/raid1/www/Hosts/bankrupt/TCR_Public/060114.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, January 14, 2006, Vol. 10, No. 12
Headlines
ACCEPTANCE INSURANCE: Posts $92,761 Net Loss in December 2005
ANCHOR GLASS: Posts $4.4 Million Net Loss in November 2005
ATA AIRLINES: Posts $19 Million Net Loss in November 2005
AURA SYSTEMS: Posts $487,348 Net Loss in November 2005
COLLINS & AIKMAN: Posts $978,965 Net Loss in November 2005
DELPHI CORP: Posts $127 Million Net Loss for Month Ended Nov. 30
DELTA AIR: Posts $181 Million Net Loss in November 2005
FOOTSTAR INC: Earns $3.9 Million for Period Ended Nov. 26
MCLEODUSA INC: Files Amended Summary of Cash Receipts
MIIX GROUP: Posts $367,178 Cumulative Net Loss in November 2005
NORTHWEST AIRLINES: Posts $129 Million Net Loss in November 2005
SOLUTIA INC: Earns $31 Million for the Month of November 2005
TOWER AUTOMOTIVE: Posts $18.5 Million Net Loss in November 2005
USG CORP: Earns $42.2 Million for the Month of November 2005
*********
ACCEPTANCE INSURANCE: Posts $92,761 Net Loss in December 2005
-------------------------------------------------------------
On Jan. 6, 2006, Acceptance Insurance Companies Inc. filed its
monthly operating report for December 2005 with the U.S.
Bankruptcy Court for the District of Nebraska.
The Debtor reports a $92,761 net loss on $8,036 of revenue for
December 2005.
At Dec. 31, 2005, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $2,497,034
Total Assets 32,763,224
Total Liabilities 138,246,602
Total Shareholders' Equity Deficit ($105,483,378)
A full-text copy of Acceptance Insurance Companies Inc.'s December
2005 Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?444
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 & 05-
80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP,
represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.
ANCHOR GLASS: Posts $4.4 Million Net Loss in November 2005
----------------------------------------------------------
Anchor Glass Container Corporation
Unaudited Statement of Operations and Comprehensive Loss
For the month ending November 30, 2005
(In Thousands)
Net Sales $52,036
Costs and Expenses
Costs of products sold 51,449
Selling and administrative expenses 1,858
Restructuring charges 92
-----------
Loss from operations (1,363)
Reorganization items (1,227)
Other expense, net (446)
Interest expense (1,349)
-----------
Net Loss ($4,385)
===========
The Debtor did not file its balance sheet as of Nov. 30, 2005.
Headquartered in Tampa, Florida, Anchor Glass Container
Corporation is the third-largest manufacturer of glass containers
in the United States. Anchor manufactures a diverse line of flint
(clear), amber, green and other colored glass containers for the
beer, beverage, food, liquor and flavored alcoholic beverage
markets. The Company filed for chapter 11 protection on Aug. 8,
2005 (Bankr. M.D. Fla. Case No. 05-15606). Robert A. Soriano,
Esq., at Carlton Fields PA, represents the Debtor in its
restructuring efforts. When the Debtor filed for protection from
its creditors, it listed $661.5 million in assets and $666.6
million in debts. (Anchor Glass Bankruptcy News, Issue No. 16;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
ATA AIRLINES: Posts $19 Million Net Loss in November 2005
---------------------------------------------------------
ATA Holdings Corp. and Subsidiaries
Unaudited Balance Sheet
As of November 30, 2005
ASSETS
Current assets:
Cash and cash equivalents $61,687,000
Receivables,
net of allowance for doubtful accounts 101,603,000
Inventories, net 34,421,000
Prepaid expenses and other current assets 26,501,000
--------------
TOTAL CURRENT ASSETS 224,212,000
Property and equipment:
Flight equipment 165,393,000
Facilities and ground equipment 142,684,000
Accumulated depreciation (173,426,000)
--------------
TOTAL PROPERTY AND EQUIPMENT 134,651,000
Restricted cash 30,284,000
Goodwill 6,987,000
Prepaid aircraft rent 154,000
Investment in BATA 4,943,000
Deposits and other assets 25,465,000
--------------
TOTAL ASSETS $426,696,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Short Term Debt $41,000,000
Accounts payable 4,508,000
Air traffic liabilities 70,570,000
Accrued expenses 121,350,000
--------------
TOTAL CURRENT LIABILITIES 237,428,000
Deferred items 29,493,000
Liabilities subject to compromise 1,633,993,000
Commitments and contingencies
Convertible redeemable preferred stock 30,000,000
Shareholders' deficit:
Preferred stock -
