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Subject: TCR Saturday, March 4, 2006 T R O U B L E D C O M P A N Y R E P O R T E R
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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, March 4, 2006, Vol. 10, No. 54
Headlines
ALLIED HOLDINGS: Posts $6.5 Million Net Loss in December 2005
ALLIED HOLDINGS: Posts $5.9 Million Net Loss in January 2006
ATA AIRLINES: Earns $128 Million in December 2005
COLLINS & AIKMAN: Posts $23.7 Million Net Loss in January 2006
DELPHI CORP: VP Says Cross-Charging has no Effect on Schedules
DELPHI CORP: Aspire Files Amended Schedules of Assets & Debts
DELPHI CORP: DAS Global Amends Schedules to Reflect Cross-Charging
DELPHI CORP: DAS Holding Files Amended Schedules of Assets & Debts
DELPHI CORP: DAS Human Resources Files Amended Schedule F
ENTERGY NEW ORLEANS: Earns $2.179 Million in January 2006
MESABA AVIATION: Files Amended Schedules of Assets and Liabilities
O'SULLIVAN IND: Reports Ending Cash Balance of $42,94 in Jan. 2006
O'SULLIVAN IND: Furniture Reports Zero Cash Receipts for Jan. 2006
O'SULLIVAN IND: Holdings Reports Zero Cash Receipts for Jan. 2006
O'SULLIVAN IND: Virginia Reports Jan. 2006 Cash Balance of $16,597
SAINT VINCENTS: Files Amended November 30 Balance Sheet
SAINT VINCENTS: Posts $9.2 Million Net Loss in December 2005
SOLUTIA INC: Posts $4 Million Net Loss in January 2006
TOWER AUTOMOTIVE: Posts $30.5 Million Net Loss in December 2005
XYBERNAUT CORP: Posts $802,141 Net Loss in January 2006
*********
ALLIED HOLDINGS: Posts $6.5 Million Net Loss in December 2005
-------------------------------------------------------------
Allied Holdings, Inc., and Its Debtor Subsidiaries
Unaudited Consolidated Balance Sheet
As of December 31, 2005
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $730
Receivables, net 56,460
Related party receivables 14,745
Inventories 5,132
Deferred income taxes 4,020
Prepayments and other current assets 57,102
---------
Total current assets $138,189
Property and equipment, net $120,212
Goodwill, net 3,545
Other noncurrent assets 22,366
Investment in related parties 31,488
---------
TOTAL ASSETS $315,800
=========
Liabilities and Stockholders' Deficit
Current Liabilities not subject to compromise:
Revolving credit facilities $51,997
DIP term borrowings 100,000
Accounts and notes payable 54,105
Accrued liabilities 50,949
---------
Total current liabilities $257,051
Long-term liabilities not subject to compromise:
Postretirement benefits $4,412
Deferred income taxes 3,989
Other long-term liabilities 24,965
---------
Total long-term liabilities $33,366
Liabilities subject to compromise 183,179
Stockholders' deficit (157,796)
---------
Total liabilities and stockholders' deficit $315,800
=========
Allied Holdings, Inc., and Its Debtor Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Ended December 31, 2005
(In Thousands)
Revenues $76,050
Operating expenses:
Salaries, wages and fringe benefits 42,639
Operating supplies and expenses 17,983
Purchased transportation 9,460
Insurance and claims 1,203
Operating taxes and licenses 2,368
Depreciation and amortization 3,417
Rents 670
Communications and utilities 626
Other operating expenses 1,129
Gain on disposal of operating assets, net (27)
---------
Total operating expenses 79,468
---------
Operating income (3,418)
Other income (expense):
Interest expense (2,370)
Investment income 5
Foreign exchange gains, net 67
---------
(2,301)
---------
Income before reorganization items and income taxes (5,719)
Reorganization items (869)
---------
Income before income taxes (6,588)
Income tax provision -
---------
NET INCOME ($6,588)
=========
The Debtors did not provided a cash flow report. However, the
Debtors disclose cash disbursements totaling $4,611,762 in
December 2005.
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor. Anthony J. Smits,
Esq., at Bingham McCutchen LLP, provides the Official Committee of
Unsecured Creditors with legal advice and Russell A. Belinsky at
Chanin Capital Partners, LLC, provides financial advisory services
to the Committee. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
ALLIED HOLDINGS: Posts $5.9 Million Net Loss in January 2006
------------------------------------------------------------
Allied Holdings, Inc., and Its Debtor Subsidiaries
Unaudited Consolidated Balance Sheet
As of January 31, 2006
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $204
Receivables, net 54,700
Related party receivables 13,945
Inventories 4,828
Deferred income taxes 22
Prepayments and other current assets 55,749
---------
Total current assets 129,448
Property and equipment, net 120,977
Goodwill, net 3,545
Deferred income taxes, noncurrent 1,159
Other noncurrent assets 21,854
Investment in related parties 31,488
---------
TOTAL ASSETS $308,471
=========
Liabilities and Stockholders' Deficit
Current Liabilities not subject to compromise:
Revolving credit facilities $50,042
DIP term borrowings 100,000
Accounts and notes payable 52,892
Deferred income taxes 1,173
Accrued liabilities 59,403
---------
Total current liabilities 263,510
Long-term liabilities not subject to compromise:
Postretirement benefits 4,318
Other long-term liabilities 20,281
---------
Total long-term liabilities 24,599
Liabilities subject to compromise 183,191
Stockholders' deficit (162,829)
---------
Total liabilities and stockholders' deficit $308,471
=========
Allied Holdings, Inc., and Its Debtor Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Ended January 31, 2006
(In Thousands)
Revenues $74,770
Operating expenses:
Salaries, wages and fringe benefits 41,880
Operating supplies and expenses 16,577
Purchased transportation 9,607
Insurance and claims 3,026
Operating taxes and licenses 2,573
Depreciation and amortization 2,197
Rents 618
Communications and utilities 631
Other operating expenses 554
Gain on disposal of operating assets, net (27)
---------
Total operating expenses 77,636
---------
Operating income (2,866)
Other income (expense):
Interest expense (2,385)
Investment income 3
Foreign exchange gains, net 564
---------
(1,818)
---------
Income before reorganization items and income taxes (4,684)
Reorganization items (1,289)
---------
Income before income taxes (5,973)
Income tax provision -
---------
NET INCOME ($5,973)
=========
The Debtors disclose cash disbursements totaling $8,743,773
during January 2006.
Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide
short-haul services for original equipment manufacturers and
provide logistical services. The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537). Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts. Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor. Anthony J. Smits,
Esq., at Bingham McCutchen LLP, provides the Official Committee of
Unsecured Creditors with legal advice and Russell A. Belinsky at
Chanin Capital Partners, LLC, provides financial advisory services
to the Committee. When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts. (Allied Holdings Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
ATA AIRLINES: Earns $128 Million in December 2005
-------------------------------------------------
ATA Holdings Corp. and Subsidiaries
Unaudited Balance Sheet
As of December 31, 2005
ASSETS
Current assets:
Cash and cash equivalents $79,217,000
Receivables,
net of allowance for doubtful accounts 89,891,000
Inventories, net 31,364,000
Prepaid expenses and other current assets 29,067,000
--------------
TOTAL CURRENT ASSETS 229,539,000
Property and equipment:
Flight equipment 142,488,000
Facilities and ground equipment 123,361,000
Accumulated depreciation (164,582,000)
--------------
TOTAL PROPERTY AND EQUIPMENT 101,267,000
Restricted cash 27,348,000
Goodwill 2,411,000
Prepaid aircraft rent 154,000
Investment in BATA 4,808,000
Deposits and other assets 23,923,000
--------------
TOTAL ASSETS $389,450,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Short Term Debt $54,600,000
Accounts payable 5,558,000
Air traffic liabilities 54,018,000
Accrued expenses 128,887,000
--------------
TOTAL CURRENT LIABILITIES 243,063,000
Deferred items 47,083,000
Liabilities subject to compromise 1,445,447,000
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 (1,435,544,000)
--------------
TOTAL SHAREHOLDERS' DEFICIT (1,376,143,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $389,450,000
==============
ATA Holdings Corp. and Subsidiaries
Unaudited Income Statement
For the Month Ended December 31, 2005
Operating revenues:
Scheduled service $43,094,000
Charter 27,864,000
Ground package 622,000
Other 1,661,000
--------------
Total operating revenues 73,241,000
Operating expenses:
Fuel and oil 22,348,000
Salaries, wages and benefits 17,580,000
Aircraft rentals 9,354,000
Handling, landing and navigation fees 6,147,000
Aircraft maintenance, materials and repairs 3,492,000
Crew and other employee travel 3,232,000
Depreciation and amortization 2,522,000
Passenger service 2,790,000
Other selling expenses 1,876,000
Commissions 2,000,000
Facilities and other rentals 1,315,000
Insurance 1,231,000
Ground package cost 491,000
Advertising 473,000
Aircraft impairments and retirements -
Other 4,078,000
--------------
Total operating expenses 78,929,000
--------------
Operating income (loss) (5,688,000)
Other income (expense):
Interest income 218,000
Interest expense (686,000)
Reorganization expenses 134,269,000
Other (38,000)
Other expense 133,763,000
--------------
Income (loss) before income taxes 128,075,000
Income taxes -
--------------
Net income (loss) $128,075,000
==============
ATA Holdings Corp. and Subsidiaries
Cash Flow Report
For the Month Ended December 31, 2005
Operating activities:
Net loss before reorganization expenses ($6,194,000)
Adjustments to reconcile net income:
Depreciation and amortization 2,522,000
Other non-cash items 1,915,000
Changes in operating assets and liabilities:
Receivables 11,713,000
Inventories 871,000
Prepaid expenses (2,368,000)
Accounts payable 1,050,000
Air traffic liabilities (16,552,000)
Liabilities subject to compromise (3,540,000)
Accrued expenses 5,120,000
--------------
Net cash (used in) operating activities (5,463,000)
Reorganization activities:
Reorganization items, net 134,269,000
Prepaid expenses 12,000
Liabilities subject to compromise (163,694,000)
Accrued Expenses 587,000
Impairment losses, as reorganization items 18,347,000
Proceeds from debtor-in-possession financing 30,000,000
Receivables (1,000)
Other non-cash items 4,616,000
--------------
Net cash provided by reorganization activities 24,136,000
Investing activities:
Capital expenditures (3,612,000)
Noncurrent prepaid aircraft rent -
Additions to other assets 1,083,000
Proceeds from sales of property and equipment 1,158,000
--------------
Net cash (used in) investing activities (1,371,000)
Financing activities:
Decrease in restricted cash 228,000
--------------
Net cash provided by financing activities 228,000
--------------
Increase in cash and cash equivalents 17,530,000
Cash and cash equivalents, beginning of period 61,687,000
--------------
Cash and cash equivalents, end of period $79,217,000
==============
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. Daniel H.
Golden, Esq., Lisa G. Beckerman, Esq., and John S. Strickland,
Esq., at Akin Gump Strauss Hauer & Feld, LLP, represents the
Official Committee of Unsecured Creditors. 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. 48; Bankruptcy Creditors' Service,
Inc., 215/945-7000).
COLLINS & AIKMAN: Posts $23.7 Million Net Loss in January 2006
--------------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of January 31, 2006
Current assets:
Cash $60,424,968
Accounts receivable, net 114,618,683
Other non-trade receivables 7,337,465
Inventories, net 114,171,354
Tooling and molding, net - current 65,404,686
Prepaids & other current assets 80,342,879
Deferred tax assets - current (87,825)
---------------
Total current assets 442,212,210
Investment in subsidiaries 2,534,708,519
Fixed assets, net 331,431,250
Goodwill, net 978,554,071
Deferred tax assets - long term 25,938,826
Tooling and molding, net-long term 11,207,650
Other noncurrent assets 93,516,248
Intercompany assets 176,918,655
PP IC accounts receivable 671,272,308
---------------
TOTAL ASSETS $5,265,759,737
===============
LIABILITIES & EQUITY
Current liabilities:
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion - long term debt 248,825,000
Current portion - capital leases 0
Accounts payable 38,399,565
Accrued interest payable 6,628,177
Accrued & other liabilities 77,398,866
Income taxes payable (5,663,960)
---------------
Total current liabilities 365,587,649
Liabilities subject to compromise 2,378,445,238
---------------
Total Liabilities 2,744,032,887
Total Equity 2,521,726,850
---------------
TOTAL LIABILITIES & EQUITY $5,265,759,737
===============
Collins & Aikman Corporation
Income Statement
Month Ended January 2006
Net outside sales $137,143,937
I/D Net sales 4,187,636
I/G Net sales 3,931,426
---------------
Total sales 145,262,999
Cost of goods sold 142,975,202
---------------
Gross profit 2,287,798
Selling, general & administrative expenses 22,999,667
---------------
Operating income (20,711,869)
Interest expenses 6,692,302
Intercompany interest, net (2,371,104)
Preferred stock accretion 0
Miscellaneous (income)/expense 0
Corporate allocation adjustment 0
Commission income (156,829)
Commission expense 0
Royalty income (401,351)
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 (910,064)
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes (23,564,824)
Federal income tax 0
State income tax 0
Foreign income tax 20,910
---------------
Income from continuing operations (23,585,734)
Discontinued operations 125,629
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME (LOSS) ($23,711,363)
===============
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). Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring. Lazard Freres & Co., LLC,
provides the Debtor with investment banking services. Michael S.
Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents
the Official Committee of Unsecured Creditors Committee. 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. 26; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
DELPHI CORP: VP Says Cross-Charging has no Effect on Schedules
--------------------------------------------------------------
John D. Sheehan, vice president, chief restructuring officer,
chief accounting officer and controller of Delphi Corporation,
relates that ASEC Manufacturing General Partnership, ASEC Sales
General Partnership, Environmental Catalysts LLC and Exhaust
Systems Corporation maintain consolidated books and records.
The financial information for the ASEC Entities has been
consolidated for purposes of their Schedules of Assets and
Liabilities, Mr. Sheehan says.
The ASEC Entities delivered to the U.S. Bankruptcy Court for the
Southern District of New York amended Schedules of Assets and
Liabilities to reflect changes to Schedule F. Specifically, the
ASEC Entities scheduled a $59,157,529 cross-charge from Delphi
Automotive Systems LLC as disputed and unliquidated.
When considered cumulatively with the amendments filed to the
Schedules for Delphi Corporation and 26 other subsidiaries, the
amendments decrease the Debtors' total liabilities on a
deconsolidated basis by approximately $1.2 billion.
However, the Amendments have no effect on the Debtors'
consolidated financial statements that are filed with the
Securities and Exchange Commission because the cross-charge
accounts, which are maintained within the equity section of the
Debtors' trial balances, eliminate on a global consolidated
basis.
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. Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude,
Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors. 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. 17; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
DELPHI CORP: Aspire Files Amended Schedules of Assets & Debts
-------------------------------------------------------------
Aspire Inc., delivered to the U.S. Bankruptcy Court for the
Southern District of New York amended Schedules of Assets
and Liabilities to reflect certain changes in Schedule F.
Specifically, the Debtor scheduled a $2,216,067 Intercompany
Cross Charge from Delphi Automotive Systems LLC as unliquidated.
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. Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude,
Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors. 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. 17; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
DELPHI CORP: DAS Global Amends Schedules to Reflect Cross-Charging
------------------------------------------------------------------
Delphi Automotive Systems Global (Holding), Inc., delivered to
the U.S. Bankruptcy Court for the Southern District of New York
amended Schedules of Assets and Liabilities to reflect certain
changes in Schedule F. Specifically, the Debtor amended its
Schedule F to reflect a $9,890,382 intercompany cross-charge
from Delphi Automotive Systems (Holding), Inc., as unliquidated.
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. Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude,
Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors. 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. 17; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
DELPHI CORP: DAS Holding Files Amended Schedules of Assets & Debts
------------------------------------------------------------------
Delphi Automotive Systems (Holding), Inc., delivered to the U.S.
Bankruptcy Court for the Southern District of New York amended
Schedules of Assets and Liabilities to reflect certain changes in
Schedule F. Specifically, the Debtor amended its Schedule F to
reflect aggregate debits reflected in the Debtor's cross-charge
accounts. The Debtor identified certain claims related to cross-
charge accounts as unliquidated.
A. Real Estate None
B. Personal Property
B.9 Interests in Insurance Policies Undetermined
B.12 Stock and Interests $2,890,600,762
B.13 Interests in partnerships Undetermined
B.17 Other liquidated debts owed
United Kingdom 35,230
Delphi Automotive Systems LLC 704,263,637
Delco Electronics Overseas Corp. 12,124,781
Delphi Diesel Sys Ltd U.K. 10,692,003
Delphi Diesel Sys - Stonehouse UK 5,777,411
Delphi Diesel Sys - Sudbury UK 9,269,543
TOTAL SCHEDULED ASSETS $3,632,763,373
===============
C. Property Claimed as Exempt None
D. Secured Claims
JPMorgan Chase Bank, N.A. Unknown
Mercedes-Benz U.S. Int'l Inc. Unknown
E. Unsecured Priority Claims Unknown
F. Unsecured NonPriority Claims
Delphi Automotive Systems, LLC 453,162,430
Delphi International Services Inc. 1,000
Exhaust Systems Corp. 21,300,000
Others Unknown
Aggregate Debit in cross charge accounts (24,956,773)
TOTAL SCHEDULED LIABILITIES $449,506,657
=============
A full-text copy of Delphi Automotive Systems (Holding), Inc.'s
list of Interests in Insurance Policies is available for free at
http://ResearchArchives.com/t/s?4eb
A full-text copy of Delphi Automotive Systems (Holding), Inc.'s
list of Interests in partnerships is available for free at
http://ResearchArchives.com/t/s?4ec
A full-text copy of Delphi Automotive Systems (Holding), Inc.'s
list of Unsecured Priority Claims is available for free at
http://ResearchArchives.com/t/s?4ed
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. Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude,
Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors. 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. 17; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
DELPHI CORP: DAS Human Resources Files Amended Schedule F
---------------------------------------------------------
Delphi Automotive Systems Human Resources, LLC, delivered to the
U.S. Bankruptcy Court for the Southern District of New York
amended Schedules of Assets and Liabilities to reflect certain
changes in Schedule F. Specifically, the Debtor amended its
Schedule F to reflect aggregate debits reflected in the Debtor's
cross-charge accounts. The Debtor identified certain claims
related to cross-charge accounts as unliquidated.
