO Resources – M.O.R. Reports $34.5 million in Total Revenues, Operating Income of $11.6 million

August 20, 2018 – EXCO Resources filed with the U.S. Bankruptcy Court a monthly operating report for July 2018 [Docket No. 1013]. For the month, the Debtors reported net income of $2.6 million (and operating income of $11.6 million) on $34.5 million in total revenues, the latter comprised principally of (i) $10.2 million in oil revenues and (ii) $22.7 million in natural gas revenues. Operating expenses was $22.9 million and other expense was $9.0 million, comprised principally of (i) $3.0 million in interest expense and (ii) $6.0 million in reorganization-related professional fees. Total cash and cash equivalents at the beginning and end of the month was $36.0 million and $38.7 million, respectively, with net cash flow of $2.7 million and cash disbursements of $45.1 million on $56.5 million in cash receipts.

Orion Healthcorp – July M.O.R. Notes $8.9 million Net Loss Driven by $9.5 million in Professional Fees

August 20, 2018 – Orion Healthcorp filed with the U.S. Bankruptcy Court a monthly operating report for July 2018 [Docket No. 477]. For the month, the consolidated Debtors reported a $8.9 million net loss on $963,000 in total revenue, the latter comprised entirely of revenue from Debtor affiliate New York Network Management, LLC (NYNM”). Expenses contributing to the net loss included total operating expenses of $10.0 million, comprised principally of $9.5 million in professional & consulting fees. Total Debtors' cash at the beginning and end of the month was $3.6 million and $5.1 million, respectively, with net cash flow of $2.8 million, the latter significantly reflecting $12.6 million in proceeds related to the sale of NYNM assets.

Dextera Surgical – July M.O.R. Notes $83,511 in Reorganization-Related Professional Fees

August 20, 2018 – Dextera Surgical filed with the U.S. Bankruptcy Court a monthly operating report for July 2018. For the month, the Debtors reported a $468,197 net loss on zero in net revenue. Expenses impacting the net loss included: (i) total operating expenses of $116,451, consisting principally of $116,213 in selling, general and administrative expenses, (ii) reorganization expenses of $83,511, consisting entirely of professional fees, and (iii) a provision for AesDex Indemnification Escrow Claims of $269,599.72. Cash at the beginning and end of the month was $6.7 million and $6.4 million, respectively, with net negative cash flow of $372,470. The Debtors also reported $375,265 in cash disbursements on $2,796 in cash receipts, the latter comprised entirely of refunds.

MGTF Radio Company – Exclusive Plan Filing Period Extended until September 19, 2018

August 20, 2018 – The Court hearing the MGTF Radio Company case has extended, for a second time, the periods during which the Debtors have an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including September 19, 2018 and November 19, 2018, respectively [Docket No. 95]. As previously reported [Docket No. 92], “The Debtors’ goal, of course, is to confirm a plan of reorganization that will receive support from all of their constituencies. Negotiations of such a plan of reorganization are ongoing but require additional work and progress.”

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