Common stock 66,013,000
Treasury stock (24,778,000)
Additional paid-in capital 18,166,000
Accumulated deficit (1,563,619,000)
--------------
TOTAL SHAREHOLDERS' DEFICIT (1,504,218,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $426,696,000
==============
ATA Holdings Corp. and Subsidiaries
Unaudited Income Statement
For the Month Ended November 30, 2005
Operating revenues:
Scheduled service $40,923,000
Charter 24,582,000
Ground package 719,000
Other 2,423,000
--------------
Total operating revenues 68,647,000
Operating expenses:
Fuel and oil 22,889,000
Salaries, wages and benefits 18,944,000
Aircraft rentals 10,210,000
Handling, landing and navigation fees 4,428,000
Aircraft maintenance, materials and repairs 3,115,000
Crew and other employee travel 3,077,000
Depreciation and amortization 2,866,000
Passenger service 2,207,000
Other selling expenses 2,101,000
Commissions 1,815,000
Facilities and other rentals 1,299,000
Insurance 1,277,000
Ground package cost 655,000
Advertising 532,000
Aircraft impairments and retirements -
Other 4,289,000
--------------
Total operating expenses 79,704,000
--------------
Operating income (loss) (11,057,000)
Other income (expense):
Interest income 192,000
Interest expense (416,000)
Reorganization expenses (7,683,000)
Other (111,000)
Other expense (8,018,000)
--------------
Income (loss) before income taxes (19,075,000)
Income taxes -
--------------
Net income (loss) ($19,075,000)
==============
ATA Holdings Corp. and Subsidiaries
Cash Flow Report
For the Month Ended November 30, 2005
Operating activities:
Net income before reorganization expenses ($11,392,000)
Adjustments to reconcile net income:
Depreciation and amortization 2,866,000
Other non-cash items (3,183,000)
Changes in operating assets and liabilities:
Receivables (22,753,000)
Inventories 3,254,000
Prepaid expenses 652,000
Accounts payable 9,000
Air traffic liabilities (14,537,000)
Liabilities subject to compromise (1,328,000)
Accrued expenses (5,381,000)
--------------
Net cash (used in) operating activities (3,631,000)
Reorganization activities:
Reorganization items, net (7,683,000)
Prepaid expenses 728,000
Liabilities subject to compromise (824,000)
Accrued Expenses 2,264,000
Proceeds from sale of property and equipment 2,825,000
Assets held for sale 2,000,000
Receivables (923,000)
Other non-cash items 3,394,000)
--------------
Net cash (used in) reorganization activities 1,781,000
Investing activities:
Capital expenditures (1,770,000)
Noncurrent prepaid aircraft rent -
Additions to other assets 720,000
Proceeds from sales of property and equipment -
--------------
Net cash (used in) investing activities (1,050,000)
Financing activities:
Decrease in restricted cash 1,283,000
--------------
Net cash provided by financing activities 1,283,000
--------------
Decrease in cash and cash equivalents (1,617,000)
Cash and cash equivalents, beginning of period 63,304,000
--------------
Cash and cash equivalents, end of period $61,687,000
==============
Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 45; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
AURA SYSTEMS: Posts $487,348 Net Loss in November 2005
------------------------------------------------------
On Dec. 29, 2005, Aura Systems, Inc., filed its monthly operating
report for the month of November 2005 with the U.S. Bankruptcy
Court for the Central District of California, Los Angeles
Division.
The Company reported a $487,348 net loss on $148,633 of net sales
for the month of November 2005.
At Nov. 30, 2005, Aura System, Inc.'s balance sheet shows:
Current Assets $12,040,726
Total Assets 18,555,209
Total Postpetition Liabilities 3,844,402
Total Prepetition Liabilities 15,104,934
Total Liabilities 18,949,336
Total Stockholders' Deficit ($394,127)
A full-text copy of Aura Systems, Inc.'s November 2005 Monthly
Operating Report is available at no charge at
http://ResearchArchives.com/t/s?43a
Headquartered in El Segundo, California, Aura Systems, Inc.
-- http://www.aurasystems.com/-- develops and sells AuraGen(R)
mobile induction power systems to the industrial, commercial and
defense mobile power generation markets. The Company filed for
chapter 11 protection on June 24, 2005 (Bankr. C.D. Calif. Case
No. 05-24550). Ron Bender, Esq., at Levene Neale Bender Rankin &
Brill LLP, represent the Debtor in its restructuring efforts.
When the Debtor filed for bankruptcy, it reported $18,036,502 in
assets and $28,919,987 in debts.