A. Real Estate None
B. Personal Property
B.9 Interests in Insurance Policies Undetermined
TOTAL SCHEDULED ASSETS --
=====
C. Property Claimed as Exempt None
D. Secured Claims
Mercedes-Benz U.S. Int'l, Inc. Unknown
E. Unsecured Priority Claims
Internal Revenue Service Unknown
State of Delaware Div. of Corporations Unknown
F. Unsecured NonPriority Claims
Pension Benefit Guaranty Corp. Unknown
Intercompany claim ($166,303,107)
TOTAL SCHEDULED LIABILITIES ($166,303,107)
===============
A full-text copy of Delphi Automotive Systems Human Resources,
LLC's list of Interests in Insurance Policies is available for
free at http://ResearchArchives.com/t/s?533
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. Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude,
Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors. 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. 17; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
ENTERGY NEW ORLEANS: Earns $2.179 Million in January 2006
---------------------------------------------------------
Entergy New Orleans, Inc.
Balance Sheet
As of January 31, 2006
(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents
Cash $34,212
Temporary cash investments -
-----------
Total cash and cash equivalents 34,212
Accounts receivable:
Customer 93,233
Allowance for doubtful accounts (25,422)
Associated companies 20,248
Other 7,468
Accrued unbilled revenues 21,928
-----------
Total accounts receivable 117,455
Deferred fuel costs 34,318
Fuel inventory 7,061
Materials and supplies 8,432
Prepayments and other 4,080
-----------
Total current assets 205,558
Other Property and Investments
Investment in affiliates 3,259
Non-utility property at cost 1,107
-----------
Total other property and investments 4,366
Utility Plant
Electric 691,155
Natural gas 189,265
Construction work in progress 199,015
-----------
Total Utility Plant 1,079,435
Less - accumulated depreciation and amortization 430,675
-----------
Utility plant - net 648,760
Deferred Debits and Other Assets
Regulatory assets:
Other regulatory assets 174,407
Long term receivables 1,812
Other 23,111
-----------
Total deferred debits and other assets 199,330
-----------
TOTAL ASSETS $1,058,014
===========
LIABILITIES:
Postpetition liabilities:
Taxes payable $7,869
Accounts payable 44,421
DIP credit facility 90,000
-----------
Total postpetition liabilities 142,290
Current liabilities:
Currently maturing long-term debt -
Notes payable 15,000
Accounts payable:
Associated companies 47,601
Other 244,892
Customer deposits 15,854
Taxes accrued -
Accumulated deferred income taxes 2,841
Interest accrued 2,816
Energy efficiency program provision -
Other 1,566
-----------
Total current liabilities 330,570
Non-current liabilities:
Accumulated deferred income taxes & taxes accrued 65,531
Accumulated deferred investment tax credits 3,535
SFAS 109 regulatory liability - net 53,456
Other regulatory liabilities 591
Accumulated provisions 7,975
Pension liability 35,694
Long-term debt 229,860
Other 16,623
-----------
Total non-current liabilities 413,265
-----------
Total Liabilities 886,125
Commitments and Contingencies:
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 19,780
Common stock, $4 par value, authorized
10,000,000 shares; issued and
outstanding 8,435,900 shares in
2005 and 2004 33,744
Paid-in capital 36,294
Retained earnings -- prepetition 99,593
Retained earnings -- postpetition (17,522)
-----------
Total shareholders equity 171,889
-----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,058,014
===========
Entergy New Orleans, Inc.
Statement of Operations
Month Ended January 2005
(in thousands)
Operating Revenues
Domestic electric $30,861
Natural gas 11,478
-----------
Total operating revenues 42,339
Operating Expenses:
Operation and maintenance
Fuel 8,877
Purchased power 20,518
Other operation and maintenance 4,693
Taxes other than income taxes 2,743
Depreciation and amortization 2,725
Other regulatory charges - net 250
-----------
Total operating expenses 39,806
-----------
Operating income 2,533
Other income:
Allowance for equity funds used
during construction 714
Interest and dividend income 245
Miscellaneous - net (26)
-----------
Total other income 933
Interest and other charges:
Interest on long-term debt 61
Other interest-net 708
Allowance for borrowed funds used
during construction (584)
-----------
Total interest and other charges 185
Income (loss) before income taxes 3,281
Income taxes 1,102
-----------
NET INCOME $2,179
===========
Entergy New Orleans, Inc.
Cash Receipts and Disbursement Statement
Month Ended January 2005
Beginning cash balance $47,980,735
Cash receipts 48,357,060
Cash disbursements (62,116,207)
-----------
Net cash flow (13,759,146)
-----------
ENDING CASH BALANCE $34,221,589
===========
Headquartered in Baton Rouge, Louisiana, Entergy New Orleans Inc.
-- http://www.entergy-neworleans.com/-- is a wholly owned
subsidiary of Entergy Corporation. Entergy New Orleans provides
electric and natural gas service to approximately 190,000 electric
and 147,000 gas customers within the city of New Orleans. Entergy
New Orleans is the smallest of Entergy Corporation's five utility
companies and represents about 7% of the consolidated revenues and
3% of its consolidated earnings in 2004. Neither Entergy
Corporation nor any of Entergy's other utility and non-utility
subsidiaries were included in Entergy New Orleans' bankruptcy
filing. Entergy New Orleans filed for chapter 11 protection on
Sept. 23, 2005 (Bankr. E.D. La. Case No. 05-17697). Elizabeth J.
Futrell, Esq., and R. Partick Vance, Esq., at Jones, Walker,
Waechter, Poitevent, Carrere & Denegre, L.L.P., represent the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed total assets of
$703,197,000 and total debts of $610,421,000. (Entergy New
Orleans Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
MESABA AVIATION: Files Amended Schedules of Assets and Liabilities
------------------------------------------------------------------
Mesaba Aviation, Inc., doing business as Mesaba Airlines amended
its Schedule B to reflect:
a. an increase of $600,000 to the previously disclosed
$10,252,485 Wells Fargo Bank Minnesota, N.A. savings
account;
b. Wells Fargo cash investment money market fund #250 of
$38,715;
c. 42 government and corporate bonds totaling $10,193,088; and
d. $53,522 in accounts receivable from MAIR Holdings Inc.
