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Corporate Restructuring Review for March 2011

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  Beard Group Corporate Restructuring ReviewFor March 2011 Presented byBeard Group, Inc.P.O. Box 4250Frederick, MD 21705-4250Voice: (240) 629-3300Fax: (240) 629-3360E-mail: An audio recording of this presentation is availableat   ____________________________________________________ Welcome to the Beard Group Corporate RestructuringReview for March 2011, brought to you by the editors of theTroubled Company Reporter and Troubled Company Prospector.In this month's Corporate Restructuring Review, we'll discussfive topics: ã first, last month's largest chapter 11 filings; ã second, large chapter 11 filings TCR editors anticipate inthe near-term; ã third, a quick review of the major pending disputes inchapter 11 cases that we monitor day-by-day;   _____________________________________________________________________________Beard Group Corporate Restructuring Review for March 2011 -- page 2 ã fourth, reminders about debtors whose emergence fromchapter 11 has been delayed; and ã fifth, information you're unlikely to find elsewhere aboutnew publicly traded securities being issued by chapter 11debtors. March 2011 Mega Cases  Now, let's review the largest March 2011 chapter 11 filings.Danilo Muñoz reports a total of six companies with assets ofat least $100 million filed for Chapter 11 bankruptcy in March2011. There were also six such cases in February 2011 and fivein January 2011. This translates to an average of about six megacases per month during the first quarter of 2011.In contrast, there were 12 mega cases in March 2010, sevenin February 2010 and 15 in January 2010. The average numberof mega cases in the first quarter of 2010 was about 11 permonth.Mega-case filings declined about 50% for the first quarter of2011 from the same period in 2010.Chapter 11 bankruptcies involving more than $1 billion inassets remain scant: There was no such filing in January andMarch this year; and there were two in February.Meanwhile, during the first quarter of 2010, there was noChapter 11 filing with assets in excess of $1 billion.A total of 12 companies with assets of more than $100million filed for Chapter 11 bankruptcy in March 2010, compared   _____________________________________________________________________________Beard Group Corporate Restructuring Review for March 2011 -- page 3 to seven in February and 15 in January of last year. There were atotal of 105 mega cases in 2010, or an average of about ninefilings per month.The largest Chapter 11 case for March 2011 was filed byBarnes Bay Development Limited, which listed $531 million inassets and $462 million in debt as of the bankruptcy petition date.Barnes Bay Development filed for Chapter 11 protection with theBankruptcy Court for the District of Delaware [Case No. 11-10792]on March 17.Beverly Hills, California-based Barnes Bay Developmentowns the Viceroy Anguilla Resort & Residences on the BritishWest Indies island of Anguilla. The beach resort has 166 luxuryresidences consisting of suites, penthouses, townhouses andvillas.Barnes Bay Development filed on April 1 a Chapter 11 planof liquidation to facilitate the sale of the resort. The DelawareBankruptcy Court will convene a hearing on May 3 to consider theadequacy of the disclosure statement explaining Barnes BayDevelopment’s proposed liquidation plan.Another mega case in March 2011 was filed by New StreamSecured Capital Inc., with estimated assets and debts of $500million to $1 billion each as of the Petition Date.New Stream Secured Capital is an inter-related group ofcompanies that collectively comprise an investment fund,headquartered in Ridgefield, Connecticut. Founded in 2002, NewStream focuses on providing non-traded private debt to theinsurance, real estate and commercial finance sectors.New Stream Secured Capital and three affiliates filedChapter 11 petitions with the Bankruptcy Court for the District of   _____________________________________________________________________________Beard Group Corporate Restructuring Review for March 2011 -- page 4 Delaware [Lead Case No. 11-10753] on March 13. Aprepackaged Chapter 11 plan was filed together with the petitions.Before seeking bankruptcy protection, New Streamnegotiated a plan of reorganization, which was overwhelminglyapproved by investors. The Debtors have proposed that theCourt hold a combined hearing to consider the adequacy ofdisclosure statement and prepetition solicitation procedures, andto confirm the prepackaged plan. The Debtors propose that thecombined hearing be set as soon as practicable between thedates of April 21 and May 3.Another large Chapter 11 filing was by Harry & DavidHoldings, Inc., and its units, which also filed in DelawareBankruptcy Court [Lead Case No. 11-10884] on March 28. Thelatest financial statements filed with the U.S. Securities andExchange Commission show that Harry & David has $304.3million in total assets and $360.8 million in total liabilities.Medford, Oregon-based Harry & David is a multi-channelspecialty retailer and producer of branded premium gift-qualityfruit and gourmet food products and gifts marketed under theHarry & David(R), Wolferman's(R) and Cushman's(R) brands. Ithas 70 stores across the country.Harry & David has reached an agreement with holders ofapproximately 81% of its senior notes on the terms of areorganization that will eliminate substantial debt and provideequity financing to restructure the Company's balance sheet.PJ Finance Company LLC, along with six affiliates, filedChapter 11 petitions with the Delaware Bankruptcy Court [LeadCase No. 10-10688] on March 7. PJ Finance disclosed totalassets of at least $275 million and total debts of at least $479million.
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