COLLINS & AIKMAN: Posts $978,965 Net Loss in November 2005
----------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of November 30, 2005
Current assets:
Cash $81,399,270
Accounts receivable 80,305,484
Other non-trade receivables 6,252,905
Inventories, net 116,706,806
Tooling and molding, net - current 63,567,171
Prepaids & other current assets 76,509,518
Deferred tax assets - current (87,825)
---------------
Total current assets 424,653,329
Investment in subsidiaries 2,534,708,519
Fixed assets, net 348,595,432
Goodwill, net 978,554,071
Deferred tax assets - long term 25,938,826
Tooling and molding, net-long term 13,047,862
Other noncurrent assets 95,811,052
Intercompany assets 190,228,716
PP IC accounts receivable 673,867,445
---------------
TOTAL ASSETS $5,285,405,252
===============
LIABILITIES & EQUITY
Current liabilities:
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion - long term debt 259,125,000
Current portion - capital leases 0
Accounts payable 48,555,420
Accrued interest payable 6,078,891
Accrued & other liabilities 62,166,472
Income taxes payable (5,267,695)
---------------
Total current liabilities 370,658,089
Liabilities subject to compromise 2,357,289,589
---------------
Total Liabilities 2,727,947,678
Total Equity 2,557,457,574
---------------
TOTAL LIABILITIES & EQUITY $5,285,405,252
===============
Collins & Aikman Corporation
Income Statement
Month Ended November 2005
Net outside sales $156,710,734
I/D Net sales 4,015,132
I/G Net sales 2,905,929
---------------
Total sales 163,631,795
Cost of goods sold 141,098,257
---------------
Gross profit 22,533,537
Selling, general & administrative expenses 20,383,067
---------------
Operating income 2,150,470
Interest expenses 6,081,701
Intercompany interest, net (2,030,370)
Preferred stock accretion 0
Miscellaneous (income)/expense 0
Corporate allocation adjustment 0
Commission income (175,133)
Commission expense 0
Royalty income (435,116)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Foreign transactions - (Gain)/Loss 565,165
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes (1,855,777)
Federal income tax 0
State income tax 0
Foreign income tax 23,351
---------------
Income from continuing operations (1,879,128)
Discontinued operations (900,163)
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME ($978,965)
===============
Headquartered in Troy, Michigan, Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a leading
supplier of instrument panels, automotive fabric, plastic-based
trim, and convertible top systems. The Company has a workforce of
approximately 23,000 and a network of more than 100 technical
centers, sales offices and manufacturing sites in 17 countries
throughout the world. The Company and its debtor-affiliates filed
for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case
No. 05-55927). When the Debtors filed for protection from their
creditors, they listed $3,196,700,000 in total assets and
$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News,
Issue No. 22; Bankruptcy Creditors' Service, Inc., 215/945-7000)
DELPHI CORP: Posts $127 Million Net Loss for Month Ended Nov. 30
----------------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheets
As of November 30, 2005
(In Millions)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $956
Accounts receivable, net:
General Motors and affiliates 1,935
Other third parties 1,633
Non-Debtor subsidiaries 306
Notes receivable from non-Debtor subsidiaries 342
Inventories, net:
Productive material, work-in-process & supplies 817
Finished goods 294
Prepaid expenses and other 351
--------
TOTAL CURRENT ASSETS 6,634
--------
Long-term assets:
Property, net 2,848
Goodwill 292
Other intangible assets 42
Pension intangible assets 1,022
Investments in non-Debtor subsidiaries 3,459
Other 633
--------
TOTAL ASSETS $14,930
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Accounts payable $1,002
Accounts payable to non-Debtor subsidiaries 422
Accrued liabilities 412
--------
TOTAL CURRENT LIABILITIES 1,836
--------
Long-term liabilities not subject to compromise:
DIP financing 250
Employee benefit plan obligations and other 528
--------
TOTAL LONG-TERM LIABILITIES 778
--------
Liabilities subject to compromise 17,806
--------
TOTAL LIABILITIES 20,420
--------
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,674
Accumulated deficit (5,596)
Minimum pension liability (2,368)
Accumulated other comprehensive loss (154)
Treasury stock (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (5,490)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $14,930
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
October 8 to November 30, 2005
(In Millions)
Net sales:
General Motors and affiliates $1,677
Other customers 1,172
Intercompany non-Debtor subsidiaries 91
--------
Total net sales 2,940
--------
Operating expenses:
Cost of sales 2,816
Selling, general and administrative 157
Depreciation and amortization 98
--------
Total operating expenses 3,071
--------
Operating loss (131)
Interest expense (46)
--------
Loss before reorganization items,
income taxes, and equity income (177)
Reorganization items (11)
Income tax expense -
Equity income from non-consolidated
subsidiaries, net of tax 10
Equity income from non-Debtor subsidiaries,
net of tax 51
--------
NET LOSS ($127)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
October 8 to November 30, 2005
(In Millions)
Cash flows from operating activities:
Net loss ($127)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 98
Pension and other postretirement benefit expenses 222