Mesaba also amended its Schedules E and F to reflect:
a. 84 Unsecured Priority Claims, aggregating $2,449,881; and
b. 639 Unsecured Non-priority Claims, aggregating $30,893,656.
Mesaba Aviation, Inc.
Amended Schedules of Assets & Liabilities
A. Real Property $0
B. Personal Property
B.1 Cash on hand
Petty Cash - Stations Cash Disbursement 57,763
B.2 Bank Accounts
Wells Fargo Bank NA - Cash Disbursements 1,738,551
Chase Manhattan - Airlines Clearing House 1,000
Wings Financial Credit Union -- Liquor Receipts 321,695
Wings Financial Credit Union -- Liquor Receipts 244,432
Wells Fargo Bank NA - Savings Account 10,852,485
Wells Fargo Bank Minnesota - Restricted Cash 4,263,215
Bank of Montreal -- Cash Disbursements 75,574
Wells Fargo Minnesota Cash Investment Money 38,715
B.3 Security Deposits
Security Deposits, SAAB 46,800
Security re Potential Damages, Rochester Airport 22,000
Security re Potential Damages, Northern Trust 16,361
Vendor Deposit, Jepson Charts 103,500
Vendor Deposit, SAAB 20,000
Retainer, Ravich Meyer 150,000
Retainer, Marr Hipp 150,000
Retainer, Mercer Management 600,000
Vendor Deposit, British Aerospace 20,000
Dow Chemical 20,130
Others 13,280
B.14 Government and Corporate Bonds
Michigan Higher Ed Student Loan Auth 250,000
Florida Ed Loan Marketing Corp 200,000
US Education Loan TR II 250,000
Illinois Student Assistance Loan 300,000
MN State Office of Higher Ed 300,000
ALG Student Loan Trust I 300,000
California Statewide Cmntys Dev Auth 250,250
New Mexico Edl Assistance Fndtn 299,997
Oklahoma St Student Ln Auth 299,985
Vermont State Student Assistance Corp 250,000
Colorado Student Loan 300,000
Education Loans Inc 300,000
Arkansas St Student Ln Auth 300,000
Plano Texas Indpt Sch Dist 256,565
Forth Worth Tx 257,882
Johnson City Ks School District 259,065
Shelby County Tn G O 286,239
St Lucie County, Florida 259,641
New Jersey State Revenue 252,388
Ennis, Texas 251,885
Georgia State G O 295,540
Texas State G O Unltd 253,630
Alaska State Intl Airport 152,024
Metro Washington DC Arpt 256,098
Alaska Student Ln Corp Cap Proj 206,134
Douglas Cnty GA Sch Dist 258,302
Marion Ind Redev Dist Cnty Optincome 121,015
Albet Lea Mn G O 154,224
Apex North Carolina G O 207,246
Lyle Mn Indept School District 156,118
San Antonio Tx Ctfs G O 258,498
Cloquet Mn Inpt Sch Dist 253,365
Cook Cnty-Orland Sch Dist 252,652
Richland County School Dist Sc 226,118
Spring Lake Mich Pub Sch 207,382
Pierce Cnty Wa Sch Dist 251,638
Sloatsburg NY 205,922
Florida State Dept Transn 217,892
Los Angeles Ca Uni Sch Dist 260,275
Maine St Turnpike Authority 266,967
Mukwonago Wi 100,289
Texas St College Student Loan 207,862
B.15 Accounts Receivable 43,913,123
Share of Receivable per Tax Sharing
- MAIR Holdings 53,522
B.16 Alimony 0
B.17 Other liquidated debts owing debtor
Insurance receivable - aircraft damage 193,374
Corporate insurance receivable 304,609
2004 State tax refunds unknown
B.23 Vehicles
Des Moines, IA 99,063
Detroit, MI 516,775
Minneapolis, MN 384,650
Cincinatti, OH 182,106
Memphis, TN 158,449
Wausau, WI 69,060
Others 96,750
B.24 Boats, motors and accessories 0
B.25 Aircraft and accessories 21,859,696
B.26 Office Equipment 4,557,913
B.27 Machinery, fixtures, equipment and supplies
Used in operation of business 2,229,327
Other equipment and supplies 5,502,676
Overhead and maintenance supplies 550,551
B.28 Inventory 13,242,636
TOTAL SCHEDULED ASSETS $122,862,869
=============
C. Property Claimed as Exempt Not Applicable
D. Secured Claim
GE Aircraft Engines $1,995,362
Wells Fargo Bank NA unknown
Wells Fargo Bank NA Trustee unknown
E. Unsecured Priority Claims
Boone County 76,000
Grapevinecolleyville 49,950
Harrison County, Ms 94,109
Hennepin County Treasurer 60,000
Jefferson County 100,430
Lee County 49,816
Minnesota Dept Of Revenue 451,465
Rankin County 37,328
Romulus City, Treasurer's Office 79,046
Shelby County 391,553
So Carolina Dept Of Rev 37,990
State Of Arkansas 69,600
State Of Kentucky 42,000
State Of West Virginia, Public Utilities Div 82,728
State Of Wisconsin 258,258
Vanderburgh County 57,371
Others 512,237
F. Unsecured Non-priority Claims
Aerospace Composite 181,395
AIM Aviation Atlanta Inc 106,476
Aircraft Braking Systems Corp 379,068
Airmark Components 114,958
Allied Signal Engines 3,511,333
Aramark Facility Service 359,502
Avmax Group Inc 729,958
BAE Systems Regional Aircraft 1,713,072
Bank of America 137,835
Bombardier Services Corp 1,292,196
Bussell, Scott R. 107,068
Corp Lodging Consultants 891,806
Detroit Metropolitan Airport 837,392
Dowty Propellers-Americas 217,526
Embraer Aircraft 797,266
Garrett Aviation Services OMA 103,837
GE Engine Services Inc 323,769
Goodrich Landing Systems Svcs 128,973
GSFS 159,660
Hamilton Sundstrand 212,067
Huffmaster Inc 111,609
Jeppensen Sanderson (APU) 122,781
Lexington-Fayette Urban City 112,411
MAC MPLS St. Paul 208,357
Northwest Airlines 7516 8,844,720
Pan Am Int'l Flight Academy 990,707
Pinnacle Airlines Inc 830,016
Professional Project Partners 120,637
Rockwell Collins 218,785
SAAB Aircraft of America 319,899
Transportation Security Admin Office 931,720
Wehrenberg, Jeffrey 113,706
Others 5,663,151
TOTAL SCHEDULED LIABILITIES $35,338,899
============
Mesaba Aviation, Inc., d/b/a Mesaba Airlines --
http://www.mesaba.com/-- operates as a Northwest Airlink
affiliate under code-sharing agreements with Northwest Airlines.