Equity income from unconsolidated subsidiaries, net (10)
Equity income from non-Debtor subsidiaries, net (51)
Reorganization items 11
Changes in operating assets and liabilities:
Accounts receivable, net (1,130)
Inventories, net (24)
Prepaid expenses and other (35)
Accounts payable, accrued and other long-tern debt 1,283
Other postretirement benefit payments (35)
Receipts (payments) for reorganization items, net 1
Other 3
--------
Net cash provided by operating activities 206
--------
Cash flows from investing activities:
Capital expenditures (47)
Proceeds from sale of property 1
--------
Net cash used in investing activities (46)
--------
Cash flows from financing activities:
Proceeds from DIP credit facility, net 218
Net repayments of borrowings under other debt (2)
--------
Net cash provided by financing activities 216
--------
Increase in cash and cash equivalents 376
--------
Cash and cash equivalents at beginning of period 580
Cash and cash equivalents at end of period $956
========
Headquartered in Troy, Michigan, Delphi Corporation --
http://www.delphi.com/-- is the single largest global supplier of
vehicle electronics, transportation components, integrated systems
and modules, and other electronic technology. The Company's
technology and products are present in more than 75 million
vehicles on the road worldwide. The Company filed for chapter 11
protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and
Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Debtors in their restructuring efforts. As of
Aug. 31, 2005, the Debtors' balance sheet showed $17,098,734,530
in total assets and $22,166,280,476 in total debts. (Delphi
Bankruptcy News, Issue No. 13; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
DELTA AIR: Posts $181 Million Net Loss in November 2005
-------------------------------------------------------
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheets
As of November 30, 2005
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,071,000,000
Restricted cash 1,040,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $40 827,000,000
Expendable parts and supplies inventories,
net of an allowance for obsolescence of $192 182,000,000
Prepaid expenses and other 616,000,000
---------------
Total current assets 4,736,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 18,978,000,000
Accumulated depreciation (6,918,000,000)
---------------
Flight equipment, net 12,060,000,000
Flight and ground equipment
under capital leases 526,000,000
Accumulated amortization (221,000,000)
---------------
Flight and ground equipment
under capital leases, net 305,000,000
Ground property and equipment 4,875,000,000
Accumulated depreciation (2,913,000,000)
---------------
Ground property and equipment, net 1,962,000,000
Advance payments for equipment 44,000,000
---------------
Total property and equipment, net 14,371,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $189 74,000,000
Restricted investments for
Boston airport terminal project 52,000,000
Other noncurrent assets 961,000,000
---------------
Total other assets 1,314,000,000
---------------
Total assets $20,421,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt 1,231,000,000
and capital leases
Accounts payable, deferred credits
and other accrued liabilities 1,454,000,000
Air traffic liability 1,941,000,000
Taxes payable 396,000,000
Accrued salaries and related benefits 448,000,000
---------------
Total current liabilities 5,470,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,821,000,000
Other 223,000,000
Deferred revenue and other credits 193,000,000
---------------
Total noncurrent liabilities 7,237,000,000
LIABILITIES SUBJECT TO COMPROMISE 16,414,000,000
COMMITMENTS AND CONTINGENCIES
EMPL STOCK OWNERSHIP PLAN PRFRRED STOCK:
Series B ESOP Convertible Preferred Stock,
$1.00 par value, $72.00 stated and
liquidation value; 4,667,568 shares issued
and outstanding 336,000,000
Unearned compensation under employee stock (88,000,000)
ownership plan
---------------
Total Employee Stock Ownership
Plan Preferred Stock 248,000,000
SHAREOWNERS' DEFICIT:
Common stock:
$0.01 par value; 900,000,000 shares
authorized; 202,081,648 shares issued 2,000,000
Additional paid-in capital 1,636,000,000
Accumulated deficit (7,456,000,000)
Accumulated other comprehensive loss (2,529,000,000)
Treasury stock at cost, 12,738,630 shares (601,000,000)
---------------
Total shareowners' deficit (8,948,000,000)
---------------
Total liabilities and shareowners' deficit $20,421,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended November 30, 2005
OPERATING REVENUES:
Passenger:
Mainline $882,000,000
Regional affiliates 301,000,000
Cargo 46,000,000
Other, net 66,000,000
---------------
Total operating revenues 1,295,000,000
OPERATING EXPENSES:
Salaries and related costs 374,000,000
Aircraft fuel 365,000,000
Depreciation and amortization 100,000,000
Contracted services 82,000,000
Contract carrier arrangements 200,000,000
Landing fees and other rents 66,000,000
Aircraft maintenance materials and 61,000,000
outside repairs 61,000,000
Aircraft rent 37,000,000
Passenger commissions and
other selling expenses 42,000,000
Passenger service 27,000,000
Other 48,000,000
---------------
Total operating expenses 1,402,000,000
---------------
OPERATING LOSS (107,000,000)
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $98 for the Month ended
November 30, 2005) (62,000,000)
Interest income 6,000,000
Miscellaneous, net (1,000,000)
---------------
Total other expense, net (57,000,000)
---------------
LOSS BEFORE REORGANIZATION ITEMS, NET (164,000,000)
REORGANIZATION ITEMS, NET (17,000,000)
---------------
LOSS BEFORE INCOME TAXES (181,000,000)
INCOME TAX PROVISION -
---------------
NET LOSS ($181,000,000)
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statements of Cash Flows
For the Month ended November 30, 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($181,000,000)
Adjustments to reconcile net loss
to cash provided by operating activities, net 158,000,000
Changes in certain assets and liabilities, net 12,000,000
---------------
Net cash used by operating activities (11,000,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (11,000,000)
Ground property and equipment (12,000,000)
Proceeds from sale of investments 122,000,000
Decrease in restricted investments related
to Boston airport terminal project 4,000,000
Decrease in restricted cash 51,000,000
---------------
Net cash provided by investing activities 154,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (139,000,000)
---------------
Net cash used by financing activities (139,000,000)
---------------
Net increase in cash and cash equivalents 4,000,000
Cash & cash equivalents at beginning of period 2,067,000,000
---------------
Cash & cash equivalents at end of period $2,071,000,000
===============
Headquartered in Atlanta, Georgia, Delta Air Lines --
http://www.delta.com/-- is the world's second-largest airline in
terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. As of June 30, 2005, the Company's balance
sheet showed $21.5 billion in assets and $28.5 billion in
liabilities. (Delta Air Lines Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
FOOTSTAR INC: Earns $3.9 Million for Period Ended Nov. 26
---------------------------------------------------------
On Jan. 5, 2006, Footstar, Inc., and its debtor-affiliates filed
their monthly operating report for the period from Oct. 30, 2005,
to Nov. 26, 2005, with the U.S. Bankruptcy Court for the Southern
District of New York.
The Debtors reported a $3,900,000 net income on $64,100,000 of net
sales for the period from Oct. 30, 2005, to Nov. 26, 2005. The
Debtors also reported a cumulative net loss of $59,000,000 on
$1,323,900,000 of net sales from March 3, 2004, through Nov. 26,
2005.
At Nov. 26, 2005, Footstar, Inc.'s consolidated balance sheet
showed:
Total Current Assets $315,500,000
Total Assets 356,500,000
Current Liabilities Subject to Compromise 150,300,000
Total Liabilities 310,300,000
Total Shareholders' Equity $46,200,000
A full-text copy of Footstar, Inc.'s Monthly Operating Report for
the period from Oct. 30, 2005, to Nov. 26, 2005, is available at
no charge at http://ResearchArchives.com/t/s?446
Headquartered in West Nyack, New York, Footstar Inc., retails
family and athletic footwear. As of August 28, 2004, the Company
operated 2,373 Meldisco licensed footwear departments nationwide
in Kmart, Rite Aid and Federated Department Stores. The Company
also distributes its own Thom McAn brand of quality leather
footwear through Kmart, Wal-Mart and Shoe Zone stores. The
Company and its debtor-affiliates filed for chapter 11 protection
on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350). Paul M.
Basta, Esq., at Weil Gotshal & Manges represents the Debtors in
their restructuring efforts. When the Debtor filed for chapter 11
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts.
MCLEODUSA INC: Files Amended Summary of Cash Receipts
-----------------------------------------------------
McLeodUSA Incorporated and its debtor-subsidiaries delivered to
the U.S. Bankruptcy Court for the Northern District of Illinois an
Amended Summary of Cash Receipts and Disbursements for the period
Oct. 28, 2005 to Nov. 30, 2005.
MCLEODUSA INCORPORATED AND SUBSIDIARIES
Summary of Cash Receipts and Cash Disbursements
For period October 28 - November 30, 2005
Cash, beginning of month $27,243,455
Receipts:
Receipts from operations 61,587,524
Disbursements:
Net payroll (5,114,192)
Payroll taxes (2,199,032)
401K (280,664)
Commissions (597,925)
Health/Dental/Prescription/vision/other benefits (1,333,332)
Asset purchases (1,444,000)
Line costs (cost of service) (31,606,726)
Maintenance and repairs (1,795,254)
Rents (1,862,738)
Federal excise taxes (1,734,825)
Federal Universal Service Fund (656,061)
Interest expense (716,944)
State and local taxes (sales, use, excise, etc.) (3,552,688)
Utilities (690,872)
Deferred Line Installation charges (1,775,378)
Charges incurred in connection with reorganization (5,150,413)
Other (2,545,347)
----------
Total Disbursements (63,056,391)
Net Disbursements for the Current Period (1,468,867)
Ending Balance in U.S. Bank 9,546,771
Ending Balance in Wells Fargo 169,504
Ending Balance in JP Morgan 16,058,313
Ending Balance in All Accounts $25,774,588
A full-text copy of the Amended Summary of Cash Receipts and
Disbursements is available for free at:
http://bankrupt.com/misc/mcleodusaamendedreport.pdf
Headquartered in Cedar Rapids, Iowa, McLeodUSA Incorporated --
http://www.mcleodusa.com/-- provides integrated communications
services, including local services in 25 Midwest, Southwest,
Northwest and Rocky Mountain states. The Debtor and its
affiliates filed for chapter 11 protection on Oct. 28, 2005
(Bankr. N.D. Ill. Case Nos. 05-53229 through 05-63234). Peter
Krebs, Esq., and Timothy R. Pohl, Esq., at Skadden, Arps, Slate,
Meagher and Flom, represent the Debtors in their restructuring
efforts. As of June 30, 2005, McLeodUSA Incorporated reported
$674,000,000 in total assets and $1,011,000,000 in total debts.