The Company filed for chapter 11 protection on Oct. 13, 2005
(Bankr. D. Minn. Case No. 05-39258). Michael L. Meyer, Esq., at
Ravich Meyer Kirkman McGrath & Nauman PA, represents the Debtor in
its restructuring efforts. Craig D. Hansen, Esq., at
Squire Sanders & Dempsey, L.L.P., represents the Official
Committee of Unsecured Creditors. When the Debtor filed for
protection from its creditors, it listed total assets of
$108,540,000 and total debts of $87,000,000. (Mesaba Bankruptcy
News, Issue No. 12; Bankruptcy Creditors' Service, Inc., 215/945-
7000).
O'SULLIVAN IND: Reports Ending Cash Balance of $42,94 in Jan. 2006
------------------------------------------------------------------
O'Sullivan Industries, Inc.
Cash Receipts and Disbursements
Month Ended January 31, 2006
Funds at the beginning of period $15,803
Receipts:
Cash Sales -
Less: Refunds -
-----------
Net Cash Sales -
Collection of postpetition accounts receivable -
Collection of postpetition accounts receivable 15,666,821
Other receipts 30,299,104
-----------
Total Receipts 45,965,925
-----------
Total Cash Available for Operation $45,981,728
===========
Disbursements:
U.S. Trustee quarterly fee 750
Net payroll 3,026,992
Payroll taxes paid 38,649
Professional fees 1,126,706
Other taxes 184,678
Rent & equipment rent 55,937
Other leases 125,431
Telephone 28,178
Utilities 285,858
Travel and entertainment 153,743
Vehicle expenses 18,104
Office expenses 24,649
Advertising -
Insurance 1,088,579
Freight 1,299,893
Job-cost raw materials 10,021,585
Foreign bank fees 66
Repairs & maintenance 910,628
Payments to Secured Creditors -
Employee benefits 286,496
Other expenses 2,636,525
Transfers 24,625,339
-----------
Total Disbursements 45,938,786
-----------
Ending Cash Balance $42,942
===========
Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces. O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot. The Company and its subsidiaries filed for chapter
11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049). Joel H. Levitin, Esq., at Dechert LLP, represents the
Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and
Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C.,
represent the Official Committee of Unsecured Creditors. On Sept.
30, 2005, the Debtor listed $161,335,000 in assets and
$254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
O'SULLIVAN IND: Furniture Reports Zero Cash Receipts for Jan. 2006
-----------------------------------------------------------------
For the period January 1 to 31, 2006, O'Sullivan Furniture
Factory Outlet, Inc., reports $0 cash receipts and disbursements.
Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces. O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot. The Company and its subsidiaries filed for chapter
11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049). Joel H. Levitin, Esq., at Dechert LLP, represents the
Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and
Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C.,
represent the Official Committee of Unsecured Creditors. On Sept.
30, 2005, the Debtor listed $161,335,000 in assets and
$254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
O'SULLIVAN IND: Holdings Reports Zero Cash Receipts for Jan. 2006
-----------------------------------------------------------------
O'Sullivan Industries Holdings, Inc., reports $0 cash receipts
and disbursements for the period January 1 to 31, 2006.
Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces. O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot. The Company and its subsidiaries filed for chapter
11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049). Joel H. Levitin, Esq., at Dechert LLP, represents the
Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and
Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C.,
represent the Official Committee of Unsecured Creditors. On Sept.
30, 2005, the Debtor listed $161,335,000 in assets and
$254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
O'SULLIVAN IND: Virginia Reports Jan. 2006 Cash Balance of $16,597
------------------------------------------------------------------
O'Sullivan Industries Virginia, Inc.
Cash Receipts and Disbursements
Month Ended January 31, 2006
Funds at the beginning of period $15,066
Receipts 5,921
-----------
Total Receipts 5,921
-----------
Total Cash Available for Operation $20,987
===========
Disbursements:
Freight 1,190
Repairs & maintenance 1,845
Other expenses 1,355
-----------
Total Disbursements 4,390
-----------
Ending Cash Balance $16,597
===========
Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces. O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot. The Company and its subsidiaries filed for chapter
11 protection on Oct. 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049). Joel H. Levitin, Esq., at Dechert LLP, represents the
Debtors. Michael H. Goldstein, Esq., Eric D. Winston, Esq., and
Christine M. Pajak, Esq., at Stutman, Treister & Glatt, P.C.,
represent the Official Committee of Unsecured Creditors. On Sept.
30, 2005, the Debtor listed $161,335,000 in assets and
$254,178,000 in debts. (O'Sullivan Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
SAINT VINCENTS: Files Amended November 30 Balance Sheet
-------------------------------------------------------
The Debtors made adjustments to almost all items in their
Nov. 30, 2005, Balance Sheet. The Debtors previously reported
$736,074,494 in total assets. Now, the Debtors report that they
have $772,108,190 in total assets.
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of November 30, 2005
ASSETS
Cash & Cash Equivalents $52,715,958
Investments -
Patients Accounts Receivable, less allowance for
doubtful accounts 168,884,424
Accounts Receivable 33,292,408
Other Current Assets 63,065,047
--------------
Total Current Assets 317,957,837
Depreciation Reserve Funds & Collaterized Assets 53,946,614
Assets Designated for Self-Insurance
Investments at Market 44,419,899
Assets whose use is limited -
Investments at Market 56,588,805
Other Non-Current Assets 12,828,352
Land, Buildings & Equipment, net of
Accumulated Depreciation 286,366,683
--------------
Total Assets $772,108,190
==============
LIABILITIES AND NET ASSETS
Liabilities Subject to Compromise:
HFG Loan $30,885,000
Accounts Payable & Accrued Expenses 234,975,020
Estimated Retroactive Payables to
Third Parties, net 105,100,249
Long-term Debt 308,216,043
Long-term Debt, excluding current installments -
Estimated Liability for Self-Insurance 170,453,625
Other Liabilities 61,578,178
--------------
Total Liabilities Subject to Compromise 911,208,115
Liabilities Not Subject to Compromise:
Accrued Salaries & Payroll Taxes Withheld 59,600,835
Accounts Payables & Accrued Expenses 86,639,919
--------------
Total Liabilities 1,057,448,869
Net Assets:
Unrestricted (341,619,223)
Temporarily Restricted 31,847,868
Permanently Restricted 24,430,676
--------------
Total Net Assets (285,340,679)
--------------
Total Liabilities & Net Assets $772,108,190
==============
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12,
2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took
over representing the Debtors in their restructuring efforts.
Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the
Official Committee of Unsecured Creditors. As of Apr. 30, 2005,
the Debtors listed $972 million in total assets and $1 billion in
total debts. (Saint Vincent Bankruptcy News, Issue No. 21;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
SAINT VINCENTS: Posts $9.2 Million Net Loss in December 2005
------------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of December 31, 2005
ASSETS
Cash & Cash Equivalents $45,020,423
Investments -
Patients Accounts Receivable, less allowance for
doubtful accounts 174,770,219
Accounts Receivable 36,065,395
Other Current Assets 58,686,469
--------------
Total Current Assets 314,542,506
Depreciation Reserve Funds & Collaterized Assets 13,863,166
Assets Designated for Self-Insurance
Investments at Market 44,674,493
Assets whose use is limited -
Investments at Market 52,103,836
Other Non-Current Assets 22,309,840
Land, Buildings & Equipment, net of
Accumulated Depreciation 284,224,156
--------------
Total Assets $731,717,997
==============
LIABILITIES AND NET ASSETS
Liabilities Subject to Compromise:
HFG Loan -
Accounts Payable & Accrued Expenses 234,975,020
Estimated Retroactive Payables to
Third Parties, net 111,796,480
Long-term Debt 131,747,641
Long-term Debt, excluding current installments -
Estimated Liability for Self-Insurance 171,531,732
Other Liabilities 58,472,461
--------------
Total Liabilities Subject to Compromise 708,523,334
Liabilities Not Subject to Compromise:
Accrued Salaries & Payroll Taxes Withheld 47,960,436
Accounts Payables & Accrued Expenses 93,346,512
Long-term Debt (GE) 169,000,000
--------------
Total Liabilities 1,018,830,282
Net Assets:
Unrestricted (345,526,842)
Temporarily Restricted 32,807,924
Permanently Restricted 25,606,633
--------------
Total Net Assets (287,112,285)
--------------
Total Liabilities & Net Assets $731,717,997
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From December 1 to December 31, 2005
Operating Revenue
Inpatient $62,659,717
Outpatient 31,975,569
--------------
Patient Service Revenue 94,635,286
--------------
Less Provision for Bad Debt 8,697,446
--------------
Net Patient Service Revenue 85,937,840
--------------
Pool Revenue 4,298,504
Capitation 7,263,043
Other 9,850,288
--------------
Total Operating Revenue 107,349,675
Operating Expenses:
Salaries and Wages 48,802,241
Fringe Benefits 13,978,077
Supplies and Other 38,321,583
Insurance 4,259,678
--------------
Total Direct Operating Costs 105,361,578
Salaries and Wages 2,750,338
Fringe Benefits 765,708
Supplies and Other 7,764,133
--------------
Total Corporate Allocated 11,280,178
--------------
Total Operating Expense 116,641,757
--------------
Interest 2,377,228
Depreciation 4,521,205
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (16,190,515)
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) -
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries 129,093
Restructuring & Bankruptcy Related Costs (2,825,299)
Estimated Close-out of St. Mary's 4,737,984
Hanys Investment Income (SFS INS) (83,123)
Prior Period Ambulance Revenue -
Transfer of Equity Foundation -
--------------
Total Non-Recurring and/or Unusual Items 1,958,655
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (14,231,860)
--------------
Non-Operating Revenue 10,054,501
Change in Temporary Restricted Net Assets 2,405,753
--------------
Change in Net Assets ($1,771,606)
--------------
EBITDA ($9,292,082)
==============
The Debtors note that due to year-end adjustments, several
reclasses were made to prior periods, only case-to-date figures
are shown in the Statement of Cash Flows.
SVCMC Debtors
Unaudited Statement of Cash Flows
From July 5, 2005 to December 31, 2005
Cash Flows from Operation Activities:
Changes in Net Assets ($94,284,933)
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 22,996,299
Gain on Refinancing (9,554,501)
Change in Unrealized Gains & Losses 2,247,027
Change in Patient's Accounts Receivable 37,903,630
Change in Accounts Receivables, Other (13,979,179)
Change in Prepaid Expenses & Other (5,025,070)
Change in Other Non-Current Assets (199,523)
Change in Accounts Payable &
Accrued Exp-Prepetition (5,195,010)
Change in Accounts Payable &
Accrued Exp-Postpetition 93,346,512
Change in Accrued Salaries & P/R Taxes (12,848,217)
Change in Est. Retro rec/pay
from/to third parties 19,644,692
Change in Est. Liability for self-insurance 25,138,221
Change in Other Non-Current Liabilities (10,790,617)
--------------
Net Cash Provided by Operating Activities 49,399,331
Cash flows From Investment Activities:
Sale of Investments, Net 78,824,570
Sale of Assets Whose Use is Limited 653,864
Acquisition/Sale of Land, Building,
& Equipment (4,416,731)
--------------
Net Cash Provided by Investing Activities 75,061,703
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loan (28,494,161)
Proceed from issuance of Long-term debt 903,000
Repayment of Long-term debt (50,491,347)
--------------
Net Cash (Used) in Financing Activities (78,082,508)
Net Increase (Decrease)
in Cash & Cash Equivalents 46,378,526
Cash & Cash Equivalents at Beginning of Month (1,358,103)
--------------
Cash & Cash Equivalents at End of the Month $45,020,423
==============
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12,
2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took
over representing the Debtors in their restructuring efforts.
Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the
Official Committee of Unsecured Creditors. As of Apr. 30, 2005,
the Debtors listed $972 million in total assets and $1 billion in
total debts. (Saint Vincent Bankruptcy News, Issue No. 21;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
SOLUTIA INC: Posts $4 Million Net Loss in January 2006
------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of January 31, 2006
Assets
Current Assets:
Cash $8,000,000
Trade Receivables, net 149,000,000
Account Receivables-Unconsolidated Subsidiaries 43,000,000
Inventories 186,000,000
Other Current Assets 86,000,000
--------------
Total Current Assets 472,000,000
Property, Plant and Equipment, net 669,000,000
Investments in Subsidiaries and Affiliates 541,000,000
Intangible Assets, net 100,000,000
Other Assets 63,000,000
--------------
TOTAL ASSETS $1,845,000,000
==============
Liabilities and Shareholders' Deficit
Current Liabilities:
Accounts Payable $173,000,000
Short Term Debt 352,000,000
Other Current Liabilities 162,000,000
--------------
Total Current Liabilities 687,000,000
Other Long-Term Liabilities 200,000,000
--------------
Total Liabilities not Subject to Compromise 887,000,000
Liabilities Subject to Compromise 2,268,000,000
Shareholders' Deficit (1,310,000,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $1,845,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended January 31, 2006
Total Net Sales $189,000,000
Total Cost Of Goods Sold 171,000,000
--------------
Gross Profit 18,000,000
Total MAT Expense 17,000,000
--------------
Operating Income 1,000,000
Equity Earnings from Affiliates 3,000,000
Interest Expense, net (5,000,000)
Other Income, net 2,000,000
Reorganization Items:
Professional fees (3,000,000)
Employee severance and retention costs -
Settlements of prepetition claims (1,000,000)
Other (1,000,000)
--------------
Total Reorganization Items (5,000,000)
--------------
Loss Before Taxes (4,000,000)
Income Taxes -
--------------
NET LOSS ($4,000,000)
==============
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. Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee of
Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey
Howard & Zukin Capital provides the Creditors' Committee with
financial advice. (Solutia Bankruptcy News, Issue No. 56;
Bankruptcy Creditors' Service, Inc., 215/945-7000).
TOWER AUTOMOTIVE: Posts $30.5 Million Net Loss in December 2005
---------------------------------------------------------------
Tower Automotive, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of December 31, 2005
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $858
Accounts receivable, net 177,632
Inventories 60,855
Prepaid tooling and other 67,031
----------
TOTAL CURRENT ASSETS 306,376
----------
Property, plant and equipment, net 542,354
Investment in joint ventures -
Investment in subsidiaries 733,007
Inter-company receivables -
Other assets, net 60,720
----------
TOTAL ASSETS $1,642,457
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPRISE:
Current maturities of long-term debt $14,257
Accounts payable 130,288
Accrued liabilities 155,797
----------
TOTAL CURENT LIABILITIES 300,342
----------
Liabilities subject to comprise 1,137,685
Non-Current Liabilities Not Subject to
Compromise:
Long-term debt, net of current maturities 84,754
DIP borrowings, net of current maturities 531,000
Other non-current liabilities 130,424
----------
TOTAL LIABILITIES 2,184,205
STOCKHOLDERS' DEFICIT (541,748)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,642,457
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Operations
December 1 to 31, 2005
(In Thousands)
Revenues $119,156
Cost of sales 125,984
----------
Gross profit (6,828)
Selling, general and administrative expenses 2,065
Restructuring and asset impairment charges, net 18,970
----------
Operating income (loss) (27,863)
Interest expense 5,840
Interest income (1,858)
Other income -
Chapter 11 and related reorganization items 3,303
----------
Income (loss) before provision for income taxes,
equity earnings and minority interest (35,148)
Provision (benefit) for income taxes (4,592)
----------
Income (loss) before equity in earnings (30,556)
Equity in earnings of joint ventures, net of tax (7)
----------
NET LOSS/(INCOME) ($30,563)
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
December 1 to 31, 2005
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($30,563)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Chapter 11 & related reorganization expenses 1,466
Restructuring and asset impairment, net 17,569
Depreciation 8,317
Equity in earnings of joint ventures, net 7
Change in working capital and operating items 13,656
----------
Net cash used in operating activities 10,452
----------
INVESTING ACTIVITIES:
Capital expenditures (3,908)
----------
Net cash used for investing activities (3,908)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Borrowings from DIP credit facility 78,000
Repayments of borrowings from DIP credit facility (88,000)
Net proceeds from issuance of common stock -
----------
Net cash provided by financing activities (10,000)
----------
Net Change in cash and cash equivalents (3,456)
----------
Cash and Cash Equivalents, beginning of period 4,314
Cash and Cash Equivalents, end of period $858
==========
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. 29; Bankruptcy Creditors' Service, Inc., 215/945-7000)
XYBERNAUT CORP: Posts $802,141 Net Loss in January 2006
-------------------------------------------------------
On Feb. 23, 2006, Xybernaut Corporation filed its monthly
operating report for the month of January 2006 with the U.S.
Bankruptcy Court for the Eastern District of Virginia, Alexandria
Division.
The company reported a $802,141 net loss on $38,864 of revenue
for the month of January 2005.
At Jan. 31, 2005, the Company's balance sheet reflects:
Total Assets $3,611,836
Total Liabilities 4,503,865
Stockholders' Deficit ($892,029)
A full-text copy of Xybernaut Corporation's January 2006 Monthly
Operating Report is available at no charge at
http://ResearchArchives.com/t/s?609
The Company's affiliate, Xybernaut Solutions, Inc., also filed its
monthly operating report for the month of December 2005 with the
U.S. Bankruptcy Court for the Eastern District of Virginia.
A full-text copy of Xybernaut Solution Inc.'s January 2006 Monthly
Operating Report is available at no charge at
http://ResearchArchives.com/t/s?60a
Headquartered in Fairfax, Virginia, Xybernaut Corporation,
develops and markets small, wearable, mobile computing and
communications devices and a variety of other innovative products
and services all over the world. The corporation never turned a
profit in its 15-year history. The Company and its affiliate,
Xybernaut Solutions, Inc., filed for chapter 11 protection on
July 25, 2005 (Bankr. E.D. Va. Case Nos. 05-12801 and 05-12802).
John H. Maddock III, Esq., at McGuireWoods LLP, represents the
Debtors in their chapter 11 proceedings. When the Debtors filed
for protection from their creditors, they listed $40 million in
total assets and $3.2 million in total debts.
*********
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
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
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public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
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share in public markets. At first glance, this list may look like
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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
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