McLeodUSA Inc. previously filed for chapter 11 protection on
January 30, 2002 (Bankr. D. Del. Case No. 02-10288). The Court
confirmed the Debtor's chapter 11 plan on April 5, 2003, and
that Plan took effect on April 16, 2002. The Court formally
closed the case on May 20, 2005. (McLeodUSA Bankruptcy News,
Issue No. 7 Bankruptcy Creditors' Service, Inc., 215/945-7000).
MIIX GROUP: Posts $367,178 Cumulative Net Loss in November 2005
---------------------------------------------------------------
On Dec. 27, 2005, The MIIX Group, Inc., and its debtor-affiliate,
New Jersey State Medical Underwriters, Inc., filed their monthly
operating reports for the period from Nov. 1, 2005, to Nov. 30,
2005, with the U.S. Bankruptcy Court for the District of Delaware.
MIIX Group reports a cumulative net loss of $367,178 on $8,293 of
total revenue for the period from Dec. 21, 2004, thru Nov. 30,
2005. New Jersey State Medical Underwriters, Inc., reports a
cumulative net loss of $1,045,239 on $2,961,540 of total revenue
for the period from Dec. 21, 2004, thru Nov. 30, 2005.
At Nov. 30, 2005, The MIIX Group's and New Jersey State Medical
Underwriters, Inc.'s balance sheets reflect:
New Jersey
State Medical
The MIIX Group Underwriters, Inc.
-------------- ------------------
Total Assets $7,430,951 $12,877,105
Total Liabilities 8,937,488 6,218,250
Stockholders' Equity ($1,506,537) $6,658,855
A full-text copy of MIIX Group and New Jersey State Medical
Underwriters, Inc.'s monthly operating reports for the period from
Nov. 1, 2005, to Nov. 30, 2005, is available at no charge at:
http://ResearchArchives.com/t/s?43b
Headquartered in Lawrenceville, New Jersey, The MIIX Group, Inc. -
- http://www.miix.com/-- provides management services to medical
malpractice insurance companies. The Company along with its
debtor-affiliate filed for chapter 11 protection on Dec. 20, 2004
(Bankr. D. Del. Case No. 04-13588). Andrew J. Flame, Esq., at
Drinker Biddle & Reath LLP represents the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they estimated assets between $10 million and $50
million and debts between $10 million and $50 million.
NORTHWEST AIRLINES: Posts $129 Million Net Loss in November 2005
----------------------------------------------------------------
Northwest Airlines Corporation
Unaudited Condensed Consolidated Balance Sheets
As of November 30, 2005
ASSETS
Current assets:
Cash and cash equivalents $1,008,000,000
Unrestricted short-term investments 466,000,000
Restricted cash, cash equivalents &
short-term investments 559,000,000
Accounts receivable, net 637,000,000
Flight equipment spare parts, net 134,000,000
Prepaid expenses & other 442,000,000
---------------
Total current assets 3,246,000,000
Property and equipment:
Flight equipment, net 7,350,000,000
Other property & equipment, net 749,000,000
---------------
Total property & equipment 8,099,000,000
Flight Equipment under capital leases, net 131,000,000
Other assets:
Intangible pension asset 671,000,000
International routes 634,000,000
Investments in affiliated companies 51,000,000
Other 952,000,000
---------------
Total other assets 2,308,000,000
---------------
Total assets $13,784,000,000
===============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Air traffic liability $1,708,000,000
Accounts payable & other liabilities 935,000,000
Current maturities of long-term debt
& capital lease obligations 21,000,000
---------------
Total current liabilities 2,664,000,000
Long-term debt 299,000,000
Deferred Credits & other liabilities:
Long-term pension & postretirement
Health care benefits 123,000,000
Other 83,000,000
---------------
Total deferred credits & other liabilities 206,000,000
Liabilities Subject to Compromise 14,916,000,000
Preferred redeemable stock 280,000,000
Common Stockholders' Equity (Deficit)
Common stock 1,000,000
Additional paid-in capital 1,497,000,000
Accumulated deficit (3,517,000,000)
Accumulated other comprehensive
income (loss) (1,549,000,000)
Treasury stock (1,013,000,000)
---------------
Total common stockholders' equity (deficit) (4,581,000,000)
---------------
Total Liabilities &
Stockholders' Equity (deficit) $13,784,000,000
===============
Northwest Airlines Corporation
Unaudited Condensed Consolidated Statements of Operations
For the Month Ended November 30, 2005
Operating Revenues
Passenger $662,000,000
Regional carrier revenues 115,000,000
Cargo 86,000,000
Other 84,000,000
---------------
Total Operating Revenues 947,000,000
Operating Expenses
Salaries, wages, and benefits 262,000,000
Aircraft fuel and taxes 265,000,000
Selling and marketing 56,000,000
Aircraft maintenance materials and repair 65,000,000
Other rentals and landing fees 47,000,000
Depreciation and amortization 45,000,000
Aircraft rentals 32,000,000
Regional carrier expenses 128,000,000
Other 111,000,000
---------------
Total Operating Expenses 1,011,000,000
Operating Income (Loss) (64,000,000)
Other Income (Expense)
Interest expense, net (42,000,000)
Investment income 5,000,000
Reorganization items, net (21,000,000)
Other, net (7,000,000)
---------------
Total other income (expense) (65,000,000)
---------------
Income (Loss) Before Income Taxes (129,000,000)
Income tax expense (benefit) -
---------------
Net Income (Loss) ($129,000,000)
===============
Northwest Airlines Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
For the Month Ended November 30, 2005
Cash Flows from Operating Activities:
Net income (loss) ($129,000,000)
Adjustments to reconcile net loss to net
cash provided by (used in)
operating activities:
Depreciation and amortization 45,000,000
Pension and other postretirement benefit
contributions less than expense 41,000,000
Changes in certain assets & liabilities (56,000,000)
Reorganization items 21,000,000
Other, net 11,000,000
---------------
Net cash provided by operating activities (67,000,000)
Cash Flows from Reorganization Activities:
Net cash provided by (used in)
reorganization activities 1,000,000
Cash Flows from Investing Activities:
Capital expenditures (11,000,000)
Decrease (increase) in restricted
cash, cash equivalents &
short-term investments 12,000,000
Other, net -
---------------
Net cash provided by (used in) investing
activities 1,000,000
Cash Flows from Financing Activities:
Proceeds from long-term debt -
Payments of long-term debt and capital
lease obligations (91,000,000)
Other, net -
---------------
Net cash provided by (used in)
financing activities (91,000,000)
---------------
Increase (Decrease) in Cash and
Cash Equivalents (156,000,000)
Cash & cash equivalents at beginning of period 1,164,000,000
---------------
Cash & cash equivalents at end of period $1,008,000,000
===============
Northwest Airlines Corporation -- http://www.nwa.com/-- is
the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks. Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents. The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $14.4 billion in total assets and $17.9
billion in total debts. (Northwest Airlines Bankruptcy News,
Issue No. 15; Bankruptcy Creditors' Service, Inc., 215/945-7000)
SOLUTIA INC: Earns $31 Million for the Month of November 2005
-------------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of November 30, 2005
Assets
Current Assets:
Cash $37,000,000
Trade Receivables, net 129,000,000
Account Receivables-Unconsolidated Subsidiaries 40,000,000
Inventories 155,000,000
Other Current Assets 87,000,000
--------------
Total Current Assets 448,000,000
Property, Plant and Equipment, net 670,000,000
Investments in Subsidiaries and Affiliates 534,000,000
Intangible Assets, net 100,000,000
Other Assets 70,000,000
--------------
TOTAL ASSETS $1,822,000,000
==============
Liabilities and Shareholders' Deficit
Current Liabilities:
Accounts Payable $150,000,000
Short Term Debt 300,000,000
Other Current Liabilities 180,000,000
--------------
Total Current Liabilities 630,000,000
Other Long-Term Liabilities 196,000,000
--------------
Total Liabilities not Subject to Compromise 826,000,000
Liabilities Subject to Compromise 2,255,000,000
Shareholders' Deficit (1,259,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,822,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended November 30, 2005
Total Net Sales $185,000,000
Total Cost Of Goods Sold 178,000,000
--------------
Gross Profit 7,000,000
Total MAT Expense 18,000,000
--------------
Operating Loss (11,000,000)
Equity Earnings from Affiliates 52,000,000
Interest Expense, net (5,000,000)
Other Income, net 1,000,000
Reorganization Items:
Professional fees (4,000,000)
Employee severance and retention costs (1,000,000)
Other (1,000,000)
--------------
Total Reorganization Items (6,000,000)
--------------
Income Before Taxes 31,000,000
Income Taxes -
--------------
NET INCOME $31,000,000
==============
Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts. Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis. (Solutia Bankruptcy
News, Issue No. 53; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
TOWER AUTOMOTIVE: Posts $18.5 Million Net Loss in November 2005
---------------------------------------------------------------
Tower Automotive, Inc., and Subsidiaries
Unaudited Consolidated Balance Sheets
As of November 30, 2005
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $4,314
Accounts receivable, net 207,460
Inventories 70,912
Prepaid tooling and other 55,095
----------
TOTAL CURRENT ASSETS 337,781
----------
Property, plant and equipment, net 562,041
Investment in joint ventures -
Investment in subsidiaries 726,495
Inter-company receivables -
Other assets, net 63,272
----------
TOTAL ASSETS $1,689,589
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt $14,257
Accounts payable 126,021
Accrued liabilities 149,303
----------
TOTAL CURENT LIABILITIES 289,581
----------
Liabilities subject to comprise 1,133,052
Non-Current Liabilities Not Subject to
Compromise:
Long-term debt, net of current maturities 43,770
DIP borrowings, net of current maturities 581,985
Other non-current liabilities 163,079
----------
TOTAL LIABILITIES 2,211,467
STOCKHOLDERS' DEFICIT (521,878)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,689,589
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Operations
November 1 to 30, 2005
(In Thousands)
Revenues $134,535
Cost of sales 132,197
----------
Gross profit 2,338
Selling, general and administrative expenses 6,987
Restructuring and asset impairment charges, net (417)
----------
Operating income (loss) (4,232)
Interest expense 5,939
Interest income (1,732)
Other income -
Chapter 11 and related reorganization items 9,833
----------
Income (loss) before provision for income taxes,
equity earnings and minority interest (18,272)
Provision (benefit) for income taxes 192
----------
Income (loss) before equity in earnings (18,464)
Equity in earnings of joint ventures, net of tax (15)
----------
NET LOSS/(INCOME) ($18,479)
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
November 1 to 30, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($18,479)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Chapter 11 & related reorganization expenses 7,323
Restructuring and asset impairment, net -
Depreciation 7,464
Equity in earnings of joint ventures, net 15
Change in working capital and operating items (4,133)
----------
Net cash used in operating activities (7,810)
----------
INVESTING ACTIVITIES:
Capital expenditures (14,678)
----------
Net cash used for investing activities (14,678)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Borrowings from DIP credit facility 71,500
Repayments of borrowings from DIP credit facility (49,500)
Net proceeds from issuance of common stock -
----------
Net cash provided by financing activities 22,000
----------
Net Change in cash and cash equivalents (488)
----------
Cash and Cash Equivalents, beginning of period 4,802
Cash and Cash Equivalents, end of period $4,314
==========
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components. The Company and 25 of its debtor-affiliates filed
voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y.
Case No. 05-10576 through 05-10601). James H.M. Sprayregen, Esq.,
Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq.,
and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts. When the Debtors
filed for protection from their creditors, they listed
$787,948,000 in total assets and $1,306,949,000 in total
debts. (Tower Automotive Bankruptcy News, Issue No. 25;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
USG CORP: Earns $42.2 Million for the Month of November 2005
------------------------------------------------------------
USG Corporation, et al.
Consolidated Balance Sheet 30-Nov-2005
__________________________ ___________
Assets:
Cash and cash equivalents $744,918,000
Marketable Securities 191,774,000
Restricted Cash 75,439,000
Receivables 418,330,000
Inventories 273,722,000
Income taxes receivable 6,234,000
Other current assets 154,134,000
--------------
Total current assets 1,864,551,000
Property, plant and equipment, net 1,650,095,000
Marketable Securities 276,320,000
Deferred income taxes 223,908,000
Goodwill 64,420,000
Other assets 423,338,000
--------------
Total Assets $4,502,632,000
==============
Liabilities and Stockholders' Equity:
Accounts payable $255,338,000
Accrued expenses 244,288,000
Deferred income taxes 9,724,000
Taxes on income 89,846,000
--------------
Total current liabilities 599,196,000
Other liabilities 429,609,000
Liabilities subject to compromise 2,240,555,000
Stockholders' Equity:
Common stock 4,998,000
Treasury stock (219,336,000)
Capital received in excess of par value 117,261,000
Accumulated other comprehensive income/(loss) 73,780,000
Retained earnings 1,256,569,000
--------------
Total stockholders' equity 1,233,272,000
--------------
Total Liabilities and Stockholders' Equity $4,502,632,000
==============
USG Corporation, et al. Month Ending
Consolidated Income Statement 30-Nov-2005
_____________________________ ____________
Net sales $406,364,000
Cost of products sold 317,269,000
Selling and administrative expenses 23,943,000
Chapter 11 reorganization expenses (3,348,000)
Provision for restructuring expenses -
Interest expense 337,000
Interest income (145,000)
Other (income)/expense, net (287,000)
--------------
Earnings/(loss) before income taxes 68,595,000
Income taxes (benefit) 26,393,000
--------------
Net Earnings/(loss) $42,202,000
==============
Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes. The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones Day represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts. (USG
Bankruptcy News, Issue No. 101; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
*********
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
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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
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Patrick F. Casquejo, Christian Q. Salta, Jason A. Nieva, Lucilo
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